SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2019

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
Same-Store
71 France - Edina, MN	$	54,459	$	4,721	$	61,762	$	312	$	4,801	$	61,994	$	66,795	$	(11,070	)	2016	30-37	years
Alps Park - Rapid City, SD	3,426		287		5,551		397		333		5,902		6,235		(1,350		)	2013	30-37	years
Arcata - Golden Valley, MN	—		2,088		31,036		262		2,130		31,256		33,386		(6,946		)	2015	30-37	years
Ashland - Grand Forks, ND	4,993		741		7,569		329		824		7,815		8,639		(2,016		)	2012	30-37	years
Avalon Cove - Rochester, MN	—		1,616		34,074		498		1,731		34,457		36,188		(4,573		)	2016	30-37	years
Boulder Court - Eagan, MN	—		1,067		5,498		3,276		1,576		8,265		9,841		(4,014		)	2003	30-37	years
Canyon Lake - Rapid City, SD	2,573		305		3,958		2,404		420		6,247		6,667		(3,006		)	2001	30-37	years
Cardinal Point - Grand Forks, ND	—		1,600		33,400		200		1,702		33,498		35,200		(1,829		)	2013	30-37	years
Cascade Shores - Rochester, MN	11,400		1,585		16,710		99		1,587		16,807		18,394		(2,299		)	2016	30-37	years
Castlerock - Billings, MT	—		736		4,864		2,452		1,045		7,007		8,052		(4,185		)	1998	30-37	years
Chateau - Minot, ND	—		301		20,058		1,023		326		21,056		21,382		(5,095		)	2013	30-37	years
Cimarron Hills - Omaha, NE	8,700		706		9,588		5,016		1,590		13,720		15,310		(7,214		)	2001	30-37	years
Colonial Villa - Burnsville, MN	—		2,401		11,515		10,568		2,987		21,497		24,484		(11,044		)	2003	30-37	years
Colony - Lincoln, NE	11,936		1,515		15,730		1,984		1,845		17,384		19,229		(4,686		)	2012	30-37	years
Commons and Landing at Southgate - Minot, ND	—		5,945		47,512		1,801		6,419		48,839		55,258		(11,401		)	2015	30-37	years
Cottonwood - Bismarck, ND	—		1,056		17,372		5,956		2,001		22,383		24,384		(11,253		)	1997	30-37	years
Country Meadows - Billings, MT	—		491		7,809		1,788		599		9,489		10,088		(5,457		)	1995	30-37	years
Crystal Bay - Rochester, MN	—		433		11,425		299		438		11,719		12,157		(1,528		)	2016	30-37	years
Cypress Court - St. Cloud, MN	11,934		1,583		18,879		443		1,619		19,286		20,905		(4,474		)	2012	30-37	years
Deer Ridge - Jamestown, ND	—		711		24,129		269		778		24,331		25,109		(4,877		)	2013	30-37	years
Evergreen - Isanti, MN	—		1,129		5,524		531		1,145		6,039		7,184		(1,782		)	2008	30-37	years
Forest Park - Grand Forks, ND	—		810		5,579		8,894		1,532		13,751		15,283		(8,519		)	1993	30-37	years
French Creek - Rochester, MN	—		201		4,735		238		207		4,967		5,174		(619		)	2016	30-37	years
Gardens - Grand Forks, ND	—		518		8,702		125		535		8,810		9,345		(1,387		)	2015	30-37	years
Grand Gateway - St. Cloud, MN	—		814		7,086		1,969		961		8,908		9,869		(2,962		)	2012	30-37	years
GrandeVille at Cascade Lake - Rochester, MN	36,000		5,003		50,363		1,843		5,095		52,114		57,209		(8,040		)	2015	30-37	years
Greenfield - Omaha, NE	—		578		4,122		1,513		872		5,341		6,213		(2,064		)	2007	30-37	years
Heritage Manor - Rochester, MN	—		403		6,968		3,487		731		10,127		10,858		(5,712		)	1998	30-37	years
Homestead Garden - Rapid City, SD	—		655		14,139		784		723		14,855		15,578		(2,845		)	2015	30-37	years
Lakeside Village - Lincoln, NE	11,806		1,215		15,837		1,475		1,401		17,126		18,527		(4,458		)	2012	30-37	years
Landmark - Grand Forks, ND	—		184		1,514		1,262		425		2,535		2,960		(1,588		)	1997	30-37	years
Legacy - Grand Forks, ND	13,565		1,362		21,727		10,738		2,431		31,396		33,827		(16,893		)	1995-2005	30-37	years
Legacy Heights - Bismarck, ND	—		1,207		13,742		338		1,226		14,061		15,287		(2,091		)	2015	30-37	years
Meadows - Jamestown, ND	—		590		4,519		1,993		733		6,369		7,102		(3,438		)	1998	30-37	years
Monticello Crossings - Monticello, MN	—		1,734		30,136		110		1,761		30,219		31,980		(4,013		)	2017	30-37	years
Monticello Village - Monticello, MN	—		490		3,756		1,211		638		4,819		5,457		(2,161		)	2004	30-37	years

