FRP Holdings, Inc. (NASDAQ-FRPH)
Third Quarter Operational
Highlights
- Dock 79 ended
the reporting period with residential occupancy above 94% for the
fourth straight quarter
- Leasing efforts
have begun at Riverside as well as the second building at Bryant
Street, Chase 1B
- Average
residential occupancy above 95% for the quarter for both Dock 79
and The Maren
- Both Dock 79
and The Maren are now 100% commercially leased
Third Quarter Consolidated Results of
Operations
Net income attributable to the Company for the
third quarter of 2021 was $352,000 or $.04 per share versus
$5,455,000 or $.57 per share in the same period last year. The
third quarter of 2021 was impacted by the following items:
- Interest income
decreased $871,000 due to bond maturities and the repayment of the
Company’s preferred interest in The Maren upon the building’s
refinancing.
- Interest
expense increased $368,000 due to interest on The Maren’s debt,
partially offset by a lower interest rate on the refinanced Dock 79
debt.
- Gain from sale
of real estate decreased $5,732,000 because of two property sales
during the same period last year. The sale of our building at 1801
62nd Street and 87 acres at Ft. Myers resulted in a gain of
$5,732,000 in the third quarter of 2020 and there were no such
gains this quarter to offset the decrease.
Third Quarter Segment Operating
Results
Asset Management Segment:
Total revenues in this segment were $619,000,
down $102,000 or 14.1%, over the same period last year due to the
sale of our warehouse 1801 62nd Street in July 2020 which had
$59,000 of revenues in the same quarter last year. Operating loss
was $(11,000), down $46,000 from an operating profit of $35,000 in
the same quarter last year primarily due to the sale of 1801 62nd
Street. Cranberry Run, which we purchased in the first quarter of
2019, is a five-building industrial park in Harford County,
Maryland totaling 267,737 square feet of industrial/ flex space and
at quarter end was 96.6% leased and 68.6% occupied compared to
78.6% leased and occupied at the end of the same quarter last year.
Our other two properties remain substantially leased during both
periods, with 34 Loveton 95.1% occupied and Vulcan’s former
Jacksonville office (now a vacant lot), fully leased through March
2026.
Mining Royalty Lands Segment:
Total revenues in this segment were $2,249,000
versus $2,507,000 in the same period last year. Total operating
profit in this segment was $1,968,000, a decrease of $270,000
versus $2,238,000 in the same period last year. This decrease is a
result of Vulcan temporarily shifting operations off of our land in
Manassas this quarter as part of their mining
plan. Development Segment:
With respect to developments in the quarter on
ongoing projects:
- This quarter,
we purchased 17 acres in Harford County, Maryland for $1.96 million
for the purposes of industrial development. We are pursuing
entitlements on the land, and we anticipate beginning construction
in the third quarter of 2022 on a 250,000 square foot, Class A
warehouse which will comprise the entirety of the developable space
on the site.
- In the third
quarter of 2020, we received permit entitlements for two industrial
buildings at Hollander Business Park. We have started
construction and anticipate shell completion in the fourth quarter
of 2021. Of this project’s 145,750 square feet, 42,405 square feet
are pre-leased. We have started construction on a build-to-suit
building totaling 101,750 square feet. We estimate shell completion
and occupancy in the fourth quarter of 2022.
- With respect to
our joint venture with St. John Properties, 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 48.1% leased and 46.8% occupied.
- We are the
principal capital source of a residential development venture in
Prince George’s County, Maryland known as “Amber Ridge.” Of
the $18.5 million in committed capital to the project, $15.3
million in principal draws have taken place to date. Through the
end of the third quarter, 16 of the 187 units have been sold, and
we have received $4,126,179 in preferred interest and principal to
date.
- The Coda, the
first of our four buildings at Bryant Street joint venture,
received a final certificate of occupancy on April 1, 2021, and
leasing efforts are under way. At quarter end, the Coda was 95.5%
leased and 93.5% occupied. Leasing began in August on the
second building at Bryant Street, known as the Chase 1B. At quarter
end, this building was 48.1% leased and 23.5% occupied. Leasing of
the third building, the Chase 1A, should begin in the fourth
quarter. The fourth building which is purely a commercial space is
90% leased to Alamo Draft House. We expect it to open in the fourth
quarter of this year. In total, at quarter end, two of our four
buildings have their certificate of occupancy, and Bryant Street’s
488 residential units are 46.1% leased and 37.3% occupied. Its
commercial space is 74.9% leased with no occupancy currently.
- We began
construction on our 1800 Half Street joint venture project at the
end of August 2020 and expect the building to be complete in the
third quarter of 2022. As of the end of the third quarter, the
project was 45.61% complete.
