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SEGMENT REPORTING (Tables) | 6 Months Ended
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Oct. 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 and six month periods ended October 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 October 31, 2013 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 25,652 | $ | 19,367 | $ | 16,025 | $ | 1,743 | $ | 3,403 | $ | 66,190
Real estate expenses |  | 11,275 |  | 9,525 |  | 4,129 |  | 548 |  | 1,038 |  | 26,515
Net operating income | $ | 14,377 | $ | 9,842 | $ | 11,896 | $ | 1,195 | $ | 2,365 |  | 39,675
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (17,257)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (2,527)
Other expenses |  |  |  |  |  |  |  |  |  | (678)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (14,848)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 652
Income from continuing operations |  | 5,017
Income from discontinued operations |  | 5,280
Net income | $ | 10,297
Three Months Ended October 31, 2012 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 23,105 | $ | 18,815 | $ | 15,262 | $ | 1,716 | $ | 3,360 | $ | 62,258
Real estate expenses |  | 9,009 |  | 9,196 |  | 4,180 |  | 455 |  | 1,209 |  | 24,049
Gain on involuntary conversion |  | 2,263 |  | 0 |  | 0 |  | 0 |  | 0 |  | 2,263
Net operating income | $ | 16,359 | $ | 9,619 | $ | 11,082 | $ | 1,261 | $ | 2,151 |  | 40,472
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (15,758)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (2,061)
Other expenses |  |  |  |  |  |  |  |  |  |  |  | (513)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (15,727)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 203
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  | 6,616
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 3,394
Net income | $ | 10,010
Six Months Ended October 31, 2013 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 50,234 | $ | 38,681 | $ | 32,098 | $ | 3,953 | $ | 6,731 | $ | 131,697
Real estate expenses |  | 22,234 |  | 19,278 |  | 8,412 |  | 1,052 |  | 2,363 |  | 53,339
Gain on involuntary conversion |  | 966 |  | 0 |  | 0 |  | 0 |  | 0 |  | 966
Net operating income | $ | 28,966 | $ | 19,403 | $ | 23,686 | $ | 2,901 | $ | 4,368 |  | 79,324
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (36,352)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (5,280)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (265)
Other expenses |  |  |  |  |  |  |  |  |  | (1,357)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (29,500)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 862
Income from continuing operations |  | 7,432
Income from discontinued operations |  | 6,081
Net income | $ | 13,513
Six Months Ended October 31, 2012 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 44,314 | $ | 37,169 | $ | 30,334 | $ | 3,300 | $ | 6,486 | $ | 121,603
Real estate expenses |  | 18,301 |  | 18,321 |  | 8,259 |  | 944 |  | 2,289 |  | 48,114
Gain on involuntary conversion |  | 2,263 |  | 0 |  | 0 |  | 0 |  | 0 |  | 2,263
Net operating income | $ | 28,276 | $ | 18,848 | $ | 22,075 | $ | 2,356 | $ | 4,197 |  | 75,752
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (31,201)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (4,157)
Other expenses |  |  |  |  |  |  |  |  |  |  |  | (1,032)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (31,544)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 345
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  | 8,163
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 3,843
Net income | $ | 12,006
Segment Assets and Accumulated Depreciation | Segment Assets and Accumulated Depreciation Segment assets are summarized as follows as of October 31, 2013, and April 30, 2013, along with reconciliations to the condensed consolidated financial statements:
| (in thousands)
As of October 31, 2013 | Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |
Property owned | $ | 722,099 | $ | 610,183 | $ | 515,423 | $ | 67,016 | $ | 118,026 | $ | 2,032,747
Less accumulated depreciation |  | (150,427) |  | (143,136) |  | (98,275) |  | (12,467) |  | (27,013) |  | (431,318)
Net property owned | $ | 571,672 | $ | 467,047 | $ | 417,148 | $ | 54,549 | $ | 91,013 |  | 1,601,429
Real estate held for sale |  |  |  |  |  |  |  |  |  |  |  | 2,620
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 68,727
Other investments |  |  |  |  |  |  |  |  |  |  |  | 642
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 111,158
Development in progress |  |  |  |  |  |  |  |  |  |  |  | 90,052
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 21,619
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 1,896,247
| (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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