OPERATING SEGMENT We operate in a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of apartment communities. Each of our operating properties is considered a separate operating segment because each property earns revenues, incurs expenses, and has discrete financial information. Our chief operating decision-makers evaluate each property's operating results to make decisions about resources to be allocated and to assess performance. We do not group our operations based on geography, size, or type. Our apartment communities have similar long-term economic characteristics and provide similar products and services to our residents. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, our apartment communities are aggregated into a single reportable segment. "All other" is composed of non-multifamily properties, non-multifamily components of mixed use properties, and properties disposed or designated as held for sale. Prior to the third quarter of fiscal year 2018, we reported our results in two reportable segments: multifamily and healthcare. We sold substantially all of our healthcare portfolio during the third quarter of fiscal year 2018 and classified it as discontinued operations (see Note 10 for additional information), at which point healthcare no longer met the quantitative thresholds for reporting as a separate reportable segment. Our executive management team comprises our chief operating decision-makers. This team measures the performance of our reportable segment based on net operating income (NOI), which we define as total real estate revenues less property operating expenses, including real estate taxes. We believe that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation, amortization, financing, property management overhead, and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with 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 net operating income for the transition period ended December 31, 2018 and the fiscal years ended April 30, 2018 , 2017 , and 2016 from our reportable segment and reconcile net operating income 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) Transition period ended December 31, 2018 Multifamily All Other Total Revenue $ 116,138 $ 5,733 $ 121,871 Property operating expenses, including real estate taxes 48,896 1,823 50,719 Net operating income $ 67,242 $ 3,910 $ 71,152 Property management expenses (3,663 ) Casualty loss (915 ) Depreciation and amortization (50,456 ) Impairment of real estate investments (1,221 ) General and administrative expenses (9,812 ) Interest expense (21,359 ) Loss on debt extinguishment (556 ) Interest and other income 1,233 Income (loss) before gain on sale of real estate and other investments and income (loss) from discontinued operations (15,597 ) Gain (loss) on sale of real estate and other investments 9,707 Gain (loss) from continuing operations (5,890 ) Income (loss) from discontinued operations 570 Net income (loss) $ (5,320 ) (in thousands) Year ended April 30, 2018 Multifamily All Other Total Revenue $ 159,983 $ 9,762 $ 169,745 Property operating expenses, including real estate taxes 70,460 2,574 73,034 Net operating income $ 89,523 $ 7,188 $ 96,711 Property management expenses (5,526 ) Casualty loss (500 ) Depreciation and amortization (82,070 ) Impairment of real estate investments (18,065 ) General and administrative expenses (14,203 ) Acquisition and investment related costs (51 ) Interest expense (34,178 ) Loss on debt extinguishment (940 ) Interest and other income 1,508 Income (loss) before gain on sale of real estate and other investments and income (loss) from discontinued operations (57,314 ) Gain (loss) on sale of real estate and other investments 20,120 Gain (loss) from continuing operations (37,194 ) Income (loss) from discontinued operations 164,823 Net income (loss) $ 127,629 (in thousands) Year ended April 30, 2017 Multifamily All Other Total Revenue $ 142,214 $ 17,890 $ 160,104 Property operating expenses, including real estate taxes 60,895 3,431 64,326 Net operating income $ 81,319 $ 14,459 $ 95,778 Property management expenses (5,046 ) Casualty loss (414 ) Depreciation and amortization (44,253 ) Impairment of real estate investments (57,028 ) General and administrative expenses (15,871 ) Acquisition and investment related costs (3,276 ) Interest expense (34,314 ) Loss on debt extinguishment (1,651 ) Interest and other income 1,146 Income (loss) before gain on sale of real estate and other investments (64,929 ) Gain (loss) on sale of real estate and other investments 18,701 Income (loss) from continuing operations (46,228 ) Income (loss) from discontinued operations 76,753 Net income (loss) $ 30,525 (in thousands) Year ended April 30, 2016 Multifamily All Other Total Revenue $ 129,049 $ 16,451 $ 145,500 Property operating expenses, including real estate taxes 54,762 3,386 58,148 Net operating income $ 74,287 $ 13,065 $ 87,352 Property management expenses (3,714 ) Casualty loss (238 ) Depreciation and amortization (39,273 ) Impairment of real estate investments (5,543 ) General and administrative expenses (13,498 ) Acquisition and investment related costs (830 ) Interest expense (28,417 ) Loss on debt extinguishment (106 ) Interest and other income 385 Income (loss) before loss on sale of real estate and other investments and income (loss) from discontinued operations (3,882 ) Gain (loss) on sale of real estate and other investments 9,640 Gain (loss) on bargain purchase 3,424 Income (loss) from continuing operations 9,182 Income (loss) from discontinued operations 67,420 Net income (loss) $ 76,602 Segment Assets and Accumulated Depreciation (in thousands) As at December 31, 2018 Multifamily All Other Total Segment assets Property owned $ 1,582,917 $ 44,719 $ 1,627,636 Less accumulated depreciation (340,081 ) (13,790 ) (353,871 ) Total property owned $ 1,242,836 $ 30,929 $ 1,273,765 Cash and cash equivalents 13,792 Restricted cash 5,464 Other assets 27,265 Unimproved land 5,301 Mortgage loans receivable 10,410 Total Assets $ 1,335,997 (in thousands) As at April 30, 2018 Multifamily All Other Total Segment assets Property owned $ 1,606,421 $ 63,343 $ 1,669,764 Less accumulated depreciation (294,477 ) (16,847 ) (311,324 ) Total property owned $ 1,311,944 $ 46,496 $ 1,358,440 Cash and cash equivalents 11,891 Restricted cash 4,225 Other assets 30,297 Unimproved land 11,476 Mortgage loans receivable 10,329 Total Assets $ 1,426,658 (in thousands) As at April 30, 2017 Multifamily All Other Total Segment assets Property owned $ 1,260,541 $ 97,988 $ 1,358,529 Less accumulated depreciation (232,592 ) (23,007 ) (255,599 ) Total property owned $ 1,027,949 $ 74,981 $ 1,102,930 Assets held for sale and assets from discontinued operations 283,023 Cash and cash equivalents 28,819 Restricted cash 27,981 Other assets 13,306 Unimproved land 18,455 Total Assets $ 1,474,514