10-K 1 pattext.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2002 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 33-26115 PATRIOT TRANSPORTATION HOLDING, INC. (Exact name of registrant as specified in its charter) FLORIDA 59-2924957 State or other jurisdiction of (I.R.S. Employer incorporation or organization Identification No.) 1801 Art Museum Drive, Jacksonville, Florida 32207 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 904/396-5733 Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: Common Stock $.10 par value (Title of class) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K. [ ] At December 9, 2002 aggregate market value of the shares of Common Stock held by non-affiliates of the registrant was $37,221,956. At such date there were 3,049,708 shares of the registrant's stock outstanding. Documents Incorporated by Reference Portions of the Patriot Transportation Holding, Inc. 2002 Annual Report to Shareholders are incorporated by reference in Parts I and II. Portions of the Patriot Transportation Holding, Inc. Proxy Statement dated December 23, 2002 are incorporated by reference in Part III. PART I Item 1. BUSINESS. Patriot Transportation Holding, Inc., which was incorporated in Florida in 1988, and its subsidiaries (the "Company") are engaged in the transportation and real estate businesses. The Company's transportation business is conducted through two wholly owned subsidiaries, Florida Rock & Tank Lines, Inc.("Tank Lines"),and SunBelt Transport, Inc. ("SunBelt"). Tank Lines is a Southeastern transportation company concentrating in the hauling of liquid and dry bulk commodities by tank trucks. SunBelt serves the flatbed portion of the trucking industry in the Southeast, Midwest and Mid-Atlantic states, hauling primarily construction materials. A third transportation subsidiary, Patriot Transportation, Inc. ("PTI") closed operations in September 2001. The Company's real estate activities are conducted through several wholly owned subsidiaries. Florida Rock Properties, Inc. ("Properties") owns real estate of which a substantial portion is under mining royalty agreements or leased to Florida Rock Industries, Inc. ("FRI"), a related party. FRI accounted for approximately 41% of the Company's real estate revenues, excluding property sales, for Fiscal 2002. Properties also holds certain other real estate for investment. Other wholly owned subsidiaries of the Company own and are developing certain industrial rental properties near Baltimore, Maryland and Jacksonville, Florida. Substantially all of the real estate operations are conducted within the Southeastern and Mid-Atlantic United States. The Company has two business segments: transportation and real estate. Industry segment information is presented in Notes 2 and 10 to the consolidated financial statements included in the accompanying 2002 Annual Report to Shareholders and is incorporated herein by reference. Revenues from royalties and from a portion of the trucking operations are subject to factors affecting the level of general construction activity. A decrease in the level of general construction activity in any of the Company's market areas may have an adverse effect on such revenues and income derived therefrom. Transportation. Tank Lines is engaged in hauling liquid and dry bulk commodities by tank trucks. SunBelt is engaged in hauling primarily building and construction materials on flatbed trailers. Before closing its operations in September 2001, PTI was engaged in the hauling of a variety of cargo through independent agents and owner-operators. Tank Lines' truck fleet hauls liquid and dry bulk commodities, primarily petroleum and chemicals. It operates from terminals in Jacksonville, Orlando, Panama City, Pensacola, Port Everglades, Tampa and White Springs, Florida; Albany, Atlanta, Augusta, Bainbridge, Columbus, Dalton, Macon and Savannah, Georgia; Knoxville, Tennessee; Charlotte and Wilmington, North Carolina; Charleston, South Carolina; and Birmingham, Alabama. Tank Lines has from two to six major tank truck competitors in each of its markets. SunBelt's owned and leased flatbed fleet is based in Jacksonville and Tampa, Florida; Atlanta and Savannah, Georgia; Salisbury, North Carolina; and South Pittsburg, Tennessee and hauls primarily building and construction materials in Southeastern, Midwestern and Mid-Atlantic states. There are ten major competitors in the SunBelt's market area and numerous small competitors in the various states served. On August 10, 2001 the Company announced it was discontinuing the operation of its third-party agent/owner-operator subsidiary, PTI. PTI hauled a variety of cargo, throughout the United States, through independent contractors until it ceased operations in September 2001. PTI began operations in December 1999. PTI was a non-asset based variable cost transportation company that provided transportation services to shippers through a network of independent sales agents and contractors. Independent sales agents and contractors were compensated based on a percentage of revenue generated by them. The Company decided to close PTI due to declining operating margins from the continuing high administrative costs to support this start up business, sharply higher liability insurance costs and an adverse economic climate. Additional information is presented in Note 3 to the consolidated financial statements included in the accompanying 2002 Annual Report to Shareholders and is incorporated herein by reference. On May 30, 2002, the Company acquired substantially all of the operating assets of Infinger Transportation Company, Inc. (Infinger), a regional tank truck carrier based in Charleston, South Carolina. The acquisition was accounted for as a purchase. The purchase price was approximately $3,698,000, including costs associated with the acquisition. The purpose of the acquisition was to enable the Company to expand into new markets and increase capacity in existing markets. At September 30, 2002, the Company was committed to purchase 67 additional tractors and expects to continue its routine fleet replacement and modernization program during 2003. Price, service, and location are the major factors