MORTGAGES PAYABLE AND LINE OF CREDIT (Tables)

9 Months Ended

Jan. 31, 2015

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 $927.7 million at January 31, 2015 and $977.2 million at April 30, 2014. The balances of variable rate mortgages totaled $78.5 million and $20.5 million as of January 31, 2015 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 January 31, 2015, the weighted average rate of interest on the Company's mortgage debt was 5.17%, compared to 5.37% on April 30, 2014. The aggregate amount of required future principal payments on mortgages payable as of January 31, 2015, is as follows:

Fiscal year ended April 30,	(in thousands)
2015 (remainder)	$	22,390
2016		130,203
2017		203,510
2018		88,039
2019		134,503
Thereafter		427,534
Total payments	$	1,006,179