INVESTMENT ASSETS, NET

3 Months Ended

Jul. 31, 2019

(4) INVESTMENT ASSETS, NET

Investment assets, net consist of:


	July 31,		April 30,
	2019		2019
	(in thousands)
Land held for long-term investment	$	9,709	$	9,706

Leased warehouse and office facilities		13,527		13,527
Less accumulated depreciation		(6,128)		(6,006)
		7,399		7,521
	$	17,108	$	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, 2019, the Company held approximately 12,000 acres of land in New Mexico classified as land held for long-term investment.

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 that expires in 2029. Depreciation associated with the warehouse and office facilities of $122,000 and $122,000 was charged to operations for the three months ended July 31, 2019 and July 31, 2018.