XML 140 R19.htm IDEA: XBRL DOCUMENT
v2.4.0.8

DISCONTINUED OPERATIONS | 12 Months Ended
--- | ---
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. The financial statements have been restated to reflect the property sold or classified as held for sale during the three months ended July 31, 2013. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property and classified two commercial industrial properties as held for sale.
| (in thousands)
| 2013 | 2012 | 2011
REVENUE |  |  |  |  |  |
Real estate rentals | $ | 4,252 | $ | 5,364 | $ | 11,430
Tenant reimbursement |  | 604 |  | 661 |  | 749
TOTAL REVENUE |  | 4,856 |  | 6,025 |  | 12,179
EXPENSES |  |  |  |  |  |
Depreciation/amortization related to real estate investments |  | 1,306 |  | 1,554 |  | 2,808
Utilities |  | 108 |  | 268 |  | 815
Maintenance |  | 260 |  | 333 |  | 1,140
Real estate taxes |  | 504 |  | 610 |  | 1,256
Insurance |  | 50 |  | 73 |  | 176
Property management expenses |  | 168 |  | 329 |  | 1,118
Other property expenses |  | 16 |  | 4 |  | 72
Other expenses |  | 0 |  | 67 |  | 28
Amortization related to non-real estate investments |  | 44 |  | 33 |  | 14
Impairment of real estate investments |  | 305 |  | 428 |  | 0
TOTAL EXPENSES |  | 2,761 |  | 3,699 |  | 7,427
Operating income |  | 2,095 |  | 2,326 |  | 4,752
Interest expense |  | (1,418) |  | (1,980) |  | (3,540)
Interest income |  | 0 |  | 0 |  | 5
Other income |  | 2 |  | 16 |  | 0
Income from discontinued operations before gain on sale |  | 679 |  | 362 |  | 1,217
Gain on sale of discontinued operations |  | 6,885 |  | 349 |  | 19,365
INCOME FROM DISCONTINUED OPERATIONS | $ | 7,564 | $ | 711 | $ | 20,582
Segment Data |  |  |  |  |  |
Multi-Family Residential | $ | 3,653 | $ | 161 | $ | 19,268
Commercial Office |  | 0 |  | 0 |  | 0
Commercial Healthcare |  | 3,419 |  | (465) |  | (84)
Commercial Industrial |  | 776 |  | 712 |  | 1,319
Commercial Retail |  | (284) |  | 303 |  | 79
Total | $ | 7,564 | $ | 711 | $ | 20,582
| (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
| (in thousands)
| 2013 | 2012
Asset and Liability Data |  |  |  |
Total assets | $ | 23,649 | $ | 44,270
Total liabilities |  | (283) |  | (16,257)

X
- Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration