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SEGMENT REPORTING | 9 Months Ended
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Jan. 31, 2018
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING We operate in a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of multifamily properties. 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 multifamily properties have similar long-term economic characteristics and provide similar products and services to our tenants. No multifamily property comprises more than 10% of consolidated revenues, profit, or assets. Accordingly, our multifamily properties 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 7 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 direct real estate expenses (including real estate taxes). 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 expenses. NOI does not represent cash generated by operating activities in accordance with U.S. 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 the multifamily reportable segment are summarized as follows for the three- and nine-month periods ended January 31, 2018 and 2017, respectively, 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 January 31, 2018 | Multifamily |  |  | All Other |  |  | Amounts Not Allocated To Segments(1) |  | Total |
Real estate revenue | $ | 41,279 |  |  | $ | 1,975 |  |  | — |  |  | $ | 43,254 |
Real estate expenses | 18,231 |  |  | 549 |  |  | $ | 1,255 |  |  | 20,035 |
Net operating income (loss) | $ | 23,048 |  |  | $ | 1,426 |  |  | $ | (1,255 | ) |  | $ | 23,219 |
Depreciation and amortization |  |  |  |  |  |  | (18,390 | )
General and administrative expenses |  |  |  |  |  |  | (3,011 | )
Interest expense |  |  |  |  |  |  | (9,236 | )
Loss on debt extinguishment |  |  |  |  |  |  | (285 | )
Interest and other income |  |  |  |  |  |  | 433 |
Loss before gain on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  |  | (7,270 | )
Gain on sale of real estate and other investments |  |  |  |  |  |  | 12,387 |
Income from continuing operations |  |  |  |  |  |  | 5,117 |
Income from discontinued operations |  |  |  |  |  |  | 146,811 |
Net income |  |  |  |  |  |  | $ | 151,928 |
(1) | Consists of off-site costs for property management and casualty-related amounts, which are excluded in our assessment of segment performance.
| (in thousands)
Three Months Ended January 31, 2017 | Multifamily |  |  | All Other |  |  | Amounts Not Allocated To Segments(1) |  | Total |
Real estate revenue | $ | 36,171 |  |  | $ | 4,057 |  |  | — |  |  | $ | 40,228 |
Real estate expenses | 16,336 |  |  | 1,000 |  |  | $ | 1,283 |  |  | 18,619 |
Net operating income (loss) | $ | 19,835 |  |  | $ | 3,057 |  |  | $ | (1,283 | ) |  | $ | 21,609 |
Depreciation and amortization |  |  |  |  |  |  | (10,787 | )
General and administrative expenses |  |  |  |  |  |  | (4,172 | )
Interest expense |  |  |  |  |  |  | (8,832 | )
Loss on debt extinguishment |  |  |  |  |  |  | (458 | )
Interest and other income |  |  |  |  |  |  | 427 |
Loss before gain on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  |  | (2,213 | )
Gain on sale of real estate and other investments |  |  |  |  |  |  | 2,437 |
Income from continuing operations |  |  |  |  |  |  | 224 |
Income from discontinued operations |  |  |  |  |  |  | 24,965 |
Net income |  |  |  |  |  |  | $ | 25,189 |
(1) | Consists of off-site costs for property management and casualty-related amounts, which are excluded in our assessment of segment performance.
| (in thousands)
Nine Months Ended January 31, 2018 | Multifamily |  |  | All Other |  |  | Amounts Not Allocated To Segments(1) |  | Total |
Real estate revenue | $ | 119,444 |  |  | $ | 7,936 |  |  | — |  |  | $ | 127,380 |
Real estate expenses | 54,584 |  |  | 2,102 |  |  | $ | 4,204 |  |  | 60,890 |
Net operating income (loss) | $ | 64,860 |  |  | $ | 5,834 |  |  | $ | (4,204 | ) |  | $ | 66,490 |
Depreciation and amortization |  |  |  |  |  |  | (60,998 | )
Impairment of real estate investments |  |  |  |  |  |  | (256 | )
General and administrative expenses |  |  |  |  |  |  | (10,131 | )
Interest expense |  |  |  |  |  |  | (25,876 | )
Loss on debt extinguishment |  |  |  |  |  |  | (818 | )
Interest and other income |  |  |  |  |  |  | 916 |
Loss before gain on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  |  | (30,673 | )
Gain on sale of real estate and other investments |  |  |  |  |  |  | 17,835 |
Loss from continuing operations |  |  |  |  |  |  | (12,838 | )
Income from discontinued operations |  |  |  |  |  |  | 164,626 |
Net income |  |  |  |  |  |  | $ | 151,788 |
(1) | Consists of off-site costs for property management and casualty-related amounts, which are excluded in our assessment of segment performance.
| (in thousands)
Nine Months Ended January 31, 2017 | Multifamily |  |  | All Other |  |  | Amounts Not Allocated To Segments(1) |  | Total |
Real estate revenue | $ | 107,400 |  |  | $ | 11,307 |  |  | — |  |  | $ | 118,707 |
Real estate expenses | 46,781 |  |  | 2,787 |  |  | $ | 4,002 |  |  | 53,570 |
Net operating income (loss) | $ | 60,619 |  |  | $ | 8,520 |  |  | $ | (4,002 | ) |  | $ | 65,137 |
Depreciation and amortization |  |  |  |  |  |  | (33,193 | )
Impairment of real estate investments |  |  |  |  |  |  | (54,153 | )
General and administrative expenses |  |  |  |  |  |  | (11,195 | )
Interest expense |  |  |  |  |  |  | (26,033 | )
Loss on debt extinguishment |  |  |  |  |  |  | (458 | )
Interest and other income |  |  |  |  |  |  | 685 |
Loss before gain on sale of real estate and other investments and income from discontinued operations |  |  |  |  |  |  | (59,210 | )
Gain on sale of real estate and other investments |  |  |  |  |  |  | 11,292 |
Loss from continuing operations |  |  |  |  |  |  | (47,918 | )
Income from discontinued operations |  |  |  |  |  |  | 44,803 |
Net loss |  |  |  |  |  |  | $ | (3,115 | )
(1) | Consists of off-site 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 January 31, 2018, and April 30, 2017, respectively, along with reconciliations to the condensed consolidated financial statements:
| (in thousands)
As of January 31, 2018 | Multifamily |  |  | All Other |  |  | Total |
Segment assets |  |  |  |  |  |  |  |
Property owned | $ | 1,495,944 |  |  | $ | 72,781 |  |  | $ | 1,568,725 |
Less accumulated depreciation | (285,460 | ) |  | (18,689 | ) |  | (304,149 | )
Total property owned | $ | 1,210,484 |  |  | $ | 54,092 |  |  | $ | 1,264,576 |
Mortgage loans receivable |  |  |  |  | 10,329 |
Cash and cash equivalents |  |  |  |  | 22,666 |
Restricted cash |  |  |  |  | 121,337 |
Other assets |  |  |  |  | 21,664 |
Unimproved land |  |  |  |  | 15,123 |
Total Assets |  |  |  |  | $ | 1,455,695 |
| (in thousands)
As of 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://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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