• FRP Holdings, Inc. (NASDAQ: FRPH) Announces Results for the Second Quarter and Six Months Ended June 30, 2022

    Источник: Nasdaq GlobeNewswire / 11 авг 2022 12:38:27   America/New_York

    JACKSONVILLE, Fla., Aug. 11, 2022 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) –

    Second Quarter Operational Highlights

    • Dock 79 ended the reporting period with average residential occupancy above 95% for the fifth straight quarter
    • 7.33% increase on renewals at Dock 79
    • Best second quarter of revenue for mining royalties in segment’s history
    • 55.1% increase in Asset Management Revenue versus same period last year
    • 16.0% increase in NOI ($6.94 million vs $5.98 million) compared to same period last year

    Second Quarter Consolidated Results of Operations

    Net income for the second quarter of 2022 was $657,000 or $.07 per share versus $82,000 or $.01 per share in the same period last year. The second quarter of 2022 was impacted by the following items:

    • The quarter includes $152,000 amortization expense compared to $1,868,000 in the same quarter last year of the $4,750,000 fair value of The Maren’s leases-in-place established when we booked this asset as part of the gain on remeasurement upon consolidation of this Joint Venture.
    • Interest expense increased $293,000 compared to the same quarter last year due to capitalizing less interest due to the lower amount of in-house and joint venture projects under development.
    • Equity in loss of Joint Ventures increased $648,000 primarily due to increased depreciation and amortization at our joint ventures due to buildings placed in service.
    • The same quarter last year included $805,000 for an easement and sale of excess land in the Mining Royalty Lands Segment.

    Second Quarter Segment Operating Results

    Asset Management Segment:

    Total revenues in this segment were $912,000, up $324,000 or 55.1%, over the same period last year. Operating profit was $194,000, up $354,000 from an operating loss of $(160,000) in the same quarter last year. Operating profit is up primarily because Cranberry Run is now 100% leased and occupied compared to 77.6% leased and 59.7% occupied at the end of the same quarter last year. Revenues are up because of Cranberry Run as well as the addition of our two most recent spec buildings at Hollander Business Park which were under construction during the same period last year.

    Mining Royalty Lands Segment:

    Total revenues in this segment were $2,883,000 versus $2,634,000 in the same period last year. Total operating profit in this segment was $2,350,000, an increase of $58,000 versus $2,292,000 in the same period last year. This increase is primarily the result of the additional royalties from the acquisition in Astatula, FL which we completed at the beginning of this quarter.

    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 in committed capital to the project, $16.8 million in principal draws have taken place to date. Through the end of the first half of 2022, 99 of the 187 units have been sold, and we have received $13,040,000 in preferred interest and principal to date.  
    • Bryant Street is a mixed-use joint venture between the Company and MRP in Washington, DC consisting of four buildings, The Coda, The Chase 1A, The Chase 1B, and one commercial building 90% leased to an Alamo Draft House movie theater. At quarter end, the Coda was 96.75% leased and 95.45% occupied, The Chase 1B was 85.71% leased and 78.26% occupied, and The Chase 1A was 72.67% leased and 62.79% occupied. In total, at quarter end, Bryant Street’s 487 residential units were 84.6% leased and 78.2% occupied. Its commercial space was 82.5% leased and 69.2% occupied at quarter end.
    • We began construction on our 1800 Half Street joint venture project, now known as The Verge, at the end of August 2020. We expect the building to be complete in the third quarter of 2022. As of the end of the second quarter, the project was 91.34% complete. This is our third mixed use project in the Anacostia waterfront submarket in Washington, DC.
    • Leasing began on Riverside in the third quarter 2021 and the building was 97% leased and 91% occupied at the end of the quarter. .408 Jackson is our second joint venture project in Greenville and is currently under construction. This project is 94.09% complete and we expect to complete construction and begin leasing in fourth quarter of 2022.

