XML 61 R27.htm IDEA: XBRL DOCUMENT
v3.2.0.727

ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS (Tables) | 3 Months Ended
--- | ---
Jul. 31, 2015
ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS [Abstract] |
Acquisitions | The Company’s acquisitions during the three months ended January 31, 2014 are detailed below. Three Months Ended July 31, 2014
|  |  |  |  | (in thousands) |
|  |  |  |  | Total |  |  | Form of Consideration |  |  | Investment Allocation |
Acquisitions |  | Date Acquired |  |  | Acquisition Cost |  |  | Cash |  |  | Other(1) |  |  | Land |  |  | Building |  |  | Intangible Assets |
Multi-Family Residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
152 unit - Homestead Garden - Rapid City, SD(2) |  |  | 2014-06-02 |  |  | $ | 15,000 |  |  | $ | 5,092 |  |  | $ | 9,908 |  |  | $ | 655 |  |  | $ | 14,139 |  |  | $ | 206 |
52 unit - Silver Springs - Rapid City, SD |  |  | 2014-06-02 |  |  |  | 3,280 |  |  |  | 1,019 |  |  |  | 2,261 |  |  |  | 215 |  |  |  | 3,006 |  |  |  | 59 |
|  |  |  |  |  |  | 18,280 |  |  |  | 6,111 |  |  |  | 12,169 |  |  |  | 870 |  |  |  | 17,145 |  |  |  | 265 |
Unimproved Land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Creekside Crossing - Bismarck, ND |  |  | 2014-05-22 |  |  |  | 4,269 |  |  |  | 4,269 |  |  |  | 0 |  |  |  | 4,269 |  |  |  | 0 |  |  |  | 0 |
PrairieCare Medical - Brooklyn Park, MN |  |  | 2014-06-05 |  |  |  | 2,616 |  |  |  | 2,616 |  |  |  | 0 |  |  |  | 2,616 |  |  |  | 0 |  |  |  | 0 |
71 France Phase I - Edina, MN(3) |  |  | 2014-06-12 |  |  |  | 1,413 |  |  |  | 0 |  |  |  | 1,413 |  |  |  | 1,413 |  |  |  | 0 |  |  |  | 0 |
|  |  |  |  |  |  | 8,298 |  |  |  | 6,885 |  |  |  | 1,413 |  |  |  | 8,298 |  |  |  | 0 |  |  |  | 0 |
Total Property Acquisitions |  |  |  |  |  | $ | 26,578 |  |  | $ | 12,996 |  |  | $ | 13,582 |  |  | $ | 9,168 |  |  | $ | 17,145 |  |  | $ | 265 |
(1) | Consists of assumed debt (Homestead Garden I: $9.9 million, Silver Springs: $2.3 million) and value of land contributed by the joint venture partner (71 France: $1.4 million).
(2) | At acquisition, the Company adjusted the assumed debt to fair value and recognized approximately $852,000 of goodwill.
(3) | Land was contributed to a joint venture in which the Company has an approximately 52.6% interest. The joint venture is consolidated in IRET’s financial statements.
Results of Operations from Acquired Properties | The revenue and net income of our acquisitions in the three months ended July 31, 2014, respectively, (excluding development projects placed in service) are detailed below.
|  | (in thousands) |
Three Months Ended July 31, |  | 2014 |
Total revenue |  | $ | 362 |
Net income |  |  | 20 |
Development Projects Placed in Service | The Operating Partnership placed $105.8 million and $10.3 million of development projects in service during the three months ended July 31, 2015 and 2014, respectively, as detailed below. Three Months Ended July 31, 2015
|  |  |  |  | (in thousands) |
Development Projects Placed in Service |  | Date Placed in Service |  |  | Land |  |  | Building |  |  | Development Cost |
Multi-Family Residential |  |  |  |  |  |  |  |  |  |  |  |
72 unit – Chateau II - Minot, ND(1) |  |  | 2015-06-01 |  |  | $ | 240 |  |  | $ | 14,360 |  |  | $ | 14,600 |
288 unit – Renaissance Heights - Williston, ND(2) |  |  | 2015-07-27 |  |  |  | 3,080 |  |  |  | 59,259 |  |  |  | 62,339 |
|  |  |  |  |  |  | 3,320 |  |  |  | 73,619 |  |  |  | 76,939 |
Healthcare |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
57,624 sq ft Edina 6565 France SMC III - Edina, MN(3) |  |  | 2015-06-01 |  |  |  | 0 |  |  |  | 28,816 |  |  |  | 28,816 |
Total Development Projects Placed in Service |  |  |  |  |  | $ | 3,320 |  |  | $ | 102,435 |  |  | $ | 105,755 |
(1) | Costs paid in prior fiscal years totaled $12.3 million. Additional costs paid in fiscal year 2016 totaled $2.3 million, for a total project cost at July 31, 2015 of $14.6 million.
