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ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS | 12 Months Ended
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Apr. 30, 2016
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS [Abstract] |
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS | NOTE 10 • ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS PROPERTY ACQUISITIONS We added $143.5 million of real estate properties to our portfolio through property acquisitions during fiscal year 2016, compared to $56.3 million in fiscal year 2015. We expensed approximately $253,000 and $216,000 of transaction costs related to the acquisitions in fiscal years 2016 and 2015, respectively. The fiscal year 2016 and 2015 acquisitions are detailed below. Fiscal 2016 (May 1, 2015 to April 30, 2016)
|  |  |  | (in thousands) |
|  |  |  | Total |  |  | Form of Consideration |  | Investment Allocation |
|  | Date |  | Acquisition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Intangible |
Acquisitions |  | Acquired |  | Cost |  |  | Cash |  | Units(1) |  |  | Land |  | Building |  | Assets |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
74 unit - Gardens - Grand Forks, ND |  | 2015-09-10 |  | $ | 9,250 |  |  | $ | 8,850 |  | $ | 400 |  |  | $ | 518 |  | $ | 8,672 |  | $ | 60 |
276 unit - GrandeVille at Cascade Lake - Rochester, MN |  | 2015-10-29 |  |  | 56,000 |  |  |  | 56,000 |  |  | — |  |  |  | 5,003 |  |  | 50,363 |  |  | 634 |
187 unit - Avalon Cove - Rochester, MN(2) |  | 2016-03-22 |  |  | 36,250 |  |  |  | 15,000 |  |  | 17,826 |  |  |  | 1,616 |  |  | 34,145 |  |  | 489 |
90 unit - Cascade Shores - Rochester, MN |  | 2016-03-22 |  |  | 18,500 |  |  |  | 18,500 |  |  | — |  |  |  | 1,585 |  |  | 16,710 |  |  | 205 |
76 unit - Crystal Bay - Rochester, MN |  | 2016-03-22 |  |  | 12,000 |  |  |  | 12,000 |  |  | — |  |  |  | 433 |  |  | 11,425 |  |  | 142 |
40-unit - French Creek - Rochester, MN |  | 2016-03-22 |  |  | 5,000 |  |  |  | 5,000 |  |  | — |  |  |  | 201 |  |  | 4,735 |  |  | 64 |
|  |  |  |  | 137,000 |  |  |  | 115,350 |  |  | 18,226 |  |  |  | 9,356 |  |  | 126,050 |  |  | 1,594 |
Healthcare |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
27,819 sq ft Lakeside Medical Plaza - Omaha, NE |  | 2015-08-20 |  |  | 6,500 |  |  |  | 6,500 |  |  | — |  |  |  | 903 |  |  | 5,109 |  |  | 488 |
Total Property Acquisitions |  |  |  | $ | 143,500 |  |  | $ | 121,850 |  | $ | 18,226 |  |  | $ | 10,259 |  | $ | 131,159 |  | $ | 2,082 |
| (1) |  | Value of Units of the Operating Partnership based on the closing market price of our common stock on the acquisition date. The number of Units issued were approximately 44,000 and 2.5 million, respectively, for the Gardens and Avalon Cove acquisitions.
| (2) |  | Acquisition resulted in a gain on bargain purchase of approximately $3.4 million. See Note 2 for additional information.
