DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Jul. 31, 2013

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 first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property and classified two commercial industrial properties as held for sale. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. See Note 8 for additional information on the properties sold during the three months ended July 31, 2013 and 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 months ended July 31, 2013 and 2012:

	Three Months Ended July 31
	(in thousands)
		2013		2012
REVENUE
Real estate rentals	$	216	$	1,306
Tenant reimbursement		51		139
TOTAL REVENUE		267		1,445
EXPENSES
Depreciation/amortization related to real estate investments		65		390
Utilities		0		37
Maintenance		2		113
Real estate taxes		41		148
Insurance		3		21
Property management expenses		11		65
Other property expenses		0		6
Amortization related to non-real estate investments		3		11
Impairment of real estate investments		345		0
TOTAL EXPENSES		470		791
Operating (loss) income		(203)		654
Interest expense		(84)		(448)
(Loss) income from discontinued operations before gain (loss) on sale		(287)		206
Gain (loss) on sale of discontinued operations		1,943		(73)
INCOME FROM DISCONTINUED OPERATIONS	$	1,656	$	133

- 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.

+ References+ Details