REDEEMABLE NONCONTROLLING INTERESTS

3 Months Ended

Jul. 31, 2011

Notes To Financial Statements [Abstract]

NOTE 11 . REDEEMABLE NONCONTROLLING INTERESTS

Redeemable noncontrolling interests on our Condensed Consolidated Balance Sheets represent the noncontrolling interest in a joint venture of the Company in which the Company's unaffiliated partner, at its election, can require the Company to buy its interest at a purchase price to be determined by an appraisal conducted in accordance with the terms of the agreement, or at a negotiated price. Redeemable noncontrolling interests are presented at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to common shares of beneficial interest on our consolidated balance sheets. As of July 31, 2011 and April 30, 2011, the estimated redemption value of the redeemable noncontrolling interests was $1.3 million and $987,000, respectively. Below is a table reflecting the activity of the redeemable noncontrolling interests.

Table of Contents

	(in thousands)
Balance at April 30, 2010	$	1,812
Net income		8
Distributions		0
Mark-to-market adjustments		(393	)
Balance at July 31, 2010	$	1,427

	(in thousands)
Balance at April 30, 2011	$	987
Net income		5
Distributions		(27	)
Mark-to-market adjustments		298
Balance at July 31, 2011	$	1,263