Third Quarter Operational Highlights (compared to the same quarter last year)
- 29.5% increase in pro-rata NOI (
$8.09 million vs$6.24 million ) - Mining royalty revenue increased 24.7%; 19.2% increase in royalties per ton
- 54.2% increase in Asset Management revenue; 58.2% increase in Asset Management NOI
Third Quarter Consolidated Results of Operations
Net income for the third quarter of 2023 was
- Operating profit increased
$1,047,000 compared to the same quarter last year due to improved revenues in all four segments. - Interest income increased
$1,512,000 due primarily to an increase in interest earned on cash equivalents ($1,118,000 ) and increased income from our lending ventures ($349,000 ). - Interest expense increased
$378,000 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
$1,035,000 primarily due to increased losses during lease up at The Verge ($856,000 ).
Third Quarter Segment Operating Results
Asset Management 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,Maryland known as “Amber Ridge.” Of the$18.5 million of committed capital to the project,$17.3 million in principal draws have taken place through quarter end. Through the end ofSeptember 30, 2023 , 175 of the 187 units have been sold, and we have received 19.6 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 94.5% leased and 94.5% occupied. Its commercial space was 95.9% leased and 79.1% occupied at quarter end.- Lease-up is underway at The Verge, and at quarter end, the building was 89.5% leased and 74.1% 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 93.4% leased and 86.8% 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 2,752 square feet bringing the office portion of the project to 82.1% leased and 78.3% occupied. Additional retail space at this site is 38.2% leased and 22.9% occupied. - This past quarter we broke ground on a new speculative warehouse project in
Aberdeen, Maryland onChelsea Road . This Class A, 259,200 square foot building due to be complete in the 3rd quarter of 2024.
Stabilized Joint Venture Segment:
Total revenues in this segment were
At the end of September, The Maren was 93.18% leased and 93.94% occupied. Average residential occupancy for the quarter was 95.57%, and 59.70% of expiring leases renewed with an average rent increase on renewals of 3.18%. 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 95.08%, and at the end of the quarter, Dock 79’s residential units were 93.44% leased and 95.74% occupied. This quarter, 71.43% of expiring leases renewed with an average rent increase on renewals of 2.30%.
During the third quarter of 2022, we achieved stabilization at our Riverside Joint Venture in
Nine Months Operational Highlights (compared to the same period last year)
- 26.2% increase in pro-rata NOI (
$22.69 million vs$17.97 million ) - Mining Royalties increased 23.8%; 13% increase in royalties per ton
- 46.4% increase in Asset Management revenue; 46.2% increase in Asset Management NOI
Nine Months Consolidated Results of Operations
Net income for the first nine months of 2023 was
- Operating profit increased
$3,238,000 compared to the same period last year due to improved revenues and profits in all four segments. - Management company indirect increased
$393,000 due to merit increases and new hires along with recruiting costs. - Interest income increased
$5,001,000 due primarily to an increase in interest earned on cash equivalents ($3,637,000 ) and increased income from our lending ventures ($1,228,000 ). - Interest expense increased
$1,036,000 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
$5,337,000 primarily due to increased losses during lease up at The Verge ($4,096,000 ) and .408 Jackson ($642,000 ). - The first nine months of 2022 included a
$874,000 gain on sales of excess property atBrooksville .
Nine Months Segment Operating Results
Asset Management Segment:
Total revenues in this segment were
Mining Royalty Lands Segment:
Total revenues in this segment were
Stabilized Joint Venture Segment:
In the fourth quarter of 2022, as part of our new partnership with
Total revenues in this segment were
At the end of September, The Maren was 93.18% leased and 93.94% occupied. Average residential occupancy for the first nine months of 2023 was 96.11%, and 50.66% of expiring leases renewed with an average rent increase on renewals of 4.86%. The Maren is a joint venture between the Company and MRP and SIC, in which
Dock 79’s average residential occupancy for the first nine months of 2023 was 94.21%, and at the end of the quarter, Dock 79’s residential units were 93.44% leased and 95.74% occupied. Through the first nine months of the year, 67.90% of expiring leases renewed with an average rent increase on renewals of 3.11%.
During the third quarter of 2022, we achieved stabilization at our Riverside Joint Venture in
Summary and Outlook
Royalty revenue for this quarter was up 24.7% over the same period last year, and royalty revenue for the first nine months is up 23.8%. The last three quarters have been the three highest revenue quarters in this segment’s history. Mining royalty revenue for the last twelve months is
In the Stabilized Joint Venture segment, pro-rata NOI is down for the segment for both the quarter and the first nine months, which is to be expected after selling 20% of our share of
In our Asset Management Segment, occupancy and our overall square-footage have increased since the third quarter of 2022, leading to a 46.2% increase in NOI for the first nine months compared to the same period last year. We are 95.6% leased and occupied on 548,785 square feet compared to 85.9% occupied on 447,035 square feet at the end of the third quarter of 2022.
As mentioned last quarter and in our recent Investor Day presentation, the heady cocktail of inflation, interest rates, increased construction costs, and a softening in the DC market because of an influx of new apartment projects have led us to shift our development strategy away from new developments in DC for the time being. We are shifting towards (relatively) less capital-intensive projects like warehouse construction, where we can use our cash on hand to finance construction on an all equity basis and develop in-demand industrial product while the interest rates on construction loans keep most development on the sidelines. To that end, we are underway on the construction of a
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 | NINE MONTHS ENDED | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenues: | |||||||||||||||
Lease revenue | $ | 7,509 | 6,823 | 21,773 | 19,850 | ||||||||||
Mining lands lease revenue | 3,082 | 2,471 | 9,628 | 7,779 | |||||||||||
Total Revenues | 10,591 | 9,294 | 31,401 | 27,629 | |||||||||||
Cost of operations: | |||||||||||||||
Depreciation, depletion and amortization | 2,816 | 2,744 | 8,415 | 8,510 | |||||||||||
Operating expenses | 2,012 | 1,967 | 5,574 | 5,316 | |||||||||||
Property taxes | 919 | 1,034 | 2,745 | 3,103 | |||||||||||
Management company indirect | 1,059 | 966 | 2,938 | 2,545 | |||||||||||
Corporate expenses | 889 | 734 | 3,212 | 2,876 | |||||||||||
Total cost of operations | 7,695 | 7,445 | 22,884 | 22,350 | |||||||||||
Total operating profit | 2,896 | 1,849 | 8,517 | 5,279 | |||||||||||
Net investment income | 2,700 | 1,188 | 8,207 | 3,206 | |||||||||||
Interest expense | (1,116 | ) | (738 | ) | (3,251 | ) | (2,215 | ) | |||||||
Equity in loss of joint ventures | (2,913 | ) | (1,878 | ) | (10,585 | ) | (5,248 | ) | |||||||
Gain (loss) on sale of real estate | (1 | ) | 141 | 7 | 874 | ||||||||||
Income before income taxes | 1,566 | 562 | 2,895 | 1,896 | |||||||||||
Provision for (benefit from) income taxes | 467 | 178 | 898 | 526 | |||||||||||
Net income | 1,099 | 384 | 1,997 | 1,370 | |||||||||||
Loss attributable to noncontrolling interest | (160 | ) | (96 | ) | (425 | ) | (439 | ) | |||||||
Net income attributable to the Company | $ | 1,259 | 480 | 2,422 | 1,809 | ||||||||||
Earnings per common share: | |||||||||||||||
