EDGAR 10-K Filing

Company CIK: 54187
Filing Year: 2023
Filename: 54187_10-K_2023_0001206774-23-001194.json

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ITEM 1. BUSINESS
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 30 employees and has a contract, expiring November 30, 2025, with a union covering rates of pay, hours of employment and other conditions of employment for approximately 27% 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.

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ITEM 1A. RISK FACTORS
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.
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;
• cyber security; and
• pandemics, such as COVID-19.
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 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.
The impact of COVID-19 on demand for commercial real estate rental space has been significant. As online retail operations continued to expand nationwide during the pandemic, retailers are facing increased competition which reduces the need for the leasing of properties which is our business. Professionals working remotely during the pandemic has resulted in tenants’ careful evaluation of office space needs and a decline in demand of commercial office space rentals and increasing competition. The Company emphasizes retention of tenants over a long period of time which helps in difficult economic conditions. The Company also aggressively markets available space to tenants including governmental agencies, medical and educational institutions.
We try to lease our properties to tenants with adequate finances, but as a result of recent business downturns, even formerly financially strong tenants may be at risk. 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.

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ITEM 1B. UNRESOLVED STAFF COMMENTS
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
ITEM 2. PROPERTIES.
The table below sets forth certain information as to each of the properties currently operated by the Company:
Location
Approximate
Square Feet
1. Brooklyn, New York
Fulton Street at Bond Street
380,000
Livingston Street
Truck bays, passage facilities and tunnel-Schermerhorn Street
17,000
Building-Livingston Street
10,500
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 )
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 Notes 4 and 10 to the Consolidated Financial Statements contained in the 2023 Annual Report to Shareholders, incorporated herein by reference. Properties owned and subject to mortgage are the Brooklyn Fulton Street at Bond Street and Fishkill buildings.
1. 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, 4/30/2031 (1 lease), and 4/30/2044 (3 leases).
The property is currently leased to twenty-five tenants of which nine are retail tenants, three are fast food restaurants, ten occupy office space, three are dental or medical offices. One tenant leased in excess of 10% of the rentable square footage; the tenant is a department store, occupying 20.60%.
In August 2022, a tenant who occupies 25,423 square feet of office space notified the Company of its intention to extend its lease for one year through September 30, 2023.
On October 4, 2022, a tenant who occupies 1,140 square feet of retail space agreed to terminate their lease effective October 31, 2022. In July 2023 another retail tenant took occupancy of this space.
In December 2022, a tenant who occupies 5,167 square feet agreed to terminate the lease.
In February 2023, an office tenant who occupies 46,421 square feet agreed to terminate their lease effective March 31, 2023.
In June 2023, a retail tenant who occupies 63 square feet extended their lease an additional five years until June 30, 2028.
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
Ended
Rate
Year
Ended
Number of
Leases
Area
Sq. Ft.
Annual
Rent
Percentage of
Gross Annual Rent
7/31/2019
75.65%
7/31/2024
26,923
$ 1,210,990
5.364
7/31/2020
70.07%
7/31/2025
3,080
126,000
.558
7/31/2021
62.31%
7/31/2026
15,261
735,522
