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SEGMENT REPORTING (Tables) | 6 Months Ended
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Oct. 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 six month periods ended October 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 October 31, 2014 | (in thousands)
Multi-Family Residential | Office | Healthcare | Industrial | Retail | Total
Real estate revenue | $ | 29,594 | $ | 18,984 | $ | 16,436 | $ | 1,593 | $ | 3,435 | $ | 70,042
Real estate expenses |  | 12,164 |  | 9,496 |  | 4,173 |  | 272 |  | 1,132 |  | 27,237
Net operating income | $ | 17,430 | $ | 9,488 | $ | 12,263 | $ | 1,321 | $ | 2,303 |  | 42,805
TRS senior housing revenue |  |  |  |  |  |  |  |  |  |  |  | 843
TRS senior housing expenses |  |  |  |  |  |  |  |  |  | (725)
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (17,668)
General and administrative |  |  |  |  |  |  |  |  |  | (3,468)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (3,245)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (14,599)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 696
Income before gain on sale of real estate and other investments |  | 4,639
Gain on sale of real estate and other investments |  | 1,231
Net income | $ | 5,870
Three Months Ended October 31, 2013 | (in thousands)
Multi-Family Residential | Office | Healthcare | Industrial | Retail | Total
Real estate revenue | $ | 25,438 | $ | 19,367 | $ | 16,025 | $ | 1,571 | $ | 3,371 | $ | 65,772
Real estate expenses |  | 11,162 |  | 9,525 |  | 4,128 |  | 501 |  | 1,015 |  | 26,331
Net operating income | $ | 14,276 | $ | 9,842 | $ | 11,897 | $ | 1,070 | $ | 2,356 |  | 39,441
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (17,167)
General and administrative |  |  |  |  |  |  |  |  |  | (3,205)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (14,799)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 652
Income from continuing operations |  |  |  |  |  |  |  |  | 4,922
Income from discontinued operations |  |  |  |  |  |  |  |  |  | 5,375
Net income | $ | 10,297
Six Months Ended October 31, 2014 | (in thousands)
Multi-Family Residential | Office | Healthcare | Industrial | Retail | Total
Real estate revenue | $ | 57,321 | $ | 37,831 | $ | 32,734 | $ | 3,163 | $ | 6,830 | $ | 137,879
Real estate expenses |  | 24,382 |  | 18,824 |  | 8,590 |  | 721 |  | 2,238 |  | 54,755
Net operating income | $ | 32,939 | $ | 19,007 | $ | 24,144 | $ | 2,442 | $ | 4,592 |  | 83,124
TRS senior housing revenue |  |  |  |  |  |  |  |  |  |  |  | 1,636
TRS senior housing expenses |  |  |  |  |  |  |  |  |  | (1,418)
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (34,724)
General and administrative |  |  |  |  |  |  |  |  |  | (7,744)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (5,565)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (29,263)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 1,387
Income before loss on sale of real estate and other investments |  | 7,433
Loss on sale of real estate and other investments |  | (1,762)
Net income | $ | 5,671
Six Months Ended October 31, 2013 | (in thousands)
Multi-Family Residential | Office | Healthcare | Industrial | Retail | Total
Real estate revenue | $ | 49,811 | $ | 38,681 | $ | 32,098 | $ | 3,609 | $ | 6,671 | $ | 130,870
Real estate expenses |  | 22,007 |  | 19,279 |  | 8,412 |  | 956 |  | 2,317 |  | 52,971
Gain on involuntary conversion |  | 966 |  | 0 |  | 0 |  | 0 |  | 0 |  | 966
Net operating income | $ | 28,770 | $ | 19,402 | $ | 23,686 | $ | 2,653 | $ | 4,354 |  | 78,865
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  | (36,167)
General and administrative |  |  |  |  |  |  |  |  |  | (6,637)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (29,395)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 862
Income from continuing operations |  |  |  |  |  |  |  |  | 7,528
Income from discontinued operations |  |  |  |  |  |  |  |  |  | 5,985
Net income | $ | 13,513
Segment Assets and Accumulated Depreciation | Segment assets are summarized as follows as of October 31, 2014, and April 30, 2014, along with reconciliations to the condensed consolidated financial statements:
| (in thousands)
As of October 31, 2014 | Multi-Family Residential | Office | Healthcare | Industrial | Retail | Total
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |
Property owned | $ | 847,155 | $ | 480,185 | $ | 525,027 | $ | 50,719 | $ | 110,684 | $ | 2,013,770
Less accumulated depreciation |  | (166,181) |  | (109,813) |  | (112,289) |  | (10,483) |  | (27,779) |  | (426,545)
Net property owned | $ | 680,974 | $ | 370,372 | $ | 412,738 | $ | 40,236 | $ | 82,905 |  | 1,587,225
Real estate held for sale |  |  |  |  |  |  |  |  |  |  |  | 41,183
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 52,999
Other investments |  |  |  |  |  |  |  |  |  |  |  | 329
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 108,397
Development in progress |  |  |  |  |  |  |  |  |  |  |  | 146,390
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 24,947
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 1,961,470
| (in thousands)
As of April 30, 2014 | Multi-Family Residential | Office | Healthcare | Industrial | 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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- 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 + Details
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