SEGMENT REPORTING (Tables)

3 Months Ended

Jul. 31, 2013

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 month periods ended July 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.

Three Months Ended July 31, 2013	(in thousands)
Three Months Ended July 31, 2013	Multi-Family Residential		Commercial- Office		Commercial- Healthcare		Commercial- Industrial		Commercial- Retail		Total

Real estate revenue	$	24,582	$	19,744	$	16,072	$	3,456	$	3,328	$	67,182
Real estate expenses		10,959		9,985		4,282		1,039		1,326		27,591
Gain on involuntary conversion		966		0		0		0		0		966
Net operating income	$	14,589	$	9,759	$	11,790	$	2,417	$	2,002		40,557
Depreciation/amortization												(19,518)
Administrative, advisory and trustee services												(2,753)
Impairment of real estate investments												(1,458)
Other expenses												(679)
Interest expense												(14,799)
Interest and other income												210
Income from continuing operations												1,560
Income from discontinued operations												1,656
Net income											$	3,216

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

Real estate revenue	$	21,210	$	18,778	$	15,073	$	2,788	$	3,126	$	60,975
Real estate expenses		9,293		9,336		4,080		896		1,080		24,685
Net operating income	$	11,917	$	9,442	$	10,993	$	1,892	$	2,046		36,290
Depreciation/amortization												(15,885)
Administrative, advisory and trustee services												(2,096)
Other expenses												(519)
Interest expense												(16,069)
Interest and other income												142
Income from continuing operations												1,863
Income from discontinued operations												133
Net income											$	1,996

Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of July 31, 2013, and April 30, 2013, along with reconciliations to the condensed consolidated financial statements:

	(in thousands)
As of July 31, 2013	Multi-Family Residential		Commercial- Office		Commercial- Healthcare		Commercial- Industrial		Commercial- Retail		Total

Segment Assets
Property owned	$	670,573	$	625,610	$	502,346	$	100,204	$	117,790	$	2,016,523
Less accumulated depreciation		(145,276)		(143,246)		(94,616)		(19,968)		(26,270)		(429,376)
Net property owned	$	525,297	$	482,364	$	407,730	$	80,236	$	91,520		1,587,147
Real estate held for sale												3,969
Cash and cash equivalents												93,193
Other investments												640
Receivables and other assets												113,523
Development in progress												77,396
Unimproved land												20,774
Total assets											$	1,896,642

	(in thousands)
As of April 30, 2013	Multi-Family Residential		Commercial- Office		Commercial- Healthcare		Commercial- Industrial		Commercial- Retail		Total

Segment assets
Property owned	$	659,696	$	613,775	$	501,191	$	125,772	$	132,536	$	2,032,970
Less accumulated depreciation		(140,354)		(138,270)		(90,891)		(23,688)		(27,218)		(420,421)
Net property owned	$	519,342	$	475,505	$	410,300	$	102,084	$	105,318		1,612,549
Cash and cash equivalents												94,133
Other investments												639
Receivables and other assets												113,948
Development in progress												46,782
Unimproved land												21,503
Total assets											$	1,889,554

- 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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