ACQUISITIONS AND DISPOSITIONS

6 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS

We added $2.1 million of new real estate to our portfolio during the three months ended June 30, 2019, compared to no acquisitions in the three months ended June 30, 2018. Our acquisitions during the six months ended June 30, 2019 and 2018 are detailed below.

Six Months Ended June 30, 2019

	Date Acquired	(in thousands)
		Total Acquisition Cost		Form of Consideration				Investment Allocation
Acquisitions				Cash		Units(1)		Land		Building		Intangible Assets
Multifamily
272 homes - SouthFork Townhomes- Lakeville, MN	February 26, 2019	$	44,000	$	27,440	$	16,560	$	3,502	$	39,950	$	548
Other
Minot 3100 10th St SW - Minot, ND(2)	May 23, 2019	2,112		2,112		—		246		1,866		—
Total Acquisitions		$	46,112	$	29,552	$	16,560	$	3,748	$	41,816	$	548

(1) Value of Series D preferred units at the acquisition date.

(2) Acquired for use as our new Minot corporate office building after renovations have been completed.

Six Months Ended June 30, 2018

	Date Acquired	(in thousands)
		Total Acquisition Cost(1)		Investment Allocation
Acquisitions				Land		Building		Intangible Assets
390 homes - Westend - Denver, CO	March 28, 2018	$	128,700	$	25,525	$	102,101	$	1,074
Total Acquisitions		$	128,700	$	25,525	$	102,101	$	1,074

(1) Acquisition cost was paid in cash.

DISPOSITIONS

During the three months ended June 30, 2019, we sold one parcel of land and one commercial property for a sale price of $7.3 million. After deductions for closing costs and other costs associated with the dispositions, we recognized a $614,000 gain on sale. During the three months ended June 30, 2018, we had no dispositions. The following tables detail our dispositions for the six months ended June 30, 2019 and 2018:

Six Months Ended June 30, 2019

		(in thousands)
Dispositions	Date Disposed	Sales Price		Book Value and Sale Cost		Gain/(Loss)
Other
Minot 1400 31st Ave SW - Minot, ND(1)	May 23, 2019	$	6,530	$	6,048	$	482
Unimproved Land
Creekside Crossing - Bismarck, ND	March 1, 2019	3,049		3,205		(156		)
Minot 1525 24th Ave SW - Minot, ND	April 3, 2019	725		593		132
		$	3,774	$	3,798	$	(24	)
Total Dispositions		$	10,304	$	9,846	$	458

(1) This property currently houses our Minot corporate office. During the second quarter of 2019, we purchased an office building which will become our new Minot corporate office after renovations are completed. We will lease space in the Minot 1400 31st Ave SW building until the new office is placed in service.

Six Months Ended June 30, 2018

		(in thousands)
Dispositions	Date Disposed	Sale Price		Book Value and Sale Cost		Gain/(Loss)
Other
43,404 sq ft Garden View - St. Paul, MN	January 19, 2018	$	14,000	$	6,191	$	7,809
52,116 sq ft Ritchie Medical - St. Paul, MN	January 19, 2018	16,500		10,419		6,081
22,187 sq ft Bismarck 715 East Broadway - Bismarck, ND	March 7, 2018	5,500		3,215		2,285
Total Dispositions		$	36,000	$	19,825	$	16,175