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SEGMENT REPORTING (Tables) | 3 Months Ended
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Jul. 31, 2015
SEGMENT REPORTING [Abstract] |
Revenues and Net Operating Income for Reportable Segments | The revenues and NOI for these reportable segments are summarized as follows for the three month periods ended July 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.
|  | (in thousands) |
Three Months Ended July 31, 2015 |  | Multi-Family Residential |  |  | Healthcare |  |  | Industrial |  |  | All Other(1) |  |  | Total |
Real estate revenue |  | $ | 31,379 |  |  | $ | 15,706 |  |  | $ | 1,622 |  |  | $ | 1,211 |  |  | $ | 49,918 |
Real estate expenses |  |  | 13,922 |  |  |  | 3,832 |  |  |  | 396 |  |  |  | 250 |  |  |  | 18,400 |
Net operating income |  | $ | 17,457 |  |  | $ | 11,874 |  |  | $ | 1,226 |  |  | $ | 961 |  |  |  | 31,518 |
TRS senior housing revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,038 |
TRS senior housing expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (769 | )
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13,443 | )
Administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,454 | )
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (424 | )
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,285 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (9,196 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 607 |
Income before loss on sale of real estate and other investments and income from discontinued operations |  |  |  | 5,592 |
Loss on sale of real estate and other investments |  |  |  | (175 | )
Income from continuing operations |  |  |  | 5,417 |
Loss from discontinued operations |  |  |  | (690 | )
Net income |  |  | $ | 4,727 |
|  | (in thousands) |
Three Months Ended July 31, 2014 |  | Multi-Family Residential |  |  | Healthcare |  |  | Industrial |  |  | All Other(1) |  |  | Total |
Real estate revenue |  | $ | 27,727 |  |  | $ | 16,202 |  |  | $ | 1,570 |  |  | $ | 2,922 |  |  | $ | 48,421 |
Real estate expenses |  |  | 12,221 |  |  |  | 4,356 |  |  |  | 450 |  |  |  | 1,225 |  |  |  | 18,252 |
Net operating income |  | $ | 15,506 |  |  | $ | 11,846 |  |  | $ | 1,120 |  |  | $ | 1,697 |  |  |  | 30,169 |
TRS senior housing revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 793 |
TRS senior housing expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (693 | )
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12,435 | )
Administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,664 | )
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (612 | )
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,320 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (9,747 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 686 |
Income before loss on sale of real estate and other investments and income from discontinued operations |  |  |  | 2,177 |
Loss on sale of real estate and other investments |  |  |  | (2,993 | )
Loss from continuing operations |  |  |  | (816 | )
Income from discontinued operations |  |  |  | 617 |
Net loss |  |  | $ | (199 | )
(1) | NOI from segments below the quantitative thresholds is attributable to the Company’s office and retail segments. Both of these segments met the quantitative threshold for determining reportable segments prior to the first quarter of fiscal year 2016, at which time the Company classified the majority of the properties in these segments as held for sale and discontinued operations.
Segment Assets and Accumulated Depreciation | Segment assets are summarized as follows as of July 31, 2015, and April 30, 2015, along with reconciliations to the condensed consolidated financial statements:
|  | (in thousands) |
As of July 31, 2015 |  | Multi-Family Residential |  |  | Healthcare |  |  | Industrial |  |  | All Other(1) |  |  | Total |
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 989,958 |  |  | $ | 524,414 |  |  | $ | 60,361 |  |  | $ | 44,215 |  |  | $ | 1,618,948 |
Less accumulated depreciation |  |  | (188,062 | ) |  |  | (116,254 | ) |  |  | (11,676 | ) |  |  | (9,544 | ) |  |  | (325,536 | )
Net property owned |  | $ | 801,896 |  |  | $ | 408,160 |  |  | $ | 48,685 |  |  | $ | 34,671 |  |  |  | 1,293,412 |
Assets held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 453,217 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 44,770 |
Other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 329 |
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 74,609 |
Development in progress |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 133,794 |
Unimproved land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24,542 |
Total assets |  |  | $ | 2,024,673 |
|  | (in thousands) |
As of April 31, 2015 |  | Multi-Family Residential |  |  | Healthcare |  |  | Industrial |  |  | All Other(1) |  |  | Total |
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 946,520 |  |  | $ | 495,021 |  |  | $ | 60,611 |  |  | $ | 44,215 |  |  | $ | 1,546,367 |
Less accumulated depreciation |  |  | (180,414 | ) |  |  | (112,515 | ) |  |  | (11,256 | ) |  |  | (9,123 | ) |  |  | (313,308 | )
Net property owned |  | $ | 766,106 |  |  | $ | 382,506 |  |  | $ | 49,355 |  |  | $ | 35,092 |  |  |  | 1,233,059 |
Assets held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 463,103 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48,970 |
Other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 329 |
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 72,555 |
Development in progress |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 153,994 |
Unimproved land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,827 |
Total assets |  |  | $ | 1,997,837 |
(1) | Property owned from segments below the quantitative thresholds is attributable to the Company’s office and retail segments. Both of these segments met the quantitative threshold for determining reportable segments prior to the first quarter of fiscal year 2016, at which time the Company classified the majority of the properties in these segments as held for sale and discontinued operations.

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