FRP Holdings, Inc. (NASDAQ: FRPH) Announces Results for the Second Quarter and Six Months Ended June 30, 2023
JACKSONVILLE, Fla., Aug. 09, 2023 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) –
Second Quarter Operational Highlights
16.3% increase in pro-rata NOI ($7.61 million vs$6.55 million ) over second quarter 2022- Mining royalties’ highest second quarter ever in terms of revenue; royalty revenue increased
13.2% over second quarter 2022;9.9% increase in royalties per ton 55.7% increase in Asset Management revenue versus same period last year;23.8% increase in Asset Management NOI versus second quarter 2022
Second Quarter Consolidated Results of Operations
Net income for the second quarter of 2023 was
- Operating profit increased
$701,000 compared to the same quarter last year due to improved revenues. - Management company indirect increased
$235,000 due to merit increases and new hires along with recruiting costs. - Interest expense increased
$390,000 compared to the same quarter last year due to less capitalized interest. We capitalized less interest because of fewer in-house and joint venture projects under development this quarter compared to last year. - Interest income increased
$2,005,000 due primarily to an increase in interest earned on cash equivalents and increased income from our lending ventures. - Equity in loss of Joint Ventures increased
$2,281,000 primarily due to losses during lease up at The Verge and .408 Jackson.
Second Quarter Segment Operating Results
Asset Management Segment:
Total revenues in this segment were
Mining Royalty Lands Segment:
Total revenues in this segment were
Development Segment:
With respect to ongoing projects:
- We are the principal capital source of a residential development venture in Prince George’s County, Maryland known as “Amber Ridge.” Of the
$18.5 million in committed capital to the project,$17.2 million in principal draws have taken place through quarter end. Through the end of June 30, 2023, 164 of the 187 units have been sold, and we have received$19.6 million in preferred interest and principal to date. - Bryant Street is a mixed-use joint venture between the Company and MRP in Washington, DC consisting of four buildings: The Coda, The Chase 1A, The Chase 1B, and one commercial building which became fully leased this quarter,
90% of which is leased to an Alamo Draft House movie theater. At quarter end, the Coda was95% leased and94.8% occupied and the two buildings that comprise the Chase were90.69% leased and92.49% occupied. In total, at quarter end, Bryant Street’s 487 residential units were92.2% leased and93.2% occupied. Its commercial space was95.9% leased and79.1% occupied at quarter end. - Lease-up is underway at The Verge, and at quarter end, the building was
68.6% leased and43.3% occupied inclusive of 25 units licensed to Placemaker Management for a short-term corporate rental program. Retail at this location is45.2% 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
85.9% leased and76.2% occupied at quarter end. Retail at this location is100% leased and currently under construction and expected to open during the fourth quarter of this year. - Windlass Run, our suburban office and retail joint venture with St. John Properties, Inc. signed a new office lease for 12,126 square feet bringing the office portion of the project to
78.28% leased and61.45% occupied. Additional retail space at this site is22.86% leased and13.46% occupied.
Stabilized Joint Venture Segment:
Total revenues in this segment were
At the end of June, The Maren was
Dock 79’s average residential occupancy for the quarter was
During the third quarter of 2022, we achieved stabilization at our Riverside Joint Venture in Greenville, South Carolina. At quarter end, the building was
Six Months Operational Highlights (compared to the same period last year)
24.5% increase in pro-rata NOI ($14.60 million vs$11.73 million )- Mining Royalties increased
23.3% ;10.1% increase in royalties per ton 42.2% increase in Asset Management revenue;39.2% increase in Asset Management NOI
Six Months Consolidated Results of Operations
Net income for the first six months of 2023 was
- Operating profit increased
$2,191,000 compared to the same period last year due to improved revenues and profits in all four segments. - Management company indirect increased
$300,000 due to merit increases and new hires along with recruiting costs. - Interest expense increased
$658,000 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. - Interest income increased
$3,489,000 due primarily to an increase in interest earned on cash equivalents and increased income from our lending ventures. - Equity in loss of Joint Ventures increased
$4,302,000 primarily due to losses during lease up at The Verge and .408 Jackson. - The first six months of 2022 included a
$733,000 gain on sales of excess property at Brooksville.
Six Months Segment Operating Results
Asset Management Segment:
Total revenues in this segment were
Mining Royalty Lands Segment:
Total revenues in this segment were
Stabilized Joint Venture Segment:
In the fourth quarter of 2022, as part of our new partnership with Steuart Investment Company and MidAtlantic Realty Partners, we sold a
Total revenues in this segment were
At the end of June, The Maren was
Dock 79’s average residential occupancy for the first six months of 2023 was
During the third quarter of 2022, we achieved stabilization at our Riverside Joint Venture in Greenville, South Carolina. At end of June, the building was
Summary and Outlook
Royalty revenue for this quarter was up
In the Stabilized Joint Venture segment, pro-rata NOI is down for the segment for both the quarter and the first six months, which is to be expected after selling
In our Asset Management Segment, occupancy and our overall square-footage have increased since the second quarter of 2022, leading to a
Inflation and the upward pressure on interest rates, while potentially softening, remain an obstacle for any developer. We have benefitted from the effect of these forces on rents and royalties, but the compression of future margins from hard costs and financing is a real problem for development. In (relatively) less capital-intensive projects like warehouse construction, this situation is potentially beneficial, because we can use our cash on hand to finance construction on an all equity basis and develop in-demand industrial product while the interest rates on construction loans keep most development on the sidelines. But in the instance of multi-family development, where a construction loan is an absolute necessity, we will in all likelihood sit tight for the time being. In regards to the first phase of our partnership with SIC and MRP, we will continue to pursue entitlements and all work required to prepare the project for development, but will delay vertical construction until the lending markets soften. As we mentioned last quarter, we have a long-term vision for the company, and we’re not going to rush into anything and take on additional development risk if market conditions prevent us from making a reasonable return. We still have the utmost confidence in our assets and the markets in which they thrive. To that end, this past quarter we repurchased 18,340 shares at average cost of
We would like to remind our investors that we are holding an Investor Day on October 11, 2023 in Washington D.C. Investor Day presentations will begin at 10:00 A.M. EDT at Dock 79 and will be followed by a Q&A session. The event will feature presentations from its executive management team. For information on the event and to RSVP, please email InvestorDay@frpdev.com. A live webcast and presentation materials will be available to all interested parties at https://www.frpdev.com/investor-relations/. For those unable to join the live webcast, a replay will be available on our website shortly after the event.
Conference Call
The Company will host a conference call on Thursday, August 10, 2023 at 9:30 a.m. (EDT). Analysts, stockholders and other interested parties may access the teleconference live by calling 1- 800-274-8461 (passcode 40104) within the United States. International callers may dial 1-203-518-9814 (passcode 40104). Audio replay will be available until August 24, 2023 by dialing 1-888-562-2817 (no passcode required) within the United States. International callers may dial 1-402-220-7354. 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 a residential apartment building.
