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FAIR VALUE MEASUREMENTS
 12 Months Ended
Apr. 30, 2012
FAIR VALUE MEASUREMENTS [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE 16 • FAIR VALUE MEASUREMENTS
ASC 820, Fair Value Measurement  and Disclosures defines and establishes a framework for measuring fair value.  The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels, as follows:
Level 1:  Quoted prices in active markets for identical assets
Level 2:  Significant other observable inputs
Level 3:  Significant unobservable inputs
There were no transfers in and out of Level 1, Level 2 and Level 3 fair value measurements during fiscal years 2012 and 2011. Fair value estimates may be different than the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities.
Fair Value Measurements on a Recurring Basis
The Company had no assets or liabilities recorded at fair value on a recurring basis at April 30, 2012 and 2011.
Fair Value Measurements on a Nonrecurring Basis
Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2012 consisted of real estate held for sale that was written-down to estimated fair value during fiscal year 2012. See Note 2 for additional information on impairment losses recognized during fiscal year 2012. There were no impairment write-downs in fiscal year 2011. The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows:
 
(in thousands)
 
 
April 30, 2012
 
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Real estate held for sale
 
$
2,067
  
$
0
  
$
0
  
$
2,067
 

Financial Assets and Liabilities Not Measured at Fair Value
The following methods and assumptions were used to estimate the fair value of each class of financial assets and liabilities. The fair values of our financial instruments approximate their carrying amount in our consolidated financial statements except for debt.
Mortgage Loans Receivable. Fair values are based on the discounted value of future cash flows expected to be received for a loan using current rates at which similar loans would be made to borrowers with similar credit risk and the same remaining maturities. Terms are short term in nature and carrying value approximates the estimated fair value.
Cash and Cash Equivalents. The carrying amount approximates fair value because of the short maturity.
Other Investments. The carrying amount, or cost plus accrued interest, of the certificates of deposit approximates fair value.
Other Debt. The fair value of other debt is estimated based on the discounted cash flows of the loan using current market rates, which are estimated based on recent financing transactions (Level 3).
Lines of Credit.  The carrying amount approximates fair value because the variable rate debt re-prices frequently.
Mortgages Payable. For variable rate loans that re-price frequently, fair values are based on carrying values. The fair value of fixed rate loans is estimated based on the discounted cash flows of the loans using current market rates, which are estimated based on recent financing transactions (Level 3).
2012 Annual Report F-29

NOTE 16 • continued
The estimated fair values of the Company's financial instruments as of April 30, 2012 and 2011 are as follows:
 
 
(in thousands)
 
 
 
2012
  
2011
 
 
 
Carrying
Amount
  
Fair Value
  
Carrying
Amount
  
Fair Value
 
FINANCIAL ASSETS
 
  
  
  
 
Mortgage loans receivable
 
$
0
  
$
0
  
$
156
  
$
156
 
Cash and cash equivalents
  
39,989
   
39,989
   
41,191
   
41,191
 
Other investments
  
634
   
634
   
625
   
625
 
FINANCIAL LIABILITIES
                
Other debt
  
13,875
   
13,973
   
8,200
   
7,279
 
Lines of credit
  
39,000
   
39,000
   
30,000
   
30,000
 
Mortgages payable
  
1,048,689
   
1,087,082
   
993,803
   
1,013,713