AMREP (AXR) 10-Q 9 Sep 20 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jul. 31, 2020	Sep. 04, 2020
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
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		8,130,057
Trading Symbol	AXR

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
ASSETS
Cash and cash equivalents	$ 17,068	$ 17,502
Real estate inventory	57,216	53,449
Investment assets, net	18,798	18,644
Other assets	959	934
Taxes receivable, net	57	57
Deferred income taxes, net	5,893	6,080
TOTAL ASSETS	99,991	96,666
LIABILITIES:
Accounts payable and accrued expenses	4,105	3,125
Notes payable, net	5,496	3,890
Accrued pension costs	5,028	5,014
TOTAL LIABILITIES	14,629	12,029
SHAREHOLDERS' EQUITY:
Common stock, $.10 par value; shares authorized - 20,000,000; shares issued - 8,367,154 at July 31, 2020 and 8,358,154 at April 30, 2020	837	836
Capital contributed in excess of par value	51,375	51,334
Retained earnings	43,742	43,149
Accumulated other comprehensive loss, net	(6,377)	(6,467)
Treasury stock, at cost - 225,250 shares at July 31, 2020 and April 30, 2020	(4,215)	(4,215)
TOTAL SHAREHOLDERS' EQUITY	85,362	84,637
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 99,991	$ 96,666

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2020	Apr. 30, 2020
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	8,367,154	8,358,154
Treasury stock, shares	225,250	225,250

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
REVENUES:
Revenues	$ 4,206	$ 4,767
COSTS AND EXPENSES:
Real estate land sales	2,679	3,655
Real estate operating expenses	677	559
General and administrative expenses:
Real estate operations	41	113
Corporate operations	726	894
Operating expenses	4,123	5,221
Operating income (loss)	83	(454)
Interest income, net	6	124
Other income	650	0
Income (loss) from operations before income taxes	739	(330)
Provision (benefit) for income taxes	146	(134)
Net income (loss)	$ 593	$ (196)
Basic and diluted earnings (loss) per share	$ 0.07	$ (0.02)
Weighted average number of common shares outstanding - basic	8,151	8,095
Weighted average number of common shares outstanding - diluted	8,182	8,095
Real estate land sales [Member]
REVENUES:
Revenues	$ 3,487	$ 4,291
Rental income [Member]
REVENUES:
Revenues	350	341
Other [Member]
REVENUES:
Revenues	$ 369	$ 135

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 593	$ (196)
Other comprehensive income, net of tax:
Decrease in pension liability, net of tax ($42 in 2020 and $67 in 2019)	90	154
Other comprehensive income	90	154
Total comprehensive income (loss)	$ 683	$ (42)

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Consolidated Statements of Comprehensive Income (Loss)
Decrease in pension liability, tax	$ 42	$ 67

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, 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
Net income (loss)	$ 0	0	(196)	0	0	(196)
Other comprehensive income	0	0	0	154	0	154
Balance at Jul. 31, 2019	$ 836	51,261	48,856	(6,877)	(4,215)	89,861
Balance (in shares) at Jul. 31, 2019	8,362
Balance at Apr. 30, 2020	$ 836	51,334	43,149	(6,467)	(4,215)	84,637
Balance (in shares) at Apr. 30, 2020	8,358
Issuance of restricted common stock	$ 1	41	0	0	0	42
Issuance of restricted common stock (in shares)	9
Net income (loss)	$ 0	0	593	0	0	593
Other comprehensive income	0	0	0	90	0	90
Balance at Jul. 31, 2020	$ 837	$ 51,375	$ 43,742	$ (6,377)	$ (4,215)	$ 85,362
Balance (in shares) at Jul. 31, 2020	8,367

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 593	$ (196)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation	129	127
Amortization of debt issuance costs	3	65
Non-cash credits and charges:
Interest earned on deferred purchase price	0	(64)
Stock-based compensation	40	48
Deferred income tax provision (benefit)	187	(134)
Net periodic pension cost	87	186
Deferred Rent	0	(24)
Changes in assets and liabilities:
Real estate inventory and investment assets	(4,050)	2,255
Other assets	(29)	(104)
Accounts payable and accrued expenses	980	45
Total adjustments	(2,653)	2,400
Net cash (used in) provided by operating activities	(2,060)	2,204
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(3)	(1)
Net cash used in investing activities	(3)	(1)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt financing	2,293	29
Principal debt payments	(637)	(572)
Payments for debt issuance costs	(27)	0
Net cash provided by (used in) financing activities	1,629	(543)
(Decrease) increase in cash, cash equivalents and restricted cash	(434)	1,660
Cash, cash equivalents and restricted cash, beginning of period	17,502	14,236
Cash, cash equivalents and restricted cash, end of period	17,068	15,896
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	30	53
Right-of-use assets obtained in exchange for operating lease liabilities	$ 0	$ 198

