PROPERTY OWNED

12 Months Ended

Apr. 30, 2016

PROPERTY OWNED [Abstract]

PROPERTY OWNED

NOTE 4 • PROPERTY OWNED

Property, consisting principally of real estate, is stated at cost less accumulated depreciation and totaled $1.4 billion and $1.1 billion as of April 30, 2016 and 2015, respectively.

Construction period interest of approximately $4.9 million, $4.9 million and $2.9 million has been capitalized for the years ended April 30, 2016, 2015 and 2014, respectively.

The future minimum lease receipts to be received under non-cancellable leases for commercial properties held for investment as of April 30, 2016, assuming that no options to renew or buy out the lease are exercised, are as follows:

Year Ended April 30,	(in thousands)
2017	$	28,558
2018		26,235
2019		22,289
2020		18,423
2021		17,216
Thereafter		112,551
	$	225,272

See Real Estate Investments within Note 2 for information about impairment losses recorded during fiscal years 2016 and 2015.