- At quarter end,
our Riverside joint venture project in Greenville, South Carolina
is 98% complete and awaiting its final certificate of occupancy.
Leasing began this quarter and the building is 35% leased and 23%
occupied.
- At quarter end,
our .408 Jackson joint venture project in Greenville, South
Carolina is 70% complete. We expect to complete construction and
begin leasing in third quarter of 2022.
Stabilized Joint Venture Segment:
In March 2021, we reached stabilization on Phase
II (The Maren) of the development known as RiverFront on the
Anacostia in Washington, D.C., a 250,000-square-foot mixed-use
development which supports 264 residential units and 6,937 square
feet of retail developed by a joint venture between the Company and
MRP. Stabilization in this case means 90% of the individual
apartments had been leased and occupied by third party tenants.
Upon reaching stabilization, the Company has, for a period of one
year, the exclusive right to (i) cause the joint venture to sell
the property or (ii) cause the Company’s and MRP’s percentage
interests in the joint venture to be adjusted so as to take into
account the contractual payouts assuming a sale at the value of the
development at the time of this “Conversion Election”. Reaching
stabilization resulted in a change of control for accounting
purposes as the veto rights of the minority shareholder lapsed and
the Company became the primary beneficiary. As such, as of March
31, 2021, the Company consolidated the assets (at current fair
value based on appraisal), liabilities and operating results of the
joint venture. Up through the first quarter of this year,
accounting for The Maren was reflected in Equity in loss of joint
ventures on the Consolidated Statements of Income. Starting April
1, 2021, all the revenue and expenses are accounted for in the same
manner as Dock 79 in the stabilized joint venture segment.
Total revenues in this segment were $5,204,000,
an increase of $2,624,000 versus $2,580,000 in the same period last
year. The Maren’s revenue was $2,428,000 and Dock 79 revenues
increased $196,000. Total operating loss in this segment was
$(495,000), a decrease of $843,000 versus a profit of $348,000 in
the same period last year. The quarter includes $1,373,000
amortization expense of the $4,750,000 fair value of The Maren’s
leases-in-place established when we booked this asset as part of
the gain on remeasurement upon consolidation of this Joint Venture.
Net Operating Income this quarter for this segment was $3,113,000,
up $1,479,000 or 90.51% compared to the same quarter last year due
to The Maren’s consolidation into this segment.
At the end of September, The Maren was 93.56%
leased and 95.45% occupied. Average residential occupancy for the
quarter was 95.92%, and 71.91% of expiring leases renewed with no
increase in rent due to the mandated rent freeze on renewals in DC.
The Maren is a joint venture between the Company and MRP, in which
FRP Holdings, Inc. is the majority partner with 70.41%
ownership.
Dock 79’s average residential occupancy for the
quarter was 95.94%, and at the end of the quarter, Dock 79’s
residential units were 93.11% leased and 94.75% occupied. This
quarter, 57.75% of expiring leases renewed with no increase in rent
due to the mandated rent freeze on renewals in DC. Dock 79 is a
joint venture between the Company and MRP, in which FRP Holdings,
Inc. is the majority partner with 66% ownership.
Third quarter distributions from our CS1031
Hickory Creek DST investment were $86,000.
Nine Months Operational
Highlights
- Highest mining
royalty revenue total through the first nine months in segment’s
history
- Three straight
quarters of mining revenue for the LTM higher than $9.5
million
Nine Months Consolidated Results of
Operations
Net income attributable to the Company for the
first nine months of 2021 was $28,807,000 or $3.07 per share versus
$11,222,000 or $1.16 per share in the same period last year. The
first nine months of 2021 was impacted by the following items:
- Gain of $51.1
million on the remeasurement of investment in The Maren real estate
partnership, which is included in Income before income taxes. This
gain on remeasurement is mitigated by a $10.1 million provision for
taxes and $14.0 million attributable to noncontrolling
interest.
- The period
includes $3,241,000 amortization expense of the $4,750,000 fair
value of The Maren’s leases-in-place established when we booked
this asset as part of the gain on remeasurement upon consolidation
of this Joint Venture.
- Interest income
decreased $2,549,000 due to bond maturities and the repayment of
the Company’s preferred interest in The Maren upon the building’s
refinancing.
- Interest
expense increased $1,643,000 due to a $900,000 prepayment penalty
on the Dock 79 refinancing plus interest on The Maren’s debt
partially offset by a lower interest rate on Dock 79.
- Gain from sale
of real estate decreased $8,524,000. The prior quarter included
$805,000 for an easement and sale of excess land in the Mining
Royalty Lands Segment. The prior year included a gain of $9,329,000
from the sale of the three remaining lots at our Lakeside Business
Park, 1801 62nd Street, our inactive and depleted quarry land at
Gulf Hammock, and 87 acres from our Ft. Myers property.
