FRP Holdings, Inc. (NASDAQ-FRPH) –
Fourth Quarter Operational Highlights
(compared to the same quarter last year)
- 20.6% increase
in pro-rata NOI ($7.55 million vs $6.26 million)
- 42.9% increase
in Industrial and Commercial revenue; 46.1% increase in Industrial
and Commercial NOI
Fourth Quarter Consolidated Results of
Operations
Net income for the fourth quarter of 2023 was
$2,880,000 or $.30 per share versus $2,756,000 or $.29 per share in
the same period last year. The fourth quarter of 2023 was impacted
by the following items:
- Operating
profit increased $466,000 compared to the same quarter last year
primarily due to improved revenues in the Industrial and Commercial
Segment and decreased depreciation at Dock 79.
- Interest income
increased $423,000 primarily due to an increase in interest earned
on cash equivalents ($889,000) offset by decreased income from our
lending ventures ($245,000) and decreased preferred interest
($221,000).
- Interest
expense increased $188,000 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.
- Equity in loss
of Joint Ventures increased $879,000 primarily due to a $1.9
million gain on our guarantee liability for the refinanced Bryant
Street loan which was more than offset by the same quarter last
year including a $2.8 million gain on disposition of our Hickory
Creek JV.
Fourth Quarter Segment Operating
Results
NB: We have changed the name of both our
Asset Management and Stabilized Joint Venture Business Segments.
Going forward they are now our Industrial and Commercial and
Multifamily Segments. These changes are purely cosmetic and don’t
require any movement of assets between segments or restatement of
results.
Industrial and Commercial Segment:
Total revenues in this segment were $1,422,000,
up $427,000 or 42.9%, over the same period last year. Operating
profit was $539,000, up $186,000 from $353,000 in the same quarter
last year. Revenues and operating profit are up because of full
occupancy at 1841 62nd Street (compared to 0% same period last
year) and the addition of 1941 62nd Street to this segment in March
2023. We now have nine buildings in service at three different
locations totaling 515,077 square feet of industrial and 33,708
square feet of office. At quarter end, we were 95.6% leased and
95.6% occupied. Net operating income in this segment was
$1,172,000, up $370,000 or 46.1% compared to the same quarter last
year.
Mining Royalty Lands Segment:
Total revenues in this segment were $2,899,000
versus $2,904,000 in the same period last year. Total operating
profit in this segment was $2,529,000, an increase of $77,000
versus $2,452,000 in the same period last year. Net Operating
Income this quarter for this segment was $2,610,000, down $169,000
or 6.1% compared to the same quarter last year due to unrealized
revenue that we will collect in 2024.
Development Segment:
With respect to ongoing projects:
- We are the
principal capital source of a residential development venture in
Prince George’s County, MD known as “Amber Ridge.” Of the $18.5
million of committed capital to the project, $18.0 million in
principal draws have taken place through quarter end. Through the
end of December 31, 2023, all 187 units have been sold, and we have
received $20.2 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 three apartment buildings with ground
floor retail and one commercial building which is fully leased. At
quarter end, Bryant Street’s 487 residential units were 92.0%
leased and 93.8% occupied. Its commercial space was 96.6% leased
and 82.7% occupied at quarter end.
- Lease-up is
underway at The Verge, and at quarter end, the building was 90.7%
leased and 85.8% occupied inclusive of 25 units licensed to
Placemaker Management for a short-term corporate rental program.
Retail at this location is 45.2% leased. 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 95.2% leased and
93.4% occupied at quarter end. Retail at this location is 100%
leased and currently under construction and expected to open this
winter.
- Windlass Run,
our suburban office and retail joint venture with St. John
Properties, Inc. signed a new office lease for 3,526 square feet
bringing the office portion of the project to 87.0% leased and
78.3% occupied. Additional retail space at this site is 38.2%
leased and 22.9% occupied.
- Last summer we
broke ground on a new speculative warehouse project in Aberdeen, MD
on Chelsea Road. Site work is nearing completion with vertical
construction underway. This Class A, 259,200 square foot building
is due to be complete in the 3rd quarter of 2024.
- We are the
principal capital source for a residential development venture in
Harford County, MD known as Aberdeen Overlook. The project includes
110 acres and 344 residential building lots. We have committed
$31.1 million to the project with $20 million currently drawn. A
national homebuilder is under contract to purchase all 222 townhome
and 122 single family dwelling lots. As of year-end 11 lots had
been sold and $4.5 million of preferred interest and principal has
been returned to the company.
Multifamily Segment:
Total revenues in this segment were $5,370,000,
a decrease of $112,000 versus $5,482,000 in the same period last
year. The Maren’s revenue was $2,576,000, an increase of .2% and
Dock 79 revenues decreased $117,000 to $2,794,000 or 4.0%. Total
operating profit in this segment was $1,161,000, an increase of
$132,000 versus $1,029,000 in the same period last year. Pro-rata
net operating income this quarter for this segment was $1,865,000,
down $363,000 or 16.3% compared to the same quarter last year
because of the sale of our 20% Tenancy-In-Common (TIC) interest in
both properties to Steuart Investment Company (SIC), mitigated by
$124,000 in pro-rata NOI from our share of the Riverside joint
venture in Greenville, SC.
