CENTERSPACE - FORM 8-K - EX-99.1 - EXHIBIT 99.1 EARNINGS RELEASE

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8-K - IRET FORM 8-K CURRENT REPORT - CENTERSPACE	iretform8k-12122011.htm
EX-99.2 - EXHIBIT 99.2 SUPPLEMENTAL OPERATING AND FINANCIAL DATA - CENTERSPACE	iretexhibit992-12122011.htm

Exhibit 99.1

Earnings Release

INVESTORS REAL ESTATE TRUST

ANNOUNCES

FINANCIAL AND OPERATING RESULTS

FOR THE QUARTER AND YEAR-TO-DATE ENDED OCTOBER 31, 2011

Minot, ND – December 12, 2011 – Investors Real Estate Trust (tickers: IRET and IRETP; exchange: NASDAQ Global Select Market) reported financial and operating results today for the quarter and year-to-date ended October 31, 2011.

During the three month period ended October 31, 2011, IRET’s revenues increased from the year-earlier period. Funds From Operations (FFO)1 overall and on a per share and unit basis decreased for the three month period ended October 31, 2011 compared to the same period of the prior fiscal year. Net income decreased from the year-earlier period, primarily due to the decrease in gain on sale of discontinued operations in the three month period ended October 31, 2011, compared to the three month period ended October 31, 2010.

For the three month period ended October 31, 2011, as compared to the same period of the prior fiscal year:

•

Revenues increased to $60.7 million from $58.8 million.

•

FFO decreased to $15.2 million on approximately 101,669,000 weighted average shares and units outstanding, from $16.0 million on approximately 98,737,000 weighted average shares and units outstanding ($.15 per share and unit compared to $.17 per share and unit).

•

Net Income Available to Common Shareholders, as computed under generally accepted accounting principles, was approximately $692,000 compared to $5.2 million in the same period of the prior fiscal year.

•

Total expenses increased by $2.9 million, or 7.1%, in the three months ended October 31, 2011 compared to the three months ended October 31, 2010, from $41.0 million to $43.9 million.

During the six month period ended October 31, 2011, IRET’s revenues increased from the year-earlier period. Funds From Operations (FFO)1 overall and on a per share and unit basis decreased for the six month period ended October 31, 2011 compared to the same period of the prior fiscal year. Net income decreased from the year-earlier period, primarily due to the decrease in gain on sale of discontinued operations in the six month period ended October 31, 2011, compared to the six month period ended October 31, 2010.

For the six month period ended October 31, 2011, as compared to the same period of the prior fiscal year:

•

Revenues increased to $120.3 million from $118.0 million.

•

FFO decreased to $31.0 million on approximately 101,286,000 weighted average shares and units outstanding, from $32.9 million on approximately 97,775,000 weighted average shares and units outstanding ($.31 per share and unit compared to $.34 per share and unit).

•

Net Income Available to Common Shareholders, as computed under generally accepted accounting principles, was approximately $1.5 million compared to $6.6 million in the same period of the prior fiscal year.

•

Total expenses increased by $3.9 million, or 4.7%, in the six months ended October 31, 2011 compared to the six months ended October 31, 2010, from $82.2 million to $86.1 million.

IRET’s President and Chief Executive Officer, Timothy Mihalick, commented: “IRET continues to reduce vacancy in its multi-family residential, industrial, medical and retail segments, but vacancy levels in our commercial office segment remain elevated and continue to reflect the challenging and uncertain economic conditions in our markets. A sluggish and weak economy continues to depress tenant demand for office space and pressure rental rates. While we made significant progress in the second quarter of fiscal year 2012, and subsequent to quarter end, in leasing certain vacant space in our commercial portfolio, as indicated by our November 2011 announcement of the execution of leases covering 137,488 square feet at three of our commercial properties, the pace of recovery in our commercial office segment has been slower than we expected, which has affected our revenues in this quarter. However, we continue to see numerous acquisition and development opportunities, particularly in our home market of North Dakota, where oil activity remains strong. Additionally, and as before, we remain focused on improving our core operational efficiencies, which we expect to assist in providing favorable results to our bottom line.”