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES	3 Months Ended
	Jul. 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. 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 2021 and 2020 are to the fiscal years ending April 30, 2021 and 2020 and all references to the first quarters of 2021 and 2020 mean the fiscal three month periods ended July 31, 2020 and 2019. The unaudited consolidated financial statements herein should be read in conjunction with the Company’s annual report on Form 10-K for the year ended April 30, 2020, which was filed with the SEC on July 27, 2020 (the “2020 Form 10-K”). Certain 2020 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 2020 Form 10-K, except for those adopted as described below. Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement: 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 was effective for the Company on May 1, 2020. The adoption of ASU 2018-13 by the Company did not have a material effect on its 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 was effective for the Company on May 1, 2020. The adoption of ASU 2018-14 by the Company did not have a material effect on its 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.

RESTRICTED CASH

RESTRICTED CASH	3 Months Ended
	Jul. 31, 2020
RESTRICTED CASH
RESTRICTED CASH	(2) RESTRICTED CASH The following provides a reconciliation of the Company’s cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows for the three month period ending July 31, 2019: July 31, April 30, 2019 2019 (in thousands) Cash and cash equivalents $ 15,591 $ 13,267 Restricted cash 305 969 Total cash, cash equivalents and restricted cash $ 15,896 $ 14,236 There was no restricted cash at July 31, 2020 and April 30, 2020.

SETTLEMENT AGREEMENT

SETTLEMENT AGREEMENT	3 Months Ended
	Jul. 31, 2020
SETTLEMENT AGREEMENT
SETTLEMENT AGREEMENT	(3) SETTLEMENT AGREEMENT Refer to Note 2 to the consolidated financial statements contained in the 2020 Form 10-K for detail regarding a former business segment of the Company. During the three months ended July 31, 2020, affiliates of the Company and affiliates of this former business segment entered into a settlement agreement pursuant to which, among other things, the Company received $650,000 as a settlement payment and $350,000 for rent with respect to properties in Palm Coast, Florida for the period May 2020 through August 2020.

INVESTMENT ASSETS, NET

INVESTMENT ASSETS, NET	3 Months Ended
	Jul. 31, 2020
INVESTMENT ASSETS, NET
INVESTMENT ASSETS, NET	(4) INVESTMENT ASSETS, NET Investment assets, net consist of: July 31, April 30, 2020 2020 (in thousands) Land held for long-term investment $ 9,775 $ 9,751 Construction in process 2,573 2,320 Warehouse and office facilities 13,095 13,096 Less accumulated depreciation (6,645) (6,523) Warehouse and office facilities, net 6,450 6,573 $ 18,798 $ 18,644 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, 2020 and July 31, 2020, 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. The warehouse and office facilities are located in Palm Coast, Florida, aggregate 204,000 square feet and are partially leased to a third party. Depreciation associated with the warehouse and office facilities of $122,000 was charged to operations for each of the three months ended July 31, 2020 and July 31, 2019.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Jul. 31, 2020
OTHER ASSETS
OTHER ASSETS	(5) OTHER ASSETS Other assets consist of: July 31, April 30, 2020 2020 (in thousands) Prepaid expenses and miscellaneous other, net $ 959 $ 934 $ 959 $ 934 Miscellaneous other, net includes property and equipment and right-of-use assets associated with leases of office facilities. Depreciation expense associated with property and equipment was $7,000 and $4,000 for the three months ended July 31, 2020 and July 31, 2019. Right-of-use assets associated with leases of office facilities were $83,000 as of July 31, 2020, and $175,000 as of July 31, 2019.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	3 Months Ended
	Jul. 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: July 31, April 30, 2020 2020 (in thousands) Real estate operations Accrued expenses $ 371 $ 518 Trade payables 1,609 1,146 Real estate customer deposits 1,143 1,117 Other 59 — 3,182 2,781 Corporate operations 923 344 $ 4,105 $ 3,125

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Jul. 31, 2020
NOTES PAYABLE
NOTES PAYABLE	(7) NOTES PAYABLE Notes payable, net consist of: July 31, April 30, 2020 2020 (in thousands) Real estate notes payable $ 5,523 $ 3,894 Unamortized debt issuance costs (27) (4) $ 5,496 $ 3,890 Refer to Notes 8 and 17 to the consolidated financial statements contained in the 2020 Form 10-K for additional detail about each of the following outstanding financing facilities: · Lomas Encantadas Subdivision . In June 2019, BOKF, NA dba Bank of Albuquerque (“BOKF”) provided a non-revolving line of credit to Lomas Encantadas Development Company LLC (“LEDC”), a subsidiary of the Company. The initial available principal amount of the loan was $2,475,000. The outstanding principal amount of the loan was $1,005,000 and $1,576,000 as of July 31, 2020 and April 30, 2020. LEDC made principal repayments of $637,000 during the three months ended July 31, 2020 and $675,000 during the year ended April 30, 2020. The interest rate on the loan at July 31, 2020 was 3.2%. The Company capitalized interest and fees related to this loan of $12,000 and $29,000 during the three months ended July 31, 2020 and July 31, 2019. The total book value of the property mortgaged pursuant to this loan was $3,044,000 as of July 31, 2020. At July 31, 2020, LEDC was in compliance with the financial covenants contained within the loan documentation. · Hawk Site Subdivision . In February 2020, Sandia Laboratory Federal Credit Union (“SLFCU”) provided a revolving line of credit to Mountain Hawk East Development Company LLC (“MHEDC”), a subsidiary of the Company. The initial available principal amount of the loan was $3,000,000, subject to certain limitations. The outstanding principal amount of the loan was $41,000 as of July 31, 2020. MHEDC made no principal repayments during the three months ended July 31, 2020 or during the year ended April 30, 2020. The interest rate on the loan at July 31, 2020 was 4.5%. The Company capitalized interest and fees related to this loan of less than $1,000 during the three months ended July 31, 2020. The total book value of the property mortgaged pursuant to this loan was $1,760,000 as of July 31, 2020. At July 31, 2020, MHEDC was in compliance with the financial covenants contained within the loan documentation. · Las Fuentes at Panorama Village Subdivision . In January 2020, BOKF provided a non-revolving line of credit to Las Fuentes Village II, LLC (“LFV”), a subsidiary of the Company. The initial available principal amount of the loan was $2,750,000. The outstanding principal amount of the loan was $2,312,000 as of July 31, 2020. LFV made no principal repayments during the three months ended July 31, 2020 or during the year ended April 30, 2020. The interest rate on the loan at July 31, 2020 was 3.08%. The Company capitalized interest and fees related to this loan of $16,000 during the three months ended July 31, 2020. The total book value of the property mortgaged pursuant to this loan was $2,870,000 as of July 31, 2020. At July 31, 2020, LFV was in compliance with the financial covenants contained within the loan documentation. · Meso AM Subdivision . o Acquisition Financing : The acquisition of the Meso AM subdivision in Bernalillo County, New Mexico in June 2020 by Lavender Fields, LLC (“LF”), a subsidiary of the Company, included $1,838,000 of deferred purchase price, of which $919,000 is payable without interest on or before June 2021 and $919,000 is payable without interest on or before June 2022. The total book value of the property mortgaged to secure payment of a note reflecting the deferred purchase price was $3,530,000 as of July 31, 2020. At July 31, 2020, LF was in compliance with the financial covenants contained within the loan documentation. o Development Financing . In June 2020, BOKF provided a non-revolving line of credit to LF. The initial available principal amount of the loan was $3,750,000. The outstanding principal amount of the loan was $27,000 as of July 31, 2020. LF made no principal repayments during the three months ended July 31, 2020. The interest rate on the loan at July 31, 2020 was 3.75%. The Company capitalized interest and fees related to this loan of less than $1,000 during the three months ended July 31, 2020. The total book value of the property mortgaged pursuant to this loan was $3,530,000 as of July 31, 2020. At July 31, 2020, LF was in compliance with the financial covenants contained within the loan documentation. · SBA Paycheck Protection Program . In April 2020, BOKF provided a loan to the Company pursuant to the Paycheck Protection Program administered by the U.S. Small Business Administration. The amount of the loan was $298,000. The outstanding principal amount of the loan was $298,000 as of July 31, 2020. The Company made no principal repayments during the three months ended July 31, 2020 or during the year ended April 30, 2020. The interest rate on the loan at July 31, 2020 was 1.0%. The Company did not capitalize any interest or fees related to this loan during the three months ended July 31, 2020. At July 31, 2020, the Company was in compliance with the financial covenants contained within the loan documentation. The loan provides that all or a portion of the principal balance may be forgiven if certain conditions are met. Refer to Note 8 to the consolidated financial statements contained in the 2020 Form 10-K for additional detail about each of the following expired or terminated financing facilities: · Lomas Encantadas Subdivision . In fiscal year 2018, BOKF provided a non-revolving line of credit to LEDC. The initial available principal amount of the loan was $4,750,000. During the three months ended July 31, 2019, LEDC made principal repayments of $182,000 and the Company capitalized interest and fees related to this loan of $4,000. The loan was terminated in June 2019. · Hawk Site Subdivision . In 2019, Main Bank provided a non-revolving line of credit to Hawksite 27 Development Company, LLC (“HDC”), a subsidiary of the Company. The initial available principal amount of the loan was $1,800,000. The outstanding principal amount of the loan was $813,000 as of July 31, 2019. During the three months ended July 31, 2019, HDC made principal repayments of $390,000 and the Company capitalized interest and fees related to this loan of $20,000. The loan was terminated in August 2019. The following table summarizes the scheduled principal repayments subsequent to July 31, 2020: Scheduled Payments Fiscal Year (in thousands) 2021 $ 3,094 2022 2,388 2023 41 Total $ 5,523

