J.W. Mays(US:MAYS)2025-10-23 12:01Real Estate Operations - The Company operates a total of 28 commercial real estate properties, with significant locations including Brooklyn, Jamaica, Fishkill, Levittown, Massapequa, and Circleville[34]. - The Brooklyn property at Fulton Street has 380,000 square feet, with 90% owned by the Company and 10% leased under five separate leases[37]. - The Company leased 2,800 square feet of office space for ten years at an annual rent of $216,000, with rent commencement in October 2025[41]. - The Company has a long-term lease with the City of New York for a garage, expiring in 2043, with a renewal option to 2073, covering approximately 17,000 square feet[45]. - The Jamaica Property is leased to eleven tenants, with four tenants occupying over 10% of the rentable square footage, including two retail stores at 15.82% and 17.66%[55]. - The Company has leased approximately 12,500 square feet for storage space, with total rent of $61,219 prepaid at lease commencement[62]. - The occupancy rate for the property in Massapequa, New York, is currently 100%, with the lease expiring on May 14, 2030[68]. - As of July 31, 2023, the occupancy rate for the company's properties was 100%[69]. - The occupancy rate as of July 31, 2023, is 59.51%, with a total of 24 leases covering 197,535 square feet and generating a gross annual rent of $7,461,079[43]. - The occupancy rate for another property was 99.30% as of July 31, 2023, with a projected decline to 96.72% by July 31, 2025[73]. Financial Performance - The Company anticipates a loss of approximately $120,000 per annum due to a tenant terminating their lease in March 2025[41]. - A tenant at the Company's 9 Bond Street building received rent concessions totaling $25,000 per month for six months, and $40,000 per month for another six months, impacting cash flow[40]. - In May 2025, a tenant occupying 17,364 and 5,640 square feet will not renew their leases, resulting in a loss of rental income of approximately $885,000 per annum[49]. - The annual rent for the warehouse space after lease expansion effective November 1, 2024, is $877,440, with annual increases[72]. - The company leased 20,000 square feet of retail space in August 2025 for a monthly rent starting at $4,500, increasing to $5,500 after the first year[70]. - The total fees for services rendered by the independent registered public accounting firm for fiscal year 2025 amounted to $263,578, an increase from $237,800 in fiscal year 2024[101]. - The company has not declared any cash dividends during the year ended July 31, 2025, and does not anticipate paying dividends in the foreseeable future[81]. Tax and Valuation - As of July 31, 2025, the federal tax basis for the property is $22,607,989 with accumulated depreciation of $15,274,093, resulting in a net carrying value of $7,333,896[44]. - The federal tax basis for one property as of July 31, 2025, is $4,493,846, with accumulated depreciation of $4,411,199, resulting in a net carrying value of $82,647[73]. - The real estate taxes for the property in Fishkill, New York, are $122,953 per year, with an average rate of $2.503 per $100 of assessed valuation[65]. - The real estate taxes for one property are $273,567 per year, with an average rate of $770.03 per $100 of assessed valuation[70]. - As of July 31, 2025, the federal tax basis for the Levittown property is $22,660,510 with accumulated depreciation of $16,227,755, resulting in a net carrying value of $6,432,755[64]. Risk Management - The Company is subject to risks including changes in economic conditions, interest rates, and tenant financial stability, which could impact future operations[21]. - The Company has implemented cybersecurity measures to manage risks associated with third-party service providers and maintain data security[26]. - The Company plans to negotiate lease renewals as they come due, contingent on tenants maintaining adequate financial health[42]. - The Company emphasizes tenant retention and actively markets available space to various sectors, including governmental and educational institutions[23]. Corporate Governance - The consolidated financial statements for the fiscal year ended July 31, 2025, are included in the Annual Report to Shareholders[113]. - The report of independent registered public accounting firm Prager Metis CPAs, LLC, is dated October 22, 2025[105]. - The company has incorporated various employment agreements and consulting agreements into its filings, indicating ongoing management and operational strategies[105]. - The financial statements include consolidated balance sheets, statements of operations, changes in shareholders' equity, and cash flows, providing a comprehensive view of the company's financial health[113]. - The company has a clawback policy referenced in its filings, which may impact executive compensation in the event of financial restatements[108]. - The company is primarily an operating entity with wholly-owned subsidiaries, which simplifies its financial reporting structure[114]. - The report includes a certification of the principal executive and financial officers, ensuring compliance with regulatory requirements[110]. - The company has filed its financial statements in inline XBRL format, enhancing accessibility and analysis of financial data[108]. - The annual report to shareholders is a key document for stakeholders, summarizing the company's performance and strategic direction[105]. - The company has not disclosed any new products or technologies in the current filings, focusing instead on financial performance and governance[107]. Employment and Workforce - The Company has a workforce of 28 full-time employees, with approximately 21% covered by a union contract expiring on November 30, 2025[12].