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ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended
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Apr. 30, 2013
ACQUISITIONS AND DISPOSITIONS [Abstract] |
Acquisitions and development projects placed in service | IRET Properties added approximately $135.8 million of real estate properties to its portfolio during fiscal year 2013, compared to $97.1 million in fiscal year 2012. Of the total property added during fiscal 2013, the Company paid $128.7 million for real estate properties and $7.1 million of land was contributed by joint venture partners. The $128.7 million paid for real estate properties added to the Company's portfolio in fiscal year 2013 consisted of limited partnership units of the Operating Partnership valued at issuance at $12.6 million and $12.5 million in assumed mortgage debt, with the remainder paid in cash. The Company expensed approximately $434,000 of transaction costs related to the acquisitions in fiscal year 2013. Of the $97.1 million paid in fiscal year 2012, approximately $8.1 million was paid in the form of limited partnership units of the Operating Partnership and approximately $7.2 million consisted of the assumption of 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. The fiscal year 2013 and 2012 additions are detailed below. Fiscal 2013 (May 1, 2012 to April 30, 2013)
Acquisitions |  | (in thousands)
Date Acquired | Land | Building | Intangible Assets | Acquisition Cost
Multi-Family Residential |  |  |  |  |  |  |  |  |
308 unit - Villa West - Topeka, KS | 2012-05-08 | $ | 1,590 | $ | 15,760 | $ | 300 | $ | 17,650
232 unit - Colony - Lincoln, NE | 2012-06-04 |  | 1,515 |  | 15,731 |  | 254 |  | 17,500
208 unit - Lakeside Village - Lincoln, NE | 2012-06-04 |  | 1,215 |  | 15,837 |  | 198 |  | 17,250
58 unit - Ponds at Heritage Place - Sartell, MN | 2012-10-10 |  | 395 |  | 4,564 |  | 61 |  | 5,020
336 unit - Whispering Ridge - Omaha, NE | 2013-04-24 |  | 2,139 |  | 25,424 |  | 751 |  | 28,314
|  |  | 6,854 |  | 77,316 |  | 1,564 |  | 85,734
Unimproved Land |  |  |  |  |  |  |  |  |
University Commons - Williston, ND | 2012-08-01 |  | 823 |  | 0 |  | 0 |  | 823
Cypress Court - St. Cloud, MN | 2012-08-10 |  | 447 |  | 0 |  | 0 |  | 447
Cypress Court Apartment Development - St. Cloud, MN(1) | 2012-08-10 |  | 1,136 |  | 0 |  | 0 |  | 1,136
Badger Hills - Rochester, MN(2) | 2012-12-14 |  | 1,050 |  | 0 |  | 0 |  | 1,050
Grand Forks - Grand Forks, ND | 2012-12-31 |  | 4,278 |  | 0 |  | 0 |  | 4,278
Minot (Southgate Lot 4) - Minot, ND | 2013-01-11 |  | 1,882 |  | 0 |  | 0 |  | 1,882
Commons at Southgate - Minot, ND(3) | 2013-01-22 |  | 3,691 |  | 0 |  | 0 |  | 3,691
Landing at Southgate - Minot, ND(3) | 2013-01-22 |  | 2,262 |  | 0 |  | 0 |  | 2,262
Grand Forks 2150 - Grand Forks, ND | 2013-03-25 |  | 1,600 |  | 0 |  | 0 |  | 1,600
Bismarck 4916 - Bismarck, ND | 2013-04-12 |  | 3,250 |  | 0 |  | 0 |  | 3,250
Arcata - Golden Valley, MN | 2013-04-30 |  | 2,088 |  | 0 |  | 0 |  | 2,088
|  |  | 22,507 |  | 0 |  | 0 |  | 22,507
Total Property Acquisitions |  | $ | 29,361 | $ | 77,316 | $ | 1,564 | $ | 108,241
(1) | Land is owned by a joint venture in which the Company has an approximately 79% interest. The joint venture is consolidated in IRET's financial statements.
(2) | Acquisition of unimproved land consisted of two parcels acquired separately on December 14 and December 20, 2012, respectively.
(3) | Land is owned by a joint venture entity in which the Company has an approximately 51% interest. The joint venture is consolidated in IRET's financial statements.
