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J. W. Mays Inc. (MAYS) Files Quarterly Report for the Period Ended on 2008-10-31

December 15, 2008 | About:

J. W. Mays Inc. (NASDAQ:MAYS) filed Quarterly Report for the period ended 2008-10-31.

J. W. Mays Inc. operates a number of commercial real estate properties. J. W. Mays Inc. has a market cap of $9.72 million; its shares were traded at around $4.6 with and P/S ratio of 0.66.

Highlight of Business Operations:


Certificate of deposit $49,344 $- $- $49,344 $49,097 $- $- $49,097

= = = = = = = =



Equity securities $1,710,276 $- $(447,596) $1,262,680 $1,810,252 $- $(204,412) $1,605,840

= = = = = = = =

Three Months Ended

October 31


2008 2007

- -

Interest income $6,327 $49,052

Dividend income 30,750 15,393

(Loss) on writedown or

impairment of securities (99,976) -

- -

Total $(62,899) $64,445

= =

October 31, 2008 July 31, 2008

- -


Annual Final Due Due Due Due

Interest Payment Within After Within After

Rate Date One Year One Year One Year One Year

- - - - - -


Jamaica, New York property (a) 6.00% 4/01/12 $62,899 $1,205,093 $61,964 $1,221,173

Jamaica, New York property (b) 6.81% 10/01/11 122,475 2,349,645 120,396 2,380,715

Jowein building, Brooklyn, NY (c) 9.00% 4/01/09 787,250 - 1,103,520 -

Fishkill, New York property (d,e) 6.98% 2/18/15 59,242 1,739,012 58,199 1,753,961

Bond St. building, Brooklyn, NY (e) 6.98% 2/18/15 120,663 3,541,922 118,535 3,572,373

Term-loan payable to bank (f) 6.50% 5/01/10 370,989 230,292 365,025 325,306

Jowein building, Brooklyn, NY (g) Variable 8/01/10 240,000 200,000 240,000 260,000

- - - -

Total $1,763,518 $9,265,964 $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 three months ended October 31, 2008 and October 31, 2007 was

$21,311 and $26,042, 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.


(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 October 31, 2008, 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

$11,677 (2008) and $8,890 (2007) $209,087 $241,870

Read the The complete Report

More on MAYS:

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10-year financial history of MAYS.

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Rating: 1.5/5 (2 votes)


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