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SEGMENT REPORTING (Tables)
 9 Months Ended
Jan. 31, 2013
SEGMENT REPORTING [Abstract]  
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 nine month periods ended January 31, 2013 and 2012, 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 January 31, 2013
 
Multi-Family
Residential
  
Commercial-
Office
  
Commercial-
Medical
  
Commercial-
Industrial
  
Commercial-
Retail
  
Total
 
 
 
  
  
  
  
  
 
Real estate revenue
 
$
23,067
  
$
19,338
  
$
16,207
  
$
3,853
  
$
3,766
  
$
66,231
 
Real estate expenses
  
10,344
   
9,399
   
4,129
   
1,095
   
1,408
   
26,375
 
Net operating income
 
$
12,723
  
$
9,939
  
$
12,078
  
$
2,758
  
$
2,358
   
39,856
 
Depreciation/amortization
                      
(16,300
)
Administrative, advisory and trustee services
                      
(2,245
)
Other expenses
                   
(464
)
Interest expense
                      
(15,725
)
Interest and other income
                      
255
 
Income from continuing operations
   
5,377
 
Income from discontinued operations
   
776
 
Net income
  
$
6,153
 

 
(in thousands)
 
Three Months Ended January 31, 2012
 
Multi-Family
Residential
  
Commercial-
Office
  
Commercial-
Medical
  
Commercial-
Industrial
  
Commercial-
Retail
  
Total
 
 
 
  
  
  
  
  
 
Real estate revenue
 
$
18,400
  
$
18,541
  
$
16,610
  
$
3,596
  
$
3,399
  
$
60,546
 
Real estate expenses
  
8,452
   
8,694
   
5,220
   
1,078
   
1,146
   
24,590
 
Net operating income
 
$
9,948
  
$
9,847
  
$
11,390
  
$
2,518
  
$
2,253
   
35,956
 
Depreciation/amortization
                      
(15,183
)
Administrative, advisory and trustee services
                   
(1,659
)
Other expenses
                      
(359
)
Interest expense
                      
(16,411
)
Interest and other income
                      
279
 
Income from continuing operations
                      
2,623
 
Loss from discontinued operations
                      
(102
)
Net income
  
$
2,521
 

 
(in thousands)
 
Nine Months Ended January 31, 2013
 
Multi-Family
Residential
  
Commercial-
Office
  
Commercial-
Medical
  
Commercial-
Industrial
  
Commercial-
Retail
  
Total
 
 
 
  
  
  
  
  
 
Real estate revenue
 
$
67,381
  
$
57,105
  
$
47,051
  
$
10,890
  
$
10,733
  
$
193,160
 
Real estate expenses
  
28,646
   
28,081
   
12,395
   
3,050
   
3,848
   
76,020
 
Gain on involuntary conversion
  
2,263
   
0
   
0
   
0
   
0
   
2,263
 
Net operating income
 
$
40,998
  
$
29,024
  
$
34,656
  
$
7,840
  
$
6,885
   
119,403
 
Depreciation/amortization
                      
(49,028
)
Administrative, advisory and trustee services
                      
(6,402
)
Other expenses
                   
(1,496
)
Interest expense
                      
(48,448
)
Interest and other income
                      
600
 
Income from continuing operations
   
14,629
 
Income from discontinued operations
   
3,530
 
Net income
  
$
18,159
 

 
 
(in thousands)
 
Nine Months Ended January 31, 2012
 
Multi-Family
Residential
  
Commercial-
Office
  
Commercial-
Medical
  
Commercial-
Industrial
  
Commercial-
Retail
  
Total
 
 
 
  
  
  
  
  
 
Real estate revenue
 
$
53,441
  
$
55,723
  
$
50,299
  
$
10,597
  
$
9,850
  
$
179,910
 
Real estate expenses
  
25,124
   
26,451
   
16,709
   
3,178
   
3,297
   
74,759
 
Net operating income
 
$
28,317
  
$
29,272
  
$
33,590
  
$
7,419
  
$
6,553
   
105,151
 
Depreciation/amortization
                      
(44,865
)
Administrative, advisory and trustee services
                   
(5,944
)
Other expenses
                      
(1,509
)
Interest expense
                      
(48,389
)
Interest and other income
                      
645
 
Income from continuing operations
                      
5,089
 
Income from discontinued operations
                      
496
 
Net income
  
$
5,585
 
Segment Assets and Accumulated Depreciation
Segment assets are summarized as follows as of January 31, 2013, and April 30, 2012, along with reconciliations to the condensed consolidated financial statements:
 
 
(in thousands)
 
As of January 31, 2013
 
Multi-Family
Residential
  
Commercial-
Office
  
Commercial-
Medical
  
Commercial-
Industrial
  
Commercial-
Retail
  
Total
 
 
 
  
  
  
  
  
 
Segment Assets
 
  
  
  
  
  
 
Property owned
 
$
626,763
  
$
611,174
  
$
513,565
  
$
125,431
  
$
130,899
  
$
2,007,832
 
Less accumulated depreciation
  
(135,673
)
  
(133,861
)
  
(89,542
)
  
(22,890
)
  
(26,434
)
  
(408,400
)
Net property owned
 
$
491,090
  
$
477,313
  
$
424,023
  
$
102,541
  
$
104,465
   
1,599,432
 
Real estate held for sale
                      
733
 
Cash and cash equivalents
                      
62,302
 
Other investments
                      
638
 
Receivables and other assets
                      
113,963
 
Development in progress
                      
20,127
 
Unimproved land
                      
18,879
 
Total assets
                     
$
1,816,074
 

 
 
(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
)
Net 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