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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Apr. 30, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)
 
 
 
 
 
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

$
61,762

$
62

$
4,721

$
61,824

$
66,545

$
(5,731
)
2016
30-37
years
Alps Park - Rapid City, SD
3,618

287

5,551

356

333

5,861

6,194

(898
)
2013
30-37
years
Arbors - S Sioux City, NE
3,562

350

6,625

2,375

1,048

8,302

9,350

(2,966
)
2006
30-37
years
Arcata - Golden Valley, MN
—

2,088

31,036

98

2,089

31,133

33,222

(4,177
)
2015
30-37
years
Ashland - Grand Forks, ND
5,193

741

7,569

268

795

7,783

8,578

(1,492
)
2012
30-37
years
Avalon Cove - Rochester, MN
—

1,616

34,074

275

1,629

34,336

35,965

(2,354
)
2016
30-37
years
Boulder Court - Eagan, MN
—

1,067

5,498

3,003

1,503

8,065

9,568

(3,290
)
2003
30-37
years
Brookfield Village - Topeka, KS
4,920

509

6,698

1,885

874

8,218

9,092

(3,144
)
2003
30-37
years
Canyon Lake - Rapid City, SD
2,677

305

3,958

2,130

397

5,996

6,393

(2,555
)
2001
30-37
years
Cardinal Point - Grand Forks, ND
—

1,600

33,400

—

1,600

33,400

35,000

—

2013
30-37
years
Cascade Shores - Rochester, MN
11,400

1,585

16,710

66

1,586

16,775

18,361

(1,196
)
2016
30-37
years
Castlerock - Billings, MT
6,222

736

4,864

2,359

1,022

6,937

7,959

(3,587
)
1998
30-37
years
Chateau I & II - Minot, ND
—

301

20,058

880

322

20,917

21,239

(3,216
)
2013
30-37
years
Cimarron Hills - Omaha, NE
4,470

706

9,588

4,700

1,494

13,500

14,994

(6,287
)
2001
30-37
years
Colonial Villa - Burnsville, MN
—

2,401

11,515

9,090

2,906

20,100

23,006

(8,380
)
2003
30-37
years
Colony - Lincoln, NE
12,453

1,515

15,730

1,428

1,708

16,965

18,673

(3,197
)
2012
30-37
years
Commons and Landing at Southgate - Minot, ND
26,094

5,945

47,512

1,136

6,268

48,325

54,593

(7,026
)
2015
30-37
years
Cottage West Twin Homes - Sioux Falls, SD
3,387

968

3,762

597

1,072

4,255

5,327

(813
)
2011
30-37
years
Cottonwood - Bismarck, ND
14,848

1,056

17,372

5,411

1,597

22,242

23,839

(9,318
)
1997
30-37
years
Country Meadows - Billings, MT
6,161

491

7,809

1,736

569

9,467

10,036

(4,834
)
1995
30-37
years
Crestview - Bismarck, ND
3,576

235

4,290

2,206

600

6,131

6,731

(3,737
)
1994
30-37
years
Crown Colony - Topeka, KS
7,614

620

9,956

3,742

1,148

13,170

14,318

(6,016
)
1999
30-37
years
Crystal Bay - Rochester, MN
—

433

11,425

224

436

11,646

12,082

(780
)
2016
30-37
years
Cypress Court - St. Cloud, MN
12,400

1,583

18,879

222

1,607

19,077

20,684

(2,857
)
2012
30-37
years
Dakota Commons - Williston, ND
—

823

3,210

24

823

3,234

4,057

(169
)
2015
30-37
years
Deer Ridge - Jamestown, ND
11,201

711

24,129

175

733

24,282

25,015

(2,642
)
2013
30-37
years
Dylan - Denver, CO
—

12,155

77,216

158

12,155

77,374

89,529

(1,184
)
2017
30-37
years
Evergreen - Isanti, MN
1,874

1,129

5,524

364

1,141

5,876

7,017

(1,361
)
2008
30-37
years
Forest Park - Grand Forks, ND
7,119

810

5,579

8,203

1,459

13,133

14,592

(7,370
)
1993
24-37
years
French Creek - Rochester, MN
—

201

4,735

146

207

4,875

5,082

(313
)
2016
30-37
years
Gables Townhomes - Sioux Falls, SD
1,371

349

1,921

237

397

2,110

2,507

(396
)
2011
30-37
years
Gardens - Grand Forks, ND
—

518

8,702

109

528

8,801

9,329

(770
)
2015
30-37
years
Grand Gateway - St. Cloud, MN
—

814

7,086

1,860

941

8,819

9,760

(2,003
)
2012
30-37
years
GrandeVille at Cascade Lake - Rochester, MN
36,000

5,003

50,363

1,551

5,065

51,852

56,917

(4,343
)
2015
30-37
years
Greenfield - Omaha, NE
—

578

4,122

1,314

868

5,146

6,014

(1,604
)
2007
30-37
years
Heritage Manor - Rochester, MN
3,375

403

6,968

3,227

666

9,932

10,598

(4,886
)
1998
30-37
years
Homestead Garden - Rapid City, SD
2,957

655

14,139

514

713

14,595

15,308

(1,772
)
2015
30-37
years
Indian Hills - Sioux City, IA
—

294

2,921

4,362

461

7,116

7,577

(2,103
)
2007
30-37
years
Kirkwood Manor - Bismarck, ND
3,083

449

2,725

1,832

610

4,396

5,006

(2,299
)
1997
12-37
years
Lakeside Village - Lincoln, NE
12,307

1,215

15,837

1,011

1,315

16,748

18,063

(3,075
)
2012
30-37
years
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES
April 30, 2018
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)
 
 
 
 
 
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
Landmark - Grand Forks, ND
—

