FRPH FRP Holdings Inc

JACKSONVILLE, Fla., Feb. 22 /PRNewswire-FirstCall/ -- Patriot Transportation Holding, Inc. (NASDAQ:PATR) announced today that its subsidiary, Florida Rock Properties, Inc. ("FRP"), continues to pursue its efforts to obtain approval of a final planned unit development application for its Washington, D.C. property located on the banks of the Anacostia River across Potomac Avenue from the new baseball stadium being constructed for the Washington Nationals. In response to comments recently received from members of the District of Columbia Zoning Commission, FRP is seeking to refocus the proposed project to respond to the concerns raised. FRP believes that its proposed project, which had previously received preliminary approval, will complement the new stadium and will contribute to the overall redevelopment of the baseball stadium district. At this time, Patriot is uncertain when the Zoning Commission will act finally on the FRP application or what action the Commission may take. We congratulate Florida Rock Industries, Inc. on its recent announcement of its pending merger with Vulcan Materials Company. Our company originally was part of the Florida Rock Industries group, but we became a separate public company in 1986. Two of our subsidiaries, Florida Rock Properties, Inc. and Florida Rock & Tank Lines, Inc., still use the "Florida Rock" name. In addition, Florida Rock Industries, Inc., and its subsidiaries lease many properties from our company, including many mining properties and our Washington, D.C. property on the Anacostia River. The merger transaction of Florida Rock Industries, Inc. with Vulcan Materials Company does not involve Patriot, Florida Rock Properties, Inc., Florida Rock & Tank Lines, Inc., FRP Development Corp. and SunBelt Transport, Inc. Patriot Transportation Holding, Inc. is engaged in the transportation and real estate businesses. The Company's transportation business is conducted through two wholly owned subsidiaries. Florida Rock & Tank Lines, Inc. is a Southeastern transportation company concentrating in the hauling by motor carrier of liquid and dry bulk commodities. SunBelt Transport, Inc. serves the flatbed portion of the trucking industry in the Southeastern states, hauling mainly construction materials. The Company's real estate group, comprised of FRP Development Corp. and Florida Rock Properties, Inc., acquires, constructs, leases, operates and manages land and buildings to generate both current cash flows and long-term capital appreciation. The real estate group also owns real estate which is leased under mining royalty lease agreements or held for investment. Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include general business conditions; competitive factors; political, economic, regulatory and climatic conditions; driver availability and cost; the impact of future regulations regarding the transportation industry; freight demand for petroleum products and for building and construction materials in the Company's markets; risk insurance markets; demand for flexible warehouse/office facilities; ability to obtain zoning and entitlements necessary for property development; interest rates; levels of mining activity; pricing; energy costs and technological changes. Additional information regarding these and other risk factors and uncertainties may be found in the Company's filings with the Securities and Exchange Commission. DATASOURCE: Patriot Transportation Holding, Inc. CONTACT: John E. Anderson, Chief Executive Officer of Patriot Transportation Holding, +1-904-396-5733, Ext. 101

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