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Sep 30, 2022
FRP Q3 2022 Earnings Report
Reported results for the third quarter ended September 30, 2022.
Key Takeaways
FRP Holdings, Inc. reported net income of $480,000 or $.05 per share for the third quarter of 2022, compared to $352,000 or $.04 per share in the same period last year. The company experienced revenue growth across multiple segments, including Asset Management, Mining Royalty Lands, and Stabilized Joint Venture.
Net income for the third quarter of 2022 was $480,000 or $.05 per share.
Asset Management segment revenues increased by 51.1% due to Cranberry Run being 100% leased and occupied and the addition of two spec buildings.
Mining Royalty Lands segment revenues increased due to additional royalties from the Astatula, FL acquisition.
Stabilized Joint Venture segment revenues increased, driven by The Maren and Dock 79.
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 anticipates shell completion of the final building at Hollander by the end of 2022 and occupancy before the end of the first quarter of next year. Lease-up began at The Verge, and there was meaningful growth across all segments in terms of revenue and NOI. The company has to achieve stabilization and pursue permanent financing for Bryant Street as well as complete construction on and begin lease-up at .408 Jackson.
Positive Outlook
- All industrial assets are 100% leased.
- The company received $8.83 million from the sale of Hickory Creek DST.
- Riverside JV stabilized in September.
- Lease-up began at The Verge.
- Meaningful growth across all segments in terms of revenue and NOI.
Challenges Ahead
- Inflation and rising interest rates are real but their long-term effect on our assets is still unclear.
- The company has to achieve stabilization and pursue permanent financing for Bryant Street.
- The company has to complete construction on and begin lease-up at .408 Jackson.
- Royalties were negatively impacted by a $300,000 adjustment from overpayment on royalties between 2019-2021 at our Newberry Cement property.
- It is possible that the virus and its succeeding variants may impact our ability to lease retail spaces in Washington, D.C. and Greenville.
Revenue & Expenses
Visualization of income flow from segment revenue to net income