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ACQUISITIONS AND DISPOSITIONS (Tables) | 9 Months Ended
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Jan. 31, 2013
ACQUISITIONS AND DISPOSITIONS [Abstract] |
Acquisitions and development projects placed in service | The Company expensed approximately $125,000 and $466,000 of transaction costs related to acquisitions in the nine months ended January 31, 2013 and 2012, respectively. The Company's acquisitions and development projects placed in service during the nine months ended January 31, 2013 and 2012 are detailed below: Nine Months Ended January 31, 2013
|  |  | (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 |
58 unit - The Ponds at Heritage Place - Sartell, MN | 10/10/12 |  |  | 395 |  |  |  | 4,564 |  |  |  | 61 |  |  |  | 5,020 |
|  |  |  | 4,715 |  |  |  | 51,892 |  |  |  | 813 |  |  |  | 57,420 |
Unimproved Land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
University Commons - Williston, ND | 8/1/12 |  |  | 823 |  |  |  | 0 |  |  |  | 0 |  |  |  | 823 |
Cypress Court Unimproved - St. Cloud, MN | 8/10/12 |  |  | 447 |  |  |  | 0 |  |  |  | 0 |  |  |  | 447 |
Cypress Court Apartment Development - St. Cloud, MN(1) | 8/10/12 |  |  | 1,136 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,136 |
Badger Hills - Rochester, MN(2) | 12/14/12 |  |  | 1,050 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,050 |
Grand Forks Unimproved - Grand Forks, ND | 12/31/12 |  |  | 4,278 |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,278 |
Minot Unimproved (Southgate Lot 4) - Minot, ND | 1/11/13 |  |  | 1,882 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,882 |
Commons at Southgate - Minot, ND(3) | 1/22/13 |  |  | 3,691 |  |  |  | 0 |  |  |  | 0 |  |  |  | 3,691 |
Landing at Southgate - Minot, ND(3) | 1/22/13 |  |  | 2,262 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,262 |
|  |  |  | 15,569 |  |  |  | 0 |  |  |  | 0 |  |  |  | 15,569 |
Total Property Acquisitions |  |  | $ | 20,284 |  |  | $ | 51,892 |  |  | $ | 813 |  |  | $ | 72,989 |
(1) | Land is owned by a joint venture in which the Company has an approximately 79% interest.
(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.
|  |  | (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 |  |  | $ | 4,591 |  |  | $ | 0 |  |  | $ | 4,591 |
73 unit - Williston Garden Buildings 3 and 4 - Williston, ND(2) | 7/31/12 |  |  | 0 |  |  |  | 7,058 |  |  |  | 0 |  |  |  | 7,058 |
|  |  |  | 0 |  |  |  | 11,649 |  |  |  | 0 |  |  |  | 11,649 |
Commercial Medical |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
26,662 sq ft Spring Wind Expansion - Laramie, WY(3) | 11/16/12 |  |  | 0 |  |  |  | 1,675 |  |  |  | 0 |  |  |  | 1,675 |
45,222 sq ft Jamestown Medical Office Building - Jamestown, ND(4) | 1/1/13 |  |  | 0 |  |  |  | 4,901 |  |  |  | 0 |  |  |  | 4,901 |
|  |  |  | 0 |  |  |  | 6,576 |  |  |  | 0 |  |  |  | 6,576 |
Commercial Industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
27,567 sq ft Minot IPS - Minot, ND(5) | 12/17/12 |  |  | 0 |  |  |  | 3,953 |  |  |  | 0 |  |  |  | 3,953 |
Total Development Projects Placed in Service |  |  | $ | 0 |  |  | $ | 22,178 |  |  | $ | 0 |  |  | $ | 22,178 |
(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 January 31, 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 January 31, 2013 of $19.1 million.
(3) | 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 January 31, 2013 of $3.5 million.
(4) | 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 January 31, 2013 of $5.9 million.
(5) | 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 January 31, 2013 of $5.8 million.
