J. W. Mays Inc. (MAYS, Financial) filed Quarterly Report for the period ended 2009-10-31.
J. W. Mays, Inc. operates a number of commercial real estate properties. J. W. Mays Inc. has a market cap of $34.1 million; its shares were traded at around $16.9 with a P/E ratio of 64.9 and P/S ratio of 2.1.
Corporate Debt
Securities 175,400 469 1,106 174,763 - - - -
- - - - - - - -
$225,350 $469 $1,106 $224,713 $49,888 $- $- $49,888
= = = = = = = =
Noncurrent:
Available-for-sale:
Equity securities $1,410,252 $95,005 $108,644 $1,396,613 $1,410,252 $52,810 $140,888 $1,322,174
= = = = = = = =
Held-to-Maturity:
Corporate Debt
Securities $353,498 $8,421 $599 $361,320 $303,378 $- $4,173 $299,205
= = = = = = = =
Less Than More Than
Fair Value 12 Months 12 Months
- - -
Corporate Equity Securities $1,396,613 $- $108,644
Corporate Debt Securities 536,083 1,705 -
- - -
$1,932,696 $1,705 $108,644
= = =
October 31, 2009 July 31, 2009
- -
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% 4/01/12 $66,778 $1,138,315 $65,786 $1,155,387
Jamaica, New York property (b) 6.81% 10/01/11 131,081 2,218,564 128,856 2,251,859
Fishkill, New York property (c,d) 6.98% 2/18/15 37,258 1,703,380 62,453 1,691,509
Bond St. building, Brooklyn, NY (d) 6.98% 2/18/15 94,026 4,298,664 127,202 3,445,170
Term-loan payable to bank (e) 6.50% 5/01/10 230,292 - 325,306 -
Jowein building, Brooklyn, NY (f) Variable 8/01/10 200,000 - 240,000 20,000
- - - -
Total $759,435 $9,358,923 $949,603 $8,563,925
= = = =
(d) 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 was for the new elevators at the Company's Bond
Street building in Brooklyn, New York in the amount of $850,000 referred to
above. In the three months ended October 31, 2009, the Company has drawn
down the $850,000.
Interest paid, net of capitalized interest
of $569 (2009) and $11,677 (2008) $164,696 $209,087
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 $34.1 million; its shares were traded at around $16.9 with a P/E ratio of 64.9 and P/S ratio of 2.1.
Highlight of Business Operations:
Certificate of deposit $49,950 $- $- $49,950 $49,888 $- $- $49,888Corporate Debt
Securities 175,400 469 1,106 174,763 - - - -
- - - - - - - -
$225,350 $469 $1,106 $224,713 $49,888 $- $- $49,888
= = = = = = = =
Noncurrent:
Available-for-sale:
Equity securities $1,410,252 $95,005 $108,644 $1,396,613 $1,410,252 $52,810 $140,888 $1,322,174
= = = = = = = =
Held-to-Maturity:
Corporate Debt
Securities $353,498 $8,421 $599 $361,320 $303,378 $- $4,173 $299,205
= = = = = = = =
Less Than More Than
Fair Value 12 Months 12 Months
- - -
Corporate Equity Securities $1,396,613 $- $108,644
Corporate Debt Securities 536,083 1,705 -
- - -
$1,932,696 $1,705 $108,644
= = =
October 31, 2009 July 31, 2009
- -
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% 4/01/12 $66,778 $1,138,315 $65,786 $1,155,387
Jamaica, New York property (b) 6.81% 10/01/11 131,081 2,218,564 128,856 2,251,859
Fishkill, New York property (c,d) 6.98% 2/18/15 37,258 1,703,380 62,453 1,691,509
Bond St. building, Brooklyn, NY (d) 6.98% 2/18/15 94,026 4,298,664 127,202 3,445,170
Term-loan payable to bank (e) 6.50% 5/01/10 230,292 - 325,306 -
Jowein building, Brooklyn, NY (f) Variable 8/01/10 200,000 - 240,000 20,000
- - - -
Total $759,435 $9,358,923 $949,603 $8,563,925
= = = =
(d) 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 was for the new elevators at the Company's Bond
Street building in Brooklyn, New York in the amount of $850,000 referred to
above. In the three months ended October 31, 2009, the Company has drawn
down the $850,000.
Interest paid, net of capitalized interest
of $569 (2009) and $11,677 (2008) $164,696 $209,087
Read the The complete Report