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ACQUISITIONS AND DISPOSITIONS | 12 Months Ended
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Apr. 30, 2012
ACQUISITIONS AND DISPOSITIONS [Abstract] |
ACQUISITIONS AND DISPOSITIONS | NOTE 10 • ACQUISITIONS AND DISPOSITIONS PROPERTY ACQUISITIONS IRET Properties paid approximately $97.1 million for real estate properties added to its portfolio during fiscal year 2012, compared to $45.6 million in fiscal year 2011. The $97.1 million paid for real estate properties added to the Company's portfolio in fiscal year 2012 consisted of limited partnership units of the Operating Partnership valued at issuance at $8.1 million and $7.2 million in assumed mortgage debt, with the remainder paid in cash. The Company expensed approximately $542,000 of transaction costs related to the acquisitions in fiscal year 2012. Of the $45.6 million paid in fiscal year 2011, approximately $5.0 million was paid in the form of limited partnership units of the Operating Partnership and approximately $9.9 million consisted of the assumption of mortgage debt, with the remainder paid in cash. The Company expensed approximately $179,000 of transaction costs related to the acquisitions in fiscal year 2011. The fiscal year 2012 and 2011 additions are detailed below. 2012 Annual Report F-18 NOTE 10 • continued Fiscal 2012 (May 1, 2011 to April 30, 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 |  |  | 691 |  |  |  | 2,784 |  |  |  | 0 |  |  |  | 3,475 |
116 unit - Grand Gateway - St. Cloud MN | 2/16/12 |  |  | 814 |  |  |  | 7,086 |  |  |  | 0 |  |  |  | 7,900 |
84 unit - Ashland - Grand Forks, ND | 3/16/12 |  |  | 741 |  |  |  | 7,569 |  |  |  | 0 |  |  |  | 8,310 |
72 unit - Williston Garden Buildings 1 and 2 - Williston, ND(1) | 4/27/12 |  |  | 700 |  |  |  | 8,978 |  |  |  | 0 |  |  |  | 9,678 |
|  |  |  | 4,965 |  |  |  | 42,298 |  |  |  | 0 |  |  |  | 47,263 |
Commercial Medical |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
17,273 sq. ft Spring Creek American Falls - American Falls, ID | 9/1/11 |  |  | 145 |  |  |  | 3,870 |  |  |  | 55 |  |  |  | 4,070 |
15,571 sq. ft Spring Creek Soda Springs - Soda Springs, ID | 9/1/11 |  |  | 66 |  |  |  | 2,134 |  |  |  | 30 |  |  |  | 2,230 |
15,559 sq. ft Spring Creek Eagle - Eagle, ID | 9/1/11 |  |  | 263 |  |  |  | 3,775 |  |  |  | 62 |  |  |  | 4,100 |
31,820 sq. ft Spring Creek Meridian - Meridian, ID | 9/1/11 |  |  | 424 |  |  |  | 6,724 |  |  |  | 102 |  |  |  | 7,250 |
26,605 sq. ft Spring Creek Overland - Boise, ID | 9/1/11 |  |  | 687 |  |  |  | 5,941 |  |  |  | 97 |  |  |  | 6,725 |
16,311 sq. ft Spring Creek Boise - Boise, ID | 9/1/11 |  |  | 708 |  |  |  | 4,296 |  |  |  | 71 |  |  |  | 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, ND(2) | 9/23/11 |  |  | 0 |  |  |  | 5,685 |  |  |  | 0 |  |  |  | 5,685 |
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, WY(3) | 12/30/11 |  |  | 0 |  |  |  | 3,952 |  |  |  | 0 |  |  |  | 3,952 |
|  |  |  | 3,198 |  |  |  | 40,327 |  |  |  | 417 |  |  |  | 43,942 |
Commercial Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
19,037 sq. ft. Jamestown Buffalo Mall - Jamestown, ND(4) | 6/15/11 |  |  | 0 |  |  |  | 879 |  |  |  | 0 |  |  |  | 879 |
Unimproved Land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial-Office Build-to-Suit - Minot, ND | 9/7/11 |  |  | 416 |  |  |  | 0 |  |  |  | 0 |  |  |  | 416 |
Renaissance Heights - Williston, ND | 4/11/12 |  |  | 4,600 |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,600 |
|  |  |  | 5,016 |  |  |  | 0 |  |  |  | 0 |  |  |  | 5,016 |
Total Property Acquisitions |  |  | $ | 13,179 |  |  | $ | 83,504 |  |  | $ | 417 |  |  | $ | 97,100 |
(1) | Development property placed in service April 27, 2012. Buildings 3 and 4 of this project are expected to be placed in service during the first quarter of fiscal year 2013.
(2) | 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 April 30, 2012 of $9.0 million.
(3) | Expansion project placed in service December 30, 2011.
(4) | 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 April 30, 2012 of $2.3 million.
2012 Annual Report F-19 NOTE 10 • continued Fiscal 2011 (May 1, 2010 to April 30, 2011)
|  |  | (in thousands) |
Acquisitions and Development Projects Placed in Service | Date Acquired |  | Land |  |  | Building |  |  | Intangible Assets |  |  | Acquisition Cost |
Multi-Family Residential |  |  |  |  |  |  |  |  |  |  |  |  |
24 unit - North Pointe 2 - Bismarck, ND | 2/3/11 |  | $ | 159 |  |  | $ | 1,713 |  |  | $ | 0 |  |  | $ | 1,872 |
44 unit - Sierra Vista - Sioux Falls, SD | 2/28/11 |  |  | 241 |  |  |  | 2,097 |  |  |  | 0 |  |  |  | 2,338 |
|  |  |  | 400 |  |  |  | 3,810 |  |  |  | 0 |  |  |  | 4,210 |
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 |  |  |  | 2,777 |  |  |  | 0 |  |  |  | 2,777 |
|  |  |  | 2,335 |  |  |  | 16,914 |  |  |  | 3,954 |  |  |  | 23,203 |
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 |  |  | $ | 6,223 |  |  | $ | 32,875 |  |  | $ | 6,494 |  |  | $ | 45,592 |
(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 April 30, 2011 of $3.9 million.
Acquisitions in fiscal years 2012 and 2011 are immaterial to our real estate portfolio both individually and in the aggregate, and consequently no proforma information is presented. The results of operations from acquired properties are included in the Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our fiscal year 2012 and 2011 acquisitions (excluding development projects placed in service) are detailed below.
| (in thousands) |
| April 30, 2012 |  | April 30, 2011 |
Total revenue |  | $ | 4,213 |  |  | $ | 1,988 |
Net income |  | $ | 950 |  |  | $ | 332 |
2012 Annual Report F-20 NOTE 10 • continued PROPERTY DISPOSITIONS During fiscal year 2012, the Company disposed of two properties for an aggregate sale price of $3.2 million, compared to six properties and one patio home for an aggregate sale price of $83.3 million during fiscal year 2011. The Company's dispositions during fiscal 2012 and 2011 are detailed below. Fiscal 2012 (May 1, 2011 to April 30, 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 |
12,556 sq ft. East Grand Station – East Grand Forks, MN |  | $ | 1,062 |  |  | $ | 1,302 |  |  | $ | (240 | )
Total Property Dispositions |  | $ | 3,237 |  |  | $ | 2,888 |  |  | $ | 349 |
Fiscal 2011 (May 1, 2010 to April 30, 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 |

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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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