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ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS | 12 Months Ended
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Apr. 30, 2018
Business Combinations [Abstract] |
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS | ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS ACQUISITIONS We added $373.1 million of new apartment communities to our portfolio through acquisitions during the fiscal year ended April 30, 2018, compared to $0 in the fiscal year ended April 30, 2017. Our acquisitions during fiscal year 2018 qualified as asset acquisitions under ASU 2017-01, Clarifying the Definition of a Business, and are detailed below. Fiscal 2018 (May 1, 2017 to April 30, 2018)
|  |  | (in thousands)
|  |  | Total |  | Form of Consideration | Investment Allocation
|  | Date | Acquisition |  |  |  |  |  |  |  | Intangible |
Acquisitions |  | Acquired | Cost |  | Cash |  | Land |  | Building |  | Assets |
Multifamily |  |  |  |  |  |  |
191 homes - Oxbo - St. Paul, MN (1) |  | May 26, 2017 | $ | 61,500 |  | $ | 61,500 |  | $ | 5,809 |  | $ | 54,910 |  | $ | 781 |
500 homes - Park Place - Plymouth, MN |  | September 13, 2017 | 92,250 |  | 92,250 |  | 10,609 |  | 80,711 |  | 930 |
274 homes - Dylan - Denver, CO |  | November 28, 2017 | 90,600 |  | 90,600 |  | 12,155 |  | 77,249 |  | 1,196 |
390 homes - Westend - Denver, CO |  | March 28, 2018 | 128,700 |  | 128,700 |  | 25,525 |  | 102,101 |  | 1,074 |
Total Acquisitions |  |  | $ | 373,050 |  | $ | 373,050 |  | $ | 54,098 |  | $ | 314,971 |  | $ | 3,981 |
(1) | Property includes 11,477 square feet of retail space.
DEVELOPMENT PROJECTS PLACED IN SERVICE We placed $0 of development projects in service during fiscal year 2018, compared to$102.9 million in fiscal year 2017. The fiscal year 2017 development projects placed in service are detailed below. Fiscal 2017 (May 1, 2016 to April 30, 2017)
|  |  | (in thousands)
|  | Date Placed |  |  |  |  | Development |
Development Projects Placed in Service |  | in Service | Land |  | Building |  | Cost |
Multifamily |  |  |  |  |  |  |  |
241 homes - 71 France - Edina, MN(1) |  | May 1, 2016 | $ | 4,721 |  | $ | 67,641 |  | $ | 72,362 |
202 homes - Monticello Crossings - Monticello, MN(2) |  | March 1, 2017 | $ | 1,734 |  | $ | 28,782 |  | $ | 30,516 |
Total Development Projects Placed in Service |  |  | $ | 6,455 |  | $ | 96,423 |  | $ | 102,878 |
(1) | Costs paid in prior fiscal years totaled $70.9 million. Additional costs incurred in fiscal year 2017 totaled $1.5 million, for a total project cost at April 30, 2017 of $72.4 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.
(2) | Costs paid in prior fiscal years totaled $15.5 million. Additional costs incurred in fiscal year 2017 totaled $15.0 million, for a total project cost at April 30, 2017 of $30.5 million.
DISPOSITIONS During the fiscal year ended April 30, 2018, we sold 15 apartment communities, 2 senior housing properties, 28 medical office properties, 5 commercial properties and 2 parcels of unimproved land for a total sales price of $515.1 million. Dispositions totaled $286.9 million in fiscal year 2017. The fiscal year 2018 and 2017 dispositions are detailed below. Fiscal 2018 (May 1, 2017 to April 30, 2018)
|  |  | (in thousands)
|  | Date |  |  | Book Value |  |  |
Dispositions |  | Disposed | Sales Price |  | and Sales Cost |  | Gain/(Loss) |
Multifamily |  |  |  |  |
327 homes - 13 apartment communities - Minot, ND (1)(2) |  | August 22, 2017 | $ | 12,263 |  | $ | 11,562 |  | $ | 701 |
48 homes - Crown - Rochester, MN |  | December 1, 2017 | 5,700 |  | 3,318 |  | 2,382 |
16 homes - Northern Valley - Rochester, MN |  | December 1, 2017 | 950 |  | 690 |  | 260 |
|  |  | 18,913 |  | 15,570 |  | 3,343 |
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 |
17,640 sq ft 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 |  | 24,697 |  | 12,187 |
518,161 sq ft Urbandale - Urbandale, IA |  | November 22, 2017 | 16,700 |  | 12,857 |  | 3,843 |
36,053 sq ft 3075 Long Lake Road - Roseville, MN |  | November 28, 2017 | 18,650 |  | 12,766 |  | 5,884 |
1,205,432 sq ft 25 Healthcare properties (3)(4) |  | December 29, 2017 | 370,268 |  | 232,778 |  | 137,490 |
43,404 sq ft Garden View - St. Paul, MN |  | January 19, 2018 | 14,000 |  | 6,191 |  | 7,809 |
52,116 sq ft Ritchie Medical - St. Paul, MN |  | January 19, 2018 | 16,500 |  | 10,419 |  | 6,081 |
22,187 sq ft Bismarck 715 East Broadway and Unimproved Land - Bismarck, ND |  | March 7, 2018 | 5,500 |  | 3,215 |  | 2,285 |
|  |  | 493,042 |  | 312,104 |  | 180,938 |
Unimproved Land |  |  |  |  |  |  |  |
Bismarck 4916 Unimproved Land - Bismarck, ND |  | August 8, 2017 | 3,175 |  | 3,188 |  | (13 | )
Total Dispositions |  |  | $ | 515,130 |  | $ | 330,862 |  | $ | 184,268 |
(1) | These communities 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) | $626,000 of the gain on sale was deferred. See Note 2 for additional information on the related mortgage note receivable.
