SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

8 Months Ended

Dec. 31, 2018

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

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	$	55,554	$	4,721	$	61,762	$	102	$	4,721	$	61,864	$	66,585	$	(7,861	)	2016	30-37	years
Alps Park - Rapid City, SD	3,543		287		5,551		370		333		5,875		6,208		(1,084		)	2013	30-37	years
Arbors - South Sioux City, NE	3,494		350		6,625		2,530		1,055		8,450		9,505		(3,328		)	2006	30-37	years
Arcata - Golden Valley, MN	—		2,088		31,036		120		2,090		31,154		33,244		(5,281		)	2015	30-37	years
Ashland - Grand Forks, ND	5,115		741		7,569		293		803		7,800		8,603		(1,704		)	2012	30-37	years
Avalon Cove - Rochester, MN	—		1,616		34,074		437		1,726		34,401		36,127		(3,237		)	2016	30-37	years
Boulder Court - Eagan, MN	—		1,067		5,498		3,253		1,561		8,257		9,818		(3,613		)	2003	30-37	years
Brookfield Village - Topeka, KS	4,847		509		6,698		2,008		926		8,289		9,215		(3,418		)	2003	30-37	years
Canyon Lake - Rapid City, SD	2,636		305		3,958		2,411		398		6,276		6,674		(2,794		)	2001	30-37	years
Cardinal Point - Grand Forks, ND	—		1,600		33,400		52		1,615		33,437		35,052		(700		)	2013	30-37	years
Cascade Shores - Rochester, MN	11,400		1,585		16,710		88		1,586		16,797		18,383		(1,636		)	2016	30-37	years
Castlerock - Billings, MT	6,134		736		4,864		2,459		1,022		7,037		8,059		(3,879		)	1998	30-37	years
Chateau - Minot, ND	—		301		20,058		940		326		20,973		21,299		(4,017		)	2013	30-37	years
Cimarron Hills - Omaha, NE	4,406		706		9,588		4,891		1,588		13,597		15,185		(6,732		)	2001	30-37	years
Colonial Villa - Burnsville, MN	—		2,401		11,515		9,418		2,946		20,388		23,334		(9,557		)	2003	30-37	years
Colony - Lincoln, NE	12,251		1,515		15,730		1,656		1,771		17,130		18,901		(3,826		)	2012	30-37	years
Commons and Landing at Southgate - Minot, ND	25,655		5,945		47,512		1,460		6,333		48,584		54,917		(8,764		)	2015	30-37	years
Cottage West Twin Homes - Sioux Falls, SD	3,338		968		3,762		618		1,076		4,272		5,348		(943		)	2011	30-37	years
Cottonwood - Bismarck, ND	—		1,056		17,372		5,583		1,625		22,386		24,011		(10,152		)	1997	30-37	years
Country Meadows - Billings, MT	6,062		491		7,809		1,789		575		9,514		10,089		(5,134		)	1995	30-37	years
Crestview - Bismarck, ND	3,511		235		4,290		2,301		607		6,219		6,826		(4,002		)	1994	30-37	years
Crown Colony - Topeka, KS	7,499		620		9,956		3,949		1,207		13,318		14,525		(6,541		)	1999	30-37	years
Crystal Bay - Rochester, MN	—		433		11,425		272		436		11,694		12,130		(1,078		)	2016	30-37	years
Cypress Court - St. Cloud, MN	12,217		1,583		18,879		252		1,612		19,102		20,714		(3,508		)	2012	30-37	years
Deer Ridge - Jamestown, ND	11,001		711		24,129		201		738		24,303		25,041		(3,534		)	2013	30-37	years
Dylan - Denver, CO	—		12,155		77,215		572		12,155		77,787		89,942		(2,917		)	2013	30-37	years
Evergreen - Isanti, MN	—		1,129		5,524		430		1,141		5,942		7,083		(1,528		)	2008	30-37	years
Forest Park - Grand Forks, ND	7,011		810		5,579		8,447		1,473		13,363		14,836		(7,928		)	1993	30-37	years
French Creek - Rochester, MN	—		201		4,735		217		207		4,946		5,153		(434		)	2016	30-37	years
Gables Townhomes - Sioux Falls, SD	1,351		349		1,921		257		400		2,127		2,527		(458		)	2011	30-37	years
Gardens - Grand Forks, ND	—		518		8,702		113		528		8,805		9,333		(1,017		)	2015	30-37	years
Grand Gateway - St. Cloud, MN	—		814		7,086		1,888		961		8,827		9,788		(2,406		)	2012	30-37	years
GrandeVille at Cascade Lake - Rochester, MN	36,000		5,003		50,363		1,651		5,065		51,952		57,017		(5,814		)	2015	30-37	years
Greenfield - Omaha, NE	—		578		4,122		1,344		872		5,172		6,044		(1,799		)	2007	30-37	years
Heritage Manor - Rochester, MN	3,248		403		6,968		3,317		682		10,006		10,688		(5,251		)	1998	30-37	years
Homestead Garden - Rapid City, SD	—		655		14,139		665		718		14,741		15,459		(2,195		)	2015	30-37	years
Indian Hills - Sioux City, IA	—		294		2,921		4,489		470		7,234		7,704		(2,361		)	2007	30-37	years
Kirkwood Manor - Bismarck, ND	3,039		449		2,725		1,950		625		4,499		5,124		(2,498		)	1997	30-37	years
Lakeside Village - Lincoln, NE	12,111		1,215		15,837		1,202		1,348		16,906		18,254		(3,659		)	2012	30-37	years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

