Business
FRP Holdings, Inc. (NASDAQ: FRPH) Announces Results for the Fourth Quarter and Fiscal Year Ended December 31, 2022
JACKSONVILLE, Fla., March 07, 2023 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) – Fourth Quarter Operational Highlights 58.2% increase in pro-rata NOI
About this update from Frp Holdings, Inc.
[{"type":"text","content":"JACKSONVILLE, Fla., March 07, 2023 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) – Fourth Quarter Operational Highlights 58.2% increase in pro-rata NOI ($6.26 million vs $3.96 million) over fourth quarter 20218.89% increase in rent on renewals at Dock 79 and 11.14% increase in rent on renewals at The Maren28.1% increase in mining royalty revenue over fourth quarter 202151.7% increase in Asset Management revenue versus same period last yearSale of Hickory Creek for $8.83 million on an investment of $6 millionDeal signed with Steuart Investment Company (SIC) and MidAtlantic Realty Partners (MRP) for development of ten mixed-use projects in Capitol Riverfront and Buzzard Point submarkets of Washington, DC including sale of 20% ownership interest in tenancy-in-common (TIC) of Dock 79 and The Maren for $65.3 million, $44.5 million attributable to the Company Fourth Quarter Consolidated Results of Operations Net income for the fourth quarter of 2022 was $2,756,000 or $.29 per share versus a net loss of $(592,000) or $(.06) per share in the same period last year. The fourth quarter of 2022 was impacted by the following items: The quarter includes $6,000 in amortization expense compared to $659,000 in the same quarter last year. Amortization expense in the fourth quarter 2021 was impacted by that quarter’s share of the $4,750,000 fair value of The Maren’s leases-in-place established when we booked this asset as part of the gain on remeasurement upon consolidation of this Joint Venture. The value placed on these leases was amortized over the life of the leases, which was on average one year.Operating expenses decreased $678,000 this quarter compared to last year primarily due to an $807,000 expense in the fourth quarter of 2021 for non-refundable deposit of $500,000 as well as due diligence costs on a potential warehouse property. The likelihood of acquisition had been determined to be less than probable because of an inability to supply the property with water, and so these items were expensed rather than capitalized. The issue was resolved favorably, and we purchased the property.Net investment income increased $1,418,000 due to a $968,000 increase in interest earned on cash equivalents, a $407,000 increase in income from lending ventures, and a $43,000 increase in preferred interest from our joint ventures.Interest expense incr...