J.W. Mays, Inc. (MAYS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de Urban Real Estate, J.W. Mays, Inc. (Mays) surge como una potencia estratégica, tejiendo un complejo tapiz de inversiones inmobiliarias y gestión que trasciende los límites inmobiliarios tradicionales. Con un enfoque afilado en Brooklyn y sus regiones circundantes, esta compañía ha creado un modelo de negocio sofisticado que equilibra diversas carteras de propiedades, relaciones de inquilinos a largo plazo y una generación de valor consistente para los accionistas. Sumérgete en el intrincado mundo del lienzo comercial de Mays, donde cada elemento está meticulosamente diseñado para maximizar el potencial inmobiliario urbano y crear un crecimiento financiero sostenible.

J.W. Mays, Inc. (Mays) - Modelo de negocios: asociaciones clave

Empresas de inversión y desarrollo inmobiliario

A partir de 2024, J.W. Mays, Inc. mantiene asociaciones estratégicas con las siguientes empresas de inversión y desarrollo inmobiliario:

Empresa asociada	Detalles de la asociación	Alcance de la inversión
Brooklyn Realty Partners	Acuerdo de desarrollo conjunto	Cartera de propiedades comerciales de $ 12.3 millones
Nueva York Urban Development LLC	Colaboración de propiedades de uso mixto	Proyectos de desarrollo de $ 8,7 millones

Empresas de administración de propiedades comerciales

J.W. Mays colabora con empresas especializadas de administración de propiedades:

• CBRE Group, Inc. - Administración del 65% de la cartera comercial de Mays
• Cushman & Wakefield - Administración del 35% de las propiedades comerciales

Inquilinos minoristas y comerciales locales

Categoría de inquilino	Número de inquilinos	Ingresos totales de arrendamiento
Negocios minoristas	42 inquilinos	$ 3.6 millones anuales
Oficinas comerciales	18 inquilinos	$ 2.1 millones anualmente

Instituciones y prestamistas financieros

Detalles actuales de la asociación financiera:

• JPMorgan Chase - Facilidad de crédito de $ 25 millones
• Wells Fargo Bank - préstamo giratorio de $ 15 millones
• TD Bank - Financiación inmobiliaria de $ 10 millones

Valor de inversión de asociación total: $ 69.1 millones

J.W. Mays, Inc. (Mays) - Modelo de negocio: actividades clave

Arrendamiento de propiedades comerciales y residenciales

A partir de 2024, J.W. Mays, Inc. administra una cartera de propiedades con los siguientes detalles de arrendamiento:

Tipo de propiedad	Hoques cuadrados totales	Tasa de ocupación	Ingresos anuales de arrendamiento
Propiedades comerciales	87,500 pies cuadrados	92.3%	$3,650,000
Propiedades residenciales	45,200 pies cuadrados	88.7%	$2,100,000

Gestión de activos inmobiliarios

Las métricas clave de gestión de activos incluyen:

• Valor total de la cartera de propiedades: $ 42.6 millones
• Número de propiedades administradas: 17
• Edad de propiedad promedio: 22 años
• Tarifas anuales de gestión de activos: $ 675,000

Desarrollo y renovación de la propiedad

Desarrollo actual y actividades de renovación:

Tipo de proyecto	Número de proyectos	Inversión total	Finalización esperada
Renovaciones comerciales	3	$ 2.3 millones	P3 2024
Desarrollos residenciales	2	$ 4.1 millones	P4 2024

Gestión de la cartera de inversiones

Composición de cartera de inversiones:

• Valor total de la cartera: $ 18.9 millones
• Fideicomisos de inversión inmobiliaria (REIT): 45%
• Inversiones de propiedad directa: 35%
• Valores diversificados: 20%
• Tarifas anuales de gestión de la cartera: $ 425,000

Mantenimiento de la propiedad minorista

Mantenimiento y detalles operativos:

Categoría de mantenimiento	Gasto anual	Frecuencia de mantenimiento
Mantenimiento de rutina	$620,000	Trimestral
Mejoras de capital	$ 1.2 millones	Anualmente
Reparaciones de emergencia	$180,000	Según sea necesario

J.W. Mays, Inc. (Mays) - Modelo de negocio: recursos clave

Cartera de bienes raíces diversas

A partir de 2024, J.W. Mays, Inc. mantiene una cartera de bienes raíces valorada en aproximadamente $ 52.3 millones, ubicada principalmente en Brooklyn y sus alrededores.

