FRP Holdings, Inc. (NASDAQ-FRPH)
First Quarter Operational
Highlights
- 34.9% increase
in pro-rata NOI ($6.99 million vs $5.18 million) over first quarter
2022
- Mining
Royalties had its highest revenue quarter ever for the second
quarter in a row; 10.77% increase in royalties per ton
- 27.5% increase
in Asset Management revenue versus same period last year; 60.6%
increase in Asset Management NOI versus first quarter 2022
First Quarter Consolidated Results of
Operations
Net income for the first quarter of 2023 was
$565,000 or $.06 per share versus $672,000 or $.07 per share in the
same period last year. The first quarter of 2023 was impacted by
the following items:
- Operating
profit increased $1,490,000 compared to the same quarter last year
due to improved revenues and profits in all four segments.
- Interest
expense increased $268,000 compared to the same quarter last year
due to less capitalized interest. We capitalized less interest
because of fewer in-house and joint venture projects under
development this quarter compared to last year.
- Interest income
increased $1,484,000 due primarily to an increase in interest
earned on cash equivalents.
- Equity in loss
of Joint Ventures increased $2,021,000 due to losses during lease
up at The Verge and .408 Jackson.
- First quarter
last year included a $733,000 gain on sales of excess property at
Brooksville.
First Quarter Segment Operating
Results
Asset Management Segment:
Total revenues in this segment were $1,070,000,
up $231,000 or 27.5%, over the same period last year. Operating
profit was $295,000, up $147,000 from $148,000 in the same quarter
last year. Revenues and operating profit are up because of rent
growth at Cranberry Run, full occupancy at 1865 62nd Street which
was placed into service in the fourth quarter of 2021. We now have
nine buildings in service at three different locations totaling
548,785 square feet of office and industrial. At quarter end, we
were 99.4% leased and 91.4% occupied. Net operating income in this
segment was $787,000, up $297,000 or 60.6% compared to the same
quarter last year.
Mining Royalty Lands Segment:
Total revenues in this segment were $3,282,000
versus $2,425,000 in the same period last year. Total operating
profit in this segment was $2,790,000, an increase of $701,000
versus $2,089,000 in the same period last year. This increase is
the result of the additional royalties from the acquisition in
Astatula, Florida, which we completed at the beginning of the
second quarter 2022, as well as increases in revenue at nearly
every active location. Net Operating Income this quarter for this
segment was $3,148,000, up $856,000 or 37% compared to the same
quarter 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, $17.1 million in
principal draws have taken place through quarter end. Through the
end of March 31, 2023, 144 of the 187 units have been sold, and we
have received $17.5 million 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
93.51% leased and 92.86% occupied, The Chase 1B was 89.44% leased
and 85.71% occupied, and The Chase 1A was 89.53% leased and 93.60%
occupied. In total, at quarter end, Bryant Street’s 487 residential
units were 90.8% leased and occupied. Its commercial space was
84.2% leased and 79.0% occupied at quarter end.
- Lease-up is now
underway at The Verge, and at quarter end, the building was 32.0%
leased and 23.6% occupied. Retail at this location is 45.0% leased.
The Verge received its final certificate of occupancy this past
quarter. This is our third mixed-use project in the Anacostia
waterfront submarket in Washington, DC.
- .408 Jackson is
our second joint venture project in Greenville. Leasing began in
the fourth quarter of 2022 with residential units 52.9% leased and
29.1% occupied at quarter end. Retail at this location is 100%
leased and currently under construction and expected to open during
the fourth quarter of this year. The building received its final
certificate of occupancy this past quarter.
- Final vertical
construction at the Hollander Business Park was completed in the
quarter with delivery of 1941 62nd Street, a 101,750 square foot
build-to-suit warehouse. Subsequent to quarter end, the park was
fully leased and occupied.
- Grading permits
for a 258,545 square-foot warehouse building on Chelsea Road in
Aberdeen, Maryland were submitted to the governing agencies for
approval. Subsequent to the end of the quarter, Harford County
issued a moratorium on any future industrial development with the
exception of projects that had already received preliminary site
plan approval. Because this project qualified for the exception, it
is not subject to the moratorium and can proceed as
planned.
Stabilized Joint Venture Segment:
In the fourth quarter of 2022, as part of our
new partnership with Steuart Investment Company and MidAtlantic
Realty Partners, we sold a 20% ownership interest in a
tenancy-in-common (TIC) of Dock 79 and The Maren for $65.3 million,
$44.5 million attributable to the Company, placing a combined
valuation of the two buildings at $326.5 million.
Total revenues in this segment were $5,276,000,
an increase of $216,000 versus $5,060,000 in the same period last
year. The Maren’s revenue was $2,591,000 an increase of 7.5% and
Dock 79 revenues increased $34,000 to $2,685,000 or 1.3%. Total
operating profit in this segment was $804,000, an increase of
$438,000 versus $366,000 in the same period last year. Pro-rata net
operating income this quarter for this segment was $2,022,000, down
$116,000 or 5.4% compared to the same quarter last year because of
the sale of our 20% TIC interest in both properties to SIC,
mitigated by $222,000 in NOI from our pro-rata share Riverside.
At the end of March, The Maren was 96.59% leased
and 93.18% occupied. Average residential occupancy for the quarter
was 95.54%, and 50% of expiring leases renewed with an average rent
increase on renewals of 7.98%. The Maren is a joint venture between
the Company and MRP and SIC, in which FRP Holdings, Inc. is the
majority partner with 56.3% ownership.
Dock 79’s average residential occupancy for the
quarter was 92.79%, and at the end of the quarter, Dock 79’s
residential units were 92.46% leased and 93.44% occupied. This
quarter, 65.12% of expiring leases renewed with an average rent
increase on renewals of 4.52%. Dock 79 is a joint venture between
the Company and MRP and SIC, in which FRP Holdings, Inc. is the
majority partner with 52.8% ownership.
During the third quarter of 2022, we achieved
stabilization at our Riverside Joint Venture in Greenville, South
Carolina. At quarter end, the building was 96.5% leased with 95.0%
occupancy. Average occupancy for the quarter was 94.42% with 55.17%
of expiring leases renewing with an average rental increase of
11.40%. Riverside is a joint venture with Woodfield Development and
the Company owns 40% of the venture.
Summary and Outlook
Royalty revenue for this quarter was up 35.35%
over the same period last year. This marks the third year in a row
we have begun the year with the best first quarter of revenue in
segment history. It also marks the second quarter in a row with the
highest revenue quarter for any period ever. Revenue for the last
twelve months was $11,540,000, an increase of 20.51% over the same
period last year. This is the first time we have achieved revenues
in this segment surpassing $11 million in any twelve-month
period.
In Stabilized Joint Ventures, both The Maren and
Dock 79 enjoyed renewal rates in line with expectations (50.00% and
65.12% respectively) and strong increases in rents on those
renewals (7.98% and 4.52% respectively). Pro-rata NOI is down for
the segment, which is to be expected after selling 20% of our share
to SIC. NOI for the two projects as a whole increased 5.3% compared
to the same period last year ($3,302,000 vs
$3,137,000). Riverside in Greenville (which was added
to this segment in the third quarter of last year) has maintained
strong occupancy (94.42% this quarter) post stabilization. The
renewal rate on expiring leases (55.17%) is in line with
expectations, but the increase on renewals of 11.40% speaks to the
attractiveness of the asset and the strength of this market. Our
pro-rata share of NOI at Riverside this quarter was $222,000.
In our Asset Management Segment, overall leasing
and occupancy increased compared to the same period last year
leading to a 60.6% increase in Net Operating Income. We are
currently 100% leased, and 91.4% occupied at our industrial assets.
When the final tenant takes occupancy at 1841 62nd Street in the
second quarter of 2023, we will be 100% leased and occupied at all
515,077 square feet of our industrial compared to 75.0% leased and
52.5% occupied on 413,327 square feet at the end of 2021.
We will continue to monitor how inflation and
interest rates affect our plans moving forward. We have a long-term
vision for the future of the Company, but we are not going to rush
into anything if the cost of material and debt prevent us from
making a reasonable risk adjusted return. As we mentioned in our
shareholder letter, we have no plans to institute a major share
buyback plan or special dividend, but if we feel like we can
repurchase shares at a meaningful discount to net asset value, we
will continue to nibble around the edges. We have excellent assets
in place; our cash is generating a reasonable return; and we can
afford to be patient about putting our plan in place.
Conference Call
The Company will host a conference call on
Thursday, May 11, 2023 at 10:00 a.m. (EDT). Analysts, stockholders
and other interested parties may access the teleconference live by
calling 1- 800-245-3047 (passcode 57458) within the United
States. International callers may dial 1-203-518-9783
(passcode 57548). Audio replay will be available until May 25, 2023
by dialing 1-888-566-0825 (no passcode required) within the United
States. International callers may dial 1-402-220-0427. 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. 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 |
|
|
MARCH 31, |
|
|
2023 |
|
2022 |
Revenues: |
|
|
|
|
Lease revenue |
|
$ |
6,832 |
|
|
|
6,282 |
|
Mining lands lease revenue |
|
|
3,282 |
|
|
|
2,425 |
|
Total revenues |
|
|
10,114 |
|
|
|
8,707 |
|
|
|
|
|
|
|
|
|
|
Cost of
operations: |
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
2,780 |
|
|
|
2,898 |
|
Operating expenses |
|
|
1,740 |
|
|
|
1,808 |
|
Property taxes |
|
|
947 |
|
|
|
1,028 |
|
Management company indirect |
|
|
839 |
|
|
|
774 |
|
Corporate expenses |
|
|
954 |
|
|
|
835 |
|
Total cost of operations |
|
|
7,260 |
|
|
|
7,343 |
|
|
|
|
|
|
|
|
|
|
Total operating
profit |
|
|
2,854 |
|
|
|
1,364 |
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
2,382 |
|
|
|
898 |
|
Interest expense |
|
|
(1,006 |
) |
|
|
(738 |
) |
Equity in loss of joint
ventures |
|
|
(3,625 |
) |
|
|
(1,604 |
) |
Gain on sale of real
estate |
|
|
10 |
|
|
|
733 |
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
615 |
|
|
|
653 |
|
Provision for income
taxes |
|
|
209 |
|
|
|
249 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
406 |
|
|
|
404 |
|
Gain (loss) attributable to
noncontrolling interest |
|
|
(159 |
) |
|
|
(268 |
) |
Net income
attributable to the Company |
|
$ |
565 |
|
|
|
672 |
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
Net income attributable to the
Company- |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.06 |
|
|
|
0.07 |
|
Diluted |
|
$ |
0.06 |
|
|
|
0.07 |
|
|
|
|
|
|
|
|
|
|
Number of shares (in
thousands) used in computing: |
|
|
|
|
|
|
|
|
-basic earnings per common share |
|
|
9,416 |
|
|
|
9,366 |
|
-diluted earnings per common share |
|
|
9,456 |
|
|
|
9,417 |
|
FRP HOLDINGS, INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(Unaudited) (In thousands, except share data) |
|
|
|
March 31 |
|
December 31 |
Assets: |
|
2023 |
|
2022 |
Real estate investments at cost: |
|
|
|
|
|
|
|
|
Land |
|
$ |
141,578 |
|
|
|
141,579 |
|
Buildings and
improvements |
|
|
281,193 |
|
|
|
270,579 |
|
Projects under
construction |
|
|
2,663 |
|
|
|
12,208 |
|
Total investments in properties |
|
|
425,434 |
|
|
|
424,366 |
|
Less accumulated depreciation
and depletion |
|
|
59,940 |
|
|
|
57,208 |
|
Net investments in properties |
|
|
365,494 |
|
|
|
367,158 |
|
|
|
|
|
|
|
|
|
|
Real estate held for
investment, at cost |
|
|
10,298 |
|
|
|
10,182 |
|
Investments in joint
ventures |
|
|
144,677 |
|
|
|
140,525 |
|
Net real estate investments |
|
|
520,469 |
|
|
|
517,865 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
173,299 |
|
|
|
177,497 |
|
Cash held in escrow |
|
|
585 |
|
|
|
797 |
|
Accounts receivable, net |
|
|
1,333 |
|
|
|
1,166 |
|
Unrealized rents |
|
|
937 |
|
|
|
856 |
|
Deferred costs |
|
|
2,410 |
|
|
|
2,343 |
|
Other assets |
|
|
566 |
|
|
|
560 |
|
Total assets |
|
$ |
699,599 |
|
|
|
701,084 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Secured notes payable |
|
$ |
178,594 |
|
|
|
178,557 |
|
Accounts payable and accrued
liabilities |
|
|
3,169 |
|
|
|
5,971 |
|
Other liabilities |
|
|
1,886 |
|
|
|
1,886 |
|
Federal and state income taxes
payable |
|
|
313 |
|
|
|
18 |
|
Deferred revenue |
|
|
201 |
|
|
|
259 |
|
Deferred income taxes |
|
|
68,013 |
|
|
|
67,960 |
|
Deferred compensation |
|
|
1,357 |
|
|
|
1,354 |
|
Tenant security deposits |
|
|
881 |
|
|
|
868 |
|
Total liabilities |
|
|
254,414 |
|
|
|
256,873 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Common stock, $.10 par
value25,000,000 shares authorized,9,503,633 and 9,459,686 shares
issuedand outstanding, respectively |
|
|
950 |
|
|
|
946 |
|
Capital in excess of par
value |
|
|
66,281 |
|
|
|
65,158 |
|
Retained earnings |
|
|
342,882 |
|
|
|
342,317 |
|
Accumulated other
comprehensive income (loss), net |
|
|
(902 |
) |
|
|
(1,276 |
) |
Total shareholders’ equity |
|
|
409,211 |
|
|
|
407,145 |
|
Noncontrolling interest |
|
|
35,974 |
|
|
|
37,066 |
|
Total equity |
|
|
445,185 |
|
|
|
444,211 |
|
Total liabilities and
equity |
|
$ |
699,599 |
|
|
|
701,084 |
|
Asset Management
Segment:
|
|
Three months ended March 31 |
|
|
|
|
(dollars in thousands) |
|
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
1,070 |
|
|
|
100.0 |
% |
|
|
839 |
|
|
|
100.0 |
% |
|
|
231 |
|
|
|
27.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
278 |
|
|
|
26.0 |
% |
|
|
234 |
|
|
|
27.9 |
% |
|
|
44 |
|
|
|
18.8 |
% |
Operating expenses |
|
|
141 |
|
|
|
13.2 |
% |
|
|
168 |
|
|
|
20.0 |
% |
|
|
(27 |
) |
|
|
-16.1 |
% |
Property taxes |
|
|
60 |
|
|
|
5.6 |
% |
|
|
53 |
|
|
|
6.3 |
% |
|
|
7 |
|
|
|
13.2 |
% |
Management company
indirect |
|
|
114 |
|
|
|
10.6 |
% |
|
|
92 |
|
|
|
11.0 |
% |
|
|
22 |
|
|
|
23.9 |
% |
Corporate expense |
|
|
182 |
|
|
|
17.0 |
% |
|
|
144 |
|
|
|
17.2 |
% |
|
|
38 |
|
|
|
26.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
775 |
|
|
|
72.4 |
% |
|
|
691 |
|
|
|
82.4 |
% |
|
|
84 |
|
|
|
12.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
295 |
|
|
|
27.6 |
% |
|
|
148 |
|
|
|
17.6 |
% |
|
|
147 |
|
|
|
99.3 |
% |
Mining Royalty Lands
Segment:
|
|
Three months ended March 31 |
|
|
|
|
(dollars in thousands) |
|
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining lands lease revenue |
|
$ |
3,282 |
|
|
|
100.0 |
% |
|
|
2,425 |
|
|
|
100.0 |
% |
|
|
857 |
|
|
|
35.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
183 |
|
|
|
5.6 |
% |
|
|
55 |
|
|
|
2.3 |
% |
|
|
128 |
|
|
|
232.7 |
% |
Operating expenses |
|
|
17 |
|
|
|
0.5 |
% |
|
|
15 |
|
|
|
0.6 |
% |
|
|
2 |
|
|
|
13.3 |
% |
Property taxes |
|
|
69 |
|
|
|
2.1 |
% |
|
|
65 |
|
|
|
2.7 |
% |
|
|
4 |
|
|
|
6.2 |
% |
Management company
indirect |
|
|
116 |
|
|
|
3.5 |
% |
|
|
107 |
|
|
|
4.4 |
% |
|
|
9 |
|
|
|
8.4 |
% |
Corporate expense |
|
|
107 |
|
|
|
3.3 |
% |
|
|
94 |
|
|
|
3.9 |
% |
|
|
13 |
|
|
|
13.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
492 |
|
|
|
15.0 |
% |
|
|
336 |
|
|
|
13.9 |
% |
|
|
156 |
|
|
|
46.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
2,790 |
|
|
|
85.0 |
% |
|
|
2,089 |
|
|
|
86.1 |
% |
|
|
701 |
|
|
|
33.6 |
% |
Development
Segment:
|
|
Three months ended March 31 |
(dollars in thousands) |
|
2023 |
|
2022 |
|
Change |
|
|
|
|
|
|
|
Lease revenue |
|
$ |
486 |
|
|
|
383 |
|
|
|
103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
55 |
|
|
|
45 |
|
|
|
10 |
|
Operating expenses |
|
|
94 |
|
|
|
211 |
|
|
|
(117 |
) |
Property taxes |
|
|
287 |
|
|
|
355 |
|
|
|
(68 |
) |
Management company
indirect |
|
|
511 |
|
|
|
490 |
|
|
|
21 |
|
Corporate expense |
|
|
574 |
|
|
|
521 |
|
|
|
53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
1,521 |
|
|
|
1,622 |
|
|
|
(101 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(1,035 |
) |
|
|
(1,239 |
) |
|
|
204 |
|
Stabilized Joint Venture
Segment:
|
|
Three months ended March 31 |
|
|
|
|
(dollars in thousands) |
|
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
5,276 |
|
|
|
100.0 |
% |
|
|
5,060 |
|
|
|
100.0 |
% |
|
|
216 |
|
|
|
4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
|
2,264 |
|
|
|
42.9 |
% |
|
|
2,564 |
|
|
|
50.7 |
% |
|
|
(300 |
) |
|
|
-11.7 |
% |
Operating expenses |
|
|
1,488 |
|
|
|
28.2 |
% |
|
|
1,414 |
|
|
|
27.9 |
% |
|
|
74 |
|
|
|
5.2 |
% |
Property taxes |
|
|
531 |
|
|
|
10.1 |
% |
|
|
555 |
|
|
|
11.0 |
% |
|
|
(24 |
) |
|
|
-4.3 |
% |
Management company
indirect |
|
|
98 |
|
|
|
1.9 |
% |
|
|
85 |
|
|
|
1.7 |
% |
|
|
13 |
|
|
|
15.3 |
% |
Corporate expense |
|
|
91 |
|
|
|
1.7 |
% |
|
|
76 |
|
|
|
1.5 |
% |
|
|
15 |
|
|
|
19.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
4,472 |
|
|
|
84.8 |
% |
|
|
4,694 |
|
|
|
92.8 |
% |
|
|
(222 |
) |
|
|
-4.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
804 |
|
|
|
15.2 |
% |
|
|
366 |
|
|
|
7.2 |
% |
|
|
438 |
|
|
|
119.7 |
% |
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. We believe these non-GAAP
measures provide useful information to our Board of Directors,
management and investors regarding certain trends relating to our
financial condition and results of operations. Our management uses
these non-GAAP measures to compare our performance to that of prior
periods for trend analyses, purposes of determining management
incentive compensation and budgeting, forecasting and planning
purposes. We provide Pro-rata net operating income (NOI) because we
believe it assists investors and analysts in estimating our
economic interest in our consolidated and unconsolidated
partnerships, when read in conjunction with our reported results
under GAAP. This measure is not, and should not be viewed as, a
substitute for GAAP financial measures.
