MAYS J W INC
For the period ended Jul 31, 2024. Filed Oct 24, 2024.
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FY2024 · Filed Oct 24, 2024
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EX-13 · Lessee
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:
| 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 |
| 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:
| 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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