MAYS J W INC
For the period ended Jul 31, 2025. Filed Oct 23, 2025.
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FY2025 · Filed Oct 23, 2025
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EX-13 · RELATED PARTY TRANSACTIONS:
RELATED PARTY TRANSACTIONS:
The Company has three operating leases with Weinstein Enterprises, Inc. (“Landlord”), an affiliated company, principally owned by the Chairman of the Board of Directors of both the Company and Landlord. One lease is for building, improvements, and land located at Jamaica Avenue at 169th Street, Jamaica, New York. Another lease is for premises located at 504-506 Fulton Street, Brooklyn, New York.
In December 2024, Landlord purchased the 508 Fulton Street property, including an existing lease, from another landlord who owned 25% of the property. Starting in January 2025, J.W. Mays began making rent payments to Landlord with no other changes to the existing lease
Rent payments and expense relating to these three operating leases with Landlord follow:
| Rent Payments · Rent Expense | ||||
|---|---|---|---|---|
| Year Ended July 31 | Year Ended July 31 | |||
| Property | 2025 | 2024 | 2025 | 2024 |
| Jamaica Avenue at 169th Street | $625,000 | $625,000 | $1,150,682 | $1,150,682 |
| 504-506 Fulton Street | 362,250 | 362,250 | 381,195 | 381,195 |
| 508 Fulton Street | 33,269 | — | 42,408 | — |
| Total | $1,020,519 | $987,250 | $1,574,285 | $1,531,877 |
The following summarizes assets and liabilities related to these three leases:
| Right-Of-Use Assets · Liabilities | |||||
|---|---|---|---|---|---|
| July 31 · July 31 | |||||
| Property | 2025 | 2024 | 2025 | 2024 | Expiration Date |
| Jamaica Avenue at 169th Street | $9,749,817 | $10,600,247 | $4,580,611 | $4,905,360 | May 31, 2035 |
| 504-506 Fulton Street | 1,891,731 | 2,167,727 | 2,054,487 | 2,311,539 | April 30, 2031 |
| 508 Fulton Street | 1,018,186 | — | 1,224,672 | — | April 30, 2044 |
| Total | $12,659,734 | $12,767,974 | $7,859,770 | $7,216,899 | |
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.
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