REVENUES

REVENUES	3 Months Ended
	Jul. 31, 2020
REVENUES:
REVENUES	(8) REVENUES 100% of real estate land sales were made to four customers during the three months ended July 31, 2020 and to five customers during the three months ended July 31, 2019.

OTHER REVENUES

OTHER REVENUES	3 Months Ended
	Jul. 31, 2020
OTHER REVENUES
OTHER REVENUES	(9) OTHER REVENUES Other revenues consist of: Three Months Ended July 31, 2020 2019 (in thousands) Oil & gas royalties $ 11 $ — Private infrastructure reimbursement covenants 133 91 Public improvement district reimbursements 175 — Miscellaneous other revenue 50 44 $ 369 $ 135 Refer to Note 9 to the consolidated financial statements contained in the 2020 Form 10-K for additional detail about each category of other revenues. Miscellaneous other revenue for the three months ended July 31, 2020 primarily consisted of payments for impact fee credits. Miscellaneous other revenue for the three months ended July 31, 2019 primarily consisted of forfeited deposits and amortization of deferred revenue (refer to Note 2 to the consolidated financial statements contained in the 2020 Form 10-K for detail regarding amortization of deferred revenue with respect to a former business segment of the Company).

BENEFIT PLANS

BENEFIT PLANS	3 Months Ended
	Jul. 31, 2020
BENEFIT PLANS
BENEFIT PLANS	(10) BENEFIT PLANS Pension Plan Refer to Note 11 to the consolidated financial statements contained in the 2020 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 $90,000 and $154,000 for the three months ended July 31, 2020 and July 31, 2019, related to a decrease in the Company’s pension liability, net of tax. The Company funds the pension plan in compliance with IRS funding requirements. The Company did not make any contributions to the pension plan during the three months ended July 31, 2020 or July 31, 2019. Equity Compensation Plan Refer to Note 10 to the consolidated financial statements contained in the 2020 Form 10-K for detail regarding the AMREP Corporation 2016 Equity Compensation Plan (the “Equity Plan”). The Company issued 9,000 shares of restricted common stock under the Equity Plan during each of the three months ended July 31, 2020 and July 31, 2019. During the three months ended July 31, 2020 and July 31, 2019, 9,500 shares and 10,000 shares of restricted common stock previously issued under the Equity Plan vested. As of July 31, 2020 and July 31, 2019, 32,334 shares and 41,667 shares of restricted common stock previously issued under the Equity Plan had not vested. For the three months ended July 31, 2020 and July 31, 2019, the Company recognized $18,000 and $25,000 of non-cash compensation expense related to the vesting of restricted shares of common stock. As of July 31, 2020 and July 31, 2019, there was $94,000 and $164,000 of unrecognized compensation expense related to restricted shares of common stock previously issued under the Equity Plan which had not vested as of those dates, which is expected to be recognized over the remaining vesting term not to exceed three years. In addition, the Company recognized $22,000 and $23,000 of non-cash expense during the three months ended July 31, 2020 and July 31, 2019 related to deferred stock units expected to be issued to non-employee members of the Company’s Board of Directors.

