The Company expensed approximately $161,000 and $97,000 of transaction costs related to acquisitions in the six months ended October 31, 2013 and 2012, respectively. The Company's acquisitions and development projects placed in service during the six months ended October 31, 2013 and 2012 are detailed below:

Six Months Ended October 31, 2013

Acquisitions		(in thousands)
Acquisitions	Date Acquired	Land		Building		Intangible Assets		Acquisition Cost

Multi-Family Residential
71 unit - Alps Park - Rapid City, SD	2013-05-01	$	287	$	5,551	$	362	$	6,200
96 unit - Southpoint - Grand Forks, ND	2013-09-05		576		9,893		131		10,600
24 unit - Pinecone Villas - Sartell, MN	2013-10-31		629		2,139		32		2,800
			1,492		17,583		525		19,600

Commercial Healthcare
98,174 sq ft Legends at Heritage Place - Sartell, MN	2013-10-31		1,112		9,890		368		11,370

Unimproved Land
Chateau II - Minot, ND	2013-05-21		179		0		0		179
Jamestown Unimproved - Jamestown, ND	2013-08-09		700		0		0		700
RED 20 - Minneapolis, MN⁽¹⁾	2013-08-20		1,900		0		0		1,900
Legends at Heritage Place - Sartell, MN	2013-10-31		1,030		0		0		1,030
			3,809		0		0		3,809

Total Property Acquisitions		$	6,413	$	27,473	$	893	$	34,779

(1)	Land is owned by a joint venture in which the Company has an approximately 59% interest. The joint venture is consolidated in IRET's financial statements.

		(in thousands)
Development Projects Placed in Service⁽¹⁾	Date Placed in Service	Land		Building		Intangible Assets		Acquisition Cost

Multi-Family Residential
108 unit - Landing at Southgate - Minot, ND⁽²⁾	2013-09-04	$	0	$	8,822	$	0	$	8,822

Total Development Projects Placed in Service		$	0	$	8,822	$	0	$	8,822

(1)

Development projects that are placed in service in phases are excluded from this table until the entire project has been placed in service. See Note 6 for additional information on the River Ridge and Cypress Court projects, which were partially placed in service during the three months ended October 31, 2013.

(2)	Development property placed in service September 4, 2013. Additional costs paid in fiscal year 2013 totaled $6.3 million, for a total project cost at October 31, 2013 of $15.1 million. The project is owned by a joint venture entity in which the Company has a 51% interest.

Six Months Ended October 31, 2012

Acquisitions		(in thousands)
Acquisitions	Date Acquired	Land		Building		Intangible Assets		Acquisition Cost

Multi-Family Residential
308 unit - Villa West - Topeka, KS	2012-05-08	$	1,590	$	15,760	$	300	$	17,650
232 unit - Colony - Lincoln, NE	2012-06-04		1,515		15,731		254		17,500
208 unit - Lakeside Village - Lincoln, NE	2012-06-04		1,215		15,837		198		17,250
58 unit - Ponds at Heritage Place - Sartell, MN	2012-10-10		395		4,564		61		5,020
			4,715		51,892		813		57,420

Unimproved Land
University Commons - Williston, ND	2012-08-01		823		0		0		823
Cypress Court - St. Cloud, MN	2012-08-10		447		0		0		447
			1,270		0		0		1,270

Total Property Acquisitions		$	5,985	$	51,892	$	813	$	58,690

		(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⁾	2012-06-29	$	0	$	4,591	$	0	$	4,591
73 unit - Williston Garden Buildings 3 and 4 - Williston, ND⁽²⁾	2012-07-31		0		6,886		0		6,886

Total Development Projects Placed in Service		$	0	$	11,477	$	0	$	11,477

(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 October 31, 2012 of $17.6 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 October 31, 2012 of $18.9 million. The project is owned by a joint venture entity in which the Company has a 60% interest.

Acquisitions in the six months ended October 31, 2013 and 2012 are immaterial to our real estate portfolio both individually and in the aggregate, and consequently no proforma information is presented. The results of operations from acquired properties are included in the Condensed Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our acquisitions in the six months ended October 31, 2013 and 2012, respectively, (excluding development projects placed in service) are detailed below.

	(in thousands)
	Six Months Ended October 31
	2013		2012
Total revenue	$	573	$	2,929
Net (loss) income	$	(233)	$	(135)

PROPERTY DISPOSITIONS

During the second quarter of fiscal year 2014, the Company sold three commercial office properties and five commercial industrial properties for a total sales price of $47.4 million. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property for a total sales price of $21.8 million.

During the second quarter of fiscal year 2013, the Company sold two condominium units and two multi-family residential properties for a total sales price of $7.3 million. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. The following table details the Company's dispositions during the six months ended October 31, 2013 and 2012:

Six Months Ended October 31, 2013

		(in thousands)
Dispositions	Date Disposed	Sales Price		Book Value and Sales Cost		Gain/(Loss)

Commercial Office
121,669 sq ft Bloomington Business Plaza - Bloomington, MN	2013-09-12	$	4,500	$	7,339	$	(2,839)
118,125 sq ft Nicollet VII - Burnsville, MN	2013-09-12		7,290		6,001		1,289
42,929 sq ft Pillsbury Business Center - Bloomington, MN	2013-09-12		1,160		1,164		(4)
			12,950		14,504		(1,554)

Commercial Industrial
41,880 sq ft Bodycote Industrial Building- Eden Prairie, MN	2013-05-13	$	3,150	$	1,375	$	1,775
42,244 sq ft Fargo 1320 45^th Street N - Fargo, ND	2013-05-13		4,700		4,100		600
49,620 sq ft Metal Improvement Company - New Brighton, MN	2013-05-13		2,350		1,949		401
172,057 sq ft Roseville 2929 Long Lake Road - Roseville, MN	2013-05-13		9,275		9,998		(723)
322,751 sq ft Brooklyn Park 7401 Boone Ave - Brooklyn Park, MN	2013-09-12		12,800		12,181		619
50,400 sq ft Cedar Lake Business Center - St. Louis Park, MN	2013-09-12		2,550		2,607		(57)
35,000 sq ft API Building - Duluth, MN	2013-09-24		2,553		1,488		1,065
59,292 sq ft Lighthouse - Duluth, MN	2013-10-08		1,825		1,547		278
606,006 sq ft Dixon Avenue Industrial Park - Des Moines, IA	2013-10-31		14,675		10,328		4,347
			53,878		45,573		8,305

Commercial Retail
23,187 sq ft Eagan Community- Eagan, MN	2013-05-14		2,310		2,420		(110)

Total Property Dispositions		$	69,138	$	62,497	$	6,641

Six Months Ended October 31, 2012

		(in thousands)
Dispositions	Date Disposed	Sales Price		Book Value and Sales Cost		Gain/(Loss)

Multi-Family Residential
116 unit - Terrace on the Green - Fargo, ND	2012-09-27	$	3,450	$	1,248	$	2,202
85 unit - Prairiewood Meadows - Fargo, ND	2012-09-27		3,450		2,846		604
			6,900		4,094		2,806

Commercial Retail
16,080 sq ft Kentwood Thomasville - Kentwood, MI	2012-06-20		625		692		(67)

Other
Georgetown Square Condominiums 5 and 6	2012-06-21		330		336		(6)
Georgetown Square Condominiums 3 and 4	2012-08-02		368		421		(53)
			698		757		(59)

Total Property Dispositions		$	8,223	$	5,543	$	2,680