Second Quarter Operational Highlights
- 16.3% increase in pro-rata NOI (
$7.61 million vs$6.55 million ) over second quarter 2022 - Mining royalties’ highest second quarter ever in terms of revenue; royalty revenue increased 13.2% over second quarter 2022; 9.9% increase in royalties per ton
- 55.7% increase in Asset Management revenue versus same period last year; 23.8% increase in Asset Management NOI versus second quarter 2022
Second Quarter Consolidated Results of Operations
Net income for the second quarter of 2023 was
- Operating profit increased
$701,000 compared to the same quarter last year due to improved revenues. - Management company indirect increased
$235,000 due to merit increases and new hires along with recruiting costs. - Interest expense increased
$390,000 compared to the same quarter last year due to less capitalized interest. We capitalized less interest because of fewer in-house and joint venture projects under development this quarter compared to last year. - Interest income increased
$2,005,000 due primarily to an increase in interest earned on cash equivalents and increased income from our lending ventures. - Equity in loss of Joint Ventures increased
$2,281,000 primarily due to losses during lease up at The Verge and .408 Jackson.
Second Quarter Segment Operating Results
Asset Management Segment:
Total revenues in this segment were
Mining Royalty Lands Segment:
Total revenues in this segment were
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,$17.2 million in principal draws have taken place through quarter end. Through the end ofJune 30, 2023 , 164 of the 187 units have been sold, and we have received$19.6 million in preferred interest and principal to date. Bryant Street is a mixed-use joint venture between the Company and MRP inWashington, DC consisting of four buildings: The Coda, The Chase 1A, The Chase 1B, and one commercial building which became fully leased this quarter, 90% of which is leased to anAlamo Draft House movie theater. At quarter end, the Coda was 95% leased and 94.8% occupied and the two buildings that comprise the Chase were 90.69% leased and 92.49% occupied. In total, at quarter end, Bryant Street’s 487 residential units were 92.2% leased and 93.2% occupied. Its commercial space was 95.9% leased and 79.1% occupied at quarter end.- Lease-up is underway at The Verge, and at quarter end, the building was 68.6% leased and 43.3% occupied inclusive of 25 units licensed to Placemaker Management for a short-term corporate rental program. Retail at this location is 45.2% leased. This is our third mixed-use project in the Anacostia waterfront submarket in
Washington, DC . - .408 Jackson is our second joint venture project in
Greenville . Leasing began in the fourth quarter of 2022 with residential units 85.9% leased and 76.2% occupied at quarter end. Retail at this location is 100% leased and currently under construction and expected to open during the fourth quarter of this year. - Windlass Run, our suburban office and retail joint venture with
St. John Properties, Inc. signed a new office lease for 12,126 square feet bringing the office portion of the project to 78.28% leased and 61.45% occupied. Additional retail space at this site is 22.86% leased and 13.46% occupied.
Stabilized Joint Venture Segment:
Total revenues in this segment were
At the end of June, The Maren was 92.42% leased and 94.32% occupied. Average residential occupancy for the quarter was 96.88%, and 39.62% of expiring leases renewed with an average rent increase on renewals of 5.66%. The Maren is a joint venture between the Company and MRP and SIC, in which
Dock 79’s average residential occupancy for the quarter was 94.75%, and at the end of the quarter, Dock 79’s residential units were 91.48% leased and 95.41% occupied. This quarter, 65.31% of expiring leases renewed with an average rent increase on renewals of 3.20%.
During the third quarter of 2022, we achieved stabilization at our Riverside Joint Venture in
Six Months Operational Highlights (compared to the same period last year)
- 24.5% increase in pro-rata NOI (
$14.60 million vs$11.73 million ) - Mining Royalties increased 23.3%; 10.1% increase in royalties per ton
- 42.2% increase in Asset Management revenue; 39.2% increase in Asset Management NOI
Six Months Consolidated Results of Operations
Net income for the first six months of 2023 was
- Operating profit increased
$2,191,000 compared to the same period last year due to improved revenues and profits in all four segments. - Management company indirect increased
$300,000 due to merit increases and new hires along with recruiting costs. - Interest expense increased
$658,000 compared to the same period last year due to less capitalized interest. We capitalized less interest because of fewer in-house and joint venture projects under development compared to last year. - Interest income increased
$3,489,000 due primarily to an increase in interest earned on cash equivalents and increased income from our lending ventures. - Equity in loss of Joint Ventures increased
$4,302,000 primarily due to losses during lease up at The Verge and .408 Jackson. - The first six months of 2022 included a
$733,000 gain on sales of excess property atBrooksville .
Six Months Segment Operating Results
Asset Management Segment:
Total revenues in this segment were
Mining Royalty Lands Segment:
Total revenues in this segment were
Stabilized Joint Venture Segment:
In the fourth quarter of 2022, as part of our new partnership with
Total revenues in this segment were
At the end of June, The Maren was 92.42% leased and 94.32% occupied. Average residential occupancy for the first six months of 2023 was 96.37%, and 43.53% of expiring leases renewed with an average rent increase on renewals of 6.64%. The Maren is a joint venture between the Company and MRP and SIC, in which
Dock 79’s average residential occupancy for the first six months of 2023 was 93.77%, and at the end of the quarter, Dock 79’s residential units were 91.48% leased and 95.41% occupied. Through the first six months of the year, 65.22% of expiring leases renewed with an average rent increase on renewals of 3.74%.
During the third quarter of 2022, we achieved stabilization at our Riverside Joint Venture in
Summary and Outlook
Royalty revenue for this quarter was up 13% over the same period last year, and royalty revenue for the first six months is up 23%. The last three quarters have been the three highest revenue quarters in this segment’s history. Mining royalty revenue for the last twelve months is
In the Stabilized Joint Venture segment, pro-rata NOI is down for the segment for both the quarter and the first six months, which is to be expected after selling 20% of our share of
In our Asset Management Segment, occupancy and our overall square-footage have increased since the second quarter of 2022, leading to a 39.2% increase in NOI for the first six months compared to the same period last year. We are 95.6% leased and occupied on 548,785 square feet compared to 84.3% occupied on 447,035 square feet at the end of the second quarter of 2022.
Inflation and the upward pressure on interest rates, while potentially softening, remain an obstacle for any developer. We have benefitted from the effect of these forces on rents and royalties, but the compression of future margins from hard costs and financing is a real problem for development. In (relatively) less capital-intensive projects like warehouse construction, this situation is potentially beneficial, because we can use our cash on hand to finance construction on an all equity basis and develop in-demand industrial product while the interest rates on construction loans keep most development on the sidelines. But in the instance of multi-family development, where a construction loan is an absolute necessity, we will in all likelihood sit tight for the time being. In regards to the first phase of our partnership with SIC and MRP, we will continue to pursue entitlements and all work required to prepare the project for development, but will delay vertical construction until the lending markets soften. As we mentioned last quarter, we have a long-term vision for the company, and we’re not going to rush into anything and take on additional development risk if market conditions prevent us from making a reasonable return. We still have the utmost confidence in our assets and the markets in which they thrive. To that end, this past quarter we repurchased 18,340 shares at average cost of
We would like to remind our investors that we are holding an Investor Day on
Conference Call
The Company will host a conference call on
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 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-
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||||||||
(In thousands except per share amounts) | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Lease revenue | $ | 7,432 | 6,745 | 14,264 | 13,027 | |||||||||||||||||||||
Mining lands lease revenue | 3,264 | 2,883 | 6,546 | 5,308 | ||||||||||||||||||||||
Total Revenues | 10,696 | 9,628 | 20,810 | 18,335 | ||||||||||||||||||||||
Cost of operations: | ||||||||||||||||||||||||||
Depreciation, depletion and amortization | 2,819 | 2,868 | 5,599 | 5,766 | ||||||||||||||||||||||
Operating expenses | 1,822 | 1,541 | 3,562 | 3,349 | ||||||||||||||||||||||
Property taxes | 879 | 1,041 | 1,826 | 2,069 | ||||||||||||||||||||||
Management company indirect | 1,040 | 805 | 1,879 | 1,579 | ||||||||||||||||||||||
Corporate expenses | 1,369 | 1,307 | 2,323 | 2,142 | ||||||||||||||||||||||
Total cost of operations | 7,929 | 7,562 | 15,189 | 14,905 | ||||||||||||||||||||||
Total operating profit | 2,767 | 2,066 | 5,621 | 3,430 | ||||||||||||||||||||||
Net investment income | 3,125 | 1,120 | 5,507 | 2,018 | ||||||||||||||||||||||
Interest expense | (1,129 | ) | (739 | ) | (2,135 | ) | (1,477 | ) | ||||||||||||||||||
Equity in loss of joint ventures | (4,047 | ) | (1,766 | ) | (7,672 | ) | (3,370 | ) | ||||||||||||||||||
Gain (loss) on sale of real estate | (2 | ) | — | 8 | 733 | |||||||||||||||||||||
Income before income taxes | 714 | 681 | 1,329 | 1,334 | ||||||||||||||||||||||
Provision for (benefit from) income taxes | 222 | 99 | 431 | 348 | ||||||||||||||||||||||
Net income | 492 | 582 | 898 | 986 | ||||||||||||||||||||||
Loss attributable to noncontrolling interest | (106 | ) | (75 | ) | (265 | ) | (343 | ) | ||||||||||||||||||
Net income attributable to the Company | $ | 598 | 657 | 1,163 | 1,329 | |||||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||
Net income attributable to the Company- | ||||||||||||||||||||||||||
Basic | $ | 0.06 | 0.07 | 0.12 | 0.14 | |||||||||||||||||||||
Diluted | $ | 0.06 | 0.07 | 0.12 | 0.14 | |||||||||||||||||||||
Number of shares (in thousands) used in computing: | ||||||||||||||||||||||||||
-basic earnings per common share | 9,432 | 9,384 | 9,424 | 9,375 | ||||||||||||||||||||||
-diluted earnings per common share | 9,466 | 9,424 | 9,463 | 9,416 |
CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited) (In thousands, except share data) | |||||||
Assets: | 2023 | 2022 | |||||
Real estate investments at cost: | |||||||
Land | $ | 141,578 | 141,579 | ||||
Buildings and improvements | 282,070 | 270,579 | |||||
Projects under construction | 2,667 | 12,208 | |||||
Total investments in properties | 426,315 | 424,366 | |||||
Less accumulated depreciation and depletion | 62,720 | 57,208 | |||||
Net investments in properties | 363,595 | 367,158 | |||||
Real estate held for investment, at cost | 10,392 | 10,182 | |||||
Investments in joint ventures | 152,587 | 140,525 | |||||
Net real estate investments | 526,574 | 517,865 | |||||
Cash and cash equivalents | 166,537 | 177,497 | |||||
Cash held in escrow | 823 | 797 | |||||
Accounts receivable, net | 1,472 | 1,166 | |||||
Unrealized rents | 1,299 | 856 | |||||
Deferred costs | 2,620 | 2,343 | |||||
Other assets | 571 | 560 | |||||
Total assets | $ | 699,896 | 701,084 | ||||
Liabilities: | |||||||
Secured notes payable | $ | 178,631 | 178,557 | ||||
Accounts payable and accrued liabilities | 3,153 | 5,971 | |||||
Other liabilities | 1,886 | 1,886 | |||||
Federal and state income taxes payable | 186 | 18 | |||||
Deferred revenue | 891 | 259 | |||||
Deferred income taxes | 67,903 | 67,960 | |||||
Deferred compensation | 1,381 | 1,354 | |||||
Tenant security deposits | 873 | 868 | |||||
Total liabilities | 254,904 | 256,873 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Common stock, | 950 | 946 | |||||
Capital in excess of par value | 67,028 | 65,158 | |||||
Retained earnings | 342,610 | 342,317 | |||||
Accumulated other comprehensive loss, net | (712 | ) | (1,276 | ) | |||
Total shareholders’ equity | 409,876 | 407,145 | |||||
Noncontrolling interest | 35,116 | 37,066 | |||||
Total equity | 444,992 | 444,211 | |||||
Total liabilities and equity | $ | 699,896 | 701,084 |
Asset Management Segment:
Three months ended | ||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | ||||||||||||
Lease revenue | $ | 1,420 | 100.0 | % | 912 | 100.0 | % | 508 | 55.7 | % | ||||||||
Depreciation, depletion and amortization | 359 | 25.3 | % | 230 | 25.2 | % | 129 | 56.1 | % | |||||||||
Operating expenses | 176 | 12.4 | % | 111 | 12.2 | % | 65 | 58.6 | % | |||||||||
Property taxes | 63 | 4.4 | % | 52 | 5.7 | % | 11 | 21.2 | % | |||||||||
Management company indirect | 141 | 9.9 | % | 100 | 10.9 | % | 41 | 41.0 | % | |||||||||
Corporate expense | 271 | 19.1 | % | 225 | 24.7 | % | 46 | 20.4 | % | |||||||||
Cost of operations | 1,010 | 71.1 | % | 718 | 78.7 | % | 292 | 40.7 | % | |||||||||
Operating profit | $ | 410 | 28.9 | % | 194 | 21.3 | % | 216 | 111.3 | % |
Mining Royalty Lands Segment:
Three months ended | ||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | ||||||||||||
Mining lands lease revenue | $ | 3,264 | 100.0 | % | 2,883 | 100.0 | % | 381 | 13.2 | % | ||||||||
Depreciation, depletion and amortization | 151 | 4.6 | % | 189 | 6.6 | % | (38 | ) | -20.1 | % | ||||||||
Operating expenses | 16 | 0.5 | % | 17 | 0.6 | % | (1 | ) | -5.9 | % | ||||||||
Property taxes | 74 | 2.3 | % | 69 | 2.4 | % | 5 | 7.2 | % | |||||||||
Management company indirect | 137 | 4.2 | % | 110 | 3.8 | % | 27 | 24.5 | % | |||||||||
