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

6 Months Ended

Oct. 31, 2017

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

Acquisitions

Our acquisitions during the six months ended October 31, 2017 are detailed below.

Six Months Ended October 31, 2017

		(in thousands)
		Total		Form of  Consideration			Investment Allocation
	Date	Acquisition									Intangible
Acquisitions	Acquired	Cost			Cash		Land		Building		Assets
Multifamily
191 unit - Oxbo - St. Paul, MN(1)	May 26, 2017	$	61,500		$	61,500	$	5,809	$	54,910	$	781
500 unit - Park Place - Plymouth, MN	September 13, 2017		92,250			92,250		10,609		80,711		930
Total Property Acquisitions		$	153,750		$	153,750	$	16,418	$	135,621	$	1,711

(1) Property includes 11,477 sq ft of retail space.

Development Projects Placed in Service

The Operating Partnership placed $0 and $72.3 million of development projects in service during the six months ended October 31, 2017 and 2016, respectively, as detailed below.

Six Months Ended October 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)	May 1, 2016	$	4,721	$	67,555	$	72,276
Total Development Projects Placed in Service		$	4,721	$	67,555	$	72,276

(1) Costs paid in fiscal years 2015 and 2016 totaled $70.9 million. Additional costs incurred in fiscal year 2017 totaled $1.4 million, for a total project cost at October 31, 2016 of $72.3 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. 

Schedule of Dispositions

The following table details our dispositions for the six months ended October 31, 2017 and 2016:

Six Months Ended October 31, 2017

		(in thousands)
	Date			Book Value
Dispositions	Disposed	Sales Price		and Sales Cost		Gain/(Loss)
Multifamily
327 unit - 13 Multifamily properties - Minot, ND(1)	August 22, 2017	$	12,263	$	11,562	$	701	(2)
Healthcare
17,640 sq ft 1440 Duckwood Medical - Eagan, MN	August 24, 2017		2,100		1,886		214
279,834 sq ft Edgewood Vista Hermantown I & II - Hermantown, MN	October 19, 2017		36,884		24,646		12,238
			38,984		26,532		12,452
Other
4,998 sq ft Minot Southgate Wells Fargo Bank - Minot, ND	May 15, 2017		3,440		3,332		108
90,260 sq ft Lexington Commerce Center - Eagan, MN	August 22, 2017		9,000		3,963		5,037
			12,440		7,295		5,145
Unimproved Land
Bismarck 4916 Unimproved Land - Bismarck, ND	August 8, 2017		3,175		3,188		(13)
Total Property Dispositions		$	66,862	$	48,577	$	18,285

(1) These properties include: 4th Street 4 Plex, 11th Street 3 Plex, Apartments on Main, Brooklyn Heights, Colton Heights, Fairmont, First Avenue (Apartments and Office), Pines, Southview, Summit Park, Temple (includes 17 South Main Retail), Terrace Heights and Westridge.

(2) Approximately $626,000 of the gain on sale was deferred. See Note 2 for additional information on the related mortgage note receivable.

Six Months Ended October 31, 2016

			(in thousands)
	Date			Book Value
Dispositions	Disposed	Sales Price		and Sales Cost		Gain/(Loss)
Healthcare
189,244 sq ft 8 Idaho Spring Creek Senior Housing Properties(1)	October 31, 2016	$	43,900	$	37,397	$	6,503
Other
195,075 sq ft Stone Container - Fargo, ND	July 25, 2016		13,400		4,418		8,982
Unimproved Land
Georgetown Square Unimproved Land - Grand Chute, WI	May 6, 2016		250		274		(24)
Total Property Dispositions		$	57,550	$	42,089	$	15,461

(1) These properties include: 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.