DISCONTINUED OPERATIONS

12 Months Ended

Apr. 30, 2013

DISCONTINUED OPERATIONS [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. 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. The financial statements have been restated to reflect the property sold or classified as held for sale during the three months ended July 31, 2013. During the first quarter of fiscal year 2014, the Company sold four commercial industrial properties and one commercial retail property and classified two commercial industrial properties as held for sale.

	(in thousands)
	2013		2012		2011
REVENUE
Real estate rentals	$	4,252	$	5,364	$	11,430
Tenant reimbursement		604		661		749
TOTAL REVENUE		4,856		6,025		12,179
EXPENSES
Depreciation/amortization related to real estate investments		1,306		1,554		2,808
Utilities		108		268		815
Maintenance		260		333		1,140
Real estate taxes		504		610		1,256
Insurance		50		73		176
Property management expenses		168		329		1,118
Other property expenses		16		4		72
Other expenses		0		67		28
Amortization related to non-real estate investments		44		33		14
Impairment of real estate investments		305		428		0
TOTAL EXPENSES		2,761		3,699		7,427
Operating income		2,095		2,326		4,752
Interest expense		(1,418)		(1,980)		(3,540)
Interest income		0		0		5
Other income		2		16		0
Income from discontinued operations before gain on sale		679		362		1,217
Gain on sale of discontinued operations		6,885		349		19,365
INCOME FROM DISCONTINUED OPERATIONS	$	7,564	$	711	$	20,582
Segment Data
Multi-Family Residential	$	3,653	$	161	$	19,268
Commercial Office		0		0		0
Commercial Healthcare		3,419		(465)		(84)
Commercial Industrial		776		712		1,319
Commercial Retail		(284)		303		79
Total	$	7,564	$	711	$	20,582

	(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

	(in thousands)
	2013		2012
Asset and Liability Data
Total assets	$	23,649	$	44,270
Total liabilities		(283)		(16,257)