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ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS (Tables)
 12 Months Ended
Apr. 30, 2015
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS [Abstract]  
Acquisitions

The fiscal year 2015 and 2014 acquisitions are detailed below.

 

Fiscal 2015 (May 1, 2014 to April 30, 2015)

 

 

 

 

 

(in thousands)

 

 

 

 

 

Total

 

 

Form of Consideration

 

 

Investment Allocation

 

 

 

 

 

Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangible

 

Acquisitions

 

Date Acquired

 

Cost

 

 

Cash

 

Units(1)

 

Other(2)

 

 

Land

 

Building

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multifamily

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

152 unit - Homestead Garden - Rapid City, SD(3)

 

2014-06-02

 

$

15,000

 

 

$

5,092

 

$

0

 

$

9,908

 

 

$

655

 

$

14,139

 

$

206

 

52 unit - Silver Springs - Rapid City, SD

 

2014-06-02

 

3,280

 

 

1,019

 

0

 

2,261

 

 

215

 

3,006

 

59

 

68 unit - Northridge - Bismarck, ND

 

2014-09-12

 

8,500

 

 

8,400

 

100

 

0

 

 

884

 

7,516

 

100

 

119 unit - Legacy Heights - Bismarck, ND(4)

 

2015-03-19

 

15,000

 

 

14,300

 

700

 

0

 

 

1,207

 

13,742

 

51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,780

 

 

28,811

 

800

 

12,169

 

 

2,961

 

38,403

 

416

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unimproved Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Creekside Crossing - Bismarck, ND

 

2014-05-22

 

4,269

 

 

4,269

 

0

 

0

 

 

4,269

 

0

 

0

 

PrairieCare Medical - Brooklyn Park, MN

 

2014-06-05

 

2,616

 

 

2,616

 

0

 

0

 

 

2,616

 

0

 

0

 

71 France Phase I - Edina, MN(5)

 

2014-06-12

 

1,413

 

 

0

 

0

 

1,413

 

 

1,413

 

0

 

0

 

Monticello 7th Addition - Monticello, MN

 

2014-10-09

 

1,660

 

 

1,660

 

0

 

0

 

 

1,660

 

0

 

0

 

71 France Phase II & III - Edina, MN(5)

 

2014-11-04

 

3,309

 

 

0

 

0

 

3,309

 

 

3,309

 

0

 

0

 

Minot 1525 24th Ave SW - Minot, ND

 

2014-12-23

 

1,250

 

 

1,250

 

0

 

0

 

 

1,250

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,517

 

 

9,795

 

0

 

4,722

 

 

14,517

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Property Acquisitions

 

 

 

$

56,297

 

 

$

38,606

 

$

800

 

$

16,891

 

 

$

17,478

 

$

38,403

 

$

416

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)       Value of limited partnership units of the Operating Partnership at the acquisition date.

(2)       Consists of assumed debt (Homestead Garden I: $9.9 million, Silver Springs: $2.3 million) and value of land contributed by the joint venture partner (71 France: $4.7 million).

(3)       At acquisition the Company adjusted the assumed debt to fair value and recognized approximately $852,000 of goodwill.

(4)       At acquisition, the purchase price included assets in development (land: $804,000, building: $7.8 million, escrow $1.3 million).

(5)       Land was contributed to a joint venture in which the Company has an approximately 52.6% interest. The joint venture is consolidated in IRET’s financial statements.

 

Fiscal 2014 (May 1, 2013 to April 30, 2014)

 

 

 

 

 

(in thousands)

 

 

 

 

 

Total

 

 

Form of Consideration

 

 

Investment Allocation

 

 

 

 

 

Acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangible

 

Acquisitions

 

Date Acquired

 

Cost

 

 

Cash

 

Units(1)

 

Other(2)

 

 

Land

 

Building

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multifamily

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

71 unit - Alps Park - Rapid City, SD

 

2013-05-01

 

$

6,200

 

 

$

2,920

 

$

3,280

 

$

0

 

 

$

287

 

$

5,551

 

$

362

 

96 unit - Southpoint - Grand Forks, ND

 

2013-09-05

 

10,600

 

 

10,400

 

200

 

0

 

 

576

 

9,893

 

131

 

24 unit - Pinecone Villas - Sartell, MN

 

2013-10-31

 

2,800

 

 

2,800

 

0

 

0

 

 

584

 

2,191

 

25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,600

 

 

16,120

 

3,480

 

0

 

 

1,447

 

17,635

 

518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

98,174 sq ft Legends at Heritage Place - Sartell, MN

 

2013-10-31

 

11,863

 

 

11,863

 

0

 

0

 

 

970

 

10,511

 

382

 

39,500 sq ft Spring Creek Fruitland - Fruitland, ID

 

2014-02-05

 

7,050

 

 

7,050

 

0

 

0

 

 

550

 

6,500

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,913

 

 

18,913

 

0

 

0

 

 

1,520

 

17,011

 

382

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unimproved Land

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chateau II - Minot, ND

 

2013-05-21

 

179

 

 

179

 

0

 

0

 

 

179

 

0

 

0

 

Jamestown Unimproved - Jamestown, ND

 

2013-08-09

 

700

 

 

700

 

0

 

0

 

 

700

 

0

 

0

 

Red 20 - Minneapolis, MN(3)

 

2013-08-20

 

1,900

 

 

0

 

0

 

1,900

 

 

1,900

 

0

 

0

 

Legends at Heritage Place - Sartell, MN

 

2013-10-31

 

537

 

 

537

 

0

 

0

 

 

537

 

0

 

0

 

Spring Creek Fruitland - Fruitland, ID

 

2014-01-21

 

335

 

 

335

 

0

 

0

 

 

335

 

0

 

0

 

Isanti Unimproved - Isanti, MN

 

2014-02-04

 

50

 

 

50

 

0

 

0

 

 

50

 

0

 

0

 

Rapid City Unimproved - Rapid City, SD

 

2014-03-25

 

1,366

 

 

1,366

 

0

 

0

 

 

1,366

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,067

 

 

3,167

 

0

 

1,900

 

 

5,067

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Property Acquisitions

 

 

 

$

43,580

 

 

$

38,200

 

$

3,480

 

$

1,900

 

 

$

8,034

 

$

34,646

 

$

900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)       Value of limited partnership units of the Operating Partnership at the acquisition date.

(2)       Consists of value of land contributed by the joint venture partner.

(3)       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.

 
Results of Operations from Acquired Properties

The revenue and net income of our fiscal year 2015 and 2014 acquisitions (excluding development projects placed in service) are detailed below.

 

 

 

(in thousands)

 

Year Ended April 30,

 

2015

 

2014

 

Total revenue

 

$

2,565

 

$

1,897

 

Net loss

 

$

(1

)

$

(82

)

 
Development Projects Placed in Service

The fiscal year 2015 and 2014 development projects placed in service are detailed below.

 

Fiscal 2015 (May 1, 2014 to April 30, 2015)

 

 

 

 

 

(in thousands)

 

Development Projects Placed in Service (1)

 

Date Placed in
Service

 

Land

 

Building

 

Development
Cost

 

 

 

 

 

 

 

 

 

 

 

Multifamily

 

 

 

 

 

 

 

 

 

44 unit - Dakota Commons - Williston, ND(2)

 

2014-07-15

 

$

823

 

$

9,596

 

$

10,419

 

130 unit - Red 20 - Minneapolis, MN(3)

 

2014-11-21

 

1,900

 

26,412

 

28,312

 

233 unit - Commons at Southgate - Minot, ND(4)

 

2014-12-09

 

3,691

 

31,351

 

35,042

 

64 unit - Cypress Court II - St. Cloud, MN(5)

 

2015-01-01

 

447

 

6,320

 

6,767

 

165 unit - Arcata - Golden Valley, MN(6)

 

2015-01-01

 

2,088

 

29,640

 

31,728

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,949

 

103,319

 

112,268

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

 

 

 

 

 

 

 

 

202,807 sq ft Roseville 3075 Long Lake Road - Roseville, MN

 

2014-11-10

 

0

 

9,036

 

9,036

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

4,998 sq ft Minot Southgate Wells Fargo Bank - Minot, ND(7)

 

2014-11-10

 

992

 

2,193

 

3,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Development Projects Placed in Service

 

 

 

$

9,941

 

$

114,548

 

$

124,489

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 Renaissance Heights project, which was partially placed in service during fiscal years 2014 and 2015.

