Earnings release
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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 SECOND QUARTER AND SIX MONTHS ENDED JUNE 30 , 2021 FRP Holdings , Inc. ( NASDAQ - FRPH ) Jacksonville , Florida ; August 2 , 2021 - Second Quarter Operational Highlights • • Highest mining royalty revenue total in any second quarter in segment's history Dock 79 residential occupancy above 94 % for third straight quarter ― first time that has happened since the fourth quarter of 2018 Second Quarter Consolidated Results of Operations Net income attributable to the Company for the second quarter of 2021 was $ 82,000 or $ .01 per share versus $ 4,149,000 or $ .43 per share in the same period last year . The second quarter of 2021 was impacted by the following items : ● . • • ● The quarter includes $ 1,868,000 amortization expense 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 income decreased $ 1,062,000 due to bond maturities and repayment of the Maren preferred equity financing . Interest expense increased $ 401,000 due to interest on the Maren's debt partially offset by a lower interest rate on the refinanced Dock 79 debt . Gain from sale of real estate decreased $ 2,784,000 . The current quarter included $ 805,000 for an easement and sale of excess land in the Mining Royalty Lands Segment . The prior year's quarter included a gain of $ 3,589,000 from the sale of the three remaining lots at our Lakeside Business Park and Mining Royalty Lands Segment's Gulf Hammock Property . Gain attributable to non - controlling interest for the quarter includes a $ 953,000 adjustment to the $ 13.0 million gain on remeasurement attributed to MRP last quarter increasing it to $ 14.0 million . We finalized our agreement of the ownership split and revised last quarter's estimate . Second Quarter Segment Operating Results Asset Management Segment : 1