OPERATING SEGMENTS

12 Months Ended

Apr. 30, 2012

Notes To Financial Statements [Abstract]

OPERATING SEGMENTS

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.

Segment information in this report is presented based on net operating income, which we define as total real estate revenues and gain on involuntary conversion less real estate expenses and real estate taxes (excluding depreciation and amortization related to real estate investments and real estate impairment).  The following tables present real estate revenues and net operating income for the fiscal years ended April 30, 2012, 2011 and 2010 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, 2012	Multi-Family  Residential			Commercial Office		Commercial Medical		Commercial Industrial		Commercial Retail		Total
Real estate revenue		$	74,190	$	74,334	$	65,531	$	14,325	$	13,408	$	241,788
Real estate expenses			34,790		34,816		20,655		3,549		4,468		98,278
Gain on involuntary conversion											274		274
Net operating income		$	39,400	$	39,518	$	44,876	$	10,776	$	9,214		143,784
Depreciation/amortization													(60,264	)
Administrative, advisory and trustee fees													(7,381	)
Other expenses													(1,898	)
Interest expense													(65,113	)
Interest and other income													786
Income from continuing operations													9,914
Loss from discontinued operations													(208	)
Net income												$	9,706

	(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	$	13,156	$	236,954
Real estate expenses			34,129		36,055		22,451		4,328		4,839		101,802
Net operating income		$	32,709	$	41,692	$	43,597	$	8,837	$	8,317		135,152
Depreciation/amortization													(58,385	)
Administrative, advisory and trustee services													(7,222	)
Other expenses													(1,747	)
Interest expense													(63,820	)
Interest and other income													541
Income from continuing operations													4,519
Income from discontinued operations													19,832
Net income												$	24,351

2012 Annual Report F-23

NOTE 11 . continued

	(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	$	12,852	$	230,943
Real estate expenses			32,615		36,833		17,829		4,121		4,744		96,142
Gain on involuntary conversion			1,660		0		0		0		0		1,660
Net operating income		$	34,523	$	45,246	$	39,610	$	8,974	$	8,108		136,461
Depreciation/amortization													(57,088	)
Administrative, advisory and trustee services													(6,218	)
Other expenses													(2,513	)
Interest expense													(65,442	)
Interest and other income													894
Income from continuing operations													6,094
Loss from discontinued operations													(1,509	)
Net income												$	4,585

Segment Assets and Accumulated Depreciation

	(in thousands)
As of April 30, 2012	Multi-Family  Residential				Commercial Office			Commercial Medical			Commercial Industrial			Commercial Retail			Total
Segment assets
Property owned		$	539,783		$	605,318		$	500,268		$	119,002		$	127,638		$	1,892,009
Less accumulated depreciation			(128,834	)		(121,422	)		(78,744	)		(20,693	)		(23,797	)		(373,490	)
Total property owned		$	410,949		$	483,896		$	421,524		$	98,309		$	103,841		$	1,518,519
Real estate held for sale																		2,067
Cash and cash equivalents																		39,989
Other investments																		634
Receivables and other assets																		114,569
Development in progress																		27,599
Unimproved land																		10,990
Total Assets																	$	1,714,367

	(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

2012 Annual Report F-24