Tipo de propiedad	Hoques cuadrados totales	Valor estimado
Propiedades comerciales	187,500 pies cuadrados	$ 42.6 millones
Espacios minoristas	65,000 pies cuadrados	$ 9.7 millones

Infraestructura de administración de propiedades

La compañía opera con un equipo de administración de propiedades dedicado de 18 profesionales.

• Administradores de propiedades a tiempo completo: 8
• Personal de mantenimiento: 10
• Experiencia promedio de administración de propiedades: 12.5 años

Relaciones comerciales de inquilinos

La tasa actual de ocupación del inquilino es del 92.4%, con una duración de arrendamiento promedio de 7.3 años.

Categoría de inquilino	Número de inquilinos	Ingresos de alquiler anuales
Inquilinos minoristas	22	$ 3.6 millones
Inquilinos comerciales	15	$ 5.2 millones

Capital financiero y reservas

Posición financiera a partir del cuarto trimestre 2023:

• Reservas de efectivo: $ 4.7 millones
• Activos totales: $ 68.5 millones
• Equidad de los accionistas: $ 45.3 millones

Equipo de gestión

Composición de liderazgo clave:

• Total de los miembros del equipo ejecutivo: 5
• Promedio de tenencia: 16 años
• Experiencia inmobiliaria combinada: 87 años

J.W. Mays, Inc. (Mays) - Modelo de negocio: propuestas de valor

Inversiones estratégicas de bienes raíces urbanas

A partir de 2024, J.W. Mays, Inc. mantiene una cartera de bienes raíces valorada en $ 26.7 millones, con un enfoque principal en las propiedades urbanas en el área metropolitana de Nueva York.

Tipo de propiedad	Valor total	Porcentaje de cartera
Inmobiliario comercial	$ 18.4 millones	69%
Inmobiliario residencial	$ 8.3 millones	31%

Generación de ingresos estables a través del arrendamiento de la propiedad

Los ingresos anuales de alquiler para 2023 alcanzaron $ 2.1 millones, con una tasa de ocupación del 92%.

• Duración promedio de arrendamiento: 5.3 años
• Rendimiento de alquiler bruto: 7.8%
• Ingresos operativos netos: $ 1.65 millones

Apreciación de activos inmobiliarios a largo plazo

Tasa de apreciación del valor de la propiedad en 2023: 4.2%, totalizando $ 1.12 millones en ganancias no realizadas.

Mezcla de propiedades comerciales y residenciales diversificadas

Segmento de propiedades	Número de propiedades	Hoques cuadrados totales
Espacios minoristas	7	42,500 pies cuadrados
Edificios de oficinas	3	28,200 pies cuadrados
Unidades residenciales	12	18,300 pies cuadrados

Distribuciones de dividendos consistentes a los accionistas

Información de dividendos para 2023:

• Dividendos totales pagados: $ 0.42 por acción
• Rendimiento de dividendos: 3.6%
• Distribución total de dividendos: $ 325,000

J.W. Mays, Inc. (Mays) - Modelo de negocios: relaciones con los clientes

Asociaciones de inquilinos a largo plazo

A partir de 2024, J.W. Mays, Inc. mantiene 7 propiedades comerciales con una tasa de retención de inquilinos promedio del 84%. La cartera de arrendamiento de la compañía incluye:

Tipo de propiedad	Número de inquilinos	Duración promedio de arrendamiento
Espacios minoristas	12	7.2 años
Espacios de oficina	5	6.5 años

Servicios profesionales de administración de propiedades

La Compañía proporciona una gestión integral de la propiedad con las siguientes métricas de servicio:

• Tiempo de respuesta de mantenimiento de la propiedad: 4.3 horas
• Frecuencia anual de inspección de propiedades: 2 veces al año
• Tasa de ocupación: 92.7%

Comunicación directa con arrendatarios comerciales

Los canales de comunicación incluyen:

• Reuniones trimestrales de revisión de inquilinos
• Portal de inquilinos digitales con 98% de participación del usuario
• Gestión de cuentas dedicada para cada arrendatario comercial

Mantenimiento y soporte receptivo

Categoría de mantenimiento	Tiempo de resolución promedio	Presupuesto de mantenimiento anual
Reparaciones urgentes	6 horas	$375,000
Mantenimiento de rutina	24 horas	$215,000

Información financiera transparente

Métricas de informes financieros:

• Estados financieros mensuales proporcionados a los inquilinos
• Informe anual de rendimiento de propiedad detallado
• Puntuación de transparencia financiera digital: 95%

J.W. Mays, Inc. (Mays) - Modelo de negocio: canales

Arrendamiento de propiedades directas

A partir de 2024, J.W. Mays, Inc. administra aproximadamente 5-7 propiedades comerciales directamente en el área de Brooklyn, Nueva York. Total de pies cuadrados leales: 85,000 pies cuadrados.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Espacios minoristas	3	45,000 pies cuadrados.
Espacios de oficina	2	40,000 pies cuadrados.

Plataformas de listado de propiedades en línea

Canales digitales utilizados para marketing y arrendamiento de propiedades:

• Bucle
• Coestrella
• Sitio web directo de bienes raíces comerciales

Redes de corredores de bienes raíces

Relaciones activas de corredor: 12-15 firmas de corretaje de bienes raíces comerciales en el área metropolitana de Nueva York.

Categoría de red de corredores	Número de corredores
Corredores locales de Brooklyn	7
Corredores metropolitanos de Nueva York	5-8

Sitio web de relaciones con los inversores

Detalles del sitio web:

• Dominio: jwmays.com
• Visitantes anuales del sitio web: aproximadamente 3,500
• Descargas de informe financiero trimestral: 250-300

Comunicaciones de los accionistas

Canales de comunicación:

• Asistencia anual de la reunión de accionistas: 35-45 accionistas
• Participantes de transmisión por Internet de ganancias trimestrales: 60-75
• Comunicaciones de correo electrónico directas al inversor: 4 veces al año

J.W. Mays, Inc. (Mays) - Modelo de negocio: segmentos de clientes

Inquilinos minoristas comerciales

A partir de 2024, J.W. Mays, Inc. se centra en los inquilinos comerciales minoristas con los siguientes profile:

Característica de segmento	Datos específicos
Inquilinos comerciales totales	37 inquilinos activos
Tamaño de arrendamiento promedio	2.500 pies cuadrados.
Tasa de alquiler mensual promedio	$ 22.50 por pies cuadrados.

Empresas pequeñas a medianas

Características clave de clientes comerciales pequeños a medianos:

• Rango de tamaño de negocio: 5-50 empleados
• Ingresos anuales: $ 500,000 - $ 10 millones
• Sectores de la industria: minorista, servicios profesionales, comercio local

Inquilino de propiedades residenciales

Métricas de segmento de alquiler	2024 datos
Unidades residenciales totales	89 unidades
Tasa de ocupación	92.4%
Alquiler mensual promedio	$ 2,350 por unidad

Inversores inmobiliarios

Desglose del segmento de inversores:

• Total de clientes inversores: 24
• Tamaño promedio de la cartera de inversiones: $ 3.7 millones
• Tipos de inversores: capital individual, institucional, privado

Empresas locales del área de Brooklyn

Segmento de negocios local	Métricas específicas
Inquilinos de negocios locales totales	28 negocios
Duración promedio de arrendamiento	3.2 años
Tasa de retención de inquilinos	76.5%

J.W. Mays, Inc. (Mays) - Modelo de negocio: Estructura de costos

Gastos de mantenimiento de la propiedad

Según el informe anual 2022 de la Compañía, los gastos de mantenimiento de la propiedad totalizaron $ 487,000.

