FRP Holdings, Inc. (NASDAQ-FRPH)
Third Quarter Consolidated Results of
Operations
Net income for the third quarter of 2018 was $2,224,000 or $.22
per share versus $25,391,000 or $2.52 per share in the same period
last year. Loss from discontinued operations for the third
quarter of 2018 was $78,000 or $.01 per share versus income from
discontinued operations of $1,585,000 or $.16 per share in the same
period last year. The third quarter of 2017 included a gain on
remeasurement of investment of $60.2 million in the Company’s Dock
79 real estate partnership as a result of the asset’s stabilization
and the ensuing change in control of the partnership for accounting
purposes. This change in control brought with it this
substantial and non-taxable gain. The gain is based on the
difference between the carrying value and the fair value of all
assets and liabilities in the partnership and is included in Income
from continuing operations before income taxes. An affiliate
of Blackstone Real Estate Group has the option to purchase the
Company’s last remaining warehouse property at 1502 Quarry Drive
for $11.7 million if the current tenant fails to properly exercise
its right of first refusal. The Company currently is seeking
a court determination that the tenant has failed to exercise its
right of first refusal.
Third Quarter Segment Operating
Results
Asset Management Segment:
Most of the Asset Management Segment was
reclassified to discontinued operations leaving only three office
buildings. Total revenues in this segment were $568,000, up
$9,000 or 1.6%, over the same period last year. Operating
profit was $242,000, up $20,000 compared to the same quarter last
year.
Mining Royalty Lands Segment:
Total revenues in this segment were $2,125,000
versus $1,786,000 in the same period last year. Total
operating profit in this segment was $1,933,000, an increase of
$296,000 versus $1,637,000 in the same period last year.
Land Development and Construction Segment:
The Land Development and Construction 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.”
- We began construction in the third quarter of last year on our
joint venture with St. John Properties and expect to complete
construction of the first phase of this project by the end of the
year. This first phase will comprise four single-story
buildings totaling 100,000 square feet of office and retail
space.
- We are the principal capital source of a residential
development venture in Essexshire now 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. This project will hold 125
town homes and 4 single family lots and is currently in the
entitlement process.
- Last quarter, we began construction on a 94,350-square foot
spec building at Hollander Business Park. This Class “A”
facility will be our first building with a 32-foot clear and should
come on line in the second quarter of 2019.
- In April of this past quarter, 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.
- At the end of this quarter, the Company signed a Letter of
Intent to enter 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 plans to contribute to the
joint venture $35 million in common equity and another $20-25
million in preferred equity.
RiverFront on the Anacostia Segment:
Average occupancy for the quarter was 95.8% and
at the end of the third quarter, Dock 79 was 94.4% leased and 93.8%
occupied. During the third quarter, 50.0% of expiring leases
renewed with an average increase in rent of 2.62%. Dock 79 is
a joint venture between the Company and MRP, in which FRP Holdings,
Inc. is the majority partner with 66% ownership.
Nine Months Consolidated Results of
Operations
Net income for first nine months of 2018 was
$123,766,000 or $12.24 per share versus $28,547,000 or $2.84 per
share in the same period last year. Income from discontinued
operations for the first nine months of 2018 was $122,109,000 or
$12.08 per share versus $4,969,000 or $.50 per share in the same
period last year. The third quarter of 2017
included a gain on remeasurement of investment of $60.2 million in
the Company’s Dock 79 real estate partnership as a result of the
asset’s stabilization and the ensuing change in control of the
partnership for accounting purposes. This change in control
brought with it this substantial and non-taxable gain. The
gain is based on the difference between the carrying value and the
fair value of all assets and liabilities in the partnership and is
included in Income from continuing operations before income
taxes.
Total revenues were $16,370,000, up 57.6%,
versus the same period last year, primarily because of the addition
of rental revenues from Dock 79 when its results were consolidated
starting in July 2017.
Nine Months Segment Operating
Results
Asset Management Segment:
Total revenues in this segment were $1,717,000,
up $7,000 or .4%, over the same period last year. Operating
profit of $637,000 was down $16,000 compared to the same quarter
last year due primarily to an increase of $28,000 in corporate
expense allocation.
Mining Royalty Lands Segment:
Total revenues in this segment were $5,952,000
versus $5,381,000 in the same period last year. Total
operating profit in this segment was $5,340,000, an increase of
$471,000 versus $4,869,000 in the same period last year.
RiverFront on the Anacostia Segment:
Average occupancy for the first nine months was
94.8% and at the end of the third quarter, Dock 79 was 94.4% leased
and 93.8% occupied. Through the first nine months of the year,
56.1% of expiring leases renewed with an average increase in rent
of 3.27%. 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
In light of all that happened last quarter, the
last three months were bound to be quiet by comparison. They
were not, however, uneventful. The proximity of Dock 79 to
the site of baseball’s midsummer classic and its surrounding
festivities generated tremendous business for our restaurant
tenants. It also directly exposed the building to thousands
of potential new tenants, as well as the more than eight million
people who tuned in to see the game. Mining royalty revenue
is up for the third straight quarter and more impressive is the
fact that this is the most revenue this segment has generated
through the first nine months of any year ever. Perhaps most
interestingly, as mentioned above, we have a Letter of Intent with
MRP for the first phase of a development in northeast DC along the
Metro. The development is in what is known as an “Opportunity Zone”
and will defer and possibly reduce a significant tax liability for
the Company. This will represent a very serious investment into
what we and our partners believe is the ground floor of the next
great area for development in our nation’s capital. Finally,
we are trying to remain good stewards of your proceeds from last
quarter’s asset sale. We have laddered out the bonds we
purchased to a maximum of only two years in order to preserve
liquidity and mitigate the opportunity cost of rising interest
rates. More importantly, we are searching for ways that make
sense to put your money to work—which is to say in investments
where we feel we can add value or where there is still room to
grow. That means partnering with people like MRP
to find the next great neighborhood in DC or developing raw land in
and around the Mid-Atlantic. It also means remaining patient
until markets and asset prices cool off a bit. At the risk of
repeating ourselves, it does us no good to sell at the top of the
market if only to turn around and reinvest at the same peak.
Again, we will not wait forever to return these proceeds to you
whether in the form of new investments or as a dividend.
However, we will be disciplined, and we will be patient before we
make any decision regarding this money. It is too good an
opportunity to squander.
Conference Call
The Company will also host a conference call on
Wednesday, November 7, 2018 at 1:00 p.m. (EST).
Analysts, stockholders and other interested parties may access the
teleconference live by calling 1-800-311-9406 (passcode 16794705)
within the United States. International callers may dial
1-334-323-7224 (passcode 16794705). 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/frp110718. For the archived
audio via the internet, click on the following link