Fiscal 2015 (May 1, 2014 to April 30, 2015)
|  |  |  | (in thousands) |
|  |  |  | Total |  |  | Form of Consideration |  |  | Investment Allocation |
|  |  |  | Acquisition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Intangible |
Acquisitions |  | Date Acquired |  | Cost |  |  | Cash |  | Units(1) |  | Other(2) |  |  | Land |  | Building |  | Assets |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
152 unit - Homestead Garden - Rapid City, SD(3) |  | 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 |
68 unit - Northridge - Bismarck, ND |  | 2014-09-12 |  |  | 8,500 |  |  |  | 8,400 |  |  | 100 |  |  | — |  |  |  | 884 |  |  | 7,516 |  |  | 100 |
119 unit - Legacy Heights - Bismarck, ND(4) |  | 2015-03-19 |  |  | 15,000 |  |  |  | 14,300 |  |  | 700 |  |  | — |  |  |  | 1,207 |  |  | 13,742 |  |  | 51 |
|  |  |  |  | 41,780 |  |  |  | 28,811 |  |  | 800 |  |  | 12,169 |  |  |  | 2,961 |  |  | 38,403 |  |  | 416 |
Unimproved Land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Creekside Crossing - Bismarck, ND |  | 2014-05-22 |  |  | 4,269 |  |  |  | 4,269 |  |  | — |  |  | — |  |  |  | 4,269 |  |  | — |  |  | — |
PrairieCare Medical - Brooklyn Park, MN |  | 2014-06-05 |  |  | 2,616 |  |  |  | 2,616 |  |  | — |  |  | — |  |  |  | 2,616 |  |  | — |  |  | — |
71 France Phase I - Edina. MN(5) |  | 2014-06-12 |  |  | 1,413 |  |  |  | — |  |  | — |  |  | 1,413 |  |  |  | 1,413 |  |  | — |  |  | — |
Monticello 7 th Addition - Monticello, MN |  | 2014-10-09 |  |  | 1,660 |  |  |  | 1,660 |  |  | — |  |  | — |  |  |  | 1,660 |  |  | — |  |  | — |
71 France Phase II & III - Edina. MN(5) |  | 2014-11-04 |  |  | 3,309 |  |  |  | — |  |  | — |  |  | 3,309 |  |  |  | 3,309 |  |  | — |  |  | — |
Minot 1525 24 th Ave SW - Minot, ND |  | 2014-12-23 |  |  | 1,250 |  |  |  | 1,250 |  |  | — |  |  | — |  |  |  | 1,250 |  |  | — |  |  | — |
|  |  |  |  | 14,517 |  |  |  | 9,795 |  |  | — |  |  | 4,722 |  |  |  | 14,517 |  |  | — |  |  | — |
Total Property Acquisitions |  |  |  | $ | 56,297 |  |  | $ | 38,606 |  | $ | 800 |  | $ | 16,891 |  |  | $ | 17,478 |  | $ | 38,403 |  | $ | 416 |
| (1) |  | Value of limited partnership units of the Operating Partnership based on the closing market price of our common stock on the acquisition date. The number of Units issued were approximately 11,000 and 77,000, respectively, for the Northridge and Legacy Heights acquisitions.
| (2) |  | 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: $4.7 million).
| (3) |  | At acquisition, we adjusted the assumed debt to fair value and recognized approximately $852,000 of goodwill.
| (4) |  | At acquisition, the purchase price included assets in development (land: $804,000, building: $7.8 million, escrow $1.3 million).
| (5) |  | Land was contributed to a joint venture in which we have an approximately 52.6% interest. The joint venture is consolidated in our financial statements.
Acquisitions in fiscal years 2016 and 2015 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 Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our fiscal year 2016 and 2015 acquisitions are detailed below.
|  | (in thousands) |
Year Ended April 30, |  | 2016 |  | 2015 |
Total revenue |  | $ | 4,094 |  | $ | 2,565 |
Net loss |  | $ | (366) |  | $ | (1) |
DEVELOPMENT PROJECTS PLACED IN SERVICE Our Operating Partnership placed approximately $211.8 million of development projects in service during fiscal year 2016, compared to $124.5 million in fiscal year 2015. The fiscal year 2016 and 2015 development projects placed in service are detailed below. Fiscal 2016 (May 1, 2015 to April 30, 2016)
|  |  |  | (in thousands) |
|  | Date Placed |  |  |  |  |  |  |  | Development |
Development Projects Placed in Service (1) |  | in Service |  | Land |  | Building |  | Cost |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |
72 unit - Chateau II - Minot, ND (2) |  | 2015-06-01 |  | $ | 240 |  | $ | 14,408 |  | $ | 14,648 |
288 unit - Renaissance Heights - Williston, ND(3) |  | 2015-07-27 |  |  | 3,080 |  |  | 59,434 |  |  | 62,514 |
163 unit - Deer Ridge - Jamestown, ND(4) |  | 2016-02-22 |  |  | 700 |  |  | 24,137 |  |  | 24,837 |
251 unit - Cardinal Point - Grand Forks, ND(5) |  | 2016-03-18 |  |  | 1,600 |  |  | 48,132 |  |  | 49,732 |
|  |  |  |  | 5,620 |  |  | 146,111 |  |  | 151,731 |
Healthcare |  |  |  |  |  |  |  |  |  |  |  |
57,624 sq ft Edina 6565 France SMC III - Edina, MN(6) |  | 2015-06-01 |  |  | — |  |  | 33,041 |  |  | 33,041 |
70,756 sq ft PrairieCare Medical - Brooklyn Park, MN(7) |  | 2015-09-08 |  |  | 2,610 |  |  | 21,830 |  |  | 24,440 |
|  |  |  |  | 2,610 |  |  | 54,871 |  |  | 57,481 |
Other |  |  |  |  |  |  |  |  |  |  |  |
7,963 sq ft Minot Southgate Retail - Minot, ND(8) |  | 2015-10-01 |  |  | 889 |  |  | 1,734 |  |  | 2,623 |
Total Development Projects Placed in Service |  |  |  | $ | 9,119 |  | $ | 202,716 |  | $ | 211,835 |
| (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 15 for additional information on the 71 France project, which was partially placed in service during the fiscal year ended April 30, 2016.
| (2) |  | Costs paid in prior fiscal years totaled $12.3 million. Additional costs incurred in fiscal year 2016 totaled $2.3 million, for a total project cost at April 30, 2016 of $14.6 million.
| (3) |  | Costs paid in prior fiscal years totaled $57.7 million. Additional costs incurred in fiscal year 2016 totaled $4.8 million, for a total project cost at April 30, 2016 of $62.5 million. The project is owned by a joint venture entity in which we currently have an approximately 70.0% interest. The joint venture is consolidated in our financial statements.
| (4) |  | Costs paid in prior fiscal years totaled $14.3 million. Additional costs incurred in fiscal year 2016 totaled $10.5 million, for a total project cost at April 30, 2016 of $24.8 million.
| (5) |  | Costs paid in prior fiscal years totaled $23.0 million. Additional costs incurred in fiscal year 2016 totaled $26.7 million, for a total project cost at April 30, 2016 of $49.7 million.
| (6) |  | Costs paid in prior fiscal years totaled $20.8 million. Additional costs incurred in fiscal year 2016 totaled $12.2 million, for a total project cost at April 30, 2016 of $33.0 million.
| (7) |  | Costs paid in prior fiscal years totaled $17.3 million. Additional costs incurred in fiscal year 2016 totaled $7.1 million, for a total project cost at April 30, 2016 of $24.4 million.
| (8) |  | Costs paid in prior fiscal years totaled $2.1 million. Additional costs incurred in fiscal year 2016 totaled approximately $500,000, for a total project cost at April 30, 2016 of $2.6 million.
Fiscal 2015 (May 1, 2014 to April 30, 2015)
|  |  |  | (in thousands) |
|  | Date Placed |  |  |  |  |  |  |  | Development |
Development Projects Placed in Service (1) |  | in Service |  | Land |  | Building |  | Cost |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |
44 unit - Dakota Commons - Williston, ND(2) |  | 2014-07-15 |  | $ | 823 |  | $ | 9,596 |  | $ | 10,419 |
130 unit - Red 20 - Minneapolis, MN(3) |  | 2014-11-21 |  |  | 1,900 |  |  | 26,412 |  |  | 28,312 |
233 unit - Commons at Southgate - Minot, ND(4) |  | 2014-12-09 |  |  | 3,691 |  |  | 31,351 |  |  | 35,042 |
64 unit - Cypress Court II - St. Cloud, MN(5) |  | 2015-01-01 |  |  | 447 |  |  | 6,320 |  |  | 6,767 |
165 unit - Arcata - Golden Valley, MN(6) |  | 2015-01-01 |  |  | 2,088 |  |  | 29,640 |  |  | 31,728 |
|  |  |  |  | 8,949 |  |  | 103,319 |  |  | 112,268 |
Other |  |  |  |  |  |  |  |  |  |  |  |
4,998 sq ft Minot Southgate Wells Fargo Bank - Minot, ND(7) |  | 2014-11-10 |  |  | 992 |  |  | 2,193 |  |  | 3,185 |
202,807 sq ft Roseville 3075 Long Lake Road - Roseville, MN |  | 2015-02-02 |  |  | — |  |  | 9,036 |  |  | 9,036 |
|  |  |  |  | 992 |  |  | 11,229 |  |  | 12,221 |
Total Development Projects Placed in Service |  |  |  | $ | 9,941 |  | $ | 114,548 |  | $ | 124,489 |
| (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 Renaissance Heights project, which was partially placed in service during the fiscal year 2014 and the twelve months ended April 30, 2015.
