AMREP (AXR) 10-Q 9 Mar 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jan. 31, 2020	Mar. 05, 2020
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	AMREP CORP.
Entity Central Index Key	0000006207
Current Fiscal Year End Date	--04-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,136,904
Trading Symbol	AXR

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2020	Apr. 30, 2019
ASSETS
Cash and cash equivalents	$ 14,166	$ 13,267
Cash and cash equivalents - restricted	305	969
Real estate inventory	54,084	57,773
Investment assets, net	17,658	17,227
Other assets	6,937	6,475
Taxes receivable, net	283	283
Deferred income taxes, net	3,881	4,536
TOTAL ASSETS	97,314	100,530
LIABILITIES:
Accounts payable and accrued expenses	3,451	2,964
Notes payable, net	982	1,319
Accrued pension costs	2,527	6,401
TOTAL LIABILITIES	6,960	10,684
SHAREHOLDERS' EQUITY:
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 8,362,154 at January 31, 2020 and 8,353,154 at April 30, 2019	836	835
Capital contributed in excess of par value	51,361	51,205
Retained earnings	47,025	49,052
Accumulated other comprehensive loss, net	(4,653)	(7,031)
Treasury stock, at cost - 225,250 shares at January 31, 2020 and April 30, 2019	(4,215)	(4,215)
TOTAL SHAREHOLDERS' EQUITY	90,354	89,846
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 97,314	$ 100,530

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2020	Apr. 30, 2019
Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	8,362,154	8,353,154
Treasury stock, shares	225,250	225,250

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
REVENUES:
Revenues	$ 5,287	$ 2,381	$ 14,014	$ 9,239
COSTS AND EXPENSES:
Real estate land sales	3,076	1,962	9,502	7,855
Corporate land sales	477	0	477	0
Real estate operating expenses	471	258	1,473	779
General and administrative expenses:
Real estate operations	93	111	365	415
Corporate operations	494	811	1,978	2,604
Pension settlement			2,929	0
Operating expenses	4,611	3,142	16,724	11,653
Operating income (loss) from continuing operations	676	(761)	(2,710)	(2,414)
Interest income, net	58	36	323	103
Income (loss) from continuing operations before income taxes	734	(725)	(2,387)	(2,311)
(Benefit from) provision for income taxes	396	730	(360)	385
Income (loss) from continuing operations	338	(1,455)	(2,027)	(2,696)
Income from discontinued operations, net of income taxes (Note 2)	0	1,423	0	2,780
Net (loss) income	$ 338	$ (32)	$ (2,027)	$ 84
Continuing operations	$ 0.04	$ (0.18)	$ (0.25)	$ (0.33)
Discontinued operations	0	0.18	0	0.34
Earnings (loss) per share, net	$ 0.04	$ 0	$ (0.25)	$ 0.01
Weighted average number of common shares outstanding - basic	8,138	8,103	8,129	8,095
Weighted average number of common shares outstanding - diluted	8,174	8,103	8,129	8,140
Real estate land sales [Member]
REVENUES:
Revenues	$ 3,812	$ 2,376	$ 11,626	$ 8,924
Corporate Land Sales [Member]
REVENUES:
Revenues	665	0	665	0
Rental income [Member]
REVENUES:
Revenues	114	0	796	0
Other [Member]
REVENUES:
Revenues	$ 696	$ 5	$ 927	$ 315

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Capital Contributed in Excess of Par Value [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]	Total
Balance at Apr. 30, 2018	$ 832	$ 50,922	$ 47,525	$ (7,934)	$ (4,215)	$ 87,130
Balance (in shares) at Apr. 30, 2018	8,324
Issuance of restricted common stock	$ 3	203	0	0	0	206
Issuance of restricted common stock (in shares)	29
Issuance of deferred stock units	$ 0	80	0	0	0	80
Net income (loss)	0	0	84	0	0	84
Other comprehensive income	0	0	0	471	0	471
Balance at Jan. 31, 2019	$ 835	51,205	47,609	(7,463)	(4,215)	87,971
Balance (in shares) at Jan. 31, 2019	8,353
Balance at Oct. 31, 2018	$ 835	51,125	47,641	(7,620)	(4,215)	87,766
Balance (in shares) at Oct. 31, 2018	8,353
Issuance of deferred stock units	$ 0	80	0	0	0	80
Net income (loss)	0	0	(32)	0	0	(32)
Other comprehensive income	0	0	0	157	0	157
Balance at Jan. 31, 2019	$ 835	51,205	47,609	(7,463)	(4,215)	87,971
Balance (in shares) at Jan. 31, 2019	8,353
Balance at Apr. 30, 2019	$ 835	51,205	49,052	(7,031)	(4,215)	89,846
Balance (in shares) at Apr. 30, 2019	8,353
Issuance of restricted common stock	$ 1	56	0	0	0	57
Issuance of restricted common stock (in shares)	9
Issuance of deferred stock units	$ 0	100	0	0	0	100
Net income (loss)	0	0	(2,027)	0	0	(2,027)
Other comprehensive income	0	0	0	2,378	0	2,378
Balance at Jan. 31, 2020	$ 836	51,361	47,025	(4,653)	(4,215)	90,354
Balance (in shares) at Jan. 31, 2020	8,362
Balance at Oct. 31, 2019	$ 836	51,261	46,687	(4,730)	(4,215)	89,839
Balance (in shares) at Oct. 31, 2019	8,362
Issuance of deferred stock units	$ 0	100	0	0	0	100
Net income (loss)	0	0	338	0	0	338
Other comprehensive income	0	0	0	77	0	77
Balance at Jan. 31, 2020	$ 836	$ 51,361	$ 47,025	$ (4,653)	$ (4,215)	$ 90,354
Balance (in shares) at Jan. 31, 2020	8,362

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Consolidated Statements of Comprehensive Income
Net (loss) income	$ 338	$ (32)	$ (2,027)	$ 84
Other comprehensive income, net of tax:
Pension settlement, net of tax ($880 in 2020)			2,049
Decrease in pension liability, net of tax	77	157	329	471
Other comprehensive income	77	157	2,378	471
Total comprehensive income	$ 415	$ 125	$ 351	$ 555

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Consolidated Statements of Comprehensive Income
Pension settlement, net of tax			$ 880
Decrease in pension liability, tax	$ 24	$ 69	$ 134	$ 207

