JACKSONVILLE, Fla., March 7, 2023 (GLOBE NEWSWIRE) – FRP Holdings, Inc. (NASDAQ-FRPH) –

Fourth quarter operational highlights

• 58.2% increase in prorated NOI ($6.26 million vs. $3.96 million) from Q4 2021
• 8.89% rent increase on renewals at Dock 79 and 11.14% rent increase on renewals at The Maren
• 28.1% increase in mining royalty income over Q4 2021
• 51.7% increase in Asset Management revenues over the prior year period
• Hickory Creek sold for $8.83 million on a $6 million investment
• Agreement signed with Steuart Investment Company (SIC) and MidAtlantic Realty Partners (MRP) for the development of ten mixed-use projects in the Capitol Riverfront and Buzzard Point submarkets in Washington, DC, including the sale of a 20% interest in a common lease (TIC). ) from Dock 79 and The Maren for $65.3 million, of which $44.5 million is attributable to the Company

Fourth Quarter Consolidated Operating Results

Net income for the fourth quarter of 2022 was $2,756,000, or $0.29 per share, compared to a net loss of $(592,000), or $0.06 per share, for the same period last year. The fourth quarter of 2022 was impacted by the following items:

• The quarter included depreciation charges of $6,000 compared to $659,000 in the year-ago quarter. Depreciation expense in the fourth quarter of 2021 was impacted by that quarter’s portion of the fair value of $4,750,000 of The Maren leases-in-place, determined when we included that asset as part of the revaluation gain on consolidation of this Joint ventures booked. The value of these leases was amortized over the lease term, which averaged one year.
• Operating expenses for the quarter decreased by $678,000 year-on-year primarily due to spending of $807,000 in the fourth quarter of 2021 on a $500,000 non-refundable security deposit and due diligence costs for a potential warehouse. The likelihood of acquisition has been assessed as less than likely as the property does not…