XML 27 R17.htm IDEA: XBRL DOCUMENT
v2.4.0.6

SEGMENT REPORTING | 12 Months Ended
--- | ---
Apr. 30, 2011
Notes To Financial Statements [Abstract] |
OPERATING SEGMENTS | NOTE 11 . OPERATING SEGMENTS IRET reports its results in five reportable segments: multi-family residential, commercial office, commercial medical (including senior housing), commercial industrial and commercial retail properties. The Company's reportable segments are aggregations of similar properties. The accounting policies of each of these segments are the same as those described in Note 2. 2011 Annual Report F-21 NOTE 11 . continued Segment information in this report is presented based on net operating income, which we define as total real estate revenues less real estate expenses and real estate taxes (excluding depreciation and amortization related to real estate investments and impairment of real estate investments). The following tables present real estate revenues and net operating income for the fiscal years ended April 30, 2011, 2010 and 2009 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, 2011 | Multi-Family Residential |  |  | Commercial Office |  |  | Commercial Medical |  |  | Commercial Industrial |  |  | Commercial Retail |  |  | Total |
Real estate revenue |  | $ | 66,838 |  |  | $ | 77,747 |  |  | $ | 66,048 |  |  | $ | 13,165 |  |  | $ | 13,387 |  |  | $ | 237,185 |
Real estate expenses |  |  | 34,129 |  |  |  | 36,055 |  |  |  | 22,466 |  |  |  | 4,328 |  |  |  | 4,932 |  |  |  | 101,910 |
Net operating income |  | $ | 32,709 |  |  | $ | 41,692 |  |  | $ | 43,582 |  |  | $ | 8,837 |  |  | $ | 8,455 |  |  |  | 135,275 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (58,488 | )
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7,222 | )
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,774 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (63,941 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 541 |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,391 |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 19,960 |
Net income |  |  | $ | 24,351 |
| (in thousands) |
Year Ended April 30, 2010 | Multi-Family Residential |  |  | Commercial Office |  |  | Commercial Medical |  |  | Commercial Industrial |  |  | Commercial Retail |  |  | Total |
Real estate revenue |  | $ | 65,478 |  |  | $ | 82,079 |  |  | $ | 57,439 |  |  | $ | 13,095 |  |  | $ | 13,224 |  |  | $ | 231,315 |
Real estate expenses |  |  | 32,615 |  |  |  | 36,833 |  |  |  | 17,904 |  |  |  | 4,121 |  |  |  | 4,805 |  |  |  | 96,278 |
Gain on involuntary conversion |  |  | 1,660 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,660 |
Net operating income |  | $ | 34,523 |  |  | $ | 45,246 |  |  | $ | 39,535 |  |  | $ | 8,974 |  |  | $ | 8,419 |  |  |  | 136,697 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (57,416 | )
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (6,218 | )
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,513 | )
Impairment of real estate investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (708 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (65,581 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 894 |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,155 |
Loss from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (570 | )
Net income |  |  | $ | 4,585 |
| (in thousands) |
Year Ended April 30, 2009 | Multi-Family Residential |  |  | Commercial Office |  |  | Commercial Medical |  |  | Commercial Industrial |  |  | Commercial Retail |  |  | Total |
Real estate revenue |  | $ | 65,632 |  |  | $ | 83,446 |  |  | $ | 52,547 |  |  | $ | 12,488 |  |  | $ | 14,207 |  |  | $ | 228,320 |
Real estate expenses |  |  | 31,315 |  |  |  | 37,644 |  |  |  | 16,046 |  |  |  | 3,142 |  |  |  | 5,053 |  |  |  | 93,200 |
Net operating income |  | $ | 34,317 |  |  | $ | 45,802 |  |  | $ | 36,501 |  |  | $ | 9,346 |  |  | $ | 9,154 |  |  |  | 135,120 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (54,395 | )
Administrative, advisory and trustee fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,882 | )
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,440 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (64,928 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 913 |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,388 |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 325 |
Net income |  |  |  | 10,713 |
2011 Annual Report F-22 NOTE 11 . continued Segment Assets and Accumulated Depreciation
| (in thousands) |
As of April 30, 2011 | Multi-Family Residential |  |  | Commercial Office |  |  | Commercial Medical |  |  | Commercial Industrial |  |  | Commercial Retail |  |  | Total |
Segment assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 484,815 |  |  | $ | 595,491 |  |  | $ | 447,831 |  |  | $ | 117,602 |  |  | $ | 125,059 |  |  | $ | 1,770,798 |
Less accumulated depreciation |  |  | (117,718 | ) |  |  | (104,650 | ) |  |  | (65,367 | ) |  |  | (17,713 | ) |  |  | (23,504 | ) |  |  | (328,952 | )
Total property owned |  | $ | 367,097 |  |  | $ | 490,841 |  |  | $ | 382,464 |  |  | $ | 99,889 |  |  | $ | 101,555 |  |  | $ | 1,441,846 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 41,191 |
Marketable securities - available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 625 |
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 115,302 |
Development in progress |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,693 |
Unimproved land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,550 |
Mortgage loans receivable, net of allowance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 156 |
Total Assets |  |  | $ | 1,615,363 |
| (in thousands) |
As of April 30, 2010 | Multi-Family Residential |  |  | Commercial Office |  |  | Commercial Medical |  |  | Commercial Industrial |  |  | Commercial Retail |  |  | Total |
Segment assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 556,867 |  |  | $ | 582,943 |  |  | $ | 430,229 |  |  | $ | 113,249 |  |  | $ | 117,231 |  |  | $ | 1,800,519 |
Less accumulated depreciation |  |  | (129,922 | ) |  |  | (88,656 | ) |  |  | (53,641 | ) |  |  | (15,481 | ) |  |  | (20,926 | ) |  |  | (308,626 | )
Total property owned |  | $ | 426,945 |  |  | $ | 494,287 |  |  | $ | 376,588 |  |  | $ | 97,768 |  |  | $ | 96,305 |  |  | $ | 1,491,893 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 54,791 |
Marketable securities - available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 420 |
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 104,830 |
Development in progress |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,831 |
Unimproved land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,007 |
Mortgage loans receivable, net of allowance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 158 |
Total Assets |  |  | $ | 1,660,930 |

X
- Details
Name: | iret_NotesToFinancialStatementsAbstract
Namespace Prefix: | iret_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition This element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | us-types:textBlockItemType
Balance Type: | na
Period Type: | duration