FRP Holdings, Inc. (NASDAQ-FRPH)
Second Quarter Consolidated Results of
Operations
Net income for the second quarter of 2020 was
$4,149,000 or $.43 per share versus $9,825,000 or $.99 per share in
the same period last year. The second quarter of 2020 was impacted
by the following items:
- Corporate expense stock compensation of $570,000 compared to
$28,000 in the same period last year due the timing of stock
grants.
- Interest expense decreased $227,000 as we capitalized more
interest on our joint venture construction projects.
- Loss on joint ventures increased $1,071,000 primarily due to
our share of the Bryant Street preferred interest, $118,000
amortization of guarantee liability related to the Bryant Street
loan, $809,000 operating loss at the Maren due to pre-leasing
efforts, partially offset by interest income generated in our
opportunity zone investments prior to the funds being
deployed.
- Gain on sale of $3,589,000 from the sale of the three remaining
lots at our Lakeside Business Park and our Gulf Hammock Property
compared to $536,000 in the same period last year
Income from discontinued operations for the
second quarter of 2019 was $6,776,000 or $.68 per share and
included the sale of our property at 1502 Quarry Drive for $11.7
million. This asset was excluded from the original sale due
to the tenant potentially exercising its right of first refusal to
purchase the property. The second quarter of 2019 included a
$328,000 realized gain on the sale of bonds.
Second 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 2019, and 1801 62nd Street which joined this
segment on April 1 of 2019. 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 71.9% 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 in 2019 and it is now 100% leased and occupied.
Total revenues in this segment were $716,000, up $54,000 or 8.2%,
over the same period last year. Operating profit was $58,000,
up $69,000 from an operating loss of $11,000 in the same quarter
last year due to 1801 62nd St being fully leased and occupied,
improved leasing at Cranberry offset by the sale of 7030 Dorsey
Road in June 2019.
Mining Royalty Lands Segment:
Total revenues in this segment were $2,402,000
versus $2,633,000 in the same period last year. Total
operating profit in this segment was $2,110,000, a decrease of
$312,000 versus $2,422,000 in the same period last year. The
primary reason for the decrease is that we are no longer receiving
double minimums at our Lake Louisa property, because our tenant,
Cemex, received its final permit to begin mining the property in
July 2019.
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. Hampstead
Overlook received Concept Plan approval from the Town of Hampstead
for 164 single and 91 town home residential units in February 2020,
and the project is currently under Preliminary Plan review
with the governing agencies.
- We are currently pursuing permit entitlements for two
industrial buildings at Hollander Business Park totaling 146,000
square feet. Construction is anticipated to begin the third
quarter of 2020 with shell completion in the third quarter of
2021.
- 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, and
a homebuilder is under contract to purchase all of the 126 recorded
building lots. The first phase of settlement occurred in May
2020, resulting in a $2.67M principal and interest payment.
- 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 187 town homes. We are
currently pursuing entitlements and have two homebuilders under
contract to purchase all 187 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.” The 14-story project will have 264 units and 6,937
net leasable square feet of ground floor retail and was 98%
complete at quarter end. Lease-up commenced in earnest in the
second week of March. At the end of the quarter, the Maren
was 45% leased, and 23% occupied.
- 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.” The project is comprised of four buildings, with 487
units and 85,681 net leasable square feet of retail. 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 quarter was 67%
complete. Bryant Street is currently on time, within budget,
and expected to be complete in the fourth quarter of 2021, with the
first of the four buildings delivering in the fourth quarter of
2020. This project is located in an opportunity zone and has
allowed us to defer $14.9 million in taxes associated with the sale
of our industrial assets.
- 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 the sale of our industrial assets. In June 2020, we
closed on a $74 million construction loan, and we anticipate
starting construction during the third quarter of this
year.
- 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 began in February
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 began in May 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
91.50%, and at the end of the quarter, Dock 79 was 92.13% leased
and 90.16% occupied. This quarter, 62.30% of expiring leases
renewed with no increase in rent due to the mandated rent freeze on
renewals in DC. Net Operating Income this quarter for this
segment was $1,654,000, down $213,000 or 11.41% 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 suburban
Richmond, Virginia. The Company is 26.649% beneficial owner
and receives monthly distributions. Second quarter
distributions were $85,000. 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.
