LEASES

6 Months Ended

Jul. 31, 2024

Leases

LEASES

14. LEASES

The Trust has operating leases for its corporate offices in Phoenix, Arizona and land leased in Albuquerque, New Mexico. The Trust’s corporate office lease is month to month. All leases are non-cancelable.

Operating Leases

The Trust holds a month to month office lease agreement with Northpoint Properties for a commercial office lease at 1730 E Northern Ave, Suite 122, Phoenix, Arizona 85020. Base monthly rent is $4,318. The Trust also pays electricity and applicable sales tax.

The Trust’s Albuquerque Hotel is subject to non-cancelable ground lease. The Albuquerque Hotel non-cancelable ground lease was extended on January 14, 2014 and expires in 2058.

The following table presents the Trust’s lease costs for the six months ended July 31, 2024:

	For the Six Months Ended July 31, 2024
Operating Lease Costs:
Operating lease cost*		72,620

* Short term lease costs were immaterial.

Supplemental cash flow information is as follows:

	For the Six Months Ended
	July 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(2,301	)
Lease obligations:
Operating leases, net	$	2,242,728
Long-term obligations	$	2,216,563

Weighted average remaining lease terms and discount rates were as follows:

Weighted average remaining lease term (years)	July 31, 2024
Operating leases		32
Weighted average discount rate		4.85	%
Operating leases

The aggregate future lease payments for Operating Lease Liability as of July 31, 2024 are as follows:

For the Period Ending July 31,
2025	$	67,177
2026		134,367
2027		134,379
2028		134,391
2029		134,403
Thereafter		3,992,855
Total minimum lease payments	$	4,597,572
Less: amount representing interest		2,354,844
Total present value of minimum payments		2,242,728
Less: current portion	$	26,165
Long term portion of operating lease liability		2,216,563