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SEGMENT REPORTING | 3 Months Ended
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Jul. 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 month periods ended July 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 July 31, 2014 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 27,727 | $ | 18,846 | $ | 16,298 | $ | 1,570 | $ | 3,396 | $ | 67,837
Real estate expenses |  | 12,221 |  | 9,327 |  | 4,416 |  | 450 |  | 1,104 |  | 27,518
Net operating income | $ | 15,506 | $ | 9,519 | $ | 11,882 | $ | 1,120 | $ | 2,292 |  | 40,319
TRS senior housing revenue |  |  |  |  |  |  |  |  |  |  |  | 793
TRS senior housing expenses |  |  |  |  |  |  |  |  |  | (693)
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (17,056)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (3,664)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (2,320)
Other expenses |  |  |  |  |  |  |  |  |  | (612)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (14,664)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 691
Income before loss on sale of real estate and other investments |  | 2,794
Loss on sale of real estate and other investments |  | (2,993)
Net (loss) | $ | (199)
Three Months Ended July 31, 2013 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 24,373 | $ | 19,315 | $ | 16,073 | $ | 2,038 | $ | 3,299 | $ | 65,098
Real estate expenses |  | 10,846 |  | 9,753 |  | 4,284 |  | 454 |  | 1,303 |  | 26,640
Gain on involuntary conversion |  | 966 |  | 0 |  | 0 |  | 0 |  | 0 |  | 966
Net operating income | $ | 14,493 | $ | 9,562 | $ | 11,789 | $ | 1,584 | $ | 1,996 |  | 39,424
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (19,000)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (2,753)
Other expenses |  |  |  |  |  |  |  |  |  |  |  | (679)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (14,596)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 210
Income from continuing operations |  |  |  |  |  |  |  |  | 2,606
Income from discontinued operations |  |  |  |  |  |  |  |  |  | 610
Net income | $ | 3,216
Segment Assets and Accumulated Depreciation Segment assets are summarized as follows as of July 31, 2014, and April 30, 2014, along with reconciliations to the condensed consolidated financial statements:
| (in thousands)
As of July 31, 2014 | Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |
Property owned | $ | 798,020 | $ | 537,096 | $ | 525,595 | $ | 50,670 | $ | 113,946 | $ | 2,025,327
Less accumulated depreciation |  | (163,937) |  | (123,902) |  | (109,656) |  | (10,136) |  | (27,686) |  | (435,317)
Net property owned | $ | 634,083 | $ | 413,194 | $ | 415,939 | $ | 40,534 | $ | 86,260 |  | 1,590,010
Real estate held for sale |  |  |  |  |  |  |  |  |  |  |  | 6,508
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 60,620
Other investments |  |  |  |  |  |  |  |  |  |  |  | 329
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 117,666
Development in progress |  |  |  |  |  |  |  |  |  |  |  | 131,862
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 24,772
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 1,931,767
| (in thousands)
As of April 30, 2014 | Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Segment assets |  |  |  |  |  |  |  |  |  |  |  |
Property owned | $ | 753,731 | $ | 544,628 | $ | 525,028 | $ | 55,375 | $ | 117,269 | $ | 1,996,031
Less accumulated depreciation |  | (158,100) |  | (121,892) |  | (105,843) |  | (10,198) |  | (28,255) |  | (424,288)
Net property owned | $ | 595,631 | $ | 422,736 | $ | 419,185 | $ | 45,177 | $ | 89,014 |  | 1,571,743
Real estate held for sale |  |  |  |  |  |  |  |  |  |  |  | 2,951
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 47,267
Other investments |  |  |  |  |  |  |  |  |  |  |  | 329
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 119,458
Development in progress |  |  |  |  |  |  |  |  |  |  |  | 104,609
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 22,864
Total assets | $ | 1,869,221

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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 Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: 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 3: 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 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 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: 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 7: 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 8: 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 9: 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 10: 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 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 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: 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 14: 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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