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SEGMENT REPORTING (Tables)
 3 Months Ended
Jul. 31, 2017
SEGMENT REPORTING  
Revenues and Net Operating Income for Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Three Months Ended July 31, 2017

    

Multifamily

    

Healthcare

    

All Other

    

Amounts Not
Allocated To
Segments(1)

    

Total

 

Real estate revenue

 

$

38,430

 

$

11,378

 

$

2,927

 

$

 —

 

$

52,735

 

Real estate expenses

 

 

17,465

 

 

4,285

 

 

793

 

 

1,707

 

 

24,250

 

Net operating income (loss)

 

$

20,965

 

$

7,093

 

$

2,134

 

$

(1,707)

 

$

28,485

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(28,927)

 

Impairment of real estate investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(256)

 

General and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(4,002)

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(9,295)

 

Loss on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(199)

 

Interest and other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 
231

 

Loss before gain on sale of real estate and other investments and income from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,963)

 

Gain on sale of real estate and other investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 
124

 

Loss from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,839)

 

Income from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 
560

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(13,279)

 

(1)

Consists of offsite costs associated with property management and casualty-related amounts, which are excluded in our assessment of segment performance.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Three Months Ended July 31, 2016

    

Multifamily

    

Healthcare

    

All Other

    

Amounts Not
Allocated To
Segments(1)

    

 

Total

 

Real estate revenue

 

$

35,042

 

$

11,541

 

$

3,028

 

$

 —

 

$

49,611

 

Real estate expenses

 

 

14,879

 

 

4,192

 

 

725

 

 

1,838

 

 

21,634

 

Net operating income (loss)

 

$

20,163

 

$

7,349

 

$

2,303

 

$

(1,838)

 

 

27,977

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(14,267)

 

Impairment of real estate investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(54,153)

 

General and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(3,501)

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(10,364)

 

Interest and other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 
188

 

Loss before gain on sale of real estate and other investments and income from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(54,120)

 

Gain on sale of real estate and other investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,958

 

Loss from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(45,162)

 

Income from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,568

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(40,594)

 

(1)

Consists of offsite costs associated with property management and casualty-related amounts, which are excluded in our assessment of segment performance.

 

Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of July 31, 2017, and April 30, 2017, along with reconciliations to the condensed consolidated financial statements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

As of July 31, 2017

    

Multifamily

    

Healthcare

    

All Other

    

Total

 

Segment assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Property owned

 

$

1,313,469

 

$

324,197

 

$

106,586

 

$

1,744,252

 

Less accumulated depreciation

 

 

(254,380)

 

 

(89,561)

 

 

(24,828)

 

 

(368,769)

 

Total property owned

 

$

1,059,089

 

$

234,636

 

$

81,758

 

$

1,375,483

 

Assets held for sale and assets from discontinued operations

 

 

 

 

 

 

 

 

 

 

 
37,552

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 
23,801

 

Receivables and other assets

 

 

 

 

 

 

 

 

 

 

 

30,319

 

Unimproved land

 

 

 

 

 

 

 

 

 

 

 
15,195

 

Total Assets

 

 

 

 

 

 

 

 

 

 

$

1,482,350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

As of April 30, 2017

    

Multifamily

    

Healthcare

    

All Other

    

Total

 

Segment assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Property owned

 

$

1,260,541

 

$

323,148

 

$

93,792

 

$

1,677,481

 

Less accumulated depreciation

 

 

(232,592)

 

 

(86,139)

 

 

(21,686)

 

 

(340,417)

 

Total property owned

 

$

1,027,949

 

$

237,009

 

$

72,106

 

$

1,337,064

 

Assets held for sale and assets from discontinued operations

 

 

 

 

 

 

 

 

 

 

 
37,708

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 

28,819

 

Receivables and other assets

 

 

 

 

 

 

 

 

 

 

 

52,468

 

Unimproved land

 

 

 

 

 

 

 

 

 

 

 

18,455

 

Total Assets

 

 

 

 

 

 

 

 

 

 

$

1,474,514