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The undersigned Registrant hereby amends its Item 7 of its Current Report on Form 8-K dated January 7, 2004, to file the financial statements required by such Item 7 as part of this report.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
| (a) | Financial Statements: See Index to Financial Statements and Pro Forma Financial Information appearing on Page F-1 of this Form 8-K/A. |
| (b) | Pro Forma Financial Information: See Index to Financial Statements and Pro Forma Financial Information appearing on page F-1 of this Form 8-K/A. |
| (c) | Exhibits None |
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| INVESTORS REAL ESTATE TRUST |
| By: /S/
Thomas A. Wentz, Jr. Thomas A. Wentz, Jr. Senior Vice President |
March 8, 2004
| Transport Corporation of America Office Building........................................... | F-2 |
| Golden Hills Office Building | |
| Independent Auditor's Report........................................................................... | F-3 |
|
Historical Summary of Gross Income and Direct Operating Expenses for the Year Ended December 31, 2002 .................................................... |
F-4 |
|
Notes to Historical Summary of Gross Income and Direct Operating
Expenses for the Year Ended December 31, 2002 ..................................... |
F-5 |
| Connelly Estates Apartments | |
| Independent Auditor's Report........................................................................... | F-7 |
|
Historical Summary of Gross Income and Direct Operating Expenses for the Year Ended December 31, 2002 .................................................... |
F-8 |
|
Notes to Historical Summary of Gross Income and Direct Operating
Expenses for the Year Ended December 31, 2002 ..................................... |
F-9 |
| Unaudited Consolidated Balance Sheet as of October 31, 2003 ...................... | F-10 |
| Pro Forma Consolidated Statement
of Operations for the Six Months Ended October 31, 2003 ................................................................. |
F-11 |
| Pro Forma Consolidated Statement
of Operations for the Twelve Months Ended April 30, 2003 ...................................................................... |
F-12 |
Transport Corporation of America Office Building
IRET Properties purchased Transport Corporation of America Office Building on December 23, 2003. The property is a 106,207 square foot, two story building. Because prior to acquisition the building was owner occupied, historical summaries of gross income and direct operating expenses have not been prepared and no audit was performed as required by Regulation S-X, Rule 3-14 of the Securities and Exchange Commission (“SEC”).
To the Board of Trustees of Investors Real Estate Trust
We have audited the accompanying Historical Summary of Gross Income and Direct Operating Expenses of Golden Hills Office Building ("Historical Summary") for the year ended December 31, 2002. This Historical Summary is the responsibility of the management. Our responsibility is to express an opinion on the Historical Summary based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Historical Summary is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Historical Summary. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Historical Summary. We believe that our audit provides a reasonable basis for our opinion.
The accompanying Historical Summary was prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission as described in Note 2, and is not intended to be a complete presentation of Golden Hills Office Building revenue and expenses.
In our opinion, the Historical Summary referred to above presents fairly, in all material respects, the gross income and direct operating expenses described in Note 2 of Golden Hills Office Building for the year ended December 31, 2002, in conformity with accounting principles generally accepted in the United States of America.
/S/ Brady Martz & Associates, P.C.
Brady, Martz, and Associates, P.C.
Minot, North Dakota
March 2, 2004
Golden Hills Office Building Historical Summary of Gross Income and Direct Operating Expenses for the Year Ended December 31, 2002
| 12/31/02 | ||
| GROSS INCOME | ||
| Real Estate Rentals | $ | 4,603,407 |
| DIRECT OPERATING EXPENSES | ||
| Interest | $ | 1,018,500 |
| Utilities Expense | 242,441 | |
| Maintenance Expense | 611,317 | |
| Real Estate Taxes | 786,080 | |
| Property Management Expenses | 229,885 | |
| Insurance and Other | 31,842 | |
| Total Direct Operating Expenses | $ | 2,920,065 |
| EXCESS OF GROSS INCOME OVER DIRECT OPERATING EXPENSES |
$ | 1,683,342 |
Golden Hills Office Building Notes to Historical Summary of Gross Income and Direct Operating Expenses for the Year Ended December 31, 2002
Note 1. Nature of Business
Golden Amber L.L.C., a Delaware limited liability company
was engaged in the development, ownership and operation of Golden
Hills Office Building, a 190,758 square foot office building in
Golden Valley, Minnesota.
Note 2. Basis of Presentation
IRET, Inc., purchased Golden Hills Office Building October
on 31, 2003. The historical summary has been prepared for
the purpose of complying with Regulation S-X, Rule 3-14 of the
Securities and Exchange Commission (“SEC”), which requires
certain information with respect to real estate operations acquired
to be included with certain filings with the SEC. This historical
summary includes the historical gross income and direct operating
expenses of Golden Hills Office Building, exclusive of the following
expenses, which may not be comparable to the proposed future operations:
(a) depreciation of property and equipment
Note 3. Summary of Significant Accounting
Policies
Use of Estimates - The preparation of financial statements
in conformity with accounting principles generally accepted in
the United States of America 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.
Capitalization Policy - Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs, which do not add to the value or extend useful lives, are charged to expense as incurred.
Revenue Recognition - Rental revenue is recognized on the straight-line basis, which averages minimum rents over the terms of the leases. All leases are classified as operating leases and expire at various dates prior to December, 2011. The following is a schedule by years of future actual minimum rents receivable on non-cancelable operating leases in effect as of December 31, 2002.
Golden Hills Office Building Notes to Historical Summary of Gross Income and Direct Operating Expenses – continued
| Year | Amount | |
| 2003 | $ | 2,769,990 |
| 2004 | 2,826,233 | |
| 2005 | 2,255,641 | |
| 2006 | 1,509,042 | |
| 2007 | 861,394 | |
| Thereafter | 1,175,261 | |
| Total | $ | 11,397,561 |
Expense Reimbursement - Reimbursements from tenants for real estate taxes and other recoverable operating expenses are recognized as revenue in the period the applicable expenditures are incurred. Golden Hills Office Building receives payments for these reimbursements from substantially all its multi-tenant commercial tenants throughout the year based on estimates. Differences between estimated recoveries and the final billed amounts, which are immaterial, are recognized in the subsequent year.
To the Board of Trustees of Investors Real Estate Trust
We have audited the accompanying Historical Summary of Gross Income and Direct Operating Expenses of Connelly Estates Apartments ("Historical Summary") for the year ended December 31, 2002. This Historical Summary is the responsibility of the management. Our responsibility is to express an opinion on the Historical Summary based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Historical Summary is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Historical Summary. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the Historical Summary. We believe that our audit provides a reasonable basis for our opinion.
The accompanying Historical Summary was prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission as described in Note 2, and is not intended to be a complete presentation of Connelly Estates Apartments revenue and expenses.
In our opinion, the Historical Summary referred to above presents fairly, in all material respects, the gross income and direct operating expenses described in Note 2 of Connelly Estates Apartments for the year ended December 31, 2002, in conformity with accounting principles generally accepted in the United States of America.
/S/ Brady Martz & Associates, P.C.
Brady, Martz, and Associates, P.C.
Minot, North Dakota
March 2, 2003
Connelly Estates Apartments Historical Summary of Gross Income and Direct Operating Expenses for the Year Ended December 31, 2002
| 12/31/02 | ||
| GROSS INCOME | ||
| Real Estate Rentals | $ | 1,915,498 |
| Discounts and Fees | 63,827 | |
| Total Gross Income | $ | 1,979,325 |
| DIRECT OPERATING EXPENSES | ||
| Utilities Expense | $ | 170,645 |
| Maintenance Expense | 84,020 | |
| Real Estate Taxes | 167,895 | |
| Property Management Expenses | 361,599 | |
| Insurance and Other | 56,161 | |
| Total Direct Operating Expenses | $ | 840,320 |
| EXCESS OF GROSS INCOME OVER DIRECT OPERATING EXPENSES |
$ | 1,139,005 |
Connelly Estates Apartments Notes to Historical Summary of Gross Income and Direct Operating Expenses for the Year Ended December 31, 2002
Note 1. Nature of Business
Connelly Estates Investment Group LLP is a Minnesota Limited
Liability Partnership primarily engaged in the development, ownership
and operation of Connelly Estates Apartments a 240-unit multifamily
apartment complex in the Rochester, MN area.
