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DISCONTINUED OPERATIONS | 12 Months Ended
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Apr. 30, 2015
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 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 in Note 2. The Company classified no dispositions as discontinued operations during fiscal year 2015. 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 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 and 2013.
|  | (in thousands) |
|  | 2014 |  |  | 2013 |
REVENUE |  |  |  |  |  |
Real estate rentals |  | $ | 3,173 |  |  | $ | 10,068 |
Tenant reimbursement |  |  | 1,302 |  |  |  | 3,099 |
TOTAL REVENUE |  |  | 4,475 |  |  |  | 13,167 |
EXPENSES |  |  |  |  |  |  |  |
Depreciation/amortization related to real estate investments |  |  | 920 |  |  |  | 3,169 |
Utilities |  |  | 164 |  |  |  | 447 |
Maintenance |  |  | 299 |  |  |  | 1,029 |
Real estate taxes |  |  | 951 |  |  |  | 2,276 |
Insurance |  |  | 97 |  |  |  | 218 |
Property management expenses |  |  | 222 |  |  |  | 520 |
Other property expenses |  |  | 0 |  |  |  | 16 |
Amortization related to non-real estate investments |  |  | 90 |  |  |  | 247 |
Impairment of real estate investments |  |  | 1,860 |  |  |  | 305 |
TOTAL EXPENSES |  |  | 4,603 |  |  |  | 8,227 |
Operating (loss) income |  |  | (128 | ) |  |  | 4,940 |
Interest expense |  |  | (421 | ) |  |  | (2,532 | )
Other income |  |  | 0 |  |  |  | 2 |
(Loss) income from discontinued operations before gain on sale |  |  | (549 | ) |  |  | 2,410 |
Gain on sale of discontinued operations |  |  | 6,999 |  |  |  | 6,885 |
INCOME FROM DISCONTINUED OPERATIONS |  | $ | 6,450 |  |  | $ | 9,295 |
Segment Data |  |  |  |  |  |  |  |
Multi-Family Residential |  | $ | (99 | ) |  | $ | 3,712 |
Office |  |  | (1,794 | ) |  |  | 314 |
Healthcare |  |  | 0 |  |  |  | 3,416 |
Industrial |  |  | 8,923 |  |  |  | 2,118 |
Retail |  |  | (580 | ) |  |  | (265 | )
Total |  | $ | 6,450 |  |  | $ | 9,295 |
|  | (in thousands) |
|  | 2014 |  |  | 2013 |
Property Sale Data |  |  |  |  |  |
Sales price |  | $ | 80,883 |  |  | $ | 26,273 |
Net book value and sales costs |  |  | (73,884 | ) |  |  | (19,388 | )
Gain on sale of discontinued operations |  | $ | 6,999 |  |  | $ | 6,885 |
|  | (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 related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760 Reference 6: 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=51719941&loc=d3e2941-110230 Reference 7: 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=51717284&loc=d3e1361-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760 Reference 12: 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=51717284&loc=d3e1474-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760 + Details
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