CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands |
9 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net income |
$ 64,847
|
$ 14,822
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
43,811
|
39,198
|
| Depreciation and amortization from discontinued operations |
5,425
|
14,385
|
| (Gain) Loss on sale of real estate, land, other investments and discontinued operations |
(25,512)
|
811
|
| Gain on extinguishment of debt |
(35,552)
|
0
|
| Share-based compensation expense |
1,391
|
1,935
|
| Impairment of real estate investments |
3,760
|
6,105
|
| Bad debt expense |
392
|
840
|
| Changes in other assets and liabilities: |
|
|
| Receivable arising from straight-lining of rents |
(104)
|
(244)
|
| Accounts receivable |
301
|
2,217
|
| Prepaid and other assets |
(265)
|
(1,140)
|
| Tax, insurance and other escrow |
(193)
|
(548)
|
| Deferred charges and leasing costs |
(999)
|
(2,716)
|
| Accounts payable, accrued expenses, and other liabilities |
(10,363)
|
5,109
|
| Net cash provided by operating activities |
46,939
|
80,774
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Proceeds from real estate deposits |
3,725
|
575
|
| Payments for real estate deposits |
(2,486)
|
(7,924)
|
| Decrease in other investments |
279
|
0
|
| Decrease in lender holdbacks for improvements |
3,906
|
11,063
|
| Increase in lender holdbacks for improvements |
(862)
|
(913)
|
| Proceeds from sale of discontinued operations |
366,125
|
0
|
| Proceeds from sale of real estate and other investments |
8,580
|
26,758
|
| Insurance proceeds received |
1,035
|
2,537
|
| Payments for acquisitions of real estate assets |
(71,381)
|
(24,404)
|
| Payments for development and re-development of real estate assets |
(106,306)
|
(143,256)
|
| Payments for improvements of real estate assets |
(20,692)
|
(18,203)
|
| Payments for improvements of real estate assets from discontinued operations |
(5,182)
|
(6,478)
|
| Net cash provided (used) by investing activities |
176,741
|
(160,245)
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
| Proceeds from mortgages payable |
95,602
|
78,875
|
| Principal payments on mortgages payable |
(218,264)
|
(83,198)
|
| Proceeds from revolving lines of credit |
43,000
|
45,000
|
| Principal payments on revolving lines of credit and other debt |
(110,554)
|
(17,000)
|
| Proceeds from construction debt |
62,268
|
69,051
|
| Proceeds from sale of common shares under distribution reinvestment and share purchase program |
1,493
|
38,819
|
| Proceeds from noncontrolling partner - consolidated real estate entities |
1,120
|
1,916
|
| Repurchase of common shares |
(35,000)
|
0
|
| Distributions paid to common shareholders |
(44,326)
|
(33,672)
|
| Distributions paid to preferred shareholders |
(8,636)
|
(8,636)
|
| Distributions paid to noncontrolling interests - Unitholders of the Operating Partnership |
(5,301)
|
(6,247)
|
| Distributions paid to noncontrolling interests - consolidated real estate entities |
(6,935)
|
(556)
|
| Net cash (used) provided by financing activities |
(225,533)
|
84,352
|
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |
(1,853)
|
4,881
|
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
48,970
|
47,267
|
| CASH AND CASH EQUIVALENTS AT END OF PERIOD |
47,117
|
52,148
|
| SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES FOR THE PERIOD |
|
|
| Distribution reinvestment plan - shares issued |
3,997
|
11,550
|
| Operating partnership distribution reinvestment plan - shares issued |
130
|
506
|
| Operating partnership units converted to shares |
980
|
38,512
|
| Real estate assets acquired through the issuance of operating partnership units |
400
|
100
|
| Real estate assets acquired through assumption of indebtedness and accrued costs |
0
|
12,169
|
| (Decrease) Increase to accounts payable included within real estate investments |
(4,991)
|
6,384
|
| Real estate assets contributed by noncontrolling interest - consolidated real estate entities |
0
|
6,624
|
| Construction debt reclassified to mortgages payable |
41,649
|
0
|
| Decrease in real estate assets in connection with transfer of real estate assets in settlement of debt |
87,213
|
0
|
| Decrease in debt in connection with transfer of real estate assets in settlement of debt |
122,610
|
0
|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
| Cash paid for interest, net of amounts capitalized of $4,396 and $3,628, respectively |
$ 28,990
|
$ 39,073
|