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

December 31, 2019

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
Northridge - Bismarck, ND	$	—	$	884	$	7,515	$	278	$	1,057	$	7,620	$	8,677	$	(1,342	)	2015	30-37	years
Olympic Village - Billings, MT	9,533		1,164		10,441		4,031		1,836		13,800		15,636		(7,584		)	2000	30-37	years
Olympik Village - Rochester, MN	—		1,034		6,109		2,805		1,450		8,498		9,948		(3,790		)	2005	30-37	years
Park Meadows - Waite Park, MN	7,768		1,143		9,099		10,092		2,140		18,194		20,334		(11,216		)	1997	30-37	years
Park Place - Plymouth, MN	—		10,609		80,781		7,280		10,782		87,888		98,670		(7,255		)	1997	30-37	years
Plaza - Minot, ND	—		867		12,784		3,069		1,002		15,718		16,720		(5,063		)	2009	30-37	years
Pointe West - Rapid City, SD	—		240		3,538		2,140		463		5,455		5,918		(3,548		)	1994	30-37	years
Ponds at Heritage Place - Sartell, MN	—		395		4,564		492		419		5,032		5,451		(1,327		)	2012	30-37	years
Quarry Ridge - Rochester, MN	24,680		2,254		30,024		2,133		2,412		31,999		34,411		(9,705		)	2006	30-37	years
Red 20 - Minneapolis, MN	21,755		1,900		24,116		280		1,908		24,388		26,296		(5,532		)	2015	30-37	years
Regency Park Estates - St. Cloud, MN	7,623		702		10,198		2,709		1,148		12,461		13,609		(3,777		)	2011	30-37	years
Rimrock West - Billings, MT	—		330		3,489		2,096		543		5,372		5,915		(2,930		)	1999	30-37	years
River Ridge - Bismarck, ND	—		576		24,670		1,078		936		25,388		26,324		(7,027		)	2008	30-37	years
Rocky Meadows - Billings, MT	—		656		5,726		1,651		840		7,193		8,033		(4,370		)	1995	30-37	years
Rum River - Isanti, MN	3,141		843		4,823		536		870		5,332		6,202		(1,927		)	2007	30-37	years
Silver Springs - Rapid City, SD	2,043		215		3,007		974		267		3,929		4,196		(772		)	2015	30-37	years
South Pointe - Minot, ND	—		550		9,548		5,834		1,445		14,487		15,932		(9,239		)	1995	30-37	years
Southpoint - Grand Forks, ND	—		576		9,893		227		666		10,030		10,696		(1,919		)	2013	30-37	years
Southwind - Grand Forks, ND	—		400		4,938		4,627		929		9,036		9,965		(5,347		)	1995	30-37	years
Sunset Trail - Rochester, MN	7,310		336		12,814		3,430		785		15,795		16,580		(8,294		)	1999	30-37	years
Thomasbrook - Lincoln, NE	13,100		600		10,306		5,451		1,708		14,649		16,357		(7,648		)	1999	30-37	years
Valley Park - Grand Forks, ND	—		294		4,137		4,243		1,323		7,351		8,674		(4,498		)	1999	30-37	years
Village Green - Rochester, MN	—		234		2,296		1,056		361		3,225		3,586		(1,528		)	2003	30-37	years
West Stonehill - Waite Park, MN	16,425		939		10,167		7,932		1,903		17,135		19,038		(10,848		)	1995	30-37	years
Whispering Ridge - Omaha, NE	20,120		2,139		25,424		1,858		2,459		26,962		29,421		(6,573		)	2012	30-37	years
Winchester - Rochester, MN	—		748		5,622		2,676		1,104		7,942		9,046		(3,942		)	2003	30-37	years
Woodridge - Rochester, MN	5,411		370		6,028		4,161		752		9,807		10,559		(5,566		)	1997	30-37	years
Total Same-Store	$	309,701	$	77,779	$	928,945	$	159,026	$	96,675	$	1,069,075	$	1,165,750	$	(319,456	)
Non-Same-Store
Dylan - Denver, CO	$	—	$	12,155	$	77,215	$	870	$	12,217	$	78,023	$	90,240	$	(5,536	)	2013	30-37	years
FreightYard Townhomes & Flats - Minneapolis, MN	—		1,889		23,616		124		1,895		23,734		25,629		(289		)	2019	30	years
Lugano at Cherry Creek - Denver, CO	—		7,679		87,766		103		7,679		87,869		95,548		(1,075		)	2019	30	years
Oxbo - St Paul, MN	—		5,809		51,586		176		5,809		51,755		57,564		(5,096		)	2015	30-37	years
SouthFork Townhomes - Lakeville, MN	21,675		3,502		40,153		2,883		3,502		43,036		46,538		(1,433		)	2019	30	years
Westend - Denver, CO	—		25,525		102,180		497		25,525		102,677		128,202		(6,389		)	1995	30-37	years
Total Non-Same-Store	$	21,675	$	56,559	$	382,516	$	4,653	$	56,627	$	387,094	$	443,721	$	(19,818	)
Total Multifamily	$	331,376	$	134,338	$	1,311,461	$	163,679	$	153,302	$	1,456,169	$	1,609,471	$	(339,274	)

