(5)

INVESTMENT ASSETS:

Investment assets consist of:

	April 30,
	2016		2015
	(in thousands)

Land held for long-term investment	$	9,717	$	9,733

Warehouse facility		-		6,572
Other		609		-
Less accumulated depreciation		-		(941)
		-		5,631
	$	10,326	$	15,364

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, 2016, the Company held approximately 12,000 acres of land in New Mexico classified as land held for long-term investment.

In connection with the Stock Purchase Agreement discussed in Note 2 above, a subsidiary of the Company retained its ownership of a warehouse leased to the Product Packaging and Fulfillment Services business with a term that expired in November 2018 and remained subject to a promissory note to a third party lender with a maturity date of February 2018. In February 2016, the subsidiary of the Company sold to a third party the warehouse leased to the Product Packaging and Fulfillment Services business. Depreciation associated with the warehouse of $109,000 and $145,000 was charged to operations in 2016 and 2015.

Other includes an approximately 2,200 square foot, single tenant retail building on property owned by the AMREP Southwest in Rio Rancho, New Mexico. In the first quarter of fiscal year 2017, the Company sold this property (see Note 9).