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 · RELATED PARTY TRANSACTIONS:
RELATED PARTY TRANSACTIONS:
The Company has two operating leases with Weinstein Enterprises, Inc. (“Landlord”), an affiliated company, principally owned by the Chairman of the Board of Directors of both the Company and Landlord. One lease is for building, improvements, and land located at Jamaica Avenue at 169 th Street, Jamaica, New York. Another lease is for premises located at 504-506 Fulton Street, Brooklyn, New York.
In April 2023, the Company exercised one of four five-year option periods with its Landlord to extend the Jamaica Avenue at 169 th Street, Jamaica, New York property lease beyond May 31, 2030 for a total of five years through May 31, 2035. 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.
Rent payments and expense relating to these two operating leases with Landlord follow:
| Rent Payments · Rent Expense | ||||
|---|---|---|---|---|
| Year Ended July 31 | Year Ended July 31 | |||
| Property | 2024 | 2023 | 2024 | 2023 |
| Jamaica Avenue at 169th Street | $625,000 | $625,000 | $1,150,682 | $1,395,185 |
| 504-506 Fulton Street | 362,250 | 362,250 | 381,195 | 381,195 |
| Total | $987,250 | $987,250 | $1,531,877 | $1,776,380 |
The following summarizes assets and liabilities related to these two leases:
| Right-Of-Use Assets · Liabilities | |||||
|---|---|---|---|---|---|
| July 31 · July 31 | |||||
| Property | 2024 | 2023 | 2024 | 2023 | Expiration Date |
| Jamaica Avenue at 169th Street | $10,600,247 | $11,430,657 | $4,905,360 | $5,210,087 | May 31, 2035 |
| 504-506 Fulton Street | 2,167,727 | 2,431,554 | 2,311,539 | 2,556,421 | April 30, 2031 |
| Total | $12,767,974 | $13,862,211 | $7,216,899 | $7,766,508 | |
Upon termination of the Jamaica, New York lease, currently in 2035, all premises included in operating lease right-of-use assets plus leasehold improvements will be turned over to the Landlord.
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