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OPERATING SEGMENTS (Tables) | 12 Months Ended
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Apr. 30, 2016
OPERATING SEGMENTS [Abstract] |
Revenues and Net Operating Income for Reportable Segments | The following tables present real estate revenues and net operating income for the fiscal years ended April 30, 2016, 2015 and 2014 from our two reportable segments, and reconcile net operating income of reportable segments to net income as reported in the consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the consolidated financial statements.
|  | (in thousands) |
Year Ended April 30, 2016 |  | Multifamily |  | Healthcare | All Other |  | Total |
Real estate revenue |  | $ | 131,149 |  | $ | 45,621 | $ | 11,550 |  | $ | 188,320 |
Real estate expenses |  |  | 60,477 |  |  | 16,021 |  | 2,602 |  |  | 79,100 |
Net operating income |  | $ | 70,672 |  | $ | 29,600 | $ | 8,948 |  |  | 109,220 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (49,832) |
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  | (5,543) |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  | (11,267) |
Acquisition and investment related costs |  |  |  |  |  |  |  |  |  |  | (830) |
Other expenses |  |  |  |  |  |  |  |  |  |  | (2,231) |
Interest expense |  |  |  |  |  |  |  |  |  |  | (35,768) |
Loss on debt extinguishment |  |  |  |  |  |  |  |  |  |  | (106) |
Interest and other income |  |  |  |  |  |  |  |  |  |  | 2,573 |
Income before gain on sale of real estate and other investments, gain on bargain purchase and income from discontinued operations |  |  |  |  |  |  |  |  |  |  | 6,216 |
Gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  | 9,640 |
Gain on bargain purchase |  |  |  |  |  |  |  |  |  |  | 3,424 |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  | 19,280 |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  | 57,322 |
Net income |  |  |  |  |  |  |  |  |  | $ | 76,602 |
|  | (in thousands) |
Year Ended April 30, 2015 |  | Multifamily |  | Healthcare | All Other |  |  | Total |
Real estate revenue |  | $ | 118,526 |  | $ | 44,153 | $ | 16,642 |  | $ | 179,321 |
Real estate expenses |  |  | 51,172 |  |  | 16,240 |  | 5,725 |  |  | 73,137 |
Net operating income |  | $ | 67,354 |  | $ | 27,913 | $ | 10,917 |  |  | 106,184 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (42,784) |
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  | (4,663) |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  | (11,824) |
Acquisition and investment related costs |  |  |  |  |  |  |  |  |  |  | (362) |
Other expenses |  |  |  |  |  |  |  |  |  |  | (1,647) |
Interest expense |  |  |  |  |  |  |  |  |  |  | (34,447) |
Interest and other income |  |  |  |  |  |  |  |  |  |  | 2,956 |
Income before gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  | 13,413 |
Gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  | 6,093 |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  | 19,506 |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  | 9,178 |
Net income |  |  |  |  |  |  |  |  |  | $ | 28,684 |
|  | (in thousands) |
Year Ended April 30, 2014 |  | Multifamily |  | Healthcare | All Other |  | Total |
Real estate revenue |  | $ | 102,059 |  | $ | 44,098 | $ | 18,433 |  | $ | 164,590 |
Real estate expenses |  |  | 46,138 |  |  | 16,351 |  | 6,767 |  |  | 69,256 |
Gain on involuntary conversion |  |  | 2,480 |  |  | 0 |  | 0 |  |  | 2,480 |
Net operating income |  | $ | 58,401 |  | $ | 27,747 | $ | 11,666 |  |  | 97,814 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (39,712) |
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  | (7,700) |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  | (10,743) |
Acquisition and investment related costs |  |  |  |  |  |  |  |  |  |  | (279) |
Other expenses |  |  |  |  |  |  |  |  |  |  | (1,850) |
Interest expense |  |  |  |  |  |  |  |  |  |  | (33,729) |
Interest and other income |  |  |  |  |  |  |  |  |  |  | 2,148 |
Income before loss on sale of real estate and other investments and loss from discontinued operations |  |  |  |  |  |  |  |  |  |  | 5,949 |
Loss on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  | (51) |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  | 5,898 |
Loss from discontinued operations |  |  |  |  |  |  |  |  |  |  | (22,838) |
Net loss |  |  |  |  |  |  |  |  |  | $ | (16,940) |
Segment Assets and Accumulated Depreciation | Segment Assets and Accumulated Depreciation
|  | (in thousands) |
As of April 30, 2016 |  | Multifamily |  | Healthcare |  | All Other |  | Total |
Segment assets |  |  |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 1,243,909 |  | $ | 337,920 |  | $ | 99,642 |  | $ | 1,681,471 |
Less accumulated depreciation |  |  | (209,156) |  |  | (83,558) |  |  | (20,175) |  |  | (312,889) |
Total property owned |  | $ | 1,034,753 |  | $ | 254,362 |  | $ | 79,467 |  | $ | 1,368,582 |
Assets held for sale and assets from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 220,761 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 66,698 |
Other investments |  |  |  |  |  |  |  |  |  |  |  | 50 |
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 31,466 |
Development in progress |  |  |  |  |  |  |  |  |  |  |  | 51,681 |
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 20,939 |
Total Assets |  |  |  |  |  |  |  |  |  |  | $ | 1,760,177 |
|  | (in thousands) |
As of April 30, 2015 |  | Multifamily |  | Healthcare |  | All Other |  | Total |
Segment assets |  |  |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 946,520 |  | $ | 284,342 |  | $ | 104,825 |  | $ | 1,335,687 |
Less accumulated depreciation |  |  | (180,414) |  |  | (78,625) |  |  | (20,378) |  |  | (279,417) |
Total property owned |  | $ | 766,106 |  | $ | 205,717 |  | $ | 84,447 |  | $ | 1,056,270 |
Assets held for sale and assets from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 675,764 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 48,970 |
Other investments |  |  |  |  |  |  |  |  |  |  |  | 329 |
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 36,683 |
Development in progress |  |  |  |  |  |  |  |  |  |  |  | 153,994 |
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 25,827 |
Total Assets |  |  |  |  |  |  |  |  |  |  | $ | 1,997,837 |

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