Net income attributable to the Company- | |||||||||||||||
Basic | $ | 0.13 | 0.05 | 0.26 | 0.19 | ||||||||||
Diluted | $ | 0.13 | 0.05 | 0.26 | 0.19 | ||||||||||
Number of shares (in thousands) used in computing: | |||||||||||||||
-basic earnings per common share | 9,423 | 9,397 | 9,423 | 9,382 | |||||||||||
-diluted earnings per common share | 9,460 | 9,433 | 9,463 | 9,423 | |||||||||||
CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands, except share data)
Assets: | 2023 | 2022 | ||||||
Real estate investments at cost: | ||||||||
Land | $ | 141,578 | 141,579 | |||||
Buildings and improvements | 282,379 | 270,579 | ||||||
Projects under construction | 4,689 | 12,208 | ||||||
Total investments in properties | 428,646 | 424,366 | ||||||
Less accumulated depreciation and depletion | 65,444 | 57,208 | ||||||
Net investments in properties | 363,202 | 367,158 | ||||||
Real estate held for investment, at cost | 10,510 | 10,182 | ||||||
Investments in joint ventures | 154,025 | 140,525 | ||||||
Net real estate investments | 527,737 | 517,865 | ||||||
Cash and cash equivalents | 166,028 | 177,497 | ||||||
Cash held in escrow | 646 | 797 | ||||||
Accounts receivable, net | 1,683 | 1,166 | ||||||
Unrealized rents | 1,452 | 856 | ||||||
Deferred costs | 3,028 | 2,343 | ||||||
Other assets | 583 | 560 | ||||||
Total assets | $ | 701,157 | 701,084 | |||||
Liabilities: | ||||||||
Secured notes payable | $ | 178,668 | 178,557 | |||||
Accounts payable and accrued liabilities | 3,689 | 5,971 | ||||||
Other liabilities | 1,886 | 1,886 | ||||||
Federal and state income taxes payable | 704 | 18 | ||||||
Deferred revenue | 1,029 | 259 | ||||||
Deferred income taxes | 67,903 | 67,960 | ||||||
Deferred compensation | 1,395 | 1,354 | ||||||
Tenant security deposits | 889 | 868 | ||||||
Total liabilities | 256,163 | 256,873 | ||||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
Common stock, | 948 | 946 | ||||||
Capital in excess of par value | 67,168 | 65,158 | ||||||
Retained earnings | 343,002 | 342,317 | ||||||
Accumulated other comprehensive loss, net | (328 | ) | (1,276 | ) | ||||
Total shareholders’ equity | 410,790 | 407,145 | ||||||
Noncontrolling interest | 34,204 | 37,066 | ||||||
Total equity | 444,994 | 444,211 | ||||||
Total liabilities and equity | $ | 701,157 | 701,084 | |||||
Asset Management Segment:
Three months ended | |||||||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | |||||||||||||||||
Lease revenue | $ | 1,442 | 100.0 | % | 935 | 100.0 | % | 507 | 54.2 | % | |||||||||||||
Depreciation, depletion and amortization | 369 | 25.5 | % | 219 | 23.4 | % | 150 | 68.5 | % | ||||||||||||||
Operating expenses | 173 | 12.0 | % | 162 | 17.3 | % | 11 | 6.8 | % | ||||||||||||||
Property taxes | 62 | 4.3 | % | 53 | 5.7 | % | 9 | 17.0 | % | ||||||||||||||
Management company indirect | 141 | 9.8 | % | 109 | 11.7 | % | 32 | 29.4 | % | ||||||||||||||
Corporate expense | 177 | 12.3 | % | 127 | 13.6 | % | 50 | 39.4 | % | ||||||||||||||
Cost of operations | 922 | 63.9 | % | 670 | 71.7 | % | 252 | 37.6 | % | ||||||||||||||
Operating profit | $ | 520 | 36.1 | % | 265 | 28.3 | % | 255 | 96.2 | % | |||||||||||||
Mining Royalty Lands Segment:
Three months ended | ||||||||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | ||||||||||||||||||
