PROPERTY OWNED

12 Months Ended

Apr. 30, 2017

PROPERTY OWNED [Abstract]

PROPERTY OWNED

NOTE 4 • PROPERTY OWNED

Property, consisting principally of real estate, is stated at cost less accumulated depreciation and totaled $1.3 billion and $1.4 billion as of April 30, 2017 and 2016, respectively.

Construction period interest of approximately $431,000,  $4.9 million and $4.9 million has been capitalized for the years ended April 30, 2017, 2016 and 2015, respectively.

The future minimum lease receipts to be received under non-cancellable leases for commercial properties held for investment as of April 30, 2017, assuming that no options to renew or buy out the lease are exercised, are as follows:

Year Ended April 30,	(in thousands)
2018	$	25,922
2019		24,250
2020		22,695
2021		21,386
2022		19,601
Thereafter		120,772
	$	234,626

See Real Estate Investments within Note 2 for information about impairment losses recorded during fiscal years 2017, 2016, and 2015.