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ACQUISITIONS AND DISPOSITIONS (Tables) | 3 Months Ended
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Jul. 31, 2012
ACQUISITIONS AND DISPOSITIONS [Abstract] |
Acquisitions and development projects placed in service | 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 Tabular disclosure of all information related to any significant acquisition and disposal. Disclosure may include methodology and assumptions, type of asset, asset classification, useful life, useful purpose, acquisition cost, method of acquisition or disposal, depreciation method, gain (loss) on disposal pretax and net of tax, date of acquisition or disposal and restrictions on amount of proceeds from donated assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 47 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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