Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)


									Gross amount at which carried at									Life on which
			Initial Cost to Company						close of period									depreciation in
							Costs capitalized										Date of	latest income
					Buildings &		subsequent to				Buildings &				Accumulated		Construction	statement is
Description	Encumbrances(1)		Land		Improvements		acquisition		Land		Improvements		Total		Depreciation		or Acquisition	computed
Multifamily
71 France - Edina, MN	$	—	$	3,220	$	38,092	$	27	$	3,220	$	38,119	$	41,339	$	(611)	2015	40	years
11th Street 3 Plex - Minot, ND		81		11		53		20		20		64		84		(15)	2008	40	years
4th Street 4 Plex - Minot, ND		94		15		74		37		26		100		126		(23)	2008	40	years
Alps Park - Rapid City, SD		3,833		287		5,551		243		308		5,773		6,081		(466)	2013	40	years
Apartments on Main - Minot, ND		618		158		1,123		59		195		1,145		1,340		(275)	1987	24 - 40	years
Arbors - S Sioux City, NE		3,753		350		6,625		2,119		985		8,109		9,094		(2,432)	2006	40	years
Arcata - Golden Valley, MN		23,321		2,088		30,613		58		2,089		30,670		32,759		(1,438)	2015	40	years
Ashland - Grand Forks, ND		5,414		741		7,569		202		783		7,729		8,512		(902)	2012	40	years
Avalon Cove - Rochester, MN		25,900		1,616		34,074		9		1,616		34,083		35,699		(109)	2016	40	years
Boulder Court - Eagan, MN		2,468		1,067		5,498		3,008		1,391		8,182		9,573		(2,713)	2003	40	years
Brookfield Village - Topeka, KS		5,124		509		6,698		1,618		773		8,052		8,825		(2,531)	2003	40	years
Brooklyn Heights - Minot, ND		636		145		1,450		979		235		2,339		2,574		(1,012)	1997	12 - 40	years
Canyon Lake - Rapid City, SD		2,791		305		3,958		1,748		397		5,614		6,011		(1,943)	2001	40	years
Cardinal Point - Grand Forks, ND		—		1,600		47,334		838		1,600		48,172		49,772		(587)	2013	40	years
Cascade Shores - Rochester, MN		11,400		1,585		16,710		—		1,585		16,710		18,295		(149)	2016	40	years
Castlerock - Billings, MT		6,465		736		4,864		2,281		1,011		6,870		7,881		(2,963)	1998	40	years
Chateau I & II - Minot, ND(2)		—		301		20,065		760		317		20,809		21,126		(1,364)	2013	40	years
Cimarron Hills - Omaha, NE		4,648		706		9,588		4,466		1,376		13,384		14,760		(5,139)	2001	40	years
Colonial Villa - Burnsville, MN		4,937		2,401		11,515		8,191		2,878		19,229		22,107		(5,958)	2003	40	years
Colony - Lincoln, NE		13,032		1,515		15,730		941		1,609		16,577		18,186		(1,826)	2012	40	years
Colton Heights - Minot, ND		358		80		672		441		123		1,070		1,193		(808)	1984	40	years
Commons at Southgate - Minot, ND		21,760		3,691		32,572		360		3,796		32,827		36,623		(1,914)	2015	40	years
Cottage West Twin Homes - Sioux Falls, SD		3,523		968		3,762		495		1,041		4,184		5,225		(496)	2011	40	years
Cottonwood - Bismarck, ND		15,358		1,056		17,372		3,851		1,460		20,819		22,279		(7,469)	1997	40	years
Country Meadows - Billings, MT		6,436		491		7,809		1,653		543		9,410		9,953		(4,086)	1995	33 - 40	years
Crestview - Bismarck, ND		3,757		235		4,290		1,853		536		5,842		6,378		(3,081)	1994	24 - 40	years
Crown - Rochester, MN		2,509		261		3,289		275		269		3,556		3,825		(575)	2010	40	years
Crown Colony - Topeka, KS		7,936		620		9,956		2,630		954		12,252		13,206		(4,868)	1999	40	years
Crystal Bay - Rochester, MN		8,000		433		11,425		—		433		11,425		11,858		(54)	2016	40	years
Cypress Court - St. Cloud, MN		12,922		1,583		18,879		162		1,591		19,033		20,624		(1,280)	2012	40	years
Dakota Commons - Williston, ND(2)		—		823		9,597		97		871		9,646		10,517		(571)	2015	40	years
