FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Oct. 31, 2017

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value Measurements on a Nonrecurring Basis

The aggregate fair value of these assets by their levels in the fair value hierarchy is as follows:

	(in thousands)
	Total		Level 1		Level 2		Level 3
April 30, 2017
Real estate investments	$	506	$	—	$	—	$	506
Real estate held for sale(1)	$	10,891	$	—	$	—	$	10,891

(1) Represents only the portion of real estate held for sale that was written-down to estimated fair value.

Estimated Fair Values of Financial Instruments

The estimated fair values of our financial instruments as of October 31, 2017, and April 30, 2017, are as follows:

	(in thousands)
	October 31, 2017				April 30, 2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	$	42,464	$	42,464	$	28,819	$	28,819
FINANCIAL LIABILITIES
Other debt, including other debt related to assets held for sale		21,561		21,561		49,637		49,637
Lines of credit		247,500		247,500		57,050		57,050
Mortgages payable		658,965		667,646		665,440		680,941
Mortgages payable related to assets held for sale		—		—		21,803		21,861