XML 38 R26.htm IDEA: XBRL DOCUMENT
v3.10.0.1

SEGMENT REPORTING (Tables) | 6 Months Ended
--- | ---
Oct. 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 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 |

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 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration