DISCONTINUED OPERATIONS

12 Months Ended

Apr. 30, 2011

Notes To Financial Statements [Abstract]

NOTE 12 . 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. There were no properties classified as held for sale as of April 30, 2011, 2010 and 2009. 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 fiscal years ended April 30, 2011, 2010 and 2009. The financial statements have been restated to reflect the property sold during the six months ended October 31, 2011. During the second quarter of fiscal year 2012 the Company sold a retail property in Livingston, Montana.

2011 Annual Report F-23

NOTE 12 . continued

	(in thousands)
	2011			2010			2009
REVENUE
Real estate rentals	$	6,123		$	11,393		$	11,605
Tenant reimbursement		36			67			80
TOTAL REVENUE		6,159			11,460			11,685
EXPENSES
Depreciation/amortization related to real estate investments		1,182			2,339			2,311
Utilities		558			957			863
Maintenance		708			1,236			1,172
Real estate taxes		638			1,319			1,366
Insurance		110			290			187
Property management expenses		856			1,461			1,363
Other expenses		1			0			0
Amortization related to non-real estate investments		4			8			8
Impairment of real estate investments		0			970			338
TOTAL EXPENSES		4,057			8,580			7,608
Interest expense		(1,512	)		(3,525	)		(3,815	)
Interest income		5			7			9
Income (loss) from discontinued operations before gain on sale		595			(638	)		271
Gain on sale of discontinued operations		19,365			68			54
INCOME (LOSS) FROM DISCONTINUED OPERATIONS	$	19,960		$	(570	)	$	325
Segment Data
Multi-Family Residential	$	19,224		$	437		$	560
Commercial Office		0			(169	)		(338	)
Commercial Medical		(8	)		14			11
Commercial Industrial		726			(23	)		(12	)
Commercial Retail		18			(829	)		104
Total	$	19,960		$	(570	)	$	325

	(in thousands)
	2011			2010			2009
Property Sale Data
Sales price	$	83,330		$	560		$	70
Net book value and sales costs		(63,965	)		(492	)		(16	)
Gain on sale of discontinued operations	$	19,365		$	68		$	54