IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Apr. 30, 2016

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES [Abstract]

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES

NOTE 5 • IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES

Our identified intangible assets and intangible liabilities at April 30, 2016 and 2015 were as follows:

	(in thousands)
	April 30, 2016		April 30, 2015
Identified intangible assets (included in intangible assets):
Gross carrying amount	$	8,088	$	7,500
Accumulated amortization		(6,230)		(6,112)
Net carrying amount	$	1,858	$	1,388
Identified intangible liabilities (included in other liabilities):
Gross carrying amount	$	159	$	82
Accumulated amortization		(55)		(61)
Net carrying amount	$	104	$	21

The amortization of acquired below-market leases and acquired above-market leases reduced rental income by approximately $14,000,  $24,000 and $25,000 for the twelve months ended April 30, 2016, 2015 and 2014, respectively. The estimated annual amortization of acquired below-market leases, net of acquired above-market leases for each of the five succeeding fiscal years, is as follows:

Year Ended April 30,	(in thousands)
2017	$	5
2018		(11)
2019		(20)
2020		(16)
2021		(13)

Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $1.7 million, $1.5 million and $2.1 million for the twelve months ended April 30, 2016, 2015 and 2014, respectively. The estimated annual amortization of all other identified intangible assets for each of the five succeeding fiscal years is as follows:

Year Ended April 30,	(in thousands)
2017	$	1,171
2018		269
2019		170
2020		104
2021		78