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DISCONTINUED OPERATIONS | 12 Months Ended
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Apr. 30, 2012
DISCONTINUED OPERATIONS [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. Eight condominium units in Grand Chute, Wisconsin, and a retail property in Kentwood, Michigan, were classified as held for sale at April 30, 2012. There were no properties classified as held for sale as of April 30, 2011 and 2010. 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, 2012, 2011 and 2010. The financial statements have been restated to reflect the property sold or classified as held for sale during the six months ended October 31, 2012. During the second quarter of fiscal year 2013, the Company sold two multi-family residential properties in Fargo, North Dakota and Moorhead, Minnesota, respectively, and classified a third multi-family residential property in Fargo, North Dakota, as held for sale.
|  | (in thousands) |
|  | 2012 |  |  | 2011 |  |  | 2010 |
REVENUE |  |  |  |  |  |  |  |  |
Real estate rentals |  | $ | 1,832 |  |  | $ | 7,887 |  |  | $ | 13,289 |
Tenant reimbursement |  |  | 62 |  |  |  | 112 |  |  |  | 148 |
TOTAL REVENUE |  |  | 1,894 |  |  |  | 7,999 |  |  |  | 13,437 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |
Depreciation/amortization related to real estate investments |  |  | 313 |  |  |  | 1,542 |  |  |  | 2,919 |
Utilities |  |  | 225 |  |  |  | 776 |  |  |  | 1,163 |
Maintenance |  |  | 246 |  |  |  | 993 |  |  |  | 1,471 |
Real estate taxes |  |  | 196 |  |  |  | 853 |  |  |  | 1,543 |
Insurance |  |  | 52 |  |  |  | 158 |  |  |  | 343 |
Property management expenses |  |  | 271 |  |  |  | 1,111 |  |  |  | 1,737 |
Other expenses |  |  | 67 |  |  |  | 28 |  |  |  | 0 |
Amortization related to non-real estate investments |  |  | 0 |  |  |  | 4 |  |  |  | 8 |
Real estate impairment |  |  | 428 |  |  |  | 0 |  |  |  | 1,678 |
TOTAL EXPENSES |  |  | 1,798 |  |  |  | 5,465 |  |  |  | 10,862 |
Interest expense |  |  | (508 | ) |  |  | (2,028 | ) |  |  | (4,061 | )
Interest income |  |  | 0 |  |  |  | 5 |  |  |  | 7 |
Other income |  |  | 16 |  |  |  | 0 |  |  |  | 0 |
(Loss) income from discontinued operations before gain on sale |  |  | (396 | ) |  |  | 511 |  |  |  | (1,479 | )
Gain on sale of discontinued operations |  |  | 349 |  |  |  | 19,365 |  |  |  | 68 |
(LOSS) INCOME FROM DISCONTINUED OPERATIONS |  | $ | (47 | ) |  | $ | 19,876 |  |  | $ | (1,411 | )
Segment Data |  |  |  |  |  |  |  |  |  |  |  |
Multi-Family Residential |  | $ | 161 |  |  | $ | 19,268 |  |  | $ | 535 |
Commercial Office |  |  | 0 |  |  |  | 0 |  |  |  | (169 | )
Commercial Medical |  |  | (455 | ) |  |  | (186 | ) |  |  | (409 | )
Commercial Industrial |  |  | 0 |  |  |  | 726 |  |  |  | (23 | )
Commercial Retail |  |  | 247 |  |  |  | 68 |  |  |  | (1,345 | )
Total |  | $ | (47 | ) |  | $ | 19,876 |  |  | $ | (1,411 | )
|  | (in thousands) |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Property Sale Data |  |  |  |  |  |  |  |  |
Sales price |  | $ | 3,237 |  |  | $ | 83,330 |  |  | $ | 560 |
Net book value and sales costs |  |  | (2,888 | ) |  |  | (63,965 | ) |  |  | (492 | )
Gain on sale of discontinued operations |  | $ | 349 |  |  | $ | 19,365 |  |  | $ | 68 |

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (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 Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -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. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 + Details
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