FRP Holdings, Inc. (NASDAQ-FRPH) –
First Quarter Operational
Highlights
- Dock 79 ended the reporting period with residential occupancy
above 95% for the fourth straight quarter
- First rent increases on renewals on multifamily assets in DC
since February 2020
- Best first quarter of revenue for mining royalties in segment’s
history
- Average residential occupancy of 94.92% for the Maren in its
first year post stabilization
First Quarter Consolidated Results of
Operations
Net income for the first quarter of 2022 was
$672,000 or $.07 per share versus $28,373,000 or $3.03 per share in
the same period last year. The first quarter of 2022 was impacted
by the following items:
- The quarter includes $316,000
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.
- The quarter includes $733,000 gain
on sales of excess property at Brooksville.
- Interest income decreased $477,000
due to bond maturities and the repayment of the Company’s preferred
interest in The Maren upon the building’s refinancing.
Net income for the first quarter of 2021
included a 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 was mitigated by a
$10.3 million provision for taxes and $13.0 attributable to
noncontrolling interest.
First Quarter Segment Operating
Results
Asset Management Segment:
Total revenues in this segment were $839,000, up
$127,000 or 17.8%, over the same period last year. Operating profit
was $148,000, up $131,000 from an operating profit of $17,000 in
the same quarter last year. At quarter end, Cranberry Run, a
five-building industrial park in Harford County, Maryland totaling
267,737 square feet of industrial/flex space, was 100% leased and
occupied compared to 87.6% leased and occupied at the end of the
same quarter last year. During the fourth quarter of 2021, we
completed construction on two buildings in our Hollander Business
Park, totaling 145,590 square feet. At quarter end, these assets
were 69.1% leased and 52.8% occupied. 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 $2,425,000
versus $2,315,000 in the same period last year. Total operating
profit in this segment was $2,089,000, an increase of $76,000
versus $2,013,000 in the same period last year.
Development Segment:
With respect to ongoing projects:
- 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, $16.2 million in principal draws have taken
place to date. Through the end of the first quarter, 64 of the 187
units have been sold, and we have received $9,589,000 in preferred
interest and principal to date.
- Bryant Street is a mixed use joint
venture between the Company and MRP in Washington, DC consisting of
four buildings, The Coda, The Chase 1A, The Chase 1B, and one
commercial building 90% leased to an Alamo Draft House movie
theater. At quarter end, the Coda was 89.61% leased and 92.21%
occupied, The Chase 1B was 71.43% leased and 67.70% occupied, and
The Chase 1A was 37.79% leased and 25.58% occupied. In total, at
quarter end, Bryant Street’s 487 residential units were 65.3%
leased and 60.6% occupied. Its commercial space was 82.5% leased
and 61.7% occupied at quarter end.
- We began construction on our 1800
Half Street joint venture project, now known as The Verge, at the
end of August 2020. We expect the building to be complete in the
third quarter of 2022. As of the end of the first quarter, the
project was 79.47% complete.
- Leasing began on Riverside in the
third quarter 2021 and the building was 87% leased and 69% occupied
at the end of the quarter. .408 Jackson is our second joint venture
project in Greenville and is currently under construction. This
project is 89.78% complete and 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. 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 the prior 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 $5,060,000,
an increase of $2,551,000 versus $2,509,000 in the same period last
year. The Maren’s revenue was $2,409,000 and Dock 79 revenues
increased $143,000. Total operating profit in this segment was
$366,000 an increase of $149,000 versus $217,000 in the same period
last year. Net Operating Income this quarter for this segment was
$3,137,000, up $1,603,000 or 104.5% compared to the same quarter
last year due to The Maren’s consolidation into this segment.
At the end of March, The Maren was 93.93% leased
and 96.21% occupied. Average residential occupancy for the quarter
was 95.13%, and 60.61% of expiring leases renewed with an average
rent increase on renewals of 2.32%. The rent increase on renewals
was mitigated to some extent by the fact that the renewals for
January leases took place in 2021 prior to the expiration of DC’s
mandated rent freeze on renewals. 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 95.18%, and at the end of the quarter, Dock 79’s
residential units were 92.46% leased and 95.41% occupied. This
quarter, 72.22% of expiring leases renewed with an average rent
increase on renewals of 4.69%. The rent increase on renewals was
mitigated to some extent by the fact that the renewals for January
leases took place in 2021 prior to the expiration of DC’s mandated
rent freeze on renewals. Dock 79 is a joint venture between the
Company and MRP, in which FRP Holdings, Inc. is the majority
partner with 66% ownership.
