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FRP FRP HOLDINGS , INC./NEWS Contact : John D. Baker III Chief Financial Officer 904 / 858-9100 FRP HOLDINGS , INC . ( NASDAQ : FRPH ) ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED MARCH 31 , 2021 Jacksonville , Florida ; May 3 , 2021 – FRP Holdings , Inc. ( NASDAQ - FRPH ) First Quarter Operational Highlights • Phase II ( The Maren ) of the development known as RiverFront on the Anacostia in Washington , D.C. , reached stabilization meaning 90 % of the individual apartments had been leased and occupied by third party tenants . The attainment of stabilization resulted in a change of control for accounting purposes as the veto rights of the minority shareholder lapsed and the Company became the primary beneficiary . As such , beginning March 31 , 2021 , the Company consolidated the assets ( at current fair value ) , liabilities and operating results of the joint venture . First Quarter Consolidated Results of Operations Net income for the first quarter of 2021 was $ 28,373,000 or $ 3.03 per share versus $ 1,618,000 or $ .16 per share in the same period last year . The first quarter of 2021 was impacted by the following items : • 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 is mitigated by a $ 10.3 million provision for taxes and $ 13.0 attributable to noncontrolling interest . The prior year included $ 251,000 higher professional fees related to environmental claims on our Anacostia property which were settled late in 2020 . Corporate expense stock compensation of $ 202,000 compared to $ 601,000 in the same period last year due the timing of stock grants . Loss on joint ventures increased $ 993,000 . This is primarily due to $ 248,000 increased loss at the Maren and a $ 663,000 increased loss at Bryant Street . Included in this loss is : ○ ○ $ 827,000 for our share depreciation and amortization at the Maren which was not in service during the same period last year $ 599,000 loss on phase 1 of Bryant Street due to lease - up efforts on the first building during the quarter . 1