UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended: July 31, 2019
OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from to

Commission file number: 1-3647

J.W. MAYS, INC.
(Exact name of Registrant as Specified in its Charter)

New York	11-1059070
State or Other Jurisdiction of Incorporation or Organization	I.R.S. Employer Identification No.

9 Bond Street, Brooklyn, New York	11201
Address of Principal Executive Offices	Zip Code

Registrant’s telephone number, including area code: (718) 624-7400

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1 par value	MAYS	NASDAQ

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

	Large accelerated filer ☐	Accelerated filer ☐	Emerging growth company ☐
	Non-accelerated filer ☐	Smaller reporting company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

Note.—If a determination as to whether a particular person or entity is an affiliate cannot be made without involving unreasonable effort and expense, the aggregate market value of the common stock held by non-affiliates may be calculated on the basis of assumptions reasonable under the circumstances, provided that the assumptions are set forth in this Form.

The aggregate market value of voting stock held by non-affiliates of the registrant was approximately $15,934,662 as of January 31, 2019 based on the average of the bid and asked price of the stock reported for such date. For the purpose of the foregoing calculation, the shares of common stock held by each officer and director and by each person who owns 5% or more of the outstanding common stock have been excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

The number of shares outstanding of the registrant’s common stock as of September 9, 2019 was 2,015,780.

DOCUMENTS INCORPORATED BY REFERENCE

List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980).

		Part of Form 10-K
		in which the Document
Document		is incorporated
Annual Report to Shareholders for Fiscal Year Ended July 31, 2019		Parts I and II
Definitive Proxy Statement for the 2019 Annual Meeting of Shareholders		Part III

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J.W. MAYS, INC.
FORM 10-K FOR THE FISCAL YEAR ENDED JULY 31, 2019

TABLE OF CONTENTS

		Page
Part I
	Item 1. Business	1
	Item 1A. Risk Factors	1
	Item 1B. Unresolved Staff Comments	2
	Item 2. Properties	3
	Item 3. Legal Proceedings	8
	Item 4. Mine Safety Disclosures	8
Part II
	Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	9
	Item 6. Selected Financial Data	9
	Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations	9
	Item 7A. Quantitative and Qualitative Disclosures About Market Risk	9
	Item 8. Financial Statements and Supplementary Data	10
	Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	10
	Item 9A. Controls and Procedures	10
	Item 9B. Other Information	11
Part III
	Item 10. Directors, Executive Officers and Corporate Governance	11
	Item 11. Compensation	11
	Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	11
	Item 13. Certain Relationships and Related Transactions, and Director Independence	11
	Item 14. Principal Accounting Fees and Services	12
Part IV
	Item 15. Exhibits and Financial Statement Schedules	12
	Signatures	14

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PART I

ITEM 1. BUSINESS.

J.W. Mays, Inc. (the “Company” or “Registrant”) with executive offices at Nine Bond Street, Brooklyn, New York 11201, operates a number of commercial real estate properties, which are described in Item 2 “Properties”. The Company’s business was founded in 1924 and incorporated under the laws of the State of New York on July 6, 1927.

The Company has 29 employees and has a contract, expiring November 30, 2019, with a union covering rates of pay, hours of employment and other conditions of employment for approximately 24% of its employees. The Company considers that its labor relations with its employees and union are good.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K may contain forward-looking statements which include assumptions about future market conditions, operations and financial results. These statements are based on current expectations and are subject to risks and uncertainties. They are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results, performance or achievements in the future could differ significantly from the results, performance or achievements discussed or implied in such forward-looking statements herein and in prior U. S. Securities and Exchange Commission (“SEC”) filings by the Company. The Company assumes no obligation to update these forward-looking statements or to advise of changes in the assumptions on which they were based.

Factors that could cause or contribute to such differences include, but are not limited to, changes in the competitive environment of the Company, general economic and business conditions, industry trends, changes in government rules and regulations and environmental rules and regulations. Statements concerning interest rates and other financial instrument fair values and their estimated contribution to the Company’s future results of operations are based upon market information as of a specific date. This market information is often a function of significant judgment and estimation. Further, market interest rates are subject to potential significant volatility.

ITEM 1A. RISK FACTORS.

Risks Relating to Ownership Structure

The controlling shareholder group may be able to vote its shares in favor of its interests that may not always coincide with the interests of shareholders not part of such group. This risk may be counter-balanced to a degree by the actions of the Board of Directors whose composition is made up of a majority of independent directors.

The controlling shareholder group includes a corporation that owns a significant percentage of the Company’s common stock and which does business with the Company, as further described in the Notes to the Consolidated Financial Statements. In theory, this could result in a conflict of interest; nevertheless, the Company and its largest shareholder have put in place some controls to reduce the effects of any perceived conflict of interest.

Certain conflicts of interest may be perceived by the relationship between the Company and its largest shareholder. Both entities have the same Chief Executive Officer, and certain management personnel work for both entities. Nevertheless, the Company’s Board of Directors (“Board”) is composed of a majority of independent directors. In 2005, in a case involving both entities, the Delaware Supreme Court in connection with an attempt to obtain books and records of the Company through a proceeding against the Company’s significant shareholder, held that the actions of the Company’s Board were proper.

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Risks Related to Our Business

We are a part of the communities in which we do business. Accordingly, like other businesses in our communities, we are subject to the following risks:

●	the continued threat of terrorism;

●	economic downturns, both on a national and on local scales;

●	loss of key personnel;

●	the availability, if needed, of additional financing;

●	the continued availability of insurance (in different types of policies) at reasonably acceptable rates;

●	the general burdens of governmental regulation, at the Local, State and Federal levels;

●	climate change; and

●	cyber security.

Risks Related to Real Estate Operations

Our investment in property development may be limited by increasing costs required to “fit up” property to be leased to tenants. Also, as the cost of fitting up properties increases, we may be required to wait and forsake opportunities that would be revenue producing until such time that we obtain the necessary financing of such ventures. This risk may be mitigated by our obtaining lines of credit and other financing vehicles, although such have significant limitations on the amounts that may be borrowed at any point in time.

We also may be subject to environmental liability as an owner or operator of properties. Many of our properties are old and when we need to fit up a property for a new tenant, we may find materials and the like that could be deemed to contain hazardous elements requiring remediation or encapsulation.

We try to lease our properties to tenants with adequate finances, but as a result of occasional business downturns, even formerly financially strong tenants may be at risk. Additionally, as online retail operations continue to expand, retailers are facing increased competition which would reduce the need for the leasing of properties which is our business. The Company mitigates risks of tenants with less than adequate finances by leasing our properties to multiple tenants where applicable in order to diversify the tenant base.

Risks Related to our Investments

Excess cash and cash equivalents may be invested from time to time. We seek to earn rates of return that will help us finance our business operations. These investments may be subject to significant uncertainties and may not be successful for many reasons, including, but not limited to the following:

●	fluctuations in interest rates;

●	worsening of general economic and market conditions; and

●	adverse legal, financial and regulatory developments that may affect a particular business.

Risk Factors Summary

These are some of the “Risk Factors” that could affect the Company’s business. The Company endeavors to take actions and do business in a way that reduces these “Risk Factors” or, at least, takes them into account when conducting its business. Nevertheless, some of these “Risk Factors” cannot be avoided so that the Company must also take actions and do business that negates the adverse effects that these may have on the Company.

ITEM 1B. UNRESOLVED STAFF COMMENTS.

There are no unresolved comments from the staff of the U. S. Securities and Exchange Commission as of the date of this Annual Report on Form 10-K.

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ITEM 2. PROPERTIES.

The table below sets forth certain information as to each of the properties currently operated by the Company:

		Approximate
Location		Square Feet
1.	Brooklyn, New York
	Fulton Street at Bond Street	380,000
2.	Brooklyn, New York
	Jowein building at Elm Place	201,000
3.	Jamaica, New York
	Jamaica Avenue at 169th Street	297,000
4.	Fishkill, New York
	Route 9 at Interstate Highway 84	203,000
		(located on
		14.6 acres	)
5.	Levittown, New York
	Hempstead Turnpike	10,000
		(located on
		75,800 square
		feet of land	)
6.	Massapequa, New York
	Sunrise Highway	133,400
7.	Circleville, Ohio
	Tarlton Road	193,350
		(located on
		11.6 acres	)
8.	Brooklyn, New York
	Truck bays, passage facilities and tunnel-Schermerhorn Street	17,000
	Building-Livingston Street	10,500

Properties are leased under long-term leases for varying periods, the longest of which extends to 2073, and in most instances renewal options are included. Reference is made to Note 5 to the Consolidated Financial Statements contained in the 2019 Annual Report to Shareholders, incorporated herein by reference. The property owned which is held subject to mortgage is the Brooklyn Fulton Street at Bond Street building.

Brooklyn, New York—Fulton Street at Bond Street

90% of the property is owned by the Company and the remaining 10% of the property is leased by the Company under five separate leases. Expiration dates are as follows: 12/8/2043 (1 lease) which lease currently has one thirty-year renewal option through 12/8/2073. The Company in July 2012, exercised the first renewal option for thirty years ending 12/8/2043; 4/30/2026 (1 lease), and 4/30/2031 (3 leases).

The property is currently leased to twenty-three tenants of which eight are retail tenants, two are fast food restaurants, eleven occupy office space, one is a dental office and one is a medical office. Two tenants have leased in excess of 10% of the rentable square footage. One tenant is a department store (33.42%) and the other tenant occupies office space (15.06%).

In March 2017, the Company leased 7,700 square feet to a medical facility for a term of ten years with two five year option periods. To accommodate this tenant, an existing tenant surrendered 400 square feet of retail space. The cost of renovations for this tenant was $329,154 and brokerage commissions were $216,052. The tenant took occupancy and commenced payment of rent in October 2019.

In August 2018, the Company entered into a lease agreement with an existing office tenant for an additional 1,849 square feet until June 30, 2022 at its Nine Bond Street Brooklyn, New York building.

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In October 2018, the Company extended a lease with one of the Company’s landlords, which expires in April 2021 for an additional ten years to expire in April 2031 at its Nine Bond Street Brooklyn, New York building.

In January 2019, the Company extended a lease with an office tenant who occupies 700 square feet at its Nine Bond Street Brooklyn, New York building, for an additional five years expiring January 31, 2024.

In March 2019, the Company extended a lease with an office tenant who occupies 13,451 square feet at its Nine Bond Street Brooklyn, New York building whose lease expires July 31, 2021, for an additional five years expiring July 31, 2026.

In September 2019, a retail tenant who occupies 128,196 square feet surrendered approximately 22,000 square feet. The annual loss in rent will be approximately $965,000.

It is the intention of the Company to negotiate the renewals of the expiring leases as they come due, providing the tenants maintain adequate finances.

Occupancy		Lease Expiration				Rent
Year		Year	Number of		Area	Annual		Percentage of
Ended	Rate	Ended	Leases		Sq. Ft.	Rent		Gross Annual Rent
7/31/2015	77.08%	7/31/2020		4	58,449	$	1,180,696		5.781
7/31/2016	76.44%	7/31/2021		4	4,754		388,683		1.903
7/31/2017	75.59%	7/31/2022		2	27,423		1,152,050		5.640
7/31/2018	75.26%	7/31/2023		1	63		10,800		.053
7/31/2019	75.65%	7/31/2024		2	1,840		82,007		.402
		7/31/2025		1	3,080		112,000		.548
		7/31/2026		1	13,451		460,838		2.256
		7/31/2028		3	10,627		507,030		2.482
		7/31/2030		1	7,700		—		—
		7/31/2032		2	28,218		906,090		4.436
		7/31/2036		2	139,547		3,653,795		17.889
				23	295,152	$	8,453,989		41.390

	The Company uses 17,810 square feet of available space. As of July 31, 2019 the federal tax basis is $22,559,989 with accumulated depreciation of $12,414,269 for a net carrying value of $10,145,720. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance. The real estate taxes for this property are $2,125,109 per year and the rate used is averaged at $11.073 per $100 of assessed valuation.

2.	Brooklyn, New York—Jowein building at Elm Place

	The building is owned. The property is currently leased to fourteen tenants of which two are retail stores, one is a fast food restaurant, two are for warehouse space and ten leases are for office space. In August 2019, a tenant who occupies 23,603 square feet of office space vacated the premises. The annual loss in rent will be approximately $814,000.

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It is the intention of the Company to negotiate the renewals of the expiring leases as they come due, providing the tenants maintain adequate finances.

Occupancy			Lease Expiration				Rent
Year			Year	Number of		Area	Annual		Percentage of
Ended	Rate		Ended	Leases		Sq. Ft.	Rent		Gross Annual Rent
7/31/2015	68.83	%	7/31/2020		4	60,806	$	1,637,315		8.016
7/31/2016	70.70	%	7/31/2021		1	500		46,027		.225
7/31/2017	77.53	%	7/31/2022		2	16,069		525,985		2.575
7/31/2018	84.22	%	7/31/2023		2	16,760		524,433		2.568
7/31/2019	85.14	%	7/31/2025		1	23,004		739,174		3.619
			7/31/2028		1	5,000		148,464		.727
			7/31/2036		1	12,105		39,868		.195
			7/31/2037		1	17,425		568,142		2.782
			7/31/2059		1	19,437		116,101		.568
					14	171,106	$	4,345,509		21.275

	As of July 31, 2019 the federal tax basis is $7,550,837 with accumulated depreciation of $4,507,848 for a net carrying value of $3,042,989. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance. The real estate taxes for this property are $629,541 per year and the rate used is averaged at $11.018 per $100 of assessed valuation.

3.	Jamaica, New York—Jamaica Avenue at 169th Street

	Building, improvements and land (“property”) are leased from an affiliated company. The lease expires May 31, 2029. The property is currently leased to ten tenants: five are retail tenants and five occupy office space. Four tenants each occupy in excess of 10% of the rentable square footage: two retail stores occupy 15.86% and 17.66%, respectively; and two office tenants occupy 14.23% and 13.50%, respectively. Approximately 23,000 square feet of the building is available for lease. There are plans to renovate vacant space for office use upon the execution of future leases to tenants, although no assurances can be made as to when or if such leases will be entered into. In October 2018, the Company extended a lease with a retail tenant who occupies 47,100 square feet at its Jamaica, New York building for a period of ten years to expire on May 31, 2029. In October 2018, the Company extended the lease with its landlord, who is a related party, at its Jamaica, New York building for a period of one year and ten months to expire on May 31, 2029. In October 2018, the Company extended a lease with an office tenant who occupies 38,109 square feet at its Jamaica, New York building for an additional four years expiring November 30, 2022. It is the intention of the Company to negotiate the renewals of the expiring leases as they come due, providing the tenants maintain adequate finances.

Occupancy			Lease Expiration				Rent
Year			Year	Number of		Area	Annual		Percentage of
Ended	Rate		Ended	Leases		Sq. Ft.	Rent		Gross Annual Rent
7/31/2015	80.50	%	7/31/2020		1	42,250	$	1,106,740		5.419
7/31/2016	80.16	%	7/31/2021		2	472		70,800		.347
7/31/2017	80.50	%	7/31/2022		1	22,045		533,921		2.614
7/31/2018	79.99	%	7/31/2023		2	40,109		1,048,675		5.134
7/31/2019	80.50	%	7/31/2024		1	28,634		621,898		3.045
			7/31/2026		1	6,021		170,525		.835
			7/31/2029		2	99,544		1,892,359		9.265
					10	239,075	$	5,444,918		26.659

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	Until the lease agreement terminates in 2029, the Company remains solely entitled to tax depreciation and other tax deductions relating to the buildings, improvements and maintenance of the property. As of July 31, 2019 the federal tax basis is $13,863,981 with accumulated depreciation of $8,889,797 for a net carrying value of $4,974,184. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance. The real estate taxes for this property are $683,938 per year and the rate used is averaged at $11.283 per $100 of assessed valuation.

4.	Fishkill, New York—Route 9 at Interstate Highway 84

	The Company owns the entire property. In October 2013, the Company leased 99,992 square feet to a retail tenant which in March 2019 was reduced to 90,000 Square feet. Occupancy commenced in November 2013 and rent commenced in March 2014. In July 2019, the tenant gave notice to terminate their lease effective October 30, 2019. The loss in annual rent will be approximately $250,000. In July 2019, the Company leased 47.000 square feet to a community college at its Fishkill, New York building, for a term of fifteen years with two five year option periods. The cost of renovations for this tenant will be approximately $3,200,000 and brokerage commissions $216,052. The tenant is expected to take occupancy and commence payment of rent in June of 2020. There are approximately 156,000 square feet of the building available for lease. There are plans to renovate vacant space upon the execution of future leases to tenants, although no assurances can be made as to when or if such leases will be entered into.

Occupancy			Lease Expiration				Rent
Year			Year	Number of		Area	Annual		Percentage of
Ended	Rate		Ended	Leases		Sq. Ft.	Rent		Gross Annual Rent
7/31/2015	47.39	%	7/31/2020		1	90,000	$	283,000		1.386
7/31/2016	47.39	%	7/31/2035		1	47,000		—		.000
7/31/2017	47.39	%			2	137,000	$	283,000		1.386
7/31/2018	47.39	%
7/31/2019	45.42	%

	As of July 31, 2019 the federal tax basis is $13,117,037 with accumulated depreciation of $9,607,968 for a net carrying value of $3,509,069. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance. The real estate taxes for this property are $143,177 per year and the rate used is averaged at $3.18 per $100 of assessed valuation.

5.	Levittown, New York—Hempstead Turnpike

	The Company owns the entire property. In October 2006, the Company entered into a lease agreement with a restaurant. The restaurant constructed a new 10,000 square foot building, which opened in May 2008. In October 2016, the restaurant extended its lease for an additional five years expiring May 3, 2023. Ownership of the building reverts to the Company at the conclusion of the leasing arrangement, currently May 3, 2023.

Occupancy			Lease Expiration				Rent
Year			Year	Number of		Area	Annual		Percentage of
Ended	Rate		Ended	Leases		Sq. Ft.	Rent		Gross Annual Rent
7/31/2015	100.00	%	7/31/2023		Building	10,000	$	415,367		2.034
7/31/2016	100.00	%			Land	75,800
7/31/2017	100.00	%			1	85,800
7/31/2018	100.00	%
7/31/2019	100.00	%

The real estate taxes for this property are $156,481 per year and the rate used is averaged at $1,159.03 per $100 of assessed valuation.

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6.	Massapequa, New York—Sunrise Highway

	The Company is the prime tenant of this leasehold. The lease expired May 14, 2009, and there was one renewal option for twenty-one years, which the Company exercised in April 2008. The leasehold is currently subleased to one tenant who occupies 113,400 square feet of the property. The sublease expires in May 2030, with no renewal options. The tenant who leased 20,000 square feet of space at the Company’s Massapequa, New York property to open a restaurant had their lease terminated in April 2019 for non-payment of rent. The tenant’s lease commenced in September 2018 and rent was supposed to begin in January 2019. The Company re-leased these premises in August 2019 to a fast food restaurant expiring in April 2030. Rent is expected to commence in September 2020.

Occupancy			Lease Expiration				Rent
Year			Year	Number of		Area	Annual		Percentage of
Ended	Rate		Ended	Leases		Sq. Ft.	Rent		Gross Annual Rent
7/31/2015	85.01	%	7/31/2030		1	113,400	$	765,149		3.746
7/31/2016	85.01	%	7/31/2030		1	20,000
7/31/2017	85.01	%				133,400
7/31/2018	90.63	%
7/31/2019	85.01	%

	The real estate taxes for this property are $261,383 per year and the rate used is averaged at $914.41 per $100 of assessed valuation. The Company does not own this property. Improvements to the property, if any, are made by tenants.

7.	Circleville, Ohio—Tarlton Road

	The Company owns the entire property. The property is currently leased to two tenants. The tenants use these premises for warehouse and distribution facilities. One tenant’s lease agreement was executed for a five year period, with a right to cancel after three years, for 75,000 square feet to November 11, 2010 at which time the tenant occupied 30,000 square feet on a month to month basis. In October 2013, the tenant signed a lease agreement for a five year period to occupy 48,000 square feet and in May 2015 signed a modification of lease to occupy 72,000 square feet. In August 2016, this tenant signed a further modification of lease to occupy 84,000 square feet. The other tenant’s lease agreement was executed in May 2015, for a five-year period effective June 1, 2015, and allows the tenant to have permanent space of 108,000 square feet.

Occupancy			Lease Expiration				Rent
Year			Year	Number of		Area	Annual		Percentage of
Ended	Rate		Ended	Leases		Sq. Ft.	Rent		Gross Annual Rent
7/31/2015	91.54	%	7/31/2020		1	108,000	$	363,694		1.781
7/31/2016	96.72	%	7/31/2022		1	84,000		238,380		1.167
7/31/2017	99.04	%			2	192,000	$	602,074		2.948
7/31/2018	99.04	%
7/31/2019	99.10	%

	As of July 31, 2019 the federal tax basis is $4,466,746 with accumulated depreciation of $3,618,574 for a net carrying value of $848,172. The lives taken for depreciation vary between 15-40 years and the methods used are straight-line and declining balance. The real estate taxes for this property are $36,419 per year and the rate used is averaged at $4.997 per $100 of assessed valuation.

8.	Brooklyn, New York—Livingston Street

	The City of New York through its Economic Development Administration constructed a municipal garage at Livingston Street opposite the Company’s Brooklyn properties. The Company has a long-term lease with the City of New York and another landlord which expired in 2013. The lease has two renewal options, the last of which expires in 2073. The Company exercised one of the renewal options in July 2012 for an additional thirty year period, expiring in 2043, under which:

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	(1)	Such garage provided truck bays and passage facilities through a tunnel, both for the exclusive use of the Company, to the structure referred to in (2) below. The truck bays, passage facilities and tunnel, totaling approximately 17,000 square feet, are included in the lease from the City of New York and another landlord referred to in the preceding paragraph. On June 16, 2014, the Company entered into a Second Amendment of Lease (the “Amendment”) with 33 Bond St. LLC (“Bond”), its landlord, for certain truck bays and approximately 1,000 square feet located at the cellar level within a garage at Livingston and Bond Street (“Premises”). Pursuant to the Amendment, (1) a lease option for the Premises was exercised extending the lease until December 8, 2043, (2) the Company, simultaneously with the execution of the Amendment, vacated the Premises so that Bond may demolish the building in which the Premises is located in order to develop and construct a new building at the location, and (3) Bond agreed to redeliver to the Company possession of the reconfigured Premises after construction. As consideration under the Amendment, Bond agreed to pay the Company a total of $3,500,000. Upon execution of the Amendment, the Company recorded $3,500,000 to deferred revenue to be amortized to revenue to temporally vacate the premises over the expected vacate period of 36 months. Bond tendered $2,250,000 simultaneously with the execution of the Amendment, and the balance due of $1,250,000 on June 16, 2015 had been received by the Company. The Company re-occupied the premises in October 2017. In connection with the Amendment, the parties also agreed to settle a pending lawsuit in the Supreme Court of the State of New York, Kings County, Index No. 50796/13 (the “Action”), in which the Company sought, among other things, a declaratory judgment that it validly renewed the lease for the Premises, and Bond sought, among other things, a declaratory judgment that the lease expired by its terms on December 8, 2013. Pursuant to a stipulation of settlement, filed on June 16, 2014, the Action, including all claims and counterclaims, has been discontinued with prejudice, without costs or attorneys’ fees to any party as against the other. The stipulation of settlement also contains general releases by both parties of all claims.

	(2)	The Company constructed a building of six stories and basement on a 20 x 75-foot plot (acquired and made available by the City of New York and leased to the Company for a term expiring in 2013 with renewal options, the last of which expires in 2073). The Company in July 2012, exercised the first renewal option for thirty years, ending in 2043. The plot is adjacent to and connected with the Company’s Brooklyn properties.

	In the opinion of management, all of the Company’s properties are adequately covered by insurance. See Note 10 to the Consolidated Financial Statements contained in the 2019 Annual Report to Shareholders, which information is incorporated herein by reference, for information concerning the tenants, the rental income from which equals 10% or more of the Company’s rental income.

ITEM 3. LEGAL PROCEEDINGS.

On November 2, 2018 the Company settled the lawsuit relating to defective workmanship and breach of contract to replace a roof and various other work on its Fishkill, New York building. The Company agreed to pay $635,000 to the Plaintiffs, D. Owens Electric, Inc., Mid-Hudson Structural Concrete, Inc. d/b/a Recycle Depot, and BSB Construction, Inc., in settlement of the claims made against the Company. This settlement resolves the actions and disputes referred to in the Decision and Order dated October 30, 2018 of the Supreme Court of the State of New York, County of Dutchess. The $635,000 was paid in full on November 6, 2018.

There are various other lawsuits and claims pending against the Company. It is the opinion of management that the resolution of these matters will not have a material adverse effect on the Company’s Consolidated Financial Statements.

If the Company sells, transfers, disposes of or demolishes 25 Elm Place, Brooklyn, New York, then the Company may be liable to create a condominium unit for the loading dock. The necessity of creating the condominium unit and the cost of such condominium unit cannot be determined at this time.

ITEM 4. MINE SAFETY DISCLOSURES.

None

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PART II

ITEM 5.

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

COMMON STOCK AND DIVIDEND INFORMATION

Effective November 8, 1999, the Company’s common stock commenced trading on The Nasdaq Capital Market tier of The Nasdaq Stock Market under the Symbol: “Mays”. Such shares were previously traded on The Nasdaq National Market. Effective August 1, 2006, NASDAQ became operational as an exchange in NASDAQ-Listed Securities. It is now known as The NASDAQ Stock Market LLC.

The following is the sales price range per share of J. W. Mays, Inc. common stock during the fiscal years ended July 31, 2019 and 2018:

	Sales Price
Three Months Ended	High		Low
October 31, 2018	$	41.46	$	37.00
January 31, 2019		43.66		37.92
April 30, 2019		41.50		36.26
July 31, 2019		42.10		34.00

October 31, 2017	$	47.00	$	35.30
January 31, 2018		42.45		35.50
April 30, 2018		38.00		37.25
July 31, 2018		43.50		37.70

The quotations were obtained for the respective periods from the National Association of Securities Dealers, Inc. There were no dividends declared in either of the two fiscal years.

On September 9, 2019, the Company had approximately 800 shareholders of record.

RECENT SALES OF UNREGISTERED SECURITIES

During the year ended July 31, 2019 we did not sell any unregistered securities.

RECENT PURCHASES OF EQUITY SECURITIES

During the year ended July 31, 2019 we did not repurchase any of our outstanding equity securities.

ITEM 6. SELECTED FINANCIAL DATA.

Not required.

ITEM 7.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The information appearing under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 25-29 of the Registrant’s 2019 Annual Report to Shareholders is incorporated herein by reference.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not required.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

The Registrant’s Consolidated Financial Statements, together with the report of D’Arcangelo & Co., LLP, independent registered public accounting firm, dated October 3, 2019, appearing on pages 3 through 24 of the Registrant’s 2019 Annual Report to Shareholders is incorporated herein by reference. With the exception of the aforementioned information and the information incorporated by reference in Items 2, 6, and 7 hereof, the 2019 Annual Report to Shareholders is not to be deemed filed as part of this Form 10-K Annual Report.

ITEM 9.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

There are no disagreements between the Company and its accountants relating to accounting or financial disclosures.

ITEM 9A. CONTROLS AND PROCEDURES.

(A) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES.

The Company’s management reviewed the Company’s internal controls and procedures and the effectiveness of these controls. As of July 31, 2019, the Company carried out an evaluation, under the supervision of, and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Rules 13a-14(c) and 15d-14(c) of the Securities Exchange Act of 1934. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective in timely alerting them to material information relating to the Company required to be included in its periodic SEC filings.

(B) CHANGE TO INTERNAL CONTROLS OVER FINANCIAL REPORTING.

There was no change in the Company’s internal controls over financial reporting or in other factors during the Company’s last fiscal quarter that materially affected, or is reasonably likely to materially affect, the Company’s internal controls over financial reporting. There were no significant deficiencies or material weaknesses noted, and therefore there were no corrective actions taken.

(C) MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING.

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in Rule 13(a)-15(f). Our internal control system has been designed to provide reasonable assurance to the Company’s management and its Board of Directors regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations. Even those systems that have been determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. The Company’s management assessed the effectiveness of our internal control over financial reporting as of July 31, 2019. In making this assessment, the Company’s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework published in 2013. Based on the Company’s assessments, we believe that, as of July 31, 2019, its internal control over financial reporting is effective based on these criteria.

This Form 10-K Annual Report does not include an attestation report of our independent registered public accounting firm regarding internal controls over financial reporting. Management’s report was not subject to attestation by our independent registered public accounting firm pursuant to the permanent exemption for smaller reporting company filers from the internal control audit requirement of Section 404(b) of the Sarbanes-Oxley Act of 2002.

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ITEM 9B. OTHER INFORMATION.

Reports on Form 8-K - One report on Form 8-K was filed by the Company during the three months ended July 31, 2019.

Item reported - The Company reported its financial results for the three and nine months ended April 30, 2019.

Date of report filed - June 6, 2019.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

The information relating to directors of the Company is contained in the Definitive Proxy Statement for the 2019 Annual Meeting of Shareholders and such information is incorporated herein by reference.

Executive Officers of the Registrant

The following information is furnished with respect to each Executive Officer of the Registrant (each of whose position is reviewed annually but each of whom has a three-year employment agreement, effective August 1, 2011 and renewed August 1, 2014 and August 1, 2017).

			First Became
		Business Experience During	Such Officer
Name	Age	the Past Five Years	or Director
Lloyd J. Shulman	77	President	November, 1978
		Co-Chairman of the Board
		and President	June, 1995
		Chairman of the Board
		and President	November, 1996
		Director	November, 1977
Mark S. Greenblatt	65	Vice President	August, 2000
		Treasurer	August, 2003
		Director	August, 2003
		Assistant Treasurer	November, 1987
Ward N. Lyke, Jr.	68	Vice President	February, 1984
		Assistant Treasurer	August, 2003
George Silva	69	Vice President	March, 1995

All of the above mentioned officers have been appointed as such by the directors and have been employed as Executive Officers of the Company during the past five years.

ITEM 11. COMPENSATION.

The information required by this item appears under the heading “Compensation” in the Definitive Proxy Statement for the 2019 Annual Meeting of Shareholders and such information is incorporated herein by reference.

ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

The information required by this item appears under the headings “Security Ownership of Certain Beneficial Owners and Management” and “Information Concerning Nominees for Election as Directors” in the Definitive Proxy Statement for the 2019 Annual Meeting of Shareholders and such information is incorporated herein by reference.

ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

The information required by this item appears under the headings “Compensation” “Certain Transactions,” and “Board Interlocks and Insider Participation” in the Definitive Proxy Statement for the 2019 Annual Meeting of Shareholders and such information is incorporated herein by reference.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.

The following table sets forth the fees paid by the Company (on a cash basis) to its independent registered public accounting firm, D’Arcangelo & Co., LLP, for the fiscal years 2019 and 2018.

	Fiscal Year
	2019		2018
Audit fees	$	171,500	$	177,348
Audit related fees		6,930		—
Tax fee		55,775		60,050
Total Fees	$	234,205	$	237,398

Audit Fees for fiscal year 2019 and fiscal year 2018 were for professional services rendered for the audits of the consolidated financial statements of the Company, interim quarterly reviews of Form 10-Q information and assistance with the review of documents filed with the U. S. Securities and Exchange Commission.

Audit related fees for fiscal year 2019 consist of consultations concerning financial accounting and reporting standards.

Tax fees for fiscal year 2019 and fiscal year 2018 were for services related to tax compliance and preparation of federal, state and local corporate tax returns and audit of real estate tax matters.

The officers of the Company consult with, and receive the approval of, the Audit Committee before engaging accountants for any services.

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

The following documents are filed as part of this report:

1.	The Consolidated Financial Statements and report of D’Arcangelo & Co., LLP, independent registered public accounting firm, dated October 3, 2019, set forth on pages 3 through 24 of the Company’s 2019 Annual Report to Shareholders.

2.	See accompanying Index to the Company’s Consolidated Financial Statements and Schedules.

3.	Exhibits:

	(2)	Plan of acquisition, reorganization, arrangement, liquidation or succession—not applicable.

	(3)	Articles of incorporation and by-laws:

		(i)	Certificate of Incorporation and certificate of amendment.

		(ii)	By-laws, as amended — incorporated by reference.

	(4)	Instruments defining the rights of security holders, including indentures—see Exhibit (3) above.

	(9)	Voting trust agreement—not applicable.

	(10)	Material contracts:

		(i)	The J.W. Mays, Inc. Retirement Plan and Trust, Summary Plan Description, effective August 1, 2015.

		(ii)	Employment Agreements with Messrs. Shulman, Greenblatt, Lyke and Silva, each dated August 1, 2017 — incorporated by reference.

	(11)	Statement re computation of per share earnings—not applicable.

	(12)	Statement re computation of ratios—not applicable.

	(13)	Annual Report to security holders.

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			(14)		Code of ethics—not applicable.

			(16)		Letter re change in certifying auditors—not applicable.

			(18)		Letter re change in accounting principles—not applicable.

			(21)		Subsidiaries of the registrant.

			(22)		Published report re matters submitted to vote of security holders—not applicable.

			(24)		Power of attorney—none.

			(28)		Information from reports furnished to state insurance regulatory authorities—not applicable.

			(31)		Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

					31.1—Chief Executive Officer

					31.2—Chief Financial Officer

			(32)		Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; 18 U.S.C. Sec. 1350.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		J.W. MAYS, INC.
		(Registrant)

October 3, 2019	By:	LLOYD J. SHULMAN
		LLOYD J. SHULMAN
		Chairman of the Board
		Principal Executive Officer
		President
		Principal Operating Officer

October 3, 2019	By:	MARK S. GREENBLATT
		MARK S. GREENBLATT
		Vice President and Treasurer
		Principal Financial Officer

October 3, 2019	By:	WARD N. LYKE, JR.
		WARD N. LYKE, JR.
		Vice President
		and Assistant Treasurer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant in the capacities and on the date indicated.

Signature	Title	Date
LLOYD J. SHULMAN	Chairman of the Board, Chief Executive	October 3, 2019
LLOYD J. SHULMAN	Officer, President, Chief Operating
	Officer and Director

MARK S. GREENBLATT	Vice President, Treasurer and Director	October 3, 2019
MARK S. GREENBLATT

ROBERT L. ECKER	Director	October 3, 2019
ROBERT L. ECKER

STEVEN GURNEY-GOLDMAN	Director	October 3, 2019
STEVEN GURNEY-GOLDMAN

JOHN J. PEARL	Director	October 3, 2019
JOHN J. PEARL

DEAN L. RYDER	Director	October 3, 2019
DEAN L. RYDER

JACK SCHWARTZ	Director	October 3, 2019
JACK SCHWARTZ

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INDEX TO REGISTRANT’S FINANCIAL STATEMENTS AND SCHEDULES

Reference is made to the following sections of the Registrant’s Annual Report to Shareholders for the fiscal year ended July 31, 2019, which are incorporated herein by reference:

Report of Independent Registered Public Accounting Firm (page 24)

Consolidated Balance Sheets (pages 3 and 4)

Consolidated Statements of Income and Retained Earnings (page 5)

Consolidated Statements of Comprehensive Income (page 6)

Consolidated Statement of Changes in Shareholders Equity (page 7)

Consolidated Statements of Cash Flows (page 8)

Notes to Consolidated Financial Statements (pages 9-21)

Financial Statement Schedules

Real Estate and Accumulated Depreciation (page 22)

Report of Management (page 23)

All other schedules for which provision is made in the applicable regulations of the U. S. Securities and Exchange Commission are not required under the related instructions or are inapplicable and, accordingly, are omitted.

The separate financial statements and schedules of J.W. Mays, Inc. (not consolidated) are omitted because the Company is primarily an operating company and its subsidiaries are wholly-owned.

____________________

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EXHIBIT INDEX TO FORM 10-K

(2)	Plan of acquisition, reorganization, arrangement, liquidation or succession—not applicable

(3)	(i) Certificate of incorporation and certificate of amendment

	(ii) By-laws, as amended — incorporated by reference

(4)	Instruments defining the rights of security holders, including indentures—see Exhibit (3) above

(9)	Voting trust agreement—not applicable

(10)	Material contracts—	(i)	Retirement Plan and Trust, Summary Plan Description
		(ii)	Employment agreements — incorporated by reference

(11)	Statement re computation of per share earnings—not applicable

(12)	Statement re computation of ratios—not applicable

(13)	Annual Report to security holders

(14)	Code of ethics—not applicable

(16)	Letter re change in certifying auditors—not applicable

(18)	Letter re change in accounting principles—not applicable

(21)	Subsidiaries of the registrant

(22)	Published report re matters submitted to vote of security holders—not applicable

(24)	Power of attorney—none

(28)	Information from reports furnished to state insurance regulatory authorities—not applicable

(31)	Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act—1 and 2

	31.1—Chief Executive Officer

	31.2—Chief Financial Officer

(32)	Certification Pursuant to Section 906 of the Sarbanes-Oxley Act


EX-101.INS	XBRL INSTANCE DOCUMENT

EX-101.SCH	XBRL TAXONOMY EXTENSION SCHEMA

EX-101.PRE	XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE

EX-101.LAB	XBRL TAXONOMY EXTENSION LABEL LINKBASE

EX-101.CAL	XBRL TAXONOMY EXTENSION CALCULATION LINKBASE

EX-101.DEF	XBRL TAXONOMY EXTENSION DEFINITION LINKBASE

EXHIBIT 13

J.W. MAYS, INC.

Annual Report

2019

Year Ended July 31, 2019

J.W. MAYS, INC.

Contents		Page No.
The Company		2
Message to Shareholders		2
Consolidated Balance Sheets		3-4
Consolidated Statements of Income and Retained Earnings		5
Consolidated Statements of Comprehensive Income		6
Consolidated Statements of Changes in Shareholders Equity		7
Consolidated Statements of Cash Flows		8
Notes to Consolidated Financial Statements		9-21
Real Estate and Accumulated Depreciation (Schedule III)		22
Report of Management		23
Report of Independent Registered Public Accounting Firm		24
Management’s Discussion and Analysis of Financial Condition and Results of Operations		25
Controls and Procedures		29
Common Stock and Dividend Information		29
Officers and Directors		30

Executive Offices
9 Bond Street, Brooklyn, N.Y. 11201-5805

Transfer Agent and Registrar
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, N.Y. 11219

Special Counsel
Holland & Knight LLP
31 West 52^ndStreet
New York, N.Y. 10019

Independent Registered Public Accounting Firm
D’Arcangelo & Co., LLP
510 Haight Avenue
Poughkeepsie, NY 12603

Annual Meeting
The Annual Meeting of Shareholders will be
held on Tuesday, November 26, 2019, at
10:00 A.M., Eastern Standard time, at J.W. MAYS, INC.,
9 Bond Street, Brooklyn, New York.

THE COMPANY

J.W. Mays, Inc. was founded in 1924 and incorporated under the laws of the State of New York on July 6, 1927.

The Company operates a number of commercial real estate properties located in Brooklyn and Jamaica in New York City; in Levittown and Massapequa, Long Island, New York; in Fishkill, Dutchess County, New York; and in Circleville, Ohio. The major portions of these properties are owned and the balance is leased. A substantial percentage of these properties are leased to tenants while the remainder is available for lease.

More comprehensive information concerning the Company appears in its Form 10-K Annual Report for the fiscal year ended July 31, 2019.

J.W. MAYS, INC.

TO OUR SHAREHOLDERS:

The financial condition of our Company continued to be strong during the fiscal year ended July 31, 2019 with profits earned during this period.

In fiscal 2019, our revenues from operations were $20,478,180 compared to $19,300,882 in the 2018 fiscal year. Net income for fiscal 2019 was $1,514,801, or $.75 per share. This compares to net income of $2,974,141, or $1.48 per share for fiscal 2018. The decrease in net income was primarily due to the enactment of the U.S. Tax Act on December 22, 2017. These changes resulted in a tax benefit in the 2018 year, where as the 2019 year had tax expense.

The Company was able to extend four leases with existing tenants, three at its Nine Bond Street building in Brooklyn, New York and one at its Jamaica building, in Jamaica, New York. The Company was also able to sign a lease with a tenant at its Fishkill, New York building who will occupy 47,000 square feet. These new tenants, lease extensions, and increased rentals from existing tenants should help enable the Company to maintain strong rental income growth from operations in the future.

Our emphasis on pursuing and obtaining government agencies, health care providers and prospective corporate and retail tenants has helped us to have strong rental income and net income and, to a great extent, we have been able to retain these tenants over a long period of time.