Deer Ridge - Jamestown, ND		11,673		711		24,117		69		711		24,186		24,897		(440)	2013	40	years
Evergreen - Isanti, MN		1,951		380		2,740		142		385		2,877		3,262		(552)	2008	40	years
Evergreen II - Isanti, MN		2,020		691		2,784		92		698		2,869		3,567		(361)	2011	40	years
Fairmont - Minot, ND		319		28		337		116		56		425		481		(93)	2008	40	years
First Avenue - Minot, ND		—		—		3,046		21		—		3,067		3,067		(234)	2013	40	years
Forest Park - Grand Forks, ND		7,422		810		5,579		7,746		1,439		12,696		14,135		(5,776)	1993	24 - 40	years
French Creek - Rochester, MN		3,100		201		4,735		—		201		4,735		4,936		(28)	2016	40	years
Gables Townhomes - Sioux Falls, SD		1,426		349		1,921		193		377		2,086		2,463		(246)	2011	40	years
Gardens - Grand Forks, ND(2)		—		518		8,702		71		519		8,772		9,291		(155)	2015	40	years
Grand Gateway - St. Cloud, MN		—		814		7,086		1,119		935		8,084		9,019		(1,027)	2012	40	years
GrandeVille at Cascade Lake - Rochester, MN		36,000		5,003		50,363		220		5,027		50,559		55,586		(673)	2015	40	years
Greenfield - Omaha, NE		3,503		578		4,122		935		824		4,811		5,635		(1,092)	2007	40	years
Heritage Manor - Rochester, MN		3,731		403		6,968		2,915		582		9,704		10,286		(4,039)	1998	40	years
Homestead Garden - Rapid City, SD		9,585		655		14,139		282		694		14,382		15,076		(737)	2015	40	years
Indian Hills - Sioux City, IA(2)		—		294		2,921		3,933		410		6,738		7,148		(1,574)	2007	40	years
Kirkwood Manor - Bismarck, ND		3,204		449		2,725		1,767		577		4,364		4,941		(1,907)	1997	12 - 40	years
Lakeside Village - Lincoln, NE		12,867		1,215		15,837		620		1,280		16,392		17,672		(1,785)	2012	40	years
Landing at Southgate - Minot, ND		10,240		2,254		14,958		187		2,319		15,080		17,399		(916)	2013	40	years
Landmark - Grand Forks, ND		—		184		1,514		1,154		353		2,499		2,852		(1,150)	1997	40	years
Legacy - Grand Forks, ND		15,151		1,362		21,727		7,505		2,227		28,367		30,594		(11,020)	1995-2005	24 - 40	years
Legacy Heights - Bismarck, ND(2)		—		1,207		13,742		225		1,229		13,945		15,174		(412)	2015	40	years
Mariposa - Topeka, KS		2,872		399		5,110		565		428		5,646		6,074		(1,627)	2004	40	years
Meadows - Jamestown, ND		—		590		4,519		1,520		678		5,951		6,629		(2,297)	1998	40	years
Monticello Village - Monticello, MN		2,901		490		3,756		603		625		4,224		4,849		(1,371)	2004	40	years
Northern Valley - Rochester, MN		—		110		610		140		122		738		860		(126)	2010	40	years
North Pointe - Bismarck, ND		3,330		303		3,957		808		357		4,711		5,068		(1,579)	1995-2011	24 - 40	years
Northridge - Bismarck, ND		6,146		884		7,516		96		946		7,550		8,496		(334)	2015	40	years
Oakmont Estates - Sioux Falls, SD		2,361		422		4,838		721		639		5,342		5,981		(1,910)	2002	40	years
Oakwood Estates - Sioux Falls, SD		3,847		543		2,784		4,470		837		6,960		7,797		(3,422)	1993	40	years
Olympic Village - Billings, MT		10,372		1,164		10,441		3,312		1,799		13,118		14,917		(5,266)	2000	40	years
Olympik Village - Rochester, MN		4,259		1,034		6,109		2,315		1,187		8,271		9,458		(2,346)	2005	40	years
Oxbow Park - Sioux Falls, SD		3,757		404		3,152		3,178		957		5,777		6,734		(2,987)	1994	24 - 40	years
Park Meadows - Waite Park, MN		8,342		1,143		9,099		7,594		1,766		16,070		17,836		(6,454)	1997	40	years
Pebble Springs - Bismarck, ND		738		7		748		182		55		882		937		(373)	1999	40	years
Pinehurst - Billings, MT		164		72		687		360		112		1,007		1,119		(332)	2002	40	years
Pines - Minot, ND		102		35		215		187		49		388		437		(148)	1997	40	years
