
									Gross amount at which carried at									Life on which
			Initial Cost to Company						close of period									depreciation in
							Costs capitalized										Date of	latest income
					Buildings &		subsequent to				Buildings &				Accumulated		Construction	statement is
Description	Encumbrances(1)		Land		Improvements		acquisition		Land		Improvements		Total		Depreciation		or Acquisition	computed
Multifamily
71 France - Edina, MN	$	56,000	$	4,721	$	67,641	$	119	$	4,721	$	67,760	$	72,481	$	(2,685)	2016	40	years
Alps Park - Rapid City, SD		3,728		287		5,551		313		333		5,818		6,151		(640)	2013	40	years
Arbors - S Sioux City, NE		3,660		350		6,625		2,198		1,021		8,152		9,173		(2,501)	2006	40	years
Arcata - Golden Valley, MN		0		2,088		31,036		94		2,089		31,129		33,218		(2,524)	2015	40	years
Ashland - Grand Forks, ND		5,306		741		7,569		244		791		7,763		8,554		(1,130)	2012	40	years
Avalon Cove - Rochester, MN		0		1,616		34,074		178		1,618		34,250		35,868		(1,057)	2016	40	years
Boulder Court - Eagan, MN		0		1,067		5,498		3,005		1,393		8,177		9,570		(2,882)	2003	40	years
Brookfield Village - Topeka, KS		5,025		509		6,698		1,773		828		8,152		8,980		(2,743)	2003	40	years
Canyon Lake - Rapid City, SD		2,735		305		3,958		1,929		397		5,795		6,192		(2,159)	2001	40	years
Cardinal Point - Grand Forks, ND		0		1,600		49,606		995		1,604		50,597		52,201		(2,235)	2013	40	years
Cascade Shores - Rochester, MN		11,400		1,585		16,710		47		1,586		16,756		18,342		(540)	2016	40	years
Castlerock - Billings, MT		6,347		736		4,864		2,370		1,022		6,948		7,970		(3,199)	1998	40	years
Chateau I & II - Minot, ND		0		301		20,058		833		317		20,875		21,192		(2,081)	2013	40	years
Cimarron Hills - Omaha, NE		4,562		706		9,588		4,588		1,417		13,465		14,882		(5,492)	2001	40	years
Colonial Villa - Burnsville, MN		0		2,401		11,515		9,039		2,880		20,075		22,955		(6,746)	2003	40	years
Colony - Lincoln, NE		12,748		1,515		15,730		1,220		1,652		16,813		18,465		(2,361)	2012	40	years
Commons and Landing at Southgate - Minot, ND		26,751		5,945		47,512		825		6,194		48,088		54,282		(4,490)	2015	40	years
Cottage West Twin Homes - Sioux Falls, SD		3,457		968		3,762		555		1,056		4,229		5,285		(619)	2011	40	years
Cottonwood - Bismarck, ND		15,111		1,056		17,372		5,231		1,504		22,155		23,659		(8,130)	1997	40	years
Country Meadows - Billings, MT		6,303		491		7,809		1,726		567		9,459		10,026		(4,378)	1995	33 - 40	years
Crestview - Bismarck, ND		3,670		235		4,290		2,069		557		6,037		6,594		(3,266)	1994	24 - 40	years
Crown - Rochester, MN		2,443		261		3,289		577		269		3,858		4,127		(699)	2010	40	years
Crown Colony - Topeka, KS		7,780		620		9,956		3,574		1,042		13,108		14,150		(5,248)	1999	40	years
Crystal Bay - Rochester, MN		0		433		11,425		68		436		11,490		11,926		(347)	2016	40	years
Cypress Court - St. Cloud, MN		12,666		1,583		18,879		194		1,599		19,057		20,656		(1,909)	2012	40	years
Dakota Commons - Williston, ND		0		823		3,210		17		823		3,227		4,050		(58)	2015	40	years
Deer Ridge - Jamestown, ND		11,490		711		24,129		123		723		24,240		24,963		(1,312)	2013	40	years
Evergreen - Isanti, MN		3,885		1,071		5,524		339		1,083		5,851		6,934		(1,084)	2008	40	years
Forest Park - Grand Forks, ND		7,275		810		5,579		8,068		1,450		13,007		14,457		(6,232)	1993	24 - 40	years
French Creek - Rochester, MN		0		201		4,735		19		207		4,748		4,955		(139)	2016	40	years
Gables Townhomes - Sioux Falls, SD		1,399		349		1,921		214		383		2,101		2,484		(306)	2011	40	years
Gardens - Grand Forks, ND		0		518		8,702		96		528		8,788		9,316		(403)	2015	40	years
Grand Gateway - St. Cloud, MN		0		814		7,086		1,823		936		8,787		9,723		(1,362)	2012	40	years
GrandeVille at Cascade Lake - Rochester, MN		36,000		5,003		50,363		1,305		5,044		51,627		56,671		(2,181)	2015	40	years
Greenfield - Omaha, NE		3,451		578		4,122		1,206		843		5,063		5,906		(1,274)	2007	40	years
Heritage Manor - Rochester, MN		3,558		403		6,968		3,093		605		9,859		10,464		(4,345)	1998	40	years
Homestead Garden - Rapid City, SD		3,024		655		14,139		448		713		14,529		15,242		(1,158)	2015	40	years
Indian Hills - Sioux City, IA		0		294		2,921		4,281		444		7,052		7,496		(1,803)	2007	40	years
Kirkwood Manor - Bismarck, ND		3,145		449		2,725		1,825		598		4,401		4,999		(2,039)	1997	12 - 40	years
Lakeside Village - Lincoln, NE		12,593		1,215		15,837		859		1,302		16,609		17,911		(2,294)	2012	40	years
Landmark - Grand Forks, ND		0		184		1,514		1,188		355		2,531		2,886		(1,217)	1997	40	years
Legacy - Grand Forks, ND		14,751		1,362		21,727		10,275		2,252		31,112		33,364		(11,970)	1995-2005	24 - 40	years
