FRP

FRP Development Corp / Florida Rock Properties, Inc.

News

  • 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.”

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  • 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.

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  • FRP HOLDINGS, INC. (NASDAQ: FRPH) ANNOUNCES RESULTS FOR THE THIRD QUARTER OF 2017.

    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