ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE, AND DISPOSITIONS

PROPERTY ACQUISITIONS

We added $90.6 million of new real estate property to our portfolio through property acquisitions during the three months ended January 31, 2018, compared to $0 in the three months ended January 31, 2017. Our acquisitions during the nine months ended January 31, 2018 qualified as asset acquisitions under ASU 2017-01, Clarifying the Definition of a Business, and are detailed below.

Nine Months Ended January 31, 2018



	Date Acquired	(in thousands)
		Total Acquisition Cost		Form of Consideration		Investment Allocation
Acquisitions		Total Acquisition Cost		Cash		Land		Building		Intangible 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
274 unit - Dylan - Denver, CO	November 28, 2017	90,600		90,600		12,155		77,249		1,196

Total Property Acquisitions		$	244,350	$	244,350	$	28,573	$	212,870	$	2,907


(1)	Property includes 11,477 square feet of retail space.

DEVELOPMENT PROJECT PLACED IN SERVICE

The Operating Partnership placed $0 and $72.4 million of development projects in service during the nine months ended January 31, 2018 and 2017, respectively, as detailed below.

Nine Months Ended January 31, 2017



		(in thousands)
Development Projects Placed in Service	Date Placed in Service	Land		Building		Development Cost
Multifamily
241 unit - 71 France - Edina, MN⁽¹⁾	May 1, 2016	$	4,721	$	67,642	$	72,363

Total Development Projects Placed in Service		$	4,721	$	67,642	$	72,363


(1)	Costs paid in fiscal years 2015 and 2016 totaled $70.9 million. Additional costs incurred in fiscal year 2017 totaled $1.5 million, for a total project cost at January 31, 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.

PROPERTY DISPOSITIONS

During the three months ended January 31, 2018, we sold two multifamily properties and 27 healthcare and two other commercial properties for a total sale price of $442.8 million. During the three months ended January 31, 2017, we sold six commercial properties for a total sale price of $73.9 million. The following table details our dispositions for the nine months ended January 31, 2018 and 2017:

Nine Months Ended January 31, 2018



		(in thousands)
Dispositions	Date Disposed	Sale Price		Book Value and Sale Cost		Gain/(Loss)
Multifamily
327 unit - 13 Multifamily properties - Minot, ND⁽¹⁾	August 22, 2017	$	12,263	$	11,562	$	701		⁽²⁾
48 unit - Crown - Rochester, MN	December 1, 2017	5,700		3,318		$	2,382
16 unit - Northern Valley - Rochester, MN	December 1, 2017	950		690		260
		$	18,913	$	15,570	$	3,343

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
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		24,631		12,253
518,161 sq ft Urbandale - Urbandale, IA	November 22, 2017	16,700		12,857		3,843
36,053 sq ft 3075 Long Lake Road - Roseville, MN	November 28, 2017	18,650		12,766		5,884
1,205,432 sq ft 25 Healthcare properties⁽³⁾⁽⁴⁾	December 29, 2017	370,267		232,768		137,499
43,404 sq ft Garden View - St. Paul, MN	January 19, 2018	14,000		6,191		7,809
52,116 sq ft Ritchie Medical - St. Paul, MN	January 19, 2018	16,500		10,419		6,081
		$	487,541	$	308,813	$	178,728

Unimproved Land
Bismarck 4916 Unimproved Land - Bismarck, ND	August 8, 2017	$	3,175	$	3,188	$	(13	)

Total Property Dispositions		$	509,629	$	327,571	$	182,058


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

(3)

These properties include: 2800 Medical, 2828 Chicago Avenue, Airport Medical, Billings 2300 Grand Road, Burnsville 303 Nicollet Medical, Burnsville 305 Nicollet Medical, Duluth Denfeld Clinic, Edina 6363 France Medical, Edina 6405 France Medical, Edina 6517 Drew Avenue, Edina 6525 France SMC II, Edina 6545 France SMC I, Gateway Clinic, High Pointe Health Campus, Lakeside Medical Plaza, Mariner Clinic, Minneapolis 701 25th Avenue Medical, Missoula 3050 Great Northern, Park Dental, Pavilion I, Pavilion II, PrairieCare Medical, St Michael Clinic, Trinity at Plaza 16 and Wells Clinic.


(4)	Sale price includes $2.6 million that was deposited into escrow pending the resolution of certain post-closing items. As of January 31, 2018, these items had not yet been resolved.

Nine Months Ended January 31, 2017



		(in thousands)
Dispositions	Date Disposed	Sale Price		Book Value and Sale Cost		Gain/(Loss)
Other
195,075 sq ft Stone Container - Fargo, ND	July 25, 2016	$	13,400	$	4,418	$	8,982
189,244 sq ft 8 Idaho Spring Creek Senior Housing Properties⁽¹⁾	October 31, 2016	43,900		37,397		6,503
28,528 sq ft Grand Forks Carmike - Grand Forks, ND	December 29, 2016	4,000		1,563		2,437
426,652 sq ft 5 Edgewood Vista Senior Housing Properties⁽²⁾	January 18, 2017	69,928		50,393		19,535
		$	131,228	$	93,771	$	37,457

Unimproved Land
Georgetown Square Unimproved - Grand Chute, WI	May 6, 2016	$	250	$	274	$	(24	)

Total Property Dispositions		$	131,478	$	94,045	$	37,433


(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.


(2)	These properties include: Edgewood Vista Bismarck, Edgewood Vista Brainerd, Edgewood Vista East Grand Forks, Edgewood Vista Fargo and Edgewood Vista Spearfish.