FRP Holdings, Inc. (NASDAQ-FRPH)
Fourth Quarter Consolidated Results of
Operations
Net income for the fourth quarter of 2019 was
$2,453,000 or $.25 per share versus $706,000 or $.07 per share in
the same period last year. The fourth quarter of 2019 was impacted
by the following items:
- Federal and state tax refunds of $26 million were received
including $302,000 of interest income. This refund impacted
the balance sheet and cash flow statement but, apart from the
interest income, had no impact on the income statement because the
credit to current tax expense and charge to deferred tax expense
net out.
- Income tax expense was reduced $341,000 due to favorable state
apportionment.
- Operating expenses includes $463,000 professional fees for
Anacostia legal fees for environmental recovery efforts.
- We incurred $63,000 professional legal fees related to three
new opportunity zone joint ventures.
- Interest income includes $691,000 for Bryant Street and The
Maren preferred interest.
- Interest income includes $358,000 realized gain on bonds.
- Loss on joint ventures includes $473,000 for our share of
Bryant Street and The Maren preferred interest and $118,000
amortization of guarantee liability related to the Bryant Street
loan.
The fourth quarter of 2018 included a $905,000
realized loss on the sale of bonds, $372,000 for the annual
director stock grant and $100,000 for stock options granted to
employees, $218,000 in professional fees related to the
organization of the Bryant St. joint venture, $276,000 in due
diligence costs on a potential purchase of raw land in Baltimore,
$81,000 preferred interest on The Maren.
Fourth Quarter Segment Operating
Results
Asset Management Segment:
Most of the Asset Management Segment was
reclassified to discontinued operations leaving two commercial
properties as well as Cranberry Run, which we purchased in the
first quarter of this year, and 1801 62nd Street which joined this
segment on April 1. Cranberry Run is a five-building
industrial park in Harford County, MD totaling 268,010 square feet
of industrial/ flex space and at quarter end was 26.1% leased and
occupied. 1801 62nd Street is our most recent spec building
in Hollander Business Park and is our first warehouse with a
32-foot clear-height ceiling. We completed construction on
this building earlier this year and it is now 100% leased and
occupied. Total revenues in this segment were $457,000, down
$135,000 or 22.8%, over the same period last year. Operating
loss was $213,000, down $474,000 from an operating profit of
$261,000 in the same quarter last year due to higher allocation of
corporate expenses and increased operating expenses associated with
the Cranberry Run acquisition in the first quarter and the addition
of 1801 62nd Street to Asset Management in the second
quarter.
Mining Royalty Lands Segment:
Total revenues in this segment were $2,274,000
versus $2,187,000 in the same period last year. Total
operating profit in this segment was $2,039,000, an increase of
$89,000 versus $1,950,000 in the same period last year. Among
the reasons for this increase in revenue and operating profit is
the contribution from our Ft. Myers quarry, the revenue from which,
now that mining has begun in earnest, was nearly double the minimum
royalty we have been receiving until recently.
Development Segment:
The Development segment is responsible for (i)
seeking out and identifying opportunistic purchases of income
producing warehouse/office buildings, and (ii) developing our
non-income producing properties into income production.
With respect to ongoing projects:
- PUD entitlements for our 118-acre tract in Hampstead, Maryland,
now known as “Hampstead Overlook” are ongoing. Earlier this
year, Hampstead Overlook received non-appealable rezoning from
industrial to residential.
- We finished shell building construction in December 2018 on the
two office buildings in the first phase of our joint venture with
St. John Properties. Shell building construction of the two
retail buildings was completed in January 2019. We are now in the
process of leasing these four single-story buildings totaling
100,030 square feet of office and retail space. At quarter
end, Phase I was 44% leased and occupied.
- We are the principal capital source of a residential
development venture in Baltimore County, Maryland known as “Hyde
Park.” We have committed up to $3.5 million in exchange for
an interest rate of 10% and a preferred return of 20% after which a
“waterfall” determines the split of proceeds from sale.
Entitlements for the development of the property are complete, a
homebuilder is under contract to purchase all of the 126 recorded
building lots, and settlement is expected in the second quarter of
2020.
- We are the principal capital source of a residential
development venture in Prince George’s County, Maryland known as
“Amber Ridge.” We have committed up to $18.5 million in
exchange for an interest rate of 10% and a preferred return of 20%
after which a “waterfall” determines the split of proceeds from
sale. Amber Ridge will hold 190 town homes. We are
currently pursuing entitlements and have two homebuilders under
contract to purchase all 190 units upon completion of development
infrastructure.
- In April 2018, we began construction on Phase II of our
RiverFront on the Anacostia project, now known as “The
Maren.” We expect to deliver the first units of the building
in April 2020.
- In December 2018, the Company entered into a joint venture
agreement with MidAtlantic Realty Partners (MRP) for the
development of the first phase of a multifamily, mixed-use
development in northeast Washington, DC known as “Bryant
Street.” FRP contributed $32 million for common equity and
another $23 million for preferred equity to the joint
venture. Construction began in February 2019 and as of the
end of the year was 46% complete. The project is currently on
time, within budget, and expected to be complete in the fourth
quarter of 2021. This project is located in an opportunity
zone and has allowed us to defer $14.9 million in taxes associated
with last year’s asset sale.
- In December 2019, the Company entered into a joint venture
agreement with MRP for the development of a mixed-use project known
as “1800 Half Street.” The development is located in the
Buzzard Point area of Washington, DC, less than half a mile
downriver from Dock 79 and the Maren. It lies directly
between our two acres on the Anacostia, currently under lease by
Vulcan, and Audi Field, the home stadium of the DC United. The
10-story structure will have 344 apartments and 11,246 square feet
of ground floor retail. FRP contributed $37.3 million in
common equity. The project is a qualified opportunity zone
investment and will defer just over $10 million in taxes associated
with last year’s asset sale.
- In December 2019, the company entered into two joint ventures
in Greenville, SC with a new partner, Woodfield Development.
Woodfield specializes in Class-A multi-family, mixed use
developments primarily in the Carolinas and DC. Our first
joint venture with them is a 200-unit multifamily project known as
“Riverside.” FRP contributed $6.2 million in common equity
for a 40% ownership interest. Construction is set to begin in
the first quarter of 2020 and should be complete in the third
quarter of 2021. The second joint venture in Greenville with
Woodfield is a 227-unit multifamily development known as “.408
Jackson.” It will have 4,700 square feet of retail and is
located across the street from Greenville’s minor league baseball
stadium. FRP contributed $9.7 million in common equity for a
40% ownership interest. Construction is set to begin in the
second quarter of 2020 and should be complete in the second quarter
of 2022. Both projects are qualified opportunity investments
and will defer a combined $4.3 million in taxes.
Stabilized Joint Venture Segment:
Dock 79’s average occupancy for the quarter was
95.11%, and at the end of the quarter, Dock 79 was 91.48% leased
and 93.44% occupied. This quarter, 63.08% of expiring leases
renewed with an average increase in rent on those renewals of
2.67%. Net Operating Income this quarter for this segment was
$1,821,000, up $130,000 or 7.69% compared to the same quarter last
year. Dock 79 is a joint venture between the Company and MRP,
in which FRP Holdings, Inc. is the majority partner with 66%
ownership.
In July 2019, the Company completed a like-kind
exchange by reinvesting $6,000,000 into a Delaware Statutory Trust
(DST) known as CS1031 Hickory Creek DST. The DST owns a
294-unit garden-style apartment community known as Hickory Creek
consisting of 19 three-story apartment buildings containing 273,940
rentable square feet. Hickory Creek was constructed in 1984
and substantially renovated in 2016 and is located in Henrico
County, Virginia. The Company is 26.649% beneficial owner and
receives monthly distributions. Fourth quarter distributions
were $83,000. The project is a qualified 1031 like-kind
exchange investment and will defer $790,000 in taxes associated
with the sales of 7030 Dorsey Road and 1502 Quarry Drive
Calendar Year 2019 Consolidated Results
of Operations
Net income for 2019 was $16,177,000 or $1.63 per
share versus $124,472,000 or $12.32 per share in the same period
last year. Income from discontinued operations for 2019 was
$6,856,000 or $.69 per share versus $122,129,000 or $12.09 per
share in the same period last year. Income from continuing
operations was impacted by the following items:
- Federal and state tax refunds of $26 million were received
including $302,000 of interest income. This refund impacted
the balance sheet and cash flow statement but, apart from the
interest income, had no impact on the income statement because the
credit to current tax expense and charge to deferred tax expense
net out.
- Income tax expense was reduced $341,000 due to favorable state
apportionment.
- Operating expenses includes $627,000 professional fees for
Anacostia legal fees for environmental recovery efforts.
- We incurred $142,000 professional legal fees related to three
new opportunity zone joint ventures.
- Interest income includes $1,709,000 for Bryant Street and The
Maren preferred interest.
- Interest income includes $949,000 realized gain on bonds.
- Loss on joint ventures includes $1,232,000 for our share of
Bryant Street and The Maren preferred interest and $373,000
amortization of guarantee liability related to the Bryant Street
loan.
Calendar year 2018 income from continuing
operations of $959,000 included $1,457,000 in stock compensation
expense ($1,055,000 for the 2018 director stock grant and $402,000
for vesting of option grants from 2016 and 2017 due to the asset
disposition).
Calendar Year 2019 Segment Operating
Results
Asset Management Segment:
Most of the Asset Management Segment was
reclassified to discontinued operations leaving one recent
industrial acquisition, Cranberry Run, which we purchased during
the first quarter of this year, 1801 62nd Street which joined this
business segment on April 1, and two commercial properties that
remained after the sale this year of our office property at 7030
Dorsey Road. Cranberry Run is a five-building industrial park
in Harford County, MD totaling 268,010 square feet of industrial/
flex space. We made substantial progress in 2019 on our plan
to implement approximately $2 million in improvements in order to
lease-up the property. An additional $1 million of capital is
projected for future leasing costs bringing the total investment to
approximately $9.5 million or $35 per square foot. 1801 62nd Street
is our most recent spec building in Hollander Business Park and is
our first warehouse with a 32-foot clear-height ceiling. We
completed construction of this building earlier this year and it is
100% leased and occupied as of December 31, 2019. Total
revenues in this segment were $2,190,000, down $119,000 or 5.2%,
over the same period last year. Operating loss was
($450,000), down $1,348,000 from an operating profit of $898,000 in
the same period last year due to higher allocation of corporate
expenses, increased operating expenses associated with the
Cranberry Run acquisition in the first quarter and the addition of
1801 62nd Street to Asset Management in the second
quarter.
Mining Royalty Lands Segment:
Total revenues in this segment were $9,438,000
versus $8,139,000 in the same period last year. Total
operating profit in this segment was $8,521,000, an increase of
$1,231,000 versus $7,290,000 in the same period last year.
Among the reasons for this increase in revenue and operating profit
is the contribution from our Ft. Myers quarry, the revenue from
which, now that mining has begun in earnest, was more than double
the minimum royalty we have been receiving until recently.
Royalties were reduced by $115,000 due to a volumetric adjustment
from the Manassas quarry.
Stabilized Joint Venture Segment:
Average occupancy for 2019 at Dock 79 was
95.46%, and at the end of the year, Dock 79 was 91.48% leased and
93.44% occupied. Through 2019, 60.68% of expiring leases have
renewed with an average increase in rent of 2.76%. Net
Operating Income for this segment was $7,167,000, up $629,000 or
9.62% compared to the same period last year, primarily due to
substantial increases in NOI from our retail tenants compared to
this period last year. Dock 79 is a joint venture between the
Company and MRP, in which FRP Holdings, Inc. is the majority
partner with 66% ownership.
In July 2019, the Company completed a like-kind
exchange by reinvesting $6,000,000 into a Delaware Statutory Trust
(DST) known as CS1031 Hickory Creek DST. The DST owns a
294-unit apartment community known as Hickory Creek consisting of
19 three-story apartment buildings containing 273,940 rentable
square feet. Hickory Creek was constructed in 1984 and
substantially renovated in 2016. The property is eleven miles
from downtown Richmond in Henrico County, Virginia. The
Company is 26.649% beneficial owner and receives monthly
distributions. Distributions in 2019 were $123,000.
Summary and Outlook
With the second quarter dispositions of our
assets at 1502 Quarry Drive and 7030 Dorsey Road for $11.7 million
and $8.85 million respectively, the Company continued and has
nearly completed the liquidation of its “heritage”
properties. Of the 43 buildings owned and operated by the
Company at the start of 2018, all that remains is the Company’s
home office building in Sparks, MD and the vacant lot in
Jacksonville still under lease to Vulcan that used to house Florida
Rock Industries’ home office. In the past year we added
Cranberry Run and 1801 62nd Street to the Asset Management
Segment. These additions, the former a value-add,
opportunistic acquisition and the latter, an in-house development
of one of the parcels remaining at Hollander Business Park, are
indicative of the types of assets we intend to add periodically to
this segment. But they should not be mistaken as the first
steps on the road to rebuilding the kind of Asset Management
segment we operated prior to last year’s sale. We are no
longer in the develop and hold business when it comes to industrial
assets. Rather, we will develop buildings from our existing
land bank and from new raw land purchases, or rehabilitate an
existing industrial asset acquired at a discount with the aim of
selling the fully leased buildings individually or in groups when
the market dictates these actions.
This quarter marked the seventh consecutive
quarter of increases in mining royalty revenue compared to the same
period the year before and represents the segment’s best year in
terms of financial performance. Operating profit this year
was higher than last year’s revenue, which until this year was the
highest revenue total in this segment’s history. Had the year
ended after the first three quarters, which is to say, had we
collected no royalties whatsoever in the fourth quarter, this
segment would still have experienced its third highest revenue
total.
Construction remains on schedule for The Maren
and Bryant Street, with the expectation of delivering the first
units of The Maren in April 2020. While construction should
be complete at Bryant St in 2021, the first residential units
should be delivered by the end of 2020. These assets
represent an investment of over $80 million and will more than
triple the number of residential units and square feet of mixed use
we have in our existing portfolio.
In the final days of 2019, we were able to put
over $53 million to work in opportunity zone investments in
Washington, DC and Greenville, SC. Though “Riverside” and
“.408 Jackson” are a step outside of our traditional geographic
footprint, we were impressed with Greenville and felt the growth
potential of the market and the track record of our new partner
warranted the investment. As to “1800 Half Street,” what
really attracted us to this deal, beyond investing in one of the
best markets in the country, is the ability to augment our
footprint in an area where we already planned to develop, with
partners we know and trust, and the added benefit of investing in
an opportunity zone. We think this investment will only
further enhance and serve as a launching point for Square 664E when
Vulcan’s lease and option to renew finally runs out in 2026.
2019 was the second full year of having
Dock 79 consolidated on to the Company’s books, but the first in
which we were fighting the headwinds of both new supply in the
market and disruptions to our tenants caused by the construction of
The Maren next door. That we renewed a higher percentage of
tenants than we did in 2018 (60.68% vs. 58.40%) with a comparable
percentage increase in rent (2.76% vs 3.29%), we believe is a
powerful reminder of both the quality of the asset and the demand
for waterfront real estate.
In light of the performance of the Mining
Royalties Segment or Dock 79 or the transformation of our Asset
Management Segment, one could look back at the twelve months with
some degree of satisfaction. This was an excellent year for
many of our assets—in some cases, the best year they’ve ever
had. And yet the asset that looms largest in the minds of
management—our substantial cash holdings—remains by and large
unchanged and presents us with the same challenges we faced a year
ago. We are actively pursuing different projects in which to
put the money to use while remaining cautious and perhaps
conservative in terms of the standard of quality of any project we
consider. Our most recent opportunity zone investments in DC
and South Carolina speak to that. But the $160 million that
remains deserves a better home than fixed income, and so we are
faced with a choice in investment philosophy: do we find a home for
the money today that can generate a better return than
investment-grade bonds, or do we sit pat and wait for something
extraordinary? We opted for the latter, and the shareholder
patience required to execute it has not gone unappreciated by
management. Though our team is anxious to return your money
to you in the form of new investments, the redeployment of our cash
will be based on the amount of return we can generate rather than
the amount of time that has passed since the asset sale.
To that end, we have been buying back shares of
the Company when we believe it is underpriced. In 2019, the
Company repurchased 169,251 shares at an average cost of $48.51 per
share and had authorization to repurchase another $10,939,000 in
stock.
Conference Call
The Company will host a conference call on
Thursday, March 5, 2020 at 9:00 a.m. (EST). Analysts,
stockholders and other interested parties may access the
teleconference live by calling 1-800-311-9406 (passcode 939063)
within the United States. International callers may dial
1-334-323-7224 (passcode 939063). Computer audio live
streaming is available via the Internet through the Company’s
website at www.frpholdings.com. You may also click on this
link for the live streaming
http://stream.conferenceamerica.com/frp030420. For the
archived audio via the internet, click on the following link
http://archive.conferenceamerica.com/archivestream/frp030420.mp3.
If using the Company’s website, click on the Investor Relations
tab, then select the earnings conference stream. An audio
replay will be available for sixty days following the conference
call. To listen to the audio replay, dial toll free 1-877-919-4059,
international callers dial 1-334-323-0140. The passcode of
the audio replay is 36392907. Replay options: “1” begins
playback, “4” rewind 30 seconds, “5” pause, “6” fast forward 30
seconds, “0” instructions, and “9” exits recording. There may
be a 30-40 minute delay until the archive is available following
the conclusion of the conference call.
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, but are not limited to:
the possibility that we may be unable to find appropriate
reinvestment opportunities for the proceeds from the Sale
Transaction; levels of construction activity in the markets
served by our mining properties; demand for flexible
warehouse/office facilities in the Baltimore-Washington-Northern
Virginia area demand for apartments in Washington D.C. and
Richmond, Virginia; our ability to obtain zoning and entitlements
necessary for property development; the impact of lending and
capital market conditions on our liquidity; our ability to finance
projects or repay our debt; general real estate investment and
development risks; vacancies in our properties; risks associated
with developing and managing properties in partnership with others;
competition; our ability to renew leases or re-lease spaces as
leases expire; illiquidity of real estate investments; bankruptcy
or defaults of tenants; the impact of restrictions imposed by our
credit facility; the level and volatility of interest rates;
environmental liabilities; inflation risks; cybersecurity risks; as
well as other risks listed from time to time in our SEC filings;
including but not limited to; our annual and quarterly reports. We
have no obligation to revise or update any forward-looking
statements, other than as imposed by law, as a result of future
events or new information. Readers are cautioned not to place undue
reliance on such forward-looking statements.
FRP Holdings, Inc. is a holding company engaged
in the real estate business, namely (i) leasing and management of
commercial properties owned by the Company, (ii) leasing and
management of mining royalty land owned by the Company, (iii) real
property acquisition, entitlement, development and construction
primarily for apartment, retail, warehouse, and office, (iv)
leasing and management of a residential apartment building.
FRP HOLDINGS, INC. AND
SUBSIDIARIES CONSOLIDATED
STATEMENTS OF INCOME(In thousands except per share
amounts)(Unaudited)
|
|
THREE MONTHS ENDED |
|
TWELVE MONTHS ENDED |
|
|
DECEMBER 31, |
|
DECEMBER 31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
3,522 |
|
|
|
3,465 |
|
|
|
14,318 |
|
|
|
13,883 |
|
Mining lands lease revenue |
|
|
2,274 |
|
|
|
2,187 |
|
|
|
9,438 |
|
|
|
8,139 |
|
Total Revenues |
|
|
5,796 |
|
|
|
5,652 |
|
|
|
23,756 |
|
|
|
22,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
1,465 |
|
|
|
1,548 |
|
|
|
5,855 |
|
|
|
7,898 |
|
Operating expenses |
|
|
1,390 |
|
|
|
1,334 |
|
|
|
4,134 |
|
|
|
4,285 |
|
Environmental remediation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(465 |
) |
Property taxes |
|
|
735 |
|
|
|
676 |
|
|
|
2,941 |
|
|
|
2,625 |
|
Management company indirect |
|
|
642 |
|
|
|
399 |
|
|
|
2,514 |
|
|
|
1,765 |
|
Corporate expenses |
|
|
628 |
|
|
|
1,042 |
|
|
|
2,556 |
|
|
|
3,952 |
|
Total cost of operations |
|
|
4,860 |
|
|
|
4,999 |
|
|
|
18,000 |
|
|
|
20,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
profit |
|
|
936 |
|
|
|
653 |
|
|
|
5,756 |
|
|
|
1,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income,
including realized gains (losses) of $358, ($905), $949 and
($1,195), respectively |
|
|
2,562 |
|
|
|
797 |
|
|
|
8,375 |
|
|
|
2,672 |
|
Interest expense |
|
|
(65 |
) |
|
|
(685 |
) |
|
|
(1,054 |
) |
|
|
(3,103 |
) |
Equity in loss of joint
ventures |
|
|
(672 |
) |
|
|
(52 |
) |
|
|
(1,954 |
) |
|
|
(88 |
) |
Gain (loss) on real estate
investments |
|
|
(1 |
) |
|
|
43 |
|
|
|
661 |
|
|
|
40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations before income taxes |
|
|
2,760 |
|
|
|
756 |
|
|
|
11,784 |
|
|
|
1,483 |
|
Provision for income
taxes |
|
|
433 |
|
|
|
255 |
|
|
|
2,962 |
|
|
|
524 |
|
Income from continuing
operations |
|
|
2,327 |
|
|
|
501 |
|
|
|
8,822 |
|
|
|
959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued
operations, net |
|
|
7 |
|
|
|
20 |
|
|
|
6,856 |
|
|
|
122,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
2,334 |
|
|
|
521 |
|
|
|
15,678 |
|
|
|
123,088 |
|
Loss attributable to
noncontrolling interest |
|
|
(119 |
) |
|
|
(185 |
) |
|
|
(499 |
) |
|
|
(1,384 |
) |
Net income
attributable to the Company |
|
$ |
2,453 |
|
|
|
706 |
|
|
|
16,177 |
|
|
|
124,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.24 |
|
|
|
0.05 |
|
|
|
0.89 |
|
|
|
0.10 |
|
Diluted |
|
$ |
0.24 |
|
|
|
0.05 |
|
|
|
0.89 |
|
|
|
0.09 |
|
Discontinued operations- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.00 |
|
|
|
0.00 |
|
|
|
0.69 |
|
|
|
12.16 |
|
Diluted |
|
$ |
0.00 |
|
|
|
0.00 |
|
|
|
0.69 |
|
|
|
12.09 |
|
Net income attributable to the
Company- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.25 |
|
|
|
0.07 |
|
|
|
1.64 |
|
|
|
12.40 |
|
Diluted |
|
$ |
0.25 |
|
|
|
0.07 |
|
|
|
1.63 |
|
|
|
12.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
shares (in thousands) used in computing: |
-basic earnings per common share |
|
|
9,823 |
|
|
|
10,049 |
|
|
|
9,883 |
|
|
|
10,040 |
|
-diluted earnings per common share |
|
|
9,866 |
|
|
|
10,094 |
|
|
|
9,926 |
|
|
|
10,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FRP HOLDINGS, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(In thousands, except share data)(Unaudited)
|
|
December 31 |
|
December 31 |
Assets: |
|
2019 |
|
2018 |
Real estate investments at cost: |
|
|
|
|
|
|
|
|
Land |
|
$ |
84,383 |
|
|
|
83,721 |
|
Buildings and
improvements |
|
|
147,019 |
|
|
|
144,543 |
|
Projects under
construction |
|
|
1,056 |
|
|
|
6,683 |
|
Total investments in properties |
|
|
232,458 |
|
|
|
234,947 |
|
Less accumulated depreciation
and depletion |
|
|
30,271 |
|
|
|
28,394 |
|
Net investments in properties |
|
|
202,187 |
|
|
|
206,553 |
|
|
|
|
|
|
|
|
|
|
Real estate held for
investment, at cost |
|
|
8,380 |
|
|
|
7,167 |
|
Investments in joint
ventures |
|
|
160,452 |
|
|
|
88,884 |
|
Net real estate investments |
|
|
371,019 |
|
|
|
302,604 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
26,607 |
|
|
|
22,547 |
|
Cash held in escrow |
|
|
186 |
|
|
|
202 |
|
Accounts receivable, net |
|
|
546 |
|
|
|
564 |
|
Investments available for sale
at fair value |
|
|
137,867 |
|
|
|
165,212 |
|
Federal and state income taxes
receivable |
|
|
— |
|
|
|
9,854 |
|
Unrealized rents |
|
|
554 |
|
|
|
53 |
|
Deferred costs |
|
|
890 |
|
|
|
773 |
|
Other assets |
|
|
479 |
|
|
|
455 |
|
Assets of discontinued
operations |
|
|
— |
|
|
|
3,224 |
|
Total assets |
|
$ |
538,148 |
|
|
|
505,488 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Secured notes payable |
|
$ |
88,925 |
|
|
|
88,789 |
|
Accounts payable and accrued
liabilities |
|
|
2,431 |
|
|
|
3,545 |
|
Other liabilities |
|
|
1,978 |
|
|
|
100 |
|
Deferred revenue |
|
|
790 |
|
|
|
27 |
|
Federal and state income taxes
payable |
|
|
504 |
|
|
|
— |
|
Deferred income taxes |
|
|
50,111 |
|
|
|
27,981 |
|
Deferred compensation |
|
|
1,436 |
|
|
|
1,450 |
|
Tenant security deposits |
|
|
328 |
|
|
|
53 |
|
Liabilities of discontinued
operations |
|
|
— |
|
|
|
288 |
|
Total liabilities |
|
|
146,503 |
|
|
|
122,233 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Common stock, $.10 par
value25,000,000 shares authorized,9,817,429 and 9,969,174 shares
issuedand outstanding, respectively |
|
|
982 |
|
|
|
997 |
|
Capital in excess of par
value |
|
|
57,705 |
|
|
|
58,004 |
|
Retained earnings |
|
|
315,278 |
|
|
|
306,307 |
|
Accumulated other
comprehensive income, net |
|
|
923 |
|
|
|
(701 |
) |
Total shareholders’ equity |
|
|
374,888 |
|
|
|
364,607 |
|
Noncontrolling interest
MRP |
|
|
16,757 |
|
|
|
18,648 |
|
Total equity |
|
|
391,645 |
|
|
|
383,255 |
|
Total liabilities and
shareholders’ equity |
|
$ |
538,148 |
|
|
|
505,488 |
|
|
|
|
|
|
|
|
|
|
Asset Management Segment:
|
|
Three months ended December 31 |
|
|
|
|
(dollars in thousands) |
|
2019 |
|
% |
|
2018 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
457 |
|
|
|
100.0 |
% |
|
|
592 |
|
|
|
100.0 |
% |
|
|
(135 |
) |
|
|
-22.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
181 |
|
|
|
39.6 |
% |
|
|
135 |
|
|
|
22.8 |
% |
|
|
46 |
|
|
|
34.1 |
% |
Operating expenses |
|
|
158 |
|
|
|
34.6 |
% |
|
|
117 |
|
|
|
19.8 |
% |
|
|
41 |
|
|
|
35.0 |
% |
Property taxes |
|
|
70 |
|
|
|
15.3 |
% |
|
|
42 |
|
|
|
7.1 |
% |
|
|
28 |
|
|
|
66.7 |
% |
Management company
indirect |
|
|
85 |
|
|
|
18.6 |
% |
|
|
30 |
|
|
|
5.0 |
% |
|
|
55 |
|
|
|
183.3 |
% |
Corporate expense |
|
|
176 |
|
|
|
38.5 |
% |
|
|
7 |
|
|
|
1.2 |
% |
|
|
169 |
|
|
|
2414.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
670 |
|
|
|
146.6 |
% |
|
|
331 |
|
|
|
55.9 |
% |
|
|
339 |
|
|
|
102.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
(213 |
) |
|
|
-46.6 |
% |
|
|
261 |
|
|
|
44.1 |
% |
|
|
(474 |
) |
|
|
-181.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining Royalty Lands
Segment:
|
|
Three months ended December 31 |
|
|
|
|
|
(dollars in thousands) |
|
2019 |
|
% |
|
2018 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining lands lease revenue |
|
$ |
2,274 |
|
|
|
100.0 |
% |
|
|
2,187 |
|
|
|
100.0 |
% |
|
|
87 |
|
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
47 |
|
|
|
2.1 |
% |
|
|
53 |
|
|
|
2.4 |
% |
|
|
(6 |
) |
|
|
-11.3 |
% |
Operating expenses |
|
|
24 |
|
|
|
1.0 |
% |
|
|
40 |
|
|
|
1.8 |
% |
|
|
(16 |
) |
|
|
-40.0 |
% |
Property taxes |
|
|
68 |
|
|
|
3.0 |
% |
|
|
87 |
|
|
|
4.0 |
% |
|
|
(19 |
) |
|
|
-21.8 |
% |
Management company
indirect |
|
|
50 |
|
|
|
2.2 |
% |
|
|
— |
|
|
|
0.0 |
% |
|
|
50 |
|
|
|
0.0 |
% |
Corporate expense |
|
|
46 |
|
|
|
2.0 |
% |
|
|
57 |
|
|
|
2.6 |
% |
|
|
(11 |
) |
|
|
-19.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
235 |
|
|
|
10.3 |
% |
|
|
237 |
|
|
|
10.8 |
% |
|
|
(2 |
) |
|
|
-0.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
2,039 |
|
|
|
89.7 |
% |
|
|
1,950 |
|
|
|
89.2 |
% |
|
|
89 |
|
|
|
4.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
Segment:
|
|
Three months ended December 31 |
(dollars in thousands) |
|
2019 |
|
2018 |
|
Change |
|
|
|
|
|
|
|
Lease revenue |
|
$ |
272 |
|
|
|
262 |
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
53 |
|
|
|
57 |
|
|
|
(4 |
) |
Operating expenses |
|
|
522 |
|
|
|
580 |
|
|
|
(58 |
) |
Property taxes |
|
|
308 |
|
|
|
269 |
|
|
|
39 |
|
Management company
indirect |
|
|
459 |
|
|
|
314 |
|
|
|
145 |
|
Corporate expense |
|
|
362 |
|
|
|
874 |
|
|
|
(512 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
1,704 |
|
|
|
2,094 |
|
|
|
(390 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(1,432 |
) |
|
|
(1,832 |
) |
|
|
400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized Joint Venture
Segment:
|
|
Three months ended December 31 |
|
|
|
|
(dollars in thousands) |
|
2019 |
|
% |
|
2018 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
2,793 |
|
|
|
100.0 |
% |
|
|
2,611 |
|
|
|
100.0 |
% |
|
|
182 |
|
|
|
7.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
1,184 |
|
|
|
42.4 |
% |
|
|
1,303 |
|
|
|
49.9 |
% |
|
|
(119 |
) |
|
|
-9.1 |
% |
Operating expenses |
|
|
686 |
|
|
|
24.6 |
% |
|
|
597 |
|
|
|
22.9 |
% |
|
|
89 |
|
|
|
14.9 |
% |
Property taxes |
|
|
289 |
|
|
|
10.3 |
% |
|
|
278 |
|
|
|
10.6 |
% |
|
|
11 |
|
|
|
4.0 |
% |
Management company
indirect |
|
|
48 |
|
|
|
1.7 |
% |
|
|
55 |
|
|
|
2.1 |
% |
|
|
(7 |
) |
|
|
-12.7 |
% |
Corporate expense |
|
|
44 |
|
|
|
1.6 |
% |
|
|
104 |
|
|
|
4.0 |
% |
|
|
(60 |
) |
|
|
-57.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
2,251 |
|
|
|
80.6 |
% |
|
|
2,337 |
|
|
|
89.5 |
% |
|
|
(86 |
) |
|
|
-3.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
542 |
|
|
|
19.4 |
% |
|
|
274 |
|
|
|
10.5 |
% |
|
|
268 |
|
|
|
97.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Segment:
|
|
Twelve months ended December 31 |
|
|
|
|
(dollars in thousands) |
|
2019 |
|
% |
|
2018 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
2,190 |
|
|
|
100.0 |
% |
|
|
2,309 |
|
|
|
100.0 |
% |
|
|
(119 |
) |
|
|
-5.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
708 |
|
|
|
32.3 |
% |
|
|
540 |
|
|
|
23.4 |
% |
|
|
168 |
|
|
|
31.1 |
% |
Operating expenses |
|
|
650 |
|
|
|
29.7 |
% |
|
|
452 |
|
|
|
19.6 |
% |
|
|
198 |
|
|
|
43.8 |
% |
Property taxes |
|
|
286 |
|
|
|
13.0 |
% |
|
|
164 |
|
|
|
7.1 |
% |
|
|
122 |
|
|
|
74.4 |
% |
Management company
indirect |
|
|
350 |
|
|
|
16.0 |
% |
|
|
102 |
|
|
|
4.4 |
% |
|
|
248 |
|
|
|
243.1 |
% |
Corporate expense |
|
|
646 |
|
|
|
29.5 |
% |
|
|
153 |
|
|
|
6.6 |
% |
|
|
493 |
|
|
|
322.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
2,640 |
|
|
|
120.5 |
% |
|
|
1,411 |
|
|
|
61.1 |
% |
|
|
1,229 |
|
|
|
87.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
(450 |
) |
|
|
-20.5 |
% |
|
|
898 |
|
|
|
38.9 |
% |
|
|
(1,348 |
) |
|
|
-150.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining Royalty Lands
Segment:
|
|
Twelve months ended December 31 |
|
|
|
|
(dollars in thousands) |
|
2019 |
|
% |
|
2018 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining lands lease revenue |
|
$ |
9,438 |
|
|
|
100.0 |
% |
|
|
8,139 |
|
|
|
100.0 |
% |
|
|
1,299 |
|
|
|
16.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
177 |
|
|
|
1.9 |
% |
|
|
198 |
|
|
|
2.4 |
% |
|
|
(21 |
) |
|
|
-10.6 |
% |
Operating expenses |
|
|
99 |
|
|
|
1.0 |
% |
|
|
168 |
|
|
|
2.1 |
% |
|
|
(69 |
) |
|
|
-41.1 |
% |
Property taxes |
|
|
271 |
|
|
|
2.9 |
% |
|
|
269 |
|
|
|
3.3 |
% |
|
|
2 |
|
|
|
0.7 |
% |
Management company
indirect |
|
|
201 |
|
|
|
2.1 |
% |
|
|
— |
|
|
|
0.0 |
% |
|
|
201 |
|
|
|
0.0 |
% |
Corporate expense |
|
|
169 |
|
|
|
1.8 |
% |
|
|
214 |
|
|
|
2.6 |
% |
|
|
(45 |
) |
|
|
-21.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
917 |
|
|
|
9.7 |
% |
|
|
849 |
|
|
|
10.4 |
% |
|
|
68 |
|
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
8,521 |
|
|
|
90.3 |
% |
|
|
7,290 |
|
|
|
89.6 |
% |
|
|
1,231 |
|
|
|
16.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
Segment:
|
|
Twelve months ended December 31 |
(dollars in thousands) |
|
2019 |
|
2018 |
|
Change |
|
|
|
|
|
|
|
Lease revenue |
|
$ |
1,164 |
|
|
|
1,206 |
|
|
|
(42 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
214 |
|
|
|
228 |
|
|
|
(14 |
) |
Operating expenses |
|
|
768 |
|
|
|
1,198 |
|
|
|
(430 |
) |
Environmental remediation |
|
|
— |
|
|
|
(465 |
) |
|
|
465 |
|
Property taxes |
|
|
1,226 |
|
|
|
1,037 |
|
|
|
189 |
|
Management company
indirect |
|
|
1,773 |
|
|
|
1,312 |
|
|
|
461 |
|
Corporate expense |
|
|
1,581 |
|
|
|
1,984 |
|
|
|
(403 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
5,562 |
|
|
|
5,294 |
|
|
|
268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(4,398 |
) |
|
|
(4,088 |
) |
|
|
(310 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized Joint Venture
Segment:
|
|
Twelve months ended December 31 |
|
|
|
|
(dollars in thousands) |
|
2019 |
|
% |
|
2018 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
10,964 |
|
|
|
100.0 |
% |
|
|
10,368 |
|
|
|
100.0 |
% |
|
|
596 |
|
|
|
5.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
4,756 |
|
|
|
43.4 |
% |
|
|
6,932 |
|
|
|
66.9 |
% |
|
|
(2,176 |
) |
|
|
-31.4 |
% |
Operating expenses |
|
|
2,617 |
|
|
|
23.9 |
% |
|
|
2,467 |
|
|
|
23.8 |
% |
|
|
150 |
|
|
|
6.1 |
% |
Property taxes |
|
|
1,158 |
|
|
|
10.6 |
% |
|
|
1,155 |
|
|
|
11.1 |
% |
|
|
3 |
|
|
|
0.3 |
% |
Management company
indirect |
|
|
190 |
|
|
|
1.7 |
% |
|
|
351 |
|
|
|
3.4 |
% |
|
|
(161 |
) |
|
|
-45.9 |
% |
Corporate expense |
|
|
160 |
|
|
|
1.4 |
% |
|
|
393 |
|
|
|
3.8 |
% |
|
|
(233 |
) |
|
|
-59.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
8,881 |
|
|
|
81.0 |
% |
|
|
11,298 |
|
|
|
109.0 |
% |
|
|
(2,417 |
) |
|
|
-21.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
2,083 |
|
|
|
19.0 |
% |
|
|
(930 |
) |
|
|
-9.0 |
% |
|
|
3,013 |
|
|
|
-324.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
Operations:
|
|
Three months ended |
|
Twelve months ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Lease Revenue |
|
|
— |
|
|
|
222 |
|
|
|
460 |
|
|
|
12,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
— |
|
|
|
30 |
|
|
|
17 |
|
|
|
3,161 |
|
Operating expenses |
|
|
2 |
|
|
|
48 |
|
|
|
248 |
|
|
|
1,742 |
|
Property taxes |
|
|
(5 |
) |
|
|
20 |
|
|
|
41 |
|
|
|
1,286 |
|
Management company indirect |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,360 |
|
Corporate expenses |
|
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
1,462 |
|
Total cost of operations |
|
|
(3 |
) |
|
|
102 |
|
|
|
306 |
|
|
|
9,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
profit |
|
|
3 |
|
|
|
120 |
|
|
|
154 |
|
|
|
3,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(587 |
) |
Gain (loss) on sale of
buildings |
|
|
6 |
|
|
|
(92 |
) |
|
|
9,244 |
|
|
|
164,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
9 |
|
|
|
28 |
|
|
|
9,398 |
|
|
|
167,415 |
|
Provision for income
taxes |
|
|
2 |
|
|
|
8 |
|
|
|
2,542 |
|
|
|
45,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
discontinued operations |
|
$ |
7 |
|
|
|
20 |
|
|
|
6,856 |
|
|
|
122,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from discontinued operations- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.69 |
|
|
|
12.16 |
|
Diluted |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.69 |
|
|
|
12.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measures.
To supplement the financial results presented in
accordance with GAAP, FRP presents certain non-GAAP financial
measures within the meaning of Regulation G promulgated by the
Securities and Exchange Commission. The non-GAAP financial measure
included in this quarterly report is net operating income (NOI).
FRP uses this non-GAAP financial measure to analyze its continuing
operations and to monitor, assess, and identify meaningful trends
in its operating and financial performance. This measure is not,
and should not be viewed as, a substitute for GAAP financial
measures.
Net Operating Income
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended 12/31/19
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized |
|
|
|
|
|
|
|
Asset |
|
|
|
Joint |
|
Mining |
|
Unallocated |
|
FRP |
|
Management |
|
Development |
|
Venture |
|
Royalties |
|
Corporate |
|
Holdings |
|
Segment |
|
Segment |
|
Segment |
|
Segment |
|
Expenses |
|
Totals |
Income (loss) from continuing operations |
|
63 |
|
|
|
(2,988 |
) |
|
|
736 |
|
|
|
6,277 |
|
|
|
4,734 |
|
|
|
8,822 |
|
Income Tax Allocation |
|
23 |
|
|
|
(1,108 |
) |
|
|
458 |
|
|
|
2,327 |
|
|
|
1,262 |
|
|
|
2,962 |
|
Income (loss) from
continuing operations before income taxes |
|
86 |
|
|
|
(4,096 |
) |
|
|
1,194 |
|
|
|
8,604 |
|
|
|
5,996 |
|
|
|
11,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on sale of buildings |
|
536 |
|
|
|
— |
|
|
|
— |
|
|
|
125 |
|
|
|
— |
|
|
|
661 |
|
Unrealized rents |
|
5 |
|
|
|
— |
|
|
|
22 |
|
|
|
— |
|
|
|
— |
|
|
|
27 |
|
Interest income |
|
— |
|
|
|
2,337 |
|
|
|
— |
|
|
|
— |
|
|
|
6,038 |
|
|
|
8,375 |
|
Equity in gain of Joint Venture |
|
— |
|
|
|
— |
|
|
|
123 |
|
|
|
— |
|
|
|
— |
|
|
|
123 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
123 |
|
|
|
— |
|
|
|
123 |
|
Equity in loss of Joint
Venture |
|
— |
|
|
|
2,035 |
|
|
|
— |
|
|
|
42 |
|
|
|
— |
|
|
|
2,077 |
|
Interest Expense |
|
— |
|
|
|
— |
|
|
|
1,012 |
|
|
|
— |
|
|
|
42 |
|
|
|
1,054 |
|
Depreciation/Amortization |
|
708 |
|
|
|
214 |
|
|
|
4,756 |
|
|
|
177 |
|
|
|
— |
|
|
|
5,855 |
|
Management Co. Indirect |
|
350 |
|
|
|
1,773 |
|
|
|
190 |
|
|
|
201 |
|
|
|
— |
|
|
|
2,514 |
|
Allocated Corporate Expenses |
|
646 |
|
|
|
1,581 |
|
|
|
160 |
|
|
|
169 |
|
|
|
— |
|
|
|
2,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income
(loss) |
|
1,249 |
|
|
|
(830 |
) |
|
|
7,167 |
|
|
|
9,191 |
|
|
|
— |
|
|
|
16,777 |
|
Net Operating Income
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended 12/31/18
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized |
|
|
|
|
|
|
|
Asset |
|
|
|
Joint |
|
Mining |
|
Unallocated |
|
FRP |
|
Management |
|
Development |
|
Venture |
|
Royalties |
|
Corporate |
|
Holdings |
|
Segment |
|
Segment |
|
Segment |
|
Segment |
|
Expenses |
|
Totals |
Income (loss) from continuing operations |
|
2,282 |
|
|
|
(2,844 |
) |
|
|
(3,316 |
) |
|
|
5,305 |
|
|
|
(468 |
) |
|
|
959 |
|
Income Tax Allocation |
|
847 |
|
|
|
(1,054 |
) |
|
|
(717 |
) |
|
|
1,967 |
|
|
|
(519 |
) |
|
|
524 |
|
Income (loss) from
continuing operations before income taxes |
|
3,129 |
|
|
|
(3,898 |
) |
|
|
(4,033 |
) |
|
|
7,272 |
|
|
|
(987 |
) |
|
|
1,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on investment land sold |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
43 |
|
|
|
— |
|
|
|
43 |
|
Unrealized rents |
|
— |
|
|
|
— |
|
|
|
208 |
|
|
|
— |
|
|
|
— |
|
|
|
208 |
|
Interest income |
|
2,231 |
|
|
|
220 |
|
|
|
— |
|
|
|
— |
|
|
|
221 |
|
|
|
2,672 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
16 |
|
|
|
— |
|
|
|
— |
|
|
|
494 |
|
|
|
— |
|
|
|
510 |
|
Loss on investment land
sold |
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
Equity in loss of Joint
Venture |
|
— |
|
|
|
27 |
|
|
|
— |
|
|
|
61 |
|
|
|
— |
|
|
|
88 |
|
Interest Expense |
|
— |
|
|
|
— |
|
|
|
3,103 |
|
|
|
— |
|
|
|
— |
|
|
|
3,103 |
|
Depreciation/Amortization |
|
540 |
|
|
|
228 |
|
|
|
6,932 |
|
|
|
198 |
|
|
|
— |
|
|
|
7,898 |
|
Management Co. Indirect |
|
102 |
|
|
|
1,312 |
|
|
|
351 |
|
|
|
— |
|
|
|
— |
|
|
|
1,765 |
|
Allocated Corporate Expenses |
|
153 |
|
|
|
1,984 |
|
|
|
393 |
|
|
|
214 |
|
|
|
1,208 |
|
|
|
3,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income |
|
1,709 |
|
|
|
(564 |
) |
|
|
6,538 |
|
|
|
8,196 |
|
|
|
— |
|
|
|
15,879 |
|
Contact: John D. Baker III Chief Financial Officer
904/858-9100
Grafico Azioni FRP (NASDAQ:FRPH)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni FRP (NASDAQ:FRPH)
Storico
Da Lug 2023 a Lug 2024