Business
FRP Holdings, Inc. (NASDAQ: FRPH) Announces Results for the Second Quarter and Six Months Ended June 30, 2022
JACKSONVILLE, Fla., Aug. 11, 2022 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) – Second Quarter Operational Highlights Dock 79 ended the reporting
About this update from Frp Holdings, Inc.
[{"type":"text","content":"JACKSONVILLE, Fla., Aug. 11, 2022 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) – Second Quarter Operational Highlights Dock 79 ended the reporting period with average residential occupancy above 95% for the fifth straight quarter7.33% increase on renewals at Dock 79Best second quarter of revenue for mining royalties in segment’s history55.1% increase in Asset Management Revenue versus same period last year16.0% increase in NOI ($6.94 million vs $5.98 million) compared to same period last year Second Quarter Consolidated Results of Operations Net income for the second quarter of 2022 was $657,000 or $.07 per share versus $82,000 or $.01 per share in the same period last year. The second quarter of 2022 was impacted by the following items: The quarter includes $152,000 amortization expense compared to $1,868,000 in the same quarter last year 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.Interest expense increased $293,000 compared to the same quarter last year due to capitalizing less interest due to the lower amount of in-house and joint venture projects under development.Equity in loss of Joint Ventures increased $648,000 primarily due to increased depreciation and amortization at our joint ventures due to buildings placed in service.The same quarter last year included $805,000 for an easement and sale of excess land in the Mining Royalty Lands Segment. Second Quarter Segment Operating Results Asset Management Segment: Total revenues in this segment were $912,000, up $324,000 or 55.1%, over the same period last year. Operating profit was $194,000, up $354,000 from an operating loss of $(160,000) in the same quarter last year. Operating profit is up primarily because Cranberry Run is now 100% leased and occupied compared to 77.6% leased and 59.7% occupied at the end of the same quarter last year. Revenues are up because of Cranberry Run as well as the addition of our two most recent spec buildings at Hollander Business Park which were under construction during the same period last year. Mining Royalty Lands Segment: Total revenues in this segment were $2,883,000 versus $2,634,000 in the same period last year. Total operating profit in this segment was $2,350,000, an increase of $58,000 versus $...