DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Apr. 30, 2014

Effect on Net Income and Gains or Losses From Sale Of Properties Classified as Discontinued Operations

During the first three quarters of fiscal year 2014, the Company disposed of two multi-family residential properties, three commercial office properties, twelve commercial industrial properties and three commercial retail properties that were classified as discontinued operations. During the quarter ended April 30, 2014, the Company applied ASU No. 2014-08 to one property that was classified as held for sale and did not record any 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 that were classified as discontinued operations. Eight condominium units and a retail property were classified as held for sale and also classified as discontinued operations at April 30, 2012. 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, 2014, 2013 and 2012.

	(in thousands)
	2014		2013		2012
REVENUE
Real estate rentals	$	3,173	$	10,068	$	10,702
Tenant reimbursement		1,302		3,099		2,619
TOTAL REVENUE		4,475		13,167		13,321
EXPENSES
Depreciation/amortization related to real estate investments		920		3,169		3,418
Utilities		164		447		561
Maintenance		299		1,029		1,070
Real estate taxes		951		2,276		2,428
Insurance		97		218		211
Property management expenses		222		520		759
Other property expenses		0		16		4
Other expenses		0		0		67
Amortization related to non-real estate investments		90		247		256
Impairment of real estate investments		1,860		305		428
TOTAL EXPENSES		4,603		8,227		9,202
Operating (loss) income		(128)		4,940		4,119
Interest expense		(421)		(2,532)		(3,429)
Other income		0		2		23
Income (loss) from discontinued operations before gain on sale		(549)		2,410		713
Gain on sale of discontinued operations		6,999		6,885		349
INCOME FROM DISCONTINUED OPERATIONS	$	6,450	$	9,295	$	1,062
Segment Data
Multi-Family Residential	$	(99)	$	3,712	$	100
Commercial Office		(1,794)		314		52
Commercial Healthcare		0		3,416		(465)
Commercial Industrial		8,923		2,118		1,127
Commercial Retail		(580)		(265)		248
Total	$	6,450	$	9,295	$	1,062

	(in thousands)
	2014		2013		2012
Property Sale Data
Sales price	$	80,883	$	26,273	$	3,237
Net book value and sales costs		(73,884)		(19,388)		(2,888)
Gain on sale of discontinued operations	$	6,999	$	6,885	$	349

	(in thousands)
	2014		2013
Asset and Liability Data
Total assets	$	0	$	72,631
Total liabilities		0		(1,335)

- 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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