______________________________

The National Association of Real Estate Investment Trusts, Inc. (NAREIT) defines FFO as “net income (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from sales of property, plus real estate depreciation and amortization, and adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis.” In addition, NAREIT recently clarified its computation of FFO to exclude impairment charges for all periods presented. FFO is a non-GAAP measure. We consider FFO, which is a standard supplemental measure for equity real estate investment trusts, helpful to investors because it facilitates an understanding of the operating performance of properties without giving effect to impairment write-downs and to real estate depreciation and amortization, which assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead historically rise or fall with market conditions, we believe that FFO provides investors and management with a more accurate indication of our financial and operating results. See table below for a reconciliation of Net Income to FFO.

Operating Results

Net Operating Income (NOI)2 from stabilized properties3 decreased approximately $1.1 million or 3.2% during the three month period ended October 31, 2011, compared to the same period one year ago. NOI from stabilized properties decreased in three of our five segments, with NOI increasing in our multi-family residential and commercial industrial segments, which increased 12.7% and 11.0%, respectively, due to increased occupancy. NOI from all properties increased by $351,000 during the three month period ended October 31, 2011, compared to the same period one year ago. NOI from all properties increased in three of our five segments. NOI in our commercial office segment, however, decreased 12.9% due to increased vacancy, and in our commercial retail segment, decreased 2.2 % due to increased real estate expenses, compared to the three month period ended October 31, 2010.

Net Operating Income (NOI)2 from stabilized properties3 decreased approximately $2.2 million or 3.1% during the six month period ended October 31, 2011, compared to the same period one year ago. NOI from stabilized properties decreased in three of our five segments, with NOI increasing only in our multi-family residential and commercial industrial segments, which increased 12.1% and 4.5%, respectively, due to increased occupancy. NOI from all properties decreased by $222,000 during the six month period ended October 31, 2011, compared to the same period one year ago. NOI from all properties increased in three of our five segments. NOI in our commercial office segment, however, decreased 11.4% due to increased vacancy, and in our commercial retail segment, decreased 5.4 % due to increased real estate expenses, compared to the six month period ended October 31, 2010.

As of October 31, 2011, compared to October 31, 2010, physical occupancy levels on a stabilized property basis and on an all property basis increased in four of our five reportable segments.

Physical Occupancy Levels on a Stabilized Property and All Property Basis:

	Stabilized Properties(a)		All Properties
	As of October 31,		As of October 31,
Segments	Fiscal 2012	Fiscal 2011	Fiscal 2012	Fiscal 2011
Multi-Family Residential	94.8%	90.6%	94.6%	90.6%
Commercial Office	77.7%	80.5%	78.0%	80.5%
Commercial Medical	95.8%	95.7%	96.2%	95.8%
Commercial Industrial	92.2%	80.0%	92.3%	80.3%
Commercial Retail	85.3%	83.6%	85.8%	83.6%

a.	As of October 31, 2011, stabilized properties excluded:

Multi-Family Residential -

North Pointe II, Bismarck, ND and Sierra Vista, Sioux Falls, SD, Cottage West Twin Homes, Sioux Falls, SD, Gables Townhomes, Sioux Falls, SD, and Regency Park Estates, St Cloud, MN

Total number of units, 289 Occupancy % for October 31, 2011 is 89.6%.

Commercial Office -

1st Avenue Building, Minot, ND and Omaha 10802 Farnum Drive, Omaha, NE.

Total square footage 63,001. Occupancy % for October 31, 2011 is 98.7%.

Commercial Medical -

Billings 2300 Grant Road, Billings, MT; Missoula 3050 Great Northern Avenue, Missoula, MT; Edgewood Vista-Minot, Minot, ND; Edina 6525 Drew Avenue, Edina, MN; Spring Creek American Falls, American Falls, ID; Spring Creek Soda Springs, Soda Springs, ID; Spring Creek Eagle, Eagle, ID; Spring Creek Meridian, Meridian, ID; Spring Creek Overland, Boise, ID; Spring Creek Boise, Boise, ID; Spring Creek Ustick, Meridian, ID and Trinity at Plaza 16, Minot, ND.

Total square footage, 315,567. Occupancy % for October 31, 2011 is 99.7%.

Commercial Industrial -

Fargo 1320 45th Street North, Fargo, ND.

Total square footage, 42,244. Occupancy % for October 31, 2011 is 100.0%.

Commercial Retail -

Minot 1400 31st Ave, Minot, ND.

