Frp Holdings, Inc. · NASDAQ:FRPH
Frp — Q4 2023 Earnings Presentation
13 slides from Frp's earnings presentation, 2024
Slide 1: FRPH Q4 2023 Financial Highlights
FRPH Q4 2023 Financial Highlights FRP Holdings, Inc. 1
Slide 2: Highlights for Q4
FRP HOLDINGS, INC. HIGHLIGHTS FOR Q4 (in 000’S) THREE MONTHS ENDED DEC 31, 2023 DEC 31, 2022 REVENUES 2.6% $10,105 $9,852 OPERATING PROFIT 17.2% $3,183 $2,717 PRO RATA NOI 20.7% $7,553 $6,260 NET INCOME 4.5% $2,880 $2,756 (After-Tax & Non-Controlling Interest) FRP Holdings, Inc. 2
Slide 3: Highlights for the Twelve Months
FRP HOLDINGS, INC. HIGHLIGHTS FOR THE FIRST NINE MONTHS (in 000’S) TWELVE MONTHS ENDED DEC 31, 2023 DEC 31, 2022 REVENUES 10.7% $41,506 $37,481 OPERATING PROFIT 46.3% $11,700 $7,996 PRO RATA NOI 33.3% $30,240 $22,687 NET INCOME 16.1% $5,302 $4,565 (After-Tax & Non-Controlling Interest) FRP Holdings,
Slide 4: Balance Sheet Excerpts
FRP HOLDINGS, INC. BALANCE SHEET EXCERPTS (in 000’S) 12/31/2023 12/31/2022 Assets: Net Investment in Properties $ 367,320 367,158 Real Estate Held for Investment, At Cost 10,662 10,182 Investment in Joint Ventures 166,066 140,525 Net Real Estate Investments 544,048 517,865 Cash and Cash Equivalents
Slide 5: Balance Sheet Excerpts
FRP HOLDINGS, INC. BALANCE SHEET EXCERPTS (in 000’S) 12/31/2023 12/31/2022 Long Term Debt 178,705 178,557 Deferred Income Tax 69,456 67,960 Other 13,029 10,356 Total Liabilities $ 261,190 256,873 Total Shareholders’ Equity 414,520 407,145 Noncontrolling Interest 33,456 37,066 Total Equity $ 447,976
Slide 6: Sum of the Parts Analysis – Part I
FRPH – Sum of the Parts Analysis – Part I 2023 Pro Cap Rate/ FRP Equity Asset Type – Income Producing Properties Rata NOI Multiple Range Value Range Per Share Value INDUSTRIAL $2.8M 5.75%-6.26% $44M-$48M $4.67-$5.08 OFFICE & GROUND LEASE $1.8 8.75%-9.50% $7.5M-$7.8M $0.79-$0.83 MULTIFAMILY $8.
Slide 7: Sum of the Parts Analysis – Part II
FRPH – Sum of the Parts Analysis – Part II FRP Equity Market Value FRP Equity Development Pipeline Investment Range Value Range Per Share Value UNDER DEVELOPMENT $130 NA $130 $13.87 INDUSTRIAL LAND NA $20M-$46M $20M-$46M $2.14-$4.89 FUTURE PHASES OF RIVERFRONT (D.C.) NA $57M-$66M $57M-$66M $5.
Slide 8: Non-GAAP Financial Matters
Mining Royalty Lands NON-GAAP FINANCIAL MATTERS To supplement the financial results presented in accordance with GAAP, FRP presents a non-GAAP financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The non-GAAP financial measure included in this P
Slide 9: Quarterly Analysis – Part I (Current)
FRPH Quarterly Analysis – Part I (Current) FRP HOLDINGS, INC. QUARTERLY ANALYSIS 12/31/23 2023 Pro Rata NOI Cap Rate Range [1] Value Range Debt FRP Equity Value $/Share Notes Industrial Hollander $ 1,257,361 5.75% 5.25% $ 21,867,148 $ 23,949,733 $ - $ 21,867,148 $ 23,949,733 Cranberry $ 1,516,734 6.
Slide 10: Quarterly Analysis – Part II (Under Development)
FRPH Quarterly Analysis – Part II (Under Development) Under Development Project FRP Equity Investment Verge $ 40,658,179 $ 40,658,179 $ 40,658,179 $37M investment + 3.658M equity contribution in 2023 .408 Jackson $ 9,700,000 $ 9,700,000 $ 9,700,000 Bryant St $ 74,245,182 $ 74,245,182 $ 74,245,182 $1
Slide 11: 2023 Non-GAAP Financial Matters
Mining Royalty Lands 2023 NON-GAAP FINANCIAL MATTERS Net Operating Income Reconciliation Mining Industrial and Multifamily Unallocated FRP Holdings Twelve months ended 12/31/23 (in thousands) Development Segment Royalties Commercial Segment Segment Corporate Expense Totals Segment Net Income (loss)
Slide 12: 2022 Non-GAAP Financial Matters
Mining Royalty Lands 2022 NON-GAAP FINANCIAL MATTERS Net Operating Income Reconciliation Mining Industrial and Multifamily Unallocated FRP Holdings Twelve months ended 12/31/22 (in thousands) Development Segment Royalties Commercial Segment Segment Corporate Expense Totals Segment Net Income (loss)
Slide 13: 2021 Non-GAAP Financial Matters
Mining Royalty Lands 2021 NON-GAAP FINANCIAL MATTERS Net Operating Income Reconciliation Mining Industrial and Multifamily Unallocated FRP Holdings Twelve months ended 12/31/21 (in thousands) Development Segment Royalties Commercial Segment Segment Corporate Expense Totals Segment Net Income (loss)