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ACQUISITIONS AND DISPOSITIONS (Tables)
 3 Months Ended
Jul. 31, 2012
ACQUISITIONS AND DISPOSITIONS [Abstract]  
Acquisitions and development projects placed in service
The Company expensed approximately $73,000 and $0 of transaction costs related to acquisitions in the three months ended July 31, 2012 and 2011, respectively. The Company's acquisitions and development projects placed in service during the three months ended July 31, 2012 and 2011 are detailed below:
Three Months Ended July 31, 2012
 
 
(in thousands)
 
Acquisitions
Date Acquired
 
Land
  
Building
  
Intangible Assets
  
Acquisition Cost
 
 
 
 
  
  
  
 
Multi-Family Residential
 
 
  
  
  
 
308 unit - Villa West - Topeka, KS
5/8/12
 
$
1,590
  
$
15,760
  
$
300
  
$
17,650
 
232 unit - Colony - Lincoln, NE
6/4/12
  
1,515
   
15,731
   
254
   
17,500
 
208 unit - Lakeside Village - Lincoln, NE
6/4/12
  
1,215
   
15,837
   
198
   
17,250
 
 
 
                
Total Property Acquisitions
 
 
$
4,320
  
$
47,328
  
$
752
  
$
52,400
 


 
 
 
(in thousands)
 
Development Projects Placed in Service
Date Placed in Service
 
Land
  
Building
  
Intangible Assets
  
Acquisition Cost
 
 
 
 
  
  
  
 
Multi-Family Residential
 
 
  
  
  
 
159 unit – Quarry Ridge II – Rochester, MN(1)
6/29/12
 
$
0
  
$
3,543
  
$
0
  
$
3,543
 
73 unit - Williston Garden Buildings 3 and 4 - Williston, ND(2)
7/31/12
  
0
   
4,158
   
0
   
4,158
 
 
 
                
Total Development Projects Placed in Service
 
 
$
0
  
$
7,701
  
$
0
  
$
7,701
 
(1)
Development property placed in service June 29, 2012. Additional costs paid in fiscal years 2012 and 2011, and land acquired in fiscal year 2007, totaled $13.0 million, for a total project cost at July 31, 2012 of $16.5 million.
(2)
Development property placed in service July 31, 2012. Buildings 1 and 2 were placed in service in fiscal year 2012. Additional costs paid in fiscal year 2012 totaled $12.0 million, for a total project cost at July 31, 2012 of $16.2 million.

Three Months Ended July 31, 2011
 
 
(in thousands)
 
Development Projects Placed in Service
Date Placed in Service
 
Land
  
Building
  
Intangible Assets
  
Acquisition Cost
 
 
 
 
  
  
  
 
Commercial Retail
 
 
  
  
  
 
19,037 sq. ft. Jamestown Buffalo Mall Theater - Jamestown, ND(1)
6/15/11
 
$
0
  
$
764
  
$
0
  
$
764
 
 
 
                
Total Development Projects Placed in Service
 
 
$
0
  
$
764
  
$
0
  
$
764
 
(1)
Construction project placed in service June 15, 2011. Additional costs incurred in fiscal year 2011 totaled $1.4 million, for a total project cost at July 31, 2011 of $2.2 million.

PROPERTY DISPOSITIONS
During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. The Company had no real estate dispositions in the first quarter of fiscal year 2012. The following table details the Company's dispositions during the three months ended July 31, 2012:
Three Months Ended July 31, 2012
 
 
(in thousands)
 
Dispositions
 
Sales Price
  
Book Value
and Sales Cost
  
Gain/(Loss)
 
 
 
  
  
 
Commercial Retail
 
  
  
 
16,080 sq ft. Kentwood Thomasville – Kentwood, MI
  
625
   
692
   
(67
)
 
            
Other
            
Georgetown Square Condominiums 5 and 6
 
$
330
  
$
336
  
$
(6
)
 
            
Total Property Dispositions
 
$
955
  
$
1,028
  
$
(73
)