XML 25 R15.htm IDEA: XBRL DOCUMENT

Operating Leases

6 Months Ended

Jan. 31, 2025

6. Operating Leases:

Lessor

The Company leases office and retail space to tenants under operating leases in commercial buildings. Most 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:


	Three Months Ended January 31				Six Months Ended January 31
	2025		2024		2025		2024
Base rent - fixed	$	5,184,270	$	4,954,633	$	10,271,546	$	9,876,520
Reimbursements of common area costs		150,861		199,694		301,593		346,554
Non-lease components (real estate taxes)		308,313		260,516		609,434		515,570
Rental income	$	5,643,444	$	5,414,843	$	11,182,573	$	10,738,644

Future minimum non-cancelable rental income for leases with initial or remaining terms of one year or more is as follows:


	As of January 31, 2025
Fiscal Year	Company Owned Property		Leased Property		Total
For the remainder of 2025	$	6,050,032	$	3,193,456	$	9,243,488
2026		8,879,417		4,703,313		13,582,730
2027		7,912,304		4,357,126		12,269,430
2028		7,074,733		4,311,252		11,385,985
2029		6,342,330		3,486,228		9,828,558
2030		4,786,510		2,077,236		6,863,746
After 2030		15,750,291		5,052,775		20,803,066
Total	$	56,795,617	$	27,181,386	$	83,977,003

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.

Sublease rental income from the Company’s real estate operations for leased real property exceeded operating lease costs as follows:

Schedule of sublease rental income
	Three Months Ended January 31						Six Months Ended January 31
	2025			2024			2025			2024
Sublease income included in base rent-fixed	$	1,843,926		$	1,846,320		$	3,665,580		$	3,671,199
Operating lease cost		(749,180	)		(748,984	)		(1,498,305	)		(1,497,695	)
Excess of sublease income over lease cost	$	1,094,746		$	1,097,336		$	2,167,275		$	2,173,504


	Three Months Ended January 31				Six Months Ended January 31
Other information:	2025		2024		2025		2024
Operating cash flows from operating leases	$	540,343	$	536,439	$	1,080,643	$	1,071,949

The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of January 31, 2025:


Period Ended January 31,	Operating Leases
2026	$	2,181,170
2027		2,303,496
2028		2,338,782
2029		2,359,461
2030		2,380,828
Thereafter		20,470,896
Total undiscounted cash flows		32,034,633
Less: present value discount		(7,352,301	)
Total Lease Liabilities	$	24,682,332

As of January 31, 2025, our operating leases had a weighted average remaining lease term of 15.53 years and a weighted average discount rate of 3.65%.