MAYS J W INC
For the period ended Apr 30, 2026. Filed Jun 11, 2026.
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, 2026 · Filed Jun 11, 2026
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 2026-01-31; filed 2026-03-12.
0001206774-26-000137
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 15 -Current report: 10-Q
Period ended 2026-04-30; filed 2026-06-11.
0001206774-26-000322
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 51 previous paragraphs and 57 current paragraphs.
26 unchanged; 22 reworded; 8 added; 2 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 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 increased to $3,999,990 from $3,822,276 in the comparable three months ended April 30, 2025, primarily due to increases in real estate taxes, maintenance cost, insurance cost, and commission expense; partially offset by decreases in payroll cost and license and permits.
Current report
Depreciation expense in the current three months of $471,707 approximated $457,285 in the comparable three months ended April 30, 2025.
Current report
In January 2026, a tenant who occupies 1,000 square feet at the Company’s 9 Bond Street building in Brooklyn, New York extended their lease for five years from February 01 st, 2026. Annual rent is $42,000 with yearly rent escalations.
Current report
In March 2026, the Company leased approximately 1,500 square feet at the Company’s 9 Bond Street building in Brooklyn, New York for five years effective August 1st, 2026. Annual rent is $126,000 with yearly rent escalation from year two. Brokerage commissions were $53,293.
Current report
In April 2026, the Company leased an additional 75,500 square feet to an existing tenant at the Company’s Fishkill, New York building for fifteen years effective September 1st, 2026. Annual rent is $1,423,930 with yearly rent escalations from year three. Total brokerage commission were $595,000.
Current report
In April 2026, a tenant who occupies 13,451 square feet at the Company’s 9 Bond Street building in Brooklyn, New York extended their lease for seven years from August 1st, 2026. Annual rent is $484,236 with yearly rent escalations. Total brokerage commission were $125,209.
Current report
As disclosed in Note 11 - Subsequent Event, on May 12, 2026, the Company obtained a non-revolving line of credit and building loan mortgage with a bank & trust in the amount of $8,000,000. The Company was advanced approximately $2,000,000 at closing of the loan and intends to use such proceeds and additional advances to draw down on the entire $8,000,000 before a Fishkill, New York property expansion project is completed for an existing tenant.
Current report
The Company has engaged Newmark Group, Inc. to actively market 25 Elm Place, Brooklyn, New York for sale to unaffiliated third-party prospective buyers. These marketing efforts are in their early stages and will remain ongoing for the foreseeable future. Any decision by the Company to enter into a sale transaction of the Property will be approved by the Company’s Board of Directors. There can be no assurances regarding whether a sale of the Property will take place nor on the timing of such a sale.
Removed paragraphs (2)
Previous report
Real estate operating expenses in the current three months of $4,127,284 approximated $4,128,415 in the comparable three months ended January 31, 2025.
Previous report
As of January 31, 2026, the Company’s only mortgage with a bank had outstanding debt of approximately $3.15 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 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, however, the bank is under no obligation to refinance if or when a balloon payment comes due upon demand.
Reworded paragraphs (22)
Previous wording
We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures we make in our annual proxy statement, Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and Current Reports on Form 8-K filed with the Securities and Exchange Commission.
Current wording
We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events risk factors or otherwise. You are advised, however, to review any additional disclosures we make in our public filings and periodic reports with the Securities and Exchange Commission.
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
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,
Previous wording
months ended January 31, 2026 from those disclosed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our 2025 Annual Report to Shareholders incorporated by reference into our Annual Report on Form 10-K for the fiscal year ended July 31, 2025.
Current wording
2026 from those disclosed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our 2025 Annual Report to Shareholders incorporated by reference into our Annual Report on Form 10-K for the fiscal year ended July 31, 2025.
Previous wording
In the three months ended January 31, 2026, the Company reported net loss of $(508,960), or $(.25) per share. In the comparable three months ended January 31, 2025, the Company reported net loss of $(157,681), or $(.08) per share. The increased loss in the 2026 three months was primarily due to an increase in administration expenses, combined with loss of tenants and rent concessions granted; partially offset by several new leases.
Current wording
In the three months ended April 30, 2026, the Company reported net loss of $(216,863), or $(.11) per share. In the comparable three months ended April 30, 2025, the Company reported net income of $86,784, or $.04 per share. The loss in the 2026 three months was primarily due to loss of tenants and rent concessions granted; partially offset by rent escalations.
Previous wording
Revenues in the current three months decreased to $5,211,482 from $5,643,444 in the comparable three months ended January 31, 2025, primarily due to loss of tenants and rent concessions granted of $213,942; partially offset by several new leases.
Current wording
Revenues in the current three months decreased to $5,314,751 from $5,632,151 in the comparable three months ended April 30, 2025, primarily due to loss of tenants and rent concessions granted of $210,409; partially offset by rent escalations.
Previous wording
Administrative and general expenses increased in the current three months to $1,325,921 from $1,251,875 in the comparable three months ended January 31, 2025, primarily due to increases in professional fees and executive payroll; partially offset by decreases in other administrative cost.
Current wording
Administrative and general expenses decreased in the current three months to $1,164,625 from $1,239,480 in the comparable three months ended April 30, 2025, primarily due to decreases in pension expenses.
Previous wording
Other income and interest expense improved in the current three months to $(3,560) compared to $(21,561) in the comparable three months ended January 31, 2025, primarily due to decreased in interest expense.
Current wording
Other income (expense) and interest expense improved in the current three months to $12,708 income compared to $(3,326) loss in the comparable three months ended April 30, 2025, primarily due to decreased in interest expense.
Previous wording
Six months ended January 31, 2026 compared to the six months ended January 31, 2025:
Current wording
Nine months ended April 30, 2026 compared to the nine months ended April 30, 2025:
Previous wording
In the six months ended January 31, 2026, the Company reported net loss of $(842,987), or $(.42) per share. In the comparable six months ended January 31, 2025, the Company reported net loss of $(131,024), or $(.07) per share. The increase in loss for the 2026 six months was primarily due to increase in real estate operating expenses combined with loss of tenants and rent concessions granted; partially offset by several new leases.
Current wording
In the nine months ended April 30, 2026, the Company reported net loss of $(1,059,850), or $(.53) per share. In the comparable nine months ended April 30, 2025, the Company reported net loss of $(44,240), or $(.02) per share. The increase in loss for the 2026 nine months was primarily due to loss of tenants and rent concessions granted combined with increases in real estate operating expenses; partially offset by rent escalations and decreases in general and administrative expenses.
Previous wording
Revenues in the current six months decreased to $10,462,896 from $11,182,573 in the comparable six months ended January 31, 2025, primarily due to loss of tenants and rent concessions granted of $333,942; partially offset by several new leases.
Current wording
Revenues in the current nine months decreased to $15,777,647 from $16,814,724 in the comparable nine months ended April 30, 2025, primarily due to loss of tenants and rent concessions granted of $544,351; partially offset by rent escalations.
Previous wording
Real estate operating expenses in the current six months increased to $8,204,797 from $7,878,554 in the comparable six months ended January 31, 2025, primarily due to an increase in real estate taxes, insurance, utilities, and maintenance expenses, and a loss on fixed asset disposal; partially offset by decreases in building payroll costs.
Current wording
Real estate operating expenses in the current nine months increased to $12,204,787 from $11,700,830 in the comparable nine months ended April 30, 2025, primarily due to an increase in real estate taxes, insurance, utilities, commissions, and maintenance expenses, and a loss on fixed asset disposal; partially offset by decreases in payroll cost and license and permits.
Previous wording
Administrative and general expenses decreased in the current six months to $2,515,739 from $2,544,628 in the comparable six months ended January 31, 2025, primarily due to a decrease in professional fees, and pension expenses; partially offset by increases in other administrative cost.
Current wording
Administrative and general expenses decreased in the current nine months to $3,680,364 from $3,784,108 in the comparable nine months ended April 30, 2025, primarily due to a decrease in professional fees, and pension expenses; partially offset by increases in executive payroll and other administrative cost.
Previous wording
Depreciation expense in the current three months increased to $470,677 from $445,274 in the comparable three months ended January 31, 2025 primarily due to tenant improvements placed in service at various buildings.
Current wording
Depreciation expense in the current nine months increased to $1,414,646 from $1,346,625 in the comparable nine months ended April 30, 2025 primarily due to tenant improvements placed in service at various buildings.
Previous wording
Other income and interest expense improved in the current six months to $5,592 compared to $(41,075) in the comparable six months ended January 31, 2025, primarily due to increased dividend and interest income, and a decrease in interest expense.
Current wording
Other income (expense) and interest expense improved in the current nine months to $18,300 income compared to $(44,401) loss in the comparable nine months ended April 30, 2025, primarily due to increased dividend and interest income, and a decrease in interest expense.
Previous wording
Effective October 1, 2025 the Company leased approximately 9,500 square feet at the Company’s Fishkill, New York building for use as storage space for three months expiring December 31, 2025. Total rent of $46,526 was prepaid at lease commencement. Brokerage commissions were $2,187.
Current wording
Effective October 1, 2025 the Company leased approximately 9,500 square feet at the Company’s Fishkill, New York building for use as storage space for three months expiring December 31, 2025. Total rent was $46,526 and brokerage commissions were $2,187.
Previous wording
In October 2025, a tenant who occupies 31,438 square feet at the Company’s Jowein building in Brooklyn, New York extended their lease from May 2026 to October 2026, and was given a rent concession of $361,637 effective November 2025 to October 2026.
Current wording
In October 2025, a tenant who occupies 31,438 square feet at the Company’s Jowein building in Brooklyn, New York extended their lease from May 2026 to October 2026, and was given a rent concession of $375,165 effective November 2025 to October 2026. In May 2026, this tenant advised they are vacating the space 6/30/2026. Loss of rent is approximately $243,000.
Previous wording
The following table summarizes our cash flow activity for the six months ended January 31, 2026 and 2025:
Current wording
The following table summarizes our cash flow activity for the nine months ended April 30, 2026 and 2025:
Previous wording
Deferred Expenses: The Company incurred $87,842 for brokerage commissions during the six months ended January 31, 2026. Commissions due were for two new tenant leases at the Company’s Jowein property and Massapequa premises.
Current wording
Deferred Expenses: The Company incurred $141,135 for brokerage commissions during the nine months ended April 30, 2026. Commissions due were for two new tenant leases at the Company’s Jowein property, one tenant for the Brooklyn property and one tenant for the Massapequa premises.
Previous wording
Accounts Payable and Accrued Expenses: The Company recorded an accounts payable of $637,200 related to capital improvements during the six months ended January 31, 2026.
Current wording
Accounts Payable and Accrued Expenses: The Company recorded an accounts payable of $611,597 related to capital improvements during the nine months ended April 30, 2026.
Previous wording
During the six months ended January 31, 2026, the Company had expenditures for tenant improvements of:
Current wording
During the nine months ended April 30, 2026, the Company had expenditures for tenant improvements of:
Previous wording
As of January 31, 2026, the Company anticipates incurring an additional $12 million in capital expenditures over the next twelve months ending January 31, 2027. The Company’s primary source of liquidity is 1) cash provided by operations, and 2) borrowings (the company has received two loan commitments and are in the final stages of securing these loans to fund capital expenditures). Total liquidity as of January 31, 2026 consists of cash and cash equivalents of $434,420. Total liquidity includes proceeds from fixed rate borrowings as of January 31, 2026.
Current wording
As of April 30, 2026, the Company anticipates incurring an additional $7.8 million in capital expenditures over the next twelve months ending April 30, 2027. The Company’s primary source of liquidity is 1) cash provided by operations, and 2) borrowings. Total liquidity as of April 30, 2026 consists of cash and cash equivalents of $2,110,713. Total liquidity includes proceeds from fixed rate borrowings as of April 30, 2026.
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 and state regulations, and increasing real estate tax assessments. Furthermore, the Company anticipates the need for additional financing in fiscal year 2026 for capital expenditures. There is no assurance the Company will be successful in securing additional sources of financing when needed. In the event we are unable to secure additional sources of financing and our liquidity needs exceed our access to liquidity, we may need to sell or divest one or more of our properties or real estate assets to manage our liquidity needs, thus reducing our earnings and such property sale may be necessary at an inopportune time and on unfavorable terms. The determination of whether a particular property should be sold or otherwise disposed of will generally be made after consideration of relevant factors, including tax implications, prevailing economic conditions, other investment opportunities, and considerations specific to the condition, value, and financial performance of the property and the Company’s liquidity needs.
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 (1)
Current report — wording carried from elsewhere
The Company is considering any strategic opportunities to sell or divest one or more of its properties or real estate assets to manage its liquidity needs, and the determination of whether a particular property should be sold or otherwise disposed of will generally be made after consideration of relevant factors, including, but not limited to prevailing macro-economic and real estate market conditions, alternative investment opportunities, tax implications, and considerations specific to the condition, value, and financial performance of the property to be sold.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Depreciation expense in the current six months increased to $942,939 from $889,340 in the comparable six months ended January 31, 2025 primarily due to tenant improvements placed in service at various buildings.