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SEGMENT REPORTING (Tables) | 9 Months Ended
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Jan. 31, 2014
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 nine month periods ended January 31, 2014 and 2013, 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 January 31, 2014 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 25,848 | $ | 19,394 | $ | 17,242 | $ | 1,664 | $ | 3,481 | $ | 67,629
Real estate expenses |  | 10,998 |  | 9,037 |  | 4,120 |  | 493 |  | 1,279 |  | 25,927
Gain on involuntary conversion |  | 1,514 |  | 0 |  | 0 |  | 0 |  | 0 |  | 1,514
Net operating income | $ | 16,364 | $ | 10,357 | $ | 13,122 | $ | 1,171 | $ | 2,202 |  | 43,216
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (17,489)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (2,662)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (4,798)
Other expenses |  |  |  |  |  |  |  |  |  | (273)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (15,130)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 740
Income from continuing operations |  | 3,604
Income from discontinued operations |  | 465
Net income | $ | 4,069
Three Months Ended January 31, 2013 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 22,859 | $ | 19,046 | $ | 15,952 | $ | 1,738 | $ | 3,485 | $ | 63,080
Real estate expenses |  | 10,208 |  | 9,270 |  | 4,128 |  | 492 |  | 1,250 |  | 25,348
Net operating income | $ | 12,651 | $ | 9,776 | $ | 11,824 | $ | 1,246 | $ | 2,235 |  | 37,732
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (15,493)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (2,245)
Other expenses |  |  |  |  |  |  |  |  |  |  |  | (464)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (15,197)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 255
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  | 4,588
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 1,565
Net income | $ | 6,153
Nine Months Ended January 31, 2014 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 75,659 | $ | 58,075 | $ | 49,340 | $ | 5,273 | $ | 10,152 | $ | 198,499
Real estate expenses |  | 33,006 |  | 28,315 |  | 12,534 |  | 1,447 |  | 3,596 |  | 78,898
Gain on involuntary conversion |  | 2,480 |  | 0 |  | 0 |  | 0 |  | 0 |  | 2,480
Net operating income | $ | 45,133 | $ | 29,760 | $ | 36,806 | $ | 3,826 | $ | 6,556 |  | 122,081
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (53,656)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (7,942)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (4,798)
Other expenses |  |  |  |  |  |  |  |  |  | (1,630)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (44,525)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 1,602
Income from continuing operations |  | 11,132
Income from discontinued operations |  | 6,450
Net income | $ | 17,582
Nine Months Ended January 31, 2013 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 66,758 | $ | 56,214 | $ | 46,286 | $ | 4,704 | $ | 9,912 | $ | 183,874
Real estate expenses |  | 28,284 |  | 27,591 |  | 12,387 |  | 1,350 |  | 3,490 |  | 73,102
Gain on involuntary conversion |  | 2,263 |  | 0 |  | 0 |  | 0 |  | 0 |  | 2,263
Net operating income | $ | 40,737 | $ | 28,623 | $ | 33,899 | $ | 3,354 | $ | 6,422 |  | 113,035
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (46,505)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (6,402)
Other expenses |  |  |  |  |  |  |  |  |  |  |  | (1,496)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (46,554)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 600
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  | 12,678
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 5,481
Net income | $ | 18,159
Segment Assets and Accumulated Depreciation | Segment assets are summarized as follows as of January 31, 2014, and April 30, 2013, along with reconciliations to the condensed consolidated financial statements:
| (in thousands)
As of January 31, 2014 | Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |
Property owned | $ | 738,948 | $ | 613,663 | $ | 517,441 | $ | 55,268 | $ | 116,970 | $ | 2,042,290
Less accumulated depreciation |  | (152,447) |  | (147,392) |  | (102,027) |  | (9,848) |  | (27,519) |  | (439,233)
Net property owned | $ | 586,501 | $ | 466,271 | $ | 415,414 | $ | 45,420 | $ | 89,451 |  | 1,603,057
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 53,494
Other investments |  |  |  |  |  |  |  |  |  |  |  | 643
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 136,780
Development in progress |  |  |  |  |  |  |  |  |  |  |  | 89,086
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 21,498
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 1,904,558
| (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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