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SEGMENT REPORTING | 6 Months Ended
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Oct. 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 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 residents. 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 7 for additional information). Healthcare no longer meets the quantitative thresholds for reporting as a separate reportable segment and therefore is included in “all other” with other non-multifamily properties. As of July 31, 2018, we no longer owned any healthcare 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 real estate expenses. Real estate expenses consist of property operating expenses and real estate tax expense and do not include property management expense. 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 six month periods ended October 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 October 31, 2018 | Multifamily |  |  | All Other |  |  | Total |
Real estate revenue | $ | 43,874 |  |  | $ | 1,764 |  |  | $ | 45,638 |
Real estate expenses | 18,768 |  |  | 568 |  |  | 19,336 |
Net operating income | $ | 25,106 |  |  | $ | 1,196 |  |  | $ | 26,302 |
Property management expenses |  |  |  |  | (1,319 | )
Casualty loss |  |  |  |  | (225 | )
Depreciation and amortization |  |  |  |  | (19,191 | )
General and administrative expenses |  |  |  |  | (3,374 | )
Interest expense |  |  |  |  | (7,997 | )
Loss on debt extinguishment |  |  |  |  | (4 | )
Interest and other income |  |  |  |  | 429 |
Income (loss) before gain on sale of real estate and other investments and income (loss) from discontinued operations |  |  |  |  | (5,379 | )
Gain (loss) on sale of real estate and other investments |  |  |  |  | (232 | )
Income (loss) from continuing operations |  |  |  |  | (5,611 | )
Income (loss) from discontinued operations |  |  |  |  | — |
Net income (loss) |  |  |  |  | $ | (5,611 | )
| (in thousands)
Three Months Ended October 31, 2017 | Multifamily |  |  | All Other |  |  | Total |
Real estate revenue | $ | 37,457 |  |  | $ | 4,409 |  |  | $ | 41,866 |
Real estate expenses | 17,201 |  |  | 1,517 |  |  | 18,718 |
Net operating income | $ | 20,256 |  |  | $ | 2,892 |  |  | $ | 23,148 |
Property management expenses |  |  |  |  | (1,372 | )
Casualty loss |  |  |  |  | (115 | )
Depreciation and amortization |  |  |  |  | (17,270 | )
General and administrative expenses |  |  |  |  | (3,118 | )
Interest expense |  |  |  |  | (8,509 | )
Loss on debt extinguishment |  |  |  |  | (334 | )
Interest and other income |  |  |  |  | 255 |
Income (loss) before gain on sale of real estate and other investments and income (loss) from discontinued operations |  |  |  |  | (7,315 | )
Gain (loss) on sale of real estate and other investments |  |  |  |  | 5,324 |
Income (loss) from continuing operations |  |  |  |  | (1,991 | )
Income (loss) from discontinued operations |  |  |  |  | 15,130 |
Net income (loss) |  |  |  |  | $ | 13,139 |
| (in thousands)
Six Months Ended October 31, 2018 | Multifamily |  |  | All Other |  |  | Total |
Real estate revenue | $ | 86,963 |  |  | $ | 4,621 |  |  | $ | 91,584 |
Real estate expenses | 37,254 |  |  | 1,611 |  |  | 38,865 |
Net operating income | $ | 49,709 |  |  | $ | 3,010 |  |  | $ | 52,719 |
Property management expenses |  |  |  |  | (2,686 | )
Casualty loss |  |  |  |  | (450 | )
Depreciation and amortization |  |  |  |  | (37,803 | )
Impairment of real estate investments |  |  |  |  | — |
General and administrative expenses |  |  |  |  | (7,244 | )
Interest expense |  |  |  |  | (16,382 | )
Loss on debt extinguishment |  |  |  |  | (556 | )
Interest and other income |  |  |  |  | 945 |
Income (loss) before gain on sale of real estate and other investments and income (loss) from discontinued operations |  |  |  |  | (11,457 | )
Gain (loss) on sale of real estate and other investments |  |  |  |  | 8,992 |
Income (loss) from continuing operations |  |  |  |  | (2,465 | )
Income (loss) from discontinued operations |  |  |  |  | 570 |
Net income (loss) |  |  |  |  | $ | (1,895 | )
| (in thousands)
Six Months Ended October 31, 2017 | Multifamily |  |  | All Other |  |  | Total |
Real estate revenue | $ | 73,455 |  |  | $ | 9,389 |  |  | $ | 82,844 |
Real estate expenses | 32,934 |  |  | 3,311 |  |  | 36,245 |
Net operating income | $ | 40,521 |  |  | $ | 6,078 |  |  | $ | 46,599 |
Property management expenses |  |  |  |  | (2,728 | )
Casualty loss |  |  |  |  | (600 | )
Depreciation and amortization |  |  |  |  | (42,608 | )
Impairment of real estate investments |  |  |  |  | (256 | )
General and administrative expenses |  |  |  |  | (7,120 | )
Interest expense |  |  |  |  | (16,640 | )
Loss on debt extinguishment |  |  |  |  | (533 | )
Interest and other income |  |  |  |  | 483 |
Income (loss) before gain on sale of real estate and other investments and income (loss) from discontinued operations |  |  |  |  | (23,403 | )
Gain (loss) on sale of real estate and other investments |  |  |  |  | 5,448 |
Income (loss) from continuing operations |  |  |  |  | (17,955 | )
Income (loss) from discontinued operations |  |  |  |  | 17,815 |
Net income (loss) |  |  |  |  | $ | (140 | )
Segment Assets and Accumulated Depreciation Segment assets are summarized as follows as of October 31, 2018, and April 30, 2018, respectively, along with reconciliations to the condensed consolidated financial statements:
| (in thousands)
As of October 31, 2018 | Multifamily |  |  | All Other |  |  | Total |
Segment assets |  |  |  |  |  |  |  |
Property owned | $ | 1,580,260 |  |  | $ | 57,812 |  |  | $ | 1,638,072 |
Less accumulated depreciation | (328,075 | ) |  | (16,940 | ) |  | (345,015 | )
Total property owned | $ | 1,252,185 |  |  | $ | 40,872 |  |  | $ | 1,293,057 |
Cash and cash equivalents |  |  |  |  | 12,777 |
Restricted cash |  |  |  |  | 5,085 |
Other assets |  |  |  |  | 29,769 |
Unimproved land |  |  |  |  | 6,522 |
Mortgage loans receivable |  |  |  |  | 10,530 |
Total Assets |  |  |  |  | $ | 1,357,740 |
| (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 |

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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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