DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Jul. 31, 2014

Effect on net income and the gains or losses from the sale of properties classified as discontinued operations

During the first quarter of fiscal year 2015, the Company applied ASU No. 2014-08 to the dispositions of one commercial office property, one commercial industrial property and one commercial retail property and to the classification of one commercial office property as held for sale and did not record any 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. 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 three months ended July 31, 2013:

	(in thousands)
	Three Months Ended July 31, 2013
REVENUE
Real estate rentals	$	1,632
Tenant reimbursement		719
TOTAL REVENUE		2,351
EXPENSES
Depreciation/amortization related to real estate investments		537
Utilities		128
Maintenance		185
Real estate taxes		528
Insurance		49
Property management expenses		118
Amortization related to non-real estate investments		49
Impairment of real estate investments		1,803
TOTAL EXPENSES		3,397
Operating loss		(1,046)
Interest expense		(287)
Loss from discontinued operations before gain on sale		(1,333)
Gain on sale of discontinued operations		1,943
INCOME FROM DISCONTINUED OPERATIONS	$	610

- 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.

+ References+ Details