| (2) |  | Costs paid in prior fiscal years totaled $8.1 million. Additional costs paid in fiscal year 2015 totaled $2.3 million, for a total project cost at April 30, 2015 of $10.4 million.
| (3) |  | Costs paid in prior fiscal years totaled $12.2 million. Additional costs paid in fiscal year 2015 totaled $16.1 million, for a total project cost at April 30, 2015 of $28.3 million. The project is owned by a joint venture entity in which we have an approximately 58.6% interest. The joint venture is consolidated in our financial statements.
| (4) |  | Costs paid in prior fiscal years totaled $26.5 million, respectively. Additional costs paid in fiscal year 2015 totaled $8.1 million, for a total project cost at April 30, 2015 of $35.0 million. The project is owned by a joint venture entity in which we had an approximately 52.9% interest at April 30, 2015. The joint venture is consolidated in our financial statements.
| (5) |  | Costs paid in prior fiscal years totaled $1.2 million. Additional costs paid in fiscal year 2015 totaled $5.5 million, for a total project cost at April 30, 2015 of $6.8 million. The project is owned by a joint venture entity in which we have an approximately 86.1% interest. The joint venture is consolidated in our financial statements.
| (6) |  | Costs paid in prior fiscal years totaled $11.3 million, respectively. Additional costs paid in fiscal year 2015 totaled $19.1 million, for a total project cost at April 30, 2015 of $31.7 million.
| (7) |  | Costs paid in fiscal year 2015 totaled $3.2 million, including land acquired in fiscal year 2013.
PROPERTY DISPOSITIONS During fiscal year 2016, we sold 8 multifamily, 40 office properties, 2 healthcare properties, 18 retail properties and 3 parcels of unimproved land for a total sales price of $414.1 million and transferred ownership of 9 office properties pursuant to a deed in lieu transaction. Dispositions totaled $76.0 million in fiscal year 2015. The fiscal year 2016 and 2015 dispositions are detailed below. Fiscal 2016 (May 1, 2015 to April 30, 2016)
|  |  |  | (in thousands) |
|  | Date |  |  |  |  | Book Value |  |  |  |
Dispositions |  | Disposed |  | Sales Price |  | and Sales Cost |  | Gain/(Loss) |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |
391 unit - St. Cloud Student Housing Portfolio - St. Cloud, MN |  | 2016-03-24 |  | $ | 5,615 |  |  | 5,647 |  |  | (32) |
Healthcare |  |  |  |  |  |  |  |  |  |  |  |
61,758 sq ft Nebraska Orthopaedic Hospital - Omaha, NE |  | 2016-04-01 |  |  | 24,494 |  |  | 16,512 |  |  | 7,982 |
Other |  |  |  |  |  |  |  |  |  |  |  |
117,144 sq ft Thresher Square – Minneapolis, MN |  | 2015-05-18 |  |  | 7,000 |  |  | 7,175 |  |  | (175) |
2,549,222 sq ft Office Sale Portfolio(1) |  | 2015-08-03 |  |  | 250,000 |  |  | 231,908 |  |  | 18,092 |
420,216 sq ft Mendota Office Center Portfolio – Mendota Heights, MN(2) |  | 2015-08-12 |  |  | 40,000 |  |  | 41,574 |  |  | (1,574) |
1,027,208 sq ft Retail Sale Portfolio(3) |  | 2015-09-30 |  |  | 78,960 |  |  | 72,000 |  |  | 6,960 |
48,700 sq ft Eden Prairie 6101 Blue Circle Drive – Eden Prairie, MN |  | 2015-10-19 |  |  | 2,900 |  |  | 2,928 |  |  | (28) |
8,526 sq ft Burnsville I Strip Center – Burnsville, MN |  | 2015-12-23 |  |  | 1,300 |  |  | 913 |  |  | 387 |
4,800 sq ft Pine City C-Store – Pine City, MN |  | 2016-01-08 |  |  | 300 |  |  | 355 |  |  | (55) |
11,003 sq ft Minot Plaza – Minot, ND |  | 2016-01-19 |  |  | 1,854 |  |  | 393 |  |  | 1,461 |
937,518 sq ft 9-Building Office Portfolio(4)(5) |  | 2016-01-29 |  |  | 122,610 | (5) |  | 86,154 | (5) |  | 36,456 | (5)
3,702 sq ft Arrowhead First International Bank - Minot, ND |  | 2016-04-06 |  |  | 1,675 |  |  | 1,255 |  |  | 420 |
|  |  |  |  | 506,599 |  |  | 444,655 |  |  | 61,944 |
Unimproved Land |  |  |  |  |  |  |  |  |  |  |  |
River Falls Unimproved Land - River Falls, WI |  | 2016-04-06 |  |  | 20 |  |  | 21 |  |  | (1) |
Total Property Dispositions |  |  |  | $ | 536,728 |  | $ | 466,835 |  | $ | 69,893 |
| (1) |  | The properties included in this portfolio disposition are: 610 Business Center, 7800 West Brown Deer Road, Ameritrade, Barry Pointe Office Park, Benton Business Park, Brenwood, Brook Valley I, Crosstown Centre, Golden Hills Office Center, Granite Corporate Center, Great Plains, Highlands Ranch I, Highlands Ranch II, Interlachen Corporate Center, Intertech Building, Minnesota National Bank, Northpark Corporate Center, Omaha 10802 Farnam Dr, Plaza VII, Plymouth 5095 Nathan Lane, Prairie Oak Business Center, Rapid City 900 Concourse Drive, Spring Valley IV, Spring Valley V, Spring Valley X, Spring Valley XI, Superior Office Building, TCA Building & vacant land, Three Paramount Plaza, UHC Office, US Bank Financial Center, Wells Fargo Center, West River Business Park and Westgate.
| (2) |  | The properties included in this portfolio disposition are: Mendota Office Center I, Mendota Office Center II, Mendota Office Center III, Mendota Office Center IV and American Corporate Center.
| (3) |  | The properties included in this portfolio disposition are: Champlin South Pond, Chan West Village, Duluth 4615 Grand, Duluth Denfeld Retail, Forest Lake Auto, Forest Lake Westlake Center, Grand Forks Medpark Mall, Jamestown Buffalo Mall, Jamestown Business Center, Lakeville Strip Center, Monticello C Store & vacant land, Omaha Barnes & Noble, Pine City Evergreen Square, Rochester Maplewood Square and St. Cloud Westgate.
| (4) |  | The properties included in this portfolio disposition are: Corporate Center West, Farnam Executive Center, Flagship Corporate Center, Gateway Corporate Center, Miracle Hills One, Pacific Hills, Riverport, Timberlands, and Woodlands Plaza IV.
| (5) |  | On January 29, 2016, we transferred ownership of nine properties to the mortgage lender on a $122.6 million non-recourse loan and removed the debt obligation and accrued interest from our balance sheet. The properties had an estimated fair value of $89.3 million on the transfer date. Upon completion of this transfer, we recognized a gain on extinguishment of debt of $36.5 million, representing the difference between the loan and accrued interest payable extinguished over the carrying value of the properties, cash, accounts payable and accounts receivable transferred as of the transfer date and related closing costs.
