Attached files
FRP HOLDINGS, INC./NEWS
Contact: John D. Milton, Jr.
Chief Financial Officer 904/858-9100
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FRP HOLDINGS, INC. (NASDAQ: FRPH) ANNOUNCES RESULTS FOR THE SECOND
QUARTER OF 2017
Jacksonville, Fla., Aug. 03, 2017 (GLOBE NEWSWIRE) -- FRP Holdings, Inc.
(NASDAQ-FRPH)
Second Quarter Consolidated Results of Operations.
Net income for the second quarter of 2017 was $1,713,000 or $.17 per share
versus $774,000 or $.08 per share in the same period last year. The increase
is a result of a $2,000,000 environmental remediation expense during the same
quarter last year offset by a $620,000 increase this year in equity in loss of
joint ventures, primarily as a result of expenses and depreciation during the
lease up of Phase I (Dock 79) of RiverFront. Total revenues were $9,360,000,
up 1.3%, versus the same period last year. Consolidated total operating profit
was up 102.7% as a result of the prior year's $2,000,000 environmental
remediation expense.
Second Quarter Segment Operating Results.
Asset Management Segment:
------------------------
Total revenues in this segment were $7,194,000, up $267,000 or 3.9%, over the
same period last year. Net Operating Income (NOI) in this segment for the
second quarter was $5,412,000, compared to $5,485,000 in the same period last
year, a decrease of 1.3%. That revenue increased while NOI decreased is
primarily the result of an increase in reimbursable and non-reimbursable
expenses. The reimbursable expenses increased revenue without increasing NOI,
and the non-reimbursable expenses did nothing for revenue and adversely
affected NOI. We ended the second quarter with total occupied square feet of
3,459,473 versus 3,319,891 at the end of the same period last year, an
increase of 4.2% or 139,582 square feet. Our overall occupancy rate was 86.8%.
Depreciation and amortization expense increased primarily because of the
completion of a 79,550 square foot warehouse at Hollander Business Park in
April 2016 and a 103,448 square foot warehouse at Patriot Business Center in
April of 2017.
Mining Royalty Lands Segment:
----------------------------
Total revenues in this segment were $1,833,000, a decrease of 11%, versus
$2,059,000 in the same period last year. This drop is due to $179,000 decrease
in royalties at our Manassas, Va. quarry, a $74,000 decrease in royalties at
our Tyrone, Ga. location, as well as a $67,000 decrease in royalties at
our Lake Sand, Fl. location. Royalties are down in Manassas because of
Vulcan's mining a portion of the quarry not owned by the Company for two months
this quarter. Vulcan should return to our portion for the remainder of the
year. Royalties were down in Tyrone compared to last year because of excessive
rainfall. As stated last quarter, royalties have fallen off in Lake Sand as a
consequence of Vulcan having fully depleted our proven reserves there. Further
capital expenditures would be required by our tenant to change their mining
plan at Lake Sand and realize more than three million tons of possible
reserves, which we do not anticipate any time soon. Total operating profit in
this segment was $1,673,000, a decrease of $215,000 versus $1,888,000 in the
same period last year.
Land Development and Construction Segment:
-----------------------------------------
The Land Development and Construction segment is responsible for (i) seeking
out and identifying opportunistic purchases of income producing warehouse/
office buildings, and (ii) developing our non-income producing properties into
income production.
With respect to ongoing projects:
* Our new spec building at Patriot Business Center was placed in service
this quarter in April and is currently 49.9% occupied and 83.0% leased.
It will be 100% leased and occupied in the third quarter
* In February, the D.C. Zoning Commission voted 5-0 in favor of the
Planned Unit Development (PUD) of Phase II of our RiverFront on the
Anacostia project. After formal publishing of the record and a 35 day
appeal period we anticipate formal approval in the third quarter of
this calendar year
* We are fully engaged in the formal process of seeking PUD entitlements
for our 118 acre tract in Hampstead, Md
Finally, it has been nearly a year since we placed Dock 79 and its 305
residential units "in service." As of June 30, the residential units were
88.20% occupied and 92.46% leased, while retail units remain 80.0% leased with
just one space remaining. The project is currently above pro forma in effective
rents and leasing absorption with residential stabilization achieved in the
third quarter of 2017. However, because of operating losses and depreciation
during the lease up of Phase I (Dock 79) of RiverFront on the Anacostia this
quarter, equity in loss of joint ventures was $806,000 (including a loss of
$10,000 in the Brooksville Joint Venture).
