J. W. Mays Inc. (MAYS, Financial) filed Quarterly Report for the period ended 2009-01-31.
J. W. Mays Inc. operates a number of commercial real estate properties. J. W. Mays Inc. has a market cap of $8.47 million; its shares were traded at around $4.2 with a P/E ratio of 420 and P/S ratio of 0.58.
- -
Gross Gross Gross Gross
Unrealized Unrealized Fair Unrealized Unrealized Fair
Cost Gains Losses Value Cost Gains Losses Value
- - - - - - - -
Current:
Held-to-maturity:
Certificate of deposit $49,594 $- $- $49,594 $49,097 $- $- $49,097
= = = = = = = =
Noncurrent:
Available-for-sale:
Equity securities $1,710,276 $- $(638,196) $1,072,080 $1,810,252 $- $(204,412) $1,605,840
= = = = = = = =
Three Months Ended Six Months Ended
January 31 January 31
- -
2009 2008 2009 2008
- - - -
Interest income $4,129 $36,065 $10,456 $85,117
Dividend income 32,138 12,007 62,888 27,400
(Loss) on writedown or
impairment of securities - - (99,976) -
- - - -
Total $36,267 $48,072 $(26,632) $112,517
= = = =
January 31, 2009 July 31, 2008
- -
Current
Annual Final Due Due Due Due
Interest Payment Within After Within After
Rate Date One Year One Year One Year One Year
- - - - - -
Mortgages:
Jamaica, New York property (a) 6.00% 4/01/12 $63,847 $1,188,772 $61,964 $1,221,173
Jamaica, New York property (b) 6.81% 10/01/11 124,589 2,318,034 120,396 2,380,715
Jowein building, Brooklyn, NY (c) 9.00% 4/01/09 764,648 - 1,103,520 -
Fishkill, New York property (d,e) 6.98% 2/18/15 60,306 1,723,790 58,199 1,753,961
Bond St. building, Brooklyn, NY (e) 6.98% 2/18/15 122,828 3,510,920 118,535 3,572,373
Term-loan payable to bank (f) 6.50% 5/01/10 377,050 133,726 365,025 325,306
Jowein building, Brooklyn, NY (g) Variable 8/01/10 240,000 140,000 240,000 260,000
- - - -
Total $1,753,268 $9,015,242 $2,067,639 $9,513,528
= = = =
(c) The Company, on May 7, 2004, closed a loan with an affiliated
corporation owned by members, including certain directors of the Company,
of the family of the late Joe Weinstein, former Chairman of the Board of
Directors, in the amount of $1,350,000. The term of the loan is for a
period of five (5) years at an interest rate of 9.00% per annum. Interest
and amortization of principal are paid quarterly based on a fifteen (15)
year level amortization period. The constant quarterly payments of
interest and principal are $40,316. The outstanding balance of the loan,
totaling $764,648, will become due and payable on April 1, 2009. Interest
paid for the six months ended January 31, 2009 and January 31, 2008 was
$39,218 and $51,762, respectively. On September 22, 2008, the Company made
a payment in the amount $300,000, which was a partial payment towards the
principal amount of the loan.
- 8-
(e) The Company, on August 19, 2004, closed a loan with a bank for a
$12,000,000 multiple draw term loan. This loan finances seventy-five (75%)
percent of the cost of capital improvements for an existing lease to a
tenant and capital improvements for future tenant leases at the Company's
Brooklyn, New York (Bond Street building) and Fishkill, New York
properties. The loan will also finance $850,000 towards the construction
of two new elevators at the Company's Brooklyn, New York property (Bond
Street building). The Company had three and one-half years to draw down
amounts under this loan. The loan consists of: a) a permanent, first
mortgage loan to refinance an existing first mortgage loan affecting the
Fishkill Property, which matured on July 1, 2004 (the "First Permanent
Loan")(see Note 6(d)), b) a permanent subordinate mortgage loan in the
amount of $1,870,000 (the "Second Permanent Loan"), and c) multiple,
successively subordinate loans in the amount $8,295,274 ("Subordinate
Building Loans"). The loan is structured in two phases: 1) a forty-two
(42) month loan with payments of interest only at the floating one-month
LIBOR rate plus 2.25% per annum, but not less than 3.40%; and 2) after the
forty-two month period, the loan would convert to a seven-year (7)
permanent mortgage loan on a seventeen (17) year level amortization, plus
interest, at the option of the Company. The interest rate on the permanent
loan would be at a fixed rate equal to the Federal Home Loan Bank of New
York's seven-year (7) fixed interest rate plus 2.25% per annum at the time
of conversion. As of August 19, 2004, the Company refinanced the existing
mortgage on the Company's Fishkill, New York property, which balance was
$1,834,726 and took down an additional $2,820,000 for capital improvements
for two tenants at the Company's Bond Street building in Brooklyn, New
York. In fiscal 2006, 2007 and 2008, the Company drew down additional
amounts totaling $916,670, on its multiple draw term loan to finance tenant
improvements and brokerage commissions for the leasing of 13,026 square
feet for office use at the Company's Bond Street building in Brooklyn, New
York. The Company in February 2008 converted the loan to a seven (7) year
permanent mortgage loan. The interest rate on conversion was 6.98%. Since
the loan has been converted to a permanent mortgage loan, the balance of
the financing on this loan is for the new elevators at the Company's Bond
Street building in Brooklyn, New York in the amount of $850,000 referred to
above. As of January 31, 2009, the Company has not drawn down any of the
$850,000. The $850,000 is available until the elevator work is completed.
The monthly payments to the bank will increase once the $850,000 is drawn
down.