First quarter distributions from our CS1031
Hickory Creek DST investment were $85,000.
Impact of the COVID-19
Pandemic.
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. In 2021, the Delta and Omicron variants of the virus
impacted our businesses, but because of the vaccine and efforts to
reopen the economy, while still affected, they were not impacted to
the extent that they were in 2020. It is possible that this
version of the virus and its succeeding variants 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 as long
as government intervention and regulation is required to combat the
threat.
Summary and Outlook
Royalty revenue for this quarter was up 4.77%
over the same period last year. This marks the second year in a row
we have begun the year with the best first quarter of revenue in
segment history. Revenue for the last twelve months was $9,576,000,
an increase of 1.17% over calendar year 2021. More importantly, on
April 1, 2022 the Company purchased a mining royalty property in
Astatula, FL for $11.6 million. The property comprises 1,549 acres
adjacent to the Company’s existing site in Astatula. It contains
approximately 22.5 million tons of sand reserves and is currently
under a mining lease to Vulcan Materials. This is the first mining
royalty acquisition we have made in nearly a decade. We are
particularly excited to put our excess cash to work in a segment we
believe so strongly in, especially in a market we know with a
partner we deeply respect. This purchase should positively impact
revenue starting in the second quarter of this year.
In Stabilized Joint Ventures, this quarter
marked the first time in two years that we were able to raise rents
on renewals. Because the renewals for January and part of February
took place prior to the end of the year, we did not fully
experience a return to market rents on all our renewals this
quarter. Despite this headwind, we were able to raise rents on
renewals by 2.32% at The Maren and 4.69% at Dock 79. In March, the
first full month with rent increases, the average rent increase on
renewals were 2.75% and 5.60% respectively. Average occupancy has
been strong for both buildings. Dock 79’s average occupancy for the
last twelve months was 95.59%. To put that number in perspective,
in 2020, there were only three weeks that ended with occupancy
above 95.59%. In the first full year post stabilization, the Maren
had an average annual occupancy of 94.92%.
In our Asset Management Segment, overall
occupancy and leasing increased quarter-to-quarter. Cranberry Run
was 100% leased and occupied at quarter end versus 100% leased and
81% occupied at the end of 2021. Our most recently completed spec
buildings, a two-building project at Hollander Business Park, were
69.1% leased and 52.8% occupied at quarter end versus 29.1% leased
at the end of 2021. Our other two properties (our home office in
Maryland and Vulcan’s former Jacksonville office) remain
essentially unchanged and fully leased. This increase in overall
leasing and occupancy accounts for the increase in both total
revenue and operating profit.
Looking down the pipe for the rest of the year,
we have a number of exciting events on the horizon. 2022 will see
the completion and the commencement of leasing activity of our
remaining multifamily joint ventures (The Verge and .408 Jackson)
and the home stretch of the road to stabilization for Bryant Street
in DC and Riverside in Greenville. The addition of a new mining
royalty property to a portfolio that had its best first quarter of
revenue is a heady combination. Furthermore, we are excited to see
what the rest of the year holds for Dock 79 and the Maren as they
return to market rents on renewals when the District and the
Anacostia area are coming out of the winter (literally and
figuratively) and entering their peak season of weather and
activity. We remain focused on converting our excess cash into new
investments, but our fortress balance sheet remains a useful safety
net in case the future does not turn out as rosy as it currently
feels.
Finally, it is with a very heavy heart that we
announce the death of our founder, Edward L’Engle Baker. He passed
away quietly in his home at the age of 87, and it was perhaps the
only thing he did quietly in his entire life. This company was the
brainchild of Ted Baker when he was running Florida Rock Industries
and he served as its chairman from 1986-2015. It is a testament to
a life well lived that both FRP Holdings and Patriot Transportation
are footnotes in his CV. He was a monumental figure in the
aggregates industry as exemplified by his induction this year into
the Pit and Quarry Hall of Fame. More importantly, he worked his
entire life to help improve the educational institutions and the
North Florida community that helped make him who he was, embodying
Abraham Lincoln’s hope for his own life to be thought of as one who
“always plucked a thistle and planted a flower where he thought a
flower would grow.” Grief is the price we pay for love, and we
received a very large bill upon his passing. This Company is
forever in his debt and we will continue to work hard to honor this
very small part of his incredible legacy.
Conference Call
The Company will also host a conference call on
Thursday, May 12, 2022 at 2:30 p.m. (EDT). Analysts, stockholders
and other interested parties may access the teleconference live by
calling 1-800-225-9448 (passcode 84872) within the United
States. International callers may dial 1-203-518-9708
(passcode 84872). Audio replay will be available until May 26, 2022
by dialing 1-800-283-7928 (passcode 17717) within the United
States. International callers may dial 1-402-220-0866
(passcode 17717). An audio replay will also be available on the
Company’s investor relations page
(https://www.frpdev.com/investor-relations/) following the
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
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
INCOME(In thousands except per share
amounts)(Unaudited)
|
|
THREE MONTHS ENDED |
|
|
MARCH 31, |
|
|
2022 |
|
2021 |
Revenues: |
|
|
|
|
Lease revenue |
|
$ |
6,282 |
|
|
|
3,538 |
|
Mining lands lease revenue |
|
|
2,425 |
|
|
|
2,315 |
|
Total revenues |
|
|
8,707 |
|
|
|
5,853 |
|
|
|
|
|
|
|
|
|
|
Cost of
operations: |
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
2,898 |
|
|
|
1,443 |
|
Operating expenses |
|
|
1,808 |
|
|
|
841 |
|
Property taxes |
|
|
1,028 |
|
|
|
778 |
|
Management company indirect |
|
|
774 |
|
|
|
570 |
|
Corporate expenses |
|
|
835 |
|
|
|
779 |
|
Total cost of operations |
|
|
7,343 |
|
|
|
4,411 |
|
|
|
|
|
|
|
|
|
|
Total operating
profit |
|
|
1,364 |
|
|
|
1,442 |
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
898 |
|
|
|
1,375 |
|
Interest expense |
|
|
(738 |
) |
|
|
(925 |
) |
Equity in loss of joint
ventures |
|
|
(1,604 |
) |
|
|
(1,635 |
) |
Gain on remeasurement of
investment in real estate partnership |
|
|
— |
|
|
|
51,139 |
|
Gain on sale of real
estate |
|
|
733 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
653 |
|
|
|
51,396 |
|
Provision for income
taxes |
|
|
249 |
|
|
|
10,521 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
404 |
|
|
|
40,875 |
|
Gain (loss) attributable to
noncontrolling interest |
|
|
(268 |
) |
|
|
12,502 |
|
Net income
attributable to the Company |
|
$ |
672 |
|
|
|
28,373 |
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
Net income attributable to the
Company- |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.07 |
|
|
|
3.04 |
|
Diluted |
|
$ |
0.07 |
|
|
|
3.03 |
|
|
|
|
|
|
|
|
|
|
Number of shares (in
thousands) used in computing: |
|
|
|
|
|
|
|
|
-basic earnings per common share |
|
|
9,366 |
|
|
|
9,341 |
|
-diluted earnings per common share |
|
|
9,417 |
|
|
|
9,376 |
|
|
|
|
|
|
|
|
|
|
FRP HOLDINGS, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(Unaudited) (In thousands, except share data)
|
|
March 31 |
|
December 31 |
Assets: |
|
2022 |
|
2021 |
Real estate investments at cost: |
|
|
|
|
|
|
|
|
Land |
|
$ |
123,400 |
|
|
|
123,397 |
|
Buildings and
improvements |
|
|
266,642 |
|
|
|
265,278 |
|
Projects under
construction |
|
|
10,821 |
|
|
|
8,668 |
|
Total investments in properties |
|
|
400,863 |
|
|
|
397,343 |
|
Less accumulated depreciation
and depletion |
|
|
49,240 |
|
|
|
46,678 |
|
Net investments in properties |
|
|
351,623 |
|
|
|
350,665 |
|
|
|
|
|
|
|
|
|
|
Real estate held for
investment, at cost |
|
|
9,829 |
|
|
|
9,722 |
|
Investments in joint
ventures |
|
|
143,005 |
|
|
|
145,443 |
|
Net real estate investments |
|
|
504,457 |
|
|
|
505,830 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
164,523 |
|
|
|
161,521 |
|
Cash held in escrow |
|
|
548 |
|
|
|
752 |
|
Accounts receivable, net |
|
|
1,105 |
|
|
|
793 |
|
Investments available for sale
at fair value |
|
|
— |
|
|
|
4,317 |
|
Federal and state income taxes
receivable |
|
|
767 |
|
|
|
1,103 |
|
Unrealized rents |
|
|
720 |
|
|
|
620 |
|
Deferred costs |
|
|
2,212 |
|
|
|
2,726 |
|
Other assets |
|
|
535 |
|
|
|
528 |
|
Total assets |
|
$ |
674,867 |
|
|
|
678,190 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Secured notes payable |
|
$ |
178,446 |
|
|
|
178,409 |
|
Accounts payable and accrued
liabilities |
|
|
3,810 |
|
|
|
6,137 |
|
Other liabilities |
|
|
1,886 |
|
|
|
1,886 |
|
Deferred revenue |
|
|
324 |
|
|
|
369 |
|
Deferred income taxes |
|
|
64,047 |
|
|
|
64,047 |
|
Deferred compensation |
|
|
1,305 |
|
|
|
1,302 |
|
Tenant security deposits |
|
|
819 |
|
|
|
790 |
|
Total liabilities |
|
|
250,637 |
|
|
|
252,940 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Common stock, $.10 par
value |
|
|
|
|
|
|
|
|
25,000,000 shares
authorized, 9,431,994 and 9,411,028 shares issued and
outstanding, respectively |
|
|
943 |
|
|
|
941 |
|
Capital in excess of par
value |
|
|
57,812 |
|
|
|
57,617 |
|
Retained earnings |
|
|
338,424 |
|
|
|
337,752 |
|
Accumulated other
comprehensive income (loss), net |
|
|
(737 |
) |
|
|
113 |
|
Total shareholders’ equity |
|
|
396,442 |
|
|
|
396,423 |
|
Noncontrolling interest
MRP |
|
|
27,788 |
|
|
|
28,827 |
|
Total equity |
|
|
424,230 |
|
|
|
425,250 |
|
Total liabilities and
equity |
|
$ |
674,867 |
|
|
|
678,190 |
|
|
|
|
|
|
|
|
|
|
Asset Management
Segment:
|
|
Three months ended March 31 |
|
|
|
|
(dollars in thousands) |
|
2022 |
|
% |
|
2021 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
839 |
|
|
|
100.0 |
% |
|
|
712 |
|
|
|
100.0 |
% |
|
|
127 |
|
|
|
17.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
234 |
|
|
|
27.9 |
% |
|
|
137 |
|
|
|
19.2 |
% |
|
|
97 |
|
|
|
70.8 |
% |
Operating expenses |
|
|
168 |
|
|
|
20.0 |
% |
|
|
139 |
|
|
|
19.5 |
% |
|
|
29 |
|
|
|
20.9 |
% |
Property taxes |
|
|
53 |
|
|
|
6.3 |
% |
|
|
38 |
|
|
|
5.3 |
% |
|
|
15 |
|
|
|
39.5 |
% |
Management company
indirect |
|
|
92 |
|
|
|
11.0 |
% |
|
|
167 |
|
|
|
23.5 |
% |
|
|
(75 |
) |
|
|
-44.9 |
% |
Corporate expense |
|
|
144 |
|
|
|
17.2 |
% |
|
|
214 |
|
|
|
30.1 |
% |
|
|
(70 |
) |
|
|
-32.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
691 |
|
|
|
82.4 |
% |
|
|
695 |
|
|
|
97.6 |
% |
|
|
(4 |
) |
|
|
-0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
148 |
|
|
|
17.6 |
% |
|
|
17 |
|
|
|
2.4 |
% |
|
|
131 |
|
|
|
770.6 |
% |
Mining Royalty Lands
Segment:
|
|
Three months ended March 31 |
|
|
|
|
(dollars in thousands) |
|
2022 |
|
% |
|
2021 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining lands lease revenue |