INTEREST INCOME, NET

INTEREST INCOME, NET	3 Months Ended
	Jul. 31, 2020
INTEREST INCOME, NET
INTEREST INCOME, NET	(11) INTEREST INCOME, NET Interest income, net consists of: July 31, July 31, 2020 2019 (in thousands) Interest income on savings $ 6 $ 60 Interest on deferred purchase price — 64 $ 6 $ 124 Refer to Note 2 to the consolidated financial statements contained in the 2020 Form 10-K for detail regarding the deferred purchase price with respect to a former business segment of the Company.

OTHER INCOME

OTHER INCOME	3 Months Ended
	Jul. 31, 2020
OTHER INCOME
OTHER INCOME	(12) OTHER INCOME Other income for the three months ended July 31, 2020 consisted of a settlement payment of $650,000 from a former business segment of the Company (refer to Note 2 to the consolidated financial statements contained in the 2020 Form 10-K for detail regarding the settlement agreement).

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jul. 31, 2020
SUBSEQUENT EVENT
SUBSEQUENT EVENT	(13) SUBSEQUENT EVENT In August 2020, the Company repurchased 11,847 shares of common stock of the Company at a price of $4.48 per share in a privately negotiated transaction. As of the date of the repurchase, the repurchased shares were retired and returned to the status of authorized but unissued shares of common stock.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES (Policies)	3 Months Ended
	Jul. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING AND FINANCIAL REPORTING POLICIES
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement: 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 was effective for the Company on May 1, 2020. The adoption of ASU 2018-13 by the Company did not have a material effect on its 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 was effective for the Company on May 1, 2020. The adoption of ASU 2018-14 by the Company did not have a material effect on its 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.

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	3 Months Ended
	Jul. 31, 2020
RESTRICTED CASH
Schedule Of Restricted Cash	July 31, April 30, 2019 2019 (in thousands) Cash and cash equivalents $ 15,591 $ 13,267 Restricted cash 305 969 Total cash, cash equivalents and restricted cash $ 15,896 $ 14,236

INVESTMENT ASSETS, NET (Tables)

INVESTMENT ASSETS, NET (Tables)	3 Months Ended
	Jul. 31, 2020
INVESTMENT ASSETS, NET
Schedule of investment assets	July 31, April 30, 2020 2020 (in thousands) Land held for long-term investment $ 9,775 $ 9,751 Construction in process 2,573 2,320 Warehouse and office facilities 13,095 13,096 Less accumulated depreciation (6,645) (6,523) Warehouse and office facilities, net 6,450 6,573 $ 18,798 $ 18,644

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Jul. 31, 2020
OTHER ASSETS
Schedule of other assets	July 31, April 30, 2020 2020 (in thousands) Prepaid expenses and miscellaneous other, net $ 959 $ 934 $ 959 $ 934

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
	Jul. 31, 2020
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of accounts payable and accrued expenses	July 31, April 30, 2020 2020 (in thousands) Real estate operations Accrued expenses $ 371 $ 518 Trade payables 1,609 1,146 Real estate customer deposits 1,143 1,117 Other 59 — 3,182 2,781 Corporate operations 923 344 $ 4,105 $ 3,125

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Jul. 31, 2020
NOTES PAYABLE
Schedule of Notes payable	Notes payable, net consist of: July 31, April 30, 2020 2020 (in thousands) Real estate notes payable $ 5,523 $ 3,894 Unamortized debt issuance costs (27) (4) $ 5,496 $ 3,890
Schedule of scheduled principal repayments subsequent to reporting date	The following table summarizes the scheduled principal repayments subsequent to July 31, 2020: Scheduled Payments Fiscal Year (in thousands) 2021 $ 3,094 2022 2,388 2023 41 Total $ 5,523

