FRP Holdings, Inc. (NASDAQ-FRPH)
Third Quarter
Consolidated Results of Operations
Net income for the third quarter of 2020 was
$5,455,000 or $.57 per share versus $2,001,000 or $.20 per share in
the same period last year. The third quarter of 2020 was impacted
by the following items:
- Interest
expense decreased $83,000 as we capitalized more interest on our
joint venture construction projects.
- Loss on joint
ventures increased $1,042,000 primarily due to operating loss at
the Maren due to leasing efforts.
- Gain on sale of
$5,732,000 from the sale of our building at 1801 62nd Street and
the sale of 87 acres of our Ft. Myers property compared to $126,000
in the same period last year.
Loss from discontinued operations for the third
quarter of 2019 was ($13,000) or $.00 per share. The third quarter
of 2019 included a $144,000 realized gain on bonds called
early.
Third 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 and sold this quarter. 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 78.6% leased and occupied. Total revenues in this segment were
$721,000, up $291,000 or 67.7%, over the same period last year.
Operating profit was $35,000, up $195,000 from an operating loss of
($160,000) 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 $2,507,000
versus $2,302,000 in the same period last year. Total operating
profit in this segment was $2,238,000, an increase of $179,000
versus $2,059,000 in the same period last year.
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:
- We are in the
PUD entitlement process for our 118-acre tract in Hampstead,
Maryland, now known as “Hampstead Overlook.” 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.
- This quarter we
received permit entitlements for two industrial buildings at
Hollander Business Park totaling 146,000 square feet. We have
started construction and anticipate 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 47% leased and 44% 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%. Additional proceeds and interest payments above a 20%
preferred return on capital determine a split of profits.
Entitlements for the development of the property are complete, and
a homebuilder is under contract to purchase all the 126 recorded
building lots. The first phase of settlement occurred in May
2020, resulting in a $2.67 million principal and interest payment,
with subsequent payments of $1.26 million in principal and interest
payments in the third quarter. Currently all principal and $322,605
in accrued interest has been repaid.
- 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%. Additional proceeds and interest payments above
a 20% preferred return on capital determine a split of
profits. Amber Ridge will hold 187 town homes. We are
currently pursuing entitlements, mass grading the site, 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 has 264 units and 6,937 net leasable square feet of ground
floor retail and received its certificate of occupancy at the end
of September. Lease-up commenced in earnest in the second
week of March. At the end of the quarter, the Maren’s
residential units were 76.14% leased, and 68.94% 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 in common
equity and another $23 million in preferred equity to the joint
venture. Construction began in February 2019 and as of the
end of the quarter was 78.00% 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
began construction at the end of August.
- 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 residential occupancy for the
quarter was 93.29%, and at the end of the quarter, Dock 79’s
residential units were 90.49% leased and 94.43% occupied. This
quarter, 52.31% 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 $1,634,000, down $215,000
or 11.63% 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. Third quarter
distributions were $86,000. 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, as long as the rules and regulations related to the
pandemic remain in place, they may adversely affect our business.
The effects on our business include but are not limited to: our
retail tenants will not being able to operate at capacity and
retail leasing demand may be dampened as such; we will not be able
to raise rents on renewals in Washington, D.C.; and any mandated
interruption in construction could negatively affect our
construction costs on development projects. 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.
Nine Months
Consolidated Results of Operations.
Net income for first nine months of 2020 was
$11,222,000 or $1.16 per share versus $13,724,000 or $1.38 per
share in the same period last year. Income from discontinued
operations for the first nine months of 2019 was $6,849,000 or $.69
per share. Income from continuing operations increased $4,252,000
or 66% and was impacted by the following items:
- Corporate
expense stock compensation of $1,241,000 compared to $206,000 in
the same period last year due the timing of stock grants.
- Interest
expense decreased $847,000 as we capitalized more interest on our
joint venture construction projects.
- Loss on joint
ventures increased $2,491,000 primarily due to our share of the
Bryant Street preferred interest, $354,000 amortization of
guarantee liability related to the Bryant Street loan, $2,121,000
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
$9,329,000 compared to $662,000 in the same period last year from
the sale of the three remaining lots at our Lakeside Business Park,
1801 62nd Street, Gulf Hammock, and 87 acres from our Ft. Myers
property.
Nine 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, but was sold in July 2020. 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 78.6% leased and occupied. Total revenues in this
segment were $2,089,000, up $356,000 or 20.5%, over the same period
last year. Operating loss was ($38,000), down $199,000 from an
operating loss of ($237,000) in the same period last year due to
higher allocation of corporate expenses.
Mining Royalty Lands Segment:
Total revenues in this segment were $7,094,000
versus $7,164,000 in the same period last year. Total operating
profit in this segment was $6,252,000, a decrease of $230,000
versus $6,482,000 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 residential occupancy for the
first nine months was 92.80%, and at the end of the third quarter,
Dock 79’s residential units were 90.49% leased and 94.43% occupied.
For the first nine months, 56.22% of expiring leases renewed with
an average increase in rent on those renewals of 0.41% due to the
mandated rent freeze on renewals that went into effect in March.
Net Operating Income for this segment was $5,100,000, down $246,000
or 4.6% 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 $254,000
for the first nine 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
As we have settled into a post-COVID world, we
remain fortunate and pleasantly surprised with how well our assets
have responded. Aggregates royalties this quarter were well ahead
of the same period last year, and we are now only 1% off of last
year’s record numbers through the first nine months. And like last
year, the royalties we have collected through the first nine months
exceed the royalties we collected in any entire year prior to 2017.
Unrelated to any mining activity, Lee County exercised their option
to buy 87 acres from our quarry in Ft. Myers for $2.2 million in
order to extend Alico Road and ease traffic in the area. This road
extension will benefit any second life developments on our property
once the reserves are depleted.
The lease up of the Maren continues to exceed
our expectations. The building received its final certificate of
occupancy at the end of September and is now officially “complete.”
We signed 91 leases this past quarter and moved in 125 tenants. At
quarter end, the building was 76% leased and 69% occupied, putting
us within shouting distance of stabilization.
Unfortunately for Dock 79, the rent freeze on
renewals was extended through the end of the year. Because our
apartments come up for renewal two months prior to the end of the
lease, we will not have the ability to increase rent on renewals
for the rest of the year. In all likelihood the first quarter of
2021 will be affected as well. The current environment is less than
ideal for our three retail tenants, but they are all currently open
and serving customers. Occupancy remains above 90% and renewals are
still in line with where they were in a pre-COVID world. We believe
that the rapid lease-up of the Maren and the continued success of
Dock 79 speak to the quality of these assets and the desirability
of their location. Despite major construction and no baseball,
waterfront real estate still demands a premium, and as working from
home becomes more and more common, it is possible that the
environment afforded by these assets has only served to increase
their appeal.
Industrial has responded well to the pandemic,
as evidenced by the sale in July of 1801 62nd Street at Hollander
Business Park for $12.3 million. 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 are half a year into this pandemic, and we
have been very fortunate. Our assets have performed nearly as well
and sometimes better than they did a year ago. But while the people
of this country have gotten used to life during a pandemic,
COVID-19 as an economic factor may just be ramping up. Government
intervention has shielded people and businesses from some of the
financial realities of this disease, and as that well of assistance
starts to dry up, it is possible that the second wave of the
disease may be the first wave of real economic distress. We have
yet to see any reason why our assets will not continue to perform
well during this unusual time, but we have the safety net of a
conservative balance sheet and substantial cash reserves to tide us
over if they do. Regardless of what is happening right now or in
the near future, we believe strongly in the long run viability of
our business and its assets. The money we put back into it in the
form of share buybacks is representative of that. To that end,
during the first nine months of 2020, the Company repurchased
379,809 shares at an average cost of $41.30 per share.
Conference Call
The Company will host a conference call on Thursday, November 5,
2020 at 9:00 a.m. (EST). 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 this link
http://stream.conferenceamerica.com/frp110520. For the archived
audio via the internet, click on the following link
http://archive.conferenceamerica.com/archivestream/frp110520.mp3.
