XML 35 R22.htm IDEA: XBRL DOCUMENT v3.24.1.u1
LEASES
 12 Months Ended
Jan. 31, 2024
Leases  
LEASES

16. LEASES

 

The Trust has operating leases for its corporate offices in Phoenix, Arizona and land leased in Albuquerque, New Mexico, and a cable equipment finance lease in Tucson, Arizona. The Trust’s corporate office lease is month to month. All leases are non-cancelable.

 

Operating Leases

 

The Trust holds a month to month office lease agreement with Northpoint Properties for a commercial office lease at 1730 E Northern Ave, Suite 122, Phoenix, Arizona 85020. Base monthly rent is $4,318. The Trust also pays electricity bills and applicable sales tax.

 

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 Trust’s Operating Lease costs recognized in the consolidated statement of operations for the year ended January 31, 2024 consist of the following:

  

   For the Year Ended 
   January 31, 2024 
Operating Lease Costs:     
Operating lease cost*   128,845 

 

Supplemental cash flow information is as follows:

 

   For the Year Ended 
   January 31, 2024 
     
Cash paid for amounts included in the measurement of lease liabilities:     
Operating cash flows from operating leases  $(4,590)
      
Lease obligations:     
Operating leases, net  $2,255,340 
Long-term obligations  $2,249,072 

 

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

 

Weighted average remaining lease term (years)  January 31, 2024 
Operating leases   33 
      
Weighted average discount rate   4.85%
Operating leases     

 

 

Finance Leases

 

The Company’s Tucson Oracle Hotel is subject to non-cancelable cable lease that expires in 2024.

 

The Trust’s Finance Lease costs recognized in the Consolidated Statement of Income for the Fiscal Year ended January 31, 2024 consist of the following:

 

   For the Year Ended 
   January 31, 2024 
Finance Lease Costs:     
Amortization of right-of-use assets  $13,874 
Interest on lease obligations   402 

 

Supplemental cash flow information is as follows:

 

   For the Year Ended 
   January 31, 2024 
     
Cash paid for amounts included in the measurement of lease liabilities:     
Operating cash flows from finance leases  $(2,065)
      
Lease obligations:     
Finance leases, net  $- 
Long-term obligations  $- 

 

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

 

Weighted average remaining lease term (years)  January 31, 2024 
Finance leases   - 
      
Weighted average discount rate   4.85%
Finance leases     

 

The aggregate future lease payments for Finance Lease Liability as of January 31, 2024 are as follows:

 

For the Years Ending January 31,     
2025   - 
Total minimum lease payments  $- 
Less: amount representing interest   - 
Total present value of minimum payments   - 
Less: current portion  $- 
Long term portion of finance lease liability   - 

 

The aggregate annual lease obligations at January 31, 2024 are as follows:

 

Fiscal Year  Operating Leases   Finance Leases 
2025  $134,355   $- 
2026   134,367         - 
2027   134,379    - 
2028   134,391    - 
2029   134,403    - 
Thereafter   3,992,854    - 
Total minimum lease payments  $4,664,749   $- 
Less: amount representing interest   2,409,409    - 
Total present value of minimum payments   2,255,340    -