SEGMENT REPORTING (Tables)

3 Months Ended

Jul. 31, 2014

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, 2014 and 2013, 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, 2014	(in thousands)
Three Months Ended July 31, 2014	Multi-Family Residential		Commercial- Office		Commercial- Healthcare		Commercial- Industrial		Commercial- Retail		Total

Real estate revenue	$	27,727	$	18,846	$	16,298	$	1,570	$	3,396	$	67,837
Real estate expenses		12,221		9,327		4,416		450		1,104		27,518
Net operating income	$	15,506	$	9,519	$	11,882	$	1,120	$	2,292		40,319
TRS senior housing revenue												793
TRS senior housing expenses												(693)
Depreciation/amortization												(17,056)
Administrative, advisory and trustee services												(3,664)
Impairment of real estate investments												(2,320)
Other expenses												(612)
Interest expense												(14,664)
Interest and other income												691
Income before loss on sale of real estate and other investments												2,794
Loss on sale of real estate and other investments												(2,993)
Net (loss)											$	(199)

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	$	24,373	$	19,315	$	16,073	$	2,038	$	3,299	$	65,098
Real estate expenses		10,846		9,753		4,284		454		1,303		26,640
Gain on involuntary conversion		966		0		0		0		0		966
Net operating income	$	14,493	$	9,562	$	11,789	$	1,584	$	1,996		39,424
Depreciation/amortization												(19,000)
Administrative, advisory and trustee services												(2,753)
Other expenses												(679)
Interest expense												(14,596)
Interest and other income												210
Income from continuing operations												2,606
Income from discontinued operations												610
Net income											$	3,216

Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of July 31, 2014, and April 30, 2014, along with reconciliations to the condensed consolidated financial statements:

	(in thousands)
As of July 31, 2014	Multi-Family Residential			Commercial- Office			Commercial- Healthcare			Commercial- Industrial			Commercial- Retail			Total

Segment Assets
Property owned	$	738,948		$	613,663		$	517,441		$	55,268		$	116,970		$	2,042,290
Less accumulated depreciation		(152,447	)		(147,392	)		(102,027	)		(9,848	)		(27,519	)		(439,233	)
Net property owned	$	586,501		$	466,271		$	415,414		$	45,420		$	89,451			1,603,057
Real estate held for sale																	0
Cash and cash equivalents																	53,494
Other investments																	643
Receivables and other assets																	136,780
Development in progress																	89,086
Unimproved land																	21,498
Total assets																$	1,904,558

	(in thousands)
As of April 30, 2014	Multi-Family Residential			Commercial- Office			Commercial- Healthcare			Commercial- Industrial			Commercial- Retail			Total

Segment assets
Property owned	$	753,731		$	544,628		$	525,028		$	55,375		$	117,269		$	1,996,031
Less accumulated depreciation		(158,100	)		(121,892	)		(105,843	)		(10,198	)		(28,255	)		(424,288	)
Net property owned	$	595,631		$	422,736		$	419,185		$	45,177		$	89,014			1,571,743
Real estate held for sale																	2,951
Cash and cash equivalents																	47,267
Other investments																	329
Receivables and other assets																	119,458
Development in progress																	104,609
Unimproved land																	22,864
Total assets																$	1,869,221