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DISCONTINUED OPERATIONS | 12 Months Ended
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Apr. 30, 2011
Notes To Financial Statements [Abstract] |
DISCONTINUED OPERATIONS | NOTE 12 . 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. There were no properties classified as held for sale as of April 30, 2011, 2010 and 2009. 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 fiscal years ended April 30, 2011, 2010 and 2009. The financial statements have been restated to reflect the property sold during the six months ended October 31, 2011. During the second quarter of fiscal year 2012 the Company sold a retail property in Livingston, Montana. 2011 Annual Report F-23 NOTE 12 . continued
|  | (in thousands) |
|  | 2011 |  |  | 2010 |  |  | 2009 |
REVENUE |  |  |  |  |  |  |  |  |
Real estate rentals |  | $ | 6,123 |  |  | $ | 11,393 |  |  | $ | 11,605 |
Tenant reimbursement |  |  | 36 |  |  |  | 67 |  |  |  | 80 |
TOTAL REVENUE |  |  | 6,159 |  |  |  | 11,460 |  |  |  | 11,685 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |
Depreciation/amortization related to real estate investments |  |  | 1,182 |  |  |  | 2,339 |  |  |  | 2,311 |
Utilities |  |  | 558 |  |  |  | 957 |  |  |  | 863 |
Maintenance |  |  | 708 |  |  |  | 1,236 |  |  |  | 1,172 |
Real estate taxes |  |  | 638 |  |  |  | 1,319 |  |  |  | 1,366 |
Insurance |  |  | 110 |  |  |  | 290 |  |  |  | 187 |
Property management expenses |  |  | 856 |  |  |  | 1,461 |  |  |  | 1,363 |
Other expenses |  |  | 1 |  |  |  | 0 |  |  |  | 0 |
Amortization related to non-real estate investments |  |  | 4 |  |  |  | 8 |  |  |  | 8 |
Impairment of real estate investments |  |  | 0 |  |  |  | 970 |  |  |  | 338 |
TOTAL EXPENSES |  |  | 4,057 |  |  |  | 8,580 |  |  |  | 7,608 |
Interest expense |  |  | (1,512 | ) |  |  | (3,525 | ) |  |  | (3,815 | )
Interest income |  |  | 5 |  |  |  | 7 |  |  |  | 9 |
Income (loss) from discontinued operations before gain on sale |  |  | 595 |  |  |  | (638 | ) |  |  | 271 |
Gain on sale of discontinued operations |  |  | 19,365 |  |  |  | 68 |  |  |  | 54 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS |  | $ | 19,960 |  |  | $ | (570 | ) |  | $ | 325 |
Segment Data |  |  |  |  |  |  |  |  |  |  |  |
Multi-Family Residential |  | $ | 19,224 |  |  | $ | 437 |  |  | $ | 560 |
Commercial Office |  |  | 0 |  |  |  | (169 | ) |  |  | (338 | )
Commercial Medical |  |  | (8 | ) |  |  | 14 |  |  |  | 11 |
Commercial Industrial |  |  | 726 |  |  |  | (23 | ) |  |  | (12 | )
Commercial Retail |  |  | 18 |  |  |  | (829 | ) |  |  | 104 |
Total |  | $ | 19,960 |  |  | $ | (570 | ) |  | $ | 325 |
|  | (in thousands) |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Property Sale Data |  |  |  |  |  |  |  |  |
Sales price |  | $ | 83,330 |  |  | $ | 560 |  |  | $ | 70 |
Net book value and sales costs |  |  | (63,965 | ) |  |  | (492 | ) |  |  | (16 | )
Gain on sale of discontinued operations |  | $ | 19,365 |  |  | $ | 68 |  |  | $ | 54 |

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- Definition Disclosure includes the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain or loss recognized in the income statement and the income statement caption that includes that gain or loss, amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 + Details
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