MORTGAGES PAYABLE AND LINE OF CREDIT (Tables)

6 Months Ended

Oct. 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 October 31, 2013 and April 30, 2013. The balances of variable rate mortgages totaled $8.4 million and $26.2 million as of October 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 October 31, 2013, the weighted average rate of interest on the Company's mortgage debt was 5.50%, compared to 5.55% on April 30, 2013. The aggregate amount of required future principal payments on mortgages payable as of October 31, 2013, is as follows:

Year ended April 30,	(in thousands)
2014 (remainder)	$	29,907
2015		92,123
2016		92,596
2017		218,586
2018		64,798
Thereafter		523,160
Total payments	$	1,021,170