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (2,027)	$ 84
Income from discontinued operations	0	2,780
Loss from continuing operations	(2,027)	(2,696)
Adjustments to reconcile loss from continuing operations to net cash provided by (used in) operating activities of continuing operations:
Depreciation	381	381
Amortization of deferred financing fees	56	18
Non-cash credits and charges:
Interest earned on deferred purchase price	(196)	0
Stock-based compensation	107	173
Deferred income tax benefit	(336)	(188)
Net periodic pension cost	189	556
Pension settlement	2,929	0
Amortization of right of use assets	154	0
Changes in assets and liabilities:
Real estate inventory and investment assets	2,907	133
Other assets	(399)	(209)
Accounts payable and accrued expenses	487	(362)
Taxes receivable and payable	0	206
Other liabilities and deferred revenue	0	(134)
Accrued pension costs	(3,600)	(2,000)
Total adjustments	2,679	(1,426)
Net cash provided by (used in) operating activities of continuing operations	652	(4,122)
Net cash provided by operating activities of discontinued operations	0	3,598
Net cash provided by (used in) operating activities	652	(524)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from corporate-owned life insurance policy	0	85
Capital expenditures	(18)	(4)
Net cash (used in) provided by investing activities of continuing operations	(18)	81
Net cash used in investing activities of discontinued operations	0	(58)
Net cash (used in) provided by investing activities	(18)	23
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt financing	986	2,814
Principal debt payments	(1,385)	(2,075)
Payments for debt issuance costs	0	(46)
Net cash (used in) provided by financing activities	(399)	693
Increase in cash, cash equivalents and restricted cash	235	192
Cash, cash equivalents and restricted cash, beginning of period	14,236	14,041
Cash, cash equivalents and restricted cash, end of period	14,471	14,233
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes refunded, net	0	(271)
Right-of-use assets obtained in exchange for operating lease liabilities	$ 198	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES	9 Months Ended
	Jan. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES	(1) SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES The accompanying unaudited consolidated financial statements have been prepared by AMREP Corporation (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The Company, through its subsidiaries, is primarily engaged in one business segment: the real estate business. The Company has no foreign sales or activities outside the United States. All significant intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, these unaudited consolidated financial statements include all adjustments, which are of a normal recurring nature, considered necessary to reflect a fair presentation of the results for the interim periods presented. The results of operations for such interim periods are not necessarily indicative of what may occur in future periods. Unless the context otherwise indicates, all references to 2020 and 2019 are to the fiscal years ending April 30, 2020 and 2019 and all references to the third quarter and first nine months of 2020 and 2019 mean the fiscal three month and nine month periods ended January 31, 2020 and 2019. The unaudited consolidated financial statements contained herein should be read in conjunction with the Company’s annual report on Form 10-K for the year ended April 30, 2019, which was filed with the SEC on July 26, 2019 (the “2019 Form 10-K”). Certain 2019 balances in these financial statements have been reclassified to conform to the current year presentation with no effect on net income (loss) or shareholders’ equity. Summary of Significant Accounting Policies The significant accounting policies used in preparing these consolidated financial statements are consistent with the accounting policies described in the 2019 Form 10-K, except for those adopted as described below. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases . Since that date, the FASB has issued additional ASUs providing further guidance for lease transactions (collectively “ASU 2016-02”). ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in its balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of twelve months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. During the first nine months of 2020, right-of-use assets obtained in exchange for operating lease liabilities amounted to $198,000 as a result of adoption of ASU 2016-02. In addition, ASU 2016-02 requires the lessor to recognize fixed lease payments under tenant leases on a straight-line basis over the term of the related lease. The cumulative difference between lease revenue recognized under the straight-line method and contractual lease payments is recorded within Other assets on the consolidated balance sheets. ASU 2016-02 was effective for the Company on May 1, 2019, with the Company recognizing and measuring leases using a modified retrospective approach. The adoption of ASU 2016-02 by the Company did not have a material effect on its consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718) – Improvements to Nonemployee Share-based Payment Accounting . ASU 2018-07 addresses several aspects of the accounting for nonemployee share-based payment transactions, including share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 was effective for the Company on May 1, 2019. The adoption of ASU 2018-07 by the Company had no impact on its consolidated financial statements. In January 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which permits but does not require the reclassification to retained earnings of certain tax effects resulting from the U.S. Tax Cuts and Jobs Act related to items in accumulated other comprehensive income. ASU 2018-02 may be applied retrospectively to each period in which the effect of the U.S. Tax Cuts and Jobs Act is recognized or may be applied in the period of adoption. ASU 2018-02 was effective for the Company on May 1, 2019. The Company opted not to reclassify items from other comprehensive income to retained earnings, as was permitted by ASU 2018-02; therefore, the adoption of ASU 2018-02 had no impact on its consolidated financial statements. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements to improve the effectiveness of disclosures in the notes to financial statements. ASU 2018-13 will be effective for the Company’s fiscal year beginning May 1, 2020. The Company is currently evaluating the impact that this ASU will have on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 removes disclosures that no longer are considered cost beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant for companies with defined benefit retirement plans. ASU 2018-14 will be effective for the Company’s fiscal year beginning May 1, 2020. The Company is currently evaluating the impact that this ASU will have on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes , which removes certain exceptions for companies related to tax allocations and simplifies when companies recognize deferred tax liabilities in an interim period. ASU 2019-12 will be effective for the Company’s fiscal year beginning May 1, 2021. The Company is currently evaluating the impact that this ASU will have on the Company’s consolidated financial statements.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Jan. 31, 2020
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS	(2) DISCONTINUED OPERATIONS Refer to Note 2 to the consolidated financial statements contained in the 2019 Form 10-K for detail about the sale in 2019 of the Company’s fulfillment services business reported as discontinued operations in the accompanying financial statements. The following table provides a reconciliation of the carrying amounts of components of pretax income of the discontinued operations to the amounts reported in the accompanying consolidated statements of operations: Three Months ended Nine Months ended January 31, 2019 January 31, 2019 (in thousands) Components of pretax income from discontinued operations: Revenues $ 6,916 $ 21,302 Operating expenses 6,062 18,165 General and administrative expenses 346 1,026 Interest income (expense), net (1) (1) Income from discontinued operations before income taxes 507 2,110 Benefit from income taxes 916 670 Income from discontinued operations $ 1,423 $ 2,780 Refer to Note 11 for detail about a settlement agreement entered into in February 2020 with the Company’s former fulfillment services business and its buyer.

RESTRICTED CASH

RESTRICTED CASH	9 Months Ended
	Jan. 31, 2020
RESTRICTED CASH
RESTRICTED CASH	(3) RESTRICTED CASH As of April 30, 2019, the Company was subject to two Subdivision Improvement Agreements with the City of Rio Rancho, New Mexico. In connection with these agreements, the Company had signed a promissory note for each subdivision and deposited restricted funds in a reserve bank account for each subdivision. Following successful completion and acceptance of the Company’s performance in a subdivision, the applicable promissory note would be cancelled and the related restricted funds would be returned to the Company’s general cash. During the first nine months of 2020, $664,000 of cash was released from restrictions under the Subdivision Improvement Agreements. The total amount of restricted funds at January 31, 2020 was $305,000 and at April 30, 2019 was $969,000. The following provides a reconciliation of the Company’s cash and cash equivalents and restricted cash as reported in the consolidated balance sheets to the amounts reported in the statement of cash flows: January 31, April 30, 2020 2019 (in thousands) Cash and cash equivalents $ 14,166 $ 13,267 Restricted cash 305 969 Total cash, cash equivalents and restricted cash $ 14,471 $ 14,236

