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ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS (Tables)
 12 Months Ended
Apr. 30, 2017
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS [Abstract]  
Acquisitions

The fiscal year 2016 acquisitions are detailed below.

 

Fiscal 2016 (May 1, 2015 to April 30, 2016)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

Total

 

 

Form of Consideration

 

 

Investment Allocation

 

 

    

Date

    

Acquisition

 

 

 

    

    

 

 

 

 

 

 

    

 

 

    

Intangible

 

Acquisitions

    

Acquired

    

Cost

  

  

Cash

    

Units(1)

  

  

Land

    

Building

    

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multifamily

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

74 unit - Gardens - Grand Forks, ND

 

2015-09-10

 

$
9,250

 

 

$
8,850

 

$

400

 

 

$
518

 

$
8,672

 

$
60

 

276 unit - GrandeVille at Cascade Lake - Rochester, MN

 

2015-10-29

 

 
56,000

 

 

 
56,000

 

 

 —

 

 

 
5,003

 

 
50,363

 

 
634

 

187 unit - Avalon Cove - Rochester, MN(2)

 

2016-03-22

 

 
36,250

 

 

 
15,000

 

 
17,826

 

 

 
1,616

 

 
34,145

 

 
489

 

90 unit - Cascade Shores - Rochester, MN

 

2016-03-22

 

 
18,500

 

 

 
18,500

 

 

 —

 

 

 
1,585

 

 
16,710

 

 
205

 

76 unit - Crystal Bay - Rochester, MN

 

2016-03-22

 

 
12,000

 

 

 
12,000

 

 

 —

 

 

 
433

 

 
11,425

 

 
142

 

40-unit - French Creek - Rochester, MN

 

2016-03-22

 

 
5,000

 

 

 
5,000

 

 

 —

 

 

 
201

 

 
4,735

 

 
64

 

 

 

 

 

 
137,000

 

 

 
115,350

 

 
18,226

 

 

 
9,356

 

 
126,050

 

 
1,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,819 sq ft Lakeside Medical Plaza - Omaha, NE

 

2015-08-20

 

 
6,500

 

 

 
6,500

 

 

 —

 

 

 
903

 

 
5,109

 

 
488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Property Acquisitions

 

 

 

$
143,500

 

 

$
121,850

 

$
18,226

 

 

$
10,259

 

$
131,159

 

$
2,082

 

 

(1)

Value of Units of the Operating Partnership based on the closing market price of our common shares on the acquisition date. The number of Units issued were approximately 44,000 and 2.5 million, respectively, for the Gardens and Avalon Cove acquisitions.

(2)

Acquisition resulted in a gain on bargain purchase of approximately $3.4 million. See Note 2 for additional information.

 

Results of Operations from Acquired Properties

The revenue and net income of our fiscal year 2017 and 2016 acquisitions are detailed below.

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Year Ended April 30,

    

2017

    

2016

 

Total revenue

 

$

 —

 

$
4,094

 

Net income (loss)

 

$

 —

 

$
(366)

 

 

Development Projects Placed in Service

The fiscal year 2017 and 2016 development projects placed in service are detailed below.

 

Fiscal 2017 (May 1, 2016 to April 30, 2017)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

$
67,641

 

$
72,362

 

202 unit - Monticello Crossings - Monticello, MN(2)

 

2017-03-01

 

 
1,734

 

 
28,782

 

 
30,516

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Development Projects Placed in Service

 

 

 

$
6,455

 

$
96,423

 

$
102,878

 

 

(1)

Costs paid in prior fiscal years totaled $70.9 million. Additional costs incurred in fiscal year 2017 totaled $1.5 million, for a total project cost at April 30, 2017 of $72.4 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.

(2)

Costs paid in prior fiscal years totaled $15.5 million. Additional costs incurred in fiscal year 2017 totaled $15.0 million, for a total project cost at April 30, 2017 of $30.5 million.

