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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Jul. 31, 2014
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] |
Fair Value Measurements on a Nonrecurring Basis | Non-financial assets and liabilities measured at fair value on a nonrecurring basis at July 31, 2014 consisted of real estate investments that were written-down to estimated fair value during the three months ended July 31, 2014. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2014 consisted of real estate investments and real estate held for sale that was written-down to estimated fair value during fiscal year 2014. 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)
| July 31, 2014
| Total | Level 1 | Level 2 | Level 3
ASSETS: |  |  |  |
Real estate investments | $ | 6,425 | $ | 0 | $ | 0 | $ | 6,425
| (in thousands)
| April 30, 2014
| Total | Level 1 | Level 2 | Level 3
ASSETS: |  |  |  |
Real estate investments | $ | 89,537 | $ | 0 | $ | 0 | $ | 89,537
Real estate held for sale |  | 2,951 |  | 0 |  | 0 |  | 2,951
Estimated Fair Values of Financial Instruments | The estimated fair values of the Company's financial instruments as of July 31, 2014 and April 30, 2014, are as follows:
| (in thousands)
| July 31, 2014 | April 30, 2014
| Carrying Amount | Fair Value | Carrying Amount | Fair Value
FINANCIAL ASSETS |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 60,620 | $ | 60,620 | $ | 47,267 | $ | 47,267
Other investments |  | 329 |  | 329 |  | 329 |  | 329
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |
Other debt |  | 83,624 |  | 83,727 |  | 63,132 |  | 63,250
Line of credit |  | 35,500 |  | 35,500 |  | 22,500 |  | 22,500
Mortgages payable |  | 1,017,574 |  | 1,173,786 |  | 997,689 |  | 1,130,262

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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 Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
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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=36462937&loc=d3e19190-110258 + Details
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