184

1,514

1,175

356

2,517

2,873

(1,379
)
1997
30-37
years
Legacy - Grand Forks, ND
14,327

1,362

21,727

10,396

2,257

31,228

33,485

(13,904
)
1995-2005
24-37
years
Legacy Heights - Bismarck, ND
—

1,207

13,742

384

1,288

14,045

15,333

(1,237
)
2015
30-37
years
Mariposa - Topeka, KS
2,756

399

5,110

934

453

5,990

6,443

(2,038
)
2004
30-37
years
Meadows - Jamestown, ND
—

590

4,519

1,922

707

6,324

7,031

(2,842
)
1998
30-37
years
Monticello Crossings - Monticello, MN
—

1,734

30,131

32

1,734

30,163

31,897

(1,742
)
2017
30-37
years
Monticello Village - Monticello, MN
—

490

3,756

1,053

637

4,662

5,299

(1,743
)
2004
30-37
years
North Pointe - Bismarck, ND
3,216

303

3,957

1,290

376

5,174

5,550

(2,083
)
1995-2011
24-37
years
Northridge - Bismarck, ND
—

884

7,515

183

970

7,612

8,582

(841
)
2015
30-37
years
Oakmont Estates - Sioux Falls, SD
—

422

4,838

1,361

705

5,916

6,621

(2,438
)
2002
30-37
years
Oakwood Estates - Sioux Falls, SD
—

543

2,784

4,741

868

7,200

8,068

(5,004
)
1993
30-37
years
Olympic Village - Billings, MT
9,933

1,164

10,441

3,818

1,824

13,599

15,423

(6,454
)
2000
30-37
years
Olympik Village - Rochester, MN
3,991

1,034

6,109

2,597

1,271

8,469

9,740

(2,992
)
2005
30-37
years
Oxbo - St Paul, MN
—

5,809

51,586

66

5,809

51,652

57,461

(1,759
)
2017
30-37
years
Oxbow Park - Sioux Falls, SD
—

404

3,152

3,707

990

6,273

7,263

(4,227
)
1994
24-37
years
Park Meadows - Waite Park, MN
8,041

1,143

9,099

9,686

2,025

17,903

19,928

(8,722
)
1997
30-37
years
Park Place - Plymouth, MN
—

10,609

80,781

1,967

10,609

82,748

93,357

(1,819
)
2017
30-37
years
Pebble Springs - Bismarck, ND
—

7

748

228

63

920

983

(459
)
1999
30-37
years
Pinehurst - Billings, MT
—

72

687

458

168

1,049

1,217

(434
)
2002
30-37
years
Plaza - Minot, ND
4,915

867

12,784

2,864

998

15,517

16,515

(3,958
)
2009
30-37
years
Pointe West - Rapid City, SD
2,438

240

3,538

2,022

410

5,390

5,800

(3,032
)
1994
24-37
years
Ponds at Heritage Place - Sartell, MN
—

395

4,564

441

410

4,990

5,400

(919
)
2012
30-37
years
Prairie Winds - Sioux Falls, SD
1,315

144

1,816

732

309

2,383

2,692

(1,509
)
1993
24-37
years
Quarry Ridge - Rochester, MN
25,662

2,254

30,024

