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DISCONTINUED OPERATIONS | 12 Months Ended
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Apr. 30, 2014
DISCONTINUED OPERATIONS [Abstract] |
DISCONTINUED OPERATIONS | NOTE 12 • DISCONTINUED OPERATIONS Prior to February 1, 2014, the Company reported, in discontinued operations, the results of operations and the related gains or losses of properties that had either been disposed of or classified as held for sale and otherwise met the classification of a discontinued operation. As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. See Note 2 for additional information. During the first three quarters of fiscal year 2014, the Company disposed of two multi-family residential properties, three commercial office properties, twelve commercial industrial properties and three commercial retail properties that were classified as discontinued operations. During the quarter ended April 30, 2014, the Company applied ASU No. 2014-08 to one property that was classified as held for sale and did not record any 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 that were classified as discontinued operations. Eight condominium units and a retail property were classified as held for sale and also classified as discontinued operations at April 30, 2012. 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, 2014, 2013 and 2012.
| (in thousands)
| 2014 | 2013 | 2012
REVENUE |  |  |  |  |  |
Real estate rentals | $ | 3,173 | $ | 10,068 | $ | 10,702
Tenant reimbursement |  | 1,302 |  | 3,099 |  | 2,619
TOTAL REVENUE |  | 4,475 |  | 13,167 |  | 13,321
EXPENSES |  |  |  |  |  |
Depreciation/amortization related to real estate investments |  | 920 |  | 3,169 |  | 3,418
Utilities |  | 164 |  | 447 |  | 561
Maintenance |  | 299 |  | 1,029 |  | 1,070
Real estate taxes |  | 951 |  | 2,276 |  | 2,428
Insurance |  | 97 |  | 218 |  | 211
Property management expenses |  | 222 |  | 520 |  | 759
Other property expenses |  | 0 |  | 16 |  | 4
Other expenses |  | 0 |  | 0 |  | 67
Amortization related to non-real estate investments |  | 90 |  | 247 |  | 256
Impairment of real estate investments |  | 1,860 |  | 305 |  | 428
TOTAL EXPENSES |  | 4,603 |  | 8,227 |  | 9,202
Operating (loss) income |  | (128) |  | 4,940 |  | 4,119
Interest expense |  | (421) |  | (2,532) |  | (3,429)
Other income |  | 0 |  | 2 |  | 23
Income (loss) from discontinued operations before gain on sale |  | (549) |  | 2,410 |  | 713
Gain on sale of discontinued operations |  | 6,999 |  | 6,885 |  | 349
INCOME FROM DISCONTINUED OPERATIONS | $ | 6,450 | $ | 9,295 | $ | 1,062
Segment Data |  |  |  |  |  |
Multi-Family Residential | $ | (99) | $ | 3,712 | $ | 100
Commercial Office |  | (1,794) |  | 314 |  | 52
Commercial Healthcare |  | 0 |  | 3,416 |  | (465)
Commercial Industrial |  | 8,923 |  | 2,118 |  | 1,127
Commercial Retail |  | (580) |  | (265) |  | 248
Total | $ | 6,450 | $ | 9,295 | $ | 1,062
| (in thousands)
| 2014 | 2013 | 2012
Property Sale Data |  |  |  |  |  |
Sales price | $ | 80,883 | $ | 26,273 | $ | 3,237
Net book value and sales costs |  | (73,884) |  | (19,388) |  | (2,888)
Gain on sale of discontinued operations | $ | 6,999 | $ | 6,885 | $ | 349
| (in thousands)
| 2014 | 2013
Asset and Liability Data |  |  |  |
Total assets | $ | 0 | $ | 72,631
Total liabilities |  | 0 |  | (1,335)

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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 Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: 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 3: 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 4: 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 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 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: 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 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 + Details
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