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FRP Holdings, Inc. (NASDAQ: FRPH) Announces Results for the Fourth Quarter and Year Ended December 31, 2017

JACKSONVILLE, Fla., March 07, 2018 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ:FRPH) –

Fourth Quarter Consolidated Results of Operations.

Net income for the fourth quarter of 2017 was $13,203,000 or $1.31 per share versus $1,682,000 or $.17 per share in the same period last year. Fourth quarter 2017 net income included $12,043,000, or $1.20 per share, due to a reduction in the provision for income taxes resulting from revaluing the company’s net deferred tax liabilities per the Tax Cuts and Jobs Act of 2017. Total revenues were $12,455,000, up 30.9%, versus the same period last year, primarily because of the addition of rental revenues from Dock 79.

Fourth Quarter Segment Operating Results.

Asset Management Segment:

Total revenues in this segment were $7,816,000, up $495,000 or 6.8%, over the same period last year. Net Operating Income (NOI) in this segment for the fourth quarter increased slightly to $5,813,000, compared to $5,689,000 in the same period last year. NOI growth lagged behind revenue growth due to several factors. Revenues inclusive of reimbursables and unrealized rents have increased over the same period last year as a result of new buildings and increased occupancy. However, cash-based NOI as calculated by the Company excludes unrealized rents which are the result of “straight-lining” rental revenue over the life of a lease, i.e. averaging the total rent of the lease over the term. Thus, though revenue as calculated by GAAP may be up because of new leases, cash-based NOI is not as positively affected because the actual cash rent paid by the tenant in the beginning of a lease is less than the GAAP-based straight-lined rent. We ended the fourth quarter with total occupied square feet of 3,707,724 versus 3,488,955 at the end of the same period last year, an increase of 6.3% or 218,769 square feet. Our overall occupancy rate was 93.1%.

Mining Royalty Lands Segment:

Total revenues in this segment were $1,860,000, a decrease of 1%, versus $1,880,000 in the same period last year. This drop is due to decreases in tonnage at several locations because of down days associated with the hurricane along with volumes returning to normal levels at Keuka and Newberry Cement, among other factors. Total operating profit in this segment was $1,696,000, a decrease of $12,000 versus $1,708,000 in the same period last year.

In November, Lake County commissioners voted to approve a permit to Cemex to mine our land in Lake Louisa. We expect the county to issue the mining permit during the third quarter of 2018. After an environmental survey and completing the work necessary to prepare this site to become an active sand mine, Cemex expects to begin mining by the end of 2019.

Land Development and Construction Segment:

The Land Development and Construction segment is responsible for (i) seeking out and identifying opportunistic purchases of income producing warehouse/office buildings, and (ii) developing our non-income producing properties into income production.

With respect to ongoing projects:

  • In February 2017, the D.C. Zoning Commission voted 5-0 in favor of the Planned Unit Development (PUD) of Phase II of our RiverFront on the Anacostia project. This past quarter we finally passed the appeal period for the PUD, and we expect to begin construction in the second quarter of 2018.
  • We are fully engaged in the formal process of seeking PUD entitlements for our 118 acre tract in Hampstead, Md
  • We began construction in the third quarter of this year on our joint venture with St. John Properties and expect to complete construction on the first building by the third quarter of 2018
  • This past quarter we began construction on a 96,047 square foot building at Patriot Business Center that we expect to finish in the second quarter of 2018.

RiverFront on the Anacostia Segment:

In July 2017, Phase I (Dock 79) of the development known as RiverFront on the Anacostia in Washington, D.C., a 300,000 square foot residential apartment building developed by a joint venture between the Company and MRP, reached stabilization, meaning 90% of the individual apartments have been leased and are occupied by third party tenants. Upon reaching stabilization, the Company has, for a period of one year, the exclusive right to (i) cause the joint venture to sell the property or (ii) cause the Company’s and MRP’s percentage interests in the joint venture to be adjusted so as to take into account the value of the development at the time of stabilization. The attainment of stabilization also resulted in a change of control for accounting purposes as the veto rights of the minority shareholder lapsed and the Company became the primary beneficiary. As such, beginning July 1, 2017, the Company consolidated the assets (at current fair value), liabilities and operating results of the joint venture and established the RiverFront on the Anacostia Segment as its fourth segment.

