OPERATING SEGMENTS

12 Months Ended

Apr. 30, 2016

OPERATING SEGMENTS [Abstract]

OPERATING SEGMENTS

NOTE 11 • OPERATING SEGMENTS

We report our results in two reportable segments, which are aggregations of similar properties: multifamily and healthcare, excluding our senior housing properties, which were classified as held for sale and discontinued operations at April 30, 2016.

Segment information in this report is presented 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 U.S. 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 following tables present real estate revenues and net operating income for the fiscal years ended April 30, 2016, 2015 and 2014 from our two reportable segments, and reconcile net operating income of reportable segments to net income as reported in the consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the consolidated financial statements.

	(in thousands)
Year Ended April 30, 2016	Multifamily		Healthcare		All Other		Total
Real estate revenue	$	131,149	$	45,621	$	11,550	$	188,320
Real estate expenses		60,477		16,021		2,602		79,100
Net operating income	$	70,672	$	29,600	$	8,948		109,220
Depreciation and amortization								(49,832)
Impairment of real estate investments								(5,543)
General and administrative expenses								(11,267)
Acquisition and investment related costs								(830)
Other expenses								(2,231)
Interest expense								(35,768)
Loss on debt extinguishment								(106)
Interest and other income								2,573
Income before gain on sale of real estate and other investments, gain on bargain purchase and income from discontinued operations								6,216
Gain on sale of real estate and other investments								9,640
Gain on bargain purchase								3,424
Income from continuing operations								19,280
Income from discontinued operations								57,322
Net income							$	76,602

	(in thousands)
Year Ended April 30, 2015	Multifamily		Healthcare		All Other			Total
Real estate revenue	$	118,526	$	44,153	$	16,642	$	179,321
Real estate expenses		51,172		16,240		5,725		73,137
Net operating income	$	67,354	$	27,913	$	10,917		106,184
Depreciation and amortization								(42,784)
Impairment of real estate investments								(4,663)
General and administrative expenses								(11,824)
Acquisition and investment related costs								(362)
Other expenses								(1,647)
Interest expense								(34,447)
Interest and other income								2,956
Income before gain on sale of real estate and other investments								13,413
Gain on sale of real estate and other investments								6,093
Income from continuing operations								19,506
Income from discontinued operations								9,178
Net income							$	28,684

	(in thousands)
Year Ended April 30, 2014	Multifamily		Healthcare		All Other		Total
Real estate revenue	$	102,059	$	44,098	$	18,433	$	164,590
Real estate expenses		46,138		16,351		6,767		69,256
Gain on involuntary conversion		2,480		0		0		2,480
Net operating income	$	58,401	$	27,747	$	11,666		97,814
Depreciation and amortization								(39,712)
Impairment of real estate investments								(7,700)
General and administrative expenses								(10,743)
Acquisition and investment related costs								(279)
Other expenses								(1,850)
Interest expense								(33,729)
Interest and other income								2,148
Income before loss on sale of real estate and other investments and loss from discontinued operations								5,949
Loss on sale of real estate and other investments								(51)
Income from continuing operations								5,898
Loss from discontinued operations								(22,838)
Net loss							$	(16,940)

Segment Assets and Accumulated Depreciation

	(in thousands)
As of April 30, 2016	Multifamily		Healthcare		All Other		Total
Segment assets
Property owned	$	1,243,909	$	337,920	$	99,642	$	1,681,471
Less accumulated depreciation		(209,156)		(83,558)		(20,175)		(312,889)
Total property owned	$	1,034,753	$	254,362	$	79,467	$	1,368,582
Assets held for sale and assets from discontinued operations								220,761
Cash and cash equivalents								66,698
Other investments								50
Receivables and other assets								31,466
Development in progress								51,681
Unimproved land								20,939
Total Assets							$	1,760,177

	(in thousands)
As of April 30, 2015	Multifamily		Healthcare		All Other		Total
Segment assets
Property owned	$	946,520	$	284,342	$	104,825	$	1,335,687
Less accumulated depreciation		(180,414)		(78,625)		(20,378)		(279,417)
Total property owned	$	766,106	$	205,717	$	84,447	$	1,056,270
Assets held for sale and assets from discontinued operations								675,764
Cash and cash equivalents								48,970
Other investments								329
Receivables and other assets								36,683
Development in progress								153,994
Unimproved land								25,827
Total Assets							$	1,997,837