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 69160033. 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
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
INCOME(In thousands except per share
amounts)(Unaudited)
|
|
THREE MONTHS ENDED |
|
NINE MONTHS ENDED |
|
|
SEPTEMBER 30, |
|
SEPTEMBER 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
3,591 |
|
|
|
3,581 |
|
|
|
10,636 |
|
|
|
10,796 |
|
Mining lands lease revenue |
|
|
2,507 |
|
|
|
2,302 |
|
|
|
7,094 |
|
|
|
7,164 |
|
Total Revenues |
|
|
6,098 |
|
|
|
5,883 |
|
|
|
17,730 |
|
|
|
17,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
1,438 |
|
|
|
1,431 |
|
|
|
4,406 |
|
|
|
4,390 |
|
Operating expenses |
|
|
892 |
|
|
|
952 |
|
|
|
2,598 |
|
|
|
2,744 |
|
Property taxes |
|
|
706 |
|
|
|
740 |
|
|
|
2,089 |
|
|
|
2,206 |
|
Management company indirect |
|
|
844 |
|
|
|
670 |
|
|
|
2,208 |
|
|
|
1,872 |
|
Corporate expenses |
|
|
637 |
|
|
|
732 |
|
|
|
2,850 |
|
|
|
1,928 |
|
Total cost of operations |
|
|
4,517 |
|
|
|
4,525 |
|
|
|
14,151 |
|
|
|
13,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
profit |
|
|
1,581 |
|
|
|
1,358 |
|
|
|
3,579 |
|
|
|
4,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income,
including realized gains of $55, $144, $297 and $591,
respectively |
|
|
1,814 |
|
|
|
2,019 |
|
|
|
5,915 |
|
|
|
5,813 |
|
Interest expense |
|
|
(46 |
) |
|
|
(129 |
) |
|
|
(142 |
) |
|
|
(989 |
) |
Equity in loss of joint
ventures |
|
|
(1,788 |
) |
|
|
(746 |
) |
|
|
(3,773 |
) |
|
|
(1,282 |
) |
Gain on sale of real
estate |
|
|
5,732 |
|
|
|
126 |
|
|
|
9,329 |
|
|
|
662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations before income taxes |
|
|
7,293 |
|
|
|
2,628 |
|
|
|
14,908 |
|
|
|
9,024 |
|
Provision for income
taxes |
|
|
2,022 |
|
|
|
726 |
|
|
|
4,161 |
|
|
|
2,529 |
|
Income from continuing
operations |
|
|
5,271 |
|
|
|
1,902 |
|
|
|
10,747 |
|
|
|
6,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
discontinued operations, net |
|
|
— |
|
|
|
(13 |
) |
|
|
— |
|
|
|
6,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
5,271 |
|
|
|
1,889 |
|
|
|
10,747 |
|
|
|
13,344 |
|
Loss attributable to
noncontrolling interest |
|
|
(184 |
) |
|
|
(112 |
) |
|
|
(475 |
) |
|
|
(380 |
) |
Net income
attributable to the Company |
|
$ |
5,455 |
|
|
|
2,001 |
|
|
|
11,222 |
|
|
|
13,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.55 |
|
|
|
0.19 |
|
|
|
1.11 |
|
|
|
0.66 |
|
Diluted |
|
$ |
0.55 |
|
|
|
0.19 |
|
|
|
1.11 |
|
|
|
0.65 |
|
Discontinued operations- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.69 |
|
Diluted |
|
$ |
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.69 |
|
Net income attributable to the
Company- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.57 |
|
|
|
0.20 |
|
|
|
1.16 |
|
|
|
1.39 |
|
Diluted |
|
$ |
0.57 |
|
|
|
0.20 |
|
|
|
1.16 |
|
|
|
1.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
shares (in thousands) used in computing:
|
-basic
earnings per common share |
|
|
9,517 |
|
|
|
9,843 |
