J.W. Mays, Inc. (NASDAQ: MAYS) is a commercial real estate company that owns and leases a portfolio of properties in New York and Ohio. Revenue comes from tenant lease payments across office, retail, and commercial space in buildings the company owns or controls. The company was founded in 1924 and incorporated in New York on July 6, 1927, with executive offices at Nine Bond Street, Brooklyn, New York. As of the fiscal year ended July 31, 2025, the portfolio spans seven locations totaling roughly 1.4 million square feet, including properties in Brooklyn, Jamaica, Fishkill, Levittown, Massapequa (all in New York), and Circleville, Ohio. Occupancy at the Brooklyn properties was 52.69% as of July 31, 2025. The company employs 28 full-time employees and has not declared a cash dividend during the year ended July 31, 2025. The Jamaica, New York property is leased from an affiliated company principally owned by a director, with lease options extending through May 31, 2050.

Revenue model

Rental income from multi-year leases with commercial tenants across office and retail space. Leases carry fixed base rents with annual escalations. The Brooklyn portfolio alone generated gross annual rent distributed across 17 active leases expiring between FY2026 and FY2032, with annualized rents ranging from $45,126 to $2,389,959 per lease cohort (per 10-K filed 2025-10-23).

Products and services

Commercial real estate leasing across office and retail space. Properties include the Fulton Street building in Brooklyn (~380,000 sq ft), the Jowein building in Brooklyn (~201,000 sq ft), the Jamaica Avenue property in Jamaica, New York (~297,000 sq ft), a Fishkill, New York property (~203,000 sq ft on 14.6 acres), a Levittown, New York property (~10,000 sq ft), a Massapequa, New York property (~133,400 sq ft), and a Circleville, Ohio property (~193,350 sq ft on 11.6 acres).

Customers and end markets

Commercial office and retail tenants. The filing references one tenant occupying 31,438 square feet of office space in Brooklyn with a lease extended to October 2026 and a rent concession effective November 2025. As of September 2, 2025, the company had approximately 500 shareholders of record.

Value-chain role

Direct property owner and landlord. The company manages and leases its own real estate portfolio without disclosed third-party property management intermediaries. The Jamaica property is an exception, leased from an affiliated entity owned by a company director, with J.W. Mays acting as tenant and sub-landlord.

Geographic exposure

Concentrated in New York State, with properties in Brooklyn, Jamaica, Fishkill, Levittown, and Massapequa. One property in Circleville, Ohio. No disclosed international exposure.

Source: SEC 10-K, filed 2025-10-23

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