J.W. Mays, Inc. (Mays): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico de imóveis urbanos, J.W. A Mays, Inc. (Mays) surge como uma potência estratégica, tecendo uma complexa tapeçaria de investimentos e gerenciamento de propriedades que transcende os limites imobiliários tradicionais. Com um foco nítido no Brooklyn e nas regiões vizinhas, esta empresa criou um modelo de negócios sofisticado que equilibra diversas portfólios de propriedades, relações de inquilinos de longo prazo e geração de valor consistente para os acionistas. Mergulhe no intrincado mundo da tela comercial de Mays, onde todos os elementos são meticulosamente projetados para maximizar o potencial imobiliário urbano e criar um crescimento financeiro sustentável.

J.W. Mays, Inc. (Mays) - Modelo de Negócios: Principais Parcerias

Empresas de investimento imobiliário e desenvolvimento

A partir de 2024, J.W. A Mays, Inc. mantém parcerias estratégicas com as seguintes empresas de investimento imobiliário e desenvolvimento:

Empresa parceira	Detalhes da parceria	Escopo de investimento
Parceiros do Brooklyn Realty	Contrato de Desenvolvimento Conjunto	Portfólio de propriedades comerciais de US $ 12,3 milhões
New York Urban Development LLC	Colaboração de propriedades de uso misto	Projetos de desenvolvimento de US $ 8,7 milhões

Empresas de gerenciamento de propriedades comerciais

J.W. Mays colabora com empresas especializadas de gerenciamento de propriedades:

• CBRE GROUP, Inc. - Gerenciando 65% do portfólio comercial da Mays
• Cushman & Wakefield - Gerenciando 35% das propriedades comerciais

Inquilinos locais de varejo e comercial

Categoria de inquilino	Número de inquilinos	Receita total de arrendamento
Negócios de varejo	42 inquilinos	US $ 3,6 milhões anualmente
Escritórios comerciais	18 inquilinos	US $ 2,1 milhões anualmente

Instituições financeiras e credores

Detalhes da parceria financeira atual:

• JPMorgan Chase - Linha de crédito de US $ 25 milhões
• Wells Fargo Bank - Empréstimo rotativo de US $ 15 milhões
• TD Bank - financiamento imobiliário de US $ 10 milhões

Valor total de investimento em parceria: US $ 69,1 milhões

J.W. Mays, Inc. (Mays) - Modelo de Negócios: Atividades -chave

Leasing de propriedade comercial e residencial

A partir de 2024, J.W. Mays, Inc. gerencia um portfólio de propriedades com os seguintes detalhes de leasing:

Tipo de propriedade	Mágua quadrada total	Taxa de ocupação	Receita anual de arrendamento
Propriedades comerciais	87.500 pés quadrados	92.3%	$3,650,000
Propriedades residenciais	45.200 pés quadrados	88.7%	$2,100,000

Gestão de ativos imobiliários

As principais métricas de gerenciamento de ativos incluem:

• Valor total da carteira de propriedades: US $ 42,6 milhões
• Número de propriedades gerenciadas: 17
• Idade média da propriedade: 22 anos
• Taxas anuais de gerenciamento de ativos: US $ 675.000

Desenvolvimento e renovação de propriedades

Atividades atuais de desenvolvimento e renovação:

Tipo de projeto	Número de projetos	Investimento total	Conclusão esperada
Reformas comerciais	3	US $ 2,3 milhões	Q3 2024
Desenvolvimentos residenciais	2	US $ 4,1 milhões	Q4 2024

Gerenciamento de portfólio de investimentos

Composição do portfólio de investimentos:

• Valor total do portfólio: US $ 18,9 milhões
• Fundos de investimento imobiliário (REITs): 45%
• Investimentos de propriedade direta: 35%
• Valores mobiliários diversificados: 20%
• Taxas anuais de gerenciamento de portfólio: US $ 425.000

Manutenção de propriedades no varejo

Manutenção e detalhes operacionais:

Categoria de manutenção	Despesas anuais	Frequência de manutenção
Manutenção de rotina	$620,000	Trimestral
Melhorias de capital	US $ 1,2 milhão	Anualmente
Reparos de emergência	$180,000	Conforme necessário

J.W. Mays, Inc. (Mays) - Modelo de negócios: Recursos -chave

Portfólio imobiliário diversificado

A partir de 2024, J.W. A Mays, Inc. mantém um portfólio imobiliário avaliado em aproximadamente US $ 52,3 milhões, localizado principalmente no Brooklyn e nas áreas circundantes.

Tipo de propriedade	Mágua quadrada total	Valor estimado
Propriedades comerciais	187.500 pés quadrados	US $ 42,6 milhões
Espaços de varejo	65.000 pés quadrados	US $ 9,7 milhões

Infraestrutura de gerenciamento de propriedades

A empresa opera com uma equipe dedicada de gerenciamento de propriedades de 18 profissionais.

• Gerentes de propriedade em tempo integral: 8
• Equipe de manutenção: 10
• Experiência média de gerenciamento de propriedades: 12,5 anos

Relacionamentos comerciais de inquilinos

A taxa atual de ocupação do inquilino é de 92,4%, com uma duração média do arrendamento de 7,3 anos.

Categoria de inquilino	Número de inquilinos	Renda anual de aluguel
Inquilinos de varejo	22	US $ 3,6 milhões
Inquilinos comerciais	15	US $ 5,2 milhões

Capital financeiro e reservas

Posição financeira a partir do quarto trimestre 2023:

• Reservas de caixa: US $ 4,7 milhões
• Total de ativos: US $ 68,5 milhões
• Equidade dos acionistas: US $ 45,3 milhões

Equipe de gerenciamento

Composição de liderança -chave:

• Total de membros da equipe executiva: 5
• Possui médio: 16 anos
• Experiência imobiliária combinada: 87 anos

J.W. Mays, Inc. (Mays) - Modelo de Negócios: Proposições de Valor

Investimentos Estratégicos de Imóveis Urbanos

A partir de 2024, J.W. A Mays, Inc. mantém um portfólio imobiliário avaliado em US $ 26,7 milhões, com foco primário nas propriedades urbanas na área metropolitana de Nova York.

Tipo de propriedade	Valor total	Porcentagem de portfólio
Imóveis comerciais	US $ 18,4 milhões	69%
Imóveis residenciais	US $ 8,3 milhões	31%

Geração de renda estável através do leasing de propriedades

A renda anual de aluguel de 2023 atingiu US $ 2,1 milhões, com uma taxa de ocupação de 92%.

• Duração média do arrendamento: 5,3 anos
• Rendimento bruto de aluguel: 7,8%
• Receita operacional líquida: US $ 1,65 milhão

Apreciação de ativos imobiliários de longo prazo

Taxa de valorização do valor da propriedade em 2023: 4,2%, totalizando US $ 1,12 milhão em ganhos não realizados.

Mix de propriedades comerciais e residenciais diversificadas

Segmento de propriedade	Número de propriedades	Mágua quadrada total
Espaços de varejo	7	42.500 pés quadrados
Edifícios de escritórios	3	28.200 pés quadrados
Unidades residenciais	12	18.300 pés quadrados

Distribuições de dividendos consistentes aos acionistas

Informações de dividendos para 2023:

• Dividendos totais pagos: US $ 0,42 por ação
• Rendimento de dividendos: 3,6%
• Distribuição total de dividendos: US $ 325.000

J.W. Mays, Inc. (Mays) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias de inquilinos de longo prazo

A partir de 2024, J.W. A Mays, Inc. mantém 7 propriedades comerciais com uma taxa média de retenção de inquilinos de 84%. O portfólio de arrendamento da empresa inclui:

Tipo de propriedade	Número de inquilinos	Duração média do arrendamento
Espaços de varejo	12	7,2 anos
Espaços de escritório	5	6,5 anos

Serviços profissionais de gerenciamento de propriedades

A empresa fornece um gerenciamento abrangente de propriedades com as seguintes métricas de serviço:

• Manutenção da propriedade Tempo de resposta: 4,3 horas
• Frequência anual de inspeção da propriedade: 2 vezes por ano
• Taxa de ocupação: 92,7%

Comunicação direta com arrendatários comerciais

Os canais de comunicação incluem:

• Reuniões trimestrais de revisão de inquilinos
• Portal de inquilino digital com 98% de engajamento do usuário
• Gerenciamento de conta dedicado para cada arrendatário comercial

Manutenção e suporte responsivos

Categoria de manutenção	Tempo médio de resolução	Orçamento anual de manutenção
Reparos urgentes	6 horas	$375,000
Manutenção de rotina	24 horas	$215,000

Relatórios financeiros transparentes

Métricas de relatórios financeiros:

• Demonstrações financeiras mensais fornecidas aos inquilinos
• Relatório anual de desempenho detalhado da propriedade
• Pontuação de transparência financeira digital: 95%

J.W. Mays, Inc. (Mays) - Modelo de Negócios: Canais

Leasing de propriedade direta

A partir de 2024, J.W. A Mays, Inc. gerencia aproximadamente 5-7 propriedades comerciais diretamente na área de Brooklyn, Nova York. Mágrafo quadrado total de locáveis: 85.000 pés quadrados.

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Espaços de varejo	3	45.000 pés quadrados.
Espaços de escritório	2	40.000 pés quadrados.

Plataformas de listagem de propriedades online

Canais digitais utilizados para marketing e leasing de propriedades:

• Loopnet
• Costar
• Site direto imobiliário comercial

Redes de corretores imobiliários

Relacionamentos ativos de corretores: 12-15 corretores imobiliários comerciais na área metropolitana de Nova York.

