ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS (Tables)

3 Months Ended

Jul. 31, 2015

ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS [Abstract]

Acquisitions

The Company’s acquisitions during the three months ended January 31, 2014 are detailed below.

Three Months Ended July 31, 2014

			(in thousands)
			Total		Form of Consideration				Investment Allocation
Acquisitions	Date Acquired		Acquisition Cost		Cash		Other(1)		Land		Building		Intangible Assets
Multi-Family Residential
152 unit - Homestead Garden - Rapid City, SD(2)		2014-06-02	$	15,000	$	5,092	$	9,908	$	655	$	14,139	$	206
52 unit - Silver Springs - Rapid City, SD		2014-06-02		3,280		1,019		2,261		215		3,006		59
				18,280		6,111		12,169		870		17,145		265
Unimproved Land
Creekside Crossing - Bismarck, ND		2014-05-22		4,269		4,269		0		4,269		0		0
PrairieCare Medical - Brooklyn Park, MN		2014-06-05		2,616		2,616		0		2,616		0		0
71 France Phase I - Edina, MN(3)		2014-06-12		1,413		0		1,413		1,413		0		0
				8,298		6,885		1,413		8,298		0		0
Total Property Acquisitions			$	26,578	$	12,996	$	13,582	$	9,168	$	17,145	$	265

(1) Consists of assumed debt (Homestead Garden I: $9.9 million, Silver Springs: $2.3 million) and value of land contributed by the joint venture partner (71 France: $1.4 million).

(2) At acquisition, the Company adjusted the assumed debt to fair value and recognized approximately $852,000 of goodwill.

(3) Land was contributed to a joint venture in which the Company has an approximately 52.6% interest. The joint venture is consolidated in IRET’s financial statements.

Results of Operations from Acquired Properties

The revenue and net income of our acquisitions in the three months ended July 31, 2014, respectively, (excluding development projects placed in service) are detailed below.

	(in thousands)
Three Months Ended July 31,	2014
Total revenue	$	362
Net income		20

Development Projects Placed in Service

The Operating Partnership placed $105.8 million and $10.3 million of development projects in service during the three months ended July 31, 2015 and 2014, respectively, as detailed below.

Three Months Ended July 31, 2015

			(in thousands)
Development Projects Placed in Service	Date Placed in Service		Land		Building		Development Cost
Multi-Family Residential
72 unit – Chateau II - Minot, ND(1)		2015-06-01	$	240	$	14,360	$	14,600
288 unit – Renaissance Heights - Williston, ND(2)		2015-07-27		3,080		59,259		62,339
				3,320		73,619		76,939
Healthcare
57,624 sq ft Edina 6565 France SMC III - Edina, MN(3)		2015-06-01		0		28,816		28,816
Total Development Projects Placed in Service			$	3,320	$	102,435	$	105,755

(1) Costs paid in prior fiscal years totaled $12.3 million. Additional costs paid in fiscal year 2016 totaled $2.3 million, for a total project cost at July 31, 2015 of $14.6 million.

(2) Costs paid in prior fiscal years totaled $57.7 million. Additional costs paid in fiscal year 2016 totaled $4.6 million, for a total project cost at July 31, 2015 of $62.3 million. The project is owned by a joint venture entity in which the Company has an approximately 70.0% interest. The joint venture is consolidated in IRET’s financial statements.

(3) Costs paid in prior fiscal years totaled $20.8 million. Additional costs paid in fiscal year 2016 totaled $8.0 million, for a total project cost at July 31, 2015 of $28.8 million.

Three Months Ended July 31, 2014

			(in thousands)
Development Projects Placed in Service	Date Placed in Service		Land		Building		Development Cost
Multi-Family Residential
44 unit - Dakota Commons - Williston, ND(1)		2014-07-15	$	823	$	9,442	$	10,265
Total Development Projects Placed in Service			$	823	$	9,442	$	10,265

(1) Costs paid in prior fiscal years totaled $8.1 million. Additional costs paid in fiscal year 2015 totaled $2.2 million for a total project cost at July 31, 2014 of $10.3 million.

Schedule of Dispositions

The following table details the Company’s dispositions during the three months ended July 31, 2015 and 2014:

Three Months Ended July 31, 2015

			(in thousands)
Dispositions	Date Disposed		Sales Price		Book Value and Sales Cost		Gain/(Loss)
Other
117,144 sq ft Thresher Square - Minneapolis, MN		2015-05-18	$	7,000	$	7,175	$	(175	)
Total Property Dispositions			$	7,000	$	7,175	$	(175	)

Three Months Ended July 31, 2014

			(in thousands)
Dispositions	Date Disposed		Sales Price		Book Value and Sales Cost		Gain/(Loss)
Industrial
198,600 sq ft Eagan 2785 & 2795 – Eagan, MN		2014-07-15	$	3,600	$	5,393	$	(1,793	)
Other
73,338 sq ft Dewey Hill - Edina, MN		2014-05-19		3,100		3,124		(24	)
25,644 sq ft Weston Retail – Weston, WI		2014-07-28		n/a		1,176		(1,176	)
				3,100		4,300		(1,200	)
Total Property Dispositions			$	6,700	$	9,693	$	(2,993	)