(2)     Costs paid in prior fiscal years totaled $8.1 million. Additional costs paid in fiscal year 2015 totaled $2.3 million, for a total project cost at April 30, 2015 of $10.4 million.

(3)     Costs paid in prior fiscal years totaled $12.2 million. Additional costs paid in fiscal year 2015 totaled $16.1 million, for a total project cost at April 30, 2015 of $28.3 million. The project is owned by a joint venture entity in which the Company has an approximately 58.6% interest. The joint venture is consolidated in IRET’s financial statements.

(4)     Costs paid in prior fiscal years totaled $26.5 million, respectively. Additional costs paid in fiscal year 2015 totaled $8.5 million, for a total project cost at April 30, 2015 of $35.0 million. The project is owned by a joint venture entity in which the Company has an approximately 52.9% interest. The joint venture is consolidated in IRET’s financial statements.

(5)     Costs paid in prior fiscal years totaled $1.2 million. Additional costs paid in fiscal year 2015 totaled $5.6 million, for a total project cost at April 30, 2015 of $6.8 million. The project is owned by a joint venture entity in which the Company has an approximately 86.1% interest. The joint venture is consolidated in IRET’s financial statements.

(6)     Costs paid in prior fiscal years totaled $11.3 million, respectively. Additional costs paid in fiscal year 2015 totaled $20.4 million, for a total project cost at April 30, 2015 of $31.7 million.

(7)     Costs paid in fiscal year 2015 totaled $3.2 million, including land acquired in fiscal year 2013.

 

Fiscal 2014 (May 1, 2013 to April 30, 2014)

 

 

 

 

 

(in thousands)

 

Development Projects Placed in Service (1)

 

Date Placed in
Service

 

Land

 

Building

 

Development
Cost

 

 

 

 

 

 

 

 

 

 

 

Multifamily

 

 

 

 

 

 

 

 

 

108 unit - Landing at Southgate - Minot, ND(2)

 

2013-09-04

 

$

2,262

 

$

12,864

 

$

15,126

 

132 unit - Cypress Court - St. Cloud, MN(3)

 

2013-11-01

 

1,136

 

12,428

 

13,564

 

146 unit - River Ridge - Bismarck, ND(4)

 

2013-12-02

 

589

 

24,268

 

24,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Development Projects Placed in Service

 

 

 

$

3,987

 

$

49,560

 

$

53,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 15 for additional information on the Renaissance Heights I project, which was partially placed in service during the three months ended April 30, 2014.

(2)     Costs paid in prior fiscal years totaled $6.3 million. Costs paid in fiscal year 2014 totaled $8.8 million for a total project cost at April 30, 2014 of $15.1 million. The project is owned by a joint venture entity in which the Company has an approximately 52.9% interest.

(3)     Costs paid in prior fiscal years totaled $5.8 million. Costs paid in fiscal year 2014 totaled $7.8 million for a total project cost at April 30, 2014 of $13.6 million. The project is owned by a joint venture entity in which the Company has an approximately 86.1% interest.

(4)     Costs paid in prior fiscal years totaled $10.1 million. Costs paid in fiscal year 2014 totaled $14.7 million for a total project cost at April 30, 2014 of $24.9 million.

 
Schedule of Dispositions

The fiscal year 2015 and 2014 dispositions are detailed below.

