SEGMENT REPORTING

3 Months Ended

Jul. 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 month periods ended July 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 July 31, 2014	(in thousands)
	Multi-FamilyResidential		Commercial-Office		Commercial-Healthcare		Commercial-Industrial		Commercial-Retail		Total
Real estate revenue	$	27,727	$	18,846	$	16,298	$	1,570	$	3,396	$	67,837
Real estate expenses		12,221		9,327		4,416		450		1,104		27,518
Net operating income	$	15,506	$	9,519	$	11,882	$	1,120	$	2,292		40,319
TRS senior housing revenue												793
TRS senior housing expenses												(693)
Depreciation/amortization												(17,056)
Administrative, advisory and trustee services												(3,664)
Impairment of real estate investments												(2,320)
Other expenses												(612)
Interest expense												(14,664)
Interest and other income												691
Income before loss on sale of real estate and other investments												2,794
Loss on sale of real estate and other investments												(2,993)
Net (loss)											$	(199)

Three Months Ended July 31, 2013	(in thousands)
	Multi-FamilyResidential		Commercial-Office		Commercial-Healthcare		Commercial-Industrial		Commercial-Retail		Total
Real estate revenue	$	24,373	$	19,315	$	16,073	$	2,038	$	3,299	$	65,098
Real estate expenses		10,846		9,753		4,284		454		1,303		26,640
Gain on involuntary conversion		966		0		0		0		0		966
Net operating income	$	14,493	$	9,562	$	11,789	$	1,584	$	1,996		39,424
Depreciation/amortization												(19,000)
Administrative, advisory and trustee services												(2,753)
Other expenses												(679)
Interest expense												(14,596)
Interest and other income												210
Income from continuing operations												2,606
Income from discontinued operations												610
Net income											$	3,216

Segment Assets and Accumulated Depreciation

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

	(in thousands)
As of July 31, 2014	Multi-FamilyResidential		Commercial-Office		Commercial-Healthcare		Commercial-Industrial		Commercial-Retail		Total
Segment Assets
Property owned	$	798,020	$	537,096	$	525,595	$	50,670	$	113,946	$	2,025,327
Less accumulated depreciation		(163,937)		(123,902)		(109,656)		(10,136)		(27,686)		(435,317)
Net property owned	$	634,083	$	413,194	$	415,939	$	40,534	$	86,260		1,590,010
Real estate held for sale												6,508
Cash and cash equivalents												60,620
Other investments												329
Receivables and other assets												117,666
Development in progress												131,862
Unimproved land												24,772
Total assets											$	1,931,767

	(in thousands)
As of April 30, 2014	Multi-FamilyResidential		Commercial-Office		Commercial-Healthcare		Commercial-Industrial		Commercial-Retail		Total
Segment assets
Property owned	$	753,731	$	544,628	$	525,028	$	55,375	$	117,269	$	1,996,031
Less accumulated depreciation		(158,100)		(121,892)		(105,843)		(10,198)		(28,255)		(424,288)
Net property owned	$	595,631	$	422,736	$	419,185	$	45,177	$	89,014		1,571,743
Real estate held for sale												2,951
Cash and cash equivalents												47,267
Other investments												329
Receivables and other assets												119,458
Development in progress												104,609
Unimproved land												22,864
Total assets											$	1,869,221