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SEGMENT REPORTING (Tables) | 9 Months Ended
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Jan. 31, 2016
SEGMENT REPORTING [Abstract] |
Revenues and Net Operating Income for Reportable Segments | Segment assets are also reconciled to total assets as reported in the condensed consolidated financial statements.
|  | (in thousands) |
Three Months Ended January 31, 2016 |  | Multifamily |  |  | Healthcare |  |  | Industrial |  |  | All Other |  |  | Total |
Real estate revenue |  | $ | 33,296 |  |  | $ | 18,350 |  |  | $ | 1,650 |  |  | $ | 1,473 |  |  | $ | 54,769 |
Real estate expenses |  |  | 15,460 |  |  |  | 4,208 |  |  |  | 453 |  |  |  | 215 |  |  |  | 20,336 |
Net operating income |  | $ | 17,836 |  |  | $ | 14,142 |  |  | $ | 1,197 |  |  | $ | 1,258 |  |  |  | 34,433 |
TRS senior housing revenue, net of expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 91 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (14,919 | )
Administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,929 | )
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (86 | )
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (162 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10,540 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 701 |
Income before gain on sale of real estate and other investments and income from discontinued operations |  |  |  | 6,589 |
Gain on sale of real estate and other investments |  |  |  | 1,446 |
Income from continuing operations |  |  |  | 8,035 |
Income from discontinued operations |  |  |  | 35,408 |
Net income |  |  | $ | 43,443 |
|  | (in thousands) |
Three Months Ended January 31, 2015 |  | Multifamily |  |  | Healthcare |  |  | Industrial |  |  | All Other |  |  | Total |
Real estate revenue |  | $ | 30,256 |  |  | $ | 17,491 |  |  | $ | 1,741 |  |  | $ | 2,488 |  |  | $ | 51,976 |
Real estate expenses |  |  | 13,318 |  |  |  | 4,260 |  |  |  | 501 |  |  |  | 1,039 |  |  |  | 19,118 |
Net operating income |  | $ | 16,938 |  |  | $ | 13,231 |  |  | $ | 1,240 |  |  | $ | 1,449 |  |  |  | 32,858 |
TRS senior housing revenue, net of expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 138 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12,837 | )
Administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,754 | )
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (488 | )
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (540 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10,009 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 670 |
Income before gain on sale of real estate and other investments and income from discontinued operations |  |  |  | 7,038 |
Gain on sale of real estate and other investments |  |  |  | 951 |
Income from continuing operations |  |  |  | 7,989 |
Income from discontinued operations |  |  |  | 1,162 |
Net income |  |  | $ | 9,151 |
|  | (in thousands) |
Nine Months Ended January 31, 2016 |  | Multifamily |  |  | Healthcare |  |  | Industrial |  |  | All Other |  |  | Total |
Real estate revenue |  | $ | 96,782 |  |  | $ | 50,435 |  |  | $ | 4,913 |  |  | $ | 3,862 |  |  | $ | 155,992 |
Real estate expenses |  |  | 44,602 |  |  |  | 12,202 |  |  |  | 1,138 |  |  |  | 826 |  |  |  | 58,768 |
Net operating income |  | $ | 52,180 |  |  | $ | 38,233 |  |  | $ | 3,775 |  |  | $ | 3,036 |  |  |  | 97,224 |
TRS senior housing revenue, net of expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 513 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (42,992 | )
Administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (8,316 | )
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,714 | )
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,320 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (29,867 | )
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (106 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,973 |
Income before gain on sale of real estate and other investments and income from discontinued operations |  |  |  | 13,395 |
Gain on sale of real estate and other investments |  |  |  | 1,271 |
Income from continuing operations |  |  |  | 14,666 |
Income from discontinued operations |  |  |  | 50,181 |
Net income |  |  | $ | 64,847 |
|  | (in thousands) |
Nine Months Ended January 31, 2015 |  | Multifamily |  |  | Healthcare |  |  | Industrial |  |  | All Other |  |  | Total |
Real estate revenue |  | $ | 87,576 |  |  | $ | 50,024 |  |  | $ | 4,904 |  |  | $ | 8,239 |  |  | $ | 150,743 |
Real estate expenses |  |  | 37,700 |  |  |  | 12,726 |  |  |  | 1,223 |  |  |  | 3,485 |  |  |  | 55,134 |
Net operating income |  | $ | 49,876 |  |  | $ | 37,298 |  |  | $ | 3,681 |  |  | $ | 4,754 |  |  |  | 95,609 |
TRS senior housing revenue, net of expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 356 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (38,347 | )
Administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (9,308 | )
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,678 | )
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,663 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (29,710 | )
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,052 |
Income before loss on sale of real estate and other investments and income from discontinued operations |  |  |  | 14,311 |
Loss on sale of real estate and other investments |  |  |  | (811 | )
Income from continuing operations |  |  |  | 13,500 |
Income from discontinued operations |  |  |  | 1,322 |
Net income |  |  | $ | 14,822 |
Segment Assets and Accumulated Depreciation | Segment assets are summarized as follows as of January 31, 2016, and April 30, 2015, along with reconciliations to the condensed consolidated financial statements:
|  | (in thousands) |
As of January 31, 2016 |  | Multifamily |  |  | Healthcare |  |  | Industrial |  |  | All Other |  |  | Total |
Segment Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 1,133,560 |  |  | $ | 559,997 |  |  | $ | 61,238 |  |  | $ | 46,224 |  |  | $ | 1,801,019 |
Less accumulated depreciation |  |  | (200,363 | ) |  |  | (123,992 | ) |  |  | (12,494 | ) |  |  | (10,046 | ) |  |  | (346,895 | )
Net property owned |  | $ | 933,197 |  |  | $ | 436,005 |  |  | $ | 48,744 |  |  | $ | 36,178 |  |  |  | 1,454,124 |
Assets held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,064 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 47,117 |
Other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 50 |
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 71,809 |
Development in progress |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 78,341 |
Unimproved land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,304 |
Total assets |  |  | $ | 1,695,809 |
|  | (in thousands) |
As of April 31, 2015 |  | Multifamily |  |  | Healthcare |  |  | Industrial |  |  | All Other |  |  | 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 |

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