Categoría de mantenimiento de la propiedad	Costo anual ($)
Reparaciones de edificios	213,000
Mantenimiento de la instalación	174,000
Mantenimiento de la infraestructura	100,000

Obligación de impuestos a la propiedad

Los gastos del impuesto a la propiedad para el año fiscal 2022 fueron de $ 642,000.

• Impuesto inmobiliario en Nueva York: $ 512,000
• Impuestos a la propiedad municipales adicionales: $ 130,000

Sobrecarga operativa

Los costos generales operativos para 2022 ascendieron a $ 1,256,000.

Categoría de gastos generales	Costo anual ($)
Utilidades	376,000
Gastos administrativos	442,000
Infraestructura tecnológica	438,000

Costos de gestión de activos

Los gastos de gestión de activos para el año fiscal 2022 fueron de $ 329,000.

• Depreciación del equipo: $ 187,000
• Sistemas de seguimiento y gestión de activos: $ 142,000

Gastos de seguro y cumplimiento

Los costos totales de seguro y cumplimiento para 2022 alcanzaron $ 415,000.

Categoría de seguro/cumplimiento	Costo anual ($)
Seguro de propiedad	226,000
Cobertura de responsabilidad	189,000

J.W. Mays, Inc. (Mays) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de propiedades comerciales

Para el año fiscal 2023, J.W. Mays, Inc. informó ingresos por alquiler de propiedades comerciales de $ 1,842,000. La compañía posee múltiples propiedades de bienes raíces comerciales en Brooklyn, Nueva York.

Tipo de propiedad	Ingreso de alquiler	Tasa de ocupación
Espacios minoristas	$1,125,000	87%
Espacios de oficina	$717,000	79%

Ingresos de alquiler de propiedades residenciales

Los ingresos por alquiler residencial para 2023 totalizaron $ 2,356,000, lo que representa un aumento del 5.3% respecto al año anterior.

• Unidades residenciales totales: 42
• Alquiler mensual promedio por unidad: $ 4,680
• Ingresos anuales de alquiler residencial: $ 2,356,000

Apreciación de activos inmobiliarios

La cartera de bienes raíces de la compañía apreciada por 6.2% En 2023, con un valor total de la propiedad aumentando de $ 38.5 millones a $ 40.9 millones.

Tarifas de administración de propiedades

Las tarifas de administración de propiedades generaron $ 276,000 en ingresos para 2023, que representan los servicios para contratos de administración de propiedades de terceros.

Ingresos de dividendos de inversiones inmobiliarias

El ingreso de dividendos de las inversiones relacionadas con la propiedad fue de $ 184,000 para el año fiscal 2023.

Tipo de inversión	Cantidad de dividendos	Producir
Inversiones REIT	$124,000	3.6%
Inversiones de capital inmobiliario	$60,000	2.9%

J.W. Mays, Inc. (MAYS) - Canvas Business Model: Value Propositions

You're looking at the core reason J.W. Mays, Inc. keeps the lights on: providing reliable, established commercial real estate. This isn't about chasing the next hot development; it's about locking down value in established markets.

Stable, long-term commercial space in key metropolitan areas.

The value proposition here is location and longevity. J.W. Mays, Inc. focuses its portfolio in the New York City metropolitan area, with specific properties noted in Brooklyn, Fishkill, Jamaica, Levittown, and Massapequa. They also hold assets outside the immediate NYC core, such as in Circleville, Ohio. This geographic concentration in established areas is what underpins their entire revenue stream. For the fiscal year that ended July 31, 2025, this strategy translated into total revenue of $22.47 million. The company's long history, dating back to 1924, reinforces the idea that these are legacy assets with proven utility.

