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ACQUISITIONS AND DISPOSITIONS (Tables)
 3 Months Ended
Jul. 31, 2013
ACQUISITIONS AND DISPOSITIONS [Abstract]  
Acquisitions and development projects placed in service
The Company expensed approximately $101,000 and $73,000 of transaction costs related to acquisitions in the three months ended July 31, 2013 and 2012, respectively. The Company's acquisitions and development projects placed in service during the three months ended July 31, 2013 and 2012 are detailed below:
Three Months Ended July 31, 2013
Acquisitions
 
(in thousands)
Date Acquired
Land
Building
Intangible
Assets
Acquisition
Cost
 
 
 
 
 
 
 
 
 
 
Multi-Family Residential
 
 
 
 
 
 
 
 
 
71 unit - Alps Park - Rapid City, SD
2013-05-01
$
287
$
5,551
$
362
$
6,200
 
 
 
 
 
 
 
 
 
 
Unimproved Land
 
 
 
 
 
 
 
 
 
Chateau II - Minot, ND
2013-05-21
 
179
 
0
 
0
 
179
 
 
 
 
 
 
 
 
 
 
Total Property Acquisitions
 
$
466
$
5,551
$
362
$
6,379

Three Months Ended July 31, 2012

Acquisitions
 
(in thousands)
Date Acquired
Land
Building
Intangible
Assets
Acquisition
Cost
 
 
 
 
 
 
 
 
 
 
Multi-Family Residential
 
 
 
 
 
 
 
 
 
308 unit - Villa West - Topeka, KS
2012-05-08
$
1,590
$
15,760
$
300
$
17,650
232 unit - Colony - Lincoln, NE
2012-06-04
 
1,515
 
15,731
 
254
 
17,500
208 unit - Lakeside Village - Lincoln, NE
2012-06-04
 
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)
2012-06-29
$
0
$ 
3,543
$ 
0
$ 
3,543
73 unit - Williston Garden Buildings 3 and 4 - Williston, ND(2)
2012-07-31
 
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.
Acquisitions in the three months ended July 31, 2013 and 2012 are immaterial to our real estate portfolio both individually and in the aggregate, and consequently no proforma information is presented. The results of operations from acquired properties are included in the Condensed Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our acquisitions in the three months ended July 31, 2013 and 2012, respectively, (excluding development projects placed in service) are detailed below.
 
(in thousands)
 
Three Months Ended
July 31
 
2013
2012
Total revenue
$
186
$
1,232
Net (loss) income
$
(108)
$
(72)
PROPERTY DISPOSITIONS
During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. The following table details the Company's dispositions during the three months ended July 31, 2013 and 2012:
Three Months Ended July 31, 2013
 
 
(in thousands)
Dispositions
Date
Disposed
Sales Price
Book Value
and Sales Cost
Gain/(Loss)
 
 
 
 
 
 
 
 
Commercial Industrial
 
 
 
 
 
 
 
41,880 sq ft Bodycote - Eden Prairie, MN
2013-05-13
$
3,150
$
1,375
$
1,775
42,244 sq ft Fargo 1320 45th St. N - Fargo, ND
2013-05-13
 
4,700
 
4,100
 
600
49,620 sq ft Metal Improvement - New Brighton, MN
2013-05-13
 
2,350
 
1,949
 
401
172,057 sq ft Roseville 2929 Long Lake Road - Roseville, MN
2013-05-13
 
9,275
 
9,998
 
(723)
 
 
 
19,475
 
17,422
 
2,053
 
 
 
 
 
 
 
 
Commercial Retail
 
 
 
 
 
 
 
23,187 sq ft Eagan - Eagan, MN
2013-05-14
 
2,310
 
2,420
 
(110)
 
 
 
 
 
 
 
 
Total Property Dispositions
 
$
21,785
$
19,842
$
1,943


Three Months Ended July 31, 2012
 
 
(in thousands)
Dispositions
Date
Disposed
Sales Price
Book Value
and Sales Cost
Gain/(Loss)
 
 
 
 
 
 
 
 
Commercial Retail
 
 
 
 
 
 
 
16,080 sq ft. Kentwood Thomasville – Kentwood, MI
2012-06-20
 
625
 
692
 
(67)
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
Georgetown Square Condominiums 5 and 6
2012-06-21
$
330
$
336
$
(6)
 
 
 
 
 
 
 
 
Total Property Dispositions
 
$
955
$
1,028
$
(73)
Results of operations from acquired properties
Acquisitions in the three months ended July 31, 2013 and 2012 are immaterial to our real estate portfolio both individually and in the aggregate, and consequently no proforma information is presented. The results of operations from acquired properties are included in the Condensed Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our acquisitions in the three months ended July 31, 2013 and 2012, respectively, (excluding development projects placed in service) are detailed below.
 
(in thousands)
 
Three Months Ended
July 31
 
2013
2012
Total revenue
$
186
$
1,232
Net (loss) income
$
(108)
$
(72)