FRP Holdings, Inc. (FRPH) Bundle
A Brief History of FRP Holdings, Inc.
FRP Holdings, Inc. has established itself as a prominent player in the real estate and mining sectors. The company operates through various segments, including Multifamily, Industrial and Commercial, and Mining Royalty Lands.
Company Overview
As of September 30, 2024, FRP Holdings reported total revenues of $31,243,000, a slight decline of $158,000 or 0.5% compared to the same period in 2023. The company's net income for the first nine months of 2024 reached $4,706,000, compared to $2,422,000 in 2023, marking a growth of 94.3%.
Financial Performance
| Financial Metric | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Total Revenues | $31,243,000 | $31,401,000 | -0.5% |
| Net Income | $4,706,000 | $2,422,000 | 94.3% |
| Basic Earnings per Share | $0.25 | $0.13 | 92.3% |
Segment Performance
The Multifamily segment generated lease revenue of $24,214,000 in the first nine months of 2024, reflecting a 25.2% increase from $19,343,000 in 2023. The Mining Royalty segment also showed growth, with revenues of $9,393,000, although this was a decrease of 2.4% from $9,628,000 in the prior year.
Cash Flow and Liquidity
As of September 30, 2024, FRP Holdings had cash and cash equivalents of $144,681,000, down from $166,028,000 at the end of September 2023. The company generated net cash from operating activities of $21,404,000, compared to $20,721,000 in the previous year.
Debt and Financing
FRP Holdings' outstanding debt at the end of September 2024 was $178,816,000, a slight increase from $178,631,000 in 2023. The company has utilized various financing strategies, including a $49,450,000 loan secured in January 2024 with a fixed rate of 5.59%.
Recent Developments
In the third quarter of 2024, FRP Holdings reported a 39% increase in pro rata net operating income (NOI), driven by strong performances across all segments, particularly in Multifamily and Mining.
Future Outlook
Looking ahead, the company anticipates significant investments in ongoing projects, estimating $16 million to be allocated to existing real estate holdings and an additional $213 million for future developments.
A Who Owns FRP Holdings, Inc. (FRPH)
Ownership Structure
As of 2024, FRP Holdings, Inc. (FRPH) has a significant ownership stake attributed to various stakeholders. The company's ownership structure includes both common and preferred equity holders, as well as institutional investors and insiders.
Major Shareholders
As of September 30, 2024, the ownership distribution is as follows:
| Shareholder Type | Ownership Percentage | Number of Shares |
|---|---|---|
| Institutional Investors | 20.00% | 3,806,094 |
| Insider Ownership | 7.90% | 1,505,000 |
| Noncontrolling Interests | 46.05% | 8,760,000 |
| Public Float | 26.05% | 4,918,000 |
Key Changes in Ownership
Recent negotiations led to a change in ownership structure, particularly regarding the Bryant Street project, resulting in FRP's ownership increasing to 72.10% in 2024 from 61.36% in previous years.
Financial Performance Indicators
For the nine months ended September 30, 2024, the company reported a net income of $4,706,000, compared to $2,422,000 in the same period of the previous year, reflecting a significant increase in profitability.
Shareholder Equity
The total shareholders’ equity as of September 30, 2024, was reported at $420,884,000, an increase from $414,520,000 at the beginning of the year.
Shareholder Distribution Summary
The distribution of shares and equity components is detailed in the following table:
| Equity Component | Value (in thousands) |
|---|---|
| Common Stock | $1,903 |
| Capital in Excess of Par Value | $68,313 |
| Retained Earnings | $350,588 |
| Accumulated Other Comprehensive Income | $80 |
| Total Shareholders’ Equity | $420,884 |
Debt Obligations
As of September 30, 2024, the company reported total outstanding debt of $178,816,000, with no debt borrowed under its credit facility.
Conclusion on Ownership and Financial Health
FRP Holdings, Inc. has a diversified ownership structure with significant institutional and insider holdings. The company's financial health appears robust, with increasing net income and a solid equity base, reflecting strong operational performance and strategic ownership adjustments in recent years.
FRP Holdings, Inc. (FRPH) Mission Statement
Corporate Mission Statement
FRP Holdings, Inc. is committed to creating long-term value for our shareholders by developing and managing high-quality real estate and infrastructure assets. We strive to achieve operational excellence by leveraging innovative strategies and sustainable practices that enhance the communities we serve.
Financial Overview
As of September 30, 2024, FRP Holdings reported a net income attributable to the Company of $4,706,000, or $0.25 per share, compared to $2,422,000, or $0.13 per share in the same period of the previous year, representing a 94.3% increase. The pro rata net operating income (NOI) for the first nine months of 2024 was $29,036,000, up from $22,687,000 in the prior year, reflecting an increase of 28%.
Key Financial Metrics
| Metric | 2024 (9 Months) | 2023 (9 Months) | Change (%) |
|---|---|---|---|
| Net Income | $4,706,000 | $2,422,000 | 94.3% |
| Pro Rata NOI | $29,036,000 | $22,687,000 | 28.0% |
| Earnings per Share (Basic) | $0.25 | $0.13 | 92.3% |
| Total Revenues | $31,243,000 | $31,401,000 | -0.5% |
| Total Operating Profit | $8,785,000 | $8,517,000 | 3.1% |
| Interest Expense | $2,482,000 | $3,251,000 | -23.7% |
Operational Segments
FRP Holdings operates through several segments, including Multifamily, Industrial and Commercial, Mining Royalty Lands, and Development. Each segment contributes to the overall mission of providing sustainable and profitable operations.
Segment Performance
| Segment | Lease Revenue (2024) | Lease Revenue (2023) | Change (%) |
|---|---|---|---|
| Multifamily | $16,592,000 | $16,454,000 | 0.8% |
| Mining Royalty Lands | $9,393,000 | $9,628,000 | -2.4% |
| Industrial and Commercial | $2,484,000 | $2,251,000 | 10.3% |
| Development | $905,000 | $1,387,000 | -34.7% |
Capital and Liquidity
As of September 30, 2024, FRP Holdings had cash and cash equivalents of $144,681,000. The Company had no debt borrowed under its $35 million revolving credit facility, with $34,452,000 available to borrow. The total outstanding debt at the end of the period was $178,816,000.
Investment Activities
In the first nine months of 2024, FRP Holdings invested $47,089,000 in properties and joint ventures, compared to $4,634,000 in the same period of 2023. This increase reflects the Company's commitment to expanding its asset base and enhancing shareholder value.
Recent Developments
FRP Holdings continues to focus on strategic growth through its ongoing projects, including the Chelsea Project in Harford County, MD, expected to complete by the fourth quarter of 2024, and two warehouse developments in Florida anticipated to start construction in March 2025.
How FRP Holdings, Inc. (FRPH) Works
Company Overview
FRP Holdings, Inc. (FRPH) operates primarily in the real estate sector, focusing on the ownership, development, and management of properties across various segments including multifamily, industrial, commercial, and mining royalties. As of September 30, 2024, the company's consolidated assets were valued at approximately $726.9 million.
Financial Performance
For the nine months ended September 30, 2024, FRP Holdings reported:
- Total revenues: $31,243,000
- Net income: $4,773,000
- Earnings per share (basic and diluted): $0.25
- Pro rata Net Operating Income (NOI): $29,036,000
Revenue Breakdown
The revenue composition for the nine months ended September 30, 2024, is as follows:
| Segment | Revenue (in thousands) | Percentage Change |
|---|---|---|
| Lease Revenue | $21,850 | 0.4% |
| Mining Royalty and Rents | $9,393 | -2.4% |
| Total Revenues | $31,243 | -0.5% |
Cost Structure
For the nine months ended September 30, 2024, the cost breakdown was as follows:
| Cost Category | Cost (in thousands) | Percentage Change |
|---|---|---|
| Depreciation/Depletion/Amortization | $7,629 | -9.3% |
| Operating Expenses | $5,429 | -2.6% |
| Property Taxes | $2,517 | -8.3% |
| General and Administrative | $6,883 | 11.9% |
| Total Cost of Operations | $22,458 | -1.9% |
Cash Flow Analysis
Cash flow from operating, investing, and financing activities for the nine months ended September 30, 2024, is summarized as follows:
| Cash Flow Activity | Amount (in thousands) |
|---|---|
| Operating Activities | $21,404 |
| Investing Activities | ($46,974) |
| Financing Activities | $12,696 |
| Net Change in Cash | ($12,874) |
Debt and Financing
As of September 30, 2024, FRP Holdings had an outstanding debt of $178,816,000. The company had no debt drawn under its $35 million revolving credit facility with Wells Fargo, and $34,452,000 remained available for borrowing.
