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ACQUISITIONS AND DISPOSITIONS | 6 Months Ended
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Jun. 30, 2020
Business Combinations [Abstract] |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS ACQUISITIONS We acquired no new real estate during the three months ended June 30, 2020, compared to $2.1 million acquisitions in the three months ended June 30, 2019. Our acquisitions during the six months ended June 30, 2020 and 2019 are detailed below. Six Months Ended June 30, 2020
| Date Acquired |  | (in thousands)
|  | Total Acquisition Cost |  |  | Form of Consideration |  | Investment Allocation
Acquisitions |  |  | Cash |  |  | Other(1) |  |  | Land |  |  | Building |  |  | Intangible Assets |  |  | Other(2) |
182 homes - Ironwood Apartments - New Hope, MN | March 5, 2020 |  | $ | 46,263 |  |  | $ | 28,600 |  |  | $ | 17,663 |  |  | $ | 2,165 |  |  | $ | 36,869 |  |  | $ | 824 |  |  | $ | 6,405 |
Total Acquisitions |  |  | $ | 46,263 |  |  | $ | 28,600 |  |  | $ | 17,663 |  |  | $ | 2,165 |  |  | $ | 36,869 |  |  | $ | 824 |  |  | $ | 6,405 |
(1) | Payoff of note receivable and accrued interest by seller at closing.
(2) | Consists of TIF note acquired. Refer to Note 2 for further discussion.
Six Months Ended June 30, 2019
| Date Acquired |  | (in thousands)
|  | Total Acquisition Cost |  |  | Form of Consideration |  | Investment Allocation
Acquisitions |  |  | Cash |  |  | Units(1) |  |  | Land |  |  | Building |  |  | Intangible Assets |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |
272 homes - SouthFork Townhomes - Lakeville, MN | February 26, 2019 |  | $ | 44,000 |  |  | $ | 27,440 |  |  | $ | 16,560 |  |  | $ | 3,502 |  |  | $ | 39,950 |  |  | $ | 548 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |
Minot 3100 10th St SW - Minot, ND(2) | May 23, 2019 |  | $ | 2,112 |  |  | $ | 2,112 |  |  | — |  |  | $ | 246 |  |  | $ | 1,866 |  |  | — |
Total Acquisitions |  |  | $ | 46,112 |  |  | $ | 29,552 |  |  | $ | 16,560 |  |  | $ | 3,748 |  |  | $ | 41,816 |  |  | $ | 548 |
(1) | Value of Series D preferred units at the acquisition date.
DISPOSITIONS During the three months ended June 30, 2020, we disposed of one parcel of unimproved land for a total sale price of $1.3 million. During the three months ended June 30, 2019, we sold one parcel of unimproved land and one commercial property for a total sale price of $7.3 million. The following tables detail our dispositions for the six months ended June 30, 2020 and 2019. Six Months Ended June 30, 2020
|  |  | (in thousands)
Dispositions | Date Disposed |  | Sale Price |  |  | Book Value and Sales Cost |  |  | Gain/(Loss) |
Unimproved Land |  |  |  |  |  |  |
Rapid City Land - Rapid City, SD | June 29, 2020 |  | $ | 1,300 |  |  | $ | 1,490 |  |  | $ | (190 | )
Total Dispositions |  |  | $ | 1,300 |  |  | $ | 1,490 |  |  | $ | (190 | )
Six Months Ended June 30, 2019
|  |  | (in thousands)
Dispositions | Date Disposed |  | Sale Price |  |  | Book Value and Sale Cost |  |  | Gain/(Loss) |
Other |  |  |  |  |  |  |
Minot 1400 31st Ave SW - Minot, ND | May 23, 2019 |  | $ | 6,530 |  |  | $ | 6,048 |  |  | $ | 482 |
Unimproved Land |  |  |  |  |  |  |
Creekside Crossing - Bismarck, ND | March 1, 2019 |  | $ | 3,049 |  |  | $ | 3,205 |  |  | $ | (156 | )
Minot 1525 24th Ave SW - Minot, ND | April 3, 2019 |  | 725 |  |  | 593 |  |  | 132 |
|  |  | $ | 3,774 |  |  | $ | 3,798 |  |  | $ | (24 | )
Total Dispositions |  |  | $ | 10,304 |  |  | $ | 9,846 |  |  | $ | 458 |

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: 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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