Mining lands lease revenue | $ | 3,082 | 100.0 | % | 2,471 | 100.0 | % | 611 | 24.7 | % | ||||||||||||||
Depreciation, depletion and amortization | 138 | 4.5 | % | 172 | 7.0 | % | (34 | ) | -19.8 | % | ||||||||||||||
Operating expenses | 18 | 0.6 | % | 18 | 0.7 | % | — | 0.0 | % | |||||||||||||||
Property taxes | 181 | 5.9 | % | 69 | 2.8 | % | 112 | 162.3 | % | |||||||||||||||
Management company indirect | 137 | 4.4 | % | 129 | 5.2 | % | 8 | 6.2 | % | |||||||||||||||
Corporate expense | 99 | 3.2 | % | 83 | 3.4 | % | 16 | 19.3 | % | |||||||||||||||
Cost of operations | 573 | 18.6 | % | 471 | 19.1 | % | 102 | 21.7 | % | |||||||||||||||
Operating profit | $ | 2,509 | 81.4 | % | 2,000 | 80.9 | % | 509 | 25.5 | % | ||||||||||||||
Development Segment:
Three months ended | ||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | |||||||||
Lease revenue | $ | 434 | 412 | 22 | ||||||||
Depreciation, depletion and amortization | 44 | 47 | (3 | ) | ||||||||
Operating expenses | 48 | 250 | (202 | ) | ||||||||
Property taxes | 121 | 355 | (234 | ) | ||||||||
Management company indirect | 665 | 625 | 40 | |||||||||
Corporate expense | 529 | 457 | 72 | |||||||||
Cost of operations | 1,407 | 1,734 | (327 | ) | ||||||||
Operating loss | $ | (973 | ) | (1,322 | ) | 349 | ||||||
Stabilized Joint Venture Segment:
Three months ended | ||||||||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | ||||||||||||||||||
Lease revenue | $ | 5,633 | 100.0 | % | 5,476 | 100.0 | % | 157 | 2.9 | % | ||||||||||||||
Depreciation, depletion and amortization | 2,265 | 40.2 | % | 2,306 | 42.1 | % | (41 | ) | -1.8 | % | ||||||||||||||
Operating expenses | 1,773 | 31.5 | % | 1,537 | 28.1 | % | 236 | 15.4 | % | |||||||||||||||
Property taxes | 555 | 9.8 | % | 557 | 10.2 | % | (2 | ) | -0.4 | % | ||||||||||||||
Management company indirect | 116 | 2.1 | % | 103 | 1.9 | % | 13 | 12.6 | % | |||||||||||||||
Corporate expense | 84 | 1.5 | % | 67 | 1.2 | % | 17 | 25.4 | % | |||||||||||||||
Cost of operations | 4,793 | 85.1 | % | 4,570 | 83.5 | % | 223 | 4.9 | % | |||||||||||||||
Operating profit | $ | 840 | 14.9 | % | 906 | 16.5 | % | (66 | ) | -7.3 | % | |||||||||||||
Asset Management Segment:
Nine months ended | ||||||||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | ||||||||||||||||||
Lease revenue | $ | 3,932 | 100.0 | % | 2,686 | 100.0 | % | 1,246 | 46.4 | % | ||||||||||||||
Depreciation, depletion and amortization | 1,006 | 25.6 | % | 683 | 25.4 | % | 323 | 47.3 | % | |||||||||||||||
Operating expenses | 490 | 12.4 | % | 441 | 16.4 | % | 49 | 11.1 | % | |||||||||||||||
Property taxes | 185 | 4.7 | % | 158 | 5.9 | % | 27 | 17.1 | % | |||||||||||||||
Management company indirect | 396 | 10.1 | % | 301 | 11.2 | % | 95 | 31.6 | % | |||||||||||||||
Corporate expense | 630 | 16.0 | % | 496 | 18.5 | % | 134 | 27.0 | % | |||||||||||||||
Cost of operations | 2,707 | 68.8 | % | 2,079 | 77.4 | % | 628 | 30.2 | % | |||||||||||||||
Operating profit | $ | 1,225 | 31.2 | % | 607 | 22.6 | % | 618 | 101.8 | % | ||||||||||||||
Mining Royalty Lands Segment:
Nine months ended | ||||||||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | ||||||||||||||||||
Mining lands lease revenue | $ | 9,628 | 100.0 | % | 7,779 | 100.0 | % | 1,849 | 23.8 | % | ||||||||||||||