FRP HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||||||||
(In thousands except per share amounts) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||||||||||||
JUNE 30, | JUNE 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Lease revenue | $ | 7,432 | 6,745 | 14,264 | 13,027 | |||||||||||||||||||||
Mining lands lease revenue | 3,264 | 2,883 | 6,546 | 5,308 | ||||||||||||||||||||||
Total Revenues | 10,696 | 9,628 | 20,810 | 18,335 | ||||||||||||||||||||||
Cost of operations: | ||||||||||||||||||||||||||
Depreciation, depletion and amortization | 2,819 | 2,868 | 5,599 | 5,766 | ||||||||||||||||||||||
Operating expenses | 1,822 | 1,541 | 3,562 | 3,349 | ||||||||||||||||||||||
Property taxes | 879 | 1,041 | 1,826 | 2,069 | ||||||||||||||||||||||
Management company indirect | 1,040 | 805 | 1,879 | 1,579 | ||||||||||||||||||||||
Corporate expenses | 1,369 | 1,307 | 2,323 | 2,142 | ||||||||||||||||||||||
Total cost of operations | 7,929 | 7,562 | 15,189 | 14,905 | ||||||||||||||||||||||
Total operating profit | 2,767 | 2,066 | 5,621 | 3,430 | ||||||||||||||||||||||
Net investment income | 3,125 | 1,120 | 5,507 | 2,018 | ||||||||||||||||||||||
Interest expense | (1,129 | ) | (739 | ) | (2,135 | ) | (1,477 | ) | ||||||||||||||||||
Equity in loss of joint ventures | (4,047 | ) | (1,766 | ) | (7,672 | ) | (3,370 | ) | ||||||||||||||||||
Gain (loss) on sale of real estate | (2 | ) | — | 8 | 733 | |||||||||||||||||||||
Income before income taxes | 714 | 681 | 1,329 | 1,334 | ||||||||||||||||||||||
Provision for (benefit from) income taxes | 222 | 99 | 431 | 348 | ||||||||||||||||||||||
Net income | 492 | 582 | 898 | 986 | ||||||||||||||||||||||
Loss attributable to noncontrolling interest | (106 | ) | (75 | ) | (265 | ) | (343 | ) | ||||||||||||||||||
Net income attributable to the Company | $ | 598 | 657 | 1,163 | 1,329 | |||||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||
Net income attributable to the Company- | ||||||||||||||||||||||||||
Basic | $ | 0.06 | 0.07 | 0.12 | 0.14 | |||||||||||||||||||||
Diluted | $ | 0.06 | 0.07 | 0.12 | 0.14 | |||||||||||||||||||||
Number of shares (in thousands) used in computing: | ||||||||||||||||||||||||||
-basic earnings per common share | 9,432 | 9,384 | 9,424 | 9,375 | ||||||||||||||||||||||
-diluted earnings per common share | 9,466 | 9,424 | 9,463 | 9,416 |
FRP HOLDINGS, INC. AND SUBSIDIARIES | |||||||
CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited) (In thousands, except share data) | |||||||
June 30 | December 31 | ||||||
Assets: | 2023 | 2022 | |||||
Real estate investments at cost: | |||||||
Land | $ | 141,578 | 141,579 | ||||
Buildings and improvements | 282,070 | 270,579 | |||||
Projects under construction | 2,667 | 12,208 | |||||
Total investments in properties | 426,315 | 424,366 | |||||
Less accumulated depreciation and depletion | 62,720 | 57,208 | |||||
Net investments in properties | 363,595 | 367,158 | |||||
Real estate held for investment, at cost | 10,392 | 10,182 | |||||
Investments in joint ventures | 152,587 | 140,525 | |||||
Net real estate investments | 526,574 | 517,865 | |||||
Cash and cash equivalents | 166,537 | 177,497 | |||||
Cash held in escrow | 823 | 797 | |||||
Accounts receivable, net | 1,472 | 1,166 | |||||
Unrealized rents | 1,299 | 856 | |||||
Deferred costs | 2,620 | 2,343 | |||||
Other assets | 571 | 560 | |||||
Total assets | $ | 699,896 | 701,084 | ||||
Liabilities: | |||||||
Secured notes payable | $ | 178,631 | 178,557 | ||||
Accounts payable and accrued liabilities | 3,153 | 5,971 | |||||
Other liabilities | 1,886 | 1,886 | |||||
Federal and state income taxes payable | 186 | 18 | |||||
Deferred revenue | 891 | 259 | |||||
Deferred income taxes | 67,903 | 67,960 | |||||
Deferred compensation | 1,381 | 1,354 | |||||
Tenant security deposits | 873 | 868 | |||||
Total liabilities | 254,904 | 256,873 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Common stock, $.10 par value 25,000,000 shares authorized, 9,495,673 and 9,459,686 shares issued and outstanding, respectively | 950 | 946 | |||||
Capital in excess of par value | 67,028 | 65,158 | |||||
Retained earnings | 342,610 | 342,317 | |||||
Accumulated other comprehensive loss, net | (712 | ) | (1,276 | ) | |||
Total shareholders’ equity | 409,876 | 407,145 | |||||
Noncontrolling interest | 35,116 | 37,066 | |||||
Total equity | 444,992 | 444,211 | |||||
Total liabilities and equity | $ | 699,896 | 701,084 |
Asset Management Segment:
Three months ended June 30 | ||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | ||||||||||||
Lease revenue | $ | 1,420 | 100.0 | % | 912 | 100.0 | % | 508 | 55.7 | % | ||||||||
Depreciation, depletion and amortization | 359 | 25.3 | % | 230 | 25.2 | % | 129 | 56.1 | % | |||||||||
Operating expenses | 176 | 12.4 | % | 111 | 12.2 | % | 65 | 58.6 | % | |||||||||
Property taxes | 63 | 4.4 | % | 52 | 5.7 | % | 11 | 21.2 | % | |||||||||
Management company indirect | 141 | 9.9 | % | 100 | 10.9 | % | 41 | 41.0 | % | |||||||||
Corporate expense | 271 | 19.1 | % | 225 | 24.7 | % | 46 | 20.4 | % | |||||||||
Cost of operations | 1,010 | 71.1 | % | 718 | 78.7 | % | 292 | 40.7 | % | |||||||||
Operating profit | $ | 410 | 28.9 | % | 194 | 21.3 | % | 216 | 111.3 | % |
Mining Royalty Lands Segment:
Three months ended June 30 | ||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | ||||||||||||
Mining lands lease revenue | $ | 3,264 | 100.0 | % | 2,883 | 100.0 | % | 381 | 13.2 | % | ||||||||
Depreciation, depletion and amortization | 151 | 4.6 | % | 189 | 6.6 | % | (38 | ) | -20.1 | % | ||||||||
Operating expenses | 16 | 0.5 | % | 17 | 0.6 | % | (1 | ) | -5.9 | % | ||||||||
Property taxes | 74 | 2.3 | % | 69 | 2.4 | % | 5 | 7.2 | % | |||||||||
Management company indirect | 137 | 4.2 | % | 110 | 3.8 | % | 27 | 24.5 | % | |||||||||
Corporate expense | 154 | 4.7 | % | 148 | 5.1 | % | 6 | 4.1 | % | |||||||||
Cost of operations | 532 | 16.3 | % | 533 | 18.5 | % | (1 | ) | -0.2 | % | ||||||||
Operating profit | $ | 2,732 | 83.7 | % | 2,350 | 81.5 | % | 382 | 16.3 | % |
Development Segment:
Three months ended June 30 | |||||||||
(dollars in thousands) | 2023 | 2022 | Change | ||||||
Lease revenue | $ | 467 | 408 | 59 | |||||
Depreciation, depletion and amortization | 41 | 47 | (6 | ) | |||||
Operating expenses | 73 | 80 | (7 | ) | |||||
Property taxes | 179 | 356 | (177 | ) | |||||
Management company indirect | 646 | 506 | 140 | ||||||
Corporate expense | 815 | 816 | (1 | ) | |||||
Cost of operations | 1,754 | 1,805 | (51 | ) | |||||
Operating loss | $ | (1,287 | ) | (1,397 | ) | 110 |
Stabilized Joint Venture Segment:
Three months ended June 30 | ||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | ||||||||||||
Lease revenue | $ | 5,545 | 100.0 | % | 5,425 | 100.0 | % | 120 | 2.2 | % | ||||||||
Depreciation, depletion and amortization | 2,268 | 40.9 | % | 2,402 | 44.3 | % | (134 | ) | -5.6 | % | ||||||||
Operating expenses | 1,557 | 28.1 | % | 1,333 | 24.6 | % | 224 | 16.8 | % | |||||||||