Interest paid, net of capitalized interest of
$38,299 (2009) and $16,398 (2008) $392,027 $474,736
Read the The complete Report
J. W. Mays Inc. operates a number of commercial real estate properties. J. W. Mays Inc. has a market cap of $8.47 million; its shares were traded at around $4.2 with a P/E ratio of 420 and P/S ratio of 0.58.
Highlight of Business Operations:
January 31, 2009 July 31, 2008- -
Gross Gross Gross Gross
Unrealized Unrealized Fair Unrealized Unrealized Fair
Cost Gains Losses Value Cost Gains Losses Value
- - - - - - - -
Current:
Held-to-maturity:
Certificate of deposit $49,594 $- $- $49,594 $49,097 $- $- $49,097
= = = = = = = =
Noncurrent:
Available-for-sale:
Equity securities $1,710,276 $- $(638,196) $1,072,080 $1,810,252 $- $(204,412) $1,605,840
= = = = = = = =
Three Months Ended Six Months Ended
January 31 January 31
- -
2009 2008 2009 2008
- - - -
Interest income $4,129 $36,065 $10,456 $85,117
Dividend income 32,138 12,007 62,888 27,400
(Loss) on writedown or
impairment of securities - - (99,976) -
- - - -
Total $36,267 $48,072 $(26,632) $112,517
= = = =
January 31, 2009 July 31, 2008
- -
Current
Annual Final Due Due Due Due
Interest Payment Within After Within After
Rate Date One Year One Year One Year One Year
- - - - - -
Mortgages:
Jamaica, New York property (a) 6.00% 4/01/12 $63,847 $1,188,772 $61,964 $1,221,173
Jamaica, New York property (b) 6.81% 10/01/11 124,589 2,318,034 120,396 2,380,715
Jowein building, Brooklyn, NY (c) 9.00% 4/01/09 764,648 - 1,103,520 -
Fishkill, New York property (d,e) 6.98% 2/18/15 60,306 1,723,790 58,199 1,753,961
Bond St. building, Brooklyn, NY (e) 6.98% 2/18/15 122,828 3,510,920 118,535 3,572,373
Term-loan payable to bank (f) 6.50% 5/01/10 377,050 133,726 365,025 325,306
Jowein building, Brooklyn, NY (g) Variable 8/01/10 240,000 140,000 240,000 260,000
- - - -
Total $1,753,268 $9,015,242 $2,067,639 $9,513,528
= = = =
(c) The Company, on May 7, 2004, closed a loan with an affiliated
corporation owned by members, including certain directors of the Company,
of the family of the late Joe Weinstein, former Chairman of the Board of
Directors, in the amount of $1,350,000. The term of the loan is for a
period of five (5) years at an interest rate of 9.00% per annum. Interest
and amortization of principal are paid quarterly based on a fifteen (15)
year level amortization period. The constant quarterly payments of
interest and principal are $40,316. The outstanding balance of the loan,
totaling $764,648, will become due and payable on April 1, 2009. Interest
paid for the six months ended January 31, 2009 and January 31, 2008 was
$39,218 and $51,762, respectively. On September 22, 2008, the Company made
a payment in the amount $300,000, which was a partial payment towards the
principal amount of the loan.
- 8-
(e) The Company, on August 19, 2004, closed a loan with a bank for a
$12,000,000 multiple draw term loan. This loan finances seventy-five (75%)
percent of the cost of capital improvements for an existing lease to a
tenant and capital improvements for future tenant leases at the Company's
Brooklyn, New York (Bond Street building) and Fishkill, New York
properties. The loan will also finance $850,000 towards the construction
of two new elevators at the Company's Brooklyn, New York property (Bond
Street building). The Company had three and one-half years to draw down
amounts under this loan. The loan consists of: a) a permanent, first
mortgage loan to refinance an existing first mortgage loan affecting the
Fishkill Property, which matured on July 1, 2004 (the "First Permanent
Loan")(see Note 6(d)), b) a permanent subordinate mortgage loan in the
amount of $1,870,000 (the "Second Permanent Loan"), and c) multiple,
successively subordinate loans in the amount $8,295,274 ("Subordinate
Building Loans"). The loan is structured in two phases: 1) a forty-two
(42) month loan with payments of interest only at the floating one-month
LIBOR rate plus 2.25% per annum, but not less than 3.40%; and 2) after the
forty-two month period, the loan would convert to a seven-year (7)
permanent mortgage loan on a seventeen (17) year level amortization, plus
interest, at the option of the Company. The interest rate on the permanent
loan would be at a fixed rate equal to the Federal Home Loan Bank of New
York's seven-year (7) fixed interest rate plus 2.25% per annum at the time
of conversion. As of August 19, 2004, the Company refinanced the existing
mortgage on the Company's Fishkill, New York property, which balance was
$1,834,726 and took down an additional $2,820,000 for capital improvements
for two tenants at the Company's Bond Street building in Brooklyn, New
York. In fiscal 2006, 2007 and 2008, the Company drew down additional
amounts totaling $916,670, on its multiple draw term loan to finance tenant
improvements and brokerage commissions for the leasing of 13,026 square
feet for office use at the Company's Bond Street building in Brooklyn, New
York. The Company in February 2008 converted the loan to a seven (7) year
permanent mortgage loan. The interest rate on conversion was 6.98%. Since
the loan has been converted to a permanent mortgage loan, the balance of
the financing on this loan is for the new elevators at the Company's Bond
Street building in Brooklyn, New York in the amount of $850,000 referred to
above. As of January 31, 2009, the Company has not drawn down any of the
$850,000. The $850,000 is available until the elevator work is completed.
The monthly payments to the bank will increase once the $850,000 is drawn
down.
Interest paid, net of capitalized interest of
$38,299 (2009) and $16,398 (2008) $392,027 $474,736
Read the The complete Report
