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ACQUISITIONS AND DISPOSITIONS (Tables) | 3 Months Ended
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Jul. 31, 2013
ACQUISITIONS AND DISPOSITIONS [Abstract] |
Acquisitions and development projects placed in service | The Company expensed approximately $101,000 and $73,000 of transaction costs related to acquisitions in the three months ended July 31, 2013 and 2012, respectively. The Company's acquisitions and development projects placed in service during the three months ended July 31, 2013 and 2012 are detailed below: Three Months Ended July 31, 2013
Acquisitions |  | (in thousands)
Date Acquired | Land | Building | Intangible Assets | Acquisition Cost
Multi-Family Residential |  |  |  |  |  |  |  |  |
71 unit - Alps Park - Rapid City, SD | 2013-05-01 | $ | 287 | $ | 5,551 | $ | 362 | $ | 6,200
Unimproved Land |  |  |  |  |  |  |  |  |
Chateau II - Minot, ND | 2013-05-21 |  | 179 |  | 0 |  | 0 |  | 179
Total Property Acquisitions |  | $ | 466 | $ | 5,551 | $ | 362 | $ | 6,379
Three Months Ended July 31, 2012
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
Total Property Acquisitions |  | $ | 4,320 | $ | 47,328 | $ | 752 | $ | 52,400
|  | (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) | 2012-06-29 | $ | 0 | $ | 3,543 | $ | 0 | $ | 3,543
73 unit - Williston Garden Buildings 3 and 4 - Williston, ND(2) | 2012-07-31 |  | 0 |  | 4,158 |  | 0 |  | 4,158
Total Development Projects Placed in Service |  | $ | 0 | $ | 7,701 | $ | 0 | $ | 7,701
(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 July 31, 2012 of $16.5 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 July 31, 2012 of $16.2 million.
Acquisitions in the three months ended July 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 three months ended July 31, 2013 and 2012, respectively, (excluding development projects placed in service) are detailed below.
| (in thousands)
| Three Months Ended July 31
| 2013 | 2012
Total revenue | $ | 186 | $ | 1,232
Net (loss) income | $ | (108) | $ | (72)
PROPERTY DISPOSITIONS During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. The following table details the Company's dispositions during the three months ended July 31, 2013 and 2012: Three Months Ended July 31, 2013
|  | (in thousands)
Dispositions | Date Disposed | Sales Price | Book Value and Sales Cost | Gain/(Loss)
Commercial Industrial |  |  |  |  |  |  |
41,880 sq ft Bodycote - Eden Prairie, MN | 2013-05-13 | $ | 3,150 | $ | 1,375 | $ | 1,775
42,244 sq ft Fargo 1320 45th St. N - Fargo, ND | 2013-05-13 |  | 4,700 |  | 4,100 |  | 600
49,620 sq ft Metal Improvement - New Brighton, MN | 2013-05-13 |  | 2,350 |  | 1,949 |  | 401
172,057 sq ft Roseville 2929 Long Lake Road - Roseville, MN | 2013-05-13 |  | 9,275 |  | 9,998 |  | (723)
|  |  | 19,475 |  | 17,422 |  | 2,053
Commercial Retail |  |  |  |  |  |  |
23,187 sq ft Eagan - Eagan, MN | 2013-05-14 |  | 2,310 |  | 2,420 |  | (110)
Total Property Dispositions |  | $ | 21,785 | $ | 19,842 | $ | 1,943
Three Months Ended July 31, 2012
|  | (in thousands)
Dispositions | Date Disposed | Sales Price | Book Value and Sales Cost | Gain/(Loss)
Commercial Retail |  |  |  |  |  |  |
16,080 sq ft. Kentwood Thomasville – Kentwood, MI | 2012-06-20 |  | 625 |  | 692 |  | (67)
Other |  |  |  |  |  |  |
Georgetown Square Condominiums 5 and 6 | 2012-06-21 | $ | 330 | $ | 336 | $ | (6)
Total Property Dispositions |  | $ | 955 | $ | 1,028 | $ | (73)
Results of operations from acquired properties | Acquisitions in the three months ended July 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 three months ended July 31, 2013 and 2012, respectively, (excluding development projects placed in service) are detailed below.
| (in thousands)
| Three Months Ended July 31
| 2013 | 2012
Total revenue | $ | 186 | $ | 1,232
Net (loss) income | $ | (108) | $ | (72)

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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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