Business
FRP Holdings, Inc. (NASDAQ: FRPH) Announces Results for the Third Quarter and Nine Months Ended September 30, 2021
JACKSONVILLE, Fla., Nov. 03, 2021 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) Third Quarter Operational Highlights Dock 79 ended the reporting period
About this update from Frp Holdings, Inc.
[{"type":"text","content":"JACKSONVILLE, Fla., Nov. 03, 2021 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) Third Quarter Operational Highlights Dock 79 ended the reporting period with residential occupancy above 94% for the fourth straight quarterLeasing efforts have begun at Riverside as well as the second building at Bryant Street, Chase 1BAverage residential occupancy above 95% for the quarter for both Dock 79 and The MarenBoth Dock 79 and The Maren are now 100% commercially leased Third Quarter Consolidated Results of Operations Net income attributable to the Company for the third quarter of 2021 was $352,000 or $.04 per share versus $5,455,000 or $.57 per share in the same period last year. The third quarter of 2021 was impacted by the following items: Interest income decreased $871,000 due to bond maturities and the repayment of the Company’s preferred interest in The Maren upon the building’s refinancing.Interest expense increased $368,000 due to interest on The Maren’s debt, partially offset by a lower interest rate on the refinanced Dock 79 debt.Gain from sale of real estate decreased $5,732,000 because of two property sales during the same period last year. The sale of our building at 1801 62nd Street and 87 acres at Ft. Myers resulted in a gain of $5,732,000 in the third quarter of 2020 and there were no such gains this quarter to offset the decrease. Third Quarter Segment Operating Results Asset Management Segment: Total revenues in this segment were $619,000, down $102,000 or 14.1%, over the same period last year due to the sale of our warehouse 1801 62nd Street in July 2020 which had $59,000 of revenues in the same quarter last year. Operating loss was $(11,000), down $46,000 from an operating profit of $35,000 in the same quarter last year primarily due to the sale of 1801 62nd Street. Cranberry Run, which we purchased in the first quarter of 2019, is a five-building industrial park in Harford County, Maryland totaling 267,737 square feet of industrial/ flex space and at quarter end was 96.6% leased and 68.6% occupied compared to 78.6% leased and occupied at the end of the same quarter last year. Our other two properties remain substantially leased during both periods, with 34 Loveton 95.1% occupied and Vulcan’s former Jacksonville office (now a vacant lot), fully leased through March 2026. Mining Royalty Lands Segment: Total revenue...