Impact of the COVID-19
Pandemic. The COVID-19 pandemic is having an
extraordinary impact on the world economy and the markets in which
we operate. As an essential business, we have continued to operate
throughout the pandemic in accordance with White House guidance and
orders issued by state and local authorities. We have implemented
social distancing and other measures to protect the health of our
employees and customers. While we recognize the importance of
social distancing, stay at home and telework measures to protect
human health, these measures will adversely affect our retail
tenants as long as they remain in place. We are negotiating
with our retail tenants on rent abatements and cash flow
adjustments that will adversely affect our NOI. We anticipate that
the pandemic will continue to have negative impacts on the overall
economy that is likely to have a negative impact on many of our
tenants. During this period, we will continue to fulfill our duty
to operate while managing our business in a prudent fashion.
Six Months Consolidated Results of
Operations.
Net income for first half of 2020 was $5,767,000
or $.59 per share versus $11,723,000 or $1.17 per share in the same
period last year. Income from discontinued operations for the
first half of 2019 was $6,862,000 or $.69 per share. Income from
continuing operations increased $883,000 or 19% and was impacted by
the following items:
- Corporate expense stock compensation of $1,171,000 compared to
$57,000 in the same period last year due the timing of stock
grants.
- Interest expense decreased $764,0000 as we capitalized more
interest on our joint venture construction projects.
- Loss on joint ventures increased $1,449,000 primarily due to
our share of the Bryant Street preferred interest, $236,000
amortization of guarantee liability related to the Bryant Street
loan, $992,000 operating loss at the Maren due to pre-leasing
efforts, partially offset by interest income generated in our
opportunity zone investments prior to the funds being
deployed.
- Gain on sale of $3,597,000 from the sale of the three remaining
lots at our Lakeside Business Park and our Gulf Hammock Property
compared to $536,000 in the same period last year
Six Months 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 2019, and 1801 62nd Street which joined this
segment on April 1 of 2019. 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 71.9% 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 in 2019 and it is now 100% leased and occupied.
Total revenues in this segment were $1,368,000, up $65,000 or 5.0%,
over the same period last year. Operating loss was $73,000,
down $4,000 from an operating loss of $77,000 in the same period
last year due to higher allocation of corporate expenses.
Mining Royalty Lands Segment:
Total revenues in this segment were $4,587,000
versus $4,862,000 in the same period last year. Total
operating profit in this segment was $4,014,000, a decrease of
$409,000 versus $4,423,000 in the same period last year. The
primary reason for this decrease is that we are no longer receiving
double minimums at our Lake Louisa property, because our tenant,
Cemex, received its final permit to begin mining the property in
July 2019.
Stabilized Joint Venture Segment:
Dock 79’s average occupancy for the first six
months was 92.56%, and at the end of the second quarter, Dock 79
was 92.13% leased and 90.16% occupied. For the first six
months, 58.33% of expiring leases renewed with an average increase
in rent on those renewals of 0.60% due to the mandated rent freeze
on renewals that went into effect in March. Net Operating
Income for this segment was $3,466,000, down $31,000 or .9%
compared to the same 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.
Distributions for Hickory Creek were $168,000
for the first six months. The project is a qualified 1031
like-kind exchange investment in a Delaware Statutory Trust of
which the Company is a 26.659% beneficial owner.
Summary and Outlook
This is the first quarter where the Company had
to reckon with the full effects of COVID-19, and the ensuing
economic shutdown and effects associated with it. Beyond the
internal practical issues of working from home, ensuring the safety
of our employees and tenants, running a shareholder and board
meeting virtually, there were the larger issues of rent freezes at
Dock 79, the lease-up of the Maren during a pandemic, and general
uncertainty on how this would affect our tenants, construction, and
our royalties business. The fallout from this extraordinary
situation has been mixed. Even in midst of the pandemic, we
were able to sell our three remaining lots at Lakeside Business
Park for $3.75 million, and our Gulf Hammock property for $2.51
million. Royalties are down compared to last year, though how
much of it is COVID-related is debatable at this point. Some
locations are down compared to 2019, while others doing markedly
better than last year. The bulk of the decrease can be
attributed to no longer receiving double minimums at Lake
Louisa. Even with the decreases, our outlook in the short and
long term remains positive regarding this segment. Our
annualized revenue ($9,174,000) and revenue for the last twelve
months ($9,163,000) would still be the second-best year in the
history of this segment.
We have been fortunate that none of the local
governments where we currently have projects under development have
halted construction. We have had problems getting our
certificates of occupancy on the final floors of the Maren, simply
because local restrictions have made it difficult to get the
inspectors on site. Beyond the economic headwinds caused by
the pandemic, there are the necessary but still problematic
logistical issues with trying to lease up a building during this
unusual situation—virtual tours, an inability to showcase the
property with events, no baseball etc. Even with all that, we
signed 91 leases this quarter, including 44 in May. At
quarter end, the Maren was 45% leased and 23% occupied, putting us
well ahead of schedule on lease-up. The building itself is
very close to the finish line in terms of completion. We have
conditional certificates of occupancy in place for all floors with
actual units in them. All that remains are the certificates
of occupancy for the amenity spaces along with the final
certificate of occupancy for the building itself.
Dock 79 remains a source of some concern.
The rent freeze on renewals will be in effect at least until
October. Because our apartments come up for renewal two
months prior to the end of the lease, an October end to the rent
freeze with a 60-day tail means that there will more than likely be
no increases on renewals for the rest of the year. A
shortened baseball season without fans compounds a difficult
situation for our retail tenants and consequently Dock 79.
However, all three businesses have been able to resume operating to
the extent that they can. Two of our tenants were able to
resume paying rent in June. We are still working with all
three on a payment plan for the back rent. During a pandemic,
during the construction of the Maren next door, without baseball,
occupancy remains above 90% at quarter end.
Industrial remains strong as an asset
class. We had no issues with tenants paying rent and do not
expect to. We had some concerns regarding our office tenants,
but every tenant is currently paying rent and the only issue we had
with back rent is one tenant who owes $6,500 for the month of
April.
We issued our first quarter earnings and
consequently our outlook during a period of heightened concern and
uncertainty. This company along with our country and the
entire world was struggling to comprehend the immediate and
long-term effects of something none of us had any familiarity
with. It would be inaccurate to suggest that we are any less
concerned or any more certain than we were three months ago.
We have not seen the end of COVID-19 nor its effects, but we have
at least seen how our business responds to it. This quarter
could have gone any number of ways, and thankfully, we have more
good things to report than bad, more cause for confidence than
unease. A conservative balance sheet and substantial cash
reserves are one reason for our confidence. However, we
believe strongly in our business and its assets which is why we
continue to put money back into the company in the form of share
buybacks. During the first six months of 2020, the Company
repurchased 298,303 shares at an average cost of $41.41 per
share.
Finally, subsequent to the end of the quarter,
on July 31, the Company sold its warehouse at 1801 62nd Street in
Hollander Business Park for $12.3 million. This 94,350
square-foot warehouse came on line in second quarter of 2019, was
fully leased and occupied in the fourth quarter of 2019, and was
our first building with a 32-foot clear. The decision to sell
was in keeping with a departure from our previous “develop and
hold” business model. The sale resulted in a gain of $3.8
million before taxes and the proceeds were placed in a 1031
exchange fund.
Conference Call
The Company will host a conference call on
Thursday, August 6, 2020 at 10:00 a.m. (EDT). Analysts,
stockholders and other interested parties may access the
teleconference live by calling 1-877-271-1828 (passcode 58158510)
within the United States. International callers may dial
1-334-323-9871 (passcode 58158510). 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/frp080620. For the archived
audio via the internet, click on the following link
http://archive.conferenceamerica.com/archivestream/frp080620.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 32374231. 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 impact of the Covid-19 Pandemic on our operations and financial
results; 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 |
|
SIX MONTHS ENDED |
