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MORTGAGES PAYABLE AND LINE OF CREDIT | 12 Months Ended
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Apr. 30, 2011
Notes To Financial Statements [Abstract] |
MORTGAGES PAYABLE AND LINE OF CREDIT | NOTE 8 . MORTGAGES PAYABLE The Company's mortgages payable are collateralized by substantially all of its properties owned. The majority of the Company's mortgages payable are secured by individual properties or groups of properties, and are non-recourse to the Company, other than for standard carve-out obligations such as fraud, waste, failure to insure, environmental conditions and failure to pay real estate taxes. As of April 30, 2011, the management of the Company believes there are no defaults or material compliance issues in regard to any mortgages payable. Interest rates on mortgages payable range from 2.82% to 8.25%, and the mortgages have varying maturity dates from June 1, 2011, through June 9, 2035. Of the mortgages payable, the balance of fixed rate mortgages totaled $992.3 million at April 30, 2011 and $1.0 billion at April 30, 2010, and the balances of variable rate mortgages totaled $1.5 million and $29.0 million as of April 30, 2011, and 2010, respectively. The Company does not utilize derivative financial instruments to mitigate its exposure to changes in market interest rates. Most of the fixed rate mortgages have substantial pre-payment penalties. As of April 30, 2011, the weighted average rate of interest on the Company's mortgage debt was 5.92%, compared to 6.17% on April 30, 2010. The aggregate amount of required future principal payments on mortgages payable as of April 30, 2011, is as follows:
Year Ended April 30, |  | (in thousands) |
2012 |  | $ | 58,741 |
2013 |  |  | 50,092 |
2014 |  |  | 65,354 |
2015 |  |  | 92,548 |
2016 |  |  | 77,771 |
Thereafter |  |  | 649,297 |
Total payments |  | $ | 993,803 |

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- Definition Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 + Details
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