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DISCONTINUED OPERATIONS | 9 Months Ended
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Jan. 31, 2014
DISCONTINUED OPERATIONS [Abstract] |
DISCONTINUED OPERATIONS | NOTE 7 • 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 third quarter of fiscal year 2014, the Company sold two multi-family residential properties, three commercial industrial properties and two commercial retail properties. During the second quarter of fiscal year 2014, the Company sold five commercial industrial properties and three commercial office properties. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property. During the third quarter of fiscal year 2013, IRET sold one multi-family residential property. During the second quarter of fiscal year 2013, IRET sold two condominium units and two multi-family residential properties. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. There were no properties classified as held for sale at January 31, 2014. Four condominium units were classified as held for sale at January 31, 2013. See Note 8 for additional information on the properties sold during the nine months ended January 31, 2014 and 2013. 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 nine months ended January 31, 2014 and 2013:
| (in thousands)
| Three Months Ended January 31 | Nine Months Ended January 31
|  | 2014 |  | 2013 |  | 2014 |  | 2013
REVENUE |  |  |  |  |  |  |  |
Real estate rentals | $ | 327 | $ | 2,361 | $ | 3,173 | $ | 7,762
Tenant reimbursement |  | 64 |  | 817 |  | 1,302 |  | 2,302
TOTAL REVENUE |  | 391 |  | 3,178 |  | 4,475 |  | 10,064
EXPENSES |  |  |  |  |  |  |  |
Depreciation/amortization related to real estate investments |  | 75 |  | 752 |  | 920 |  | 2,443
Utilities |  | 26 |  | 108 |  | 164 |  | 315
Maintenance |  | 35 |  | 243 |  | 299 |  | 782
Real estate taxes |  | 80 |  | 543 |  | 951 |  | 1,654
Insurance |  | 10 |  | 46 |  | 97 |  | 158
Property management expenses |  | 27 |  | 106 |  | 222 |  | 412
Other property expenses |  | 0 |  | 0 |  | 0 |  | 16
Amortization related to non-real estate investments |  | 2 |  | 55 |  | 90 |  | 194
Impairment of real estate investments |  | 0 |  | 0 |  | 1,860 |  | 0
TOTAL EXPENSES |  | 255 |  | 1,853 |  | 4,603 |  | 5,974
Operating income (loss) |  | 136 |  | 1,325 |  | (128) |  | 4,090
Interest expense |  | (29) |  | (534) |  | (421) |  | (2,063)
Other income |  | 0 |  | 2 |  | 0 |  | 2
Income (loss) from discontinued operations before gain on sale |  | 107 |  | 793 |  | (549) |  | 2,029
Gain on sale of discontinued operations |  | 358 |  | 772 |  | 6,999 |  | 3,452
INCOME FROM DISCONTINUED OPERATIONS | $ | 465 | $ | 1,565 | $ | 6,450 | $ | 5,481

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, 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 segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 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 Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 8: 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 9: 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 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 + Details
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