COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Apr. 30, 2015

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, 2015 is as follows:

	(in thousands)
Fiscal Year Ended April 30,	Lease Payments
2016	$	478
2017	449
2018	449
2019	449
2020	449
Thereafter	20,764

Total	$	23,038

Schedule of Property Cost and Gross Rental Revenue

The Company has 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, 2015, contractual commitments for these projects are as follows:

(in thousands)

(in fiscal years)

Project Name and Location

Planned
Segment

Rentable
Square Feet
or Number of Units

Anticipated
Total Cost

Costs as of
April 30, 2015(1)

Anticipated
Construction
Completion

Roseville 3075 Long Lake Rd - Roseville, MN

Other

202,807 sq ft

13,915

9,036

In Service

Chateau II - Minot, ND

Multifamily

72 units

14,711

13,129

1Q 2016

Edina 6565 France SMC III - Edina, MN

Healthcare

57,479 sq ft

36,752

22,549

1Q 2016

Minot Southgate Retail - Minot, ND

Other

7,963 sq ft

2,923

2,164

1Q 2016

Renaissance Heights - Williston, ND(2)

Multifamily

288 units

62,362

59,087

1Q 2016

Deer Ridge — Jamestown, ND

Multifamily

163 units

24,519

15,355

2Q 2016

PrairieCare Medical - Brooklyn Park, MN

Healthcare

72,895 sq ft

24,251

19,457

2Q 2016

Cardinal Point - Grand Forks, ND

Multifamily

251 units

40,042

26,450

3Q 2016

71 France Phase I, II, III - Edina, MN(3)

Multifamily

241 units

73,290

35,137

1Q 2017

Other

n/a

6,618

n/a

292,765

208,982

(1) Includes costs related to development projects that are placed in service in phases (Renaissance Heights - $46.0 million).

(2) The Company is an approximately 70% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.

(3) The project will be constructed in three phases by a joint venture entity in which the Company has 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 21,772 square feet of retail space.