DISCONTINUED OPERATIONS

9 Months Ended

Jan. 31, 2013

DISCONTINUED OPERATIONS [Abstract]

DISCONTINUED OPERATIONS

NOTE 7 • 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. IRET sold a multi-family residential property in the third quarter of fiscal year 2013. 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 first and third quarters of fiscal year 2012, the Company had no real estate dispositions. During the second quarter of fiscal year 2012, the Company sold a retail property. See Note 8 for additional information on the properties sold during the nine months ended January 31, 2013 and 2012. Four condominium units were classified as held for sale at January 31, 2013. There were no properties classified as held for sale at January 31, 2012. 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 nine months ended January 31, 2013 and 2012:

	Three Months Ended January 31						Nine Months Ended January 31
	(in thousands)
	2013			2012			2013			2012
REVENUE
Real estate rentals	$	27		$	459		$	778		$	1,375
Tenant reimbursement		0			18			0			54
TOTAL REVENUE		27			477			778			1,429
EXPENSES
Depreciation/amortization related to real estate investments		0			79			114			248
Utilities		4			69			67			175
Maintenance		5			57			132			194
Real estate taxes		3			56			78			154
Insurance		1			14			24			38
Property management expenses		6			63			118			207
Impairment of real estate investments		0			135			0			135
TOTAL EXPENSES		19			473			533			1,151
Operating income		8			4			245			278
Interest expense		(6	)		(122	)		(169	)		(387	)
Other income		2			16			2			16
Income (loss) from discontinued operations before gain on sale		4			(102	)		78			(93	)
Gain on sale of discontinued operations		772			0			3,452			589
INCOME (LOSS) FROM DISCONTINUED OPERATIONS	$	776		$	(102	)	$	3,530		$	496