North Dakota
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0-14851
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45-0311232
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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3015 16th Street SW, Suite 100
Minot, ND 58701
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(Address of principal executive offices, including zip code)
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□
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Written communications pursuant to Rule 425 under the Securities Act
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□
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act
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□
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
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□
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
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(d)
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Exhibits
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Exhibit
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Number
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Description
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23.1
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Consent of Deloitte & Touche LLP
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Updated financial information for the fiscal year ended April 30, 2010 recast for discontinued operations for the fiscal years ended April 30, 2010, 2009 and 2008 (and 2007 and 2006 for Item 6 only):
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99.1
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Item 6: Selected Financial Data
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99.2
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Item 7: Management’s Discussion and Analysis
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99.3
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Item 8: Financial Statements and Supplementary Data and Item 15: Financial Statements Schedules
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99.4
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Calculation of Ratio of Earnings to Fixed Charges and Earnings to Combined Fixed Charges and Preferred Share Distributions
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INVESTORS REAL ESTATE TRUST
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By: /s/ Timothy P. Mihalick
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Timothy P. Mihalick
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President & Chief Executive Officer
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(in thousands, except per share data)
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||||||||||||||||||||
2010
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2009
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2008
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2007
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2006
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||||||||||||||||
Consolidated Income Statement Data
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||||||||||||||||||||
Revenue
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$ | 231,511 | $ | 228,516 | $ | 209,674 | $ | 186,666 | $ | 159,731 | ||||||||||
Gain on sale of real estate, land, and other investments
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$ | 68 | $ | 54 | $ | 556 | $ | 4,602 | $ | 3,293 | ||||||||||
Income from continuing operations
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$ | 5,215 | $ | 10,447 | $ | 14,516 | $ | 14,392 | $ | 11,823 | ||||||||||
(Loss) income from discontinued operations
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$ | (630 | ) | $ | (266 | ) | $ | 1,113 | $ | 3,991 | $ | 2,933 | ||||||||
Net income
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$ | 4,585 | $ | 10,713 | $ | 15,629 | $ | 18,383 | $ | 14,756 | ||||||||||
Net income attributable to noncontrolling interests – Operating Partnership
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$ | (562 | ) | $ | (2,227 | ) | $ | (3,677 | ) | $ | (4,299 | ) | $ | (2,705 | ) | |||||
Net income attributable to Investors Real Estate Trust
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$ | 4,001 | $ | 8,526 | $ | 12,088 | $ | 14,110 | $ | 11,567 | ||||||||||
Consolidated Balance Sheet Data
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||||||||||||||||||||
Total real estate investments
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$ | 1,500,889 | $ | 1,472,575 | $ | 1,456,178 | $ | 1,316,534 | $ | 1,126,400 | ||||||||||
Total assets
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$ | 1,660,930 | $ | 1,605,091 | $ | 1,618,026 | $ | 1,435,389 | $ | 1,207,315 | ||||||||||
Mortgages payable
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$ | 1,057,619 | $ | 1,070,158 | $ | 1,063,858 | $ | 951,139 | $ | 765,890 | ||||||||||
Total Investors Real Estate Trust shareholders’ equity
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$ | 409,523 | $ | 333,009 | $ | 344,074 | $ | 284,810 | $ | 289,422 | ||||||||||
Consolidated Per Common Share Data
(basic and diluted)
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||||||||||||||||||||
Income from continuing operations - Investors Real Estate Trust
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$ | .04 | $ | .10 | $ | .17 | $ | .18 | $ | .15 | ||||||||||
(Loss) income from discontinued operations - Investors Real Estate Trust
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$ | (.01 | ) | $ | .01 | $ | .01 | $ | .06 | $ | .05 | |||||||||
Net income
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$ | .03 | $ | .11 | $ | .18 | $ | .24 | $ | .20 | ||||||||||
Distributions
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$ | .68 | $ | .68 | $ | .67 | $ | .66 | $ | .65 |
CALENDAR YEAR
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2009
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2008
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2007
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2006
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2005
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Tax status of distributions
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|||||
Capital gain
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0.09%
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0.00%
|
1.49%
|
1.22%
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16.05%
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Ordinary income
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39.17%
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53.43%
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51.69%
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42.01%
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41.48%
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Return of capital
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60.74%
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46.57%
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46.82%
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56.77%
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42.47%
|
|
•
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67 commercial office properties containing approximately 5.0 million square feet of leasable space and having a total real estate investment amount net of accumulated depreciation of $494.3 million;
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•
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54 commercial medical properties (including senior housing) containing approximately 2.6 million square feet of leasable space and having a total real estate investment amount net of accumulated depreciation of $376.6 million;
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•
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19 commercial industrial properties containing approximately 3.0 million square feet of leasable space and having a total real estate investment amount net of accumulated depreciation of $97.8 million; and
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•
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33 commercial retail properties containing approximately 1.4 million square feet of leasable space and having a total real estate investment amount net of accumulated depreciation of $96.3 million.
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•
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Base Rents - income arising from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis, which includes the effects of rent increases and abated rent under the leases. Certain leases provide for tenant occupancy during periods for which no rent is due or where minimum rent payments increase during the term of the lease. Rental revenue is recorded for the full term of each lease on a straight-line basis. Accordingly, the Company records a receivable from tenants for rents that it expects to collect over the remaining lease term as deferred rents receivable. When the Company acquires a property, the term of the existing leases is considered to commence as of the acquisition date for the purposes of this calculation. Revenue recognition is considered to be critical because the evaluation of the reliability of such deferred rents receivable involves management's assumptions relating to such tenant's viability.
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•
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Percentage Rents - income arising from retail tenant leases which are contingent upon the sales of the tenant exceeding a defined threshold. These rents are recognized only after the contingency has been removed (i.e., sales thresholds have been achieved).
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•
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Expense Reimbursement Income – revenue arising from tenant leases, which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred.
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(in thousands)
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||||
Rent in Fiscal 2010 from 9 properties acquired in fiscal year 2009 in excess of that received in 2009 from the same 9 properties
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$ | 2,234 | ||
Rent from 10 properties acquired in fiscal year 2010
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4,243 | |||
Decrease in rental income on stabilized properties due primarily to a decrease in occupancy in all segments
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(3,482 | ) | ||
$ | 2,995 |
(in thousands)
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||||
Rent from 24 properties acquired in fiscal year 2008 in excess of that received in 2008 from the same 24 properties
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$ | 15,431 | ||
Rent from 9 properties acquired in fiscal year 2009
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2,093 | |||
Increase in rental income on stabilized properties due primarily to increase in rents in our multi-family residential and commercial medical segments
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1,318 | |||
$ | 18,842 |
(in thousands)
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||||||||||||||||||||||||
Year Ended April 30, 2010
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Multi-Family
Residential
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Commercial
Office
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Commercial
Medical
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Commercial
Industrial
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Commercial
Retail
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All Segments
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||||||||||||||||||
Real estate revenue
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$ | 65,478 | $ | 82,079 | $ | 57,439 | $ | 13,095 | $ | 13,420 | $ | 231,511 | ||||||||||||
Real estate expenses
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||||||||||||||||||||||||
Utilities
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6,303 | 7,188 | 2,937 | 185 | 488 | 17,101 | ||||||||||||||||||
Maintenance
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9,549 | 11,127 | 4,210 | 738 | 1,348 | 26,972 | ||||||||||||||||||
Real estate taxes
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6,316 | 14,150 | 5,046 | 2,550 | 2,148 | 30,210 | ||||||||||||||||||
Insurance
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1,664 | 1,051 | 479 | 224 | 197 | 3,615 | ||||||||||||||||||
Property management
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8,783 | 3,317 | 5,232 | 424 | 637 | 18,393 | ||||||||||||||||||
Total real estate expenses
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$ | 32,615 | $ | 36,833 | $ | 17,904 | $ | 4,121 | $ | 4,818 | $ | 96,291 | ||||||||||||
Gain on involuntary conversion
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1,660 | 0 | 0 | 0 | 0 | 1,660 | ||||||||||||||||||
Net operating income
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$ | 34,523 | $ | 45,246 | $ | 39,535 | $ | 8,974 | $ | 8,602 | $ | 136,880 | ||||||||||||
Stabilized net operating income
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$ | 30,974 | $ | 45,301 | $ | 37,196 | $ | 8,355 | $ | 8,602 | $ | 130,428 | ||||||||||||
Non-stabilized net operating income
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3,549 | (55 | ) | 2,339 | 619 | 0 | 6,452 | |||||||||||||||||
Total net operating income
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$ | 34,523 | $ | 45,246 | $ | 39,535 | $ | 8,974 | $ | 8,602 | $ | 136,880 |
(in thousands)
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||||||||||||||||||||||||
Year Ended April 30, 2009
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Multi-Family
Residential
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Commercial
Office
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Commercial
Medical
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Commercial
Industrial
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Commercial
Retail
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All Segments
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||||||||||||||||||
Real estate revenue
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$ | 65,632 | $ | 83,446 | $ | 52,547 | $ | 12,488 | $ | 14,403 | $ | 228,516 | ||||||||||||
Real estate expenses
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||||||||||||||||||||||||
Utilities
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6,861 | 7,851 | 2,859 | 93 | 448 | 18,112 | ||||||||||||||||||
Maintenance
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9,084 | 11,287 | 4,046 | 566 | 1,448 | 26,431 | ||||||||||||||||||
Real estate taxes
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6,654 | 13,850 | 4,515 | 1,878 | 2,180 | 29,077 | ||||||||||||||||||
Insurance
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1,089 | 1,003 | 419 | 171 | 182 | 2,864 | ||||||||||||||||||
Property management
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7,627 | 3,653 | 4,207 | 434 | 807 | 16,728 | ||||||||||||||||||
Total real estate expenses
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$ | 31,315 | $ | 37,644 | $ | 16,046 | $ | 3,142 | $ | 5,065 | $ | 93,212 | ||||||||||||
Net operating income
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$ | 34,317 | $ | 45,802 | $ | 36,501 | $ | 9,346 | $ | 9,338 | $ | 135,304 | ||||||||||||
Stabilized net operating income
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$ | 33,356 | $ | 45,713 | $ | 35,929 | $ | 9,228 | $ | 9,338 | $ | 133,564 | ||||||||||||
Non-stabilized net operating income
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961 | 89 | 572 | 118 | 0 | 1,740 | ||||||||||||||||||
Total net operating income
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$ | 34,317 | $ | 45,802 | $ | 36,501 | $ | 9,346 | $ | 9,338 | $ | 135,304 |
(in thousands)
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||||||||||||||||||||||||
Year Ended April 30, 2008
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Multi-Family
Residential
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Commercial
Office
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Commercial
Medical
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Commercial
Industrial
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Commercial
Retail
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All Segments
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||||||||||||||||||
Real estate revenue
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$ | 61,679 | $ | 84,042 | $ | 38,409 | $ | 11,511 | $ | 14,033 | $ | 209,674 | ||||||||||||
Real estate expenses
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||||||||||||||||||||||||
Utilities
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6,595 | 7,743 | 2,111 | 131 | 420 | 17,000 | ||||||||||||||||||
Maintenance
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8,540 | 10,522 | 2,757 | 542 | 1,108 | 23,469 | ||||||||||||||||||
Real estate taxes
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6,242 | 13,140 | 2,977 | 1,308 | 2,142 | 25,809 | ||||||||||||||||||
Insurance
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985 | 901 | 257 | 132 | 169 | 2,444 | ||||||||||||||||||
Property management
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7,459 | 3,900 | 1,654 | 352 | 427 | 13,792 | ||||||||||||||||||
Total real estate expenses
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$ | 29,821 | $ | 36,206 | $ | 9,756 | $ | 2,465 | $ | 4,266 | $ | 82,514 | ||||||||||||
Net operating income
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$ | 31,858 | $ | 47,836 | $ | 28,653 | $ | 9,046 | $ | 9,767 | $ | 127,160 | ||||||||||||
Stabilized net operating income
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$ | 31,000 | $ | 47,536 | $ | 26,906 | $ | 7,460 | $ | 9,767 | $ | 122,669 | ||||||||||||
Non-stabilized net operating income
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858 | 300 | 1,747 | 1,586 | 0 | 4,491 | ||||||||||||||||||
Total net operating income
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$ | 31,858 | $ | 47,836 | $ | 28,653 | $ | 9,046 | $ | 9,767 | $ | 127,160 |
(in thousands)
|
||||
A decrease in net income attributable to noncontrolling interests - Operating Partnership
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$ | 1,665 | ||
An increase in gain on involuntary conversion
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1,660 | |||
An increase in other income
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41 | |||
These increases were offset by:
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||||
An increase in depreciation/amortization expense related to real estate investments
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(2,719 | ) | ||
An increase in other expenses, administrative, advisory and trustee services
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(2,409 | ) | ||
An increase in loss from discontinued operations
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(896 | ) | ||
An increase in impairment of real estate investment
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(708 | ) | ||
An increase in interest expense primarily due to debt placed on new acquisitions
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(651 | ) | ||
An increase in amortization related to non-real estate investments
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(302 | ) | ||
A decrease in net operating income primarily due to vacancy on stabilized properties
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(84 | ) | ||
A decrease in interest income
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(60 | ) | ||
A decrease in net loss attributable to noncontrolling interests - consolidated real estate entities
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(62 | ) | ||
Total decrease in fiscal 2010 net income available to common shareholders
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$ | (4,525 | ) |
(in thousands)
|
||||
An increase in net operating income primarily due to new acquisitions
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$ | 8,144 | ||
A decrease in net income attributable to noncontrolling interests - Operating Partnership
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1,450 | |||
A decrease in other expenses, administrative, advisory and trustee services
|
225 | |||
These increases were offset by:
|
||||
An increase in interest expense primarily due to debt placed on new acquisitions
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(5,394 | ) | ||
An increase in depreciation/amortization expense related to real estate investments
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(4,573 | ) | ||
A decrease in interest income
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(1,486 | ) | ||
A decrease in income from discontinued operations
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(847 | ) | ||
An increase in amortization related to non-real estate investments
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(592 | ) | ||
A decrease in other income
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(351 | ) | ||
A decrease in net loss attributable to noncontrolling interests - consolidated real estate entities
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(96 | ) | ||
A decrease in gain on sale of other investments
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(42 | ) | ||
Total decrease in fiscal 2009 net income available to common shareholders
|
$ | (3,562 | ) |
•
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Physical Occupancy. During fiscal year 2010, physical occupancy levels at our properties on an all properties basis decreased over year-earlier levels in four of our five reportable segments (multi-family, commercial office, commercial industrial and commercial retail), and increased slightly in our commercial medical segment. Physical occupancy rates on a stabilized property basis for the fiscal year ended April 30, 2010 decreased in all of our reportable segments compared to the fiscal year ended April 30, 2009, and are shown below:
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Stabilized Properties
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All Properties
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|||||||||||||||
Fiscal Year Ended April 30,
|
Fiscal Year Ended April 30,
|
|||||||||||||||
Segments
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2010
|
2009
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2010
|
2009
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||||||||||||
Multi-Family Residential
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89.6 | % | 93.6 | % | 89.7 | % | 93.4 | % | ||||||||
Commercial Office
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84.2 | % | 87.4 | % | 83.4 | % | 87.5 | % | ||||||||
Commercial Medical
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94.5 | % | 95.6 | % | 95.1 | % | 95.0 | % | ||||||||
Commercial Industrial
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90.3 | % | 96.9 | % | 90.7 | % | 97.0 | % | ||||||||
Commercial Retail
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82.8 | % | 84.7 | % | 82.8 | % | 84.7 | % |
•
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Concessions. Our overall level of tenant concessions decreased for the fiscal year ended April 30, 2010 compared to the year-earlier period. To maintain or increase physical occupancy levels at our properties, we may offer tenant incentives, generally in the form of lower or abated rents, which results in decreased revenues and income from operations at our properties. Rent concessions offered during the fiscal year ended April 30, 2010 and 2009 lowered our operating revenues by approximately $2.4 million.
|
(in thousands)
|
||||||||||||
Fiscal Year Ended April 30,
|
||||||||||||
2010
|
2009
|
Change
|
||||||||||
Multi-Family Residential
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$ | 1,152 | $ | 1,085 | $ | 67 | ||||||
Commercial Office
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747 | 1,036 | (289 | ) | ||||||||
Commercial Medical
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381 | 34 | 347 | |||||||||
Commercial Industrial
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99 | 220 | (121 | ) | ||||||||
Commercial Retail
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27 | 44 | (17 | ) | ||||||||
Total
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$ | 2,406 | $ | 2,419 | $ | (13 | ) |
•
|
Increased Maintenance Expense. Maintenance expenses totaled $27.0 million in fiscal year 2010, compared to $26.4 million in fiscal year 2009. Maintenance expenses at properties newly acquired in fiscal years 2010 and 2009 added approximately $421,000 to the maintenance expense category during fiscal year 2010, while maintenance expenses at existing properties increased by approximately $120,000, primarily for payroll and taxes and vehicle expenses at our multi-family residential segment resulting in a net increase of approximately $541,000 million or 2.0% in maintenance expenses in fiscal year 2010 compared to fiscal year 2009. Under the terms of most of our commercial leases, the full cost of maintenance is paid by the tenant as additional rent. For our noncommercial real estate properties, any increase in our maintenance costs must be collected from tenants in the form of general rent increases.
|
(in thousands)
|
||||||||||||||||||||||||
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
All Segments
|
|||||||||||||||||||
2010
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$ | 9,549 | $ | 11,127 | $ | 4,210 | $ | 738 | $ | 1,348 | $ | 26,972 | ||||||||||||
2009
|
$ | 9,084 | $ | 11,287 | $ | 4,046 | $ | 566 | $ | 1,448 | $ | 26,431 | ||||||||||||
Change
|
$ | 465 | $ | (160 | ) | $ | 164 | $ | 172 | $ | (100 | ) | $ | 541 | ||||||||||
% change (2010 vs. 2009)
|
5.1 | % | (1.4 | %) | 4.1 | % | 30.4 | % | (6.9 | %) | 2.0 | % | ||||||||||||
Stabilized
|
$ | 324 | $ | (186 | ) | $ | (90 | ) | $ | 172 | $ | (100 | ) | $ | 120 | |||||||||
Non-stabilized
|
$ | 141 | $ | 26 | $ | 254 | $ | 0 | $ | 0 | $ | 421 | ||||||||||||
Change
|
$ | 465 | $ | (160 | ) | $ | 164 | $ | 172 | $ | (100 | ) | $ | 541 |
•
|
Decreased Utility Expense. Utility expense totaled $17.1 million in fiscal year 2010, compared to $18.1 million in fiscal year 2009. Utility expenses at properties newly acquired in fiscal years 2010 and 2009 added $313,000 to the utility expense category during fiscal year 2010 (with our commercial medical segment
|
|
accounting for $311,000), while utility expenses at existing properties decreased by $1.3 million, primarily due in part to decreased heating costs compared to last year’s unseasonably cold temperatures and, to a lesser degree, decreased rates in fiscal year 2010 compared to fiscal year 2009’s higher fuel costs (notably in our commercial office segment with a decrease of $682,000), for a total decrease of $1.0 million or 5.6% in utility expenses in fiscal year 2010 compared to fiscal year 2009.
|
(in thousands)
|
||||||||||||||||||||||||
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
All Segments
|
|||||||||||||||||||
2010
|
$ | 6,303 | $ | 7,188 | $ | 2,937 | $ | 185 | $ | 488 | $ | 17,101 | ||||||||||||
2009
|
$ | 6,861 | $ | 7,851 | $ | 2,859 | $ | 93 | $ | 448 | $ | 18,112 | ||||||||||||
Change
|
$ | (558 | ) | $ | (663 | ) | $ | 78 | $ | 92 | $ | 40 | $ | (1,011 | ) | |||||||||
% change (2010 vs. 2009)
|
(8.1 | %) | (8.4 | %) | 2.7 | % | 98.9 | % | 8.9 | % | (5.6 | %) | ||||||||||||
Stabilized
|
$ | (542 | ) | $ | (682 | ) | $ | (233 | ) | $ | 93 | $ | 40 | $ | (1,324 | ) | ||||||||
Non-stabilized
|
$ | (16 | ) | $ | 19 | $ | 311 | $ | (1 | ) | $ | 0 | $ | 313 | ||||||||||
Change
|
$ | (558 | ) | $ | (663 | ) | $ | 78 | $ | 92 | $ | 40 | $ | (1,011 | ) |
•
|
Decreased Mortgage Interest Expense. Our mortgage interest expense decreased approximately $596,000, or 0.9%, to approximately $63.7 million during fiscal year 2010, compared to $64.3 million in fiscal year 2009. Mortgage interest expense for properties newly acquired in fiscal years 2010 and 2009 added $887,000 to our total mortgage interest expense in fiscal year 2010, while mortgage interest expense on existing properties decreased $1.5 million. Our overall weighted average interest rate on all outstanding mortgage debt was 6.17% as of April 30, 2010, compared to 6.30% as of April 30, 2009. Our mortgage debt decreased approximately $12.5 million, or 1.2%, to approximately $1.1 billion as of April 30, 2010, compared to April 30, 2009.
|
(in thousands)
|
||||||||||||||||||||||||
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
All Segments
|
|||||||||||||||||||
2010
|
$ | 16,540 | $ | 22,864 | $ | 17,023 | $ | 3,884 | $ | 3,392 | $ | 63,703 | ||||||||||||
2009
|
$ | 16,159 | $ | 23,658 | $ | 16,870 | $ | 3,743 | $ | 3,869 | $ | 64,299 | ||||||||||||
Change
|
$ | 381 | $ | (794 | ) | $ | 153 | $ | 141 | $ | (477 | ) | $ | (596 | ) | |||||||||
% change (2010 vs. 2009)
|
2.4 | % | (3.4 | %) | 0.9 | % | 3.8 | % | (12.3 | %) | (0.9 | %) | ||||||||||||
Stabilized
|
$ | 325 | $ | (794 | ) | $ | (457 | ) | $ | (80 | ) | $ | (477 | ) | $ | (1,483 | ) | |||||||
Non-stabilized
|
$ | 56 | $ | 0 | $ | 610 | $ | 221 | $ | 0 | $ | 887 | ||||||||||||
Change
|
$ | 381 | $ | (794 | ) | $ | 153 | $ | 141 | $ | (477 | ) | $ | (596 | ) |
•
|
Decreased Amortization Expense. The Company allocates a portion of the purchase price paid for properties to in-place lease intangible assets. The amortization period of these intangible assets is the term of the lease, rather than the estimated life of the buildings and improvements. The Company accordingly initially records additional amortization expense due to this shorter amortization period, which has the effect in the short term of decreasing the Company’s net income available to common shareholders, as computed in accordance with GAAP. Amortization expense related to in-places leases totaled $8.6 million in fiscal year 2010, compared to $10.2 million in fiscal year 2009. The decrease in amortization expense in fiscal year 2010 compared to fiscal year 2009 was primarily due to prior years’ acquisitions becoming completely amortized.
|
•
|
Increased Real Estate Tax Expense. Real estate taxes on properties newly acquired in fiscal years 2010 and 2009 added $192,000 to real estate tax expense (with our commercial industrial segment accounting for $161,000), while real estate taxes on existing properties increased by approximately $941,000, for a total increase of $1.1 million or 3.9% in real estate tax expense in fiscal year 2010 compared to fiscal year 2009, from $29.1 million to $30.2 million. The increase in real estate taxes was primarily due to higher value
|
|
assessments or increased tax levies on our stabilized properties.
|
(in thousands)
|
||||||||||||||||||||||||
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
All Segments
|
|||||||||||||||||||
2010
|
$ | 6,316 | $ | 14,150 | $ | 5,046 | $ | 2,550 | $ | 2,148 | $ | 30,210 | ||||||||||||
2009
|
$ | 6,654 | $ | 13,850 | $ | 4,515 | $ | 1,878 | $ | 2,180 | $ | 29,077 | ||||||||||||
Change
|
$ | (338 | ) | $ | 300 | $ | 531 | $ | 672 | $ | (32 | ) | $ | 1,133 | ||||||||||
% change (2010 vs. 2009)
|
(5.1 | %) | 2.2 | % | 11.8 | % | 35.8 | % | (1.5 | %) | 3.9 | % | ||||||||||||
Stabilized
|
$ | (212 | ) | $ | 262 | $ | 412 | $ | 511 | $ | (32 | ) | $ | 941 | ||||||||||
Non-stabilized
|
$ | (126 | ) | $ | 38 | $ | 119 | $ | 161 | $ | 0 | $ | 192 | |||||||||||
Change
|
$ | (338 | ) | $ | 300 | $ | 531 | $ | 672 | $ | (32 | ) | $ | 1,133 |
•
|
Increased Insurance Expense. Insurance expense increased in fiscal year 2010 compared to fiscal year 2009, from $2.9 million to $3.6 million, an increase of approximately 26.2%. Insurance expense at properties newly-acquired in fiscal years 2010 and 2009 added approximately $99,000 to insurance expense, while insurance expense at existing properties increased by approximately $652,000, for an increase of approximately $751,000 in insurance expense in fiscal year 2010 compared to fiscal year 2009. The increase in insurance expense at stabilized properties is due to an increase in premiums, most notably in our multi-family residential segment of $531,000.
|
(in thousands)
|
||||||||||||||||||||||||
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
All Segments
|
|||||||||||||||||||
2010
|
$ | 1,664 | $ | 1,051 | $ | 479 | $ | 224 | $ | 197 | $ | 3,615 | ||||||||||||
2009
|
$ | 1,089 | $ | 1,003 | $ | 419 | $ | 171 | $ | 182 | $ | 2,864 | ||||||||||||
Change
|
$ | 575 | $ | 48 | $ | 60 | $ | 53 | $ | 15 | $ | 751 | ||||||||||||
% change (2010 vs. 2009)
|
52.8 | % | 4.8 | % | 14.3 | % | 31.0 | % | 8.2 | % | 26.2 | % | ||||||||||||
Stabilized
|
$ | 531 | $ | 39 | $ | 20 | $ | 47 | $ | 15 | $ | 652 | ||||||||||||
Non-stabilized
|
$ | 44 | $ | 9 | $ | 40 | $ | 6 | $ | 0 | $ | 99 | ||||||||||||
Change
|
$ | 575 | $ | 48 | $ | 60 | $ | 53 | $ | 15 | $ | 751 |
|
•
|
Increased Property Management Expense. Property management expense increased in fiscal year 2010 compared to fiscal year 2009, from $16.7 million to $18.4 million, an increase of $1.7 million or approximately 10.0%. Property management expenses at properties newly acquired in fiscal years 2010 and 2009 added $2.4 million to the property management category during fiscal year 2010 (with our commercial medical segment accounting for $2.2 million) while property management expenses at existing properties decreased by $734,000 primarily as a result of a reduction in bad debt expense.
|
(in thousands)
|
||||||||||||||||||||||||
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
All Segments
|
|||||||||||||||||||
2010
|
$ | 8,783 | $ | 3,317 | $ | 5,232 | $ | 424 | $ | 637 | $ | 18,393 | ||||||||||||
2009
|
$ | 7,627 | $ | 3,653 | $ | 4,207 | $ | 434 | $ | 807 | $ | 16,728 | ||||||||||||
Change
|
$ | 1,156 | $ | (336 | ) | $ | 1,025 | $ | (10 | ) | $ | (170 | ) | $ | 1,665 | |||||||||
% change (2010 vs. 2009)
|
15.2 | % | (9.2 | %) | 24.4 | % | (2.3 | %) | (21.1 | %) | 10.0 | % | ||||||||||||
Stabilized
|
$ | 1,036 | $ | (362 | ) | $ | (1,213 | ) | $ | (25 | ) | $ | (170 | ) | $ | (734 | ) | |||||||
Non-stabilized
|
$ | 120 | $ | 26 | $ | 2,238 | $ | 15 | $ | 0 | $ | 2,399 | ||||||||||||
Change
|
$ | 1,156 | $ | (336 | ) | $ | 1,025 | $ | (10 | ) | $ | (170 | ) | $ | 1,665 |
•
|
Physical Occupancy. During fiscal year 2009, physical occupancy levels at our properties, on an all properties basis, decreased slightly over year-earlier levels in three of our five reportable segments (commercial office, commercial medical and commercial retail), and increased in our multi-family and commercial industrial segments. Physical occupancy rates on a stabilized property basis for the fiscal year ended April 30, 2009 compared to the fiscal year ended April 30, 2008 are shown below:
|
Stabilized Properties
|
All Properties
|
|||||||||||||||
Fiscal Year Ended April 30,
|
Fiscal Year Ended April 30,
|
|||||||||||||||
Segments
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Multi-Family Residential
|
93.5 | % | 93.1 | % | 93.4 | % | 92.0 | % | ||||||||
Commercial Office
|
87.0 | % | 89.3 | % | 87.5 | % | 89.4 | % | ||||||||
Commercial Medical
|
95.8 | % | 96.2 | % | 95.0 | % | 97.0 | % | ||||||||
Commercial Industrial
|
96.0 | % | 95.1 | % | 97.0 | % | 96.6 | % | ||||||||
Commercial Retail
|
84.7 | % | 86.4 | % | 84.7 | % | 86.4 | % |
•
|
Concessions. Our overall level of tenant concessions increased for the fiscal year ended April 30, 2009 compared to the year-earlier period. To maintain or increase physical occupancy levels at our properties, we may offer tenant incentives, generally in the form of lower or abated rents, which results in decreased revenues and income from operations at our properties. Rent concessions offered during the fiscal year ended April 30, 2009 lowered our operating revenues by approximately $2.4 million, as compared to an approximately $1.7 million reduction in operating revenues attributable to rent concessions offered in fiscal year 2008.
|
(in thousands)
|
||||||||||||
Fiscal Year Ended April 30,
|
||||||||||||
2009
|
2008
|
Change
|
||||||||||
Multi-Family Residential
|
$ | 1,085 | $ | 964 | $ | 121 | ||||||
Commercial Office
|
1,036 | 692 | 344 | |||||||||
Commercial Medical
|
34 | 34 | 0 | |||||||||
Commercial Industrial
|
220 | 0 | 220 | |||||||||
Commercial Retail
|
44 | 31 | 13 | |||||||||
Total
|
$ | 2,419 | $ | 1,721 | $ | 698 |
•
|
Increased Maintenance Expense. Maintenance expenses totaled $26.4 million in fiscal year 2009, compared to $23.5 million in fiscal year 2008. Maintenance expenses at properties newly acquired in fiscal years 2009 and 2008 added $1.4 million to the maintenance expense category during fiscal year 2009 (with our commercial medical segment accounting for $1.2 million), while maintenance expenses at existing properties increased by approximately $1.5 million, primarily for snow removal at our multi-family residential and commercial retail segments and building maintenance costs at our commercial office, commercial medical and commercial industrial segments, resulting in a net increase of $3.0 million or 12.6% in maintenance expenses in fiscal year 2009 compared to fiscal year 2008. Under the terms of most of our commercial leases, the full cost of maintenance is paid by the tenant as additional rent. For our noncommercial real estate properties, any increase in our maintenance costs must be collected from tenants in the form of general rent increase.
|
(in thousands)
|
||||||||||||||||||||||||
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
All Segments
|
|||||||||||||||||||
2009
|
$ | 9,084 | $ | 11,287 | $ | 4,046 | $ | 566 | $ | 1,448 | $ | 26,431 | ||||||||||||
2008
|
$ | 8,540 | $ | 10,522 | $ | 2,757 | $ | 542 | $ | 1,108 | $ | 23,469 | ||||||||||||
Change
|
$ | 544 | $ | 765 | $ | 1,289 | $ | 24 | $ | 340 | $ | 2,962 | ||||||||||||
% change (2009 vs. 2008)
|
6.4 | % | 7.3 | % | 46.8 | % | 4.4 | % | 30.7 | % | 12.6 | % | ||||||||||||
Stabilized
|
$ | 449 | $ | 572 | $ | 129 | $ | 29 | $ | 340 | $ | 1,519 | ||||||||||||
Non-stabilized
|
$ | 95 | $ | 193 | $ | 1,160 | $ | (5 | ) | $ | 0 | $ | 1,443 | |||||||||||
Change
|
$ | 544 | $ | 765 | $ | 1,289 | $ | 24 | $ | 340 | $ | 2,962 |
•
|
Increased Utility Expense. Utility expense totaled $18.1 million in fiscal year 2009, compared to $17.0 million in fiscal year 2008. Utility expenses at properties newly acquired in fiscal years 2009 and 2008 added $787,000 to the utility expense category during fiscal year 2009 (with our commercial medical segment accounting for $646,000), while utility expenses at existing properties increased by $325,000, primarily due to increased heating costs due to unseasonably cold temperatures and, to a lesser degree, increased rates from higher fuel costs, (notably in our multi-family residential segment with an increase of $154,000), for a total increase of $1.1 million or 6.5% in utility expenses in fiscal year 2009 compared to fiscal year 2008.
|
(in thousands)
|
||||||||||||||||||||||||
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
All Segments
|
|||||||||||||||||||
2009
|
$ | 6,861 | $ | 7,851 | $ | 2,859 | $ | 93 | $ | 448 | $ | 18,112 | ||||||||||||
2008
|
$ | 6,595 | $ | 7,743 | $ | 2,111 | $ | 131 | $ | 420 | $ | 17,000 | ||||||||||||
Change
|
$ | 266 | $ | 108 | $ | 748 | $ | (38 | ) | $ | 28 | $ | 1,112 | |||||||||||
% change (2009 vs. 2008)
|
4.0 | % | 1.4 | % | 35.4 | % | (29.0 | %) | 6.7 | % | 6.5 | % | ||||||||||||
Stabilized
|
$ | 154 | $ | 29 | $ | 102 | $ | 12 | $ | 28 | $ | 325 | ||||||||||||
Non-stabilized
|
$ | 112 | $ | 79 | $ | 646 | $ | (50 | ) | $ | 0 | $ | 787 | |||||||||||
Change
|
$ | 266 | $ | 108 | $ | 748 | $ | (38 | ) | $ | 28 | $ | 1,112 |
•
|
Increased Mortgage Interest Expense. Our mortgage interest expense increased approximately $5.4 million, or 9.1%, to approximately $64.3 million during fiscal year 2009, compared to $58.9 million in fiscal year 2008. Mortgage interest expense for properties newly acquired in fiscal years 2009 and 2008 added $5.2 million to our total mortgage interest expense in fiscal year 2009, while mortgage interest expense on existing properties increased $198,000. Our overall weighted average interest rate on all outstanding mortgage debt was 6.30% as of April 30, 2009, compared to 6.37% as of April 30, 2008. Our mortgage debt increased approximately $6.3 million, or 0.6%, to approximately $1.1 billion as of April 30, 2009, compared to April 30, 2008.
|
|
Mortgage interest expense by reportable segment for the fiscal years ended April 30, 2009 and 2008 was as follows:
|
(in thousands)
|
||||||||||||||||||||||||
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
All Segments
|
|||||||||||||||||||
2009
|
$ | 16,159 | $ | 23,658 | $ | 16,870 | $ | 3,743 | $ | 3,869 | $ | 64,299 | ||||||||||||
2008
|
$ | 15,997 | $ | 23,131 | $ | 12,351 | $ | 3,401 | $ | 4,065 | $ | 58,945 | ||||||||||||
Change
|
$ | 162 | $ | 527 | $ | 4,519 | $ | 342 | $ | (196 | ) | $ | 5,354 | |||||||||||
% change (2009 vs. 2008)
|
1.0 | % | 2.3 | % | 36.6 | % | 10.1 | % | (4.8 | %) | 9.1 | % | ||||||||||||
Stabilized
|
$ | (277 | ) | $ | (169 | ) | $ | 941 | $ | (101 | ) | $ | (196 | ) | $ | 198 | ||||||||
Non-stabilized
|
$ | 439 | $ | 696 | $ | 3,578 | $ | 443 | $ | 0 | $ | 5,156 | ||||||||||||
Change
|
$ | 162 | $ | 527 | $ | 4,519 | $ | 342 | $ | (196 | ) | $ | 5,354 |
•
|
Increased Amortization Expense. The Company allocates a portion of the purchase price paid for properties to in-place lease intangible assets. The amortization period of these intangible assets is the term of the lease, rather than the estimated life of the buildings and improvements. The Company accordingly initially records additional amortization expense due to this shorter amortization period, which has the effect in the short term of decreasing the Company’s net income available to common shareholders, as computed in accordance with GAAP. Amortization expense related to in-places leases totaled $10.2 million in fiscal year 2009, compared to $10.0 million in fiscal year 2008. The increase in amortization expense in fiscal year 2009 compared to fiscal year 2008 was primarily due to property acquisitions completed by the Company in fiscal year 2009.
|
•
|
Increased Real Estate Tax Expense. Real estate taxes on properties newly acquired in fiscal years 2009 and 2008 added $2.3 million to real estate tax expense (with our commercial medical segment accounting for $1.3 million), while real estate taxes on existing properties increased by approximately $964,000, for a total increase of $3.3 million or 12.7% in real estate tax expense in fiscal year 2009 compared to fiscal year 2008, from $25.8 million to $29.1 million. The increase in real estate taxes was primarily due to higher value assessments or increased tax levies on our stabilized properties.
|
(in thousands)
|
||||||||||||||||||||||||
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
All Segments
|
|||||||||||||||||||
2009
|
$ | 6,654 | $ | 13,850 | $ | 4,515 | $ | 1,878 | $ | 2,180 | $ | 29,077 | ||||||||||||
2008
|
$ | 6,242 | $ | 13,140 | $ | 2,977 | $ | 1,308 | $ | 2,142 | $ | 25,809 | ||||||||||||
Change
|
$ | 412 | $ | 710 | $ | 1,538 | $ | 570 | $ | 38 | $ | 3,268 | ||||||||||||
% change (2009 vs. 2008)
|
6.6 | % | 5.4 | % | 51.7 | % | 43.6 | % | 1.8 | % | 12.7 | % | ||||||||||||
Stabilized
|
$ | 72 | $ | 465 | $ | 199 | $ | 190 | $ | 38 | $ | 964 | ||||||||||||
Non-stabilized
|
$ | 340 | $ | 245 | $ | 1,339 | $ | 380 | $ | 0 | $ | 2,304 | ||||||||||||
Change
|
$ | 412 | $ | 710 | $ | 1,538 | $ | 570 | $ | 38 | $ | 3,268 |
•
|
Increased Insurance Expense. Insurance expense increased in fiscal year 2009 compared to fiscal year 2008, from $2.4 million to $2.9 million, an increase of approximately 17.2%. Insurance expense at properties newly-acquired in fiscal years 2009 and 2008 added approximately $180,000 to insurance expense, while insurance expense at existing properties increased by approximately $240,000, for an increase of approximately $420,000 in insurance expense in fiscal year 2009 compared to fiscal year 2008. The increase in insurance expense at stabilized properties was due to an increase in premiums.
|
(in thousands)
|
||||||||||||||||||||||||
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
All Segments
|
|||||||||||||||||||
2009
|
$ | 1,089 | $ | 1,003 | $ | 419 | $ | 171 | $ | 182 | $ | 2,864 | ||||||||||||
2008
|
$ | 985 | $ | 901 | $ | 257 | $ | 132 | $ | 169 | $ | 2,444 | ||||||||||||
Change
|
$ | 104 | $ | 102 | $ | 162 | $ | 39 | $ | 13 | $ | 420 | ||||||||||||
% change (2009 vs. 2008)
|
10.6 | % | 11.3 | % | 63.0 | % | 29.5 | % | 7.7 | % | 17.2 | % | ||||||||||||
Stabilized
|
$ | 69 | $ | 76 | $ | 74 | $ | 8 | $ | 13 | $ | 240 | ||||||||||||
Non-stabilized
|
$ | 35 | $ | 26 | $ | 88 | $ | 31 | $ | 0 | $ | 180 | ||||||||||||
Change
|
$ | 104 | $ | 102 | $ | 162 | $ | 39 | $ | 13 | $ | 420 |
•
|
Increased Property Management Expense. Property management expense increased in fiscal year 2009 compared to fiscal year 2008, from $13.8 million to $16.7 million, an increase of $2.9 million or approximately 21.3%. Of this increase, approximately $1.8 million is attributable to existing properties, while $1.2 million is due to properties acquired in fiscal years 2009 and 2008 (with our commercial medical segment accounting for $826,000). The increase at existing properties is primarily due to the increase in bad debt write-offs at our Fox River and Stevens Point projects in our commercial medical segment of $1.4 million and in our commercial retail segment of $279,000, offset by recoveries and decreased write-offs in our multi-family residential and commercial office segments compared to fiscal year 2008.
|
(in thousands)
|
||||||||||||||||||||||||
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
All Segments
|
|||||||||||||||||||
2009
|
$ | 7,627 | $ | 3,653 | $ | 4,207 | $ | 434 | $ | 807 | $ | 16,728 | ||||||||||||
2008
|
$ | 7,459 | $ | 3,900 | $ | 1,654 | $ | 352 | $ | 427 | $ | 13,792 | ||||||||||||
Change
|
$ | 168 | $ | (247 | ) | $ | 2,553 | $ | 82 | $ | 380 | $ | 2,936 | |||||||||||
% change (2009 vs. 2008)
|
2.3 | % | (6.3 | %) | 154.4 | % | 23.3 | % | 89.0 | % | 21.3 | % | ||||||||||||
Stabilized
|
$ | (43 | ) | $ | (300 | ) | $ | 1,727 | $ | 7 | $ | 380 | $ | 1,771 | ||||||||||
Non-stabilized
|
$ | 211 | $ | 53 | $ | 826 | $ | 75 | $ | 0 | $ | 1,165 | ||||||||||||
Change
|
$ | 168 | $ | (247 | ) | $ | 2,553 | $ | 82 | $ | 380 | $ | 2,936 |
(in thousands)
|
||||||||||||||||||||||||
Fiscal Years Ended April 30
|
2010
|
%
|
2009
|
%
|
2008
|
%
|
||||||||||||||||||
Real Estate Investments – (cost)
|
||||||||||||||||||||||||
Multi-Family Residential
|
$ | 556,867 | 30.9 | % | $ | 542,547 | 31.4 | % | $ | 510,697 | 31.0 | % | ||||||||||||
Commercial Office
|
582,943 | 32.4 | % | 571,565 | 33.0 | % | 556,712 | 33.8 | % | |||||||||||||||
Commercial Medical
|
430,229 | 23.9 | % | 388,219 | 22.4 | % | 359,986 | 21.8 | % | |||||||||||||||
Commercial Industrial
|
113,249 | 6.3 | % | 108,103 | 6.3 | % | 104,060 | 6.3 | % | |||||||||||||||
Commercial Retail
|
117,231 | 6.5 | % | 119,151 | 6.9 | % | 116,804 | 7.1 | % | |||||||||||||||
Total
|
$ | 1,800,519 | 100 | % | $ | 1,729,585 | 100 | % | $ | 1,648,259 | 100 | % | ||||||||||||
Net Operating Income
|
||||||||||||||||||||||||
Multi-Family Residential
|
$ | 34,523 | 25.2 | % | $ | 34,317 | 25.4 | % | $ | 31,858 | 25.1 | % | ||||||||||||
Commercial Office
|
45,246 | 33.0 | % | 45,802 | 33.8 | % | 47,836 | 37.6 | % | |||||||||||||||
Commercial Medical
|
39,535 | 28.9 | % | 36,501 | 27.0 | % | 28,653 | 22.5 | % | |||||||||||||||
Commercial Industrial
|
8,974 | 6.6 | % | 9,346 | 6.9 | % | 9,046 | 7.1 | % | |||||||||||||||
Commercial Retail
|
8,602 | 6.3 | % | 9,338 | 6.9 | % | 9,767 | 7.7 | % | |||||||||||||||
Total
|
$ | 136,880 | 100.0 | % | $ | 135,304 | 100.0 | % | $ | 127,160 | 100.0 | % |
Fiscal Year of Lease Expiration
|
Square Footage of
Expiring Leases
|
Percentage of Total
Commercial Segments
Leased Square Footage
|
Annualized Base
Rent of Expiring
Leases at Expiration
|
Percentage of Total
Commercial Segments
Annualized Base Rent
|
||||||||||||
2011
|
1,935,029 | 19.5 | % | $ | 14,141,211 | 12.8 | % | |||||||||
2012
|
1,511,063 | 15.2 | % | 14,464,586 | 13.0 | % | ||||||||||
2013
|
875,328 | 8.8 | % | 10,234,475 | 9.2 | % | ||||||||||
2014
|
968,127 | 9.7 | % | 12,251,369 | 11.1 | % | ||||||||||
2015
|
654,077 | 6.6 | % | 6,377,097 | 5.8 | % | ||||||||||
2016
|
860,698 | 8.7 | % | 8,285,183 | 7.5 | % | ||||||||||
2017
|
727,390 | 7.3 | % | 10,556,046 | 9.5 | % | ||||||||||
2018
|
283,074 | 2.8 | % | 4,642,426 | 4.2 | % | ||||||||||
2019
|
520,518 | 5.2 | % | 6,762,778 | 6.1 | % | ||||||||||
2020
|
308,474 | 3.1 | % | 3,012,911 | 2.7 | % | ||||||||||
Thereafter
|
1,300,897 | 13.1 | % | 20,095,598 | 18.1 | % | ||||||||||
Totals
|
9,944,675 | 100.0 | % | $ | 110,823,680 | 100.0 | % |
(in thousands)
|
|
Lessee
|
% of Total Commercial
Segments Minimum
Rents as of April 30, 2010
|
Affiliates of Edgewood Vista
|
9.9%
|
St. Lukes Hospital of Duluth, Inc.
|
3.5%
|
Fairview Health
|
2.5%
|
Applied Underwriters
|
2.2%
|
Best Buy Co., Inc. (NYSE: BBY)
|
1.9%
|
HealthEast Care System
|
1.7%
|
USG Corp.
|
1.6%
|
Smurfit - Stone Container (Nasdaq: SSCC)
|
1.5%
|
Microsoft (Nasdaq: MSFT)
|
1.4%
|
Nebraska Orthopaedic Hospital
|
1.3%
|
All Others
|
72.5%
|
Total Monthly Rent as of April 30, 2010
|
100.0%
|
(in thousands)
|
||||||||||||||||
Acquisitions
|
Land
|
Building
|
Intangible
Assets
|
Acquisition
Cost
|
||||||||||||
Multi-Family Residential
|
||||||||||||||||
16-unit Northern Valley Apartments - Rochester, MN
|
$ | 110 | $ | 610 | $ | 0 | $ | 720 | ||||||||
48-unit Crown Apartments - Rochester, MN
|
261 | 3,289 | 0 | 3,550 | ||||||||||||
371 | 3,899 | 0 | 4,270 | |||||||||||||
Commercial Office
|
||||||||||||||||
15,000 sq. ft. Minot 2505 16th Street SW - Minot, ND
|
372 | 1,724 | 304 | 2,400 | ||||||||||||
372 | 1,724 | 304 | 2,400 | |||||||||||||
Commercial Medical
|
||||||||||||||||
65,160 sq. ft. Casper 1930 E. 12th Street (Park Place) - Casper, WY
|
439 | 5,780 | 1,120 | 7,339 | ||||||||||||
35,629 sq. ft. Casper 3955 E. 12th Street (Meadow Wind) - Casper, WY
|
338 | 5,881 | 1,120 | 7,339 | ||||||||||||
47,509 sq. ft. Cheyenne 4010 N. College Drive (Aspen Wind) - Cheyenne, WY
|
628 | 9,869 | 1,960 | 12,457 | ||||||||||||
54,072 sq. ft. Cheyenne 4606 N. College Drive (Sierra Hills) - Cheyenne, WY
|
695 | 7,455 | 1,410 | 9,560 | ||||||||||||
35,629 sq. ft. Laramie 1072 N. 22nd Street (Spring Wind) - Laramie, WY
|
406 | 6,634 | 1,265 | 8,305 | ||||||||||||
2,506 | 35,619 | 6,875 | 45,000 | |||||||||||||
Commercial Industrial
|
||||||||||||||||
42,180 sq. ft. Clive 2075 NW 94th Street - Clive, IA
|
408 | 2,610 | 332 | 3,350 | ||||||||||||
408 | 2,610 | 332 | 3,350 | |||||||||||||
Unimproved Land
|
||||||||||||||||
Fargo 1320 45th Street N. - Fargo, ND
|
395 | 0 | 0 | 395 | ||||||||||||
395 | 0 | 0 | 395 | |||||||||||||
Total Property Acquisitions
|
$ | 4,052 | $ | 43,852 | $ | 7,511 | $ | 55,415 |
(in thousands)
|
||||||||||||||||
Acquisitions and Development Projects Placed in Service
|
Land
|
Building
|
Intangible
Assets
|
Acquisition Cost
|
||||||||||||
Multi-Family Residential
|
||||||||||||||||
33-unit Minot Westridge Apartments – Minot, ND
|
$ | 67 | $ | 1,887 | $ | 0 | $ | 1,954 | ||||||||
12-unit Minot Fairmont Apartments – Minot, ND
|
28 | 337 | 0 | 365 | ||||||||||||
4-unit Minot 4th Street Apartments – Minot, ND
|
15 | 74 | 0 | 89 | ||||||||||||
3-unit Minot 11th Street Apartments – Minot, ND
|
11 | 53 | 0 | 64 | ||||||||||||
36-unit Evergreen Apartments – Isanti, MN
|
380 | 2,720 | 0 | 3,100 | ||||||||||||
10-unit 401 S. Main Apartments – Minot, ND1
|
0 | 905 | 0 | 905 | ||||||||||||
71-unit IRET Corporate Plaza Apartments – Minot, ND2
|
0 | 10,824 | 0 | 10,824 | ||||||||||||
501 | 16,800 | 0 | 17,301 | |||||||||||||
Commercial Office
|
||||||||||||||||
22,500 sq. ft. Bismarck 715 E. Bdwy – Bismarck, ND
|
389 | 1,267 | 255 | 1,911 | ||||||||||||
50,360 sq. ft. IRET Corporate Plaza – Minot, ND2
|
0 | 3,896 | 0 | 3,896 | ||||||||||||
389 | 5,163 | 255 | 5,807 | |||||||||||||
Commercial Medical
|
||||||||||||||||
56,239 sq. ft. 2828 Chicago Avenue – Minneapolis, MN3
|
0 | 5,052 | 0 | 5,052 | ||||||||||||
31,643 sq. ft. Southdale Medical Expansion
(6545 France) – Edina, MN4
|
0 | 779 | 0 | 779 | ||||||||||||
0 | 5,831 | 0 | 5,831 | |||||||||||||
Commercial Industrial
|
||||||||||||||||
69,984 sq. ft. Minnetonka 13600 Cty Rd 62
– Minnetonka, MN
|
809 | 2,881 | 310 | 4,000 | ||||||||||||
809 | 2,881 | 310 | 4,000 | |||||||||||||
Unimproved Land
|
||||||||||||||||
Bismarck 2130 S. 12th Street – Bismarck, ND
|
576 | 0 | 0 | 576 | ||||||||||||
Bismarck 700 E. Main – Bismarck, ND
|
314 | 0 | 0 | 314 | ||||||||||||
890 | 0 | 0 | 890 | |||||||||||||
Total Property Acquisitions
|
$ | 2,589 | $ | 30,675 | $ | 565 | $ | 33,829 |
(1)
|
Development property placed in service November 10, 2008. Approximately $145,000 of this cost was incurred in the three months ended April 30, 2009. Additional costs incurred in fiscal year 2008 totaled approximately $14,000 for a total project cost at April 30, 2009 of approximately $919,000.
|
(2)
|
Development property placed in service January 19, 2009. Approximately $1.8 million of the residential cost and $563,000 of the commercial office 2 project cost at April 30, 2009 of $23.3 million.
|
(3)
|
Development property placed in service September 16, 2008. Approximately $800,000 of this cost was incurred in the three months ended January 31, 2009. Additional costs incurred in fiscal years 2008 and 2007 totaled $7.8 million for a total project cost at April 30, 2009 of $12.9 million.
|
(4)
|
Development property placed in service September 17, 2008. Approximately $364,000 of this cost was incurred in the three months ended January 31, 2009. Additional costs incurred in fiscal year 2008 totaled $5.4 million for a total project cost at April 30, 2009 of $6.2 million.
|
(in thousands)
|
||||||||||||
Dispositions
|
Sales Price
|
Book Value
and Sales Cost
|
Gain/(Loss)
|
|||||||||
Multi-Family Residential
|
||||||||||||
42 – unit Sweetwater Properties – Grafton, ND
|
$ | 450 | $ | 382 | $ | 68 | ||||||
Commercial Office
|
||||||||||||
10,126 sq ft. 12 South Main – Minot, ND
|
110 | 110 | 0 | |||||||||
Total Property Dispositions
|
$ | 560 | $ | 492 | $ | 68 |
(in thousands)
|
||||||||||||
Dispositions
|
Sales Price
|
Book Value
and Sales Cost
|
Gain/(Loss)
|
|||||||||
Multi-Family Residential
|
||||||||||||
1 - unit 408 1st Street SE – Minot, ND
|
$ | 70 | $ | 16 | $ | 54 | ||||||
Total Property Dispositions
|
$ | 70 | $ | 16 | $ | 54 |
(in thousands, except per share and unit amounts)
|
||||||||||||||||||||||||||||||||||||
Fiscal Years Ended April 30,
|
2010
|
2009
|
2008
|
|||||||||||||||||||||||||||||||||
Amount
|
Weighted Avg
Shares and
Units(2)
|
Per
Share
and
Unit(3)
|
Amount
|
Weighted Avg
Shares and
Units(2)
|
Per
Share
and
Unit(3)
|
Amount
|
Weighted Avg
Shares and
Units(2)
|
Per
Share
and
Unit(3)
|
||||||||||||||||||||||||||||
Net income attributable to Investors Real Estate Trust
|
$ | 4,001 | $ | $ | 8,526 | $ | $ | 12,088 | $ | |||||||||||||||||||||||||||
Less dividends to preferred shareholders
|
(2,372 | ) | (2,372 | ) | (2,372 | ) | ||||||||||||||||||||||||||||||
Net income available to common shareholders
|
1,629 | 69,093 | 0.03 | 6,154 | 58,603 | 0.11 | 9,716 | 53,060 | 0.18 | |||||||||||||||||||||||||||
Adjustments:
|
||||||||||||||||||||||||||||||||||||
Noncontrolling interests – Operating Partnership
|
562 | 20,825 | 2,227 | 21,217 | 3,677 | 20,417 | ||||||||||||||||||||||||||||||
Depreciation and amortization(1)
|
59,383 | 56,295 | 51,303 | |||||||||||||||||||||||||||||||||
Gains on depreciable property sales
|
(68 | ) | (54 | ) | (514 | ) | ||||||||||||||||||||||||||||||
Funds from operations applicable to common shares and Units
|
$ | 61,506 | 89,918 | $ | 0.69 | $ | 64,622 | 79,820 | $ | 0.81 | $ | 64,182 | 73,477 | $ | 0.87 |
(1)
|
Real estate depreciation and amortization consists of the sum of depreciation/amortization related to real estate investments and amortization related to non-real estate investments from the Consolidated Statements of Operations, totaling $57,455, $54,434 and $49,269 and depreciation/amortization from Discontinued Operations of $2,308, $2,280 and $2,296, less corporate-related depreciation and amortization on office equipment and other assets of $380, $419 and $262 for the fiscal year ended April 30, 2010, 2009 and 2008.
|
(2)
|
UPREIT Units of the Operating Partnership are exchangeable for common shares of beneficial interest on a one-for-one basis.
|
(3)
|
Net income is calculated on a per share basis. FFO is calculated on a per share and unit basis.
