SEGMENT REPORTING (Tables)

9 Months Ended

Jan. 31, 2017

Revenues and Net Operating Income for Reportable Segments


	(in thousands)
Three Months Ended January 31, 2017	Multifamily		Healthcare		All Other		Amounts Not Allocated To Segments(1)		Total
Real estate revenue	$	36,269	$	12,099	$	2,806	$	—	$	51,174
Real estate expenses		16,336		4,216		838		1,403		22,793
Net operating income (loss)	$	19,933	$	7,883	$	1,968	$	(1,403)	$	28,381
Depreciation and amortization										(13,475)
General and administrative expenses										(3,130)
Acquisition and investment related costs										(5)
Other expenses										(1,037)
Interest expense										(10,680)
Loss on debt extinguishment										(1,907)
Interest and other income										974
Loss before gain on sale of real estate and other investments and income from discontinued operations										(879)
Gain on sale of real estate and other investments										2,437
Income from continuing operations										1,558
Income from discontinued operations										23,631
Net income									$	25,189


	(in thousands)
Nine Months Ended January 31, 2017	Multifamily		Healthcare		All Other		Amounts Not Allocated To Segments(1)		Total
Real estate revenue	$	107,559	$	35,301	$	8,534		—	$	151,394
Real estate expenses		46,781		12,560		2,294		4,365		66,000
Net operating income (loss)	$	60,778	$	22,741	$	6,240		(4,365)		85,394
Depreciation and amortization										(41,273)
Impairment of real estate investments										(54,153)
General and administrative expenses										(8,438)
Acquisition and investment related costs										(52)
Other expenses										(2,705)
Interest expense										(31,670)
Interest and other income										2,656
Loss before gain on sale of real estate and other investments and income from discontinued operations										(52,148)
Gain on sale of real estate and other investments										11,292
Loss from continuing operations										(40,856)
Income from discontinued operations										37,741
Net loss									$	(3,115)

(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 January 31, 2016	Multifamily		Healthcare		All Other		Amounts Not Allocated To Segments(1)			Total
Real estate revenue	$	33,425	$	11,859	$	3,122	$	—	$	48,406
Real estate expenses		14,564		3,971		634		1,152		20,321
Net operating income (loss)	$	18,861	$	7,888	$	2,488	$	(1,152)		28,085
Depreciation and amortization										(12,693)
Impairment of real estate investments										(162)
General and administrative expenses										(2,929)
Acquisition and investment related costs										(35)
Other expenses										(51)
Interest expense										(9,151)
Loss on debt extinguishment										0
Interest and other income										701
Income before gain on sale of real estate and other investments										3,765
Gain on sale of real estate and other investments										1,446
Income from continuing operations										5,211
Income from discontinued operations										38,232
Net income									$	43,443


	(in thousands)
Nine Months Ended January 31, 2016	Multifamily		Healthcare		All Other		Amounts Not Allocated To Segments(1)			Total
Real estate revenue	$	97,034	$	33,989	$	8,774	$	—	$	139,797
Real estate expenses		42,194		11,287		1,863		3,232		58,576
Net operating income (loss)	$	54,840	$	22,702	$	6,911	$	(3,232)		81,221
Depreciation and amortization										(36,315)
Impairment of real estate investments										(3,320)
General and administrative expenses										(8,316)
Acquisition and investment related costs										(433)
Other expenses										(1,281)
Interest expense										(25,706)
Loss on debt extinguishment										(106)
Interest and other income										1,973
Income before gain on sale of real estate and other investments										7,717
Gain on sale of real estate and other investments										1,271
Income from continuing operations										8,988
Income from discontinued operations										55,859
Net income									$	64,847

(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 January 31, 2017, and April 30, 2016, along with reconciliations to the condensed consolidated financial statements:


	(in thousands)
As of January 31, 2017	Multifamily		Healthcare		All Other		Total
Segment assets
Property owned	$	1,245,033	$	343,814	$	96,976	$	1,685,823
Less accumulated depreciation		(222,568)		(91,287)		(21,020)		(334,875)
Total property owned	$	1,022,465	$	252,527	$	75,956	$	1,350,948
Assets held for sale and assets from discontinued operations								140,226
Cash and cash equivalents								56,999
Receivables and other assets								30,309
Development in progress								11,531
Unimproved land								19,076
Total Assets							$	1,609,089


	(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