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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Oct. 31, 2018
Accounting Policies [Abstract] |
Schedule of Revisions on the Financial Statements | The effect of these revisions on our condensed consolidated balance sheet is as follows:
| (in thousands)
| As previously reported at April 30, 2018 |  | Adjustment | As revised at April 30, 2018
Common shares of beneficial interest | $ | 907,843 |  |  | $ | (7,746 | ) | $ | 900,097 |
Noncontrolling interests - consolidated real estate entities | 1,078 |  |  | 7,810 |  | 8,888 |
Redeemable noncontrolling interests - consolidated real estate entities | 6,708 |  |  | (64 | ) | 6,644 |
The effect of these revisions on our condensed consolidated statements of equity is as follows:
| (in thousands)
| As previously reported at April 30, 2017 |  | Adjustment | As revised at April 30, 2017
Common shares of beneficial interest | $ | 916,121 |  |  | $ | (7,216 | ) | $ | 908,905 |
Nonredeemable noncontrolling interests | 75,157 |  |  | 7,280 |  | 82,437 |
| (in thousands)
| As previously reported at October 31, 2017 |  | Adjustment | As revised at October 31, 2017
Common shares of beneficial interest | $ | 910,683 |  |  | $ | (7,216 | ) | $ | 903,467 |
Nonredeemable noncontrolling interests | 65,956 |  |  | 7,280 |  | 73,236 |
| (in thousands)
| As previously reported at April 30, 2018 |  | Adjustment | As revised at April 30, 2018
Common shares of beneficial interest | $ | 907,843 |  |  | $ | (7,746 | ) | $ | 900,097 |
Nonredeemable noncontrolling interests | 74,090 |  |  | 7,810 |  | 81,900 |
Schedule of New Accounting Pronouncements | We revised our condensed consolidated statements of cash flows for the six months ended October 31, 2017 to conform to this presentation, and the effect of the revisions to net cash flows from operating and investing activities as previously reported for the six months ended October 31, 2017 are summarized in the following table:
| (in thousands)
| As previously reported |  | Impact of ASU |  | As adjusted and currently reported
| October 31, 2017 |  | 2016-15 |  | October 31, 2017
Net cash provided by operating activities | $ | 26,932 |  |  | $ | 801 |  |  | $ | 27,733 |
Net cash provided by (used by) investing activities | (95,112 | ) |  | (24,590 | ) |  | (119,702 | )
Net cash provided by (used by) financing activities | 81,825 |  |  | (410 | ) |  | 81,415 |
Net increase (decrease) in cash, cash equivalents | 13,645 |  |  | (13,645 | ) |  | — |
Net increase (decrease) in cash, cash equivalents, and restricted cash | — |  |  | (10,554 | ) |  | (10,554 | )
Cash and cash equivalents at beginning of period | 28,819 |  |  | (28,819 | ) |  | — |
Cash, cash equivalents, and restricted cash at beginning of period | — |  |  | 56,800 |  |  | 56,800 |
Cash and cash equivalents at end of period | $ | 42,464 |  |  |  |  |
Cash, cash equivalents, and restricted cash at end of period |  |  | $ | 3,782 |  |  | $ | 46,246 |
The following table provides a brief description of recent accounting standards updates (“ASUs”).
Standard | Description | Date of Adoption | Effect on the Financial Statements or Other Significant Matters
ASU 2014-09, Revenue from Contracts with Customers | This ASU will eliminate the transaction- and industry-specific revenue recognition guidance under current GAAP and replace it with a principle-based approach for determining revenue recognition. The standard outlines a five-step model whereby revenue is recognized as performance obligations within a contract are satisfied. | This ASU is effective for annual reporting periods beginning after December 15, 2017, as a result of a deferral of the effective date arising from the issuance of ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date. We adopted the new standard effective May 1, 2018 using the modified retrospective approach. | The majority of our revenue is derived from rental income, which is scoped out from this standard and will be accounted for under ASC 840, Leases. Our other revenue streams, which were evaluated under this ASU, include but are not limited to other income from residents determined not to be within the scope of ASC 840 and gains and losses from real estate dispositions. Refer to the Revenues section below for information regarding the impact of adopting the standard on our condensed consolidated financial statements.
ASU 2016-02, Leases | This ASU amends existing accounting standards for lease accounting, including by requiring lessees to recognize most leases on the balance sheet and making certain changes to lessor accounting. | This ASU is effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. | We expect our residential leases, where we are the lessor, will continue to be accounted for as operating leases under the new standard. As a result, we do not expect significant changes in the accounting for lease revenue. For leases where we are the lessee, we will recognize a right of use asset and related lease liability on our consolidated balance sheets upon adoption. We are continuing to evaluate the impact the new standard may have on our consolidated financial statements.
ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments | This ASU addresses eight specific cash flow issues with the objective of reducing diversity in practice. The cash flow issues include debt prepayment or debt extinguishment costs and proceeds from the settlement of insurance claims. | This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We adopted the new standard effective May 1, 2018. | The standard requires we present combined inflows and outflows of cash, cash equivalents, and restricted cash in the consolidated statement of cash flows. See additional disclosures regarding the required change below.
ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets | This ASU clarifies the definition of an in-substance nonfinancial asset and changes the accounting for partial sales of nonfinancial assets to be more consistent with the accounting for a sale of a business pursuant to ASU 2017-01. This ASU allows for either a retrospective or modified retrospective approach. | This ASU is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. We adopted the new standard effective May 1, 2018 using the modified retrospective approach. | Refer to the Revenues section below for information regarding the impact of adopting the standard on our condensed consolidated financial statements.
ASU 2018-10, Codification Improvements to Topic 842, Leases | This ASU was issued to increase shareholders' awareness of narrow aspects of the guidance issued in the amendments and to expedite the improvements under ASU 2016-02. | This ASU is effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. | We are currently evaluating the impact the new standard may have on our consolidated financial statements.
ASU 2018-11, Leases: Targeted Improvements | This ASU allows lessors to account for lease and non-lease components, by class of underlying assets, as a single lease component if certain criteria are met. The new standard also indicates that companies are permitted to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption in lieu of the modified retrospective approach and provides other practical expedients. | This ASU is effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. | We are currently evaluating the impact the new standard may have on our consolidated financial statements.
Standard | Description | Date of Adoption | Effect on the Financial Statements or Other Significant Matters
ASU 2018-13, Fair Value Measurements (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurements | This ASU eliminates certain disclosure requirements affecting all levels of measurement, and modifies and adds new disclosure requirements for Level 3 measurements. | This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. | We are currently evaluating the impact the new standard may have on our disclosures.
ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Topic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract | This ASU reduces the complexity for the accounting for costs of implementing a cloud computing service arrangement. The standard aligns various requirements for capitalizing implementation costs. | This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. | We are currently evaluating the impact the new standard may have on our consolidated financial statements.
Schedule of Cash, Cash Equivalents, and Restricted Cash | We revised our condensed consolidated statements of cash flows for the six months ended October 31, 2017 to conform to this presentation, and the effect of the revisions to net cash flows from operating and investing activities as previously reported for the six months ended October 31, 2017 are summarized in the following table:
| (in thousands)
| As previously reported |  | Impact of ASU |  | As adjusted and currently reported
| October 31, 2017 |  | 2016-15 |  | October 31, 2017
Net cash provided by operating activities | $ | 26,932 |  |  | $ | 801 |  |  | $ | 27,733 |
Net cash provided by (used by) investing activities | (95,112 | ) |  | (24,590 | ) |  | (119,702 | )
Net cash provided by (used by) financing activities | 81,825 |  |  | (410 | ) |  | 81,415 |
Net increase (decrease) in cash, cash equivalents | 13,645 |  |  | (13,645 | ) |  | — |
Net increase (decrease) in cash, cash equivalents, and restricted cash | — |  |  | (10,554 | ) |  | (10,554 | )
Cash and cash equivalents at beginning of period | 28,819 |  |  | (28,819 | ) |  | — |
Cash, cash equivalents, and restricted cash at beginning of period | — |  |  | 56,800 |  |  | 56,800 |
Cash and cash equivalents at end of period | $ | 42,464 |  |  |  |  |
Cash, cash equivalents, and restricted cash at end of period |  |  | $ | 3,782 |  |  | $ | 46,246 |
| (in thousands)
Balance sheet description | October 31, 2018 |  | October 31, 2017
Cash and cash equivalents | 12,777 |  |  | 42,464 |
Restricted cash | 5,085 |  |  | 3,782 |
Total cash, cash equivalents and restricted cash | 17,862 |  |  | 46,246 |
Schedule of Disaggregation of Revenue | The following table presents the disaggregation of revenue streams of our rental income for the six months ended October 31, 2018:
|  |  | (in thousands, except percentages)
|  |  | Six Months Ended October 31, 2018
Revenue Stream | Applicable Standard |  | Amount of Revenue | Percent of Revenue
Rental revenue | Leases |  | 86,394 |  | 94.3 | %
Other property revenue | Revenue Recognition |  | 5,190 |  | 5.7 | %
|  |  | 91,584 |  | 100.0 | %

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