ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS (Tables)
 9 Months Ended
Jan. 31, 2016
ACQUISITIONS, DEVELOPMENTS PLACED IN SERVICE AND DISPOSITIONS [Abstract]  
Acquisitions
Our acquisitions during the nine months ended January 31, 2016 and 2015 are detailed below.

Nine Months Ended January 31, 2016

     
(in thousands)
 
     
Total
Acquisition
Cost
  
Form of Consideration
  
Investment Allocation
 
Acquisitions
 
Date Acquired
  
Cash
  
Units(1)
  
Land
  
Building
  
Intangible
Assets
 
                      
Multifamily
                     
74 unit - Gardens - Grand Forks, ND
  
2015-09-10
  
$
9,250
  
$
8,850
  
$
400
  
$
518
  
$
8,672
  
$
60
 
276 unit - GrandeVille at Cascade Lake - Rochester, MN
  
2015-10-29
   
56,000
   
56,000
   
0
   
5,003
   
50,363
   
634
 
       
65,250
   
64,850
   
400
   
5,521
   
59,035
   
694
 
                             
Healthcare
                            
27,819 sq ft Lakeside Medical Plaza - Omaha, NE
  
2015-08-20
   
6,500
   
6,500
   
0
   
903
   
5,109
   
488
 
                             
Total Property Acquisitions
     
$
71,750
  
$
71,350
  
$
400
  
$
6,424
  
$
64,144
  
$
1,182
 

(1)Value of Units of the Operating Partnership at the acquisition date.
 
Nine Months Ended January 31, 2015

     
(in thousands)
 
     
Total
Acquisition
Cost
  
Form of Consideration
  
Investment Allocation
 
Acquisitions
 
Date Acquired
  
Cash
  
Units(1)
  
Other(2)
  
Land
  
Building
  
Intangible
Assets
 
                         
Multi-Family
                        
152 unit - Homestead Garden - Rapid City, SD(3)
  
2014-06-02
  
$
15,000
  
$
5,092
  
$
0
  
$
9,908
  
$
655
  
$
14,139
  
$
206
 
52 unit - Silver Springs - Rapid City, SD
  
2014-06-02
   
3,280
   
1,019
   
0
   
2,261
   
215
   
3,006
   
59
 
68 unit - Northridge - Bismarck, ND
  
2014-09-12
   
8,500
   
8,400
   
100
   
0
   
884
   
7,516
   
100
 
       
26,780
   
14,511
   
100
   
12,169
   
1,754
   
24,661
   
365
 
                                 
Unimproved Land
                                
Creekside Crossing - Bismarck, ND
  
2014-05-22
   
4,269
   
4,269
   
0
   
0
   
4,269
   
0
   
0
 
PrairieCare Medical - Brooklyn Park, MN
  
2014-06-05
   
2,616
   
2,616
   
0
   
0
   
2,616
   
0
   
0
 
71 France Phase I - Edina, MN(4)
  
2014-06-12
   
1,413
   
0
   
0
   
1,413
   
1,413
   
0
   
0
 
Monticello 7th Addition - Monticello, MN
  
2014-10-09
   
1,660
   
1,660
   
0
   
0
   
1,660
   
0
   
0
 
71 France Phase II & III - Edina, MN(4)
  
2014-11-04
   
3,309
   
0
   
0
   
3,309
   
3,309
   
0
   
0
 
Minot 1525 24th Ave SW - Minot, ND
  
2014-12-23
   
1,250
   
1,250
   
0
   
0
   
1,250
   
0
   
0
 
       
14,517
   
9,795
   
0
   
4,722
   
14,517
   
0
   
0
 
                                 
Total Property Acquisitions
     
$
41,297
  
$
24,306
  
$
100
  
$
16,891
  
$
16,271
  
$
24,661
  
$
365
 

(1)Value of Units of the Operating Partnership at the acquisition date.
(2)Consists of assumed debt (Homestead Garden I: $9.9 million, Silver Springs: $2.3 million) and value of land contributed by the joint venture partner (71 France: $4.7 million).
(3)At acquisition, we adjusted the assumed debt to fair value and recognized approximately $852,000 of goodwill.
(4)Land was contributed to a joint venture in which we currently have an approximately 52.6% interest. The joint venture is consolidated in our financial statements.
Results of Operations from Acquired Properties
The revenue and net income of our acquisitions in the nine months ended January 31, 2016 and 2015, respectively, are detailed below.

  
(in thousands)
 
Nine Months Ended January 31,
 
2016
  
2015
 
Total revenue
 
$
1,969
  
$
1,756
 
Net income (loss)
 
$
(62
)
 
$
(27
)
Development Projects Placed in Service
The Operating Partnership placed $136.8 million and $113.6 million of development projects in service during the nine months ended January 31, 2016 and 2015, respectively, as detailed below.

Nine Months Ended January 31, 2016

     
(in thousands)
 
Development Projects Placed in Service (1)
 
Date Placed in
Service
  
Land
  
Building
  
Development
Cost
 
             
Multifamily
            
72 unit – Chateau II - Minot, ND(2)
  
2015-06-01
  
$
240
  
$
14,401
  
$
14,641
 
288 unit – Renaissance Heights - Williston, ND(3)
  
2015-07-27
   
3,080
   
59,371
   
62,451
 
       
3,320
   
73,772
   
77,092
 
                 
Healthcare
                
57,624 sq ft Edina 6565 France SMC III - Edina, MN(4)
  
2015-06-01
   
0
   
32,725
   
32,725
 
70,756 sq ft PrairieCare Medical – Brooklyn Park, MN(5)
  
2015-09-08
   
2,610
   
21,748
   
24,358
 
       
2,610
   
54,473
   
57,083
 
                 
Other
                
7,963 sq ft Minot Southgate Retail - Minot, ND(6)
  
2015-10-01
   
889
   
1,734
   
2,623
 
                 
Total Development Projects Placed in Service
     
$
6,819
  
$
129,979
  
$
136,798
 

(1)Development projects that are placed in service in phases are excluded from this table until the entire project has been placed in service. See Note 6 for additional information on the Deer Ridge, 71 France, and Cardinal Point projects, which were partially placed in service during the nine months ended January 31, 2016.
(2)Costs paid in prior fiscal years totaled $12.3 million. Additional costs incurred in fiscal year 2016 totaled $2.3 million, for a total project cost at January 31, 2016 of $14.6 million.
(3)Costs paid in prior fiscal years totaled $57.7 million. Additional costs incurred in fiscal year 2016 totaled $4.8 million, for a total project cost at January 31, 2016 of $62.5 million. The project is owned by a joint venture entity in which we currently have an approximately 70.0% interest. The joint venture is consolidated in our financial statements.
(4)Costs paid in prior fiscal years totaled $20.8 million. Additional costs incurred in fiscal year 2016 totaled $11.9 million, for a total project cost at January 31, 2016 of $32.7 million.
(5)Costs paid in prior fiscal years totaled $17.3 million. Additional costs incurred in fiscal year 2016 totaled $7.1 million, for a total project cost at January 31, 2016 of $24.4 million.
(6)Costs paid in prior fiscal years totaled $2.1 million. Additional costs incurred in fiscal year 2016 totaled approximately $500,000, for a total project cost at January 31, 2016 of $2.6 million.
 
Nine Months Ended January 31, 2015

     
(in thousands)
 
Development Projects Placed in Service
 
Date Placed in
Service
  
Land
  
Building
  
Development
Cost
 
             
Multifamily
            
44 unit - Dakota Commons - Williston, ND(1)
  
2014-07-15
  
$
823
  
$
9,596
  
$
10,419
 
130 unit - Red 20 - Minneapolis, MN(2)
  
2014-11-21
   
1,900
   
26,430
   
28,330
 
233 unit - Commons at Southgate - Minot, ND(3)
  
2014-12-09
   
3,691
   
30,921
   
34,612
 
64 unit - Cypress Court II - St. Cloud, MN(4)
  
2015-01-01
   
447
   
6,191
   
6,638
 
165 unit - Arcata - Golden Valley, MN(5)
  
2015-01-01
   
2,088
   
28,296
   
30,384
 
       
8,949
   
101,434
   
110,383
 
                 
Other
                
4,998 sq ft Minot Wells Fargo Bank - Minot, ND(6)
  
2014-11-10
   
992
   
2,193
   
3,185
 
                 
Total Development Projects Placed in Service
     
$
9,941
  
$
103,627
  
$
113,568
 

(1)Costs paid in prior fiscal years totaled $8.1 million. Additional costs paid in fiscal year 2015 totaled $2.3 million, for a total project cost at January 31, 2015 of $10.4 million.
(2)Costs paid in prior fiscal years totaled $12.2 million. Additional costs paid in fiscal year 2015 totaled $16.1 million, for a total project cost at January 31, 2015 of $28.3 million. The project is owned by a joint venture entity in which we currently have an approximately 58.6% interest. The joint venture is consolidated in our financial statements.
(3)Costs paid in prior fiscal years totaled $26.5 million. Additional costs paid in fiscal year 2015 totaled $8.1 million, for a total project cost at January 31, 2015 of $34.6 million. The project is owned by a joint venture entity in which we have an approximately 52.9% interest. The joint venture is consolidated in our financial statements.
(4)Costs paid in prior fiscal years totaled $1.2 million. Additional costs paid in fiscal year 2015 totaled $5.5 million, for a total project cost at January 31, 2015 of $6.6 million. The project is owned by a joint venture entity in which we currently have an approximately 86.1% interest. The joint venture is consolidated in our financial statements.
(5)Costs paid in prior fiscal years totaled $11.3 million. Additional costs paid in fiscal year 2015 totaled $19.1 million, for a total project cost at January 31, 2015 of $30.4 million.
(6)Costs paid in prior fiscal years totaled $1.0 million. Additional costs paid in fiscal year 2015 totaled $2.2 million, for a total project cost at January 31, 2015 of $3.2 million.
Schedule of Dispositions
During the third quarter of fiscal year 2016, we sold 3 retail properties for a total sales price of $3.5 million and transferred ownership of nine office properties pursuant to a deed in lieu transaction. During the third quarter of fiscal year 2015, we sold one office property and one retail property for a total sales price of $10.0 million. The following table details our dispositions during the nine months ended January 31, 2016 and 2015:

Nine Months Ended January 31, 2016

     
(in thousands)
 
Dispositions
 
Date Disposed
  
Sales Price
  
Book Value
and Sales Cost
  
Gain/(Loss)
 
             
Other
            
117,144 sq ft Thresher Square – Minneapolis, MN
  
2015-05-18
  
$
7,000
  
$
7,175
  
$
(175
)
2,549,222 sq ft Office Sale Portfolio(1)
  
2015-08-03
   
250,000
   
231,537
   
18,463
 
420,216 sq ft Mendota Office Center Portfolio – Mendota Heights, MN(2)
  
2015-08-12
   
40,000
   
41,574
   
(1,574
)
1,027,208 sq ft Retail Sale Portfolio(3)
  
2015-09-30
   
78,960
   
71,913
   
7,047
 
48,700 sq ft Eden Prairie 6101 Blue Circle Drive – Eden Prairie, MN
  
2015-10-19
   
2,900
   
2,928
   
(28
)
8,526 sq ft Burnsville I Strip Center – Burnsville, MN
  
2015-12-23
   
1,300
   
913
   
387
 
4,800 sq ft Pine City C-Store – Pine City, MN
  
2016-01-08
   
300
   
355
   
(55
)
11,003 sq ft Minot Plaza – Minot, ND
  
2016-01-19
   
1,854
   
393
   
1,461
 
937,518 sq ft 9-Building Office Portfolio(4)(5)
  
2016-01-29
   
122,600
(5) 
  
86,144
(5) 
  
36,456
(5) 
                 
