DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Apr. 30, 2015

DISCONTINUED OPERATIONS [Abstract]

Effect on Net Income and Gains or Losses From Sale Of Properties Classified as 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 fiscal years ended April 30, 2015, 2014 and 2013.

	(in thousands)
	2015			2014			2013
REVENUE
Real estate rentals	$	54,591		$	57,629		$	63,704
Tenant reimbursement	24,084			26,949			27,788
TOTAL REVENUE	78,675			84,578			91,492
EXPENSES
Depreciation/amortization related to real estate investments	16,226			19,359			20,873
Utilities	7,493			8,423			7,876
Maintenance	10,861			12,022			12,307
Real estate taxes	13,906			14,898			16,235
Insurance	1,079			1,172			1,151
Property management expenses	3,795			3,657			3,810
Other property expenses	30			243			16
Other expenses	0			3			2
Amortization related to non-real estate investments	2,606			2,500			2,446
Impairment of real estate investments	1,442			36,726			305
TOTAL EXPENSES	57,438			99,003			65,021
Operating income (loss)	21,237			(14,425		)	26,471
Interest expense	(18,949		)	(19,944		)	(23,425		)
Interest income	0			2			2
Other income	5			241			16
Income (loss) income from discontinued operations before gain on sale	2,293			(34,126		)	3,244
Gain on sale of discontinued operations	0			6,999			6,885
INCOME FROM DISCONTINUED OPERATIONS	2,293			$	(27,127	)	$	10,129
Segment Data
Multifamily	0			$	(99	)	$	3,712
Healthcare	(55		)	(68		)	3,307
Industrial	0			8,923			2,118
Other	2,348			(35,883		)	992
Total	2,293			$	(27,127	)	$	10,129
				(in thousands)
				2014			2013
Property Sale Data
Sales price				$	80,883		$	26,273
Net book value and sales costs				(73,884		)	(19,388		)
Gain on sale of discontinued operations				$	6,999		$	6,885

Reconciliation of Assets and Liabilities of Discontinued Operations to Assets and Liabilities Held for Sale That Are Presented Separately on the Condensed Consolidated Balance Sheet

The following information reconciles the carrying amounts of major classes of assets and liabilities of the discontinued operations to assets and liabilities held for sale that are presented separately on the Consolidated Balance Sheets:

	(in thousands)
	April 30, 2015		April 30, 2014
Carrying amounts of major classes of assets included as part of discontinued operations
Property owned and intangible assets, net of accumulated depreciation and amortization	$	417,045	$	425,676
Receivable arising from straight-lining of rents	10,078		11,087
Accounts receivable	566		1,752
Prepaid and other assets	699		691
Tax, insurance and other escrow	1,176		4,655
Property and equipment	0		7
Goodwill	193		0
Deferred charges and leasing costs	9,606		10,488
Total major classes of assets of the discontinued operations	439,363		454,356
Other assets included in the disposal group classified as held for sale	23,740		2,951
Total assets of the disposal group classified as held for sale on the balance sheet	$	463,103	$	457,307
Carrying amounts of major classes of liabilities included as part of discontinued operations
Accounts payable and accrued expenses	$	13,952	$	13,988
Mortgages payable	295,677		318,734
Other	4		9
Total major classes of liabilities of the discontinued operations	309,633		332,731
Other liabilities included in the disposal group classified as held for sale	11,760		0
Total liabilities of the disposal group classified as held for sale on the balance sheet	$	321,393	$	332,731