Legacy Heights - Bismarck, ND		0		1,207		13,742		327		1,265		14,011		15,276		(757)	2015	40	years
Mariposa - Topeka, KS		2,816		399		5,110		826		434		5,901		6,335		(1,777)	2004	40	years
Meadows - Jamestown, ND		0		590		4,519		1,840		685		6,264		6,949		(2,486)	1998	40	years
Monticello Crossings - Monticello, MN		0		1,734		28,151		641		1,734		28,792		30,526		(402)	2017	40	years
Monticello Village - Monticello, MN		2,853		490		3,756		960		631		4,575		5,206		(1,489)	2004	40	years
Northern Valley - Rochester, MN		0		110		610		153		122		751		873		(152)	2010	40	years
North Pointe - Bismarck, ND		3,274		303		3,957		1,249		361		5,148		5,509		(1,733)	1995-2011	24 - 40	years
Northridge - Bismarck, ND		5,986		884		7,515		132		959		7,572		8,531		(544)	2015	40	years
Oakmont Estates - Sioux Falls, SD		2,300		422		4,838		1,162		697		5,725		6,422		(2,096)	2002	40	years
Oakwood Estates - Sioux Falls, SD		3,749		543		2,784		4,646		860		7,113		7,973		(3,640)	1993	40	years
Olympic Village - Billings, MT		10,158		1,164		10,441		3,734		1,810		13,529		15,339		(5,662)	2000	40	years
Olympik Village - Rochester, MN		4,128		1,034		6,109		2,449		1,239		8,353		9,592		(2,579)	2005	40	years
Oxbow Park - Sioux Falls, SD		3,661		404		3,152		3,654		972		6,238		7,210		(3,191)	1994	24 - 40	years
Park Meadows - Waite Park, MN		8,195		1,143		9,099		9,373		1,892		17,723		19,615		(7,153)	1997	40	years
Pebble Springs - Bismarck, ND		716		7		748		207		57		905		962		(401)	1999	40	years
Pinehurst - Billings, MT		121		72		687		418		168		1,009		1,177		(358)	2002	40	years
Plaza - Minot, ND		5,068		867		12,784		2,774		998		15,427		16,425		(3,285)	2009	40	years
Pointe West - Rapid City, SD		2,504		240		3,538		1,917		406		5,289		5,695		(2,684)	1994	24 - 40	years
Ponds at Heritage Place - Sartell, MN		3,641		395		4,564		425		410		4,974		5,384		(676)	2012	40	years
Prairie Winds - Sioux Falls, SD		1,349		144		1,816		646		304		2,302		2,606		(1,357)	1993	24 - 40	years
Quarry Ridge - Rochester, MN		26,219		2,254		30,024		1,990		2,401		31,867		34,268		(6,378)	2006	40	years
Red 20 - Minneapolis, MN		22,953		1,900		26,641		333		1,900		26,974		28,874		(2,271)	2015	40	years
Regency Park Estates - St. Cloud, MN		8,176		702		10,198		2,168		949		12,119		13,068		(1,945)	2011	40	years
Renaissance Heights - Williston, ND		23,439		3,080		15,389		133		3,086		15,516		18,602		(279)	2013	40	years
Ridge Oaks - Sioux City, IA		3,240		178		4,073		2,851		307		6,795		7,102		(2,584)	2001	40	years
Rimrock West - Billings, MT		3,160		330		3,489		1,966		476		5,309		5,785		(2,066)	1999	40	years
River Ridge - Bismarck, ND		0		576		24,670		804		763		25,287		26,050		(3,072)	2008	40	years
Rocky Meadows - Billings, MT		4,899		656		5,726		1,469		792		7,059		7,851		(3,495)	1995	40	years
Rum River - Isanti, MN		3,380		843		4,823		348		864		5,150		6,014		(1,314)	2007	40	years
Sherwood - Topeka, KS		11,686		1,142		14,684		4,795		1,838		18,783		20,621		(7,637)	1999	40	years
Sierra Vista - Sioux Falls, SD		1,323		241		2,097		520		276		2,582		2,858		(432)	2011	40	years
Silver Springs - Rapid City, SD		2,156		215		3,007		583		237		3,568		3,805		(271)	2015	40	years
South Pointe - Minot, ND		8,229		550		9,548		4,908		1,370		13,636		15,006		(6,351)	1995	24 - 40	years
Southpoint - Grand Forks, ND		0		576		9,893		147		622		9,994		10,616		(934)	2013	40	years
Southwind - Grand Forks, ND		5,259		400		5,034		3,482		812		8,104		8,916		(4,029)	1995	24 - 40	years
Sunset Trail - Rochester, MN		7,732		336		12,814		3,217		687		15,680		16,367		(6,374)	1999	40	years
Thomasbrook - Lincoln, NE		5,687		600		10,306		4,944		1,430		14,420		15,850		(5,322)	1999	40	years
Valley Park - Grand Forks, ND		3,683		294		4,137		3,840		1,186		7,085		8,271		(3,107)	1999	40	years
Villa West - Topeka, KS		11,729		1,590		15,760		1,424		2,084		16,690		18,774		(2,367)	2012	40	years
Village Green - Rochester, MN		0		234		2,296		1,073		359		3,244		3,603		(1,106)	2003	40	years
West Stonehill - Waite Park, MN		8,072		939		10,167		7,618		1,715		17,009		18,724		(7,807)	1995	40	years
Westwood Park - Bismarck, ND		1,879		116		1,909		2,023		287		3,761		4,048		(1,681)	1998	40	years
Whispering Ridge - Omaha, NE		21,257		2,139		25,424		1,365		2,403		26,525		28,928		(3,161)	2012	40	years
Williston Garden - Williston, ND		7,541		1,400		10,200		211		1,412		10,399		11,811		(190)	2012	40	years
Winchester - Rochester, MN		0		748		5,622		2,512		1,044		7,838		8,882		(2,672)	2003	40	years
Woodridge - Rochester, MN		5,920		370		6,028		3,124		741		8,781		9,522		(4,087)	1997	40	years
Total Multifamily	$	548,401	$	82,121	$	1,004,096	$	174,324	$	101,227	$	1,159,314	$	1,260,541	$	(232,592)


