Business
FRP Holdings, Inc. (NASDAQ: FRPH) Announces Results For the Fourth Quarter and Year Ended December 31, 2021
JACKSONVILLE, Fla., March 02, 2022 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) Fourth Quarter Operational Highlights Dock 79 ended the reporting
About this update from Frp Holdings, Inc.
[{"type":"text","content":"JACKSONVILLE, Fla., March 02, 2022 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) Fourth Quarter Operational Highlights Dock 79 ended the reporting period with residential occupancy above 94% for the fifth straight quarterCompleted construction on two spec buildings at Hollander and transferred them to Asset ManagementAt Bryant Street, construction is complete on and leasing is underway at the third residential building, Chase 1A. Construction is also complete on the fourth building where the Alamo Drafthouse theater is now open and operatingFinished construction on Riverside, our joint venture in Greenville, SC Fourth Quarter Consolidated Results of Operations Net loss attributable to the Company for the fourth quarter of 2021 was $(592,000) or $(.06) per share versus net income of $1,493,000 or $.16 per share in the same period last year. The fourth quarter of 2021 was impacted by the following items: The quarter includes $659,000 amortization expense 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.Operating expenses includes $807,000 expense for non-refundable deposit of $500,000 and due diligence costs on a potential warehouse property where the acquisition has recently been determined to be considered less than probable. The same quarter last year included a $250,000 credit for settlement of environmental claims on our Anacostia property.Interest income decreased $651,000 due to bond maturities and the repayment of the Company’s preferred interest in The Maren upon the building’s refinancing.Interest expense decreased $439,000 as the same quarter last year included $902,000 accelerated amortization of deferred loan fees at Dock 79 in anticipation of early refinancing in the first quarter of 2021. The current quarter includes interest on The Maren’s debt due to consolidation in April partially offset by a lower interest rate on the refinanced Dock 79 debt. Fourth Quarter Segment Operating Results Asset Management Segment: Total revenues in this segment were $656,000, down $2,000 or .3%, over the same period last year. Operating loss was $(77,000), down $113,000 from an operating profit of $36,000 in the same quarter last year. This loss is primarily attributable to the addition this quarter of...