December 31, 2018

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
Landmark - Grand Forks, ND	—		$	184	$	1,514	$	1,215	$	366	$	2,547	$	2,913	$	(1,492	)	1997	30-37	years
Legacy - Grand Forks, ND	$	14,031	1,362		21,727		10,479		2,263		31,305		33,568		(15,220		)	1995-2005	30-37	years
Legacy Heights - Bismarck, ND	—		1,207		13,742		419		1,307		14,061		15,368		(1,578		)	2015	30-37	years
Mariposa - Topeka, KS	2,715		399		5,110		1,041		455		6,095		6,550		(2,228		)	2004	30-37	years
Meadows - Jamestown, ND	—		590		4,519		1,955		710		6,354		7,064		(3,091		)	1998	30-37	years
Monticello Crossings - Monticello, MN	—		1,734		30,136		28		1,734		30,164		31,898		(2,648		)	2017	30-37	years
Monticello Village - Monticello, MN	—		490		3,756		1,108		638		4,716		5,354		(1,922		)	2004	30-37	years
North Pointe - Bismarck, ND	3,175		303		3,957		1,359		384		5,235		5,619		(2,331		)	1995-2011	30-37	years
Northridge - Bismarck, ND	—		884		7,515		191		974		7,616		8,590		(1,041		)	2015	30-37	years
Oakmont Estates - Sioux Falls, SD	—		422		4,838		1,404		711		5,953		6,664		(2,664		)	2002	30-37	years
Oakwood Estates - Sioux Falls, SD	—		543		2,784		4,828		868		7,287		8,155		(5,235		)	1993	30-37	years
Olympic Village - Billings, MT	9,777		1,164		10,441		4,033		1,829		13,809		15,638		(6,978		)	2000	30-37	years
Olympik Village - Rochester, MN	3,895		1,034		6,109		2,718		1,368		8,493		9,861		(3,336		)	2005	30-37	years
Oxbo - St Paul, MN	—		5,809		51,586		167		5,879		51,683		57,562		(3,093		)	2015	30-37	years
Oxbow Park - Sioux Falls, SD	—		404		3,152		3,738		993		6,301		7,294		(4,496		)	1994	30-37	years
Park Meadows - Waite Park, MN	7,934		1,143		9,099		9,999		2,121		18,120		20,241		(9,812		)	1997	30-37	years
Park Place - Plymouth, MN	—		10,609		80,781		3,471		10,623		84,238		94,861		(3,892		)	1997	30-37	years
Pebble Springs - Bismarck, ND	—		7		748		236		65		926		991		(497		)	1999	30-37	years
Pinehurst - Billings, MT	—		72		687		523		168		1,114		1,282		(493		)	2002	30-37	years
Plaza - Minot, ND	—		867		12,784		3,046		998		15,699		16,697		(4,410		)	2009	30-37	years
Pointe West - Rapid City, SD	2,393		240		3,538		2,095		431		5,442		5,873		(3,253		)	1994	30-37	years
Ponds at Heritage Place - Sartell, MN	—		395		4,564		446		413		4,992		5,405		(1,098		)	2012	30-37	years
Prairie Winds - Sioux Falls, SD	1,292		144		1,816		739		309		2,390		2,699		(1,589		)	1993	30-37	years
Quarry Ridge - Rochester, MN	25,277		2,254		30,024		2,092		2,406		31,964		34,370		(8,553		)	2006	30-37	years
Red 20 - Minneapolis, MN	22,219		1,900		24,116		185		1,908		24,293		26,201		(4,221		)	2015	30-37	years
Regency Park Estates - St. Cloud, MN	7,838		702		10,198		2,455		1,060		12,295		13,355		(3,121		)	2011	30-37	years
Ridge Oaks - Sioux City, IA	3,131		178		4,073		3,007		318		6,940		7,258		(3,250		)	2001	30-37	years
Rimrock West - Billings, MT	3,046		330		3,489		2,062		516		5,365		5,881		(2,647		)	1999	30-37	years
River Ridge - Bismarck, ND	—		576		24,670		899		793		25,352		26,145		(5,598		)	2008	30-37	years
Rocky Meadows - Billings, MT	4,722		656		5,726		1,617		815		7,184		7,999		(4,087		)	1995	30-37	years
Rum River - Isanti, MN	3,235		843		4,823		463		864		5,265		6,129		(1,700		)	2007	30-37	years
Sherwood - Topeka, KS	11,268		1,142		14,684		5,327		2,159		18,994		21,153		(9,478		)	1999	30-37	years
Sierra Vista - Sioux Falls, SD	—		241		2,097		596		291		2,643		2,934		(662		)	2011	30-37	years
Silver Springs - Rapid City, SD	2,088		215		3,007		724		257		3,689		3,946		(574		)	2015	30-37	years
South Pointe - Minot, ND	7,871		550		9,548		5,638		1,373		14,363		15,736		(8,222		)	1995	30-37	years
Southpoint - Grand Forks, ND	—		576		9,893		169		633		10,005		10,638		(1,548		)	2013	30-37	years
Southwind - Grand Forks, ND	5,031		400		4,938		4,119		827		8,630		9,457		(4,988		)	1995	30-37	years
Sunset Trail - Rochester, MN	7,476		336		12,814		3,283		720		15,713		16,433		(7,608		)	1999	30-37	years
Thomasbrook - Lincoln, NE	5,496		600		10,306		5,329		1,646		14,589		16,235		(6,829		)	1999	30-37	years
Valley Park - Grand Forks, ND	3,555		294		4,137		4,049		1,223		7,257		8,480		(4,072		)	1999	30-37	years
Villa West - Topeka, KS	11,381		1,590		15,760		1,882		2,338		16,894		19,232		(3,787		)	2012	30-37	years
Village Green - Rochester, MN	—		234		2,296		1,068		359		3,239		3,598		(1,394		)	2003	30-37	years
Westend - Denver, CO	—		25,525		102,180		174		25,525		102,354		127,879		(2,848		)	1995	30-37	years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

