SEGMENT REPORTING

9 Months Ended

Jan. 31, 2012

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 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 nine month periods ended January 31, 2012 and 2011, 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 January 31, 2012	Multi-Family Residential			Commercial- Office		Commercial- Medical		Commercial- Industrial		Commercial- Retail		Total

Real estate revenue		$	18,836	$	18,541	$	16,609	$	3,596	$	3,441	$	61,023
Real estate expenses			8,668		8,695		5,220		1,078		1,188		24,849
Net operating income		$	10,168	$	9,846	$	11,389	$	2,518	$	2,253		36,174
Depreciation/amortization													(15,262	)
Administrative, advisory and trustee services													(1,659	)
Other expenses													(359	)
Impairment of real estate investments													(135	)
Interest expense													(16,533	)
Interest and other income													295
Income from continuing operations													2,521
Income from discontinued operations													0
Net income												$	2,521

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

Real estate revenue		$	16,884	$	19,343	$	16,993	$	3,349	$	3,577	$	60,146
Real estate expenses			8,903		9,507		5,894		1,203		1,526		27,033
Net operating income		$	7,981	$	9,836	$	11,099	$	2,146	$	2,051		33,113
Depreciation/amortization													(14,581	)
Administrative, advisory and trustee services													(1,850	)
Other expenses													(441	)
Interest expense													(15,868	)
Interest and other income													107
Income from continuing operations													480
Income from discontinued operations													14,108
Net income												$	14,588

	(in thousands)
Nine Months Ended January 31, 2012	Multi-Family Residential			Commercial- Office		Commercial- Medical		Commercial- Industrial		Commercial- Retail		Total

Real estate revenue		$	54,699	$	55,723	$	50,299	$	10,597	$	9,964	$	181,282
Real estate expenses			25,791		26,451		16,709		3,178		3,396		75,525
Net operating income		$	28,908	$	29,272	$	33,590	$	7,419	$	6,568		105,757
Depreciation/amortization													(45,105	)
Administrative, advisory and trustee services													(5,944	)
Other expenses													(1,509	)
Impairment of real estate investments													(135	)
Interest expense													(48,756	)
Interest and other income													661
Income from continuing operations													4,969
Income from discontinued operations													616
Net income												$	5,585

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

Real estate revenue		$	49,596	$	58,839	$	49,547	$	9,890	$	10,246	$	178,118
Real estate expenses			25,247		27,082		16,563		3,123		3,629		75,644
Net operating income		$	24,349	$	31,757	$	32,984	$	6,767	$	6,617		102,474
Depreciation/amortization													(43,551	)
Administrative, advisory and trustee services													(5,537	)
Other expenses													(1,357	)
Interest expense													(48,335	)
Interest and other income													411
Income from continuing operations													4,105
Income from discontinued operations													19,936
Net income												$	24,041

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Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of January 31, 2012, and April 30, 2011, along with reconciliations to the condensed consolidated financial statements:

	(in thousands)
As of January 31, 2012	Multi-Family Residential			Commercial- Office			Commercial- Medical			Commercial- Industrial			Commercial- Retail			Total

Segment Assets
Property owned	$	516,135		$	603,315		$	493,703		$	118,767		$	129,401		$	1,861,321
Less accumulated depreciation		(127,797	)		(117,237	)		(75,244	)		(20,007	)		(23,905	)		(364,190	)
Total property owned	$	388,338		$	486,078		$	418,459		$	98,760		$	105,496			1,497,131
Cash and cash equivalents																	35,502
Other investments																	633
Receivables and other assets																	115,707
Development in progress																	22,281
Unimproved land																	6,390
Total Assets																$	1,677,644

	(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