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SEGMENT REPORTING | 6 Months Ended
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Oct. 31, 2014
SEGMENT REPORTING [Abstract] |
SEGMENT REPORTING | NOTE 5 • SEGMENT REPORTING IRET reports its results in five reportable segments: multi-family residential, office, healthcare (including senior housing), industrial and 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 six month periods ended October 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 October 31, 2014 | (in thousands)
Multi-Family Residential | Office | Healthcare | Industrial | Retail | Total
Real estate revenue | $ | 29,594 | $ | 18,984 | $ | 16,436 | $ | 1,593 | $ | 3,435 | $ | 70,042
Real estate expenses |  | 12,164 |  | 9,496 |  | 4,173 |  | 272 |  | 1,132 |  | 27,237
Net operating income | $ | 17,430 | $ | 9,488 | $ | 12,263 | $ | 1,321 | $ | 2,303 |  | 42,805
TRS senior housing revenue |  |  |  |  |  |  |  |  |  |  |  | 843
TRS senior housing expenses |  |  |  |  |  |  |  |  |  | (725)
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (17,668)
General and administrative |  |  |  |  |  |  |  |  |  | (3,468)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (3,245)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (14,599)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 696
Income before gain on sale of real estate and other investments |  | 4,639
Gain on sale of real estate and other investments |  | 1,231
Net income | $ | 5,870
Three Months Ended October 31, 2013 | (in thousands)
Multi-Family Residential | Office | Healthcare | Industrial | Retail | Total
Real estate revenue | $ | 25,438 | $ | 19,367 | $ | 16,025 | $ | 1,571 | $ | 3,371 | $ | 65,772
Real estate expenses |  | 11,162 |  | 9,525 |  | 4,128 |  | 501 |  | 1,015 |  | 26,331
Net operating income | $ | 14,276 | $ | 9,842 | $ | 11,897 | $ | 1,070 | $ | 2,356 |  | 39,441
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (17,167)
General and administrative |  |  |  |  |  |  |  |  |  | (3,205)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (14,799)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 652
Income from continuing operations |  |  |  |  |  |  |  |  | 4,922
Income from discontinued operations |  |  |  |  |  |  |  |  |  | 5,375
Net income | $ | 10,297
Six Months Ended October 31, 2014 | (in thousands)
Multi-Family Residential | Office | Healthcare | Industrial | Retail | Total
Real estate revenue | $ | 57,321 | $ | 37,831 | $ | 32,734 | $ | 3,163 | $ | 6,830 | $ | 137,879
Real estate expenses |  | 24,382 |  | 18,824 |  | 8,590 |  | 721 |  | 2,238 |  | 54,755
Net operating income | $ | 32,939 | $ | 19,007 | $ | 24,144 | $ | 2,442 | $ | 4,592 |  | 83,124
TRS senior housing revenue |  |  |  |  |  |  |  |  |  |  |  | 1,636
TRS senior housing expenses |  |  |  |  |  |  |  |  |  | (1,418)
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (34,724)
General and administrative |  |  |  |  |  |  |  |  |  | (7,744)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (5,565)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (29,263)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 1,387
Income before loss on sale of real estate and other investments |  | 7,433
Loss on sale of real estate and other investments |  | (1,762)
Net income | $ | 5,671
Six Months Ended October 31, 2013 | (in thousands)
Multi-Family Residential | Office | Healthcare | Industrial | Retail | Total
Real estate revenue | $ | 49,811 | $ | 38,681 | $ | 32,098 | $ | 3,609 | $ | 6,671 | $ | 130,870
Real estate expenses |  | 22,007 |  | 19,279 |  | 8,412 |  | 956 |  | 2,317 |  | 52,971
Gain on involuntary conversion |  | 966 |  | 0 |  | 0 |  | 0 |  | 0 |  | 966
Net operating income | $ | 28,770 | $ | 19,402 | $ | 23,686 | $ | 2,653 | $ | 4,354 |  | 78,865
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (36,167)
General and administrative |  |  |  |  |  |  |  |  |  | (6,637)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (29,395)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 862
Income from continuing operations |  |  |  |  |  |  |  |  | 7,528
Income from discontinued operations |  |  |  |  |  |  |  |  |  | 5,985
Net income | $ | 13,513
Segment Assets and Accumulated Depreciation Segment assets are summarized as follows as of October 31, 2014, and April 30, 2014, along with reconciliations to the condensed consolidated financial statements:
| (in thousands)
As of October 31, 2014 | Multi-Family Residential | Office | Healthcare | Industrial | Retail | Total
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |
Property owned | $ | 847,155 | $ | 480,185 | $ | 525,027 | $ | 50,719 | $ | 110,684 | $ | 2,013,770
Less accumulated depreciation |  | (166,181) |  | (109,813) |  | (112,289) |  | (10,483) |  | (27,779) |  | (426,545)
Net property owned | $ | 680,974 | $ | 370,372 | $ | 412,738 | $ | 40,236 | $ | 82,905 |  | 1,587,225
Real estate held for sale |  |  |  |  |  |  |  |  |  |  |  | 41,183
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 52,999
Other investments |  |  |  |  |  |  |  |  |  |  |  | 329
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 108,397
Development in progress |  |  |  |  |  |  |  |  |  |  |  | 146,390
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 24,947
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 1,961,470
| (in thousands)
As of April 30, 2014 | Multi-Family Residential | Office | Healthcare | Industrial | 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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