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OPERATING SEGMENT (Tables) | 8 Months Ended
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Dec. 31, 2018
Segment Reporting [Abstract] |
Revenues and Net Operating Income for Reportable Segments | The following tables present net operating income for the transition period ended December 31, 2018 and the fiscal years ended April 30, 2018, 2017, and 2016 from our reportable segment and reconcile net operating income to net income as reported in the consolidated financial statements. Segment assets are also reconciled to total assets as reported in the consolidated financial statements.
|  | (in thousands)
Transition period ended December 31, 2018 |  | Multifamily |  | All Other |  | Total |
Revenue |  | $ | 116,138 |  | $ | 5,733 |  | $ | 121,871 |
Property operating expenses, including real estate taxes |  | 48,896 |  | 1,823 |  | 50,719 |
Net operating income |  | $ | 67,242 |  | $ | 3,910 |  | $ | 71,152 |
Property management expenses |  |  |  | (3,663 | )
Casualty loss |  |  |  | (915 | )
Depreciation and amortization |  |  |  | (50,456 | )
Impairment of real estate investments |  |  |  | (1,221 | )
General and administrative expenses |  |  |  | (9,812 | )
Interest expense |  |  |  | (21,359 | )
Loss on debt extinguishment |  |  |  | (556 | )
Interest and other income |  |  |  | 1,233 |
Income (loss) before gain on sale of real estate and other investments and income (loss) from discontinued operations |  |  |  | (15,597 | )
Gain (loss) on sale of real estate and other investments |  |  |  | 9,707 |
Gain (loss) from continuing operations |  |  |  | (5,890 | )
Income (loss) from discontinued operations |  |  |  | 570 |
Net income (loss) |  |  |  | $ | (5,320 | )
|  | (in thousands)
Year ended April 30, 2018 |  | Multifamily |  | All Other |  | Total |
Revenue |  | $ | 159,983 |  | $ | 9,762 |  | $ | 169,745 |
Property operating expenses, including real estate taxes |  | 70,460 |  | 2,574 |  | 73,034 |
Net operating income |  | $ | 89,523 |  | $ | 7,188 |  | $ | 96,711 |
Property management expenses |  |  |  | (5,526 | )
Casualty loss |  |  |  | (500 | )
Depreciation and amortization |  |  |  |  |  | (82,070 | )
Impairment of real estate investments |  |  |  |  |  | (18,065 | )
General and administrative expenses |  |  |  |  |  | (14,203 | )
Acquisition and investment related costs |  |  |  |  |  | (51 | )
Interest expense |  |  |  |  |  | (34,178 | )
Loss on debt extinguishment |  |  |  |  |  | (940 | )
Interest and other income |  |  |  |  |  | 1,508 |
Income (loss) before gain on sale of real estate and other investments and income (loss) from discontinued operations |  |  |  |  |  | (57,314 | )
Gain (loss) on sale of real estate and other investments |  |  |  |  |  | 20,120 |
Gain (loss) from continuing operations |  |  |  |  |  | (37,194 | )
Income (loss) from discontinued operations |  |  |  |  |  | 164,823 |
Net income (loss) |  |  |  |  |  | $ | 127,629 |
|  | (in thousands)
Year ended April 30, 2017 |  | Multifamily |  | All Other |  | Total |
Revenue |  | $ | 142,214 |  | $ | 17,890 |  | $ | 160,104 |
Property operating expenses, including real estate taxes |  | 60,895 |  | 3,431 |  | 64,326 |
Net operating income |  | $ | 81,319 |  | $ | 14,459 |  | $ | 95,778 |
Property management expenses |  |  |  | (5,046 | )
Casualty loss |  |  |  | (414 | )
Depreciation and amortization |  |  |  |  |  | (44,253 | )
