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DISCONTINUED OPERATIONS (Tables) | 8 Months Ended
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Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Effect on Net Income and Gains or Losses From Sale Of Properties Classified as Discontinued Operations | The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the transition period ended December 31, 2018 and the fiscal years ended April 30, 2018, 2017, and 2016.
|  | (in thousands)
|  | Period Ended | Year Ended
|  | December 31, 2018 |  | April 30, 2018 |  | April 30, 2017 |  | April 30, 2016 |
REVENUE |  |  |  |  |
Real estate rentals |  | $ | — |  | $ | 19,744 |  | $ | 43,984 |  | $ | 69,623 |
Tenant reimbursement |  | — |  | 11,650 |  | 16,110 |  | 23,434 |
TRS senior housing revenue |  | — |  | — |  | 3,218 |  | 3,955 |
TOTAL REVENUE |  | — |  | 31,394 |  | 63,312 |  | 97,012 |
EXPENSES |  |  |  |  |  |  |  |
Property operating expenses, excluding real estate taxes |  | — |  | 6,350 |  | 9,051 |  | 17,470 |
Real estate taxes |  | — |  | 5,191 |  | 6,848 |  | 11,611 |
Property management expense |  | — |  | 206 |  | 574 |  | 1,957 |
Depreciation and amortization |  | — |  | 8,445 |  | 10,772 |  | 24,725 |
Impairment of real estate investments |  | — |  | — |  | — |  | 440 |
TRS senior housing expenses |  | — |  | — |  | 3,113 |  | 3,366 |
TOTAL EXPENSES |  | — |  | 20,192 |  | 30,358 |  | 59,569 |
Operating income (loss) |  | — |  | 11,202 |  | 32,954 |  | 37,443 |
Interest expense(1) |  | — |  | (4,172 | ) | (11,628 | ) | (25,757 | )
Gain (loss) on extinguishment of debt(1) |  | — |  | (6,508 | ) | (3,238 | ) | 29,336 |
Interest income |  | — |  | 661 |  | 2,179 |  | 2,179 |
Other income |  | — |  | 73 |  | 340 |  | 437 |
Income (loss) from discontinued operations before gain on sale |  | — |  | 1,256 |  | 20,607 |  | 43,638 |
Gain (loss) on sale of discontinued operations |  | 570 |  | 163,567 |  | 56,146 |  | 23,782 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS |  | $ | 570 |  | $ | 164,823 |  | $ | 76,753 |  | $ | 67,420 |
Segment Data |  |  |  |  |  |  |  |
All other |  | $ | 570 |  | $ | 164,823 |  | $ | 76,753 |  | $ | 67,420 |
Total |  | $ | 570 |  | $ | 164,823 |  | $ | 76,753 |  | $ | 67,420 |
(1) | Interest expense includes $4.7 million for the fiscal year ended April 30, 2016, of default interest related to a $122.6 million non-recourse loan. Gain on extinguishment of debt in the fiscal year ended April 30, 2016 includes $36.5 million of gain on extinguishment of debt recognized in connection with our transfer of ownership to the mortgage lender of the nine properties serving as collateral for the $122.6 million non-recourse loan and the removal of the debt obligation and accrued interest from our balance sheet.
|  | (in thousands)
|  | Period Ended |  | Year Ended
|  | 12/31/2018 |  | April 30, 2018 |  | April 30, 2017 |  | April 30, 2016 |
Property Sale Data |  |  |  |  |  |  |  |
Sales price |  | — |  | $ | 437,652 |  | $ | 239,436 |  | $ | 373,460 |
Net book value and sales costs |  | — |  | (274,085 | ) | (183,290 | ) | (349,678 | )
Gain on sale of discontinued operations |  | — |  | $ | 163,567 |  | $ | 56,146 |  | $ | 23,782 |
Reconciliation of Assets and Liabilities of Discontinued Operations to Assets and Liabilities Held for Sale That Are Presented Separately on Condensed Consolidated Balance Sheets | The following information reconciles the carrying amounts of major classes of assets and liabilities of the discontinued operations to assets and liabilities held for sale that are presented separately on the Consolidated Balance Sheets at April 30, 2017:
|  | April 30, 2017
Carrying amounts of major classes of assets included as part of discontinued operations |  |  |
Property owned and intangible assets, net of accumulated depreciation and amortization |  | $ | 255,466 |
Restricted cash |  | 728 |
Other Assets |  | 12,750 |
Total major classes of assets of the discontinued operations |  | 268,944 |
Other assets included in the disposal group classified as held for sale |  | 14,079 |
Total assets of the disposal group classified as held for sale on the balance sheet |  | $ | 283,023 |
Carrying amounts of major classes of liabilities included as part of discontinued operations |  |  |
Accounts payable and accrued expenses |  | $ | 4,835 |
Mortgages payable |  | 112,208 |
Other |  | 7,977 |
Total major classes of liabilities of the discontinued operations |  | 125,020 |
Other liabilities included in the disposal group classified as held for sale |  | 5,884 |
Total liabilities of the disposal group classified as held for sale on the balance sheet |  | $ | 130,904 |

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