Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2016 | Jun. 22, 2016 | Oct. 31, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | INVESTORS REAL ESTATE TRUST | ||
Entity Central Index Key | 798,359 | ||
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 | $ 985,547,135 | ||
Entity Common Stock, Shares Outstanding | 121,091,249 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 30, 2016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Real estate investments | ||
Property owned | $ 1,681,471 | $ 1,335,687 |
Less accumulated depreciation | (312,889) | (279,417) |
Total property owned | 1,368,582 | 1,056,270 |
Development in progress | 51,681 | 153,994 |
Unimproved land | 20,939 | 25,827 |
Total real estate investments | 1,441,202 | 1,236,091 |
Other assets | ||
Assets held for sale and assets of discontinued operations | 220,761 | 675,764 |
Cash and cash equivalents | 66,698 | 48,970 |
Other investments | 50 | 329 |
Receivable arising from straight-lining of rents, net of allowance of $333 and $222, respectively | 7,179 | 6,504 |
Accounts receivable, net of allowance of $97 and $439, respectively | 1,524 | 2,390 |
Real estate deposits | 0 | 2,489 |
Prepaid and other assets | 2,937 | 3,134 |
Intangible assets, net of accumulated amortization of $6,230 and $6,112, respectively | 1,858 | 1,388 |
Tax, insurance, and other escrow | 5,450 | 9,499 |
Property and equipment, net of accumulated depreciation of $1,058 and $1,374, respectively | 1,011 | 1,027 |
Goodwill | 1,680 | 1,718 |
Deferred charges and leasing costs, net of accumulated amortization of $8,716 and $7,524, respectively | 9,827 | 8,534 |
TOTAL ASSETS | 1,760,177 | 1,997,837 |
LIABILITIES | ||
Liabilities held for sale and liabilities of discontinued operations | 77,712 | 401,299 |
Accounts payable and accrued expenses | 39,727 | 55,540 |
Revolving line of credit | 17,500 | 60,500 |
Mortgages payable | 817,324 | 596,965 |
Construction debt and other | 82,130 | 136,211 |
TOTAL LIABILITIES | $ 1,034,393 | $ 1,250,515 |
COMMITMENTS AND CONTINGENCIES (NOTE 15) | ||
REDEEMABLE NONCONTROLLING INTERESTS - CONSOLIDATED REAL ESTATE ENTITIES | $ 7,522 | $ 6,368 |
Investors Real Estate Trust shareholders' equity | ||
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 121,091,249 shares issued and outstanding at April 30, 2016, and 124,455,624 shares issued and outstanding at April 30, 2015) | 922,084 | 951,868 |
Accumulated distributions in excess of net income | (442,000) | (438,432) |
Total Investors Real Estate Trust shareholders' equity | 618,758 | 652,110 |
Noncontrolling interests – Operating Partnership (16,285,239 units at April 30, 2016 and 13,999,725 units at April 30, 2015) | 78,484 | 58,325 |
Noncontrolling interests - consolidated real estate entities | 21,020 | 30,519 |
Total equity | 718,262 | 740,954 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 1,760,177 | 1,997,837 |
Preferred Class A [Member] | ||
Investors Real Estate Trust shareholders' equity | ||
Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares) | 27,317 | 27,317 |
Preferred Class B [Member] | ||
Investors Real Estate Trust shareholders' equity | ||
Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares) | $ 111,357 | $ 111,357 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
Other assets | ||
Intangible assets, accumulated amortization | $ 6,230,000 | $ 6,112,000 |
Property and equipment, accumulated depreciation | 1,058,000 | 1,374,000 |
Deferred charges and leasing costs, accumulated amortization | $ 8,716,000 | $ 7,524,000 |
EQUITY | ||
Common Shares of Beneficial Interest, no par value (in dollars per share) | $ 0 | $ 0 |
Common Shares of Beneficial Interest, shares issued (in shares) | 121,091,249 | 124,455,624 |
Common Shares of Beneficial Interest, shares outstanding (in shares) | 121,091,249 | 124,455,624 |
Noncontrolling interests - Operating Partnership (in shares) | 16,285,239 | 13,999,725 |
Receivable Arising from Straight-Lining of Rents [Member] | ||
Other assets | ||
Accounts receivable, allowance | $ 333,000 | $ 222,000 |
Accounts Receivable [Member] | ||
Other assets | ||
Accounts receivable, allowance | $ 97,000 | $ 439,000 |
Preferred Class A [Member] | ||
EQUITY | ||
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] | ||
EQUITY | ||
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 OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
REVENUE | |||
Real estate rentals | $ 170,698 | $ 159,969 | $ 145,028 |
Tenant reimbursement | 17,622 | 19,352 | 19,562 |
TOTAL REVENUE | 188,320 | 179,321 | 164,590 |
EXPENSES | |||
Property operating expenses, excluding real estate taxes | 58,859 | 53,535 | 50,552 |
Real estate taxes | 20,241 | 19,602 | 18,704 |
Depreciation and amortization | 49,832 | 42,784 | 39,712 |
Impairment of real estate investments | 5,543 | 4,663 | 7,700 |
General and administrative expenses | 11,267 | 11,824 | 10,743 |
Acquisition and investment related costs | 830 | 362 | 279 |
Other expenses | 2,231 | 1,647 | 1,850 |
TOTAL EXPENSES | 148,803 | 134,417 | 129,540 |
Gain on involuntary conversion | 2,480 | ||
Operating income | 39,517 | 44,904 | 37,530 |
Interest expense | (35,768) | (34,447) | (33,729) |
Loss on extinguishment of debt | (106) | ||
Interest income | 2,256 | 2,238 | 1,906 |
Other income | 317 | 718 | 242 |
Income before gain (loss) on sale of real estate and other investments, gain on bargain purchase and income (loss) from discontinued operations | 6,216 | 13,413 | 5,949 |
Gain (loss) on sale of real estate and other investments | 9,640 | 6,093 | (51) |
Gain on bargain purchase | 3,424 | ||
Income from continuing operations | 19,280 | 19,506 | 5,898 |
Income (loss) from discontinued operations | 57,322 | 9,178 | (22,838) |
NET INCOME (LOSS) | 76,602 | 28,684 | (16,940) |
Net (income) loss attributable to noncontrolling interests - Operating Partnership | (7,032) | (1,526) | 4,676 |
Net loss (income) attributable to noncontrolling interests – consolidated real estate entities | 2,436 | (3,071) | (910) |
Net income (loss) attributable to Investors Real Estate Trust | 72,006 | 24,087 | (13,174) |
Dividends to preferred shareholders | (11,514) | (11,514) | (11,514) |
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ 60,492 | $ 12,573 | $ (24,688) |
Earnings (loss) per common share from continuing operations - Investors Real Estate Trust - basic and diluted (in dollars per share) | $ 0.08 | $ 0.04 | $ (0.05) |
Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted (in dollars per share) | 0.41 | 0.07 | (0.18) |
NET INCOME (LOSS) PER COMMON SHARE - BASIC & DILUTED (in dollars per share) | $ 0.49 | $ 0.11 | $ (0.23) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Preferred Class A [Member]ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member] | Preferred Class A [Member] | Preferred Class B [Member]ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member] | Preferred Class B [Member] | PREFERRED SHARES [Member] | Common Shares and Limited Partnership Units [Member] | ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME [Member] | NONREDEEMABLE NONCONTROLLING INTERESTS [Member] | Total |
Balance at Apr. 30, 2013 | $ 138,674 | $ 784,454 | $ (310,341) | $ 142,657 | $ 755,444 | ||||
Balance (in shares) at Apr. 30, 2013 | 5,750 | 101,488 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to Investors Real Estate Trust and noncontrolling interests | (13,174) | (4,033) | (17,207) | ||||||
Distributions - common shares and units | (54,729) | (11,283) | (66,012) | ||||||
Distributions - preferred shares | $ (2,372) | $ (2,372) | $ (9,142) | $ (9,142) | (11,514) | ||||
Distribution reinvestment and share purchase plan | $ 55,793 | 55,793 | |||||||
Distribution reinvestment and share purchase plan (in shares) | 6,615 | ||||||||
Shares issued and share-based compensation | $ 112 | 112 | |||||||
Shares issued and share-based compensation (in shares) | 13 | ||||||||
Partnership units issued | 3,480 | 3,480 | |||||||
Redemption of units for common shares | $ 4,353 | (4,353) | |||||||
Redemption of units for common shares (in shares) | 903 | ||||||||
Contributions from nonredeemable noncontrolling interests consolidated real estate entities | 3,895 | 3,895 | |||||||
Other | $ (1,444) | (2,001) | (3,445) | ||||||
Balance at Apr. 30, 2014 | $ 138,674 | $ 843,268 | (389,758) | 128,362 | 720,546 | ||||
Balance (in shares) at Apr. 30, 2014 | 5,750 | 109,019 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to Investors Real Estate Trust and noncontrolling interests | 24,087 | 4,432 | 28,519 | ||||||
Distributions - common shares and units | (61,247) | (8,607) | (69,854) | ||||||
Distributions - preferred shares | (2,372) | (2,372) | (9,142) | (9,142) | (11,514) | ||||
Distribution reinvestment and share purchase plan | $ 64,856 | 64,856 | |||||||
Distribution reinvestment and share purchase plan (in shares) | 8,102 | ||||||||
Shares issued and share-based compensation | $ 2,626 | 2,626 | |||||||
Shares issued and share-based compensation (in shares) | 151 | ||||||||
Partnership units issued | 800 | 800 | |||||||
Redemption of units for common shares | $ 41,264 | (41,264) | |||||||
Redemption of units for common shares (in shares) | 7,183 | ||||||||
Contributions from nonredeemable noncontrolling interests consolidated real estate entities | 8,909 | 8,909 | |||||||
Distributions to nonredeemable noncontrolling interests - consolidated real estate entities | (3,926) | (3,926) | |||||||
Other | $ (146) | 138 | (8) | ||||||
Balance at Apr. 30, 2015 | $ 138,674 | $ 951,868 | (438,432) | 88,844 | 740,954 | ||||
Balance (in shares) at Apr. 30, 2015 | 5,750 | 124,455 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to Investors Real Estate Trust and noncontrolling interests | 72,006 | 4,562 | 76,568 | ||||||
Distributions - common shares and units | (64,060) | (7,230) | (71,290) | ||||||
Distributions - preferred shares | $ (2,372) | $ (2,372) | $ (9,142) | $ (9,142) | (11,514) | ||||
Distribution reinvestment and share purchase plan | $ 5,619 | 5,619 | |||||||
Distribution reinvestment and share purchase plan (in shares) | 821 | ||||||||
Shares issued and share-based compensation | $ 1,728 | 1,728 | |||||||
Shares issued and share-based compensation (in shares) | 185 | ||||||||
Partnership units issued | 18,226 | 18,226 | |||||||
Redemption of units for common shares | $ 1,477 | (1,477) | |||||||
Redemption of units for common shares (in shares) | 273 | ||||||||
Shares repurchased | $ (35,000) | (35,000) | |||||||
Shares repurchased (in shares) | (4,643) | ||||||||
Distributions to nonredeemable noncontrolling interests - consolidated real estate entities | (7,029) | (7,029) | |||||||
Adjustments to prior year redemption of units for common shares | $ (3,608) | 3,608 | |||||||
Balance at Apr. 30, 2016 | $ 138,674 | $ 922,084 | $ (442,000) | $ 99,504 | $ 718,262 | ||||
Balance (in shares) at Apr. 30, 2016 | 5,750 | 121,091 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | $ 76,602 | $ 28,684 | $ (16,940) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 50,978 | 43,762 | 41,976 |
Depreciation and amortization from discontinued operations | 14,477 | 28,316 | 31,747 |
Gain on sale of real estate, land, other investments and discontinued operations | (33,423) | (6,093) | (6,948) |
Gain on involuntary conversion | (2,480) | ||
Gain on extinguishment of debt and discontinued operations | (35,552) | ||
Gain on bargain purchase | (3,424) | ||
Share-based compensation expense | 2,256 | 2,215 | |
Impairment of real estate investments | 5,983 | 6,105 | 44,426 |
Bad debt expense | 651 | 967 | 434 |
Changes in other assets and liabilities: | |||
Receivable arising from straight-lining of rents | (437) | (64) | (2,293) |
Accounts receivable | 1,815 | 4,058 | 1,880 |
Prepaid and other assets | 762 | (150) | (555) |
Tax, insurance and other escrow | 1,463 | 1,445 | (1,046) |
Deferred charges and leasing costs | (1,366) | (2,300) | (4,708) |
Accounts payable, accrued expenses and other liabilities | (14,292) | 7,234 | 7,021 |
Net cash provided by operating activities | 66,493 | 114,179 | 92,514 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Proceeds from real estate deposits | 5,203 | 1,168 | 991 |
Payments for real estate deposits | (2,714) | (3,512) | (940) |
Decrease in other investments | 279 | 314 | |
Decrease in lender holdbacks for improvements | 4,347 | 10,738 | 3,780 |
Increase in lender holdbacks for improvements | (1,136) | (1,204) | (11,045) |
Proceeds from sale of discontinued operations | 365,845 | 78,879 | |
Proceeds from sale of real estate and other investments | 40,306 | 73,835 | 682 |
Insurance proceeds received | 1,320 | 2,678 | 2,491 |
Payments for acquisitions of real estate assets | (121,821) | (38,704) | (38,283) |
Payments for development and re-development of real estate assets | (122,801) | (189,091) | (123,744) |
Payments for improvements of real estate assets | (28,976) | (21,327) | (25,974) |
Payments for improvements of real estate assets from discontinued operations | (5,600) | (10,988) | (8,985) |
Net cash provided (used) by investing activities | 134,252 | (176,407) | (121,834) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from mortgages payable | 143,574 | 90,749 | 50,333 |
Principal payments on mortgages payable | (234,885) | (127,622) | (101,867) |
Proceeds from revolving lines of credit | 82,000 | 55,000 | 12,500 |
Principal payments on revolving lines of credit | (125,000) | (17,000) | 0 |
Proceeds from construction debt | 94,142 | 93,643 | 55,199 |
Principal payments on construction debt | (24,754) | (12,685) | (17,443) |
Proceeds from financing liability | 7,900 | ||
Proceeds from sale of common shares under distribution reinvestment and share purchase program | 1,493 | 48,701 | 41,194 |
Proceeds from noncontrolling partner - consolidated real estate entities | 1,120 | 2,284 | 994 |
Payments for acquisition of noncontrolling interests - consolidated real estate entities | (2,505) | ||
Repurchase of common shares | (35,000) | ||
Distributions paid to common shareholders | (60,063) | (45,728) | (40,764) |
Distributions paid to preferred shareholders | (11,514) | (11,514) | (11,514) |
Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership | (7,101) | (7,971) | (10,649) |
Distributions paid to noncontrolling interests - consolidated real estate entities | (7,029) | (3,926) | (924) |
Net cash (used) provided by financing activities | (183,017) | 63,931 | (17,546) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 17,728 | 1,703 | (46,866) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 48,970 | 47,267 | 94,133 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 66,698 | 48,970 | 47,267 |
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Distribution reinvestment plan - shares issued | 3,997 | 15,519 | 13,965 |
Operating partnership distribution reinvestment plan - shares issued | 130 | 636 | 634 |
Operating partnership units converted to shares | 1,477 | 41,264 | 4,353 |
Real estate assets acquired through the issuance of operating partnership units | 18,226 | 800 | 3,480 |
Real estate assets acquired through assumption of indebtedness and accrued costs | 12,169 | ||
(Decrease) increase to accounts payable included within real estate investments | (10,420) | 5,116 | 1,767 |
Real estate assets contributed by noncontrolling interests - consolidated real estate entities | 6,624 | 2,901 | |
Involuntary conversion of assets due to flood and fire damage | 7,052 | ||
Construction debt reclassified to mortgages payable | 123,553 | ||
Forfeiture of note payable in conjunction with sale of property | 600 | ||
Decrease in real estate assets in connection with transfer of real estate assets in settlement of debt | 87,213 | ||
Decrease in debt in connection with transfer of real estate assets in settlement of debt | 122,610 | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash paid for interest, net of amounts capitalized of $4,396, $4,903 and $2,855, respectively | $ 39,668 | $ 51,283 | $ 54,071 |
CONSOLIDATED STATEMENTS OF CAS7
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Cash paid for interest | $ 4,396 | $ 4,903 | $ 2,855 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Apr. 30, 2016 | |
ORGANIZATION [Abstract] | |
ORGANIZATION | NOTE 1 • ORGANIZATION Investors Real Estate Trust (“IRET”, “we” or “us”) is a self-advised equity real estate investment trust engaged in acquiring, owning and leasing real estate. We have elected to be taxed as a real estate investment trust (“REIT”) under Sections 856-860 of the Internal Revenue Code of 1986, as amended. As a REIT, we 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, 2016, 2015 and 2014. Our properties are located mainly in the states of North Dakota and Minnesota, but also in the states of Idaho, Iowa, Kansas, Montana, Nebraska, South Dakota, Wisconsin and Wyoming. As of April 30, 2016, we held for investment 99 multifamily properties with 12,950 apartment units and 47 commercial properties, consisting of healthcare, industrial, office and retail, totaling 2.9 million net rentable square feet. As of April 30, 2016, we held for sale 1 multifamily property, 36 commercial properties and 3 parcels of land. We conduct a majority of our business activities through our 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, we or us refer to Investors Real Estate Trust and its consolidated subsidiaries. |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Apr. 30, 2016 | |
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 our accounts and the accounts of all our subsidiaries in which we maintain a controlling interest, including the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. Our fiscal year ends April 30th . Our interest in the Operating Partnership was 88.1% and 89.9% , respectively, of the limited partnership units of the Operating Partnership (“Units”) as of April 30, 2016 and 2015, which includes 100% of the general partnership interest. Under the terms of the Operating Partnership’s Agreement of Limited Partnership, limited partners have the right to require the Operating Partnership to redeem their Units for cash any time following the first anniversary of the date they acquired such Units (“Exchange Right”). When a limited partner exercises the Exchange Right, we have the right, in our sole discretion, to acquire such Units by either making a cash payment or exchanging the Units for our common shares of beneficial interest (“Common Shares”), on a one -for-one basis. The Exchange Right is subject to certain conditions and limitations, including the limited partner may not exercise the Exchange Right more than two times during a calendar year and the limited partner may not exercise for less than 1,000 Units, or, if such limited partner holds less than 1,000 Units, for less than all of the Units held by such limited partner. The Operating Partnership and some limited partners have contractually agreed to a holding period of greater than one year, a greater number of redemptions during a calendar year or other limitations to their Exchange Right. The consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partners or controlling interest. These entities are consolidated into our other operations with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income and expenses. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers . The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current accounting principles generally accepted in the United States of America (“U.S. GAAP”) and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 does not apply to lease contracts accounted for under ASC 840, Leases. The ASU is effective for fiscal years beginning after December 15, 2017. We do not expect adoption of this update to have a material impact on our operating results or financial position. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis . ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidated analysis of reporting entities that are involved with variable interest entities, and (iv) provide a scope exception for certain entities. The ASU is effective for fiscal years beginning after December 15, 2015. We do not expect adoption of this update to have a material impact on our operating results or financial position. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs . ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability to which they relate, consistent with debt discounts, as opposed to being presented as assets. The ASU is effective for fiscal years beginning after December 15, 2015. We do not expect adoption of this update to have a material impact on our operating results or financial position. In April 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . Under ASU 2015-05, if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The ASU is effective for fiscal years beginning after December 15, 2015. We do not expect adoption of this update to have a material impact on our operating results or financial position. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. The ASU is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We do not expect adoption of this update to have a material impact on our operating results or financial position. In February 2016, the FASB issued ASU 2016-02, Leases . ASU 2016-02 amends existing accounting standards for lease accounting, including by requiring lessees to recognize most leases on the balance sheet and making certain changes to lessor accounting. The ASU is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018. We are currently evaluating the impact the new standard may have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accou nting . ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, accrual of compensation cost, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The ASU is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. We are currently evaluating the impact the new standard may have on our consolidated financial statements. USE OF ESTIMATES The preparation of financial statements in conformity with 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. On the Consolidated Statements of Operations, we combined utilities, maintenance, insurance, property management expenses and other property expenses onto a single line called property operating expenses, excluding real estate taxes. We also combined depreciation/amortization related to real estate investments and amortization related to non-real estate investments onto a single line called depreciation and amortization. Additionally on the Consolidated Statements of Operations, we reclassed acquisition and project costs from other expenses to acquisition and investment related costs. On the Consolidated Balance Sheets, we reclassified assets and liabilities related to properties classified as held for sale. We report, in discontinued operations, the results of operations and the related gains or losses of properties that have either been disposed of or classified as held for sale and for which the disposition represents a strategic shift that has or will have a major effect on our operations and financial results. As the result of discontinued operations, retroactive reclassifications that change prior period numbers have been made. See Note 12 for additional information. During the first quarter of fiscal year 2016, we classified as discontinued operations 48 office properties, 17 retail properties and 1 healthcare property. During the fourth quarter of fiscal year 2016, we classified as discontinued operations 34 senior housing properties. 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. We allocate 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 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 our 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. We also consider information about each property obtained during 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. We use a 20 - 40 year estimated life for buildings and improvements and a 5 - 12 year estimated life for furniture, fixtures and equipment. We follow 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 multifamily 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, we have received sufficient consideration and we have no significant involvement with the property sold. We periodically evaluate our long-lived assets, including 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, we compare 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. During fiscal year 2016, we incurred a non-cash loss of $ 6.0 million due to impairment of one office property, one healthcare property, two parcels of land and eight multifamily properties of which approximately $440,000 is reflected in discontinued operations. See Note 12 for additional information on discontinued operations. We recognized impairments of approximately $440,000 on an office property in Eden Prairie, Minnesota; $1.9 million on a healthcare property in Sartell, Minnesota; $1. 6 million on a parcel of land in Grand Chute, Wisconsin; $1.9 million on eight multifamily properties in St. Cloud, Minnesota; and $162,000 on a parcel of land in River Falls, Wisconsin. These properties were written-down to estimated fair value during fiscal year 2016 based on receipt of individual market offers to purchase and our intent to dispose of the properties or, in the case of the Grand Chute, Wisconsin, the sale listing price and our intent to dispose of the property. The Sartell, Minnesota property is classified as held for sale at April 30, 2016. During fiscal year 2015, we incurred a non-cash loss of $6.1 million due to impairment of four commercial properties and two parcels of unimproved land of which $1.4 million is reflected in discontinued operations. See Note 12 for additional information on discontinued operations. We recognized impairments of $2.1 million on a retail property in Kalispell, Montana; approximately $183,000 on an office property in Golden Valley, Minnesota; $1.8 million on an office property in Minneapolis, Minnesota; $1.4 million on an office property in Boise, Idaho; approximately $98,000 on unimproved land in Eagan, Minnesota; and approximately $442,000 on unimproved land in Weston, Wisconsin. These properties were written-down to estimated fair value during fiscal year 2015 based on receipt of individual market offers to purchase and our intent to dispose of the properties or, in the case of the Boise and Weston properties, an independent appraisal. The Kalispell and Golden Valley properties were sold in the second quarter of fiscal year 2015. The Minneapolis property is classified as held for sale at April 30, 2015. During fiscal year 2014, we incurred a non-cash loss of $44.4 million due to impairment of 15 properties, of which $ 36.7 million is reflected in discontinued operations. See Note 12 for additional information on discontinued operations. We recognized impairments of approximately $864,000 on an industrial property in St. Louis Park, Minnesota; $329,000 on an office property in Bloomington, Minnesota; $265,000 on a retail property in Anoka, Minnesota; $402,000 on an industrial property in Clive, Iowa; and $4.8 million on an industrial property in Roseville, Minnesota. These properties were written-down to estimated fair value based on receipt of individual market offers to purchase and our 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 Edina, Minnesota, office property was based on receipt of a market offer to purchase and our intent to dispose of the property (we signed a purchase agreement 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 Golden Valley, Minnesota, office property based on receipt of a market offer to purchase and our intent to dispose of the property (we signed a purchase agreement in the first quarter of fiscal year 2015). 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. Our 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. We classify properties as held for sale when they meet the U.S. GAAP criteria, which include: (a) management commits to and initiates a plan to sell the asset (disposal group), (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets (disposal groups), and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We generally consider these criteria met when the transaction has been approved by our Board of Directors, there are no known significant contingencies related to the sale and management believes it is probable that the sale will be completed within one year. 35 healthcare properties, one multifamily property, one industrial property and three parcels of unimproved land were classified as held for sale at April 30, 2016. One office property and one healthcare property were classified as held for sale at April 30, 2015. In addition, properties classified as discontinued operations during fiscal year 2016 were reclassified as assets and liabilities held for sale as of April 30, 2015. See Note 12 for additional information. Prior to February 1, 2014, we 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. Effective February 1, 2014, we adopted 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. As a result of the adoption of ASU 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 our consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL Upon acquisition of real estate, we record 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. We amortize 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, 2016 and 2015, respectively, we added $2.2 million and approximately $416,000 of new intangible assets and approximately $101,000 and $0 of new intangible liabilities. The weighted average lives of the intangible assets acquired in the twelve months ended April 30, 2016 and 2015 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. Our 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, 2016 and 2015 was $1.7 million and $1.7 million, respectively. 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 year 2016, we disposed of eight commercial properties that had goodwill assigned, and as a result, approximately $196,000 of goodwill was derecognized. In fiscal year 2015, we recognized approximately $852,000 of goodwill from the acquisition of the Homestead Garden multifamily property and disposed of one multifamily property and two commercial properties to which goodwill had been assigned, and as a result, approximately $40,000 of goodwill was derecognized. In fiscal years 2014, we disposed of property that had goodwill assigned, and as a result, approximately $7,000 of goodwill was derecognized. PROPERTY AND EQUIPMENT Property and equipment consists of the equipment contained at our headquarters in Minot, North Dakota, corporate offices in Minneapolis and St. Cloud, Minnesota, and additional property management offices located in the states where we own properties. The balance sheet reflects these assets at cost, net of accumulated depreciation. As of April 30, 2016 and 2015, property and equipment cost was $2.1 million and $2.4 million, respectively. Accumulated depreciation was $1.1 million and $1.4 million as of April 30, 2016 and 2015, 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 our bank deposits and short-term investment certificates acquired subject to repurchase agreements, and our deposits in a money market mutual fund. At times, these deposits may exceed the FDIC limit. COMPENSATING BALANCES AND OTHER INVESTMENTS; LENDER HOLDBACKS We maintain 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, 2016, our compensating balances totaled $13.2 million and consisted of the following: Financial Institution First International Bank, Watford City, ND $ Associated Bank, Green Bay, WI The PrivateBank, Minneapolis, MN Bremer Bank, Saint Paul, MN Dacotah Bank, Minot, ND Peoples State Bank, Velva, ND American National Bank, Omaha, NE Commerce Bank a Minnesota Banking Corporation Total $ A portion of the deposit at Dacotah Bank is held as a certificate of deposit and comprises the $50,000 in other investments on the Consolidated Balance Sheets. The certificate of deposit has a remaining term of less than six months and we intend to hold it to maturity. We have a number of mortgage loans under which the lender retains a portion of the loan proceeds or requires a deposit for the payment of construction costs or tenant improvements. The decrease of $4.3 million in lender holdbacks for improvements reflected in the Consolidated Statements of Cash Flows for the fiscal year ended April 30, 2016 is due primarily to the release of loan proceeds to us upon completion of these construction and tenant improvement projects, while the increase of $1.1 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 including properties held for sale for fiscal years ended April 30, 2016, 2015 and 2014 is as follows: (in thousands) Balance at beginning of year $ $ $ Provision Write-off Balance at close of year $ $ 1,156 $ 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 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 We operate in a manner intended to enable us 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, 2016 , 2015 and 2014, we 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 we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our 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, we 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 we qualifie 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). We have 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 2016, we estimate 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 years ended April 30, 2016, 2015 and 2014. Our TRS is the tenant in our Legends at Heritage Place senior housing facility. We conduct our business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through our Operating Partnership. UPREIT status allows us 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, 2015 were characterized, for federal income tax purposes, as 36.28% ordinary income, 11.99% capital gain and 51.73% return of capital. Distributions for the calendar year ended December 31, 2014 were characterized, for federal income tax purposes, as 25.74% ordinary income, 23.09% capital gain and 51.17% return of capital. REVENUE RECOGNITION Multifamily 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. We receive payments for these reimbursements from substantially all of our 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 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. We have no potentially dilutive financial interests. The potential issuance of Units in exchange for common shares pursuant to the Exchange Right 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. PROCEEDS FROM FINANCING LIABILITY During the first quarter of fiscal year 2014, we sold a non-core assisted living property in exchange for $7.9 million in cash and a $29.0 million contract for deed which matures August 1, 2018 . The buyer leased the property back to us, and also granted us an option to repurchase the property at a specified price at or prior to July 31, 2018. We accounted for the transaction as a financing due to o |
CREDIT RISK
CREDIT RISK | 12 Months Ended |
Apr. 30, 2016 | |
CREDIT RISK [Abstract] | |
CREDIT RISK | NOTE 3 • CREDIT RISK We are potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. We have not experienced any losses in such accounts. We have 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 U.S. 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 us pursuant to the repurchase agreement are not insured by FDIC. At April 30, 2016 and 2015, these amounts totaled $36.7 million and $9.7 million, respectively. |
PROPERTY OWNED
PROPERTY OWNED | 12 Months Ended |
Apr. 30, 2016 | |
PROPERTY OWNED [Abstract] | |
PROPERTY OWNED | NOTE 4 • PROPERTY OWNED Property, consisting principally of real estate, is stated at cost less accumulated depreciation and totaled $1.4 billion and $1.1 billion as of April 30, 2016 and 2015, respectively. Construction period interest of approximately $4.9 million, $4.9 million and $2.9 million has been capitalized for the years ended April 30, 2016, 2015 and 2014, respectively. The future minimum lease receipts to be received under non-cancellable leases for commercial properties held for investment as of April 30, 2016, assuming that no options to renew or buy out the lease are exercised, are as follows: Year Ended April 30, (in thousands) 2017 $ 2018 2019 2020 2021 Thereafter $ See Real Estate Investments within Note 2 for information about impairment losses recorded during fiscal years 2016 and 2015. |
IDENTIFIED INTANGIBLE ASSETS AN
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES | 12 Months Ended |
Apr. 30, 2016 | |
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES [Abstract] | |
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES | NOTE 5 • IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES Our identified intangible assets and intangible liabilities at April 30, 2016 and 2015 were as follows: (in thousands) April 30, 2016 April 30, 2015 Identified intangible assets (included in intangible assets): Gross carrying amount $ $ Accumulated amortization Net carrying amount $ $ Identified intangible liabilities (included in other liabilities): Gross carrying amount $ $ Accumulated amortization Net carrying amount $ $ The amortization of acquired below-market leases and acquired above-market leases reduced rental income by approximately $14,000 , $24,000 and $25,000 for the twelve months ended April 30, 2016, 2015 and 2014, 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) 2017 $ 2018 2019 2020 2021 Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1.7 million, $1.5 million and $2.1 million for the twelve months ended April 30, 2016, 2015 and 2014, 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) 2017 $ 2018 2019 2020 2021 |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 12 Months Ended |
Apr. 30, 2016 | |
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’s Agreement of Limited Partnership. We reflect noncontrolling interests in consolidated real estate entities on the balance sheet for the portion of properties consolidated by us that are not wholly owned by us. 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. During fiscal year 2016, Mendota Properties LLC disposed of the five properties held by the entity. Our noncontrolling interests – consolidated real estate entities at April 30, 2016 and 2015 were as follows: (in thousands) April 30, 2016 April 30, 2015 IRET-71 France, LLC $ $ IRET-Cypress Court Apartments, LLC IRET-RED 20, LLC IRET-Williston Garden Apartments, LLC IRET - WRH 1, LLC Mendota Properties LLC — WRH Holding, LLC Other — Noncontrolling interests – consolidated real estate entities $ $ |
LINE OF CREDIT
LINE OF CREDIT | 12 Months Ended |
Apr. 30, 2016 | |
LINE OF CREDIT [Abstract] | |
LINE OF CREDIT | NOTE 7 • LINE OF CREDIT As of April 30, 2016, we, through our Operating Partnership as Borrower, had one secured revolving multi-bank line of credit with First International Bank and Trust, Watford City, North Dakota (“First International Bank”), as lead bank. The line of credit has lending commitments of $100.0 million, a current interest rate of 4.75% , a maturity date of September 1, 2017 and a minimum outstanding principal balance requirement of $17.5 million . As of April 30, 2016, participants 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 United Bankers’ Bank. The interest rate on borrowings under the line of credit is the Wall Street Journal Prime Rate plus 1.25% , with a floor of 4.75% and a cap of 8.65% during the initial term of the line of credit. Interest-only payments are due monthly based on the total amount of advances outstanding. As of April 30, 2016, we had advanced $17.5 million under the line of credit. The line of credit may be prepaid at par at any time. The facility includes covenants and restrictions requiring us 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 we are also required to maintain minimum depository account(s) totaling $6.0 million with First International Bank, of which $1.5 million is to be held in a non-interest bearing account. As of April 30, 2016, 17 properties with a total cost of $162.1 million collateralized this line of credit. As of April 30, 2016, we believe we are in compliance with the line of credit’s covenants. This credit facility is summarized in the following table: (in thousands) Weighted Average Int. Amount Amount Applicable Rate on Outstanding Outstanding Interest Rate Borrowings Amount as of April 30, as of April 30, as of April 30, Maturity during fiscal Financial Institution Available Date year 2016 First International Bank & Trust $ $ $ % 9/1/17 % |
MORTGAGES PAYABLE AND CONSTRUCT
MORTGAGES PAYABLE AND CONSTRUCTION DEBT | 12 Months Ended |
Apr. 30, 2016 | |
MORTGAGES PAYABLE AND CONSTRUCTION DEBT [Abstract] | |
MORTGAGES PAYABLE AND CONSTRUCTION DEBT | NOTE 8 • MORTGAGES PAYABLE AND CONSTRUCTION DEBT Most of our properties owned 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 us, other than for standard carve-out obligations such as fraud, waste, failure to insure, environmental conditions and failure to pay real estate taxes. Interest rates on mortgages payable range from 2.44% to 7.94% , and the mortgages have varying maturity dates from July 1, 2016 through July 1, 2036 . As of April 30, 2016, management believes there are no material defaults or material compliance issues in regards to any of these mortgages payable. Of the mortgages payable, including mortgages on properties held for sale, the balance of fixed rate mortgages totaled $689.3 million and $904.9 million at April 30, 2016 and 2015, respectively, and the balances of variable rate mortgages totaled $196.8 million and $70.0 million as of April 30, 2016, and 2015, respectively. We do not utilize derivative financial instruments to mitigate our exposure to changes in market interest rates. Most of the fixed rate mortgages have substantial pre-payment penalties. As of April 30, 2016, the weighted-average rate of interest on our mortgage debt was 4.54% , compared to 5.16% on April 30, 2015. The aggregate amount of required future principal payments on mortgages payable as of April 30, 2016, is as follows (in thousands) Mortgages Mortgages on Properties on Properties Held for Held for Year Ended April 30, Investment Sale 2017 $ $ 2018 2019 2020 2021 Thereafter Total payments $ $ In addition to mortgage loans comprising our $ 886.1 million of mortgage indebtedness, our revolving, multi-bank secured line of credit discussed in Note 7 is secured as of April 30, 2016, by mortgages on 17 properties. This line of credit is not included in our mortgage indebtedness total. We currently have 29 unencumbered properties. Our construction debt totaled $82.0 million and $136.2 million on April 30, 2016 and 2015, respectively. The weighted average rate of interest on the construction debt as of April 30, 2016 was 2.74% , compared to 3.38% as of April 30, 2015. The total available to be drawn on the construction loans was $26.2 million at April 30, 2016. |
TRANSACTIONS WITH RELATED PARTI
TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended |
Apr. 30, 2016 | |
TRANSACTIONS WITH RELATED PARTIES [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | NOTE 9 • TRANSACTIONS WITH RELATED PARTIES BANKING SERVICES – FIRST INTERNATIONAL BANK AND TRUST We have an ongoing banking relationship with First International Bank. Stephen L. Stenehjem, a member of our Board of Trustees, is the Chief Executive Officer and Chairman of First International Bank and the Chief Executive Officer of Watford City BancShares, Inc., its bank holding company, and the bank holding company is owned by Mr. Stenehjem and members of his family. We have one mortgage loan outstanding with First International Bank, with an original principal balance of $43.0 million (Renaissance Heights I) bearing variable interest at 5.24% per annum as of April 30, 2016. We paid interest on this loan of $2.2 million in fiscal year 2016 and it had a balance of $42.2 million at April 30, 2016. We have a multi-bank line of credit with a capacity of $100.0 million, of which First International Bank is the lead bank and a participant with an $11.0 million commitment. In fiscal year 2016, we paid First International Bank a total of approximately $186,000 in interest on First International Bank’s portion of the outstanding balance of this credit line, and paid fees of $77,000 . In connection with this multi-bank line of credit, we maintain compensating balances with First International Bank 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 us interest on the deposited amount of 0.20% per annum. We also maintain checking accounts with First International Bank. In fiscal year 2016, we paid less than $500 in total in various bank service and other fees charged on these checking accounts. In fiscal years 2015 and 2014, we paid interest and fees on outstanding mortgage and construction loans of approximately $1.7 million and $1.0 million respectively. In fiscal years 2015 and 2014, respectively, we paid First International Bank $245,000 and $125,000 in interest on First International Bank’s portion of the multi-bank line of credit and paid fees of $40,000 in both years. Also in both fiscal years 2015 and 2014, we paid under $500 in total in various bank service and other fees charged on checking accounts maintained with First International Bank. Total payments of interest and fees from us to First International Bank were approximately $2.5 million, $2.0 million and $1.2 million in fiscal years 2016, 2015 and 2014, respectively. LEASE AND SALE TRANSACTIONS In fiscal year 2013, we entered into an agreement with First International Bank to construct an approximately 3,700 square-foot building on an outlot of our Arrowhead Shopping Center in Minot, North Dakota, to be leased by First International Bank 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 received in fiscal years 2016, 2015 and 2014 totaled $108,000 , $109,000 and $109,000 , respectively . We sold the property to First International Bank during fiscal year 2016 for a sales price of $1.7 million. SALES AGREEMENT We have an investment banking relationship with Robert W. Baird & Co. Incorporated (“Baird”). Terrance P. Maxwell, a member of our Board of Trustees, was appointed the Chief Financial Officer of Baird in March 2015 and has served as a Managing Director and member of the Executive Committee since May 2014. On August 30, 2013, we and our Operating Partnership entered into an at-the-market, or ATM, sales agreement with Baird as sales agent. Under the terms of this agreement, we may from time to time issue and sell through Baird our common shares having an aggregate offering price of up to $75.0 million. B aird will be entitled to compensation of up to 2.0% of the gross sales price per share for common shares sold under the agreement . The agreement remains in force until terminated pursuant to its terms, including automatic termination upon the sale of all such shares through Baird. We have not issued any common shares under this program during fiscal years 2016, 2015 and 2014. |
ACQUISITIONS, DEVELOPMENT PROJE
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS | 12 Months Ended |
Apr. 30, 2016 | |
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS [Abstract] | |
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS | NOTE 10 • ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS PROPERTY ACQUISITIONS We added $143.5 million of real estate properties to our portfolio through property acquisitions during fiscal year 2016, compared to $56.3 million in fiscal year 2015. We expensed approximately $253,000 and $216,000 of transaction costs related to the acquisitions in fiscal years 2016 and 2015, respectively. The fiscal year 2016 and 2015 acquisitions are detailed below. Fiscal 2016 ( May 1, 2015 to April 30, 2016 ) (in thousands) Total Form of Consideration Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost Cash Units (1) Land Building Assets Multifamily 74 unit - Gardens - Grand Forks, ND 2015-09-10 $ $ $ $ $ $ 276 unit - GrandeVille at Cascade Lake - Rochester, MN 2015-10-29 — 187 unit - Avalon Cove - Rochester, MN (2) 2016-03-22 90 unit - Cascade Shores - Rochester, MN 2016-03-22 — 76 unit - Crystal Bay - Rochester, MN 2016-03-22 — 40-unit - French Creek - Rochester, MN 2016-03-22 — Healthcare 27,819 sq ft Lakeside Medical Plaza - Omaha, NE 2015-08-20 — Total Property Acquisitions $ $ $ $ $ $ (1) Value of Units of the Operating Partnership based on the closing market price of our common stock on the acquisition date . The number of Units issued were approximately 44,000 and 2.5 million, respectively, for the Gardens and Avalon Cove acquisitions. (2) Acquisition resulted in a gain on bargain purchase of approximately $3.4 million. See Note 2 for additional information. Fiscal 2015 ( May 1, 2014 to April 30, 2015 ) (in thousands) Total Form of Consideration Investment Allocation Acquisition Intangible Acquisitions Date Acquired Cost Cash Units (1) Other (2) Land Building Assets Multifamily 152 unit - Homestead Garden - Rapid City, SD (3) 2014-06-02 $ 15,000 $ 5,092 $ — $ 9,908 $ 655 $ 14,139 $ 206 52 unit - Silver Springs - Rapid City, SD 2014-06-02 3,280 1,019 — 2,261 215 3,006 59 68 unit - Northridge - Bismarck, ND 2014-09-12 8,500 8,400 100 — 884 7,516 100 119 unit - Legacy Heights - Bismarck, ND (4) 2015-03-19 15,000 14,300 700 — 1,207 13,742 51 41,780 28,811 800 12,169 2,961 38,403 416 Unimproved Land Creekside Crossing - Bismarck, ND 2014-05-22 — — — — PrairieCare Medical - Brooklyn Park, MN 2014-06-05 — — — — 71 France Phase I - Edina. MN (5) 2014-06-12 — — — — Monticello 7 th Addition - Monticello, MN 2014-10-09 — — — — 71 France Phase II & III - Edina. MN (5) 2014-11-04 — — — — Minot 1525 24 th Ave SW - Minot, ND 2014-12-23 — — — — — — — Total Property Acquisitions $ $ $ $ $ $ $ (1) Value of limited partnership units of the Operating Partnership based on the closing market price of our common stock on the acquisition date . The number of Units issued were approximately 11,000 and 77,000 , respectively, for the Northridge and Legacy Heights acquisitions. (2) Consists of assumed debt (Homestead Garden I: $9.9 million, Silver Springs: $2.3 million) and value of land contributed by the joint venture partner (71 France: $4.7 million). (3) At acquisition, we adjusted the assumed debt to fair value and recognized approximately $852,000 of goodwill. (4) At acquisition, the purchase price included assets in development (land: $804,000 , building: $7.8 million, escrow $1.3 million). (5) Land was contributed to a joint venture in which we have an approximately 52.6% interest. The joint venture is consolidated in our financial statements. Acquisitions in fiscal years 2016 and 2015 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 2016 and 2015 acquisitions are detailed below. (in thousands) Year Ended April 30, 2016 2015 Total revenue $ $ Net loss $ $ DEVELOPMENT PROJECTS PLACED IN SERVICE Our Operating Partnership placed approximately $211.8 million of development projects in service during fiscal year 2016, compared to $124.5 million in fiscal year 2015. The fiscal year 2016 and 2015 development projects placed in service are detailed below. Fiscal 2016 ( May 1, 2015 to April 30, 2016 ) (in thousands) Date Placed Development Development Projects Placed in Service (1) in Service Land Building Cost Multifamily 72 unit - Chateau II - Minot, ND (2) 2015-06-01 $ $ $ 288 unit - Renaissance Heights - Williston, ND (3) 2015-07-27 163 unit - Deer Ridge - Jamestown, ND (4) 2016-02-22 251 unit - Cardinal Point - Grand Forks, ND (5) 2016-03-18 Healthcare 57,624 sq ft Edina 6565 France SMC III - Edina, MN (6) 2015-06-01 — 70,756 sq ft PrairieCare Medical - Brooklyn Park, MN (7) 2015-09-08 Other 7,963 sq ft Minot Southgate Retail - Minot, ND (8) 2015-10-01 Total Development Projects Placed in Service $ $ $ (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 71 France project, which was partially placed in service during the fiscal year ended April 30, 2016. (2) Costs paid in prior fiscal years totaled $12.3 million. Additional costs incurred in fiscal year 2016 totaled $2.3 million, for a total project cost at April 30, 2016 of $14.6 million. (3) Costs paid in prior fiscal years totaled $57.7 million. Additional costs incurred in fiscal year 2016 totaled $4.8 million, for a total project cost at April 30, 2016 of $62.5 million. The project is owned by a joint venture entity in which we currently have an approximately 70.0% interest. The joint venture is consolidated in our financial statements. (4) Costs paid in prior fiscal years totaled $14.3 million. Additional costs incurred in fiscal year 2016 totaled $10.5 million, for a total project cost at April 30, 2016 of $24.8 million. (5) Costs paid in prior fiscal years totaled $23.0 million. Additional costs incurred in fiscal year 2016 totaled $26.7 million, for a total project cost at April 30, 2016 of $49.7 million. (6) Costs paid in prior fiscal years totaled $20.8 million. Additional costs incurred in fiscal year 2016 totaled $12.2 million, for a total project cost at April 30, 2016 of $33.0 million. (7) Costs paid in prior fiscal years totaled $17.3 million. Additional costs incurred in fiscal year 2016 totaled $7.1 million, for a total project cost at April 30, 2016 of $24.4 million. (8) Costs paid in prior fiscal years totaled $2.1 million. Additional costs incurred in fiscal year 2016 totaled approximately $500,000 , for a total project cost at April 30, 2016 of $2.6 million. Fiscal 2015 ( May 1, 2014 to April 30, 2015 ) (in thousands) Date Placed Development Development Projects Placed in Service (1) in Service Land Building Cost Multifamily 44 unit - Dakota Commons - Williston, ND (2) 2014-07-15 $ $ $ 130 unit - Red 20 - Minneapolis, MN (3) 2014-11-21 233 unit - Commons at Southgate - Minot, ND (4) 2014-12-09 64 unit - Cypress Court II - St. Cloud, MN (5) 2015-01-01 165 unit - Arcata - Golden Valley, MN (6) 2015-01-01 Other 4,998 sq ft Minot Southgate Wells Fargo Bank - Minot, ND (7) 2014-11-10 202,807 sq ft Roseville 3075 Long Lake Road - Roseville, MN 2015-02-02 — Total Development Projects Placed in Service $ $ $ (1) Development projects that are placed in service in phases are excluded from this table until the entire project has been placed in service. See Note 6 for additional information on the Renaissance Heights project, which was partially placed in service during the fiscal year 2014 and the twelve months ended April 30, 2015. (2) Costs paid in prior fiscal years totaled $8.1 million. Additional costs paid in fiscal year 2015 totaled $2.3 million, for a total project cost at April 30, 2015 of $10.4 million. (3) Costs paid in prior fiscal years totaled $12.2 million. Additional costs paid in fiscal year 2015 totaled $16.1 million, for a total project cost at April 30, 2015 of $28.3 million. The project is owned by a joint venture entity in which we have an approximately 58.6% interest. The joint venture is consolidated in our financial statements. (4) Costs paid in prior fiscal years totaled $26.5 million, respectively. Additional costs paid in fiscal year 2015 totaled $8.1 million, for a total project cost at April 30, 2015 of $35.0 million. The project is owned by a joint venture entity in which we had an approximately 52.9% interest at April 30, 2015. The joint venture is consolidated in our financial statements. (5) Costs paid in prior fiscal years totaled $1.2 million. Additional costs paid in fiscal year 2015 totaled $5.5 million, for a total project cost at April 30, 2015 of $6.8 million. The project is owned by a joint venture entity in which we have an approximately 86.1% interest. The joint venture is consolidated in our financial statements. (6) Costs paid in prior fiscal years totaled $11.3 million, respectively. Additional costs paid in fiscal year 2015 totaled $19.1 million, for a total project cost at April 30, 2015 of $31.7 million. (7) Costs paid in fiscal year 2015 totaled $3.2 million, including land acquired in fiscal year 2013. PROPERTY DISPOSITIONS During fiscal year 2016, we sold 8 multifamily, 40 office properties, 2 healthcare properties, 18 retail properties and 3 parcels of unimproved land for a total sales price of $ 414.1 million and transferred ownership of 9 office properties pursuant to a deed in lieu transaction. Dispositions totaled $76.0 million in fiscal year 2015. The fiscal year 2016 and 2015 dispositions are detailed below. Fiscal 2016 ( May 1, 2015 to April 30, 2016 ) (in thousands) Date Book Value Dispositions Disposed Sales Price and Sales Cost Gain/(Loss) Multifamily 391 unit - St. Cloud Student Housing Portfolio - St. Cloud, MN 2016-03-24 $ Healthcare 61,758 sq ft Nebraska Orthopaedic Hospital - Omaha, NE 2016-04-01 Other 117,144 sq ft Thresher Square – Minneapolis, MN 2015-05-18 2,549,222 sq ft Office Sale Portfolio (1) 2015-08-03 420,216 sq ft Mendota Office Center Portfolio – Mendota Heights, MN(2) 2015-08-12 1,027,208 sq ft Retail Sale Portfolio (3) 2015-09-30 48,700 sq ft Eden Prairie 6101 Blue Circle Drive – Eden Prairie, MN 2015-10-19 8,526 sq ft Burnsville I Strip Center – Burnsville, MN 2015-12-23 4,800 sq ft Pine City C-Store – Pine City, MN 2016-01-08 11,003 sq ft Minot Plaza – Minot, ND 2016-01-19 937,518 sq ft 9-Building Office Portfolio (4)(5) 2016-01-29 (5) (5) (5) 3,702 sq ft Arrowhead First International Bank - Minot, ND 2016-04-06 Unimproved Land River Falls Unimproved Land - River Falls, WI 2016-04-06 Total Property Dispositions $ $ $ (1) The properties included in this portfolio disposition are: 610 Business Center, 7800 West Brown Deer Road, Ameritrade, Barry Pointe Office Park, Benton Business Park, Brenwood, Brook Valley I, Crosstown Centre, Golden Hills Office Center, Granite Corporate Center, Great Plains, Highlands Ranch I, Highlands Ranch II, Interlachen Corporate Center, Intertech Building, Minnesota National Bank, Northpark Corporate Center, Omaha 10802 Farnam Dr, Plaza VII, Plymouth 5095 Nathan Lane, Prairie Oak Business Center, Rapid City 900 Concourse Drive, Spring Valley IV, Spring Valley V, Spring Valley X, Spring Valley XI, Superior Office Building, TCA Building & vacant land, Three Paramount Plaza, UHC Office, US Bank Financial Center, Wells Fargo Center, West River Business Park and Westgate. (2) The properties included in this portfolio disposition are: Mendota Office Center I, Mendota Office Center II, Mendota Office Center III, Mendota Office Center IV and American Corporate Center. (3) The properties included in this portfolio disposition are: Champlin South Pond, Chan West Village, Duluth 4615 Grand, Duluth Denfeld Retail, Forest Lake Auto, Forest Lake Westlake Center, Grand Forks Medpark Mall, Jamestown Buffalo Mall, Jamestown Business Center, Lakeville Strip Center, Monticello C Store & vacant land, Omaha Barnes & Noble, Pine City Evergreen Square, Rochester Maplewood Square and St. Cloud Westgate. (4) The properties included in this portfolio disposition are: Corporate Center West, Farnam Executive Center, Flagship Corporate Center, Gateway Corporate Center, Miracle Hills One, Pacific Hills, Riverport, Timberlands, and Woodlands Plaza IV. (5) On January 29, 2016, we transferred ownership of nine properties to the mortgage lender on a $122.6 million non-recourse loan and removed the debt obligation and accrued interest from our balance sheet. The properties had an estimated fair value of $89.3 million on the transfer date. Upon completion of this transfer, we recognized a gain on extinguishment of debt of $36.5 million, representing the difference between the loan and accrued interest payable extinguished over the carrying value of the properties, cash, accounts payable and accounts receivable transferred as of the transfer date and related closing costs. Fiscal 2015 ( May 1, 2014 to April 30, 2015 ) (in thousands) Date Book Value Dispositions Disposed Sales Price and Sales Cost Gain/(Loss) Multifamily 83 unit - Lancaster - St. Cloud, MN 2014-09-22 $ $ $ Healthcare 45,222 sq ft Jamestown Medical Office Building - Jamestown, ND 2015-02-05 Other 73,338 sq ft Dewey Hill - Edina, MN 2014-05-19 198,600 sq ft Eagan 2785 & 2795 - Eagan, MN 2014-07-15 25,644 sq ft Weston Retail - Weston, WI 2014-07-28 — 74,568 sq ft Wirth Corporate Center - Golden Valley, MN 2014-08-29 52,000 sq ft Kalispell Retail - Kalispell, MT 2014-10-15 34,226 sq ft Fargo Express Center & SC Pad - Fargo, ND 2014-11-18 79,297 sq ft Northgate I – Maple Grove, MN 2014-12-01 45,222 sq ft Jamestown Medical Office Building - Jamestown, MN 2015-02-05 14,820 sq ft Weston Walgreens – Weston, WI 2015-02-27 26,000 sq ft Northgate II - Maple Grove, MN 2015-03-02 45,019 sq ft Burnsville Bluffs II - Burnsville, MN 2015-03-25 26,186 sq ft Plymouth I - Plymouth, MN 2015-03-25 26,186 sq ft Plymouth II - Plymouth, MN 2015-03-25 26,186 sq ft Plymouth III - Plymouth, MN 2015-03-25 126,936 sq ft Plymouth IV & V - Plymouth, MN 2015-03-25 58,300 sq ft Southeast Tech Center - Eagan, MN 2015-03-25 61,138 sq ft Whitewater Plaza - Minnetonka, MN 2015-03-25 13,374 sq ft 2030 Cliff Road - Eagan, MN 2015-04-21 Unimproved Land Kalispell Unimproved - Kalispell, MT 2014-10-15 — Weston – Weston, WI 2015-02-17 — — Total Property Dispositions $ $ $ |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Apr. 30, 2016 | |
OPERATING SEGMENTS [Abstract] | |
OPERATING SEGMENTS | NOTE 11 • OPERATING SEGMENTS We report our results in two reportable segments, which are aggregations of similar properties: multifamily and healthcare, excluding our senior housing properties, which were classified as held for sale and discontinued operations at April 30, 2016. 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 U.S. 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, 2016, 2015 and 2014 from our two 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, 2016 Multifamily Healthcare All Other Total Real estate revenue $ $ $ $ Real estate expenses Net operating income $ $ $ Depreciation and amortization Impairment of real estate investments General and administrative expenses Acquisition and investment related costs Other expenses Interest expense Loss on debt extinguishment Interest and other income Income before gain on sale of real estate and other investments, gain on bargain purchase and income from discontinued operations Gain on sale of real estate and other investments Gain on bargain purchase Income from continuing operations Income from discontinued operations Net income $ (in thousands) Year Ended April 30, 2015 Multifamily Healthcare All Other Total Real estate revenue $ $ $ $ Real estate expenses Net operating income $ $ $ Depreciation and amortization Impairment of real estate investments General and administrative expenses Acquisition and investment related costs Other expenses Interest expense Interest and other income Income before gain on sale of real estate and other investments Gain on sale of real estate and other investments Income from continuing operations Income from discontinued operations Net income $ (in thousands) Year Ended April 30, 2014 Multifamily Healthcare All Other Total Real estate revenue $ $ $ $ Real estate expenses Gain on involuntary conversion Net operating income $ $ $ Depreciation and amortization Impairment of real estate investments General and administrative expenses Acquisition and investment related costs Other expenses Interest expense Interest and other income Income before loss on sale of real estate and other investments and loss from discontinued operations Loss on sale of real estate and other investments Income from continuing operations Loss from discontinued operations Net loss $ Segment Assets and Accumulated Depreciation (in thousands) As of April 30, 2016 Multifamily Healthcare All Other Total Segment assets Property owned $ $ $ $ Less accumulated depreciation Total property owned $ $ $ $ Assets held for sale and assets from discontinued operations Cash and cash equivalents Other investments Receivables and other assets Development in progress Unimproved land Total Assets $ (in thousands) As of April 30, 2015 Multifamily Healthcare All Other Total Segment assets Property owned $ $ $ $ Less accumulated depreciation Total property owned $ $ $ $ Assets held for sale and assets from discontinued operations Cash and cash equivalents Other investments Receivables and other assets Development in progress Unimproved land Total Assets $ |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Apr. 30, 2016 | |
DISCONTINUED OPERATIONS [Abstract] | |
DISCONTINUED OPERATIONS | NOTE 12 • DISCONTINUED OPERATIONS Prior to February 1, 2014, we 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 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 our consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described in Note 2. During fiscal year 2016, we determined that our strategic plan to exit the office and retail segments met the criteria for discontinued operations. Accordingly, 48 office properties, 17 retail properties and 1 healthcare property were classified as discontinued operations and subsequently sold during fiscal year 2016. Additionally, we determined that our strategic decision to exit senior housing, which is a subset of our healthcare segment, met the criteria for discontinued operations and we consequently classified 34 senior housing properties as held for sale and discontinued operations at April 30, 2016. We classified no dispositions as discontinued operations during fiscal year 2015. During fiscal year 2014, we disposed of two multifamily properties, three office properties, twelve industrial properties and three retail properties that were classified as discontinued operations. 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, 2016, 2015 and 2014. (in thousands) REVENUE Real estate rentals $ $ $ Tenant reimbursement TRS senior housing revenue TOTAL REVENUE EXPENSES Property operating expenses, excluding real estate taxes Real estate taxes Depreciation and amortization Impairment of real estate investments TRS senior housing expenses Other expenses — TOTAL EXPENSES Operating income (loss) Interest expense (1) Gain on extinguishment of debt (1) — — Interest income — Other income Income (loss) from discontinued operations before gain on sale Gain on sale of discontinued operations — INCOME (LOSS) FROM DISCONTINUED OPERATIONS $ $ $ Segment Data Multifamily $ — $ — $ Healthcare All other Total $ $ $ (1) Interest expense includes $4.7 million and approximately $528,000 for fiscal years ended April 30, 2016 and 2015, respectively, of default interest related to a $122.6 million non-recourse loan. Gain on extinguishment of debt in the fiscal year ended April 30, 2016 includes $36.5 million of gain on extinguishment of debt recognized in connection with our transfer of ownership to the mortgage lender of the nine properties serving as collateral for the $122.6 million non-recourse loan and the removal of the debt obligation and accrued interest from our balance sheet. (in thousands) Property Sale Data Sales price $ — $ Net book value and sales costs — Gain on sale of discontinued operations $ — $ The following information reconciles the carrying amounts of major classes of assets and liabilities of the discontinued operations to assets and liabilities held for sale that are presented separately on the Condensed Consolidated Balance Sheets: (in thousands) April 30, 2016 April 30, 2015 Carrying amounts of major classes of assets included as part of discontinued operations Property owned and intangible assets, net of accumulated depreciation and amortization $ $ Receivable arising from straight-lining of rents Accounts receivable Prepaid and other assets Intangible assets Tax, insurance and other escrow Property and equipment Goodwill Deferred charges and leasing costs Total major classes of assets of the discontinued operations Other assets included in the disposal group classified as held for sale Total assets of the disposal group classified as held for sale on the balance sheet $ $ Carrying amounts of major classes of liabilities included as part of discontinued operations Accounts payable and accrued expenses $ $ Mortgages payable Other Total major classes of liabilities of the discontinued operations Other liabilities included in the disposal group classified as held for sale Total liabilities of the disposal group classified as held for sale on the balance sheet $ $ |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Apr. 30, 2016 | |
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. We have no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional common shares that would result in a dilution of earnings. Pursuant to the exercise of Exchange Rights, Units may be exchanged for common 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, 2016, 2015 and 2014: For Year Ended April 30, (in thousands, except per share data) NUMERATOR Income from continuing operations – Investors Real Estate Trust $ $ $ Income (loss) from discontinued operations – Investors Real Estate Trust Net income (loss) attributable to Investors Real Estate Trust Dividends to preferred shareholders Numerator for basic earnings per share – net income (loss) available to common shareholders Noncontrolling interests – Operating Partnership Numerator for diluted earnings (loss) per share $ $ $ DENOMINATOR Denominator for basic earnings per share weighted average shares Effect of convertible operating partnership units Denominator for diluted earnings per share Earnings (loss) per common share from continuing operations – Investors Real Estate Trust – basic and diluted $ $ $ Earnings (loss) per common share from discontinued operations – Investors Real Estate Trust – basic and diluted NET INCOME (LOSS) PER COMMON SHARE – BASIC & DILUTED $ $ $ |
RETIREMENT PLANS
RETIREMENT PLANS | 12 Months Ended |
Apr. 30, 2016 | |
RETIREMENT PLANS [Abstract] | |
RETIREMENT PLANS | NOTE 14 • RETIREMENT PLANS We sponsor a defined contribution 401(k) retirement plan. There are three types of contributions to the plan: 401(k) Safe Harbor employer matching contributions, discretionary non-elective employer contributions and employee deferrals or contributions. Participation in our defined contribution 401(k) plan is available to employees over the age of 21 , except that collectively bargained employees, non-resident alien employees and part-time/temporary/seasonal employees scheduled to work less than 1,000 hours of service within the plan year are excluded from participation. Employees can contribute immediately upon hire; however, they are not eligible for the employer match until they have completed six months of service and worked 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 our management. Employees are eligible to receive discretionary employer 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. We currently expect discretionary employer contributions to be not more than 3.5% of the eligible wages of each participating employee, and currently match, 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. Discretionary employer contributions are subject to a vesting schedule; 401(k) matching contributions are fully vested when made. Our contributions to these plans on behalf of employees totaled approximately $836,000 , $1.0 million and $1.1 million in fiscal years 2016, 2015 and 2014, respectively. The decrease in cost from fiscal year 2015 to fiscal year 2016 was due to a decrease in discretionary employer contribution expense. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Apr. 30, 2016 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 15 • COMMITMENTS AND CONTINGENCIES Ground Leases. As of April 30, 2016, we are a tenant under operating ground or air rights leases on nine of our properties. We pay a total of approximately $329,000 per year in rent under these ground leases, which have remaining terms ranging from 15 to 85 years, and expiration dates ranging from February 2031 to October 2100 . We have renewal options for four of the nine 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, 2016 is as follows: (in thousands) Fiscal Year Ended April 30, Lease Payments 2017 $ 2018 2019 2020 2021 Thereafter Total $ Legal Proceedings . We are involved in various lawsuits arising in the normal course of business. Management believes that such matters will not have a material effect on our consolidated financial statements. Environmental Matters . It is generally our policy to obtain a Phase I environmental assessment of each property that we seek to acquire. Such assessments have not revealed, nor are we aware of, any environmental liabilities that we believe would have a material adverse effect on our financial position or results of operations. We own 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, we 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, we have not recorded any related asset retirement obligation as the fair value of the liability cannot be reasonably estimated due to insufficient information. We believe we do 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 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, we may commit ourself 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 we are 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, 2016, we are committed to fund $6.1 million in tenant improvements, within approximately the next 12 months. Of this total, approximately $101,000 is related to properties classified as held for sale. Purchase Options . Under certain lease agreements, we have granted options to the tenants of properties to purchase such properties. 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, 2016, 14 of our properties were subject to purchase options, and the total investment cost, plus improvements, of all such properties was $97.2 million with total gross rental revenues in fiscal year 2016 of $7.6 million . Subsequent to fiscal year end, the tenant in our Spring Creek senior housing portfolio exercised its option to purchase the properties for a sale price of $43.5 million. The Spring Creek properties were classified as held for sale and discontinued operations with the rest of our senior housing portfolio at April 30, 2016. Insurance. We carry insurance coverage on our properties in amounts and types that we believe are customarily obtained by owners of similar properties and are sufficient to achieve our risk management objectives. Restrictions on Taxable Dispositions. Approximately 76 of our properties, consisting of approximately 2.6 million square feet of our combined commercial properties and 5,396 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 $692.4 million at April 30, 2016. 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. We do not believe that the agreements materially affect the conduct of our business or our decisions whether to dispose of restricted properties during the restriction period because we generally hold these and our other properties for investment purposes rather than for sale. Historically, however, where we have deemed it to be in our shareholders’ best interests to dispose of restricted properties, we have done so through transactions structured as tax-deferred transactions under Section 1031 of the Internal Revenue Code. Redemption Value of Units . Pursuant to a Unitholders exercise of its Exchange Rights, after a minimum one -year holding period, we have the right, in our sole discretion, to acquire such Units by either making a cash payment or exchanging the Units for our common shares, on a one -for-one basis. All Units receive the same cash distributions as those paid on common shares. Units are redeemable for an amount of cash per Unit equal to the average of the daily market price of our common share for the ten consecutive trading days immediately preceding the date of valuation of the Unit. As of April 30, 2016 and 2015, the aggregate redemption value of the then-outstanding Units owned by limited partners was approximately $109.3 million and $102.4 million, respectively. Joint Venture Buy/Sell Options. Several of our 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 do not generally require that we buy our partners’ interests. However, from time to time, we have entered into joint venture agreements which contain options compelling us to acquire the interest of the other parties. We currently have one such joint venture, the Southgate apartment project in Minot, North Dakota, in which our joint venture partner can, for the four-year period from February 6, 2016 through February 5, 2020, compel us to acquire the partner’s interest for a price to be determined in accordance with the provisions of the joint venture agreement. The joint venture partner’s interest is reflected as a redeemable noncontrolling interest on the Consolidated Balance Sheets. Development, Expansion and Renovation Projects. We have various contracts outstanding with third parties in connection with development, expansion and renovation projects that are underway or placed in service during the quarter, the costs for which have been capitalized. As of April 30, 2016, contractual commitments for these projects are as follows: (in thousands) (in fiscal years) Rentable Anticipated Square Feet Anticipated Costs as of Construction Project Name and Location Planned Segment or Number of Units Total Cost (1) April 30, 2016 (1) Completion Deer Ridge - Jamestown, ND Multifamily 163 units In Service Cardinal Point - Grand Forks, ND (2) Multifamily 251 units In Service 71 France - Edina, MN (3) Multifamily 241 units 1Q 2017 Monticello Crossings - Monticello, MN Multifamily 202 units 2Q 2017 Other n/a n/a n/a n/a $ $ (1) Includes costs related to development projects that are placed in service in phases (71 France - $41.3 million). (2) Anticipated total cost as of April 30, 2016 includes incremental cost increase due to the replacement of the project’s original general contractor. (3) The project is being constructed in three phases by a joint venture entity in which we currently have an approximately 52.6% interest. The anticipated total cost amount given in the table above is the total cost to the joint venture entity. The anticipated total cost includes approximately 20,956 square feet of rentable retail space. 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, 2016 | |
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 2016 and 2015. 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 We had no assets or liabilities recorded at fair value on a recurring basis at April 30, 2016 and 2015. Fair Value Measurements on a Nonrecurring Basis Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2016 and 2015 consisted of real estate held for sale that was written-down to estimated fair value during fiscal year 2016 and 2015, respectively. The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows: (in thousands) Total Level 1 Level 2 Level 3 April 30, 2016 Real estate held for sale $ $ — $ — $ April 30, 2015 Real estate held for sale $ $ — $ — $ 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. 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 our financial instruments as of April 30, 2016 and 2015 are as follows: (in thousands) 2016 2015 Amount Fair Value Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents $ $ $ $ Other investments FINANCIAL LIABILITIES Other debt Lines of credit Mortgages payable Mortgages payable related to assets held for sale |
COMMON AND PREFERRED SHARES OF
COMMON AND PREFERRED SHARES OF BENEFICIAL INTEREST AND EQUITY | 12 Months Ended |
Apr. 30, 2016 | |
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 2016 and 2015, we issued approximately 821,000 and 8.1 million common shares, respectively, pursuant to our Distribution Reinvestment and Share Purchase Plan (“DRIP”), at a total value at issuance of $5.6 million and $64.9 million, respectively. The shares issued under the DRIP during fiscal year 2016 consisted of approximately 610,000 shares valued at issuance at $4.1 million that were purchased with reinvested distributions and approximately 211,000 shares valued at $1.5 million at issuance that were purchased with voluntary cash contributions. The shares issued under the DRIP during fiscal year 2015 consisted of 2.1 million shares valued at issuance at $16.2 million that were purchased with reinvested distributions and approximately 6.0 million shares valued at $48.7 million at issuance that were purchased with voluntary cash contributions. Participation in the DRIP is available to existing common shareholders and Unitholders as well as new investors. Under the DRIP, participants may purchase additional common shares by reinvesting their cash distributions and making voluntary cash contributions. Exchange of Units for Common Shares. During fiscal years 2016 and 2015, respectively, approximately 273,000 and 7.2 million Units were exchanged for common shares in connection with Unitholders exercising their Exchange Rights, with a total value of $1.5 million and $41.3 million included in equity. Issuance of Preferred Shares . On August 7, 2012, we completed the public offering of 4.6 million 7.95% 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 our 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). We 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. 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 shelf registration statement on Form S-3ASR, which shelf registration statement expired June 27, 2016. We also have outstanding approximately 1.2 million shares of 8.25% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest (“Series A preferred shares”), issued during fiscal year 2004 for total proceeds of $27.3 million, net of selling costs. Holders of 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 of our securities. However, we, at our 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 us. During the second quarter of fiscal year 2014, we and our Operating Partnership entered into an ATM sales agreement with Baird as sales agent, pursuant to which we may from time to time sell common shares having an aggregate offering price of up to $75 million. The shares would be issued pursuant to our shelf registration statement on Form S-3ASR. The Company issued no common shares under this agreement during fiscal years 2016 and 2015. |
QUARTERLY RESULTS OF CONSOLIDAT
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) | 12 Months Ended |
Apr. 30, 2016 | |
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 July 31, 2015 October 31, 2015 January 31, 2016 April 30, 2016 Revenues $ $ $ $ Net income attributable to Investors Real Estate Trust $ $ $ $ Net income available to common shareholders $ $ $ $ Net income per common share - basic & diluted $ $ $ $ (in thousands, except per share data) QUARTER ENDED July 31, 2014 October 31, 2014 January 31, 2015 April 30, 2015 Revenues $ $ $ $ Net (loss) income attributable to Investors Real Estate Trust $ $ $ $ Net (loss) income available to common shareholders $ $ $ $ Net (loss) income per common share - basic & diluted $ $ $ $ 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 INTER
REDEEMABLE NONCONTROLLING INTERESTS | 12 Months Ended |
Apr. 30, 2016 | |
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 in which our unaffiliated partner, at its election, could require us 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 on our Consolidated Balance Sheets. We currently have one joint venture, the Southgate apartment project in Minot, North Dakota, in which our joint venture partner can, for the four -year period from February 6, 2016 through February 5, 2020, compel us to acquire its interest for a price to be determined in accordance with the provisions of the joint venture agreement. As of April 30, 2016 and 2015, the estimated redemption value of the redeemable noncontrolling interests was $7.5 million and $6.4 million, respectively. Below is a table reflecting the activity of the redeemable noncontrolling interests. (in thousands) Balance at beginning of fiscal year $ $ $ Contributions — — Net income Balance at close of fiscal year $ $ $ |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 12 Months Ended |
Apr. 30, 2016 | |
SHARE BASED COMPENSATION | |
SHARE BASED COMPENSATION | NOTE 20 • SHARE BASED COMPENSATION Share based awards are provided to officers, non-officer employees and trustees, under our 2015 Incentive Plan approved by shareholders on September 15, 2015, which allows for awards in the form of cash and unrestricted and restricted common shares up to an aggregate of 4,250,000 shares over the ten year period in which the plan will be in effect. Through April 30, 2016, awards under the 2015 Incentive Plan consisted of restricted and unrestricted common shares. Prior to the approval of our 2015 Incentive Plan, share based awards were provided to officers, non-officer employees and trustees under the our 2008 Incentive Award Plan, which was approved by shareholders on September 16, 2008, which allowed for awards in the form of cash and unrestricted and restricted common shares up to an aggregate of 2,000,000 shares over the period in which the plan is in effect. Through April 30, 2016, awards under the 2008 Incentive Award Plan consisted of cash and restricted and unrestricted Common Shares. Long-Term Incentive Plan Under the 2008 Incentive Award Plan, our officers and non-officer employees could earn share awards under the Long-Term Incentive Plan (“LTIP”) adopted pursuant to the plan, which was a backward-looking program that measured performance over a one -year performance period beginning on the first day of each fiscal year. Such awards were payable to the extent deemed earned in shares, 50% of which vested on the last day of the performance period and 50% of which vested on the first anniversary of the end of the performance period. Such awards utilized the sole performance metric of the three -year average of the annual absolute total shareholder return (“TSR”). Under the 2015 Incentive Plan, our officers and non-officer employees may earn share awards under a revised long-term incentive plan, which is a forward-looking program that measures long-term performance over the stated performance period. Such awards are payable to the extent deemed earned in shares, 50% of which will vest at the conclusion of the performance period and 50% of which will vest on the first anniversary of the end of the performance period. To accommodate the transition from the 2008 Incentive Award Plan to the 2015 Incentive Plan, performance periods for such awards granted on September 16, 2015 (“2016 LTIP Awards”) included one-year, two-year and three-year periods beginning on May 1, 2015. Going forward, it is anticipated that LTIP awards will be issued with a three -year performance period. The 2016 LTIP Awards utilized the performance metrics of relative TSR for 67% of the award and absolute TSR for 33% of the award. The 2016 LTIP Awards for performance periods of one, two and three years were 380,498; 353,535 and 353,535 shares, respectively. In connection with the LTIP awards, we recognize compensation expense ratably (over 31.5 months for the 50% unrestricted shares and over 43.5 months for the 50% restricted shares) based on the grant date fair value, as determined using a binomial model employing the Monte Carlo simulation, and regardless of whether the market conditions are achieved and the LTIP awards ultimately vest. The market conditions utilized for the 2016 LTIP Awards are absolute TSR ( 1/3 weighting) and relative TSR measured against the MSCI US REIT Index ( 2/3 weighting). The model evaluates the LTIP awards for changing TSR over the vesting periods, and uses random simulations that are based on past share characteristics as well as distribution growth and other factors. The assumptions used to value the LTIP awards were an expected volatility of 16.6% , a risk-free interest rate of 1.13% and an expected life of 3 years. We based the expected volatility on the historical volatility of our daily closing share price. The share price at the grant date, September 16, 2015, was $7.13 . We based the risk-free interest rate on the interest rates on U.S. treasury bonds with a maturity equal to the remaining performance period of the LTIP award. We based the expected term on the performance period of the LTIP award. The calculated grant date fair value as a percentage of the officers’ base salary for the 2016 LTIP Awards with a three-year performance period beginning on May 1, 2015 ranged from approximately 42% to 85% for the portion of the awards based on relative TSR and from 5% to 10% for the portion of the awards based on absolute TSR. For the transition 2016 LTIP Awards with a one-year performance period beginning on May 1, 2015, the calculated grant date fair value as a percentage of the officers’ base salary ranged from approximately 46% to 96% for the portion of the awards based on relative TSR and from 5% to 10% for the portion of the awards based on absolute TSR. For the transition 2016 LTIP Awards with a two-year performance period beginning on May 1, 2015, the calculated grant date fair value as a percentage of the officers’ base salary ranged from approximately 43% to 86% for the portion of the awards based on relative TSR and from 5% to 10% for the portion of the awards based on absolute TSR. Share-based compensation expense for the 2016 LTIP Awards was $1.6 million for the fiscal year ended April 30, 2016. Share-based compensation expense for the 2015 performance period was approximately $277,000 and $1.3 million for the fiscal years ended April 30, 2016 and 2015. Share-based compensation expense for the 2014 performance period was approximately $690,000 and $914,000 for the fiscal years ended April 30, 2015 and 2014. 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 $39,139 , $39,139 and $28,976 for each of the fiscal years ended April 2016, 2015 , and 2014 , respectively. Total Compensation Expense Total share-based compensation expense recognized in the consolidated financial statements for the three years ended April 30, 2016 for all share-based awards was as follows (in thousands): Year Ended April 30, 2016 2015 2014 Share based compensation expense $ $ $ Restricted Share Awards with Performance and Service Conditions The activity for the three years ended April 30, 2016 related to our restricted share awards, excluding those subject to market conditions, was as follows. Wtd Avg Grant- Shares Date Fair Value Unvested at April 30, 2013 — $ — Granted Unvested at April 30, 2014 Granted Vested during year Forfeited Unvested at April 30, 2015 Vested during year Unvested at April 30, 2016 — — The total fair value of share grants vested during the fiscal years ended April 30, 2016, 2015 and 2014 was approximately $647,000 , $568,000 and $0 . As of April 30, 2016, there was no compensation cost related to non-vested share awards not yet recognized. Restricted and Unrestricted Share Awards with Market Conditions Share based awards with market conditions were granted during fiscal year 2016 under the LTIP with fair market values, as determined using a Monte Carlo simulation, as follows: (in thousands) Grant Date Fair Value Restricted Unrestricted Relative TSR $ $ Absolute TSR The unamortized value of the awards with market conditions as of April 30, 2016 was as follows: (in thousands) Restricted Unrestricted Relative TSR $ $ Absolute TSR |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Apr. 30, 2016 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | NOTE 21 • SUBSEQUENT EVENTS Common and Preferred Share Distributions . On June 2, 2016, our Board of Trustees declared the following distributions: Quarterly Amount Class of shares/units per Share or Unit Record Date Payment Date Common shares and limited partnership units $ June 15, 2016 July 1, 2012 Preferred shares: Series A $ June 15, 2016 June 30, 2016 Series B $ June 15, 2016 June 30, 2016 Strategic Plan Update. On June 6, 2016, we announced our plan to move towards becoming a pure play multifamily REIT and our intention to sell our remaining commercial properties. Termination of the ATM Sales Agreement. On June 1, 2016, we and our Operating Partnership terminated the ATM sales agreement with Baird according to its terms. Completed Disposition . On May 6, 2016, we sold a parcel of unimproved land in Grand Chute, WI, for a sale price of $250,000 . Pending Dispositions . On May 2, 2016, the tenant in our eight Spring Creek senior housing properties exercised its option to purchase the properties for a sale price of $43.5 million. On May 3, 2016, we signed an agreement to sell an industrial property in Fargo, ND, for a sale price of $13.4 million. These pending dispositions are subject to various closing conditions and contingencies, and no assurances can be given that the transaction will be completed on the terms currently expected, or at all. |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Apr. 30, 2016 | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION [Abstract] | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Gross amount at which carried at Life on which Initial Cost to Company close of period depreciation in Costs capitalized Date of latest income Buildings & subsequent to Buildings & Accumulated Construction statement is Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition computed Multifamily 71 France - Edina, MN $ — $ $ $ $ $ $ $ 2015 40 years 11th Street 3 Plex - Minot, ND 2008 40 years 4th Street 4 Plex - Minot, ND 2008 40 years Alps Park - Rapid City, SD 2013 40 years Apartments on Main - Minot, ND 1987 24 - 40 years Arbors - S Sioux City, NE 2006 40 years Arcata - Golden Valley, MN 2015 40 years Ashland - Grand Forks, ND 2012 40 years Avalon Cove - Rochester, MN 2016 40 years Boulder Court - Eagan, MN 2003 40 years Brookfield Village - Topeka, KS 2003 40 years Brooklyn Heights - Minot, ND 1997 12 - 40 years Canyon Lake - Rapid City, SD 2001 40 years Cardinal Point - Grand Forks, ND — 2013 40 years Cascade Shores - Rochester, MN — 2016 40 years Castlerock - Billings, MT 1998 40 years Chateau I & II - Minot, ND (2) — 2013 40 years Cimarron Hills - Omaha, NE 2001 40 years Colonial Villa - Burnsville, MN 2003 40 years Colony - Lincoln, NE 2012 40 years Colton Heights - Minot, ND 1984 40 years Commons at Southgate - Minot, ND 2015 40 years Cottage West Twin Homes - Sioux Falls, SD 2011 40 years Cottonwood - Bismarck, ND 1997 40 years Country Meadows - Billings, MT 1995 33 - 40 years Crestview - Bismarck, ND 1994 24 - 40 years Crown - Rochester, MN 2010 40 years Crown Colony - Topeka, KS 1999 40 years Crystal Bay - Rochester, MN — 2016 40 years Cypress Court - St. Cloud, MN 2012 40 years Dakota Commons - Williston, ND (2) — 2015 40 years Deer Ridge - Jamestown, ND 2013 40 years Evergreen - Isanti, MN 2008 40 years Evergreen II - Isanti, MN 2011 40 years Fairmont - Minot, ND 2008 40 years First Avenue - Minot, ND — — — 2013 40 years Forest Park - Grand Forks, ND 1993 24 - 40 years French Creek - Rochester, MN — 2016 40 years Gables Townhomes - Sioux Falls, SD 2011 40 years Gardens - Grand Forks, ND (2) — 2015 40 years Grand Gateway - St. Cloud, MN — 2012 40 years GrandeVille at Cascade Lake - Rochester, MN 2015 40 years Greenfield - Omaha, NE 2007 40 years Heritage Manor - Rochester, MN 1998 40 years Homestead Garden - Rapid City, SD 2015 40 years Indian Hills - Sioux City, IA (2) — 2007 40 years Kirkwood Manor - Bismarck, ND 1997 12 - 40 years Lakeside Village - Lincoln, NE 2012 40 years Landing at Southgate - Minot, ND 2013 40 years Landmark - Grand Forks, ND — 1997 40 years Legacy - Grand Forks, ND 1995 - 2005 24 - 40 years Legacy Heights - Bismarck, ND (2) — 2015 40 years Mariposa - Topeka, KS 2004 40 years Meadows - Jamestown, ND — 1998 40 years Monticello Village - Monticello, MN 2004 40 years Northern Valley - Rochester, MN — 2010 40 years North Pointe - Bismarck, ND 1995 - 2011 24 - 40 years Northridge - Bismarck, ND 2015 40 years Oakmont Estates - Sioux Falls, SD 2002 40 years Oakwood Estates - Sioux Falls, SD 1993 40 years Olympic Village - Billings, MT 2000 40 years Olympik Village - Rochester, MN 2005 40 years Oxbow Park - Sioux Falls, SD 1994 24 - 40 years Park Meadows - Waite Park, MN 1997 40 years Pebble Springs - Bismarck, ND 1999 40 years Pinehurst - Billings, MT 2002 40 years Pines - Minot, ND 1997 40 years Plaza - Minot, ND 2009 40 years Pointe West - Rapid City, SD 1994 24 - 40 years Ponds at Heritage Place - Sartell, MN 2012 40 years Prairie Winds - Sioux Falls, SD 1993 24 - 40 years Quarry Ridge - Rochester, MN 2006 40 years Red 20 - Minneapolis, MN 2015 40 years Regency Park Estates - St. Cloud, MN 2011 40 years Renaissance Heights - Williston, ND 2013 40 years Ridge Oaks - Sioux City, IA 2001 40 years Rimrock West - Billings, MT 1999 40 years River Ridge - Bismarck, ND 2008 40 years Rocky Meadows - Billings, MT 1995 40 years Rum River - Isanti, MN 2007 40 years Sherwood - Topeka, KS 1999 40 years Sierra Vista - Sioux Falls, SD 2011 40 years Silver Springs - Rapid City, SD 2015 40 years South Pointe - Minot, ND 1995 24 - 40 years Southpoint - Grand Forks, ND (2) — 2013 40 years Southview - Minot, ND 1994 40 years Southwind - Grand Forks, ND 1995 24 - 40 years Summit Park - Minot, ND 1997 24 - 40 years Sunset Trail - Rochester, MN 1999 40 years Temple - Minot, ND — — — 2006 40 years Terrace Heights - Minot, ND 2006 40 years Thomasbrook - Lincoln, NE 1999 40 years Valley Park - Grand Forks, ND 1999 40 years Villa West - Topeka, KS 2012 40 years Village Green - Rochester, MN 2003 40 years West Stonehill - Waite Park, MN 1995 40 years Westridge - Minot, ND 2008 40 years Westwood Park - Bismarck, ND 1998 40 years Whispering Ridge - Omaha, NE 2012 40 years Williston Garden - Williston, ND 2012 40 years Winchester - Rochester, MN 2003 40 years Woodridge - Rochester, MN 1997 40 years Total Multifamily $ $ $ $ $ $ $ $ Gross amount at which carried at Life on which Initial Cost to Company close of period depreciation in Costs capitalized Date of latest income Buildings & subsequent to Buildings & Accumulated Construction statement is Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition computed Healthcare 2800 Medical Building - Minneapolis, MN $ $ $ $ $ $ $ $ 2005 40 years 2828 Chicago Avenue - Minneapolis, MN 2007 40 years Airport Medical - Bloomington, MN — — 2002 40 years Billings 2300 Grant Road - Billings, MT — 2010 40 years Burnsville 303 Nicollet Medical (Ridgeview) - Burnsville, MN 2008 40 years Burnsville 305 Nicollet Medical (Ridgeview South) - Burnsville, MN 2008 40 years Denfeld Clinic - Duluth, MN 2004 40 years Eagan 1440 Duckwood Medical - Eagan, MN — 2008 40 years Edina 6363 France Medical - Edina, MN — — 2008 40 years Edina 6405 France Medical - Edina, MN — — 2008 40 years Edina 6517 Drew Avenue - Edina, MN — 2002 40 years Edina 6525 Drew Avenue - Edina, MN — — 2011 40 years Edina 6525 France SMC II - Edina, MN 2003 40 years Edina 6545 France SMC I - Edina MN 2001 40 years Edina 6565 France SMC III - Edina, MN — — — 2015 40 years Fresenius - Duluth, MN 2004 40 years Garden View - St. Paul, MN — 2002 40 years Gateway Clinic - Sandstone, MN — 2004 40 years Healtheast St John & Woodwinds - Maplewood & Woodbury, MN — 2000 40 years High Pointe Health Campus - Lake Elmo, MN 2004 40 years Lakeside Medical Plaza - Omaha, NE — 2015 40 years Mariner Clinic - Superior, WI — 2004 40 years Minneapolis 701 25th Avenue Medical - Minneapolis, MN* — — 2008 40 years Missoula 3050 Great Northern - Missoula, MT — 2010 40 years Park Dental - Brooklyn Center, MN — 2002 40 years Pavilion I - Duluth, MN 2004 40 years Pavilion II - Duluth, MN 2004 40 years PrairieCare Medical - Brooklyn Park, MN 2015 40 years Ritchie Medical Plaza - St Paul, MN 2005 40 years St Michael Clinic - St Michael, MN 2007 40 years Trinity at Plaza 16 - Minot, ND 2011 40 years Wells Clinic - Hibbing, MN 2004 40 years Total Healthcare $ $ $ $ $ $ $ $ Gross amount at which carried at Life on which Initial Cost to Company close of period depreciation in Costs capitalized Date of latest income Buildings & subsequent to Buildings & Accumulated Construction statement is Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition computed Other 1st Avenue Building - Minot, ND $ — $ $ $ — $ $ $ $ 1981 33 - 40 years 17 South Main - Minot, ND 2000 40 years Bismarck 715 East Broadway - Bismarck, ND 2008 40 years Bloomington 2000 W 94th Street - Bloomington, MN (2) 2006 40 years Dakota West Plaza - Minot , ND 2006 40 years Grand Forks Carmike - Grand Forks, ND 1994 40 years Lexington Commerce Center - Eagan, MN 1999 40 years Minot 1400 31st Ave - Minot, ND (2) — 2010 40 years Minot 2505 16th Street SW - Minot, ND (2) — 2009 40 years Minot Arrowhead - Minot, ND (2) — 1973 40 years Minot IPS - Minot, ND (2) — — 2012 40 years Minot Southgate Wells Fargo Bank - Minot, ND — — 2014 40 years Minot Southgate Retail - Minot, ND — — 2015 40 years Plaza 16 - Minot, ND 2009 40 years Roseville 3075 Long Lake Road - Roseville, MN — 2001 40 years Urbandale 3900 106th Street - Urbandale, IA 2007 40 years Woodbury 1865 Woodlane - Woodbury, MN — 2007 40 years Total Other $ $ $ $ $ $ $ $ Subtotal $ $ $ $ $ $ $ $ Gross amount at which carried at Initial Cost to Company close of period Costs capitalized Date of Buildings & subsequent to Buildings & Accumulated Construction Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition Unimproved Land Badger Hills - Rochester, MN $ — $ $ — $ — $ $ — $ $ — 2012 Bismarck 4916 - Bismarck, ND — — — — 2013 Bismarck 700 E Main - Bismarck, ND — — — — 2008 Creekside Crossing - Bismarck, ND — — — — 2015 Grand Forks - Grand Forks, ND — — — — — 2012 Isanti Unimproved - Isanti, MN — — — — — 2014 Minot 1525 24th Ave SW - Minot, ND — — — — — 2015 Rapid City Unimproved- Rapid City, SD — — — — — 2014 Renaissance Heights - Williston, ND — — — — 2012 Urbandale - Urbandale, IA — — — — 2009 Weston - Weston, WI — — — — — 2006 Total Unimproved Land — $ $ — $ $ — $ $ — Development in Progress 71 France - Edina, MN $ — $ $ $ $ $ $ $ — 2015 Monticello 7th Addition - Monticello, MN — — 2015 Other — — — — — n/a Total Development in Progress $ — $ $ $ $ $ $ $ — Total $ $ $ $ $ $ $ $ Gross amount at which carried at Life on which Initial Cost to Company close of period depreciation in Costs capitalized Date of latest income Buildings & subsequent to Buildings & Accumulated Construction statement is Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition computed Held for Sale Casper 1930 E 12th Street (Park Place) - Casper, WY (2) $ — $ $ $ $ $ $ $ 2009 years Casper 3955 E 12th Street (Meadow Wind) - Casper, WY (2) — 2009 years Cheyenne 4010 N College Drive (Aspen Wind) - Cheyenne, WY (2) — 2009 years Cheyenne 4606 N College Drive (Sierra Hills) - Cheyenne, WY (2) — 2009 years Edgewood Vista - Belgrade, MT — 2008 years Edgewood Vista - Billings, MT 2008 years Edgewood Vista - Bismarck, ND — 2005 years Edgewood Vista - Brainerd, MN — 2005 years Edgewood Vista - Columbus, NE — 2008 years Edgewood Vista - East Grand Forks, MN 2000 years Edgewood Vista - Fargo, ND 2008 years Edgewood Vista - Fremont, NE 2008 years Edgewood Vista - Grand Island, NE — 2008 years Edgewood Vista - Hastings, NE 2008 years Edgewood Vista - Hermantown I, MN 2000 years Edgewood Vista - Hermantown II, MN — 2005 years Edgewood Vista - Kalispell, MT 2001 years Edgewood Vista - Minot, ND 2010 years Edgewood Vista - Missoula, MT 1996 years Edgewood Vista - Norfolk, NE — 2008 years Edgewood Vista - Omaha, NE 2001 years Edgewood Vista - Sioux Falls, SD 2008 years Edgewood Vista - Spearfish, SD — 2005 years Edgewood Vista - Virginia, MN 2002 years Georgetown Square - Grand Chute, WI — — — — — 2006 n/a Laramie 1072 N 22nd Street (Spring Wind) - Laramie, WY (2) — 2009 years Legends at Heritage Place - Sartell, MN — — 2013 years Legends at Heritage Place Unimproved - Sartell, MN — — — — — 2013 n/a Pinecone Villas - Sartell, MN — 2013 years Sartell 2000 23rd Street South - Sartell, MN* — — — — 2002 years Spring Creek-American Falls - American Falls, ID 2011 years Spring Creek-Boise - Boise, ID 2011 years Spring Creek-Eagle - Eagle, ID 2011 years Spring Creek-Fruitland - Fruitland, ID — — 2014 years Spring Creek Fruitland Unimproved - Fruitland, ID — — — — — 2014 n/a Spring Creek-Meridian - Meridian, ID 2011 years Spring Creek-Overland - Overland, ID 2011 years Spring Creek-Soda Springs - Soda Springs, ID 2011 years Spring Creek-Ustick - Meridian, ID — — 2011 years Stone Container - Fargo, ND — 2001 years Total Held for Sale $ $ $ $ $ $ $ $ (1) Amounts in this column are the mortgages payable balances as of April 30, 2016. 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, 2016, this property was included in the collateral pool securing the Company’s $100.0 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. Reconciliations of the carrying value of total property owned for the three years ended April 30, 2016, 2015, and 2014 are as follows: (in thousands) Balance at beginning of year $ $ $ Additions during year Multifamily Healthcare — — Other — Improvements and Other Deductions during year Cost of real estate sold Impairment charge — Write down of asset and accumulated depreciation on impaired assets — Properties classified as held for sale during the year Other (1) Balance at close of year $ $ $ Reconciliations of accumulated depreciation/amortization for the three years ended April 30, 2016, 2015, and 2014, are as follows: (in thousands) Balance at beginning of year $ $ $ Additions during year Provisions for depreciation Deductions during year Accumulated depreciation on real estate sold or classified as held for sale Write down of asset and accumulated depreciation on impaired assets — Other (1) Balance at close of year $ $ $ Reconciliations of development in progress for the three years ended April 30, 2016, 2015, and 2014, are as follows: (in thousands) Balance at beginning of year $ $ $ Additions during year Unimproved land acquisitions — Unimproved land moved to development in progress Improvements and other Deductions during year Involuntary conversion — — Development placed in service (2) Other (3) — Balance at close of year $ $ $ Reconciliations of unimproved land for the three years ended April 30, 2016, 2015, and 2014, are as follows: (in thousands) 2015 2014 Balance at beginning of year $ $ $ Additions during year Unimproved land acquisitions — Improvements and other Deductions during year Cost of real estate sold — Impairment charge — Properties classified as held for sale during the year — Unimproved land moved to development in progress Balance at close of year $ $ $ Total real estate investments (4) $ $ $ (1) Consists of miscellaneous disposed assets. (2) Includes development projects that are placed in service in phases. (3) Consists of miscellaneous re-classed assets. (4) The net basis of the Company’s real estate investments, including held for sale properites, for Federal Income Tax purposes was $1.6 billion, $1.7 billion and $1.5 billion at April 30, 2016, 2015 and 2014, respectively. |
BASIS OF PRESENTATION AND SIG30
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Apr. 30, 2016 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying consolidated financial statements include our accounts and the accounts of all our subsidiaries in which we maintain a controlling interest, including the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. Our fiscal year ends April 30th . Our interest in the Operating Partnership was 88.1% and 89.9% , respectively, of the limited partnership units of the Operating Partnership (“Units”) as of April 30, 2016 and 2015, which includes 100% of the general partnership interest. Under the terms of the Operating Partnership’s Agreement of Limited Partnership, limited partners have the right to require the Operating Partnership to redeem their Units for cash any time following the first anniversary of the date they acquired such Units (“Exchange Right”). When a limited partner exercises the Exchange Right, we have the right, in our sole discretion, to acquire such Units by either making a cash payment or exchanging the Units for our common shares of beneficial interest (“Common Shares”), on a one -for-one basis. The Exchange Right is subject to certain conditions and limitations, including the limited partner may not exercise the Exchange Right more than two times during a calendar year and the limited partner may not exercise for less than 1,000 Units, or, if such limited partner holds less than 1,000 Units, for less than all of the Units held by such limited partner. The Operating Partnership and some limited partners have contractually agreed to a holding period of greater than one year, a greater number of redemptions during a calendar year or other limitations to their Exchange Right. The consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partners or controlling interest. These entities are consolidated into our other operations with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income and expenses. |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers . The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current accounting principles generally accepted in the United States of America (“U.S. GAAP”) and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 does not apply to lease contracts accounted for under ASC 840, Leases. The ASU is effective for fiscal years beginning after December 15, 2017. We do not expect adoption of this update to have a material impact on our operating results or financial position. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis . ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidated analysis of reporting entities that are involved with variable interest entities, and (iv) provide a scope exception for certain entities. The ASU is effective for fiscal years beginning after December 15, 2015. We do not expect adoption of this update to have a material impact on our operating results or financial position. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs . ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability to which they relate, consistent with debt discounts, as opposed to being presented as assets. The ASU is effective for fiscal years beginning after December 15, 2015. We do not expect adoption of this update to have a material impact on our operating results or financial position. In April 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . Under ASU 2015-05, if a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The ASU is effective for fiscal years beginning after December 15, 2015. We do not expect adoption of this update to have a material impact on our operating results or financial position. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. The ASU is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We do not expect adoption of this update to have a material impact on our operating results or financial position. In February 2016, the FASB issued ASU 2016-02, Leases . ASU 2016-02 amends existing accounting standards for lease accounting, including by requiring lessees to recognize most leases on the balance sheet and making certain changes to lessor accounting. The ASU is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018. We are currently evaluating the impact the new standard may have on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accou nting . ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, accrual of compensation cost, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The ASU is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. We are currently evaluating the impact the new standard may have on our consolidated financial statements. |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of financial statements in conformity with 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. On the Consolidated Statements of Operations, we combined utilities, maintenance, insurance, property management expenses and other property expenses onto a single line called property operating expenses, excluding real estate taxes. We also combined depreciation/amortization related to real estate investments and amortization related to non-real estate investments onto a single line called depreciation and amortization. Additionally on the Consolidated Statements of Operations, we reclassed acquisition and project costs from other expenses to acquisition and investment related costs. On the Consolidated Balance Sheets, we reclassified assets and liabilities related to properties classified as held for sale. We report, in discontinued operations, the results of operations and the related gains or losses of properties that have either been disposed of or classified as held for sale and for which the disposition represents a strategic shift that has or will have a major effect on our operations and financial results. As the result of discontinued operations, retroactive reclassifications that change prior period numbers have been made. See Note 12 for additional information. During the first quarter of fiscal year 2016, we classified as discontinued operations 48 office properties, 17 retail properties and 1 healthcare property. During the fourth quarter of fiscal year 2016, we classified as discontinued operations 34 senior housing properties. |
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. We allocate 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 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 our 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. We also consider information about each property obtained during 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. We use a 20 - 40 year estimated life for buildings and improvements and a 5 - 12 year estimated life for furniture, fixtures and equipment. We follow 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 multifamily 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, we have received sufficient consideration and we have no significant involvement with the property sold. We periodically evaluate our long-lived assets, including 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, we compare 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. During fiscal year 2016, we incurred a non-cash loss of $ 6.0 million due to impairment of one office property, one healthcare property, two parcels of land and eight multifamily properties of which approximately $440,000 is reflected in discontinued operations. See Note 12 for additional information on discontinued operations. We recognized impairments of approximately $440,000 on an office property in Eden Prairie, Minnesota; $1.9 million on a healthcare property in Sartell, Minnesota; $1. 6 million on a parcel of land in Grand Chute, Wisconsin; $1.9 million on eight multifamily properties in St. Cloud, Minnesota; and $162,000 on a parcel of land in River Falls, Wisconsin. These properties were written-down to estimated fair value during fiscal year 2016 based on receipt of individual market offers to purchase and our intent to dispose of the properties or, in the case of the Grand Chute, Wisconsin, the sale listing price and our intent to dispose of the property. The Sartell, Minnesota property is classified as held for sale at April 30, 2016. During fiscal year 2015, we incurred a non-cash loss of $6.1 million due to impairment of four commercial properties and two parcels of unimproved land of which $1.4 million is reflected in discontinued operations. See Note 12 for additional information on discontinued operations. We recognized impairments of $2.1 million on a retail property in Kalispell, Montana; approximately $183,000 on an office property in Golden Valley, Minnesota; $1.8 million on an office property in Minneapolis, Minnesota; $1.4 million on an office property in Boise, Idaho; approximately $98,000 on unimproved land in Eagan, Minnesota; and approximately $442,000 on unimproved land in Weston, Wisconsin. These properties were written-down to estimated fair value during fiscal year 2015 based on receipt of individual market offers to purchase and our intent to dispose of the properties or, in the case of the Boise and Weston properties, an independent appraisal. The Kalispell and Golden Valley properties were sold in the second quarter of fiscal year 2015. The Minneapolis property is classified as held for sale at April 30, 2015. During fiscal year 2014, we incurred a non-cash loss of $44.4 million due to impairment of 15 properties, of which $ 36.7 million is reflected in discontinued operations. See Note 12 for additional information on discontinued operations. We recognized impairments of approximately $864,000 on an industrial property in St. Louis Park, Minnesota; $329,000 on an office property in Bloomington, Minnesota; $265,000 on a retail property in Anoka, Minnesota; $402,000 on an industrial property in Clive, Iowa; and $4.8 million on an industrial property in Roseville, Minnesota. These properties were written-down to estimated fair value based on receipt of individual market offers to purchase and our 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 Edina, Minnesota, office property was based on receipt of a market offer to purchase and our intent to dispose of the property (we signed a purchase agreement 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 Golden Valley, Minnesota, office property based on receipt of a market offer to purchase and our intent to dispose of the property (we signed a purchase agreement in the first quarter of fiscal year 2015). |
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. Our 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. We classify properties as held for sale when they meet the U.S. GAAP criteria, which include: (a) management commits to and initiates a plan to sell the asset (disposal group), (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets (disposal groups), and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We generally consider these criteria met when the transaction has been approved by our Board of Directors, there are no known significant contingencies related to the sale and management believes it is probable that the sale will be completed within one year. 35 healthcare properties, one multifamily property, one industrial property and three parcels of unimproved land were classified as held for sale at April 30, 2016. One office property and one healthcare property were classified as held for sale at April 30, 2015. In addition, properties classified as discontinued operations during fiscal year 2016 were reclassified as assets and liabilities held for sale as of April 30, 2015. See Note 12 for additional information. Prior to February 1, 2014, we 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. Effective February 1, 2014, we adopted 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. As a result of the adoption of ASU 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 our consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. |
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL | IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL Upon acquisition of real estate, we record 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. We amortize 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, 2016 and 2015, respectively, we added $2.2 million and approximately $416,000 of new intangible assets and approximately $101,000 and $0 of new intangible liabilities. The weighted average lives of the intangible assets acquired in the twelve months ended April 30, 2016 and 2015 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. Our 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, 2016 and 2015 was $1.7 million and $1.7 million, respectively. 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 year 2016, we disposed of eight commercial properties that had goodwill assigned, and as a result, approximately $196,000 of goodwill was derecognized. In fiscal year 2015, we recognized approximately $852,000 of goodwill from the acquisition of the Homestead Garden multifamily property and disposed of one multifamily property and two commercial properties to which goodwill had been assigned, and as a result, approximately $40,000 of goodwill was derecognized. In fiscal years 2014, we disposed of property that had goodwill assigned, and as a result, approximately $7,000 of goodwill was derecognized. |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Property and equipment consists of the equipment contained at our headquarters in Minot, North Dakota, corporate offices in Minneapolis and St. Cloud, Minnesota, and additional property management offices located in the states where we own properties. The balance sheet reflects these assets at cost, net of accumulated depreciation. As of April 30, 2016 and 2015, property and equipment cost was $2.1 million and $2.4 million, respectively. Accumulated depreciation was $1.1 million and $1.4 million as of April 30, 2016 and 2015, 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 our bank deposits and short-term investment certificates acquired subject to repurchase agreements, and our 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 We maintain 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, 2016, our compensating balances totaled $13.2 million and consisted of the following: Financial Institution First International Bank, Watford City, ND $ Associated Bank, Green Bay, WI The PrivateBank, Minneapolis, MN Bremer Bank, Saint Paul, MN Dacotah Bank, Minot, ND Peoples State Bank, Velva, ND American National Bank, Omaha, NE Commerce Bank a Minnesota Banking Corporation Total $ A portion of the deposit at Dacotah Bank is held as a certificate of deposit and comprises the $50,000 in other investments on the Consolidated Balance Sheets. The certificate of deposit has a remaining term of less than six months and we intend to hold it to maturity. We have a number of mortgage loans under which the lender retains a portion of the loan proceeds or requires a deposit for the payment of construction costs or tenant improvements. The decrease of $4.3 million in lender holdbacks for improvements reflected in the Consolidated Statements of Cash Flows for the fiscal year ended April 30, 2016 is due primarily to the release of loan proceeds to us upon completion of these construction and tenant improvement projects, while the increase of $1.1 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 including properties held for sale for fiscal years ended April 30, 2016, 2015 and 2014 is as follows: (in thousands) Balance at beginning of year $ $ $ Provision Write-off Balance at close of year $ $ 1,156 $ |
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 We operate in a manner intended to enable us 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, 2016 , 2015 and 2014, we 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 we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our 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, we 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 we qualifie 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). We have 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 2016, we estimate 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 years ended April 30, 2016, 2015 and 2014. Our TRS is the tenant in our Legends at Heritage Place senior housing facility. We conduct our business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through our Operating Partnership. UPREIT status allows us 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, 2015 were characterized, for federal income tax purposes, as 36.28% ordinary income, 11.99% capital gain and 51.73% return of capital. Distributions for the calendar year ended December 31, 2014 were characterized, for federal income tax purposes, as 25.74% ordinary income, 23.09% capital gain and 51.17% return of capital. |
REVENUE RECOGNITION | REVENUE RECOGNITION Multifamily 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. We receive payments for these reimbursements from substantially all of our 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. We have no potentially dilutive financial interests. The potential issuance of Units in exchange for common shares pursuant to the Exchange Right 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. |
PROCEEDS FROM FINANCING LIABILITY | PROCEEDS FROM FINANCING LIABILITY During the first quarter of fiscal year 2014, we sold a non-core assisted living property in exchange for $7.9 million in cash and a $29.0 million contract for deed which matures August 1, 2018 . The buyer leased the property back to us, and also granted us an option to repurchase the property at a specified price at or prior to July 31, 2018. We accounted for the transaction as a financing due to our continuing involvement with the property and recorded the $7.9 million in sales proceeds within other liabilities on the Consolidated Balance Sheets. The balance of the liability as of April 30, 2016 is $7.9 million. |
VARIABLE INTEREST ENTITY | VARIABLE INTEREST ENTITY On November 27, 2012, we 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, with approximately 69% of the project financed with third-party debt and approximately 7% financed with debt from us to the joint venture entity. The two-phase project was substantially completed in the third quarter of fiscal year 2015. As of April 30, 2016, we are the approximately 51.0% owner of the joint venture and have management and leasing responsibilities and the real estate development company owns approximately 49.0% of the joint venture and was responsible for the development and construction of the property. We have 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. We have also determined that we are the primary beneficiary of the VIE due to the fact that we are providing more than 50% of the equity contributions, the subordinated debt and a guarantee on the third party debt and have the power to direct the most significant activities that impact the entity’s economic performance. On June 12, 2014, we entered into a joint venture operating agreement with a real estate development company and two other partners to construct a three-phase apartment project in Edina, Minnesota as IRET – 71 France, LLC. We estimate total costs for the project at $73.3 million, with approximately 69% of the project financed with third-party debt and approximately 7% financed with debt from us to the joint venture entity. The first phase of the project was substantially completed in the second quarter of fiscal year 2016, the second phase of the project was substantially completed in the third quarter of fiscal year 2016 and construction of the third phase is expected to be completed in the first quarter of fiscal year 2017. See Development, Expansion and Renovation Projects in Note 10 for additional information. As of April 30, 2016, we are the approximately 52.6% owner of the joint venture and will have management and leasing responsibilities after the project has been in service for 24 months and the real estate development company and the other two partners own approximately 47.4% of the joint venture and are responsible for the development, construction and initial leasing of the property. We have determined that the joint venture is a 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. We have also determined that we are the primary beneficiary of the VIE due to the fact that we are providing more than 50% of the equity contributions, the subordinated debt and a guarantee on the third party debt and have the power to direct the most significant activities that impact the entity’s economic performance. |
INVOLUNTARY CONVERSION OF ASSETS | INVOLUNTARY CONVERSION OF ASSETS In February 2012, one of the buildings of the Chateau Apartments property was completely destroyed by fire (the “2012 Fire”). 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 exceeded the basis in the assets requiring replacement, resulting in recognition of a gain from involuntary conversion of $2.5 million in fiscal year 2014. In December 2013, 15 - unit and 57 - unit buildings at the Chateau Apartments property were destroyed by fire (the “2013 Fire”). Rebuilding was completed in the first quarter of fiscal year 2016. We received proceeds for the 2013 Fire claim of $1.0 million in fiscal year 2014 and $6.0 million fiscal 2015, which reduced to zero the accounts receivable recorded at the time of the fire for expected proceeds. No gain or loss on involuntary conversion was recorded due to the settlement of the claim. |
GAIN ON BARGAIN PURCHASE | GAIN ON BARGAIN PURCHASE On March 22, 2016, we acquired a multifamily property in Rochester, MN, which had a fair value at acquisition of approximately $36. 3 million, as appraised by a third party. The consideration exchanged for the property consisted of $15.0 million cash and approximately 2.5 million Units, valued at approximately $17.8 million. The fair value of the Units transferred was based on the closing market price of our common stock on the acquisition date of $7.09 per share. The acquisition resulted in a gain on bargain purchase because the fair value of assets acquired exceeded the total of the fair value of the consideration paid by approximately $3. 4 million. |
BASIS OF PRESENTATION AND SIG31
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Schedule of Compensating Balances | At April 30, 2016, our compensating balances totaled $13.2 million and consisted of the following: Financial Institution First International Bank, Watford City, ND $ Associated Bank, Green Bay, WI The PrivateBank, Minneapolis, MN Bremer Bank, Saint Paul, MN Dacotah Bank, Minot, ND Peoples State Bank, Velva, ND American National Bank, Omaha, NE Commerce Bank a Minnesota Banking Corporation Total $ |
Summary of Changes in Allowance for Doubtful Accounts | A summary of the changes in the allowance for doubtful accounts including properties held for sale for fiscal years ended April 30, 2016, 2015 and 2014 is as follows: (in thousands) Balance at beginning of year $ $ $ Provision Write-off Balance at close of year $ $ 1,156 $ |
PROPERTY OWNED (Tables)
PROPERTY OWNED (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
PROPERTY OWNED [Abstract] | |
Schedule of Future Minimum Lease Payments | The future minimum lease receipts to be received under non-cancellable leases for commercial properties held for investment as of April 30, 2016, assuming that no options to renew or buy out the lease are exercised, are as follows: Year Ended April 30, (in thousands) 2017 $ 2018 2019 2020 2021 Thereafter $ |
IDENTIFIED INTANGIBLE ASSETS 33
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES [Abstract] | |
Schedule Identified Intangible Assets and Intangible Liabilities | Our identified intangible assets and intangible liabilities at April 30, 2016 and 2015 were as follows: (in thousands) April 30, 2016 April 30, 2015 Identified intangible assets (included in intangible assets): Gross carrying amount $ $ Accumulated amortization Net carrying amount $ $ Identified intangible liabilities (included in other liabilities): Gross carrying amount $ $ Accumulated amortization Net carrying amount $ $ |
Estimated Annual Amortization of Acquired Below-Market Leases, Net Of Acquired Above-Market Leases | 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) 2017 $ 2018 2019 2020 2021 |
Estimated Annual Amortization of All Other Identified Intangible Assets | 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) 2017 $ 2018 2019 2020 2021 |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
NONCONTROLLING INTERESTS [Abstract] | |
Schedule of Noncontrolling Interests - Consolidated Real Estate Entities | Our noncontrolling interests – consolidated real estate entities at April 30, 2016 and 2015 were as follows: (in thousands) April 30, 2016 April 30, 2015 IRET-71 France, LLC $ $ IRET-Cypress Court Apartments, LLC IRET-RED 20, LLC IRET-Williston Garden Apartments, LLC IRET - WRH 1, LLC Mendota Properties LLC — WRH Holding, LLC Other — Noncontrolling interests – consolidated real estate entities $ $ |
LINE OF CREDIT (Tables)
LINE OF CREDIT (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
LINE OF CREDIT [Abstract] | |
Schedule of Line of Credit Facilities | This credit facility is summarized in the following table: (in thousands) Weighted Average Int. Amount Amount Applicable Rate on Outstanding Outstanding Interest Rate Borrowings Amount as of April 30, as of April 30, as of April 30, Maturity during fiscal Financial Institution Available Date year 2016 First International Bank & Trust $ $ $ % 9/1/17 % |
MORTGAGES PAYABLE AND CONSTRU36
MORTGAGES PAYABLE AND CONSTRUCTION DEBT (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
MORTGAGES PAYABLE AND CONSTRUCTION DEBT [Abstract] | |
Aggregate Amount of Required Future Principal Payments on Mortgages Payable | The aggregate amount of required future principal payments on mortgages payable as of April 30, 2016, is as follows (in thousands) Mortgages Mortgages on Properties on Properties Held for Held for Year Ended April 30, Investment Sale 2017 $ $ 2018 2019 2020 2021 Thereafter Total payments $ $ |
ACQUISITIONS, DEVELOPMENT PRO37
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS [Abstract] | |
Acquisitions | The fiscal year 2016 and 2015 acquisitions are detailed below. Fiscal 2016 ( May 1, 2015 to April 30, 2016 ) (in thousands) Total Form of Consideration Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost Cash Units (1) Land Building Assets Multifamily 74 unit - Gardens - Grand Forks, ND 2015-09-10 $ $ $ $ $ $ 276 unit - GrandeVille at Cascade Lake - Rochester, MN 2015-10-29 — 187 unit - Avalon Cove - Rochester, MN (2) 2016-03-22 90 unit - Cascade Shores - Rochester, MN 2016-03-22 — 76 unit - Crystal Bay - Rochester, MN 2016-03-22 — 40-unit - French Creek - Rochester, MN 2016-03-22 — Healthcare 27,819 sq ft Lakeside Medical Plaza - Omaha, NE 2015-08-20 — Total Property Acquisitions $ $ $ $ $ $ (1) Value of Units of the Operating Partnership based on the closing market price of our common stock on the acquisition date . The number of Units issued were approximately 44,000 and 2.5 million, respectively, for the Gardens and Avalon Cove acquisitions. (2) Acquisition resulted in a gain on bargain purchase of approximately $3.4 million. See Note 2 for additional information. Fiscal 2015 ( May 1, 2014 to April 30, 2015 ) (in thousands) Total Form of Consideration Investment Allocation Acquisition Intangible Acquisitions Date Acquired Cost Cash Units (1) Other (2) Land Building Assets Multifamily 152 unit - Homestead Garden - Rapid City, SD (3) 2014-06-02 $ 15,000 $ 5,092 $ — $ 9,908 $ 655 $ 14,139 $ 206 52 unit - Silver Springs - Rapid City, SD 2014-06-02 3,280 1,019 — 2,261 215 3,006 59 68 unit - Northridge - Bismarck, ND 2014-09-12 8,500 8,400 100 — 884 7,516 100 119 unit - Legacy Heights - Bismarck, ND (4) 2015-03-19 15,000 14,300 700 — 1,207 13,742 51 41,780 28,811 800 12,169 2,961 38,403 416 Unimproved Land Creekside Crossing - Bismarck, ND 2014-05-22 — — — — PrairieCare Medical - Brooklyn Park, MN 2014-06-05 — — — — 71 France Phase I - Edina. MN (5) 2014-06-12 — — — — Monticello 7 th Addition - Monticello, MN 2014-10-09 — — — — 71 France Phase II & III - Edina. MN (5) 2014-11-04 — — — — Minot 1525 24 th Ave SW - Minot, ND 2014-12-23 — — — — — — — Total Property Acquisitions $ $ $ $ $ $ $ (1) Value of limited partnership units of the Operating Partnership based on the closing market price of our common stock on the acquisition date . The number of Units issued were approximately 11,000 and 77,000 , respectively, for the Northridge and Legacy Heights acquisitions. (2) Consists of assumed debt (Homestead Garden I: $9.9 million, Silver Springs: $2.3 million) and value of land contributed by the joint venture partner (71 France: $4.7 million). (3) At acquisition, we adjusted the assumed debt to fair value and recognized approximately $852,000 of goodwill. (4) At acquisition, the purchase price included assets in development (land: $804,000 , building: $7.8 million, escrow $1.3 million). (5) Land was contributed to a joint venture in which we have an approximately 52.6% interest. The joint venture is consolidated in our financial statements. |
Results of Operations from Acquired Properties | The revenue and net income of our fiscal year 2016 and 2015 acquisitions are detailed below. (in thousands) Year Ended April 30, 2016 2015 Total revenue $ $ Net loss $ $ |
Development Projects Placed in Service | The fiscal year 2016 and 2015 development projects placed in service are detailed below. Fiscal 2016 ( May 1, 2015 to April 30, 2016 ) (in thousands) Date Placed Development Development Projects Placed in Service (1) in Service Land Building Cost Multifamily 72 unit - Chateau II - Minot, ND (2) 2015-06-01 $ $ $ 288 unit - Renaissance Heights - Williston, ND (3) 2015-07-27 163 unit - Deer Ridge - Jamestown, ND (4) 2016-02-22 251 unit - Cardinal Point - Grand Forks, ND (5) 2016-03-18 Healthcare 57,624 sq ft Edina 6565 France SMC III - Edina, MN (6) 2015-06-01 — 70,756 sq ft PrairieCare Medical - Brooklyn Park, MN (7) 2015-09-08 Other 7,963 sq ft Minot Southgate Retail - Minot, ND (8) 2015-10-01 Total Development Projects Placed in Service $ $ $ (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 71 France project, which was partially placed in service during the fiscal year ended April 30, 2016. (2) Costs paid in prior fiscal years totaled $12.3 million. Additional costs incurred in fiscal year 2016 totaled $2.3 million, for a total project cost at April 30, 2016 of $14.6 million. (3) Costs paid in prior fiscal years totaled $57.7 million. Additional costs incurred in fiscal year 2016 totaled $4.8 million, for a total project cost at April 30, 2016 of $62.5 million. The project is owned by a joint venture entity in which we currently have an approximately 70.0% interest. The joint venture is consolidated in our financial statements. (4) Costs paid in prior fiscal years totaled $14.3 million. Additional costs incurred in fiscal year 2016 totaled $10.5 million, for a total project cost at April 30, 2016 of $24.8 million. (5) Costs paid in prior fiscal years totaled $23.0 million. Additional costs incurred in fiscal year 2016 totaled $26.7 million, for a total project cost at April 30, 2016 of $49.7 million. (6) Costs paid in prior fiscal years totaled $20.8 million. Additional costs incurred in fiscal year 2016 totaled $12.2 million, for a total project cost at April 30, 2016 of $33.0 million. (7) Costs paid in prior fiscal years totaled $17.3 million. Additional costs incurred in fiscal year 2016 totaled $7.1 million, for a total project cost at April 30, 2016 of $24.4 million. (8) Costs paid in prior fiscal years totaled $2.1 million. Additional costs incurred in fiscal year 2016 totaled approximately $500,000 , for a total project cost at April 30, 2016 of $2.6 million. Fiscal 2015 ( May 1, 2014 to April 30, 2015 ) (in thousands) Date Placed Development Development Projects Placed in Service (1) in Service Land Building Cost Multifamily 44 unit - Dakota Commons - Williston, ND (2) 2014-07-15 $ $ $ 130 unit - Red 20 - Minneapolis, MN (3) 2014-11-21 233 unit - Commons at Southgate - Minot, ND (4) 2014-12-09 64 unit - Cypress Court II - St. Cloud, MN (5) 2015-01-01 165 unit - Arcata - Golden Valley, MN (6) 2015-01-01 Other 4,998 sq ft Minot Southgate Wells Fargo Bank - Minot, ND (7) 2014-11-10 202,807 sq ft Roseville 3075 Long Lake Road - Roseville, MN 2015-02-02 — Total Development Projects Placed in Service $ $ $ (1) Development projects that are placed in service in phases are excluded from this table until the entire project has been placed in service. See Note 6 for additional information on the Renaissance Heights project, which was partially placed in service during the fiscal year 2014 and the twelve months ended April 30, 2015. (2) Costs paid in prior fiscal years totaled $8.1 million. Additional costs paid in fiscal year 2015 totaled $2.3 million, for a total project cost at April 30, 2015 of $10.4 million. (3) Costs paid in prior fiscal years totaled $12.2 million. Additional costs paid in fiscal year 2015 totaled $16.1 million, for a total project cost at April 30, 2015 of $28.3 million. The project is owned by a joint venture entity in which we have an approximately 58.6% interest. The joint venture is consolidated in our financial statements. (4) Costs paid in prior fiscal years totaled $26.5 million, respectively. Additional costs paid in fiscal year 2015 totaled $8.1 million, for a total project cost at April 30, 2015 of $35.0 million. The project is owned by a joint venture entity in which we had an approximately 52.9% interest at April 30, 2015. The joint venture is consolidated in our financial statements. (5) Costs paid in prior fiscal years totaled $1.2 million. Additional costs paid in fiscal year 2015 totaled $5.5 million, for a total project cost at April 30, 2015 of $6.8 million. The project is owned by a joint venture entity in which we have an approximately 86.1% interest. The joint venture is consolidated in our financial statements. (6) Costs paid in prior fiscal years totaled $11.3 million, respectively. Additional costs paid in fiscal year 2015 totaled $19.1 million, for a total project cost at April 30, 2015 of $31.7 million. (7) Costs paid in fiscal year 2015 totaled $3.2 million, including land acquired in fiscal year 2013. |
