Company: AIRTP
Filing Date: 2025-08-12
Form Type: 10-K/A
Source: 0000353184-25-000069
Chunk: 97

Company: AIR T INC
Filing Date: 2025-08-12
Form: 10-K/A
Chunk 97
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. Our contractual obligations for offices currently on lease can include termination and renewal options. We utilize the reasonably certain threshold criteria in determining which options our customers will exercise. The Company depreciates the assets on a straight-line basis over the assets' useful life. Depreciation expense relating to office leases was $ 0.3million for the fiscal years ended March 31, 2025 and 2024, respectively.

We recognized rental and other revenuesrelated to operating lease payments of $ 1.7million and $ 1.6million, of which variable lease payments were $ 0.7million during both fiscal years ended March 31, 2025 and 2024, respectively. Future minimum rental payments to be received do not include variable lease payments that may be received under certain leases because amounts are based on usage. The following table sets forth the undiscounted cash flows for future minimum base rents to be received from customers for office leases in effect as of March 31, 2025:

| Year ended March 31, 
 2026                 |     |   | 1,022 |
|:---------------------|:----|:--|------:|
| 2027                 |     |   |   987 |
| 2028                 |     |   |   849 |
| 2029                 |     |   |   774 |
| 2030                 |     |   |   743 |
| Thereafter           |     |   | 1,824 |
| Total                |     | $ | 6,199 |

6. PROPERTY AND EQUIPMENT

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Property and equipment consisted of the following (in thousands):

|                                   |     | Year Ended March 31, |   2025 |     |   |   2024 |
|:----------------------------------|:----|:---------------------|-------:|:----|:--|-------:|
| Furniture, fixtures and equipment |     | $                    |  7,282 |     | $ |  7,060 |
| Leasehold improvements            |     |                      |  8,393 |     |   |  7,656 |
| Land and buildings                |     |                      | 13,850 |     |   | 13,850 |
|                                   |     |                      | 29,525 |     |   | 28,566 |
| Accumulated depreciation          |     |                      | -9,