What J.W. Mays reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
The table below sets forth certain information as to each of the properties currently operated by the Company:
The rest of Item 2
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.
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.
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