Schedule of Dispositions | The fiscal year 2016 and 2015 dispositions are detailed below. Fiscal 2016 ( May 1, 2015 to April 30, 2016 ) (in thousands) Date Book Value Dispositions Disposed Sales Price and Sales Cost Gain/(Loss) Multifamily 391 unit - St. Cloud Student Housing Portfolio - St. Cloud, MN 2016-03-24 $ Healthcare 61,758 sq ft Nebraska Orthopaedic Hospital - Omaha, NE 2016-04-01 Other 117,144 sq ft Thresher Square – Minneapolis, MN 2015-05-18 2,549,222 sq ft Office Sale Portfolio (1) 2015-08-03 420,216 sq ft Mendota Office Center Portfolio – Mendota Heights, MN(2) 2015-08-12 1,027,208 sq ft Retail Sale Portfolio (3) 2015-09-30 48,700 sq ft Eden Prairie 6101 Blue Circle Drive – Eden Prairie, MN 2015-10-19 8,526 sq ft Burnsville I Strip Center – Burnsville, MN 2015-12-23 4,800 sq ft Pine City C-Store – Pine City, MN 2016-01-08 11,003 sq ft Minot Plaza – Minot, ND 2016-01-19 937,518 sq ft 9-Building Office Portfolio (4)(5) 2016-01-29 (5) (5) (5) 3,702 sq ft Arrowhead First International Bank - Minot, ND 2016-04-06 Unimproved Land River Falls Unimproved Land - River Falls, WI 2016-04-06 Total Property Dispositions $ $ $ (1) The properties included in this portfolio disposition are: 610 Business Center, 7800 West Brown Deer Road, Ameritrade, Barry Pointe Office Park, Benton Business Park, Brenwood, Brook Valley I, Crosstown Centre, Golden Hills Office Center, Granite Corporate Center, Great Plains, Highlands Ranch I, Highlands Ranch II, Interlachen Corporate Center, Intertech Building, Minnesota National Bank, Northpark Corporate Center, Omaha 10802 Farnam Dr, Plaza VII, Plymouth 5095 Nathan Lane, Prairie Oak Business Center, Rapid City 900 Concourse Drive, Spring Valley IV, Spring Valley V, Spring Valley X, Spring Valley XI, Superior Office Building, TCA Building & vacant land, Three Paramount Plaza, UHC Office, US Bank Financial Center, Wells Fargo Center, West River Business Park and Westgate. (2) The properties included in this portfolio disposition are: Mendota Office Center I, Mendota Office Center II, Mendota Office Center III, Mendota Office Center IV and American Corporate Center. (3) The properties included in this portfolio disposition are: Champlin South Pond, Chan West Village, Duluth 4615 Grand, Duluth Denfeld Retail, Forest Lake Auto, Forest Lake Westlake Center, Grand Forks Medpark Mall, Jamestown Buffalo Mall, Jamestown Business Center, Lakeville Strip Center, Monticello C Store & vacant land, Omaha Barnes & Noble, Pine City Evergreen Square, Rochester Maplewood Square and St. Cloud Westgate. (4) The properties included in this portfolio disposition are: Corporate Center West, Farnam Executive Center, Flagship Corporate Center, Gateway Corporate Center, Miracle Hills One, Pacific Hills, Riverport, Timberlands, and Woodlands Plaza IV. (5) On January 29, 2016, we transferred ownership of nine properties to the mortgage lender on a $122.6 million non-recourse loan and removed the debt obligation and accrued interest from our balance sheet. The properties had an estimated fair value of $89.3 million on the transfer date. Upon completion of this transfer, we recognized a gain on extinguishment of debt of $36.5 million, representing the difference between the loan and accrued interest payable extinguished over the carrying value of the properties, cash, accounts payable and accounts receivable transferred as of the transfer date and related closing costs. Fiscal 2015 ( May 1, 2014 to April 30, 2015 ) (in thousands) Date Book Value Dispositions Disposed Sales Price and Sales Cost Gain/(Loss) Multifamily 83 unit - Lancaster - St. Cloud, MN 2014-09-22 $ $ $ Healthcare 45,222 sq ft Jamestown Medical Office Building - Jamestown, ND 2015-02-05 Other 73,338 sq ft Dewey Hill - Edina, MN 2014-05-19 198,600 sq ft Eagan 2785 & 2795 - Eagan, MN 2014-07-15 25,644 sq ft Weston Retail - Weston, WI 2014-07-28 — 74,568 sq ft Wirth Corporate Center - Golden Valley, MN 2014-08-29 52,000 sq ft Kalispell Retail - Kalispell, MT 2014-10-15 34,226 sq ft Fargo Express Center & SC Pad - Fargo, ND 2014-11-18 79,297 sq ft Northgate I – Maple Grove, MN 2014-12-01 45,222 sq ft Jamestown Medical Office Building - Jamestown, MN 2015-02-05 14,820 sq ft Weston Walgreens – Weston, WI 2015-02-27 26,000 sq ft Northgate II - Maple Grove, MN 2015-03-02 45,019 sq ft Burnsville Bluffs II - Burnsville, MN 2015-03-25 26,186 sq ft Plymouth I - Plymouth, MN 2015-03-25 26,186 sq ft Plymouth II - Plymouth, MN 2015-03-25 26,186 sq ft Plymouth III - Plymouth, MN 2015-03-25 126,936 sq ft Plymouth IV & V - Plymouth, MN 2015-03-25 58,300 sq ft Southeast Tech Center - Eagan, MN 2015-03-25 61,138 sq ft Whitewater Plaza - Minnetonka, MN 2015-03-25 13,374 sq ft 2030 Cliff Road - Eagan, MN 2015-04-21 Unimproved Land Kalispell Unimproved - Kalispell, MT 2014-10-15 — Weston – Weston, WI 2015-02-17 — — Total Property Dispositions $ $ $ |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
OPERATING SEGMENTS [Abstract] | |
Revenues and Net Operating Income for Reportable Segments | The following tables present real estate revenues and net operating income for the fiscal years ended April 30, 2016, 2015 and 2014 from our two 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, 2016 Multifamily Healthcare All Other Total Real estate revenue $ $ $ $ Real estate expenses Net operating income $ $ $ Depreciation and amortization Impairment of real estate investments General and administrative expenses Acquisition and investment related costs Other expenses Interest expense Loss on debt extinguishment Interest and other income Income before gain on sale of real estate and other investments, gain on bargain purchase and income from discontinued operations Gain on sale of real estate and other investments Gain on bargain purchase Income from continuing operations Income from discontinued operations Net income $ (in thousands) Year Ended April 30, 2015 Multifamily Healthcare All Other Total Real estate revenue $ $ $ $ Real estate expenses Net operating income $ $ $ Depreciation and amortization Impairment of real estate investments General and administrative expenses Acquisition and investment related costs Other expenses Interest expense Interest and other income Income before gain on sale of real estate and other investments Gain on sale of real estate and other investments Income from continuing operations Income from discontinued operations Net income $ (in thousands) Year Ended April 30, 2014 Multifamily Healthcare All Other Total Real estate revenue $ $ $ $ Real estate expenses Gain on involuntary conversion Net operating income $ $ $ Depreciation and amortization Impairment of real estate investments General and administrative expenses Acquisition and investment related costs Other expenses Interest expense Interest and other income Income before loss on sale of real estate and other investments and loss from discontinued operations Loss on sale of real estate and other investments Income from continuing operations Loss from discontinued operations Net loss $ |
Segment Assets and Accumulated Depreciation | Segment Assets and Accumulated Depreciation (in thousands) As of April 30, 2016 Multifamily Healthcare All Other Total Segment assets Property owned $ $ $ $ Less accumulated depreciation Total property owned $ $ $ $ Assets held for sale and assets from discontinued operations Cash and cash equivalents Other investments Receivables and other assets Development in progress Unimproved land Total Assets $ (in thousands) As of April 30, 2015 Multifamily Healthcare All Other Total Segment assets Property owned $ $ $ $ Less accumulated depreciation Total property owned $ $ $ $ Assets held for sale and assets from discontinued operations Cash and cash equivalents Other investments Receivables and other assets Development in progress Unimproved land Total Assets $ |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
DISCONTINUED OPERATIONS [Abstract] | |
Effect on Net Income and Gains or Losses From Sale Of Properties Classified as Discontinued Operations | 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, 2016, 2015 and 2014. (in thousands) REVENUE Real estate rentals $ $ $ Tenant reimbursement TRS senior housing revenue TOTAL REVENUE EXPENSES Property operating expenses, excluding real estate taxes Real estate taxes Depreciation and amortization Impairment of real estate investments TRS senior housing expenses Other expenses — TOTAL EXPENSES Operating income (loss) Interest expense (1) Gain on extinguishment of debt (1) — — Interest income — Other income Income (loss) from discontinued operations before gain on sale Gain on sale of discontinued operations — INCOME (LOSS) FROM DISCONTINUED OPERATIONS $ $ $ Segment Data Multifamily $ — $ — $ Healthcare All other Total $ $ $ (1) Interest expense includes $4.7 million and approximately $528,000 for fiscal years ended April 30, 2016 and 2015, respectively, of default interest related to a $122.6 million non-recourse loan. Gain on extinguishment of debt in the fiscal year ended April 30, 2016 includes $36.5 million of gain on extinguishment of debt recognized in connection with our transfer of ownership to the mortgage lender of the nine properties serving as collateral for the $122.6 million non-recourse loan and the removal of the debt obligation and accrued interest from our balance sheet. (in thousands) Property Sale Data Sales price $ — $ Net book value and sales costs — Gain on sale of discontinued operations $ — $ |
Reconciliation of Assets and Liabilities of Discontinued Operations to Assets and Liabilities Held for Sale That Are Presented Separately on Condensed Consolidated Balance Sheets | The following information reconciles the carrying amounts of major classes of assets and liabilities of the discontinued operations to assets and liabilities held for sale that are presented separately on the Condensed Consolidated Balance Sheets: (in thousands) April 30, 2016 April 30, 2015 Carrying amounts of major classes of assets included as part of discontinued operations Property owned and intangible assets, net of accumulated depreciation and amortization $ $ Receivable arising from straight-lining of rents Accounts receivable Prepaid and other assets Intangible assets Tax, insurance and other escrow Property and equipment Goodwill Deferred charges and leasing costs Total major classes of assets of the discontinued operations Other assets included in the disposal group classified as held for sale Total assets of the disposal group classified as held for sale on the balance sheet $ $ Carrying amounts of major classes of liabilities included as part of discontinued operations Accounts payable and accrued expenses $ $ Mortgages payable Other Total major classes of liabilities of the discontinued operations Other liabilities included in the disposal group classified as held for sale Total liabilities of the disposal group classified as held for sale on the balance sheet $ $ |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
EARNINGS PER SHARE [Abstract] | |
Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted Earnings per Share | . 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, 2016, 2015 and 2014: For Year Ended April 30, (in thousands, except per share data) NUMERATOR Income from continuing operations – Investors Real Estate Trust $ $ $ Income (loss) from discontinued operations – Investors Real Estate Trust Net income (loss) attributable to Investors Real Estate Trust Dividends to preferred shareholders Numerator for basic earnings per share – net income (loss) available to common shareholders Noncontrolling interests – Operating Partnership Numerator for diluted earnings (loss) per share $ $ $ DENOMINATOR Denominator for basic earnings per share weighted average shares Effect of convertible operating partnership units Denominator for diluted earnings per share Earnings (loss) per common share from continuing operations – Investors Real Estate Trust – basic and diluted $ $ $ Earnings (loss) per common share from discontinued operations – Investors Real Estate Trust – basic and diluted NET INCOME (LOSS) PER COMMON SHARE – BASIC & DILUTED $ $ $ |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
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, 2016 is as follows: (in thousands) Fiscal Year Ended April 30, Lease Payments 2017 $ 2018 2019 2020 2021 Thereafter Total $ |
Schedule of Property Cost and Gross Rental Revenue | We have various contracts outstanding with third parties in connection with development, expansion and renovation projects that are underway or placed in service during the quarter, the costs for which have been capitalized. As of April 30, 2016, contractual commitments for these projects are as follows: (in thousands) (in fiscal years) Rentable Anticipated Square Feet Anticipated Costs as of Construction Project Name and Location Planned Segment or Number of Units Total Cost (1) April 30, 2016 (1) Completion Deer Ridge - Jamestown, ND Multifamily 163 units In Service Cardinal Point - Grand Forks, ND (2) Multifamily 251 units In Service 71 France - Edina, MN (3) Multifamily 241 units 1Q 2017 Monticello Crossings - Monticello, MN Multifamily 202 units 2Q 2017 Other n/a n/a n/a n/a $ $ (1) Includes costs related to development projects that are placed in service in phases (71 France - $41.3 million). (2) Anticipated total cost as of April 30, 2016 includes incremental cost increase due to the replacement of the project’s original general contractor. (3) The project is being constructed in three phases by a joint venture entity in which we currently have an approximately 52.6% interest. The anticipated total cost amount given in the table above is the total cost to the joint venture entity. The anticipated total cost includes approximately 20,956 square feet of rentable retail space. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
Fair Value Measurements on a Nonrecurring Basis | (in thousands) Total Level 1 Level 2 Level 3 April 30, 2016 Real estate held for sale $ $ — $ — $ April 30, 2015 Real estate held for sale $ $ — $ — $ |
Estimated Fair Values of Financial Instruments | The estimated fair values of our financial instruments as of April 30, 2016 and 2015 are as follows: (in thousands) 2016 2015 Amount Fair Value Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents $ $ $ $ Other investments FINANCIAL LIABILITIES Other debt Lines of credit Mortgages payable Mortgages payable related to assets held for sale |
QUARTERLY RESULTS OF CONSOLID43
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) [Abstract] | |
Schedule of Quarterly Results of Consolidation Operations | (in thousands, except per share data) QUARTER ENDED July 31, 2015 October 31, 2015 January 31, 2016 April 30, 2016 Revenues $ $ $ $ Net income attributable to Investors Real Estate Trust $ $ $ $ Net income available to common shareholders $ $ $ $ Net income per common share - basic & diluted $ $ $ $ (in thousands, except per share data) QUARTER ENDED July 31, 2014 October 31, 2014 January 31, 2015 April 30, 2015 Revenues $ $ $ $ Net (loss) income attributable to Investors Real Estate Trust $ $ $ $ Net (loss) income available to common shareholders $ $ $ $ Net (loss) income per common share - basic & diluted $ $ $ $ |
REDEEMABLE NONCONTROLLING INT44
REDEEMABLE NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
REDEEMABLE NONCONTROLLING INTERESTS [Abstract] | |
Redeemable Noncontrolling Interest | Below is a table reflecting the activity of the redeemable noncontrolling interests. (in thousands) Balance at beginning of fiscal year $ $ $ Contributions — — Net income Balance at close of fiscal year $ $ $ |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
SHARE BASED COMPENSATION | |
Compensation Expense Recognized | Total share-based compensation expense recognized in the consolidated financial statements for the three years ended April 30, 2016 for all share-based awards was as follows (in thousands): Year Ended April 30, 2016 2015 2014 Share based compensation expense $ $ $ |
Schedule of Restricted Share Awards Activity | The activity for the three years ended April 30, 2016 related to our restricted share awards, excluding those subject to market conditions, was as follows. Wtd Avg Grant- Shares Date Fair Value Unvested at April 30, 2013 — $ — Granted Unvested at April 30, 2014 Granted Vested during year Forfeited Unvested at April 30, 2015 Vested during year Unvested at April 30, 2016 — — |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
SUBSEQUENT EVENTS [Abstract] | |
Common and Preferred Share Distributions | . On June 2, 2016, our Board of Trustees declared the following distributions: Quarterly Amount Class of shares/units per Share or Unit Record Date Payment Date Common shares and limited partnership units $ June 15, 2016 July 1, 2012 Preferred shares: Series A $ June 15, 2016 June 30, 2016 Series B $ June 15, 2016 June 30, 2016 |
ORGANIZATION (Details)
ORGANIZATION (Details) ft² in Millions | Apr. 30, 2016ft²propertyitem |
Real Estate Properties [Line Items] | |
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 | 99 |
Number of apartment units owned | item | 12,950 |
Multi-family Residential Properties [Member] | Discontinued Operations, Held-for-sale [Member] | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 1 |
Unimproved Land [Member] | Discontinued Operations, Held-for-sale [Member] | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 3 |
Commercial Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 47 |
Net rentable area (in square feet) | ft² | 2.9 |
Commercial Properties [Member] | Discontinued Operations, Held-for-sale [Member] | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 36 |
BASIS OF PRESENTATION AND SIG48
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Real Estate Properties (Details) | 3 Months Ended | 12 Months Ended | |||||
Apr. 30, 2016USD ($)propertyshares | Jul. 31, 2015property | Apr. 30, 2016USD ($)propertyitemshares | Dec. 31, 2015 | Apr. 30, 2015USD ($)property | Dec. 31, 2014 | Apr. 30, 2014USD ($)property | |
BASIS OF PRESENTATION [Abstract] | |||||||
Interest in operating partnership (in hundredths) | 88.10% | 88.10% | 89.90% | ||||
Percentage of general interest partnership (in hundredths) | 100.00% | 100.00% | 100.00% | ||||
Redemption basis | 1:1 | ||||||
Redemptions by limited partner, maximum | item | 2 | ||||||
Number of units to redeem, minimum (in units) | shares | 1,000 | 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 real estate investments | $ 5,983,000 | $ 6,105,000 | $ 44,426,000 | ||||
Number of impaired properties | property | 15 | ||||||
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL [Abstract] | |||||||
New intangible assets | 2,200,000 | 416,000 | |||||
Addition to intangible liabilities | $ 101,000 | $ 0 | |||||
Weighted average lives of intangible assets acquired | 8 months 12 days | 6 months | |||||
Goodwill book value | $ 1,680,000 | $ 1,680,000 | $ 1,718,000 | ||||
Recognized impairment goodwill | 0 | 0 | |||||
Goodwill recognized | 852,000 | ||||||
Goodwill derecognized | 196,000 | 40,000 | $ 7,000 | ||||
PROPERTY AND EQUIPMENT [Abstract] | |||||||
Property and equipment cost | 2,100,000 | 2,100,000 | 2,400,000 | ||||
Accumulated depreciation | $ 1,058,000 | $ 1,058,000 | $ 1,374,000 | ||||
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) | 36.28% | 25.74% | |||||
Distribution of capital gain (in hundredths) | 11.99% | 23.09% | |||||
Distribution made as return of capital (in hundredths) | 51.73% | 51.17% | |||||
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 | ||||||
Multi-family Residential Properties [Member] | |||||||
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL [Abstract] | |||||||
Number of real estate properties disposed | property | 1 | ||||||
Multi-Family Residential [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Number of impaired properties | property | 8 | ||||||
Multi-Family Residential [Member] | St Cloud Minnesota Member | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | $ 1,900,000 | ||||||
Number of impaired properties | property | 8 | ||||||
Unimproved Land [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Number of impaired properties | property | 2 | 2 | |||||
Unimproved Land [Member] | Grand Chute, Wisconsin, Unimproved Land [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | $ 1,600,000 | ||||||
Unimproved Land [Member] | River Falls Wisconsin Member | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | $ 162,000 | ||||||
Unimproved Land [Member] | Eagan, Minnesota, Unimproved Land [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | $ 98,000 | ||||||
Unimproved Land [Member] | Weston, Wisconsin, Unimproved Land [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | $ 442,000 | ||||||
Commercial Properties [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Number of impaired properties | property | 4 | ||||||
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES AND GOODWILL [Abstract] | |||||||
Number of real estate properties disposed | property | 8 | 2 | |||||
Commercial Healthcare [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Number of impaired properties | property | 1 | ||||||
Industrial [Member] | St. Louis Park, Minnesota, Industrial Property [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | $ 864,000 | ||||||
Industrial [Member] | Clive, Iowa, Industrial Property [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | 402,000 | ||||||
Industrial [Member] | Roseville, Minnesota, Industrial Property [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | 4,800,000 | ||||||
Office [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Number of impaired properties | property | 1 | ||||||
Office [Member] | Golden Valley, Minnesota [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | 2,100,000 | ||||||
Office [Member] | Bloomington, Minnesota [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | 329,000 | ||||||
Office [Member] | Edina, Minnesota, Office Property [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | 835,000 | ||||||
Retail [Member] | Kalispell, Montana, Retail Property [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | $ 2,100,000 | ||||||
Retail [Member] | Anoka, Minnesota, Retail Property [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | 265,000 | ||||||
Office Property [Member] | Eden Prairie Minnesota Member | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | $ 440,000 | ||||||
Office Property [Member] | Golden Valley, Minnesota [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | 183,000 | ||||||
Office Property [Member] | Minneapolis, Minnesota, Office Property [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | 1,800,000 | ||||||
Office Property [Member] | Boise, Idaho, Office Property [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | 1,400,000 | ||||||
Medical Property [Member] | Sartell, Minnesota, Healthcare Property [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | 1,900,000 | ||||||
Discontinued Operations [Member] | |||||||
REAL ESTATE INVESTMENTS [Abstract] | |||||||
Impairment of real estate investments | $ 440,000 | $ 1,400,000 | $ 36,700,000 | ||||
Discontinued Operations [Member] | Retail [Member] | |||||||
RECLASSIFICATIONS [Abstract] | |||||||
Number of real estate properties classified as discontinued operations | property | 17 | ||||||
Discontinued Operations [Member] | Office Property [Member] | |||||||
RECLASSIFICATIONS [Abstract] | |||||||
Number of real estate properties classified as discontinued operations | property | 48 | ||||||
Discontinued Operations [Member] | Medical Property [Member] | |||||||
RECLASSIFICATIONS [Abstract] | |||||||
Number of real estate properties classified as discontinued operations | property | 1 | ||||||
Discontinued Operations [Member] | Senior Housing properties [Member] | |||||||
RECLASSIFICATIONS [Abstract] | |||||||
Number of real estate properties classified as discontinued operations | property | 34 | ||||||
Assets Held for Sale [Member] | Multi-Family Residential [Member] | |||||||
REAL ESTATE HELD FOR SALE [Abstract] | |||||||
Number of real estate properties classified as held for sale | property | 1 | ||||||
Assets Held for Sale [Member] | Unimproved Land [Member] | |||||||
REAL ESTATE HELD FOR SALE [Abstract] | |||||||
Number of real estate properties classified as held for sale | property | 3 | ||||||
Assets Held for Sale [Member] | Industrial [Member] | |||||||
REAL ESTATE HELD FOR SALE [Abstract] | |||||||
Number of real estate properties classified as held for sale | property | 1 | ||||||
Assets Held for Sale [Member] | Office [Member] | |||||||
REAL ESTATE HELD FOR SALE [Abstract] | |||||||
Number of real estate properties classified as held for sale | property | 1 | ||||||
Assets Held for Sale [Member] | Medical Property [Member] | |||||||
REAL ESTATE HELD FOR SALE [Abstract] | |||||||
Number of real estate properties classified as held for sale | property | 35 | 1 |
BASIS OF PRESENTATION AND SIG49
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Compensating Balances and Other Investments Lender Holdbacks (Details) - USD ($) | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Compensating Balances [Line Items] | |||
Compensating balance | $ 13,160,000 | ||
Decrease in lender holdbacks | 4,347,000 | $ 10,738,000 | $ 3,780,000 |
Increase in lender holdbacks for improvements | 1,136,000 | $ 1,204,000 | $ 11,045,000 |
First International Bank, Watford City, North Dakota [Member] | |||
Compensating Balances [Line Items] | |||
Compensating balance | 6,000,000 | ||
Associated Bank, Green Bay, Wisconsin [Member] | |||
Compensating Balances [Line Items] | |||
Compensating balance | 3,000,000 | ||
Private Bank [Member] | |||
Compensating Balances [Line Items] | |||
Compensating balance | 2,000,000 | ||
Bremer Bank [Member] | |||
Compensating Balances [Line Items] | |||
Compensating balance | 1,285,000 | ||
Dacotah Bank, Minot, North Dakota [Member] | |||
Compensating Balances [Line Items] | |||
Compensating balance | 350,000 | ||
Dacotah Bank, Minot, North Dakota [Member] | Other Investments [Member] | |||
Compensating Balances [Line Items] | |||
Certificates of deposit | 50,000 | ||
Peoples State Bank of Velva, North Dakota [Member] | |||
Compensating Balances [Line Items] | |||
Compensating balance | 225,000 | ||
American National Bank, Omaha, Nebraska [Member] | |||
Compensating Balances [Line Items] | |||
Compensating balance | 200,000 | ||
Commerce Bank [Member] | |||
Compensating Balances [Line Items] | |||
Compensating balance | $ 100,000 |
BASIS OF PRESENTATION AND SIG50
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Allowance For Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Provision | $ 651 | $ 967 | $ 434 |
Allowance for Doubtful Accounts [Member] | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of year | 1,156 | 1,044 | 1,393 |
Provision | 651 | 967 | 434 |
Write-off | (861) | (855) | (783) |
Balance at close of year | $ 946 | $ 1,156 | $ 1,044 |
BASIS OF PRESENTATION AND SIG51
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Proceeds From Financing Liability (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jul. 31, 2013 | Apr. 30, 2016 | |
Other Liabilities [Line Items] | ||
Proceeds from sale of property | $ 7.9 | |
Contract for deed | 29 | |
Sale lease-back recorded in other liabilities | $ 7.9 | |
Financing Liability [Member] | ||
Other Liabilities [Line Items] | ||
Financing liability balance | $ 7.9 |
BASIS OF PRESENTATION AND SIG52
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Variable Interest Entity (Details) $ in Millions | Jun. 12, 2014USD ($)item | Nov. 27, 2012 | Apr. 30, 2016item |
IRET - Minot Apartments, LLC [Member] | |||
Variable Interest Entity [Line Items] | |||
Percentage of ownership in VIE (in hundredths) | 51.00% | ||
IRET - Minot Apartments, LLC [Member] | Third Party Debt [Member] | |||
Variable Interest Entity [Line Items] | |||
Percentage of project financed (in hundredths) | 69.00% | ||
IRET - Minot Apartments, LLC [Member] | Debt from IRET [Member] | |||
Variable Interest Entity [Line Items] | |||
Percentage of project financed (in hundredths) | 7.00% | ||
IRET - Minot Apartments, LLC [Member] | Real Estate Development Company [Member] | |||
Variable Interest Entity [Line Items] | |||
Percentage of ownership in VIE (in hundredths) | 49.00% | ||
IRET - 71 France, LLC [Member] | |||
Variable Interest Entity [Line Items] | |||
Total estimated cost for joint venture | $ | $ 73.3 | ||
Number of other partners in joint venture | item | 2 | 2 | |
Percentage of ownership in VIE (in hundredths) | 52.60% | ||
Threshold in-service period of project | 24 months | ||
IRET - 71 France, LLC [Member] | Third Party Debt [Member] | |||
Variable Interest Entity [Line Items] | |||
Percentage of project financed (in hundredths) | 69.00% | ||
IRET - 71 France, LLC [Member] | Debt from IRET [Member] | |||
Variable Interest Entity [Line Items] | |||
Percentage of project financed (in hundredths) | 7.00% | ||
IRET - 71 France, LLC [Member] | Real Estate Development Company [Member] | |||
Variable Interest Entity [Line Items] | |||
Percentage of ownership in VIE (in hundredths) | 47.40% |
BASIS OF PRESENTATION AND SIG53
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Involuntary Conversion of Assets(Details) $ / shares in Units, $ in Thousands, shares in Millions | Mar. 22, 2016USD ($)$ / sharesshares | Dec. 31, 2013item | Apr. 30, 2016USD ($) | Apr. 30, 2015USD ($) | Apr. 30, 2014USD ($) | Feb. 29, 2012property |
Unusual or Infrequent Item [Line Items] | ||||||
Total gain on involuntary conversion | $ 2,480 | |||||
GAIN ON BARGAIN PURCHASE [Abstract] | ||||||
Gain on bargain purchase | $ 3,424 | |||||
187 unit - Avalon Cove - Rochester, MN [Member] | ||||||
GAIN ON BARGAIN PURCHASE [Abstract] | ||||||
Fair value at acquisition | $ 36,000 | |||||
Cash consideration | $ 15,000 | |||||
Units issued, acquisitions | shares | 2.5 | |||||
Value of units issued, acquisitions | $ 17,800 | |||||
Share price on acquisition date | $ / shares | $ 7.09 | |||||
Gain on bargain purchase | $ 3,000 | |||||
2012 Fire [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Number of buildings destroyed | property | 1 | |||||
Proceeds from final settlement | 5,100 | |||||
Total gain on involuntary conversion | 2,500 | |||||
2013 Fire [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Total gain on involuntary conversion | $ 0 | |||||
Insurance proceeds received for flood clean up costs and redevelopment | $ 6,000 | $ 1,000 | ||||
2013 Fire [Member] | Building One [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Number of units in building | item | 15 | |||||
2013 Fire [Member] | Building Two [Member] | ||||||
Unusual or Infrequent Item [Line Items] | ||||||
Number of units in building | item | 57 |
CREDIT RISK (Details)
CREDIT RISK (Details) - USD ($) $ in Millions | Apr. 30, 2016 | Apr. 30, 2015 |
CREDIT RISK [Abstract] | ||
Amounts deposit not insured by FDIC | $ 36.7 | $ 9.7 |
PROPERTY OWNED (Details)
PROPERTY OWNED (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
PROPERTY OWNED [Abstract] | |||
Property owned net | $ 1,368,582 | $ 1,056,270 | |
Capitalized interest during construction | 4,900 | $ 4,900 | $ 2,900 |
Future minimum lease receipts to be received under non-cancellable leases [Abstract] | |||
2,017 | 28,558 | ||
2,018 | 26,235 | ||
2,019 | 22,289 | ||
2,020 | 18,423 | ||
2,021 | 17,216 | ||
Thereafter | 112,551 | ||
Total | $ 225,272 |
IDENTIFIED INTANGIBLE ASSETS 56
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Identified intangible assets (included in intangible assets) [Roll Forward] | |||
Gross carrying amount | $ 8,088 | $ 7,500 | |
Accumulated amortization | (6,230) | (6,112) | |
Net carrying amount | 1,858 | 1,388 | |
Identified intangible liabilities (included in other liabilities) [Abstract] | |||
Gross carrying amount | 159 | 82 | |
Accumulated amortization | (55) | (61) | |
Net carrying amount | 104 | 21 | |
Other Identified Intangible Assets [Member] | |||
Identified intangible liabilities (included in other liabilities) [Abstract] | |||
Amortization of intangible assets | 14,000 | 24,000 | $ 25,000 |
Estimated annual amortization [Abstract] | |||
2,017 | 5 | ||
2,018 | (11) | ||
2,019 | (20) | ||
2,020 | (16) | ||
2,021 | (13) | ||
Leases, Acquired-in-Place, Market Adjustment [Member] | |||
Identified intangible liabilities (included in other liabilities) [Abstract] | |||
Amortization of intangible assets | 1,700 | $ 1,500 | $ 2,100 |
Estimated annual amortization [Abstract] | |||
2,017 | 1,171 | ||
2,018 | 269 | ||
2,019 | 170 | ||
2,020 | 104 | ||
2,021 | $ 78 |
NONCONTROLLING INTERESTS (Detai
NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests - consolidated real estate entities | $ 21,020 | $ 30,519 |
IRET - 71 France, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests - consolidated real estate entities | 8,070 | 8,630 |
IRET-Cypress Court Apartments, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests - consolidated real estate entities | 1,042 | 1,089 |
IRET-RED 20, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests - consolidated real estate entities | 2,410 | 3,072 |
IRET-Williston Garden Apartments, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests - consolidated real estate entities | 3,014 | 3,090 |
IRET-WRH 1, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests - consolidated real estate entities | 5,266 | 6,138 |
Mendota Properties LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests - consolidated real estate entities | 7,294 | |
WRH Holding, LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests - consolidated real estate entities | 1,195 | $ 1,206 |
Other Noncontrolling Interests [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests - consolidated real estate entities | $ 23 |
LINE OF CREDIT (Details)
LINE OF CREDIT (Details) $ in Thousands | 12 Months Ended | |
Apr. 30, 2016USD ($)propertyitem | Apr. 30, 2015USD ($) | |
Credit Facility [Abstract] | ||
Amount available | $ 100,000 | |
Line of Credit [Member] | First International Bank & Trust [Member] | ||
Line of Credit Facility [Line Items] | ||
Number of securing line of credit | item | 1 | |
Line of credit, minimum outstanding principal balance | $ 17,500 | |
Debt instrument, description of variable rate basis | Prime Rate | |
Debt instrument, basis spread on variable rate (in hundredths) | 1.25% | |
Debt instrument, covenant description | The facility includes covenants and restrictions requiring us 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 we are also required to maintain minimum depository account(s) totaling $6.0 million with First International Bank, of which $1.5 million is to be held in a non-interest bearing account. | |
Debt service coverage on individual assets | 1.25 | |
Debt service coverage on individual assets | 1 | |
Minimum deposit | $ 6,000 | |
Non-interest bearing account | $ 1,500 | |
Number of properties securing line of credit | property | 17 | |
Line of credit facility, collateral cost | $ 162,100 | |
Credit Facility [Abstract] | ||
Amount available | 100,000 | |
Amount outstanding | $ 17,500 | $ 60,500 |
Interest rate (in hundredths) | 4.75% | |
Maturity date | Sep. 1, 2017 | |
Weighted average interest rate (in hundredths) | 4.75% | |
Line of Credit [Member] | Interest Rate Floor [Member] | First International Bank & Trust [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, interest rate (in hundredths) | 4.75% | |
Line of Credit [Member] | Interest Rate Cap [Member] | First International Bank & Trust [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, interest rate (in hundredths) | 8.65% |
MORTGAGES PAYABLE AND CONSTRU59
MORTGAGES PAYABLE AND CONSTRUCTION DEBT (Details) $ in Thousands | 12 Months Ended | |
Apr. 30, 2016USD ($)loan | Apr. 30, 2015USD ($) | |
Aggregate amount of required future principal payments on mortgages payable [Abstract] | ||
Total payments | $ 817,324 | $ 596,965 |
Mortgages Payable [Member] | ||
Debt Instrument [Line Items] | ||
Interest rates on mortgages payable range, minimum (in hundredths) | 2.44% | |
Interest rates on mortgages payable range, maximum (in hundredths) | 7.94% | |
Mortgages maturity date range, start | Jul. 1, 2016 | |
Mortgages maturity date range, end | Jul. 1, 2036 | |
Number of loans in default | loan | 0 | |
Fixed rate mortgages | $ 689,300 | 904,900 |
Variable rate mortgages | $ 196,800 | $ 70,000 |
Weighted average interest rate (in hundredths) | 4.54% | 5.16% |
Aggregate amount of required future principal payments on mortgages payable [Abstract] | ||
2,017 | $ 102,636 | |
2,018 | 54,931 | |
2,019 | 144,436 | |
2,020 | 103,537 | |
2,021 | 154,389 | |
Thereafter | 257,395 | |
Total payments | 817,324 | |
Mortgages Payable [Member] | Assets Held for Sale [Member] | ||
Aggregate amount of required future principal payments on mortgages payable [Abstract] | ||
2,017 | 48,046 | |
2,018 | 1,106 | |
2,019 | 6,921 | |
2,020 | 612 | |
2,021 | 4,901 | |
Thereafter | 7,237 | |
Total payments | 68,823 | |
Construction Debt [Member] | ||
Debt Instrument [Line Items] | ||
Construction debt | $ 82,000 | $ 136,200 |
Weighted average interest rate (in hundredths) | 2.74% | 3.38% |
Amount available to be drawn under construction loans | $ 26,200 |
MORTGAGES PAYABLE AND CONSTRU60
MORTGAGES PAYABLE AND CONSTRUCTION DEBT, LINE OF CREDIT (Details) | Apr. 30, 2016property |
Line of Credit Facility [Line Items] | |
Number of properties not encumbered | 29 |
Secured Debt [Member] | |
Line of Credit Facility [Line Items] | |
Number of properties securing line of credit | 17 |
TRANSACTIONS WITH RELATED PAR61
TRANSACTIONS WITH RELATED PARTIES (Details) | 12 Months Ended | |||
Apr. 30, 2016USD ($)loan | Apr. 30, 2015USD ($) | Apr. 30, 2014USD ($) | Apr. 30, 2013USD ($)ft² | |
BANKING SERVICES [Abstract] | ||||
Maximum borrowing capacity | $ 100,000,000 | |||
Compensating balance | 13,160,000 | |||
Interest and fees paid amount | $ 1,700,000 | $ 1,000,000 | ||
LEASE TRANSACTION [Abstract] | ||||
Sale price | $ 536,728,000 | $ 88,867,000 | ||
Mortgages Payable [Member] | ||||
BANKING SERVICES [Abstract] | ||||
Variable interest rate (in hundredths) | 4.54% | 5.16% | ||
Multi bank Line of Credit [Member] | ||||
BANKING SERVICES [Abstract] | ||||
Maximum borrowing capacity | $ 100,000,000 | |||
First International Bank & Trust [Member] | ||||
BANKING SERVICES [Abstract] | ||||
Bank service and other fees charged | 500 | $ 500 | 500 | |
Interest and fees paid amount | $ 2,500,000 | 2,000,000 | 1,200,000 | |
LEASE TRANSACTION [Abstract] | ||||
Area of building constructed (in square feet) | ft² | 3,700 | |||
Lease term | 20 years | |||
Total cost to construct building | $ 1,300,000 | |||
Net rental payments received per year | $ 108,000 | 109,000 | 109,000 | |
Sale price | 1,700,000 | |||
First International Bank & Trust [Member] | Multi bank Line of Credit [Member] | ||||
BANKING SERVICES [Abstract] | ||||
Maximum borrowing capacity | 11,000,000 | |||
Interest paid | 186,000 | 245,000 | 125,000 | |
Bank services charges and fee | 77,000 | $ 40,000 | $ 40,000 | |
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% | |||
Renaissance Heights I - Williston ND [Member] | First International Bank & Trust [Member] | Mortgages Payable [Member] | ||||
BANKING SERVICES [Abstract] | ||||
Number of mortgage loans outstanding | loan | 1 | |||
Original principal balance | $ 43,000,000 | |||
Variable interest rate (in hundredths) | 5.24% | |||
Interest paid | $ 2,200,000 | |||
Carrying principal balance | 42,200,000 | |||
Robert W Baird and Co Incorporated [Member] | ||||
Sales Agreement [Abstract] | ||||
Aggregate offering price | $ 75,000,000 | |||
Compensation of gross sales price (in hundredths) | 2.00% |
ACQUISITIONS, DEVELOPMENT PRO62
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS, ACQUISITIONS (Details) - USD ($) | 12 Months Ended | |||||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | ||||
Business Acquisition [Line Items] | ||||||
Transaction costs expensed during the period | $ 253,000 | $ 216,000 | ||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Partnership units issued | 18,226,000 | 800,000 | $ 3,480,000 | |||
Gain on bargain purchase | 3,424,000 | |||||
Goodwill, acquired during period | 852,000 | |||||
Results of operations from acquired properties [Abstract] | ||||||
Total revenue | 4,094,000 | 2,565,000 | ||||
Net loss | (366,000) | (1,000) | ||||
74 unit - Gardens - Grand Forks, ND [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Partnership units issued | 44,000 | |||||
187 unit - Avalon Cove - Rochester, MN [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Partnership units issued | 2,500,000 | |||||
Northridge - Bismarck, ND [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Partnership units issued | 11,000 | |||||
Legacy Heights - Bismarck, ND [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Partnership units issued | 77,000 | |||||
Acquisitions Member | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Total acquisition costs | 143,500,000 | 56,297,000 | ||||
Form of consideration, cash | 121,850,000 | 38,606,000 | ||||
Form of consideration, units | 18,226,000 | [1] | 800,000 | [2] | ||
Form of consideration, other | [3] | 16,891,000 | ||||
Investment allocation, land | 10,259,000 | 17,478,000 | ||||
Investment allocation, building | 131,159,000 | 38,403,000 | ||||
Investment allocation, intangible assets | 2,082,000 | 416,000 | ||||
Acquisitions Member | Multi-Family Residential [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Total acquisition costs | 137,000,000 | 41,780,000 | ||||
Form of consideration, cash | 115,350,000 | 28,811,000 | ||||
Form of consideration, units | 18,226,000 | [1] | 800,000 | [2] | ||
Form of consideration, other | [3] | 12,169,000 | ||||
Investment allocation, land | 9,356,000 | 2,961,000 | ||||
Investment allocation, building | 126,050,000 | 38,403,000 | ||||
Investment allocation, intangible assets | $ 1,594,000 | $ 416,000 | ||||
Acquisitions Member | Multi-Family Residential [Member] | 74 unit - Gardens - Grand Forks, ND [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Date acquired | Sep. 10, 2015 | |||||
Total acquisition costs | $ 9,250,000 | |||||
Form of consideration, cash | 8,850,000 | |||||
Form of consideration, units | [1] | 400,000 | ||||
Investment allocation, land | 518,000 | |||||
Investment allocation, building | 8,672,000 | |||||
Investment allocation, intangible assets | $ 60,000 | |||||
Acquisitions Member | Multi-Family Residential [Member] | 276 unit - GrandeVille at Cascade Lake - Rochester, MN [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Date acquired | Oct. 29, 2015 | |||||
Total acquisition costs | $ 56,000,000 | |||||
Form of consideration, cash | 56,000,000 | |||||
Investment allocation, land | 5,003,000 | |||||
Investment allocation, building | 50,363,000 | |||||
Investment allocation, intangible assets | $ 634,000 | |||||
Acquisitions Member | Multi-Family Residential [Member] | 187 unit - Avalon Cove - Rochester, MN [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Date acquired | Mar. 22, 2016 | |||||
Total acquisition costs | $ 36,250,000 | |||||
Form of consideration, cash | 15,000,000 | |||||
Form of consideration, units | [1] | 17,826,000 | ||||
Investment allocation, land | 1,616,000 | |||||
Investment allocation, building | 34,145,000 | |||||
Investment allocation, intangible assets | $ 489,000 | |||||
Acquisitions Member | Multi-Family Residential [Member] | 90 unit - Cascade Shores - Rochester, MN [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Date acquired | Mar. 22, 2016 | |||||
Total acquisition costs | $ 18,500,000 | |||||
Form of consideration, cash | 18,500,000 | |||||
Investment allocation, land | 1,585,000 | |||||
Investment allocation, building | 16,710,000 | |||||
Investment allocation, intangible assets | $ 205,000 | |||||
Acquisitions Member | Multi-Family Residential [Member] | 76 unit - Crystal Bay - Rochester, MN [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Date acquired | Mar. 22, 2016 | |||||
Total acquisition costs | $ 12,000,000 | |||||
Form of consideration, cash | 12,000,000 | |||||
Investment allocation, land | 433,000 | |||||
Investment allocation, building | 11,425,000 | |||||
Investment allocation, intangible assets | $ 142,000 | |||||
Acquisitions Member | Multi-Family Residential [Member] | 40-unit - French Creek - Rochester, MN [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Date acquired | Mar. 22, 2016 | |||||
Total acquisition costs | $ 5,000,000 | |||||
Form of consideration, cash | 5,000,000 | |||||
Investment allocation, land | 201,000 | |||||
Investment allocation, building | 4,735,000 | |||||
Investment allocation, intangible assets | $ 64,000 | |||||
Acquisitions Member | Multi-Family Residential [Member] | 152 unit - Homestead Garden - Rapid City, SD [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Date acquired | [4] | Jun. 2, 2014 | ||||
Total acquisition costs | [4] | $ 15,000,000 | ||||
Form of consideration, cash | [4] | 5,092,000 | ||||
Form of consideration, other | [3],[4] | 9,908,000 | ||||
Investment allocation, land | [4] | 655,000 | ||||
Investment allocation, building | [4] | 14,139,000 | ||||
Investment allocation, intangible assets | [4] | $ 206,000 | ||||
Acquisitions Member | Multi-Family Residential [Member] | 52 unit - Silver Springs - Rapid City, SD [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Date acquired | Jun. 2, 2014 | |||||
Total acquisition costs | $ 3,280,000 | |||||
Form of consideration, cash | 1,019,000 | |||||
Form of consideration, other | [3] | 2,261,000 | ||||
Investment allocation, land | 215,000 | |||||
Investment allocation, building | 3,006,000 | |||||
Investment allocation, intangible assets | 59,000 | |||||
Acquisitions Member | Multi-Family Residential [Member] | Homestead Garden - Rapid City, SD [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Assumed debt | 9,900,000 | |||||
Acquisitions Member | Multi-Family Residential [Member] | Silver Springs - Rapid City, SD [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Assumed debt | $ 2,300,000 | |||||
Acquisitions Member | Multi-Family Residential [Member] | Northridge - Bismarck, ND [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Date acquired | Sep. 12, 2014 | |||||
Total acquisition costs | $ 8,500,000 | |||||
Form of consideration, cash | 8,400,000 | |||||
Form of consideration, units | [2] | 100,000 | ||||
Investment allocation, land | 884,000 | |||||
Investment allocation, building | 7,516,000 | |||||
Investment allocation, intangible assets | $ 100,000 | |||||
Acquisitions Member | Multi-Family Residential [Member] | Legacy Heights - Bismarck, ND [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Date acquired | [5] | Mar. 19, 2015 | ||||
Total acquisition costs | [5] | $ 15,000,000 | ||||
Form of consideration, cash | [5] | 14,300,000 | ||||
Form of consideration, units | [2],[5] | 700,000 | ||||
Investment allocation, land | [5] | 1,207,000 | ||||
Investment allocation, building | [5] | 13,742,000 | ||||
Investment allocation, intangible assets | [5] | 51,000 | ||||
Land in development | 804,000 | |||||
Building in development | 7,800,000 | |||||
Ecsrow | 1,300,000 | |||||
Acquisitions Member | Healthcare [Member] | 27,819 sq ft Lakeside Medical Plaza - Omaha, NE [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Date acquired | Aug. 20, 2015 | |||||
Total acquisition costs | $ 6,500,000 | |||||
Form of consideration, cash | 6,500,000 | |||||
Investment allocation, land | 903,000 | |||||
Investment allocation, building | 5,109,000 | |||||
Investment allocation, intangible assets | $ 488,000 | |||||
Acquisitions Member | Unimproved Land [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Total acquisition costs | 14,517,000 | |||||
Form of consideration, cash | 9,795,000 | |||||
Form of consideration, other | [3] | 4,722,000 | ||||
Investment allocation, land | $ 14,517,000 | |||||
Acquisitions Member | Unimproved Land [Member] | Creekside Crossing - Bismarck, ND [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Date acquired | May 22, 2014 | |||||
Total acquisition costs | $ 4,269,000 | |||||
Form of consideration, cash | 4,269,000 | |||||
Investment allocation, land | $ 4,269,000 | |||||
Acquisitions Member | Unimproved Land [Member] | PrairieCare Medical - Brooklyn Park, MN [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Date acquired | Jun. 5, 2014 | |||||
Total acquisition costs | $ 2,616,000 | |||||
Form of consideration, cash | 2,616,000 | |||||
Investment allocation, land | $ 2,616,000 | |||||
Acquisitions Member | Unimproved Land [Member] | 71 France Phase I - Edina, MN [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Date acquired | [6] | Jun. 12, 2014 | ||||
Total acquisition costs | [6] | $ 1,413,000 | ||||
Form of consideration, other | [3],[6] | 1,413,000 | ||||
Investment allocation, land | [6] | $ 1,413,000 | ||||
Acquisitions Member | Unimproved Land [Member] | Monticello 7th Addition - Monticello, MN [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Date acquired | Oct. 9, 2014 | |||||
Total acquisition costs | $ 1,660,000 | |||||
Form of consideration, cash | 1,660,000 | |||||
Investment allocation, land | $ 1,660,000 | |||||
Acquisitions Member | Unimproved Land [Member] | 71 France Phase 2 & 3 - Edina, MN [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Date acquired | [6] | Nov. 4, 2014 | ||||
Total acquisition costs | [6] | $ 3,309,000 | ||||
Form of consideration, other | [3],[6] | 3,309,000 | ||||
Investment allocation, land | [6] | $ 3,309,000 | ||||
Interest in joint venture (in hundredths) | 52.60% | |||||
Acquisitions Member | Unimproved Land [Member] | 71 France Phases I, II & III | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
JV Partner Contributions | $ 4,700,000 | |||||
Acquisitions Member | Unimproved Land [Member] | Minot 1525 24th Ave SW - Minot, ND [Member] | ||||||
Acquisitions and development projects placed in service [Abstract] | ||||||
Date acquired | Dec. 23, 2014 | |||||
Total acquisition costs | $ 1,250,000 | |||||
Form of consideration, cash | 1,250,000 | |||||
Investment allocation, land | $ 1,250,000 | |||||
[1] | Value of Units of the Operating Partnership based on the closing market price of our common stock on the acquisition date. The number of Units issued were approximately 44,000 and 2.5 million, respectively, for the Gardens and Avalon Cove acquisitions.Acquisition resulted in a gain on bargain purchase of approximately $3.4 million. See Note 2 for additional information. | |||||
[2] | Value of limited partnership units of the Operating Partnership | |||||
[3] | Consists of assumed debt (Homestead Garden I: $9.9 million, Silver Springs: $2.3 million) and value of land contributed by the joint venture partner (71 France: $4.7 million). | |||||
[4] | At acquisition, we adjusted the assumed debt to fair value and recognized approximately $852,000 of goodwill. | |||||
[5] | At acquisition, the purchase price included assets in development (land: $804,000, building: $7.8 million, escrow $1.3 million). | |||||
[6] | Land was contributed to a joint venture in which we have an approximately 52.6% interest. The joint venture is consolidated in our financial statements. |
ACQUISITIONS, DEVELOPMENT PRO63
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE (Details) - USD ($) | 12 Months Ended | |||||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | ||||
Business Acquisition [Line Items] | ||||||
Project costs incurred to date | $ 167,532,000 | |||||
Development Projects Placed in Service [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Land | 9,119,000 | [1] | $ 9,941,000 | [2] | ||
Building | 202,716,000 | [1] | 114,548,000 | [2] | ||
Development cost | 211,835,000 | [1] | 124,489,000 | [2] | ||
Development Projects Placed in Service [Member] | Multi-Family Residential [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Land | 5,620,000 | [1] | 8,949,000 | [2] | ||
Building | 146,111,000 | [1] | 103,319,000 | [2] | ||
Development cost | $ 151,731,000 | [1] | 112,268,000 | [2] | ||
Development Projects Placed in Service [Member] | Multi-Family Residential [Member] | 72 unit - Chateau II - Minot, ND [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date placed in service | [1],[3] | Jun. 1, 2015 | ||||
Land | [1],[3] | $ 240,000 | ||||
Building | [1],[3] | 14,408,000 | ||||
Development cost | [1],[3] | 14,648,000 | ||||
Development costs paid | 2,300,000 | 12,300,000 | ||||
Project costs incurred to date | $ 14,600,000 | |||||
Development Projects Placed in Service [Member] | Multi-Family Residential [Member] | 288 unit - Renaissance Heights - Williston, ND [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date placed in service | [1],[4] | Jul. 27, 2015 | ||||
Land | [1],[4] | $ 3,080,000 | ||||
Building | [1],[4] | 59,434,000 | ||||
Development cost | [1],[4] | 62,514,000 | ||||
Development costs paid | 4,800,000 | 57,700,000 | ||||
Project costs incurred to date | $ 62,500,000 | |||||
Interest in joint venture (in hundredths) | 70.00% | |||||
Development Projects Placed in Service [Member] | Multi-Family Residential [Member] | 163 unit - Deer Ridge - Jamestown, ND | ||||||
Business Acquisition [Line Items] | ||||||
Date placed in service | [1] | Feb. 22, 2016 | ||||
Land | [1] | $ 700,000 | ||||
Building | [1] | 24,137,000 | ||||
Development cost | [1] | 24,837,000 | ||||
Development costs paid | 10,500,000 | 14,300,000 | ||||
Project costs incurred to date | $ 24,800,000 | |||||
Development Projects Placed in Service [Member] | Multi-Family Residential [Member] | 251 unit - Cardinal Point - Grand Forks, ND | ||||||
Business Acquisition [Line Items] | ||||||
Date placed in service | [1] | Mar. 18, 2016 | ||||
Land | [1] | $ 1,600,000 | ||||
Building | [1] | 48,132,000 | ||||
Development cost | [1] | 49,732,000 | ||||
Development costs paid | 26,700,000 | $ 23,000,000 | ||||
Project costs incurred to date | 49,700,000 | |||||
Development Projects Placed in Service [Member] | Multi-Family Residential [Member] | Dakota Commons - Williston, ND [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date placed in service | [2],[5] | Jul. 15, 2014 | ||||
Land | [2],[5] | $ 823,000 | ||||
Building | [2],[5] | 9,596,000 | ||||
Development cost | [2],[5] | 10,419,000 | ||||
Development costs paid | 2,300,000 | $ 8,100,000 | ||||
Project costs incurred to date | $ 10,400,000 | |||||
Development Projects Placed in Service [Member] | Multi-Family Residential [Member] | RED 20 - Minneapolis, MN [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date placed in service | [2],[6] | Nov. 21, 2014 | ||||
Land | [2],[6] | $ 1,900,000 | ||||
Building | [2],[6] | 26,412,000 | ||||
Development cost | [2],[6] | 28,312,000 | ||||
Development costs paid | 16,100,000 | 12,200,000 | ||||
Project costs incurred to date | $ 28,300,000 | |||||
Interest in joint venture (in hundredths) | 58.60% | |||||
Development Projects Placed in Service [Member] | Multi-Family Residential [Member] | Commons at Southgate - Minot, ND [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date placed in service | [2],[7] | Dec. 9, 2014 | ||||
Land | [2],[7] | $ 3,691,000 | ||||
Building | [2],[7] | 31,351,000 | ||||
Development cost | [2],[7] | 35,042,000 | ||||
Development costs paid | 8,100,000 | 26,500,000 | ||||
Project costs incurred to date | $ 35,000,000 | |||||
Interest in joint venture (in hundredths) | 52.90% | |||||
Development Projects Placed in Service [Member] | Multi-Family Residential [Member] | Cypress Court II - St. Cloud, MN [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date placed in service | [2],[8] | Jan. 1, 2015 | ||||
Land | [2],[8] | $ 447,000 | ||||
Building | [2],[8] | 6,320,000 | ||||
Development cost | [2],[8] | 6,767,000 | ||||
Development costs paid | 5,500,000 | 1,200,000 | ||||
Project costs incurred to date | $ 6,800,000 | |||||
Interest in joint venture (in hundredths) | 86.10% | |||||
Development Projects Placed in Service [Member] | Multi-Family Residential [Member] | Arcata - Golden Valley, MN [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date placed in service | [2],[9] | Jan. 1, 2015 | ||||
Land | [2],[9] | $ 2,088,000 | ||||
Building | [2],[9] | 29,640,000 | ||||
Development cost | [2],[9] | 31,728,000 | ||||
Development costs paid | 19,100,000 | $ 11,300,000 | ||||
Project costs incurred to date | 31,700,000 | |||||
Development Projects Placed in Service [Member] | Healthcare [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Land | [1] | 2,610,000 | ||||
Building | [1] | 54,871,000 | ||||
Development cost | [1] | $ 57,481,000 | ||||
Development Projects Placed in Service [Member] | Healthcare [Member] | 57,624 sq ft Edina 6565 France SMC III - Edina, MN [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date placed in service | [1],[10] | Jun. 1, 2015 | ||||
Building | [1],[10] | $ 33,041,000 | ||||
Development cost | [1],[10] | 33,041,000 | ||||
Development costs paid | 12,200,000 | 20,800,000 | ||||
Project costs incurred to date | $ 33,000,000 | |||||
Development Projects Placed in Service [Member] | Healthcare [Member] | 70,756 sq ft PrairieCare Medical - Brooklyn Park, MN [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date placed in service | [1],[11] | Sep. 8, 2015 | ||||
Land | [1],[11] | $ 2,610,000 | ||||
Building | [1],[11] | 21,830,000 | ||||
Development cost | [1],[11] | 24,440,000 | ||||
Development costs paid | 7,100,000 | 17,300,000 | ||||
Project costs incurred to date | $ 24,400,000 | |||||
Development Projects Placed in Service [Member] | Other Member | ||||||
Business Acquisition [Line Items] | ||||||
Land | [2] | 992,000 | ||||
Building | [2] | 11,229,000 | ||||
Development cost | [2] | 12,221,000 | ||||
Development Projects Placed in Service [Member] | Other Member | 7,963 sq ft Minot Southgate Retail - Minot, ND [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date placed in service | [1],[12] | Oct. 1, 2015 | ||||
Land | [1],[12] | $ 889,000 | ||||
Building | [1],[12] | 1,734,000 | ||||
Development cost | [1],[12] | 2,623,000 | ||||
Development costs paid | 500,000 | $ 2,100,000 | ||||
Project costs incurred to date | $ 2,600,000 | |||||
Development Projects Placed in Service [Member] | Other Member | Roseville 3075 Long Lake Rd - Roseville, MN [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date placed in service | [2] | Feb. 2, 2015 | ||||
Building | [2] | $ 9,036,000 | ||||
Development cost | [2] | $ 9,036,000 | ||||
Development Projects Placed in Service [Member] | Other Member | Minot Southgate Wells Fargo Bank - Minot, ND [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date placed in service | [2],[13] | Nov. 10, 2014 | ||||
Land | [2],[13] | $ 992,000 | ||||
Building | [2],[13] | 2,193,000 | ||||
Development cost | [2],[13] | 3,185,000 | ||||
Development costs paid | $ 3,200,000 | |||||
[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 71 France project, which was partially placed in service during the fiscal year ended April 30, 2016. | |||||
[2] | Development projects that are placed in service in phases are excluded from this table until the entire project has been placed in service. See Note 6 for additional information on the Renaissance Heights project, which was partially placed in service during the fiscal year 2014 and the twelve months ended April 30, 2015. | |||||
[3] | Costs paid in prior fiscal years totaled $12.3 million. Additional costs incurred in fiscal year 2016 totaled $2.3 million, for a total project cost at April 30, 2016 of $14.6 million. | |||||
[4] | Costs paid in prior fiscal years totaled $57.7 million. Additional costs incurred in fiscal year 2016 totaled $4.8 million, for a total project cost at April 30, 2016 of $62.5 million. The project is owned by a joint venture entity in which we currently have an approximately 70.0% interest. The joint venture is consolidated in our financial statements. | |||||
[5] | Costs paid in prior fiscal years totaled $8.1 million. Additional costs paid in fiscal year 2015 totaled $2.3 million, for a total project cost at April 30, 2015 of $10.4 million. | |||||
[6] | Costs paid in prior fiscal years totaled $12.2 million. Additional costs paid in fiscal year 2015 totaled $16.1 million, for a total project cost at April 30, 2015 of $28.3 million. The project is owned by a joint venture entity in which we have an approximately 58.6% interest. The joint venture is consolidated in our financial statements. | |||||
[7] | Costs paid in prior fiscal years totaled $26.5 million, respectively. Additional costs paid in fiscal year 2015 totaled $8.1 million, for a total project cost at April 30, 2015 of $35.0 million. The project is owned by a joint venture entity in which we had an approximately 52.9% interest at April 30, 2015. The joint venture is consolidated in our financial statements. | |||||
[8] | Costs paid in prior fiscal years totaled $1.2 million. Additional costs paid in fiscal year 2015 totaled $5.5 million, for a total project cost at April 30, 2015 of $6.8 million. The project is owned by a joint venture entity in which we have an approximately 86.1% interest. The joint venture is consolidated in our financial statements. | |||||
[9] | Costs paid in prior fiscal years totaled $11.3 million, respectively. Additional costs paid in fiscal year 2015 totaled $19.1 million, for a total project cost at April 30, 2015 of $31.7 million. | |||||
[10] | Costs paid in prior fiscal years totaled $14.3 million. Additional costs incurred in fiscal year 2016 totaled $10.5 million, for a total project cost at April 30, 2016 of $24.8 million. | |||||
[11] | Costs paid in prior fiscal years totaled $20.8 million. Additional costs incurred in fiscal year 2016 totaled $12.2 million, for a total project cost at April 30, 2016 of $33.0 million. | |||||
[12] | Costs paid in prior fiscal years totaled $2.1 million. Additional costs incurred in fiscal year 2016 totaled approximately $500,000, for a total project cost at April 30, 2016 of $2.6 million. | |||||
[13] | Costs paid in fiscal year 2015 totaled $3.2 million, including land acquired in fiscal year 2013. |
ACQUISITIONS, DEVELOPMENT PRO64
ACQUISITIONS, DEVELOPMENT PROJECTS PLACED IN SERVICE AND DISPOSITIONS, PROPERTY DISPOSITIONS (Details) $ in Thousands | Jan. 29, 2016USD ($)property | Apr. 30, 2016USD ($)property | Apr. 30, 2015USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sale price | $ 536,728 | $ 88,867 | ||
Book value and sales cost | 466,835 | 78,300 | ||
Gain/(Loss) | 69,893 | $ 10,567 | ||
Sale price, net of properties transferred | $ 414,100 | |||
Multi-Family Residential [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of properties sold | property | 8 | |||
Multi-Family Residential [Member] | 391 unit - St. Cloud Student Housing Portfolio - St. Cloud, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Mar. 24, 2016 | |||
Sale price | $ 5,615 | |||
Book value and sales cost | 5,647 | |||
Gain/(Loss) | $ (32) | |||
Multi-Family Residential [Member] | 83 unit - Lancaster - St. Cloud, MN | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Sep. 22, 2014 | |||
Sale price | $ 4,451 | |||
Book value and sales cost | 3,033 | |||
Gain/(Loss) | $ 1,418 | |||
Healthcare [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of properties sold | property | 2 | |||
Healthcare [Member] | 61,758 sq ft Nebraska Orthopaedic Hospital - Omaha, NE | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Apr. 1, 2016 | |||
Sale price | $ 24,494 | |||
Book value and sales cost | 16,512 | |||
Gain/(Loss) | 7,982 | |||
Healthcare [Member] | Jamestown Medical Office Building Jamestown ND [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Feb. 5, 2015 | |||
Sale price | $ 12,819 | |||
Book value and sales cost | 8,710 | |||
Gain/(Loss) | 4,109 | |||
Other [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sale price | 506,599 | 70,769 | ||
Book value and sales cost | 444,655 | 65,729 | ||
Gain/(Loss) | $ 61,944 | $ 5,040 | ||
Other [Member] | 117,144 sq ft Thresher Square - Minneapolis, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | May 18, 2015 | |||
Sale price | $ 7,000 | |||
Book value and sales cost | 7,175 | |||
Gain/(Loss) | $ (175) | |||
Other [Member] | 2,549,222 sq ft Office Sale Portfolio [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | [1] | Aug. 3, 2015 | ||
Sale price | [1] | $ 250,000 | ||
Book value and sales cost | [1] | 231,908 | ||
Gain/(Loss) | [1] | $ 18,092 | ||
Other [Member] | 420,216 sq ft Mendota Office Center Portfolio - Mendota Heights, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | [2] | Aug. 12, 2015 | ||
Sale price | [2] | $ 40,000 | ||
Book value and sales cost | [2] | 41,574 | ||
Gain/(Loss) | [2] | $ (1,574) | ||
Other [Member] | 1,027,208 sq ft Retail Sale Portfolio [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | [3] | Sep. 30, 2015 | ||
Sale price | [3] | $ 78,960 | ||
Book value and sales cost | [3] | 72,000 | ||
Gain/(Loss) | [3] | $ 6,960 | ||
Other [Member] | 48,700 sq ft Eden Prairie 6101 Blue Circle Drive - Eden Prairie, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Oct. 19, 2015 | |||
Sale price | $ 2,900 | |||
Book value and sales cost | 2,928 | |||
Gain/(Loss) | $ (28) | |||
Other [Member] | Burnsville 1 Strip Center - Burnsville, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Dec. 23, 2015 | |||
Sale price | $ 1,300 | |||
Book value and sales cost | 913 | |||
Gain/(Loss) | $ 387 | |||
Other [Member] | Pine City C-Store - Pine City, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Jan. 8, 2016 | |||
Sale price | $ 300 | |||
Book value and sales cost | 355 | |||
Gain/(Loss) | $ (55) | |||
Other [Member] | Minot Plaza - Minot, ND [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Jan. 19, 2016 | |||
Sale price | $ 1,854 | |||
Book value and sales cost | 393 | |||
Gain/(Loss) | $ 1,461 | |||
Other [Member] | 937,518 sq ft 9-Building Office Portfolio [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | [4],[5] | Jan. 29, 2016 | ||
Sale price | [4],[5] | $ 122,610 | ||
Book value and sales cost | [4],[5] | 86,154 | ||
Gain/(Loss) | [4],[5] | $ 36,456 | ||
Number of properties transferred | property | 9 | |||
Non-recourse loan | $ 122,600 | |||
Estimated fair value of properties transferred | $ 89,300 | |||
Other [Member] | 3,702 sq ft Arrowhead First International Bank - Minot, ND | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Apr. 6, 2016 | |||
Sale price | $ 1,675 | |||
Book value and sales cost | 1,255 | |||
Gain/(Loss) | $ 420 | |||
Other [Member] | Dewey Hill - Edina, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | May 19, 2014 | |||
Sale price | $ 3,100 | |||
Book value and sales cost | 3,124 | |||
Gain/(Loss) | $ (24) | |||
Other [Member] | Wirth Corporate Center - Golden Valley, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Aug. 29, 2014 | |||
Sale price | $ 4,525 | |||
Book value and sales cost | 4,695 | |||
Gain/(Loss) | $ (170) | |||
Other [Member] | Northgate I - Maple Grove, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Dec. 1, 2014 | |||
Sale price | $ 7,200 | |||
Book value and sales cost | 6,881 | |||
Gain/(Loss) | $ 319 | |||
Other [Member] | Northgate II - Maple Grove, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Mar. 2, 2015 | |||
Sale price | $ 2,725 | |||
Book value and sales cost | 1,727 | |||
Gain/(Loss) | $ 998 | |||
Other [Member] | Burnsville Bluffs II - Burnsville, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Mar. 25, 2015 | |||
Sale price | $ 1,245 | |||
Book value and sales cost | 2,245 | |||
Gain/(Loss) | $ (1,000) | |||
Other [Member] | Plymouth I - Plymouth, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Mar. 25, 2015 | |||
Sale price | $ 1,985 | |||
Book value and sales cost | 1,492 | |||
Gain/(Loss) | $ 493 | |||
Other [Member] | Plymouth II - Plymouth, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Mar. 25, 2015 | |||
Sale price | $ 1,625 | |||
Book value and sales cost | 1,356 | |||
Gain/(Loss) | $ 269 | |||
Other [Member] | Plymouth III - Plymouth, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Mar. 25, 2015 | |||
Sale price | $ 2,500 | |||
Book value and sales cost | 1,977 | |||
Gain/(Loss) | $ 523 | |||
Other [Member] | Plymouth IV & V - Plymouth, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Mar. 25, 2015 | |||
Sale price | $ 12,910 | |||
Book value and sales cost | 11,706 | |||
Gain/(Loss) | $ 1,204 | |||
Other [Member] | Southeast Tech Center - Eagan, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Mar. 25, 2015 | |||
Sale price | $ 3,300 | |||
Book value and sales cost | 4,196 | |||
Gain/(Loss) | $ (896) | |||
Other [Member] | Whitewater Plaza - Minnetonka, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Mar. 25, 2015 | |||
Sale price | $ 3,035 | |||
Book value and sales cost | 4,625 | |||
Gain/(Loss) | $ (1,590) | |||
Other [Member] | 2030 Cliff Road - Eagan, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Apr. 21, 2015 | |||
Sale price | $ 950 | |||
Book value and sales cost | 834 | |||
Gain/(Loss) | $ 116 | |||
Other [Member] | Jamestown Medical Office Building Jamestown ND [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Feb. 5, 2015 | |||
Sale price | $ 12,819 | |||
Book value and sales cost | 8,710 | |||
Gain/(Loss) | $ 4,109 | |||
Other [Member] | Eagan 2785 & 2795 - Eagan, MN [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Jul. 15, 2014 | |||
Sale price | $ 3,600 | |||
Book value and sales cost | 5,393 | |||
Gain/(Loss) | $ (1,793) | |||
Other [Member] | Weston Retail - Weston, WI [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Jul. 28, 2014 | |||
Book value and sales cost | $ 1,176 | |||
Gain/(Loss) | $ (1,176) | |||
Other [Member] | Kalispell Retail - Kalispell, MT [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Oct. 15, 2014 | |||
Sale price | $ 1,230 | |||
Book value and sales cost | 1,229 | |||
Gain/(Loss) | $ 1 | |||
Other [Member] | Fargo Express Center & SC Pad - Fargo, ND [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Nov. 18, 2014 | |||
Sale price | $ 2,843 | |||
Book value and sales cost | 2,211 | |||
Gain/(Loss) | $ 632 | |||
Other [Member] | Weston Walgreens - Weston, WI [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Feb. 27, 2015 | |||
Sale price | $ 5,177 | |||
Book value and sales cost | 2,152 | |||
Gain/(Loss) | 3,025 | |||
Office [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of properties sold | property | 40 | |||
Number of properties transferred | property | 9 | |||
Retail [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of properties sold | property | 18 | |||
Unimproved Land [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sale price | 828 | |||
Book value and sales cost | $ 828 | |||
Number of properties sold | property | 3 | |||
Unimproved Land [Member] | River Falls Unimproved Land - River Falls, WI | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Apr. 6, 2016 | |||
Sale price | $ 20 | |||
Book value and sales cost | 21 | |||
Gain/(Loss) | $ (1) | |||
Unimproved Land [Member] | Kalispell Unimproved - Kalispell, MT [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Oct. 15, 2014 | |||
Sale price | $ 670 | |||
Book value and sales cost | $ 670 | |||
Unimproved Land [Member] | Weston - Weston, WI [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date disposed | Feb. 17, 2015 | |||
Sale price | $ 158 | |||
Book value and sales cost | $ 158 | |||
[1] | The properties included in this portfolio disposition are: 610 Business Center, 7800 West Brown Deer Road, Ameritrade, Barry Pointe Office Park, Benton Business Park, Brenwood, Brook Valley I, Crosstown Centre, Golden Hills Office Center, Granite Corporate Center, Great Plains, Highlands Ranch I, Highlands Ranch II, Interlachen Corporate Center, Intertech Building, Minnesota National Bank, Northpark Corporate Center, Omaha 10802 Farnam Dr, Plaza VII, Plymouth 5095 Nathan Lane, Prairie Oak Business Center, Rapid City 900 Concourse Drive, Spring Valley IV, Spring Valley V, Spring Valley X, Spring Valley XI, Superior Office Building, TCA Building & vacant land, Three Paramount Plaza, UHC Office, US Bank Financial Center, Wells Fargo Center, West River Business Park and Westgate. | |||
[2] | The properties included in this portfolio disposition are: Mendota Office Center I, Mendota Office Center II, Mendota Office Center III, Mendota Office Center IV and American Corporate Center. | |||
[3] | The properties included in this portfolio disposition are: Champlin South Pond, Chan West Village, Duluth 4615 Grand, Duluth Denfeld Retail, Forest Lake Auto, Forest Lake Westlake Center, Grand Forks Medpark Mall, Jamestown Buffalo Mall, Jamestown Business Center, Lakeville Strip Center, Monticello C Store & vacant land, Omaha Barnes & Noble, Pine City Evergreen Square, Rochester Maplewood Square and St. Cloud Westgate. | |||
[4] | On January 29, 2016, we transferred ownership of nine properties to the mortgage lender on a $122.6 million non-recourse loan and removed the debt obligation and accrued interest from our balance sheet. The properties had an estimated fair value of $89.3 million on the transfer date. Upon completion of this transfer, we recognized a gain on extinguishment of debt of $36.5 million, representing the difference between the loan and accrued interest payable extinguished over the carrying value of the properties, cash, accounts payable and accounts receivable transferred as of the transfer date and related closing costs. | |||
[5] | The properties included in this portfolio disposition are: Corporate Center West, Farnam Executive Center, Flagship Corporate Center, Gateway Corporate Center, Miracle Hills One, Pacific Hills, Riverport, Timberlands, and Woodlands Plaza IV. |
OPERATING SEGMENTS (Details)
OPERATING SEGMENTS (Details) $ in Thousands | 12 Months Ended | |||
Apr. 30, 2016USD ($)segment | Apr. 30, 2015USD ($) | Apr. 30, 2014USD ($) | Apr. 30, 2013USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Segment revenues and net operating income [Abstract] | ||||
Real estate revenue | $ 188,320 | $ 179,321 | $ 164,590 | |
Real estate expenses | 79,100 | 73,137 | 69,256 | |
Gain on involuntary conversion | 2,480 | |||
Net operating income | 109,220 | 106,184 | 97,814 | |
Depreciation/amortization | (49,832) | (42,784) | (39,712) | |
Impairment of real estate investments | (5,543) | (4,663) | (7,700) | |
General and administrative expenses | (11,267) | (11,824) | (10,743) | |
Acquisition and investment related costs | (830) | |||
Other expenses | (2,231) | (1,647) | (1,850) | |
Interest expense | (35,768) | (34,447) | (33,729) | |
Loss on extinguishment of debt | (106) | |||
Interest and other income | 2,573 | 2,956 | 2,148 | |
Income before gain (loss) on sale of real estate and other investments, gain on bargain purchase and income (loss) from discontinued operations | 6,216 | 13,413 | 5,949 | |
Gain (Loss) on sale of real estate and other investments | 9,640 | 6,093 | (51) | |
Gain on bargain purchase | 3,424 | |||
Income from continuing operations | 19,280 | 19,506 | 5,898 | |
Income (loss) from discontinued operations | 57,322 | 9,178 | (22,838) | |
NET INCOME (LOSS) | 76,602 | 28,684 | (16,940) | |
Segment Assets [Abstract] | ||||
Property owned | 1,681,471 | 1,335,687 | ||
Less accumulated depreciation | (312,889) | (279,417) | ||
Total property owned | 1,368,582 | 1,056,270 | ||
Assets held for sale and assets of discontinued operations | 220,761 | 675,764 | ||
Cash and cash equivalents | 66,698 | 48,970 | 47,267 | $ 94,133 |
Other investments | 50 | 329 | ||
Receivables and other assets | 31,466 | 36,683 | ||
Development in progress | 51,681 | 153,994 | ||
Unimproved land | 20,939 | 25,827 | ||
TOTAL ASSETS | 1,760,177 | 1,997,837 | ||
Multi-Family Residential [Member] | Operating Segments [Member] | ||||
Segment revenues and net operating income [Abstract] | ||||
Real estate revenue | 131,149 | 118,526 | 102,059 | |
Real estate expenses | 60,477 | 51,172 | 46,138 | |
Gain on involuntary conversion | 2,480 | |||
Net operating income | 70,672 | 67,354 | 58,401 | |
Segment Assets [Abstract] | ||||
Property owned | 1,243,909 | 946,520 | ||
Less accumulated depreciation | (209,156) | (180,414) | ||
Total property owned | 1,034,753 | 766,106 | ||
Healthcare [Member] | Operating Segments [Member] | ||||
Segment revenues and net operating income [Abstract] | ||||
Real estate revenue | 45,621 | 44,153 | 44,098 | |
Real estate expenses | 16,021 | 16,240 | 16,351 | |
Gain on involuntary conversion | 0 | |||
Net operating income | 29,600 | 27,913 | 27,747 | |
Segment Assets [Abstract] | ||||
Property owned | 337,920 | 284,342 | ||
Less accumulated depreciation | (83,558) | (78,625) | ||
Total property owned | 254,362 | 205,717 | ||
Other Segments [Member] | Operating Segments [Member] | ||||
Segment revenues and net operating income [Abstract] | ||||
Real estate revenue | 11,550 | 16,642 | 18,433 | |
Real estate expenses | 2,602 | 5,725 | 6,767 | |
Gain on involuntary conversion | 0 | |||
Net operating income | 8,948 | 10,917 | $ 11,666 | |
Segment Assets [Abstract] | ||||
Property owned | 99,642 | 104,825 | ||
Less accumulated depreciation | (20,175) | (20,378) | ||
Total property owned | $ 79,467 | $ 84,447 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2016USD ($) | Jan. 31, 2016USD ($) | Oct. 31, 2015USD ($) | Jul. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Jan. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Jul. 31, 2014USD ($) | Apr. 30, 2016USD ($)loanproperty | Apr. 30, 2015USD ($)property | Apr. 30, 2014USD ($)property | |
REVENUE | |||||||||||
Real estate rentals | $ 170,698,000 | $ 159,969,000 | $ 145,028,000 | ||||||||
Tenant reimbursement | 17,622,000 | 19,352,000 | 19,562,000 | ||||||||
TOTAL REVENUE | $ 48,523,000 | $ 48,406,000 | $ 46,346,000 | $ 45,045,000 | $ 45,141,000 | $ 45,630,000 | $ 45,236,000 | $ 43,314,000 | 188,320,000 | 179,321,000 | 164,590,000 |
EXPENSES | |||||||||||
Property operating expenses, excluding real estate taxes | 58,859,000 | 53,535,000 | 50,552,000 | ||||||||
Real estate taxes | 20,241,000 | 19,602,000 | 18,704,000 | ||||||||
Depreciation and amortization | 49,832,000 | 42,784,000 | 39,712,000 | ||||||||
Impairment of real estate investments | 5,543,000 | 4,663,000 | 7,700,000 | ||||||||
Other expenses | 2,231,000 | 1,647,000 | 1,850,000 | ||||||||
Other property expenses | 830,000 | ||||||||||
TOTAL EXPENSES | 148,803,000 | 134,417,000 | 129,540,000 | ||||||||
Operating income (loss) | 39,517,000 | 44,904,000 | 37,530,000 | ||||||||
Interest expense | (35,768,000) | (34,447,000) | (33,729,000) | ||||||||
Gain on extinguishment of debt | (106,000) | ||||||||||
Interest income | 2,256,000 | 2,238,000 | 1,906,000 | ||||||||
Other income | 317,000 | 718,000 | 242,000 | ||||||||
Gain on sale of discontinued operations | 33,423,000 | 6,093,000 | 6,948,000 | ||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | 57,322,000 | 9,178,000 | (22,838,000) | ||||||||
Property Sale Data | |||||||||||
Gain on sale of discontinued operations | 33,423,000 | $ 6,093,000 | 6,948,000 | ||||||||
Discontinued Operations [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 | property | 0 | ||||||||||
REVENUE | |||||||||||
Real estate rentals | 43,544,000 | $ 75,883,000 | 78,066,000 | ||||||||
Tenant reimbursement | 8,684,000 | 24,466,000 | 27,301,000 | ||||||||
TRS senior housing revenue | 3,955,000 | 3,520,000 | 1,627,000 | ||||||||
TOTAL REVENUE | 56,183,000 | 103,869,000 | 106,994,000 | ||||||||
EXPENSES | |||||||||||
Property operating expenses, excluding real estate taxes | 10,252,000 | 23,517,000 | 25,735,000 | ||||||||
Real estate taxes | 5,777,000 | 14,343,000 | 15,229,000 | ||||||||
Depreciation and amortization | 14,166,000 | 27,823,000 | 32,216,000 | ||||||||
Impairment of real estate investments | 440,000 | 1,442,000 | 36,726,000 | ||||||||
TRS senior housing expenses | 3,366,000 | 2,997,000 | 1,331,000 | ||||||||
Other expenses | 1,000 | 3,000 | |||||||||
TOTAL EXPENSES | 34,001,000 | 70,123,000 | 111,240,000 | ||||||||
Operating income (loss) | 22,182,000 | 33,746,000 | (4,246,000) | ||||||||
Interest expense | (18,406,000) | (24,573,000) | (25,834,000) | ||||||||
Gain on extinguishment of debt | 29,336,000 | ||||||||||
Interest income | 1,000 | 2,000 | |||||||||
Other income | 427,000 | 5,000 | 241,000 | ||||||||
Income (Loss) from discontinued operations before gain on sale | 33,540,000 | 9,178,000 | (29,837,000) | ||||||||
Gain on sale of discontinued operations | 23,782,000 | 6,999,000 | |||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | 57,322,000 | 9,178,000 | (22,838,000) | ||||||||
Default interest | 4,700,000 | 528,000 | |||||||||
Non-recourse loan | $ 122,600,000 | $ 122,600,000 | 122,600,000 | 122,600,000 | |||||||
Gain on extinguishment of debt from transfer of ownership | $ 36,500,000 | ||||||||||
Number of loan properties | loan | 9 | ||||||||||
Property Sale Data | |||||||||||
Sales price | $ 373,460,000 | 80,883,000 | |||||||||
Net book value and sales costs | (349,678,000) | (73,884,000) | |||||||||
Gain on sale of discontinued operations | 23,782,000 | 6,999,000 | |||||||||
Discontinued Operations [Member] | Multi-Family Residential [Member] | |||||||||||
EXPENSES | |||||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | (99,000) | ||||||||||
Discontinued Operations [Member] | Commercial Healthcare [Member] | |||||||||||
EXPENSES | |||||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | 5,926,000 | 6,832,000 | 4,223,000 | ||||||||
Discontinued Operations [Member] | Other Segments [Member] | |||||||||||
EXPENSES | |||||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | $ 51,396,000 | $ 2,346,000 | $ (26,962,000) | ||||||||
Discontinued Operations, Disposed of by Sale [Member] | Multi-Family Residential [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Number of real estate properties disposed | property | 2 | ||||||||||
Discontinued Operations, Disposed of by Sale [Member] | Office [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 | property | 48 | ||||||||||
Number of real estate properties disposed | property | 3 | ||||||||||
Discontinued Operations, Disposed of by Sale [Member] | 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 | property | 1 | ||||||||||
Discontinued Operations, Disposed of by Sale [Member] | Industrial [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Number of real estate properties disposed | property | 12 | ||||||||||
Discontinued Operations, Disposed of by Sale [Member] | 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 | property | 17 | ||||||||||
Number of real estate properties disposed | property | 3 | ||||||||||
Discontinued Operations, Held-for-sale [Member] | Senior Housing properties [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Number of properties classified as held for sale | property | 34 |
DISCONTINUED OPERATIONS Reconci
DISCONTINUED OPERATIONS Reconciliation of Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Carrying amounts of major classes of liabilities included as part of discontinued operations [Abstract] | ||
Total liabilities of the disposal groups classified as held for sale on the balance sheet | $ 77,712 | $ 401,299 |
Discontinued Operations, Held-for-sale [Member] | ||
Carrying amounts of major classes of assets included as part of discontinued operations [Abstract] | ||
Property owned and intangible assets, net of accumulated depreciation and amortization | 189,900 | 592,780 |
Receivable arising from straight-lining of rents | 9,805 | 19,191 |
Accounts receivable | 1,707 | 1,041 |
Prepaid and other assets | 43 | 739 |
Intangible asset | 0 | 25,879 |
Tax, insurance and other escrow | 670 | 1,750 |
Property and equipment | 479 | 515 |
Goodwill | 18 | 193 |
Deferred charges and leasing costs | 222 | 9,936 |
Total major classes of assets of the discontinued operations | 202,844 | 652,024 |
Other assets included in the disposal group classified as held for sale | 17,917 | 23,740 |
Total assets of the disposal groups classified as held for sale on the balance sheet | 220,761 | 675,764 |
Carrying amounts of major classes of liabilities included as part of discontinued operations [Abstract] | ||
Accounts payable and accrued expenses | 810 | 14,811 |
Mortgages payable | 68,162 | 366,824 |
Other | 7,900 | 7,904 |
Total major classes of liabilities of the discontinued operations | 76,872 | 389,539 |
Other liabilities included in the disposal group classified as held for sale | 840 | 11,760 |
Total liabilities of the disposal groups classified as held for sale on the balance sheet | $ 77,712 | $ 401,299 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
EARNINGS PER SHARE [Abstract] | |||||||||||
Ratio of units exchanged for shares | one-for-one basis | ||||||||||
Minimum holding period | 1 year | ||||||||||
NUMERATOR [Abstract] | |||||||||||
Income from continuing operations - Investors Real Estate Trust | $ 20,600 | $ 15,996 | $ 6,065 | ||||||||
Income from discontinued operations - Investors Real Estate Trust | 51,406 | 8,091 | (19,239) | ||||||||
Net income (loss) attributable to Investors Real Estate Trust | $ 11,003 | $ 39,797 | $ 16,666 | $ 4,540 | $ 10,753 | $ 8,371 | $ 5,114 | $ (151) | 72,006 | 24,087 | (13,174) |
Dividends to preferred shareholders | (11,514) | (11,514) | (11,514) | ||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ 8,125 | $ 36,918 | $ 13,788 | $ 1,661 | $ 7,875 | $ 5,492 | $ 2,236 | $ (3,030) | 60,492 | 12,573 | (24,688) |
Noncontrolling interests - Operating Partnership | 7,032 | 1,526 | (4,676) | ||||||||
Numerator for diluted earnings (loss) per share | $ 67,524 | $ 14,099 | $ (29,364) | ||||||||
DENOMINATOR [Abstract] | |||||||||||
Denominator for basic earnings per share weighted average shares (in shares) | 123,094 | 118,004 | 105,331 | ||||||||
Effect of convertible operating partnership units (in shares) | 14,278 | 16,594 | 21,697 | ||||||||
Denominator for diluted earnings per share (in shares) | 137,372 | 134,598 | 127,028 | ||||||||
(Loss) earnings per common share from continuing operations - Investors Real Estate Trust - basic and diluted (in dollars per share) | $ 0.08 | $ 0.04 | $ (0.05) | ||||||||
Earnings per common share from discontinued operations - Investors Real Estate Trust - basic and diluted (in dollars per share) | 0.41 | 0.07 | (0.18) | ||||||||
NET INCOME (LOSS) PER COMMON SHARE - BASIC & DILUTED (in dollars per share) | $ 0.07 | $ 0.30 | $ 0.11 | $ 0.01 | $ 0.07 | $ 0.05 | $ 0.02 | $ (0.03) | $ 0.49 | $ 0.11 | $ (0.23) |
RETIREMENT PLANS (Details)
RETIREMENT PLANS (Details) - USD ($) | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
RETIREMENT PLANS [Abstract] | |||
Age threshold for 401 (k) plan | 21 years | ||
Hours worked per calendar year established as threshold for 401(k) plan | 1000 hours | ||
Requisite service period to participate in contribution plan | 6 months | ||
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 | $ 836,000 | $ 1,000,000 | $ 1,100,000 |
COMMITMENTS AND CONTINGENCIES70
COMMITMENTS AND CONTINGENCIES (Details) ft² in Millions | 12 Months Ended | ||
Apr. 30, 2016USD ($)ft²leasepropertyitem | Apr. 30, 2015USD ($) | Apr. 30, 2014USD ($) | |
Real Estate Properties [Line Items] | |||
Number of properties under operating ground and air rights lease | property | 9 | ||
Rent payable per year under ground lease | $ 329,000 | ||
Operating Leases, Future Minimum Payments [Abstract] | |||
2,017 | 330,000 | ||
2,018 | 331,000 | ||
2,019 | 332,000 | ||
2,020 | 333,000 | ||
2,021 | 335,000 | ||
Thereafter | 8,503,000 | ||
Total | 10,164,000 | ||
Tenant improvements | $ 6,100,000 | ||
Commitment period for tenant improvements | 12 months | ||
Total property cost subject to purchase options | $ 1,681,471,000 | $ 1,335,687,000 | |
Total gross rental revenue from properties subject to purchase options | 170,698,000 | 159,969,000 | $ 145,028,000 |
Sale price | $ 536,728,000 | 88,867,000 | |
Redemption basis | 1:1 | ||
Minimum redemption holding period | 1 year | ||
Number of consecutive trading days for valuation | 10 days | ||
Aggregate redemption value of Units of operating partnership owned by limited partners | $ 109,300,000 | $ 102,400,000 | |
Minimum [Member] | |||
Real Estate Properties [Line Items] | |||
Lease term of property | 15 years | ||
Lease expiration date | Feb. 28, 2031 | ||
Number of renewal options | lease | 4 | ||
Maximum [Member] | |||
Real Estate Properties [Line Items] | |||
Lease term of property | 85 years | ||
Lease expiration date | Oct. 31, 2100 | ||
Number of renewal options | lease | 9 | ||
Subject to Purchase Options [Member] | |||
Operating Leases, Future Minimum Payments [Abstract] | |||
Number of properties | property | 14 | ||
Total property cost subject to purchase options | $ 97,200,000 | ||
Total gross rental revenue from properties subject to purchase options | 7,600,000 | ||
Subject to Purchase Options [Member] | Subsequent Event [Member] | |||
Operating Leases, Future Minimum Payments [Abstract] | |||
Sale price | $ 43,500,000 | ||
Subject to Restrictions on Taxable Dispositions [Member] | |||
Operating Leases, Future Minimum Payments [Abstract] | |||
Number of properties | property | 76 | ||
Real estate investment amount of properties (net of accumulated depreciation) | $ 692,400,000 | ||
Combined Commercial Segments [Member] | Subject to Restrictions on Taxable Dispositions [Member] | |||
Operating Leases, Future Minimum Payments [Abstract] | |||
Area of real estate property | ft² | 2.6 | ||
Multi-Family Residential [Member] | Subject to Restrictions on Taxable Dispositions [Member] | |||
Operating Leases, Future Minimum Payments [Abstract] | |||
Number of apartment units subject to restrictions on taxable dispositions | item | 5,396 | ||
Discontinued Operations, Held-for-sale [Member] | |||
Operating Leases, Future Minimum Payments [Abstract] | |||
Tenant improvements | $ 101,000 |
COMMITMENTS AND CONTINGENCIES,
COMMITMENTS AND CONTINGENCIES, Development, Expansion and Renovation Projects (Details) $ in Thousands | 12 Months Ended |
Apr. 30, 2016USD ($)ft²item | |
Real Estate Properties [Line Items] | |
Anticipated Total Cost | $ 182,255 |
Project costs incurred to date | 167,532 |
Other [Member] | |
Real Estate Properties [Line Items] | |
Project costs incurred to date | $ 3,729 |
Multi-Family Residential [Member] | 163 unit - Deer Ridge - Jamestown, ND | |
Real Estate Properties [Line Items] | |
Number of apartment units | item | 163 |
Anticipated Total Cost | $ 24,837 |
Project costs incurred to date | $ 24,837 |
Multi-Family Residential [Member] | 251 unit - Cardinal Point - Grand Forks, ND | |
Real Estate Properties [Line Items] | |
Number of apartment units | item | 251 |
Anticipated Total Cost | $ 52,344 |
Project costs incurred to date | $ 49,732 |
Multi-Family Residential [Member] | 71 France Phase I, II, III - Edina, MN [Member] | |
Real Estate Properties [Line Items] | |
Number of apartment units | item | 241 |
Anticipated Total Cost | $ 73,290 |
Project costs incurred to date | $ 71,727 |
Estimated quarter for completion | 1Q |
Estimated year for completion | 2,017 |
Costs related to development projects placed in service in phases | $ 41,300 |
Interest in joint venture (in hundredths) | 52.60% |
Area of real estate property | ft² | 20,956 |
Multi-Family Residential [Member] | Monticello Crossings - Monticello, MN | |
Real Estate Properties [Line Items] | |
Number of apartment units | item | 202 |
Anticipated Total Cost | $ 31,784 |
Project costs incurred to date | $ 17,507 |
Estimated quarter for completion | 2Q |
Estimated year for completion | 2,017 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
FINANCIAL LIABILITIES [Abstract] | ||
Mortgages payable | $ 817,324 | $ 596,965 |
Carrying Amount [Member] | ||
FINANCIAL ASSETS [Abstract] | ||
Cash and cash equivalents | 66,698 | 48,970 |
Other investments | 50 | 329 |
FINANCIAL LIABILITIES [Abstract] | ||
Other debt | 82,026 | 136,190 |
Lines of credit | 17,500 | 60,500 |
Mortgages payable | 817,324 | 596,965 |
Mortgages payable related to assets held for sale | 68,824 | 366,824 |
Fair Value [Member] | ||
FINANCIAL ASSETS [Abstract] | ||
Cash and cash equivalents | 66,698 | 48,970 |
Other investments | 50 | 329 |
FINANCIAL LIABILITIES [Abstract] | ||
Other debt | 82,026 | 136,190 |
Lines of credit | 17,500 | 60,500 |
Mortgages payable | 866,649 | 673,043 |
Mortgages payable related to assets held for sale | 78,690 | 451,379 |
Nonrecurring [Member] | ||
Fair Value Measurements on a Nonrecurring Basis [Abstract] | ||
Real estate held for sale | 6,650 | 7,100 |
Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value Measurements on a Nonrecurring Basis [Abstract] | ||
Real estate held for sale | $ 6,650 | $ 7,100 |
COMMON AND PREFERRED SHARES O73
COMMON AND PREFERRED SHARES OF BENEFICIAL INTEREST AND EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 07, 2012 | Oct. 31, 2013 | Apr. 30, 2016 | Apr. 30, 2015 |
Conversion of Units to Common Shares. [Abstract] | ||||
Units converted to common stock (in shares) | 273,000 | 7,200,000 | ||
Units converted to common stock | $ 1,500 | $ 41,300 | ||
Preferred Class B [Member] | ||||
Cumulative Redeemable Preferred Shares of Beneficial Interest [Abstract] | ||||
Preferred shares issued (in shares) | 4,600,000 | 4,600,000 | 4,600,000 | |
Distribution rate percentage (in hundredths) | 7.95% | |||
Sale of stock, price per share (in dollars per share) | $ 25 | |||
Proceeds from issuance of cumulative redeemable preferred shares | $ 111,200 | |||
Preferred shares liquidation (in dollars per share) | $ 25 | |||
Preferred shares liquidation per annum (in dollars per share) | $ 1.9875 | |||
Preferred shares liquidation preference | $ 115,000 | |||
Preferred Class A [Member] | ||||
Cumulative Redeemable Preferred Shares of Beneficial Interest [Abstract] | ||||
Preferred shares issued (in shares) | 1,150,000 | 1,150,000 | ||
Distribution rate percentage (in hundredths) | 8.25% | |||
