DISCONTINUED OPERATIONS

6 Months Ended

Oct. 31, 2014

DISCONTINUED OPERATIONS [Abstract]

DISCONTINUED OPERATIONS

NOTE 7 • DISCONTINUED OPERATIONS

Prior to February 1, 2014, the Company reported, in discontinued operations, the results of operations and the related gains or losses of properties that had either been disposed of or classified as held for sale and otherwise met the classification of a discontinued operation. As a result of the adoption of ASU No. 2014-08, results of operations and gains or losses on sale for properties that are disposed or classified as held for sale in the ordinary course of business on or subsequent to February 1, 2014 would generally be included in continuing operations on the Company's consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation described above. See Note 2 for additional information.

During the six months ended October 31, 2014, the Company applied ASU No. 2014-08 to the dispositions of seven properties and to the classification of ten properties 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 office properties, twelve industrial properties and three 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 and six months ended October 31, 2013:

	(in thousands)
	Three Months Ended October 31		Six Months Ended October 31
		2013		2013
REVENUE
Real estate rentals	$	1,214	$	2,846
Tenant reimbursement		519		1,238
TOTAL REVENUE		1,733		4,084
EXPENSES
Depreciation/amortization related to real estate investments		308		845
Utilities		10		138
Maintenance		79		264
Real estate taxes		343		871
Insurance		38		87
Property management expenses		77		195
Amortization related to non-real estate investments		39		88
Impairment of real estate investments		57		1,860
TOTAL EXPENSES		951		4,348
Operating income (loss)		782		(264)
Interest expense		(105)		(392)
Income (loss) from discontinued operations before gain on sale		677		(656)
Gain on sale of discontinued operations		4,698		6,641
INCOME FROM DISCONTINUED OPERATIONS	$	5,375	$	5,985