OPERATING SEGMENTS (Tables)

12 Months Ended

Apr. 30, 2017

Revenues and Net Operating Income for Reportable Segments

The following tables present real estate revenues and net operating income for the fiscal years ended April 30, 2017, 2016 and 2015 from our two reportable segments, and reconcile net operating income of reportable segments to net income as reported in the consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the consolidated financial statements.


	(in thousands)
Year Ended April 30, 2017	Multifamily		Healthcare		All Other		Amounts Not Allocated To Segments(1)		Total
Real estate revenue	$	144,743	$	49,856	$	11,139		—	$	205,738
Real estate expenses		63,292		16,419		3,024		5,620		88,355
Net operating income (loss)	$	81,451	$	33,437	$	8,115		(5,620)		117,383
Depreciation and amortization										(55,009)
Impairment of real estate investments										(57,028)
General and administrative expenses										(12,075)
Acquisition and investment related costs										(3,276)
Other expenses										(3,796)
Interest expense										(41,127)
Loss on debt extinguishment										(3,099)
Interest and other income										1,176
Loss before gain on sale of real estate and other investments and income from discontinued operations										(56,851)
Gain on sale of real estate and other investments										18,701
Loss from continuing operations										(38,150)
Income from discontinued operations										68,675
Net income									$	30,525


	(in thousands)
Year Ended April 30, 2016	Multifamily		Healthcare		All Other		Amounts Not Allocated To Segments(1)			Total
Real estate revenue	$	131,149	$	45,621	$	11,550	$	—	$	188,320
Real estate expenses		57,130		15,439		2,500		4,031		79,100
Net operating income (loss)	$	74,019	$	30,182	$	9,050	$	(4,031)		109,220
Depreciation and amortization										(49,832)
Impairment of real estate investments										(5,543)
General and administrative expenses										(11,267)
Acquisition and investment related costs										(830)
Other expenses										(2,231)
Interest expense										(35,768)
Loss on debt extinguishment										(106)
Interest and other income										398
Income before gain on sale of real estate and other investments										4,041
Gain on sale of real estate and other investments										9,640
Gain on bargain purchase										3,424
Income from continuing operations										17,105
Income from discontinued operations										59,497
Net income									$	76,602

(1)

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


	(in thousands)
Year Ended April 30, 2015	Multifamily		Healthcare		All Other			Amounts Not Allocated To Segments(1)	Total
Real estate revenue	$	118,526	$	44,153	$	16,642	$	—	$	179,321
Real estate expenses		48,668		15,244		5,260		3,965		73,137
Net operating income (loss)	$	69,858	$	28,909	$	11,382	$	(3,965)		106,184
Depreciation and amortization										(42,784)
Impairment of real estate investments										(4,663)
General and administrative expenses										(11,824)
Acquisition and investment related costs										(362)
Other expenses										(1,647)
Interest expense										(34,447)
Interest and other income										780
Income before loss on sale of real estate and other investments and loss from discontinued operations										11,237
Gain on sale of real estate and other investments										6,093
Income from continuing operations										17,330
Income from discontinued operations										11,354
Net income									$	28,684

(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


	(in thousands)
As of April 30, 2017	Multifamily		Healthcare		All Other		Total
Segment assets
Property owned	$	1,260,541	$	323,148	$	93,792	$	1,677,481
Less accumulated depreciation		(232,592)		(86,139)		(21,686)		(340,417)
Total property owned	$	1,027,949	$	237,009	$	72,106	$	1,337,064
Assets held for sale and assets from discontinued operations								37,708
Cash and cash equivalents								28,819
Receivables and other assets								52,468
Unimproved land								18,455
Total Assets							$	1,474,514


	(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