2,058

2,406

31,930

34,336

(7,649
)
2006
30-37
years
Red 20 - Minneapolis, MN
22,518

1,900

24,116

41

1,908

24,149

26,057

(3,361
)
2015
30-37
years
Regency Park Estates - St. Cloud, MN
7,976

702

10,198

2,356

1,019

12,237

13,256

(2,637
)
2011
30-37
years
Renaissance Heights - Williston, ND
22,739

3,080

15,389

265

3,117

15,617

18,734

(826
)
2013
30-37
years
Ridge Oaks - Sioux City, IA
3,175

178

4,073

2,921

307

6,865

7,172

(2,999
)
2001
30-37
years
Rimrock West - Billings, MT
3,092

330

3,489

2,018

516

5,321

5,837

(2,425
)
1999
30-37
years
River Ridge - Bismarck, ND
—

576

24,670

870

779

25,337

26,116

(4,492
)
2008
30-37
years
Rocky Meadows - Billings, MT
4,795

656

5,726

1,531

802

7,111

7,913

(3,849
)
1995
30-37
years
Rum River - Isanti, MN
3,294

843

4,823

391

864

5,193

6,057

(1,543
)
2007
30-37
years
Sherwood - Topeka, KS
11,439

1,142

14,684

5,036

1,996

18,866

20,862

(8,743
)
1999
30-37
years
Sierra Vista - Sioux Falls, SD
—

241

2,097

581

283

2,636

2,919

(571
)
2011
30-37
years
Silver Springs - Rapid City, SD
2,116

215

3,007

639

256

3,605

3,861

(448
)
2015
30-37
years
South Pointe - Minot, ND
8,018

550

9,548

5,208

1,372

13,934

15,306

(7,460
)
1995
24-37
years
Southpoint - Grand Forks, ND
—

576

9,893

166

633

10,002

10,635

(1,302
)
2013
30-37
years
Southwind - Grand Forks, ND
5,125

400

5,034

3,553

825

8,162

8,987

(4,680
)
1995
24-37
years
Sunset Trail - Rochester, MN
7,581

336

12,814

3,239

720

15,669

16,389

(7,108
)
1999
30-37
years
Thomasbrook - Lincoln, NE
5,574

600

10,306

5,139

1,642

14,403

16,045

(6,178
)
1999
30-37
years
Valley Park - Grand Forks, ND
3,607

294

4,137

3,950

1,193

7,188

8,381

(3,719
)
1999
30-37
years
Villa West - Topeka, KS
11,523

1,590

15,760

1,664

2,226

16,788

19,014

(3,177
)
2012
30-37
years
Village Green - Rochester, MN
—

234

2,296

1,047

359

3,218

3,577

(1,281
)
2003
30-37
years
Westend - Denver, CO
—

25,525

102,180

—

25,525

102,180

127,705

(501
)
2018
30-37
years
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES
April 30, 2018
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)
 
 
 
 
 
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
West Stonehill - Waite Park, MN
$
7,865

