SEC Form 10-K filed by J. W. Mays Inc.

Table of Contents 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-K

 

x

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended July 31, 2025

OR

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to

 

Commission file number 1-3647

 

J.W. MAYS, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

New York State or Other Jurisdiction of Incorporation or Organization		11-1059070 I.R.S. Employer Identification No.
9 Bond Street, Brooklyn, New York Address of Principal Executive Offices		11201 Zip Code

 

Registrant’s telephone number, including area code 718 624-7400

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Common Stock, $1 par value

Trading Symbol(s) MAYS

Name of each exchange on which registered NASDAQ

 

Securities registered pursuant to Section 12(g) of the Act: None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o  No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes o  No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x  No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x  No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o		Accelerated filer o		Emerging growth company o
Non-accelerated filer x		Smaller reporting company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. o

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o  No x

The aggregate market value of voting stock held by non-affiliates of the registrant was approximately $20,796,192 as of January 31, 2025 based on the average of the bid and asked price of the stock reported for such date. For the purpose of the foregoing calculation, the shares of common stock held by each officer and director and by each person who owns 5% or more of the outstanding common stock have been excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

The number of shares outstanding of the registrant’s common stock as of September 2, 2025 was 2,015,780.

DOCUMENTS INCORPORATED BY REFERENCE

List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980).

Document		Part of Form 10-K in which the Document is incorporated
Annual Report to Shareholders for Fiscal Year Ended July 31, 2025		Parts I and II
Definitive Proxy Statement for the 2025 Annual Meeting of Shareholders		Part III

J.W. MAYS, INC.
FORM 10-K FOR THE FISCAL YEAR ENDED JULY 31, 2025

 

TABLE OF CONTENTS

 

				Page
Part I
		Item 1. Business		1
		Item 1A. Risk Factors		2
		Item 1B. Unresolved Staff Comments		3
		Item 1C. Cybersecurity		3
		Item 2. Properties		4
		Item 3. Legal Proceedings		9
		Item 4. Mine Safety Disclosures		9
Part II
		Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities		10
		Item 6. [Reserved]		10
		Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations		10
		Item 7A. Quantitative and Qualitative Disclosures About Market Risk		10
		Item 8. Financial Statements and Supplementary Data		10
		Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure		10
		Item 9A. Controls and Procedures		11
		Item 9B. Other Information		11
		Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection		11
Part III
		Item 10. Directors, Executive Officers and Corporate Governance		12
		Item 11. Executive Compensation		12
		Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		12
		Item 13. Certain Relationships and Related Transactions, and Director Independence		12
		Item 14. Principal Accountant Fees and Services		12
Part IV
		Item 15. Exhibits and Financial Statement Schedules		13
		Item 16. Form 10-K Summary		14
		Signatures		15

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 full time 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 Experience During the Past Five Years		First Became Such Officer or Director
Lloyd J. Shulman		83		President		November, 1978
				Chairman of the Board and Chief Executive Officer		November, 1996
Ward N. Lyke, Jr.		74		Vice President		February, 1984
				Chief Financial Officer and Treasurer		January, 2024
George Silva		75		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.

 

Our website is https://www.jwmays.com. Information found on our website is not incorporated by reference into this annual report on Form 10-K. We make our filings with the U.S. Securities and Exchange Commission (“SEC”) including our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments and exhibits to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), available free of charge on or through our website, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. The SEC maintains a website that contains reports, proxy and information statements, and other information regarding our filings at http://www.sec.gov.

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

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 statements herein and in prior filings by the Company. The Company assumes 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. Statements concerning interest rates and other financial instrument fair values and their estimated contribution to the Company’s future results of operations are based upon market information as of a specific date. This market information is often a function of significant judgment and estimation. Further, market interest rates are subject to potential significant volatility.

 

ITEM 1A.

RISK FACTORS.

 

Risks Relating to Ownership Structure

 

The controlling shareholder group may be able to vote its shares in favor of its interests that may not always coincide with the interests of shareholders not part of such group. This risk may be counter-balanced to a degree by the actions of the Company’s Board of Directors (the “Board”) which is made up of a majority of independent directors.

 

The controlling shareholder group includes a corporation that owns a significant percentage of the Company’s common stock and which does business with the Company, as further described in the Notes to the Consolidated Financial Statements contained in the 2025 Annual Report to Shareholders. Certain conflicts of interest may be perceived by the relationship between the Company and its largest shareholder. Nevertheless, the Company and its largest shareholder have put in place some controls to reduce the effects of any perceived conflict of interest, including ensuring that the Board is composed of a majority of independent directors.

 

Risks Related to Our Business and Operations

 

We are a part of the communities in which we do business. Accordingly, like other businesses in our communities, we are subject to the following risks:

 

	•	changes in the rate of economic growth, and interest rates both nationally and locally;
	•	existing indebtedness, including the potential for accelerated maturities;
	•	the ability to obtain additional financing at reasonable costs and interest rates;
	•	changes in the financial condition of our customers;
	•	changes in the regulatory environment and particularly burdens of increasing local, state, and federal requirements and taxes;
	•	lease cancellations and particularly loss of key tenants;
	•	changes in our estimates of costs;
	•	loss of key personnel;
	•	war and/or terrorist attacks could significantly impact buildings leased to tenants;
	•	the continued availability of insurance for various policies at reasonable rates;
	•	outcomes of pending and future litigation;
	•	increasing competition by other companies;
	•	compliance with our loan covenants;
	•	climate change;
	•	recoverability of claims against our tenants and others by us and claims by third parties against us;
	•	changes in estimates used in our critical accounting policies;
	•	cybersecurity threats or incidents; and
	•	pandemics and the related trends of office versus remote work practices.

 

Our investment in property development may be limited by increasing costs required to make improvements to property leased to tenants. Also, as the cost of fitting up properties increases, we may be required to wait and forsake opportunities that would be revenue producing until such time that we obtain the necessary financing of such ventures. This risk may be mitigated by obtaining lines of credit and other financing vehicles, although such have significant limitations on the amounts that may be borrowed at any point in time.

 

We also may be subject to environmental liability as an owner or operator of properties. Many of our properties are old and when we need to fit up a property for a new tenant, we may find materials and the like that could be deemed to contain hazardous elements requiring remediation or encapsulation.

 

As online retail operations continue to expand nationwide, retailers are facing increased competition which reduces the need for the leasing of properties. Remote work since the pandemic has resulted in tenants’ careful evaluation and reduction of office space needs and a decline in demand of commercial office space rentals from increasing competition. The Company emphasizes retention of tenants over a long period of time which helps in difficult economic conditions. The Company also aggressively markets available space to tenants including governmental agencies, medical, industrial, and educational institutions.

 

We try to lease our properties to tenants with adequate finances. As a result of the current high interest rate environment and less liquidity available to smaller businesses, even formerly financially strong tenants may be at risk. The Company mitigates the risk of tenants with less than adequate finances by leasing our properties to multiple tenants, where applicable, in order to diversify the tenant base.

 

ITEM 1B.

UNRESOLVED STAFF COMMENTS.

 

Not Applicable.

 

ITEM 1C.

CYBERSECURITY.

 

Risk Management and Strategy

 

We have implemented and maintain various information security processes designed to identify, assess, and manage material risks from cybersecurity threats to our critical computer networks, hardware, software, third-party hosted services, and data.

 

We rely on third-party service providers to help manage our information systems, including network security service providers with experienced information technology professionals. We also work with third parties to identify, assess, and manage actual and perceived cybersecurity threats and risks, and we evaluate cybersecurity risk as part of our overall risk management strategy. With the assistance of these third-party service providers, we implement and maintain various technical, physical, and administrative controls and processes to manage and mitigate material risks from cybersecurity threats to our information systems. This includes procedures for incident detection and response, network security controls, access controls, physical security, systems monitoring, and backup and recovery procedures.

 

Our operations rely on third-party service providers and software programs. For instance, our accounting and financial reporting-related systems use software obtained from third-party service providers, and these systems are necessary for the efficient and consistent operation of our business. We use these systems to communicate with tenants, banks, vendors, and others, and to manage our accounting, financial reporting, and for other recordkeeping purposes. We, thus, maintain a process to identify and evaluate cybersecurity risks and incidents associated with key third-party providers. When utilizing third-party software for key services, we seek to engage those that are reliable, reputable, and maintain cybersecurity controls. To address risks associated with third-party providers for critical services, we review available audit reports of controls from such providers to assess and manage any identified risks.

 

Notwithstanding the effort we place on cybersecurity, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on the Company. As of the date of this Annual Report on Form 10-K, we are not aware of any cybersecurity threats or incidents which have materially affected or are likely to materially affect our Company, results of operations, or financial condition.

 

Governance

 

Our Board maintains oversight responsibility of risks from cybersecurity threats. This oversight is facilitated primarily through the Audit Committee (the “Committee”), which is responsible for oversight of our information system risk, including cybersecurity threats. The Committee oversees the risk management program designed to implement adequate controls to mitigate cybersecurity risks.

 

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Table of Contents 

The Committee receives periodic updates from management on potential risks, threats, and controls to mitigate identified risks. The Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on the cybersecurity risk management program as needed.

