DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Oct. 31, 2012

Effect on net income and the gains or losses from the sale of properties classified as discontinued operations

The Company reports in discontinued operations the results of operations of a property that has either been disposed of or is classified as held for sale. The Company also reports any gains or losses from the sale of a property in discontinued operations. During the second quarter of fiscal year 2013, IRET sold two condominium units and 2 multi-family residential properties. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. During the second quarter of fiscal year 2012, the Company sold a retail property. During the first quarter of fiscal year 2012, the Company had no real estate dispositions. See Note 8 for additional information on the properties sold during the six months ended October 31, 2012 and 2011. Four condominium units and a multi-family residential property were classified as held for sale at October 31, 2012. There were no properties classified as held for sale at October 31, 2011. The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the three and six months ended October 31, 2012 and 2011:

	Three Months Ended October 31						Six Months Ended October 31
	(in thousands)
	2012			2011			2012			2011
REVENUE
Real estate rentals	$	317		$	449		$	751		$	916
Tenant reimbursement		0			39			0			36
TOTAL REVENUE		317			488			751			952
EXPENSES
Depreciation/amortization related to real estate investments		50			77			114			169
Utilities		30			52			63			106
Maintenance		44			74			127			137
Real estate taxes		32			52			75			98
Insurance		9			12			23			24
Property management expenses		51			74			112			144
TOTAL EXPENSES		216			341			514			678
Interest expense		(69	)		(125	)		(163	)		(265	)
Income from discontinued operations before gain on sale		32			22			74			9
Gain on sale of discontinued operations		2,753			589			2,680			589
INCOME FROM DISCONTINUED OPERATIONS	$	2,785		$	611		$	2,754		$	598

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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