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OPERATING SEGMENTS (Tables) | 12 Months Ended
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Apr. 30, 2013
OPERATING SEGMENTS [Abstract] |
Revenues and Net Operating Income for Reportable Segments | Segment information in this report is presented based on net operating income, which we define as total real estate revenues and gain on involuntary conversion less real estate expenses (which consist of utilities, maintenance, real estate taxes, insurance, property management expenses and other property expenses). We believe that NOI is an important supplemental measure of operating performance for a REIT's operating real estate because it provides a measure of core operations that is unaffected by depreciation, amortization, financing and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders or cash flow from operating activities as a measure of financial performance. The following tables present real estate revenues and net operating income for the fiscal years ended April 30, 2013, 2012 and 2011 from our five reportable segments, and reconcile net operating income of reportable segments to net income as reported in the consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the consolidated financial statements.
| (in thousands)
Year Ended April 30, 2013 | Multi-Family Residential | Commercial Office | Commercial Healthcare | Commercial Industrial | Commercial Retail | Total
Real estate revenue | $ | 90,759 | $ | 77,162 | $ | 61,975 | $ | 14,911 | $ | 14,599 | $ | 259,406
Real estate expenses |  | 38,716 |  | 37,946 |  | 16,779 |  | 4,255 |  | 5,436 |  | 103,132
Gain on involuntary conversion |  | 3,852 |  | 0 |  | 0 |  | 0 |  | 1,232 |  | 5,084
Net operating income | $ | 55,895 | $ | 39,216 | $ | 45,196 | $ | 10,656 | $ | 10,395 |  | 161,358
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (65,270)
Administrative, advisory and trustee fees |  |  |  |  |  |  |  |  |  | (8,494)
Other expenses |  |  |  |  |  |  |  |  |  |  |  | (2,173)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  | (305)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (62,900)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 748
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  | 22,964
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 7,008
Net income | $ | 29,972
| (in thousands)
Year Ended April 30, 2012 | Multi-Family Residential | Commercial Office | Commercial Healthcare | Commercial Industrial | Commercial Retail | Total
Real estate revenue | $ | 72,500 | $ | 74,334 | $ | 64,511 | $ | 14,325 | $ | 13,408 | $ | 239,078
Real estate expenses |  | 33,905 |  | 34,816 |  | 20,650 |  | 3,549 |  | 4,468 |  | 97,388
Gain on involuntary conversion |  | 0 |  | 0 |  | 0 |  | 0 |  | 274 |  | 274
Net operating income | $ | 38,595 | $ | 39,518 | $ | 43,861 | $ | 10,776 | $ | 9,214 |  | 141,964
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (59,642)
Administrative, advisory and trustee fees |  |  |  |  |  |  |  |  |  | (7,381)
Other expenses |  |  |  |  |  |  |  |  |  |  |  | (1,898)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (64,066)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 786
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  | 9,763
Loss from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | (57)
Net income | $ | 9,706
2013 Annual Report NOTE 11 • continued
Year Ended April 30, 2011 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 65,229 | $ | 77,747 | $ | 64,879 | $ | 13,165 | $ | 13,156 | $ | 234,176
Real estate expenses |  | 33,216 |  | 36,055 |  | 22,443 |  | 4,328 |  | 4,839 |  | 100,881
Net operating income | $ | 32,013 | $ | 41,692 | $ | 42,436 | $ | 8,837 | $ | 8,317 |  | 133,295
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (57,759)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (7,222)
Other expenses |  |  |  |  |  |  |  |  |  | (1,747)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (62,735)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 541
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  | 4,373
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 19,978
Net income | $ | 24,351
Segment Assets and Accumulated Depreciation | Segment Assets and Accumulated Depreciation
| (in thousands)
As of April 30, 2013 | Multi-Family Residential | Commercial Office | Commercial Healthcare | Commercial Industrial | Commercial Retail | Total
Segment assets |  |  |  |  |  |  |  |  |  |  |  |
Property owned | $ | 659,696 | $ | 613,775 | $ | 501,191 | $ | 125,772 | $ | 132,536 | $ | 2,032,970
Less accumulated depreciation |  | (140,354) |  | (138,270) |  | (90,891) |  | (23,688) |  | (27,218) |  | (420,421)
Total property owned | $ | 519,342 | $ | 475,505 | $ | 410,300 | $ | 102,084 | $ | 105,318 | $ | 1,612,549
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 94,133
Other investments |  |  |  |  |  |  |  |  |  | 639
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 113,948
Development in progress |  |  |  |  |  |  |  |  |  |  |  | 46,782
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 21,503
Total Assets | $ | 1,889,554
| (in thousands)
As of April 30, 2012 | Multi-Family Residential | Commercial Office | Commercial Healthcare | 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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