DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Oct. 31, 2016

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 sales of properties classified as discontinued operations for the three and six months ended October 31, 2016 and 2015:

	(in thousands)
	Three Months Ended				Six Months Ended
	October 31,				October 31,
	2016		2015		2016		2015
REVENUE
Real estate rentals	$	4,992	$	9,703	$	10,002	$	28,143
Tenant reimbursement		112		1,486		226		7,751
TRS senior housing revenue		916		965		1,789		2,003
TOTAL REVENUE		6,020		12,154		12,017		37,897
EXPENSES
Property operating expenses, excluding real estate taxes		—		2,668		—		8,768
Real estate taxes		(112)		1,269		—		4,789
Depreciation and amortization		—		2,498		16		9,587
Impairment of real estate investments		—		—		—		440
TRS senior housing expenses		769		812		1,553		1,581
TOTAL EXPENSES		657		7,247		1,569		25,165
Operating income		5,363		4,907		10,448		12,732
Interest expense(1)		(1,395)		(5,021)		(2,769)		(12,168)
Gain/Loss on extinguishment of debt(1)		(72)		(7,120)		(72)		(7,120)
Other income		—		203		—		273
Income from discontinued operations before gain on sale		3,896		(7,031)		7,607		(6,283)
Gain on sale of discontinued operations		6,503		23,910		6,503		23,910
INCOME FROM DISCONTINUED OPERATIONS	$	10,399	$	16,879	$	14,110	$	17,627

(1) Interest expense for the three and six months ended October 31, 2015 includes $1.6 million and $3.1 million, respectively of default interest related to a $122.6 million non-recourse loan by one of our subsidiaries. In the third quarter of fiscal year 2016, ownership of the nine properties serving as collateral on the loan was transferred to the mortgage lender and the debt obligation and accrued interest was removed from our balance sheet.