 JACKSONVILLE, Fla., Aug. 05, 2020 GLOBE NEWSWIRE -- FRP Holdings, Inc. NASDAQ-FRPH Second Quarter Consolidated Results of OperationsNet income for the second quarter of 2020 was 4,149,000 or .43 per share versus 9,825,000 or .99 per share in the same period last year. The second quarter of 2020 was impacted by the following items: Corporate expense stock compensation of 570,000 compared to 28,000 in the same period last year due the timing of stock grants. Interest expense decreased 227,000 as we capitalized more interest on our joint venture construction projects. Loss on joint ventures increased 1,071,000 primarily due to our share of the Bryant Street preferred interest, 118,000 amortization of guarantee liability related to the Bryant Street loan, 809,000 operating loss at the Maren due to pre-leasing efforts, partially offset by interest income generated in our opportunity zone investments prior to the funds being deployed. Gain on sale of 3,589,000 from the sale of the three remaining lots at our Lakeside Business Park and our Gulf Hammock Property compared to 536,000 in the same period last yearIncome from discontinued operations for the second quarter of 2019 was 6,776,000 or .68 per share and included the sale of our property at 1502 Quarry Drive for 11.7 million. This asset was excluded from the original sale due to the tenant potentially exercising its right of first refusal to purchase the property. The second quarter of 2019 included a 328,000 realized gain on the sale of bonds.Second Quarter Segment Operating ResultsAsset Management Segment:Most of the Asset Management Segment was reclassified to discontinued operations leaving two commercial properties as well as Cranberry Run, which we purchased in the first quarter of 2019, and 1801 62nd Street which joined this segment on April 1 of 2019. Cranberry Run is a five-building industrial park in Harford County, MD totaling 268,010 square feet of industrial flex space and at quarter end was 71.9 leased and occupied. 1801 62nd Street is our most recent spec building in Hollander Business Park and is our first warehouse with a 32-foot clear-height ceiling. We completed construction on this building in 2019 and it is now 100 leased and occupied. Total revenues in this segment were 716,000, up 54,000 or 8.2, over the same period last year. Operating profit was 58,000, up 69,000 from an operating loss of 11,000 in the same quarter last year due to 1801 62nd St being fully leased and occupied, improved leasing at Cranberry offset by the sale of 7030 Dorsey Road in June 2019.Mining Royalty Lands Segment:Total revenues in this segment were 2,402,000 versus 2,633,000 in the same period last year. Total operating profit in this segment was 2,110,000, a decrease of 312,000 versus 2,422,000 in the same period last year. The primary reason for the decrease is that we are no longer receiving double minimums at our Lake Louisa property, because our tenant, Cemex, received its final permit to begin mining the property in July 2019.Development Segment:The Development segment is responsible for i seeking out and identifying opportunistic purchases of income producing warehouseoffice buildings, and ii developing our non-income producing properties into income production. With respect to ongoing projects: PUD entitlements for our 118-acre tract in Hampstead, Maryland, now known as Hampstead Overlook, are ongoing. Hampstead Overlook received Concept Plan approval from the Town of Hampstead for 164 single and 91 town home residential units in February 2020, and the project is currently under Preliminary Plan review with the governing agencies. We are currently pursuing permit entitlements for two industrial buildings at Hollander Business Park totaling 146,000 square feet. Construction is anticipated to begin the third quarter of 2020 with shell completion in the third quarter of 2021. We finished shell building construction in December 2018 on the two office buildings in the first phase of our joint venture with St. John Properties. Shell building construction of the two retail buildings was completed in January 2019. We are now in the process of leasing these four single-story buildings totaling 100,030 square feet of office and retail space. At quarter end, Phase I was 44 leased and occupied. We are the principal capital source of a residential development venture in Baltimore County, Maryland known as Hyde Park. We have committed up to 3.5 million in exchange for an interest rate of 10 and a preferred return of 20 after which a waterfall determines the split of proceeds from sale. Entitlements for the development of the property are complete, and a homebuilder is under contract to purchase all of the 126 recorded building lots. The first phase of settlement occurred in May 2020, resulting in a 2.67M principal and interest payment. We are the principal capital source of a residential development venture in Prince Georges County, Maryland known as Amber Ridge. We have committed up to 18.5 million in exchange for an interest rate of 10 and a preferred return of 20 after which a waterfall determines the split of proceeds from sale. Amber Ridge will hold 187 town homes. We are currently pursuing entitlements and have two homebuilders under contract to purchase all 187 units upon completion of development infrastructure. In April 2018, we began construction on Phase II of our RiverFront on the Anacostia project, now known as The Maren. The 14-story project will have 264 units and 6,937 net leasable square feet of ground floor retail and was 98 complete at quarter end. Lease-up commenced in earnest in the second week of March. At the end of the quarter, the Maren was 45 leased, and 23 occupied. In December 2018, the Company entered into a joint venture agreement with MidAtlantic Realty Partners MRP for the development of the first phase of a multifamily, mixed-use development in northeast Washington, DC known as Bryant Street. The project is comprised of four buildings, with 487 units and 85,681 net leasable square feet of retail. FRP contributed 32 million for common equity and another 23 million for preferred equity to the joint venture. Construction began in February 2019 and as of the end of the quarter was 67 complete. Bryant Street is currently on time, within budget, and expected to be complete in the fourth quarter of 2021, with the first of the four buildings delivering in the fourth quarter of 2020. This project is located in an opportunity zone and has allowed us to defer 14.9 million in taxes associated with the sale of our industrial assets. In December 2019, the Company entered into a joint venture agreement with MRP for the development of a mixed-use project known as 1800 Half Street. The development is located in the Buzzard Point area of Washington, DC, less than half a mile downriver from Dock 79 and the Maren. It lies directly between our two acres on the Anacostia, currently under lease by Vulcan, and Audi Field, the home stadium of the DC United. The 10-story structure will have 344 apartments and 11,246 square feet of ground floor retail. FRP contributed 37.3 million in common equity. The project is a qualified opportunity zone investment and will defer just over 10 million in taxes associated with the sale of our industrial assets. In June 2020, we closed on a 74 million construction loan, and we anticipate starting construction during the third quarter of this year. In December 2019, the company entered into two joint ventures in Greenville, SC with a new partner, Woodfield Development. Woodfield specializes in Class-A multi-family, mixed use developments primarily in the Carolinas and DC. Our first joint venture with them is a 200-unit multifamily project known as Riverside. FRP contributed 6.2 million in common equity for a 40 ownership interest. Construction began in February 2020 and should be complete in the third quarter of 2021. The second joint venture in Greenville with Woodfield is a 227-unit multifamily development known as .408 Jackson. It will have 4,700 square feet of retail and is located across the street from Greenvilles minor league baseball stadium. FRP contributed 9.7 million in common equity for a 40 ownership interest. Construction began in May 2020 and should be complete in the second quarter of 2022. Both projects are qualified opportunity investments and will defer a combined 4.3 million in taxes. Stabilized Joint Venture Segment:Dock 79s average occupancy for the quarter was 91.50, and at the end of the quarter, Dock 79 was 92.13 leased and 90.16 occupied. This quarter, 62.30 of expiring leases renewed with no increase in rent due to the mandated rent freeze on renewals in DC. Net Operating Income this quarter for this segment was 1,654,000, down 213,000 or 11.41 compared to the same quarter last year. Dock 79 is a joint venture between the Company and MRP, in which FRP Holdings, Inc. is the majority partner with 66 ownership.In July 2019, the Company completed a like-kind exchange by reinvesting 6,000,000 into a Delaware Statutory Trust DST known as CS1031 Hickory Creek DST. The DST owns a 294-unit garden-style apartment community known as Hickory Creek consisting of 19 three-story apartment buildings containing 273,940 rentable square feet. Hickory Creek was constructed in 1984 and substantially renovated in 2016 and is located in suburban Richmond, Virginia. The Company is 26.649 beneficial owner and receives monthly distributions. Second quarter distributions were 85,000. 