At the end of the year, Dock 79 was 96.7% leased and 96.1% occupied. As the first “generation” of leases came up for renewal this year, the renewal rate of 58% during the fiscal year is in line with expectations while the average rent increase of 3.74% during the fiscal year is stronger than we budgeted. Finally, in November, we secured $90 million in permanent financing for Phase I from EagleBank, the proceeds of which were used to pay off $79 million of construction and mezzanine debt. The remainder was distributed pari passu between the Company and our partners. A prepayment penalty of $440,000 and the remaining deferred loan costs of $714,000 were recorded into interest expense in the quarter ending December 31, 2017.

Calendar Year 2017 Consolidated Results of Continuing Operations.

Net income for 2017 was $41,750,000 or $4.16 per share versus $12,024,000 or $1.22 per share in the twelve months ended September 30, 2016. The majority of this uptick in income is the result of a gain on remeasurement of investment of $60.2 million in its Dock 79 real estate partnership, which is included in income from continuing operations before income taxes and the gain of $12,043,000, or $1.20 per share, due to a reduction in the provision for income taxes resulting from revaluing the company’s net deferred tax liabilities per the Tax Cuts and Jobs Act of 2017. As a result of the stabilization of Dock 79, the Company is now deemed for accounting purposes to have control of the partnership without the transfer of any consideration. As such the non-taxable gain on remeasurement was calculated based on the difference between the carrying value and the fair value of all the assets and liabilities of the partnership. This increase in net income when compared to the twelve months ended September 30, 2016 was also augmented by a prior year $1,000,000 remediation expense recovery, but mitigated by a $620,000 increase in equity in loss of joint ventures, primarily as a result of expenses and depreciation during the lease up of Phase I (Dock 79) of RiverFront. Total revenues were $43,191,000, up 15.3%, versus the twelve months ended September 30, 2016. Consolidated total operating profit was down 17.0% versus the twelve months ended September 30, 2016 because of the over $5 million increase in depreciation from the change in control of Dock 79.

Calendar Year 2017 Segment Operating Results.

Asset Management Segment:

Total revenues in this segment were $29,873,000, up $1,134,000 or 3.9%, over the twelve months ended September 30, 2016. The increase in revenue is due to the addition of new buildings and increased total occupancy. Net Operating Income in this segment for 2017 was $22,528,000, compared to $21,944,000 in the twelve months ended September 30, 2016, an increase of 2.7%.

Depreciation and amortization expense increased primarily because of the purchase of the Gilroy Center in Baltimore County in July of 2016 and the completion of a 79,550 square foot warehouse at Hollander Business Park in April 2016 and a 103,448 square foot warehouse at Patriot Business Center in April of 2017.

Corporate expense increased due to a first quarter stock option modification expense of $191,000 and increased internal and external audit expense incurred as a result of the conversion from the previous fiscal year (ending September 30) to one that follows the calendar year.

Mining Royalty Lands Segment:

Total revenues in this segment were $7,241,000, a decrease of 3.9%, versus $7,533,000 in the twelve months ended September 30, 2016. This drop is due to decreases in tonnage at several locations because of weather, volumes returning to normal levels at Keuka and Newberry Cement, and other factors. Total operating profit in this segment was $6,565,000, a decrease of $233,000 versus $6,798,000 in the twelve months ended September 30, 2016.

In November, Lake County commissioners voted to approve a permit to Cemex to mine our land in Lake Louisa. We expect the county to issue the mining permit during the third quarter of 2018. After an environmental survey and completing the work necessary to prepare this site to become an active sand mine, Cemex expects to begin mining by the end of 2019.

Land Development and Construction Segment:

The Land Development and Construction segment is responsible for (i) seeking out and identifying opportunistic purchases of income producing warehouse/office buildings, and (ii) developing our non-income producing properties into income production.

