XML 57 R26.htm IDEA: XBRL DOCUMENT
v3.2.0.727

DISCONTINUED OPERATIONS (Tables) | 3 Months Ended
--- | ---
Jul. 31, 2015
DISCONTINUED OPERATIONS [Abstract] |
Effect on Net Income and Gains or Losses from the Sale of Properties Classified as Discontinued Operations | The following information shows the effect on net income from the properties classified as discontinued operations for the three months ended July 31, 2015 and 2014:
|  | (in thousands) |
|  | Three Months Ended July 31 |
|  | 2015 |  |  | 2014 |
REVENUE |  |  |  |  |  |
Real estate rentals |  | $ | 13,614 |  |  | $ | 13,562 |
Tenant reimbursement |  |  | 6,164 |  |  |  | 5,854 |
TOTAL REVENUE |  |  | 19,778 |  |  |  | 19,416 |
EXPENSES |  |  |  |  |  |  |  |
Depreciation/amortization related to real estate investments |  |  | 4,239 |  |  |  | 3,970 |
Utilities |  |  | 1,743 |  |  |  | 1,736 |
Maintenance |  |  | 2,992 |  |  |  | 2,778 |
Real estate taxes |  |  | 3,419 |  |  |  | 3,514 |
Insurance |  |  | 265 |  |  |  | 274 |
Property management expenses |  |  | 1,051 |  |  |  | 964 |
Amortization related to non-real estate investments |  |  | 624 |  |  |  | 651 |
Impairment of real estate investments |  |  | 440 |  |  |  | 0 |
TOTAL EXPENSES |  |  | 14,773 |  |  |  | 13,887 |
Operating income |  |  | 5,005 |  |  |  | 5,529 |
Interest expense(1) |  |  | (5,765 | ) |  |  | (4,917 | )
Other income |  |  | 70 |  |  |  | 5 |
(LOSS) INCOME FROM DISCONTINUED OPERATIONS |  | $ | (690 | ) |  | $ | 617 |
(1) | Includes $1.5 million and $0, respectively, of default interest related to a $122.6 million non-recourse loan by a Company subsidiary, for which we received a default notice from the special servicer on April 14, 2015 due to nonpayment on April 6, 2015.
Reconciliation of Assets and Liabilities of Discontinued Operations to Assets and Liabilities Held for Sale That Are Presented Separately on Condensed Consolidated Balance Sheets | The following information reconciles the carrying amounts of major classes of assets and liabilities of the discontinued operations to assets and liabilities held for sale that are presented separately on the Condensed Consolidated Balance Sheets:
|  | (in thousands) |
|  | July 31, 2015 |  |  | April 30, 2015 |
Carrying amounts of major classes of assets included as part of discontinued operations |  |  |  |  |  |
Property owned and intangible assets, net of accumulated depreciation and amortization |  | $ | 414,380 |  |  | $ | 417,045 |
Receivable arising from straight-lining of rents |  |  | 9,843 |  |  |  | 10,078 |
Accounts receivable |  |  | 759 |  |  |  | 566 |
Prepaid and other assets |  |  | 443 |  |  |  | 699 |
Tax, insurance and other escrow |  |  | 1,017 |  |  |  | 1,176 |
Goodwill |  |  | 193 |  |  |  | 193 |
Deferred charges and leasing costs |  |  | 9,918 |  |  |  | 9,606 |
Total major classes of assets of the discontinued operations |  |  | 436,553 |  |  |  | 439,363 |
Other assets included in the disposal group classified as held for sale |  |  | 16,664 |  |  |  | 23,740 |
Total assets of the disposal groups classified as held for sale on the balance sheet |  | $ | 453,217 |  |  | $ | 463,103 |
Carrying amounts of major classes of liabilities included as part of discontinued operations |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 15,173 |  |  | $ | 13,952 |
Mortgages payable |  |  | 282,106 |  |  |  | 295,677 |
Other |  |  | 0 |  |  |  | 4 |
Total major classes of liabilities of the discontinued operations |  |  | 297,279 |  |  |  | 309,633 |
Other liabilities included in the disposal group classified as held for sale |  |  | 11,533 |  |  |  | 11,760 |
Total liabilities of the disposal groups classified as held for sale on the balance sheet |  | $ | 308,812 |  |  | $ | 321,393 |

X
- Definition Tabular disclosure of reconciliation of the carrying amounts of major classes of assets and liabilities of the discontinued operations to assets and liabilities held for sale that are presented separately on the Balance Sheets. + References No definition available. + Details
Name: | iret_DisposalGroupsIncludingDiscontinuedOperationsAssetsAndLiabilitiesHeldForSaleTableTextBlock
Namespace Prefix: | iret_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760 Reference 3: 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=51717284&loc=d3e1474-107760 Reference 4: 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=51717284&loc=d3e1361-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760 Reference 9: 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=51719941&loc=d3e2941-110230 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration