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ACQUISITIONS AND DISPOSITIONS (Tables)

9 Months Ended

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 results of operations from acquired properties included in the Condensed Consolidated Statements of Operations as of acquisition date.

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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.

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