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Mar 31, 2023
FRP Q1 2023 Earnings Report
FRP Holdings reported first quarter results, with mixed performance across its segments.
Key Takeaways
FRP Holdings, Inc. reported net income of $565,000, or $0.06 per share, for the first quarter of 2023, compared to $672,000, or $0.07 per share, for the same period last year. The results were influenced by various factors across its asset management, mining royalty lands, and stabilized joint venture segments.
Asset Management segment revenues increased by 27.5% due to rent growth and full occupancy at certain properties.
Mining Royalty Lands segment revenues increased due to additional royalties from the Astatula acquisition and revenue increases at nearly every active location.
Stabilized Joint Venture segment saw revenue increase, with The Maren and Dock 79 enjoying strong renewal rates and rent increases.
Pro-rata NOI in the Stabilized Joint Venture segment decreased due to the sale of a 20% TIC interest, but was mitigated by NOI from Riverside.
FRP
FRP
FRP Revenue by Segment
Revenue by Segment
Hickory Creek Revenue
CapyFin.comAsset Management Segment Revenue
CapyFin.comMining Royalty Lands Segment Revenue
CapyFin.com Forward Guidance
The company will continue to monitor how inflation and interest rates affect their plans moving forward. They have no plans to institute a major share buyback plan or special dividend, but if they feel like they can repurchase shares at a meaningful discount to net asset value, they will continue to nibble around the edges.
Positive Outlook
- Excellent assets in place
- Cash is generating a reasonable return
- Can afford to be patient about putting our plan in place.
- Overall leasing and occupancy increased in Asset Management Segment
- 100% leased, and 91.4% occupied at our industrial assets.
Challenges Ahead
- Impact of the Covid-19 Pandemic on our operations and financial results
- Possibility that we may be unable to find appropriate investment opportunities
- Impact of lending and capital market conditions on our liquidity
- Our ability to finance projects or repay our debt
- The level and volatility of interest rates
Revenue & Expenses
Visualization of income flow from segment revenue to net income