SEGMENT REPORTING

9 Months Ended

Jan. 31, 2016

SEGMENT REPORTING [Abstract]

SEGMENT REPORTING

NOTE 5 • SEGMENT REPORTING

We report our results in three reportable segments, which are aggregations of similar properties: multifamily, healthcare (including senior housing) and industrial properties.  Prior to the first quarter of fiscal year 2016, we had reported our results in five reportable segments, which included the office and retail segments. However, during the first quarter of fiscal year 2016, we classified the majority of the properties in the office and retail segments as held for sale and discontinued operations, and the remaining properties under these segments fell below the quantitative thresholds for reporting as separate reportable segments and are included in “all other.”

We measure the performance of our segments based on net operating income (“NOI”), which we define as total real estate revenues and gain on involuntary conversion less real estate expenses (which consist of utilities, maintenance, real estate taxes, insurance, property management expenses and other property expenses). We believe that NOI is an important supplemental measure of operating performance for a REIT’s operating real estate because it provides a measure of core operations that is unaffected by depreciation, amortization, financing and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with US GAAP and should not be considered an alternative to net income, net income available for common shareholders or cash flow from operating activities as a measure of financial performance.

The revenues and NOI for these reportable segments are summarized as follows for the three and nine month periods ended January 31, 2016 and 2015, 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.

	(in thousands)
Three Months Ended January 31, 2016	Multifamily		Healthcare		Industrial		All Other		Total
Real estate revenue	$	33,296	$	18,350	$	1,650	$	1,473	$	54,769
Real estate expenses		15,460		4,208		453		215		20,336
Net operating income	$	17,836	$	14,142	$	1,197	$	1,258		34,433
TRS senior housing revenue, net of expenses										91
Depreciation/amortization										(14,919	)
Administrative expenses										(2,929	)
Other expenses										(86	)
Impairment of real estate investments										(162	)
Interest expense										(10,540	)
Interest and other income										701
Income before gain on sale of real estate and other investments and income from discontinued operations										6,589
Gain on sale of real estate and other investments										1,446
Income from continuing operations										8,035
Income from discontinued operations										35,408
Net income									$	43,443

	(in thousands)
Three Months Ended January 31, 2015	Multifamily		Healthcare		Industrial		All Other		Total
Real estate revenue	$	30,256	$	17,491	$	1,741	$	2,488	$	51,976
Real estate expenses		13,318		4,260		501		1,039		19,118
Net operating income	$	16,938	$	13,231	$	1,240	$	1,449		32,858
TRS senior housing revenue, net of expenses										138
Depreciation/amortization										(12,837	)
Administrative expenses										(2,754	)
Other expenses										(488	)
Impairment of real estate investments										(540	)
Interest expense										(10,009	)
Interest and other income										670
Income before gain on sale of real estate and other investments and income from discontinued operations										7,038
Gain on sale of real estate and other investments										951
Income from continuing operations										7,989
Income from discontinued operations										1,162
Net income									$	9,151

	(in thousands)
Nine Months Ended January 31, 2016	Multifamily		Healthcare		Industrial		All Other		Total
Real estate revenue	$	96,782	$	50,435	$	4,913	$	3,862	$	155,992
Real estate expenses		44,602		12,202		1,138		826		58,768
Net operating income	$	52,180	$	38,233	$	3,775	$	3,036		97,224
TRS senior housing revenue, net of expenses										513
Depreciation/amortization										(42,992	)
Administrative expenses										(8,316	)
Other expenses										(1,714	)
Impairment of real estate investments										(3,320	)
Interest expense										(29,867	)
Loss on extinguishment of debt										(106	)
Interest and other income										1,973
Income before gain on sale of real estate and other investments and income from discontinued operations										13,395
Gain on sale of real estate and other investments										1,271
Income from continuing operations										14,666
Income from discontinued operations										50,181
Net income									$	64,847

	(in thousands)
Nine Months Ended January 31, 2015	Multifamily		Healthcare		Industrial		All Other		Total
Real estate revenue	$	87,576	$	50,024	$	4,904	$	8,239	$	150,743
Real estate expenses		37,700		12,726		1,223		3,485		55,134
Net operating income	$	49,876	$	37,298	$	3,681	$	4,754		95,609
TRS senior housing revenue, net of expenses										356
Depreciation/amortization										(38,347	)
Administrative expenses										(9,308	)
Other expenses										(1,678	)
Impairment of real estate investments										(4,663	)
Interest expense										(29,710	)
Interest and other income										2,052
Income before loss on sale of real estate and other investments and income from discontinued operations										14,311
Loss on sale of real estate and other investments										(811	)
Income from continuing operations										13,500
Income from discontinued operations										1,322
Net income									$	14,822

Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of January 31, 2016, and April 30, 2015, along with reconciliations to the condensed consolidated financial statements:

	(in thousands)
As of January 31, 2016	Multifamily			Healthcare			Industrial			All Other			Total
Segment Assets
Property owned	$	1,133,560		$	559,997		$	61,238		$	46,224		$	1,801,019
Less accumulated depreciation		(200,363	)		(123,992	)		(12,494	)		(10,046	)		(346,895	)
Net property owned	$	933,197		$	436,005		$	48,744		$	36,178			1,454,124
Assets held for sale														22,064
Cash and cash equivalents														47,117
Other investments														50
Receivables and other assets														71,809
Development in progress														78,341
Unimproved land														22,304
Total assets													$	1,695,809

	(in thousands)
As of April 31, 2015	Multifamily			Healthcare			Industrial			All Other			Total
Segment Assets
Property owned	$	946,520		$	495,021		$	60,611		$	44,215		$	1,546,367
Less accumulated depreciation		(180,414	)		(112,515	)		(11,256	)		(9,123	)		(313,308	)
Net property owned	$	766,106		$	382,506		$	49,355		$	35,092			1,233,059
Assets held for sale														463,103
Cash and cash equivalents														48,970
Other investments														329
Receivables and other assets														72,555
Development in progress														153,994
Unimproved land														25,827
Total assets													$	1,997,837