Fourth Quarter Operational Highlights (compared to the same quarter last year)
- 20.6% increase in pro-rata NOI (
$7.55 million vs$6.26 million ) - 42.9% increase in Industrial and Commercial revenue; 46.1% increase in Industrial and Commercial NOI
Fourth Quarter Consolidated Results of Operations
Net income for the fourth quarter of 2023 was
- Operating profit increased
$466,000 compared to the same quarter last year primarily due to improved revenues in the Industrial and Commercial Segment and decreased depreciation atDock 79 . - Interest income increased
$423,000 primarily due to an increase in interest earned on cash equivalents ($889,000 ) offset by decreased income from our lending ventures ($245,000 ) and decreased preferred interest ($221,000 ). - Interest expense increased
$188,000 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. - Equity in loss of Joint Ventures increased
$879,000 primarily due to a$1.9 million gain on our guarantee liability for the refinancedBryant Street loan which was more than offset by the same quarter last year including a$2.8 million gain on disposition of our Hickory Creek JV.
Fourth Quarter Segment Operating Results
NB: We have changed the name of both our Asset Management and Stabilized Joint Venture Business Segments. Going forward they are now our Industrial and Commercial and Multifamily Segments. These changes are purely cosmetic and don’t require any movement of assets between segments or restatement of results.
Industrial and Commercial Segment:
Total revenues in this segment were
Mining Royalty Lands Segment:
Total revenues in this segment were
Development Segment:
With respect to ongoing projects:
- We are the principal capital source of a residential development venture in
Prince George’s County, MD known as “Amber Ridge.” Of the$18.5 million of committed capital to the project,$18.0 million in principal draws have taken place through quarter end. Through the end ofDecember 31, 2023 , all 187 units have been sold, and we have received$20.2 million in preferred interest and principal to date. Bryant Street is a mixed-use joint venture between the Company and MRP inWashington, DC consisting of three apartment buildings with ground floor retail and one commercial building which is fully leased. At quarter end, Bryant Street’s 487 residential units were 92.0% leased and 93.8% occupied. Its commercial space was 96.6% leased and 82.7% occupied at quarter end.- Lease-up is underway at The Verge, and at quarter end, the building was 90.7% leased and 85.8% occupied inclusive of 25 units licensed to Placemaker Management for a short-term corporate rental program. Retail at this location is 45.2% leased. This is our third mixed-use project in the Anacostia waterfront submarket in
Washington, DC . - .408 Jackson is our second joint venture project in
Greenville . Leasing began in the fourth quarter of 2022 with residential units 95.2% leased and 93.4% occupied at quarter end. Retail at this location is 100% leased and currently under construction and expected to open this winter. - Windlass Run, our suburban office and retail joint venture with
St. John Properties, Inc. signed a new office lease for 3,526 square feet bringing the office portion of the project to 87.0% leased and 78.3% occupied. Additional retail space at this site is 38.2% leased and 22.9% occupied. - Last summer we broke ground on a new speculative warehouse project in
Aberdeen, MD onChelsea Road . Site work is nearing completion with vertical construction underway. This Class A, 259,200 square foot building is due to be complete in the 3rd quarter of 2024. - We are the principal capital source for a residential development venture in
Harford County, MD known as Aberdeen Overlook. The project includes 110 acres and 344 residential building lots. We have committed$31.1 million to the project with$20 million currently drawn. A national homebuilder is under contract to purchase all 222 townhome and 122 single family dwelling lots. As of year-end 11 lots had been sold and$4.5 million of preferred interest and principal has been returned to the company.
Multifamily Segment:
Total revenues in this segment were
At the end of December, The Maren was 93.94% leased and 94.70% occupied. Average residential occupancy for the quarter was 94.10%, and 61.22% of expiring leases renewed with an average rent increase on renewals of 2.75%. The Maren is a joint venture between the Company and MRP and SIC, in which
Dock 79’s average residential occupancy for the quarter was 94.78%, and at the end of the quarter, Dock 79’s residential units were 95.08% leased and 96.39% occupied. This quarter, 69.77% of expiring leases renewed with an average rent increase on renewals of 1.59%.
