XML 16 R25.htm IDEA: XBRL DOCUMENT
v2.4.0.8

ACQUISITIONS AND DISPOSITIONS (Tables) | 9 Months Ended
--- | ---
Jan. 31, 2014
ACQUISITIONS AND DISPOSITIONS [Abstract] |
Acquisitions and development projects placed in service | The Company expensed approximately $160,000 and $125,000 of transaction costs related to acquisitions in the nine months ended January 31, 2014 and 2013, respectively. The Company's acquisitions and development projects placed in service during the nine months ended January 31, 2014 and 2013 are detailed below: Nine Months Ended January 31, 2014
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 |  | 584 |  | 2,191 |  | 25 |  | 2,800
|  |  | 1,447 |  | 17,635 |  | 518 |  | 19,600
Commercial Healthcare |  |  |  |  |  |  |  |  |
98,174 sq ft Legends at Heritage Place - Sartell, MN | 2013-10-31 |  | 970 |  | 10,511 |  | 382 |  | 11,863
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 |  | 537 |  | 0 |  | 0 |  | 537
Spring Creek Fruitland – Fruitland, ID | 2014-01-21 |  | 335 |  | 0 |  | 0 |  | 335
|  |  | 3,651 |  | 0 |  | 0 |  | 3,651
Total Property Acquisitions |  | $ | 6,068 | $ | 28,146 | $ | 900 | $ | 35,114
(1) | Land is owned by a joint venture in which the Company has an approximately 58.6% interest. The joint venture is consolidated in IRET's financial statements.
|  | (in thousands)
Development Projects Placed in Service | Date Placed in Service | Land | Building | Intangible Assets | Acquisition Cost
Multi-Family Residential |  |  |  |  |  |  |  |  |
108 unit - Landing at Southgate - Minot, ND(1) | 2013-09-04 | $ | 0 | $ | 8,809 | $ | 0 | $ | 8,809
132 unit - Cypress Court - St. Cloud, MN(2) | 2013-11-01 |  | 0 |  | 7,836 |  | 0 |  | 7,836
146 unit - River Ridge - Bismarck, ND(3) | 2013-12-02 |  | 0 |  | 14,703 |  | 0 |  | 14,703
Total Development Projects Placed in Service |  | $ | 0 | $ | 31,348 | $ | 0 | $ | 31,348
(1) | 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 January 31, 2014 of $15.1 million. The project is owned by a joint venture entity in which the Company has an approximately 51% interest.
(2) | Development property placed in service November 1, 2013. Additional costs paid in fiscal year 2013 totaled $5.8 million, for a total project cost at January 31, 2014 of $13.6 million. The project is owned by a joint venture entity in which the Company has an approximately 86% interest.
(3) | Development property placed in service December 2, 2013. Additional costs paid in fiscal year 2013 totaled $10.1 million, including land acquired in fiscal year 2009, for a total project cost at January 31, 2014 of $24.8 million.
Nine Months Ended January 31, 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
|  |  | 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(1) | 2012-08-10 |  | 447 |  | 0 |  | 0 |  | 447
Cypress Court Apartment Development - St. Cloud, MN(2) | 2012-08-10 |  | 1,136 |  | 0 |  | 0 |  | 1,136
Badger Hills - Rochester, MN(3) | 2012-12-14 |  | 1,050 |  | 0 |  | 0 |  | 1,050
Grand Forks Unimproved - Grand Forks, ND | 2012-12-31 |  | 4,278 |  | 0 |  | 0 |  | 4,278
Minot Unimproved (Southgate Lot 4) - Minot, ND | 2013-01-11 |  | 1,882 |  | 0 |  | 0 |  | 1,882
Commons at Southgate - Minot, ND(4) | 2013-01-22 |  | 3,691 |  | 0 |  | 0 |  | 3,691
Landing at Southgate - Minot, ND(4) | 2013-01-22 |  | 2,262 |  | 0 |  | 0 |  | 2,262
|  |  | 15,569 |  | 0 |  | 0 |  | 15,569
Total Property Acquisitions |  | $ | 20,284 | $ | 51,892 | $ | 813 | $ | 72,989
(1) | Land was contributed to a joint venture entity in which the Company has an approximately 86% interest, as of January 31, 2014.
