DISCONTINUED OPERATIONS

6 Months Ended

Oct. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

We report in discontinued operations the results of operations and the related gains or losses on the sales of properties that have either been disposed of or classified as held for sale and meet the classification of a discontinued operation as described in ASC 205, "Presentation of Financial Statements," and ASC 360, "Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.

We classified no new dispositions or properties held for sale as discontinued operations during the three and six months ended October 31, 2018 and 2017.

The following information shows the effect on net income and the gains or losses from the sales of properties classified as discontinued operations for the three and six months ended October 31, 2018 and 2017, respectively:

	(in thousands)
	Three Months Ended October 31,					Six Months Ended October 31,
	2018		2017			2018		2017
REVENUE	$	—	$	12,047		$	—	$	24,002
EXPENSES
Property operating expenses, excluding real estate taxes	—		2,387			—		4,644
Real estate taxes	—		1,946			—		3,907
Property management	—		68			—		140
Depreciation and amortization	—		3,424			—		7,013
General and administrative	—		15			—		15
TOTAL EXPENSES	$	—	$	7,840		$	—	$	15,719
Operating income (loss)	—		4,207			—		8,283
Interest expense	—		(1,436		)	—		(3,421		)
Loss on extinguishment of debt	—		(6		)	—		(6		)
Interest income	—		117			—		661
Other income	—		10			—		60
Income (loss) from discontinued operations before gain (loss) on sale	—		2,892			—		5,577
Gain (loss) on sale of discontinued operations	—		12,238			570		12,238
INCOME (LOSS) FROM DISCONTINUED OPERATIONS	$	—	$	15,130		$	570	$	17,815

As of October 31, 2018 and April 30, 2018, we had no assets or liabilities classified as held for sale.