INVESTMENT ASSETS, NET

INVESTMENT ASSETS, NET	9 Months Ended
	Jan. 31, 2020
INVESTMENT ASSETS, NET
INVESTMENT ASSETS, NET	(4) INVESTMENT ASSETS, NET Investment assets, net consist of: January 31, April 30, 2020 2019 (in thousands) Land held for long-term investment $ 9,815 $ 9,706 Construction in process 1,148 — Leased warehouse and office facilities 13,089 13,527 Less accumulated depreciation (6,394) (6,006) 6,695 7,521 $ 17,658 $ 17,227 Land held for long-term investment represents property located in areas that are not planned to be developed in the near term and thus has not been offered for sale. As of April 30, 2019, the Company held approximately 12,000 acres of land in New Mexico classified as land held for long-term investment. Construction in process relates to construction costs of a single tenant retail building in the Las Fuentes at Panorama Village subdivision in Rio Rancho, New Mexico. Refer to Note 7 for detail about financing of these construction costs. The warehouse and office facilities located in Palm Coast, Florida, aggregate 204,000 square feet and are leased to a third party with a lease term scheduled to expire in 2029. Refer to Note 11 for detail about a settlement agreement entered into in February 2020 with the third party lessee. Depreciation associated with the warehouse and office facilities was $366,000 and $367,000 for the first nine months of 2020 and 2019 and $87,000 and $122,000 for the third quarters of 2020 and 2019.

OTHER ASSETS

OTHER ASSETS	9 Months Ended
	Jan. 31, 2020
OTHER ASSETS
OTHER ASSETS	(5) OTHER ASSETS Other assets consist of: January 31, April 30, 2020 2019 (in thousands) Deferred purchase price $ 5,477 $ 5,636 Prepaid expenses and other, net 1,460 839 $ 6,937 $ 6,475 The Company recognized deferred purchase price upon the sale of the Company’s fulfillment services business in April 2019. The deferred purchase price is being amortized over the lease term (scheduled to expire in 2029) with respect to the warehouse and office facilities included in investment assets, net, with $159,000 of tenant lease payments reducing the deferred purchase price for the first nine months of 2020. Refer to Note 11 for detail about a settlement agreement entered into in February 2020 with the Company’s former fulfillment services business and its buyer regarding these warehouse and office facilities. Prepaid expenses and other, net includes property and equipment for which there was $13,000 of depreciation during the first nine months of 2020 and 2019 and $4,000 of depreciation during the third quarters of 2020 and 2019. Right-of-use assets associated with the leases of the Plymouth Meeting, PA and Rio Rancho, NM office facilities were $135,000 as of January 31, 2020, net of $80,000 of depreciation during the first nine months of 2020 which included $28,000 of depreciation during the third quarter of 2020.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	9 Months Ended
	Jan. 31, 2020
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	(6) ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of: January 31, April 30, 2020 2019 (in thousands) Real estate operations $ 2,956 $ 2,359 Corporate operations 495 605 $ 3,451 $ 2,964 As of January 31, 2020, accounts payable and accrued expenses for the Company’s real estate business included accrued expenses of $417,000, trade payables of $1,251,000, real estate customer deposits of $1,252,000 and other of $36,000. As of April 30, 2019, accounts payable and accrued expenses for the Company’s real estate business included accrued expenses of $491,000, trade payables of $652,000, real estate customer deposits of $1,198,000 and other of $18,000.

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
	Jan. 31, 2020
NOTES PAYABLE
NOTES PAYABLE	(7) NOTES PAYABLE Notes payable, net consist of: January 31, April 30, 2020 2019 (in thousands) Real estate notes payable $ 986 $ 1,384 Unamortized debt issuance costs (4) (65) $ 982 $ 1,319 Refer to Note 7 to the consolidated financial statements contained in the 2019 Form 10-K for detail about the loan agreement entered into with Main Bank in July 2018 with respect to the development of certain planned residential lots within the Hawk Site subdivision located in Rio Rancho, New Mexico. During the three months ended October 31, 2019, the outstanding principal amount of the loan was fully repaid and the loan was terminated. The Company made principal repayments related to this loan of $1,203,000 during the first nine months of 2020. Refer to Note 7 to the consolidated financial statements contained in the 2019 Form 10-K for detail about the loan agreement entered into with BOKF, NA dba Bank of Albuquerque (“BoABQ”) in December 2017 with respect to the development of certain planned residential lots within the Lomas Encantadas subdivision located in Rio Rancho, New Mexico. During the three months ended July 31, 2019, the outstanding principal amount of the loan was fully repaid and the loan was terminated. The Company made principal repayments related to this loan of $182,000 during the first nine months of 2020. The Company capitalized $4,000 and $18,000 of interest related to this loan in the first nine months of 2020 and 2019. Refer to Note 15 to the consolidated financial statements contained in the 2019 Form 10-K for detail about the loan agreement entered into with BoABQ with respect to the development of certain planned residential lots within the Lomas Encantadas subdivision located in Rio Rancho, New Mexico. The outstanding principal amount of the loan as of January 31, 2020 was $965,000 and the Company made no principal repayments related to this loan during the first nine months of 2020. The total book value of the property within the Lomas Encantadas subdivision mortgaged to BoABQ under this loan was $2,495,000 as of January 31, 2020. The interest rate on the loan at January 31, 2020 was 4.66%. The Company capitalized interest related to this loan of $5,000 in the third quarter of 2020 and $8,000 in the first nine months of 2020. In January 2020, Las Fuentes Village II, LLC (“LFV”), a subsidiary of the Company, entered into a Loan Agreement with BoABQ. The Loan Agreement is evidenced by a Non-Revolving Line of Credit Promissory Note and is secured by a Mortgage, Security Agreement and Financing Statement, between LFV and BoABQ with respect to the construction of an approximately 14,000 square foot, single tenant retail building on an approximately 1.3 acre property owned by LFV in the Las Fuentes at Panorama Village subdivision in Rio Rancho, New Mexico (the “Mortgaged Property”). Pursuant to a Limited Guaranty Agreement entered into by AMREP Southwest Inc. (“ASW”), a subsidiary of the Company, in favor of BoABQ, ASW has guaranteed LFV’s obligations under each of the above agreements. · Available Principal : BoABQ agreed to lend up to $2,750,000 to LFV on a non-revolving line of credit basis to partially fund the construction of the single tenant retail building on the Mortgaged Property. · Maturity Date : The loan is scheduled to mature on January 10, 2027. · Interest and Principal Payments : o During the period beginning on January 10, 2020 and ending on January 10, 2021, interest on the outstanding principal amount of the loan is payable monthly at the annual rate equal to the London Interbank Offered Rate for a thirty-day interest period plus a spread of 2.9%, adjusted monthly. The outstanding principal amount of the loan may be prepaid without penalty while this interest rate is applicable to the loan. o Beginning January 11, 2021, the interest rate with respect to the outstanding principal amount of the loan will be one of the following interest rates to be selected by LFV: § six-year fixed rate of interest equal to the weekly average yield on United States Treasury securities, adjusted to a constant maturity of seven years, plus a spread of 2.29%. The outstanding principal amount of the loan may be prepaid with a penalty while this interest rate is applicable to the loan. § six-year fixed rate of interest equal to the weekly average yield on United States Treasury securities, adjusted to a constant maturity of seven years, plus a spread of 3.21%. The outstanding principal amount of the loan may be prepaid without penalty while this interest rate is applicable to the loan. § three-year fixed rate of interest equal to the weekly average yield on United States Treasury securities, adjusted to a constant maturity of three years, plus a spread of 2.33%. The outstanding principal amount of the loan may be prepaid with a penalty while this interest rate is applicable to the loan. § three-year fixed rate of interest equal to the weekly average yield on United States Treasury securities, adjusted to a constant maturity of three years, plus a spread of 3.0%. The outstanding principal amount of the loan may be prepaid without penalty while this interest rate is applicable to the loan. o If a three-year fixed rate of interest is selected by LFV, at the end of such term, LFV may elect one of the following interest rates for the balance of the term: the London Interbank Offered Rate for a thirty-day interest period plus a spread of 2.9%, adjusted monthly, or one of the three-year fixed rates of interest described above. o Beginning January 11, 2021, LFV will be required to make payments of principal and interest at the applicable interest rate on a monthly basis calculated based on a 25-year amortization. On the maturity date, LFV will be required to make a final payment of all outstanding principal and accrued and unpaid interest and any other unpaid sums. · LFV and ASW have made certain representations and warranties in connection with this loan and are required to comply with various covenants, reporting requirements and other customary requirements for similar loans. The loan documentation contains customary events of default for similar financing transactions, including: LFV’s failure to make principal, interest or other payments when due; the failure of LFV or ASW to observe or perform their respective covenants under the loan documentation; any representation or warranty of LFV or ASW being false; the insolvency or bankruptcy of LFV or ASW; and the failure of LFV to complete construction of the single tenant retail building on the Mortgaged Property by January 10, 2021. Upon the occurrence and during the continuance of an event of default, BoABQ may declare the outstanding principal amount and all other obligations under the loan immediately due and payable. LFV incurred certain customary costs and expenses and paid certain fees to BoABQ in connection with the loan. · The outstanding principal amount of the loan as of January 31, 2020 was $21,000 and the Company made no principal repayments related to this loan during the first nine months of 2020. The total book value of the Mortgaged Property was $1,441,000 as of January 31, 2020. The interest rate on the loan at January 31, 2020 was 4.56%.