First Six Months Consolidated Results of Operations.
Net income for the first six months of 2017 was $3,156,000 or $.32 per share
versus $2,594,000 or $.26 per share in the first six months last year. The
increase is a result of a prior year $2,000,000 remediation expense offset by
a $1,305,000 increase this year in equity in loss of joint ventures, primarily
as a result of expenses and depreciation during the lease up of Phase I (Dock
79) of RiverFront. Total revenues were $18,682,000, down 0.9%, versus the
first six months last year. Consolidated total operating profit was up 35%.
First Six Months Segment Operating Results.
Asset Management Segment:
------------------------
Total revenues in this segment were $14,479,000, down $22,000 or 0.2%, over
the first six months last year. The decrease in revenue is primarily due to
lower snow removal reimbursements during the first quarter as a result of a
milder 2017 winter. Given its nature as a reimbursement, snow removal is
largely a pass through expense, and expenses were down a like amount. Net
Operating Income in this segment for the first six months of 2017 was
$11,101,000, compared to $10,927,000 in the first six months of 2016, an
increase of 1.6%.
Depreciation and amortization expense increased primarily because of the
purchase of the Gilroy Center in Baltimore County in July of 2016 and the
completion of a 79,550 square foot warehouse at Hollander Business Park in
April 2016 and a 103,448 square foot warehouse at Patriot Business Center in
April of 2017.
Corporate expense increased due to a first quarter stock option modification
expense of $191,000 and increased internal and external audit expense incurred
as a result of the conversion from the previous fiscal year (ending September
30) to one that follows the calendar year.
Mining Royalty Lands Segment:
----------------------------
Total revenues in this segment were $3,595,000, a decrease of 6.3%, versus
$3,837,000 in the first six months last year. This drop is largely due to a
$133,000 decrease in royalties at our Manassas, Va. location, a $130,000
decrease at our Tyrone, Ga. location, and a $156,000 decrease in royalties at
our Lake Sand, Fl. location. Royalties are down in Manassas because of Vulcan's
mining a portion of the quarry not owned by the Company for two months this
past quarter. Vulcan should return to our portion for the remainder of the
year. Royalties were down in Tyrone compared to last year because of excessive
rainfall this past quarter. As stated last quarter, royalties have fallen off
in Lake Sand as a consequence of Vulcan having fully depleted our proven
reserves there. Further capital expenditures would be required by our tenant to
change their mining plan at Lake Sand and realize more than three million tons
of possible reserves, which we do not anticipate any time soon. Total operating
profit in this segment was $3,232,000, a decrease of $230,000 versus $3,462,000
in the first six months last year.
Land Development and Construction Segment:
-----------------------------------------
The Land Development and Construction segment is responsible for (i) seeking
out and identifying opportunistic purchases of income producing warehouse/
office buildings, and (ii) developing our non-income producing properties into
income production.
With respect to ongoing projects:
* Our new spec building at Patriot Business Center was placed in service
this quarter in April and is currently 49.9% occupied and 83.0% leased.
It will be 100% leased and occupied in the third quarter
* In February, the D.C. Zoning Commission voted 5-0 in favor of the
Planned Unit Development (PUD) of Phase II of our RiverFront on the
Anacostia project. After formal publishing of the record and a 35 day
appeal period we anticipate formal approval in the third quarter of this
calendar year
* We are fully engaged in the formal process of seeking PUD entitlements
for our 118 acre tract in Hampstead, Md
* During the first quarter, we completed construction of the bulkhead at
our 664E property on the Anacostia ahead of schedule and under budget.