Depreciation, depletion and amortization | 472 | 4.9 | % | 416 | 5.4 | % | 56 | 13.5 | % | |||||||||||||||
Operating expenses | 51 | 0.5 | % | 50 | 0.6 | % | 1 | 2.0 | % | |||||||||||||||
Property taxes | 324 | 3.4 | % | 203 | 2.6 | % | 121 | 59.6 | % | |||||||||||||||
Management company indirect | 390 | 4.1 | % | 346 | 4.4 | % | 44 | 12.7 | % | |||||||||||||||
Corporate expense | 360 | 3.7 | % | 325 | 4.2 | % | 35 | 10.8 | % | |||||||||||||||
Cost of operations | 1,597 | 16.6 | % | 1,340 | 17.2 | % | 257 | 19.2 | % | |||||||||||||||
Operating profit | $ | 8,031 | 83.4 | % | 6,439 | 82.8 | % | 1,592 | 24.7 | % | ||||||||||||||
Development Segment:
Nine months ended | ||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | |||||||||
Lease revenue | $ | 1,387 | 1,203 | 184 | ||||||||
Depreciation, depletion and amortization | 140 | 139 | 1 | |||||||||
Operating expenses | 215 | 541 | (326 | ) | ||||||||
Property taxes | 587 | 1,066 | (479 | ) | ||||||||
Management company indirect | 1,822 | 1,621 | 201 | |||||||||
Corporate expense | 1,918 | 1,794 | 124 | |||||||||
Cost of operations | 4,682 | 5,161 | (479 | ) | ||||||||
Operating loss | $ | (3,295 | ) | (3,958 | ) | 663 | ||||||
Stabilized Joint Venture Segment:
Nine months ended | ||||||||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | ||||||||||||||||||
Lease revenue | $ | 16,454 | 100.0 | % | 15,961 | 100.0 | % | 493 | 3.1 | % | ||||||||||||||
Depreciation, depletion and amortization | 6,797 | 41.3 | % | 7,272 | 45.6 | % | (475 | ) | -6.5 | % | ||||||||||||||
Operating expenses | 4,818 | 29.3 | % | 4,284 | 26.9 | % | 534 | 12.5 | % | |||||||||||||||
Property taxes | 1,649 | 10.0 | % | 1,676 | 10.5 | % | (27 | ) | -1.6 | % | ||||||||||||||
Management company indirect | 330 | 2.0 | % | 277 | 1.7 | % | 53 | 19.1 | % | |||||||||||||||
Corporate expense | 304 | 1.9 | % | 261 | 1.6 | % | 43 | 16.5 | % | |||||||||||||||
Cost of operations | 13,898 | 84.5 | % | 13,770 | 86.3 | % | 128 | 0.9 | % | |||||||||||||||
Operating profit | $ | 2,556 | 15.5 | % | 2,191 | 13.7 | % | 365 | 16.7 | % | ||||||||||||||
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 | |||||||||||||||||||||||
Nine months ended | |||||||||||||||||||||||
Stabilized | |||||||||||||||||||||||
Asset | Joint | Mining | Unallocated | FRP | |||||||||||||||||||
Management | Development | Venture | Royalties | Corporate | Holdings | ||||||||||||||||||
Segment | Segment | Segment | Segment | Expenses | Totals | ||||||||||||||||||
Net Income (loss) | $ | 892 | (7,192 | ) | (816 | ) | 5,842 | 3,270 | 1,996 | ||||||||||||||
Income Tax Allocation | 331 | (2,667 | ) | (145 | ) | 2,168 | 1,212 | 899 | |||||||||||||||
Income (loss) before income taxes | 1,223 | (9,859 | ) | (961 | ) | 8,010 | 4,482 | 2,895 | |||||||||||||||
Less: | |||||||||||||||||||||||
Unrealized rents | 531 | — | — | 143 | — | 674 | |||||||||||||||||
Gain on sale of real estate | — | — | — | 10 | — | 10 | |||||||||||||||||
Interest income | — | 3,692 | — | — | 4,515 | 8,207 | |||||||||||||||||
Plus: | |||||||||||||||||||||||
Unrealized rents | — | — | 117 | — | — | 117 | |||||||||||||||||
Loss on sale of real estate | 2 | — | 1 | — | — | 3 | |||||||||||||||||
Equity in loss of Joint Ventures | — | 10,256 | 298 | 31 | — | 10,585 | |||||||||||||||||