OTHER REVENUES

OTHER REVENUES	9 Months Ended
	Jan. 31, 2020
OTHER REVENUES
OTHER REVENUES	(8) OTHER REVENUES Other revenues were $696,000 for the third quarter of 2020 and $5,000 for the third quarter of 2019. Other revenues were $927,000 for the first nine months of 2020 and $315,000 for the first nine months of 2019. Other revenues for the third quarter of 2020 and the first nine months of 2020 included $499,000 of royalties received during the third quarter of 2020 from oil and gas production for the period March 2019 through November 2019 by a third party lessee with respect to the Company’s mineral rights in Brighton, Colorado. Additional other revenue resulted from forfeited deposits and amortization of deferred revenue.

BENEFIT PLANS

BENEFIT PLANS	9 Months Ended
	Jan. 31, 2020
BENEFIT PLANS
BENEFIT PLANS	(9) BENEFIT PLANS Pension Plan Refer to Note 10 to the consolidated financial statements contained in the 2019 Form 10-K for detail regarding the Company’s defined benefit pension plan. The Company recognizes the known changes in the funded status of the pension plan in the period in which the changes occur through other comprehensive income, net of the related deferred income tax effect. The Company recognized other comprehensive income of $77,000 and $157,000 for the third quarters of 2020 and 2019, and $2,378,000 and $471,000 for the first nine months of 2020 and 2019 related to the amortization of the plan’s unrecognized net loss included in accumulated other comprehensive loss, net in the accompanying financial statements. The Company funds the pension plan in compliance with IRS funding requirements. The Company made voluntary contributions to the pension plan of $3,600,000 during the first nine months of 2020 and $2,000,000 during the first nine months of 2019. No contributions to the pension plan were made by the Company during the third quarter of 2020 or 2019. Refer to Note 10 to the consolidated financial statements contained in the 2019 Form 10-K for detail regarding the acceleration of the funding of $5,194,000 of accrued pension-related obligations to the Company’s defined benefit pension plan and the Company’s election to satisfy this accelerated funding obligation over a period of seven years beginning in fiscal year 2021. Notwithstanding such election, the contribution to the pension plan of $3,600,000 during 2020 eliminated any requirement for the Company to further satisfy the $5,194,000 of accelerated accrued pension-related obligations to the pension plan. The Company recognized a non-cash pre-tax pension settlement charge of $2,929,000 in the first nine months of 2020, due to the Company’s defined benefit pension plan paying an aggregate of $7,280,000 in lump sum payouts of pension benefits to certain former employees. No pension settlement charge was recognized in the third quarter of 2020. Equity Compensation Plan Refer to Note 10 to the consolidated financial statements contained in the 2019 Form 10-K for detail regarding the AMREP Corporation 2016 Equity Compensation Plan (the “2016 Equity Plan”) and the AMREP Corporation 2006 Equity Compensation Plan (together with the 2016 Equity Plan, the “Equity Plans”). The Company issued 9,000 shares and 29,200 shares of restricted common stock under the 2016 Equity Plan during the first nine months of 2020 and 2019. During the first nine months of 2020 and 2019, 14,833 shares and 16,583 shares of restricted common stock previously issued under the Equity Plans vested. No shares vested during the third quarter of 2020 or 2019. As of January 31, 2020 and January 31, 2019, 36,834 shares and 47,367 shares of restricted common stock previously issued under the Equity Plans had not vested. For the first nine months of 2020 and 2019, the Company recognized $83,000 and $113,000 of non-cash compensation expense related to the vesting of restricted shares of common stock. As of January 31, 2020 and January 31, 2019, there was $105,000 and $201,000 of unrecognized compensation expense related to restricted shares of common stock previously issued under the Equity Plans that had not vested as of those dates, which is expected to be recognized over the remaining vesting term not to exceed three years. On the last trading day of calendar year 2019, each non-employee member of the Company’s Board of Directors was issued the number of deferred common share units of the Company under the 2016 Equity Plan equal to $25,000 divided by the closing price per share of common stock reported on the New York Stock Exchange on such date. Based on the closing price per share of $5.98 on December 31, 2019, the Company issued a total of 16,720 deferred common share units to members of the Company’s Board of Directors. Director compensation expense is recognized for the annual grant of deferred common share units ratably over the director’s service in office during the calendar year. The Company recognized $30,000 and $83,000 of non-cash director fee compensation during the third quarter and first nine months of 2020 related to deferred common share units issued to non-employee members of the Company’s Board of Directors on December 31, 2019 and expected to be issued to non-employee members of the Company’s Board of Directors in December 2020. The Company recognized $20,000 and $60,000 of non-cash director fee compensation during the third quarter and first nine months of 2019.

