SEGMENT REPORTING

6 Months Ended

Oct. 31, 2015

SEGMENT REPORTING [Abstract]

SEGMENT REPORTING

NOTE 5 • SEGMENT REPORTING

We report our results in three reportable segments, which are aggregations of similar properties: multifamily, healthcare (including senior housing) and industrial properties.  Prior to the first quarter of fiscal year 2016, we had reported our results in five reportable segments, which included the office and retail segments. However, during the first quarter of fiscal year 2016, we classified the majority of the properties in the office and retail segments as held for sale and discontinued operations, and the remaining properties under these segments fell below the quantitative thresholds for reporting as separate reportable segments and are included in “all other.”

We measure the performance of our segments based on net operating income (“NOI”), which we define as total real estate revenues and gain on involuntary conversion less real estate expenses (which consist of utilities, maintenance, real estate taxes, insurance, property management expenses and other property expenses). We believe that NOI is an important supplemental measure of operating performance for a REIT’s operating real estate because it provides a measure of core operations that is unaffected by depreciation, amortization, financing and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with US GAAP and should not be considered an alternative to net income, net income available for common shareholders or cash flow from operating activities as a measure of financial performance.

The revenues and NOI for these reportable segments are summarized as follows for the three and six month periods ended October 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 October 31, 2015	Multifamily		Healthcare		Industrial		All Other		Total
Real estate revenue	$	32,107	$	16,379	$	1,640	$	1,179	$	51,305
Real estate expenses		15,218		4,163		289		362		20,032
Net operating income	$	16,889	$	12,216	$	1,351	$	817		31,273
TRS senior housing revenue, net of expenses										153
Depreciation/amortization										(14,630	)
Administrative expenses										(2,933	)
Other expenses										(1,204	)
Impairment of real estate investments										(1,873	)
Interest expense										(10,131	)
Loss on extinguishment of debt										(106	)
Interest and other income										665
Income from continuing operations										1,214
Income from discontinued operations										15,463
Net income									$	16,677

	(in thousands)
Three Months Ended October 31, 2014	Multifamily		Healthcare		Industrial		All Other		Total
Real estate revenue	$	29,594	$	16,331	$	1,593	$	2,828	$	50,346
Real estate expenses		12,164		4,111		272		1,217		17,764
Net operating income	$	17,430	$	12,220	$	1,321	$	1,611		32,582
TRS senior housing revenue, net of expenses										118
Depreciation/amortization										(13,075	)
Administrative expenses										(2,890	)
Other expenses										(578	)
Impairment of real estate investments										(1,803	)
Interest expense										(9,954	)
Interest and other income										696
Income before gain on sale of real estate and other investments and loss from discontinued operations Gain on sale of real estate and other investments										5,096 1,231
Income from continuing operations Loss from discontinued operations										6,327 (457	)
Net income									$	5,870

	(in thousands)
Six Months Ended October 31, 2015	Multifamily		Healthcare		Industrial		All Other		Total
Real estate revenue	$	63,487	$	32,085	$	3,262	$	2,389	$	101,223
Real estate expenses		29,142		7,995		683		612		38,432
Net operating income	$	34,345	$	24,090	$	2,579	$	1,777		62,791
TRS senior housing revenue, net of expenses										422
Depreciation/amortization										(28,073	)
Administrative expenses										(5,387	)
Other expenses										(1,628	)
Impairment of real estate investments										(3,158	)
Interest expense										(19,327	)
Loss on extinguishment of debt										(106	)
Interest and other income										1,272
Income before loss on sale of real estate and other investments and income from discontinued operations										6,806
Loss on sale of real estate and other investments										(175	)
Income from continuing operations										6,631
Income from discontinued operations										14,773
Net income									$	21,404

	(in thousands)
Six Months Ended October 31, 2014	Multifamily		Healthcare		Industrial		All Other		Total
Real estate revenue	$	57,321	$	32,533	$	3,163	$	5,750	$	98,767
Real estate expenses		24,382		8,469		721		2,444		36,016
Net operating income	$	32,939	$	24,064	$	2,442	$	3,306		62,751
TRS senior housing revenue, net of expenses										218
Depreciation/amortization										(25,510	)
Administrative expenses										(6,554	)
Other expenses										(1,190	)
Impairment of real estate investments										(4,123	)
Interest expense										(19,701	)
Interest and other income										1,382
Income before loss on sale of real estate and other investments and income from discontinued operations										7,273
Loss on sale of real estate and other investments										(1,762	)
Income from continuing operations										5,511
Income from discontinued operations									$	160
Net income										5,671

Segment Assets and Accumulated Depreciation

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

	(in thousands)
As of October 31, 2015	Multifamily			Healthcare			Industrial			All Other			Total
Segment Assets
Property owned	$	1,097,171		$	558,979		$	60,777		$	46,223		$	1,763,150
Less accumulated depreciation		(191,854	)		(120,010	)		(12,086	)		(9,620	)		(333,570	)
Net property owned	$	905,317		$	438,969		$	48,691		$	36,603			1,429,580
Assets held for sale														115,428
Cash and cash equivalents														55,133
Other investments														329
Receivables and other assets														69,155
Development in progress														89,843
Unimproved land														22,485
Total assets													$	1,781,953

	(in thousands)
As of April 31, 2015	Multifamily			Healthcare			Industrial			All Other			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