Finally, it has been nearly a year since we placed Dock 79 and its 305
residential units "in service." As of June 30, the residential units were
88.20% occupied and 92.46% leased, while retail units remain 80.0% leased
with just one space remaining. The project is currently above pro forma in
effective rents and leasing absorption with residential stabilization achieved
in the third quarter of 2017. However, because of operating losses and
depreciation during the lease up of Phase I (Dock 79) of RiverFront on the
Anacostia this quarter, equity in loss of joint ventures was $1,577,000
(including a loss of $19,000 in the Brooksville Joint Venture).
Potential REIT Conversion
Whether through strategic acquisitions, organic growth, joint ventures, or
putting our non-income producing land to work, our constant aim is to create
and grow shareholder value. To that end, we have for some time explored the
possibility of converting this company into a Real Estate Investment Trust
(REIT), with the idea that this may be a more efficient structure given the
nature of our business. Though no final decision has been made, in order to
have the option to convert to a REIT in 2017, the board has already elected
to change from our previous fiscal year (ending September 30), to a fiscal
year that follows the calendar year as is required of a REIT. This change
went into effect January 1, 2017 and will require one-time additional
auditing expenses of $120,000 which will be reflected in 2017. Thus, this past
quarter, and every quarter ended June 30 will now be the second quarter of our
fiscal year. Finally, consistent with having the option to elect REIT status,
we have contributed our mining reserves into a wholly owned subsidiary.
Because the parent company still retains control of the land itself, the
portion of the mining royalties' income that is not attributable to the
reserves, but instead more closely resembles ground rents, will be retained by
the parent company and will qualify as "REIT-able" income. The subsidiary will
receive only the income attributable to the reserves it now controls. This
structure is intended to assure that we will meet the asset and income tests
applicable to REITs. These preliminary steps will not have a material impact
on our operations if the Company does not elect REIT status.
Summary and Outlook
As mentioned last quarter, we were informed by Vulcan Materials Company that
Lee County issued Vulcan a Mine Operating Permit (MOP) for our section of their
operations in Ft. Myers, the last of the permits required to begin mining this
property. This action is the culmination of over twenty years of work to get
this property fully entitled and allows Vulcan to begin production immediately.
Vulcan has now begun mining at this location. While production in our third
quarter will be offset by prepaid royalties, going forward, Vulcan's ability
finally to realize the reserves at this site should positively impact revenue
and income as it creates an opportunity to collect more than the minimums from
this location.
During the remainder of this year, we expect to reach residential
stabilization of Phase I (Dock 79) of RiverFront on the Anacostia and
continue pre-development activities for Phase II with the expectation
that we will break ground in the last quarter of this year or the first quarter
of 2018. Our biggest decision this year will be whether or not to convert this
company into a Real Estate Investment Trust. As mentioned previously, we have
taken steps to ensure that we at least have the option. Any changes in the
federal tax code will factor into our analysis of the costs and benefits of
REIT status.
Subsequent Events
The occupancy of the residential units of our Riverfront Holdings I, LLC joint
venture exceeded 90% in July 2017. The result of this is that FRP has one year
to elect to have the property sold or to cause a "Conversion". The "Conversion"
assumes a sales value, calculates the distributions under our agreement with
MRP and changes the ownership going forward based on MRP's development
incentives. The stabilization and resulting FRP election represent a change in
control of the joint venture from MRP to FRP. Accordingly, under the
accounting rules FRP will be considered the primary beneficiary of this joint
venture and we will consolidate the results of the joint venture at current
fair value in our financial statements effective July 2017. This consolidation
will have a material impact on our financial statements.
Conference Call.
The Company will host a conference call on Thursday, August 3, 2017 at 2:00
p.m. (EDT). Analysts, stockholders and other interested parties may access
the teleconference live by calling 1-877-804-1916 (pass code 38477) within the
United States. International callers may dial 1-334-323-7224 (pass code 38477).
Computer audio live streaming is available via the Internet through the
Company's website at www.frpholdings.com. You may also click on this link for
the live streaming http://stream.conferenceamerica.com/frp080317. For the
archived audio via the internet, click on the following link
http://archive.conferenceamerica.com/archivestream/frp080317.mp3. If using
the Company's website, click on the Investor Relations tab, then select the
earnings conference stream. An audio replay will be available for sixty days
following the conference call. To listen to the audio replay, dial toll free
1-877-919-4059, international callers dial 1-334-323-0140. The passcode of the
audio replay is 27374141. Replay options: "1" begins playback, "4" rewind 30
seconds, "5" pause, "6" fast forward 30 seconds, "0" instructions, and "9"
exits recording. There may be a 30-40 minute delay until the archive is
available following the conclusion of the conference 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, 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, 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. In addition, if we elect REIT
status these risk factors also would include our ability to qualify or to
remain qualified as a
REIT, our ability to satisfy REIT distribution requirements, the impact of
issuing equity, debt or both, and selling assets to satisfy our future
distributions required as a REIT or to fund capital expenditures, future
growth and expansion initiatives, the impact of the amount and timing of any
future distributions, the impact from complying with REIT qualification
requirements limiting our flexibility or causing us to forego otherwise
attractive opportunities, our lack of experience operating as a REIT,
legislative, administrative, regulatory or other actions affecting REITs,
including positions taken by the Internal Revenue Service, the possibility
that our Board of Directors will unilaterally revoke our REIT election, the
possibility that the anticipated benefits of qualifying as a REIT will not
be realized, or will not be realized within the expected time period, 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) warehouse/office building ownership, leasing and management,
(ii) mining royalty land ownership and leasing and (iii) land acquisition,
entitlement and development primarily for future warehouse/office or
residential building construction.
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,
2017 2016 2017 2016
------ ------ ------ ------
Revenues:
Rental revenue $ 6,222 6,082 12,505 12,171
Mining Royalty and rents 1,809 2,033 3,548 3,789
Revenue - reimbursements 1,329 1,128 2,629 2,898
------ ------ ------ ------
Total Revenues 9,360 9,243 18,682 18,858
Cost of operations:
Depreciation, depletion
and amortization 2,202 2,066 4,261 3,995
Operating expenses 1,002 974 2,003 2,505
Environmental
remediation expense - 2,000 - 2,000
Property taxes 1,129 1,128 2,191 2,270
Management company indirect 475 425 944 921
Corporate expenses 566 684 1,893 1,692
------ ------ ------ ------
Total cost of operations 5,374 7,277 11,292 13,383
Total operating profit 3,986 1,966 7,390 5,475
Interest income - - - 1
Interest expense (371) (392) (619) (807)
Equity in loss
of joint ventures (806) (186) (1,577) (272)
Gain (Loss) on
investment land sold - (109) - (109)
------ ------ ------ ------
Income before income taxes 2,809 1,279 5,194 4,288
Provision for income taxes 1,096 505 2,038 1,694
------ ------ ------ ------
Net income $ 1,713 774 3,156 2,594
====== ====== ====== ======
Earnings per common share:
Basic $ 0.17 0.08 0.32 0.26
Diluted $ 0.17 0.08 0.32 0.26
Number of shares (in
thousands) used in computing:
-basic earnings
per common share 9,965 9,864 9,948 9,858
-diluted earnings
per common share 10,038 9,907 10,019 9,900
Asset Management Segment:
------------------------
Three months ended June 30
---------------------------------------
(dollars in thousands) 2017 % 2016 % Change %
-------- ------- -------- ------- -------- -------
Rental revenue $ 6,008 83.5% $ 5,952 85.9% $ 56 0.9%
Revenue-reimbursements 1,186 16.5% 975 14.1% 211 21.6%
-------- ------- -------- ------- -------- -------
Total revenue 7,194 100.0% 6,927 100.0% 267 3.9%
Depreciation, depletion and amortization 2,057 28.6% 1,985 28.7% 72 3.6%
Operating expenses 923 12.8% 774 11.2% 149 19.3%
Property taxes 788 10.9% 668 9.6% 120 18.0%
Management company indirect 192 2.7% 182 2.6% 10 5.5%
