J.W. Mays(MAYS) - 2023 Q3 - Quarterly Report

Financial Performance - For the three months ended April 30, 2023, the company reported a net loss of $(39,160), or $(0.02) per share, compared to a net loss of $(57,037), or $(0.03) per share for the same period in 2022, primarily due to increased rental income and decreased bad debt expense [69]. - Revenues for the three months increased to $5,563,396 from $5,484,082 in the comparable 2022 period, driven by rental income from new tenants and increased rents from existing tenants [70]. - For the nine months ended April 30, 2023, the company reported net income of $65,095, or $0.03 per share, compared to a net loss of $(643,617), or $(0.32) per share for the same period in 2022, attributed to increased rental income and decreased bad debt expense [73]. - Revenues for the nine months increased to $17,170,949 from $15,891,978 in the comparable 2022 period, primarily due to rental income from new tenants and increased rents from existing tenants [74]. Operating Expenses - Real estate operating expenses for the nine months increased to $11,595,422 from $11,063,910, mainly due to higher real estate taxes, insurance, and building maintenance costs [74]. Interest and Debt - Interest expense exceeded investment income by $(265,455) for the nine months ended April 30, 2023, an improvement from $(281,392) in the comparable 2022 period, primarily due to increases in the fair value of marketable securities [76]. - The company had fixed-rate debt of $5,517,120 as of April 30, 2023, which does not expose it to market risk related to changes in interest rates [92]. Rental Income and Leases - The company experienced a loss in rental income of approximately $1,000,000 per annum due to the termination of a lease by a tenant occupying 46,421 square feet [80]. - The company extended leases for several tenants, including a retail tenant for an additional ten years until February 28, 2034, and an office tenant for an additional year until June 30, 2024 [82]. Capital Expenditures - The company completed facade restoration at its 9 Bond Street building for a total cost of $321,013 during the nine months ended April 30, 2023 [84].