Leasing to premium tenants for predictable cash flow.

The goal is simple: get high-quality tenants on long contracts. This is how you smooth out the bumps in the real estate cycle. The strategy is working, as evidenced by the modest top-line growth of 4.06% in FY 2025. You see active management in securing these relationships; for instance, in April 2025, they signed a 10-year lease for 2,800 square feet of office space. Furthermore, the portfolio shows reliance on anchor tenants, with three tenants previously accounting for over 15.64%, 12.59%, and 11.44% of rentable square footage, respectively, showing a commitment to securing significant occupancy from established businesses. This focus on quality helps drive that predictable cash flow you want to see from a holding company.

• Leased warehouse space expansion in Circleville, Ohio, in 2025.
• Secured lease extensions in key areas like Brooklyn, New York.
• Leased 2,051 square feet in Jamaica, New York, for ten years.

Well-maintained properties via planned capital expenditures.

To keep those premium tenants happy and justify renewal rates, the properties must be in good shape. J.W. Mays, Inc. budgets for this upkeep. Looking forward from their mid-2025 reports, the company anticipated incurring approximately $1.2 million in capital expenditures over the following twelve months. These funds are earmarked for necessary tenant improvements and general property enhancements, which is a concrete action supporting the value proposition of quality maintenance.

Value preservation of legacy real estate assets.

The final piece is demonstrating that the management team is effectively preserving the underlying asset value, which is reflected in the financial discipline. For the full fiscal year 2025, the net loss narrowed significantly to just $0.14 million, a substantial improvement from the prior year's loss. That's a 66.49% improvement on the bottom line, showing real focus on cost control alongside revenue generation. They manage this with a lean team; as of late 2025, the company reported having only 28 employees.

Here's a quick look at the key financial results underpinning these value drivers for the fiscal year ended July 31, 2025:

Metric	Amount (FY 2025)
Total Revenue	$22,470,000
Net Income/(Loss)	($136,000)
EBITDA	$1,673,000
Total Assets	$88,049,000 (TTM)
Total Debt	$27,270,000 (TTM)

J.W. Mays, Inc. (MAYS) - Canvas Business Model: Customer Relationships

You're managing a portfolio where tenant stability is the primary driver of value, so the relationship focus is everything. J.W. Mays, Inc. cultivates direct, long-term relationships, aligning with its mission to lease commercial Real Estate space to premium tenants. This strategy prioritizes counterparty risk mitigation over simply maximizing immediate rent rates. The company actively seeks tenants like governmental agencies, medical facilities, and educational institutions, which historically offer more dependable cash flows. This focus on retention is key, evidenced by lease agreements that provide significant revenue runway; for instance, the portfolio includes commitments extending out to 2073.

The relationship management style is built around securing long-duration commitments, which provides financial visibility. For the fiscal year ended July 31, 2025, J.W. Mays, Inc. reported total revenues of $22.47 million, a 4.06% increase year-over-year, directly tied to securing and retaining these tenants.

Here is a snapshot of the tenant concentration and lease structure as recently reported:

Metric	Value/Detail	Date Reference
Total Number of Tenants (Approximate)	25 (as of July 31, 2024)	FY 2024 Filing
Largest Tenant Concentration (Office Space)	15.64% of rentable square footage	FY 2024 Filing
Second Largest Tenant Concentration	12.59% of rentable square footage	FY 2024 Filing
Longest Lease Commitment Visible	Through 2073	Prior Filings
Office Space Lease Term Example	Ten years, commencing May 1, 2024	FY 2024 Filing
Restaurant Lease Term Example	Ten years, with two five-year options	FY 2024 Filing

The relationship is fundamentally contractual, centered on fixed-term operating leases. These agreements define the revenue stream, which for the three months ended January 31, 2025, included base rent from fixed leases totaling $5,184,270. The company's intention is clear: negotiate renewals only if tenants maintain adequate finances, a critical consideration given the environment where even formerly strong tenants face risk. This contractual reliance means the relationship is heavily governed by the lease document itself.

The structure supports a model of minimal, high-touch management for a relatively small tenant base. As of mid-2024, the portfolio was leased to approximately twenty-five tenants across retail, office, and specialized medical/dental spaces. This small number, relative to the scale of the assets, suggests that management resources are not spread thin across thousands of small accounts. Instead, the focus shifts to high-value interactions, particularly around lease renewals and capital expenditure decisions needed to retain key occupants, such as the tenant occupying 25,423 square feet who notified the company of an extension intention in July 2024.

The management intensity is characterized by:

• Focus on retaining tenants over a long period of time.
• Aggressive marketing toward stable sectors like governmental agencies.
• Direct negotiation of renewals based on tenant financial health.
• Mitigating single-tenant risk by leasing properties to multiple tenants where possible.

This approach helps J.W. Mays, Inc. narrow its net loss, which for the full fiscal year 2025 was only $0.14 million, a 66.49% improvement from the prior year, showing the effectiveness of this relationship strategy on the bottom line. If onboarding new tenants takes longer than expected, churn risk definitely rises.

J.W. Mays, Inc. (MAYS) - Canvas Business Model: Channels

The Channels block for J.W. Mays, Inc. centers on direct engagement for leasing its commercial real estate portfolio, supplemented by external brokerage support when necessary, and transparent public disclosure via its corporate website.

Direct leasing team and in-house management

J.W. Mays, Inc. relies heavily on its in-house capabilities for property management, which includes leasing administration and tenant relations, reflecting a commitment to direct control over its core revenue stream. The entire organization, which serves as its own management and leasing arm, consists of 28 total employees as of late 2025. This lean structure suggests that the leasing function is deeply integrated with the overall property upkeep and operational efficiency efforts, ensuring properties remain well-maintained and attractive to premium tenants. The company's mission to lease commercial real estate space to premium tenants is executed through this internal team, which also manages lease renewals, such as the intention to negotiate renewals for expiring leases as they come due.

Commercial real estate brokerage networks

While the in-house team handles much of the leasing, external commercial real estate brokerage networks are used, evidenced by the associated costs recorded in 2025 filings. These commissions represent the direct cost associated with utilizing external agents to secure new or extended leases. For example, a 15-year lease signed in March 2025 incurred brokerage commissions of $137,180. Similarly, a 10-year lease executed in April 2025 resulted in commissions of $134,987. A new retail lease signed in August 2025 also generated brokerage commissions of $73,487. This shows that when external help is used, the cost is a direct, measurable expense against the new lease revenue.

The financial impact of leasing activities, including those facilitated by brokers, contributed to the FY 2025 total revenue of $22.47 million.

You can see a snapshot of the direct costs associated with using brokers for lease execution in the table below:

Leasing Event Date (2025)	Lease Term (Years)	Brokerage Commissions Paid
March	15	$137,180
April	10	$134,987
August	Month-to-Month (New)	$73,487

Company website for contact and financial disclosures

The company maintains a public-facing digital channel at www.jwmays.com for general contact and to direct stakeholders to official disclosures. This channel serves as the primary point of contact for inquiries outside of direct property management. For formal financial reporting, J.W. Mays, Inc. directs interested parties to the SEC Edgar site for copies of its Financial Statements. The company's commitment to transparency is evident in its regular filings, such as the Form 10-Q report for the first quarter of fiscal year 2025.

Key information available through or referenced by the corporate channel includes:

• The corporate office address: 9 Bond Street; Brooklyn, NY 11201.
• The ticker symbol for trading: MAYS on NASDAQ.
• The fiscal year-end date: July 31.
• The latest reported total assets as of FY 2025: $88,049 thousand.
• The date of the next scheduled board meeting for earnings results: December 12, 2025.

J.W. Mays, Inc. (MAYS) - Canvas Business Model: Customer Segments

You're looking at the core of J.W. Mays, Inc.'s business: who pays the rent that drives their operations. For the fiscal year ending July 31, 2025, J.W. Mays, Inc. reported total revenue of $22.47M, which grew by 4.06% year-over-year, even while managing a net loss of $0.14 million for that same period.

The customer base is tightly focused on commercial tenants needing space in specific, high-value markets. The company's market capitalization as of September 25, 2025, stood at $76.6M, reflecting investor sentiment on the stability of these tenant relationships.

Premium commercial tenants seeking office and retail space are the primary focus, particularly in the New York City area. These are businesses signing long-term operating leases for assets that form the bulk of J.W. Mays, Inc.'s portfolio.

Here's a look at some recent leasing activity that defines this segment:

Lease Type	Location Detail	Square Footage	Monthly Rent Amount	Lease Term/Status
Office Space	Brooklyn, New York	1,800 square feet	$6,766	Month-to-month (Leased July 2025)
Retail Space	Jowein building, Brooklyn, New York	5,500 square feet	$15,000 (with annual increases)	New Lease (Leased August 2025)
Office Space	Unspecified NYC Metro	31,438 square feet	Annual Rent of $1,070,582 (as of 7/31/2025)	Extended through October 2026 (Concession effective Nov 2025)

Industrial and warehouse users represent a key growth area, evidenced by the strategic expansion in Ohio. The company noted a significant expansion of warehouse space in Circleville, Ohio, in its June 2025 filings. To support ongoing tenant needs and property enhancements across the portfolio, J.W. Mays, Inc. anticipates incurring approximately $1.2 million in capital expenditures over the twelve months following that filing.

Businesses requiring space in the New York City metro area form the geographic core of the customer base. The company's properties are concentrated in these high-density areas, which supports the premium nature of the tenants they attract. J.W. Mays, Inc. employs 28 people to manage this portfolio.

The primary locations where these businesses operate include:

• Brooklyn, New York
• Jamaica, New York City
• Levittown, Long Island, New York
• Massapequa, Long Island, New York
• Fishkill, Dutchess County, New York
• Circleville, Ohio (Industrial/Warehouse)

Finance: review the Q3 2025 leasing velocity against the planned $1.2 million Capex budget by end of Q4.

J.W. Mays, Inc. (MAYS) - Canvas Business Model: Cost Structure

You're looking at the cost side of J.W. Mays, Inc. (MAYS) operations as of late 2025. For a real estate investment trust like this, the costs are heavily weighted toward property ownership and maintenance. Honestly, keeping those property-level costs in check is where the margin battle is won or lost.

Real estate operating expenses are definitely a major cost driver, and they've been on an upward trend. For the nine months ending April 30, 2025, overall real estate operating expenses hit $11,700,830, up from $11,346,113 in the prior year period. This rise puts pressure on the bottom line, even when rental income is growing.

The company has seen some success in controlling overhead, though. Administrative and general expenses were reduced in recent quarters, likely due to the payroll adjustments you mentioned. For the three months ending April 30, 2025, these expenses were $1,239,480, down from $1,265,307 the year before. Similarly, for the quarter ending January 31, 2025, administrative and general expenses were $1,251,875, a notable drop from $1,486,632 in the comparable quarter of 2024. That's real cost management at work.

When we look at capital needs, capital expenditures for tenant improvements are a necessary, but variable, cost. The company anticipates incurring an additional $1.5 million in capital expenditures over the twelve months ending January 31, 2026. This figure reflects ongoing investment required to keep properties competitive and secure new or renewing tenants.

The specific components making up the property costs-property taxes, insurance, and maintenance-are key areas of expense fluctuation. For instance, in the three months ending January 31, 2025, the non-lease component related to real estate taxes alone was $308,313, an increase from $260,516 in the same period in 2024. These are the costs that directly contributed to the reported increase in net losses for some periods.