 

Our management, represented by our Chief Financial Officer, Ward Lyke, provides leadership for implementation and maintenance of our cybersecurity risk management processes. Mr. Lyke has served as Vice President, Chief Financial Officer, and Treasurer since January 2024, and as an Executive Vice President and Officer of the Company since 1984, including as Assistant Treasurer since 2003. Mr. Lyke currently manages key functions for the Company’s accounting, finance, and treasury strategies, including risk management. In addition, Mr. Lyke oversees the Company’s managed IT solutions service provider which includes, among other services:

 

1.

Business continuity – Managed data backup utilizing best practices including cloud-based disaster recovery,

 

2.

Multi-vector security protection – Real-time protection against security threats across email, browsers, files, and infrastructure resources,

 

3.

Patch management – Patching for Windows and certain third-party application updates,

 

4.

Infrastructure monitoring – 24x7 monitoring, alerting and maintenance of various office and cloud systems.

 

Mr. Lyke is notified real time by the managed service provider for matters requiring immediate attention. Mr. Lyke also reviews a standardized monthly report with key IT systems data and statistics, including red flags requiring resolution, if any. Management reports serious cybersecurity incidents to the Committee and our Board.

 

ITEM 2.

PROPERTIES.

 

The table below sets forth certain information as to each of the properties currently operated by the Company:

 

Location			Approximate Square Feet
1.	Brooklyn, New York Fulton Street at Bond Street		380,000
	Livingston Street Truck bays, passage facilities and tunnel-Schermerhorn Street		17,000
	Building-Livingston Street		10,500
2.	Brooklyn, New York Jowein building at Elm Place		201,000
3.	Jamaica, New York Jamaica Avenue at 169th Street		297,000
4.	Fishkill, New York Route 9 at Interstate Highway 84		203,000
			(located on 14.6 acres	)
5.	Levittown, New York Hempstead Turnpike		10,000
			(located on 75,800 square feet of land	)
6.	Massapequa, New York Sunrise Highway		133,400
7.	Circleville, Ohio Tarlton Road		193,350
			(located on 11.6 acres	)

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 2025 Annual Report to Shareholders, incorporated herein by reference. Properties owned and subject to mortgage is the Fishkill building.

 

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).

 

The property is currently leased to twenty-four tenants of which eight are retail tenants, two 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 2024, a tenant who occupies 700 square feet agreed to expand their space to include an additional 130 square feet for increased rent of $2,400 annually through lease expiration on April 30, 2026.

 

In December 2024, Weinstein Enterprises, Inc. (“Landlord”) purchased the 508 Fulton Street property, including an existing lease, from another landlord who owned 25% of the property. Starting in January 2025, the Company began making rent payments to Landlord with no other changes to the existing lease.

 

In January and August 2025, a tenant at the Company’s 9 Bond Street building in Brooklyn, New York was given two six month rent concessions of $25,000 per month from February to July 2025, and $40,000 per month from August 2025 to January 2026, respectively. The January 2025 agreement also included a deferral of $54,825 of a receivable to be paid in three equal installments from February to April 2025.

 

In March 2025, a tenant occupying 1,600 square feet agreed to terminate their lease. Loss of rent will approximate $120,000 per annum.

 

In April 2025, the Company leased 2,800 square feet of office space to a tenant for ten years at an annual rent of $216,000 with increases annually. Rent commencement was October 2025. Brokerage commissions were $134,987.

 

In May 2025, a tenant occupying 3,080 square feet provided notice they would not be renewing their lease which ends on June 30, 2025. The loss of rental income is approximately $142,000 per annum.

 

It is the intention of the Company to negotiate the renewals of the expiring leases as they come due, provided the tenants maintain adequate finances.

 

Occupancy				Lease Expiration								Rent
Year Ended		Rate		Year Ended		Number of Leases				Area Sq. Ft.		Annual Rent			Percentage of Gross Annual Rent
7/31/2021		62.31%		7/31/2026			7			42,624		$	2,039,732			9.078
7/31/2022		63.38%		7/31/2027			3			3,558		156,431				.696
7/31/2023		59.51%		7/31/2028			4			6,633		247,409				1.101
7/31/2024		51.83%		7/31/2030			2			85,990		2,173,989				9.675
7/31/2025		52.69%		7/31/2031			1			1,090		45,126				.201
				7/31/2032			4			47,668		2,389,959				10.636
				7/31/2033			1			1,140		82,174				.366
				7/31/2034			1			5,632		159,653				.711
				7/31/2035			1			3,200		166,606				.741
							24			197,535		$	7,461,079			33.205

 

The Company uses 17,810 square feet of available space.

 

As of July 31, 2025 the federal tax basis is $22,607,989 with accumulated depreciation of $15,274,093 for a net carrying value of $7,333,896. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance.

 

The real estate taxes for this property are $3,039,600 per year and the rate used is averaged at $11.018 per $100 of assessed valuation.