During the third quarter of 2022, we achieved stabilization at our Riverside Joint Venture in
Calendar Year Operational Highlights (compared to the same period last year)
- 24.8% increase in pro-rata NOI (
$30.24 million vs$24.23 million ) - Mining Royalties revenues increased 17.3%; 17% increase in royalties per ton
- 45.4% increase in Industrial and Commercial revenue; 46.2% increase in Industrial and Commercial NOI
Calendar Year 2023 Consolidated Results of Operations
Net income for 2023 was
- Operating profit increased
$3,704,000 compared to the same period last year due to improved revenues and profits in all four segments. - Management company indirect increased
$553,000 due to merit increases and new hires along with recruiting costs. - Interest income increased
$5,424,000 primarily due to an increase in interest earned on cash equivalents ($4,307,000 ) and increased income from our lending ventures ($1,202,000 ). - Interest expense increased
$1,270,000 compared to the same period last year due to less capitalized interest. We capitalized less interest because of fewer in-house and joint venture projects under development compared to last year. - Equity in loss of Joint Ventures increased
$6,216,000 primarily due to increased losses during lease up at The Verge ($4,418,000 ) and .408 Jackson ($799,000 ), a gain on the sale ofDST Hickory Creek ($2,832,000 ) last year mitigated by a gain of$1,886,000 on our guarantee liability for the refinancedBryant Street loan. - Calendar year 2022 included an
$874,000 gain on sales of excess property atBrooksville .
Calendar Year 2023 Segment Operating Results
Industrial and Commercial Segment:
Total revenues in this segment were
Mining Royalty Lands Segment:
Total revenues in this segment were
Multifamily Segment:
In the fourth quarter of 2022, as part of our new partnership with
Total revenues in this segment were
At the end of December, The Maren was 93.94% leased and 94.70% occupied. Average residential occupancy for calendar year 2023 was 95.60%, and 53.23% of expiring leases renewed with an average rent increase on renewals of 4.21%. The Maren is a joint venture between the Company and MRP and SIC, in which
Dock 79’s average residential occupancy for calendar year 2023 was 94.36%, and at the end of the year, Dock 79’s residential units were 95.08% leased and 96.39% occupied. Through the year, 68.29% of expiring leases renewed with an average rent increase on renewals of 2.80%.
During the third quarter of 2022, we achieved stabilization at our Riverside Joint Venture in
Summary and Outlook
Royalty revenue was up 17.3% over 2022 in what had previously been the highest revenue year for this segment. This kind of revenue growth is all the more remarkable when tons sold decreased by .76 %. We are fortunate in both the locations of our mining assets, but also in the ability of our operators to push price aggressively. State and national infrastructure spending is expected to increase in 2024 creating further demand for aggregates products.
In our Multifamily Segment, we are starting to feel the effects of a softening DC market. Revenues are more or less flat between
In our Industrial and Commercial segment, occupancy and our overall square-footage have increased since the end of 2022, leading to a 46.2% increase in NOI in 2023 compared to the previous year. We are 95.6% leased and occupied on 548,785 square feet compared to 84.3% occupied on 447,035 square feet at the end of 2022.
As we have stated on a number of occasions in the recent past, we have shifted our development focus away from multifamily in the DC market and towards industrial projects. We are underway on the construction of a
Subsequent Event
Subsequent to the end of the year, on
At the effective time of the forward stock split, every share of the Company's issued common stock will be converted automatically into two issued shares of common stock. Stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 2:1 forward stock split. It is not necessary for stockholders holding shares of the Company's common stock in certificated form to exchange their existing stock certificates for new stock certificates of the Company in connection with the forward stock split, although stockholders may do so if they wish.
