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SEGMENT REPORTING (Tables)
 6 Months Ended
Oct. 31, 2016
SEGMENT REPORTING [Abstract]  
Revenues and Net Operating Income for Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Three Months Ended October 31, 2016

    

Multifamily

    

Healthcare

    

All Other

    

Amounts Not
Allocated To
Segments(1)

    

Total

 

Real estate revenue

 

$
36,250

 

$
11,661

 

$
2,698

 

$

 —

 

$
50,609

 

Real estate expenses

 

 
15,566

 

 
4,151

 

 
730

 

 
1,126

 

 
21,573

 

Net operating income (loss)

 

$
20,684

 

$
7,510

 

$
1,968

 

$
(1,126)

 

$
29,036

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(13,531)

 

General and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(2,702)

 

Acquisition and investment related costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(4)

 

Other expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(816)

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(10,626)

 

Interest and other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 
637

 

Income before loss on sale of real estate and other investments and income from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 
1,994

 

Loss on sale of real estate and other investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(103)

 

Income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 
1,891

 

Income from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 
10,399

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$
12,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Six Months Ended October 31, 2016

    

Multifamily

    

Healthcare

    

All Other

    

Amounts Not
Allocated To
Segments(1)

    

Total

 

Real estate revenue

 

$
71,290

 

$
23,202

 

$
5,728

 

 

 —

 

$
100,220

 

Real estate expenses

 

 
30,445

 

 
8,343

 

 
1,456

 

 
2,963

 

 
43,207

 

Net operating income (loss)

 

$
40,845

 

$
14,859

 

$
4,272

 

 
(2,963)

 

 
57,013

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(27,798)

 

Impairment of real estate investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(54,153)

 

General and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(5,308)

 

Acquisition and investment related costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(47)

 

Other expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(1,668)

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(20,990)

 

Interest and other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 
1,682

 

Loss before gain on sale of real estate and other investments and income from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(51,269)

 

Gain on sale of real estate and other investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 
8,855

 

Loss from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(42,414)

 

Income from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 
14,110

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

$
(28,304)

 

(1)

Consists of offsite costs associated with property management and casualty-related amounts, which are excluded in our assessment of segment performance.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Three Months Ended October 31, 2015

    

Multifamily

    

Healthcare

    

All Other

    

Amounts Not
Allocated To
Segments(1)

    

 

Total

 

Real estate revenue

 

$
32,176

 

$
11,351

 

$
2,819

 

$

 —

 

$
46,346

 

Real estate expenses

 

 
14,191

 

 
3,834

 

 
620

 

 
1,306

 

 
19,951

 

Net operating income (loss)

 

$
17,985

 

$
7,517

 

$
2,199

 

$
(1,306)

 

 
26,395

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(12,405)

 

Impairment of real estate investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(1,873)

 

General and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(2,933)

 

Acquisition and investment related costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(391)

 

Other expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(813)

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(8,741)

 

Loss on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(106)

 

Interest and other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 
665

 

Loss from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(202)

 

Income from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 
16,879

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$
16,677

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Six Months Ended October 31, 2015

    

Multifamily

    

Healthcare

    

All Other

    

Amounts Not
Allocated To
Segments(1)

    

 

Total

 

Real estate revenue

 

$
63,609

 

$
22,130

 

$
5,652

 

$

 —

 

$
91,391

 

Real estate expenses

 

 
27,631

 

 
7,316

 

 
1,228

 

 
2,080

 

 
38,255

 

Net operating income (loss)

 

$
35,978

 

$
14,814

 

$
4,424

 

$
(2,080)

 

 
53,136

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(23,622)

 

Impairment of real estate investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(3,158)

 

General and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(5,387)

 

Acquisition and investment related costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(398)

 

Other expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(1,230)

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(16,555)

 

Loss on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(106)

 

Interest and other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 
1,272

 

Income before gain on sale of real estate and other investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 
3,952

 

Loss on sale of real estate and other investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(175)

 

Income from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 
3,777

 

Income from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 
17,627

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$
21,404

 

(1)

Consists of offsite costs associated with property management and casualty-related amounts, which are excluded in our assessment of segment performance.
Segment Assets and Accumulated Depreciation

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

As of October 31, 2016

    

Multifamily

    

Healthcare

    

All Other

    

Total

 

Segment assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Property owned

 

$
1,226,198

 

$
342,242

 

$
96,914

 

$
1,665,354

 

Less accumulated depreciation

 

 
(212,922)

 

 
(88,669)

 

 
(20,199)

 

 
(321,790)

 

Total property owned

 

$
1,013,276

 

$
253,573

 

$
76,715

 

$
1,343,564

 

Assets held for sale and assets from discontinued operations

 

 

 

 

 

 

 

 

 

 

 
191,233

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 
68,729

 

Receivables and other assets

 

 

 

 

 

 

 

 

 

 

 
35,803

 

Development in progress

 

 

 

 

 

 

 

 

 

 

 
20,921

 

Unimproved land

 

 

 

 

 

 

 

 

 

 

 
19,069

 

Total Assets

 

 

 

 

 

 

 

 

 

 

$
1,679,319

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

As of April 30, 2016

    

Multifamily

    

Healthcare

    

All Other

    

Total

 

Segment assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Property owned

 

$
1,243,909

 

$
337,920

 

$
99,642

 

$
1,681,471

 

Less accumulated depreciation

 

 
(209,156)

 

 
(83,558)

 

 
(20,175)

 

 
(312,889)

 

Total property owned

 

$
1,034,753

 

$
254,362

 

$
79,467

 

$
1,368,582

 

Assets held for sale and assets from discontinued operations

 

 

 

 

 

 

 

 

 

 

 
220,537

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 
66,698

 

Other investments

 

 

 

 

 

 

 

 

 

 

 
50

 

Receivables and other assets

 

 

 

 

 

 

 

 

 

 

 
26,535

 

Development in progress

 

 

 

 

 

 

 

 

 

 

 
51,681

 

Unimproved land

 

 

 

 

 

 

 

 

 

 

 
20,939

 

Total Assets

 

 

 

 

 

 

 

 

 

 

$
1,755,022