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DISCONTINUED OPERATIONS (Tables) | 12 Months Ended
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Apr. 30, 2016
DISCONTINUED OPERATIONS [Abstract] |
Effect on Net Income and Gains or Losses From Sale Of Properties Classified as 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 fiscal years ended April 30, 2016, 2015 and 2014.
|  | (in thousands) |
|  | 2016 |  | 2015 |  | 2014 |
REVENUE |  |  |  |  |  |  |  |  |  |
Real estate rentals |  | $ | 43,544 |  | $ | 75,883 |  | $ | 78,066 |
Tenant reimbursement |  |  | 8,684 |  |  | 24,466 |  |  | 27,301 |
TRS senior housing revenue |  |  | 3,955 |  |  | 3,520 |  |  | 1,627 |
TOTAL REVENUE |  |  | 56,183 |  |  | 103,869 |  |  | 106,994 |
EXPENSES |  |  |  |  |  |  |  |  |  |
Property operating expenses, excluding real estate taxes |  |  | 10,252 |  |  | 23,517 |  |  | 25,735 |
Real estate taxes |  |  | 5,777 |  |  | 14,343 |  |  | 15,229 |
Depreciation and amortization |  |  | 14,166 |  |  | 27,823 |  |  | 32,216 |
Impairment of real estate investments |  |  | 440 |  |  | 1,442 |  |  | 36,726 |
TRS senior housing expenses |  |  | 3,366 |  |  | 2,997 |  |  | 1,331 |
Other expenses |  |  | — |  |  | 1 |  |  | 3 |
TOTAL EXPENSES |  |  | 34,001 |  |  | 70,123 |  |  | 111,240 |
Operating income (loss) |  |  | 22,182 |  |  | 33,746 |  |  | (4,246) |
Interest expense(1) |  |  | (18,406) |  |  | (24,573) |  |  | (25,834) |
Gain on extinguishment of debt(1) |  |  | 29,336 |  |  | — |  |  | — |
Interest income |  |  | 1 |  |  | — |  |  | 2 |
Other income |  |  | 427 |  |  | 5 |  |  | 241 |
Income (loss) from discontinued operations before gain on sale |  |  | 33,540 |  |  | 9,178 |  |  | (29,837) |
Gain on sale of discontinued operations |  |  | 23,782 |  |  | — |  |  | 6,999 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS |  | $ | 57,322 |  | $ | 9,178 |  | $ | (22,838) |
Segment Data |  |  |  |  |  |  |  |  |  |
Multifamily |  | $ | — |  | $ | — |  | $ | (99) |
Healthcare |  |  | 5,926 |  |  | 6,832 |  |  | 4,223 |
All other |  |  | 51,396 |  |  | 2,346 |  |  | (26,962) |
Total |  | $ | 57,322 |  | $ | 9,178 |  | $ | (22,838) |
| (1) |  | Interest expense includes $4.7 million and approximately $528,000 for fiscal years ended April 30, 2016 and 2015, respectively, of default interest related to a $122.6 million non-recourse loan. Gain on extinguishment of debt in the fiscal year ended April 30, 2016 includes $36.5 million of gain on extinguishment of debt recognized in connection with our transfer of ownership to the mortgage lender of the nine properties serving as collateral for the $122.6 million non-recourse loan and the removal of the debt obligation and accrued interest from our balance sheet.
|  | (in thousands) |
|  | 2016 |  | 2015 |  | 2014 |
Property Sale Data |  |  |  |  |  |  |  |  |  |
Sales price |  |  | 373,460 |  | $ | — |  | $ | 80,883 |
Net book value and sales costs |  |  | (349,678) |  |  | — |  |  | (73,884) |
Gain on sale of discontinued operations |  |  | 23,782 |  | $ | — |  | $ | 6,999 |
Reconciliation of Assets and Liabilities of Discontinued Operations to Assets and Liabilities Held for Sale That Are Presented Separately on Condensed Consolidated Balance Sheets | The following information reconciles the carrying amounts of major classes of assets and liabilities of the discontinued operations to assets and liabilities held for sale that are presented separately on the Condensed Consolidated Balance Sheets:
| (in thousands)
|  | April 30, 2016 |  | April 30, 2015
Carrying amounts of major classes of assets included as part of discontinued operations |  |  |  |
Property owned and intangible assets, net of accumulated depreciation and amortization | $ | 189,900 | $ | 592,780
Receivable arising from straight-lining of rents |  | 9,805 |  | 19,191
Accounts receivable |  | 1,707 |  | 1,041
Prepaid and other assets |  | 43 |  | 739
Intangible assets |  | 0 |  | 25,879
Tax, insurance and other escrow |  | 670 |  | 1,750
Property and equipment |  | 479 |  | 515
Goodwill |  | 18 |  | 193
Deferred charges and leasing costs |  | 222 |  | 9,936
Total major classes of assets of the discontinued operations |  | 202,844 |  | 652,024
Other assets included in the disposal group classified as held for sale |  | 17,917 |  | 23,740
Total assets of the disposal group classified as held for sale on the balance sheet | $ | 220,761 | $ | 675,764
Carrying amounts of major classes of liabilities included as part of discontinued operations |  |  |  |
Accounts payable and accrued expenses | $ | 810 | $ | 14,811
Mortgages payable |  | 68,162 |  | 366,824
Other |  | 7,900 |  | 7,904
Total major classes of liabilities of the discontinued operations |  | 76,872 |  | 389,539
Other liabilities included in the disposal group classified as held for sale |  | 840 |  | 11,760
Total liabilities of the disposal group classified as held for sale on the balance sheet | $ | 77,712 | $ | 401,299

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