Operating Leases

3 Months Ended

Oct. 31, 2021

Leases [Abstract]

Operating Leases

7.Operating Leases:

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:

	Three Months Ended
	October 31,
	2021		2020
Base rent - fixed	$	4,675,832	$	4,432,578
Reimbursements of common area costs		160,317		154,531
Non-lease components (real estate taxes)		243,398		247,885
Rental income	$	5,079,547	$	4,834,994

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

	As of October 31, 2021
	Company
	Owned		Leased
Fiscal Year	Property		Property		Total
For the remainder of 2022	$	8,338,730	$	3,671,674	$	12,010,404
2023		9,790,555		3,217,737		13,008,292
2024		7,779,932		2,934,120		10,714,052
2025		7,411,636		2,548,718		9,960,354
2026		6,562,590		2,414,235		8,976,825
2027		4,525,445		1,437,264		5,962,709
After 2027		28,927,760		5,751,930		34,679,690
Total	$	73,336,648	$	21,975,678	$	95,312,326

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.

-13-

Operating lease costs for leased real property was exceeded by sublease rental income from the Company’s real estate operations as follows:

	Three Months Ended October 31,
	2021			2020
Sublease income	$	1,786,176		$	1,728,033
Operating lease cost		(832,711	)		(832,713	)
Excess of sublease income over lease cost	$	953,465		$	895,320

	Three Months Ended October 31,
Other information:	2021		2020
Operating cash flows from operating leases	$	527,214	$	492,332

The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of October 31, 2021:

	Operating
Period Ended	Leases
October 31, 2022	$	2,120,437
October 31, 2023		2,137,167
October 31, 2024		2,154,504
October 31, 2025		2,171,538
October 31, 2026		2,245,786
Thereafter		24,761,376
Total undiscounted cash flows		35,590,808
Less: present value discount		(8,078,440	)
Total Lease Liabilities	$	27,512,368

As of October 31, 2021, our operating leases had a weighted average remaining lease term of 17.20 years and a weighted average discount rate of 2.87%