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MORTGAGES PAYABLE AND LINE OF CREDIT (Tables)

9 Months Ended

Jan. 31, 2013

MORTGAGES PAYABLE AND LINE OF CREDIT [Abstract]

Aggregate amount of required future principal payments on mortgages payable

Of the mortgages payable, the balances of fixed rate mortgages totaled $1.0 billion at January 31, 2013 and April 30, 2012. The balances of variable rate mortgages totaled $37.1 million and $16.2 million as of January 31, 2013 and April 30, 2012, 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 January 31, 2013, the weighted average rate of interest on the Company's mortgage debt was 5.65%, compared to 5.78% on April 30, 2012. The aggregate amount of required future principal payments on mortgages payable as of January 31, 2013, is as follows:

Year ended April 30,		(in thousands)
2013 (remainder)		$	10,009
2014			64,524
2015			112,886
2016			92,221
2017			197,947
Thereafter			564,036
Total payments		$	1,041,623

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- Definition

Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 470

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601

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