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 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 revenues and net operating income for these reportable segments are summarized as follows for the three and six month periods ended October 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 October 31, 2011	Multi-Family Residential			Commercial- Office			Commercial- Medical			Commercial- Industrial			Commercial- Retail			Total

Real estate revenue		$	18,381		$	18,367		$	17,073		$	3,566		$	3,301	$	60,688
Real estate expenses			8,757			8,812			5,971			1,134			1,117		25,791
Net operating income		$	9,624		$	9,555		$	11,102		$	2,432		$	2,184		34,897
Depreciation/amortization																	(14,953	)
Administrative, advisory and trustee services																	(2,104	)
Other expenses																	(835	)
Interest expense																	(16,317	)
Interest and other income																	213
Income from continuing operations																	901
Income from discontinued operations																	590
Net income																$	1,491

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

Real estate revenue		$	16,544	$	19,603	$	16,245	$	3,152	$	3,303	$	58,847
Real estate expenses			8,283		8,631		5,363		955		1,069		24,301
Net operating income		$	8,261	$	10,972	$	10,882	$	2,197	$	2,234		34,546
Depreciation/amortization													(14,414	)
Administrative, advisory and trustee services													(1,718	)
Other expenses													(563	)
Interest expense													(16,416	)
Interest and other income													167
Income tax benefit													19
Income from continuing operations													1,621
Income from discontinued operations													5,500
Net income												$	7,121

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

Real estate revenue		$	35,863		$	37,182		$	33,690		$	7,001		$	6,523	$	120,259
Real estate expenses			17,123			17,756			11,489			2,100			2,208		50,676
Net operating income		$	18,740		$	19,426		$	22,201		$	4,901		$	4,315		69,583
Depreciation/amortization																	(29,843	)
Administrative, advisory and trustee services																	(4,285	)
Other expenses																	(1,150	)
Interest expense																	(32,223	)
Interest and other income																	366
Income from continuing operations																	2,448
Income from discontinued operations																	616
Net income																$	3,064

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

Real estate revenue		$	32,711	$	39,496	$	32,555	$	6,541	$	6,669	$	117,972
Real estate expenses			16,341		17,574		10,671		1,919		2,106		48,611
Net operating income		$	16,370	$	21,922	$	21,884	$	4,622	$	4,563		69,361
Depreciation/amortization													(28,970	)
Administrative, advisory and trustee services													(3,687	)
Other expenses													(916	)
Interest expense													(32,467	)
Interest and other income													304
Income from continuing operations													3,625
Income from discontinued operations													5,828
Net income												$	9,453

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

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

Segment Assets
Property owned	$	509,871		$	600,725		$	488,950		$	118,525		$	126,583		$	1,844,654
Less accumulated depreciation		(124,148	)		(113,000	)		(71,771	)		(19,170	)		(23,085	)		(351,174	)
Total property owned	$	385,723		$	487,725		$	417,179		$	99,355		$	103,498			1,493,480
Cash and cash equivalents																	32,697
Other investments																	628
Receivables and other assets																	117,322
Development in progress																	14,124
Unimproved land																	6,558
Mortgage loans receivable, net of allowance																	155
Total Assets																$	1,664,964

	(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		(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
Other investments																	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