(4) INVESTMENT ASSETS:

Investment assets consist of:	April 30,
	2013		2012
	(in thousands)

Land held for long-term investment	$	10,552	$	10,769

Other		753		753
Less accumulated depreciation and reserves		(429)		(260)
		324		493
	$	10,876	$	11,262

Land held for long-term investment represents property located in areas that are not planned to be developed in the near term and thus has not been offered for sale. As of April 30, 2013, the Company held approximately 12,450 acres of land in New Mexico classified as land held for long-term investment. Other includes a building in Rio Rancho, New Mexico under contract for sale. Depreciation is no longer taken on the building and an impairment reserve of $169,000 was recorded as a charge to operations during the quarter ended July 31, 2012. There was no depreciation of investment assets charged to operations in 2013, 2012 and 2011.

During 2012, the Company accepted deeds in lieu of foreclosure related to delinquent mortgage notes receivable on previously sold investment assets (“take-back lots”) totaling $451,000, which included accrued interest, and recorded the fair value of the take-back lots received less estimated costs to sell as investment assets. During 2013, a charge to operations was recorded to adjust the recorded value of these take-back lots to a current appraised value (see Note 14). The Company did not accept any deeds in lieu of foreclosure for investment assets in 2013 and 2011.