FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Jul. 31, 2015

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value Measurements on a Nonrecurring Basis

The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows:

	(in thousands)
	Total		Level 1		Level 2		Level 3
July 31, 2015
Real estate investments	$	575	$	0	$	0	$	575
Real estate held for sale		2,900		0		0		2,900
April 30, 2015
Real estate held for sale		7,100		0		0		7,100

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company’s financial instruments as of July 31, 2015 and April 30, 2015, are as follows:

	(in thousands)
	July 31, 2015				April 30, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	$	44,770	$	44,770	$	48,970	$	48,970
Other investments		329		329		329		329
FINANCIAL LIABILITIES
Other debt		165,854		165,511		144,090		143,749
Line of credit		83,500		83,500		60,500		60,500
Mortgages payable		669,743		778,990		668,112		749,604
Mortgages payable related to assets held for sale		293,021		409,931		306,716		374,818