December 31, 2018

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
West Stonehill - Waite Park, MN	$	7,720	$	939	$	10,167	$	7,836	$	1,914	$	17,028	$	18,942	$	(9,874	)	1995	30-37	years
Westwood Park - Bismarck, ND	1,814		116		1,909		2,063		293		3,795		4,088		(2,114		)	1998	30-37	years
Whispering Ridge - Omaha, NE	20,561		2,139		25,424		1,693		2,438		26,818		29,256		(5,317		)	2012	30-37	years
Winchester - Rochester, MN	—		748		5,622		2,554		1,044		7,880		8,924		(3,536		)	2003	30-37	years
Woodridge - Rochester, MN	5,610		370		6,028		3,358		750		9,006		9,756		(5,068		)	1997	30-37	years
Total Multifamily	$	445,974	$	130,603	$	1,260,439	$	191,875	$	153,398	$	1,429,519	$	1,582,917	$	(340,081	)

									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 - Mixed Use
71 France - Edina, MN	—		$	—	$	5,879	$	775	$	—	$	6,654	$	6,654	$	(585	)	2016	30-37	years
Oxbo - St Paul, MN	—		—		3,472		54		—		3,526		3,526		(194		)	2015	30-37	years
Plaza - Minot, ND	—		389		5,444		3,764		598		8,999		9,597		(3,494		)	2009	30-37	years
Red 20 - Minneapolis, MN	—		—		2,525		419		—		2,944		2,944		(401		)	2015	30-37	years
Total Other - Mixed Use	—		$	389	$	17,320	$	5,012	$	598	$	22,123	$	22,721	$	(4,674	)
Other - Commercial
Dakota West Plaza - Minot , ND	—		92		493		39		106		518		624		(185		)	2006	30-37	years
Minot 1400 31st Ave - Minot, ND	—		1,026		6,143		4,437		1,038		10,568		11,606		(5,485		)	2010	30-37	years
Minot IPS - Minot, ND	—		416		5,952		—		416		5,952		6,368		(3,399		)	2012	30-37	years
Woodbury 1865 Woodlane - Woodbury, MN	—		1,108		2,292		—		1,108		2,292		3,400		(47		)	2007	30-37	years
Total Other - Commercial	—		$	2,642	$	14,880	$	4,476	$	2,668	$	19,330	$	21,998	$	(9,116	)
Subtotal	$	445,974	$	133,634	$	1,292,639	$	201,363	$	156,664	$	1,470,972	$	1,627,636	$	(353,871	)

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

December 31, 2018

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

									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
Creekside Crossing - Bismarck, ND	—		$	2,357	—		$	692	$	3,049	—		$	3,049	—			2015
Minot 1525 24th Ave SW - Minot, ND	—		506		—		—		506		—		506		—			2015
Rapid City - Rapid City, SD	—		1,376		—		—		1,376		—		1,376		—			2014
Weston - Weston, WI	—		370		—		—		370		—		370		—			2006
Total Unimproved Land	—		$	4,609	—		$	692	$	5,301	—		$	5,301	—
Total	$	445,974	$	138,243	$	1,292,639	$	202,055	$	161,965	$	1,470,972	$	1,632,937	$	(353,871	)

(1) Amounts in this column are the mortgages payable balance as of December 31, 2018. These amounts do not include amounts owing under the Company's multi-bank line of credit or term loans.

Reconciliations of the carrying value of total property owned for the transition period ended December 31, 2018 and the three years ended April 30, 2018, 2017, and 2016 are as follows:

	(in thousands)
	Transition Period Ended			Year Ended April 30,
	December 31, 2018			2018			2017			2016
Balance at beginning of year	$	1,669,764		$	1,358,529		$	1,369,893		$	1,090,362
Additions during year
Multifamily and Other	—			369,332			61,565			285,080
Improvements and Other	11,620			15,065			34,761			31,007
	1,681,384			1,742,926			1,466,219			1,406,449
Deductions during year
Cost of real estate sold	(53,653		)	(46,001		)	(21,601		)	(1,305		)
Impairment charge	—			(15,192		)	(51,401		)	—
Write down of asset and accumulated depreciation on impaired assets	—			(8,597		)	(7,144		)	—
Properties classified as held for sale during the year	—			—			(24,156		)	(26,373		)
Other (1)	(95		)	(3,372		)	(3,388		)	(8,878		)
Balance at close of year	$	1,627,636		$	1,669,764		$	1,358,529		$	1,369,893

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

December 31, 2018

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

Reconciliations of accumulated depreciation/amortization for the transition period ended December 31, 2018 and the three years ended April 30, 2018, 2017, and 2016, are as follows:

	(in thousands)
	Transition Period Ended			Year Ended April 30,
	December 31, 2018			2018			2017			2016
Balance at beginning of year	$	311,324		$	255,599		$	237,859		$	212,826
Additions during year
Provisions for depreciation	49,208			78,785			42,960			37,846
Deductions during year
Accumulated depreciation on real estate sold or classified as held for sale	(6,609		)	(11,033		)	(14,687		)	(9,957		)
Write down of asset and accumulated depreciation on impaired assets	—			(8,597		)	(7,144		)	—
Other (1)	(52		)	(3,430		)	(3,389		)	(2,856		)
Balance at close of year	$	353,871		$	311,324		$	255,599		$	237,859

Reconciliations of development in progress for the transition period ended December 31, 2018 and the three years ended April 30, 2018, 2017, and 2016, are as follows:

	(in thousands)
	Transition Period Ended	Year Ended April 30,
	December 31, 2018	2018	2017			2016
Balance at beginning of year	—	—	$	51,681		$	153,994
Additions during year
Unimproved land moved to development in progress	—	—	—			1,734
Improvements and other	—	—	7,762			48,109
Deductions during year
Development placed in service (2)	—	—	(59,443		)	(152,156		)
Balance at close of year	—	—	—			$	51,681

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

December 31, 2018

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

Reconciliations of unimproved land for the transition period ended December 31, 2018 and the three years ended April 30, 2018, 2017, and 2016 are as follows:

	(in thousands)
	Transition Period Ended			Year Ended April 30,
	December 31, 2018			2018			2017			2016
Balance at beginning of year	$	11,476		$	18,455		$	20,939		$	25,827
Additions during year
Improvements and other	—			—			1,024			205
Deductions during year
Cost of real estate sold	(4,954		)	(1,000		)	—			(442		)
Impairment charge	(1,221		)	(2,617		)	(3,508		)	(1,285		)
Properties classified as held for sale during the year	—			(3,288		)	—			(1,632		)
Unimproved land moved to development in progress	—			—			—			(1,734		)
Other (1)	—			(74		)	—			—
Balance at close of year	5,301			11,476			18,455			20,939
Total real estate investments, excluding mortgage notes receivable (3)	$	1,279,066		$	1,369,916		$	1,121,385		$	1,204,654

(1) Consists of miscellaneous disposed assets.

(2) Includes development projects that are placed in service in phases.

(3) The net basis, including held for sale properties, for Federal Income Tax purposes was $1.2 billion, $1.5 billion, $1.4 billion and $1.6 billion at December 31, 2018, April 30, 2018, 2017 and 2016, respectively.