Note 2. Basis of Presentation
IRET, Inc., purchased Connelly Estates Apartments on July
31, 2003. The historical summary has been prepared for the
purpose of complying with Regulation S-X, Rule 3-14 of the Securities
and Exchange Commission (“SEC”), which requires certain
information with respect to real estate operations acquired to
be included with certain filings with the SEC. This historical
summary includes the historical gross income and direct operating
expenses of Connelly Estates Apartments, exclusive of the following
expenses, which may not be comparable to the proposed future operations:
(a) depreciation of property and equipment
(b) professional expenses
(c) interest expense on existing mortgage and borrowings
Note 3. Summary of Significant Accounting
Policies
Use of Estimates - The preparation of financial statements
in conformity with accounting principles generally accepted in
the United States of America 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.
Capitalization Policy - Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs, which do not add to the value or extend useful lives, are charged to expense as incurred.
|
Consolidated 10/31/03 Unaudited(1) |
Corp of America Office Building 12/23/03 Unaudited |
Building 12/11/03 Unaudited |
|
Consolidated(2) |
|||||||||||||||
| ASSETS | |||||||||||||||||||
| Real Estate Investments | |||||||||||||||||||
| Property Owned | $ | 999,792,737 | $ | 9,198,151 | $ | 10,719,387 | $ | - | $ | 1,019,710,275 | |||||||||
| Less Accumulated Depreciation | (86,912,556 | ) | - | - | - | (86,912,556 | ) | ||||||||||||
| $ | 912,880,181 | $ | 9,198,151 | $ | 10,719,387 | $ | - | $ | 932,797,719 | ||||||||||
| Mortgage Loans Receivable | 2,054,660 | - | - | - | 2,054,660 | ||||||||||||||
| Total Real Estate Investments | $ | 914,934,841 | $ | 9,198,151 | $ | 10,719,387 | $ | - | $ | 934,852,379 | |||||||||
| OTHER ASSETS | |||||||||||||||||||
| Cash | $ | 21,843,527 | $ | 162,763 | $ | - | $ | (1,464,839 | ) | $ | 20,541,451 | ||||||||
|
Marketable Securities -Available for Sale |
2,703,032 | - | - | - | 2,703,032 | ||||||||||||||
| Rent Receivable, Net | 5,366,473 | - | - | - | 5,366,473 | ||||||||||||||
| Real Estate Deposits | 1,004,207 | - | - | - | 1,004,207 | ||||||||||||||
| Prepaid and Other Assets | 2,410,420 | - | 11,258 | - | 2,421,678 | ||||||||||||||
| Tax, Insurance and Other Escrow | 7,936,942 | 1,023,920 | 444,280 | - | 9,405,142 | ||||||||||||||
|
Deferred Charges and Leasing Costs |
5,633,714 | 26,000 | 63,232 | - | 5,722,946 | ||||||||||||||
| Intangible Assets, Net | - | 3,018,354 | 3,188,848 | - | 6,207,202 | ||||||||||||||
| Furniture & Fixtures, Net | 2,272,652 | - | - | - | 2,272,652 | ||||||||||||||
| Goodwill | 1,440,817 | - | - | - | 1,440,817 | ||||||||||||||
| TOTAL ASSETS | $ | 965,546,625 | $ | 13,429,188 | $ | 14,427,005 | $ | (1,464,839 | ) | $ | 991,937,979 | ||||||||
| LIABILITIES | |||||||||||||||||||
|
Accounts Payable and Accrued Expenses |
$ | 16,231,954 | $ | 123,822 | $ | 266,128 | $ | - | $ | 16,621,904 | |||||||||
| Mortgages Payable | 583,159,585 | 10,400,000 | 6,332,349 | - | 599,891,934 | ||||||||||||||