Plaza - Minot, ND		5,212		867		12,784		2,617		998		15,270		16,268		(2,851)	2009	40	years
Pointe West - Rapid City, SD		2,566		240		3,538		1,674		388		5,064		5,452		(2,522)	1994	24 - 40	years
Ponds at Heritage Place - Sartell, MN		3,749		395		4,564		400		410		4,949		5,359		(517)	2012	40	years
Prairie Winds - Sioux Falls, SD		1,381		144		1,816		575		297		2,238		2,535		(1,296)	1993	24 - 40	years
Quarry Ridge - Rochester, MN		26,755		2,254		30,024		1,690		2,363		31,605		33,968		(5,450)	2006	40	years
Red 20 - Minneapolis, MN		23,200		1,900		26,641		65		1,900		26,706		28,606		(1,349)	2015	40	years
Regency Park Estates - St. Cloud, MN		8,368		702		10,198		1,760		873		11,787		12,660		(1,539)	2011	40	years
Renaissance Heights - Williston, ND		42,221		3,080		59,434		286		3,089		59,711		62,800		(2,956)	2013	40	years
Ridge Oaks - Sioux City, IA		3,301		178		4,073		2,532		307		6,476		6,783		(2,394)	2001	40	years
Rimrock West - Billings, MT		3,223		330		3,489		1,706		447		5,078		5,525		(1,902)	1999	40	years
River Ridge - Bismarck, ND		13,000		576		24,695		435		662		25,044		25,706		(2,167)	2008	40	years
Rocky Meadows - Billings, MT		4,997		656		5,726		1,437		775		7,044		7,819		(3,316)	1995	40	years
Rum River - Isanti, MN		3,461		843		4,823		269		864		5,071		5,935		(1,164)	2007	40	years
Sherwood - Topeka, KS		11,918		1,142		14,684		3,405		1,745		17,486		19,231		(7,099)	1999	40	years
Sierra Vista - Sioux Falls, SD		1,358		241		2,097		477		276		2,539		2,815		(350)	2011	40	years
Silver Springs - Rapid City, SD		2,194		215		3,006		351		237		3,335		3,572		(161)	2015	40	years
South Pointe - Minot, ND		8,428		550		9,548		3,836		1,362		12,572		13,934		(5,881)	1995	24 - 40	years
Southpoint - Grand Forks, ND(2)		—		576		9,893		95		605		9,959		10,564		(672)	2013	40	years
Southview - Minot, ND		1,009		185		469		435		251		838		1,089		(401)	1994	40	years
Southwind - Grand Forks, ND		5,385		400		5,034		3,290		796		7,928		8,724		(3,754)	1995	24 - 40	years
Summit Park - Minot, ND		882		161		1,898		1,847		795		3,111		3,906		(1,347)	1997	24 - 40	years
Sunset Trail - Rochester, MN		7,875		336		12,814		2,926		662		15,414		16,076		(5,937)	1999	40	years
Temple - Minot, ND		72		—		—		234		—		234		234		(64)	2006	40	years
Terrace Heights - Minot, ND		147		29		312		148		40		449		489		(184)	2006	40	years
Thomasbrook - Lincoln, NE		5,793		600		10,306		3,578		1,421		13,063		14,484		(4,967)	1999	40	years
Valley Park - Grand Forks, ND		3,755		294		4,137		3,667		1,177		6,921		8,098		(2,827)	1999	40	years
Villa West - Topeka, KS		11,923		1,590		15,760		1,152		1,942		16,560		18,502		(1,839)	2012	40	years
Village Green - Rochester, MN		945		234		2,296		1,009		359		3,180		3,539		(1,011)	2003	40	years
West Stonehill - Waite Park, MN		8,267		939		10,167		6,436		1,673		15,869		17,542		(7,323)	1995	40	years
Westridge - Minot, ND		1,543		68		1,887		309		79		2,185		2,264		(454)	2008	40	years
Westwood Park - Bismarck, ND		1,916		116		1,909		1,975		284		3,716		4,000		(1,546)	1998	40	years
Whispering Ridge - Omaha, NE		21,653		2,139		25,424		1,025		2,316		26,272		28,588		(2,349)	2012	40	years
Williston Garden - Williston, ND		10,070		1,400		17,696		215		1,431		17,880		19,311		(2,853)	2012	40	years
Winchester - Rochester, MN		2,313		748		5,622		1,877		1,016		7,231		8,247		(2,457)	2003	40	years
Woodridge - Rochester, MN		6,092		370		6,028		2,388		741		8,045		8,786		(3,810)	1997	40	years
Total Multifamily	$	623,429	$	79,801	$	1,013,203	$	150,905	$	98,012	$	1,145,897	$	1,243,909	$	(209,156)


