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SEGMENT REPORTING (Tables) | 9 Months Ended
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Jan. 31, 2018
Segment Reporting [Abstract] |
Revenues and Net Operating Income for Reportable Segments | 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 Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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