DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Apr. 30, 2018

Discontinued Operations and Disposal Groups [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 sale of properties classified as discontinued operations for the fiscal years ended April 30, 2018, 2017, and 2016.

	(in thousands)
	Year Ended April 30,
	2018			2017			2016
REVENUE
Real estate rentals	$	19,744		$	43,984		$	69,623
Tenant reimbursement	11,650			16,110			23,434
TRS senior housing revenue	—			3,218			3,955
TOTAL REVENUE	31,394			63,312			97,012
EXPENSES
Property operating expenses, excluding real estate taxes	6,350			9,051			17,470
Real estate taxes	5,191			6,848			11,611
Property management expense	206			574			1,957
Depreciation and amortization	8,445			10,772			24,725
Impairment of real estate investments	—			—			440
TRS senior housing expenses	—			3,113			3,366
TOTAL EXPENSES	20,192			30,358			59,569
Operating income	11,202			32,954			37,443
Interest expense(1)	(4,172		)	(11,628		)	(25,757		)
Gain (loss) on extinguishment of debt(1)	(6,508		)	(3,238		)	29,336
Interest income	661			2,179			2,179
Other income	73			340			437
Income from discontinued operations before gain on sale	1,256			20,607			43,638
Gain on sale of discontinued operations	163,567			56,146			23,782
INCOME FROM DISCONTINUED OPERATIONS	$	164,823		$	76,753		$	67,420
Segment Data
All other	$	164,823		$	76,753		$	67,420
Total	$	164,823		$	76,753		$	67,420

(1) Interest expense includes $4.7 million for the fiscal year ended April 30, 2016, of default interest related to a $122.6 million non-recourse loan. Gain on extinguishment of debt in the fiscal year ended April 30, 2016 includes $36.5 million of gain on extinguishment of debt recognized in connection with our transfer of ownership to the mortgage lender of the nine properties serving as collateral for the $122.6 million non-recourse loan and the removal of the debt obligation and accrued interest from our balance sheet.

	(in thousands)
	2018			2017			2016
Property Sale Data
Sales price	$	437,652		$	239,436		$	373,460
Net book value and sales costs	(274,085		)	(183,290		)	(349,678		)
Gain on sale of discontinued operations	$	163,567		$	56,146		$	23,782

Reconciliation of Assets and Liabilities of Discontinued Operations to Assets and Liabilities Held for Sale That Are Presented Separately on Condensed Consolidated Balance Sheets

The following information reconciles the carrying amounts of major classes of assets and liabilities of the discontinued operations to assets and liabilities held for sale that are presented separately on the Consolidated Balance Sheets:

	April 30, 2017
Carrying amounts of major classes of assets included as part of discontinued operations
Property owned and intangible assets, net of accumulated depreciation and amortization	$	255,466
Restricted cash	728
Other Assets	12,750
Total major classes of assets of the discontinued operations	268,944
Other assets included in the disposal group classified as held for sale	14,079
Total assets of the disposal group classified as held for sale on the balance sheet	$	283,023
Carrying amounts of major classes of liabilities included as part of discontinued operations
Accounts payable and accrued expenses	$	4,835
Mortgages payable	112,208
Other	7,977
Total major classes of liabilities of the discontinued operations	125,020
Other liabilities included in the disposal group classified as held for sale	5,884
Total liabilities of the disposal group classified as held for sale on the balance sheet	$	130,904