FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Jul. 31, 2013

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Fair Value Measurements on a Nonrecurring Basis

Fair Value Measurements on a Nonrecurring Basis

Non-financial assets measured at fair value on a nonrecurring basis at July 31, 2013 consisted of real estate investments and real estate held for sale that were written-down to estimated fair value during the first quarter of fiscal year 2014. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2013 consisted of real estate investments that were written-down to estimated fair value during fiscal year 2013. See Note 2 for additional information on impairment losses recognized during fiscal years 2014 and 2013. The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows:

	(in thousands)
	July 31, 2013
	Total		Level 1		Level 2		Level 3
Real estate investments	$	3,899	$	0	$	0	$	3,899
Real estate held for sale		3,969		0		0		3,969

	(in thousands)
	April 30, 2013
	Total		Level 1		Level 2		Level 3
Real estate investments	$	335	$	0	$	0	$	335

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company's financial instruments as of July 31, 2013 and April 30, 2013, are as follows:

	(in thousands)
	July 31, 2013				April 30, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	$	93,193	$	93,193	$	94,133	$	94,133
Other investments		640		640		639		639
FINANCIAL LIABILITIES
Other debt		32,289		32,620		18,076		18,156
Line of credit		10,000		10,000		10,000		10,000
Mortgages payable		1,030,407		1,142,618		1,049,206		1,160,190