Nine Months Segment Operating
Results
Asset Management Segment:
Total revenues in this segment were $1,919,000,
down $170,000 or 8.1%, over the same period last year due to the
sale of our warehouse 1801 62nd Street in July 2020 which had
$423,000 of revenues in the same period last year. Operating loss
was ($154,000), down $116,000 from an operating loss of ($38,000)
in the same period last year primarily due to the sale of 1801 62nd
Street.
Mining Royalty Lands Segment:
Total revenues in this segment were $7,198,000
versus $7,094,000 in the same period last year. Total operating
profit in this segment was $6,273,000, an increase of $21,000
versus $6,252,000 in the same period last year.
Stabilized Joint Venture Segment:
Total revenues in this segment were $12,535,000,
an increase of $4,850,000 versus $7,685,000 in the same period last
year. The Maren’s revenue was $4,591,000 and Dock 79 revenues
increased $260,000. Total operating loss in this segment was
($1,636,000), a decrease of $2,847,000 versus a profit of
$1,211,000 in the same period last year. The period includes
$3,241,000 amortization expense of the $4,750,000 fair value of The
Maren’s leases-in-place established when we booked this asset as
part of the gain on remeasurement upon consolidation of this Joint
Venture. Net Operating Income for this segment was $7,684,000, up
$2,584,000 or 50.67% compared to the same period last year due to
The Maren’s consolidation into this segment.
Since The Maren achieved stabilization on the
last day of March, average residential occupancy is 94.86% and
68.15% of expiring leases have renewed with no increase in rent due
to the mandated rent freeze on renewals in DC. The
Maren is a joint venture between the Company and MRP, in which FRP
Holdings, Inc. is the majority partner with 70.41% ownership.
Dock 79’s average residential occupancy for the
first nine months of 2021 was 95.43%. Through the first nine months
of the year, 59.33% of expiring leases renewed with no increase in
rent due to the mandated rent freeze on renewals in DC. Dock 79 is
a joint venture between the Company and MRP, in which FRP Holdings,
Inc. is the majority partner with 66% ownership.
In March, we completed a refinancing of Dock 79
as well as securing permanent financing for The Maren. This $180
million loan ($92 million for Dock 79, $88 million for The Maren)
lowers the interest rate at Dock 79 from 4.125% to 3.03%, defers
any principal payments for 12 years for both properties, and repays
the $13.75 million in preferred equity along with $2.3 million in
accrued interest.
Distributions from our CS1031 Hickory Creek DST
investment were $257,000 for the first nine months of the year.
Impact of the COVID-19
Pandemic
Though circumstances have improved, the COVID-19
pandemic continues to have an extraordinary impact on the world
economy and the markets in which we operate. We have continued
operations throughout the pandemic and have made every effort to
act in accordance with national, state, and local regulations and
guidelines. During 2020, Dock 79 and The Maren most directly
suffered the impacts to our business from the pandemic due to our
retail tenants being unable to operate at capacity, the lack of
attendance at the Washington Nationals baseball park and the rent
freeze imposed by the District. This year, because of the
vaccine, herd immunity, and efforts to reopen the economy, our
businesses were affected though not to the same extent as
2020. Some of the same conditions remain in place, and it is
possible that they may impact our ability to lease retail spaces in
Washington, D.C. and Greenville. We expect our business to be
affected by the pandemic for at least the remainder of
2021.
Summary and Outlook
Although royalty revenue is down this quarter
compared to the same quarter last year, royalty revenue for the
first nine months was $7,198,000, an increase of 1.46% over the
same period last year and the highest revenue total for the first
nine months in the segment’s history. Revenue for the last twelve
months was $9,581,000, an increase of 1.09% over calendar year
2020. This marks the third straight quarter where the last twelve
months’ revenue exceeded $9.5 million.
For the fourth quarter in a row, Dock 79’s
occupancy has been above 94% at quarter end. This is the very first
time Dock 79 has ended the four straight quarters with an occupancy
higher than 94%.