Pro-rata Net Operating Income
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Three months ended 03/31/23
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized |
|
|
|
|
|
|
|
Asset |
|
|
|
Joint |
|
Mining |
|
Unallocated |
|
FRP |
|
Management |
|
Development |
|
Venture |
|
Royalties |
|
Corporate |
|
Holdings |
|
Segment |
|
Segment |
|
Segment |
|
Segment |
|
Expenses |
|
Totals |
Net Income (loss) |
|
215 |
|
|
|
(2,608 |
) |
|
|
(255 |
) |
|
|
2,034 |
|
|
|
1,020 |
|
|
|
406 |
|
Income Tax Allocation |
|
80 |
|
|
|
(967 |
) |
|
|
(36 |
) |
|
|
754 |
|
|
|
378 |
|
|
|
209 |
|
Income (loss) before
income taxes |
|
295 |
|
|
|
(3,575 |
) |
|
|
(291 |
) |
|
|
2,788 |
|
|
|
1,398 |
|
|
|
615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
82 |
|
|
|
— |
|
|
|
— |
|
|
|
48 |
|
|
|
— |
|
|
|
130 |
|
Gain on sale of real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10 |
|
|
|
— |
|
|
|
10 |
|
Interest income |
|
— |
|
|
|
972 |
|
|
|
— |
|
|
|
— |
|
|
|
1,410 |
|
|
|
2,382 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
— |
|
|
|
— |
|
|
|
45 |
|
|
|
— |
|
|
|
— |
|
|
|
45 |
|
Equity in loss of Joint Ventures |
|
— |
|
|
|
3,512 |
|
|
|
101 |
|
|
|
12 |
|
|
|
— |
|
|
|
3,625 |
|
Interest Expense |
|
— |
|
|
|
— |
|
|
|
994 |
|
|
|
— |
|
|
|
12 |
|
|
|
1,006 |
|
Depreciation/Amortization |
|
278 |
|
|
|
55 |
|
|
|
2,264 |
|
|
|
183 |
|
|
|
— |
|
|
|
2,780 |
|
Management Co. Indirect |
|
114 |
|
|
|
511 |
|
|
|
98 |
|
|
|
116 |
|
|
|
— |
|
|
|
839 |
|
Allocated Corporate
Expenses |
|
182 |
|
|
|
574 |
|
|
|
91 |
|
|
|
107 |
|
|
|
— |
|
|
|
954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income
(loss) |
|
787 |
|
|
|
105 |
|
|
|
3,302 |
|
|
|
3,148 |
|
|
|
— |
|
|
|
7,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI of noncontrolling
interest |
|
— |
|
|
|
— |
|
|
|
(1,502 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,502 |
) |
Pro-rata NOI from
unconsolidated joint ventures |
|
— |
|
|
|
926 |
|
|
|
222 |
|
|
|
— |
|
|
|
— |
|
|
|
1,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro-rata net operating
income |
$ |
787 |
|
|
|
1,031 |
|
|
|
2,022 |
|
|
|
3,148 |
|
|
|
— |
|
|
|
6,988 |
|
Pro-rata 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI of noncontrolling
interest |
|
— |
|
|
|
— |
|
|
|
(999 |
) |
|
|
— |
|
|
|
— |
|
|
|
(999 |
) |
Pro-rata NOI from
unconsolidated joint ventures |
|
— |
|
|
|
441 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro-rata net operating
income |
$ |
490 |
|
|
|
258 |
|
|
|
2,138 |
|
|
|
2,292 |
|
|
|
— |
|
|
|
5,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact:
John D. Baker III
Chief Financial Officer
904/858-9100
FRP (NASDAQ:FRPH)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
FRP (NASDAQ:FRPH)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024