    Stabilized Joint Venture Segment:

    Total revenues in this segment were $5,425,000, an increase of $603,000 versus $4,822,000 in the same period last year. The Maren’s revenue was $2,457,000 and Dock 79 revenues increased $307,000. Total operating profit in this segment was $919,000 an increase of $2,277,000 versus an operating loss of $(1,358,000) in the same period last year. Net Operating Income this quarter for this segment was $3,533,000, up $496,000 or 16.3% compared to the same quarter last year.

    At the end of June, The Maren was 93.93% leased and 96.21% occupied. Average residential occupancy for the quarter was 95.34%, and 65.38% of expiring leases renewed with an average rent increase on renewals of 4.60%. The Maren is a joint venture between the Company and MRP, in which FRP Holdings, Inc. is the majority partner with 70.41% ownership.

    Dock 79’s average residential occupancy for the quarter was 96.39%, and at the end of the quarter, Dock 79’s residential units were 94.8% leased and 94.1% occupied. This quarter, 60.78% of expiring leases renewed with an average rent increase on renewals of 7.33%. Dock 79 is a joint venture between the Company and MRP, in which FRP Holdings, Inc. is the majority partner with 66% ownership.

    Second quarter distributions from our CS1031 Hickory Creek DST investment were $86,000.

    Six Months Operational Highlights

    • 34.7% increase in asset management revenue versus first six months of last year
    • Highest six-month total of mining royalties revenue in segment’s history
    • 65.52% renewal rate at Dock 79 with 6.41% increase on renewals through first six months
    • 24.0% increase in NOI ($12.67 million vs $10.22 million) compared to first six months last year

    Six Months Consolidated Results of Operations

    Net income attributable to the Company for the first half of 2022 was $1,329,000 or $.14 per share versus $28,455,000 or $3.03 per share in the same period last year. The first half of 2022 was impacted by the following items:

    • The period includes $468,000 amortization expense compared to $1,868,000 in the same period last year of the $4,750,000 fair value of The Maren’s leases-in-place established when we booked this asset as part of the gain on remeasurement upon consolidation of this Joint Venture.
    • The period includes $733,000 gain on sales of excess property at Brooksville while the same quarter last year included $805,000 for a Grandin easement and sale of Brooksville excess land.
    • Interest income decreased $405,000 due to bond maturities and the repayment of the Company’s preferred interest in The Maren upon the building’s refinancing.
    • Equity in loss of Joint Ventures increased $617,000 primarily due to increased depreciation and amortization at our joint ventures due to buildings placed in service.

    Net income for the first half of 2021 included a gain of $51.1 million on the remeasurement of investment in The Maren real estate partnership, which is included in Income before income taxes. This gain on remeasurement was mitigated by a $10.1 million provision for taxes and $14.0 attributable to noncontrolling interest.

    Six Months Segment Operating Results

    Asset Management Segment:

    Total revenues in this segment were $1,751,000, up $451,000 or 34.7%, over the same period last year. Operating profit was $342,000, up $485,000 from an operating loss of $(143,000) in the same period last year.

    Mining Royalty Lands Segment:

    Total revenues in this segment were $5,308,000 versus $4,949,000 in the same period last year. Total operating profit in this segment was $4,439,000, an increase of $134,000 versus $4,305,000 in the same period last year.

    Stabilized Joint Venture Segment:

    In March 2021, we reached stabilization on Phase II (The Maren) of the development known as RiverFront on the Anacostia in Washington, D.C. As such, as of March 31, 2021, the Company consolidated the assets (at current fair value based on appraisal), liabilities and operating results of the joint venture. Up through the first quarter of the prior year, accounting for The Maren was reflected in Equity in loss of joint ventures on the Consolidated Statements of Income. Starting April 1, 2021, all the revenue and expenses are accounted for in the same manner as Dock 79 in the stabilized joint venture segment.