Professional fees - other | — | — | 59 | — | — | 59 | |||||||||||||||||
Interest Expense | — | — | 3,218 | — | 33 | 3,251 | |||||||||||||||||
Depreciation/Amortization | 1,006 | 140 | 6,797 | 472 | — | 8,415 | |||||||||||||||||
396 | 1,822 | 330 | 390 | — | 2,938 | ||||||||||||||||||
Allocated Corporate Expenses | 630 | 1,918 | 304 | 360 | — | 3,212 | |||||||||||||||||
Net Operating Income | 2,726 | 585 | 10,163 | 9,110 | — | 22,584 | |||||||||||||||||
NOI of noncontrolling interest | — | — | (4,627 | ) | — | — | (4,627 | ) | |||||||||||||||
Pro-rata NOI from unconsolidated joint ventures | — | 4,054 | 676 | — | — | 4,730 | |||||||||||||||||
Pro-rata net operating income | $ | 2,726 | 4,639 | 6,212 | 9,110 | — | 22,687 | ||||||||||||||||
Pro-Rata Net Operating Income Reconciliation | |||||||||||||||||||||||
Nine months ended | |||||||||||||||||||||||
Stabilized | |||||||||||||||||||||||
Asset | Joint | Mining | Unallocated | FRP | |||||||||||||||||||
Management | Development | Venture | Royalties | Corporate | Holdings | ||||||||||||||||||
Segment | Segment | Segment | Segment | Expenses | Totals | ||||||||||||||||||
Net income (loss) | $ | 443 | (4,953 | ) | (166 | ) | 5,311 | 735 | 1,370 | ||||||||||||||
Income tax allocation | 164 | (1,837 | ) | 101 | 1,969 | 129 | 526 | ||||||||||||||||
Income (loss) before income taxes | 607 | (6,790 | ) | (65 | ) | 7,280 | 864 | 1,896 | |||||||||||||||
Less: | |||||||||||||||||||||||
Unrealized rents | 223 | — | (62 | ) | 153 | — | 314 | ||||||||||||||||
Gain on sale of real estate | — | — | — | 874 | — | 874 | |||||||||||||||||
Interest income | — | 2,311 | — | — | 895 | 3,206 | |||||||||||||||||
Plus: | |||||||||||||||||||||||
Equity in loss of joint ventures | — | 5,143 | 72 | 33 | — | 5,248 | |||||||||||||||||
Interest expense | — | — | 2,184 | — | 31 | 2,215 | |||||||||||||||||
Depreciation/amortization | 683 | 139 | 7,272 | 416 | — | 8,510 | |||||||||||||||||
Management company indirect | 301 | 1,621 | 277 | 346 | — | 2,545 | |||||||||||||||||
Allocated Corporate expenses | 496 | 1,794 | 261 | 325 | — | 2,876 | |||||||||||||||||
Net operating income (loss) | 1,864 | (404 | ) | 10,063 | 7,373 | — | 18,896 | ||||||||||||||||
NOI of noncontrolling interest | — | — | (3,212 | ) | — | — | (3,212 | ) | |||||||||||||||
Pro-rata NOI from unconsolidated joint ventures | — | 1,896 | 390 | — | — | 2,286 | |||||||||||||||||
Pro-rata net operating income | $ | 1,864 | 1,492 | 7,241 | 7,373 | — | 17,970 | ||||||||||||||||
The following tables represent the Joint Venture and Development pro-rata NOI by project:
Development Segment: | ||||||||||||||||||||||||
FRP | BC FRP | .408 | Verge | Total | ||||||||||||||||||||
Nine months ended | Portfolio | Partnership | Jackson | Partnership | Pro-rata NOI | |||||||||||||||||||
585 | 3,595 | 251 | 350 | (142 | ) | 4,639 | ||||||||||||||||||
(404 | ) | 1,853 | 277 | (10 | ) | (224 | ) | 1,492 | ||||||||||||||||
Stabilized Joint Venture Segment: | ||||||||||||||||
Total | ||||||||||||||||
Nine months ended | The Maren | Joint Venture | Pro-rata NOI | |||||||||||||
2,825 | 2,711 | 676 | 6,212 | |||||||||||||
3,316 | 3,535 | 390 | 7,241 | |||||||||||||
Contact: John D. Baker III Chief Financial Officer 904/858-9100
Source:
2023 GlobeNewswire, Inc., source