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SEGMENT REPORTING (Tables)
 9 Months Ended
Jan. 31, 2018
Segment Reporting [Abstract]  
Revenues and Net Operating Income for Reportable Segments
The revenues and NOI for the multifamily reportable segment are summarized as follows for the three- and nine-month periods ended January 31, 2018 and 2017, respectively, 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, 2018
Multifamily

 
All Other

 
Amounts Not
Allocated To
Segments(1)
 
Total

Real estate revenue
$
41,279

 
$
1,975

 
—

 
$
43,254

Real estate expenses
18,231

 
549

 
$
1,255

 
20,035

Net operating income (loss)
$
23,048

 
$
1,426

 
$
(1,255
)
 
$
23,219

Depreciation and amortization
 
 
 
 
 
 
(18,390
)
General and administrative expenses
 
 
 
 
 
 
(3,011
)
Interest expense
 
 
 
 
 
 
(9,236
)
Loss on debt extinguishment
 
 
 
 
 
 
(285
)
Interest and other income
 
 
 
 
 
 
433

Loss before gain on sale of real estate and other investments and income from discontinued operations
 
 
 
 
 
 
(7,270
)
Gain on sale of real estate and other investments
 
 
 
 
 
 
12,387

Income from continuing operations
 
 
 
 
 
 
5,117

Income from discontinued operations
 
 
 
 
 
 
146,811

Net income
 
 
 
 
 
 
$
151,928

(1)
Consists of off-site costs for property management and casualty-related amounts, which are excluded in our assessment of segment performance.
 
(in thousands)
Three Months Ended January 31, 2017
Multifamily

 
All Other

 
Amounts Not
Allocated To
Segments(1)
 
Total

Real estate revenue
$
36,171

 
$
4,057

 
—

 
$
40,228

Real estate expenses
16,336

 
1,000

 
$
1,283

 
18,619

Net operating income (loss)
$
19,835

 
$
3,057

 
$
(1,283
)
 
$
21,609

Depreciation and amortization
 
 
 
 
 
 
(10,787
)
General and administrative expenses
 
 
 
 
 
 
(4,172
)
Interest expense
 
 
 
 
 
 
(8,832
)
Loss on debt extinguishment
 
 
 
 
 
 
(458
)
Interest and other income
 
 
 
 
 
 
427

Loss before gain on sale of real estate and other investments and income from discontinued operations
 
 
 
 
 
 
(2,213
)
Gain on sale of real estate and other investments
 
 
 
 
 
 
2,437

Income from continuing operations
 
 
 
 
 
 
224

Income from discontinued operations
 
 
 
 
 
 
24,965

Net income
 
 
 
 
 
 
$
25,189

(1)
Consists of off-site costs for property management and casualty-related amounts, which are excluded in our assessment of segment performance.
 
(in thousands)
Nine Months Ended January 31, 2018
Multifamily

 
All Other

 
Amounts Not
Allocated To
Segments(1)
 
Total

Real estate revenue
$
119,444

 
$
7,936

 
—

 
$
127,380

Real estate expenses
54,584

 
2,102

 
$
4,204

 
60,890

Net operating income (loss)
$
64,860

 
$
5,834

 
$
(4,204
)
 
$
66,490

Depreciation and amortization
 
 
 
 
 
 
(60,998
)
Impairment of real estate investments
 
 
 
 
 
 
(256
)
General and administrative expenses
 
 
 
 
 
 
(10,131
)
Interest expense
 
 
 
 
 
 
(25,876
)
Loss on debt extinguishment
 
 
 
 
 
 
(818
)
Interest and other income
 
 
 
 
 
 
916

Loss before gain on sale of real estate and other investments and income from discontinued operations
 
 
 
 
 
 
(30,673
)
Gain on sale of real estate and other investments
 
 
 
 
 
 
17,835

Loss from continuing operations
 
 
 
 
 
 
(12,838
)
Income from discontinued operations
 
 
 
 
 
 
164,626

Net income
 
 
 
 
 
 
$
151,788

(1)
Consists of off-site costs for property management and casualty-related amounts, which are excluded in our assessment of segment performance.
 
(in thousands)
Nine Months Ended January 31, 2017
Multifamily

 
All Other

 
Amounts Not
Allocated To
Segments(1)
 
Total

Real estate revenue
$
107,400

 
$
11,307

 
—

 
$
118,707

Real estate expenses
46,781

 
2,787

 
$
4,002

 
53,570

Net operating income (loss)
$
60,619

 
$
8,520

 
$
(4,002
)
 
$
65,137

Depreciation and amortization
 
 
 
 
 
 
(33,193
)
Impairment of real estate investments
 
 
 
 
 
 
(54,153
)
General and administrative expenses
 
 
 
 
 
 
(11,195
)
Interest expense
 
 
 
 
 
 
(26,033
)
Loss on debt extinguishment
 
 
 
 
 
 
(458
)
Interest and other income
 
 
 
 
 
 
685

Loss before gain on sale of real estate and other investments and income from discontinued operations
 
 
 
 
 
 
(59,210
)
Gain on sale of real estate and other investments
 
 
 
 
 
 
11,292

Loss from continuing operations
 
 
 
 
 
 
(47,918
)
Income from discontinued operations
 
 
 
 
 
 
44,803

Net loss
 
 
 
 
 
 
$
(3,115
)
(1)
Consists of off-site costs for 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 January 31, 2018, and April 30, 2017, respectively, along with reconciliations to the condensed consolidated financial statements:
 
(in thousands)
As of January 31, 2018
Multifamily

 
All Other

 
Total

Segment assets
 

 
 

 
 

Property owned
$
1,495,944

 
$
72,781

 
$
1,568,725

Less accumulated depreciation
(285,460
)
 
(18,689
)
 
(304,149
)
Total property owned
$
1,210,484

 
$
54,092

 
$
1,264,576

Mortgage loans receivable
 
 
 
 
10,329

Cash and cash equivalents
 
 
 
 
22,666

Restricted cash
 
 
 
 
121,337

Other assets
 
 
 
 
21,664

Unimproved land
 
 
 
 
15,123

Total Assets
 
 
 
 
$
1,455,695

 
(in thousands)
As of April 30, 2017
Multifamily

 
All Other

 
Total

Segment assets
 

 
 

 
 

Property owned
$
1,260,541

 
$
97,988

 
$
1,358,529

Less accumulated depreciation
(232,592
)
 
(23,007
)
 
(255,599
)
Total property owned
$
1,027,949

 
$
74,981

 
$
1,102,930

Assets held for sale and assets from discontinued operations
 
 
 
 
283,023

Cash and cash equivalents
 
 
 
 
28,819

Restricted cash
 
 
 
 
27,981

Other assets
 
 
 
 
13,306

Unimproved land
 
 
 
 
18,455

Total Assets
 
 
 
 
$
1,474,514