MORTGAGES PAYABLE AND LINE OF CREDIT (Tables)

3 Months Ended

Jul. 31, 2013

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 $1.0 billion at July 31, 2013 and April 30, 2013. The balances of variable rate mortgages totaled $15.8 million and $26.2 million as of July 31, 2013 and April 30, 2013, 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, 2013, the weighted average rate of interest on the Company's mortgage debt was 5.54%, compared to 5.55% on April 30, 2013. The aggregate amount of required future principal payments on mortgages payable as of July 31, 2013, is as follows:

Year ended July 31,	(in thousands)
2014 (remainder)	$	56,093
2015		98,892
2016		92,122
2017		219,086
2018		66,698
Thereafter		497,516
Total payments	$	1,030,407