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SEGMENT REPORTING (Tables) | 3 Months Ended
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Jul. 31, 2013
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 month periods ended July 31, 2013 and 2012, 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.
Three Months Ended July 31, 2013 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 24,582 | $ | 19,744 | $ | 16,072 | $ | 3,456 | $ | 3,328 | $ | 67,182
Real estate expenses |  | 10,959 |  | 9,985 |  | 4,282 |  | 1,039 |  | 1,326 |  | 27,591
Gain on involuntary conversion |  | 966 |  | 0 |  | 0 |  | 0 |  | 0 |  | 966
Net operating income | $ | 14,589 | $ | 9,759 | $ | 11,790 | $ | 2,417 | $ | 2,002 |  | 40,557
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (19,518)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  |  |  | (2,753)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (1,458)
Other expenses |  |  |  |  |  |  |  |  |  | (679)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (14,799)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 210
Income from continuing operations |  | 1,560
Income from discontinued operations |  | 1,656
Net income | $ | 3,216
Three Months Ended July 31, 2012 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 21,210 | $ | 18,778 | $ | 15,073 | $ | 2,788 | $ | 3,126 | $ | 60,975
Real estate expenses |  | 9,293 |  | 9,336 |  | 4,080 |  | 896 |  | 1,080 |  | 24,685
Net operating income | $ | 11,917 | $ | 9,442 | $ | 10,993 | $ | 1,892 | $ | 2,046 |  | 36,290
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (15,885)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (2,096)
Other expenses |  |  |  |  |  |  |  |  |  |  |  | (519)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (16,069)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 142
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  | 1,863
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 133
Net income | $ | 1,996
Segment Assets and Accumulated Depreciation | Segment assets are summarized as follows as of July 31, 2013, and April 30, 2013, along with reconciliations to the condensed consolidated financial statements:
| (in thousands)
As of July 31, 2013 | Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |
Property owned | $ | 670,573 | $ | 625,610 | $ | 502,346 | $ | 100,204 | $ | 117,790 | $ | 2,016,523
Less accumulated depreciation |  | (145,276) |  | (143,246) |  | (94,616) |  | (19,968) |  | (26,270) |  | (429,376)
Net property owned | $ | 525,297 | $ | 482,364 | $ | 407,730 | $ | 80,236 | $ | 91,520 |  | 1,587,147
Real estate held for sale |  |  |  |  |  |  |  |  |  |  |  | 3,969
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 93,193
Other investments |  |  |  |  |  |  |  |  |  |  |  | 640
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 113,523
Development in progress |  |  |  |  |  |  |  |  |  |  |  | 77,396
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 20,774
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 1,896,642
| (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)
Net 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

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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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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations. + 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 (b) -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 b -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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