J. W. Mays Inc. (MAYS, Financial) 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.
Certificate of deposit $49,344 $- $- $49,344 $49,097 $- $- $49,097
= = = = = = = =
Noncurrent:
Available-for-sale:
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
- -
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 $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.
-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 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:
Gurus buys and sells of MAYS
10-year financial history of MAYS.
Insider buys/sells of MAYS.
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:
Held-to-maturity:Certificate of deposit $49,344 $- $- $49,344 $49,097 $- $- $49,097
= = = = = = = =
Noncurrent:
Available-for-sale:
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
- -
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 $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.
-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 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:
Gurus buys and sells of MAYS
10-year financial history of MAYS.
Insider buys/sells of MAYS.