FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Apr. 30, 2018

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Derivatives

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
April 30, 2018
Derivative instrument - interest rate swap	Other Assets	$	1,779	$	—	$	1,779	$	—

Schedule of Fair Value Measurements on a Nonrecurring Basis

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

	(in thousands)
	Total		Level 1		Level 2		Level 3
April 30, 2018
Real estate investments valued at fair value	$	52,145	$	—	$	—	$	52,145
April 30, 2017
Real estate investments valued at fair value	$	506	$	—	$	—	$	506
Real estate held for sale (1)	10,891		—		—		10,891

(1) Represents only the portion of real estate held for sale at April 30, 2017 that was written down to estimated fair value.

Schedule of Estimated Fair Values of Financial Instruments

The estimated fair values of our financial instruments as of April 30, 2018 and 2017 are as follows:

	(in thousands)
	2018				2017
	Amount		Fair Value		Amount		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	$	11,891	$	11,891	$	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	124,000		124,000		57,050		57,050
Term loan (1)	70,000				—		—
Mortgages payable (2)	509,919		510,803		665,440		680,941
Mortgages payable related to assets held for sale	—		—		21,803		21,861

(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.