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OPERATING SEGMENTS (Tables) | 12 Months Ended
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Apr. 30, 2015
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, 2015, 2014 and 2013 from our three 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, 2015 |  | Multifamily |  | Healthcare |  | Industrial |  | All Other |  | Total |
Real estate revenue |  | $ | 118,526 |  | $ | 65,828 |  | $ | 6,491 |  | $ | 10,150 |  | $ | 200,995 |
Real estate expenses |  | 51,172 |  | 16,937 |  | 1,536 |  | 4,188 |  | 73,833 |
Net operating income |  | $ | 67,354 |  | $ | 48,891 |  | $ | 4,955 |  | $ | 5,962 |  | 127,162 |
TRS senior housing revenue, net of expenses |  |  |  |  |  |  |  |  |  | 523 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (51,775 | )
Administrative expenses |  |  |  |  |  |  |  |  |  | (11,824 | )
Other expenses |  |  |  |  |  |  |  |  |  | (2,010 | )
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (4,663 | )
Interest expense |  |  |  |  |  |  |  |  |  | (40,071 | )
Interest and other income |  |  |  |  |  |  |  |  |  | 2,956 |
Income before gain on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  |  |  |  |  | 20,298 |
Gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  | 6,093 |
Income from continuing operations |  |  |  |  |  |  |  |  |  | 26,391 |
Income from discontinued operations |  |  |  |  |  |  |  |  |  | 2,293 |
Net income |  |  |  |  |  |  |  |  |  | $ | 28,684 |
|  | (in thousands) |
Year Ended April 30, 2014 |  | Multifamily |  | Healthcare |  | Industrial |  | All Other |  | Total |
Real estate revenue |  | $ | 102,059 |  | $ | 64,887 |  | $ | 6,894 |  | $ | 11,539 |  | $ | 185,379 |
Real estate expenses |  | 46,138 |  | 16,899 |  | 2,043 |  | 4,725 |  | 69,805 |
Gain on involuntary conversion |  | 2,480 |  | 0 |  | 0 |  | 0 |  | 2,480 |
Net operating income |  | $ | 58,401 |  | $ | 47,988 |  | $ | 4,851 |  | $ | 6,814 |  | 118,054 |
TRS senior housing revenue, net of expenses |  |  |  |  |  |  |  |  |  | 296 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (50,069 | )
Administrative expenses |  |  |  |  |  |  |  |  |  | (10,743 | )
Other expenses |  |  |  |  |  |  |  |  |  | (2,129 | )
Impairment of real estate investments |  |  |  |  |  |  |  |  |  | (7,700 | )
Interest expense |  |  |  |  |  |  |  |  |  | (39,619 | )
Interest and other income |  |  |  |  |  |  |  |  |  | 2,148 |
Income before gain on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  |  |  |  |  | 10,238 |
Loss on sale of real estate and other investments |  |  |  |  |  |  |  |  |  | (51 | )
Income from continuing operations |  |  |  |  |  |  |  |  |  | 10,187 |
Loss from discontinued operations |  |  |  |  |  |  |  |  |  | (27,127 | )
Net loss |  |  |  |  |  |  |  |  |  | $ | (16,940 | )
|  | (in thousands) |
Year Ended April 30, 2013 |  | Multifamily |  | Healthcare |  | Industrial |  | All Other |  | Total |
Real estate revenue |  | $ | 89,923 |  | $ | 61,625 |  | $ | 6,700 |  | $ | 11,485 |  | $ | 169,733 |
Real estate expenses |  | 38,223 |  | 16,529 |  | 1,871 |  | 5,547 |  | 62,170 |
Gain on involuntary conversion |  | 3,852 |  | 0 |  | 0 |  | 1,232 |  | 5,084 |
Net operating income |  | $ | 55,552 |  | $ | 45,096 |  | $ | 4,829 |  | $ | 7,170 |  | 112,647 |
Depreciation/amortization |  |  |  |  |  |  |  |  |  | (42,430 | )
Administrative expenses |  |  |  |  |  |  |  |  |  | (8,494 | )
Other expenses |  |  |  |  |  |  |  |  |  | (2,171 | )
Interest expense |  |  |  |  |  |  |  |  |  | (40,441 | )
Interest and other income |  |  |  |  |  |  |  |  |  | 732 |
Income before gain on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  |  |  |  |  | 19,843 |
Gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  | 0 |
Income from continuing operations |  |  |  |  |  |  |  |  |  | 19,843 |
Income from discontinued operations |  |  |  |  |  |  |  |  |  | 10,129 |
Net income |  |  |  |  |  |  |  |  |  | $ | 29,972 |
Segment Assets and Accumulated Depreciation | Segment Assets and Accumulated Depreciation
|  | (in thousands) |
As of April 30, 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 |
|  | (in thousands) |
As of April 30, 2014 |  | Multifamily |  | Healthcare |  | Industrial |  | All Other |  | Total |
Segment Assets |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 753,731 |  | $ | 522,135 |  | $ | 55,375 |  | $ | 118,975 |  | $ | 1,450,216 |
Less accumulated depreciation |  | (158,100 | ) | (105,376 | ) | (10,198 | ) | (28,731 | ) | 302,405 |
Net property owned |  | $ | 595,631 |  | $ | 416,759 |  | $ | 45,177 |  | $ | 90,244 |  | 1,147,811 |
Assets held for sale |  |  |  |  |  |  |  |  |  | 457,307 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  | 47,267 |
Other investments |  |  |  |  |  |  |  |  |  | 329 |
Receivables and other assets |  |  |  |  |  |  |  |  |  | 89,034 |
Development in progress |  |  |  |  |  |  |  |  |  | 104,609 |
Unimproved land |  |  |  |  |  |  |  |  |  | 22,864 |
Total assets |  |  |  |  |  |  |  |  |  | $ | 1,869,221 |

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