Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Jun. 02, 2014 | Oct. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Investors Real Estate Trust | ' | ' |
Entity Central Index Key | '0000798359 | ' | ' |
Current Fiscal Year End Date | '--04-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $898,050,172 |
Entity Common Stock, Shares Outstanding | ' | 109,374,477 | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Apr-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Apr. 30, 2014 | Apr. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Real estate investments | ' | ' | ||
Property owned | $1,996,031 | $2,032,970 | [1] | |
Less accumulated depreciation | -424,288 | -420,421 | [1] | |
Total property owned | 1,571,743 | 1,612,549 | [1] | |
Development in progress | 104,609 | 46,782 | [1] | |
Unimproved land | 22,864 | 21,503 | [1] | |
Total real estate investments | 1,699,216 | 1,680,834 | [1] | |
Other assets | ' | ' | ||
Real estate held for sale | 2,951 | 0 | [1] | |
Cash and cash equivalents | 47,267 | 94,133 | [1] | |
Other investments | 329 | 639 | [1] | |
Receivable arising from straight-lining of rents, net of allowance of $796 and $830, respectively | 27,096 | 26,354 | [1] | |
Accounts receivable, net of allowance of $248 and $563, respectively | 10,206 | 4,534 | [1] | |
Real estate deposits | 145 | 196 | [1] | |
Prepaid and other assets | 4,639 | 5,124 | [1] | |
Intangible assets, net of accumulated amortization of $24,071 and $27,708, respectively | 32,639 | 40,457 | [1] | |
Tax, insurance, and other escrow | 20,880 | 12,569 | [1] | |
Property and equipment, net of accumulated depreciation of $2,041 and $1,673, respectively | 1,681 | 1,221 | [1] | |
Goodwill | 1,100 | 1,106 | [1] | |
Deferred charges and leasing costs, net of accumulated amortization of $21,068 and $18,714, respectively | 21,072 | 22,387 | [1] | |
TOTAL ASSETS | 1,869,221 | 1,889,554 | [1] | |
LIABILITIES | ' | ' | ||
Accounts payable and accrued expenses | 59,105 | 50,797 | [1] | |
Revolving line of credit | 22,500 | 10,000 | [1] | |
Mortgages payable | 997,689 | 1,049,206 | [1] | |
Other | 63,178 | 18,170 | [1] | |
TOTAL LIABILITIES | 1,142,472 | 1,128,173 | [1] | |
COMMITMENTS AND CONTINGENCIES (NOTE 15) | ' | ' | [1] | |
REDEEMABLE NONCONTROLLING INTERESTS - CONSOLIDATED REAL ESTATE ENTITIES | 6,203 | 5,937 | [1] | |
Statement [Line Items] | ' | ' | ||
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 109,019,341 shares issued and outstanding at April 30, 2014, and 101,487,976 shares issued and outstanding at April 30, 2013) | 843,268 | 784,454 | [1] | |
Accumulated distributions in excess of net income | -389,758 | -310,341 | [1] | |
Total Investors Real Estate Trust shareholders' equity | 592,184 | 612,787 | [1] | |
Noncontrolling interests - Operating Partnership (21,093,445 units at April 30, 2014 and 21,635,127 units at April 30, 2013) | 105,724 | 122,539 | [1] | |
Noncontrolling interests - consolidated real estate entities | 22,638 | 20,118 | [1] | |
Total equity | 720,546 | [1] | 755,444 | [1] |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 1,869,221 | 1,889,554 | [1] | |
Preferred Class A [Member] | ' | ' | ||
Statement [Line Items] | ' | ' | ||
Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares) | 27,317 | 27,317 | [1] | |
Preferred Class B [Member] | ' | ' | ||
Statement [Line Items] | ' | ' | ||
Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares) | $111,357 | $111,357 | [1] | |
[1] | (as revised) |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Other assets | ' | ' |
Receivable arising from straight-lining of rents, allowance | $796 | $830 |
Accounts receivable, allowance | 248 | 563 |
Intangible assets, accumulated amortization | 24,071 | 27,708 |
Property and equipment, accumulated depreciation | 2,041 | 1,673 |
Deferred charges and leasing costs, accumulated amortization | 21,068 | 18,714 |
Statement [Line Items] | ' | ' |
Common Shares of Beneficial Interest, no par value (in dollars per share) | $0 | $0 |
Common Shares of Beneficial Interest, shares issued (in shares) | 109,019,341 | 101,487,976 |
Common Shares of Beneficial Interest, shares outstanding (in shares) | 109,019,341 | 101,487,976 |
Noncontrolling interests - Operating Partnership (in shares) | 21,093,445 | 21,635,127 |
Preferred Class A [Member] | ' | ' |
Statement [Line Items] | ' | ' |
Preferred Shares of Beneficial Interest, no par value (in dollars per share) | $0 | $0 |
Preferred Shares of Beneficial Interest, shares issued (in shares) | 1,150,000 | 1,150,000 |
Preferred Shares of Beneficial Interest, shares outstanding (in shares) | 1,150,000 | 1,150,000 |
Preferred Shares of Beneficial Interest, aggregate liquidation preference | 28,750,000 | 28,750,000 |
Preferred Class B [Member] | ' | ' |
Statement [Line Items] | ' | ' |
Preferred Shares of Beneficial Interest, no par value (in dollars per share) | $0 | $0 |
Preferred Shares of Beneficial Interest, shares issued (in shares) | 4,600,000 | 4,600,000 |
Preferred Shares of Beneficial Interest, shares outstanding (in shares) | 4,600,000 | 4,600,000 |
Preferred Shares of Beneficial Interest, aggregate liquidation preference | $115,000,000 | $115,000,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
REVENUE | ' | ' | ' |
Real estate rentals | $219,921 | $204,719 | $188,299 |
Tenant reimbursement | 45,561 | 43,339 | 40,372 |
TOTAL REVENUE | 265,482 | 248,058 | 228,671 |
EXPENSES | ' | ' | ' |
Depreciation/amortization related to real estate investments | 67,592 | 59,306 | 53,690 |
Utilities | 21,864 | 18,792 | 17,106 |
Maintenance | 31,158 | 28,340 | 25,530 |
Real estate taxes | 32,982 | 32,182 | 29,349 |
Insurance | 5,165 | 3,734 | 3,343 |
Property management expenses | 16,961 | 15,003 | 18,164 |
Other property expenses | 357 | 1,008 | -142 |
Administrative expenses | 9,938 | 7,904 | 6,694 |
Advisory and trustee services | 805 | 590 | 687 |
Other expenses | 2,132 | 2,173 | 1,898 |
Amortization related to non-real estate investments | 3,326 | 3,027 | 2,960 |
Impairment of real estate investments | 42,566 | 0 | 0 |
TOTAL EXPENSES | 234,846 | 172,059 | 159,279 |
Gain on involuntary conversion | 2,480 | 5,084 | 274 |
Operating income | 33,116 | 81,083 | 69,666 |
Interest expense | -59,142 | -61,154 | -61,801 |
Interest income | 1,908 | 222 | 148 |
Other income | 779 | 526 | 631 |
(Loss) income before loss on sale of real estate and other investments and income from discontinued operations | -23,339 | 20,677 | 8,644 |
Loss on sale of real estate and other investments | -51 | 0 | 0 |
(Loss) income from continuing operations | -23,390 | 20,677 | 8,644 |
Income from discontinued operations | 6,450 | 9,295 | 1,062 |
NET (LOSS) INCOME | -16,940 | 29,972 | 9,706 |
Net loss (income) attributable to noncontrolling interests - Operating Partnership | 4,676 | -3,633 | -1,359 |
Net income attributable to noncontrolling interests - consolidated real estate entities | -910 | -809 | -135 |
Net (loss) income attributable to Investors Real Estate Trust | -13,174 | 25,530 | 8,212 |
Dividends to preferred shareholders | -11,514 | -9,229 | -2,372 |
NET (LOSS) INCOME AVAILABLE TO COMMON SHAREHOLDERS | ($24,688) | $16,301 | $5,840 |
(Loss) earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted | ($0.28) | $0.09 | $0.06 |
Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted | $0.05 | $0.08 | $0.01 |
NET (LOSS) INCOME PER COMMON SHARE - BASIC & DILUTED | ($0.23) | $0.17 | $0.07 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | PREFERRED SHARES [Member] | COMMON SHARES [Member] | ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member] | NONCONTROLLING INTERESTS [Member] | Total | Preferred Class A [Member] | Preferred Class A [Member] | Preferred Class B [Member] | Preferred Class B [Member] | Preferred Class B [Member] | |||||
In Thousands, except Share data | ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member] | PREFERRED SHARES [Member] | ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member] | ||||||||||||
Balance at Apr. 30, 2011 | $27,317 | $621,936 | ($237,563) | $132,600 | [1] | $544,290 | [1] | ' | ' | ' | ' | ' | |||
Balance, shares (in shares) at Apr. 30, 2011 | 1,150,000 | 80,523,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests | ' | ' | 8,212 | 1,482 | [1] | 9,694 | [1] | ' | ' | ' | ' | ' | |||
Distributions - common shares and units | ' | ' | -46,654 | -11,102 | [1] | -57,756 | [1] | ' | ' | ' | ' | ' | |||
Distributions - preferred shares | ' | ' | -2,372 | ' | -2,372 | [1] | ' | ' | ' | ' | ' | ||||
Distribution reinvestment and share purchase plan | ' | 34,345 | ' | ' | 34,345 | [1] | ' | ' | ' | ' | ' | ||||
Distribution reinvestment and share purchase plan (in shares) | ' | 4,796,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Shares issued | ' | 24,870 | ' | ' | 24,870 | [1] | ' | ' | ' | ' | ' | ||||
Shares issued, shares (in shares) | ' | 3,398,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Partnership units issued | [1] | ' | ' | ' | 8,055 | 8,055 | ' | ' | ' | ' | ' | ||||
Redemption of units for common shares | ' | 3,454 | ' | -3,454 | [1] | 0 | [1] | ' | ' | ' | ' | ' | |||
Redemption of units for common shares, shares (in shares) | ' | 759,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Other | ' | -556 | ' | 4,693 | [1] | 4,137 | [1] | ' | ' | ' | ' | ' | |||
Other, shares (in shares) | ' | -2,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Balance at Apr. 30, 2012 | 27,317 | 684,049 | -278,377 | 132,274 | [1] | 565,263 | [1] | ' | ' | ' | ' | ' | |||
Balance, shares (in shares) at Apr. 30, 2012 | 1,150,000 | 89,474,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests | ' | ' | 25,530 | 4,437 | [1] | 29,967 | [1] | ' | ' | ' | ' | ' | |||
Distributions - common shares and units | ' | ' | -48,265 | -10,985 | [1] | -59,250 | [1] | ' | ' | ' | ' | ' | |||
Distributions - preferred shares | ' | ' | ' | ' | ' | -2,372 | -2,372 | [1] | ' | -6,857 | -6,857 | [1] | |||
Distribution reinvestment and share purchase plan | ' | 43,123 | ' | ' | 43,123 | [1] | ' | ' | ' | ' | ' | ||||
Distribution reinvestment and share purchase plan (in shares) | ' | 5,290,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Shares issued | ' | 55,846 | ' | ' | 55,846 | [1] | ' | ' | ' | ' | ' | ||||
Shares issued, shares (in shares) | ' | 6,409,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Series B preferred shares issued | ' | ' | ' | ' | ' | ' | ' | 111,357 | ' | 111,357 | [1] | ||||
Series B preferred shares issued, in shares | ' | ' | ' | ' | ' | ' | ' | 4,600,000 | ' | ' | |||||
Partnership units issued | [1] | ' | ' | ' | 12,632 | 12,632 | ' | ' | ' | ' | ' | ||||
Redemption of units for common shares | ' | 1,551 | ' | -1,551 | [1] | 0 | [1] | ' | ' | ' | ' | ' | |||
Redemption of units for common shares, shares (in shares) | ' | 317,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Contributions from nonredeemable noncontrolling interests consolidated real estate entities | [1] | ' | ' | ' | 6,483 | 6,483 | ' | ' | ' | ' | ' | ||||
Other | ' | -115 | ' | -633 | [1] | -748 | [1] | ' | ' | ' | ' | ' | |||
Other, shares (in shares) | ' | -2,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Balance at Apr. 30, 2013 | 138,674 | 784,454 | -310,341 | 142,657 | [1] | 755,444 | [1] | ' | ' | ' | ' | ' | |||
Balance, shares (in shares) at Apr. 30, 2013 | 5,750,000 | 101,488,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests | ' | ' | -13,174 | -4,033 | [1] | -17,207 | [1] | ' | ' | ' | ' | ' | |||
Distributions - common shares and units | ' | ' | -54,729 | -11,283 | [1] | -66,012 | [1] | ' | ' | ' | ' | ' | |||
Distributions - preferred shares | ' | ' | ' | ' | ' | -2,372 | -2,372 | [1] | ' | -9,142 | -9,142 | [1] | |||
Distribution reinvestment and share purchase plan | ' | 55,793 | ' | ' | 55,793 | [1] | ' | ' | ' | ' | ' | ||||
Distribution reinvestment and share purchase plan (in shares) | ' | 5,239,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Shares issued | ' | 112 | ' | ' | 112 | [1] | ' | ' | ' | ' | ' | ||||
Shares issued, shares (in shares) | ' | 13,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Partnership units issued | [1] | ' | ' | ' | 3,480 | 3,480 | ' | ' | ' | ' | ' | ||||
Redemption of units for common shares | ' | 4,353 | ' | -4,353 | [1] | 0 | [1] | ' | ' | ' | ' | ' | |||
Redemption of units for common shares, shares (in shares) | ' | 197,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Contributions from nonredeemable noncontrolling interests consolidated real estate entities | [1] | ' | ' | ' | 3,895 | 3,895 | ' | ' | ' | ' | ' | ||||
Other | ' | -1,444 | ' | -2,001 | [1] | -3,445 | [1] | ' | ' | ' | ' | ' | |||
Balance at Apr. 30, 2014 | $138,674 | $843,268 | ($389,758) | $128,362 | [1] | $720,546 | [1] | ' | ' | ' | ' | ' | |||
Balance, shares (in shares) at Apr. 30, 2014 | 5,750,000 | 106,937,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
[1] | (as revised) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' | ||
Net (loss) income | ($16,940) | $29,972 | $9,706 | ||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ' | ' | ' | ||
Depreciation and amortization | 73,723 | 67,559 | 61,954 | ||
Gain on sale of real estate, land, other investments and discontinued operations | -6,948 | -6,885 | -349 | ||
Gain on involuntary conversion | -2,480 | -5,084 | -274 | ||
Impairment of real estate investments | 44,426 | 305 | 428 | ||
Bad debt expense | 434 | 665 | 298 | ||
Changes in other assets and liabilities: | ' | ' | ' | ||
Increase in receivable arising from straight-lining of rents | -2,293 | -2,733 | -4,831 | ||
Decrease in accounts receivable | 1,880 | 689 | 1,542 | ||
Increase in prepaid and other assets | -555 | -693 | -1,361 | ||
Increase in tax, insurance and other escrow | -1,046 | -325 | -353 | ||
Increase in deferred charges and leasing costs | -4,708 | -5,946 | -6,145 | ||
Increase in accounts payable, accrued expenses and other liabilities | 7,021 | 194 | 4,522 | ||
Net cash provided by operating activities | 92,514 | 77,718 | 65,137 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ||
Proceeds from real estate deposits | 991 | 2,037 | 2,254 | ||
Payments for real estate deposits | -940 | -1,970 | -2,188 | ||
Principal proceeds on mortgage loans receivable | 0 | 0 | 159 | ||
Decrease in other investments | 314 | 0 | 0 | ||
Decrease in lender holdbacks for improvements | 3,780 | 1,891 | 5,681 | ||
Increase in lender holdbacks for improvements | -11,045 | -2,466 | -1,730 | ||
Proceeds from sale of discontinued operations | 78,879 | 20,009 | 3,142 | ||
Proceeds from sale of real estate and other investments | 682 | 95 | 430 | ||
Insurance proceeds received | 2,491 | 6,211 | 5,758 | ||
Payments for acquisitions of real estate assets | -38,283 | -76,020 | -61,661 | ||
Payments for development and re-development of real estate assets | -123,744 | -57,649 | -37,777 | ||
Payments for improvements of real estate assets | -34,959 | -26,280 | -42,333 | ||
Net cash (used) provided by investing activities | -121,834 | -134,142 | -128,265 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ||
Proceeds from mortgages payable | 50,333 | 85,230 | 117,595 | ||
Principal payments on mortgages payable | -101,867 | -104,976 | -77,089 | ||
Proceeds from revolving line of credit and other debt | 67,699 | 44,262 | 31,925 | ||
Principal payments on revolving line of credit and other debt | -17,443 | -55,411 | -10,060 | ||
Proceeds from financing liability | 7,900 | 0 | 0 | ||
Proceeds from sale of common shares, net of issue costs | 0 | 55,433 | 24,413 | ||
Proceeds from sale of common shares under distribution reinvestment and share purchase program | 41,194 | 30,707 | 23,511 | ||
Proceeds from underwritten Public Offering of Preferred Shares - Series B, net of offering costs | 0 | 111,357 | 0 | ||
Proceeds from noncontrolling partner - consolidated real estate entities | 994 | 0 | 2,854 | ||
Payments for acquisition of noncontrolling interests - consolidated real estate entities | -2,505 | 0 | -1,289 | ||
Distributions paid to common shareholders, net of reinvestment of $13,965, $11,802 and $10,177, respectively | -40,764 | -36,463 | -36,477 | ||
Distributions paid to preferred shareholders | -11,514 | -8,467 | -2,372 | ||
Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership, net reinvestment of $634, $614 and $657, respectively | -10,649 | -10,371 | -10,445 | ||
Distributions paid to noncontrolling interests - consolidated real estate entities | -924 | -733 | -613 | ||
Distributions paid to redeemable noncontrolling interests - consolidated real estate entities | 0 | 0 | -27 | ||
Net cash provided (used) by financing activities | -17,546 | 110,568 | 61,926 | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -46,866 | 54,144 | -1,202 | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 94,133 | [1] | 39,989 | 41,191 | |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 47,267 | 94,133 | [1] | 39,989 | |
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING | ' | ' | ' | ||
Distribution reinvestment plan | 13,965 | 11,802 | 10,177 | ||
Operating partnership distribution reinvestment plan | 634 | 614 | 657 | ||
Operating partnership units converted to shares | 4,353 | 1,551 | 3,454 | ||
Shares issued under the Incentive Award Plan | 112 | 398 | 443 | ||
Real estate assets acquired through the issuance of operating partnership units | 3,480 | 12,632 | 8,055 | ||
Real estate assets acquired through assumption of indebtedness and accrued costs | 0 | 12,500 | 7,190 | ||
Mortgages included in real estate dispositions | 0 | 5,887 | 0 | ||
Increase (decrease) to accounts payable included within real estate investments | 1,767 | 2,502 | -5,445 | ||
Real estate assets contributed by noncontrolling interests - consolidated real estate entities | 2,901 | 12,415 | 2,227 | ||
Fair value adjustments to redeemable noncontrolling interests | 0 | 0 | 35 | ||
Involuntary conversion of assets due to flood and fire damage | 7,052 | 107 | 2,783 | ||
Construction debt reclassified to mortgages payable | 0 | 13,650 | 7,190 | ||
Forfeiture of note payable in conjunction with sale of property | 600 | 0 | 0 | ||
Cash paid during the year for: | ' | ' | ' | ||
Cash paid for interest, net of amounts capitalized of $2,855,$742 and $571, respectively | $54,071 | $60,357 | $63,653 | ||
[1] | (as revised) |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Distributions paid to common shareholders, net of reinvestment | $13,965 | $11,802 | $10,177 |
Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership, net reinvestment | 634 | 614 | 657 |
Cash paid for interest | $2,855 | $742 | $571 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Apr. 30, 2014 | |
ORGANIZATION [Abstract] | ' |
ORGANIZATION | ' |
NOTE 1 • ORGANIZATION | |
Investors Real Estate Trust ("IRET" or the "Company") is a self-advised real estate investment trust engaged in acquiring, owning and leasing multi-family residential and commercial real estate. IRET has elected to be taxed as a Real Estate Investment Trust ("REIT") under Sections 856-860 of the Internal Revenue Code of 1986, as amended. REITs are subject to a number of organizational and operational requirements, including a requirement to distribute 90% of ordinary taxable income to shareholders, and, generally, are not subject to federal income tax on net income, except for taxes on undistributed REIT taxable income and taxes on the income generated by our taxable REIT subsidiary ("TRS"). Our TRS is subject to corporate federal and state income tax on its taxable income at regular statutory rates. We have considered estimated future taxable income and have determined that there were no material income tax provisions or material net deferred income tax items for our TRS for the years ended April 30, 2014 and 2013. IRET's multi-family residential properties and commercial properties are located mainly in the states of North Dakota and Minnesota, but also in the states of Colorado, Idaho, Iowa, Kansas, Missouri, Montana, Nebraska, South Dakota, Wisconsin and Wyoming. As of April 30, 2014, IRET owned 93 multi-family residential properties with approximately 10,779 apartment units and 166 commercial properties, consisting of commercial office, commercial healthcare, commercial industrial and commercial retail properties, totaling approximately 10.5 million net rentable square feet. IRET conducts a majority of its business activities through its consolidated operating partnership, IRET Properties, a North Dakota Limited Partnership (the "Operating Partnership"), as well as through a number of other subsidiary entities. | |
All references to IRET or the Company refer to Investors Real Estate Trust and its consolidated subsidiaries. |
BASIS_OF_PRESENTATION_AND_SIGN
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||
Apr. 30, 2014 | |||||||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||
NOTE 2 • BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |||||||
BASIS OF PRESENTATION | |||||||
The accompanying consolidated financial statements include the accounts of IRET and all subsidiaries in which it maintains a controlling interest. All intercompany balances and transactions are eliminated in consolidation. The Company's fiscal year ends April 30th. | |||||||
The accompanying consolidated financial statements include the accounts of IRET and its general partnership interest in the Operating Partnership. The Company's interest in the Operating Partnership was 83.8% and 82.4%, respectively, as of April 30, 2014 and 2013, which includes 100% of the general partnership interest. The limited partners have a redemption option that they may exercise. Upon exercise of the redemption option by the limited partners, IRET has the option of redeeming the limited partners' interests ("Units") for IRET common shares of beneficial interest, on a one-for-one basis, or for cash payment to the unitholder. The redemption generally may be exercised by the limited partners at any time after the first anniversary of the date of the acquisition of the Units (provided, however, that not more than two redemptions by a limited partner may occur during each calendar year, and each limited partner may not exercise the redemption for less than 1,000 Units, or, if such limited partner holds less than 1,000 Units, for all of the Units held by such limited partner). Some limited partners have contractually agreed to a holding period of greater than one year. | |||||||
The consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a controlling interest. These entities are consolidated into IRET's other operations with noncontrolling interests reflecting the noncontrolling partners' share of ownership and income and expenses. | |||||||
RECENT ACCOUNTING PRONOUNCEMENTS | |||||||
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. Examples include a disposal of a major geographic area, | |||||||
NOTE 2 • continued | |||||||
a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about the assets, liabilities, income and expenses of discontinued operations. The ASU is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company adopted this update effective February 1, 2014 and determined that the adoption did not have a material impact on the Company's consolidated results of operations or financial condition. | |||||||
As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. During the quarter ended April 30, 2014, the Company applied the new standard to one property that was classified as held for sale. | |||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU No. 2014-09 does not apply to lease contracts accounted for under ASC 840, Leases. The ASU is effective for annual and interim periods beginning after December 15, 2016. The Company does not expect adoption of this update to have a material impact on the Company's operating results or financial position. | |||||||
USE OF ESTIMATES | |||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||
RECLASSIFICATIONS | |||||||
Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. Prior to February 1, 2014, the Company reported, in discontinued operations, the results of operations and the related gains or losses of properties that had either been disposed of or classified as held for sale and otherwise met the classification of a discontinued operation. As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. See Recent Accounting Pronouncements above for additional information. | |||||||
As a result of discontinued operations recognized prior to February 1, 2014, retroactive reclassifications that change prior period numbers have been made. See Note 12 for additional information. During fiscal year 2014, the Company classified as discontinued operations two multi-family residential properties, three commercial office properties, twelve commercial industrial properties and three commercial retail properties. During fiscal year 2013, the Company classified as discontinued operations three multi-family residential properties, one commercial healthcare property, one commercial retail property and four condominium units. The results of operations for these properties are included in income from discontinued operations on the Condensed Consolidated Statements of Operations. | |||||||
During the first quarter of fiscal year 2014 the Company reclassified a commercial property in Minot, North Dakota from the Company's commercial retail segment to its commercial office segment, following the departure of a retail tenant from the property and the Company's subsequent repurposing of the majority of the space in the building from retail to office premises. | |||||||
NOTE 2 • continued | |||||||
REVISION | |||||||
During fiscal year 2014 the Company identified an error pertaining to the reporting for a noncontrolling interest in a consolidated real estate joint venture formed in the fourth quarter of fiscal year 2013 for which the holder of such interest has the right to require the Company to acquire the interest at fair value twelve months after the final certificate of occupancy is obtained for the joint venture's development project. Accounting guidance in ASC 480-10, CFRR 211: Redeemable Preferred Stocks, requires that this noncontrolling interest be classified outside of permanent equity because it is redeemable at the option of the joint venture partner. This error resulted in an overstatement of equity and offsetting understatement of the line entitled "redeemable noncontrolling interests – consolidated real estate entities" in the mezzanine section of the Company's consolidated balance sheet of $5.9 million as of April 30, 2013. This non-cash revision did not impact the Company's consolidated statements of operations or statements of cash flows for any period. | |||||||
In accordance with accounting guidance found in ASC 250-10, Materiality, the Company assessed the materiality of the error and concluded that the error was not material to any of the Company's previously issued financial statements. In accordance with accounting guidance found in ASC 250-10, Considering the Effects of Prior Year Misstatement when Quantifying Misstatements in Current Year Financial Statements, the Company revised its previously issued consolidated balance sheet and statement of equity to correct the effect of this error. The Company will revise amounts pertaining to each of the fiscal 2014 calendar quarters from May 1, 2013 through January 31, 2014 in future quarterly filings on Form 10-Q. | |||||||
The following tables present the effect of this correction on the Company's Consolidated Balance Sheet and Statement of Equity for the period affected: | |||||||
(in thousands) | |||||||
30-Apr-13 | As Previously Reported | Adjustment | As Revised | ||||
Consolidated Balance Sheet | |||||||
Redeemable noncontrolling interests – consolidated real estate entities | $ | 0 | $ | 5,937 | $ | 5,937 | |
Noncontrolling interests – consolidated real estate entities | 26,055 | -5,937 | 20,118 | ||||
Total equity | 761,381 | -5,937 | 755,444 | ||||
(in thousands) | |||||||
Year Ended April 30, 2013 | As Previously Reported | Adjustment | As Revised | ||||
Consolidated Statement of Equity | |||||||
Noncontrolling Interests | |||||||
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests | $ | 4,442 | $ | -5 | $ | 4,437 | |
Contributions from nonredeemable noncontrolling interests – consolidated real estate entities | 12,415 | -5,932 | 6,483 | ||||
Balance April 30, 2013 | 148,594 | -5,937 | 142,657 | ||||
Total Equity | |||||||
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests | 29,972 | -5 | 29,967 | ||||
Contributions from nonredeemable noncontrolling interests – consolidated real estate entities | 12,415 | -5,932 | 6,483 | ||||
Balance April 30, 2013 | 761,381 | -5,937 | 755,444 | ||||
NOTE 2 • continued | |||||||
REAL ESTATE INVESTMENTS | |||||||
Real estate investments are recorded at cost less accumulated depreciation and an adjustment for impairment, if any. Acquisitions of real estate are recorded based upon preliminary allocations of the purchase price which are subject to adjustment as additional information is obtained, but in no case more than one year after the date of acquisition. The Company allocates the purchase price based on the relative fair values of the tangible and intangible assets of an acquired property (which includes the land, building, and personal property) which are determined by valuing the property as if it were vacant and to fair value of the intangible assets (which include in-place leases.) The as-if-vacant value is allocated to land, buildings, and personal property based on management's determination of the relative fair values of these assets. The estimated fair value of the property is the amount that would be recoverable upon the disposition of the property. Techniques used to estimate fair value include discounted cash flow analysis and reference to recent sales of comparables. A land value is assigned based on the purchase price if land is acquired separately or based on estimated fair value if acquired in a merger or in a single or portfolio acquisition. | |||||||
Acquired above- and below-market lease values are recorded as the difference between the contractual amounts to be paid pursuant to the in-place leases and management's estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases, which includes fixed rate renewal options for below-market leases if it is determined probable the tenant will execute a bargain renewal option. | |||||||
Other intangible assets acquired include amounts for in-place lease values that are based upon the Company's evaluation of the specific characteristics of the leases. Factors considered in the fair value analysis include an estimate of carrying costs and foregone rental income during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. The Company also considers information about each property obtained during its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible and intangible assets acquired. | |||||||
Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The Company uses a 20-40 year estimated life for buildings and improvements and a 5-12 year estimated life for furniture, fixtures and equipment. | |||||||
The Company follows the real estate project costs guidance in ASC 970, Real Estate – General, in accounting for the costs of development and re-development projects. As real estate is undergoing development or redevelopment, all project costs directly associated with and attributable to the development and construction of a project, including interest expense and real estate tax expense, are capitalized to the cost of the real property. The capitalization period begins when development activities and expenditures begin and are identifiable to a specific property and ends upon completion, which is when the asset is ready for its intended use. Generally, rental property is considered substantially complete and ready for its intended use upon completion of tenant improvements (in the case of commercial properties) or upon issuance of a certificate of occupancy (in the case of multi-family residential properties). General and administrative costs are expensed as incurred. | |||||||
Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements that improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life, generally five to ten years. Property sales or dispositions are recorded when title transfers and sufficient consideration has been received by the Company and the Company has no significant involvement with the property sold. | |||||||
The Company periodically evaluates its long-lived assets, including its real estate investments, for impairment indicators. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset group and legal and environmental concerns. If indicators exist, the Company compares the expected future undiscounted cash flows for the long-lived asset group against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount of the asset group. If our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. | |||||||
NOTE 2 • continued | |||||||
During fiscal year 2014, the Company incurred a non-cash loss of $44.4 million due to impairment of 15 properties, of which $1.9 million is reflected in discontinued operations. See Note 12 for additional information on discontinued operations. Of the total impairment charges of $44.4 million, the amounts incurred in the first, second, third and fourth quarters of fiscal year 2014 were $1.8 million, approximately $57,000, $4.8 million and $37.7 million, respectively. The Company recognized impairments of approximately $864,000 on a commercial industrial property in St. Louis Park, Minnesota; $329,000 on a commercial office property in Bloomington, Minnesota; $265,000 on a commercial retail property in Anoka, Minnesota; $402,000 on a commercial industrial property in Clive, Iowa and $4.8 million on a commercial industrial property in Roseville, Minnesota. These properties were written-down to estimated fair value based on receipt of individual market offers to purchase and the Company's intent to dispose of the properties or, in the case of the Roseville, Minnesota property, a commitment to dispose of a significant portion of the property due to planned redevelopment. The approximately $835,000 impairment of the Company's Edina, Minnesota, commercial office property was based on receipt of a market offer to purchase and the Company's intent to dispose of the property (a purchase agreement was signed by the Company in the fourth quarter of fiscal year 2014). This property was classified as held for sale at April 30, 2014. An impairment loss of $2.1 million was recognized during fiscal year 2014 for the Company's Golden Valley, Minnesota, commercial office property based on receipt of a market offer to purchase and the Company's intent to dispose of the property (a purchase agreement was signed by the Company in the first quarter of fiscal year 2015). The Company recognized in the fourth quarter of fiscal year 2014 a $34.9 million impairment loss on eight commercial office properties located in four states. These properties are part of a portfolio of nine commercial office properties securing a $122.6 million non-recourse CMBS loan with a maturity date of October 6, 2016. Due to concerns over the borrower's ability to refinance the portfolio at loan maturity, the Company revised its assumptions regarding the holding period of these properties. Impairment testing performed in connection with the preparation of the financial statements included in this Annual Report on Form 10-K indicated that impairment indicators were present. The Company commissioned a third-party appraisal of the properties, the result of which indicated a fair value of the portfolio below net book value, and, accordingly, an impairment loss was recorded for the difference. Because the loan amount significantly exceeds the Company's current estimate of the fair value of this nine-property portfolio, the Company is working to initiate discussions with the loan servicer to discuss various alternatives with regard to the loan. Cash flow from the portfolio currently covers debt service on the loan, and the borrower, a special-purpose subsidiary of the Company, is current on all payments under the loan. | |||||||
During fiscal year 2013, the Company incurred a loss of approximately $305,000 due to impairment of one property. The impairment of the Company's Eagan, Minnesota, retail property was based on receipt of a market offer to purchase and the Company's intent to dispose of the property (a purchase agreement was signed by the Company in the fourth quarter of fiscal year 2013). The impairment charge for fiscal year 2013 is reported in discontinued operations. See Note 12 for additional information. | |||||||
During fiscal year 2012, the Company incurred a loss of approximately $428,000 due to impairment of two properties. The $128,000 impairment of the Company's Kentwood, Michigan, retail property was based on receipt of a market offer to purchase and the Company's intention to dispose of the property (a purchase agreement was signed by the Company in the fourth quarter of fiscal year 2012). A related impairment of $7,000 was recorded to write-off goodwill assigned to the Kentwood property. This property was classified as held for sale at April 30, 2012, and the related impairment charge for fiscal year 2012 is in discontinued operations. Also during fiscal year 2012, the Company recognized a $293,000 impairment loss on eight condominium units in Grand Chute, Wisconsin. The impairment of the condominiums was based on receipt of a market offer to purchase two of the units and the Company's intention to dispose of the units (a purchase agreement was signed by the Company in the fourth quarter of fiscal year 2012). The condominiums were classified as held for sale at April 30, 2012, and the related impairment charge for fiscal year 2012 is reported in discontinued operations. See Note 12 for additional information. | |||||||
NOTE 2 • continued | |||||||
REAL ESTATE HELD FOR SALE | |||||||
Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. The Company's determination of fair value is based on inputs management believes are consistent with those that market participants would use. Estimates are significantly impacted by estimates of sales price, selling velocity, and other factors. Due to uncertainties in the estimation process, actual results could differ from such estimates. Depreciation is not recorded on assets classified as held for sale. | |||||||
U.S. GAAP requires management to make certain significant judgments as to the classification of any of our properties as held for sale on the balance sheet. The Company makes a determination as to the point in time that it is probable that a sale will be consummated. It is not unusual for real estate sales contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements, often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period, or may not close at all. Due to these uncertainties, it is not likely that the Company can meet the criteria of the current accounting principles governing the classification of properties as held for sale prior to a sale formally closing. Therefore, any properties categorized as held for sale represent only those properties that management has determined are probable to close within the requirements set forth in current accounting principles. A commercial office property was classified as held for sale at April 30, 2014. No properties were classified as held for sale at April 30, 2013. | |||||||
Prior to February 1, 2014, the Company reported, in discontinued operations, the results of operations and the related gains or losses of properties that had either been disposed of or classified as held for sale and otherwise met the classification of a discontinued operation. As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. See Recent Accounting Pronouncements above for additional information | |||||||
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL | |||||||
Upon acquisition of real estate, the Company records the intangible assets and liabilities acquired (for example, if the leases in place for the real estate property acquired carry rents above the market rent, the difference is classified as an intangible asset) at their estimated fair value separate and apart from goodwill. The Company amortizes identified intangible assets and liabilities that are determined to have finite lives based on the period over which the assets and liabilities are expected to affect, directly or indirectly, the future cash flows of the real estate property acquired (generally the life of the lease). In the twelve months ended April 30, 2014 and 2013, respectively, the Company added approximately $900,000 and $1.6 million of new intangible assets and no new intangible liabilities. The weighted average lives of the intangible assets acquired in the twelve months ended April 30, 2014 and 2013 are 0.7 years and 0.5 years, respectively. Amortization of intangibles related to above or below-market leases is recorded in real estate rentals in the Consolidated Statements of Operations. Amortization of other intangibles is recorded in depreciation/amortization related to real estate investments in the Consolidated Statements of Operations. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its estimated fair value. | |||||||
The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Goodwill book value as of April 30, 2014 and 2013 was $1.1 million. The annual reviews of goodwill compared the fair value of the reporting units that have been assigned goodwill to their carrying value (investment cost less accumulated depreciation), with the results for these periods indicating no impairment. In fiscal years 2014 and 2013, the Company disposed of property that had goodwill assigned, and as a result, approximately $7,000 and $14,000, respectively, of goodwill was derecognized. During fiscal year 2012 an approximately $7,000 impairment to goodwill was recognized. | |||||||
NOTE 2 • continued | |||||||
PROPERTY AND EQUIPMENT | |||||||
Property and equipment consists of the equipment contained at IRET's headquarters in Minot, North Dakota, corporate offices in Minneapolis and St. Cloud, Minnesota, and additional property management offices in Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota and South Dakota. The balance sheet reflects these assets at cost, net of accumulated depreciation. As of April 30, 2014 and 2013, property and equipment cost was $3.7 million and $2.9 million, respectively. Accumulated depreciation was $2.0 million and $1.7 million as of April 30, 2014 and 2013, respectively. | |||||||
CASH AND CASH EQUIVALENTS | |||||||
Cash and cash equivalents include all cash and highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents consist of the Company's bank deposits and short-term investment certificates acquired subject to repurchase agreements, and the Company's deposits in a money market mutual fund. At times these deposits may exceed the FDIC limit. | |||||||
COMPENSATING BALANCES AND OTHER INVESTMENTS; LENDER HOLDBACKS | |||||||
The Company maintains compensating balances, not restricted as to withdrawal, with several financial institutions in connection with financing received from those institutions and/or to ensure future credit availability. At April 30, 2014, the Company's compensating balances totaled $7.9 million and consisted of the following: Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank, Minot, North Dakota, deposit of $275,000; First International Bank, Watford City, North Dakota, deposit of $6.1 million; Peoples State Bank of Velva, North Dakota, deposit of $225,000; Associated Bank, Green Bay, Wisconsin, deposit of $600,000; and American National Bank, Omaha, Nebraska, deposit of $400,000. The deposit at United Community Bank and a portion of the deposit at Dacotah Bank are held as certificates of deposit and comprise the approximately $329,000 in other investments on the Consolidated Balance Sheets. The certificates of deposit have remaining terms of six months and two years and the Company intends to hold them to maturity. | |||||||
The Company has a number of mortgage loans under which the lender retains a portion of the loan proceeds for the payment of construction costs or tenant improvements. The decrease of $3.8 million in lender holdbacks for improvements reflected in the Consolidated Statements of Cash Flows for the fiscal year ended April 30, 2014 is due primarily to the release of loan proceeds to the Company upon completion of these construction milestones and tenant improvement projects, while the increase of $11.0 million represents additional amounts retained by lenders for new projects. | |||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS | |||||||
Management evaluates the appropriate amount of the allowance for doubtful accounts by assessing the recoverability of individual real estate mortgage loans and rent receivables, through a comparison of their carrying amount with their estimated realizable value. Management considers tenant financial condition, credit history and current economic conditions in establishing these allowances. Receivable balances are written off when deemed uncollectible. Recoveries of receivables previously written off, if any, are recorded when received. A summary of the changes in the allowance for doubtful accounts for fiscal years ended April 30, 2014, 2013 and 2012 is as follows: | |||||||
(in thousands) | |||||||
2014 | 2013 | 2012 | |||||
Balance at beginning of year | $ | 1,393 | $ | 1,363 | $ | 1,316 | |
Provision | 434 | 665 | 298 | ||||
Write-off | -783 | -635 | -251 | ||||
Balance at close of year | $ | 1,044 | $ | 1,393 | $ | 1,363 | |
TAX, INSURANCE, AND OTHER ESCROW | |||||||
Tax, insurance, and other escrow includes funds deposited with a lender for payment of real estate tax and insurance, and reserves for funds to be used for replacement of structural elements and mechanical equipment of certain projects. The funds are under the control of the lender. Disbursements are made after supplying written documentation to the lender. | |||||||
NOTE 2 • continued | |||||||
REAL ESTATE DEPOSITS | |||||||
Real estate deposits include funds held by escrow agents to be applied toward the purchase of real estate or the payment of loan costs associated with loan placement or refinancing. | |||||||
DEFERRED CHARGES AND LEASING COSTS | |||||||
Costs and commissions incurred in obtaining tenant leases are amortized on the straight-line method over the terms of the related leases. Costs incurred in obtaining long-term financing are amortized to interest expense over the life of the loan using the straight-line method, which approximates the effective interest method. | |||||||
INCOME TAXES | |||||||
IRET operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to shareholders. For the fiscal years ended April 30, 2014, 2013 and 2012, the Company distributed in excess of 90% of its taxable income and realized capital gains from property dispositions within the prescribed time limits; accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even as a REIT, the Company may be subject to certain state and local income and property taxes, and to federal income and excise taxes on undistributed taxable income. In general, however, if the Company qualifies as a REIT, no provisions for federal income taxes are necessary except for taxes on undistributed REIT taxable income and taxes on the income generated by a taxable REIT subsidiary (TRS). | |||||||
The Company has one TRS, acquired during the second quarter of fiscal year 2014, which is subject to corporate federal and state income taxes on its taxable income at regular statutory rates. For fiscal year 2014, the Company estimates that the TRS will have no taxable income. There were no income tax provisions or material deferred income tax items for our TRS for the fiscal year ended April 30, 2014. The Company's TRS is the tenant in the Company's Legends at Heritage Place senior housing facility. | |||||||
IRET conducts its business activity as an Umbrella Partnership Real Estate Investment Trust ("UPREIT") through its Operating Partnership. UPREIT status allows IRET to accept the contribution of real estate in exchange for Units. Generally, such a contribution to a limited partnership allows for the deferral of gain by an owner of appreciated real estate. | |||||||
Distributions for the calendar year ended December 31, 2013 were characterized, for federal income tax purposes, as 28.41% ordinary income, 3.09% capital gain and 68.50% return of capital. Distributions for the calendar year ended December 31, 2012 were characterized, for federal income tax purposes, as 23.17% ordinary income, 2.41% capital gain and 74.42% return of capital. | |||||||
REVENUE RECOGNITION | |||||||
Residential rental properties are leased under operating leases with terms generally of one year or less. Commercial properties are leased under operating leases to tenants for various terms generally exceeding one year. Lease terms often include renewal options. Rental revenue is recognized on the straight-line basis, which averages minimum required rents over the terms of the leases. Rents recognized in advance of collection are reflected as receivable arising from straight-lining of rents, net of allowance for doubtful accounts. Rent concessions, including free rent, are amortized on a straight-line basis over the terms of the related leases. | |||||||
Reimbursements from tenants for real estate taxes and other recoverable operating expenses are recognized as revenue in the period the applicable expenditures are incurred. IRET receives payments for these reimbursements from substantially all of its tenants at multi-tenant commercial properties throughout the year. | |||||||
A number of the commercial leases provide for a base rent plus a percentage rent based on gross sales in excess of a stipulated amount. These percentage rents are recorded once the required sales level is achieved. | |||||||
NOTE 2 • continued | |||||||
NET INCOME PER SHARE | |||||||
Basic net income per share is computed as net income available to common shareholders divided by the weighted average number of common shares outstanding for the period. The Company has no potentially dilutive financial interests; the potential exchange of Units for common shares will have no effect on net income per share because Unitholders and common shareholders effectively share equally in the net income of the Operating Partnership. | |||||||
INVOLUNTARY CONVERSION OF ASSETS | |||||||
In June 2011, both the Company's Minot Arrowhead retail property and Chateau Apartments property, which at that time consisted of two 32-unit buildings, were extensively damaged by a flood. In February 2012, one of the buildings of the Chateau Apartments property, which had been undergoing restoration work following the flood, was completely destroyed by fire (the "2012 Fire"). Final settlement of the flood insurance claim was reached in fiscal year 2013 with total proceeds received of $8.5 million for flood clean-up costs and redevelopment. Final settlement of the 2012 Fire insurance claim was reached in fiscal year 2014 with total proceeds received of $5.1 million for redevelopment. Insurance proceeds for these events exceeded the basis in the assets requiring replacement, resulting in recognition of the following gains from involuntary conversion in fiscal years 2014, 2013 and 2012: | |||||||
(in thousands) | |||||||
Year Ended April 30, | 2014 | 2013 | 2012 | ||||
Gain on involuntary conversion | |||||||
Flood | $ | 0 | $ | 2,821 | $ | 274 | |
2012 Fire | 2,480 | 2,263 | 0 | ||||
Total gain on involuntary conversion | $ | 2,480 | $ | 5,084 | $ | 274 | |
Final settlement was reached during fiscal year 2013 for business interruption claims from the flood and 2012 Fire with proceeds received during fiscal years 2013 and 2012 of approximately $409,000 and $666,000, respectively. Reimbursement for business interruption is included within real estate rentals in the Consolidated Statements of Operations. | |||||||
In December 2013, 15-unit and 57-unit buildings at the Chateau Apartments property were destroyed by fire (the "2013 Fire"). Both buildings were under construction and were unoccupied. The 15-unit building had been anticipated to open in February 2014, and the 57-unit building was anticipated to open in the summer of 2014. A third, occupied 32-unit building on the west side of the complex did not suffer any fire damage. The financial effect in fiscal year 2014 of the 2013 Fire is reflected in our financial statements through a write-down of assets on the Condensed Consolidated Balance Sheets, totaling $7.1 million, with an offsetting insurance receivable recorded within accounts receivable. The Company is named as an insured party under the construction contractor's insurance policy, which the Company expects to cover its costs to rebuild the 15-unit and 57-unit buildings. The Company intends to rebuild both buildings, and currently expects both buildings to be completed in the fourth quarter of fiscal year 2015. The Company received partial proceeds of $1.0 million for the 2013 Fire claim in fiscal year 2014, which reduced the accounts receivable recorded at the time of the fire for expected proceeds. | |||||||
The insurance coverage for the 2013 Fire does not cover the Company's lost net operating income for the period extending from the dates on which the 15-unit and 57-unit buildings were formerly expected to be in service and occupied (February 2014 and Summer 2014, respectively) to the dates on which those buildings are actually placed in service and occupied. The Company estimates this lost net operating income to total approximately $882,000. The Company does not expect to record any material gain or loss due to involuntary conversion for the 2013 Fire. |
CREDIT_RISK
CREDIT RISK | 12 Months Ended |
Apr. 30, 2014 | |
CREDIT RISK [Abstract] | ' |
CREDIT RISK | ' |
NOTE 3 • CREDIT RISK | |
The Company is potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. | |
IRET has entered into a cash management arrangement with First Western Bank (the "Bank") with respect to deposit accounts that exceed FDIC Insurance coverage. On a daily basis, account balances are swept into a repurchase account. The Bank pledges fractional interests in US Government Securities owned by the Bank at an amount equal to the excess over the uncollected balance in the repurchase account. The amounts deposited by IRET pursuant to the repurchase agreement are not insured by FDIC. At April 30, 2014 and 2013, these amounts totaled $14.4 million and $29.6 million, respectively. |
PROPERTY_OWNED
PROPERTY OWNED | 12 Months Ended | ||
Apr. 30, 2014 | |||
PROPERTY OWNED [Abstract] | ' | ||
PROPERTY OWNED | ' | ||
NOTE 4 • PROPERTY OWNED | |||
Property, consisting principally of real estate, is stated at cost less accumulated depreciation and totaled $1.6 billion as of April 30, 2014, and 2013. | |||
Construction period interest of approximately $2.9 million, $742,000, and $571,000 has been capitalized for the years ended April 30, 2014, 2013, and 2012, respectively. | |||
The future minimum lease receipts to be received under non-cancellable leases for commercial properties as of April 30, 2014, assuming that no options to renew or buy out the lease are exercised, are as follows: | |||
Year Ended April 30, | (in thousands) | ||
2015 | $ | 110,080 | |
2016 | 101,673 | ||
2017 | 87,405 | ||
2018 | 73,163 | ||
2019 | 60,348 | ||
Thereafter | 136,292 | ||
$ | 568,961 | ||
See Real Estate Investments within Note 2 for information about impairment losses recorded during fiscal years 2014 and 2013. |
IDENTIFIED_INTANGIBLE_ASSETS_A
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES | 12 Months Ended | ||||
Apr. 30, 2014 | |||||
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES [Abstract] | ' | ||||
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES | ' | ||||
NOTE 5 • IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES | |||||
The Company's identified intangible assets and intangible liabilities at April 30, 2014 and 2013 were as follows: | |||||
(in thousands) | |||||
30-Apr-14 | 30-Apr-13 | ||||
Identified intangible assets (included in intangible assets): | |||||
Gross carrying amount | $ | 56,710 | $ | 68,165 | |
Accumulated amortization | -24,071 | -27,708 | |||
Net carrying amount | $ | 32,639 | $ | 40,457 | |
Identified intangible liabilities (included in other liabilities): | |||||
Gross carrying amount | $ | 173 | $ | 391 | |
Accumulated amortization | -127 | -296 | |||
Net carrying amount | $ | 46 | $ | 95 | |
NOTE 5 • continued | |||||
The effect of amortization of acquired below-market leases and acquired above-market leases on rental income was approximately $(42,000), $(38,000) and $(54,000) for the twelve months ended April 30, 2014, 2013 and 2012, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases for each of the five succeeding fiscal years is as follows: | |||||
Year Ended April 30, | (in thousands) | ||||
2015 | $ | 22 | |||
2016 | 19 | ||||
2017 | 11 | ||||
2018 | -2 | ||||
2019 | -3 | ||||
Amortization of all other identified intangible assets (a component of depreciation/amortization related to real estate investments) was $8.3 million, $5.3 million and $5.3 million for the twelve months ended April 30, 2014, 2013 and 2012, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows: | |||||
Year Ended April 30, | (in thousands) | ||||
2015 | $ | 4,959 | |||
2016 | 4,567 | ||||
2017 | 4,099 | ||||
2018 | 3,667 | ||||
2019 | 3,543 |
NONCONTROLLING_INTERESTS
NONCONTROLLING INTERESTS | 12 Months Ended | ||||
Apr. 30, 2014 | |||||
NONCONTROLLING INTERESTS [Abstract] | ' | ||||
NONCONTROLLING INTERESTS | ' | ||||
NOTE 6 • NONCONTROLLING INTERESTS | |||||
Interests in the Operating Partnership held by limited partners are represented by Units. The Operating Partnership's income is allocated to holders of Units based upon the ratio of their holdings to the total Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the Operating Partnership agreement. | |||||
IRET reflects noncontrolling interests in consolidated real estate entities on the balance sheet for the portion of properties consolidated by IRET that are not wholly owned by IRET. The earnings or losses from these properties attributable to the noncontrolling interests are reflected as net income attributable to noncontrolling interests – consolidated real estate entities in the Consolidated Statements of Operations. The Company's noncontrolling interests – consolidated real estate entities at April 30, 2014 and 2013 were as follows: | |||||
(in thousands) | |||||
30-Apr-14 | 30-Apr-13 | ||||
Mendota Properties LLC | $ | 7,333 | $ | 7,236 | |
IRET-1715 YDR, LLC | 0 | 1,003 | |||
IRET-Williston Garden Apartments, LLC | 2,804 | 2,597 | |||
IRET - Jamestown Medical Building, LLC | 1,219 | 1,396 | |||
WRH Holding, LLC | 1,206 | 1,118 | |||
IRET-Cypress Court Apartments, LLC | 1,127 | 1,149 | |||
IRET - WRH 1, LLC | 5,672 | 5,619 | |||
IRET-RED 20, LLC | 3,277 | 0 | |||
Noncontrolling interests – consolidated real estate entities | $ | 22,638 | $ | 20,118 |
LINE_OF_CREDIT
LINE OF CREDIT | 12 Months Ended | |||||||||||
Apr. 30, 2014 | ||||||||||||
LINE OF CREDIT [Abstract] | ' | |||||||||||
LINE OF CREDIT | ' | |||||||||||
NOTE 7 • LINE OF CREDIT | ||||||||||||
As of April 30, 2014, the Company had one secured line of credit with First International Bank and Trust, Watford City, North Dakota, as lead bank. This line of credit had, as of April 30, 2014, lending commitments of $72.0 million. The facility has a maturity date of December 1, 2016, and is secured by mortgages on 14 properties; under the terms of the line of credit, properties may be added and removed from the collateral pool with the agreement of the lenders. Participants in this credit facility as of April 30, 2014 included, in addition to First International Bank, the following financial institutions: The Bank of North Dakota; First Western Bank and Trust; Dacotah Bank; United Community Bank; American State Bank & Trust Company; Town & Country Credit Union; Highland Bank and MidCountry Bank. As of April 30, 2014, the Company had advanced $22.5 million under the line of credit. The line of credit has a minimum outstanding principal balance requirement of $12.5 million. The interest rate on borrowings under the facility is the Wall Street Journal Prime Rate +1.25%, with a floor of 4.75% and a cap of 8.65%; interest-only payments are due monthly based on the total amount of advances outstanding. The line of credit may be prepaid at par at any time. The facility includes covenants and restrictions requiring the Company to achieve on a calendar quarter basis a debt service coverage ratio on borrowing base collateral of 1.25x in the aggregate and 1.00x on individual assets in the collateral pool, and the Company is also required to maintain minimum depository account(s) totaling $6.0 million with First International, of which $1.5 million is to be held in a non-interest bearing account. As of April 30, 2014, 14 properties with a total cost of $124.4 million collateralized this line of credit. As of April 30, 2014, the Company believes it is in compliance with the facility covenants. This credit facility is summarized in the following table: | ||||||||||||
(in thousands) | ||||||||||||
Financial Institution | Amount | Amount | Amount | Applicable | Maturity | Weighted | ||||||
Available | Outstanding as | Outstanding | Interest Rate | Date | Average Int. | |||||||
of April 30, | as of April | as of April 30, 2014 | Rate on | |||||||||
2014 | 30, 2013 | Borrowings | ||||||||||
during fiscal | ||||||||||||
year 2014 | ||||||||||||
First International Bank | $ | 72,000 | $ | 22,500 | $ | 10,000 | 4.75% | 12/1/16 | 4.86% | |||
& Trust |
MORTGAGES_PAYABLE
MORTGAGES PAYABLE | 12 Months Ended | ||
Apr. 30, 2014 | |||
MORTGAGES PAYABLE [Abstract] | ' | ||
MORTGAGES PAYABLE | ' | ||
NOTE 8 • MORTGAGES PAYABLE | |||
Most of the properties owned by the Company individually serve as collateral for separate mortgage loans on single properties or groups of properties. The majority of these mortgages payable are non-recourse to the Company, other than for standard carve-out obligations such as fraud, waste, failure to insure, environmental conditions and failure to pay real estate taxes. As of April 30, 2014, the management of the Company believes there are no defaults or material compliance issues in regard to any of these mortgages payable. Interest rates on mortgages payable range from 2.40% to 8.25%, and the mortgages have varying maturity dates from June 1, 2014, through July 1, 2036. | |||
Of the mortgages payable, the balance of fixed rate mortgages totaled $977.2 million and $1.0 billion at April 30, 2014 and 2013, respectively, and the balances of variable rate mortgages totaled $20.5 million and $26.2 million as of April 30, 2014, and 2013, respectively. The Company does not utilize derivative financial instruments to mitigate its exposure to changes in market interest rates. Most of the fixed rate mortgages have substantial pre-payment penalties. As of April 30, 2014, the weighted-average rate of interest on the Company's mortgage debt was 5.37%, compared to 5.55% on April 30, 2013. The aggregate amount of required future principal payments on mortgages payable as of April 30, 2014, is as follows: | |||
Year Ended April 30, | (in thousands) | ||
2015 | $ | 80,140 | |
2016 | 92,888 | ||
2017 | 207,890 | ||
2018 | 91,657 | ||
2019 | 136,884 | ||
Thereafter | 388,230 | ||
Total payments | $ | 997,689 | |
In addition to the individual first mortgage loans comprising the Company's $997.7 million of mortgage indebtedness, the Company's revolving, multi-bank secured line of credit discussed in Note 7 is secured as of April 30, 2014, by mortgages on 14 Company properties. This line of credit is not included in the Company's mortgage indebtedness total. The Company currently has 49 unencumbered properties. |
TRANSACTIONS_WITH_RELATED_PART
TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended |
Apr. 30, 2014 | |
TRANSACTIONS WITH RELATED PARTIES [Abstract] | ' |
TRANSACTIONS WITH RELATED PARTIES | ' |
NOTE 9 • TRANSACTIONS WITH RELATED PARTIES | |
BANKING SERVICES | |
The Company has an ongoing banking relationship with First International Bank and Trust, Watford City, North Dakota ("First International"). Stephen L. Stenehjem, a member of the Company's Board of Trustees, is the President and Chief Executive Officer of First International, and the bank is owned by Mr. Stenehjem and members of his family. The Company has one mortgage loan outstanding with First International, with an original principal balance of $13.7 million (Williston Garden) bearing interest at 5.5% per annum. In connection with this loan, the Company maintains a compensating balance of $50,000. The Company also has a construction loan with First International for $43.7 million to finance the development of the Renaissance Heights I residential property in Williston, North Dakota. At April 30, 2014, the construction loan had a balance of $17.2 million bearing interest at 5.0% per annum. The Company paid interest on these loans of approximately $717,000 and $290,000, respectively, in fiscal year 2014. The Company has a multi-bank line of credit with a capacity of $72.0 million, of which First International is the lead bank and a participant with a $12.0 million commitment. In fiscal year 2014, the Company paid First International a total of approximately $125,000 in interest on First International's portion of the outstanding balance of this credit line, and paid fees of $40,000. In connection with this multi-bank line of credit, the Company maintains compensating balances with First International totaling $6.0 million, of which $1.5 million is held in a non-interest bearing account, and $4.5 million is held in an account that pays the Company interest on the deposited amount of 0.20% per annum. The Company also maintains a number of checking accounts with First International. In fiscal year 2014, the Company paid less than $500 in total in various bank service and other fees charged on these checking accounts. | |
In fiscal years 2013 and 2012, the Company paid interest and fees on outstanding mortgage and construction loans of approximately $975,000 and $422,000, respectively. In fiscal years 2013 and 2012, respectively, the Company paid First International $196,000 and $531,000 in interest on First International's portion of the multi-bank line of credit and paid fees of $40,000 and $70,000. In both fiscal years 2013 and 2012, the Company paid under $500 in total in various bank service and other fees charged on checking accounts maintained with First International. | |
Total payments of interest and fees from the Company to First International Bank were approximately $1.2 million, $1.2 million and $1.1 million in fiscal years 2014, 2013 and 2012, respectively. | |
LEASE TRANSACTION | |
In the first quarter of fiscal year 2013, the Company entered into an agreement with First International to construct an approximately 3,700 square-foot building on an outlot of the Company's Arrowhead Shopping Center in Minot, North Dakota, to be leased by First International under a 20-year lease for use as a branch bank location. The project was completed in fiscal year 2013 at a cost of $1.3 million. Net rental payments under the lease are estimated to be approximately $2.4 million in total over the 20-year lease term. |
ACQUISITIONS_AND_DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 12 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
ACQUISITIONS AND DISPOSITIONS [Abstract] | ' | |||||||||||||||
ACQUISITIONS AND DISPOSITIONS | ' | |||||||||||||||
NOTE 10 • ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS | ||||||||||||||||
PROPERTY ACQUISITIONS | ||||||||||||||||
IRET Properties added approximately $43.6 million of real estate properties to its portfolio through property acquisitions during fiscal year 2014, compared to $108.2 million in fiscal year 2013. The Company expensed approximately $176,000 and $434,000 of transaction costs related to the acquisitions in fiscal years 2014 and 2013, respectively. The fiscal year 2014 and 2013 acquisitions are detailed below. | ||||||||||||||||
Fiscal 2014 (May 1, 2013 to April 30, 2014) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Total | Form of Consideration | Investment Allocation | ||||||||||||||
Acquisition | ||||||||||||||||
Acquisitions | Date Acquired | Cost | Cash | Units(1) | Other(2) | Land | Building | Intangible | ||||||||
Assets | ||||||||||||||||
Multi-Family Residential | ||||||||||||||||
71 unit - Alps Park - Rapid City, SD | 5/1/13 | $ | 6,200 | $ | 2,920 | $ | 3,280 | $ | 0 | $ | 287 | $ | 5,551 | $ | 362 | |
96 unit - Southpoint - Grand Forks, ND | 9/5/13 | 10,600 | 10,400 | 200 | 0 | 576 | 9,893 | 131 | ||||||||
24 unit - Pinecone Villas - Sartell, MN | 10/31/13 | 2,800 | 2,800 | 0 | 0 | 584 | 2,191 | 25 | ||||||||
19,600 | 16,120 | 3,480 | 0 | 1,447 | 17,635 | 518 | ||||||||||
Commercial Healthcare | ||||||||||||||||
98,174 sq ft Legends at Heritage Place - Sartell, MN | 10/31/13 | 11,863 | 11,863 | 0 | 0 | 970 | 10,511 | 382 | ||||||||
39,500 sq ft Spring Creek Fruitland - Fruitland, ID | 2/5/14 | 7,050 | 7,050 | 0 | 0 | 550 | 6,500 | 0 | ||||||||
18,913 | 18,913 | 0 | 0 | 1,520 | 17,011 | 382 | ||||||||||
Unimproved Land | ||||||||||||||||
Chateau II - Minot, ND | 5/21/13 | 179 | 179 | 0 | 0 | 179 | 0 | 0 | ||||||||
Jamestown Unimproved - Jamestown, ND | 8/9/13 | 700 | 700 | 0 | 0 | 700 | 0 | 0 | ||||||||
Red 20 - Minneapolis, MN(3) | 8/20/13 | 1,900 | 0 | 0 | 1,900 | 1,900 | 0 | 0 | ||||||||
Legends at Heritage Place - Sartell, MN | 10/31/13 | 537 | 537 | 0 | 0 | 537 | 0 | 0 | ||||||||
Spring Creek Fruitland - Fruitland, ID | 1/21/14 | 335 | 335 | 0 | 0 | 335 | 0 | 0 | ||||||||
Isanti Unimproved - Isanti, MN | 2/4/14 | 50 | 50 | 0 | 0 | 50 | 0 | 0 | ||||||||
Rapid City Unimproved - Rapid City, SD | 3/25/14 | 1,366 | 1,366 | 0 | 0 | 1,366 | 0 | 0 | ||||||||
5,067 | 3,167 | 0 | 1,900 | 5,067 | 0 | 0 | ||||||||||