I believe our Company is well-positioned to continue its positive operational performance. I specifically want to thank the Mays’ personnel and our Board colleagues for their ongoing commitment and support, our shareholders for their continuing belief in our Company and its future and our tenants for their continuing loyalty to our Company.

Lloyd J. Shulman
Chairman, President and Chief Executive Officer

October 3, 2019

J.W. MAYS, INC.

CONSOLIDATED BALANCE SHEETS
July 31, 2019 and 2018

Assets	2019		2018
Property and Equipment-at cost (Notes 1, 3, 4, 14 and 15):
Buildings and improvements	$	86,461,353	$	82,728,826
Improvements to leased property		1,478,012		1,478,012
Fixtures and equipment		144,545		144,545
Land		6,067,805		6,067,805
Other		164,066		205,619
Construction in progress		2,325,940		1,786,980
		96,641,721		92,411,787
Less accumulated depreciation		43,512,418		41,618,803
Property and equipment-net		53,129,303		50,792,984

Current Assets:
Cash and cash equivalents (Notes 9 and 10)		4,117,647		5,255,073
Receivables (Notes 1, 6 and 10)		402,154		252,304
Income taxes refundable		9,683		8,792
Restricted cash (Note 1)		181,193		100,789
Prepaid expenses		2,159,701		1,951,132
Total current assets		6,870,378		7,568,090

Other Assets:
Deferred charges (Notes 1 and 11)		3,729,818		3,228,162
Less accumulated amortization (Notes 1 and 11)		1,153,996		1,369,445
Net		2,575,822		1,858,717
Restricted cash (Note 1)		964,884		1,523,761
Unbilled receivables (Notes 1, 4, 6 and 10)		1,668,461		1,677,093
Marketable securities (Notes 1, 2, 10 and 13)		3,580,227		3,141,828
Total other assets		8,789,394		8,201,399

TOTAL ASSETS	$	68,789,075	$	66,562,473

See Notes to Consolidated Financial Statements.

Liabilities and Shareholders’ Equity	2019		2018
Long-Term Liabilities:
Mortgage payable, net (Notes 3 and 10)	$	—	$	5,264,285
Security deposits payable (Note 10)		690,422		1,242,382
Payroll and other accrued liabilities (Notes 1, 5 and 7)		448,939		—
Deferred income taxes (Notes 1 and 4)		5,096,000		4,506,000
Total long-term liabilities		6,235,361		11,012,667

Current Liabilities:
Accounts payable		30,964		74,205
Payroll and other accrued liabilities (Notes 1, 5 and 7)		2,426,535		2,104,359
Other taxes payable		8,847		8,240
Current portion of mortgage payable (Notes 3 and 10)		5,287,162		168,501
Current portion of security deposits payable (Note 10)		192,193		101,289

Total current liabilities		7,945,701		2,456,594

TOTAL LIABILITIES		14,181,062		13,469,261

Shareholders’ Equity:
Common stock, par value $1 each share (shares-5,000,000 authorized; 2,178,297 issued)		2,178,297		2,178,297
Additional paid in capital		3,346,245		3,346,245
Unrealized gain on available-for-sale securities - net of deferred taxes of $313,000 at July 31, 2018 (Notes 1, 4, 10 and 13)		—		487,136
Retained earnings		50,371,323		48,369,386
		55,895,865		54,381,064
Less common stock held in treasury, at cost - 162,517 shares at July 31, 2019 and July 31, 2018 (Note 12)		1,287,852		1,287,852
Total shareholders’ equity		54,608,013		53,093,212

Commitments (Notes 5 and 6) and Contingencies (Notes 8 and 15)

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	68,789,075	$	66,562,473

See Notes to Consolidated Financial Statements.

J.W. MAYS, INC.

CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS

	Years Ended July 31,
	2019			2018
Revenues
Rental income (Notes 1 and 6)	$	20,424,839		$	19,300,882
Recovery of real estate taxes		53,341			—
Total revenues		20,478,180			19,300,882
Expenses
Real estate operating expenses (Note 5)		11,230,957			11,074,396
Administrative and general expenses		5,468,489			4,598,144
Depreciation (Note 1)		1,960,994			1,775,690
Total expenses		18,660,440			17,448,230
Income from operations before investment income, interest expense and income taxes		1,817,740			1,852,652
Investment income and interest expense
Investment income (Notes 1 and 2)		209,020			110,963
Change in fair value of marketable securities (Note 1)		278,629			—
Interest expense (Notes 3 and 9)		(200,588	)		(233,474	)
		287,061			(122,511	)
Income from operations before income taxes		2,104,801			1,730,141
Income taxes provided (benefit) (Notes 1 and 4)		590,000			(1,244,000	)
Net income		1,514,801			2,974,141
Retained earnings, beginning of year		48,369,386			45,395,245
Reclassification of unrealized gain on investments to retained earnings (Note 1)		487,136			—
Retained earnings, end of year	$	50,371,323		$	48,369,386
Income per common share (Note 1)	$	0.75		$	1.48
Dividends per share	$	—		$	—
Average common shares outstanding (Note 1)		2,015,780			2,015,780

See Notes to Consolidated Financial Statements.

J.W. MAYS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Years Ended July 31,
	2019		2018
Net income	$	1,514,801	$	2,974,141
Unrealized gain on available-for-sale securities:
Unrealized holding gains arising during the period, net of taxes of $130,963 for the fiscal year 2018 (Note 13)		—		134,117
Reclassification adjustment for net gains included in net income, net of taxes of $7,963 for the year ended July 31, 2018 (Note 13)		—		(15,457	)
Unrealized gain on available-for-sale securities, net of taxes		—		118,660
Comprehensive income	$	1,514,801	$	3,092,801

See Notes to Consolidated Financial Statements.

J.W. MAYS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

			Additional		Unrealized Gain						Common
	Common		Paid In		on Marketable				Retained		Stock Held in
	Stock		Capital		Securities				Earnings		Treasury			Total
Balance at July 31, 2017	$	2,178,297	$	3,346,245		$	368,476		$	45,395,245	$	(1,287,852	)	$	50,000,411
Increase in unrealized gains on marketable securities, year ended July 31, 2018		—		—			118,660			—		—			118,660
Net income, year ended July 31, 2018		—		—			—			2,974,141		—			2,974,141
Balance at July 31, 2018		2,178,297		3,346,245			487,136			48,369,386		(1,287,852	)		53,093,212

Reclassification of unrealized gains on marketable securities to retained earnings (Note 1)		—		—			(487,136	)		487,136		—			—
Net income, year ended July 31, 2019		—		—			—			1,514,801		—			1,514,801
Balance at July 31, 2019	$	2,178,297	$	3,346,245		$	—		$	50,371,323	$	(1,287,852	)	$	54,608,013

See Notes to Consolidated Financial Statements.

J.W. MAYS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Years Ended July 31,
	2019			2018
Cash Flows From Operating Activities:
Net income	$	1,514,801		$	2,974,141
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (benefit) for deferred income taxes		590,000			(1,254,000	)
Net Realized and unrealized (gain) loss on sale of marketable securities		(325,044	)		805
Depreciation		1,960,994			1,775,690
Amortization of deferred charges		295,926			296,298
Deferred finance costs included in interest expense		22,877			22,877
Other assets - deferred charges		(1,013,031	)		(74,095	)
- unbilled receivables		8,632			266,555
Changes in:
Receivables		(149,850	)		(87,588	)
Prepaid expenses		(208,569	)		(276,113	)
Income taxes refundable		(891	)		(1,901	)
Accounts payable		(43,241	)		(4,898	)
Payroll and other accrued liabilities		771,115			(411,257	)
Other taxes payable		607			105
Net cash provided by operating activities		3,424,326			3,226,619
Cash Flows From Investing Activities:
Acquisition of property and equipment		(4,297,313	)		(3,083,585	)
Marketable securities:
Receipts from sales		219,744			268,857
Payments for purchases		(333,099	)		(354,103	)
Net cash (used) by investing activities		(4,410,668	)		(3,168,831	)
Cash Flows From Financing Activities:
Increase (decrease) - security deposits payable		(461,056	)		307,474
Payments - mortgage and other debt payments		(168,501	)		(162,568	)
Net cash provided (used) by financing activities		(629,557	)		144,906
Net increase (decrease) in cash, cash equivalents and restricted cash		(1,615,899	)		202,694
Cash, cash equivalents and restricted cash at beginning of year		6,879,623			6,676,929
Cash, cash equivalents and restricted cash at end of year (Note 9)	$	5,263,724		$	6,879,623

See Notes to Consolidated Financial Statements.

J.W. MAYS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Organization

J.W. Mays, Inc. (the “Company” or “Registrant”) with executive offices at 9 Bond Street, Brooklyn, New York 11201, operates a number of commercial real estate properties in New York and one building in Ohio. The Company’s business was founded in 1924 and incorporated under the laws of the State of New York on July 6, 1927.

Consolidation

The consolidated financial statements include the accounts of the Company, a New York corporation and its subsidiaries (J. W. M. Realty Corp. and Dutchess Mall Sewage Plant, Inc.), which are wholly-owned. Material intercompany items have been eliminated in consolidation.

Accounting Records and Use of Estimates

The accounting records are maintained in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the Company’s financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during the reporting period. The estimates that we make include allowance for doubtful accounts, depreciation, income tax assets and liabilities, fair value of marketable securities, revenue recognition and accrued expenses. Estimates are based on historical experience where applicable or other assumptions that management believes are reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results may differ from those estimates under different assumptions or conditions.

Restricted Cash

Restricted cash primarily consists of cash held in bank accounts for tenant security deposits and other amounts required under certain loan agreements.

Rental Income and Receivables

All of the real estate owned by the Company is held for leasing to tenants except for a small portion used for Company offices. Rent is recognized from tenants under executed leases no later than on an established date or on an earlier date if the tenant should commence conducting business. Unbilled receivables represent the excess of scheduled rental income recognized on a straight-line basis over rental income as it becomes receivable according to the provisions of the lease. Contingent rental income is recorded when earned and is not based on tenant revenue. The effect of lease modifications that result in rent relief or other credits to tenants, including any retroactive effects relating to prior periods, is recognized in the period when the lease modification is signed. At the time of the lease modification, we assess the realizability of any accrued but unpaid rent and amounts that had been recognized as revenue in prior periods. If the amounts are not determined to be realizable, the accrued but unpaid rent is written off. Accounts receivable are recognized in accordance with lease agreements at its net realizable value. Rental payments received in advance are deferred until earned.

Based upon its periodic assessment of the quality of the receivables, management uses its historical knowledge of the tenants and industry experience to determine whether a reserve or write-off is required. Management has determined that no allowance for uncollected receivables is considered necessary. The Company uses specific identification to write-off receivables to bad debt expense in the period when issues of collectability become known. Collectability issues include circumstances when a tenant indicates their intention to vacate the property without paying, or when tenant litigation or bankruptcy proceedings are not expected to result in full payment. Due to the surrender of a portion of a tenant’s space, the Company reported a bad debt expense of $118,238 for the year ended July 31, 2019 and due to the early termination of a lease, the Company recorded a bad debt expense of $80,302 for the year ended July 31, 2018, both are included in administration and general expenses.

Property and Equipment

Property and equipment are stated at cost. Depreciation is calculated using the straight-line method and the declining-balance method. Amortization of improvements to leased property is calculated over the life of the lease or the estimated useful life of the improvements. Lives used to determine depreciation and amortization are generally as follows:

Buildings and improvements		18-40 years
Improvements to leased property		3-40 years
Fixtures and equipment		7-12 years
Other		3-5 years

Maintenance, repairs, renewals and improvements of a non-permanent nature are charged to expense when incurred. Expenditures for additions and major renewals or improvements are capitalized along with the associated interest cost during construction. The cost of assets sold or retired and the accumulated depreciation or amortization thereon are eliminated from the respective accounts in the year of disposal, and the resulting gain or loss is credited or charged to income. Capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life.

The Company reviews long-lived assets for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. At July 31, 2019 and 2018, there were no impairments of its property and equipment.

Deferred Charges

Deferred charges consist principally of costs incurred in connection with the leasing of property to tenants. Such costs are amortized over the related lease periods, ranging from 1 to 21 years, using the straight-line method. If a lease is terminated early, such costs are expensed.

Income Taxes

Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. Deferred tax assets result principally from the recording of certain accruals, reserves and net operating loss carry forwards which currently are not deductible for tax purposes. Deferred tax liabilities result principally from temporary differences in the recognition of unrealized gains and losses from certain investments and from the use, for tax purposes, of accelerated depreciation. Deferred tax assets and liabilities are offset for each jurisdiction and are presented net on the balance sheet.

The effect on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Actual income taxes could vary from these estimates due to future changes in income tax law or results from the final review of tax returns by federal, state or city tax authorities. Financial statement effects on tax positions are recognized in the period in which it is more likely than not that the position will be sustained upon examination, the position is effectively settled or when the statute of limitations to challenge the position has expired. Interest and penalties, if any, related to unrecognized tax benefits are recorded as interest expense and administrative and general expenses, respectively.

Income Per Share of Common Stock

Income per share has been computed by dividing net income for the year by the weighted average number of shares of common stock outstanding during the year, adjusted for the purchase of treasury stock. Shares used in computing income per share were 2,015,780 in fiscal years 2019 and 2018.

Marketable Securities

Prior to the adoption of ASU 2016-01, the Company categorized marketable securities as either trading, available-for-sale or held-to-maturity at the time of purchase. Trading securities were carried at fair value with unrealized gains and losses included in income. Available-for-sale securities were carried at fair value using quoted prices in active markets for identical assets or liabilities with unrealized gains and losses recorded as a separate component of shareholders’ equity. Held-to-maturity securities were carried at amortized cost. With the adoption of ASU 2016-01 effective August 1, 2018, equity securities with readily determinable fair values are reported at fair value as marketable securities in the other assets section of the balance sheet. Also, effective August 1, 2018, changes in fair value of marketable securities are recorded in the investment income and interest expense section of the statement of income and retained earnings. Dividends and interest income are accrued as earned. Realized

gains and losses are determined on a specific identification basis. The Company reviews marketable securities for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. The Company did not classify any securities as trading or held to maturity during the year ended July 31, 2018.

The Company follows GAAP which establishes a fair value hierarchy that prioritizes the valuation techniques and creates the following three broad levels, with Level 1 valuation being the highest priority:

Level 1 valuation inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date (e.g., equity securities traded on the New York Stock Exchange).

Level 2 valuation inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted market prices of similar assets or liabilities in active markets, or quoted market prices for identical or similar assets or liabilities in markets that are not active).

Level 3 valuation inputs are unobservable (e.g., an entity’s own data) and should be used to measure fair value to the extent that observable inputs are not available.

Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis. There have been no changes in the methodologies used at July 31, 2019 and 2018.

Equity securities are valued at the closing price reported on the active market on which the individual securities are traded that the Company has access to.

Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Company are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Company are deemed to be actively traded.

In accordance with the provisions of Fair Value Measurements, the following are the Company’s financial assets measured on a recurring basis presented at fair value.

Fair value measurements at reporting date using

Description

July 31, 2019

Level 1

Level 2

Level 3

July 31, 2018

Level 1

Level 2

Level 3

Assets:

Marketable securities - available-for-sale

3,580,227

$–

3,141,828

$–

Recently issued accounting standards:

In May 2014, the Financial Accounting Standards Board (“FASB”), issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers” (“ASU 2014-09”) establishing ASC Topic 606 Revenue from Contracts with Customers. ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. ASU 2014-09 is effective for interim and annual reporting in fiscal years that begin after December 15, 2016. ASU 2015-14 extended the implementation date for fiscal years beginning after December 31, 2017.

Subsequent to the issuance of ASU 2014-09, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”, ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”, ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”, and ASU No. 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.” The additional ASU’s clarified certain provisions of ASU 2014-09 in response to recommendations from the Transition Resource Group established by the FASB and have the same effective date and transition requirements as ASU 2014-09. We adopted these standards effective August 1, 2018 using the modified retrospective approach, which allowed us to apply the new standard to all existing contracts not yet completed as of the effective date and record a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption, however there was no cumulative-effect required to be recognized in our retained earnings as the date of adoption. The adoption of this standard did not have a material impact on our consolidated financial statements.

In January 2016, the FASB issued ASU No. 2016-01 “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. ASU No. 2016-01 is effective for interim and annual periods beginning after December 15, 2017. We adopted this standard effective August 1, 2018 and recorded a cumulative effect adjustment to increase opening retained earnings at August 1, 2018 by $487,136 as required for equity investments recorded at fair value, formerly available-for-sale securities.

In November 2016, the FASB issued ASU 2016-18, “Restricted Cash”. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of period and end of period balances on the statement of cash flows upon adoption of this standard. ASU 2016-18 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We adopted this standard effective August 1, 2018 with retrospective application to our consolidated financial statements.

In February 2018, the FASB issued ASU No. 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, to address a specific consequence of the Tax Act by allowing a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the Tax Act’s reduction of the U.S. federal corporate income tax rate. The standard is effective for all entities for annual periods beginning after December 15, 2018, with early adoption permitted, and is to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. The Company early adopted this ASU effective August 1, 2018 and applied this new guidance in the period of adoption. As a result, $92,000 of income taxes stranded in accumulated other comprehensive income (loss) was classified to retained earnings. The ASU also requires the Company to disclose its policy on accounting for income tax effects in accumulated other comprehensive income (loss). In general, the Company applies the individual item approach with respect to marketable securities.

In August 2018, the U.S. Securities and Exchange Commission (“SEC”) adopted final rules under SEC Release No. 33-10532, Disclosure Update and Simplification, amending and expanding certain disclosure requirements. The rules require, among other things, that registrants include in their interim financial statements a reconciliation of changes in shareholders’ equity in the notes or as a separate statement that reconciles the beginning balance to the ending balance of each caption in shareholders’ equity for each period for which an income statement is required to be filed. The Company applied the new SEC disclosure requirements to the Consolidated Statements of Changes in Shareholders’ Equity in the third quarter of fiscal 2019 on a retrospective basis.

In July 2019, the FASB issued ASU No. 2019-07, “Codification Updates to SEC Sections -Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates,”. This guidance aligns the guidance in various SEC sections of the Codification with the requirements of certain SEC final rules. The ASU is effective upon issuance, during the Company’s fourth quarter of fiscal 2019. The adoption this standard did not have a material impact on our consolidated financial statements.

Recently issued accounting standards not yet adopted:

In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 is intended to increase transparency and comparability among organizations in accounting for leasing arrangements. This guidance establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases.

components. In March 2019, the FASB issued ASU 2019-01, “Leases (Topic 842) Codification Improvements”, which provides amendments for issues brought to the Board’s attention through its interactions with stakeholders. The issues identified are as follows. 1. Determining the fair value of the underlying asset by lessors that are not manufacturers or dealers, 2. Presentation on the statement of cash flows-sales-type and direct financing leases, 3. Transition disclosures related to Topic 250, Accounting Changes and Error Corrections. These standards are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new standards will be effective for the Company for the fiscal year beginning August 1, 2019.

Upon adoption of Topic 842, the Company has elected the following practical expedients:

●	The Company will apply the optional transition method of recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the initial period of adoption on August 1, 2019. The Company does not anticipate a significant adjustment to opening retained earnings.

●	As lessee and lessor, the Company has elected not to reassess lease classification and all leases will continue to be classified as operating leases under the new standard.

The Company’s lessor accounting remains similar under Topic 842 but updated to align with certain changes to the lessee model and the new revenue recognition standard (ASU 2014-09). Therefore, as of August 1, 2019, the Company does not anticipate significant changes in accounting for its lease revenue as lessor.

The Company as lessee, upon adoption of Topic 842 on August 1, 2019, recorded on its balance sheet right-of-use assets and lease liabilities approximating $27.1 million and $17.9 million, respectively, based on the net present value of remaining minimum rental payments required by existing operating leases. Additionally, a lease which expires July 31, 2029 related to an affiliate principally owned by a director of the Company (“landlord”) is for a ground lease which required the Company to construct a building during the lease period. In accordance with the terms of this lease, upon lease termination in 2029, the building and all improvements are turned over to the landlord as property owner. As a result of the new standard, effective August 1, 2019, such building and improvements net of accumulated depreciation approximating $10.2 million are included in right-of-use asset, disclosed above. Until the lease agreement terminates in 2029, the Company remains solely entitled to tax depreciation and other tax deductions relating to the building, improvements and maintenance of the property included in this lease.

The Company will continue to evaluate the impact of adopting Topic 842 on its consolidated balance sheets, statements of income and retained earnings.