|
$ |
2,425 |
|
|
|
100.0 |
% |
|
|
2,315 |
|
|
|
100.0 |
% |
|
|
110 |
|
|
|
4.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
55 |
|
|
|
2.3 |
% |
|
|
65 |
|
|
|
2.8 |
% |
|
|
(10 |
) |
|
|
-15.4 |
% |
Operating expenses |
|
|
15 |
|
|
|
0.6 |
% |
|
|
11 |
|
|
|
0.5 |
% |
|
|
4 |
|
|
|
36.4 |
% |
Property taxes |
|
|
65 |
|
|
|
2.7 |
% |
|
|
63 |
|
|
|
2.7 |
% |
|
|
2 |
|
|
|
3.2 |
% |
Management company
indirect |
|
|
107 |
|
|
|
4.4 |
% |
|
|
82 |
|
|
|
3.5 |
% |
|
|
25 |
|
|
|
30.5 |
% |
Corporate expense |
|
|
94 |
|
|
|
3.9 |
% |
|
|
81 |
|
|
|
3.5 |
% |
|
|
13 |
|
|
|
16.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
336 |
|
|
|
13.9 |
% |
|
|
302 |
|
|
|
13.0 |
% |
|
|
34 |
|
|
|
11.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
2,089 |
|
|
|
86.1 |
% |
|
|
2,013 |
|
|
|
87.0 |
% |
|
|
76 |
|
|
|
3.8 |
% |
Development
Segment:
|
|
Three months ended March 31 |
(dollars in thousands) |
|
2022 |
|
2021 |
|
Change |
|
|
|
|
|
|
|
Lease revenue |
|
$ |
383 |
|
|
|
317 |
|
|
|
66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
45 |
|
|
|
53 |
|
|
|
(8 |
) |
Operating expenses |
|
|
211 |
|
|
|
26 |
|
|
|
185 |
|
Property taxes |
|
|
355 |
|
|
|
363 |
|
|
|
(8 |
) |
Management company
indirect |
|
|
490 |
|
|
|
261 |
|
|
|
229 |
|
Corporate expense |
|
|
521 |
|
|
|
419 |
|
|
|
102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
1,622 |
|
|
|
1,122 |
|
|
|
500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(1,239 |
) |
|
|
(805 |
) |
|
|
(434 |
) |
Stabilized Joint Venture
Segment:
|
|
Three months ended March 31 |
|
|
|
|
(dollars in thousands) |
|
2022 |
|
% |
|
2021 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
5,060 |
|
|
|
100.0 |
% |
|
|
2,509 |
|
|
|
100.0 |
% |
|
|
2,551 |
|
|
|
101.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
2,564 |
|
|
|
50.7 |
% |
|
|
1,188 |
|
|
|
47.4 |
% |
|
|
1,376 |
|
|
|
115.8 |
% |
Operating expenses |
|
|
1,414 |
|
|
|
27.9 |
% |
|
|
665 |
|
|
|
26.5 |
% |
|
|
749 |
|
|
|
112.6 |
% |
Property taxes |
|
|
555 |
|
|
|
11.0 |
% |
|
|
314 |
|
|
|
12.5 |
% |
|
|
241 |
|
|
|
76.8 |
% |
Management company
indirect |
|
|
85 |
|
|
|
1.7 |
% |
|
|
60 |
|
|
|
2.4 |
% |
|
|
25 |
|
|
|
41.7 |
% |
Corporate expense |
|
|
76 |
|
|
|
1.5 |
% |
|
|
65 |
|
|
|
2.6 |
% |
|
|
11 |
|
|
|
16.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
4,694 |
|
|
|
92.8 |
% |
|
|
2,292 |
|
|
|
91.4 |
% |
|
|
2,402 |
|
|
|
104.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
366 |
|
|
|
7.2 |
% |
|
|
217 |
|
|
|
8.6 |
% |
|
|
149 |
|
|
|
68.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
Three months ended 03/31/22
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized |
|
|
|
|
|
|
|
Asset |
|
|
|
Joint |
|
Mining |
|
Unallocated |
|
FRP |
|
Management |
|
Development |
|
Venture |
|
Royalties |
|
Corporate |
|
Holdings |
|
Segment |
|
Segment |
|
Segment |
|
Segment |
|
Expenses |
|
Totals |
Net Income (loss) |
|
108 |
|
|
|
(1,541 |
) |
|
|
(274 |
) |
|
|
2,050 |
|
|
|
61 |
|
|
|
404 |
|
Income Tax Allocation |
|
40 |
|
|
|
(572 |
) |
|
|
(2 |
) |
|
|
760 |
|
|
|
