SEGMENT REPORTING

9 Months Ended

Jan. 31, 2014

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 nine month periods ended January 31, 2014 and 2013, 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 January 31, 2014	(in thousands)
	Multi-FamilyResidential		Commercial-Office		Commercial-Healthcare		Commercial-Industrial		Commercial-Retail		Total
Real estate revenue	$	25,848	$	19,394	$	17,242	$	1,664	$	3,481	$	67,629
Real estate expenses		10,998		9,037		4,120		493		1,279		25,927
Gain on involuntary conversion		1,514		0		0		0		0		1,514
Net operating income	$	16,364	$	10,357	$	13,122	$	1,171	$	2,202		43,216
Depreciation/amortization												(17,489)
Administrative, advisory and trustee services												(2,662)
Impairment of real estate investments												(4,798)
Other expenses												(273)
Interest expense												(15,130)
Interest and other income												740
Income from continuing operations												3,604
Income from discontinued operations												465
Net income											$	4,069

Three Months Ended January 31, 2013	(in thousands)
	Multi-FamilyResidential		Commercial-Office		Commercial-Healthcare		Commercial-Industrial		Commercial-Retail		Total
Real estate revenue	$	22,859	$	19,046	$	15,952	$	1,738	$	3,485	$	63,080
Real estate expenses		10,208		9,270		4,128		492		1,250		25,348
Net operating income	$	12,651	$	9,776	$	11,824	$	1,246	$	2,235		37,732
Depreciation/amortization												(15,493)
Administrative, advisory and trustee services												(2,245)
Other expenses												(464)
Interest expense												(15,197)
Interest and other income												255
Income from continuing operations												4,588
Income from discontinued operations												1,565
Net income											$	6,153

Nine Months Ended January 31, 2014	(in thousands)
	Multi-FamilyResidential		Commercial-Office		Commercial-Healthcare		Commercial-Industrial		Commercial-Retail		Total
Real estate revenue	$	75,659	$	58,075	$	49,340	$	5,273	$	10,152	$	198,499
Real estate expenses		33,006		28,315		12,534		1,447		3,596		78,898
Gain on involuntary conversion		2,480		0		0		0		0		2,480
Net operating income	$	45,133	$	29,760	$	36,806	$	3,826	$	6,556		122,081
Depreciation/amortization												(53,656)
Administrative, advisory and trustee services												(7,942)
Impairment of real estate investments												(4,798)
Other expenses												(1,630)
Interest expense												(44,525)
Interest and other income												1,602
Income from continuing operations												11,132
Income from discontinued operations												6,450
Net income											$	17,582

Nine Months Ended January 31, 2013	(in thousands)
	Multi-FamilyResidential		Commercial-Office		Commercial-Healthcare		Commercial-Industrial		Commercial-Retail		Total
Real estate revenue	$	66,758	$	56,214	$	46,286	$	4,704	$	9,912	$	183,874
Real estate expenses		28,284		27,591		12,387		1,350		3,490		73,102
Gain on involuntary conversion		2,263		0		0		0		0		2,263
Net operating income	$	40,737	$	28,623	$	33,899	$	3,354	$	6,422		113,035
Depreciation/amortization												(46,505)
Administrative, advisory and trustee services												(6,402)
Other expenses												(1,496)
Interest expense												(46,554)
Interest and other income												600
Income from continuing operations												12,678
Income from discontinued operations												5,481
Net income											$	18,159

Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of January 31, 2014, and April 30, 2013, along with reconciliations to the condensed consolidated financial statements:

	(in thousands)
As of January 31, 2014	Multi-FamilyResidential		Commercial-Office		Commercial-Healthcare		Commercial-Industrial		Commercial-Retail		Total
Segment Assets
Property owned	$	738,948	$	613,663	$	517,441	$	55,268	$	116,970	$	2,042,290
Less accumulated depreciation		(152,447)		(147,392)		(102,027)		(9,848)		(27,519)		(439,233)
Net property owned	$	586,501	$	466,271	$	415,414	$	45,420	$	89,451		1,603,057
Cash and cash equivalents												53,494
Other investments												643
Receivables and other assets												136,780
Development in progress												89,086
Unimproved land												21,498
Total assets											$	1,904,558

	(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