|
|
|
9,646 |
|
|
|
9,903 |
|
-diluted earnings per common share |
|
|
9,545 |
|
|
|
9,886 |
|
|
|
9,681 |
|
|
|
9,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FRP HOLDINGS, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(Unaudited) (In thousands, except share data)
|
|
September 30 |
|
December 31 |
Assets: |
|
2020 |
|
2019 |
Real estate investments at cost: |
|
|
|
|
|
|
|
|
Land |
|
$ |
80,494 |
|
|
|
84,383 |
|
Buildings and
improvements |
|
|
141,146 |
|
|
|
147,019 |
|
Projects under
construction |
|
|
2,442 |
|
|
|
1,056 |
|
Total investments in properties |
|
|
224,082 |
|
|
|
232,458 |
|
Less accumulated depreciation
and depletion |
|
|
33,684 |
|
|
|
30,271 |
|
Net investments in properties |
|
|
190,398 |
|
|
|
202,187 |
|
|
|
|
|
|
|
|
|
|
Real estate held for
investment, at cost |
|
|
9,101 |
|
|
|
8,380 |
|
Investments in joint
ventures |
|
|
167,586 |
|
|
|
160,452 |
|
Net real estate investments |
|
|
367,085 |
|
|
|
371,019 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
46,289 |
|
|
|
26,607 |
|
Cash held in escrow |
|
|
15,259 |
|
|
|
186 |
|
Accounts receivable, net |
|
|
923 |
|
|
|
546 |
|
Investments available for sale
at fair value |
|
|
104,624 |
|
|
|
137,867 |
|
Unrealized rents |
|
|
530 |
|
|
|
554 |
|
Deferred costs |
|
|
921 |
|
|
|
890 |
|
Other assets |
|
|
499 |
|
|
|
479 |
|
Total assets |
|
$ |
536,130 |
|
|
|
538,148 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Secured notes payable |
|
$ |
89,027 |
|
|
|
88,925 |
|
Accounts payable and accrued
liabilities |
|
|
3,052 |
|
|
|
2,431 |
|
Other liabilities |
|
|
1,886 |
|
|
|
1,978 |
|
Deferred revenue |
|
|
609 |
|
|
|
790 |
|
Federal and state income taxes
payable |
|
|
164 |
|
|
|
504 |
|
Deferred income taxes |
|
|
52,532 |
|
|
|
50,111 |
|
Deferred compensation |
|
|
1,240 |
|
|
|
1,436 |
|
Tenant security deposits |
|
|
314 |
|
|
|
328 |
|
Total liabilities |
|
|
148,824 |
|
|
|
146,503 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Common stock, $.10 par value
25,000,000 shares authorized,9,481,638 and 9,817,429 shares
issuedand outstanding, respectively |
|
|
948 |
|
|
|
982 |
|
Capital in excess of par
value |
|
|
56,690 |
|
|
|
57,705 |
|
Retained earnings |
|
|
313,103 |
|
|
|
315,278 |
|
Accumulated other
comprehensive income, net |
|
|
996 |
|
|
|
923 |
|
Total shareholders’ equity |
|
|
371,737 |
|
|
|
374,888 |
|
Noncontrolling interest
MRP |
|
|
15,569 |
|
|
|
16,757 |
|
Total equity |
|
|
387,306 |
|
|
|
391,645 |
|
Total liabilities and
shareholders’ equity |
|
$ |
536,130 |
|
|
|
538,148 |
|
|
|
|
|
|
|
|
|
|
Asset Management
Segment:
|
|
Three months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2020 |
|
% |
|
2019 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
721 |
|
|
|
100.0 |
% |
|
|
430 |
|
|
|
100.0 |
% |
|
|
291 |
|
|
|
67.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
137 |
|
|
|
19.0 |
% |
|
|
154 |
|
|
|
35.8 |
% |
|
|
(17 |
) |
|
|
-11.0 |
% |
Operating expenses |
|
|
139 |
|
|
|
19.3 |
% |
|
|
108 |
