MORTGAGES PAYABLE AND LINE OF CREDIT (Tables)

6 Months Ended

Oct. 31, 2014

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 $949.0 million at October 31, 2014 and $977.2 million at April 30, 2014. The balances of variable rate mortgages totaled $64.2 million and $20.5 million as of October 31, 2014 and April 30, 2014, 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, 2014, the weighted average rate of interest on the Company's mortgage debt was 5.26%, compared to 5.37% on April 30, 2014. The aggregate amount of required future principal payments on mortgages payable as of October 31, 2014, is as follows:

Fiscal year ended April 30,	(in thousands)
2015 (remainder)	$	57,898
2016		93,591
2017		215,344
2018		106,121
2019		133,961
Thereafter		406,246
Total payments	$	1,013,161