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OPERATING SEGMENTS | 12 Months Ended
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Apr. 30, 2015
OPERATING SEGMENTS [Abstract] |
OPERATING SEGMENTS | NOTE 11 · OPERATING SEGMENTS IRET reports its results in three reportable segments: multifamily; healthcare, including senior housing; and industrial properties. During fiscal year 2016, the Company reduced its number of reportable segments from five to three when its office and retail segments fell below the quantitative thresholds for reporting as reportable segments. Historical segment information has been reclassified in accordance with the Company’s current segment structure. The Company’s reportable segments are aggregations of similar properties. Segment information in this report is presented based on net operating income (“NOI”), which we define 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). We believe 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 following tables present real estate revenues and net operating income for the fiscal years ended April 30, 2015, 2014 and 2013 from our three reportable segments, and reconcile net operating income of reportable segments to net income as reported in the consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the consolidated financial statements.
|  | (in thousands) |
Year Ended April 30, 2015 |  | Multifamily |  | Healthcare |  | Industrial |  | All Other |  | Total |
Real estate revenue |  | $ | 118,526 |  | $ | 65,828 |  | $ | 6,491 |  | $ | 10,150 |  | $ | 200,995 |
Real estate expenses |  | 51,172 |  | 16,937 |  | 1,536 |  | 4,188 |  | 73,833 |
Net operating income |  | $ | 67,354 |  | $ | 48,891 |  | $ | 4,955 |  | $ | 5,962 |  | 127,162 |
TRS senior housing revenue, net of expenses |  |  |  |  |  |  |  |  |  | 523 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (51,775 | )
Administrative expenses |  |  |  |  |  |  |  |  |  | (11,824 | )
Other expenses |  |  |  |  |  |  |  |  |  | (2,010 | )
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (4,663 | )
Interest expense |  |  |  |  |  |  |  |  |  | (40,071 | )
Interest and other income |  |  |  |  |  |  |  |  |  | 2,956 |
Income before gain on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  |  |  |  |  | 20,298 |
Gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  | 6,093 |
Income from continuing operations |  |  |  |  |  |  |  |  |  | 26,391 |
Income from discontinued operations |  |  |  |  |  |  |  |  |  | 2,293 |
Net income |  |  |  |  |  |  |  |  |  | $ | 28,684 |
|  | (in thousands) |
Year Ended April 30, 2014 |  | Multifamily |  | Healthcare |  | Industrial |  | All Other |  | Total |
Real estate revenue |  | $ | 102,059 |  | $ | 64,887 |  | $ | 6,894 |  | $ | 11,539 |  | $ | 185,379 |
Real estate expenses |  | 46,138 |  | 16,899 |  | 2,043 |  | 4,725 |  | 69,805 |
Gain on involuntary conversion |  | 2,480 |  | 0 |  | 0 |  | 0 |  | 2,480 |
Net operating income |  | $ | 58,401 |  | $ | 47,988 |  | $ | 4,851 |  | $ | 6,814 |  | 118,054 |
TRS senior housing revenue, net of expenses |  |  |  |  |  |  |  |  |  | 296 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (50,069 | )
Administrative expenses |  |  |  |  |  |  |  |  |  | (10,743 | )
Other expenses |  |  |  |  |  |  |  |  |  | (2,129 | )
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (7,700 | )
Interest expense |  |  |  |  |  |  |  |  |  | (39,619 | )
Interest and other income |  |  |  |  |  |  |  |  |  | 2,148 |
Income before gain on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  |  |  |  |  | 10,238 |
Loss on sale of real estate and other investments |  |  |  |  |  |  |  |  |  | (51 | )
Income from continuing operations |  |  |  |  |  |  |  |  |  | 10,187 |
Loss from discontinued operations |  |  |  |  |  |  |  |  |  | (27,127 | )
Net loss |  |  |  |  |  |  |  |  |  | $ | (16,940 | )
|  | (in thousands) |
Year Ended April 30, 2013 |  | Multifamily |  | Healthcare |  | Industrial |  | All Other |  | Total |
Real estate revenue |  | $ | 89,923 |  | $ | 61,625 |  | $ | 6,700 |  | $ | 11,485 |  | $ | 169,733 |
Real estate expenses |  | 38,223 |  | 16,529 |  | 1,871 |  | 5,547 |  | 62,170 |
Gain on involuntary conversion |  | 3,852 |  | 0 |  | 0 |  | 1,232 |  | 5,084 |
Net operating income |  | $ | 55,552 |  | $ | 45,096 |  | $ | 4,829 |  | $ | 7,170 |  | 112,647 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (42,430 | )
Administrative expenses |  |  |  |  |  |  |  |  |  | (8,494 | )
Other expenses |  |  |  |  |  |  |  |  |  | (2,171 | )
Interest expense |  |  |  |  |  |  |  |  |  | (40,441 | )
Interest and other income |  |  |  |  |  |  |  |  |  | 732 |
Income before gain on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  |  |  |  |  | 19,843 |
Gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  | 0 |
Income from continuing operations |  |  |  |  |  |  |  |  |  | 19,843 |
Income from discontinued operations |  |  |  |  |  |  |  |  |  | 10,129 |
Net income |  |  |  |  |  |  |  |  |  | $ | 29,972 |
Segment Assets and Accumulated Depreciation
|  | (in thousands) |
As of April 30, 2015 |  | Multifamily |  | Healthcare |  | Industrial |  | All Other |  | Total |
Segment Assets |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 946,520 |  | $ | 495,021 |  | $ | 60,611 |  | $ | 44,215 |  | $ | 1,546,367 |
Less accumulated depreciation |  | (180,414 | ) | (112,515 | ) | (11,256 | ) | (9,123 | ) | (313,308 | )
Net property owned |  | $ | 766,106 |  | $ | 382,506 |  | $ | 49,355 |  | $ | 35,092 |  | 1,233,059 |
Assets held for sale |  |  |  |  |  |  |  |  |  | 463,103 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  | 48,970 |
Other investments |  |  |  |  |  |  |  |  |  | 329 |
Receivables and other assets |  |  |  |  |  |  |  |  |  | 72,555 |
Development in progress |  |  |  |  |  |  |  |  |  | 153,994 |
Unimproved land |  |  |  |  |  |  |  |  |  | 25,827 |
Total assets |  |  |  |  |  |  |  |  |  | $ | 1,997,837 |
|  | (in thousands) |
As of April 30, 2014 |  | Multifamily |  | Healthcare |  | Industrial |  | All Other |  | Total |
Segment Assets |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 753,731 |  | $ | 522,135 |  | $ | 55,375 |  | $ | 118,975 |  | $ | 1,450,216 |
Less accumulated depreciation |  | (158,100 | ) | (105,376 | ) | (10,198 | ) | (28,731 | ) | 302,405 |
Net property owned |  | $ | 595,631 |  | $ | 416,759 |  | $ | 45,177 |  | $ | 90,244 |  | 1,147,811 |
Assets held for sale |  |  |  |  |  |  |  |  |  | 457,307 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  | 47,267 |
Other investments |  |  |  |  |  |  |  |  |  | 329 |
Receivables and other assets |  |  |  |  |  |  |  |  |  | 89,034 |
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 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: 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=51669610&loc=d3e9038-108599 Reference 3: 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=51669610&loc=d3e8971-108599 Reference 4: 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=51669610&loc=d3e8595-108599 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=51669610&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 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: 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=51669610&loc=d3e8844-108599 Reference 8: 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=51669610&loc=d3e8984-108599 Reference 9: 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=51669610&loc=d3e9031-108599 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=51669610&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 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: 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=51669610&loc=d3e8864-108599 Reference 13: 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=51669610&loc=d3e8924-108599 Reference 14: 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=51669610&loc=d3e8906-108599 + Details
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