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What changed in MAYS J W INC's 10-K — 2022 vs 2023

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Paragraph-level year-over-year comparison of MAYS J W INC's 2022 and 2023 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 2023 report.

+52 added−57 removedSource: 10-K (2023-10-19) vs 10-K (2022-10-20)

Top changes in MAYS J W INC's 2023 10-K

52 paragraphs added · 57 removed · 47 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeThe Company has 31 employees and has a contract, expiring November 30, 2022, with a union covering rates of pay, hours of employment and other conditions of employment for approximately 27% of its employees. The Company considers that its labor relations with its employees and union are good.
Biggest changeThe Company has 30 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 27% of its employees. The Company considers that its labor relations with its employees and union are good.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeWe try to lease our properties to tenants with adequate finances, but as a result of recent business downturns, even formerly financially strong tenants may be at risk.
Biggest changeWe try to lease our properties to tenants with adequate finances, but as a result of recent business downturns, even formerly financially strong tenants may be at risk. The Company mitigates risks of tenants with less than adequate finances by leasing our properties to multiple tenants where applicable in order to diversify the tenant base.
Accordingly, like other businesses in our communities, we are subject to the following risks: ● the continued threat of terrorism; ● economic downturns, both on a national and on local scales; ● loss of key personnel; ● the availability, if needed, of additional financing; ● the continued availability of insurance (in different types of policies) at reasonably acceptable rates; ● the general burdens of governmental regulation, at the Local, State and Federal levels; ● climate change; ● cyber security; and ● pandemics and the ongoing effects of COVID-19.
Accordingly, like other businesses in our communities, we are subject to the following risks: • the continued threat of terrorism; • economic downturns, both on a national and on local scales; 1 Table of Contents • loss of key personnel; • the availability, if needed, of additional financing; • the continued availability of insurance (in different types of policies) at reasonably acceptable rates; • the general burdens of governmental regulation, at the Local, State and Federal levels; • climate change; • cyber security; and • pandemics, such as COVID-19.
In 2005, in a case involving both entities, the Delaware Supreme Court in connection with an attempt to obtain books and records of the Company through a proceeding against the Company’s significant shareholder, held that the actions of the Company’s Board were proper.
In 2005, in a case involving both entities, the Delaware Supreme Court in connection with an attempt to obtain books and records of the Company through a proceeding against the Company’s significant shareholder, held that the actions of the Company’s Board were proper. Risks Related to Our Business We are a part of the communities in which we do business.
We seek to earn rates of return that will help us finance our business operations.
Risks Related to our Investments Excess cash and cash equivalents may be invested from time to time. We seek to earn rates of return that will help us finance our business operations.
Removed
The Impact of COVID-19 on Our Results and Operations Beginning March 2020 and continuing through July 2022, we experienced an increase in late payments due to the impact of COVID-19 and the related reductions in economic activity from ongoing government mandated business regulations.
Removed
The effects of COVID-19 on our tenants have been reflected in our allowance for credit losses for accounts receivable. In limited circumstances, we have agreed to rent deferrals for certain tenants.
Removed
We also continue to experience volatility in the valuation of our equity investments through July 31, 2022. 1 Table of Contents Looking ahead, the full impact of COVID-19 and continuing government regulation on our business is unknown and highly unpredictable.
Removed
Our past results may not be indicative of our future performance and historical trends in revenues, income from operations, net income, earnings per share, cash provided by operating activities, among others, may differ materially.
Removed
For example, to the extent the post pandemic effect continues to disrupt economic activity nationally and in New York, NY, like other businesses, it could adversely affect our business operations and financial results through prolonged decreases in revenue, credit deterioration of our tenants, depressed economic activity, or declines in capital markets.
Removed
In addition, many of our expenses are less variable in nature and may not correlate to changes in revenues. The extent of the impact will depend on a number of factors, including the duration and severity of the pandemic; distribution of vaccines; and the macroeconomic impact of government measures to contain the spread of the virus and related government regulations.
Removed
Risks Related to Our Business We are a part of the communities in which we do business.
Removed
The Company mitigates risks of tenants with less than adequate finances by leasing our properties to multiple tenants where applicable in order to diversify the tenant base. 2 Table of Contents Risks Related to our Investments Excess cash and cash equivalents may be invested from time to time.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeSubsequent to July 31, 2022, a new tenant leased 58,832 square feet for use as storage space for six months expiring February 2023. Total rent of $576,259 for the entire term of the lease was paid at the rent commencement date in August 2022. Brokerage commissions were $27,084. 5. Levittown, New York—Hempstead Turnpike The Company owns the entire property.
Biggest changeIn August 2022, the Company leased 58,832 square feet at the Company’s Fishkill, New York building for use as storage space for six months which expired in February 2023. 5 Table of Contents There are approximately 156,000 square feet of the building available for lease.
ITEM 2. PROPERTIES. The table below sets forth certain information as to each of the properties currently operated by the Company: Approximate Location 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.
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.
The leasehold is currently subleased to two tenants; one tenant occupies 113,400 square feet of the property, and the other tenant occupies 20,000 square feet of the property. The subleases expire in May 2030, with no renewal options. Occupancy Lease Expiration Rent Year Year Number of Area Annual Percentage of Ended Rate Ended Leases Sq. Ft.
The leasehold is currently subleased to two tenants; one tenant occupies 113,400 square feet of the property, and the other tenant occupies 20,000 square feet of the property. The subleases expire in May 2030, with no renewal options. 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 Year Number of Area Annual Percentage of Ended Rate Ended Leases 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 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. 4 Table of Contents 2. Brooklyn, New York—Jowein building at Elm Place The building is owned.
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.
Properties owned and subject to mortgage are the Brooklyn Fulton Street at Bond Street and Fishkill buildings. 3 Table of Contents 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.
Properties owned and subject to mortgage are the Brooklyn Fulton Street at Bond Street and Fishkill buildings. 1. Brooklyn, New York Fulton Street at Bond Street 90% of the property is owned by the Company and the remaining 10% of the property is leased by the Company under five separate leases.
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 5 and 11 to the Consolidated Financial Statements contained in the 2022 Annual Report to Shareholders, incorporated herein by reference.
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 and 10 to the Consolidated Financial Statements contained in the 2023 Annual Report to Shareholders, incorporated herein by reference.
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.
Improvements to the property, if any, are made by tenants. 6 Table of Contents 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.
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 $38,823 per year and the rate used is averaged at $5.165 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 $38,300 per year and the rate used is averaged at $4.987 per $100 of assessed valuation. In the opinion of management, all of the Company’s properties are adequately covered by insurance.
The real estate taxes for this property are $2,422,281 per year and the rate used is averaged at $11.305 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 $2,670,914 per year and the rate used is averaged at $11.135 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.
Occupancy Lease Expiration Rent Year Year Number of Area Annual Percentage of Ended Rate Ended Leases Sq. Ft.
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, 2023. Occupancy Lease Expiration Rent Year Year Number of Area Annual Percentage of Ended Rate Ended Leases Sq. Ft.
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.
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 October 2016, the restaurant extended its lease for an additional five years expiring May 3, 2023.
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.
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 $777,700 per year and the rate used is averaged at $11.908 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 $816,733 per year and the rate used is averaged at $11.115 per $100 of assessed valuation. 3.
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. There are approximately 156,000 square feet of the building available for lease.
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.
The real estate taxes for this property are $971,968 per year and the rate used is averaged at $11.306 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 $1,018,571 per year and the rate used is averaged at $11.137 per $100 of assessed valuation. 4. Fishkill, New York—Route 9 at Interstate Highway 84 The Company owns the entire property.
See Note 9 to the Consolidated Financial Statements contained in the 2022 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. 7 Table of Contents
See Note 8 to the Consolidated Financial Statements contained in the 2023 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.
Occupancy and rental payments commenced in January 2022. 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 Year Number of Area Annual Percentage of Ended Rate Ended Leases Sq. Ft.
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.
Expiration dates are as follows: 12/8/2043 (1 lease) which lease currently has one thirty-year renewal option through 12/8/2073, 4/30/31 (1 lease), and 4/30/2044 (3 leases). The property is currently leased to twenty-seven tenants of which eight are retail tenants, four are fast food restaurants, thirteen occupy office space, one is a dental office and one is a medical office.
Expiration dates are as follows: 12/8/2043 (1 lease) which lease currently has one thirty-year renewal option through 12/8/2073, 4/30/2031 (1 lease), and 4/30/2044 (3 leases). The property is currently leased to twenty-five tenants of which nine are retail tenants, three are fast food restaurants, ten occupy office space, three are dental or medical offices.
As of July 31, 2022 the federal tax basis is $22,559,989 with accumulated depreciation of $14,020,057 for a net carrying value of $8,539,932. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance.
As of July 31, 2023 the federal tax basis is $22,607,989 with accumulated depreciation of $14,453,318 for a net carrying value of $8,154,671. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance.
As of July 31, 2022, the federal tax basis is $13,863,981 with accumulated depreciation of $9,651,333 for a net carrying value of $4,212,648. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance.
As of July 31, 2023, the federal tax basis is $13,863,981 with accumulated depreciation of $9,889,906 for a net carrying value of $3,974,075. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance.
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 $138,110 per year and the rate used is averaged at $3.069 per $100 of assessed valuation.
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 $135,702 per year and the rate used is averaged at $3.016 per $100 of assessed valuation. 5. Levittown, New York—Hempstead Turnpike The Company owns the entire property.
Rent Gross Annual Rent 7/31/2018 90.63 % 7/31/2030 2 133,400 $ 837,548 3.915 7/31/2019 85.01 % 7/31/2020 85.01 % 7/31/2021 93.75 % 7/31/2022 100.00 % The real estate taxes for this property are $226,745 per year and the rate used is averaged at $618.65 per $100 of assessed valuation. The Company does not own this property.
Annual Rent Percentage of Gross Annual Rent 7/31/2019 85.01% 7/31/2030 2 133,400 $ 847,362 3.753 7/31/2020 85.01% 7/31/2021 93.75% 7/31/2022 100.00% 7/31/2023 100.00% The real estate taxes for this property are $244,620 per year and the rate used is averaged at $639.81 per $100 of assessed valuation. The Company does not own this property.
Rent Gross Annual Rent 7/31/2018 100.00% 7/31/2023 Building 10,000 $ 424,344 1.983 7/31/2019 100.00% Land 75,800 7/31/2020 100.00% 1 85,800 7/31/2021 100.00% 7/31/2022 100.00% The real estate taxes for this property are $178,737 per year and the rate used is averaged at $865.254 per $100 of assessed valuation. 6 Table of Contents 6.
Annual Rent Percentage of Gross Annual Rent 7/31/2019 100.00% 7/31/2028 Building 10,000 $ 434,036 1.923 7/31/2020 100.00% Land 75,800 7/31/2021 100.00% 1 85,800 7/31/2022 100.00% 7/31/2023 100.00% The real estate taxes for this property are $188,232 per year and the rate used is averaged at $944.797 per $100 of assessed valuation. 6.
The other tenant’s lease agreement was executed in May 2015, for a five-year period effective June 1, 2015, and allows the tenant to have permanent space of 108,000 square feet. In April 2020, the tenant further extended the lease until May 31, 2023. Occupancy Lease Expiration Rent Year Year Number of Area Annual Percentage of Ended Rate Ended Leases Sq.
The other tenant’s lease agreement was executed in May 2015, for a five-year period effective June 1, 2015, and allows the tenant to have permanent space of 108,000 square feet. In April 2023, the tenant further extended the lease until May 31, 2026. Brokerage commissions were $88,841.
