16. 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 expires in 2058. The Albuquerque Hotel ground lease has been extended three times since the Albuquerque Hotel was first acquired, in the year 2000, and may be extended further in the future.

The Trust’s Operating Lease costs recognized in the consolidated statement of operations for the year ended January 31, 2026 consist of the following:

SCHEDULE OF LEASE COSTS   

Supplemental cash flow information is as follows:

SCHEDULE OF CASH FLOW INFORMATION 

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

SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES

The aggregate annual lease obligations at January 31, 2026 are as follows:

SCHEDULE OF ANNUAL LEASE OBLIGATIONS