									Gross amount at which carried at									Life on which
			Initial Cost to Company						close of period									depreciation in
							Costs capitalized										Date of	latest income
					Buildings &		subsequent to				Buildings &				Accumulated		Construction	statement is
Description	Encumbrances(1)		Land		Improvements		acquisition		Land		Improvements		Total		Depreciation		or Acquisition	computed
Healthcare
2800 Medical Building - Minneapolis, MN	$	7,358	$	204	$	7,135	$	2,663	$	229	$	9,773	$	10,002	$	(3,715)	2005	40	years
2828 Chicago Avenue - Minneapolis, MN		11,508		726		11,319		5,380		729		16,696		17,425		(5,203)	2007	40	years
Airport Medical - Bloomington, MN		—		—		4,678		51		11		4,718		4,729		(1,967)	2002	40	years
Billings 2300 Grant Road - Billings, MT		0		649		1,216		—		649		1,216		1,865		(207)	2010	40	years
Burnsville 303 Nicollet Medical (Ridgeview) - Burnsville, MN		7,705		1,071		6,842		2,393		1,201		9,105		10,306		(2,240)	2008	40	years
Burnsville 305 Nicollet Medical (Ridgeview South) - Burnsville, MN		4,823		189		5,127		1,764		276		6,804		7,080		(1,486)	2008	40	years
Denfeld Clinic - Duluth, MN		1,180		501		2,597		1		501		2,598		3,099		(847)	2004	40	years
Eagan 1440 Duckwood Medical - Eagan, MN		—		521		1,547		556		521		2,103		2,624		(825)	2008	40	years
Edina 6363 France Medical - Edina, MN		0		—		12,675		3,386		—		16,061		16,061		(5,179)	2008	40	years
Edina 6405 France Medical - Edina, MN		0		—		12,201		367		—		12,568		12,568		(3,863)	2008	40	years
Edina 6517 Drew Avenue - Edina, MN		—		741		660		1,035		959		1,477		2,436		(277)	2002	40	years
Edina 6525 France SMC II - Edina, MN		9,394		755		8,054		6,859		1,040		14,628		15,668		(6,817)	2003	40	years
Edina 6545 France SMC I - Edina MN		28,331		3,480		63,275		18,446		3,480		81,721		85,201		(21,746)	2001	40	years
Fresenius - Duluth, MN		0		50		1,520		2		50		1,522		1,572		(496)	2004	40	years
Garden View - St. Paul, MN		0		—		7,408		1,175		26		8,557		8,583		(3,298)	2002	40	years
Gateway Clinic - Sandstone, MN		683		77		1,699		—		77		1,699		1,776		(554)	2004	40	years
High Pointe Health Campus - Lake Elmo, MN		7,278		1,305		10,528		2,300		1,506		12,627		14,133		(4,692)	2004	40	years
Lakeside Medical Plaza - Omaha, NE		0		903		5,210		—		903		5,210		6,113		(227)	2015	40	years
Mariner Clinic - Superior, WI		1,494		—		3,781		323		46		4,058		4,104		(1,294)	2004	40	years
Minneapolis 701 25th Avenue Medical - Minneapolis, MN*		0		—		7,873		1,626		—		9,499		9,499		(2,561)	2008	40	years
Missoula 3050 Great Northern - Missoula, MT		0		640		1,331		—		640		1,331		1,971		(226)	2010	40	years
Park Dental - Brooklyn Center, MN		—		185		2,767		15		200		2,767		2,967		(1,013)	2002	40	years
Pavilion I - Duluth, MN		3,937		1,245		8,898		391		1,245		9,289		10,534		(2,915)	2004	40	years
Pavilion II - Duluth, MN		7,245		2,715		14,673		1,937		2,715		16,610		19,325		(6,676)	2004	40	years
PrairieCare Medical - Brooklyn Park, MN		0		2,610		21,847		—		2,610		21,847		24,457		(1,104)	2015	40	years
Ritchie Medical Plaza - St Paul, MN		0		1,615		7,851		4,447		1,647		12,266		13,913		(3,982)	2005	40	years
St Michael Clinic - St Michael, MN		0		328		2,259		296		349		2,534		2,883		(637)	2007	40	years
Trinity at Plaza 16 - Minot, ND		4,430		568		9,009		16		674		8,919		9,593		(1,278)	2011	40	years
Wells Clinic - Hibbing, MN		1,042		162		2,497		2		162		2,499		2,661		(814)	2004	40	years
Total Healthcare	$	96,408	$	21,240	$	246,477	$	55,431	$	22,446	$	300,702	$	323,148	$	(86,139)


