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ACQUISITIONS AND DISPOSITIONS
 12 Months Ended
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