OTHER REVENUES (Tables)

OTHER REVENUES (Tables)	3 Months Ended
	Jul. 31, 2020
OTHER REVENUES
Schedule of other revenues	Other revenues consist of: Three Months Ended July 31, 2020 2019 (in thousands) Oil & gas royalties $ 11 $ — Private infrastructure reimbursement covenants 133 91 Public improvement district reimbursements 175 — Miscellaneous other revenue 50 44 $ 369 $ 135

INTEREST INCOME, NET (Tables)

INTEREST INCOME, NET (Tables)	3 Months Ended
	Jul. 31, 2020
INTEREST INCOME, NET
Schedule of interest income net	Interest income, net consists of: July 31, July 31, 2020 2019 (in thousands) Interest income on savings $ 6 $ 60 Interest on deferred purchase price — 64 $ 6 $ 124

RESTRICTED CASH (Details)

RESTRICTED CASH (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020	Jul. 31, 2019	Apr. 30, 2019
RESTRICTED CASH
Cash and cash equivalents	$ 17,068	$ 17,502	$ 15,591	$ 13,267
Restricted cash			305	969
Total cash, cash equivalents and restricted cash	$ 17,068	$ 17,502	$ 15,896	$ 14,236

RESTRICTED CASH - Additional in

RESTRICTED CASH - Additional information (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
RESTRICTED CASH
Restricted Cash and Cash Equivalents	$ 0	$ 0

SETTLEMENT AGREEMENT (Details)

SETTLEMENT AGREEMENT (Details)	3 Months Ended
	Jul. 31, 2020USD ($)
Palm Coast, Florida
Rental income	$ 350,000
Settlement Agreement [Member]
Amount of settlement received	$ 650,000

INVESTMENT ASSETS, NET (Details

INVESTMENT ASSETS, NET (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
INVESTMENT ASSETS, NET
Land held for long-term investment	$ 9,775	$ 9,751
Construction in process	2,573	2,320
Warehouse and office facilities	13,095	13,096
Less accumulated depreciation	(6,645)	(6,523)
Warehouse and office facilities, net	6,450	6,573
Real Estate Investment Property, Net, Total	$ 18,798	$ 18,644

INVESTMENT ASSETS - Additional

INVESTMENT ASSETS - Additional Information (Details)	3 Months Ended
	Jul. 31, 2020USD ($)ft²a	Jul. 31, 2019USD ($)	Apr. 30, 2020a
Area of Land | a	12,000		12,000
Depreciation On Warehouse And Other Facilities | $	$ 122,000	$ 122,000
Florida
Area of Land | ft²	204,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
OTHER ASSETS
Prepaid expenses and miscellaneous other, net	$ 959	$ 934
Other Assets	$ 959	$ 934

OTHER ASSETS - Additional Infor

OTHER ASSETS - Additional Information (Details) - USD ($)	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Depreciation	$ 129,000	$ 127,000
Property, Plant and Equipment
Depreciation	7,000	4,000
Right of use assets
Operating Lease, Right-of-Use Asset	$ 83,000	$ 175,000

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Total	$ 4,105	$ 3,125
Real estate operations
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accrued expenses	371	518
Trade payables	1,609	1,146
Real Estate customer deposits	1,143	1,117
Other	59
Total	3,182	2,781
Corporate operations
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Total	$ 923	$ 344

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Apr. 30, 2020
NOTES PAYABLE:
Notes Payable	$ 5,496	$ 3,890
Real estate notes payable [Member]
NOTES PAYABLE:
Notes Payable	5,523	3,894
Unamortized debt issuance costs [Member]
NOTES PAYABLE:
Unamortized debt issuance costs	$ (27)	$ (4)

NOTES PAYABLE_ - Principal repa

NOTES PAYABLE: - Principal repayments (Details) $ in Thousands	Jul. 31, 2020USD ($)
NOTES PAYABLE
2021	$ 3,094
2022	2,388
2023	41
Long-term Debt, Total	$ 5,523

