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ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS | 3 Months Ended
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Jul. 31, 2016
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS [Abstract] |
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS | NOTE 8 • ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS PROPERTY ACQUISITIONS We added no new real estate properties to our portfolio through property acquisitions during the three months ended July 31, 2016 and 2015. DEVELOPMENT PROJECTS PLACED IN SERVICE The Operating Partnership placed $72.2 million and $105.8 million of development projects in service during the three months ended July 31, 2016 and 2015, respectively, as detailed below. Three Months Ended July 31, 2016
|  |  |  | (in thousands) |
|  | Date Placed |  |  |  |  |  |  |  | Development |
Development Projects Placed in Service |  | in Service |  | Land |  | Building |  | Cost |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |
241 unit - 71 France - Edina, MN(1) |  | 2016-05-01 |  | $ | 4,721 |  | $ | 67,509 |  | $ | 72,230 |
Total Development Projects Placed in Service |  |  |  | $ | 4,721 |  | $ | 67,509 |  | $ | 72,230 |
| (1) |  | Costs paid in prior fiscal years totaled $70.9 million. Additional costs incurred in fiscal year 2017 totaled $1.3 million, for a total project cost at July 31, 2016 of $72.2 million. The project is owned by a joint venture entity in which we currently have an approximately 52.6% interest. The joint venture is consolidated in our financial statements.
Three Months Ended July 31, 2015
|  |  |  | (in thousands) |
|  | Date Placed |  |  |  |  |  |  |  | Development |
Development Projects Placed in Service |  | in Service |  | Land |  | Building |  | Cost |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |
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 |  |  | — |  |  | 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 201 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 we currently have an approximately 70.0% interest. The joint venture is consolidated in our financial statements. An impairment charge of $36.7 million was recorded for this property in the three months ended July 31, 2016. See Note 2 for additional information.
| (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.
PROPERTY DISPOSITIONS During the first quarter of fiscal year 2017, we sold one commercial property and one parcel of unimproved land for a total sales price of $13.7 million. During the first quarter of fiscal year 2016, we sold one commercial property for a total sales price of $7.0 million. The following table details our dispositions during the three months ended July 31, 2016 and 2015: Three Months Ended July 31, 2016
|  |  |  | (in thousands) |
|  | Date |  |  |  |  | Book Value |  |  |  |
Dispositions |  | Disposed |  | Sales Price |  | and Sales Cost |  | Gain/(Loss) |
Other |  |  |  |  |  |  |  |  |  |  |  |
195,075 sq ft Stone Container - Fargo, ND |  | 2016-07-25 |  |  | 13,400 |  |  | 4,418 |  |  | 8,982 |
Unimproved Land |  |  |  |  |  |  |  |  |  |  |  |
Georgetown Square Unimproved Land - Grand Chute, WI |  | 2016-05-06 |  |  | 250 |  |  | 274 |  |  | (24) |
Total Property Dispositions |  |  |  | $ | 13,650 |  | $ | 4,692 |  | $ | 8,958 |
Three Months Ended July 31, 2015
|  |  |  |  | (in thousands) |
|  | Date |  |  |  | Book Value |  |  |  |
Dispositions |  | Disposed |  | Sales Price |  | 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) |

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