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__________________

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, 2015

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	11201-5805
(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	Name of each exchange on which registered
Common Stock, par value $1 per share	The NASDAQ Stock Market LLC
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 Section 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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).   Yes ☒    No ☐

 Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulations S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ☒  No delinquent filers

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

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

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

The aggregate market value of voting stock held by non-affiliates of the registrant was approximately $20,945,562 as of January 31, 2015 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.

The number of shares outstanding of the registrant’s common stock as of September 4, 2015 was 2,015,780.

DOCUMENTS INCORPORATED BY REFERENCE

		Part of Form 10-K
		in which the Document
Document		is incorporated
Annual Report to Shareholders for Fiscal Year Ended July 31, 2015		Parts I and II
Definitive Proxy Statement for the 2015 Annual Meeting of Shareholders		Part III

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J.W. MAYS, INC.
FORM 10-K FOR THE FISCAL YEAR ENDED JULY 31, 2015

TABLE OF CONTENTS

					Page
Part I
		Item 1. Business			1
		Item 1A. Risk Factors			1
		Item 1B. Unresolved Staff Comments			2
		Item 2. Properties			3-8
		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		8
			Performance Graph		9
		Item 6. Selected Financial Data			10
		Item 7. Management’s Discussion and Analysis of Financial Condition
			and Results of Operations		10
		Item 7A. Quantitative and Qualitative Disclosures About Market Risk			10
		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			10-11
		Item 9B. Other Information			11
Part III
		Item 10. Directors, Executive Officers and Corporate Governance			11
		Item 11. Compensation			12
		Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			12
		Item 13. Certain Relationships and Related Transactions, and Director Independence			12
		Item 14. Principal Accounting Fees and Services			12
Part IV
		Item 15. Exhibits and Financial Statement Schedules			12-13
		Signatures			14

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PART I

ITEM 1. BUSINESS.

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, 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, 2016, 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. As recently as 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 the economic downturn, even formerly financially strong tenants may be at risk. The Company is trying to mitigate the latter 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 2015 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.

1.	Brooklyn, New York—Fulton Street at Bond Street
	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; 4/30/2021 (2 leases), which leases previously had expiration dates of April 30, 2011 and were extended for an additional ten years; and 4/30/31 (2 leases) which leases previously had expiration dates of April 30, 2011 and were extended for an additional twenty years. The Company renovated 10,000 square feet for office space for a tenant, which was completed in December 2013.
	The property is currently leased to twenty-two tenants of which ten are retail tenants, two are fast food restaurants and ten occupy office space. 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 January 2015, the Company leased 3,080 square feet for office space at the Company’s Nine Bond Street Brooklyn, New York building. Rent commenced in May 2015. The amount of brokerage commissions and constructions costs was $157,951.
	In June 2015, an office tenant who occupies 13,451 square feet extended their lease for an additional five years until July 2021.

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It is the intention of the Company to negotiate the renewals of the expiring leases as they come due.

	Occupancy				Lease Expiration								Rent
	Year				Year		Number of				Area		Annual		Percentage to
	Ended		Rate		Ended		Leases				Sq. Ft.		Rent		Gross Annual Rent
	7/31/2011		69.68%		7/31/2016			5			29,136		$982,406			5.540
	7/31/2012		72.28%		7/31/2018			2			3,363		88,859			.501
	7/31/2013		74.73%		7/31/2019			2			57,909		936,104			5.279
	7/31/2014		76.21%		7/31/2021			6			160,363		4,402,838			24.829
	7/31/2015		77.08%		7/31/2022			1			2,000		103,205			.582
					7/31/2023			1			2,160		69,000			.389
					7/31/2024			1			1,140		64,154			.362
					7/31/2025			1			3,080		27,125			.153
					7/31/2026			1			7,401		446,004			2.515
					7/31/2032			2			28,218		915,244			5.161
								22			294,770		$8,034,939			45.311

	As of July 31, 2015 the federal tax basis is $20,198,771 with accumulated depreciation of $10,316,881 for a net carrying value of $9,881,890. 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 $1,559,113 per year and the rate used is averaged at $11.642 per $100 of assessed valuation.
2.	Brooklyn, New York—Jowein building at Elm Place
	The building is owned. The property is currently leased to thirteen tenants of which two are retail stores, one is a fast food restaurant, one is for warehouse and nine leases are for office space.
	In November 2014, the Company entered into a lease agreement with an existing tenant to occupy an additional 5,640 square feet of office space at the Jowein building in Brooklyn, New York. Occupancy and rent is anticipated to commence in October 2015 and December 2015, respectively. The amount of brokerage commissions and construction costs was $187,704.
	In January 2015, the Company extended a lease with an existing tenant at the Company’s Jowein building in Brooklyn, New York, who occupies 17,364 square feet of office and storage space for an additional seven years until June 30, 2025. The cost of brokerage commissions was $125,839.
	In May 2015, the Company entered into a 20 year lease agreement with a new tenant (cancellation clause after the 10th year) to occupy 17,425 square feet of office space at the Jowein building in Brooklyn, New York. Rent is anticipated to commence in the summer of 2016 and will be approximately $550,000 annually. The amount of brokerage commissions and construction costs will be approximately $500,000 and $2,000,000, respectively. The construction is presently expected to be completed in the spring of 2016.
	It is the intention of the Company to negotiate the renewals of the expiring leases as they come due.

	Occupancy				Lease Expiration								Rent
	Year				Year		Number of				Area		Annual		Percentage to
	Ended		Rate		Ended		Leases				Sq. Ft.		Rent		Gross Annual Rent
	7/31/2011		76.02%		7/31/2016			4			14,265		$345,745			1.950
	7/31/2012		76.38%		7/31/2017			1			5,500		128,517			.725
	7/31/2013		61.45%		7/31/2019			3			73,288		1,894,217			10.682
	7/31/2014		70.49%		7/31/2021			1			8,500		28,972			.163
	7/31/2015		68.83%		7/31/2025			1			17,364		344,704			1.944
					7/31/2026			1			5,640		—			.000
					7/31/2036			1			17,425		—			.000
					7/31/2059			1			19,437		114,984			.648
								13			161,419		$2,857,139			16.112

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	As of July 31, 2015 the federal tax basis is $7,308,175 with accumulated depreciation of $3,600,389 for a net carrying value of $3,707,786. 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 $568,630 per year and the rate used is averaged at $11.420 per $100 of assessed valuation.
3.	Jamaica, New York—Jamaica Avenue at 169th Street
	The building is owned and the land is leased from an affiliated company. The lease expires July 31, 2027. The property is currently leased to ten tenants: five are retail tenants and five for office space. Four tenants each occupy in excess of 10% of the rentable square footage: two retail stores occupy 15.86% and 17.68%, respectively; and two office tenants occupy 14.23% and 12.83%, 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.
	The Company renewed a lease with an office tenant who occupies 6,021 square feet for an additional ten year period expiring on December 31, 2025.
	It is the intention of the Company to negotiate the renewals of the expiring leases as they come due.

	Occupancy				Lease Expiration								Rent
	Year				Year		Number of				Area		Annual		Percentage to
	Ended		Rate		Ended		Leases				Sq. Ft.		Rent		Gross Annual Rent
	7/31/2011		81.14%		7/31/2017			4			72,297		$1,498,939			8.453
	7/31/2012		81.14%		7/31/2019			2			40,109		899,167			5.071
	7/31/2013		80.30%		7/31/2020			1			42,250		1,096,025			6.181
	7/31/2014		75.41%		7/31/2024			1			25,954		407,724			2.299
	7/31/2015		80.50%		7/31/2026			1			6,021		147,158			.830
					7/31/2029			1			52,444		839,438			4.734
								10			239,075		$4,888,451			27.568

	As of July 31, 2015 the federal tax basis is $12,918,164 with accumulated depreciation of $7,885,878 for a net carrying value of $5,032,286. 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 $375,979 per year and the rate used is averaged at $11.808 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. Occupancy commenced in November 2013 and rent commenced in March 2014. There are approximately 100,000 square feet of the building available for lease. There are plans to renovate vacant space to tenants 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 to

Ended

Rate

Ended

Leases

Sq. Ft.