Investment Projects
The company is engaged in multiple development projects, including:
- 258,000 square feet Class A warehouse in Aberdeen, MD, expected to complete in Q4 2024.
- 344 residential lots in Harford County, MD, with $25.5 million funded to date.
Joint Ventures and Partnerships
FRP Holdings has established joint ventures for various development projects, including:
- Dock 79 and The Maren projects, refinanced with loans of $92,070,000 and $88,000,000 respectively.
How FRP Holdings, Inc. (FRPH) Makes Money
Revenue Segments
FRP Holdings, Inc. generates revenue through various segments including Multifamily, Industrial and Commercial, Mining Royalty Lands, and Development. Each segment contributes differently to the overall financial performance of the company.
Multifamily Segment
The Multifamily segment includes joint ventures that own, lease, and manage apartment projects. For the nine months ended September 30, 2024, the segment reported:
| Metric | 2024 (in thousands) | 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Lease Revenue | $16,592 | $16,454 | 0.8% |
| Operating Profit Before G&A | $4,427 | $3,190 | 38.8% |
| Net Operating Income | $5,682 | $5,633 | 0.9% |
Industrial and Commercial Segment
This segment comprises properties leased for industrial and commercial purposes. The performance metrics for the nine months ended September 30, 2024, are as follows:
| Metric | 2024 (in thousands) | 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Lease Revenue | $4,353 | $3,932 | 10.7% |
| Operating Profit Before G&A | $2,484 | $2,251 | 10.4% |
| Net Operating Income | $3,555 | $2,726 | 30.4% |
Mining Royalty Lands Segment
This segment generates revenue from mining royalties and rents. The results for the nine months ended September 30, 2024, include:
| Metric | 2024 (in thousands) | 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Mining Royalty and Rent Revenue | $9,393 | $9,628 | -2.4% |
| Operating Profit Before G&A | $8,655 | $8,781 | -1.4% |
| Net Operating Income | $10,891 | $9,110 | 19.5% |
Development Segment
The Development segment focuses on land acquisitions and construction projects. The performance for the nine months ended September 30, 2024, is summarized below:
| Metric | 2024 (in thousands) | 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Lease Revenue | $905 | $1,387 | -34.7% |
| Operating Profit Before G&A | $102 | $445 | -77.1% | Net Operating Income | $102 | $445 | -77.1% |
Net Investment Income
In addition to segment revenues, FRP Holdings also earns net investment income. For the nine months ended September 30, 2024, the company reported:
| Metric | 2024 (in thousands) | 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Net Investment Income | $8,795 | $8,207 | 7.2% |
Overall Financial Performance
For the nine months ended September 30, 2024, the consolidated results are:
| Metric | 2024 (in thousands) | 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Total Revenues | $31,243 | $31,401 | -0.5% |
| Total Operating Profit | $8,785 | $8,517 | 3.1% |
| Net Income | $4,773 | $1,997 | 139.0% |
As of September 30, 2024, FRP Holdings, Inc. reported cash and cash equivalents of $144,681,000. The company's total liabilities stood at $259,815,000, with total equity of $467,103,000.
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Resources:
- FRP Holdings, Inc. (FRPH) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of FRP Holdings, Inc. (FRPH)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View FRP Holdings, Inc. (FRPH)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.