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ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS (Tables) | 6 Months Ended
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Oct. 31, 2016
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS [Abstract] |
Acquisitions |
|  |  |  | (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 |
|  |  |  |  | 65,250 |  |  |  | 64,850 |  |  | 400 |  |  |  | 5,521 |  |  | 59,035 |  |  | 694 |
Healthcare |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
27,819 sq ft Lakeside Medical Plaza - Omaha, NE |  | 2015-08-20 |  |  | 6,500 |  |  |  | 6,500 |  |  | — |  |  |  | 903 |  |  | 5,109 |  |  | 488 |
Total Property Acquisitions |  |  |  | $ | 71,750 |  |  | $ | 71,350 |  | $ | 400 |  |  | $ | 6,424 |  | $ | 64,144 |  | $ | 1,182 |
| (1) |  | Value of Units of the Operating Partnership at the acquisition date.
Results of Operations from Acquired Properties | The revenue and net income of our acquisitions in the six months ended October 31, 2016 and 2015, respectively, (excluding development projects placed in service) are detailed below.
|  | (in thousands) |
Six Months Ended October 31, |  | 2016 |  | 2015 |
Total revenue |  | $ | — |  | $ | 268 |
Net loss |  | $ | — |  | $ | (219) |
Development Projects Placed in Service | The Operating Partnership placed $72.3 million and $137.0 million of development projects in service during the six months ended October 31, 2016 and 2015, respectively, as detailed below. Six Months Ended October 31, 2016
|  |  |  | (in thousands) |
|  | Date Placed |  |  |  |  |  |  |  | Development |
Development Projects Placed in Service(1) |  | in Service |  | Land |  | Building |  | Cost |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |
241 unit - 71 France - Edina, MN(2) |  | 2016-05-01 |  | $ | 4,721 |  | $ | 67,555 |  | $ | 72,276 |
Total Development Projects Placed in Service |  |  |  | $ | 4,721 |  | $ | 67,555 |  | $ | 72,276 |
| (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 Monticello Crossings project, which was partially placed in service during the three months ended October 31, 2016.
| (2) |  | Costs paid in prior fiscal years totaled $70.9 million. Additional costs incurred in fiscal year 2017 totaled $1.4 million, for a total project cost at October 31, 2016 of $72.3 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.
Six Months Ended October 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 |  | $ | 14,401 |  | $ | 14,641 |
288 unit - Renaissance Heights - Williston, ND(2) |  | 2015-07-27 |  |  | 3,080 |  |  | 59,440 |  |  | 62,520 |
|  |  |  |  | 3,320 |  |  | 73,841 |  |  | 77,161 |
Healthcare |  |  |  |  |  |  |  |  |  |  |  |
57,624 sq ft Edina 6565 France SMC III - Edina, MN(3) |  | 2015-06-01 |  |  | — |  |  | 32,495 |  |  | 32,495 |
70,756 sq ft PrairieCare Medical - Brooklyn Park, MN(4) |  | 2015-09-08 |  |  | 2,610 |  |  | 22,099 |  |  | 24,709 |
|  |  |  |  | 2,610 |  |  | 54,594 |  |  | 57,204 |
Other |  |  |  |  |  |  |  |  |  |  |  |
7,963 sq ft Minot Southgate Retail - Minot, ND(5) |  | 2015-10-01 |  |  | 889 |  |  | 1,733 |  |  | 2,622 |
Total Development Projects Placed in Service |  |  |  | $ | 6,819 |  | $ | 130,168 |  | $ | 136,987 |
| (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 October 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 $4.8 million, for a total project cost at October 31, 2015 of $62.5 million. The project is owned by a joint venture entity in which we currently have an approximately 71.5% interest. The joint venture is consolidated in our financial statements. An impairment charge of $36.7 million was recorded for this property in the first quarter of fiscal year 2017. 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 $11.7 million, for a total project cost at October 31, 2015 of $32.5 million.
| (4) |  | Costs paid in prior fiscal years totaled $17.3 million. Additional costs paid in fiscal year 2016 totaled $7.4 million, for a total project cost at October 31, 2015 of $24.7 million.
| (5) |  | Costs paid in prior fiscal years totaled $2.1 million. Additional costs paid in fiscal year 2016 totaled approximately $500,000, for a total project cost at October 31, 2015 of $2.6 million.
Schedule of Dispositions | Six Months Ended October 31, 2016
|  |  |  | (in thousands) |
|  | Date |  |  |  |  | Book Value |  |  |  |
Dispositions |  | Disposed |  | Sales Price |  | and Sales Cost |  | Gain/(Loss) |
Healthcare |  |  |  |  |  |  |  |  |  |  |  |
189,244 sq ft Idaho Spring Creek Senior Housing Portfolio(1) |  | 2016-10-31 |  | $ | 43,900 |  | $ | 37,397 |  | $ | 6,503 |
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 |  |  |  | $ | 57,550 |  | $ | 42,089 |  | $ | 15,461 |
| (1) |  | The properties included in this portfolio disposition are: Spring Creek American Falls, Spring Creek Boise, Spring Creek Eagle, Spring Creek Fruitland, Spring Creek Fruitland Unimproved, Spring Creek Meridian, Spring Creek Overland, Spring Creek Soda Springs and Spring Creek Ustick.
Six Months Ended October 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) |
2,549,222 sq ft Office Sale Portfolio(1) |  | 2015-08-03 |  |  | 250,000 |  |  | 231,537 |  |  | 18,463 |
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 |  |  | 71,913 |  |  | 7,047 |
48,700 sq ft Eden Prairie 6101 Blue Circle Drive – Eden Prairie, MN |  | 2015-10-19 |  |  | 2,900 |  |  | 2,928 |  |  | (28) |
Total Property Dispositions |  |  |  | $ | 378,860 |  | $ | 355,127 |  | $ | 23,733 |
| (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 900Concourse Drive, Spring Valley IV, Spring Valley V, Spring Valley X, Spring Valley XI, Superior Office Building, TCA Building, 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.

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