DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Oct. 31, 2014

Effect on net income and the gains or losses from the sale of properties classified as discontinued operations

During the six months ended October 31, 2014, the Company applied ASU No. 2014-08 to the dispositions of seven properties and to the classification of ten properties as held for sale and did not record any discontinued operations. During the first three quarters of fiscal year 2014, the Company disposed of two multi-family residential properties, three office properties, twelve industrial properties and three 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. 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 three and six months ended October 31, 2013:

	(in thousands)
	Three Months Ended October 31		Six Months Ended October 31
		2013		2013
REVENUE
Real estate rentals	$	1,214	$	2,846
Tenant reimbursement		519		1,238
TOTAL REVENUE		1,733		4,084
EXPENSES
Depreciation/amortization related to real estate investments		308		845
Utilities		10		138
Maintenance		79		264
Real estate taxes		343		871
Insurance		38		87
Property management expenses		77		195
Amortization related to non-real estate investments		39		88
Impairment of real estate investments		57		1,860
TOTAL EXPENSES		951		4,348
Operating income (loss)		782		(264)
Interest expense		(105)		(392)
Income (loss) from discontinued operations before gain on sale		677		(656)
Gain on sale of discontinued operations		4,698		6,641
INCOME FROM DISCONTINUED OPERATIONS	$	5,375	$	5,985

- Definition

Tabular disclosure of disposal groups, which may include 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 classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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