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DISCONTINUED OPERATIONS | 12 Months Ended
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Apr. 30, 2013
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. During fiscal year 2013, the Company disposed of three multi-family residential properties, one retail property, one healthcare property and four condominium units. 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, 2013 and 2011. 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, 2013, 2012 and 2011.
| (in thousands)
| 2013 | 2012 | 2011
REVENUE |  |  |  |  |  |
Real estate rentals | $ | 1,818 | $ | 2,852 | $ | 9,056
Tenant reimbursement |  | 1 |  | 62 |  | 112
TOTAL REVENUE |  | 1,819 |  | 2,914 |  | 9,168
EXPENSES |  |  |  |  |  |
Depreciation/amortization related to real estate investments |  | 479 |  | 682 |  | 1,911
Utilities |  | 67 |  | 225 |  | 776
Maintenance |  | 132 |  | 246 |  | 993
Real estate taxes |  | 78 |  | 196 |  | 853
Insurance |  | 25 |  | 52 |  | 158
Property management expenses |  | 115 |  | 272 |  | 1,047
Other property expenses |  | 16 |  | 4 |  | 72
Other expenses |  | 0 |  | 67 |  | 28
Amortization related to non-real estate investments |  | 0 |  | 0 |  | 4
Impairment of real estate investments |  | 0 |  | 428 |  | 0
TOTAL EXPENSES |  | 912 |  | 2,172 |  | 5,842
Operating income |  | 907 |  | 742 |  | 3,326
Interest expense |  | (786) |  | (1,164) |  | (2,718)
Interest income |  | 0 |  | 0 |  | 5
Other income |  | 2 |  | 16 |  | 0
Income (loss) from discontinued operations before gain on sale |  | 123 |  | (406) |  | 613
Gain on sale of discontinued operations |  | 6,885 |  | 349 |  | 19,365
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | $ | 7,008 | $ | (57) | $ | 19,978
Segment Data |  |  |  |  |  |
Multi-Family Residential | $ | 3,653 | $ | 161 | $ | 19,268
Commercial Office |  | 0 |  | 0 |  | 0
Commercial Healthcare |  | 3,419 |  | (465) |  | (84)
Commercial Industrial |  | 0 |  | 0 |  | 726
Commercial Retail |  | (64) |  | 247 |  | 68
Total | $ | 7,008 | $ | (57) | $ | 19,978
| (in thousands)
| 2013 | 2012 | 2011
Property Sale Data |  |  |  |  |  |
Sales price | $ | 26,273 | $ | 3,237 | $ | 83,330
Net book value and sales costs |  | (19,388) |  | (2,888) |  | (63,965)
Gain on sale of discontinued operations | $ | 6,885 | $ | 349 | $ | 19,365

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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 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 2: 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 3: 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 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 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: 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 7: 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 Reference 8: 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 9: 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 10: 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 + Details
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