									Gross amount at which carried at									Life on which
			Initial Cost to Company						close of period									depreciation in
							Costs capitalized										Date of	latest income
					Buildings &		subsequent to				Buildings &				Accumulated		Construction	statement is
Description	Encumbrances(1)		Land		Improvements		acquisition		Land		Improvements		Total		Depreciation		or Acquisition	computed
Other
Bismarck 715 East Broadway - Bismarck, ND		1,974		389		1,283		1,134		443		2,363		2,806		(630)	2008	40	years
Bloomington 2000 W 94th Street - Bloomington, MN		0		2,133		4,097		1,322		2,241		5,311		7,552		(1,878)	2006	40	years
Dakota West Plaza - Minot , ND		328		92		493		30		106		509		615		(149)	2006	40	years
Lexington Commerce Center - Eagan, MN		1,399		453		4,352		2,101		512		6,394		6,906		(3,209)	1999	40	years
Minot 1400 31st Ave - Minot, ND		—		1,026		6,143		4,404		1,038		10,535		11,573		(3,521)	2010	40	years
Minot 2505 16th Street SW - Minot, ND		—		298		1,724		296		298		2,020		2,318		(427)	2009	40	years
Minot Arrowhead - Minot, ND		—		100		3,216		5,583		176		8,723		8,899		(2,740)	1973	40	years
Minot IPS - Minot, ND		—		416		5,952		—		416		5,952		6,368		(699)	2012	40	years
Minot Southgate Retail - Minot, ND		—		889		1,748		68		889		1,816		2,705		(74)	2015	40	years
Plaza 16 - Minot, ND		6,726		389		5,444		3,764		598		8,999		9,597		(2,675)	2009	40	years
Roseville 3075 Long Lake Road - Roseville, MN		—		810		10,244		2,045		810		12,289		13,099		(1,043)	2001	40	years
Urbandale 3900 106th Street - Urbandale, IA		10,102		3,680		9,893		1,982		3,863		11,692		15,555		(3,347)	2007	40	years
Woodbury 1865 Woodlane - Woodbury, MN		—		1,108		2,628		2,063		1,302		4,497		5,799		(1,294)	2007	40	years
Total Other	$	20,529	$	11,783	$	57,217	$	24,792	$	12,692	$	81,100	$	93,792	$	(21,686)

Subtotal	$	665,338	$	115,144	$	1,307,790	$	254,547	$	136,365	$	1,541,116	$	1,677,481	$	(340,417)


									Gross amount at which carried at
			Initial Cost to Company						close of period
							Costs capitalized										Date of
					Buildings &		subsequent to				Buildings &				Accumulated		Construction
Description	Encumbrances(1)		Land		Improvements		acquisition		Land		Improvements		Total		Depreciation		or Acquisition
Unimproved Land
Badger Hills - Rochester, MN	$	—	$	1,050	$	—	$	339	$	1,389	$	—	$	1,389	$	—	2012
Bismarck 4916 - Bismarck, ND		—		3,250		—		45		3,295		—		3,295		—	2013
Bismarck 700 E Main - Bismarck, ND		—		314		—		571		885		—		885		—	2008
Creekside Crossing - Bismarck, ND		—		4,286		—		719		5,005		—		5,005		—	2015
Grand Forks - Grand Forks, ND		—		4,278		—		2		4,280		—		4,280		—	2012
Isanti Unimproved - Isanti, MN		—		58		—		—		58		—		58		—	2014
Minot 1525 24th Ave SW - Minot, ND		—		506		—		—		506		—		506		—	2015
Rapid City Unimproved- Rapid City, SD		—		1,376		—		—		1,376		—		1,376		—	2014
Renaissance Heights - Williston, ND		—		1,178		—		—		1,178		—		1,178		—	2012
Urbandale - Urbandale, IA		—		5		—		108		113		—		113		—	2009
Weston - Weston, WI		—		370		—		—		370		—		370		—	2006
Total Unimproved Land		—	$	16,671	$	—	$	1,784	$	18,455		—	$	18,455	$	—

