Financial Performance - For the three months ended October 31, 2022, the company reported net income of $59,517, or $0.03 per share, compared to a net loss of $(390,750), or $(0.19) per share in the same period of 2021[74]. - Revenues increased to $5,769,734 from $5,079,547 in the comparable 2021 period, primarily due to rental income from six new tenants and increased rents from existing tenants[75]. - Administrative and general expenses decreased to $1,250,231 from $1,404,112, primarily due to a decrease in bad debt expense[76]. Operating Expenses - Real estate operating expenses rose to $3,785,421 from $3,630,122, mainly due to increases in real estate taxes, amortization of brokerage fees, insurance, and payroll costs[75]. - Interest expense and investment losses totaled $(241,069) compared to $(126,793) in the comparable 2021 period, mainly due to decreases in the fair value of marketable securities[77]. Lease and Tenant Activity - The company prepaid total rent of $576,259 for a lease of 58,832 square feet in Fishkill, New York, which is being amortized as revenue over the lease term[78]. - A tenant extended its lease for 25,423 square feet in Brooklyn, New York, through September 30, 2023, and another tenant renewed a lease for 10,000 square feet through May 4, 2028[79][81]. Capital Expenditures - The company incurred expenditures of $346,771 for canopy work and $153,545 for elevator modernization at its Fishkill building, with total costs of $1,498,410 and $892,000 respectively[84][85]. Debt and Market Risk - As of October 31, 2022, the company had fixed-rate debt of $6,143,330, which does not expose it to market risk related to interest rate changes[93]. Future Outlook - The company anticipates continued growth and revenue expectations, although actual results may differ due to various market factors[90].
J.W. Mays(MAYS) - 2023 Q1 - Quarterly Report