J.W. Mays Reports Increased Net Loss and Decreased Revenues for Q1 2026

J.W. Mays, Inc. reported a net loss of $508,960, or $0.25 per share, for the three months ended January 31, 2026, compared to a net loss of $157,681, or $0.08 per share, for the same period in 2025. The company's total revenues decreased to $5,211,482 from $5,643,444 year-over-year, primarily due to tenant losses and rent concessions totaling $213,942. For the six months ended January 31, 2026, the net loss was $842,987, or $0.42 per share, compared to a loss of $131,024, or $0.07 per share, in the prior year. The decline in revenue for the six-month period was attributed to similar factors, including increased real estate operating expenses and rent concessions.

In terms of expenses, real estate operating expenses for the three months ended January 31, 2026, were approximately flat at $4,127,284 compared to $4,128,415 in the prior year. Administrative and general expenses rose to $1,325,921 from $1,251,875, driven by higher professional fees and executive payroll. Depreciation expenses also increased to $470,677 from $445,274, reflecting new tenant improvements. The company’s total assets as of January 31, 2026, stood at $88,383,256, a slight increase from $88,049,426 as of July 31, 2025.

Strategically, J.W. Mays has been active in leasing activities, including the extension of several leases and the acquisition of new tenants. Notably, in August 2025, the company exercised an option to extend a lease for its Jamaica Avenue property through May 2040. Additionally, the company leased 5,500 square feet of retail space at its Jowein building in Brooklyn, with a monthly rent of $15,000. The company also reported a significant increase in brokerage commissions related to new leases, totaling $73,487 for the six months ended January 31, 2026.

Operationally, the company’s cash and cash equivalents decreased to $434,420 from $748,597 as of July 31, 2025. The company reported cash provided by operating activities of $1,192,140 for the six months ended January 31, 2026, down from $1,419,209 in the prior year. The company’s mortgage payable decreased to $3,154,093 from $3,235,561, reflecting ongoing payments. J.W. Mays anticipates incurring an additional $12 million in capital expenditures over the next twelve months and is in the process of securing loan commitments to fund these projects.

Looking ahead, J.W. Mays remains cautious about the commercial real estate market, noting potential risks such as economic fluctuations, interest rate changes, and tenant retention challenges. The company emphasizes the importance of maintaining liquidity and is exploring additional financing options to support its capital expenditure needs. Management has indicated that while they are optimistic about securing necessary funding, there are no guarantees, and they may need to consider divesting properties if liquidity needs exceed available resources.