SEGMENT REPORTING

12 Months Ended

Apr. 30, 2011

Notes To Financial Statements [Abstract]

NOTE 11 . OPERATING SEGMENTS

IRET reports its results in five reportable segments: multi-family residential, 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.

2011 Annual Report F-21

NOTE 11 . continued

Segment information in this report is presented based on net operating income, which we define as total real estate revenues less real estate expenses and real estate taxes (excluding depreciation and amortization related to real estate investments and impairment of real estate investments). The following tables present real estate revenues and net operating income for the fiscal years ended April 30, 2011, 2010 and 2009 from our five reportable segments, and reconcile net operating income of reportable segments to net income as reported in the consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the consolidated financial statements.

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

Real estate revenue		$	66,838	$	77,747	$	66,048	$	13,165	$	13,387	$	237,185
Real estate expenses			34,129		36,055		22,466		4,328		4,932		101,910
Net operating income		$	32,709	$	41,692	$	43,582	$	8,837	$	8,455		135,275
Depreciation/amortization													(58,488	)
Administrative, advisory and trustee services													(7,222	)
Other expenses													(1,774	)
Interest expense													(63,941	)
Interest and other income													541
Income from continuing operations													4,391
Income from discontinued operations													19,960
Net income												$	24,351

	(in thousands)
Year Ended April 30, 2010	Multi-Family Residential			Commercial Office		Commercial Medical		Commercial Industrial		Commercial Retail		Total

Real estate revenue		$	65,478	$	82,079	$	57,439	$	13,095	$	13,224	$	231,315
Real estate expenses			32,615		36,833		17,904		4,121		4,805		96,278
Gain on involuntary conversion			1,660		0		0		0		0		1,660
Net operating income		$	34,523	$	45,246	$	39,535	$	8,974	$	8,419		136,697
Depreciation/amortization													(57,416	)
Administrative, advisory and trustee services													(6,218	)
Other expenses													(2,513	)
Impairment of real estate investment													(708	)
Interest expense													(65,581	)
Interest and other income													894
Income from continuing operations													5,155
Loss from discontinued operations													(570	)
Net income												$	4,585

	(in thousands)
Year Ended April 30, 2009	Multi-Family Residential			Commercial Office		Commercial Medical		Commercial Industrial		Commercial Retail		Total

Real estate revenue		$	65,632	$	83,446	$	52,547	$	12,488	$	14,207	$	228,320
Real estate expenses			31,315		37,644		16,046		3,142		5,053		93,200
Net operating income		$	34,317	$	45,802	$	36,501	$	9,346	$	9,154		135,120
Depreciation/amortization													(54,395	)
Administrative, advisory and trustee fees													(4,882	)
Other expenses													(1,440	)
Interest expense													(64,928	)
Interest and other income													913
Income from continuing operations													10,388
Income from discontinued operations													325
Net income													10,713

2011 Annual Report F-22

NOTE 11 . continued

Segment Assets and Accumulated Depreciation

	(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
Marketable securities - available-for-sale																		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

	(in thousands)
As of April 30, 2010	Multi-Family Residential				Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Total

Segment assets
Property owned		$	556,867		$	582,943		$	430,229		$	113,249		$	117,231		$	1,800,519
Less accumulated depreciation			(129,922	)		(88,656	)		(53,641	)		(15,481	)		(20,926	)		(308,626	)
Total property owned		$	426,945		$	494,287		$	376,588		$	97,768		$	96,305		$	1,491,893
Cash and cash equivalents																		54,791
Marketable securities - available-for-sale																		420
Receivables and other assets																		104,830
Development in progress																		2,831
Unimproved land																		6,007
Mortgage loans receivable, net of allowance																		158
Total Assets																	$	1,660,930