FRP Development Corp / Florida Rock Properties, Inc.



    FRP Holdings, Inc. (NASDAQ-FRPH) Jacksonville, Florida; November 1, 2017

    Third Quarter Consolidated Results of Operations.

    Net income for the third quarter of 2017 was $25,391,000 or $2.52 per share versus $1,957,000 or $.20 per share in the same period last year. 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. 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. The gain included $4,727,000 related to the value of leases in place resulting in amortization expense of $1,326,000 for the quarter. The lease value is amortized over the life of the leases, 89% of that value is scheduled to be expensed by June 30, 2018. The gain included $34 million related to the building and improvements which will result in additional deprecation of $220,000 quarterly. The total gain related depreciation and amortization was $1,546,000 which explains the majority of the $1,480,000 reduction in operating profit compared to the same quarter last year. Total revenues were $12,054,000, up 23.3%, versus the same period last year, primarily because of the addition of rental revenues from Dock 79.


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FRP Development Corp / Florida Rock Properties, Inc.

34 Loveton Circle, Suite 200 | Sparks, MD 21152
Phone: (410) 771-4100 Fax: (410) 771-8150
Building Emergency Contact Line: (410) 771-8143