DISCONTINUED OPERATIONS

12 Months Ended

Apr. 30, 2012

Notes To Financial Statements [Abstract]

DISCONTINUED OPERATIONS

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. Eight condominium units in Grand Chute, Wisconsin, and a retail property in Kentwood, Michigan, were classified as held for sale at April 30, 2012. There were no properties classified as held for sale as of April 30, 2011 and 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 fiscal years ended April 30, 2012, 2011 and 2010.

	(in thousands)
	2012			2011			2010
REVENUE
Real estate rentals	$	142		$	6,278		$	11,684
Tenant reimbursement		62			112			148
TOTAL REVENUE		204			6,390			11,832
EXPENSES
Depreciation/amortization related to real estate investments		60			1,285			2,667
Utilities		39			572			964
Maintenance		22			736			1,251
Real estate taxes		31			691			1,389
Insurance		4			115			293
Property management expenses		9			864			1,502
Other expenses		67			28			0
Amortization related to non-real estate investments		0			4			8
Real estate impairment		428			0			1,678
TOTAL EXPENSES		660			4,295			9,752
Interest expense		(117	)		(1,633	)		(3,664	)
Interest income		0			5			7
Other income		16			0			0
(Loss) income from discontinued operations before gain on sale		(557	)		467			(1,577	)
Gain on sale of discontinued operations		349			19,365			68
(LOSS) INCOME FROM DISCONTINUED OPERATIONS	$	(208	)	$	19,832		$	(1,509	)
Segment Data
Multi-Family Residential	$	0		$	19,224		$	437
Commercial Office		0			0			(169	)
Commercial Medical		455			(186	)		(409	)
Commercial Industrial		0			726			(23	)
Commercial Retail		(247	)		68			(1,345	)
Total	$	(208	)	$	19,832		$	(1,509	)

	(in thousands)
	2012			2011			2010
Property Sale Data
Sales price	$	3,237		$	83,330		$	560
Net book value and sales costs		(2,888	)		(63,965	)		(492	)
Gain on sale of discontinued operations	$	349		$	19,365		$	68

2012 Annual Report F-25