XML 45 R29.htm IDEA: XBRL DOCUMENT
v3.10.0.1

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 8 Months Ended
--- | ---
Dec. 31, 2018
Accounting Policies [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | The effect of these revisions on our condensed consolidated balance sheet 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 |
Noncontrolling interests - consolidated real estate entities | 1,924 |  |  | 7,280 |  | 9,204 |
Redeemable noncontrolling interests - consolidated real estate entities | 7,181 |  |  | (64 | ) | 7,117 |
| (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 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 Recent Accounting Standards Updates | The following table provides a brief description of recent GAAP 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. Early adoption is permitted. 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 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. | Our residential leases, where we are the lessor, will continue to be accounted for as operating leases under the new standard. As a result, there is not a significant change 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. The adoption of this standard will not have a material impact 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 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash | This ASU requires the statement of cash flows to explain the change in total cash, cash equivalents, and amounts generally described as restricted cash. It also requires that restricted cash be included when reconciling the beginning and end of period amounts on the statement of cash flows. | 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. | The adoption of this standard will not have a material impact on our consolidated financial statements.
Standard | Description | Date of Adoption | Effect on the Financial Statements or Other Significant Matters
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. | The adoption of this standard will not have a material impact on our consolidated financial statements.
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.
ASU 2018-20, Leases (Topic 842) - Narrow-Scope Improvements for Lessors | This ASU reduces a lessor's implementation and ongoing costs associated with applying the new leases standard. The ASU also clarifies a specific lessor accounting requirements. | This ASU is effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. | The adoption of this standard will not have a material impact on our consolidated financial statements.
We revised our consolidated statements of cash flows for the years ended April 30, 2018 , 2017, and 2016 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 years ended April 30, 2018, 2017, and 2016 are summarized in the following table:
| (in thousands)
| As previously reported |  | Impact of ASUs |  | As adjusted and currently reported
| April 30, 2018 |  | 2016-15 and 2016-18 |  | April 30, 2018
Net cash provided by operating activities | $ | 48,035 |  |  | $ | 7,160 |  |  | $ | 55,195 |
Net cash provided by (used by) investing activities | 104,189 |  |  | (24,077 | ) |  | 80,112 |
Net cash provided by (used by) financing activities | (169,152 | ) |  | (6,839 | ) |  | (175,991 | )
Net increase (decrease) in cash, cash equivalents | (16,928 | ) |  | 16,928 |  |  | — |
Net increase (decrease) in cash, cash equivalents, and restricted cash | — |  |  | (40,684 | ) |  | (40,684 | )
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 | $ | 11,891 |  |  |  |  |
Cash, cash equivalents, and restricted cash at end of period |  |  | $ | 4,225 |  |  | $ | 16,116 |
| (in thousands)
| As previously reported |  | Impact of ASUs |  | As adjusted and currently reported
| April 30, 2017 |  | 2016-15 and 2016-18 |  | April 30, 2017
Net cash provided by operating activities | $ | 73,930 |  |  | $ | 5,122 |  |  | $ | 79,052 |
Net cash provided by (used by) investing activities | 202,263 |  |  | 21,897 |  |  | 224,160 |
Net cash provided by (used by) financing activities | (314,072 | ) |  | (3,848 | ) |  | (317,920 | )
Net increase (decrease) in cash, cash equivalents | (37,879 | ) |  | 37,879 |  |  | — |
Net increase (decrease) in cash, cash equivalents, and restricted cash | — |  |  | (14,708 | ) |  | (14,708 | )
Cash and cash equivalents at beginning of period | 66,698 |  |  | (66,698 | ) |  | — |