|
Fiscal Years
|
||||||||||||
Quarters
|
2010
|
2009
|
2008
|
|||||||||
First
|
$ | .1705 | $ | .1685 | $ | .1665 | ||||||
Second
|
.1710 | .1690 | .1670 | |||||||||
Third
|
.1715 | .1695 | .1675 | |||||||||
Fourth
|
.1715 | .1700 | .1680 | |||||||||
$ | .6845 | $ | .6770 | $ | .6690 |
(in thousands)
|
||||||||||||||||||||
Total
|
Less Than
1 Year
|
1-3 Years
|
3-5 Years
|
More than
5 Years
|
||||||||||||||||
Long-term debt (principal and interest)
|
$ | 1,423,621 | $ | 171,188 | $ | 270,035 | $ | 240,316 | $ | 742,082 | ||||||||||
Other Debt (principal and interest)
|
$ | 1,456 | $ | 60 | $ | 217 | $ | 205 | $ | 974 | ||||||||||
Operating Lease Obligations
|
$ | 25,461 | $ | 501 | $ | 1,000 | $ | 1,001 | $ | 22,959 | ||||||||||
Purchase Obligations
|
$ | 5,297 | $ | 5,297 | $ | 0 | $ | 0 | $ | 0 |
(in thousands)
|
||||||||
April 30, 2010
|
April 30, 2009
|
|||||||
ASSETS
|
||||||||
Real estate investments
|
||||||||
Property owned
|
$ | 1,800,519 | $ | 1,729,585 | ||||
Less accumulated depreciation
|
(308,626 | ) | (262,871 | ) | ||||
1,491,893 | 1,466,714 | |||||||
Development in progress
|
2,831 | 0 | ||||||
Unimproved land
|
6,007 | 5,701 | ||||||
Mortgage loans receivable, net of allowance of $3 and $3, respectively
|
158 | 160 | ||||||
Total real estate investments
|
1,500,889 | 1,472,575 | ||||||
Other assets
|
||||||||
Cash and cash equivalents
|
54,791 | 33,244 | ||||||
Marketable securities – available-for-sale
|
420 | 420 | ||||||
Receivable arising from straight-lining of rents, net of allowance of $912 and $842, respectively
|
17,320 | 16,012 | ||||||
Accounts receivable, net of allowance of $257 and $286, respectively
|
4,916 | 2,738 | ||||||
Real estate deposits
|
516 | 88 | ||||||
Prepaid and other assets
|
1,189 | 1,051 | ||||||
Intangible assets, net of accumulated amortization of $39,571 and $44,887, respectively
|
50,700 | 52,173 | ||||||
Tax, insurance, and other escrow
|
9,301 | 7,261 | ||||||
Property and equipment, net of accumulated depreciation of $924 and $957, respectively
|
1,392 | 1,015 | ||||||
Goodwill
|
1,388 | 1,392 | ||||||
Deferred charges and leasing costs, net of accumulated amortization of $13,131 and $11,010, respectively
|
18,108 | 17,122 | ||||||
TOTAL ASSETS
|
$ | 1,660,930 | $ | 1,605,091 | ||||
LIABILITIES AND EQUITY
|
||||||||
LIABILITIES
|
||||||||
Accounts payable and accrued expenses
|
$ | 38,514 | $ | 32,773 | ||||
Revolving lines of credit
|
6,550 | 5,500 | ||||||
Mortgages payable
|
1,057,619 | 1,070,158 | ||||||
Other
|
1,320 | 1,516 | ||||||
TOTAL LIABILITIES
|
1,104,003 | 1,109,947 | ||||||
COMMITMENTS AND CONTINGENCIES (NOTE 15)
|
||||||||
REDEEMABLE NONCONTROLLING INTERESTS – CONSOLIDATED REAL ESTATE ENTITIES
|
1,812 | 1,737 | ||||||
EQUITY
|
||||||||
Investors Real Estate Trust shareholder’s equity
|
||||||||
Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, 1,150,000 shares issued and outstanding at April 30, 2010 and April 30, 2009, aggregate liquidation preference of $28,750,000)
|
27,317 | 27,317 | ||||||
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 75,805,159 shares issued and outstanding at April 30, 2010, and 60,304,154 shares issued and outstanding at April 30, 2009)
|
583,618 | 461,648 | ||||||
Accumulated distributions in excess of net income
|
(201,412 | ) | (155,956 | ) | ||||
Total Investors Real Estate Trust shareholders’ equity
|
409,523 | 333,009 | ||||||
Noncontrolling interests – Operating Partnership (20,521,365 units at April 30, 2010 and 20,838,197 units at April 30, 2009)
|
134,970 | 148,199 | ||||||
Noncontrolling interests – consolidated real estate entities
|
10,622 | 12,199 | ||||||
Total equity
|
555,115 | 493,407 | ||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 1,660,930 | $ | 1,605,091 |
(in thousands, except per share data)
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
REVENUE
|
||||||||||||
Real estate rentals
|
$ | 186,517 | $ | 183,349 | $ | 168,532 | ||||||
Tenant reimbursement
|
44,994 | 45,167 | 41,142 | |||||||||
TOTAL REVENUE
|
231,511 | 228,516 | 209,674 | |||||||||
EXPENSES
|
||||||||||||
Depreciation/amortization related to real estate investments
|
55,093 | 52,374 | 47,801 | |||||||||
Utilities
|
17,101 | 18,112 | 17,000 | |||||||||
Maintenance
|
26,972 | 26,431 | 23,469 | |||||||||
Real estate taxes
|
30,210 | 29,077 | 25,809 | |||||||||
Insurance
|
3,615 | 2,864 | 2,444 | |||||||||
Property management expenses
|
18,393 | 16,728 | 13,792 | |||||||||
Administrative expenses
|
5,716 | 4,430 | 4,745 | |||||||||
Advisory and trustee services
|
502 | 452 | 458 | |||||||||
Other expenses
|
2,513 | 1,440 | 1,344 | |||||||||
Amortization related to non-real estate investments
|
2,362 | 2,060 | 1,468 | |||||||||
Impairment of real estate investments
|
708 | 0 | 0 | |||||||||
TOTAL EXPENSES
|
163,185 | 153,968 | 138,330 | |||||||||
Gain on involuntary conversion
|
1,660 | 0 | 0 | |||||||||
Interest expense
|
(65,665 | ) | (65,014 | ) | (59,620 | ) | ||||||
Interest income
|
539 | 599 | 2,085 | |||||||||
Other income
|
355 | 314 | 665 | |||||||||
Income from continuing operations before gain on sale of other investments
|
5,215 | 10,447 | 14,474 | |||||||||
Gain on sale of other investments
|
0 | 0 | 42 | |||||||||
Income from continuing operations
|
5,215 | 10,447 | 14,516 | |||||||||
(Loss) income from discontinued operations
|
(630 | ) | 266 | 1,113 | ||||||||
NET INCOME
|
4,585 | 10,713 | 15,629 | |||||||||
Net income attributable to noncontrolling interests – Operating Partnership
|
(562 | ) | (2,227 | ) | (3,677 | ) | ||||||
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities
|
(22 | ) | 40 | 136 | ||||||||
Net income attributable to Investors Real Estate Trust
|
4,001 | 8,526 | 12,088 | |||||||||
Dividends to preferred shareholders
|
(2,372 | ) | (2,372 | ) | (2,372 | ) | ||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS
|
$ | 1,629 | $ | 6,154 | $ | 9,716 | ||||||
Earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted
|
$ | .04 | $ | .10 | $ | .17 | ||||||
(Losses) earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted
|
(.01 | ) | .01 | .01 | ||||||||
NET INCOME PER COMMON SHARE – BASIC & DILUTED
|
$ | .03 | $ | .11 | $ | .18 |
(in thousands)
|
||||||||||||||||||||||||||||||||
NUMBER OF
PREFERRED
SHARES
|
PREFERRED
SHARES
|
NUMBER OF
COMMON
SHARES
|
COMMON
SHARES
|
ACCUMULATED
DISTRIBUTIONS
IN EXCESS OF
NET INCOME
|
ACCUMULATED
OTHER
COMPREHENSIVE
(LOSS)
|
NONCONTROLLING
INTERESTS
|
TOTAL
EQUITY
|
|||||||||||||||||||||||||
BALANCE APRIL 30, 2007
|
1,150 | $ | 27,317 | 48,570 | $ | 354,336 | $ | (96,827 | ) | $ | (16 | ) | $ | 168,554 | $ | 453,364 | ||||||||||||||||
Comprehensive Income
|
||||||||||||||||||||||||||||||||
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests
|
12,088 | 3,506 | 15,594 | |||||||||||||||||||||||||||||
Unrealized gain for the period on securities available-for-sale
|
16 | 16 | ||||||||||||||||||||||||||||||
Total comprehensive income
|
15,610 | |||||||||||||||||||||||||||||||
Distributions - common shares
|
(35,387 | ) | (13,503 | ) | (48,890 | ) | ||||||||||||||||||||||||||
Distributions - preferred shares
|
(2,372 | ) | (2,372 | ) | ||||||||||||||||||||||||||||
Distribution reinvestment plan
|
1,177 | 11,274 | 11,274 | |||||||||||||||||||||||||||||
Shares issued
|
6,934 | 66,679 | 66,679 | |||||||||||||||||||||||||||||
Partnership units issued
|
22,931 | 22,931 | ||||||||||||||||||||||||||||||
Redemption of units for common shares
|
1,052 | 7,753 | (7,753 | ) | 0 | |||||||||||||||||||||||||||
Adjustments to redeemable noncontrolling interests
|
(773 | ) | (773 | ) | ||||||||||||||||||||||||||||
Fractional shares repurchased
|
(1 | ) | (14 | ) | (14 | ) | ||||||||||||||||||||||||||
Other
|
(178 | ) | (178 | ) | ||||||||||||||||||||||||||||
BALANCE APRIL 30, 2008
|
1,150 | $ | 27,317 | 57,732 | $ | 439,255 | $ | (122,498 | ) | $ | 0 | $ | 173,557 | $ | 517,631 | |||||||||||||||||
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests
|
8,526 | 2,134 | 10,660 | |||||||||||||||||||||||||||||
Distributions - common shares
|
(39,612 | ) | (14,383 | ) | (53,995 | ) | ||||||||||||||||||||||||||
Distributions - preferred shares
|
(2,372 | ) | (2,372 | ) | ||||||||||||||||||||||||||||
Distribution reinvestment plan
|
1,186 | 11,385 | 11,385 | |||||||||||||||||||||||||||||
Shares issued
|
641 | 5,978 | 5,978 | |||||||||||||||||||||||||||||
Partnership units issued
|
3,730 | 3,730 | ||||||||||||||||||||||||||||||
Redemption of units for common shares
|
746 | 5,034 | (5,034 | ) | 0 | |||||||||||||||||||||||||||
Adjustments to redeemable noncontrolling interests
|
6 | 6 | ||||||||||||||||||||||||||||||
Fractional shares repurchased
|
(1 | ) | (10 | ) | (10 | ) | ||||||||||||||||||||||||||
Other
|
394 | 394 | ||||||||||||||||||||||||||||||
BALANCE APRIL 30, 2009
|
1,150 | $ | 27,317 | 60,304 | $ | 461,648 | $ | (155,956 | ) | $ | 0 | $ | 160,398 | $ | 493,407 | |||||||||||||||||
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests
|
4,001 | 524 | 4,525 | |||||||||||||||||||||||||||||
Distributions - common shares
|
(47,085 | ) | (14,261 | ) | (61,346 | ) | ||||||||||||||||||||||||||
Distributions - preferred shares
|
(2,372 | ) | (2,372 | ) | ||||||||||||||||||||||||||||
Distribution reinvestment plan
|
1,240 | 10,534 | 10,534 | |||||||||||||||||||||||||||||
Shares issued
|
13,555 | 108,421 | 108,421 | |||||||||||||||||||||||||||||
Partnership units issued
|
3,897 | 3,897 | ||||||||||||||||||||||||||||||
Redemption of units for common shares
|
707 | 3,755 | (3,755 | ) | 0 | |||||||||||||||||||||||||||
Adjustments to redeemable noncontrolling interests
|
(192 | ) | (192 | ) | ||||||||||||||||||||||||||||
Fractional shares repurchased
|
(1 | ) | (11 | ) | (11 | ) | ||||||||||||||||||||||||||
Other
|
(537 | ) | (1,211 | ) | (1,748 | ) | ||||||||||||||||||||||||||
BALANCE APRIL 30, 2010
|
1,150 | $ | 27,317 | 75,805 | $ | 583,618 | $ | (201,412 | ) | $ | 0 | $ | 145,592 | $ | 555,115 |
(in thousands)
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||
Net Income
|
$ | 4,585 | $ | 10,713 | $ | 15,629 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Depreciation and amortization
|
61,184 | 57,832 | 52,423 | |||||||||
Gain on sale of real estate, land and other investments
|
(68 | ) | (54 | ) | (556 | ) | ||||||
Gain on involuntary conversion
|
(1,660 | ) | 0 | 0 | ||||||||
Impairment of real estate investments
|
1,678 | 338 | 0 | |||||||||
Donation of real estate investments
|
450 | 0 | 0 | |||||||||
Bad debt expense
|
1,399 | 2,472 | 1,060 | |||||||||
Changes in other assets and liabilities:
|
||||||||||||
Increase in receivable arising from straight-lining of rents
|
(1,443 | ) | (2,403 | ) | (1,921 | ) | ||||||
Increase in accounts receivable
|
(3,371 | ) | (603 | ) | (1,754 | ) | ||||||
(Increase) decrease in prepaid and other assets
|
(138 | ) | (702 | ) | 219 | |||||||
(Increase) decrease in tax, insurance and other escrow
|
(2,040 | ) | 1,381 | (1,420 | ) | |||||||
Increase in deferred charges and leasing costs
|
(4,731 | ) | (5,686 | ) | (5,468 | ) | ||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities
|
5,567 | (3,153 | ) | 3,667 | ||||||||
Net cash provided by operating activities
|
61,412 | 60,135 | 61,879 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||
Proceeds from sale of marketable securities - available-for-sale
|
0 | 0 | 1,740 | |||||||||
Net (payments) proceeds of real estate deposits
|
(428 | ) | 1,291 | (644 | ) | |||||||
Principal proceeds on mortgage loans receivable
|
2 | 389 | 25 | |||||||||
Investment in mortgage loans receivable
|
0 | 0 | (167 | ) | ||||||||
Purchase of marketable securities - available-for-sale
|
0 | 0 | (54 | ) | ||||||||
Proceeds from sale of real estate - discontined operations
|
103 | 68 | 1,361 | |||||||||
Proceeds from sale of real estate and other investments
|
40 | 0 | 13 | |||||||||
Insurance proceeds received
|
1,395 | 2,962 | 837 | |||||||||
Payments for acquisitions and improvements of real estate investments
|
(80,069 | ) | (59,077 | ) | (148,364 | ) | ||||||
Net cash used by investing activities
|
(78,957 | ) | (54,367 | ) | (145,253 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||
Proceeds from mortgages payable
|
166,490 | 73,530 | 111,684 | |||||||||
Principal payments on mortgages payable
|
(180,482 | ) | (67,230 | ) | (45,759 | ) | ||||||
Principal payments on revolving lines of credit and other debt
|
(15,567 | ) | (14,073 | ) | (73 | ) | ||||||
Proceeds from revolving lines of credit and other debt
|
15,500 | 20,500 | 0 | |||||||||
Proceeds from sale of common shares, net of issue costs
|
108,271 | 5,978 | 66,679 | |||||||||
Net (payments) proceeds from noncontrolling partner – consolidated real estate entities
|
(475 | ) | 717 | 0 | ||||||||
Repurchase of fractional shares and partnership units
|
(11 | ) | (10 | ) | (14 | ) | ||||||
Distributions paid to common shareholders, net of reinvestment of $9,762, $10,603 and $10,518, respectively
|
(37,323 | ) | (29,009 | ) | (24,869 | ) | ||||||
Distributions paid to preferred shareholders
|
(2,372 | ) | (2,372 | ) | (2,372 | ) | ||||||
Distributions paid to noncontrolling interests – Unitholders of the Operating Partnership, net reinvestment of $772, $782 and $756, respectively
|
(13,489 | ) | (13,601 | ) | (12,747 | ) | ||||||
Distributions paid to noncontrolling interests – consolidated real estate entities
|
(1,273 | ) | (165 | ) | (179 | ) | ||||||
Distributions paid to redeemable noncontrolling interests-consolidated real estate entities
|
(177 | ) | (112 | ) | 0 | |||||||
Redemption of partnership units and investment certificates
|
0 | (158 | ) | (11 | ) | |||||||
Net cash provided (used) by financing activities
|
39,092 | (26,005 | ) | 92,339 | ||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
21,547 | (20,237 | ) | 8,965 | ||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
|
33,244 | 53,481 | 44,516 | |||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR
|
$ | 54,791 | $ | 33,244 | $ | 53,481 |
(in thousands)
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
|
||||||||||||
Distribution reinvestment plan
|
$ | 9,762 | $ | 10,603 | $ | 10,518 | ||||||
Operating partnership distribution reinvestment plan
|
772 | 782 | 756 | |||||||||
Real estate investment acquired through assumption of indebtedness and accrued costs
|
2,569 | 0 | 46,794 | |||||||||
Assets acquired through the issuance of operating partnership units
|
3,897 | 3,730 | 22,931 | |||||||||
Operating partnership units converted to shares
|
3,755 | 5,034 | 7,753 | |||||||||
Adjustments to accounts payable included within real estate investments
|
324 | (90 | ) | 1,051 | ||||||||
Adjustments to redeemable noncontrolling interests
|
(192 | ) | 6 | (773 | ) | |||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
|
||||||||||||
Cash paid during the year for:
|
||||||||||||
Interest on mortgages
|
$ | 67,234 | $ | 67,947 | $ | 62,110 | ||||||
Interest other
|
682 | 421 | 100 | |||||||||
$ | 67,916 | $ | 68,368 | $ | 62,210 |
(in thousands)
|
||||||||
|
April 30, 2010
|
April 30, 2009
|
||||||
Identified intangible assets (included in intangible assets):
|
||||||||
Gross carrying amount
|
$ | 90,271 | $ | 97,060 | ||||
Accumulated amortization
|
(39,571 | ) | (44,887 | ) | ||||
Net carrying amount
|
$ | 50,700 | $ | 52,173 | ||||
Indentified intangible liabilities (included in other liabilities):
|
||||||||
Gross carrying amount
|
$ | 1,260 | $ | 2,638 | ||||
Accumulated amortization
|
(940 | ) | (2,122 | ) | ||||
Net carrying amount
|
$ | 320 | $ | 516 |
Year Ended April 30,
|
(in thousands)
|
|||
2011
|
$ | 59 | ||
2012
|
46 | |||
2013
|
28 | |||
2014
|
29 | |||
2015
|
12 |
Year Ended April 30,
|
(in thousands)
|
|||
2011
|
$ | 6,737 | ||
2012
|
4,731 | |||
2013
|
3,756 | |||
2014
|
3,351 | |||
2015
|
2,993 |
|
(in thousands)
|
|||||||||||
|
2010
|
2009
|
2008
|
|||||||||
Balance at beginning of year
|
$ | 1,131 | $ | 1,264 | $ | 910 | ||||||
Provision
|
1,399 | 2,472 | 1,060 | |||||||||
Write-off
|
(1,358 | ) | (2,605 | ) | (706 | ) | ||||||
Balance at close of year
|
$ | 1,172 | $ | 1,131 | $ | 1,264 |
For Years Ended April 30,
|
||||||||||||
(in thousands)
|
||||||||||||
Amounts Attributable to Investors Real Estate Trust
|
2010
|
2009
|
2008
|
|||||||||
Income from continuing operations – Investors Real Estate Trust
|
$ | 4,490 | $ | 8,328 | $ | 11,275 | ||||||
(Loss) income from discontinued operations – Investors Real Estate Trust
|
(489 | ) | 198 | 813 | ||||||||
Net income attributable to Investors Real Estate Trust
|
$ | 4,001 | $ | 8,526 | $ | 12,088 |
Year Ended April 30,
|
(in thousands)
|
|||
2011
|
$ | 115,837 | ||
2012
|
103,527 | |||
2013
|
91,464 | |||
2014
|
79,490 | |||
2015
|
64,830 | |||
Thereafter
|
270,014 | |||
$ | 725,162 |
Year Ended April 30,
|
(in thousands)
|
|||
2011
|
$ | 2 | ||
2012
|
2 | |||
2013
|
157 | |||
161 | ||||
Less allowance for doubtful accounts
|
(3 | ) | ||
$ | 158 |
(in thousands)
|
||||||||||||||||
Amortized Cost
|
Gross Unrealized
Gains
|
Gross Unrealized
Losses
|
Fair Value
|
|||||||||||||
Bank certificates of deposit
|
$ | 420 | $ | 0 | $ | 0 | $ | 420 | ||||||||
$ | 420 | $ | 0 | $ | 0 | $ | 420 |
(in thousands)
|
|||||||||||||||||||||
Financial Institution
|
Amount
Available
|
Amount
Outstanding as
of April 30,
2010
|
Amount
Outstanding
as of April
30, 2009
|
Applicable
Interest Rate
as of April 30, 2010
|
Maturity
Date
|
Weighted
Average Int.
Rate on
Borrowings
during fiscal
year 2010
|
|||||||||||||||
Lines of Credit
|
|||||||||||||||||||||
(1) United Community Bank
|
$ | 1,117 | $ | 1,050 | $ | 0 | 5.75 | % |
08/31/10
|
5.75 | % | ||||||||||
(2) First Western Bank & Trust
|
12,000 | 0 | 0 | 5.25 | % |
12/10/11
|
5.25 | % | |||||||||||||
(3) First International Bank
& Trust
|
14,000 | 4,000 | 4,000 | 6.20 | % |
12/21/10
|
6.20 | % | |||||||||||||
(4) Dacotah Bank
|
1,500 | 1,500 | 1,500 | 4.50 | % |
11/1/10
|
4.06 | % | |||||||||||||
Total
|
$ | 28,617 | $ | 6,550 | $ | 5,500 |
Year Ended April 30,
|
(in thousands)
|
|||
2011
|
$ | 107,314 | ||
2012
|
117,615 | |||
2013
|
48,109 | |||
2014
|
61,752 | |||
2015
|
91,955 | |||
Thereafter
|
630,874 | |||
Total payments
|
$ | 1,057,619 |
(in thousands)
|
||||||||||||||||
Acquisitions
|
Land
|
Building
|
Intangible
Assets
|
Acquisition
Cost
|
||||||||||||
Multi-Family Residential
|
||||||||||||||||
16-unit Northern Valley Apartments - Rochester, MN
|
$ | 110 | $ | 610 | $ | 0 | $ | 720 | ||||||||
48-unit Crown Apartments - Rochester, MN
|
261 | 3,289 | 0 | 3,550 | ||||||||||||
371 | 3,899 | 0 | 4,270 | |||||||||||||
Commercial Office
|
||||||||||||||||
15,000 sq. ft. Minot 2505 16th Street SW - Minot, ND
|
372 | 1,724 | 304 | 2,400 | ||||||||||||
372 | 1,724 | 304 | 2,400 | |||||||||||||
Commercial Medical
|
||||||||||||||||
65,160 sq. ft. Casper 1930 E. 12th Street (Park Place) - Casper, WY
|
439 | 5,780 | 1,120 | 7,339 | ||||||||||||
35,629 sq. ft. Casper 3955 E. 12th Street (Meadow Wind) - Casper, WY
|
338 | 5,881 | 1,120 | 7,339 | ||||||||||||
47,509 sq. ft. Cheyenne 4010 N. College Drive (Aspen Wind) - Cheyenne, WY
|
628 | 9,869 | 1,960 | 12,457 | ||||||||||||
54,072 sq. ft. Cheyenne 4606 N. College Drive (Sierra Hills) - Cheyenne, WY
|
695 | 7,455 | 1,410 | 9,560 | ||||||||||||
35,629 sq. ft. Laramie 1072 N. 22nd Street (Spring Wind) - Laramie, WY
|
406 | 6,634 | 1,265 | 8,305 | ||||||||||||
2,506 | 35,619 | 6,875 | 45,000 | |||||||||||||
Commercial Industrial
|
||||||||||||||||
42,180 sq. ft. Clive 2075 NW 94th Street - Clive, IA
|
408 | 2,610 | 332 | 3,350 | ||||||||||||
408 | 2,610 | 332 | 3,350 | |||||||||||||
Unimproved Land
|
||||||||||||||||
Fargo 1320 45th Street N. - Fargo, ND
|
395 | 0 | 0 | 395 | ||||||||||||
395 | 0 | 0 | 395 | |||||||||||||
Total Property Acquisitions
|
$ | 4,052 | $ | 43,852 | $ | 7,511 | $ | 55,415 |
(in thousands)
|
||||||||||||||||
Acquisitions and Development Projects Placed in Service
|
Land
|
Building
|
Intangible
Assets
|
Acquisition Cost
|
||||||||||||
Multi-Family Residential
|
||||||||||||||||
33-unit Minot Westridge Apartments – Minot, ND
|
$ | 67 | $ | 1,887 | $ | 0 | $ | 1,954 | ||||||||
12-unit Minot Fairmont Apartments – Minot, ND
|
28 | 337 | 0 | 365 | ||||||||||||
4-unit Minot 4th Street Apartments – Minot, ND
|
15 | 74 | 0 | 89 | ||||||||||||
3-unit Minot 11th Street Apartments – Minot, ND
|
11 | 53 | 0 | 64 | ||||||||||||
36-unit Evergreen Apartments – Isanti, MN
|
380 | 2,720 | 0 | 3,100 | ||||||||||||
10-unit 401 S. Main Apartments – Minot, ND1
|
0 | 905 | 0 | 905 | ||||||||||||
71-unit IRET Corporate Plaza Apartments – Minot, ND2
|
0 | 10,824 | 0 | 10,824 | ||||||||||||
501 | 16,800 | 0 | 17,301 | |||||||||||||
Commercial Office
|
||||||||||||||||
22,500 sq. ft. Bismarck 715 E. Bdwy – Bismarck, ND
|
389 | 1,267 | 255 | 1,911 | ||||||||||||
50,360 sq. ft. IRET Corporate Plaza – Minot, ND2
|
0 | 3,896 | 0 | 3,896 | ||||||||||||
389 | 5,163 | 255 | 5,807 | |||||||||||||
Commercial Medical
|
||||||||||||||||
56,239 sq. ft. 2828 Chicago Avenue – Minneapolis, MN3
|
0 | 5,052 | 0 | 5,052 | ||||||||||||
31,643 sq. ft. Southdale Medical Expansion
(6545 France) – Edina, MN4
|
0 | 779 | 0 | 779 | ||||||||||||
0 | 5,831 | 0 | 5,831 | |||||||||||||
Commercial Industrial
|
||||||||||||||||
69,984 sq. ft. Minnetonka 13600 Cty Rd 62
– Minnetonka, MN
|
809 | 2,881 | 310 | 4,000 | ||||||||||||
809 | 2,881 | 310 | 4,000 | |||||||||||||
Unimproved Land
|
||||||||||||||||
Bismarck 2130 S. 12th Street – Bismarck, ND
|
576 | 0 | 0 | 576 | ||||||||||||
Bismarck 700 E. Main – Bismarck, ND
|
314 | 0 | 0 | 314 | ||||||||||||
890 | 0 | 0 | 890 | |||||||||||||
Total Property Acquisitions
|
$ | 2,589 | $ | 30,675 | $ | 565 | $ | 33,829 |
(1)
|
Development property placed in service November 10, 2008. Approximately $145,000 of this cost was incurred in the three months ended April 30, 2009. Additional costs incurred in fiscal year 2008 totaled approximately $14,000 for a total project cost at April 30, 2009 of approximately $919,000.
