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SEGMENT REPORTING (Tables) | 3 Months Ended
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Jul. 31, 2017
SEGMENT REPORTING |
Revenues and Net Operating Income for Reportable Segments |
|  | (in thousands) |
Three Months Ended July 31, 2017 |  | Multifamily |  | Healthcare |  | All Other |  | Amounts Not Allocated To Segments(1) |  | Total |
Real estate revenue |  | $ | 38,430 |  | $ | 11,378 |  | $ | 2,927 |  | $ | — |  | $ | 52,735 |
Real estate expenses |  |  | 17,465 |  |  | 4,285 |  |  | 793 |  |  | 1,707 |  |  | 24,250 |
Net operating income (loss) |  | $ | 20,965 |  | $ | 7,093 |  | $ | 2,134 |  | $ | (1,707) |  | $ | 28,485 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (28,927) |
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (256) |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,002) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (9,295) |
Loss on debt extinguishment |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (199) |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 231 |
Loss before gain on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13,963) |
Gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 124 |
Loss from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13,839) |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 560 |
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (13,279) |
| (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 July 31, 2016 |  | Multifamily |  | Healthcare |  | All Other |  | Amounts Not Allocated To Segments(1) |  |  | Total |
Real estate revenue |  | $ | 35,042 |  | $ | 11,541 |  | $ | 3,028 |  | $ | — |  | $ | 49,611 |
Real estate expenses |  |  | 14,879 |  |  | 4,192 |  |  | 725 |  |  | 1,838 |  |  | 21,634 |
Net operating income (loss) |  | $ | 20,163 |  | $ | 7,349 |  | $ | 2,303 |  | $ | (1,838) |  |  | 27,977 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (14,267) |
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (54,153) |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,501) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10,364) |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 188 |
Loss before gain on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (54,120) |
Gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,958 |
Loss from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (45,162) |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,568 |
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (40,594) |
| (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 July 31, 2017, and April 30, 2017, along with reconciliations to the condensed consolidated financial statements:
|  | (in thousands) |
As of July 31, 2017 |  | Multifamily |  | Healthcare |  | All Other |  | Total |
Segment assets |  |  |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 1,313,469 |  | $ | 324,197 |  | $ | 106,586 |  | $ | 1,744,252 |
Less accumulated depreciation |  |  | (254,380) |  |  | (89,561) |  |  | (24,828) |  |  | (368,769) |
Total property owned |  | $ | 1,059,089 |  | $ | 234,636 |  | $ | 81,758 |  | $ | 1,375,483 |
Assets held for sale and assets from discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 37,552 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 23,801 |
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 30,319 |
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 15,195 |
Total Assets |  |  |  |  |  |  |  |  |  |  | $ | 1,482,350 |
|  | (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 |

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