3.258
7/31/2022
63.38%
7/31/2027
3,558
156,431
.693
7/31/2023
59.51%
7/31/2028
6,633
231,076
1.024
7/31/2030
87,070
2,497,642
11.063
7/31/2031
1,090
45,126
.200
7/31/2032
49,268
2,080,043
9.213
7/31/2033
1,140
16,499
.073
194,023
$ 7,099,329
31.446
The Company uses 17,810 square feet of available space.
As of July 31, 2023 the federal tax basis is $22,607,989 with accumulated depreciation of $14,453,318 for a net carrying value of $8,154,671. 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 $2,670,914 per year and the rate used is averaged at $11.135 per $100 of assessed valuation.
Livingston Street
The Company has a long-term lease with the City of New York and another landlord for a garage at Livingston Street opposite the Company’s Brooklyn Fulton Street at Bond Street Properties. The lease expires in 2043, with a renewal option to 2073. The garage includes truck bays and passage facilities through a tunnel to the Properties. The truck bays, passage facilities and tunnel, total approximately 17,000 square feet. The lease also includes a 20 x 75-foot land plot on which the Company constructed a building of six stories and basement annexed to the Properties.
2. Brooklyn, New York-Jowein building at Elm Place
The building is owned. The property is currently leased to fourteen tenants of which one is a retail store, one is fast-food restaurant, two are for warehouse space and ten leases are for office space. Three tenants leased in excess of 10% of the rentable square footage; each occupies office space of 15.64%, 11.74% and 11.44%, respectively.
Effective November 1, 2022, a tenant who occupies 10,000 square feet agreed to terminate their lease.
In February 2023, an office tenant who occupies 3,300 square feet extended their lease an additional ten years until June 30, 2033. Also in February 2023, another office tenant who occupies 10,569 square feet extended their lease an additional year until March 31, 2024.
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
Ended
Rate
Year
Ended
Number of
Leases
Area
Sq. Ft.
Annual
Rent
Percentage of
Gross Annual Rent
7/31/2019
85.14%
7/31/2024
25,016
$ 935,925
4.146
7/31/2020
73.22%
7/31/2025
17,364
579,035
2.565
7/31/2021
72.54%
7/31/2026
5,640
180,042
.797
7/31/2022
80.84%
7/31/2027
54,530
.242
7/31/2023
83.46%
7/31/2028
5,600
152,701
.676
7/31/2030
31,438
981,386
4.347
7/31/2033
3,300
89,760
.398
7/31/2036
12,105
52,566
.233
7/31/2037
41,028
1,898,972
8.411
7/31/2059
19,437
161,173
.714
161,428
$ 5,086,090
22.529
As of July 31, 2023 the federal tax basis is $7,550,837 with accumulated depreciation of $5,168,848 for a net carrying value of $2,381,989. 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 $816,733 per year and the rate used is averaged at $11.115 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, principally owned by a director of the Company (“Landlord”). In July 2022, the Company entered into an agreement with Landlord giving the Company four five-year option periods for a total of twenty years through May 31, 2050. In April 2023, the Company exercised the first five-year option period, extending the lease expiration date to May 31, 2035. Upon lease termination, all property included in operating lease right-of-use assets and leasehold improvements will be turned over to the Landlord.
In August 2022, a tenant who occupies 38,109 square feet of office space notified the Company of its intention to extend its lease for one year through September 30, 2023.
In April 2023, a retail tenant who occupies 28,634 square feet extended their lease an additional ten years until February 28, 2034.
In May 2023, an office tenant who occupies 2,000 square feet at the Company’s Jamaica, New York property extended their lease an additional year until June 30, 2024.
The property is currently leased to ten tenants: four are retail tenants and six 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 14.22% and 12.83%, respectively.
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
Ended
Rate
Year
Ended
Number of
Leases
Area
