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MORTGAGES PAYABLE AND LINE OF CREDIT (Tables) | 3 Months Ended
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Jul. 31, 2014
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 $971.3 million at July 31, 2014 and $977.2 million at April 30, 2014. The balances of variable rate mortgages totaled $45.4 million and $20.5 million as of July 31, 2014 and April 30, 2014, 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 July 31, 2014, the weighted average rate of interest on the Company's mortgage debt was 5.32%, compared to 5.37% on April 30, 2014. The aggregate amount of required future principal payments on mortgages payable as of July 31, 2014, is as follows:
Fiscal year ended April 30, | (in thousands)
2015 (remainder) | $ | 70,760
2016 |  | 92,893
2017 |  | 214,722
2018 |  | 113,386
2019 |  | 132,793
Thereafter |  | 393,020
Total payments | $ | 1,017,574

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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 + Details
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