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J. W. Mays Inc. (MAYS0.00%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $5,539,129 from $5,323,801 in the same quarter the previous year. This increase is attributed to higher rent from existing tenants and new leases.
Real estate operating expenses increased to $3,750,139 from $3,692,616, primarily due to higher real estate taxes and insurance expenses.
Administrative and general expenses rose to $1,292,753 from $1,254,573, driven by increased legal and professional fees.
The company reported a net income of $26,657 for the quarter, compared to a net loss of $192,544 in the previous year. The improvement is primarily due to increased rental income and the absence of a net unrealized loss on marketable securities recorded in the prior year.
Cash provided by operating activities was $1,802,641, while cash used in investing and financing activities was $460,104 and $336,065, respectively.
J. W. Mays had cash and cash equivalents of $2,316,114 as of October 31, 2024. The company anticipates additional capital expenditures of $1.6 million over the next 12 months.
The filing also details various leasing activities, including lease extensions and new leases at properties in Brooklyn, Jamaica, and Circleville.
The company plans to negotiate terms on an existing mortgage and explore other lending options following the payoff of another mortgage in December 2024.
J. W. Mays continues to assess its liquidity needs and financing options in light of evolving market conditions and economic factors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the J. W. Mays Inc. quarterly 10-Q report dated December 12, 2024. To report an error, please email earnings@qz.com.