DISCONTINUED OPERATIONS

6 Months Ended

Oct. 31, 2011

Notes To Financial Statements [Abstract]

NOTE 7 . DISCONTINUED OPERATIONS

The Company reports in discontinued operations the results of operations of a property that has either been disposed of or is classified as held for sale. The Company also reports any gains or losses from the sale of a property in discontinued operations. During the second quarter of fiscal year 2012 the Company sold a small retail property in Livingston, Montana. During fiscal year

Table of Contents

2011, the Company sold four apartment complexes, one industrial property, one retail property and a patio home. See Note 8 for additional information on the properties sold during the six months ended October 31, 2011 and 2010. There were no properties held for sale as of October 31, 2011 or 2010. 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 three and six months ended October 31, 2011 and 2010:

	Three Months Ended October 31						Six Months Ended October 31
	(in thousands)
	2011			2010			2011			2010
REVENUE
Real estate rentals	$	0		$	2,885		$	57		$	5,762
Tenant reimbursement		0			17			0			36
TOTAL REVENUE		0			2,902			57			5,798
EXPENSES
Depreciation/amortization related to real estate investments		(2	)		543			8			1,121
Utilities		0			257			0			498
Maintenance		0			333			0			634
Real estate taxes		0			297			0			622
Insurance		0			56			0			110
Property management expenses		0			388			2			748
Other expenses		0			1			0			1
Amortization related to non-real estate investments		0			2			0			4
TOTAL EXPENSES		(2	)		1,877			10			3,738
Interest expense		(1	)		(930	)		(20	)		(1,641	)
Interest income		0			1			0			5
Income from discontinued operations before gain on sale		1			96			27			424
Gain on sale of discontinued operations		589			5,404			589			5,404
INCOME FROM DISCONTINUED OPERATIONS	$	590		$	5,500		$	616		$	5,828