J.W. Mays(MAYS) - 2021 Q1 - Quarterly Report

Financial Performance - For the three months ended October 31, 2020, the company reported a net loss of $(415,424), or $(0.21) per share, compared to a net income of $128,544, or $0.06 per share for the same period in 2019[87]. - Revenues decreased to $4,834,994 from $5,035,915 in the comparable 2019 period, primarily due to the loss of rental income from four tenants[88]. - Real estate operating expenses increased to $3,582,617 from $3,248,594 in the comparable 2019 period, driven by higher real estate taxes, maintenance costs, and rent expenses[88]. - Administrative and general expenses decreased to $1,169,523 from $1,215,635 in the comparable 2019 period, mainly due to a reduction in bad debt expense[89]. Debt and Financial Stability - As of October 31, 2020, the company had fixed-rate debt of $9,237,941, which does not expose it to market risk related to changes in interest rates[104]. - The company experienced no bad debt expense and recoveries of $18,000 from August to October 2020, despite ongoing volatility in equity investment valuations[91]. Leasing and Renovation Activities - In November 2020, the company leased 23,000 square feet to an office tenant at its Jowein building in Brooklyn, with renovation costs estimated at $625,000[94]. - The company had expenditures of $351,810 for renovations of a second lobby at its Fishkill, New York building, part of a total project cost of $842,767 completed in October 2020[97]. - The company anticipates occupancy and rental payments for new leases to begin in early 2021, including a retail tenant at its Jowein building[94]. Impact of COVID-19 - The ongoing impact of COVID-19 continues to create uncertainty regarding future performance, with potential adverse effects on revenue and tenant credit quality[84].