At the end of December, The Maren was 93.94%
leased and 94.70% occupied. Average residential occupancy for the
quarter was 94.10%, and 61.22% of expiring leases renewed with an
average rent increase on renewals of 2.75%. 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 94.78%, and at the end of the quarter, Dock 79’s
residential units were 95.08% leased and 96.39% occupied. This
quarter, 69.77% of expiring leases renewed with an average rent
increase on renewals of 1.59%. 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 95.50% leased with
94.50% occupancy. Average occupancy for the quarter was 95.21% with
53.13% of expiring leases renewing with an average rental increase
of 2.04%. Riverside is a joint venture with Woodfield Development
and the Company owns 40% of the venture.
Calendar Year Operational Highlights
(compared to the same period last year)
- 24.8% increase
in pro-rata NOI ($30.24 million vs $24.23 million)
- Mining
Royalties revenues increased 17.3%; 17% increase in royalties per
ton
- 45.4% increase
in Industrial and Commercial revenue; 46.2% increase in Industrial
and Commercial NOI
Calendar Year 2023 Consolidated Results
of Operations
Net income for 2023 was $5,302,000 or $.56 per
share versus $4,565,000 or $.48 per share in the same period last
year. The calendar year 2023 was impacted by the following
items:
- Operating
profit increased $3,704,000 compared to the same period last year
due to improved revenues and profits in all four segments.
- Management
company indirect increased $553,000 due to merit increases and new
hires along with recruiting costs.
- Interest income
increased $5,424,000 primarily due to an increase in interest
earned on cash equivalents ($4,307,000) and increased income from
our lending ventures ($1,202,000).
- Interest
expense increased $1,270,000 compared to the same period last year
due to less capitalized interest. We capitalized less interest
because of fewer in-house and joint venture projects under
development compared to last year.
- Equity in loss
of Joint Ventures increased $6,216,000 primarily due to increased
losses during lease up at The Verge ($4,418,000) and .408 Jackson
($799,000), a gain on the sale of DST Hickory Creek ($2,832,000)
last year mitigated by a gain of $1,886,000 on our guarantee
liability for the refinanced Bryant Street loan.
- Calendar year
2022 included an $874,000 gain on sales of excess property at
Brooksville.
Calendar Year 2023 Segment Operating
Results
Industrial and Commercial Segment:
Total revenues in this segment were $5,354,000,
up $1,673,000 or 45.4%, over the same period last year. Operating
profit was $1,764,000, up $804,000 from $960,000 in the same period
last year. Revenues and operating profit are up partly because of
rent growth at Cranberry Run, but primarily because of full
occupancy at 1865 and 1841 62nd Street and the addition of 1941
62nd Street to this segment in March 2023. Net operating income in
this segment was $3,898,000, up $1,232,000 or 46.2% compared to the
same period last year.
Mining Royalty Lands Segment:
Total revenues in this segment were $12,527,000
versus $10,683,000 in the same period last year. Total operating
profit in this segment was $10,560,000, an increase of $1,669,000
versus $8,891,000 in the same period last year. This increase is
the result of the additional royalties from the acquisition in
Astatula, FL, 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 in this segment was
$11,720,000, up $1,568,000 or 15.4% compared to the same period
last year.
Multifamily 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 $21,824,000,
an increase of $381,000 versus $21,443,000 in the same period last
year. The Maren’s revenue was $10,477,000, an increase of 4.3%, and
Dock 79 revenues decreased $51,000 or .4% to $11,398,000. Total
operating profit in this segment was $3,717,000, an increase of
$497,000 versus $3,220,000 in the same period last year. Pro-rata
net operating income for this segment was $8,077,000, down
$1,392,000 or 14.7% compared to the same period last year because
of the sale of our 20% TIC interest in both properties to SIC,
mitigated by $800,000 in pro-rata NOI from our share of the
Riverside joint venture.
At the end of December, The Maren was 93.94%
leased and 94.70% occupied. Average residential occupancy for
calendar year 2023 was 95.60%, and 53.23% of expiring leases
renewed with an average rent increase on renewals of 4.21%. 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
calendar year 2023 was 94.36%, and at the end of the year, Dock
79’s residential units were 95.08% leased and 96.39% occupied.
Through the year, 68.29% of expiring leases renewed with an average
rent increase on renewals of 2.80%. 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 the end of December, the building was 95.50% leased
with 94.50% occupancy. Average occupancy for calendar year 2023 was
94.51% with 55.41% of expiring leases renewing with an average
rental increase of 8.46%. Riverside is a joint venture with
Woodfield Development and the Company owns 40% of the venture.
Summary and Outlook
Royalty revenue was up 17.3% over 2022 in what
had previously been the highest revenue year for this segment. This
kind of revenue growth is all the more remarkable when tons sold
decreased by .76 %. We are fortunate in both the locations of our
mining assets, but also in the ability of our operators to push
price aggressively. State and national infrastructure spending is
expected to increase in 2024 creating further demand for aggregates
products.
