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ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE, AND DISPOSITIONS | 9 Months Ended
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Jan. 31, 2018
Business Combinations [Abstract] |
ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE, AND DISPOSITIONS | ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE, AND DISPOSITIONS PROPERTY ACQUISITIONS We added $90.6 million of new real estate property to our portfolio through property acquisitions during the three months ended January 31, 2018, compared to $0 in the three months ended January 31, 2017. Our acquisitions during the nine months ended January 31, 2018 qualified as asset acquisitions under ASU 2017-01, Clarifying the Definition of a Business, and are detailed below. Nine Months Ended January 31, 2018
| Date Acquired |  | (in thousands)
|  | Total Acquisition Cost |  |  | Form of Consideration |  | Investment Allocation
Acquisitions |  |  | Cash |  |  | Land |  |  | Building |  |  | Intangible 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 |
274 unit - Dylan - Denver, CO | November 28, 2017 |  | 90,600 |  |  | 90,600 |  |  | 12,155 |  |  | 77,249 |  |  | 1,196 |
Total Property Acquisitions |  |  | $ | 244,350 |  |  | $ | 244,350 |  |  | $ | 28,573 |  |  | $ | 212,870 |  |  | $ | 2,907 |
(1) | Property includes 11,477 square feet of retail space.
DEVELOPMENT PROJECT PLACED IN SERVICE The Operating Partnership placed $0 and $72.4 million of development projects in service during the nine months ended January 31, 2018 and 2017, respectively, as detailed below. Nine Months Ended January 31, 2017
|  |  | (in thousands)
Development Projects Placed in Service | Date Placed in Service |  | Land |  | Building |  | Development Cost
Multifamily |  |  |  |  |  |  |
241 unit - 71 France - Edina, MN(1) | May 1, 2016 |  | $ | 4,721 |  |  | $ | 67,642 |  |  | $ | 72,363 |
Total Development Projects Placed in Service |  |  | $ | 4,721 |  |  | $ | 67,642 |  |  | $ | 72,363 |
(1) | Costs paid in fiscal years 2015 and 2016 totaled $70.9 million. Additional costs incurred in fiscal year 2017 totaled $1.5 million, for a total project cost at January 31, 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.
PROPERTY DISPOSITIONS During the three months ended January 31, 2018, we sold two multifamily properties and 27 healthcare and two other commercial properties for a total sale price of $442.8 million. During the three months ended January 31, 2017, we sold six commercial properties for a total sale price of $73.9 million. The following table details our dispositions for the nine months ended January 31, 2018 and 2017: Nine Months Ended January 31, 2018
|  |  | (in thousands) |
Dispositions | Date Disposed |  | Sale Price |  | Book Value and Sale Cost |  | Gain/(Loss) |
Multifamily |  |  |  |  |  |  |  |
327 unit - 13 Multifamily properties - Minot, ND(1) | August 22, 2017 |  | $ | 12,263 |  |  | $ | 11,562 |  |  | $ | 701 |  | (2)
48 unit - Crown - Rochester, MN | December 1, 2017 |  | 5,700 |  |  | 3,318 |  |  | $ | 2,382 |  |
16 unit - 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 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 |  |  | 24,631 |  |  | 12,253 |  |
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 |  | 370,267 |  |  | 232,768 |  |  | 137,499 |  |
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 |  |
|  |  | $ | 487,541 |  |  | $ | 308,813 |  |  | $ | 178,728 |  |
Unimproved Land |  |  |  |  |  |  |  |
Bismarck 4916 Unimproved Land - Bismarck, ND | August 8, 2017 |  | $ | 3,175 |  |  | $ | 3,188 |  |  | $ | (13 | ) |
Total Property Dispositions |  |  | $ | 509,629 |  |  | $ | 327,571 |  |  | $ | 182,058 |  |
(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) | $626,000 of the gain on sale was deferred. See Note 2 for additional information on the related mortgage note receivable.
(3) | These properties include: 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 6525 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 $2.6 million that was deposited into escrow pending the resolution of certain post-closing items. As of January 31, 2018, these items had not yet been resolved.
Nine Months Ended January 31, 2017
|  |  | (in thousands)
Dispositions | Date Disposed |  | Sale Price |  | Book Value and Sale Cost |  | Gain/(Loss)
Other |  |  |  |  |  |  |
195,075 sq ft Stone Container - Fargo, ND | July 25, 2016 |  | $ | 13,400 |  |  | $ | 4,418 |  |  | $ | 8,982 |
189,244 sq ft 8 Idaho Spring Creek Senior Housing Properties(1) | October 31, 2016 |  | 43,900 |  |  | 37,397 |  |  | 6,503 |
28,528 sq ft Grand Forks Carmike - Grand Forks, ND | December 29, 2016 |  | 4,000 |  |  | 1,563 |  |  | 2,437 |
426,652 sq ft 5 Edgewood Vista Senior Housing Properties(2) | January 18, 2017 |  | 69,928 |  |  | 50,393 |  |  | 19,535 |
|  |  | $ | 131,228 |  |  | $ | 93,771 |  |  | $ | 37,457 |
Unimproved Land |  |  |  |  |  |  |
Georgetown Square Unimproved - Grand Chute, WI | May 6, 2016 |  | $ | 250 |  |  | $ | 274 |  |  | $ | (24 | )
Total Property Dispositions |  |  | $ | 131,478 |  |  | $ | 94,045 |  |  | $ | 37,433 |
(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.
(2) | These properties include: Edgewood Vista Bismarck, Edgewood Vista Brainerd, Edgewood Vista East Grand Forks, Edgewood Vista Fargo and Edgewood Vista Spearfish.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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