With respect to ongoing projects:

  • During the first quarter, we completed construction of the bulkhead at our 664E property on the Anacostia ahead of schedule and under budget.
  • Our new spec building at Patriot Business Center was placed in service this past April and is currently 100% leased and occupied
  • In February 2017, the D.C. Zoning Commission voted 5-0 in favor of the Planned Unit Development (PUD) of Phase II of our RiverFront on the Anacostia project. This past quarter we finally passed the appeal period for the PUD, and we expect to begin construction in the second quarter of 2018.
  • We are fully engaged in the formal process of seeking PUD entitlements for our 118 acre tract in Hampstead, Md.
  • We made major progress during the third quarter in our joint venture with St. John Properties on what remained of our Windlass Run Business Park. The JV secured financing on a $17,580,000 construction and development loan and began construction on what will be a multi-building business park consisting of approximately 329,000 square feet of office and retail space.
  • In the fourth quarter, we began construction on a 96,047 square foot building at Patriot Business Center that we expect to finish in the second quarter of 2018

RiverFront on the Anacostia Segment:

In July 2017, Phase I (Dock 79) of the development known as RiverFront on the Anacostia in Washington, D.C., a 300,000 square foot residential apartment building developed by a joint venture between the Company and MRP, reached stabilization, meaning 90% of the individual apartments have been leased and are occupied by third party tenants. Upon reaching stabilization, the Company has, for a period of one year, the exclusive right to (i) cause the joint venture to sell the property or (ii) cause the Company’s and MRP’s percentage interests in the joint venture to be adjusted so as to take into account the value of the development at the time of stabilization. The attainment of stabilization also resulted in a change of control for accounting purposes as the veto rights of the minority shareholder lapsed and the Company became the primary beneficiary. As such, beginning July 1, 2017, the Company consolidated the assets (at current fair value), liabilities and operating results of the joint venture and established the RiverFront on the Anacostia Segment as its fourth segment. This resulted in a gain on remeasurement of investment of $60.2 million in the third quarter.

At the end of the year, Dock 79 was 96.7% leased and 96.1% occupied. As the first “generation” of leases came up for renewal this year, the renewal rate of 58% during the fiscal year is in line with expectations while the average rent increase of 3.74% during the fiscal year is stronger than we budgeted. Finally, in November, we secured $90 million in permanent financing for Phase I from EagleBank, the proceeds of which were used to pay off $79 million of construction and mezzanine debt. The remainder was distributed pari passu between the Company and our partners. A prepayment penalty of $440,000 and the remaining deferred loan costs of $714,000 were recorded into interest expense in the quarter ending December 31, 2017.

Potential REIT Conversion.

We have for some time explored the possibility of converting this company into a Real Estate Investment Trust (REIT), with the idea that this may be a more efficient structure given the nature of our business. Because the new tax code mitigates many of the reasons why we considered a REIT election, we have tabled any decision for now.

Summary and Outlook.

2017 was a very big year for our company. Over the last four quarters, we have reached stabilization at Dock 79, permanently financed it, permitted our quarries at Ft. Myers and Lake Louisa, constructed and fully leased a brand new warehouse, begun construction on our JV with St. John Properties, and received formal approval of Phase II of Riverfront on the Anacostia’s Planned Unit Development (PUD). In an ordinary year, any one of these events would have been a major achievement for this company. That they all happened over this past year puts the last twelve months among the most important in our history, the results of which will be generating value for this company for a very long time.

Looking forward to 2018, there is still an atypically high number of expiring leases to overcome in Asset Management. From a development standpoint, the first half of 2018 will be very busy. We should finish construction on our last warehouse at Patriot Business Park and begin construction on another at Hollander; we will finance and begin construction on Phase II of Riverfront on the Anacostia; and we expect to wrap up construction on and begin finding tenants for the first building in our JV with St. John Properties. We have every expectation that mining royalties will grow and grow meaningfully, especially with the increase in royalties from our Ft. Myers quarry. Finally, as Dock 79 establishes itself as the premier waterfront residential building in the most exciting neighborhood of our nation’s capital, we anticipate revenue growth particularly as we begin to collect rent from our retail tenants.

Conference Call.