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

December 31, 2019

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
Other - Mixed Use
71 France - Edina, MN	—		$	—	$	5,879	$	885		$	—	$	6,764	$	6,764	$	(873	)	2016	30-37	years
Lugano at Cherry Creek - Denver, CO	—		—		1,600		—			—		1,600		1,600		(18		)	2019	30	years
Oxbo - St Paul, MN	—		—		3,472		54			—		3,526		3,526		(315		)	2015	30-37	years
Plaza - Minot, ND	—		389		5,444		3,839			601		9,071		9,672		(3,899		)	2009	30-37	years
Red 20 - Minneapolis, MN	—		—		2,525		419			—		2,944		2,944		(541		)	2015	30-37	years
Total Other - Mixed Use	—		$	389	$	18,920	$	5,197		$	601	$	23,905	$	24,506	$	(5,646	)
Other - Commercial
3100 10th St SW - Minot, ND	—		$	246	$	1,866	$	(1	)	$	246	$	1,865	$	2,111	$	(41	)	2019	30	years
Dakota West Plaza - Minot , ND	—		92		493		37			106		516		622		(202		)	2006	30-37	years
Minot IPS - Minot, ND	—		416		5,952		—			416		5,952		6,368		(3,959		)	2012	30-37	years
Total Other - Commercial	—		$	754	$	8,311	$	36		$	768	$	8,333	$	9,101	$	(4,202	)
Subtotal	$	331,376	$	135,481	$	1,338,692	$	168,912		$	154,671	$	1,488,407	$	1,643,078	$	(349,122	)
Unimproved Land
Rapid City - Rapid City, SD	—		$	1,376	—		—			$	1,376	—		$	1,376	—			2014
Total Unimproved Land	—		$	1,376	—		$	—		$	1,376	—		$	1,376	—
Total	$	331,376	$	136,857	$	1,338,692	$	168,912		$	156,047	$	1,488,407	$	1,644,454	$	(349,122	)

(1) Amounts in this column are the mortgages payable balance as of December 31, 2019. These amounts do not include amounts owing under the Company's multi-bank line of credit or term loans.

