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OPERATING SEGMENT (Tables)
 12 Months Ended
Apr. 30, 2018
Segment Reporting [Abstract]  
Revenues and Net Operating Income for Reportable Segments
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
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