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OPERATING SEGMENT (Tables) | 12 Months Ended
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Apr. 30, 2018
Segment Reporting [Abstract] |
Revenues and Net Operating Income for Reportable Segments | The following tables present real estate revenues, real estate expenses, and net operating income for the fiscal years ended April 30, 2018, 2017, and 2016 from our reportable segment and reconcile net operating income 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, 2018 |  | Multifamily |  | All Other |  | Total |
Real estate revenue |  | $ | 159,983 |  | $ | 9,762 |  | $ | 169,745 |
Real estate expenses |  | 70,460 |  | 2,574 |  | 73,034 |
Net operating income |  | $ | 89,523 |  | $ | 7,188 |  | $ | 96,711 |
Property management expenses |  |  |  | (5,526 | )
Casualty loss |  |  |  | (500 | )
Depreciation and amortization |  |  |  |  |  | (82,070 | )
Impairment of real estate investments |  |  |  |  |  | (18,065 | )
General and administrative expenses |  |  |  |  |  | (14,203 | )
Acquisition and investment related costs |  |  |  |  |  | (51 | )
Interest expense |  |  |  |  |  | (34,178 | )
Loss on debt extinguishment |  |  |  |  |  | (940 | )
Interest and other income |  |  |  |  |  | 1,508 |
Loss before gain on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  | (57,314 | )
Gain on sale of real estate and other investments |  |  |  |  |  | 20,120 |
Loss from continuing operations |  |  |  |  |  | (37,194 | )
Income from discontinued operations |  |  |  |  |  | 164,823 |
Net income |  |  |  |  |  | $ | 127,629 |
|  | (in thousands)
Year ended April 30, 2017 |  | Multifamily |  | All Other |  | Total |
Real estate revenue |  | $ | 142,214 |  | $ | 17,890 |  | $ | 160,104 |
Real estate expenses |  | 60,895 |  | 3,431 |  | 64,326 |
Net operating income |  | $ | 81,319 |  | $ | 14,459 |  | $ | 95,778 |
Property management expenses |  |  |  | (5,046 | )
Casualty loss |  |  |  | (414 | )
Depreciation and amortization |  |  |  |  |  | (44,253 | )
Impairment of real estate investments |  |  |  |  |  | (57,028 | )
General and administrative expenses |  |  |  |  |  | (15,871 | )
Acquisition and investment related costs |  |  |  |  |  | (3,276 | )
Interest expense |  |  |  |  |  | (34,314 | )
Loss on debt extinguishment |  |  |  |  |  | (1,651 | )
Interest and other income |  |  |  |  |  | 1,146 |
Loss before gain on sale of real estate and other investments |  |  |  |  |  | (64,929 | )
Gain on sale of real estate and other investments |  |  |  |  |  | 18,701 |
Loss from continuing operations |  |  |  |  |  | (46,228 | )
Income from discontinued operations |  |  |  |  |  | 76,753 |
Net income |  |  |  |  |  | $ | 30,525 |
|  | (in thousands)
Year ended April 30, 2016 |  | Multifamily |  | All Other |  | Total |
Real estate revenue |  | $ | 129,049 |  | $ | 16,451 |  | $ | 145,500 |
Real estate expenses |  | 54,762 |  | 3,386 |  | 58,148 |
Net operating income |  | $ | 74,287 |  | $ | 13,065 |  | $ | 87,352 |
Property management expenses |  |  |  | (3,714 | )
Casualty loss |  |  |  | (238 | )
Depreciation and amortization |  |  |  |  |  | (39,273 | )
Impairment of real estate investments |  |  |  |  |  | (5,543 | )
General and administrative expenses |  |  |  |  |  | (13,498 | )
Acquisition and investment related costs |  |  |  |  |  | (830 | )
Interest expense |  |  |  |  |  | (28,417 | )
Loss on debt extinguishment |  |  |  | (106 | )
Interest and other income |  |  |  |  |  | 385 |
Loss before loss on sale of real estate and other investments and loss from discontinued operations |  |  |  |  |  | (3,882 | )
Gain on sale of real estate and other investments |  |  |  |  |  | 9,640 |
Gain on bargain purchase |  |  |  | 3,424 |
Income from continuing operations |  |  |  |  |  | 9,182 |
Income from discontinued operations |  |  |  |  |  | 67,420 |
Net income |  |  |  |  |  | $ | 76,602 |
Segment Assets and Accumulated Depreciation | Segment Assets and Accumulated Depreciation
|  | (in thousands)
As at April 30, 2018 |  | Multifamily |  | All Other |  | Total |
Segment assets |  |  |  |  |  |  |
Property owned |  | $ | 1,606,421 |  | $ | 63,343 |  | $ | 1,669,764 |
Less accumulated depreciation |  | (294,477 | ) | (16,847 | ) | (311,324 | )
Total property owned |  | $ | 1,311,944 |  | $ | 46,496 |  | $ | 1,358,440 |
Cash and cash equivalents |  |  |  |  |  | 11,891 |
Restricted cash |  |  |  | 4,225 |
Other assets |  |  |  |  |  | 30,297 |
Unimproved land |  |  |  | 11,476 |
Mortgage loans receivable |  |  |  |  |  | 10,329 |
Total Assets |  |  |  |  |  | $ | 1,426,658 |
|  | (in thousands)
As at April 30, 2017 |  | Multifamily |  | All Other |  | Total |
Segment assets |  |  |  |  |  |  |
Property owned |  | $ | 1,260,541 |  | $ | 97,988 |  | $ | 1,358,529 |
Less accumulated depreciation |  | (232,592 | ) | (23,007 | ) | (255,599 | )
Total property owned |  | $ | 1,027,949 |  | $ | 74,981 |  | $ | 1,102,930 |
Assets held for sale and assets from discontinued operations |  |  |  |  |  | 283,023 |
Cash and cash equivalents |  |  |  |  |  | 28,819 |
Restricted cash |  |  |  | 27,981 |
Other assets |  |  |  |  |  | 13,306 |
Unimproved land |  |  |  | $ | 18,455 |
Total Assets |  |  |  |  |  | $ | 1,474,514 |

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