INTEREST INCOME, NET

INTEREST INCOME, NET	9 Months Ended
	Jan. 31, 2020
INTEREST INCOME, NET
INTEREST INCOME, NET	(10) INTEREST INCOME, NET Interest income, net consists of: Three Months ended January 31, January 31, 2020 2019 (in thousands) Interest income on savings $ 26 $ 36 Interest income on deferred purchase price 32 — $ 58 $ 36 Nine Months ended January 31, January 31, 2020 2019 (in thousands) Interest income on savings $ 127 $ 121 Interest income on deferred purchase price 196 — Interest expense — (18) $ 323 $ 103

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Jan. 31, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	(11) SUBSEQUENT EVENTS Loan Agreement with Sandia Laboratory Federal Credit Union In February 2020, Mountain Hawk East Development Company LLC (“MHEDC”), a subsidiary of the Company, entered into a Business Loan Agreement with Sandia Laboratory Federal Credit Union (“SLFCU”). The Business Loan Agreement is evidenced by a Promissory Note, and is secured by a Line of Credit Mortgage, between MHEDC and SLFCU, with respect to certain planned residential lots within the Hawk Site subdivision located in Rio Rancho, New Mexico. Pursuant to a Commercial Guaranty entered into by ASW in favor of SLFCU, ASW has guaranteed MHEDC’s obligations under each of the above agreements. · Available Principal : SLFCU agreed to lend up to $3,000,000 to MHEDC on a revolving line of credit basis to partially fund the development of certain planned residential lots within the Hawk Site subdivision. The maximum principal available under the loan will be limited to 75% of the bulk discounted value of the lots to be developed with the loan proceeds. · Maturity Date : The loan is scheduled to mature on August 1, 2022. · Interest Payments : Interest on the outstanding principal amount of the loan is payable monthly at the fixed annual rate of 4.5%. · Principal Payments : SLFCU is required to release the lien of its mortgage on any lot upon MHEDC making a principal payment equal to $52,000 per lot. On the maturity date, MHEDC will be required to make a final payment of all outstanding principal and accrued and unpaid interest. The outstanding principal amount of the loan may be prepaid at any time without penalty. · MHEDC and ASW have made certain representations and warranties in connection with this loan and are required to comply with various covenants, reporting requirements and other customary requirements for similar loans. The loan documentation contains customary events of default for similar financing transactions, including: MHEDC’s failure to make principal, interest or other payments when due; the failure of MHEDC or ASW to observe or perform their respective covenants under the loan documentation; any representation or warranty of MHEDC or ASW being false; the insolvency or bankruptcy of MHEDC or ASW; and the failure of ASW to maintain a tangible net worth of at least $29 million. Upon the occurrence and during the continuance of an event of default, SLFCU may declare the outstanding principal amount and all other obligations under the loan immediately due and payable. MHEDC incurred certain customary costs and expenses and paid certain fees to SLFCU in connection with the loan. Settlement Agreement Refer to Note 2 to the consolidated financial statements contained in the 2019 Form 10-K for detail regarding the following agreements: the membership interest purchase agreement, dated as of April 26, 2019, between Palm Coast Data Holdco, Inc. (“Seller”) and Studio Membership Services, LLC (“Buyer”); the triple net lease agreement, dated as of April 26, 2019 (the “2 Commerce Lease Agreement”), between Palm Coast Data LLC (“PCD”) and Two Commerce LLC (“TC”), pursuant to which PCD leases from TC a 61,000 square foot facility located at 2 Commerce Boulevard, Palm Coast, Florida (the “2 Commerce Property”); and the triple net lease agreement, dated as of April 26, 2019 (the “11 Commerce Lease Agreement”), between PCD and Commerce Blvd Holdings, LLC (“CBH”), pursuant to which PCD leases from CBH a 143,000 square foot facility located at 11 Commerce Boulevard, Palm Coast, Florida (the “11 Commerce Property”). Seller, TC and CBH are subsidiaries of the Company. On December 19, 2019, each of TC and CBH filed a complaint in the Circuit Court of the Seventh Judicial District in and for Flagler County, Florida against PCD and the guarantors under the 2 Commerce Lease Agreement and the 11 Commerce Lease Agreement. Each complaint included claims for damages and for the eviction of PCD from the 2 Commerce Property and the 11 Commerce Property. In connection with such lawsuits, PCD and the guarantors raised certain claims against the Company and certain of its subsidiaries, including with respect to the Purchase Agreement, the 2 Commerce Lease Agreement and the 11 Commerce Lease Agreement. The Company discontinued recognizing rent revenues for a portion of the third quarter of 2020 due to the collection uncertainty associated with this complaint. In February 2020, Seller, Buyer and PCD entered into a settlement agreement (the “Settlement Agreement”) pursuant to which Seller, Buyer and PCD agreed to settle the outstanding claims among the parties in accordance with the following terms: · Settlement Payments . PCD agreed to pay Seller $325,000 on or before February 18, 2020, $100,000 on or before February 25, 2020, $100,000 on or before March 3, 2020, $100,000 on or before March 10, 2020 and $325,000 on or before March 20, 2020 (collectively, the “Settlement Payments”). As of March 9, 2020, Seller has received payments of $525,000 from PCD. · Amendments to the Lease Agreements . If all Settlement Payments have been timely received by Seller, the following amendments to the 2 Commerce Lease Agreement and the 11 Commerce Lease Agreement will become effective: o The 2 Commerce Lease Agreement will be amended to provide that (a) TC will be responsible for paying 2019 property taxes for the 2 Commerce Property and (b) beginning June 1, 2020, PCD will pay TC on the first day of each month all lease payments due and payable under the lease and 1/12th of the estimated annual property taxes for the 2 Commerce Property for 2020 and future years. o The 11 Commerce Lease Agreement will be amended to provide that (a) CBH will be responsible for paying 2019 property taxes for the 11 Commerce Property and (b) beginning April 1, 2020, PCD will pay CBH on the first day of each month all lease payments due and payable under the lease and 1/12th of the estimated annual property taxes for the 11 Commerce Property for 2020 and future years. · Purchase Agreement for the 11 Commerce Property . CBH and 11 Commerce Blvd Holdings, LLC, a Delaware limited liability company (the “Property Purchaser”), entered into a purchase agreement (the “Purchase Agreement”) for the sale by CBH to the Property Purchaser of the 11 Commerce Property for a purchase price of $12,500,000, with a closing scheduled for April 2020 subject to a financing contingency. The Property Purchaser is an affiliate of Buyer. The purchase price will be comprised of cash of $10,125,000 (which is expected to include cash from the Property Purchaser and from third party financing that will have a first lien mortgage on the 11 Commerce Property) and a promissory note in the principal amount of $2,375,000 payable by Property Purchaser to CBH (the “Purchase Note”). The Purchase Note will have an interest rate of the Wall Street Journal Prime Rate plus 2.0%, monthly interest-only payments during the first year, monthly interest and principal payments starting in the second year, a principal amortization period of 24 years starting in the second year and a term of 10 years and will be secured by a second lien mortgage on the 11 Commerce Property. o Contribution and Loan . At the closing of the purchase of the 11 Commerce Property pursuant to the Purchase Agreement and if all Settlement Payments have been timely received by Seller, (1) Seller will contribute $900,000 in cash to Property Purchaser to be credited against the cash portion of the purchase price to be provided by the Property Purchaser under the Purchase Agreement and (2) CBH will loan PCD $300,000 in cash which will be evidenced by a promissory note with an interest rate of the Wall Street Journal Prime Rate plus 5.0%, monthly interest-only payments during the term and a maturity date of October 31, 2020 and will be secured by a third lien mortgage on the 11 Commerce Property. o Amendment of Lease . At the closing of the purchase of the 11 Commerce Property pursuant to the Purchase Agreement, the 2 Commerce Lease Agreement will be further amended to provide (1) that base rent will be $545,470 per year, (2) an expiration date as of the last day of the month that is 6 months following the closing date of the purchase of the 11 Commerce Property; provided that, PCD may terminate the 2 Commerce Lease Agreement effective on the last day of any month prior to the new expiration date by providing TC written notice electing such termination 30 days in advance of such effective date and (3) all amounts due under the 2 Commerce Lease Agreement will be secured by a fourth lien mortgage on the 11 Commerce Property. o Forgiveness of Debt . If there have been no defaults by Buyer, PCD and each of their affiliates under the Settlement Agreement (including exhibits) through November 1, 2021, CBH will forgive $400,000 of the principal amount of the Purchase Note as of November 1, 2021. · Smithsonian Release Agreement . The Company, PCD and Liam Lynch entered into an agreement pursuant to which PCD and Mr. Lynch will use their best efforts to have the Smithsonian Institution terminate its support agreement with the Company (which requires the Company (through May 2023) to pay up to $250,000 to the Smithsonian Institution if PCD fails to provide certain required services to the Smithsonian Institution). If the support agreement is terminated on or before the closing of the purchase of the 11 Commerce Property pursuant to the Purchase Agreement, then interest, late fees, collection costs and attorneys’ fees for PCD’s past due amounts under the 2 Commerce Lease Agreement and the 11 Commerce Lease Agreement (aggregating $200,000) will be released. If the support agreement is not terminated on or before the closing of the purchase of the 11 Commerce Property pursuant to the Purchase Agreement, then such amount shall be added to the principal amount of the Purchase Note. If the support agreement is terminated on or before July 31, 2020, but after the closing of the purchase of the 11 Commerce Property pursuant to the Purchase Agreement, then such amount previously included in the principal amount of the Purchase Note will be forgiven from the principal amount of the Purchase Note effective as of the date the support agreement is terminated. If the support agreement is not terminated on or before May 15, 2020 and the closing of the purchase of the 11 Commerce Property pursuant to the Purchase Agreement has not occurred by May 15, 2020, then PCD shall pay such amount to TC and CBH on or before May 18, 2020. · Release Agreements . Seller, Buyer, PCD and their affiliates entered into agreements to release claims between the parties. PCD provided TC and CBH with stipulated judgments of eviction for each of the lease agreements, whereby if PCD or any of its affiliates fails to comply with any term of the Settlement Agreement (including exhibits), TC and CBH will have the right to file the stipulated judgments with the applicable court and enforce the terms thereof. ·

