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DISCONTINUED OPERATIONS | 3 Months Ended
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Jul. 31, 2017
DISCONTINUED OPERATIONS [Abstract] |
DISCONTINUED OPERATIONS | NOTE 7 • DISCONTINUED OPERATIONS We report in discontinued operations the results of operations and the related gains or losses on the sales of properties that have either been disposed of or classified as held for sale and meet the classification of a discontinued operation as described in ASC 205 - Presentation of Financial Statements and ASC 360 - Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. We classified no new dispositions or properties held for sale as discontinued operations during the three months ended July 31, 2017. During fiscal year 2016, we determined that our strategic decision to exit senior housing met the criteria for discontinued operations, and we consequently classified 34 senior housing properties as held for sale and discontinued operations at April 30, 2016. Thirty-two of those senior housing properties were sold during the fiscal year ended April 30, 2017, and the remaining two senior housing properties continued to be classified as held for sale and discontinued operations at July 31, 2017. The following information shows the effect on net income and the gains or losses from the sales of properties classified as discontinued operations for the three months ended July 31, 2017 and 2016:
|  | (in thousands) |
|  | Three Months Ended |
|  | July 31, |
|  | 2017 |  | 2016 |
REVENUE |  |  |  |  |  |  |
Real estate rentals |  | $ | 790 |  | $ | 5,010 |
Tenant reimbursement |  |  | — |  |  | 114 |
TRS senior housing revenue |  |  | — |  |  | 873 |
TOTAL REVENUE |  |  | 790 |  |  | 5,997 |
EXPENSES |  |  |  |  |  |  |
Real estate taxes |  |  | — |  |  | 112 |
Depreciation and amortization |  |  | — |  |  | 16 |
TRS senior housing expenses |  |  | — |  |  | 784 |
TOTAL EXPENSES |  |  | — |  |  | 912 |
Operating income |  |  | 790 |  |  | 5,085 |
Interest expense |  |  | (821) |  |  | (1,374) |
Interest income |  |  | 544 |  |  | 544 |
Other income |  |  | 47 |  |  | 313 |
INCOME FROM DISCONTINUED OPERATIONS |  | $ | 560 |  | $ | 4,568 |
The following information reconciles the carrying amounts of major classes of assets and liabilities of the discontinued operations to assets and liabilities held for sale that are presented separately on the Condensed Consolidated Balance Sheets:
|  | (in thousands) |
|  | July 31, 2017 |  | April 30, 2017 |
Carrying amounts of major classes of assets included as part of discontinued operations |  |  |  |  |  |  |
Property owned and intangible assets, net of accumulated depreciation and amortization |  | $ | 21,332 |  | $ | 21,332 |
Receivable arising from straight-lining of rents |  |  | 2,202 |  |  | 2,283 |
Goodwill |  |  | 14 |  |  | 14 |
Total major classes of assets of the discontinued operations |  |  | 23,548 |  |  | 23,629 |
Other assets included in the disposal group classified as held for sale |  |  | 14,004 |  |  | 14,079 |
Total assets of the disposal group classified as held for sale on the balance sheet |  | $ | 37,552 |  | $ | 37,708 |
Carrying amounts of major classes of liabilities included as part of discontinued operations |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 59 |  | $ | 52 |
Mortgages payable |  |  | 15,863 |  |  | 16,226 |
Other |  |  | 7,900 |  |  | 7,900 |
Total major classes of liabilities of the discontinued operations |  |  | 23,822 |  |  | 24,178 |
Other liabilities included in the disposal group classified as held for sale |  |  | 5,861 |  |  | 5,884 |
Total liabilities of the disposal group classified as held for sale on the balance sheet |  | $ | 29,683 |  | $ | 30,062 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64862545&loc=SL51724579-110230 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760 + Details
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