Total Property Acquisitions | $ | 43,580 | $ | 38,200 | $ | 3,480 | $ | 1,900 | $ | 8,034 | $ | 34,646 | $ | 900 | ||
-1 | Value of limited partnership units of the Operating Partnership at the acquisition date. | |||||||||||||||
-2 | Consists of value of land contributed by the joint venture partner. | |||||||||||||||
-3 | Land is owned by a joint venture in which the Company has an approximately 58.6% interest. The joint venture is consolidated in IRET's financial statements. | |||||||||||||||
NOTE 10 • continued | ||||||||||||||||
Fiscal 2013 (May 1, 2012 to April 30, 2013) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Total | Form of Consideration | Investment Allocation | ||||||||||||||
Acquisition | ||||||||||||||||
Acquisitions | Date Acquired | Cost | Cash | Units(1) | Other(2) | Land | Building | Intangible | ||||||||
Assets | ||||||||||||||||
Multi-Family Residential | ||||||||||||||||
308 unit - Villa West - Topeka, KS | 5/8/12 | $ | 17,650 | $ | 5,150 | $ | 0 | $ | 12,500 | $ | 1,590 | $ | 15,760 | $ | 300 | |
232 unit - Colony - Lincoln, NE | 6/4/12 | 17,500 | 14,368 | 3,132 | 0 | 1,515 | 15,731 | 254 | ||||||||
208 unit - Lakeside Village - Lincoln, NE | 6/4/12 | 17,250 | 13,954 | 3,296 | 0 | 1,215 | 15,837 | 198 | ||||||||
58 unit - Ponds at Heritage Place - Sartell, MN | 10/10/12 | 5,020 | 3,332 | 1,688 | 0 | 395 | 4,564 | 61 | ||||||||
336 unit - Whispering Ridge - Omaha, NE | 4/24/13 | 28,314 | 25,798 | 2,516 | 0 | 2,139 | 25,424 | 751 | ||||||||
85,734 | 62,602 | 10,632 | 12,500 | 6,854 | 77,316 | 1,564 | ||||||||||
Unimproved Land | ||||||||||||||||
University Commons - Williston, ND | 8/1/12 | 823 | 823 | 0 | 0 | 823 | 0 | 0 | ||||||||
Cypress Court - St. Cloud, MN(3) | 8/10/12 | 447 | 447 | 0 | 0 | 447 | 0 | 0 | ||||||||
Cypress Court Apartment Development - St. Cloud, MN(3) | 8/10/12 | 1,136 | 0 | 0 | 1,136 | 1,136 | 0 | 0 | ||||||||
Badger Hills - Rochester, MN(4) | 12/14/12 | 1,050 | 1,050 | 0 | 0 | 1,050 | 0 | 0 | ||||||||
Grand Forks - Grand Forks, ND | 12/31/12 | 4,278 | 2,278 | 2,000 | 0 | 4,278 | 0 | 0 | ||||||||
Minot (Southgate Lot 4) - Minot, ND | 1/11/13 | 1,882 | 1,882 | 0 | 0 | 1,882 | 0 | 0 | ||||||||
Commons at Southgate - Minot, ND(5) | 1/22/13 | 3,691 | 0 | 0 | 3,691 | 3,691 | 0 | 0 | ||||||||
Landing at Southgate - Minot, ND(5) | 1/22/13 | 2,262 | 0 | 0 | 2,262 | 2,262 | 0 | 0 | ||||||||
Grand Forks 2150 - Grand Forks, ND | 3/25/13 | 1,600 | 1,600 | 0 | 0 | 1,600 | 0 | 0 | ||||||||
Bismarck 4916 - Bismarck, ND | 4/12/13 | 3,250 | 3,250 | 0 | 0 | 3,250 | 0 | 0 | ||||||||
Arcata - Golden Valley, MN | 4/30/13 | 2,088 | 2,088 | 0 | 0 | 2,088 | 0 | 0 | ||||||||
22,507 | 13,418 | 2,000 | 7,089 | 22,507 | 0 | 0 | ||||||||||
Total Property Acquisitions | $ | 108,241 | $ | 76,020 | $ | 12,632 | $ | 19,589 | $ | 29,361 | $ | 77,316 | $ | 1,564 | ||
-1 | Value of limited partnership units of the Operating Partnership at the acquisition date. | |||||||||||||||
-2 | Consists of assumed debt (Villa West - $12.5 million) and value of land contributed by the joint venture partner (Cypress Court - $1.1 million, Commons at Southgate - $3.7 million, Landing at Southgate - $2.3 million). | |||||||||||||||
-3 | Land is owned by a joint venture in which the Company has an approximately 86.1% interest. The joint venture is consolidated in IRET's financial statements. | |||||||||||||||
-4 | Acquisition of unimproved land consisted of two parcels acquired separately on December 14 and December 20, 2012, respectively. | |||||||||||||||
-5 | Land is owned by a joint venture entity in which the Company has an approximately 51% interest. The joint venture is consolidated in IRET's financial statements. | |||||||||||||||
NOTE 10 • continued | ||||||||||||||||
Acquisitions in fiscal years 2014 and 2013 are immaterial to our real estate portfolio both individually and in the aggregate, and consequently no proforma information is presented. The results of operations from acquired properties are included in the Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our fiscal year 2014 and 2013 acquisitions (excluding development projects placed in service) are detailed below. | ||||||||||||||||
(in thousands) | ||||||||||||||||
30-Apr-14 | 30-Apr-13 | |||||||||||||||
Total revenue | $ | 1,897 | $ | 6,497 | ||||||||||||
Net income | $ | -82 | $ | -66 | ||||||||||||
DEVELOPMENT PROJECTS PLACED IN SERVICE | ||||||||||||||||
IRET Properties placed approximately $53.5 million of development projects in service during fiscal year 2014, compared to $47.9 million in fiscal year 2013. The fiscal year 2014 and 2013 development projects placed in service are detailed below. | ||||||||||||||||
Fiscal 2014 (May 1, 2013 to April 30, 2014) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Development Projects Placed in Service (1) | Date Placed in | Land | Building | Development | ||||||||||||
Service | Cost | |||||||||||||||
Multi-Family Residential | ||||||||||||||||
108 unit - Landing at Southgate - Minot, ND(2) | 9/4/13 | $ | 2,262 | $ | 12,864 | $ | 15,126 | |||||||||
132 unit - Cypress Court - St. Cloud, MN(3) | 11/1/13 | 1,136 | 12,428 | 13,564 | ||||||||||||
146 unit - River Ridge - Bismarck, ND(4) | 12/2/13 | 589 | 24,268 | 24,857 | ||||||||||||
Total Development Projects Placed in Service | $ | 3,987 | $ | 49,560 | $ | 53,547 | ||||||||||
-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 15 for additional information on the Renaissance Heights I project, which was partially placed in service during the three months ended April 30, 2014. | |||||||||||||||
-2 | Development property placed in service September 4, 2013. Costs paid in fiscal year 2013 totaled $6.3 million. Additional costs paid in fiscal year 2014 totaled $8.8 million, for a total project cost at April 20, 2014 of $15.1 million. The project is owned by a joint venture entity in which the Company has an approximately 51% interest. | |||||||||||||||
-3 | Development property placed in service November 1, 2013. Costs paid in fiscal year 2013 totaled $5.8 million. Additional costs paid in fiscal year 2014 totaled $7.8 million, for a total project cost at April 30, 2014 of $13.6 million. The project is owned by a joint venture entity in which the Company has an approximately 86.1% interest. | |||||||||||||||
-4 | Development property placed in service December 2, 2013. Costs paid in fiscal year 2013 totaled $10.1 million, including the land acquired in fiscal year 2009. Additional costs paid in fiscal year 2014 totaled $14.8 million, for a total project cost at April 30, 2014 of $24.9 million. | |||||||||||||||
NOTE 10 • continued | ||||||||||||||||
Fiscal 2013 (May 1, 2012 to April 30, 2013) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Development Projects Placed in Service | Date Placed in Service | Land | Building | Development Cost | ||||||||||||
Multi-Family Residential | ||||||||||||||||
159 unit - Quarry Ridge II - Rochester, MN(1) | 6/29/12 | $ | 942 | $ | 16,636 | $ | 17,578 | |||||||||
73 unit - Williston Garden Buildings 3 and 4 - Williston, ND(2) | 7/31/12 | 700 | 8,734 | 9,434 | ||||||||||||
20 unit - First Avenue - Minot, ND(3) | 4/15/13 | 0 | 2,677 | 2,677 | ||||||||||||
1,642 | 28,047 | 29,689 | ||||||||||||||
Commercial Healthcare | ||||||||||||||||
26,662 sq ft Spring Wind Expansion - Laramie, WY(4) | 11/16/12 | 0 | 3,485 | 3,485 | ||||||||||||
45,222 sq ft Jamestown Medical Office Building - Jamestown, ND(5) | 1/1/13 | 0 | 7,605 | 7,605 | ||||||||||||
0 | 11,090 | 11,090 | ||||||||||||||
Commercial Industrial | ||||||||||||||||
27,698 sq ft Minot IPS - Minot, ND(6) | 12/17/12 | 416 | 5,484 | 5,900 | ||||||||||||
Commercial Retail | ||||||||||||||||
3,702 sq ft Arrowhead First International Bank - Minot, ND(7) | 3/19/13 | 75 | 1,165 | 1,240 | ||||||||||||
Total Development Projects Placed in Service | $ | 2,133 | $ | 45,786 | $ | 47,919 | ||||||||||
-1 | Development property placed in service June 29, 2012. Costs paid in fiscal years 2011 and 2012 totaled $13.0 million, including land acquired in fiscal year 2007. Additional costs paid in fiscal year 2013 totaled $4.6 million, for a total project cost at April 30, 2013 of $17.6 million. | |||||||||||||||
-2 | Development property placed in service July 31, 2012. Buildings 1 and 2 were placed in service in fiscal year 2012. Costs paid in fiscal year 2012 for Buildings 3 and 4 totaled $2.4 million. Additional costs paid in fiscal year 2013 totaled $7.0 million, for a total project cost at April 30, 2013 of $9.4 million. The project is owned by a joint venture entity in which the Company has an approximately 60% interest. | |||||||||||||||
-3 | Redevelopment property placed in service April 15, 2013. Costs paid in fiscal years 2011 and 2012 totaled approximately $321,000. Additional costs paid in fiscal year 2013 totaled $2.4 million, for a total project cost at April 30, 2013 of $2.7 million. | |||||||||||||||
-4 | Expansion project placed in service November 16, 2012. Costs paid in fiscal year 2012 totaled $1.8 million. Additional costs paid in fiscal year 2013 totaled $1.7 million, for a total project cost at April 30, 2013 of $3.5 million. | |||||||||||||||
-5 | Development property placed in service January 1, 2013. Costs paid in fiscal year 2012 totaled $1.0 million. Additional costs paid in fiscal year 2013 totaled $6.6 million, for a total project cost at April 30, 2013 of $7.6 million. The project is owned by a joint venture entity in which the Company has an approximately 51% interest. | |||||||||||||||
-6 | Development property placed in service December 17, 2012. Costs paid in fiscal year 2012 totaled $1.8 million. Additional costs paid in fiscal year 2013 totaled $4.1 million, for a total project cost at April 30, 2013 of $5.9 million. | |||||||||||||||
-7 | Development property placed in service March 19, 2013. Costs paid in fiscal year 2012 totaled approximately 75,000. Additional costs paid in fiscal year 2013 totaled $1.2 million, for a total project cost at April 30, 2013 of $1.2 million. | |||||||||||||||
NOTE 10 • continued | ||||||||||||||||
PROPERTY DISPOSITIONS | ||||||||||||||||
During fiscal year 2014, the Company disposed of two multi-family residential properties, three commercial office properties, twelve commercial industrial properties, and three commercial retail properties for an aggregate sales price of $80.9 million, compared to dispositions totaling $26.3 million in fiscal year 2013. The fiscal year 2014 and 2013 dispositions are detailed below. | ||||||||||||||||
Fiscal 2014 (May 1, 2013 to April 30, 2014) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Dispositions | Date | Sales Price | Book Value | Gain/(Loss) | ||||||||||||
Disposed | and Sales Cost | |||||||||||||||
Multi-Family Residential | ||||||||||||||||
84 unit - East Park - Sioux Falls, SD | 12/18/13 | $ | 2,214 | $ | 2,358 | $ | -144 | |||||||||
48 unit - Sycamore Village - Sioux Falls, SD | 12/18/13 | 1,296 | 1,380 | -84 | ||||||||||||
3,510 | 3,738 | -228 | ||||||||||||||
Commercial Office | ||||||||||||||||
121,669 sq ft Bloomington Business Plaza - Bloomington, MN | 9/12/13 | 4,500 | 7,339 | -2,839 | ||||||||||||
118,125 sq ft Nicollet VII - Burnsville, MN | 9/12/13 | 7,290 | 6,001 | 1,289 | ||||||||||||
42,929 sq ft Pillsbury Business Center - Bloomington, MN | 9/12/13 | 1,160 | 1,164 | -4 | ||||||||||||
12,950 | 14,504 | -1,554 | ||||||||||||||
Commercial Industrial | ||||||||||||||||
41,880 sq ft Bodycote Industrial Building- Eden Prairie, MN | 5/13/13 | 3,150 | 1,375 | 1,775 | ||||||||||||
42,244 sq ft Fargo 1320 45th Street N - Fargo, ND | 5/13/13 | 4,700 | 4,100 | 600 | ||||||||||||
49,620 sq ft Metal Improvement Company - New Brighton, MN | 5/13/13 | 2,350 | 1,949 | 401 | ||||||||||||
172,057 sq ft Roseville 2929 Long Lake Road - Roseville, MN | 5/13/13 | 9,275 | 9,998 | -723 | ||||||||||||
322,751 sq ft Brooklyn Park 7401 Boone Ave - Brooklyn Park, MN | 9/12/13 | 12,800 | 12,181 | 619 | ||||||||||||
50,400 sq ft Cedar Lake Business Center - St. Louis Park, MN | 9/12/13 | 2,550 | 2,607 | -57 | ||||||||||||
35,000 sq ft API Building - Duluth, MN | 9/24/13 | 2,553 | 1,488 | 1,065 | ||||||||||||
59,292 sq ft Lighthouse - Duluth, MN | 10/8/13 | 1,825 | 1,547 | 278 | ||||||||||||
606,006 sq ft Dixon Avenue Industrial Park - Des Moines, IA | 10/31/13 | 14,675 | 10,328 | 4,347 | ||||||||||||
41,685 sq ft Winsted Industrial Building - Winsted, MN | 1/17/14 | 725 | 747 | -22 | ||||||||||||
69,984 sq ft Minnetonka 13600 County Road 62 - Minnetonka, MN | 1/30/14 | 3,800 | 3,084 | 716 | ||||||||||||
42,510 sq ft Clive 2075NW 94th Street - Clive, IA | 1/30/14 | 2,735 | 2,675 | 60 | ||||||||||||
61,138 | 52,079 | 9,059 | ||||||||||||||
Commercial Retail | ||||||||||||||||
23,187 sq ft Eagan Community - Eagan, MN | 5/14/13 | 2,310 | 2,420 | -110 | ||||||||||||
10,625 sq ft Anoka Strip Center- Anoka, MN | 12/23/13 | 325 | 347 | -22 | ||||||||||||
8,400 sq ft Burnsville 2 Strip Center - Burnsville, MN | 1/8/14 | 650 | 796 | -146 | ||||||||||||
3,285 | 3,563 | -278 | ||||||||||||||
Total Property Dispositions | $ | 80,883 | $ | 73,884 | $ | 6,999 | ||||||||||
NOTE 10 • continued | ||||||||||||||||
Fiscal 2013 (May 1, 2012 to April 30, 2013) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Dispositions | Date | Sales Price | Book Value | Gain/(Loss) | ||||||||||||
Disposed | and Sales Cost | |||||||||||||||
Multi-Family Residential | ||||||||||||||||
116 unit - Terrace on the Green - Fargo, ND | 9/27/12 | $ | 3,450 | $ | 1,248 | $ | 2,202 | |||||||||
85 unit - Prairiewood Meadows - Fargo, ND | 9/27/12 | 3,450 | 2,846 | 604 | ||||||||||||
66 unit - Candlelight - Fargo, ND | 11/27/12 | 1,950 | 1,178 | 772 | ||||||||||||
8,850 | 5,272 | 3,578 | ||||||||||||||
Commercial Retail | ||||||||||||||||
16,080 sq ft Kentwood Thomasville - Kentwood, MI | 6/20/12 | 625 | 692 | -67 | ||||||||||||
Commercial Healthcare | ||||||||||||||||
47,950 sq ft Steven's Pointe -Steven's Point, WI | 4/25/13 | 16,100 | 12,667 | 3,433 | ||||||||||||
Other | ||||||||||||||||
Georgetown Square Condominiums 5 and 6 | 6/21/12 | 330 | 336 | -6 | ||||||||||||
Georgetown Square Condominiums 3 and 4 | 8/2/12 | 368 | 421 | -53 | ||||||||||||
698 | 757 | -59 | ||||||||||||||
Total Property Dispositions | $ | 26,273 | $ | 19,388 | $ | 6,885 |
OPERATING_SEGMENTS
OPERATING SEGMENTS | 12 Months Ended | ||||||||||||
Apr. 30, 2014 | |||||||||||||
OPERATING SEGMENTS [Abstract] | ' | ||||||||||||
OPERATING SEGMENTS | ' | ||||||||||||
NOTE 11 • OPERATING SEGMENTS | |||||||||||||
IRET reports its results in five reportable segments: multi-family residential; commercial office; commercial healthcare, including senior housing (formerly referred to as the commercial medical segment; the composition of this segment has not changed from prior periods); commercial industrial and commercial retail properties. The Company's reportable segments are aggregations of similar properties. | |||||||||||||
Segment information in this report is presented based on net operating income ("NOI"), which we define as total real estate revenues and gain on involuntary conversion less real estate expenses (which consist of utilities, maintenance, real estate taxes, insurance, property management expenses and other property expenses). We believe that NOI is an important supplemental measure of operating performance for a REIT's operating real estate because it provides a measure of core operations that is unaffected by depreciation, amortization, financing and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders or cash flow from operating activities as a measure of financial performance. The following tables present real estate revenues and net operating income for the fiscal years ended April 30, 2014, 2013 and 2012 from our five reportable segments, and reconcile net operating income of reportable segments to net income as reported in the consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the consolidated financial statements. | |||||||||||||
(in thousands) | |||||||||||||
Year Ended April 30, 2014 | Multi-Family | Commercial | Commercial | Commercial | Commercial | Total | |||||||
Residential | Office | Healthcare | Industrial | Retail | |||||||||
Real estate revenue | $ | 102,059 | $ | 77,440 | $ | 65,258 | $ | 6,894 | $ | 13,831 | $ | 265,482 | |
Real estate expenses | 46,138 | 38,190 | 17,127 | 2,043 | 4,989 | 108,487 | |||||||
Gain on involuntary conversion | 2,480 | 0 | 0 | 0 | 0 | 2,480 | |||||||
Net operating income | $ | 58,401 | $ | 39,250 | $ | 48,131 | $ | 4,851 | $ | 8,842 | 159,475 | ||
Depreciation/amortization | -70,918 | ||||||||||||
Administrative, advisory and trustee fees | -10,743 | ||||||||||||
Other expenses | -2,132 | ||||||||||||
Impairment of real estate investments | -42,566 | ||||||||||||
Interest expense | -59,142 | ||||||||||||
Interest and other income | 2,687 | ||||||||||||
Loss before loss on sale of real estate and other investments and income from discontinued operations | -23,339 | ||||||||||||
Loss on sale of real estate and other investments | -51 | ||||||||||||
Loss from continuing operations | -23,390 | ||||||||||||
Income from discontinued operations | 6,450 | ||||||||||||
Net loss | $ | -16,940 | |||||||||||
(in thousands) | |||||||||||||
Year Ended April 30, 2013 | Multi-Family | Commercial | Commercial | Commercial | Commercial | Total | |||||||
Residential | Office | Healthcare | Industrial | Retail | |||||||||
Real estate revenue | $ | 89,923 | $ | 75,962 | $ | 61,975 | $ | 6,700 | $ | 13,498 | $ | 248,058 | |
Real estate expenses | 38,223 | 37,267 | 16,779 | 1,871 | 4,919 | 99,059 | |||||||
Gain on involuntary conversion | 3,852 | 0 | 0 | 0 | 1,232 | 5,084 | |||||||
Net operating income | $ | 55,552 | $ | 38,695 | $ | 45,196 | $ | 4,829 | $ | 9,811 | 154,083 | ||
Depreciation/amortization | -62,333 | ||||||||||||
Administrative, advisory and trustee fees | -8,494 | ||||||||||||
Other expenses | -2,173 | ||||||||||||
Impairment of real estate investments | 0 | ||||||||||||
Interest expense | -61,154 | ||||||||||||
Interest and other income | 748 | ||||||||||||
Income from continuing operations | 20,677 | ||||||||||||
Income from discontinued operations | 9,295 | ||||||||||||
Net income | $ | 29,972 | |||||||||||
NOTE 11 • continued | |||||||||||||
(in thousands) | |||||||||||||
Year Ended April 30, 2012 | Multi-Family | Commercial | Commercial | Commercial | Commercial | Total | |||||||
Residential | Office | Healthcare | Industrial | Retail | |||||||||
Real estate revenue | $ | 71,728 | $ | 73,493 | $ | 64,511 | $ | 6,613 | $ | 12,326 | $ | 228,671 | |
Real estate expenses | 33,386 | 34,126 | 20,650 | 1,142 | 4,046 | 93,350 | |||||||
Gain on involuntary conversion | 0 | 0 | 0 | 0 | 274 | 274 | |||||||
Net operating income | $ | 38,342 | $ | 39,367 | $ | 43,861 | $ | 5,471 | $ | 8,554 | 135,595 | ||
Depreciation/amortization | -56,650 | ||||||||||||
Administrative, advisory and trustee fees | -7,381 | ||||||||||||
Other expenses | -1,898 | ||||||||||||
Interest expense | -61,801 | ||||||||||||
Interest and other income | 779 | ||||||||||||
Income from continuing operations | 8,644 | ||||||||||||
Income from discontinued operations | 1,062 | ||||||||||||
Net income | $ | 9,706 | |||||||||||
Total property owned as of April 30, 2012 | $ | 410,949 | $ | 494,881 | $ | 421,524 | $ | 98,309 | $ | 92,856 | $ | 1,518,519 | |
Segment Assets and Accumulated Depreciation | |||||||||||||
(in thousands) | |||||||||||||
As of April 30, 2014 | Multi-Family | Commercial | Commercial | Commercial | Commercial | Total | |||||||
Residential | Office | Healthcare | Industrial | Retail | |||||||||
Segment assets | |||||||||||||
Property owned | $ | 753,731 | $ | 544,628 | $ | 525,028 | $ | 55,375 | $ | 117,269 | $ | 1,996,031 | |
Less accumulated depreciation | -158,100 | -121,892 | -105,843 | -10,198 | -28,255 | -424,288 | |||||||
Total property owned | $ | 595,631 | $ | 422,736 | $ | 419,185 | $ | 45,177 | $ | 89,014 | $ | 1,571,743 | |
Real estate held for sale | 2,951 | ||||||||||||
Cash and cash equivalents | 47,267 | ||||||||||||
Other investments | 329 | ||||||||||||
Receivables and other assets | 119,458 | ||||||||||||
Development in progress | 104,609 | ||||||||||||
Unimproved land | 22,864 | ||||||||||||
Total Assets | $ | 1,869,221 | |||||||||||
(in thousands) | |||||||||||||
As of April 30, 2013 | Multi-Family | Commercial | Commercial | Commercial | Commercial | Total | |||||||
Residential | Office | Healthcare | Industrial | Retail | |||||||||
Segment assets | |||||||||||||
Property owned | $ | 659,696 | $ | 613,775 | $ | 501,191 | $ | 125,772 | $ | 132,536 | $ | 2,032,970 | |
Less accumulated depreciation | -140,354 | -138,270 | -90,891 | -23,688 | -27,218 | -420,421 | |||||||
Total property owned | $ | 519,342 | $ | 475,505 | $ | 410,300 | $ | 102,084 | $ | 105,318 | $ | 1,612,549 | |
Cash and cash equivalents | 94,133 | ||||||||||||
Other investments | 639 | ||||||||||||
Receivables and other assets | 113,948 | ||||||||||||
Development in progress | 46,782 | ||||||||||||
Unimproved land | 21,503 | ||||||||||||
Total Assets | $ | 1,889,554 | |||||||||||
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | ||||||
Apr. 30, 2014 | |||||||
DISCONTINUED OPERATIONS [Abstract] | ' | ||||||
DISCONTINUED OPERATIONS | ' | ||||||
NOTE 12 • DISCONTINUED OPERATIONS | |||||||
Prior to February 1, 2014, the Company reported, in discontinued operations, the results of operations and the related gains or losses of properties that had either been disposed of or classified as held for sale and otherwise met the classification of a discontinued operation. As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. See Note 2 for additional information. | |||||||
During the first three quarters of fiscal year 2014, the Company disposed of two multi-family residential properties, three commercial office properties, twelve commercial industrial properties and three commercial retail properties that were classified as discontinued operations. During the quarter ended April 30, 2014, the Company applied ASU No. 2014-08 to one property that was classified as held for sale and did not record any discontinued operations. During fiscal year 2013, the Company disposed of three multi-family residential properties, one retail property, one healthcare property and four condominium units that were classified as discontinued operations. Eight condominium units and a retail property were classified as held for sale and also classified as discontinued operations at April 30, 2012. The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the fiscal years ended April 30, 2014, 2013 and 2012. | |||||||
(in thousands) | |||||||
2014 | 2013 | 2012 | |||||
REVENUE | |||||||
Real estate rentals | $ | 3,173 | $ | 10,068 | $ | 10,702 | |
Tenant reimbursement | 1,302 | 3,099 | 2,619 | ||||
TOTAL REVENUE | 4,475 | 13,167 | 13,321 | ||||
EXPENSES | |||||||
Depreciation/amortization related to real estate investments | 920 | 3,169 | 3,418 | ||||
Utilities | 164 | 447 | 561 | ||||
Maintenance | 299 | 1,029 | 1,070 | ||||
Real estate taxes | 951 | 2,276 | 2,428 | ||||
Insurance | 97 | 218 | 211 | ||||
Property management expenses | 222 | 520 | 759 | ||||
Other property expenses | 0 | 16 | 4 | ||||
Other expenses | 0 | 0 | 67 | ||||
Amortization related to non-real estate investments | 90 | 247 | 256 | ||||
Impairment of real estate investments | 1,860 | 305 | 428 | ||||
TOTAL EXPENSES | 4,603 | 8,227 | 9,202 | ||||
Operating (loss) income | -128 | 4,940 | 4,119 | ||||
Interest expense | -421 | -2,532 | -3,429 | ||||
Other income | 0 | 2 | 23 | ||||
Income (loss) from discontinued operations before gain on sale | -549 | 2,410 | 713 | ||||
Gain on sale of discontinued operations | 6,999 | 6,885 | 349 | ||||
INCOME FROM DISCONTINUED OPERATIONS | $ | 6,450 | $ | 9,295 | $ | 1,062 | |
Segment Data | |||||||
Multi-Family Residential | $ | -99 | $ | 3,712 | $ | 100 | |
Commercial Office | -1,794 | 314 | 52 | ||||
Commercial Healthcare | 0 | 3,416 | -465 | ||||
Commercial Industrial | 8,923 | 2,118 | 1,127 | ||||
Commercial Retail | -580 | -265 | 248 | ||||
Total | $ | 6,450 | $ | 9,295 | $ | 1,062 | |
(in thousands) | |||||||
2014 | 2013 | 2012 | |||||
Property Sale Data | |||||||
Sales price | $ | 80,883 | $ | 26,273 | $ | 3,237 | |
Net book value and sales costs | -73,884 | -19,388 | -2,888 | ||||
Gain on sale of discontinued operations | $ | 6,999 | $ | 6,885 | $ | 349 | |
(in thousands) | |||||||
2014 | 2013 | ||||||
Asset and Liability Data | |||||||
Total assets | $ | 0 | $ | 72,631 | |||
Total liabilities | 0 | -1,335 |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||
Apr. 30, 2014 | |||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||
EARNINGS PER SHARE | ' | ||||||
NOTE 13 • EARNINGS PER SHARE | |||||||
Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. The Company has no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional common shares that would result in a dilution of earnings. Units can be exchanged for shares on a one-for-one basis after a minimum holding period of one year. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the consolidated financial statements for the fiscal years ended April 30, 2014, 2013 and 2012: | |||||||
For Years Ended April 30, | |||||||
(in thousands, except per share data) | |||||||
2014 | 2013 | 2012 | |||||
NUMERATOR | |||||||
(Loss) income from continuing operations – Investors Real Estate Trust | $ | -18,508 | $ | 17,929 | $ | 7,357 | |
Income from discontinued operations – Investors Real Estate Trust | 5,334 | 7,601 | 855 | ||||
Net (loss) income attributable to Investors Real Estate Trust | -13,174 | 25,530 | 8,212 | ||||
Dividends to preferred shareholders | -11,514 | -9,229 | -2,372 | ||||
Numerator for basic earnings per share – net (loss) income available to common shareholders | -24,688 | 16,301 | 5,840 | ||||
Noncontrolling interests – Operating Partnership | -4,676 | 3,633 | 1,359 | ||||
Numerator for diluted earnings per share | $ | -29,364 | $ | 19,934 | $ | 7,199 | |
DENOMINATOR | |||||||
Denominator for basic earnings per share weighted average shares | 105,331 | 93,344 | 83,557 | ||||
Effect of convertible operating partnership units | 21,697 | 21,191 | 19,875 | ||||
Denominator for diluted earnings per share | 127,028 | 114,535 | 103,432 | ||||
(Loss) earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted | $ | -0.28 | $ | 0.09 | $ | 0.06 | |
Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted | 0.05 | 0.08 | 0.01 | ||||
NET (LOSS) INCOME PER COMMON SHARE – BASIC & DILUTED | $ | -0.23 | $ | 0.17 | $ | 0.07 |
RETIREMENT_PLANS
RETIREMENT PLANS | 12 Months Ended |
Apr. 30, 2014 | |
RETIREMENT PLANS [Abstract] | ' |
RETIREMENT PLANS | ' |
NOTE 14 • RETIREMENT PLANS | |
IRET sponsors a defined contribution 401(k) retirement plan. There are three types of contributions to the plan: 401(k) Safe Harbor employer matching contributions; employer discretionary non-elective profit sharing contributions; and employee deferrals or contributions. Participation in IRET's defined contribution 401(k) plan is available to employees over the age of 21 who have completed six months of service and who work at least 1,000 hours per calendar year. Employees participating in the 401(k) plan may contribute up to maximum levels established by the IRS. Employer contributions to the plan are at the discretion of the Company's management. Employees are eligible to receive employer discretionary profit sharing contributions if they are over the age of 21, have completed 1,000 hours of service within the plan year, and are employed on the last day of the plan year. IRET currently expects to make profit sharing contributions of not more than 3.5% of the eligible wages of each participating employee, and currently matches, dollar for dollar, employee contributions to the 401(k) plan in an amount equal to up to 4.0% of the eligible wages of each participating employee, for a total expected contribution of not more than 7.5% of the eligible wages of each participating employee. Profit sharing contributions are subject to a vesting schedule; 401k matching contributions by IRET are fully vested when made. IRET's contributions to these plans on behalf of employees totaled approximately $1.1 million, $912,000 and $871,000 in fiscal years 2014, 2013 and 2012, respectively. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |||||||||
Apr. 30, 2014 | ||||||||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | |||||||||
COMMITMENTS AND CONTINGENCIES | ' | |||||||||
NOTE 15 • COMMITMENTS AND CONTINGENCIES | ||||||||||
Ground Leases. As of April 30, 2014, the Company is a tenant under operating ground or air rights leases on twelve of its properties. The Company pays a total of approximately $500,000 per year in rent under these ground leases, which have remaining terms ranging from 1.5 to 87 years, and expiration dates ranging from October 2015 to October 2100. The Company has renewal options for six of the twelve ground leases, and rights of first offer or first refusal for the remainder. | ||||||||||
The expected timing of ground and air rights lease payments as of April 30, 2014 is as follows: | ||||||||||
(in thousands) | ||||||||||
Year Ended April 30, | Lease Payments | |||||||||
2015 | $ | 506 | ||||||||
2016 | 478 | |||||||||
2017 | 449 | |||||||||
2018 | 449 | |||||||||
2019 | 449 | |||||||||
Thereafter | 21,213 | |||||||||
Total | $ | 23,544 | ||||||||
Legal Proceedings. IRET is involved in various lawsuits arising in the normal course of business. Management believes that such matters will not have a material effect on the Company's consolidated financial statements. | ||||||||||
Environmental Matters. It is generally IRET's policy to obtain a Phase I environmental assessment of each property that the Company seeks to acquire. Such assessments have not revealed, nor is the Company aware of, any environmental liabilities that IRET believes would have a material adverse effect on IRET's financial position or results of operations. IRET owns properties that contain or potentially contain (based on the age of the property) asbestos or lead, or have underground fuel storage tanks. For certain of these properties, the Company estimated the fair value of the conditional asset retirement obligation and chose not to book a liability, because the amounts involved were immaterial. With respect to certain other properties, the Company has not recorded any related asset retirement obligation, as the fair value of the liability cannot be reasonably estimated, due to insufficient information. IRET believes it does not have sufficient information to estimate the fair value of the asset retirement obligations for these properties because a settlement date or range of potential settlement dates has not been specified by others, and, additionally, there are currently no plans or expectation of plans to sell or to demolish these properties, or to undertake major renovations that would require removal of the asbestos, lead and/or underground storage tanks. These properties are expected to be maintained by repairs and maintenance activities that would not involve the removal of the asbestos, lead and/or underground storage tanks. Also, a need for renovations caused by tenant changes, technology changes or other factors has not been identified. | ||||||||||
Tenant Improvements. In entering into leases with tenants, IRET may commit itself to fund improvements or build-outs of the rented space to suit tenant requirements. These tenant improvements are typically funded at the beginning of the lease term, and IRET is accordingly exposed to some risk of loss if a tenant defaults prior to the expiration of the lease term, and the rental income that was expected to cover the cost of the tenant improvements is not received. As of April 30, 2014, the Company is committed to fund $9.7 million in tenant improvements, within approximately the next 12 months. | ||||||||||
Purchase Options. We have granted options to purchase certain of our properties to tenants in these properties, under lease agreements with the tenant. In general, these options grant the tenant the right to purchase the property at the greater of such property's appraised value or an annual compounded increase of a specified percentage of the initial cost to us. As of April 30, 2014, 15 of our properties were subject to purchase options, and the total investment cost, plus improvements, of all such properties was $120.5 million with total gross rental revenues in fiscal year 2014 of $9.8 million. | ||||||||||
NOTE 15 • continued | ||||||||||
Restrictions on Taxable Dispositions. Approximately 110 of the Company's properties, consisting of approximately 5.5 million square feet of our combined commercial segment's properties and 4,953 apartment units, are subject to restrictions on taxable dispositions under agreements entered into with some of the sellers or contributors of the properties. The real estate investment amount of these properties (net of accumulated depreciation) was approximately $814.5 million at April 30, 2014. The restrictions on taxable dispositions are effective for varying periods. The terms of these agreements generally prevent us from selling the properties in taxable transactions. The Company does not believe that the agreements materially affect the conduct of its business or its decisions whether to dispose of restricted properties during the restriction period because the Company generally holds these and its other properties for investment purposes, rather than for sale. Historically, however, where the Company has deemed it to be in its shareholders' best interests to dispose of restricted properties, the Company has done so through transactions structured as tax-deferred transactions under Section 1031 of the Internal Revenue Code. | ||||||||||
Redemption Value of UPREIT Units. The limited partnership units ("UPREIT Units") of the Company's operating partnership, IRET Properties, are redeemable at the option of the holder for cash, or, at our option, for the Company's common shares of beneficial interest on a one-for-one basis, after a minimum one-year holding period. All UPREIT Units receive the same cash distributions as those paid on common shares. UPREIT Units are redeemable for an amount of cash per Unit equal to the average of the daily market price of an IRET common share for the ten consecutive trading days immediately preceding the date of valuation of the Unit. As of April 30, 2014 and 2013, the aggregate redemption value of the then-outstanding UPREIT Units of the operating partnership owned by limited partners was approximately $185.7 million and $209.7 million, respectively. | ||||||||||
Joint Venture Buy/Sell Options. Certain of IRET's joint venture agreements contain buy/sell options in which each party under certain circumstances has the option to acquire the interest of the other party, but these agreements do not generally require that the Company buy its partners' interests. During the third quarter of fiscal year 2012, IRET acquired its joint venture partner's interest in the joint venture entity owner of the Company's Golden Hills office property in Golden Valley, Minnesota, at that time the Company's only joint venture which allowed IRET's unaffiliated partner, at its election, to require that IRET buy its interest at a purchase price to be determined in accordance with the terms of the agreement. The Company currently has one joint venture, the Company's Southgate apartment project in Minot, North Dakota, in which the Company's joint venture partner can, for a four-year period beginning twelve months after the last certificate of occupancy is received for the project, compel the Company to acquire the partner's interest, for a price to be determined in accordance with the provisions of the joint venture agreement. | ||||||||||
Development, Expansion and Renovation Projects. The Company has various contracts outstanding with third parties in connection with development, expansion and renovation projects that are underway or recently completed, the costs for which have been capitalized. As of April 30, 2014, contractual commitments for these projects are as follows: | ||||||||||
NOTE 15 • continued | ||||||||||
(in thousands) | ||||||||||
Project Name and Location | Planned Segment | Square Feet | Anticipated | Costs as of | Loans Closed or Committed | Anticipated Construction Completion | ||||
or Number of Units | Total Cost | April 30, 2014(1) | ||||||||
Dakota Commons - Williston, ND | Multi-Family Residential | 44 units | $ | 10,736 | $ | 9,013 | $ | 0 | FY2015 Q1 | |
Commons at Southgate - Minot, ND(2) | Multi-Family Residential | 233 units | 37,201 | 28,065 | 24,480 | FY2015 Q2 | ||||
Cypress Court II – St. Cloud, MN(3) | Multi-Family Residential | 66 units | 7,028 | 1,580 | 4,200 | FY2015 Q3 | ||||
Arcata - Golden Valley, MN | Multi-Family Residential | 165 units | 33,448 | 13,018 | 24,250 | FY2015 Q3 | ||||
Red 20 - Minneapolis, MN(4) | Multi-Family Residential and Commercial | 130 units and 10,625 sq ft | 29,462 | 13,980 | 21,726 | FY2015 Q3 | ||||
Renaissance Heights I - Williston, ND(5) | Multi-Family Residential | 288 units | 62,362 | 39,017 | 43,672 | FY2015 Q4 | ||||
Chateau II - Minot, ND(6) | Multi-Family Residential | 72 units | 14,711 | 2,098 | 0 | FY2015 Q4 | ||||
Cardinal Point - Grand Forks, ND | Multi-Family Residential | 251 units | 40,042 | 6,829 | 24,500 | FY2016 Q1 | ||||
Other | n/a | n/a | n/a | 2,496 | n/a | n/a | ||||
$ | 234,990 | $ | 116,096 | $ | 142,828 | |||||
-1 | Includes costs related to development projects that are placed in service in phases (Renaissance Heights I - $11.5 million). | |||||||||
-2 | The Company is an approximately 51% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity. | |||||||||
-3 | The Company is an approximately 86.1% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity. | |||||||||
-4 | The Company is an approximately 58.6% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity. | |||||||||
-5 | The Company is an approximately 70% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity. | |||||||||
-6 | On December 5, 2013, this development project was destroyed by fire. As of April 30, 2014, $6.1 million of expected insurance proceeds were included in accounts receivable on the Company's consolidated balance sheet. See Note 2 for additional information. | |||||||||
These development projects are subject to various contingencies, and no assurances can be given that they will be completed within the time frames or on the terms currently expected. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ' | ||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||
NOTE 16 • FAIR VALUE MEASUREMENTS | |||||||||
ASC 820, Fair Value Measurement and Disclosures defines and establishes a framework for measuring fair value. The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels, as follows: | |||||||||
Level 1: Quoted prices in active markets for identical assets | |||||||||
Level 2: Significant other observable inputs | |||||||||
Level 3: Significant unobservable inputs | |||||||||
There were no transfers in and out of Level 1, Level 2 and Level 3 fair value measurements during fiscal years 2014 and 2013. Fair value estimates may be different than the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities. | |||||||||
Fair Value Measurements on a Recurring Basis | |||||||||
The Company had no assets or liabilities recorded at fair value on a recurring basis at April 30, 2014 and 2013. | |||||||||
NOTE 16 • continued | |||||||||
Fair Value Measurements on a Nonrecurring Basis | |||||||||
Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2014 consisted of real estate investments and real estate held for sale that were written-down to estimated fair value during fiscal year 2014. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2013 consisted of real estate investments that were written-down to estimated fair value during fiscal year 2013. See Note 2 for additional information on impairment losses recognized during fiscal years 2014 and 2013. The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows: | |||||||||
(in thousands) | |||||||||
30-Apr-14 | |||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||
Real estate investments | $ | 89,537 | $ | 0 | $ | 0 | $ | 89,537 | |
Real estate held for sale | 2,951 | 0 | 0 | 2,951 | |||||
(in thousands) | |||||||||
30-Apr-13 | |||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||
Real estate held for sale | $ | 335 | $ | 0 | $ | 0 | $ | 335 | |
Financial Assets and Liabilities Not Measured at Fair Value | |||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial assets and liabilities. The fair values of our financial instruments approximate their carrying amount in our consolidated financial statements except for debt. | |||||||||
Mortgage Loans Receivable. Fair values are based on the discounted value of future cash flows expected to be received for a loan using current rates at which similar loans would be made to borrowers with similar credit risk and the same remaining maturities. Terms are short term in nature and carrying value approximates the estimated fair value. | |||||||||
Cash and Cash Equivalents. The carrying amount approximates fair value because of the short maturity. | |||||||||
Other Investments. The carrying amount, or cost plus accrued interest, of the certificates of deposit approximates fair value. | |||||||||
Other Debt.For variable rate loans that re-price frequently, fair values are based on carrying values. The fair value of fixed rate loans is estimated based on the discounted cash flows of the loans using relevant treasury interest rates plus credit spreads (Level 2). | |||||||||
Lines of Credit. The carrying amount approximates fair value because the variable rate debt re-prices frequently. | |||||||||
Mortgages Payable.For variable rate loans that re-price frequently, fair values are based on carrying values. The fair value of fixed rate loans is estimated based on the discounted cash flows of the loans using relevant treasury interest rates plus credit spreads (Level 2). | |||||||||
The estimated fair values of the Company's financial instruments as of April 30, 2014 and 2013 are as follows: | |||||||||
(in thousands) | |||||||||
2014 | 2013 | ||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||
Amount | Amount | ||||||||
FINANCIAL ASSETS | |||||||||
Cash and cash equivalents | 47,267 | 47,267 | 94,133 | 94,133 | |||||
Other investments | 329 | 329 | 639 | 639 | |||||
FINANCIAL LIABILITIES | |||||||||
Other debt | 63,132 | 63,250 | 18,076 | 18,156 | |||||
Lines of credit | 22,500 | 22,500 | 10,000 | 10,000 | |||||
Mortgages payable | 997,689 | 1,130,262 | 1,049,206 | 1,160,190 |
COMMON_AND_PREFERRED_SHARES_OF
COMMON AND PREFERRED SHARES OF BENEFICIAL INTEREST AND EQUITY | 12 Months Ended |
Apr. 30, 2014 | |
COMMON AND PREFERRED SHARES OF BENEFICIAL INTEREST AND EQUITY [Abstract] | ' |
COMMON AND PREFERRED SHARES OF BENEFICIAL INTEREST AND EQUITY | ' |
NOTE 17 • COMMON AND PREFERRED SHARES OF BENEFICIAL INTEREST AND EQUITY | |
Distribution Reinvestment and Share Purchase Plan. During fiscal years 2014 and 2013, IRET issued 6.6 million and 5.3 million common shares, respectively, pursuant to its distribution reinvestment and share purchase plan, at a total value at issuance of $55.8 million and $43.1 million, respectively. The shares issued under the distribution reinvestment and share purchase plan during fiscal year 2014 consisted of 1.8 million shares valued at issuance at $14.6 million that were issued for reinvested distributions, and approximately 4.8 million shares valued at $41.2 million at issuance that were issued in exchange for voluntary cash contributions under the plan. The shares issued under the distribution reinvestment and share purchase plan during fiscal year 2013 consisted of 1.5 million shares valued at issuance at $12.4 million that were issued for reinvested distributions and approximately 3.8 million shares valued at $30.7 million at issuance that were sold for voluntary cash contributions. IRET's distribution reinvestment plan is available to common shareholders of IRET and all limited partners of IRET Properties. Under the distribution reinvestment plan, shareholders or limited partners may elect to have all or a portion of their distributions used to purchase additional IRET common shares, and may elect to make voluntary cash contributions for the purchase of IRET common shares, at a discount (currently 3%) from the market price. | |
Exchange of Units for Common Shares. During fiscal years 2014 and 2013, respectively, approximately 903,000 and 317,000 Units were exchanged for common shares pursuant to the Agreement of Limited Partnership of the Operating Partnership, with a total value of $4.4 million and $1.6 million included in equity. | |
Issuance of Common and Preferred Shares. On April 5, 2013, the Company completed the public offering of approximately 6.0 million common shares of beneficial interest at a public offering price of $9.25 per share, for net proceeds of approximately $53.0 million after underwriting discounts and estimated offering expenses. The Company contributed the net proceeds from the sale of common shares to the Operating Partnership for general business purposes, including the acquisition and development of income-producing real estate properties and debt repayment. The common shares were registered under a shelf registration statement declared effective on May 4, 2010, and which expired on May 4, 2013. | |
On August 7, 2012, the Company completed the public offering of 4.6 million Series B Cumulative Redeemable Preferred Shares of Beneficial Interest ("Series B preferred shares") at a price of $25.00 per share for net proceeds of approximately $111.2 million after underwriting discounts and estimated offering expenses. These shares are nonvoting and redeemable for cash at $25.00 per share at the Company's option on or after August 7, 2017. Holders of these shares are entitled to cumulative distributions, payable quarterly (as and if declared by the Board of Trustees). Distributions accrue at an annual rate of $1.9875 per share, which is equal to 7.95% of the $25.00 per share liquidation preference ($115 million liquidation preference in the aggregate). The Company contributed the net proceeds from the sale to the Operating Partnership for general business purposes, including the acquisition and development of income-producing real estate properties and debt repayment, in exchange for 4.6 million Series B preferred units, which carry terms that are substantially the same as the Series B preferred shares. On August 7, 2012, the Operating Partnership used a portion of the proceeds of the offering of Series B preferred shares to repay $34.5 million in borrowings under its multi-bank line of credit, reducing outstanding borrowings under the line of credit from $44.5 million to $10.0 million. The Series B preferred shares were registered under a shelf registration statement declared effective on July 12, 2012. This shelf registration statement was terminated in June 2013 upon the filing of the Company's currently-effective shelf registration statement on Form S-3ASR, which shelf registration statement expires June 27, 2016. | |
In addition to the 4.6 million Series B preferred shares outstanding, the Company also has outstanding approximately 1.2 million shares of 8.25% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, issued during the Company's fiscal year 2004 for total proceeds of $27.3 million, net of selling costs. Holders of the Company's Series A preferred shares are entitled to receive dividends at an annual rate of 8.25% of the liquidation preference of $25 per share, or $2.0625 per share per annum. These dividends are cumulative and payable quarterly in arrears. The shares are not convertible into or exchangeable for any other property or any other securities of the Company at the election of the holders. However, the Company, at its option, may redeem the shares at a redemption price of $25.00 per share, plus any accrued and unpaid dividends through the date of redemption. The shares have no maturity date and will remain outstanding indefinitely unless redeemed by the Company. | |
NOTE 17 • continued | |
During fiscal year 2013, IRET issued 300,000 common shares at a weighted average price per share of $7.24 under its ATM equity program with BMO Capital Markets Corp. as sales agent, for net proceeds (before offering expenses but after underwriting discounts and commissions) of $2.1 million, used for general corporate purposes including the acquisition and development of investment properties. On April 1, 2013 the Company terminated this ATM equity program. During the second quarter of fiscal year 2014, the Company and its Operating Partnership entered into an ATM sales agreement with Robert W. Baird & Co. Incorporated as sales agent, pursuant to which the Company may from time to time sell the Company's common shares of beneficial interest having an aggregate offering price of up to $75 million. The shares would be issued pursuant to the Company's currently-effective shelf registration statement on Form S-3ASR. The Company issued no common shares under this program during fiscal year 2014. |
QUARTERLY_RESULTS_OF_CONSOLIDA
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) [Abstract] | ' | ||||||||
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) | ' | ||||||||
NOTE 18 • QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) | |||||||||
(in thousands, except per share data) | |||||||||
QUARTER ENDED | 31-Jul-13 | 31-Oct-13 | 31-Jan-14 | 30-Apr-14 | |||||
Revenues | $ | 65,098 | $ | 65,772 | $ | 67,629 | $ | 66,983 | |
Net income (loss) attributable to Investors Real Estate Trust | $ | 3,078 | $ | 8,787 | $ | 3,503 | $ | -28,542 | |
Net income (loss) available to common shareholders | $ | 199 | $ | 5,909 | $ | 624 | $ | -31,420 | |
Net income (loss) per common share - basic & diluted | $ | 0 | $ | 0.06 | $ | 0 | $ | -0.29 | |
(in thousands, except per share data) | |||||||||
QUARTER ENDED | 31-Jul-12 | 31-Oct-12 | 31-Jan-13 | 30-Apr-13 | |||||
Revenues | $ | 58,930 | $ | 61,864 | $ | 63,080 | $ | 64,184 | |
Net income attributable to Investors Real Estate Trust | $ | 1,679 | $ | 8,512 | $ | 5,324 | $ | 10,015 | |
Net income (loss) available to common shareholders | $ | 1,086 | $ | 5,634 | $ | 2,445 | $ | 7,136 | |
Net income (loss) per common share - basic & diluted | $ | 0.01 | $ | 0.06 | $ | 0.03 | $ | 0.07 | |
The above financial information is unaudited. In the opinion of management, all adjustments (which are of a normal recurring nature) have been included for a fair presentation. |
REDEEMABLE_NONCONTROLLING_INTE
REDEEMABLE NONCONTROLLING INTERESTS | 12 Months Ended | ||||||
Apr. 30, 2014 | |||||||
REDEEMABLE NONCONTROLLING INTERESTS [Abstract] | ' | ||||||
REDEEMABLE NONCONTROLLING INTERESTS | ' | ||||||
NOTE 19 • REDEEMABLE NONCONTROLLING INTERESTS | |||||||
Redeemable noncontrolling interests on our Consolidated Balance Sheets represent the noncontrolling interest in a joint venture of the Company in which the Company's unaffiliated partner, at its election, could require the Company to buy its interest at a purchase price to be determined by an appraisal conducted in accordance with the terms of the agreement, or at a negotiated price. Redeemable noncontrolling interests are presented at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to common shares of beneficial interest on our Consolidated Balance Sheets. During fiscal year 2014 the Company identified an error pertaining to the reporting for a noncontrolling interest in a consolidated real estate joint venture formed in the fourth quarter of fiscal year 2013 for which the holder of such interest has the right to require the Company to acquire the interest at fair value twelve months after the final certificate of occupancy is obtained for the joint venture's development project. This error resulted in an overstatement of equity and offsetting understatement of the line entitled "redeemable noncontrolling interests – consolidated real estate entities" in the mezzanine section of the Company's consolidated balance sheet of $5.9 million as of April 30, 2013. The Company revised its previously issued consolidated balance sheet and statement of equity to correct the effect of this error. See Note 2 for additional information. | |||||||
NOTE 19 • continued | |||||||
As of April 30, 2014 and 2013, the estimated redemption value of the redeemable noncontrolling interests was $6.2 million and $5.9 million, respectively. The redeemable noncontrolling interest recorded in fiscal years 2014 and 2013 is the noncontrolling interest in the joint venture entity that owns the Company's Southgate apartments project in Minot, North Dakota. The redeemable noncontrolling interest on the Company's Consolidated Balance Sheets in fiscal year 2012 was the noncontrolling interest in the joint venture owner of the Company's Golden Hills office property in Golden Valley, Minnesota, which interest the Company acquired from its joint venture partner in the third quarter of fiscal year 2012. Below is a table reflecting the activity of the redeemable noncontrolling interests. | |||||||
(in thousands) | |||||||
2014 | 2013 | 2012 | |||||
Balance at beginning of fiscal year | $ | 5,937 | $ | 0 | $ | 987 | |
Contributions | 0 | 5,932 | 0 | ||||
Net income | 266 | 5 | 12 | ||||
Net distributions | 0 | 0 | -27 | ||||
Fair value adjustments | 0 | 0 | 35 | ||||
Acquisition of joint venture partner's interest | 0 | 0 | -1,007 | ||||
Balance at close of fiscal year | $ | 6,203 | $ | 5,937 | $ | 0 | |
On November 27, 2012 the Company entered into a joint venture operating agreement with a real estate development company to construct an apartment project in Minot, North Dakota as IRET – Minot Apartments, LLC. The Company estimates total costs for the project at $52.2 million, with approximately 69% of the project financed with third-party debt and approximately 7% financed with debt from IRET to the joint venture entity. The first phase of the project, Landing at Southgate, was substantially completed in the second quarter of fiscal year 2014. See Developments Placed in Service in Note 10 for additional information on Landing at Southgate. The second phase of the project, Commons at Southgate, is expected to be completed in the second quarter of fiscal year 2015. See Development, Expansion and Renovation Projects in Note 15 for additional information on Commons at Southgate. IRET is the approximately 51% owner of the joint venture and will have management and leasing responsibilities when the project is completed. The real estate development company owns approximately 49% of the joint venture and is responsible for the development and construction of the property. The Company has determined that the joint venture is a variable interest entity ("VIE"), primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support. The Company has also determined that IRET is the primary beneficiary of the VIE due to the fact that IRET is providing 51% of the equity contributions, the subordinated debt and a guarantee on the third party debt and has the power to direct the most significant activities that impact the entity's economic performance. |
STOCK_BASED_COMPENSATION
STOCK BASED COMPENSATION | 12 Months Ended | ||||||
Apr. 30, 2014 | |||||||
STOCK BASED COMPENSATION | ' | ||||||
STOCK BASED COMPENSATION [Text Block] | ' | ||||||
NOTE 20 • STOCK BASED COMPENSATION | |||||||
The Company maintains a long-term incentive plan that allows for stock-based awards to officer and non-officer employees of the Company. Stock based awards are provided to officers, non-officer employees and trustees, under the Company's 2008 Incentive Award Plan approved by shareholders on September 16, 2008, which allows for awards in the form of cash and awards of unrestricted and restricted common shares, up to an aggregate of 2,000,000 shares over the ten year period in which the plan will be in effect. Through April 30, 2014, awards under the 2008 Incentive Award Plan consisted of cash awards and grants of unrestricted common shares. | |||||||
In fiscal year 2012, the Company's Compensation Committee conducted an extensive review of the Company's executive compensation philosophy, resulting in a new long-term incentive ("LTIP") plan, which was approved by the Compensation Committee and the Company's independent trustees on June 1, 2012, effective as of May 1, 2012. | |||||||
Under the LTIP, executives are provided the opportunity to earn awards, payable 50% in unrestricted shares and 50% in restricted shares, based on achieving one or more performance objectives within a one-year performance period (with the performance period for fiscal year 2014 commencing on May 1, 2013 and concluding on April 30, 2014). LTIP performance is evaluated based on the following objective performance goal: Three-Year Average Annual Total Shareholder Return ("TSR"), which means the average of the Annual Total Shareholder Return for the Company's common shares in each of the three consecutive fiscal years ending with and including the performance period. TSR is considered a market condition. "Annual Total Shareholder Return," and "Three-Year Average Annual Total Shareholder Return," have the meanings set forth in the LTIP. The unrestricted shares vest immediately at the end of the one-year performance period, and the restricted shares vest on the one year anniversary of the award date based on service during that year. | |||||||
NOTE 20 • continued | |||||||
With respect to the performance period of the LTIP subject to market conditions, we recognize compensation expense ratably (over one year for the 50% unrestricted shares and over two years for the 50% restricted shares) based on the service inception date fair value, as determined using a Monte Carlo simulation. We use a binomial model which employs the Monte Carlo method as of the service inception date to determine the fair value of the LTIP award subject to market conditions referenced above. The market condition performance measurement is the three-year average annual total shareholder return. The model evaluates the awards for changing total shareholder return over the term of the vesting, and uses random simulations that are based on past IRET stock characteristics. We based the expected volatility upon the historical volatility of our daily closing share price. The officers' total award opportunity under the LTIP stated as a percentage of base salary ranges from 50% to 100% at target level. The calculated grant date fair value as a percentage of base salary for the officers ranged from 47% to 94% for LTIP subject to market conditions as of the grant date of April 30, 2014. The grant date is the end of the performance period, when the executive has risk in the shares that were earned as of that date. The service inception date precedes the grant date because a mutual understanding was achieved between the Company and the executives at the beginning of the performance period. | |||||||
Subsequent to the end of fiscal year 2014, the Company's Compensation Committee recommended, and the Company's independent trustees approved, awards of unrestricted and restricted shares to the Company's executive officers in accordance with the terms of the LTIP, with the shares awarded to be issued to award recipients in the first quarter of fiscal year 2015. | |||||||
Trustee Awards | |||||||
We award share-based compensation to our non-management trustees on an annual basis in the form of unrestricted shares which vest immediately. The value of share-based compensation at grant date for each non-management trustee was $28,976, $15,975, and $7,560 for each of the fiscal years ended April 2014, 2013, and 2012, respectively. | |||||||
Total Compensation Expense | |||||||
Total share-based compensation expense recognized in the consolidated financial statements for the three years ended April 30, 2014 for all share-based awards was as follows (in thousands): | |||||||
Year Ended April 30, | |||||||
2014 | 2013 | 2012 | |||||
Stock-based compensation expense | $ | 1,162 | $ | 45 | $ | 461 |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended | |||||
Apr. 30, 2014 | ||||||
SUBSEQUENT EVENTS [Abstract] | ' | |||||
SUBSEQUENT EVENTS | ' | |||||
Common and Preferred Share Distributions. On June 2, 2014, the Company's Board of Trustees declared the following distributions: | ||||||
Class of shares/units | Quarterly Amount | Record Date | Payment Date | |||
per Share or Unit | ||||||
Common shares and limited partnership units | $0.13 | 16-Jun-14 | 1-Jul-14 | |||
Preferred shares: | ||||||
Series A | $0.52 | 16-Jun-14 | 30-Jun-14 | |||
Series B | $0.50 | 16-Jun-14 | 30-Jun-14 |
SCHEDULE_III_REAL_ESTATE_AND_A
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended | ||||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION [Abstract] | ' | ||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | ' | ||||||||||||||||||||||
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES | |||||||||||||||||||||||
30-Apr-14 | |||||||||||||||||||||||
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) | |||||||||||||||||||||||
Initial Cost to Company | Gross amount at which carried at | ||||||||||||||||||||||
close of period | |||||||||||||||||||||||
Description | Encumbrances(1) | Land | Buildings & | Costs capitalized | Land | Buildings & | Total | Accumulated | Date of | Life on which | |||||||||||||
Improvements | subsequent to | Improvements | Depreciation | Construction | depreciation in | ||||||||||||||||||
acquisition | or Acquisition | latest income | |||||||||||||||||||||
statement is | |||||||||||||||||||||||
computed | |||||||||||||||||||||||
Multi-Family Residential | |||||||||||||||||||||||
11th Street 3 Plex - Minot, ND | $ | 87 | $ | 11 | $ | 53 | $ | 17 | $ | 19 | $ | 62 | $ | 81 | $ | -10 | 2008 | 40 years | |||||
4th Street 4 Plex - Minot, ND | 101 | 15 | 74 | 27 | 23 | 93 | 116 | -14 | 2008 | 40 years | |||||||||||||
Alps Park - Rapid City, SD | 4,030 | 287 | 5,551 | 84 | 289 | 5,633 | 5,922 | -140 | 2013 | 40 years | |||||||||||||
Apartments on Main - Minot, ND | 666 | 158 | 1,123 | 31 | 181 | 1,131 | 1,312 | -198 | 1987 | 24-40 years | |||||||||||||
Arbors - S Sioux City, NE | 3,922 | 350 | 6,625 | 1,610 | 790 | 7,795 | 8,585 | -1,807 | 2006 | 40 years | |||||||||||||
Ashland - Grand Forks, ND | 5,615 | 741 | 7,569 | 90 | 762 | 7,638 | 8,400 | -460 | 2012 | 40 years | |||||||||||||
Boulder Court - Eagan, MN | 2,990 | 1,067 | 5,498 | 2,853 | 1,299 | 8,119 | 9,418 | -2,280 | 2003 | 40 years | |||||||||||||
Brookfield Village - Topeka, KS | 5,303 | 509 | 6,698 | 1,393 | 674 | 7,926 | 8,600 | -2,165 | 2003 | 40 years | |||||||||||||
Brooklyn Heights - Minot, ND | 749 | 145 | 1,450 | 834 | 217 | 2,212 | 2,429 | -875 | 1997 | 12-40 years | |||||||||||||
Campus Center - St. Cloud, MN | 1,206 | 395 | 2,244 | 208 | 405 | 2,442 | 2,847 | -459 | 2007 | 40 years | |||||||||||||
Campus Heights - St. Cloud, MN | 0 | 110 | 628 | 93 | 124 | 707 | 831 | -136 | 2007 | 40 years | |||||||||||||
Campus Knoll - St. Cloud, MN | 804 | 266 | 1,512 | 120 | 279 | 1,619 | 1,898 | -312 | 2007 | 40 years | |||||||||||||
Campus Plaza - St. Cloud, MN | 0 | 54 | 311 | 69 | 60 | 374 | 434 | -72 | 2007 | 40 years | |||||||||||||
Campus Side - St. Cloud, MN | 0 | 107 | 615 | 140 | 118 | 744 | 862 | -140 | 2007 | 40 years | |||||||||||||
Campus View - St. Cloud, MN | 0 | 107 | 615 | 120 | 113 | 729 | 842 | -136 | 2007 | 40 years | |||||||||||||
Canyon Lake - Rapid City, SD | 2,894 | 305 | 3,958 | 1,579 | 374 | 5,468 | 5,842 | -1,548 | 2001 | 40 years | |||||||||||||
Castlerock - Billings, MT | 6,677 | 736 | 4,864 | 1,982 | 964 | 6,618 | 7,582 | -2,504 | 1998 | 40 years | |||||||||||||
Chateau I - Minot, ND | 0 | 61 | 5,663 | 561 | 67 | 6,218 | 6,285 | -569 | 2013 | 40 years | |||||||||||||
Cimarron Hills - Omaha, NE | 4,806 | 706 | 9,588 | 4,198 | 1,302 | 13,190 | 14,492 | -4,307 | 2001 | 40 years | |||||||||||||
Colonial Villa - Burnsville, MN | 5,980 | 2,401 | 11,515 | 6,416 | 2,827 | 17,505 | 20,332 | -4,547 | 2003 | 40 years | |||||||||||||
Colony - Lincoln, NE | 13,565 | 1,515 | 15,730 | 389 | 1,544 | 16,090 | 17,634 | -829 | 2012 | 40 years | |||||||||||||
Colton Heights - Minot, ND | 421 | 80 | 672 | 414 | 116 | 1,050 | 1,166 | -737 | 1984 | 40 years | |||||||||||||
Cornerstone - St. Cloud, MN | 0 | 54 | 311 | 71 | 57 | 379 | 436 | -74 | 2007 | 40 years | |||||||||||||
Cottage West Twin Homes - Sioux Falls, SD | 3,646 | 968 | 3,762 | 373 | 1,005 | 4,098 | 5,103 | -265 | 2011 | 40 years | |||||||||||||
Cottonwood - Bismarck, ND | 15,803 | 1,056 | 17,372 | 3,146 | 1,354 | 20,220 | 21,574 | -6,372 | 1997 | 40 years | |||||||||||||
Country Meadows - Billings, MT | 6,678 | 491 | 7,809 | 1,344 | 535 | 9,109 | 9,644 | -3,507 | 1995 | 33-40 years | |||||||||||||
Crestview - Bismarck, ND | 3,917 | 235 | 4,290 | 1,576 | 495 | 5,606 | 6,101 | -2,740 | 1994 | 24-40 years | |||||||||||||
Crown - Rochester, MN | 2,629 | 261 | 3,289 | 194 | 266 | 3,478 | 3,744 | -368 | 2010 | 40 years | |||||||||||||
Crown Colony - Topeka, KS | 8,220 | 620 | 9,956 | 2,220 | 857 | 11,939 | 12,796 | -4,215 | 1999 | 40 years | |||||||||||||
Cypress Court - St. Cloud, MN | 0 | 1,136 | 12,428 | 102 | 1,136 | 12,530 | 13,666 | -196 | 2012 | 40 years | |||||||||||||
Evergreen - Isanti, MN | 2,019 | 380 | 2,740 | 84 | 380 | 2,824 | 3,204 | -398 | 2008 | 40 years | |||||||||||||
Evergreen II - Isanti, MN | 2,108 | 691 | 2,784 | 23 | 691 | 2,807 | 3,498 | -196 | 2011 | 40 years | |||||||||||||
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES | |||||||||||||||||||||||
30-Apr-14 | |||||||||||||||||||||||
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) | |||||||||||||||||||||||
Initial Cost to Company | Gross amount at which carried at | ||||||||||||||||||||||
close of period | |||||||||||||||||||||||
Description | Encumbrances(1) | Land | Buildings & | Costs capitalized | Land | Buildings & | Total | Accumulated | Date of | Life on which | |||||||||||||
Improvements | subsequent to | Improvements | Depreciation | Construction | depreciation in | ||||||||||||||||||
acquisition | or Acquisition | latest income | |||||||||||||||||||||
statement is | |||||||||||||||||||||||
computed | |||||||||||||||||||||||
Multi-Family Residential - continued | |||||||||||||||||||||||
Fairmont - Minot, ND | $ | 344 | $ | 28 | $ | 337 | $ | 70 | $ | 55 | $ | 380 | $ | 435 | $ | -61 | 2008 | 40 years | |||||
First Avenue - Minot, ND | 0 | 0 | 3,046 | 5 | 0 | 3,051 | 3,051 | -78 | 2013 | 40 years | |||||||||||||
Forest Park - Grand Forks, ND | 7,692 | 810 | 5,579 | 7,031 | 1,409 | 12,011 | 13,420 | -4,893 | 1993 | 24-40 years | |||||||||||||
Gables Townhomes - Sioux Falls, SD | 1,476 | 349 | 1,921 | 160 | 371 | 2,059 | 2,430 | -133 | 2011 | 40 years | |||||||||||||
Grand Gateway - St. Cloud, MN | 5,465 | 814 | 7,086 | 580 | 912 | 7,568 | 8,480 | -490 | 2012 | 40 years | |||||||||||||
Greenfield - Omaha, NE | 3,598 | 578 | 4,122 | 663 | 778 | 4,585 | 5,363 | -783 | 2007 | 40 years | |||||||||||||
Heritage Manor - Rochester, MN | 4,051 | 403 | 6,968 | 2,632 | 578 | 9,425 | 10,003 | -3,489 | 1998 | 40 years | |||||||||||||
Indian Hills - Sioux City, IA(2) | 0 | 294 | 2,921 | 3,403 | 386 | 6,232 | 6,618 | -1,144 | 2007 | 40 years | |||||||||||||
Kirkwood Manor - Bismarck, ND | 3,312 | 449 | 2,725 | 1,579 | 546 | 4,207 | 4,753 | -1,655 | 1997 | 12-40 years | |||||||||||||
Lakeside Village - Lincoln, NE | 13,382 | 1,215 | 15,837 | 262 | 1,235 | 16,079 | 17,314 | -821 | 2012 | 40 years | |||||||||||||
Lancaster - St. Cloud, MN | 0 | 289 | 2,899 | 1,079 | 460 | 3,807 | 4,267 | -1,410 | 2000 | 40 years | |||||||||||||
Landing at Southgate - Minot, ND | 0 | 2,254 | 12,872 | 25 | 2,254 | 12,897 | 15,151 | -212 | 2013 | 40 years | |||||||||||||
Landmark - Grand Forks, ND | 1,638 | 184 | 1,514 | 1,023 | 313 | 2,408 | 2,721 | -983 | 1997 | 40 years | |||||||||||||
Legacy - Grand Forks, ND | 15,885 | 1,362 | 21,727 | 6,289 | 2,088 | 27,290 | 29,378 | -9,395 | 1995-2005 | 24-40 years | |||||||||||||
Mariposa - Topeka, KS | 2,975 | 399 | 5,110 | 487 | 426 | 5,570 | 5,996 | -1,341 | 2004 | 40 years | |||||||||||||
Meadows - Jamestown, ND(2) | 0 | 590 | 4,519 | 1,256 | 653 | 5,712 | 6,365 | -1,968 | 1998 | 40 years | |||||||||||||
Monticello Village - Monticello, MN | 0 | 490 | 3,756 | 447 | 621 | 4,072 | 4,693 | -1,136 | 2004 | 40 years | |||||||||||||
Northern Valley - Rochester, MN | 0 | 110 | 610 | 108 | 119 | 709 | 828 | -77 | 2010 | 40 years | |||||||||||||
North Pointe - Bismarck, ND | 3,431 | 303 | 3,957 | 532 | 339 | 4,453 | 4,792 | -1,338 | 1995-2011 | 24-40 years | |||||||||||||
Oakmont Estates - Sioux Falls, SD | 2,473 | 423 | 4,838 | 517 | 558 | 5,220 | 5,778 | -1,602 | 2002 | 40 years | |||||||||||||
Oakwood Estates - Sioux Falls, SD | 4,025 | 543 | 2,784 | 4,265 | 775 | 6,817 | 7,592 | -3,015 | 1993 | 40 years | |||||||||||||
Olympic Village - Billings, MT | 10,770 | 1,164 | 10,441 | 2,861 | 1,757 | 12,709 | 14,466 | -4,461 | 2000 | 40 years | |||||||||||||
Olympik Village - Rochester, MN | 4,499 | 1,034 | 6,109 | 1,711 | 1,168 | 7,686 | 8,854 | -1,870 | 2005 | 40 years | |||||||||||||
Oxbow Park - Sioux Falls, SD | 3,931 | 404 | 3,152 | 2,658 | 665 | 5,549 | 6,214 | -2,625 | 1994 | 24-40 years | |||||||||||||
Park Meadows - Waite Park, MN | 8,616 | 1,143 | 9,099 | 5,423 | 1,595 | 14,070 | 15,665 | -5,790 | 1997 | 40 years | |||||||||||||
Pebble Springs - Bismarck, ND | 775 | 7 | 748 | 149 | 44 | 860 | 904 | -323 | 1999 | 40 years | |||||||||||||
Pinehurst - Billings, MT | 243 | 72 | 687 | 239 | 79 | 919 | 998 | -276 | 2002 | 40 years | |||||||||||||
Pinecone Villas - Sartell, MN | 0 | 584 | 2,191 | 8 | 584 | 2,199 | 2,783 | -33 | 2013 | 40 years | |||||||||||||
Pines - Minot, ND | 120 | 35 | 215 | 184 | 49 | 385 | 434 | -132 | 1997 | 40 years | |||||||||||||
Plaza - Minot, ND | 5,478 | 867 | 12,784 | 2,335 | 992 | 14,994 | 15,986 | -2,029 | 2009 | 40 years | |||||||||||||
Pointe West - Rapid City, SD | 2,679 | 240 | 3,538 | 1,485 | 364 | 4,899 | 5,263 | -2,240 | 1994 | 24-40 years | |||||||||||||
Ponds at Heritage Place - Sartell, MN | 3,950 | 395 | 4,564 | 232 | 395 | 4,796 | 5,191 | -216 | 2012 | 40 years | |||||||||||||
Prairie Winds - Sioux Falls, SD | 1,438 | 144 | 1,816 | 466 | 229 | 2,197 | 2,426 | -1,171 | 1993 | 24-40 years | |||||||||||||
Quarry Ridge - Rochester, MN | 13,603 | 1,312 | 13,362 | 1,129 | 1,353 | 14,450 | 15,803 | -2,811 | 2006 | 40 years | |||||||||||||
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES | |||||||||||||||||||||||
30-Apr-14 | |||||||||||||||||||||||
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) | |||||||||||||||||||||||
Initial Cost to Company | Gross amount at which carried at | ||||||||||||||||||||||
close of period | |||||||||||||||||||||||
Description | Encumbrances(1) | Land | Buildings & | Costs capitalized | Land | Buildings & | Total | Accumulated | Date of | Life on which | |||||||||||||
Improvements | subsequent to | Improvements | Depreciation | Construction | depreciation in | ||||||||||||||||||
acquisition | or Acquisition | latest income | |||||||||||||||||||||
statement is | |||||||||||||||||||||||
computed | |||||||||||||||||||||||
Multi-Family Residential - continued | |||||||||||||||||||||||
Quarry Ridge II - Rochester, MN | $ | 14,158 | $ | 942 | $ | 16,661 | $ | 39 | $ | 945 | $ | 16,697 | $ | 17,642 | $ | -830 | 2012 | 40 years | |||||
Regency Park Estates - St. Cloud, MN | 6,827 | 702 | 10,198 | 1,244 | 751 | 11,393 | 12,144 | -804 | 2011 | 40 years | |||||||||||||
Renaissance Heights I - Williston, ND | 0 | 616 | 10,872 | 25 | 616 | 10,897 | 11,513 | -58 | 2013 | 40 years | |||||||||||||
Ridge Oaks - Sioux City, IA | 3,414 | 178 | 4,073 | 2,087 | 281 | 6,057 | 6,338 | -2,042 | 2001 | 40 years | |||||||||||||
Rimrock West - Billings, MT | 3,339 | 330 | 3,489 | 1,453 | 431 | 4,841 | 5,272 | -1,624 | 1999 | 40 years | |||||||||||||
River Ridge - Bismarck, ND | 0 | 576 | 23,434 | 1,076 | 1,423 | 23,663 | 25,086 | -438 | 2008 | 40 years | |||||||||||||
Rocky Meadows - Billings, MT | 5,177 | 656 | 5,726 | 1,085 | 769 | 6,698 | 7,467 | -2,942 | 1995 | 40 years | |||||||||||||
Rum River - Isanti, MN | 3,609 | 843 | 4,823 | 146 | 848 | 4,964 | 5,812 | -882 | 2007 | 40 years | |||||||||||||
Sherwood - Topeka, KS | 12,340 | 1,142 | 14,684 | 2,870 | 1,636 | 17,060 | 18,696 | -6,150 | 1999 | 40 years | |||||||||||||
Sierra Vista - Sioux Falls, SD | 1,421 | 241 | 2,097 | 385 | 265 | 2,458 | 2,723 | -198 | 2011 | 40 years | |||||||||||||
South Pointe - Minot, ND | 8,789 | 550 | 9,548 | 2,603 | 1,316 | 11,385 | 12,701 | -5,165 | 1995 | 24-40 years | |||||||||||||
Southpoint - Grand Forks, ND(2) | 0 | 576 | 9,893 | 16 | 576 | 9,909 | 10,485 | -158 | 2013 | 40 years | |||||||||||||
Southview - Minot, ND | 1,059 | 185 | 469 | 355 | 237 | 772 | 1,009 | -344 | 1994 | 40 years | |||||||||||||
Southwind - Grand Forks, ND | 5,615 | 400 | 5,034 | 2,714 | 726 | 7,422 | 8,148 | -3,216 | 1995 | 24-40 years | |||||||||||||
Summit Park - Minot, ND | 1,039 | 161 | 1,898 | 1,338 | 419 | 2,978 | 3,397 | -1,167 | 1997 | 24-40 years | |||||||||||||
Sunset Trail - Rochester, MN | 8,138 | 336 | 12,814 | 2,490 | 543 | 15,097 | 15,640 | -5,011 | 1999 | 40 years | |||||||||||||
Temple - Minot, ND | 78 | 0 | 0 | 229 | 0 | 229 | 229 | -50 | 2006 | 40 years | |||||||||||||
Terrace Heights - Minot, ND | 173 | 29 | 312 | 88 | 40 | 389 | 429 | -164 | 2006 | 40 years | |||||||||||||
Thomasbrook - Lincoln, NE | 5,987 | 600 | 10,306 | 3,189 | 1,242 | 12,853 | 14,095 | -4,366 | 1999 | 40 years | |||||||||||||
University Park Place - St. Cloud, MN | 0 | 78 | 450 | 100 | 82 | 546 | 628 | -99 | 2007 | 40 years | |||||||||||||
Valley Park - Grand Forks, ND | 3,886 | 294 | 4,137 | 3,304 | 1,095 | 6,640 | 7,735 | -2,375 | 1999 | 40 years | |||||||||||||
Villa West - Topeka, KS | 12,280 | 1,590 | 15,760 | 513 | 1,674 | 16,189 | 17,863 | -845 | 2012 | 40 years | |||||||||||||
Village Green - Rochester, MN | 1,145 | 234 | 2,296 | 800 | 359 | 2,971 | 3,330 | -828 | 2003 | 40 years | |||||||||||||
West Stonehill - Waite Park, MN | 8,621 | 939 | 10,167 | 4,817 | 1,473 | 14,450 | 15,923 | -6,513 | 1995 | 40 years | |||||||||||||
Westridge - Minot, ND | 1,662 | 68 | 1,887 | 165 | 75 | 2,045 | 2,120 | -309 | 2008 | 40 years | |||||||||||||
Westwood Park - Bismarck, ND | 1,982 | 116 | 1,909 | 1,706 | 268 | 3,463 | 3,731 | -1,315 | 1998 | 40 years | |||||||||||||
Whispering Ridge - Omaha, NE | 22,000 | 2,139 | 25,424 | 396 | 2,243 | 25,716 | 27,959 | -806 | 2012 | 40 years | |||||||||||||
Williston Garden - Williston, ND | 12,057 | 1,400 | 17,699 | 33 | 1,408 | 17,724 | 19,132 | -1,416 | 2012 | 40 years | |||||||||||||
Winchester - Rochester, MN | 2,802 | 748 | 5,622 | 1,700 | 1,006 | 7,064 | 8,070 | -2,071 | 2003 | 40 years | |||||||||||||
Woodridge - Rochester, MN | 6,412 | 370 | 6,028 | 1,925 | 502 | 7,821 | 8,323 | -3,337 | 1997 | 40 years | |||||||||||||
Total Multi-Family Residential | $ | 384,695 | $ | 52,345 | $ | 578,841 | $ | 122,545 | $ | 66,722 | $ | 687,009 | $ | 753,731 | $ | -158,100 | |||||||
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES | |||||||||||||||||||||||
30-Apr-14 | |||||||||||||||||||||||
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) | |||||||||||||||||||||||
Initial Cost to Company | Gross amount at which carried at | ||||||||||||||||||||||
close of period | |||||||||||||||||||||||
Description | Encumbrances(1) | Land | Buildings & | Costs capitalized | Land | Buildings & | Total | Accumulated | Date of | Life on which | |||||||||||||
Improvements | subsequent to | Improvements | Depreciation | Construction | depreciation in | ||||||||||||||||||
acquisition | or Acquisition | latest income | |||||||||||||||||||||
statement is | |||||||||||||||||||||||
computed | |||||||||||||||||||||||
Commercial Office | |||||||||||||||||||||||
1st Avenue Building - Minot, ND | $ | 0 | $ | 30 | $ | 0 | $ | 337 | $ | 30 | $ | 337 | $ | 367 | $ | -33 | 1981 | 33-40 years | |||||
2030 Cliff Road - Eagan, MN | 938 | 146 | 835 | 90 | 158 | 913 | 1,071 | -300 | 2001 | 40 years | |||||||||||||
610 Business Center IV - Brooklyn Park, MN | 6,888 | 975 | 5,542 | 2,886 | 980 | 8,423 | 9,403 | -2,060 | 2007 | 40 years | |||||||||||||
7800 West Brown Deer Road - Milwaukee, WI | 10,520 | 1,455 | 8,756 | 2,333 | 1,475 | 11,069 | 12,544 | -3,621 | 2003 | 40 years | |||||||||||||
American Corporate Center - Mendota Heights, MN | 8,794 | 893 | 16,768 | 4,062 | 893 | 20,830 | 21,723 | -8,339 | 2002 | 40 years | |||||||||||||
Ameritrade - Omaha, NE | 2,440 | 327 | 7,957 | 65 | 327 | 8,022 | 8,349 | -3,014 | 1999 | 40 years | |||||||||||||
Benton Business Park - Sauk Rapids, MN | 491 | 188 | 1,261 | 89 | 188 | 1,350 | 1,538 | -394 | 2003 | 40 years | |||||||||||||
Bismarck 715 East Broadway - Bismarck, ND | 2,163 | 389 | 1,283 | 1,126 | 443 | 2,355 | 2,798 | -373 | 2008 | 40 years | |||||||||||||
Brenwood - Minnetonka, MN | 0 | 1,642 | 12,138 | 3,203 | 1,650 | 15,333 | 16,983 | -5,379 | 2002 | 40 years | |||||||||||||
Brook Valley I - La Vista, NE | 1,256 | 347 | 1,671 | 129 | 347 | 1,800 | 2,147 | -407 | 2005 | 40 years | |||||||||||||
Burnsville Bluffs II - Burnsville, MN | 1,679 | 300 | 2,154 | 986 | 374 | 3,066 | 3,440 | -1,324 | 2001 | 40 years | |||||||||||||
Corporate Center West - Omaha, NE | 17,315 | 3,880 | 5,253 | 0 | 3,880 | 5,253 | 9,133 | 0 | 2006 | 40 years | |||||||||||||
Crosstown Centre - Eden Prairie, MN | 12,707 | 2,884 | 14,569 | 2,563 | 2,932 | 17,084 | 20,016 | -4,328 | 2004 | 40 years | |||||||||||||
Eden Prairie 6101 Blue Circle Drive - Eden Prairie, MN | 0 | 666 | 4,197 | 1 | 666 | 4,198 | 4,864 | -1,596 | 1999 | 40 years | |||||||||||||
Farnam Executive Center - Omaha, NE | 12,160 | 2,188 | 7,912 | 0 | 2,188 | 7,912 | 10,100 | 0 | 2006 | 40 years | |||||||||||||
Flagship - Eden Prairie, MN | 21,565 | 1,899 | 15,518 | 0 | 1,899 | 15,518 | 17,417 | 0 | 2006 | 40 years | |||||||||||||
Gateway Corporate Center - Woodbury, MN | 8,700 | 1,637 | 6,663 | 0 | 1,637 | 6,663 | 8,300 | 0 | 2006 | 40 years | |||||||||||||
Golden Hills Office Center - Golden Valley, MN | 17,711 | 3,018 | 18,544 | 3,852 | 3,018 | 22,396 | 25,414 | -8,049 | 2003 | 40 years | |||||||||||||
Granite Corporate Center - St. Cloud, MN | 5,492 | 588 | 7,808 | 1,368 | 727 | 9,037 | 9,764 | -3,199 | 2001 | 40 years | |||||||||||||
Great Plains - Fargo, ND(2) | 0 | 126 | 15,240 | 719 | 126 | 15,959 | 16,085 | -5,640 | 1997 | 40 years | |||||||||||||
Highlands Ranch I - Highlands Ranch, CO | 7,992 | 2,268 | 8,362 | 427 | 2,268 | 8,789 | 11,057 | -1,829 | 2006 | 40 years | |||||||||||||
Highlands Ranch II - Highlands Ranch, CO | 7,601 | 1,437 | 9,549 | 1,693 | 1,437 | 11,242 | 12,679 | -3,011 | 2004 | 40 years | |||||||||||||
Interlachen Corporate Center - Edina, MN | 8,619 | 1,650 | 14,983 | 2,459 | 1,668 | 17,424 | 19,092 | -5,684 | 2001 | 40 years | |||||||||||||
Intertech Building - Fenton, MO | 4,301 | 2,130 | 3,968 | 1,268 | 2,191 | 5,175 | 7,366 | -970 | 2007 | 40 years | |||||||||||||
Mendota Office Center I - Mendota Heights, MN | 3,787 | 835 | 6,169 | 889 | 835 | 7,058 | 7,893 | -2,420 | 2002 | 40 years | |||||||||||||
Mendota Office Center II - Mendota Heights, MN | 5,595 | 1,121 | 10,085 | 1,712 | 1,121 | 11,797 | 12,918 | -4,531 | 2002 | 40 years | |||||||||||||
Mendota Office Center III - Mendota Heights, MN | 3,845 | 970 | 5,734 | 881 | 970 | 6,615 | 7,585 | -2,129 | 2002 | 40 years | |||||||||||||
Mendota Office Center IV - Mendota Heights, MN | 4,571 | 1,070 | 7,635 | 1,287 | 1,070 | 8,922 | 9,992 | -2,951 | 2002 | 40 years | |||||||||||||
Minnesota National Bank - Duluth, MN | 707 | 287 | 1,454 | 224 | 288 | 1,677 | 1,965 | -413 | 2004 | 40 years | |||||||||||||
Minot 1400 31st Ave - Minot, ND | 0 | 1,026 | 6,143 | 4,404 | 1,038 | 10,535 | 11,573 | -1,670 | 2010 | 40 years | |||||||||||||
Minot 2505 16th Street SW - Minot, ND(2) | 0 | 298 | 1,724 | 296 | 298 | 2,020 | 2,318 | -214 | 2009 | 40 years | |||||||||||||
Miracle Hills One - Omaha, NE | 8,895 | 1,974 | 5,726 | 0 | 1,974 | 5,726 | 7,700 | 0 | 2006 | 40 years | |||||||||||||
Northgate I - Maple Grove, MN | 4,977 | 1,062 | 6,358 | 990 | 1,235 | 7,175 | 8,410 | -1,850 | 2004 | 40 years | |||||||||||||
Northgate II - Maple Grove, MN | 917 | 359 | 1,944 | 284 | 403 | 2,184 | 2,587 | -845 | 1999 | 40 years | |||||||||||||
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES | |||||||||||||||||||||||
30-Apr-14 | |||||||||||||||||||||||
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) | |||||||||||||||||||||||
Initial Cost to Company | Gross amount at which carried at | ||||||||||||||||||||||
close of period | |||||||||||||||||||||||
Description | Encumbrances(1) | Land | Buildings & | Costs capitalized | Land | Buildings & | Total | Accumulated | Date of | Life on which | |||||||||||||
Improvements | subsequent to | Improvements | Depreciation | Construction | depreciation in | ||||||||||||||||||
acquisition | or Acquisition | latest income | |||||||||||||||||||||
statement is | |||||||||||||||||||||||
computed | |||||||||||||||||||||||
Commercial Office - continued | |||||||||||||||||||||||
Northpark Corporate Center - Arden Hills, MN | $ | 11,938 | $ | 2,034 | $ | 14,584 | $ | 2,413 | $ | 2,037 | $ | 16,994 | $ | 19,031 | $ | -3,650 | 2006 | 40 years | |||||
Omaha 10802 Farnam Dr - Omaha, NE | 5,182 | 2,462 | 4,374 | 392 | 2,818 | 4,410 | 7,228 | -397 | 2010 | 40 years | |||||||||||||
Pacific Hills - Omaha, NE | 16,770 | 4,220 | 6,280 | 33 | 4,220 | 6,313 | 10,533 | 0 | 2006 | 40 years | |||||||||||||
Plaza 16 - Minot, ND | 7,271 | 389 | 5,444 | 3,860 | 598 | 9,095 | 9,693 | -1,665 | 2009 | 40 years | |||||||||||||
Plaza VII - Boise, ID | 930 | 300 | 3,058 | 471 | 370 | 3,459 | 3,829 | -1,122 | 2003 | 40 years | |||||||||||||
Plymouth 5095 Nathan Lane - Plymouth, MN | 1,182 | 604 | 1,253 | 82 | 636 | 1,303 | 1,939 | -224 | 2007 | 40 years | |||||||||||||
Plymouth I - Plymouth, MN | 1,115 | 530 | 1,133 | 65 | 530 | 1,198 | 1,728 | -307 | 2004 | 40 years | |||||||||||||
Plymouth II - Plymouth, MN | 1,115 | 367 | 1,264 | 40 | 367 | 1,304 | 1,671 | -342 | 2004 | 40 years | |||||||||||||
Plymouth III - Plymouth, MN | 1,373 | 507 | 1,495 | 365 | 507 | 1,860 | 2,367 | -563 | 2004 | 40 years | |||||||||||||
Plymouth IV & V - Plymouth, MN | 6,717 | 1,336 | 12,693 | 2,085 | 1,338 | 14,776 | 16,114 | -5,204 | 2001 | 40 years | |||||||||||||
Prairie Oak Business Center - Eden Prairie, MN | 3,215 | 531 | 4,069 | 2,216 | 784 | 6,032 | 6,816 | -2,138 | 2003 | 40 years | |||||||||||||
Rapid City 900 Concourse Drive - Rapid City, SD | 696 | 285 | 6,600 | 1,028 | 514 | 7,399 | 7,913 | -2,584 | 2000 | 40 years | |||||||||||||
Riverport - Maryland Heights, MO | 19,690 | 1,891 | 6,109 | 107 | 1,891 | 6,216 | 8,107 | 0 | 2006 | 40 years | |||||||||||||
Southeast Tech Center - Eagan, MN | 1,651 | 560 | 5,496 | 419 | 569 | 5,906 | 6,475 | -2,302 | 1999 | 40 years | |||||||||||||
Spring Valley IV - Omaha, NE | 748 | 178 | 916 | 60 | 186 | 968 | 1,154 | -235 | 2005 | 40 years | |||||||||||||
Spring Valley V - Omaha, NE | 823 | 212 | 1,123 | 251 | 240 | 1,346 | 1,586 | -342 | 2005 | 40 years | |||||||||||||
Spring Valley X - Omaha, NE | 763 | 180 | 1,024 | 79 | 189 | 1,094 | 1,283 | -246 | 2005 | 40 years | |||||||||||||
Spring Valley XI - Omaha, NE | 748 | 143 | 1,094 | 36 | 151 | 1,122 | 1,273 | -247 | 2005 | 40 years | |||||||||||||
Superior Office Building - Duluth, MN | 1,063 | 336 | 2,200 | 83 | 336 | 2,283 | 2,619 | -609 | 2004 | 40 years | |||||||||||||
TCA Building - Eagan, MN | 7,500 | 627 | 8,571 | 709 | 684 | 9,223 | 9,907 | -2,406 | 2003 | 40 years | |||||||||||||
Three Paramount Plaza - Bloomington, MN | 0 | 1,261 | 6,149 | 1,972 | 1,348 | 8,034 | 9,382 | -2,828 | 2002 | 40 years | |||||||||||||
Thresher Square - Minneapolis, MN | 0 | 1,094 | 10,026 | 1,693 | 1,104 | 11,709 | 12,813 | -3,963 | 2002 | 40 years | |||||||||||||
Timberlands - Leawood, KS | 13,155 | 2,375 | 9,601 | 36 | 2,375 | 9,637 | 12,012 | 0 | 2006 | 40 years | |||||||||||||
UHC Office - International Falls, MN | 900 | 119 | 2,366 | 80 | 119 | 2,446 | 2,565 | -656 | 2004 | 40 years | |||||||||||||
US Bank Financial Center - Bloomington, MN | 13,104 | 3,117 | 13,350 | 1,586 | 3,119 | 14,934 | 18,053 | -3,254 | 2005 | 40 years | |||||||||||||
Wells Fargo Center - St Cloud, MN | 6,002 | 869 | 8,373 | 1,448 | 869 | 9,821 | 10,690 | -2,375 | 2005 | 40 years | |||||||||||||
West River Business Park - Waite Park, MN | 491 | 235 | 1,195 | 241 | 235 | 1,436 | 1,671 | -371 | 2003 | 40 years | |||||||||||||
Westgate - Boise, ID | 3,989 | 1,000 | 10,618 | 1,933 | 1,000 | 12,551 | 13,551 | -4,046 | 2003 | 40 years | |||||||||||||
Whitewater Plaza - Minnetonka, MN | 3,762 | 530 | 4,860 | 1,068 | 577 | 5,881 | 6,458 | -1,982 | 2002 | 40 years | |||||||||||||
Wirth Corporate Center - Golden Valley, MN | 0 | 970 | 3,760 | 0 | 970 | 3,760 | 4,730 | 0 | 2002 | 40 years | |||||||||||||
Woodlands Plaza IV - Maryland Heights, MO | 4,360 | 771 | 4,609 | 1,466 | 862 | 5,984 | 6,846 | -1,261 | 2006 | 40 years | |||||||||||||
Total Commercial Office | $ | 328,879 | $ | 70,098 | $ | 407,590 | $ | 66,940 | $ | 72,277 | $ | 472,351 | $ | 544,628 | $ | -121,892 | |||||||
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES | |||||||||||||||||||||||
30-Apr-14 | |||||||||||||||||||||||
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) | |||||||||||||||||||||||
Initial Cost to Company | Gross amount at which carried at | ||||||||||||||||||||||
close of period | |||||||||||||||||||||||
Description | Encumbrances(1) | Land | Buildings & | Costs capitalized | Land | Buildings & | Total | Accumulated | Date of | Life on which | |||||||||||||
Improvements | subsequent to | Improvements | Depreciation | Construction | depreciation in | ||||||||||||||||||
acquisition | or Acquisition | latest income | |||||||||||||||||||||
statement is | |||||||||||||||||||||||
computed | |||||||||||||||||||||||
Commercial Healthcare | |||||||||||||||||||||||
2800 Medical Building - Minneapolis, MN | $ | 5,203 | $ | 204 | $ | 7,135 | $ | 2,246 | $ | 229 | $ | 9,356 | $ | 9,585 | $ | -2,691 | 2005 | 40 years | |||||
2828 Chicago Avenue - Minneapolis, MN | 8,217 | 726 | 11,319 | 5,627 | 729 | 16,943 | 17,672 | -3,388 | 2007 | 40 years | |||||||||||||
Airport Medical - Bloomington, MN | 769 | 0 | 4,678 | 0 | 0 | 4,678 | 4,678 | -1,614 | 2002 | 40 years | |||||||||||||
Barry Pointe Office Park - Kansas City, MO | 1,403 | 384 | 2,366 | 143 | 392 | 2,501 | 2,893 | -467 | 2007 | 40 years | |||||||||||||
Billings 2300 Grant Road - Billings, MT | 1,447 | 649 | 1,216 | 0 | 649 | 1,216 | 1,865 | -115 | 2010 | 40 years | |||||||||||||
Burnsville 303 Nicollet Medical (Ridgeview) - Burnsville, MN | 8,273 | 1,071 | 6,842 | 1,602 | 1,071 | 8,444 | 9,515 | -1,328 | 2008 | 40 years | |||||||||||||
Burnsville 305 Nicollet Medical (Ridgeview South) - Burnsville, MN | 5,179 | 189 | 5,127 | 956 | 189 | 6,083 | 6,272 | -901 | 2008 | 40 years | |||||||||||||
Casper 1930 E 12th Street (Park Place) - Casper, WY(2) | 0 | 439 | 5,780 | 162 | 439 | 5,942 | 6,381 | -692 | 2009 | 40 years | |||||||||||||
Casper 3955 E 12th Street (Meadow Wind) - Casper, WY(2) | 0 | 388 | 10,494 | 181 | 459 | 10,604 | 11,063 | -1,130 | 2009 | 40 years | |||||||||||||
Cheyenne 4010 N College Drive (Aspen Wind) - Cheyenne, WY(2) | 0 | 628 | 10,272 | 260 | 629 | 10,531 | 11,160 | -1,180 | 2009 | 40 years | |||||||||||||
Cheyenne 4606 N College Drive (Sierra Hills) - Cheyenne, WY(2) | 0 | 695 | 7,455 | 40 | 695 | 7,495 | 8,190 | -830 | 2009 | 40 years | |||||||||||||
Denfeld Clinic - Duluth, MN | 1,546 | 501 | 2,597 | 1 | 501 | 2,598 | 3,099 | -653 | 2004 | 40 years | |||||||||||||
Eagan 1440 Duckwood Medical - Eagan, MN | 0 | 521 | 1,547 | 519 | 521 | 2,066 | 2,587 | -541 | 2008 | 40 years | |||||||||||||
Edgewood Vista - Belgrade, MT | 0 | 35 | 779 | 6 | 35 | 785 | 820 | -120 | 2008 | 40 years | |||||||||||||
Edgewood Vista - Billings, MT | 1,844 | 115 | 1,767 | 10 | 115 | 1,777 | 1,892 | -275 | 2008 | 40 years | |||||||||||||
Edgewood Vista - Bismarck, ND | 0 | 511 | 9,193 | 139 | 511 | 9,332 | 9,843 | -1,993 | 2005 | 40 years | |||||||||||||
Edgewood Vista - Brainerd, MN | 0 | 587 | 8,999 | 79 | 587 | 9,078 | 9,665 | -1,950 | 2005 | 40 years | |||||||||||||
Edgewood Vista - Columbus, NE | 0 | 43 | 824 | 3 | 44 | 826 | 870 | -126 | 2008 | 40 years | |||||||||||||
Edgewood Vista - East Grand Forks, MN | 2,809 | 290 | 1,352 | 24 | 290 | 1,376 | 1,666 | -213 | 2000 | 40 years | |||||||||||||
Edgewood Vista - Fargo, ND | 12,418 | 775 | 20,870 | 13 | 775 | 20,883 | 21,658 | -3,197 | 2008 | 40 years | |||||||||||||
Edgewood Vista - Fremont, NE | 573 | 56 | 490 | 43 | 56 | 533 | 589 | -166 | 2008 | 40 years | |||||||||||||
Edgewood Vista - Grand Island, NE | 0 | 33 | 773 | 31 | 39 | 798 | 837 | -120 | 2008 | 40 years | |||||||||||||
Edgewood Vista - Hastings, NE | 590 | 49 | 517 | 46 | 50 | 562 | 612 | -181 | 2008 | 40 years | |||||||||||||
Edgewood Vista - Hermantown I, MN | 15,823 | 288 | 9,871 | 1,520 | 288 | 11,391 | 11,679 | -3,589 | 2000 | 40 years | |||||||||||||
Edgewood Vista - Hermantown II, MN | 0 | 719 | 10,517 | 33 | 719 | 10,550 | 11,269 | -2,273 | 2005 | 40 years | |||||||||||||
Edgewood Vista - Kalispell, MT | 592 | 70 | 502 | 615 | 70 | 1,117 | 1,187 | -287 | 2001 | 40 years | |||||||||||||
Edgewood Vista - Minot, ND | 9,250 | 1,045 | 11,590 | 77 | 1,047 | 11,665 | 12,712 | -1,007 | 2010 | 40 years | |||||||||||||
Edgewood Vista - Missoula, MT | 840 | 109 | 854 | 74 | 116 | 921 | 1,037 | -385 | 1996 | 40 years | |||||||||||||
Edgewood Vista - Norfolk, NE | 0 | 42 | 722 | 9 | 42 | 731 | 773 | -112 | 2008 | 40 years | |||||||||||||
Edgewood Vista - Omaha, NE | 374 | 89 | 547 | 45 | 89 | 592 | 681 | -186 | 2001 | 40 years | |||||||||||||
Edgewood Vista - Sioux Falls, SD | 1,056 | 314 | 974 | 40 | 314 | 1,014 | 1,328 | -155 | 2008 | 40 years | |||||||||||||
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES | |||||||||||||||||||||||
30-Apr-14 | |||||||||||||||||||||||
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) | |||||||||||||||||||||||
Initial Cost to Company | Gross amount at which carried at | Life on which | |||||||||||||||||||||
close of period | depreciation in | ||||||||||||||||||||||
latest income | |||||||||||||||||||||||
statement is | |||||||||||||||||||||||
Description | Encumbrances(1) | Land | Buildings & | Costs capitalized | Land | Buildings & | Total | Accumulated | Date of | computed | |||||||||||||
Improvements | subsequent to | Improvements | Depreciation | Construction | |||||||||||||||||||
acquisition | or Acquisition | ||||||||||||||||||||||
Commercial Healthcare - continued | |||||||||||||||||||||||
Edgewood Vista - Spearfish, SD | $ | 0 | $ | 315 | $ | 8,584 | $ | 69 | $ | 330 | $ | 8,638 | $ | 8,968 | $ | -1,489 | 2005 | 40 years | |||||
Edgewood Vista - Virginia, MN | 13,460 | 246 | $ | 11,823 | 137 | 246 | 11,960 | 12,206 | -3,357 | 2002 | 40 years | ||||||||||||
Edina 6363 France Medical - Edina, MN | 9,830 | 0 | 12,675 | 2,500 | 0 | 15,175 | 15,175 | -3,114 | 2008 | 40 years | |||||||||||||
Edina 6405 France Medical - Edina, MN | 8,473 | 0 | 12,201 | 41 | 0 | 12,242 | 12,242 | -2,532 | 2008 | 40 years | |||||||||||||
Edina 6517 Drew Avenue - Edina, MN | 0 | 353 | 660 | 529 | 372 | 1,170 | 1,542 | -519 | 2002 | 40 years | |||||||||||||
Edina 6525 Drew Avenue - Edina, MN | 0 | 388 | 117 | 0 | 388 | 117 | 505 | -7 | 2011 | 40 years | |||||||||||||
Edina 6525 France SMC II - Edina, MN | 9,991 | 755 | 8,054 | 5,982 | 1,040 | 13,751 | 14,791 | -5,805 | 2003 | 40 years | |||||||||||||
Edina 6545 France SMC I - Edina MN | 30,219 | 3,480 | 30,743 | 14,758 | 3,480 | 45,501 | 48,981 | -16,225 | 2001 | 40 years | |||||||||||||
Fresenius - Duluth, MN | 648 | 50 | 1,520 | 2 | 50 | 1,522 | 1,572 | -382 | 2004 | 40 years | |||||||||||||
Garden View - St. Paul, MN | 785 | 0 | 7,408 | 644 | 12 | 8,040 | 8,052 | -2,466 | 2002 | 40 years | |||||||||||||
Gateway Clinic - Sandstone, MN | 895 | 66 | 1,699 | 1 | 66 | 1,700 | 1,766 | -427 | 2004 | 40 years | |||||||||||||
Healtheast St John & Woodwinds - Maplewood & Woodbury, MN | 8,947 | 3,239 | 18,362 | 0 | 3,239 | 18,362 | 21,601 | -6,407 | 2000 | 40 years | |||||||||||||
High Pointe Health Campus - Lake Elmo, MN | 7,500 | 1,305 | 10,528 | 1,678 | 1,329 | 12,182 | 13,511 | -3,320 | 2004 | 40 years | |||||||||||||
Jamestown Medical Office Building - Jamestown, ND | 6,078 | 0 | 7,622 | 0 | 0 | 7,622 | 7,622 | -464 | 2013 | 40 years | |||||||||||||
Laramie 1072 N 22nd Street (Spring Wind) - Laramie, WY(2) | 0 | 406 | 10,151 | 17 | 406 | 10,168 | 10,574 | -941 | 2009 | 40 years | |||||||||||||
Legends at Heritage Place - Sartell, MN | 0 | 970 | 9,920 | 0 | 970 | 9,920 | 10,890 | -134 | 2013 | 40 years | |||||||||||||
Mariner Clinic - Superior, WI | 1,958 | 0 | 3,781 | 90 | 20 | 3,851 | 3,871 | -974 | 2004 | 40 years | |||||||||||||
Minneapolis 701 25th Avenue Medical - Minneapolis, MN | 7,368 | 0 | 7,873 | 1,551 | 0 | 9,424 | 9,424 | -1,471 | 2008 | 40 years | |||||||||||||
Missoula 3050 Great Northern - Missoula, MT | 1,510 | 640 | 1,331 | 0 | 640 | 1,331 | 1,971 | -126 | 2010 | 40 years | |||||||||||||
Nebraska Orthopaedic Hospital - Omaha, NE | 11,516 | 0 | 20,272 | 1,615 | 0 | 21,887 | 21,887 | -5,353 | 2004 | 40 years | |||||||||||||
Park Dental - Brooklyn Center, MN | 441 | 185 | 2,767 | 0 | 185 | 2,767 | 2,952 | -804 | 2002 | 40 years | |||||||||||||
Pavilion I - Duluth, MN | 5,159 | 1,245 | 8,898 | 31 | 1,245 | 8,929 | 10,174 | -2,219 | 2004 | 40 years | |||||||||||||
Pavilion II - Duluth, MN | 9,494 | 2,715 | 14,673 | 1,937 | 2,715 | 16,610 | 19,325 | -5,264 | 2004 | 40 years | |||||||||||||
Ritchie Medical Plaza - St Paul, MN | 6,228 | 1,615 | 7,851 | 3,481 | 1,647 | 11,300 | 12,947 | -2,350 | 2005 | 40 years | |||||||||||||
Sartell 2000 23rd Street South - Sartell, MN | 2,456 | 0 | 11,781 | 934 | 0 | 12,715 | 12,715 | -3,782 | 2002 | 40 years | |||||||||||||
Spring Creek-American Falls - American Falls, ID | 2,210 | 145 | 3,870 | 0 | 145 | 3,870 | 4,015 | -292 | 2011 | 40 years | |||||||||||||
Spring Creek-Boise - Boise, ID | 2,857 | 708 | 4,296 | 0 | 708 | 4,296 | 5,004 | -348 | 2011 | 40 years | |||||||||||||
Spring Creek-Eagle - Eagle, ID | 2,034 | 263 | 3,775 | 0 | 263 | 3,775 | 4,038 | -286 | 2011 | 40 years | |||||||||||||
Spring Creek-Fruitland - Fruitland, ID | 0 | 550 | 6,565 | 0 | 550 | 6,565 | 7,115 | -57 | 2014 | 40 years | |||||||||||||
Spring Creek-Meridian - Meridian, ID | 3,360 | 424 | 6,724 | 0 | 424 | 6,724 | 7,148 | -504 | 2011 | 40 years | |||||||||||||
Spring Creek-Overland - Overland, ID | 3,225 | 687 | 5,942 | 0 | 687 | 5,942 | 6,629 | -465 | 2011 | 40 years | |||||||||||||
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES | |||||||||||||||||||||||
30-Apr-14 | |||||||||||||||||||||||
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) | |||||||||||||||||||||||
Initial Cost to Company | Gross amount at which carried at | Life on which | |||||||||||||||||||||
close of period | depreciation in | ||||||||||||||||||||||
latest income | |||||||||||||||||||||||
statement is | |||||||||||||||||||||||
Description | Encumbrances(1) | Land | Buildings & | Costs capitalized | Land | Buildings & | Total | Accumulated | Date of | computed | |||||||||||||
Improvements | subsequent to | Improvements | Depreciation | Construction | |||||||||||||||||||
acquisition | or Acquisition | ||||||||||||||||||||||
Commercial Healthcare - continued | |||||||||||||||||||||||
Spring Creek-Soda Springs - Soda Springs, ID | $ | 796 | $ | 66 | $ | 2,124 | $ | 33 | $ | 66 | $ | 2,157 | $ | 2,223 | $ | -165 | 2011 | 40 years | |||||
Spring Creek-Ustick - Meridian, ID | 0 | 467 | 3,833 | 0 | 467 | 3,833 | 4,300 | -268 | 2011 | 40 years | |||||||||||||
St Michael Clinic - St Michael, MN | 1,851 | 328 | 2,259 | 264 | 328 | 2,523 | 2,851 | -447 | 2007 | 40 years | |||||||||||||
Trinity at Plaza 16 - Minot, ND | 4,854 | 568 | 9,009 | 125 | 674 | 9,028 | 9,702 | -588 | 2011 | 40 years | |||||||||||||
Wells Clinic - Hibbing, MN | 1,365 | 162 | 2,497 | 2 | 162 | 2,499 | 2,661 | -626 | 2004 | 40 years | |||||||||||||
Total Commercial Healthcare | $ | 243,714 | $ | 33,906 | $ | 440,157 | $ | 50,965 | $ | 34,544 | $ | 490,484 | $ | 525,028 | $ | -105,843 | |||||||
Commercial Industrial | |||||||||||||||||||||||
Bloomington 2000 W 94th Street - Bloomington, MN(2) | $ | 0 | $ | 2,133 | $ | 4,097 | $ | 1,200 | $ | 2,187 | $ | 5,243 | $ | 7,430 | $ | -1,197 | 2006 | 40 years | |||||
Eagan 2785 & 2795 Highway 55 - Eagan, MN | 0 | 3,058 | 2,570 | 20 | 3,058 | 2,590 | 5,648 | -401 | 2008 | 40 years | |||||||||||||
Lexington Commerce Center - Eagan, MN | 2,294 | 453 | 4,352 | 1,982 | 480 | 6,307 | 6,787 | -2,639 | 1999 | 40 years | |||||||||||||
Minot IPS - Minot, ND(2) | 0 | 416 | 5,635 | 0 | 416 | 5,635 | 6,051 | -212 | 2012 | 40 years | |||||||||||||
Stone Container - Fargo, ND | 922 | 440 | 6,597 | 104 | 440 | 6,701 | 7,141 | -2,776 | 2001 | 40 years | |||||||||||||
Roseville 3075 Long Lake Road - Roseville, MN | 0 | 810 | 526 | 106 | 810 | 632 | 1,442 | -4 | 2001 | 40 years | |||||||||||||
Urbandale 3900 106th Street - Urbandale, IA | 10,564 | 3,680 | 9,893 | 1,683 | 3,863 | 11,393 | 15,256 | -2,135 | 2007 | 40 years | |||||||||||||
Woodbury 1865 Woodlane - Woodbury, MN | 0 | 1,108 | 2,628 | 1,884 | 1,123 | 4,497 | 5,620 | -834 | 2007 | 40 years | |||||||||||||
Total Commercial Industrial | $ | 13,780 | $ | 12,098 | $ | 36,298 | $ | 6,979 | $ | 12,377 | $ | 42,998 | $ | 55,375 | $ | -10,198 | |||||||
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES | |||||||||||||||||||||||
30-Apr-14 | |||||||||||||||||||||||
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) | |||||||||||||||||||||||
Initial Cost to Company | Gross amount at which carried at | Life on which | |||||||||||||||||||||
close of period | depreciation in | ||||||||||||||||||||||
latest income | |||||||||||||||||||||||
statement is | |||||||||||||||||||||||
Description | Encumbrances(1) | Land | Buildings & | Costs capitalized | Land | Buildings & | Total | Accumulated | Date of | computed | |||||||||||||
Improvements | subsequent to | Improvements | Depreciation | Construction | |||||||||||||||||||
acquisition | or Acquisition | ||||||||||||||||||||||
Commercial Retail | |||||||||||||||||||||||
17 South Main - Minot, ND | $ | 78 | $ | 15 | $ | 75 | $ | 197 | $ | 17 | $ | 270 | $ | 287 | $ | -199 | 2000 | 40 years | |||||
Arrowhead First International Bank - Minot, ND | 0 | 75 | 1,211 | 20 | 95 | 1,211 | 1,306 | -34 | 2013 | 40 years | |||||||||||||
Burnsville 1 Strip Center - Burnsville, MN | 0 | 208 | 773 | 205 | 208 | 978 | 1,186 | -284 | 2003 | 40 years | |||||||||||||
Champlin South Pond - Champlin, MN | 1,332 | 842 | 2,703 | 95 | 866 | 2,774 | 3,640 | -722 | 2004 | 40 years | |||||||||||||
Chan West Village - Chanhassen, MN | 12,690 | 5,035 | 14,665 | 2,025 | 5,624 | 16,101 | 21,725 | -4,760 | 2003 | 40 years | |||||||||||||
Dakota West Plaza - Minot , ND | 356 | 92 | 493 | 30 | 106 | 509 | 615 | -108 | 2006 | 40 years | |||||||||||||
Duluth 4615 Grand - Duluth, MN | 612 | 130 | 1,800 | 4 | 131 | 1,803 | 1,934 | -453 | 2004 | 40 years | |||||||||||||
Duluth Denfeld Retail - Duluth, MN | 2,023 | 276 | 4,699 | 162 | 297 | 4,840 | 5,137 | -1,256 | 2004 | 40 years | |||||||||||||
Fargo Express Community - Fargo, ND | 882 | 374 | 1,420 | 777 | 386 | 2,185 | 2,571 | -507 | 2003-2005 | 40 years | |||||||||||||
Forest Lake Auto - Forest Lake, MN | 0 | 50 | 446 | 13 | 50 | 459 | 509 | -132 | 2003 | 40 years | |||||||||||||
Forest Lake Westlake Center - Forest Lake, MN | 0 | 2,446 | 5,304 | 1,099 | 2,480 | 6,369 | 8,849 | -1,651 | 2003 | 40 years | |||||||||||||
Grand Forks Carmike - Grand Forks, ND | 1,426 | 184 | 2,360 | 2 | 184 | 2,362 | 2,546 | -1,152 | 1994 | 40 years | |||||||||||||
Grand Forks Medpark Mall - Grand Forks, ND | 0 | 681 | 4,808 | 231 | 722 | 4,998 | 5,720 | -1,800 | 2000 | 40 years | |||||||||||||
Jamestown Buffalo Mall - Jamestown, ND | 1,934 | 566 | 5,551 | 2,848 | 1,114 | 7,851 | 8,965 | -1,746 | 2003 | 40 years | |||||||||||||
Jamestown Business Center - Jamestown, ND | 399 | 297 | 1,023 | 1,330 | 333 | 2,317 | 2,650 | -930 | 2003 | 40 years | |||||||||||||
Kalispell Retail Center - Kalispell, MT | 971 | 250 | 2,250 | 973 | 253 | 3,220 | 3,473 | -840 | 2003 | 40 years | |||||||||||||
Lakeville Strip Center - Lakeville, MN | 874 | 46 | 1,142 | 852 | 94 | 1,946 | 2,040 | -667 | 2003 | 40 years | |||||||||||||
Minot Arrowhead - Minot, ND(2) | 0 | 100 | 3,216 | 5,462 | 116 | 8,662 | 8,778 | -1,718 | 1973 | 40 years | |||||||||||||
Minot Plaza - Minot, ND(2) | 777 | 50 | 453 | 147 | 80 | 570 | 650 | -317 | 1993 | 40 years | |||||||||||||
Monticello C Store - Monticello, MN | 0 | 65 | 770 | 37 | 97 | 775 | 872 | -227 | 2003 | 40 years | |||||||||||||
Omaha Barnes & Noble - Omaha, NE | 2,267 | 600 | 3,099 | 0 | 600 | 3,099 | 3,699 | -1,433 | 1995 | 40 years | |||||||||||||
Pine City C-Store - Pine City, MN | 0 | 83 | 357 | 12 | 83 | 369 | 452 | -107 | 2003 | 40 years | |||||||||||||
Pine City Evergreen Square - Pine City, MN | 0 | 154 | 2,646 | 597 | 385 | 3,012 | 3,397 | -983 | 2003 | 40 years | |||||||||||||
Rochester Maplewood Square - Rochester, MN | 0 | 3,275 | 8,610 | 2,089 | 3,652 | 10,322 | 13,974 | -3,581 | 1999 | 40 years | |||||||||||||
St. Cloud Westgate - St. Cloud, MN | 0 | 885 | 5,535 | 1,738 | 977 | 7,181 | 8,158 | -1,729 | 2004 | 40 years | |||||||||||||
Weston Retail - Weston, WI | 0 | 79 | 1,575 | 27 | 80 | 1,601 | 1,681 | -448 | 2003 | 40 years | |||||||||||||
Weston Walgreens - Weston, WI | 0 | 66 | 1,718 | 671 | 67 | 2,388 | 2,455 | -471 | 2006 | 40 years | |||||||||||||
Total Commercial Retail | $ | 26,621 | $ | 16,924 | $ | 78,702 | $ | 21,643 | $ | 19,097 | $ | 98,172 | $ | 117,269 | $ | -28,255 | |||||||
Subtotal | $ | 997,689 | $ | 185,371 | $ | 1,541,588 | $ | 269,072 | $ | 205,017 | $ | 1,791,014 | $ | 1,996,031 | $ | -424,288 | |||||||
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES | |||||||||||||||||||||||
30-Apr-14 | |||||||||||||||||||||||
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) | |||||||||||||||||||||||
Initial Cost to Company | Gross amount at which carried at | ||||||||||||||||||||||
close of period | |||||||||||||||||||||||
Description | Encumbrances(1) | Land | Buildings & | Costs capitalized | Land | Buildings & | Total | Accumulated | Date of | ||||||||||||||
Improvements | subsequent to | Improvements | Depreciation | Construction | |||||||||||||||||||
acquisition | or Acquisition | ||||||||||||||||||||||
Unimproved Land | |||||||||||||||||||||||
Badger Hills - Rochester, MN | $ | 0 | $ | 1,050 | $ | 0 | $ | 0 | $ | 1,050 | $ | 0 | $ | 1,050 | $ | 0 | 2012 | ||||||
Bismarck 4916 - Bismarck, ND | 0 | 3,250 | 0 | 0 | 3,250 | 0 | 3,250 | 0 | 2013 | ||||||||||||||
Bismarck 700 E Main - Bismarck, ND | 0 | 314 | 0 | 562 | 876 | 0 | 876 | 0 | 2008 | ||||||||||||||
Deer Ridge - Jamestown, ND | 0 | 711 | 0 | 0 | 711 | 0 | 711 | 0 | 2013 | ||||||||||||||
Eagan - Eagan, MN | 0 | 423 | 0 | 0 | 423 | 0 | 423 | 0 | 2006 | ||||||||||||||
Georgetown Square - Grand Chute, WI | 0 | 1,860 | 0 | 0 | 1,860 | 0 | 1,860 | 0 | 2006 | ||||||||||||||
Grand Forks - Grand Forks, ND | 0 | 4,278 | 0 | 0 | 4,278 | 0 | 4,278 | 0 | 2012 | ||||||||||||||
Isanti Unimproved - Isanti, MN | 0 | 58 | 0 | 0 | 58 | 0 | 58 | 0 | 2014 | ||||||||||||||
Kalispell - Kalispell, MT | 0 | 1,400 | 0 | 24 | 1,424 | 0 | 1,424 | 0 | 2003 | ||||||||||||||
Legends at Heritage Place - Sartell, MN | 0 | 537 | 0 | 0 | 537 | 0 | 537 | 0 | 2013 | ||||||||||||||
Minot (Southgate Lot 4) - Minot, ND | 0 | 890 | 0 | 0 | 890 | 0 | 890 | 0 | 2013 | ||||||||||||||
Minot Wells Fargo Bank - Minot, ND | 0 | 992 | 0 | 0 | 992 | 0 | 992 | 0 | 2013 | ||||||||||||||
Monticello - Monticello, MN | 0 | 115 | 0 | 2 | 117 | 0 | 117 | 0 | 2006 | ||||||||||||||
Rapid City Unimproved- Rapid City, SD | 0 | 1,376 | 0 | 0 | 1,376 | 0 | 1,376 | 0 | 2014 | ||||||||||||||
Renaissance Heights - Williston, ND | 0 | 2,229 | 0 | 1,348 | 3,577 | 0 | 3,577 | 0 | 2012 | ||||||||||||||
River Falls - River Falls, WI | 0 | 176 | 0 | 4 | 180 | 0 | 180 | 0 | 2003 | ||||||||||||||
Spring Creek Fruitland - Fruitland, IA | 0 | 339 | 0 | 0 | 339 | 0 | 339 | 0 | 2014 | ||||||||||||||
Urbandale - Urbandale, IA | 0 | 5 | 0 | 109 | 114 | 0 | 114 | 0 | 2009 | ||||||||||||||
Weston - Weston, WI | 0 | 812 | 0 | 0 | 812 | 0 | 812 | 0 | 2006 | ||||||||||||||
Total Unimproved Land | $ | 0 | $ | 20,815 | $ | 0 | $ | 2,049 | $ | 22,864 | $ | 0 | $ | 22,864 | $ | 0 | |||||||
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES | |||||||||||||||||||||||
30-Apr-14 | |||||||||||||||||||||||
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) | |||||||||||||||||||||||
Initial Cost to Company | Gross amount at which carried at | ||||||||||||||||||||||
close of period | |||||||||||||||||||||||
Description | Encumbrances(1) | Land | Buildings & | Costs capitalized | Land | Buildings & | Total | Accumulated | Date of | ||||||||||||||
Improvements | subsequent to | Improvements | Depreciation | Construction | |||||||||||||||||||
acquisition | or Acquisition | ||||||||||||||||||||||
Development in Progress | |||||||||||||||||||||||
Arcata - Golden Valley, MN | $ | 0 | $ | 2,088 | $ | 8,974 | $ | 1,956 | $ | 2,088 | $ | 10,930 | $ | 13,018 | $ | 0 | 2013 | ||||||
Cardinal Point - Grand Forks, ND | 0 | 1,600 | 0 | 5,229 | 1,600 | 5,229 | 6,829 | 0 | 2013 | ||||||||||||||
Chateau II - Minot, ND | 0 | 240 | 1,842 | 16 | 240 | 1,858 | 2,098 | 0 | 2013 | ||||||||||||||
Commons at Southgate - Minot, ND | 0 | 3,691 | 22,819 | 1,555 | 3,691 | 24,374 | 28,065 | 0 | 2013 | ||||||||||||||
Cypress Court II - St. Cloud, MN | 0 | 447 | 5 | 1,128 | 447 | 1,133 | 1,580 | 0 | 2012 | ||||||||||||||
Dakota Commons - Williston, ND | 0 | 823 | 7,293 | 898 | 823 | 8,191 | 9,014 | 0 | 2012 | ||||||||||||||
Red 20 - Minneapolis, MN | 0 | 1,900 | 116 | 11,964 | 1,900 | 12,080 | 13,980 | 0 | 2013 | ||||||||||||||
Renaissance Heights I - Williston, ND | 0 | 2,464 | 23,900 | 1,165 | 2,464 | 25,065 | 27,529 | 0 | 2013 | ||||||||||||||
Other | 0 | 0 | 0 | 2,496 | 0 | 2,496 | 2,496 | 0 | n/a | ||||||||||||||
Total Development in Progress | $ | 0 | $ | 13,253 | $ | 64,949 | $ | 26,407 | $ | 13,253 | $ | 91,356 | $ | 104,609 | $ | 0 | |||||||
Total | $ | 997,689 | $ | 219,439 | $ | 1,606,537 | $ | 297,528 | $ | 241,134 | $ | 1,882,370 | $ | 2,123,504 | $ | -424,288 | |||||||
-1 | Amounts in this column are the mortgages payable balances as of April 30, 2014. These amounts do not include amounts owing under the Company's multi-bank line of credit or under the Company's construction loans. | ||||||||||||||||||||||
-2 | As of April 30, 2014, this property was included in the collateral pool securing the Company's $72.0 million multi-bank line of credit. The Company may add and remove eligible properties from the collateral pool if certain minimum collateral requirements are satisfied. Advances under the facility may not exceed 60% of the value of properties provided as security. | ||||||||||||||||||||||
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES | |||||||||||||||||||||||
30-Apr-14 | |||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||
Reconciliations of the carrying value of total property owned for the three years ended April 30, 2014, 2013, and 2012 are as follows: | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Balance at beginning of year | $ | 2,032,970 | $ | 1,892,009 | $ | 1,770,798 | |||||||||||||||||
Additions during year | |||||||||||||||||||||||
Multi-Family Residential | 84,117 | 113,859 | 47,433 | ||||||||||||||||||||
Commercial Office | 0 | 0 | 0 | ||||||||||||||||||||
Commercial Healthcare | 18,005 | 11,122 | 47,408 | ||||||||||||||||||||
Commercial Industrial | 0 | 5,900 | 0 | ||||||||||||||||||||
Commercial Retail | 0 | 1,240 | 2,316 | ||||||||||||||||||||
Improvements and Other | 34,637 | 36,375 | 35,176 | ||||||||||||||||||||
2,169,729 | 2,060,505 | 1,903,131 | |||||||||||||||||||||
Deductions during year | |||||||||||||||||||||||
Cost of real estate sold | -85,030 | -21,953 | -3,498 | ||||||||||||||||||||
Impairment charge | -43,189 | -305 | -127 | ||||||||||||||||||||
Write down of asset and accumulated depreciation on impaired assets | -31,688 | 0 | 0 | ||||||||||||||||||||
Properties classified as held for sale during the year | -10,307 | -1,893 | -1,288 | ||||||||||||||||||||
Other(A) | -3,484 | -3,384 | -6,209 | ||||||||||||||||||||
Balance at close of year | $ | 1,996,031 | $ | 2,032,970 | $ | 1,892,009 | |||||||||||||||||
Reconciliations of accumulated depreciation/amortization for the three years ended April 30, 2014, 2013, and 2012, are as follows: | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Balance at beginning of year | $ | 420,421 | $ | 373,490 | $ | 328,952 | |||||||||||||||||
Additions during year | |||||||||||||||||||||||
Provisions for depreciation | 57,575 | 56,611 | 51,093 | ||||||||||||||||||||
Deductions during year | |||||||||||||||||||||||
Accumulated depreciation on real estate sold | -19,413 | -6,444 | -758 | ||||||||||||||||||||
Write down of asset and accumulated depreciation on impaired assets | -31,688 | 0 | 0 | ||||||||||||||||||||
Other(A) | -2,607 | -3,236 | -5,797 | ||||||||||||||||||||
Balance at close of year | $ | 424,288 | $ | 420,421 | $ | 373,490 | |||||||||||||||||
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES | |||||||||||||||||||||||
30-Apr-14 | |||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||
Reconciliations of development in progress for the three years ended April 30, 2014, 2013, and 2012, are as follows: | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Balance at beginning of year | $ | 46,782 | $ | 27,599 | $ | 9,693 | |||||||||||||||||
Additions during year | |||||||||||||||||||||||
Unimproved land acquisitions | 2,079 | 9,177 | 2,718 | ||||||||||||||||||||
Unimproved land moved to development in progress | 2,870 | 0 | 0 | ||||||||||||||||||||
Improvements and other | 123,240 | 52,970 | 40,358 | ||||||||||||||||||||
Deductions during year | |||||||||||||||||||||||
Involuntary conversion | -7,052 | 0 | 0 | ||||||||||||||||||||
Development placed in service(B) | -63,210 | -42,964 | -23,434 | ||||||||||||||||||||
Other(C) | -100 | 0 | -1,736 | ||||||||||||||||||||
Balance at close of year | $ | 104,609 | $ | 46,782 | $ | 27,599 | |||||||||||||||||
Reconciliations of unimproved land for the three years ended April 30, 2014, 2013, and 2012, are as follows: | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Balance at beginning of year | $ | 21,503 | $ | 10,990 | $ | 6,550 | |||||||||||||||||
Additions during year | |||||||||||||||||||||||
Unimproved land acquisitions | 3,022 | 13,329 | 4,600 | ||||||||||||||||||||
Improvements and other | 1,209 | 854 | 10 | ||||||||||||||||||||
Deductions during year | |||||||||||||||||||||||
Unimproved land moved to development in progress | -2,870 | -3,670 | -170 | ||||||||||||||||||||
Balance at close of year | $ | 22,864 | $ | 21,503 | $ | 10,990 | |||||||||||||||||
Total real estate investments(D) | $ | 1,699,216 | $ | 1,680,834 | $ | 1,557,108 | |||||||||||||||||
(A) | Consists of miscellaneous disposed assets. | ||||||||||||||||||||||
(B) | Includes development projects that are placed in service in phases. | ||||||||||||||||||||||
(C) | Consists of miscellaneous re-classed assets. | ||||||||||||||||||||||
(D) | The net basis of the Company's real estate investments for Federal Income Tax purposes was $1.5 billion, $1.5 billion and $1.4 billion at April 30, 2014, 2013 and 2012, respectively. |
BASIS_OF_PRESENTATION_AND_SIGN1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||
Apr. 30, 2014 | |||||||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||
BASIS OF PRESENTATION | ' | ||||||
BASIS OF PRESENTATION | |||||||
The accompanying consolidated financial statements include the accounts of IRET and all subsidiaries in which it maintains a controlling interest. All intercompany balances and transactions are eliminated in consolidation. The Company's fiscal year ends April 30th. | |||||||
The accompanying consolidated financial statements include the accounts of IRET and its general partnership interest in the Operating Partnership. The Company's interest in the Operating Partnership was 83.8% and 82.4%, respectively, as of April 30, 2014 and 2013, which includes 100% of the general partnership interest. The limited partners have a redemption option that they may exercise. Upon exercise of the redemption option by the limited partners, IRET has the option of redeeming the limited partners' interests ("Units") for IRET common shares of beneficial interest, on a one-for-one basis, or for cash payment to the unitholder. The redemption generally may be exercised by the limited partners at any time after the first anniversary of the date of the acquisition of the Units (provided, however, that not more than two redemptions by a limited partner may occur during each calendar year, and each limited partner may not exercise the redemption for less than 1,000 Units, or, if such limited partner holds less than 1,000 Units, for all of the Units held by such limited partner). Some limited partners have contractually agreed to a holding period of greater than one year. | |||||||
The consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a controlling interest. These entities are consolidated into IRET's other operations with noncontrolling interests reflecting the noncontrolling partners' share of ownership and income and expenses. | |||||||
RECENT ACCOUNTING PRONOUNCEMENTS | ' | ||||||
RECENT ACCOUNTING PRONOUNCEMENTS | |||||||
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. Examples include a disposal of a major geographic area, | |||||||
NOTE 2 • continued | |||||||
a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about the assets, liabilities, income and expenses of discontinued operations. The ASU is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company adopted this update effective February 1, 2014 and determined that the adoption did not have a material impact on the Company's consolidated results of operations or financial condition. | |||||||
As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. During the quarter ended April 30, 2014, the Company applied the new standard to one property that was classified as held for sale. | |||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU No. 2014-09 does not apply to lease contracts accounted for under ASC 840, Leases. The ASU is effective for annual and interim periods beginning after December 15, 2016. The Company does not expect adoption of this update to have a material impact on the Company's operating results or financial position. | |||||||
USE OF ESTIMATES | ' | ||||||
USE OF ESTIMATES | |||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||
RECLASSIFICATIONS | ' | ||||||
RECLASSIFICATIONS | |||||||
Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. Prior to February 1, 2014, the Company reported, in discontinued operations, the results of operations and the related gains or losses of properties that had either been disposed of or classified as held for sale and otherwise met the classification of a discontinued operation. As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. See Recent Accounting Pronouncements above for additional information. | |||||||
As a result of discontinued operations recognized prior to February 1, 2014, retroactive reclassifications that change prior period numbers have been made. See Note 12 for additional information. During fiscal year 2014, the Company classified as discontinued operations two multi-family residential properties, three commercial office properties, twelve commercial industrial properties and three commercial retail properties. During fiscal year 2013, the Company classified as discontinued operations three multi-family residential properties, one commercial healthcare property, one commercial retail property and four condominium units. The results of operations for these properties are included in income from discontinued operations on the Condensed Consolidated Statements of Operations. | |||||||
During the first quarter of fiscal year 2014 the Company reclassified a commercial property in Minot, North Dakota from the Company's commercial retail segment to its commercial office segment, following the departure of a retail tenant from the property and the Company's subsequent repurposing of the majority of the space in the building from retail to office premises. | |||||||
REVISION | ' | ||||||
REVISION | |||||||
During fiscal year 2014 the Company identified an error pertaining to the reporting for a noncontrolling interest in a consolidated real estate joint venture formed in the fourth quarter of fiscal year 2013 for which the holder of such interest has the right to require the Company to acquire the interest at fair value twelve months after the final certificate of occupancy is obtained for the joint venture's development project. Accounting guidance in ASC 480-10, CFRR 211: Redeemable Preferred Stocks, requires that this noncontrolling interest be classified outside of permanent equity because it is redeemable at the option of the joint venture partner. This error resulted in an overstatement of equity and offsetting understatement of the line entitled "redeemable noncontrolling interests – consolidated real estate entities" in the mezzanine section of the Company's consolidated balance sheet of $5.9 million as of April 30, 2013. This non-cash revision did not impact the Company's consolidated statements of operations or statements of cash flows for any period. | |||||||
In accordance with accounting guidance found in ASC 250-10, Materiality, the Company assessed the materiality of the error and concluded that the error was not material to any of the Company's previously issued financial statements. In accordance with accounting guidance found in ASC 250-10, Considering the Effects of Prior Year Misstatement when Quantifying Misstatements in Current Year Financial Statements, the Company revised its previously issued consolidated balance sheet and statement of equity to correct the effect of this error. The Company will revise amounts pertaining to each of the fiscal 2014 calendar quarters from May 1, 2013 through January 31, 2014 in future quarterly filings on Form 10-Q. | |||||||
The following tables present the effect of this correction on the Company's Consolidated Balance Sheet and Statement of Equity for the period affected: | |||||||
(in thousands) | |||||||
30-Apr-13 | As Previously Reported | Adjustment | As Revised | ||||
Consolidated Balance Sheet | |||||||
Redeemable noncontrolling interests – consolidated real estate entities | $ | 0 | $ | 5,937 | $ | 5,937 | |
Noncontrolling interests – consolidated real estate entities | 26,055 | -5,937 | 20,118 | ||||
Total equity | 761,381 | -5,937 | 755,444 | ||||
(in thousands) | |||||||
Year Ended April 30, 2013 | As Previously Reported | Adjustment | As Revised | ||||
Consolidated Statement of Equity | |||||||
Noncontrolling Interests | |||||||
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests | $ | 4,442 | $ | -5 | $ | 4,437 | |
Contributions from nonredeemable noncontrolling interests – consolidated real estate entities | 12,415 | -5,932 | 6,483 | ||||
Balance April 30, 2013 | 148,594 | -5,937 | 142,657 | ||||
Total Equity | |||||||
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests | 29,972 | -5 | 29,967 | ||||
Contributions from nonredeemable noncontrolling interests – consolidated real estate entities | 12,415 | -5,932 | 6,483 | ||||
Balance April 30, 2013 | 761,381 | -5,937 | 755,444 | ||||
REAL ESTATE INVESTMENTS | ' | ||||||
REAL ESTATE INVESTMENTS | |||||||
Real estate investments are recorded at cost less accumulated depreciation and an adjustment for impairment, if any. Acquisitions of real estate are recorded based upon preliminary allocations of the purchase price which are subject to adjustment as additional information is obtained, but in no case more than one year after the date of acquisition. The Company allocates the purchase price based on the relative fair values of the tangible and intangible assets of an acquired property (which includes the land, building, and personal property) which are determined by valuing the property as if it were vacant and to fair value of the intangible assets (which include in-place leases.) The as-if-vacant value is allocated to land, buildings, and personal property based on management's determination of the relative fair values of these assets. The estimated fair value of the property is the amount that would be recoverable upon the disposition of the property. Techniques used to estimate fair value include discounted cash flow analysis and reference to recent sales of comparables. A land value is assigned based on the purchase price if land is acquired separately or based on estimated fair value if acquired in a merger or in a single or portfolio acquisition. | |||||||
Acquired above- and below-market lease values are recorded as the difference between the contractual amounts to be paid pursuant to the in-place leases and management's estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases, which includes fixed rate renewal options for below-market leases if it is determined probable the tenant will execute a bargain renewal option. | |||||||
Other intangible assets acquired include amounts for in-place lease values that are based upon the Company's evaluation of the specific characteristics of the leases. Factors considered in the fair value analysis include an estimate of carrying costs and foregone rental income during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. The Company also considers information about each property obtained during its pre-acquisition due diligence, marketing and leasing activities in estimating the relative fair value of the tangible and intangible assets acquired. | |||||||
Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. The Company uses a 20-40 year estimated life for buildings and improvements and a 5-12 year estimated life for furniture, fixtures and equipment. | |||||||
The Company follows the real estate project costs guidance in ASC 970, Real Estate – General, in accounting for the costs of development and re-development projects. As real estate is undergoing development or redevelopment, all project costs directly associated with and attributable to the development and construction of a project, including interest expense and real estate tax expense, are capitalized to the cost of the real property. The capitalization period begins when development activities and expenditures begin and are identifiable to a specific property and ends upon completion, which is when the asset is ready for its intended use. Generally, rental property is considered substantially complete and ready for its intended use upon completion of tenant improvements (in the case of commercial properties) or upon issuance of a certificate of occupancy (in the case of multi-family residential properties). General and administrative costs are expensed as incurred. | |||||||
Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements that improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life, generally five to ten years. Property sales or dispositions are recorded when title transfers and sufficient consideration has been received by the Company and the Company has no significant involvement with the property sold. | |||||||
The Company periodically evaluates its long-lived assets, including its real estate investments, for impairment indicators. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset group and legal and environmental concerns. If indicators exist, the Company compares the expected future undiscounted cash flows for the long-lived asset group against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount of the asset group. If our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. | |||||||
NOTE 2 • continued | |||||||
During fiscal year 2014, the Company incurred a non-cash loss of $44.4 million due to impairment of 15 properties, of which $1.9 million is reflected in discontinued operations. See Note 12 for additional information on discontinued operations. Of the total impairment charges of $44.4 million, the amounts incurred in the first, second, third and fourth quarters of fiscal year 2014 were $1.8 million, approximately $57,000, $4.8 million and $37.7 million, respectively. The Company recognized impairments of approximately $864,000 on a commercial industrial property in St. Louis Park, Minnesota; $329,000 on a commercial office property in Bloomington, Minnesota; $265,000 on a commercial retail property in Anoka, Minnesota; $402,000 on a commercial industrial property in Clive, Iowa and $4.8 million on a commercial industrial property in Roseville, Minnesota. These properties were written-down to estimated fair value based on receipt of individual market offers to purchase and the Company's intent to dispose of the properties or, in the case of the Roseville, Minnesota property, a commitment to dispose of a significant portion of the property due to planned redevelopment. The approximately $835,000 impairment of the Company's Edina, Minnesota, commercial office property was based on receipt of a market offer to purchase and the Company's intent to dispose of the property (a purchase agreement was signed by the Company in the fourth quarter of fiscal year 2014). This property was classified as held for sale at April 30, 2014. An impairment loss of $2.1 million was recognized during fiscal year 2014 for the Company's Golden Valley, Minnesota, commercial office property based on receipt of a market offer to purchase and the Company's intent to dispose of the property (a purchase agreement was signed by the Company in the first quarter of fiscal year 2015). The Company recognized in the fourth quarter of fiscal year 2014 a $34.9 million impairment loss on eight commercial office properties located in four states. These properties are part of a portfolio of nine commercial office properties securing a $122.6 million non-recourse CMBS loan with a maturity date of October 6, 2016. Due to concerns over the borrower's ability to refinance the portfolio at loan maturity, the Company revised its assumptions regarding the holding period of these properties. Impairment testing performed in connection with the preparation of the financial statements included in this Annual Report on Form 10-K indicated that impairment indicators were present. The Company commissioned a third-party appraisal of the properties, the result of which indicated a fair value of the portfolio below net book value, and, accordingly, an impairment loss was recorded for the difference. Because the loan amount significantly exceeds the Company's current estimate of the fair value of this nine-property portfolio, the Company is working to initiate discussions with the loan servicer to discuss various alternatives with regard to the loan. Cash flow from the portfolio currently covers debt service on the loan, and the borrower, a special-purpose subsidiary of the Company, is current on all payments under the loan. | |||||||
During fiscal year 2013, the Company incurred a loss of approximately $305,000 due to impairment of one property. The impairment of the Company's Eagan, Minnesota, retail property was based on receipt of a market offer to purchase and the Company's intent to dispose of the property (a purchase agreement was signed by the Company in the fourth quarter of fiscal year 2013). The impairment charge for fiscal year 2013 is reported in discontinued operations. See Note 12 for additional information. | |||||||
During fiscal year 2012, the Company incurred a loss of approximately $428,000 due to impairment of two properties. The $128,000 impairment of the Company's Kentwood, Michigan, retail property was based on receipt of a market offer to purchase and the Company's intention to dispose of the property (a purchase agreement was signed by the Company in the fourth quarter of fiscal year 2012). A related impairment of $7,000 was recorded to write-off goodwill assigned to the Kentwood property. This property was classified as held for sale at April 30, 2012, and the related impairment charge for fiscal year 2012 is in discontinued operations. Also during fiscal year 2012, the Company recognized a $293,000 impairment loss on eight condominium units in Grand Chute, Wisconsin. The impairment of the condominiums was based on receipt of a market offer to purchase two of the units and the Company's intention to dispose of the units (a purchase agreement was signed by the Company in the fourth quarter of fiscal year 2012). The condominiums were classified as held for sale at April 30, 2012, and the related impairment charge for fiscal year 2012 is reported in discontinued operations. See Note 12 for additional information. | |||||||
REAL ESTATE HELD FOR SALE | ' | ||||||
REAL ESTATE HELD FOR SALE | |||||||
Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. The Company's determination of fair value is based on inputs management believes are consistent with those that market participants would use. Estimates are significantly impacted by estimates of sales price, selling velocity, and other factors. Due to uncertainties in the estimation process, actual results could differ from such estimates. Depreciation is not recorded on assets classified as held for sale. | |||||||
U.S. GAAP requires management to make certain significant judgments as to the classification of any of our properties as held for sale on the balance sheet. The Company makes a determination as to the point in time that it is probable that a sale will be consummated. It is not unusual for real estate sales contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements, often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period, or may not close at all. Due to these uncertainties, it is not likely that the Company can meet the criteria of the current accounting principles governing the classification of properties as held for sale prior to a sale formally closing. Therefore, any properties categorized as held for sale represent only those properties that management has determined are probable to close within the requirements set forth in current accounting principles. A commercial office property was classified as held for sale at April 30, 2014. No properties were classified as held for sale at April 30, 2013. | |||||||
Prior to February 1, 2014, the Company reported, in discontinued operations, the results of operations and the related gains or losses of properties that had either been disposed of or classified as held for sale and otherwise met the classification of a discontinued operation. As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. See Recent Accounting Pronouncements above for additional information | |||||||
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL | ' | ||||||
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL | |||||||
Upon acquisition of real estate, the Company records the intangible assets and liabilities acquired (for example, if the leases in place for the real estate property acquired carry rents above the market rent, the difference is classified as an intangible asset) at their estimated fair value separate and apart from goodwill. The Company amortizes identified intangible assets and liabilities that are determined to have finite lives based on the period over which the assets and liabilities are expected to affect, directly or indirectly, the future cash flows of the real estate property acquired (generally the life of the lease). In the twelve months ended April 30, 2014 and 2013, respectively, the Company added approximately $900,000 and $1.6 million of new intangible assets and no new intangible liabilities. The weighted average lives of the intangible assets acquired in the twelve months ended April 30, 2014 and 2013 are 0.7 years and 0.5 years, respectively. Amortization of intangibles related to above or below-market leases is recorded in real estate rentals in the Consolidated Statements of Operations. Amortization of other intangibles is recorded in depreciation/amortization related to real estate investments in the Consolidated Statements of Operations. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its estimated fair value. | |||||||
The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. The Company's goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Goodwill book value as of April 30, 2014 and 2013 was $1.1 million. The annual reviews of goodwill compared the fair value of the reporting units that have been assigned goodwill to their carrying value (investment cost less accumulated depreciation), with the results for these periods indicating no impairment. In fiscal years 2014 and 2013, the Company disposed of property that had goodwill assigned, and as a result, approximately $7,000 and $14,000, respectively, of goodwill was derecognized. During fiscal year 2012 an approximately $7,000 impairment to goodwill was recognized. | |||||||
PROPERTY AND EQUIPMENT | ' | ||||||
PROPERTY AND EQUIPMENT | |||||||
Property and equipment consists of the equipment contained at IRET's headquarters in Minot, North Dakota, corporate offices in Minneapolis and St. Cloud, Minnesota, and additional property management offices in Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota and South Dakota. The balance sheet reflects these assets at cost, net of accumulated depreciation. As of April 30, 2014 and 2013, property and equipment cost was $3.7 million and $2.9 million, respectively. Accumulated depreciation was $2.0 million and $1.7 million as of April 30, 2014 and 2013, respectively. | |||||||
CASH AND CASH EQUIVALENTS | ' | ||||||
CASH AND CASH EQUIVALENTS | |||||||
Cash and cash equivalents include all cash and highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents consist of the Company's bank deposits and short-term investment certificates acquired subject to repurchase agreements, and the Company's deposits in a money market mutual fund. At times these deposits may exceed the FDIC limit. | |||||||
COMPENSATING BALANCES AND OTHER INVESTMENTS; LENDER HOLDBACKS | ' | ||||||
COMPENSATING BALANCES AND OTHER INVESTMENTS; LENDER HOLDBACKS | |||||||
The Company maintains compensating balances, not restricted as to withdrawal, with several financial institutions in connection with financing received from those institutions and/or to ensure future credit availability. At April 30, 2014, the Company's compensating balances totaled $7.9 million and consisted of the following: Dacotah Bank, Minot, North Dakota, deposit of $350,000; United Community Bank, Minot, North Dakota, deposit of $275,000; First International Bank, Watford City, North Dakota, deposit of $6.1 million; Peoples State Bank of Velva, North Dakota, deposit of $225,000; Associated Bank, Green Bay, Wisconsin, deposit of $600,000; and American National Bank, Omaha, Nebraska, deposit of $400,000. The deposit at United Community Bank and a portion of the deposit at Dacotah Bank are held as certificates of deposit and comprise the approximately $329,000 in other investments on the Consolidated Balance Sheets. The certificates of deposit have remaining terms of six months and two years and the Company intends to hold them to maturity. | |||||||
The Company has a number of mortgage loans under which the lender retains a portion of the loan proceeds for the payment of construction costs or tenant improvements. The decrease of $3.8 million in lender holdbacks for improvements reflected in the Consolidated Statements of Cash Flows for the fiscal year ended April 30, 2014 is due primarily to the release of loan proceeds to the Company upon completion of these construction milestones and tenant improvement projects, while the increase of $11.0 million represents additional amounts retained by lenders for new projects. | |||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS | ' | ||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS | |||||||
Management evaluates the appropriate amount of the allowance for doubtful accounts by assessing the recoverability of individual real estate mortgage loans and rent receivables, through a comparison of their carrying amount with their estimated realizable value. Management considers tenant financial condition, credit history and current economic conditions in establishing these allowances. Receivable balances are written off when deemed uncollectible. Recoveries of receivables previously written off, if any, are recorded when received. A summary of the changes in the allowance for doubtful accounts for fiscal years ended April 30, 2014, 2013 and 2012 is as follows: | |||||||
(in thousands) | |||||||
2014 | 2013 | 2012 | |||||
Balance at beginning of year | $ | 1,393 | $ | 1,363 | $ | 1,316 | |
Provision | 434 | 665 | 298 | ||||
Write-off | -783 | -635 | -251 | ||||
Balance at close of year | $ | 1,044 | $ | 1,393 | $ | 1,363 | |
TAX, INSURANCE, AND OTHER ESCROW | ' | ||||||
TAX, INSURANCE, AND OTHER ESCROW | |||||||
Tax, insurance, and other escrow includes funds deposited with a lender for payment of real estate tax and insurance, and reserves for funds to be used for replacement of structural elements and mechanical equipment of certain projects. The funds are under the control of the lender. Disbursements are made after supplying written documentation to the lender. | |||||||
REAL ESTATE DEPOSITS | ' | ||||||
REAL ESTATE DEPOSITS | |||||||
Real estate deposits include funds held by escrow agents to be applied toward the purchase of real estate or the payment of loan costs associated with loan placement or refinancing. | |||||||
DEFERRED CHARGES AND LEASING COSTS | ' | ||||||
DEFERRED CHARGES AND LEASING COSTS | |||||||
Costs and commissions incurred in obtaining tenant leases are amortized on the straight-line method over the terms of the related leases. Costs incurred in obtaining long-term financing are amortized to interest expense over the life of the loan using the straight-line method, which approximates the effective interest method. | |||||||
INCOME TAXES | ' | ||||||
INCOME TAXES | |||||||
IRET operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to shareholders. For the fiscal years ended April 30, 2014, 2013 and 2012, the Company distributed in excess of 90% of its taxable income and realized capital gains from property dispositions within the prescribed time limits; accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even as a REIT, the Company may be subject to certain state and local income and property taxes, and to federal income and excise taxes on undistributed taxable income. In general, however, if the Company qualifies as a REIT, no provisions for federal income taxes are necessary except for taxes on undistributed REIT taxable income and taxes on the income generated by a taxable REIT subsidiary (TRS). | |||||||
The Company has one TRS, acquired during the second quarter of fiscal year 2014, which is subject to corporate federal and state income taxes on its taxable income at regular statutory rates. For fiscal year 2014, the Company estimates that the TRS will have no taxable income. There were no income tax provisions or material deferred income tax items for our TRS for the fiscal year ended April 30, 2014. The Company's TRS is the tenant in the Company's Legends at Heritage Place senior housing facility. | |||||||
IRET conducts its business activity as an Umbrella Partnership Real Estate Investment Trust ("UPREIT") through its Operating Partnership. UPREIT status allows IRET to accept the contribution of real estate in exchange for Units. Generally, such a contribution to a limited partnership allows for the deferral of gain by an owner of appreciated real estate. | |||||||
Distributions for the calendar year ended December 31, 2013 were characterized, for federal income tax purposes, as 28.41% ordinary income, 3.09% capital gain and 68.50% return of capital. Distributions for the calendar year ended December 31, 2012 were characterized, for federal income tax purposes, as 23.17% ordinary income, 2.41% capital gain and 74.42% return of capital. | |||||||
REVENUE RECOGNITION | ' | ||||||
REVENUE RECOGNITION | |||||||