2. MARKETABLE SECURITIES:

As of July 31, 2019 and 2018, the Company’s marketable securities were classified as follows:

	July 31, 2019									July 31, 2018
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Non-current:
Available-for-sale:
Mutual funds	$	845,306	$	264,425		$	—	$	1,109,731	$	774,602	$	237,149		$	—	$	1,011,751
Corporate equity securities		1,656,156		814,340			—		2,470,496		1,567,089		562,988			—		2,130,077
	$	2,501,462	$	1,078,765		$	—	$	3,580,227	$	2,341,691	$	800,137		$	—	$	3,141,828

Investment income for the years ended July 31, 2018, 2017 and 2016 consists of the following:

	2019		2018
Interest income	$	56,918	$	25,414
Dividend income		105,687		86,354
Gain (loss) on sale of marketable securities		46,415		(805	)
Total	$	209,020	$	110,963

3. LONG-TERM DEBT—MORTGAGE:

			July 31, 2019					July 31, 2018
	Current Annual Interest Rate	Final Payment Date	Due Within One Year		Due After One Year			Due Within One Year		Due After One Year
Mortgage:
Bond St. building, Brooklyn, NY	3.54%	2/1/2020	$	5,298,610		$	—	$	168,501	$	5,298,610
Less: Deferred financing costs				11,448			—		—		34,325
Total			$	5,287,162		$	—	$	168,501	$	5,264,285

On January 9, 2015, the Company refinanced its loan with a bank for $6,000,000, which included the outstanding balance as of January 2015 in the amount of $5,347,726 and an additional borrowing of $652,274. The loan is for a period of five years with a payment based on a twenty-five year amortization period. The interest rate for this period is fixed at 3.54% per annum. The mortgage loan is secured by the Bond Street building in Brooklyn, New York. The Company is in the process of evaluating its options related to the repayment of the mortgage.

Maturities of long-term mortgage and term loan payable outstanding at July 31, 2019 are as follows: Year ending July 31, 2020 (included in current liabilities): $5,298,610.

The carrying value of the property collateralizing the above debt is $22,294,746 at July 31, 2019.

4. INCOME TAXES:

On December 22, 2017, the United States government (“U.S.”) enacted significant changes to the U.S. tax law following the passage and signing of H.R.1, “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018” (the “Tax Act”) (previously known as “The Tax Cuts and Jobs Act”). The Tax Act included significant changes to existing tax law, including a permanent reduction to the U.S. federal corporate income tax rate from 34% to 21%, a one-time repatriation tax on deferred foreign income, deductions, credits and business related exclusions.

The permanent reduction to the U.S. federal corporate income tax rate from 34% to 21% was effective January 1, 2018 (the “Effective Date”). When a U.S. federal tax rate change occurs during a fiscal year, taxpayers are required to compute a weighted daily average rate for the fiscal year of enactment. As a result of the Tax Act, the Company has calculated a U.S. federal statutory corporate income tax rate of 26.42% for the fiscal year ending July 31, 2018 and applied this rate in computing the income tax provision. The U.S. federal statutory corporate income tax rate of 26.42% is the weighted daily average rate between the pre-enactment U.S. federal statutory tax rate of 34%, applicable to the Company’s fiscal year ending July 31 2018 prior to the Effective Date, and the post-enactment U.S. federal statutory tax rate of 21% applicable thereafter. The Company applied the U.S. federal statutory rate of 21% for fiscal years beginning after July 31, 2018.

As of July 31, 2017, the Company had net deferred federal tax liabilities totaling approximately $5.6 million. As a direct result of the permanent reduction in federal tax rates from 34% to 21%, the value of these net deferred tax liabilities was computed at the new, lower tax rate which results in a reduction in deferred tax liabilities and an income tax benefit in the period of enactment. Accordingly, the Company’s income tax provision for the fiscal year ended July 31, 2018 included a $2.4 million non-cash reduction to the value of net deferred tax liabilities to the revised value based on the new, lower tax rate.

Income taxes provided for the years ended July 31, 2019 and 2018 consist of the following:

	2019		2018
Current:
Federal	$	—	$	10,000
Deferred taxes:
Federal		456,000		(1,841,000	)
State		134,000		587,000
Total provision	$	590,000	$	(1,244,000	)

Taxes provided for the years ended July 31, 2019 and 2018 differ from amounts which would result from applying the federal statutory tax rate to pre-tax income, as follows:

	2019			2018
Income before income taxes	$	2,104,801		$	1,730,141
Other-net		(17,397	)		2,443
Adjusted pre-tax income	$	2,087,404		$	1,732,584
Statutory rate		21.00	%		26.42	%
Income tax provision at statutory rate	$	438,355		$	457,749
Remeasurement of federal deferred income taxes		—			(2,390,000	)
State deferred income taxes		134,000			587,000
Other-net		17,645			101,251
Income tax provision	$	590,000		$	(1,244,000	)

The Company has a federal net operating loss carryforward approximating $4,001,000 and $4,078,000 as of July 31, 2019 and July 31, 2018, respectively, available to offset future taxable income. As of July 31, 2019 and 2018, the Company had unused state and city net operating loss carryforwards of approximately $10,182,000 and $10,107,000, respectively, for state and $8,274,000 for city, available to offset future state and city taxable income. The net operating loss carryforwards will begin to expire, if not used, in 2035.

The Company’s federal tax returns have been audited through the year ended July 31, 2013 and the New York State and New York City tax returns have been audited through July 31, 2012.

Generally, tax returns filed are subject to audit for three years by the appropriate taxing jurisdictions. The statute of limitations in each of the state jurisdictions in which the Company operates remain open until the years are settled for federal income tax purposes, at which time amended state income tax returns reflecting all federal income tax adjustments are filed. As of July 31, 2019, there were no income tax audits in progress that would have a material impact on the consolidated financial statements.

Significant components of the Company’s deferred tax assets and liabilities as of July 31, 2019 and 2018 are a result of temporary differences related to the items described as follows:

	2019					2018
	Deferred Tax Assets		Deferred Tax Liabilities			Deferred Tax Assets		Deferred Tax Liabilities
Rental income received in advance	$	214,793		$	—	$	174,975		$	—
Federal net operating loss carryforward		840,122			—		851,175			—
State net operating loss carryforward		670,997			—		665,934			—
Unbilled receivables		—			460,328		—			462,686
Property and equipment		—			6,362,708		—			5,916,568
Unrealized gain on marketable securities		—			297,964		—			220,746
Litigation deposit due from contractor		—			—		103,862			—
Other		299,088			—		298,054			—
	$	2,025,000		$	7,121,000	$	2,094,000		$	6,600,000
Net deferred tax liability				$	5,096,000				$	4,506,000

Management periodically assesses the realization of its net deferred tax assets by evaluating all available evidence, both positive and negative, associated with the Company and determining whether, based on the weight of that associated evidence, a valuation allowance for the deferred tax assets is needed. Based on this analysis, management has determined that it is more likely than not that future taxable income will be sufficient to fully utilize the federal and state deferred tax assets at July 31, 2019.

be based on capital for the foreseeable future. Capital-based franchise taxes are recorded to administrative and general expense. State tax amounts in excess of the capital-based franchise taxes are recorded to income tax expense. Due to both the application of the capital-based tax and due to the possible absence of city taxable income, the Company does not record city deferred taxes.

Components of the deferred tax provision (benefit) for the years ended July 31, 2019 and 2018 consist of the following:

	2019			2018
Tax depreciation exceeding book depreciation	$	446,551		$	(1,430,906	)
Federal net operating loss carryforward		11,053			1,000,360
State net operating loss carryforward		(5,063	)		(665,934	)
Decrease (increase) of rental income received in advance		(39,818	)		65,999
(Decrease) in unbilled receivables		(2,358	)		(198,154	)
Increase (decrease) in average rent payable		(25,186	)		81,230
Litigation deposit due from contractor		103,862			(8,930	)
Other		100,959			(97,665	)
	$	590,000		$	(1,254,000	)

5. LEASES:

The Company’s real estate operations encompass both owned and leased properties. The current leases on leased property, most of which have options to extend the terms, range from 3 years to 25 years. Certain of the leases provide for additional rentals under certain circumstances and obligate the Company for payments of real estate taxes and other expenses.

Rental expense for leased real property for each of the fiscal years ended July 31, 2019 and July 31, 2018 was exceeded by sublease rental income, as follows:

	2019		2018
Minimum rental expense	$	1,985,695	$	1,750,859
Contingent rental expense		1,164,632		1,034,762
		3,150,327		2,785,621
Sublease rental income		7,126,437		6,901,958
Excess of sublease income over expense	$	3,976,110	$	4,116,337

Rent expense related to an affiliate principally owned by a director of the Company totaled $987,250 for fiscal years ended July 31, 2019 and 2018. The rent expense is derived from two leases which expire May 31, 2029 and April 30, 2031, respectively. Rent expense is recognized on a straight-line basis over the lives of the leases.

The lease which expires May 31, 2029 is related to an affiliate principally owned by a director of the Company (“landlord”), is for a ground lease which required the Company to construct a building during the lease period. In accordance with the terms of the lease, upon lease termination in 2029, the building and all improvements are turned over to the landlord.

Future minimum non-cancelable rental commitments for operating leases with initial or remaining terms of one year or more are payable as follows:

Fiscal Year	Operating Leases
2020	$	1,897,318
2021		1,941,494
2022		2,057,814
2023		2,072,000
2024		2,086,697
After 2024		11,701,293
Total required*	$	21,756,616

*	Minimum payments have not been reduced by minimum sublease rentals of $37,501,850 under operating leases due in the future under non-cancelable leases.

6. RENTAL INCOME:

Rental income for each of the fiscal years 2019 and 2018 is as follows:

	July 31,
	2019		2018
Minimum rentals
Company owned property	$	12,448,374	$	11,652,482
Leased property		6,677,998		6,502,219
		19,126,372		18,154,701
Contingent rentals
Company owned property		850,226		746,442
Leased property		448,241		399,739
		1,298,467		1,146,181
Total	$	20,424,839	$	19,300,882

Future minimum non-cancelable rental income for leases with initial or remaining terms of one year or more is as follows:

Fiscal Year	Company Owned Property		Leased Property		Total
2020	$	10,038,712	$	6,120,283	$	16,158,995
2021		9,521,380		5,009,044		14,530,424
2022		7,878,165		4,039,069		11,917,234
2023		7,399,288		3,270,666		10,669,954
2024		6,483,940		2,987,050		9,470,990
After 2024		52,632,826		14,842,540		67,475,366
Total	$	93,954,311	$	36,268,652	$	130,222,963

Rental income is recognized on a straight-line basis over the lives of the leases.

7. PAYROLL AND OTHER ACCRUED LIABILITIES:

Payroll and other accrued liabilities for the fiscal years ended July 31, 2019 and 2018 consist of the following:

	2019		2018
Payroll	$	131,095	$	259,149
Interest		16,152		16,666
Professional fees		155,600		140,000
Rents received in advance		783,678		644,728
Utilities		13,400		19,200
Brokers commissions		728,322		134,418
Construction costs		66,829		—
Other		980,398		890,198
Total		2,875,474		2,104,359
Less current portion		2,426,535		2,104,359
Long term portion	$	448,939	$	—

8. EMPLOYEES’ RETIREMENT PLANS:

The Company sponsors a non-contributory Money Purchase Plan covering substantially all of its non-union employees. Operations were charged $427,420 and $413,256 as contributions to the Plan for fiscal years 2019 and 2018, respectively.

MULTI-EMPLOYER PLAN:

The Company contributes to a union sponsored multi-employer pension plan covering its union employees. The Company contributions to the pension plan for the years ended July 31, 2019 and 2018 were $61,588 and $62,425, respectively. Contributions and costs are determined in accordance with the provisions of negotiated labor contracts or terms of the plans. The Company also contributes to union sponsored health benefit plans.

CONTINGENT LIABILITY FOR PENSION PLANS:

Information as to the Company’s portion of accumulated plan benefits and plan assets is not reported separately by the pension plan. Under the Employee Retirement Income Security Act, upon withdrawal from a multi-employer benefit plan, an employer is required to continue to pay its proportionate share of the plan’s unfunded vested benefits, if any. Any liability under this provision cannot be determined: however, the Company has not made a decision to withdraw from the plan.

Information for contributing employer’s participation in the multi-employer plan:

Legal name of Plan:		United Food and Commercial Workers Local 888 Pension Fund
Employer identification number:		13-6367793
Plan number:		001
Date of most recent Form 5500:		December 31, 2017
Certified zone status:		Critical and declining status
Status determination date:		January 1, 2018
Plan used extended amortization provisions in status calculation:		Yes
Minimum required contribution:		Yes
Employer contributing greater than 5% of Plan contributions for year ended December 31, 2017:		Yes
Rehabilitation plan implemented:		Yes
Employer subject to surcharge:		Yes
Contract expiration date:		November 30, 2019

For the plan years 2017-2019, under the pension fund’s rehabilitation plan, the Company agreed to pay a minimum contribution rate equal to 9.1% of the prior year total contribution rate. The Company has 29 employees and has a contract, expiring November 30, 2019, with a union covering rates of pay, hours of employment and other conditions of employment for approximately 24% of its employees. The Company considers that its labor relations with its employees and union are good.

9. CASH FLOW INFORMATION:

For purposes of reporting cash flows, the Company considers cash equivalents to consist of short-term highly liquid investments with maturities of three months or less, which are readily convertible into cash. The following is a reconciliation of the Company’s cash and cash equivalents and restricted cash to the total presented on the consolidated statement of cash flows:

	July 31,
	2019		2018
Cash and cash equivalents	$	4,117,647	$	5,255,073
Restricted cash, tenant security deposits		859,674		1,332,671
Restricted cash, escrow		258,563		258,399
Restricted cash, other		27,840		33,480
	$	5,263,724	$	6,879,623

Amounts in restricted cash primarily consist of cash held in bank accounts for tenant security deposits, amounts set aside in accordance with certain loan agreements, and security deposits with landlords and utility Companies.

Supplemental disclosures:

	July 31,
	2019		2018
Interest paid, net of capitalized interest of $77,880 (2019), and $37,471 (2018)	$	115,657	$	211,092
Income taxes paid	$	—	$	36,494

10. FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS:

The following disclosure of estimated fair value was determined by the Company using available market information and appropriate valuation methods. Considerable judgment is necessary to develop estimates of fair value. The estimates presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments.

The Company estimates the fair value of its financial instruments using the following methods and assumptions: (i) quoted market prices, when available, are used to estimate the fair value of investments in marketable debt and equity securities; (ii) discounted cash flow analyses are used to estimate the fair value of long-term debt, using the Company’s estimate of current interest rates for similar debt; and (iii) carrying amounts in the balance sheet approximate fair value for cash and cash equivalents, restricted cash, and tenant security deposits due to their high liquidity.

	July 31, 2019				July 31, 2018
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Cash and cash equivalents	$	4,117,647	$	4,117,647	$	5,255,073	$	5,255,073
Marketable securities	$	3,580,227	$	3,580,227	$	3,141,828	$	3,141,828
Restricted cash	$	1,146,077	$	1,146,077	$	1,624,550	$	1,624,550
Security deposits payable	$	882,615	$	882,615	$	1,343,671	$	1,343,671
Mortgage	$	5,298,610	$	5,298,610	$	5,467,111	$	4,939,149

Financial instruments that are potentially subject to concentrations of credit risk consist principally of marketable securities, restricted cash, cash and cash equivalents, and receivables. Marketable securities, restricted cash, cash and cash equivalents, and receivables are placed with multiple financial institutions and instruments to minimize risk. No assurance can be made that such financial institutions and instruments will minimize all such risk.

The Company derived rental income from approximately fifty tenants during the years ended July 31, 2019 and 2018.

As of July 31, 2019, four tenants accounted for approximately 68.8% of receivables and four tenants accounted for 68.44% of unbilled receivables. As of July 31, 2018, four tenants accounted for 77.7% of receivables and three tenants accounted for 66.9% of unbilled receivables. During the year ended July 31, 2019, three tenants accounted for 44.4% of total rental revenue. During the year ended July 31, 2018 three tenants accounted for 44.6% of total rental revenue.

11. DEFERRED CHARGES:

Deferred charges for the fiscal years ended July 31, 2019 and 2018 consist of the following:

	July 31, 2019				July 31, 2018
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
Leasing brokerage commissions	$	3,578,114	$	1,076,694	$	3,035,040	$	1,264,427
Professional fees for leasing		151,704		77,302		193,122		105,018
Total	$	3,729,818	$	1,153,996	$	3,228,162	$	1,369,445

The aggregate amortization expense for the periods ended July 31, 2019 and July 31, 2018 were $295,926, and $296,298, respectively.

The weighted average life of current year additions to deferred charges was twelve years.

The estimated aggregate amortization expense for each of the five succeeding fiscal years is as follows:

Fiscal Year	Amortization
2020		$	291,538
2021		$	297,985
2022		$	270,944
2023		$	257,772
2024		$	235,093

12. CAPITALIZATION:

The Company is capitalized entirely through common stock with identical voting rights and rights to liquidation. Treasury stock is recorded at cost and consists of 162,517 shares at July 31, 2019 and at July 31, 2018.

13. ACCUMULATED OTHER COMPREHENSIVE INCOME:

The only component of accumulated other comprehensive income is unrealized gains (losses) on available-for-sale securities.

A summary of the changes in accumulated other comprehensive income for the fiscal years ended July 31, 2019, and 2018 are as follows:

	Years Ended July 31,
	2019			2018
Beginning balance, net of tax effect	$	487,136		$	368,476
Other comprehensive income, net of tax effect:
Unrealized gains on available-for-sale securities		—			265,080
Tax effect		—			(130,963	)
Unrealized gains on available-for-sale securities, net of tax effect		—			134,117

Amounts reclassified from accumulated other comprehensive income, net of tax effect:
Unrealized gain on marketable securities reclassified to retained earnings		(800,136	)		(23,420	)
Tax effect		313,000			7,963
Amount reclassified, net of tax effect		(487,136	)		(15,457	)
Ending balance, net of tax effect	$	—		$	487,136

A summary of the line items in the Consolidated Statements of Income and Retained Earnings affected by the amounts reclassified from accumulated other comprehensive income is as follows:

	Details about accumulated other		Affected line item in the statement
	comprehensive income components		where net income is presented
	Other comprehensive income reclassified		Investment income
	Tax effect		Income taxes provided

14. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT:

On June 16, 2014, the Company entered into a Second Amendment of Lease (the “Amendment”) with 33 Bond St. LLC (“Bond”), its landlord, for certain truck bays and approximately 1,000 square feet located at the cellar level within a garage at Livingston and Bond Street (“Premises”). Pursuant to the Amendment, (1) a lease option for the Premises was exercised extending the lease until December 8, 2043, (2) the Company, simultaneously with the execution of the Amendment, vacated the Premises so that Bond may demolish the building in which the Premises is located in order to develop and construct a new building at the location, and (3) Bond agreed to redeliver to the Company possession of the reconfigured Premises after construction.

As consideration under the Amendment, Bond agreed to pay the Company a total of $3,500,000. Upon execution of the Amendment, the Company recorded $3,500,000 to deferred revenue to be amortized to revenue to temporarily vacate the premises over the expected vacate period of 36 months. Bond tendered $2,250,000 simultaneously with the execution of the Amendment, and the balance due of $1,250,000 on June 16, 2015 had been received by the Company. The Company re-occupied the premises in October 2017.

In connection with the Amendment, the parties also agreed to settle a pending lawsuit in the Supreme Court of the State of New York, Kings County, Index No. 50796/13 (the “Action”), in which the Company sought, among other things, a declaratory judgment that it validly renewed the lease for the Premises, and Bond sought, among other things, a declaratory judgment that the lease expired by its terms on December 8, 2013. Pursuant to a stipulation of settlement, filed on June 16, 2014, the Action, including all claims and counterclaims, has been discontinued with prejudice, without costs or attorneys’ fees to any party as against the other. The stipulation of settlement also contains general releases by both parties of all claims.

15. CONTINGENCIES:

16. SUBSEQUENT EVENT:

On September 18, 2019, the Company’s largest retail tenant occupying 128,196 square feet surrendered approximately 22,000 square feet at the Nine Bond street building in Brooklyn, New York. The effective date of the surrender was August 31, 2019 and was approximately 16% of the total square footage that this tenant leased from the Company prior to such surrender. The annual loss in rent will be approximately $965,000 until a new tenant is obtained to occupy the space.

SCHEDULE III

J.W. MAYS, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION
July 31, 2019

Col. A	Col. B			Col. C				Col. D					Col. E							Col. F		Col. G	Col. H	Col. I
								Cost Capitalized																Life on Which
								Subsequent to					Gross Amount at Which Carried											Depreciation in
				Initial Cost to Company				Acquisition					At Close of Period											Latest Income
						Building &				Carried					Building &					Accumulated		Date of	Date	Statement is
Description	Encumbrances			Land		Improvements		Improvements		Cost			Land		Improvements			Total		Depreciation		Construction	Acquired	Computed
Office and Rental Buildings
Brooklyn, New York Fulton Street at Bond Street		$	5,298,610	$	3,901,349	$	7,403,468	$	24,705,476		$	—	$	3,901,349		$	32,108,944	$	36,010,293	$	13,715,547	Various	Various	(1) (2)
Jamaica, New York
Jamaica Avenue at 169th Street			—		—		3,215,699		18,265,742			—		—			21,481,441		21,481,441		11,494,356	1959	1959	(1) (2)
Fishkill, New York
Route 9 at Interstate Highway 84			—		594,723		7,212,116		7,975,313			—		594,723			15,187,429		15,782,152		9,200,826	10/74	11/72	(1)
Brooklyn, New York
Jowein Building Fulton Street and Elm Place			—		1,324,957		728,327		16,284,188			—		1,324,957			17,012,515		18,337,472		5,982,747	1915	1950	(1) (2)
Levittown, New York Hempstead
Turnpike			—		125,927		—		—			—		125,927			—		125,927		—	4/69	6/62	(1)
Circleville, Ohio
Tarlton Road			—		120,849		4,388,456		86,520			—		120,849			4,474,976		4,595,825		2,916,794	9/92	12/92	(1)
Total(A)		$	5,298,610	$	6,067,805	$	22,948,066	$	67,317,239		$	—	$	6,067,805		$	90,265,305	$	96,333,110	$	43,310,270

____________________

(1)	Building and improvements	18–40 years

(2)	Improvements to leased property	3–40 years


(A)	Does not include Office Furniture and Equipment and Transportation Equipment in the amount of $308,611 and Accumulated Depreciation thereon of $202,148 at July 31, 2019.

	Year Ended July 31,
	2019		2018
Investment in Real Estate
Balance at Beginning of Year	$	92,061,623	$	89,016,227
Improvements		4,271,487		3,045,396
Retirements		—		—
Balance at End of Year	$	96,333,110	$	92,061,623
Accumulated Depreciation
Balance at Beginning of Year	$	41,382,962	$	39,648,642
Additions Charged to Costs and Expenses		1,927,308		1,734,320
Retirements		—		—
Balance at End of Year	$	43,310,270	$	41,382,962

J.W. MAYS, INC.

REPORT OF MANAGEMENT

Management is responsible for the preparation and reliability of the financial statements and the other financial information in this Annual Report. Management has established systems of internal control over financial reporting designed to provide reasonable assurance that the financial records used for preparing financial statements are reliable and reflect the transactions of the Company and that established policies and procedures are carefully followed. The Company reviews, modifies and improves its system of internal controls in response to changes in operations.

The Board of Directors, acting through the Audit Committee, which is comprised solely of independent directors who are not employees of the Company, oversees the financial reporting process. The financial statements have been prepared in accordance with accounting standards generally accepted in the United States of America and include amounts based on judgments and estimates made by management. Actual results could differ from estimated amounts.

To ensure complete independence, D’Arcangelo & Co., LLP, the independent registered public accounting firm, has full and free access to meet with the Audit Committee, without management representatives present, to discuss results of the audit, the adequacy of internal controls and the quality of financial reporting.

J.W. MAYS, INC.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders
J.W. Mays, Inc. and Subsidiaries

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of J.W. Mays, Inc. and Subsidiaries (the Company) as of July 31, 2019 and 2018 and the related consolidated statements of income and retained earnings, comprehensive income, changes in shareholders equity, and cash flows for each of the years in the two year period ended July 31, 2019, and the related notes and financial statement schedule (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of July 31, 2019 and 2018 and the results of its operations and its cash flows for each of the years in the two year period ended July 31, 2019, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ D’Arcangelo + Co. LLP

We have served as the Company’s auditor since 1996.
Poughkeepsie, New York
October 3, 2019

J.W. MAYS, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our consolidated financial statements and related notes thereto contained in this report. In this discussion, the words “Company”, “we”, “our” and “us” refer to J.W. Mays, Inc. and subsidiaries.

FORWARD LOOKING STATEMENTS

The following can be interpreted as including forward-looking statements under the Private Securities Litigation Reform Act of 1995. The words “outlook”, “intend”, “plans”, “efforts”, “anticipates”, “believes”, “expects” or words of similar import typically identify such statements. Various important factors that could cause actual results to differ materially from those expressed in the forward-looking statements are identified under the heading “Cautionary Statement Regarding Forward-Looking Statements” below. Our actual results may vary significantly from the results contemplated by these forward-looking statements based on a number of factors including, but not limited to, availability of labor, marketing success, competitive conditions and the change in economic conditions of the various markets we serve.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Critical accounting policies are defined as those most important to the portrayal of a company’s financial condition and results and require the most difficult, subjective or complex judgments. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amount of revenues, and expenses during the reporting period and related disclosure of contingent assets and liabilities. We believe the critical accounting policies in Note 1 affect our more significant judgments and estimates used in the preparation of our financial statements. Estimates are based on historical experience, where applicable or other assumptions that management believes are reasonable under the circumstances. We have identified the policies described below as our critical accounting policies. Actual results may differ from these estimates under different assumptions and conditions. (See Note 1 on pages 9 through 13 to the Consolidated Financial Statements). Newly effective accounting principles and recently issued accounting principles not yet adopted are also disclosed in Note 1.

Revenue recognition

Substantially all of our revenue is recognized pursuant to the terms of long-term leases which usually range from 5 years to 20 years. Most of the leases provide for increases in fixed monthly rental income over the term of the lease. Accounting principles require us to recognize the rental income on a straight-line basis over the term of the lease; therefore during the first half of the lease period we recognize more rental income than is received from the tenant pursuant to the terms of the lease. The difference between the rental income recorded in the financial statements and the amounts due under the terms of the lease is recorded as unbilled receivables in the consolidated balance sheets. During the second half of the lease period, we recognize less rental income than is received from the tenant pursuant to the terms of the lease thereby reducing the amount of unbilled receivables. Modifications are sometimes made to the leases during the lease term which would affect the rental income recorded.

Receivables

Receivables, both billed and unbilled, are reviewed monthly for collectability. Management, based on available information, will make a decision as to whether the receivable is collectable. If circumstances indicate that a tenant will not be able to fulfill the terms of the lease, the unbilled receivable will be written off and revenue will be recorded as received.

Property and equipment

Property and equipment is recorded at cost and depreciated over the asset’s useful life. Significant improvements to the property are capitalized and the costs of improvements no longer in use are written off. Management reviews the value of the properties for significant decreases in valuation. If any significant decreases in valuation are noted, the adjustment is recorded in the financial statements.

Deferred charges

In connection with obtaining new tenants and leases, we incur costs including brokerage commissions and legal fees. These costs are written off over the term of the lease on the straight-line basis. Should a tenant vacate prior to the expiration of the lease, the unamortized cost is written off at that time.

Income taxes

Our income tax expense takes into effect taxes that are currently payable, based on our income tax returns filed, and taxes that will be payable in the future based on income earned in the current year that is not taxable until future events occur offset by expenses incurred in the current year that are not deductible until future events occur. Tax audits increase or decrease the amounts currently payable based on the results of the audits. The tax provision is an estimate and can change at any time due to changes in tax laws and tax rates.

Marketable securities

We invest in mutual funds with our extra available cash. The mutual funds are valued daily by the funds based on the assets included within the funds. Our mutual fund investments are recorded in the consolidated financial statements at the daily value established by the mutual funds and we can liquidate our investments at any time. Our investments in corporate equity securities are valued at prices established on the various stock exchanges. We can liquidate these investments at any time. Our investment valuations are subject to market fluctuations and can substantially change in value at any time.

FISCAL 2019 COMPARED TO FISCAL 2018

Net income for the year ended July 31, 2019 amounted to $1,514,801 or $.75 per share, compared to net income for the year ended July 31, 2018 of $2,974,141, or $1.48 per share. The decrease was primarily due to the enactment of the U.S. Tax Act on December 22, 2017. These changes required an adjustment to our deferred tax assets and liabilities to the lower federal rates resulting in an estimated net tax benefit of approximately $2.4 million.

Revenues in the current year increased to $20,478,180 from $19,300,882 in the comparable 2018 year primarily due to increased rental income from existing tenants and a real estate tax refund from the Company’s Levittown and Massapequa, New York properties.

Real estate operating expenses in the current year increased to $11,230,957 from $11,074,396 in the comparable 2018 year primarily due to increases in real estate taxes, payroll costs, license and permits, and rent expense, partially offset by decreases in maintenance costs and utility costs.

Administrative and general expenses in the current year increased to $5,468,489 from $4,598,144 in the comparable 2018 year primarily due to the settlement of litigation cost in the amount of $635,000 (see Note 15), bad debt expense of $118,238 and increases in payroll and pension costs.

Depreciation and amortization expense in the current year increased to $1,960,994 from $1,775,690 in the comparable 2018 year primarily due to improvements on the Brooklyn, Jamaica and Fishkill, New York buildings.

Investment income exceeded interest expense in the current year by $287,061 and interest expense exceeded investment income by $122,511 in the comparable 2018 year.

As explained above, the enactment of the U.S. Tax Act required an adjustment to our deferred tax assets and liabilities for the year ended July 31, 2018 to the lower federal rates resulting in an estimated net federal tax benefit of approximately $2.4 million. Income taxes provided for the year ended July 31, 2019 was approximately $590,000.

LIQUIDITY AND CAPITAL RESOURCES

Management considers current working capital and borrowing capabilities adequate to cover the Company’s planned operating and capital requirements. The Company’s cash and cash equivalents amounted to $4,117,647 at July 31, 2019. The Company is in the process of evaluating its options relating to the repayment of the $5,298,610 mortgage.

In March 2017, the Company leased 7,700 square feet to a medical facility at its Nine Bond Street Brooklyn, New York building, for a term of ten years with two five-year option periods. To accommodate this tenant, an existing tenant surrendered 400 square feet of retail space. The cost of renovations for this tenant was $329,154 and brokerage commissions were $216,052. The tenant took occupancy and commenced payment of rent in October 2019.

In August 2018, the Company entered into a lease agreement with an existing office tenant for an additional 1,849 square feet until June 30, 2022 at its Nine Bond Street Brooklyn, New York building.

In October 2018, the Company extended a lease with a retail tenant who occupies 47,100 square feet at its Jamaica, New York building for a period of ten years to expire on May 31, 2029.

In October 2018, the Company extended the lease with its landlord, who is a related party, at its Jamaica, New York building for a period of one year and ten months to expire on May 31, 2029.

In October 2018, the Company extended a lease with an office tenant who occupies 38,109 square feet at its Jamaica, New York building for an additional four years expiring November 30, 2022.

The tenant who leased 20,000 square feet of space at the Company’s Massapequa, New York property to open a restaurant had their lease terminated in April 2019 for non-payment of rent. The tenant’s lease commenced in September 2018 and rent was supposed to begin in January 2019. The Company re-leased these premises in August 2019 to a fast food restaurant expiring in April 2030. Rent is expected to commence in September 2020.

In July 2019, the Company leased 47,000 square feet to a community college at its Fishkill, New York building for a term of fifteen years with two five-year option periods. The cost of renovations for this tenant will be approximately $3,200,000 and brokerage commissions will be $448,939. The tenant is expected to take occupancy and commence payment of rent in June of 2020. The Company is in the process of obtaining a construction loan relating to these improvements.

In July 2019, the retail tenant at the Company’s Fishkill, New York building who occupies 90,000 square feet gave notice to terminate their lease effective October 30, 2019. The loss in annual rent will be approximately $250,000.

In August 2019, a tenant who occupies 23,603 square feet of office space at the Company’s Jowein building in Brooklyn, New York vacated the premises. The annual loss in rent will be approximately $814,000.

In September 2019, a retail tenant who occupies 128,196 square feet surrendered approximately 22,000 square feet at the Company’s Nine Bond street building in Brooklyn, New York. The annual loss in rent will be approximately $965,000.

CASH FLOWS:

The following table summarizes our cash flow activity for the fiscal years ended July 31, 2019 and 2018:

	2019			2018
Net cash provided by operating activities	$	3,424,326		$	3,226,619
Net cash (used) by investing activities		(4,410,668	)		(3,168,831	)
Net cash provided (used) by financing activities		(629,557	)		144,906

CASH FLOWS FROM OPERATING ACTIVITIES:

Deferred Expenses: The Company had an additional $1,013,031 for brokerage commissions incurred due to two tenants extending their leases for additional periods at the Company’s Jamaica, New York building and a new tenant at the Company’s Fishkill, New York property.

Payroll and Other Accrued Liabilities: The Company had a balance due at July 31, 2019 for brokerage commissions of $728,322.

Provision (Benefit) for Deferred Income Taxes: Enactment of the U.S Tax Act on December 22, 2017, as explained above, resulted in an estimated net federal tax benefit of approximately $2.4 million for the year ended July 31, 2018, partially offset by an increase in the Company’s net deferred liability for New York State taxes in the amount of $587,000. Although the adjustment increased the Company’s net income, it did not increase cash. To reconcile net income to net cash provided by operating activities, provision (benefit) for deferred income taxes was a benefit of approximately $1.3 million for the year ended July 31, 2018 compared to an expense of approximately $590,000 for the year ended July 31, 2019.

CASH FLOWS FROM INVESTING ACTIVITIES:

The Company had expenditures of $85,274 for the year ended July 31, 2019 for boiler upgrades at the Company’s Nine Bond Street building in Brooklyn, New York. The Company also had expenditures of $299,718 for renovations for an existing tenant. The total cost of the project was $402,358 and was completed in July 2019. The Company also had expenditures of $194,079 for façade work, $180,120 for stairwell work and $29,132 for elevator work.

The Company had expenditures for elevator upgrade work in the amount of $85,061 for the year ended July 31, 2019, at the Company’s Jamaica, New York building. The total cost of the project was $864,460 and was completed in August 2018. The Company had expenditures of $592,671 for renovation work for an existing tenant. The total cost of the project was $700,000 and was completed in August 2019.

The Company had expenditures for parking lot lights in the amount of $111,698 for the year ended July 31, 2019, at its Fishkill, New York building. The total cost was $234,862 and was completed in August 2018. The Company also had expenditures of $397,597 for windows. The cost of the project was $1,026,364 and was completed in November 2018. The Company also had expenditures of $672,106 for four new elevators. The cost will be approximately $1,800,000 and is anticipated to be completed in the fall of 2019. The Company also had expenditures of $874,342 for a new lobby. The cost will be approximately $1,500,000 and is anticipated to be completed in September 2019. The Company also had expenditures of $65,958 for various other construction projects.

The Company had expenditures in the amount of $105,359 for stairwell work and $273,523 for steel work at its Jowein building in Brooklyn, New York. The Company also had expenditures of $304,848 for a new HVAC system for an existing tenant and the project was completed in July 2019.

RELATED PARTY TRANSACTIONS:

During fiscal 2019, the Company paid Weinstein Enterprises, Inc. (“Enterprises”) total rentals of $987,250 for leases on which two of the Company’s real estate properties are located.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS:

This section, Management’s Discussion and Analysis of Financial Condition and Results of Operations, other sections of the Annual Report on Form 10-K and this Annual Report to Shareholders and other reports and verbal statements made by our representatives from time to time may contain forward-looking statements that are based on our assumptions, expectations and projections about us and the real estate industry. These include statements regarding our expectations about revenues, our liquidity, or expenses and our continued growth, among others. Such forward-looking statements by their nature involve a degree of risk and uncertainty. We caution that a variety of factors, including but not limited to the factors described under Item 1A, “Risk Factors” in our Form 10-K for the fiscal year ended July 31, 2019 and the following, could cause business conditions and our results to differ materially from what is contained in forward-looking statements:

●	changes in the rate of economic growth in the United States;

●	changes in the financial condition of our customers;

●	changes in regulatory environment;

●	lease cancellations;

●	changes in our estimates of costs;

●	war and/or terrorist attacks on facilities where services are or may be provided;

●	outcomes of pending and future litigation;

●	increasing competition by other companies;

●	compliance with our loan covenants;

●	recoverability of claims against our customers and others by us and claims by third parties against us; and

●	changes in estimates used in our critical accounting policies.

Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by us.

We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures we make in proxy statements, Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and Current Reports on Form 8-K filed with the U. S. Securities and Exchange Commission.

CONTROLS AND PROCEDURES:

The Company’s management reviewed the Company’s internal controls and procedures and the effectiveness of these controls. As of July 31, 2019, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Rules 13a-14(c) and 15d-14(c) of the Securities Exchange Act of 1934. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective in timely alerting them to material information relating to the Company required to be included in its periodic SEC filings.

There was no change in the Company’s internal controls over financial reporting or in other factors during the Company’s last fiscal quarter that materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting. There were no material weaknesses or significant deficiencies noted, and therefore there were no corrective actions taken.

COMMON STOCK AND DIVIDEND INFORMATION:

The following is the sales price range per share of J.W. Mays, Inc. common stock during the fiscal years ended July 31, 2019 and 2018:

	Sales Price
Three Months Ended	High		Low
October 31, 2018	$	41.46	$	37.00
January 31, 2019		43.66		37.92
April 30, 2019		41.50		36.26
July 31, 2019		42.10		34.00

October 31, 2017	$	47.00	$	35.30
January 31, 2018		42.45		35.50
April 30, 2018		38.00		37.25
July 31, 2018		43.50		37.70

The quotations were obtained for the respective periods from the National Association of Securities Dealers, Inc. There were no dividends declared in either of the two fiscal years.

On September 9, 2019, the Company had approximately 800 shareholders of record.

J.W. MAYS, INC.

OFFICERS

Lloyd J. Shulman		Chairman of the Board and President, Chief Executive Officer and Chief Operating Officer
Mark S. Greenblatt		Vice President and Treasurer
Ward N. Lyke, Jr.		Vice President and Assistant Treasurer
George Silva		Vice President-Operations
Salvatore Cappuzzo		Secretary

BOARD OF DIRECTORS

Robert L. Ecker^2,3,4,6		Partner in the law firm of Ecker, Ecker & Associates, LLP
Mark S. Greenblatt^3,5		Vice President and Treasurer, J.W. Mays, Inc.
Steven Gurney-Goldman^2,3		Solil Management, LLC
John J. Pearl^2,3,4,6		Retired partner in the accounting firm of D’Arcangelo & Co., LLP
Dean L. Ryder^1,2,3,4,6		President, Putnam County National Bank
Jack Schwartz^1,2,3,4,6		Private Consultant
Lloyd J. Shulman^1,3		Chairman of the Board and President, Chief Executive Officer and Chief Operating Officer, J.W. Mays, Inc.

Committee Assignments Key:

¹		Member of Executive Committee
²		Member of Audit Committee
³		Member of Investment Advisory Committee
⁴		Member of Compensation Committee
⁵		Member of Disclosure Committee (Mr. Lyke and Mr. Lance Myers, a partner in Holland & Knight LLP, are also members)
⁶		Member of Nominating Committee

FORM 10-K ANNUAL REPORT

Copies of the Company’s Form 10-K Annual Report to the U. S. Securities and Exchange Commission for the fiscal year ended July 31, 2019 will be furnished without charge to shareholders upon written request to:

Secretary, J.W. Mays, Inc.
9 Bond Street
Brooklyn, New York 11201-5805.

