DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Jan. 31, 2014

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 third quarter of fiscal year 2014, the Company sold two multi-family residential properties, three commercial industrial properties and two commercial retail properties. During the second quarter of fiscal year 2014, the Company sold five commercial industrial properties and three commercial office properties. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property. During the third quarter of fiscal year 2013, IRET sold one multi-family residential property. During the second quarter of fiscal year 2013, IRET sold two condominium units and two multi-family residential properties. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. There were no properties classified as held for sale at January 31, 2014. Four condominium units were classified as held for sale at January 31, 2013. See Note 8 for additional information on the properties sold during the nine months ended January 31, 2014 and 2013. 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, 2014 and 2013:

	(in thousands)
	Three Months Ended January 31				Nine Months Ended January 31
		2014		2013			2014		2013
REVENUE
Real estate rentals	$	327	$	2,361		$	3,173	$	7,762
Tenant reimbursement		64		817			1,302		2,302
TOTAL REVENUE		391		3,178			4,475		10,064
EXPENSES
Depreciation/amortization related to real estate investments		75		752			920		2,443
Utilities		26		108			164		315
Maintenance		35		243			299		782
Real estate taxes		80		543			951		1,654
Insurance		10		46			97		158
Property management expenses		27		106			222		412
Other property expenses		0		0			0		16
Amortization related to non-real estate investments		2		55			90		194
Impairment of real estate investments		0		0			1,860		0
TOTAL EXPENSES		255		1,853			4,603		5,974
Operating income (loss)		136		1,325			(128)		4,090
Interest expense		(29)		(534)			(421)		(2,063)
Other income		0		2			0		2
Income (loss) from discontinued operations before gain on sale		107		793			(549)		2,029
Gain on sale of discontinued operations		358		772			6,999		3,452
INCOME FROM DISCONTINUED OPERATIONS	$	465	$	1,565		$	6,450	$	5,481

- 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.

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