Total	$	665,338	$	131,815	$	1,307,790	$	256,331	$	154,820	$	1,541,116	$	1,695,936	$	(340,417)


									Gross amount at which carried at									Life on which
			Initial Cost to Company						close of period									depreciation in
							Costs capitalized										Date of	latest income
					Buildings &		subsequent to				Buildings &				Accumulated		Construction	statement is
Description	Encumbrances(1)		Land		Improvements		acquisition		Land		Improvements		Total		Depreciation		or Acquisition	computed
Held for Sale
4th Street 4 Plex - Minot, ND	$	90	$	15	$	74	$	41	$	26	$	104	$	130	$	(26)	2008	40	years
11th Street 3 Plex - Minot, ND		77		11		53		26		20		70		90		(16)	2008	40	years
17 South Main - Minot, ND		69		15		75		197		17		270		287		(206)	2000	40	years
Apartments on Main - Minot, ND		590		158		1,123		71		195		1,157		1,352		(292)	1987	24 - 40	years
Brooklyn Heights - Minot, ND		573		145		1,450		1,051		235		2,411		2,646		(1,035)	1997	12 - 40	years
Colton Heights - Minot, ND		323		80		672		470		123		1,099		1,222		(825)	1984	40	years
Edgewood Vista - Hermantown I, MN		16,233		288		9,871		10,094		288		19,965		20,253		(7,931)	2000	40	years
Edgewood Vista - Hermantown II, MN		0		719		10,517		942		719		11,459		12,178		(3,168)	2005	40	years
Fairmont - Minot, ND		305		28		337		132		56		441		497		(101)	2008	40	years
First Avenue (Apartments) - Minot, ND(2)		—		—		3,045		24		—		3,069		3,069		(273)	2013	40	years
First Avenue (Office) - Minot, ND(2)		—		30		337		—		30		337		367		(54)	1981	33 - 40	years
Minot Southgate Wells Fargo Bank - Minot, ND		—		992		2,237		—		992		2,237		3,229		(139)	2014	40	years
Pines - Minot, ND		92		35		215		270		49		471		520		(151)	1997	40	years
Southview - Minot, ND		978		185		469		525		251		928		1,179		(407)	1994	40	years
Summit Park - Minot, ND		795		161		1,898		(126)		795		1,138		1,933		(1,382)	1997	24 - 40	years
Temple - Minot, ND		69		—		—		226		—		226		226		(57)	2006	40	years
Terrace Heights - Minot, ND		133		29		312		206		40		507		547		(187)	2006	40	years
Westridge - Minot, ND		1,475		68		1,887		379		79		2,255		2,334		(494)	2008	40	years
Total Held for Sale	$	21,802	$	2,959	$	34,572	$	14,528	$	3,915	$	48,144	$	52,059	$	(16,744)

