DISCONTINUED OPERATIONS

3 Months Ended

Jul. 31, 2012

DISCONTINUED OPERATIONS [Abstract]

DISCONTINUED OPERATIONS

NOTE 7 • DISCONTINUED OPERATIONS

The Company reports in discontinued operations the results of operations of a property that has either been disposed of or is classified as held for sale. The Company also reports any gains or losses from the sale of a property in discontinued operations. During the first quarter of fiscal year 2013, IRET sold two condominium units and a commercial retail property. During the first quarter of fiscal year 2012 the Company had no real estate dispositions. See Note 8 for additional information on the properties sold during the three months ended July 31, 2012. Six condominium units were classified as held for sale at July 31, 2012.  There were no properties classified as held for sale at July 31, 2011. The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the three months ended July 31, 2012 and 2011:

	Three Months Ended July 31
	(in thousands)
	2012			2011
REVENUE
Real estate rentals	$	9		$	74
Tenant reimbursement		1			(3	)
TOTAL REVENUE		10			71
EXPENSES
Depreciation/amortization related to real estate investments		0			27
Utilities		0			13
Maintenance		3			7
Real estate taxes		3			4
Insurance		1			1
Property management expenses		0			3
TOTAL EXPENSES		7			55
Interest expense		0			(44	)
Income (loss) from discontinued operations before gain on sale		3			(28	)
Loss on sale of discontinued operations		(73	)		0
LOSS FROM DISCONTINUED OPERATIONS	$	(70	)	$	(28	)