SEGMENT REPORTING (Tables)

6 Months Ended

Oct. 31, 2012

Revenues and net operating income for reportable segments

The revenues and net operating income for these reportable segments are summarized as follows for the three and six month periods ended October 31, 2012 and 2011, along with reconciliations to the condensed consolidated financial statements. Segment assets are also reconciled to total assets as reported in the condensed consolidated financial statements.

	(in thousands)
Three Months Ended October 31, 2012	Multi-Family Residential		Commercial- Office		Commercial- Medical		Commercial- Industrial		Commercial- Retail		Total

Real estate revenue	$	23,105	$	19,128	$	15,517	$	3,577	$	3,616	$	64,943
Real estate expenses		9,008		9,392		4,183		935		1,286		24,804
Gain on involuntary conversion		2,263		0		0		0		0		2,263
Net operating income	$	16,360	$	9,736	$	11,334	$	2,642	$	2,330		42,402
Depreciation/amortization												(16,506	)
Administrative, advisory and trustee services												(2,061	)
Other expenses												(513	)
Interest expense												(16,300	)
Interest and other income												203
Income from continuing operations												7,225
Income from discontinued operations												2,785
Net income											$	10,010

	(in thousands)
Three Months Ended October 31, 2011	Multi-Family Residential		Commercial- Office		Commercial- Medical		Commercial- Industrial		Commercial- Retail		Total

Real estate revenue	$	17,952	$	18,367	$	17,073	$	3,566	$	3,242	$	60,200
Real estate expenses		8,521		8,813		5,971		1,135		1,087		25,527
Net operating income	$	9,431	$	9,554	$	11,102	$	2,431	$	2,155		34,673
Depreciation/amortization												(14,874	)
Administrative, advisory and trustee services												(2,104	)
Other expenses												(835	)
Interest expense												(16,193	)
Interest and other income												213
Income from continuing operations												880
Income from discontinued operations												611
Net income											$	1,491

	(in thousands)
Six Months Ended October 31, 2012	Multi-Family Residential		Commercial- Office		Commercial- Medical		Commercial- Industrial		Commercial- Retail		Total

Real estate revenue	$	44,314	$	37,767	$	30,844	$	7,037	$	6,967	$	126,929
Real estate expenses		18,301		18,682		8,266		1,955		2,441		49,645
Gain on involuntary conversion		2,263		0		0		0		0		2,263
Net operating income	$	28,276	$	19,085	$	22,578	$	5,082	$	4,526		79,547
Depreciation/amortization												(32,728	)
Administrative, advisory and trustee services												(4,157	)
Other expenses												(1,032	)
Interest expense												(32,723	)
Interest and other income												345
Income from continuing operations												9,252
Income from discontinued operations												2,754
Net income											$	12,006

	(in thousands)
Six Months Ended October 31, 2011	Multi-Family Residential		Commercial- Office		Commercial- Medical		Commercial- Industrial		Commercial- Retail		Total

Real estate revenue	$	35,041	$	37,182	$	33,690	$	7,001	$	6,450	$	119,364
Real estate expenses		16,672		17,756		11,489		2,101		2,151		50,169
Net operating income	$	18,369	$	19,426	$	22,201	$	4,900	$	4,299		69,195
Depreciation/amortization												(29,682	)
Administrative, advisory and trustee services												(4,285	)
Other expenses												(1,150	)
Interest expense												(31,978	)
Interest and other income												366
Income from continuing operations												2,466
Income from discontinued operations												598
Net income											$	3,064

Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of October 31, 2012, and April 30, 2012, along with reconciliations to the condensed consolidated financial statements:

	(in thousands)
As of October 31, 2012	Multi-Family Residential			Commercial- Office			Commercial- Medical			Commercial- Industrial			Commercial- Retail			Total

Segment Assets
Property owned	$	624,159		$	608,125		$	502,222		$	119,511		$	129,961		$	1,983,978
Less accumulated depreciation		(131,193	)		(129,495	)		(85,902	)		(22,133	)		(25,533	)		(394,256	)
Total property owned	$	492,966		$	478,630		$	416,320		$	97,378		$	104,428			1,589,722
Real estate held for sale																	1,844
Cash and cash equivalents																	84,258
Other investments																	637
Receivables and other assets																	107,988
Development in progress																	23,218
Unimproved land																	11,670
Total assets																$	1,819,337

	(in thousands)
As of April 30, 2012	Multi-Family Residential			Commercial- Office			Commercial- Medical			Commercial- Industrial			Commercial- Retail			Total

Segment assets
Property owned	$	539,783		$	605,318		$	500,268		$	119,002		$	127,638		$	1,892,009
Less accumulated depreciation		(128,834	)		(121,422	)		(78,744	)		(20,693	)		(23,797	)		(373,490	)
Total property owned	$	410,949		$	483,896		$	421,524		$	98,309		$	103,841			1,518,519
Real estate held for sale																	2,067
Cash and cash equivalents																	39,989
Other investments																	634
Receivables and other assets																	114,569
Development in progress																	27,599
Unimproved land																	10,990
Total assets																$	1,714,367

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations.

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