ACQUISITIONS AND DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Acquisitions

Year Ended December 31, 2019

		(in thousands)
		Total		Form of Consideration				Investment Allocation
	Date	Acquisition										Intangible
Acquisitions	Acquired	Cost		Cash		Units(1)		Land		Building		Assets
Multifamily
272 homes - SouthFork Townhomes - Lakeville, MN	February 26, 2019	$	44,000	$	27,440	$	16,560	$	3,502	$	39,950	$	548
96 homes - FreightYard Townhomes and Flats - Minneapolis, MN	September 6, 2019	26,000		26,000		—		1,889		23,615		496
328 homes - Lugano at Cherry Creek - Denver, CO(3)	September 26, 2019	99,250		99,250		—		7,679		89,365		1,781
		$	169,250	$	152,690	$	16,560	$	13,070	$	152,930	$	2,825
Other
Minot 3100 10th St SW - Minot, ND(2)	May 23, 2019	$	2,112	$	2,112	—		$	246	$	1,866	—
Total Acquisitions		$	171.362	$	154,802	$	16,560	$	13,316	$	154,796	$	2,825

(1) Value of Series D preferred units at the acquisition date.

(2) Acquired for use as our Minot corporate office building after renovations have been completed.

(3) Investment allocation excludes a $425,000 acquisition credit related to retail space lease-up.

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
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.

Schedule of Dispositions

The dispositions for the year ended December 31, 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018 are detailed below.

Year Ended December 31, 2019

		(in thousands)
	Date			Book Value
Dispositions	Disposed	Sales Price		and Sale Cost		Gain/(Loss)
Multifamily
21 homes - Pinehurst - Billings, MT	July 26, 2019	$	1,675	$	961	$	714
160 homes - Brookfield Village - Topeka, KS	September 24, 2019	10,350		5,853		4,497
220 homes - Crown Colony - Topeka, KS	September 24, 2019	17,200		7,876		9,324
54 homes - Mariposa - Topeka, KS	September 24, 2019	6,100		4,290		1,810
300 homes - Sherwood - Topeka, KS	September 24, 2019	26,150		11,536		14,614
308 homes - Villa West - Topeka, KS	September 24, 2019	22,950		15,165		7,785
152 homes - Crestview - Bismarck, ND	October 29, 2019	8,250		2,681		5,569
73 homes - North Pointe - Bismarck, ND	October 29, 2019	5,225		3,179		2,046
108 homes - Kirkwood - Bismarck, ND	October 29, 2019	5,400		2,518		2,882
65 homes - Westwood Park - Bismarck, ND	October 29, 2019	4,250		1,931		2,319
16 homes - Pebble Springs - Bismarck, ND	October 29, 2019	875		573		302
192 homes - Arbors - Sioux City, IA	December 11, 2019	16,200		6,110		10,090
120 homes - Indian Hills - Sioux City, IA	December 11, 2019	8,100		5,302		2,798
132 homes - Ridge Oaks - Sioux City, IA	December 11, 2019	7,700		4,006		3,694
50 homes - Cottage West - Sioux Falls, SD	December 12, 2019	6,991		4,391		2,600
24 homes - Gables - Sioux Falls, SD	December 12, 2019	2,515		2,052		463
79 homes - Oakmont - Sioux Falls, SD	December 12, 2019	7,010		3,917		3,093
160 homes - Oakwood - Sioux Falls, SD	December 12, 2019	12,090		3,056		9,034
120 homes - Oxbow Park - Sioux Falls, SD	December 12, 2019	10,452		2,713		7,739
48 homes - Prairie Winds - Sioux Falls, SD	December 12, 2019	3,763		1,112		2,651
44 homes - Sierra Vista - Sioux Falls, SD	December 12, 2019	3,178		2,292		886
		$	186,424	$	91,514	$	94,910
Other
Minot 1400 31st Ave SW - Minot, ND(1)	May 23, 2019	$	6,530	$	6,048	$	482
Woodbury 1865 Woodland - Woodbury, MN	November 1, 2019	5,765		4,079		1,686
		$	12,295	$	10,127	$	2,168
Unimproved Land
Creekside Crossing - Bismarck, ND	March 1, 2019	$	3,049	$	3,205	$	(156	)
Minot 1525 24th Ave SW - Minot, ND	April 3, 2019	725		593		132
Weston - Weston, WI	July 31, 2019	600		427		173
		$	4,374	$	4,225	$	149
Total Dispositions		$	203,093	$	105,866	$	97,227

(1) This property currently houses our Minot corporate office. During the second quarter of 2019, we purchased an office building which will become our Minot corporate office after renovations are completed. We will lease space in the Minot 1400 31st Ave SW building until the new office is placed in service.

Transition Period Ended December 31, 2018 (May 1, 2018 to December 31, 2018)

		(in thousands)
	Date			Book Value
Dispositions	Disposed	Sales Price		and Sale Cost		Gain/(Loss)
Multifamily
44 unit - Dakota Commons - Williston, ND	July 26, 2018	$	4,420	$	3,878	$	542
145 unit - Williston Garden - Williston, ND(1)	July 26, 2018	12,310		11,313		997
288 unit - Renaissance Heights - Williston, ND(2)	July 26, 2018	24,770		17,856		6,914
		$	41,500	$	33,047	$	8,453
Other
7,849 sq ft Minot Southgate Retail - Minot, ND	July 12, 2018	$	1,925	$	2,056	$	(131	)
9,052 sq ft Fresenius - Duluth, MN	July 27, 2018	1,900		1,078		822
15,000 sq ft Minot 2505 16th St SW - Minot, ND	October 12, 2018	1,710		1,814		(104		)
81,594 sq ft Minot Arrowhead - Minot, ND	November 30, 2018	6,622		5,907		715
100,850 sq ft Bloomington 2000 W 94th Street - Bloomington, MN	December 19, 2018	4,550		4,550		—
		$	16,707	$	15,405	$	1,302
Unimproved Land
Grand Forks - Grand Forks, ND	July 16, 2018	$	3,000	$	2,986	$	14
Renaissance Heights - Williston, ND(3)	July 26, 2018	750		684		66
Badger Hills Unimproved - Rochester, MN	August 29, 2018	1,400		1,528		(128		)
		$	5,150	$	5,198	$	(48	)
Total Property Dispositions		$	63,357	$	53,650	$	9,707

(1) This apartment community was owned by a joint venture entity in which we had an interest of approximately 74.11%.

(2) This apartment community was owned by a joint venture entity in which we had an interest of approximately 87.14%.

(3) This parcel of land was owned by a joint venture entity in which we had an interest of approximately 70.00%

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	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)

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.