Residential rental properties are leased under operating leases with terms generally of one year or less. Commercial properties are leased under operating leases to tenants for various terms generally exceeding one year. Lease terms often include renewal options. Rental revenue is recognized on the straight-line basis, which averages minimum required rents over the terms of the leases. Rents recognized in advance of collection are reflected as receivable arising from straight-lining of rents, net of allowance for doubtful accounts. Rent concessions, including free rent, are amortized on a straight-line basis over the terms of the related leases. | |||||||
Reimbursements from tenants for real estate taxes and other recoverable operating expenses are recognized as revenue in the period the applicable expenditures are incurred. IRET receives payments for these reimbursements from substantially all of its tenants at multi-tenant commercial properties throughout the year. | |||||||
A number of the commercial leases provide for a base rent plus a percentage rent based on gross sales in excess of a stipulated amount. These percentage rents are recorded once the required sales level is achieved. | |||||||
NET INCOME PER SHARE | ' | ||||||
NET INCOME PER SHARE | |||||||
Basic net income per share is computed as net income available to common shareholders divided by the weighted average number of common shares outstanding for the period. The Company has no potentially dilutive financial interests; the potential exchange of Units for common shares will have no effect on net income per share because Unitholders and common shareholders effectively share equally in the net income of the Operating Partnership. | |||||||
INVOLUNTARY CONVERSION OF ASSETS | ' | ||||||
INVOLUNTARY CONVERSION OF ASSETS | |||||||
In June 2011, both the Company's Minot Arrowhead retail property and Chateau Apartments property, which at that time consisted of two 32-unit buildings, were extensively damaged by a flood. In February 2012, one of the buildings of the Chateau Apartments property, which had been undergoing restoration work following the flood, was completely destroyed by fire (the "2012 Fire"). Final settlement of the flood insurance claim was reached in fiscal year 2013 with total proceeds received of $8.5 million for flood clean-up costs and redevelopment. Final settlement of the 2012 Fire insurance claim was reached in fiscal year 2014 with total proceeds received of $5.1 million for redevelopment. Insurance proceeds for these events exceeded the basis in the assets requiring replacement, resulting in recognition of the following gains from involuntary conversion in fiscal years 2014, 2013 and 2012: | |||||||
(in thousands) | |||||||
Year Ended April 30, | 2014 | 2013 | 2012 | ||||
Gain on involuntary conversion | |||||||
Flood | $ | 0 | $ | 2,821 | $ | 274 | |
2012 Fire | 2,480 | 2,263 | 0 | ||||
Total gain on involuntary conversion | $ | 2,480 | $ | 5,084 | $ | 274 | |
Final settlement was reached during fiscal year 2013 for business interruption claims from the flood and 2012 Fire with proceeds received during fiscal years 2013 and 2012 of approximately $409,000 and $666,000, respectively. Reimbursement for business interruption is included within real estate rentals in the Consolidated Statements of Operations. | |||||||
In December 2013, 15-unit and 57-unit buildings at the Chateau Apartments property were destroyed by fire (the "2013 Fire"). Both buildings were under construction and were unoccupied. The 15-unit building had been anticipated to open in February 2014, and the 57-unit building was anticipated to open in the summer of 2014. A third, occupied 32-unit building on the west side of the complex did not suffer any fire damage. The financial effect in fiscal year 2014 of the 2013 Fire is reflected in our financial statements through a write-down of assets on the Condensed Consolidated Balance Sheets, totaling $7.1 million, with an offsetting insurance receivable recorded within accounts receivable. The Company is named as an insured party under the construction contractor's insurance policy, which the Company expects to cover its costs to rebuild the 15-unit and 57-unit buildings. The Company intends to rebuild both buildings, and currently expects both buildings to be completed in the fourth quarter of fiscal year 2015. The Company received partial proceeds of $1.0 million for the 2013 Fire claim in fiscal year 2014, which reduced the accounts receivable recorded at the time of the fire for expected proceeds. | |||||||
The insurance coverage for the 2013 Fire does not cover the Company's lost net operating income for the period extending from the dates on which the 15-unit and 57-unit buildings were formerly expected to be in service and occupied (February 2014 and Summer 2014, respectively) to the dates on which those buildings are actually placed in service and occupied. The Company estimates this lost net operating income to total approximately $882,000. The Company does not expect to record any material gain or loss due to involuntary conversion for the 2013 Fire. |
BASIS_OF_PRESENTATION_AND_SIGN2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||
Apr. 30, 2014 | |||||||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||
Restatement of Balance Sheet and Statement of Equity | ' | ||||||
The following tables present the effect of this correction on the Company's Consolidated Balance Sheet and Statement of Equity for the period affected: | |||||||
(in thousands) | |||||||
30-Apr-13 | As Previously Reported | Adjustment | As Revised | ||||
Consolidated Balance Sheet | |||||||
Redeemable noncontrolling interests – consolidated real estate entities | $ | 0 | $ | 5,937 | $ | 5,937 | |
Noncontrolling interests – consolidated real estate entities | 26,055 | -5,937 | 20,118 | ||||
Total equity | 761,381 | -5,937 | 755,444 | ||||
(in thousands) | |||||||
Year Ended April 30, 2013 | As Previously Reported | Adjustment | As Revised | ||||
Consolidated Statement of Equity | |||||||
Noncontrolling Interests | |||||||
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests | $ | 4,442 | $ | -5 | $ | 4,437 | |
Contributions from nonredeemable noncontrolling interests – consolidated real estate entities | 12,415 | -5,932 | 6,483 | ||||
Balance April 30, 2013 | 148,594 | -5,937 | 142,657 | ||||
Total Equity | |||||||
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests | 29,972 | -5 | 29,967 | ||||
Contributions from nonredeemable noncontrolling interests – consolidated real estate entities | 12,415 | -5,932 | 6,483 | ||||
Balance April 30, 2013 | 761,381 | -5,937 | 755,444 | ||||
Summary of Changes in Allowance for Doubtful Accounts | ' | ||||||
Management evaluates the appropriate amount of the allowance for doubtful accounts by assessing the recoverability of individual real estate mortgage loans and rent receivables, through a comparison of their carrying amount with their estimated realizable value. Management considers tenant financial condition, credit history and current economic conditions in establishing these allowances. Receivable balances are written off when deemed uncollectible. Recoveries of receivables previously written off, if any, are recorded when received. A summary of the changes in the allowance for doubtful accounts for fiscal years ended April 30, 2014, 2013 and 2012 is as follows: | |||||||
(in thousands) | |||||||
2014 | 2013 | 2012 | |||||
Balance at beginning of year | $ | 1,393 | $ | 1,363 | $ | 1,316 | |
Provision | 434 | 665 | 298 | ||||
Write-off | -783 | -635 | -251 | ||||
Balance at close of year | $ | 1,044 | $ | 1,393 | $ | 1,363 | |
Summary of total gain on involuntary conversion | ' | ||||||
In June 2011, both the Company's Minot Arrowhead retail property and Chateau Apartments property, which at that time consisted of two 32-unit buildings, were extensively damaged by a flood. In February 2012, one of the buildings of the Chateau Apartments property, which had been undergoing restoration work following the flood, was completely destroyed by fire (the "2012 Fire"). Final settlement of the flood insurance claim was reached in fiscal year 2013 with total proceeds received of $8.5 million for flood clean-up costs and redevelopment. Final settlement of the 2012 Fire insurance claim was reached in fiscal year 2014 with total proceeds received of $5.1 million for redevelopment. Insurance proceeds for these events exceeded the basis in the assets requiring replacement, resulting in recognition of the following gains from involuntary conversion in fiscal years 2014, 2013 and 2012: | |||||||
(in thousands) | |||||||
Year Ended April 30, | 2014 | 2013 | 2012 | ||||
Gain on involuntary conversion | |||||||
Flood | $ | 0 | $ | 2,821 | $ | 274 | |
2012 Fire | 2,480 | 2,263 | 0 | ||||
Total gain on involuntary conversion | $ | 2,480 | $ | 5,084 | $ | 274 |
PROPERTY_OWNED_Tables
PROPERTY OWNED (Tables) | 12 Months Ended | |||
Apr. 30, 2014 | ||||
PROPERTY OWNED [Abstract] | ' | |||
Schedule of Future Minimum Lease Payments | ' | |||
The expected timing of ground and air rights lease payments as of April 30, 2014 is as follows: | ||||
(in thousands) | ||||
Year Ended April 30, | Lease Payments | |||
2015 | $ | 506 | ||
2016 | 478 | |||
2017 | 449 | |||
2018 | 449 | |||
2019 | 449 | |||
Thereafter | 21,213 | |||
Total | $ | 23,544 | ||
IDENTIFIED_INTANGIBLE_ASSETS_A1
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Tables) | 12 Months Ended | ||||
Apr. 30, 2014 | |||||
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES [Abstract] | ' | ||||
Schedule Identified Intangible Assets and Intangible Liabilities | ' | ||||
The Company's identified intangible assets and intangible liabilities at April 30, 2014 and 2013 were as follows: | |||||
(in thousands) | |||||
30-Apr-14 | 30-Apr-13 | ||||
Identified intangible assets (included in intangible assets): | |||||
Gross carrying amount | $ | 56,710 | $ | 68,165 | |
Accumulated amortization | -24,071 | -27,708 | |||
Net carrying amount | $ | 32,639 | $ | 40,457 | |
Identified intangible liabilities (included in other liabilities): | |||||
Gross carrying amount | $ | 173 | $ | 391 | |
Accumulated amortization | -127 | -296 | |||
Net carrying amount | $ | 46 | $ | 95 | |
Estimated Annual Amortization of Acquired Below-Market Leases, Net Of Acquired Above-Market Leases | ' | ||||
The effect of amortization of acquired below-market leases and acquired above-market leases on rental income was approximately $(42,000), $(38,000) and $(54,000) for the twelve months ended April 30, 2014, 2013 and 2012, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases for each of the five succeeding fiscal years is as follows: | |||||
Year Ended April 30, | (in thousands) | ||||
2015 | $ | 22 | |||
2016 | 19 | ||||
2017 | 11 | ||||
2018 | -2 | ||||
2019 | -3 | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ||||
Schedule of Estimated Annual Amortization of Intangibles | ' | ||||
Amortization of all other identified intangible assets (a component of depreciation/amortization related to real estate investments) was $8.3 million, $5.3 million and $5.3 million for the twelve months ended April 30, 2014, 2013 and 2012, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows: | |||||
Year Ended April 30, | (in thousands) | ||||
2015 | $ | 4,959 | |||
2016 | 4,567 | ||||
2017 | 4,099 | ||||
2018 | 3,667 | ||||
2019 | 3,543 |
NONCONTROLLING_INTERESTS_Table
NONCONTROLLING INTERESTS (Tables) | 12 Months Ended | ||||
Apr. 30, 2014 | |||||
NONCONTROLLING INTERESTS [Abstract] | ' | ||||
Schedule of Noncontrolling Interests - Consolidated Real Estate Entities | ' | ||||
IRET reflects noncontrolling interests in consolidated real estate entities on the balance sheet for the portion of properties consolidated by IRET that are not wholly owned by IRET. The earnings or losses from these properties attributable to the noncontrolling interests are reflected as net income attributable to noncontrolling interests – consolidated real estate entities in the Consolidated Statements of Operations. The Company's noncontrolling interests – consolidated real estate entities at April 30, 2014 and 2013 were as follows: | |||||
(in thousands) | |||||
30-Apr-14 | 30-Apr-13 | ||||
Mendota Properties LLC | $ | 7,333 | $ | 7,236 | |
IRET-1715 YDR, LLC | 0 | 1,003 | |||
IRET-Williston Garden Apartments, LLC | 2,804 | 2,597 | |||
IRET - Jamestown Medical Building, LLC | 1,219 | 1,396 | |||
WRH Holding, LLC | 1,206 | 1,118 | |||
IRET-Cypress Court Apartments, LLC | 1,127 | 1,149 | |||
IRET - WRH 1, LLC | 5,672 | 5,619 | |||
IRET-RED 20, LLC | 3,277 | 0 | |||
Noncontrolling interests – consolidated real estate entities | $ | 22,638 | $ | 20,118 |
LINE_OF_CREDIT_Tables
LINE OF CREDIT (Tables) | 12 Months Ended | |||||||||||
Apr. 30, 2014 | ||||||||||||
LINE OF CREDIT [Abstract] | ' | |||||||||||
Schedule of Line of Credit Facilities | ' | |||||||||||
As of April 30, 2014, the Company had one secured line of credit with First International Bank and Trust, Watford City, North Dakota, as lead bank. This line of credit had, as of April 30, 2014, lending commitments of $72.0 million. The facility has a maturity date of December 1, 2016, and is secured by mortgages on 14 properties; under the terms of the line of credit, properties may be added and removed from the collateral pool with the agreement of the lenders. Participants in this credit facility as of April 30, 2014 included, in addition to First International Bank, the following financial institutions: The Bank of North Dakota; First Western Bank and Trust; Dacotah Bank; United Community Bank; American State Bank & Trust Company; Town & Country Credit Union; Highland Bank and MidCountry Bank. As of April 30, 2014, the Company had advanced $22.5 million under the line of credit. The line of credit has a minimum outstanding principal balance requirement of $12.5 million. The interest rate on borrowings under the facility is the Wall Street Journal Prime Rate +1.25%, with a floor of 4.75% and a cap of 8.65%; interest-only payments are due monthly based on the total amount of advances outstanding. The line of credit may be prepaid at par at any time. The facility includes covenants and restrictions requiring the Company to achieve on a calendar quarter basis a debt service coverage ratio on borrowing base collateral of 1.25x in the aggregate and 1.00x on individual assets in the collateral pool, and the Company is also required to maintain minimum depository account(s) totaling $6.0 million with First International, of which $1.5 million is to be held in a non-interest bearing account. As of April 30, 2014, 14 properties with a total cost of $124.4 million collateralized this line of credit. As of April 30, 2014, the Company believes it is in compliance with the facility covenants. This credit facility is summarized in the following table: | ||||||||||||
(in thousands) | ||||||||||||
Financial Institution | Amount | Amount | Amount | Applicable | Maturity | Weighted | ||||||
Available | Outstanding as | Outstanding | Interest Rate | Date | Average Int. | |||||||
of April 30, | as of April | as of April 30, 2014 | Rate on | |||||||||
2014 | 30, 2013 | Borrowings | ||||||||||
during fiscal | ||||||||||||
year 2014 | ||||||||||||
First International Bank | $ | 72,000 | $ | 22,500 | $ | 10,000 | 4.75% | 12/1/16 | 4.86% | |||
& Trust |
MORTGAGES_PAYABLE_Tables
MORTGAGES PAYABLE (Tables) | 12 Months Ended | ||
Apr. 30, 2014 | |||
MORTGAGES PAYABLE [Abstract] | ' | ||
Aggregate Amount of Required Future Principal Payments on Mortgages Payable | ' | ||
Of the mortgages payable, the balance of fixed rate mortgages totaled $977.2 million and $1.0 billion at April 30, 2014 and 2013, respectively, and the balances of variable rate mortgages totaled $20.5 million and $26.2 million as of April 30, 2014, and 2013, respectively. The Company does not utilize derivative financial instruments to mitigate its exposure to changes in market interest rates. Most of the fixed rate mortgages have substantial pre-payment penalties. As of April 30, 2014, the weighted-average rate of interest on the Company's mortgage debt was 5.37%, compared to 5.55% on April 30, 2013. The aggregate amount of required future principal payments on mortgages payable as of April 30, 2014, is as follows: | |||
Year Ended April 30, | (in thousands) | ||
2015 | $ | 80,140 | |
2016 | 92,888 | ||
2017 | 207,890 | ||
2018 | 91,657 | ||
2019 | 136,884 | ||
Thereafter | 388,230 | ||
Total payments | $ | 997,689 |
ACQUISITIONS_AND_DISPOSITIONS_
ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended | |||||||||||||||
Apr. 30, 2014 | ||||||||||||||||
ACQUISITIONS AND DISPOSITIONS [Abstract] | ' | |||||||||||||||
Acquisitions and development projects placed in service | ' | |||||||||||||||
PROPERTY ACQUISITIONS | ||||||||||||||||
IRET Properties added approximately $43.6 million of real estate properties to its portfolio through property acquisitions during fiscal year 2014, compared to $108.2 million in fiscal year 2013. The Company expensed approximately $176,000 and $434,000 of transaction costs related to the acquisitions in fiscal years 2014 and 2013, respectively. The fiscal year 2014 and 2013 acquisitions are detailed below. | ||||||||||||||||
Fiscal 2014 (May 1, 2013 to April 30, 2014) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Total | Form of Consideration | Investment Allocation | ||||||||||||||
Acquisition | ||||||||||||||||
Acquisitions | Date Acquired | Cost | Cash | Units(1) | Other(2) | Land | Building | Intangible | ||||||||
Assets | ||||||||||||||||
Multi-Family Residential | ||||||||||||||||
71 unit - Alps Park - Rapid City, SD | 5/1/13 | $ | 6,200 | $ | 2,920 | $ | 3,280 | $ | 0 | $ | 287 | $ | 5,551 | $ | 362 | |
96 unit - Southpoint - Grand Forks, ND | 9/5/13 | 10,600 | 10,400 | 200 | 0 | 576 | 9,893 | 131 | ||||||||
24 unit - Pinecone Villas - Sartell, MN | 10/31/13 | 2,800 | 2,800 | 0 | 0 | 584 | 2,191 | 25 | ||||||||
19,600 | 16,120 | 3,480 | 0 | 1,447 | 17,635 | 518 | ||||||||||
Commercial Healthcare | ||||||||||||||||
98,174 sq ft Legends at Heritage Place - Sartell, MN | 10/31/13 | 11,863 | 11,863 | 0 | 0 | 970 | 10,511 | 382 | ||||||||
39,500 sq ft Spring Creek Fruitland - Fruitland, ID | 2/5/14 | 7,050 | 7,050 | 0 | 0 | 550 | 6,500 | 0 | ||||||||
18,913 | 18,913 | 0 | 0 | 1,520 | 17,011 | 382 | ||||||||||
Unimproved Land | ||||||||||||||||
Chateau II - Minot, ND | 5/21/13 | 179 | 179 | 0 | 0 | 179 | 0 | 0 | ||||||||
Jamestown Unimproved - Jamestown, ND | 8/9/13 | 700 | 700 | 0 | 0 | 700 | 0 | 0 | ||||||||
Red 20 - Minneapolis, MN(3) | 8/20/13 | 1,900 | 0 | 0 | 1,900 | 1,900 | 0 | 0 | ||||||||
Legends at Heritage Place - Sartell, MN | 10/31/13 | 537 | 537 | 0 | 0 | 537 | 0 | 0 | ||||||||
Spring Creek Fruitland - Fruitland, ID | 1/21/14 | 335 | 335 | 0 | 0 | 335 | 0 | 0 | ||||||||
Isanti Unimproved - Isanti, MN | 2/4/14 | 50 | 50 | 0 | 0 | 50 | 0 | 0 | ||||||||
Rapid City Unimproved - Rapid City, SD | 3/25/14 | 1,366 | 1,366 | 0 | 0 | 1,366 | 0 | 0 | ||||||||
5,067 | 3,167 | 0 | 1,900 | 5,067 | 0 | 0 | ||||||||||
Total Property Acquisitions | $ | 43,580 | $ | 38,200 | $ | 3,480 | $ | 1,900 | $ | 8,034 | $ | 34,646 | $ | 900 | ||
-1 | Value of limited partnership units of the Operating Partnership at the acquisition date. | |||||||||||||||
-2 | Consists of value of land contributed by the joint venture partner. | |||||||||||||||
-3 | Land is owned by a joint venture in which the Company has an approximately 58.6% interest. The joint venture is consolidated in IRET's financial statements. | |||||||||||||||
NOTE 10 • continued | ||||||||||||||||
Fiscal 2013 (May 1, 2012 to April 30, 2013) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Total | Form of Consideration | Investment Allocation | ||||||||||||||
Acquisition | ||||||||||||||||
Acquisitions | Date Acquired | Cost | Cash | Units(1) | Other(2) | Land | Building | Intangible | ||||||||
Assets | ||||||||||||||||
Multi-Family Residential | ||||||||||||||||
308 unit - Villa West - Topeka, KS | 5/8/12 | $ | 17,650 | $ | 5,150 | $ | 0 | $ | 12,500 | $ | 1,590 | $ | 15,760 | $ | 300 | |
232 unit - Colony - Lincoln, NE | 6/4/12 | 17,500 | 14,368 | 3,132 | 0 | 1,515 | 15,731 | 254 | ||||||||
208 unit - Lakeside Village - Lincoln, NE | 6/4/12 | 17,250 | 13,954 | 3,296 | 0 | 1,215 | 15,837 | 198 | ||||||||
58 unit - Ponds at Heritage Place - Sartell, MN | 10/10/12 | 5,020 | 3,332 | 1,688 | 0 | 395 | 4,564 | 61 | ||||||||
336 unit - Whispering Ridge - Omaha, NE | 4/24/13 | 28,314 | 25,798 | 2,516 | 0 | 2,139 | 25,424 | 751 | ||||||||
85,734 | 62,602 | 10,632 | 12,500 | 6,854 | 77,316 | 1,564 | ||||||||||
Unimproved Land | ||||||||||||||||
University Commons - Williston, ND | 8/1/12 | 823 | 823 | 0 | 0 | 823 | 0 | 0 | ||||||||
Cypress Court - St. Cloud, MN(3) | 8/10/12 | 447 | 447 | 0 | 0 | 447 | 0 | 0 | ||||||||
Cypress Court Apartment Development - St. Cloud, MN(3) | 8/10/12 | 1,136 | 0 | 0 | 1,136 | 1,136 | 0 | 0 | ||||||||
Badger Hills - Rochester, MN(4) | 12/14/12 | 1,050 | 1,050 | 0 | 0 | 1,050 | 0 | 0 | ||||||||
Grand Forks - Grand Forks, ND | 12/31/12 | 4,278 | 2,278 | 2,000 | 0 | 4,278 | 0 | 0 | ||||||||
Minot (Southgate Lot 4) - Minot, ND | 1/11/13 | 1,882 | 1,882 | 0 | 0 | 1,882 | 0 | 0 | ||||||||
Commons at Southgate - Minot, ND(5) | 1/22/13 | 3,691 | 0 | 0 | 3,691 | 3,691 | 0 | 0 | ||||||||
Landing at Southgate - Minot, ND(5) | 1/22/13 | 2,262 | 0 | 0 | 2,262 | 2,262 | 0 | 0 | ||||||||
Grand Forks 2150 - Grand Forks, ND | 3/25/13 | 1,600 | 1,600 | 0 | 0 | 1,600 | 0 | 0 | ||||||||
Bismarck 4916 - Bismarck, ND | 4/12/13 | 3,250 | 3,250 | 0 | 0 | 3,250 | 0 | 0 | ||||||||
Arcata - Golden Valley, MN | 4/30/13 | 2,088 | 2,088 | 0 | 0 | 2,088 | 0 | 0 | ||||||||
22,507 | 13,418 | 2,000 | 7,089 | 22,507 | 0 | 0 | ||||||||||
Total Property Acquisitions | $ | 108,241 | $ | 76,020 | $ | 12,632 | $ | 19,589 | $ | 29,361 | $ | 77,316 | $ | 1,564 | ||
-1 | Value of limited partnership units of the Operating Partnership at the acquisition date. | |||||||||||||||
-2 | Consists of assumed debt (Villa West - $12.5 million) and value of land contributed by the joint venture partner (Cypress Court - $1.1 million, Commons at Southgate - $3.7 million, Landing at Southgate - $2.3 million). | |||||||||||||||
-3 | Land is owned by a joint venture in which the Company has an approximately 86.1% interest. The joint venture is consolidated in IRET's financial statements. | |||||||||||||||
-4 | Acquisition of unimproved land consisted of two parcels acquired separately on December 14 and December 20, 2012, respectively. | |||||||||||||||
-5 | Land is owned by a joint venture entity in which the Company has an approximately 51% interest. The joint venture is consolidated in IRET's financial statements. | |||||||||||||||
NOTE 10 • continued | ||||||||||||||||
Acquisitions in fiscal years 2014 and 2013 are immaterial to our real estate portfolio both individually and in the aggregate, and consequently no proforma information is presented. The results of operations from acquired properties are included in the Consolidated Statements of Operations as of their acquisition date. The revenue and net income of our fiscal year 2014 and 2013 acquisitions (excluding development projects placed in service) are detailed below. | ||||||||||||||||
(in thousands) | ||||||||||||||||
30-Apr-14 | 30-Apr-13 | |||||||||||||||
Total revenue | $ | 1,897 | $ | 6,497 | ||||||||||||
Net income | $ | -82 | $ | -66 | ||||||||||||
DEVELOPMENT PROJECTS PLACED IN SERVICE | ||||||||||||||||
IRET Properties placed approximately $53.5 million of development projects in service during fiscal year 2014, compared to $47.9 million in fiscal year 2013. The fiscal year 2014 and 2013 development projects placed in service are detailed below. | ||||||||||||||||
Fiscal 2014 (May 1, 2013 to April 30, 2014) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Development Projects Placed in Service (1) | Date Placed in | Land | Building | Development | ||||||||||||
Service | Cost | |||||||||||||||
Multi-Family Residential | ||||||||||||||||
108 unit - Landing at Southgate - Minot, ND(2) | 9/4/13 | $ | 2,262 | $ | 12,864 | $ | 15,126 | |||||||||
132 unit - Cypress Court - St. Cloud, MN(3) | 11/1/13 | 1,136 | 12,428 | 13,564 | ||||||||||||
146 unit - River Ridge - Bismarck, ND(4) | 12/2/13 | 589 | 24,268 | 24,857 | ||||||||||||
Total Development Projects Placed in Service | $ | 3,987 | $ | 49,560 | $ | 53,547 | ||||||||||
-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 15 for additional information on the Renaissance Heights I project, which was partially placed in service during the three months ended April 30, 2014. | |||||||||||||||
-2 | Development property placed in service September 4, 2013. Costs paid in fiscal year 2013 totaled $6.3 million. Additional costs paid in fiscal year 2014 totaled $8.8 million, for a total project cost at April 20, 2014 of $15.1 million. The project is owned by a joint venture entity in which the Company has an approximately 51% interest. | |||||||||||||||
-3 | Development property placed in service November 1, 2013. Costs paid in fiscal year 2013 totaled $5.8 million. Additional costs paid in fiscal year 2014 totaled $7.8 million, for a total project cost at April 30, 2014 of $13.6 million. The project is owned by a joint venture entity in which the Company has an approximately 86.1% interest. | |||||||||||||||
-4 | Development property placed in service December 2, 2013. Costs paid in fiscal year 2013 totaled $10.1 million, including the land acquired in fiscal year 2009. Additional costs paid in fiscal year 2014 totaled $14.8 million, for a total project cost at April 30, 2014 of $24.9 million. | |||||||||||||||
NOTE 10 • continued | ||||||||||||||||
Fiscal 2013 (May 1, 2012 to April 30, 2013) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Development Projects Placed in Service | Date Placed in Service | Land | Building | Development Cost | ||||||||||||
Multi-Family Residential | ||||||||||||||||
159 unit - Quarry Ridge II - Rochester, MN(1) | 6/29/12 | $ | 942 | $ | 16,636 | $ | 17,578 | |||||||||
73 unit - Williston Garden Buildings 3 and 4 - Williston, ND(2) | 7/31/12 | 700 | 8,734 | 9,434 | ||||||||||||
20 unit - First Avenue - Minot, ND(3) | 4/15/13 | 0 | 2,677 | 2,677 | ||||||||||||
1,642 | 28,047 | 29,689 | ||||||||||||||
Commercial Healthcare | ||||||||||||||||
26,662 sq ft Spring Wind Expansion - Laramie, WY(4) | 11/16/12 | 0 | 3,485 | 3,485 | ||||||||||||
45,222 sq ft Jamestown Medical Office Building - Jamestown, ND(5) | 1/1/13 | 0 | 7,605 | 7,605 | ||||||||||||
0 | 11,090 | 11,090 | ||||||||||||||
Commercial Industrial | ||||||||||||||||
27,698 sq ft Minot IPS - Minot, ND(6) | 12/17/12 | 416 | 5,484 | 5,900 | ||||||||||||
Commercial Retail | ||||||||||||||||
3,702 sq ft Arrowhead First International Bank - Minot, ND(7) | 3/19/13 | 75 | 1,165 | 1,240 | ||||||||||||
Total Development Projects Placed in Service | $ | 2,133 | $ | 45,786 | $ | 47,919 | ||||||||||
-1 | Development property placed in service June 29, 2012. Costs paid in fiscal years 2011 and 2012 totaled $13.0 million, including land acquired in fiscal year 2007. Additional costs paid in fiscal year 2013 totaled $4.6 million, for a total project cost at April 30, 2013 of $17.6 million. | |||||||||||||||
-2 | Development property placed in service July 31, 2012. Buildings 1 and 2 were placed in service in fiscal year 2012. Costs paid in fiscal year 2012 for Buildings 3 and 4 totaled $2.4 million. Additional costs paid in fiscal year 2013 totaled $7.0 million, for a total project cost at April 30, 2013 of $9.4 million. The project is owned by a joint venture entity in which the Company has an approximately 60% interest. | |||||||||||||||
-3 | Redevelopment property placed in service April 15, 2013. Costs paid in fiscal years 2011 and 2012 totaled approximately $321,000. Additional costs paid in fiscal year 2013 totaled $2.4 million, for a total project cost at April 30, 2013 of $2.7 million. | |||||||||||||||
-4 | Expansion project placed in service November 16, 2012. Costs paid in fiscal year 2012 totaled $1.8 million. Additional costs paid in fiscal year 2013 totaled $1.7 million, for a total project cost at April 30, 2013 of $3.5 million. | |||||||||||||||
-5 | Development property placed in service January 1, 2013. Costs paid in fiscal year 2012 totaled $1.0 million. Additional costs paid in fiscal year 2013 totaled $6.6 million, for a total project cost at April 30, 2013 of $7.6 million. The project is owned by a joint venture entity in which the Company has an approximately 51% interest. | |||||||||||||||
-6 | Development property placed in service December 17, 2012. Costs paid in fiscal year 2012 totaled $1.8 million. Additional costs paid in fiscal year 2013 totaled $4.1 million, for a total project cost at April 30, 2013 of $5.9 million. | |||||||||||||||
-7 | Development property placed in service March 19, 2013. Costs paid in fiscal year 2012 totaled approximately 75,000. Additional costs paid in fiscal year 2013 totaled $1.2 million, for a total project cost at April 30, 2013 of $1.2 million. | |||||||||||||||
Dispositions Properties | ' | |||||||||||||||
PROPERTY DISPOSITIONS | ||||||||||||||||
During fiscal year 2014, the Company disposed of two multi-family residential properties, three commercial office properties, twelve commercial industrial properties, and three commercial retail properties for an aggregate sales price of $80.9 million, compared to dispositions totaling $26.3 million in fiscal year 2013. The fiscal year 2014 and 2013 dispositions are detailed below. | ||||||||||||||||
Fiscal 2014 (May 1, 2013 to April 30, 2014) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Dispositions | Date | Sales Price | Book Value | Gain/(Loss) | ||||||||||||
Disposed | and Sales Cost | |||||||||||||||
Multi-Family Residential | ||||||||||||||||
84 unit - East Park - Sioux Falls, SD | 12/18/13 | $ | 2,214 | $ | 2,358 | $ | -144 | |||||||||
48 unit - Sycamore Village - Sioux Falls, SD | 12/18/13 | 1,296 | 1,380 | -84 | ||||||||||||
3,510 | 3,738 | -228 | ||||||||||||||
Commercial Office | ||||||||||||||||
121,669 sq ft Bloomington Business Plaza - Bloomington, MN | 9/12/13 | 4,500 | 7,339 | -2,839 | ||||||||||||
118,125 sq ft Nicollet VII - Burnsville, MN | 9/12/13 | 7,290 | 6,001 | 1,289 | ||||||||||||
42,929 sq ft Pillsbury Business Center - Bloomington, MN | 9/12/13 | 1,160 | 1,164 | -4 | ||||||||||||
12,950 | 14,504 | -1,554 | ||||||||||||||
Commercial Industrial | ||||||||||||||||
41,880 sq ft Bodycote Industrial Building- Eden Prairie, MN | 5/13/13 | 3,150 | 1,375 | 1,775 | ||||||||||||
42,244 sq ft Fargo 1320 45th Street N - Fargo, ND | 5/13/13 | 4,700 | 4,100 | 600 | ||||||||||||
49,620 sq ft Metal Improvement Company - New Brighton, MN | 5/13/13 | 2,350 | 1,949 | 401 | ||||||||||||
172,057 sq ft Roseville 2929 Long Lake Road - Roseville, MN | 5/13/13 | 9,275 | 9,998 | -723 | ||||||||||||
322,751 sq ft Brooklyn Park 7401 Boone Ave - Brooklyn Park, MN | 9/12/13 | 12,800 | 12,181 | 619 | ||||||||||||
50,400 sq ft Cedar Lake Business Center - St. Louis Park, MN | 9/12/13 | 2,550 | 2,607 | -57 | ||||||||||||
35,000 sq ft API Building - Duluth, MN | 9/24/13 | 2,553 | 1,488 | 1,065 | ||||||||||||
59,292 sq ft Lighthouse - Duluth, MN | 10/8/13 | 1,825 | 1,547 | 278 | ||||||||||||
606,006 sq ft Dixon Avenue Industrial Park - Des Moines, IA | 10/31/13 | 14,675 | 10,328 | 4,347 | ||||||||||||
41,685 sq ft Winsted Industrial Building - Winsted, MN | 1/17/14 | 725 | 747 | -22 | ||||||||||||
69,984 sq ft Minnetonka 13600 County Road 62 - Minnetonka, MN | 1/30/14 | 3,800 | 3,084 | 716 | ||||||||||||
42,510 sq ft Clive 2075NW 94th Street - Clive, IA | 1/30/14 | 2,735 | 2,675 | 60 | ||||||||||||
61,138 | 52,079 | 9,059 | ||||||||||||||
Commercial Retail | ||||||||||||||||
23,187 sq ft Eagan Community - Eagan, MN | 5/14/13 | 2,310 | 2,420 | -110 | ||||||||||||
10,625 sq ft Anoka Strip Center- Anoka, MN | 12/23/13 | 325 | 347 | -22 | ||||||||||||
8,400 sq ft Burnsville 2 Strip Center - Burnsville, MN | 1/8/14 | 650 | 796 | -146 | ||||||||||||
3,285 | 3,563 | -278 | ||||||||||||||
Total Property Dispositions | $ | 80,883 | $ | 73,884 | $ | 6,999 | ||||||||||
NOTE 10 • continued | ||||||||||||||||
Fiscal 2013 (May 1, 2012 to April 30, 2013) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Dispositions | Date | Sales Price | Book Value | Gain/(Loss) | ||||||||||||
Disposed | and Sales Cost | |||||||||||||||
Multi-Family Residential | ||||||||||||||||
116 unit - Terrace on the Green - Fargo, ND | 9/27/12 | $ | 3,450 | $ | 1,248 | $ | 2,202 | |||||||||
85 unit - Prairiewood Meadows - Fargo, ND | 9/27/12 | 3,450 | 2,846 | 604 | ||||||||||||
66 unit - Candlelight - Fargo, ND | 11/27/12 | 1,950 | 1,178 | 772 | ||||||||||||
8,850 | 5,272 | 3,578 | ||||||||||||||
Commercial Retail | ||||||||||||||||
16,080 sq ft Kentwood Thomasville - Kentwood, MI | 6/20/12 | 625 | 692 | -67 | ||||||||||||
Commercial Healthcare | ||||||||||||||||
47,950 sq ft Steven's Pointe -Steven's Point, WI | 4/25/13 | 16,100 | 12,667 | 3,433 | ||||||||||||
Other | ||||||||||||||||
Georgetown Square Condominiums 5 and 6 | 6/21/12 | 330 | 336 | -6 | ||||||||||||
Georgetown Square Condominiums 3 and 4 | 8/2/12 | 368 | 421 | -53 | ||||||||||||
698 | 757 | -59 | ||||||||||||||
Total Property Dispositions | $ | 26,273 | $ | 19,388 | $ | 6,885 |
OPERATING_SEGMENTS_Tables
OPERATING SEGMENTS (Tables) | 12 Months Ended | ||||||||||||
Apr. 30, 2014 | |||||||||||||
OPERATING SEGMENTS [Abstract] | ' | ||||||||||||
Revenues and Net Operating Income for Reportable Segments | ' | ||||||||||||
Segment information in this report is presented based on net operating income ("NOI"), which we define as total real estate revenues and gain on involuntary conversion less real estate expenses (which consist of utilities, maintenance, real estate taxes, insurance, property management expenses and other property expenses). We believe that NOI is an important supplemental measure of operating performance for a REIT's operating real estate because it provides a measure of core operations that is unaffected by depreciation, amortization, financing and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders or cash flow from operating activities as a measure of financial performance. The following tables present real estate revenues and net operating income for the fiscal years ended April 30, 2014, 2013 and 2012 from our five reportable segments, and reconcile net operating income of reportable segments to net income as reported in the consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the consolidated financial statements. | |||||||||||||
(in thousands) | |||||||||||||
Year Ended April 30, 2014 | Multi-Family | Commercial | Commercial | Commercial | Commercial | Total | |||||||
Residential | Office | Healthcare | Industrial | Retail | |||||||||
Real estate revenue | $ | 102,059 | $ | 77,440 | $ | 65,258 | $ | 6,894 | $ | 13,831 | $ | 265,482 | |
Real estate expenses | 46,138 | 38,190 | 17,127 | 2,043 | 4,989 | 108,487 | |||||||
Gain on involuntary conversion | 2,480 | 0 | 0 | 0 | 0 | 2,480 | |||||||
Net operating income | $ | 58,401 | $ | 39,250 | $ | 48,131 | $ | 4,851 | $ | 8,842 | 159,475 | ||
Depreciation/amortization | -70,918 | ||||||||||||
Administrative, advisory and trustee fees | -10,743 | ||||||||||||
Other expenses | -2,132 | ||||||||||||
Impairment of real estate investments | -42,566 | ||||||||||||
Interest expense | -59,142 | ||||||||||||
Interest and other income | 2,687 | ||||||||||||
Loss before loss on sale of real estate and other investments and income from discontinued operations | -23,339 | ||||||||||||
Loss on sale of real estate and other investments | -51 | ||||||||||||
Loss from continuing operations | -23,390 | ||||||||||||
Income from discontinued operations | 6,450 | ||||||||||||
Net loss | $ | -16,940 | |||||||||||
(in thousands) | |||||||||||||
Year Ended April 30, 2013 | Multi-Family | Commercial | Commercial | Commercial | Commercial | Total | |||||||
Residential | Office | Healthcare | Industrial | Retail | |||||||||
Real estate revenue | $ | 89,923 | $ | 75,962 | $ | 61,975 | $ | 6,700 | $ | 13,498 | $ | 248,058 | |
Real estate expenses | 38,223 | 37,267 | 16,779 | 1,871 | 4,919 | 99,059 | |||||||
Gain on involuntary conversion | 3,852 | 0 | 0 | 0 | 1,232 | 5,084 | |||||||
Net operating income | $ | 55,552 | $ | 38,695 | $ | 45,196 | $ | 4,829 | $ | 9,811 | 154,083 | ||
Depreciation/amortization | -62,333 | ||||||||||||
Administrative, advisory and trustee fees | -8,494 | ||||||||||||
Other expenses | -2,173 | ||||||||||||
Impairment of real estate investments | 0 | ||||||||||||
Interest expense | -61,154 | ||||||||||||
Interest and other income | 748 | ||||||||||||
Income from continuing operations | 20,677 | ||||||||||||
Income from discontinued operations | 9,295 | ||||||||||||
Net income | $ | 29,972 | |||||||||||
NOTE 11 • continued | |||||||||||||
(in thousands) | |||||||||||||
Year Ended April 30, 2012 | Multi-Family | Commercial | Commercial | Commercial | Commercial | Total | |||||||
Residential | Office | Healthcare | Industrial | Retail | |||||||||
Real estate revenue | $ | 71,728 | $ | 73,493 | $ | 64,511 | $ | 6,613 | $ | 12,326 | $ | 228,671 | |
Real estate expenses | 33,386 | 34,126 | 20,650 | 1,142 | 4,046 | 93,350 | |||||||
Gain on involuntary conversion | 0 | 0 | 0 | 0 | 274 | 274 | |||||||
Net operating income | $ | 38,342 | $ | 39,367 | $ | 43,861 | $ | 5,471 | $ | 8,554 | 135,595 | ||
Depreciation/amortization | -56,650 | ||||||||||||
Administrative, advisory and trustee fees | -7,381 | ||||||||||||
Other expenses | -1,898 | ||||||||||||
Interest expense | -61,801 | ||||||||||||
Interest and other income | 779 | ||||||||||||
Income from continuing operations | 8,644 | ||||||||||||
Income from discontinued operations | 1,062 | ||||||||||||
Net income | $ | 9,706 | |||||||||||
Total property owned as of April 30, 2012 | $ | 410,949 | $ | 494,881 | $ | 421,524 | $ | 98,309 | $ | 92,856 | $ | 1,518,519 | |
Segment Assets and Accumulated Depreciation | ' | ||||||||||||
Segment Assets and Accumulated Depreciation | |||||||||||||
(in thousands) | |||||||||||||
As of April 30, 2014 | Multi-Family | Commercial | Commercial | Commercial | Commercial | Total | |||||||
Residential | Office | Healthcare | Industrial | Retail | |||||||||
Segment assets | |||||||||||||
Property owned | $ | 753,731 | $ | 544,628 | $ | 525,028 | $ | 55,375 | $ | 117,269 | $ | 1,996,031 | |
Less accumulated depreciation | -158,100 | -121,892 | -105,843 | -10,198 | -28,255 | -424,288 | |||||||
Total property owned | $ | 595,631 | $ | 422,736 | $ | 419,185 | $ | 45,177 | $ | 89,014 | $ | 1,571,743 | |
Real estate held for sale | 2,951 | ||||||||||||
Cash and cash equivalents | 47,267 | ||||||||||||
Other investments | 329 | ||||||||||||
Receivables and other assets | 119,458 | ||||||||||||
Development in progress | 104,609 | ||||||||||||
Unimproved land | 22,864 | ||||||||||||
Total Assets | $ | 1,869,221 | |||||||||||
(in thousands) | |||||||||||||
As of April 30, 2013 | Multi-Family | Commercial | Commercial | Commercial | Commercial | Total | |||||||
Residential | Office | Healthcare | Industrial | Retail | |||||||||
Segment assets | |||||||||||||
Property owned | $ | 659,696 | $ | 613,775 | $ | 501,191 | $ | 125,772 | $ | 132,536 | $ | 2,032,970 | |
Less accumulated depreciation | -140,354 | -138,270 | -90,891 | -23,688 | -27,218 | -420,421 | |||||||
Total property owned | $ | 519,342 | $ | 475,505 | $ | 410,300 | $ | 102,084 | $ | 105,318 | $ | 1,612,549 | |
Cash and cash equivalents | 94,133 | ||||||||||||
Other investments | 639 | ||||||||||||
Receivables and other assets | 113,948 | ||||||||||||
Development in progress | 46,782 | ||||||||||||
Unimproved land | 21,503 | ||||||||||||
Total Assets | $ | 1,889,554 | |||||||||||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | ||||||
Apr. 30, 2014 | |||||||
DISCONTINUED OPERATIONS [Abstract] | ' | ||||||
Effect on Net Income and Gains or Losses From Sale Of Properties Classified as Discontinued Operations | ' | ||||||
During the first three quarters of fiscal year 2014, the Company disposed of two multi-family residential properties, three commercial office properties, twelve commercial industrial properties and three commercial retail properties that were classified as discontinued operations. During the quarter ended April 30, 2014, the Company applied ASU No. 2014-08 to one property that was classified as held for sale and did not record any discontinued operations. During fiscal year 2013, the Company disposed of three multi-family residential properties, one retail property, one healthcare property and four condominium units that were classified as discontinued operations. Eight condominium units and a retail property were classified as held for sale and also classified as discontinued operations at April 30, 2012. The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the fiscal years ended April 30, 2014, 2013 and 2012. | |||||||
(in thousands) | |||||||
2014 | 2013 | 2012 | |||||
REVENUE | |||||||
Real estate rentals | $ | 3,173 | $ | 10,068 | $ | 10,702 | |
Tenant reimbursement | 1,302 | 3,099 | 2,619 | ||||
TOTAL REVENUE | 4,475 | 13,167 | 13,321 | ||||
EXPENSES | |||||||
Depreciation/amortization related to real estate investments | 920 | 3,169 | 3,418 | ||||
Utilities | 164 | 447 | 561 | ||||
Maintenance | 299 | 1,029 | 1,070 | ||||
Real estate taxes | 951 | 2,276 | 2,428 | ||||
Insurance | 97 | 218 | 211 | ||||
Property management expenses | 222 | 520 | 759 | ||||
Other property expenses | 0 | 16 | 4 | ||||
Other expenses | 0 | 0 | 67 | ||||
Amortization related to non-real estate investments | 90 | 247 | 256 | ||||
Impairment of real estate investments | 1,860 | 305 | 428 | ||||
TOTAL EXPENSES | 4,603 | 8,227 | 9,202 | ||||
Operating (loss) income | -128 | 4,940 | 4,119 | ||||
Interest expense | -421 | -2,532 | -3,429 | ||||
Other income | 0 | 2 | 23 | ||||
Income (loss) from discontinued operations before gain on sale | -549 | 2,410 | 713 | ||||
Gain on sale of discontinued operations | 6,999 | 6,885 | 349 | ||||
INCOME FROM DISCONTINUED OPERATIONS | $ | 6,450 | $ | 9,295 | $ | 1,062 | |
Segment Data | |||||||
Multi-Family Residential | $ | -99 | $ | 3,712 | $ | 100 | |
Commercial Office | -1,794 | 314 | 52 | ||||
Commercial Healthcare | 0 | 3,416 | -465 | ||||
Commercial Industrial | 8,923 | 2,118 | 1,127 | ||||
Commercial Retail | -580 | -265 | 248 | ||||
Total | $ | 6,450 | $ | 9,295 | $ | 1,062 | |
(in thousands) | |||||||
2014 | 2013 | 2012 | |||||
Property Sale Data | |||||||
Sales price | $ | 80,883 | $ | 26,273 | $ | 3,237 | |
Net book value and sales costs | -73,884 | -19,388 | -2,888 | ||||
Gain on sale of discontinued operations | $ | 6,999 | $ | 6,885 | $ | 349 | |
(in thousands) | |||||||
2014 | 2013 | ||||||
Asset and Liability Data | |||||||
Total assets | $ | 0 | $ | 72,631 | |||
Total liabilities | 0 | -1,335 |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||
Apr. 30, 2014 | |||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||
Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted Earnings per Share | ' | ||||||
Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. The Company has no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional common shares that would result in a dilution of earnings. Units can be exchanged for shares on a one-for-one basis after a minimum holding period of one year. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the consolidated financial statements for the fiscal years ended April 30, 2014, 2013 and 2012: | |||||||
For Years Ended April 30, | |||||||
(in thousands, except per share data) | |||||||
2014 | 2013 | 2012 | |||||
NUMERATOR | |||||||
(Loss) income from continuing operations – Investors Real Estate Trust | $ | -18,508 | $ | 17,929 | $ | 7,357 | |
Income from discontinued operations – Investors Real Estate Trust | 5,334 | 7,601 | 855 | ||||
Net (loss) income attributable to Investors Real Estate Trust | -13,174 | 25,530 | 8,212 | ||||
Dividends to preferred shareholders | -11,514 | -9,229 | -2,372 | ||||
Numerator for basic earnings per share – net (loss) income available to common shareholders | -24,688 | 16,301 | 5,840 | ||||
Noncontrolling interests – Operating Partnership | -4,676 | 3,633 | 1,359 | ||||
Numerator for diluted earnings per share | $ | -29,364 | $ | 19,934 | $ | 7,199 | |
DENOMINATOR | |||||||
Denominator for basic earnings per share weighted average shares | 105,331 | 93,344 | 83,557 | ||||
Effect of convertible operating partnership units | 21,697 | 21,191 | 19,875 | ||||
Denominator for diluted earnings per share | 127,028 | 114,535 | 103,432 | ||||
(Loss) earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted | $ | -0.28 | $ | 0.09 | $ | 0.06 | |
Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted | 0.05 | 0.08 | 0.01 | ||||
NET (LOSS) INCOME PER COMMON SHARE – BASIC & DILUTED | $ | -0.23 | $ | 0.17 | $ | 0.07 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||||||||
Apr. 30, 2014 | ||||||||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | |||||||||
Schedule of Expected Timing of Ground and Air Rights Lease Payments | ' | |||||||||
The expected timing of ground and air rights lease payments as of April 30, 2014 is as follows: | ||||||||||
(in thousands) | ||||||||||
Year Ended April 30, | Lease Payments | |||||||||
2015 | $ | 506 | ||||||||
2016 | 478 | |||||||||
2017 | 449 | |||||||||
2018 | 449 | |||||||||
2019 | 449 | |||||||||
Thereafter | 21,213 | |||||||||
Total | $ | 23,544 | ||||||||
Schedule of Property Cost and Gross Rental Revenue | ' | |||||||||
Development, Expansion and Renovation Projects. The Company has various contracts outstanding with third parties in connection with development, expansion and renovation projects that are underway or recently completed, the costs for which have been capitalized. As of April 30, 2014, contractual commitments for these projects are as follows: | ||||||||||
NOTE 15 • continued | ||||||||||
(in thousands) | ||||||||||
Project Name and Location | Planned Segment | Square Feet | Anticipated | Costs as of | Loans Closed or Committed | Anticipated Construction Completion | ||||
or Number of Units | Total Cost | April 30, 2014(1) | ||||||||
Dakota Commons - Williston, ND | Multi-Family Residential | 44 units | $ | 10,736 | $ | 9,013 | $ | 0 | FY2015 Q1 | |
Commons at Southgate - Minot, ND(2) | Multi-Family Residential | 233 units | 37,201 | 28,065 | 24,480 | FY2015 Q2 | ||||
Cypress Court II – St. Cloud, MN(3) | Multi-Family Residential | 66 units | 7,028 | 1,580 | 4,200 | FY2015 Q3 | ||||
Arcata - Golden Valley, MN | Multi-Family Residential | 165 units | 33,448 | 13,018 | 24,250 | FY2015 Q3 | ||||
Red 20 - Minneapolis, MN(4) | Multi-Family Residential and Commercial | 130 units and 10,625 sq ft | 29,462 | 13,980 | 21,726 | FY2015 Q3 | ||||
Renaissance Heights I - Williston, ND(5) | Multi-Family Residential | 288 units | 62,362 | 39,017 | 43,672 | FY2015 Q4 | ||||
Chateau II - Minot, ND(6) | Multi-Family Residential | 72 units | 14,711 | 2,098 | 0 | FY2015 Q4 | ||||
Cardinal Point - Grand Forks, ND | Multi-Family Residential | 251 units | 40,042 | 6,829 | 24,500 | FY2016 Q1 | ||||
Other | n/a | n/a | n/a | 2,496 | n/a | n/a | ||||
$ | 234,990 | $ | 116,096 | $ | 142,828 | |||||
-1 | Includes costs related to development projects that are placed in service in phases (Renaissance Heights I - $11.5 million). | |||||||||
-2 | The Company is an approximately 51% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity. | |||||||||
-3 | The Company is an approximately 86.1% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity. | |||||||||
-4 | The Company is an approximately 58.6% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity. | |||||||||
-5 | The Company is an approximately 70% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity. | |||||||||
-6 | On December 5, 2013, this development project was destroyed by fire. As of April 30, 2014, $6.1 million of expected insurance proceeds were included in accounts receivable on the Company's consolidated balance sheet. See Note 2 for additional information. |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ' | ||||||||
Fair Value Measurements on a Nonrecurring Basis | ' | ||||||||
Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2014 consisted of real estate investments and real estate held for sale that were written-down to estimated fair value during fiscal year 2014. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2013 consisted of real estate investments that were written-down to estimated fair value during fiscal year 2013. See Note 2 for additional information on impairment losses recognized during fiscal years 2014 and 2013. The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows: | |||||||||
(in thousands) | |||||||||
30-Apr-14 | |||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||
Real estate investments | $ | 89,537 | $ | 0 | $ | 0 | $ | 89,537 | |
Real estate held for sale | 2,951 | 0 | 0 | 2,951 | |||||
(in thousands) | |||||||||
30-Apr-13 | |||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||
Real estate held for sale | $ | 335 | $ | 0 | $ | 0 | $ | 335 | |
Estimated Fair Values of Financial Instruments | ' | ||||||||
The estimated fair values of the Company's financial instruments as of April 30, 2014 and 2013 are as follows: | |||||||||
(in thousands) | |||||||||
2014 | 2013 | ||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||
Amount | Amount | ||||||||
FINANCIAL ASSETS | |||||||||
Cash and cash equivalents | 47,267 | 47,267 | 94,133 | 94,133 | |||||
Other investments | 329 | 329 | 639 | 639 | |||||
FINANCIAL LIABILITIES | |||||||||
Other debt | 63,132 | 63,250 | 18,076 | 18,156 | |||||
Lines of credit | 22,500 | 22,500 | 10,000 | 10,000 | |||||
Mortgages payable | 997,689 | 1,130,262 | 1,049,206 | 1,160,190 |
QUARTERLY_RESULTS_OF_CONSOLIDA1
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) (Tables) | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) [Abstract] | ' | ||||||||
Schedule of Quarterly Results of Consolidation Operations | ' | ||||||||
(in thousands, except per share data) | |||||||||
QUARTER ENDED | 31-Jul-13 | 31-Oct-13 | 31-Jan-14 | 30-Apr-14 | |||||
Revenues | $ | 65,098 | $ | 65,772 | $ | 67,629 | $ | 66,983 | |
Net income (loss) attributable to Investors Real Estate Trust | $ | 3,078 | $ | 8,787 | $ | 3,503 | $ | -28,542 | |
Net income (loss) available to common shareholders | $ | 199 | $ | 5,909 | $ | 624 | $ | -31,420 | |
Net income (loss) per common share - basic & diluted | $ | 0 | $ | 0.06 | $ | 0 | $ | -0.29 | |
(in thousands, except per share data) | |||||||||
QUARTER ENDED | 31-Jul-12 | 31-Oct-12 | 31-Jan-13 | 30-Apr-13 | |||||
Revenues | $ | 58,930 | $ | 61,864 | $ | 63,080 | $ | 64,184 | |
Net income attributable to Investors Real Estate Trust | $ | 1,679 | $ | 8,512 | $ | 5,324 | $ | 10,015 | |
Net income (loss) available to common shareholders | $ | 1,086 | $ | 5,634 | $ | 2,445 | $ | 7,136 | |
Net income (loss) per common share - basic & diluted | $ | 0.01 | $ | 0.06 | $ | 0.03 | $ | 0.07 | |
The above financial information is unaudited. In the opinion of management, all adjustments (which are of a normal recurring nature) have been included for a fair presentation. |
REDEEMABLE_NONCONTROLLING_INTE1
REDEEMABLE NONCONTROLLING INTERESTS (Tables) | 12 Months Ended | ||||||
Apr. 30, 2014 | |||||||
REDEEMABLE NONCONTROLLING INTERESTS [Abstract] | ' | ||||||
Redeemable Noncontrolling Interest | ' | ||||||
As of April 30, 2014 and 2013, the estimated redemption value of the redeemable noncontrolling interests was $6.2 million and $5.9 million, respectively. The redeemable noncontrolling interest recorded in fiscal years 2014 and 2013 is the noncontrolling interest in the joint venture entity that owns the Company's Southgate apartments project in Minot, North Dakota. The redeemable noncontrolling interest on the Company's Consolidated Balance Sheets in fiscal year 2012 was the noncontrolling interest in the joint venture owner of the Company's Golden Hills office property in Golden Valley, Minnesota, which interest the Company acquired from its joint venture partner in the third quarter of fiscal year 2012. Below is a table reflecting the activity of the redeemable noncontrolling interests. | |||||||
(in thousands) | |||||||
2014 | 2013 | 2012 | |||||
Balance at beginning of fiscal year | $ | 5,937 | $ | 0 | $ | 987 | |
Contributions | 0 | 5,932 | 0 | ||||
Net income | 266 | 5 | 12 | ||||
Net distributions | 0 | 0 | -27 | ||||
Fair value adjustments | 0 | 0 | 35 | ||||
Acquisition of joint venture partner's interest | 0 | 0 | -1,007 | ||||
Balance at close of fiscal year | $ | 6,203 | $ | 5,937 | $ | 0 |
STOCK_BASED_COMPENSATION_Table
STOCK BASED COMPENSATION (Tables) | 12 Months Ended | ||||||
Apr. 30, 2014 | |||||||
STOCK BASED COMPENSATION | ' | ||||||
Compensation Expense Recognized | ' | ||||||
Total Compensation Expense | |||||||
Total share-based compensation expense recognized in the consolidated financial statements for the three years ended April 30, 2014 for all share-based awards was as follows (in thousands): | |||||||
Year Ended April 30, | |||||||
2014 | 2013 | 2012 | |||||
Stock-based compensation expense | $ | 1,162 | $ | 45 | $ | 461 |
SUBSEQUENT_EVENTS_Tables
SUBSEQUENT EVENTS (Tables) | 12 Months Ended | |||||
Apr. 30, 2014 | ||||||
SUBSEQUENT EVENTS [Abstract] | ' | |||||
Common and Preferred Share Distributions | ' | |||||
Common and Preferred Share Distributions. On June 2, 2014, the Company's Board of Trustees declared the following distributions: | ||||||
Class of shares/units | Quarterly Amount | Record Date | Payment Date | |||
per Share or Unit | ||||||
Common shares and limited partnership units | $0.13 | 16-Jun-14 | 1-Jul-14 | |||
Preferred shares: | ||||||
Series A | $0.52 | 16-Jun-14 | 30-Jun-14 | |||
Series B | $0.50 | 16-Jun-14 | 30-Jun-14 |
ORGANIZATION_Details
ORGANIZATION (Details) | Apr. 30, 2014 |
ORGANIZATION [Abstract] | ' |
Percentage of ordinary taxable income that must be distributed to shareholders (in hundredths) | 90.00% |
Multi-family residential properties [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of real estate properties | 93 |
Number of apartment units owned | 10,779 |
Commercial properties [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of real estate properties | 166 |
Net rentable area (in square feet) | 10,500,000 |
BASIS_OF_PRESENTATION_AND_SIGN3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | ||||||||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Oct. 31, 2012 | Apr. 30, 2011 | |||||
Redemption | Property | Unit | Property | ||||||
Property | Property | ||||||||
BASIS OF PRESENTATION [Abstract] | ' | ' | ' | ' | ' | ||||
Interest in operating partnership (in hundredths) | 83.80% | 82.40% | ' | ' | ' | ||||
Percentage of general interest partnership (in hundredths) | 100.00% | ' | ' | ' | ' | ||||
Redemption basis | '1:1 | ' | ' | ' | ' | ||||
Redemptions by limited partner, maximum | 2 | ' | ' | ' | ' | ||||
Number of units to redeem, minimum (in units) | 1,000 | ' | ' | ' | ' | ||||
Period to hold the beneficial interest, minimum | '1 year | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Number of year after date of acquisition related to adjustment of real estate preliminary allocations of purchase price | '1 year | ' | ' | ' | ' | ||||
Impairment of retail property | $44,426,000 | $305,000 | $428,000 | ' | ' | ||||
Number of impaired properties | 15 | 1 | 2 | ' | ' | ||||
Goodwill impairment | 0 | 0 | 7,000 | ' | ' | ||||
Number of real estate properties classified as held for sale | 1 | 0 | ' | ' | ' | ||||
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL [Abstract] | ' | ' | ' | ' | ' | ||||
New intangible assets | 900,000 | 1,600,000 | ' | ' | ' | ||||
Addition to intangible liabilities | 0 | 0 | ' | ' | ' | ||||
Weighted average lives of intangible assets and intangible liabilities | '0 years 8 months 12 days | '0 years 6 months | ' | ' | ' | ||||
Goodwill book value | 1,100,000 | 1,106,000 | [1] | ' | ' | ' | |||
Recognized impairment goodwill | 0 | 0 | 7,000 | ' | ' | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Goodwill derecognized | 7,000 | 14,000 | 0 | ' | ' | ||||
PROPERTY AND EQUIPMENT [Abstract] | ' | ' | ' | ' | ' | ||||
Property and equipment cost | 3,700,000 | 2,900,000 | ' | ' | ' | ||||
Accumulated depreciation | 2,041,000 | 1,673,000 | ' | ' | ' | ||||
Compensating Balances [Line Items] | ' | ' | ' | ' | ' | ||||
Compensating balance | 7,900,000 | ' | ' | ' | ' | ||||
Certificates of deposit | 329,000 | ' | ' | ' | ' | ||||
Decrease in lender holdbacks | 3,780,000 | 1,891,000 | 5,681,000 | ' | ' | ||||
Increase in lender holdbacks for improvements | 11,045,000 | 2,466,000 | 1,730,000 | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ||||
Balance at beginning of year | 563,000 | ' | ' | ' | ' | ||||
Balance at close of year | 248,000 | 563,000 | ' | ' | ' | ||||
INCOME TAXES [Abstract] | ' | ' | ' | ' | ' | ||||
Minimum dividend distribution percentage (in hundredths) | 90.00% | ' | ' | ' | ' | ||||
Dividend distribution percentage (in hundredths) | 90.00% | 90.00% | 90.00% | ' | ' | ||||
Distribution of federal income tax (in hundredths) | ' | 28.41% | 23.17% | ' | ' | ||||
Distribution of capital gain (in hundredths) | ' | 3.09% | 2.41% | ' | ' | ||||
Distribution made as return of capital (in hundredths) | ' | 68.50% | 74.42% | ' | ' | ||||
Unusual or Infrequent Item [Line Items] | ' | ' | ' | ' | ' | ||||
Number of 32-unit buildings | ' | ' | 2 | ' | ' | ||||
Number of units in building | ' | ' | 32 | ' | ' | ||||
Number of buildings destroyed | ' | ' | 2 | 1 | ' | ||||
Total gain on involuntary conversion | 2,480,000 | 5,084,000 | 274,000 | ' | ' | ||||
Insurance proceeds received for reimbursement for business interruption (loss of rents) | 409,000 | 666,000 | ' | ' | ' | ||||
Involuntary Conversion Of Assets Line Item | 7,100,000 | ' | ' | ' | ' | ||||
Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | ||||
Redeemable noncontrolling interests consolidated real estate entities | 6,203,000 | 5,937,000 | [1] | ' | ' | ' | |||
Noncontrolling interests consolidated real estate entities | 22,638,000 | 20,118,000 | [1] | ' | ' | ' | |||
Balance April 30, 2013 | 720,546,000 | [1] | 755,444,000 | [1] | 565,263,000 | [1] | ' | 544,290,000 | [1] |
Consolidated Statement of Equity [Abstract] | ' | ' | ' | ' | ' | ||||
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests | -17,207,000 | [1] | 29,967,000 | [1] | 9,694,000 | [1] | ' | ' | |
Contributions from nonredeemable noncontrolling interests consolidated real estate entities | 3,895,000 | [1] | 6,483,000 | [1] | ' | ' | ' | ||
Balance April 30, 2013 | 720,546,000 | [1] | 755,444,000 | [1] | 565,263,000 | [1] | ' | 544,290,000 | [1] |
NONCONTROLLING INTERESTS [Member] | ' | ' | ' | ' | ' | ||||
Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | ||||
Balance April 30, 2013 | 128,362,000 | [1] | 142,657,000 | [1] | 132,274,000 | [1] | ' | 132,600,000 | [1] |
Consolidated Statement of Equity [Abstract] | ' | ' | ' | ' | ' | ||||
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests | -4,033,000 | [1] | 4,437,000 | [1] | 1,482,000 | [1] | ' | ' | |
Contributions from nonredeemable noncontrolling interests consolidated real estate entities | 3,895,000 | [1] | 6,483,000 | [1] | ' | ' | ' | ||
Balance April 30, 2013 | 128,362,000 | [1] | 142,657,000 | [1] | 132,274,000 | [1] | ' | 132,600,000 | [1] |
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ||||
Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | ||||
Redeemable noncontrolling interests consolidated real estate entities | ' | 0 | ' | ' | ' | ||||
Noncontrolling interests consolidated real estate entities | ' | 26,055,000 | ' | ' | ' | ||||
Balance April 30, 2013 | ' | 761,381,000 | ' | ' | ' | ||||
Consolidated Statement of Equity [Abstract] | ' | ' | ' | ' | ' | ||||
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests | ' | 29,972,000 | ' | ' | ' | ||||
Contributions from nonredeemable noncontrolling interests consolidated real estate entities | ' | 12,415,000 | ' | ' | ' | ||||
Balance April 30, 2013 | ' | 761,381,000 | ' | ' | ' | ||||
Scenario, Previously Reported [Member] | NONCONTROLLING INTERESTS [Member] | ' | ' | ' | ' | ' | ||||
Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | ||||
Balance April 30, 2013 | ' | 148,594,000 | ' | ' | ' | ||||
Consolidated Statement of Equity [Abstract] | ' | ' | ' | ' | ' | ||||
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests | ' | 4,442,000 | ' | ' | ' | ||||
Contributions from nonredeemable noncontrolling interests consolidated real estate entities | ' | 12,415,000 | ' | ' | ' | ||||
Balance April 30, 2013 | ' | 148,594,000 | ' | ' | ' | ||||
Restatement Adjustment [Member] | ' | ' | ' | ' | ' | ||||
Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | ||||
Redeemable noncontrolling interests consolidated real estate entities | ' | 5,937,000 | ' | ' | ' | ||||
Noncontrolling interests consolidated real estate entities | ' | -5,937,000 | ' | ' | ' | ||||
Balance April 30, 2013 | ' | -5,937,000 | ' | ' | ' | ||||
Consolidated Statement of Equity [Abstract] | ' | ' | ' | ' | ' | ||||
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests | ' | -5,000 | ' | ' | ' | ||||
Contributions from nonredeemable noncontrolling interests consolidated real estate entities | ' | -5,932,000 | ' | ' | ' | ||||
Balance April 30, 2013 | ' | -5,937,000 | ' | ' | ' | ||||
Restatement Adjustment [Member] | NONCONTROLLING INTERESTS [Member] | ' | ' | ' | ' | ' | ||||
Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | ||||
Balance April 30, 2013 | ' | -5,937,000 | ' | ' | ' | ||||
Consolidated Statement of Equity [Abstract] | ' | ' | ' | ' | ' | ||||
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests | ' | -5,000 | ' | ' | ' | ||||
Contributions from nonredeemable noncontrolling interests consolidated real estate entities | ' | -5,932,000 | ' | ' | ' | ||||
Balance April 30, 2013 | ' | -5,937,000 | ' | ' | ' | ||||
Flood [Member] | ' | ' | ' | ' | ' | ||||
Unusual or Infrequent Item [Line Items] | ' | ' | ' | ' | ' | ||||
Total gain on involuntary conversion | 0 | 2,821,000 | 274,000 | ' | ' | ||||
Proceeds from final settlement | 8,500,000 | ' | ' | ' | ' | ||||
2012 Fire [Member] | ' | ' | ' | ' | ' | ||||
Unusual or Infrequent Item [Line Items] | ' | ' | ' | ' | ' | ||||
Total gain on involuntary conversion | 2,480,000 | 2,263,000 | 0 | ' | ' | ||||
Proceeds from final settlement | 5,100,000 | ' | ' | ' | ' | ||||
2013 Fire [Member] | ' | ' | ' | ' | ' | ||||
Unusual or Infrequent Item [Line Items] | ' | ' | ' | ' | ' | ||||
Insurance proceeds received for flood clean up costs and redevelopment | 1,000,000 | ' | ' | ' | ' | ||||
Number of 15-unit buildings | 1 | ' | ' | ' | ' | ||||
Number of 57-unit buildings | 1 | ' | ' | ' | ' | ||||
Lost net operating income | 882,000 | ' | ' | ' | ' | ||||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ||||
Balance at beginning of year | 1,393,000 | 1,363,000 | 1,316,000 | ' | ' | ||||
Provision | 434,000 | 665,000 | 298,000 | ' | ' | ||||
Write-off | -783,000 | -635,000 | -251,000 | ' | ' | ||||
Balance at close of year | 1,044,000 | 1,393,000 | 1,363,000 | ' | ' | ||||
Dacotah Bank, Minot, North Dakota [Member] | ' | ' | ' | ' | ' | ||||
Compensating Balances [Line Items] | ' | ' | ' | ' | ' | ||||
Compensating balance | 350,000 | ' | ' | ' | ' | ||||
Remaining terms of certificates of deposit | '2 years | ' | ' | ' | ' | ||||
United Community Bank, Minot, North Dakota [Member] | ' | ' | ' | ' | ' | ||||
Compensating Balances [Line Items] | ' | ' | ' | ' | ' | ||||
Compensating balance | 275,000 | ' | ' | ' | ' | ||||
Remaining terms of certificates of deposit | '6 months | ' | ' | ' | ' | ||||
First International Bank, Watford City, North Dakota [Member] | ' | ' | ' | ' | ' | ||||
Compensating Balances [Line Items] | ' | ' | ' | ' | ' | ||||
Compensating balance | 6,100,000 | ' | ' | ' | ' | ||||
Peoples State Bank of Velva, North Dakota [Member] | ' | ' | ' | ' | ' | ||||
Compensating Balances [Line Items] | ' | ' | ' | ' | ' | ||||
Compensating balance | 225,000 | ' | ' | ' | ' | ||||
Associated Bank, Green Bay, Wisconsin [Member] | ' | ' | ' | ' | ' | ||||
Compensating Balances [Line Items] | ' | ' | ' | ' | ' | ||||
Compensating balance | 600,000 | ' | ' | ' | ' | ||||
American National Bank, Omaha, Nebraska [Member] | ' | ' | ' | ' | ' | ||||
Compensating Balances [Line Items] | ' | ' | ' | ' | ' | ||||
Compensating balance | 400,000 | ' | ' | ' | ' | ||||
Buildings and Improvements [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Estimated useful life of assets (in years) | '20 years | ' | ' | ' | ' | ||||
Buildings and Improvements [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Estimated useful life of assets (in years) | '40 years | ' | ' | ' | ' | ||||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Estimated useful life of assets (in years) | '5 years | ' | ' | ' | ' | ||||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Estimated useful life of assets (in years) | '12 years | ' | ' | ' | ' | ||||
Renovations and Improvements [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Estimated useful life of assets (in years) | '5 years | ' | ' | ' | ' | ||||
Renovations and Improvements [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Estimated useful life of assets (in years) | '10 years | ' | ' | ' | ' | ||||
Grand Chute, Wisconsin [Member] | ' | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Impairment of retail property | ' | ' | 293,000 | ' | ' | ||||
Number of impaired properties | ' | ' | 8 | ' | ' | ||||
Discontinued Operations [Member] | ' | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Impairment of real estate investments | 1,860,000 | 305,000 | 428,000 | ' | ' | ||||
Multi Family Residential [Member] | ' | ' | ' | ' | ' | ||||
RECLASSIFICATIONS [Abstract] | ' | ' | ' | ' | ' | ||||
Number of real estate properties classified as discontinued operations | 2 | 3 | ' | ' | ' | ||||
Commercial Healthcare [Member] | ' | ' | ' | ' | ' | ||||
RECLASSIFICATIONS [Abstract] | ' | ' | ' | ' | ' | ||||
Number of real estate properties classified as discontinued operations | ' | 1 | ' | ' | ' | ||||
Commercial Industrial [Member] | ' | ' | ' | ' | ' | ||||
RECLASSIFICATIONS [Abstract] | ' | ' | ' | ' | ' | ||||
Number of real estate properties classified as discontinued operations | 12 | ' | ' | ' | ' | ||||
Commercial Industrial [Member] | Roseville, Minnesota [Member] | ' | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Impairment of retail property | 4,800,000 | ' | ' | ' | ' | ||||
Number of impaired properties | 1 | ' | ' | ' | ' | ||||
Commercial Industrial [Member] | St. Louis Park, Minnesota [Member] | ' | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Impairment of retail property | 864,000 | ' | ' | ' | ' | ||||
Number of impaired properties | 1 | ' | ' | ' | ' | ||||
Commercial Office [Member] | ' | ' | ' | ' | ' | ||||
RECLASSIFICATIONS [Abstract] | ' | ' | ' | ' | ' | ||||
Number of real estate properties classified as discontinued operations | 3 | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Number of real estate properties classified as held for sale | 1 | ' | ' | ' | ' | ||||
Commercial Office [Member] | Anoka, Minnesota [Member] | ' | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Impairment of retail property | 265,000 | ' | ' | ' | ' | ||||
Number of impaired properties | 1 | ' | ' | ' | ' | ||||
Commercial Office [Member] | Bloomington, Minnesota [Member] | ' | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Impairment of retail property | 329,000 | ' | ' | ' | ' | ||||
Number of impaired properties | 1 | ' | ' | ' | ' | ||||
Commercial Office [Member] | Clive, Iowa [Member] | ' | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Impairment of retail property | 402,000 | ' | ' | ' | ' | ||||
Number of impaired properties | 1 | ' | ' | ' | ' | ||||
Commercial Office [Member] | Edina, Minnesota [Member] | ' | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Impairment of retail property | 835,000 | ' | ' | ' | ' | ||||
Number of impaired properties | 1 | ' | ' | ' | ' | ||||
Commercial Office [Member] | Golden Valley, Minnesota [Member] | ' | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Impairment of retail property | 2,100,000 | ' | ' | ' | ' | ||||
Number of impaired properties | 1 | ' | ' | ' | ' | ||||
Commercial Office [Member] | Various states [Member] | ' | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Impairment of retail property | 34,900,000 | ' | ' | ' | ' | ||||
Number of impaired properties | 8 | ' | ' | ' | ' | ||||
Retail Property [Member] | ' | ' | ' | ' | ' | ||||
RECLASSIFICATIONS [Abstract] | ' | ' | ' | ' | ' | ||||
Number of real estate properties classified as discontinued operations | 3 | 1 | ' | ' | ' | ||||
Retail Property [Member] | Kentwood, Michigan [Member] | ' | ' | ' | ' | ' | ||||
REAL ESTATE INVESTMENTS [Abstract] | ' | ' | ' | ' | ' | ||||
Impairment of retail property | ' | $128,000 | ' | ' | ' | ||||
Number of impaired properties | ' | 1 | ' | ' | ' | ||||
Condominium Unit [Member] | ' | ' | ' | ' | ' | ||||
RECLASSIFICATIONS [Abstract] | ' | ' | ' | ' | ' | ||||
Number of real estate properties classified as discontinued operations | ' | 4 | ' | ' | ' | ||||
[1] | (as revised) |
CREDIT_RISK_Details
CREDIT RISK (Details) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Millions, unless otherwise specified | ||
CREDIT RISK [Abstract] | ' | ' |
Amounts deposit not insured by FDIC | $14.40 | $29.60 |
PROPERTY_OWNED_Details
PROPERTY OWNED (Details) (USD $) | 12 Months Ended | |||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | ||
PROPERTY OWNED [Abstract] | ' | ' | ' | |
Property owned net | $1,571,743,000 | $1,612,549,000 | [1] | ' |
Capitalized interest during construction | 2,900,000 | 742,000 | 571,000 | |
Future minimum lease receipts to be received under non-cancellable leases [Abstract] | ' | ' | ' | |
2015 | 110,080,000 | ' | ' | |
2016 | 101,673,000 | ' | ' | |
2017 | 87,405,000 | ' | ' | |
2018 | 73,163,000 | ' | ' | |
2019 | 60,348,000 | ' | ' | |
Thereafter | 136,292,000 | ' | ' | |
Total | $568,961,000 | ' | ' | |
