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COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended
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Apr. 30, 2016
COMMITMENTS AND CONTINGENCIES [Abstract] |
Schedule of Expected Timing of Ground and Air Rights Lease Payments | The expected timing of ground and air rights lease payments as of April 30, 2016 is as follows:
|  | (in thousands) |
Fiscal Year Ended April 30, |  | Lease Payments |
2017 |  | $ | 330 |
2018 |  |  | 331 |
2019 |  |  | 332 |
2020 |  |  | 333 |
2021 |  |  | 335 |
Thereafter |  |  | 8,503 |
Total |  | $ | 10,164 |
Schedule of Property Cost and Gross Rental Revenue | We have various contracts outstanding with third parties in connection with development, expansion and renovation projects that are underway or placed in service during the quarter, the costs for which have been capitalized. As of April 30, 2016, contractual commitments for these projects are as follows:
|  |  |  |  |  | (in thousands) |  | (in fiscal years) |
|  |  |  | Rentable |  |  |  |  |  |  |  | Anticipated |
|  |  |  | Square Feet |  | Anticipated |  | Costs as of |  | Construction |
Project Name and Location |  | Planned Segment |  | or Number of Units |  | Total Cost(1) |  | April 30, 2016(1) |  | Completion |
Deer Ridge - Jamestown, ND |  | Multifamily |  | 163 units |  |  | 24,837 |  |  | 24,837 |  | In Service |
Cardinal Point - Grand Forks, ND(2) |  | Multifamily |  | 251 units |  |  | 52,344 |  |  | 49,732 |  | In Service |
71 France - Edina, MN(3) |  | Multifamily |  | 241 units |  |  | 73,290 |  |  | 71,727 |  | 1Q 2017 |
Monticello Crossings - Monticello, MN |  | Multifamily |  | 202 units |  |  | 31,784 |  |  | 17,507 |  | 2Q 2017 |
Other |  | n/a |  | n/a |  |  | n/a |  |  | 3,729 |  | n/a |
|  |  |  |  |  | $ | 182,255 |  | $ | 167,532 |  |  |
| (1) |  | Includes costs related to development projects that are placed in service in phases (71 France - $41.3 million).
| (2) |  | Anticipated total cost as of April 30, 2016 includes incremental cost increase due to the replacement of the project’s original general contractor.
| (3) |  | The project is being constructed in three phases by a joint venture entity in which we currently have an approximately 52.6% interest. The anticipated total cost amount given in the table above is the total cost to the joint venture entity. The anticipated total cost includes approximately 20,956 square feet of rentable retail space.

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- Definition Tabular disclosure of key provisions of an arrangement under which the entity has agreed to purchase goods or services over a period of time greater than one year or the normal operating cycle, if longer, including the item for which expenditures will be made, minimum quantities, milestones, time period and committed amount. + References No definition available. + Details
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