Rent Gross Annual Rent 7/31/2018 47.39% 7/31/2036 1 47,000 $ 1,001,521 4.681 7/31/2019 45.42% 7/31/2020 21.48% 7/31/2021 20.42% 7/31/2022 22.27% As of July 31, 2022 the federal tax basis is $21,822,538 with accumulated depreciation of $15,691,054 for a net carrying value of $6,131,484.
Annual Rent Percentage of Gross Annual Rent 7/31/2019 45.42% 7/31/2036 1 47,000 $ 992,301 4.395 7/31/2020 21.48% 7/31/2021 20.42% 7/31/2022 22.27% 7/31/2023 22.27% As of July 31, 2023 the federal tax basis is $22,423,614 with accumulated depreciation of $15,861,531 for a net carrying value of $6,562,083.
Jamaica, New York—Jamaica Avenue at 169th Street Building, improvements and land (“property”) are leased from an affiliated company, principally owned by a director of the Company (“Landlord”). The lease expires May 31, 2030.
Jamaica, New York—Jamaica Avenue at 169th Street Building, improvements and land (“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.
Rent Gross Annual Rent 7/31/2018 79.99% 7/31/2023 4 104,404 $ 2,832,811 13.240 7/31/2019 80.50% 7/31/2024 1 28,634 622,300 2.908 7/31/2020 80.51% 7/31/2025 1 147 24,000 .112 7/31/2021 80.41% 7/31/2026 1 6,095 176,026 .823 7/31/2022 80.51% 7/31/2027 1 505 14,500 .068 7/31/2029 2 99,544 1,927,585 9.009 10 239,329 $ 5,597,222 26.160 5 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 7/31/2019 80.50% 7/31/2024 4 104,404 $ 2,900,639 12.848 7/31/2020 80.51% 7/31/2025 1 147 24,000 .106 7/31/2021 80.41% 7/31/2026 1 6,095 177,537 .786 7/31/2022 80.51% 7/31/2027 1 505 34,800 .154 7/31/2023 80.58% 7/31/2029 2 99,544 1,966,978 8.713 7/31/2034 1 28,634 621,720 2.754 10 239,329 $ 5,725,674 25.361 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.
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. 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. Upon lease termination, all property included in operating lease right-of-use assets and leasehold improvements will be turned over to the Landlord.
Ft. Rent Gross Annual Rent 7/31/2018 99.04% 7/31/2023 1 108,000 $ 455,090 2.127 7/31/2019 99.10% 7/31/2024 1 84,000 343,578 1.606 7/31/2020 99.30% 2 192,000 $ 798,668 3.733 7/31/2021 99.30% 7/31/2022 99.30% As of July 31, 2022 the federal tax basis is $4,466,746 with accumulated depreciation of $4,042,544 for a net carrying value of $424,202.
Annual Rent Percentage of Gross Annual Rent 7/31/2019 99.10% 7/31/2025 1 84,000 $ 368,982 1.634 7/31/2020 99.30% 7/31/2026 1 108,000 512,956 2.272 7/31/2021 99.30% 2 192,000 $ 881,938 3.906 7/31/2022 99.30% 7/31/2023 99.30% As of July 31, 2023 the federal tax basis is $4,493,846 with accumulated depreciation of $4,183,897 for a net carrying value of $309,949.
Four tenants each occupy in excess of 10% of the rentable square footage: two retail stores occupy 15.86% and 17.66%, respectively; and two office tenants occupy 14.23% and 13.50%, respectively. Approximately 23,000 square feet of the building is available for lease.
Four tenants each occupy in excess of 10% of the rentable square footage: two retail stores occupy 15.86% and 17.66%, respectively; and two office tenants occupy 14.22% and 12.83%, respectively. 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.
The property is currently leased to fifteen tenants of which one is a retail store, two are fast-food restaurants, two are for warehouse space and ten leases are for office space. In November 2020, the Company leased 23,000 square feet to an office tenant. The cost of renovations for this tenant were $501,293 and brokerage commissions were $979,000.
The property is currently leased to fourteen tenants of which one is a retail store, one is fast-food restaurant, two are for warehouse space and ten leases are for office space. Three tenants leased in excess of 10% of the rentable square footage; each occupies office space of 15.64%, 11.74% and 11.44%, respectively.
Rent Gross Annual Rent 7/31/2018 84.22% 7/31/2023 5 33,716 $ 1,060,777 4.958 7/31/2019 85.14% 7/31/2025 1 17,364 576,259 2.693 7/31/2020 73.22% 7/31/2026 1 5,640 180,042 .841 7/31/2021 72.54% 7/31/2027 1 500 44,632 .209 7/31/2022 80.84% 7/31/2028 1 5,600 149,428 .698 7/31/2030 1 31,438 959,607 4.485 7/31/2031 1 5,500 117,085 .547 7/31/2036 1 12,105 52,566 .246 7/31/2037 2 41,028 1,376,834 6.435 7/31/2059 1 19,437 142,766 .668 15 172,328 $ 4,659,996 21.780 As of July 31, 2022 the federal tax basis is $7,550,837 with accumulated depreciation of $5,008,330 for a net carrying value of $2,542,507.
Annual Rent Percentage of Gross Annual Rent 7/31/2019 85.14% 7/31/2024 4 25,016 $ 935,925 4.146 7/31/2020 73.22% 7/31/2025 1 17,364 579,035 2.565 7/31/2021 72.54% 7/31/2026 1 5,640 180,042 .797 7/31/2022 80.84% 7/31/2027 1 500 54,530 .242 7/31/2023 83.46% 7/31/2028 1 5,600 152,701 .676 7/31/2030 1 31,438 981,386 4.347 7/31/2033 1 3,300 89,760 .398 7/31/2036 1 12,105 52,566 .233 7/31/2037 2 41,028 1,898,972 8.411 7/31/2059 1 19,437 161,173 .714 14 161,428 $ 5,086,090 22.529 4 Table of Contents As of July 31, 2023 the federal tax basis is $7,550,837 with accumulated depreciation of $5,168,848 for a net carrying value of $2,381,989.
Rent Gross Annual Rent 7/31/2018 75.26% 7/31/2023 6 72,707 $ 2,599,799 12.151 7/31/2019 75.65% 7/31/2024 2 1,840 93,448 .437 7/31/2020 70.07% 7/31/2025 1 3,080 126,000 .589 7/31/2021 62.31% 7/31/2026 2 15,261 725,227 3.390 7/31/2022 63.38% 7/31/2027 3 3,558 128,123 .599 7/31/2028 3 6,570 212,405 .993 7/31/2030 3 87,070 2,463,560 11.514 7/31/2031 1 1,090 45,157 .211 7/31/2032 6 54,435 1,194,078 5.580 27 245,611 $ 7,587,797 35.464 The Company uses 17,810 square feet of available space.
Annual Rent Percentage of Gross Annual Rent 7/31/2019 75.65% 7/31/2024 5 26,923 $ 1,210,990 5.364 7/31/2020 70.07% 7/31/2025 1 3,080 126,000 .558 7/31/2021 62.31% 7/31/2026 2 15,261 735,522 3.258 7/31/2022 63.38% 7/31/2027 3 3,558 156,431 .693 7/31/2023 59.51% 7/31/2028 4 6,633 231,076 1.024 7/31/2030 3 87,070 2,497,642 11.063 7/31/2031 1 1,090 45,126 .200 7/31/2032 5 49,268 2,080,043 9.213 7/31/2033 1 1,140 16,499 .073 25 194,023 $ 7,099,329 31.446 The Company uses 17,810 square feet of available space.
In January 2022, the company leased 500 square feet to a retail tenant. Rent commenced in January 2022. The property is currently leased to ten tenants: four are retail tenants and six occupy office space.
In May 2023, an office tenant who occupies 2,000 square feet at the Company’s Jamaica, New York property extended their lease an additional year until June 30, 2024. The property is currently leased to ten tenants: four are retail tenants and six occupy office space.
Two tenants have leased in excess of 10% of the rentable square footage. One tenant is a department store (20.60%) and the other tenant occupies office space (12.21%). In April 2021, the Company leased 1,600 square feet to a retail tenant. Rent commenced in November 2021. In July 2021, the Company leased 2,270 square feet to an office tenant.
One tenant leased in excess of 10% of the rentable square footage; the tenant is a department store, occupying 20.60%. In August 2022, 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, 2023.
Rent commenced in September 2021. To accommodate this tenant, an existing tenant surrendered 440 square feet. On November 24, 2021, a tenant who occupies 5,350 square feet of retail space exercised their option to terminate their lease effective May 31, 2022. The space was leased to a retail tenant at an increased rental in June 2022.
On October 4, 2022, a tenant who occupies 1,140 square feet of retail space agreed to terminate their lease effective October 31, 2022. In July 2023 another retail tenant took occupancy of this space. In December 2022, a tenant who occupies 5,167 square feet agreed to terminate the lease.
The tenant surrendering space will continue to occupy 46,421 square feet at these premises on a month-to-month lease. 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 Year Number of Area Annual Percentage of Ended Rate Ended Leases Sq.
In June 2023, a retail tenant who occupies 63 square feet extended their lease an additional five years until June 30, 2028. 3 Table of Contents 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.
Removed
Rent commenced in July 2022. In April 2022, the Company leased 14,100 square feet to an office tenant for a term of ten years. Rent commenced in June 2022. To accommodate this new tenant, an existing tenant who is on a month-to-month lease surrendered 10,788 square feet.
Added
In February 2023, an office tenant who occupies 46,421 square feet agreed to terminate their lease effective March 31, 2023.
Removed
There are plans to renovate vacant space for office use 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. 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
Effective November 1, 2022, a tenant who occupies 10,000 square feet agreed to terminate their lease. In February 2023, an office tenant who occupies 3,300 square feet extended their lease an additional ten years until June 30, 2033. Also in February 2023, another office tenant who occupies 10,569 square feet extended their lease an additional year until March 31, 2024.
Added
In August 2022, 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, 2023. In April 2023, a retail tenant who occupies 28,634 square feet extended their lease an additional ten years until February 28, 2034.
Added
Occupancy Lease Expiration Rent Year Ended Rate Year Ended Number of Leases Area Sq. Ft.
Added
Occupancy Lease Expiration Rent Year Ended Rate Year Ended Number of Leases Area Sq. Ft.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeEffective 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 6, 2022, the Company had approximately 800 shareholders of record. RECENT SALES OF UNREGISTERED SECURITIES During the year ended July 31, 2022 we did not sell any unregistered securities.
Biggest changeEffective 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 5, 2023, the Company had approximately 800 shareholders of record. RECENT SALES OF UNREGISTERED SECURITIES During the year ended July 31, 2023 we did not sell any unregistered securities.
RECENT PURCHASES OF EQUITY SECURITIES During the fourth quarter of the year ended July 31, 2022, we did not repurchase any of our outstanding equity securities. ITEM 6. SELECTED FINANCIAL DATA. Not required.
RECENT PURCHASES OF EQUITY SECURITIES During the fourth quarter of the year ended July 31, 2023, we did not repurchase any of our outstanding equity securities. ITEM 6. SELECTED FINANCIAL DATA. Not required.

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 23-27 of the Registrant’s 2022 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 2023 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 8 Item 8. Financial Statements and Supplementary Data 8 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 8 Item 9A. Controls and Procedures 9 Item 9B. Other Information 9

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