ACQUISITIONS AND DISPOSITIONS

3 Months Ended

Jul. 31, 2012

ACQUISITIONS AND DISPOSITIONS [Abstract]

ACQUISITIONS AND DISPOSITIONS

NOTE 8 • ACQUISITIONS AND DISPOSITIONS

PROPERTY ACQUISITIONS

During the first quarter of fiscal year 2013, the Company closed on its acquisitions of:

· a 308-unit multi-family residential property in Topeka, Kansas, on approximately 18.3 acres of land, for a purchase price of approximately $17.7 million, of which $5.2 million was paid in cash with assumed debt of $12.5 million;

· a 232-unit multi-family residential property in Lincoln, Nebraska, on approximately 14.7 acres of land, for a purchase price of approximately $17.5 million, of which $14.2 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.3 million; and

· a 208-unit multi-family residential property in Lincoln, Nebraska, on approximately 11.5 acres of land, for a purchase price of approximately $17.3 million, of which $13.8 million was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $3.5 million.

Also during the first quarter of fiscal year 2013, the Company placed in service its 159-unit Quarry Ridge Apartment Homes development in Rochester, Minnesota, and placed in service buildings 3 and 4 (totaling 73 units) of its four-building, 145-unit Williston Gardens multi-family residential development in Williston, North Dakota. The Company is the majority member of the joint venture entity that owns the Williston Gardens development, with a 60% interest. As of July 31, 2012, project costs incurred for the Quarry Ridge development totaled approximately $15.6 million; the total estimated construction costs (excluding the value

of the land) for the project are $17.3 million. Estimated total project costs for the Williston Gardens development are approximately $19.5 million, of which the joint venture entity had incurred approximately $17.8 million as of July 31, 2012.

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.

The Company expensed approximately $73,000 and $0 of transaction costs related to acquisitions in the three months ended July 31, 2012 and 2011, respectively. The Company's acquisitions and development projects placed in service during the three months ended July 31, 2012 and 2011 are detailed below:

Three Months Ended July 31, 2012

		(in thousands)
Acquisitions	Date Acquired	Land		Building		Intangible Assets		Acquisition Cost
Multi-Family Residential
308 unit - Villa West - Topeka, KS	5/8/12	$	1,590	$	15,760	$	300	$	17,650
232 unit - Colony - Lincoln, NE	6/4/12		1,515		15,731		254		17,500
208 unit - Lakeside Village - Lincoln, NE	6/4/12		1,215		15,837		198		17,250
Total Property Acquisitions		$	4,320	$	47,328	$	752	$	52,400

		(in thousands)
Development Projects Placed in Service	Date Placed in Service	Land		Building		Intangible Assets		Acquisition Cost
Multi-Family Residential
159 unit – Quarry Ridge II – Rochester, MN(1)	6/29/12	$	0	$	3,543	$	0	$	3,543
73 unit - Williston Garden Buildings 3 and 4 - Williston, ND(2)	7/31/12		0		4,158		0		4,158
Total Development Projects Placed in Service		$	0	$	7,701	$	0	$	7,701

(1) Development property placed in service June 29, 2012. Additional costs paid in fiscal years 2012 and 2011, and land acquired in fiscal year 2007, totaled $13.0 million, for a total project cost at July 31, 2012 of $16.5 million.

(2) Development property placed in service July 31, 2012. Buildings 1 and 2 were placed in service in fiscal year 2012. Additional costs paid in fiscal year 2012 totaled $12.0 million, for a total project cost at July 31, 2012 of $16.2 million.

Three Months Ended July 31, 2011

		(in thousands)
Development Projects Placed in Service	Date Placed in Service	Land		Building		Intangible Assets		Acquisition Cost
Commercial Retail
19,037 sq. ft. Jamestown Buffalo Mall Theater - Jamestown, ND(1)	6/15/11	$	0	$	764	$	0	$	764
Total Development Projects Placed in Service		$	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.

PROPERTY DISPOSITIONS

During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. The Company had no real estate dispositions in the first quarter of fiscal year 2012. The following table details the Company's dispositions during the three months ended July 31, 2012:

Three Months Ended July 31, 2012

	(in thousands)
Dispositions	Sales Price		Book Value and Sales Cost		Gain/(Loss)
Commercial Retail
16,080 sq ft. Kentwood Thomasville – Kentwood, MI		625		692		(67	)
Other
Georgetown SquareCondominiums 5 and 6	$	330	$	336	$	(6	)
Total Property Dispositions	$	955	$	1,028	$	(73	)