SEGMENT REPORTING

3 Months Ended

Jul. 31, 2011

Notes To Financial Statements [Abstract]

NOTE 5 . SEGMENT REPORTING

IRET reports its results in five reportable segments: multi-family residential properties, commercial office, commercial medical (including senior housing), commercial industrial and commercial retail properties. The Company's reportable segments are aggregations of similar properties. The accounting policies of each of these segments are the same as those described in Note 2.

IRET measures the performance of its segments based on net operating income ("NOI"), which the Company defines as total real estate revenues less real estate expenses (which consist of utilities, maintenance, real estate taxes, insurance and property management expenses). IRET believes that NOI is an important supplemental measure of operating performance for a REIT's operating real estate because it provides a measure of core operations that is unaffected by depreciation, amortization, financing and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders or cash flow from operating activities as a measure of financial performance.

The revenues and net operating income for these reportable segments are summarized as follows for the three month periods ended July 31, 2011 and 2010, along with reconciliations to the condensed consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the condensed consolidated financial statements.

	(in thousands)
Three Months Ended July 31, 2011	Multi-Family Residential			Commercial- Office		Commercial- Medical		Commercial- Industrial		Commercial- Retail		Total

Real estate revenue		$	17,482	$	18,815	$	16,617	$	3,435	$	3,279	$	59,628
Real estate expenses			8,366		8,944		5,518		966		1,093		24,887
Net operating income		$	9,116	$	9,871	$	11,099	$	2,469	$	2,186		34,741
Depreciation/amortization													(14,900	)
Administrative, advisory and trustee services													(2,181	)
Other expenses													(315	)
Interest expense													(15,925	)
Interest and other income													153
Net income												$	1,573

	(in thousands)
Three Months Ended July 31, 2010	Multi-Family Residential			Commercial- Office		Commercial- Medical		Commercial- Industrial		Commercial- Retail		Total

Real estate revenue		$	16,167	$	19,893	$	16,310	$	3,389	$	3,417	$	59,176
Real estate expenses			8,058		8,943		5,308		964		1,040		24,313
Net operating income		$	8,109	$	10,950	$	11,002	$	2,425	$	2,377		34,863
Depreciation/amortization													(14,566	)
Administrative, advisory and trustee services													(1,969	)
Other expenses													(353	)
Interest expense													(16,071	)
Interest and other income													137
Income tax expense													(19	)
Income from continuing operations													2,022
Income from discontinued operations													310
Net income												$	2,332

Table of Contents

Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of July 31, 2011, and April 30, 2011, along with reconciliations to the condensed consolidated financial statements:

	(in thousands)
As of July 31, 2011	Multi-Family Residential			Commercial- Office			Commercial- Medical			Commercial- Industrial			Commercial- Retail			Total

Segment Assets
Property owned	$	486,585		$	597,015		$	448,450		$	118,208		$	127,227		$	1,777,485
Less accumulated depreciation/amortization		(120,579	)		(108,861	)		(68,506	)		(18,421	)		(22,926	)		(339,293	)
Total property owned	$	366,006		$	488,154		$	379,944		$	99,787		$	104,301			1,438,192
Cash and cash equivalents																	37,307
Marketable securities																	627
Receivables and other assets																	116,145
Development in progress																	12,697
Unimproved land																	6,550
Mortgage loans receivable, net of allowance																	156
Total Assets																$	1,611,674

	(in thousands)
As of April 30, 2011	Multi-Family Residential			Commercial- Office			Commercial- Medical			Commercial- Industrial			Commercial- Retail			Total

Segment assets
Property owned	$	484,815		$	595,491		$	447,831		$	117,602		$	125,059		$	1,770,798
Less accumulated depreciation/amortization		(117,718	)		(104,650	)		(65,367	)		(17,713	)		(23,504	)		(328,952	)
Total property owned	$	367,097		$	490,841		$	382,464		$	99,889		$	101,555			1,441,846
Cash and cash equivalents																	41,191
Marketable securities																	625
Receivables and other assets																	115,302
Development in progress																	9,693
Unimproved land																	6,550
Mortgage loans receivable, net of allowance																	156
Total Assets																$	1,615,363