Leases

6 Months Ended

Jan. 31, 2020

Leases [Abstract]

LEASES

NOTE 14 — LEASES 

The Company is the lessor of certain properties which are leased to tenants under net operating leases with initial term expiration dates ranging from 2021 to 2028. Lease income included on the Consolidated Statements of Operations for the three and six months ended January 31, 2020, was $1.2 million and $2.4 million, respectively. 

The future contractual minimum lease payments to be received (excluding operating expense reimbursements) by the Company as of January 31, 2020, under non-cancelable operating leases which expire on various dates through 2028 are as follows:

Year ending July 31,	Related Parties		Other		Total
(unaudited, in thousands)
2020	$	1,006	$	598	$	1,604
2021		2,041		1,115		3,156
2022		2,078		968		3,046
2023		2,117		640		2,757
2024		2,155		538		2,693
Thereafter		1,659		2,494		4,153
Total Minimum Future Rental Income	$	11,056	$	6,353	$	17,409

The Company has related party leases that expire in April 2025 for (i) an aggregate of 88,631 square feet, which includes two parking spots per thousand square feet of space leased at 520 Broad Street, and (ii) 3,595 square feet in Israel. The annual rent is approximately $2.0 million in the aggregate. The related parties have the right to terminate the domestic leases upon four months' notice, and upon early termination will pay a termination penalty equal to 25% of the portion of the rent due over the course of the remaining term. A related party has the right to terminate the Israeli lease upon four months' notice. IDT has the right to lease an additional 50,000 square feet, in 25,000-foot increments, in the building located at 520 Broad Street on the same terms as their base lease, and other rights should 25,000 square feet or less remain available to lessees in the building. Upon expiration of the lease, related parties have the right to renew the leases for another five years.