OPERATING SEGMENTS

12 Months Ended

Apr. 30, 2015

OPERATING SEGMENTS [Abstract]

OPERATING SEGMENTS

NOTE 11 • OPERATING SEGMENTS

IRET reports its results in five reportable segments: multi-family residential; office; healthcare, including senior housing; industrial and retail properties.  The Company’s reportable segments are aggregations of similar properties. Segment information in this report is presented based on net operating income (“NOI”), which we define 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). We believe 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 following tables present real estate revenues and net operating income for the fiscal years ended April 30, 2015, 2014 and 2013 from our five reportable segments, and reconcile net operating income of reportable segments to net income as reported in the consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the consolidated financial statements.

	(in thousands)
Year Ended April 30, 2015	Multi-Family Residential		Office		Healthcare		Industrial		Retail		Total
Real estate revenue	$	118,526	$	74,978	$	66,230	$	6,491	$	13,445	$	279,670
Real estate expenses		51,172		36,491		17,176		1,536		4,622		110,997
Net operating income	$	67,354	$	38,487	$	49,054	$	4,955	$	8,823		168,673
TRS senior housing revenue												3,520
TRS senior housing expenses												(2,997	)
Depreciation/amortization												(70,607	)
Administrative expenses												(11,824	)
Other expenses												(2,010	)
Impairment of real estate investments												(6,105	)
Interest expense												(59,020	)
Interest and other income												2,961
Income before gain on sale of real estate and other investments												22,591
Gain on sale of real estate and other investments												6,093
Net income											$	28,684

	(in thousands)
Year Ended April 30, 2014	Multi-Family Residential		Office		Healthcare		Industrial		Retail		Total
Real estate revenue	$	102,059	$	77,440	$	65,258	$	6,894	$	13,831	$	265,482
Real estate expenses		46,138		38,190		17,127		2,043		4,989		108,487
Gain on involuntary conversion		2,480		0		0		0		0		2,480
Net operating income	$	58,401	$	39,250	$	48,131	$	4,851	$	8,842		159,475
TRS senior housing revenue												1,627
TRS senior housing expenses												(1,331	)
Depreciation/amortization												(70,918	)
Administrative expenses												(10,743	)
Other expenses												(2,132	)
Impairment of real estate investments												(42,566	)
Interest expense												(59,142	)
Interest and other income												2,391
Loss before loss on sale of real estate and other investments and income from discontinued operations												(23,339	)
Loss on sale of real estate and other investments												(51	)
Loss from continuing operations												(23,390	)
Income from discontinued operations												6,450
Net loss											$	(16,940	)

	(in thousands)
Year Ended April 30, 2013	Multi-Family Residential		Office		Healthcare		Industrial		Retail		Total
Real estate revenue	$	89,923	$	75,962	$	61,975	$	6,700	$	13,498	$	248,058
Real estate expenses		38,223		37,267		16,779		1,871		4,919		99,059
Gain on involuntary conversion		3,852		0		0		0		1,232		5,084
Net operating income	$	55,552	$	38,695	$	45,196	$	4,829	$	9,811		154,083
Depreciation/amortization												(62,333	)
Administrative expenses												(8,494	)
Other expenses												(2,173	)
Interest expense												(61,154	)
Interest and other income												748
Income from continuing operations												20,677
Income from discontinued operations												9,295
Net income											$	29,972

Segment Assets and Accumulated Depreciation

	(in thousands)
As of April 30, 2015	Multi-Family Residential			Office			Healthcare			Industrial			Retail			Total
Segment assets
Property owned	$	946,520		$	480,980		$	497,997		$	60,611		$	111,929		$	2,098,037
Less accumulated depreciation		(180,414	)		(115,710	)		(113,062	)		(11,256	)		(28,545	)		(448,987	)
Total property owned	$	766,106		$	365,270		$	384,935		$	49,355		$	83,384		$	1,649,050
Real estate held for sale																	22,912
Cash and cash equivalents																	48,970
Other investments																	329
Receivables and other assets																	96,755
Development in progress																	153,994
Unimproved land																	25,827
Total Assets																$	1,997,837

	(in thousands)
As of April 30, 2014	Multi-Family Residential			Office			Healthcare			Industrial			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	)
Total 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