In our Multifamily Segment, we are starting to
feel the effects of a softening DC market. Revenues are more or
less flat between Dock 79 and the Maren and did not keep pace with
expenses. Pro-rata NOI is down which is to be expected after
selling 20% of our share of Dock 79 and The Maren to SIC. But NOI
for the two projects as a whole decreased 1.3% ($13,358,000 vs
$13,529,000) compared to 2022. We should expect the
market to remain slack until all the new supply has been absorbed.
2023 was the first full calendar year of operation for our
Riverside multifamily joint venture in Greenville, SC. Average
annual occupancy (94.51%), renewals on expiring leases (55.41%),
and rent increases on renewals (8.46%) were all strong. NOI this
quarter compared to each of the first three quarters fell off
because of increased taxes as the project was annexed into the city
of Greenville. We remain excited about the Greenville market and
look forward to adding .408 Jackson to this segment when it
stabilizes in early 2024.
In our Industrial and Commercial segment,
occupancy and our overall square-footage have increased since the
end of 2022, leading to a 46.2% increase in NOI in 2023 compared to
the previous year. We are 95.6% leased and occupied on 548,785
square feet compared to 84.3% occupied on 447,035 square feet at
the end of 2022.
As we have stated on a number of occasions in
the recent past, we have shifted our development focus away from
multifamily in the DC market and towards industrial projects. We
are underway on the construction of a $30 million spec warehouse
project at our Chelsea site in Aberdeen, MD, which we plan to
deliver in the third quarter of 2024. We are also in preliminary
discussions on two industrial joint ventures in Florida. We will
continue to do the predevelopment work required to prepare the
first phase of our partnership with SIC and MRP for vertical
construction, but that’s as far as we will take that project until
the partnership feels macroeconomic and market conditions are
right. The same is true for two other mixed-use projects with
Woodfield Development (our JV partner in Riverside and .408
Jackson) that are currently in pre-development in Greenville, SC
and Estero, FL. We are pursuing entitlements for these joint
ventures and they will be ready for vertical development by the
second half of 2024. But we will only move forward when market
conditions warrant it. Along with our balance sheet, we consider
our development strategy and the ability to shift our focus and
capital among asset classes to be our biggest strength. We will
pursue our current development strategy aggressively, while
allowing for a healthy capital cushion to protect our assets and
opportunistically repurchase shares. To that end, in 2023, we
repurchased 36,909 shares at an average cost of $54.19 per
share.
Subsequent Event
Subsequent to the end of the year, on March 6,
2024, FRP Holdings, Inc announced that it intends to effect a
forward stock split in the nature of a dividend of its common stock
at a ratio of 2 post-split shares for every 1 pre-split
share. The record date for the split will be April 1, 2024,
and the payment date is April 12, 2024.
At the effective time of the forward stock
split, every share of the Company's issued common stock will be
converted automatically into two issued shares of common stock.
Stockholders holding shares through a brokerage account will have
their shares automatically adjusted to reflect the 2:1 forward
stock split. It is not necessary for stockholders holding shares of
the Company's common stock in certificated form to exchange their
existing stock certificates for new stock certificates of the
Company in connection with the forward stock split, although
stockholders may do so if they wish.
The forward stock split will affect all
stockholders uniformly and will not alter any stockholder's
percentage interest in the Company's equity. Proportional
adjustments will be made to the number of shares of the Company's
common stock issuable upon exercise or conversion of FRP Holdings,
Inc.’s equity awards and warrants, as well as the applicable
exercise price. Stockholders whose shares are held in brokerage
accounts should direct any questions concerning the forward stock
split to their broker. All stockholders of record may direct
questions to the Company's transfer agent,
Equiniti.
Conference Call
The Company will host a conference call on
Thursday, March 7, 2024 at 10:00 a.m. (EST). Analysts, stockholders
and other interested parties may access the teleconference live by
calling 1-800-245-3047 (passcode 31965) within the
United States. International callers may dial 1-203-518-9765
(passcode 31965). Audio replay will be available until March 21,
2024 by dialing 1-888-938-2806 within the United
States. International callers may dial 1-402-220-9034. No
passcode needed. 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 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 residential apartment buildings.
FRP HOLDINGS, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME |
(In thousands except per share amounts) |
(Unaudited) |
|
|
|
|
|
THREE MONTHS ENDED |
|
TWELVE MONTHS ENDED |
|
DECEMBER 31, |
|
DECEMBER 31, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
$ |
7,206 |
|
|
|
6,948 |
|
|
|
28,979 |
|
|
|
26,798 |
|
Mining royalty revenue |
|
2,899 |
|
|
|
2,904 |
|
|
|
12,527 |
|
|
|
10,683 |
|
Total Revenues |
|
10,105 |
|
|
|
9,852 |
|
|
|
41,506 |
|
|
|
37,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
2,406 |
|
|
|
2,707 |
|
|
|
10,821 |
|
|
|
11,217 |
|
Operating expenses |
|
1,790 |
|
|
|
1,749 |
|
|
|
7,364 |
|
|
|
7,065 |
|
Property taxes |
|
905 |
|
|
|
1,022 |
|
|
|
3,650 |
|
|
|
4,125 |
|
Management company indirect |
|
1,031 |
|
|
|
871 |
|
|
|
3,969 |
|
|
|
3,416 |
|
Corporate expenses |
|
790 |
|
|
|
786 |
|
|
|
4,002 |
|
|
|
3,662 |
|
Total cost of operations |
|
6,922 |
|
|
|
7,135 |
|
|
|
29,806 |
|
|
|
29,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
profit |
|
3,183 |
|
|
|
2,717 |
|
|
|
11,700 |
|
|
|
7,996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
2,690 |
|
|
|
2,267 |
|
|
|
10,897 |
|
|
|
5,473 |
|
Interest expense |
|
(1,064 |
) |
|
|
(830 |
) |
|
|
(4,315 |
) |
|
|
(3,045 |
) |
Equity in loss of joint
ventures |
|
(1,352 |
) |
|
|
(473 |
) |
|
|
(11,937 |
) |
|
|
(5,721 |
) |
Gain on sale of real estate
and other income |
|
46 |
|
|
|
— |
|
|
|
53 |
|
|
|
874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
3,503 |
|
|
|
3,681 |
|
|
|
6,398 |
|
|
|
5,577 |
|
Provision for income
taxes |
|
618 |
|
|
|
1,004 |
|
|
|
1,516 |
|
|
|
1,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
2,885 |
|
|
|
2,677 |
|
|
|
4,882 |
|
|
|
4,047 |
|
Gain (loss) attributable to
noncontrolling interest |
|
5 |
|
|
|
(79 |
) |
|
|
(420 |
) |
|
|
(518 |
) |
Net income
attributable to the Company |
$ |
2,880 |
|
|
|
2,756 |
|
|
|
5,302 |
|
|
|
4,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to the
Company- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.31 |
|
|
|
0.29 |
|
|
|
0.56 |
|
|
|
0.49 |
|
Diluted |
$ |
0.30 |
|
|
|
0.29 |
|
|
|
0.56 |
|
|
|
0.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
shares (in thousands) used in computing: |
|
|
|
|
|
|
|
|
|
|
|
-basic earnings per common share |
|
9,411 |
|
|
|
9,398 |
|
|
|
9,420 |
|
|
|
9,386 |
|
-diluted earnings per common share |
|
9,451 |
|
|
|
9,444 |
|
|
|
9,461 |
|
|
|
9,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FRP HOLDINGS, INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(Unaudited) (In thousands, except share data) |
|
|
|
|
|
December 31 |
|
December 31 |
Assets: |
2023 |
|
2022 |
Real estate investments at cost: |
|
|
|
|
|
|
|
Land |
$ |
141,602 |
|
|
|
141,579 |
|
Buildings and
improvements |
|
282,631 |
|
|
|
270,579 |
|
Projects under
construction |
|
10,845 |
|
|
|
12,208 |
|
Total investments in properties |
|
435,078 |
|
|
|
424,366 |
|
Less accumulated depreciation
and depletion |
|
67,758 |
|
|
|
57,208 |
|
Net investments in properties |
|
367,320 |
|
|
|
367,158 |
|
|
|
|
|
|
|
|
|
Real estate held for
investment, at cost |
|
10,662 |
|
|
|
10,182 |
|
Investments in joint
ventures |
|
166,066 |
|
|
|
140,525 |
|
Net real estate investments |
|
544,048 |
|
|
|
517,865 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
157,555 |
|
|
|
177,497 |
|
Cash held in escrow |
|
860 |
|
|
|
797 |
|
Accounts receivable, net |
|
1,046 |
|
|
|
1,166 |
|
Federal and state income taxes
receivable |
|
337 |
|
|
|
— |
|
Unrealized rents |
|
1,640 |
|
|
|
856 |
|
Deferred costs |
|
3,091 |
|
|
|
2,343 |
|
Other assets |
|
589 |
|
|
|
560 |
|
Total assets |
$ |
709,166 |
|
|
|
701,084 |
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
Secured notes payable |
