SEGMENT REPORTING
 9 Months Ended
Jan. 31, 2016
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 nine month periods ended January 31, 2016 and 2015, 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 January 31, 2016
 
Multifamily
  
Healthcare
  
Industrial
  
All Other
  
Total
 
Real estate revenue
 
$
33,296
  
$
18,350
  
$
1,650
  
$
1,473
  
$
54,769
 
Real estate expenses
  
15,460
   
4,208
   
453
   
215
   
20,336
 
Net operating income
 
$
17,836
  
$
14,142
  
$
1,197
  
$
1,258
   
34,433
 
TRS senior housing revenue, net of expenses
                  
91
 
Depreciation/amortization
                  
(14,919
)
Administrative expenses
                  
(2,929
)
Other expenses
                  
(86
)
Impairment of real estate investments
                  
(162
)
Interest expense
                  
(10,540
)
Interest and other income
                  
701
 
Income before gain on sale of real estate and other investments and income from discontinued operations
   
6,589
 
Gain on sale of real estate and other investments
   
1,446
 
Income from continuing operations
   
8,035
 
Income from discontinued operations
   
35,408
 
Net income
  
$
43,443
 

 
(in thousands)
 
Three Months Ended January 31, 2015
 
Multifamily
  
Healthcare
  
Industrial
  
All Other
  
Total
 
Real estate revenue
 
$
30,256
  
$
17,491
  
$
1,741
  
$
2,488
  
$
51,976
 
Real estate expenses
  
13,318
   
4,260
   
501
   
1,039
   
19,118
 
Net operating income
 
$
16,938
  
$
13,231
  
$
1,240
  
$
1,449
   
32,858
 
TRS senior housing revenue, net of expenses
                  
138
 
Depreciation/amortization
                  
(12,837
)
Administrative expenses
                  
(2,754
)
Other expenses
                  
(488
)
Impairment of real estate investments
                  
(540
)
Interest expense
                  
(10,009
)
Interest and other income
                  
670
 
Income before gain on sale of real estate and other investments and income from discontinued operations
   
7,038
 
Gain on sale of real estate and other investments
   
951
 
Income from continuing operations
   
7,989
 
Income from discontinued operations
   
1,162
 
Net income
  
$
9,151
 

 
(in thousands)
 
Nine Months Ended January 31, 2016
 
Multifamily
  
Healthcare
  
Industrial
  
All Other
  
Total
 
Real estate revenue
 
$
96,782
  
$
50,435
  
$
4,913
  
$
3,862
  
$
155,992
 
Real estate expenses
  
44,602
   
12,202
   
1,138
   
826
   
58,768
 
Net operating income
 
$
52,180
  
$
38,233
  
$
3,775
  
$
3,036
   
97,224
 
TRS senior housing revenue, net of expenses
                  
513
 
Depreciation/amortization
                  
(42,992
)
Administrative expenses
                  
(8,316
)
Other expenses
                  
(1,714
)
Impairment of real estate investments
                  
(3,320
)
Interest expense
                  
(29,867
)
Loss on extinguishment of debt
                  
(106
)
Interest and other income
                  
1,973
 
Income before gain on sale of real estate and other investments and income from discontinued operations
   
13,395
 
Gain on sale of real estate and other investments
   
1,271
 
Income from continuing operations
   
14,666
 
Income from discontinued operations
   
50,181
 
Net income
  
$
64,847
 
 
 
(in thousands)
 
Nine Months Ended January 31, 2015
 
Multifamily
  
Healthcare
  
Industrial
  
All Other
  
Total
 
Real estate revenue
 
$
87,576
  
$
50,024
  
$
4,904
  
$
8,239
  
$
150,743
 
Real estate expenses
  
37,700
   
12,726
   
1,223
   
3,485
   
55,134
 
Net operating income
 
$
49,876
  
$
37,298
  
$
3,681
  
$
4,754
   
95,609
 
TRS senior housing revenue, net of expenses
                  
356
 
Depreciation/amortization
                  
(38,347
)
Administrative expenses
                  
(9,308
)
Other expenses
                  
(1,678
)
Impairment of real estate investments
                  
(4,663
)
Interest expense
                  
(29,710
)
Interest and other income
                  
2,052
 
Income before loss on sale of real estate and other investments and income from discontinued operations
   
14,311
 
Loss on sale of real estate and other investments
   
(811
)
Income from continuing operations
   
13,500
 
Income from discontinued operations
   
1,322
 
Net income
  
$
14,822
 

Segment Assets and Accumulated Depreciation

Segment assets are summarized as follows as of January 31, 2016, and April 30, 2015, along with reconciliations to the condensed consolidated financial statements:

 
(in thousands)
 
As of January 31, 2016
 
Multifamily
  
Healthcare
  
Industrial
  
All Other
  
Total
 
                
Segment Assets
               
Property owned
 
$
1,133,560
  
$
559,997
  
$
61,238
  
$
46,224
  
$
1,801,019
 
Less accumulated depreciation
  
(200,363
)
  
(123,992
)
  
(12,494
)
  
(10,046
)
  
(346,895
)
Net property owned
 
$
933,197
  
$
436,005
  
$
48,744
  
$
36,178
   
1,454,124
 
Assets held for sale
                  
22,064
 
Cash and cash equivalents
                  
47,117
 
Other investments
                  
50
 
Receivables and other assets
                  
71,809
 
Development in progress
                  
78,341
 
Unimproved land
                  
22,304
 
Total assets
  
$
1,695,809
 

 
(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