[1] | (as revised) |
IDENTIFIED_INTANGIBLE_ASSETS_A2
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Details) (USD $) | 12 Months Ended | |||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | ||
Identified intangible assets (included in intangible assets) [Roll Forward] | ' | ' | ' | |
Gross carrying amount | $56,710,000 | $68,165,000 | ' | |
Accumulated amortization | -24,071,000 | -27,708,000 | ' | |
Net carrying amount | 32,639,000 | 40,457,000 | [1] | ' |
Identified intangible liabilities (included in other liabilities) [Abstract] | ' | ' | ' | |
Gross carrying amount | 173,000 | 391,000 | ' | |
Accumulated amortization | -127,000 | -296,000 | ' | |
Net carrying amount | 46,000 | 95,000 | ' | |
Other Identified Intangible Assets [Member] | ' | ' | ' | |
Identified intangible liabilities (included in other liabilities) [Abstract] | ' | ' | ' | |
Amortization of intangible assets | 8,300,000 | 5,300,000 | 5,300,000 | |
Estimated annual amortization [Abstract] | ' | ' | ' | |
2015 | 4,959,000 | ' | ' | |
2016 | 4,567,000 | ' | ' | |
2017 | 4,099,000 | ' | ' | |
2018 | 3,667,000 | ' | ' | |
2019 | 3,543,000 | ' | ' | |
Leases, Acquired-in-Place, Market Adjustment [Member] | ' | ' | ' | |
Identified intangible liabilities (included in other liabilities) [Abstract] | ' | ' | ' | |
Amortization of intangible assets | -42,000 | -38,000 | -54,000 | |
Estimated annual amortization [Abstract] | ' | ' | ' | |
2015 | 22,000 | ' | ' | |
2016 | 19,000 | ' | ' | |
2017 | 11,000 | ' | ' | |
2018 | -2,000 | ' | ' | |
2019 | ($3,000) | ' | ' | |
[1] | (as revised) |
NONCONTROLLING_INTERESTS_Detai
NONCONTROLLING INTERESTS (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 30, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | |
Unit | ||||
Noncontrolling Interest [Line Items] | ' | ' | ' | |
Noncontrolling interests - consolidated real estate entities | ' | $22,638 | $20,118 | [1] |
Number of units in building | 32 | ' | ' | |
Mendota Properties LLC [Member] | ' | ' | ' | |
Noncontrolling Interest [Line Items] | ' | ' | ' | |
Noncontrolling interests - consolidated real estate entities | ' | 7,333 | 7,236 | |
IRET-1715 YDR, LLC [Member] | ' | ' | ' | |
Noncontrolling Interest [Line Items] | ' | ' | ' | |
Noncontrolling interests - consolidated real estate entities | ' | 0 | 1,003 | |
IRET-Williston Garden Apartments, LLC [Member] | ' | ' | ' | |
Noncontrolling Interest [Line Items] | ' | ' | ' | |
Noncontrolling interests - consolidated real estate entities | ' | 2,804 | 2,597 | |
IRET-Jamestown Medical Building, LLC [Member] | ' | ' | ' | |
Noncontrolling Interest [Line Items] | ' | ' | ' | |
Noncontrolling interests - consolidated real estate entities | ' | 1,219 | 1,396 | |
WRH Holding, LLC [Member] | ' | ' | ' | |
Noncontrolling Interest [Line Items] | ' | ' | ' | |
Noncontrolling interests - consolidated real estate entities | ' | 1,206 | 1,118 | |
IRET-Cypress Court Apartments, LLC [Member] | ' | ' | ' | |
Noncontrolling Interest [Line Items] | ' | ' | ' | |
Noncontrolling interests - consolidated real estate entities | ' | 1,127 | 1,149 | |
IRET-WRH 1, LLC [Member] | ' | ' | ' | |
Noncontrolling Interest [Line Items] | ' | ' | ' | |
Noncontrolling interests - consolidated real estate entities | ' | 5,672 | 5,619 | |
IRET-RED 20, LLC [Member] | ' | ' | ' | |
Noncontrolling Interest [Line Items] | ' | ' | ' | |
Noncontrolling interests - consolidated real estate entities | ' | $3,277 | $0 | |
[1] | (as revised) |
LINE_OF_CREDIT_Details
LINE OF CREDIT (Details) (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Property | ||
Line of Credit Facility [Line Items] | ' | ' |
Line of credit, minimum outstanding principal balance | $12,500,000 | ' |
Debt instrument, description of variable rate basis | 'Journal Prime Rate | ' |
Debt instrument, basis spread on variable rate (in hundredths) | 1.25% | ' |
Debt instrument, covenant description | 'The line of credit may be prepaid at par at any time. The facility includes covenants and restrictions requiring the Company to achieve on a calendar quarter basis a debt service coverage ratio on borrowing base collateral of 1.25x in the aggregate and 1.00x on individual assets in the collateral pool | ' |
Minimum deposit | 6,000,000 | ' |
Non-interest bearing account | 1,500,000 | ' |
Number of properties securing line of credit | 14 | ' |
Line of credit facility, collateral cost | 124,400,000 | ' |
Credit Facility [Abstract] | ' | ' |
Amount available | 72,000,000 | ' |
Amount outstanding | $22,500,000 | $10,000,000 |
Interest rate (in hundredths) | 4.75% | ' |
Maturity date | 1-Dec-16 | ' |
Weighted average interest rate (in hundredths) | 4.86% | ' |
First International Bank & Trust [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Number of securing line of credit | 1 | ' |
Interest Rate Cap [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt instrument, interest rate (in hundredths) | 8.65% | ' |
Interest Rate Floor [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt instrument, interest rate (in hundredths) | 4.75% | ' |
MORTGAGES_PAYABLE_Details
MORTGAGES PAYABLE (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | ||
Debt Instrument [Line Items] | ' | ' | |
Interest rates on mortgages payable range, minimum (in hundredths) | 2.40% | ' | |
Interest rates on mortgages payable range, maximum (in hundredths) | 8.25% | ' | |
Mortgages maturity date range, start | 1-Jun-14 | ' | |
Mortgages maturity date range, end | 1-Jul-36 | ' | |
Fixed rate mortgages | $977,200,000 | $1,000,000,000 | |
Variable rate mortgages | 20,500,000 | 26,200,000 | |
Weighted average rate of interest on mortgage debt (in hundredths) | 5.37% | 5.55% | |
Aggregate amount of required future principal payments on mortgages payable [Abstract] | ' | ' | |
Total payments | 997,689,000 | 1,049,206,000 | [1] |
Mortgages Payable [Member] | ' | ' | |
Aggregate amount of required future principal payments on mortgages payable [Abstract] | ' | ' | |
2015 | 80,140,000 | ' | |
2016 | 92,888,000 | ' | |
2017 | 207,890,000 | ' | |
2018 | 91,657,000 | ' | |
2019 | 136,884,000 | ' | |
Thereafter | 388,230,000 | ' | |
Total payments | $997,689,000 | ' | |
[1] | (as revised) |
MORTGAGES_PAYABLE_PART_2_Detai
MORTGAGES PAYABLE, PART 2 (Details) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 | |
In Thousands, unless otherwise specified | Property | ||
Line of Credit Facility [Line Items] | ' | ' | |
Maximum borrowing capacity | $72,000 | ' | |
Line of credit facility, amount outstanding | 22,500 | 10,000 | |
Mortgages payable | 997,689 | 1,049,206 | [1] |
Number of properties securing line of credit | 14 | ' | |
Secured Debt [Member] | ' | ' | |
Line of Credit Facility [Line Items] | ' | ' | |
Mortgages payable | $997,689 | ' | |
Number of properties securing line of credit | 14 | ' | |
Number of properties not encumbered | 49 | ' | |
[1] | (as revised) |
TRANSACTIONS_WITH_RELATED_PART1
TRANSACTIONS WITH RELATED PARTIES (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
sqft | |||
BANKING SERVICES [Abstract] | ' | ' | ' |
Loans Closed or Committed | $142,828,000 | ' | ' |
Maximum borrowing capacity | 72,000,000 | ' | ' |
Compensating balance | 7,900,000 | ' | ' |
Non interest bearing account | 1,500,000 | ' | ' |
Interest and fees paid amount | ' | 975,000 | 422,000 |
LEASE TRANSACTION [Abstract] | ' | ' | ' |
Total cost to construct building | 52,200,000 | ' | ' |
Multi bank Line of Credit [Member] | ' | ' | ' |
BANKING SERVICES [Abstract] | ' | ' | ' |
Maximum borrowing capacity | 72,000,000 | ' | ' |
First International Bank & Trust [Member] | ' | ' | ' |
BANKING SERVICES [Abstract] | ' | ' | ' |
Bank service and other fees charged | 500 | 500 | 500 |
Interest and fees paid amount | 1,200,000 | 1,200,000 | 1,100,000 |
LEASE TRANSACTION [Abstract] | ' | ' | ' |
Area of building constructed (in square feet) | ' | 3,700 | ' |
Lease term | '20 years | ' | ' |
Total cost to construct building | ' | 1,300,000 | ' |
Estimated rental payments | 2,400,000 | ' | ' |
First International Bank & Trust [Member] | Multi bank Line of Credit [Member] | ' | ' | ' |
BANKING SERVICES [Abstract] | ' | ' | ' |
Maximum borrowing capacity | 12,000,000 | ' | ' |
Interest paid | 125,000 | 196,000 | 531,000 |
Bank services charges and fee | 40,000 | 40,000 | 70,000 |
Compensating balance | 6,000,000 | ' | ' |
Non interest bearing account | 1,500,000 | ' | ' |
Interest bearing account | 4,500,000 | ' | ' |
Percentage interest on deposited amount (in hundredths) | 0.20% | ' | ' |
Williston Garden [Member] | First International Bank & Trust [Member] | Mortgage Loans on Real Estate [Member] | ' | ' | ' |
BANKING SERVICES [Abstract] | ' | ' | ' |
Number of mortgage loans outstanding | 1 | ' | ' |
Principal balance | 13,700,000 | ' | ' |
Interest rate (in hundredths) | 5.50% | ' | ' |
Interest paid | 717,000 | ' | ' |
Compensating balance | 50,000 | ' | ' |
Renaissance Heights I - Williston ND [Member] | First International Bank & Trust [Member] | Construction Loan Payable [Member] | ' | ' | ' |
BANKING SERVICES [Abstract] | ' | ' | ' |
Interest rate (in hundredths) | 5.00% | ' | ' |
Loans Closed or Committed | 43,700,000 | ' | ' |
Balance drawn on construction loan | 17,200,000 | ' | ' |
Interest paid | $290,000 | ' | ' |
ACQUISITIONS_AND_DISPOSITIONS_1
ACQUISITIONS AND DISPOSITIONS (Details) (USD $) | 12 Months Ended | |||||
Share data in Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Transaction costs expensed during the period | $176,000 | $434,000 | ' | |||
Sales price | 80,883,000 | 26,273,000 | ' | |||
Project costs incurred to date | 116,096,000 | [1] | ' | ' | ||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Acquisition costs | 43,580,000 | 108,241,000 | ' | |||
Form of Consideration Cash | 38,200,000 | 76,020,000 | ' | |||
Form of Consideration Units (1) | 3,480 | [2] | 12,632 | [2] | ' | |
Form of Consideration Other (2) | 1,900,000 | [3] | 19,589,000 | [4] | ' | |
Investment Allocation Land | 8,034,000 | 29,361,000 | ' | |||
Investment Allocation Buildings | 34,646,000 | 77,316,000 | ' | |||
Investment Allocation Intangible assets | 900,000 | 1,564,000 | ' | |||
Assumed Debt | 0 | 12,500,000 | 7,190,000 | |||
Project costs incurred to date | 116,096,000 | [1] | ' | ' | ||
Results of operations from acquired properties [Abstract] | ' | ' | ' | |||
Total revenue | 1,897,000 | 6,497,000 | ' | |||
Net income | -82,000 | -66,000 | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Sale price | 80,883,000 | 26,273,000 | ' | |||
Book value and sales cost | 73,884,000 | 19,388,000 | ' | |||
Gain/(Loss) | 6,999,000 | 6,885,000 | ' | |||
Multi-Family Residential [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 3,510,000 | 8,850,000 | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Acquisition costs | 19,600,000 | 85,734,000 | ' | |||
Form of Consideration Cash | 16,120,000 | 62,602,000 | ' | |||
Form of Consideration Units (1) | 3,480 | [2] | 10,632 | [2] | ' | |
Form of Consideration Other (2) | 0 | [3] | 12,500,000 | [4] | ' | |
Investment Allocation Land | 1,447,000 | 6,854,000 | ' | |||
Investment Allocation Buildings | 17,635,000 | 77,316,000 | ' | |||
Investment Allocation Intangible assets | 518,000 | 1,564,000 | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Sale price | 3,510,000 | 8,850,000 | ' | |||
Book value and sales cost | 3,738,000 | 5,272,000 | ' | |||
Gain/(Loss) | -228,000 | 3,578,000 | ' | |||
Commercial Healthcare [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Acquisition costs | 18,913,000 | ' | ' | |||
Form of Consideration Cash | 18,913,000 | ' | ' | |||
Form of Consideration Units (1) | 0 | [2] | ' | ' | ||
Form of Consideration Other (2) | 0 | [3] | ' | ' | ||
Investment Allocation Land | 1,520,000 | ' | ' | |||
Investment Allocation Buildings | 17,011,000 | ' | ' | |||
Investment Allocation Intangible assets | 382,000 | ' | ' | |||
Commercial Industrial [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 61,138,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Sale price | 61,138,000 | ' | ' | |||
Book value and sales cost | 52,079,000 | ' | ' | |||
Gain/(Loss) | 9,059,000 | ' | ' | |||
Commercial Office [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 12,950,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Sale price | 12,950,000 | ' | ' | |||
Book value and sales cost | 14,504,000 | ' | ' | |||
Gain/(Loss) | -1,554,000 | ' | ' | |||
Commercial Retail [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 3,285,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Sale price | 3,285,000 | ' | ' | |||
Book value and sales cost | 3,563,000 | ' | ' | |||
Gain/(Loss) | -278,000 | ' | ' | |||
Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Acquisition costs | 5,067,000 | 22,507,000 | ' | |||
Form of Consideration Cash | 3,167,000 | 13,418,000 | ' | |||
Form of Consideration Units (1) | 0 | [2] | 2,000 | [2] | ' | |
Form of Consideration Other (2) | 1,900,000 | [3] | 7,089,000 | [4] | ' | |
Investment Allocation Land | 5,067,000 | 22,507,000 | ' | |||
Investment Allocation Buildings | 0 | 0 | ' | |||
Investment Allocation Intangible assets | 0 | 0 | ' | |||
Other Disposition [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | ' | 698,000 | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Sale price | ' | 698,000 | ' | |||
Book value and sales cost | ' | 757,000 | ' | |||
Gain/(Loss) | ' | -59,000 | ' | |||
API Building Duluth MN [Member] | Commercial Industrial [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 2,553,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 24-Sep-13 | ' | ' | |||
Sale price | 2,553,000 | ' | ' | |||
Book value and sales cost | 1,488,000 | ' | ' | |||
Gain/(Loss) | 1,065,000 | ' | ' | |||
Area of a real estate property (in square feet) | 35,000 | ' | ' | |||
Alps Park - Rapid City, SD [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | 1-May-13 | ' | ' | |||
Acquisition costs | 6,200,000 | ' | ' | |||
Form of Consideration Cash | 2,920,000 | ' | ' | |||
Form of Consideration Units (1) | 3,280 | [2] | ' | ' | ||
Form of Consideration Other (2) | 0 | [3] | ' | ' | ||
Investment Allocation Land | 287,000 | ' | ' | |||
Investment Allocation Buildings | 5,551,000 | ' | ' | |||
Investment Allocation Intangible assets | 362,000 | ' | ' | |||
Number of apartment units | 71 | ' | ' | |||
Anoka Strip Center Anoka MN [Member] | Commercial Retail [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 325,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 23-Dec-13 | ' | ' | |||
Sale price | 325,000 | ' | ' | |||
Book value and sales cost | 347,000 | ' | ' | |||
Gain/(Loss) | -22,000 | ' | ' | |||
Area of a real estate property (in square feet) | 10,625 | ' | ' | |||
Arcata - Golden Valley, MN [Member] | Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | ' | 30-Apr-13 | ' | |||
Acquisition costs | ' | 2,088,000 | ' | |||
Form of Consideration Cash | ' | 2,088,000 | ' | |||
Form of Consideration Units (1) | ' | 0 | [2] | ' | ||
Form of Consideration Other (2) | ' | 0 | [4] | ' | ||
Investment Allocation Land | ' | 2,088,000 | ' | |||
Investment Allocation Buildings | ' | 0 | ' | |||
Investment Allocation Intangible assets | ' | 0 | ' | |||
Badger Hills Rochester, MN [Member] | Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | ' | 14-Dec-12 | [5] | ' | ||
Acquisition costs | ' | 1,050,000 | [5] | ' | ||
Form of Consideration Cash | ' | 1,050,000 | [5] | ' | ||
Form of Consideration Units (1) | ' | 0 | [2],[5] | ' | ||
Form of Consideration Other (2) | ' | 0 | [4],[5] | ' | ||
Investment Allocation Land | ' | 1,050,000 | [5] | ' | ||
Investment Allocation Buildings | ' | 0 | [5] | ' | ||
Investment Allocation Intangible assets | ' | 0 | [5] | ' | ||
Bismarck 4916 - Bismarck, ND [Member] | Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | ' | 12-Apr-13 | ' | |||
Acquisition costs | ' | 3,250,000 | ' | |||
Form of Consideration Cash | ' | 3,250,000 | ' | |||
Form of Consideration Units (1) | ' | 0 | [2] | ' | ||
Form of Consideration Other (2) | ' | 0 | [4] | ' | ||
Investment Allocation Land | ' | 3,250,000 | ' | |||
Investment Allocation Buildings | ' | 0 | ' | |||
Investment Allocation Intangible assets | ' | 0 | ' | |||
Bloomington Business Plaza Bloomington MN [Member] | Commercial Office [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 4,500,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 12-Sep-13 | ' | ' | |||
Sale price | 4,500,000 | ' | ' | |||
Book value and sales cost | 7,339,000 | ' | ' | |||
Gain/(Loss) | -2,839,000 | ' | ' | |||
Area of a real estate property (in square feet) | 121,669 | ' | ' | |||
Bodycote Industrial Building Eden Prairie MN [Member] | Commercial Industrial [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 3,150,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 13-May-13 | ' | ' | |||
Sale price | 3,150,000 | ' | ' | |||
Book value and sales cost | 1,375,000 | ' | ' | |||
Gain/(Loss) | 1,775,000 | ' | ' | |||
Area of a real estate property (in square feet) | 41,880 | ' | ' | |||
Brooklyn Park 7401 Boone Avenue Brooklyn Park MN [Member] | Commercial Industrial [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 12,800,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 12-Sep-13 | ' | ' | |||
Sale price | 12,800,000 | ' | ' | |||
Book value and sales cost | 12,181,000 | ' | ' | |||
Gain/(Loss) | 619,000 | ' | ' | |||
Area of a real estate property (in square feet) | 322,751 | ' | ' | |||
Burnsville 2 Strip Center Burnsville MN [Member] | Commercial Retail [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 650,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 8-Jan-14 | ' | ' | |||
Sale price | 650,000 | ' | ' | |||
Book value and sales cost | 796,000 | ' | ' | |||
Gain/(Loss) | -146,000 | ' | ' | |||
Area of a real estate property (in square feet) | 8,400 | ' | ' | |||
Candlelight - Fargo, ND [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | ' | 1,950,000 | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | ' | 27-Nov-12 | ' | |||
Sale price | ' | 1,950,000 | ' | |||
Book value and sales cost | ' | 1,178,000 | ' | |||
Gain/(Loss) | ' | 772,000 | ' | |||
Number of apartment units | ' | 66 | ' | |||
Cedar Lake Business Center St Louis Park MN [Member] | Commercial Industrial [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 2,550,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 12-Sep-13 | ' | ' | |||
Sale price | 2,550,000 | ' | ' | |||
Book value and sales cost | 2,607,000 | ' | ' | |||
Gain/(Loss) | -57,000 | ' | ' | |||
Area of a real estate property (in square feet) | 50,400 | ' | ' | |||
Chateau II - Minot, ND [Member] | Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | 21-May-13 | ' | ' | |||
Acquisition costs | 179,000 | ' | ' | |||
Form of Consideration Cash | 179,000 | ' | ' | |||
Form of Consideration Units (1) | 0 | [2] | ' | ' | ||
Form of Consideration Other (2) | 0 | [3] | ' | ' | ||
Investment Allocation Land | 179,000 | ' | ' | |||
Investment Allocation Buildings | 0 | ' | ' | |||
Investment Allocation Intangible assets | 0 | ' | ' | |||
Clive 2075 NW 94th Street Clive IA [Member] | Commercial Industrial [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 2,735,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 30-Jan-14 | ' | ' | |||
Sale price | 2,735,000 | ' | ' | |||
Book value and sales cost | 2,675,000 | ' | ' | |||
Gain/(Loss) | 60,000 | ' | ' | |||
Area of a real estate property (in square feet) | 42,510 | ' | ' | |||
Colony - Lincoln, NE [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | ' | 4-Jun-12 | ' | |||
Acquisition costs | ' | 17,500,000 | ' | |||
Form of Consideration Cash | ' | 14,368,000 | ' | |||
Form of Consideration Units (1) | ' | 3,132 | [2] | ' | ||
Form of Consideration Other (2) | ' | 0 | [4] | ' | ||
Investment Allocation Land | ' | 1,515,000 | ' | |||
Investment Allocation Buildings | ' | 15,731,000 | ' | |||
Investment Allocation Intangible assets | ' | 254,000 | ' | |||
Number of apartment units | ' | 232 | ' | |||
Commons at Southgate - Minot, ND [Member] | Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | ' | 22-Jan-13 | [6] | ' | ||
Acquisition costs | ' | 3,691,000 | [6] | ' | ||
Form of Consideration Cash | ' | 0 | [6] | ' | ||
Form of Consideration Units (1) | ' | 0 | [2],[6] | ' | ||
Form of Consideration Other (2) | ' | 3,691,000 | [4],[6] | ' | ||
Investment Allocation Land | ' | 3,691,000 | [6] | ' | ||
Investment Allocation Buildings | ' | 0 | [6] | ' | ||
Investment Allocation Intangible assets | ' | 0 | ' | |||
Interest in joint venture (in hundredths) | ' | 51.00% | [6] | ' | ||
JV Partner Contributions | ' | 3.691 | [6] | ' | ||
Cypress Court - St. Cloud, MN [Member] | Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | ' | 10-Aug-12 | [7] | ' | ||
Acquisition costs | ' | 447,000 | [7] | ' | ||
Form of Consideration Cash | ' | 447,000 | [7] | ' | ||
Form of Consideration Units (1) | ' | 0 | [2],[7] | ' | ||
Form of Consideration Other (2) | ' | 0 | [4],[7] | ' | ||
Investment Allocation Land | ' | 447,000 | [7] | ' | ||
Investment Allocation Buildings | ' | 0 | [7] | ' | ||
Investment Allocation Intangible assets | ' | 0 | [7] | ' | ||
Interest in joint venture (in hundredths) | ' | 86.10% | [7] | ' | ||
Cypress Court Apartment Development St. Cloud, MN [Member] | Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | ' | 10-Aug-12 | [7] | ' | ||
Acquisition costs | ' | 1,136,000 | [7] | ' | ||
Form of Consideration Cash | ' | 0 | [7] | ' | ||
Form of Consideration Units (1) | ' | 0 | [2],[7] | ' | ||
Form of Consideration Other (2) | ' | 1,136,000 | [4],[7] | ' | ||
Investment Allocation Land | ' | 1,136,000 | [7] | ' | ||
Investment Allocation Buildings | ' | 0 | [7] | ' | ||
Investment Allocation Intangible assets | ' | 0 | [7] | ' | ||
Interest in joint venture (in hundredths) | ' | 86.10% | [7] | ' | ||
JV Partner Contributions | ' | 1.136 | [7] | ' | ||
Dixon Avenue Industrial Park Des Moines IA [Member] | Commercial Industrial [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 14,675,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 31-Oct-13 | ' | ' | |||
Sale price | 14,675,000 | ' | ' | |||
Book value and sales cost | 10,328,000 | ' | ' | |||
Gain/(Loss) | 4,347,000 | ' | ' | |||
Area of a real estate property (in square feet) | 606,006 | ' | ' | |||
Eagan Community Eagan MN [Member] | Commercial Retail [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 2,310,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 14-May-13 | ' | ' | |||
Sale price | 2,310,000 | ' | ' | |||
Book value and sales cost | 2,420,000 | ' | ' | |||
Gain/(Loss) | -110,000 | ' | ' | |||
Area of a real estate property (in square feet) | 23,187 | ' | ' | |||
East Park Sioux Falls SD [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 2,214,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 18-Dec-13 | ' | ' | |||
Sale price | 2,214,000 | ' | ' | |||
Book value and sales cost | 2,358,000 | ' | ' | |||
Gain/(Loss) | -144,000 | ' | ' | |||
Number of apartment units | 84 | ' | ' | |||
Fargo 1320 45th St N Fargo ND [Member] | Commercial Industrial [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 4,700,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 13-May-13 | ' | ' | |||
Sale price | 4,700,000 | ' | ' | |||
Book value and sales cost | 4,100,000 | ' | ' | |||
Gain/(Loss) | 600,000 | ' | ' | |||
Area of a real estate property (in square feet) | 42,244 | ' | ' | |||
Georgetown Square Condominiums 5 and 6 [Member] | Other Disposition [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | ' | 330,000 | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | ' | 21-Jun-12 | ' | |||
Sale price | ' | 330,000 | ' | |||
Book value and sales cost | ' | 336,000 | ' | |||
Gain/(Loss) | ' | -6,000 | ' | |||
Georgetown Square Condominiums 3 and 4 [Member] | Other Disposition [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | ' | 368,000 | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | ' | 2-Aug-12 | ' | |||
Sale price | ' | 368,000 | ' | |||
Book value and sales cost | ' | 421,000 | ' | |||
Gain/(Loss) | ' | -53,000 | ' | |||
Grand Forks Grand Forks, ND [Member] | Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | ' | 31-Dec-12 | ' | |||
Acquisition costs | ' | 4,278,000 | ' | |||
Form of Consideration Cash | ' | 2,278,000 | ' | |||
Form of Consideration Units (1) | ' | 2,000 | [2] | ' | ||
Form of Consideration Other (2) | ' | 0 | [4] | ' | ||
Investment Allocation Land | ' | 4,278,000 | ' | |||
Investment Allocation Buildings | ' | 0 | ' | |||
Investment Allocation Intangible assets | ' | 0 | ' | |||
Grand Forks 2150 Grand Forks, ND [Member] | Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | ' | 25-Mar-13 | ' | |||
Acquisition costs | ' | 1,600,000 | ' | |||
Form of Consideration Cash | ' | 1,600,000 | ' | |||
Form of Consideration Units (1) | ' | 0 | [2] | ' | ||
Form of Consideration Other (2) | ' | 0 | [4] | ' | ||
Investment Allocation Land | ' | 1,600,000 | ' | |||
Investment Allocation Buildings | ' | 0 | ' | |||
Investment Allocation Intangible assets | ' | 0 | ' | |||
Isanti Unimproved - Isanti, MN [Member] | Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | 4-Feb-14 | ' | ' | |||
Acquisition costs | 50,000 | ' | ' | |||
Form of Consideration Cash | 50,000 | ' | ' | |||
Form of Consideration Units (1) | 0 | [2] | ' | ' | ||
Form of Consideration Other (2) | 0 | [3] | ' | ' | ||
Investment Allocation Land | 50,000 | ' | ' | |||
Investment Allocation Buildings | 0 | ' | ' | |||
Investment Allocation Intangible assets | 0 | ' | ' | |||
Jamestown Unimproved - Jamestown, ND [Member] | Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | 9-Aug-13 | ' | ' | |||
Acquisition costs | 700,000 | ' | ' | |||
Form of Consideration Cash | 700,000 | ' | ' | |||
Form of Consideration Units (1) | 0 | [2] | ' | ' | ||
Form of Consideration Other (2) | 0 | [3] | ' | ' | ||
Investment Allocation Land | 700,000 | ' | ' | |||
Investment Allocation Buildings | 0 | ' | ' | |||
Investment Allocation Intangible assets | 0 | ' | ' | |||
Kentwood Thomasville Kentwood, MI [Member] | Commercial Retail [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | ' | 625,000 | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | ' | 20-Jun-12 | ' | |||
Sale price | ' | 625,000 | ' | |||
Book value and sales cost | ' | 692,000 | ' | |||
Gain/(Loss) | ' | -67,000 | ' | |||
Area of a real estate property (in square feet) | ' | 16,080 | ' | |||
Lakeside Village - Lincoln, NE [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | ' | 4-Jun-12 | ' | |||
Acquisition costs | ' | 17,250,000 | ' | |||
Form of Consideration Cash | ' | 13,954,000 | ' | |||
Form of Consideration Units (1) | ' | 3,296 | [2] | ' | ||
Form of Consideration Other (2) | ' | 0 | [4] | ' | ||
Investment Allocation Land | ' | 1,215,000 | ' | |||
Investment Allocation Buildings | ' | 15,837,000 | ' | |||
Investment Allocation Intangible assets | ' | 198,000 | ' | |||
Number of apartment units | ' | 208 | ' | |||
Landing at Southgate - Minot, ND [Member] | Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | ' | 22-Jan-13 | [6] | ' | ||
Acquisition costs | ' | 2,262,000 | [6] | ' | ||
Form of Consideration Cash | ' | 0 | [6] | ' | ||
Form of Consideration Units (1) | ' | 0 | [2],[6] | ' | ||
Form of Consideration Other (2) | ' | 2,262,000 | [4],[6] | ' | ||
Investment Allocation Land | ' | 2,262,000 | [6] | ' | ||
Investment Allocation Buildings | ' | 0 | ' | |||
Investment Allocation Intangible assets | ' | 0 | ' | |||
Interest in joint venture (in hundredths) | ' | 51.00% | [6] | ' | ||
JV Partner Contributions | ' | 2.262 | [6] | ' | ||
Legends at Heritage Place - Sartell, MN [Member] | Commercial Healthcare [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | 31-Oct-13 | ' | ' | |||
Acquisition costs | 11,863,000 | ' | ' | |||
Form of Consideration Cash | 11,863,000 | ' | ' | |||
Form of Consideration Units (1) | 0 | [2] | ' | ' | ||
Form of Consideration Other (2) | 0 | [3] | ' | ' | ||
Investment Allocation Land | 970,000 | ' | ' | |||
Investment Allocation Buildings | 10,511,000 | ' | ' | |||
Investment Allocation Intangible assets | 382,000 | ' | ' | |||
Area of a real estate property (in square feet) | 98,174 | ' | ' | |||
Legends at Heritage Place - Sartell, MN [Member] | Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | 31-Oct-13 | ' | ' | |||
Acquisition costs | 537,000 | ' | ' | |||
Form of Consideration Cash | 537,000 | ' | ' | |||
Form of Consideration Units (1) | 0 | [2] | ' | ' | ||
Form of Consideration Other (2) | 0 | [3] | ' | ' | ||
Investment Allocation Land | 537,000 | ' | ' | |||
Investment Allocation Buildings | 0 | ' | ' | |||
Investment Allocation Intangible assets | 0 | ' | ' | |||
Lighthouse Duluth MN [Member] | Commercial Industrial [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 1,825,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 8-Oct-13 | ' | ' | |||
Sale price | 1,825,000 | ' | ' | |||
Book value and sales cost | 1,547,000 | ' | ' | |||
Gain/(Loss) | 278,000 | ' | ' | |||
Area of a real estate property (in square feet) | 59,292 | ' | ' | |||
Metal Improvement Company New Brighton MN [Member] | Commercial Industrial [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 2,350,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 13-May-13 | ' | ' | |||
Sale price | 2,350,000 | ' | ' | |||
Book value and sales cost | 1,949,000 | ' | ' | |||
Gain/(Loss) | 401,000 | ' | ' | |||
Area of a real estate property (in square feet) | 49,620 | ' | ' | |||
Minnetonka 13600 County Road 62 Minnetonka MN [Member] | Commercial Industrial [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 3,800,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 30-Jan-14 | ' | ' | |||
Sale price | 3,800,000 | ' | ' | |||
Book value and sales cost | 3,084,000 | ' | ' | |||
Gain/(Loss) | 716,000 | ' | ' | |||
Area of a real estate property (in square feet) | 69,984 | ' | ' | |||
Minot (Southgate Lot 4) - Minot, ND [Member] | Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | ' | 11-Jan-13 | ' | |||
Acquisition costs | ' | 1,882,000 | ' | |||
Form of Consideration Cash | ' | 1,882,000 | ' | |||
Form of Consideration Units (1) | ' | 0 | [2] | ' | ||
Form of Consideration Other (2) | ' | 0 | [4] | ' | ||
Investment Allocation Land | ' | 1,882,000 | ' | |||
Investment Allocation Buildings | ' | 0 | ' | |||
Investment Allocation Intangible assets | ' | 0 | ' | |||
Nicollett VII Burnsville MN [Member] | Commercial Office [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 7,290,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 12-Sep-13 | ' | ' | |||
Sale price | 7,290,000 | ' | ' | |||
Book value and sales cost | 6,001,000 | ' | ' | |||
Gain/(Loss) | 1,289,000 | ' | ' | |||
Area of a real estate property (in square feet) | 118,125 | ' | ' | |||
Pinecone Villas - Sartell, MN [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | 31-Oct-13 | ' | ' | |||
Acquisition costs | 2,800,000 | ' | ' | |||
Form of Consideration Cash | 2,800,000 | ' | ' | |||
Form of Consideration Units (1) | 0 | [2] | ' | ' | ||
Form of Consideration Other (2) | 0 | [3] | ' | ' | ||
Investment Allocation Land | 584,000 | ' | ' | |||
Investment Allocation Buildings | 2,191,000 | ' | ' | |||
Investment Allocation Intangible assets | 25,000 | ' | ' | |||
Number of apartment units | 24 | ' | ' | |||
Pillsbury Business Center Bloomington MN [Member] | Commercial Office [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 1,160,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 12-Sep-13 | ' | ' | |||
Sale price | 1,160,000 | ' | ' | |||
Book value and sales cost | 1,164,000 | ' | ' | |||
Gain/(Loss) | -4,000 | ' | ' | |||
Area of a real estate property (in square feet) | 42,929 | ' | ' | |||
Prairiewood Meadows - Fargo, ND [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | ' | 3,450,000 | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | ' | 27-Sep-12 | ' | |||
Sale price | ' | 3,450,000 | ' | |||
Book value and sales cost | ' | 2,846,000 | ' | |||
Gain/(Loss) | ' | 604,000 | ' | |||
Number of apartment units | ' | 85 | ' | |||
Ponds at Heritage Place - Sartell, MN [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | ' | 10-Oct-12 | ' | |||
Acquisition costs | ' | 5,020,000 | ' | |||
Form of Consideration Cash | ' | 3,332,000 | ' | |||
Form of Consideration Units (1) | ' | 1,688 | [2] | ' | ||
Form of Consideration Other (2) | ' | 0 | [4] | ' | ||
Investment Allocation Land | ' | 395,000 | ' | |||
Investment Allocation Buildings | ' | 4,564,000 | ' | |||
Investment Allocation Intangible assets | ' | 61,000 | ' | |||
Number of apartment units | ' | 58 | ' | |||
Rapid City Unimproved- Rapid City, SD [Member] | Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | 25-Mar-14 | ' | ' | |||
Acquisition costs | 1,366,000 | ' | ' | |||
Form of Consideration Cash | 1,366,000 | ' | ' | |||
Form of Consideration Units (1) | 0 | [2] | ' | ' | ||
Form of Consideration Other (2) | 0 | [3] | ' | ' | ||
Investment Allocation Land | 1,366,000 | ' | ' | |||
Investment Allocation Buildings | 0 | ' | ' | |||
Investment Allocation Intangible assets | 0 | ' | ' | |||
RED 20 - Minneapolis, MN [Member] | Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | 20-Aug-13 | [8] | ' | ' | ||
Acquisition costs | 1,900,000 | [8] | ' | ' | ||
Form of Consideration Cash | 0 | [8] | ' | ' | ||
Form of Consideration Units (1) | 0 | [2],[8] | ' | ' | ||
Form of Consideration Other (2) | 1,900,000 | [3],[8] | ' | ' | ||
Investment Allocation Land | 1,900,000 | [8] | ' | ' | ||
Investment Allocation Buildings | 0 | [8] | ' | ' | ||
Investment Allocation Intangible assets | 0 | [8] | ' | ' | ||
Interest in joint venture (in hundredths) | 58.60% | [8] | ' | ' | ||
JV Partner Contributions | 1.9 | [8] | ' | ' | ||
Roseville 2929 Long Lake Road Roseville MN [Member] | Commercial Industrial [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 9,275,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 13-May-13 | ' | ' | |||
Sale price | 9,275,000 | ' | ' | |||
Book value and sales cost | 9,998,000 | ' | ' | |||
Gain/(Loss) | -723,000 | ' | ' | |||
Area of a real estate property (in square feet) | 172,057 | ' | ' | |||
Southpoint - Grand Forks, ND [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | 5-Sep-13 | ' | ' | |||
Acquisition costs | 10,600,000 | ' | ' | |||
Form of Consideration Cash | 10,400,000 | ' | ' | |||
Form of Consideration Units (1) | 200 | [2] | ' | ' | ||
Form of Consideration Other (2) | 0 | [3] | ' | ' | ||
Investment Allocation Land | 576,000 | ' | ' | |||
Investment Allocation Buildings | 9,893,000 | ' | ' | |||
Investment Allocation Intangible assets | 131,000 | ' | ' | |||
Number of apartment units | 96 | ' | ' | |||
Spring Creek Fruitland - Fruitland, IA [Member] | Commercial Healthcare [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | 5-Feb-14 | ' | ' | |||
Acquisition costs | 7,050,000 | ' | ' | |||
Form of Consideration Cash | 7,050,000 | ' | ' | |||
Form of Consideration Units (1) | 0 | [2] | ' | ' | ||
Form of Consideration Other (2) | 0 | [3] | ' | ' | ||
Investment Allocation Land | 550,000 | ' | ' | |||
Investment Allocation Buildings | 6,500,000 | ' | ' | |||
Investment Allocation Intangible assets | 0 | ' | ' | |||
Area of a real estate property (in square feet) | 39,500 | ' | ' | |||
Spring Creek Fruitland - Fruitland, IA [Member] | Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | 21-Jan-14 | ' | ' | |||
Acquisition costs | 335,000 | ' | ' | |||
Form of Consideration Cash | 335,000 | ' | ' | |||
Form of Consideration Units (1) | 0 | [2] | ' | ' | ||
Form of Consideration Other (2) | 0 | [3] | ' | ' | ||
Investment Allocation Land | 335,000 | ' | ' | |||
Investment Allocation Buildings | 0 | ' | ' | |||
Investment Allocation Intangible assets | 0 | ' | ' | |||
Stevens Point Stevens Point WI [Member] | Commercial Healthcare [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | ' | 16,100,000 | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | ' | 25-Apr-13 | ' | |||
Sale price | ' | 16,100,000 | ' | |||
Book value and sales cost | ' | 12,667,000 | ' | |||
Gain/(Loss) | ' | 3,433,000 | ' | |||
Area of a real estate property (in square feet) | ' | 47,950 | ' | |||
Sycamore Village - Sioux Falls, SD [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 1,296,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 18-Dec-13 | ' | ' | |||
Sale price | 1,296,000 | ' | ' | |||
Book value and sales cost | 1,380,000 | ' | ' | |||
Gain/(Loss) | -84,000 | ' | ' | |||
Number of apartment units | 48 | ' | ' | |||
Terrace on the Green Fargo, ND [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | ' | 3,450,000 | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | ' | 27-Sep-12 | ' | |||
Sale price | ' | 3,450,000 | ' | |||
Book value and sales cost | ' | 1,248,000 | ' | |||
Gain/(Loss) | ' | 2,202,000 | ' | |||
Number of apartment units | ' | 116 | ' | |||
University Commons Williston, ND [Member] | Unimproved Land [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | ' | 1-Aug-12 | ' | |||
Acquisition costs | ' | 823,000 | ' | |||
Form of Consideration Cash | ' | 823,000 | ' | |||
Form of Consideration Units (1) | ' | 0 | [2] | ' | ||
Form of Consideration Other (2) | ' | 0 | [4] | ' | ||
Investment Allocation Land | ' | 823,000 | ' | |||
Investment Allocation Buildings | ' | 0 | ' | |||
Investment Allocation Intangible assets | ' | 0 | ' | |||
Villa West - Topeka, KS [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | ' | 8-May-12 | ' | |||
Acquisition costs | ' | 17,650,000 | ' | |||
Form of Consideration Cash | ' | 5,150,000 | ' | |||
Form of Consideration Units (1) | ' | 0 | [2] | ' | ||
Form of Consideration Other (2) | ' | 12,500,000 | [4] | ' | ||
Investment Allocation Land | ' | 1,590,000 | ' | |||
Investment Allocation Buildings | ' | 15,760,000 | ' | |||
Investment Allocation Intangible assets | ' | 300,000 | ' | |||
Number of apartment units | ' | 308 | ' | |||
Assumed Debt | ' | 12.5 | ' | |||
Whispering Ridge - Omaha, NE [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date acquired | ' | 24-Apr-13 | ' | |||
Acquisition costs | ' | 28,314,000 | ' | |||
Form of Consideration Cash | ' | 25,798,000 | ' | |||
Form of Consideration Units (1) | ' | 2,516 | [2] | ' | ||
Form of Consideration Other (2) | ' | 0 | [4] | ' | ||
Investment Allocation Land | ' | 2,139,000 | ' | |||
Investment Allocation Buildings | ' | 25,424,000 | ' | |||
Investment Allocation Intangible assets | ' | 751,000 | ' | |||
Number of apartment units | ' | 336 | ' | |||
Winsted Industrial Building Winsted MN [Member] | Commercial Industrial [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Sales price | 725,000 | ' | ' | |||
Dispositions [Abstract] | ' | ' | ' | |||
Date disposed | 17-Jan-14 | ' | ' | |||
Sale price | 725,000 | ' | ' | |||
Book value and sales cost | 747,000 | ' | ' | |||
Gain/(Loss) | -22,000 | ' | ' | |||
Area of a real estate property (in square feet) | 41,685 | ' | ' | |||
Development Projects Placed in Service [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Investment Allocation Land | 3,987,000 | [9] | 2,133,000 | ' | ||
Investment Allocation Buildings | 49,560,000 | [9] | 45,786,000 | ' | ||
Development costs of projects placed in service | 53,547,000 | [9] | 47,919,000 | ' | ||
Development Projects Placed in Service [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Investment Allocation Land | 3,987,000 | [9] | 1,642,000 | ' | ||
Investment Allocation Buildings | 49,560,000 | [9] | 28,047,000 | ' | ||
Development costs of projects placed in service | 53,547,000 | [9] | 29,689,000 | ' | ||
Development Projects Placed in Service [Member] | Commercial Healthcare [Member] | ' | ' | ' | |||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Investment Allocation Land | ' | 0 | ' | |||
Investment Allocation Buildings | ' | 11,090,000 | ' | |||
Development costs of projects placed in service | ' | 11,090,000 | ' | |||
Development Projects Placed in Service [Member] | Arrowhead First International Bank - Minot ND [Member] | Commercial Retail [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Project costs incurred to date | ' | 1,240,000 | [10],[11] | ' | ||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date placed in service | ' | 19-Mar-13 | [10],[11] | ' | ||
Investment Allocation Land | ' | 75,000 | [10],[11] | ' | ||
Investment Allocation Buildings | ' | 1,165,000 | [10],[11] | ' | ||
Development costs of projects placed in service | ' | 1,240,000 | [10],[11] | ' | ||
Area of a real estate property (in square feet) | ' | 3,702 | [10] | ' | ||
Project costs incurred to date | ' | 1,240,000 | [10],[11] | ' | ||
Development Costs, Period Cost | ' | 1,200,000 | [10] | 75,000 | [10] | |
Development Projects Placed in Service [Member] | Cypress Court - St. Cloud, MN [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Project costs incurred to date | 13,564,000 | [12],[9] | ' | ' | ||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date placed in service | 1-Nov-13 | [12],[13],[9] | ' | ' | ||
Investment Allocation Land | 1,136,000 | [12],[13],[9] | ' | ' | ||
Investment Allocation Buildings | 12,428,000 | [12],[13],[9] | ' | ' | ||
Development costs of projects placed in service | 13,564,000 | [12],[13],[9] | ' | ' | ||
Number of apartment units | 132 | [12],[9] | ' | ' | ||
Project costs incurred to date | 13,564,000 | [12],[9] | ' | ' | ||
Development Costs, Period Cost | 7,800,000 | [12],[9] | 5,800,000 | [12],[9] | ' | |
Development Projects Placed in Service [Member] | First Avenue - Minot ND [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Project costs incurred to date | ' | 2,677,000 | [14],[15] | ' | ||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date placed in service | ' | 15-Apr-13 | [14],[15] | ' | ||
Investment Allocation Land | ' | 0 | [14],[15] | ' | ||
Investment Allocation Buildings | ' | 2,677,000 | [14],[15] | ' | ||
Development costs of projects placed in service | ' | 2,677,000 | [14],[15] | ' | ||
Number of apartment units | ' | 20 | [15] | ' | ||
Project costs incurred to date | ' | 2,677,000 | [14],[15] | ' | ||
Development Costs, Period Cost | ' | 2,400,000 | [15],[16],[9] | 321,000 | [15] | |
Development Projects Placed in Service [Member] | Jamestown Medical Office Building - Jamestown, ND [Member] | Commercial Healthcare [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Project costs incurred to date | ' | 7,605,000 | [17],[18] | ' | ||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date placed in service | ' | 1-Jan-13 | [17],[18] | ' | ||
Investment Allocation Land | ' | 0 | [17],[18] | ' | ||
Investment Allocation Buildings | ' | 7,605,000 | [17],[18] | ' | ||
Development costs of projects placed in service | ' | 7,605,000 | [17],[18] | ' | ||
Area of a real estate property (in square feet) | ' | 45,222 | [17] | ' | ||
Project costs incurred to date | ' | 7,605,000 | [17],[18] | ' | ||
Development Costs, Period Cost | ' | 6,600,000 | [17] | 1,000,000 | [17] | |
Development Projects Placed in Service [Member] | Landing at Southgate - Minot, ND [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Project costs incurred to date | 15,126,000 | [19],[9] | ' | ' | ||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date placed in service | 4-Sep-13 | [19],[20],[9] | ' | ' | ||
Investment Allocation Land | 2,262,000 | [19],[20],[9] | ' | ' | ||
Investment Allocation Buildings | 12,864,000 | [19],[20],[9] | ' | ' | ||
Development costs of projects placed in service | 15,126,000 | [19],[20],[9] | ' | ' | ||
Number of apartment units | 108 | [19],[9] | ' | ' | ||
Project costs incurred to date | 15,126,000 | [19],[9] | ' | ' | ||
Development Costs, Period Cost | 8,800,000 | [19],[9] | 6,300,000 | [19],[9] | ' | |
Development Projects Placed in Service [Member] | Minot IPS - Minot, ND [Member] | Commercial Industrial [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Project costs incurred to date | ' | 5,900,000 | [21],[22] | ' | ||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date placed in service | ' | 17-Dec-12 | [21],[22] | ' | ||
Investment Allocation Land | ' | 416,000 | [21],[22] | ' | ||
Investment Allocation Buildings | ' | 5,484,000 | [21],[22] | ' | ||
Development costs of projects placed in service | ' | 5,900,000 | [21],[22] | ' | ||
Area of a real estate property (in square feet) | ' | 27,698 | [22] | ' | ||
Project costs incurred to date | ' | 5,900,000 | [21],[22] | ' | ||
Development Costs, Period Cost | ' | 4,100,000 | [22] | 1,800,000 | [22] | |
Development Projects Placed in Service [Member] | Quarry Ridge II - Rochester, MN [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Project costs incurred to date | ' | 17,578,000 | [20],[23] | ' | ||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date placed in service | ' | 29-Jun-12 | [20],[23] | ' | ||
Investment Allocation Land | ' | 942,000 | [20],[23] | ' | ||
Investment Allocation Buildings | ' | 16,636,000 | [20],[23] | ' | ||
Development costs of projects placed in service | ' | 17,578,000 | [20],[23] | ' | ||
Number of apartment units | ' | 159 | [23] | ' | ||
Project costs incurred to date | ' | 17,578,000 | [20],[23] | ' | ||
Development Costs, Period Cost | ' | 4,600,000 | [19],[23],[9] | 13,000,000 | [23] | |
Development Projects Placed in Service [Member] | River Ridge - Bismarck, ND [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Project costs incurred to date | 24,857,000 | [16],[9] | ' | ' | ||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date placed in service | 2-Dec-13 | [14],[16],[9] | ' | ' | ||
Investment Allocation Land | 589,000 | [14],[16],[9] | ' | ' | ||
Investment Allocation Buildings | 24,268,000 | [14],[16],[9] | ' | ' | ||
Development costs of projects placed in service | 24,857,000 | [14],[16],[9] | ' | ' | ||
Number of apartment units | 146 | [16],[9] | ' | ' | ||
Project costs incurred to date | 24,857,000 | [16],[9] | ' | ' | ||
Development Costs, Period Cost | 14,800,000 | [16],[9] | 10,100,000 | [16],[9] | ' | |
Development Projects Placed in Service [Member] | Spring Wind Expansion Laramie, WY [Member] | Commercial Healthcare [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Project costs incurred to date | ' | 3,485,000 | [24],[25] | ' | ||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date placed in service | ' | 16-Nov-12 | [24],[25] | ' | ||
Investment Allocation Land | ' | 0 | [24],[25] | ' | ||
Investment Allocation Buildings | ' | 3,485,000 | [24],[25] | ' | ||
Development costs of projects placed in service | ' | 3,485,000 | [24],[25] | ' | ||
Area of a real estate property (in square feet) | ' | 26,662 | [24] | ' | ||
Project costs incurred to date | ' | 3,485,000 | [24],[25] | ' | ||
Development Costs, Period Cost | ' | 1,700,000 | [24] | 1,800,000 | [24] | |
Development Projects Placed in Service [Member] | Williston Garden Buildings 3 and 4 Williston, ND [Member] | Multi-Family Residential [Member] | ' | ' | ' | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | |||
Project costs incurred to date | ' | 9,434,000 | [13],[26] | ' | ||
Acquisitions and development projects placed in service [Abstract] | ' | ' | ' | |||
Date placed in service | ' | 31-Jul-12 | [13],[26] | ' | ||
Investment Allocation Land | ' | 700,000 | [13],[26] | ' | ||
Investment Allocation Buildings | ' | 8,734,000 | [13],[26] | ' | ||
Development costs of projects placed in service | ' | 9,434,000 | [13],[26] | ' | ||
Number of apartment units | ' | 73 | [26] | ' | ||
Project costs incurred to date | ' | 9,434,000 | [13],[26] | ' | ||
Development Costs, Period Cost | ' | $7,000,000 | [26],[9] | $2,400,000 | [26] | |
[1] | Includes costs related to development projects that are placed in service in phases (Renaissance Heights I - $11.5 million). | |||||
[2] | Value of limited partnership units of the Operating Partnership at the acquisition date. | |||||
[3] | Consists of value of land contributed by the joint venture partner. | |||||
[4] | Consists of assumed debt (Villa West - $12.5 million) and value of land contributed by the joint venture partner (Cypress Court - $1.1 million, Commons at Southgate - $3.7 million, Landing at Southgate - $2.3 million). | |||||
[5] | Acquisition of unimproved land consisted of two parcels acquired separately on December 14 and December 20, 2012, respectively. | |||||
[6] | Land is owned by a joint venture entity in which the Company has an approximately 51% interest. The joint venture is consolidated in IRETbs financial statements. | |||||
[7] | Land is owned by a joint venture in which the Company has an approximately 86.1% interest. The joint venture is consolidated in IRETbs financial statements. | |||||
[8] | Land is owned by a joint venture in which the Company has an approximately 58.6% interest. The joint venture is consolidated in IRETbs financial statements. | |||||
[9] | 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 15 for additional information on the Renaissance Heights I project, which was partially placed in service during the three months ended April 30, 2014. | |||||
[10] | Development property placed in service March 19, 2013. Costs paid in fiscal year 2012 totaled approximately 75,000. Additional costs paid in fiscal year 2013 totaled $1.2 million, for a total project cost at April 30, 2013 of $1.2 million. | |||||
[11] | Development property placed in service March 19, 2013. Additional costs paid in fiscal year 2012 totaled approximately $75,000, for a total project cost at April 30, 2013 of $1.2 million. | |||||
[12] | Development property placed in service November 1, 2013. Costs paid in fiscal year 2013 totaled $5.8 million. Additional costs paid in fiscal year 2014 totaled $7.8 million, for a total project cost at April 30, 2014 of $13.6 million. The project is owned by a joint venture entity in which the Company has an approximately 86.1% interest. | |||||
[13] | Development property placed in service July 31, 2012. Buildings 1 and 2 were placed in service in fiscal year 2012. Additional costs paid in fiscal year 2012 totaled $12.0 million, for a total project cost at April 30, 2013 of $19.1 million. | |||||
[14] | Redevelopment property placed in service April 15, 2013. Additional costs paid in fiscal years 2012 and 2011 totaled approximately $321,000, for a total project cost at April 30, 2013 of $2.7 million. | |||||
[15] | Redevelopment property placed in service April 15, 2013. Costs paid in fiscal years 2011 and 2012 totaled approximately $321,000. Additional costs paid in fiscal year 2013 totaled $2.4 million, for a total project cost at April 30, 2013 of $2.7 million. | |||||
[16] | Development property placed in service December 2, 2013. Costs paid in fiscal year 2013 totaled $10.1 million, including the land acquired in fiscal year 2009. Additional costs paid in fiscal year 2014 totaled $14.8 million, for a total project cost at April 30, 2014 of $24.9 million. | |||||
[17] | Development property placed in service January 1, 2013. Costs paid in fiscal year 2012 totaled $1.0 million. Additional costs paid in fiscal year 2013 totaled $6.6 million, for a total project cost at April 30, 2013 of $7.6 million. The project is owned by a joint venture entity in which the Company has an approximately 51% interest. | |||||
[18] | Development property placed in service January 1, 2013. Additional costs paid in fiscal year 2012 totaled $1.0 million, for a total project cost at April 30, 2013 of $7.6 million. | |||||
[19] | Development property placed in service September 4, 2013. Costs paid in fiscal year 2013 totaled $6.3 million. Additional costs paid in fiscal year 2014 totaled $8.8 million, for a total project cost at April 20, 2014 of $15.1 million. The project is owned by a joint venture entity in which the Company has an approximately 51% interest. | |||||
[20] | Development property placed in service June 29, 2012. Additional costs paid in fiscal years 2012 and 2011, and land acquired in fiscal year 2007, totaled $13.0 million, for a total project cost at April 30, 2013 of $17.6 million. | |||||
[21] | Development property placed in service December 17, 2012. Additional costs paid in fiscal year 2012 totaled $1.8 million, for a total project cost at April 30, 2013 of $5.9 million. | |||||
[22] | Development property placed in service December 17, 2012. Costs paid in fiscal year 2012 totaled $1.8 million. Additional costs paid in fiscal year 2013 totaled $4.1 million, for a total project cost at April 30, 2013 of $5.9 million. | |||||
[23] | Development property placed in service June 29, 2012. Costs paid in fiscal years 2011 and 2012 totaled $13.0 million, including land acquired in fiscal year 2007. Additional costs paid in fiscal year 2013 totaled $4.6 million, for a total project cost at April 30, 2013 of $17.6 million. | |||||
[24] | Expansion project placed in service November 16, 2012. Costs paid in fiscal year 2012 totaled $1.8 million. Additional costs paid in fiscal year 2013 totaled $1.7 million, for a total project cost at April 30, 2013 of $3.5 million. | |||||
[25] | Expansion project placed in service November 16, 2012. Additional costs paid in fiscal year 2012 totaled $1.8 million, for a total project cost at April 30, 2013 of $3.5 million. | |||||
[26] | Development property placed in service July 31, 2012. Buildings 1 and 2 were placed in service in fiscal year 2012. Costs paid in fiscal year 2012 for Buildings 3 and 4 totaled $2.4 million. Additional costs paid in fiscal year 2013 totaled $7.0 million, for a total project cost at April 30, 2013 of $9.4 million. The project is owned by a joint venture entity in which the Company has an approximately 60% interest. |
OPERATING_SEGMENTS_Details
OPERATING SEGMENTS (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 30, 2011 | |||
Segment | ||||||||||||||
OPERATING SEGMENTS [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ||
Segment revenues and net operating income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Real estate revenue | $66,983,000 | $67,629,000 | $65,772,000 | $65,098,000 | $64,184,000 | $63,080,000 | $61,864,000 | $58,930,000 | $265,482,000 | $248,058,000 | $228,671,000 | ' | ||
Gain on involuntary conversion | ' | ' | ' | ' | ' | ' | ' | ' | 2,480,000 | 5,084,000 | 274,000 | ' | ||
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | -2,132,000 | -2,173,000 | -1,898,000 | ' | ||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -59,142,000 | -61,154,000 | -61,801,000 | ' | ||
Income (loss) before gain (loss) on sale of real estate and other investments and income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -23,339,000 | 20,677,000 | 8,644,000 | ' | ||
Loss on sale of real estate and other investments | ' | ' | ' | ' | ' | ' | ' | ' | -51,000 | 0 | 0 | ' | ||
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -23,390,000 | 20,677,000 | 8,644,000 | ' | ||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 6,450,000 | 9,295,000 | 1,062,000 | ' | ||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | -16,940,000 | 29,972,000 | 9,706,000 | ' | ||
Segment Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Property owned | 1,996,031,000 | ' | ' | ' | 2,032,970,000 | [1] | ' | ' | ' | 1,996,031,000 | 2,032,970,000 | [1] | ' | ' |
Less accumulated depreciation | -424,288,000 | ' | ' | ' | -420,421,000 | [1] | ' | ' | ' | -424,288,000 | -420,421,000 | [1] | ' | ' |
Total property owned | 1,571,743,000 | ' | ' | ' | 1,612,549,000 | [1] | ' | ' | ' | 1,571,743,000 | 1,612,549,000 | [1] | ' | ' |
Real estate held for sale | 2,951,000 | ' | ' | ' | 0 | [1] | ' | ' | ' | 2,951,000 | 0 | [1] | ' | ' |
Cash and cash equivalents | 47,267,000 | ' | ' | ' | 94,133,000 | [1] | ' | ' | ' | 47,267,000 | 94,133,000 | [1] | 39,989,000 | 41,191,000 |
Other investments | 329,000 | ' | ' | ' | 639,000 | [1] | ' | ' | ' | 329,000 | 639,000 | [1] | ' | ' |
Development in progress | 104,609,000 | ' | ' | ' | 46,782,000 | [1] | ' | ' | ' | 104,609,000 | 46,782,000 | [1] | ' | ' |
Unimproved land | 22,864,000 | ' | ' | ' | 21,503,000 | [1] | ' | ' | ' | 22,864,000 | 21,503,000 | [1] | ' | ' |
Total Assets | 1,869,221,000 | ' | ' | ' | 1,889,554,000 | [1] | ' | ' | ' | 1,869,221,000 | 1,889,554,000 | [1] | ' | ' |
Segment Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment revenues and net operating income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Real estate revenue | ' | ' | ' | ' | ' | ' | ' | ' | 265,482,000 | 248,058,000 | 228,671,000 | ' | ||
Real estate expenses | ' | ' | ' | ' | ' | ' | ' | ' | 108,487,000 | 99,059,000 | 93,350,000 | ' | ||
Gain on involuntary conversion | ' | ' | ' | ' | ' | ' | ' | ' | 2,480,000 | 5,084,000 | 274,000 | ' | ||
Net operating income | ' | ' | ' | ' | ' | ' | ' | ' | 159,475,000 | 154,083,000 | 135,595,000 | ' | ||
Depreciation/amortization | ' | ' | ' | ' | ' | ' | ' | ' | -70,918,000 | -62,333,000 | -56,650,000 | ' | ||
Administrative, advisory and trustee services | ' | ' | ' | ' | ' | ' | ' | ' | -10,743,000 | -8,494,000 | -7,381,000 | ' | ||
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | -2,132,000 | -2,173,000 | -1,898,000 | ' | ||
Impairment of real estate investments | ' | ' | ' | ' | ' | ' | ' | ' | -42,566,000 | 0 | ' | ' | ||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -59,142,000 | -61,154,000 | -61,801,000 | ' | ||
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | 2,687,000 | 748,000 | 779,000 | ' | ||
Income (loss) before gain (loss) on sale of real estate and other investments and income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -23,339,000 | ' | ' | ' | ||
Loss on sale of real estate and other investments | ' | ' | ' | ' | ' | ' | ' | ' | -51,000 | ' | ' | ' | ||
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -23,390,000 | 20,677,000 | 8,644,000 | ' | ||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 6,450,000 | 9,295,000 | 1,062,000 | ' | ||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | -16,940,000 | 29,972,000 | 9,706,000 | ' | ||
Segment Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Property owned | 1,996,031,000 | ' | ' | ' | 2,032,970,000 | ' | ' | ' | 1,996,031,000 | 2,032,970,000 | ' | ' | ||
Less accumulated depreciation | -424,288,000 | ' | ' | ' | -420,421,000 | ' | ' | ' | -424,288,000 | -420,421,000 | ' | ' | ||
Total property owned | 1,571,743,000 | ' | ' | ' | 1,612,549,000 | ' | ' | ' | 1,571,743,000 | 1,612,549,000 | 1,518,519,000 | ' | ||
Real estate held for sale | 2,951,000 | ' | ' | ' | 0 | ' | ' | ' | 2,951,000 | 0 | ' | ' | ||
Cash and cash equivalents | 47,267,000 | ' | ' | ' | 94,133,000 | ' | ' | ' | 47,267,000 | 94,133,000 | ' | ' | ||
Other investments | 329,000 | ' | ' | ' | 639,000 | ' | ' | ' | 329,000 | 639,000 | ' | ' | ||
Receivables and other assets | 119,458,000 | ' | ' | ' | 113,948,000 | ' | ' | ' | 119,458,000 | 113,948,000 | ' | ' | ||
Development in progress | 104,609,000 | ' | ' | ' | 46,782,000 | ' | ' | ' | 104,609,000 | 46,782,000 | ' | ' | ||
Unimproved land | 22,864,000 | ' | ' | ' | 21,503,000 | ' | ' | ' | 22,864,000 | 21,503,000 | ' | ' | ||
Total Assets | 1,869,221,000 | ' | ' | ' | 1,889,554,000 | ' | ' | ' | 1,869,221,000 | 1,889,554,000 | ' | ' | ||
Multi-Family Residential [Member] | Segment Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment revenues and net operating income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Real estate revenue | ' | ' | ' | ' | ' | ' | ' | ' | 102,059,000 | 89,923,000 | 71,728,000 | ' | ||
Real estate expenses | ' | ' | ' | ' | ' | ' | ' | ' | 46,138,000 | 38,223,000 | 33,386,000 | ' | ||
Gain on involuntary conversion | ' | ' | ' | ' | ' | ' | ' | ' | 2,480,000 | 3,852,000 | 0 | ' | ||
Net operating income | ' | ' | ' | ' | ' | ' | ' | ' | 58,401,000 | 55,552,000 | 38,342,000 | ' | ||
Segment Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Property owned | 753,731,000 | ' | ' | ' | 659,696,000 | ' | ' | ' | 753,731,000 | 659,696,000 | ' | ' | ||
Less accumulated depreciation | -158,100,000 | ' | ' | ' | -140,354,000 | ' | ' | ' | -158,100,000 | -140,354,000 | ' | ' | ||
Total property owned | 595,631,000 | ' | ' | ' | 519,342,000 | ' | ' | ' | 595,631,000 | 519,342,000 | 410,949,000 | ' | ||
Commercial-Office [Member] | Segment Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment revenues and net operating income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Real estate revenue | ' | ' | ' | ' | ' | ' | ' | ' | 77,440,000 | 75,962,000 | 73,493,000 | ' | ||
Real estate expenses | ' | ' | ' | ' | ' | ' | ' | ' | 38,190,000 | 37,267,000 | 34,126,000 | ' | ||
Gain on involuntary conversion | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ||
Net operating income | ' | ' | ' | ' | ' | ' | ' | ' | 39,250,000 | 38,695,000 | 39,367,000 | ' | ||
Segment Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Property owned | 544,628,000 | ' | ' | ' | 613,775,000 | ' | ' | ' | 544,628,000 | 613,775,000 | ' | ' | ||
Less accumulated depreciation | -121,892,000 | ' | ' | ' | -138,270,000 | ' | ' | ' | -121,892,000 | -138,270,000 | ' | ' | ||
Total property owned | 422,736,000 | ' | ' | ' | 475,505,000 | ' | ' | ' | 422,736,000 | 475,505,000 | 494,881,000 | ' | ||
Commercial Healthcare [Member] | Segment Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment revenues and net operating income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Real estate revenue | ' | ' | ' | ' | ' | ' | ' | ' | 65,258,000 | 61,975,000 | 64,511,000 | ' | ||
Real estate expenses | ' | ' | ' | ' | ' | ' | ' | ' | 17,127,000 | 16,779,000 | 20,650,000 | ' | ||
Gain on involuntary conversion | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ||
Net operating income | ' | ' | ' | ' | ' | ' | ' | ' | 48,131,000 | 45,196,000 | 43,861,000 | ' | ||
Segment Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Property owned | 525,028,000 | ' | ' | ' | 501,191,000 | ' | ' | ' | 525,028,000 | 501,191,000 | ' | ' | ||
Less accumulated depreciation | -105,843,000 | ' | ' | ' | -90,891,000 | ' | ' | ' | -105,843,000 | -90,891,000 | ' | ' | ||
Total property owned | 419,185,000 | ' | ' | ' | 410,300,000 | ' | ' | ' | 419,185,000 | 410,300,000 | 421,524,000 | ' | ||
Commercial-Industrial [Member] | Segment Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment revenues and net operating income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Real estate revenue | ' | ' | ' | ' | ' | ' | ' | ' | 6,894,000 | 6,700,000 | 6,613,000 | ' | ||
Real estate expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,043,000 | 1,871,000 | 1,142,000 | ' | ||
Gain on involuntary conversion | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ||
Net operating income | ' | ' | ' | ' | ' | ' | ' | ' | 4,851,000 | 4,829,000 | 5,471,000 | ' | ||
Segment Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Property owned | 55,375,000 | ' | ' | ' | 125,772,000 | ' | ' | ' | 55,375,000 | 125,772,000 | ' | ' | ||
Less accumulated depreciation | -10,198,000 | ' | ' | ' | -23,688,000 | ' | ' | ' | -10,198,000 | -23,688,000 | ' | ' | ||
Total property owned | 45,177,000 | ' | ' | ' | 102,084,000 | ' | ' | ' | 45,177,000 | 102,084,000 | 98,309,000 | ' | ||
Commercial Retail [Member] | Segment Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Segment revenues and net operating income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Real estate revenue | ' | ' | ' | ' | ' | ' | ' | ' | 13,831,000 | 13,498,000 | 12,326,000 | ' | ||
Real estate expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4,989,000 | 4,919,000 | 4,046,000 | ' | ||
Gain on involuntary conversion | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,232,000 | 274,000 | ' | ||
Net operating income | ' | ' | ' | ' | ' | ' | ' | ' | 8,842,000 | 9,811,000 | 8,554,000 | ' | ||
Segment Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Property owned | 117,269,000 | ' | ' | ' | 132,536,000 | ' | ' | ' | 117,269,000 | 132,536,000 | ' | ' | ||
Less accumulated depreciation | -28,255,000 | ' | ' | ' | -27,218,000 | ' | ' | ' | -28,255,000 | -27,218,000 | ' | ' | ||
Total property owned | $89,014,000 | ' | ' | ' | $105,318,000 | ' | ' | ' | $89,014,000 | $105,318,000 | $92,856,000 | ' | ||
[1] | (as revised) |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
REVENUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate rentals | ' | ' | ' | ' | ' | ' | ' | ' | $219,921,000 | $204,719,000 | $188,299,000 |
Tenant reimbursement | ' | ' | ' | ' | ' | ' | ' | ' | 45,561,000 | 43,339,000 | 40,372,000 |
TOTAL REVENUE | 66,983,000 | 67,629,000 | 65,772,000 | 65,098,000 | 64,184,000 | 63,080,000 | 61,864,000 | 58,930,000 | 265,482,000 | 248,058,000 | 228,671,000 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation/amortization related to real estate investments | ' | ' | ' | ' | ' | ' | ' | ' | 67,592,000 | 59,306,000 | 53,690,000 |
Utilities | ' | ' | ' | ' | ' | ' | ' | ' | 21,864,000 | 18,792,000 | 17,106,000 |
Maintenance | ' | ' | ' | ' | ' | ' | ' | ' | 31,158,000 | 28,340,000 | 25,530,000 |
Real estate taxes | ' | ' | ' | ' | ' | ' | ' | ' | 32,982,000 | 32,182,000 | 29,349,000 |
Insurance | ' | ' | ' | ' | ' | ' | ' | ' | 5,165,000 | 3,734,000 | 3,343,000 |
Property management expenses | ' | ' | ' | ' | ' | ' | ' | ' | 16,961,000 | 15,003,000 | 18,164,000 |
Other property expenses | ' | ' | ' | ' | ' | ' | ' | ' | 357,000 | 1,008,000 | -142,000 |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,132,000 | 2,173,000 | 1,898,000 |
Amortization related to non-real estate investments | ' | ' | ' | ' | ' | ' | ' | ' | 3,326,000 | 3,027,000 | 2,960,000 |
TOTAL EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | 234,846,000 | 172,059,000 | 159,279,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 33,116,000 | 81,083,000 | 69,666,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -59,142,000 | -61,154,000 | -61,801,000 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,908,000 | 222,000 | 148,000 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 779,000 | 526,000 | 631,000 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 6,450,000 | 9,295,000 | 1,062,000 |
Asset and Liability Data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 0 | ' | ' | ' | 72,631,000 | ' | ' | ' | 0 | 72,631,000 | ' |
Total liabilities | 0 | ' | ' | ' | -1,335,000 | ' | ' | ' | 0 | -1,335,000 | ' |
Multi-Family Residential [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties classified as discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 3 | ' |
Commercial Office [Member] | Grand Chute, Wisconsin [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties classified as discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Commercial Healthcare [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties classified as discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Commercial Industrial [Member] | Kentwood, Michigan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties classified as discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' |
Commercial Retail [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties classified as discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 1 | 1 |
Number of properties classified as held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Condominium Unit [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties classified as discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 8 |
Number of properties classified as held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 |
Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate rentals | ' | ' | ' | ' | ' | ' | ' | ' | 3,173,000 | 10,068,000 | 10,702,000 |
Tenant reimbursement | ' | ' | ' | ' | ' | ' | ' | ' | 1,302,000 | 3,099,000 | 2,619,000 |
TOTAL REVENUE | ' | ' | ' | ' | ' | ' | ' | ' | 4,475,000 | 13,167,000 | 13,321,000 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation/amortization related to real estate investments | ' | ' | ' | ' | ' | ' | ' | ' | 920,000 | 3,169,000 | 3,418,000 |
Utilities | ' | ' | ' | ' | ' | ' | ' | ' | 164,000 | 447,000 | 561,000 |
Maintenance | ' | ' | ' | ' | ' | ' | ' | ' | 299,000 | 1,029,000 | 1,070,000 |
Real estate taxes | ' | ' | ' | ' | ' | ' | ' | ' | 951,000 | 2,276,000 | 2,428,000 |
Insurance | ' | ' | ' | ' | ' | ' | ' | ' | 97,000 | 218,000 | 211,000 |
Property management expenses | ' | ' | ' | ' | ' | ' | ' | ' | 222,000 | 520,000 | 759,000 |
Other property expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 16,000 | 4,000 |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 67,000 |
Amortization related to non-real estate investments | ' | ' | ' | ' | ' | ' | ' | ' | 90,000 | 247,000 | 256,000 |
Impairment of real estate investments | ' | ' | ' | ' | ' | ' | ' | ' | 1,860,000 | 305,000 | 428,000 |
TOTAL EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | 4,603,000 | 8,227,000 | 9,202,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -128,000 | 4,940,000 | 4,119,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -421,000 | -2,532,000 | -3,429,000 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,000 | 23,000 |
Income (loss) from discontinued operations before gain on sale | ' | ' | ' | ' | ' | ' | ' | ' | -549,000 | 2,410,000 | 713,000 |
Gain on sale of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 6,999,000 | 6,885,000 | 349,000 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 6,450,000 | 9,295,000 | 1,062,000 |
Property Sale Data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales price | ' | ' | ' | ' | ' | ' | ' | ' | 80,883,000 | 26,273,000 | 3,237,000 |
Net book value and sales costs | ' | ' | ' | ' | ' | ' | ' | ' | -73,884,000 | -19,388,000 | -2,888,000 |
Gain on sale of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 6,999,000 | 6,885,000 | 349,000 |
Discontinued Operations [Member] | Multi-Family Residential [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | -99,000 | 3,712,000 | 100,000 |
Discontinued Operations [Member] | Commercial Office [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | -1,794,000 | 314,000 | 52,000 |
Discontinued Operations [Member] | Commercial Healthcare [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3,416,000 | -465,000 |
Discontinued Operations [Member] | Commercial Industrial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 8,923,000 | 2,118,000 | 1,127,000 |
Discontinued Operations [Member] | Commercial Retail [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | ($580,000) | ($265,000) | $248,000 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