 

Livingston Street

 

The Company has a long-term lease with the City of New York and another landlord for a garage at Livingston Street opposite the Company’s Brooklyn Fulton Street at Bond Street Properties. The lease expires in 2043, with a renewal option to 2073. The garage includes truck bays and passage facilities through a tunnel to the properties. The truck bays, passage facilities and tunnel, total approximately 17,000 square feet. The lease also includes a 20 x 75-foot land plot on which the Company constructed a building of six stories and basement annexed to the properties.

 

2.	Brooklyn, New York—Jowein building at Elm Place

 

The building is owned. The property is currently leased to fourteen tenants of which one is a fast-food restaurant, two are for warehouse space and eleven leases are for office space. Two tenants leased in excess of 10% of the rentable square footage; each occupies office space of 15.64%, and 12.59% respectively.

 

In August 2024, a tenant extended its lease through June 30, 2025 with the same terms for 10,569 square feet, which in May 2025 further extended it’s lease to September 30, 2025.

 

In November 2024, the Company leased 305 square feet of office space for two years at an annual rent of $7,320.

 

In November 2024, a tenant who occupies 5,800 square feet agreed to rent an additional 3,920 square feet of office space for increased rent of $12,087 a month.

 

In March 2025, a tenant who occupies 9,720 square feet exercised their first of three six month extensions to February 2026, with a monthly rent of $30,869.

 

In May 2025, a tenant who occupies 17,364 and 5,640 square feet provided notice they would not be renewing their leases which end on June 30, 2025 and January 19, 2026, respectively. The loss of rental income from the combined leases is approximately $885,000 per annum.

 

In July 2025, the Company leased 1,800 square feet of office space on a month-to-month basis. Monthly rent will be $6,766.

 

In August 2025, the Company leased 5,500 square feet of retail space at the Company’s Jowein building in Brooklyn, New York. Monthly rent is $15,000 with annual rent increases. Brokerage commissions were $73,487.

 

In October 2025, a tenant who occupies 31,438 square feet of office space extended their lease from May 2026 to October 2026, and was given a rent concession effective November 2025 to October 2026.

 

It is the intention of the Company to negotiate the renewals of the expiring leases as they come due, providing the tenants maintain adequate finances.

 

Occupancy					Lease Expiration								Rent
Year Ended		Rate			Year Ended		Number of Leases				Area Sq. Ft.		Annual Rent			Percentage of Gross Annual Rent
7/31/2021		72.54%			7/31/2026			5			28,476		$	755,365			3.362
7/31/2022		80.84%			7/31/2027			1			305			4,880			.021
7/31/2023		83.46%			7/31/2028			2			13,000			503,285			2.240
7/31/2024		81.79%			7/31/2029			1			500			51,745			.230
7/31/2025		83.52%			7/31/2030			1			31,438			1,070,582			4.765
					7/31/2036			1			12,105			52,632			.234
					7/31/2037			2			42,725			1,912,368			8.511
					7/31/2059			1			19,437			147,632			.657
								14			147,986		$	4,498,489			20.020

 

As of July 31, 2025 the federal tax basis is $7,550,837 with accumulated depreciation of $5,479,392 for a net carrying value of $2,071,445. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance.

 

The real estate taxes for this property are $872,299 per year and the rate used is averaged at $11.228 per $100 of assessed valuation.

 

3.	Jamaica, New York—Jamaica Avenue at 169th Street

 

Building, improvements and land (“Jamaica Property”) are leased from an affiliated company, principally owned by a director of the Company (“Landlord”). In July 2022, the Company entered into an agreement with Landlord giving the Company four five-year option periods for a total of twenty years through May 31, 2050. In April 2023, the Company exercised the first five-year option period, extending the lease expiration date to May 31, 2035. In August 2025, the Company further extended the lease five years through May 31, 2040. Upon lease termination, all property included in operating lease right-of-use assets and leasehold improvements will be turned over to the Landlord.

 

The Jamaica Property is currently leased to eleven tenants: four tenants are retail, one restaurant, and six occupy office space. Four tenants each occupy in excess of 10% of the rentable square footage; two retail stores occupy 15.82% and 17.66%, respectively; and two office tenants occupy 23.70% and 12.83%, respectively.

 

In August 2024, the Company leased 2,051 square feet to an office tenant for ten years, with five separate one year renewal options. Monthly rent of approximately $5,500, with annual increases, commenced January 1, 2025. The Company’s costs of renovations were approximately $503,088, of which $235,000 will be reimbursed by the tenant, as additional lease revenue.

 

In February 2025, a tenant occupying 160 square feet agreed to extend their lease to January 2030, with a yearly rent of $24,000.