									Gross amount at which carried at									Life on which
			Initial Cost to Company						close of period									depreciation in
							Costs capitalized										Date of	latest income
					Buildings &		subsequent to				Buildings &				Accumulated		Construction	statement is
Description	Encumbrances(1)		Land		Improvements		acquisition		Land		Improvements		Total		Depreciation		or Acquisition	computed
Healthcare
2800 Medical Building - Minneapolis, MN	$	7,552	$	204	$	7,135	$	2,547	$	229	$	9,657	$	9,886	$	(3,386)	2005	40	years
2828 Chicago Avenue - Minneapolis, MN		11,813		726		11,319		5,280		729		16,596		17,325		(4,614)	2007	40	years
Airport Medical - Bloomington, MN		—		—		4,678		51		11		4,718		4,729		(1,848)	2002	40	years
Billings 2300 Grant Road - Billings, MT		980		649		1,216		—		649		1,216		1,865		(176)	2010	40	years
Burnsville 303 Nicollet Medical (Ridgeview) - Burnsville, MN		7,903		1,071		6,842		2,137		1,160		8,890		10,050		(1,904)	2008	40	years
Burnsville 305 Nicollet Medical (Ridgeview South) - Burnsville, MN		4,947		189		5,127		1,221		248		6,289		6,537		(1,261)	2008	40	years
Denfeld Clinic - Duluth, MN		1,308		501		2,597		1		501		2,598		3,099		(783)	2004	40	years
Eagan 1440 Duckwood Medical - Eagan, MN		—		521		1,547		556		521		2,103		2,624		(730)	2008	40	years
Edina 6363 France Medical - Edina, MN		11,228		—		12,675		3,319		—		15,994		15,994		(4,455)	2008	40	years
Edina 6405 France Medical - Edina, MN		8,568		—		12,201		257		—		12,458		12,458		(3,407)	2008	40	years
Edina 6517 Drew Avenue - Edina, MN		—		353		660		27		372		668		1,040		(239)	2002	40	years
Edina 6525 Drew Avenue - Edina, MN		—		388		117		—		388		117		505		(13)	2011	40	years
Edina 6525 France SMC II - Edina, MN		9,604		755		8,054		6,156		1,040		13,925		14,965		(6,345)	2003	40	years
Edina 6545 France SMC I - Edina MN		28,993		3,480		30,192		14,383		3,480		44,575		48,055		(18,379)	2001	40	years
Edina 6565 France SMC III - Edina, MN		—		—		33,032		1,201		—		34,233		34,233		(701)	2015	40	years
Fresenius - Duluth, MN		500		50		1,520		2		50		1,522		1,572		(458)	2004	40	years
Garden View - St. Paul, MN		6,890		—		7,408		1,072		26		8,454		8,480		(3,001)	2002	40	years
Gateway Clinic - Sandstone, MN		757		77		1,699		—		77		1,699		1,776		(512)	2004	40	years
Healtheast St John & Woodwinds - Maplewood & Woodbury, MN		5,654		3,239		18,362		—		3,239		18,362		21,601		(7,326)	2000	40	years
High Pointe Health Campus - Lake Elmo, MN		7,500		1,305		10,528		2,174		1,398		12,609		14,007		(4,226)	2004	40	years
Lakeside Medical Plaza - Omaha, NE		4,294		903		5,210		—		903		5,210		6,113		(92)	2015	40	years
Mariner Clinic - Superior, WI		1,657		—		3,781		275		20		4,036		4,056		(1,182)	2004	40	years
Minneapolis 701 25th Avenue Medical - Minneapolis, MN*		7,016		—		7,873		1,566		—		9,439		9,439		(2,205)	2008	40	years
Missoula 3050 Great Northern - Missoula, MT		997		640		1,331		—		640		1,331		1,971		(193)	2010	40	years
Park Dental - Brooklyn Center, MN		—		185		2,767		15		200		2,767		2,967		(943)	2002	40	years
Pavilion I - Duluth, MN		4,366		1,245		8,898		31		1,245		8,929		10,174		(2,670)	2004	40	years
Pavilion II - Duluth, MN		8,034		2,715		14,673		1,937		2,715		16,610		19,325		(6,306)	2004	40	years
PrairieCare Medical - Brooklyn Park, MN		14,982		2,610		21,798		32		2,610		21,830		24,440		(407)	2015	40	years
Ritchie Medical Plaza - St Paul, MN		8,320		1,615		7,851		4,063		1,647		11,882		13,529		(3,422)	2005	40	years
St Michael Clinic - St Michael, MN		1,736		328		2,259		264		328		2,523		2,851		(573)	2007	40	years
Trinity at Plaza 16 - Minot, ND		4,577		568		9,009		16		674		8,919		9,593		(1,049)	2011	40	years
Wells Clinic - Hibbing, MN		1,156		162		2,497		2		162		2,499		2,661		(752)	2004	40	years
Total Healthcare	$	171,332	$	24,479	$	264,856	$	48,585	$	25,262	$	312,658	$	337,920	$	(83,558)