Sale of stock, price per share (in dollars per share) | $ 25 | |||
Proceeds from issuance of cumulative redeemable preferred shares | $ 27,300 | |||
Preferred shares liquidation (in dollars per share) | $ 25 | |||
Preferred shares liquidation per annum (in dollars per share) | $ 2.0625 | |||
Common Shares and Limited Partnership Units [Member] | ||||
Distribution Reinvestment and Share Purchase Plan [Abstract] | ||||
Shares issued (in shares) | 0 | 0 | ||
Aggregate offering price | $ 75,000 | |||
Distribution Reinvestment and Share Purchase Plan [Member] | ||||
Distribution Reinvestment and Share Purchase Plan [Abstract] | ||||
Shares issued (in shares) | 821,000 | 8,100,000 | ||
Shares issued | $ 5,600 | $ 64,900 | ||
Distribution Reinvestment and Share Purchase Plan [Member] | Voluntary cash contributions [Member] | ||||
Distribution Reinvestment and Share Purchase Plan [Abstract] | ||||
Shares issued (in shares) | 211,000 | 6,000,000 | ||
Shares issued | $ 1,500 | $ 48,700 | ||
Distribution Reinvestment and Share Purchase Plan [Member] | Reinvested distributions [Member] | ||||
Distribution Reinvestment and Share Purchase Plan [Abstract] | ||||
Shares issued (in shares) | 610,000 | 2,100,000 | ||
Shares issued | $ 4,100 | $ 16,200 |
QUARTERLY RESULTS OF CONSOLID74
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) [Abstract] | |||||||||||
Revenues | $ 48,523 | $ 48,406 | $ 46,346 | $ 45,045 | $ 45,141 | $ 45,630 | $ 45,236 | $ 43,314 | $ 188,320 | $ 179,321 | $ 164,590 |
Net income (loss) attributable to Investors Real Estate Trust | 11,003 | 39,797 | 16,666 | 4,540 | 10,753 | 8,371 | 5,114 | (151) | 72,006 | 24,087 | (13,174) |
Net income (loss) available to common shareholders | $ 8,125 | $ 36,918 | $ 13,788 | $ 1,661 | $ 7,875 | $ 5,492 | $ 2,236 | $ (3,030) | $ 60,492 | $ 12,573 | $ (24,688) |
Net income (loss) per common share - basic & diluted (in dollars per share) | $ 0.07 | $ 0.30 | $ 0.11 | $ 0.01 | $ 0.07 | $ 0.05 | $ 0.02 | $ (0.03) | $ 0.49 | $ 0.11 | $ (0.23) |
REDEEMABLE NONCONTROLLING INT75
REDEEMABLE NONCONTROLLING INTERESTS (Details) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016USD ($)item | Apr. 30, 2015USD ($) | Apr. 30, 2014USD ($) | |
Redeemable Noncontrolling Interest [Line Items] | |||
Balance at beginning of fiscal year | $ 6,368 | ||
Contributions | $ 8,909 | $ 3,895 | |
Balance at close of fiscal year | 7,522 | 6,368 | |
Southgate - Minot, ND [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Balance at beginning of fiscal year | 6,368 | 6,203 | 5,937 |
Contributions | 1,120 | ||
Net income | 34 | 165 | 266 |
Balance at close of fiscal year | $ 7,522 | $ 6,368 | $ 6,203 |
Number of joint ventures | item | 1 | ||
Agreement period of joint venture | 4 years |
SHARE BASED COMPENSATION (Detai
SHARE BASED COMPENSATION (Details) - USD ($) | 12 Months Ended | |||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | Sep. 16, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 2,256,000 | $ 2,215,000 | $ 1,162,000 | |
2015 Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares (in shares) | 4,250,000 | |||
Term of award | 10 years | |||
Vesting percentage of awards on the last day of the performance period | 50.00% | |||
Vesting percentage on the first anniversary of the end of the performance period | 50.00% | |||
Awards performance period of annual absolute total shareholder return (TSR) | 3 years | |||
2015 Incentive Plan [Member] | 2016 LTIP Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Long term incentive plan, shares awarded under year one (in shares) | 380,498 | |||
Long term incentive plan, shares awarded under year two (in shares) | 353,535 | |||
Long term incentive plan, shares awarded under year three (in shares) | 353,535 | |||
Long term incentive plan, expected volatility rate | 16.60% | |||
Long term incentive plan, risk free interest rate | 1.13% | |||
Long term incentive plan, expected life | 3 years | |||
Share price (in dollars per share) | $ 7.13 | |||
2015 Incentive Plan [Member] | 2016 LTIP Awards [Member] | Unrestricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period (in years) | 31 months 15 days | |||
Percentage of awards payable (in hundredths) | 50.00% | |||
2015 Incentive Plan [Member] | 2016 LTIP Awards [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period (in years) | 43 months 15 days | |||
Percentage of awards payable (in hundredths) | 50.00% | |||
2015 Incentive Plan [Member] | 2016 LTIP Awards [Member] | Relative TSR Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of performance shares | 67.00% | |||
Weighting of performance metric utilized for market condition | 0.67 | |||
2015 Incentive Plan [Member] | 2016 LTIP Awards [Member] | Relative TSR Performance Shares [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Calculated grant date fair value as a percentage of base salary for officers for LTIP awards with three-year performance period | 42.00% | |||
Calculated grant date fair value as a percentage of base salary for officers for LTIP awards with one-year performance period | 46.00% | |||
Calculated grant date fair value as a percentage of base salary for officers for LTIP awards with two-year performance period | 43.00% | |||
2015 Incentive Plan [Member] | 2016 LTIP Awards [Member] | Relative TSR Performance Shares [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Calculated grant date fair value as a percentage of base salary for officers for LTIP awards with three-year performance period | 85.00% | |||
Calculated grant date fair value as a percentage of base salary for officers for LTIP awards with one-year performance period | 96.00% | |||
Calculated grant date fair value as a percentage of base salary for officers for LTIP awards with two-year performance period | 86.00% | |||
2015 Incentive Plan [Member] | 2016 LTIP Awards [Member] | Absolute TSR Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of performance shares | 33.00% | |||
Weighting of performance metric utilized for market condition | 0.33 | |||
2015 Incentive Plan [Member] | 2016 LTIP Awards [Member] | Absolute TSR Performance Shares [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Calculated grant date fair value as a percentage of base salary for officers for LTIP awards with three-year performance period | 5.00% | |||
Calculated grant date fair value as a percentage of base salary for officers for LTIP awards with one-year performance period | 5.00% | |||
Calculated grant date fair value as a percentage of base salary for officers for LTIP awards with two-year performance period | 5.00% | |||
2015 Incentive Plan [Member] | 2016 LTIP Awards [Member] | Absolute TSR Performance Shares [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Calculated grant date fair value as a percentage of base salary for officers for LTIP awards with three-year performance period | 10.00% | |||
Calculated grant date fair value as a percentage of base salary for officers for LTIP awards with one-year performance period | 10.00% | |||
Calculated grant date fair value as a percentage of base salary for officers for LTIP awards with two-year performance period | 10.00% | |||
2008 Incentive Award Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares (in shares) | 2,000,000 | |||
Performance period (in years) | 1 year | |||
Vesting percentage of awards on the last day of the performance period | 50.00% | |||
Vesting percentage on the first anniversary of the end of the performance period | 50.00% | |||
Awards performance period of annual absolute total shareholder return (TSR) | 3 years | |||
Long Term Incentive Plan [Member] | Performance Shares [Member] | 2015 Performance Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 277,000 | 1,300,000 | ||
Long Term Incentive Plan [Member] | Performance Shares [Member] | 2014 Performance Period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 690,000 | 914,000 | ||
Long Term Incentive Plan [Member] | 2016 LTIP Awards [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 1,600,000 | |||
Long Term Incentive Plan [Member] | 2016 LTIP Awards [Member] | Restricted Relative TSR Performance Shares [Member] | ||||
Share based awards with market conditions, grant date fair value [Abstract] | ||||
Grant date fair value | 1,750,000 | |||
Share based awards with market conditions, unamortized value [Abstract] | ||||
Unamortized value | 1,275,000 | |||
Long Term Incentive Plan [Member] | 2016 LTIP Awards [Member] | Unrestricted Relative TSR Performance Shares [Member] | ||||
Share based awards with market conditions, grant date fair value [Abstract] | ||||
Grant date fair value | 1,750,000 | |||
Share based awards with market conditions, unamortized value [Abstract] | ||||
Unamortized value | 763,000 | |||
Long Term Incentive Plan [Member] | 2016 LTIP Awards [Member] | Restricted Absolute TSR Performance Shares [Member] | ||||
Share based awards with market conditions, grant date fair value [Abstract] | ||||
Grant date fair value | 199,000 | |||
Share based awards with market conditions, unamortized value [Abstract] | ||||
Unamortized value | 145,000 | |||
Long Term Incentive Plan [Member] | 2016 LTIP Awards [Member] | Unrestricted Absolute TSR Performance Shares [Member] | ||||
Share based awards with market conditions, grant date fair value [Abstract] | ||||
Grant date fair value | 199,000 | |||
Share based awards with market conditions, unamortized value [Abstract] | ||||
Unamortized value | 87,000 | |||
Trustee Awards [Member] | Unrestricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 39,139 | $ 39,139 | $ 28,976 | |
Restricted Share Awards [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation cost related to non-vested share awards | $ 0 | |||
Restricted share awards, shares [Roll Forward] | ||||
Unvested, beginning of period (in shares) | 107,536 | 104,855 | ||
Granted (in shares) | 107,536 | 104,855 | ||
Vested during year (in shares) | (107,536) | (79,181) | ||
Forfeited (in shares) | (25,674) | |||
Unvested, end of period (in shares) | 107,536 | 104,855 | ||
Weighted avg grant-date fair value [Abstract] | ||||
Unvested, beginning of period (in dollars per share) | $ 7.17 | $ 8.72 | ||
Granted (in dollars per share) | 7.17 | $ 8.72 | ||
Vested during period (in dollars per share) | $ 7.17 | 8.72 | ||
Forfeited (in dollars per share) | 8.72 | |||
Unvested, end of period (in dollars per share) | $ 7.17 | $ 8.72 | ||
Awards vested during period (in shares) | $ 647,000 | $ 568,000 | $ 0 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | May 06, 2016USD ($) | May 03, 2016USD ($) | May 02, 2016USD ($)property | Apr. 30, 2016property | Jun. 02, 2016$ / shares |
Common Shares and Limited Partnership Units [Member] | |||||
Subsequent Event [Line Items] | |||||
Record Date | Jun. 15, 2016 | ||||
Payment Date | Jul. 1, 2012 | ||||
Series A Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Record Date | Jun. 15, 2016 | ||||
Payment Date | Jun. 30, 2016 | ||||
Series B Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Record Date | Jun. 15, 2016 | ||||
Payment Date | Jun. 30, 2016 | ||||
Multi-Family Residential [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of properties sold | property | 8 | ||||
Unimproved Land [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of properties sold | property | 3 | ||||
Subsequent Event [Member] | Common Shares and Limited Partnership Units [Member] | |||||
Subsequent Event [Line Items] | |||||
Quarterly amount per share or unit (in dollars per share) | $ / shares | $ 0.1300 | ||||
Subsequent Event [Member] | Series A Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Quarterly amount per share or unit (in dollars per share) | $ / shares | 0.5156 | ||||
Subsequent Event [Member] | Series B Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Quarterly amount per share or unit (in dollars per share) | $ / shares | $ 0.4968 | ||||
Subsequent Event [Member] | Unimproved Land [Member] | Grand Chute, WI | |||||
Subsequent Event [Line Items] | |||||
Sales price of office properties | $ | $ 250,000 | ||||
Subsequent Event [Member] | Senior Housing properties [Member] | |||||
Subsequent Event [Line Items] | |||||
Sales price of office properties | $ | $ 43,500,000 | ||||
Number of properties sold | property | 8 | ||||
Subsequent Event [Member] | Industrial Property, Fargo ND | |||||
Subsequent Event [Line Items] | |||||
Sales price of office properties | $ | $ 13,400,000 |
SCHEDULE III - REAL ESTATE AN78
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | $ 817,074 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 138,997 | |||||
Buildings & Improvements | 1,382,158 | |||||
Costs capitalized subsequent to acquisition | 232,936 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 161,153 | |||||
Buildings & Improvements | 1,592,938 | |||||
Total | $ 1,754,091 | 1,754,091 | ||||
Accumulated Depreciation | $ (279,417) | $ (273,934) | $ (266,212) | (312,889) | $ (279,417) | $ (273,934) |
Maximum borrowing capacity | 100,000 | |||||
Advances under the facility specified as percentage of value of properties provided as security (in hundredths) | 60.00% | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Write down of asset and accumulated depreciation on impaired assets | (881) | (6,291) | ||||
Balance at close of year | $ 1,754,091 | |||||
Reconciliations of accumulated depreciation/amortization [Abstract] | ||||||
Balance at beginning of year | 279,417 | 273,934 | 266,212 | |||
Additions during year [Abstract] | ||||||
Provisions for depreciation | 47,064 | 40,078 | 35,391 | |||
Deductions during year [Abstract] | ||||||
Accumulated depreciation on real estate sold | (9,957) | (29,463) | (19,413) | |||
Write down of asset and accumulated depreciation on impaired assets | (881) | (6,291) | ||||
Other | (3,635) | (4,251) | (1,965) | |||
Balance at close of year | 312,889 | 279,417 | 273,934 | |||
Total real estate investments | 1,441,202 | 1,236,091 | ||||
Net basis of real estate investments for federal income tax purposes | 1,600 | 1,700 | 1,500 | |||
Discontinued Operations [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 68,824 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 14,717 | |||||
Buildings & Improvements | 207,937 | |||||
Costs capitalized subsequent to acquisition | 43,873 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 14,824 | |||||
Buildings & Improvements | 251,703 | |||||
Total | 266,527 | 266,527 | ||||
Accumulated Depreciation | (59,137) | (59,137) | ||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | 266,527 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 59,137 | |||||
Discontinued Operations [Member] | Casper 1930 E 12th Street (Park Place) - Casper, WY [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 439 | |||||
Buildings & Improvements | 5,780 | |||||
Costs capitalized subsequent to acquisition | 1,296 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 439 | |||||
Buildings & Improvements | 7,076 | |||||
Total | 7,515 | 7,515 | ||||
Accumulated Depreciation | $ (1,374) | (1,374) | ||||
Date of Construction or Acquisition | 2,009 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 7,515 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,374 | |||||
Discontinued Operations [Member] | Casper 3955 E 12th Street (Meadow Wind) - Casper, WY [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 388 | |||||
Buildings & Improvements | 10,494 | |||||
Costs capitalized subsequent to acquisition | 1,700 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 459 | |||||
Buildings & Improvements | 12,123 | |||||
Total | 12,582 | 12,582 | ||||
Accumulated Depreciation | $ (2,263) | (2,263) | ||||
Date of Construction or Acquisition | 2,009 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 12,582 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,263 | |||||
Discontinued Operations [Member] | Cheyenne 4010 N College Drive (Aspen Wind) - Cheyenne, WY [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 628 | |||||
Buildings & Improvements | 10,272 | |||||
Costs capitalized subsequent to acquisition | 2,243 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 629 | |||||
Buildings & Improvements | 12,514 | |||||
Total | 13,143 | 13,143 | ||||
Accumulated Depreciation | $ (2,360) | (2,360) | ||||
Date of Construction or Acquisition | 2,009 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 13,143 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,360 | |||||
Discontinued Operations [Member] | Cheyenne 4606 N College Drive (Sierra Hills) - Cheyenne, WY [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 695 | |||||
Buildings & Improvements | 7,455 | |||||
Costs capitalized subsequent to acquisition | 1,468 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 695 | |||||
Buildings & Improvements | 8,923 | |||||
Total | 9,618 | 9,618 | ||||
Accumulated Depreciation | $ (1,661) | (1,661) | ||||
Date of Construction or Acquisition | 2,009 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 9,618 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,661 | |||||
Discontinued Operations [Member] | Edgewood Vista - Belgrade, MT [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 35 | |||||
Buildings & Improvements | 779 | |||||
Costs capitalized subsequent to acquisition | 1,129 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 35 | |||||
Buildings & Improvements | 1,908 | |||||
Total | 1,943 | 1,943 | ||||
Accumulated Depreciation | $ (663) | (663) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 1,943 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 663 | |||||
Discontinued Operations [Member] | Edgewood Vista - Billings, MT [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 1,723 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 115 | |||||
Buildings & Improvements | 1,767 | |||||
Costs capitalized subsequent to acquisition | 2,033 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 115 | |||||
Buildings & Improvements | 3,800 | |||||
Total | 3,915 | 3,915 | ||||
Accumulated Depreciation | $ (1,276) | (1,276) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 3,915 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,276 | |||||
Discontinued Operations [Member] | Edgewood Vista - Bismarck, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 511 | |||||
Buildings & Improvements | 9,193 | |||||
Costs capitalized subsequent to acquisition | 1,018 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 511 | |||||
Buildings & Improvements | 10,211 | |||||
Total | 10,722 | 10,722 | ||||
Accumulated Depreciation | $ (2,829) | (2,829) | ||||
Date of Construction or Acquisition | 2,005 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 10,722 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,829 | |||||
Discontinued Operations [Member] | Edgewood Vista - Brainerd, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 587 | |||||
Buildings & Improvements | 8,999 | |||||
Costs capitalized subsequent to acquisition | 916 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 587 | |||||
Buildings & Improvements | 9,915 | |||||
Total | 10,502 | 10,502 | ||||
Accumulated Depreciation | $ (2,760) | (2,760) | ||||
Date of Construction or Acquisition | 2,005 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 10,502 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,760 | |||||
Discontinued Operations [Member] | Edgewood Vista - Columbus, NE [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 43 | |||||
Buildings & Improvements | 824 | |||||
Costs capitalized subsequent to acquisition | 531 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 44 | |||||
Buildings & Improvements | 1,354 | |||||
Total | 1,398 | 1,398 | ||||
Accumulated Depreciation | $ (404) | (404) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 1,398 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 404 | |||||
Discontinued Operations [Member] | Edgewood Vista - East Grand Forks, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 2,625 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 290 | |||||
Buildings & Improvements | 1,352 | |||||
Costs capitalized subsequent to acquisition | 2,864 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 290 | |||||
Buildings & Improvements | 4,216 | |||||
Total | 4,506 | 4,506 | ||||
Accumulated Depreciation | $ (1,557) | (1,557) | ||||
Date of Construction or Acquisition | 2,000 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 4,506 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,557 | |||||
Discontinued Operations [Member] | Edgewood Vista - Fargo, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 11,297 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 775 | |||||
Buildings & Improvements | 20,870 | |||||
Costs capitalized subsequent to acquisition | 4,032 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 775 | |||||
Buildings & Improvements | 24,902 | |||||
Total | 25,677 | 25,677 | ||||
Accumulated Depreciation | $ (5,964) | (5,964) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 25,677 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 5,964 | |||||
Discontinued Operations [Member] | Edgewood Vista - Fremont, NE [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 528 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 56 | |||||
Buildings & Improvements | 490 | |||||
Costs capitalized subsequent to acquisition | 59 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 56 | |||||
Buildings & Improvements | 549 | |||||
Total | 605 | 605 | ||||
Accumulated Depreciation | $ (193) | (193) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 605 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 193 | |||||
Discontinued Operations [Member] | Edgewood Vista - Grand Island, NE [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 33 | |||||
Buildings & Improvements | 773 | |||||
Costs capitalized subsequent to acquisition | 540 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 39 | |||||
Buildings & Improvements | 1,307 | |||||
Total | 1,346 | 1,346 | ||||
Accumulated Depreciation | $ (400) | (400) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 1,346 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 400 | |||||
Discontinued Operations [Member] | Edgewood Vista - Hastings, NE [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 544 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 49 | |||||
Buildings & Improvements | 517 | |||||
Costs capitalized subsequent to acquisition | 62 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 50 | |||||
Buildings & Improvements | 578 | |||||
Total | 628 | 628 | ||||
Accumulated Depreciation | $ (213) | (213) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 628 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 213 | |||||
Discontinued Operations [Member] | Edgewood Vista - Hermantown I, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 14,576 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 288 | |||||
Buildings & Improvements | 9,871 | |||||
Costs capitalized subsequent to acquisition | 10,094 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 288 | |||||
Buildings & Improvements | 19,965 | |||||
Total | 20,253 | 20,253 | ||||
Accumulated Depreciation | $ (7,931) | (7,931) | ||||
Date of Construction or Acquisition | 2,000 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 20,253 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 7,931 | |||||
Discontinued Operations [Member] | Edgewood Vista - Hermantown II, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 719 | |||||
Buildings & Improvements | 10,517 | |||||
Costs capitalized subsequent to acquisition | 942 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 719 | |||||
Buildings & Improvements | 11,459 | |||||
Total | 12,178 | 12,178 | ||||
Accumulated Depreciation | $ (3,168) | (3,168) | ||||
Date of Construction or Acquisition | 2,005 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 12,178 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 3,168 | |||||
Discontinued Operations [Member] | Edgewood Vista - Kalispell, MT [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 545 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 70 | |||||
Buildings & Improvements | 502 | |||||
Costs capitalized subsequent to acquisition | 625 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 70 | |||||
Buildings & Improvements | 1,127 | |||||
Total | 1,197 | 1,197 | ||||
Accumulated Depreciation | $ (442) | (442) | ||||
Date of Construction or Acquisition | 2,001 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 1,197 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 442 | |||||
Discontinued Operations [Member] | Edgewood Vista - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 8,768 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,045 | |||||
Buildings & Improvements | 11,590 | |||||
Costs capitalized subsequent to acquisition | 2,805 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,047 | |||||
Buildings & Improvements | 14,393 | |||||
Total | 15,440 | 15,440 | ||||
Accumulated Depreciation | $ (3,000) | (3,000) | ||||
Date of Construction or Acquisition | 2,010 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 15,440 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 3,000 | |||||
Discontinued Operations [Member] | Edgewood Vista - Missoula, MT [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 774 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 109 | |||||
Buildings & Improvements | 854 | |||||
Costs capitalized subsequent to acquisition | 72 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 116 | |||||
Buildings & Improvements | 919 | |||||
Total | 1,035 | 1,035 | ||||
Accumulated Depreciation | $ (439) | (439) | ||||
Date of Construction or Acquisition | 1,996 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 1,035 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 439 | |||||
Discontinued Operations [Member] | Edgewood Vista - Norfolk, NE [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 42 | |||||
Buildings & Improvements | 722 | |||||
Costs capitalized subsequent to acquisition | 494 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 42 | |||||
Buildings & Improvements | 1,216 | |||||
Total | 1,258 | 1,258 | ||||
Accumulated Depreciation | $ (366) | (366) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 1,258 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 366 | |||||
Discontinued Operations [Member] | Edgewood Vista - Omaha, NE [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 345 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 89 | |||||
Buildings & Improvements | 547 | |||||
Costs capitalized subsequent to acquisition | 55 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 89 | |||||
Buildings & Improvements | 602 | |||||
Total | 691 | 691 | ||||
Accumulated Depreciation | $ (218) | (218) | ||||
Date of Construction or Acquisition | 2,001 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 691 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 218 | |||||
Discontinued Operations [Member] | Edgewood Vista - Sioux Falls, SD [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 987 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 314 | |||||
Buildings & Improvements | 974 | |||||
Costs capitalized subsequent to acquisition | 1,754 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 314 | |||||
Buildings & Improvements | 2,728 | |||||
Total | 3,042 | 3,042 | ||||
Accumulated Depreciation | $ (993) | (993) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 3,042 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 993 | |||||
Discontinued Operations [Member] | Edgewood Vista - Spearfish, SD [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 315 | |||||
Buildings & Improvements | 8,584 | |||||
Costs capitalized subsequent to acquisition | 664 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 330 | |||||
Buildings & Improvements | 9,233 | |||||
Total | 9,563 | 9,563 | ||||
Accumulated Depreciation | $ (2,144) | (2,144) | ||||
Date of Construction or Acquisition | 2,005 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 9,563 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,144 | |||||
Discontinued Operations [Member] | Edgewood Vista - Virginia, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 12,399 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 246 | |||||
Buildings & Improvements | 11,823 | |||||
Costs capitalized subsequent to acquisition | 4,581 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 246 | |||||
Buildings & Improvements | 16,404 | |||||
Total | 16,650 | 16,650 | ||||
Accumulated Depreciation | $ (5,886) | (5,886) | ||||
Date of Construction or Acquisition | 2,002 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 16,650 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 5,886 | |||||
Discontinued Operations [Member] | Georgetown Square - Grand Chute, WI [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 250 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 250 | |||||
Total | $ 250 | 250 | ||||
Date of Construction or Acquisition | 2,006 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 250 | |||||
Discontinued Operations [Member] | Laramie 1072 N 22nd Street (Spring Wind) - Laramie, WY [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 406 | |||||
Buildings & Improvements | 10,151 | |||||
Costs capitalized subsequent to acquisition | 1,296 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 406 | |||||
Buildings & Improvements | 11,447 | |||||
Total | 11,853 | 11,853 | ||||
Accumulated Depreciation | $ (1,964) | (1,964) | ||||
Date of Construction or Acquisition | 2,009 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 11,853 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,964 | |||||
Discontinued Operations [Member] | Legends at Heritage Place - Sartell, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 970 | |||||
Buildings & Improvements | 9,920 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 970 | |||||
Buildings & Improvements | 9,920 | |||||
Total | 10,890 | 10,890 | ||||
Accumulated Depreciation | $ (630) | (630) | ||||
Date of Construction or Acquisition | 2,013 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 10,890 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 630 | |||||
Discontinued Operations [Member] | Legends at Heritage Place - Sartell, MN, Unimproved Land [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 537 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 537 | |||||
Total | $ 537 | 537 | ||||
Date of Construction or Acquisition | 2,013 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 537 | |||||
Discontinued Operations [Member] | Pinecone Villas - Sartell, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 584 | |||||
Buildings & Improvements | 2,191 | |||||
Costs capitalized subsequent to acquisition | 47 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 587 | |||||
Buildings & Improvements | 2,235 | |||||
Total | 2,822 | 2,822 | ||||
Accumulated Depreciation | $ (159) | (159) | ||||
Date of Construction or Acquisition | 2,013 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 2,822 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 159 | |||||
Discontinued Operations [Member] | Sartell 2000 23rd Street South - Sartell, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 662 | |||||
Initial Cost to Company [Abstract] | ||||||
Buildings & Improvements | 6,400 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Buildings & Improvements | 6,400 | |||||
Total | $ 6,400 | 6,400 | ||||
Date of Construction or Acquisition | 2,002 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 6,400 | |||||
Discontinued Operations [Member] | Spring Creek American Falls American Falls ID [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 1,955 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 145 | |||||
Buildings & Improvements | 3,870 | |||||
Costs capitalized subsequent to acquisition | 55 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 145 | |||||
Buildings & Improvements | 3,925 | |||||
Total | 4,070 | 4,070 | ||||
Accumulated Depreciation | $ (542) | (542) | ||||
Date of Construction or Acquisition | 2,011 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 4,070 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 542 | |||||
Discontinued Operations [Member] | Spring Creek-Boise - Boise, ID [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 2,640 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 708 | |||||
Buildings & Improvements | 4,296 | |||||
Costs capitalized subsequent to acquisition | 71 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 708 | |||||
Buildings & Improvements | 4,367 | |||||
Total | 5,075 | 5,075 | ||||
Accumulated Depreciation | $ (649) | (649) | ||||
Date of Construction or Acquisition | 2,011 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 5,075 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 649 | |||||
Discontinued Operations [Member] | Spring Creek-Eagle - Eagle, ID [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 1,799 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 263 | |||||
Buildings & Improvements | 3,775 | |||||
Costs capitalized subsequent to acquisition | 62 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 263 | |||||
Buildings & Improvements | 3,837 | |||||
Total | 4,100 | 4,100 | ||||
Accumulated Depreciation | $ (534) | (534) | ||||
Date of Construction or Acquisition | 2,011 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 4,100 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 534 | |||||
Discontinued Operations [Member] | Spring Creek Fruitland - Fruitland, ID [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 550 | |||||
Buildings & Improvements | 6,565 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 550 | |||||
Buildings & Improvements | 6,565 | |||||
Total | 7,115 | 7,115 | ||||
Accumulated Depreciation | $ (462) | (462) | ||||
Date of Construction or Acquisition | 2,014 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 7,115 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 462 | |||||
Discontinued Operations [Member] | Spring Creek Fruitland - Fruitland, ID, Unimproved Land [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 339 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 339 | |||||
Total | $ 339 | 339 | ||||
Date of Construction or Acquisition | 2,014 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 339 | |||||
Discontinued Operations [Member] | Spring Creek-Meridian - Meridian, ID [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 2,972 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 424 | |||||
Buildings & Improvements | 6,724 | |||||
Costs capitalized subsequent to acquisition | 102 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 424 | |||||
Buildings & Improvements | 6,826 | |||||
Total | 7,250 | 7,250 | ||||
Accumulated Depreciation | $ (938) | (938) | ||||
Date of Construction or Acquisition | 2,011 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 7,250 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 938 | |||||
Discontinued Operations [Member] | Spring Creek-Overland - Overland, ID [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 2,981 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 687 | |||||
Buildings & Improvements | 5,942 | |||||
Costs capitalized subsequent to acquisition | 96 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 687 | |||||
Buildings & Improvements | 6,038 | |||||
Total | 6,725 | 6,725 | ||||
Accumulated Depreciation | $ (867) | (867) | ||||
Date of Construction or Acquisition | 2,011 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 6,725 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 867 | |||||
Discontinued Operations [Member] | Spring Creek-Soda Springs - Soda Springs, ID [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 704 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 66 | |||||
Buildings & Improvements | 2,124 | |||||
Costs capitalized subsequent to acquisition | 63 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 66 | |||||
Buildings & Improvements | 2,187 | |||||
Total | 2,253 | 2,253 | ||||
Accumulated Depreciation | $ (304) | (304) | ||||
Date of Construction or Acquisition | 2,011 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 2,253 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 304 | |||||
Discontinued Operations [Member] | Spring Creek-Ustick - Meridian, ID [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 467 | |||||
Buildings & Improvements | 3,833 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 467 | |||||
Buildings & Improvements | 3,833 | |||||
Total | 4,300 | 4,300 | ||||
Accumulated Depreciation | $ (473) | (473) | ||||
Date of Construction or Acquisition | 2,011 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 4,300 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 473 | |||||
Discontinued Operations [Member] | Stone Container - Fargo, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 440 | |||||
Buildings & Improvements | 6,597 | |||||
Costs capitalized subsequent to acquisition | 104 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 440 | |||||
Buildings & Improvements | 6,701 | |||||
Total | 7,141 | 7,141 | ||||
Accumulated Depreciation | $ (3,111) | (3,111) | ||||
Date of Construction or Acquisition | 2,001 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 7,141 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 3,111 | |||||
Wholly Owned Properties [Member] | ||||||
Gross amount at which carried at close of period [Abstract] | ||||||
Total | 1,335,687 | 1,241,195 | 1,244,860 | 1,681,471 | 1,335,687 | 1,241,195 |
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at beginning of year | 1,335,687 | 1,241,195 | 1,244,860 | |||
Transfers | (32,438) | (97,824) | (10,307) | |||
Improvements and Other | 34,619 | 21,006 | 24,317 | |||
Total Additions | 1,718,991 | 1,457,538 | 1,353,294 | |||
Cost of real estate sold | (1,305) | (17,904) | (85,029) | |||
Impairment charge | (1,566) | (8,323) | ||||
Write down of asset and accumulated depreciation on impaired assets | (881) | (6,291) | ||||
Other | (3,777) | (3,676) | (2,149) | |||
Balance at close of year | 1,681,471 | 1,335,687 | 1,241,195 | |||
Deductions during year [Abstract] | ||||||
Write down of asset and accumulated depreciation on impaired assets | (881) | (6,291) | ||||
Development in Progress [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 3,235 | |||||
Buildings & Improvements | 41,887 | |||||
Costs capitalized subsequent to acquisition | 6,559 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 3,235 | |||||
Buildings & Improvements | 48,446 | |||||
Total | 153,994 | 104,609 | 46,782 | 51,681 | 153,994 | 104,609 |
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at beginning of year | 153,994 | 104,609 | 46,782 | |||
Acquisitions | 12,647 | 2,079 | ||||
Transfers | 1,734 | 7,015 | 2,870 | |||
Improvements and Other | 96,753 | 189,306 | 123,240 | |||
Involuntary conversion | (7,052) | |||||
Development placed in service | (200,800) | (159,578) | (63,210) | |||
Other | (5) | (100) | ||||
Balance at close of year | 51,681 | 153,994 | 104,609 | |||
Development in Progress [Member] | 71 France - Edina, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,501 | |||||
Buildings & Improvements | 28,100 | |||||
Costs capitalized subsequent to acquisition | 814 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,501 | |||||
Buildings & Improvements | 28,914 | |||||
Total | $ 30,415 | 30,415 | ||||
Date of Construction or Acquisition | 2,015 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 30,415 | |||||
Development in Progress [Member] | Other [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Costs capitalized subsequent to acquisition | 3,759 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Buildings & Improvements | 3,759 | |||||
Total | 3,759 | 3,759 | ||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | 3,759 | |||||
Development in Progress [Member] | Monticello 7th Addition - Monticello, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,734 | |||||
Buildings & Improvements | 13,787 | |||||
Costs capitalized subsequent to acquisition | 1,986 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,734 | |||||
Buildings & Improvements | 15,773 | |||||
Total | $ 17,507 | 17,507 | ||||
Date of Construction or Acquisition | 2,015 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 17,507 | |||||
Unimproved Land [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 18,478 | |||||
Costs capitalized subsequent to acquisition | 2,461 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 20,939 | |||||
Total | 25,827 | 22,864 | 21,503 | 20,939 | 25,827 | 22,864 |
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at beginning of year | 25,827 | 22,864 | 21,503 | |||
Acquisitions | 10,487 | 3,022 | ||||
Transfers | (1,632) | (79) | ||||
Improvements and Other | 205 | 1,533 | 1,209 | |||
Cost of real estate sold | (442) | (670) | ||||
Impairment charge | (1,285) | (1,293) | ||||
Development placed in service | (1,734) | (7,015) | (2,870) | |||
Balance at close of year | 20,939 | 25,827 | 22,864 | |||
Deductions during year [Abstract] | ||||||
Total real estate investments | 1,441,202 | $ 1,236,091 | $ 1,094,734 | |||
Unimproved Land [Member] | 288 unit - Renaissance Heights - Williston, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 2,229 | |||||
Costs capitalized subsequent to acquisition | 1,701 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 3,930 | |||||
Total | $ 3,930 | 3,930 | ||||
Date of Construction or Acquisition | 2,012 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 3,930 | |||||
Unimproved Land [Member] | Badger Hills - Rochester, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,050 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,050 | |||||
Total | $ 1,050 | 1,050 | ||||
Date of Construction or Acquisition | 2,012 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 1,050 | |||||
Unimproved Land [Member] | Bismarck 4916 - Bismarck, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 3,250 | |||||
Costs capitalized subsequent to acquisition | 17 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 3,267 | |||||
Total | $ 3,267 | 3,267 | ||||
Date of Construction or Acquisition | 2,013 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 3,267 | |||||
Unimproved Land [Member] | Bismarck 700 E Main - Bismarck, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 314 | |||||
Costs capitalized subsequent to acquisition | 568 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 882 | |||||
Total | $ 882 | 882 | ||||
Date of Construction or Acquisition | 2,008 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 882 | |||||
Unimproved Land [Member] | Creekside Crossing - Bismarck, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 4,286 | |||||
Costs capitalized subsequent to acquisition | 66 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 4,352 | |||||
Total | $ 4,352 | 4,352 | ||||
Date of Construction or Acquisition | 2,015 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 4,352 | |||||
Unimproved Land [Member] | Grand Forks Grand Forks, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 4,278 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 4,278 | |||||
Total | $ 4,278 | 4,278 | ||||
Date of Construction or Acquisition | 2,012 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 4,278 | |||||
Unimproved Land [Member] | Isanti Unimproved - Isanti, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 58 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 58 | |||||
Total | $ 58 | 58 | ||||
Date of Construction or Acquisition | 2,014 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 58 | |||||
Unimproved Land [Member] | Minot 1525 24th Ave SW - Minot, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,262 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,262 | |||||
Total | $ 1,262 | 1,262 | ||||
Date of Construction or Acquisition | 2,015 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 1,262 | |||||
Unimproved Land [Member] | Rapid City Unimproved- Rapid City, SD [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,376 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,376 | |||||
Total | $ 1,376 | 1,376 | ||||
Date of Construction or Acquisition | 2,014 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 1,376 | |||||
Unimproved Land [Member] | Urbandale - Urbandale, IA [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 5 | |||||
Costs capitalized subsequent to acquisition | 109 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 114 | |||||
Total | $ 114 | 114 | ||||
Date of Construction or Acquisition | 2,009 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 114 | |||||
Unimproved Land [Member] | Weston - Weston, WI [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 370 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 370 | |||||
Total | $ 370 | 370 | ||||
Date of Construction or Acquisition | 2,006 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 370 | |||||
Multi-Family Residential [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 623,429 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 79,801 | |||||
Buildings & Improvements | 1,013,203 | |||||
Costs capitalized subsequent to acquisition | 150,905 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 98,012 | |||||
Buildings & Improvements | 1,145,897 | |||||
Total | 1,243,909 | 1,243,909 | ||||
Accumulated Depreciation | (209,156) | (209,156) | ||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | 1,243,909 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 209,156 | |||||
Multi-Family Residential [Member] | 71 France - Edina, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 3,220 | |||||
Buildings & Improvements | 38,092 | |||||
Costs capitalized subsequent to acquisition | 27 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 3,220 | |||||
Buildings & Improvements | 38,119 | |||||
Total | 41,339 | 41,339 | ||||
Accumulated Depreciation | $ (611) | (611) | ||||
Date of Construction or Acquisition | 2,015 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 41,339 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 611 | |||||
Multi-Family Residential [Member] | 11th Street 3 Plex - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 81 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 11 | |||||
Buildings & Improvements | 53 | |||||
Costs capitalized subsequent to acquisition | 20 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 20 | |||||
Buildings & Improvements | 64 | |||||
Total | 84 | 84 | ||||
Accumulated Depreciation | $ (15) | (15) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 84 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 15 | |||||
Multi-Family Residential [Member] | 4th Street 4 Plex - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 94 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 15 | |||||
Buildings & Improvements | 74 | |||||
Costs capitalized subsequent to acquisition | 37 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 26 | |||||
