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OPERATING SEGMENT | 12 Months Ended
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Apr. 30, 2018
Segment Reporting [Abstract] |
OPERATING SEGMENT | OPERATING SEGMENT We operate in a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of apartment communities. Each of our operating properties is considered a separate operating segment because each property earns revenues, incurs expenses, and has discrete financial information. Our chief operating decision-makers evaluate each property's operating results to make decisions about resources to be allocated and to assess performance. We do not group our operations based on geography, size, or type. Our apartment communities have similar long-term economic characteristics and provide similar products and services to our tenants. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, our apartment communities are aggregated into a single reportable segment. Prior to the third quarter of fiscal year 2018, we reported our results in two reportable segments: multifamily and healthcare. We sold substantially all of our healthcare portfolio during the third quarter of fiscal year 2018 and classified it as discontinued operations (see Note 10 for additional information). Healthcare no longer meets the quantitative thresholds for reporting as a separate reportable segment and is included in "all other" with other non-multifamily properties. Our executive management team comprises our chief operating decision-makers. This team measures the performance of our reportable segment based on net operating income (“NOI”), which we define as total real estate revenues less property operating expenses and real estate tax expense combined (referred to as "real estate 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 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 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 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
|  | (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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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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