2013 Annual Report
NOTE 10 • continued
|  | (in thousands)
Development Projects Placed in Service | Date Placed in Service | Land | Building | Development Cost
Multi-Family Residential |  |  |  |  |  |  |
159 unit - Quarry Ridge II - Rochester, MN(1) | 2012-06-29 | $ | 0 | $ | 4,591 | $ | 4,591
73 unit - Williston Garden Buildings 3 and 4 - Williston, ND(2) | 2012-07-31 |  | 0 |  | 7,058 |  | 7,058
20 unit - First Avenue - Minot, ND(3) | 2013-04-15 |  | 0 |  | 2,356 |  | 2,356
|  |  | 0 |  | 14,005 |  | 14,005
Commercial Healthcare |  |  |  |  |  |  |
26,662 sq ft Spring Wind Expansion - Laramie, WY(4) | 2012-11-16 |  | 0 |  | 1,675 |  | 1,675
45,222 sq ft Jamestown Medical Office Building - Jamestown, ND(5) | 2013-01-01 |  | 0 |  | 6,597 |  | 6,597
|  |  | 0 |  | 8,272 |  | 8,272
Commercial Industrial |  |  |  |  |  |  |
27,698 sq ft Minot IPS - Minot, ND(6) | 2012-12-17 |  | 0 |  | 4,087 |  | 4,087
Commercial Retail |  |  |  |  |  |  |
3,702 sq ft Arrowhead First International Bank - Minot, ND(7) | 2013-03-19 |  | 0 |  | 1,165 |  | 1,165
Total Development Projects Placed in Service |  | $ | 0 | $ | 27,529 | $ | 27,529
(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 April 30, 2013 of $17.6 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 April 30, 2013 of $19.1 million.
(3) | Redevelopment property placed in service April 15, 2013. Additional costs paid in fiscal years 2012 and 2011 totaled approximately $321,000, for a total project cost at April 30, 2013 of $2.7 million.
(4) | Expansion project placed in service November 16, 2012. Additional costs paid in fiscal year 2012 totaled $1.8 million, for a total project cost at April 30, 2013 of $3.5 million.
(5) | Development property placed in service January 1, 2013. Additional costs paid in fiscal year 2012 totaled $1.0 million, for a total project cost at April 30, 2013 of $7.6 million.
(6) | Development property placed in service December 17, 2012. Additional costs paid in fiscal year 2012 totaled $1.8 million, for a total project cost at April 30, 2013 of $5.9 million.
(7) | Development property placed in service March 19, 2013. Additional costs paid in fiscal year 2012 totaled approximately $75,000, for a total project cost at April 30, 2013 of $1.2 million
2013 Annual Report NOTE 10 • continued Fiscal 2012 (May 1, 2011 to April 30, 2012)
Acquisitions |  | (in thousands)
Date Acquired | Land | Building | Intangible Assets | Acquisition Cost
Multi-Family Residential |  |  |  |  |  |  |  |  |
147 unit - Regency Park Estates - St. Cloud, MN | 2011-08-01 | $ | 702 | $ | 10,198 | $ | 0 | $ | 10,900
50 unit - Cottage West Twin Homes - Sioux Falls, SD | 2011-10-12 |  | 968 |  | 3,762 |  | 0 |  | 4,730
24 unit - Gables Townhomes - Sioux Falls, SD | 2011-10-12 |  | 349 |  | 1,921 |  | 0 |  | 2,270
36 unit - Evergreen II - Isanti, MN | 2011-11-01 |  | 691 |  | 2,784 |  | 0 |  | 3,475
116 unit - Grand Gateway - St. Cloud MN | 2012-02-16 |  | 814 |  | 7,086 |  | 0 |  | 7,900
84 unit - Ashland - Grand Forks, ND | 2012-03-16 |  | 741 |  | 7,569 |  | 0 |  | 8,310
|  |  | 4,265 |  | 33,320 |  | 0 |  | 37,585
Commercial Healthcare |  |  |  |  |  |  |  |  |
17,273 sq. ft Spring Creek American Falls - American Falls, ID | 2011-09-01 |  | 145 |  | 3,870 |  | 55 |  | 4,070
15,571 sq. ft Spring Creek Soda Springs - Soda Springs, ID | 2011-09-01 |  | 66 |  | 2,134 |  | 30 |  | 2,230
15,559 sq. ft Spring Creek Eagle - Eagle, ID | 2011-09-01 |  | 263 |  | 3,775 |  | 62 |  | 4,100
31,820 sq. ft Spring Creek Meridian - Meridian, ID | 2011-09-01 |  | 424 |  | 6,724 |  | 102 |  | 7,250
26,605 sq. ft Spring Creek Overland - Boise, ID | 2011-09-01 |  | 687 |  | 5,941 |  | 97 |  | 6,725
16,311 sq. ft Spring Creek Boise - Boise, ID | 2011-09-01 |  | 708 |  | 4,296 |  | 71 |  | 5,075
26,605 sq. ft Spring Creek Ustick - Meridian, ID | 2011-09-01 |  | 467 |  | 3,833 |  | 0 |  | 4,300
Meadow Wind Land - Casper, WY | 2011-09-01 |  | 50 |  | 0 |  | 0 |  | 50
