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FAIR VALUE MEASUREMENTS | 6 Months Ended
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Oct. 31, 2017
FAIR VALUE MEASUREMENTS [Abstract] |
FAIR VALUE MEASUREMENTS | NOTE 10 • FAIR VALUE MEASUREMENTS Cash and cash equivalents, certificates of deposit, accounts payable, accrued expenses and other liabilities and security deposits are carried at amounts that reasonably approximate their fair value due to their short-term nature. For variable rate loans that re-price frequently, fair values are based on carrying values. In addition, the carrying amount of our BMO Line of Credit approximates fair value because the variable rate debt re-prices frequently. The fair values of our financial instruments approximate their carrying amount in the consolidated financial statements except for debt. In determining the fair value of other financial instruments, we apply Financial Accounting Standard Board ASC 820, Fair Value Measurement and Disclosures, or ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (Levels 1 and 2) and the reporting entity’s own assumptions about market participant assumptions (Level 3). Fair value estimates may be different than the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities. Fair Value Measurements on a Recurring Basis We had no assets or liabilities recorded at fair value on a recurring basis at October 31, 2017 and April 30, 2017. Fair Value Measurements on a Nonrecurring Basis There were no non-financial assets mearsured at fair value on a nonrecurring basis at October 31, 2017. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2017, consisted of real estate held for sale and real estate investments that were written-down to estimated fair value during fiscal year 2018 and 2017. See Note 2 for additional information on impairment losses recognized during fiscal years 2018 and 2017. The aggregate fair value of these assets by their levels in the fair value hierarchy is as follows:
|  | (in thousands) |
|  | Total |  | Level 1 |  | Level 2 |  | Level 3 |
April 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate investments |  | $ | 506 |  | $ | — |  | $ | — |  | $ | 506 |
Real estate held for sale(1) |  | $ | 10,891 |  | $ | — |  | $ | — |  | $ | 10,891 |
| (1) |  | Represents only the portion of real estate held for sale that was written-down to estimated fair value.
As of April 30, 2017, we estimated the fair value of our real estate investments using market comparisons and a broker opinion of value, and we estimated the fair value of our real estate held for sale using an income approach (including management estimates and cash flow calculations), projected net operating income, and an estimated capitalization rate. The significant unobservable quantitative input used in determining the fair value was a capitalization rate of 7.0% based on the location, type and nature of the real estate held for sale, and current and anticipated market conditions. Financial Assets and Liabilities Not Measured at Fair Value The fair value of fixed rate loans is estimated based on the discounted cash flows of the loans using relevant treasury interest rates plus credit spreads (Level 2). For mortgages payable, the fair value of fixed rate loans is estimated based on the discounted cash flows of the loans using market research and management estimates of comparable interest rates (Level 3). The estimated fair values of our financial instruments as of October 31, 2017, and April 30, 2017, are as follows:
|  | (in thousands) |
|  | October 31, 2017 |  | April 30, 2017 |
|  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
FINANCIAL ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 42,464 |  | $ | 42,464 |  | $ | 28,819 |  | $ | 28,819 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |
Other debt, including other debt related to assets held for sale |  |  | 21,561 |  |  | 21,561 |  |  | 49,637 |  |  | 49,637 |
Lines of credit |  |  | 247,500 |  |  | 247,500 |  |  | 57,050 |  |  | 57,050 |
Mortgages payable |  |  | 658,965 |  |  | 667,646 |  |  | 665,440 |  |  | 680,941 |
Mortgages payable related to assets held for sale |  |  | — |  |  | — |  |  | 21,803 |  |  | 21,861 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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