FRP Holdings, Inc. (NASDAQ-FRPH)
First Quarter Consolidated Results of
Operations
Net income for the first quarter of 2019 was
$1,898,000 or $.19 per share versus $1,560,000 or $.15 per share in
the same period last year. Income from discontinued
operations for the first quarter of 2019 was $86,000 or $.01 per
share versus $1,722,000 or $.17 per share in the same period last
year.
First Quarter Segment Operating
Results
Asset Management Segment:
Most of the Asset Management Segment was
reclassified to discontinued operations leaving only three
commercial properties and one recent industrial acquisition,
Cranberry Run, which we purchased this quarter for
$6,411,000. Cranberry Run is a five-building industrial park
in Harford County, MD totaling 268,010 square feet of industrial/
flex space. The park is currently 26% leased and occupied,
and it is our plan to make $1,455,000 in improvements in order to
re-lease the property for a total investment of $29.35 per square
foot. This past quarter, we entered into a Purchase and Sale
Agreement to sell 7030 Dorsey Road in Anne Arundel County, one of
the three commercial properties remaining from the asset sale last
May, for $8,823,000. The study period for the purchaser
expired April 15, 2019 and we expect to close in the second quarter
of 2019. Total revenues in this segment were $641,000, up
$60,000 or 10.3%, over the same period last year. Operating
loss was ($66,000), down $322,000 compared to the same quarter last
year due to higher allocation of corporate expenses and operating
losses associated with the Cranberry Run acquisition.
Mining Royalty Lands Segment:
Total revenues in this segment were $2,229,000
versus $1,772,000 in the same period last year. Total
operating profit in this segment was $2,001,000, an increase of
$460,000 versus $1,541,000 in the same period last year.
Among the reasons for this increase in revenue and operating profit
is the contribution from our Ft. Myers quarry, the revenue from
which, now that mining has begun in earnest, was more than double
the minimum royalty we have been receiving until recently.
Development Segment:
The Development segment is responsible for (i)
seeking out and identifying opportunistic purchases of income
producing warehouse/office buildings, and (ii) developing our
non-income producing properties into income production.
With respect to ongoing projects:
- We are fully engaged in the formal process of seeking PUD
entitlements for our 118-acre tract in Hampstead, Maryland, now
known as “Hampstead Overlook.” This past quarter, Hampstead
Overlook received non-appealable rezoning from industrial to
residential.
- We finished shell construction in December on the two office
buildings in the first phase of our joint venture with St. John
Properties. Shell construction of the two retail buildings
was completed in January. We are now in the process of leasing
these four single-story buildings totaling 100,030 square feet of
office and retail space. Phase I is currently 44%
leased.
- We are the principal capital source of a residential
development venture in Essexshire known as “Hyde Park.” We
have committed up to $9.2 million in exchange for an interest rate
of 10% and a preferred return of 20% after which a “waterfall”
determines the split of proceeds from sale. Hyde Park will
hold 122 town homes and 4 single family lots and received a
non-appealable Plan Approval this past quarter. We are now in
the process of obtaining record plat and construction drawing
approval as well as seeking proposals from residential home
builders.
- During the second quarter of 2018, we began construction on a
94,350-square foot spec building at Hollander Business Park.
This Class “A” facility is our first building with a 32-foot
clear. Shell construction was completed subsequent to the end
of the quarter and we are now in the process of leasing up the
building.
- In April, we began construction on Phase II of our RiverFront
on the Anacostia project, now known as “The Maren.” We expect
to deliver the building in the first half of 2020.
- In December 2018, the Company entered into a joint venture
agreement with MidAtlantic Realty Partners (MRP) for the
development of the first phase of a multifamily, mixed-use
development in northeast Washington, DC known as “Bryant
Street.” FRP contributed $32 million for common equity and
another $23 million for preferred equity to the joint
venture. Construction began in February 2019 and should be
finished in 2021.
Stabilized Joint Venture Segment:
Average occupancy for the quarter was 93.49%,
and at the end of the quarter Dock 79 was 94.75% leased and 93.11%
occupied. During the first quarter, 61.70% of expiring leases
renewed with an average increase in rent of 3.14%. Net
Operating Income for this segment was $1,630,679, up $145,282 or
9.78% compared to the same quarter last year. Dock 79 is a
joint venture between the Company and MRP, in which FRP Holdings,
Inc. is the majority partner with 66% ownership.
Summary and Outlook
We began this year a very different company than
we were at the start of 2018. The asset sale of nearly a year
ago has dramatically reshaped the landscape of our business and our
direction forward. The disposition of over 40 buildings, the
infrastructure required to support it, and the cash we retained
from that disposition has shifted our focus towards development as
the number of ongoing projects in our development segment
demonstrates. Despite or maybe because of the lack of
consensus regarding economic forecasts, indicators, and the
volatility of markets, we believe we are in an enviable financial
position given our current liquidity. Though we, like any
other company, would stand to benefit from the rising tide of this
nearly unprecedented stretch of economic growth, the cash and
investments on our balance sheet allow us to play defense and
protect our assets should a downturn present itself as our projects
are coming online, while also allowing us to play offense should
that same downturn create opportunities to grow our business
segments via attractively priced acquisitions. It is because
we prize this liquidity so much, that we remain steadfast in our
commitment to redeploy these proceeds as carefully as we possibly
can. The substantial amount of dry powder retained from the
sale affords this company an amazing opportunity that we are loath
to squander. We have some of the best assets in the business
segments in which we compete, as demonstrated by another amazing
quarter from our mining royalties segment and the continued ability
to grow rents at Dock 79, and we will not make any further
investments unless they fall in line with the quality of assets and
opportunities of your company as it is situated presently.
This past quarter we repurchased 35,932 shares at an average cost
of $47.71 per share.
Conference Call
The Company will also host a conference call on
Monday, May 6, 2019 at 2:00 p.m. (EDT). Analysts,
stockholders and other interested parties may access the
teleconference live by calling 1-800-311-9406 (passcode 939063)
within the United States. International callers may dial
1-334-323-7224 (passcode 939063). Computer audio live
streaming is available via the Internet through the Company’s
website at www.frpholdings.com. You may also click on this
link for the live streaming
http://stream.conferenceamerica.com/frp050619. For the
archived audio via the internet, click on the following link
http://archive.conferenceamerica.com/archivestream/frp050619.mp3.
If using the Company’s website, click on the Investor Relations
tab, then select the earnings conference stream. An audio
replay will be available for sixty days following the conference
call. To listen to the audio replay, dial toll free 1-877-919-4059,
international callers dial 1-334-323-0140. The passcode of
the audio replay is 54972211. 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 possibility that we may be unable to find appropriate
reinvestment opportunities for the proceeds from the Sale
Transaction; levels of construction activity in the markets
served by our mining properties; demand for flexible
warehouse/office facilities in the Baltimore-Washington-Northern
Virginia area; demand for apartments in Washington D.C.; 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.
Contact: |
John D. Milton, Jr. |
|
|
Chief Financial Officer |
904/858-9100 |
FRP HOLDINGS, INC. AND
SUBSIDIARIES CONSOLIDATED
STATEMENTS OF INCOME(In thousands except per share
amounts)(Unaudited)
|
|
THREE MONTHS ENDED |
|
|
MARCH 31, |
|
|
2019 |
|
2018 |
Revenues: |
|
|
|
|
Lease revenue |
|
$ |
3,485 |
|
|
|
3,303 |
|
Mining
lands lease revenue |
|
|
2,229 |
|
|
|
1,772 |
|
Total Revenues |
|
|
5,714 |
|
|
|
5,075 |
|
|
|
|
|
|
|
|
|
|
Cost of
operations: |
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
1,487 |
|
|
|
2,398 |
|
Operating
expenses |
|
|
882 |
|
|
|
865 |
|
Property
taxes |
|
|
753 |
|
|
|
675 |
|
Management company indirect |
|
|
592 |
|
|
|
361 |
|
Corporate
expenses |
|
|
645 |
|
|
|
679 |
|
Total cost of
operations |
|
|
4,359 |
|
|
|
4,978 |
|
|
|
|
|
|
|
|
|
|
Total operating
profit |
|
|
1,355 |
|
|
|
97 |
|
|
|
|
|
|
|
|
|
|
Net investment income,
including realized gains of $119 and $0 |
|
|
1,810 |
|
|
|
5 |
|
Interest expense |
|
|
(588 |
) |
|
|
(843 |
) |
Equity in loss of joint
ventures |
|
|
(264 |
) |
|
|
(12 |
) |
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations before income taxes |
|
|
2,313 |
|
|
|
(753 |
) |
Provision for (benefit
from) income taxes |
|
|
672 |
|
|
|
(60 |
) |
Income (loss) from
continuing operations |
|
|
1,641 |
|
|
|
(693 |
) |
|
|
|
|
|
|
|
|
|
Income from
discontinued operations, net of tax |
|
|
86 |
|
|
|
1,722 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
1,727 |
|
|
|
1,029 |
|
Income (loss)
attributable to noncontrolling interest |
|
|
(171 |
) |
|
|
(531 |
) |
Net income
attributable to the Company |
|
$ |
1,898 |
|
|
|
1,560 |
|
|
|
|
|
|
|
|
|
|
Earnings per
common share: |
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations- |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.16 |
|
|
|
(0.07 |
) |
Diluted |
|
$ |
0.16 |
|
|
|
(0.07 |
) |
Discontinued
operations- |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
|
0.17 |
|
Diluted |
|
$ |
0.01 |
|
|
|
0.17 |
|
Net income attributable
to the Company- |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.19 |
|
|
|
0.16 |
|
Diluted |
|
$ |
0.19 |
|
|
|
0.15 |
|
|
|
|
|
|
|
|
|
|
Number of
shares (in thousands) used in computing: |
|
|
|
|
|
|
|
|
-basic
earnings per common share |
|
|
9,952 |
|
|
|
10,015 |
|
-diluted
earnings per common share |
|
|
9,996 |
|
|
|
10,085 |
|
|
|
|
|
|
|
|
|
|
FRP HOLDINGS, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(In thousands, except share data)(Unaudited)
|
|
March 31 |
|
December 31 |
Assets: |
|
2019 |
|
2018 |
Real estate investments
at cost: |
|
|
|
|
|
|
|
|
Land |
|
$ |
85,072 |
|
|
|
83,721 |
|
Buildings and
improvements |
|
|
149,505 |
|
|
|
144,543 |
|
Projects under
construction |
|
|
7,086 |
|
|
|
6,683 |
|
Total
investments in properties |
|
|
241,663 |
|
|
|
234,947 |
|
Less accumulated
depreciation and depletion |
|
|
29,847 |
|
|
|
28,394 |
|
Net
investments in properties |
|
|
211,816 |
|
|
|
206,553 |
|
|
|
|
|
|
|
|
|
|
Real estate held for
investment, at cost |
|
|
7,167 |
|
|
|
7,167 |
|
Investments in joint
ventures |
|
|
94,294 |
|
|
|
88,884 |
|
Net real
estate investments |
|
|
313,277 |
|
|
|
302,604 |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
|
29,641 |
|
|
|
22,547 |
|
Cash held in
escrow |
|
|
185 |
|
|
|
202 |
|
Accounts receivable,
net |
|
|
688 |
|
|
|
564 |
|
Investments available
for sale at fair value |
|
|
148,778 |
|
|
|
165,212 |
|
Federal and state
income taxes receivable |
|
|
8,349 |
|
|
|
9,854 |
|
Unrealized rents |
|
|
665 |
|
|
|
53 |
|
Deferred costs |
|
|
990 |
|
|
|
773 |
|
Other assets |
|
|
459 |
|
|
|
455 |
|
Assets of discontinued
operations |
|
|
3,091 |
|
|
|
3,224 |
|
Total assets |
|
$ |
506,123 |
|
|
|
505,488 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Secured notes
payable |
|
$ |
88,823 |
|
|
|
88,789 |
|
Accounts payable and
accrued liabilities |
|
|
1,851 |
|
|
|
3,545 |
|
Environmental
remediation liability |
|
|
100 |
|
|
|
100 |
|
Deferred revenue |
|
|
831 |
|
|
|
27 |
|
Deferred income
taxes |
|
|
27,981 |
|
|
|
27,981 |
|
Deferred
compensation |
|
|
1,448 |
|
|
|
1,450 |
|
Tenant security
deposits |
|
|
244 |
|
|
|
53 |
|
Liabilities of
discontinued operations |
|
|
243 |
|
|
|
288 |
|
Total
liabilities |
|
|
121,521 |
|
|
|
122,233 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Common stock, $.10 par
value 25,000,000 shares authorized, 9,933,242 and
9,969,174 shares issued and outstanding, respectively |
|
|
993 |
|
|
|
997 |
|
Capital in excess of
par value |
|
|
57,824 |
|
|
|
58,004 |
|
Retained earnings |
|
|
306,704 |
|
|
|
306,307 |
|
Accumulated other
comprehensive income, net |
|
|
859 |
|
|
|
(701 |
) |
Total
shareholders’ equity |
|
|
366,380 |
|
|
|
364,607 |
|
Noncontrolling interest
MRP |
|
|
18,222 |
|
|
|
18,648 |
|
Total
equity |
|
|
384,602 |
|
|
|
383,255 |
|
Total liabilities and
shareholders’ equity |
|
$ |
506,123 |
|
|
|
505,488 |
|
|
|
|
|
|
|
|
|
|
Asset Management Segment:
|
|
Three months ended March 31 |
|
|
|
|
(dollars in
thousands) |
|
2019 |
|
% |
|
2018 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
641 |
|
|
|
100.0 |
% |
|
|
581 |
|
|
|
100.0 |
% |
|
|
60 |
|
|
|
10.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion
and amortization |
|
|
177 |
|
|
|
27.6 |
% |
|
|
131 |
|
|
|
22.6 |
% |
|
|
46 |
|
|
|
35.1 |
% |
Operating expenses |
|
|
209 |
|
|
|
32.6 |
% |
|
|
128 |
|
|
|
22.0 |
% |
|
|
81 |
|
|
|
63.3 |
% |
Property taxes |
|
|
56 |
|
|
|
8.8 |
% |
|
|
39 |
|
|
|
6.7 |
% |
|
|
17 |
|
|
|
43.6 |
% |
Management company
indirect |
|
|
102 |
|
|
|
15.9 |
% |
|
|
24 |
|
|
|
4.1 |
% |
|
|
78 |
|
|
|
325.0 |
% |
Corporate expense |
|
|
163 |
|
|
|
25.4 |
% |
|
|
3 |
|
|
|
0.5 |
% |
|
|
160 |
|
|
|
5333.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
707 |
|
|
|
110.3 |
% |
|
|
325 |
|
|
|
55.9 |
% |
|
|
382 |
|
|
|
117.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
(66 |
) |
|
|
-10.3 |
% |
|
|
256 |
|
|
|
44.1 |
% |
|
|
(322 |
) |
|
|
-125.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining Royalty Lands
Segment:
|
|
Three months ended March 31 |
|
|
|
|
(dollars in
thousands) |
|
2019 |
|
% |
|
2018 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining lands lease
revenue |
|
$ |
2,229 |
|
|
|
100.0 |
% |
|
|
1,772 |
|
|
|
100.0 |
% |
|
|
457 |
|
|
|
25.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion
and amortization |
|
|
52 |
|
|
|
2.3 |
% |
|
|
54 |
|
|
|
3.0 |
% |
|
|
(2 |
) |
|
|
-3.7 |
% |
Operating expenses |
|
|
16 |
|
|
|
0.7 |
% |
|
|
40 |
|
|
|
2.3 |
% |
|
|
(24 |
) |
|
|
-60.0 |
% |
Property taxes |
|
|
68 |
|
|
|
3.1 |
% |
|
|
60 |
|
|
|
3.4 |
% |
|
|
8 |
|
|
|
13.3 |
% |
Management company
indirect |
|
|
49 |
|
|
|
2.2 |
% |
|
|
— |
|
|
|
0.0 |
% |
|
|
49 |
|
|
|
0.0 |
% |
Corporate expense |
|
|
43 |
|
|
|
1.9 |
% |
|
|
77 |
|
|
|
4.3 |
% |
|
|
(34 |
) |
|
|
-44.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
228 |
|
|
|
10.2 |
% |
|
|
231 |
|
|
|
13.0 |
% |
|
|
(3 |
) |
|
|
-1.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
2,001 |
|
|
|
89.8 |
% |
|
|
1,541 |
|
|
|
87.0 |
% |
|
|
460 |
|
|
|
29.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
Segment:
|
|
Three months ended March 31 |
(dollars in
thousands) |
|
2019 |
|
2018 |
|
Change |
|
|
|
|
|
|
|
Lease revenue |
|
$ |
269 |
|
|
|
297 |
|
|
|
(28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion
and amortization |
|
|
58 |
|
|
|
57 |
|
|
|
1 |
|
Operating expenses |
|
|
46 |
|
|
|
118 |
|
|
|
(72 |
) |
Property taxes |
|
|
323 |
|
|
|
268 |
|
|
|
55 |
|
Management company
indirect |
|
|
395 |
|
|
|
241 |
|
|
|
154 |
|
Corporate expense |
|
|
399 |
|
|
|
419 |
|
|
|
(20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
1,221 |
|
|
|
1,103 |
|
|
|
118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(952 |
) |
|
|
(806 |
) |
|
|
(146 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized Joint Venture
Segment:
|
|
Three months ended March 31 |
|
|
|
|
(dollars in
thousands) |
|
2019 |
|
% |
|
2018 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
2,575 |
|
|
|
100.0 |
% |
|
|
2,425 |
|
|
|
100.0 |
% |
|
|
150 |
|
|
|
6.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion
and amortization |
|
|
1,200 |
|
|
|
46.6 |
% |
|
|
2,156 |
|
|
|
88.9 |
% |
|
|
(956 |
) |
|
|
-44.3 |
% |
Operating expenses |
|
|
611 |
|
|
|
23.7 |
% |
|
|
579 |
|
|
|
23.9 |
% |
|
|
32 |
|
|
|
5.5 |
% |
Property taxes |
|
|
306 |
|
|
|
11.9 |
% |
|
|
308 |
|
|
|
12.7 |
% |
|
|
(2 |
) |
|
|
-0.6 |
% |
Management company
indirect |
|
|
46 |
|
|
|
1.8 |
% |
|
|
96 |
|
|
|
3.9 |
% |
|
|
(50 |
) |
|
|
-52.1 |
% |
Corporate expense |
|
|
40 |
|
|
|
1.6 |
% |
|
|
142 |
|
|
|
5.9 |
% |
|
|
(102 |
) |
|
|
-71.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
2,203 |
|
|
|
85.6 |
% |
|
|
3,281 |
|
|
|
135.3 |
% |
|
|
(1,078 |
) |
|
|
-32.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
372 |
|
|
|
14.4 |
% |
|
|
(856 |
) |
|
|
-35.3 |
% |
|
|
1,228 |
|
|
|
-143.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FRP HOLDINGS, INC. AND
SUBSIDIARIES DISCONTINUED
OPERATIONS(In thousands except per share
amounts)(Unaudited)
|
|
THREE MONTHS ENDED |
|
|
MARCH 31, |
|
|
2019 |
|
2018 |
|
|
|
|
|
Lease revenue |
|
|
238 |
|
|
|
7,547 |
|
|
|
|
|
|
|
|
|
|
Cost of
operations: |
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
29 |
|
|
|
1,885 |
|
Operating
expenses |
|
|
95 |
|
|
|
1,178 |
|
Property
taxes |
|
|
20 |
|
|
|
798 |
|
Management company indirect |
|
|
— |
|
|
|
178 |
|
Corporate
expenses |
|
|
— |
|
|
|
747 |
|
Total cost of
operations |
|
|
144 |
|
|
|
4,786 |
|
|
|
|
|
|
|
|
|
|
Total operating
profit |
|
|
94 |
|
|
|
2,761 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
— |
|
|
|
(400 |
) |
Gain on sale of
buildings |
|
|
23 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
117 |
|
|
|
2,361 |
|
Provision for income
taxes |
|
|
31 |
|
|
|
639 |
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations |
|
|
86 |
|
|
|
1,722 |
|
|
|
|
|
|
|
|
|
|
Earnings per
common share: |
|
|
|
|
|
|
|
|
Income from
discontinued operations- |
|
|
|
|
|
|
|
|
Basic |
|
|
0.01 |
|
|
|
0.17 |
|
Diluted |
|
|
0.01 |
|
|
|
0.17 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures.
To supplement the financial results presented in
accordance with GAAP, FRP presents certain non-GAAP financial
measures within the meaning of Regulation G promulgated by the
Securities and Exchange Commission. The non-GAAP financial measure
included in this quarterly report is net operating income (NOI).
FRP uses this non-GAAP financial measure to analyze its continuing
operations and to monitor, assess, and identify meaningful trends
in its operating and financial performance. This measure is not,
and should not be viewed as, a substitute for GAAP financial
measures.
Net Operating Income
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Three months ended
03/31/19 (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Asset |
|
|
|
Stabilized |
|
Mining |
|
Unallocated |
|
FRP |
|
|
|
|
|
Joint |
|
|
|
|
|
|
|
Management |
|
Development |
|
Venture |
|
Royalties |
|
Corporate |
|
Holdings |
|
Segment |
|
Segment |
|
Segment |
|
Segment |
|
Expenses |
|
Totals |
Income (loss) from
continuing operations |
|
(48 |
) |
|
|
(716 |
) |
|
|
(196 |
) |
|
|
1,452 |
|
|
|
1,149 |
|
|
|
1,641 |
|
Income Tax
Allocation |
|
(18 |
) |
|
|
(266 |
) |
|
|
(9 |
) |
|
|
539 |
|
|
|
426 |
|
|
|
672 |
|
Income (loss) from
continuing operations before income taxes |
|
(66 |
) |
|
|
(982 |
) |
|
|
(205 |
) |
|
|
1,991 |
|
|
|
1,575 |
|
|
|
2,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
3 |
|
|
|
— |
|
|
|
28 |
|
|
|
— |
|
|
|
— |
|
|
|
31 |
|
Interest
income |
|
— |
|
|
|
224 |
|
|
|
— |
|
|
|
— |
|
|
|
1,586 |
|
|
|
1,810 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
122 |
|
|
|
— |
|
|
|
122 |
|
Equity in loss of Joint
Venture |
|
— |
|
|
|
254 |
|
|
|
— |
|
|
|
10 |
|
|
|
— |
|
|
|
264 |
|
Interest
Expense |
|
— |
|
|
|
— |
|
|
|
577 |
|
|
|
— |
|
|
|
11 |
|
|
|
588 |
|
Depreciation/Amortization |
|
177 |
|
|
|
58 |
|
|
|
1,200 |
|
|
|
52 |
|
|
|
— |
|
|
|
1,487 |
|
Management Co. Indirect |
|
102 |
|
|
|
395 |
|
|
|
46 |
|
|
|
49 |
|
|
|
— |
|
|
|
592 |
|
Allocated
Corporate Expenses |
|
163 |
|
|
|
399 |
|
|
|
40 |
|
|
|
43 |
|
|
|
— |
|
|
|
645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating
Income |
|
373 |
|
|
|
(100 |
) |
|
|
1,630 |
|
|
|
2,267 |
|
|
|
— |
|
|
|
4,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Three months ended
03/31/18 (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Asset |
|
|
|
Stabilized |
|
Mining |
|
Unallocated |
|
FRP |
|
|
|
|
|
Joint |
|
|
|
|
|
|
|
Management |
|
Development |
|
Venture |
|
Royalties |
|
Corporate |
|
Holdings |
|
Segment |
|
Segment |
|
Segment |
|
Segment |
|
Expenses |
|
Totals |
Income (loss) from
continuing operations |
|
187 |
|
|
|
(584 |
) |
|
|
(1,383 |
) |
|
|
1,115 |
|
|
|
(28 |
) |
|
|
(693 |
) |
Income Tax
Allocation |
|
69 |
|
|
|
(217 |
) |
|
|
(316 |
) |
|
|
414 |
|
|
|
(10 |
) |
|
|
(60 |
) |
Income (loss) from
continuing operations before income taxes |
|
256 |
|
|
|
(801 |
) |
|
|
(1,699 |
) |
|
|
1,529 |
|
|
|
(38 |
) |
|
|
(753 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
— |
|
|
|
— |
|
|
|
52 |
|
|
|
— |
|
|
|
— |
|
|
|
52 |
|
Other
income |
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
20 |
|
|
|
— |
|
|
|
— |
|
|
|
119 |
|
|
|
— |
|
|
|
139 |
|
Equity in loss of Joint
Venture |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
12 |
|
Interest
Expense |
|
— |
|
|
|
— |
|
|
|
843 |
|
|
|
— |
|
|
|
— |
|
|
|
843 |
|
Depreciation/Amortization |
|
131 |
|
|
|
57 |
|
|
|
2,156 |
|
|
|
54 |
|
|
|
— |
|
|
|
2,398 |
|
Management Co. Indirect |
|
24 |
|
|
|
241 |
|
|
|
96 |
|
|
|
— |
|
|
|
— |
|
|
|
361 |
|
Allocated
Corporate Expenses |
|
3 |
|
|
|
419 |
|
|
|
142 |
|
|
|
77 |
|
|
|
38 |
|
|
|
679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating
Income |
|
434 |
|
|
|
(89 |
) |
|
|
1,486 |
|
|
|
1,791 |
|
|
|
— |
|
|
|
3,622 |
|
FRP (NASDAQ:FRPH)
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