Total Property Dispositions
     
$
504,914
  
$
442,932
  
$
61,982
 

(1)The properties included in this portfolio disposition are: 610 Business Center, 7800 West Brown Deer Road, Ameritrade, Barry Pointe Office Park, Benton Business Park, Brenwood, Brook Valley I, Crosstown Centre, Golden Hills Office Center, Granite Corporate Center, Great Plains, Highlands Ranch I, Highlands Ranch II, Interlachen Corporate Center, Intertech Building, Minnesota National Bank, Northpark Corporate Center, Omaha 10802 Farnam Dr, Plaza VII, Plymouth 5095 Nathan Lane, Prairie Oak Business Center, Rapid City 900 Concourse Drive, Spring Valley IV, Spring Valley V, Spring Valley X, Spring Valley XI, Superior Office Building, TCA Building, Three Paramount Plaza, UHC Office, US Bank Financial Center, Wells Fargo Center, West River Business Park and Westgate.
(2)The properties included in this portfolio disposition are: Mendota Office Center I, Mendota Office Center II, Mendota Office Center III, Mendota Office Center IV and American Corporate Center.
(3)The properties included in this portfolio disposition  are: Champlin South Pond, Chan West Village, Duluth 4615 Grand, Duluth Denfeld Retail, Forest Lake Auto, Forest Lake Westlake Center, Grand Forks Medpark Mall, Jamestown Buffalo Mall, Jamestown Business Center, Lakeville Strip Center, Monticello C Store & vacant land, Omaha Barnes & Noble, Pine City Evergreen Square, Rochester Maplewood Square and St. Cloud Westgate.
(4)The properties included in this portfolio disposition are:  Corporate Center West, Farnam Executive Center, Flagship Corporate Center, Gateway Corporate Center, Miracle Hills One, Pacific Hills, Riverport, Timberlands, and Woodlands Plaza IV.
(5)On January 29, 2016, we transferred ownership of nine properties to the mortgage lender on a $122.6 million non-recourse loan and removed the debt obligation and accrued interest from our balance sheet. The properties had an estimated fair value of $89.3 million on the transfer date. Upon completion of this transfer, we recognized a gain on extinguishment of debt of  $36.5 million, representing the difference between the loan and accrued interest payable extinguished over the carrying value of the properties, cash, accounts payable and accounts receivable transferred as of the transfer date and related closing costs.
 
Nine Months Ended January 31, 2015

     
(in thousands)
 
Dispositions
 
Date Disposed
  
Sales Price
  
Book Value
and Sales Cost
  
Gain/(Loss)
 
             
Multi-Family
            
83 unit - Lancaster - St. Cloud, MN
  
2014-09-22
  
$
4,451
  
$
3,033
  
$
1,418
 
                 
Industrial
                
198,600 sq ft Eagan 2785 & 2795 - Eagan, MN
  
2014-07-15
   
3,600
   
5,393
   
(1,793
)
                 
Other
                
73,338 sq ft Dewey Hill - Edina, MN
  
2014-05-19
   
3,100
   
3,124
   
(24
)
25,644 sq ft Weston Retail - Weston, WI
  
2014-07-28
   
n/
a
  
1,176
   
(1,176
)
74,568 sq ft Wirth Corporate Center - Golden Valley, MN
  
2014-08-29
   
4,525
   
4,695
   
(170
)
52,000 sq ft Kalispell Retail - Kalispell, MT
  
2014-10-15
   
1,230
   
1,229
   
1
 
34,226 sq ft Fargo Express Center & SC Pad - Fargo, ND
  
2014-11-18
   
2,843
   
2,211
   
632
 
79,297 sq ft Northgate I – Maple Grove, MN
  
2014-12-01
   
7,200
   
6,881
   
319
 
       
18,898
   
19,316
   
(418
)
                 
Unimproved Land
                
Kalispell Unimproved - Kalispell, MT
  
2014-10-15
   
670
   
670
   
0
 
                 
Total Property Dispositions
     
$
27,619
  
$
28,412
  
$
(793
)