 

Fiscal 2015 (May 1, 2014 to April 30, 2015)

 

 

 

 

 

(in thousands)

 

Dispositions

 

Date
Disposed

 

Sales Price

 

Book Value
and Sales Cost

 

Gain/(Loss)

 

 

 

 

 

 

 

 

 

 

 

Multifamily

 

 

 

 

 

 

 

 

 

83 unit - Lancaster - St. Cloud, MN

 

2014-09-22

 

$

4,451

 

$

3,033

 

$

1,418

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare

 

 

 

 

 

 

 

 

 

45,222 sq ft Jamestown Medical Office Building - Jamestown, MN

 

2015-02-05

 

12,819

 

8,710

 

4,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

 

 

 

 

 

 

 

 

198,600 sq ft Eagan 2785 & 2795 - Eagan, MN

 

2014-07-15

 

3,600

 

5,393

 

(1,793

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

73,338 sq ft Dewey Hill - Edina, MN

 

2014-05-19

 

3,100

 

3,124

 

(24

)

25,644 sq ft Weston Retail - Weston, WI

 

2014-07-28

 

n/a

 

1,176

 

(1,176

)

74,568 sq ft Wirth Corporate Center - Golden Valley, MN

 

2014-08-29

 

4,525

 

4,695

 

(170

)

52,000 sq ft Kalispell Retail - Kalispell, MT

 

2014-10-15

 

1,230

 

1,229

 

1

 

34,226 sq ft Fargo Express Center & SC Pad - Fargo, ND

 

2014-11-18

 

2,843

 

2,211

 

632

 

79,297 sq ft Northgate I — Maple Grove, MN

 

2014-12-01

 

7,200

 

6,881

 

319

 

14,820 sq ft Weston Walgreens — Weston, WI

 

2015-02-27

 

5,177

 

2,152

 

3,025

 

26,000 sq ft Northgate II - Maple Grove, MN

 

2015-03-02

 

2,725

 

1,727

 

998

 

45,019 sq ft Burnsville Bluffs II - Burnsville, MN

 

2015-03-25

 

1,245

 

2,245

 

(1,000

)

26,186 sq ft Plymouth I - Plymouth, MN

 

2015-03-25

 

1,985

 

1,492

 

493

 

26,186 sq ft Plymouth II - Plymouth, MN

 

2015-03-25

 

1,625

 

1,356

 

269

 

26,186 sq ft Plymouth III - Plymouth, MN

 

2015-03-25

 

2,500

 

1,977

 

523

 

126,936 sq ft Plymouth IV & V - Plymouth, MN

 

2015-03-25

 

12,910

 

11,706

 

1,204

 

58,300 sq ft Southeast Tech Center - Eagan, MN

 

2015-03-25

 

3,300

 

4,196

 

(896

)

61,138 sq ft Whitewater Plaza - Minnetonka, MN

 

2015-03-25

 

3,035

 

4,625

 

(1,590

)

13,374 sq ft 2030 Cliff Road - Eagan, MN

 

2015-04-21

 

950

 

834

 

116

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,350

 

51,626

 

2,724

 

 

 

 

 

 

 

 

 

 

 

Unimproved Land

 

 

 

 

 

 

 

 

 

Kalispell Unimproved - Kalispell, MT

 

2014-10-15

 

670

 

670

 

0

 

Weston — Weston, WI

 

2015-02-17

 

158

 

158

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

828

 

828

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Property Dispositions

 

 

 

$

76,048

 

$

69,590

 

$

6,458

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2014 (May 1, 2013 to April 30, 2014)

 

 

 

 

 

(in thousands)

 

Dispositions

 

Date
Disposed

 

Sales Price

 

Book Value
and Sales Cost

 

Gain/(Loss)

 

 

 

 

 

 

 

 

 

 

 

Multifamily

 

 

 

 

 

 

 

 

 

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

)

 

 

 

 

 

 

 

 

 

 

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 45th 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 94th Street - Clive, IA

 

2014-01-30

 

2,735

 

2,675

 

60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

61,138

 

52,079

 

9,059

 

Other

 

 

 

 

 

 

 

 

 

23,187 sq ft Eagan Community - Eagan, MN

 

2013-05-14

 

2,310

 

2,420

 

(110

)

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

)

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

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,235

 

18,067

 

(1,832

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Property Dispositions

 

 

 

$

80,883

 

$

73,884

 

$

6,999