Corporate expense | 154 | 4.7 | % | 148 | 5.1 | % | 6 | 4.1 | % | |||||||||
Cost of operations | 532 | 16.3 | % | 533 | 18.5 | % | (1 | ) | -0.2 | % | ||||||||
Operating profit | $ | 2,732 | 83.7 | % | 2,350 | 81.5 | % | 382 | 16.3 | % |
Development Segment:
Three months ended | |||||||||
(dollars in thousands) | 2023 | 2022 | Change | ||||||
Lease revenue | $ | 467 | 408 | 59 | |||||
Depreciation, depletion and amortization | 41 | 47 | (6 | ) | |||||
Operating expenses | 73 | 80 | (7 | ) | |||||
Property taxes | 179 | 356 | (177 | ) | |||||
Management company indirect | 646 | 506 | 140 | ||||||
Corporate expense | 815 | 816 | (1 | ) | |||||
Cost of operations | 1,754 | 1,805 | (51 | ) | |||||
Operating loss | $ | (1,287 | ) | (1,397 | ) | 110 |
Stabilized Joint Venture Segment:
Three months ended | ||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | ||||||||||||
Lease revenue | $ | 5,545 | 100.0 | % | 5,425 | 100.0 | % | 120 | 2.2 | % | ||||||||
Depreciation, depletion and amortization | 2,268 | 40.9 | % | 2,402 | 44.3 | % | (134 | ) | -5.6 | % | ||||||||
Operating expenses | 1,557 | 28.1 | % | 1,333 | 24.6 | % | 224 | 16.8 | % | |||||||||
Property taxes | 563 | 10.2 | % | 564 | 10.4 | % | (1 | ) | -0.2 | % | ||||||||
Management company indirect | 116 | 2.1 | % | 89 | 1.6 | % | 27 | 30.3 | % | |||||||||
Corporate expense | 129 | 2.3 | % | 118 | 2.2 | % | 11 | 9.3 | % | |||||||||
Cost of operations | 4,633 | 83.6 | % | 4,506 | 83.1 | % | 127 | 2.8 | % | |||||||||
Operating profit | $ | 912 | 16.4 | % | 919 | 16.9 | % | (7 | ) | -0.8 | % |
Asset Management Segment:
Six months ended | ||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | ||||||||||||
Lease revenue | $ | 2,490 | 100.0 | % | 1,751 | 100.0 | % | 739 | 42.2 | % | ||||||||
Depreciation, depletion and amortization | 637 | 25.6 | % | 464 | 26.5 | % | 173 | 37.3 | % | |||||||||
Operating expenses | 317 | 12.7 | % | 279 | 15.9 | % | 38 | 13.6 | % | |||||||||
Property taxes | 123 | 4.9 | % | 105 | 6.0 | % | 18 | 17.1 | % | |||||||||
Management company indirect | 255 | 10.3 | % | 192 | 11.0 | % | 63 | 32.8 | % | |||||||||
Corporate expense | 453 | 18.2 | % | 369 | 21.1 | % | 84 | 22.8 | % | |||||||||
Cost of operations | 1,785 | 71.7 | % | 1,409 | 80.5 | % | 376 | 26.7 | % | |||||||||
Operating profit | $ | 705 | 28.3 | % | 342 | 19.5 | % | 363 | 106.1 | % |
Mining Royalty Lands Segment:
Six months ended | ||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | ||||||||||||
Mining lands lease revenue | $ | 6,546 | 100.0 | % | 5,308 | 100.0 | % | 1,238 | 23.3 | % | ||||||||
Depreciation, depletion and amortization | 334 | 5.1 | % | 244 | 4.6 | % | 90 | 36.9 | % | |||||||||
Operating expenses | 33 | 0.5 | % | 32 | 0.6 | % | 1 | 3.1 | % | |||||||||
Property taxes | 143 | 2.2 | % | 134 | 2.5 | % | 9 | 6.7 | % | |||||||||
Management company indirect | 253 | 3.8 | % | 217 | 4.1 | % | 36 | 16.6 | % | |||||||||
Corporate expense | 261 | 4.0 | % | 242 | 4.6 | % | 19 | 7.9 | % | |||||||||
Cost of operations | 1,024 | 15.6 | % | 869 | 16.4 | % | 155 | 17.8 | % | |||||||||
Operating profit | $ | 5,522 | 84.4 | % | 4,439 | 83.6 | % | 1,083 | 24.4 | % |
Development Segment:
Six months ended | |||||||||
(dollars in thousands) | 2023 | 2022 | Change | ||||||
Lease revenue | $ | 953 | 791 | 162 | |||||
Depreciation, depletion and amortization | 96 | 92 | 4 | ||||||
Operating expenses | 167 | 291 | (124 | ) | |||||
Property taxes | 466 | 711 | (245 | ) | |||||
Management company indirect | 1,157 | 996 | 161 | ||||||
Corporate expense | 1,389 | 1,337 | 52 | ||||||
Cost of operations | 3,275 | 3,427 | (152 | ) | |||||
Operating loss | $ | (2,322 | ) | (2,636 | ) | 314 |
Stabilized Joint Venture Segment:
Six months ended | ||||||||||||||||||
(dollars in thousands) | 2023 | % | 2022 | % | Change | % | ||||||||||||
Lease revenue | $ | 10,821 | 100.0 | % | 10,485 | 100.0 | % | 336 | 3.2 | % | ||||||||
Depreciation, depletion and amortization | 4,532 | 41.9 | % | 4,966 | 47.4 | % | (434 | ) | -8.7 | % | ||||||||
Operating expenses | 3,045 | 28.1 | % | 2,747 | 26.2 | % | 298 | 10.8 | % | |||||||||
Property taxes | 1,094 | 10.1 | % | 1,119 | 10.7 | % | (25 | ) | -2.2 | % | ||||||||
Management company indirect | 214 | 2.0 | % | 174 | 1.6 | % | 40 | 23.0 | % | |||||||||
Corporate expense | 220 | 2.0 | % | 194 | 1.8 | % | 26 | 13.4 | % | |||||||||
Cost of operations | 9,105 | 84.1 | % | 9,200 | 87.7 | % | (95 | ) | -1.0 | % | ||||||||
Operating profit | $ | 1,716 | 15.9 | % | 1,285 | 12.3 | % | 431 | 33.5 | % |
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
Pro-rata Net Operating Income Reconciliation | ||||||||||||||||||
Six months ended | ||||||||||||||||||
Stabilized | ||||||||||||||||||
Asset | Joint | Mining | Unallocated | FRP | ||||||||||||||
Management | Development | Venture | Royalties | Corporate | Holdings | |||||||||||||
Segment | Segment | Segment | Segment | Expenses | Totals | |||||||||||||
Net Income (loss) | $ | 513 | (5,257 | ) | (509 | ) | 4,018 | 2,133 | 898 | |||||||||
Income Tax Allocation | 190 | (1,950 | ) | (90 | ) | 1,490 | 791 | 431 | ||||||||||
Income (loss) before income taxes | 703 | (7,207 | ) | (599 | ) | 5,508 | 2,924 | 1,329 | ||||||||||
Less: | ||||||||||||||||||
Unrealized rents | 420 | — | — | 97 | — | 517 | ||||||||||||
Gain on sale of real estate | — | — | — | 10 | — | 10 | ||||||||||||
Interest income | — | 2,561 | — | — | 2,946 | 5,507 | ||||||||||||
Plus: | ||||||||||||||||||
Unrealized rents | — | — | 100 | — | — | 100 | ||||||||||||
Loss on sale of real estate | 2 | — | — | — | — | 2 | ||||||||||||
Equity in loss of Joint Ventures | — | 7,446 | 202 | 24 | — | 7,672 | ||||||||||||
Professional fees - other | — | — | 59 | — | — | 59 | ||||||||||||
Interest Expense | — | — | 2,113 | — | 22 | 2,135 | ||||||||||||
Depreciation/Amortization | 637 | 96 | 4,532 | 334 | — | 5,599 | ||||||||||||
255 | 1,157 | 214 | 253 | — | 1,879 | |||||||||||||
Allocated Corporate Expenses | 453 | 1,389 | 220 | 261 | — | 2,323 | ||||||||||||
Net Operating Income (loss) | 1,630 | 320 | 6,841 | 6,273 | — | 15,064 | ||||||||||||
NOI of noncontrolling interest | — | — | (3,112 | ) | — | — | (3,112 | ) | ||||||||||
Pro-rata NOI from unconsolidated joint ventures | — | 2,205 | 445 | — | — | 2,650 | ||||||||||||
Pro-rata net operating income | $ | 1,630 | 2,525 | 4,174 | 6,273 | — | 14,602 |
Pro-rata Net Operating Income Reconciliation | ||||||||||||||||||
Six months ended | ||||||||||||||||||
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 | ||||||||||||
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 | |||||||||||
NOI of noncontrolling interest | — | — | (2,132 | ) | — | — | (2,132 | ) | ||||||||||
Pro-rata NOI from unconsolidated joint ventures | — | 1,192 | — | — | — | 1,192 | ||||||||||||
Pro-rata net operating income | $ | 1,171 | 981 | 4,538 | 5,037 | — | 11,727 |
Contact: | John D. Baker III | |
Chief Financial Officer | 904/858-9100 |
Source:
2023 GlobeNewswire, Inc., source