Total square footage, 48,960 Occupancy % for October 31, 2011 is 100.0%.

As of October 31, 2010, stabilized properties excluded:

Commercial Office -

1st Avenue Building, Minot, ND.

Total square footage, 4,427. Occupancy % for October 31, 2010 is 100.0%.

Commercial Medical -

Billings 2300 Grant Road, Billings, MT; Missoula 3050 Great Northern Avenue, Missoula, MT and Fox River Cottages, Grand Chute, WI.

Total square footage, 55,681. Occupancy % for October 31, 2010 is 100.0%.

Commercial Industrial -

Fargo 1320 45th Street North, Fargo, ND.

Total square footage, 42,244. Occupancy % for October 31, 2010 is 100.0%.

______________________________

We measure the performance of our segments based on NOI, which we define as total real estate revenues less real estate expenses (which consist of utilities, maintenance, real estate taxes, insurance and property management expenses). We believe that NOI is an important supplemental measure of operating performance for a real estate investment trust’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. See tables below for a reconciliation of NOI to the condensed consolidated financial statements.

3	Stabilized properties are those properties owned for the entirety of both periods being compared, and which, in the case of development or re-development properties, have achieved a target level of occupancy.

Acquisitions and Dispositions

During the second quarter of fiscal year 2012, the Company closed on or placed in-service the following acquisitions and development projects: an approximately 3,431 square foot medical office property located in Edina, Minnesota, for a purchase price of $505,000, of which $31,000 was paid in cash and the remainder in limited partnership units of the Operating Partnership valued at $474,000 (this property adjoins an existing medical office property owned by the Company); two multi-family residential properties in Sioux Falls, South Dakota, with 50 units and 24 units, respectively, for purchase prices of $4.7 million and $2.3 million, respectively, paid in cash; an approximately 24,795 square foot, one-story medical clinic was completed for Trinity Health, a non-profit healthcare organization based in Minot, North Dakota, on land owned by the Company adjacent to the Company’s former headquarters building in Minot, for total project costs (excluding the value of the land) of approximately $8.9 million (construction of this build-to-suit facility began in the second quarter of fiscal year 2011, with the project’s certificate of occupancy issued on September 23, 2011); an approximately 9.6 acre parcel of vacant land located in Minot, North Dakota, zoned for commercial development, for a purchase price of approximately $416,000, paid in cash; seven senior housing projects located in Boise, Idaho and towns surrounding Boise, with a total of approximately 261 beds, for a total purchase price of approximately $33.8 million; a small parcel of vacant land adjoining the Company’s Meadow Wind assisted living facility in Casper, Wyoming, for which the Company paid $50,000; and the 147-unit Regency Park Estates multi-family residential property in St. Cloud, Minnesota, for a purchase price totaling $10.9 million, of which approximately $7.2 million consisted of the assumption of existing debt, with the remaining approximately $3.7 million paid in cash (approximately $2.2 million) and in limited partnership units of the Operating Partnership valued at approximately $1.5 million.

During the second quarter of fiscal year 2012, the Company sold a small retail property in Livingston, Montana, for a sale price of approximately $2.2 million, with approximately $1.2 million of the sale proceeds applied to pay off the outstanding mortgage loan balance on the property.

Shareholder Equity, Distributions and Capital Structure

As of October 31, 2011, IRET had a total capitalization of $1.8 billion. Total capitalization is defined as the market value (closing price at end of period) of the Company’s outstanding common shares and the imputed market value of the outstanding limited partnership units of IRET Properties (which are convertible, at the expiration of a specified holding period, into cash or, at the Company’s sole discretion, into common shares of the Company on a one-to-one basis), plus the book value of the Company’s preferred shares and the outstanding principal balance of the consolidated debt of the Company.

On October 3, 2011, IRET paid a quarterly distribution of $0.1300 per share and unit on its common shares and limited partnership units of IRET Properties. This was IRET’s 162nd consecutive distribution. IRET also paid, on September 30, 2011, a quarterly distribution of $0.5156 per share on its Series A preferred shares.

Distribution Declared. Subsequent to the end of the second quarter of fiscal year 2012, on December 7, 2011, the Company’s Board of Trustees declared a regular quarterly distribution of 13.00 cents per share and unit on the Company’s common shares of beneficial interest and the limited partnership units of IRET Properties, payable January 16, 2012 to common shareholders and unitholders of record on January 3, 2012. Also on December 7, 2011, the Company’s Board of Trustees declared a distribution of 51.56 cents per share on the Company’s preferred shares of beneficial interest, payable January 3, 2012 to preferred shareholders of record on December 20, 2011.

Conference Call Information

The Conference Call for 2nd Quarter Earnings is scheduled for Tuesday, December 13, 2011 at 9:00 A.M. Central Standard Time. The call will be limited to one hour, including questions and answers. Conference call access information is as follows:

USA Toll Free Number: 1-877-317-6789

International Toll Free Number: 1-412-317-6789

Canada Toll Free Number: 1-866-605-3852

A webcast and transcript of the call will be archived on the “Investors Presentations & Events” page of IRET’s website, http://www.iret.com, for one year. Questions regarding the conference call should be directed to IRET Investor Relations at landerson@iret.com.

iii

About IRET

IRET is a self-administered, equity real estate investment trust investing in income-producing properties located primarily in the upper Midwest. IRET owns a diversified portfolio of properties consisting of 81 multi-family residential properties with 8,885 apartment units; and 68 commercial office properties, 65 commercial medical properties (including senior housing), 19 commercial industrial properties and 32 commercial retail properties with a total of approximately 12.3 million square feet of leasable space. IRET common and preferred shares are publicly traded on the NASDAQ Global Select Market (symbols: IRET and IRETP). IRET’s press releases and supplemental information are available on the Company website at www.iret.com or by contacting Investor Relations at 701-837-4738.

Certain statements in this earnings release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from projected results. Such risks, uncertainties and other factors include, but are not limited to: intentions and expectations regarding future distributions on our common shares and units, fluctuations in interest rates, the effect of government regulation, the availability of capital, changes in general and local economic and real estate market conditions, competition, our ability to attract and retain skilled personnel, and those risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including our 2011 Form 10-K. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

	(in thousands, except share data)
	October 31, 2011			April 30, 2011
ASSETS
Real estate investments
Property owned	$	1,844,654		$	1,770,798
Less accumulated depreciation		(351,174	)		(328,952	)
		1,493,480			1,441,846
Development in progress		14,124			9,693
Unimproved land		6,558			6,550
Mortgage loans receivable, net of allowance of $3 and $3, respectively		155			156
Total real estate investments		1,514,317			1,458,245
Other assets
Cash and cash equivalents		32,697			41,191
Other investments		628			625
Receivable arising from straight-lining of rents, net of allowance of $1,097 and $996, respectively		20,905			18,933
Accounts receivable, net of allowance of $311 and $317, respectively		8,243			5,646
Real estate deposits		451			329
Prepaid and other assets		1,718			2,351
Intangible assets, net of accumulated amortization of $45,407 and $42,154, respectively		50,322			49,832
Tax, insurance, and other escrow		11,315			15,268
Property and equipment, net of accumulated depreciation of $1,448 and $1,231, respectively		1,986			1,704
Goodwill		1,127			1,127
Deferred charges and leasing costs, net of accumulated amortization of $15,558 and $13,675, respectively		21,255			20,112
TOTAL ASSETS	$	1,664,964		$	1,615,363

LIABILITIES AND EQUITY
LIABILITIES
Accounts payable and accrued expenses	$	39,002		$	37,879
Revolving line of credit		47,000			30,000
Mortgages payable		1,039,625			993,803
Other		1,164			8,404
TOTAL LIABILITIES		1,126,791			1,070,086
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING INTERESTS – CONSOLIDATED REAL ESTATE ENTITIES		1,005			987
EQUITY
Investors Real Estate Trust shareholders’ equity
Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, 1,150,000 shares issued and outstanding at October 31, 2011 and April 30, 2011, aggregate liquidation preference of $28,750,000)		27,317			27,317
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 83,681,912 shares issued and outstanding at October 31, 2011, and 80,523,265 shares issued and outstanding at April 30, 2011)		643,022			621,936
Accumulated distributions in excess of net income		(260,535	)		(237,563	)
Total Investors Real Estate Trust shareholders’ equity		409,804			411,690
Noncontrolling interests – Operating Partnership (19,534,288 units at October 31, 2011 and 20,067,350 units at April 30, 2011)		116,550			123,627
Noncontrolling interests – consolidated real estate entities		10,814			8,973
Total equity		537,168			544,290
TOTAL LIABILITIES AND EQUITY	$	1,664,964		$	1,615,363

