FRP Development Corp. Unveils Long-Term Development And Operating Strategy Following Sale Of 40 Local Properties
David deVilliers, Jr.
Baltimore-based development company focused on mixed-use, residential and industrial/warehouse projects in Maryland and Washington, D.C. as well as identifying compelling real estate opportunities
FRP Development Corp., a Baltimore-based full-service development and investment company, has unveiled its long-term development and operating strategy following its recent sale of a major portion of its Baltimore/Washington area asset base including 40 industrial warehouse properties and three adjacent land parcels to Blackstone Real Estate Partners for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale as the tenant exercised its right of first refusal to purchase the property for $11.7 million.
“With numerous high-profile projects currently in our development pipeline, we intend to focus on the successful execution of these assets in a timely manner from a construction and leasing perspective,” explained David deVilliers, Jr., President and Chief Operating Officer of FRP Development Corp. and Florida Rock Properties. “Concurrently, our team is scouring the Mid-Atlantic region for emerging and compelling real estate opportunities that match our exacting acquisition criteria. Together with our strong internal team and development partners, we expect to maintain an active development pace in the foreseeable future.”
FRP Holdings, Inc. (NASDAQ-FRPH) Jacksonville, Florida; May 8, 2018 –
First Quarter Consolidated Results of Operations.
Net income for the first quarter of 2018 was $1,560,000 or $.15 per share versus $1,443,000 or $.14 per share in the same period last year. Total revenues were $12,622,000, up 35.4%, versus the same period last year, primarily because of the addition of rental revenues from Dock 79. Our net income was adversely impacted by $747,000 in expenses related to the pending sale of our industrial warehouse portfolio.
FRP Holdings, Inc. (NASDAQ-FRPH) Jacksonville, Florida; March 22, 2018 –
FRP Holdings, Inc. (the “Company” ) today announced that it has entered into a contract to sell its 41 industrial warehouses and two adjacent lots to an affiliate of Blackstone Real Estate Partners VIII, L.P. (“Blackstone”), for a total purchase price of $358.9 million, subject to adjustment. The sale is subject to customary closing conditions, including approval by the Company’s shareholders. The transaction is expected to close in the second or third quarter of 2018. Details of the transaction and the conditions to its closing are described in the Company’s Current Report on Form 8-K filed on this date with the Securities and Exchange Commission (“SEC”).
Commenting on the transaction, John D. Baker II, Executive Chairman and CEO of the Company stated: “The reduction in corporate income tax rates in a low cap rate environment created too good an opportunity to forgo. We look forward to redeploying these proceeds in our other business segments including Anacostia, Land Development, and Mining/Royalties segments where more recently we have enjoyed more favorable returns.”