COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Apr. 30, 2014

COMMITMENTS AND CONTINGENCIES [Abstract]

Schedule of Expected Timing of Ground and Air Rights Lease Payments

The expected timing of ground and air rights lease payments as of April 30, 2014 is as follows:

		(in thousands)
Year Ended April 30,		Lease Payments
2015	$		506
2016			478
2017			449
2018			449
2019			449
Thereafter			21,213
Total	$		23,544

Schedule of Property Cost and Gross Rental Revenue

Development, Expansion and Renovation Projects. The Company has various contracts outstanding with third parties in connection with development, expansion and renovation projects that are underway or recently completed, the costs for which have been capitalized. As of April 30, 2014, contractual commitments for these projects are as follows:

NOTE 15 • continued

			(in thousands)
Project Name and Location	Planned Segment	Square Feet or Number of Units	Anticipated Total Cost		Costs as of April 30, 2014⁽¹⁾		Loans Closed or Committed		Anticipated Construction Completion
Dakota Commons - Williston, ND	Multi-Family Residential	44 units	$	10,736	$	9,013	$	0	FY2015 Q1
Commons at Southgate - Minot, ND⁽²⁾	Multi-Family Residential	233 units		37,201		28,065		24,480	FY2015 Q2
Cypress Court II – St. Cloud, MN⁽³⁾	Multi-Family Residential	66 units		7,028		1,580		4,200	FY2015 Q3
Arcata - Golden Valley, MN	Multi-Family Residential	165 units		33,448		13,018		24,250	FY2015 Q3
Red 20 - Minneapolis, MN⁽⁴⁾	Multi-Family Residential and Commercial	130 units and 10,625 sq ft		29,462		13,980		21,726	FY2015 Q3
Renaissance Heights I - Williston, ND⁽⁵⁾	Multi-Family Residential	288 units		62,362		39,017		43,672	FY2015 Q4
Chateau II - Minot, ND⁽⁶⁾	Multi-Family Residential	72 units		14,711		2,098		0	FY2015 Q4
Cardinal Point - Grand Forks, ND	Multi-Family Residential	251 units		40,042		6,829		24,500	FY2016 Q1
Other	n/a	n/a		n/a		2,496		n/a	n/a
			$	234,990	$	116,096	$	142,828

(1)	Includes costs related to development projects that are placed in service in phases (Renaissance Heights I - $11.5 million).

(2)	The Company is an approximately 51% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.

(3)	The Company is an approximately 86.1% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.

(4)	The Company is an approximately 58.6% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.

(5)	The Company is an approximately 70% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.

(6)	On December 5, 2013, this development project was destroyed by fire. As of April 30, 2014, $6.1 million of expected insurance proceeds were included in accounts receivable on the Company's consolidated balance sheet. See Note 2 for additional information.