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IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES | 12 Months Ended
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Apr. 30, 2015
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES [Abstract] |
IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES | NOTE 5 • IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES The Company’s identified intangible assets and intangible liabilities at April 30, 2015 and 2014 were as follows:
|  | (in thousands) |
|  | April 30, 2015 |  |  | April 30, 2014 |
Identified intangible assets (included in intangible assets): |  |  |  |  |  |
Gross carrying amount |  | $ | 53,843 |  |  | $ | 56,710 |
Accumulated amortization |  |  | (26,576 | ) |  |  | (24,071 | )
Net carrying amount |  | $ | 27,267 |  |  | $ | 32,639 |
Identified intangible liabilities (included in other liabilities): |  |  |  |  |  |  |  |
Gross carrying amount |  | $ | 134 |  |  | $ | 173 |
Accumulated amortization |  |  | (110 | ) |  |  | (127 | )
Net carrying amount |  | $ | 24 |  |  | $ | 46 |
The effect of amortization of acquired below-market leases and acquired above-market leases reduced rental income by approximately $23,000, $42,000 and $38,000 for the twelve months ended April 30, 2015, 2014 and 2013, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases for each of the five succeeding fiscal years is as follows:
Year Ended April 30, |  | (in thousands) |
2016 |  | $ | 20 |
2017 |  |  | 12 |
2018 |  |  | (1 | )
2019 |  |  | (2 | )
2020 |  |  | (1 | )
Amortization of all other identified intangible assets (a component of depreciation/amortization related to real estate investments) was $5.7 million, $8.3 million and $5.3 million for the twelve months ended April 30, 2015, 2014 and 2013, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:
Year Ended April 30, |  | (in thousands) |
2016 |  | $ | 4,539 |
2017 |  |  | 4,032 |
2018 |  |  | 3,601 |
2019 |  |  | 3,477 |
2020 |  |  | 3,390 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 + Details
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