(2) | Land is owned by a joint venture in which the Company has an approximately 86% interest, as of January 31, 2014.
(3) | Acquisition of unimproved land consisted of two parcels acquired separately on December 14 and December 20, 2012, respectively.
(4) | 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) | 2012-06-29 | $ | 0 | $ | 4,591 | $ | 0 | $ | 4,591
73 unit - Williston Garden Buildings 3 and 4 - Williston, ND(2) | 2012-07-31 |  | 0 |  | 7,058 |  | 0 |  | 7,058
|  |  | 0 |  | 11,649 |  | 0 |  | 11,649
Commercial Medical |  |  |  |  |  |  |  |  |
26,662 sq ft Spring Wind Expansion - Laramie, WY(3) | 2012-11-16 |  | 0 |  | 1,675 |  | 0 |  | 1,675
45,222 sq ft Jamestown Medical Office Building - Jamestown, ND(4) | 2013-01-01 |  | 0 |  | 4,901 |  | 0 |  | 4,901
|  |  | 0 |  | 6,576 |  | 0 |  | 6,576
Commercial Industrial |  |  |  |  |  |  |  |  |
27,567 sq ft Minot IPS - Minot, ND(5) | 2012-12-17 |  | 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.
Results of operations from acquired properties | Acquisitions in the nine months ended January 31, 2014 and 2013 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, 2014 and 2013, respectively, (excluding development projects placed in service) are detailed below.
| (in thousands)
| Nine Months Ended January 31
| 2014 | 2013
Total revenue | $ | 1,149 | $ | 4,669
Net (loss) income | $ | (194) | $ | (116)
Schedule of Dispositions | Nine Months Ended January 31, 2014
|  | (in thousands)
Dispositions | Date Disposed | Sales Price | Book Value and Sales Cost | Gain/(Loss)
Multi-Family Residential |  |  |  |  |  |  |
84 unit - East Park - Sioux Falls, SD | 2013-12-18 | $ | 2,214 | $ | 2,358 | $ | (144)
48 unit - Sycamore Village - Sioux Falls, SD | 2013-12-18 |  | 1,296 |  | 1,380 |  | (84)
|  |  | 3,510 |  | 3,738 |  | (228)
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
41,685 sq ft Winsted Industrial Building - Winsted, MN | 2014-01-17 |  | 725 |  | 747 |  | (22)
69,984 sq ft Minnetonka 13600 County Road 62 - Minnetonka, MN | 2014-01-30 |  | 3,800 |  | 3,084 |  | 716
42,510 sq ft Clive 2075NW 94th Street - Clive, IA | 2014-01-30 |  | 2,735 |  | 2,675 |  | 60
|  |  | 61,138 |  | 52,079 |  | 9,059
Commercial Retail |  |  |  |  |  |  |
23,187 sq ft Eagan Community - Eagan, MN | 2013-05-14 |  | 2,310 |  | 2,420 |  | (110)
10,625 sq ft Anoka Strip Center- Anoka, MN | 2013-12-23 |  | 325 |  | 347 |  | (22)
8,400 sq ft Burnsville 2 Strip Center - Burnsville, MN | 2014-01-08 |  | 650 |  | 796 |  | (146)
|  |  | 3,285 |  | 3,563 |  | (278)
Total Property Dispositions |  | $ | 80,883 | $ | 73,884 | $ | 6,999
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 | 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)
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 |  | $ | 10,173 | $ | 6,721 | $ | 3,452

X
- Definition Tabular disclosure of results of operations from acquired properties included in the Condensed Consolidated Statements of Operations as of acquisition date. + References No definition available. + Details
Name: | iret_ResultsOfOperationsFromAcquiredPropertiesTextBlock
Namespace Prefix: | iret_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss). + References No definition available. + Details
Name: | iret_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsGainLossOnDispositionTableTextBlock
Namespace Prefix: | iret_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration