MAYS J W INC
For the period ended Apr 30, 2024. Filed Jun 13, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Apr 30, 2024 · Filed Jun 13, 2024
MAYS$42.15-4.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-01-31; filed 2024-03-14.
0001206774-24-000265
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 16 -Current report: 10-Q
Period ended 2024-04-30; filed 2024-06-13.
0001206774-24-000621
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 16 -The baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 55 previous paragraphs and 58 current paragraphs.
36 unchanged; 15 reworded; 7 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 26 previous and 26 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
**J. W. MAYS, INC.
Current report
Administrative and general expenses in the current three months decreased to $1,265,307 from $1,313,372 in the comparable 2023 three months primarily due to decreases in employee payroll and benefits in the current three months.
Current report
Interest expense, net of capitalized interest, exceeded investment income by $(39,183) in the current three months compared to $(34,119) in the three months ended April 30, 2023. Net unrealized loss in the current three months increased from declining values of marketable securities; partially offset by less interest expense, net of capitalized interest.
Current report
Administrative and general expenses in the current nine months of $4,006,512 was slightly increased from $3,970,458 in the comparable 2023 nine months. Reductions in payroll and benefit costs in the current period were offset by higher legal and professional fees; combined with less recoveries of bad debt in the current period, as recoveries resulting from the COVID-19 pandemic are now mostly complete.
Current report
Interest expense, net of capitalized interest, exceeded investment income by $(1,089) in the current nine months compared to $(265,455) in the nine months ended April 30, 2023 primarily due to less interest expense, net of capitalized interest, in the current nine months; combined with a decrease in net unrealized loss and a realized gain on the on marketable securities.
Current report
In March 2024, the Company leased 5,800 square feet to an office tenant at the Company’s Jowein building in Brooklyn, New York for a term of eighteen months with monthly rent of $17,833 commenced April 1, 2024 through March 31, 2025; increasing to monthly payments of $18,420 beginning April 1, 2025 through August 31, 2025. There is a renewal option for six months. Brokerage commissions were $10,730.
Current report
In April 2024, a tenant who occupies warehouse space at the Company’s building in Circleville, Ohio, exercised its option to reduce the size of the leased premises from 84,000 to 72,000 square feet with an annual rent reduction of approximately $37,000.
Removed paragraphs (4)
Previous report
Administrative and general expenses in the current three months increased to $1,486,632 from $1,406,855 in the comparable 2023 three months primarily due to increases in payroll.
Previous report
Investment income exceeded interest expense, net of capitalized interest, in the current three months by $233,986 compared to $9,733 in the comparable 2023 three months. The improvement in the 2024 three months was primarily due to increases in the fair value of marketable securities resulting in realized gains in the current period compared to 2023.
Previous report
Administrative and general expenses in the current six months increased to $2,741,205 from $2,657,086 in the comparable 2023 six months primarily due to increases in payroll.
Previous report
Investment income exceeded interest expense, net of capitalized interest, in the current six months by $38,094 primarily due to increases in the fair value of marketable securities. In the comparable 2023 six months, interest expense, net of capitalized interest, combined with investment losses aggregated $(231,336) primarily from higher interest expense and also due to decreases in the fair value of marketable securities resulting in a greater unrealized loss on marketable securities.
Reworded paragraphs (15)
Previous wording
In the six months ended January 31, 2024, the Company reported net loss of $(290,603), or $(.14) per share. In the comparable six months ended January 31, 2023, the Company reported net income of $104,255, or $.05 per share. The change in the 2024 six months was primarily due to a decrease in rental income; partially offset by decreases in real estate operating costs, a decrease in interest expense, net of capitalized interest, and increases in the fair value of marketable securities.
Current wording
In the three months ended April 30, 2024, the Company reported net loss of $(84,880), or $(.04) per share. In the comparable three months ended April 30, 2023, the Company reported net loss of $(39,160), or $(.02) per share. The change in the 2024 three months was primarily due to a decrease in rental income; partially offset by decreases in real estate operating expenses and administrative and general expenses.