| Investment Certificates Issued | 8,263,005 | - | - | - | 8,263,005 | ||||||||||||||
| Long Term Liability | - | - | 384,306 | - | 384,306 | ||||||||||||||
| TOTAL LIABILITIES | $ | 607,654,544 | $ | 10,523,822 | $ | 6,982,783 | $ | - | $ | 625,161,149 | |||||||||
| Minority Interest in Partners | 15,579,794 | 1,407,394 | 7,343,571 | - | 24,330,759 | ||||||||||||||
| Minority Interest of Unitholders
in Operating Partnership |
|||||||||||||||||||
| 11,549,252 on 10/31/03 | |||||||||||||||||||
| 10,206,036 on 04/30/03 | $ | 92,057,621 | $ | - | $ | - | $ | - | $ | 92,057,621 | |||||||||
| SHAREHOLDERS’ EQUITY | |||||||||||||||||||
| Shares of Beneficial Interest | |||||||||||||||||||
| 40,595,779 on 10/31/03 | |||||||||||||||||||
| 36,166,351 on 04/30/03 | $ | 282,157,776 | $ | 1,464,839 | $ | - | $ | (1,464,839 | ) | $ | 282,157,776 | ||||||||
| Accumulated Distributions in
Excess of Net Income |
(31,903,110 | ) | 33,133 | 100,651 | - | (31,769,326 | ) | ||||||||||||
| Total Shareholder’s Equity | $ | 250,254,666 | $ | 1,497,972 | $ | 100,651 | $ | (1,464,839 | ) | $ | 250,388,450 | ||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 965,546,625 | $ | 13,429,188 | $ | 14,427,005 | $ | (1,464,839 | ) | $ | 991,937,979 |
| (1) | Reflects the Company’s Consolidated Balance Sheet as of October 31, 2003, as reported on Form 10-Q. |
| (2) | The balance sheet reflects the acquisition of the Transport Corporation of America Office Building, Brown Deer Road Office Building, and seven real estate properties that were acquired during the six months ended October 31, 2003. |
The unaudited pro forma Consolidated Statement of Operations for the six months ended October 31, 2003, and for the year ended April 30, 2003, is presented as if the acquisitions (4) had occurred on May 1, 2002. The unaudited pro forma Consolidated Statement of Operations for the six months ended October 31, 2003, and for the twelve months ended April 30, 2003, is not necessarily indicative of what the actual results of operations would have been assuming the transactions had occurred as of the beginning of the period presented, nor does it purport to represent the results of operations for future periods.
|
Ended October 2003 |
Corporation of America Office Bldg(1) |
Building(2) |
Estates Apts(3) |
Acquisitions(4) |
Consolidated Pro Forma |
|||||||||||||
| REVENUE | ||||||||||||||||||
| Real estate rentals | $ | 66,853,030 | $ | 858,777 | $ | 2,396,402 | $ | 486,794 | $ | 2,529,226 | $ | 73,124,229 | ||||||
| Discounts, fees and other income | 112,884 | - | - | - | - | 112,884 | ||||||||||||
| Total Revenue | $ | 66,965,914 | $ | 858,777 | $ | 2,396,402 | $ | 486,794 | $ | 2,529,226 | $ | 73,237,113 | ||||||
| EXPENSES | ||||||||||||||||||
| Interest | $ | 20,557,048 | $ | 217,500 | $ | 509,250 | $ | 155,256 | $ | 451,828 | $ | 21,890,882 | ||||||
| Depreciation | 11,351,721 | 104,430 | 317,324 | 68,233 | 325,400 | 12,167,108 | ||||||||||||
| Utilities | 4,256,128 | 35,706 | 142,269 | 46,783 | 215,925 | 4,696,811 | ||||||||||||
| Maintenance | 7,017,802 | 125,263 | 300,549 | 46,061 | 299,063 | 7,788,738 | ||||||||||||
