INVESTMENT ASSETS:

12 Months Ended

Apr. 30, 2020

INVESTMENT ASSETS:

INVESTMENT ASSETS:

(5)          INVESTMENT ASSETS:

Investment assets consist of:

	April 30,
	2020		2019
	(in thousands)
Land held for long-term investment	$	9,751	$	9,706
Construction in progress		2,320		—
Warehouse and office facilities		13,096		13,527
Less accumulated depreciation		(6,523)		(6,006)
		6,573		7,521
	$	18,644	$	17,227

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, 2020, the Company held approximately 12,000 acres of land in New Mexico classified as land held for long-term investment. Construction in process relates primarily to construction costs of a single tenant retail building in the Las Fuentes at Panorama Village subdivision in Rio Rancho, New Mexico. Refer to Note 8 for detail about financing of these construction costs.

The warehouse and office facilities are located in Palm Coast, Florida, aggregate 204,000 square feet and are leased to a third party with a lease term scheduled to expire in August 2020 (see Note 2). Depreciation associated with the warehouse and office facilities of $517,000 and $516,000 was charged to operations in 2020 and 2019.