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Sep 30, 2024
FRP Q3 2024 Earnings Report
Announced results for the third quarter ended September 30, 2024.
Key Takeaways
FRP Holdings reported an 8% increase in net income and a 39% increase in pro rata NOI compared to the same period last year. The growth in pro rata NOI was driven by increases across all segments, particularly in the Mining and Royalties segment.
Net income increased by 8% ($1.4 million vs $1.3 million).
Pro rata NOI increased by 39% ($11.3 million vs $8.1 million).
Multifamily segment's pro rata NOI increased by 23% due to lease up of Bryant St., 408 Jackson, and The Verge.
Industrial and Commercial segment NOI increased by 10%.
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 construction to start on both joint venture projects in the first quarter of 2025 and expects Chelsea Project to be complete in the 4th quarter of 2024.
Positive Outlook
- Shell construction is nearly complete for Chelsea Project in Harford County, MD, which we expect to come in under budget.
- Working to get shovel ready the sites of our two industrial JV’s in Florida with an anticipated construction start for both in March of 2025.
- These three projects represent 640,000 square feet of new, Class A, industrial product requiring $116 million in total capex.
- Underwritten all these projects at an unlevered 6-7% yield.
- A national homebuilder is under contract to purchase all 222 townhome lots and 122 single family lots.
Challenges Ahead
- The possibility that we may be unable to find appropriate investment opportunities.
- Levels of construction activity in the markets served by our mining properties.
- Demand for flexible warehouse/office facilities in the MidAtlantic and Florida.
- Multifamily demand in Washington D.C. and Greenville, South Carolina.
- Our ability to obtain zoning and entitlements necessary for property development.
Revenue & Expenses
Visualization of income flow from segment revenue to net income