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Mar 31, 2022
FRP Q1 2022 Earnings Report
FRP Holdings reported mixed results for Q1 2022, with decreased net income offset by revenue growth in several segments.
Key Takeaways
FRP Holdings, Inc. reported a decrease in net income for the first quarter of 2022, primarily due to a gain in the previous year from the remeasurement of investment. However, the company saw revenue growth in its Asset Management, Mining Royalty Lands, and Stabilized Joint Venture segments.
Net income decreased to $672,000 or $0.07 per share, compared to $28,373,000 or $3.03 per share in the same period last year.
Total revenues in the Asset Management segment increased by 17.8% to $839,000.
Total revenues in the Mining Royalty Lands segment increased to $2,425,000 from $2,315,000 in the same period last year.
Total revenues in the Stabilized Joint Venture segment increased to $5,060,000, up from $2,509,000 in the same period last year.
FRP
FRP
FRP Revenue by Segment
Revenue by Segment
Hickory Creek Revenue
CapyFin.comMining Royalty Lands Segment Revenue
CapyFin.com Forward Guidance
The company anticipates the completion and commencement of leasing activity for multifamily joint ventures and the road to stabilization for Bryant Street and Riverside. The addition of a new mining royalty property should positively impact revenue starting in the second quarter of this year. The company also expects to see what the rest of the year holds for Dock 79 and the Maren as they return to market rents on renewals.
Positive Outlook
- Completion and commencement of leasing activity of remaining multifamily joint ventures.
- Home stretch of the road to stabilization for Bryant Street in DC and Riverside in Greenville.
- Addition of a new mining royalty property to a portfolio that had its best first quarter of revenue.
- Return to market rents on renewals for Dock 79 and the Maren.
- Strong average occupancy for both Dock 79 and the Maren.
Challenges Ahead
- Impact of the COVID-19 pandemic on the ability to lease retail spaces.
- Potential impact of COVID-19 variants on business operations.
- Dependence on government intervention and regulation to combat the threat of the pandemic.
- Uncertainty in finding appropriate investment opportunities.
- General real estate investment and development risks.
Revenue & Expenses
Visualization of income flow from segment revenue to net income