SEGMENT REPORTING

6 Months Ended

Oct. 31, 2013

SEGMENT REPORTING [Abstract]

SEGMENT REPORTING

NOTE 5 • SEGMENT REPORTING

IRET reports its results in five reportable segments: multi-family residential, commercial office, commercial healthcare (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 (which consist of utilities, maintenance, real estate taxes, insurance, property management expenses and other property expenses). 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 common 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 and six month periods ended October 31, 2013 and 2012, 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.

Three Months Ended October 31, 2013	(in thousands)
	Multi-FamilyResidential		Commercial-Office		Commercial-Healthcare		Commercial-Industrial		Commercial-Retail		Total
Real estate revenue	$	25,652	$	19,367	$	16,025	$	1,743	$	3,403	$	66,190
Real estate expenses		11,275		9,525		4,129		548		1,038		26,515
Net operating income	$	14,377	$	9,842	$	11,896	$	1,195	$	2,365		39,675
Depreciation/amortization												(17,257)
Administrative, advisory and trustee services												(2,527)
Other expenses												(678)
Interest expense												(14,848)
Interest and other income												652
Income from continuing operations												5,017
Income from discontinued operations												5,280
Net income											$	10,297

Three Months Ended October 31, 2012	(in thousands)
	Multi-FamilyResidential		Commercial-Office		Commercial-Healthcare		Commercial-Industrial		Commercial-Retail		Total
Real estate revenue	$	23,105	$	18,815	$	15,262	$	1,716	$	3,360	$	62,258
Real estate expenses		9,009		9,196		4,180		455		1,209		24,049
Gain on involuntary conversion		2,263		0		0		0		0		2,263
Net operating income	$	16,359	$	9,619	$	11,082	$	1,261	$	2,151		40,472
Depreciation/amortization												(15,758)
Administrative, advisory and trustee services												(2,061)
Other expenses												(513)
Interest expense												(15,727)
Interest and other income												203
Income from continuing operations												6,616
Income from discontinued operations												3,394
Net income											$	10,010

Six Months Ended October 31, 2013	(in thousands)
	Multi-FamilyResidential		Commercial-Office		Commercial-Healthcare		Commercial-Industrial		Commercial-Retail		Total
Real estate revenue	$	50,234	$	38,681	$	32,098	$	3,953	$	6,731	$	131,697
Real estate expenses		22,234		19,278		8,412		1,052		2,363		53,339
Gain on involuntary conversion		966		0		0		0		0		966
Net operating income	$	28,966	$	19,403	$	23,686	$	2,901	$	4,368		79,324
Depreciation/amortization												(36,352)
Administrative, advisory and trustee services												(5,280)
Impairment of real estate investments												(265)
Other expenses												(1,357)
Interest expense												(29,500)
Interest and other income												862
Income from continuing operations												7,432
Income from discontinued operations												6,081
Net income											$	13,513

Six Months Ended October 31, 2012	(in thousands)
	Multi-FamilyResidential		Commercial-Office		Commercial-Healthcare		Commercial-Industrial		Commercial-Retail		Total
Real estate revenue	$	44,314	$	37,169	$	30,334	$	3,300	$	6,486	$	121,603
Real estate expenses		18,301		18,321		8,259		944		2,289		48,114
Gain on involuntary conversion		2,263		0		0		0		0		2,263
Net operating income	$	28,276	$	18,848	$	22,075	$	2,356	$	4,197		75,752
Depreciation/amortization												(31,201)
Administrative, advisory and trustee services												(4,157)
Other expenses												(1,032)
Interest expense												(31,544)
Interest and other income												345
Income from continuing operations												8,163
Income from discontinued operations												3,843
Net income											$	12,006

Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of October 31, 2013, and April 30, 2013, along with reconciliations to the condensed consolidated financial statements:

	(in thousands)
As of October 31, 2013	Multi-FamilyResidential		Commercial-Office		Commercial-Healthcare		Commercial-Industrial		Commercial-Retail		Total
Segment Assets
Property owned	$	722,099	$	610,183	$	515,423	$	67,016	$	118,026	$	2,032,747
Less accumulated depreciation		(150,427)		(143,136)		(98,275)		(12,467)		(27,013)		(431,318)
Net property owned	$	571,672	$	467,047	$	417,148	$	54,549	$	91,013		1,601,429
Real estate held for sale												2,620
Cash and cash equivalents												68,727
Other investments												642
Receivables and other assets												111,158
Development in progress												90,052
Unimproved land												21,619
Total assets											$	1,896,247

	(in thousands)
As of April 30, 2013	Multi-FamilyResidential		Commercial-Office		Commercial-Healthcare		Commercial-Industrial		Commercial-Retail		Total
Segment assets
Property owned	$	659,696	$	613,775	$	501,191	$	125,772	$	132,536	$	2,032,970
Less accumulated depreciation		(140,354)		(138,270)		(90,891)		(23,688)		(27,218)		(420,421)
Net property owned	$	519,342	$	475,505	$	410,300	$	102,084	$	105,318		1,612,549
Cash and cash equivalents												94,133
Other investments												639
Receivables and other assets												113,948
Development in progress												46,782
Unimproved land												21,503
Total assets											$	1,889,554