ACQUISITIONS AND DISPOSITIONS

3 Months Ended

Jul. 31, 2011

Notes To Financial Statements [Abstract]

ACQUISITIONS AND DISPOSITIONS

NOTE 8 . ACQUISITIONS AND DISPOSITIONS

PROPERTY ACQUISITIONS

During the first quarter of fiscal year 2012, the Company substantially completed construction of a six-screen movie theater at its existing Buffalo Mall property in Jamestown, North Dakota, for a total cost of $2.2 million. The Company had no acquisitions during the first quarter of fiscal year 2012.

During the first quarter of fiscal year 2011, IRET acquired, on July 15, 2010, two medical office buildings located in, respectively, Billings, Montana and Missoula, Montana, for a total purchase price of approximately $5.2 million, consisting of cash of approximately $957,000 and the assumption of existing debt with an interest rate of 7.06% and a maturity date of December 31, 2016 in the amount of approximately $4.3 million. The two medical office buildings were each constructed in 2001, and contain approximately 14,705 square feet and 14,640 square feet of leasable space, respectively. During the first quarter of fiscal year 2011, the Company completed construction of a single-tenant office/warehouse facility in Fargo, North Dakota. The cost to construct the facility was approximately $3.9 million, including the cost of the land plus imputed construction interest.

The Company expensed approximately $0 and $52,000 of transaction costs related to acquisitions in the three months ended July 31, 2011 and 2010, respectively. The Company's acquisitions and development projects placed in service during the three months ended July 31, 2011 and 2010 are detailed below:

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Three Months Ended July 31, 2011

	(in thousands)
Acquisitions and Development Projects Placed in Service	Land		Building		Intangible Assets		Acquisition Cost
Commercial Retail
19,037 sq. ft. Jamestown Buffalo Mall Theater- Jamestown, ND(1)	$	0	$	764	$	0	$	764
Total Property Acquisitions	$	0	$	764	$	0	$	764

(1)   Construction project placed in service June 15, 2011. Additional costs incurred in fiscal year 2011 totaled $1.4 million, for a total project cost at July 31, 2011 of $2.2 million.

Three Months Ended July 31, 2010

	(in thousands)
Acquisitions and Development Projects Placed in Service	Land		Building		Intangible Assets		Acquisition Cost
Commercial Medical
14,705 sq. ft. Billings 2300 Grant Road - Billings, MT	$	649	$	1,216	$	657	$	2,522
14,640 sq. ft. Missoula 3050 Great Northern - Missoula, MT		640		1,331		752		2,723
		1,289		2,547		1,409		5,245
Commercial Industrial
42,244 sq. ft. Fargo 1320 45th St N - Fargo, ND(2)		0		1,616		0		1,616
Total Property Acquisitions	$	1,289	$	4,163	$	1,409	$	6,861

(2)   Development property placed in service June 22, 2010.  Additional costs incurred in fiscal year 2010 totaled $2.3 million, for a total project cost at July 31, 2010 of $3.9 million.

PROPERTY DISPOSITIONS

There were no dispositions in the first quarter of fiscal years 2012 and 2011.