Here are 1-2 brief analogies for J. W. Mays (MAYS):

• A Vornado Realty Trust, but focused on a few large commercial buildings primarily in the NYC metro area.

• Simon Property Group for individual urban commercial buildings, rather than a portfolio of malls.

• Commercial Real Estate Leasing: Leasing of retail, office, and industrial space in its owned properties to various tenants.

J. W. Mays (MAYS) operates as a real estate company that owns, operates, and develops commercial retail properties in New York. Its business model involves leasing these properties to various tenants.

Therefore, J. W. Mays primarily sells to other companies, which are its commercial retail tenants. However, according to the company's latest annual report (10-K filing for the fiscal year ended July 31, 2023), no single tenant accounted for more than 10% of total revenue.

This indicates that J. W. Mays does not have individually identifiable "major customers" that represent a significant concentration of its revenue. Its customer base consists of a diverse range of retail businesses that lease space in its properties located in Brooklyn, Queens, and Long Island, New York.

Due to the absence of any major customers meeting the 10% revenue threshold and the company's practice of not disclosing specific individual tenants unless they are material, it is not possible to list specific names of "major customer companies."

Lloyd J. Shulman Chairman of the Board, President, Chief Executive Officer, Chief Operating Officer

Mr. Shulman serves as the Chairman of the Board, President, Chief Executive Officer, and Chief Operating Officer of J. W. Mays, Inc.. The management team, of which he is a part, has an average tenure of 30.7 years with the company. J.W. Mays was acquired by a group led by Lloyd I. Goldman in 1986, and Lloyd J. Shulman has been a key figure in leadership since then.

Ward N. Lyke, Jr. Vice President, Chief Financial Officer, Principal Accounting Officer and Treasurer

Mr. Lyke has held the position of Vice President, Chief Financial Officer, Principal Accounting Officer, and Treasurer since January 2024. He has been an Executive Vice President and Officer of J. W. Mays, Inc. since 1984, and served as Assistant Treasurer since 2003. Mr. Lyke manages key functions for the Company's accounting, finance, and treasury strategies, including risk management.

George Silva Vice President, Operations

Mr. Silva serves as the Vice President of Operations for J. W. Mays, Inc..

Mark S. Greenblatt Director, Vice President, Treasurer and Principal Financial Officer

Mr. Greenblatt holds multiple roles including Director, Vice President, Treasurer, and Principal Financial Officer.

Salvatore Cappuzzo Secretary

Mr. Cappuzzo is the Secretary of J. W. Mays, Inc..

The primary risks to J. W. Mays (MAYS), a commercial real estate holding company, revolve around the dynamics of the commercial real estate market, the costs associated with property management, and its concentrated ownership structure.

1. Challenges in the Commercial Real Estate Market and Tenant Stability: J. W. Mays' revenue is almost exclusively derived from leasing its commercial properties, primarily located in the New York City metropolitan area and Ohio. The business is highly susceptible to factors such as the financial stability of its tenants, the increasing competition from online retail affecting demand for physical store space, and the long-term trend of remote work reducing the need for commercial office space. Recent financial reports indicate a decrease in rental income due to tenant losses and rent concessions.
2. Increasing Costs for Property Development and Tenant Improvements: The company faces the risk of escalating costs required to prepare ("fit up") properties for new tenants. These rising expenses could limit J. W. Mays' ability to develop its properties and secure new leases, potentially delaying revenue-generating opportunities if adequate financing is not readily available.
3. Risks Related to Ownership Structure: J. W. Mays has a controlling shareholder group that possesses significant voting power. This presents a risk that decisions made by this group, while somewhat mitigated by a board of directors with a majority of independent members, may primarily favor their interests and not always align with the interests of all shareholders.

The clear emerging threat for J. W. Mays (MAYS) is the ongoing and accelerating structural shift in consumer behavior towards e-commerce and away from traditional brick-and-mortar retail, significantly diminishing demand for large commercial retail spaces. This trend forces property owners like J. W. Mays to undertake costly and complex redevelopment or repurposing projects to attract new types of tenants (e.g., experiential retail, logistics, non-retail commercial uses, residential conversions) or risk prolonged vacancies and declining asset value. This parallels historical disruptions where new business models (like Netflix's streaming) rendered established ones (Blockbuster's physical rentals) obsolete.

1. Increased Rental Income from Existing Tenants: J. W. Mays, as a real estate company, derives a significant portion of its revenue from rental income. Recent financial reports indicate an increase in revenues attributed to higher rent from existing tenants. This suggests that the company may continue to implement rent adjustments or benefit from escalating clauses in its current lease agreements, leading to revenue growth.
2. Growth in New Leases and Occupancy: The company's recent earnings show an increase in revenue partly due to new leases. Continued efforts in securing new tenants for its commercial real estate spaces, particularly in locations like Brooklyn, New York, and Circleville, Ohio, will contribute to future revenue expansion.
3. Strategic Capital Expenditures and Property Enhancements: J. W. Mays anticipates investing an additional $1.5 million in capital expenditures over the next twelve months. These investments could be directed towards improving existing properties, making them more attractive to potential tenants, or expanding current facilities, which can lead to higher occupancy rates and increased rental income in the future.

Capital Allocation Decisions (Last 3-5 Years)

Share Issuance

• As of September 2, 2025, J.W. Mays, Inc. had 2,015,780 shares of common stock outstanding.
• The number of shares outstanding remained relatively stable at 2.02 million as of October 28, 2025.

Capital Expenditures

• The Company anticipated incurring an additional $2.2 million in capital expenditures over the twelve months ending July 31, 2025, including estimated costs to complete improvements.
• J.W. Mays Inc. expected approximately $1.2 million in capital expenditures over the next twelve months as of April 30, 2024, primarily focused on tenant improvements and other property enhancements.
• For the year ended July 31, 2025, significant capital expenditures included $43,430 for elevators at the Fishkill, New York building, and initial costs of $100,928 for new tenant improvements at the Bond Street building in Brooklyn, New York (with total costs for that project reaching $1,005,490 when completed in September 2024).