Buildings & Improvements | 100 | |||||
Total | 126 | 126 | ||||
Accumulated Depreciation | $ (23) | (23) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 126 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 23 | |||||
Multi-Family Residential [Member] | Alps Park - Rapid City, SD [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 3,833 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 287 | |||||
Buildings & Improvements | 5,551 | |||||
Costs capitalized subsequent to acquisition | 243 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 308 | |||||
Buildings & Improvements | 5,773 | |||||
Total | 6,081 | 6,081 | ||||
Accumulated Depreciation | $ (466) | (466) | ||||
Date of Construction or Acquisition | 2,013 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 6,081 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 466 | |||||
Multi-Family Residential [Member] | Apartments on Main - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 618 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 158 | |||||
Buildings & Improvements | 1,123 | |||||
Costs capitalized subsequent to acquisition | 59 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 195 | |||||
Buildings & Improvements | 1,145 | |||||
Total | 1,340 | 1,340 | ||||
Accumulated Depreciation | $ (275) | (275) | ||||
Date of Construction or Acquisition | 1,987 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 1,340 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | $ 275 | |||||
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 | 24 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 | 3,753 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 350 | |||||
Buildings & Improvements | 6,625 | |||||
Costs capitalized subsequent to acquisition | 2,119 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 985 | |||||
Buildings & Improvements | 8,109 | |||||
Total | $ 9,094 | 9,094 | ||||
Accumulated Depreciation | $ (2,432) | (2,432) | ||||
Date of Construction or Acquisition | 2,006 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 9,094 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,432 | |||||
Multi-Family Residential [Member] | Arcata - Golden Valley, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 23,321 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 2,088 | |||||
Buildings & Improvements | 30,613 | |||||
Costs capitalized subsequent to acquisition | 58 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 2,089 | |||||
Buildings & Improvements | 30,670 | |||||
Total | 32,759 | 32,759 | ||||
Accumulated Depreciation | $ (1,438) | (1,438) | ||||
Date of Construction or Acquisition | 2,015 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 32,759 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,438 | |||||
Multi-Family Residential [Member] | Ashland - Grand Forks, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 5,414 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 741 | |||||
Buildings & Improvements | 7,569 | |||||
Costs capitalized subsequent to acquisition | 202 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 783 | |||||
Buildings & Improvements | 7,729 | |||||
Total | 8,512 | 8,512 | ||||
Accumulated Depreciation | $ (902) | (902) | ||||
Date of Construction or Acquisition | 2,012 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 8,512 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 902 | |||||
Multi-Family Residential [Member] | Avalon Cove - Rochester, MN | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 25,900 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,616 | |||||
Buildings & Improvements | 34,074 | |||||
Costs capitalized subsequent to acquisition | 9 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,616 | |||||
Buildings & Improvements | 34,083 | |||||
Total | 35,699 | 35,699 | ||||
Accumulated Depreciation | $ (109) | (109) | ||||
Date of Construction or Acquisition | 2,016 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 35,699 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 109 | |||||
Multi-Family Residential [Member] | Boulder Court - Eagan, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 2,468 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,067 | |||||
Buildings & Improvements | 5,498 | |||||
Costs capitalized subsequent to acquisition | 3,008 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,391 | |||||
Buildings & Improvements | 8,182 | |||||
Total | 9,573 | 9,573 | ||||
Accumulated Depreciation | $ (2,713) | (2,713) | ||||
Date of Construction or Acquisition | 2,003 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 9,573 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,713 | |||||
Multi-Family Residential [Member] | Brookfield Village - Topeka, KS [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 5,124 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 509 | |||||
Buildings & Improvements | 6,698 | |||||
Costs capitalized subsequent to acquisition | 1,618 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 773 | |||||
Buildings & Improvements | 8,052 | |||||
Total | 8,825 | 8,825 | ||||
Accumulated Depreciation | $ (2,531) | (2,531) | ||||
Date of Construction or Acquisition | 2,003 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 8,825 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,531 | |||||
Multi-Family Residential [Member] | Brooklyn Heights - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 636 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 145 | |||||
Buildings & Improvements | 1,450 | |||||
Costs capitalized subsequent to acquisition | 979 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 235 | |||||
Buildings & Improvements | 2,339 | |||||
Total | 2,574 | 2,574 | ||||
Accumulated Depreciation | $ (1,012) | (1,012) | ||||
Date of Construction or Acquisition | 1,997 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 2,574 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | $ 1,012 | |||||
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] | Canyon Lake - Rapid City, SD [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 2,791 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 305 | |||||
Buildings & Improvements | 3,958 | |||||
Costs capitalized subsequent to acquisition | 1,748 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 397 | |||||
Buildings & Improvements | 5,614 | |||||
Total | $ 6,011 | 6,011 | ||||
Accumulated Depreciation | $ (1,943) | (1,943) | ||||
Date of Construction or Acquisition | 2,001 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 6,011 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,943 | |||||
Multi-Family Residential [Member] | Cardinal Point - Grand Forks, ND | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,600 | |||||
Buildings & Improvements | 47,334 | |||||
Costs capitalized subsequent to acquisition | 838 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,600 | |||||
Buildings & Improvements | 48,172 | |||||
Total | 49,772 | 49,772 | ||||
Accumulated Depreciation | $ (587) | (587) | ||||
Date of Construction or Acquisition | 2,013 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 49,772 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 587 | |||||
Multi-Family Residential [Member] | Cascade Shores - Rochester, MN | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 11,400 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,585 | |||||
Buildings & Improvements | 16,710 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,585 | |||||
Buildings & Improvements | 16,710 | |||||
Total | 18,295 | 18,295 | ||||
Accumulated Depreciation | $ (149) | (149) | ||||
Date of Construction or Acquisition | 2,016 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 18,295 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 149 | |||||
Multi-Family Residential [Member] | Castlerock - Billings, MT [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 6,465 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 736 | |||||
Buildings & Improvements | 4,864 | |||||
Costs capitalized subsequent to acquisition | 2,281 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,011 | |||||
Buildings & Improvements | 6,870 | |||||
Total | 7,881 | 7,881 | ||||
Accumulated Depreciation | $ (2,963) | (2,963) | ||||
Date of Construction or Acquisition | 1,998 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 7,881 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,963 | |||||
Multi-Family Residential [Member] | Chateau I & II - Minot, ND | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 301 | |||||
Buildings & Improvements | 20,065 | |||||
Costs capitalized subsequent to acquisition | 760 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 317 | |||||
Buildings & Improvements | 20,809 | |||||
Total | 21,126 | 21,126 | ||||
Accumulated Depreciation | $ (1,364) | (1,364) | ||||
Date of Construction or Acquisition | 2,013 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 21,126 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,364 | |||||
Multi-Family Residential [Member] | Cimarron Hills - Omaha, NE [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 4,648 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 706 | |||||
Buildings & Improvements | 9,588 | |||||
Costs capitalized subsequent to acquisition | 4,466 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,376 | |||||
Buildings & Improvements | 13,384 | |||||
Total | 14,760 | 14,760 | ||||
Accumulated Depreciation | $ (5,139) | (5,139) | ||||
Date of Construction or Acquisition | 2,001 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 14,760 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 5,139 | |||||
Multi-Family Residential [Member] | Colonial Villa - Burnsville, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 4,937 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 2,401 | |||||
Buildings & Improvements | 11,515 | |||||
Costs capitalized subsequent to acquisition | 8,191 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 2,878 | |||||
Buildings & Improvements | 19,229 | |||||
Total | 22,107 | 22,107 | ||||
Accumulated Depreciation | $ (5,958) | (5,958) | ||||
Date of Construction or Acquisition | 2,003 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 22,107 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 5,958 | |||||
Multi-Family Residential [Member] | Colony - Lincoln, NE [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 13,032 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,515 | |||||
Buildings & Improvements | 15,730 | |||||
Costs capitalized subsequent to acquisition | 941 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,609 | |||||
Buildings & Improvements | 16,577 | |||||
Total | 18,186 | 18,186 | ||||
Accumulated Depreciation | $ (1,826) | (1,826) | ||||
Date of Construction or Acquisition | 2,012 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 18,186 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,826 | |||||
Multi-Family Residential [Member] | Colton Heights - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 358 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 80 | |||||
Buildings & Improvements | 672 | |||||
Costs capitalized subsequent to acquisition | 441 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 123 | |||||
Buildings & Improvements | 1,070 | |||||
Total | 1,193 | 1,193 | ||||
Accumulated Depreciation | $ (808) | (808) | ||||
Date of Construction or Acquisition | 1,984 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 1,193 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 808 | |||||
Multi-Family Residential [Member] | Commons at Southgate - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 21,760 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 3,691 | |||||
Buildings & Improvements | 32,572 | |||||
Costs capitalized subsequent to acquisition | 360 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 3,796 | |||||
Buildings & Improvements | 32,827 | |||||
Total | 36,623 | 36,623 | ||||
Accumulated Depreciation | $ (1,914) | (1,914) | ||||
Date of Construction or Acquisition | 2,015 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 36,623 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,914 | |||||
Multi-Family Residential [Member] | Cottage West Twin Homes - Sioux Falls, SD [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 3,523 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 968 | |||||
Buildings & Improvements | 3,762 | |||||
Costs capitalized subsequent to acquisition | 495 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,041 | |||||
Buildings & Improvements | 4,184 | |||||
Total | 5,225 | 5,225 | ||||
Accumulated Depreciation | $ (496) | (496) | ||||
Date of Construction or Acquisition | 2,011 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 5,225 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 496 | |||||
Multi-Family Residential [Member] | Cottonwood - Bismarck, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 15,358 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,056 | |||||
Buildings & Improvements | 17,372 | |||||
Costs capitalized subsequent to acquisition | 3,851 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,460 | |||||
Buildings & Improvements | 20,819 | |||||
Total | 22,279 | 22,279 | ||||
Accumulated Depreciation | $ (7,469) | (7,469) | ||||
Date of Construction or Acquisition | 1,997 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 22,279 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 7,469 | |||||
Multi-Family Residential [Member] | Country Meadows - Billings, MT [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 6,436 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 491 | |||||
Buildings & Improvements | 7,809 | |||||
Costs capitalized subsequent to acquisition | 1,653 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 543 | |||||
Buildings & Improvements | 9,410 | |||||
Total | 9,953 | 9,953 | ||||
Accumulated Depreciation | $ (4,086) | (4,086) | ||||
Date of Construction or Acquisition | 1,995 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 9,953 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | $ 4,086 | |||||
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 | 3,757 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 235 | |||||
Buildings & Improvements | 4,290 | |||||
Costs capitalized subsequent to acquisition | 1,853 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 536 | |||||
Buildings & Improvements | 5,842 | |||||
Total | $ 6,378 | 6,378 | ||||
Accumulated Depreciation | $ (3,081) | (3,081) | ||||
Date of Construction or Acquisition | 1,994 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 6,378 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | $ 3,081 | |||||
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 | 2,509 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 261 | |||||
Buildings & Improvements | 3,289 | |||||
Costs capitalized subsequent to acquisition | 275 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 269 | |||||
Buildings & Improvements | 3,556 | |||||
Total | $ 3,825 | 3,825 | ||||
Accumulated Depreciation | $ (575) | (575) | ||||
Date of Construction or Acquisition | 2,010 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 3,825 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 575 | |||||
Multi-Family Residential [Member] | Crown Colony - Topeka, KS [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 7,936 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 620 | |||||
Buildings & Improvements | 9,956 | |||||
Costs capitalized subsequent to acquisition | 2,630 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 954 | |||||
Buildings & Improvements | 12,252 | |||||
Total | 13,206 | 13,206 | ||||
Accumulated Depreciation | $ (4,868) | (4,868) | ||||
Date of Construction or Acquisition | 1,999 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 13,206 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 4,868 | |||||
Multi-Family Residential [Member] | Crystal Bay - Rochester, MN | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 8,000 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 433 | |||||
Buildings & Improvements | 11,425 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 433 | |||||
Buildings & Improvements | 11,425 | |||||
Total | 11,858 | 11,858 | ||||
Accumulated Depreciation | $ (54) | (54) | ||||
Date of Construction or Acquisition | 2,016 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 11,858 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 54 | |||||
Multi-Family Residential [Member] | Cypress Court - St. Cloud, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 12,922 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,583 | |||||
Buildings & Improvements | 18,879 | |||||
Costs capitalized subsequent to acquisition | 162 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,591 | |||||
Buildings & Improvements | 19,033 | |||||
Total | 20,624 | 20,624 | ||||
Accumulated Depreciation | $ (1,280) | (1,280) | ||||
Date of Construction or Acquisition | 2,012 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 20,624 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,280 | |||||
Multi-Family Residential [Member] | Dakota Commons - Williston, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 823 | |||||
Buildings & Improvements | 9,597 | |||||
Costs capitalized subsequent to acquisition | 97 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 871 | |||||
Buildings & Improvements | 9,646 | |||||
Total | 10,517 | 10,517 | ||||
Accumulated Depreciation | $ (571) | (571) | ||||
Date of Construction or Acquisition | 2,015 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 10,517 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 571 | |||||
Multi-Family Residential [Member] | 163 unit - Deer Ridge - Jamestown, ND | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 11,673 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 711 | |||||
Buildings & Improvements | 24,117 | |||||
Costs capitalized subsequent to acquisition | 69 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 711 | |||||
Buildings & Improvements | 24,186 | |||||
Total | 24,897 | 24,897 | ||||
Accumulated Depreciation | $ (440) | (440) | ||||
Date of Construction or Acquisition | 2,013 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 24,897 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 440 | |||||
Multi-Family Residential [Member] | Evergreen - Isanti, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 1,951 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 380 | |||||
Buildings & Improvements | 2,740 | |||||
Costs capitalized subsequent to acquisition | 142 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 385 | |||||
Buildings & Improvements | 2,877 | |||||
Total | 3,262 | 3,262 | ||||
Accumulated Depreciation | $ (552) | (552) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 3,262 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 552 | |||||
Multi-Family Residential [Member] | Evergreen II - Isanti, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 2,020 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 691 | |||||
Buildings & Improvements | 2,784 | |||||
Costs capitalized subsequent to acquisition | 92 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 698 | |||||
Buildings & Improvements | 2,869 | |||||
Total | 3,567 | 3,567 | ||||
Accumulated Depreciation | $ (361) | (361) | ||||
Date of Construction or Acquisition | 2,011 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 3,567 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 361 | |||||
Multi-Family Residential [Member] | Fairmont - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 319 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 28 | |||||
Buildings & Improvements | 337 | |||||
Costs capitalized subsequent to acquisition | 116 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 56 | |||||
Buildings & Improvements | 425 | |||||
Total | 481 | 481 | ||||
Accumulated Depreciation | $ (93) | (93) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 481 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 93 | |||||
Multi-Family Residential [Member] | First Avenue - Minot ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Buildings & Improvements | 3,046 | |||||
Costs capitalized subsequent to acquisition | 21 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Buildings & Improvements | 3,067 | |||||
Total | 3,067 | 3,067 | ||||
Accumulated Depreciation | $ (234) | (234) | ||||
Date of Construction or Acquisition | 2,013 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 3,067 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 234 | |||||
Multi-Family Residential [Member] | Forest Park - Grand Forks, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 7,422 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 810 | |||||
Buildings & Improvements | 5,579 | |||||
Costs capitalized subsequent to acquisition | 7,746 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,439 | |||||
Buildings & Improvements | 12,696 | |||||
Total | 14,135 | 14,135 | ||||
Accumulated Depreciation | $ (5,776) | (5,776) | ||||
Date of Construction or Acquisition | 1,993 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 14,135 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | $ 5,776 | |||||
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 | 24 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] | French Creek - Rochester, MN | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 3,100 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 201 | |||||
Buildings & Improvements | 4,735 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 201 | |||||
Buildings & Improvements | 4,735 | |||||
Total | $ 4,936 | 4,936 | ||||
Accumulated Depreciation | $ (28) | (28) | ||||
Date of Construction or Acquisition | 2,016 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 4,936 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 28 | |||||
Multi-Family Residential [Member] | Gables Townhomes - Sioux Falls, SD [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 1,426 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 349 | |||||
Buildings & Improvements | 1,921 | |||||
Costs capitalized subsequent to acquisition | 193 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 377 | |||||
Buildings & Improvements | 2,086 | |||||
Total | 2,463 | 2,463 | ||||
Accumulated Depreciation | $ (246) | (246) | ||||
Date of Construction or Acquisition | 2,011 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 2,463 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 246 | |||||
Multi-Family Residential [Member] | Gardens - Grand Forks, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 518 | |||||
Buildings & Improvements | 8,702 | |||||
Costs capitalized subsequent to acquisition | 71 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 519 | |||||
Buildings & Improvements | 8,772 | |||||
Total | 9,291 | 9,291 | ||||
Accumulated Depreciation | $ (155) | (155) | ||||
Date of Construction or Acquisition | 2,015 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 9,291 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 155 | |||||
Multi-Family Residential [Member] | Grand Gateway - St. Cloud, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 814 | |||||
Buildings & Improvements | 7,086 | |||||
Costs capitalized subsequent to acquisition | 1,119 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 935 | |||||
Buildings & Improvements | 8,084 | |||||
Total | 9,019 | 9,019 | ||||
Accumulated Depreciation | $ (1,027) | (1,027) | ||||
Date of Construction or Acquisition | 2,012 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 9,019 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,027 | |||||
Multi-Family Residential [Member] | GrandeVille at Cascade Lake - Rochester, MN | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 36,000 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 5,003 | |||||
Buildings & Improvements | 50,363 | |||||
Costs capitalized subsequent to acquisition | 220 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 5,027 | |||||
Buildings & Improvements | 50,559 | |||||
Total | 55,586 | 55,586 | ||||
Accumulated Depreciation | $ (673) | (673) | ||||
Date of Construction or Acquisition | 2,015 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 55,586 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 673 | |||||
Multi-Family Residential [Member] | Greenfield - Omaha, NE [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 3,503 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 578 | |||||
Buildings & Improvements | 4,122 | |||||
Costs capitalized subsequent to acquisition | 935 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 824 | |||||
Buildings & Improvements | 4,811 | |||||
Total | 5,635 | 5,635 | ||||
Accumulated Depreciation | $ (1,092) | (1,092) | ||||
Date of Construction or Acquisition | 2,007 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 5,635 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,092 | |||||
Multi-Family Residential [Member] | Heritage Manor - Rochester, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 3,731 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 403 | |||||
Buildings & Improvements | 6,968 | |||||
Costs capitalized subsequent to acquisition | 2,915 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 582 | |||||
Buildings & Improvements | 9,704 | |||||
Total | 10,286 | 10,286 | ||||
Accumulated Depreciation | $ (4,039) | (4,039) | ||||
Date of Construction or Acquisition | 1,998 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 10,286 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 4,039 | |||||
Multi-Family Residential [Member] | Homestead Garden - Rapid City, SD [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 9,585 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 655 | |||||
Buildings & Improvements | 14,139 | |||||
Costs capitalized subsequent to acquisition | 282 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 694 | |||||
Buildings & Improvements | 14,382 | |||||
Total | 15,076 | 15,076 | ||||
Accumulated Depreciation | $ (737) | (737) | ||||
Date of Construction or Acquisition | 2,015 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 15,076 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 737 | |||||
Multi-Family Residential [Member] | Indian Hills - Sioux City, IA [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 294 | |||||
Buildings & Improvements | 2,921 | |||||
Costs capitalized subsequent to acquisition | 3,933 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 410 | |||||
Buildings & Improvements | 6,738 | |||||
Total | 7,148 | 7,148 | ||||
Accumulated Depreciation | $ (1,574) | (1,574) | ||||
Date of Construction or Acquisition | 2,007 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 7,148 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,574 | |||||
Multi-Family Residential [Member] | Kirkwood Manor - Bismarck, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 3,204 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 449 | |||||
Buildings & Improvements | 2,725 | |||||
Costs capitalized subsequent to acquisition | 1,767 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 577 | |||||
Buildings & Improvements | 4,364 | |||||
Total | 4,941 | 4,941 | ||||
Accumulated Depreciation | $ (1,907) | (1,907) | ||||
Date of Construction or Acquisition | 1,997 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 4,941 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | $ 1,907 | |||||
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 | 12,867 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,215 | |||||
Buildings & Improvements | 15,837 | |||||
Costs capitalized subsequent to acquisition | 620 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,280 | |||||
Buildings & Improvements | 16,392 | |||||
Total | $ 17,672 | 17,672 | ||||
Accumulated Depreciation | $ (1,785) | (1,785) | ||||
Date of Construction or Acquisition | 2,012 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 17,672 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,785 | |||||
Multi-Family Residential [Member] | Landing at Southgate - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 10,240 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 2,254 | |||||
Buildings & Improvements | 14,958 | |||||
Costs capitalized subsequent to acquisition | 187 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 2,319 | |||||
Buildings & Improvements | 15,080 | |||||
Total | 17,399 | 17,399 | ||||
Accumulated Depreciation | $ (916) | (916) | ||||
Date of Construction or Acquisition | 2,013 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 17,399 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 916 | |||||
Multi-Family Residential [Member] | Landmark - Grand Forks, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 184 | |||||
Buildings & Improvements | 1,514 | |||||
Costs capitalized subsequent to acquisition | 1,154 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 353 | |||||
Buildings & Improvements | 2,499 | |||||
Total | 2,852 | 2,852 | ||||
Accumulated Depreciation | $ (1,150) | (1,150) | ||||
Date of Construction or Acquisition | 1,997 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 2,852 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,150 | |||||
Multi-Family Residential [Member] | Legacy - Grand Forks, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 15,151 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,362 | |||||
Buildings & Improvements | 21,727 | |||||
Costs capitalized subsequent to acquisition | 7,505 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 2,227 | |||||
Buildings & Improvements | 28,367 | |||||
Total | 30,594 | 30,594 | ||||
Accumulated Depreciation | (11,020) | (11,020) | ||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | 30,594 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | $ 11,020 | |||||
Multi-Family Residential [Member] | Legacy - Grand Forks, ND [Member] | Minimum [Member] | ||||||
Gross amount at which carried at close of period [Abstract] | ||||||
Date of Construction or Acquisition | 1,995 | |||||
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] | ||||||
Date of Construction or Acquisition | 2,005 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Multi-Family Residential [Member] | Legacy Heights - Bismarck, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,207 | |||||
Buildings & Improvements | 13,742 | |||||
Costs capitalized subsequent to acquisition | 225 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,229 | |||||
Buildings & Improvements | 13,945 | |||||
Total | $ 15,174 | 15,174 | ||||
Accumulated Depreciation | $ (412) | (412) | ||||
Date of Construction or Acquisition | 2,015 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 15,174 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 412 | |||||
Multi-Family Residential [Member] | Mariposa - Topeka, KS [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 2,872 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 399 | |||||
Buildings & Improvements | 5,110 | |||||
Costs capitalized subsequent to acquisition | 565 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 428 | |||||
Buildings & Improvements | 5,646 | |||||
Total | 6,074 | 6,074 | ||||
Accumulated Depreciation | $ (1,627) | (1,627) | ||||
Date of Construction or Acquisition | 2,004 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 6,074 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,627 | |||||
Multi-Family Residential [Member] | Meadows - Jamestown, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 590 | |||||
Buildings & Improvements | 4,519 | |||||
Costs capitalized subsequent to acquisition | 1,520 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 678 | |||||
Buildings & Improvements | 5,951 | |||||
Total | 6,629 | 6,629 | ||||
Accumulated Depreciation | $ (2,297) | (2,297) | ||||
Date of Construction or Acquisition | 1,998 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 6,629 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,297 | |||||
Multi-Family Residential [Member] | Monticello Village - Monticello, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 2,901 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 490 | |||||
Buildings & Improvements | 3,756 | |||||
Costs capitalized subsequent to acquisition | 603 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 625 | |||||
Buildings & Improvements | 4,224 | |||||
Total | 4,849 | 4,849 | ||||
Accumulated Depreciation | $ (1,371) | (1,371) | ||||
Date of Construction or Acquisition | 2,004 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 4,849 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,371 | |||||
Multi-Family Residential [Member] | Northern Valley - Rochester, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 110 | |||||
Buildings & Improvements | 610 | |||||
Costs capitalized subsequent to acquisition | 140 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 122 | |||||
Buildings & Improvements | 738 | |||||
Total | 860 | 860 | ||||
Accumulated Depreciation | $ (126) | (126) | ||||
Date of Construction or Acquisition | 2,010 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 860 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 126 | |||||
Multi-Family Residential [Member] | North Pointe - Bismarck, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 3,330 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 303 | |||||
Buildings & Improvements | 3,957 | |||||
Costs capitalized subsequent to acquisition | 808 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 357 | |||||
Buildings & Improvements | 4,711 | |||||
Total | 5,068 | 5,068 | ||||
Accumulated Depreciation | (1,579) | (1,579) | ||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | 5,068 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | $ 1,579 | |||||
Multi-Family Residential [Member] | North Pointe - Bismarck, ND [Member] | Minimum [Member] | ||||||
Gross amount at which carried at close of period [Abstract] | ||||||
Date of Construction or Acquisition | 1,995 | |||||
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] | ||||||
Date of Construction or Acquisition | 2,011 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Multi-Family Residential [Member] | Northridge - Bismarck, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 6,146 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 884 | |||||
Buildings & Improvements | 7,516 | |||||
Costs capitalized subsequent to acquisition | 96 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 946 | |||||
Buildings & Improvements | 7,550 | |||||
Total | $ 8,496 | 8,496 | ||||
Accumulated Depreciation | $ (334) | (334) | ||||
Date of Construction or Acquisition | 2,015 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 8,496 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 334 | |||||
Multi-Family Residential [Member] | Oakmont Estates - Sioux Falls, SD [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 2,361 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 422 | |||||
Buildings & Improvements | 4,838 | |||||
Costs capitalized subsequent to acquisition | 721 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 639 | |||||
Buildings & Improvements | 5,342 | |||||
Total | 5,981 | 5,981 | ||||
Accumulated Depreciation | $ (1,910) | (1,910) | ||||
Date of Construction or Acquisition | 2,002 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 5,981 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,910 | |||||
Multi-Family Residential [Member] | Oakwood Estates - Sioux Falls, SD [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 3,847 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 543 | |||||
Buildings & Improvements | 2,784 | |||||
Costs capitalized subsequent to acquisition | 4,470 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 837 | |||||
Buildings & Improvements | 6,960 | |||||
Total | 7,797 | 7,797 | ||||
Accumulated Depreciation | $ (3,422) | (3,422) | ||||
Date of Construction or Acquisition | 1,993 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 7,797 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 3,422 | |||||
Multi-Family Residential [Member] | Olympic Village - Billings, MT [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 10,372 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,164 | |||||
Buildings & Improvements | 10,441 | |||||
Costs capitalized subsequent to acquisition | 3,312 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,799 | |||||
Buildings & Improvements | 13,118 | |||||
Total | 14,917 | 14,917 | ||||
Accumulated Depreciation | $ (5,266) | (5,266) | ||||
Date of Construction or Acquisition | 2,000 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 14,917 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 5,266 | |||||
Multi-Family Residential [Member] | Olympik Village - Rochester, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 4,259 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,034 | |||||
Buildings & Improvements | 6,109 | |||||
Costs capitalized subsequent to acquisition | 2,315 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,187 | |||||
Buildings & Improvements | 8,271 | |||||
Total | 9,458 | 9,458 | ||||
Accumulated Depreciation | $ (2,346) | (2,346) | ||||
Date of Construction or Acquisition | 2,005 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 9,458 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,346 | |||||
Multi-Family Residential [Member] | Oxbow Park - Sioux Falls, SD [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 3,757 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 404 | |||||
Buildings & Improvements | 3,152 | |||||
Costs capitalized subsequent to acquisition | 3,178 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 957 | |||||
Buildings & Improvements | 5,777 | |||||
Total | 6,734 | 6,734 | ||||
Accumulated Depreciation | $ (2,987) | (2,987) | ||||
Date of Construction or Acquisition | 1,994 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 6,734 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | $ 2,987 | |||||
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 | 8,342 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,143 | |||||
Buildings & Improvements | 9,099 | |||||
Costs capitalized subsequent to acquisition | 7,594 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,766 | |||||
Buildings & Improvements | 16,070 | |||||
Total | $ 17,836 | 17,836 | ||||
Accumulated Depreciation | $ (6,454) | (6,454) | ||||
Date of Construction or Acquisition | 1,997 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 17,836 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 6,454 | |||||
Multi-Family Residential [Member] | Pebble Springs - Bismarck, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 738 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 7 | |||||
Buildings & Improvements | 748 | |||||
Costs capitalized subsequent to acquisition | 182 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 55 | |||||
Buildings & Improvements | 882 | |||||
Total | 937 | 937 | ||||
Accumulated Depreciation | $ (373) | (373) | ||||
Date of Construction or Acquisition | 1,999 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 937 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 373 | |||||
Multi-Family Residential [Member] | Pinehurst - Billings, MT [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 164 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 72 | |||||
Buildings & Improvements | 687 | |||||
Costs capitalized subsequent to acquisition | 360 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 112 | |||||
Buildings & Improvements | 1,007 | |||||
Total | 1,119 | 1,119 | ||||
Accumulated Depreciation | $ (332) | (332) | ||||
Date of Construction or Acquisition | 2,002 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 1,119 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 332 | |||||
Multi-Family Residential [Member] | Pines - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 102 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 35 | |||||
Buildings & Improvements | 215 | |||||
Costs capitalized subsequent to acquisition | 187 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 49 | |||||
Buildings & Improvements | 388 | |||||
Total | 437 | 437 | ||||
Accumulated Depreciation | $ (148) | (148) | ||||
Date of Construction or Acquisition | 1,997 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 437 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 148 | |||||
Multi-Family Residential [Member] | Plaza - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 5,212 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 867 | |||||
Buildings & Improvements | 12,784 | |||||
Costs capitalized subsequent to acquisition | 2,617 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 998 | |||||
Buildings & Improvements | 15,270 | |||||
Total | 16,268 | 16,268 | ||||
Accumulated Depreciation | $ (2,851) | (2,851) | ||||
Date of Construction or Acquisition | 2,009 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 16,268 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,851 | |||||
Multi-Family Residential [Member] | Pointe West - Rapid City, SD [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 2,566 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 240 | |||||
Buildings & Improvements | 3,538 | |||||
Costs capitalized subsequent to acquisition | 1,674 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 388 | |||||
Buildings & Improvements | 5,064 | |||||
Total | 5,452 | 5,452 | ||||
Accumulated Depreciation | $ (2,522) | (2,522) | ||||
Date of Construction or Acquisition | 1,994 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 5,452 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | $ 2,522 | |||||
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 | 3,749 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 395 | |||||
Buildings & Improvements | 4,564 | |||||
Costs capitalized subsequent to acquisition | 400 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 410 | |||||
Buildings & Improvements | 4,949 | |||||
Total | $ 5,359 | 5,359 | ||||
Accumulated Depreciation | $ (517) | (517) | ||||
Date of Construction or Acquisition | 2,012 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 5,359 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 517 | |||||
Multi-Family Residential [Member] | Prairie Winds - Sioux Falls, SD [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 1,381 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 144 | |||||
Buildings & Improvements | 1,816 | |||||
Costs capitalized subsequent to acquisition | 575 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 297 | |||||
Buildings & Improvements | 2,238 | |||||
Total | 2,535 | 2,535 | ||||
Accumulated Depreciation | $ (1,296) | (1,296) | ||||
Date of Construction or Acquisition | 1,993 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 2,535 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | $ 1,296 | |||||
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 | 26,755 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 2,254 | |||||
Buildings & Improvements | 30,024 | |||||
Costs capitalized subsequent to acquisition | 1,690 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 2,363 | |||||
Buildings & Improvements | 31,605 | |||||
Total | $ 33,968 | 33,968 | ||||
Accumulated Depreciation | $ (5,450) | (5,450) | ||||
Date of Construction or Acquisition | 2,006 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 33,968 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 5,450 | |||||
Multi-Family Residential [Member] | RED 20 - Minneapolis, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 23,200 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,900 | |||||
Buildings & Improvements | 26,641 | |||||
Costs capitalized subsequent to acquisition | 65 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,900 | |||||
Buildings & Improvements | 26,706 | |||||
Total | 28,606 | 28,606 | ||||
Accumulated Depreciation | $ (1,349) | (1,349) | ||||
Date of Construction or Acquisition | 2,015 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 28,606 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,349 | |||||
Multi-Family Residential [Member] | Regency Park Estates - St. Cloud, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 8,368 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 702 | |||||
Buildings & Improvements | 10,198 | |||||
Costs capitalized subsequent to acquisition | 1,760 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 873 | |||||
Buildings & Improvements | 11,787 | |||||
Total | 12,660 | 12,660 | ||||
Accumulated Depreciation | $ (1,539) | (1,539) | ||||
Date of Construction or Acquisition | 2,011 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 12,660 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,539 | |||||
Multi-Family Residential [Member] | 288 unit - Renaissance Heights - Williston, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 42,221 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 3,080 | |||||
Buildings & Improvements | 59,434 | |||||
Costs capitalized subsequent to acquisition | 286 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 3,089 | |||||
Buildings & Improvements | 59,711 | |||||
Total | 62,800 | 62,800 | ||||
Accumulated Depreciation | $ (2,956) | (2,956) | ||||
Date of Construction or Acquisition | 2,013 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 62,800 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,956 | |||||
Multi-Family Residential [Member] | Ridge Oaks - Sioux City, IA [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 3,301 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 178 | |||||
Buildings & Improvements | 4,073 | |||||
Costs capitalized subsequent to acquisition | 2,532 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 307 | |||||
Buildings & Improvements | 6,476 | |||||
Total | 6,783 | 6,783 | ||||
Accumulated Depreciation | $ (2,394) | (2,394) | ||||
Date of Construction or Acquisition | 2,001 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 6,783 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,394 | |||||
Multi-Family Residential [Member] | Rimrock West - Billings, MT [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 3,223 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 330 | |||||
Buildings & Improvements | 3,489 | |||||
Costs capitalized subsequent to acquisition | 1,706 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 447 | |||||
Buildings & Improvements | 5,078 | |||||
Total | 5,525 | 5,525 | ||||
Accumulated Depreciation | $ (1,902) | (1,902) | ||||
Date of Construction or Acquisition | 1,999 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 5,525 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,902 | |||||
Multi-Family Residential [Member] | River Ridge - Bismarck, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 13,000 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 576 | |||||
