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SEGMENT REPORTING | 6 Months Ended
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Oct. 31, 2017
SEGMENT REPORTING |
SEGMENT REPORTING | NOTE 5 • SEGMENT REPORTING We report our results in two reportable segments, which are aggregations of similar properties: multifamily and healthcare. We measure the performance of our segments based on net operating income (“NOI”), which we define as total real estate revenues less real estate expenses (which consist of utilities, maintenance, real estate taxes, insurance, property management expenses and other property expenses). We believe that NOI is an important supplemental measure of operating performance for a REIT’s operating real estate because it provides a measure of core operations that is unaffected by depreciation, amortization, financing, and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with US GAAP and should not be considered an alternative to net income, net income available for common shareholders, or cash flow from operating activities as a measure of financial performance. The revenues and NOI for these reportable segments are summarized as follows for the three- and six-month periods ended October 31, 2017 and 2016, along with reconciliations to the condensed consolidated financial statements. Segment assets are also reconciled to total assets as reported in the condensed consolidated financial statements.
|  | (in thousands) |
Three Months Ended October 31, 2017 |  | Multifamily |  | Healthcare |  | All Other |  | Amounts Not Allocated To Segments(1) |  | Total |
Real estate revenue |  | $ | 39,734 |  | $ | 11,449 |  | $ | 2,738 |  | $ | — |  | $ | 53,921 |
Real estate expenses |  |  | 18,888 |  |  | 4,373 |  |  | 698 |  |  | 1,338 |  |  | 25,297 |
Net operating income (loss) |  | $ | 20,846 |  | $ | 7,076 |  | $ | 2,040 |  | $ | (1,338) |  | $ | 28,624 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (20,694) |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,118) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (9,666) |
Loss on debt extinguishment |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (334) |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 256 |
Loss before gain on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,932) |
Gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,324 |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 392 |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,747 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,139 |
| (1) |  | Consists of offsite costs for property management and casualty-related amounts, which are excluded in our assessment of segment performance.
|  | (in thousands) |
Three Months Ended October 31, 2016 |  | Multifamily |  | Healthcare |  | All Other |  | Amounts Not Allocated To Segments(1) |  |  | Total |
Real estate revenue |  | $ | 36,187 |  | $ | 11,661 |  | $ | 2,761 |  | $ | — |  | $ | 50,609 |
Real estate expenses |  |  | 15,566 |  |  | 4,151 |  |  | 730 |  |  | 1,126 |  |  | 21,573 |
Net operating income (loss) |  | $ | 20,621 |  | $ | 7,510 |  | $ | 2,031 |  | $ | (1,126) |  |  | 29,036 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13,531) |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,522) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10,626) |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 93 |
Gain before loss on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,450 |
Loss on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (103) |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,347 |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,943 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 12,290 |
|  | (in thousands) |
Six Months Ended October 31, 2017 |  | Multifamily |  | Healthcare |  | All Other |  | Amounts Not Allocated To Segments(1) |  | Total |
Real estate revenue |  | $ | 78,164 |  | $ | 22,827 |  | $ | 5,665 |  |  | — |  | $ | 106,656 |
Real estate expenses |  |  | 36,353 |  |  | 8,658 |  |  | 1,491 |  |  | 3,045 |  |  | 49,547 |
Net operating income (loss) |  | $ | 41,811 |  | $ | 14,169 |  | $ | 4,174 |  |  | (3,045) |  |  | 57,109 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (49,621) |
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (256) |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7,120) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (18,961) |
Loss on debt extinguishment |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (533) |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 487 |
Loss before gain on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (18,895) |
Gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,448 |
Loss from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13,447) |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,307 |
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (140) |
| (1) |  | Consists of offsite costs for property management and casualty-related amounts, which are excluded in our assessment of segment performance.
|  | (in thousands) |
Six Months Ended October 31, 2016 |  | Multifamily |  | Healthcare |  | All Other |  | Amounts Not Allocated To Segments(1) |  |  | Total |
Real estate revenue |  | $ | 71,229 |  | $ | 23,202 |  | $ | 5,789 |  | $ | — |  | $ | 100,220 |
Real estate expenses |  |  | 30,445 |  |  | 8,343 |  |  | 1,456 |  |  | 2,963 |  |  | 43,207 |
Net operating income (loss) |  | $ | 40,784 |  | $ | 14,859 |  | $ | 4,333 |  | $ | (2,963) |  |  | 57,013 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (27,798) |
Impairment of real estate investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (54,153) |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7,023) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (20,990) |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 281 |
Loss before gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (52,670) |
Gain on sale of real estate and other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,855 |
Loss from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (43,815) |
Income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,511 |
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (28,304) |
| (1) |  | Consists of offsite costs for 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 October 31, 2017, and April 30, 2017, along with reconciliations to the condensed consolidated financial statements:
|  | (in thousands) |
As of October 31, 2017 |  | Multifamily |  | Healthcare |  | All Other |  | Total |
Segment assets |  |  |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 1,409,598 |  | $ | 321,863 |  | $ | 99,720 |  | $ | 1,831,181 |
Less accumulated depreciation |  |  | (269,976) |  |  | (91,948) |  |  | (22,478) |  |  | (384,402) |
Total property owned |  | $ | 1,139,622 |  | $ | 229,915 |  | $ | 77,242 |  | $ | 1,446,779 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  | 42,464 |
Mortgage loans receivable |  |  |  |  |  |  |  |  |  |  |  | 10,329 |
Receivables and other assets |  |  |  |  |  |  |  |  |  |  |  | 36,239 |
Unimproved land |  |  |  |  |  |  |  |  |  |  |  | 15,216 |
Total Assets |  |  |  |  |  |  |  |  |  |  | $ | 1,551,027 |
|  | (in thousands) |
As of April 30, 2017 |  | Multifamily |  | Healthcare |  | All Other |  | Total |
Segment assets |  |  |  |  |  |  |  |  |  |  |  |  |
Property owned |  | $ | 1,251,716 |  | $ | 323,148 |  | $ | 102,617 |  | $ | 1,677,481 |
Less accumulated depreciation |  |  | (232,183) |  |  | (86,139) |  |  | (22,095) |  |  | (340,417) |
Total property owned |  | $ | 1,019,533 |  | $ | 237,009 |  | $ | 80,522 |  | $ | 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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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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