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.”
FRP Holdings, Inc. (NASDAQ-FRPH) Jacksonville, Florida; March 7, 2018 –
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.