$ |
178,705 |
|
|
|
178,557 |
|
Accounts payable and accrued
liabilities |
|
8,333 |
|
|
|
5,971 |
|
Other liabilities |
|
1,487 |
|
|
|
1,886 |
|
Federal and state income taxes
payable |
|
— |
|
|
|
18 |
|
Deferred revenue |
|
925 |
|
|
|
259 |
|
Deferred income taxes |
|
69,456 |
|
|
|
67,960 |
|
Deferred compensation |
|
1,409 |
|
|
|
1,354 |
|
Tenant security deposits |
|
875 |
|
|
|
868 |
|
Total liabilities |
|
261,190 |
|
|
|
256,873 |
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
Common stock, $.10 par value
25,000,000 shares authorized, 9,484,224 and 9,459,686 shares issued
and outstanding, respectively |
|
948 |
|
|
|
946 |
|
Capital in excess of par
value |
|
67,655 |
|
|
|
65,158 |
|
Retained earnings |
|
345,882 |
|
|
|
342,317 |
|
Accumulated other
comprehensive loss, net |
|
35 |
|
|
|
(1,276 |
) |
Total shareholders’ equity |
|
414,520 |
|
|
|
407,145 |
|
Noncontrolling interest |
|
33,456 |
|
|
|
37,066 |
|
Total equity |
|
447,976 |
|
|
|
444,211 |
|
Total liabilities and
equity |
$ |
709,166 |
|
|
|
701,084 |
|
|
|
|
|
|
|
|
|
Industrial and Commercial
Segment:
|
Three months ended December 31 |
|
|
|
|
(dollars in thousands) |
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
$ |
1,422 |
|
|
|
100.0 |
% |
|
|
995 |
|
|
|
100.0 |
% |
|
|
427 |
|
|
|
42.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
368 |
|
|
|
25.9 |
% |
|
|
224 |
|
|
|
22.5 |
% |
|
|
144 |
|
|
|
64.3 |
% |
Operating expenses |
|
163 |
|
|
|
11.5 |
% |
|
|
127 |
|
|
|
12.8 |
% |
|
|
36 |
|
|
|
28.3 |
% |
Property taxes |
|
62 |
|
|
|
4.4 |
% |
|
|
53 |
|
|
|
5.3 |
% |
|
|
9 |
|
|
|
17.0 |
% |
Management company
indirect |
|
133 |
|
|
|
9.3 |
% |
|
|
102 |
|
|
|
10.2 |
% |
|
|
31 |
|
|
|
30.4 |
% |
Corporate expense |
|
157 |
|
|
|
11.0 |
% |
|
|
136 |
|
|
|
13.7 |
% |
|
|
21 |
|
|
|
15.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
883 |
|
|
|
62.1 |
% |
|
|
642 |
|
|
|
64.5 |
% |
|
|
241 |
|
|
|
37.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
$ |
539 |
|
|
|
37.9 |
% |
|
|
353 |
|
|
|
35.5 |
% |
|
|
186 |
|
|
|
52.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining Royalty Lands
Segment:
|
Three months ended December 31 |
|
|
|
|
(dollars in thousands) |
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
Mining royalty revenue |
$ |
2,899 |
|
|
|
100.0 |
% |
|
|
2,904 |
|
|
|
100.0 |
% |
|
|
(5 |
) |
|
|
-0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
25 |
|
|
|
0.9 |
% |
|
|
170 |
|
|
|
5.9 |
% |
|
|
(145 |
) |
|
|
-85.3 |
% |
Operating expenses |
|
17 |
|
|
|
0.6 |
% |
|
|
17 |
|
|
|
0.6 |
% |
|
|
— |
|
|
|
0.0 |
% |
Property taxes |
|
104 |
|
|
|
3.6 |
% |
|
|
59 |
|
|
|
2.0 |
% |
|
|
45 |
|
|
|
76.3 |
% |
Management company
indirect |
|
135 |
|
|
|
4.6 |
% |
|
|
117 |
|
|
|
4.0 |
% |
|
|
18 |
|
|
|
15.4 |
% |
Corporate expense |
|
89 |
|
|
|
3.1 |
% |
|
|
89 |
|
|
|
3.1 |
% |
|
|
— |
|
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
370 |
|
|
|
12.8 |
% |
|
|
452 |
|
|
|
15.6 |
% |
|
|
(82 |
) |
|
|
-18.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
$ |
2,529 |
|
|
|
87.2 |
% |
|
|
2,452 |
|
|
|
84.4 |
% |
|
|
77 |
|
|
|
3.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
Segment:
|
Three months ended December 31 |
(dollars in thousands) |
2023 |
|
2022 |
|
Change |
|
|
|
|
|
|
Lease revenue |
$ |
414 |
|
|
|
471 |
|
|
|
(57 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
42 |
|
|
|
50 |
|
|
|
(8 |
) |
Operating expenses |
|
143 |
|
|
|
131 |
|
|
|
12 |
|
Property taxes |
|
157 |
|
|
|
359 |
|
|
|
(202 |
) |
Management company
indirect |
|
649 |
|
|
|
558 |
|
|
|
91 |
|
Corporate expense |
|
469 |
|
|
|
490 |
|
|
|
(21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
1,460 |
|
|
|
1,588 |
|
|
|