Buildings & Improvements | 24,695 | |||||
Costs capitalized subsequent to acquisition | 435 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 662 | |||||
Buildings & Improvements | 25,044 | |||||
Total | 25,706 | 25,706 | ||||
Accumulated Depreciation | $ (2,167) | (2,167) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 25,706 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,167 | |||||
Multi-Family Residential [Member] | Rocky Meadows - Billings, MT [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 4,997 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 656 | |||||
Buildings & Improvements | 5,726 | |||||
Costs capitalized subsequent to acquisition | 1,437 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 775 | |||||
Buildings & Improvements | 7,044 | |||||
Total | 7,819 | 7,819 | ||||
Accumulated Depreciation | $ (3,316) | (3,316) | ||||
Date of Construction or Acquisition | 1,995 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 7,819 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 3,316 | |||||
Multi-Family Residential [Member] | Rum River - Isanti, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 3,461 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 843 | |||||
Buildings & Improvements | 4,823 | |||||
Costs capitalized subsequent to acquisition | 269 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 864 | |||||
Buildings & Improvements | 5,071 | |||||
Total | 5,935 | 5,935 | ||||
Accumulated Depreciation | $ (1,164) | (1,164) | ||||
Date of Construction or Acquisition | 2,007 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 5,935 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,164 | |||||
Multi-Family Residential [Member] | Sherwood - Topeka, KS [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 11,918 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,142 | |||||
Buildings & Improvements | 14,684 | |||||
Costs capitalized subsequent to acquisition | 3,405 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,745 | |||||
Buildings & Improvements | 17,486 | |||||
Total | 19,231 | 19,231 | ||||
Accumulated Depreciation | $ (7,099) | (7,099) | ||||
Date of Construction or Acquisition | 1,999 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 19,231 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 7,099 | |||||
Multi-Family Residential [Member] | Sierra Vista - Sioux Falls, SD [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 1,358 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 241 | |||||
Buildings & Improvements | 2,097 | |||||
Costs capitalized subsequent to acquisition | 477 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 276 | |||||
Buildings & Improvements | 2,539 | |||||
Total | 2,815 | 2,815 | ||||
Accumulated Depreciation | $ (350) | (350) | ||||
Date of Construction or Acquisition | 2,011 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 2,815 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 350 | |||||
Multi-Family Residential [Member] | Silver Springs - Rapid City, SD [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 2,194 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 215 | |||||
Buildings & Improvements | 3,006 | |||||
Costs capitalized subsequent to acquisition | 351 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 237 | |||||
Buildings & Improvements | 3,335 | |||||
Total | 3,572 | 3,572 | ||||
Accumulated Depreciation | $ (161) | (161) | ||||
Date of Construction or Acquisition | 2,015 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 3,572 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 161 | |||||
Multi-Family Residential [Member] | South Pointe - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 8,428 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 550 | |||||
Buildings & Improvements | 9,548 | |||||
Costs capitalized subsequent to acquisition | 3,836 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,362 | |||||
Buildings & Improvements | 12,572 | |||||
Total | 13,934 | 13,934 | ||||
Accumulated Depreciation | $ (5,881) | (5,881) | ||||
Date of Construction or Acquisition | 1,995 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 13,934 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | $ 5,881 | |||||
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] | Southpoint - Grand Forks, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 576 | |||||
Buildings & Improvements | 9,893 | |||||
Costs capitalized subsequent to acquisition | 95 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 605 | |||||
Buildings & Improvements | 9,959 | |||||
Total | $ 10,564 | 10,564 | ||||
Accumulated Depreciation | $ (672) | (672) | ||||
Date of Construction or Acquisition | 2,013 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 10,564 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 672 | |||||
Multi-Family Residential [Member] | Southview - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 1,009 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 185 | |||||
Buildings & Improvements | 469 | |||||
Costs capitalized subsequent to acquisition | 435 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 251 | |||||
Buildings & Improvements | 838 | |||||
Total | 1,089 | 1,089 | ||||
Accumulated Depreciation | $ (401) | (401) | ||||
Date of Construction or Acquisition | 1,994 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 1,089 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 401 | |||||
Multi-Family Residential [Member] | Southwind - Grand Forks, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 5,385 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 400 | |||||
Buildings & Improvements | 5,034 | |||||
Costs capitalized subsequent to acquisition | 3,290 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 796 | |||||
Buildings & Improvements | 7,928 | |||||
Total | 8,724 | 8,724 | ||||
Accumulated Depreciation | $ (3,754) | (3,754) | ||||
Date of Construction or Acquisition | 1,995 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 8,724 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | $ 3,754 | |||||
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 | 882 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 161 | |||||
Buildings & Improvements | 1,898 | |||||
Costs capitalized subsequent to acquisition | 1,847 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 795 | |||||
Buildings & Improvements | 3,111 | |||||
Total | $ 3,906 | 3,906 | ||||
Accumulated Depreciation | $ (1,347) | (1,347) | ||||
Date of Construction or Acquisition | 1,997 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 3,906 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | $ 1,347 | |||||
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 | 7,875 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 336 | |||||
Buildings & Improvements | 12,814 | |||||
Costs capitalized subsequent to acquisition | 2,926 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 662 | |||||
Buildings & Improvements | 15,414 | |||||
Total | $ 16,076 | 16,076 | ||||
Accumulated Depreciation | $ (5,937) | (5,937) | ||||
Date of Construction or Acquisition | 1,999 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 16,076 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 5,937 | |||||
Multi-Family Residential [Member] | Temple - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 72 | |||||
Initial Cost to Company [Abstract] | ||||||
Costs capitalized subsequent to acquisition | 234 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Buildings & Improvements | 234 | |||||
Total | 234 | 234 | ||||
Accumulated Depreciation | $ (64) | (64) | ||||
Date of Construction or Acquisition | 2,006 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 234 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 64 | |||||
Multi-Family Residential [Member] | Terrace Heights - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 147 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 29 | |||||
Buildings & Improvements | 312 | |||||
Costs capitalized subsequent to acquisition | 148 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 40 | |||||
Buildings & Improvements | 449 | |||||
Total | 489 | 489 | ||||
Accumulated Depreciation | $ (184) | (184) | ||||
Date of Construction or Acquisition | 2,006 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 489 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 184 | |||||
Multi-Family Residential [Member] | Thomasbrook - Lincoln, NE [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 5,793 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 600 | |||||
Buildings & Improvements | 10,306 | |||||
Costs capitalized subsequent to acquisition | 3,578 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,421 | |||||
Buildings & Improvements | 13,063 | |||||
Total | 14,484 | 14,484 | ||||
Accumulated Depreciation | $ (4,967) | (4,967) | ||||
Date of Construction or Acquisition | 1,999 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 14,484 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 4,967 | |||||
Multi-Family Residential [Member] | Valley Park - Grand Forks, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 3,755 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 294 | |||||
Buildings & Improvements | 4,137 | |||||
Costs capitalized subsequent to acquisition | 3,667 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,177 | |||||
Buildings & Improvements | 6,921 | |||||
Total | 8,098 | 8,098 | ||||
Accumulated Depreciation | $ (2,827) | (2,827) | ||||
Date of Construction or Acquisition | 1,999 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 8,098 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,827 | |||||
Multi-Family Residential [Member] | Villa West - Topeka, KS [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 11,923 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,590 | |||||
Buildings & Improvements | 15,760 | |||||
Costs capitalized subsequent to acquisition | 1,152 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,942 | |||||
Buildings & Improvements | 16,560 | |||||
Total | 18,502 | 18,502 | ||||
Accumulated Depreciation | $ (1,839) | (1,839) | ||||
Date of Construction or Acquisition | 2,012 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 18,502 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,839 | |||||
Multi-Family Residential [Member] | Village Green - Rochester, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 945 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 234 | |||||
Buildings & Improvements | 2,296 | |||||
Costs capitalized subsequent to acquisition | 1,009 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 359 | |||||
Buildings & Improvements | 3,180 | |||||
Total | 3,539 | 3,539 | ||||
Accumulated Depreciation | $ (1,011) | (1,011) | ||||
Date of Construction or Acquisition | 2,003 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 3,539 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,011 | |||||
Multi-Family Residential [Member] | West Stonehill - Waite Park, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 8,267 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 939 | |||||
Buildings & Improvements | 10,167 | |||||
Costs capitalized subsequent to acquisition | 6,436 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,673 | |||||
Buildings & Improvements | 15,869 | |||||
Total | 17,542 | 17,542 | ||||
Accumulated Depreciation | $ (7,323) | (7,323) | ||||
Date of Construction or Acquisition | 1,995 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 17,542 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 7,323 | |||||
Multi-Family Residential [Member] | Westridge - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 1,543 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 68 | |||||
Buildings & Improvements | 1,887 | |||||
Costs capitalized subsequent to acquisition | 309 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 79 | |||||
Buildings & Improvements | 2,185 | |||||
Total | 2,264 | 2,264 | ||||
Accumulated Depreciation | $ (454) | (454) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 2,264 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 454 | |||||
Multi-Family Residential [Member] | Westwood Park - Bismarck, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 1,916 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 116 | |||||
Buildings & Improvements | 1,909 | |||||
Costs capitalized subsequent to acquisition | 1,975 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 284 | |||||
Buildings & Improvements | 3,716 | |||||
Total | 4,000 | 4,000 | ||||
Accumulated Depreciation | $ (1,546) | (1,546) | ||||
Date of Construction or Acquisition | 1,998 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 4,000 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,546 | |||||
Multi-Family Residential [Member] | Whispering Ridge - Omaha, NE [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 21,653 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 2,139 | |||||
Buildings & Improvements | 25,424 | |||||
Costs capitalized subsequent to acquisition | 1,025 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 2,316 | |||||
Buildings & Improvements | 26,272 | |||||
Total | 28,588 | 28,588 | ||||
Accumulated Depreciation | $ (2,349) | (2,349) | ||||
Date of Construction or Acquisition | 2,012 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 28,588 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,349 | |||||
Multi-Family Residential [Member] | Williston Garden - Williston, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 10,070 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,400 | |||||
Buildings & Improvements | 17,696 | |||||
Costs capitalized subsequent to acquisition | 215 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,431 | |||||
Buildings & Improvements | 17,880 | |||||
Total | 19,311 | 19,311 | ||||
Accumulated Depreciation | $ (2,853) | (2,853) | ||||
Date of Construction or Acquisition | 2,012 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 19,311 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,853 | |||||
Multi-Family Residential [Member] | Winchester - Rochester, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 2,313 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 748 | |||||
Buildings & Improvements | 5,622 | |||||
Costs capitalized subsequent to acquisition | 1,877 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,016 | |||||
Buildings & Improvements | 7,231 | |||||
Total | 8,247 | 8,247 | ||||
Accumulated Depreciation | $ (2,457) | (2,457) | ||||
Date of Construction or Acquisition | 2,003 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 8,247 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,457 | |||||
Multi-Family Residential [Member] | Woodridge - Rochester, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 6,092 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 370 | |||||
Buildings & Improvements | 6,028 | |||||
Costs capitalized subsequent to acquisition | 2,388 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 741 | |||||
Buildings & Improvements | 8,045 | |||||
Total | 8,786 | 8,786 | ||||
Accumulated Depreciation | $ (3,810) | (3,810) | ||||
Date of Construction or Acquisition | 1,997 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 8,786 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 3,810 | |||||
Multi-Family Residential [Member] | Wholly Owned Properties [Member] | ||||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Additions | 282,457 | 183,114 | $ 84,117 | |||
Commercial Healthcare [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 171,332 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 24,479 | |||||
Buildings & Improvements | 264,856 | |||||
Costs capitalized subsequent to acquisition | 48,585 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 25,262 | |||||
Buildings & Improvements | 312,658 | |||||
Total | 337,920 | 337,920 | ||||
Accumulated Depreciation | (83,558) | (83,558) | ||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | 337,920 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 83,558 | |||||
Commercial Healthcare [Member] | 2800 Medical Building - Minneapolis, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 7,552 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 204 | |||||
Buildings & Improvements | 7,135 | |||||
Costs capitalized subsequent to acquisition | 2,547 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 229 | |||||
Buildings & Improvements | 9,657 | |||||
Total | 9,886 | 9,886 | ||||
Accumulated Depreciation | $ (3,386) | (3,386) | ||||
Date of Construction or Acquisition | 2,005 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 9,886 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 3,386 | |||||
Commercial Healthcare [Member] | 2828 Chicago Avenue - Minneapolis, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 11,813 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 726 | |||||
Buildings & Improvements | 11,319 | |||||
Costs capitalized subsequent to acquisition | 5,280 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 729 | |||||
Buildings & Improvements | 16,596 | |||||
Total | 17,325 | 17,325 | ||||
Accumulated Depreciation | $ (4,614) | (4,614) | ||||
Date of Construction or Acquisition | 2,007 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 17,325 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 4,614 | |||||
Commercial Healthcare [Member] | Airport Medical - Bloomington, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Buildings & Improvements | 4,678 | |||||
Costs capitalized subsequent to acquisition | 51 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 11 | |||||
Buildings & Improvements | 4,718 | |||||
Total | 4,729 | 4,729 | ||||
Accumulated Depreciation | $ (1,848) | (1,848) | ||||
Date of Construction or Acquisition | 2,002 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 4,729 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,848 | |||||
Commercial Healthcare [Member] | Billings 2300 Grant Road - Billings, MT [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 980 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 649 | |||||
Buildings & Improvements | 1,216 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 649 | |||||
Buildings & Improvements | 1,216 | |||||
Total | 1,865 | 1,865 | ||||
Accumulated Depreciation | $ (176) | (176) | ||||
Date of Construction or Acquisition | 2,010 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 1,865 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 176 | |||||
Commercial Healthcare [Member] | Burnsville 303 Nicollet Medical (Ridgeview) - Burnsville, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 7,903 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,071 | |||||
Buildings & Improvements | 6,842 | |||||
Costs capitalized subsequent to acquisition | 2,137 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,160 | |||||
Buildings & Improvements | 8,890 | |||||
Total | 10,050 | 10,050 | ||||
Accumulated Depreciation | $ (1,904) | (1,904) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 10,050 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,904 | |||||
Commercial Healthcare [Member] | Burnsville 305 Nicollet Medical (Ridgeview South) - Burnsville, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 4,947 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 189 | |||||
Buildings & Improvements | 5,127 | |||||
Costs capitalized subsequent to acquisition | 1,221 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 248 | |||||
Buildings & Improvements | 6,289 | |||||
Total | 6,537 | 6,537 | ||||
Accumulated Depreciation | $ (1,261) | (1,261) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 6,537 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,261 | |||||
Commercial Healthcare [Member] | Denfeld Clinic - Duluth, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 1,308 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 501 | |||||
Buildings & Improvements | 2,597 | |||||
Costs capitalized subsequent to acquisition | 1 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 501 | |||||
Buildings & Improvements | 2,598 | |||||
Total | 3,099 | 3,099 | ||||
Accumulated Depreciation | $ (783) | (783) | ||||
Date of Construction or Acquisition | 2,004 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 3,099 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 783 | |||||
Commercial Healthcare [Member] | Eagan 1440 Duckwood Medical - Eagan, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 521 | |||||
Buildings & Improvements | 1,547 | |||||
Costs capitalized subsequent to acquisition | 556 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 521 | |||||
Buildings & Improvements | 2,103 | |||||
Total | 2,624 | 2,624 | ||||
Accumulated Depreciation | $ (730) | (730) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 2,624 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 730 | |||||
Commercial Healthcare [Member] | Edina 6363 France Medical - Edina, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 11,228 | |||||
Initial Cost to Company [Abstract] | ||||||
Buildings & Improvements | 12,675 | |||||
Costs capitalized subsequent to acquisition | 3,319 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Buildings & Improvements | 15,994 | |||||
Total | 15,994 | 15,994 | ||||
Accumulated Depreciation | $ (4,455) | (4,455) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 15,994 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 4,455 | |||||
Commercial Healthcare [Member] | Edina 6405 France Medical - Edina, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 8,568 | |||||
Initial Cost to Company [Abstract] | ||||||
Buildings & Improvements | 12,201 | |||||
Costs capitalized subsequent to acquisition | 257 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Buildings & Improvements | 12,458 | |||||
Total | 12,458 | 12,458 | ||||
Accumulated Depreciation | $ (3,407) | (3,407) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 12,458 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 3,407 | |||||
Commercial Healthcare [Member] | Edina 6517 Drew Avenue - Edina, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 353 | |||||
Buildings & Improvements | 660 | |||||
Costs capitalized subsequent to acquisition | 27 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 372 | |||||
Buildings & Improvements | 668 | |||||
Total | 1,040 | 1,040 | ||||
Accumulated Depreciation | $ (239) | (239) | ||||
Date of Construction or Acquisition | 2,002 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 1,040 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 239 | |||||
Commercial Healthcare [Member] | Edina 6525 Drew Avenue - Edina, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 388 | |||||
Buildings & Improvements | 117 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 388 | |||||
Buildings & Improvements | 117 | |||||
Total | 505 | 505 | ||||
Accumulated Depreciation | $ (13) | (13) | ||||
Date of Construction or Acquisition | 2,011 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 505 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 13 | |||||
Commercial Healthcare [Member] | Edina 6525 France SMC II - Edina, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 9,604 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 755 | |||||
Buildings & Improvements | 8,054 | |||||
Costs capitalized subsequent to acquisition | 6,156 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,040 | |||||
Buildings & Improvements | 13,925 | |||||
Total | 14,965 | 14,965 | ||||
Accumulated Depreciation | $ (6,345) | (6,345) | ||||
Date of Construction or Acquisition | 2,003 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 14,965 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 6,345 | |||||
Commercial Healthcare [Member] | Edina 6545 France SMC I - Edina MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 28,993 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 3,480 | |||||
Buildings & Improvements | 30,192 | |||||
Costs capitalized subsequent to acquisition | 14,383 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 3,480 | |||||
Buildings & Improvements | 44,575 | |||||
Total | 48,055 | 48,055 | ||||
Accumulated Depreciation | $ (18,379) | (18,379) | ||||
Date of Construction or Acquisition | 2,001 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 48,055 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 18,379 | |||||
Commercial Healthcare [Member] | Edina 6565 France SMC III - Edina, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Buildings & Improvements | 33,032 | |||||
Costs capitalized subsequent to acquisition | 1,201 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Buildings & Improvements | 34,233 | |||||
Total | 34,233 | 34,233 | ||||
Accumulated Depreciation | $ (701) | (701) | ||||
Date of Construction or Acquisition | 2,015 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 34,233 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 701 | |||||
Commercial Healthcare [Member] | Fresenius - Duluth, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 500 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 50 | |||||
Buildings & Improvements | 1,520 | |||||
Costs capitalized subsequent to acquisition | 2 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 50 | |||||
Buildings & Improvements | 1,522 | |||||
Total | 1,572 | 1,572 | ||||
Accumulated Depreciation | $ (458) | (458) | ||||
Date of Construction or Acquisition | 2,004 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 1,572 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 458 | |||||
Commercial Healthcare [Member] | Garden View - St. Paul, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 6,890 | |||||
Initial Cost to Company [Abstract] | ||||||
Buildings & Improvements | 7,408 | |||||
Costs capitalized subsequent to acquisition | 1,072 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 26 | |||||
Buildings & Improvements | 8,454 | |||||
Total | 8,480 | 8,480 | ||||
Accumulated Depreciation | $ (3,001) | (3,001) | ||||
Date of Construction or Acquisition | 2,002 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 8,480 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 3,001 | |||||
Commercial Healthcare [Member] | Gateway Clinic - Sandstone, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 757 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 77 | |||||
Buildings & Improvements | 1,699 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 77 | |||||
Buildings & Improvements | 1,699 | |||||
Total | 1,776 | 1,776 | ||||
Accumulated Depreciation | $ (512) | (512) | ||||
Date of Construction or Acquisition | 2,004 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 1,776 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 512 | |||||
Commercial Healthcare [Member] | Healtheast St John & Woodwinds - Maplewood & Woodbury, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 5,654 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 3,239 | |||||
Buildings & Improvements | 18,362 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 3,239 | |||||
Buildings & Improvements | 18,362 | |||||
Total | 21,601 | 21,601 | ||||
Accumulated Depreciation | $ (7,326) | (7,326) | ||||
Date of Construction or Acquisition | 2,000 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 21,601 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 7,326 | |||||
Commercial Healthcare [Member] | High Pointe Health Campus - Lake Elmo, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 7,500 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,305 | |||||
Buildings & Improvements | 10,528 | |||||
Costs capitalized subsequent to acquisition | 2,174 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,398 | |||||
Buildings & Improvements | 12,609 | |||||
Total | 14,007 | 14,007 | ||||
Accumulated Depreciation | $ (4,226) | (4,226) | ||||
Date of Construction or Acquisition | 2,004 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 14,007 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 4,226 | |||||
Commercial Healthcare [Member] | Lakeside Medical Plaza - Omaha, NE [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 4,294 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 903 | |||||
Buildings & Improvements | 5,210 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 903 | |||||
Buildings & Improvements | 5,210 | |||||
Total | 6,113 | 6,113 | ||||
Accumulated Depreciation | $ (92) | (92) | ||||
Date of Construction or Acquisition | 2,015 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 6,113 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 92 | |||||
Commercial Healthcare [Member] | Mariner Clinic - Superior, WI | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 1,657 | |||||
Initial Cost to Company [Abstract] | ||||||
Buildings & Improvements | 3,781 | |||||
Costs capitalized subsequent to acquisition | 275 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 20 | |||||
Buildings & Improvements | 4,036 | |||||
Total | 4,056 | 4,056 | ||||
Accumulated Depreciation | $ (1,182) | (1,182) | ||||
Date of Construction or Acquisition | 2,004 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 4,056 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,182 | |||||
Commercial Healthcare [Member] | Minneapolis 701 25th Avenue Medical - Minneapolis, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 7,016 | |||||
Initial Cost to Company [Abstract] | ||||||
Buildings & Improvements | 7,873 | |||||
Costs capitalized subsequent to acquisition | 1,566 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Buildings & Improvements | 9,439 | |||||
Total | 9,439 | 9,439 | ||||
Accumulated Depreciation | $ (2,205) | (2,205) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 9,439 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,205 | |||||
Commercial Healthcare [Member] | Missoula 3050 Great Northern - Missoula, MT [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 997 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 640 | |||||
Buildings & Improvements | 1,331 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 640 | |||||
Buildings & Improvements | 1,331 | |||||
Total | 1,971 | 1,971 | ||||
Accumulated Depreciation | $ (193) | (193) | ||||
Date of Construction or Acquisition | 2,010 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 1,971 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 193 | |||||
Commercial Healthcare [Member] | Park Dental - Brooklyn Center, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 185 | |||||
Buildings & Improvements | 2,767 | |||||
Costs capitalized subsequent to acquisition | 15 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 200 | |||||
Buildings & Improvements | 2,767 | |||||
Total | 2,967 | 2,967 | ||||
Accumulated Depreciation | $ (943) | (943) | ||||
Date of Construction or Acquisition | 2,002 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 2,967 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 943 | |||||
Commercial Healthcare [Member] | Pavilion I - Duluth, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 4,366 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,245 | |||||
Buildings & Improvements | 8,898 | |||||
Costs capitalized subsequent to acquisition | 31 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,245 | |||||
Buildings & Improvements | 8,929 | |||||
Total | 10,174 | 10,174 | ||||
Accumulated Depreciation | $ (2,670) | (2,670) | ||||
Date of Construction or Acquisition | 2,004 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 10,174 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,670 | |||||
Commercial Healthcare [Member] | Pavilion II - Duluth, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 8,034 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 2,715 | |||||
Buildings & Improvements | 14,673 | |||||
Costs capitalized subsequent to acquisition | 1,937 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 2,715 | |||||
Buildings & Improvements | 16,610 | |||||
Total | 19,325 | 19,325 | ||||
Accumulated Depreciation | $ (6,306) | (6,306) | ||||
Date of Construction or Acquisition | 2,004 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 19,325 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 6,306 | |||||
Commercial Healthcare [Member] | PrairieCare Medical - Brooklyn Park, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 14,982 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 2,610 | |||||
Buildings & Improvements | 21,798 | |||||
Costs capitalized subsequent to acquisition | 32 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 2,610 | |||||
Buildings & Improvements | 21,830 | |||||
Total | 24,440 | 24,440 | ||||
Accumulated Depreciation | $ (407) | (407) | ||||
Date of Construction or Acquisition | 2,015 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 24,440 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 407 | |||||
Commercial Healthcare [Member] | Ritchie Medical Plaza - St Paul, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 8,320 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,615 | |||||
Buildings & Improvements | 7,851 | |||||
Costs capitalized subsequent to acquisition | 4,063 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,647 | |||||
Buildings & Improvements | 11,882 | |||||
Total | 13,529 | 13,529 | ||||
Accumulated Depreciation | $ (3,422) | (3,422) | ||||
Date of Construction or Acquisition | 2,005 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 13,529 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 3,422 | |||||
Commercial Healthcare [Member] | St Michael Clinic - St Michael, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 1,736 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 328 | |||||
Buildings & Improvements | 2,259 | |||||
Costs capitalized subsequent to acquisition | 264 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 328 | |||||
Buildings & Improvements | 2,523 | |||||
Total | 2,851 | 2,851 | ||||
Accumulated Depreciation | $ (573) | (573) | ||||
Date of Construction or Acquisition | 2,007 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 2,851 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 573 | |||||
Commercial Healthcare [Member] | Trinity at Plaza 16 - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 4,577 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 568 | |||||
Buildings & Improvements | 9,009 | |||||
Costs capitalized subsequent to acquisition | 16 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 674 | |||||
Buildings & Improvements | 8,919 | |||||
Total | 9,593 | 9,593 | ||||
Accumulated Depreciation | $ (1,049) | (1,049) | ||||
Date of Construction or Acquisition | 2,011 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 9,593 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,049 | |||||
Commercial Healthcare [Member] | Wells Clinic - Hibbing, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 1,156 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 162 | |||||
Buildings & Improvements | 2,497 | |||||
Costs capitalized subsequent to acquisition | 2 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 162 | |||||
Buildings & Improvements | 2,499 | |||||
Total | 2,661 | 2,661 | ||||
Accumulated Depreciation | $ (752) | (752) | ||||
Date of Construction or Acquisition | 2,004 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 2,661 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 752 | |||||
Commercial Healthcare [Member] | Wholly Owned Properties [Member] | ||||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Additions | 63,605 | |||||
Other Segments [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 22,313 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 13,004 | |||||
Buildings & Improvements | 62,212 | |||||
Costs capitalized subsequent to acquisition | 24,426 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 13,705 | |||||
Buildings & Improvements | 85,937 | |||||
Total | 99,642 | 99,642 | ||||
Accumulated Depreciation | (20,175) | (20,175) | ||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | 99,642 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 20,175 | |||||
Other Segments [Member] | 1st Avenue Building - Minot, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 30 | |||||
Buildings & Improvements | 337 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 30 | |||||
Buildings & Improvements | 337 | |||||
Total | 367 | 367 | ||||
Accumulated Depreciation | $ (49) | (49) | ||||
Date of Construction or Acquisition | 1,981 | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 367 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | $ 49 | |||||
Other Segments [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 | |||||
Other Segments [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 | |||||
Other Segments [Member] | 17 South Main - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 72 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 15 | |||||
Buildings & Improvements | 75 | |||||
Costs capitalized subsequent to acquisition | 197 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 17 | |||||
Buildings & Improvements | 270 | |||||
Total | $ 287 | 287 | ||||
Accumulated Depreciation | $ (205) | (205) | ||||
Date of Construction or Acquisition | 2,000 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 287 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 205 | |||||
Other Segments [Member] | Bismarck 715 East Broadway - Bismarck, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 2,041 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 389 | |||||
Buildings & Improvements | 1,283 | |||||
Costs capitalized subsequent to acquisition | 1,126 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 443 | |||||
Buildings & Improvements | 2,355 | |||||
Total | 2,798 | 2,798 | ||||
Accumulated Depreciation | $ (544) | (544) | ||||
Date of Construction or Acquisition | 2,008 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 2,798 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 544 | |||||
Other Segments [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 | |||||
Buildings & Improvements | 4,097 | |||||
Costs capitalized subsequent to acquisition | 1,243 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 2,230 | |||||
Buildings & Improvements | 5,243 | |||||
Total | 7,473 | 7,473 | ||||
Accumulated Depreciation | $ (1,649) | (1,649) | ||||
Date of Construction or Acquisition | 2,006 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 7,473 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,649 | |||||
Other Segments [Member] | Dakota West Plaza - Minot , ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 338 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 92 | |||||
Buildings & Improvements | 493 | |||||
Costs capitalized subsequent to acquisition | 30 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 106 | |||||
Buildings & Improvements | 509 | |||||
Total | 615 | 615 | ||||
Accumulated Depreciation | $ (135) | (135) | ||||
Date of Construction or Acquisition | 2,006 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 615 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 135 | |||||
Other Segments [Member] | Grand Forks Carmike - Grand Forks, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 1,176 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 184 | |||||
Buildings & Improvements | 2,360 | |||||
Costs capitalized subsequent to acquisition | 2 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 184 | |||||
Buildings & Improvements | 2,362 | |||||
Total | 2,546 | 2,546 | ||||
Accumulated Depreciation | $ (1,270) | (1,270) | ||||
Date of Construction or Acquisition | 1,994 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 2,546 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,270 | |||||
Other Segments [Member] | Lexington Commerce Center - Eagan, MN [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 1,504 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 453 | |||||
Buildings & Improvements | 4,352 | |||||
Costs capitalized subsequent to acquisition | 2,077 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 492 | |||||
Buildings & Improvements | 6,390 | |||||
Total | 6,882 | 6,882 | ||||
Accumulated Depreciation | $ (3,013) | (3,013) | ||||
Date of Construction or Acquisition | 1,999 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 6,882 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 3,013 | |||||
Other Segments [Member] | Minot 1400 31st Ave - Minot, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,026 | |||||
Buildings & Improvements | 6,143 | |||||
Costs capitalized subsequent to acquisition | 4,404 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,038 | |||||
Buildings & Improvements | 10,535 | |||||
Total | 11,573 | 11,573 | ||||
Accumulated Depreciation | $ (2,904) | (2,904) | ||||
Date of Construction or Acquisition | 2,010 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 11,573 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,904 | |||||
Other Segments [Member] | Minot 2505 16th Street SW - Minot, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 298 | |||||
Buildings & Improvements | 1,724 | |||||
Costs capitalized subsequent to acquisition | 296 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 298 | |||||
Buildings & Improvements | 2,020 | |||||
Total | 2,318 | 2,318 | ||||
Accumulated Depreciation | $ (351) | (351) | ||||
Date of Construction or Acquisition | 2,009 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 2,318 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 351 | |||||
Other Segments [Member] | Minot Arrowhead - Minot, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 100 | |||||
Buildings & Improvements | 3,216 | |||||
Costs capitalized subsequent to acquisition | 5,554 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 176 | |||||
Buildings & Improvements | 8,694 | |||||
Total | 8,870 | 8,870 | ||||
Accumulated Depreciation | $ (2,402) | (2,402) | ||||
Date of Construction or Acquisition | 1,973 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 8,870 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,402 | |||||
Other Segments [Member] | Minot IPS - Minot, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 416 | |||||
Buildings & Improvements | 5,952 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 416 | |||||
Buildings & Improvements | 5,952 | |||||
Total | 6,368 | 6,368 | ||||
Accumulated Depreciation | $ (537) | (537) | ||||
Date of Construction or Acquisition | 2,012 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 6,368 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 537 | |||||
Other Segments [Member] | Minot Southgate Wells Fargo Bank - Minot, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 992 | |||||
Buildings & Improvements | 2,237 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 992 | |||||
Buildings & Improvements | 2,237 | |||||
Total | 3,229 | 3,229 | ||||
Accumulated Depreciation | $ (81) | (81) | ||||
Date of Construction or Acquisition | 2,014 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 3,229 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 81 | |||||
Other Segments [Member] | Minot Southgate Retail - Minot, ND [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 889 | |||||
Buildings & Improvements | 1,734 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 889 | |||||
Buildings & Improvements | 1,734 | |||||
Total | 2,623 | 2,623 | ||||
Accumulated Depreciation | $ (24) | (24) | ||||
Date of Construction or Acquisition | 2,015 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 2,623 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 24 | |||||
Other Segments [Member] | Plaza 16 - Minot, ND [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 6,916 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 389 | |||||
Buildings & Improvements | 5,444 | |||||
Costs capitalized subsequent to acquisition | 3,860 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 598 | |||||
Buildings & Improvements | 9,095 | |||||
Total | 9,693 | 9,693 | ||||
Accumulated Depreciation | $ (2,410) | (2,410) | ||||
Date of Construction or Acquisition | 2,009 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 9,693 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,410 | |||||
Other Segments [Member] | Roseville 3075 Long Lake Road - Roseville, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 810 | |||||
Buildings & Improvements | 10,244 | |||||
Costs capitalized subsequent to acquisition | 1,771 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 810 | |||||
Buildings & Improvements | 12,015 | |||||
Total | 12,825 | 12,825 | ||||
Accumulated Depreciation | $ (507) | (507) | ||||
Date of Construction or Acquisition | 2,001 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 12,825 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 507 | |||||
Other Segments [Member] | Urbandale 3900 106th Street - Urbandale, IA [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 10,266 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 3,680 | |||||
Buildings & Improvements | 9,893 | |||||
Costs capitalized subsequent to acquisition | 1,982 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 3,863 | |||||
Buildings & Improvements | 11,692 | |||||
Total | 15,555 | 15,555 | ||||
Accumulated Depreciation | $ (2,955) | (2,955) | ||||
Date of Construction or Acquisition | 2,007 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 15,555 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 2,955 | |||||
Other Segments [Member] | Woodbury 1865 Woodlane - Woodbury, MN [Member] | ||||||
Initial Cost to Company [Abstract] | ||||||
Land | 1,108 | |||||
Buildings & Improvements | 2,628 | |||||
Costs capitalized subsequent to acquisition | 1,884 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 1,123 | |||||
Buildings & Improvements | 4,497 | |||||
Total | 5,620 | 5,620 | ||||
Accumulated Depreciation | $ (1,139) | (1,139) | ||||
Date of Construction or Acquisition | 2,007 | |||||
Life on which depreciation in latest income statement is computed | 40 years | |||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | $ 5,620 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | 1,139 | |||||
Other Segments [Member] | Wholly Owned Properties [Member] | ||||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Additions | 2,623 | $ 12,223 | ||||
Subtotal [Member] | ||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||
Encumbrances | 817,074 | |||||
Initial Cost to Company [Abstract] | ||||||
Land | 117,284 | |||||
Buildings & Improvements | 1,340,271 | |||||
Costs capitalized subsequent to acquisition | 223,916 | |||||
Gross amount at which carried at close of period [Abstract] | ||||||
Land | 136,979 | |||||
Buildings & Improvements | 1,544,492 | |||||
Total | 1,681,471 | 1,681,471 | ||||
Accumulated Depreciation | (312,889) | $ (312,889) | ||||
Reconciliations of total real estate carrying value [Abstract] | ||||||
Balance at close of year | 1,681,471 | |||||
Deductions during year [Abstract] | ||||||
Balance at close of year | $ 312,889 |