									Gross amount at which carried at									Life on which
			Initial Cost to Company						close of period									depreciation in
							Costs capitalized										Date of	latest income
					Buildings &		subsequent to				Buildings &				Accumulated		Construction	statement is
Description	Encumbrances(1)		Land		Improvements		acquisition		Land		Improvements		Total		Depreciation		or Acquisition	computed
Other
1st Avenue Building - Minot, ND	$	—	$	30	$	337	$	—	$	30	$	337	$	367	$	(49)	1981	33 - 40	years
17 South Main - Minot, ND		72		15		75		197		17		270		287		(205)	2000	40	years
Bismarck 715 East Broadway - Bismarck, ND		2,041		389		1,283		1,126		443		2,355		2,798		(544)	2008	40	years
Bloomington 2000 W 94th Street - Bloomington, MN(2)		0		2,133		4,097		1,243		2,230		5,243		7,473		(1,649)	2006	40	years
Dakota West Plaza - Minot , ND		338		92		493		30		106		509		615		(135)	2006	40	years
Grand Forks Carmike - Grand Forks, ND		1,176		184		2,360		2		184		2,362		2,546		(1,270)	1994	40	years
Lexington Commerce Center - Eagan, MN		1,504		453		4,352		2,077		492		6,390		6,882		(3,013)	1999	40	years
Minot 1400 31st Ave - Minot, ND(2)		—		1,026		6,143		4,404		1,038		10,535		11,573		(2,904)	2010	40	years
Minot 2505 16th Street SW - Minot, ND(2)		—		298		1,724		296		298		2,020		2,318		(351)	2009	40	years
Minot Arrowhead - Minot, ND(2)		—		100		3,216		5,554		176		8,694		8,870		(2,402)	1973	40	years
Minot IPS - Minot, ND(2)		—		416		5,952		—		416		5,952		6,368		(537)	2012	40	years
Minot Southgate Wells Fargo Bank - Minot, ND		—		992		2,237		—		992		2,237		3,229		(81)	2014	40	years
Minot Southgate Retail - Minot, ND		—		889		1,734		—		889		1,734		2,623		(24)	2015	40	years
Plaza 16 - Minot, ND		6,916		389		5,444		3,860		598		9,095		9,693		(2,410)	2009	40	years
Roseville 3075 Long Lake Road - Roseville, MN		—		810		10,244		1,771		810		12,015		12,825		(507)	2001	40	years
Urbandale 3900 106th Street - Urbandale, IA		10,266		3,680		9,893		1,982		3,863		11,692		15,555		(2,955)	2007	40	years
Woodbury 1865 Woodlane - Woodbury, MN		—		1,108		2,628		1,884		1,123		4,497		5,620		(1,139)	2007	40	years
Total Other	$	22,313	$	13,004	$	62,212	$	24,426	$	13,705	$	85,937	$	99,642	$	(20,175)

