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ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS (Tables) | 3 Months Ended
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Jul. 31, 2016
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS [Abstract] |
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.
Schedule of 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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