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SEGMENT REPORTING (Tables) | 6 Months Ended
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Oct. 31, 2016
SEGMENT REPORTING [Abstract] |
Revenues and Net Operating Income for Reportable Segments |
|  | (in thousands) |
Three Months Ended October 31, 2016 |  | Multifamily |  | Healthcare |  | All Other |  | Amounts Not Allocated To Segments(1) |  | Total |
Real estate revenue |  | $ | 36,250 |  | $ | 11,661 |  | $ | 2,698 |  | $ | — |  | $ | 50,609 |
Real estate expenses |  |  | 15,566 |  |  | 4,151 |  |  | 730 |  |  | 1,126 |  |  | 21,573 |
Net operating income (loss) |  | $ | 20,684 |  | $ | 7,510 |  | $ | 1,968 |  | $ | (1,126) |  | $ | 29,036 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13,531) |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,702) |
Acquisition and investment related costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4) |
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (816) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10,626) |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 637 |
Income before loss on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,994 |
Loss on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (103) |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,891 |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,399 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 12,290 |
|  | (in thousands) |
Six Months Ended October 31, 2016 |  | Multifamily |  | Healthcare |  | All Other |  | Amounts Not Allocated To Segments(1) |  | Total |
Real estate revenue |  | $ | 71,290 |  | $ | 23,202 |  | $ | 5,728 |  |  | — |  | $ | 100,220 |
Real estate expenses |  |  | 30,445 |  |  | 8,343 |  |  | 1,456 |  |  | 2,963 |  |  | 43,207 |
Net operating income (loss) |  | $ | 40,845 |  | $ | 14,859 |  | $ | 4,272 |  |  | (2,963) |  |  | 57,013 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (27,798) |
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (54,153) |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,308) |
Acquisition and investment related costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (47) |
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,668) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (20,990) |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,682 |
Loss before gain on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (51,269) |
Gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,855 |
Loss from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (42,414) |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,110 |
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (28,304) |
| (1) |  | Consists of offsite costs associated with property management and casualty-related amounts, which are excluded in our assessment of segment performance.
|  | (in thousands) |
Three Months Ended October 31, 2015 |  | Multifamily |  | Healthcare |  | All Other |  | Amounts Not Allocated To Segments(1) |  |  | Total |
Real estate revenue |  | $ | 32,176 |  | $ | 11,351 |  | $ | 2,819 |  | $ | — |  | $ | 46,346 |
Real estate expenses |  |  | 14,191 |  |  | 3,834 |  |  | 620 |  |  | 1,306 |  |  | 19,951 |
Net operating income (loss) |  | $ | 17,985 |  | $ | 7,517 |  | $ | 2,199 |  | $ | (1,306) |  |  | 26,395 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12,405) |
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,873) |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,933) |
Acquisition and investment related costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (391) |
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (813) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (8,741) |
Loss on debt extinguishment |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (106) |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 665 |
Loss from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (202) |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,879 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 16,677 |
|  | (in thousands) |
Six Months Ended October 31, 2015 |  | Multifamily |  | Healthcare |  | All Other |  | Amounts Not Allocated To Segments(1) |  |  | Total |
Real estate revenue |  | $ | 63,609 |  | $ | 22,130 |  | $ | 5,652 |  | $ | — |  | $ | 91,391 |
Real estate expenses |  |  | 27,631 |  |  | 7,316 |  |  | 1,228 |  |  | 2,080 |  |  | 38,255 |
Net operating income (loss) |  | $ | 35,978 |  | $ | 14,814 |  | $ | 4,424 |  | $ | (2,080) |  |  | 53,136 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (23,622) |
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,158) |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,387) |
Acquisition and investment related costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (398) |
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,230) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (16,555) |
Loss on debt extinguishment |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (106) |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,272 |
Income before gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,952 |
Loss on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (175) |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,777 |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17,627 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 21,404 |
| (1) |  | Consists of offsite costs associated with property management and casualty-related amounts, which are excluded in our assessment of segment performance.
Segment Assets and Accumulated Depreciation | Segment assets are summarized as follows as of October 31, 2016, and April 30, 2016, along with reconciliations to the condensed consolidated financial statements:
|  | (in thousands) |
As of October 31, 2016 |  | Multifamily |  | Healthcare |  | All Other |  | Total |
Segment assets |  |  |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 1,226,198 |  | $ | 342,242 |  | $ | 96,914 |  | $ | 1,665,354 |
Less accumulated depreciation |  |  | (212,922) |  |  | (88,669) |  |  | (20,199) |  |  | (321,790) |
Total property owned |  | $ | 1,013,276 |  | $ | 253,573 |  | $ | 76,715 |  | $ | 1,343,564 |
Assets held for sale and assets from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 191,233 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 68,729 |
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 35,803 |
Development in progress |  |  |  |  |  |  |  |  |  |  |  | 20,921 |
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 19,069 |
Total Assets |  |  |  |  |  |  |  |  |  |  | $ | 1,679,319 |
|  | (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 |  |  |  |  |  |  |  |  |  |  |  | 220,537 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 66,698 |
Other investments |  |  |  |  |  |  |  |  |  |  |  | 50 |
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 26,535 |
Development in progress |  |  |  |  |  |  |  |  |  |  |  | 51,681 |
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 20,939 |
Total Assets |  |  |  |  |  |  |  |  |  |  | $ | 1,755,022 |

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