Subtotal	$	817,074	$	117,284	$	1,340,271	$	223,916	$	136,979	$	1,544,492	$	1,681,471	$	(312,889)


									Gross amount at which carried at
			Initial Cost to Company						close of period
							Costs capitalized										Date of
					Buildings &		subsequent to				Buildings &				Accumulated		Construction
Description	Encumbrances(1)		Land		Improvements		acquisition		Land		Improvements		Total		Depreciation		or Acquisition
Unimproved Land
Badger Hills - Rochester, MN	$	—	$	1,050	$	—	$	—	$	1,050	$	—	$	1,050	$	—	2012
Bismarck 4916 - Bismarck, ND		—		3,250		—		17		3,267		—		3,267		—	2013
Bismarck 700 E Main - Bismarck, ND		—		314		—		568		882		—		882		—	2008
Creekside Crossing - Bismarck, ND		—		4,286		—		66		4,352		—		4,352		—	2015
Grand Forks - Grand Forks, ND		—		4,278		—		—		4,278		—		4,278		—	2012
Isanti Unimproved - Isanti, MN		—		58		—		—		58		—		58		—	2014
Minot 1525 24th Ave SW - Minot, ND		—		1,262		—		—		1,262		—		1,262		—	2015
Rapid City Unimproved- Rapid City, SD		—		1,376		—		—		1,376		—		1,376		—	2014
Renaissance Heights - Williston, ND		—		2,229		—		1,701		3,930		—		3,930		—	2012
Urbandale - Urbandale, IA		—		5		—		109		114		—		114		—	2009
Weston - Weston, WI		—		370		—		—		370		—		370		—	2006
Total Unimproved Land		—	$	18,478	$	—	$	2,461	$	20,939		—	$	20,939	$	—

Development in Progress
71 France - Edina, MN	$	—	$	1,501	$	28,100	$	814	$	1,501	$	28,914	$	30,415	$	—	2015
Monticello 7th Addition - Monticello, MN		—		1,734		13,787		1,986		1,734		15,773		17,507		—	2015
Other		—		—		—		3,759		—		3,759		3,759		—	n/a
Total Development in Progress	$	—	$	3,235	$	41,887	$	6,559	$	3,235	$	48,446	$	51,681	$	—

Total	$	817,074	$	138,997	$	1,382,158	$	232,936	$	161,153	$	1,592,938	$	1,754,091	$	(312,889)