 

Fiscal 2016 (May 1, 2015 to April 30, 2016)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

    

Date Placed

    

 

 

    

 

 

    

Development

 

Development Projects Placed in Service (1)

 

in Service

 

Land

 

Building

 

Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multifamily

 

 

 

 

 

 

 

 

 

 

 

 

72 unit - Chateau II - Minot, ND (2)

 

2015-06-01

 

$
240

 

$
14,408

 

$
14,648

 

288 unit - Renaissance Heights - Williston, ND(3)

 

2015-07-27

 

 
3,080

 

 
59,434

 

 
62,514

 

163 unit - Deer Ridge - Jamestown, ND(4)

 

2016-02-22

 

 
700

 

 
24,137

 

 
24,837

 

251 unit - Cardinal Point - Grand Forks, ND(5)

 

2016-03-18

 

 
1,600

 

 
48,132

 

 
49,732

 

 

 

 

 

 
5,620

 

 
146,111

 

 
151,731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

57,624 sq ft Edina 6565 France SMC III - Edina, MN(6)

 

2015-06-01

 

 

 —

 

 
33,041

 

 
33,041

 

70,756 sq ft PrairieCare Medical - Brooklyn Park, MN(7)

 

2015-09-08

 

 
2,610

 

 
21,830

 

 
24,440

 

 

 

 

 

 
2,610

 

 
54,871

 

 
57,481

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

7,963 sq ft Minot Southgate Retail - Minot, ND(8)

 

2015-10-01

 

 
889

 

 
1,734

 

 
2,623

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Development Projects Placed in Service

 

 

 

$
9,119

 

$
202,716

 

$
211,835

 

 

(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 71 France project, which was partially placed in service during the fiscal year ended April 30, 2016.

(2)

Costs paid in prior fiscal years totaled $12.3 million. Additional costs incurred in fiscal year 2016 totaled $2.3 million, for a total project cost at April 30, 2016 of $14.6 million.

(3)

Costs paid in prior fiscal years totaled $57.7 million. Additional costs incurred in fiscal year 2016 totaled $4.8 million, for a total project cost at April 30, 2016 of $62.5 million. The project is owned by a joint venture entity in which we currently have an approximately 86.6% interest. The joint venture is consolidated in our financial statements.

(4)

Costs paid in prior fiscal years totaled $14.3 million. Additional costs incurred in fiscal year 2016 totaled $10.5 million, for a total project cost at April 30, 2016 of $24.8 million.

(5)

Costs paid in prior fiscal years totaled $23.0 million. Additional costs incurred in fiscal year 2016 totaled $26.7 million, for a total project cost at April 30, 2016 of $49.7 million.

(6)

Costs paid in prior fiscal years totaled $20.8 million. Additional costs incurred in fiscal year 2016 totaled $12.2 million, for a total project cost at April 30, 2016 of $33.0 million.

(7)

Costs paid in prior fiscal years totaled $17.3 million. Additional costs incurred in fiscal year 2016 totaled $7.1 million, for a total project cost at April 30, 2016 of $24.4 million.

(8)

Costs paid in prior fiscal years totaled $2.1 million. Additional costs incurred in fiscal year 2016 totaled approximately $500,000, for a total project cost at April 30, 2016 of $2.6 million.

 

Schedule of Dispositions

The fiscal year 2017 and 2016 dispositions are detailed below.

 

Fiscal 2017 (May 1, 2016 to April 30, 2017) 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

    

Date

    

 

 

    

Book Value

    

 

 

 

Dispositions

 

Disposed

 

Sales Price

 

and Sales Cost

 

Gain/(Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multifamily

 

 

 

 

 

 

 

 

 

 

 

 

24 unit Pinecone Villas - Sartell, MN

 

2017-04-20

 

$
3,540

 

$
2,732

 

$
808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

189,244 sq ft 9 Idaho Spring Creek Senior Housing Properties(1)

 

2016-10-31

 

 
43,900

 

 
37,397

 

 
6,503

 

426,652 sq ft 5 Edgewood Vista Senior Housing Properties(2)

 

2017-01-18

 

 
69,928

 

 
50,393

 