The forward stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's equity. Proportional adjustments will be made to the number of shares of the Company's common stock issuable upon exercise or conversion of
Conference Call
The Company will host a conference call on
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: the possibility that we may be unable to find appropriate investment opportunities; levels of construction activity in the markets served by our mining properties; demand for flexible warehouse/office facilities in the Baltimore-
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||
(In thousands except per share amounts) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
THREE MONTHS ENDED | TWELVE MONTHS ENDED | ||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
Revenues: | |||||||||||||||||||||
Lease revenue | $ | 7,206 | 6,948 | 28,979 | 26,798 | ||||||||||||||||
Mining royalty revenue | 2,899 | 2,904 | 12,527 | 10,683 | |||||||||||||||||
Total Revenues | 10,105 | 9,852 | 41,506 | 37,481 | |||||||||||||||||
Cost of operations: | |||||||||||||||||||||
Depreciation, depletion and amortization | 2,406 | 2,707 | 10,821 | 11,217 | |||||||||||||||||
Operating expenses | 1,790 | 1,749 | 7,364 | 7,065 | |||||||||||||||||
Property taxes | 905 | 1,022 | 3,650 | 4,125 | |||||||||||||||||
Management company indirect | 1,031 | 871 | 3,969 | 3,416 | |||||||||||||||||
Corporate expenses | 790 | 786 | 4,002 | 3,662 | |||||||||||||||||
Total cost of operations | 6,922 | 7,135 | 29,806 | 29,485 | |||||||||||||||||
Total operating profit | 3,183 | 2,717 | 11,700 | 7,996 | |||||||||||||||||
Net investment income | 2,690 | 2,267 | 10,897 | 5,473 | |||||||||||||||||
Interest expense | (1,064 | ) | (830 | ) | (4,315 | ) | (3,045 | ) | |||||||||||||
Equity in loss of joint ventures | (1,352 | ) | (473 | ) | (11,937 | ) | (5,721 | ) | |||||||||||||
Gain on sale of real estate and other income | 46 | — | 53 | 874 | |||||||||||||||||
Income before income taxes | 3,503 | 3,681 | 6,398 | 5,577 | |||||||||||||||||
Provision for income taxes | 618 | 1,004 | 1,516 | 1,530 | |||||||||||||||||
Net income | 2,885 | 2,677 | 4,882 | 4,047 | |||||||||||||||||
Gain (loss) attributable to noncontrolling interest | 5 | (79 | ) | (420 | ) | (518 | ) | ||||||||||||||
Net income attributable to the Company | $ | 2,880 | 2,756 | 5,302 | 4,565 | ||||||||||||||||
Earnings per common share: | |||||||||||||||||||||
Net income attributable to the Company- | |||||||||||||||||||||
Basic | $ | 0.31 | 0.29 | 0.56 | 0.49 | ||||||||||||||||
Diluted | $ | 0.30 | 0.29 | 0.56 | 0.48 | ||||||||||||||||
Number of shares (in thousands) used in computing: | |||||||||||||||||||||
-basic earnings per common share | 9,411 | 9,398 | 9,420 | 9,386 | |||||||||||||||||
-diluted earnings per common share | 9,451 | 9,444 | 9,461 | 9,435 | |||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited) (In thousands, except share data) | |||||||
Assets: | 2023 | 2022 | |||||
Real estate investments at cost: | |||||||
Land | $ | 141,602 | 141,579 | ||||
Buildings and improvements | 282,631 | 270,579 | |||||
Projects under construction | 10,845 | 12,208 | |||||
