J. W. Mays Inc. Reports Operating Results (10-Q)

Author's Avatar
Dec 10, 2009
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.

Highlight of Business Operations:

Certificate of deposit $49,950 $- $- $49,950 $49,888 $- $- $49,888

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