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SEGMENT REPORTING | 6 Months Ended
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Oct. 31, 2013
SEGMENT REPORTING [Abstract] |
SEGMENT REPORTING | NOTE 5 • SEGMENT REPORTING IRET reports its results in five reportable segments: multi-family residential, commercial office, commercial healthcare (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 (which consist of utilities, maintenance, real estate taxes, insurance, property management expenses and other property expenses). 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, 2013 and 2012, 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.
Three Months Ended October 31, 2013 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 25,652 | $ | 19,367 | $ | 16,025 | $ | 1,743 | $ | 3,403 | $ | 66,190
Real estate expenses |  | 11,275 |  | 9,525 |  | 4,129 |  | 548 |  | 1,038 |  | 26,515
Net operating income | $ | 14,377 | $ | 9,842 | $ | 11,896 | $ | 1,195 | $ | 2,365 |  | 39,675
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (17,257)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (2,527)
Other expenses |  |  |  |  |  |  |  |  |  | (678)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (14,848)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 652
Income from continuing operations |  | 5,017
Income from discontinued operations |  | 5,280
Net income | $ | 10,297
Three Months Ended October 31, 2012 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 23,105 | $ | 18,815 | $ | 15,262 | $ | 1,716 | $ | 3,360 | $ | 62,258
Real estate expenses |  | 9,009 |  | 9,196 |  | 4,180 |  | 455 |  | 1,209 |  | 24,049
Gain on involuntary conversion |  | 2,263 |  | 0 |  | 0 |  | 0 |  | 0 |  | 2,263
Net operating income | $ | 16,359 | $ | 9,619 | $ | 11,082 | $ | 1,261 | $ | 2,151 |  | 40,472
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (15,758)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (2,061)
Other expenses |  |  |  |  |  |  |  |  |  |  |  | (513)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (15,727)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 203
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  | 6,616
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 3,394
Net income | $ | 10,010
Six Months Ended October 31, 2013 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 50,234 | $ | 38,681 | $ | 32,098 | $ | 3,953 | $ | 6,731 | $ | 131,697
Real estate expenses |  | 22,234 |  | 19,278 |  | 8,412 |  | 1,052 |  | 2,363 |  | 53,339
Gain on involuntary conversion |  | 966 |  | 0 |  | 0 |  | 0 |  | 0 |  | 966
Net operating income | $ | 28,966 | $ | 19,403 | $ | 23,686 | $ | 2,901 | $ | 4,368 |  | 79,324
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (36,352)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (5,280)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (265)
Other expenses |  |  |  |  |  |  |  |  |  | (1,357)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (29,500)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 862
Income from continuing operations |  | 7,432
Income from discontinued operations |  | 6,081
Net income | $ | 13,513
Six Months Ended October 31, 2012 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 44,314 | $ | 37,169 | $ | 30,334 | $ | 3,300 | $ | 6,486 | $ | 121,603
Real estate expenses |  | 18,301 |  | 18,321 |  | 8,259 |  | 944 |  | 2,289 |  | 48,114
Gain on involuntary conversion |  | 2,263 |  | 0 |  | 0 |  | 0 |  | 0 |  | 2,263
Net operating income | $ | 28,276 | $ | 18,848 | $ | 22,075 | $ | 2,356 | $ | 4,197 |  | 75,752
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (31,201)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (4,157)
Other expenses |  |  |  |  |  |  |  |  |  |  |  | (1,032)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (31,544)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 345
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  | 8,163
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 3,843
Net income | $ | 12,006
Segment Assets and Accumulated Depreciation Segment assets are summarized as follows as of October 31, 2013, and April 30, 2013, along with reconciliations to the condensed consolidated financial statements:
| (in thousands)
As of October 31, 2013 | Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |
Property owned | $ | 722,099 | $ | 610,183 | $ | 515,423 | $ | 67,016 | $ | 118,026 | $ | 2,032,747
Less accumulated depreciation |  | (150,427) |  | (143,136) |  | (98,275) |  | (12,467) |  | (27,013) |  | (431,318)
Net property owned | $ | 571,672 | $ | 467,047 | $ | 417,148 | $ | 54,549 | $ | 91,013 |  | 1,601,429
Real estate held for sale |  |  |  |  |  |  |  |  |  |  |  | 2,620
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 68,727
Other investments |  |  |  |  |  |  |  |  |  |  |  | 642
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 111,158
Development in progress |  |  |  |  |  |  |  |  |  |  |  | 90,052
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 21,619
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 1,896,247
| (in thousands)
As of April 30, 2013 | Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Segment assets |  |  |  |  |  |  |  |  |  |  |  |
Property owned | $ | 659,696 | $ | 613,775 | $ | 501,191 | $ | 125,772 | $ | 132,536 | $ | 2,032,970
Less accumulated depreciation |  | (140,354) |  | (138,270) |  | (90,891) |  | (23,688) |  | (27,218) |  | (420,421)
Net property owned | $ | 519,342 | $ | 475,505 | $ | 410,300 | $ | 102,084 | $ | 105,318 |  | 1,612,549
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 94,133
Other investments |  |  |  |  |  |  |  |  |  |  |  | 639
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 113,948
Development in progress |  |  |  |  |  |  |  |  |  |  |  | 46,782
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 21,503
Total assets | $ | 1,889,554

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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 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 2: 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 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 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 Reference 13: 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 14: 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 15: 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 + Details
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