http://archive.conferenceamerica.com/archivestream/frp110718.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 50154474. 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) mining royalty land
ownership and leasing, (ii) land acquisition, entitlement and
development primarily for future warehouse/office or residential
building construction, (iii) ownership, leasing, and management of
a residential apartment building, and (iv) warehouse/office
building ownership, leasing and management.
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, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
3,440 |
|
|
|
3,102 |
|
|
|
9,937 |
|
|
|
4,609 |
|
Mining Royalty and rents |
|
|
2,102 |
|
|
|
1,763 |
|
|
|
5,885 |
|
|
|
5,311 |
|
Revenue – reimbursements |
|
|
200 |
|
|
|
170 |
|
|
|
548 |
|
|
|
469 |
|
Total Revenues |
|
|
5,742 |
|
|
|
5,035 |
|
|
|
16,370 |
|
|
|
10,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
1,821 |
|
|
|
2,804 |
|
|
|
6,350 |
|
|
|
3,303 |
|
Operating expenses |
|
|
983 |
|
|
|
875 |
|
|
|
2,951 |
|
|
|
1,312 |
|
Environmental remediation recovery |
|
|
(465 |
) |
|
|
— |
|
|
|
(465 |
) |
|
|
— |
|
Property taxes |
|
|
663 |
|
|
|
647 |
|
|
|
1,949 |
|
|
|
1,384 |
|
Management company indirect |
|
|
550 |
|
|
|
351 |
|
|
|
1,366 |
|
|
|
962 |
|
Corporate expenses (Note 4 Related
Party) |
|
|
522 |
|
|
|
617 |
|
|
|
2,910 |
|
|
|
2,510 |
|
Total cost of operations |
|
|
4,074 |
|
|
|
5,294 |
|
|
|
15,061 |
|
|
|
9,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit (loss) |
|
|
1,668 |
|
|
|
(259 |
) |
|
|
1,309 |
|
|
|
918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
1,654 |
|
|
|
— |
|
|
|
1,875 |
|
|
|
— |
|
Interest expense |
|
|
(768 |
) |
|
|
(783 |
) |
|
|
(2,418 |
) |
|
|
(783 |
) |
Equity in loss of joint ventures |
|
|
(13 |
) |
|
|
(12 |
) |
|
|
(36 |
) |
|
|
(1,589 |
) |
Gain on remeasurement of investment in real |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estate partnership |
|
|
— |
|
|
|
60,196 |
|
|
|
— |
|
|
|
60,196 |
|
Loss on investment land sold |
|
|
(3 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
2,538 |
|
|
|
59,142 |
|
|
|
727 |
|
|
|
58,742 |
|
Provision for income taxes |
|
|
508 |
|
|
|
15,543 |
|
|
|
269 |
|
|
|
15,371 |
|
Income from continuing operations |
|
|
2,030 |
|
|
|
43,599 |
|
|
|
458 |
|
|
|
43,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations, net |
|
|
(78 |
) |
|
|
1 ,585 |
|
|
|
122,109 |
|
|
|
4,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
1,952 |
|
|
|
45,184 |
|
|
|
122,567 |
|
|
|
48,340 |
|
Gain (loss) attributable to noncontrolling interest |
|
|
(272 |
) |
|
|
19,793 |
|
|
|
(1,199 |
) |
|
|
19,793 |
|
Net income attributable to the Company |
|
$ |
2,224 |
|
|
|
25,391 |
|
|
|
123,766 |
|
|
|
28,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.20 |
|
|
|
4.36 |
|
|
|
0.05 |
|
|
|
4.35 |
|
Diluted |
|
$ |
0.20 |
|
|
|
4.33 |
|
|
|
0.05 |
|
|
|
4.32 |
|
Discontinued operations- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.01 |
) |
|
|
0.16 |
|
|
|
12.17 |
|
|
|
0.50 |
|
Diluted |
|
$ |
(0.01 |
) |
|
|
0.16 |
|
|
|
12.08 |
|
|
|
0.50 |
|
Net income attributable to the Company- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.22 |
|
|
|
2.54 |
|
|
|
12.33 |
|
|
|
2.86 |
|
Diluted |
|
$ |
0.22 |
|
|
|
2.52 |
|
|
|
12.24 |
|
|
|
2.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares (in thousands) used in
computing: |
|
|
|
|
|
|
|
|
|
|
|
-basic earnings per common share |
|
|
10,062 |
|
|
|
10,004 |
|
|
|
10,037 |
|
|
|
9,967 |
|
-diluted earnings per common share |
|
|
10,135 |
|
|
|
10,066 |
|
|
|
10,110 |
|
|
|
10,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FRP HOLDINGS, INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
(In thousands, except
share data) |
|
|
September 30 |
|
December 31 |
Assets: |
|
2018 |
|
2017 |
Real estate investments
at cost: |
|
|
|
|
|
|
|
|
Land |
|
$ |
83,721 |
|
|
|
87,235 |
|
Buildings and
improvements |
|
|
146,632 |
|
|
|
147,670 |
|
Projects under
construction |
|
|
6,131 |
|
|
|
1,764 |
|
Total investments
in properties |
|
|
236,484 |
|
|
|
236,669 |
|
Less accumulated
depreciation and depletion |
|
|
29,772 |
|
|
|
26,755 |
|
Net investments
in properties |
|
|
206,712 |
|
|
|
209,914 |
|
|
|
|
|
|
|
|
|
|
Real estate held for
investment, at cost |
|
|
7,176 |
|
|
|
7,176 |
|
Investments in joint
ventures |
|
|
25,090 |
|
|
|
13,406 |
|
Net real estate
investments |
|
|
238,978 |
|
|
|
230,496 |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
|
34,782 |
|
|
|
4,524 |
|
Cash held in
escrow |
|
|
34,270 |
|
|
|
333 |
|
Accounts receivable,
net |
|
|
738 |
|
|
|
615 |
|
Investments available
for sale |
|
|
191,288 |
|
|
|
— |
|
Federal and state
income taxes receivable |
|
|
2,022 |
|
|
|
2,962 |
|
Unrealized rents |
|
|
594 |
|
|
|
223 |
|
Deferred costs |
|
|
942 |
|
|
|
2,708 |
|
Other assets |
|
|
451 |
|
|
|
179 |
|
Assets of discontinued
operations |
|
|
3,194 |
|
|
|
176,694 |
|
Total assets |
|
$ |
507,259 |
|
|
|
418,734 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Secured notes payable,
current portion |
|
$ |
— |
|
|
|
125 |
|
Secured notes payable,
less current portion |
|
|
88,755 |
|
|
|
90,029 |
|
Accounts payable and
accrued liabilities |
|
|
2,829 |
|
|
|
2,081 |
|
Environmental
remediation liability |
|
|
100 |
|
|
|
2,037 |
|
Federal and state
income taxes payable |
|
|
— |
|
|
|
— |
|
Deferred revenue |
|
|
32 |
|
|
|
107 |
|
Deferred income
taxes |
|
|
23,795 |
|
|
|
25,982 |
|
Deferred
compensation |
|
|
1,452 |
|
|
|
1,457 |
|
Tenant security
deposits |
|
|
53 |
|
|
|
54 |
|
Liabilities of
discontinued operations |
|
|
1,872 |
|
|
|
32,280 |
|
Total
liabilities |
|
|
118,888 |
|
|
|
154,152 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies (Note 8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Common stock, $.10 par
value25,000,000 shares authorized,10,076 524 and 10,014,667 shares
issued and outstanding, respectively |
|
|
1,008 |
|
|
|
1,001 |
|
Capital in excess of
par value |
|
|
58,030 |
|
|
|
55,636 |
|
Retained earnings |
|
|
310,620 |
|
|
|
186,855 |
|
Accumulated other
comprehensive income (loss), net |
|
|
(375 |
) |
|
|
38 |
|
Total
shareholders’ equity |
|
|
369,283 |
|
|
|
243,530 |
|
Noncontrolling interest
MRP |
|
|
19,088 |
|
|
|
21,052 |
|
Total
equity |
|
|
388,371 |
|
|
|
264,582 |
|
Total liabilities and
shareholders’ equity |
|
$ |
507,259 |
|
|
|
418,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Segment:
|
|
Three months ended September 30 |
|
|
|
|
(dollars in
thousands) |
|
2018 |
|
% |
|
2017 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
544 |
|
|
|
95.8 |
% |
|
|
538 |
|
|
|
96.2 |
% |
|
|
6 |
|
|
|
1.1 |
% |
Revenue-reimbursements |
|
|
24 |
|
|
|
4.2 |
% |
|
|
21 |
|
|
|
3.8 |
% |
|
|
3 |
|
|
|
14.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
568 |
|
|
|
100.0 |
% |
|
|
559 |
|
|
|
100.0 |
% |
|
|
9 |
|
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion
and amortization |
|
|
145 |
|
|
|
25.5 |
% |
|
|
125 |
|
|
|
22.4 |
% |
|
|
20 |
|
|
|
16.0 |
% |
Operating expenses |
|
|
106 |
|
|
|
18.7 |
% |
|
|
119 |
|
|
|
21.3 |
% |
|
|
(13 |
) |
|
|
-10.9 |
% |
Property taxes |
|
|
43 |
|
|
|
7.6 |
% |
|
|
38 |
|
|
|
6.8 |
% |
|
|
5 |
|
|
|
13.2 |
% |
Management company
indirect |
|
|
(2 |
) |
|
|
-.4 |
% |
|
|
28 |
|
|
|
5.0 |
% |
|
|
(30 |
) |
|
|
-107.1 |
% |
Corporate expense |
|
|
34 |
|
|
|
6.0 |
% |
|
|
27 |
|
|
|
4.8 |
% |
|
|
7 |
|
|
|
25.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
326 |
|
|
|
57.4 |
% |
|
|
337 |
|
|
|
60.3 |
% |
|
|
(11 |
) |
|
|
-3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
242 |
|
|
|
42.6 |
% |
|
|
222 |
|
|
|
39.7 |
% |
|
|
20 |
|
|
|
9.0 |
% |
Mining Royalty Lands
Segment:
|
|
Three months ended September 30 |
(dollars in
thousands) |
|
2018 |
|
% |
|
2017 |
|
% |
|
|
|
|
|
|
|
|
|
Mining Royalty and rents |
|
$ |
2,102 |
|
|
|
98.9 |
% |
|
|
1,763 |
|
|
|
98.7 |
% |
Revenue-reimbursements |
|
|
23 |
|
|
|
1.1 |
% |
|
|
23 |
|
|
|
1.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
2,125 |
|
|
|
100.0 |
% |
|
|
1,786 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion
and amortization |
|
|
55 |
|
|
|
2.6 |
% |
|
|
17 |
|
|
|
.9 |
% |
Operating expenses |
|
|
48 |
|
|
|
2.2 |
% |
|
|
43 |
|
|
|
2.4 |
% |
Property taxes |
|
|
61 |
|
|
|
2.9 |
% |
|
|
59 |
|
|
|
3.3 |
% |
Corporate expense |
|
|
28 |
|
|
|
1.3 |
% |
|
|
30 |
|
|
|
1.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
192 |
|
|
|
9.0 |
% |
|
|
149 |
|
|
|
8.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
1,933 |
|
|
|
91.0 |
% |
|
|
1,637 |
|
|
|
91.7 |
% |
Land Development and Construction
Segment:
|
|
Three months ended September
30 |
|
(dollars in
thousands) |
|
2018 |
|
2017 |
|
Change |
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
214 |
|
|
|
207 |
|
|
|
7 |
|
|
Revenue-reimbursements |
|
|
116 |
|
|
|
116 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
330 |
|
|
|
323 |
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion
and amortization |
|
|
57 |
|
|
|
98 |
|
|
|
(41 |
) |
|
Operating expenses |
|
|
143 |
|
|
|
52 |
|
|
|
91 |
|
|
Environmental
remediation recovery |
|
|
(465 |
) |
|
|
— |
|
|
|
(465 |
) |
|
Property taxes |
|
|
269 |
|
|
|
282 |
|
|
|
(13 |
) |
|
Management company
indirect |
|
|
465 |
|
|
|
281 |
|
|
|
184 |
|
|
Corporate expense |
|
|
408 |
|
|
|
210 |
|
|
|
198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
877 |
|
|
|
923 |
|
|
|
(46 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(547 |
) |
|
|
(600 |
) |
|
|
53 |
|
|
Dock 79 Segment:
|
|
Three Months Ended September 30 |
(dollars in
thousands) |
|
2018 |
|
% |
|
2017 |
|
% |
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
2,682 |
|
|
|
98.6 |
% |
|
|
2,357 |
|
|
|
99.6 |
% |
Revenue-reimbursements |
|
|
37 |
|
|
|
1.4 |
% |
|
|
10 |
|
|
|
.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
2,719 |
|
|
|
100.0 |
% |
|
|
2,367 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
1,564 |
|
|
|
57.5 |
% |
|
|
2,564 |
|
|
|
108.3 |
% |
Operating expenses |
|
|
686 |
|
|
|
25.2 |
% |
|
|
661 |
|
|
|
27.9 |
% |
Property taxes |
|
|
290 |
|
|
|
10.7 |
% |
|
|
268 |
|
|
|
11.3 |
% |
Management company
indirect |
|
|
87 |
|
|
|
3.2 |
% |
|
|
42 |
|
|
|
1.8 |
% |
Corporate expense |
|
|
52 |
|
|
|
1.9 |
% |
|
|
27 |
|
|
|
1.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
2,679 |
|
|
|
98.5 |
% |
|
|
3,562 |
|
|
|
150.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
40 |
|
|
|
1.5 |
% |
|
$ |
(1,195 |
) |
|
|
-50.5 |
% |
Asset Management Segment:
|
|
Nine months ended September 30 |
|
|
|
|
(dollars in
thousands) |
|
2018 |
|
% |
|
2017 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
1,643 |
|
|
|
95.7 |
% |
|
|
1,651 |
|
|
|
96.5 |
% |
|
|
(8 |
) |
|
|
-0.5 |
% |
Revenue-reimbursements |
|
|
74 |
|
|
|
4.3 |
% |
|
|
59 |
|
|
|
3.5 |
% |
|
|
15 |
|
|
|
25.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
1,717 |
|
|
|
100.0 |
% |
|
|
1,710 |
|
|
|
100.0 |
% |
|
|
7 |
|
|
|
0.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion
and amortization |
|
|
405 |
|
|
|
23.6 |
% |
|
|
385 |
|
|
|
22.5 |
% |
|
|
20 |
|
|
|
5.2 |
% |
Operating expenses |
|
|
335 |
|
|
|
19.5 |
% |
|
|
371 |
|
|
|
21.7 |
% |
|
|
(36 |
) |
|
|
-9.7 |
% |
Property taxes |
|
|
122 |
|
|
|
7.1 |
% |
|
|
109 |
|
|
|
6.4 |
% |
|
|
13 |
|
|
|
11.9 |
% |
Management company
indirect |
|
|
72 |
|
|
|
4.2 |
% |
|
|
74 |
|
|
|
4.3 |
% |
|
|
(2 |
) |
|
|
-2.7 |
% |
Corporate expense |
|
|
146 |
|
|
|
8.5 |
% |
|
|
118 |
|
|
|
6.9 |
% |
|
|
28 |
|
|
|
23.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
1,080 |
|
|
|
62.9 |
% |
|
|
1,057 |
|
|
|
61.8 |
% |
|
|
23 |
|
|
|
2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
637 |
|
|
|
37.1 |
% |
|
|
653 |
|
|
|
38.2 |
% |
|
|
(16 |
) |
|
|
-2.5 |
% |
Mining Royalty Lands
Segment:
|
|
Nine months ended September 30 |
(dollars in
thousands) |
|
2018 |
|
% |
|
2017 |
|
% |
|
|
|
|
|
|
|
|
|
Mining Royalty and rents |
|
$ |
5,885 |
|
|
|
98.9 |
% |
|
|
5,311 |
|
|
|
98.7 |
% |
Revenue-reimbursements |
|
|
67 |
|
|
|
1.1 |
% |
|
|
70 |
|
|
|
1.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
5,952 |
|
|
|
100.0 |
% |
|
|
5,381 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion
and amortization |
|
|
145 |
|
|
|
2.4 |
% |
|
|
91 |
|
|
|
1.7 |
% |
Operating expenses |
|
|
128 |
|
|
|
2.2 |
% |
|
|
121 |
|
|
|
2.2 |
% |
Property taxes |
|
|
182 |
|
|
|
3.1 |
% |
|
|
176 |
|
|
|
3.3 |
% |
Corporate expense |
|
|
157 |
|
|
|
2.6 |
% |
|
|
124 |
|
|
|
2.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
612 |
|
|
|
10.3 |
% |
|
|
512 |
|
|
|
9.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
5,340 |
|
|
|
89.7 |
% |
|
|
4,869 |
|
|
|
90.5 |
% |
Land Development and Construction
Segment:
|
|
Nine months ended September
30 |
|
(dollars in
thousands) |
|
2018 |
|
2017 |
|
Change |
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
609 |
|
|
|
601 |
|
|
|
8 |
|
|
Revenue-reimbursements |
|
|
335 |
|
|
|
330 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
944 |
|
|
|
931 |
|
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion
and amortization |
|
|
171 |
|
|
|
263 |
|
|
|
(92 |
) |
|
Operating expenses |
|
|
618 |
|
|
|
159 |
|
|
|
459 |
|
|
Environmental
remediation recovery |
|
|
(465 |
) |
|
|
— |
|
|
|
(465 |
) |
|
Property taxes |
|
|
768 |
|
|
|
831 |
|
|
|
(63 |
) |
|
Management company
indirect |
|
|
998 |
|
|
|
846 |
|
|
|
152 |
|
|
Corporate expense |
|
|
1,110 |
|
|
|
935 |
|
|
|
175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
3,200 |
|
|
|
3,034 |
|
|
|
166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(2,256 |
) |
|
|
(2,103 |
) |
|
|
(153 |
) |
|
Dock 79 Segment:
|
|
Nine Months Ended September 30 |
(dollars in
thousands) |
|
2018 |
|
% |
|
2017 |
|
% |
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
7,685 |
|
|
|
99.1 |
% |
|
|
2,357 |
|
|
|
99.6 |
% |
Revenue-reimbursements |
|
|
72 |
|
|
|
0.9 |
% |
|
|
10 |
|
|
|
.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
7,757 |
|
|
|
100.0 |
% |
|
|
2,367 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
5,629 |
|
|
|
72.6 |
% |
|
|
2,564 |
|
|
|
108.3 |
% |
Operating expenses |
|
|
1,870 |
|
|
|
24.1 |
% |
|
|
661 |
|
|
|
27.9 |
% |
Property taxes |
|
|
877 |
|
|
|
11.3 |
% |
|
|
268 |
|
|
|
11.3 |
% |
Management company
indirect |
|
|
296 |
|
|
|
3.8 |
% |
|
|
42 |
|
|
|
1.8 |
% |
Corporate expense |
|
|
289 |
|
|
|
3.7 |
% |
|
|
27 |
|
|
|
1.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
8,961 |
|
|
|
115.5 |
% |
|
|
3,562 |
|
|
|
150.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
(1,204 |
) |
|
|
-15.5 |
% |
|
$ |
(1,195 |
) |
|
|
-50.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FRP HOLDINGS, INC. AND
SUBSIDIARIES DISCONTINUED
OPERATIONS(In thousands except per share
amounts)(Unaudited)
|
|
THREE MONTHS ENDED |
|
NINE MONTHS ENDED |
|
|
SEPTEMBER 30, |
|
SEPTEMBER 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
190 |
|
|
|
5,636 |
|
|
|
9,602 |
|
|
|
16,634 |
|
Revenue – reimbursements |
|
|
29 |
|
|
|
1,383 |
|
|
|
2,274 |
|
|
|
3,713 |
|
Total Revenues |
|
|
219 |
|
|
|
7,019 |
|
|
|
11,876 |
|
|
|
20,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
29 |
|
|
|
1,965 |
|
|
|
3,131 |
|
|
|
5,727 |
|
Operating expenses |
|
|
52 |
|
|
|
1,004 |
|
|
|
1,694 |
|
|
|
2,570 |
|
Property taxes |
|
|
19 |
|
|
|
754 |
|
|
|
1,266 |
|
|
|
2,208 |
|
Management company indirect |
|
|
370 |
|
|
|
209 |
|
|
|
1,360 |
|
|
|
542 |
|
Corporate expenses |
|
|
56 |
|
|
|
— |
|
|
|
1,458 |
|
|
|
— |
|
Total cost of operations |
|
|
526 |
|
|
|
3,932 |
|
|
|
8,909 |
|
|
|
11,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit (loss) |
|
|
(307 |
) |
|
|
3,087 |
|
|
|
2,967 |
|
|
|
9,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
— |
|
|
|
(468 |
) |
|
|
(587 |
) |
|
|
(1,087 |
) |
Gain on sale of buildings |
|
|
200 |
|
|
|
— |
|
|
|
165,007 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
(107 |
) |
|
|
2,619 |
|
|
|
167,387 |
|
|
|
8,213 |
|
Provision for (benefit from) income taxes |
|
|
(29 |
) |
|
|
1,034 |
|
|
|
45,278 |
|
|
|
3,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations |
|
$ |
(78 |
) |
|
|
1,585 |
|
|
|
122,109 |
|
|
|
4,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.01 |
) |
|
|
0.16 |
|
|
|
12.17 |
|
|
|
0.50 |
|
Diluted |
|
$ |
(0.01 |
) |
|
|
0.16 |
|
|
|
12.08 |
|
|
|
0.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact: |
John D. Milton,
Jr. |
|
|
Chief Financial
Officer |
904/858-9100 |
FRP (NASDAQ:FRPH)
Historical Stock Chart
From Aug 2024 to Sep 2024
FRP (NASDAQ:FRPH)
Historical Stock Chart
From Sep 2023 to Sep 2024