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ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS | 6 Months Ended
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Oct. 31, 2017
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 $153.8 million of new real estate property to our portfolio through property acquisitions during the six months ended October 31, 2017, compared to $0 in the six months ended October 31, 2016. Our acquisitions during the six months ended October 31, 2017 are detailed below. Six Months Ended October 31, 2017
|  |  |  | (in thousands) |
|  |  |  | Total |  | Form of Consideration |  | Investment Allocation |
|  | Date |  | Acquisition |  |  |  |  |  |  |  |  |  |  |  |  | Intangible |
Acquisitions |  | Acquired |  | Cost |  |  | Cash |  |  | Land |  | Building |  | Assets |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
191 unit - Oxbo - St. Paul, MN(1) |  | May 26, 2017 |  | $ | 61,500 |  |  | $ | 61,500 |  |  | $ | 5,809 |  | $ | 54,910 |  | $ | 781 |
500 unit - Park Place - Plymouth, MN |  | September 13, 2017 |  |  | 92,250 |  |  |  | 92,250 |  |  |  | 10,609 |  |  | 80,711 |  |  | 930 |
Total Property Acquisitions |  |  |  | $ | 153,750 |  |  | $ | 153,750 |  |  | $ | 16,418 |  | $ | 135,621 |  | $ | 1,711 |
| (1) |  | Property includes 11,477 sq ft of retail space.
DEVELOPMENT PROJECTS PLACED IN SERVICE The Operating Partnership placed $0 and $72.3 million of development projects in service during the six months ended October 31, 2017 and 2016, respectively, as detailed below. Six Months Ended October 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) |  | May 1, 2016 |  | $ | 4,721 |  | $ | 67,555 |  | $ | 72,276 |
Total Development Projects Placed in Service |  |  |  | $ | 4,721 |  | $ | 67,555 |  | $ | 72,276 |
| (1) |  | Costs paid in fiscal years 2015 and 2016 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.
PROPERTY DISPOSITIONS During the three months ended October 31, 2017, we sold 13 multifamily properties, three healthcare properties, one industrial property, and one parcel of unimproved land, for a total sales price of $63.4 million. During the three months ended October 31, 2016, we sold eight healthcare properties along with the adjacent unimproved land, for a total sales price of $43.9 million. The following table details our dispositions for the six months ended October 31, 2017 and 2016: Six Months Ended October 31, 2017
|  |  |  | (in thousands) |
|  | Date |  |  |  |  | Book Value |  |  |  |
Dispositions |  | Disposed |  | Sales Price |  | and Sales Cost |  | Gain/(Loss) |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |
327 unit - 13 Multifamily properties - Minot, ND(1) |  | August 22, 2017 |  | $ | 12,263 |  | $ | 11,562 |  | $ | 701 | (2)
Healthcare |  |  |  |  |  |  |  |  |  |  |  |
17,640 sq ft 1440 Duckwood Medical - Eagan, MN |  | August 24, 2017 |  |  | 2,100 |  |  | 1,886 |  |  | 214 |
279,834 sq ft Edgewood Vista Hermantown I & II - Hermantown, MN |  | October 19, 2017 |  |  | 36,884 |  |  | 24,646 |  |  | 12,238 |
|  |  |  |  | 38,984 |  |  | 26,532 |  |  | 12,452 |
Other |  |  |  |  |  |  |  |  |  |  |  |
4,998 sq ft Minot Southgate Wells Fargo Bank - Minot, ND |  | May 15, 2017 |  |  | 3,440 |  |  | 3,332 |  |  | 108 |
90,260 sq ft Lexington Commerce Center - Eagan, MN |  | August 22, 2017 |  |  | 9,000 |  |  | 3,963 |  |  | 5,037 |
|  |  |  |  | 12,440 |  |  | 7,295 |  |  | 5,145 |
Unimproved Land |  |  |  |  |  |  |  |  |  |  |  |
Bismarck 4916 Unimproved Land - Bismarck, ND |  | August 8, 2017 |  |  | 3,175 |  |  | 3,188 |  |  | (13) |
Total Property Dispositions |  |  |  | $ | 66,862 |  | $ | 48,577 |  | $ | 18,285 |
| (1) |  | These properties include: 4th Street 4 Plex, 11th Street 3 Plex, Apartments on Main, Brooklyn Heights, Colton Heights, Fairmont, First Avenue (Apartments and Office), Pines, Southview, Summit Park, Temple (includes 17 South Main Retail), Terrace Heights and Westridge.
| (2) |  | Approximately $626,000 of the gain on sale was deferred. See Note 2 for additional information on the related mortgage note receivable.
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 8 Idaho Spring Creek Senior Housing Properties(1) |  | October 31, 2016 |  | $ | 43,900 |  | $ | 37,397 |  | $ | 6,503 |
Other |  |  |  |  |  |  |  |  |  |  |  |
195,075 sq ft Stone Container - Fargo, ND |  | July 25, 2016 |  |  | 13,400 |  |  | 4,418 |  |  | 8,982 |
Unimproved Land |  |  |  |  |  |  |  |  |  |  |  |
Georgetown Square Unimproved Land - Grand Chute, WI |  | May 6, 2016 |  |  | 250 |  |  | 274 |  |  | (24) |
Total Property Dispositions |  |  |  | $ | 57,550 |  | $ | 42,089 |  | $ | 15,461 |
| (1) |  | These properties include: 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.

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