ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS (Tables)

6 Months Ended

Oct. 31, 2015

ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS [Abstract]

Our acquisitions during the six months ended October 31, 2015 and 2014 are detailed below.

Six Months Ended October 31, 2015

			(in thousands)
			Total Acquisition Cost		Form of Consideration				Investment Allocation
Acquisitions	Date Acquired		Total Acquisition Cost		Cash		Units⁽¹⁾		Land		Building		Intangible Assets

Multifamily
74 unit - Gardens - Grand Forks, ND		2015-09-10	$	9,250	$	8,850	$	400	$	518	$	8,672	$	60
276 unit - GrandeVille at Cascade Lake - Rochester, MN		2015-10-29		56,000		56,000		0		5,003		50,363		634
				65,250		64,850		400		5,521		59,035		694

Healthcare
27,819 sq ft Lakeside Medical Plaza - Omaha, NE		2015-08-20		6,500		6,500		0		903		5,109		488

Total Property Acquisitions			$	71,750	$	71,350	$	400	$	6,424	$	64,144	$	1,182

(1)	Value of Units of the Operating Partnership at the acquisition date.

Six Months Ended October 31, 2014

			(in thousands)
			Total Acquisition Cost		Form of Consideration						Investment Allocation
Acquisitions	Date Acquired		Total Acquisition Cost		Cash		Units⁽¹⁾		Other⁽²⁾		Land		Building		Intangible Assets

Multifamily
152 unit - Homestead Garden - Rapid City, SD⁽³⁾		2014-06-02	$	15,000	$	5,092	$	0	$	9,908	$	655	$	14,139	$	206
52 unit - Silver Springs - Rapid City, SD		2014-06-02		3,280		1,019		0		2,261		215		3,006		59
68 unit - Northridge - Bismarck, ND		2014-09-12		8,500		8,400		100		0		884		7,516		100
				26,780		14,511		100		12,169		1,754		24,661		365
Unimproved Land
Creekside Crossing - Bismarck, ND		2014-05-22		4,269		4,269		0		0		4,269		0		0
PrairieCare Medical - Brooklyn Park, MN		2014-06-05		2,616		2,616		0		0		2,616		0		0
71 France Phase I - Edina, MN⁽⁴⁾		2014-06-12		1,413		0		0		1,413		1,413		0		0
Monticello 7^th Addition - Monticello, MN		2014-10-09		1,660		1,660		0		0		1,660		0		0
				9,958		8,545		0		1,413		9,958		0		0

Total Property Acquisitions			$	36,738	$	23,056	$	100	$	13,582	$	11,712	$	24,661	$	365

(1)	Value of Units of the Operating Partnership at the acquisition date.

(2)	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).

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

(4)	Land was contributed to a joint venture in which we have an approximately 52.6% interest. The joint venture is consolidated in our financial statements.

Results of Operations from Acquired Properties

The revenue and net income of our acquisitions in the six months ended October 31, 2015 and 2014, respectively, (excluding development projects placed in service) are detailed below.

	(in thousands)
Six Months Ended October 31,	2015				2014
Total revenue		$	268			$	1,003
Net income (loss)		$	(219	)		$	(38	)

Development Projects Placed in Service

The Operating Partnership placed $137.0 million and $10.3 million of development projects in service during the six months ended October 31, 2015 and 2014, respectively, as detailed below.

Six Months Ended October 31, 2015

			(in thousands)
Development Projects Placed in Service⁽¹⁾	Date Placed in Service		Land		Building		Development Cost

Multifamily
72 unit – Chateau II - Minot, ND⁽²⁾		2015-06-01	$	240	$	14,401	$	14,641
288 unit – Renaissance Heights - Williston, ND⁽³⁾		2015-07-27		3,080		59,440		62,520
				3,320		73,841		77,161
Healthcare
57,624 sq ft Edina 6565 France SMC III - Edina, MN⁽⁴⁾		2015-06-01		0		32,495		32,495
70,756 sq ft PrairieCare Medical – Brooklyn Park, MN⁽⁵⁾		2015-09-08		2,610		22,099		24,709
				2,610		54,594		57,204

Other
7,963 sq ft Minot Southgate Retail - Minot, ND⁽⁶⁾		2015-10-01		889		1,733		2,622

Total Development Projects Placed in Service			$	6,819	$	130,168	$	136,987

(1)

Development projects that are placed in service in phases are excluded from this table until the entire project has been placed in service. See Note 6 for additional information on the Deer Ridge, 71 France, and Cardinal Point projects, which were partially placed in service during the three months ended October, 2015.

(2)	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 October 31, 2015 of $14.6 million.

(3)

Costs paid in prior fiscal years totaled $57.7 million. Additional costs paid in fiscal year 2016 totaled $4.8 million, for a total project cost at October 31, 2015 of $62.5 million. The project is owned by a joint venture entity in which we have an approximately 70.0% interest. The joint venture is consolidated in our financial statements.

(4)	Costs paid in prior fiscal years totaled $20.8 million. Additional costs paid in fiscal year 2016 totaled $11.7 million, for a total project cost at October 31, 2015 of $32.5 million.

(5)	Costs paid in prior fiscal years totaled $17.3 million. Additional costs paid in fiscal year 2016 totaled $7.4 million, for a total project cost at October 31, 2015 of $24.7 million.

(6)	Costs paid in prior fiscal years totaled $2.1 million. Additional costs paid in fiscal year 2016 totaled approximately $500,000, for a total project cost at October 31, 2015 of $2.6 million.

Six Months Ended October 31, 2014

			(in thousands)
Development Projects Placed in Service	Date Placed in Service		Land		Building		Development Cost

Multifamily
44 unit – Dakota Commons - Williston, ND⁽¹⁾		2014-07-15		823		9,452		10,275

Total Development Projects Placed in Service			$	823	$	9,452	$	10,275

(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 October 31, 2014 of $10.3 million.

Schedule of Dispositions

The following table details our dispositions during the six months ended October 31, 2015 and 2014:

Six Months Ended October 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	)
2,549,222 sq ft Office Sale Portfolio⁽¹⁾		2015-08-03		250,000		231,537		18,463
420,216 sq ft Mendota Office Center Portfolio – Mendota Heights, MN⁽²⁾		2015-08-12		40,000		41,574		(1,574	)
1,027,208 sq ft Retail Sale Portfolio⁽³⁾		2015-09-30		78,960		71,913		7,047
48,700 sq ft Eden Prairie 6101 Blue Circle Drive – Eden Prairie, MN		2015-10-19		2,900		2,928		(28	)

Total Property Dispositions			$	378,860	$	355,127	$	23,733

(1)

The properties included in this portfolio disposition are: 610 Business Center, 7800 West Brown Deer Road, Ameritrade, Barry Pointe Office Park, Benton Business Park, Brenwood, Brook Valley I, Crosstown Centre, Golden Hills Office Center, Granite Corporate Center, Great Plains, Highlands Ranch I, Highlands Ranch II, Interlachen Corporate Center, Intertech Building, Minnesota National Bank, Northpark Corporate Center, Omaha 10802 Farnam Dr, Plaza VII, Plymouth 5095 Nathan Lane, Prairie Oak Business Center, Rapid City 900 Concourse Drive, Spring Valley IV, Spring Valley V, Spring Valley X, Spring Valley XI, Superior Office Building, TCA Building, Three Paramount Plaza, UHC Office, US Bank Financial Center, Wells Fargo Center, West River Business Park and Westgate.

(2)

The properties included in this portfolio disposition are: Mendota Office Center I, Mendota Office Center II, Mendota Office Center III, Mendota Office Center IV and American Corporate Center.

(3)

The properties included in this portfolio disposition are: Champlin South Pond, Chan West Village, Duluth 4615 Grand, Duluth Denfeld Retail, Forest Lake Auto, Forest Lake Westlake Center, Grand Forks Medpark Mall, Jamestown Buffalo Mall, Jamestown Business Center, Monticello C Store & vacant land, Omaha Barnes & Noble, Pine City Evergreen Square, Rochester Maplewood Square and St. Cloud Westgate.

Six Months Ended October 31, 2014

			(in thousands)
Dispositions	Date Disposed		Sales Price			Book Value and Sales Cost		Gain/(Loss)

Multifamily
83 unit - Lancaster - St. Cloud, MN		2014-09-22		4,451			3,033		1,418

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	)
74,568 sq ft Wirth Corporate Center - Golden Valley, MN		2014-08-29		4,525			4,695		(170	)
52,000 sq ft Kalispell Retail - Kalispell, MT		2014-10-15		1,230			1,229		1
				8,855			10,224		(1,369	)
Unimproved Land
Kalispell Unimproved - Kalispell, MT		2014-10-15		670			670		0

Total Property Dispositions			$	17,576		$	19,320	$	(1,744	)