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 · Lessor
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:
| 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:
| 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 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.