With The Maren’s stabilization at the end of
March this year, we are now in our second reporting period with The
Maren consolidated on to our books. Because of the increased
depreciation and amortization attributable to the Company as a
result of consolidating The Maren’s results into our income
statement, the impact on net income may in fact be negative for
some time, but the positive impact on our NOI and cash flow will be
significant. The Maren was 93.56% leased and 95.45% occupied at
quarter end, and its retail space is 100% leased with occupancy
expected in the fourth quarter of this year once build out is
complete. It has been over a year since the District put in place
the “emergency” measures which have prevented us from raising rents
on renewals. This has obviously mitigated our ability to grow NOI
at Dock 79. With The Maren now going through its first generation
of renewals, it too is feeling the effect of these emergency
measures. It is our understanding that these measures are set to
expire but not prior to the end of the year. Because renewal
negotiations take place several weeks in advance, if the emergency
measures expire at year end, we will not see any practical effect
to rent increases until February 2022. We remain
pleased with the current direction of our asset management segment,
particularly the industrial assets. The speed with which we leased
up and then sold our building at 1801 62nd Street last year
strengthened our commitment to industrial development. We have a
build-to-suit and two spec buildings under construction at
Hollander and those three buildings will complete any development
at Hollander for the foreseeable future. Because of that, we have
bolstered our land bank with the $10.5 million purchase of 55 acres
in Aberdeen, Maryland as well as this quarter’s purchase of 17
acres in Harford County, Maryland. Once entitled, this property
will be capable of supporting over 625,000 square feet of
industrial product and will be essential for future industrial
development as we finish developing our remaining inventory at
Hollander Business Park.
At the end of September, we held our very first
Investor Day. We hope it was the first of many and the last one we
hold virtually. The event afforded us an opportunity to take stock
of where we are now and where we are headed. The first nine months
have seen the stabilization, consolidation, and permanent financing
of The Maren; the refinancing of Dock 79; leasing begin at Bryant
St and Riverside in Greenville; a build-to-suit opportunity at
Hollander as well as the mining royalties’ highest nine-month
revenue performance. That is a lot to take stock of in a short
period of time, but we are more excited about where we are headed.
In the not-so-distant future, we will finish construction and start
leasing Half Street and .408 Jackson; we will finish construction
on three warehouses and begin work on allowing our landbank to
accommodate our next generation of industrial development; and
hopefully, we will not only see the passage but the practical
effects of an infrastructure bill on our mining royalties income.
We mentioned this at the Investor Day, but, assuming all goes
according to plan, it is our belief that over the next few years,
we will put all of our cash to use in new projects. We will
continue to be opportunistic in repurchasing stock. During 2021,
the Company repurchased 6,004 shares at an average cost of $43.95
per share.
Conference Call
The Company will also host a conference call on
Thursday, November 4, 2021 at 12:30 p.m. (EDT). Analysts,
stockholders and other interested parties may access the
teleconference live by calling 1-877-271-1828 (passcode 47240873)
within the United States. International callers may dial
1-334-323-9871 (passcode 47240873). Computer audio live
streaming is available via the Internet through this link
http://stream.conferenceamerica.com/frp110421. For the archived
audio via the internet, click on the following link
http://archive.conferenceamerica.com/archivestream/frp110421.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 29813855. 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
investment opportunities; 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., Richmond,
Virginia, and Greenville, South Carolina; 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 |
|
NINE MONTHS ENDED |
|
|
SEPTEMBER 30, |
|
SEPTEMBER 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
6,224 |
|
|
|
3,591 |
|
|
|
15,623 |
|
|
|
10,636 |
|
Mining lands lease revenue |
|
|
2,249 |
|
|
|
2,507 |
|
|
|
7,198 |
|
|
|
7,094 |
|
Total Revenues |
|
|
8,473 |
|
|
|
6,098 |
|
|
|
22,821 |
|
|
|
17,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
3,796 |
|
|
|
1,438 |
|
|
|
9,627 |
|
|
|
4,406 |
|
Operating expenses |
|
|
1,557 |
|
|
|
892 |
|
|
|
3,792 |
|
|
|
2,598 |
|
Property taxes |
|
|
986 |
|
|
|
706 |
|
|
|
2,764 |
|
|
|
2,089 |
|
Management company indirect |
|
|
745 |
|
|
|
844 |
|
|
|
2,137 |
|
|
|
2,208 |
|
Corporate expenses |
|
|
657 |
|
|
|
637 |
|
|
|
2,486 |
|
|
|
2,850 |
|
Total cost of operations |
|
|
7,741 |
|
|
|
4,517 |
|
|
|
20,806 |
|
|
|
14,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
profit |
|
|
732 |
|
|
|
1,581 |
|
|
|
2,015 |
|
|
|
3,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income,
including realized gains of $0 $55, $0 and $297, respectively |
|
|
943 |
|
|
|
1,814 |
|
|
|
3,366 |
|
|
|
5,915 |
|
Interest expense |
|
|
(414 |
) |
|
|
(46 |
) |
|
|
(1,785 |
) |
|
|
(142 |
) |
Equity in loss of joint
ventures |
|
|
(1,244 |
) |
|
|
(1,788 |
) |
|
|
(3,997 |
) |
|
|
(3,773 |
) |
Gain on remeasurement of
investment in real estate partnership |
|
|
— |
|
|
|
— |
|
|
|
51,139 |
|
|
|
— |
|
Gain on sale of real
estate |
|
|
— |
|
|
|
5,732 |
|
|
|
805 |
|
|
|
9,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
17 |
|
|
|
7,293 |
|
|
|
51,543 |
|
|
|
14,908 |
|
Provision for income
taxes |
|
|
130 |
|
|
|
2,022 |
|
|
|
10,500 |
|
|
|
4,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
(113 |
) |
|
|
5,271 |
|
|
|
41,043 |
|
|
|
10,747 |
|
Gain (loss) attributable to
noncontrolling interest |
|
|
(465 |
) |
|
|
(184 |
) |
|
|
12,236 |
|
|
|
(475 |
) |
Net income
attributable to the Company |
|
$ |
352 |
|
|
|
5,455 |
|
|
|
28,807 |
|
|
|
11,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to the
Company- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.04 |
|
|
|
0.57 |
|
|
|
3.08 |
|
|
|
1.16 |
|
Diluted |
|
$ |
0.04 |
|
|
|
0.57 |
|
|
|
3.07 |
|
|
|
1.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
shares (in thousands) used in computing: |
|
|
|
|
|
|
|
|
|
|
|
-basic earnings per common share |
|
|
9,363 |
|
|
|
9,517 |
|
|
|
9,352 |
|
|
|
9,646 |
|
-diluted earnings per common share |
|
|
9,399 |
|
|
|
9,545 |
|
|
|
9,390 |
|
|
|
9,681 |
|
|
FRP HOLDINGS, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(Unaudited) (In thousands, except share data) |
|
|
|
September 30, 2021 |
|
December 31, 2020 |
Assets: |
|
|
|
|
Real estate investments at cost: |
|
|
|
|
|
|
|
|
Land |
|
$ |
123,397 |
|
|
|
91,744 |
|
Buildings and
improvements |
|
|
255,366 |
|
|
|
141,241 |
|
Projects under
construction |
|
|
13,799 |
|
|
|
4,879 |
|
Total investments in properties |
|
|
392,562 |
|
|
|
237,864 |
|
Less accumulated depreciation
and depletion |
|
|
44,266 |
|
|
|
34,724 |
|
Net investments in properties |
|
|
348,296 |
|
|
|
203,140 |
|
|
|
|
|
|
|
|
|
|
Real estate held for
investment, at cost |
|
|
9,559 |
|
|
|
9,151 |
|
Investments in joint
ventures |
|
|
145,975 |
|
|
|
167,071 |
|
Net real estate investments |
|
|
503,830 |
|
|
|
379,362 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
162,881 |
|
|
|
73,909 |
|
Cash held in escrow |
|
|
502 |
|
|
|
196 |
|
Accounts receivable, net |
|
|
991 |
|
|
|
923 |
|
Investments available for sale
at fair value |
|
|
4,315 |
|
|
|
75,609 |
|
Federal and state income taxes
receivable |
|
|
2,082 |
|
|
|
4,621 |
|
Unrealized rents |
|
|
580 |
|
|
|
531 |
|
Deferred costs |
|
|
3,047 |
|
|
|
707 |
|
Other assets |
|
|
525 |
|
|
|
502 |
|
Total assets |
|
$ |
678,753 |
|
|
|
536,360 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Secured notes payable |
|
$ |
178,371 |
|
|
|
89,964 |
|
Accounts payable and accrued
liabilities |
|
|
3,706 |
|
|
|
3,635 |
|
Other liabilities |
|
|
1,886 |
|
|
|
1,886 |
|
Deferred revenue |
|
|
470 |
|
|
|
542 |
|
Deferred income taxes |
|
|
65,379 |
|
|
|
56,106 |
|
Deferred compensation |
|
|
1,247 |
|
|
|
1,242 |
|
Tenant security deposits |
|
|
764 |
|
|
|
332 |
|
Total liabilities |
|
|
251,823 |
|
|
|
153,707 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Common stock, $.10 par
value25,000,000 shares authorized,9,411,028 and 9,363,717 shares
issuedand outstanding, respectively |
|
|
941 |
|
|
|
936 |
|
Capital in excess of par
value |
|
|
57,512 |
|
|
|
56,279 |
|
Retained earnings |
|
|
338,344 |
|
|
|
309,764 |
|
Accumulated other
comprehensive income, net |
|
|
193 |
|
|
|
675 |
|
Total shareholders’ equity |
|
|
396,990 |
|
|
|
367,654 |
|
Noncontrolling interest
MRP |
|
|
29,940 |
|
|
|
14,999 |
|
Total equity |
|
|
426,930 |
|
|
|
382,653 |
|
Total liabilities and
shareholders’ equity |
|
$ |
678,753 |
|
|
|
536,360 |
|
|
|
|
|
|
|
|
|
|
Asset Management
Segment:
|
|
Three months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2021 |
|
% |
|
2020 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
619 |
|
|
|
100.0 |
% |
|
|
721 |
|
|
|
100.0 |
% |
|
|
(102 |
) |
|
|
-14.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
137 |
|
|
|
22.1 |
% |
|
|
137 |
|
|
|
19.0 |
% |
|
|
— |
|
|
|
0.0 |
% |
Operating expenses |
|
|
76 |
|
|
|
12.3 |
% |
|
|
139 |
|
|
|
19.3 |
% |
|
|
(63 |
) |
|
|
-45.3 |
% |
Property taxes |
|
|
37 |
|
|
|
6.0 |
% |
|
|
43 |
|
|
|
5.9 |
% |
|
|
(6 |
) |
|
|
-14.0 |
% |
Management company
indirect |
|
|
200 |
|
|
|
32.3 |
% |
|
|
202 |
|
|
|
28.0 |
% |
|
|
(2 |
) |
|
|
-1.0 |
% |
Corporate expense |
|
|
180 |
|
|
|
29.1 |
% |
|
|
165 |
|
|
|
22.9 |
% |
|
|
15 |
|
|
|
9.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
630 |
|
|
|
101.8 |
% |
|
|
686 |
|
|
|
95.1 |
% |
|
|
(56 |
) |
|
|
-8.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss) |
|
$ |
(11 |
) |
|
|
-1.8 |
% |
|
|
35 |
|
|
|
4.9 |
% |
|
|
(46 |
) |
|
|
-131.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining Royalty Lands
Segment:
|
|
Three months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2021 |
|
% |
|
2020 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining lands lease revenue |
|
$ |
2,249 |
|
|
|
100.0 |
% |
|
|
2,507 |
|
|
|
100.0 |
% |
|
|
(258 |
) |
|
|
-10.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
38 |
|
|
|
1.7 |
% |
|
|
60 |
|
|
|
2.4 |
% |
|
|
(22 |
) |
|
|
-36.7 |
% |
Operating expenses |
|
|
11 |
|
|
|
0.5 |
% |
|
|
16 |
|
|
|
0.6 |
% |
|
|
(5 |
) |
|
|
-31.3 |
% |
Property taxes |
|
|
68 |
|
|
|
3.0 |
% |
|
|
59 |
|
|
|
2.4 |
% |
|
|
9 |
|
|
|
15.3 |
% |
Management company
indirect |
|
|
95 |
|
|
|
4.2 |
% |
|
|
81 |
|
|
|
3.2 |
% |
|
|
14 |
|
|
|
17.3 |
% |
Corporate expense |
|
|
69 |
|
|
|
3.1 |
% |
|
|
53 |
|
|
|
2.1 |
% |
|
|
16 |
|
|
|
30.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
281 |
|
|
|
12.5 |
% |
|
|
269 |
|
|
|
10.7 |
% |
|
|
12 |
|
|
|
4.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
1,968 |
|
|
|
87.5 |
% |
|
|
2,238 |
|
|
|
89.3 |
% |
|
|
(270 |
) |
|
|
-12.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
Segment:
|
|
Three months ended September 30 |
(dollars in thousands) |
|
2021 |
|
2020 |
|
Change |
|
|
|
|
|
|
|
Lease revenue |
|
$ |
401 |
|
|
|
290 |
|
|
|
111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
53 |
|
|
|
53 |
|
|
|
— |
|
Operating expenses |
|
|
62 |
|
|
|
62 |
|
|
|
— |
|
Property taxes |
|
|
355 |
|
|
|
330 |
|
|
|
25 |
|
Management company
indirect |
|
|
335 |
|
|
|
504 |
|
|
|
(169 |
) |
Corporate expense |
|
|
326 |
|
|
|
381 |
|
|
|
(55 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
1,131 |
|
|
|
1,330 |
|
|
|
(199 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(730 |
) |
|
|
(1,040 |
) |
|
|
310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized Joint Venture
Segment:
|
|
Three months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2021 |
|
% |
|
2020 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
5,204 |
|
|
|
100.0 |
% |
|
|
2,580 |
|
|
|
100.0 |
% |
|
|
2,624 |
|
|
|
101.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
3,568 |
|
|
|
68.6 |
% |
|
|
1,188 |
|
|
|
46.0 |
% |
|
|
2,380 |
|
|
|
200.3 |
% |
Operating expenses |
|
|
1,408 |
|
|
|
27.0 |
% |
|
|
675 |
|
|
|
26.2 |
% |
|
|
733 |
|
|
|
108.6 |
% |
Property taxes |
|
|
526 |
|
|
|
10.1 |
% |
|
|
274 |
|
|
|
10.6 |
% |
|
|
252 |
|
|
|
92.0 |
% |
Management company
indirect |
|
|
115 |
|
|
|
2.2 |
% |
|
|
57 |
|
|
|
2.2 |
% |
|
|
58 |
|
|
|
101.8 |
% |
Corporate expense |
|
|
82 |
|
|
|
1.6 |
% |
|
|
38 |
|
|
|
1.5 |
% |
|
|
44 |
|
|
|
115.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
5,699 |
|
|
|
109.5 |
% |
|
|
2,232 |
|
|
|
86.5 |
% |
|
|
3,467 |
|
|
|
155.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss) |
|
$ |
(495 |
) |
|
|
-9.5 |
% |
|
|
348 |
|
|
|
13.5 |
% |
|
|
(843 |
) |
|
|
-242.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management
Segment:
|
|
Nine months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2021 |
|
% |
|
2020 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
1,919 |
|
|
|
100.0 |
% |
|
|
2,089 |
|
|
|
100.0 |
% |
|
|
(170 |
) |
|
|
-8.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
408 |
|
|
|
21.3 |
% |
|
|
529 |
|
|
|
25.3 |
% |
|
|
(121 |
) |
|
|
-22.9 |
% |
Operating expenses |
|
|
289 |
|
|
|
15.0 |
% |
|
|
332 |
|
|
|
15.9 |
% |
|
|
(43 |
) |
|
|
-13.0 |
% |
Property taxes |
|
|
117 |
|
|
|
6.1 |
% |
|
|
91 |
|
|
|
4.4 |
% |
|
|
26 |
|
|
|
28.6 |
% |
Management company
indirect |
|
|
577 |
|
|
|
30.1 |
% |
|
|
437 |
|
|
|
20.9 |
% |
|
|
140 |
|
|
|
32.0 |
% |
Corporate expense |
|
|
682 |
|
|
|
35.5 |
% |
|
|
738 |
|
|
|
35.3 |
% |
|
|
(56 |
) |
|
|
-7.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
2,073 |
|
|
|
108.0 |
% |
|
|
2,127 |
|
|
|
101.8 |
% |
|
|
(54 |
) |
|
|
-2.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(154 |
) |
|
|
-8.0 |
% |
|
|
(38 |
) |
|
|
-1.8 |
% |
|
|
(116 |
) |
|
|
305.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining Royalty Lands
Segment:
|
|
Nine months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2021 |
|
% |
|
2020 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining lands lease revenue |
|
$ |
7,198 |
|
|
|
100.0 |
% |
|
|
7,094 |
|
|
|
100.0 |
% |
|
|
104 |
|
|
|
1.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
161 |
|
|
|
2.2 |
% |
|
|
160 |
|
|
|
2.3 |
% |
|
|
1 |
|
|
|
0.6 |
% |
Operating expenses |
|
|
34 |
|
|
|
0.5 |
% |
|
|
43 |
|
|
|
0.6 |
% |
|
|
(9 |
) |
|
|
-20.9 |
% |
Property taxes |
|
|
199 |
|
|
|
2.8 |
% |
|
|
191 |
|
|
|
2.7 |
% |
|
|
8 |
|
|
|
4.2 |
% |
Management company
indirect |
|
|
273 |
|
|
|
3.8 |
% |
|
|
214 |
|
|
|
3.0 |
% |
|
|
59 |
|
|
|
27.6 |
% |
Corporate expense |
|
|
258 |
|
|
|
3.6 |
% |
|
|
234 |
|
|
|
3.3 |
% |
|
|
24 |
|
|
|
10.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
925 |
|
|
|
12.9 |
% |
|
|
842 |
|
|
|
11.9 |
% |
|
|
83 |
|
|
|
9.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
6,273 |
|
|
|
87.1 |
% |
|
|
6,252 |
|
|
|
88.1 |
% |
|
|
21 |
|
|
|
0.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
