J.W. Mays, Inc. Files 2024 Annual Report

TL;DR

MAYS filed its 10-K for FY24. All good.

AI Summary

J.W. Mays, Inc. filed its annual report on Form 10-K for the fiscal year ended July 31, 2024. The company, incorporated in New York, operates as an owner of nonresidential buildings. Its principal executive offices are located at 9 Bond Street, Brooklyn, New York, with a telephone number of 718-624-7400. The company's common stock, with a par value of $1, is traded under the symbol MAYS.

Why It Matters

This filing provides investors with a comprehensive overview of J.W. Mays, Inc.'s financial performance and operational status for the fiscal year ending July 31, 2024.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags or significant negative disclosures.

Key Numbers

• $1 par value — Common Stock Par Value (Details on the company's common stock offering.)

Key Players & Entities

• J.W. Mays, Inc. (company) — Registrant
• MAYS (company) — Trading Symbol
• July 31, 2024 (date) — Fiscal Year End
• 9 Bond Street, Brooklyn, New York (location) — Principal Executive Offices
• 718-624-7400 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $1 — ct: Title of each class Common Stock, $1 par value Trading Symbol(s) MAYS Na
• $95,760 — five years. Brokerage commissions were $95,760. In December 2023, the Company leased
• $50,714 — May 1, 2034. Brokerage commissions were $50,714. In July 2024, a tenant who occupies
• $22,607,989 — July 31, 2024 the federal tax basis is $22,607,989 with accumulated depreciation of $14,86
• $14,864,569 — 07,989 with accumulated depreciation of $14,864,569 for a net carrying value of $7,743,420.
• $7,743,420 — $14,864,569 for a net carrying value of $7,743,420. The lives taken for depreciation vary
• $2,846,431 — real estate taxes for this property are $2,846,431 per year and the rate used is averaged
• $11.067 — r year and the rate used is averaged at $11.067 per $100 of assessed valuation. Livin
• $100 — he rate used is averaged at $11.067 per $100 of assessed valuation. Livingston Str
• $17,883 — ng August 31, 2025 with monthly rent of $17,883 commencing April 1, 2024. Brokerage com
• $10,730 — ril 1, 2024. Brokerage commissions were $10,730. It is the intention of the Company t
• $7,550,837 — July 31, 2024 the federal tax basis is $7,550,837 with accumulated depreciation of $5,324
• $5,324,884 — 50,837 with accumulated depreciation of $5,324,884 for a net carrying value of $2,225,953.
• $2,225,953 — $5,324,884 for a net carrying value of $2,225,953. The lives taken for depreciation vary
• $837,436 — real estate taxes for this property are $837,436 per year and the rate used is averaged

Filing Documents

• mays4367971-10k.htm (10-K) — 315KB
• mays4367971-ex13.htm (EX-13) — 846KB
• mays4367971-ex311.htm (EX-31.1) — 8KB
• mays4367971-ex312.htm (EX-31.2) — 8KB
• mays4367971-ex32.htm (EX-32) — 6KB
• mays4367971-ex97.htm (EX-97) — 13KB
• mays4367971-10k1x1x1.jpg (GRAPHIC) — 60KB
• 0001206774-24-000954.txt ( ) — 6331KB
• mays-20240731.xsd (EX-101.SCH) — 52KB
• mays-20240731_pre.xml (EX-101.PRE) — 309KB
• mays-20240731_lab.xml (EX-101.LAB) — 386KB
• mays-20240731_cal.xml (EX-101.CAL) — 72KB
• mays-20240731_def.xml (EX-101.DEF) — 150KB
• mays4367971-10k_htm.xml (XML) — 1038KB

Business

Item 1. Business 1

Risk Factors

Item 1A. Risk Factors 1

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 3

Cybersecurity

Item 1C. Cybersecurity 3

Properties

Item 2. Properties 4

Legal Proceedings

Item 3. Legal Proceedings 8

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 8 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 9

[Reserved]

