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OPERATING LEASES | 12 Months Ended
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Jul. 31, 2024
Operating Leases |
OPERATING LEASES | 4. 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:
Schedule of revenues by lease and non-lease components |  |  |  |  |  |  |  |
|  | Years Ended July 31, |
|  | 2024 |  |  | 2023 |
Base rent – fixed |  | $ | 19,762,211 |  |  | $ | 20,541,387 |
Reimbursements of common area costs |  |  | 771,496 |  |  |  | 936,438 |
Non-lease components (real estate taxes) |  |  | 1,059,557 |  |  |  | 1,098,630 |
Rental income |  | $ | 21,593,264 |  |  | $ | 22,576,455 |
|  | Years Ended July 31, |
|  | 2024 |  |  | 2023 |
Base rent – fixed |  |  |  |  |  |  |  |
Company owned property |  | $ | 13,107,528 |  |  | $ | 13,856,697 |
Leased property |  |  | 6,654,683 |  |  |  | 6,684,690 |
|  |  | 19,762,211 |  |  |  | 20,541,387 |
Reimbursements of common area costs & Non lease components (real estate taxes) |  |  |  |  |  |  |  |
Company owned property |  |  | 1,127,841 |  |  |  | 1,322,923 |
Leased property |  |  | 703,212 |  |  |  | 712,145 |
|  |  | 1,831,053 |  |  |  | 2,035,068 |
Total |  | $ | 21,593,264 |  |  | $ | 22,576,455 |
Future minimum non-cancelable rental income for leases with initial or remaining terms of one year or more is as follows:
Schedule of future minimum non-cancelable rental income |  |  |  |  |  |  |  |  |  |  |  |
Year Ended July 31, |  | Company Owned Property |  |  | Leased Property |  |  | Total |
2025 |  | $ | 11,482,260 |  |  | $ | 6,022,977 |  |  | $ | 17,505,237 |
2026 |  |  | 8,397,838 |  |  |  | 4,460,999 |  |  |  | 12,858,837 |
2027 |  |  | 7,081,987 |  |  |  | 4,114,812 |  |  |  | 11,196,799 |
2028 |  |  | 6,244,415 |  |  |  | 4,068,938 |  |  |  | 10,313,353 |
2029 |  |  | 5,651,205 |  |  |  | 3,243,914 |  |  |  | 8,895,119 |
After 2029 |  |  | 21,719,199 |  |  |  | 6,422,863 |  |  |  | 28,142,062 |
Total |  | $ | 60,576,904 |  |  | $ | 28,334,503 |  |  | $ | 88,911,407 |
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. In April 2023, the Company exercised one of four five-year option periods with its landlord to extend the Jamaica Avenue at 169th Street, Jamaica, New York property lease beyond May 31, 2030 for a total of five years through May 31, 2035. The effect of the five-year lease extension on the measurement of operating right-of-use assets, liabilities, and monthly rent expense follows:
Schedule of operating lease right-of-use assets, liabilities and rent expense |  | Jamaica Avenue at 169th Street |
|  | Increase in Operating Lease Right- of-Use Asset |  |  | Increase in Operating Lease Liability |  |  | Decrease in Monthly Rent Expense |
Remeasurement change resulting from April 2023 lease extension |  | $ | 1,201,952 |  |  | $ | 1,201,952 |  |  | $ | (30,563 | )
As of July 31, 2024, it is not reasonably certain the remaining three options to extend the lease from May 31, 2035 to May 31, 2050 will be exercised by the Company. The landlord is Weinstein Enterprises, Inc., an affiliated company principally owned by the Chairman of the Board of Directors who also principally owns the Company. Operating lease costs for leased real property was exceeded by sublease rental income from the Company’s real estate operations as follows:
Schedule of rental expense |  |  |  |  |  |  |  |
|  | Years Ended July 31, |
|  | 2024 |  |  | 2023 |
Sublease income |  | $ | 7,357,895 |  |  | $ | 7,396,835 |
Operating lease cost |  |  | (2,996,055 | ) |  |  | (3,239,348 | )
Excess of sublease income over lease cost |  | $ | 4,361,840 |  |  | $ | 4,157,487 |
Schedule of additional information related to leases |  |  |  |  |  |  |  |
|  | Years Ended July 31, |
|  | 2024 |  |  | 2023 |
Other information: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 2,150,129 |  |  | $ | 2,132,945 |
The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of July 31, 2024:
Schedule of annual undiscounted cash flows of the operating lease liabilities |  |  |  |
Year ended July 31 |  | Operating Leases |
2025 |  | $ | 2,167,284 |
2026 |  |  | 2,237,257 |
2027 |  |  | 2,328,731 |
2028 |  |  | 2,349,076 |
2029 |  |  | 2,370,098 |
Thereafter |  |  | 21,662,828 |
Total undiscounted cash flows |  |  | 33,115,274 |
Less: present value discount |  |  | (7,805,549 | )
Total Lease Liabilities |  | $ | 25,309,725 |
As of July 31, 2024, our operating leases had a weighted average remaining lease term of 15.87 years and a weighted average discount rate of 3.67%.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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