DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Apr. 30, 2013

Effect on Net Income and Gains or Losses From Sale Of Properties Classified as 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 fiscal year 2013, the Company disposed of three multi-family residential properties, one retail property, one healthcare property and four condominium units. 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, 2013 and 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 fiscal years ended April 30, 2013, 2012 and 2011.

	(in thousands)
	2013		2012		2011
REVENUE
Real estate rentals	$	1,818	$	2,852	$	9,056
Tenant reimbursement		1		62		112
TOTAL REVENUE		1,819		2,914		9,168
EXPENSES
Depreciation/amortization related to real estate investments		479		682		1,911
Utilities		67		225		776
Maintenance		132		246		993
Real estate taxes		78		196		853
Insurance		25		52		158
Property management expenses		115		272		1,047
Other property expenses		16		4		72
Other expenses		0		67		28
Amortization related to non-real estate investments		0		0		4
Impairment of real estate investments		0		428		0
TOTAL EXPENSES		912		2,172		5,842
Operating income		907		742		3,326
Interest expense		(786)		(1,164)		(2,718)
Interest income		0		0		5
Other income		2		16		0
Income (loss) from discontinued operations before gain on sale		123		(406)		613
Gain on sale of discontinued operations		6,885		349		19,365
INCOME (LOSS) FROM DISCONTINUED OPERATIONS	$	7,008	$	(57)	$	19,978
Segment Data
Multi-Family Residential	$	3,653	$	161	$	19,268
Commercial Office		0		0		0
Commercial Healthcare		3,419		(465)		(84)
Commercial Industrial		0		0		726
Commercial Retail		(64)		247		68
Total	$	7,008	$	(57)	$	19,978

	(in thousands)
	2013		2012		2011
Property Sale Data
Sales price	$	26,273	$	3,237	$	83,330
Net book value and sales costs		(19,388)		(2,888)		(63,965)
Gain on sale of discontinued operations	$	6,885	$	349	$	19,365

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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