|
|
|
25.1 |
% |
|
|
31 |
|
|
|
28.7 |
% |
Property taxes |
|
|
43 |
|
|
|
5.9 |
% |
|
|
70 |
|
|
|
16.3 |
% |
|
|
(27 |
) |
|
|
-38.6 |
% |
Management company
indirect |
|
|
202 |
|
|
|
28.0 |
% |
|
|
90 |
|
|
|
20.9 |
% |
|
|
112 |
|
|
|
124.4 |
% |
Corporate expense |
|
|
165 |
|
|
|
22.9 |
% |
|
|
168 |
|
|
|
39.1 |
% |
|
|
(3 |
) |
|
|
-1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
686 |
|
|
|
95.1 |
% |
|
|
590 |
|
|
|
137.2 |
% |
|
|
96 |
|
|
|
16.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
35 |
|
|
|
4.9 |
% |
|
|
(160 |
) |
|
|
-37.2 |
% |
|
|
195 |
|
|
|
-121.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining Royalty Lands
Segment:
|
|
Three months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2020 |
|
% |
|
2019 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining lands lease revenue |
|
$ |
2,507 |
|
|
|
100.0 |
% |
|
|
2,302 |
|
|
|
100.0 |
% |
|
|
205 |
|
|
|
8.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
60 |
|
|
|
2.4 |
% |
|
|
36 |
|
|
|
1.6 |
% |
|
|
24 |
|
|
|
66.7 |
% |
Operating expenses |
|
|
16 |
|
|
|
0.6 |
% |
|
|
44 |
|
|
|
1.9 |
% |
|
|
(28 |
) |
|
|
-63.6 |
% |
Property taxes |
|
|
59 |
|
|
|
2.4 |
% |
|
|
66 |
|
|
|
2.9 |
% |
|
|
(7 |
) |
|
|
-10.6 |
% |
Management company
indirect |
|
|
81 |
|
|
|
3.2 |
% |
|
|
53 |
|
|
|
2.3 |
% |
|
|
28 |
|
|
|
52.8 |
% |
Corporate expense |
|
|
53 |
|
|
|
2.1 |
% |
|
|
44 |
|
|
|
1.9 |
% |
|
|
9 |
|
|
|
20.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
269 |
|
|
|
10.7 |
% |
|
|
243 |
|
|
|
10.6 |
% |
|
|
26 |
|
|
|
10.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
2,238 |
|
|
|
89.3 |
% |
|
|
2,059 |
|
|
|
89.4 |
% |
|
|
179 |
|
|
|
8.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
Segment:
|
|
Three months ended September 30 |
|
(dollars in thousands) |
|
2020 |
|
2019 |
|
Change |
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
290 |
|
|
|
307 |
|
|
|
(17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
53 |
|
|
|
54 |
|
|
|
(1 |
) |
|
Operating expenses |
|
|
62 |
|
|
|
105 |
|
|
|
(43 |
) |
|
Property taxes |
|
|
330 |
|
|
|
300 |
|
|
|
30 |
|
|
Management company
indirect |
|
|
504 |
|
|
|
477 |
|
|
|
27 |
|
|
Corporate expense |
|
|
381 |
|
|
|
479 |
|
|
|
(98 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
1,330 |
|
|
|
1,415 |
|
|
|
(85 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(1,040 |
) |
|
|
(1,108 |
) |
|
|
68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized Joint Venture
Segment:
|
|
Three months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2020 |
|
% |
|
2019 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
2,580 |
|
|
|
100.0 |
% |
|
|
2,844 |
|
|
|
100.0 |
% |
|
|
(264 |
) |
|
|
-9.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
1,188 |
|
|
|
46.0 |
% |
|
|
1,187 |
|
|
|
41.7 |
% |
|
|
1 |
|
|
|
0.1 |
% |
Operating expenses |
|
|
675 |
|
|
|
26.2 |
% |
|
|
695 |
|
|
|
24.4 |
% |
|
|
(20 |
) |
|
|
-2.9 |
% |
Property taxes |
|
|
274 |
|
|
|
10.6 |
% |
|
|
304 |
|
