DISCONTINUED OPERATIONS

3 Months Ended

Jul. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

We report in discontinued operations the results of operations and the related gains or losses on the sales of properties that have either been disposed of or classified as held for sale and meet the classification of a discontinued operation as described in ASC 205, "Presentation of Financial Statements," and ASC 360, "Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.

We classified no new dispositions or properties held for sale as discontinued operations during the three months ended July 31, 2018 and 2017.

The following information shows the effect on net income and the gains or losses from the sales of properties classified as discontinued operations for the three months ended July 31, 2018 and 2017, respectively:



	(in thousands)
	Three Months Ended July 31,
	2018		2017
REVENUE	$	—	$	11,955
EXPENSES
Property operating expenses, excluding real estate taxes	—		2,257
Real estate taxes	—		1,961
Property management	—		72
Depreciation and amortization	—		3,589
Impairment of real estate investments	—		—
TOTAL EXPENSES	$	—	$	7,879
Operating income	—		4,076
Interest expense	—		(1,985		)
Loss on extinguishment of debt	—		—
Interest income	—		544
Other income	—		50
Income from discontinued operations before gain on sale	—		2,685
Gain on sale of discontinued operations	570		—
INCOME (LOSS) FROM DISCONTINUED OPERATIONS	$	570	$	2,685

As of July 31, 2018 and April 30, 2018, we had no assets or liabilities classified as held for sale.