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What changed in MAYS J W INC's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of MAYS J W INC's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+78 added−65 removedSource: 10-K (2025-10-23) vs 10-K (2024-10-24)

Top changes in MAYS J W INC's 2025 10-K

78 paragraphs added · 65 removed · 56 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeCAUTIONARY 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.
Biggest changeThe 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.
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.
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.
Name Age 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.
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.
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.
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. 1 Table of Contents
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.
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.
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 U. S. Securities and Exchange Commission (“SEC”) filings by the Company.
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.
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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.
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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.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeThis 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. 1 Table of Contents 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.
Biggest changeThe 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.
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; • 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 customers 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.
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.
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.
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. 2 Table of Contents We also may be subject to environmental liability as an owner or operator of properties.
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.
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.
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. Since 2020, the demand for commercial real estate rental space has declined.
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.
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.
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.
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.
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.
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Risks Related to Our Business and Operations We are a part of the communities in which we do business.
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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.
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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. 2 Table of Contents We try to lease our properties to tenants with adequate finances.
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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 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThis 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. The Committee receives periodic updates from management on potential risks, threats, and controls to mitigate identified risks.
Biggest changeThis oversight is facilitated primarily through the Audit Committee (the “Committee”), which is responsible for oversight of our information system risk, including cybersecurity threats.
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 of Directors maintains oversight responsibility of risks from cybersecurity threats.
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.
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 3 Table of Contents for the Company’s accounting, finance, and treasury strategies, including risk management. In addition, 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.
The Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity. The full Board of Directors 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.
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.
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The Committee oversees the risk management program designed to implement adequate controls to mitigate cybersecurity risks. 3 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.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeAnnual Rent Percentage of Gross Annual Rent 7/31/2020 73.22% 7/31/2025 4 34,320 $ 1,020,263 4.725 7/31/2021 72.54% 7/31/2026 2 11,440 252,207 1.168 7/31/2022 80.84% 7/31/2028 2 13,000 499,304 2.312 7/31/2023 83.46% 7/31/2029 1 500 54,645 .253 7/31/2024 81.79% 7/31/2030 1 31,438 1,034,535 4.791 7/31/2033 1 3,300 66,220 .307 7/31/2036 1 12,105 52,566 .243 7/31/2037 2 42,725 1,907,661 8.835 7/31/2059 1 19,437 144,343 .668 15 168,265 $ 5,031,744 23.302 As of July 31, 2024 the federal tax basis is $7,550,837 with accumulated depreciation of $5,324,884 for a net carrying value of $2,225,953.
Biggest changeAnnual 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 6 Table of Contents 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.
Occupancy Lease Expiration Rent Year Ended Rate Year Ended Number of Leases Area Sq. Ft.
Occupancy Lease Expiration Rent Year Ended Rate Year Ended Number of Leases Area Sq. Ft.
Occupancy Lease Expiration Rent Year Ended Rate Year Ended Number of Leases Area Sq. Ft.
Occupancy Lease Expiration Rent Year Ended Rate Year Ended Number of Leases Area Sq. Ft.
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.
Circleville, Ohio Tarlton Road 193,350 (located on 11.6 acres ) 4 Table of Contents 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.
Massapequa, New York—Sunrise Highway The Company is the prime tenant of this leasehold. The current lease expires May 1, 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.
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.
See Note 8 to the Consolidated Financial Statements contained in the 2024 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.
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.
The Jamaica Property is currently leased to ten tenants: four tenants are retail, one restaurant, and five 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.
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.
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 $38,405 per year and the rate used is averaged at $5.085 per $100 of assessed valuation. In the opinion of management, all of the Company’s properties are adequately covered by insurance.
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.
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 $135,736 per year and the rate used is averaged at $2.902 per $100 of assessed valuation. 5. Levittown, New York—Hempstead Turnpike The Company owns the entire property.
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.
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 $837,436 per year and the rate used is averaged at $11.072 per $100 of assessed valuation. 3.
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.
In April 2023, the Company exercised the first five-year option period, extending the lease expiration date to May 31, 2035. Upon lease termination, all property included in operating lease right-of-use assets and leasehold improvements will be turned over to the Landlord.
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 real estate taxes for this property are $2,846,431 per year and the rate used is averaged at $11.067 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 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.
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.
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.
The real estate taxes for this property are $1,075,886 per year and the rate used is averaged at $10.905 per $100 of assessed valuation. 4. Fishkill, New York—Route 9 at Interstate Highway 84 The Company owns the entire property.
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.
Ownership of the building reverts to the Company at the conclusion of the leasing arrangement, currently May 3, 2028. Occupancy Lease Expiration Rent Year Ended Rate Year Ended Number of Leases Area Sq. Ft.
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.
The property is currently leased to fifteen tenants of which one is fast-food restaurant, two are for warehouse space and twelve leases are for office space. Three tenants leased in excess of 10% of the rentable square footage; each occupies office space of 15.64%, 12.59% and 11.44%, respectively.
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.
As of July 31, 2024, the federal tax basis is $13,863,981 with accumulated depreciation of $10,115,395 for a net carrying value of $3,748,586. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance.
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.
As of July 31, 2024 the federal tax basis is $22,607,989 with accumulated depreciation of $14,864,569 for a net carrying value of $7,743,420. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance.
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.
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.
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 7/31/2020 100.00% 7/31/2028 Building 10,000 $ 456,648 2.115 7/31/2021 100.00% Land 75,800 7/31/2022 100.00% 1 85,800 7/31/2023 100.00% 7/31/2024 100.00% The real estate taxes for this property are $182,475 per year and the rate used is averaged at $990.401 per $100 of assessed valuation. 7 Table of Contents 6.
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.
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.
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.
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. In September 2023, the Company leased 25,000 square feet at the Company’s Fishkill, New York building for use as storage space for four months which expired in December 2023.
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. 7 Table of Contents Effective October 1, 2024, the Company leased approximately 12,500 square feet for use as storage space for three months expiring December 31, 2024.
Annual Rent Percentage of Gross Annual Rent 7/31/2020 85.01% 7/31/2030 1 133,400 $ 778,281 3.604 7/31/2021 93.75% 7/31/2022 100.00% 7/31/2023 100.00% 7/31/2024 88.76% The real estate taxes for this property are $246,394 per year and the rate used is averaged at $675.95 per $100 of assessed valuation. The Company does not own this property.
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% 8 Table of Contents 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.
Annual Rent Percentage of Gross Annual Rent 7/31/2020 21.48% 7/31/2036 1 47,000 $ 1,008,036 4.668 7/31/2021 20.42% 7/31/2022 22.27% 7/31/2023 22.27% 7/31/2024 27.26% As of July 31, 2024 the federal tax basis is $22,617,076 with accumulated depreciation of $16,047,423 for a net carrying value of $6,569,653.
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.
Annual Rent Percentage of Gross Annual Rent 7/31/2020 99.30% 7/31/2025 1 60,000 $ 341,212 1.580 7/31/2021 99.30% 7/31/2026 1 108,000 641,267 2.970 7/31/2022 99.30% 2 168,000 $ 982,479 4.550 7/31/2023 99.30% 7/31/2024 97.75% As of July 31, 2024 the federal tax basis is $4,493,846 with accumulated depreciation of $4,325,910 for a net carrying value of $167,936.
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.
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.
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).
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 negotiate the renewals of the expiring leases as they come due, provided the tenants maintain adequate finances.
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.
Annual Rent Percentage of Gross Annual Rent 7/31/2020 80.51% 7/31/2025 2 2,147 $ 95,843 .444 7/31/2021 80.41% 7/31/2026 2 44,204 1,325,335 6.138 7/31/2022 80.51% 7/31/2027 1 505 34,800 .161 7/31/2023 80.58% 7/31/2029 3 121,589 2,603,005 12.055 7/31/2024 80.58% 7/31/2034 2 70,884 1,744,683 8.080 10 239,329 $ 5,803,666 26.878 6 Table of Contents 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.
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.
Annual Rent Percentage of Gross Annual Rent 7/31/2020 70.07% 7/31/2025 3 4,190 $ 142,700 .661 7/31/2021 62.31% 7/31/2026 4 41,384 1,926,447 8.922 7/31/2022 63.38% 7/31/2027 3 3,558 156,431 .724 7/31/2023 59.51% 7/31/2028 4 6,633 238,596 1.105 7/31/2024 51.83% 7/31/2030 2 85,990 2,360,041 10.930 7/31/2031 1 1,090 44,381 .206 7/31/2032 5 49,268 2,333,185 10.805 7/31/2033 1 1,140 80,485 .373 7/31/2034 1 5,632 40,269 .186 7/31/2035 1 1,600 — — 25 200,485 $ 7,322,535 33.912 The Company uses 17,810 square feet of available space.
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 5 Table of Contents The Company uses 17,810 square feet of available space.
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 two tenants. The tenants use these premises for warehouse and distribution facilities.
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.
In September 2023, the Company extended a lease of approximately 500 square feet for restaurant space for two years expiring October 31, 2028. 5 Table of Contents In March 2024, the Company leased 5,800 square feet to an office tenant for a term of eighteen months expiring August 31, 2025 with monthly rent of $17,883 commencing April 1, 2024.
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.
Brokerage commissions were $10,730. 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.
Occupancy Lease Expiration Rent Year Ended Rate Year Ended Number of Leases Area Sq. Ft.
Removed
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.
Added
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%.
Removed
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.
Added
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.
Removed
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.
Added
(“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.
Removed
In September 2023, the Company extended a lease of approximately 8,000 square feet for office space for five years expiring June 30, 2028.
Added
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.
Removed
In August 2023, a tenant who occupies 22,045 square feet at the Jamaica Property renewed its lease for another five-year term through June 30, 2028. Brokerage commissions were $128,021. In December 2023, the Company extended a lease with an office tenant for ten years expiring November 30, 2033, including a space reduction from 46,421 to 23,210 square feet.
Added
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.
Removed
Brokerage commissions were $365,755. In June 2024, the Company extended a lease of approximately 2,000 square feet of office for one year expiring June 30, 2025. In August 2024, a tenant who occupies 38,109 square feet of office space notified the Company of its intention to extend its lease for one year through September 30, 2025.
Added
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.
Removed
In April 2024, a tenant who occupies warehouse space exercised its option to reduce the size of the leased premises from 84,000 to 72,000 square feet. In May 2024, this same tenant exercised its option to reduce the size of the leased premises from 72,000 to 60,000 square feet.
Added
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.
Added
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.
Added
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.
Added
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.
Added
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.
Added
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.
Added
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.
Added
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.
Added
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.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeIt 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. 8 Table of Contents PART II
Biggest changeIt 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 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeRECENT PURCHASES OF EQUITY SECURITIES During the year ended July 31, 2024, we did not repurchase any of our outstanding equity securities. ITEM 6. [R eserved ]
Biggest changeRECENT PURCHASES OF EQUITY SECURITIES During the year ended July 31, 2025, we did not repurchase any of our outstanding equity securities. ITEM 6. [Reserved]
The Company has not declared any cash dividends on our common stock during the year ended July 31, 2024 and does not anticipate paying any dividends in the foreseeable future. We plan to retain future earnings, if any, for use in our business.
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 of Directors deems relevant. RECENT SALES OF UNREGISTERED SECURITIES During the year ended July 31, 2024 we did not sell any unregistered securities.
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.
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 3, 2024, the Company had approximately 800 shareholders of record.
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.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeITEM 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 2024 Annual Report to Shareholders is incorporated herein by reference. ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. Not required.
Biggest changeITEM 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 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeItem 7A. Quantitative and Qualitative Disclosures About Market Risk 9 Item 8. Financial Statements and Supplementary Data 9 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 9 Item 9A. Controls and Procedures 10 Item 9B. Other Information 10
Biggest changeItem 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.
Added
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.
Added
Form 10-K Summary 14 Signatures 15 Table of Contents PART I

Other MAYS 10-K year-over-year comparisons