Copies of the Notice of Meeting, Proxy Statement, Proxy Card and Annual Report to Shareholders are available at: http://www.astproxyportal.com/ast/03443

EXHIBIT 21

Subsidiaries of the Registrant

The Registrant owns all of the outstanding stock of the following corporations, which are included in the Consolidated Financial Statements filed with this report:

Dutchess Mall Sewage Plant, Inc. (a New York corporation)

J. W. M. Realty Corp. (an Ohio corporation)

EXHIBIT 31.1

CERTIFICATION

I, Lloyd J. Shulman, certify that:

1. I have reviewed this Annual Report on Form 10-K of J.W. Mays, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America;

(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 3, 2019

/s/ LLOYD J. SHULMAN
Lloyd J. Shulman
President
Chief Executive Officer

EXHIBIT 31.2

CERTIFICATION

I, Mark S. Greenblatt, certify that:

1. I have reviewed this Annual Report on Form 10-K of J.W. Mays, Inc.;

(a)		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America;

(c)		Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)		Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

(a)		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 3, 2019

/s/ MARK S. GREENBLATT
Mark S. Greenblatt
Vice President
Chief Financial Officer

EXHIBIT 32

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of J. W. Mays, Inc. (the “Company”) on Form 10-K for the period ending July 31, 2019 as filed with the U. S. Securities and Exchange Commission (the “Report”), we, Lloyd J. Shulman and Mark S. Greenblatt, Chief Executive Officer and Chief Financial Officer, respectively, of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

(1)		The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)		The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

October 3, 2019

/s/ LLOYD J. SHULMAN
Lloyd J. Shulman
Chief Executive Officer

/s/ MARK S. GREENBLATT
Mark S. Greenblatt
Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to J.W. Mays, Inc. and will be retained by J.W. Mays, Inc. and furnished to the U. S. Securities and Exchange Commission or its staff upon request.

EMPLOYEES' RETIREMENT PLANS (Details) - USD ($)	12 Months Ended
EMPLOYEES' RETIREMENT PLANS (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
Retirement Benefits [Abstract]
Pension contributions	$ 427,420	$ 413,256
Employer contributions	$ 61,588	$ 62,425
Minimum contribution rate	9.10%

LEASES (Schedule of future minimum non-cancelable rental commitments) (Details)	Jul. 31, 2019 USD ($)
Leases [Abstract]
2020	$ 1,897,318
2021	1,941,494
2022	2,057,814
2023	2,072,000
2024	2,086,697
After 2024	11,701,293
Total required	$ 21,756,616

RENTAL INCOME

12 Months Ended

Jul. 31, 2019

RENTAL INCOME [Abstract]

RENTAL INCOME

6. RENTAL INCOME:

Rental income for each of the fiscal years 2019 and 2018 is as follows:

	July 31,
	2019		2018
Minimum rentals
Company owned property	$	12,448,374	$	11,652,482
Leased property		6,677,998		6,502,219
		19,126,372		18,154,701
Contingent rentals
Company owned property		850,226		746,442
Leased property		448,241		399,739
		1,298,467		1,146,181
Total	$	20,424,839	$	19,300,882

Future minimum non-cancelable rental income for leases with initial or remaining terms of one year or more is as follows:

Fiscal Year	Company Owned Property		Leased Property		Total
2020	$	10,038,712	$	6,120,283	$	16,158,995
2021		9,521,380		5,009,044		14,530,424
2022		7,878,165		4,039,069		11,917,234
2023		7,399,288		3,270,666		10,669,954
2024		6,483,940		2,987,050		9,470,990
After 2024		52,632,826		14,842,540		67,475,366
Total	$	93,954,311	$	36,268,652	$	130,222,963

Rental income is recognized on a straight-line basis over the lives of the leases.

MARKETABLE SECURITIES

12 Months Ended

Jul. 31, 2019

Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

2. MARKETABLE SECURITIES:

As of July 31, 2019 and 2018, the Company’s marketable securities were classified as follows:

	July 31, 2019									July 31, 2018
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Non-current:
Available-for-sale:
Mutual funds	$	845,306	$	264,425		$	—	$	1,109,731	$	774,602	$	237,149		$	—	$	1,011,751
Corporate equity securities		1,656,156		814,340			—		2,470,496		1,567,089		562,988			—		2,130,077
	$	2,501,462	$	1,078,765		$	—	$	3,580,227	$	2,341,691	$	800,137		$	—	$	3,141,828

Investment income for the years ended July 31, 2018, 2017 and 2016 consists of the following:

	2019		2018
Interest income	$	56,918	$	25,414
Dividend income		105,687		86,354
Gain (loss) on sale of marketable securities		46,415		(805	)
Total	$	209,020	$	110,963

FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS

12 Months Ended

Jul. 31, 2019

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS

10. FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS:

	July 31, 2019				July 31, 2018
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Cash and cash equivalents	$	4,117,647	$	4,117,647	$	5,255,073	$	5,255,073
Marketable securities	$	3,580,227	$	3,580,227	$	3,141,828	$	3,141,828
Restricted cash	$	1,146,077	$	1,146,077	$	1,624,550	$	1,624,550
Security deposits payable	$	882,615	$	882,615	$	1,343,671	$	1,343,671
Mortgage	$	5,298,610	$	5,298,610	$	5,467,111	$	4,939,149

The Company derived rental income from approximately fifty tenants during the years ended July 31, 2019 and 2018.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Common Stock [Member]	Additional Paid In Capital [Member]	Unrealized Gain on Marketable securities [Member]	Retained Earnings [Member]	Common Stock Held in Treasury [Member]	Total
Balance at Jul. 31, 2017	$ 2,178,297	$ 3,346,245	$ 368,476	$ 45,395,245	$ (1,287,852)	$ 50,000,411
Increase in unrealized gains on marketable securities			118,660			118,660
Net income				2,974,141		2,974,141
Balance at Jul. 31, 2018	2,178,297	3,346,245	487,136	48,369,386	(1,287,852)	53,093,212
Reclassification of unrealized gains on marketable securities to retained earnings (Note 1)			(487,136)	487,136
Net income				1,514,801		1,514,801
Balance at Jul. 31, 2019	$ 2,178,297	$ 3,346,245		$ 50,371,323	$ (1,287,852)	$ 54,608,013

PAYROLL AND OTHER ACCRUED LIABILITIES (Tables)

12 Months Ended

Jul. 31, 2019

Payables and Accruals [Abstract]

Schedule of payroll and other accrued liabilities

Payroll and other accrued liabilities for the fiscal years ended July 31, 2019 and 2018 consist of the following:

	2019		2018
Payroll	$	131,095	$	259,149
Interest		16,152		16,666
Professional fees		155,600		140,000
Rents received in advance		783,678		644,728
Utilities		13,400		19,200
Brokers commissions		728,322		134,418
Construction costs		66,829		—
Other		980,398		890,198
Total		2,875,474		2,104,359
Less current portion		2,426,535		2,104,359
Long term portion	$	448,939	$	—

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

12 Months Ended

Jul. 31, 2019

ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

A summary of the changes in accumulated other comprehensive income for the fiscal years ended July 31, 2019, and 2018 are as follows:

	Years Ended July 31,
	2019			2018
Beginning balance, net of tax effect	$	487,136		$	368,476
Other comprehensive income, net of tax effect:
Unrealized gains on available-for-sale securities		—			265,080
Tax effect		—			(130,963	)
Unrealized gains on available-for-sale securities, net of tax effect		—			134,117

Amounts reclassified from accumulated other comprehensive income, net of tax effect:
Unrealized gain on marketable securities reclassified to retained earnings		(800,136	)		(23,420	)
Tax effect		313,000			7,963
Amount reclassified, net of tax effect		(487,136	)		(15,457	)
Ending balance, net of tax effect	$	—		$	487,136

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	2,178,297	2,178,297
Treasury stock, shares	162,517	162,517
Unrealized Gain on Available-for-sale Securities - Net of Deferred Taxes [Member]
Unrealized gain (loss) on available-for-sale securities, deferred taxes (benefit)		$ 313,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Jul. 31, 2019

Accounting Policies [Abstract]

Organization

Organization

Consolidation

Consolidation

Accounting Records and Use of Estimates

Accounting Records and Use of Estimates

Restricted Cash

Restricted Cash

Restricted cash primarily consists of cash held in bank accounts for tenant security deposits and other amounts required under certain loan agreements.

Rental Income and Receivables

Rental Income and Receivables

Property and Equipment

Property and Equipment

Property and equipment are stated at cost. Depreciation is calculated using the straight-line method and the declining-balance method. Amortization of improvements to leased property is calculated over the shorter of the life of the lease or the estimated useful life of the improvements. Lives used to determine depreciation and amortization are generally as follows:

Buildings and improvements		18-40 years
Improvements to leased property		3-40 years
Fixtures and equipment		7-12 years
Other		3-5 years

Deferred Charges

Deferred Charges

Income Taxes

Income Taxes

Income Per Share of Common Stock

Income Per Share of Common Stock

Marketable Securities

Marketable Securities

Level 3 valuation inputs are unobservable (e.g., an entity’s own data) and should be used to measure fair value to the extent that observable inputs are not available.

Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis. There have been no changes in the methodologies used at July 31, 2019 and 2018.

Equity securities

Equity securities are valued at the closing price reported on the active market on which the individual securities are traded that the Company has access to.

Mutual funds

In accordance with the provisions of Fair Value Measurements, the following are the Company’s financial assets measured on a recurring basis presented at fair value.

Fair value measurements at reporting date using

Description

July 31, 2019

Level 1

Level 2

Level 3

July 31, 2018

Level 1

Level 2

Level 3

Assets:

Marketable securities - available-for-sale

3,580,227

$–

3,141,828

$–

Recently issued accounting standards:

Recently issued accounting standards:

Recently issued accounting standards not yet adopted

Recently issued accounting standards not yet adopted:

Upon adoption of Topic 842, the Company has elected the following practical expedients:

●	The Company will apply the optional transition method of recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the initial period of adoption on August 1, 2019. The Company does not anticipate a significant adjustment to opening retained earnings.

●	As lessee and lessor, the Company has elected not to reassess lease classification and all leases will continue to be classified as operating leases under the new standard.

The Company will continue to evaluate the impact of adopting Topic 842 on its consolidated balance sheets, statements of income and retained earnings.

ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

12 Months Ended

Jul. 31, 2019

ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT [Abstract]

ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

14. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT:

LONG-TERM DEBT - MORTGAGE (Schedule of long-term debt) (Details) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Jan. 09, 2015
Less: Deferred financing costs
Due After One Year, Total		$ 5,264,285
Bond St. Building Brooklyn, NY Two [Member]
Mortgage:
Due Within One Year	5,298,610	168,501
Due After One Year		5,298,610
Less: Deferred financing costs
Due Within One Year	11,448
Due After One Year		34,325
Due Within One Year, Total	5,287,162	168,501
Due After One Year, Total		$ 5,264,285
Current Annual Interest Rate	3.54%	3.54%	3.54%
Final Payment Date	Feb. 01, 2020

INCOME TAXES (Schedule of effective income tax rate reconciliation) (Details) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Income Tax Disclosure [Abstract]
Income before income taxes	$ 2,104,801	$ 1,730,141
Other-net	(17,397)	2,443
Adjusted pre-tax income	$ 2,087,404	$ 1,732,584
Statutory rate	21.00%	26.42%
Income tax provision at statutory rate	$ 438,355	$ 457,749
Remeasurement of federal deferred income taxes		(2,390,000)
State deferred income taxes	134,000	587,000
Other-net	17,645	101,251
Income tax provision	$ 590,000	$ (1,244,000)

CAPITALIZATION (Details) - shares	Jul. 31, 2019	Jul. 31, 2018
Stockholders' Equity Note [Abstract]
Treasury stock, shares	162,517	162,517

FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS (Narrative) (Details) - tenants	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Concentration Risk [Line Items]
Number of tenants	50	50
Four Customers [Member] \| Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk	68.80%	77.70%
Four Customers [Member] \| Unbilled Receivables [Member]
Concentration Risk [Line Items]
Concentration risk	68.44%
Three Customers [Member] \| Unbilled Receivables [Member]
Concentration Risk [Line Items]
Concentration risk		66.90%
Three Customers [Member] \| Rental Income [Member]
Concentration Risk [Line Items]
Concentration risk	44.40%	44.60%

SUBSEQUENT EVENT (Details) - Subsequent Event [Member]	1 Months Ended
SUBSEQUENT EVENT (Details) - Subsequent Event [Member]	Sep. 18, 2019 USD ($) ft²
Subsequent Event [Line Items]
Occupied area	128,196
Surrendered area	22,000
Surrender date	Aug. 31, 2019
Percentage of lease prior to surrender	16.00%
Annual loss of rent \| $	$ 965,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jul. 31, 2019

Accounting Policies [Abstract]

Schedule of property and equipment depreciation and amortization period

Amortization of improvements to leased property is calculated over the shorter of the life of the lease or the estimated useful life of the improvements. Lives used to determine depreciation and amortization are generally as follows:

Buildings and improvements		18-40 years
Improvements to leased property		3-40 years
Fixtures and equipment		7-12 years
Other		3-5 years

Schedule of investments measured at fair value

In accordance with the provisions of Fair Value Measurements, the following are the Company’s financial assets measured on a recurring basis presented at fair value.

Fair value measurements at reporting date using

Description

July 31, 2019

Level 1

Level 2

Level 3

July 31, 2018

Level 1

Level 2

Level 3

Assets:

Marketable securities - available-for-sale

3,580,227

$–

3,141,828

$–

CONTINGENCIES

12 Months Ended

Jul. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES

15. CONTINGENCIES:

MARKETABLE SECURITIES (Schedule of investment income) (Details) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Interest income	$ 56,918	$ 25,414
Dividend income	105,687	86,354
Gain (loss) on sale of marketable securities	46,415	(805)
Total	$ 209,020	$ 110,963

INCOME TAXES (Schedule of income tax expense) (Details) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Current:
Federal		$ 10,000
Deferred taxes:
Federal	456,000	(1,841,000)
State	134,000	587,000
Income tax provision	$ 590,000	$ (1,244,000)

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2019	Jul. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			$ 5,298,610
Initial Cost to Company
Land			6,067,805
Building & Improvements			22,948,066
Cost Capitalized Subsequent to Acquisition
Improvements			67,317,239
Carried Cost
Gross Amount at Which Carried At Close of Period
Land			6,067,805
Building & Improvements			90,265,305
Total	$ 92,061,623	$ 89,016,227	96,333,110	$ 92,061,623
Accumulated Depreciation	41,382,962	39,648,642	43,310,270	41,382,962
Property and Equipment			96,641,721	92,411,787
Accumulated depreciation			43,512,418	$ 41,618,803
Investment in Real Estate
Balance at Beginning of Year	92,061,623	89,016,227
Improvements	4,271,487	3,045,396
Retirements
Balance at End of Year	96,333,110	92,061,623
Accumulated Depreciation
Balance at Beginning of Year	41,382,962	39,648,642
Additions Charged to Costs and Expenses	1,927,308	1,734,320
Retirements
Balance at End of Year	$ 43,310,270	$ 41,382,962
Buildings and Improvements [Member] \| Minimum [Member]
Gross Amount at Which Carried At Close of Period
Life on Which Depreciation in Latest Income Statement is Computed	18 years
Buildings and Improvements [Member] \| Maximum [Member]
Gross Amount at Which Carried At Close of Period
Life on Which Depreciation in Latest Income Statement is Computed	40 years
Improvements to leased property [Member] \| Minimum [Member]
Gross Amount at Which Carried At Close of Period
Life on Which Depreciation in Latest Income Statement is Computed	3 years
Improvements to leased property [Member] \| Maximum [Member]
Gross Amount at Which Carried At Close of Period
Life on Which Depreciation in Latest Income Statement is Computed	40 years
Office Furniture and Equipment and Transportation Equipment [Member]
Gross Amount at Which Carried At Close of Period
Property and Equipment			308,611
Accumulated depreciation			202,148
Bond St. Building Brooklyn, NY Two [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			5,298,610
Initial Cost to Company
Land			3,901,349
Building & Improvements			7,403,468
Cost Capitalized Subsequent to Acquisition
Improvements			24,705,476
Carried Cost
Gross Amount at Which Carried At Close of Period
Land			3,901,349
Building & Improvements			32,108,944
Total	$ 36,010,293		36,010,293
Accumulated Depreciation	13,715,547		13,715,547
Investment in Real Estate
Balance at End of Year	36,010,293
Accumulated Depreciation
Balance at End of Year	13,715,547
Jamaica, New York [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances
Initial Cost to Company
Land
Building & Improvements			3,215,699
Cost Capitalized Subsequent to Acquisition
Improvements			18,265,742
Carried Cost
Gross Amount at Which Carried At Close of Period
Land
Building & Improvements			21,481,441
Total	21,481,441		21,481,441
Accumulated Depreciation	11,494,356		11,494,356
Investment in Real Estate
Balance at End of Year	21,481,441
Accumulated Depreciation
Balance at End of Year	11,494,356
Fishkill, New York Property [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances
Initial Cost to Company
Land			594,723
Building & Improvements			7,212,116
Cost Capitalized Subsequent to Acquisition
Improvements			7,975,313
Carried Cost
Gross Amount at Which Carried At Close of Period
Land			594,723
Building & Improvements			15,187,429
Total	15,782,152		15,782,152
Accumulated Depreciation	9,200,826		9,200,826
Investment in Real Estate
Balance at End of Year	15,782,152
Accumulated Depreciation
Balance at End of Year	9,200,826
Brooklyn, New York, Jowein Building, Fulton Street and Elm Place Property [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances
Initial Cost to Company
Land			1,324,957
Building & Improvements			728,327
Cost Capitalized Subsequent to Acquisition
Improvements			16,284,188
Carried Cost
Gross Amount at Which Carried At Close of Period
Land			1,324,957
Building & Improvements			17,012,515
Total	18,337,472		18,337,472
Accumulated Depreciation	5,982,747		5,982,747
Investment in Real Estate
Balance at End of Year	18,337,472
Accumulated Depreciation
Balance at End of Year	5,982,747
Levittown, New York, Hempstead Turnpike [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances
Initial Cost to Company
Land			125,927
Building & Improvements
Cost Capitalized Subsequent to Acquisition
Improvements
Carried Cost
Gross Amount at Which Carried At Close of Period
Land			125,927
Building & Improvements
Total	125,927		125,927
Accumulated Depreciation
Investment in Real Estate
Balance at End of Year	125,927
Accumulated Depreciation
Balance at End of Year
Circleville, Ohio, Tarlton Road [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances
Initial Cost to Company
Land			120,849
Building & Improvements			4,388,456
Cost Capitalized Subsequent to Acquisition
Improvements			86,520
Carried Cost
Gross Amount at Which Carried At Close of Period
Land			120,849
Building & Improvements			4,474,976
Total	4,595,825		4,595,825
Accumulated Depreciation	2,916,794		$ 2,916,794
Investment in Real Estate
Balance at End of Year	4,595,825
Accumulated Depreciation
Balance at End of Year	$ 2,916,794

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract]
Beginning balance, net of tax effect	$ 487,136	$ 368,476
Other comprehensive income, net of tax effect:
Unrealized gains on available-for-sale securities		265,080
Tax effect		(130,963)
Unrealized gains on available-for-sale securities, net of tax effect		134,117
Amounts reclassified from accumulated other comprehensive income, net of tax effect:
Unrealized gain on marketable securities reclassified to retained earnings	(800,136)	(23,420)
Tax effect	313,000	7,963
Amounts reclassified, net of tax effect	(487,136)	(15,457)
Ending balance, net of tax effect		$ 487,136

DEFERRED CHARGES (Schedule of deferred charges) (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
Leasing Charges
Deferred charges	$ 3,729,818	$ 3,228,162
Less accumulated amortization	1,153,996	1,369,445
Leasing Brokerage Commissions [Member]
Leasing Charges
Deferred charges	3,578,114	3,035,040
Less accumulated amortization	1,076,694	1,264,427
Professional Fees For Leasing [Member]
Leasing Charges
Deferred charges	151,704	193,122
Less accumulated amortization	$ 77,302	$ 105,018

CASH FLOW INFORMATION (Schedule of cash and cash equivalents and restricted cash) (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 4,117,647	$ 5,255,073
Restricted cash, tenant security deposits	859,674	1,332,671
Restricted cash, escrow	258,563	258,399
Restricted cash, other	27,840	33,480
Cash flow information	$ 5,263,724	$ 6,879,623	$ 6,676,929

RENTAL INCOME (Schedule of rental income) (Details) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Minimum rentals	$ 19,126,372	$ 18,154,701
Contingent rentals	1,298,467	1,146,181
Total	20,424,839	19,300,882
Company Owned Property [Member]
Minimum rentals	12,448,374	11,652,482
Contingent rentals	850,226	746,442
Leased Property [Member]
Minimum rentals	6,677,998	6,502,219
Contingent rentals	$ 448,241	$ 399,739

DEFERRED CHARGES

12 Months Ended

Jul. 31, 2019

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

DEFERRED CHARGES

11. DEFERRED CHARGES:

Deferred charges for the fiscal years ended July 31, 2019 and 2018 consist of the following:

	July 31, 2019				July 31, 2018
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
Leasing brokerage commissions	$	3,578,114	$	1,076,694	$	3,035,040	$	1,264,427
Professional fees for leasing		151,704		77,302		193,122		105,018
Total	$	3,729,818	$	1,153,996	$	3,228,162	$	1,369,445

The aggregate amortization expense for the periods ended July 31, 2019 and July 31, 2018 were $295,926, and $296,298, respectively.

