UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 31, 2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number 1-3647

J.W. Mays, Inc.

(Exact Name of Registrant as Specified in its Charter)

New York		11-1059070
State or Other Jurisdiction of Incorporation or Organization		I.R.S. Employer Identification No.

9 Bond Street, Brooklyn, New York		11201
Address of Principal Executive Offices		Zip Code

Registrant’s Telephone Number, Including Area Code (718) 624-7400

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1 par value	MAYS	NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐	Emerging growth company ☐
Non-accelerated filer ☒	Smaller reporting company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The number of shares outstanding of the registrant’s common stock as of December 8, 2025 was 2,015,780.

		Page No.
Part I - Financial Information:

Item 1. Financial Statements		3

Consolidated Balance Sheets (Unaudited) – October 31, 2025 and July 31, 2025		3
Consolidated Statements of Operations (Unaudited) – Three months ended October 31, 2025 and 2024		4
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) – Three months ended October 31, 2025 and 2024		5
Consolidated Statements of Cash Flows (Unaudited) – Three months ended October 31, 2025 and 2024		6
Notes to Consolidated Financial Statements (Unaudited)		7 - 14

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		15 - 17

Item 3. Quantitative and Qualitative Disclosures About Market Risk		18

Item 4. Controls and Procedures		18

Part II - Other Information:
Item 1. Legal Proceedings		18
Item 1A. Risk Factors		18
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.		18
Item 3. Defaults Upon Senior Securities		18
Item 4. Mine Safety Disclosures		19
Item 5. Other Information		19
Item 6. Exhibits		19

Signatures		20


	October 31 2025			July 31 2025
ASSETS
Property and Equipment-at cost:
Land	$	6,067,805		$	6,067,805
Buildings held for leasing:
Buildings, improvements, and fixtures		82,321,574			81,018,716
Construction in progress		2,121,407			3,270,919
		84,442,981			84,289,635
Accumulated depreciation		(41,985,351	)		(41,603,389	)
Buildings - net		42,457,630			42,686,246
Property and equipment-net		48,525,435			48,754,051
Cash and cash equivalents		2,188,982			748,597
Restricted cash		1,040,148			1,010,148
Receivables, net		3,812,249			3,959,730
Prepaids and other assets		1,801,836			3,294,901
Deferred charges, net		3,474,507			3,517,817
Operating lease right-of-use assets		27,869,079			26,764,182
TOTAL ASSETS	$	88,712,236		$	88,049,426

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Mortgage payable	$	3,195,029		$	3,235,561
Accounts payable and accrued expenses		2,773,773			2,891,074
Security deposits payable		1,126,725			1,092,225
Operating lease liabilities		25,299,839			24,034,669
Deferred income taxes		3,889,000			4,034,000
Total Liabilities		36,284,366			35,287,529
Shareholders’ Equity:
Common stock, par value $1 each share (shares-5,000,000 authorized; 2,178,297 issued and 2,015,780 outstanding)		2,178,297			2,178,297
Additional paid in capital		3,346,245			3,346,245
Retained earnings		48,191,180			48,525,207
		53,715,722			54,049,749
Common stock held in treasury, at cost - 162,517 shares at October 31, 2025 and July 31, 2025		(1,287,852	)		(1,287,852	)
Total shareholders’ equity		52,427,870			52,761,897
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	88,712,236		$	88,049,426


	Three Months Ended
	October 31			October 31
	2025			2024
Revenues
Rental income	$	5,251,414		$	5,539,129
Total revenues		5,251,414			5,539,129
Expenses
Real estate operating expenses		4,077,513			3,750,139
Administrative and general expenses		1,189,818			1,292,753
Depreciation		472,262			444,066
Total expenses		5,739,593			5,486,958
Income (loss) from operations		(488,179	)		52,171

Other income and interest expense:
Dividend and interest income		9,152			4,963
Interest expense, net of capitalized interest		–			(24,477	)
		9,152			(19,514	)

Income (loss) from operations before income taxes		(479,027	)		32,657
Income taxes provided (benefit)		(145,000	)		6,000
Net income (loss)	$	(334,027	)	$	26,657

Income / (loss) per common share, basic and diluted	$	(.17	)	$	.01
Dividends per share	$	–		$	–

Weighted average common shares outstanding, basic and diluted		2,015,780			2,015,780


Additional Paid In Capital	Common Stock		Additional Paid In Capital		Retained Earnings			Common Stock Held in Treasury			Total
Three Months Ended October 31, 2025Common Stock
Balance at July 31, 2025	$	2,178,297	$	3,346,245	$	48,525,207		$	(1,287,852	)	$	52,761,897
Net loss, three months ended October 31, 2025		-		-		(334,027	)		-			(334,027	)
Balance at October 31, 2025 Retained Earnings	$	2,178,297	$	3,346,245	$	48,191,180		$	(1,287,852	)	$	52,427,870
Three Months Ended October 31, 2024Common Stock Held in Treasury
Balance at July 31, 2024	$	2,178,297	$	3,346,245	$	48,661,447		$	(1,287,852	)	$	52,898,137
Net income, three months ended October 31, 2024		-		-		26,657			-			26,657
Balance at October 31, 2024	$	2,178,297	$	3,346,245	$	48,688,104		$	(1,287,852	)	$	52,924,794


	Allowance for Credit Loss					Credit Loss / (Recovery)
	Period Ended					Three Months Ended
	October 31		July 31			October 31
	2025		2025			2025		2024
Beginning balance Allowance for Credit Loss [Member]	$	23,208	$	42,680		$	—	$	—
Charge-offs (recoveries)		—		(57,984	)		—		—
Reserve adjustments Credit Loss / (Recovery) [Member]		4,622		38,512			4,622		931
Ending Balance	$	27,830	$	23,208		$	4,622	$	931


Buildings and improvements			18-40 years
Improvements to leased property			3-40 years
Fixtures and equipment Fixtures and equipment [Member]			7-12 years
Other Other [Member]			3-5 years

Schedule of mortgage payable
	Current Annual Interest Rate	Final Payment Date	October 31, 2025		July 31, 2025
Fishkill building	3.98%	4/1/2040	$	3,195,029	$	3,235,561


Fiscal Year:	Amount
*For the remainder of 2026	$	124,038
2027		171,241
2028		178,182
2029		185,404
2030		192,920
After 2030		2,343,244
Total	$	3,195,029


	Three Months Ended October 31
	2025			2024
Interest expense	$	(32,029	)	$	(45,902	)
Capitalized interest		32,029			21,425
Interest expense, net of capitalized interest	$	—		$	(24,477	)


	Three Months Ended October 31,
	2025		2024
Base rent - fixed	$	4,763,680	$	5,087,276
Reimbursements of common area costs		152,889		150,732
Non-lease components (real estate taxes)		334,845		301,121
Rental income	$	5,251,414	$	5,539,129


	As of October 31, 2025
Fiscal Year	Company Owned Property		Leased Property		Total
For the remainder of 2026	$	7,697,580	$	4,014,887	$	11,712,467
2027		8,486,631		4,972,934		13,459,565
2028		7,605,023		4,926,445		12,531,468
2029		6,842,429		3,986,809		10,829,238
2030		5,192,158		2,337,182		7,529,340
2031		3,846,493		1,632,802		5,479,295
After 2031		13,517,142		6,420,552		19,937,694
Total	$	53,187,456	$	28,291,611	$	81,479,067


	Jamaica Avenue at 169th Street
	Increase in		Increase in		Decrease in
	Operating		Operating		Monthly
	Lease Right-		Lease		Rent
	of-Use Asset		Liability		Expense
Remeasurement change resulting from August 2025 lease extension	$	1,575,690	$	1,575,690	$	(14,766	)


Period Ended October 31,	Operating Leases
2026	$	2,272,955
2027		2,333,737
2028		2,354,249
2029		2,375,443
2030		2,152,730
Thereafter		22,039,738
Total undiscounted cash flows		33,528,852
Less: present value discount		(8,229,013	)
Total Lease Liabilities	$	25,299,839

Schedule of rent payments and expense
	Rent Payments Three Months Ended October 31				Rent Expense Three Months Ended October 31
Property	2025		2024		2025		2024
Jamaica Avenue at 169^thStreet	$	156,250	$	156,250	$	243,371	$	287,671
504-506 Fulton Street		90,564		90,564		95,299		95,299
508 Fulton Street		14,258		—		18,175		—
Total	$	261,072	$	246,814	$	356,845	$	382,970

Schedule of sublease rental income
	Three Months Ended October 31,
	2025			2024
Sublease rental income	$	1,873,637		$	1,821,654
Operating lease costs		(705,166	)		(749,125	)
Excess of sublease income over lease cost	$	1,168,471		$	1,072,529

Schedule of supplemental disclosure
Supplemental disclosure:	Three Months Ended
	October 31
	2025		2024
Cash Flow Information
Interest paid, net of capitalized interest of $32,029 (2025) and $21,425 (2024)	$	135	$	25,725
Income tax paid (refunded)		—		—

Non-cash information
Recognition of operating lease right-of-use assets	$	1,575,690		—
Recognition of operating lease liabilities	$	1,575,690		—

Schedule of assets and liabilities
	Operating Lease
	Right-Of-Use Assets				LiabilitiesLiabilities [Member]
Property	October 31 2025		July 31 2025		October 31 2025		July 31 2025		Expiration Date
Jamaica Avenue at 169^thStreet	$	11,173,527	$	9,749,817	$	6,091,443	$	4,580,611	May 31, 2040
504-506 Fulton Street		1,820,760		1,891,731		1,988,252		2,054,487	April 30, 2031
508 Fulton Street		1,007,622		1,018,186		1,218,024		1,224,672	April 30, 2044
Total	$	14,001,909	$	12,659,734	$	9,297,719	$	7,859,770

•	changes in the rate of economic growth, and interest rates both nationally and locally;
•	existing indebtedness, including the potential for accelerated maturities;
•	the ability to obtain additional financing at reasonable costs and interest rates;
•	changes in the financial condition of our customers;
•	changes in the regulatory environment and particularly burdens of increasing local, state, and federal requirements and taxes;
•	lease cancellations and particularly loss of key tenants;
•	changes in our estimates of costs;
•	loss of key personnel;
•	war and/or terrorist attacks, global, national and local political unrest and protests 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 landlords and building management 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.

	3.1	Certificate of Incorporation of J.W. Mays, Inc., as amended - incorporated by reference to Exhibit 3(i) to the Company’s Form 10-K, filed on October 5, 2017.

	3.2	By-Laws of J.W. Mays, Inc. - incorporated by reference to Exhibit 3.(ii) to the Company’s Form 10-K, filed on October 23, 1995.

	31.1*	Certification of principal executive officer pursuant to Rule 13a-14(a)/15d-14(a).

	31.2*	Certification of principal financial officer pursuant to Rule 13a-14(a)/15d-14(a).

	32*	Certification of principal executive officer and principal financial officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

	101**	The following financial statements from the Company’s Quarterly Report on Form 10-Q for the period ended October 31, 2025, formatted in inline XBRL, include: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Shareholders’ Equity, (iv) Consolidated Statements of Cash Flows and (v) the Notes to Consolidated Financial Statements.

	104**	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

	*	Filed herewith

	**	Submitted electronically with the report

			J.W. MAYS, Inc.
			(Registrant)

Date:	December 11, 2025	By:	/s/ LLOYD J. SHULMAN
			Lloyd J. Shulman
			Chairman of the Board,
			Chief Executive Officer and President
			(principal executive officer)

Date:	December 11, 2025	By:	/s/ WARD N. LYKE, JR.
			Ward N. Lyke, Jr.
			Vice President,
			Chief Financial Officer and Treasurer
			(principal financial officer)

SEC Form 10-Q filed by J. W. Mays Inc.