(1)

Amounts in this column are the mortgages payable balances as of April 30, 2017. These amounts do not include amounts owing under the Company’s multi-bank line of credit or under the Company’s construction loans.

(2)

Single multi-use property.

Reconciliations of the carrying value of total property owned for the three years ended April 30, 2017, 2016, and 2015 are as follows:


	(in thousands)
	2017		2016		2015

Balance at beginning of year	$	1,681,471	$	1,335,687	$	1,241,195
Additions during year
Multifamily		61,565		282,457		183,114
Healthcare		—		63,605		—
Other		—		2,623		12,223
Improvements and Other		42,291		34,619		21,006
		1,785,327		1,718,991		1,457,538
Deductions during year
Cost of real estate sold		(21,718)		(1,305)		(17,904)
Impairment charge		(51,401)		—		(1,566)
Write down of asset and accumulated depreciation on impaired assets		(7,144)		—		(881)
Properties classified as held for sale during the year		(24,156)		(32,438)		(97,824)
Other(1)		(3,427)		(3,777)		(3,676)
Balance at close of year	$	1,677,481	$	1,681,471	$	1,335,687

Reconciliations of accumulated depreciation/amortization for the three years ended April 30, 2017, 2016, and 2015, are as follows:


	(in thousands)
	2017		2016		2015
Balance at beginning of year	$	312,889	$	279,417	$	273,934
Additions during year
Provisions for depreciation		52,786		47,064		40,078
Deductions during year
Accumulated depreciation on real estate sold or classified as held for sale		(14,687)		(9,957)		(29,463)
Write down of asset and accumulated depreciation on impaired assets		(7,144)		—		(881)
Other(1)		(3,427)		(3,635)		(4,251)
Balance at close of year	$	340,417	$	312,889	$	279,417

Reconciliations of development in progress for the three years ended April 30, 2017, 2016, and 2015, are as follows:


	(in thousands)
	2017		2016			2015

Balance at beginning of year	$	51,681	$	153,994	$	104,609
Additions during year
Unimproved land acquisitions		—		—		12,647
Unimproved land moved to development in progress		—		1,734		7,015
Improvements and other		7,893		96,753		189,306
Deductions during year
Development placed in service(2)		(59,574)		(200,800)		(159,578)
Other(3)		—		—		(5)
Balance at close of year	$	—	$	51,681	$	153,994

Reconciliations of unimproved land for the three years ended April 30, 2017, 2016, and 2015 are as follows:


	(in thousands)
	2017		2016		2015

Balance at beginning of year	$	20,939	$	25,827	$	22,864
Additions during year
Unimproved land acquisitions		—		—		10,487
Improvements and other		1,024		205		1,533
Deductions during year
Cost of real estate sold		—		(442)		(670)
Impairment charge		(3,508)		(1,285)		(1,293)
Properties classified as held for sale during the year		—		(1,632)		(79)
Unimproved land moved to development in progress		—		(1,734)		(7,015)
Balance at close of year	$	18,455	$	20,939	$	25,827

Total real estate investments(4)	$	1,355,519	$	1,441,202	$	1,236,091

(1)

Consists of miscellaneous disposed assets.

(2)

Includes development projects that are placed in service in phases.

(3)

Consists of miscellaneous re-classed assets.

(4)

The net basis of the Company’s real estate investments, including held for sale properties, for Federal Income Tax purposes was $1.4 billion, $1.6 billion and $1.7 billion at April 30, 2017, 2016 and 2015, respectively.