INVESTMENT ASSETS, NET

3 Months Ended

Jul. 31, 2020

INVESTMENT ASSETS, NET

INVESTMENT ASSETS, NET

(4)          INVESTMENT ASSETS, NET

Investment assets, net consist of:

	July 31,		April 30,
	2020		2020
	(in thousands)
Land held for long-term investment	$	9,775	$	9,751
Construction in process		2,573		2,320
Warehouse and office facilities		13,095		13,096
Less accumulated depreciation		(6,645)		(6,523)
Warehouse and office facilities, net		6,450		6,573
	$	18,798	$	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 April 30, 2020 and July 31, 2020, the Company held approximately 12,000 acres of land in New Mexico classified as land held for long-term investment. Construction in process relates to construction costs of a single tenant retail building in the Las Fuentes at Panorama Village subdivision in Rio Rancho, New Mexico.

The warehouse and office facilities are located in Palm Coast, Florida, aggregate 204,000 square feet and are partially leased to a third party. Depreciation associated with the warehouse and office facilities of $122,000 was charged to operations for each of the three months ended July 31, 2020 and July 31, 2019.