    Total revenues in this segment were $10,485,000, an increase of $3,154,000 versus $7,331,000 in the same period last year. The Maren’s revenue was $4,866,000 and Dock 79 revenues increased $450,000. Total operating profit in this segment was $1,285,000, an increase of $2,426,000 versus an operating loss of $(1,141,000) in the same period last year. Net Operating Income for this segment was $6,670,000, up $2,099,000 or 45.92% compared to the same period last year. All of these increases over the first six months last year are primarily due to the Maren’s consolidation into this segment in March 31, 2021.

    The Maren’s average residential occupancy for the first six months of 2022 was 95.24%, and 63.53% of expiring leases renewed with an average rent increase on renewals of 3.69%. The Maren is a joint venture between the Company and MRP, in which FRP Holdings, Inc. is the majority partner with 70.41% ownership.

    Dock 79’s average residential occupancy for the first six months of 2022 was 95.79%. Through the first six months of the year, 65.52% of expiring leases renewed with a 6.41% increase on renewals. Dock 79 is a joint venture between the Company and MRP, in which FRP Holdings, Inc. is the majority partner with 66% ownership.

    Distributions from our CS1031 Hickory Creek DST investment were $171,000 for the first six months of the year.

    Impact of the COVID-19 Pandemic.

    We have continued operations throughout the pandemic and have made every effort to act in accordance with national, state, and local regulations and guidelines. During 2020, Dock 79 and The Maren most directly suffered the impacts to our business from the pandemic due to our retail tenants being unable to operate at capacity, the lack of attendance at the Washington Nationals baseball park and the rent freeze imposed by the District. In 2021, the Delta and Omicron variants of the virus impacted our businesses, but because of the vaccine and efforts to reopen the economy, while still affected, they were not impacted to the extent that they were in 2020. It is possible that this version of the virus and its succeeding variants may impact our ability to lease retail spaces in Washington, D.C. and Greenville. We expect our business to be affected by the pandemic for as long as government intervention and regulation is required to combat the threat.

    Summary and Outlook

    Royalty revenue for the quarter was up 9.44% versus the same period last year and revenue for the first six months increased 7.26% versus the same period the year before. This is the highest second-quarter revenue total in this segment’s history, the highest six-month revenue total in the segment’s history, and the first time we have ever eclipsed $5 million in revenue in the first six months (or any six-month period). As mentioned previously, this jump in revenue is primarily the result of the acquisition we completed at the beginning of this quarter of a new mining royalty property in Astatula, FL. The additional royalties along with increased infrastructure spending and pressure on supply should continue to help push price and volumes and drive this segment forward.

    This is the first full quarter where we have had the ability raise to rents on renewals at Dock 79 and the Maren. Both properties performed well with 65.38% of expiring leases at the Maren renewing with an average increase of 4.60%, and 60.78% of expiring leases at Dock 79 renewing with an average increase of 7.33%.   When we could not renew an existing residential lease and instead signed a new tenant, we saw a year-to-date increase in rent on these “trade-outs” of 11.75% at Dock 79 and 10.58% at The Maren.    Dock 79 experienced the effects of the rent freeze to a greater extent than the Maren, so it is not surprising that a return to market rents has had a greater effect on its renewal increases as well as these trade-outs. Increased inflation has also played a part in driving these increases. However, we believe that this also speaks to the demand these assets generate in a competitive market and confirms our “long” position in this submarket with these assets as well as the ones we have in our development pipeline.  

    Demand for industrial space remains high and Asset Management’s performance this quarter speaks to that. Cranberry Run is 100% leased and occupied for the second straight quarter and as a result achieved first six-month revenues 34.19% higher than last year.    Our other two properties (our home office in Maryland and Vulcan’s former Jacksonville office) remain essentially unchanged and fully leased. As to the immediate future of this segment, we anticipate shell completion of our final building at Hollander by the end of 2022. This 101,750 square foot warehouse is a build-to-suit with a 10-year lease, which will positively impact revenue, operating profit, and NOI for some time.
      
    Looking back on the first six months, the numbers speak to both organic growth in all our income producing segments as well as the benefit of two full quarters of a stabilized and consolidated Maren. The one major headwind in our income statement is the increase in equity in loss in joint venture. This is both a function of the equity method of accounting and the nature of our multifamily assets prior to stabilization. What one line item encompassing several properties simply cannot tell you, and perhaps where an NOI number is more illustrative, is how we are incrementally growing the value of this Company. Development and lease-up are always going to be expensive and a damper on earnings, and, good, bad, or indifferent, are simply the price you pay for future income and cashflow. We count ourselves extremely fortunate to have a shareholder base that can see the big picture and understands what we are building towards.

    We have several meaningful events and milestones heading our way with what remains of the year: the stabilization of both Bryant Street; stabilization and permanent financing for Riverside; completion of construction on and the commencement of leasing for both .408 Jackson in Greenville and The Verge in Washington, DC. We are working diligently to conservatively convert our existing cash into new investments, cautiously optimistic as ever, but ever mindful of our duty to be responsible stewards of your capital.

    Conference Call

    The Company will host a conference call on Friday, August 12, 2022 at 10:00 a.m. (EDT). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-800-343-4849 (passcode 91003) within the United States. International callers may dial 1-203-518-9848 (passcode 91003). Audio replay will be available until August 26, 2022 by dialing 1-800-943-2127 (passcode 17717) within the United States. International callers may dial 1-402-220-1139 (passcode 17717). An audio replay will also be available on the Company’s investor relations page (https://www.frpdev.com/investor-relations/) following the call.

    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 impact of the COVID-19 Pandemic on our operations and financial results; 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-Washington-Northern Virginia area; demand for apartments in Washington D.C., Richmond, Virginia, and Greenville, South Carolina; our ability to obtain zoning and entitlements necessary for property development; the impact of lending and capital market conditions on our liquidity; our ability to finance projects or repay our debt; general real estate investment and development risks; vacancies in our properties; risks associated with developing and managing properties in partnership with others; competition; our ability to renew leases or re-lease spaces as leases expire; illiquidity of real estate investments; bankruptcy or defaults of tenants; the impact of restrictions imposed by our credit facility; the level and volatility of interest rates; environmental liabilities; inflation risks; cybersecurity risks; as well as other risks listed from time to time in our SEC filings; including but not limited to; our annual and quarterly reports. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements.

    FRP Holdings, Inc. is a holding company engaged in the real estate business, namely (i) leasing and management of commercial properties owned by the Company, (ii) leasing and management of mining royalty land owned by the Company, (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse, and office, (iv) leasing and management of a residential apartment building.

    FRP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF INCOME
    (In thousands except per share amounts)
    (Unaudited)

      THREE MONTHS ENDED SIX MONTHS ENDED
      JUNE 30, JUNE 30,
      2022 2021 2022 2021
    Revenues:                
    Lease revenue $6,745   5,861   13,027   9,399 
    Mining lands lease revenue  2,883   2,634   5,308   4,949 
    Total Revenues  9,628   8,495   18,335   14,348 
                     
    Cost of operations:                
    Depreciation, depletion and amortization  2,868   4,388   5,766   5,831 
    Operating expenses  1,541   1,394   3,349   2,235 
    Property taxes  1,041   1,000   2,069   1,778 
    Management company indirect  805   822   1,579   1,392 
    Corporate expenses  1,307   1,050   2,142   1,829 
    Total cost of operations  7,562   8,654   14,905   13,065 
                     
    Total operating profit (loss)  2,066   (159)  3,430   1,283 
                     
    Net investment income, including realized gains of $0, $0, $0 and $0, respectively  1,120   1,048   2,018   2,423 
    Interest expense  (739)  (446)  (1,477)  (1,371)
    Equity in loss of joint ventures  (1,766)  (1,118)  (3,370)  (2,753)
    Gain on remeasurement of investment in real estate partnership           51,139 
    Gain on sale of real estate     805   733   805 
                     
    Income before income taxes  681   130   1,334   51,526 
    Provision for (benefit from) income taxes  99   (151)  348   10,370 
                     
    Net income  582   281   986   41,156 
    Gain (loss) attributable to noncontrolling interest  (75)  199   (343)  12,701 
    Net income attributable to the Company $657   82   1,329   28,455 
                     
    Earnings per common share:                
    Net income attributable to the Company-                
    Basic $0.07   0.01   0.14   3.04 
    Diluted $0.07   0.01   0.14   3.03 
                     
    Number of shares (in thousands) used in computing:           
    -basic earnings per common share  9,384   9,353   9,375   9,347 
    -diluted earnings per common share  9,424   9,390   9,416   9,385 
                     

    FRP HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (Unaudited) (In thousands, except share data)

      June 30, 2022 December 31, 2021
    Assets:    
    Real estate investments at cost:        
    Land $135,139   123,397 
    Buildings and improvements  268,156   265,278 
    Projects under construction  11,149   8,668 
    Total investments in properties  414,444   397,343 
    Less accumulated depreciation and depletion  51,889   46,678 
    Net investments in properties  362,555   350,665 
             
    Real estate held for investment, at cost  9,969   9,722 
    Investments in joint ventures  139,655   145,443 
    Net real estate investments  512,179   505,830 
             
    Cash and cash equivalents  159,262   161,521 
    Cash held in escrow  765   752 
    Accounts receivable, net  1,423   793 
    Investments available for sale at fair value     4,317 
    Federal and state income taxes receivable     1,103 
    Unrealized rents  806   620 
    Deferred costs  2,065   2,726 
    Other assets  540   528 
    Total assets $677,040   678,190 
             
    Liabilities:        
    Secured notes payable $178,483   178,409 
    Accounts payable and accrued liabilities  4,815   6,137 
    Other liabilities  1,886   1,886 
    Federal and state income taxes payable  398    
    Deferred revenue  223   369 
    Deferred income taxes  64,180   64,047 
    Deferred compensation  1,307   1,302 
    Tenant security deposits  811   790 
    Total liabilities  252,103   252,940 
             
    Commitments and contingencies        
             
    Equity:        
    Common stock, $.10 par value 25,000,000 shares authorized, 9,455,096 and 9,411,028 shares issued and outstanding, respectively  945   941 
    Capital in excess of par value  58,872   57,617 
    Retained earnings  339,081   337,752 
    Accumulated other comprehensive income (loss), net  (1,096)  113 
    Total shareholders’ equity  397,802   396,423 
    Noncontrolling interest MRP  27,135   28,827 
    Total equity  424,937   425,250 
    Total liabilities and equity $677,040   678,190 
             

    Asset Management Segment:

      Three months ended June 30    
    (dollars in thousands) 2022 % 2021 % Change %
                 
    Lease revenue $912   100.0%  588   100.0%  324   55.1%
                             
    Depreciation, depletion and amortization  230   25.2%  134   22.8%  96   71.6%
    Operating expenses  111   12.2%  74   12.6%  37   50.0%
    Property taxes  52   5.7%  42   7.1%  10   23.8%
    Management company indirect  100   10.9%  210   35.7%  (110)  -52.4%
    Corporate expense  225   24.7%  288   49.0%  (63)  -21.9%
                             
    Cost of operations  718   78.7%  748   127.2%  (30)  -4.0%
                             
    Operating profit (loss) $194   21.3%  (160)  -27.2%  354   -221.3%
                             

    Mining Royalty Lands Segment:

      Three months ended June 30    
    (dollars in thousands) 2022 % 2021 % Change %
                 
    Mining lands lease revenue $2,883   100.0%  2,634   100.0%  249   9.5%
                             
    Depreciation, depletion and amortization  189   6.6%  58   2.2%  131   225.9%
    Operating expenses  17   0.6%  12   0.5%  5   41.7%
    Property taxes  69   2.4%  68   2.6%  1   1.5%
    Management company indirect  110   3.8%  96   3.6%  14   14.6%
    Corporate expense  148   5.1%  108   4.1%  40   37.0%
                             
    Cost of operations  533   18.5%  342   13.0%  191   55.8%
                             
    Operating profit $2,350   81.5%  2,292   87.0%  58   2.5%
                             

    Development Segment:

      Three months ended June 30
    (dollars in thousands) 2022 2021 Change
           
    Lease revenue $408   451   (43)
                 
    Depreciation, depletion and amortization  47   53   (6)
    Operating expenses  80   45   35 
    Property taxes  356   364   (8)
    Management company indirect  506   400   106 
    Corporate expense  816   522   294 
                 
    Cost of operations  1,805   1,384   421 
                 
    Operating loss $(1,397)  (933)  (464)
                 

    Stabilized Joint Venture Segment:

      Three months ended June 30    
    (dollars in thousands) 2022 % 2021 % Change %
                 
    Lease revenue $5,425   100.0%  4,822   100.0%  603   12.5%
                             
    Depreciation, depletion and amortization  2,402   44.3%  4,143   85.9%  (1,741)  -42.0%
    Operating expenses  1,333   24.6%  1,263   26.2%  70   5.5%
    Property taxes  564   10.4%  526   10.9%  38   7.2%
    Management company indirect  89   1.6%  116   2.4%  (27)  -23.3%
    Corporate expense  118   2.2%  132   2.8%  (14)  -10.6%
                             
    Cost of operations  4,506   83.1%  6,180   128.2%  (1,674)  -27.1%
                             
    Operating profit (loss) $919   16.9%  (1,358)  -28.2%  2,277   -167.7%
                             

    Asset Management Segment:

      Six months ended June 30    
    (dollars in thousands) 2022 % 2021 % Change %
                 
    Lease revenue $1,751   100.0%  1,300   100.0%  451   34.7%
                             
    Depreciation, depletion and amortization  464   26.5%  271   20.8%  193   71.2%
    Operating expenses  279   15.9%  213   16.4%  66   31.0%
    Property taxes  105   6.0%  80   6.2%  25   31.3%
    Management company indirect  192   11.0%  377   29.0%  (185)  -49.1%
    Corporate expense  369   21.1%  502   38.6%  (133)  -26.5%
                             
    Cost of operations  1,409   80.5%  1,443   111.0%  (34)  -2.4%
                             
    Operating profit (loss) $342   19.5%  (143)  -11.0%  485   -339.2%
                             

    Mining Royalty Lands Segment:

      Six months ended June 30    
    (dollars in thousands) 2022 % 2021 % Change %
                 
    Mining lands lease revenue $5,308   100.0%  4,949   100.0%  359   7.3%
                             
    Depreciation, depletion and amortization  244   4.6%  123   2.5%  121   98.4%
    Operating expenses  32   0.6%  23   0.5%  9   39.1%
    Property taxes  134   2.5%  131   2.6%  3   2.3%
    Management company indirect  217   4.1%  178   3.6%  39   21.9%
    Corporate expense  242   4.6%  189   3.8%  53   28.0%
                             
    Cost of operations  869   16.4%  644   13.0%  225   34.9%
                             
    Operating profit $4,439   83.6%  4,305   87.0%  134   3.1%
                             

    Development Segment:

      Six months ended June 30
    (dollars in thousands) 2022 2021 Change
           
    Lease revenue $791   768   23 
                 
    Depreciation, depletion and amortization  92   106   (14)
    Operating expenses  291   71   220 
    Property taxes  711   727   (16)
    Management company indirect  996   661   335 
    Corporate expense  1,337   941   396 
                 
    Cost of operations  3,427   2,506   921 
                 
    Operating loss $(2,636)  (1,738)  (898)
                 

    Stabilized Joint Venture Segment:

      Six months ended June 30    
    (dollars in thousands) 2022 % 2021 % Change %
                 
    Lease revenue $10,485   100.0%  7,331   100.0%  3,154   43.0%
                             
    Depreciation, depletion and amortization  4,966   47.4%  5,331   72.7%  (365)  -6.8%
    Operating expenses  2,747   26.2%  1,928   26.3%  819   42.5%
    Property taxes  1,119   10.7%  840   11.5%  279   33.2%
    Management company indirect  174   1.6%  176   2.4%  (2)  -1.1%
    Corporate expense  194   1.8%  197   2.7%  (3)  -1.5%
                             
    Cost of operations  9,200   87.7%  8,472   115.6%  728   8.6%
                             
    Operating profit (loss) $1,285   12.3%  (1,141)  -15.6%  2,426   -212.6%
                             

    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 Securities and Exchange Commission. The non-GAAP financial measure included in this quarterly report is net operating income (NOI). FRP uses this non-GAAP financial measure to analyze its operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. This measure is not, and should not be viewed as, a substitute for GAAP financial measures.

    Net Operating Income Reconciliation           
    Six months ended 06/30/22 (in thousands)           
         Stabilized      
     Asset   Joint Mining Unallocated FRP
     Management Development Venture Royalties Corporate Holdings
     Segment Segment Segment Segment Expenses Totals
    Net Income (loss)$249   (3,351)  (92)  3,758   422   986 
    Income Tax Allocation 93   (1,242)  92   1,393   12   348 
    Income (loss) before income taxes 342   (4,593)     5,151   434   1,334 
                            
    Less:                       
    Unrealized rents 196         105      301 
    Gain on sale of real estate          733      733 
    Equity in gain of Joint Ventures       171         171 
    Interest income    1,563         455   2,018 
    Plus:                       
    Unrealized rents       51         51 
    Equity in loss of Joint Ventures    3,520      21      3,541 
    Interest Expense       1,456      21   1,477 
    Depreciation/Amortization 464   92   4,966   244      5,766 
    Management Co. Indirect 192   996   174   217      1,579 
    Allocated Corporate Expenses 369   1,337   194   242      2,142 
                            
    Net Operating Income (loss)$1,171   (211)  6,670   5,037      12,667 
                            


    Net Operating Income Reconciliation           
    Six months ended 06/30/21 (in thousands)           
         Stabilized      
     Asset   Joint Mining Unallocated FRP
     Management Development Venture Royalties Corporate Holdings
     Segment Segment Segment Segment Expenses Totals
    Net Income (loss)$(123)  (1,629)  38,591   3,731   586   41,156 
    Income Tax Allocation (46)  (604)  9,601   1,383   36   10,370 
    Income (loss) before income taxes (169)  (2,233)  48,192   5,114   622   51,526 
                            
    Less:                       
    Gain on remeasurement of real estate investment       51,139         51,139 
    Gain on investment land sold          831      831 
    Unrealized rents 11         113      124 
    Interest income    1,779         644   2,423 
    Plus:                       
    Unrealized rents       8         8 
    Loss on sale of land 26               26 
    Equity in loss of Joint Venture    2,274   457   22      2,753 
    Interest Expense       1,349      22   1,371 
    Depreciation/Amortization 271   106   5,331   123      5,831 
    Management Co. Indirect 377   661   176   178      1,392 
    Allocated Corporate Expenses 502   941   197   189      1,829 
                            
    Net Operating Income (loss)$996   (30)  4,571   4,682      10,219 
                            

    Contact:
    John D. Baker III
    Chief Financial Officer
    904/858-9100

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