Fiscal 2015 (May 1, 2014 to April 30, 2015)
|  |  |  |  | (in thousands) |
|  | Date |  |  |  | Book Value |  |  |  |
Dispositions |  | Disposed |  | Sales Price |  | and Sales Cost |  | Gain/(Loss) |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |
83 unit - Lancaster - St. Cloud, MN |  | 2014-09-22 |  | $ | 4,451 |  | $ | 3,033 |  | $ | 1,418 |
Healthcare |  |  |  |  |  |  |  |  |  |  |  |
45,222 sq ft Jamestown Medical Office Building - Jamestown, ND |  | 2015-02-05 |  |  | 12,819 |  |  | 8,710 |  |  | 4,109 |
Other |  |  |  |  |  |  |  |  |  |  |  |
73,338 sq ft Dewey Hill - Edina, MN |  | 2014-05-19 |  |  | 3,100 |  |  | 3,124 |  |  | (24) |
198,600 sq ft Eagan 2785 & 2795 - Eagan, MN |  | 2014-07-15 |  |  | 3,600 |  |  | 5,393 |  |  | (1,793) |
25,644 sq ft Weston Retail - Weston, WI |  | 2014-07-28 |  |  | — |  |  | 1,176 |  |  | (1,176) |
74,568 sq ft Wirth Corporate Center - Golden Valley, MN |  | 2014-08-29 |  |  | 4,525 |  |  | 4,695 |  |  | (170) |
52,000 sq ft Kalispell Retail - Kalispell, MT |  | 2014-10-15 |  |  | 1,230 |  |  | 1,229 |  |  | 1 |
34,226 sq ft Fargo Express Center & SC Pad - Fargo, ND |  | 2014-11-18 |  |  | 2,843 |  |  | 2,211 |  |  | 632 |
79,297 sq ft Northgate I – Maple Grove, MN |  | 2014-12-01 |  |  | 7,200 |  |  | 6,881 |  |  | 319 |
45,222 sq ft Jamestown Medical Office Building - Jamestown, MN |  | 2015-02-05 |  |  | 12,819 |  |  | 8,710 |  |  | 4,109 |
14,820 sq ft Weston Walgreens – Weston, WI |  | 2015-02-27 |  |  | 5,177 |  |  | 2,152 |  |  | 3,025 |
26,000 sq ft Northgate II - Maple Grove, MN |  | 2015-03-02 |  |  | 2,725 |  |  | 1,727 |  |  | 998 |
45,019 sq ft Burnsville Bluffs II - Burnsville, MN |  | 2015-03-25 |  |  | 1,245 |  |  | 2,245 |  |  | (1,000) |
26,186 sq ft Plymouth I - Plymouth, MN |  | 2015-03-25 |  |  | 1,985 |  |  | 1,492 |  |  | 493 |
26,186 sq ft Plymouth II - Plymouth, MN |  | 2015-03-25 |  |  | 1,625 |  |  | 1,356 |  |  | 269 |
26,186 sq ft Plymouth III - Plymouth, MN |  | 2015-03-25 |  |  | 2,500 |  |  | 1,977 |  |  | 523 |
126,936 sq ft Plymouth IV & V - Plymouth, MN |  | 2015-03-25 |  |  | 12,910 |  |  | 11,706 |  |  | 1,204 |
58,300 sq ft Southeast Tech Center - Eagan, MN |  | 2015-03-25 |  |  | 3,300 |  |  | 4,196 |  |  | (896) |
61,138 sq ft Whitewater Plaza - Minnetonka, MN |  | 2015-03-25 |  |  | 3,035 |  |  | 4,625 |  |  | (1,590) |
13,374 sq ft 2030 Cliff Road - Eagan, MN |  | 2015-04-21 |  |  | 950 |  |  | 834 |  |  | 116 |
|  |  |  |  | 70,769 |  |  | 65,729 |  |  | 5,040 |
Unimproved Land |  |  |  |  |  |  |  |  |  |  |  |
Kalispell Unimproved - Kalispell, MT |  | 2014-10-15 |  |  | 670 |  |  | 670 |  |  | — |
Weston – Weston, WI |  | 2015-02-17 |  |  | 158 |  |  | 158 |  |  | — |
|  |  |  |  | 828 |  |  | 828 |  |  | — |
Total Property Dispositions |  |  |  | $ | 88,867 |  | $ | 78,300 |  | $ | 10,567 |

X
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