J.W. Mays Reports $216,863 Net Loss and Revenue Decline for Three Months Ended April 30, 2026

J.W. Mays, Inc. reported a net loss of $216,863, or $0.11 per share, for the three months ended April 30, 2026, a significant decline from a net income of $86,784, or $0.04 per share, in the same period last year. For the nine months ending April 30, 2026, the company experienced a net loss of $1,059,850, compared to a loss of $44,240 for the same period in 2025. Total revenues for the three months decreased to $5.31 million from $5.63 million, while revenues for the nine months fell to $15.78 million from $16.81 million. The decline in revenue was attributed to tenant losses and rent concessions totaling $210,409, partially offset by rent escalations.

The company's operating expenses increased during the three months, rising to $5.64 million from $5.52 million in the prior year, primarily due to higher real estate operating expenses, which increased to $4.00 million from $3.82 million. Administrative expenses decreased slightly to $1.16 million from $1.24 million, reflecting reduced pension expenses. The company also reported an improvement in other income, which rose to $12,708 from a loss of $3,326, mainly due to decreased interest expenses.

In terms of operational developments, J.W. Mays has been active in leasing activities, including extending leases for several tenants and securing new leases. Notably, the company extended a lease for 5,500 square feet at its Jowein building in Brooklyn and leased additional space at its Fishkill property. However, the company also faced challenges, including a significant tenant vacating a large space, which is expected to result in a loss of approximately $243,000 in rent.

The company’s total assets increased to $90.22 million as of April 30, 2026, up from $88.05 million a year earlier, driven by an increase in property and equipment. Total liabilities also rose to $38.52 million from $35.29 million, primarily due to increased mortgages payable. The company’s cash and cash equivalents stood at $2.11 million, up from $748,597 a year prior, reflecting improved liquidity. Looking ahead, J.W. Mays anticipates incurring an additional $7.8 million in capital expenditures over the next twelve months and is exploring strategic opportunities to manage liquidity, including potential property sales.