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

12 Months Ended

Apr. 30, 2018

Our acquisitions during fiscal year 2018 qualified as asset acquisitions under ASU 2017-01, Clarifying the Definition of a Business, and are detailed below.

Fiscal 2018 (May 1, 2017 to April 30, 2018)



		(in thousands)
		Total		Form of Consideration		Investment Allocation
	Date	Acquisition								Intangible
Acquisitions	Acquired	Cost		Cash		Land		Building		Assets
Multifamily
191 homes - Oxbo - St. Paul, MN ⁽¹⁾	May 26, 2017	$	61,500	$	61,500	$	5,809	$	54,910	$	781
500 homes - Park Place - Plymouth, MN	September 13, 2017	92,250		92,250		10,609		80,711		930
274 homes - Dylan - Denver, CO	November 28, 2017	90,600		90,600		12,155		77,249		1,196
390 homes - Westend - Denver, CO	March 28, 2018	128,700		128,700		25,525		102,101		1,074
Total Acquisitions		$	373,050	$	373,050	$	54,098	$	314,971	$	3,981


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

Development Projects Placed in Service

The fiscal year 2017 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 homes - 71 France - Edina, MN⁽¹⁾	May 1, 2016	$	4,721	$	67,641	$	72,362
202 homes - Monticello Crossings - Monticello, MN⁽²⁾	March 1, 2017	$	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.

Schedule of Dispositions

The fiscal year 2018 and 2017 dispositions are detailed below.

Fiscal 2018 (May 1, 2017 to April 30, 2018)



		(in thousands)
	Date			Book Value
Dispositions	Disposed	Sales Price		and Sales Cost		Gain/(Loss)
Multifamily
327 homes - 13 apartment communities - Minot, ND ⁽¹⁾⁽²⁾	August 22, 2017	$	12,263	$	11,562	$	701
48 homes - Crown - Rochester, MN	December 1, 2017	5,700		3,318		2,382
16 homes - 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 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		24,697		12,187
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	370,268		232,778		137,490
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
22,187 sq ft Bismarck 715 East Broadway and Unimproved Land - Bismarck, ND	March 7, 2018	5,500		3,215		2,285
		493,042		312,104		180,938
Unimproved Land
Bismarck 4916 Unimproved Land - Bismarck, ND	August 8, 2017	3,175		3,188		(13		)

Total Dispositions		$	515,130	$	330,862	$	184,268


(1)	These communities 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)

The properties included: 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 6225 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 $2.5 million that was deposited into escrow pending the resolution of certain post-closing items. As of April 30, 2018 these items had not yet been resolved.

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 homes Pinecone Villas - Sartell, MN	April 20, 2017	$	3,540	$	2,732	$	808
Healthcare
189,244 sq ft 9 Idaho Spring Creek Senior Housing Properties⁽¹⁾	October 31, 2016	43,900		37,397		6,503
426,652 sq ft 5 Edgewood Vista Senior Housing Properties⁽²⁾	January 18, 2017	69,928		50,393		19,535
286,854 sq ft 5 Wyoming Senior Housing Properties⁽³⁾	February 1, 2017	49,600		45,469		4,131
169,001 sq ft 9 Edgewood Vista Senior Housing Properties⁽⁴⁾	February 15, 2017	30,700		24,081		6,619
169,562 sq ft 4 Edgewood Vista Senior Housing Properties⁽⁵⁾	March 1, 2017	35,348		14,511		20,837
114,316 sq ft Healtheast St. John & Woodwinds - Maplewood & Woodbury MN	March 6, 2017	20,700		13,777		6,923
59,760 sq ft Sartell 2000 23rd Street South - Sartell, MN	March 31, 2017	5,600		5,923		(323		)
98,174 sq ft Legends at Heritage Place - Sartell, MN	April 20, 2017	9,960		11,439		(1,479		)
		265,736		202,990		62,746
Other
195,075 sq ft Stone Container - Fargo, ND	July 25, 2016	13,400		4,418		8,982
28,528 sq ft Grand Forks Carmike - Grand Forks, ND	December 29, 2016	4,000		1,563		2,437
		17,400		5,981		11,419
Unimproved Land
Georgetown Square Unimproved Land - Grand Chute, WI	May 6, 2016	250		274		(24		)

Total Property Dispositions		$	286,926	$	211,977	$	74,949


(1)	The properties included in this portfolio disposition 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 disposition 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 disposition 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 disposition 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.