(128 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(1,046 |
) |
|
|
(1,117 |
) |
|
|
71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in loss of Joint
Venture |
|
(1,141 |
) |
|
|
(3,167 |
) |
|
|
2,026 |
|
Interest earned |
|
1,020 |
|
|
|
1,289 |
|
|
|
(269 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations before income taxes |
$ |
(1,167 |
) |
|
|
(2,995 |
) |
|
|
1,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily
Segment:
|
Three months ended December 31 |
|
|
|
|
(dollars in thousands) |
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
$ |
5,370 |
|
|
|
100.0 |
% |
|
|
5,482 |
|
|
|
100.0 |
% |
|
|
(112 |
) |
|
|
-2.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
1,971 |
|
|
|
36.7 |
% |
|
|
2,263 |
|
|
|
41.3 |
% |
|
|
(292 |
) |
|
|
-12.9 |
% |
Operating expenses |
|
1,467 |
|
|
|
27.3 |
% |
|
|
1,474 |
|
|
|
26.9 |
% |
|
|
(7 |
) |
|
|
-0.5 |
% |
Property taxes |
|
582 |
|
|
|
10.9 |
% |
|
|
551 |
|
|
|
10.0 |
% |
|
|
31 |
|
|
|
5.6 |
% |
Management company
indirect |
|
114 |
|
|
|
2.1 |
% |
|
|
94 |
|
|
|
1.7 |
% |
|
|
20 |
|
|
|
21.3 |
% |
Corporate expense |
|
75 |
|
|
|
1.4 |
% |
|
|
71 |
|
|
|
1.3 |
% |
|
|
4 |
|
|
|
5.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
4,209 |
|
|
|
78.4 |
% |
|
|
4,453 |
|
|
|
81.2 |
% |
|
|
(244 |
) |
|
|
-5.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
$ |
1,161 |
|
|
|
21.6 |
% |
|
|
1,029 |
|
|
|
18.8 |
% |
|
|
132 |
|
|
|
12.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial and Commercial
Segment:
|
Twelve months ended December 31 |
|
|
|
|
(dollars in thousands) |
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
$ |
5,354 |
|
|
|
100.0 |
% |
|
|
3,681 |
|
|
|
100.0 |
% |
|
|
1,673 |
|
|
|
45.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
1,374 |
|
|
|
25.7 |
% |
|
|
907 |
|
|
|
24.6 |
% |
|
|
467 |
|
|
|
51.5 |
% |
Operating expenses |
|
653 |
|
|
|
12.2 |
% |
|
|
568 |
|
|
|
15.4 |
% |
|
|
85 |
|
|
|
15.0 |
% |
Property taxes |
|
247 |
|
|
|
4.6 |
% |
|
|
211 |
|
|
|
5.7 |
% |
|
|
36 |
|
|
|
17.1 |
% |
Management company
indirect |
|
529 |
|
|
|
9.9 |
% |
|
|
403 |
|
|
|
11.0 |
% |
|
|
126 |
|
|
|
31.3 |
% |
Corporate expense |
|
787 |
|
|
|
14.7 |
% |
|
|
632 |
|
|
|
17.2 |
% |
|
|
155 |
|
|
|
24.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
3,590 |
|
|
|
67.1 |
% |
|
|
2,721 |
|
|
|
73.9 |
% |
|
|
869 |
|
|
|
31.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
$ |
1,764 |
|
|
|
32.9 |
% |
|
|
960 |
|
|
|
26.1 |
% |
|
|
804 |
|
|
|
83.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining Royalty Lands
Segment:
|
Twelve months ended December 31 |
|
|
|
|
(dollars in thousands) |
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
Mining royalty revenue |
$ |
12,527 |
|
|
|
100.0 |
% |
|
|
10,683 |
|
|
|
100.0 |
% |
|
|
1,844 |
|
|
|
17.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
497 |
|
|
|
4.0 |
% |
|
|
586 |
|
|
|
5.5 |
% |
|
|
(89 |
) |
|
|
-15.2 |
% |
Operating expenses |
|
68 |
|
|
|
0.5 |
% |
|
|
67 |
|
|
|
0.6 |
% |
|
|
1 |
|
|
|
1.5 |
% |
Property taxes |
|
428 |
|
|
|
3.4 |
% |
|
|
262 |
|
|
|
2.5 |
% |
|
|
166 |
|
|
|
63.4 |
% |
Management company
indirect |
|
525 |
|
|
|
4.2 |
% |
|
|
463 |
|
|
|
4.3 |
% |
|
|
62 |
|
|
|
13.4 |
% |
Corporate expense |
|
449 |
|
|
|
3.6 |
% |
|
|
414 |
|
|
|
3.9 |
% |
|
|
35 |
|
|
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
1,967 |
|
|
|
15.7 |
% |
|
|
1,792 |
|
|
|
16.8 |
% |
|
|
175 |
|
|
|
9.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
$ |
10,560 |
|
|
|
84.3 |
% |
|
|
8,891 |
|
|
|
83.2 |
% |
|
|
1,669 |
|
|
|
18.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
Segment:
|
Twelve months ended December 31 |
(dollars in thousands) |
2023 |
|
2022 |
|
Change |
|
|
|
|
|
|
Lease revenue |
