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SEGMENT REPORTING (Tables) | 6 Months Ended
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Oct. 31, 2012
SEGMENT REPORTING [Abstract] |
Revenues and net operating income for reportable segments | The revenues and net operating income for these reportable segments are summarized as follows for the three and six month periods ended October 31, 2012 and 2011, along with reconciliations to the condensed consolidated financial statements. Segment assets are also reconciled to total assets as reported in the condensed consolidated financial statements.
|  | (in thousands) |
Three Months Ended October 31, 2012 |  | Multi-Family Residential |  |  | Commercial- Office |  |  | Commercial- Medical |  |  | Commercial- Industrial |  |  | Commercial- Retail |  |  | Total |
Real estate revenue |  | $ | 23,105 |  |  | $ | 19,128 |  |  | $ | 15,517 |  |  | $ | 3,577 |  |  | $ | 3,616 |  |  | $ | 64,943 |
Real estate expenses |  |  | 9,008 |  |  |  | 9,392 |  |  |  | 4,183 |  |  |  | 935 |  |  |  | 1,286 |  |  |  | 24,804 |
Gain on involuntary conversion |  |  | 2,263 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,263 |
Net operating income |  | $ | 16,360 |  |  | $ | 9,736 |  |  | $ | 11,334 |  |  | $ | 2,642 |  |  | $ | 2,330 |  |  |  | 42,402 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (16,506 | )
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,061 | )
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (513 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (16,300 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 203 |
Income from continuing operations |  |  |  | 7,225 |
Income from discontinued operations |  |  |  | 2,785 |
Net income |  |  | $ | 10,010 |
|  | (in thousands) |
Three Months Ended October 31, 2011 |  | Multi-Family Residential |  |  | Commercial- Office |  |  | Commercial- Medical |  |  | Commercial- Industrial |  |  | Commercial- Retail |  |  | Total |
Real estate revenue |  | $ | 17,952 |  |  | $ | 18,367 |  |  | $ | 17,073 |  |  | $ | 3,566 |  |  | $ | 3,242 |  |  | $ | 60,200 |
Real estate expenses |  |  | 8,521 |  |  |  | 8,813 |  |  |  | 5,971 |  |  |  | 1,135 |  |  |  | 1,087 |  |  |  | 25,527 |
Net operating income |  | $ | 9,431 |  |  | $ | 9,554 |  |  | $ | 11,102 |  |  | $ | 2,431 |  |  | $ | 2,155 |  |  |  | 34,673 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (14,874 | )
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,104 | )
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (835 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (16,193 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 213 |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 880 |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 611 |
Net income |  |  | $ | 1,491 |
|  | (in thousands) |
Six Months Ended October 31, 2012 |  | Multi-Family Residential |  |  | Commercial- Office |  |  | Commercial- Medical |  |  | Commercial- Industrial |  |  | Commercial- Retail |  |  | Total |
Real estate revenue |  | $ | 44,314 |  |  | $ | 37,767 |  |  | $ | 30,844 |  |  | $ | 7,037 |  |  | $ | 6,967 |  |  | $ | 126,929 |
Real estate expenses |  |  | 18,301 |  |  |  | 18,682 |  |  |  | 8,266 |  |  |  | 1,955 |  |  |  | 2,441 |  |  |  | 49,645 |
Gain on involuntary conversion |  |  | 2,263 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,263 |
Net operating income |  | $ | 28,276 |  |  | $ | 19,085 |  |  | $ | 22,578 |  |  | $ | 5,082 |  |  | $ | 4,526 |  |  |  | 79,547 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (32,728 | )
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,157 | )
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,032 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (32,723 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 345 |
Income from continuing operations |  |  |  | 9,252 |
Income from discontinued operations |  |  |  | 2,754 |
Net income |  |  | $ | 12,006 |
|  | (in thousands) |
Six Months Ended October 31, 2011 |  | Multi-Family Residential |  |  | Commercial- Office |  |  | Commercial- Medical |  |  | Commercial- Industrial |  |  | Commercial- Retail |  |  | Total |
Real estate revenue |  | $ | 35,041 |  |  | $ | 37,182 |  |  | $ | 33,690 |  |  | $ | 7,001 |  |  | $ | 6,450 |  |  | $ | 119,364 |
Real estate expenses |  |  | 16,672 |  |  |  | 17,756 |  |  |  | 11,489 |  |  |  | 2,101 |  |  |  | 2,151 |  |  |  | 50,169 |
Net operating income |  | $ | 18,369 |  |  | $ | 19,426 |  |  | $ | 22,201 |  |  | $ | 4,900 |  |  | $ | 4,299 |  |  |  | 69,195 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (29,682 | )
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,285 | )
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,150 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (31,978 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 366 |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,466 |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 598 |
Net income |  |  | $ | 3,064 |
Segment Assets and Accumulated Depreciation | Segment assets are summarized as follows as of October 31, 2012, and April 30, 2012, along with reconciliations to the condensed consolidated financial statements:
|  | (in thousands) |
As of October 31, 2012 |  | Multi-Family Residential |  |  | Commercial- Office |  |  | Commercial- Medical |  |  | Commercial- Industrial |  |  | Commercial- Retail |  |  | Total |
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 624,159 |  |  | $ | 608,125 |  |  | $ | 502,222 |  |  | $ | 119,511 |  |  | $ | 129,961 |  |  | $ | 1,983,978 |
Less accumulated depreciation |  |  | (131,193 | ) |  |  | (129,495 | ) |  |  | (85,902 | ) |  |  | (22,133 | ) |  |  | (25,533 | ) |  |  | (394,256 | )
Total property owned |  | $ | 492,966 |  |  | $ | 478,630 |  |  | $ | 416,320 |  |  | $ | 97,378 |  |  | $ | 104,428 |  |  |  | 1,589,722 |
Real estate held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,844 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 84,258 |
Other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 637 |
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 107,988 |
Development in progress |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23,218 |
Unimproved land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,670 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,819,337 |
|  | (in thousands) |
As of April 30, 2012 |  | Multi-Family Residential |  |  | Commercial- Office |  |  | Commercial- Medical |  |  | Commercial- Industrial |  |  | Commercial- Retail |  |  | Total |
Segment assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 539,783 |  |  | $ | 605,318 |  |  | $ | 500,268 |  |  | $ | 119,002 |  |  | $ | 127,638 |  |  | $ | 1,892,009 |
Less accumulated depreciation |  |  | (128,834 | ) |  |  | (121,422 | ) |  |  | (78,744 | ) |  |  | (20,693 | ) |  |  | (23,797 | ) |  |  | (373,490 | )
Total property owned |  | $ | 410,949 |  |  | $ | 483,896 |  |  | $ | 421,524 |  |  | $ | 98,309 |  |  | $ | 103,841 |  |  |  | 1,518,519 |
Real estate held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,067 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 39,989 |
Other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 634 |
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 114,569 |
Development in progress |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,599 |
Unimproved land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,990 |
Total assets |  |  | $ | 1,714,367 |

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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: 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=6534315&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -Paragraph 32 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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