FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Jan. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value of Assets Measured on Recurring Basis

The fair value of the derivative by its level in the fair value hierarchy is as follows:

		(in thousands)
	Balance Sheet Location	Total		Level 1	Level 2		Level 3
January 31, 2018
Derivative instrument - interest rate swap	Other assets	$	359	—	$	359	—

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 January 31, 2018, and April 30, 2017, respectively, are as follows:

	(in thousands)
	January 31, 2018				April 30, 2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	$	22,666	$	22,666	$	28,819	$	28,819
FINANCIAL LIABILITIES
Other debt, including other debt related to assets held for sale	—		—		$	49,637	$	49,637
Revolving line of credit	$	67,000	$	67,000	$	57,050	$	57,050
Term loan(1)	$	70,000	$	70,000	—		—
Mortgages payable(2)	$	555,875	$	555,252	$	687,243	$	702,802

(1) Excluding the effect of the interest rate swap agreement.

(2) Includes mortgages payable related to assets held for sale and assets of discontinued operations at April 30, 2017.