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES (Policies)	9 Months Ended
	Jan. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
Recently Adopted And Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases . Since that date, the FASB has issued additional ASUs providing further guidance for lease transactions (collectively “ASU 2016-02”). ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in its balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of twelve months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. During the first nine months of 2020, right-of-use assets obtained in exchange for operating lease liabilities amounted to $198,000 as a result of adoption of ASU 2016-02. In addition, ASU 2016-02 requires the lessor to recognize fixed lease payments under tenant leases on a straight-line basis over the term of the related lease. The cumulative difference between lease revenue recognized under the straight-line method and contractual lease payments is recorded within Other assets on the consolidated balance sheets. ASU 2016-02 was effective for the Company on May 1, 2019, with the Company recognizing and measuring leases using a modified retrospective approach. The adoption of ASU 2016-02 by the Company did not have a material effect on its consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718) – Improvements to Nonemployee Share-based Payment Accounting . ASU 2018-07 addresses several aspects of the accounting for nonemployee share-based payment transactions, including share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 was effective for the Company on May 1, 2019. The adoption of ASU 2018-07 by the Company had no impact on its consolidated financial statements. In January 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which permits but does not require the reclassification to retained earnings of certain tax effects resulting from the U.S. Tax Cuts and Jobs Act related to items in accumulated other comprehensive income. ASU 2018-02 may be applied retrospectively to each period in which the effect of the U.S. Tax Cuts and Jobs Act is recognized or may be applied in the period of adoption. ASU 2018-02 was effective for the Company on May 1, 2019. The Company opted not to reclassify items from other comprehensive income to retained earnings, as was permitted by ASU 2018-02; therefore, the adoption of ASU 2018-02 had no impact on its consolidated financial statements. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements to improve the effectiveness of disclosures in the notes to financial statements. ASU 2018-13 will be effective for the Company’s fiscal year beginning May 1, 2020. The Company is currently evaluating the impact that this ASU will have on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 removes disclosures that no longer are considered cost beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant for companies with defined benefit retirement plans. ASU 2018-14 will be effective for the Company’s fiscal year beginning May 1, 2020. The Company is currently evaluating the impact that this ASU will have on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes , which removes certain exceptions for companies related to tax allocations and simplifies when companies recognize deferred tax liabilities in an interim period. ASU 2019-12 will be effective for the Company’s fiscal year beginning May 1, 2021. The Company is currently evaluating the impact that this ASU will have on the Company’s consolidated financial statements.