EARNINGS PER SHARE [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of units exchanged for shares | ' | ' | ' | ' | ' | ' | ' | ' | 'one-for-one basis | ' | ' |
Minimum holding period | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' |
NUMERATOR [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) income from continuing operations - Investors Real Estate Trust | ' | ' | ' | ' | ' | ' | ' | ' | ($18,508) | $17,929 | $7,357 |
Income from discontinued operations - Investors Real Estate Trust | ' | ' | ' | ' | ' | ' | ' | ' | 5,334 | 7,601 | 855 |
Net (loss) income attributable to Investors Real Estate Trust | -28,542 | 3,503 | 8,787 | 3,078 | 10,015 | 5,324 | 8,512 | 1,679 | -13,174 | 25,530 | 8,212 |
Dividends to preferred shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -11,514 | -9,229 | -2,372 |
Numerator for basic earnings per share - net (loss) income available to common shareholders | -31,420 | 624 | 5,909 | 199 | 7,136 | 2,445 | 5,634 | 1,086 | -24,688 | 16,301 | 5,840 |
Noncontrolling interests - Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | -4,676 | 3,633 | 1,359 |
Numerator for diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ($29,364) | $19,934 | $7,199 |
DENOMINATOR [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator for basic earnings per share weighted average shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 105,331 | 93,344 | 83,557 |
Effect of convertible operating partnership units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 21,697 | 21,191 | 19,875 |
Denominator for diluted earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 127,028 | 114,535 | 103,432 |
(Loss) earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted | ' | ' | ' | ' | ' | ' | ' | ' | ($0.28) | $0.09 | $0.06 |
Earnings (loss) per common share from discontinued operations - Investors Real Estate Trust - basic and diluted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.05 | $0.08 | $0.01 |
NET (LOSS) INCOME PER COMMON SHARE - BASIC & DILUTED (in dollars per share) | ($0.29) | $0 | $0.06 | $0 | $0.07 | $0.03 | $0.06 | $0.01 | ($0.23) | $0.17 | $0.07 |
RETIREMENT_PLANS_Details
RETIREMENT PLANS (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
RETIREMENT PLANS [Abstract] | ' | ' | ' |
Age threshold for 401 (k) plan | 'P21Y | ' | ' |
Requisite service period to participate in contribution plan (in months) | '6 months | ' | ' |
Hours worked per calendar year established as threshold for 401(k) plan (in hours) | '1000 hours | ' | ' |
Maximum contribution each employee towards profit sharing plan (in hundredths) | 3.50% | ' | ' |
Maximum contribution each employee, towards 401(k) plan (in hundredths) | 4.00% | ' | ' |
Total contribution percentage in profit sharing and 401(k) plan (in hundredths) | 7.50% | ' | ' |
Employer contribution towards profit sharing plan and 401(k) plan | $1,100,000 | $912,000 | $871,000 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | ||
sqft | |||
Property | |||
Unit | |||
Real Estate Properties [Line Items] | ' | ' | |
Number of properties under operating ground and air rights lease | 12 | ' | |
Rent payable per year under ground lease | $500,000 | ' | |
Operating Leases, Future Minimum Payments [Abstract] | ' | ' | |
2015 | 506,000 | ' | |
2016 | 475,000 | ' | |
2017 | 449,000 | ' | |
2018 | 449,000 | ' | |
2019 | 449,000 | ' | |
Thereafter | 21,213,000 | ' | |
Total | 23,541,000 | ' | |
Tenant improvements | 9,700,000 | ' | |
Commitment period for tenant improvements (in months) | '12 months | ' | |
Number of Properties subject to purchase options. | 15 | ' | |
Total property cost subject to purchase options | 120,500,000 | ' | |
Total gross rental revenue from properties subject to purchase options | 9,800,000 | ' | |
Property Cost and Gross Rental Revenue [Abstract] | ' | ' | |
Total property cost subject to purchase options | 120,500,000 | ' | |
Total gross rental revenue from properties subject to purchase options | 9,800,000 | ' | |
Number of properties subject to restrictions on taxable dispositions | 110 | ' | |
Area of a real estate property (in square feet) | 5,500,000 | ' | |
Number of apartment units subject to restrictions on taxable dispositions | 4,953 | ' | |
Real estate investment amount of properties (net of accumulated depreciation) | 814,500,000 | ' | |
Redemption basis | '1:1 | ' | |
Minimum redemption holding period (in years) | '1 year | ' | |
Number of consecutive trading days for valuation (in days) | '10 days | ' | |
Aggregate redemption value of UPREIT Units of operating partnership owned by limited partners | 185,700,000 | 209,700,000 | |
Area of property (square feet) | 5,500,000 | ' | |
Anticipated Total Cost | 234,990,000 | ' | |
Project costs incurred to date | 116,096,000 | [1] | ' |
Loans Closed or Committed | 142,828,000 | ' | |
Minimum [Member] | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | |
Lease term of property (in years) | '1 year 6 months | ' | |
Lease expiration date | 31-Oct-15 | ' | |
Number of renewal options (in leases) | 6 | ' | |
Maximum [Member] | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | |
Lease term of property (in years) | '87 years | ' | |
Lease expiration date | 31-Oct-00 | ' | |
Number of renewal options (in leases) | 12 | ' | |
Multi Family Residential [Member] | Arcata Apartments, Golden Valley, MN [Member] | ' | ' | |
Property Cost and Gross Rental Revenue [Abstract] | ' | ' | |
Number of apartment units | 165 | ' | |
Anticipated Total Cost | 33,448,000 | ' | |
Project costs incurred to date | 13,018,000 | [1] | ' |
Loans Closed or Committed | 24,250,000 | ' | |
Estimated quarter for completion | '3 | ' | |
Estimated year for completion | '2015 | ' | |
Multi Family Residential [Member] | Cardinal Point Grand Forks Nd [Member] | ' | ' | |
Property Cost and Gross Rental Revenue [Abstract] | ' | ' | |
Number of apartment units | 251 | ' | |
Anticipated Total Cost | 40,042,000 | ' | |
Project costs incurred to date | 6,829,000 | [1] | ' |
Loans Closed or Committed | 24,500,000 | ' | |
Estimated quarter for completion | '1 | ' | |
Estimated year for completion | '2016 | ' | |
Multi Family Residential [Member] | Chateau II - Minot, ND [Member] | ' | ' | |
Property Cost and Gross Rental Revenue [Abstract] | ' | ' | |
Number of apartment units | 72 | [2] | ' |
Anticipated Total Cost | 14,711,000 | [2] | ' |
Project costs incurred to date | 2,098,000 | [1],[2] | ' |
Loans Closed or Committed | 0 | [2] | ' |
Estimated quarter for completion | '4 | [2] | ' |
Estimated year for completion | '2015 | [2] | ' |
Multi Family Residential [Member] | Commons at Southgate - Minot, ND [Member] | ' | ' | |
Property Cost and Gross Rental Revenue [Abstract] | ' | ' | |
Number of apartment units | 233 | [3] | ' |
Anticipated Total Cost | 37,201,000 | [3] | ' |
Project costs incurred to date | 28,065,000 | [1],[3] | ' |
Loans Closed or Committed | 24,480,000 | [3] | ' |
Estimated quarter for completion | '2 | [3] | ' |
Estimated year for completion | '2015 | [3] | ' |
Interest in joint venture (in hundredths) | 51.00% | [3] | ' |
Multi Family Residential [Member] | Cypress Court II - St. Cloud, MN [Member] | ' | ' | |
Property Cost and Gross Rental Revenue [Abstract] | ' | ' | |
Number of apartment units | 66 | [4] | ' |
Anticipated Total Cost | 7,028,000 | [4] | ' |
Project costs incurred to date | 1,580,000 | [1],[4] | ' |
Loans Closed or Committed | 4,200,000 | [4] | ' |
Estimated quarter for completion | '3 | [4] | ' |
Estimated year for completion | '2015 | [4] | ' |
Interest in joint venture (in hundredths) | 86.00% | [4] | ' |
Multi Family Residential [Member] | Dakota Commons - Williston, ND [Member] | ' | ' | |
Property Cost and Gross Rental Revenue [Abstract] | ' | ' | |
Number of apartment units | 44 | ' | |
Anticipated Total Cost | 10,736,000 | ' | |
Project costs incurred to date | 9,013,000 | [1] | ' |
Loans Closed or Committed | 0 | ' | |
Estimated quarter for completion | '1 | ' | |
Estimated year for completion | '2015 | ' | |
Multi Family Residential [Member] | Other [Member] | ' | ' | |
Property Cost and Gross Rental Revenue [Abstract] | ' | ' | |
Number of apartment units | ' | ' | |
Anticipated Total Cost | ' | ' | |
Project costs incurred to date | 2,496,000 | [1] | ' |
Loans Closed or Committed | ' | ' | |
Estimated quarter for completion | ' | ' | |
Estimated year for completion | ' | ' | |
Multi Family Residential [Member] | RED 20 - Minneapolis, MN [Member] | ' | ' | |
Property Cost and Gross Rental Revenue [Abstract] | ' | ' | |
Area of a real estate property (in square feet) | 10,625 | [5] | ' |
Area of property (square feet) | 10,625 | [5] | ' |
Number of apartment units | 130 | [5] | ' |
Anticipated Total Cost | 29,462,000 | [5] | ' |
Project costs incurred to date | 13,980,000 | [1],[5] | ' |
Loans Closed or Committed | 21,726,000 | [5] | ' |
Estimated quarter for completion | '3 | [5] | ' |
Estimated year for completion | '2015 | [5] | ' |
Interest in joint venture (in hundredths) | 58.60% | [5] | ' |
Multi Family Residential [Member] | Renaissance Heights I Apartments, Williston, ND [Member] | ' | ' | |
Property Cost and Gross Rental Revenue [Abstract] | ' | ' | |
Number of apartment units | 288 | [6] | ' |
Anticipated Total Cost | 62,362,000 | [6] | ' |
Project costs incurred to date | 39,017,000 | [1],[6] | ' |
Loans Closed or Committed | 43,672,000 | [6] | ' |
Estimated quarter for completion | '4 | [6] | ' |
Estimated year for completion | '2015 | [6] | ' |
Interest in joint venture (in hundredths) | 70.00% | [6] | ' |
Costs related to development projects placed in service in phases. | $11,500,000 | [6] | ' |
[1] | Includes costs related to development projects that are placed in service in phases (Renaissance Heights I - $11.5 million). | ||
[2] | On December 5, 2013, this development project was destroyed by fire. As of April 30, 2014, $6.1 million of expected insurance proceeds were included in accounts receivable on the Companybs consolidated balance sheet. See Note 2 for additional information. | ||
[3] | The Company is an approximately 51% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity. | ||
[4] | The Company is an approximately 86.1% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity. | ||
[5] | The Company is an approximately 58.6% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity. | ||
[6] | The Company is an approximately 70% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity. |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Amount [Member] | ' | ' |
FINANCIAL ASSETS [Abstract] | ' | ' |
Cash and cash equivalents | $47,267 | $94,133 |
Other investments | 329 | 639 |
FINANCIAL LIABILITIES [Abstract] | ' | ' |
Other debt | 63,132 | 18,076 |
Lines of credit | 22,500 | 10,000 |
Mortgages payable | 997,689 | 1,049,206 |
Fair Value [Member] | ' | ' |
FINANCIAL ASSETS [Abstract] | ' | ' |
Cash and cash equivalents | 47,267 | 94,133 |
Other investments | 329 | 639 |
FINANCIAL LIABILITIES [Abstract] | ' | ' |
Other debt | 63,250 | 18,156 |
Lines of credit | 22,500 | 10,000 |
Mortgages payable | 1,130,262 | 1,160,190 |
Nonrecurring [Member] | ' | ' |
Fair Value Measurements on a Nonrecurring Basis [Abstract] | ' | ' |
Real estate investments | 95,437 | ' |
Real estate held for sale | 2,951 | 2,067 |
Nonrecurring [Member] | Level 1 [Member] | ' | ' |
Fair Value Measurements on a Nonrecurring Basis [Abstract] | ' | ' |
Real estate investments | 0 | ' |
Real estate held for sale | 0 | 0 |
Nonrecurring [Member] | Level 2 [Member] | ' | ' |
Fair Value Measurements on a Nonrecurring Basis [Abstract] | ' | ' |
Real estate investments | 0 | ' |
Real estate held for sale | 0 | 0 |
Nonrecurring [Member] | Level 3 [Member] | ' | ' |
Fair Value Measurements on a Nonrecurring Basis [Abstract] | ' | ' |
Real estate investments | 95,437 | ' |
Real estate held for sale | $2,951 | $2,067 |
COMMON_AND_PREFERRED_SHARES_OF1
COMMON AND PREFERRED SHARES OF BENEFICIAL INTEREST AND EQUITY (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | ||||
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Preferred Class A [Member] | Preferred Class A [Member] | Preferred Class B [Member] | Preferred Class B [Member] | Preferred Class B [Member] | Distribution Reinvestment and Share Purchase Plan [Member] | Distribution Reinvestment and Share Purchase Plan [Member] | Distribution Reinvestment and Share Purchase Plan [Member] | Distribution Reinvestment and Share Purchase Plan [Member] | Distribution Reinvestment and Share Purchase Plan [Member] | Distribution Reinvestment and Share Purchase Plan [Member] | |||||||
Voluntary cash contributions [Member] | Voluntary cash contributions [Member] | Reinvested distributions [Member] | Reinvested distributions [Member] | |||||||||||||||||
Distribution Reinvestment and Share Purchase Plan [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Shares issued (in shares) | ' | ' | ' | 6,000,000 | 0 | 300,000 | ' | ' | ' | ' | ' | 6,600,000 | 5,300,000 | 4,800,000 | 3,800,000 | 1,800,000 | 1,500,000 | |||
Shares issued | $112,000 | [1] | $55,846,000 | [1] | $24,870,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | $55,800,000 | $43,100,000 | $41,200,000 | $30,700,000 | $14,600,000 | $12,400,000 |
Discount rate on shares (in hundredths) | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Conversion of Units to Common Shares. [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Units converted to common stock (in shares) | 903,000 | 317,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Units converted to common stock | 4,400,000 | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Issuance of Common Shares [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Offering price (in dollars per share) | ' | ' | ' | 9.25 | ' | 7.24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Proceeds from issuance of common shares | 0 | 55,433,000 | 24,413,000 | 53,000,000 | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Series A Cumulative Redeemable Preferred Shares of Beneficial Interest [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Preferred shares issued (in shares) | ' | ' | ' | ' | ' | ' | 1,150,000 | 1,150,000 | 4,600,000 | ' | 4,600,000 | ' | ' | ' | ' | ' | ' | |||
Sale of stock, price per share (in dollars per share) | ' | ' | ' | ' | ' | ' | $25 | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Proceeds from issuance of cumulative redeemable preferred shares | ' | ' | ' | ' | ' | ' | 27,300,000 | ' | 111,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Preferred shares liquidation per annum (in dollars per share) | ' | ' | ' | ' | ' | ' | $2.06 | ' | $1.99 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Distribution rate percentage (in hundredths) | ' | ' | ' | ' | ' | ' | 8.25% | ' | 7.95% | ' | ' | ' | ' | ' | ' | ' | ' | |||
Preferred shares liquidation (in dollars per share) | ' | ' | ' | ' | ' | ' | $25 | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Preferred shares liquidation preference | ' | ' | ' | ' | ' | ' | ' | ' | 115,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Debt repaid with proceeds from stock issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,500,000 | ' | ' | ' | ' | ' | ' | ' | |||
Original outstanding borrowing under line of credit | ' | ' | ' | ' | ' | ' | ' | ' | 44,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Line of credit facility, amount outstanding | 22,500,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Unused capacity, line of credit | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Aggregate offering price | ' | ' | ' | ' | $75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | (as revised) |
QUARTERLY_RESULTS_OF_CONSOLIDA2
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $66,983 | $67,629 | $65,772 | $65,098 | $64,184 | $63,080 | $61,864 | $58,930 | $265,482 | $248,058 | $228,671 |
Net income (loss) attributable to Investors Real Estate Trust | -28,542 | 3,503 | 8,787 | 3,078 | 10,015 | 5,324 | 8,512 | 1,679 | -13,174 | 25,530 | 8,212 |
Net income (loss) available to common shareholders | ($31,420) | $624 | $5,909 | $199 | $7,136 | $2,445 | $5,634 | $1,086 | ($24,688) | $16,301 | $5,840 |
Net income (loss) per common share - basic & diluted | ($0.29) | $0 | $0.06 | $0 | $0.07 | $0.03 | $0.06 | $0.01 | ($0.23) | $0.17 | $0.07 |
REDEEMABLE_NONCONTROLLING_INTE2
REDEEMABLE NONCONTROLLING INTERESTS (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |||
IRET - Minot Apartments, LLC [Member] | Southgate - Minot, ND [Member] | Southgate - Minot, ND [Member] | Golden Valley, Minnesota [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ||
Balance at beginning of fiscal year | $5,937,000 | [1] | ' | ' | $5,937,000 | $0 | $987,000 | |
Contributions from nonredeemable noncontrolling interests consolidated real estate entities | 3,895,000 | [1] | 6,483,000 | [1] | ' | 0 | 5,932,000 | 0 |
Net income | ' | ' | ' | 266,000 | 5,000 | 12,000 | ||
Net distributions | ' | ' | ' | 0 | 0 | -27,000 | ||
Fair value adjustments | ' | ' | ' | 0 | 0 | 35,000 | ||
Acquisition of joint venture partner's interest | ' | ' | ' | 0 | 0 | -1,007,000 | ||
Balance at close of fiscal year | 6,203,000 | 5,937,000 | [1] | ' | 6,203,000 | 5,937,000 | 0 | |
Construction costs for joint venture | $52,200,000 | ' | ' | ' | ' | ' | ||
Percentage of cost financed with debt (in hundredths) | 69.00% | ' | 7.00% | ' | ' | ' | ||
Ownership percentage (in hundredths) | 51.00% | ' | 49.00% | ' | ' | ' | ||
[1] | (as revised) |
STOCK_BASED_COMPENSATION_Detai
STOCK BASED COMPENSATION (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
2008 Incentive Award Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares (in shares) | 2,000,000 | ' | ' |
Term of award (in years) | 'P10Y | ' | ' |
Long Term Incentive Plan 2012 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Incentive plan award description | 'Three-Year Average Annual Total Shareholder Return | ' | ' |
Long Term Incentive Plan 2012 [Member] | Unrestricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of awards payable (in hundredths) | 50.00% | ' | ' |
Performance period (in years) | '1 year | ' | ' |
Restricted shares vesting period | '1 year | ' | ' |
Long Term Incentive Plan 2012 [Member] | Unrestricted Stock [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of performance objectives to meet | 1 | ' | ' |
Long Term Incentive Plan 2012 [Member] | Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of awards payable (in hundredths) | 50.00% | ' | ' |
Trustee Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | $28,976 | $15,975 | $7,560 |
Total [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | $1,162,000 | $45,000 | $461,000 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
Apr. 30, 2014 | Apr. 30, 2013 | 22-May-14 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Jun. 05, 2014 | 19-May-14 | Jun. 02, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | |
sqft | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
Bismarck, North Dakota [Member] | Bismarck, North Dakota [Member] | Golden Valley, Minnesota [Member] | Edina, Minnesota [Member] | Brooklyn Park, Minnesota [Member] | Dewey Hill Business Center Edina MN [Member] | Rapid City, South Dakota [Member] | Common Shares and Limited Partnership Units [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | |||
acre | Unit | Unit | acre | Property | Unit | |||||||
sqft | ||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly amount per share or unit (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.13 | $0.52 | $0.50 |
Record Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16-Jun-14 | 16-Jun-14 | 16-Jun-14 |
Payment Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jul-14 | 30-Jun-14 | 30-Jun-14 |
Number of units acquired | ' | ' | ' | ' | ' | ' | ' | ' | 204 | ' | ' | ' |
Purchase price of acquired property | ' | ' | $4,300,000 | $8,500,000 | ' | ' | $2,600,000 | ' | $18,300,000 | ' | ' | ' |
Area of land (in acres) | ' | ' | 35 | ' | ' | ' | 10.5 | ' | ' | ' | ' | ' |
Area of property (square feet) | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Price of Property Disposed | ' | ' | ' | ' | 4,800,000 | ' | ' | 3,100,000 | ' | ' | ' | ' |
Cash paid for acquisition of property | 38,200,000 | 76,020,000 | 4,300,000 | ' | ' | ' | 2,600,000 | ' | ' | ' | ' | ' |
Debt assumed | ' | ' | ' | ' | ' | ' | ' | ' | 12,200,000 | ' | ' | ' |
Number of units | ' | ' | ' | 68 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of office properties sold | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Number of units pending development | ' | ' | ' | ' | ' | 246 | ' | ' | ' | ' | ' | ' |
Square footage of pending development (in square feet) | ' | ' | ' | ' | ' | 21,000 | ' | ' | ' | ' | ' | ' |
Cost of pending development | ' | ' | ' | ' | ' | $69,900,000 | ' | ' | ' | ' | ' | ' |
Interest in joint venture (in hundredths) | ' | ' | ' | ' | ' | 50.50% | ' | ' | ' | ' | ' | ' |
SCHEDULE_III_REAL_ESTATE_AND_A1
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $) | 12 Months Ended | |||||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | ||||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | $997,689,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 219,439,000 | ' | ' | |||
Buildings & Improvements | 1,606,537,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 297,528,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 241,134,000 | ' | ' | |||
Buildings & Improvements | 1,882,370,000 | ' | ' | |||
Total | 2,123,504,000 | [1] | ' | ' | ||
Accumulated Depreciation | -424,288,000 | [1] | ' | ' | ||
Maximum borrowing capacity | 72,000,000 | ' | ' | |||
Advances under the facility specified as percentage of value of properties provided as security (in hundredths) | 60.00% | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,123,504,000 | [1] | ' | ' | ||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 424,288,000 | [1] | ' | ' | ||
Total real estate investments | 1,699,216,000 | 1,680,834,000 | [2] | 1,557,108,000 | [1] | |
Net basis of real estate investments for federal income tax purposes | 1,500,000,000 | 1,500,000,000 | 1,400,000,000 | |||
Granite Corporate Center - St. Cloud, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 5,492,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 588,000 | ' | ' | |||
Buildings & Improvements | 7,808,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,368,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 727,000 | ' | ' | |||
Buildings & Improvements | 9,037,000 | ' | ' | |||
Accumulated Depreciation | -3,199,000 | ' | ' | |||
Year of Construction or Acquisition | '2001 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,199,000 | ' | ' | |||
Unimproved Land [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 20,815,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,049,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 22,864,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 22,864,000 | 21,503,000 | 10,990,000 | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2014 | ' | ' | |||
Reconciliations of total real estate carrying value [Abstract] | ' | ' | ' | |||
Balance at beginning of year | 21,503,000 | 10,990,000 | 6,550,000 | |||
Additions during year [Abstract] | ' | ' | ' | |||
Acquisitions | 3,022,000 | 13,329,000 | 4,600,000 | |||
Improvements and Other | 1,209,000 | 854,000 | 10,000 | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Transfers | -2,870,000 | -3,670,000 | -170,000 | |||
Balance at close of year | 22,864,000 | 21,503,000 | 10,990,000 | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | Deer Ridge - Jamestown, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 711,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 711,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 711,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2013 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 711,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | Minot Wells Fargo Bank - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 992,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 992,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 992,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2013 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 992,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | Rapid City Unimproved- Rapid City, SD [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,376,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,376,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 1,376,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2014 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,376,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | Legends at Heritage Place - Sartell, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 537,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 537,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 537,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2013 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 537,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | Spring Creek Fruitland - Fruitland, ID [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 339,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 339,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 339,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 339,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | Badger Hills Rochester, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,050,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,050,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 1,050,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2012 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,050,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | Bismarck 4916 - Bismarck, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 3,250,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 3,250,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 3,250,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2013 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,250,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | Bismarck 700 E Main - Bismarck, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 314,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 562,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 876,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 876,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 876,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | Eagan - Eagan, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 423,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 423,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 423,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 423,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | Georgetown Square - Grand Chute, WI [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,860,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,860,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 1,860,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,860,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | Grand Forks Grand Forks, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 4,278,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 4,278,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 4,278,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2012 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,278,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | Kalispell - Kalispell, MT [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,400,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 24,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,424,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 1,424,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,424,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | Isanti Unimproved - Isanti, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 58,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 58,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 58,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2014 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 58,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | Minot Southgate Lot 4 Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 890,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 890,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 890,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2013 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 890,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | Monticello - Monticello, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 115,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 117,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 117,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 117,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | Renaissance Heights - Williston ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 2,229,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,348,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 3,577,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 3,577,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2012 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,577,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | River Falls - River Falls, WI [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 176,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 4,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 180,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 180,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 180,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | Urbandale - Urbandale, IA [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 5,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 109,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 114,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 114,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2009 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 114,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Unimproved Land [Member] | Weston - Weston, WI [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 812,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 812,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Total | 812,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 812,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Development in Progress [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 13,253,000 | ' | ' | |||
Buildings & Improvements | 64,949,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 26,407,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 13,253,000 | ' | ' | |||
Buildings & Improvements | 91,356,000 | ' | ' | |||
Total | 104,609,000 | 46,782,000 | 27,599,000 | |||
Accumulated Depreciation | 0 | ' | ' | |||
Reconciliations of total real estate carrying value [Abstract] | ' | ' | ' | |||
Balance at beginning of year | 46,782,000 | 27,599,000 | 9,693,000 | |||
Additions during year [Abstract] | ' | ' | ' | |||
Acquisitions | 2,079,000 | 9,177,000 | 2,718,000 | |||
Improvements and Other | 123,240,000 | 52,970,000 | 40,358,000 | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Involuntary conversion | -7,052,000 | 0 | 0 | |||
Transfers | 2,870,000 | 0 | 0 | |||
Development placed in service | -63,210,000 | [3] | -42,964,000 | [3] | -23,434,000 | [3] |
Other | -100,000 | [4] | 0 | [4] | -1,736,000 | [4] |
Balance at close of year | 104,609,000 | 46,782,000 | 27,599,000 | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Development in Progress [Member] | Other [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,496,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 2,496,000 | ' | ' | |||
Total | 2,496,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | ' | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,496,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Development in Progress [Member] | Renaissance Heights I - Williston ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 2,464,000 | ' | ' | |||
Buildings & Improvements | 23,900,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,165,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 2,464,000 | ' | ' | |||
Buildings & Improvements | 25,065,000 | ' | ' | |||
Total | 27,529,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | ' | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 27,529,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Development in Progress [Member] | Arcata - Golden Valley, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 2,088,000 | ' | ' | |||
Buildings & Improvements | 8,974,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,956,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 2,088,000 | ' | ' | |||
Buildings & Improvements | 10,930,000 | ' | ' | |||
Total | 13,018,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2013 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 13,018,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Development in Progress [Member] | Cardinal Point - Grand Forks, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,600,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 5,229,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,600,000 | ' | ' | |||
Buildings & Improvements | 5,229,000 | ' | ' | |||
Total | 6,829,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2013 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,829,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Development in Progress [Member] | Chateau II - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 240,000 | ' | ' | |||
Buildings & Improvements | 1,842,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 16,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 240,000 | ' | ' | |||
Buildings & Improvements | 1,858,000 | ' | ' | |||
Total | 2,098,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2013 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,098,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Development in Progress [Member] | Commons at Southgate - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 3,691,000 | ' | ' | |||
Buildings & Improvements | 22,819,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,555,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 3,691,000 | ' | ' | |||
Buildings & Improvements | 24,374,000 | ' | ' | |||
Total | 28,065,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2013 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 28,065,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Development in Progress [Member] | Cypress Court - Undev, St. Cloud, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 447,000 | ' | ' | |||
Buildings & Improvements | 5,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,128,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 447,000 | ' | ' | |||
Buildings & Improvements | 1,133,000 | ' | ' | |||
Total | 1,580,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2012 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,580,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Development in Progress [Member] | RED 20 - Minneapolis, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 823,000 | ' | ' | |||
Buildings & Improvements | 7,293,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 898,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 823,000 | ' | ' | |||
Buildings & Improvements | 8,191,000 | ' | ' | |||
Total | 9,014,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2012 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 9,014,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Development in Progress [Member] | Dakota Commons - Williston, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,900,000 | ' | ' | |||
Buildings & Improvements | 116,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 11,964,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,900,000 | ' | ' | |||
Buildings & Improvements | 12,080,000 | ' | ' | |||
Total | 13,980,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2013 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 13,980,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Wholly Owned Properties [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Total | 1,996,031,000 | [3] | 2,032,970,000 | [3] | 1,892,009,000 | [3] |
Accumulated Depreciation | -424,288,000 | -420,421,000 | -373,490,000 | |||
Reconciliations of total real estate carrying value [Abstract] | ' | ' | ' | |||
Balance at beginning of year | 2,032,970,000 | [3] | 1,892,009,000 | [3] | 1,770,798,000 | |
Additions during year [Abstract] | ' | ' | ' | |||
Improvements and Other | 34,637,000 | 36,375,000 | 35,176,000 | |||
Total Additions | 2,169,729,000 | 2,060,505,000 | 1,903,131,000 | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Cost of real estate sold | -85,030,000 | -21,953,000 | -3,498,000 | |||
Impairment charge | -43,189,000 | -305,000 | -127,000 | |||
Write down of asset and accumulated depreciation on impaired assets | -31,688,000 | 0 | 0 | |||
Transfers | -10,307,000 | -1,893,000 | -1,288,000 | |||
Other | -3,484,000 | [5] | -3,384,000 | [5] | -6,209,000 | [5] |
Balance at close of year | 1,996,031,000 | [3] | 2,032,970,000 | [3] | 1,892,009,000 | [3] |
Reconciliations of accumulated depreciation/amortization [Abstract] | ' | ' | ' | |||
Balance at beginning of year | 420,421,000 | 373,490,000 | 328,952,000 | |||
Additions during year [Abstract] | ' | ' | ' | |||
Provisions for depreciation | 57,575,000 | 56,611,000 | 51,093,000 | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Accumulated depreciation on real estate sold | -19,413,000 | -6,444,000 | -758,000 | |||
Write down of asset and accumulated depreciation on impaired assets | -31,688,000 | 0 | 0 | |||
Other | -2,607,000 | [5] | -3,236,000 | [5] | -5,797,000 | [5] |
Balance at close of year | 424,288,000 | 420,421,000 | 373,490,000 | |||
Multi-Family Residential [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 384,695,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 52,345,000 | ' | ' | |||
Buildings & Improvements | 578,841,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 122,545,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 66,722,000 | ' | ' | |||
Buildings & Improvements | 687,009,000 | ' | ' | |||
Total | 753,731,000 | ' | ' | |||
Accumulated Depreciation | -158,100,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 753,731,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 158,100,000 | ' | ' | |||
Multi-Family Residential [Member] | 11th Street 3 Plex - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 87,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 11,000 | ' | ' | |||
Buildings & Improvements | 53,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 17,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 19,000 | ' | ' | |||
Buildings & Improvements | 62,000 | ' | ' | |||
Total | 81,000 | ' | ' | |||
Accumulated Depreciation | -10,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 81,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 10,000 | ' | ' | |||
Multi-Family Residential [Member] | 4th Street 4 Plex - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 101,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 15,000 | ' | ' | |||
Buildings & Improvements | 74,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 27,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 23,000 | ' | ' | |||
Buildings & Improvements | 93,000 | ' | ' | |||
Total | 116,000 | ' | ' | |||
Accumulated Depreciation | -14,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 116,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 14,000 | ' | ' | |||
Multi-Family Residential [Member] | Alps Park - Rapid City, SD [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 4,030,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 287,000 | ' | ' | |||
Buildings & Improvements | 5,551,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 84,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 289,000 | ' | ' | |||
Buildings & Improvements | 5,633,000 | ' | ' | |||
Total | 5,922,000 | ' | ' | |||
Accumulated Depreciation | -140,000 | ' | ' | |||
Year of Construction or Acquisition | '2013 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,922,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 140,000 | ' | ' | |||
Multi-Family Residential [Member] | Apartments on Main - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 666,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 158,000 | ' | ' | |||
Buildings & Improvements | 1,123,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 31,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 181,000 | ' | ' | |||
Buildings & Improvements | 1,131,000 | ' | ' | |||
Total | 1,312,000 | ' | ' | |||
Accumulated Depreciation | -198,000 | ' | ' | |||
Year of Construction or Acquisition | '1987 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,312,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 198,000 | ' | ' | |||
Multi-Family Residential [Member] | Apartments on Main - Minot, ND [Member] | Minimum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '20 years | ' | ' | |||
Multi-Family Residential [Member] | Apartments on Main - Minot, ND [Member] | Maximum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Multi-Family Residential [Member] | Arbors - S Sioux City, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,922,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 350,000 | ' | ' | |||
Buildings & Improvements | 6,625,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,610,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 790,000 | ' | ' | |||
Buildings & Improvements | 7,795,000 | ' | ' | |||
Total | 8,585,000 | ' | ' | |||
Accumulated Depreciation | -1,807,000 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,585,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,807,000 | ' | ' | |||
Multi-Family Residential [Member] | Ashland - Grand Forks, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 5,615,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 741,000 | ' | ' | |||
Buildings & Improvements | 7,569,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 90,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 762,000 | ' | ' | |||
Buildings & Improvements | 7,638,000 | ' | ' | |||
Total | 8,400,000 | ' | ' | |||
Accumulated Depreciation | -460,000 | ' | ' | |||
Year of Construction or Acquisition | '2012 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,400,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 460,000 | ' | ' | |||
Multi-Family Residential [Member] | Boulder Court - Eagan, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,990,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,067,000 | ' | ' | |||
Buildings & Improvements | 5,498,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,853,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,299,000 | ' | ' | |||
Buildings & Improvements | 8,119,000 | ' | ' | |||
Total | 9,418,000 | ' | ' | |||
Accumulated Depreciation | -2,280,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 9,418,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,280,000 | ' | ' | |||
Multi-Family Residential [Member] | Brookfield Village - Topeka, KS [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 5,303,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 509,000 | ' | ' | |||
Buildings & Improvements | 6,698,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,393,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 674,000 | ' | ' | |||
Buildings & Improvements | 7,926,000 | ' | ' | |||
Total | 8,600,000 | ' | ' | |||
Accumulated Depreciation | -2,165,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,600,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,165,000 | ' | ' | |||
Multi-Family Residential [Member] | Brooklyn Heights - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 749,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 145,000 | ' | ' | |||
Buildings & Improvements | 1,450,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 834,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 217,000 | ' | ' | |||
Buildings & Improvements | 2,212,000 | ' | ' | |||
Total | 2,429,000 | ' | ' | |||
Accumulated Depreciation | -875,000 | ' | ' | |||
Year of Construction or Acquisition | '1997 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,429,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 875,000 | ' | ' | |||
Multi-Family Residential [Member] | Brooklyn Heights - Minot, ND [Member] | Minimum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '12 years | ' | ' | |||
Multi-Family Residential [Member] | Brooklyn Heights - Minot, ND [Member] | Maximum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Multi-Family Residential [Member] | Campus Center - St. Cloud, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,206,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 395,000 | ' | ' | |||
Buildings & Improvements | 2,244,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 208,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 405,000 | ' | ' | |||
Buildings & Improvements | 2,442,000 | ' | ' | |||
Total | 2,847,000 | ' | ' | |||
Accumulated Depreciation | -459,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,847,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 459,000 | ' | ' | |||
Multi-Family Residential [Member] | Campus Heights - St. Cloud, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 110,000 | ' | ' | |||
Buildings & Improvements | 628,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 93,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 124,000 | ' | ' | |||
Buildings & Improvements | 707,000 | ' | ' | |||
Total | 831,000 | ' | ' | |||
Accumulated Depreciation | -136,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 831,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 136,000 | ' | ' | |||
Multi-Family Residential [Member] | Campus Knoll - St. Cloud, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 804,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 266,000 | ' | ' | |||
Buildings & Improvements | 1,512,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 120,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 279,000 | ' | ' | |||
Buildings & Improvements | 1,619,000 | ' | ' | |||
Total | 1,898,000 | ' | ' | |||
Accumulated Depreciation | -312,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,898,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 312,000 | ' | ' | |||
Multi-Family Residential [Member] | Campus Plaza - St. Cloud, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 54,000 | ' | ' | |||
Buildings & Improvements | 311,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 69,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 60,000 | ' | ' | |||
Buildings & Improvements | 374,000 | ' | ' | |||
Total | 434,000 | ' | ' | |||
Accumulated Depreciation | -72,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 434,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 72,000 | ' | ' | |||
Multi-Family Residential [Member] | Campus Side - St. Cloud, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 107,000 | ' | ' | |||
Buildings & Improvements | 615,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 140,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 118,000 | ' | ' | |||
Buildings & Improvements | 744,000 | ' | ' | |||
Total | 862,000 | ' | ' | |||
Accumulated Depreciation | -140,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 862,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 140,000 | ' | ' | |||
Multi-Family Residential [Member] | Campus View - St. Cloud, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 107,000 | ' | ' | |||
Buildings & Improvements | 615,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 120,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 113,000 | ' | ' | |||
Buildings & Improvements | 729,000 | ' | ' | |||
Total | 842,000 | ' | ' | |||
Accumulated Depreciation | -136,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 842,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 136,000 | ' | ' | |||
Multi-Family Residential [Member] | Canyon Lake - Rapid City, SD [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,894,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 305,000 | ' | ' | |||
Buildings & Improvements | 3,958,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,579,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 374,000 | ' | ' | |||
Buildings & Improvements | 5,468,000 | ' | ' | |||
Total | 5,842,000 | ' | ' | |||
Accumulated Depreciation | -1,548,000 | ' | ' | |||
Year of Construction or Acquisition | '2001 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,842,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,548,000 | ' | ' | |||
Multi-Family Residential [Member] | Castlerock - Billings, MT [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 6,677,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 736,000 | ' | ' | |||
Buildings & Improvements | 4,864,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,982,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 964,000 | ' | ' | |||
Buildings & Improvements | 6,618,000 | ' | ' | |||
Total | 7,582,000 | ' | ' | |||
Accumulated Depreciation | -2,504,000 | ' | ' | |||
Year of Construction or Acquisition | '1998 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 7,582,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,504,000 | ' | ' | |||
Multi-Family Residential [Member] | Chateau I - Minot ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 61,000 | ' | ' | |||
Buildings & Improvements | 5,663,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 561,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 67,000 | ' | ' | |||
Buildings & Improvements | 6,218,000 | ' | ' | |||
Total | 6,285,000 | ' | ' | |||
Accumulated Depreciation | -569,000 | ' | ' | |||
Year of Construction or Acquisition | '2013 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,285,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 569,000 | ' | ' | |||
Multi-Family Residential [Member] | Cimarron Hills - Omaha, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 4,806,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 706,000 | ' | ' | |||
Buildings & Improvements | 9,588,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 4,198,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,302,000 | ' | ' | |||
Buildings & Improvements | 13,190,000 | ' | ' | |||
Total | 14,492,000 | ' | ' | |||
Accumulated Depreciation | -4,307,000 | ' | ' | |||
Year of Construction or Acquisition | '2001 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 14,492,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,307,000 | ' | ' | |||
Multi-Family Residential [Member] | Colonial Villa - Burnsville, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 5,980,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 2,401,000 | ' | ' | |||
Buildings & Improvements | 11,515,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 6,416,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 2,827,000 | ' | ' | |||
Buildings & Improvements | 17,505,000 | ' | ' | |||
Total | 20,332,000 | ' | ' | |||
Accumulated Depreciation | -4,547,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 20,332,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,547,000 | ' | ' | |||
Multi-Family Residential [Member] | Colony - Lincoln, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 13,565,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,515,000 | ' | ' | |||
Buildings & Improvements | 15,730,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 389,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,544,000 | ' | ' | |||
Buildings & Improvements | 16,090,000 | ' | ' | |||
Total | 17,634,000 | ' | ' | |||
Accumulated Depreciation | -829,000 | ' | ' | |||
Year of Construction or Acquisition | '2012 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 17,634,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 829,000 | ' | ' | |||
Multi-Family Residential [Member] | Colton Heights - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 421,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 80,000 | ' | ' | |||
Buildings & Improvements | 672,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 414,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 116,000 | ' | ' | |||
Buildings & Improvements | 1,050,000 | ' | ' | |||
Total | 1,166,000 | ' | ' | |||
Accumulated Depreciation | -737,000 | ' | ' | |||
Year of Construction or Acquisition | '1984 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,166,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 737,000 | ' | ' | |||
Multi-Family Residential [Member] | Cornerstone - St. Cloud, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 54,000 | ' | ' | |||
Buildings & Improvements | 311,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 71,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 57,000 | ' | ' | |||
Buildings & Improvements | 379,000 | ' | ' | |||
Total | 436,000 | ' | ' | |||
Accumulated Depreciation | -74,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 436,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 74,000 | ' | ' | |||
Multi-Family Residential [Member] | Cottage West Twin Homes - Sioux Falls, SD [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,646,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 968,000 | ' | ' | |||
Buildings & Improvements | 3,762,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 373,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,005,000 | ' | ' | |||
Buildings & Improvements | 4,098,000 | ' | ' | |||
Total | 5,103,000 | ' | ' | |||
Accumulated Depreciation | -265,000 | ' | ' | |||
Year of Construction or Acquisition | '2011 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,103,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 265,000 | ' | ' | |||
Multi-Family Residential [Member] | Cottonwood - Bismarck, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 15,803,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,056,000 | ' | ' | |||
Buildings & Improvements | 17,372,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 3,146,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,354,000 | ' | ' | |||
Buildings & Improvements | 20,220,000 | ' | ' | |||
Total | 21,574,000 | ' | ' | |||
Accumulated Depreciation | -6,372,000 | ' | ' | |||
Year of Construction or Acquisition | '1997 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 21,574,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,372,000 | ' | ' | |||
Multi-Family Residential [Member] | Country Meadows - Billings, MT [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 6,678,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 491,000 | ' | ' | |||
Buildings & Improvements | 7,809,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,344,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 535,000 | ' | ' | |||
Buildings & Improvements | 9,109,000 | ' | ' | |||
Total | 9,644,000 | ' | ' | |||
Accumulated Depreciation | -3,507,000 | ' | ' | |||
Year of Construction or Acquisition | '1995 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 9,644,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,507,000 | ' | ' | |||
Multi-Family Residential [Member] | Country Meadows - Billings, MT [Member] | Minimum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '33 years | ' | ' | |||
Multi-Family Residential [Member] | Country Meadows - Billings, MT [Member] | Maximum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Multi-Family Residential [Member] | Crestview - Bismarck, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,917,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 235,000 | ' | ' | |||
Buildings & Improvements | 4,290,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,576,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 495,000 | ' | ' | |||
Buildings & Improvements | 5,606,000 | ' | ' | |||
Total | 6,101,000 | ' | ' | |||
Accumulated Depreciation | -2,740,000 | ' | ' | |||
Year of Construction or Acquisition | '1994 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,101,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,740,000 | ' | ' | |||
Multi-Family Residential [Member] | Crestview - Bismarck, ND [Member] | Minimum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '24 years | ' | ' | |||
Multi-Family Residential [Member] | Crestview - Bismarck, ND [Member] | Maximum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Multi-Family Residential [Member] | Crown - Rochester, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,629,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 261,000 | ' | ' | |||
Buildings & Improvements | 3,289,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 194,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 266,000 | ' | ' | |||
Buildings & Improvements | 3,478,000 | ' | ' | |||
Total | 3,744,000 | ' | ' | |||
Accumulated Depreciation | -368,000 | ' | ' | |||
Year of Construction or Acquisition | '2010 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,744,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 368,000 | ' | ' | |||
Multi-Family Residential [Member] | Crown Colony - Topeka, KS [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 8,220,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 620,000 | ' | ' | |||
Buildings & Improvements | 9,956,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,220,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 857,000 | ' | ' | |||
Buildings & Improvements | 11,939,000 | ' | ' | |||
Total | 12,796,000 | ' | ' | |||
Accumulated Depreciation | -4,215,000 | ' | ' | |||
Year of Construction or Acquisition | '1999 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 12,796,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,215,000 | ' | ' | |||
Multi-Family Residential [Member] | Cypress Court - St. Cloud, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,136,000 | ' | ' | |||
Buildings & Improvements | 12,428,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 102,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,136,000 | ' | ' | |||
Buildings & Improvements | 12,530,000 | ' | ' | |||
Total | 13,666,000 | ' | ' | |||
Accumulated Depreciation | -196,000 | ' | ' | |||
Year of Construction or Acquisition | '2012 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 13,666,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 196,000 | ' | ' | |||
Multi-Family Residential [Member] | Evergreen - Isanti, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,019,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 380,000 | ' | ' | |||
Buildings & Improvements | 2,740,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 84,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 380,000 | ' | ' | |||
Buildings & Improvements | 2,824,000 | ' | ' | |||
Total | 3,204,000 | ' | ' | |||
Accumulated Depreciation | -398,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,204,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 398,000 | ' | ' | |||
Multi-Family Residential [Member] | Evergreen II - Isanti, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,108,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 691,000 | ' | ' | |||
Buildings & Improvements | 2,784,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 23,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 691,000 | ' | ' | |||
Buildings & Improvements | 2,807,000 | ' | ' | |||
Total | 3,498,000 | ' | ' | |||
Accumulated Depreciation | -196,000 | ' | ' | |||
Year of Construction or Acquisition | '2011 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,498,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 196,000 | ' | ' | |||
Multi-Family Residential [Member] | Fairmont - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 344,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 28,000 | ' | ' | |||
Buildings & Improvements | 337,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 70,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 55,000 | ' | ' | |||
Buildings & Improvements | 380,000 | ' | ' | |||
Total | 435,000 | ' | ' | |||
Accumulated Depreciation | -61,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 435,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 61,000 | ' | ' | |||
Multi-Family Residential [Member] | First Avenue - Minot ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 3,046,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 5,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 3,051,000 | ' | ' | |||
Total | 3,051,000 | ' | ' | |||
Accumulated Depreciation | -78,000 | ' | ' | |||
Year of Construction or Acquisition | '2013 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,051,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 78,000 | ' | ' | |||
Multi-Family Residential [Member] | Forest Park - Grand Forks, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 7,692,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 810,000 | ' | ' | |||
Buildings & Improvements | 5,579,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 7,031,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,409,000 | ' | ' | |||
Buildings & Improvements | 12,011,000 | ' | ' | |||
Total | 13,420,000 | ' | ' | |||
Accumulated Depreciation | -4,893,000 | ' | ' | |||
Year of Construction or Acquisition | '1993 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 13,420,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,893,000 | ' | ' | |||
Multi-Family Residential [Member] | Forest Park - Grand Forks, ND [Member] | Minimum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '20 years | ' | ' | |||
Multi-Family Residential [Member] | Forest Park - Grand Forks, ND [Member] | Maximum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Multi-Family Residential [Member] | Gables Townhomes - Sioux Falls, SD [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,476,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 349,000 | ' | ' | |||
Buildings & Improvements | 1,921,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 160,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 371,000 | ' | ' | |||
Buildings & Improvements | 2,059,000 | ' | ' | |||
Total | 2,430,000 | ' | ' | |||
Accumulated Depreciation | -133,000 | ' | ' | |||
Year of Construction or Acquisition | '2011 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,430,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 133,000 | ' | ' | |||
Multi-Family Residential [Member] | Grand Gateway - St. Cloud, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 5,465,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 814,000 | ' | ' | |||
Buildings & Improvements | 7,086,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 580,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 912,000 | ' | ' | |||
Buildings & Improvements | 7,568,000 | ' | ' | |||
Total | 8,480,000 | ' | ' | |||
Accumulated Depreciation | -490,000 | ' | ' | |||
Year of Construction or Acquisition | '2012 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,480,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 490,000 | ' | ' | |||
Multi-Family Residential [Member] | Greenfield - Omaha, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,598,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 578,000 | ' | ' | |||
Buildings & Improvements | 4,122,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 663,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 778,000 | ' | ' | |||
Buildings & Improvements | 4,585,000 | ' | ' | |||
Total | 5,363,000 | ' | ' | |||
Accumulated Depreciation | -783,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,363,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 783,000 | ' | ' | |||
Multi-Family Residential [Member] | Heritage Manor - Rochester, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 4,051,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 403,000 | ' | ' | |||
Buildings & Improvements | 6,968,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,632,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 578,000 | ' | ' | |||
Buildings & Improvements | 9,425,000 | ' | ' | |||
Total | 10,003,000 | ' | ' | |||
Accumulated Depreciation | -3,489,000 | ' | ' | |||
Year of Construction or Acquisition | '1998 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 10,003,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,489,000 | ' | ' | |||
Multi-Family Residential [Member] | Indian Hills - Sioux City, IA [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 294,000 | ' | ' | |||
Buildings & Improvements | 2,921,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 3,403,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 386,000 | ' | ' | |||
Buildings & Improvements | 6,232,000 | ' | ' | |||
Total | 6,618,000 | ' | ' | |||
Accumulated Depreciation | -1,144,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,618,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,144,000 | ' | ' | |||
Multi-Family Residential [Member] | Kirkwood Manor - Bismarck, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,312,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 449,000 | ' | ' | |||
Buildings & Improvements | 2,725,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,579,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 546,000 | ' | ' | |||
Buildings & Improvements | 4,207,000 | ' | ' | |||
Total | 4,753,000 | ' | ' | |||
Accumulated Depreciation | -1,655,000 | ' | ' | |||
Year of Construction or Acquisition | '1997 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,753,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,655,000 | ' | ' | |||
Multi-Family Residential [Member] | Kirkwood Manor - Bismarck, ND [Member] | Minimum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '12 years | ' | ' | |||
Multi-Family Residential [Member] | Kirkwood Manor - Bismarck, ND [Member] | Maximum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Multi-Family Residential [Member] | Lakeside Village Lincoln, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 13,382,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,215,000 | ' | ' | |||
Buildings & Improvements | 15,837,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 262,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,235,000 | ' | ' | |||
Buildings & Improvements | 16,079,000 | ' | ' | |||
Total | 17,314,000 | ' | ' | |||
Accumulated Depreciation | -821,000 | ' | ' | |||
Year of Construction or Acquisition | '2012 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 17,314,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 821,000 | ' | ' | |||
Multi-Family Residential [Member] | Lancaster - St. Cloud, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 289,000 | ' | ' | |||
Buildings & Improvements | 2,899,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,079,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 460,000 | ' | ' | |||
Buildings & Improvements | 3,807,000 | ' | ' | |||
Total | 4,267,000 | ' | ' | |||
Accumulated Depreciation | -1,410,000 | ' | ' | |||
Year of Construction or Acquisition | '2000 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,267,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,410,000 | ' | ' | |||
Multi-Family Residential [Member] | Landing at Southgate - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 2,254,000 | ' | ' | |||
Buildings & Improvements | 12,872,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 25,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 2,254,000 | ' | ' | |||
Buildings & Improvements | 12,897,000 | ' | ' | |||
Total | 15,151,000 | ' | ' | |||
Accumulated Depreciation | -212,000 | ' | ' | |||
Year of Construction or Acquisition | '2013 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 15,151,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 212,000 | ' | ' | |||
Multi-Family Residential [Member] | Landmark - Grand Forks, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,638,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 184,000 | ' | ' | |||
Buildings & Improvements | 1,514,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,023,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 313,000 | ' | ' | |||
Buildings & Improvements | 2,408,000 | ' | ' | |||
Total | 2,721,000 | ' | ' | |||
Accumulated Depreciation | -983,000 | ' | ' | |||
Year of Construction or Acquisition | '1997 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,721,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 983,000 | ' | ' | |||
Multi-Family Residential [Member] | Legacy - Grand Forks, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 15,885,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,362,000 | ' | ' | |||
Buildings & Improvements | 21,727,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 6,289,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 2,088,000 | ' | ' | |||
Buildings & Improvements | 27,290,000 | ' | ' | |||
Total | 29,378,000 | ' | ' | |||
Accumulated Depreciation | -9,395,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 29,378,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 9,395,000 | ' | ' | |||
Multi-Family Residential [Member] | Legacy - Grand Forks, ND [Member] | Minimum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Year of Construction or Acquisition | '1995 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '24 years | ' | ' | |||
Multi-Family Residential [Member] | Legacy - Grand Forks, ND [Member] | Maximum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Year of Construction or Acquisition | '2005 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Multi-Family Residential [Member] | Mariposa - Topeka, KS [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,975,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 399,000 | ' | ' | |||
Buildings & Improvements | 5,110,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 487,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 426,000 | ' | ' | |||
Buildings & Improvements | 5,570,000 | ' | ' | |||
Total | 5,996,000 | ' | ' | |||