									Gross amount at which carried at									Life on which
			Initial Cost to Company						close of period									depreciation in
							Costs capitalized										Date of	latest income
					Buildings &		subsequent to				Buildings &				Accumulated		Construction	statement is
Description	Encumbrances(1)		Land		Improvements		acquisition		Land		Improvements		Total		Depreciation		or Acquisition	computed
Held for Sale
Casper 1930 E 12th Street (Park Place) - Casper, WY(2)	$	—	$	439	$	5,780	$	1,296	$	439	$	7,076	$	7,515	$	(1,374)	2009	40	years
Casper 3955 E 12th Street (Meadow Wind) - Casper, WY(2)		—		388		10,494		1,700		459		12,123		12,582		(2,263)	2009	40	years
Cheyenne 4010 N College Drive (Aspen Wind) - Cheyenne, WY(2)		—		628		10,272		2,243		629		12,514		13,143		(2,360)	2009	40	years
Cheyenne 4606 N College Drive (Sierra Hills) - Cheyenne, WY(2)		—		695		7,455		1,468		695		8,923		9,618		(1,661)	2009	40	years
Edgewood Vista - Belgrade, MT		—		35		779		1,129		35		1,908		1,943		(663)	2008	40	years
Edgewood Vista - Billings, MT		1,723		115		1,767		2,033		115		3,800		3,915		(1,276)	2008	40	years
Edgewood Vista - Bismarck, ND		—		511		9,193		1,018		511		10,211		10,722		(2,829)	2005	40	years
Edgewood Vista - Brainerd, MN		—		587		8,999		916		587		9,915		10,502		(2,760)	2005	40	years
Edgewood Vista - Columbus, NE		—		43		824		531		44		1,354		1,398		(404)	2008	40	years
Edgewood Vista - East Grand Forks, MN		2,625		290		1,352		2,864		290		4,216		4,506		(1,557)	2000	40	years
Edgewood Vista - Fargo, ND		11,297		775		20,870		4,032		775		24,902		25,677		(5,964)	2008	40	years
Edgewood Vista - Fremont, NE		528		56		490		59		56		549		605		(193)	2008	40	years
Edgewood Vista - Grand Island, NE		—		33		773		540		39		1,307		1,346		(400)	2008	40	years
Edgewood Vista - Hastings, NE		544		49		517		62		50		578		628		(213)	2008	40	years
Edgewood Vista - Hermantown I, MN		14,576		288		9,871		10,094		288		19,965		20,253		(7,931)	2000	40	years
Edgewood Vista - Hermantown II, MN		—		719		10,517		942		719		11,459		12,178		(3,168)	2005	40	years
Edgewood Vista - Kalispell, MT		545		70		502		625		70		1,127		1,197		(442)	2001	40	years
Edgewood Vista - Minot, ND		8,768		1,045		11,590		2,805		1,047		14,393		15,440		(3,000)	2010	40	years
Edgewood Vista - Missoula, MT		774		109		854		72		116		919		1,035		(439)	1996	40	years
Edgewood Vista - Norfolk, NE		—		42		722		494		42		1,216		1,258		(366)	2008	40	years
Edgewood Vista - Omaha, NE		345		89		547		55		89		602		691		(218)	2001	40	years
Edgewood Vista - Sioux Falls, SD		987		314		974		1,754		314		2,728		3,042		(993)	2008	40	years
Edgewood Vista - Spearfish, SD		—		315		8,584		664		330		9,233		9,563		(2,144)	2005	40	years
Edgewood Vista - Virginia, MN		12,399		246		11,823		4,581		246		16,404		16,650		(5,886)	2002	40	years
Georgetown Square - Grand Chute, WI		—		250		—		—		250		—		250		—	2006	n/a
Laramie 1072 N 22nd Street (Spring Wind) - Laramie, WY(2)		—		406		10,151		1,296		406		11,447		11,853		(1,964)	2009	40	years
Legends at Heritage Place - Sartell, MN		—		970		9,920		—		970		9,920		10,890		(630)	2013	40	years
Legends at Heritage Place Unimproved - Sartell, MN		—		537		—		—		537		—		537		—	2013	n/a
Pinecone Villas - Sartell, MN		—		584		2,191		47		587		2,235		2,822		(159)	2013	40	years
Sartell 2000 23rd Street South - Sartell, MN*		662		—		6,400		—		—		6,400		6,400		—	2002	40	years
Spring Creek-American Falls - American Falls, ID		1,955		145		3,870		55		145		3,925		4,070		(542)	2011	40	years
Spring Creek-Boise - Boise, ID		2,640		708		4,296		71		708		4,367		5,075		(649)	2011	40	years
Spring Creek-Eagle - Eagle, ID		1,799		263		3,775		62		263		3,837		4,100		(534)	2011	40	years
Spring Creek-Fruitland - Fruitland, ID		—		550		6,565		—		550		6,565		7,115		(462)	2014	40	years
Spring Creek Fruitland Unimproved - Fruitland, ID		—		339		—		—		339		—		339		—	2014	n/a
Spring Creek-Meridian - Meridian, ID		2,972		424		6,724		102		424		6,826		7,250		(938)	2011	40	years
Spring Creek-Overland - Overland, ID		2,981		687		5,942		96		687		6,038		6,725		(867)	2011	40	years
Spring Creek-Soda Springs - Soda Springs, ID		704		66		2,124		63		66		2,187		2,253		(304)	2011	40	years
Spring Creek-Ustick - Meridian, ID		—		467		3,833		—		467		3,833		4,300		(473)	2011	40	years
Stone Container - Fargo, ND		—		440		6,597		104		440		6,701		7,141		(3,111)	2001	40	years
Total Held for Sale	$	68,824	$	14,717	$	207,937	$	43,873	$	14,824	$	251,703	$	266,527	$	(59,137)

(1)

Amounts in this column are the mortgages payable balances as of April 30, 2016. These amounts do not include amounts owing under the Company’s multi-bank line of credit or under the Company’s construction loans.

