Development, Expansion and Renovation Projects. As of July 31, 2015, the Company had several development, expansion and renovation projects underway or placed in service during the quarter, the costs for which have been capitalized, as follows:

			(in thousands)					(in fiscal years)
Project Name and Location	Planned Segment	Rentable Square Feet or Number of Units	Anticipated Total Cost			Costs as of July 31, 2015		Anticipated Construction Completion
Chateau II - Minot, ND	Multi-Family Residential	72 units	$	14,711		$	14,600	In Service
Edina 6565 France SMC III - Edina, MN⁽¹⁾	Healthcare	57,624 sq ft		36,752			28,816	In Service
Renaissance Heights - Williston, ND⁽²⁾	Multi-Family Residential	288 units		62,362			62,339	In Service
Minot Southgate Retail - Minot, ND	Other	7,963 sq ft		2,923			2,550	2Q 2016
PrairieCare Medical - Brooklyn Park, MN	Healthcare	70,756 sq ft		24,251			23,424	2Q 2016
Cardinal Point - Grand Forks, ND	Multi-Family Residential	251 units		40,042			33,704	3Q 2016
Deer Ridge – Jamestown, ND	Multi-Family Residential	163 units		24,519			20,627	3Q 2016
71 France Phase I, II & III - Edina, MN⁽³⁾	Multi-Family Residential	241 units		73,290			50,455	1Q 2017
Monticello Crossings Phase I – Monticello, MN⁽⁴⁾	Multi-Family Residential	136 units		19,097			1,978	2Q 2017
Other	n/a	n/a		n/	a		2,790	n/a
			$	297,947		$	241,283

(1)	Anticipated total cost includes estimated tenant improvement costs that have not been incurred as of July 31, 2015.

(2)	The Company is currently an approximately 70.0% partner in the joint venture entity constructing this project. The anticipated total cost amount given is the total cost to the joint venture entity.

(3)

The project will be constructed in three phases by a joint venture entity in which the Company has an approximately 52.6% interest. The anticipated total cost amount given in the table above is the total cost to the joint venture entity. The anticipated total cost includes approximately 21,772 square feet of retail space.

(4)	This project will be constructed in two phases with approximately 202 units and an anticipated total cost of $31.5 million.