FRP Q2 2024 Earnings Report
Key Takeaways
FRP Holdings reported a 242% increase in net income and a 21% increase in pro rata NOI for the second quarter of 2024. The Multifamily and Industrial and Commercial segments were the primary drivers of this increase.
Net income increased by 242% due to improved performance of the Verge and increased net investment income from Aberdeen Overlook.
Pro rata NOI increased by 21.2% compared to the same period last year, driven by the Industrial and Commercial and Multifamily segments.
Industrial and Commercial NOI grew by 41% due to the expiration of rent abatements at Hollander Business Park.
Multifamily pro rata NOI increased by 84% due to the stabilization of .408 Jackson and Bryant Street.
FRP
FRP
FRP Revenue by Segment
Forward Guidance
The company anticipates the Chelsea project in Harford County, MD to be completed in the fourth quarter of this year. Construction is expected to start on the Lakeland, FL and Broward County, FL projects by March 2025.
Revenue & Expenses
Visualization of income flow from segment revenue to net income