Business
FRP Holdings, Inc. (NASDAQ: FRPH) Announces Results for the Second Quarter and Six Months Ended June 30, 2023
JACKSONVILLE, Fla., Aug. 09, 2023 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) – Second Quarter Operational Highlights 16.3% increase in pro-rata NOI
About this update from Frp Holdings, Inc.
[{"type":"text","content":"JACKSONVILLE, Fla., Aug. 09, 2023 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) – Second Quarter Operational Highlights 16.3% increase in pro-rata NOI ($7.61 million vs $6.55 million) over second quarter 2022Mining royalties’ highest second quarter ever in terms of revenue; royalty revenue increased 13.2% over second quarter 2022; 9.9% increase in royalties per ton 55.7% increase in Asset Management revenue versus same period last year; 23.8% increase in Asset Management NOI versus second quarter 2022 Second Quarter Consolidated Results of Operations Net income for the second quarter of 2023 was $598,000 or $.06 per share versus $657,000 or $.07 per share in the same period last year. The second quarter of 2023 was impacted by the following items: Operating profit increased $701,000 compared to the same quarter last year due to improved revenues.Management company indirect increased $235,000 due to merit increases and new hires along with recruiting costs.Interest expense increased $390,000 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 $2,005,000 due primarily to an increase in interest earned on cash equivalents and increased income from our lending ventures.Equity in loss of Joint Ventures increased $2,281,000 primarily due to losses during lease up at The Verge and .408 Jackson. Second Quarter Segment Operating Results Asset Management Segment: Total revenues in this segment were $1,420,000, up $508,000 or 55.7%, over the same period last year. Operating profit was $410,000, up $216,000 from $194,000 in the same quarter last year. Revenues and operating profit are up because of full occupancy at 1841 and 1865 62nd Street (compared to 43.4% and 64.1% occupancy in the second quarter of 2022, respectively) and the addition of 1941 62nd Street to this segment in March 2023. 1941 62nd Street is a 101,750 square-foot build-to-suit, which is fully leased and occupied. We now have nine buildings in service at three different locations totaling 515,077 square feet of industrial and 33,708 square feet of office. At quarter end, we were 95.6% leased and 95.6% occupied. Net operating income in this segment was $843,000, up $162,000 or 23.8% compa...