DISCONTINUED OPERATIONS_ (Table

DISCONTINUED OPERATIONS: (Tables)	9 Months Ended
	Jan. 31, 2020
DISCONTINUED OPERATIONS
Schedule Of reconciliation of the carrying amounts of components of pretax income of the discontinued operations	Three Months ended Nine Months ended January 31, 2019 January 31, 2019 (in thousands) Components of pretax income from discontinued operations: Revenues $ 6,916 $ 21,302 Operating expenses 6,062 18,165 General and administrative expenses 346 1,026 Interest income (expense), net (1) (1) Income from discontinued operations before income taxes 507 2,110 Benefit from income taxes 916 670 Income from discontinued operations $ 1,423 $ 2,780

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	9 Months Ended
	Jan. 31, 2020
RESTRICTED CASH
Schedule Of Restricted Cash	January 31, April 30, 2020 2019 (in thousands) Cash and cash equivalents $ 14,166 $ 13,267 Restricted cash 305 969 Total cash, cash equivalents and restricted cash $ 14,471 $ 14,236

INVESTMENT ASSETS, NET (Tables)

INVESTMENT ASSETS, NET (Tables)	9 Months Ended
	Jan. 31, 2020
INVESTMENT ASSETS, NET
Schedule of Investment assets, net	January 31, April 30, 2020 2019 (in thousands) Land held for long-term investment $ 9,815 $ 9,706 Construction in process 1,148 — Leased warehouse and office facilities 13,089 13,527 Less accumulated depreciation (6,394) (6,006) 6,695 7,521 $ 17,658 $ 17,227

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Jan. 31, 2020
OTHER ASSETS
Schedule of other assets	January 31, April 30, 2020 2019 (in thousands) Deferred purchase price $ 5,477 $ 5,636 Prepaid expenses and other, net 1,460 839 $ 6,937 $ 6,475

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	9 Months Ended
	Jan. 31, 2020
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of accounts payable and accrued expenses	January 31, April 30, 2020 2019 (in thousands) Real estate operations $ 2,956 $ 2,359 Corporate operations 495 605 $ 3,451 $ 2,964

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	9 Months Ended
	Jan. 31, 2020
NOTES PAYABLE
Schedule of Notes Payable	Notes payable, net consist of: January 31, April 30, 2020 2019 (in thousands) Real estate notes payable $ 986 $ 1,384 Unamortized debt issuance costs (4) (65) $ 982 $ 1,319

INTEREST INCOME, NET (Tables)

INTEREST INCOME, NET (Tables)	9 Months Ended
	Jan. 31, 2020
INTEREST INCOME, NET
Schedule of Interest income net	Interest income, net consists of: Three Months ended January 31, January 31, 2020 2019 (in thousands) Interest income on savings $ 26 $ 36 Interest income on deferred purchase price 32 — $ 58 $ 36 Nine Months ended January 31, January 31, 2020 2019 (in thousands) Interest income on savings $ 127 $ 121 Interest income on deferred purchase price 196 — Interest expense — (18) $ 323 $ 103

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details)	Jan. 31, 2020USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
Operating Lease, Right-of-Use Asset	$ 198,000

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Components of pretax income from discontinued operations:
Revenues		$ 6,916		$ 21,302
Operating expenses		6,062		18,165
General and administrative expenses		346		1,026
Interest income (expense), net		(1)		(1)
Income from discontinued operations before income taxes		507		2,110
Benefit from income taxes		916		670
Income from discontinued operations	$ 0	$ 1,423	$ 0	$ 2,780

RESTRICTED CASH (Details)

RESTRICTED CASH (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Apr. 30, 2019	Jan. 31, 2019	Apr. 30, 2018
RESTRICTED CASH
Cash and cash equivalents	$ 14,166	$ 13,267
Restricted cash	305	969
Total cash, cash equivalents and restricted cash	$ 14,471	$ 14,236	$ 14,233	$ 14,041

RESTRICTED CASH - Additional In

RESTRICTED CASH - Additional Information (Details) - USD ($)	Jan. 31, 2020	Apr. 30, 2019
RESTRICTED CASH
Cash	$ 664,000
Restricted cash	$ 305,000	$ 969,000

INVESTMENT ASSETS, NET (Details

INVESTMENT ASSETS, NET (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Apr. 30, 2019
INVESTMENT ASSETS, NET
Land held for long-term investment	$ 9,815	$ 9,706
Construction in process	1,148
Leased warehouse and office facilities	13,089	13,527
Less accumulated depreciation	(6,394)	(6,006)
Real Estate Investment Property, at Cost	6,695	7,521
Real Estate Investment Property, Net, Total	$ 17,658	$ 17,227

INVESTMENT ASSETS, NET- Additio

INVESTMENT ASSETS, NET- Additional Information (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2020USD ($)	Jan. 31, 2019USD ($)	Jan. 31, 2020USD ($)	Jan. 31, 2019USD ($)	Apr. 30, 2019a
Area of Land					12,000
Lease Expiration Date					Dec. 31, 2029
Depreciation On Warehouse And Other Facilities | $	$ 87,000	$ 122,000	$ 366,000	$ 367,000
Florida
Area of Land					204,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Apr. 30, 2019
OTHER ASSETS
Deferred purchase price	$ 5,477	$ 5,636
Prepaid expenses and other, net	1,460	839
Other Assets	$ 6,937	$ 6,475

OTHER ASSETS - Additional Infor

OTHER ASSETS - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Depreciation			$ 381,000	$ 381,000
Operating Lease, Payments			159,000
Operating Lease, Right-of-Use Asset	$ 198,000		198,000
Property, Plant and Equipment
Depreciation	4,000	$ 4,000	13,000	$ 13,000
Right of use assets
Depreciation	28,000		80,000
Operating Lease, Right-of-Use Asset	$ 135,000		$ 135,000

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Apr. 30, 2019
Accounts payable and accrued expenses	$ 3,451	$ 2,964
Real estate operations
Accounts payable and accrued expenses	2,956	2,359
Corporate operations
Accounts payable and accrued expenses	$ 495	$ 605

ACCOUNTS PAYABLE AND ACCRUED _4

ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Additional information (Details) - Real estate operations - USD ($)	Jan. 31, 2020	Apr. 30, 2019
Accounts Payable and Accrued Liabilities Disclosure [Line Items]
Accrued Liabilities	$ 417,000	$ 491,000
Accounts Payable, Trade	1,251,000	652,000
Real estate customer deposits	1,252,000	1,198,000
Other Accounts Payable and Accrued Liabilities	$ 36,000	$ 18,000

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Apr. 30, 2019
Notes Payable [Abstract]
Notes Payable	$ 982	$ 1,319
Real Estate Operations And Corporate [Member]
Notes Payable [Abstract]
Notes Payable	986	1,384
Unamortized Debt Issuance Costs [Member]
Notes Payable [Abstract]
Notes Payable	$ (4)	$ (65)

