COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Oct. 31, 2015

COMMITMENTS AND CONTINGENCIES [Abstract]

Development. Expansion and Renovation Projects

Development, Expansion and Renovation Projects.  As of October 31, 2015, we had several development, expansion and renovation projects underway or placed in service during the quarter, the costs for which have been capitalized, as follows:

(in thousands)

(in fiscal years)

Project Name and Location

Planned Segment

Rentable Square Feet or Number of Units

Anticipated Total Cost(1)

Costs as of October 31, 2015(1)

Anticipated Construction Completion

Minot Southgate Retail - Minot, ND

Other

7,963 sq ft

2,923

2,622

In Service

PrairieCare Medical - Brooklyn Park, MN

Healthcare

70,756 sq ft

24,709

24,709

In Service

Deer Ridge - Jamestown, ND

Multifamily

163 units

24,519

23,830

3Q 2016

Cardinal Point - Grand Forks, ND(2)

Multifamily

251 units

44,402

40,361

4Q 2016

71 France - Edina, MN(3)

Multifamily

241 units

73,290

64,006

1Q 2017

Monticello Crossings - Monticello, MN

Multifamily

202 units

31,784

5,305

2Q 2017

Other

n/

a

n/

a

n/

a

3,095

n/

a

$

201,627

$

163,928

(1) Includes costs related to development projects that are placed in service in phases (Deer Ridge - $14.3 million, 71 France - $21.3 million, Cardinal Point - $11.1 million).

(2) Anticipated total cost as of October 31, 2015 includes incremental cost increase due to the replacement of the project’s original general contractor.

(3) The project will be constructed in three phases by a joint venture entity in which we have an approximately 52.6% interest. The anticipated total cost amount given in the table above is the total cost to the joint venture entity. The anticipated total cost includes approximately 21,772 square feet of retail space.