which affect competition in the transportation segment within a given market. During Fiscal 2002, the transportation segment's ten largest customers accounted for approximately 45.5% of the transportation segment's revenue. The loss of any one of these customers could have an adverse effect on the Company's revenues and income. During the fourth quarter, the Company reported that one of its ten largest customers indicated it is moving a majority of the business it is currently doing with the Company to other carriers. This decision was reached after a lengthy competitive bid process resulting in the business being awarded to the lowest bidder. The Company estimates lost revenues from this customer to be approximately 6% of the transportation segment's revenues for Fiscal 2002. The loss of this revenue will have an adverse effect on the Company's operating income, at least in the short term. The Company anticipates this lost revenue will be offset by revenues generated from the acquisition of the operating assets of Infinger Transportation, Inc. which was acquired by the Company on May 30, 2002. The transportation segment primarily serves customers in the petroleum and building and construction industries. Petroleum customers accounted for approximately 67% and building and construction customers accounted for approximately 21% of transportation segment revenues for the year ended September 30, 2002. The Company hauls construction aggregates, diesel fuel and supplies for FRI. Revenues from services provided to FRI accounted for 1.2% of the transportation segment's revenues. Real Estate. The Company's real estate and property development activities are conducted through several wholly owned subsidiaries. The Company owns real estate in Florida, Georgia, Virginia, Maryland, and Washington, D.C. The real estate owned falls generally into one of three categories. The first category is land and/or buildings leased under rental agreements or being developed for rental. The second is construction aggregates properties with stone or sand and gravel deposits, of which substantially all is leased to FRI under mining royalty agreements. The Company is paid a percentage of the revenues generated by the material mined and sold, or minimum royalties where there is no current, or only limited, mining activity. The third category is land that is being held for future appreciation or development. Additional information about the Company's real estate segment is contained on page 1 under the captions "Real Estate Group" and in Notes 2 and 10 to the consolidated financial statements included in the accompanying 2002 Annual Report to Shareholders and is incorporated herein by reference. The Company's real estate strategy of developing high quality, flexible warehouse/office space continues to be successful as 91% of the warehouse/office portfolio of approximately 1.4 million square feet was leased at September 30, 2002. Price, location, rental space availability, flexibility of design, and property management services are the major factors that affect competition in the flexible warehouse/office rental market. The Company experiences considerable competition in all of its markets. In Fiscal 2002, real estate revenues, excluding the sale of real estate, were divided approximately 67% from rentals and 33% from mining and minimum royalties. FRI accounted for approximately 41% of such revenue. Tenants of our flexible warehouse/office properties are not concentrated in any one particular industry. In February 2002, a subsidiary of the Company signed an Agreement to sell 108 acres of land located in Springfield, Virginia to FRI for $15,000,000. Closing is subject to a title search and surveys and may occur within 45 days of the Company giving notice to FRI to close or, subsequent to June 30, 2003, within 45 days of either party giving notice to close. If FRI fails to close by December 31, 2003, at no fault of the Company, the Company may retain the $100,000 binder deposit and be under no further obligation to close. FRI has the right to terminate this Agreement prior to receiving the Company's notice to close if the consummation of the sale would cause a default in the Credit Agreement among FRI and Wachovia Bank, N.A., et. al. The Agreement was approved by a committee of independent directors of the company after review of a development feasibility study and other materials, consultation with management, and advice of independent counsel. Environmental Matters. While the Company is affected by environmental regulations, such regulations are not expected to have a major effect on the Company's capital expenditures or operating results. Employees. The Company employed approximately 846 people in its transportation group, 11 people in its real estate group, and 4 people in its corporate offices at September 30, 2002. EXECUTIVE OFFICERS OF THE COMPANY Name Age Office Position Since Edward L. Baker 67 Chairman of the Board May 3, 1989 John E. Anderson 57 President & Chief Feb. 17, 1989 Executive Officer David H. DeVilliers, Jr. 51 Vice President Feb. 28, 1994 Ray M.Van Landingham 59 Vice President, Finance Dec. 6, 2000 and Administration and Chief Financial Officer Gregory B. Lechwar 35 Controller Oct. 2, 2002 Rick J. Copley 45 President of SunBelt Sept 16, 2002 Transport, Inc. John R. Mabbett III 43 President of Florida Jan. 1, 1993 Rock & Tank Lines, Inc. All of the above officers have been employed in their respective positions for the past five years except as follows: Ray Van Landingham was Vice President, Finance and Administration of the Jacksonville Port Authority from December 1991 to November 2000; Gregory B. Lechwar has been employed by the Company in various accounting positions since October 1999, and from August 1991 until October 1999, Mr. Lechwar was employed as a certified public accountant with PricewaterhouseCoopers LLP; and Rick J. Copley has been a Vice President of SunBelt since 1993. John D. Baker II, who is the brother of Edward L. Baker, and Thompson S. Baker II, who is the son of Edward L. Baker, are on the Board of Directors of the Company. All executive officers of the Company are elected by the Board of Directors. Item 2. PROPERTIES. The Company's principal properties are located in Florida, Georgia, Virginia, Washington, D.C., and Maryland. Transportation Properties. At September 30, 2002, the Company operated and owned a fleet of approximately 595 trucks, two of which were leased, and owned a fleet of approximately 836 trailers. The Company has 22 sites for its trucking terminals in Florida, Georgia, Alabama, North Carolina, South Carolina and Tennessee. Of these sites, the Company owned 12 and leased 10. Development Properties. The Company owns approximately 120 acres of land in Virginia and Washington, D.C. and an office building and approximately 6 acres in Jacksonville, Florida, all of which are leased to FRI. At September 30, 2002, the Company owned eight parcels of land totaling 251 acres near Baltimore, Maryland as follows: Hillside Business Park in Anne Arundel County is a 59 acre tract near the Baltimore-Washington International Airport. The project will provide the Company an opportunity to develop 575,000 square feet of warehouse/office space. Grading and infrastructure work on the site is nearing completion and the first two buildings within the park are under construction and are scheduled to be completed during 2003 totaling 274,800 square feet of leaseable warehouse/office space. One building with 200,200 square feet is pre-leased to one tenant for 15 years. The other building is not pre-leased. Lakeside Business Park in Harford County consists of 134 acres. Seven warehouse/office buildings, totaling 671,918 square feet, have been constructed and are 86% leased. 32.8 acres remain for future development of an additional 485,200 square feet of comparable product. 6920 Tudsbury Road in Baltimore County contains 5.3 acres with 83,100 square feet of warehouse space that is 100% leased. 8620 Dorsey Run Road in Howard County contains 5.8 acres with 84,600 square feet of warehouse space that is 100% leased. Rossville Center in Baltimore County contains approximately 10 acres with 190,517 square feet of commercial/warehouse space and is 87% leased. 34 Loveton Circle in Baltimore County contains 8.5 acres with 29,722 square feet of office space which is 11% occupied by the Company with the balance 100% leased, including 23% leased to FRI. Oregon Center in Anne Arundel County contains approximately 17 acres with 195,615 square feet of commercial warehouse and office space which is 100% leased. Arundel Center in Howard County contains approximately 11 acres with 162,796 square feet of commercial warehouse and office space, which is 89% leased. At September 30, 2002 certain developed real estate properties having a carrying value of $40,975,000 were pledged on long- term non-recourse notes with an outstanding principal balance totaling $36,101,000. In addition, certain other properties having a carrying value at September 30, 2002 of $981,000 were encumbered by industrial revenue bonds that are the liability of FRI. FRI has agreed to pay such debt when due (or sooner if FRI cancels its lease of such property), and further has agreed to indemnify and hold harmless the Company on account of such debt. The Company owns a 5.8 acre site in the Southeast quadrant of Washington, D.C. on the banks of the Anacostia River which was rezoned in November 1999 from industrial to a Planned Unit Development ("PUD") that permitted the development of 1.5 million square feet of commercial office space together with associated waterfront enhancements. As a condition to the PUD the Company was required to proffer a nearby 2.1 acre site it owns thereby eliminating any potential for development of the 2.1 acre site by the Company. In May of 2002 the District of Columbia Zoning Commission voted 3-2 against extending until 2004 the previously approved PUD that allowed for the development of up to 1.5 million square feet of commercial office space on the Company's 5.8 acre site. The Company has filed the appropriate documentation with the Zoning Commission seeking a reconsideration of their decision not to extend the PUD. There is also a recently adopted "overlay" of new zoning for a substantial area of the Southwest and Southeast quadrants of the District of Columbia west of the Anacostia River which includes both the 5.8 acre site and the nearby 2.1 acre site owned by the Company. Under this "overlay" the Company would be permitted to develop on the two sites approximately 1.38 million square feet, divided roughly in half between commercial office/retail space and residential (including hotel) space. The "overlay" requires a larger residential component and more "open space" than the PUD would have permitted. The two sites are currently leased to FRI under leases expiring in April 2006. The Company will continue to explore opportunities for eventual development of this property. Construction Aggregates Properties. The following table summarizes the Company's principal construction aggregates locations and estimated reserves at September 30, 2002, substantially all of which are leased to FRI. Tons of Tons Sold Estimated in Year Reserves Ended at 9/30/02 9/30/02 Approximate (000's) (000's) Acres Owned The Company owns eleven locations currently being mined in Brooksville, Grandin, Gulf Hammock, Keuka, Newberry and Airgrove/ Lake County, Florida; Columbus, Macon, Forest Park and Tyrone, Georgia; and Manassas, Virginia. 9,058 518,394 17,135 The Company owns six locations not currently being mined in Ft. Myers, Miami(mining ceased Feb 2002), Marion County, Astatula/Lake County and Sandland/Polk County, Florida and St. Mary's County, Maryland 1,458 32,891 4,145 Other Properties. In addition to the development, mining and rental sites, the Company owns approximately 8,373 acres of investment and other real estate, of which approximately 6,321 acres are in Suwannee County and Columbia County, Florida and are leased to FRI. The Company continues permitting and preliminary horizontal development work for a 50-acre, rail-served site on Commonwealth Avenue in Jacksonville, Florida near the western beltway of Interstate-295. This site is planned for roughly 500,000 square feet of eventual build-out. Item 3. LEGAL PROCEEDINGS. Note 13 to the Consolidated Financial Statements included in the accompanying 2002 Annual Report to Shareholders is incorporated herein by reference. Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. No reportable events. PART II Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED SHAREHOLDER MATTERS. There were approximately 767 holders of record of Patriot Transportation Holding, Inc. common stock, $.10 par value, as of December 9, 2002. The Company's common stock is traded on the Nasdaq Stock Market (Symbol PATR). Information concerning stock prices is included under the caption "Quarterly Results" on page 5 of the Company's 2002 Annual Report to Shareholders, and such information is incorporated herein by reference. The Company has not paid a cash dividend in the past and it is the present policy of the Board of Directors not to pay cash dividends. Information concerning restrictions on the payment of cash dividends is included in Note 4 to the consolidated financial statements included in the accompanying 2002 Annual Report to Shareholders and such information is incorporated herein by reference. Information regarding securities authorized for issuance under equity compensation plans is included in Item 12 of Part III of this Annual Report on Form 10-K and such information is incorporated herein by reference. Item 6. SELECTED FINANCIAL DATA. Information required in response to this Item 6 is included under the caption "Five Year Summary" on page 5 of the Company's 2002 Annual Report to Shareholders and such information is incorporated herein by reference. Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Information required in response to Item 7 is included under the caption "Management Analysis" on pages 6 and 7; under the caption "Capital Expenditures" on page 1; and in Notes to Consolidated Financial Statements included in the accompanying 2002 Annual Report to Shareholders. Such information is incorporated herein by reference. Item 7.A QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Company is exposed to market risk from changes in interest rates. For its cash and cash equivalents, a change in interest rates affects the amount of interest income that can be earned. For its debt instruments with variable interest rates, changes in interest rates affect the amount of interest expense incurred. The Company prepared a sensitivity analysis of its variable rate borrowings to determine the impact of hypothetical changes in interest rates on the Company's results of operations and cash flows. The interest-rate analysis assumed a 50 basis point adverse change in interest rates on all borrowings under the credit agreement. However, the interest-rate analysis did not consider the effects of the reduced level of economic activity that could exist in such an environment. A 50 basis point adverse move in interest rates on the Company's outstanding borrowings under the credit agreement would have an immaterial impact on the Company's results of operations and cash flows. The following table provides information about the Company's financial instruments that are sensitive to changes in interest rates (dollars in thousands): 2003 2004 2005 2006 2007 Thereafter Total Fair Value Liabilities: Long-term debt at fixed rates $ 1,311 1,415 1,467 1,587 1,695 28,626 36,101 38,450 Weighted average interest rate 7.6% 7.6 7.6 7.6 7.6 7.6 Bank revolving credit at variable interest $12,500 12,500 12,500 rate Weighted average Interest rate 4.2% Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. Information required in response to this Item 8 is included under the caption "Quarterly Results" on page 5 and on pages 8 through 18 of the Company's 2002 Annual Report to Shareholders. Such information is incorporated herein by reference. Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. On May 1, 2002, the Board of Directors of the Company, upon recommendation of its Audit Committee, decided to dismiss Deloitte & Touche LLP ("Deloitte & Touche") as the Company's principal public accountants and engaged PricewaterhouseCoopers LLP ("PricewaterhouseCoopers") to serve as the Company's principal public accountants for a three year term beginning with fiscal year 2002. Deloitte & Touche's reports on the consolidated financial statements of the Company and its subsidiaries for the two most recent fiscal years ended September 30, 2001 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. During the Company's two fiscal years ended September 30, 2001 and the subsequent interim periods through March 31, 2002, there were no disagreements between the Company and Deloitte & Touche on any matter of accounting prinicples or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to Deloitte & Touche's satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports; and there were no reportable events as described in Item 304(a)(1)(v) of Regulation S-K. The Company provided Deloitte & Touche with a copy of the foregoing disclosures. During the Company's two fiscal years ended September 30, 2001, the Company did not consult PricewaterhouseCoopers with respect to the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's consolidated financial statements, or any other matters or reportable events as set forth in Items 304(a)(2)(i) and (ii) of Regulation S-K. PART III Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT. Information regarding the executive officers of the Company is set forth under the caption "Executive Officers of the Company" in Part I of this Form 10-K. Information concerning directors, required in response to this Item 10, is included under the captions "Election of Directors" and "Section 16(a) Beneficial Ownership Reporting Compliance" in the Company's Proxy Statement and such information is incorporated herein by reference. The Proxy Statement will be filed with the Securities and Exchange Commission not later than December 31, 2002. Item 11. EXECUTIVE COMPENSATION. Information required in response to this Item 11 is included under the captions "Executive Compensation," "Compensation Committee Report," "Compensation Committee Interlocks and Insider Participation," and "Shareholder Return Performance" in the Company's Proxy Statement and such information is incorporated herein by reference. Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT. Information required in response to this Item 12 is included under the captions "Common Stock Ownership of Certain Beneficial Owners" and "Common Stock Ownership by Directors and Officers" in the Company's Proxy Statement and such information is incorporated herein by reference. Equity Compensation Plan Information Number of Securities remaining available for Number of future Securities Weighted issuance to be Average under equity issued upon exercise compensation exercise of price of plans outstanding outstanding (excluding options, options, securities warrants warrants reflected in and rights and rights column (a) Plan Category (a) (b) (c) Equity compensation plans approved by security holders 141,000 19.78 426,000 Equity compensation pans not approved by security holders 0 0 0 Total 141,000 19.78 426,000 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. Information required in response to this Item 13 is included under the captions "Compensation Committee Interlocks and Insider Participation" and "Certain Relationships and Related Transactions" in the Company's Proxy Statement and such information is incorporated herein by reference. Item 14. CONTROLS AND PROCEDURES. Evaluation of disclosure controls and procedures. As required by Rule 13a-15 under the Exchange Act, within the 90 days prior to the filing date of this report, the Company carried out an evaluation of the effectiveness of the design and operation of the Company's disclosure controls and procedures. This evaluation was carried out under the supervision and with the participation of the Company's management, including the Company's President and Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer. Based upon that evaluation, the Company's President and Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer have concluded that the Company's disclosure controls and procedures are effective in timely alerting them to material information relating to the Company required to be included in the Company's periodic SEC filings. Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in Company reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rule and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in Company reports filed under the Exchange Act is accumulated and communicated to management, including the Company's Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer as appropriate, to allow timely decisions regarding required disclosures. Changes in internal controls. There have been no changes in internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. PART IV Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K. (a) (1)and(2) Financial Statements and Financial Statement Schedules. The response to this item is submitted as a separate section. See Index to Financial Statements and Financial Statement Schedules on page 25 of this Form 10-K. (3)Exhibits. The response to this item is submitted as a separate section. See Exhibit Index on pages 21 through 24 of this Form 10-K. (b) Reports on Form 8-K. During the three months ended September 30, 2002, no reports on Form 8-K were filed by the Company. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Patriot Transportation Holding, Inc. Date: December 19, 2002 By JOHN E. ANDERSON John E. Anderson President and Chief Executive Officer (Principal Executive Officer) By RAY M. VAN LANDINGHAM Ray M. Van Landingham Vice President, Finance & Administration and Chief Financial Officer (Principal Financial Officer) By GREGORY B. LECHWAR Gregory B. Lechwar Controller (Principal Accounting Officer) CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 I, John E. Anderson, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Annual Report of Patriot Transportation Holding, Inc. on Form 10-K for the fiscal year ended September 30, 2002 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such Annual Report on Form 10-K fairly presents in all material respects the financial condition and results of operations of Patriot Transportation Holding, Inc. By: JOHN E. ANDERSON_______________ Name: John E. Anderson Title: President and Chief Executive Officer I, Ray M. Van Landingham, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Annual Report of Patriot Transportation Holding, Inc. on Form 10-K for the fiscal year ended September 30, 2002 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such Annual Report on Form 10-K fairly presents in all material respects the financial condition and results of operations of Patriot Transportation Holding, Inc. By: RAY M. VAN LANDINGHAM__________ Name: Ray M. Van Landingham Title: Vice President, Finance and Administration and Chief Financial Officer I, Gregory B. Lechwar, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Annual Report of Patriot Transportation Holding, Inc. on Form 10-K for the fiscal year ended September 30, 2002 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such Annual Report on Form 10-K fairly presents in all material respects the financial condition and results of operations of Patriot Transportation Holding, Inc. By: GREGORY B. LECHWAR_____________ Name: Gregory B. Lechwar Title: Controller Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on December 4, 2002. JOHN E. ANDERSON DAVID H. DEVILLIERS, JR. John E. Anderson David H. deVilliers, Jr. Director, President, and Chief Director Executive Officer (Principal Executive Officer) LUKE E. FICHTHORN III Luke E. Fichthorn III Director RAY M. VAN LANDINGHAM ___________ FRANCIS X. KNOTT Ray M. Van Landingham Francis X. Knott Vice President, Finance and Director Administration (Principal Financial Officer) ROBERT H. PAUL, III Robert H. Paul, III Director GREGORY B. LECHWAR Gregory B. Lechwar H. JAY SKELTON Controller H. Jay Skelton (Principal Accounting Officer) Director EDWARD L. BAKER MARTIN E. STEIN, JR. Edward L. Baker Martin E. Stein, Jr. Chairman of the Board Director JOHN D. BAKER II JAMES H. WINSTON John D. Baker II James H. Winston Director Director THOMPSON S. BAKER II Thompson S. Baker II Director CERTIFICATIONS I, John E. Anderson, certify that: 1. I have reviewed this annual report on Form 10-K of Patriot