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SEGMENT REPORTING (Tables)
 6 Months Ended
Oct. 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 six month periods ended October 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 October 31, 2018
Multifamily

 
All Other

 
Total

Real estate revenue
$
43,874

 
$
1,764

 
$
45,638

Real estate expenses
18,768

 
568

 
19,336

Net operating income
$
25,106

 
$
1,196

 
$
26,302

Property management expenses
 
 
 
 
(1,319
)
Casualty loss
 
 
 
 
(225
)
Depreciation and amortization
 
 
 
 
(19,191
)
General and administrative expenses
 
 
 
 
(3,374
)
Interest expense
 
 
 
 
(7,997
)
Loss on debt extinguishment
 
 
 
 
(4
)
Interest and other income
 
 
 
 
429

Income (loss) before gain on sale of real estate and other investments and income (loss) from discontinued operations
 
 
 
 
(5,379
)
Gain (loss) on sale of real estate and other investments
 
 
 
 
(232
)
Income (loss) from continuing operations
 
 
 
 
(5,611
)
Income (loss) from discontinued operations
 
 
 
 
—

Net income (loss)
 
 
 
 
$
(5,611
)

 
(in thousands)
Three Months Ended October 31, 2017
Multifamily

 
All Other

 
Total

Real estate revenue
$
37,457

 
$
4,409

 
$
41,866

Real estate expenses
17,201

 
1,517

 
18,718

Net operating income
$
20,256

 
$
2,892

 
$
23,148

Property management expenses
 
 
 
 
(1,372
)
Casualty loss
 
 
 
 
(115
)
Depreciation and amortization
 
 
 
 
(17,270
)
General and administrative expenses
 
 
 
 
(3,118
)
Interest expense
 
 
 
 
(8,509
)
Loss on debt extinguishment
 
 
 
 
(334
)
Interest and other income
 
 
 
 
255

Income (loss) before gain on sale of real estate and other investments and income (loss) from discontinued operations
 
 
 
 
(7,315
)
Gain (loss) on sale of real estate and other investments
 
 
 
 
5,324

Income (loss) from continuing operations
 
 
 
 
(1,991
)
Income (loss) from discontinued operations
 
 
 
 
15,130

Net income (loss)
 
 
 
 
$
13,139


 
(in thousands)
Six Months Ended October 31, 2018
Multifamily

 
All Other

 
Total

Real estate revenue
$
86,963

 
$
4,621

 
$
91,584

Real estate expenses
37,254

 
1,611

 
38,865

Net operating income
$
49,709

 
$
3,010

 
$
52,719

Property management expenses
 
 
 
 
(2,686
)
Casualty loss
 
 
 
 
(450
)
Depreciation and amortization
 
 
 
 
(37,803
)
Impairment of real estate investments
 
 
 
 
—

General and administrative expenses
 
 
 
 
(7,244
)
Interest expense
 
 
 
 
(16,382
)
Loss on debt extinguishment
 
 
 
 
(556
)
Interest and other income
 
 
 
 
945

Income (loss) before gain on sale of real estate and other investments and income (loss) from discontinued operations
 
 
 
 
(11,457
)
Gain (loss) on sale of real estate and other investments
 
 
 
 
8,992

Income (loss) from continuing operations
 
 
 
 
(2,465
)
Income (loss) from discontinued operations
 
 
 
 
570

Net income (loss)
 
 
 
 
$
(1,895
)

 
(in thousands)
Six Months Ended October 31, 2017
Multifamily

 
All Other

 
Total

Real estate revenue
$
73,455

 
$
9,389

 
$
82,844

Real estate expenses
32,934

 
3,311

 
36,245

Net operating income
$
40,521

 
$
6,078

 
$
46,599

Property management expenses
 
 
 
 
(2,728
)
Casualty loss
 
 
 
 
(600
)
Depreciation and amortization
 
 
 
 
(42,608
)
Impairment of real estate investments
 
 
 
 
(256
)
General and administrative expenses
 
 
 
 
(7,120
)
Interest expense
 
 
 
 
(16,640
)
Loss on debt extinguishment
 
 
 
 
(533
)
Interest and other income
 
 
 
 
483

Income (loss) before gain on sale of real estate and other investments and income (loss) from discontinued operations
 
 
 
 
(23,403
)
Gain (loss) on sale of real estate and other investments
 
 
 
 
5,448

Income (loss) from continuing operations
 
 
 
 
(17,955
)
Income (loss) from discontinued operations
 
 
 
 
17,815

Net income (loss)
 
 
 
 
$
(140
)
Segment Assets and Accumulated Depreciation
Segment assets are summarized as follows as of October 31, 2018, and April 30, 2018, respectively, along with reconciliations to the condensed consolidated financial statements:
 
(in thousands)
As of October 31, 2018
Multifamily

 
All Other

 
Total

Segment assets
 

 
 

 
 

Property owned
$
1,580,260

 
$
57,812

 
$
1,638,072

Less accumulated depreciation
(328,075
)
 
(16,940
)
 
(345,015
)
Total property owned
$
1,252,185

 
$
40,872

 
$
1,293,057

Cash and cash equivalents
 
 
 
 
12,777

Restricted cash
 
 
 
 
5,085

Other assets
 
 
 
 
29,769

Unimproved land
 
 
 
 
6,522

Mortgage loans receivable
 
 
 
 
10,530

Total Assets
 
 
 
 
$
1,357,740

 
(in thousands)
As of 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