MAYS J W INC
For the period ended Apr 30, 2025. Filed Jun 12, 2025.
View on SEC.govAbout this filing
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, 2025 · Filed Jun 12, 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 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 -Current report: 10-Q
Period ended 2025-04-30; filed 2025-06-12.
0001206774-25-000406
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe 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.
30 unchanged; 20 reworded; 8 added; 4 removed; 1 previous and 0 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 (8)
Current report
Real estate operating expenses in the current three months decreased to $3,822,276 from $3,826,499 in the comparable three months ended April 30, 2024.
Current report
Depreciation expense in the current nine months increased to $1,346,625 from $1,286,737 in the comparable nine months ended April 30, 2024, primarily due to tenant build out placed in service.
Current report
In March 2025, a tenant who occupies 9,720 square feet at the Company’s Jowein building in Brooklyn, New York exercised their first of three six months extension to February 2026, with a monthly rent of $30,869.
Current report
In April 2025, the Company leased 2,800 square feet of office space at the Company’s 9 Bond Street building in Brooklyn, New York for ten years at an annual rent of $216,000 with increases annually. Rent commencement is October 2025. Brokerage commissions were $141,143.
Current report
In May 2025, a tenant occupying 6,095 square feet at the Company’s Jamaica, New York premises, New York agreed to extend their lease to December 2026, with a monthly rent of $14,476.
Current report
In May 2025, a tenant who occupies 17,364 and 5,640 square feet of space at the Company’s Jowein building in Brooklyn, New York provided notice they would not be renewing their leases which end on June 30, 2025 and January 19, 2026, respectively. The loss of rental income from the combined leases is approximately $885,000 per annum.
Current report
In May 2025, a tenant occupying 3,080 square feet at the Company’s 9 Bond Street building in Brooklyn, New York provided notice they would not be renewing their lease which ends on June 30, 2025. The loss of rental income is approximately $142,000 per annum.
Current report
As of April 30, 2025, the Company’s only mortgage with a bank had outstanding debt of approximately $3.3 million. While the loan has a stated maturity of April 1, 2040, the mortgage agreement provides the lender with an unconditional right to demand repayment in full at any time effective April 30, 2025 through final payment date of April 1, 2040. This mortgage balloon payment demand provision has a significant impact on our financial ratios and the perception of our short-term liquidity. As of this date of filing, the bank has not communicated any intent to accelerate repayment. The Company maintains a positive relationship with the bank and remains in full compliance with terms of the loan provisions. Although the interest rate is currently favorable, the Company may choose to refinance the mortgage after April 1, 2025, however, the bank is under no obligation to refinance if or when a balloon payment comes due upon demand.
Removed paragraphs (4)
Previous report
**J. W. MAYS, INC.
Previous 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.
Previous report
Depreciation expense in the current six months of $889,340 approximated $857,522 in the comparable six months ended January 31, 2024.
Previous report
Future Liquidity
Reworded paragraphs (20)
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. 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.
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 nine months ended April 30, 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 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.
Current wording
In the three months ended April 30, 2025, the Company reported net income of $86,784, or $.04 per share. In the comparable three months ended April 30, 2024, the Company reported net loss of $(84,880), or $(.04) per share. The net income in the three months ended April 30, 2025 was primarily due to increased rent from existing and new tenants, and reductions in legal, professional, and administrative fees; partially offset by an increase in real estate taxes, and insurance expenses.
Previous 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.
Current wording
Revenues in the current three months increased to $5,632,151 from $5,364,324 in the comparable three months ended April 30, 2024, primarily due to increased rent for existing tenants and several new leases; partially offset by the loss of a few tenants.
Previous wording
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 wording
Administrative and general expenses decreased in the current three months to $1,239,480 from $1,265,307 in the comparable three months ended April 30, 2024, primarily due to a decrease in legal, professional, and administrative fees.
Previous wording
Depreciation expense in the current three months of $445,274 approximated $429,258 in the comparable three months ended January 31, 2024.
Current wording
Depreciation expense in the current three months increased to $457,285 from $429,215 in the comparable three months ended April 30, 2024, primarily due to new tenant build.
Previous 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.
Current wording
Other income (loss) and interest expense was $(3,326) in the current three months compared to $(39,183) in the comparable three months ended April 30, 2024, primarily due to reduced interest expenses; partially offset by unrealized loss on marketable securities in the 2024 three months.
Previous wording
Six months ended January 31, 2025 compared to the six months ended January 31, 2024:
Current wording
Nine months ended April 30, 2025 compared to the nine months ended April 30, 2024:
Previous wording
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 wording
In the nine months ended April 30, 2025, the Company reported net loss of $(44,240), or $(.02) per share. In the comparable nine months ended April 30, 2024, the Company reported net loss of $(375,483), or $(.19) per share. The decreased loss in the nine months ended April 30, 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, and insurance expenses. Also, in the nine months ended April 30, 2024, the Company had net realized and unrealized investment income on marketable securities of $104,029 to offset losses.
Previous wording
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 wording
Revenues in the current nine months increased to $16,814,724 from $16,102,968 in the comparable nine months ended April 30, 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 $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.
Current wording
Real estate operating expenses in the current nine months increased to $11,700,830 from $11,346,113 in the comparable nine months ended April 30, 2024, primarily due to an increase in real estate taxes, and insurance expenses; partially offset by decreases in payroll maintenance costs.
Previous 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.
Current wording
Administrative and general expenses decreased in the current nine months to $3,784,108 from $4,006,512 in the comparable nine months ended April 30, 2024, primarily due to a decrease in executive payroll cost; partially offset by an increase in legal and professional fees.
Previous wording
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 wording
Other income (loss) and interest expense was $(44,401) in the current nine months compared to $(1,089) in the comparable nine months ended April 30, 2024, primarily due to net realized and unrealized investment income on marketable securities of $104,029; partially offset by decreased interest expenses.
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, commenced January 1, 2025. The Company’s costs of renovations were approximately $503,088, of which $235,000 will be reimbursed by the 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, as additional lease revenue.
Previous wording
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 wording
On January 30, 2025, a tenant at the Company’s 9 Bond Street building in Brooklyn, New York agreed to a nine 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.
Previous wording
The following table summarizes our cash flow activity for the six months ended January 31, 2025 and 2024:
Current wording
The following table summarizes our cash flow activity for the nine months ended April 30, 2025 and 2024:
Previous 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.
Current wording
Deferred Expenses: The Company incurred $277,252 for brokerage commissions during the nine months ended April 30, 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 January 31, 2025 for brokerage commissions of $276,213.
Current wording
Accounts Payable and Accrued Expenses: The Company had a balance due on April 30, 2025 for brokerage commissions of $346,553.
Previous wording
During the six months ended January 31, 2025, the Company had expenditures of:
Current wording
During the nine months ended April 30, 2025, the Company had expenditures of:
Previous 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.
Current wording
The Company anticipates incurring an additional $1.2 million in capital expenditures over the next twelve months ending April 30, 2026. The Company’s primary source of liquidity is 1) cash provided by operations, and 2) borrowings. Total liquidity as of April 30, 2025 consists of cash and cash equivalents of $2,278,824. Total liquidity includes proceeds from fixed rate borrowings as of April 30, 2025.
Previous 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.
Current wording
Another mortgage with a bank was fully paid off on December 1, 2024.
Rearranged previous paragraphs (1)
Previous report — wording carried 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.