The weighted average life of current year additions to deferred charges was twelve years.

The estimated aggregate amortization expense for each of the five succeeding fiscal years is as follows:

Fiscal Year	Amortization
2020		$	291,538
2021		$	297,985
2022		$	270,944
2023		$	257,772
2024		$	235,093

PAYROLL AND OTHER ACCRUED LIABILITIES

12 Months Ended

Jul. 31, 2019

Payables and Accruals [Abstract]

PAYROLL AND OTHER ACCRUED LIABILITIES

7. PAYROLL AND OTHER ACCRUED LIABILITIES:

Payroll and other accrued liabilities for the fiscal years ended July 31, 2019 and 2018 consist of the following:

	2019		2018
Payroll	$	131,095	$	259,149
Interest		16,152		16,666
Professional fees		155,600		140,000
Rents received in advance		783,678		644,728
Utilities		13,400		19,200
Brokers commissions		728,322		134,418
Construction costs		66,829		—
Other		980,398		890,198
Total		2,875,474		2,104,359
Less current portion		2,426,535		2,104,359
Long term portion	$	448,939	$	—

LONG-TERM DEBT - MORTGAGE

12 Months Ended

Jul. 31, 2019

LONG-TERM DEBT - MORTGAGES AND TERM LOAN [Abstract]

LONG-TERM DEBT - MORTGAGE

3. LONG-TERM DEBT—MORTGAGE:

			July 31, 2019					July 31, 2018
	Current Annual Interest Rate	Final Payment Date	Due Within One Year		Due After One Year			Due Within One Year		Due After One Year
Mortgage:
Bond St. building, Brooklyn, NY	3.54%	2/1/2020	$	5,298,610		$	—	$	168,501	$	5,298,610
Less: Deferred financing costs				11,448			—		—		34,325
Total			$	5,287,162		$	—	$	168,501	$	5,264,285

Maturities of long-term mortgage and term loan payable outstanding at July 31, 2019 are as follows: Year ending July 31, 2020 (included in current liabilities): $5,298,610.

The carrying value of the property collateralizing the above debt is $22,294,746 at July 31, 2019.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Statement of Comprehensive Income [Abstract]
Unrealized holding gains arising during the period, tax		$ 130,963
Reclassification adjustment for net gains included in net income, tax		$ 7,963

RENTAL INCOME (Tables)

12 Months Ended

Jul. 31, 2019

RENTAL INCOME [Abstract]

Schedule of rental income

Rental income for each of the fiscal years 2019 and 2018 is as follows:

	July 31,
	2019		2018
Minimum rentals
Company owned property	$	12,448,374	$	11,652,482
Leased property		6,677,998		6,502,219
		19,126,372		18,154,701
Contingent rentals
Company owned property		850,226		746,442
Leased property		448,241		399,739
		1,298,467		1,146,181
Total	$	20,424,839	$	19,300,882

Schedule of future minimum non-cancelable rental income

Future minimum non-cancelable rental income for leases with initial or remaining terms of one year or more is as follows:

Fiscal Year	Company Owned Property		Leased Property		Total
2020	$	10,038,712	$	6,120,283	$	16,158,995
2021		9,521,380		5,009,044		14,530,424
2022		7,878,165		4,039,069		11,917,234
2023		7,399,288		3,270,666		10,669,954
2024		6,483,940		2,987,050		9,470,990
After 2024		52,632,826		14,842,540		67,475,366
Total	$	93,954,311	$	36,268,652	$	130,222,963

DEFERRED CHARGES (Tables)

12 Months Ended

Jul. 31, 2019

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of deferred charges

Deferred charges for the fiscal years ended July 31, 2019 and 2018 consist of the following:

	July 31, 2019				July 31, 2018
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
Leasing brokerage commissions	$	3,578,114	$	1,076,694	$	3,035,040	$	1,264,427
Professional fees for leasing		151,704		77,302		193,122		105,018
Total	$	3,729,818	$	1,153,996	$	3,228,162	$	1,369,445

Schedule of estimated aggregate amortization expense

The estimated aggregate amortization expense for each of the five succeeding fiscal years is as follows:

Fiscal Year	Amortization
2020		$	291,538
2021		$	297,985
2022		$	270,944
2023		$	257,772
2024		$	235,093

CONSOLIDATED BALANCE SHEETS - USD ($)	Jul. 31, 2019	Jul. 31, 2018
Property and Equipment-at cost (Notes 1, 3, 4, 14 and 15):
Buildings and improvements	$ 86,461,353	$ 82,728,826
Improvements to leased property	1,478,012	1,478,012
Fixtures and equipment	144,545	144,545
Land	6,067,805	6,067,805
Other	164,066	205,619
Construction in progress	2,325,940	1,786,980
Property, Plant and Equipment, Gross	96,641,721	92,411,787
Less accumulated depreciation	43,512,418	41,618,803
Property and equipment-net	53,129,303	50,792,984
Current Assets:
Cash and cash equivalents (Notes 9 and 10)	4,117,647	5,255,073
Receivables (Notes 1, 6 and 10)	402,154	252,304
Income taxes refundable	9,683	8,792
Restricted cash (Note 1)	181,193	100,789
Prepaid expenses	2,159,701	1,951,132
Total current assets	6,870,378	7,568,090
Other Assets:
Deferred charges (Notes 1 and 11)	3,729,818	3,228,162
Less accumulated amortization (Notes 1 and 11)	1,153,996	1,369,445
Net	2,575,822	1,858,717
Restricted cash (Note 1)	964,884	1,523,761
Unbilled receivables (Notes 1, 4, 6 and 10)	1,668,461	1,677,093
Marketable securities (Notes 1, 2, 10 and 13)	3,580,227	3,141,828
Total other assets	8,789,394	8,201,399
TOTAL ASSETS	68,789,075	66,562,473
Long-Term Liabilities:
Mortgage payable, net (Notes 3 and 10)		5,264,285
Security deposits payable (Note 10)	690,422	1,242,382
Payroll and other accrued liabilities (Notes 1, 5 and 7)	448,939
Deferred income taxes (Notes 1 and 4)	5,096,000	4,506,000
Total long-term liabilities	6,235,361	11,012,667
Current Liabilities:
Accounts payable	30,964	74,205
Payroll and other accrued liabilities (Notes 1, 5 and 7)	2,426,535	2,104,359
Other taxes payable	8,847	8,240
Current portion of mortgage payable (Notes 3 and 10)	5,287,162	168,501
Current portion of security deposits payable (Note 10)	192,193	101,289
Total current liabilities	7,945,701	2,456,594
Total liabilities	14,181,062	13,469,261
Shareholders' Equity:
Common stock, par value $1 each share (shares-5,000,000 authorized; 2,178,297 issued)	2,178,297	2,178,297
Additional paid in capital	3,346,245	3,346,245
Unrealized gain on available-for-sale securities - net of deferred taxes of $313,000 at July 31, 2018 (Notes 1, 4, 10 and 13)		487,136
Retained earnings	50,371,323	48,369,386
Stockholders' Equity before Treasury Stock	55,895,865	54,381,064
Less common stock held in treasury, at cost - 162,517 shares at July 31, 2019 and July 31, 2018 (Note 12)	1,287,852	1,287,852
Total shareholders' equity	54,608,013	53,093,212
Commitments (Notes 5 and 6) and Contingencies (Notes 8 and 15)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 68,789,075	$ 66,562,473

REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Jul. 31, 2019

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III

J.W. MAYS, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION
July 31, 2019

Col. A	Col. B			Col. C				Col. D					Col. E							Col. F		Col. G	Col. H	Col. I
								Cost Capitalized																Life on Which
								Subsequent to					Gross Amount at Which Carried											Depreciation in
				Initial Cost to Company				Acquisition					At Close of Period											Latest Income
						Building &				Carried					Building &					Accumulated		Date of	Date	Statement is
Description	Encumbrances			Land		Improvements		Improvements		Cost			Land		Improvements			Total		Depreciation		Construction	Acquired	Computed
Office and Rental Buildings
Brooklyn, New York Fulton Street at Bond Street		$	5,298,610	$	3,901,349	$	7,403,468	$	24,705,476		$	—	$	3,901,349		$	32,108,944	$	36,010,293	$	13,715,547	Various	Various	(1) (2)
Jamaica, New York
Jamaica Avenue at 169th Street			—		—		3,215,699		18,265,742			—		—			21,481,441		21,481,441		11,494,356	1959	1959	(1) (2)
Fishkill, New York
Route 9 at Interstate Highway 84			—		594,723		7,212,116		7,975,313			—		594,723			15,187,429		15,782,152		9,200,826	10/74	11/72	(1)
Brooklyn, New York
Jowein Building Fulton Street and Elm Place			—		1,324,957		728,327		16,284,188			—		1,324,957			17,012,515		18,337,472		5,982,747	1915	1950	(1) (2)
Levittown, New York Hempstead
Turnpike			—		125,927		—		—			—		125,927			—		125,927		—	4/69	6/62	(1)
Circleville, Ohio
Tarlton Road			—		120,849		4,388,456		86,520			—		120,849			4,474,976		4,595,825		2,916,794	9/92	12/92	(1)
Total(A)		$	5,298,610	$	6,067,805	$	22,948,066	$	67,317,239		$	—	$	6,067,805		$	90,265,305	$	96,333,110	$	43,310,270

____________________

(1)	Building and improvements	18–40 years

(2)	Improvements to leased property	3–40 years


(A)	Does not include Office Furniture and Equipment and Transportation Equipment in the amount of $308,611 and Accumulated Depreciation thereon of $202,148 at July 31, 2019.

	Year Ended July 31,
	2019		2018
Investment in Real Estate
Balance at Beginning of Year	$	92,061,623	$	89,016,227
Improvements		4,271,487		3,045,396
Retirements		—		—
Balance at End of Year	$	96,333,110	$	92,061,623
Accumulated Depreciation
Balance at Beginning of Year	$	41,382,962	$	39,648,642
Additions Charged to Costs and Expenses		1,927,308		1,734,320
Retirements		—		—
Balance at End of Year	$	43,310,270	$	41,382,962

ACCUMULATED OTHER COMPREHENSIVE INCOME

12 Months Ended

Jul. 31, 2019

ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME

13. ACCUMULATED OTHER COMPREHENSIVE INCOME:

The only component of accumulated other comprehensive income is unrealized gains (losses) on available-for-sale securities.

A summary of the changes in accumulated other comprehensive income for the fiscal years ended July 31, 2019, and 2018 are as follows:

	Years Ended July 31,
	2019			2018
Beginning balance, net of tax effect	$	487,136		$	368,476
Other comprehensive income, net of tax effect:
Unrealized gains on available-for-sale securities		—			265,080
Tax effect		—			(130,963	)
Unrealized gains on available-for-sale securities, net of tax effect		—			134,117

Amounts reclassified from accumulated other comprehensive income, net of tax effect:
Unrealized gain on marketable securities reclassified to retained earnings		(800,136	)		(23,420	)
Tax effect		313,000			7,963
Amount reclassified, net of tax effect		(487,136	)		(15,457	)
Ending balance, net of tax effect	$	—		$	487,136

A summary of the line items in the Consolidated Statements of Income and Retained Earnings affected by the amounts reclassified from accumulated other comprehensive income is as follows:

	Details about accumulated other		Affected line item in the statement
	comprehensive income components		where net income is presented
	Other comprehensive income reclassified		Investment income
	Tax effect		Income taxes provided

LONG-TERM DEBT - MORTGAGE (Tables)

12 Months Ended

Jul. 31, 2019

LONG-TERM DEBT - MORTGAGES AND TERM LOAN [Abstract]

Schedule of long-term debt

			July 31, 2019					July 31, 2018
	Current Annual Interest Rate	Final Payment Date	Due Within One Year		Due After One Year			Due Within One Year		Due After One Year
Mortgage:
Bond St. building, Brooklyn, NY	3.54%	2/1/2020	$	5,298,610		$	—	$	168,501	$	5,298,610
Less: Deferred financing costs				11,448			—		—		34,325
Total			$	5,287,162		$	—	$	168,501	$	5,264,285

CONTINGENCIES (Details)	Nov. 06, 2018 USD ($)
Settled Litigation [Member]
Payment of litigation settlement	$ 635,000

DEFERRED CHARGES (Narrative) (Details) - USD ($)	12 Months Ended
DEFERRED CHARGES (Narrative) (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization of deferred charges	$ 295,926	$ 296,298
Weighted average life of current year additions to deferred charges	12 years

INCOME TAXES (Schedule of deferred tax assets and liabilities) (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
Deferred Tax Assets
Rental income received in advance	$ 214,793	$ 174,975
Federal net operating loss carryforward	840,122	851,175
State net operating loss carryforward	670,997	665,934
Litigation deposit due from contractor		103,862
Other	299,088	298,054
Total	2,025,000	2,094,000
Deferred Tax Liabilities
State net operating loss carryforward
Unbilled receivables	460,328	462,686
Property and equipment	6,362,708	5,916,568
Unrealized gain on marketable securities	297,964	220,746
Total	7,121,000	6,600,000
Net deferred tax liability	$ 5,096,000	$ 4,506,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of financial assets measured at fair value on recurring basis) (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available-for-sale	$ 3,580,227	$ 3,141,828
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available-for-sale	3,580,227	3,141,828
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available-for-sale
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available-for-sale

LONG-TERM DEBT - MORTGAGE (Narrative) (Details) - USD ($)	Jan. 09, 2015	Jul. 31, 2019	Jul. 31, 2018
Debt maturing in 2020		$ 5,298,610
Carrying value of properties collateralizing debt		$ 22,294,746
Bond St. Building Brooklyn, NY Two [Member]
Closed bank liabilities	$ 6,000,000
Additional loans	652,274
Amount outstanding	$ 5,347,726
Term of loan	5 years
Amortization period of loan	25 years
Interest rate, percent	3.54%	3.54%	3.54%

PAYROLL AND OTHER ACCRUED LIABILITIES (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
Payables and Accruals [Abstract]
Payroll	$ 131,095	$ 259,149
Interest	16,152	16,666
Professional fees	155,600	140,000
Rents received in advance	783,678	644,728
Utilities	13,400	19,200
Brokers commissions	728,322	134,418
Construction costs	66,829
Other	980,398	890,198
Total	2,875,474	2,104,359
Less current portion	2,426,535	2,104,359
Long term portion	$ 448,939

LEASES (Narrative) (Details) - USD ($)	12 Months Ended
LEASES (Narrative) (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
Operating Leased Assets [Line Items]
Rent expense	$ 987,250	$ 987,250
Minimum sublease rentals	$ 37,501,850
Minimum [Member]
Operating Leased Assets [Line Items]
Operating leases extended period	3 years
Maximum [Member]
Operating Leased Assets [Line Items]
Operating leases extended period	25 years

FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS (Schedule of fair value of financial instruments) (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	$ 3,580,227	$ 3,141,828
Restricted cash	964,884	1,523,761
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	4,117,647	5,255,073
Marketable securities	3,580,227	3,141,828
Restricted cash	1,146,077	1,624,550
Security deposits payable	882,615	1,343,671
Mortgage	5,298,610	5,467,111
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	4,117,647	5,255,073
Marketable securities	3,580,227	3,141,828
Restricted cash	1,146,077	1,624,550
Security deposits payable	882,615	1,343,671
Mortgage	$ 5,298,610	$ 4,939,149

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jul. 31, 2019	Jul. 31, 2018
Cash Flows From Operating Activities:
Net income	$ 1,514,801	$ 2,974,141
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (benefit) for deferred income taxes	590,000	(1,254,000)
Net Realized and unrealized (gain) loss on sale of marketable securities	(325,044)	805
Depreciation	1,960,994	1,775,690
Amortization of deferred charges	295,926	296,298
Deferred finance costs included in interest expense	22,877	22,877
Other assets - deferred charges	(1,013,031)	(74,095)
- unbilled receivables	8,632	266,555
Changes in:
Receivables	(149,850)	(87,588)
Prepaid expenses	(208,569)	(276,113)
Income taxes refundable	(891)	(1,901)
Accounts payable	(43,241)	(4,898)
Payroll and other accrued liabilities	771,115	(411,257)
Other taxes payable	607	105
Net cash provided by operating activities	3,424,326	3,226,619
Cash Flows From Investing Activities:
Acquisition of property and equipment	(4,297,313)	(3,083,585)
Marketable securities:
Receipts from sales	219,744	268,857
Payments for purchases	(333,099)	(354,103)
Net cash (used) by investing activities	(4,410,668)	(3,168,831)
Cash Flows From Financing Activities:
Increase (decrease) - security deposits payable	(461,056)	307,474
Payments - mortgage and other debt payments	(168,501)	(162,568)
Net cash provided (used) by financing activities	(629,557)	144,906
Net increase (decrease) in cash, cash equivalents and restricted cash	(1,615,899)	202,694
Cash, cash equivalents and restricted cash at beginning of year	6,879,623	6,676,929
Cash, cash equivalents and restricted cash at end of year (Note 9)	$ 5,263,724	$ 6,879,623

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Bad debt expense	$ 118,238	$ 80,302
Weighted average number of shares outstanding, basic (in shares)	2,015,780	2,015,780
Unrealized gain on marketable securities reclassified to retained earnings, net of tax effect	$ 487,136
Reclassification of income taxes stranded in accumulated other comprehensive income (loss) to retained earnings	92,000
Right-of-use asset	27,100,000
Lease liability	$ 17,900,000
Additional Lease term	Jul. 31, 2029
Building and improvements net of accumulated depreciation	$ 10,200,000
Minimum [Member]
Deferred charges amortization period	1 year
Maximum [Member]
Deferred charges amortization period	21 years

CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Revenues
Rental income (Notes 1 and 6)	$ 20,424,839	$ 19,300,882
Recovery of real estate taxes	53,341
Total revenues	20,478,180	19,300,882
Expenses
Real estate operating expenses (Note 5)	11,230,957	11,074,396
Administrative and general expenses	5,468,489	4,598,144
Depreciation (Note 1)	1,960,994	1,775,690
Total expenses	18,660,440	17,448,230
Income from operations before investment income, interest expense and income taxes	1,817,740	1,852,652
Investment income and interest expense
Investment income (Notes 1 and 2)	209,020	110,963
Change in fair value of marketable securities (Note 1)	278,629
Interest expense (Notes 3 and 9)	(200,588)	(233,474)
Total investment income and interest expense:	287,061	(122,511)
Income from operations before income taxes	2,104,801	1,730,141
Income taxes provided (benefit) (Notes 1 and 4)	590,000	(1,244,000)
Net income	1,514,801	2,974,141
Retained earnings, beginning of year	48,369,386	45,395,245
Reclassification of unrealized gain on investments to retained earnings (Note 1)	487,136
Retained earnings, end of year	$ 50,371,323	$ 48,369,386
Income per common share (Note 1)	$ 0.75	$ 1.48
Dividends per share
Average common shares outstanding (Note 1)	2,015,780	2,015,780

INCOME TAXES (Tables)

12 Months Ended

Jul. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of income tax expense

Income taxes provided for the years ended July 31, 2019 and 2018 consist of the following:

	2019		2018
Current:
Federal	$	—	$	10,000
Deferred taxes:
Federal		456,000		(1,841,000	)
State		134,000		587,000
Total provision	$	590,000	$	(1,244,000

Schedule of effective income tax rate reconciliation

Taxes provided for the years ended July 31, 2019 and 2018 differ from amounts which would result from applying the federal statutory tax rate to pre-tax income, as follows:

	2019			2018
Income before income taxes	$	2,104,801		$	1,730,141
Other-net		(17,397	)		2,443
Adjusted pre-tax income	$	2,087,404		$	1,732,584
Statutory rate		21.00	%		26.42	%
Income tax provision at statutory rate	$	438,355		$	457,749
Remeasurement of federal deferred income taxes		—			(2,390,000	)
State deferred income taxes		134,000			587,000
Other-net		17,645			101,251
Income tax provision	$	590,000		$	(1,244,000	)

Schedule of deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities as of July 31, 2019 and 2018 are a result of temporary differences related to the items described as follows:

	2019					2018
	Deferred Tax Assets		Deferred Tax Liabilities			Deferred Tax Assets		Deferred Tax Liabilities
Rental income received in advance	$	214,793		$	—	$	174,975		$	—
Federal net operating loss carryforward		840,122			—		851,175			—
State net operating loss carryforward		670,997			—		665,934			—
Unbilled receivables		—			460,328		—			462,686
Property and equipment		—			6,362,708		—			5,916,568
Unrealized gain on marketable securities		—			297,964		—			220,746
Litigation deposit due from contractor		—			—		103,862			—
Other		299,088			—		298,054			—
	$	2,025,000		$	7,121,000	$	2,094,000		$	6,600,000
Net deferred tax liability				$	5,096,000				$	4,506,000

Components of deferred tax provision (benefit)

Components of the deferred tax provision (benefit) for the years ended July 31, 2019 and 2018 consist of the following:

	2019			2018
Tax depreciation exceeding book depreciation	$	446,551		$	(1,430,906	)
Federal net operating loss carryforward		11,053			1,000,360
State net operating loss carryforward		(5,063	)		(665,934	)
Decrease (increase) of rental income received in advance		(39,818	)		65,999
(Decrease) in unbilled receivables		(2,358	)		(198,154	)
Increase (decrease) in average rent payable		(25,186	)		81,230
Litigation deposit due from contractor		103,862			(8,930	)
Other		100,959			(97,665	)
	$	590,000		$	(1,254,000	)

CASH FLOW INFORMATION (Tables)

12 Months Ended

Jul. 31, 2019

Supplemental Cash Flow Elements [Abstract]

Schedule of cash and cash equivalents and restricted cash

The following is a reconciliation of the Company’s cash and cash equivalents and restricted cash to the total presented on the consolidated statement of cash flows:

	July 31,
	2019		2018
Cash and cash equivalents	$	4,117,647	$	5,255,073
Restricted cash, tenant security deposits		859,674		1,332,671
Restricted cash, escrow		258,563		258,399
Restricted cash, other		27,840		33,480
	$	5,263,724	$	6,879,623

Schedule of cash flow information

Supplemental disclosures:

	July 31,
	2019		2018
Interest paid, net of capitalized interest of $77,880 (2019), and $37,471 (2018)	$	115,657	$	211,092
Income taxes paid	$	—	$	36,494

CASH FLOW INFORMATION

12 Months Ended

Jul. 31, 2019

Supplemental Cash Flow Elements [Abstract]

CASH FLOW INFORMATION

9. CASH FLOW INFORMATION:

	July 31,
	2019		2018
Cash and cash equivalents	$	4,117,647	$	5,255,073
Restricted cash, tenant security deposits		859,674		1,332,671
Restricted cash, escrow		258,563		258,399
Restricted cash, other		27,840		33,480
	$	5,263,724	$	6,879,623

Supplemental disclosures:

	July 31,
	2019		2018
Interest paid, net of capitalized interest of $77,880 (2019), and $37,471 (2018)	$	115,657	$	211,092
Income taxes paid	$	—	$	36,494

LEASES

12 Months Ended

Jul. 31, 2019

Leases [Abstract]

LEASES

5. LEASES:

Rental expense for leased real property for each of the fiscal years ended July 31, 2019 and July 31, 2018 was exceeded by sublease rental income, as follows:

	2019		2018
Minimum rental expense	$	1,985,695	$	1,750,859
Contingent rental expense		1,164,632		1,034,762
		3,150,327		2,785,621
Sublease rental income		7,126,437		6,901,958
Excess of sublease income over expense	$	3,976,110	$	4,116,337

Future minimum non-cancelable rental commitments for operating leases with initial or remaining terms of one year or more are payable as follows:

Fiscal Year	Operating Leases
2020	$	1,897,318
2021		1,941,494
2022		2,057,814
2023		2,072,000
2024		2,086,697
After 2024		11,701,293
Total required*	$	21,756,616

*	Minimum payments have not been reduced by minimum sublease rentals of $37,501,850 under operating leases due in the future under non-cancelable leases.

CASH FLOW INFORMATION (Schedule of supplemental disclosure) (Details) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of capitalized interest of $77,880 (2019), and $37,471 (2018)	$ 115,657	$ 211,092
Income taxes paid		36,494
Capitalized interest	$ 77,880	$ 37,471

RENTAL INCOME (Schedule of future minimum non-cancelable rental income) (Details)	Jul. 31, 2019 USD ($)
2020	$ 16,158,995
2021	14,530,424
2022	11,917,234
2023	10,669,954
2024	9,470,990
After 2024	67,475,366
Total	130,222,963
Company Owned Property [Member]
2020	10,038,712
2021	9,521,380
2022	7,878,165
2023	7,399,288
2024	6,483,940
After 2024	52,632,826
Total	93,954,311
Leased Property [Member]
2020	6,120,283
2021	5,009,044
2022	4,039,069
2023	3,270,666
2024	2,987,050
After 2024	14,842,540
Total	$ 36,268,652

LEASES (Schedule of rental expense) (Details) - USD ($)	12 Months Ended
LEASES (Schedule of rental expense) (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
Leases [Abstract]
Minimum rental expense	$ 1,985,695	$ 1,750,859
Contingent rental expense	1,164,632	1,034,762
Operating leases rent expense minimum and contingent rentals	3,150,327	2,785,621
Sublease rental income	7,126,437	6,901,958
Excess of sublease income over expense	$ 3,976,110	$ 4,116,337

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 1,514,801	$ 2,974,141
Unrealized gain on available-for-sale securities:
Unrealized holding gains arising during the period, net of taxes of $130,963 for the fiscal year 2018 (Note 13)		134,117
Reclassification adjustment for net gains included in net income, net of taxes of $7,963 for the year ended July 31, 2018 (Note 13)		(15,457)
Unrealized gain on available-for-sale securities, net of taxes		118,660
Comprehensive income	$ 1,514,801	$ 3,092,801

LEASES (Tables)

12 Months Ended

Jul. 31, 2019

Leases [Abstract]

Schedule of rental expense

Rental expense for leased real property for each of the fiscal years ended July 31, 2019 and July 31, 2018 was exceeded by sublease rental income, as follows:

	2019		2018
Minimum rental expense	$	1,985,695	$	1,750,859
Contingent rental expense		1,164,632		1,034,762
		3,150,327		2,785,621
Sublease rental income		7,126,437		6,901,958
Excess of sublease income over expense	$	3,976,110	$	4,116,337

Schedule of future minimum non-cancelable rental commitments

Future minimum non-cancelable rental commitments for operating leases with initial or remaining terms of one year or more are payable as follows:

Fiscal Year	Operating Leases
2020	$	1,897,318
2021		1,941,494
2022		2,057,814
2023		2,072,000
2024		2,086,697
After 2024		11,701,293
Total required*	$	21,756,616

*	Minimum payments have not been reduced by minimum sublease rentals of $37,501,850 under operating leases due in the future under non-cancelable leases.

FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS (Tables)

12 Months Ended

Jul. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of fair value of financial instruments

	July 31, 2019				July 31, 2018
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Cash and cash equivalents	$	4,117,647	$	4,117,647	$	5,255,073	$	5,255,073
Marketable securities	$	3,580,227	$	3,580,227	$	3,141,828	$	3,141,828
Restricted cash	$	1,146,077	$	1,146,077	$	1,624,550	$	1,624,550
Security deposits payable	$	882,615	$	882,615	$	1,343,671	$	1,343,671
Mortgage	$	5,298,610	$	5,298,610	$	5,467,111	$	4,939,149

DOCUMENT AND ENTITY INFORMATION - USD ($)	12 Months Ended
DOCUMENT AND ENTITY INFORMATION - USD ($)	Jul. 31, 2019	Sep. 09, 2019	Jan. 31, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	MAYS J W INC
Entity Central Index Key	0000054187
Current Fiscal Year End Date	--07-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jul. 31, 2019
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Entity Well-Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		2,015,780
Entity Public Float			$ 15,934,662
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	NY
Entity File Number	11-1059070

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Jul. 31, 2019

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Organization

Consolidation

Accounting Records and Use of Estimates

Restricted Cash

Restricted cash primarily consists of cash held in bank accounts for tenant security deposits and other amounts required under certain loan agreements.

Rental Income and Receivables

Property and Equipment

Property and equipment are stated at cost. Depreciation is calculated using the straight-line method and the declining-balance method. Amortization of improvements to leased property is calculated over the shorter of the life of the lease or the estimated useful life of the improvements. Lives used to determine depreciation and amortization are generally as follows:

Buildings and improvements		18-40 years
Improvements to leased property		3-40 years
Fixtures and equipment		7-12 years
Other		3-5 years

Deferred Charges

Income Taxes

Income Per Share of Common Stock

Marketable Securities

Level 3 valuation inputs are unobservable (e.g., an entity’s own data) and should be used to measure fair value to the extent that observable inputs are not available.

Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis. There have been no changes in the methodologies used at July 31, 2019 and 2018.

Equity securities are valued at the closing price reported on the active market on which the individual securities are traded that the Company has access to.

In accordance with the provisions of Fair Value Measurements, the following are the Company’s financial assets measured on a recurring basis presented at fair value.

Fair value measurements at reporting date using

Description

July 31, 2019

Level 1

Level 2

Level 3

July 31, 2018

Level 1

Level 2

Level 3

Assets:

Marketable securities - available-for-sale

3,580,227

$–

3,141,828

$–

Recently issued accounting standards:

Recently issued accounting standards not yet adopted:

In July 2018, the FASB issued ASU No. 2018-10, “Codification Improvements to Topic 842”, which provides amendments and clarification to ASU 2016-12 based on the FASB’s interaction with stakeholders. In July 2018, the FASB issued ASU No. 2018-11 “Leases (Topic 842): Targeted Improvements”, which amends Leases (Topic 842) to (i) add an optional transition method that would permit entities to apply the new requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the year of adoption, and (ii) provide a practical expedient for lessors regarding the separation of the lease and non-lease components of a contract. In December 2018, the FASB issued ASU No. 2018-20, “Leases (Topic 842) Narrow-Scope Improvement for Lessors,” which clarifies how to apply the leases standard when accounting for sales taxes and other similar taxes collected from lessees, certain lessor costs, and recognition of variable payments for contracts with lease and non-lease components. In March 2019, the FASB issued ASU 2019-01, “Leases (Topic 842) Codification Improvements”, which provides amendments for issues brought to the Board’s attention through its interactions with stakeholders. The issues identified are as follows. 1. Determining the fair value of the underlying asset by lessors that are not manufacturers or dealers, 2. Presentation on the statement of cash flows-sales-type and direct financing leases, 3. Transition disclosures related to Topic 250, Accounting Changes and Error Corrections. These standards are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new standards will be effective for the Company for the fiscal year beginning August 1, 2019.

Upon adoption of Topic 842, the Company has elected the following practical expedients:

●	The Company will apply the optional transition method of recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the initial period of adoption on August 1, 2019. The Company does not anticipate a significant adjustment to opening retained earnings.

●	As lessee and lessor, the Company has elected not to reassess lease classification and all leases will continue to be classified as operating leases under the new standard.

The Company will continue to evaluate the impact of adopting Topic 842 on its consolidated balance sheets, statements of income and retained earnings.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of property and equipment depreciation and amortization period) (Details)	12 Months Ended
	Jul. 31, 2019
Buildings and improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	18 years
Buildings and improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	40 years
Improvements to leased property [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	3 years
Improvements to leased property [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	40 years
Fixtures and equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	7 years
Fixtures and equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	12 years
Other [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	3 years
Other [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	5 years

EMPLOYEES' RETIREMENT PLANS

12 Months Ended

Jul. 31, 2019

Retirement Benefits [Abstract]

EMPLOYEES' RETIREMENT PLANS

8. EMPLOYEES’ RETIREMENT PLANS:

MULTI-EMPLOYER PLAN:

CONTINGENT LIABILITY FOR PENSION PLANS:

Information for contributing employer’s participation in the multi-employer plan:

Legal name of Plan:		United Food and Commercial Workers Local 888 Pension Fund
Employer identification number:		13-6367793
Plan number:		001
Date of most recent Form 5500:		December 31, 2017
Certified zone status:		Critical and declining status
Status determination date:		January 1, 2018
Plan used extended amortization provisions in status calculation:		Yes
Minimum required contribution:		Yes
Employer contributing greater than 5% of Plan contributions for year ended December 31, 2017:		Yes
Rehabilitation plan implemented:		Yes
Employer subject to surcharge:		Yes
Contract expiration date:		November 30, 2019

INCOME TAXES

12 Months Ended

Jul. 31, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

4. INCOME TAXES:

Income taxes provided for the years ended July 31, 2019 and 2018 consist of the following:

	2019		2018
Current:
Federal	$	—	$	10,000
Deferred taxes:
Federal		456,000		(1,841,000	)
State		134,000		587,000
Total provision	$	590,000	$	(1,244,000	)

Taxes provided for the years ended July 31, 2019 and 2018 differ from amounts which would result from applying the federal statutory tax rate to pre-tax income, as follows:

	2019			2018
Income before income taxes	$	2,104,801		$	1,730,141
Other-net		(17,397	)		2,443
Adjusted pre-tax income	$	2,087,404		$	1,732,584
Statutory rate		21.00	%		26.42	%
Income tax provision at statutory rate	$	438,355		$	457,749
Remeasurement of federal deferred income taxes		—			(2,390,000	)
State deferred income taxes		134,000			587,000
Other-net		17,645			101,251
Income tax provision	$	590,000		$	(1,244,000	)

The Company’s federal tax returns have been audited through the year ended July 31, 2013 and the New York State and New York City tax returns have been audited through July 31, 2012.

Significant components of the Company’s deferred tax assets and liabilities as of July 31, 2019 and 2018 are a result of temporary differences related to the items described as follows:

	2019					2018
	Deferred Tax Assets		Deferred Tax Liabilities			Deferred Tax Assets		Deferred Tax Liabilities
Rental income received in advance	$	214,793		$	—	$	174,975		$	—
Federal net operating loss carryforward		840,122			—		851,175			—
State net operating loss carryforward		670,997			—		665,934			—
Unbilled receivables		—			460,328		—			462,686
Property and equipment		—			6,362,708		—			5,916,568
Unrealized gain on marketable securities		—			297,964		—			220,746
Litigation deposit due from contractor		—			—		103,862			—
Other		299,088			—		298,054			—
	$	2,025,000		$	7,121,000	$	2,094,000		$	6,600,000
Net deferred tax liability				$	5,096,000				$	4,506,000

New York State and New York City taxes are calculated using the higher of taxes based on income or the respective capital-based franchise taxes. Beginning with the Company’s tax year ended July 31, 2016, changes in the law required the state capital-based tax will be phased out over a 7-year period. The Company anticipates New York State taxes will be based on income after the capital-based tax is phased out. During the quarter ended July 31, 2018, the Company recorded a state deferred tax asset, deferred tax liability and deferred taxes on unrealized gain on available-for-sale securities in the amounts of $790,000, $1,430,000 and $53,000, respectively, resulting in a state deferred tax expense of $587,000. New York City taxes will be based on capital for the foreseeable future. Capital-based franchise taxes are recorded to administrative and general expense. State tax amounts in excess of the capital-based franchise taxes are recorded to income tax expense. Due to both the application of the capital-based tax and due to the possible absence of city taxable income, the Company does not record city deferred taxes.

Components of the deferred tax provision (benefit) for the years ended July 31, 2019 and 2018 consist of the following:

	2019			2018
Tax depreciation exceeding book depreciation	$	446,551		$	(1,430,906	)
Federal net operating loss carryforward		11,053			1,000,360
State net operating loss carryforward		(5,063	)		(665,934	)
Decrease (increase) of rental income received in advance		(39,818	)		65,999
(Decrease) in unbilled receivables		(2,358	)		(198,154	)
Increase (decrease) in average rent payable		(25,186	)		81,230
Litigation deposit due from contractor		103,862			(8,930	)
Other		100,959			(97,665	)
	$	590,000		$	(1,254,000	)

MARKETABLE SECURITIES (Tables)

12 Months Ended

Jul. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of classified marketable securities

As of July 31, 2019 and 2018, the Company’s marketable securities were classified as follows:

	July 31, 2019									July 31, 2018
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Non-current:
Available-for-sale:
Mutual funds	$	845,306	$	264,425		$	—	$	1,109,731	$	774,602	$	237,149		$	—	$	1,011,751
Corporate equity securities		1,656,156		814,340			—		2,470,496		1,567,089		562,988			—		2,130,077
	$	2,501,462	$	1,078,765		$	—	$	3,580,227	$	2,341,691	$	800,137		$	—	$	3,141,828

Schedule of investment income

Investment income for the years ended July 31, 2018, 2017 and 2016 consists of the following:

	2019		2018
Interest income	$	56,918	$	25,414
Dividend income		105,687		86,354
Gain (loss) on sale of marketable securities		46,415		(805	)
Total	$	209,020	$	110,963

SUBSEQUENT EVENT

12 Months Ended

Jul. 31, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENT

16. SUBSEQUENT EVENT:

CAPITALIZATION

12 Months Ended

Jul. 31, 2019

Stockholders' Equity Note [Abstract]

CAPITALIZATION

12. CAPITALIZATION:

ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT (Details) - Thirty Three Bond Street Llc [Member]	Jun. 16, 2015 USD ($)
Related Party Transaction [Line Items]
Deferred revenue	$ 3,500,000
Tendered amount with execution of the Amendment	2,250,000
Balance due	$ 1,250,000

DEFERRED CHARGES (Schedule of estimated aggregate amortization expense) (Details)	Jul. 31, 2019 USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
2020	$ 291,538
2021	297,985
2022	270,944
2023	257,772
2024	$ 235,093

MARKETABLE SECURITIES (Schedule of classified marketable securities) (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018
Fair Value	$ 3,580,227	$ 3,141,828
Noncurrent [Member]
Fair Value	3,580,227	3,141,828
Gross Unrealized Gains	1,078,765	800,137
Gross Unrealized Losses
Cost	2,501,462	2,341,691
Noncurrent [Member] \| Mutual Fund [Member]
Fair Value	1,109,731	1,011,751
Gross Unrealized Gains	264,425	237,149
Gross Unrealized Losses
Cost	845,306	774,602
Noncurrent [Member] \| Corporate Equity Securities [Member]
Fair Value	2,470,496	2,130,077
Gross Unrealized Gains	814,340	562,988
Gross Unrealized Losses
Cost	$ 1,656,156	$ 1,567,089

INCOME TAXES (Narrative) (Details) - USD ($)	12 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($)	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2017
Operating loss carryforwards
Period over which state capital-based tax will be phased out	7 years
Deferred tax expense	$ 587,000
Deferred tax liabilities	$ 5,096,000	$ 4,506,000
State deferred tax asset		790,000
Deferred tax liabilities		1,430,000
Deferred taxes unrealized gain (loss) on available-for-sale securities		$ 53,000
U.S. federal corporate income tax rate	21.00%	26.42%
Weighted average federal corporate tax rate		26.42%
Non-cash reduction to the value of net deferred tax liabilities		$ 2,400,000
Minimum [Member]
U.S. federal corporate income tax rate	21.00%
Maximum [Member]
U.S. federal corporate income tax rate	34.00%
State and Local Jurisdiction [Member]
Operating loss carryforwards	$ 10,182,000	10,107,000	$ 8,274,000
Domestic Tax Authority [Member]
Operating loss carryforwards	$ 4,001,000	$ 4,078,000

INCOME TAXES (Components of deferred tax provision (benefit)) (Details) - USD ($)	12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Deferred tax provision (benefit)	$ 590,000	$ (1,254,000)
Tax Depreciation Exceeding Book Depreciation [Member]
Deferred tax provision (benefit)	446,551	(1,430,906)
Federal Net Operating Loss Carryforward [Member]
Deferred tax provision (benefit)	11,053	1,000,360
State net operating loss carryforward [Member]
Deferred tax provision (benefit)	(5,063)	(665,934)
Decrease (Increase) of Rental Income Received in Advance [Member]
Deferred tax provision (benefit)	(39,818)	65,999
(Decrease) In Unbilled Receivables [Member]
Deferred tax provision (benefit)	(2,358)	(198,154)
Increase (decrease) in average rent payable [Member]
Deferred tax provision (benefit)	(25,186)	81,230
Litigation Deposit Due From Contractor [Member]
Deferred tax provision (benefit)	103,862	(8,930)
Other Deferred Income Tax Expense [Member]
Deferred tax provision (benefit)	$ 100,959	$ (97,665)