NOTES PAYABLE - Additional info

NOTES PAYABLE - Additional information (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Jun. 30, 2020	Jul. 31, 2020	Jul. 31, 2019	Apr. 30, 2020	Feb. 29, 2020	Jan. 31, 2020	Jun. 30, 2019	Apr. 30, 2019	Apr. 30, 2018
NOTES PAYABLE:
Outstanding amount		$ 5,523,000
Notes Payable		5,496,000		$ 3,890,000
Repayments of Notes Payable		637,000	$ 572,000
Lomas Encantadas Development Company LLC [Member]
NOTES PAYABLE:
Interest and fees capitalized			4,000
Nonrevolving Line Of Credit [Member] | Lomas Encantadas Development Company LLC [Member]
NOTES PAYABLE:
Maximum borrowing capacity							$ 2,475,000		$ 4,750,000
Outstanding amount		1,005,000		1,576,000
Principal repayments		$ 637,000	182,000	675,000
Interest rate		3.20%
Interest and fees capitalized		$ 12,000	29,000
Book value of real estate property collateralized		3,044,000
Nonrevolving Line Of Credit [Member] | Las Fuentes Village II, LLC [Member]
NOTES PAYABLE:
Maximum borrowing capacity						$ 2,750,000
Outstanding amount		$ 2,312,000
Interest rate		3.08%
Interest and fees capitalized		$ 16,000
Book value of real estate property collateralized		2,870,000
Nonrevolving Line Of Credit [Member] | Hawksite 27 Development Company LLC [Member]
NOTES PAYABLE:
Maximum borrowing capacity								$ 1,800,000
Outstanding amount			813,000
Principal repayments			390,000
Interest and fees capitalized			$ 20,000
Revolving Credit Facility [Member] | Mountain Hawk East Development Company LLC [Member]
NOTES PAYABLE:
Maximum borrowing capacity					$ 3,000,000
Outstanding amount		41,000
Principal repayments		$ 0		0
Interest rate		4.50%
Interest and fees capitalized		$ 1,000
Book value of real estate property collateralized		$ 1,760,000
Small Business Administration, Paycheck Protection Program, CARES Act [Member]
NOTES PAYABLE:
Maximum borrowing capacity				$ 298,000
Interest rate		1.00%
Proceeds from debt		$ 298,000
Interest and fees capitalized		0
Acquisition Financing Member
NOTES PAYABLE:
Deferred purchase price	$ 1,838,000
Book value of real estate property collateralized		3,530,000
Acquisition Financing Member | On or before June 2021
NOTES PAYABLE:
Interest and fees capitalized	919,000
Acquisition Financing Member | On or before June 2022
NOTES PAYABLE:
Interest and fees capitalized	919,000
Development Financing Member
NOTES PAYABLE:
Maximum borrowing capacity	$ 3,750,000
Outstanding amount		27,000
Principal repayments		$ 0
Interest rate		3.75%
Interest and fees capitalized		$ 1,000
Book value of real estate property collateralized		$ 3,530,000

REVENUES - Additional Informati

REVENUES - Additional Information (Details) - customer	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
REVENUES:
Percentage of real estate land sales	100.00%	100.00%
Number of customers	4	5

OTHER REVENUES (Details)

OTHER REVENUES (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
OTHER REVENUES
Oil & gas royalties	$ 11
Private infrastructure reimbursement covenants	133	$ 91
Public improvement district reimbursements	175
Miscellaneous other revenue	50	44
Other Revenue, Net	$ 369	$ 135

BENEFIT PLANS (Details)

BENEFIT PLANS (Details) - USD ($)	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ 90,000	$ 154,000
Share-based Compensation, Total	40,000	48,000
Non employee Individual of Board of Directors [Member]
Defined Benefit Plan Disclosure [Line Items]
Deferred Compensation Arrangement with Individual, Allocated Share-based Compensation Expense	$ 22,000	$ 23,000
Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	9,500	10,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	32,334	41,667
Two Thousand Six Equity Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	9,000	9,000
Restricted Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Share-based Compensation, Total	$ 18,000	$ 25,000
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	$ 94,000	$ 164,000
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
	Jul. 31, 2020	Jul. 31, 2019
INTEREST INCOME, NET
Interest income on savings	$ 6	$ 60
Interest on deferred purchase price	0	64
Interest income, net	$ 6	$ 124

OTHER INCOME - Additional Infor

OTHER INCOME - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
OTHER INCOME
Other Nonoperating Income	$ 650	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member]	1 Months Ended
	Aug. 31, 2020$ / sharesshares
Subsequent Event [Line Items]
Number of shares repurchased | shares	11,847
Repurchase price per share | $ / shares	$ 4.48