SEGMENT REPORTING

3 Months Ended

Jul. 31, 2012

SEGMENT REPORTING [Abstract]

SEGMENT REPORTING

NOTE 5 • SEGMENT REPORTING

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.

IRET measures the performance of its segments based on net operating income ("NOI"), which the Company defines 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). 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 commons 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, 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 July 31, 2012	Multi-FamilyResidential		Commercial-Office		Commercial-Medical		Commercial-Industrial		Commercial-Retail		Total
Real estate revenue	$	21,635	$	18,638	$	15,327	$	3,459	$	3,351	$	62,410
Real estate expenses		9,522		9,289		4,082		1,019		1,156		25,068
Net operating income	$	12,113	$	9,349	$	11,245	$	2,440	$	2,195		37,342
Depreciation/amortization												(16,286	)
Administrative, advisory and trustee services												(2,096	)
Other expenses												(519	)
Interest expense												(16,517	)
Interest and other income												142
Income from continuing operations												2,066
Loss from discontinued operations												(70	)
Net income											$	1,996

	(in thousands)
Three Months Ended July 31, 2011	Multi-FamilyResidential		Commercial-Office		Commercial-Medical		Commercial-Industrial		Commercial-Retail		Total
Real estate revenue	$	17,482	$	18,815	$	16,617	$	3,435	$	3,208	$	59,557
Real estate expenses		8,366		8,944		5,520		966		1,063		24,859
Net operating income	$	9,116	$	9,871	$	11,097	$	2,469	$	2,145		34,698
Depreciation/amortization												(14,873	)
Administrative, advisory and trustee services												(2,181	)
Other expenses												(315	)
Interest expense												(15,881	)
Interest and other income												153
Income from continuing operations												1,601
Loss from discontinued operations												(28	)
Net income											$	1,573

Segment Assets and Accumulated Depreciation

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

	(in thousands)
As of July 31, 2012	Multi-FamilyResidential			Commercial-Office			Commercial-Medical			Commercial-Industrial			Commercial-Retail			Total
Segment Assets
Property owned	$	622,873		$	607,182		$	501,649		$	119,287		$	128,108		$	1,979,099
Less accumulated depreciation		(133,127	)		(125,743	)		(82,310	)		(21,448	)		(24,658	)		(387,286	)
Total property owned	$	489,746		$	481,439		$	419,339		$	97,839		$	103,450			1,591,813
Real estate held for sale																	1,131
Cash and cash equivalents																	37,002
Other investments																	635
Receivables and other assets																	114,990
Development in progress																	10,498
Unimproved land																	10,990
Total assets																$	1,767,059

	(in thousands)
As of April 30, 2012	Multi-FamilyResidential			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