COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Apr. 30, 2016

COMMITMENTS AND CONTINGENCIES [Abstract]

Schedule of Expected Timing of Ground and Air Rights Lease Payments

The expected timing of ground and air rights lease payments as of April 30, 2016 is as follows:

	(in thousands)
Fiscal Year Ended April 30,	Lease Payments
2017	$	330
2018		331
2019		332
2020		333
2021		335
Thereafter		8,503
Total	$	10,164

Schedule of Property Cost and Gross Rental Revenue

We have various contracts outstanding with third parties in connection with development, expansion and renovation projects that are underway or placed in service during the quarter, the costs for which have been capitalized. As of April 30, 2016, contractual commitments for these projects are as follows:

			(in thousands)				(in fiscal years)
		Rentable					Anticipated
		Square Feet	Anticipated		Costs as of		Construction
Project Name and Location	PlannedSegment	or Number of Units	Total Cost(1)		April 30, 2016(1)		Completion
Deer Ridge - Jamestown, ND	Multifamily	163 units		24,837		24,837	In Service
Cardinal Point - Grand Forks, ND(2)	Multifamily	251 units		52,344		49,732	In Service
71 France - Edina, MN(3)	Multifamily	241 units		73,290		71,727	1Q2017
Monticello Crossings - Monticello, MN	Multifamily	202 units		31,784		17,507	2Q2017
Other	n/a	n/a		n/a		3,729	n/a
			$	182,255	$	167,532

(1) Includes costs related to development projects that are placed in service in phases (71 France - $41.3 million).

(2) Anticipated total cost as of April 30, 2016 includes incremental cost increase due to the replacement of the project’s original general contractor.

(3) The project is being constructed in three phases by a joint venture entity in which we currently 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 20,956 square feet of rentable retail space.