The Company will host a conference call on Wednesday, March 7, 2018 at 2:00 p.m. (EST). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-800-311-9401 (pass code 92464) within the United States. International callers may dial 1-334-323-7224 (pass code 92464). Computer audio live streaming is available via the Internet through the Company’s website at www.frpholdings.com. You may also click on this link for the live streaming http://stream.conferenceamerica.com/frp030718. For the archived audio via the internet, click on the following link http://archive.conferenceamerica.com/archivestream/frp030718.mp3. If using the Company’s website, click on the Investor Relations tab, then select the earnings conference stream. An audio replay will be available for sixty days following the conference call. To listen to the audio replay, dial toll free 1-877-919-4059, international callers dial 1-334-323-0140. The passcode of the audio replay is 52575111. Replay options: “1” begins playback, “4” rewind 30 seconds, “5” pause, “6” fast forward 30 seconds, “0” instructions, and “9” exits recording. There may be a 30-40 minute delay until the archive is available following the conclusion of the conference call.

Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include, but are not limited to, levels of construction activity in the markets served by our mining properties, demand for flexible warehouse/office facilities in the Baltimore-Washington-Northern Virginia area, demand for apartments in Washington D.C., our ability to obtain zoning and entitlements necessary for property development, the impact of lending and capital market conditions on our liquidity, our ability to finance projects or repay our debt, general real estate investment and development risks, vacancies in our properties, risks associated with developing and managing properties in partnership with others, competition, our ability to renew leases or re-lease spaces as leases expire, illiquidity of real estate investments, bankruptcy or defaults of tenants, the impact of restrictions imposed by our credit facility, the level and volatility of interest rates, environmental liabilities, inflation risks, cybersecurity risks, as well as other risks listed from time to time in our SEC filings, including but not limited to, our annual and quarterly reports. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements.

FRP Holdings, Inc. is a holding company engaged in the real estate business, namely (i) warehouse/office/residential building ownership, leasing and management, (ii) mining royalty land ownership and leasing, (iii) land acquisition, entitlement and development primarily for future warehouse/office or residential building construction, and (iv) leasing and management of a residential apartment building.

FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share amounts)
(Unaudited)
THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
SEPTEMBER 30,
2017 2016 2017 2016
Revenues:
Rental revenue $9,142 6,328 30,385 24,457
Mining Royalty and rents 1,842 1,857 7,153 7,443
Revenue – reimbursements 1,471 1,327 5,653 5,557
Total Revenues 12,455 9,512 43,191 37,457
Cost of operations:
Depreciation, depletion and amortization 4,502 2,095 13,532 8,051
Operating expenses 1,739 994 5,621 4,624
Environmental remediation recovery (1,000)
Property taxes 1,432 1,089 5,024 4,475
Management company indirect 525 475 2,029 1,844
Corporate expenses 870 855 3,380 3,080
Total cost of operations 9,068 5,508 29,586 21,074
Total operating profit 3,387 4,004 13,605 16,383
Interest income 2
Interest expense (2,453) (306) (4,323) (1,561)
Equity in loss of joint ventures (9) (1,119) (1,598) (978)
Gain on remeasurement of investment in real estate partnership 60,196
Gain on investment land sold 6,029
Income before income taxes 925 2,579 67,880 19,875
Provision for income taxes (11,286) 897 7,329 7,851
Net income 12,211 1,682 60,551 12,024
Income (loss) attributable to noncontrolling interest (992) 18,801
Net income attributable to the Company $13,203 1,682 41,750 12,024
Earnings per common share:
Basic $1.32 0.17 4.19 1.22
Diluted $1.31 0.17 4.16 1.22
Number of shares (in thousands) used in computing:
-basic earnings per common share 10,011 9,879 9,975 9,846
-diluted earnings per common share 10,070 9,923 10,040 9,890

Asset Management Segment:

Three months ended December 31
(dollars in thousands) 2017 % 2016 % Change %
Rental revenue $6,488 83.0% 6,148 84.0% 340 5.5%
Revenue-reimbursements 1,328 17.0% 1,173 16.0% 155 13.2%
Total revenue 7,816 100.0% 7,321 100.0% 495 6.8%
Depreciation, depletion and amortization 1,998 25.6% 2,005 27.4% (7) -0.3%
Operating expenses 1,033 13.2% 885 12.1% 148 16.7%
Property taxes 839 10.7% 729 10.0% 110 15.1%
Management company indirect 218 2.8% 193 2.6% 25 13.0%
Corporate expense 493 6.3% 485 6.6% 8 1.6%
Cost of operations 4,581 58.6% 4,297 58.7% 284 6.6%
Operating profit $3,235 41.4% 3,024 41.3% 211 7.0%

