ACQUISITIONS AND DISPOSITIONS (Tables)

9 Months Ended

Jan. 31, 2014

ACQUISITIONS AND DISPOSITIONS [Abstract]

Acquisitions and development projects placed in service

The Company expensed approximately $160,000 and $125,000 of transaction costs related to acquisitions in the nine months ended January 31, 2014 and 2013, respectively. The Company's acquisitions and development projects placed in service during the nine months ended January 31, 2014 and 2013 are detailed below:

Nine Months Ended January 31, 2014

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		584		2,191		25		2,800
			1,447		17,635		518		19,600

Commercial Healthcare
98,174 sq ft Legends at Heritage Place - Sartell, MN	2013-10-31		970		10,511		382		11,863

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		537		0		0		537
Spring Creek Fruitland – Fruitland, ID	2014-01-21		335		0		0		335
			3,651		0		0		3,651

Total Property Acquisitions		$	6,068	$	28,146	$	900	$	35,114

(1)	Land is owned by a joint venture in which the Company has an approximately 58.6% interest. The joint venture is consolidated in IRET's financial statements.

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

Multi-Family Residential
108 unit - Landing at Southgate - Minot, ND⁽¹⁾	2013-09-04	$	0	$	8,809	$	0	$	8,809
132 unit - Cypress Court - St. Cloud, MN⁽²⁾	2013-11-01		0		7,836		0		7,836
146 unit - River Ridge - Bismarck, ND⁽³⁾	2013-12-02		0		14,703		0		14,703

Total Development Projects Placed in Service		$	0	$	31,348	$	0	$	31,348

(1)	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 January 31, 2014 of $15.1 million. The project is owned by a joint venture entity in which the Company has an approximately 51% interest.

(2)	Development property placed in service November 1, 2013. Additional costs paid in fiscal year 2013 totaled $5.8 million, for a total project cost at January 31, 2014 of $13.6 million. The project is owned by a joint venture entity in which the Company has an approximately 86% interest.

(3)	Development property placed in service December 2, 2013. Additional costs paid in fiscal year 2013 totaled $10.1 million, including land acquired in fiscal year 2009, for a total project cost at January 31, 2014 of $24.8 million.

Nine Months Ended January 31, 2013

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⁽¹⁾	2012-08-10		447		0		0		447
Cypress Court Apartment Development - St. Cloud, MN⁽²⁾	2012-08-10		1,136		0		0		1,136
Badger Hills - Rochester, MN⁽³⁾	2012-12-14		1,050		0		0		1,050
Grand Forks Unimproved - Grand Forks, ND	2012-12-31		4,278		0		0		4,278
Minot Unimproved (Southgate Lot 4) - Minot, ND	2013-01-11		1,882		0		0		1,882
Commons at Southgate - Minot, ND⁽⁴⁾	2013-01-22		3,691		0		0		3,691
Landing at Southgate - Minot, ND⁽⁴⁾	2013-01-22		2,262		0		0		2,262
			15,569		0		0		15,569

Total Property Acquisitions		$	20,284	$	51,892	$	813	$	72,989

(1)	Land was contributed to a joint venture entity in which the Company has an approximately 86% interest, as of January 31, 2014.

(2)	Land is owned by a joint venture in which the Company has an approximately 86% interest, as of January 31, 2014.

(3)	Acquisition of unimproved land consisted of two parcels acquired separately on December 14 and December 20, 2012, respectively.

(4)	Land is owned by a joint venture entity in which the Company has an approximately 51% interest.

		(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		7,058		0		7,058
			0		11,649		0		11,649
Commercial Medical
26,662 sq ft Spring Wind Expansion - Laramie, WY⁽³⁾	2012-11-16		0		1,675		0		1,675
45,222 sq ft Jamestown Medical Office Building - Jamestown, ND⁽⁴⁾	2013-01-01		0		4,901		0		4,901
			0		6,576		0		6,576
Commercial Industrial
27,567 sq ft Minot IPS - Minot, ND⁽⁵⁾	2012-12-17		0		3,953		0		3,953

Total Development Projects Placed in Service		$	0	$	22,178	$	0	$	22,178

(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 January 31, 2013 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 January 31, 2013 of $19.1 million.

(3)	Expansion project placed in service November 16, 2012. Additional costs paid in fiscal year 2012 totaled $1.8 million, for a total project cost at January 31, 2013 of $3.5 million.

(4)	Development property placed in service January 1, 2013. Additional costs paid in fiscal year 2012 totaled $1.0 million, for a total project cost at January 31, 2013 of $5.9 million.

(5)	Development property placed in service December 17, 2012. Additional costs paid in fiscal year 2012 totaled $1.8 million, for a total project cost at January 31, 2013 of $5.8 million.

Results of operations from acquired properties

Acquisitions in the nine months ended January 31, 2014 and 2013 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 nine months ended January 31, 2014 and 2013, respectively, (excluding development projects placed in service) are detailed below.

	(in thousands)
	Nine Months Ended January 31
	2014		2013
Total revenue	$	1,149	$	4,669
Net (loss) income	$	(194)	$	(116)

Schedule of Dispositions

Nine Months Ended January 31, 2014

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

Multi-Family Residential
84 unit - East Park - Sioux Falls, SD	2013-12-18	$	2,214	$	2,358	$	(144)
48 unit - Sycamore Village - Sioux Falls, SD	2013-12-18		1,296		1,380		(84)
			3,510		3,738		(228)

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
41,685 sq ft Winsted Industrial Building - Winsted, MN	2014-01-17		725		747		(22)
69,984 sq ft Minnetonka 13600 County Road 62 - Minnetonka, MN	2014-01-30		3,800		3,084		716
42,510 sq ft Clive 2075NW 94^th Street - Clive, IA	2014-01-30		2,735		2,675		60
			61,138		52,079		9,059

Commercial Retail
23,187 sq ft Eagan Community - Eagan, MN	2013-05-14		2,310		2,420		(110)
10,625 sq ft Anoka Strip Center- Anoka, MN	2013-12-23		325		347		(22)
8,400 sq ft Burnsville 2 Strip Center - Burnsville, MN	2014-01-08		650		796		(146)
			3,285		3,563		(278)

Total Property Dispositions		$	80,883	$	73,884	$	6,999

Nine Months Ended January 31, 2013

		(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
66 unit - Candlelight - Fargo, ND	2012-11-27		1,950		1,178		772
			8,850		5,272		3,578

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		$	10,173	$	6,721	$	3,452