|
(2)
|
Development property placed in service January 19, 2009. Approximately $1.8 million of the residential cost and $563,000 of the commercial office cost was incurred in the three months ended April 30, 2009. Additional costs incurred in fiscal years 2008 and 2007 totaled $8.6 million for a total project cost at April 30, 2009 of $23.3 million.
|
(3)
|
Development property placed in service September 16, 2008. Approximately $800,000 of this cost was incurred in the three months ended January 31, 2009. Additional costs incurred in fiscal years 2008 and 2007 totaled $7.8 million for a total project cost at April 30, 2009 of $12.9 million.
|
(4)
|
Development property placed in service September 17, 2008. Approximately $364,000 of this cost was incurred in the three months ended January 31, 2009. Additional costs incurred in fiscal year 2008 totaled $5.4 million for a total project cost at April 30, 2009 of $6.2 million.
|
(in thousands)
|
||||||||||||
Dispositions
|
Sales Price
|
Book Value
and Sales Cost
|
Gain/(Loss)
|
|||||||||
Multi-Family Residential
|
||||||||||||
42 - unit Sweetwater Properties – Grafton, ND
|
$ | 450 | $ | 382 | $ | 68 | ||||||
Commercial Office
|
||||||||||||
10,126 sq ft. 12 South Main – Minot, ND
|
110 | 110 | 0 | |||||||||
Total Property Dispositions
|
$ | 560 | $ | 492 | $ | 68 |
(in thousands)
|
||||||||||||
Dispositions
|
Sales Price
|
Book Value
and Sales Cost
|
Gain/(Loss)
|
|||||||||
Multi-Family Residential
|
||||||||||||
1 - unit 408 1st Street SE – Minot, ND
|
$ | 70 | $ | 16 | $ | 54 | ||||||
Total Property Dispositions
|
$ | 70 | $ | 16 | $ | 54 |
(in thousands)
|
||||||||||||||||||||||||
Year Ended April 30, 2010
|
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
Total
|
||||||||||||||||||
Real estate revenue
|
$ | 65,478 | $ | 82,079 | $ | 57,439 | $ | 13,095 | $ | 13,420 | $ | 231,511 | ||||||||||||
Real estate expenses
|
32,615 | 36,833 | 17,904 | 4,121 | 4,818 | 96,291 | ||||||||||||||||||
Gain on involuntary conversion
|
1,660 | 0 | 0 | 0 | 0 | 1,660 | ||||||||||||||||||
Net operating income
|
$ | 34,523 | $ | 45,246 | $ | 39,535 | $ | 8,974 | $ | 8,602 | 136,880 | |||||||||||||
Depreciation/amortization
|
(57,455 | ) | ||||||||||||||||||||||
Administrative, advisory and trustee fees
|
(6,218 | ) | ||||||||||||||||||||||
Other expenses
|
(2,513 | ) | ||||||||||||||||||||||
Impairment of real estate investment
|
(708 | ) | ||||||||||||||||||||||
Interest
|
(65,665 | ) | ||||||||||||||||||||||
Interest and other income
|
894 | |||||||||||||||||||||||
Income from continuing operations before gain on sale of other investments
|
$ | 5,215 |
(in thousands)
|
||||||||||||||||||||||||
Year Ended April 30, 2009
|
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
Total
|
||||||||||||||||||
Real estate revenue
|
$ | 65,632 | $ | 83,446 | $ | 52,547 | $ | 12,488 | $ | 14,403 | $ | 228,516 | ||||||||||||
Real estate expenses
|
31,315 | 37,644 | 16,046 | 3,142 | 5,065 | 93,212 | ||||||||||||||||||
Net operating income
|
$ | 34,317 | $ | 45,802 | $ | 36,501 | $ | 9,346 | $ | 9,338 | 135,304 | |||||||||||||
Depreciation/amortization
|
(54,434 | ) | ||||||||||||||||||||||
Administrative, advisory and trustee fees
|
(4,882 | ) | ||||||||||||||||||||||
Other expenses
|
(1,440 | ) | ||||||||||||||||||||||
Interest
|
(65,014 | ) | ||||||||||||||||||||||
Interest and other income
|
913 | |||||||||||||||||||||||
Income from continuing operations before gain on sale of other investments
|
$ | 10,447 |
(in thousands)
|
||||||||||||||||||||||||
Year Ended April 30, 2008
|
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
Total
|
||||||||||||||||||
Real estate revenue
|
$ | 61,679 | $ | 84,042 | $ | 38,409 | $ | 11,511 | $ | 14,033 | $ | 209,674 | ||||||||||||
Real estate expenses
|
29,821 | 36,206 | 9,756 | 2,465 | 4,266 | 82,514 | ||||||||||||||||||
Net operating income
|
$ | 31,858 | $ | 47,836 | $ | 28,653 | $ | 9,046 | $ | 9,767 | 127,160 | |||||||||||||
Depreciation/amortization
|
(49,269 | ) | ||||||||||||||||||||||
Administrative, advisory and trustee fees
|
(5,203 | ) | ||||||||||||||||||||||
Other expenses
|
(1,344 | ) | ||||||||||||||||||||||
Interest
|
(59,620 | ) | ||||||||||||||||||||||
Interest and other income
|
2,750 | |||||||||||||||||||||||
Income from continuing operations before gain on sale of other investments
|
$ | 14,474 |
(in thousands)
|
||||||||||||||||||||||||
As of April 30, 2010
|
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
Total
|
||||||||||||||||||
Segment assets
|
||||||||||||||||||||||||
Property owned
|
$ | 556,867 | $ | 582,943 | $ | 430,229 | $ | 113,249 | $ | 117,231 | $ | 1,800,519 | ||||||||||||
Less accumulated depreciation
|
(129,922 | ) | (88,656 | ) | (53,641 | ) | (15,481 | ) | (20,926 | ) | (308,626 | ) | ||||||||||||
Total property owned
|
$ | 426,945 | $ | 494,287 | $ | 376,588 | $ | 97,768 | $ | 96,305 | $ | 1,491,893 | ||||||||||||
Cash and cash equivalents
|
54,791 | |||||||||||||||||||||||
Marketable securities – available-for-sale
|
420 | |||||||||||||||||||||||
Receivables and other assets
|
104,830 | |||||||||||||||||||||||
Development in progress
|
2,831 | |||||||||||||||||||||||
Unimproved land
|
6,007 | |||||||||||||||||||||||
Mortgage loans receivable, net of allowance
|
158 | |||||||||||||||||||||||
Total Assets
|
$ | 1,660,930 |
(in thousands)
|
||||||||||||||||||||||||
As of April 30, 2009
|
Multi-Family
Residential
|
Commercial
Office
|
Commercial
Medical
|
Commercial
Industrial
|
Commercial
Retail
|
Total
|
||||||||||||||||||
Segment assets
|
||||||||||||||||||||||||
Property owned
|
$ | 542,547 | $ | 571,565 | $ | 388,219 | $ | 108,103 | $ | 119,151 | $ | 1,729,585 | ||||||||||||
Less accumulated depreciation
|
(115,729 | ) | (72,960 | ) | (42,345 | ) | (12,847 | ) | (18,990 | ) | (262,871 | ) | ||||||||||||
Total property owned
|
$ | 426,818 | $ | 498,605 | $ | 345,874 | $ | 95,256 | $ | 100,161 | $ | 1,466,714 | ||||||||||||
Cash and cash equivalents
|
33,244 | |||||||||||||||||||||||
Marketable securities – available-for-sale
|
420 | |||||||||||||||||||||||
Receivables and other assets
|
98,852 | |||||||||||||||||||||||
Unimproved land
|
5,701 | |||||||||||||||||||||||
Mortgage loans receivable, net of allowance
|
160 | |||||||||||||||||||||||
Total Assets
|
$ | 1,605,091 |
(in thousands)
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
REVENUE
|
||||||||||||
Real estate rentals
|
$ | 11,197 | $ | 11,409 | $ | 11,641 | ||||||
Tenant reimbursement
|
67 | 80 | 65 | |||||||||
TOTAL REVENUE
|
11,264 | 11,489 | 11,706 | |||||||||
EXPENSES
|
||||||||||||
Depreciation/amortization related to real estate investments
|
2,300 | 2,272 | 2,288 | |||||||||
Utilities
|
957 | 863 | 828 | |||||||||
Maintenance
|
1,236 | 1,172 | 1,135 | |||||||||
Real estate taxes
|
1,319 | 1,366 | 1,352 | |||||||||
Insurance
|
290 | 187 | 184 | |||||||||
Property management expenses
|
1,448 | 1,351 | 1,503 | |||||||||
Amortization related to non-real estate investments
|
8 | 8 | 8 | |||||||||
Impairment of real estate investments
|
970 | 338 | 0 | |||||||||
TOTAL EXPENSES
|
8,528 | 7,557 | 7,298 | |||||||||
Interest expense
|
(3,441 | ) | (3,729 | ) | (3,819 | ) | ||||||
Interest income
|
7 | 9 | 10 | |||||||||
(Loss) income from discontinued operations before gain on sale
|
(698 | ) | 212 | 599 | ||||||||
Gain on sale of discontinued operations
|
68 | 54 | 514 | |||||||||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS
|
$ | (630 | ) | $ | 266 | $ | 1,113 | |||||
Segment Data
|
||||||||||||
Multi-Family Residential
|
$ | 437 | $ | 560 | $ | 1,122 | ||||||
Commercial Office
|
(169 | ) | (338 | ) | 0 | |||||||
Commercial Medical
|
14 | 11 | 2 | |||||||||
Commerical Industrial
|
(23 | ) | (12 | ) | (55 | ) | ||||||
Commercial Retail
|
(889 | ) | 45 | 44 | ||||||||
Total
|
$ | (630 | ) | $ | 266 | $ | 1,113 |
(in thousands)
|
||||||||||||
|
2010
|
2009
|
2008
|
|||||||||
Property Sale Data
|
||||||||||||
Sales price
|
$ | 560 | $ | 70 | $ | 1,435 | ||||||
Net book value and sales costs
|
(492 | ) | (16 | ) | (921 | ) | ||||||
Gain on sale of discontinued operations
|
$ | 68 | $ | 54 | $ | 514 |
For Years Ended April 30,
|
||||||||||||
(in thousands, except per share data)
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
NUMERATOR
|
||||||||||||
Income from continuing operations – Investors Real Estate Trust
|
$ | 4,490 | $ | 8,328 | $ | 11,275 | ||||||
(Loss) income from discontinued operations – Investors Real Estate Trust
|
(489 | ) | 198 | 813 | ||||||||
Net income attributable to Investors Real Estate Trust
|
4,001 | 8,526 | 12,088 | |||||||||
Dividends to preferred shareholders
|
(2,372 | ) | (2,372 | ) | (2,372 | ) | ||||||
Numerator for basic earnings per share – net income available to common shareholders
|
1,629 | 6,154 | 9,716 | |||||||||
Noncontrolling interests – Operating Partnership
|
562 | 2,227 | 3,677 | |||||||||
Numerator for diluted earnings per share
|
$ | 2,191 | $ | 8,381 | $ | 13,393 | ||||||
DENOMINATOR
|
||||||||||||
Denominator for basic earnings per share weighted average shares
|
69,093 | 58,603 | 53,060 | |||||||||
Effect of convertible operating partnership units
|
20,825 | 21,217 | 20,417 | |||||||||
Denominator for diluted earnings per share
|
89,918 | 79,820 | 73,477 | |||||||||
Earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted
|
$ | .04 | $ | .10 | $ | .17 | ||||||
(Losses) earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted
|
(.01 | ) | .01 | .01 | ||||||||
NET INCOME PER COMMON SHARE – BASIC & DILUTED
|
$ | .03 | $ | .11 | $ | .18 |
(in thousands)
|
||||
Year Ended April 30,
|
Lease Payments
|
|||
2011
|
$ | 501 | ||
2012
|
501 | |||
2013
|
499 | |||
2014
|
500 | |||
2015
|
501 | |||
Thereafter
|
22,959 | |||
Total
|
$ | 25,461 |
(in thousands)
|
||||||||||||||||
Gross Rental Revenue
|
||||||||||||||||
Property
|
Investment Cost
|
2010
|
2009
|
2008
|
||||||||||||
Edgewood Vista-Belgrade, MT
|
$ | 2,135 | $ | 196 | $ | 196 | $ | 31 | ||||||||
Edgewood Vista-Billings, MT
|
4,274 | 396 | 396 | 66 | ||||||||||||
Edgewood Vista-Bismarck, ND
|
10,903 | 1,008 | 1,008 | 985 | ||||||||||||
Edgewood Vista-Brainerd, MN
|
10,667 | 988 | 988 | 971 | ||||||||||||
Edgewood Vista-Columbus, NE
|
1,481 | 136 | 136 | 21 | ||||||||||||
Edgewood Vista-East Grand Forks, MN
|
4,996 | 465 | 464 | 78 | ||||||||||||
Edgewood Vista-Fargo, ND
|
26,322 | 2,387 | 2,065 | 310 | ||||||||||||
Edgewood Vista-Fremont, NE
|
588 | 72 | 72 | 69 | ||||||||||||
Edgewood Vista-Grand Island, NE
|
1,431 | 132 | 132 | 20 | ||||||||||||
Edgewood Vista-Hastings, NE
|
606 | 76 | 76 | 69 | ||||||||||||
Edgewood Vista-Hermantown I, MN
|
21,510 | 2,359 | 2,040 | 1,557 | ||||||||||||
Edgewood Vista-Hermantown II, MN
|
12,359 | 1,144 | 1,144 | 1,127 | ||||||||||||
Edgewood Vista-Kalispell, MT
|
624 | 76 | 76 | 72 | ||||||||||||
Edgewood Vista-Missoula, MT
|
999 | 96 | 96 | 132 | ||||||||||||
Edgewood Vista-Norfolk, NE
|
1,332 | 124 | 124 | 19 | ||||||||||||
Edgewood Vista-Omaha, NE
|
676 | 80 | 80 | 77 | ||||||||||||
Edgewood Vista-Sioux Falls, SD
|
3,353 | 312 | 312 | 52 | ||||||||||||
Edgewood Vista-Spearfish, SD
|
6,792 | 628 | 628 | 612 | ||||||||||||
Edgewood Vista-Virginia, MN
|
17,132 | 2,008 | 1,736 | 1,381 | ||||||||||||
Fargo 1320 45th Street N - Fargo, ND
|
1,164 | 0 | 0 | 0 | ||||||||||||
Fox River Cottages - Grand Chute, WI
|
3,808 | 0 | 388 | 387 | ||||||||||||
Great Plains - Fargo, ND
|
15,375 | 1,876 | 1,876 | 1,876 | ||||||||||||
Healtheast St John & Woodwinds - Maplewood & Woodbury, MN
|
21,601 | 2,152 | 2,052 | 2,032 | ||||||||||||
Minnesota National Bank - Duluth, MN
|
2,104 | 164 | 211 | 205 | ||||||||||||
Sartell 2000 23rd Street S -Sartell, MN
|
12,693 | 1,173 | 1,292 | 1,292 | ||||||||||||
St. Michael Clinic - St. Michael, MN
|
2,851 | 241 | 240 | 229 | ||||||||||||
Stevens Point - Stevens Point, WI
|
15,020 | 1,356 | 1,356 | 1,279 | ||||||||||||
Total
|
$ | 202,796 | $ | 19,645 | $ | 19,184 | $ | 14,949 |
(in thousands)
|
||||||||||||||||
2010
|
2009
|
|||||||||||||||
Carrying
Amount
|
Fair Value
|
Carrying
Amount
|
Fair Value
|
|||||||||||||
FINANCIAL ASSETS
|
||||||||||||||||
Mortgage loans receivable
|
$ | 158 | $ | 158 | $ | 160 | $ | 160 | ||||||||
Cash and cash equivalents
|
54,791 | 54,791 | 33,244 | 33,244 | ||||||||||||
Marketable securities - available-for-sale
|
420 | 420 | 420 | 420 | ||||||||||||
FINANCIAL LIABILITIES
|
||||||||||||||||
Other debt
|
1,000 | 1,142 | 1,000 | 1,129 | ||||||||||||
Mortgages payable
|
1,057,619 | 1,015,879 | 1,070,158 | 1,301,071 |
(in thousands, except per share data)
|
||||||||||||||||
QUARTER ENDED
|
July 31, 2009
|
October 31, 2009
|
January 31, 2010
|
April 30, 2010
|
||||||||||||
Revenues
|
$ | 58,009 | $ | 56,758 | $ | 57,335 | $ | 59,409 | ||||||||
Net Income available to common shareholders
|
$ | 1,424 | $ | (308 | ) | $ | (141 | ) | $ | 654 | ||||||
Net Income per common share - basic & diluted
|
$ | .02 | $ | .00 | $ | .00 | $ | .01 |
(in thousands, except per share data)
|
||||||||||||||||
QUARTER ENDED
|
July 31, 2008
|
October 31, 2008
|
January 31, 2009
|
April 30, 2009
|
||||||||||||
Revenues
|
$ | 56,034 | $ | 56,609 | $ | 58,025 | $ | 57,848 | ||||||||
Net Income available to common shareholders
|
$ | 1,765 | $ | 1,930 | $ | 785 | $ | 1,674 | ||||||||
Net Income per common share - basic & diluted
|
$ | .03 | $ | .03 | $ | .02 | $ | .03 |
(in thousands)
|
||||||||||||
2010
|
2009
|
2008
|
||||||||||
Balance at beginning of fiscal year
|
$ | 1,737 | $ | 1,802 | $ | 994 | ||||||
Net income
|
60 | 53 | 35 | |||||||||
Net (distributions) contributions
|
(177 | ) | (112 | ) | 0 | |||||||
Mark-to-market adjustments
|
192 | (6 | ) | 773 | ||||||||
Balance at close of fiscal year
|
$ | 1,812 | $ | 1,737 | $ | 1,802 |
Initial Cost to Company
|
Gross amount at which carried at
close of period
|
||||||||||||||||||
Description
|
Encumbrances
