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OPERATING SEGMENTS | 12 Months Ended
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Apr. 30, 2013
OPERATING SEGMENTS [Abstract] |
OPERATING SEGMENTS | NOTE 11 • OPERATING SEGMENTS IRET reports its results in five reportable segments: multi-family residential; commercial office; commercial healthcare, including senior housing (formerly referred to as the commercial medical segment; the composition of this segment has not changed from prior periods); commercial industrial and commercial retail properties. The Company's reportable segments are aggregations of similar properties. Segment information in this report is presented based on net operating income, 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, 2013, 2012 and 2011 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. The tables have been restated to reflect the reclassification of a commercial property in Minot, North Dakota, from commercial retail to the commercial office segment.
| (in thousands)
Year Ended April 30, 2013 | Multi-Family Residential | Commercial Office | Commercial Healthcare | Commercial Industrial | Commercial Retail | Total
Real estate revenue | $ | 90,759 | $ | 77,766 | $ | 61,975 | $ | 12,247 | $ | 13,622 | $ | 256,369
Real estate expenses |  | 38,716 |  | 38,175 |  | 16,779 |  | 3,750 |  | 5,039 |  | 102,459
Gain on involuntary conversion |  | 3,852 |  | 0 |  | 0 |  | 0 |  | 1,232 |  | 5,084
Net operating income | $ | 55,895 | $ | 39,591 | $ | 45,196 | $ | 8,497 | $ | 9,815 |  | 158,994
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (64,399)
Administrative, advisory and trustee fees |  |  |  |  |  |  |  |  |  | (8,494)
Other expenses |  |  |  |  |  |  |  |  |  |  |  | (2,173)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (62,268)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 748
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  | 22,408
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 7,564
Net income | $ | 29,972
| (in thousands)
Year Ended April 30, 2012 | Multi-Family Residential | Commercial Office | Commercial Healthcare | Commercial Industrial | Commercial Retail | Total
Real estate revenue | $ | 72,500 | $ | 74,914 | $ | 64,511 | $ | 11,582 | $ | 12,460 | $ | 235,967
Real estate expenses |  | 33,905 |  | 34,963 |  | 20,650 |  | 3,063 |  | 4,185 |  | 96,766
Gain on involuntary conversion |  | 0 |  | 0 |  | 0 |  | 0 |  | 274 |  | 274
Net operating income | $ | 38,595 | $ | 39,951 | $ | 43,861 | $ | 8,519 | $ | 8,549 |  | 139,475
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (58,737)
Administrative, advisory and trustee fees |  |  |  |  |  |  |  |  |  | (7,381)
Other expenses |  |  |  |  |  |  |  |  |  |  |  | (1,898)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (63,250)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 786
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  | 8,995
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 711
Net income | $ | 9,706
2013 Annual Report NOTE 11 • continued
Year Ended April 30, 2011 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 65,229 | $ | 77,981 | $ | 64,879 | $ | 10,548 | $ | 12,528 | $ | 231,165
Real estate expenses |  | 33,216 |  | 36,102 |  | 22,443 |  | 3,811 |  | 4,631 |  | 100,203
Net operating income | $ | 32,013 | $ | 41,879 | $ | 42,436 | $ | 6,737 | $ | 7,897 |  | 130,962
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (56,852)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (7,222)
Other expenses |  |  |  |  |  |  |  |  |  | (1,747)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (61,913)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 541
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  | 3,769
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 20,582
Net income | $ | 24,351
Segment Assets and Accumulated Depreciation
| (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 | $ | 625,296 | $ | 501,191 | $ | 125,772 | $ | 121,015 | $ | 2,032,970
Less accumulated depreciation |  | (140,354) |  | (139,324) |  | (90,891) |  | (23,688) |  | (26,164) |  | (420,421)
Total property owned | $ | 519,342 | $ | 485,972 | $ | 410,300 | $ | 102,084 | $ | 94,851 | $ | 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
| (in thousands)
As of April 30, 2012 | Multi-Family Residential | Commercial Office | Commercial Healthcare | Commercial Industrial | Commercial Retail | Total
Segment assets |  |  |  |  |  |  |  |  |  |  |  |
Property owned | $ | 539,783 | $ | 616,743 | $ | 500,268 | $ | 119,002 | $ | 116,213 | $ | 1,892,009
Less accumulated depreciation |  | (128,834) |  | (121,862) |  | (78,744) |  | (20,693) |  | (23,357) |  | (373,490)
Total property owned | $ | 410,949 | $ | 494,881 | $ | 421,524 | $ | 98,309 | $ | 92,856 | $ | 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 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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