Nine Months Ended January 31, 2012
|  |  | (in thousands) |
Acquisitions | 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 |  |  | 701 |  |  |  | 2,774 |  |  |  | 0 |  |  |  | 3,475 |
|  |  |  | 2,720 |  |  |  | 18,655 |  |  |  | 0 |  |  |  | 21,375 |
Commercial Medical |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
17,273 sq ft Spring Creek American Falls - American Falls, ID | 9/1/11 |  |  | 137 |  |  |  | 3,409 |  |  |  | 524 |  |  |  | 4,070 |
15,571 sq ft Spring Creek Soda Springs - Soda Springs, ID | 9/1/11 |  |  | 66 |  |  |  | 2,122 |  |  |  | 42 |  |  |  | 2,230 |
15,559 sq ft Spring Creek Eagle - Eagle, ID | 9/1/11 |  |  | 250 |  |  |  | 3,191 |  |  |  | 659 |  |  |  | 4,100 |
31,820 sq ft Spring Creek Meridian - Meridian, ID | 9/1/11 |  |  | 428 |  |  |  | 5,499 |  |  |  | 1,323 |  |  |  | 7,250 |
26,605 sq ft Spring Creek Overland - Boise, ID | 9/1/11 |  |  | 656 |  |  |  | 5,001 |  |  |  | 1,068 |  |  |  | 6,725 |
16,311 sq ft Spring Creek Boise - Boise, ID | 9/1/11 |  |  | 711 |  |  |  | 4,236 |  |  |  | 128 |  |  |  | 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 |
3,431 sq ft Edina 6525 Drew Ave S - Edina, MN | 10/13/11 |  |  | 388 |  |  |  | 117 |  |  |  | 0 |  |  |  | 505 |
|  |  |  | 3,153 |  |  |  | 27,408 |  |  |  | 3,744 |  |  |  | 34,305 |
Unimproved Land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minot IPS - Minot, ND | 9/7/11 |  |  | 416 |  |  |  | 0 |  |  |  | 0 |  |  |  | 416 |
Total Property Acquisitions |  |  | $ | 6,289 |  |  | $ | 46,063 |  |  | $ | 3,744 |  |  | $ | 56,096 |
|  |  | (in thousands) |
Development Projects Placed in Service | Date Placed in Service |  | Land |  |  | Building |  |  | Intangible Assets |  |  | Acquisition Cost |
Commercial Medical |  |  |  |  |  |  |  |  |  |  |  |  |
24,795 sq ft Trinity at Plaza 16 - Minot, ND(1) | 9/23/11 |  | $ | 0 |  |  | $ | 5,562 |  |  | $ | 0 |  |  | $ | 5,562 |
22,193 sq ft Meadow Winds Addition - Casper, WY(2) | 12/30/11 |  |  | 0 |  |  |  | 3,840 |  |  |  | 0 |  |  |  | 3,840 |
|  |  |  | 0 |  |  |  | 9,402 |  |  |  | 0 |  |  |  | 9,402 |
Commercial Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
19,037 sq ft Jamestown Buffalo Mall - Jamestown, ND(3) | 6/15/11 |  |  | 0 |  |  |  | 822 |  |  |  | 0 |  |  |  | 822 |
Total Development Projects Placed in Service |  |  | $ | 0 |  |  | $ | 10,224 |  |  | $ | 0 |  |  | $ | 10,224 |
(1) | 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 January 31, 2012 of $8.8 million.
(2) | Expansion project placed in service December 30, 2011.
(3) | 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 January 31, 2012 of $2.3 million.
Acquisitions in the nine months ended January 31, 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 Condensed Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our acquisitions in the nine months ended January 31, 2013 and 2012, respectively, (excluding development projects placed in service) are detailed below.
| (in thousands) |
| Nine Months Ended January 31 |
| 2013 |  | 2012 |
Total revenue |  | $ | 4,669 |  |  | $ | 2,383 |
Net (loss) income |  | $ | (116 | ) |  | $ | 454 |
PROPERTY DISPOSITIONS During the third quarter of fiscal year 2013, the Company sold a multi-family residential property in Fargo, North Dakota, for a sale price of approximately $2.0 million. Mortgage debt in the amount of approximately $1.2 million was assumed by the buyer. During the second quarter of fiscal year 2013, the Company sold two condominium units and two-multi-family residential properties for a total sales price of $7.3 million. Mortgage debt in the amount of $4.6 million on the two multi-family residential properties was assumed by the buyer. 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 third quarter of fiscal year 2012. During the second quarter of fiscal year 2012, the Company sold a small retail property in Livingston, Montana, for a sale price of approximately $2.2 million, with approximately $1.2 million of the sale proceeds applied to pay off the outstanding mortgage loan balance on the 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 nine months ended January 31, 2013 and 2012: Nine Months Ended January 31, 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 | 9/27/12 |  | $ | 3,450 |  |  | $ | 1,248 |  |  | $ | 2,202 |
85 unit - Prairiewood Meadows - Fargo, ND | 9/27/12 |  |  | 3,450 |  |  |  | 2,846 |  |  |  | 604 |
66 unit - Candlelight - Fargo, ND | 11/27/12 |  |  | 1,950 |  |  |  | 1,178 |  |  |  | 772 |
|  |  |  | 8,850 |  |  |  | 5,272 |  |  |  | 3,578 |
Commercial Retail |  |  |  |  |  |  |  |  |  |  |  |  |
16,080 sq ft Kentwood Thomasville - Kentwood, MI | 6/20/12 |  |  | 625 |  |  |  | 692 |  |  |  | (67 | )
Other |  |  |  |  |  |  |  |  |  |  |  |  |
Georgetown Square Condominiums 5 and 6 | 6/21/12 |  |  | 330 |  |  |  | 336 |  |  |  | (6 | )
Georgetown Square Condominiums 3 and 4 | 8/2/12 |  |  | 368 |  |  |  | 421 |  |  |  | (53 | )
|  |  |  | 698 |  |  |  | 757 |  |  |  | (59 | )
Total Property Dispositions |  |  | $ | 10,173 |  |  | $ | 6,721 |  |  | $ | 3,452 |
Nine Months Ended January 31, 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 | 8/1/11 |  | $ | 2,175 |  |  | $ | 1,586 |  |  | $ | 589 |
Total Property Dispositions |  |  | $ | 2,175 |  |  | $ | 1,586 |  |  | $ | 589 |
Results of operations from acquired properties | Acquisitions in the nine months ended January 31, 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 Condensed Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our acquisitions in the nine months ended January 31, 2013 and 2012, respectively, (excluding development projects placed in service) are detailed below.
| (in thousands) |
| Nine Months Ended January 31 |
| 2013 |  | 2012 |
Total revenue |  | $ | 4,669 |  |  | $ | 2,383 |
Net (loss) income |  | $ | (116 | ) |  | $ | 454 |

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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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