ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS (Tables)

3 Months Ended

Jul. 31, 2016

ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS [Abstract]

Development Projects Placed in Service

The Operating Partnership placed $72.2 million and $105.8 million of development projects in service during the three months ended July 31, 2016 and 2015, respectively, as detailed below.

Three Months Ended July 31, 2016

		(in thousands)
	Date Placed					Development
Development Projects Placed in Service	in Service	Land		Building		Cost
Multifamily
241 unit - 71 France - Edina, MN(1)	2016-05-01	$	4,721	$	67,509	$	72,230
Total Development Projects Placed in Service		$	4,721	$	67,509	$	72,230

(1) Costs paid in prior fiscal years totaled $70.9 million. Additional costs incurred in fiscal year 2017 totaled $1.3 million, for a total project cost at July 31, 2016 of $72.2 million. The project is owned by a joint venture entity in which we currently have an approximately 52.6% interest. The joint venture is consolidated in our financial statements.

Three Months Ended July 31, 2015

		(in thousands)
	Date Placed					Development
Development Projects Placed in Service	in Service	Land		Building		Cost
Multifamily
72 unit - Chateau II - Minot, ND (1)	2015-06-01	$	240	$	14,360	$	14,600
288 unit - Renaissance Heights - Williston, ND(2)	2015-07-27		3,080		59,259		62,339
			3,320		73,619		76,939
Healthcare
57,624 sq ft Edina 6565 France SMC III - Edina, MN(3)	2015-06-01		—		28,816		28,816
Total Development Projects Placed in Service		$	3,320	$	102,435	$	105,755

(1) Costs paid in prior fiscal years totaled $12.3 million. Additional costs paid in fiscal year 2016 totaled $2.3 million, for a total project cost at July 31, 2015 of $14.6 million.

(2) Costs paid in prior fiscal years totaled $57.7 million. Additional costs paid in fiscal year 201 totaled $4.6 million, for a total project cost at July 31, 2015 of $62.3 million. The project is owned by a joint venture entity in which we currently have an approximately 70.0% interest. The joint venture is consolidated in our financial statements. An impairment charge of $36.7 million was recorded for this property in the three months ended July 31, 2016. See Note 2 for additional information.

(3) Costs paid in prior fiscal years totaled $20.8 million. Additional costs paid in fiscal year 2016 totaled $8.0 million, for a total project cost at July 31, 2015 of $28.8 million.

Schedule of Dispositions

During the first quarter of fiscal year 2017, we sold one commercial property and one parcel of unimproved land for a total sales price of $13.7 million. During the first quarter of fiscal year 2016, we sold one commercial property for a total sales price of $7.0 million. The following table details our dispositions during the three months ended July 31, 2016 and 2015:

Three Months Ended July 31, 2016

		(in thousands)
	Date			Book Value
Dispositions	Disposed	Sales Price		and Sales Cost		Gain/(Loss)
Other
195,075 sq ft Stone Container - Fargo, ND	2016-07-25		13,400		4,418		8,982
Unimproved Land
Georgetown Square Unimproved Land - Grand Chute, WI	2016-05-06		250		274		(24)
Total Property Dispositions		$	13,650	$	4,692	$	8,958

Three Months Ended July 31, 2015

			(in thousands)
	Date			Book Value
Dispositions	Disposed	Sales Price		and Sales Cost		Gain/(Loss)
Other
117,144 sq ft Thresher Square – Minneapolis, MN	2015-05-18		7,000		7,175		(175)
Total Property Dispositions		$	7,000	$	7,175	$	(175)