XML 51 R14.htm IDEA: XBRL DOCUMENT v2.4.1.9
DISCONTINUED OPERATIONS
 9 Months Ended
Jan. 31, 2015
DISCONTINUED OPERATIONS [Abstract]  
DISCONTINUED OPERATIONS
NOTE 7 • 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 No. 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 above. See Note 2 for additional information.
During the nine months ended January 31, 2015, the Company applied ASU No. 2014-08 to the dispositions of nine properties and to the classification of thirteen 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 nine months ended January 31, 2014:
 
(in thousands)
 
Three Months Ended
January 31
Nine Months Ended
January 31
  
2014
 
2014
REVENUE
    
Real estate rentals
$
327
$
3,173
Tenant reimbursement
 
64
 
1,302
TOTAL REVENUE
 
391
 
4,475
EXPENSES
    
Depreciation/amortization related to real estate investments
 
75
 
920
Utilities
 
26
 
164
Maintenance
 
35
 
299
Real estate taxes
 
80
 
951
Insurance
 
10
 
97
Property management expenses
 
27
 
222
Amortization related to non-real estate investments
 
2
 
90
Impairment of real estate investments
 
0
 
1,860
TOTAL EXPENSES
 
255
 
4,603
Operating income (loss)
 
136
 
(128)
Interest expense
 
(29)
 
(421)
Income (loss) from discontinued operations before gain on sale
 
107
 
(549)
Gain on sale of discontinued operations
 
358
 
6,999
INCOME FROM DISCONTINUED OPERATIONS
$
465
$
6,450