DISCONTINUED OPERATIONS

9 Months Ended

Jan. 31, 2012

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 first and third quarters of fiscal year 2012 the Company had no real estate dispositions. During the second quarter of fiscal year 2012, the Company sold a small retail property in Livingston, Montana. During fiscal year 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 nine months ended January 31, 2012 and 2011. There were no properties held for sale as of January 31, 2012 or 2011. 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 months ended January 31, 2011 and the nine months ended January 31, 2012 and 2011:

Table of Contents

	Three Months Ended January 31		Nine Months Ended January 31
	(in thousands)
	2011		2012			2011
REVENUE
Real estate rentals	$	304	$	57		$	6,066
Tenant reimbursement		0		0			36
TOTAL REVENUE		304		57			6,102
EXPENSES
Depreciation/amortization related to real estate investments		51		8			1,172
Utilities		60		0			558
Maintenance		74		0			708
Real estate taxes		16		0			638
Insurance		0		0			110
Property management expenses		105		2			853
Other expenses		0		0			1
Amortization related to non-real estate investments		0		0			4
TOTAL EXPENSES		306		10			4,044
Interest expense		149		(20	)		(1,492	)
Interest income		0		0			5
Income from discontinued operations before gain on sale		147		27			571
Gain on sale of discontinued operations		13,961		589			19,365
INCOME FROM DISCONTINUED OPERATIONS	$	14,108	$	616		$	19,936