23 |
|
|
|
249 |
|
Income (loss) before
income taxes |
|
148 |
|
|
|
(2,113 |
) |
|
|
(276 |
) |
|
|
2,810 |
|
|
|
84 |
|
|
|
653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
128 |
|
|
|
— |
|
|
|
— |
|
|
|
53 |
|
|
|
— |
|
|
|
181 |
|
Gain on sale of real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
733 |
|
|
|
— |
|
|
|
733 |
|
Equity in gain of Joint Ventures |
|
— |
|
|
|
— |
|
|
|
85 |
|
|
|
— |
|
|
|
— |
|
|
|
85 |
|
Interest income |
|
— |
|
|
|
803 |
|
|
|
— |
|
|
|
— |
|
|
|
95 |
|
|
|
898 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
— |
|
|
|
— |
|
|
|
46 |
|
|
|
— |
|
|
|
— |
|
|
|
46 |
|
Equity in loss of Joint Ventures |
|
— |
|
|
|
1,677 |
|
|
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
1,689 |
|
Interest Expense |
|
— |
|
|
|
— |
|
|
|
727 |
|
|
|
— |
|
|
|
11 |
|
|
|
738 |
|
Depreciation/Amortization |
|
234 |
|
|
|
45 |
|
|
|
2,564 |
|
|
|
55 |
|
|
|
— |
|
|
|
2,898 |
|
Management Co. Indirect |
|
92 |
|
|
|
490 |
|
|
|
85 |
|
|
|
107 |
|
|
|
— |
|
|
|
774 |
|
Allocated Corporate Expenses |
|
144 |
|
|
|
521 |
|
|
|
76 |
|
|
|
94 |
|
|
|
— |
|
|
|
835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income
(loss) |
|
490 |
|
|
|
(183 |
) |
|
|
3,137 |
|
|
|
2,292 |
|
|
|
— |
|
|
|
5,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Three months ended 03/31/21
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized |
|
|
|
|
|
|
|
Asset |
|
|
|
Joint |
|
Mining |
|
Unallocated |
|
FRP |
|
Management |
|
Development |
|
Venture |
|
Royalties |
|
Corporate |
|
Holdings |
|
Segment |
|
Segment |
|
Segment |
|
Segment |
|
Expenses |
|
Totals |
Net Income (loss) |
|
12 |
|
|
|
(643 |
) |
|
|
39,775 |
|
|
|
1,460 |
|
|
|
271 |
|
|
|
40,875 |
|
Income Tax Allocation |
|
5 |
|
|
|
(238 |
) |
|
|
10,112 |
|
|
|
542 |
|
|
|
100 |
|
|
|
10,521 |
|
Income (loss) before
income taxes |
|
17 |
|
|
|
(881 |
) |
|
|
49,887 |
|
|
|
2,002 |
|
|
|
371 |
|
|
|
51,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on remeasurement of real estate investment |
|
— |
|
|
|
— |
|
|
|
51,139 |
|
|
|
— |
|
|
|
— |
|
|
|
51,139 |
|
Unrealized rents |
|
6 |
|
|
|
— |
|
|
|
— |
|
|
|
58 |
|
|
|
— |
|
|
|
64 |
|
Interest income |
|
— |
|
|
|
993 |
|
|
|
— |
|
|
|
— |
|
|
|
382 |
|
|
|
1,375 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
— |
|
|
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
4 |
|
Equity in loss of Joint Venture |
|
— |
|
|
|
1,069 |
|
|
|
555 |
|
|
|
11 |
|
|
|
— |
|
|
|
1,635 |
|
Interest Expense |
|
— |
|
|
|
— |
|
|
|
914 |
|
|
|
— |
|
|
|
11 |
|
|
|
925 |
|
Depreciation/Amortization |
|
137 |
|
|
|
53 |
|
|
|
1,188 |
|
|
|
65 |
|
|
|
— |
|
|
|
1,443 |
|
Management Co. Indirect |
|
167 |
|
|
|
316 |
|
|
|
60 |
|
|
|
82 |
|
|
|
— |
|
|
|
625 |
|
Allocated Corporate Expenses |
|
214 |
|
|
|
419 |
|
|
|
65 |
|
|
|
81 |
|
|
|
— |
|
|
|
779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income
(loss) |
|
529 |
|
|
|
(17 |
) |
|
|
1,534 |
|
|
|
2,183 |
|
|
|
— |
|
|
|
4,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact: |
|
John D. Baker IIIChief 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