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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Jan. 31, 2015

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 January 31, 2015 consisted of real estate investments that were written-down to estimated fair value during the nine months ended January 31, 2015. 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 2015 and 2014. The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows:

	(in thousands)
	January 31, 2015
	Total		Level 1		Level 2		Level 3
ASSETS:
Real estate investments	$	695	$	0	$	0	$	695
Real estate held for sale		44,259		0		0		44,259

	(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 January 31, 2015 and April 30, 2014, are as follows:

	(in thousands)
	January 31, 2015				April 30, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	$	52,148	$	52,148	$	47,267	$	47,267
Other investments		329		329		329		329
FINANCIAL LIABILITIES
Other debt		132,183		131,856		63,132		63,250
Line of credit		50,500		50,500		22,500		22,500
Mortgages payable		1,006,179		1,217,825		997,689		1,130,262

X

- 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

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X

- 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

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