COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Jan. 31, 2016

COMMITMENTS AND CONTINGENCIES [Abstract]

Development. Expansion and Renovation Projects

As of January 31, 2016, we had several development, expansion and renovation projects underway or placed in service during the quarter, the costs for which have been capitalized, as follows:

					(in thousands)				(in fiscal years)
Project Name and Location	Planned Segment		Rentable Square Feet or Number of Units		Anticipated Total Cost(1)		Costs as of January 31, 2016(1)		Anticipated Construction Completion
Deer Ridge - Jamestown, ND	Multifamily		163 units			24,874		24,874	4Q 2016
Cardinal Point - Grand Forks, ND(2)	Multifamily		251 units			48,242		48,242	4Q 2016
71 France - Edina, MN(3)	Multifamily		241 units			73,290		69,105	1Q 2017
Monticello Crossings - Monticello, MN	Multifamily		202 units			31,784		11,210	2Q 2017
Other		n/a		n/a		n/a		3,524		n/a
					$	178,190	$	156,955

(1) Includes costs related to development projects that are placed in service in phases (Deer Ridge - $14.3 million, 71 France - $41.3 million, Cardinal Point - $23.0 million).

(2) Anticipated total cost as of January 31, 2016 includes incremental cost increase due to the replacement of the project’s original general contractor. There may be additional costs for this project as it nears completion in the fourth quarter of fiscal year 2016.

(3) The project is being constructed in three phases by a joint venture entity in which we currently have 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.