Cash, cash equivalents, and restricted cash at beginning of period | — |  |  | 71,508 |  |  | 71,508 |
Cash and cash equivalents at end of period | $ | 28,819 |  |  |  |  |
Cash, cash equivalents, and restricted cash at end of period |  |  | $ | 27,981 |  |  | $ | 56,800 |
| (in thousands)
| As previously reported |  | Impact of ASUs |  | As adjusted and currently reported
| April 30, 2016 |  | 2016-15 and 2016-18 |  | April 30, 2016
Net cash provided by operating activities | $ | 66,493 |  |  | $ | 5,768 |  |  | $ | 72,261 |
Net cash provided by (used by) investing activities | 134,252 |  |  | (5,700 | ) |  | 128,552 |
Net cash provided by (used by) financing activities | (183,017 | ) |  | (6,321 | ) |  | (189,338 | )
Net increase (decrease) in cash, cash equivalents | 17,728 |  |  | (17,728 | ) |  | — |
Net increase (decrease) in cash, cash equivalents, and restricted cash | — |  |  | 11,475 |  |  | 11,475 |
Cash and cash equivalents at beginning of period | 48,970 |  |  | (48,970 | ) |  | — |
Cash, cash equivalents, and restricted cash at beginning of period | — |  |  | 60,033 |  |  | 60,033 |
Cash and cash equivalents at end of period | $ | 66,698 |  |  |  |  |
Cash, cash equivalents, and restricted cash at end of period |  |  | $ | 4,810 |  |  | $ | 71,508 |
Disaggregation of Revenue | The following table presents the disaggregation of revenue streams of our rental income for the transition period ended December 31, 2018:
|  |  | (in thousands, except percentages)
|  |  | Eight Months Ended December 31, 2018
Revenue Stream | Applicable Standard |  | Amount of Revenue | Percent of Revenue
Rental revenue | Leases |  | $ | 117,575 |  | 96.5 | %
Other property revenue | Revenue Recognition |  | 4,296 |  | 3.5 | %
|  |  | $ | 121,871 |  | 100.0 | %
Schedule of Other Assets | As of December 31, 2018, April 30, 2018, and April 30, 2017, other assets consisted of the following amounts:
| in thousands
| December 31, 2018 |  | April 30, 2018 |  | April 30, 2017 |
Receivable arising from straight line rents | $ | 1,145 |  | $ | 1,458 |  | $ | 2,145 |
Accounts receivable, net of allowance | 71 |  | 81 |  | 476 |
Fair value of interest rate swaps | 818 |  | 1,779 |  | — |
Loans receivable | 16,399 |  | 15,480 |  | — |
Prepaid and other assets | 3,802 |  | 5,334 |  | 4,891 |
Intangible assets | 498 |  | 1,469 |  | 202 |
Property and equipment, net of accumulated depreciation | 686 |  | 820 |  | 901 |
Goodwill | 1,546 |  | 1,553 |  | 1,572 |
Deferred charges and leasing costs | 2,300 |  | 2,323 |  | 3,119 |
Total Other Assets | $ | 27,265 |  | $ | 30,297 |  | $ | 13,306 |
Restrictions on Cash and Cash Equivalents |
| (in thousands)
Balance sheet description | December 31, 2018 |  | April 30, 2018 |  | April 30, 2017 |
Cash and cash equivalents | $ | 13,792 |  |  | $ | 11,891 |  |  | $ | 28,819 |
Restricted cash | 5,464 |  |  | 4,225 |  |  | 27,981 |
Total cash, cash equivalents and restricted cash | $ | 19,256 |  |  | $ | 16,116 |  |  | $ | 56,800 |
Schedule of Cash and Cash Equivalents |
| (in thousands)
Balance sheet description | December 31, 2018 |  | April 30, 2018 |  | April 30, 2017 |
Cash and cash equivalents | $ | 13,792 |  |  | $ | 11,891 |  |  | $ | 28,819 |
Restricted cash | 5,464 |  |  | 4,225 |  |  | 27,981 |
Total cash, cash equivalents and restricted cash | $ | 19,256 |  |  | $ | 16,116 |  |  | $ | 56,800 |

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

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109196051&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of cash and cash equivalents. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794 + Details
Name: | us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22580-107794 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e725-108305 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amounts of other assets. This disclosure includes other current assets and other noncurrent assets. + References No definition available. + Details
Name: | us-gaap_ScheduleOfOtherAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cash and cash equivalents restricted as to withdrawal or usage. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(1)(a)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=98513485&loc=SL98516268-108586 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration