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ACQUISITIONS AND DISPOSITIONS | 3 Months Ended
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Jul. 31, 2012
ACQUISITIONS AND DISPOSITIONS [Abstract] |
ACQUISITIONS AND DISPOSITIONS | NOTE 8 • ACQUISITIONS AND DISPOSITIONS PROPERTY ACQUISITIONS During the first quarter of fiscal year 2013, the Company closed on its acquisitions of:
· | a 308-unit multi-family residential property in Topeka, Kansas, on approximately 18.3 acres of land, for a purchase price of approximately $17.7 million, of which $5.2 million was paid in cash with assumed debt of $12.5 million;
· | a 232-unit multi-family residential property in Lincoln, Nebraska, on approximately 14.7 acres of land, for a purchase price of approximately $17.5 million, of which $14.2 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.3 million; and
· | a 208-unit multi-family residential property in Lincoln, Nebraska, on approximately 11.5 acres of land, for a purchase price of approximately $17.3 million, of which $13.8 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.5 million.
Also during the first quarter of fiscal year 2013, the Company placed in service its 159-unit Quarry Ridge Apartment Homes development in Rochester, Minnesota, and placed in service buildings 3 and 4 (totaling 73 units) of its four-building, 145-unit Williston Gardens multi-family residential development in Williston, North Dakota. The Company is the majority member of the joint venture entity that owns the Williston Gardens development, with a 60% interest. As of July 31, 2012, project costs incurred for the Quarry Ridge development totaled approximately $15.6 million; the total estimated construction costs (excluding the value of the land) for the project are $17.3 million. Estimated total project costs for the Williston Gardens development are approximately $19.5 million, of which the joint venture entity had incurred approximately $17.8 million as of July 31, 2012. During the first quarter of fiscal year 2012, the Company substantially completed construction of a six-screen movie theater at its existing Buffalo Mall property in Jamestown, North Dakota, for a total cost of $2.2 million. The Company had no acquisitions during the first quarter of fiscal year 2012. The Company expensed approximately $73,000 and $0 of transaction costs related to acquisitions in the three months ended July 31, 2012 and 2011, respectively. The Company's acquisitions and development projects placed in service during the three months ended July 31, 2012 and 2011 are detailed below: Three Months Ended July 31, 2012
|  |  | (in thousands) |
Acquisitions | Date Acquired |  | Land |  |  | Building |  |  | Intangible Assets |  |  | Acquisition Cost |
Multi-Family Residential |  |  |  |  |  |  |  |  |  |  |  |  |
308 unit - Villa West - Topeka, KS | 5/8/12 |  | $ | 1,590 |  |  | $ | 15,760 |  |  | $ | 300 |  |  | $ | 17,650 |
232 unit - Colony - Lincoln, NE | 6/4/12 |  |  | 1,515 |  |  |  | 15,731 |  |  |  | 254 |  |  |  | 17,500 |
208 unit - Lakeside Village - Lincoln, NE | 6/4/12 |  |  | 1,215 |  |  |  | 15,837 |  |  |  | 198 |  |  |  | 17,250 |
Total Property Acquisitions |  |  | $ | 4,320 |  |  | $ | 47,328 |  |  | $ | 752 |  |  | $ | 52,400 |
|  |  | (in thousands) |
Development Projects Placed in Service | Date Placed in Service |  | Land |  |  | Building |  |  | Intangible Assets |  |  | Acquisition Cost |
Multi-Family Residential |  |  |  |  |  |  |  |  |  |  |  |  |
159 unit – Quarry Ridge II – Rochester, MN(1) | 6/29/12 |  | $ | 0 |  |  | $ | 3,543 |  |  | $ | 0 |  |  | $ | 3,543 |
73 unit - Williston Garden Buildings 3 and 4 - Williston, ND(2) | 7/31/12 |  |  | 0 |  |  |  | 4,158 |  |  |  | 0 |  |  |  | 4,158 |
Total Development Projects Placed in Service |  |  | $ | 0 |  |  | $ | 7,701 |  |  | $ | 0 |  |  | $ | 7,701 |
(1) | Development property placed in service June 29, 2012. Additional costs paid in fiscal years 2012 and 2011, and land acquired in fiscal year 2007, totaled $13.0 million, for a total project cost at July 31, 2012 of $16.5 million.
(2) | Development property placed in service July 31, 2012. Buildings 1 and 2 were placed in service in fiscal year 2012. Additional costs paid in fiscal year 2012 totaled $12.0 million, for a total project cost at July 31, 2012 of $16.2 million.
Three Months Ended July 31, 2011
|  |  | (in thousands) |
Development Projects Placed in Service | Date Placed in Service |  | Land |  |  | Building |  |  | Intangible Assets |  |  | Acquisition Cost |
Commercial Retail |  |  |  |  |  |  |  |  |  |  |  |  |
19,037 sq. ft. Jamestown Buffalo Mall Theater - Jamestown, ND(1) | 6/15/11 |  | $ | 0 |  |  | $ | 764 |  |  | $ | 0 |  |  | $ | 764 |
Total Development Projects Placed in Service |  |  | $ | 0 |  |  | $ | 764 |  |  | $ | 0 |  |  | $ | 764 |
(1) | Construction project placed in service June 15, 2011. Additional costs incurred in fiscal year 2011 totaled $1.4 million, for a total project cost at July 31, 2011 of $2.2 million.
PROPERTY DISPOSITIONS During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. The Company had no real estate dispositions in the first quarter of fiscal year 2012. The following table details the Company's dispositions during the three months ended July 31, 2012: Three Months Ended July 31, 2012
|  | (in thousands) |
Dispositions |  | Sales Price |  |  | Book Value and Sales Cost |  |  | Gain/(Loss) |
Commercial Retail |  |  |  |  |  |  |  |  |
16,080 sq ft. Kentwood Thomasville – Kentwood, MI |  |  | 625 |  |  |  | 692 |  |  |  | (67 | )
Other |  |  |  |  |  |  |  |  |  |  |  |
Georgetown Square Condominiums 5 and 6 |  | $ | 330 |  |  | $ | 336 |  |  | $ | (6 | )
Total Property Dispositions |  | $ | 955 |  |  | $ | 1,028 |  |  | $ | (73 | )

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1490-128463 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7008-128479 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7000-128479 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1524-128463 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1383-128463 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1486-128463 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1500-128463 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 67-73 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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