$
939

$
10,167

$
7,593

$
1,810

$
16,889

$
18,699

$
(9,013
)
1995
30-37
years
Westwood Park - Bismarck, ND
1,841

116

1,909

2,043

292

3,776

4,068

(1,987
)
1998
30-37
years
Whispering Ridge - Omaha, NE
20,844

2,139

25,424

1,542

2,418

26,687

29,105

(4,407
)
2012
30-37
years
Williston Garden - Williston, ND
6,283

1,400

10,200

336

1,445

10,491

11,936

(576
)
2012
30-37
years
Winchester - Rochester, MN
—

748

5,622

2,516

1,044

7,842

8,886

(3,206
)
2003
30-37
years
Woodridge - Rochester, MN
5,737

370

6,028

3,089

750

8,737

9,487

(4,663
)
1997
30-37
years
Total Multifamily
$
505,618

$
135,906

$
1,289,330

$
181,185

$
157,150

$
1,449,271

$
1,606,421

$
(294,477
)
 
 
 

 
 
 
 
 
 
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 - Mixed Use
 
 

 

 

 

 

 

 

 

 
 
 
71 France - Edina, MN
 
$
—

$
—

$
5,879

$
774

$
—

$
6,653

$
6,653

$
(397
)
2016
30-37
years
Oxbo - St Paul, MN
 
—

—

3,471

54

—

3,525

3,525

(113
)
2017
30-37
years
Plaza - Minot, ND
 
6,522

389

5,444

3,764

598

8,999

9,597

(3,226
)
2009
30-37
years
Red 20 - Minneapolis, MN
 
—

—

2,525

355

—

2,880

2,880

(310
)
2015
30-37
years
Total Other - Mixed Use
 
$
6,522

$
389

$
17,319

$
4,947

$
598

$
22,057

$
22,655

$
(4,046
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other - Commercial
 
 
 
 
 
 
 
 
 
 
 
 
Bloomington 2000 W 94th Street - Bloomington, MN
 
$
—

$
2,133

$
1,864

$
—

$
2,133

$
1,864

$
3,997

$
—

2006
30-37
years
Dakota West Plaza - Minot , ND
 
—

92

493

30

106

509

615

(173
)
2006
30-37
years
Fresenius - Duluth, MN
 
—

50

1,520

2

50

1,522

1,572

(547
)
2004
30-37
years
Minot 1400 31st Ave - Minot, ND
 
—

1,026

6,143

4,422

1,038

10,553

11,591

(5,334
)
2010
30-37
years
Minot 2505 16th Street SW - Minot, ND
 
—

298

1,724

296

298

2,020

2,318

(544
)
2009
30-37
years
Minot Arrowhead - Minot, ND
 
—

100

3,216

5,586

176

8,726

8,902

(3,191
)
1973
30-37
years
Minot IPS - Minot, ND
 
—

416

5,952

—

416

5,952

6,368

(3,012
)
2012
30-37
years
Minot Southgate Retail - Minot, ND
 
—

889

1,036

—

889

1,036

1,925

—

2015
30-37
years
Woodbury 1865 Woodlane - Woodbury, MN
 
—

1,108

2,292

—

1,108

2,292

3,400

—

2007
30-37
years
Total Other - Commercial
 
$
—

$
6,112

$
24,240

$
10,336

$
6,214

$
34,474

$
40,688

$
(12,801
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subtotal
 
$
512,140

$
142,407

$
1,330,889

$
196,468

$
163,962

$
1,505,802

$
1,669,764

$
(311,324
)
 
 
 
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES
April 30, 2018
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)
 
 
 
 
 
 
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

$
—

$
354

$
1,404

$
—

$
1,404

$
—

2012
Creekside Crossing - Bismarck, ND
 
—

3,577

—

693

4,270

—

4,270

—

2015
Grand Forks - Grand Forks, ND
 
—

2,798

—

2

2,800

—

2,800

—

2012
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
 
—

750

—

—

750

—

750

—

2012
Weston - Weston, WI
 
—

370

—

—

370

—

370

—

2006
Total Unimproved Land
 
—

$
10,427

$
—

$
1,049

$
11,476

—

$
11,476

$
—

 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
512,140

$
152,834

$
1,330,889

$
197,517

$
175,438

$
1,505,802

$
1,681,240

$
(311,324
)
 
(1)
Amounts in this column are the mortgages payable balance as of April 30, 2018. These amounts do not include amounts owing under the Company's multi-bank line of credit or term loan.

