Business
FRP Holdings, Inc. (Nasdaq: FRPH) Announces Results For The First Quarter Ended March 31, 2023
JACKSONVILLE, Fla., May 10, 2023 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) First Quarter Operational Highlights 34.9% increase in pro-rata NOI
About this update from Frp Holdings, Inc.
[{"type":"text","content":"JACKSONVILLE, Fla., May 10, 2023 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) First Quarter Operational Highlights 34.9% increase in pro-rata NOI ($6.99 million vs $5.18 million) over first quarter 2022Mining Royalties had its highest revenue quarter ever for the second quarter in a row; 10.77% increase in royalties per ton27.5% increase in Asset Management revenue versus same period last year; 60.6% increase in Asset Management NOI versus first quarter 2022 First Quarter Consolidated Results of Operations Net income for the first quarter of 2023 was $565,000 or $.06 per share versus $672,000 or $.07 per share in the same period last year. The first quarter of 2023 was impacted by the following items: Operating profit increased $1,490,000 compared to the same quarter last year due to improved revenues and profits in all four segments.Interest expense increased $268,000 compared to the same quarter last year due to less capitalized interest. We capitalized less interest because of fewer in-house and joint venture projects under development this quarter compared to last year.Interest income increased $1,484,000 due primarily to an increase in interest earned on cash equivalents.Equity in loss of Joint Ventures increased $2,021,000 due to losses during lease up at The Verge and .408 Jackson.First quarter last year included a $733,000 gain on sales of excess property at Brooksville. First Quarter Segment Operating Results Asset Management Segment: Total revenues in this segment were $1,070,000, up $231,000 or 27.5%, over the same period last year. Operating profit was $295,000, up $147,000 from $148,000 in the same quarter last year. Revenues and operating profit are up because of rent growth at Cranberry Run, full occupancy at 1865 62nd Street which was placed into service in the fourth quarter of 2021. We now have nine buildings in service at three different locations totaling 548,785 square feet of office and industrial. At quarter end, we were 99.4% leased and 91.4% occupied. Net operating income in this segment was $787,000, up $297,000 or 60.6% compared to the same quarter last year. Mining Royalty Lands Segment: Total revenues in this segment were $3,282,000 versus $2,425,000 in the same period last year. Total operating profit in this segment was $2,790,000, an increase of $701,000 versus $2,089,000 in the same perio...