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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Oct. 31, 2013

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Fair Value Measurements on a Nonrecurring Basis

Fair Value Measurements on a Nonrecurring Basis

Non-financial assets measured at fair value on a nonrecurring basis at October 31, 2013 consisted of real estate investments and real estate held for sale that were written-down to estimated fair value during the six months ended October 31, 2013. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2013 consisted of real estate investments that were written-down to estimated fair value during fiscal year 2013. See Note 2 for additional information on impairment losses recognized during fiscal years 2014 and 2013. The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows:

	(in thousands)
	October 31, 2013
	Total		Level 1		Level 2		Level 3
Real estate investments	$	320	$	0	$	0	$	320
Real estate held for sale		2,620		0		0		2,620

	(in thousands)
	April 30, 2013
	Total		Level 1		Level 2		Level 3
Real estate investments	$	335	$	0	$	0	$	335

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company's financial instruments as of October 31, 2013 and April 30, 2013, are as follows:

	(in thousands)
	October 31, 2013				April 30, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	$	68,727	$	68,727	$	94,133	$	94,133
Other investments		642		642		639		639
FINANCIAL LIABILITIES
Other debt		31,618		32,006		18,076		18,156
Line of credit		10,000		10,000		10,000		10,000
Mortgages payable		1,021,170		1,178,421		1,049,206		1,160,190

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19296-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258

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