Total investments in properties | 435,078 | 424,366 | |||||
Less accumulated depreciation and depletion | 67,758 | 57,208 | |||||
Net investments in properties | 367,320 | 367,158 | |||||
Real estate held for investment, at cost | 10,662 | 10,182 | |||||
Investments in joint ventures | 166,066 | 140,525 | |||||
Net real estate investments | 544,048 | 517,865 | |||||
Cash and cash equivalents | 157,555 | 177,497 | |||||
Cash held in escrow | 860 | 797 | |||||
Accounts receivable, net | 1,046 | 1,166 | |||||
Federal and state income taxes receivable | 337 | — | |||||
Unrealized rents | 1,640 | 856 | |||||
Deferred costs | 3,091 | 2,343 | |||||
Other assets | 589 | 560 | |||||
Total assets | $ | 709,166 | 701,084 | ||||
Liabilities: | |||||||
Secured notes payable | $ | 178,705 | 178,557 | ||||
Accounts payable and accrued liabilities | 8,333 | 5,971 | |||||
Other liabilities | 1,487 | 1,886 | |||||
Federal and state income taxes payable | — | 18 | |||||
Deferred revenue | 925 | 259 | |||||
Deferred income taxes | 69,456 | 67,960 | |||||
Deferred compensation | 1,409 | 1,354 | |||||
Tenant security deposits | 875 | 868 | |||||
Total liabilities | 261,190 | 256,873 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Common stock, | 948 | 946 | |||||
Capital in excess of par value | 67,655 | 65,158 | |||||
Retained earnings | 345,882 | 342,317 | |||||
Accumulated other comprehensive loss, net | 35 | (1,276 | ) | ||||
Total shareholders’ equity | 414,520 | 407,145 | |||||
Noncontrolling interest | 33,456 | 37,066 | |||||
Total equity | 447,976 | 444,211 | |||||
Total liabilities and equity | $ | 709,166 | 701,084 | ||||
Industrial and Commercial Segment:
Three months ended | |||||||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | |||||||||||||||||
Lease revenue | $ | 1,422 | 100.0 | % | 995 | 100.0 | % | 427 | 42.9 | % | |||||||||||||
Depreciation, depletion and amortization | 368 | 25.9 | % | 224 | 22.5 | % | 144 | 64.3 | % | ||||||||||||||
Operating expenses | 163 | 11.5 | % | 127 | 12.8 | % | 36 | 28.3 | % | ||||||||||||||
Property taxes | 62 | 4.4 | % | 53 | 5.3 | % | 9 | 17.0 | % | ||||||||||||||
Management company indirect | 133 | 9.3 | % | 102 | 10.2 | % | 31 | 30.4 | % | ||||||||||||||
Corporate expense | 157 | 11.0 | % | 136 | 13.7 | % | 21 | 15.4 | % | ||||||||||||||
Cost of operations | 883 | 62.1 | % | 642 | 64.5 | % | 241 | 37.5 | % | ||||||||||||||
Operating profit | $ | 539 | 37.9 | % | 353 | 35.5 | % | 186 | 52.7 | % | |||||||||||||
Mining Royalty Lands Segment:
Three months ended | |||||||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | |||||||||||||||||
Mining royalty revenue | $ | 2,899 | 100.0 | % | 2,904 | 100.0 | % | (5 | ) | -0.2 | % | ||||||||||||
Depreciation, depletion and amortization | 25 | 0.9 | % | 170 | 5.9 | % | (145 | ) | -85.3 | % | |||||||||||||
Operating expenses | 17 | 0.6 | % | 17 | 0.6 | % | — | 0.0 | % | ||||||||||||||
Property taxes | 104 | 3.6 | % | 59 | 2.0 | % | 45 | 76.3 | % | ||||||||||||||
Management company indirect | 135 | 4.6 | % | 117 | 4.0 | % | 18 | 15.4 | % | ||||||||||||||
Corporate expense | 89 | 3.1 | % | 89 | 3.1 | % | — | 0.0 | % | ||||||||||||||
