COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Apr. 30, 2015

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, 2015 is as follows:

	(in thousands)
Fiscal Year Ended April 30,	Lease Payments
2016	$	478
2017		449
2018		449
2019		449
2020		449
Thereafter		20,764
Total	$	23,038

Schedule of Property Cost and Gross Rental Revenue

The Company has various contracts outstanding with third parties in connection with development, expansion and renovation projects that are underway or placed in service during the quarter, the costs for which have been capitalized. As of April 30, 2015, contractual commitments for these projects are as follows:

			(in thousands)				(in fiscal years)
Project Name and Location	Planned Segment	Rentable Square Feet or Number of Units	Anticipated Total Cost		Costs as of April 30, 2015(1)		Anticipated Construction Completion
Roseville 3075 Long Lake Rd - Roseville, MN	Industrial	202,807 sq ft		13,915		9,036	In Service
Chateau II - Minot, ND	Multi-Family Residential	72 units		14,711		13,129	1Q 2016
Edina 6565 France SMC III - Edina, MN	Healthcare	57,479 sq ft		36,752		22,549	1Q 2016
Minot Southgate Retail - Minot, ND	Retail	7,963 sq ft		2,923		2,164	1Q 2016
Renaissance Heights - Williston, ND(2)	Multi-Family Residential	288 units		62,362		59,087	1Q 2016
Deer Ridge – Jamestown, ND	Multi-Family Residential	163 units		24,519		15,355	2Q 2016
PrairieCare Medical - Brooklyn Park, MN	Healthcare	72,895 sq ft		24,251		19,457	2Q 2016
Cardinal Point - Grand Forks, ND	Multi-Family Residential	251 units		40,042		26,450	3Q 2016
71 France Phase I, II, III - Edina, MN(3)	Multi-Family Residential	241 units		73,290		35,137	1Q 2017
Other	n/a	n/a		n/a		6,618	n/a
			$	292,765	$	208,982

(1) Includes costs related to development projects that are placed in service in phases (Renaissance Heights - $46.0 million).

(2) 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.

(3) The project will be constructed in three phases by a joint venture entity in which the Company has an approximately 52.6% interest. The anticipated total cost amount given in the table above is the total cost to the joint venture entity. The anticipated total cost includes approximately 21,772 square feet of retail space.