FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Apr. 30, 2013

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value Measurements on a Nonrecurring Basis

Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2013 consisted of real estate investments that were written-down to estimated fair value during fiscal year 2013. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2012 consisted of real estate held for sale that was written-down to estimated fair value during fiscal year 2012. See Note 2 for additional information on impairment losses recognized during fiscal years 2013 and 2012. The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows:

2013 Annual Report

NOTE 16 • continued

	(in thousands)
	April 30, 2013
	Total		Level 1		Level 2		Level 3
Real estate investments	$	335	$	0	$	0	$	335

	(in thousands)
	April 30, 2012
	Total		Level 1		Level 2		Level 3
Real estate held for sale	$	2,067	$	0	$	0	$	2,067

Financial Assets and Liabilities Not Measured at Fair Value

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company's financial instruments as of April 30, 2013 and 2012 are as follows:

	(in thousands)
	2013				2012
	Carrying  Amount		Fair Value		Carrying  Amount		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents		94,133		94,133		39,989		39,989
Other investments		639		639		634		634
FINANCIAL LIABILITIES
Other debt		18,076		18,156		13,875		13,973
Lines of credit		10,000		10,000		39,000		39,000
Mortgages payable		1,049,206		1,160,190		1,048,689		1,087,082