Cost of operations | 370 | 12.8 | % | 452 | 15.6 | % | (82 | ) | -18.1 | % | |||||||||||||
Operating profit | $ | 2,529 | 87.2 | % | 2,452 | 84.4 | % | 77 | 3.1 | % | |||||||||||||
Development Segment:
Three months ended | |||||||||||
(dollars in thousands) | 2023 | 2022 | Change | ||||||||
Lease revenue | $ | 414 | 471 | (57 | ) | ||||||
Depreciation, depletion and amortization | 42 | 50 | (8 | ) | |||||||
Operating expenses | 143 | 131 | 12 | ||||||||
Property taxes | 157 | 359 | (202 | ) | |||||||
Management company indirect | 649 | 558 | 91 | ||||||||
Corporate expense | 469 | 490 | (21 | ) | |||||||
Cost of operations | 1,460 | 1,588 | (128 | ) | |||||||
Operating loss | $ | (1,046 | ) | (1,117 | ) | 71 | |||||
Equity in loss of Joint Venture | (1,141 | ) | (3,167 | ) | 2,026 | ||||||
Interest earned | 1,020 | 1,289 | (269 | ) | |||||||
Loss from continuing operations before income taxes | $ | (1,167 | ) | (2,995 | ) | 1,828 | |||||
Multifamily Segment:
Three months ended | |||||||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | |||||||||||||||||
Lease revenue | $ | 5,370 | 100.0 | % | 5,482 | 100.0 | % | (112 | ) | -2.0 | % | ||||||||||||
Depreciation, depletion and amortization | 1,971 | 36.7 | % | 2,263 | 41.3 | % | (292 | ) | -12.9 | % | |||||||||||||
Operating expenses | 1,467 | 27.3 | % | 1,474 | 26.9 | % | (7 | ) | -0.5 | % | |||||||||||||
Property taxes | 582 | 10.9 | % | 551 | 10.0 | % | 31 | 5.6 | % | ||||||||||||||
Management company indirect | 114 | 2.1 | % | 94 | 1.7 | % | 20 | 21.3 | % | ||||||||||||||
Corporate expense | 75 | 1.4 | % | 71 | 1.3 | % | 4 | 5.6 | % | ||||||||||||||
Cost of operations | 4,209 | 78.4 | % | 4,453 | 81.2 | % | (244 | ) | -5.5 | % | |||||||||||||
Operating profit | $ | 1,161 | 21.6 | % | 1,029 | 18.8 | % | 132 | 12.8 | % | |||||||||||||
Industrial and Commercial Segment:
Twelve months ended | |||||||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | |||||||||||||||||
Lease revenue | $ | 5,354 | 100.0 | % | 3,681 | 100.0 | % | 1,673 | 45.4 | % | |||||||||||||
Depreciation, depletion and amortization | 1,374 | 25.7 | % | 907 | 24.6 | % | 467 | 51.5 | % | ||||||||||||||
Operating expenses | 653 | 12.2 | % | 568 | 15.4 | % | 85 | 15.0 | % | ||||||||||||||
Property taxes | 247 | 4.6 | % | 211 | 5.7 | % | 36 | 17.1 | % | ||||||||||||||
Management company indirect | 529 | 9.9 | % | 403 | 11.0 | % | 126 | 31.3 | % | ||||||||||||||
Corporate expense | 787 | 14.7 | % | 632 | 17.2 | % | 155 | 24.5 | % | ||||||||||||||
Cost of operations | 3,590 | 67.1 | % | 2,721 | 73.9 | % | 869 | 31.9 | % | ||||||||||||||
Operating profit | $ | 1,764 | 32.9 | % | 960 | 26.1 | % | 804 | 83.8 | % | |||||||||||||
Mining Royalty Lands Segment:
Twelve months ended | |||||||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | |||||||||||||||||
Mining royalty revenue | $ | 12,527 | 100.0 | % | 10,683 | 100.0 | % | 1,844 | 17.3 | % | |||||||||||||
Depreciation, depletion and amortization | 497 | 4.0 | % | 586 | 5.5 | % | (89 | ) | -15.2 | % | |||||||||||||
Operating expenses | 68 | 0.5 | % | 67 | 0.6 | % | 1 | 1.5 | % | ||||||||||||||
Property taxes | 428 | 3.4 | % | 262 | 2.5 | % | 166 | 63.4 | % | ||||||||||||||
