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SEGMENT REPORTING | 9 Months Ended
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Jan. 31, 2014
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 nine month periods ended January 31, 2014 and 2013, 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 January 31, 2014 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 25,848 | $ | 19,394 | $ | 17,242 | $ | 1,664 | $ | 3,481 | $ | 67,629
Real estate expenses |  | 10,998 |  | 9,037 |  | 4,120 |  | 493 |  | 1,279 |  | 25,927
Gain on involuntary conversion |  | 1,514 |  | 0 |  | 0 |  | 0 |  | 0 |  | 1,514
Net operating income | $ | 16,364 | $ | 10,357 | $ | 13,122 | $ | 1,171 | $ | 2,202 |  | 43,216
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (17,489)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (2,662)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (4,798)
Other expenses |  |  |  |  |  |  |  |  |  | (273)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (15,130)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 740
Income from continuing operations |  | 3,604
Income from discontinued operations |  | 465
Net income | $ | 4,069
Three Months Ended January 31, 2013 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 22,859 | $ | 19,046 | $ | 15,952 | $ | 1,738 | $ | 3,485 | $ | 63,080
Real estate expenses |  | 10,208 |  | 9,270 |  | 4,128 |  | 492 |  | 1,250 |  | 25,348
Net operating income | $ | 12,651 | $ | 9,776 | $ | 11,824 | $ | 1,246 | $ | 2,235 |  | 37,732
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (15,493)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (2,245)
Other expenses |  |  |  |  |  |  |  |  |  |  |  | (464)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (15,197)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 255
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  | 4,588
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 1,565
Net income | $ | 6,153
Nine Months Ended January 31, 2014 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 75,659 | $ | 58,075 | $ | 49,340 | $ | 5,273 | $ | 10,152 | $ | 198,499
Real estate expenses |  | 33,006 |  | 28,315 |  | 12,534 |  | 1,447 |  | 3,596 |  | 78,898
Gain on involuntary conversion |  | 2,480 |  | 0 |  | 0 |  | 0 |  | 0 |  | 2,480
Net operating income | $ | 45,133 | $ | 29,760 | $ | 36,806 | $ | 3,826 | $ | 6,556 |  | 122,081
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (53,656)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (7,942)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (4,798)
Other expenses |  |  |  |  |  |  |  |  |  | (1,630)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (44,525)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 1,602
Income from continuing operations |  | 11,132
Income from discontinued operations |  | 6,450
Net income | $ | 17,582
Nine Months Ended January 31, 2013 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 66,758 | $ | 56,214 | $ | 46,286 | $ | 4,704 | $ | 9,912 | $ | 183,874
Real estate expenses |  | 28,284 |  | 27,591 |  | 12,387 |  | 1,350 |  | 3,490 |  | 73,102
Gain on involuntary conversion |  | 2,263 |  | 0 |  | 0 |  | 0 |  | 0 |  | 2,263
Net operating income | $ | 40,737 | $ | 28,623 | $ | 33,899 | $ | 3,354 | $ | 6,422 |  | 113,035
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (46,505)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (6,402)
Other expenses |  |  |  |  |  |  |  |  |  |  |  | (1,496)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (46,554)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 600
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  | 12,678
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 5,481
Net income | $ | 18,159
Segment Assets and Accumulated Depreciation Segment assets are summarized as follows as of January 31, 2014, and April 30, 2013, along with reconciliations to the condensed consolidated financial statements:
| (in thousands)
As of January 31, 2014 | Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |
Property owned | $ | 738,948 | $ | 613,663 | $ | 517,441 | $ | 55,268 | $ | 116,970 | $ | 2,042,290
Less accumulated depreciation |  | (152,447) |  | (147,392) |  | (102,027) |  | (9,848) |  | (27,519) |  | (439,233)
Net property owned | $ | 586,501 | $ | 466,271 | $ | 415,414 | $ | 45,420 | $ | 89,451 |  | 1,603,057
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 53,494
Other investments |  |  |  |  |  |  |  |  |  |  |  | 643
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 136,780
Development in progress |  |  |  |  |  |  |  |  |  |  |  | 89,086
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 21,498
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 1,904,558
| (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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