| Real estate taxes | 8,190,943 | 117,778 | 395,595 | 51,997 | 321,553 | 9,077,866 | ||||||||||||
| Insurance | 1,396,962 | 14,069 | 18,249 | 18,758 | 54,676 | 1,502,714 | ||||||||||||
| Property management expenses | 4,293,134 | 32,236 | 109,001 | 55,264 | 195,049 | 4,684,684 | ||||||||||||
| Property management
related party |
329,644 | - | - | - | - | 329,644 | ||||||||||||
| Administrative expenses | 1,215,864 | - | - | - | - | 1,215,864 | ||||||||||||
| Advisory and trustee services | 56,975 | - | - | - | - | 56,975 | ||||||||||||
| Operating expenses | 531,393 | - | - | - | - | 531,393 | ||||||||||||
| Amortization | 372,632 | 116,091 | - | - | 338,388 | 827,111 | ||||||||||||
| Amortization of related party costs | 33,463 | - | - | - | - | 33,463 | ||||||||||||
| Total Expenses | $ | 59,603,709 | $ | 763,073 | $ | 1,792,237 | $ | 442,352 | $ | 2,201,882 | $ | 64,803,253 | ||||||
| Operating Income | $ | 7,362,205 | $ | 95,704 | $ | 604,165 | $ | 44,442 | $ | 327,344 | $ | 8,433,860 | ||||||
| Non-Operating Income | $ | 185,473 | $ | 0 | $ | 0 | $ | 0 | $ | - | $ | 185,473 | ||||||
| Income before gain/loss on properties and minority interest | $ | 7,547,678 | $ | 95,704 | $ | 604,165 | $ | 44,442 | $ | 327,344 | $ | 8,619,333 | ||||||
| Gain on sale of properties | 0 | - | - | - | - | 0 | ||||||||||||
| Minority interest portion - Other Partnership |
(469,229 | ) | (46,895 | ) | (60,417 | ) | - | - | (576,541 | ) | ||||||||
| Minority interest portion - Operating Partnership |
(1,652,291 | ) | (21,199 | ) | (133,823 |
) |
(9,844 | ) | (72,507 | ) | (1,889,664 | ) | ||||||
| Income from continued operations | $ | 5,426,158 | $ | 27,610 | $ | 409,925 | $ | 34,598 | $ | 254,837 | $ | 6,153,128 | ||||||
| Discontinued Operations, net | $ | 109,078 | $ | - | $ | - | $ | - | $ | - | $ | 109,078 | ||||||
| Net Income | $ | 5,535,236 | $ | 27,610 | $ | 409,925 | $ | 34,598 | $ | 254,837 | $ | 6,262,206 | ||||||
| Net income per share (basic and diluted) |
$ | .15 | $ | 0.00 | $ | 0.01 | $ | 0.00 | $ | 0.01 | $ | 0.17 | ||||||
| Weighted Average Shares | 37,342,362 | 37,342,362 | 37,342,362 | 37,342,362 | 37,342,362 | 37,342,362 |
|
Ended April 2003 |
Corporation of America Office Bldg(1) |
Office Building(2) |
Apts(3) |
Acquisitions(4) |
Consolidated Pro Forma |
|||||||||||||
| REVENUE | ||||||||||||||||||
| Real estate rentals | $ | 118,901,019 | $ | 1,717,554 | $ | 4,792,803 | $ | 1,947,174 | $ | 6,600,541 | $ | 133,959,091 | ||||||
| Discounts, fees and other income | 234,271 | - | - | - | - | 234,271 | ||||||||||||
| Total Revenue | $ | 119,135,290 | $ | 1,717,554 | $ | 4,792,803 | $ | 1,947,174 | $ | 6,600,541 | $ | 134,193,362 | ||||||
| EXPENSES | ||||||||||||||||||
| Interest | $ | 37,072,908 | $ | 435,000 | $ | 1,018,500 | $ | 621,024 | $ | 1,254,353 | $ | 40,401,785 | ||||||
| Depreciation | 19,414,402 | 208,860 | 634,647 | 272,931 | 895,460 | 21,426,300 | ||||||||||||
| Utilities | 7,872,419 | 71,411 | 284,538 | 187,132 | 544,647 | 8,960,147 | ||||||||||||
| Maintenance | 11,948,166 | 250,526 | 601,098 | 184,242 | 737,819 | 13,721,851 | ||||||||||||