(3) | The properties included: 2800 Medical, 2828 Chicago Avenue, Airport Medical, Billings 2300 Grand Road, Burnsville 303 Nicollet Medical, Burnsville 305 Nicollet Medical, Duluth Denfeld Clinic, Edina 6363 France Medical, Edina 6405 France Medical, Edina 6517 Drew Avenue, Edina 6225 France SMC II, Edina 6545 France SMC I, Gateway Clinic, High Pointe Health Campus, Lakeside Medical Plaza, Mariner Clinic, Minneapolis 701 25th Avenue Medical, Missoula 3050 Great Northern, Park Dental, Pavilion I, Pavilion II, PrairieCare Medical, St. Michael Clinic, Trinity at Plaza 16 and Wells Clinic.
(4) | Sale price includes $2.5 million that was deposited into escrow pending the resolution of certain post-closing items. As of April 30, 2018 these items had not yet been resolved.
Fiscal 2017 (May 1, 2016 to April 30, 2017)
|  |  | (in thousands)
|  | Date |  |  | Book Value |  |  |
Dispositions |  | Disposed | Sales Price |  | and Sales Cost |  | Gain/(Loss) |
Multifamily |  |  |  |  |  |  |  |
24 homes Pinecone Villas - Sartell, MN |  | April 20, 2017 | $ | 3,540 |  | $ | 2,732 |  | $ | 808 |
Healthcare |  |  |  |  |  |  |  |
189,244 sq ft 9 Idaho Spring Creek Senior Housing Properties(1) |  | October 31, 2016 | 43,900 |  | 37,397 |  | 6,503 |
426,652 sq ft 5 Edgewood Vista Senior Housing Properties(2) |  | January 18, 2017 | 69,928 |  | 50,393 |  | 19,535 |
286,854 sq ft 5 Wyoming Senior Housing Properties(3) |  | February 1, 2017 | 49,600 |  | 45,469 |  | 4,131 |
169,001 sq ft 9 Edgewood Vista Senior Housing Properties(4) |  | February 15, 2017 | 30,700 |  | 24,081 |  | 6,619 |
169,562 sq ft 4 Edgewood Vista Senior Housing Properties(5) |  | March 1, 2017 | 35,348 |  | 14,511 |  | 20,837 |
114,316 sq ft Healtheast St. John & Woodwinds - Maplewood & Woodbury MN |  | March 6, 2017 | 20,700 |  | 13,777 |  | 6,923 |
59,760 sq ft Sartell 2000 23rd Street South - Sartell, MN |  | March 31, 2017 | 5,600 |  | 5,923 |  | (323 | )
98,174 sq ft Legends at Heritage Place - Sartell, MN |  | April 20, 2017 | 9,960 |  | 11,439 |  | (1,479 | )
|  |  | 265,736 |  | 202,990 |  | 62,746 |
Other |  |  |  |  |  |  |  |
195,075 sq ft Stone Container - Fargo, ND |  | July 25, 2016 | 13,400 |  | 4,418 |  | 8,982 |
28,528 sq ft Grand Forks Carmike - Grand Forks, ND |  | December 29, 2016 | 4,000 |  | 1,563 |  | 2,437 |
|  |  | 17,400 |  | 5,981 |  | 11,419 |
Unimproved Land |  |  |  |  |  |  |  |
Georgetown Square Unimproved Land - Grand Chute, WI |  | May 6, 2016 | 250 |  | 274 |  | (24 | )
Total Property Dispositions |  |  | $ | 286,926 |  | $ | 211,977 |  | $ | 74,949 |
(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.
(2) | The properties included in this portfolio disposition are: Edgewood Vista Bismarck, Edgewood Vista Brainerd, Edgewood Vista East Grand Forks, Edgewood Vista Fargo, and Edgewood Vista Spearfish.
(3) | The properties included in this portfolio disposition are: Casper 1930 E 12th Street (Park Place), Casper 3955 E 12th Street (Meadow Wind), Cheyenne 4010 N College Drive (Aspen Wind), Cheyenne 4606 N College Drive (Sierra Hills) and Laramie 1072 N 22nd Street (Spring Wind).
(4) | The properties included in this portfolio disposition are: Edgewood Vista Belgrade, Edgewood Vista Billings, Edgewood Vista Columbus, Edgewood Vista Fremont, Edgewood Vista Grand Island, Edgewood Vista Minot, Edgewood Vista Missoula, Edgewood Vista Norfolk and Edgewood Vista Sioux Falls.
(5) | The properties included in this portfolio are: Edgewood Vista Hastings, Edgewood Vista Kalispell, Edgewood Vista Omaha and Edgewood Vista Virginia.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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