|
Land
|
Buildings &
Improvements
|
Costs capitalized
subsequent to
acquisition
|
Land
|
Buildings &
Improvements
|
Total
|
Accumulated
Depreciation
|
Date of
Construction
or Acquisition
|
Life on which
depreciation in
latest income
statement is
computed
|
|||||||||
Multi-Family Residential
|
|||||||||||||||||||
17 South Main - Minot, ND
|
$
|
194
|
$
|
0
|
$
|
0
|
$
|
222
|
$
|
0
|
$
|
222
|
$
|
222
|
$
|
(22)
|
2006
|
40 years
|
|
Apartments on Main - Minot, ND
|
681
|
71
|
334
|
892
|
75
|
1,222
|
1,297
|
(52)
|
1987
|
24-40 years
|
|||||||||
Arbors Apartments - S Sioux City, NE
|
4,209
|
350
|
6,625
|
687
|
408
|
7,254
|
7,662
|
(777)
|
2006
|
40 years
|
|||||||||
Boulder Court - Eagan, MN
|
3,880
|
1,067
|
5,498
|
1,880
|
1,272
|
7,173
|
8,445
|
(1,226)
|
2003
|
40 years
|
|||||||||
Brookfield Village Apartments - Topeka, KS
|
5,603
|
509
|
6,698
|
874
|
583
|
7,498
|
8,081
|
(1,284)
|
2003
|
40 years
|
|||||||||
Candlelight Apartments - Fargo, ND
|
1,354
|
80
|
758
|
1,045
|
221
|
1,662
|
1,883
|
(708)
|
1992
|
24-40 years
|
|||||||||
Canyon Lake Apartments - Rapid City, SD
|
2,649
|
305
|
3,958
|
483
|
325
|
4,421
|
4,746
|
(932)
|
2001
|
40 years
|
|||||||||
Castle Rock - Billings, MT
|
7,026
|
736
|
4,864
|
1,342
|
841
|
6,101
|
6,942
|
(1,819)
|
1998
|
40 years
|
|||||||||
Chateau Apartments - Minot, ND
|
1,767
|
122
|
2,224
|
1,143
|
168
|
3,321
|
3,489
|
(942)
|
1998
|
12-40 years
|
|||||||||
Cimarron Hills - Omaha, NE
|
5,071
|
706
|
9,588
|
3,278
|
1,136
|
12,436
|
13,572
|
(2,990)
|
2001
|
40 years
|
|||||||||
Colonial Villa - Burnsville, MN
|
7,760
|
2,401
|
11,515
|
2,323
|
2,683
|
13,556
|
16,239
|
(2,464)
|
2003
|
40 years
|
|||||||||
Colton Heights Properties - Minot, ND
|
526
|
80
|
672
|
309
|
111
|
950
|
1,061
|
(610)
|
1984
|
40 years
|
|||||||||
Cottonwood Community - Bismarck, ND
|
16,460
|
1,056
|
17,372
|
2,340
|
1,278
|
19,490
|
20,768
|
(4,237)
|
1997
|
40 years
|
|||||||||
Country Meadows Community - Billings, MT
|
7,083
|
491
|
7,809
|
885
|
523
|
8,662
|
9,185
|
(2,469)
|
1995
|
33-40 years
|
|||||||||
Crestview Apartments - Bismarck, ND
|
4,183
|
235
|
4,290
|
880
|
456
|
4,949
|
5,405
|
(2,161)
|
1994
|
24-40 years
|
|||||||||
Crown Apartments - Rochester, MN
|
2,566
|
261
|
3,289
|
0
|
261
|
3,289
|
3,550
|
(3)
|
2010
|
40 years
|
|||||||||
Crown Colony Apartments - Topeka, KS
|
8,697
|
620
|
9,956
|
1,567
|
745
|
11,398
|
12,143
|
(3,017)
|
1999
|
40 years
|
|||||||||
Dakota Hill at Valley Ranch - Irving, TX
|
23,401
|
3,650
|
33,810
|
2,425
|
3,843
|
36,042
|
39,885
|
(9,321)
|
2000
|
40 years
|
|||||||||
East Park Apartments - Sioux Falls, SD
|
1,562
|
115
|
2,405
|
563
|
154
|
2,929
|
3,083
|
(630)
|
2002
|
40 years
|
|||||||||
Evergreen Apartments - Isanti, MN
|
2,131
|
380
|
2,720
|
56
|
380
|
2,776
|
3,156
|
(113)
|
2008
|
40 years
|
|||||||||
Forest Park Estates - Grand Forks, ND
|
8,149
|
810
|
5,579
|
4,899
|
1,159
|
10,129
|
11,288
|
(3,584)
|
1993
|
24-40 years
|
|||||||||
Greenfield Apartments - Omaha, NE
|
3,650
|
578
|
4,122
|
305
|
619
|
4,386
|
5,005
|
(257)
|
2007
|
40 years
|
|||||||||
Heritage Manor - Rochester, MN
|
4,595
|
403
|
6,968
|
1,577
|
442
|
8,506
|
8,948
|
(2,573)
|
1998
|
40 years
|
|||||||||
Indian Hills Apartments - Sioux City, IA
|
0
|
294
|
2,921
|
2,572
|
327
|
5,460
|
5,787
|
(410)
|
2007
|
40 years
|
|||||||||
IRET Corporate Plaza Apartments - Minot, ND
|
0
|
793
|
0
|
14,796
|
793
|
14,796
|
15,589
|
(489)
|
2009
|
40 years
|
|||||||||
Kirkwood Manor - Bismarck, ND
|
3,492
|
449
|
2,725
|
1,307
|
537
|
3,944
|
4,481
|
(1,300)
|
1997
|
12-40 years
|
|||||||||
Lancaster Place - St. Cloud, MN
|
1,080
|
289
|
2,899
|
768
|
438
|
3,518
|
3,956
|
(1,002)
|
2000
|
40 years
|
|||||||||
Landmark Estates - Grand Forks, ND
|
1,583
|
184
|
1,514
|
797
|
271
|
2,224
|
2,495
|
(706)
|
1997
|
40 years
|
|||||||||
Legacy Community - Grand Forks, ND
|
17,125
|
1,362
|
21,727
|
4,914
|
1,989
|
26,014
|
28,003
|
(6,435)
|
1995-2004
|
24-40 years
|
|||||||||
Magic City Apartments - Minot, ND
|
2,598
|
370
|
3,875
|
1,623
|
511
|
5,357
|
5,868
|
(1,748)
|
1997
|
12-40 years
|
|||||||||
Meadows Community - Jamestown, ND
|
2,754
|
590
|
4,519
|
997
|
632
|
5,474
|
6,106
|
(1,376)
|
1998
|
40 years
|
|||||||||
Minot 11th Street 3-Plex - Minot, ND
|
97
|
11
|
53
|
5
|
11
|
58
|
69
|
(3)
|
2008
|
40 years
|
Initial Cost to Company
|
Gross amount at which carried at
close of period
|
||||||||||||||||||
Description
|
Encumbrances
|
Land
|
Buildings &
Improvements
|
Costs capitalized
subsequent to
acquisition
|
Land
|
Buildings &
Improvements
|
Total
|
Accumulated
Depreciation
|
Date of
Construction
or Acquisition
|
Life on which
depreciation in
latest income
statement is
computed
|
|||||||||
Multi-Family Residential - continued
|
|||||||||||||||||||
Minot 4th Street 4-Plex, Minot ND
|
$
|
97
|
$
|
15
|
$
|
74
|
$
|
1
|
$
|
15
|
$
|
75
|
$
|
90
|
$
|
(4)
|
2008
|
40 years
|
|
Minot Fairmont Apartments - Minot, ND
|
389
|
28
|
337
|
1
|
28
|
338
|
366
|
(17)
|
2008
|
40 years
|
|||||||||
Minot Westridge Apartments - Minot, ND
|
1,944
|
68
|
1,887
|
22
|
70
|
1,907
|
1,977
|
(95)
|
2008
|
40 years
|
|||||||||
Miramont Apartments - Fort Collins, CO
|
10,672
|
1,470
|
12,765
|
1,301
|
1,581
|
13,955
|
15,536
|
(4,771)
|
1996
|
40 years
|
|||||||||
Monticello Apartments - Monticello, MN
|
3,086
|
490
|
3,756
|
323
|
605
|
3,964
|
4,569
|
(653)
|
2004
|
40 years
|
|||||||||
Neighborhood Apartments - Colorado Springs, CO
|
9,630
|
1,034
|
9,812
|
3,080
|
1,160
|
12,766
|
13,926
|
(4,256)
|
1997
|
40 years
|
|||||||||
North Pointe - Bismarck, ND
|
2,080
|
144
|
2,244
|
218
|
160
|
2,446
|
2,606
|
(889)
|
1995
|
24-40 years
|
|||||||||
Northern Valley - Rochester, MN
|
0
|
110
|
610
|
0
|
110
|
610
|
720
|
(1)
|
2010
|
40 years
|
|||||||||
Oakmont Apartments - Sioux Falls, SD
|
3,673
|
423
|
4,838
|
220
|
430
|
5,051
|
5,481
|
(1,044)
|
2002
|
40 years
|
|||||||||
Oakwood - Sioux Falls, SD
|
3,410
|
543
|
2,784
|
3,412
|
759
|
5,980
|
6,739
|
(2,468)
|
1993
|
40 years
|
|||||||||
Olympic Village - Billings, MT
|
7,530
|
1,164
|
10,441
|
1,696
|
1,404
|
11,897
|
13,301
|
(3,062)
|
2000
|
40 years
|
|||||||||
Olympik Village Apartments - Rochester, MN
|
4,909
|
1,034
|
6,109
|
782
|
1,094
|
6,831
|
7,925
|
(924)
|
2005
|
40 years
|
|||||||||
Oxbow - Sioux Falls, SD
|
3,715
|
404
|
3,152
|
2,197
|
475
|
5,278
|
5,753
|
(2,006)
|
1994
|
24-40 years
|
|||||||||
Park Meadows Community - Waite Park, MN
|
8,897
|
1,143
|
9,099
|
4,467
|
1,492
|
13,217
|
14,709
|
(5,118)
|
1997
|
40 years
|
|||||||||
Pebble Springs - Bismarck, ND
|
0
|
7
|
748
|
94
|
37
|
812
|
849
|
(231)
|
1999
|
40 years
|
|||||||||
Pinecone Apartments - Fort Collins, CO
|
9,636
|
905
|
12,105
|
1,414
|
1,034
|
13,390
|
14,424
|
(5,055)
|
1995
|
40 years
|
|||||||||
Pinehurst Apartments - Billings, MT
|
375
|
72
|
687
|
109
|
74
|
794
|
868
|
(169)
|
2002
|
40 years
|
|||||||||
Pointe West - Rapid City, SD
|
2,869
|
240
|
3,538
|
1,154
|
340
|
4,592
|
4,932
|
(1,857)
|
1994
|
24-40 years
|
|||||||||
Prairie Winds Apartments - Sioux Falls, SD
|
1,533
|
144
|
1,816
|
353
|
208
|
2,105
|
2,313
|
(937)
|
1993
|
24-40 years
|
|||||||||
Prairiewood Meadows - Fargo, ND
|
2,530
|
280
|
2,531
|
891
|
336
|
3,366
|
3,702
|
(862)
|
2000
|
40 years
|
|||||||||
Quarry Ridge Apartments - Rochester, MN
|
12,384
|
1,312
|
13,362
|
226
|
1,320
|
13,580
|
14,900
|
(1,244)
|
2006
|
40 years
|
|||||||||
Ridge Oaks - Sioux City, IA
|
2,572
|
178
|
4,073
|
1,604
|
254
|
5,601
|
5,855
|
(1,502)
|
2001
|
40 years
|
|||||||||
Rimrock Apartments - Billings, MT
|
3,535
|
330
|
3,489
|
1,160
|
401
|
4,578
|
4,979
|
(1,091)
|
1999
|
40 years
|
|||||||||
Rocky Meadows - Billings, MT
|
5,480
|
656
|
5,726
|
772
|
750
|
6,404
|
7,154
|
(2,237)
|
1995
|
40 years
|
|||||||||
Rum River Apartments - Isanti, MN
|
3,859
|
843
|
4,823
|
22
|
844
|
4,844
|
5,688
|
(369)
|
2007
|
40 years
|
|||||||||
SCSH Campus Center Apartments - St. Cloud, MN
|
1,480
|
395
|
2,244
|
105
|
398
|
2,346
|
2,744
|
(189)
|
2007
|
40 years
|
|||||||||
SCSH Campus Heights Apartments - St. Cloud, MN
|
0
|
110
|
628
|
19
|
110
|
647
|
757
|
(54)
|
2007
|
40 years
|
|||||||||
SCSH Campus Knoll Apartments - St. Cloud, MN
|
986
|
266
|
1,512
|
43
|
266
|
1,555
|
1,821
|
(129)
|
2007
|
40 years
|
|||||||||
SCSH Campus Plaza Apartments - St. Cloud, MN
|
0
|
54
|
311
|
18
|
54
|
329
|
383
|
(27)
|
2007
|
40 years
|
|||||||||
SCSH Campus Side Apartments - St. Cloud, MN
|
0
|
107
|
615
|
45
|
108
|
659
|
767
|
(54)
|
2007
|
40 years
|
|||||||||
SCSH Campus View Apartments - St. Cloud, MN
|
0
|
107
|
615
|
43
|
107
|
658
|
765
|
(52)
|
2007
|
40 years
|
|||||||||
SCSH Cornerstone Apartments - St. Cloud, MN
|
0
|
54
|
311
|
24
|
54
|
335
|
389
|
(27)
|
2007
|
40 years
|
|||||||||
SCSH University Park Place Apartments - St. Cloud, MN
|
0
|
78
|
450
|
18
|
78
|
468
|
546
|
(38)
|
2007
|
40 years
|
Initial Cost to Company
|
Gross amount at which carried at
close of period
|
||||||||||||||||||
Description
|
Encumbrances
|
Land
|
Buildings &
Improvements
|
Costs capitalized
subsequent to
acquisition
|
Land
|
Buildings &
Improvements
|
Total
|
Accumulated
Depreciation
|
Date of
Construction
or Acquisition
|
Life on which
depreciation in
latest income
statement is
computed
|
|||||||||
Multi-Family Residential - continued
|
|||||||||||||||||||
Sherwood Apartments - Topeka, KS
|
$
|
13,048
|
$
|
1,145
|
$
|
14,684
|
$
|
2,195
|
$
|
1,486
|
$
|
16,538
|
$
|
18,024
|
$
|
(4,421)
|
1999
|
40 years
|
|
South Pointe - Minot, ND
|
9,391
|
550
|
9,548
|
1,812
|
1,247
|
10,663
|
11,910
|
(3,807)
|
1995
|
24-40 years
|
|||||||||
Southbrook & Mariposa - Topeka, KS
|
3,150
|
399
|
5,110
|
291
|
419
|
5,381
|
5,800
|
(737)
|
2004
|
40 years
|
|||||||||
Southview Apartments - Minot, ND
|
713
|
185
|
469
|
272
|
219
|
707
|
926
|
(279)
|
1994
|
24-40 years
|
|||||||||
Southwind Apartments - Grand Forks, ND
|
5,997
|
400
|
5,034
|
1,986
|
694
|
6,726
|
7,420
|
(2,403)
|
1995
|
24-40 years
|
|||||||||
Sunset Trail - Rochester, MN
|
7,620
|
336
|
12,814
|
1,900
|
481
|
14,569
|
15,050
|
(3,382)
|
1999
|
40 years
|
|||||||||
Sycamore Village Apartments - Sioux Falls, SD
|
878
|
101
|
1,317
|
400
|
149
|
1,669
|
1,818
|
(369)
|
2002
|
40 years
|
|||||||||
Terrace On The Green - Moorhead, MN
|
2,261
|
24
|
1,490
|
1,884
|
130
|
3,268
|
3,398
|
(2,228)
|
1970
|
33-40 years
|
|||||||||
Thomasbrook Apartments - Lincoln, NE
|
6,311
|
600
|
10,306
|
2,526
|
773
|
12,659
|
13,432
|
(3,072)
|
1999
|
40 years
|
|||||||||
Valley Park Manor - Grand Forks, ND
|
3,482
|
294
|
4,137
|
1,913
|
418
|
5,926
|
6,344
|
(1,744)
|
1999
|
40 years
|
|||||||||
Village Green - Rochester, MN
|
1,485
|
234
|
2,296
|
419
|
329
|
2,620
|
2,949
|
(456)
|
2003
|
40 years
|
|||||||||
West Stonehill - Waite Park, MN
|
9,212
|
939
|
10,167
|
3,903
|
1,197
|
13,812
|
15,009
|
(5,262)
|
1995
|
40 years
|
|||||||||
Westwood Park - Bismarck, ND
|
2,093
|
116
|
1,909
|
1,464
|
237
|
3,252
|
3,489
|
(884)
|
1998
|
40 years
|
|||||||||
Winchester - Rochester, MN
|
3,636
|
748
|
5,622
|
1,144
|
974
|
6,540
|
7,514
|
(1,165)
|
2003
|
40 years
|
|||||||||
Woodridge Apartments - Rochester, MN
|
2,269
|
370
|
6,028
|
1,443
|
444
|
7,397
|
7,841
|
(2,621)
|
1997
|
40 years
|
|||||||||
Total Multi-Family Residential
|
$
|
330,743
|
$
|
40,017
|
$
|
409,710
|
$
|
107,140
|
$
|
48,545
|
$
|
508,322
|
$
|
556,867
|
$
|
(129,922)
|
|||
Commercial Office
|
|||||||||||||||||||
1st Avenue Building - Minot, ND
|
$
|
0
|
$
|
30
|
$
|
80
|
$
|
588
|
$
|
33
|
$
|
665
|
$
|
698
|
$
|
(327)
|
1981
|
33-40 years
|
|
2030 Cliff Road - Eagan, MN
|
468
|
146
|
835
|
90
|
158
|
913
|
1,071
|
(192)
|
2001
|
19-40 years
|
|||||||||
610 Business Center IV - Brooklyn Park II, MN
|
7,336
|
975
|
5,542
|
2,886
|
980
|
8,423
|
9,403
|
(667)
|
2007
|
40 years
|
|||||||||
7800 West Brown Deer Road - Milwaukee, WI
|
11,212
|
1,455
|
9,267
|
1,510
|
1,475
|
10,757
|
12,232
|
(2,159)
|
2003
|
40 years
|
|||||||||
American Corporate Center - Mendota Heights, MN
|
9,208
|
893
|
16,768
|
3,210
|
893
|
19,978
|
20,871
|
(5,152)
|
2002
|
40 years
|
|||||||||
Ameritrade - Omaha, NE
|
3,848
|
327
|
7,957
|
65
|
327
|
8,022
|
8,349
|
(2,212)
|
1999
|
40 years
|
|||||||||
Benton Business Park - Sauk Rapids, MN
|
746
|
188
|
1,261
|
78
|
188
|
1,339
|
1,527
|
(245)
|
2003
|
40 years
|
|||||||||
Bismarck 715 East Broadway - Bismarck, ND
|
0
|
389
|
0
|
1,622
|
389
|
1,622
|
2,011
|
(55)
|
2008
|
40 years
|
|||||||||
Bloomington Business Plaza - Bloomington, MN
|
4,170
|
1,300
|
6,106
|
697
|
1,305
|
6,798
|
8,103
|
(1,753)
|
2001
|
40 years
|
|||||||||
Brenwood - Minnetonka, MN
|
7,410
|
1,762
|
12,138
|
2,927
|
1,771
|
15,056
|
16,827
|
(3,654)
|
2002
|
40 years
|
|||||||||
Brook Valley I - La Vista, NE
|
1,423
|
347
|
1,671
|
81
|
347
|
1,752
|
2,099
|
(201)
|
2005
|
45 years
|
|||||||||
Burnsville Bluffs II - Burnsville, MN
|
1,200
|
300
|
2,154
|
898
|
301
|
3,051
|
3,352
|
(875)
|
2001
|
40 years
|
|||||||||
Cold Spring Center - St. Cloud, MN
|
4,034
|
588
|
7,808
|
751
|
592
|
8,555
|
9,147
|
(2,100)
|
2001
|
40 years
|
|||||||||
Corporate Center West - Omaha, NE
|
17,315
|
3,880
|
17,509
|
303
|
4,167
|
17,525
|
21,692
|
(1,595)
|
2006
|
40 years
|
Initial Cost to Company
|
Gross amount at which carried at
close of period
|
||||||||||||||||||
Description
|
Encumbrances
|
Land
|
Buildings &
Improvements
|
Costs capitalized
subsequent to
acquisition
|
Land
|
Buildings &
Improvements
|
Total
|
Accumulated
Depreciation
|
Date of
Construction
or Acquisition
|
Life on which
depreciation in
latest income
statement is
computed
|
|||||||||
Commercial Office - continued
|
|||||||||||||||||||
Crosstown Centre - Eden Prairie, MN
|
$
|
14,568
|
$
|
2,884
|
$
|
14,569
|
$
|
525
|
$
|
2,887
|
$
|
15,091
|
$
|
17,978
|
$
|
(2,128)
|
2004
|
40 years
|
|
Dewey Hill Business Center - Edina, MN
|
2,583
