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DISCONTINUED OPERATIONS (Tables) | 6 Months Ended
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Oct. 31, 2012
DISCONTINUED OPERATIONS [Abstract] |
Effect on net income and the gains or losses from the sale of properties classified as discontinued operations | The Company reports in discontinued operations the results of operations of a property that has either been disposed of or is classified as held for sale. The Company also reports any gains or losses from the sale of a property in discontinued operations. During the second quarter of fiscal year 2013, IRET sold two condominium units and 2 multi-family residential properties. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. During the second quarter of fiscal year 2012, the Company sold a retail property. During the first quarter of fiscal year 2012, the Company had no real estate dispositions. See Note 8 for additional information on the properties sold during the six months ended October 31, 2012 and 2011. Four condominium units and a multi-family residential property were classified as held for sale at October 31, 2012. There were no properties classified as held for sale at October 31, 2011. The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the three and six months ended October 31, 2012 and 2011:
|  | Three Months Ended October 31 |  |  | Six Months Ended October 31 |
|  | (in thousands) |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
REVENUE |  |  |  |  |  |  |  |  |  |  |  |
Real estate rentals |  | $ | 317 |  |  | $ | 449 |  |  | $ | 751 |  |  | $ | 916 |
Tenant reimbursement |  |  | 0 |  |  |  | 39 |  |  |  | 0 |  |  |  | 36 |
TOTAL REVENUE |  |  | 317 |  |  |  | 488 |  |  |  | 751 |  |  |  | 952 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation/amortization related to real estate investments |  |  | 50 |  |  |  | 77 |  |  |  | 114 |  |  |  | 169 |
Utilities |  |  | 30 |  |  |  | 52 |  |  |  | 63 |  |  |  | 106 |
Maintenance |  |  | 44 |  |  |  | 74 |  |  |  | 127 |  |  |  | 137 |
Real estate taxes |  |  | 32 |  |  |  | 52 |  |  |  | 75 |  |  |  | 98 |
Insurance |  |  | 9 |  |  |  | 12 |  |  |  | 23 |  |  |  | 24 |
Property management expenses |  |  | 51 |  |  |  | 74 |  |  |  | 112 |  |  |  | 144 |
TOTAL EXPENSES |  |  | 216 |  |  |  | 341 |  |  |  | 514 |  |  |  | 678 |
Interest expense |  |  | (69 | ) |  |  | (125 | ) |  |  | (163 | ) |  |  | (265 | )
Income from discontinued operations before gain on sale |  |  | 32 |  |  |  | 22 |  |  |  | 74 |  |  |  | 9 |
Gain on sale of discontinued operations |  |  | 2,753 |  |  |  | 589 |  |  |  | 2,680 |  |  |  | 589 |
INCOME FROM DISCONTINUED OPERATIONS |  | $ | 2,785 |  |  | $ | 611 |  |  | $ | 2,754 |  |  | $ | 598 |

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- Definition Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43, 44, 45, 47, 48 -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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 + Details
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