 

In March 2025, the Company leased 6,761 square feet of office space for fifteen years at an annual rent of $135,220 with yearly rent escalation, effective August 2025. Brokerage commissions were $137,180.

 

In June 2025, a tenant occupying 2,000 square feet provided notice they would be vacating the space effective July 31, 2025. The loss of rental income is approximately $64,000 per annum.

 

It is the intention of the Company to negotiate the renewals of the expiring leases as they come due, providing the tenants maintain adequate finances.

 

Occupancy				Lease Expiration								Rent
Year Ended		Rate		Year Ended		Number of Leases				Area Sq. Ft.		Annual Rent			Percentage of Gross Annual Rent
7/31/2021		80.41%		7/31/2026			1			38,109		$	1,160,852			5.166
7/31/2022		80.51%		7/31/2027			2			6,600			219,463			.977
7/31/2023		80.58%		7/31/2029			3			121,589			2,666,051			11.865
7/31/2024		80.58%		7/31/2030			1			147			24,000			.107
7/31/2025		80.99%		7/31/2034			2			70,884			1,661,863			7.396
				7/31/2035			1			2,051			72,098			.321
				7/31/2040			1			6,761			—			—
							11			246,141		$	5,804,327			25.832

 

Until the lease agreement terminates, the Company remains solely entitled to tax depreciation and other tax deductions relating to the buildings, improvements and maintenance of the property. As of July 31, 2025, the federal tax basis is $13,863,981 with accumulated depreciation of $10,340,750 for a net carrying value of $3,523,231. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance.

 

The real estate taxes for this property are $1,144,033 per year and the rate used is averaged at $9.968 per $100 of assessed valuation.

 

4.	Fishkill, New York—Route 9 at Interstate Highway 84

 

The Company owns the entire property. In July 2019, the Company leased 47,000 square feet to a community college at its Fishkill, New York building, for a term of fifteen years with two five-year option periods.

 

Effective October 1, 2024, the Company leased approximately 12,500 square feet for use as storage space for three months expiring December 31, 2024. Total rent of $61,219 was prepaid at lease commencement and was amortized as revenue over the term of the lease.

 

There are approximately 156,000 square feet of the building available for lease. There are plans to renovate vacant space upon the execution of future leases to tenants, although no assurances can be made as to when or if such leases will be entered into.

 

Occupancy

Lease Expiration

Rent

Year Ended

Rate

Year Ended

Number of Leases

Area Sq. Ft.

Annual Rent

Percentage of Gross Annual Rent

7/31/2021

20.42%

7/31/2036

1

47,000

$

989,690

4.405

7/31/2022

22.27%

7/31/2023

22.27%

7/31/2024

27.26%

7/31/2025

24.69%

As of July 31, 2025 the federal tax basis is $22,660,510 with accumulated depreciation of $16,227,755 for a net carrying value of $6,432,755. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance.

 

The real estate taxes for this property are $122,953 per year and the rate used is averaged at $2.503 per $100 of assessed valuation.

 

5.	Levittown, New York—Hempstead Turnpike

 

The Company owns the entire property. In October 2006, the Company entered into a lease agreement with a restaurant. The restaurant constructed a new 10,000 square foot building, which opened in May 2008. In September 2022, the restaurant extended its lease for an additional five years expiring May 3, 2028. Ownership of the building reverts to the Company at the conclusion of the leasing arrangement, currently May 3, 2028 (the restaurant has 2 5 year renewal options).

 

Occupancy				Lease Expiration								Rent
Year Ended		Rate		Year Ended		Number of Leases				Area Sq. Ft.		Annual Rent			Percentage of Gross Annual Rent
7/31/2021		100.00%		7/31/2028		Building				10,000		$	462,472			2.058
7/31/2022		100.00%				Land				75,800
7/31/2023		100.00%					1			85,800
7/31/2024		100.00%
7/31/2025		100.00%

 

The real estate taxes for this property are $177,650 per year and the rate used is averaged at $1,013.93 per $100 of assessed valuation.

 

6.	Massapequa, New York—Sunrise Highway

 

The Company is the prime tenant of this leasehold. The current lease expires May 14, 2030. The leasehold is currently subleased to one tenant occupying 113,400 square feet of the property, with the other 20,000 square feet of the property available for sublease.

 

Occupancy

Lease Expiration

Rent

Year Ended

Rate

Year Ended

Number of Leases

Area Sq. Ft.

Annual Rent

Percentage of Gross Annual Rent

7/31/2021

93.75%

7/31/2030

1

133,400

$

800,236

3.561

7/31/2022

100.00%

7/31/2023

100.00%

7/31/2024

88.76%

7/31/2025

85.01%

 

The real estate taxes for this property are $273,567 per year and the rate used is averaged at $770.03 per $100 of assessed valuation.

 

In August 2025, the Company leased 20,000 square feet of retail space at the Company’s Massapequa building in Long Island, New York for five years. Monthly rent is $4,500 and increases to $5,500 after the first year. Brokerage commissions were $14,355.

 

The Company does not own this property. Improvements to the property, if any, are made by tenants.

 

7.	Circleville, Ohio—Tarlton Road

 

The Company owns the entire property. The property is currently leased to one tenant. The tenant uses these premises for warehouse and distribution facilities.

 

In August 2024, a tenant who occupies warehouse space extended its lease from May 31, 2026 for additional three years to May 31, 2029. Effective November 1, 2024, the size of the leased premises expanded by 84,000 feet, including space previously leased by another tenant whose lease expired October 31, 2024. After the lease expansion, annual base rent for the warehouse space is $877,440 per annum with increases annually. Brokerage commissions were $106,867.

 

Occupancy

Lease Expiration

Rent

Year Ended

Rate

Year Ended

Number of Leases

Area Sq. Ft.

Annual Rent

Percentage of Gross Annual Rent

7/31/2021

99.30%

7/31/2029

1

193,350

$

1,360,021

6.053

7/31/2022

99.30%

7/31/2023

99.30%

7/31/2024

97.75%

7/31/2025

96.72%

 

As of July 31, 2025, the federal tax basis is $4,493,846 with accumulated depreciation of $4,411,199 for a net carrying value of $82,647. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance.

 

The real estate taxes for this property are $40,811 per year and the rate used is averaged at $5.403 per $100 of assessed valuation.

 

In the opinion of management, all of the Company’s properties are adequately covered by insurance.

 

See Note 8 to the Consolidated Financial Statements contained in the 2025 Annual Report to Shareholders, which information is incorporated herein by reference, for information concerning the tenants, the rental income from which equals 10% or more of the Company’s rental income.

 

Item 3.

Legal Proceedings.

 

The Company is subject to various legal proceedings, claims, and litigation arising in the ordinary course of business operations. These matters include, but are not limited to, contractual disputes, third party slip and fall or personal injury claims which are typically handled by insurance counsel. It is the opinion of management that the resolution of these matters will not have a material adverse effect on the Company’s Consolidated Financial Statements.

 

ITEM 4.

MINE SAFETY DISCLOSURES.

 

None.

 

PART II

 

ITEM 5.

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

 

COMMON STOCK INFORMATION

 

Effective November 8, 1999, the Company’s common stock commenced trading on The Nasdaq Capital Market tier of The Nasdaq Stock Market under the Symbol: “Mays”. Such shares were previously traded on The Nasdaq National Market. Effective August 1, 2006, NASDAQ became operational as an exchange in NASDAQ-Listed Securities. It is now known as The NASDAQ Stock Market LLC.

 

On September 2, 2025, the Company had approximately 500 shareholders of record.

 

The Company has not declared any cash dividends on our common stock during the year ended July 31, 2025 and does not anticipate paying any dividends in the foreseeable future. We plan to retain future earnings, if any, for use in our business. Any decisions as to future payments of dividends will depend on our earnings, cash flows, financial position, and such other facts the Board deems relevant.

 

RECENT SALES OF UNREGISTERED SECURITIES

 

During the year ended July 31, 2025, we did not sell any unregistered securities.

 

RECENT PURCHASES OF EQUITY SECURITIES

 

During the year ended July 31, 2025, we did not repurchase any of our outstanding equity securities.

 

ITEM 6.

[Reserved]

 

ITEM 7.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

 

The information appearing under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 22-26 of the Registrant’s 2025 Annual Report to Shareholders is incorporated herein by reference.

 

ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

Not required.

 

ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

 

The Registrant’s Consolidated Financial Statements, together with the report of Prager Metis CPAs, LLC, independent registered public accounting firm, dated October 22, 2025, appearing on pages 3 through 21 of the Registrant’s 2025 Annual Report to Shareholders is incorporated herein by reference. With the exception of the aforementioned information and the information incorporated by reference in Items 2, 3, 7, and 15 hereof, the 2025 Annual Report to Shareholders is not to be deemed filed as part of this Form 10-K Annual Report.

 

ITEM 9.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

 

There are no disagreements between the Company and its accountants relating to accounting or financial disclosures.

 

ITEM 9A.

CONTROLS AND PROCEDURES.

 

(A) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES.

 

The Company’s management reviewed the Company’s internal controls and procedures and the effectiveness of these controls. As of July 31, 2025, the Company carried out an evaluation, under the supervision of, and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Rules 13a-14(c) and 15d-14(c) of the Securities Exchange Act of 1934. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective in timely alerting them to material information relating to the Company required to be included in its periodic SEC filings.

 

(B) CHANGE TO INTERNAL CONTROLS OVER FINANCIAL REPORTING.

 

There was no change in the Company’s internal controls over financial reporting or in other factors during the Company’s last fiscal quarter that materially affected, or is reasonably likely to materially affect, the Company’s internal controls over financial reporting. There were no significant deficiencies or material weaknesses noted, and therefore there were no corrective actions taken.

 

(C) MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING.

 

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in Rule 13(a)-15(f). Our internal control system has been designed to provide reasonable assurance to the Company’s management and its Board regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations. Even those systems that have been determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. The Company’s management assessed the effectiveness of our internal control over financial reporting as of July 31, 2025. In making this assessment, the Company’s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework published in 2013. Based on the Company’s assessments, we believe that, as of July 31, 2025, its internal control over financial reporting is effective based on these criteria.

 

This Form 10-K Annual Report does not include an attestation report of our independent registered public accounting firm regarding internal controls over financial reporting. Management’s report was not subject to attestation by our independent registered public accounting firm pursuant to the exemption for non-accelerated filers from the internal control audit requirement of Section 404(b) of the Sarbanes-Oxley Act of 2002.

 

ITEM 9B.

OTHER INFORMATION.

 

During the three months ended July 31, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

 

ITEM 9C.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION.

 

Not Required

 

PART III

 

ITEM 10.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

 

The information relating to directors of the Company is contained in the Definitive Proxy Statement for the 2025 Annual Meeting of Shareholders and such information is incorporated herein by reference.

 

ITEM 11.

EXECUTIVE COMPENSATION.

 

The information required by this item appears under the heading “Compensation” in the Definitive Proxy Statement for the 2025 Annual Meeting of Shareholders and such information is incorporated herein by reference.

 

Clawback Policy

 

In 2024, the Board adopted a clawback policy effective January 1, 2024 that provides for the recovery of erroneously awarded compensation received by an executive officer in the event of an accounting restatement due to material noncompliance with financial reporting requirements under the securities laws, as required under
Section 10D of the Exchange Act, Rule 10D-1.

 

ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

 

The information required by this item appears under the heading “Security Ownership of Certain Beneficial Owners and Management” in the Definitive Proxy Statement for the 2025 Annual Meeting of Shareholders and such information is incorporated herein by reference.

 

ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

 

The information required by this item appears under the headings “Related Party Transactions” and “Information Concerning Nominees for Election as Directors” in the Definitive Proxy Statement for the 2025 Annual Meeting of Shareholders and such information is incorporated herein by reference.

 

ITEM 14.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

The following table sets forth the fees for services rendered by the Company’s independent registered public accounting firm, Prager Metis CPAs, LLC, for the fiscal years 2025 and 2024.

 

		Fiscal Year
		2025				2024
Audit fees		$	190,000			$	180,000
Audit related fees			13,400				12,800
Tax fees			45,000				45,000
All other fees			15,178				—
Total Fees		$	263,578			$	237,800

 

Audit fees for fiscal year 2025 and fiscal year 2024 were for professional services rendered for the audits of the consolidated financial statements of the Company, interim quarterly reviews of Form 10-Q information and assistance with the review of documents filed with the SEC.

 

Audit related fees for fiscal year 2025 and fiscal year 2024 consist of audits of real estate tax matters and consultations concerning financial accounting and reporting standards.

 

Tax fees for fiscal year 2025 and fiscal year 2024 were for services related to tax compliance including preparation of federal, state and local corporate tax returns, and assistance with a prior period Internal Revenue Service audit.

 

All other fees for fiscal 2025 were for assistance relating to an IRS audit of the tax year ending July 31, 2022, which is now closed.

 

The officers of the Company consult with, and receive the approval of, the Audit Committee before engaging accountants for any services.

 

PART IV

 

ITEM 15.

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

(a)

The following documents are filed as part of this report:

1.

The Consolidated Financial Statements and report of Prager Metis CPAs, LLC, independent registered public accounting firm, dated October 22, 2025, set forth on pages 3 through 21 of the Company’s 2025 Annual Report to Shareholders.

2.

See accompanying Index to the Company’s Consolidated Financial Statements and Schedules on page 16.

(b)

Exhibit No.

3.1

Certificate of Incorporation of J. W. Mays, Inc., as amended - incorporated by reference to Exhibit 3(i) to the Company’s Form 10-K, filed on October 5, 2017.

3.2

By-Laws of J. W. Mays, Inc. - incorporated by reference to Exhibit 3.(II) to the Company’s Form 10-K, filed on October 23, 1995.

10.1#

Retirement Plan and Trust, Summary Plan Description - incorporated by reference to Exhibit 10(i) to the Company’s Form 10-K filed on October 4, 2018.

