MORTGAGES PAYABLE AND LINE OF CREDIT (Tables)

3 Months Ended

Jul. 31, 2012

MORTGAGES PAYABLE AND LINE OF CREDIT [Abstract]

Aggregate amount of required future principal payments on mortgages payable

Of the mortgages payable, the balances of fixed rate mortgages totaled $1.1 billion at July 31, 2012 and $1.0 billion at April 30, 2012. The balances of variable rate mortgages totaled $16.1 million and $16.2 million as of July 31, 2012 and April 30, 2012, respectively. The Company does not utilize derivative financial instruments to mitigate its exposure to changes in market interest rates. Most of the fixed rate mortgages have substantial pre-payment penalties. As of July 31, 2012, the weighted average rate of interest on the Company's mortgage debt was 5.72%, compared to 5.78% on April 30, 2012. The aggregate amount of required future principal payments on mortgages payable as of July 31, 2012, is as follows:

Year ended April 30,	(in thousands)
2013 (remainder)	$	42,003
2014		75,230
2015		107,081
2016		87,279
2017		199,843
Thereafter		569,219
Total payments	$	1,080,655