| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
FRP Holdings, Inc. (NASDAQ:FRPH) announced today that the Company has completed the closing on its Purchase and Sales Agreement to acquire the business operations and development pipeline of Altman Logistics Properties, LLC, an operating platform of BBX Capital. Altman Logistics holds minority interests in a portfolio of institutional-grade industrial assets under various stages of development (including the Company's industrial developments in Lakeland and Broward County, FL) as well as a contract for the purchase of an industrial land parcel.
The purchase price was $33.5 million, which included a $10 million reimbursement to Altman for the assignment of a bank account held by a special purpose entity that is the guarantor for approximately $49 million on $121.8 million in construction debt. As a result, the net cash requirement was $23.6 million. At closing, $45.3 million of the $121.8 million in total construction financing had been drawn, resulting in a $5.2 million share of debt attributable to the Company. In addition, the Company expects to record additional liabilities related to employee compensation tied to promote participation upon stabilization and sale of the projects.
Posted In: FRPH
