Development, Expansion and Renovation Projects. As of October 31, 2014, the Company had several development, expansion and renovation projects underway or recently completed, the costs for which have been capitalized, as follows:

			(in thousands)				(in fiscal years)
Project Name and Location	Planned Segment	Rentable Square Feet or Number of Units	Anticipated Total Cost		Costs as of October 31, 2014⁽¹⁾		Anticipated Construction Completion
Commons at Southgate - Minot, ND⁽²⁾	Multi-Family Residential	233 units	$	37,201	$	34,787	3Q 2015
Minot Wells Fargo Bank - Minot, ND	Retail	4,998 sq ft		3,288		2,781	3Q 2015
Cypress Court II – St. Cloud, MN⁽³⁾	Multi-Family Residential	66 units		7,028		5,777	3Q 2015
Arcata - Golden Valley, MN	Multi-Family Residential	165 units		33,448		24,689	3Q 2015
Red 20 - Minneapolis, MN⁽⁴⁾	Multi-Family Residential and Commercial	130 units and 10,625 sq ft		29,462		27,424	3Q 2015
Minot Office Center - Minot, ND	Retail	7,963 sq ft		2,923		1,300	1Q 2016
Roseville 3075 Long Lake Rd - Roseville, MN	Industrial	202,807 sq ft		13,915		7,347	1Q 2016
Renaissance Heights I - Williston, ND⁽⁵⁾	Multi-Family Residential	288 units		62,362		50,607	1Q 2016
Chateau II - Minot, ND	Multi-Family Residential	72 units		14,711		8,500	1Q 2016
71 France Phase I - Edina, MN⁽⁶⁾	Multi-Family Residential	109 units		27,458		9,649	1Q 2016
Cardinal Point - Grand Forks, ND	Multi-Family Residential	251 units		40,042		13,565	2Q 2016
Deer Ridge – Jamestown, ND	Multi-Family Residential	163 units		24,519		5,646	2Q 2016
Edina 6565 France SMC III - Edina, MN	Medical	57,479 sq ft		34,665		10,840	2Q 2016
PrairieCare Medical - Brooklyn Park, MN	Medical	72,588 sq ft		24,251		7,458	2Q 2016
Other	n/a	n/a		n/a		1,390	n/a
			$	355,273	$	211,760

(1)	Includes costs related to development projects that are placed in service in phases (Commons at Southgate - $19.3 million, Red 20 - $11.6 million, Renaissance Heights I - $34.5 million).

(2)	The Company is currently an approximately 52.9% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.

(3)	The Company is an approximately 86.1% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.

(4)	The Company is an approximately 58.6% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.

(5)	The Company is an approximately 70% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.

(6)

The project will be constructed in three phases, and at the conclusion of construction of the third phase, the Company will have an approximately 52.6% interest in the joint venture entity constructing the project. The anticipated total cost amount given in the table above is the total cost to the joint venture entity of the project's first phase. The expected total project cost for all three phases is approximately $69.9 million for a total of approximately 241 residential units and approximately 21,772 square feet of retail space.