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DEBT | 12 Months Ended
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Apr. 30, 2018
Debt Disclosure [Abstract] |
DEBT | DEBT As of April 30, 2018, we owned 99 properties, of which 58 multifamily and other properties (with a carrying amount of $512.1 million) served as collateral for mortgage loans and 41 multifamily and other properties were unencumbered by mortgages. Of the 58 properties that served as collateral for mortgage loans, the majority of these mortgages payable were non-recourse to us other than for standard carve-out obligations. Interest rates on mortgage loans range from 3.47% to 6.66%, and the mortgage loans have varying maturity dates from June 1, 2018, through May 31, 2035. As of April 30, 2018, we believe there are no material defaults or material compliance issues in regards to any of these mortgage loans. The aggregate amount of required future principal payments on mortgages payable as of April 30, 2018 is as follows:
Year Ended April 30, |  | (in thousands)
2019 |  | $ | 25,002 |
2020 |  | 114,520 |
2021 |  | 92,182 |
2022 |  | 70,509 |
2023 |  | 27,497 |
Thereafter |  | 182,430 |
Total payments |  | $ | 512,140 |
As noted above, as of April 30, 2018, we owned 41 multifamily and other properties that were not encumbered by mortgages, with 30 of these properties providing credit support for our unsecured borrowings. Our primary unsecured credit facility is a revolving, multi-bank line of credit, with the BMO Harris Bank N.A. serving as administrative agent. Our line of credit has total commitments of $300.0 million (the “Line of Credit”), with borrowing capacity based on the value of properties contained in the unencumbered asset pool (“UAP”). The UAP provided for a borrowing capacity of $300.0 million at fiscal year-end, providing additional borrowing availability of $176.0 million beyond the $124.0 million drawn as of April 30, 2018, priced at an interest rate of 3.66%. This credit facility matures on January 31, 2021, with one 12-month option to extend the maturity date at our election. At April 30, 2017, the line of credit borrowing capacity was $206.0 million based on the UAP, of which $57.1 million was drawn on the line. During the fiscal year ended April 30, 2018, we entered into a $70.0 million unsecured term loan, which matures on January 31, 2023. In addition, we increased the credit capacity of our revolving Line of Credit from $250.0 million to $300.0 million, and maintain a $200.0 million accordion option that can be accessed by increasing lending commitments under the current agreement. The interest rates on the line of credit and term loan are based on the lender's base rate plus a margin, ranging from 60-125 basis points, or the London Interbank Offered Rate (“LIBOR”) plus a margin that ranges from 160-225 basis points based on our consolidated leverage. Our line of credit and term loan are subject to customary financial covenants and limitations. We believe that we are in compliance with all such financial covenants and limitations as of April 30, 2018. During the quarter ended April 30, 2018, we also closed on a $6.0 million operating line of credit. This operating line of credit is designed to enhance treasury management activities and more effectively manage cash balances. This operating line has a one-year term, with pricing based on a market spread plus the one-month LIBOR index rate. As of April 30, 2018, we have not drawn on this line of credit. Our remaining construction debt was paid off during the year ended April 30, 2018. Construction debt at April 30, 2017, was $41.7 million, with a weighted average rate of interest of 3.27%. The following table summarizes our indebtedness at April 30, 2018:
|  | (in thousands) |
|  | April 30, 2018 |  | April 30, 2017 |  | Weighted Average Maturity in Years
Unsecured line of credit |  | $ | 124,000 |  | $ | 57,050 |  | 3.0
Term loan |  | 70,000 |  | — |  | 4.0
Unsecured debt |  | 194,000 |  | 57,050 |  |
Mortgages payable - fixed (1) |  | 489,401 |  | 629,535 |  | 6.3
Mortgages payable - variable(1) |  | 22,739 |  | 57,708 |  | 3.3
Construction debt - variable |  | — |  | 41,737 |  |
Total debt |  | $ | 706,140 |  | $ | 786,030 |  |
Weighted average interest rate on unsecured line of credit |  | 3.35 | % | 2.67 | % |
Weighted average interest rate on term loan (rate with swap) |  | 3.86 | % | — |  |
Weighted average interest rate on mortgages payable(1) |  | 4.69 | % | 4.71 | % |
Weighted average interest rate on construction debt |  | — |  | 3.27 | % |
(1) | Includes mortgages payable related to assets held for sale and assets of discontinued operations at April 30, 2017.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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