INVESTMENT ASSETS, NET

9 Months Ended

Jan. 31, 2021

(4) INVESTMENT ASSETS, NET

Investment assets, net consist of:


	January 31,		April 30,
	2021		2020
	(in thousands)
Land held for long-term investment	$	9,775	$	9,751
Construction in process		—		2,320
Buildings		15,993		13,096
Less accumulated depreciation		(6,950)		(6,523)
Buildings, net		9,043		6,573
	$	18,818	$	18,644

Land held for long-term investment represents property located in areas that are not planned to be developed in the near term and thus has not been offered for sale. As of January 31, 2021 and April 30, 2020, the Company held approximately 12,000 acres of land in New Mexico classified as land held for long-term investment.

Buildings are comprised of 204,000 square feet of warehouse and office buildings in Palm Coast, Florida and a 14,000 square foot retail building in the Las Fuentes at Panorama Village subdivision in Rio Rancho, New Mexico. Depreciation associated with the buildings was $415,000 and $366,000 for the nine months ended January 31, 2021 and January 31, 2020 and $152,000 and $87,000 for the three months ended January 31, 2021 and January 31, 2020. Construction in process related to the construction costs of such 14,000 square foot retail building, which was completed during the nine months ended January 31, 2021.