Rent

Gross Annual Rent

7/31/2011

—

7/31/2019

1

99,992

$253,000

1.427

7/31/2012

—

7/31/2013

—

7/31/2014

29.62%

7/31/2015

47.39%

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	As of July 31, 2015 the federal tax basis is $10,779,753 with accumulated depreciation of $8,950,486 for a net carrying value of $1,829,267. 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 $155,889 per year and the rate used is averaged at $3.12 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. Ownership of the building reverts to the Company at the conclusion of the leasing arrangement, currently August 16, 2017.

Occupancy

Lease Expiration

Rent

Year

Year

Number of

Area

Annual

Percentage to

Ended

Rate

Ended

Leases

Sq. Ft.

Rent

Gross Annual Rent

7/31/2011

100.00%

7/31/2018

Building

10,000

$397,943

2.244

7/31/2012

100.00%

Land

75,800

7/31/2013

100.00%

1

85,800

7/31/2014

100.00%

7/31/2015

100.00%

	The real estate taxes for this property are $169,803 per year and the rate used is averaged at $911.06 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 one tenant for use as a bank. The bank occupies 85.01% of the property. The subleases expire in May 2030, with no renewal options. A fast food restaurant which occupied the remaining 14.99% of the property, vacated the premises in June 2014. The loss in rental income is approximately $200,000. The Company is utilizing brokers to actively seek tenants to occupy the vacated space. Currently there are no plans for additional improvements to this property.

Occupancy

Lease Expiration

Rent

Year

Year

Number of

Area

Annual

Percentage to

Ended

Rate

Ended

Leases

Sq. Ft.

Rent

Gross Annual Rent

7/31/2011

85.01%

7/31/2030

1

113,400

$737,036

4.156

7/31/2012

89.38%

7/31/2013

100.00%

7/31/2014

98.75%

7/31/2015

85.01%

	The real estate taxes for this property are $242,416 per year and the rate used is averaged at $782.42 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 the premises on a month to month basis for 30,000 square feet. 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. 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 and revolving space of up to 12,000 square feet.

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	Occupancy				Lease Expiration								Rent
	Year				Year		Number of				Area		Annual			Percentage to
	Ended		Rate		Ended		Leases				Sq. Ft.		Rent			Gross Annual Rent
	7/31/2011		66.11%		7/31/2019			1			72,000		$	150,763			.850
	7/31/2012		77.75%		7/31/2020			1			120,000			277,508			1.565
	7/31/2013		72.41%					2			192,000			428,271			2.415
	7/31/2014		78.36%
	7/31/2015		91.54%

As of July 31, 2015 the federal tax basis is $4,466,746 with accumulated depreciation of $3,053,280 for a net carrying value of $1,413,466. 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 $31,764 per year and the rate used is averaged at $4.51 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:
	(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 has been received by the Company.
		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.

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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 2015 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.

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.

Because of defective workmanship and breach of contract, the Company commenced litigation against a contractor to pay damages and return in full $376,467 of a deposit paid when work commenced to replace a roof on the Fishkill, New York building. As of July 31, 2015, this deposit is included in other assets on the consolidated balance sheet in security deposits. Based on limited information available at this time, the Company cannot predict the outcome of this matter and expects to vigorously pursue this contractor until the deposit is returned and damages are paid.

ITEM 4. MINE SAFETY DISCLOSURES.

None

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, 2015 and 2014:

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 4, 2015, the Company had approximately 1,350 shareholders of record.

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RECENT SALES OF UNREGISTERED SECURITIES

During the year ended July 31, 2015 we did not sell any unregistered securities.

RECENT PURCHASES OF EQUITY SECURITIES

During the year ended July 31, 2015 we did not repurchase any of our outstanding equity securities.

PERFORMANCE GRAPH

The following graph sets forth a five-year comparison of cumulative total shareholder return for the Company, the Standard & Poor’s 500 Stock-Index (“S&P 500”), and a Peer Group. The graph assumes the investment of $100 at the close of trading July 31, 2010 in the common stock of the Company, the S&P 500 and the Peer Group, and the reinvestment of all dividends, although the Company did not pay a dividend during this five-year period.

Comparison of Five-Year Cumulative Total Return*
J. W. MAYS, INC., Standard & Poor’s 500 and Peer Group
(Performance Results Through 7/31/15)

	7/31/2010		7/31/2011		7/31/2012		7/31/2013		7/31/2014		7/31/2015
J. W. MAYS, INC.	100.00		107.49		125.41		173.62		391.40		345.60
Standard & Poor’s 500	100.00		119.65		130.58		165.75		193.83		215.56
Peer Group	100.00		116.39		106.84		112.02		142.89		55.83

Assumes $100 invested at the close of trading 7/31/10 in J. W. MAYS, INC. common stock, Standard & Poor’s 500 and Peer Group.

* Cumulative total return assumes reinvestment of dividends.

Source: Value Line Publishing LLC

Factual material is obtained from sources believed to be reliable, but the publisher is not responsible for any errors or omissions contained herein.

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The Performance Graph shall not be deemed incorporated by reference by any general statement of incorporation by reference in any filing made under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, and shall not otherwise be deemed filed under such Acts.

ITEM 6. SELECTED FINANCIAL DATA.

The information appearing under the heading “Summary of Selected Financial Data” on page 2 of the Registrant’s 2015 Annual Report to Shareholders is incorporated herein by reference.

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” of the Registrant’s 2015 Annual Report to Shareholders is incorporated herein by reference.

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

The Company uses fixed-rate debt to finance its capital requirements. These transactions do not expose the Company to market risk related to changes in interest rates. The Company does not use derivative financial instruments. At July 31, 2015, the Company had fixed-rate debt of $6,937,288.

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 8, 2015, appearing on pages 4 through 21 of the Registrant’s 2015 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, 5, 6, and 7 hereof, the 2015 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, 2015, 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.

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(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, 2015. 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, 2015, 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.

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, 2015.

Item reported - The Company reported its financial results for the three and nine months ended April 30, 2015.

Date of report filed - June 4, 2015

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 2015 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).

						First Became
				Business Experience During		Such Officer
Name		Age		the Past Five Years		or Director
Lloyd J. Shulman		73		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		61		Vice President		August, 2000
				Treasurer		August, 2003
				Director		August, 2003
				Assistant Treasurer		November, 1987
Ward N. Lyke, Jr.		64		Vice President		February, 1984
				Assistant Treasurer		August, 2003
George Silva		65		Vice President		March, 1995

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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 2015 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 2015 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 2015 Annual Meeting of Shareholders and such information is incorporated herein by reference.

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 2015 and 2014.

Audit Fees for fiscal year 2015 and fiscal year 2014 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.

Tax Fees and Other Fees for fiscal year 2015 and fiscal year 2014 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 8, 2015, set forth on pages 4 through 21 of the Company’s 2015 Annual Report to Shareholders.
	2.	See accompanying Index to the Company’s Consolidated Financial Statements and Schedules.

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3.	Exhibits:
	(2)	Plan of acquisition, reorganization, arrangement, liquidation or succession—not applicable.
	(3)	Articles of incorporation and by-laws:
		(i)	Certificate of Incorporation, as amended, incorporated by reference to the Company’s Form 8-K dated December 3, 1973.
		(ii)	By-laws, as amended June 1, 1995, incorporated by reference to the Company’s Form 10-K dated October 23, 1995.
		(iii)	Amendment to By-laws, effective November 1, 1999, incorporated by reference to the Company’s Proxy Statement dated October 19, 2000.
		(iv)	Amendment to By-laws, effective November 20, 2007, incorporated by reference to the Company’s Form 8-K dated November 20, 2007.
	(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, 1991, incorporated by reference to the Company’s Form 10-K dated October 23, 1992 and, as amended, effective August 1, 1993, incorporated by reference to the Company’s Form 10-Q for the quarter ended October 31, 1993 dated December 2, 1993.
		(ii)	Employment Agreements with Messrs. Shulman, Greenblatt, Lyke and Silva, each dated August 1, 2005, incorporated by reference to the Company’s Form 8-K dated August 1, 2005. Each of these Employment Agreements were extended August 1, 2008 for a period of three years and further extended August 1, 2011 for an additional period of three years and further extended August 1, 2014 for an additional period of three years.
	(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 regarding 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.

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 8, 2015
LLOYD J. SHULMAN		Officer, President, Chief Operating
		Officer and Director
MARK S. GREENBLATT		Vice President, Treasurer and Director		October 8, 2015
MARK S. GREENBLATT
ROBERT L. ECKER		Director		October 8, 2015
ROBERT L. ECKER
DEAN L. RYDER		Director		October 8, 2015
DEAN L. RYDER
JACK SCHWARTZ		Director		October 8, 2015
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, 2015, which are incorporated herein by reference:

Report of Independent Registered Public Accounting Firm (page 21)

Consolidated Balance Sheets (pages 4 and 5)

Consolidated Statements of Income and Retained Earnings (page 6)

Consolidated Statements of Comprehensive Income (page 7)

Consolidated Statements of Cash Flows (page 8)

Notes to Consolidated Financial Statements (pages 9-19)

Report of Management (page 20)

			Page
Financial Statement Schedules:
II		Valuation and Qualifying Accounts	16
III		Real Estate and Accumulated Depreciation	17

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.

__________________

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SCHEDULE II

J.W. MAYS, INC.
VALUATION AND QUALIFYING ACCOUNTS

	Year Ended July 31,
	2015			2014				2013
Allowance for net unrealized gains (losses) on marketable securities:
Balance, beginning of year	$	236,412		$	333,633			$	243,477
Additions (deletions)		60,620			(97,221	)			90,156
Balance, end of year	$	297,032		$	236,412			$	333,633

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SCHEDULE III

J.W. MAYS, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION
July 31, 2015

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
		Encum-						Building &					Carried						Building &					Accumulated			Date of		Date		Statement is
Description		brances			Land			Improvements			Improvements		Cost				Land		Improvements		Total			Depreciation			Construction		Acquired		Computed
Office and Rental Buildings
Brooklyn, New York
Fulton Street at Bond Street		$	5,937,288		$	3,901,349		$	7,403,468		$21,587,666			$—			$3,901,349		$28,991,134		$	32,892,483		$	10,927,029		Various		Various		(1) (2)
Jamaica, New York
Jamaica Avenue at 169th Street			—			—			3,215,699		16,102,736			—			—		19,318,435			19,318,435			9,787,442		1959		1959		(1) (2)
Fishkill, New York
Route 9 at Interstate Highway 84			—			594,723			7,212,116		4,597,796			—			594,723		11,809,912			12,404,635			8,695,724		10/74		11/72		(1)
Brooklyn, New York
Jowein Building Fulton Street
and Elm Place			—			1,324,957			728,327		13,091,986			—			1,324,957		13,820,313			15,145,270			4,534,295		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		78,290			—			120,849		4,466,746			4,587,595			2,469,485		9/92		12/92		(1)
Total(A)		$	5,937,288		$	6,067,805		$	22,948,066		$55,458,474			$—			$6,067,805		$78,406,540		$	84,474,345		$	36,413,975

 

(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 $380,167 and Accumulated Depreciation thereon of $249,145 at July 31, 2015.

	Year Ended July 31,
	2015				2014			2013
Investment in Real Estate
Balance at Beginning of Year	$	82,092,994			$	78,547,467		$	75,779,002
Improvements		2,426,491				3,545,527			3,204,356
Retirements		(45,140	)			—			(435,891	)
Balance at End of Year	$	84,474,345			$	82,092,994		$	78,547,467
Accumulated Depreciation
Balance at Beginning of Year	$	34,773,376			$	33,097,163		$	31,620,831
Additions Charged to Costs and Expenses		1,658,091				1,676,213			1,596,202
Retirements		(17,492	)			—			(119,870	)
Balance at End of Year	$	36,413,975			$	34,773,376		$	33,097,163

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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—incorporated by reference
	(ii)	By-laws—incorporated by reference
	(iii)	Amendment to By-laws, effective November 1, 1999 - incorporated by reference
	(iv)	Amendment to By-Laws, effective November 20, 2007 - 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)   incorporated by reference

		(ii) Employment Agreements with Messrs. Shulman, Greenblatt, Lyke and Silva, each dated August 1, 2005, incorporated by reference to Registrant’s Form 8-K dated August 1, 2005. Each of these Employment Agreements were extended August 1, 2008 for a period of three years and further extended August 1, 2011 for an additional period of three years and further extended August 1, 2014 for an additional period of three years.

(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 regarding 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
(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

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