Patriot Transportation Holding Inc. (PATR, Financial) filed Annual Report for the period ended 2010-09-30.
Patriot Transportation Holding Inc. has a market cap of $248.8 million; its shares were traded at around $81.25 with a P/E ratio of 35.1 and P/S ratio of 2.2. Patriot Transportation Holding Inc. had an annual average earning growth of 9.6% over the past 10 years.PATR is in the portfolios of Chuck Royce of Royce& Associates.
high quality, flexible warehouse/office space. Average occupancy
for the fiscal year for buildings in service more than 12 months
was 75.8%. At September 30, 2010, 72.0% of the total
warehouse/office portfolio of approximately 2.8 million square feet
was occupied.
Vulcan accounted for approximately 17.9% of our real estate
revenues and 2.7% of our transportation revenues for fiscal 2010.
On a consolidated basis, Vulcan accounted for 5.7% of our fiscal
2010 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, 2010, leases at our properties representing
approximately 9%, 8% and 13% of the total square footage of
buildings completed prior to September 2010 were scheduled to
expire in fiscal year 2011, 2012 and 2013, respectively.
Certain shareholders have effective control of nearly a majority of
our common stock and likely will control the outcome of any
shareholder vote.
As of November 24, 2010, three of our directors, Edward L. Baker,
John D. Baker II and Thompson S. Baker II, beneficially own
approximately 23.6% of the outstanding shares of our common stock
and certain of their family members beneficially own an additional
10.3%. As a result, these individuals effectively may have the
ability to direct the election of all members of our Board of
Directors and to exercise a controlling influence over our business
and affairs, including any determinations with respect to mergers
or other business combinations involving us, our acquisition or
disposition of assets, our borrowing of monies, our issuance of any
additional securities, our repurchase of common stock and our
payment of dividends.
1) Hillside Business Park in Anne Arundel County, Maryland consists
of 49 usable acres. A total of 571,138 square feet exist on the
property and it is 86% occupied. Construction of the final
building with 66,398 square feet of office space was completed
September 30, 2008 and is currently unoccupied. An agreement to
lease 20,000 square feet is scheduled to commence on or about
January 1, 2011 and will increase the occupancy to 89%.
6) 34 Loveton Circle in suburban Baltimore County, Maryland
contains 8.5 acres with 30,006 square feet of office space, which
is 40% leased including 23% of the space occupied by the Company.
Read the The complete Report
Patriot Transportation Holding Inc. has a market cap of $248.8 million; its shares were traded at around $81.25 with a P/E ratio of 35.1 and P/S ratio of 2.2. Patriot Transportation Holding Inc. had an annual average earning growth of 9.6% over the past 10 years.PATR is in the portfolios of Chuck Royce of Royce& Associates.
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 75.8%. At September 30, 2010, 72.0% of the total
warehouse/office portfolio of approximately 2.8 million square feet
was occupied.
Vulcan accounted for approximately 17.9% of our real estate
revenues and 2.7% of our transportation revenues for fiscal 2010.
On a consolidated basis, Vulcan accounted for 5.7% of our fiscal
2010 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, 2010, leases at our properties representing
approximately 9%, 8% and 13% of the total square footage of
buildings completed prior to September 2010 were scheduled to
expire in fiscal year 2011, 2012 and 2013, respectively.
Certain shareholders have effective control of nearly a majority of
our common stock and likely will control the outcome of any
shareholder vote.
As of November 24, 2010, three of our directors, Edward L. Baker,
John D. Baker II and Thompson S. Baker II, beneficially own
approximately 23.6% of the outstanding shares of our common stock
and certain of their family members beneficially own an additional
10.3%. As a result, these individuals effectively may have the
ability to direct the election of all members of our Board of
Directors and to exercise a controlling influence over our business
and affairs, including any determinations with respect to mergers
or other business combinations involving us, our acquisition or
disposition of assets, our borrowing of monies, our issuance of any
additional securities, our repurchase of common stock and our
payment of dividends.
1) Hillside Business Park in Anne Arundel County, Maryland consists
of 49 usable acres. A total of 571,138 square feet exist on the
property and it is 86% occupied. Construction of the final
building with 66,398 square feet of office space was completed
September 30, 2008 and is currently unoccupied. An agreement to
lease 20,000 square feet is scheduled to commence on or about
January 1, 2011 and will increase the occupancy to 89%.
6) 34 Loveton Circle in suburban Baltimore County, Maryland
contains 8.5 acres with 30,006 square feet of office space, which
is 40% leased including 23% of the space occupied by the Company.
Read the The complete Report
