Business
FRP Holdings, Inc. (NASDAQ: FRPH) Announces Results for the Third Quarter and Nine Months Ended September 30, 2022
JACKSONVILLE, Fla., Nov. 07, 2022 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) – Third Quarter Operational Highlights 41.6% increase in Pro-rata NOI
About this update from Frp Holdings, Inc.
[{"type":"text","content":"JACKSONVILLE, Fla., Nov. 07, 2022 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) – Third Quarter Operational Highlights 41.6% increase in Pro-rata NOI ($6.24 million vs $4.41 million) over third quarter 20216.09% increase on renewals at Dock 798.06% increase on renewals at The Maren9.85% increase in mining royalty revenue over third quarter 202151.1% increase in Asset Management Revenue versus same period last yearRiverside achieved stabilization this quarter and is now part of our Stabilized JV segment. At quarter end the JV was 95% leased and 92% occupied.Lease-up now underway at The Verge Third Quarter Consolidated Results of Operations Net income for the third quarter of 2022 was $480,000 or $.05 per share versus $352,000 or $.04 per share in the same period last year. The third quarter of 2022 was impacted by the following items: The quarter includes $72,000 amortization expense compared to $1,373,000 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.Net investment income increased $245,000 due to a $42,000 increase in preferred interest from our joint ventures and a $338,000 increase for interest earned on cash equivalents, mitigated by a $135,000 decrease in interest from our lending ventures.Interest expense increased $324,000 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 $634,000 primarily due to increased depreciation and amortization at our joint ventures due to buildings placed in service.Professional fees increased $232,000 over the same period last year. Third Quarter Segment Operating Results Asset Management Segment: Total revenues in this segment were $935,000, up $316,000 or 51.1%, over the same period last year. Operating profit was $265,000, up $276,000 from an operating loss of $(11,000) in the same quarter last year. Operating profit is up primarily because Cranberry Run is now 100% leased and occupied compared to 96.6% leased and 68.6% 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 Hollande...