Previous wording
Revenues in the current three months decreased to $5,414,843 from $5,837,819 in the comparable 2023 three months primarily due to the loss of a tenant who agreed to terminate their lease effective March 31, 2023; combined with a decrease in rent revenue from a seasonal tenant occupying less space.
Current wording
Revenues in the current three months decreased to $5,364,324 from $5,563,396 in the comparable 2023 three months primarily due to the loss of a tenant who agreed to terminate their lease effective March 31, 2023; combined with a decrease in rent revenue from a seasonal tenant occupying less space.
Previous wording
Real estate operating expenses in the current three months decreased to $3,826,998 from $3,958,144 in the comparable 2023 three months primarily due to a decrease in rent expense for the Jamaica, New York lease, and building maintenance costs; partially offset by increases in real estate taxes.
Current wording
Real estate operating expenses in the current three months decreased to $3,826,499 from $3,851,857 in the comparable 2023 three months primarily due to decreases in rent expense for the Jamaica, New York lease, and employee payroll costs; partially offset by increases in real estate taxes and insurance expense.
Previous wording
Depreciation expense in the current three months of $429,258 approximated $422,815 in the comparable 2023 three months.
Current wording
Depreciation expense in the current three months of $429,215 approximated $422,208 in the comparable 2023 three months.
Previous wording
Six months ended January 31, 2024 compared to the six months ended January 31, 2023:
Current wording
Nine months ended April 30, 2024 compared to the nine months ended April 30, 2023:
Previous wording
In the three months ended January 31, 2024, the Company reported net loss of $(98,059), or $(.04) per share. In the comparable three months ended January 31, 2023, the Company reported net income of $44,738, or $.02 per share. The change in the 2024 three months was primarily due to a decrease in rental income; partially offset by decreases in real estate operating costs, a decrease in interest expense, net of capitalized interest, and increases in the fair value of marketable securities.
Current wording
In the nine months ended April 30, 2024, the Company reported net loss of $(375,483), or $(.19) per share. In the comparable nine months ended April 30, 2023, the Company reported net income of $65,095, or $.03 per share. The change in the 2024 nine months was primarily due to a decrease in rental income; partially offset by a decrease in real estate operating expenses, a decrease in interest expense, net of capitalized interest, a decrease in net unrealized loss, and a realized gain on the sale of marketable securities.
Previous wording
Revenues in the current six months decreased to $10,738,644 from $11,607,553 in the comparable 2023 six months primarily due to the loss of a tenant who agreed to terminate their lease effective March 31, 2023; combined with a decrease in rent revenue from a seasonal tenant occupying less space.
Current wording
Revenues in the current nine months decreased to $16,102,968 from $17,170,949 in the comparable 2023 nine months primarily due to the loss of a tenant who agreed to terminate their lease effective March 31, 2023; combined with a decrease in rent revenue from a seasonal tenant occupying less space.
Previous wording
Real estate operating expenses in the current six months decreased to $7,519,614 from $7,743,565 in the comparable 2023 six months primarily due to a decrease in rent expense for the Jamaica, New York lease, and building maintenance costs; partially offset by increases in real estate taxes.
Current wording
Real estate operating expenses in the current nine months decreased to $11,346,113 from $11,595,422 in the comparable 2023 nine months primarily due to decreases in rent expense for the Jamaica, New York lease, and employee payroll costs; partially offset by increases in real estate taxes and insurance expense.
Previous wording
Depreciation expense in the current six months of $857,522 approximated $841,311 in the comparable 2023 six months.
Current wording
Depreciation expense in the current nine months of $1,286,787 approximated $1,263,519 in the comparable 2023 nine months.