Mining Royalty Lands Segment:

Three months ended December 31
(dollars in thousands) 2017 % 2016 %
Mining Royalty and rents $1,842 99.0% 1,857 98.8%
Revenue-reimbursements 18 1.0% 23 1.2%
Total revenue 1,860 100.0% 1,880 100.0%
Depreciation, depletion and amortization 19 1.0% 35 1.8%
Operating expenses 38 2.0% 41 2.2%
Property taxes 64 3.5% 54 2.9%
Corporate expense 43 2.3% 42 2.2%
Cost of operations 164 8.8% 172 9.1%
Operating profit $1,696 91.2% 1,708 90.9%

Land Development and Construction Segment:

Three months ended December 31
(dollars in thousands) 2017 2016 Change
Rental revenue $184 180 4
Revenue-reimbursements 115 131 (16)
Total revenue 299 311 (12)
Depreciation, depletion and amortization 74 55 19
Operating expenses 41 68 (27)
Property taxes 277 306 (29)
Management company indirect 267 282 (15)
Corporate expense 296 328 (32)
Cost of operations 955 1,039 (84)
Operating loss $(656) (728) 72

Dock 79 Segment:

Three Months Ended December 31
(dollars in thousands) 2017 % 2016 %
Rental revenue $2,470 99.6% %
Revenue-reimbursements 10 .4% %
Total revenue 2,480 100.0% %
Depreciation and amortization 2,411 97.2% %
Operating expenses 627 25.3% %
Property taxes 252 10.2% %
Management company indirect 40 1.6%
Corporate expense 38 1.5% %
Cost of operations 3,368 135.8% %
Operating profit $(888) -35.8% $ %

Asset Management Segment:

Twelve Months Ended
December 31 September 30
(dollars in thousands)2017 % 2016 % Change %
Rental revenue$24,773 82.9% $23,795 82.8% $978 4.1%
Revenue-reimbursements 5,100 17.1% 4,944 17.2% 156 3.2%
Total revenue 29,873 100.0% 28,739 100.0% 1,134 3.9%
Depreciation, depletion and amortization 8,110 27.1% 7,689 26.8% 421 5.5%
Operating expenses 3,974 13.3% 4,145 14.4% (171) -4.1%
Property taxes 3,156 10.6% 2,718 9.5% 438 16.1%
Management company indirect 834 2.8% 813 2.8% 21 2.6%
Corporate expense 1,917 6.4% 1,591 5.5% 326 20.5%
Cost of operations 17,991 60.2% 16,956 59.0% 1,035 6.1%
Operating profit$11,882 39.8% $11,783 41.0% $99 .8%

Mining Royalty Lands Segment:

Twelve Months Ended
December 31 September 30
(dollars in thousands) 2017 % 2016 %
Mining Royalty and rents $7,153 98.8% 7,443 98.8%
Revenue-reimbursements 88 1.2% 90 1.2%
Total revenue 7,241 100.0% 7,533 100.0%
Depreciation, depletion and amortization 110 1.5% 104 1.4%
Operating expenses 159 2.2% 165 2.2%
Property taxes 240 3.3% 235 3.1%
Corporate expense 167 2.3% 231 3.1%
Cost of operations 676 9.3% 735 9.8%
Operating profit $6,565 90.7% $6,798 90.2%

Land Development and Construction Segment:

Twelve months Ended
December 31 September 30
(dollars in thousands) 2017 2016 Change
Rental revenue $785 662 123
Revenue-reimbursements 445 523 (78)
Total revenue 1,230 1,185 45
Depreciation, depletion and amortization 337 258 79
Operating expenses 200 314 (114)
Environmental remediation recovery (1,000) 1,000
Property taxes 1,108 1,522 (414)
Management company indirect 1,113 1,031 82
Corporate expense 1,231 1,258 (27)
Cost of operations 3,989 3,383 606
Operating loss $(2,759) (2,198) (561)

Dock 79 Segment:

Twelve Months Ended
December 31 September 30
(dollars in thousands) 2017 % 2016 %
Rental revenue $4,827 99.6% %
Revenue-reimbursements 20 .4% %
Total revenue 4,847 100.0% %
Depreciation and amortization 4,975 102.7% %
Operating expenses 1,288 26.6% %
Property taxes 520 10.7% %
Management company indirect 82 1.7%
Corporate expense 65 1.3% %
Cost of operations 6,930 143.0% %
Operating profit $(2,083) -43.0% $ %

Non-GAAP Financial Measures.