$ |
1,801 |
|
|
|
1,674 |
|
|
|
127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
182 |
|
|
|
189 |
|
|
|
(7 |
) |
Operating expenses |
|
358 |
|
|
|
672 |
|
|
|
(314 |
) |
Property taxes |
|
744 |
|
|
|
1,425 |
|
|
|
(681 |
) |
Management company
indirect |
|
2,471 |
|
|
|
2,179 |
|
|
|
292 |
|
Corporate expense |
|
2,387 |
|
|
|
2,284 |
|
|
|
103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
6,142 |
|
|
|
6,749 |
|
|
|
(607 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(4,341 |
) |
|
|
(5,075 |
) |
|
|
734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in loss of Joint
Venture |
|
(11,396 |
) |
|
|
(8,310 |
) |
|
|
(3,086 |
) |
Interest earned |
|
4,712 |
|
|
|
3,600 |
|
|
|
1,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations before income taxes |
$ |
(11,025 |
) |
|
|
(9,785 |
) |
|
|
(1,240 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily
Segment:
|
Twelve months ended December 31 |
|
|
|
|
(dollars in thousands) |
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
$ |
21,824 |
|
|
|
100.0 |
% |
|
|
21,443 |
|
|
|
100.0 |
% |
|
|
381 |
|
|
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and
amortization |
|
8,768 |
|
|
|
40.2 |
% |
|
|
9,535 |
|
|
|
44.5 |
% |
|
|
(767 |
) |
|
|
-8.0 |
% |
Operating expenses |
|
6,285 |
|
|
|
28.8 |
% |
|
|
5,758 |
|
|
|
26.9 |
% |
|
|
527 |
|
|
|
9.2 |
% |
Property taxes |
|
2,231 |
|
|
|
10.2 |
% |
|
|
2,227 |
|
|
|
10.4 |
% |
|
|
4 |
|
|
|
0.2 |
% |
Management company
indirect |
|
444 |
|
|
|
2.0 |
% |
|
|
371 |
|
|
|
1.7 |
% |
|
|
73 |
|
|
|
19.7 |
% |
Corporate expense |
|
379 |
|
|
|
1.8 |
% |
|
|
332 |
|
|
|
1.5 |
% |
|
|
47 |
|
|
|
14.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
18,107 |
|
|
|
83.0 |
% |
|
|
18,223 |
|
|
|
85.0 |
% |
|
|
(116 |
) |
|
|
-0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
$ |
3,717 |
|
|
|
17.0 |
% |
|
|
3,220 |
|
|
|
15.0 |
% |
|
|
497 |
|
|
|
15.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended 12/31/23
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Industrial and |
|
|
|
|
|
Mining |
|
Unallocated |
|
FRP |
|
Commercial |
|
Development |
|
Multifamily |
|
Royalties |
|
Corporate |
|
Holdings |
|
Segment |
|
Segment |
|
Segment |
|
Segment |
|
Expenses |
|
Totals |
Net Income (loss) |
$ |
1,285 |
|
|
|
(8,043 |
) |
|
|
(848 |
) |
|
|
7,682 |
|
|
|
4,806 |
|
|
|
4,882 |
|
Income Tax Allocation |
|
477 |
|
|
|
(2,983 |
) |
|
|
(158 |
) |
|
|
2,848 |
|
|
|
1,332 |
|
|
|
1,516 |
|
Income (loss) before
income taxes |
|
1,762 |
|
|
|
(11,026 |
) |
|
|
(1,006 |
) |
|
|
10,530 |
|
|
|
6,138 |
|
|
|
6,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
556 |
|
|
|
— |
|
|
|
10 |
|
|
|
311 |
|
|
|
— |
|
|
|
877 |
|
Gain on sale of real estate and other income |
|
— |
|
|
|
— |
|
|
|
46 |
|
|
|
10 |
|
|
|
— |
|
|
|
56 |
|
Interest income |
|
— |
|
|
|
4,712 |
|
|
|
— |
|
|
|
— |
|
|
|
6,185 |
|
|
|
10,897 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of real estate |
|
2 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
Equity in loss of Joint Ventures |
|
— |
|
|
|
11,397 |
|
|
|
500 |
|
|
|
40 |
|
|
|
— |
|
|
|
11,937 |
|
Professional fees - other |
|
— |
|
|
|
— |
|
|
|
60 |
|
|
|
— |
|
|
|
— |
|
|
|
60 |
|
Interest Expense |
|
— |
|
|
|
— |
|
|
|
4,268 |
|
|
|
— |
|
|
|
47 |
|
|
|
4,315 |
|
Depreciation/Amortization |
|
1,374 |
|
|
|
182 |
|
|
|
8,768 |
|
|
|
497 |
|
|
|
— |
|
|
|
10,821 |
|
Management Co. Indirect |
|
529 |
|
|
|
2,471 |
|
|
|
444 |
|
|
|
525 |
|
|
|
— |
|
|
|
3,969 |
|
Allocated Corporate Expenses |
|
787 |
|
|
|
2,387 |
|
|
|
379 |
|
|
|
449 |
|
|
|
— |
|
|
|
4,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income |
|
3,898 |
|
|
|
699 |
|
|
|
13,358 |
|
|
|
11,720 |
|
|
|
— |
|
|
|
29,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI of noncontrolling
interest |
|
— |
|
|
|
— |
|
|
|
(6,081 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6,081 |
) |
Pro-rata NOI from
unconsolidated joint ventures |
|
— |
|
|
|
5,846 |
|
|
|
800 |
|
|
|
— |
|
|
|
— |
|
|
|
6,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro-rata net operating
income |
$ |
3,898 |
|
|
|
6,545 |
|
|
|
8,077 |
|
|
|
11,720 |
|
|
|
— |
|
|
|
30,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro-Rata Net Operating Income
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended 12/31/22
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Industrial and |
|
|
|
|
|
Mining |
|
Unallocated |
|
FRP |
|
Commercial |
|
Development |
|
Multifamily |
|
Royalties |
|
Corporate |
|
Holdings |
|
Segment |
|
Segment |
|
Segment |
|
Segment |
|
Expenses |
|
Totals |
Net Income (loss) |
$ |
700 |
|
|
|
(7,138 |
) |
|
|
1,938 |
|
|
|
7,093 |
|
|
|
1,454 |
|
|
|
4,047 |
|
Income Tax Allocation |
|
260 |
|
|
|
(2,647 |
) |
|
|
910 |
|
|
|
2,630 |
|
|
|
377 |
|
|
|
1,530 |
|
Income (loss) before
income taxes |
|
960 |
|
|
|
(9,785 |
) |
|
|
2,848 |
|
|
|
9,723 |
|
|
|
1,831 |
|
|
|
5,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on investment land sold |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
874 |
|
|
|
— |
|
|
|
874 |
|
Unrealized rents |
|
236 |
|
|
|
— |
|
|
|
(71 |
) |
|
|
202 |
|
|
|
— |
|
|
|
367 |
|
Interest income |
|
— |
|
|
|
3,600 |
|
|
|
— |
|
|
|
— |
|
|
|
1,873 |
|
|
|
5,473 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in (gain)/loss of Joint Venture |
|
— |
|
|
|
8,310 |
|
|
|
(2,631 |
) |
|
|
42 |
|
|
|
— |
|
|
|
5,721 |
|
Interest Expense |
|
— |
|
|
|
— |
|
|
|
3,003 |
|
|
|
— |
|
|
|
42 |
|
|
|
3,045 |
|
Depreciation/Amortization |
|
907 |
|
|
|
189 |
|
|
|
9,535 |
|
|
|
586 |
|
|
|
— |
|
|
|
11,217 |
|
Management Co. Indirect |
|
403 |
|
|
|
2,179 |
|
|
|
371 |
|
|
|
463 |
|
|
|
— |
|
|
|
3,416 |
|
Allocated Corporate Expenses |
|
632 |
|
|
|
2,284 |
|
|
|
332 |
|
|
|
414 |
|
|
|
— |
|
|
|
3,662 |
|
Net Operating Income
(loss) |
|
2,666 |
|
|
|
(423 |
) |
|
|
13,529 |
|
|
|
10,152 |
|
|
|
— |
|
|
|
25,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI of noncontrolling
interest |
|
— |
|
|
|
— |
|
|
|
(4,595 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,595 |
) |
Pro-rata NOI from
unconsolidated joint ventures |
|
— |
|
|
|
2,366 |
|
|
|
535 |
|
|
|
— |
|
|
|
— |
|
|
|
2,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro-Rata net operating
income |
$ |
2,666 |
|
|
|
1,943 |
|
|
|
9,469 |
|
|
|
10,152 |
|
|
|
— |
|
|
|
24,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables represent the Joint Venture
and Development pro-rata NOI by project:
Development Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FRP |
|
|
|
Bryant Street |
|
|
|
BC FRP |
|
|
|
.408 |
|
|
|
Verge |
|
|
|
Total |
|
Twelve months ended |
|
|
Portfolio |
|
|
|
Partnership |
|
|
|
Realty, LLC |
|
|
|
Jackson |
|
|
|
Partnership |
|
|
|
Pro-rata NOI |
|
12/31/2023 |
|
|
699 |
|
|
|
4,849 |
|
|
|
380 |
|
|
|
577 |
|
|
|
40 |
|
|
|
6,545 |
|
12/31/2022 |
|
|
(423 |
) |
|
|
2,615 |
|
|
|
362 |
|
|
|
(115 |
) |
|
|
(496 |
) |
|
|
1,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Riverside |
|
|
|
Total |
|
Twelve months ended |
|
|
Dock 79 |
|
|
|
The Maren |
|
|
|
Joint Venture |
|
|
|
Pro-rata NOI |
|
12/31/2023 |
|
|
3,711 |
|
|
|
3,566 |
|
|
|
800 |
|
|
|
8,077 |
|
12/31/2022 |
|
|
4,607 |
|
|
|
4,327 |
|
|
|
535 |
|
|
|
9,469 |
|
Contact:
John D. Baker III
Chief Financial Officer
904/858-9100
FRP (NASDAQ:FRPH)
Graphique Historique de l'Action
De Fév 2025 à Mar 2025
FRP (NASDAQ:FRPH)
Graphique Historique de l'Action
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