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SEGMENT REPORTING (Tables)

3 Months Ended

Jul. 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-month periods ended July 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 July 31, 2018	Multifamily				All Other				Total
Real estate revenue	$	43,089			$	2,857			$	45,946
Real estate expenses	18,486				1,043				19,529
Net operating income	$	24,603			$	1,814			$	26,417
Property management expenses									(1,367		)
Casualty loss									(225		)
Depreciation and amortization									(18,612		)
General and administrative expenses									(3,870		)
Interest expense									(8,385		)
Loss on debt extinguishment									(552		)
Interest and other income									516
Loss before gain on sale of real estate and other investments and income from discontinued operations									(6,078		)
Gain on sale of real estate and other investments									9,224
Income (loss) from continuing operations									3,146
Income (loss) from discontinued operations									570
Net income (loss)									$	3,716

	(in thousands)
Three Months Ended July 31, 2017	Multifamily				All Other				Total
Real estate revenue	$	35,999			$	4,979			$	40,978
Real estate expenses	15,734				1,793				17,527
Net operating income	$	20,265			$	3,186			$	23,451
Property management expenses									(1,356		)
Casualty loss									(485		)
Depreciation and amortization									(25,338		)
Loss on impairment									(256		)
General and administrative expenses									(4,002		)
Interest expense									(8,131		)
Loss on debt extinguishment									(199		)
Interest and other income									228
Loss before gain on sale of real estate and other investments and income from discontinued operations									(16,088		)
Gain on sale of real estate and other investments									124
Income (loss) from continuing operations									(15,964		)
Income (loss) from discontinued operations									2,685
Net income (loss)									$	(13,279	)

Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of July 31, 2018, and April 30, 2018, respectively, along with reconciliations to the condensed consolidated financial statements:

	(in thousands)
As of July 31, 2018	Multifamily				All Other				Total
Segment assets
Property owned	$	1,576,345			$	59,888			$	1,636,233
Less accumulated depreciation	(309,862		)		(16,910		)		(326,772		)
Total property owned	$	1,266,483			$	42,978			$	1,309,461
Cash and cash equivalents									16,261
Restricted cash									4,103
Other assets									27,885
Unimproved land									7,926
Mortgage loans receivable									10,530
Total Assets									$	1,376,166

	(in thousands)
As of 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

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8924-108599

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X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8924-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599

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