Patriot Transportation Holding Inc. (PATR, Financial) filed Annual Report for the period ended 2009-09-30.
Patriot Transportation Holding, Inc. is a publicly traded company, engaged in the transportation and real estate businesses. The company is based in Jacksonville, Florida. The Company's transportation business is conducted through two wholly owned subsidiaries. Florida Rock & Tank Lines, Inc. is a Southeastern transportation company concentrating in the hauling by motor carrier of liquid and dry bulk commodities. SunBelt Transport, Inc. serves the flatbed portion of the trucking industry in the Southeastern states, hauling primarily construction materials. The Company's real estate group, comprised of FRP Development Corp. and Florida Rock Properties, Inc., acquires, constructs, leases, operates and manages land and buildings to generate both current cash flows and long-term capital appreciation. The real estate group also owns real estate which is leased under mining royalty agreements or held for investment. Patriot Transportation Holding Inc. has a market cap of $294.6 million; its shares were traded at around $96.48 with and P/S ratio of 1.8. Patriot Transportation Holding Inc. had an annual average earning growth of 10.1% over the past 10 years.
high quality, flexible warehouse/office space. Average occupancy
for the fiscal year for buildings in service more than 12 months
was 90.7%. At September 30, 2009, 75.1% of the total
warehouse/office portfolio of approximately 2.8 million square feet
was occupied.
Vulcan accounted for approximately 19.8% of our real estate
revenues and 1.8% of our transportation revenues for fiscal 2009.
On a consolidated basis, Vulcan accounted for 5.5% of our fiscal
2009 revenues.
We may be unable to renew leases or relet space as leases expire.
When a lease expires, a tenant may elect not to renew it. We may
not be able to relet the property on similar terms. The terms of
renewal or re-lease (including the cost of required renovations
and/or concessions to tenants) may be less favorable than the prior
lease. If we are unable to relet all or a substantial portion of
our properties, or if the rental rates upon such reletting are
significantly lower than expected rates, our cash generated before
debt repayments and capital expenditures may be adversely affected.
As of September 30, 2009, leases at our properties representing
approximately 12%, 10% and 10% of the total square footage of
buildings completed prior to September 2009 were scheduled to
expire in fiscal year 2010, 2011 and 2012, respectively.
1) Hillside Business Park in Anne Arundel County, Maryland consists
of 49 usable acres. A total of 504,740 square feet existed on the
property at the beginning of 2008 and it is 97% occupied.
Construction of the final building with 66,398 square feet of
office space was completed September 30, 2008. The addition of
this as yet unoccupied building resulted in a decline in average
occupancy from 97% to 86%.
2) Lakeside Business Park in Harford County, Maryland consists of
84 usable acres. Eight warehouse/office buildings, totaling
745,297 square feet, were in place at the beginning of 2009 and are
100% occupied. Construction of the ninth building with 148,425
warehouse/office space was completed in April 2009. The addition
of this as yet unoccupied building resulted in a decline in average
occupancy from 100% to 83%. The remaining 14 acres are available
for future development and have the potential to offer an
additional 210,230 square feet of comparable product.
6) 34 Loveton Circle in suburban Baltimore County, Maryland
contains 8.5 acres with 30,006 square feet of office space, which
is 76% leased including 23% of the space occupied by the Company.
Read the The complete ReportPATR is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES, Chuck Royce of ROYCE & ASSOCIATES.
Patriot Transportation Holding, Inc. is a publicly traded company, engaged in the transportation and real estate businesses. The company is based in Jacksonville, Florida. The Company's transportation business is conducted through two wholly owned subsidiaries. Florida Rock & Tank Lines, Inc. is a Southeastern transportation company concentrating in the hauling by motor carrier of liquid and dry bulk commodities. SunBelt Transport, Inc. serves the flatbed portion of the trucking industry in the Southeastern states, hauling primarily construction materials. The Company's real estate group, comprised of FRP Development Corp. and Florida Rock Properties, Inc., acquires, constructs, leases, operates and manages land and buildings to generate both current cash flows and long-term capital appreciation. The real estate group also owns real estate which is leased under mining royalty agreements or held for investment. Patriot Transportation Holding Inc. has a market cap of $294.6 million; its shares were traded at around $96.48 with and P/S ratio of 1.8. Patriot Transportation Holding Inc. had an annual average earning growth of 10.1% over the past 10 years.
Highlight of Business Operations:
A significant part of our real estate strategy has been to develophigh quality, flexible warehouse/office space. Average occupancy
for the fiscal year for buildings in service more than 12 months
was 90.7%. At September 30, 2009, 75.1% of the total
warehouse/office portfolio of approximately 2.8 million square feet
was occupied.
Vulcan accounted for approximately 19.8% of our real estate
revenues and 1.8% of our transportation revenues for fiscal 2009.
On a consolidated basis, Vulcan accounted for 5.5% of our fiscal
2009 revenues.
We may be unable to renew leases or relet space as leases expire.
When a lease expires, a tenant may elect not to renew it. We may
not be able to relet the property on similar terms. The terms of
renewal or re-lease (including the cost of required renovations
and/or concessions to tenants) may be less favorable than the prior
lease. If we are unable to relet all or a substantial portion of
our properties, or if the rental rates upon such reletting are
significantly lower than expected rates, our cash generated before
debt repayments and capital expenditures may be adversely affected.
As of September 30, 2009, leases at our properties representing
approximately 12%, 10% and 10% of the total square footage of
buildings completed prior to September 2009 were scheduled to
expire in fiscal year 2010, 2011 and 2012, respectively.
1) Hillside Business Park in Anne Arundel County, Maryland consists
of 49 usable acres. A total of 504,740 square feet existed on the
property at the beginning of 2008 and it is 97% occupied.
Construction of the final building with 66,398 square feet of
office space was completed September 30, 2008. The addition of
this as yet unoccupied building resulted in a decline in average
occupancy from 97% to 86%.
2) Lakeside Business Park in Harford County, Maryland consists of
84 usable acres. Eight warehouse/office buildings, totaling
745,297 square feet, were in place at the beginning of 2009 and are
100% occupied. Construction of the ninth building with 148,425
warehouse/office space was completed in April 2009. The addition
of this as yet unoccupied building resulted in a decline in average
occupancy from 100% to 83%. The remaining 14 acres are available
for future development and have the potential to offer an
additional 210,230 square feet of comparable product.
6) 34 Loveton Circle in suburban Baltimore County, Maryland
contains 8.5 acres with 30,006 square feet of office space, which
is 76% leased including 23% of the space occupied by the Company.
Read the The complete ReportPATR is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES, Chuck Royce of ROYCE & ASSOCIATES.
