MAYS J W INC

J.W. Mays, Inc. announced that Ward Lyke, Jr. will step down from his roles as Vice President, Chief Financial Officer, and Treasurer on September 25, 2026. He will continue his employment until this date to ensure an orderly transition, receiving his base salary of $316,000. The company will also provide separation benefits, including six weeks of base salary, upon his signing of a general release. Kevin Guptar, the current Controller, will assume the roles of Principal Financial Officer and Principal Accounting Officer immediately following Mr. Lyke's departure.

J. W. Mays, Inc. reported its financial results for the three and nine months ended April 30, 2026. For the three-month period, revenues decreased to $5,314,751 from $5,632,151 in the prior year, and the company posted a net loss of $(216,863) or $(0.11) per share, compared to net income of $86,784 in the same period last year. The nine-month period also saw a decline in revenues and a significantly increased net loss.

J.W. Mays, Inc. reported a net loss of $(216,863) or $(0.11) per share for the three months ended April 30, 2026, a significant decline from net income of $86,784 in the prior year period. For the nine months, the company posted a net loss of $(1,059,850) or $(0.53) per share, compared to a net loss of $(44,240) in the same period last year, driven by decreased rental income and increased expenses. The company secured a new $6.2 million mortgage loan in March 2026, partially used to repay an existing loan, and also extended a key operating lease.

J.W. Mays, Inc. entered into an $8,000,000 loan agreement with Beacon Bank & Trust, secured by a first lien mortgage on its Fishkill, New York property. The company intends to use the loan proceeds to construct expansion rentable space at the Fishkill Property for an existing tenant. The loan features a floating interest rate during the advance period (WSJ Prime + 100 bps, min 7.25%) and a different floating rate during the amortization period (FHLB 5-year + 225 bps, min 6.00%), with a balloon payment due on May 1, 2036.

J. W. Mays, Inc. is actively marketing its property at 25 Elm Place, Brooklyn, New York, for sale to unaffiliated third-party prospective buyers. The company has engaged Newmark Group, Inc. to facilitate these efforts, which are currently in their early stages and expected to continue. This strategic move is aimed at managing the company's liquidity needs, as previously disclosed. Management plans to continue operating the property and will engage existing tenants regarding potential lease modifications, terminations, or relocation options.

J.W. Mays, Inc. has engaged Newmark Group, Inc. to actively market its property at 25 Elm Place, Brooklyn, New York, for sale. This strategic move aims to manage the company's liquidity needs, as previously disclosed. Marketing efforts are in early stages, and management will continue to operate and lease the property, exploring lease modifications or relocations for existing tenants. Any final sale will require Board of Directors approval, with no assurances on timing or completion.