|
985
|
3,507
|
920
|
995
|
4,417
|
5,412
|
(1,259)
|
2000
|
40 years
|
|||||||||
Farnam Executive Center - Omaha, NE
|
12,160
|
2,188
|
11,404
|
0
|
2,188
|
11,404
|
13,592
|
(1,033)
|
2006
|
40 years
|
|||||||||
Flagship - Eden Prairie, MN
|
21,565
|
1,899
|
21,638
|
710
|
2,013
|
22,234
|
24,247
|
(2,189)
|
2006
|
40 years
|
|||||||||
Gateway Corporate Center - Woodbury, MN
|
8,700
|
1,637
|
7,763
|
89
|
1,637
|
7,852
|
9,489
|
(728)
|
2006
|
40 years
|
|||||||||
Golden Hills Office Center - Golden Valley, MN
|
14,345
|
3,018
|
24,482
|
(3,260)
|
3,018
|
21,222
|
24,240
|
(4,628)
|
2003
|
40 years
|
|||||||||
Great Plains - Fargo, ND
|
4,254
|
126
|
15,240
|
10
|
126
|
15,250
|
15,376
|
(4,082)
|
1997
|
40 years
|
|||||||||
Highlands Ranch - Highlands Ranch, CO
|
8,700
|
1,437
|
9,549
|
930
|
1,437
|
10,479
|
11,916
|
(1,675)
|
2004
|
40 years
|
|||||||||
Highlands Ranch I - Highlands Ranch, CO
|
8,832
|
2,268
|
8,362
|
8
|
2,268
|
8,370
|
10,638
|
(724)
|
2006
|
40 years
|
|||||||||
Interlachen Corporate Center - Edina, MN
|
9,590
|
1,650
|
14,983
|
361
|
1,652
|
15,342
|
16,994
|
(3,339)
|
2001
|
40 years
|
|||||||||
Intertech Building - Fenton, MO
|
4,728
|
2,130
|
3,968
|
3
|
2,130
|
3,971
|
6,101
|
(236)
|
2007
|
40 years
|
|||||||||
IRET Corporate Plaza - Minot, ND
|
0
|
389
|
5,218
|
3,359
|
590
|
8,376
|
8,966
|
(282)
|
2009
|
40 years
|
|||||||||
Mendota Office Center I - Mendota Heights, MN
|
3,965
|
835
|
6,169
|
339
|
835
|
6,508
|
7,343
|
(1,479)
|
2002
|
40 years
|
|||||||||
Mendota Office Center II - Mendota Heights, MN
|
5,859
|
1,121
|
10,086
|
1,374
|
1,121
|
11,460
|
12,581
|
(2,881)
|
2002
|
40 years
|
|||||||||
Mendota Office Center III - Mendota Heights, MN
|
4,026
|
970
|
5,734
|
253
|
970
|
5,987
|
6,957
|
(1,294)
|
2002
|
40 years
|
|||||||||
Mendota Office Center IV - Mendota Heights, MN
|
4,787
|
1,070
|
7,635
|
578
|
1,070
|
8,213
|
9,283
|
(1,757)
|
2002
|
40 years
|
|||||||||
Minnesota National Bank - Duluth, MN
|
979
|
287
|
1,454
|
4
|
289
|
1,456
|
1,745
|
(220)
|
2004
|
40 years
|
|||||||||
Minot 2505 16th Street SW - Minot, ND
|
0
|
372
|
1,724
|
0
|
372
|
1,724
|
2,096
|
(23)
|
2009
|
40 years
|
|||||||||
Miracle Hills One - Omaha, NE
|
8,895
|
1,974
|
10,117
|
950
|
2,120
|
10,921
|
13,041
|
(1,243)
|
2006
|
40 years
|
|||||||||
Nicollett VII - Burnsville, MN
|
3,968
|
429
|
6,931
|
140
|
436
|
7,064
|
7,500
|
(1,601)
|
2001
|
40 years
|
|||||||||
Northgate I - Maple Grove, MN
|
5,660
|
1,062
|
6,358
|
822
|
1,067
|
7,175
|
8,242
|
(1,020)
|
2004
|
40 years
|
|||||||||
Northgate II - Maple Grove, MN
|
997
|
359
|
1,944
|
142
|
403
|
2,042
|
2,445
|
(574)
|
1999
|
40 years
|
|||||||||
Northpark Corporate Center - Arden Hills, MN
|
13,390
|
2,034
|
14,584
|
991
|
2,034
|
15,575
|
17,609
|
(1,680)
|
2006
|
40 years
|
|||||||||
Pacific Hills - Omaha, NE
|
16,770
|
4,220
|
11,988
|
1,146
|
4,478
|
12,876
|
17,354
|
(1,281)
|
2006
|
40 years
|
|||||||||
Pillsbury Business Center - Bloomington, MN
|
908
|
284
|
1,556
|
102
|
284
|
1,658
|
1,942
|
(386)
|
2001
|
40 years
|
|||||||||
Plaza VII - Boise, ID
|
1,159
|
300
|
3,058
|
414
|
351
|
3,421
|
3,772
|
(715)
|
2003
|
40 years
|
|||||||||
Plymouth 5095 Nathan Lane - Plymouth, MN
|
1,301
|
604
|
1,253
|
40
|
604
|
1,293
|
1,897
|
(90)
|
2007
|
40 years
|
|||||||||
Plymouth I - Plymouth, MN
|
1,269
|
530
|
1,133
|
27
|
530
|
1,160
|
1,690
|
(173)
|
2004
|
40 years
|
|||||||||
Plymouth II - Plymouth, MN
|
1,269
|
367
|
1,264
|
41
|
367
|
1,305
|
1,672
|
(197)
|
2004
|
40 years
|
|||||||||
Plymouth III - Plymouth, MN
|
1,561
|
507
|
1,495
|
350
|
507
|
1,845
|
2,352
|
(273)
|
2004
|
40 years
|
|||||||||
Plymouth IV & V - Plymouth, MN
|
7,730
|
1,336
|
12,693
|
1,317
|
1,338
|
14,008
|
15,346
|
(3,383)
|
2001
|
40 years
|
|||||||||
Prairie Oak Business Center - Eden Prairie, MN
|
3,540
|
531
|
4,069
|
1,456
|
563
|
5,493
|
6,056
|
(1,260)
|
2003
|
40 years
|
Initial Cost to Company
|
Gross amount at which carried at
close of period
|
||||||||||||||||||
Description
|
Encumbrances
|
Land
|
Buildings &
Improvements
|
Costs capitalized
subsequent to
acquisition
|
Land
|
Buildings &
Improvements
|
Total
|
Accumulated
Depreciation
|
Date of
Construction
or Acquisition
|
Life on which
depreciation in
latest income
statement is
computed
|
|||||||||
Commercial Office - continued
|
|||||||||||||||||||
Rapid City 900 Concourse Drive - Rapid City, SD
|
$
|
2,387
|
$
|
285
|
$
|
6,600
|
$
|
276
|
$
|
321
|
$
|
6,840
|
$
|
7,161
|
$
|
(1,665)
|
2000
|
40 years
|
|
Riverport - Maryland Heights, MO
|
19,690
|
1,891
|
18,982
|
12
|
1,903
|
18,982
|
20,885
|
(1,721)
|
2006
|
40 years
|
|||||||||
Southeast Tech Center - Eagan, MN
|
1,795
|
560
|
5,496
|
298
|
569
|
5,785
|
6,354
|
(1,658)
|
1999
|
40 years
|
|||||||||
Spring Valley IV - Omaha, NE
|
847
|
178
|
916
|
60
|
186
|
968
|
1,154
|
(129)
|
2005
|
41 years
|
|||||||||
Spring Valley V - Omaha, NE
|
931
|
212
|
1,123
|
223
|
212
|
1,346
|
1,558
|
(157)
|
2005
|
42 years
|
|||||||||
Spring Valley X - Omaha, NE
|
864
|
180
|
1,024
|
32
|
180
|
1,056
|
1,236
|
(126)
|
2005
|
43 years
|
|||||||||
Spring Valley XI - Omaha, NE
|
847
|
143
|
1,094
|
36
|
152
|
1,121
|
1,273
|
(131)
|
2005
|
44 years
|
|||||||||
Superior Office Building - Duluth, MN
|
1,472
|
336
|
2,200
|
2
|
336
|
2,202
|
2,538
|
(333)
|
2004
|
40 years
|
|||||||||
TCA Building - Eagan, MN
|
8,378
|
627
|
8,571
|
730
|
685
|
9,243
|
9,928
|
(1,763)
|
2003
|
40 years
|
|||||||||
Three Paramount Plaza - Bloomington, MN
|
0
|
1,261
|
6,149
|
1,776
|
1,298
|
7,888
|
9,186
|
(1,665)
|
2002
|
40 years
|
|||||||||
Thresher Square - Minneapolis, MN
|
0
|
1,094
|
10,026
|
1,538
|
1,104
|
11,554
|
12,658
|
(2,452)
|
2002
|
40 years
|
|||||||||
Timberlands - Leawood, KS
|
13,155
|
2,375
|
12,218
|
459
|
2,478
|
12,574
|
15,052
|
(1,348)
|
2006
|
40 years
|
|||||||||
UHC Office - International Falls, MN
|
1,247
|
119
|
2,366
|
80
|
119
|
2,446
|
2,565
|
(374)
|
2004
|
40 years
|
|||||||||
US Bank Financial Center - Bloomington, MN
|
14,288
|
3,117
|
13,350
|
565
|
3,119
|
13,913
|
17,032
|
(1,785)
|
2005
|
40 years
|
|||||||||
Viromed - Eden Prairie, MN
|
1,170
|
666
|
4,197
|
1
|
666
|
4,198
|
4,864
|
(1,176)
|
1999
|
40 years
|
|||||||||
Wells Fargo Center - St Cloud, MN
|
6,624
|
869
|
8,373
|
936
|
869
|
9,309
|
10,178
|
(1,226)
|
2005
|
40 years
|
|||||||||
West River Business Park - Waite Park, MN
|
746
|
235
|
1,195
|
46
|
235
|
1,241
|
1,476
|
(223)
|
2003
|
40 years
|
|||||||||
Westgate - Boise, ID
|
0
|
1,000
|
10,618
|
1,680
|
1,000
|
12,298
|
13,298
|
(2,169)
|
2003
|
40 years
|
|||||||||
Whitewater Plaza - Minnetonka, MN
|
4,013
|
530
|
4,859
|
437
|
577
|
5,249
|
5,826
|
(1,154)
|
2002
|
40 years
|
|||||||||
Wirth Corporate Center - Golden Valley, MN
|
4,025
|
970
|
7,659
|
773
|
971
|
8,431
|
9,402
|
(1,893)
|
2002
|
40 years
|
|||||||||
Woodlands Plaza IV - Maryland Heights, MO
|
4,360
|
771
|
4,609
|
685
|
837
|
5,228
|
6,065
|
(488)
|
2006
|
40 years
|
|||||||||
Total Commercial Office
|
$
|
353,267
|
$
|
69,802
|
$
|
472,649
|
$
|
40,492
|
$
|
71,423
|
$
|
511,520
|
$
|
582,943
|
$
|
(88,656)
|
|||
Commercial Medical
|
|||||||||||||||||||
2800 Medical Building - Minneapolis, MN
|
$
|
5,931
|
$
|
204
|
$
|
7,135
|
$
|
2,018
|
$
|
229
|
$
|
9,128
|
$
|
9,357
|
$
|
(1,210)
|
2005
|
40 years
|
|
2828 Chicago Avenue - Minneapolis, MN
|
8,800
|
726
|
11,319
|
5,624
|
728
|
16,941
|
17,669
|
(894)
|
2007
|
40 years
|
|||||||||
Airport Medical - Bloomington, MN
|
1,887
|
0
|
4,678
|
0
|
0
|
4,678
|
4,678
|
(1,146)
|
2002
|
40 years
|
|||||||||
Barry Pointe Office Park - Kansas City, MO
|
1,519
|
384
|
2,366
|
96
|
384
|
2,462
|
2,846
|
(190)
|
2007
|
40 years
|
|||||||||
Burnsville 303 Nicollet Medical (Ridgeview) - Burnsville, MN
|
7,725
|
1,071
|
6,842
|
697
|
1,071
|
7,539
|
8,610
|
(401)
|
2008
|
40 years
|
|||||||||
Burnsville 305 Nicollet Medical (Ridgeview South) - Burnsville, MN
|
4,828
|
189
|
5,127
|
534
|
189
|
5,661
|
5,850
|
(318)
|
2008
|
40 years
|
|||||||||
Casper 1930 E 12th Street (Park Place) - Casper, WY
|
0
|
439
|
5,780
|
0
|
439
|
5,780
|
6,219
|
(54)
|
2009
|
40 years
|
Initial Cost to Company
|
Gross amount at which carried at
close of period
|
||||||||||||||||||
Description
|
Encumbrances
|
Land
|
Buildings &
Improvements
|
Costs capitalized
subsequent to
acquisition
|
Land
|
Buildings &
Improvements
|
Total
|
Accumulated
Depreciation
|
Date of
Construction
or Acquisition
|
Life on which
depreciation in
latest income
statement is
computed
|
|||||||||
Commercial Medical - continued
|
|||||||||||||||||||
Casper 3955 E 12th Street (Meadow Wind) - Casper, WY
|
$
|
0
|
$
|
338
|
$
|
5,881
|
$
|
0
|
$
|
338
|
$
|
5,881
|
$
|
6,219
|
$
|
(55)
|
2009
|
40 years
|
|
Cheyenne 4010 N College Drive (Aspen Wind) - Cheyenne, WY
|
0
|
628
|
9,869
|
0
|
628
|
9,869
|
10,497
|
(93)
|
2009
|
40 years
|
|||||||||
Cheyenne 4606 N College Drive (Sierra Hills) - Cheyenne, WY
|
0
|
695
|
7,455
|
0
|
695
|
7,455
|
8,150
|
(70)
|
2009
|
40 years
|
|||||||||
Denfeld Clinic - Duluth, MN
|
1,952
|
501
|
2,597
|
1
|
501
|
2,598
|
3,099
|
(393)
|
2004
|
40 years
|
|||||||||
Eagen 1440 Duckwood Medical - Eagan, MN
|
1,931
|
521
|
1,547
|
519
|
521
|
2,066
|
2,587
|
(166)
|
2008
|
40 years
|
|||||||||
Edgewood Vista - Belgrade, MT
|
0
|
35
|
779
|
0
|
35
|
779
|
814
|
(41)
|
2008
|
40 years
|
|||||||||
Edgewood Vista - Billings, MT
|
2,082
|
115
|
1,782
|
(15)
|
115
|
1,767
|
1,882
|
(98)
|
2008
|
40 years
|
|||||||||
Edgewood Vista - Bismarck, ND
|
6,197
|
511
|
9,193
|
36
|
511
|
9,229
|
9,740
|
(1,065)
|
2005
|
40 years
|
|||||||||
Edgewood Vista - Brainerd, MN
|
6,125
|
587
|
8,999
|
34
|
587
|
9,033
|
9,620
|
(1,042)
|
2005
|
40 years
|
|||||||||
Edgewood Vista - Columbus, NE
|
0
|
43
|
824
|
0
|
43
|
824
|
867
|
(44)
|
2008
|
40 years
|
|||||||||
Edgewood Vista - East Grand Forks, MN
|
3,171
|
290
|
1,383
|
(31)
|
290
|
1,352
|
1,642
|
(75)
|
2008
|
40 years
|
|||||||||
Edgewood Vista - Fargo, ND
|
14,113
|
792
|
21,050
|
0
|
792
|
21,050
|
21,842
|
(1,118)
|
2008
|
40 years
|
|||||||||
Edgewood Vista - Fremont, NE
|
639
|
56
|
490
|
42
|
56
|
532
|
588
|
(116)
|
2000
|
40 years
|
|||||||||
Edgewood Vista - Grand Island, NE
|
0
|
33
|
773
|
0
|
33
|
773
|
806
|
(41)
|
2008
|
40 years
|
|||||||||
Edgewood Vista - Hastings, NE
|
658
|
49
|
517
|
40
|
49
|
557
|
606
|
(125)
|
2000
|
40 years
|
|||||||||
Edgewood Vista - Hermantown I, MN
|
17,646
|
288
|
9,871
|
1,502
|
288
|
11,373
|
11,661
|
(2,452)
|
2000
|
40 years
|
|||||||||
Edgewood Vista - Hermantown II, MN
|
7,097
|
719
|
10,517
|
33
|
719
|
10,550
|
11,269
|
(1,218)
|
2005
|
40 years
|
|||||||||
Edgewood Vista - Kalispell, MT
|
660
|
70
|
502
|
52
|
70
|
554
|
624
|
(121)
|
2001
|
40 years
|
|||||||||
Edgewood Vista - Missoula, MT
|
937
|
109
|
854
|
36
|
109
|
890
|
999
|
(290)
|
1996
|
40 years
|
|||||||||
Edgewood Vista - Norfolk, NE
|
0
|
42
|
722
|
0
|
42
|
722
|
764
|
(38)
|
2008
|
40 years
|
|||||||||
Edgewood Vista - Omaha, NE
|
417
|
89
|
547
|
40
|
89
|
587
|
676
|
(127)
|
2001
|
40 years
|
|||||||||
Edgewood Vista - Sioux Falls, SD
|
1,192
|
314
|
1,001
|
(27)
|
314
|
974
|
1,288
|
(54)
|
2008
|
40 years
|
|||||||||
Edgewood Vista - Spearfish, SD
|
3,858
|
315
|
5,807
|
35
|
315
|
5,842
|
6,157
|
(673)
|
2005
|
40 years
|
|||||||||
Edgewood Vista - Virginia, MN
|
15,010
|
246
|
11,823
|
76
|
246
|
11,899
|
12,145
|
(2,164)
|
2002
|
40 years
|
|||||||||
Edina 6363 France Medical - Edina, MN
|
7,969
|
0
|
12,675
|
20
|
0
|
12,695
|
12,695
|
(958)
|
2008
|
40 years
|
|||||||||
Edina 6405 France Medical - Edina, MN
|
9,120
|
0
|
12,201
|
0
|
0
|
12,201
|
12,201
|
(799)
|
2008
|
40 years
|
|||||||||
Edina 6517 Drew Avenue - Edina, MN
|
1,219
|
353
|
660
|
524
|
372
|
1,165
|
1,537
|
(282)
|
2002
|
40 years
|
|||||||||
Edina 6525 France SMC II - Edina, MN
|
9,719
|
755
|
8,054
|
5,943
|
755
|
13,997
|
14,752
|
(3,308)
|
2003
|
40 years
|
|||||||||
Edina 6545 France SMC I - Edina MN
|
21,625
|
3,480
|
30,743
|
10,588
|
3,480
|
41,331
|
44,811
|
(9,370)
|
2001
|
40 years
|
|||||||||
Fox River Cottages - Grand Chute, WI
|
2,266
|
305
|
2,746
|
756
|
305
|
3,502
|
3,807
|
(310)
|
2006
|
40 years
|
|||||||||
Fresenius - Duluth, MN
|
898
|
50
|
1,520
|
2
|
50
|
1,522
|
1,572
|
(230)
|
2004
|
40 years
|
|||||||||
Garden View - St. Paul, MN
|
2,691
|
0
|
7,408
|
484
|
0
|
7,892
|
7,892
|
(1,596)
|
2002
|
40 years
|
Initial Cost to Company
|
Gross amount at which carried at
close of period
|
Life on which
depreciation in
latest income
statement is
computed
|
|||||||||||||||||
Description
|
Encumbrances
|
Land
|
Buildings &
Improvements
|
Costs capitalized
subsequent to
acquisition
|
Land
|
Buildings &
Improvements
|
Total
|
Accumulated
Depreciation
|
Date of
Construction
or Acquisition
|
||||||||||
Commercial Medical - continued
|
|||||||||||||||||||
Gateway Clinic - Sandstone, MN
|
$
|
1,131
|
$
|
66
|
$
|
1,699
|
$
|
1
|
$
|
66
|
$
|
1,700
|
$
|
1,766
|
$
|
(257)
|
2004
|
40 years
|
|
Healtheast St John & Woodwinds - Maplewood & Woodbury, MN
|
13,731
|
3,239
|
18,362
|
0
|
3,239
|
18,362
|
21,601
|
(4,571)
|
2000
|
40 years
|
|||||||||
High Pointe Health Campus - Lake Elmo, MN
|
2,950
|
1,305
|
10,528
|
962
|
1,308
|
11,487
|
12,795
|
(1,619)
|
2004
|
40 years
|
|||||||||
Laramie 1072 N 22nd Street (Spring Wind) - Laramie, WY
|
0
|
406
|
6,634
|
0
|
406
|
6,634
|
7,040
|
(62)
|
2009
|
40 years
|
|||||||||
Mariner Clinic - Superior, WI
|
2,473
|
0
|
3,781
|
21
|
20
|
3,782
|
3,802
|
(573)
|
2004
|
40 years
|
|||||||||
Minneapolis 701 25th Avenue Medical - Minneapolis, MN
|
6,711
|
0
|
7,873
|
0
|
0
|
7,873
|
7,873
|
(418)
|
2008
|
40 years
|
|||||||||
Nebraska Orthopedic Hospital - Omaha, NE
|
13,151
|
0
|
20,272
|
240
|
0
|
20,512
|
20,512
|
(3,054)
|
2004
|
40 years
|
|||||||||
Park Dental - Brooklyn Center, MN
|
1,082
|
185
|
2,767
|
0
|
185
|
2,767
|
2,952
|
(528)
|
2002
