MAYS J W INC
For the period ended Jul 31, 2025. Filed Oct 23, 2025.
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FY2025 · Filed Oct 23, 2025
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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.
Sublease rental income from the Company’s real estate operations for leased real property exceeded operating lease costs as follows:
| Years Ended July 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Sublease income | $7,467,165 | $7,357,895 |
| Operating lease cost | (2,997,462) | (2,996,055) |
| Excess of sublease income over lease cost | $4,469,703 | $4,361,840 |
| Years Ended July 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Other information: | ||
| Operating cash flows from operating leases | $2,167,284 | $2,150,129 |
The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of July 31, 2025:
| Year ended July 31 | Operating Leases |
|---|---|
| 2026 | $2,237,257 |
| 2027 | 2,328,731 |
| 2028 | 2,349,076 |
| 2029 | 2,370,098 |
| 2030 | 2,293,975 |
| Thereafter | 19,368,853 |
| Total undiscounted cash flows | 30,947,990 |
| Less: present value discount | (6,913,321) |
| Total Lease Liabilities | $24,034,669 |
As of July 31, 2025, our operating leases had a weighted average remaining lease term of 15.20 years and a weighted average discount rate of 3.62%.
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