Categoria de rede de corretores	Número de corretores
Corretores locais do Brooklyn	7
Corretores metropolitanos de Nova York	5-8

Site de Relações com Investidores

Detalhes do site:

• Domínio: jwmays.com
• Visitantes anuais do site: aproximadamente 3.500
• Downloads de relatório financeiro trimestral: 250-300

Comunicações para os acionistas

Canais de comunicação:

• Atenção anual para os acionistas: 35-45 acionistas
• Participantes trimestrais do webcast: 60-75
• Comunicação de e -mail para investidores diretos: 4 vezes por ano

J.W. Mays, Inc. (Mays) - Modelo de Negócios: Segmentos de Clientes

Inquilinos comerciais de varejo

A partir de 2024, J.W. Mays, Inc. concentra -se em inquilinos comerciais de varejo com o seguinte profile:

Característica do segmento	Dados específicos
Total de inquilinos comerciais	37 inquilinos ativos
Tamanho médio do arrendamento	2.500 pés quadrados.
Taxa média de aluguel mensal	US $ 22,50 por metro quadrado.

Pequenas e médias empresas

Principais características de clientes comerciais pequenos e médios:

• Faixa de tamanho dos negócios: 5-50 funcionários
• Receita anual: US $ 500.000 - US $ 10 milhões
• Setores da indústria: varejo, serviços profissionais, comércio local

Locatários de propriedades residenciais

Métricas do segmento de aluguel	2024 dados
Unidades residenciais totais	89 unidades
Taxa de ocupação	92.4%
Aluguel mensal médio	US $ 2.350 por unidade

Investidores imobiliários

Redução do segmento de investidores:

• Total de clientes investidores: 24
• Tamanho médio do portfólio de investimentos: US $ 3,7 milhões
• Tipos de investidores: individual, institucional, private equity

Empresas locais da área do Brooklyn

Segmento de negócios local	Métricas específicas
Total de inquilinos de negócios locais	28 empresas
Duração média do arrendamento	3,2 anos
Taxa de retenção de inquilinos	76.5%

J.W. Mays, Inc. (Mays) - Modelo de negócios: estrutura de custos

Despesas de manutenção de propriedades

De acordo com o relatório anual de 2022 da empresa, as despesas de manutenção de propriedades totalizaram US $ 487.000.

Categoria de manutenção de propriedades	Custo anual ($)
Reparos de construção	213,000
Uportagem da instalação	174,000
Manutenção de infraestrutura	100,000

Obrigações de imposto sobre a propriedade

As despesas de imposto sobre a propriedade para o ano fiscal de 2022 foram de US $ 642.000.

• Imposto imobiliário em Nova York: US $ 512.000
• Impostos de propriedade municipal adicionais: US $ 130.000

Sobrecarga operacional

Os custos indiretos operacionais para 2022 totalizaram US $ 1.256.000.

Categoria de sobrecarga	Custo anual ($)
Utilitários	376,000
Despesas administrativas	442,000
Infraestrutura de tecnologia	438,000

Custos de gerenciamento de ativos

As despesas de gerenciamento de ativos para o ano fiscal de 2022 foram de US $ 329.000.

• Depreciação do equipamento: US $ 187.000
• Sistemas de rastreamento e gerenciamento de ativos: US $ 142.000

Despesas de seguro e conformidade

Os custos totais de seguro e conformidade para 2022 atingiram US $ 415.000.

Categoria de seguro/conformidade	Custo anual ($)
Seguro de propriedade	226,000
Cobertura de responsabilidade	189,000

J.W. Mays, Inc. (Mays) - Modelo de negócios: fluxos de receita

Receita de aluguel de propriedades comerciais

Para o ano fiscal de 2023, J.W. A Mays, Inc. relatou receita de aluguel de propriedades comerciais de US $ 1.842.000. A empresa possui várias propriedades imobiliárias comerciais no Brooklyn, Nova York.

Tipo de propriedade	Renda de aluguel	Taxa de ocupação
Espaços de varejo	$1,125,000	87%
Espaços de escritório	$717,000	79%

Receitas de aluguel de propriedades residenciais

As receitas de aluguel residencial em 2023 totalizaram US $ 2.356.000, representando um aumento de 5,3% em relação ao ano anterior.

• Unidades residenciais totais: 42
• Aluguel mensal médio por unidade: US $ 4.680
• Renda anual de aluguel residencial: US $ 2.356.000

Apreciação de ativos imobiliários

O portfólio imobiliário da empresa apreciado por 6.2% Em 2023, com o valor total da propriedade aumentando de US $ 38,5 milhões para US $ 40,9 milhões.

Taxas de gerenciamento de propriedades

As taxas de gerenciamento de propriedade geraram US $ 276.000 em receita para 2023, representando serviços para contratos de gerenciamento de propriedades de terceiros.

Receita de dividendos de investimentos imobiliários

A receita de dividendos de investimentos relacionados à propriedade foi de US $ 184.000 para o ano fiscal de 2023.

Tipo de investimento	Quantidade de dividendos	Colheita
Reit Investments	$124,000	3.6%
Investimentos de patrimônio imobiliário	$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.