Property taxes | 563 | 10.2 | % | 564 | 10.4 | % | (1 | ) | -0.2 | % | ||||||||
Management company indirect | 116 | 2.1 | % | 89 | 1.6 | % | 27 | 30.3 | % | |||||||||
Corporate expense | 129 | 2.3 | % | 118 | 2.2 | % | 11 | 9.3 | % | |||||||||
Cost of operations | 4,633 | 83.6 | % | 4,506 | 83.1 | % | 127 | 2.8 | % | |||||||||
Operating profit | $ | 912 | 16.4 | % | 919 | 16.9 | % | (7 | ) | -0.8 | % |
Asset Management Segment:
Six months ended June 30 | ||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | ||||||||||||
Lease revenue | $ | 2,490 | 100.0 | % | 1,751 | 100.0 | % | 739 | 42.2 | % | ||||||||
Depreciation, depletion and amortization | 637 | 25.6 | % | 464 | 26.5 | % | 173 | 37.3 | % | |||||||||
Operating expenses | 317 | 12.7 | % | 279 | 15.9 | % | 38 | 13.6 | % | |||||||||
Property taxes | 123 | 4.9 | % | 105 | 6.0 | % | 18 | 17.1 | % | |||||||||
Management company indirect | 255 | 10.3 | % | 192 | 11.0 | % | 63 | 32.8 | % | |||||||||
Corporate expense | 453 | 18.2 | % | 369 | 21.1 | % | 84 | 22.8 | % | |||||||||
Cost of operations | 1,785 | 71.7 | % | 1,409 | 80.5 | % | 376 | 26.7 | % | |||||||||
Operating profit | $ | 705 | 28.3 | % | 342 | 19.5 | % | 363 | 106.1 | % |
Mining Royalty Lands Segment:
Six months ended June 30 | ||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | ||||||||||||
Mining lands lease revenue | $ | 6,546 | 100.0 | % | 5,308 | 100.0 | % | 1,238 | 23.3 | % | ||||||||
Depreciation, depletion and amortization | 334 | 5.1 | % | 244 | 4.6 | % | 90 | 36.9 | % | |||||||||
Operating expenses | 33 | 0.5 | % | 32 | 0.6 | % | 1 | 3.1 | % | |||||||||
Property taxes | 143 | 2.2 | % | 134 | 2.5 | % | 9 | 6.7 | % | |||||||||
Management company indirect | 253 | 3.8 | % | 217 | 4.1 | % | 36 | 16.6 | % | |||||||||
Corporate expense | 261 | 4.0 | % | 242 | 4.6 | % | 19 | 7.9 | % | |||||||||
Cost of operations | 1,024 | 15.6 | % | 869 | 16.4 | % | 155 | 17.8 | % | |||||||||
Operating profit | $ | 5,522 | 84.4 | % | 4,439 | 83.6 | % | 1,083 | 24.4 | % |
Development Segment:
Six months ended June 30 | |||||||||
(dollars in thousands) | 2023 | 2022 | Change | ||||||
Lease revenue | $ | 953 | 791 | 162 | |||||
Depreciation, depletion and amortization | 96 | 92 | 4 | ||||||
Operating expenses | 167 | 291 | (124 | ) | |||||
Property taxes | 466 | 711 | (245 | ) | |||||
Management company indirect | 1,157 | 996 | 161 | ||||||
Corporate expense | 1,389 | 1,337 | 52 | ||||||
Cost of operations | 3,275 | 3,427 | (152 | ) | |||||
Operating loss | $ | (2,322 | ) | (2,636 | ) | 314 |
Stabilized Joint Venture Segment:
Six months ended June 30 | ||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | ||||||||||||
Lease revenue | $ | 10,821 | 100.0 | % | 10,485 | 100.0 | % | 336 | 3.2 | % | ||||||||
Depreciation, depletion and amortization | 4,532 | 41.9 | % | 4,966 | 47.4 | % | (434 | ) | -8.7 | % | ||||||||
Operating expenses | 3,045 | 28.1 | % | 2,747 | 26.2 | % | 298 | 10.8 | % | |||||||||
Property taxes | 1,094 | 10.1 | % | 1,119 | 10.7 | % | (25 | ) | -2.2 | % | ||||||||
Management company indirect | 214 | 2.0 | % | 174 | 1.6 | % | 40 | 23.0 | % | |||||||||
Corporate expense | 220 | 2.0 | % | 194 | 1.8 | % | 26 | 13.4 | % | |||||||||
Cost of operations | 9,105 | 84.1 | % | 9,200 | 87.7 | % | (95 | ) | -1.0 | % | ||||||||
Operating profit | $ | 1,716 | 15.9 | % | 1,285 | 12.3 | % | 431 | 33.5 | % |
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 | ||||||||||||||||||
Six months ended 06/30/23 (in thousands) | ||||||||||||||||||
