FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Apr. 30, 2014

Fair Value Measurements on a Nonrecurring Basis

Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2014 consisted of real estate investments and real estate held for sale that were written-down to estimated fair value during fiscal year 2014. Non-financial assets measured at fair value on a nonrecurring basis at April 30, 2013 consisted of real estate investments that were written-down to estimated fair value during fiscal year 2013. See Note 2 for additional information on impairment losses recognized during fiscal years 2014 and 2013. The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows:

	(in thousands)
	April 30, 2014
	Total		Level 1		Level 2		Level 3
Real estate investments	$	89,537	$	0	$	0	$	89,537
Real estate held for sale		2,951		0		0		2,951

	(in thousands)
	April 30, 2013
	Total		Level 1		Level 2		Level 3
Real estate held for sale	$	335	$	0	$	0	$	335

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company's financial instruments as of April 30, 2014 and 2013 are as follows:

	(in thousands)
	2014				2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents		47,267		47,267		94,133		94,133
Other investments		329		329		639		639
FINANCIAL LIABILITIES
Other debt		63,132		63,250		18,076		18,156
Lines of credit		22,500		22,500		10,000		10,000
Mortgages payable		997,689		1,130,262		1,049,206		1,160,190