|
|
10.7 |
% |
|
|
(30 |
) |
|
|
-9.9 |
% |
Management company
indirect |
|
|
57 |
|
|
|
2.2 |
% |
|
|
50 |
|
|
|
1.8 |
% |
|
|
7 |
|
|
|
14.0 |
% |
Corporate expense |
|
|
38 |
|
|
|
1.5 |
% |
|
|
41 |
|
|
|
1.5 |
% |
|
|
(3 |
) |
|
|
-7.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
2,232 |
|
|
|
86.5 |
% |
|
|
2,277 |
|
|
|
80.1 |
% |
|
|
(45 |
) |
|
|
-2.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
348 |
|
|
|
13.5 |
% |
|
|
567 |
|
|
|
19.9 |
% |
|
|
(219 |
) |
|
|
-38.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management
Segment:
|
|
Nine months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2020 |
|
% |
|
2019 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
2,089 |
|
|
|
100.0 |
% |
|
|
1,733 |
|
|
|
100.0 |
% |
|
|
356 |
|
|
|
20.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
529 |
|
|
|
25.3 |
% |
|
|
527 |
|
|
|
30.4 |
% |
|
|
2 |
|
|
|
0.4 |
% |
Operating expenses |
|
|
332 |
|
|
|
15.9 |
% |
|
|
492 |
|
|
|
28.4 |
% |
|
|
(160 |
) |
|
|
-32.5 |
% |
Property taxes |
|
|
91 |
|
|
|
4.4 |
% |
|
|
216 |
|
|
|
12.5 |
% |
|
|
(125 |
) |
|
|
-57.9 |
% |
Management company
indirect |
|
|
437 |
|
|
|
20.9 |
% |
|
|
265 |
|
|
|
15.3 |
% |
|
|
172 |
|
|
|
64.9 |
% |
Corporate expense |
|
|
738 |
|
|
|
35.3 |
% |
|
|
470 |
|
|
|
27.1 |
% |
|
|
268 |
|
|
|
57.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
2,127 |
|
|
|
101.8 |
% |
|
|
1,970 |
|
|
|
113.7 |
% |
|
|
157 |
|
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
(38 |
) |
|
|
-1.8 |
% |
|
|
(237 |
) |
|
|
-13.7 |
% |
|
|
199 |
|
|
|
-84.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining Royalty Lands
Segment:
|
|
Nine months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2020 |
|
% |
|
2019 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining lands lease revenue |
|
$ |
7,094 |
|
|
|
100.0 |
% |
|
|
7,164 |
|
|
|
100.0 |
% |
|
|
(70 |
) |
|
|
-1.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
160 |
|
|
|
2.3 |
% |
|
|
130 |
|
|
|
1.8 |
% |
|
|
30 |
|
|
|
23.1 |
% |
Operating expenses |
|
|
43 |
|
|
|
0.6 |
% |
|
|
75 |
|
|
|
1.1 |
% |
|
|
(32 |
) |
|
|
-42.7 |
% |
Property taxes |
|
|
191 |
|
|
|
2.7 |
% |
|
|
203 |
|
|
|
2.8 |
% |
|
|
(12 |
) |
|
|
-5.9 |
% |
Management company
indirect |
|
|
214 |
|
|
|
3.0 |
% |
|
|
151 |
|
|
|
2.1 |
% |
|
|
63 |
|
|
|
41.7 |
% |
Corporate expense |
|
|
234 |
|
|
|
3.3 |
% |
|
|
123 |
|
|
|
1.7 |
% |
|
|
111 |
|
|
|
90.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
842 |
|
|
|
11.9 |
% |
|
|
682 |
|
|
|
9.5 |
% |
|
|
160 |
|
|
|
23.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
6,252 |
|
|
|
88.1 |
% |
|
|
6,482 |
|
|
|
90.5 |
% |
|
|
(230 |
) |
|
|
-3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
Segment:
|
|
Nine months ended September 30 |
|
(dollars in thousands) |
|
2020 |
|
2019 |
|
Change |
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
862 |
|
|
|
892 |
|
|
|
(30 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
160 |
|
|
|
161 |
|
|
|
(1 |
) |
|
