MORTGAGES PAYABLE (Tables)

12 Months Ended

Apr. 30, 2014

Aggregate Amount of Required Future Principal Payments on Mortgages Payable

Of the mortgages payable, the balance of fixed rate mortgages totaled $977.2 million and $1.0 billion at April 30, 2014 and 2013, respectively, and the balances of variable rate mortgages totaled $20.5 million and $26.2 million as of April 30, 2014, and 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 April 30, 2014, the weighted-average rate of interest on the Company's mortgage debt was 5.37%, compared to 5.55% on April 30, 2013. The aggregate amount of required future principal payments on mortgages payable as of April 30, 2014, is as follows:

Year Ended April 30,	(in thousands)
2015	$	80,140
2016		92,888
2017		207,890
2018		91,657
2019		136,884
Thereafter		388,230
Total payments	$	997,689