FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Oct. 31, 2014

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Fair Value Measurements on a Nonrecurring Basis

Non-financial assets and liabilities measured at fair value on a nonrecurring basis at October 31, 2014 consisted of real estate investments that were written-down to estimated fair value during the six months ended October 31, 2014. 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 was written-down to estimated fair value during fiscal year 2014. 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)
	October 31, 2014
	Total		Level 1		Level 2		Level 3
ASSETS:
Real estate investments	$	1,213	$	0	$	0	$	1,213
Real estate held for sale		41,183		0		0		41,183

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

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company's financial instruments as of October 31, 2014 and April 30, 2014, are as follows:

	(in thousands)
	October 31, 2014				April 30, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	$	52,999	$	52,999	$	47,267	$	47,267
Other investments		329		329		329		329
FINANCIAL LIABILITIES
Other debt		107,692		107,355		63,132		63,250
Line of credit		40,500		40,500		22,500		22,500
Mortgages payable		1,013,161		1,184,085		997,689		1,130,262