PROPERTY OWNED

12 Months Ended

Apr. 30, 2014

PROPERTY OWNED [Abstract]

PROPERTY OWNED

NOTE 4 • PROPERTY OWNED

Property, consisting principally of real estate, is stated at cost less accumulated depreciation and totaled $1.6 billion as of April 30, 2014, and 2013.

Construction period interest of approximately $2.9 million, $742,000, and $571,000 has been capitalized for the years ended April 30, 2014, 2013, and 2012, respectively.

The future minimum lease receipts to be received under non-cancellable leases for commercial properties as of April 30, 2014, assuming that no options to renew or buy out the lease are exercised, are as follows:

Year Ended April 30,	(in thousands)
2015	$	110,080
2016		101,673
2017		87,405
2018		73,163
2019		60,348
Thereafter		136,292
	$	568,961

See Real Estate Investments within Note 2 for information about impairment losses recorded during fiscal years 2014 and 2013.