(2)

As of April 30, 2016, this property was included in the collateral pool securing the Company’s $100.0 million multi-bank line of credit. The Company may add and remove eligible properties from the collateral pool if certain minimum collateral requirements are satisfied. Advances under the facility may not exceed 60% of the value of properties provided as security.

Reconciliations of the carrying value of total property owned for the three years ended April 30, 2016, 2015, and 2014 are as follows:


	(in thousands)
	2016		2015		2014

Balance at beginning of year	$	1,335,687	$	1,241,195	$	1,244,860
Additions during year
Multifamily		282,457		183,114		84,117
Healthcare		63,605		—		—
Other		2,623		12,223		—
Improvements and Other		34,619		21,006		24,317
		1,718,991		1,457,538		1,353,294
Deductions during year
Cost of real estate sold		(1,305)		(17,904)		(85,029)
Impairment charge		—		(1,566)		(8,323)
Write down of asset and accumulated depreciation on impaired assets		—		(881)		(6,291)
Properties classified as held for sale during the year		(32,438)		(97,824)		(10,307)
Other(1)		(3,777)		(3,676)		(2,149)
Balance at close of year	$	1,681,471	$	1,335,687	$	1,241,195

Reconciliations of accumulated depreciation/amortization for the three years ended April 30, 2016, 2015, and 2014, are as follows:


	(in thousands)
	2016		2015		2014
Balance at beginning of year	$	279,417	$	273,934	$	266,212
Additions during year
Provisions for depreciation		47,064		40,078		35,391
Deductions during year
Accumulated depreciation on real estate sold or classified as held for sale		(9,957)		(29,463)		(19,413)
Write down of asset and accumulated depreciation on impaired assets		—		(881)		(6,291)
Other(1)		(3,635)		(4,251)		(1,965)
Balance at close of year	$	312,889	$	279,417	$	273,934

Reconciliations of development in progress for the three years ended April 30, 2016, 2015, and 2014, are as follows:


	(in thousands)
	2016		2015			2014

Balance at beginning of year	$	153,994	$	104,609	$	46,782
Additions during year
Unimproved land acquisitions		—		12,647		2,079
Unimproved land moved to development in progress		1,734		7,015		2,870
Improvements and other		96,753		189,306		123,240
Deductions during year
Involuntary conversion		—		—		(7,052)
Development placed in service(2)		(200,800)		(159,578)		(63,210)
Other(3)		—		(5)		(100)
Balance at close of year	$	51,681	$	153,994	$	104,609

Reconciliations of unimproved land for the three years ended April 30, 2016, 2015, and 2014, are as follows:


	(in thousands)
	2016		2015		2014

Balance at beginning of year	$	25,827	$	22,864	$	21,503
Additions during year
Unimproved land acquisitions		—		10,487		3,022
Improvements and other		205		1,533		1,209
Deductions during year
Cost of real estate sold		(442)		(670)		—
Impairment charge		(1,285)		(1,293)		—
Properties classified as held for sale during the year		(1,632)		(79)		—
Unimproved land moved to development in progress		(1,734)		(7,015)		(2,870)
Balance at close of year	$	20,939	$	25,827	$	22,864

Total real estate investments(4)	$	1,441,202	$	1,236,091	$	1,094,734

(1)

Consists of miscellaneous disposed assets.

(2)

Includes development projects that are placed in service in phases.

(3)

Consists of miscellaneous re-classed assets.

(4)

The net basis of the Company’s real estate investments, including held for sale properites, for Federal Income Tax purposes was $1.6 billion, $1.7 billion and $1.5 billion at April 30, 2016, 2015 and 2014, respectively.