Corporate expense 321 4.5% 354 5.1% (33) -9.3%
-------- ------- -------- ------- -------- -------
Cost of operations 4,281 59.5% 3,963 57.2% 318 8.0%
-------- ------- -------- ------- -------- -------
Operating profit $ 2,913 40.5% $ 2,964 42.8% $ (51) -1.7%
======== ======= ======== ======= ======== =======
Mining Royalty Lands Segment:
----------------------------
Three months ended June 30
---------------------------------------
(dollars in thousands) 2017 % 2016 %
-------- ------- -------- -------
Mining Royalty and rents $ 1,809 98.7% 2,035 98.8%
Revenue-reimbursements 24 1.3% 24 1.2%
-------- ------- -------- -------
Total revenue 1,833 100.0% 2,059 100.0%
Depreciation, depletion and amortization 35 1.9% 15 0.7%
Operating expenses 39 2.1% 45 2.2%
Property taxes 58 3.2% 59 2.9%
Corporate expense 28 1.5% 52 2.5%
-------- ------- -------- -------
Cost of operations 160 8.7% 171 8.3%
-------- ------- -------- -------
Operating profit $ 1,673 91.3% $ 1,888 91.7%
======== ======= ======== =======
Land Development and Construction Segment:
-----------------------------------------
Three months Ended June 30
--------------------------------------
(dollars in thousands) 2017 2016 Change
-------- -------- --------
Rental revenue $ 214 130 84
Royalty and rents - (2) 2
Revenue-reimbursements 119 129 (10)
-------- -------- --------
Total revenue 333 257 76
Depreciation, depletion and amortization 110 66 44
Operating expenses 40 155 (115)
Environmental remediation expense - 2,000 (2,000)
Property taxes 283 401 (118)
Management company indirect 283 243 40
Corporate expense 217 278 (61)
-------- -------- --------
Cost of operations 933 3,143 (2,210)
-------- -------- --------
Operating loss $ (600) (2,886) 2,286
======== ======== ========
Asset Management Segment:
------------------------
Six months Ended June 30
---------------------------------------
(dollars in thousands) 2017 % 2016 % Change %
-------- ------- -------- ------- -------- -------
Rental revenue $ 12,111 83.6% $ 11,910 82.1% $ 201 1.7%
Revenue-reimbursements 2,368 16.4% 2,591 17.9% (223) -8.6%
-------- ------- -------- ------- -------- -------
Total revenue 14,479 100.0% 14,501 100.0% (22) -0.2%
Depreciation, depletion and amortization 4,022 27.8% 3,820 26.3% 202 5.3%
Operating expenses 1,818 12.6% 2,204 15.2% (386) -17.5%
Property taxes 1,525 10.5% 1,330 9.2% 195 14.7%
Management company indirect 379 2.6% 406 2.8% (27) -6.7%
Corporate expense 1,074 7.4% 874 6.0% 200 22.9%
-------- ------- -------- ------- -------- -------
Cost of operations 8,818 60.9% 8,634 59.5% 184 2.1%
Operating profit $ 5,661 39.1% $ 5,867 40.5% $ (206) -3.5%
======== ======= ======== ======= ======== =======
Mining Royalty Lands Segment:
----------------------------
Six months Ended June 30
---------------------------------------
(dollars in thousands) 2017 % 2016 %
-------- ------- -------- -------
Mining Royalty and rents $ 3,548 98.7% 3,791 98.8%
Revenue-reimbursements 47 1.3% 46 1.2%
-------- ------- -------- -------
Total revenue 3,595 100.0% 3,837 100.0%
Depreciation, depletion and amortization 74 2.1% 46 1.2%
Operating expenses 78 2.2% 84 2.2%
Property taxes 117 3.2% 118 3.1%
Corporate expense 94 2.6% 127 3.3%
-------- ------- -------- -------
Cost of operations 363 10.1% 375 9.8%
-------- ------- -------- -------
Operating profit $ 3,232 89.9% $ 3,462 90.2%
======== ======= ======== =======
Land Development and Construction Segment:
-----------------------------------------
Six months ended June 30
--------------------------------------
(dollars in thousands) 2017 2016 Change
-------- -------- --------
Rental revenue $ 394 261 133
Royalty and rents - (2) 2
Revenue-reimbursements 214 261 (47)
-------- -------- --------
Total revenue 608 520 88
Depreciation, depletion and amortization 165 129 36
Operating expenses 107 217 (110)
Environmental remediation expense - 2,000 (2,000)
Property taxes 549 822 (273)
Management company indirect 565 515 50
Corporate expense 725 691 34
-------- -------- --------
Cost of operations 2,111 4,374 (2,263)
-------- -------- --------
Operating loss $ (1,503) (3,854) 2,351
======== ======== ========
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 these non-GAAP financial measures to analyze its continuing
operations and to monitor, assess, and identify meaningful trends in its
operating and financial performance. These measures are not, and should not be
viewed as, substitutes for GAAP financial measures.
Net Operating Income Reconciliation
Three months ending 06/30/17 ($ in thousands)
Asset Land Mining FRP
Management Development Royalties Holdings
Segment Segment Segment Totals
---------- ---------- ---------- ----------
Income (loss) from continuing operations 1,552 (853) 1,014 1,713
Income Tax Allocation 990 (543) 649 1,096
---------- ---------- ---------- ----------
Inc. (loss) from continuing operations
before income taxes 2,542 (1,396) 1,663 2,809
Less:
Lease intangible rents 1 -
Unrealized rents 70 -
Plus:
Equity in loss of Joint Venture - 796
Interest Expense 371 -
Depreciation/Amortization 2,057 110
Management Co. Indirect 192 283
Allocated Corporate Expenses 321 217
---------- ----------
Net Operating Income (loss) 5,412 10
Net Operating Income Reconciliation
Three months ended 06/30/16 ($ in thousands)
Asset Land Mining FRP
Management Development Royalties Holdings
Segment Segment Segment Totals
---------- ---------- ---------- ----------
Income (loss) from continuing operations 1,556 (1,927) 1,145 774
Income Tax Allocation 1,016 (1,259) 748 505
---------- ---------- ---------- ----------
Inc. (loss) from continuing operations
before income taxes 2,572 (3,186) 1,893 1,279
Less:
Lease intangible rents 5 -
Plus:
Unrealized rents 5 -
Equity in loss of Joint Venture - 176
Loss on investment land sold - 124
Interest Expense 392 -
Depreciation/Amortization 1,985 66
Management Co. Indirect 182 243
Allocated Corporate Expenses 354 278
---------- ----------
Net Operating Income (loss) 5,485 (2,299)
Net Operating Income Reconciliation
Six months ending 06/30/17 ($ in thousands)
Asset Land Mining FRP
Management Development Royalties Holdings
Segment Segment Segment Totals
---------- ---------- ---------- ----------
Income (loss) from continuing operations 3,064 (1,860) 1,952 3,156
Income Tax Allocation 1,978 (1,201) 1,261 2,038
---------- ---------- ---------- ----------
Inc. (loss) from continuing operations
before income taxes 5,042 (3,061) 3,213 5,194
Less:
Lease intangible rents 4 -
Unrealized rents 31 -
Plus:
Equity in loss of Joint Venture - 1,558
Interest Expense 619 -
Depreciation/Amortization 4,022 165
Management Co. Indirect 379 565
Allocated Corporate Expenses 1,074 725
---------- ----------
Net Operating Income (loss) 11,101 (48)
Net Operating Income Reconciliation
Six months ended 06/30/16 ($ in thousands)
Asset Land Mining FRP
Management Development Royalties Holdings
Segment Segment Segment Totals
---------- ---------- ---------- ----------
Income (loss) from continuing operations 3,061 (2,558) 2,091 2,594
Income Tax Allocation 1,999 (1,669) 1,364 1,694
---------- ---------- ---------- ----------
Inc. (loss) from continuing operations
before income taxes 5,060 (4,227) 3,455 4,288
Less:
Lease intangible rents 9 -
Other Income - 1
Unrealized rents 31 -
Plus:
Equity in loss of Joint Venture - 251
Loss on investment land sold - 124
Interest Expense 807 -
Depreciation/Amortization 3,820 129
Management Co. Indirect 406 515
Allocated Corporate Expenses 874 691
---------- ----------
Net Operating Income (loss) 10,927 (2,518)