Segment:
|
|
Nine months ended September 30 |
(dollars in thousands) |
|
2021 |
|
2020 |
|
Change |
|
|
|
|
|
|
|
Lease revenue |
|
$ |
1,169 |
|
|
|
862 |
|
|
|
307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
159 |
|
|
|
160 |
|
|
|
(1 |
) |
Operating expenses |
|
|
133 |
|
|
|
415 |
|
|
|
(282 |
) |
Property taxes |
|
|
1,082 |
|
|
|
1,019 |
|
|
|
63 |
|
Management company
indirect |
|
|
996 |
|
|
|
1,404 |
|
|
|
(408 |
) |
Corporate expense |
|
|
1,267 |
|
|
|
1,710 |
|
|
|
(443 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
3,637 |
|
|
|
4,708 |
|
|
|
(1,071 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(2,468 |
) |
|
|
(3,846 |
) |
|
|
1,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized Joint Venture
Segment:
|
|
Nine months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2021 |
|
% |
|
2020 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
12,535 |
|
|
|
100.0 |
% |
|
|
7,685 |
|
|
|
100.0 |
% |
|
|
4,850 |
|
|
|
63.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
8,899 |
|
|
|
71.0 |
% |
|
|
3,557 |
|
|
|
46.3 |
% |
|
|
5,342 |
|
|
|
150.2 |
% |
Operating expenses |
|
|
3,336 |
|
|
|
26.6 |
% |
|
|
1,808 |
|
|
|
23.5 |
% |
|
|
1,528 |
|
|
|
84.5 |
% |
Property taxes |
|
|
1,366 |
|
|
|
11.0 |
% |
|
|
788 |
|
|
|
10.2 |
% |
|
|
578 |
|
|
|
73.4 |
% |
Management company
indirect |
|
|
291 |
|
|
|
2.3 |
% |
|
|
153 |
|
|
|
2.0 |
% |
|
|
138 |
|
|
|
90.2 |
% |
Corporate expense |
|
|
279 |
|
|
|
2.2 |
% |
|
|
168 |
|
|
|
2.2 |
% |
|
|
111 |
|
|
|
66.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
14,171 |
|
|
|
113.1 |
% |
|
|
6,474 |
|
|
|
84.2 |
% |
|
|
7,697 |
|
|
|
118.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss) |
|
$ |
(1,636 |
) |
|
|
-13.1 |
% |
|
|
1,211 |
|
|
|
15.8 |
% |
|
|
(2,847 |
) |
|
|
-235.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 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 09/30/21 (in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized |
|
|
|
|
|
|
|
Asset |
|
|
|
Joint |
|
Mining |
|
Unallocated |
|
FRP |
|
Management |
|
Development |
|
Venture |
|
Royalties |
|
Corporate |
|
Holdings |
|
Segment |
|
Segment |
|
Segment |
|
Segment |
|
Expenses |
|
Totals |
Net Income (loss) |
|
(130 |
) |
|
|
(2,521 |
) |
|
|
37,874 |
|
|
|
5,159 |
|
|
|
661 |
|
|
|
41,043 |
|
Income Tax Allocation |
|
(50 |
) |
|
|
(933 |
) |
|
|
9,506 |
|
|
|
1,913 |
|
|
|
64 |
|
|
|
10,500 |
|
Income (loss) before
income taxes |
|
(180 |
) |
|
|
(3,454 |
) |
|
|
47,380 |
|
|
|
7,072 |
|
|
|
725 |
|
|
|
51,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on remeasurement of real estate investment |
|
— |
|
|
|
— |
|
|
|
51,139 |
|
|
|
— |
|
|
|
— |
|
|
|
51,139 |
|
Gain on investment land sold |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
831 |
|
|
|
— |
|
|
|
831 |
|
Unrealized rents |
|
49 |
|
|
|
— |
|
|
|
149 |
|
|
|
166 |
|
|
|
— |
|
|
|
364 |
|
Interest income |
|
— |
|
|
|
2,608 |
|
|
|
— |
|
|
|
— |
|
|
|
758 |
|
|
|
3,366 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of land |
|
26 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
26 |
|
Equity in loss of Joint Venture |
|
— |
|
|
|
3,594 |
|
|
|
371 |
|
|
|
32 |
|
|
|
— |
|
|
|
3,997 |
|
Interest Expense |
|
— |
|
|
|
— |
|
|
|
1,752 |
|
|
|
— |
|
|
|
33 |
|
|
|
1,785 |
|
Depreciation/Amortization |
|
408 |
|
|
|
159 |
|
|
|
8,899 |
|
|
|
161 |
|
|
|
— |
|
|
|
9,627 |
|
Management Co. Indirect |
|
577 |
|
|
|
996 |
|
|
|
291 |
|
|
|
273 |
|
|
|
— |
|
|
|
2,137 |
|
Allocated Corporate Expenses |
|
682 |
|
|
|
1,267 |
|
|
|
279 |
|
|
|
258 |
|
|
|
— |
|
|
|
2,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income
(loss) |
|
1,464 |
|
|
|
(46 |
) |
|
|
7,684 |
|
|
|
6,799 |
|
|
|
— |
|
|
|
15,901 |
|
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 |
|
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