NOTES PAYABLE - Additional info

NOTES PAYABLE - Additional information (Details)	1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 31, 2020USD ($)aft²	Jan. 31, 2020USD ($)aft²	Jan. 31, 2020USD ($)aft²	Jan. 31, 2019USD ($)
Debt Instrument [Line Items]
Repayments of Notes Payable			$ 1,385,000	$ 2,075,000
Interest Costs Capitalized			4,000	$ 18,000
Nonrevolving Line Of Credit [Member] | Hawksite Development Company LLC [Member]
Debt Instrument [Line Items]
Repayments of Notes Payable			1,203,000
Nonrevolving Line Of Credit [Member] | Lomas Encantadas Development Company LLC [Member]
Debt Instrument [Line Items]
Repayments of Notes Payable			182,000
Nonrevolving Line Of Credit [Member] | Las Fuentes Village II, LLC [Member]
Debt Instrument [Line Items]
Book Value Of Real Estate Property Collateralized	$ 1,441,000	$ 1,441,000	$ 1,441,000
Construction area (in square foot) | ft²	14,000	14,000	14,000
Area of property owned (in acres) | a	1.3	1.3	1.3
Lending amount	$ 2,750,000	$ 2,750,000	$ 2,750,000
Interest rate period	30 days
Payment amortization period	25 years
Outstanding amount	$ 21,000	21,000	21,000
Interest rate during the period	4.56%
Nonrevolving Line Of Credit [Member] | Las Fuentes Village II, LLC [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread on interest rate	2.90%
Nonrevolving Line Of Credit [Member] | Las Fuentes Village II, LLC [Member] | Six-year fixed rate of interest 2.29%
Debt Instrument [Line Items]
Interest rate period	6 years
Spread on interest rate	2.29%
Constant maturity	7 years
Nonrevolving Line Of Credit [Member] | Las Fuentes Village II, LLC [Member] | Six-year fixed rate of interest 3.21%
Debt Instrument [Line Items]
Interest rate period	6 years
Spread on interest rate	3.21%
Constant maturity	7 years
Nonrevolving Line Of Credit [Member] | Las Fuentes Village II, LLC [Member] | Three-year fixed rate of interest 2.33%
Debt Instrument [Line Items]
Interest rate period	3 years
Spread on interest rate	2.33%
Constant maturity	3 years
Nonrevolving Line Of Credit [Member] | Las Fuentes Village II, LLC [Member] | Three-year fixed rate of interest 3.0%
Debt Instrument [Line Items]
Interest rate period	3 years
Spread on interest rate	3.00%
Constant maturity	3 years
Nonrevolving Line Of Credit Two [Member]
Debt Instrument [Line Items]
Repayments of Notes Payable			0
Interest Costs Capitalized		5,000	8,000
Other Notes Payable	$ 965,000	965,000	965,000
Book Value Of Real Estate Property Collateralized	$ 2,495,000	$ 2,495,000	$ 2,495,000
Debt Instrument, Interest Rate, Stated Percentage	4.66%	4.66%	4.66%
Nonrevolving Line Of Credit Two [Member] | Las Fuentes Village II, LLC [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest rate period	3 years
Spread on interest rate	2.90%

OTHER REVENUES (Details)

OTHER REVENUES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Deposits Forfeited and Amortization of Deferred Revenue	$ 696,000	$ 5,000	$ 927,000	$ 315,000
Other [Member]
Royalty Revenues	$ 499,000

BENEFIT PLANS (Details)

BENEFIT PLANS (Details) - USD ($)	Dec. 31, 2019	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		$ 77,000	$ 157,000	$ 2,378,000	$ 471,000
Voluntary Contributions To The Pension Plan				3,600,000	2,000,000
Payment for Pension Benefits		0	0
Accrued Pension Related Obligation		5,194,000		5,194,000
Expected lump sum payments from the pension funds		0		2,929,000
Estimated Pension Settlement Expenses Before Tax				7,280,000
Share-based Compensation, Total				107,000	173,000
Non employee Individual of Board of Directors [Member]
Defined Benefit Plan Disclosure [Line Items]
Deferred Compensation Arrangement with Individual, Allocated Share-based Compensation Expense		$ 30,000	$ 20,000	$ 83,000	$ 60,000
Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares				0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period				14,833	16,583
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		36,834	47,367	36,834	47,367
Two Thousand Six Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross				9,000	29,200
Two Thousand Six Equity Plan [Member] | Non employee Individual of Board of Directors [Member]
Defined Benefit Plan Disclosure [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	16,720
Non Cash Director Compensation	$ 25,000
Shares Issued, Price Per Share	$ 5.98
Restricted Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation, Total				$ 83,000	$ 113,000
Restricted Stock [Member] | Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total		$ 105,000	$ 201,000	$ 105,000	$ 201,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				3 years

INTEREST INCOME, NET (Details)

INTEREST INCOME, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
INTEREST INCOME, NET
Interest income on savings	$ 26	$ 36	$ 127	$ 121
Interest income on deferred purchase price	32	0	196	0
Interest expense			0	(18)
Interest income, net	$ 58	$ 36	$ 323	$ 103

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	1 Months Ended
	Feb. 29, 2020USD ($)	Mar. 20, 2020USD ($)	Mar. 10, 2020USD ($)	Mar. 09, 2020USD ($)	Mar. 03, 2020USD ($)	Feb. 25, 2020USD ($)	Feb. 18, 2020USD ($)	Apr. 26, 2019ft²
Palm Coast Data LLC [Member] | Two Commerce LLC Member [Member]
Subsequent Event [Line Items]
Area Of Leased Property | ft²								61,000
Palm Coast Data LLC [Member] | Commerce Blvd Holdings [Member]
Subsequent Event [Line Items]
Area Of Leased Property | ft²								143,000
Subsequent Event [Member] | Smithsonian Release Agreement [Member]
Subsequent Event [Line Items]
Amount Required To Pay if Fails To Provide Certain Services	$ 250,000
Release of Amount, Termination of Support Agreement	200,000
Subsequent Event [Member] | Commerce Blvd Holdings [Member] | Purchase Agreement [Member]
Subsequent Event [Line Items]
Purchase price	12,500,000
Purchase Price, Comprising of Cash	10,125,000
Purchase Price Comprising of Promissory Note	$ 2,375,000
Debt Instrument, Basis Spread on Variable Rate	2.00%
Debt Instrument, Payment Amortization	24 years
Debt Instrument, Term	10 years
Timely Settlement Payments, Cash Contribution By Seller	$ 900,000
Timely Settlement Payments, Loan Evidenced By Promissory Note	$ 300,000
Timely Settlement Payments, Loan Evidenced By Promissory Note, Interest Rate	5.00%
Base Rent on Lease	$ 545,470
No Defaults, Forgiveness of Debt	$ 400,000
Subsequent Event [Member] | Palm Coast Data LLC [Member] | Settlement Agreement [Member]
Subsequent Event [Line Items]
Settlement Payments Payable		$ 325,000	$ 100,000	$ 525,000	$ 100,000	$ 100,000	$ 325,000
Subsequent Event [Member] | Palm Coast Data LLC [Member] | Two Commerce LLC Member [Member] | Settlement Agreement [Member]
Subsequent Event [Line Items]
Percentage of Estimated Annual Property Taxes	8.33%
Subsequent Event [Member] | Palm Coast Data LLC [Member] | Commerce Blvd Holdings [Member] | Settlement Agreement [Member]
Subsequent Event [Line Items]
Percentage of Estimated Annual Property Taxes	8.33%
Subsequent Event [Member] | Mountain Hawk East Development Company LLC [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Debt Instrument, Face Amount	$ 3,000,000
Maximum principal available (in percent)	75.00%
Line of Credit Facility, Interest Rate During Period	4.50%
Line of Credit Facility, Periodic Payment, Principal	$ 52,000
Minimum Net Worth Required for Compliance	$ 29,000,000