Operating expenses |
|
|
415 |
|
|
|
246 |
|
|
|
169 |
|
|
Property taxes |
|
|
1,019 |
|
|
|
918 |
|
|
|
101 |
|
|
Management company
indirect |
|
|
1,404 |
|
|
|
1,314 |
|
|
|
90 |
|
|
Corporate expense |
|
|
1,710 |
|
|
|
1,219 |
|
|
|
491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
4,708 |
|
|
|
3,858 |
|
|
|
850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(3,846 |
) |
|
|
(2,966 |
) |
|
|
(880 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized Joint Venture
Segment:
|
|
Nine months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2020 |
|
% |
|
2019 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
7,685 |
|
|
|
100.0 |
% |
|
|
8,171 |
|
|
|
100.0 |
% |
|
|
(486 |
) |
|
|
-5.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
3,557 |
|
|
|
46.3 |
% |
|
|
3,572 |
|
|
|
43.7 |
% |
|
|
(15 |
) |
|
|
-0.4 |
% |
Operating expenses |
|
|
1,808 |
|
|
|
23.5 |
% |
|
|
1,931 |
|
|
|
23.6 |
% |
|
|
(123 |
) |
|
|
-6.4 |
% |
Property taxes |
|
|
788 |
|
|
|
10.2 |
% |
|
|
869 |
|
|
|
10.6 |
% |
|
|
(81 |
) |
|
|
-9.3 |
% |
Management company
indirect |
|
|
153 |
|
|
|
2.0 |
% |
|
|
142 |
|
|
|
1.8 |
% |
|
|
11 |
|
|
|
7.7 |
% |
Corporate expense |
|
|
168 |
|
|
|
2.2 |
% |
|
|
116 |
|
|
|
1.4 |
% |
|
|
52 |
|
|
|
44.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
6,474 |
|
|
|
84.2 |
% |
|
|
6,630 |
|
|
|
81.1 |
% |
|
|
(156 |
) |
|
|
-2.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
1,211 |
|
|
|
15.8 |
% |
|
|
1,541 |
|
|
|
18.9 |
% |
|
|
(330 |
) |
|
|
-21.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
Operations:
|
|
Three months ended |
|
Nine months ended |
|
|
September 30, |
|
September 30, |
|
|
2019 |
|
2019 |
Lease Revenue |
|
$ |
— |
|
|
|
460 |
|
|
|
|
|
|
|
|
|
|
Cost of
operations: |
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
(24 |
) |
|
|
17 |
|
Operating expenses |
|
|
12 |
|
|
|
246 |
|
Property taxes |
|
|
— |
|
|
|
46 |
|
Management company indirect |
|
|
— |
|
|
|
— |
|
Corporate expenses |
|
|
— |
|
|
|
— |
|
Total cost of operations |
|
|
(12 |
) |
|
|
309 |
|
|
|
|
|
|
|
|
|
|
Total operating
profit |
|
|
12 |
|
|
|
151 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
— |
|
|
|
— |
|
Gain (loss) on sale of
buildings |
|
|
(30 |
) |
|
|
9,238 |
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes |
|
|
(18 |
) |
|
|
9,389 |
|
Provision for (benefit from)
income taxes |
|
|
(5 |
) |
|
|
2,540 |
|
|
|
|
|
|
|
|
|
|
Income
(loss) from discontinued
operations |
|
$ |
(13 |
) |
|
|
6,849 |
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations- |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.00 |
|
|
|
0.69 |
|
Diluted |
|
$ |
0.00 |
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
Nine months ended 09/30/20 (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 |
|
2,745 |
|
|
|
(2,055 |
) |
|
|
864 |
|
|
|
7,200 |
|
|
|
1,993 |
|
|
|
10,747 |
|
Income Tax Allocation |
|
1,018 |
|
|
|
(762 |
) |
|
|
496 |
|
|
|
2,670 |
|
|
|
739 |
|
|
|
4,161 |
|
Income (loss) from
