OPERATING SEGMENTS

12 Months Ended

Apr. 30, 2012

OPERATING SEGMENTS [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	$	72,500	$	74,334	$	65,531	$	14,325	$	13,408	$	240,098
Real estate expenses		33,905		34,816		20,655		3,549		4,468		97,393
Gain on involuntary conversion										274		274
Net operating income	$	38,595	$	39,518	$	44,876	$	10,776	$	9,214		142,979
Depreciation/amortization												(60,011	)
Administrative, advisory and trustee fees												(7,381	)
Other expenses												(1,898	)
Interest expense												(64,722	)
Interest and other income												786
Income from continuing operations												9,753
Loss from discontinued operations												(47	)
Net income											$	9,706

	(in thousands)
Year Ended April 30, 2011	Multi-FamilyResidential		Commercial-Office		Commercial-Medical		Commercial-Industrial		Commercial-Retail		Total
Real estate revenue	$	65,229	$	77,747	$	66,048	$	13,165	$	13,156	$	235,345
Real estate expenses		33,216		36,055		22,451		4,328		4,839		100,889
Net operating income	$	32,013	$	41,692	$	43,597	$	8,837	$	8,317		134,456
Depreciation/amortization												(58,128	)
Administrative, advisory and trustee services												(7,222	)
Other expenses												(1,747	)
Interest expense												(63,425	)
Interest and other income												541
Income from continuing operations												4,475
Income from discontinued operations												19,876
Net income											$	24,351

2012 Annual Report F-22

NOTE 11 • continued

	(in thousands)
Year Ended April 30, 2010	Multi-FamilyResidential		Commercial-Office		Commercial-Medical		Commercial-Industrial		Commercial-Retail		Total
Real estate revenue	$	63,873	$	82,079	$	57,439	$	13,095	$	12,852	$	229,338
Real estate expenses		31,757		36,833		17,829		4,121		4,744		95,284
Gain on involuntary conversion		1,660		0		0		0		0		1,660
Net operating income	$	33,776	$	45,246	$	39,610	$	8,974	$	8,108		135,714
Depreciation/amortization												(56,836	)
Administrative, advisory and trustee services												(6,218	)
Other expenses												(2,513	)
Interest expense												(65,045	)
Interest and other income												894
Income from continuing operations												5,996
Loss from discontinued operations												(1,411	)
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