BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Oct. 31, 2014

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Identified intangible assets and intangible liabilities

The Company's identified intangible assets and intangible liabilities at October 31, 2014 and April 30, 2014 were as follows:

	(in thousands)
	October 31, 2014		April 30, 2014
Identified intangible assets (included in intangible assets):
Gross carrying amount	$	53,898	$	56,710
Accumulated amortization		(24,153)		(24,071)
Net carrying amount	$	29,745	$	32,639
Identified intangible liabilities (included in other liabilities):
Gross carrying amount	$	148	$	173
Accumulated amortization		(110)		(127)
Net carrying amount	$	38	$	46

Estimated annual amortization of acquired below-market leases, net of acquired above-market leases

The amortization of acquired below-market leases and acquired above-market leases reduced rental income by approximately $6,000 and $10,000 for the three months ended October 31, 2014 and 2013, respectively, and approximately $13,000 and $21,000 for the six months ended October 31, 2014 and 2013, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:

Year Ended April 30,	(in thousands)
2016	$	19
2017		11
2018		(2)
2019		(3)
2020		(2)

Estimated annual amortization of all other identified intangible assets

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1.8 million for the three months ended October 31, 2014 and 2013, and $3.2 million and $5.4 million for the six months ended October 31, 2014 and 2013, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:

Year Ended April 30,	(in thousands)
2016	$	4,505
2017		4,036
2018		3,605
2019		3,481
2020		3,395

Restatement of Condensed Consolidated Statement of Equity

The following table presents the effect of this correction on the Company's Condensed Consolidated Statement of Equity for the period affected:

	(in thousands)
Six Months Ended October 31, 2013	As Previously Reported		Adjustment		As Revised
Consolidated Statement of Equity
Noncontrolling Interests
Balance April 30, 2013	$	148,594	$	(5,937)	$	142,657
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests		1,648		(107)		1,541
Balance October 31, 2013		149,861		(6,044)		143,817
Total Equity
Balance April 30, 2013		761,381		(5,937)		755,444
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests		13,513		(107)		13,406
Balance October 31, 2013		775,935		(6,044)		769,891