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LEASES
 9 Months Ended
Oct. 31, 2022
Leases  
LEASES

14. LEASES

 

The Trust has operating leases for its land leased in Albuquerque, New Mexico, and a cable equipment finance lease in Tucson, Arizona. All leases are non-cancelable.

 

Operating Leases

 

The Trust’s Albuquerque Hotel is subject to non-cancelable ground lease. The Albuquerque Hotel non-cancelable ground lease was extended on January 14, 2014 and expires in 2058.

 

The following table presents the Trust’s lease costs for the nine months ended October 31, 2022:

 

      
   Nine Months
Ended		 
   October 31, 2022 
Operating Lease Costs:     
Operating lease cost*   19,674 

 

  * Short term lease costs were immaterial.

 

 

Supplemental cash flow information is as follows:

 

      
   Nine Months
Ended		 
   October 31, 2022 
     
Cash paid for amounts included in the measurement of lease liabilities:     
Operating cash flows from operating leases  $(83,984)
      
Lease obligations:     
Operating leases, net  $2,285,552 
Long-term obligations  $2,267,645 

 

Weighted average remaining lease terms and discount rates were as follows:

 

Weighted average remaining lease term (years)  October 31, 2022 
Operating leases   35 
      
Weighted average discount rate Operating leases   4.85%

 

The aggregate future lease payments for Operating Lease Liability as of October 31, 2021 are as follows:

 

      
For the Years Ending October 31,    
2023  $33,586 
2024   134,342 
2025   134,355 
2026   134,367 
2027   134,379 
Thereafter   4,261,648 
Total minimum lease payments  $4,832,677 
Less: amount representing interest   2,547,125 
Total present value of minimum payments   2,285,552 
Less: current portion  $17,907 
Long term portion of operating lease liability   2,267,645 

 

 

Finance Leases

 

The Company’s Tucson Oracle Hotel is subject to non-cancellable cable lease. The Tucson Oracle Hotel non-cancellable cable lease expires in 2023.

 

The following table presents the Company’s lease costs for the nine months ended October 31, 2022:

 

      
   Nine Months
Ended		 
   October 31, 2022 
Finance Lease Costs:     
Amortization of right-of-use assets  $20,812 
Interest on lease obligations   1,546 

 

Supplemental cash flow information is as follows:

 

     
   Nine Months
Ended		 
   October 31, 2022 
     
Cash paid for amounts included in the measurement of lease liabilities:     
Operating cash flows from finance leases  $(986)
      
Lease obligations:     
Finance leases, net  $30,321 
Long-term obligations  $7,718 

 

Weighted average remaining lease terms and discount rates were as follows:

 

Weighted average remaining lease term (years)  October 31, 2022 
Finance leases   2 
      
Weighted average discount rate   4.85%
Finance leases     

 

The aggregate future lease payments for Finance Lease Liability as of October 31, 2022 are as follows:

 

      
For the Years Ending October 31,    
2023   7,781 
2024   23,342 
Total minimum lease payments  $31,123 
Less: amount representing interest   802 
Total present value of minimum payments   30,321 
Less: current portion  $22,603 
Long term portion of finance lease liability   7,718