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SEGMENT REPORTING (Tables) | 9 Months Ended
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Jan. 31, 2015
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, 2015 and 2014, 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, 2015 | (in thousands)
Multi-Family Residential | Office | Healthcare | Industrial | Retail | Total
Real estate revenue | $ | 30,256 | $ | 19,086 | $ | 17,587 | $ | 1,741 | $ | 3,283 | $ | 71,953
Real estate expenses |  | 13,318 |  | 9,050 |  | 4,315 |  | 501 |  | 1,250 |  | 28,434
Net operating income | $ | 16,938 | $ | 10,036 | $ | 13,272 | $ | 1,240 | $ | 2,033 |  | 43,519
TRS senior housing revenue |  |  |  |  |  |  |  |  |  |  |  | 963
TRS senior housing expenses |  |  |  |  |  |  |  |  |  | (825)
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (17,750)
General and administrative |  |  |  |  |  |  |  |  |  | (3,242)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (540)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (14,595)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 670
Income before gain on sale of real estate and other investments |  | 8,200
Gain on sale of real estate and other investments |  | 951
Net income | $ | 9,151
Three Months Ended January 31, 2014 | (in thousands)
Multi-Family Residential | Office | Healthcare | Industrial | 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
TRS senior housing revenue |  |  |  |  |  |  |  |  |  |  |  | 804
TRS senior housing expenses |  |  |  |  |  |  |  |  |  | (671)
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (17,489)
General and administrative |  |  |  |  |  |  |  |  |  | (2,935)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (4,798)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (15,130)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 607
Income from continuing operations |  |  |  |  |  |  |  |  | 3,604
Income from discontinued operations |  |  |  |  |  |  |  |  |  | 465
Net income | $ | 4,069
Nine Months Ended January 31, 2015 | (in thousands)
Multi-Family Residential | Office | Healthcare | Industrial | Retail | Total
Real estate revenue | $ | 87,576 | $ | 56,917 | $ | 50,322 | $ | 4,904 | $ | 10,113 | $ | 209,832
Real estate expenses |  | 37,700 |  | 27,873 |  | 12,905 |  | 1,223 |  | 3,488 |  | 83,189
Net operating income | $ | 49,876 | $ | 29,044 | $ | 37,417 | $ | 3,681 | $ | 6,625 |  | 126,643
TRS senior housing revenue |  |  |  |  |  |  |  |  |  |  |  | 2,599
TRS senior housing expenses |  |  |  |  |  |  |  |  |  | (2,243)
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (52,474)
General and administrative |  |  |  |  |  |  |  |  |  | (10,986)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (6,105)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (43,858)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 2,057
Income before loss on sale of real estate and other investments |  | 15,633
Loss on sale of real estate and other investments |  | (811)
Net income | $ | 14,822
Nine Months Ended January 31, 2014 | (in thousands)
Multi-Family Residential | Office | Healthcare | Industrial | 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
TRS senior housing revenue |  |  |  |  |  |  |  |  |  |  |  | 804
TRS senior housing expenses |  |  |  |  |  |  |  |  |  | (671)
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (53,656)
General and administrative |  |  |  |  |  |  |  |  |  | (9,572)
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  | (4,798)
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (44,525)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  | 1,469
Income from continuing operations |  |  |  |  |  |  |  |  | 11,132
Income from discontinued operations |  |  |  |  |  |  |  |  |  | 6,450
Net income | $ | 17,582
Segment Assets and Accumulated Depreciation | Segment assets are summarized as follows as of January 31, 2015, and April 30, 2014, along with reconciliations to the condensed consolidated financial statements:
| (in thousands)
As of January 31, 2015 | Multi-Family Residential | Office | Healthcare | Industrial | Retail | Total
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |
Property owned | $ | 932,718 | $ | 478,590 | $ | 519,588 | $ | 50,900 | $ | 111,352 | $ | 2,093,148
Less accumulated depreciation |  | (172,987) |  | (112,093) |  | (115,395) |  | (10,836) |  | (27,842) |  | (439,153)
Net property owned | $ | 759,731 | $ | 366,497 | $ | 404,193 | $ | 40,064 | $ | 83,510 |  | 1,653,995
Real estate held for sale |  |  |  |  |  |  |  |  |  |  |  | 44,259
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 52,148
Other investments |  |  |  |  |  |  |  |  |  |  |  | 329
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 108,931
Development in progress |  |  |  |  |  |  |  |  |  |  |  | 114,005
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 27,675
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 2,001,342
| (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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