Sq. Ft.
Annual
Rent
Percentage of
Gross Annual Rent
7/31/2019
80.50%
7/31/2024
104,404
$ 2,900,639
12.848
7/31/2020
80.51%
7/31/2025
24,000
.106
7/31/2021
80.41%
7/31/2026
6,095
177,537
.786
7/31/2022
80.51%
7/31/2027
34,800
.154
7/31/2023
80.58%
7/31/2029
99,544
1,966,978
8.713
7/31/2034
28,634
621,720
2.754
239,329
$ 5,725,674
25.361
Until the lease agreement terminates, 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, 2023, the federal tax basis is $13,863,981 with accumulated depreciation of $9,889,906 for a net carrying value of $3,974,075. 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 $1,018,571 per year and the rate used is averaged at $11.137 per $100 of assessed valuation.
4. Fishkill, New York-Route 9 at Interstate Highway 84
The Company owns the entire property. 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.
In August 2022, the Company leased 58,832 square feet at the Company’s Fishkill, New York building for use as storage space for six months which expired in February 2023.
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
Ended
Rate
Year
Ended
Number of
Leases
Area
Sq. Ft.
Annual
Rent
Percentage of
Gross Annual Rent
7/31/2019
45.42%
7/31/2036
47,000
$ 992,301
4.395
7/31/2020
21.48%
7/31/2021
20.42%
7/31/2022
22.27%
7/31/2023
22.27%
As of July 31, 2023 the federal tax basis is $22,423,614 with accumulated depreciation of $15,861,531 for a net carrying value of $6,562,083. 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 $135,702 per year and the rate used is averaged at $3.016 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 September 2022, the restaurant extended its lease for an additional five years expiring May 3, 2028. Ownership of the building reverts to the Company at the conclusion of the leasing arrangement, currently May 3, 2028.
Occupancy
Lease Expiration
Rent
Year
Ended
Rate
Year
Ended
Number of
Leases
Area
Sq. Ft.
Annual
Rent
Percentage of
Gross Annual Rent
7/31/2019
100.00%
7/31/2028
Building
10,000
$ 434,036
1.923
7/31/2020
100.00%
Land
75,800
7/31/2021
100.00%
85,800
7/31/2022
100.00%
7/31/2023
100.00%
The real estate taxes for this property are $188,232 per year and the rate used is averaged at $944.797 per $100 of assessed valuation.
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 two tenants; one tenant occupies 113,400 square feet of the property, and the other tenant occupies 20,000 square feet of the property. The subleases expire in May 2030, with no renewal options.
Occupancy
Lease Expiration
Rent
Year
Ended
Rate
Year
Ended
Number of
Leases
Area
Sq. Ft.
Annual
Rent
Percentage of
Gross Annual Rent
7/31/2019
85.01%
7/31/2030
133,400
$ 847,362
3.753
7/31/2020
85.01%
7/31/2021
93.75%
7/31/2022
100.00%
7/31/2023
100.00%
The real estate taxes for this property are $244,620 per year and the rate used is averaged at $639.81 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. In October 2013, one 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, which in December 2020 was extended for an additional three years to expire October 31, 2024. 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. In April 2023, the tenant further extended the lease until May 31, 2026. Brokerage commissions were $88,841.
Occupancy
Lease Expiration
Rent
Year
Ended
Rate
Year
Ended
Number of
Leases
Area
Sq. Ft.
Annual
Rent
Percentage of
Gross Annual Rent
7/31/2019
99.10%
7/31/2025
84,000
$ 368,982
1.634
7/31/2020
99.30%
7/31/2026
108,000
512,956
2.272
7/31/2021
99.30%
192,000
$ 881,938
3.906
7/31/2022
99.30%
7/31/2023
99.30%
As of July 31, 2023 the federal tax basis is $4,493,846 with accumulated depreciation of $4,183,897 for a net carrying value of $309,949. 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 $38,300 per year and the rate used is averaged at $4.987 per $100 of assessed valuation.
In the opinion of management, all of the Company’s properties are adequately covered by insurance.
See Note 8 to the Consolidated Financial Statements contained in the 2023 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.

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ITEM 3. LEGAL PROCEEDINGS
Item 3. Legal Proceedings.
There are various 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.

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ITEM 4. MINE SAFETY DISCLOSURE
ITEM 4. MINE SAFETY DISCLOSURES.
None
PART II

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
COMMON STOCK 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.
On September 5, 2023, the Company had approximately 800 shareholders of record.
RECENT SALES OF UNREGISTERED SECURITIES
During the year ended July 31, 2023 we did not sell any unregistered securities.
RECENT PURCHASES OF EQUITY SECURITIES
During the fourth quarter of the year ended July 31, 2023, we did not repurchase any of our outstanding equity securities.

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ITEM 6. SELECTED FINANCIAL DATA
ITEM 6. SELECTED FINANCIAL DATA.
Not required.

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
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 22-26 of the Registrant’s 2023 Annual Report to Shareholders is incorporated herein by reference.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Not required.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
The Registrant’s Consolidated Financial Statements, together with the report of Prager Metis CPAs, LLC, independent registered public accounting firm, dated October 23, 2023, appearing on pages 3 through 21 of the Registrant’s 2023 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 and 7 hereof, the 2023 Annual Report to Shareholders is not to be deemed filed as part of this Form 10-K Annual Report.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
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.

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ITEM 9A. CONTROLS AND PROCEDURES
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, 2023, 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, 2023. 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, 2023, 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
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, 2023.
Item reported - The Company reported its financial results for the three and nine months ended April 30, 2023. Date of report filed - June 7, 2023.

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
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 2023 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, August 1, 2017, August 1, 2020 and August 1, 2023). On October 3, 2023, Mr. Greenblatt tendered his resignation as Executive Vice President and Chief Financial Officer of the Company effective December 31, 2023. He will continue to be subject to the terms and conditions of his Employment Agreement with the Company through December 31, 2023.
Name
Age
Business Experience During
the Past Five Years
First Became
Such Officer
or Director
Lloyd J. Shulman
President
November, 1978
Chairman of the Board, Chief Executive Officer and President
November, 1996
Mark S. Greenblatt
Vice President
August, 2000
Chief Financial Officer and Treasurer
August, 2003
Director
August, 2003
Ward N. Lyke, Jr.
Vice President
February, 1984
Assistant Treasurer
August, 2003
George Silva
Vice President-Operations
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.

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ITEM 11. EXECUTIVE COMPENSATION
ITEM 11. EXECUTIVE COMPENSATION.
The information required by this item appears under the heading “Compensation” in the Definitive Proxy Statement for the 2023 Annual Meeting of Shareholders and such information is incorporated herein by reference.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
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 2023 Annual Meeting of Shareholders and such information is incorporated herein by reference.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
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 2023 Annual Meeting of Shareholders and such information is incorporated herein by reference.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
ITEM 14. PRINCIPAL ACCOUNTANT 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, Prager Metis CPAS, LLC, for the fiscal years 2023 and 2022.
Fiscal Year
Audit fees
$ 170,000
$ 170,000
Audit related fees
12,500
12,100
Tax fees
45,000
45,000
Total Fees
$ 227,500
$ 227,100
Audit Fees for fiscal year 2023 and fiscal year 2022 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 2023 and fiscal year 2022 consist of audits of real estate tax matters and consultations concerning financial accounting and reporting standards.
Tax fees for fiscal year 2023 and fiscal year 2022 were for services related to tax compliance and preparation of federal, state and local corporate tax returns.
The officers of the Company consult with, and receive the approval of, the Audit Committee before engaging accountants for any services.
PART IV

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
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 Prager Metis CPAs, LLC, independent registered public accounting firm, dated October 19, 2023, set forth on pages 3 through 21 of the Company’s 2023 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 - incorporated by reference.
(ii) By-laws, as amended - incorporated by reference.
(4) Instruments defining the rights of security holders, including indentures-see Exhibit above.
(9) Voting trust agreement-not applicable.
(10) Material contracts-(i) Retirement Plan and Trust, Summary Plan Description - incorporated by reference.
(ii) Employment agreements - Employment Agreements with Messrs. Shulman, Greenblatt, Lyke and Silva, each originally dated August 1, 2005, were incorporated by reference to Registrant’s Form 8-K dated August 1, 2005. Each of these Employment Agreements had been extended on multiple occasions, the most recent as of August 1, 2023, for three year periods. Each Employment Agreement dated as of August 1, 2023 and scheduled to end on July 31, 2026 is attached as an Exhibit to this Form 10-K. On October 3, 2023, Mr. Greenblatt tendered his resignation as Executive Vice President and Chief Financial Officer of the Company effective December 31, 2023. He will continue to be subject to the terms and conditions of his Employment Agreement with the Company through December 31, 2023.
(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.
(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.