Transportation Holding, Inc.; 2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report; 3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the "Evaluation Date"); and c) presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this annual report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: December 19, 2002 /s/John E. Anderson President and Chief Executive Officer CERTIFICATIONS I, Ray M. Van Landingham, certify that: 1. I have reviewed this annual report on Form 10-K of Patriot Transportation Holding, Inc.; 2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report; 3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the "Evaluation Date"); and c) presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this annual report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: December 19, 2002 /s/Ray M. Van Landingham Vice President, Finance and Administration and Chief Financial Officer CERTIFICATIONS I, Gregory B. Lechwar, certify that: 1. I have reviewed this annual report on Form 10-K of Patriot Transportation Holding, Inc.; 2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report; 3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the "Evaluation Date"); and c) presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this annual report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: December 19, 2002 /s/Gregory B. Lechwar Controller (Principal Accounting Officer) PATRIOT TRANSPORTATION HOLDING, INC. FORM 10-K FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2002 EXHIBIT INDEX [Item 14(a)(3)] (3)(a)(1) Articles of Incorporation of Patriot Transportation Holding, Inc., incorporated by reference to the corresponding exhibit filed with Form S-4 dated December 13, 1988. File No. 33- 26115. (3)(a)(2) Amendment to the Articles of Incorporation of Patriot Transportation Holding, Inc. filed with the Secretary of State of Florida on February 19, 1991 incorporated by reference to the corresponding exhibit filed with Form 10-K for the fiscal year ended September 30, 1993. File No. 33- 26115. (3)(a)(3) Amendments to the Articles of Incorporation of Patriot Transportation Holding, Inc. filed with the Secretary of State of Florida on February 7, 1995, incorporated by reference to an appendix to the Company's Proxy Statement dated December 15, 1994. File No. 33-26115. (3)(a)(4) Amendment to the Articles of Incorporation of Patriot Transportation Holding, Inc., filed with the Florida Secretary of State on May 6, 1999 incorporated by reference to a form of such amendment filed as Exhibit 4 to the Company's Form 8-K dated May 5, 1999. File No. 33-26115. (3)(a)(5) Amendment to the Articles of Incorporation of Patriot Transportation Holding, Inc. filed with the Secretary of State of Florida on February 21, 2000, incorporated by reference to the corresponding exhibit filed with Form 10-Q for the quarter ended March 31, 2000. File No. 33-26115. (3)(b)(1) Restated Bylaws of Patriot Transportation Holding, Inc. adopted December 1, 1993, incorporated by reference to the corresponding exhibit filed with Form 10-K for the fiscal year ended September 30, 1993. File No. 33-26115. (3)(b)(2) Amendment to the Bylaws of Patriot Transportation Holding, Inc. adopted August 3, 1994, incorporated by reference to the corresponding exhibit filed with Form 10-K for the fiscal year ended September 30, 1994. File No. 33- 26115. (3)(b)(3) Amendments to the Articles of Incorporation of Patriot Transportation Holding, Inc. filed with the Secretary of State of State of Florida on February 7, 1995, incorporated by reference to an appendix to the Company's Proxy Statement dated December 15, 1994. File No. 33-26115. (4)(a) Articles III, VII and XII of the Articles of Incorporation of Patriot Transportation Holding, Inc, incorporated by reference to an exhibit filed with Form S-4 dated December 13, 1988. And amended Article III, incorporated by reference to an exhibit filed with Form 10-K for the fiscal year ended September 30, 1993. And Articles XIII and XIV, incorporated by reference to an appendix filed with the Company's Proxy Statement dated December 15, 1994. File No. 33-26115. (4)(b) Specimen stock certificate of Patriot Transportation Holding, Inc, incorporated by reference to an exhibit filed with Form S-4 dated December 13, 1988. File No. 33-26115. (4)(c) Revolving Credit Agreement dated as of January 9, 2002 among Patriot Transportation Holding, Inc. as Borrower, the Lenders from time to time party hereto and SunTrust Bank as Administrative Agent, incorporated by reference to an exhibit filed with Form 10-Q for the quarter ended December 31, 2001. File No. 33-26115. (4)(d) The Company and its consolidated subsidiaries have other long-term debt agreements which do not exceed 10% of the total consolidated assets of the Company and its subsidiaries, and the Company agrees to furnish copies of such agreements and constituent documents to the Commission upon request. (4)(e) Rights Agreement, dated as May 5, 1999 between the Company and First Union National Bank, incorporated by reference to Exhibit 4 to the Company's Form 8-K dated May 5, 1999. File No. 33-26115. (10)(a) Various lease backs and mining royalty agreements with Florida Rock Industries, Inc., none of which are presently believed to be material individually, except for the Mining Lease Agreement dated September 1, 1986, between Florida Rock Industries Inc. and Florida Rock Properties, Inc., successor by merger to Grandin Land, Inc. (see Exhibit (10)(c)), but all of which may be material in the aggregate, incorporated by reference to an exhibit filed with Form S-4 dated December 13, 1988. File No. 33-26115. (10)(b) License Agreement, dated June 30, 1986, from Florida Rock Industries, Inc. to Florida Rock & Tank Lines, Inc. to use "Florida Rock" in corporate names, incorporated by reference to an exhibit filed with Form S-4 dated December 13, 1988. File No. 33-26115. (10)(c) Mining Lease Agreement, dated September 1, 1986, between Florida Rock Industries, Inc. and Florida Rock Properties, Inc., successor by merger to Grandin Land, Inc., incorporated by reference to an exhibit previously filed with Form S-4 dated December 13, 1988. File No. 33-26115. (10)(d) Summary of Medical Reimbursement Plan of Patriot Transportation Holding, Inc., incorporated by reference to an exhibit filed with Form 10-K for the fiscal year ended September 30, 1993. File No. 33-26115. (10)(f) Summary of Management Incentive Compensation Plans, incorporated by reference to an exhibit filed with Form 10-K for the fiscal year ended September 30, 1994. File No. 33- 26115. (10)(g) Management Security Agreements between the Company and certain officers, incorporated by reference to a form of agreement previously filed (as Exhibit (10)(I)) with Form S-4 dated December 13, 1988. File No. 33-26115. (10)(h)(1) Patriot Transportation Holding, Inc. 1989 Employee Stock Option Plan, incorporated by reference to an exhibit filed with Form S-4 dated December 13, 1988. File No. 33-26115 (10)(h)(2) Patriot Transportation Holding, Inc. 1995 Stock Option Plan, incorporated by reference to an appendix to the Company's Proxy Statement dated December 15, 1994. File No. 33-26115. (10)(h)(3) Patriot Transportation Holding, Inc. 2000 Stock Option Plan, incorporated by reference to an appendix to the Company's Proxy Statement dated December 15, 1999. File No. 33-26115. (10)(i) Purchase and Sale Agreement dated February 6, 2002 between Florida Rock Industries, Inc. and Florida Rock Properties, Inc., incorporated by reference to and exhibit filed with Form 10-Q for the quarter ended December 31, 2001. File No. 33-26115. (11) Computation of Earnings Per Common Share. (13) The Company's 2002 Annual Report to shareholders, portions of which are incorporated by reference in this Form 10-K. Those portions of the 2002 Annual Report to Shareholders which are not incorporated by reference shall not be deemed to be filed as part of this Form 10-K. (22) Subsidiaries of Registrant at September 30, 2002: Florida Rock & Tank Lines, Inc. (a Florida corporation); Florida Rock Properties, Inc. (a Florida corporation); FRP Development Corp. (a Maryland corporation); FRP Maryland, Inc. (a Maryland corporation); 34 Loveton Center LLC (a Maryland limited liability company); FRTL, Inc. (a Florida corporation); SunBelt Transport, Inc. (a Florida Corporation); Oz LLC(a Maryland limited liability company); FRP Delaware, Inc. (a Delaware corporation); 1502 Quarry, LLC(a Maryland limited liability company); FRP Lakeside LLC #1 (a Maryland limited company); FRP Lakeside LLC #2 (a Maryland limited liability company); FRP Lakeside LLC #3 (a Maryland limited liability company); FRP Lakeside LLC #4 (a Maryland limited liability company); FRP Lakeside LLC #5 (a Maryland limited liability company); FRP Hillside LLC (a Maryland limited liability company); FRP Windsor LLC (a Maryland limited liability company); FRP Dorsey LLC (a Maryland limited liability company); Patriot Transportation, Inc.(a Florida corporation). (23)(a) Consent of PricewaterhouseCoopers LLP, Independent Certified Public Accountants, appears on page 26 of this Form 10-K. (23)(b) Consent of Deloitte & Touche LLP, Independent Certified Public Accountants, appears on page 26 of this Form 10-K. PATRIOT TRANSPORTATION HOLDING, INC. INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES (Item 14(a) (1) and 2)) Page Consolidated Financial Statements: Consolidated balance sheets at September 30, 2002 and 2001 10(a) For the years ended September 30, 2002, 2001 and 2000: Consolidated statements of income 9(a) Consolidated statements of cash flows 11(a) Consolidated statements of shareholders' equity 12(a) Notes to consolidated financial statements 12-18(a) Independent Auditors' Reports 19(a) Selected quarterly financial data (unaudited) 5(a) Consents of Independent Certified Public Accountants 25(b) Independent Auditors' Reports on Financial Statement Schedules 26(b) Consolidated Financial Statement Schedules: II - Valuation and qualifying accounts 27(b) III - Real estate and accumulated depreciation and Depletion 28-29(b) (a) Refers to the page number in the Company's 2002 Annual Report to Shareholders. Such information is incorporated by reference in Item 8 of this Form 10-K. (b) Refers to the page number in this Form 10-K. All other schedules have been omitted, as they are not required under the related instructions, are inapplicable, or because the information required is included in the consolidated financial statements. CONSENTS OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS Exhibit 23(a) We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 33-43215, 33-18878 and 33- 55132) of Patriot Transportation Holding, Inc. of our report dated November 15, 2002 relating to the financial statements, which appears in the Annual Report to Shareholders, which is incorporated in this Annual Report on Form 10-K. We also consent to the incorporation by reference of our report dated November 15, 2002 relating to the financial statement schedules, which appears in this Form 10-K. PricewaterhouseCoopers LLP Jacksonville, Florida December 19, 2002 ____________________ INDEPENDENT AUDITORS' CONSENT Exhibit 23(b) We consent to the incorporation by reference in Registration Statement Nos. 33-43215, 33-18878 and 33-55132 of Patriot Transportation Holding, Inc. on Form S-8 of our report dated December 10, 2001, appearing in this Annual Report on Form 10-K of Patriot Transportation Holding, Inc. for the year ended September 30, 2002. DELOITTE & TOUCHE LLP Jacksonville, Florida December 19, 2002 REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS ON FINANCIAL STATEMENT SCHEDULES To the Board of Directors Patriot Transportation Holding, Inc.: Our audit of the consolidated financial statements as of and for the year ended September 30, 2002 referred to in our report dated November 15, 2002 appearing in the 2002 Annual Report to Shareholders of Patriot Transportation Holding, Inc., (which report and consolidated financial statements are incorporated by reference in this Annual Report on Form 10-K) also included an audit of the financial statement schedules listed in Item 15 of this Form 10-K. In our opinion, these financial statement schedules present fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. PricewaterhouseCoopers LLP Jacksonville, Florida November 15, 2002 ____________________ INDEPENDENT AUDITORS' REPORT