Accumulated Depreciation | -1,341,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,996,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,341,000 | ' | ' | |||
Multi-Family Residential [Member] | Meadows - Jamestown, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 590,000 | ' | ' | |||
Buildings & Improvements | 4,519,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,256,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 653,000 | ' | ' | |||
Buildings & Improvements | 5,712,000 | ' | ' | |||
Total | 6,365,000 | ' | ' | |||
Accumulated Depreciation | -1,968,000 | ' | ' | |||
Year of Construction or Acquisition | '1998 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,365,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,968,000 | ' | ' | |||
Multi-Family Residential [Member] | Monticello Village - Monticello, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 490,000 | ' | ' | |||
Buildings & Improvements | 3,756,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 447,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 621,000 | ' | ' | |||
Buildings & Improvements | 4,072,000 | ' | ' | |||
Total | 4,693,000 | ' | ' | |||
Accumulated Depreciation | -1,136,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,693,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,136,000 | ' | ' | |||
Multi-Family Residential [Member] | North Pointe - Bismarck, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,431,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 303,000 | ' | ' | |||
Buildings & Improvements | 3,957,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 532,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 339,000 | ' | ' | |||
Buildings & Improvements | 4,453,000 | ' | ' | |||
Total | 4,792,000 | ' | ' | |||
Accumulated Depreciation | -1,338,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,792,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,338,000 | ' | ' | |||
Multi-Family Residential [Member] | North Pointe - Bismarck, ND [Member] | Minimum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Year of Construction or Acquisition | '1995 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '24 years | ' | ' | |||
Multi-Family Residential [Member] | North Pointe - Bismarck, ND [Member] | Maximum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Year of Construction or Acquisition | '2011 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Multi-Family Residential [Member] | Northern Valley - Rochester, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 110,000 | ' | ' | |||
Buildings & Improvements | 610,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 108,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 119,000 | ' | ' | |||
Buildings & Improvements | 709,000 | ' | ' | |||
Total | 828,000 | ' | ' | |||
Accumulated Depreciation | -77,000 | ' | ' | |||
Year of Construction or Acquisition | '2010 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 828,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 77,000 | ' | ' | |||
Multi-Family Residential [Member] | Oakmont Estates - Sioux Falls, SD [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,473,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 423,000 | ' | ' | |||
Buildings & Improvements | 4,838,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 517,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 558,000 | ' | ' | |||
Buildings & Improvements | 5,220,000 | ' | ' | |||
Total | 5,778,000 | ' | ' | |||
Accumulated Depreciation | -1,602,000 | ' | ' | |||
Year of Construction or Acquisition | '2002 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,778,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,602,000 | ' | ' | |||
Multi-Family Residential [Member] | Oakwood Estates - Sioux Falls, SD [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 4,025,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 543,000 | ' | ' | |||
Buildings & Improvements | 2,784,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 4,265,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 775,000 | ' | ' | |||
Buildings & Improvements | 6,817,000 | ' | ' | |||
Total | 7,592,000 | ' | ' | |||
Accumulated Depreciation | -3,015,000 | ' | ' | |||
Year of Construction or Acquisition | '1993 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 7,592,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,015,000 | ' | ' | |||
Multi-Family Residential [Member] | Olympic Village - Billings, MT [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 10,770,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,164,000 | ' | ' | |||
Buildings & Improvements | 10,441,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,861,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,757,000 | ' | ' | |||
Buildings & Improvements | 12,709,000 | ' | ' | |||
Total | 14,466,000 | ' | ' | |||
Accumulated Depreciation | -4,461,000 | ' | ' | |||
Year of Construction or Acquisition | '2000 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 14,466,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,461,000 | ' | ' | |||
Multi-Family Residential [Member] | Olympik Village - Rochester, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 4,499,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,034,000 | ' | ' | |||
Buildings & Improvements | 6,109,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,711,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,168,000 | ' | ' | |||
Buildings & Improvements | 7,686,000 | ' | ' | |||
Total | 8,854,000 | ' | ' | |||
Accumulated Depreciation | -1,870,000 | ' | ' | |||
Year of Construction or Acquisition | '2005 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,854,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,870,000 | ' | ' | |||
Multi-Family Residential [Member] | Oxbow Park - Sioux Falls, SD [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,931,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 404,000 | ' | ' | |||
Buildings & Improvements | 3,152,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,658,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 665,000 | ' | ' | |||
Buildings & Improvements | 5,549,000 | ' | ' | |||
Total | 6,214,000 | ' | ' | |||
Accumulated Depreciation | -2,625,000 | ' | ' | |||
Year of Construction or Acquisition | '1994 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,214,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,625,000 | ' | ' | |||
Multi-Family Residential [Member] | Oxbow Park - Sioux Falls, SD [Member] | Minimum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '24 years | ' | ' | |||
Multi-Family Residential [Member] | Oxbow Park - Sioux Falls, SD [Member] | Maximum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Multi-Family Residential [Member] | Park Meadows - Waite Park, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 8,616,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,143,000 | ' | ' | |||
Buildings & Improvements | 9,099,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 5,423,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,595,000 | ' | ' | |||
Buildings & Improvements | 14,070,000 | ' | ' | |||
Total | 15,665,000 | ' | ' | |||
Accumulated Depreciation | -5,790,000 | ' | ' | |||
Year of Construction or Acquisition | '1997 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 15,665,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,790,000 | ' | ' | |||
Multi-Family Residential [Member] | Pebble Springs - Bismarck, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 775,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 7,000 | ' | ' | |||
Buildings & Improvements | 748,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 149,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 44,000 | ' | ' | |||
Buildings & Improvements | 860,000 | ' | ' | |||
Total | 904,000 | ' | ' | |||
Accumulated Depreciation | -323,000 | ' | ' | |||
Year of Construction or Acquisition | '1999 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 904,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 323,000 | ' | ' | |||
Multi-Family Residential [Member] | Pinehurst - Billings, MT [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 243,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 72,000 | ' | ' | |||
Buildings & Improvements | 687,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 239,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 79,000 | ' | ' | |||
Buildings & Improvements | 919,000 | ' | ' | |||
Total | 998,000 | ' | ' | |||
Accumulated Depreciation | -276,000 | ' | ' | |||
Year of Construction or Acquisition | '2002 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 998,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 276,000 | ' | ' | |||
Multi-Family Residential [Member] | Pinecone Villas - Sartell, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 584,000 | ' | ' | |||
Buildings & Improvements | 2,191,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 8,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 584,000 | ' | ' | |||
Buildings & Improvements | 2,199,000 | ' | ' | |||
Total | 2,783,000 | ' | ' | |||
Accumulated Depreciation | -33,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,783,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 33,000 | ' | ' | |||
Multi-Family Residential [Member] | Pines - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 120,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 35,000 | ' | ' | |||
Buildings & Improvements | 215,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 184,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 49,000 | ' | ' | |||
Buildings & Improvements | 385,000 | ' | ' | |||
Total | 434,000 | ' | ' | |||
Accumulated Depreciation | -132,000 | ' | ' | |||
Year of Construction or Acquisition | '1997 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 434,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 132,000 | ' | ' | |||
Multi-Family Residential [Member] | Plaza - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 5,478,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 867,000 | ' | ' | |||
Buildings & Improvements | 12,784,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,335,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 992,000 | ' | ' | |||
Buildings & Improvements | 14,994,000 | ' | ' | |||
Total | 15,986,000 | ' | ' | |||
Accumulated Depreciation | -2,029,000 | ' | ' | |||
Year of Construction or Acquisition | '2009 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 15,986,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,029,000 | ' | ' | |||
Multi-Family Residential [Member] | Pointe West - Rapid City, SD [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,679,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 240,000 | ' | ' | |||
Buildings & Improvements | 3,538,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,485,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 364,000 | ' | ' | |||
Buildings & Improvements | 4,899,000 | ' | ' | |||
Total | 5,263,000 | ' | ' | |||
Accumulated Depreciation | -2,240,000 | ' | ' | |||
Year of Construction or Acquisition | '1994 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,263,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,240,000 | ' | ' | |||
Multi-Family Residential [Member] | Pointe West - Rapid City, SD [Member] | Minimum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '24 years | ' | ' | |||
Multi-Family Residential [Member] | Pointe West - Rapid City, SD [Member] | Maximum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Multi-Family Residential [Member] | Ponds at Heritage Place - Sartell, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,950,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 395,000 | ' | ' | |||
Buildings & Improvements | 4,564,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 232,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 395,000 | ' | ' | |||
Buildings & Improvements | 4,796,000 | ' | ' | |||
Total | 5,191,000 | ' | ' | |||
Accumulated Depreciation | -216,000 | ' | ' | |||
Year of Construction or Acquisition | '2012 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,191,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 216,000 | ' | ' | |||
Multi-Family Residential [Member] | Prairie Winds - Sioux Falls, SD [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,438,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 144,000 | ' | ' | |||
Buildings & Improvements | 1,816,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 466,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 229,000 | ' | ' | |||
Buildings & Improvements | 2,197,000 | ' | ' | |||
Total | 2,426,000 | ' | ' | |||
Accumulated Depreciation | -1,171,000 | ' | ' | |||
Year of Construction or Acquisition | '1993 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,426,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,171,000 | ' | ' | |||
Multi-Family Residential [Member] | Prairie Winds - Sioux Falls, SD [Member] | Minimum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '24 years | ' | ' | |||
Multi-Family Residential [Member] | Prairie Winds - Sioux Falls, SD [Member] | Maximum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Multi-Family Residential [Member] | Quarry Ridge - Rochester, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 13,603,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,312,000 | ' | ' | |||
Buildings & Improvements | 13,362,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,129,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,353,000 | ' | ' | |||
Buildings & Improvements | 14,450,000 | ' | ' | |||
Total | 15,803,000 | ' | ' | |||
Accumulated Depreciation | -2,811,000 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 15,803,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,811,000 | ' | ' | |||
Multi-Family Residential [Member] | Quarry Ridge 2 - Rochester, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 14,158,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 942,000 | ' | ' | |||
Buildings & Improvements | 16,661,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 39,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 945,000 | ' | ' | |||
Buildings & Improvements | 16,697,000 | ' | ' | |||
Total | 17,642,000 | ' | ' | |||
Accumulated Depreciation | -830,000 | ' | ' | |||
Year of Construction or Acquisition | '2012 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 17,642,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 830,000 | ' | ' | |||
Multi-Family Residential [Member] | Regency Park Estates - St. Cloud, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 6,827,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 702,000 | ' | ' | |||
Buildings & Improvements | 10,198,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,244,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 751,000 | ' | ' | |||
Buildings & Improvements | 11,393,000 | ' | ' | |||
Total | 12,144,000 | ' | ' | |||
Accumulated Depreciation | -804,000 | ' | ' | |||
Year of Construction or Acquisition | '2011 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 12,144,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 804,000 | ' | ' | |||
Multi-Family Residential [Member] | Renaissance Heights I - Williston ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 616,000 | ' | ' | |||
Buildings & Improvements | 10,872,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 25,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 616,000 | ' | ' | |||
Buildings & Improvements | 10,897,000 | ' | ' | |||
Total | 11,513,000 | ' | ' | |||
Accumulated Depreciation | -58,000 | ' | ' | |||
Year of Construction or Acquisition | '2013 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 11,513,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 58,000 | ' | ' | |||
Multi-Family Residential [Member] | Ridge Oaks - Sioux City, IA [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,414,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 178,000 | ' | ' | |||
Buildings & Improvements | 4,073,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,087,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 281,000 | ' | ' | |||
Buildings & Improvements | 6,057,000 | ' | ' | |||
Total | 6,338,000 | ' | ' | |||
Accumulated Depreciation | -2,042,000 | ' | ' | |||
Year of Construction or Acquisition | '2001 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,338,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,042,000 | ' | ' | |||
Multi-Family Residential [Member] | Rimrock West - Billings, MT [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,339,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 330,000 | ' | ' | |||
Buildings & Improvements | 3,489,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,453,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 431,000 | ' | ' | |||
Buildings & Improvements | 4,841,000 | ' | ' | |||
Total | 5,272,000 | ' | ' | |||
Accumulated Depreciation | -1,624,000 | ' | ' | |||
Year of Construction or Acquisition | '1999 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,272,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,624,000 | ' | ' | |||
Multi-Family Residential [Member] | River Ridge - Bismarck, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 576,000 | ' | ' | |||
Buildings & Improvements | 23,434,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,076,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,423,000 | ' | ' | |||
Buildings & Improvements | 23,663,000 | ' | ' | |||
Total | 25,086,000 | ' | ' | |||
Accumulated Depreciation | -438,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 25,086,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 438,000 | ' | ' | |||
Multi-Family Residential [Member] | Rocky Meadows - Billings, MT [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 5,177,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 656,000 | ' | ' | |||
Buildings & Improvements | 5,726,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,085,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 769,000 | ' | ' | |||
Buildings & Improvements | 6,698,000 | ' | ' | |||
Total | 7,467,000 | ' | ' | |||
Accumulated Depreciation | -2,942,000 | ' | ' | |||
Year of Construction or Acquisition | '1995 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 7,467,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,942,000 | ' | ' | |||
Multi-Family Residential [Member] | Rum River - Isanti, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,609,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 843,000 | ' | ' | |||
Buildings & Improvements | 4,823,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 146,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 848,000 | ' | ' | |||
Buildings & Improvements | 4,964,000 | ' | ' | |||
Total | 5,812,000 | ' | ' | |||
Accumulated Depreciation | -882,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,812,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 882,000 | ' | ' | |||
Multi-Family Residential [Member] | Sherwood - Topeka, KS [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 12,340,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,142,000 | ' | ' | |||
Buildings & Improvements | 14,684,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,870,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,636,000 | ' | ' | |||
Buildings & Improvements | 17,060,000 | ' | ' | |||
Total | 18,696,000 | ' | ' | |||
Accumulated Depreciation | -6,150,000 | ' | ' | |||
Year of Construction or Acquisition | '1999 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 18,696,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,150,000 | ' | ' | |||
Multi-Family Residential [Member] | Sierra Vista - Sioux Falls, SD [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,421,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 241,000 | ' | ' | |||
Buildings & Improvements | 2,097,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 385,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 265,000 | ' | ' | |||
Buildings & Improvements | 2,458,000 | ' | ' | |||
Total | 2,723,000 | ' | ' | |||
Accumulated Depreciation | -198,000 | ' | ' | |||
Year of Construction or Acquisition | '2011 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,723,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 198,000 | ' | ' | |||
Multi-Family Residential [Member] | Southpoint - Grand Forks, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 576,000 | ' | ' | |||
Buildings & Improvements | 9,893,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 16,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 576,000 | ' | ' | |||
Buildings & Improvements | 9,909,000 | ' | ' | |||
Total | 10,485,000 | ' | ' | |||
Accumulated Depreciation | -158,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 10,485,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 158,000 | ' | ' | |||
Multi-Family Residential [Member] | South Pointe - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 8,789,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 550,000 | ' | ' | |||
Buildings & Improvements | 9,548,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,603,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,316,000 | ' | ' | |||
Buildings & Improvements | 11,385,000 | ' | ' | |||
Total | 12,701,000 | ' | ' | |||
Accumulated Depreciation | -5,165,000 | ' | ' | |||
Year of Construction or Acquisition | '1995 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 12,701,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,165,000 | ' | ' | |||
Multi-Family Residential [Member] | South Pointe - Minot, ND [Member] | Minimum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '24 years | ' | ' | |||
Multi-Family Residential [Member] | South Pointe - Minot, ND [Member] | Maximum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Multi-Family Residential [Member] | Southview - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,059,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 185,000 | ' | ' | |||
Buildings & Improvements | 469,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 355,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 237,000 | ' | ' | |||
Buildings & Improvements | 772,000 | ' | ' | |||
Total | 1,009,000 | ' | ' | |||
Accumulated Depreciation | -344,000 | ' | ' | |||
Year of Construction or Acquisition | '1994 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,009,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 344,000 | ' | ' | |||
Multi-Family Residential [Member] | Southwind - Grand Forks, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 5,615,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 400,000 | ' | ' | |||
Buildings & Improvements | 5,034,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,714,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 726,000 | ' | ' | |||
Buildings & Improvements | 7,422,000 | ' | ' | |||
Total | 8,148,000 | ' | ' | |||
Accumulated Depreciation | -3,216,000 | ' | ' | |||
Year of Construction or Acquisition | '1995 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,148,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,216,000 | ' | ' | |||
Multi-Family Residential [Member] | Southwind - Grand Forks, ND [Member] | Minimum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '24 years | ' | ' | |||
Multi-Family Residential [Member] | Southwind - Grand Forks, ND [Member] | Maximum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Multi-Family Residential [Member] | Summit Park - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,039,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 161,000 | ' | ' | |||
Buildings & Improvements | 1,898,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,338,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 419,000 | ' | ' | |||
Buildings & Improvements | 2,978,000 | ' | ' | |||
Total | 3,397,000 | ' | ' | |||
Accumulated Depreciation | -1,167,000 | ' | ' | |||
Year of Construction or Acquisition | '1997 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,397,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,167,000 | ' | ' | |||
Multi-Family Residential [Member] | Summit Park - Minot, ND [Member] | Minimum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '24 years | ' | ' | |||
Multi-Family Residential [Member] | Summit Park - Minot, ND [Member] | Maximum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Multi-Family Residential [Member] | Sunset Trail - Rochester, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 8,138,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 336,000 | ' | ' | |||
Buildings & Improvements | 12,814,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,490,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 543,000 | ' | ' | |||
Buildings & Improvements | 15,097,000 | ' | ' | |||
Total | 15,640,000 | ' | ' | |||
Accumulated Depreciation | -5,011,000 | ' | ' | |||
Year of Construction or Acquisition | '1999 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 15,640,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,011,000 | ' | ' | |||
Multi-Family Residential [Member] | Temple - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 78,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 229,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 229,000 | ' | ' | |||
Total | 229,000 | ' | ' | |||
Accumulated Depreciation | -50,000 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 229,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 50,000 | ' | ' | |||
Multi-Family Residential [Member] | Terrace Heights - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 173,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 29,000 | ' | ' | |||
Buildings & Improvements | 312,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 88,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 40,000 | ' | ' | |||
Buildings & Improvements | 389,000 | ' | ' | |||
Total | 429,000 | ' | ' | |||
Accumulated Depreciation | -164,000 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 429,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 164,000 | ' | ' | |||
Multi-Family Residential [Member] | Thomasbrook - Lincoln, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 5,987,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 600,000 | ' | ' | |||
Buildings & Improvements | 10,306,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 3,189,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,242,000 | ' | ' | |||
Buildings & Improvements | 12,853,000 | ' | ' | |||
Total | 14,095,000 | ' | ' | |||
Accumulated Depreciation | -4,366,000 | ' | ' | |||
Year of Construction or Acquisition | '1999 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 14,095,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,366,000 | ' | ' | |||
Multi-Family Residential [Member] | University Park Place - St. Cloud, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 78,000 | ' | ' | |||
Buildings & Improvements | 450,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 100,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 82,000 | ' | ' | |||
Buildings & Improvements | 546,000 | ' | ' | |||
Total | 628,000 | ' | ' | |||
Accumulated Depreciation | -99,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 628,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 99,000 | ' | ' | |||
Multi-Family Residential [Member] | Valley Park - Grand Forks, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,886,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 294,000 | ' | ' | |||
Buildings & Improvements | 4,137,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 3,304,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,095,000 | ' | ' | |||
Buildings & Improvements | 6,640,000 | ' | ' | |||
Total | 7,735,000 | ' | ' | |||
Accumulated Depreciation | -2,375,000 | ' | ' | |||
Year of Construction or Acquisition | '1999 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 7,735,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,375,000 | ' | ' | |||
Multi-Family Residential [Member] | Villa West - Topeka, KS [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 12,280,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,590,000 | ' | ' | |||
Buildings & Improvements | 15,760,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 513,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,674,000 | ' | ' | |||
Buildings & Improvements | 16,189,000 | ' | ' | |||
Total | 17,863,000 | ' | ' | |||
Accumulated Depreciation | -845,000 | ' | ' | |||
Year of Construction or Acquisition | '2012 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 17,863,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 845,000 | ' | ' | |||
Multi-Family Residential [Member] | Village Green - Rochester, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,145,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 234,000 | ' | ' | |||
Buildings & Improvements | 2,296,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 800,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 359,000 | ' | ' | |||
Buildings & Improvements | 2,971,000 | ' | ' | |||
Total | 3,330,000 | ' | ' | |||
Accumulated Depreciation | -828,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,330,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 828,000 | ' | ' | |||
Multi-Family Residential [Member] | West Stonehill - Waite Park, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 8,621,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 939,000 | ' | ' | |||
Buildings & Improvements | 10,167,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 4,817,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,473,000 | ' | ' | |||
Buildings & Improvements | 14,450,000 | ' | ' | |||
Total | 15,923,000 | ' | ' | |||
Accumulated Depreciation | -6,513,000 | ' | ' | |||
Year of Construction or Acquisition | '1995 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 15,923,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,513,000 | ' | ' | |||
Multi-Family Residential [Member] | Westridge - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,662,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 68,000 | ' | ' | |||
Buildings & Improvements | 1,887,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 165,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 75,000 | ' | ' | |||
Buildings & Improvements | 2,045,000 | ' | ' | |||
Total | 2,120,000 | ' | ' | |||
Accumulated Depreciation | -309,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,120,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 309,000 | ' | ' | |||
Multi-Family Residential [Member] | Westwood Park - Bismarck, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,982,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 116,000 | ' | ' | |||
Buildings & Improvements | 1,909,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,706,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 268,000 | ' | ' | |||
Buildings & Improvements | 3,463,000 | ' | ' | |||
Total | 3,731,000 | ' | ' | |||
Accumulated Depreciation | -1,315,000 | ' | ' | |||
Year of Construction or Acquisition | '1998 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,731,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,315,000 | ' | ' | |||
Multi-Family Residential [Member] | Whispering Ridge - Omaha, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 22,000,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 2,139,000 | ' | ' | |||
Buildings & Improvements | 25,424,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 396,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 2,243,000 | ' | ' | |||
Buildings & Improvements | 25,716,000 | ' | ' | |||
Total | 27,959,000 | ' | ' | |||
Accumulated Depreciation | -806,000 | ' | ' | |||
Year of Construction or Acquisition | '2012 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 27,959,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 806,000 | ' | ' | |||
Multi-Family Residential [Member] | Williston Garden - Williston, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 12,057,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,400,000 | ' | ' | |||
Buildings & Improvements | 17,699,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 33,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,408,000 | ' | ' | |||
Buildings & Improvements | 17,724,000 | ' | ' | |||
Total | 19,132,000 | ' | ' | |||
Accumulated Depreciation | -1,416,000 | ' | ' | |||
Year of Construction or Acquisition | '2012 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 19,132,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,416,000 | ' | ' | |||
Multi-Family Residential [Member] | Winchester - Rochester, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,802,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 748,000 | ' | ' | |||
Buildings & Improvements | 5,622,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,700,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,006,000 | ' | ' | |||
Buildings & Improvements | 7,064,000 | ' | ' | |||
Total | 8,070,000 | ' | ' | |||
Accumulated Depreciation | -2,071,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,070,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,071,000 | ' | ' | |||
Multi-Family Residential [Member] | Woodridge - Rochester, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 6,412,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 370,000 | ' | ' | |||
Buildings & Improvements | 6,028,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,925,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 502,000 | ' | ' | |||
Buildings & Improvements | 7,821,000 | ' | ' | |||
Total | 8,323,000 | ' | ' | |||
Accumulated Depreciation | -3,337,000 | ' | ' | |||
Year of Construction or Acquisition | '1997 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,323,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,337,000 | ' | ' | |||
Multi-Family Residential [Member] | Wholly Owned Properties [Member] | ' | ' | ' | |||
Additions during year [Abstract] | ' | ' | ' | |||
Additions | 84,117,000 | 113,859,000 | 47,433,000 | |||
Commercial-Office [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 328,879,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 70,098,000 | ' | ' | |||
Buildings & Improvements | 407,590,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 66,940,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 72,277,000 | ' | ' | |||
Buildings & Improvements | 472,351,000 | ' | ' | |||
Total | 544,628,000 | ' | ' | |||
Accumulated Depreciation | -121,892,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 544,628,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 121,892,000 | ' | ' | |||
Commercial-Office [Member] | Eden Prairie 6101 Blue Circle Drive - Eden Prairie, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 666,000 | ' | ' | |||
Buildings & Improvements | 4,197,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 666,000 | ' | ' | |||
Buildings & Improvements | 4,198,000 | ' | ' | |||
Total | 4,864,000 | ' | ' | |||
Accumulated Depreciation | -1,596,000 | ' | ' | |||
Year of Construction or Acquisition | '1999 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,864,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,596,000 | ' | ' | |||
Commercial-Office [Member] | Granite Corporate Center - St. Cloud, MN [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Total | 9,764,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 9,764,000 | ' | ' | |||
Commercial-Office [Member] | 1st Avenue Building - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 30,000 | ' | ' | |||
Buildings & Improvements | 0 | ' | ' | |||
Costs capitalized subsequent to acquisition | 337,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 30,000 | ' | ' | |||
Buildings & Improvements | 337,000 | ' | ' | |||
Total | 367,000 | ' | ' | |||
Accumulated Depreciation | -33,000 | ' | ' | |||
Year of Construction or Acquisition | '1981 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 367,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 33,000 | ' | ' | |||
Commercial-Office [Member] | 1st Avenue Building - Minot, ND [Member] | Minimum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '33 years | ' | ' | |||
Commercial-Office [Member] | 1st Avenue Building - Minot, ND [Member] | Maximum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Commercial-Office [Member] | 2030 Cliff Road - Eagan, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 938,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 146,000 | ' | ' | |||
Buildings & Improvements | 835,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 90,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 158,000 | ' | ' | |||
Buildings & Improvements | 913,000 | ' | ' | |||
Total | 1,071,000 | ' | ' | |||
Accumulated Depreciation | -300,000 | ' | ' | |||
Year of Construction or Acquisition | '2001 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,071,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 300,000 | ' | ' | |||
Commercial-Office [Member] | 610 Business Center IV - Brooklyn Park, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 6,888,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 975,000 | ' | ' | |||
Buildings & Improvements | 5,542,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,886,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 980,000 | ' | ' | |||
Buildings & Improvements | 8,423,000 | ' | ' | |||
Total | 9,403,000 | ' | ' | |||
Accumulated Depreciation | -2,060,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 9,403,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,060,000 | ' | ' | |||
Commercial-Office [Member] | 7800 West Brown Deer Road - Milwaukee, WI [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 10,520,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,455,000 | ' | ' | |||
Buildings & Improvements | 8,756,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,333,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,475,000 | ' | ' | |||
Buildings & Improvements | 11,069,000 | ' | ' | |||
Total | 12,544,000 | ' | ' | |||
Accumulated Depreciation | -3,621,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 12,544,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,621,000 | ' | ' | |||
Commercial-Office [Member] | American Corporate Center - Mendota Heights, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 8,794,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 893,000 | ' | ' | |||
Buildings & Improvements | 16,768,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 4,062,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 893,000 | ' | ' | |||
Buildings & Improvements | 20,830,000 | ' | ' | |||
Total | 21,723,000 | ' | ' | |||
Accumulated Depreciation | -8,339,000 | ' | ' | |||
Year of Construction or Acquisition | '2002 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 21,723,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,339,000 | ' | ' | |||
Commercial-Office [Member] | Ameritrade - Omaha, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,440,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 327,000 | ' | ' | |||
Buildings & Improvements | 7,957,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 65,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 327,000 | ' | ' | |||
Buildings & Improvements | 8,022,000 | ' | ' | |||
Total | 8,349,000 | ' | ' | |||
Accumulated Depreciation | -3,014,000 | ' | ' | |||
Year of Construction or Acquisition | '1999 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,349,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,014,000 | ' | ' | |||
Commercial-Office [Member] | Benton Business Park - Sauk Rapids, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 491,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 188,000 | ' | ' | |||
Buildings & Improvements | 1,261,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 89,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 188,000 | ' | ' | |||
Buildings & Improvements | 1,350,000 | ' | ' | |||
Total | 1,538,000 | ' | ' | |||
Accumulated Depreciation | -394,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,538,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 394,000 | ' | ' | |||
Commercial-Office [Member] | Bismarck 715 East Broadway - Bismarck, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,163,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 389,000 | ' | ' | |||
Buildings & Improvements | 1,283,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,126,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 443,000 | ' | ' | |||
Buildings & Improvements | 2,355,000 | ' | ' | |||
Total | 2,798,000 | ' | ' | |||
Accumulated Depreciation | -373,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,798,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 373,000 | ' | ' | |||
Commercial-Office [Member] | Brenwood - Minnetonka, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,642,000 | ' | ' | |||
Buildings & Improvements | 12,138,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 3,203,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,650,000 | ' | ' | |||
Buildings & Improvements | 15,333,000 | ' | ' | |||
Total | 16,983,000 | ' | ' | |||
Accumulated Depreciation | -5,379,000 | ' | ' | |||
Year of Construction or Acquisition | '2002 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 16,983,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,379,000 | ' | ' | |||
Commercial-Office [Member] | Brook Valley I - La Vista, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,256,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 347,000 | ' | ' | |||
Buildings & Improvements | 1,671,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 129,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 347,000 | ' | ' | |||
Buildings & Improvements | 1,800,000 | ' | ' | |||
Total | 2,147,000 | ' | ' | |||
Accumulated Depreciation | -407,000 | ' | ' | |||
Year of Construction or Acquisition | '2005 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,147,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 407,000 | ' | ' | |||
Commercial-Office [Member] | Burnsville Bluffs II - Burnsville, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,679,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 300,000 | ' | ' | |||
Buildings & Improvements | 2,154,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 986,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 374,000 | ' | ' | |||
Buildings & Improvements | 3,066,000 | ' | ' | |||
Total | 3,440,000 | ' | ' | |||
Accumulated Depreciation | -1,324,000 | ' | ' | |||
Year of Construction or Acquisition | '2001 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,440,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,324,000 | ' | ' | |||
Commercial-Office [Member] | Corporate Center West - Omaha, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 17,315,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 3,880,000 | ' | ' | |||
Buildings & Improvements | 5,253,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 3,880,000 | ' | ' | |||
Buildings & Improvements | 5,253,000 | ' | ' | |||
Total | 9,133,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 9,133,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Commercial-Office [Member] | Crosstown Centre - Eden Prairie, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 12,707,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 2,884,000 | ' | ' | |||
Buildings & Improvements | 14,569,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,563,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 2,932,000 | ' | ' | |||
Buildings & Improvements | 17,084,000 | ' | ' | |||
Total | 20,016,000 | ' | ' | |||
Accumulated Depreciation | -4,328,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 20,016,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,328,000 | ' | ' | |||
Commercial-Office [Member] | Farnam Executive Center - Omaha, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 12,160,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 2,188,000 | ' | ' | |||
Buildings & Improvements | 7,912,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 2,188,000 | ' | ' | |||
Buildings & Improvements | 7,912,000 | ' | ' | |||
Total | 10,100,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 10,100,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Commercial-Office [Member] | Flagship - Eden Prairie, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 21,565,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,899,000 | ' | ' | |||
Buildings & Improvements | 15,518,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,899,000 | ' | ' | |||
Buildings & Improvements | 15,518,000 | ' | ' | |||
Total | 17,417,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 17,417,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Commercial-Office [Member] | Gateway Corporate Center - Woodbury, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 8,700,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,637,000 | ' | ' | |||
Buildings & Improvements | 6,663,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,637,000 | ' | ' | |||
Buildings & Improvements | 6,663,000 | ' | ' | |||
Total | 8,300,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,300,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Commercial-Office [Member] | Golden Hills Office Center - Golden Valley, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 17,711,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 3,018,000 | ' | ' | |||
Buildings & Improvements | 18,544,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 3,852,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 3,018,000 | ' | ' | |||
Buildings & Improvements | 22,396,000 | ' | ' | |||
Total | 25,414,000 | ' | ' | |||
Accumulated Depreciation | -8,049,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 25,414,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,049,000 | ' | ' | |||
Commercial-Office [Member] | Great Plains - Fargo, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 126,000 | ' | ' | |||
Buildings & Improvements | 15,240,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 719,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 126,000 | ' | ' | |||
Buildings & Improvements | 15,959,000 | ' | ' | |||
Total | 16,085,000 | ' | ' | |||
Accumulated Depreciation | -5,640,000 | ' | ' | |||
Year of Construction or Acquisition | '1997 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 16,085,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,640,000 | ' | ' | |||
Commercial-Office [Member] | Highlands Ranch I - Highlands Ranch, CO [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 7,992,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 2,268,000 | ' | ' | |||
Buildings & Improvements | 8,362,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 427,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 2,268,000 | ' | ' | |||
Buildings & Improvements | 8,789,000 | ' | ' | |||
Total | 11,057,000 | ' | ' | |||
Accumulated Depreciation | -1,829,000 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 11,057,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,829,000 | ' | ' | |||
Commercial-Office [Member] | Highlands Ranch II - Highlands Ranch, CO [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 7,601,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,437,000 | ' | ' | |||
Buildings & Improvements | 9,549,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,693,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,437,000 | ' | ' | |||
Buildings & Improvements | 11,242,000 | ' | ' | |||
Total | 12,679,000 | ' | ' | |||
Accumulated Depreciation | -3,011,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 12,679,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,011,000 | ' | ' | |||
Commercial-Office [Member] | Interlachen Corporate Center - Edina, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 8,619,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,650,000 | ' | ' | |||
Buildings & Improvements | 14,983,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,459,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,668,000 | ' | ' | |||
Buildings & Improvements | 17,424,000 | ' | ' | |||
Total | 19,092,000 | ' | ' | |||
Accumulated Depreciation | -5,684,000 | ' | ' | |||
Year of Construction or Acquisition | '2001 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 19,092,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,684,000 | ' | ' | |||
Commercial-Office [Member] | Intertech Building - Fenton, MO [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 4,301,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 2,130,000 | ' | ' | |||
Buildings & Improvements | 3,968,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,268,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 2,191,000 | ' | ' | |||
Buildings & Improvements | 5,175,000 | ' | ' | |||
Total | 7,366,000 | ' | ' | |||
Accumulated Depreciation | -970,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 7,366,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 970,000 | ' | ' | |||
Commercial-Office [Member] | Mendota Office Center I - Mendota Heights, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,787,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 835,000 | ' | ' | |||
Buildings & Improvements | 6,169,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 889,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 835,000 | ' | ' | |||
Buildings & Improvements | 7,058,000 | ' | ' | |||
Total | 7,893,000 | ' | ' | |||
Accumulated Depreciation | -2,420,000 | ' | ' | |||
Year of Construction or Acquisition | '2002 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 7,893,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,420,000 | ' | ' | |||
Commercial-Office [Member] | Mendota Office Center II - Mendota Heights, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 5,595,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,121,000 | ' | ' | |||
Buildings & Improvements | 10,085,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,712,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,121,000 | ' | ' | |||
Buildings & Improvements | 11,797,000 | ' | ' | |||
Total | 12,918,000 | ' | ' | |||
Accumulated Depreciation | -4,531,000 | ' | ' | |||
Year of Construction or Acquisition | '2002 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 12,918,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,531,000 | ' | ' | |||
Commercial-Office [Member] | Mendota Office Center III - Mendota Heights, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,845,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 970,000 | ' | ' | |||
Buildings & Improvements | 5,734,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 881,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 970,000 | ' | ' | |||
Buildings & Improvements | 6,615,000 | ' | ' | |||
Total | 7,585,000 | ' | ' | |||
Accumulated Depreciation | -2,129,000 | ' | ' | |||
Year of Construction or Acquisition | '2002 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 7,585,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,129,000 | ' | ' | |||
Commercial-Office [Member] | Mendota Office Center IV - Mendota Heights, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 4,571,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,070,000 | ' | ' | |||
Buildings & Improvements | 7,635,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,287,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,070,000 | ' | ' | |||
Buildings & Improvements | 8,922,000 | ' | ' | |||
Total | 9,992,000 | ' | ' | |||
Accumulated Depreciation | -2,951,000 | ' | ' | |||
Year of Construction or Acquisition | '2002 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 9,992,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,951,000 | ' | ' | |||
Commercial-Office [Member] | Minnesota National Bank - Duluth, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 707,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 287,000 | ' | ' | |||
Buildings & Improvements | 1,454,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 224,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 288,000 | ' | ' | |||
Buildings & Improvements | 1,677,000 | ' | ' | |||
Total | 1,965,000 | ' | ' | |||
Accumulated Depreciation | -413,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,965,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 413,000 | ' | ' | |||
Commercial-Office [Member] | Minot 2505 16th Street SW - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 298,000 | ' | ' | |||
Buildings & Improvements | 1,724,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 296,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 298,000 | ' | ' | |||
Buildings & Improvements | 2,020,000 | ' | ' | |||
Total | 2,318,000 | ' | ' | |||
Accumulated Depreciation | -214,000 | ' | ' | |||
Year of Construction or Acquisition | '2009 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,318,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 214,000 | ' | ' | |||
Commercial-Office [Member] | Miracle Hills One - Omaha, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 8,895,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,974,000 | ' | ' | |||
Buildings & Improvements | 5,726,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,974,000 | ' | ' | |||
Buildings & Improvements | 5,726,000 | ' | ' | |||
Total | 7,700,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 7,700,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Commercial-Office [Member] | Northgate I - Maple Grove, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 4,977,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,062,000 | ' | ' | |||
Buildings & Improvements | 6,358,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 990,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,235,000 | ' | ' | |||
Buildings & Improvements | 7,175,000 | ' | ' | |||
Total | 8,410,000 | ' | ' | |||
Accumulated Depreciation | -1,850,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,410,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,850,000 | ' | ' | |||
Commercial-Office [Member] | Northgate II - Maple Grove, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 917,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 359,000 | ' | ' | |||
Buildings & Improvements | 1,944,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 284,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 403,000 | ' | ' | |||
Buildings & Improvements | 2,184,000 | ' | ' | |||
Total | 2,587,000 | ' | ' | |||
Accumulated Depreciation | -845,000 | ' | ' | |||
Year of Construction or Acquisition | '1999 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,587,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 845,000 | ' | ' | |||
Commercial-Office [Member] | Northpark Corporate Center - Arden Hills, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 11,938,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 2,034,000 | ' | ' | |||
Buildings & Improvements | 14,584,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,413,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 2,037,000 | ' | ' | |||
Buildings & Improvements | 16,994,000 | ' | ' | |||
Total | 19,031,000 | ' | ' | |||
Accumulated Depreciation | -3,650,000 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 19,031,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,650,000 | ' | ' | |||
Commercial-Office [Member] | Omaha 10802 Farnam Dr - Omaha, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 5,182,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 2,462,000 | ' | ' | |||
Buildings & Improvements | 4,374,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 392,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 2,818,000 | ' | ' | |||
Buildings & Improvements | 4,410,000 | ' | ' | |||
Total | 7,228,000 | ' | ' | |||
Accumulated Depreciation | -397,000 | ' | ' | |||
Year of Construction or Acquisition | '2010 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 7,228,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 397,000 | ' | ' | |||
Commercial-Office [Member] | Pacific Hills - Omaha, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 16,770,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 4,220,000 | ' | ' | |||
Buildings & Improvements | 6,280,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 33,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 4,220,000 | ' | ' | |||
Buildings & Improvements | 6,313,000 | ' | ' | |||
Total | 10,533,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 10,533,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Commercial-Office [Member] | Plaza 16 - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 7,271,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 389,000 | ' | ' | |||
Buildings & Improvements | 5,444,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 3,860,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 598,000 | ' | ' | |||
Buildings & Improvements | 9,095,000 | ' | ' | |||
Total | 9,693,000 | ' | ' | |||
Accumulated Depreciation | -1,665,000 | ' | ' | |||
Year of Construction or Acquisition | '2009 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 9,693,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,665,000 | ' | ' | |||
Commercial-Office [Member] | Plaza VII - Boise, ID [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 930,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 300,000 | ' | ' | |||
Buildings & Improvements | 3,058,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 471,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 370,000 | ' | ' | |||
Buildings & Improvements | 3,459,000 | ' | ' | |||
Total | 3,829,000 | ' | ' | |||
Accumulated Depreciation | -1,122,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,829,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,122,000 | ' | ' | |||
Commercial-Office [Member] | Plymouth 5095 Nathan Lane - Plymouth, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,182,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 604,000 | ' | ' | |||
Buildings & Improvements | 1,253,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 82,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 636,000 | ' | ' | |||
Buildings & Improvements | 1,303,000 | ' | ' | |||
Total | 1,939,000 | ' | ' | |||
Accumulated Depreciation | -224,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,939,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 224,000 | ' | ' | |||
Commercial-Office [Member] | Plymouth I - Plymouth, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,115,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 530,000 | ' | ' | |||
Buildings & Improvements | 1,133,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 65,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 530,000 | ' | ' | |||
Buildings & Improvements | 1,198,000 | ' | ' | |||
Total | 1,728,000 | ' | ' | |||
Accumulated Depreciation | -307,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,728,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 307,000 | ' | ' | |||
Commercial-Office [Member] | Plymouth II - Plymouth, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,115,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 367,000 | ' | ' | |||
Buildings & Improvements | 1,264,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 40,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 367,000 | ' | ' | |||
Buildings & Improvements | 1,304,000 | ' | ' | |||
Total | 1,671,000 | ' | ' | |||
Accumulated Depreciation | -342,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,671,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 342,000 | ' | ' | |||
Commercial-Office [Member] | Plymouth III - Plymouth, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,373,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 507,000 | ' | ' | |||
Buildings & Improvements | 1,495,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 365,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 507,000 | ' | ' | |||
Buildings & Improvements | 1,860,000 | ' | ' | |||
Total | 2,367,000 | ' | ' | |||
Accumulated Depreciation | -563,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,367,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 563,000 | ' | ' | |||
Commercial-Office [Member] | Plymouth IV & V - Plymouth, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 6,717,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,336,000 | ' | ' | |||
Buildings & Improvements | 12,693,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,085,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,338,000 | ' | ' | |||
Buildings & Improvements | 14,776,000 | ' | ' | |||
Total | 16,114,000 | ' | ' | |||
Accumulated Depreciation | -5,204,000 | ' | ' | |||
Year of Construction or Acquisition | '2001 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 16,114,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,204,000 | ' | ' | |||
Commercial-Office [Member] | Prairie Oak Business Center - Eden Prairie, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,215,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 531,000 | ' | ' | |||
Buildings & Improvements | 4,069,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,216,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 784,000 | ' | ' | |||
Buildings & Improvements | 6,032,000 | ' | ' | |||
Total | 6,816,000 | ' | ' | |||
Accumulated Depreciation | -2,138,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,816,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,138,000 | ' | ' | |||
Commercial-Office [Member] | Rapid City 900 Concourse Drive - Rapid City, SD [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 696,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 285,000 | ' | ' | |||
Buildings & Improvements | 6,600,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,028,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 514,000 | ' | ' | |||
Buildings & Improvements | 7,399,000 | ' | ' | |||
Total | 7,913,000 | ' | ' | |||
Accumulated Depreciation | -2,584,000 | ' | ' | |||
Year of Construction or Acquisition | '2000 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 7,913,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,584,000 | ' | ' | |||
Commercial-Office [Member] | Riverport - Maryland Heights, MO [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 19,690,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,891,000 | ' | ' | |||
Buildings & Improvements | 6,109,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 107,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,891,000 | ' | ' | |||
Buildings & Improvements | 6,216,000 | ' | ' | |||
Total | 8,107,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,107,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Commercial-Office [Member] | Southeast Tech Center - Eagan, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,651,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 560,000 | ' | ' | |||
Buildings & Improvements | 5,496,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 419,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 569,000 | ' | ' | |||
Buildings & Improvements | 5,906,000 | ' | ' | |||
Total | 6,475,000 | ' | ' | |||
Accumulated Depreciation | -2,302,000 | ' | ' | |||
Year of Construction or Acquisition | '1999 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,475,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,302,000 | ' | ' | |||
Commercial-Office [Member] | Spring Valley IV - Omaha, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 748,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 178,000 | ' | ' | |||
Buildings & Improvements | 916,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 60,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 186,000 | ' | ' | |||
Buildings & Improvements | 968,000 | ' | ' | |||
Total | 1,154,000 | ' | ' | |||
Accumulated Depreciation | -235,000 | ' | ' | |||
Year of Construction or Acquisition | '2005 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,154,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 235,000 | ' | ' | |||
Commercial-Office [Member] | Spring Valley V - Omaha, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 823,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 212,000 | ' | ' | |||
Buildings & Improvements | 1,123,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 251,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 240,000 | ' | ' | |||
Buildings & Improvements | 1,346,000 | ' | ' | |||
Total | 1,586,000 | ' | ' | |||
Accumulated Depreciation | -342,000 | ' | ' | |||
Year of Construction or Acquisition | '2005 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,586,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 342,000 | ' | ' | |||
Commercial-Office [Member] | Spring Valley X - Omaha, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 763,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 180,000 | ' | ' | |||
Buildings & Improvements | 1,024,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 79,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 189,000 | ' | ' | |||
Buildings & Improvements | 1,094,000 | ' | ' | |||
Total | 1,283,000 | ' | ' | |||
Accumulated Depreciation | -246,000 | ' | ' | |||
Year of Construction or Acquisition | '2005 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,283,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 246,000 | ' | ' | |||
Commercial-Office [Member] | Spring Valley XI - Omaha, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 748,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 143,000 | ' | ' | |||
Buildings & Improvements | 1,094,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 36,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 151,000 | ' | ' | |||
Buildings & Improvements | 1,122,000 | ' | ' | |||
Total | 1,273,000 | ' | ' | |||
Accumulated Depreciation | -247,000 | ' | ' | |||
Year of Construction or Acquisition | '2005 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,273,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 247,000 | ' | ' | |||
Commercial-Office [Member] | Superior Office Building - Duluth, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,063,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 336,000 | ' | ' | |||
Buildings & Improvements | 2,200,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 83,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 336,000 | ' | ' | |||
Buildings & Improvements | 2,283,000 | ' | ' | |||
Total | 2,619,000 | ' | ' | |||
Accumulated Depreciation | -609,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,619,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 609,000 | ' | ' | |||
Commercial-Office [Member] | TCA Building - Eagan, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 7,500,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 627,000 | ' | ' | |||
Buildings & Improvements | 8,571,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 709,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 684,000 | ' | ' | |||
Buildings & Improvements | 9,223,000 | ' | ' | |||
Total | 9,907,000 | ' | ' | |||
Accumulated Depreciation | -2,406,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 9,907,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,406,000 | ' | ' | |||
Commercial-Office [Member] | Three Paramount Plaza - Bloomington, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,261,000 | ' | ' | |||
Buildings & Improvements | 6,149,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,972,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,348,000 | ' | ' | |||
Buildings & Improvements | 8,034,000 | ' | ' | |||
Total | 9,382,000 | ' | ' | |||
Accumulated Depreciation | -2,828,000 | ' | ' | |||
Year of Construction or Acquisition | '2002 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 9,382,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,828,000 | ' | ' | |||
Commercial-Office [Member] | Thresher Square - Minneapolis, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,094,000 | ' | ' | |||
Buildings & Improvements | 10,026,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,693,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,104,000 | ' | ' | |||
Buildings & Improvements | 11,709,000 | ' | ' | |||
Total | 12,813,000 | ' | ' | |||
Accumulated Depreciation | -3,963,000 | ' | ' | |||
Year of Construction or Acquisition | '2002 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 12,813,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,963,000 | ' | ' | |||
Commercial-Office [Member] | Timberlands - Leawood, KS [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 13,155,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 2,375,000 | ' | ' | |||
Buildings & Improvements | 9,601,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 36,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 2,375,000 | ' | ' | |||
Buildings & Improvements | 9,637,000 | ' | ' | |||
Total | 12,012,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 12,012,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Commercial-Office [Member] | UHC Office - International Falls, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 900,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 119,000 | ' | ' | |||
Buildings & Improvements | 2,366,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 80,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 119,000 | ' | ' | |||
Buildings & Improvements | 2,446,000 | ' | ' | |||
Total | 2,565,000 | ' | ' | |||
Accumulated Depreciation | -656,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,565,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 656,000 | ' | ' | |||
Commercial-Office [Member] | US Bank Financial Center - Bloomington, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 13,104,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 3,117,000 | ' | ' | |||
Buildings & Improvements | 13,350,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,586,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 3,119,000 | ' | ' | |||
Buildings & Improvements | 14,934,000 | ' | ' | |||
Total | 18,053,000 | ' | ' | |||
Accumulated Depreciation | -3,254,000 | ' | ' | |||
Year of Construction or Acquisition | '2005 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 18,053,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,254,000 | ' | ' | |||
Commercial-Office [Member] | Wells Fargo Center - St Cloud, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 6,002,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 869,000 | ' | ' | |||
Buildings & Improvements | 8,373,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,448,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 869,000 | ' | ' | |||
Buildings & Improvements | 9,821,000 | ' | ' | |||
Total | 10,690,000 | ' | ' | |||
Accumulated Depreciation | -2,375,000 | ' | ' | |||
Year of Construction or Acquisition | '2005 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 10,690,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,375,000 | ' | ' | |||
Commercial-Office [Member] | West River Business Park - Waite Park, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 491,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 235,000 | ' | ' | |||
Buildings & Improvements | 1,195,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 241,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 235,000 | ' | ' | |||
Buildings & Improvements | 1,436,000 | ' | ' | |||
Total | 1,671,000 | ' | ' | |||
Accumulated Depreciation | -371,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,671,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 371,000 | ' | ' | |||
Commercial-Office [Member] | Westgate - Boise, ID [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,989,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,000,000 | ' | ' | |||
Buildings & Improvements | 10,618,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,933,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,000,000 | ' | ' | |||
Buildings & Improvements | 12,551,000 | ' | ' | |||
Total | 13,551,000 | ' | ' | |||
Accumulated Depreciation | -4,046,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 13,551,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,046,000 | ' | ' | |||
Commercial-Office [Member] | Whitewater Plaza - Minnetonka, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,762,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 530,000 | ' | ' | |||
Buildings & Improvements | 4,860,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,068,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 577,000 | ' | ' | |||
Buildings & Improvements | 5,881,000 | ' | ' | |||
Total | 6,458,000 | ' | ' | |||
Accumulated Depreciation | -1,982,000 | ' | ' | |||
Year of Construction or Acquisition | '2002 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,458,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,982,000 | ' | ' | |||
Commercial-Office [Member] | Wirth Corporate Center - Golden Valley, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 970,000 | ' | ' | |||
Buildings & Improvements | 3,760,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 970,000 | ' | ' | |||
Buildings & Improvements | 3,760,000 | ' | ' | |||
Total | 4,730,000 | ' | ' | |||
Accumulated Depreciation | 0 | ' | ' | |||
Year of Construction or Acquisition | '2002 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,730,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 0 | ' | ' | |||
Commercial-Office [Member] | Woodlands Plaza IV - Maryland Heights, MO [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 4,360,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 771,000 | ' | ' | |||
Buildings & Improvements | 4,609,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,466,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 862,000 | ' | ' | |||
Buildings & Improvements | 5,984,000 | ' | ' | |||
Total | 6,846,000 | ' | ' | |||
Accumulated Depreciation | -1,261,000 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,846,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,261,000 | ' | ' | |||
Commercial-Office [Member] | Minot 1400 31st Ave - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,026,000 | ' | ' | |||
Buildings & Improvements | 6,143,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 4,404,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,038,000 | ' | ' | |||
Buildings & Improvements | 10,535,000 | ' | ' | |||
Total | 11,573,000 | ' | ' | |||
Accumulated Depreciation | -1,670,000 | ' | ' | |||
Year of Construction or Acquisition | '2010 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 11,573,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,670,000 | ' | ' | |||
Commercial-Office [Member] | Wholly Owned Properties [Member] | ' | ' | ' | |||
Additions during year [Abstract] | ' | ' | ' | |||
Additions | 0 | 0 | 0 | |||
Commercial Healthcare [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 243,714,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 33,906,000 | ' | ' | |||
Buildings & Improvements | 440,157,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 50,965,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 34,544,000 | ' | ' | |||
Buildings & Improvements | 490,484,000 | ' | ' | |||
Total | 525,028,000 | ' | ' | |||
Accumulated Depreciation | -105,843,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 525,028,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 105,843,000 | ' | ' | |||
Commercial Healthcare [Member] | 2800 Medical Building - Minneapolis, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 5,203,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 204,000 | ' | ' | |||
Buildings & Improvements | 7,135,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,246,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 229,000 | ' | ' | |||
Buildings & Improvements | 9,356,000 | ' | ' | |||
Total | 9,585,000 | ' | ' | |||
Accumulated Depreciation | -2,691,000 | ' | ' | |||
Year of Construction or Acquisition | '2005 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 9,585,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,691,000 | ' | ' | |||
Commercial Healthcare [Member] | 2828 Chicago Avenue - Minneapolis, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 8,217,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 726,000 | ' | ' | |||
Buildings & Improvements | 11,319,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 5,627,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 729,000 | ' | ' | |||
Buildings & Improvements | 16,943,000 | ' | ' | |||
Total | 17,672,000 | ' | ' | |||
Accumulated Depreciation | -3,388,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 17,672,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,388,000 | ' | ' | |||
Commercial Healthcare [Member] | Airport Medical - Bloomington, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 769,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 4,678,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 4,678,000 | ' | ' | |||
Total | 4,678,000 | ' | ' | |||
Accumulated Depreciation | -1,614,000 | ' | ' | |||
Year of Construction or Acquisition | '2002 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,678,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,614,000 | ' | ' | |||
Commercial Healthcare [Member] | Barry Pointe Office Park - Kansas City, MO [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,403,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 384,000 | ' | ' | |||
Buildings & Improvements | 2,366,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 143,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 392,000 | ' | ' | |||
Buildings & Improvements | 2,501,000 | ' | ' | |||
Total | 2,893,000 | ' | ' | |||
Accumulated Depreciation | -467,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,893,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 467,000 | ' | ' | |||
Commercial Healthcare [Member] | Billings 2300 Grant Road - Billings, MT [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,447,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 649,000 | ' | ' | |||
Buildings & Improvements | 1,216,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 649,000 | ' | ' | |||
Buildings & Improvements | 1,216,000 | ' | ' | |||
Total | 1,865,000 | ' | ' | |||
Accumulated Depreciation | -115,000 | ' | ' | |||
Year of Construction or Acquisition | '2010 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,865,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 115,000 | ' | ' | |||
Commercial Healthcare [Member] | Burnsville 303 Nicollet Medical (Ridgeview) - Burnsville, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 8,273,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,071,000 | ' | ' | |||
Buildings & Improvements | 6,842,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,602,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,071,000 | ' | ' | |||
Buildings & Improvements | 8,444,000 | ' | ' | |||
Total | 9,515,000 | ' | ' | |||
Accumulated Depreciation | -1,328,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 9,515,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,328,000 | ' | ' | |||
Commercial Healthcare [Member] | Burnsville 305 Nicollet Medical (Ridgeview South) - Burnsville, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 5,179,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 189,000 | ' | ' | |||
Buildings & Improvements | 5,127,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 956,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 189,000 | ' | ' | |||
Buildings & Improvements | 6,083,000 | ' | ' | |||
Total | 6,272,000 | ' | ' | |||
Accumulated Depreciation | -901,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,272,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 901,000 | ' | ' | |||
Commercial Healthcare [Member] | Casper 1930 E 12th Street (Park Place) - Casper, WY [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 439,000 | ' | ' | |||
Buildings & Improvements | 5,780,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 162,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 439,000 | ' | ' | |||
Buildings & Improvements | 5,942,000 | ' | ' | |||
Total | 6,381,000 | ' | ' | |||
Accumulated Depreciation | -692,000 | ' | ' | |||
Year of Construction or Acquisition | '2009 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,381,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 692,000 | ' | ' | |||
Commercial Healthcare [Member] | Casper 3955 E 12th Street (Meadow Wind) - Casper, WY [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 388,000 | ' | ' | |||
Buildings & Improvements | 10,494,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 181,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 459,000 | ' | ' | |||
Buildings & Improvements | 10,604,000 | ' | ' | |||
Total | 11,063,000 | ' | ' | |||
Accumulated Depreciation | -1,130,000 | ' | ' | |||
Year of Construction or Acquisition | '2009 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 11,063,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,130,000 | ' | ' | |||
Commercial Healthcare [Member] | Cheyenne 4010 N College Drive (Aspen Wind) - Cheyenne, WY [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 628,000 | ' | ' | |||
Buildings & Improvements | 10,272,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 260,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 629,000 | ' | ' | |||
Buildings & Improvements | 10,531,000 | ' | ' | |||
Total | 11,160,000 | ' | ' | |||
Accumulated Depreciation | -1,180,000 | ' | ' | |||
Year of Construction or Acquisition | '2009 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 11,160,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,180,000 | ' | ' | |||
Commercial Healthcare [Member] | Cheyenne 4606 N College Drive (Sierra Hills) - Cheyenne, WY [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 695,000 | ' | ' | |||
Buildings & Improvements | 7,455,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 40,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 695,000 | ' | ' | |||
Buildings & Improvements | 7,495,000 | ' | ' | |||
Total | 8,190,000 | ' | ' | |||
Accumulated Depreciation | -830,000 | ' | ' | |||
Year of Construction or Acquisition | '2009 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,190,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 830,000 | ' | ' | |||
Commercial Healthcare [Member] | Denfeld Clinic - Duluth, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,546,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 501,000 | ' | ' | |||
Buildings & Improvements | 2,597,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 501,000 | ' | ' | |||
Buildings & Improvements | 2,598,000 | ' | ' | |||
Total | 3,099,000 | ' | ' | |||
Accumulated Depreciation | -653,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,099,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 653,000 | ' | ' | |||
Commercial Healthcare [Member] | Eagan 1440 Duckwood Medical - Eagan, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 521,000 | ' | ' | |||
Buildings & Improvements | 1,547,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 519,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 521,000 | ' | ' | |||
Buildings & Improvements | 2,066,000 | ' | ' | |||
Total | 2,587,000 | ' | ' | |||
Accumulated Depreciation | -541,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,587,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 541,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Belgrade, MT [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 35,000 | ' | ' | |||
Buildings & Improvements | 779,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 6,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 35,000 | ' | ' | |||
Buildings & Improvements | 785,000 | ' | ' | |||
Total | 820,000 | ' | ' | |||
Accumulated Depreciation | -120,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 820,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 120,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Billings, MT [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,844,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 115,000 | ' | ' | |||
Buildings & Improvements | 1,767,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 10,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 115,000 | ' | ' | |||
Buildings & Improvements | 1,777,000 | ' | ' | |||
Total | 1,892,000 | ' | ' | |||
Accumulated Depreciation | -275,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,892,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 275,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Bismarck, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 511,000 | ' | ' | |||
Buildings & Improvements | 9,193,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 139,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 511,000 | ' | ' | |||
Buildings & Improvements | 9,332,000 | ' | ' | |||
Total | 9,843,000 | ' | ' | |||
Accumulated Depreciation | -1,993,000 | ' | ' | |||
Year of Construction or Acquisition | '2005 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 9,843,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,993,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Brainerd, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 587,000 | ' | ' | |||
Buildings & Improvements | 8,999,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 79,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 587,000 | ' | ' | |||
Buildings & Improvements | 9,078,000 | ' | ' | |||
Total | 9,665,000 | ' | ' | |||
Accumulated Depreciation | -1,950,000 | ' | ' | |||
Year of Construction or Acquisition | '2005 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 9,665,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,950,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Columbus, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 43,000 | ' | ' | |||
Buildings & Improvements | 824,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 3,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 44,000 | ' | ' | |||
Buildings & Improvements | 826,000 | ' | ' | |||
Total | 870,000 | ' | ' | |||
Accumulated Depreciation | -126,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 870,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 126,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - East Grand Forks, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,809,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 290,000 | ' | ' | |||
Buildings & Improvements | 1,352,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 24,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 290,000 | ' | ' | |||
Buildings & Improvements | 1,376,000 | ' | ' | |||
Total | 1,666,000 | ' | ' | |||
Accumulated Depreciation | -213,000 | ' | ' | |||
Year of Construction or Acquisition | '2000 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,666,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 213,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Fargo, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 12,418,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 775,000 | ' | ' | |||
Buildings & Improvements | 20,870,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 13,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 775,000 | ' | ' | |||
Buildings & Improvements | 20,883,000 | ' | ' | |||
Total | 21,658,000 | ' | ' | |||
Accumulated Depreciation | -3,197,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 21,658,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,197,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Fremont, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 573,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 56,000 | ' | ' | |||
Buildings & Improvements | 490,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 43,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 56,000 | ' | ' | |||
Buildings & Improvements | 533,000 | ' | ' | |||
Total | 589,000 | ' | ' | |||
Accumulated Depreciation | -166,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 589,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 166,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Grand Island, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 33,000 | ' | ' | |||
Buildings & Improvements | 773,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 31,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 39,000 | ' | ' | |||
Buildings & Improvements | 798,000 | ' | ' | |||
Total | 837,000 | ' | ' | |||
Accumulated Depreciation | -120,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 837,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 120,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Hastings, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 590,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 49,000 | ' | ' | |||
Buildings & Improvements | 517,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 46,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 50,000 | ' | ' | |||
Buildings & Improvements | 562,000 | ' | ' | |||
Total | 612,000 | ' | ' | |||
Accumulated Depreciation | -181,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 612,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 181,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Hermantown I, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 15,823,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 288,000 | ' | ' | |||
Buildings & Improvements | 9,871,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,520,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 288,000 | ' | ' | |||
Buildings & Improvements | 11,391,000 | ' | ' | |||
Total | 11,679,000 | ' | ' | |||
Accumulated Depreciation | -3,589,000 | ' | ' | |||
Year of Construction or Acquisition | '2000 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 11,679,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,589,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Hermantown II, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 719,000 | ' | ' | |||
Buildings & Improvements | 10,517,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 33,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 719,000 | ' | ' | |||
Buildings & Improvements | 10,550,000 | ' | ' | |||
Total | 11,269,000 | ' | ' | |||
Accumulated Depreciation | -2,273,000 | ' | ' | |||
Year of Construction or Acquisition | '2005 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 11,269,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,273,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Kalispell, MT [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 592,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 70,000 | ' | ' | |||
Buildings & Improvements | 502,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 615,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 70,000 | ' | ' | |||
Buildings & Improvements | 1,117,000 | ' | ' | |||
Total | 1,187,000 | ' | ' | |||
Accumulated Depreciation | -287,000 | ' | ' | |||
Year of Construction or Acquisition | '2001 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,187,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 287,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 9,250,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,045,000 | ' | ' | |||
Buildings & Improvements | 11,590,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 77,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,047,000 | ' | ' | |||
Buildings & Improvements | 11,665,000 | ' | ' | |||
Total | 12,712,000 | ' | ' | |||
Accumulated Depreciation | -1,007,000 | ' | ' | |||
Year of Construction or Acquisition | '2010 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 12,712,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,007,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Missoula, MT [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 840,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 109,000 | ' | ' | |||
Buildings & Improvements | 854,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 74,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 116,000 | ' | ' | |||
Buildings & Improvements | 921,000 | ' | ' | |||
Total | 1,037,000 | ' | ' | |||
Accumulated Depreciation | -385,000 | ' | ' | |||
Year of Construction or Acquisition | '1996 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,037,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 385,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Norfolk, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 42,000 | ' | ' | |||
Buildings & Improvements | 722,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 9,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 42,000 | ' | ' | |||
Buildings & Improvements | 731,000 | ' | ' | |||
Total | 773,000 | ' | ' | |||
Accumulated Depreciation | -112,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 773,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 112,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Omaha, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 374,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 89,000 | ' | ' | |||
Buildings & Improvements | 547,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 45,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 89,000 | ' | ' | |||
Buildings & Improvements | 592,000 | ' | ' | |||
Total | 681,000 | ' | ' | |||
Accumulated Depreciation | -186,000 | ' | ' | |||
Year of Construction or Acquisition | '2001 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 681,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 186,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Sioux Falls, SD [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,056,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 314,000 | ' | ' | |||
Buildings & Improvements | 974,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 40,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 314,000 | ' | ' | |||
Buildings & Improvements | 1,014,000 | ' | ' | |||
Total | 1,328,000 | ' | ' | |||
Accumulated Depreciation | -155,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,328,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 155,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Spearfish, SD [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 315,000 | ' | ' | |||
Buildings & Improvements | 8,584,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 69,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 330,000 | ' | ' | |||
Buildings & Improvements | 8,638,000 | ' | ' | |||
Total | 8,968,000 | ' | ' | |||
Accumulated Depreciation | -1,489,000 | ' | ' | |||
Year of Construction or Acquisition | '2005 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,968,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,489,000 | ' | ' | |||
Commercial Healthcare [Member] | Edgewood Vista - Virginia, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 13,460,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 246,000 | ' | ' | |||
Buildings & Improvements | 11,823,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 137,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 246,000 | ' | ' | |||
Buildings & Improvements | 11,960,000 | ' | ' | |||
Total | 12,206,000 | ' | ' | |||
Accumulated Depreciation | -3,357,000 | ' | ' | |||
Year of Construction or Acquisition | '2002 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 12,206,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,357,000 | ' | ' | |||
Commercial Healthcare [Member] | Edina 6363 France Medical - Edina, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 9,830,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 12,675,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,500,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 15,175,000 | ' | ' | |||
Total | 15,175,000 | ' | ' | |||
Accumulated Depreciation | -3,114,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 15,175,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,114,000 | ' | ' | |||
Commercial Healthcare [Member] | Edina 6405 France Medical - Edina, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 8,473,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 12,201,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 41,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 12,242,000 | ' | ' | |||
Total | 12,242,000 | ' | ' | |||
Accumulated Depreciation | -2,532,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 12,242,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,532,000 | ' | ' | |||
Commercial Healthcare [Member] | Edina 6517 Drew Avenue - Edina, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 353,000 | ' | ' | |||
Buildings & Improvements | 660,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 529,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 372,000 | ' | ' | |||
Buildings & Improvements | 1,170,000 | ' | ' | |||
Total | 1,542,000 | ' | ' | |||
Accumulated Depreciation | -519,000 | ' | ' | |||
Year of Construction or Acquisition | '2002 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,542,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 519,000 | ' | ' | |||
Commercial Healthcare [Member] | Edina 6525 Drew Avenue - Edina, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 388,000 | ' | ' | |||
Buildings & Improvements | 117,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 388,000 | ' | ' | |||
Buildings & Improvements | 117,000 | ' | ' | |||
Total | 505,000 | ' | ' | |||
Accumulated Depreciation | -7,000 | ' | ' | |||
Year of Construction or Acquisition | '2011 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 505,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 7,000 | ' | ' | |||
Commercial Healthcare [Member] | Edina 6525 France SMC II - Edina, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 9,991,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 755,000 | ' | ' | |||
Buildings & Improvements | 8,054,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 5,982,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,040,000 | ' | ' | |||
Buildings & Improvements | 13,751,000 | ' | ' | |||
Total | 14,791,000 | ' | ' | |||
Accumulated Depreciation | -5,805,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 14,791,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,805,000 | ' | ' | |||
Commercial Healthcare [Member] | Edina 6545 France SMC I - Edina MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 30,219,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 3,480,000 | ' | ' | |||
Buildings & Improvements | 30,743,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 14,758,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 3,480,000 | ' | ' | |||
Buildings & Improvements | 45,501,000 | ' | ' | |||
Total | 48,981,000 | ' | ' | |||
Accumulated Depreciation | -16,225,000 | ' | ' | |||
Year of Construction or Acquisition | '2001 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 48,981,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 16,225,000 | ' | ' | |||
Commercial Healthcare [Member] | Fresenius - Duluth, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 648,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 50,000 | ' | ' | |||
Buildings & Improvements | 1,520,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 50,000 | ' | ' | |||
Buildings & Improvements | 1,522,000 | ' | ' | |||
Total | 1,572,000 | ' | ' | |||
Accumulated Depreciation | -382,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,572,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 382,000 | ' | ' | |||
Commercial Healthcare [Member] | Garden View - St. Paul, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 785,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 7,408,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 644,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 12,000 | ' | ' | |||
Buildings & Improvements | 8,040,000 | ' | ' | |||
Total | 8,052,000 | ' | ' | |||
Accumulated Depreciation | -2,466,000 | ' | ' | |||
Year of Construction or Acquisition | '2002 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,052,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,466,000 | ' | ' | |||
Commercial Healthcare [Member] | Gateway Clinic - Sandstone, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 895,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 66,000 | ' | ' | |||
Buildings & Improvements | 1,699,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 66,000 | ' | ' | |||
Buildings & Improvements | 1,700,000 | ' | ' | |||
Total | 1,766,000 | ' | ' | |||
Accumulated Depreciation | -427,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,766,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 427,000 | ' | ' | |||
Commercial Healthcare [Member] | Healtheast St John & Woodwinds - Maplewood & Woodbury, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 8,947,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 3,239,000 | ' | ' | |||
Buildings & Improvements | 18,362,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 3,239,000 | ' | ' | |||
Buildings & Improvements | 18,362,000 | ' | ' | |||
Total | 21,601,000 | ' | ' | |||
Accumulated Depreciation | -6,407,000 | ' | ' | |||
Year of Construction or Acquisition | '2000 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 21,601,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,407,000 | ' | ' | |||
Commercial Healthcare [Member] | High Pointe Health Campus - Lake Elmo, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 7,500,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,305,000 | ' | ' | |||
Buildings & Improvements | 10,528,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,678,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,329,000 | ' | ' | |||
Buildings & Improvements | 12,182,000 | ' | ' | |||
Total | 13,511,000 | ' | ' | |||
Accumulated Depreciation | -3,320,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 13,511,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,320,000 | ' | ' | |||
Commercial Healthcare [Member] | Jamestown Medical Office Building - Jamestown, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 6,078,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 7,622,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 7,622,000 | ' | ' | |||
Total | 7,622,000 | ' | ' | |||
Accumulated Depreciation | -464,000 | ' | ' | |||
Year of Construction or Acquisition | '2013 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 7,622,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 464,000 | ' | ' | |||
Commercial Healthcare [Member] | Laramie 1072 N 22nd Street (Spring Wind) - Laramie, WY [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 406,000 | ' | ' | |||
Buildings & Improvements | 10,151,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 17,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 406,000 | ' | ' | |||
Buildings & Improvements | 10,168,000 | ' | ' | |||
Total | 10,574,000 | ' | ' | |||
Accumulated Depreciation | -941,000 | ' | ' | |||
Year of Construction or Acquisition | '2009 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 10,574,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 941,000 | ' | ' | |||
Commercial Healthcare [Member] | Legends at Heritage Place - Sartell, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 970,000 | ' | ' | |||
Buildings & Improvements | 9,920,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 970,000 | ' | ' | |||
Buildings & Improvements | 9,920,000 | ' | ' | |||
Total | 10,890,000 | ' | ' | |||
Accumulated Depreciation | -134,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 10,890,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 134,000 | ' | ' | |||
Commercial Healthcare [Member] | Mariner Clinic - Superior, WI [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,958,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 3,781,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 90,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 20,000 | ' | ' | |||
Buildings & Improvements | 3,851,000 | ' | ' | |||
Total | 3,871,000 | ' | ' | |||
Accumulated Depreciation | -974,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,871,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 974,000 | ' | ' | |||
Commercial Healthcare [Member] | Minneapolis 701 25th Avenue Medical - Minneapolis, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 7,368,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 7,873,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,551,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 9,424,000 | ' | ' | |||
Total | 9,424,000 | ' | ' | |||
Accumulated Depreciation | -1,471,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 9,424,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,471,000 | ' | ' | |||
Commercial Healthcare [Member] | Missoula 3050 Great Northern - Missoula, MT [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,510,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 640,000 | ' | ' | |||
Buildings & Improvements | 1,331,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 640,000 | ' | ' | |||
Buildings & Improvements | 1,331,000 | ' | ' | |||
Total | 1,971,000 | ' | ' | |||
Accumulated Depreciation | -126,000 | ' | ' | |||
Year of Construction or Acquisition | '2010 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,971,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 126,000 | ' | ' | |||
Commercial Healthcare [Member] | Nebraska Orthopaedic Hospital - Omaha, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 11,516,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 20,272,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,615,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 21,887,000 | ' | ' | |||
Total | 21,887,000 | ' | ' | |||
Accumulated Depreciation | -5,353,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 21,887,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,353,000 | ' | ' | |||
Commercial Healthcare [Member] | Park Dental - Brooklyn Center, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 441,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 185,000 | ' | ' | |||
Buildings & Improvements | 2,767,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 185,000 | ' | ' | |||
Buildings & Improvements | 2,767,000 | ' | ' | |||
Total | 2,952,000 | ' | ' | |||
Accumulated Depreciation | -804,000 | ' | ' | |||
Year of Construction or Acquisition | '2002 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,952,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 804,000 | ' | ' | |||
Commercial Healthcare [Member] | Pavilion I - Duluth, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 5,159,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,245,000 | ' | ' | |||
Buildings & Improvements | 8,898,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 31,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,245,000 | ' | ' | |||
Buildings & Improvements | 8,929,000 | ' | ' | |||
Total | 10,174,000 | ' | ' | |||
Accumulated Depreciation | -2,219,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 10,174,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,219,000 | ' | ' | |||
Commercial Healthcare [Member] | Pavilion II - Duluth, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 9,494,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 2,715,000 | ' | ' | |||
Buildings & Improvements | 14,673,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,937,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 2,715,000 | ' | ' | |||
Buildings & Improvements | 16,610,000 | ' | ' | |||
Total | 19,325,000 | ' | ' | |||
Accumulated Depreciation | -5,264,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 19,325,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,264,000 | ' | ' | |||
Commercial Healthcare [Member] | Ritchie Medical Plaza - St Paul, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 6,228,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,615,000 | ' | ' | |||
Buildings & Improvements | 7,851,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 3,481,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,647,000 | ' | ' | |||
Buildings & Improvements | 11,300,000 | ' | ' | |||
Total | 12,947,000 | ' | ' | |||
Accumulated Depreciation | -2,350,000 | ' | ' | |||
Year of Construction or Acquisition | '2005 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 12,947,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,350,000 | ' | ' | |||
Commercial Healthcare [Member] | Sartell 2000 23rd Street South - Sartell, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,456,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 11,781,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 934,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 0 | ' | ' | |||
Buildings & Improvements | 12,715,000 | ' | ' | |||
Total | 12,715,000 | ' | ' | |||
Accumulated Depreciation | -3,782,000 | ' | ' | |||
Year of Construction or Acquisition | '2002 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 12,715,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,782,000 | ' | ' | |||
Commercial Healthcare [Member] | Spring Creek American Falls- American Falls, ID [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,210,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 145,000 | ' | ' | |||
Buildings & Improvements | 3,870,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 145,000 | ' | ' | |||
Buildings & Improvements | 3,870,000 | ' | ' | |||
Total | 4,015,000 | ' | ' | |||
Accumulated Depreciation | -292,000 | ' | ' | |||
Year of Construction or Acquisition | '2011 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,015,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 292,000 | ' | ' | |||
Commercial Healthcare [Member] | Spring Creek-Boise - Boise, ID [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,857,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 708,000 | ' | ' | |||
Buildings & Improvements | 4,296,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 708,000 | ' | ' | |||
Buildings & Improvements | 4,296,000 | ' | ' | |||
Total | 5,004,000 | ' | ' | |||
Accumulated Depreciation | -348,000 | ' | ' | |||
Year of Construction or Acquisition | '2011 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,004,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 348,000 | ' | ' | |||
Commercial Healthcare [Member] | Spring Creek-Eagle - Eagle, ID [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,034,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 263,000 | ' | ' | |||
Buildings & Improvements | 3,775,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 263,000 | ' | ' | |||
Buildings & Improvements | 3,775,000 | ' | ' | |||
Total | 4,038,000 | ' | ' | |||
Accumulated Depreciation | -286,000 | ' | ' | |||
Year of Construction or Acquisition | '2011 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,038,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 286,000 | ' | ' | |||
Commercial Healthcare [Member] | Spring Creek Fruitland - Fruitland, ID [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 550,000 | ' | ' | |||
Buildings & Improvements | 6,565,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 550,000 | ' | ' | |||
Buildings & Improvements | 6,565,000 | ' | ' | |||
Total | 7,115,000 | ' | ' | |||
Accumulated Depreciation | -57,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 7,115,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 57,000 | ' | ' | |||
Commercial Healthcare [Member] | Spring Creek-Meridian - Meridian, ID [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,360,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 424,000 | ' | ' | |||
Buildings & Improvements | 6,724,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 424,000 | ' | ' | |||
Buildings & Improvements | 6,724,000 | ' | ' | |||
Total | 7,148,000 | ' | ' | |||
Accumulated Depreciation | -504,000 | ' | ' | |||
Year of Construction or Acquisition | '2011 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 7,148,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 504,000 | ' | ' | |||
Commercial Healthcare [Member] | Spring Creek-Overland - Overland, ID [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 3,225,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 687,000 | ' | ' | |||
Buildings & Improvements | 5,942,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 687,000 | ' | ' | |||
Buildings & Improvements | 5,942,000 | ' | ' | |||
Total | 6,629,000 | ' | ' | |||
Accumulated Depreciation | -465,000 | ' | ' | |||
Year of Construction or Acquisition | '2011 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,629,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 465,000 | ' | ' | |||
Commercial Healthcare [Member] | Spring Creek-Soda Springs - Soda Springs, ID [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 796,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 66,000 | ' | ' | |||
Buildings & Improvements | 2,124,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 33,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 66,000 | ' | ' | |||
Buildings & Improvements | 2,157,000 | ' | ' | |||
Total | 2,223,000 | ' | ' | |||
Accumulated Depreciation | -165,000 | ' | ' | |||
Year of Construction or Acquisition | '2011 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,223,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 165,000 | ' | ' | |||
Commercial Healthcare [Member] | Spring Creek-Ustick - Meridian, ID [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 467,000 | ' | ' | |||
Buildings & Improvements | 3,833,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 467,000 | ' | ' | |||
Buildings & Improvements | 3,833,000 | ' | ' | |||
Total | 4,300,000 | ' | ' | |||
Accumulated Depreciation | -268,000 | ' | ' | |||
Year of Construction or Acquisition | '2011 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,300,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 268,000 | ' | ' | |||
Commercial Healthcare [Member] | St Michael Clinic - St Michael, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,851,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 328,000 | ' | ' | |||
Buildings & Improvements | 2,259,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 264,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 328,000 | ' | ' | |||
Buildings & Improvements | 2,523,000 | ' | ' | |||
Total | 2,851,000 | ' | ' | |||
Accumulated Depreciation | -447,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,851,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 447,000 | ' | ' | |||
Commercial Healthcare [Member] | Trinity at Plaza 16 - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 4,854,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 568,000 | ' | ' | |||
Buildings & Improvements | 9,009,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 125,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 674,000 | ' | ' | |||
Buildings & Improvements | 9,028,000 | ' | ' | |||
Total | 9,702,000 | ' | ' | |||
Accumulated Depreciation | -588,000 | ' | ' | |||
Year of Construction or Acquisition | '2011 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 9,702,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 588,000 | ' | ' | |||
Commercial Healthcare [Member] | Wells Clinic - Hibbing, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,365,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 162,000 | ' | ' | |||
Buildings & Improvements | 2,497,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 162,000 | ' | ' | |||
Buildings & Improvements | 2,499,000 | ' | ' | |||
Total | 2,661,000 | ' | ' | |||
Accumulated Depreciation | -626,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,661,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 626,000 | ' | ' | |||
Commercial Healthcare [Member] | Wholly Owned Properties [Member] | ' | ' | ' | |||
Additions during year [Abstract] | ' | ' | ' | |||
Additions | 18,005,000 | 11,122,000 | 47,408,000 | |||
Commercial-Industrial [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 13,780,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 12,098,000 | ' | ' | |||
Buildings & Improvements | 36,298,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 6,979,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 12,377,000 | ' | ' | |||
Buildings & Improvements | 42,998,000 | ' | ' | |||
Total | 55,375,000 | ' | ' | |||
Accumulated Depreciation | -10,198,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 55,375,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 10,198,000 | ' | ' | |||
Commercial-Industrial [Member] | Bloomington 2000 W 94th Street - Bloomington, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 2,133,000 | ' | ' | |||
Buildings & Improvements | 4,097,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,200,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 2,187,000 | ' | ' | |||
Buildings & Improvements | 5,243,000 | ' | ' | |||
Total | 7,430,000 | ' | ' | |||
Accumulated Depreciation | -1,197,000 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 7,430,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,197,000 | ' | ' | |||
Commercial-Industrial [Member] | Eagan 2785 & 2795 Highway 55 - Eagan, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 3,058,000 | ' | ' | |||
Buildings & Improvements | 2,570,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 20,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 3,058,000 | ' | ' | |||
Buildings & Improvements | 2,590,000 | ' | ' | |||
Total | 5,648,000 | ' | ' | |||
Accumulated Depreciation | -401,000 | ' | ' | |||
Year of Construction or Acquisition | '2008 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,648,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 401,000 | ' | ' | |||
Commercial-Industrial [Member] | Lexington Commerce Center - Eagan, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,294,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 453,000 | ' | ' | |||
Buildings & Improvements | 4,352,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,982,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 480,000 | ' | ' | |||
Buildings & Improvements | 6,307,000 | ' | ' | |||
Total | 6,787,000 | ' | ' | |||
Accumulated Depreciation | -2,639,000 | ' | ' | |||
Year of Construction or Acquisition | '1999 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,787,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,639,000 | ' | ' | |||
Commercial-Industrial [Member] | Minot IPS - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 416,000 | ' | ' | |||
Buildings & Improvements | 5,635,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 416,000 | ' | ' | |||
Buildings & Improvements | 5,635,000 | ' | ' | |||
Total | 6,051,000 | ' | ' | |||
Accumulated Depreciation | -212,000 | ' | ' | |||
Year of Construction or Acquisition | '2012 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 6,051,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 212,000 | ' | ' | |||
Commercial-Industrial [Member] | Stone Container - Fargo, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 922,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 440,000 | ' | ' | |||
Buildings & Improvements | 6,597,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 104,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 440,000 | ' | ' | |||
Buildings & Improvements | 6,701,000 | ' | ' | |||
Total | 7,141,000 | ' | ' | |||
Accumulated Depreciation | -2,776,000 | ' | ' | |||
Year of Construction or Acquisition | '2001 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 7,141,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,776,000 | ' | ' | |||
Commercial-Industrial [Member] | Roseville 3075 Long Lake Road - Roseville, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 810,000 | ' | ' | |||
Buildings & Improvements | 526,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 106,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 810,000 | ' | ' | |||
Buildings & Improvements | 632,000 | ' | ' | |||
Total | 1,442,000 | ' | ' | |||
Accumulated Depreciation | -4,000 | ' | ' | |||
Year of Construction or Acquisition | '2001 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,442,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,000 | ' | ' | |||
Commercial-Industrial [Member] | Urbandale 3900 106th Street - Urbandale, IA [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 10,564,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 3,680,000 | ' | ' | |||
Buildings & Improvements | 9,893,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,683,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 3,863,000 | ' | ' | |||
Buildings & Improvements | 11,393,000 | ' | ' | |||
Total | 15,256,000 | ' | ' | |||
Accumulated Depreciation | -2,135,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 15,256,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,135,000 | ' | ' | |||
Commercial-Industrial [Member] | Woodbury 1865 Woodlane - Woodbury, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 1,108,000 | ' | ' | |||
Buildings & Improvements | 2,628,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,884,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,123,000 | ' | ' | |||
Buildings & Improvements | 4,497,000 | ' | ' | |||
Total | 5,620,000 | ' | ' | |||
Accumulated Depreciation | -834,000 | ' | ' | |||
Year of Construction or Acquisition | '2007 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,620,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 834,000 | ' | ' | |||
Commercial-Industrial [Member] | Wholly Owned Properties [Member] | ' | ' | ' | |||
Additions during year [Abstract] | ' | ' | ' | |||
Additions | 0 | 5,900,000 | 0 | |||
Commercial Retail [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 26,621,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 16,924,000 | ' | ' | |||
Buildings & Improvements | 78,702,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 21,643,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 19,097,000 | ' | ' | |||
Buildings & Improvements | 98,172,000 | ' | ' | |||
Total | 117,269,000 | ' | ' | |||
Accumulated Depreciation | -28,255,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 117,269,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 28,255,000 | ' | ' | |||
Commercial Retail [Member] | 17 South Main - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 78,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 15,000 | ' | ' | |||
Buildings & Improvements | 75,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 197,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 17,000 | ' | ' | |||
Buildings & Improvements | 270,000 | ' | ' | |||
Total | 287,000 | ' | ' | |||
Accumulated Depreciation | -199,000 | ' | ' | |||
Year of Construction or Acquisition | '2000 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 287,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 199,000 | ' | ' | |||
Commercial Retail [Member] | Arrowhead First International Bank - Minot ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 75,000 | ' | ' | |||
Buildings & Improvements | 1,211,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 20,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 95,000 | ' | ' | |||
Buildings & Improvements | 1,211,000 | ' | ' | |||
Total | 1,306,000 | ' | ' | |||
Accumulated Depreciation | -34,000 | ' | ' | |||
Year of Construction or Acquisition | '2013 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,306,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 34,000 | ' | ' | |||
Commercial Retail [Member] | Burnsville 1 Strip Center - Burnsville, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 208,000 | ' | ' | |||
Buildings & Improvements | 773,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 205,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 208,000 | ' | ' | |||
Buildings & Improvements | 978,000 | ' | ' | |||
Total | 1,186,000 | ' | ' | |||
Accumulated Depreciation | -284,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,186,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 284,000 | ' | ' | |||
Commercial Retail [Member] | Champlin South Pond - Champlin, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,332,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 842,000 | ' | ' | |||
Buildings & Improvements | 2,703,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 95,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 866,000 | ' | ' | |||
Buildings & Improvements | 2,774,000 | ' | ' | |||
Total | 3,640,000 | ' | ' | |||
Accumulated Depreciation | -722,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,640,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 722,000 | ' | ' | |||
Commercial Retail [Member] | Chan West Village - Chanhassen, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 12,690,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 5,035,000 | ' | ' | |||
Buildings & Improvements | 14,665,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,025,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 5,624,000 | ' | ' | |||
Buildings & Improvements | 16,101,000 | ' | ' | |||
Total | 21,725,000 | ' | ' | |||
Accumulated Depreciation | -4,760,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 21,725,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 4,760,000 | ' | ' | |||
Commercial Retail [Member] | Dakota West Plaza - Minot , ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 356,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 92,000 | ' | ' | |||
Buildings & Improvements | 493,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 30,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 106,000 | ' | ' | |||
Buildings & Improvements | 509,000 | ' | ' | |||
Total | 615,000 | ' | ' | |||
Accumulated Depreciation | -108,000 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 615,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 108,000 | ' | ' | |||
Commercial Retail [Member] | Duluth 4615 Grand - Duluth, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 612,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 130,000 | ' | ' | |||
Buildings & Improvements | 1,800,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 4,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 131,000 | ' | ' | |||
Buildings & Improvements | 1,803,000 | ' | ' | |||
Total | 1,934,000 | ' | ' | |||
Accumulated Depreciation | -453,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,934,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 453,000 | ' | ' | |||
Commercial Retail [Member] | Duluth Denfeld Retail - Duluth, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,023,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 276,000 | ' | ' | |||
Buildings & Improvements | 4,699,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 162,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 297,000 | ' | ' | |||
Buildings & Improvements | 4,840,000 | ' | ' | |||
Total | 5,137,000 | ' | ' | |||
Accumulated Depreciation | -1,256,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,137,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,256,000 | ' | ' | |||
Commercial Retail [Member] | Fargo Express Community - Fargo, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 882,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 374,000 | ' | ' | |||
Buildings & Improvements | 1,420,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 777,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 386,000 | ' | ' | |||
Buildings & Improvements | 2,185,000 | ' | ' | |||
Total | 2,571,000 | ' | ' | |||
Accumulated Depreciation | -507,000 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,571,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 507,000 | ' | ' | |||
Commercial Retail [Member] | Fargo Express Community - Fargo, ND [Member] | Minimum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '2003 years | ' | ' | |||
Commercial Retail [Member] | Fargo Express Community - Fargo, ND [Member] | Maximum [Member] | ' | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Life on which depreciation in latest income statement is computed | '2005 years | ' | ' | |||
Commercial Retail [Member] | Forest Lake Auto - Forest Lake, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 50,000 | ' | ' | |||
Buildings & Improvements | 446,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 13,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 50,000 | ' | ' | |||
Buildings & Improvements | 459,000 | ' | ' | |||
Total | 509,000 | ' | ' | |||
Accumulated Depreciation | -132,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 509,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 132,000 | ' | ' | |||
Commercial Retail [Member] | Forest Lake Westlake Center - Forest Lake, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 2,446,000 | ' | ' | |||
Buildings & Improvements | 5,304,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,099,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 2,480,000 | ' | ' | |||
Buildings & Improvements | 6,369,000 | ' | ' | |||
Total | 8,849,000 | ' | ' | |||
Accumulated Depreciation | -1,651,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,849,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,651,000 | ' | ' | |||
Commercial Retail [Member] | Grand Forks Carmike - Grand Forks, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,426,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 184,000 | ' | ' | |||
Buildings & Improvements | 2,360,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 184,000 | ' | ' | |||
Buildings & Improvements | 2,362,000 | ' | ' | |||
Total | 2,546,000 | ' | ' | |||
Accumulated Depreciation | -1,152,000 | ' | ' | |||
Year of Construction or Acquisition | '1994 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,546,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,152,000 | ' | ' | |||
Commercial Retail [Member] | Grand Forks Medpark Mall - Grand Forks, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 681,000 | ' | ' | |||
Buildings & Improvements | 4,808,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 231,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 722,000 | ' | ' | |||
Buildings & Improvements | 4,998,000 | ' | ' | |||
Total | 5,720,000 | ' | ' | |||
Accumulated Depreciation | -1,800,000 | ' | ' | |||
Year of Construction or Acquisition | '2000 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 5,720,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,800,000 | ' | ' | |||
Commercial Retail [Member] | Jamestown Buffalo Mall - Jamestown, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 1,934,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 566,000 | ' | ' | |||
Buildings & Improvements | 5,551,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,848,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 1,114,000 | ' | ' | |||
Buildings & Improvements | 7,851,000 | ' | ' | |||
Total | 8,965,000 | ' | ' | |||
Accumulated Depreciation | -1,746,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,965,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,746,000 | ' | ' | |||
Commercial Retail [Member] | Jamestown Business Center - Jamestown, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 399,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 297,000 | ' | ' | |||
Buildings & Improvements | 1,023,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,330,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 333,000 | ' | ' | |||
Buildings & Improvements | 2,317,000 | ' | ' | |||
Total | 2,650,000 | ' | ' | |||
Accumulated Depreciation | -930,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,650,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 930,000 | ' | ' | |||
Commercial Retail [Member] | Kalispell Retail Center - Kalispell, MT [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 971,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 250,000 | ' | ' | |||
Buildings & Improvements | 2,250,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 973,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 253,000 | ' | ' | |||
Buildings & Improvements | 3,220,000 | ' | ' | |||
Total | 3,473,000 | ' | ' | |||
Accumulated Depreciation | -840,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,473,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 840,000 | ' | ' | |||
Commercial Retail [Member] | Lakeville Strip Center - Lakeville, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 874,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 46,000 | ' | ' | |||
Buildings & Improvements | 1,142,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 852,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 94,000 | ' | ' | |||
Buildings & Improvements | 1,946,000 | ' | ' | |||
Total | 2,040,000 | ' | ' | |||
Accumulated Depreciation | -667,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,040,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 667,000 | ' | ' | |||
Commercial Retail [Member] | Minot Arrowhead - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 100,000 | ' | ' | |||
Buildings & Improvements | 3,216,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 5,462,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 116,000 | ' | ' | |||
Buildings & Improvements | 8,662,000 | ' | ' | |||
Total | 8,778,000 | ' | ' | |||
Accumulated Depreciation | -1,718,000 | ' | ' | |||
Year of Construction or Acquisition | '1973 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,778,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,718,000 | ' | ' | |||
Commercial Retail [Member] | Minot Plaza - Minot, ND [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 777,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 50,000 | ' | ' | |||
Buildings & Improvements | 453,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 147,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 80,000 | ' | ' | |||
Buildings & Improvements | 570,000 | ' | ' | |||
Total | 650,000 | ' | ' | |||
Accumulated Depreciation | -317,000 | ' | ' | |||
Year of Construction or Acquisition | '1993 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 650,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 317,000 | ' | ' | |||
Commercial Retail [Member] | Monticello C Store - Monticello, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 65,000 | ' | ' | |||
Buildings & Improvements | 770,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 37,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 97,000 | ' | ' | |||
Buildings & Improvements | 775,000 | ' | ' | |||
Total | 872,000 | ' | ' | |||
Accumulated Depreciation | -227,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 872,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 227,000 | ' | ' | |||
Commercial Retail [Member] | Omaha Barnes & Noble - Omaha, NE [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 2,267,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 600,000 | ' | ' | |||
Buildings & Improvements | 3,099,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 0 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 600,000 | ' | ' | |||
Buildings & Improvements | 3,099,000 | ' | ' | |||
Total | 3,699,000 | ' | ' | |||
Accumulated Depreciation | -1,433,000 | ' | ' | |||
Year of Construction or Acquisition | '1995 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,699,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,433,000 | ' | ' | |||
Commercial Retail [Member] | Pine City C-Store - Pine City, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 83,000 | ' | ' | |||
Buildings & Improvements | 357,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 12,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 83,000 | ' | ' | |||
Buildings & Improvements | 369,000 | ' | ' | |||
Total | 452,000 | ' | ' | |||
Accumulated Depreciation | -107,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 452,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 107,000 | ' | ' | |||
Commercial Retail [Member] | Pine City Evergreen Square - Pine City, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 154,000 | ' | ' | |||
Buildings & Improvements | 2,646,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 597,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 385,000 | ' | ' | |||
Buildings & Improvements | 3,012,000 | ' | ' | |||
Total | 3,397,000 | ' | ' | |||
Accumulated Depreciation | -983,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,397,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 983,000 | ' | ' | |||
Commercial Retail [Member] | Rochester Maplewood Square - Rochester, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 3,275,000 | ' | ' | |||
Buildings & Improvements | 8,610,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 2,089,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 3,652,000 | ' | ' | |||
Buildings & Improvements | 10,322,000 | ' | ' | |||
Total | 13,974,000 | ' | ' | |||
Accumulated Depreciation | -3,581,000 | ' | ' | |||
Year of Construction or Acquisition | '1999 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 13,974,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 3,581,000 | ' | ' | |||
Commercial Retail [Member] | St. Cloud Westgate - St. Cloud, MN [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 885,000 | ' | ' | |||
Buildings & Improvements | 5,535,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 1,738,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 977,000 | ' | ' | |||
Buildings & Improvements | 7,181,000 | ' | ' | |||
Total | 8,158,000 | ' | ' | |||
Accumulated Depreciation | -1,729,000 | ' | ' | |||
Year of Construction or Acquisition | '2004 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 8,158,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,729,000 | ' | ' | |||
Commercial Retail [Member] | Weston Retail - Weston, WI [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 79,000 | ' | ' | |||
Buildings & Improvements | 1,575,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 27,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 80,000 | ' | ' | |||
Buildings & Improvements | 1,601,000 | ' | ' | |||
Total | 1,681,000 | ' | ' | |||
Accumulated Depreciation | -448,000 | ' | ' | |||
Year of Construction or Acquisition | '2003 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,681,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 448,000 | ' | ' | |||
Commercial Retail [Member] | Weston Walgreens - Weston, WI [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 0 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 66,000 | ' | ' | |||
Buildings & Improvements | 1,718,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 671,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 67,000 | ' | ' | |||
Buildings & Improvements | 2,388,000 | ' | ' | |||
Total | 2,455,000 | ' | ' | |||
Accumulated Depreciation | -471,000 | ' | ' | |||
Year of Construction or Acquisition | '2006 | ' | ' | |||
Life on which depreciation in latest income statement is computed | '40 years | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 2,455,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 471,000 | ' | ' | |||
Commercial Retail [Member] | Wholly Owned Properties [Member] | ' | ' | ' | |||
Additions during year [Abstract] | ' | ' | ' | |||
Additions | 0 | 1,240,000 | 2,316,000 | |||
Subtotal [Member] | ' | ' | ' | |||
Real Estate And Accumulated Depreciation [Abstract] | ' | ' | ' | |||
Encumbrances | 997,689,000 | ' | ' | |||
Initial Cost to Company [Abstract] | ' | ' | ' | |||
Land | 185,371,000 | ' | ' | |||
Buildings & Improvements | 1,541,588,000 | ' | ' | |||
Costs capitalized subsequent to acquisition | 269,072,000 | ' | ' | |||
Gross amount at which carried at close of period [Abstract] | ' | ' | ' | |||
Land | 205,017,000 | ' | ' | |||
Buildings & Improvements | 1,791,014,000 | ' | ' | |||
Total | 1,996,031,000 | ' | ' | |||
Accumulated Depreciation | -424,288,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | 1,996,031,000 | ' | ' | |||
Deductions during year [Abstract] | ' | ' | ' | |||
Balance at close of year | $424,288,000 | ' | ' | |||
[1] | The net basis of the Companybs real estate investments for Federal Income Tax purposes was approximately $1.5 billion, $1.5 billion and $1.4 billion at April 30, 2014, 2013 and 2012, respectively. | |||||
[2] | (as revised) | |||||
[3] | Includes development projects that are placed in service in phases. | |||||
[4] | Consists of miscellaneous re-classed assets. | |||||
[5] | Consists of miscellaneous disposed assets. |