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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended
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Jul. 31, 2014
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] |
Identified intangible assets and intangible liabilities | The Company's identified intangible assets and intangible liabilities at July 31, 2014 and April 30, 2014 were as follows:
| (in thousands)
| July 31, 2014 | April 30, 2014
Identified intangible assets (included in intangible assets): |  |  |  |
Gross carrying amount | $ | 56,975 | $ | 56,710
Accumulated amortization |  | (25,497) |  | (24,071)
Net carrying amount | $ | 31,478 | $ | 32,639
Identified intangible liabilities (included in other liabilities): |  |  |  |
Gross carrying amount | $ | 173 | $ | 173
Accumulated amortization |  | (131) |  | (127)
Net carrying amount | $ | 42 | $ | 46
Estimated annual amortization of acquired below-market leases, net of acquired above-market leases | The effect of amortization of acquired below-market leases and acquired above-market leases on rental income was approximately $(6,000) and $(11,000) for the three months ended July 31, 2014 and 2013, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding fiscal years is as follows:
Year Ended April 30, | (in thousands)
2016 | $ | 19
2017 |  | 11
2018 |  | (2)
2019 |  | (3)
2020 |  | (2)
Estimated annual amortization of all other identified intangible assets | Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1.4 million and $3.6 million for the three months ended July 31, 2014 and 2013, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:
Year Ended April 30, | (in thousands)
2016 | $ | 4,567
2017 |  | 4,099
2018 |  | 3,667
2019 |  | 3,543
2020 |  | 3,457
Restatement of Condensed Consolidated Statement of Equity | The following table presents the effect of this correction on the Company's Condensed Consolidated Statement of Equity for the period affected:
| (in thousands)
Three Months Ended July 31, 2013 | As Previously Reported | Adjustment | As Revised
Consolidated Statement of Equity |  |  |  |  |  |
Noncontrolling Interests |  |  |  |  |  |
Balance April 30, 2013 | $ | 148,594 | $ | (5,937) | $ | 142,657
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests |  | 138 |  | (12) |  | 126
Balance July 31, 2013 |  | 148,110 |  | (5,949) |  | 142,161
Total Equity |  |  |  |  |  |
Balance April 30, 2013 |  | 761,381 |  | (5,937) |  | 755,444
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests |  | 3,216 |  | (12) |  | 3,204
Balance July 31, 2013 |  | 771,306 |  | (5,949) |  | 765,357

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- Definition Tabular disclosure of the estimated annual amortization of acquired below-market leases, net of acquired above-market leases for each of the five succeeding fiscal years. + References No definition available. + Details
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- Definition Tabular disclosure of identified intangible assets and intangible liabilities as of the reporting date including gross carrying amounts, accumulated amortization and net carrying amounts. + References No definition available. + Details
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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22663-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22658-107794 + Details
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- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 + Details
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