Impairment of real estate investments |  |  |  |  |  | (57,028 | )
General and administrative expenses |  |  |  |  |  | (15,871 | )
Acquisition and investment related costs |  |  |  |  |  | (3,276 | )
Interest expense |  |  |  |  |  | (34,314 | )
Loss on debt extinguishment |  |  |  |  |  | (1,651 | )
Interest and other income |  |  |  |  |  | 1,146 |
Income (loss) before gain on sale of real estate and other investments |  |  |  |  |  | (64,929 | )
Gain (loss) on sale of real estate and other investments |  |  |  |  |  | 18,701 |
Income (loss) from continuing operations |  |  |  |  |  | (46,228 | )
Income (loss) from discontinued operations |  |  |  |  |  | 76,753 |
Net income (loss) |  |  |  |  |  | $ | 30,525 |
|  | (in thousands)
Year ended April 30, 2016 |  | Multifamily |  | All Other |  | Total |
Revenue |  | $ | 129,049 |  | $ | 16,451 |  | $ | 145,500 |
Property operating expenses, including real estate taxes |  | 54,762 |  | 3,386 |  | 58,148 |
Net operating income |  | $ | 74,287 |  | $ | 13,065 |  | $ | 87,352 |
Property management expenses |  |  |  | (3,714 | )
Casualty loss |  |  |  | (238 | )
Depreciation and amortization |  |  |  |  |  | (39,273 | )
Impairment of real estate investments |  |  |  |  |  | (5,543 | )
General and administrative expenses |  |  |  |  |  | (13,498 | )
Acquisition and investment related costs |  |  |  |  |  | (830 | )
Interest expense |  |  |  |  |  | (28,417 | )
Loss on debt extinguishment |  |  |  | (106 | )
Interest and other income |  |  |  |  |  | 385 |
Income (loss) before loss on sale of real estate and other investments and income (loss) from discontinued operations |  |  |  |  |  | (3,882 | )
Gain (loss) on sale of real estate and other investments |  |  |  |  |  | 9,640 |
Gain (loss) on bargain purchase |  |  |  | 3,424 |
Income (loss) from continuing operations |  |  |  |  |  | 9,182 |
Income (loss) from discontinued operations |  |  |  |  |  | 67,420 |
Net income (loss) |  |  |  |  |  | $ | 76,602 |
Segment Assets and Accumulated Depreciation | Segment Assets and Accumulated Depreciation
|  | (in thousands)
As at December 31, 2018 |  | Multifamily |  | All Other |  | Total |
Segment assets |  |  |  |  |  |  |
Property owned |  | $ | 1,582,917 |  | $ | 44,719 |  | $ | 1,627,636 |
Less accumulated depreciation |  | (340,081 | ) | (13,790 | ) | (353,871 | )
Total property owned |  | $ | 1,242,836 |  | $ | 30,929 |  | $ | 1,273,765 |
Cash and cash equivalents |  |  |  | 13,792 |
Restricted cash |  |  |  | 5,464 |
Other assets |  |  |  | 27,265 |
Unimproved land |  |  |  | 5,301 |
Mortgage loans receivable |  |  |  | 10,410 |
Total Assets |  |  |  | $ | 1,335,997 |
|  | (in thousands)
As at 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 |
|  | (in thousands)
As at April 30, 2017 |  | Multifamily |  | All Other |  | Total |
Segment assets |  |  |  |  |  |  |
Property owned |  | $ | 1,260,541 |  | $ | 97,988 |  | $ | 1,358,529 |
Less accumulated depreciation |  | (232,592 | ) | (23,007 | ) | (255,599 | )
Total property owned |  | $ | 1,027,949 |  | $ | 74,981 |  | $ | 1,102,930 |
Assets held for sale and assets from discontinued operations |  |  |  |  |  | 283,023 |
Cash and cash equivalents |  |  |  |  |  | 28,819 |
Restricted cash |  |  |  | 27,981 |
Other assets |  |  |  |  |  | 13,306 |
Unimproved land |  |  |  | 18,455 |
Total Assets |  |  |  |  |  | $ | 1,474,514 |

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