continuing operations before income taxes |
|
3,763 |
|
|
|
(2,817 |
) |
|
|
1,360 |
|
|
|
9,870 |
|
|
|
2,732 |
|
|
|
14,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in profit of Joint Ventures |
|
— |
|
|
|
— |
|
|
|
254 |
|
|
|
— |
|
|
|
— |
|
|
|
254 |
|
Gains on sale of buildings |
|
3,801 |
|
|
|
1,877 |
|
|
|
— |
|
|
|
3,651 |
|
|
|
— |
|
|
|
9,329 |
|
Unrealized rents |
|
147 |
|
|
|
— |
|
|
|
— |
|
|
|
178 |
|
|
|
— |
|
|
|
325 |
|
Interest income |
|
— |
|
|
|
3,146 |
|
|
|
— |
|
|
|
— |
|
|
|
2,769 |
|
|
|
5,915 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
— |
|
|
|
— |
|
|
|
11 |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
Equity in loss of Joint Venture |
|
— |
|
|
|
3,994 |
|
|
|
— |
|
|
|
33 |
|
|
|
— |
|
|
|
4,027 |
|
Interest Expense |
|
— |
|
|
|
— |
|
|
|
105 |
|
|
|
— |
|
|
|
37 |
|
|
|
142 |
|
Depreciation/Amortization |
|
529 |
|
|
|
160 |
|
|
|
3,557 |
|
|
|
160 |
|
|
|
— |
|
|
|
4,406 |
|
Management Co. Indirect |
|
437 |
|
|
|
1,404 |
|
|
|
153 |
|
|
|
214 |
|
|
|
— |
|
|
|
2,208 |
|
Allocated Corporate Expenses |
|
738 |
|
|
|
1,710 |
|
|
|
168 |
|
|
|
234 |
|
|
|
— |
|
|
|
2,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income
(loss) |
|
1,519 |
|
|
|
(572 |
) |
|
|
5,100 |
|
|
|
6,682 |
|
|
|
— |
|
|
|
12,729 |
|
Net Operating Income
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Nine months ended 09/30/19 (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 |
|
218 |
|
|
|
(2,236 |
) |
|
|
304 |
|
|
|
4,796 |
|
|
|
3,413 |
|
|
|
6,495 |
|
Income Tax Allocation |
|
81 |
|
|
|
(829 |
) |
|
|
253 |
|
|
|
1,778 |
|
|
|
1,246 |
|
|
|
2,529 |
|
Income (loss) from
continuing operations before income taxes |
|
299 |
|
|
|
(3,065 |
) |
|
|
557 |
|
|
|
6,574 |
|
|
|
4,659 |
|
|
|
9,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on sale of
buildings |
|
536 |
|
|
|
— |
|
|
|
— |
|
|
|
126 |
|
|
|
— |
|
|
|
662 |
|
Unrealized rents |
|
— |
|
|
|
— |
|
|
|
25 |
|
|
|
— |
|
|
|
— |
|
|
|
25 |
|
Interest income |
|
— |
|
|
|
1,123 |
|
|
|
— |
|
|
|
— |
|
|
|
4,690 |
|
|
|
5,813 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
5 |
|
|
|
— |
|
|
|
— |
|
|
|
184 |
|
|
|
— |
|
|
|
189 |
|
Equity in loss of Joint
Venture |
|
— |
|
|
|
1,222 |
|
|
|
26 |
|
|
|
34 |
|
|
|
— |
|
|
|
1,282 |
|
Interest Expense |
|
— |
|
|
|
— |
|
|
|
958 |
|
|
|
— |
|
|
|
31 |
|
|
|
989 |
|
Depreciation/Amortization |
|
527 |
|
|
|
161 |
|
|
|
3,572 |
|
|
|
130 |
|
|
|
— |
|
|
|
4,390 |
|
Management Co. Indirect |
|
265 |
|
|
|
1,314 |
|
|
|
142 |
|
|
|
151 |
|
|
|
— |
|
|
|
1,872 |
|
Allocated Corporate Expenses |
|
470 |
|
|
|
1,219 |
|
|
|
116 |
|
|
|
123 |
|
|
|
— |
|
|
|
1,928 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income
(loss) |
|
1,030 |
|
|
|
(272 |
) |
|
|
5,346 |
|
|
|
7,070 |
|
|
|
— |
|
|
|
13,174 |
|
Contact: |
John D. Baker
III |
|
|
Chief Financial Officer |
904/858-9100 |
Grafico Azioni FRP (NASDAQ:FRPH)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni FRP (NASDAQ:FRPH)
Storico
Da Ott 2023 a Ott 2024