To supplement the financial results presented in accordance with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The non-GAAP financial measure included in this quarterly report are net operating income (NOI). FRP uses these non-GAAP financial measures to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. These measures are not, and should not be viewed as, substitutes for GAAP financial measures.

Net Operating Income Reconciliation
Three months ended 12/31/17 (in thousands)
Asset Land
Mining Unallocated
FRP
Management Development
Dock 79
Royalties Corporate
Holdings
Segment Segment
Segment
Segment Expense
Totals
Income (loss) from continuing operations 1,747 (397) (2,203) 1,021 12,043 12,211
Income Tax Allocation 1,141 (259) (791) 666 (12,043) (11,286)
Income (loss) from continuing operations before income taxes 2,888 (656) (2,994) 1,687 925
Less:
Lease intangible rents 1
Unrealized rents 131 73
Plus:
Interest Expense 347 2,106
Depreciation/Amortization 1,999 72 2,411
Management Co. Indirect 218 267 40
Allocated Corporate Expenses 493 296 38
Net Operating Income (loss) 5,813 (21) 1,528


Net Operating Income Reconciliation
Three months ended 12/31/16 (in thousands)
Asset Land Mining FRP
Management Development Royalties Holdings
Segment Segment Segment Totals
Income (loss) from continuing operations1,644 (1,115) 1,153 1,682
Income Tax Allocation1,074 (728) 551 897
Income (loss) from continuing operations before income taxes2,718 (1,843) 1,704 2,579
Less:
Lease intangible rents4
Unrealized rents14
Plus:
Equity in loss of Joint Venture 1,115
Interest Expense306
Depreciation/Amortization2,005 55
Management Co. Indirect193 282
Allocated Corporate Expenses485 328
Net Operating Income (loss)5,689 (63)


Net Operating Income Reconciliation
Twelve months ended 12/31/17 (in thousands)
Asset Land
Mining Unallocated
FRP
Management Development
Dock 79
Royalties Corporate
Holdings
Segment Segment
Segment
Segment Expense
Totals
Income (loss) from continuing operations 6,392 (1,677) 39,837 3,956 12,043 60,551
Income Tax Allocation 4,150 (1,082) 13,735 2,569 (12,043) 7,329
Income (loss) from continuing operations before income taxes 10,542 (2,759) 53,572 6,525 67,880
Less:
Gain on remeasurement of investment in real estate partnership 60,196
Lease intangible rents 6
Unrealized rents 210 123
Plus:
Equity in loss of Joint Venture 1,558
Interest Expense 1,340 2,983
Depreciation/Amortization 8,111 335 4,975
Management Co. Indirect 834 1,113 82
Allocated Corporate Expenses 1,917 1,231 65
Net Operating Income (loss) 22,528 (80) 2,916


Net Operating Income Reconciliation
Twelve months ended 9/30/16 (in thousands)
Asset Land Mining FRP
Management Development Royalties Holdings
Segment Segment Segment Totals
Income from continuing operations6,188 1,738 4,098 12,024
Income Tax Allocation4,041 1,134 2,676 7,851
Inc. from continuing operations before income taxes10,229 2,872 6,774 19,875
Less:
Gains on investment land sold8 6,006
Lease intangible rents27
Other income 2
Plus:
Unrealized rents95
Equity in loss of Joint Venture 938
Interest Expense1,562
Depreciation/Amortization7,689 258
Management Co. Indirect813 1,031
Allocated Corporate Expenses1,591 1,257
Net Operating Income21,944 348

Contact:
John D. Milton, Jr.
Chief Financial Officer
904/858-9100

Source:FRP Holdings, Inc.

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