RENTAL INCOME

12 Months Ended

Jul. 31, 2019

RENTAL INCOME [Abstract]

RENTAL INCOME

6. RENTAL INCOME:

Rental income for each of the fiscal years 2019 and 2018 is as follows:

	July 31,
	2019		2018
Minimum rentals
Company owned property	$	12,448,374	$	11,652,482
Leased property		6,677,998		6,502,219
		19,126,372		18,154,701
Contingent rentals
Company owned property		850,226		746,442
Leased property		448,241		399,739
		1,298,467		1,146,181
Total	$	20,424,839	$	19,300,882

Future minimum non-cancelable rental income for leases with initial or remaining terms of one year or more is as follows:

Fiscal Year	Company Owned Property		Leased Property		Total
2020	$	10,038,712	$	6,120,283	$	16,158,995
2021		9,521,380		5,009,044		14,530,424
2022		7,878,165		4,039,069		11,917,234
2023		7,399,288		3,270,666		10,669,954
2024		6,483,940		2,987,050		9,470,990
After 2024		52,632,826		14,842,540		67,475,366
Total	$	93,954,311	$	36,268,652	$	130,222,963

Rental income is recognized on a straight-line basis over the lives of the leases.