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SEGMENT REPORTING | 6 Months Ended
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Oct. 31, 2012
SEGMENT REPORTING [Abstract] |
SEGMENT REPORTING | NOTE 5 • SEGMENT REPORTING 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. 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 and real estate taxes (excluding depreciation and amortization related to real estate investments and impairment of real estate investments). 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 and six month periods ended October 31, 2012 and 2011, 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.
|  | (in thousands) |
Three Months Ended October 31, 2012 |  | Multi-Family Residential |  |  | Commercial- Office |  |  | Commercial- Medical |  |  | Commercial- Industrial |  |  | Commercial- Retail |  |  | Total |
Real estate revenue |  | $ | 23,105 |  |  | $ | 19,128 |  |  | $ | 15,517 |  |  | $ | 3,577 |  |  | $ | 3,616 |  |  | $ | 64,943 |
Real estate expenses |  |  | 9,008 |  |  |  | 9,392 |  |  |  | 4,183 |  |  |  | 935 |  |  |  | 1,286 |  |  |  | 24,804 |
Gain on involuntary conversion |  |  | 2,263 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,263 |
Net operating income |  | $ | 16,360 |  |  | $ | 9,736 |  |  | $ | 11,334 |  |  | $ | 2,642 |  |  | $ | 2,330 |  |  |  | 42,402 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (16,506 | )
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,061 | )
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (513 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (16,300 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 203 |
Income from continuing operations |  |  |  | 7,225 |
Income from discontinued operations |  |  |  | 2,785 |
Net income |  |  | $ | 10,010 |
|  | (in thousands) |
Three Months Ended October 31, 2011 |  | Multi-Family Residential |  |  | Commercial- Office |  |  | Commercial- Medical |  |  | Commercial- Industrial |  |  | Commercial- Retail |  |  | Total |
Real estate revenue |  | $ | 17,952 |  |  | $ | 18,367 |  |  | $ | 17,073 |  |  | $ | 3,566 |  |  | $ | 3,242 |  |  | $ | 60,200 |
Real estate expenses |  |  | 8,521 |  |  |  | 8,813 |  |  |  | 5,971 |  |  |  | 1,135 |  |  |  | 1,087 |  |  |  | 25,527 |
Net operating income |  | $ | 9,431 |  |  | $ | 9,554 |  |  | $ | 11,102 |  |  | $ | 2,431 |  |  | $ | 2,155 |  |  |  | 34,673 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (14,874 | )
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,104 | )
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (835 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (16,193 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 213 |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 880 |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 611 |
Net income |  |  | $ | 1,491 |
|  | (in thousands) |
Six Months Ended October 31, 2012 |  | Multi-Family Residential |  |  | Commercial- Office |  |  | Commercial- Medical |  |  | Commercial- Industrial |  |  | Commercial- Retail |  |  | Total |
Real estate revenue |  | $ | 44,314 |  |  | $ | 37,767 |  |  | $ | 30,844 |  |  | $ | 7,037 |  |  | $ | 6,967 |  |  | $ | 126,929 |
Real estate expenses |  |  | 18,301 |  |  |  | 18,682 |  |  |  | 8,266 |  |  |  | 1,955 |  |  |  | 2,441 |  |  |  | 49,645 |
Gain on involuntary conversion |  |  | 2,263 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,263 |
Net operating income |  | $ | 28,276 |  |  | $ | 19,085 |  |  | $ | 22,578 |  |  | $ | 5,082 |  |  | $ | 4,526 |  |  |  | 79,547 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (32,728 | )
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,157 | )
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,032 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (32,723 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 345 |
Income from continuing operations |  |  |  | 9,252 |
Income from discontinued operations |  |  |  | 2,754 |
Net income |  |  | $ | 12,006 |
|  | (in thousands) |
Six Months Ended October 31, 2011 |  | Multi-Family Residential |  |  | Commercial- Office |  |  | Commercial- Medical |  |  | Commercial- Industrial |  |  | Commercial- Retail |  |  | Total |
Real estate revenue |  | $ | 35,041 |  |  | $ | 37,182 |  |  | $ | 33,690 |  |  | $ | 7,001 |  |  | $ | 6,450 |  |  | $ | 119,364 |
Real estate expenses |  |  | 16,672 |  |  |  | 17,756 |  |  |  | 11,489 |  |  |  | 2,101 |  |  |  | 2,151 |  |  |  | 50,169 |
Net operating income |  | $ | 18,369 |  |  | $ | 19,426 |  |  | $ | 22,201 |  |  | $ | 4,900 |  |  | $ | 4,299 |  |  |  | 69,195 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (29,682 | )
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,285 | )
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,150 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (31,978 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 366 |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,466 |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 598 |
Net income |  |  | $ | 3,064 |
Segment Assets and Accumulated Depreciation Segment assets are summarized as follows as of October 31, 2012, and April 30, 2012, along with reconciliations to the condensed consolidated financial statements:
|  | (in thousands) |
As of October 31, 2012 |  | Multi-Family Residential |  |  | Commercial- Office |  |  | Commercial- Medical |  |  | Commercial- Industrial |  |  | Commercial- Retail |  |  | Total |
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 624,159 |  |  | $ | 608,125 |  |  | $ | 502,222 |  |  | $ | 119,511 |  |  | $ | 129,961 |  |  | $ | 1,983,978 |
Less accumulated depreciation |  |  | (131,193 | ) |  |  | (129,495 | ) |  |  | (85,902 | ) |  |  | (22,133 | ) |  |  | (25,533 | ) |  |  | (394,256 | )
Total property owned |  | $ | 492,966 |  |  | $ | 478,630 |  |  | $ | 416,320 |  |  | $ | 97,378 |  |  | $ | 104,428 |  |  |  | 1,589,722 |
Real estate held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,844 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 84,258 |
Other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 637 |
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 107,988 |
Development in progress |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23,218 |
Unimproved land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,670 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,819,337 |
|  | (in thousands) |
As of April 30, 2012 |  | Multi-Family Residential |  |  | Commercial- Office |  |  | Commercial- Medical |  |  | Commercial- Industrial |  |  | Commercial- Retail |  |  | Total |
Segment assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 539,783 |  |  | $ | 605,318 |  |  | $ | 500,268 |  |  | $ | 119,002 |  |  | $ | 127,638 |  |  | $ | 1,892,009 |
Less accumulated depreciation |  |  | (128,834 | ) |  |  | (121,422 | ) |  |  | (78,744 | ) |  |  | (20,693 | ) |  |  | (23,797 | ) |  |  | (373,490 | )
Total property owned |  | $ | 410,949 |  |  | $ | 483,896 |  |  | $ | 421,524 |  |  | $ | 98,309 |  |  | $ | 103,841 |  |  |  | 1,518,519 |
Real estate held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,067 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 39,989 |
Other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 634 |
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 114,569 |
Development in progress |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,599 |
Unimproved land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,990 |
Total assets |  |  | $ | 1,714,367 |

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- Definition The entire disclosure for 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 percent 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 Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 + Details
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