INVESTORS REAL ESTATE TRUST IRET Income Statement

Investors real estate trust (IRET)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Oct'18	Sep'18	Jul'18	Jun'18	Mar'18	Jan'18	Dec'17	Oct'17	Jul'17	Apr'17	Jan'17	Oct'16	Jul'16	Apr'16	Jan'16	Oct'15	Jul'15	Apr'15	Jan'15	Oct'14	Jul'14	Apr'14	Jan'14	Oct'13	Jul'13	Apr'13	Jan'13	Oct'12	Jul'12	Apr'12	Jan'12	Oct'11	Jul'11	Apr'11	Jan'11	Oct'10	Jul'10
REVENUE
Real estate rentals
-	-	-	-	-	-	-	-	-	-	-	42,858	-	-	-	-	39,390	45,859	44,985	-	44,015	41,868	40,750	24,348	46,753	45,304	43,564	-19,228	56,156	54,477	53,623	50,885	51,973	51,403	50,458	40,243	49,859	49,371	48,826	45,861	47,792	47,733	47,859
Tenant reimbursement
-	-	-	-	-	-	-	-	-	-	-	396	-	-	-	-	838	4,750	4,626	-	4,391	4,478	4,295	4,230	5,223	5,042	4,857	-14,681	11,473	11,295	11,475	10,860	11,107	10,855	10,517	8,125	10,687	10,829	10,731	10,146	12,354	11,114	11,317
TRS senior housing revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	963	843	793	-	804	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Revenues
44,406	45,777	47,436	46,934	45,608	30,268	45,638	45,406	45,946	46,197	43,035	43,254	28,405	41,866	40,978	19,656	40,228	50,609	49,611	5,703	48,406	46,346	45,045	25,979	52,939	51,189	49,214	-34,713	68,433	65,772	65,098	61,745	63,080	62,258	60,975	48,368	60,546	60,200	59,557	56,007	60,146	58,847	59,176
EXPENSES
Property operating expenses, excluding real estate taxes
13,468	14,018	14,485	13,942	14,804	8,826	14,247	14,438	14,459	13,934	14,246	15,426	8,599	14,108	12,874	1,145	14,571	15,814	16,057	-211	15,412	15,052	13,488	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Utilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,564	3,024	2,945	-	5,042	5,208	4,923	5,145	4,655	4,798	4,194	3,816	4,457	4,848	3,985	4,836	4,775	4,355	4,054
Maintenance
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,033	5,062	4,986	-	7,828	7,162	7,729	7,199	7,454	6,375	7,312	5,483	6,338	6,888	6,821	6,954	8,358	6,749	6,894
Real estate taxes
5,465	4,835	5,425	5,574	5,232	3,469	5,089	5,049	5,070	5,003	5,021	4,609	2,971	4,610	4,653	1,355	4,048	5,759	5,577	-217	4,909	4,899	4,816	4,550	5,284	4,781	4,987	-5,711	7,679	8,361	8,375	7,914	8,190	7,836	8,242	5,933	7,993	7,624	7,799	7,569	7,780	7,464	7,824
Cost of Goods and Services Sold
1,554	-	-	-	1,554	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Real Estate Insurance
327	205	178	92	641	690	225	225	225	0	50	-	0	115	485	-	-	-	-	-	-	-	-	-	1,215	1,068	1,462	-	1,190	1,413	1,301	892	1,025	916	901	818	876	773	876	390	646	769	451
Depreciation and amortization
18,160	18,972	18,751	18,437	18,111	12,160	19,191	19,164	18,612	19,132	20,516	18,390	12,294	17,270	25,338	5,668	10,787	13,531	14,267	2,958	12,693	12,405	11,217	5,084	12,627	12,859	12,214	-11,444	16,733	16,367	18,056	14,480	14,754	15,009	15,063	11,155	14,280	14,116	14,139	13,497	13,892	13,777	13,914
Impairment of Real Estate
-	-	0	0	-	-	-	0	-	17,809	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization related to non-real estate investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	210	216	221	-	756	800	944	717	739	749	822	565	903	758	734	701	689	637	652
Impairment of real estate investments
-	-	-	-	-	1,221	0	-	0	-	-	0	0	0	256	2,875	0	0	54,153	2,223	162	1,873	1,285	0	540	1,803	2,320	2,902	4,798	0	0	0	0	0	0	-	-	-	-	-	0	-	-
Property management expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,825	3,479	3,666	-	4,064	4,184	4,135	3,586	3,824	3,892	3,701	2,466	4,926	5,394	5,378	4,820	5,474	4,964	5,090
Other property expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	197	350	206	-	124	3	177	241	200	232	335	-	-	-	-	-	-	-	-
TRS senior housing expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	825	725	693	-	671	0	0	-	-	-	-	-	-	-	-	-	-	-	-
General and Administrative Expense
3,428	3,647	3,448	3,549	3,806	2,317	3,374	3,147	3,870	4,348	3,619	3,011	1,921	3,118	4,002	4,676	4,172	3,522	3,501	5,182	2,929	2,933	2,454	2,516	2,754	2,890	3,664	2,079	2,935	3,205	2,524	2,524	2,092	1,918	1,960	1,338	1,493	1,911	1,952	1,562	1,716	1,582	1,757
Acquisition and investment related costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	397	35	391	7	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Advisory and trustee services
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	229	-	153	143	136	99	166	193	229	123	134	136	212
Other expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	51	813	417	-31	488	578	612	-	-	-	679	677	464	513	519	389	359	835	315	390	441	563	353
TOTAL EXPENSES
42,402	43,311	43,840	43,039	44,148	11,824	43,445	43,292	43,603	61,670	44,829	41,436	26,709	40,593	48,964	24,455	33,578	38,626	93,555	13,003	36,191	38,366	33,684	23,044	36,562	36,835	37,976	-18,055	51,820	46,703	49,072	42,943	43,550	42,381	43,185	31,920	41,791	43,340	42,228	41,507	43,905	40,996	41,201
Gain on involuntary conversion
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,514	0	966	2,821	0	2,263	0	-	0	0	-	-	-	-	-
Operating income (loss)
2,004	2,466	3,596	3,895	1,460	18,444	2,193	2,114	2,343	-15,473	-1,794	1,818	1,696	1,273	-7,986	-4,799	6,650	11,983	-43,944	-7,300	12,215	7,980	11,361	2,935	16,377	14,354	11,238	-16,658	18,127	19,069	16,992	21,623	19,530	22,140	17,790	-	18,755	-	-	-	-	-	-
Interest Expense
6,911	7,357	7,694	7,590	7,896	4,604	7,997	8,193	8,385	8,562	8,296	9,236	6,164	8,509	8,131	4,492	8,832	10,626	10,364	2,711	9,151	8,741	7,814	4,737	10,009	9,954	9,747	-10,796	15,130	14,799	14,596	14,161	15,197	15,727	16,069	13,316	16,411	16,193	15,881	14,380	15,868	16,416	16,071
Gain (Loss) on Extinguishment of Debt
0	-864	-1,087	-407	-2	-4	-4	-540	-552	-12	-121	-285	-285	-334	-199	-	-458	-	-	-	0	-106	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest and other income
-2,777	-	498	-	424	-	-	395	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest income
-	-	-	402	-	-	410	-	481	429	673	408	212	199	21	-	272	56	28	-1,609	566	565	556	-1,619	561	560	560	560	573	585	188	46	70	88	18	33	25	37	53	65	75	65	54
Other income
-	-	-	66	-	-	19	-	35	31	16	25	19	56	207	-	155	37	160	21	135	100	51	347	109	136	126	119	34	67	22	102	185	115	124	101	254	176	100	65	32	102	83
Income (loss) before gain (loss) on sale of real estate and other investments, gain (loss) on litigation settlement, and income (loss) from discontinued operations
-7,684	-5,053	-4,687	-3,634	-6,014	14,214	-5,379	-6,224	-6,078	-23,587	-9,522	-7,270	-4,522	-7,315	-16,088	-10,046	-2,213	1,450	-54,120	-11,599	3,765	-202	4,154	-3,074	7,038	5,096	2,177	-5,183	3,604	4,922	2,606	-	-	-	-	-	-	-	-	-	-	-	-
Gain (loss) on sale of real estate and other investments
0	57,850	39,105	615	54	612	-232	9,095	9,224	0	2,304	12,387	12,368	5,324	124	7,409	2,437	-103	8,958	8,369	1,446	0	-175	6,904	951	1,231	-2,993	-51	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Gain (loss) on litigation settlement
-	-	300	6,286	-	0	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income from continuing operations before income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,602	2,041
Income tax benefit
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-19	19
Income (loss) from continuing operations
-	-	34,718	3,267	-	14,826	-5,611	2,871	3,146	-23,587	-7,218	5,117	7,846	-1,991	-15,964	-2,637	224	1,347	-45,162	194	5,211	-202	3,979	3,830	7,989	6,327	-816	-5,234	3,604	4,922	2,606	7,610	4,588	6,616	1,863	3,540	2,623	880	1,601	250	480	1,621	2,022
Income (loss) from discontinued operations
-	-	0	0	-	-238	0	570	570	238	13,882	146,811	132,888	15,130	2,685	36,277	24,965	10,943	4,568	11,561	38,232	16,879	748	10,032	1,162	-457	617	-29,288	465	5,375	610	4,203	1,565	3,394	133	581	-102	611	-28	60	14,108	5,500	310
NET INCOME (LOSS)
-7,684	52,797	34,718	3,267	-5,960	14,588	-5,611	3,441	3,716	-23,349	6,664	151,928	140,734	13,139	-13,279	33,640	25,189	12,290	-40,594	11,755	43,443	16,677	4,727	13,862	9,151	5,870	-199	-34,522	4,069	10,297	3,216	11,813	6,153	10,010	1,996	4,121	2,521	1,491	1,573	310	14,588	7,121	2,332
Redemption of preferred shares
-	-	-	-	-	-	0	-	-	-	-	8	-	3,649	-	-	1,435	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends to preferred unitholders
-	-	160	160	-	0	-	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net (income) loss attributable to noncontrolling interests – Operating Partnership
-692	4,202	3,145	148	-743	1,436	-722	112	135	-2,580	580	16,236	15,093	773	-1,644	3,656	2,525	1,174	-3,296	1,092	4,227	1,527	186	908	657	363	-402	-5,982	130	1,226	-50	5,730	-556	-1,290	-251	-636	-351	-194	-178	-8,934	2,793	1,322	370
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities
-145	-223	-183	-154	-576	29	-331	676	665	-595	-520	-413	-216	-455	-371	-296	-446	-484	-15,655	-340	-581	-1,516	1	2,201	123	393	354	278	436	284	-88	1,356	-273	-208	-66	-106	-43	-12	26	262	-38	-20	-24
Net income (loss) attributable to controlling interests
-7,007	48,658	31,596	3,113	-4,698	13,123	-4,558	2,653	2,916	-20,174	6,604	136,105	125,857	12,821	-11,264	30,280	23,110	11,600	-21,643	11,003	39,797	16,666	4,540	10,753	8,371	5,114	-151	-28,542	3,503	8,787	3,078	10,015	5,324	8,512	1,679	3,379	2,127	1,285	1,421	444	11,833	5,819	1,986
Dividends to preferred shareholders
1,705	3,353	1,705	1,706	57	1,136	1,706	1,705	1,705	1,706	1,705	1,766	1,198	2,812	2,286	2,286	2,503	2,878	2,879	2,878	2,879	2,878	2,879	2,878	2,879	2,878	2,879	2,878	2,879	2,878	2,879	2,879	2,879	2,878	593	593	593	593	593	593	593	593	593
Discount on redemption of preferred shares
273	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS
-8,439	46,953	29,891	1,407	-6,403	11,987	-6,264	948	1,211	-21,880	4,899	134,331	124,651	6,360	-13,550	27,994	19,172	8,722	-24,522	8,125	36,918	13,788	1,661	7,875	5,492	2,236	-3,030	-31,420	624	5,909	199	7,136	2,445	5,634	1,086	2,786	1,534	692	828	-149	11,240	5,226	1,393
BASIC
Earnings (loss) per common share from continuing operations – basic and diluted (in dollars per share)
-	-	-	0.11	-	-	-0.05	-	0.01	-1.85	-0.63	0.03	-1.22	-0.06	-0.13	-	-0.03	0.00	-0.23	-0.02	0.02	-0.01	0.01	-0.01	0.04	0.02	-0.03	-	0.00	0.01	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings (loss) per common share from discontinued operations – basic and diluted (in dollars per share)
-	-	-	0.00	-	-	0.00	-	0.00	0.02	1.04	1.09	11.06	0.11	0.02	-	0.19	0.07	0.03	-	0.28	0.12	-	0.08	0.01	0.00	0.00	-	0.00	0.05	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings (loss) per common share from continuing operations – basic (in dollars per share)
-	-	2.57	-	-	-	-	0.04	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	-	0.01	0.03	0.01	0.03	0.02	0.00	0.01	-0.01	0.00	0.01	0.02
Earnings (loss) per common share from discontinued operations – basic (in dollars per share)
-	-	0.00	-	-	-	-	0.04	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	-	0.02	0.03	0.00	0.00	0.00	0.01	0.00	0.00	0.14	0.06	0.00
NET EARNINGS (LOSS) PER COMMON SHARE - BASIC (in dollars per share)
-0.69	-	2.57	-	-0.54	-	-	0.08	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
DILUTED
Earnings (loss) per common share from continuing operations - diluted (in dollars per share)
-	-	2.54	-	-	-	-	0.04	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings (loss) per commong shares from discontinued operations - diluted (in dollars per share)
-	-	0.00	-	-	-	-	0.04	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED (in dollars per share)
-0.67	-	2.54	-	-0.54	-	-	0.08	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC & DILUTED (in dollars per share)
-	-	-	0.11	-	-	-0.05	-	0.01	-1.83	0.41	1.12	9.84	0.05	-0.11	-	0.16	0.07	-0.20	4.49	0.30	0.11	0.01	0.07	0.05	0.02	-0.03	-0.29	0.00	0.06	0.00	0.07	0.03	0.06	0.01	0.03	0.02	0.01	0.01	-0.01	0.14	0.07	0.02
DIVIDENDS PER COMMON SHARE (in dollars per share)
-	-	-	-	-	-	0.07	-	0.07	-	-	0.07	-	0.07	0.07	-	0.13	0.13	0.13	-	0.13	0.13	-	-	0.13	0.13	0.13	-	0.13	0.13	0.13	-	0.13	0.13	0.13	-	0.13	0.13	0.17	-	0.17	0.17	0.17
Management Service
Property management expenses
-	-	1,553	1,445	-	950	-	1,269	-	1,444	1,377	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Real Estate Insurance
-	-	-	-	-	-	-	225	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-