| Real estate taxes | 13,568,355 | 235,556 | 791,190 | 207,988 | 796,869 | 15,599,958 | ||||||||||||
| Insurance | 2,159,270 | 28,138 | 36,498 | 75,030 | 154,932 | 2,453,868 | ||||||||||||
| Property management expenses | 7,816,236 | 64,472 | 218,001 | 221,054 | 560,733 | 8,880,496 | ||||||||||||
| Property management
related party |
503,976 | - | - | - | - | 503,976 | ||||||||||||
| Administrative expenses | 2,051,212 | - | - | - | - | 2,051,212 | ||||||||||||
| Advisory and trustee services | 112,956 | - | - | - | - | 112,956 | ||||||||||||
| Operating expenses | 885,403 | - | - | - | - | 885,403 | ||||||||||||
| Amortization | 662,818 | 232,182 | - | - | 676,776 | 1,571,776 | ||||||||||||
| Amortization of related party costs | 37,866 | - | - | - | - | 37,866 | ||||||||||||
| Total Expenses | $ | 104,105,987 | $ | 1,526,145 | $ | 3,584,472 | $ | 1,769,401 | $ | 5,621,589 | $ | 116,607,594 | ||||||
| Operating Income | $ | 15,029,303 | $ | 191,409 | $ | 1,208,331 | $ | 177,773 | $ | 978,952 | $ | 17,585,768 | ||||||
| Non-Operating Income | $ | 830,119 | $ | 0 | $ | 0 | $ | 0 | $ | - | $ | 830,119 | ||||||
| Income before gain/loss on properties and minority interest | $ | 15,859,422 | $ | 191,409 | $ | 1,208,331 | $ | 177,773 | $ | 978,952 | $ | 18,415,887 | ||||||
| Gain on sale of properties | 315,342 | - | - | - | - | 315,342 | ||||||||||||
| Minority interest portion - Other Partnership |
(934,114 | ) | (93,790 | ) | (120,834 | ) | - | - | (1,148,738 | ) | ||||||||
| Minority interest portion - Operating Partnership |
(3,679,239 | ) | (42,952 | ) | (271,149 |
) |
(39,892 | ) | (219,677 | ) | (4,252,909 |
) |
||||||
| Income from continued operations | $ | 11,561,411 | $ | 54,667 | $ | 816,348 | $ | 137,881 | $ | 759,275 | $ | 13,329,582 | ||||||
| Discontinued Operations, net | $ | 686,750 | $ | - | $ | - | $ | - | $ | - | $ | 686,750 | ||||||
| Net Income | $ | 12,248,161 | $ | 54,667 | $ | 816,348 | $ | 137,881 | $ | 759,275 | $ | 14,016,332 | ||||||
| Net income per share (basic and diluted) |
$ | 0.38 | $ | 0.00 | $ | 0.03 | $ | 0.00 | $ | 0.02 | $ | 0.43 | ||||||
| Weighted Average Shares | 32,574,429 | 32,574,429 | 32,574,429 | 32,574,429 | 32,574,429 | 32,574,429 |
| (1) | The pro forma income and expense items reflect estimated operations which was acquired on December 23, 2003. |
| (2) | The pro forma income and expense items reflect estimated operations which was acquired on October 31, 2003. |
| (3) | The pro forma income and expense items reflect estimated operations which was acquired on July 31, 2003. |
| (4) | The real estate assets acquired by IRET in fiscal year 2003 during the period from July 1, 2003, to December 31, 2003, are as follows: Brown Deer Road Office Building, Milwaukee, WI (acquired December 11, 2003), Buffalo Mall, Jamestown, ND (acquired October 22, 2003), Brookfield Estates Apartments, Topeka, KS (acquired October 1, 2003), Winchester Village Townhomes, Rochester, MN (acquired July 31, 2003), Remada Court Apartments, Eagan, MN (acquired July 31, 2003), Benton Business Park, Sauk Rapids, MN (acquired July 1, 2003), West River Business Park, Waite Park, MN (acquired July 1, 2003). |