3,431 sq. ft Edina 6525 Drew Ave S - Edina, MN | 2011-10-13 |  | 388 |  | 117 |  | 0 |  | 505
|  |  | 3,198 |  | 30,690 |  | 417 |  | 34,305
Unimproved Land |  |  |  |  |  |  |  |  |
Industrial-Office Build-to-Suit - Minot, ND | 2011-09-07 |  | 416 |  | 0 |  | 0 |  | 416
Renaissance Heights - Williston, ND | 2012-04-11 |  | 4,600 |  | 0 |  | 0 |  | 4,600
|  |  | 5,016 |  | 0 |  | 0 |  | 5,016
Total Property Acquisitions |  | $ | 12,479 | $ | 64,010 | $ | 417 | $ | 76,906
2013 Annual Report NOTE 10 • continued
|  | (in thousands)
Development Projects Placed in Service | Date Placed in Service | Land | Building | Development Cost
Multi-Family Residential |  |  |  |  |  |  |
72 unit - Williston Garden Buildings 1 and 2 - Williston, ND(1) | 2012-04-27 | $ | 700 | $ | 8,978 | $ | 9,678
Commercial Healthcare |  |  |  |  |  |  |
24,795 sq. ft Trinity at Plaza 16 - Minot, ND(2) | 2011-09-23 |  | 0 |  | 5,685 |  | 5,685
22,193 sq. ft Meadow Winds Addition - Casper, WY(3) | 2011-12-30 |  | 0 |  | 3,952 |  | 3,952
|  |  | 0 |  | 9,637 |  | 9,637
Commercial Retail |  |  |  |  |  |  |
19,037 sq. ft. Jamestown Buffalo Mall - Jamestown, ND(4) | 2011-06-15 |  | 0 |  | 879 |  | 879
Total Development Projects Placed in Service |  | $ | 700 | $ | 19,494 | $ | 20,194
(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.
Acquisitions in fiscal years 2013 and 2012 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 2013 and 2012 acquisitions (excluding development projects placed in service) are detailed below.
| (in thousands)
| April 30, 2013 | April 30, 2012
Total revenue | $ | 6,497 | $ | 4,213
Net income | $ | (66) | $ | 950
2013 Annual Report NOTE 10 • continued PROPERTY DISPOSITIONS During fiscal year 2013, the Company disposed of three multi-family residential properties, one retail property, one healthcare property and four condominium units for an aggregate sales price of $26.3 million, compared to dispositions totaling $3.2 million in fiscal year 2012. The fiscal year 2013 and 2012 dispositions are detailed below. Fiscal 2013 (May 1, 2012 to April 30, 2013)
|  | (in thousands)
Dispositions | Date Disposed | Sales Price | Book Value and Sales Cost | Gain/(Loss)
Multi-Family Residential |  |  |  |  |  |  |
116 unit - Terrace on the Green - Fargo, ND | 2012-09-27 | $ | 3,450 | $ | 1,248 | $ | 2,202
85 unit - Prairiewood Meadows - Fargo, ND | 2012-09-27 |  | 3,450 |  | 2,846 |  | 604
66 unit - Candlelight - Fargo, ND | 2012-11-27 |  | 1,950 |  | 1,178 |  | 772
|  |  | 8,850 |  | 5,272 |  | 3,578
Commercial Retail |  |  |  |  |  |  |
16,080 sq ft Kentwood Thomasville - Kentwood, MI | 2012-06-20 |  | 625 |  | 692 |  | (67)
Commercial Healthcare |  |  |  |  |  |  |
47,950 sq ft Steven's Pointe -Steven's Point, WI | 2013-04-25 |  | 16,100 |  | 12,667 |  | 3,433
Other |  |  |  |  |  |  |
Georgetown Square Condominiums 5 and 6 | 2012-06-21 |  | 330 |  | 336 |  | (6)
Georgetown Square Condominiums 3 and 4 | 2012-08-02 |  | 368 |  | 421 |  | (53)
|  |  | 698 |  | 757 |  | (59)
Total Property Dispositions |  | $ | 26,273 | $ | 19,388 | $ | 6,885
Fiscal 2012 (May 1, 2011 to April 30, 2012)
|  | (in thousands)
Dispositions | Date Disposed | Sales Price | Book Value and Sales Cost | Gain/(Loss)
Commercial Retail |  |  |  |  |  |  |
41,200 sq ft. Livingstone Pamida - Livingston, MT | 2011-08-01 | $ | 2,175 | $ | 1,586 | $ | 589
12,556 sq ft. East Grand Station – East Grand Forks, MN | 2012-03-03 |  | 1,062 |  | 1,302 |  | (240)
Total Property Dispositions |  | $ | 3,237 | $ | 2,888 | $ | 349
Results of operations from acquired properties | Acquisitions in fiscal years 2013 and 2012 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 2013 and 2012 acquisitions (excluding development projects placed in service) are detailed below.
| (in thousands)
| April 30, 2013 | April 30, 2012
Total revenue | $ | 6,497 | $ | 4,213
Net income | $ | (66) | $ | 950

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