Management company indirect | 525 | 4.2 | % | 463 | 4.3 | % | 62 | 13.4 | % | ||||||||||||||
Corporate expense | 449 | 3.6 | % | 414 | 3.9 | % | 35 | 8.5 | % | ||||||||||||||
Cost of operations | 1,967 | 15.7 | % | 1,792 | 16.8 | % | 175 | 9.8 | % | ||||||||||||||
Operating profit | $ | 10,560 | 84.3 | % | 8,891 | 83.2 | % | 1,669 | 18.8 | % | |||||||||||||
Development Segment:
Twelve months ended | |||||||||||
(dollars in thousands) | 2023 | 2022 | Change | ||||||||
Lease revenue | $ | 1,801 | 1,674 | 127 | |||||||
Depreciation, depletion and amortization | 182 | 189 | (7 | ) | |||||||
Operating expenses | 358 | 672 | (314 | ) | |||||||
Property taxes | 744 | 1,425 | (681 | ) | |||||||
Management company indirect | 2,471 | 2,179 | 292 | ||||||||
Corporate expense | 2,387 | 2,284 | 103 | ||||||||
Cost of operations | 6,142 | 6,749 | (607 | ) | |||||||
Operating loss | $ | (4,341 | ) | (5,075 | ) | 734 | |||||
Equity in loss of Joint Venture | (11,396 | ) | (8,310 | ) | (3,086 | ) | |||||
Interest earned | 4,712 | 3,600 | 1,112 | ||||||||
Loss from continuing operations before income taxes | $ | (11,025 | ) | (9,785 | ) | (1,240 | ) | ||||
Multifamily Segment:
Twelve months ended | |||||||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | |||||||||||||||||
Lease revenue | $ | 21,824 | 100.0 | % | 21,443 | 100.0 | % | 381 | 1.8 | % | |||||||||||||
Depreciation, depletion and amortization | 8,768 | 40.2 | % | 9,535 | 44.5 | % | (767 | ) | -8.0 | % | |||||||||||||
Operating expenses | 6,285 | 28.8 | % | 5,758 | 26.9 | % | 527 | 9.2 | % | ||||||||||||||
Property taxes | 2,231 | 10.2 | % | 2,227 | 10.4 | % | 4 | 0.2 | % | ||||||||||||||
Management company indirect | 444 | 2.0 | % | 371 | 1.7 | % | 73 | 19.7 | % | ||||||||||||||
Corporate expense | 379 | 1.8 | % | 332 | 1.5 | % | 47 | 14.2 | % | ||||||||||||||
Cost of operations | 18,107 | 83.0 | % | 18,223 | 85.0 | % | (116 | ) | -0.6 | % | |||||||||||||
Operating profit | $ | 3,717 | 17.0 | % | 3,220 | 15.0 | % | 497 | 15.4 | % | |||||||||||||
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
Pro-rata Net Operating Income Reconciliation | |||||||||||||||||||||||
Twelve months ended | |||||||||||||||||||||||
Industrial and | Mining | Unallocated | FRP | ||||||||||||||||||||
Commercial | Development | Multifamily | Royalties | Corporate | Holdings | ||||||||||||||||||
Segment | Segment | Segment | Segment | Expenses | Totals | ||||||||||||||||||
Net Income (loss) | $ | 1,285 | (8,043 | ) | (848 | ) | 7,682 | 4,806 | 4,882 | ||||||||||||||
Income Tax Allocation | 477 | (2,983 | ) | (158 | ) | 2,848 | 1,332 | 1,516 | |||||||||||||||
Income (loss) before income taxes | 1,762 | (11,026 | ) | (1,006 | ) | 10,530 | 6,138 | 6,398 | |||||||||||||||
Less: | |||||||||||||||||||||||
Unrealized rents | 556 | — | 10 | 311 | — | 877 | |||||||||||||||||
Gain on sale of real estate and other income | — | — | 46 | 10 | — | 56 | |||||||||||||||||
Interest income | — | 4,712 | — | — | 6,185 | 10,897 | |||||||||||||||||
Plus: | |||||||||||||||||||||||
Loss on sale of real estate | 2 | — | 1 | — | — | 3 | |||||||||||||||||
Equity in loss of Joint Ventures | — | 11,397 | 500 | 40 | — | 11,937 | |||||||||||||||||