10.2#

Employment Agreement dated as of August 1, 2023 between J.W. Mays, Inc. and Lloyd J. Shulman - incorporated by reference to Exhibit 10(ii) to the Company’s Form 10-K filed on October 19, 2023.

10.3#

Employment Agreement dated as of August 1, 2023 between J.W. Mays, Inc. and Mark Greenblatt - incorporated by reference to Exhibit 10(ii) to the Company’s Form 10-K filed on October 19, 2023.

10.4#

Employment Agreement dated as of August 1, 2023 between J.W. Mays, Inc. and Ward N. Lyke, Jr. - incorporated by reference to Exhibit 10(ii) to the Company’s Form 10-K filed on October 19, 2023.

10.5#

Employment Agreement dated as of August 1, 2023 between J.W. Mays, Inc. and George Silva - incorporated by reference to Exhibit 10(ii) to the Company’s Form 10-K filed on October 19, 2023.

10.6*

Consulting Agreement, dated as of January 1, 2024, between Mr. Mark Greenblatt and J. W. Mays, Inc. - incorporated by reference to Exhibit 10.1 to the Company's Form 8-K, filed on January 2, 2024, as amended by that amended Consulting Agreement, dated as of October 22, 2024, between Mr. Mark Greenblatt and J.W.Mays, Inc - filed herewith.

13*

Annual Report to Shareholders.

19*

Insider Trading Policy.

21

List of subsidiaries of J. W. Mays, Inc. - incorporated by reference to Exhibit 21 to the Company’s Form 10-K, filed on October 23, 1995.

31.1*

Certification of principal executive officer pursuant to Rule 13a-14(a)/15d-14(a).

31.2*

Certification of principal financial officer pursuant to Rule 13a-14(a)/15d-14(a).

32*

Certification of principal executive officer and principal financial officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

97

Clawback Policy - incorporated by reference to Exhibit 97 to the Company’s Form 10-K filed on October 24, 2024.

101**

The following financial statements from the Company’s Annual Report on Form 10-K for the period ended July 31, 2025, formatted in inline XBRL, include: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Shareholders’ Equity, (iv) Consolidated Statements of Cash Flows and (v) the Notes to Consolidated Financial Statements.

104**

Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

 

*

Filed herewith

#

Indicates management contract or compensatory plan.

**

Submitted electronically with the report

 

ITEM 16.

FORM 10-K SUMMARY

 

None.

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

			J.W. MAYS, INC.
			(Registrant)
October 23, 2025		By:	/s/ LLOYD J. SHULMAN
			Lloyd J. Shulman
			Chairman of the Board,
			Chief Executive Officer and President

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant in the capacities and on the date indicated.

 

Signature		Title		Date
/s/ LLOYD J. SHULMAN		Chairman of the Board, Chief Executive		October 23, 2025
Lloyd J. Shulman		Officer, and President
		(Principal Executive Officer)
/s/ WARD N. LYKE, JR.		Vice President, Chief Financial Officer		October 23, 2025
Ward N. Lyke, Jr.		and Treasurer
		(Principal Financial and Accounting Officer)
/s/ JENNIFER L. CARUSO		Director		October 23, 2025
Jennifer L. Caruso
/s/ ROBERT L. ECKER		Director		October 23, 2025
Robert L. Ecker
/s/ STEVEN GURNEY-GOLDMAN		Director		October 23, 2025
Steven Gurney-Goldman
/s/ MARK S. GREENBLATT		Director		October 23, 2025
Mark S. Greenblatt
/s/ MELINDA KOSTER		Director		October 23, 2025
Melinda Koster
/s/ DEAN L. RYDER		Director		October 23, 2025
Dean L. Ryder

 

INDEX TO COMPANY’S FINANCIAL STATEMENTS AND SCHEDULES

 

Reference is made to the following sections of the Company’s Annual Report to Shareholders for the fiscal year ended July 31, 2025, which are incorporated herein by reference:

 

Report of Independent Registered Public Accounting Firm (PCAOB ID No. 273) (pages 20-21)

 

Consolidated Balance Sheets (page 3)

 

Consolidated Statements of Operations (page 4)

 

Consolidated Statements of Changes in Shareholders’ Equity (page 5)

 

Consolidated Statements of Cash Flows (page 6)

 

Notes to Consolidated Financial Statements (pages 7-17)

 

Financial Statement Schedules

 

Real Estate and Accumulated Depreciation (page 18)

 

Report of Management (page 19)

 

All other schedules for which provision is made in the applicable regulations of the SEC are not required under the related instructions or are inapplicable and, accordingly, are omitted.

 

The separate financial statements and schedules of J.W. Mays, Inc. (not consolidated) are omitted because the Company is primarily an operating company and its subsidiaries are wholly-owned.