Reconciliations of the carrying value of total property owned for the three years ended April 30, 2018, 2017, and 2016 are as follows:
 
 
(in thousands)
 
 
2018
2017
2016
Balance at beginning of year
 
$
1,358,529

$
1,369,893

$
1,090,362

Additions during year
 
 
 
 
Multifamily and Other
 
369,332

61,565

285,080

Improvements and Other
 
15,065

34,761

31,007

 
 
1,742,926

1,466,219

1,406,449

Deductions during year
 
 

 

 

Cost of real estate sold
 
(46,001
)
(21,601
)
(1,305
)
Impairment charge
 
(15,192
)
(51,401
)
—

Write down of asset and accumulated depreciation on impaired assets
 
(8,597
)
(7,144
)
—

Properties classified as held for sale during the year
 
—

(24,156
)
(26,373
)
Other (1)
 
(3,372
)
(3,388
)
(8,878
)
Balance at close of year
 
$
1,669,764

$
1,358,529

$
1,369,893

 
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES
April 30, 2018
 
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

Reconciliations of accumulated depreciation/amortization for the three years ended April 30, 2018, 2017, and 2016, are as follows:
 
 
(in thousands)
 
 
2018
2017
2016
Balance at beginning of year
 
$
255,599

$
237,859

$
212,826

Additions during year
 
 

 

 

Provisions for depreciation
 
78,785

42,960

37,846

Deductions during year
 
 

 

 

Accumulated depreciation on real estate sold or classified as held for sale
 
(11,033
)
(14,687
)
(9,957
)
Write down of asset and accumulated depreciation on impaired assets
 
(8,597
)
(7,144
)
—

Other (1)
 
(3,430
)
(3,389
)
(2,856
)
Balance at close of year
 
$
311,324

$
255,599

$
237,859


Reconciliations of development in progress for the three years ended April 30, 2018, 2017, and 2016, are as follows:
 
 
 
(in thousands)
 
 
2018
2017
2016
Balance at beginning of year
 
$
—

$
51,681

$
153,994

Additions during year
 
 
 
 
Unimproved land moved to development in progress
 
—

—

1,734

Improvements and other
 
—

7,762

48,109

Deductions during year
 
 
 
 
Development placed in service (2)
 
—

(59,443
)
(152,156
)
Balance at close of year
 
$
—

$
—

$
51,681

 
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES
April 30, 2018
 
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

Reconciliations of unimproved land for the three years ended April 30, 2018, 2017, and 2016 are as follows: 
 
 
(in thousands)
 
 
2018
2017
2016
Balance at beginning of year
 
$
18,455

$
20,939

$
25,827

Additions during year
 
 

 

 

Improvements and other
 
—

1,024

205

Deductions during year
 
 

 

 

Cost of real estate sold
 
(1,000
)
—

(442
)
Impairment charge
 
(2,617
)
(3,508
)
(1,285
)
Properties classified as held for sale during the year
 
(3,288
)
—

(1,632
)
Unimproved land moved to development in progress
 
—

—

(1,734
)
Other (1)
 
(74
)
—

—

Balance at close of year
 
11,476

18,455

20,939

 
 
 
 
 
Total real estate investments, excluding mortgage notes receivable (3)
 
$
1,369,916

$
1,121,385

$
1,204,654

 
(1)
Consists of miscellaneous disposed assets.
(2)
Includes development projects that are placed in service in phases.
(3)
The net basis, including held for sale properties, for Federal Income Tax purposes was $1.5 billion, $1.4 billion and $1.6 billion at April 30, 2018, 2017 and 2016, respectively.