Here are a few brief analogies for J. W. Mays (MAYS):

• Think of it as a smaller, regional version of Simon Property Group, but for a variety of commercial properties (offices, retail, etc.) rather than primarily shopping malls.
• It's like Public Storage, but instead of leasing out self-storage units, MAYS leases out commercial building spaces (like offices or retail) to businesses.

• Commercial Real Estate Leasing: The company leases space in its owned and operated commercial properties to tenants.

J. W. Mays, Inc. operates by owning, operating, and leasing commercial real estate properties. Therefore, its customers are commercial tenants that lease space for their business operations.

Based on a review of J. W. Mays' public filings, the company does not disclose specific major customers (tenants) by name, indicating a diversified tenant base rather than reliance on a few large entities. As such, specific company names and symbols for major customers cannot be provided.

However, given the description of its properties which include retail, office, and warehouse spaces, the categories of commercial customers that lease from J. W. Mays typically include:

• Retail Businesses: Companies that lease space for storefronts, shops, and other consumer-facing operations within J. W. Mays' retail and commercial properties.
• Office Tenants: Businesses that lease office space for administrative functions, professional services, and other corporate operations.
• Warehouse and Logistics Companies: Entities that lease industrial and warehouse space for storage, distribution, and logistical operations.

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

Mr. Shulman has served J.W. Mays, Inc. since 1965 and has been Chairman of the Board, President, and Chief Executive Officer since November 1996. He was appointed CEO in November 1978 and has a tenure of over 47 years. Mr. Shulman directly owns 49.38% of the company's shares.

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

Mr. Lyke was appointed Chief Financial Officer effective January 1, 2024, replacing Mark Greenblatt. He began working for J.W. Mays, Inc. in 1972 and first became an Officer in 1984, having most recently served as a Vice President and Assistant Treasurer.

George Silva, Vice President of Operations

Mr. Silva holds the position of Vice President of Operations for J.W. Mays, Inc.

Salvatore Cappuzzo, Secretary

Mr. Cappuzzo serves as the Secretary for J.W. Mays, Inc.

The key risks to J. W. Mays' business operations are primarily centered around its financial performance, liquidity, and debt structure.

1. Declining Rental Income and Widening Losses: J.W. Mays, Inc. has reported significant widening losses and a decrease in rental income, primarily attributed to a loss of tenants and concessions on rent. This trend indicates pressure on the company's core leasing model and overall profitability.
2. Tight Liquidity and High Capital Expenditure Demands: The company faces a challenging liquidity position with low cash and cash equivalents. This is compounded by substantial capital expenditure projections for the upcoming year, which management anticipates funding through operational cash flow and new borrowings.
3. Mortgage Structure and Refinancing/Call Risk: J.W. Mays holds a single bank mortgage that grants the lender the right to demand full repayment at any point through April 1, 2040. This callable mortgage structure significantly impacts the company's perceived short-term liquidity and introduces considerable refinancing and call risk.

The accelerating shift of consumer spending from traditional brick-and-mortar retail to e-commerce platforms, reducing demand for physical retail spaces.

The increasing adoption of remote and hybrid work models, potentially leading to reduced demand for traditional office spaces.

The addressable markets for J. W. Mays' main products or services (owning, operating, and leasing commercial real estate properties) are identified for specific regions:

• The overall commercial real estate market in New York City, which includes Brooklyn and Jamaica, is estimated to be close to $2 trillion in value.
• For Brooklyn specifically, the total commercial real estate sales volume in 2025 reached $6.66 billion.
• For the Long Island retail market, which includes Levittown and Massapequa, approximately $1.2 billion in transactions occurred in the last 12 months as of Q3 2023.
• For Fishkill, New York, and Circleville, Ohio, a comprehensive addressable market size in financial terms is not readily available from the provided data.

J. W. Mays, Inc. (MAYS) is expected to drive future revenue growth over the next 2-3 years through several key strategies related to its commercial real estate portfolio.

1. Increasing Rental Rates: The company's strategy involves pursuing opportunities to enhance rental rates through targeted improvements to its properties. Historically, revenue increases have been attributed to higher rent from existing tenants, indicating this as an ongoing driver.
2. Improving Occupancy Rates and Securing New Leases: A core component of J. W. Mays's strategy is to enhance occupancy across its commercial, retail, and multi-family residential properties. Past revenue growth has been positively impacted by securing new leases.
3. Strategic Property Upgrades and Repositioning: J. W. Mays emphasizes disciplined capital allocation and selective property upgrades. Given the evolving commercial real estate landscape, particularly in New York City, this includes adapting properties to feature flexible, amenity-rich spaces, and potentially repositioning older buildings into mixed-use or residential properties to meet current market demands. These improvements aim to attract new tenants and support higher rental rates.
4. Benefiting from Favorable Market Dynamics in Key Regions: The company strategically targets well-located office and retail buildings, as well as garden-style apartment complexes, within the New York metropolitan area and Ohio. Its strategy aims to capitalize on urban demand and limited new construction in these primary markets, which can naturally drive demand for its existing portfolio and support revenue growth.

Capital Expenditures

• J.W. Mays anticipates approximately $12 million in planned capital expenditures over the next 12 months (from March 2026) aimed at enhancing property assets.
• For the three months ended January 31, 2026 (Q3 2026), J.W. Mays, Inc. invested $984,000 in capital expenditures.
• The company's capital expenditures focus on tenant improvements and other property enhancements to boost occupancy and rental rates.