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

for the three and six months ended October 31, 2011 and 2010

	(in thousands, except per share data)
	Three Months Ended October 31						Six Months Ended October 31
	2011			2010			2011			2010
REVENUE
Real estate rentals	$	49,820		$	47,733		$	98,663		$	95,541
Tenant reimbursement		10,868			11,114			21,596			22,431
TOTAL REVENUE		60,688			58,847			120,259			117,972
EXPENSES
Depreciation/amortization related to real estate investments		14,195			13,777			28,351			27,681
Utilities		4,900			4,355			8,898			8,409
Maintenance		6,962			6,749			13,790			13,643
Real estate taxes		7,676			7,464			15,479			15,288
Insurance		785			769			1,662			1,220
Property management expenses		5,468			4,964			10,847			10,051
Administrative expenses		1,911			1,582			3,863			3,339
Advisory and trustee services		193			136			422			348
Other expenses		835			563			1,150			916
Amortization related to non-real estate investments		758			637			1,492			1,289
TOTAL EXPENSES		43,683			40,996			85,954			82,184
Interest expense		(16,317	)		(16,416	)		(32,223	)		(32,467	)
Interest income		37			65			90			119
Other income		176			102			276			185
Income from continuing operations before income taxes		901			1,602			2,448			3,625
Income tax benefit		0			19			0			0
Income from continuing operations		901			1,621			2,448			3,625
Income from discontinued operations		590			5,500			616			5,828
NET INCOME		1,491			7,121			3,064			9,453
Net income attributable to noncontrolling interests – Operating Partnership		(194	)		(1,322	)		(372	)		(1,692	)
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities		(12	)		20			14			44
Net income attributable to Investors Real Estate Trust		1,285			5,819			2,706			7,805
Dividends to preferred shareholders		(593	)		(593	)		(1,186	)		(1,186	)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	692		$	5,226		$	1,520		$	6,619
Earnings per common share from continuing operations – Investors Real Estate Trust – basic and diluted		.00			.01			.01			.03
Earnings per common share from discontinued operations – Investors Real Estate Trust – basic and diluted		.01			.06			.01			.06
NET INCOME PER COMMON SHARE – BASIC AND DILUTED	$	.01		$	.07		$	.02		$	.09
DIVIDENDS PER COMMON SHARE	$	.1300		$	.1715		$	.3015		$	.3430

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO

INVESTORS REAL ESTATE TRUST TO FUNDS FROM OPERATIONS

for the three and six months ended October 31, 2011 and 2010

	(in thousands, except per share amounts)
Three Months Ended October 31,	2011									2010
	Amount				Weighted Avg Shares and Units(2)		Per Share and Unit(3)			Amount				Weighted Avg Shares and Units(2)		Per Share And Unit(3)



Net income attributable to Investors Real Estate Trust		$	1,285								$	5,819
Less dividends to preferred shareholders			(593	)								(593	)
Net income available to common shareholders			692			82,078		$	0.01			5,226			78,647		$	0.07
Adjustments:
Noncontrolling interest – Operating Partnership			194			19,591						1,322			20,090
Depreciation and amortization(1)			14,890									14,888
Gain on depreciable property sales			(589	)								(5,404	)
Funds from operations applicable to common shares and Units		$	15,187			101,669		$	0.15			16,032			98,737		$	0.17

	(in thousands, except per share amounts)
Six Months Ended October 31,	2011									2010
	Amount				Weighted Avg Shares and Units(2)		Per Share and Unit(3)			Amount				Weighted Avg Shares and Units(2)		Per Share And Unit(3)



Net income attributable to Investors Real Estate Trust		$	2,706								$	7,805
Less dividends to preferred shareholders			(1,186	)								(1,186	)
Net income available to common shareholders			1,520			81,467		$	0.02			6,619			77,512		$	0.09
Adjustments:
Noncontrolling interest – Operating Partnership			372			19,819						1,692			20,263
Depreciation and amortization(4)			29,713									29,948
Gain on depreciable property sales			(589	)								(5,404	)
Funds from operations applicable to common shares and Units		$	31,016			101,286		$	0.31			32,855			97,775		$	0.34

(1)

Real estate depreciation and amortization consists of the sum of depreciation/amortization related to real estate investments and amortization related to non-real estate investments from the Condensed Consolidated Statements of Operations, totaling $14,953 and $14,414, and depreciation/amortization from Discontinued Operations of $(2) and $545, less corporate-related depreciation and amortization on office equipment and other assets of $61 and $71, for the three months ended October 31, 2011 and 2010, respectively.

