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DISCONTINUED OPERATIONS | 6 Months Ended
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Oct. 31, 2016
DISCONTINUED OPERATIONS [Abstract] |
DISCONTINUED OPERATIONS | NOTE 7 • DISCONTINUED OPERATIONS We report in discontinued operations the results of operations and any gain or loss on sale of a property or group of properties that has either been disposed of or is classified as held for sale and for which the disposition represents a strategic shift that has or will have a major effect on our operations and financial results. During fiscal year 2016, we determined that our strategic plan to exit the office and retail segments met the criteria for discontinued operations. Accordingly, 48 office properties, 17 retail properties and 1 healthcare property were classified as held for sale and subsequently sold during fiscal year 2016. Additionally, we determined that our strategic decision to exit senior housing, which was a subset of our healthcare segment, met the criteria for discontinued operations and we consequently classified 34 senior housing properties as held for sale and discontinued operations at April 30, 2016. Eight of those senior housing properties were sold during the second quarter of fiscal year 2017 and the remaining 26 senior housing properties continued to be classified as held for sale and discontinued operations at October 31, 2016. The following information shows the effect on net income and the gains or losses from the sales of properties classified as discontinued operations for the three and six months ended October 31, 2016 and 2015:
|  | (in thousands) |
|  | Three Months Ended |  | Six Months Ended |
|  | October 31, |  | October 31, |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
REVENUE |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate rentals |  | $ | 4,992 |  | $ | 9,703 |  | $ | 10,002 |  | $ | 28,143 |
Tenant reimbursement |  |  | 112 |  |  | 1,486 |  |  | 226 |  |  | 7,751 |
TRS senior housing revenue |  |  | 916 |  |  | 965 |  |  | 1,789 |  |  | 2,003 |
TOTAL REVENUE |  |  | 6,020 |  |  | 12,154 |  |  | 12,017 |  |  | 37,897 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses, excluding real estate taxes |  |  | — |  |  | 2,668 |  |  | — |  |  | 8,768 |
Real estate taxes |  |  | (112) |  |  | 1,269 |  |  | — |  |  | 4,789 |
Depreciation and amortization |  |  | — |  |  | 2,498 |  |  | 16 |  |  | 9,587 |
Impairment of real estate investments |  |  | — |  |  | — |  |  | — |  |  | 440 |
TRS senior housing expenses |  |  | 769 |  |  | 812 |  |  | 1,553 |  |  | 1,581 |
TOTAL EXPENSES |  |  | 657 |  |  | 7,247 |  |  | 1,569 |  |  | 25,165 |
Operating income |  |  | 5,363 |  |  | 4,907 |  |  | 10,448 |  |  | 12,732 |
Interest expense(1) |  |  | (1,395) |  |  | (5,021) |  |  | (2,769) |  |  | (12,168) |
Gain/Loss on extinguishment of debt(1) |  |  | (72) |  |  | (7,120) |  |  | (72) |  |  | (7,120) |
Other income |  |  | — |  |  | 203 |  |  | — |  |  | 273 |
Income from discontinued operations before gain on sale |  |  | 3,896 |  |  | (7,031) |  |  | 7,607 |  |  | (6,283) |
Gain on sale of discontinued operations |  |  | 6,503 |  |  | 23,910 |  |  | 6,503 |  |  | 23,910 |
INCOME FROM DISCONTINUED OPERATIONS |  | $ | 10,399 |  | $ | 16,879 |  | $ | 14,110 |  | $ | 17,627 |
| (1) |  | Interest expense for the three and six months ended October 31, 2015 includes $1.6 million and $3.1 million, respectively of default interest related to a $122.6 million non-recourse loan by one of our subsidiaries. In the third quarter of fiscal year 2016, ownership of the nine properties serving as collateral on the loan was transferred to the mortgage lender and the debt obligation and accrued interest was removed from our balance sheet.
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) |
|  | October 31, 2016 |  | April 30, 2016 |
Carrying amounts of major classes of assets included as part of discontinued operations |  |  |  |  |  |  |
Property owned and intangible assets, net of accumulated depreciation and amortization |  | $ | 157,050 |  | $ | 189,900 |
Receivable arising from straight-lining of rents |  |  | 8,800 |  |  | 9,805 |
Accounts receivable |  |  | 912 |  |  | 1,707 |
Prepaid and other assets |  |  | 34 |  |  | 43 |
Tax, insurance and other escrow |  |  | 781 |  |  | 670 |
Property and equipment |  |  | 471 |  |  | 479 |
Goodwill |  |  | 18 |  |  | 18 |
Total major classes of assets of the discontinued operations |  |  | 168,066 |  |  | 202,622 |
Other assets included in the disposal group classified as held for sale |  |  | 23,167 |  |  | 17,915 |
Total assets of the disposal group classified as held for sale on the balance sheet |  | $ | 191,233 |  | $ | 220,537 |
Carrying amounts of major classes of liabilities included as part of discontinued operations |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 352 |  | $ | 810 |
Mortgages payable |  |  | 53,829 |  |  | 67,940 |
Other |  |  | 7,900 |  |  | 7,900 |
Total major classes of liabilities of the discontinued operations |  |  | 62,081 |  |  | 76,650 |
Other liabilities included in the disposal group classified as held for sale |  |  | 7,245 |  |  | 838 |
Total liabilities of the disposal group classified as held for sale on the balance sheet |  | $ | 69,326 |  | $ | 77,488 |

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