MAYS J W INC
For the period ended Jan 31, 2025. Filed Mar 13, 2025.
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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.
Jan 31, 2025 · Filed Mar 13, 2025
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 2024-10-31; filed 2024-12-12.
0001206774-24-001105
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15 -Current report: 10-Q
Period ended 2025-01-31; filed 2025-03-13.
0001206774-25-000124
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15 -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 43 previous paragraphs and 55 current paragraphs.
21 unchanged; 20 reworded; 12 added; 2 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 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 (12)
Current report
Three months ended January 31, 2025 compared to the three months ended January 31, 2024:
Current report
Administrative and general expenses decreased in the current three months to $1,251,875 from $1,486,632 in the comparable three months ended January 31, 2024, primarily due to a decrease in executive payroll cost.
Current report
Six months ended January 31, 2025 compared to the six months ended January 31, 2024:
Current report
In the six months ended January 31, 2025, the Company reported net loss of $(131,024), or $(.07) per share. In the comparable six months ended January 31, 2024, the Company reported net loss of $(290,603), or $(.14) per share. The decreased loss in the six months ended January 31, 2025 was primarily due to increased rent from existing and new tenants, and reductions in executive payroll costs; partially offset by an increase in real estate taxes, maintenance, insurance, and legal and professional expenses. Also, in the six months ended January 31, 2024, the Company had investment income on marketable securities of $108,047 to offset losses.
Current report
Real estate operating expenses in the current six months increased to $7,878,554 from $7,519,614 in the comparable six months ended January 31, 2024, primarily due to an increase in real estate taxes, maintenance, and insurance expenses; partially offset by decreases in payroll maintenance costs.
Current report
Depreciation expense in the current six months of $889,340 approximated $857,522 in the comparable six months ended January 31, 2024.
Current report
Other income (loss) and interest expense was $(41,075) in the current six months compared to $38,094 in the comparable six months ended January 31, 2024, primarily due to a decrease in investment income on marketable securities of $108,047.
Current report
In November 2024, the company leased 305 square feet of office space at the Company’s Jowein building in Brooklyn, New York for two years at an annual rent of $7,320.
Current report
In November 2024, a tenant who occupies 5,800 square feet at the Company’s Jowein building in Brooklyn, New York agreed to rent an additional 3,920 square feet of office space for increased rent of $12,087 a month.
Current report
In December 2024, Weinstein Enterprises, an affiliated entity, principally owned by the Chairman of the Board of Directors of both the Company and Weinstein Enterprises, (“Weinstein”) purchased 25% of the 508 Fulton Street property including an existing lease, from another landlord. Starting in January 2025, J.W. Mays began making rent payments to Weinstein with no other changes to the existing lease.
Current report
On January 30, 2025, a tenant at the Company’s 9 Bond Street building in Brooklyn, New York agreed to a six months rent concession of $25,000 per month from February until July 2025. The agreement also included a deferral of $54,825 of a receivable to be paid in three equal installments from February to April 2025.
Current report
Effective March 1, 2025, a tenant occupying 1,600 square feet at the Company’s 9 Bond Street building in Brooklyn, New York agreed to terminate their lease. Loss of rent will approximate $120,000 per annum.
Removed paragraphs (2)
Previous report
The Company plans to negotiate terms on an existing $3,354,768 mortgage. At any time between April 1, 2025 and April 1, 2040, the bank may demand a balloon payment for the full amount outstanding.
Previous report
Upon termination of the Jamaica, New York lease, currently in 2035, all premises included in operating lease right-of-use assets plus leasehold improvements will be turned over to the Landlord.
Reworded paragraphs (20)
Previous wording
Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our financial statements and related notes thereto contained in this report. In this discussion, the words “Company”, “we”, “our” and “us” refer to J.W. Mays, Inc., and subsidiaries.
Current wording
Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our financial statements and related notes thereto contained in this report. In this discussion, the words “Company”, “we”, “our” and “us” refer to J.W. Mays, Inc., and its subsidiaries.
Previous wording
Critical accounting policies are defined as those most important to the portrayal of a company’s financial condition and results and require the most difficult, subjective or complex judgments. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amount of revenues, and expenses during the reporting period and related disclosure of contingent assets and liabilities. We believe the critical accounting policies affect our more significant judgments and estimates used in the preparation of our financial statements. Estimates are based on historical experience, where applicable or other assumptions that management believes are reasonable under the circumstances. We have identified the policies described below as our critical accounting policies. Actual results may differ from these estimates under different assumptions and conditions. There have been no significant changes to our critical accounting policies and estimates during the three months ended October 31, 2024 from those disclosed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our 2024 Annual Report to Shareholders incorporated by reference into our Annual Report on Form 10-K for the period ended July 31, 2024.
Current wording
Critical accounting policies are defined as those most important to the portrayal of a company’s financial condition and results and require the most difficult, subjective or complex judgments. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amount of revenues, and expenses during the reporting period and related disclosure of contingent assets and liabilities. We believe the critical accounting policies affect our more significant judgments and estimates used in the preparation of our financial statements. Estimates are based on historical experience, where applicable or other assumptions that management believes are reasonable under the circumstances. There have been no significant changes to our critical accounting policies and estimates during the six months ended January 31, 2025 from those disclosed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our Annual Report to Shareholders incorporated by reference into our Annual Report on Form 10-K for the year ended July 31, 2024.
Previous wording
In the three months ended October 31, 2024, the Company reported net income of $26,657, or $.01 per share. In the comparable three months ended October 31, 2023, the Company reported net loss of ($192,544), or ($.10) per share. The increase in the 2024 three months was primarily due to increased rent for existing tenants and several new leases combined with a net unrealized loss on marketable securities only in the 2023 three months.
Current wording
In the three months ended January 31, 2025, the Company reported net loss of $(157,681), or $(.08) per share. In the comparable three months ended January 31, 2024, the Company reported net loss of $(98,059), or $(.04) per share. The increased loss in the three months ended January 31, 2025 was primarily due to an increase in real estate taxes, maintenance, and insurance expenses; partially offset by increased rent from existing and new tenants, and reductions in executive payroll costs. Also, the Company had investment income on marketable securities of $262,367 to offset losses in the three months ended January 31, 2024.
Previous wording
Revenues in the current three months increased to $5,539,129 from $5,323,801 in the comparable three months ended October 31, 2023, primarily due to increased rent for existing tenants and several new leases; partially offset by the loss of a few tenants.
Current wording
Revenues in the current three months increased to $5,643,444 from $5,414,843 in the comparable three months ended January 31, 2024, primarily due to increased rent for existing tenants and several new leases; partially offset by the loss of a few tenants.
Previous wording
Real estate operating expenses in the current three months increased to $3,750,139 from $3,692,616 in the comparable three months ended October 31, 2023, primarily due to an increase in real estate taxes and insurance expense; partially offset by decreases in building maintenance costs.
Current wording
Real estate operating expenses in the current three months increased to $4,128,415 from $3,826,998 in the comparable three months ended January 31, 2024, primarily due to an increase in real estate taxes, maintenance, and insurance expenses; partially offset by decreases in payroll maintenance costs.
Previous wording
Depreciation expense in the current three months of $444,066 approximated $428,264 in the comparable three months ended October 31, 2023.
Current wording
Depreciation expense in the current three months of $445,274 approximated $429,258 in the comparable three months ended January 31, 2024.
Previous wording
Other income and interest expense improved in the current three months to $(19,514) compared to $(195,892) in the comparable three months ended October 31, 2023, primarily due to a net unrealized loss on marketable securities only in the 2023 three months.
Current wording
Other income (loss) and interest expense was $(21,561) in the current three months compared to $233,986 in the comparable three months ended January 31, 2024, primarily due to investment income on marketable securities of $262,367 in the 2024 three months.
Previous wording
Administrative and general expenses increased in the current three months to $1,292,753 from $1,254,573 in the comparable three months ended October 31, 2023, primarily due to an increase in legal and professional fees; partially offset by a reduction in payroll cost.
Current wording
Administrative and general expenses decreased in the current six months to $2,544,628 from $2,741,205 in the comparable six months ended January 31, 2024, primarily due to a decrease in executive payroll cost; partially offset by an increase in legal and professional fees.
Previous wording
In August 2024, the Company leased 2,051 square feet to an office tenant at the Company’s Jamaica, New York premises for ten years, with five separate one year renewal options. Monthly rent of approximately $5,500, with annual increases, is expected to commence by January 1, 2025 when renovations to the premises are expected to be complete. The Company’s costs of renovations are expected to approximate $470,000, of which $235,000 will be reimbursed by the office tenant.
Current wording
In August 2024, the Company leased 2,051 square feet to an office tenant at the Company’s Jamaica, New York premises for ten years, with five separate one year renewal options. Monthly rent of approximately $5,500, with annual increases, commenced January 1, 2025. The Company’s costs of renovations were approximately $503,088, of which $235,000 will be reimbursed by the tenant.
Previous wording
In August 2024, a tenant who occupies warehouse space at the Company’s building in Circleville, Ohio, extended its lease from May 31, 2026 for additional three years to May 31, 2029. Effective November 1, 2024, the size of the leased premises expanded by 84,000 feet, including space previously leased by another tenant whose lease expired October 31, 2024. After the lease expansion, annual base rent for the warehouse space will be $877,440 per annum with increases annually. Brokerage commissions were $106,867.
Current wording
In August 2024, a tenant who occupies warehouse space at the Company’s building in Circleville, Ohio, extended its lease from May 31, 2026 for additional three years to May 31, 2029. Effective November 1, 2024, the size of the leased premises expanded by 84,000 feet, including space previously leased by another tenant whose lease expired October 31, 2024. After the lease expansion, annual base rent for the warehouse space is $877,440 per annum with increases annually. Brokerage commissions were $106,867.
Previous wording
Effective October 1, 2024, the Company leased approximately 12,500 square feet at the Company’s Fishkill, New York building for use as storage space for three months expiring December 31, 2024. Total rent of $61,219 was prepaid at lease commencement and is being amortized as revenue over the term of the lease.
Current wording
Effective October 1, 2024, the Company leased approximately 12,500 square feet at the Company’s Fishkill, New York building for use as storage space for three months expiring December 31, 2024. Total rent of $61,219 was prepaid at lease commencement and was amortized as revenue over the term of the lease.
Previous wording
In November 2024, a tenant who occupies 700 square feet at the Company’s 9 Bond Street building in Brooklyn, New York agreed for a base rent increase of $2,400 annually to expand their space to include an additional 130 square feet through lease expiration on January 31, 2026.
Current wording
In November 2024, a tenant who occupies 700 square feet at the Company’s 9 Bond Street building in Brooklyn, New York agreed to expand their space to include an additional 130 square feet for increased rent of $2,400 annually through lease expiration on January 31, 2026.
Previous wording
The following table summarizes our cash flow activity for the three months ended October 31, 2024 and 2023:
Current wording
The following table summarizes our cash flow activity for the six months ended January 31, 2025 and 2024:
Previous wording
Deferred Expenses: The Company incurred $106,867 for brokerage commissions during the three months ended October 31, 2024. Commissions due were for one tenant’s lease extension at the Company’s Circleville, Ohio property.
Current wording
Deferred Expenses: The Company incurred $136,109 for brokerage commissions during the six months ended January 31, 2025. Commissions due were primarily for one tenant’s lease extension at the Company’s Circleville, Ohio property.
Previous wording
Accounts Payable and Accrued Expenses: The Company had a balance due on October 31, 2024 for brokerage commissions of $406,701.
Current wording
Accounts Payable and Accrued Expenses: The Company had a balance due on January 31, 2025 for brokerage commissions of $276,213.
Previous wording
During the three months ended October 31, 2024, the Company had expenditures of:
Current wording
During the six months ended January 31, 2025, the Company had expenditures of:
Previous wording
Including the estimated costs to complete improvements mentioned above, the Company anticipates incurring an additional $1.6 million in capital expenditures over the next twelve months ending October 31, 2025. The Company’s primary source of liquidity is 1) cash provided by operations, and 2) borrowings. Total liquidity as of October 31, 2024 consists of cash and cash equivalents of $2,316,114. Total liquidity includes proceeds from fixed rate borrowings as of October 31, 2024.
Current wording
The Company anticipates incurring an additional $1.5 million in capital expenditures over the next twelve months ending January 31, 2026. The Company’s primary source of liquidity is 1) cash provided by operations, and 2) borrowings. Total liquidity as of January 31, 2025 consists of cash and cash equivalents of $1,490,663. Total liquidity includes proceeds from fixed rate borrowings as of January 31, 2025.
Previous wording
Another mortgage with a bank was fully paid off on December 1, 2024. The Company intends to explore other lending options to replace this mortgage.
Current wording
Another mortgage with a bank was fully paid off on December 1, 2024. The Company is exploring other lending options to replace this mortgage.
Previous wording
We believe our sources of liquidity described above will be sufficient to meet our obligations as of October 31, 2024, and over the next 12 months.
Current wording
We believe our sources of liquidity described above have not materially changed since July 31, 2024 and will be sufficient to meet our obligations over the next 12 months.
Previous wording
The Company’s ability to increase cash flows from operations, and to obtain additional sources of borrowings is dependent on many factors such as the continuously evolving local and macroeconomic commercial real estate markets, the effects of the overall economy, fluctuating interest rates, inflation, trends of office versus remote work practices, city & state regulations, and increasing real estate tax assessments. There is no assurance the Company will be successful in securing additional sources of financing when needed.
Current wording
The Company’s ability to increase cash flows from operations, and to obtain additional sources of borrowings is dependent on many factors such as the continuously evolving local and macroeconomic commercial real estate markets, the effects of the overall economy, fluctuating interest rates, inflation, trends of office versus remote work practices, city and state regulations, and increasing real estate tax assessments. There is no assurance the Company will be successful in securing additional sources of financing when needed.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Revenues in the current six months increased to $11,182,573 from $10,738,644 in the comparable six months ended January 31, 2024, primarily due to increased rent for existing tenants and several new leases; partially offset by the loss of a few tenants.
Current report — wording carried from elsewhere
We believe our sources of future liquidity have not materially changed since July 31, 2024 and will be sufficient to meet our obligations beyond the next 12 months.