XML 25 R11.htm IDEA: XBRL DOCUMENT
v3.21.2

OPERATING LEASES | 12 Months Ended
--- | ---
Jul. 31, 2021
Leases [Abstract] |
OPERATING LEASES | 5. OPERATING LEASES: Lessor The Company leases office and retail space to tenants under operating leases in commercial buildings. The rental terms range from approximately 5 to 49 years. The leases provide for the payment of fixed base rent payable monthly in advance as well as reimbursements of real estate taxes and common area costs. The Company has elected to account for lease revenues and the reimbursements of common area costs as a single component included as rental income in our consolidated statements of operations. The following table disaggregates the Company’s revenues by lease and non-lease components:
| Years Ended July 31,
| 2021 |  | 2020
Base rent - fixed | $ | 18,355,925 |  | $ | 17,392,398
Reimbursements of common area costs |  | 751,618 |  |  | 781,119
Non-lease components (real estate taxes) |  | 1,105,336 |  |  | 1,358,329
Rental income | $ | 20,212,879 |  | $ | 19,531,846
Rental income for each of the fiscal years 2021 and 2020 is as follows:
| Years Ended July 31,
| 2021 |  | 2020
Minimum rentals |  |  |  |  |
Company owned property | $ | 11,798,456 |  | $ | 10,940,491
Leased property |  | 6,557,469 |  |  | 6,451,907
|  | 18,355,925 |  |  | 17,392,398
Contingent rentals |  |  |  |  |
Company owned property |  | 1,237,614 |  |  | 1,454,827
Leased property |  | 619,340 |  |  | 684,621
|  | 1,856,954 |  |  | 2,139,448
Total | $ | 20,212,879 |  | $ | 19,531,846
Future minimum non-cancelable rental income for leases with initial or remaining terms of one year or more is as follows:
|  | Company |  |  |  |
|  | Owned |  | Leased |  |
Year Ended July 31, |  | Property |  | Property |  | Total
2022 |  | $ | 11,118,307 |  | $ | 4,934,146 |  | $ | 16,052,453
2023 |  |  | 9,790,555 |  |  | 3,252,460 |  |  | 13,043,015
2024 |  |  | 7,779,932 |  |  | 2,968,843 |  |  | 10,748,775
2025 |  |  | 7,411,636 |  |  | 2,583,441 |  |  | 9,995,077
2026 |  |  | 6,562,590 |  |  | 2,448,958 |  |  | 9,011,548
After 2026 |  |  | 33,453,204 |  |  | 7,336,769 |  |  | 40,789,973
Total |  | $ | 76,116,224 |  | $ | 23,524,617 |  | $ | 99,640,841
Lessee The Company’s real estate operations include leased properties under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2073, including options to extend or terminate the lease when it is reasonably certain the Company will exercise that option. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements. Effective April 1, 2020, four of the Company’s property leases were extended. The effect of these lease extensions on the measurement of operating lease right-of-use assets, liabilities and rent expense follows:
| Operating |  | Operating |  | Monthly
| Lease Right- |  | Lease |  | Rent
| of-Use-Asset |  | Liability |  | Expense
Upon initial adoption, August 1, 2019 | $ | 27,104,937 |  | $ | 17,863,507 |  | $ | 249,955
After various lease extensions through April 30, 2020 | $ | 37,698,819 |  | $ | 29,326,365 |  | $ | 277,570
Operating lease costs for leased real property was exceeded by sublease rental income from the Company’s real estate operations as follows:
| Years Ended July 31,
| 2021 |  | 2020
Sublease income | $ | 7,176,809 |  |  | $ | 7,136,528 |
Operating lease cost |  | (4,767,660 | ) |  |  | (4,517,273 | )
Excess of sublease income over lease cost | $ | 2,409,149 |  |  | $ | 2,619,255 |
As of July 31, 2021, our operating leases had a weighted average remaining lease term of 17.37 years and a weighted average discount rate of 2.87%.
| Years Ended July 31,
| 2021 |  | 2020
Other information: |  |  |  |  |
Operating cash flows from operating leases | $ | 2,024,246 |  | $ | 1,931,545
The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of July 31, 2021:
| Operating
Year ended July 31 | Leases
2022 | $ | 2,116,363 |
2023 |  | 2,132,944 |
2024 |  | 2,150,128 |
2025 |  | 2,167,284 |
2026 |  | 2,223,672 |
Thereafter |  | 25,327,631 |
Total undiscounted cash flows |  | 36,118,022 |
Less: present value discount |  | (8,277,092 | )
Total Lease Liabilities | $ | 27,840,930

X
- Definition The entire disclosure for operating leases for the lessor and lessee. + References No definition available. + Details
Name: | mays_OperatingLeasesTextBlock
Namespace Prefix: | mays_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration