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What changed in MAYS J W INC's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of MAYS J W INC's 2023 and 2024 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 2024 report.

+59 added−62 removedSource: 10-K (2024-10-24) vs 10-K (2023-10-19)

Top changes in MAYS J W INC's 2024 10-K

59 paragraphs added · 62 removed · 44 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

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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.
Biggest changeThe 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.
Added
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.
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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.
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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.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeIn 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.
Biggest changeRisks 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. The impact of COVID-19 on demand for commercial real estate rental space has been significant.
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.
As online retail operations continued to expand nationwide during the pandemic, retailers are facing increased competition which reduces the need for the leasing of properties which is our business. Professionals working remotely during the pandemic has resulted in tenants’ careful evaluation of office space needs and a decline in demand of commercial office space rentals and increasing competition.
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 and educational institutions.
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.
In theory, this could result in a conflict of interest; nevertheless, the Company and its largest shareholder have put in place some controls to reduce the effects of any perceived conflict of interest. Certain conflicts of interest may be perceived by the relationship between the Company and its largest shareholder.
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.
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.
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.
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.
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. 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.
We 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.
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.
Removed
This risk may be counter-balanced to a degree by the actions of the Board of Directors whose composition is made up of a majority of independent directors.
Added
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.
Removed
Both entities have the same Chief Executive Officer, and certain management personnel work for both entities. Nevertheless, the Company’s Board of Directors (“Board”) is composed of a majority of independent directors.
Removed
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.
Removed
Risks Related to Real Estate Operations Our investment in property development may be limited by increasing costs required to “fit up” property to be leased to tenants.
Removed
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
These investments may be subject to significant uncertainties and may not be successful for many reasons, including, but not limited to the following: • fluctuations in interest rates; • worsening of general economic and market conditions; and • adverse legal, financial and regulatory developments that may affect a particular business.
Removed
Risk Factors Summary These are some of the “Risk Factors” that could affect the Company’s business. The Company endeavors to take actions and do business in a way that reduces these “Risk Factors” or, at least, takes them into account when conducting its business.
Removed
Nevertheless, some of these “Risk Factors” cannot be avoided so that the Company must also take actions and do business that negates the adverse effects that these may have on the Company.

Item 2. Properties

Properties — owned and leased real estate

30 edited+8 added−9 removed9 unchanged
Biggest changeIn 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.
Biggest changeBrokerage 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.
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.
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.
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.
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.
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.
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.
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.
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 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 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.
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 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.
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 $816,733 per year and the rate used is averaged at $11.115 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 $837,436 per year and the rate used is averaged at $11.072 per $100 of assessed valuation. 3.
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 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.
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.
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.
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.
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 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.
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.
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.
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.
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, 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, 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.
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.
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.
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.
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 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.
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.
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 7/31/2019 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.
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 7/31/2019 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.
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.
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.
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.
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.
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 7/31/2019 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.
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.
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.
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.
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 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.
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.
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 7/31/2019 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.
Annual 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.
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.
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.
Removed
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.
Added
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.
Removed
In February 2023, an office tenant who occupies 46,421 square feet agreed to terminate their lease effective March 31, 2023.
Added
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.
Removed
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 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.
Removed
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.
Added
In September 2023, the Company extended a lease of approximately 8,000 square feet for office space for five years expiring June 30, 2028.
Removed
In 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.
Added
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.
Removed
Massapequa, New York—Sunrise Highway The Company is the prime tenant of this leasehold. The lease expired May 14, 2009, and there was one renewal option for twenty-one years, which the Company exercised in April 2008.
Added
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.
Removed
In October 2013, one tenant signed a lease agreement for a five-year period to occupy 48,000 square feet and in May 2015 signed a modification of lease to occupy 72,000 square feet.
Added
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.
Removed
In August 2016, this tenant signed a further modification of lease to occupy 84,000 square feet, which in December 2020 was extended for an additional three years to expire October 31, 2024.
Added
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.
Removed
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.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeItem 3. Legal Proceedings. There are various lawsuits and claims pending against the Company. 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.
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
Removed
If the Company sells, transfers, disposes of or demolishes 25 Elm Place, Brooklyn, New York, then the Company may be liable to create a condominium unit for the loading dock. The necessity of creating the condominium unit and the cost of such condominium unit cannot be determined at this time. ITEM 4. MINE SAFETY DISCLOSURES.
Added
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.

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 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.
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 3, 2024, the Company had approximately 800 shareholders of record.
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.
RECENT 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 ]
Added
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.
Added
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.

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 2023 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 2024 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 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
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

Other MAYS 10-K year-over-year comparisons