REAL ESTATE INVENTORY:

12 Months Ended

Apr. 30, 2020

(4) REAL ESTATE INVENTORY:

Real estate inventory consists of land and improvements held for sale or development. A substantial majority of the Company’s real estate assets are located in or adjacent to Rio Rancho, New Mexico. As a result of this geographic concentration, the Company has been and will be affected by changes in economic conditions in that region. In addition, approximately 97% of 2020 land sales were made to four customers. There were no outstanding receivables from these four customers at April 30, 2020.

Capitalized amounts of interest and loan costs and real estate taxes included in real estate inventory were:


	Interest and Loan Costs		Real Estate Taxes
		(in thousands)
Balance, May 1, 2018	$	4,029	$	1,736
Additional Amounts Capitalized in 2019		115		31
Capitalized Amounts Charged to Real Estate Cost of Sales in 2019		(1)		(11)
Balance, April 30, 2019		4,143		1,756
Additional Amounts Capitalized in 2020		182		78
Capitalized Amounts Charged to Real Estate Cost of Sales in 2020		(4)		(14)
Balance, April 30, 2020	$	4,321	$	1,820