Investment Assets, Net

9 Months Ended

Jan. 31, 2012

Investment Assets Disclosure [Text Block]

(4) Investment Assets, Net

Investment assets, net consist of the following (in thousands):

	January 31, 2012			April 30, 2011
Land held for long-term investment	$	11,097		$	10,646

Other		753			753
Less accumulated depreciation		(260	)		(260	)
		493			493
	$	11,590		$	11,139

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. Other includes a sales center in Rio Rancho, New Mexico that is not in service and is held for sale and, as such, is no longer being depreciated. Investment assets increased from April 30, 2011 due to the reclassification of $451,000 to investment assets from delinquent mortgage notes receivable, which resulted from AMREP Southwest’s acceptance of a deed in lieu of foreclosure related to a delinquent mortgage note receivable.