 
19,535

 

286,854 sq ft 5 Wyoming Senior Housing Properties(3)

 

2017-02-01

 

 
49,600

 

 
45,469

 

 
4,131

 

169,001 sq ft 9 Edgewood Vista Senior Housing Properties(4)

 

2017-02-15

 

 
30,700

 

 
24,081

 

 
6,619

 

169,562 sq ft 4 Edgewood Vista Senior Housing Properties(5)

 

2017-03-01

 

 
35,348

 

 
14,511

 

 
20,837

 

114,316 sq ft Healtheast St. John & Woodwinds - Maplewood & Woodbury MN

 

2017-03-06

 

 
20,700

 

 
13,777

 

 
6,923

 

59,760 sq ft Sartell 2000 23rd Street South - Sartell, MN

 

2017-03-31

 

 
5,600

 

 
5,923

 

 
(323)

 

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

 

2017-04-20

 

 
9,960

 

 
11,439

 

 
(1,479)

 

 

 

 

 

 

265,736

 

 

202,990

 

 

62,746

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

195,075 sq ft Stone Container - Fargo, ND

 

2016-07-25

 

 
13,400

 

 
4,418

 

 
8,982

 

28,528 sq ft Grand Forks Carmike - Grand Forks, ND

 

2016-12-29

 

 
4,000

 

 
1,563

 

 
2,437

 

 

 

 

 

 

17,400

 

 

5,981

 

 

11,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unimproved Land

 

 

 

 

 

 

 

 

 

 

 

 

Georgetown Square Unimproved Land - Grand Chute, WI

 

2016-05-06

 

 
250

 

 
274

 

 
(24)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Property Dispositions

 

 

 

$
286,926

 

$
211,977

 

$
74,949

 

 

(1)

The properties included in this portfolio are: Spring Creek American Falls, Spring Creek Boise, Spring Creek Eagle, Spring Creek Fruitland, Spring Creek Fruitland Unimproved, Spring Creek Meridian, Spring Creek Overland, Spring Creek Soda Springs and Spring Creek Ustick.

(2)

The properties included in this portfolio are: Edgewood Vista Bismarck, Edgewood Vista Brainerd, Edgewood Vista East Grand Forks, Edgewood Vista Fargo, and Edgewood Vista Spearfish.

(3)

The properties included in this portfolio are: Casper 1930 E 12th Street (Park Place), Casper 3955 E 12th Street (Meadow Wind), Cheyenne 4010 N College Drive (Aspen Wind), Cheyenne 4606 N College Drive (Sierra Hills) and Laramie 1072 N 22nd Street (Spring Wind).

(4)

The properties included in this portfolio are: Edgewood Vista Belgrade, Edgewood Vista Billings, Edgewood Vista Columbus, Edgewood Vista Fremont, Edgewood Vista Grand Island, Edgewood Vista Minot, Edgewood Vista Missoula, Edgewood Vista Norfolk and Edgewood Vista Sioux Falls.

(5)

The properties included in this portfolio are: Edgewood Vista Hastings, Edgewood Vista Kalispell, Edgewood Vista Omaha and Edgewood Vista Virginia.

 

Fiscal 2016 (May 1, 2015 to April 30, 2016)  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

    

Date

    

 

    

Book Value

    

 

 

 

Dispositions

 

Disposed

 

Sales Price

 

and Sales Cost

 

Gain/(Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multifamily

 

 

 

 

 

 

 

 

 

 

 

 

391 unit - St. Cloud Student Housing Portfolio - St. Cloud, MN

 

2016-03-24

 

$
5,615

 

$
5,647

 

$
(32)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

61,758 sq ft Nebraska Orthopaedic Hospital - Omaha, NE

 

2016-04-01

 

 
24,494

 

 
16,512

 

 
7,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

117,144 sq ft Thresher Square – Minneapolis, MN

 

2015-05-18

 

 
7,000

 

 
7,175

 

 
(175)

 

2,549,222 sq ft Office Sale Portfolio(1)

 

2015-08-03

 