(2) | Costs paid in prior fiscal years totaled $57.7 million. Additional costs paid in fiscal year 2016 totaled $4.6 million, for a total project cost at July 31, 2015 of $62.3 million. The project is owned by a joint venture entity in which the Company has an approximately 70.0% interest. The joint venture is consolidated in IRET’s financial statements.
(3) | Costs paid in prior fiscal years totaled $20.8 million. Additional costs paid in fiscal year 2016 totaled $8.0 million, for a total project cost at July 31, 2015 of $28.8 million.
Three Months Ended July 31, 2014
|  |  |  |  | (in thousands) |
Development Projects Placed in Service |  | Date Placed in Service |  |  | Land |  |  | Building |  |  | Development Cost |
Multi-Family Residential |  |  |  |  |  |  |  |  |  |  |  |
44 unit - Dakota Commons - Williston, ND(1) |  |  | 2014-07-15 |  |  | $ | 823 |  |  | $ | 9,442 |  |  | $ | 10,265 |
Total Development Projects Placed in Service |  |  |  |  |  | $ | 823 |  |  | $ | 9,442 |  |  | $ | 10,265 |
(1) | Costs paid in prior fiscal years totaled $8.1 million. Additional costs paid in fiscal year 2015 totaled $2.2 million for a total project cost at July 31, 2014 of $10.3 million.
Schedule of Dispositions | The following table details the Company’s dispositions during the three months ended July 31, 2015 and 2014: Three Months Ended July 31, 2015
|  |  |  |  | (in thousands) |
Dispositions |  | Date Disposed |  |  | Sales Price |  |  | Book Value and Sales Cost |  |  | Gain/(Loss) |
Other |  |  |  |  |  |  |  |  |  |  |  |
117,144 sq ft Thresher Square - Minneapolis, MN |  |  | 2015-05-18 |  |  | $ | 7,000 |  |  | $ | 7,175 |  |  | $ | (175 | )
Total Property Dispositions |  |  |  |  |  | $ | 7,000 |  |  | $ | 7,175 |  |  | $ | (175 | )
Three Months Ended July 31, 2014
|  |  |  |  | (in thousands) |
Dispositions |  | Date Disposed |  |  | Sales Price |  |  | Book Value and Sales Cost |  |  | Gain/(Loss) |
Industrial |  |  |  |  |  |  |  |  |  |  |  |
198,600 sq ft Eagan 2785 & 2795 – Eagan, MN |  |  | 2014-07-15 |  |  | $ | 3,600 |  |  | $ | 5,393 |  |  | $ | (1,793 | )
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
73,338 sq ft Dewey Hill - Edina, MN |  |  | 2014-05-19 |  |  |  | 3,100 |  |  |  | 3,124 |  |  |  | (24 | )
25,644 sq ft Weston Retail – Weston, WI |  |  | 2014-07-28 |  |  |  | n/a |  |  |  | 1,176 |  |  |  | (1,176 | )
|  |  |  |  |  |  | 3,100 |  |  |  | 4,300 |  |  |  | (1,200 | )
Total Property Dispositions |  |  |  |  |  | $ | 6,700 |  |  | $ | 9,693 |  |  | $ | (2,993 | )

X
- Definition Tabular disclosure of development projects placed in service. + References No definition available. + Details
Name: | iret_DevelopmentProjectsPlacedInServiceTableTextBlock
Namespace Prefix: | iret_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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_ResultsOfOperationsFromAcquiredPropertiesTableTextBlock
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
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration