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ACQUISITIONS AND DISPOSITIONS (Tables) | 6 Months Ended
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Oct. 31, 2013
ACQUISITIONS AND DISPOSITIONS [Abstract] |
Acquisitions, dispositions and development projects placed in service | The Company expensed approximately $161,000 and $97,000 of transaction costs related to acquisitions in the six months ended October 31, 2013 and 2012, respectively. The Company's acquisitions and development projects placed in service during the six months ended October 31, 2013 and 2012 are detailed below: Six Months Ended October 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
96 unit - Southpoint - Grand Forks, ND | 2013-09-05 |  | 576 |  | 9,893 |  | 131 |  | 10,600
24 unit - Pinecone Villas - Sartell, MN | 2013-10-31 |  | 629 |  | 2,139 |  | 32 |  | 2,800
|  |  | 1,492 |  | 17,583 |  | 525 |  | 19,600
Commercial Healthcare |  |  |  |  |  |  |  |  |
98,174 sq ft Legends at Heritage Place - Sartell, MN | 2013-10-31 |  | 1,112 |  | 9,890 |  | 368 |  | 11,370
Unimproved Land |  |  |  |  |  |  |  |  |
Chateau II - Minot, ND | 2013-05-21 |  | 179 |  | 0 |  | 0 |  | 179
Jamestown Unimproved - Jamestown, ND | 2013-08-09 |  | 700 |  | 0 |  | 0 |  | 700
RED 20 - Minneapolis, MN(1) | 2013-08-20 |  | 1,900 |  | 0 |  | 0 |  | 1,900
Legends at Heritage Place - Sartell, MN | 2013-10-31 |  | 1,030 |  | 0 |  | 0 |  | 1,030
|  |  | 3,809 |  | 0 |  | 0 |  | 3,809
Total Property Acquisitions |  | $ | 6,413 | $ | 27,473 | $ | 893 | $ | 34,779
(1) | Land is owned by a joint venture in which the Company has an approximately 59% interest. The joint venture is consolidated in IRET's financial statements.
|  | (in thousands)
Development Projects Placed in Service(1) | Date Placed in Service | Land | Building | Intangible Assets | Acquisition Cost
Multi-Family Residential |  |  |  |  |  |  |  |  |
108 unit - Landing at Southgate - Minot, ND(2) | 2013-09-04 | $ | 0 | $ | 8,822 | $ | 0 | $ | 8,822
Total Development Projects Placed in Service |  | $ | 0 | $ | 8,822 | $ | 0 | $ | 8,822
(1) | Development projects that are placed in service in phases are excluded from this table until the entire project has been placed in service. See Note 6 for additional information on the River Ridge and Cypress Court projects, which were partially placed in service during the three months ended October 31, 2013.
(2) | Development property placed in service September 4, 2013. Additional costs paid in fiscal year 2013 totaled $6.3 million, for a total project cost at October 31, 2013 of $15.1 million. The project is owned by a joint venture entity in which the Company has a 51% interest.
Six Months Ended October 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
58 unit - Ponds at Heritage Place - Sartell, MN | 2012-10-10 |  | 395 |  | 4,564 |  | 61 |  | 5,020
|  |  | 4,715 |  | 51,892 |  | 813 |  | 57,420
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
|  |  | 1,270 |  | 0 |  | 0 |  | 1,270
Total Property Acquisitions |  | $ | 5,985 | $ | 51,892 | $ | 813 | $ | 58,690
|  | (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 | $ | 4,591 | $ | 0 | $ | 4,591
73 unit - Williston Garden Buildings 3 and 4 - Williston, ND(2) | 2012-07-31 |  | 0 |  | 6,886 |  | 0 |  | 6,886
Total Development Projects Placed in Service |  | $ | 0 | $ | 11,477 | $ | 0 | $ | 11,477
(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 October 31, 2012 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 October 31, 2012 of $18.9 million. The project is owned by a joint venture entity in which the Company has a 60% interest.
Acquisitions in the six months ended October 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 six months ended October 31, 2013 and 2012, respectively, (excluding development projects placed in service) are detailed below.
| (in thousands)
| Six Months Ended October 31
| 2013 | 2012
Total revenue | $ | 573 | $ | 2,929
Net (loss) income | $ | (233) | $ | (135)
PROPERTY DISPOSITIONS During the second quarter of fiscal year 2014, the Company sold three commercial office properties and five commercial industrial properties for a total sales price of $47.4 million. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property for a total sales price of $21.8 million. 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. 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 six months ended October 31, 2013 and 2012: Six Months Ended October 31, 2013
|  | (in thousands)
Dispositions | Date Disposed | Sales Price | Book Value and Sales Cost | Gain/(Loss)
Commercial Office |  |  |  |  |  |  |
121,669 sq ft Bloomington Business Plaza - Bloomington, MN | 2013-09-12 | $ | 4,500 | $ | 7,339 | $ | (2,839)
118,125 sq ft Nicollet VII - Burnsville, MN | 2013-09-12 |  | 7,290 |  | 6,001 |  | 1,289
42,929 sq ft Pillsbury Business Center - Bloomington, MN | 2013-09-12 |  | 1,160 |  | 1,164 |  | (4)
|  |  | 12,950 |  | 14,504 |  | (1,554)
Commercial Industrial |  |  |  |  |  |  |
41,880 sq ft Bodycote Industrial Building- Eden Prairie, MN | 2013-05-13 | $ | 3,150 | $ | 1,375 | $ | 1,775
42,244 sq ft Fargo 1320 45th Street N - Fargo, ND | 2013-05-13 |  | 4,700 |  | 4,100 |  | 600
49,620 sq ft Metal Improvement Company - 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)
322,751 sq ft Brooklyn Park 7401 Boone Ave - Brooklyn Park, MN | 2013-09-12 |  | 12,800 |  | 12,181 |  | 619
50,400 sq ft Cedar Lake Business Center - St. Louis Park, MN | 2013-09-12 |  | 2,550 |  | 2,607 |  | (57)
35,000 sq ft API Building - Duluth, MN | 2013-09-24 |  | 2,553 |  | 1,488 |  | 1,065
59,292 sq ft Lighthouse - Duluth, MN | 2013-10-08 |  | 1,825 |  | 1,547 |  | 278
606,006 sq ft Dixon Avenue Industrial Park - Des Moines, IA | 2013-10-31 |  | 14,675 |  | 10,328 |  | 4,347
|  |  | 53,878 |  | 45,573 |  | 8,305
Commercial Retail |  |  |  |  |  |  |
23,187 sq ft Eagan Community- Eagan, MN | 2013-05-14 |  | 2,310 |  | 2,420 |  | (110)
Total Property Dispositions |  | $ | 69,138 | $ | 62,497 | $ | 6,641
Six Months Ended October 31, 2012
|  | (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
|  |  | 6,900 |  | 4,094 |  | 2,806
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)
Georgetown Square Condominiums 3 and 4 | 2012-08-02 |  | 368 |  | 421 |  | (53)
|  |  | 698 |  | 757 |  | (59)
Total Property Dispositions |  | $ | 8,223 | $ | 5,543 | $ | 2,680
Results of operations from acquired properties | Acquisitions in the six months ended October 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 six months ended October 31, 2013 and 2012, respectively, (excluding development projects placed in service) are detailed below.
| (in thousands)
| Six Months Ended October 31
| 2013 | 2012
Total revenue | $ | 573 | $ | 2,929
Net (loss) income | $ | (233) | $ | (135)

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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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