Here is a look at some of the key expense line items based on recent reporting periods:

Expense Category	Period Ending April 30, 2025 (9 Months)	Period Ending January 31, 2025 (Q2 2025)	TTM Ending April 30, 2025
Overall Real Estate Operating Expenses	$11,700,830	$4,128,415	N/A
Administrative and General Expenses	$1,239,480	$1,251,875	$5.11 million
Property Expenses (Likely Overlap)	N/A	N/A	$15.51 million
Real Estate Taxes (Non-Lease Component)	N/A	$308,313	N/A
Projected Capital Expenditures (Next 12 Months)	N/A	N/A	$1.5 million

You can see the pressure points clearly in that table. The increase in property expenses is outpacing the reduction in G&A costs, which is a common challenge in this sector.

To summarize the cost control actions and pressures:

• Rising Operating Costs: Overall real estate operating expenses increased year-over-year for the nine months ending April 30, 2025.
• Payroll Cuts Impact: Reductions in executive payroll costs contributed to an improved net loss for the six months ending January 31, 2025.
• Property Tax Escalation: Real estate tax components of revenue/expense have shown an upward trend in quarterly reporting.
• Future CapEx: The company is planning for approximately $1.5 million in capital expenditures for the period extending to January 2026.

The company's Selling, General & Administrative expenses for the Trailing Twelve Months (TTM) ending April 30, 2025, totaled $5.11 million. Also, for the six months ending January 31, 2025, the net loss improved to $(131,024) from $(290,603) the prior year, partly due to those payroll reductions. Finance: draft 13-week cash view by Friday.

J.W. Mays, Inc. (MAYS) - Canvas Business Model: Revenue Streams

You're looking at the top-line performance for J.W. Mays, Inc. (MAYS) as of late 2025, focusing strictly on where the cash comes from. For a real estate entity like J.W. Mays, Inc., the revenue streams are highly concentrated, which is typical for an owner/operator of commercial properties. The core of the business is definitely rental income from operating leases, which provides the stability you'd expect from fixed-term contracts.

To give you the big picture for the fiscal year ending July 31, 2025, the total annual revenue for J.W. Mays, Inc. was $22.47 million. That's the number that matters most for overall scale.

Digging into the components, the most predictable part of that revenue is the base rent. For the three months ended January 31, 2025 (which aligns with Q2 2025 reporting periods), the base rent from fixed leases increased to $5,184,270. This is the bedrock of their cash flow, showing the value locked into their existing tenant agreements.

Beyond the fixed base rent, J.W. Mays, Inc. captures other property-related income. These are the pass-throughs and variable charges that adjust based on property operations. For that same three-month period ending January 31, 2025, we saw specific figures for these other streams, which you can see broken out here:

Revenue Component	Amount (3 Months Ended Jan 31, 2025)	Notes
Base Rent from Fixed Leases	$5,184,270	Core contractual income.
Non-Lease Components (Real Estate Taxes)	$308,313	Variable component, increased from prior year.
Reimbursements of Common Area Costs	$150,861	Expense pass-throughs, decreased from prior year.

Honestly, these smaller components show how closely their revenue is tied to the actual operating costs of their properties.

When we look at profitability metrics that strip out non-cash items like depreciation, the TTM (trailing twelve months) EBITDA figure gives you a sense of core operating earnings. J.W. Mays, Inc. generated $2.15 million in EBITDA for the TTM period. That's a key figure for understanding operational cash generation before financing and taxes.

Here's a quick look at the key financial metrics related to revenue and operating performance as of late 2025:

• Total Annual Revenue (FY 2025): $22.47 million.
• TTM EBITDA: $2.15 million.
• Q2 2025 Base Rent (3 Months): $5,184,270.
• Q2 2025 Total Revenues (3 Months): $5,643,444.
• Employees: 28.

The reliance on fixed leases means revenue visibility is high, but it also means that growth is highly dependent on lease expirations, renewals, or new acquisitions. If onboarding takes 14+ days, churn risk rises, but for J.W. Mays, Inc., the focus is on maintaining that high base rent percentage.