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OPERATING SEGMENTS (Tables) | 12 Months Ended
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Apr. 30, 2017
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, 2017, 2016 and 2015 from our two 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, 2017 |  | Multifamily |  | Healthcare |  | All Other |  | Amounts Not Allocated To Segments(1) |  | Total |
Real estate revenue |  | $ | 144,743 |  | $ | 49,856 |  | $ | 11,139 |  |  | — |  | $ | 205,738 |
Real estate expenses |  |  | 63,292 |  |  | 16,419 |  |  | 3,024 |  |  | 5,620 |  |  | 88,355 |
Net operating income (loss) |  | $ | 81,451 |  | $ | 33,437 |  | $ | 8,115 |  |  | (5,620) |  |  | 117,383 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (55,009) |
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (57,028) |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12,075) |
Acquisition and investment related costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,276) |
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,796) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (41,127) |
Loss on debt extinguishment |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,099) |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,176 |
Loss before gain on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (56,851) |
Gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,701 |
Loss from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (38,150) |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 68,675 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 30,525 |
|  | (in thousands) |
Year Ended April 30, 2016 |  | Multifamily |  | Healthcare |  | All Other |  | Amounts Not Allocated To Segments(1) |  |  | Total |
Real estate revenue |  | $ | 131,149 |  | $ | 45,621 |  | $ | 11,550 |  | $ | — |  | $ | 188,320 |
Real estate expenses |  |  | 57,130 |  |  | 15,439 |  |  | 2,500 |  |  | 4,031 |  |  | 79,100 |
Net operating income (loss) |  | $ | 74,019 |  | $ | 30,182 |  | $ | 9,050 |  | $ | (4,031) |  |  | 109,220 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (49,832) |
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,543) |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (11,267) |
Acquisition and investment related costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (830) |
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,231) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (35,768) |
Loss on debt extinguishment |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (106) |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 398 |
Income before gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,041 |
Gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,640 |
Gain on bargain purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,424 |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17,105 |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 59,497 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 76,602 |
| (1) |  | Consists of offsite costs associated with property management and casualty-related amounts, which are excluded in our assessment of segment performance.
|  | (in thousands) |
Year Ended April 30, 2015 |  | Multifamily |  | Healthcare |  | All Other |  |  | Amounts Not Allocated To Segments(1) |  | Total |
Real estate revenue |  | $ | 118,526 |  | $ | 44,153 |  | $ | 16,642 | $ |  | — |  | $ | 179,321 |
Real estate expenses |  |  | 48,668 |  |  | 15,244 |  |  | 5,260 |  |  | 3,965 |  |  | 73,137 |
Net operating income (loss) |  | $ | 69,858 |  | $ | 28,909 |  | $ | 11,382 | $ |  | (3,965) |  |  | 106,184 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (42,784) |
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,663) |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (11,824) |
Acquisition and investment related costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (362) |
Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,647) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (34,447) |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 780 |
Income before loss on sale of real estate and other investments and loss from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,237 |
Gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,093 |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17,330 |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,354 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 28,684 |
| (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 and Accumulated Depreciation
|  | (in thousands) |
As of April 30, 2017 |  | Multifamily |  | Healthcare |  | All Other |  | Total |
Segment assets |  |  |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 1,260,541 |  | $ | 323,148 |  | $ | 93,792 |  | $ | 1,677,481 |
Less accumulated depreciation |  |  | (232,592) |  |  | (86,139) |  |  | (21,686) |  |  | (340,417) |
Total property owned |  | $ | 1,027,949 |  | $ | 237,009 |  | $ | 72,106 |  | $ | 1,337,064 |
Assets held for sale and assets from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 37,708 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 28,819 |
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 52,468 |
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 18,455 |
Total Assets |  |  |  |  |  |  |  |  |  |  | $ | 1,474,514 |
|  | (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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