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

December 31, 2019

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

Reconciliations of the carrying value of total property owned for the year ended December 31, 2019, the transition period ended December 31, 2018, and the fiscal years ended April 30, 2018 and 2017 are as follows:

	(in thousands)
	Year Ended			Transition Period Ended			Year Ended April 30,
	December 31, 2019			December 31, 2018			2018			2017
Balance at beginning of year	$	1,627,636		$	1,669,764		$	1,358,529		$	1,369,893
Additions during year
Multifamily and Other	168,504			—			369,332			61,565
Improvements and Other	21,868			11,620			15,065			34,761
	1,818,008			1,681,384			1,742,926			1,466,219
Deductions during year
Cost of real estate sold	(171,112		)	(53,653		)	(46,001		)	(21,601		)
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		)
Other (1)	(3,819		)	(95		)	(3,372		)	(3,388		)
Balance at close of year	$	1,643,077		$	1,627,636		$	1,669,764		$	1,358,529

Reconciliations of accumulated depreciation/amortization for the year ended December 31, 2019, the transition period ended December 31, 2018, and the fiscal years ended April 30, 2018 and 2017, are as follows:

	(in thousands)
	Year Ended			Transition Period Ended			Year Ended April 30,
	December 31, 2019			December 31, 2018			2018			2017
Balance at beginning of year	$	353,871		$	311,324		$	255,599		$	237,859
Additions during year
Provisions for depreciation	71,787			49,208			78,785			42,960
Deductions during year
Accumulated depreciation on real estate sold or classified as held for sale	(72,758		)	(6,609		)	(11,033		)	(14,687		)
Write down of asset and accumulated depreciation on impaired assets	—			—			(8,597		)	(7,144		)
Other (1)	(3,778		)	(52		)	(3,430		)	(3,389		)
Balance at close of year	$	349,122		$	353,871		$	311,324		$	255,599

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

December 31, 2019

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

Reconciliations of development in progress for the year ended December 31, 2019, the transition period ended December 31, 2018 and the fiscal years ended April 30, 2018 and 2017, are as follows:

	(in thousands)
	Year Ended	Transition Period Ended	Year Ended April 30,
	December 31, 2019	December 31, 2018	2018	2017
Balance at beginning of year	—	—	—	$	51,681
Additions during year
Unimproved land moved to development in progress	—	—	—	—
Improvements and other	—	—	—	7,762
Deductions during year
Development placed in service (2)	—	—	—	(59,443		)
Balance at close of year	—	—	—	—

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

December 31, 2019

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

Reconciliations of unimproved land for the year ended December 31, 2019, the transition period ended December 31, 2018 and the fiscal years ended April 30, 2018 and 2017 are as follows: 

				(in thousands)
	Year Ended			Transition Period Ended			Year Ended April 30,
	December 31, 2019			December 31, 2018			2018			2017
Balance at beginning of year	$	5,301		$	11,476		$	18,455		$	20,939
Additions during year
Improvements and other	—			—			—			1,024
Deductions during year
Cost of real estate sold	(3,925		)	(4,954		)	(1,000		)	—
Impairment charge	—			(1,221		)	(2,617		)	(3,508		)
Properties classified as held for sale during the year	—			—			(3,288		)	—
Unimproved land moved to development in progress	—			—			—			—
Other (1)	—			—			(74		)	—
Balance at close of year	1,376			5,301			11,476			18,455
Total real estate investments, excluding mortgage notes receivable (3)	$	1,295,331		$	1,279,066		$	1,369,916		$	1,121,385

(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 $1.3 billion, $1.2 billion, $1.5 billion and $1.4 billion at December 31, 2019, December 31, 2018, April 30, 2018, and April 30, 2017, respectively.