Item 6. [Reserved] 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 9

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 9

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 9

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 9

Controls and Procedures

Item 9A. Controls and Procedures 10

Other Information

Item 9B. Other Information 10

Disclosure Regarding Foreign Jurisdictions that Prevent Inspection

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 10 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 11

Executive Compensation

Item 11. Executive Compensation 11

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 11

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 11

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 11 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 12

Form 10-K Summary

Item 16. Form 10-K Summary 13

Signatures

Signatures 14 Table of Contents PART I ITEM 1. BUSINESS. J.W. Mays, Inc. (the "Company" or "Registrant") with executive offices at Nine Bond Street, Brooklyn, New York 11201, operates a number of commercial real estate properties, which are described in Item 2 "Properties". The Company's business was founded in 1924 and incorporated under the laws of the State of New York on July 6, 1927. The Company has 28 employees and has a contract, expiring November 30, 2025, with a union covering rates of pay, hours of employment and other conditions of employment for approximately 21% of its employees. The Company considers that its labor relations with its employees and union are good. Executive Officers of the Registrant The following information is furnished with respect to each Executive Officer of the Registrant (each of whose position is reviewed annually but each of whom has a three-year employment agreement, effective August 1, 2011 and renewed every three years thereafter through 2023: expiring July 31, 2026. Name Age

Business

Business Experience During the Past Five Years First Became Such Officer or Director Lloyd J. Shulman 82 President November, 1978 Chairman of the Board, Chief Executive Officer and President November, 1996 Ward N. Lyke, Jr. 73 Vice President February, 1984 Vice President, Chief Financial Officer and Treasurer January, 2024 George Silva 74 Vice President-Operations March, 1995 All of the above mentioned officers have been appointed as such by the directors and have been employed as Executive Officers of the Company during the past five years. CAUTIONARY This Annual Report on Form 10-K may contain forward-looking statements which include assumptions about future market conditions, operations and financial results. These statements are based on current expectations and are subject to risks and uncertainties. They are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual results, performance or achievements in the future could differ significantly from the results, performance or achievements discussed or implied in such forward-looking no obligation to update these forward-looking statements or to advise of changes in the assumptions on which they were based. Factors that could cause or contribute to such differences include, but are not limited to, changes in the competitive environment of the Company, general economic and business conditions, industry trends, changes in government rules and regulations and environmental rules and regulations. future results of operations are based upon market information as of a specific date. This market information is often a function of sig

Properties

Properties are leased under long-term leases for varying periods, the longest of which extends to 2073, and in most instances renewal options are included. Reference is made to Notes 4. OPERATING LEASES and 10. RELATED PARTY TRANSACTIONS to the Consolidated Financial Statements contained in the 2024 Annual Report to Shareholders, incorporated herein by reference. Properties owned and subject to mortgage are the Brooklyn Fulton Street at Bond Street and Fishkill buildings. 1. Brooklyn, New York Fulton Street at Bond Street 90% of the property is owned by the Company and the remaining 10% of the property is leased by the Company under five separate leases. Expiration dates are as follows: December 8, 2043 (1 lease) which lease currently has one thirty-year renewal option through December 8, 2073, April 30, 2031 (1 lease), and April 30, 2044 (3 leases). 4 Table of Contents The property is currently leased to twenty-five tenants of which eight are retail tenants, three are fast food/beverage restaurants, eleven occupy office space, three are dental or medical offices. One tenant leased in excess of 10% of the rentable square footage; the tenant is a department store, occupying 20.60%. In November 2023, a tenant who occupies 785 square feet renewed its lease for another two-year term through January 31, 2026. In November 2023, the Company leased approximately 1,600 square feet to a restaurant for ten years from rent commencement anticipated December 1, 2024, with two options for an additional five years. Brokerage commissions were $95,760. In December 2023, the Company leased approximately 5,632 square feet to an office tenant, rent commencing on May 1, 2024 for a term of ten years through May 1, 2034. Brokerage commissions were $50,714. In July 2024, a tenant who occupies 25,423 square feet of office space notified the Company of its intention to extend its lease for one year through September 30, 2025. It is the intention of the Company to negotiat

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View this 10-K filing on SEC EDGAR