Professional fees - other | — | — | 60 | — | — | 60 | |||||||||||||||||
Interest Expense | — | — | 4,268 | — | 47 | 4,315 | |||||||||||||||||
Depreciation/Amortization | 1,374 | 182 | 8,768 | 497 | — | 10,821 | |||||||||||||||||
529 | 2,471 | 444 | 525 | — | 3,969 | ||||||||||||||||||
Allocated Corporate Expenses | 787 | 2,387 | 379 | 449 | — | 4,002 | |||||||||||||||||
Net Operating Income | 3,898 | 699 | 13,358 | 11,720 | — | 29,675 | |||||||||||||||||
NOI of noncontrolling interest | — | — | (6,081 | ) | — | — | (6,081 | ) | |||||||||||||||
Pro-rata NOI from unconsolidated joint ventures | — | 5,846 | 800 | — | — | 6,646 | |||||||||||||||||
Pro-rata net operating income | $ | 3,898 | 6,545 | 8,077 | 11,720 | — | 30,240 | ||||||||||||||||
Pro-Rata Net Operating Income Reconciliation | |||||||||||||||||||||||
Twelve months ended | |||||||||||||||||||||||
Industrial and | Mining | Unallocated | FRP | ||||||||||||||||||||
Commercial | Development | Multifamily | Royalties | Corporate | Holdings | ||||||||||||||||||
Segment | Segment | Segment | Segment | Expenses | Totals | ||||||||||||||||||
Net Income (loss) | $ | 700 | (7,138 | ) | 1,938 | 7,093 | 1,454 | 4,047 | |||||||||||||||
Income Tax Allocation | 260 | (2,647 | ) | 910 | 2,630 | 377 | 1,530 | ||||||||||||||||
Income (loss) before income taxes | 960 | (9,785 | ) | 2,848 | 9,723 | 1,831 | 5,577 | ||||||||||||||||
Less: | |||||||||||||||||||||||
Gain on investment land sold | — | — | — | 874 | — | 874 | |||||||||||||||||
Unrealized rents | 236 | — | (71 | ) | 202 | — | 367 | ||||||||||||||||
Interest income | — | 3,600 | — | — | 1,873 | 5,473 | |||||||||||||||||
Plus: | |||||||||||||||||||||||
Equity in (gain)/loss of Joint Venture | — | 8,310 | (2,631 | ) | 42 | — | 5,721 | ||||||||||||||||
Interest Expense | — | — | 3,003 | — | 42 | 3,045 | |||||||||||||||||
Depreciation/Amortization | 907 | 189 | 9,535 | 586 | — | 11,217 | |||||||||||||||||
403 | 2,179 | 371 | 463 | — | 3,416 | ||||||||||||||||||
Allocated Corporate Expenses | 632 | 2,284 | 332 | 414 | — | 3,662 | |||||||||||||||||
Net Operating Income (loss) | 2,666 | (423 | ) | 13,529 | 10,152 | — | 25,924 | ||||||||||||||||
NOI of noncontrolling interest | — | — | (4,595 | ) | — | — | (4,595 | ) | |||||||||||||||
Pro-rata NOI from unconsolidated joint ventures | — | 2,366 | 535 | — | — | 2,901 | |||||||||||||||||
Pro-Rata net operating income | $ | 2,666 | 1,943 | 9,469 | 10,152 | — | 24,230 | ||||||||||||||||
The following tables represent the Joint Venture and Development pro-rata NOI by project:
Development Segment: | ||||||||||||||||||||||||
FRP | BC FRP | .408 | Verge | Total | ||||||||||||||||||||
Twelve months ended | Portfolio | Partnership | Jackson | Partnership | Pro-rata NOI | |||||||||||||||||||
699 | 4,849 | 380 | 577 | 40 | 6,545 | |||||||||||||||||||
(423 | ) | 2,615 | 362 | (115 | ) | (496 | ) | 1,943 | ||||||||||||||||
Multifamily Segment: | ||||||||||||||||
Total | ||||||||||||||||
Twelve months ended | The Maren | Joint Venture | Pro-rata NOI | |||||||||||||
3,711 | 3,566 | 800 | 8,077 | |||||||||||||
4,607 | 4,327 | 535 | 9,469 |
Contact: John D. Baker III Chief Financial Officer 904/858-9100
Source:
2024 GlobeNewswire, Inc., source