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SEGMENT REPORTING | 9 Months Ended
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Jan. 31, 2015
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 nine month periods ended January 31, 2015 and 2014, 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, 2015 | (in thousands)
Multi-Family Residential | Office | Healthcare | Industrial | Retail | Total
Real estate revenue | $ | 30,256 | $ | 19,086 | $ | 17,587 | $ | 1,741 | $ | 3,283 | $ | 71,953
Real estate expenses |  | 13,318 |  | 9,050 |  | 4,315 |  | 501 |  | 1,250 |  | 28,434
Net operating income | $ | 16,938 | $ | 10,036 | $ | 13,272 | $ | 1,240 | $ | 2,033 |  | 43,519
TRS senior housing revenue |  |  |  |  |  |  |  |  |  |  |  | 963
TRS senior housing expenses |  |  |  |  |  |  |  |  |  | (825)
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (17,750)
General and administrative |  |  |  |  |  |  |  |  |  | (3,242)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (540)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (14,595)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 670
Income before gain on sale of real estate and other investments |  | 8,200
Gain on sale of real estate and other investments |  | 951
Net income | $ | 9,151
Three Months Ended January 31, 2014 | (in thousands)
Multi-Family Residential | Office | Healthcare | Industrial | 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
TRS senior housing revenue |  |  |  |  |  |  |  |  |  |  |  | 804
TRS senior housing expenses |  |  |  |  |  |  |  |  |  | (671)
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (17,489)
General and administrative |  |  |  |  |  |  |  |  |  | (2,935)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (4,798)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (15,130)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 607
Income from continuing operations |  |  |  |  |  |  |  |  | 3,604
Income from discontinued operations |  |  |  |  |  |  |  |  |  | 465
Net income | $ | 4,069
Nine Months Ended January 31, 2015 | (in thousands)
Multi-Family Residential | Office | Healthcare | Industrial | Retail | Total
Real estate revenue | $ | 87,576 | $ | 56,917 | $ | 50,322 | $ | 4,904 | $ | 10,113 | $ | 209,832
Real estate expenses |  | 37,700 |  | 27,873 |  | 12,905 |  | 1,223 |  | 3,488 |  | 83,189
Net operating income | $ | 49,876 | $ | 29,044 | $ | 37,417 | $ | 3,681 | $ | 6,625 |  | 126,643
TRS senior housing revenue |  |  |  |  |  |  |  |  |  |  |  | 2,599
TRS senior housing expenses |  |  |  |  |  |  |  |  |  | (2,243)
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (52,474)
General and administrative |  |  |  |  |  |  |  |  |  | (10,986)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (6,105)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (43,858)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 2,057
Income before loss on sale of real estate and other investments |  | 15,633
Loss on sale of real estate and other investments |  | (811)
Net income | $ | 14,822
Nine Months Ended January 31, 2014 | (in thousands)
Multi-Family Residential | Office | Healthcare | Industrial | 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
TRS senior housing revenue |  |  |  |  |  |  |  |  |  |  |  | 804
TRS senior housing expenses |  |  |  |  |  |  |  |  |  | (671)
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (53,656)
General and administrative |  |  |  |  |  |  |  |  |  | (9,572)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  | (4,798)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (44,525)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 1,469
Income from continuing operations |  |  |  |  |  |  |  |  | 11,132
Income from discontinued operations |  |  |  |  |  |  |  |  |  | 6,450
Net income | $ | 17,582
Segment Assets and Accumulated Depreciation Segment assets are summarized as follows as of January 31, 2015, and April 30, 2014, along with reconciliations to the condensed consolidated financial statements:
| (in thousands)
As of January 31, 2015 | Multi-Family Residential | Office | Healthcare | Industrial | Retail | Total
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |
Property owned | $ | 932,718 | $ | 478,590 | $ | 519,588 | $ | 50,900 | $ | 111,352 | $ | 2,093,148
Less accumulated depreciation |  | (172,987) |  | (112,093) |  | (115,395) |  | (10,836) |  | (27,842) |  | (439,153)
Net property owned | $ | 759,731 | $ | 366,497 | $ | 404,193 | $ | 40,064 | $ | 83,510 |  | 1,653,995
Real estate held for sale |  |  |  |  |  |  |  |  |  |  |  | 44,259
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 52,148
Other investments |  |  |  |  |  |  |  |  |  |  |  | 329
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 108,931
Development in progress |  |  |  |  |  |  |  |  |  |  |  | 114,005
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 27,675
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 2,001,342
| (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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