Stabilized | ||||||||||||||||||
Asset | Joint | Mining | Unallocated | FRP | ||||||||||||||
Management | Development | Venture | Royalties | Corporate | Holdings | |||||||||||||
Segment | Segment | Segment | Segment | Expenses | Totals | |||||||||||||
Net Income (loss) | $ | 513 | (5,257 | ) | (509 | ) | 4,018 | 2,133 | 898 | |||||||||
Income Tax Allocation | 190 | (1,950 | ) | (90 | ) | 1,490 | 791 | 431 | ||||||||||
Income (loss) before income taxes | 703 | (7,207 | ) | (599 | ) | 5,508 | 2,924 | 1,329 | ||||||||||
Less: | ||||||||||||||||||
Unrealized rents | 420 | — | — | 97 | — | 517 | ||||||||||||
Gain on sale of real estate | — | — | — | 10 | — | 10 | ||||||||||||
Interest income | — | 2,561 | — | — | 2,946 | 5,507 | ||||||||||||
Plus: | ||||||||||||||||||
Unrealized rents | — | — | 100 | — | — | 100 | ||||||||||||
Loss on sale of real estate | 2 | — | — | — | — | 2 | ||||||||||||
Equity in loss of Joint Ventures | — | 7,446 | 202 | 24 | — | 7,672 | ||||||||||||
Professional fees - other | — | — | 59 | — | — | 59 | ||||||||||||
Interest Expense | — | — | 2,113 | — | 22 | 2,135 | ||||||||||||
Depreciation/Amortization | 637 | 96 | 4,532 | 334 | — | 5,599 | ||||||||||||
Management Co. Indirect | 255 | 1,157 | 214 | 253 | — | 1,879 | ||||||||||||
Allocated Corporate Expenses | 453 | 1,389 | 220 | 261 | — | 2,323 | ||||||||||||
Net Operating Income (loss) | 1,630 | 320 | 6,841 | 6,273 | — | 15,064 | ||||||||||||
NOI of noncontrolling interest | — | — | (3,112 | ) | — | — | (3,112 | ) | ||||||||||
Pro-rata NOI from unconsolidated joint ventures | — | 2,205 | 445 | — | — | 2,650 | ||||||||||||
Pro-rata net operating income | $ | 1,630 | 2,525 | 4,174 | 6,273 | — | 14,602 |
Pro-rata Net Operating Income Reconciliation | ||||||||||||||||||
Six months ended 06/30/22 (in thousands) | ||||||||||||||||||
Stabilized | ||||||||||||||||||
Asset | Joint | Mining | Unallocated | FRP | ||||||||||||||
Management | Development | Venture | Royalties | Corporate | Holdings | |||||||||||||
Segment | Segment | Segment | Segment | Expenses | Totals | |||||||||||||
Net Income (loss) | $ | 249 | (3,351 | ) | (92 | ) | 3,758 | 422 | 986 | |||||||||
Income Tax Allocation | 93 | (1,242 | ) | 92 | 1,393 | 12 | 348 | |||||||||||
Income (loss) before income taxes | 342 | (4,593 | ) | — | 5,151 | 434 | 1,334 | |||||||||||
Less: | ||||||||||||||||||
Unrealized rents | 196 | — | — | 105 | — | 301 | ||||||||||||
Gain on sale of real estate | — | — | — | 733 | — | 733 | ||||||||||||
Equity in gain of Joint Ventures | — | — | 171 | — | — | 171 | ||||||||||||
Interest income | — | 1,563 | — | — | 455 | 2,018 | ||||||||||||
Plus: | ||||||||||||||||||
Unrealized rents | — | — | 51 | — | — | 51 | ||||||||||||
Equity in loss of Joint Ventures | — | 3,520 | — | 21 | — | 3,541 | ||||||||||||
Interest Expense | — | — | 1,456 | — | 21 | 1,477 | ||||||||||||
Depreciation/Amortization | 464 | 92 | 4,966 | 244 | — | 5,766 | ||||||||||||
Management Co. Indirect | 192 | 996 | 174 | 217 | — | 1,579 | ||||||||||||
Allocated Corporate Expenses | 369 | 1,337 | 194 | 242 | — | 2,142 | ||||||||||||
Net Operating Income (loss) | 1,171 | (211 | ) | 6,670 | 5,037 | — | 12,667 | |||||||||||
NOI of noncontrolling interest | — | — | (2,132 | ) | — | — | (2,132 | ) | ||||||||||
Pro-rata NOI from unconsolidated joint ventures | — | 1,192 | — | — | — | 1,192 | ||||||||||||
Pro-rata net operating income | $ | 1,171 | 981 | 4,538 | 5,037 | — | 11,727 |
Contact: | John D. Baker III | |
Chief Financial Officer | 904/858-9100 |