|
|
JUNE 30, |
|
JUNE 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
3,447 |
|
|
|
3,730 |
|
|
|
7,045 |
|
|
|
7,215 |
|
Mining lands lease revenue |
|
|
2,402 |
|
|
|
2,633 |
|
|
|
4,587 |
|
|
|
4,862 |
|
Total Revenues |
|
|
5,849 |
|
|
|
6,363 |
|
|
|
11,632 |
|
|
|
12,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
1,500 |
|
|
|
1,472 |
|
|
|
2,968 |
|
|
|
2,959 |
|
Operating expenses |
|
|
781 |
|
|
|
910 |
|
|
|
1,706 |
|
|
|
1,792 |
|
Property taxes |
|
|
646 |
|
|
|
713 |
|
|
|
1,383 |
|
|
|
1,466 |
|
Management company indirect |
|
|
692 |
|
|
|
610 |
|
|
|
1,364 |
|
|
|
1,202 |
|
Corporate expenses |
|
|
1,026 |
|
|
|
551 |
|
|
|
2,213 |
|
|
|
1,196 |
|
Total cost of operations |
|
|
4,645 |
|
|
|
4,256 |
|
|
|
9,634 |
|
|
|
8,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
profit |
|
|
1,204 |
|
|
|
2,107 |
|
|
|
1,998 |
|
|
|
3,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income,
including realized gains of $134, $328, $242 and $447,
respectively |
|
|
2,110 |
|
|
|
1,984 |
|
|
|
4,101 |
|
|
|
3,794 |
|
Interest expense |
|
|
(45 |
) |
|
|
(272 |
) |
|
|
(96 |
) |
|
|
(860 |
) |
Equity in loss of joint
ventures |
|
|
(1,343 |
) |
|
|
(272 |
) |
|
|
(1,985 |
) |
|
|
(536 |
) |
Gain on sale of real
estate |
|
|
3,589 |
|
|
|
536 |
|
|
|
3,597 |
|
|
|
536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations before income taxes |
|
|
5,515 |
|
|
|
4,083 |
|
|
|
7,615 |
|
|
|
6,396 |
|
Provision for income
taxes |
|
|
1,538 |
|
|
|
1,131 |
|
|
|
2,139 |
|
|
|
1,803 |
|
Income from continuing
operations |
|
|
3,977 |
|
|
|
2,952 |
|
|
|
5,476 |
|
|
|
4,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued
operations, net |
|
|
— |
|
|
|
6,776 |
|
|
|
— |
|
|
|
6,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
3,977 |
|
|
|
9,728 |
|
|
|
5,476 |
|
|
|
11,455 |
|
Loss attributable to
noncontrolling interest |
|
|
(172 |
) |
|
|
(97 |
) |
|
|
(291 |
) |
|
|
(268 |
) |
Net income
attributable to the Company |
|
$ |
4,149 |
|
|
|
9,825 |
|
|
|
5,767 |
|
|
|
11,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.41 |
|
|
|
0.30 |
|
|
|
0.56 |
|
|
|
0.46 |
|
Diluted |
|
$ |
0.41 |
|
|
|
0.30 |
|
|
|
0.56 |
|
|
|
0.46 |
|
Discontinued operations- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
— |
|
|
|
0.68 |
|
|
|
— |
|
|
|
0.69 |
|
Diluted |
|
$ |
— |
|
|
|
0.68 |
|
|
|
— |
|
|
|
0.69 |
|
Net income attributable to the
Company- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.43 |
|
|
|
0.99 |
|
|
|
0.59 |
|
|
|
1.18 |
|
Diluted |
|
$ |
0.43 |
|
|
|
0.99 |
|
|
|
0.59 |
|
|
|
1.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares (in
thousands) used in computing: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic earnings per common share |
|
|
9,620 |
|
|
|
9,915 |
|
|
|
9,712 |
|
|
|
9,933 |
|
-diluted earnings per common share |
|
|
9,649 |
|
|
|
9,960 |
|
|
|
9,744 |
|
|
|
9,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FRP HOLDINGS, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(Unaudited) (In thousands, except share data)
|
|
June 30 |
|
December 31 |
Assets: |
|
2020 |
|
2019 |
Real estate investments at cost: |
|
|
|
|
|
|
|
|
Land |
|
$ |
81,679 |
|
|
|
84,383 |
|
Buildings and
improvements |
|
|
147,819 |
|
|
|
147,019 |
|
Projects under
construction |
|
|
888 |
|
|
|
1,056 |
|
Total investments in properties |
|
|
230,386 |
|
|
|
232,458 |
|
Less accumulated depreciation
and depletion |
|
|
32,634 |
|
|
|
30,271 |
|
Net investments in properties |
|
|
197,752 |
|
|
|
202,187 |
|
|
|
|
|
|
|
|
|
|
Real estate held for
investment, at cost |
|
|
8,788 |
|
|
|
8,380 |
|
Investments in joint
ventures |
|
|
159,779 |
|
|
|
160,452 |
|
Net real estate investments |
|
|
366,319 |
|
|
|
371,019 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
30,742 |
|
|
|
26,607 |
|
Cash held in escrow |
|
|
3,739 |
|
|
|
186 |
|
Accounts receivable, net |
|
|
1,323 |
|
|
|
546 |
|
Investments available for sale
at fair value |
|
|
130,058 |
|
|
|
137,867 |
|
Unrealized rents |
|
|
657 |
|
|
|
554 |
|
Deferred costs |
|
|
791 |
|
|
|
890 |
|
Other assets |
|
|
488 |
|
|
|
479 |
|
Total assets |
|
$ |
534,117 |
|
|
|
538,148 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Secured notes payable |
|
$ |
88,993 |
|
|
|
88,925 |
|
Accounts payable and accrued
liabilities |
|
|
2,155 |
|
|
|
2,431 |
|
Other liabilities |
|
|
1,886 |
|
|
|
1,978 |
|
Deferred revenue |
|
|
627 |
|
|
|
790 |
|
Federal and state income taxes
payable |
|
|
2,651 |
|
|
|
504 |
|
Deferred income taxes |
|
|
50,212 |
|
|
|
50,111 |
|
Deferred compensation |
|
|
1,430 |
|
|
|
1,436 |
|
Tenant security deposits |
|
|
362 |
|
|
|
328 |
|
Total liabilities |
|
|
148,316 |
|
|
|
146,503 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Common stock, $.10 par
value25,000,000 shares authorized,9,563,144 and 9,817,429 shares
issuedand outstanding, respectively |
|
|
956 |
|
|
|
982 |
|
Capital in excess of par
value |
|
|
57,107 |
|
|
|
57,705 |
|
Retained earnings |
|
|
310,486 |
|
|
|
315,278 |
|
Accumulated other
comprehensive income, net |
|
|
1,194 |
|
|
|
923 |
|
Total shareholders’ equity |
|
|
369,743 |
|
|
|
374,888 |
|
Noncontrolling interest
MRP |
|
|
16,058 |
|
|
|
16,757 |
|
Total equity |
|
|
385,801 |
|
|
|
391,645 |
|
Total liabilities and
shareholders’ equity |
|
$ |
534,117 |
|
|
|
538,148 |
|
|
|
|
|
|
|
|
|
|
Asset Management Segment:
|
|
Three months ended June 30 |
|
|
|
|
(dollars in thousands) |
|
2020 |
|
% |
|
2019 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
716 |
|
|
|
100.0 |
% |
|
|
662 |
|
|
|
100.0 |
% |
|
|
54 |
|
|
|
8.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
200 |
|
|
|
27.9 |
% |
|
|
196 |
|
|
|
29.6 |
% |
|
|
4 |
|
|
|
2.0 |
% |
Operating expenses |
|
|
96 |
|
|
|
13.4 |
% |
|
|
175 |
|
|
|
26.5 |
% |
|
|
(79 |
) |
|
|
-45.1 |
% |
Property taxes |
|
|
(24 |
) |
|
|
-3.3 |
% |
|
|
90 |
|
|
|
13.6 |
% |
|
|
(114 |
) |
|
|
-126.7 |
% |
Management company
indirect |
|
|
121 |
|
|
|
16.9 |
% |
|
|
73 |
|
|
|
11.0 |
% |
|
|
48 |
|
|
|
65.8 |
% |
Corporate expense |
|
|
265 |
|
|
|
37.0 |
% |
|
|
139 |
|
|
|
21.0 |
% |
|
|
126 |
|
|
|
90.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
658 |
|
|
|
91.9 |
% |
|
|
673 |
|
|
|
101.7 |
% |
|
|
(15 |
) |
|
|
-2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
58 |
|
|
|
-8.1 |
% |
|
|
(11 |
) |
|
|
-1.7 |
% |
|
|
69 |
|
|
|
-627.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining Royalty Lands
Segment:
|
|
Three months ended June 30 |
|
|
|
|
(dollars in thousands) |
|
2020 |
|
% |
|
2019 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining lands lease revenue |
|
$ |
2,402 |
|
|
|
100.0 |
% |
|
|
2,633 |
|
|
|
100.0 |
% |
|
|
(231 |
) |
|
|
-8.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
62 |
|
|
|
2.6 |
% |
|
|
42 |
|
|
|
1.6 |
% |
|
|
20 |
|
|
|
47.6 |
% |
Operating expenses |
|
|
14 |
|
|
|
0.6 |
% |
|
|
15 |
|
|
|
0.6 |
% |
|
|
(1 |
) |
|
|
-6.7 |
% |
Property taxes |
|
|
65 |
|
|
|
2.7 |
% |
|
|
69 |
|
|
|
2.6 |
% |
|
|
(4 |
) |
|
|
-5.8 |
% |
Management company
indirect |
|
|
67 |
|
|
|
2.8 |
% |
|
|
49 |
|
|
|
1.8 |
% |
|
|
18 |
|
|
|
36.7 |
% |
Corporate expense |
|
|
84 |
|
|
|
3.5 |
% |
|
|
36 |
|
|
|
1.4 |
% |
|
|
48 |
|
|
|
133.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
292 |
|
|
|
12.2 |
% |
|
|
211 |
|
|
|
8.0 |
% |
|
|
81 |
|
|
|
38.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
2,110 |
|
|
|
87.8 |
% |
|
|
2,422 |
|
|
|
92.0 |
% |
|
|
(312 |
) |
|
|
-12.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
Segment:
|
|
Three months ended June 30 |
(dollars in thousands) |
|
2020 |
|
2019 |
|
Change |
|
|
|
|
|
|
|
Lease revenue |
|
$ |
279 |
|
|
|
316 |
|
|
|
(37 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
53 |
|
|
|
49 |
|
|
|
4 |
|
Operating expenses |
|
|
144 |
|
|
|
95 |
|
|
|
49 |
|
Property taxes |
|
|
330 |
|
|
|
295 |
|
|
|
35 |
|
Management company
indirect |
|
|
455 |
|
|
|
442 |
|
|
|
13 |
|
Corporate expense |
|
|
617 |
|
|
|
341 |
|
|
|
276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
1,599 |
|
|
|
1,222 |
|
|
|
377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(1,320 |
) |
|
|
(906 |
) |
|
|
(414 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized Joint Venture
Segment:
|
|
Three months ended June 30 |
|
|
|
|
(dollars in thousands) |
|
2020 |
|
% |
|
2019 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
2,452 |
|
|
|
100.0 |
% |
|
|
2,752 |
|
|
|
100.0 |
% |
|
|
(300 |
) |
|
|
-10.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
1,185 |
|
|
|
48.3 |
% |
|
|
1,185 |
|
|
|
43.0 |
% |
|
|
— |
|
|
|
0.0 |
% |
Operating expenses |
|
|
527 |
|
|
|
21.5 |
% |
|
|
625 |
|
|
|
22.7 |
% |
|
|
(98 |
) |
|
|
-15.7 |
% |
Property taxes |
|
|
275 |
|
|
|
11.2 |
% |
|
|
259 |
|
|
|
9.4 |
% |
|
|
16 |
|
|
|
6.2 |
% |
Management company
indirect |
|
|
49 |
|
|
|
2.0 |
% |
|
|
46 |
|
|
|
1.7 |
% |
|
|
3 |
|
|
|
6.5 |
% |
Corporate expense |
|
|
60 |
|
|
|
2.5 |
% |
|
|
35 |
|
|
|
1.3 |
% |
|
|
25 |
|
|
|
71.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
2,096 |
|
|
|
85.5 |
% |
|
|
2,150 |
|
|
|
78.1 |
% |
|
|
(54 |
) |
|
|
-2.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
356 |
|
|
|
14.5 |
% |
|
|
602 |
|
|
|
21.9 |
% |
|
|
(246 |
) |
|
|
-40.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Segment:
|
|
Six months ended June 30 |
|
|
|
|
(dollars in thousands) |
|
2020 |
|
% |
|
2019 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
1,368 |
|
|
|
100.0 |
% |
|
|
1,303 |
|
|
|
100.0 |
% |
|
|
65 |
|
|
|
5.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
392 |
|
|
|
28.6 |
% |
|
|
373 |
|
|
|
28.6 |
% |
|
|
19 |
|
|
|
5.1 |
% |
Operating expenses |
|
|
193 |
|
|
|
14.1 |
% |
|
|
384 |
|
|
|
29.5 |
% |
|
|
(191 |
) |
|
|
-49.7 |
% |
Property taxes |
|
|
48 |
|
|
|
3.5 |
% |
|
|
146 |
|
|
|
11.2 |
% |
|
|
(98 |
) |
|
|
-67.1 |
% |
Management company
indirect |
|
|
235 |
|
|
|
17.2 |
% |
|
|
175 |
|
|
|
13.4 |
% |
|
|
60 |
|
|
|
34.3 |
% |
Corporate expense |
|
|
573 |
|
|
|
41.9 |
% |
|
|
302 |
|
|
|
23.2 |
% |
|
|
271 |
|
|
|
89.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
1,441 |
|
|
|
105.3 |
% |
|
|
1,380 |
|
|
|
105.9 |
% |
|
|
61 |
|
|
|
4.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
(73 |
) |
|
|
-5.3 |
% |
|
|
(77 |
) |
|
|
-5.9 |
% |
|
|
4 |
|
|
|
-5.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining Royalty Lands
Segment:
|
|
Six months ended June 30 |
|
|
|
|
(dollars in thousands) |
|
2020 |
|
% |
|
2019 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining lands lease revenue |
|
$ |
4,587 |
|
|
|
100.0 |
% |
|
|
4,862 |
|
|
|
100.0 |
% |
|
|
(275 |
) |
|
|
-5.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
100 |
|
|
|
2.2 |
% |
|
|
94 |
|
|
|
1.9 |
% |
|
|
6 |
|
|
|
6.4 |
% |
Operating expenses |
|
|
27 |
|
|
|
0.6 |
% |
|
|
31 |
|
|
|
0.7 |
% |
|
|
(4 |
) |
|
|
-12.9 |
% |
Property taxes |
|
|
132 |
|
|
|
2.9 |
% |
|
|
137 |
|
|
|
2.8 |
% |
|
|
(5 |
) |
|
|
-3.6 |
% |
Management company
indirect |
|
|
133 |
|
|
|
2.9 |
% |
|
|
98 |
|
|
|
2.0 |
% |
|
|
35 |
|
|
|
35.7 |
% |
Corporate expense |
|
|
181 |
|
|
|
3.9 |
% |
|
|
79 |
|
|
|
1.6 |
% |
|
|
102 |
|
|
|
129.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
573 |
|
|
|
12.5 |
% |
|
|
439 |
|
|
|
9.0 |
% |
|
|
134 |
|
|
|
30.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
4,014 |
|
|
|
87.5 |
% |
|
|
4,423 |
|
|
|
91.0 |
% |
|
|
(409 |
) |
|
|
-9.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
Segment:
|
|
Six months ended June 30 |
(dollars in thousands) |
|
2020 |
|
2019 |
|
Change |
|
|
|
|
|
|
|
Lease revenue |
|
$ |
572 |
|
|
|
585 |
|
|
|
(13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
107 |
|
|
|
107 |
|
|
|
— |
|
Operating expenses |
|
|
353 |
|
|
|
141 |
|
|
|
212 |
|
Property taxes |
|
|
689 |
|
|
|
618 |
|
|
|
71 |
|
Management company
indirect |
|
|
900 |
|
|
|
837 |
|
|
|
63 |
|
Corporate expense |
|
|
1,329 |
|
|
|
740 |
|
|
|
589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
3,378 |
|
|
|
2,443 |
|
|
|
935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(2,806 |
) |
|
|
(1,858 |
) |
|
|
(948 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized Joint Venture
Segment:
|
|
Six months ended June 30 |
|
|
|
|
(dollars in thousands) |
|
2020 |
|
% |
|
2019 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
5,105 |
|
|
|
100.0 |
% |
|
|
5,327 |
|
|
|
100.0 |
% |
|
|
(222 |
) |
|
|
-4.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
2,369 |
|
|
|
46.4 |
% |
|
|
2,385 |
|
|
|
44.8 |
% |
|
|
(16 |
) |
|
|
-0.7 |
% |
Operating expenses |
|
|
1,133 |
|
|
|
22.2 |
% |
|
|
1,236 |
|
|
|
23.2 |
% |
|
|
(103 |
) |
|
|
-8.3 |
% |
Property taxes |
|
|
514 |
|
|
|
10.1 |
% |
|
|
565 |
|
|
|
10.6 |
% |
|
|
(51 |
) |
|
|
-9.0 |
% |
Management company
indirect |
|
|
96 |
|
|
|
1.9 |
% |
|
|
92 |
|
|
|
1.7 |
% |
|
|
4 |
|
|
|
4.3 |
% |
Corporate expense |
|
|
130 |
|
|
|
2.5 |
% |
|
|
75 |
|
|
|
1.4 |
% |
|
|
55 |
|
|
|
73.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
4,242 |
|
|
|
83.1 |
% |
|
|
4,353 |
|
|
|
81.7 |
% |
|
|
(111 |
) |
|
|
-2.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
863 |
|
|
|
16.9 |
% |
|
|
974 |
|
|
|
18.3 |
% |
|
|
(111 |
) |
|
|
-11.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
Operations:
|
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
|
2019 |
|
2019 |
Lease Revenue |
|
$ |
222 |
|
|
|
460 |
|
|
|
|
|
|
|
|
|
|
Cost of
operations: |
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
12 |
|
|
|
41 |
|
Operating expenses |
|
|
139 |
|
|
|
234 |
|
Property taxes |
|
|
26 |
|
|
|
46 |
|
Management company indirect |
|
|
— |
|
|
|
— |
|
Corporate expenses |
|
|
— |
|
|
|
— |
|
Total cost of operations |
|
|
177 |
|
|
|
321 |
|
|
|
|
|
|
|
|
|
|
Total operating
profit |
|
|
45 |
|
|
|
139 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
— |
|
|
|
— |
|
Gain on sale of buildings |
|
|
9,245 |
|
|
|
9,268 |
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
9,290 |
|
|
|
9,407 |
|
Provision for income
taxes |
|
|
2,514 |
|
|
|
2,545 |
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations |
|
$ |
6,776 |
|
|
|
6,862 |
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
Income from discontinued
operations- |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.68 |
|
|
|
0.69 |
|
Diluted |
|
$ |
0.68 |
|
|
|
0.69 |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
Six months ended 06/30/20 (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 |
|
(47 |
) |
|
|
(739 |
) |
|
|
622 |
|
|
|
4,162 |
|
|
|
1,478 |
|
|
|
5,476 |
|
Income Tax Allocation |
|
(18 |
) |
|
|
(274 |
) |
|
|
338 |
|
|
|
1,543 |
|
|
|
550 |
|
|
|
2,139 |
|
Income (loss) from
continuing operations before income taxes |
|
(65 |
) |
|
|
(1,013 |
) |
|
|
960 |
|
|
|
5,705 |
|
|
|
2,028 |
|
|
|
7,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in profit of Joint
Ventures |
|
— |
|
|
|
— |
|
|
|
168 |
|
|
|
— |
|
|
|
— |
|
|
|
168 |
|
Gains on sale of
buildings |
|
8 |
|
|
|
1,877 |
|
|
|
— |
|
|
|
1,712 |
|
|
|
— |
|
|
|
3,597 |
|
Unrealized rents |
|
114 |
|
|
|
— |
|
|
|
— |
|
|
|
121 |
|
|
|
— |
|
|
|
235 |
|
Interest income |
|
— |
|
|
|
2,048 |
|
|
|
— |
|
|
|
— |
|
|
|
2,053 |
|
|
|
4,101 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
— |
|
|
|
— |
|
|
|
8 |
|
|
|
— |
|
|
|
— |
|
|
|
8 |
|
Equity in loss of Joint
Venture |
|
— |
|
|
|
2,132 |
|
|
|
— |
|
|
|
21 |
|
|
|
— |
|
|
|
2,153 |
|
Interest Expense |
|
— |
|
|
|
— |
|
|
|
71 |
|
|
|
— |
|
|
|
25 |
|
|
|
96 |
|
Depreciation/Amortization |
|
392 |
|
|
|
107 |
|
|
|
2,369 |
|
|
|
100 |
|
|
|
— |
|
|
|
2,968 |
|
Management Co. Indirect |
|
235 |
|
|
|
900 |
|
|
|
96 |
|
|
|
133 |
|
|
|
— |
|
|
|
1,364 |
|
Allocated Corporate
Expenses |
|
573 |
|
|
|
1,329 |
|
|
|
130 |
|
|
|
181 |
|
|
|
— |
|
|
|
2,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income
(loss) |
|
1,013 |
|
|
|
(470 |
) |
|
|
3,466 |
|
|
|
4,307 |
|
|
|
— |
|
|
|
1,998 |
|
Net Operating Income
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Six months ended 06/30/19 (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 |
|
335 |
|
|
|
(1,347 |
) |
|
|
25 |
|
|
|
3,211 |
|
|
|
2,369 |
|
|
|
4,593 |
|
Income Tax Allocation |
|
124 |
|
|
|
(499 |
) |
|
|
109 |
|
|
|
1,190 |
|
|
|
879 |
|
|
|
1,803 |
|
Income (loss) from
continuing operations before income taxes |
|
459 |
|
|
|
(1,846 |
) |
|
|
134 |
|
|
|
4,401 |
|
|
|
3,248 |
|
|
|
6,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on sale of
buildings |
|
536 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
536 |
|
Unrealized rents |
|
— |
|
|
|
— |
|
|
|
29 |
|
|
|
— |
|
|
|
— |
|
|
|
29 |
|
Interest income |
|
— |
|
|
|
526 |
|
|
|
— |
|
|
|
— |
|
|
|
3,268 |
|
|
|
3,794 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
228 |
|
|
|
— |
|
|
|
231 |
|
Equity in loss of Joint
Venture |
|
— |
|
|
|
514 |
|
|
|
— |
|
|
|
22 |
|
|
|
— |
|
|
|
536 |
|
Interest Expense |
|
— |
|
|
|
— |
|
|
|
840 |
|
|
|
— |
|
|
|
20 |
|
|
|
860 |
|
Depreciation/Amortization |
|
373 |
|
|
|
107 |
|
|
|
2,385 |
|
|
|
94 |
|
|
|
— |
|
|
|
2,959 |
|
Management Co. Indirect |
|
175 |
|
|
|
837 |
|
|
|
92 |
|
|
|
98 |
|
|
|
— |
|
|
|
1,202 |
|
Allocated Corporate
Expenses |
|
302 |
|
|
|
740 |
|
|
|
75 |
|
|
|
79 |
|
|
|
— |
|
|
|
1,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income |
|
776 |
|
|
|
(174 |
) |
|
|
3,497 |
|
|
|
4,922 |
|
|
|
— |
|
|
|
9,021 |
|
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