 
250,000

 

 
231,908

 

 
18,092

 

420,216 sq ft Mendota Office Center Portfolio – Mendota Heights, MN(2)

 

2015-08-12

 

 
40,000

 

 
41,574

 

 
(1,574)

 

1,027,208 sq ft Retail Sale Portfolio(3)

 

2015-09-30

 

 
78,960

 

 
72,000

 

 
6,960

 

48,700 sq ft Eden Prairie 6101 Blue Circle Drive – Eden Prairie, MN

 

2015-10-19

 

 
2,900

 

 
2,928

 

 
(28)

 

8,526 sq ft Burnsville I Strip Center – Burnsville, MN

 

2015-12-23

 

 
1,300

 

 
913

 

 
387

 

4,800 sq ft Pine City C-Store – Pine City, MN

 

2016-01-08

 

 
300

 

 
355

 

 
(55)

 

11,003 sq ft Minot Plaza – Minot, ND

 

2016-01-19

 

 
1,854

 

 
393

 

 
1,461

 

937,518 sq ft 9-Building Office Portfolio(4)(5)

 

2016-01-29

 

 
122,610

(5)  

 
86,154

(5)  

 
36,456

(5)

3,702 sq ft Arrowhead First International Bank - Minot, ND

 

2016-04-06

 

 
1,675

 

 
1,255

 

 
420

 

 

 

 

 

 
506,599

 

 
444,655

 

 
61,944

 

Unimproved Land

 

 

 

 

 

 

 

 

 

 

 

 

River Falls Unimproved Land - River Falls, WI

 

2016-04-06

 

 
20

 

 
21

 

 
(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Property Dispositions

 

 

 

$
536,728

 

$
466,835

 

$
69,893

 

 

(1)

The properties included in this portfolio disposition are: 610 Business Center, 7800 West Brown Deer Road, Ameritrade, Barry Pointe Office Park, Benton Business Park, Brenwood, Brook Valley I, Crosstown Centre, Golden Hills Office Center, Granite Corporate Center, Great Plains, Highlands Ranch I, Highlands Ranch II, Interlachen Corporate Center, Intertech Building, Minnesota National Bank, Northpark Corporate Center, Omaha 10802 Farnam Dr, Plaza VII, Plymouth 5095 Nathan Lane, Prairie Oak Business Center, Rapid City 900 Concourse Drive, Spring Valley IV, Spring Valley V, Spring Valley X, Spring Valley XI, Superior Office Building, TCA Building & vacant land, Three Paramount Plaza, UHC Office, US Bank Financial Center, Wells Fargo Center, West River Business Park and Westgate.

(2)

The properties included in this portfolio disposition are: Mendota Office Center I, Mendota Office Center II, Mendota Office Center III, Mendota Office Center IV and American Corporate Center.

(3)

The properties included in this portfolio disposition are: Champlin South Pond, Chan West Village, Duluth 4615 Grand, Duluth Denfeld Retail, Forest Lake Auto, Forest Lake Westlake Center, Grand Forks Medpark Mall, Jamestown Buffalo Mall, Jamestown Business Center, Lakeville Strip Center, Monticello C Store & vacant land, Omaha Barnes & Noble, Pine City Evergreen Square, Rochester Maplewood Square and St. Cloud Westgate.

(4)

The properties included in this portfolio disposition are: Corporate Center West, Farnam Executive Center, Flagship Corporate Center, Gateway Corporate Center, Miracle Hills One, Pacific Hills, Riverport, Timberlands, and Woodlands Plaza IV.

On January 29, 2016, we transferred ownership of nine properties to the mortgage lender on a $122.6 million non-recourse loan and removed the debt obligation and accrued interest from our balance sheet. The properties had an estimated fair value of $89.3 million on the transfer date. Upon completion of this transfer, we recognized a gain on extinguishment of debt of $36.5 million, representing the difference between the loan and accrued interest payable extinguished over the carrying value of the properties, cash, accounts payable and accounts receivable transferred as of the transfer date and related closing costs.