|
40 years
|
|||||||||
Pavilion I - Duluth, MN
|
6,516
|
1,245
|
8,898
|
31
|
1,245
|
8,929
|
10,174
|
(1,315)
|
2004
|
40 years
|
|||||||||
Pavilion II - Duluth, MN
|
11,990
|
2,715
|
14,673
|
1,937
|
2,715
|
16,610
|
19,325
|
(3,166)
|
2004
|
40 years
|
|||||||||
Ritchie Medical Plaza - St Paul, MN
|
7,099
|
1,615
|
7,851
|
856
|
1,647
|
8,675
|
10,322
|
(1,015)
|
2005
|
40 years
|
|||||||||
Sartell 2000 23rd Street South - Sartell, MN
|
5,321
|
0
|
11,781
|
912
|
0
|
12,693
|
12,693
|
(2,488)
|
2002
|
40 years
|
|||||||||
St Michael Clinic - St Michael, MN
|
2,038
|
328
|
2,259
|
264
|
328
|
2,523
|
2,851
|
(194)
|
2007
|
40 years
|
|||||||||
Stevens Point - Stevens Point, WI
|
11,006
|
442
|
3,888
|
10,495
|
442
|
14,383
|
14,825
|
(1,259)
|
2006
|
40 years
|
|||||||||
Wells Clinic - Hibbing, MN
|
1,725
|
162
|
2,497
|
1
|
162
|
2,498
|
2,660
|
(377)
|
2004
|
40 years
|
|||||||||
Total Commercial Medical
|
$
|
256,806
|
$
|
27,050
|
$
|
357,800
|
$
|
45,379
|
$
|
27,151
|
$
|
403,078
|
$
|
430,229
|
$
|
(53,641)
|
|||
Commercial Industrial
|
|||||||||||||||||||
API Building - Duluth, MN
|
$
|
998
|
$
|
115
|
$
|
1,605
|
$
|
3
|
$
|
115
|
$
|
1,608
|
$
|
1,723
|
$
|
(243)
|
2004
|
40 years
|
|
Bloomington 2000 W 94th Street - Bloomington, MN
|
3,986
|
2,133
|
4,097
|
15
|
2,133
|
4,112
|
6,245
|
(349)
|
2006
|
40 years
|
|||||||||
Bodycote Industrial Building - Eden Prairie, MN
|
1,251
|
198
|
1,154
|
799
|
198
|
1,953
|
2,151
|
(711)
|
1992
|
40 years
|
|||||||||
Cedar Lake Business Center - St. Louis Park, MN
|
2,439
|
895
|
2,810
|
47
|
895
|
2,857
|
3,752
|
(208)
|
2007
|
40 years
|
|||||||||
Clive 2075 NW 94th Street - Clive, IA
|
2,284
|
408
|
2,610
|
49
|
408
|
2,659
|
3,067
|
(47)
|
2009
|
40 years
|
|||||||||
Dixon Avenue Industrial Park - Des Moines, IA
|
7,548
|
1,439
|
10,758
|
1,017
|
1,439
|
11,775
|
13,214
|
(2,442)
|
2002
|
40 years
|
|||||||||
Eagan 2785 & 2795 Highway 55 - Eagan, MN
|
3,703
|
3,058
|
2,570
|
0
|
3,058
|
2,570
|
5,628
|
(144)
|
2008
|
40 years
|
|||||||||
Lexington Commerce Center - Eagan, MN
|
2,493
|
453
|
4,352
|
1,679
|
480
|
6,004
|
6,484
|
(1,775)
|
1999
|
40 years
|
|||||||||
Lighthouse - Duluth, MN
|
1,048
|
90
|
1,788
|
7
|
90
|
1,795
|
1,885
|
(272)
|
2004
|
40 years
|
|||||||||
Metal Improvement Company - New Brighton, MN
|
1,720
|
240
|
2,189
|
78
|
240
|
2,267
|
2,507
|
(465)
|
2002
|
40 years
|
|||||||||
Minnetonka 13600 County Road 62 - Minnetonka, MN
|
2,456
|
809
|
434
|
2,459
|
809
|
2,893
|
3,702
|
(91)
|
2009
|
40 years
|
|||||||||
Roseville 2929 Long Lake Road - Roseville, MN
|
5,862
|
1,966
|
7,272
|
1,474
|
1,980
|
8,732
|
10,712
|
(737)
|
2006
|
40 years
|
|||||||||
Stone Container - Fargo, ND
|
2,743
|
440
|
6,597
|
104
|
440
|
6,701
|
7,141
|
(2,105)
|
1995
|
40 years
|
|||||||||
Stone Container - Roseville, MN
|
3,965
|
810
|
7,440
|
0
|
810
|
7,440
|
8,250
|
(1,558)
|
2001
|
40 years
|
Initial Cost to Company
|
Gross amount at which carried at
close of period
|
Life on which
depreciation in
latest income
statement is
computed
|
|||||||||||||||||
Description
|
Encumbrances
|
Land
|
Buildings &
Improvements
|
Costs capitalized
subsequent to
acquisition
|
Land
|
Buildings &
Improvements
|
Total
|
Accumulated
Depreciation
|
Date of
Construction
or Acquisition
|
||||||||||
Commercial Industrial - continued
|
|||||||||||||||||||
Urbandale 3900 106th Street - Urbandale, IA
|
10,800
|
3,680
|
10,089
|
369
|
3,721
|
10,417
|
14,138
|
(801)
|
2007
|
40 years
|
|||||||||
Waconia Industrial Building - Waconia, MN
|
954
|
165
|
1,492
|
383
|
187
|
1,853
|
2,040
|
(570)
|
2000
|
40 years
|
|||||||||
Wilson's Leather - Brooklyn Park, MN
|
6,945
|
1,368
|
11,643
|
1,197
|
1,368
|
12,840
|
14,208
|
(2,490)
|
2002
|
40 years
|
|||||||||
Winsted Industrial Building - Winsted, MN
|
453
|
100
|
901
|
48
|
100
|
949
|
1,049
|
(244)
|
2001
|
40 years
|
|||||||||
Woodbury 1865 Woodlane - Woodbury, MN
|
2,870
|
1,108
|
2,628
|
1,617
|
1,108
|
4,245
|
5,353
|
(229)
|
2007
|
40 years
|
|||||||||
Total Commercial Industrial
|
$
|
64,518
|
$
|
19,475
|
$
|
82,429
|
$
|
11,345
|
$
|
19,579
|
$
|
93,670
|
$
|
113,249
|
$
|
(15,481)
|
|||
Commercial Retail
|
|||||||||||||||||||
17 South Main - Minot, ND
|
$
|
0
|
$
|
15
|
$
|
75
|
$
|
197
|
$
|
17
|
$
|
270
|
$
|
287
|
$
|
(139)
|
2000
|
40 years
|
|
Anoka Strip Center - Anoka, MN
|
0
|
123
|
602
|
19
|
134
|
610
|
744
|
(111)
|
2003
|
40 years
|
|||||||||
Burnsville 1 Strip Center - Burnsville, MN
|
521
|
208
|
773
|
205
|
208
|
978
|
1,186
|
(171)
|
2003
|
40 years
|
|||||||||
Burnsville 2 Strip Center - Burnsville, MN
|
414
|
291
|
469
|
202
|
294
|
668
|
962
|
(126)
|
2003
|
40 years
|
|||||||||
Champlin South Pond - Champlin, MN
|
1,846
|
842
|
2,703
|
47
|
866
|
2,726
|
3,592
|
(429)
|
2004
|
40 years
|
|||||||||
Chan West Village - Chanhassen, MN
|
14,031
|
5,035
|
14,665
|
1,723
|
5,606
|
15,817
|
21,423
|
(2,970)
|
2003
|
40 years
|
|||||||||
Dakota West Plaza - Minot , ND
|
409
|
92
|
493
|
28
|
107
|
506
|
613
|
(52)
|
2006
|
40 years
|
|||||||||
Duluth Denfeld Retail - Duluth, MN
|
2,802
|
276
|
4,699
|
15
|
276
|
4,714
|
4,990
|
(719)
|
2004
|
40 years
|
|||||||||
Duluth NAPA - Duluth, MN
|
848
|
130
|
1,800
|
3
|
130
|
1,803
|
1,933
|
(272)
|
2004
|
40 years
|
|||||||||
Eagan Community - Eagan, MN
|
1,452
|
702
|
1,588
|
858
|
703
|
2,445
|
3,148
|
(366)
|
2003
|
40 years
|
|||||||||
East Grand Station - East Grand Forks, MN
|
220
|
150
|
1,235
|
309
|
151
|
1,543
|
1,694
|
(346)
|
1999
|
40 years
|
|||||||||
Fargo Express Community - Fargo, ND
|
1,088
|
374
|
1,420
|
121
|
385
|
1,530
|
1,915
|
(250)
|
2003-2005
|
40 years
|
|||||||||
Forest Lake Auto - Forest Lake, MN
|
0
|
50
|
446
|
13
|
50
|
459
|
509
|
(83)
|
2003
|
40 years
|
|||||||||
Forest Lake Westlake Center - Forest Lake, MN
|
4,644
|
2,446
|
5,304
|
458
|
2,480
|
5,728
|
8,208
|
(1,039)
|
2003
|
40 years
|
|||||||||
Grand Forks Carmike - Grand Forks, ND
|
1,851
|
184
|
2,360
|
2
|
184
|
2,362
|
2,546
|
(915)
|
1994
|
40 years
|
|||||||||
Grand Forks Medpark Mall - Grand Forks, ND
|
0
|
681
|
4,808
|
231
|
720
|
5,000
|
5,720
|
(1,310)
|
2000
|
40 years
|
|||||||||
Jamestown Buffalo Mall - Jamestown, ND
|
1,333
|
566
|
3,209
|
2,408
|
864
|
5,319
|
6,183
|
(810)
|
2003
|
40 years
|
|||||||||
Jamestown Business Center - Jamestown, ND
|
646
|
297
|
1,023
|
1,299
|
326
|
2,293
|
2,619
|
(503)
|
2003
|
40 years
|
|||||||||
Kalispell Retail Center - Kalispell, MT
|
1,483
|
250
|
2,250
|
973
|
254
|
3,219
|
3,473
|
(525)
|
2003
|
40 years
|
|||||||||
Kentwood Thomasville Furniture - Kentwood, MI
|
356
|
225
|
1,889
|
(698)
|
225
|
1,191
|
1,416
|
(626)
|
1996
|
40 years
|
|||||||||
Ladysmith Pamida - Ladysmith, WI
|
1,044
|
89
|
1,411
|
(818)
|
89
|
593
|
682
|
(242)
|
2003
|
40 years
|
|||||||||
Lakeville Strip Center - Lakeville, MN
|
1,084
|
46
|
1,142
|
803
|
94
|
1,897
|
1,991
|
(420)
|
2003
|
40 years
|
|||||||||
Livingston Pamida - Livingston, MT
|
1,241
|
227
|
1,573
|
0
|
227
|
1,573
|
1,800
|
(283)
|
2003
|
40 years
|
|||||||||
Minot Arrowhead - Minot, ND
|
2,435
|
100
|
1,064
|
6,057
|
722
|
6,499
|
7,221
|
(2,292)
|
1973
|
15 1/2-40 years
|
|||||||||
Minot Plaza - Minot, ND
|
612
|
50
|
453
|
121
|
72
|
552
|
624
|
(240)
|
1993
|
40 years
|
|||||||||
Monticello C Store - Monticello, MN
|
0
|
86
|
770
|
37
|
118
|
775
|
893
|
(144)
|
2003
|
40 years
|
|||||||||
Omaha Barnes & Noble - Omaha, NE
|
2,816
|
600
|
3,099
|
0
|
600
|
3,099
|
3,699
|
(1,124)
|
1995
|
40 years
|
Initial Cost to Company
|
Gross amount at which carried at
close of period
|
||||||||||||||||||
Description
|
Encumbrances
|
Land
|
Buildings &
Improvements
|
Costs capitalized
subsequent to
acquisition
|
Land
|
Buildings &
Improvements
|
Total
|
Accumulated
Depreciation
|
Date of
Construction
or Acquisition
|
Life on which
depreciation in
latest income
statement is
computed
|
|||||||||
Commercial Retail - continued
|
|||||||||||||||||||
Pine City C-Store - Pine City, MN
|
$
|
322
|
$
|
83
|
$
|
357
|
$
|
2
|
$
|
83
|
$
|
359
|
$
|
442
|
$
|
(65)
|
2003
|
40 years
|
|
Pine City Evergreen Square - Pine City, MN
|
1,977
|
154
|
2,646
|
582
|
385
|
2,997
|
3,382
|
(594)
|
2003
|
40 years
|
|||||||||
Rochester Maplewood Square - Rochester, MN
|
0
|
3,275
|
8,610
|
474
|
3,294
|
9,065
|
12,359
|
(2,371)
|
1999
|
40 years
|
|||||||||
St. Cloud Westgate - St. Cloud, MN
|
3,537
|
1,219
|
5,535
|
86
|
1,242
|
5,598
|
6,840
|
(868)
|
2004
|
40 years
|
|||||||||
Weston Retail - Weston, WI
|
0
|
79
|
1,575
|
27
|
80
|
1,601
|
1,681
|
(288)
|
2003
|
40 years
|
|||||||||
Weston Walgreens - Weston, WI
|
3,273
|
66
|
1,718
|
672
|
67
|
2,389
|
2,456
|
(233)
|
2006
|
40 years
|
|||||||||
Total Commercial Retail
|
$
|
52,285
|
$
|
19,011
|
$
|
81,764
|
$
|
16,456
|
$
|
21,053
|
$
|
96,178
|
$
|
117,231
|
$
|
(20,926)
|
|||
Subtotal
|
$
|
1,057,619
|
$
|
175,355
|
$
|
1,404,352
|
$
|
220,812
|
$
|
187,751
|
$
|
1,612,768
|
$
|
1,800,519
|
$
|
(308,626)
|
Initial Cost to Company
|
Gross amount at which carried at
close of period
|
||||||||||||||||||
Description
|
Encumbrances
|
Land
|
Buildings &
Improvements
|
Costs capitalized
subsequent to
acquisition
|
Land
|
Buildings &
Improvements
|
Total
|
Accumulated
Depreciation
|
Date of
Construction
or Acquisition
|
Life on which
depreciation in
latest income
statement is
computed
|
|||||||||
Unimproved Land
|
|||||||||||||||||||
Bismarck 2130 S 12th St - Bismarck, ND
|
$
|
0
|
$
|
576
|
$
|
0
|
$
|
12
|
$
|
588
|
$
|
0
|
$
|
588
|
$
|
0
|
2008
|
40 years
|
|
Bismarck 700 E Main - Bismarck, ND
|
0
|
314
|
0
|
541
|
855
|
0
|
855
|
0
|
2008
|
40 years
|
|||||||||
Eagan Unimproved Land - Eagan, MN
|
0
|
423
|
0
|
0
|
423
|
0
|
423
|
0
|
2006
|
40 years
|
|||||||||
IRET Corporate Plaza Outlot - Minot, ND
|
0
|
568
|
0
|
4
|
572
|
0
|
572
|
0
|
2009
|
40 years
|
|||||||||
Kalispell Unimproved Land - Kalispell, MT
|
0
|
1,400
|
0
|
24
|
1,411
|
13
|
1,424
|
0
|
2003
|
40 years
|
|||||||||
Monticello Unimproved Land - Monticello, MN
|
0
|
95
|
0
|
2
|
97
|
0
|
97
|
0
|
2006
|
40 years
|
|||||||||
Quarry Ridge Unimproved Land - Rochester, MN
|
0
|
942
|
0
|
0
|
942
|
0
|
942
|
0
|
2006
|
40 years
|
|||||||||
River Falls Unimproved Land - River Falls, WI
|
0
|
176
|
0
|
5
|
179
|
2
|
181
|
0
|
2003
|
40 years
|
|||||||||
Urbandale Unimproved Land - Urbandale, IA
|
0
|
5
|
0
|
108
|
113
|
0
|
113
|
0
|
2009
|
40 years
|
|||||||||
Weston Unimproved Land - Weston, WI
|
0
|
812
|
0
|
0
|
812
|
0
|
812
|
0
|
2006
|
40 years
|
|||||||||
Total Unimproved Land
|
$
|
0
|
$
|
5,311
|
$
|
0
|
$
|
696
|
$
|
5,992
|
$
|
15
|
$
|
6,007
|
$
|
0
|
|||
Development in Progress
|
|||||||||||||||||||
Fargo 1320 45th Street N - Fargo, ND
|
$
|
0
|
$
|
395
|
$
|
0
|
$
|
2,436
|
$
|
396
|
$
|
2,435
|
$
|
2,831
|
$
|
0
|
2009
|
40 years
|
|
Total Development in Progress
|
$
|
0
|
$
|
395
|
$
|
0
|
$
|
2,436
|
$
|
396
|
$
|
2,435
|
$
|
2,831
|
$
|
0
|
|||
Total
|
$
|
1,057,619
|
$
|
181,061
|
$
|
1,404,352
|
$
|
223,944
|
$
|
194,139
|
$
|
1,615,218
|
$
|
1,809,357
|
$
|
(308,626)
|
|||
|
(in thousands)
|
|||||||||||
|
2010
|
2009
|
2008
|
|||||||||
Balance at beginning of year
|
$ | 1,729,585 | $ | 1,648,259 | $ | 1,489,287 | ||||||
Additions during year
|
||||||||||||
Multi-Family Residential
|
4,270 | 23,215 | 11,159 | |||||||||
Commercial Office
|
2,096 | 8,573 | 14,473 | |||||||||
Commercial Medical
|
38,125 | 19,084 | 82,233 | |||||||||
Commercial Industrial
|
3,066 | 4,337 | 27,132 | |||||||||
Commercial Retail
|
0 | 0 | 0 | |||||||||
Improvements and Other
|
29,343 | 27,971 | 25,787 | |||||||||
1,806,485 | 1,731,439 | 1,650,071 | ||||||||||
Deductions during year
|
||||||||||||
Cost of real estate sold
|
(1,217 | ) | (49 | ) | (1,812 | ) | ||||||
Impairment charge
|
(1,678 | ) | (338 | ) | 0 | |||||||
Other(1)
|
(3,071 | ) | (1,467 | ) | 0 | |||||||
Balance at close of year(2)
|
$ | 1,800,519 | $ | 1,729,585 | $ | 1,648,259 |
|
(in thousands)
|
|||||||||||
|
2010
|
2009
|
2008
|
|||||||||
Balance at beginning of year
|
$ | 262,871 | $ | 219,379 | $ | 180,544 | ||||||
Additions during year
|
||||||||||||
Provisions for depreciation
|
48,152 | 44,227 | 39,806 | |||||||||
Deductions during year
|
||||||||||||
Accumulated depreciation on real estate sold
|
(737 | ) | (36 | ) | (971 | ) | ||||||
Other(1)
|
(1,660 | ) | (699 | ) | 0 | |||||||
Balance at close of year
|
$ | 308,626 | $ | 262,871 | $ | 219,379 |
|
(1)
|
Consists of miscellaneous disposed assets.
|
|
(2)
|
The net basis of the Company’s real estate investments for Federal Income Tax purposes is approximately $1.3 billion.
|
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES
|
(in thousands)
|
||||||||||||||||||||||
Interest
Rate
|
Final
Maturity
Date
|
Payment
Terms
|
Prior
Liens
|
Face Amt. of
Mortgages
|
Carrying
Amt. of
Mortgages
|
Prin. Amt
of Loans
Subject to
Delinquent
Prin. or Int.
|
||||||||||||||||
First Mortgage
|
||||||||||||||||||||||
Liberty Holdings, LLC
|
7.00 | % |
11/01/12
|
Monthly/ Balloon
|
0 | 167 | 161 | 0 | ||||||||||||||
$ | 0 | $ | 167 | $ | 161 | $ | 0 | |||||||||||||||
Less:
|
||||||||||||||||||||||
Allowance for Loan Losses
|
$ | (3 | ) | |||||||||||||||||||
$ | 158 |
|
(in thousands)
|
|||||||||||
|
2010
|
2009
|
2008
|
|||||||||
MORTGAGE LOANS RECEIVABLE, BEGINNING OF YEAR
|
$ | 160 | $ | 541 | $ | 399 | ||||||
New participations in and advances on mortgage loans
|
0 | 0 | 167 | |||||||||
$ | 160 | $ | 541 | $ | 566 | |||||||
Collections
|
(2 | ) | (381 | ) | (25 | ) | ||||||
Transferred to other assets
|
0 | 0 | 0 | |||||||||
MORTGAGE LOANS RECEIVABLE, END OF YEAR
|
$ | 158 | $ | 160 | $ | 541 |
Fiscal Year ended April 30,
|
|||||
2010
|
2009
|
2008
|
2007
|
2006
|
|
Consolidated ratio of earnings to fixed charges
|
1.07x
|
1.14x
|
1.22x
|
1.24x
|
1.22x
|
Consolidated ratio of earnings to combined fixed charges and preferred share dividends
|
1.04x
|
1.10x
|
1.18x
|
1.20x
|
1.17x
|