Previous wording
The Company extended a lease with an office tenant for ten years expiring November 30, 2033, including a space reduction from 46,421 to 23,210 square feet. The annual base rent of $653,968 (reduced from $1,098,500) commences after renovations are complete. Renovations are expected to be completed in the summer of 2024 at an approximate cost of $1,300,000. Once renovations are complete, additional rent of $156,000 will be paid annually over ten years. Brokerage commissions were $365,755.
Current wording
In December 2023, the Company extended a lease with an office tenant at the Company’s Jamaica, New York premises for ten years expiring November 30, 2033, including a space reduction from 46,421 to 23,210 square feet. The annual base rent of $653,968 (reduced from $1,098,500) commences after renovations are complete. Renovations are expected to be completed in the summer of 2024 at an approximate cost of $1,300,000. Once renovations are complete, additional rent of $156,000 will be paid annually over ten years. Brokerage commissions were $365,755.
Previous wording
In December 2023, the Company leased approximately 5,632 square feet at the Company’s 9 Bond Street Building in Brooklyn, New York to an office tenant with rent commencement expected May 1, 2024, for a term of ten years from rent commencement, with two options for an additional five years. The costs of renovations for this tenant are expected to be approximately $100,000. Brokerage commissions were $50,714.
Current wording
In December 2023, the Company leased approximately 5,632 square feet at the Company’s 9 Bond Street building in Brooklyn, New York to an office tenant, rent commencing on May 1, 2024 for a term of ten years through May 1, 2034. There are two renewal options for an additional five years. The costs of renovations for this tenant were approximately $100,000. Brokerage commissions were $50,714.
Previous wording
Accounts Payable and Accrued Expenses: The Company had a balance due on January 31, 2024 for brokerage commissions of $714,992.
Current wording
Accounts Payable and Accrued Expenses: The Company had a balance due on April 30, 2024 for brokerage commissions of $654,279.
Previous wording
During the six months ended January 31, 2024, the Company had expenditures at its:
Current wording
During the nine months ended April 30, 2024, the Company had expenditures at its:
Previous wording
During the six months ended January 31, 2024, the Company had expenditures of $64,573 for roof work at its 25 Bond Street building in Brooklyn, New York, and $4,546 of steel work at the Company’s Jowein building in Brooklyn, New York.
Current wording
During the nine months ended April 30, 2024, the Company had expenditures of $64,573 for roof work at its 25 Bond Street building in Brooklyn, New York, and $6,819 of steel work at the Company’s Jowein building in Brooklyn, New York.
Previous wording
Including the estimated costs to complete improvements mentioned above, the Company anticipates incurring an additional $3.2 million in capital expenditures over the next twelve months ending January 31, 2025. The Company’s primary source of liquidity is 1) cash provided by operations, 2) marketable securities, and 3) borrowings. Total liquidity as of January 31, 2024 was $2,856,602, which consists of cash and cash equivalents of $691,515 and the fair value of marketable securities of $2,165,087. Total liquidity includes proceeds from fixed rate borrowings as of January 31, 2024. In addition, the Company is in the process of securing an additional line of credit, if needed, with an affiliated entity, Weinstein Enterprises, Inc. (“Weinstein”), principally owned by the Chairman of the Board of Directors of both the Company and Weinstein.
Current wording
Including the estimated costs to complete improvements mentioned above, the Company anticipates incurring an additional $2 million in capital expenditures over the next twelve months ending April 30, 2025. The Company’s primary source of liquidity is 1) cash provided by operations, 2) marketable securities, and 3) borrowings. Total liquidity as of April 30, 2024 was $3,321,117, which consists of cash and cash equivalents of $1,171,121 and the fair value of marketable securities of $2,149,996. Total liquidity includes proceeds from fixed rate borrowings as of April 30, 2024. In addition, the Company’s plans include securing an additional line of credit, if needed, with an affiliated entity, Weinstein Enterprises, Inc. (“Weinstein”), principally owned by the Chairman of the Board of Directors of both the Company and Weinstein.