FRP Holdings, Inc. (NASDAQ: FRPH) Announces Results for the Fourth Quarter and Fiscal Year Ended December 31, 2023

About this update from Frp Holdings, Inc.

[{"type":"text","content":"JACKSONVILLE, Fla., March 06, 2024 (GLOBE NEWSWIRE) -- 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 515,07...

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