SEGMENT REPORTING (Tables)

3 Months Ended

Jul. 31, 2015

Revenues and Net Operating Income for Reportable Segments

The revenues and NOI for these reportable segments are summarized as follows for the three month periods ended July 31, 2015 and 2014, 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 July 31, 2015	Multi-Family Residential		Healthcare		Industrial		All Other⁽¹⁾		Total

Real estate revenue	$	31,379	$	15,706	$	1,622	$	1,211	$	49,918
Real estate expenses		13,922		3,832		396		250		18,400
Net operating income	$	17,457	$	11,874	$	1,226	$	961		31,518
TRS senior housing revenue										1,038
TRS senior housing expenses										(769	)
Depreciation/amortization										(13,443	)
Administrative expenses										(2,454	)
Other expenses										(424	)
Impairment of real estate investments										(1,285	)
Interest expense										(9,196	)
Interest and other income										607
Income before loss on sale of real estate and other investments and income from discontinued operations										5,592
Loss on sale of real estate and other investments										(175	)
Income from continuing operations										5,417
Loss from discontinued operations										(690	)
Net income									$	4,727

	(in thousands)
Three Months Ended July 31, 2014	Multi-Family Residential		Healthcare		Industrial		All Other⁽¹⁾		Total

Real estate revenue	$	27,727	$	16,202	$	1,570	$	2,922	$	48,421
Real estate expenses		12,221		4,356		450		1,225		18,252
Net operating income	$	15,506	$	11,846	$	1,120	$	1,697		30,169
TRS senior housing revenue										793
TRS senior housing expenses										(693	)
Depreciation/amortization										(12,435	)
Administrative expenses										(3,664	)
Other expenses										(612	)
Impairment of real estate investments										(2,320	)
Interest expense										(9,747	)
Interest and other income										686
Income before loss on sale of real estate and other investments and income from discontinued operations										2,177
Loss on sale of real estate and other investments										(2,993	)
Loss from continuing operations										(816	)
Income from discontinued operations										617
Net loss									$	(199	)

(1)

NOI from segments below the quantitative thresholds is attributable to the Company’s office and retail segments. Both of these segments met the quantitative threshold for determining reportable segments prior to the first quarter of fiscal year 2016, at which time the Company classified the majority of the properties in these segments as held for sale and discontinued operations.

Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of July 31, 2015, and April 30, 2015, along with reconciliations to the condensed consolidated financial statements:

	(in thousands)
As of July 31, 2015	Multi-Family Residential			Healthcare			Industrial			All Other⁽¹⁾			Total

Segment Assets
Property owned	$	989,958		$	524,414		$	60,361		$	44,215		$	1,618,948
Less accumulated depreciation		(188,062	)		(116,254	)		(11,676	)		(9,544	)		(325,536	)
Net property owned	$	801,896		$	408,160		$	48,685		$	34,671			1,293,412
Assets held for sale														453,217
Cash and cash equivalents														44,770
Other investments														329
Receivables and other assets														74,609
Development in progress														133,794
Unimproved land														24,542
Total assets													$	2,024,673

	(in thousands)
As of April 31, 2015	Multi-Family Residential			Healthcare			Industrial			All Other⁽¹⁾			Total

Segment Assets
Property owned	$	946,520		$	495,021		$	60,611		$	44,215		$	1,546,367
Less accumulated depreciation		(180,414	)		(112,515	)		(11,256	)		(9,123	)		(313,308	)
Net property owned	$	766,106		$	382,506		$	49,355		$	35,092			1,233,059
Assets held for sale														463,103
Cash and cash equivalents														48,970
Other investments														329
Receivables and other assets														72,555
Development in progress														153,994
Unimproved land														25,827
Total assets													$	1,997,837

(1)

Property owned from segments below the quantitative thresholds is attributable to the Company’s office and retail segments. Both of these segments met the quantitative threshold for determining reportable segments prior to the first quarter of fiscal year 2016, at which time the Company classified the majority of the properties in these segments as held for sale and discontinued operations.