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SEGMENT REPORTING (Tables) | 3 Months Ended
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Jul. 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 month periods ended July 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 July 31, 2014 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 27,727 | $ | 18,846 | $ | 16,298 | $ | 1,570 | $ | 3,396 | $ | 67,837
Real estate expenses |  | 12,221 |  | 9,327 |  | 4,416 |  | 450 |  | 1,104 |  | 27,518
Net operating income | $ | 15,506 | $ | 9,519 | $ | 11,882 | $ | 1,120 | $ | 2,292 |  | 40,319
TRS senior housing revenue |  |  |  |  |  |  |  |  |  |  |  | 793
TRS senior housing expenses |  |  |  |  |  |  |  |  |  | (693)
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (17,056)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (3,664)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (2,320)
Other expenses |  |  |  |  |  |  |  |  |  | (612)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (14,664)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 691
Income before loss on sale of real estate and other investments |  | 2,794
Loss on sale of real estate and other investments |  | (2,993)
Net (loss) | $ | (199)
Three Months Ended July 31, 2013 | (in thousands)
Multi-Family Residential | Commercial- Office | Commercial- Healthcare | Commercial- Industrial | Commercial- Retail | Total
Real estate revenue | $ | 24,373 | $ | 19,315 | $ | 16,073 | $ | 2,038 | $ | 3,299 | $ | 65,098
Real estate expenses |  | 10,846 |  | 9,753 |  | 4,284 |  | 454 |  | 1,303 |  | 26,640
Gain on involuntary conversion |  | 966 |  | 0 |  | 0 |  | 0 |  | 0 |  | 966
Net operating income | $ | 14,493 | $ | 9,562 | $ | 11,789 | $ | 1,584 | $ | 1,996 |  | 39,424
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (19,000)
Administrative, advisory and trustee services |  |  |  |  |  |  |  |  |  | (2,753)
Other expenses |  |  |  |  |  |  |  |  |  |  |  | (679)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (14,596)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 210
Income from continuing operations |  |  |  |  |  |  |  |  | 2,606
Income from discontinued operations |  |  |  |  |  |  |  |  |  | 610
Net income | $ | 3,216
Segment Assets and Accumulated Depreciation | Segment assets are summarized as follows as of July 31, 2014, and April 30, 2014, along with reconciliations to the condensed consolidated financial statements:
|  | (in thousands) |
As of July 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 |
Real estate held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 |
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, 2014 |  | Multi-Family Residential |  |  | Commercial- Office |  |  | Commercial- Healthcare |  |  | Commercial- Industrial |  |  | Commercial- Retail |  |  | Total |
Segment assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 753,731 |  |  | $ | 544,628 |  |  | $ | 525,028 |  |  | $ | 55,375 |  |  | $ | 117,269 |  |  | $ | 1,996,031 |
Less accumulated depreciation |  |  | (158,100 | ) |  |  | (121,892 | ) |  |  | (105,843 | ) |  |  | (10,198 | ) |  |  | (28,255 | ) |  |  | (424,288 | )
Net property owned |  | $ | 595,631 |  |  | $ | 422,736 |  |  | $ | 419,185 |  |  | $ | 45,177 |  |  | $ | 89,014 |  |  |  | 1,571,743 |
Real estate held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,951 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 47,267 |
Other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 329 |
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 119,458 |
Development in progress |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 104,609 |
Unimproved land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,864 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,869,221 |

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