Financial Performance - For the three months ended October 31, 2024, the company reported net income of $26,657, or $0.01 per share, compared to a net loss of $192,544, or ($0.10) per share in the same period of 2023[69]. - Revenues increased to $5,539,129 from $5,323,801 in the comparable period, primarily due to increased rent for existing tenants and several new leases[70]. - Real estate operating expenses rose to $3,750,139 from $3,692,616, mainly due to higher real estate taxes and insurance expenses[71]. - Administrative and general expenses increased to $1,292,753 from $1,254,573, primarily due to higher legal and professional fees[73]. Capital Expenditures and Liquidity - The company anticipates incurring an additional $1.6 million in capital expenditures over the next twelve months ending October 31, 2025[85]. - Total liquidity as of October 31, 2024, consists of cash and cash equivalents of $2,316,114[85]. Lease Agreements - A tenant extended its lease through June 30, 2025, for 10,569 square feet at the Jowein building in Brooklyn, New York[75]. - The company leased 2,051 square feet to an office tenant in Jamaica, New York, with monthly rent expected to commence at approximately $5,500 starting January 1, 2025[76]. - Annual base rent for expanded warehouse space in Circleville, Ohio, will be $877,440, with annual increases[77]. Mortgage Negotiations - The company plans to negotiate terms on an existing $3,354,768 mortgage, with a balloon payment potentially due between April 1, 2025, and April 1, 2040[86].
J.W. Mays(MAYS) - 2025 Q1 - Quarterly Report