To the Board of Directors and Stockholders of Patriot Transportation Holding, Inc. Jacksonville, Florida We have audited the consolidated financial statements of Patriot Transportation Holding, Inc. and subsidiaries ("Patriot") as of September 30, 2001 and 2000, and for each of the two years in the period ended September 30, 2001, and have issued our report thereon dated December 10, 2001; such consolidated financial statements and report are included in your 2002 Annual Report to Stockholders and are incorporated herein by reference. Our audits also included the financial statement schedules of Patriot, listed in Item 15. These financial statement schedules are the responsibility of Patriot's management. Our responsibility is to express an opinion based on our audits. In our opinion, such financial statement schedules, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly in all material respects the information set forth therein. DELOITTE & TOUCHE LLP Certified Public Accountants Jacksonville, Florida December 10, 2001 PATRIOT TRANSPORTATION HOLDING, INC. SCHEDULE II (CONSOLIDATED) - VALUATION AND QUALIFYING ACCOUNTS YEARS ENDED SEPTEMBER 30, 2002, 2001 AND 2000 ADDITIONS ADDITIONS BALANCE CHARGED TO CHARGED TO BALANCE AT BEGIN. COST AND OTHER AT END OF YEAR EXPENSES ACCOUNTS DEDUCTIONS OF YEAR Year Ended September 30, 2002: Allowance for Doubtful accounts $1,160,051 $ 140,000 $ - $ 826,051(a)$ 474,000 Accrued risk insurance $6,032,351 $5,162,666 - $4,868,611(b)$ 6,326,406 Accrued health Insurance 1,078,152 2,834,763 - 2,801,107(b) 1,111,808 Totals - insurance $7,110,503 $7,997,429 $ 0 $7,669,718 $ 7,438,214 Year Ended September 30, 2001: Allowance for doubtful accounts $ 868,541 $1,177,379 - $ 885,869(a) $1,160,051 Accrued risk insurance $5,397,442 $6,221,228 - $5,586,319(b) $6,032,351 Accrued health insurance 989,608 2,517,708 - 2,429,164(b) 1,078,152 Totals - insurance $6,387,050 $8,738,936 $ 0 $8,015,483 $7,110,503 Year Ended September 30, 2000: Allowance for doubtful accounts $ 284,318 $ 858,629 - $ 274,406(a)$ 868,541 Accrued risk insurance $5,385,393 $4,452,376 - $4,440,327(b)$5,397,442 Accrued health insurance 913,377 2,187,462 - 2,111,231(b) 989,608 Totals - insurance $6,298,770 $6,639,838 $ 0 $6,551,558 $6,387,050 (a) Accounts written off less recoveries (b) Payments PATRIOT TRANSPORTATION HOLDING, INC. SCHEDULE III(CONSOLIDATED)-REAL ESTATE & ACCUMULATED DEPRECIATION AND DEPLETION SEPTEMBER 30, 2002
Cost capi- Gross amount Year Deprecia- Encumb- Initial cost talized at which Accumulated Of Date tion Life County State rances to subsequent carried at Depreciation Constr- Acquired Computed Company to acquisition end of period tion on: (a) Construction Aggregates Alachua Florida 1,442,012 0 1 ,442,012 77,354 n/a 4/86 unit Clayton Georgia 369,317 0 369,317 4,677 n/a 4/86 unit Dade Florida 9,374,661 0 9,374,661 9,374,660 n/a 4/86 unit Fayette Georgia 70,815 684,747 0 684,747 49,131 n/a 4/86 unit Hernando Florida 3,174,084 324,852 3,498,936 953,095 n/a 4/86 unit Lake Florida 1,485,153 0 1,485,153 1,048,903 n/a 4/86 unit Lee Florida 4,690,268 5,937 4,696,205 3,414 n/a 4/86 unit Levy Florida 1,280,643 83,366 1,364,009 449,362 n/a 4/86 unit Marion Florida 1,180,365 0 1,180,365 599,478 n/a 4/86 unit Monroe Georgia 840,442 0 840,442 235,088 n/a 4/86 unit Muscogee Georgia 368,674 0 368,674 62,039 n/a 4/86 unit Polk Florida 120,501 0 120,501 75,285 n/a 4/86 unit Prince Wil. Virginia 298,464 0 298,464 286,662 n/a 4/86 unit Putnam Florida 15,002,258 48,537 15,050,795 2,860,125 n/a 4/86 unit St. Marys Maryland 1,269,818 12,160 1,281,978 541,761 n/a 4/86 unit 70,815 41,581,407 474,852 42,056,259 16,621,034 Other Rental Property District of Columbia 6,767,875 6,034,629 12,802,504 937,251 n/a 4/86 15 yr. Fairfax Virginia 2,035,014 22,789 2,057,803 0 n/a 4/86 - Putnam Florida 326,128 51,327 377,455 323,168 n/a 4/86 10 yr. Spalding Georgia 19,572 0 19,572 0 n/a 4/86 - Suwannee Florida 115,572 4,528,748 343,013 4,871,761 897,411 n/a 4/86 10 yr. 115,572 13,677,337 6,451,758 20,129,095 2,157,830 Commercial Property Baltimore Maryland 1,438,193 439,121 2,953,384 3,392,503 1,312,231 1990 10/89 31 yr. Baltimore Maryland 4,084,133 950,000 5,779,565 6,729,565 1,883,230 1994 12/91 31 yr. Baltimore Maryland2,596,902 690,219 2,836,549 3,526,770 256,808 2000 7/99 31 yr. Duval Florida 2,415,989 529,074 2,945,063 2,209,241 n/a 4/86 25 yr. Harford Maryland 2,832,703 30,834 3,825,685 3,856,519 558,189 1998 8/95 31 yr. Harford Maryland 179,460 7,203,884 7,383,344 135,874 n/a 8/95 31 yr. Harford Maryland 4,667,192 50,112 5,562,014 5,612,126 542,736 1999 8/95 31 yr. Harford Maryland6,375,178 84,837 6,580,316 6,665,153 465,540 2001 8/95 31 yr. Harford Maryland3,628,947 154,758 4,946,150 5,100,908 266,083 2001 8/95 31 yr. Howard Maryland4,273,307 2,859,157 3,539,851 6,399,008 1,670,262 1996 9/88 31 yr. Howard Maryland2,346,847 2,473,277 331,660 2,804,937 226,575 2000 3/00 31 yr. Anne Arun Maryland 3,671,088 715,000 6,691,743 7,406,743 3,057,763 1989 9/88 31 yr. Anne Arun Maryland 950,000 7,848,500 8,798,500 0 n/a 5/98 31 yr. 35,914,490 11,992,764 58,628,375 70,621,139 12,584,532 Investment Property 1,022,867 96,101 1,118,968 31,887 GRAND TOTALS $36,100,877 68,274,375 65,651,086 133,925,461 31,395,283 (a) The aggregate cost for Federal income tax purposes is $115,155,869.
PATRIOT TRANSPORTATION HOLDING, INC. SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION AND DEPLETION YEARS ENDED SEPTEMBER 30, 2002, 2001 AND 2000 2002 2001 2000 Gross Carrying Cost of Real Estate: Balance at beginning of period $127,174,081 115,228,749 106,930,861 Additions during period: Other acquisitions 7,053,480 13,037,271 9,550,781 Improvements, etc. - - - Other (transfers) - - - Deductions during period: Cost of real estate sold 302,100 - 742,939 Other (abandonments) - 1,091,939 509,954 Balance at close of period $133,925,461 127,174,081 115,228,749 Accumulated Depreciation & Depletion: Balance at beginning of period $ 28,934,011 25,968,037 23,676,964 Additions during period: Charged to cost & expense 2,532,738 2,965,974 2,535,438 Deductions during period: Cost of real estate sold 71,466 - 244,365 Balance at close of period $31,395,283 28,934,011 25,968,037 28