OPERATING SEGMENT

We operate in a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of apartment communities. Each of our operating properties is considered a separate operating segment because each property earns revenues, incurs expenses, and has discrete financial information. Our chief operating decision-makers evaluate each property's operating results to make decisions about resources to be allocated and to assess performance. We do not group our operations based on geography, size, or type. Our apartment communities have similar long-term economic characteristics and provide similar products and services to our tenants. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, our apartment communities are aggregated into a single reportable segment.

Prior to the third quarter of fiscal year 2018, we reported our results in two reportable segments: multifamily and healthcare. We sold substantially all of our healthcare portfolio during the third quarter of fiscal year 2018 and classified it as discontinued operations (see Note 10 for additional information). Healthcare no longer meets the quantitative thresholds for reporting as a separate reportable segment and is included in "all other" with other non-multifamily properties.

Our executive management team comprises our chief operating decision-makers. This team measures the performance of our reportable segment based on net operating income (“NOI”), which we define as total real estate revenues less property operating expenses and real estate tax expense combined (referred to as "real estate 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 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 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 following tables present real estate revenues, real estate expenses, and net operating income for the fiscal years ended April 30, 2018, 2017, and 2016 from our reportable segment and reconcile net operating income 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, 2018	Multifamily		All Other		Total
Real estate revenue	$	159,983	$	9,762	$	169,745
Real estate expenses	70,460		2,574		73,034
Net operating income	$	89,523	$	7,188	$	96,711
Property management expenses					(5,526		)
Casualty loss					(500		)
Depreciation and amortization					(82,070		)
Impairment of real estate investments					(18,065		)
General and administrative expenses					(14,203		)
Acquisition and investment related costs					(51		)
Interest expense					(34,178		)
Loss on debt extinguishment					(940		)
Interest and other income					1,508
Loss before gain on sale of real estate and other investments and income from discontinued operations					(57,314		)
Gain on sale of real estate and other investments					20,120
Loss from continuing operations					(37,194		)
Income from discontinued operations					164,823
Net income					$	127,629



	(in thousands)
Year ended April 30, 2017	Multifamily		All Other		Total
Real estate revenue	$	142,214	$	17,890	$	160,104
Real estate expenses	60,895		3,431		64,326
Net operating income	$	81,319	$	14,459	$	95,778
Property management expenses					(5,046		)
Casualty loss					(414		)
Depreciation and amortization					(44,253		)
Impairment of real estate investments					(57,028		)
General and administrative expenses					(15,871		)
Acquisition and investment related costs					(3,276		)
Interest expense					(34,314		)
Loss on debt extinguishment					(1,651		)
Interest and other income					1,146
Loss before gain on sale of real estate and other investments					(64,929		)
Gain on sale of real estate and other investments					18,701
Loss from continuing operations					(46,228		)
Income from discontinued operations					76,753
Net income					$	30,525



	(in thousands)
Year ended April 30, 2016	Multifamily		All Other		Total
Real estate revenue	$	129,049	$	16,451	$	145,500
Real estate expenses	54,762		3,386		58,148
Net operating income	$	74,287	$	13,065	$	87,352
Property management expenses					(3,714		)
Casualty loss					(238		)
Depreciation and amortization					(39,273		)
Impairment of real estate investments					(5,543		)
General and administrative expenses					(13,498		)
Acquisition and investment related costs					(830		)
Interest expense					(28,417		)
Loss on debt extinguishment					(106		)
Interest and other income					385
Loss before loss on sale of real estate and other investments and loss from discontinued operations					(3,882		)
Gain on sale of real estate and other investments					9,640
Gain on bargain purchase					3,424
Income from continuing operations					9,182
Income from discontinued operations					67,420
Net income					$	76,602

Segment Assets and Accumulated Depreciation



	(in thousands)
As at April 30, 2018	Multifamily			All Other			Total
Segment assets
Property owned	$	1,606,421		$	63,343		$	1,669,764
Less accumulated depreciation	(294,477		)	(16,847		)	(311,324		)
Total property owned	$	1,311,944		$	46,496		$	1,358,440
Cash and cash equivalents							11,891
Restricted cash							4,225
Other assets							30,297
Unimproved land							11,476
Mortgage loans receivable							10,329
Total Assets							$	1,426,658



	(in thousands)
As at 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