(2)	UPREIT Units of the Operating Partnership are exchangeable for common shares of beneficial interest on a one-for-one basis.

(3)	Net income attributable to Investors Real Estate Trust is calculated on a per share basis. FFO is calculated on a per share and unit basis.

(4)

Real estate depreciation and amortization consists of the sum of depreciation/amortization related to real estate investments and amortization related to non-real estate investments from the Condensed Consolidated Statements of Operations, totaling $29,843 and $28,970, and depreciation/amortization from Discontinued Operations of $8 and $1,125, less corporate-related depreciation and amortization on office equipment and other assets of $138 and $147, for the six months ended October 31, 2011 and 2010, respectively.

vii

INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES

RECONCILATION OF NET OPERATING INCOME TO THE

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

for the three and six months ended October 31, 2011 and 2010

	(in thousands)
Three Months Ended October 31, 2011	Multi-Family Residential			Commercial- Office			Commercial- Medical			Commercial- Industrial			Commercial- Retail			Total

Real estate revenue		$	18,381		$	18,367		$	17,073		$	3,566		$	3,301	$	60,688
Real estate expenses			8,757			8,812			5,971			1,134			1,117		25,791
Net operating income		$	9,624		$	9,555		$	11,102		$	2,432		$	2,184		34,897
Depreciation/amortization																	(14,953	)
Administrative, advisory and trustee services																	(2,104	)
Other expenses																	(835	)
Interest expense																	(16,317	)
Interest and other income																	213
Income from continuing operations																	901
Income from discontinued operations																	590
Net income																$	1,491

	(in thousands)
Three Months Ended October 31, 2010	Multi-Family Residential			Commercial- Office		Commercial- Medical		Commercial- Industrial		Commercial- Retail		Total

Real estate revenue		$	16,544	$	19,603	$	16,245	$	3,152	$	3,303	$	58,847
Real estate expenses			8,283		8,631		5,363		955		1,069		24,301
Net operating income		$	8,261	$	10,972	$	10,882	$	2,197	$	2,234		34,546
Depreciation/amortization													(14,414	)
Administrative, advisory and trustee services													(1,718	)
Other expenses													(563	)
Interest expense													(16,416	)
Interest and other income													167
Income tax benefit													19
Income from continuing operations													1,621
Income from discontinued operations													5,500
Net income												$	7,121

	(in thousands)
Six Months Ended October 31, 2011	Multi-Family Residential			Commercial- Office			Commercial- Medical			Commercial- Industrial			Commercial- Retail			Total

Real estate revenue		$	35,863		$	37,182		$	33,690		$	7,001		$	6,523	$	120,259
Real estate expenses			17,123			17,756			11,489			2,100			2,208		50,676
Net operating income		$	18,740		$	19,426		$	22,201		$	4,901		$	4,315		69,583
Depreciation/amortization																	(29,843	)
Administrative, advisory and trustee services																	(4,285	)
Other expenses																	(1,150	)
Interest expense																	(32,223	)
Interest and other income																	366
Income from continuing operations																	2,448
Income from discontinued operations																	616
Net income																$	3,064

	(in thousands)
Six Months Ended October 31, 2010	Multi-Family Residential			Commercial- Office		Commercial- Medical		Commercial- Industrial		Commercial- Retail		Total

Real estate revenue		$	32,711	$	39,496	$	32,555	$	6,541	$	6,669	$	117,972
Real estate expenses			16,341		17,574		10,671		1,919		2,106		48,611
Net operating income		$	16,370	$	21,922	$	21,884	$	4,622	$	4,563		69,361
Depreciation/amortization													(28,970	)
Administrative, advisory and trustee services													(3,687	)
Other expenses													(916	)
Interest expense													(32,467	)
Interest and other income													304
Income from continuing operations													3,625
Income from discontinued operations													5,828
Net income												$	9,453

viii

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