Frp Holdings, Inc. · NASDAQ:FRPH
Frp — Investor Day (May 2025)
45 slides from Frp's investor day presentation, May 22, 2025
Slide 1: FRP Holdings, Inc. Investor Day
FRP Holdings, Inc. Investor Day MAY 22, 2025
Slide 2: Safe Harbor Disclosures
Safe Harbor Disclosures Investors are cautioned that any statements in this press release which relate the impact of restrictions imposed by our credit facility; the level and volatility to the future are, by their nature, subject to risks and uncertainties that could of interest rates; environmenta
Slide 3: Agenda
Agenda FRP Holdings, Inc. 2025 Investor Day Welcome Who We Are What We Do Where We Are Going CEO Wrap Up Q&A FRP HOLDINGS, INC. INVESTOR DAY 2025 3
Slide 4: John Baker III, CEO
~ John Baker Ill, CEO
Slide 5: Building Success Over Time
Building Success Over Time 2019 Acquired Cranberry Industrial Park 2019 Formed first JV’s with Woodfield 2024 to develop Riverside and .408 2 Industrial JVs in FL, BBX Corporate Action Legend Jackson in Greenville, SC Logistics 2018 2023 Corporate Industrial Commenced construction on The Maren adjac
Slide 6: FRP Holdings at a Glance (NASDAQ: FRPH)
FRP Holdings at a Glance (NASDAQ: FRPH) Who We Are A nimble but disciplined real estate investment and development company with experience and expertise in property acquisition, development and management What We Do Develop, build, manage and own industrial, multifamily, and commercial properties, s
Slide 7: Corporate Strategy - How We Do It
Corporate Strategy - How We Do It Cumulative Cash Reinvestment & Cash Position vs. Pro-rata NOI Per Year $350 $45 $40 $300 Cash Position – Per Year Cumulative Cash Reinvestment $35 NOI $250 $30 $200 NOI ($M) CASH ($M) $25 $150 $20 $15 $100 $10 $50 $5 $0 $0 2018 2019 2020 2021 2022 2023 2024 FRP HOLD
Slide 8: Shifting Portfolio Back To Industrial & Commercial
Shifting Portfolio Back To Industrial & Commercial $75.0M $50.0M 45% $38.1M 44% 48% $17.6M 28% $14.2M 46% 21% 33% 9% 11% 12% 2019 2021 2024 2028E 2030E Industrial & Commercial Multi-Family Pro Rata NOI ($M) 2019 2021 2024 2028E 2030E Industrial & Commercial 9% 11% 12% 21% 28% Multifamily 33% 46% 48%
Slide 9: David deVilliers III, President & COO
David deVilliers III, President & COO
Slide 10: Corporate Strategy - How We Do It
Corporate Strategy - How We Do It Strong Balance Sheet, Geographic & Asset Focus, & Targeted Investments Drive Long-Term Growth in Net Operating Income (NOI) Patient, Flexible Investment Strategy Designed to Maximize NOI Growth Over the Long-Term Seek Markets That Provide Strong Economics and Employ
Slide 11: Business Segments
Business Segments DESCRIPTIONS & FOCUS MINING & ROYALTY INDUSTRIAL / COMMERCIAL MULTIFAMILY DEVELOPMENT • The Company owns 14 • The Industrial and Commercial • The Multifamily Segment of our • The Development Segment is the aggregate quarries located in Segment owns, leases and portfolio is composed
Slide 12: Mining & Royalties
Mining & Royalties FRP HOLDINGS, INC. INVESTOR DAY 2025 12
Slide 13: Industrial & Commercial
Industrial & Commercial FRP HOLDINGS, INC. INVESTOR DAY 2025 13
Slide 14: Multifamily
Multifamily FRP HOLDINGS, INC. INVESTOR DAY 2025 14
Slide 15: Operational Highlights
Operational Highlights MINING & ROYALTY INDUSTRIAL AND MULTIFAMILY TOTAL PRO RATA NOI 2021-2024: 17.2% CAGR COMMERCIAL 2021-2024: 31.0% CAGR 2021-2024: 29.5% CAGR 2021-2024: 33.4% CAGR $40.0 $38.1 $20.0 $18.2 $30.2 $30.0 $14.4 NOI ($M) $15.0 $24.2 $11.7 $10.2 $9.5 $20.0 $10.0 $17.6 $8.9 $8.1 $8.1 $4
Slide 16: Industrial / Commercial
Industrial / Commercial FRP HOLDINGS, INC. INVESTOR DAY 2025 16
Slide 17: Roaring 2010's
Roaring 2010’s • Rental rates, after increasing for 12 years straight, remained flat in 2024. • Vacancy rates are remaining stable in 2025 - the market is showing signs of stabilization as supply and demand move toward better alignment. • Interest rates have steadily declined since their recent high
Slide 18: What Makes A Market Attractive
What Makes A Market Attractive DEMOGRAPHIC TRANSPORTATION EMPLOYMENT/ ECONOMIC PROFILE INFRASTRUCTURE POPULATION GROWTH LANDSCAPE • Diverse – balanced • Strong and varied • Demonstrated • Established market age and socio- infrastructure system population growth where national economic profile that s
Slide 19: Industrial / Commercial - Currently Planned Projects
Industrial / Commercial CURRENTLY PLANNED PROJECTS FLORIDA • Scale in Florida • 200,000 sq. ft – Lakeland, FL – Construction begins mid 2025 (project 1) • 183,000 sq. ft – Fort Lauderdale (Signature Grand JV) - Construction Washington D.C. & begins mid 2025 (project 2) Baltimore, MD (Capitol Beltway
Slide 20: Industrial / Commercial - Under Construction
Industrial / Commercial - Under Construction $11.2M 22% $4.5m $2.7m $1.9m 12% $1.2m 21% 12% 9% 2019 2021 2022 2024 2028E Industrial & Commercial THREE (3) INDUSTRIAL PROJECTS • Delivered 258,000 SF – Harford Co, MD ($8.15) 2024 2028E • 200,000 SF – Lakeland, FL (FRP & Altman JV) ($9 SqFt. 548,785 1,
Slide 21: Potential Target Markets (Industrial & Commercial)
Potential Target Markets (Industrial & Commercial) FUTURE POTENTIAL PROJECTS • $115M Cash (45%) • $140M Debt (55%) • $255M Total Project Costs (100%) Washington D.C. & Baltimore, MD (Capitol Beltway) • $17.3M projected NOI (6.75% x $255M) • $315M market value ($17.3M / 5.50%) • Less: $140M Debt • $1
Slide 22: Multifamily
Multifamily NATIONALS STADIUM AUDI FIELD SIC I, II, III MAREN VERGE DOCK 79 PHASES III & IV SIC IV 664E FRP HOLDINGS, INC. INVESTOR DAY 2025 22
Slide 23: Woven
Woven FRP HOLDINGS, INC. INVESTOR DAY 2025 23
Slide 24: Pipeline Value (Multifamily)
Pipeline Value (Multifamily) GREENVILLE, SC NAPLES/FT. MYERS, FL – Woven Project – Estero Projects (Phase 1 & Phase2) SCALE IN WASHINGTON D.C. – SIC 1 Washington D.C. & – Riverfront Baltimore, MD (Capitol Beltway) • $80M Cash (45%), $98M Debt (55%) • $178M Total Project Costs (100%) • $11.6M project
Slide 25: Mining & Royalties
Mining & Royalties FRP HOLDINGS, INC. INVESTOR DAY 2025 25
Slide 26: Mining & Royalty – Aggregate Fundamentals
Mining & Royalty – Aggregate Fundamentals • Despite aggregate volumes remaining relatively flat since 2006, FRPH's royalty income has nearly tripled, driven by steadily increasing aggregate pricing. This upward pricing trend continues to support revenue growth, even though volumes have not surpassed
Slide 27: Long–Term Growth in Aggregates Demand
Long–Term Growth in Aggregates Demand INFRASTRUCTURE NONRESIDENTIAL RESIDENTIAL Public Funding Private/Public Funding Private Funding Federal State Retail, commercial Schools, Healthcare & Single-family Multi-family and heavy industrial Government Buildings homes development 2021 Infrastructure Bill
Slide 28: Historical Aggregate Pricing: Indexed to Absolute
Mining & Royalty – Aggregate Fundamentals AGGREGATES PRICING (1975-2024) 500 Historical Aggregate Pricing: Indexed to Absolute 450 400 350 Price in 1982 300 250 200 150 100 50 0 '75 '76 '77 '78 '79 '80 '81 '82 '83 '84 '85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '0
Slide 29: Second Life
Second Life FT. MYERS, FL • Vulcan Lease through 2027 (Pit 5 & Pit 8) • 100 Units by Right • Increase to 400 to 475 units • Public Water and Sewer • 2nd Life: $30M BROOKSVILLE, FL • Vulcan Lease through 2027 • Mixed Use Community – 5,800 units – 850,000 SF business – Hotel – Golf Course – School/ Pa
Slide 30: Residential Lands
Residential Lands ABERDEEN OVERLOOK - MD • 344 Residential Lots • $31.1M in funding • Generate $11.2M in interest and profits Aberdeen Overlook HAMPSTEAD OVERLOOK - MD • 255 Residential Lots • Funding & Profits TBD LENDING VENTURES • Lend at 10% Interest Rate • Profit Share Above a 20% IRR Hampstead
Slide 31: Industrial / Multifamily Pro Rata NOI
Industrial / Multifamily Pro Rata NOI 65000 $58.2M 55000 45000 51% 35000 25000 $22.7M 15000 $12.1M 80% 49% $10.0M $6.0M 78% 5000 81% 79% 21% 19% 22% 20% -5000 2019 2021 2022 2024 2030E Industrial & Commercial NOI Multi-Family NOI Pro Rata NOI ($M) FRPH Investment through '28 Additional Future NOI Ad
Slide 32: Matt McNulty, CFO
~ Matt McNulty, CFO
Slide 33: Operational Highlights
Operational Highlights MINING & ROYALTY INDUSTRIAL AND MULTIFAMILY TOTAL PRO RATA NOI 2021-2024: 17.2% CAGR COMMERCIAL 2021-2024: 31.0% CAGR 2021-2024: 29.5% CAGR 2021-2024: 33.4% CAGR $40.0 $38.1 $20.0 $18.2 $30.2 $30.0 $14.4 NOI ($M) $15.0 $24.2 $11.7 $10.2 $9.5 $20.0 $10.0 $17.6 $8.9 $8.1 $8.1 $4
Slide 34: FRP: Sum of the Parts Analysis - Part I
FRP: Sum of the Parts Analysis PART I Asset Type – 2025 Annualized Cap Rate FRP Equity Per Share Income Producing Pro Rata NOI ($M) Value Range ($M) Value Properties INDUSTRIAL $3.4 5.50% - 6.00% $56.5 - $61.6 $2.96 - $3.23 OFFICE & $1.8 27.21% - 28.95% $6.1 - $6.4 $0.32 - $0.34 GROUND LEASE MULTIFA
Slide 35: FRP: Sum of the Parts Analysis - Part II
FRP: Sum of the Parts Analysis PART II Development FRP Equity Market FRP Equity Per Share Pipeline Investment ($M) Value Range ($M) Value Range ($M) Value UNDER DEVELOPMENT $60.5 NA $60.5 $3.17 INDUSTRIAL LAND NA $17.9 - $37.0 $17.9 - $37.0 $0.94 - $1.94 FUTURE PHASES OF NA $56.9 - $65.6 $56.9 - $65
Slide 36: 5-Year Development Plan
5-Year Development Plan 2025-2030 INDUSTRIAL AND MULTIFAMILY DEVELOPMENTS Asset Type FRP Equity ($M) FRP Debt ($M) Pro Rata NOI Addition per Year upon Stabilization ($M) Identified Industrial $91M $40M $9M Developments Prospective Industrial $168M $175M $23M Developments Identified Multifamily $80M
Slide 37: Corporate Strategy - How We Do It
Corporate Strategy - How We Do It Cumulative Cash Reinvestment & Cash Position vs. Pro-rata NOI Per Year $350 $45 $40 $300 Cash Position – Per Year Cumulative Cash Reinvestment $35 NOI $250 $30 $200 NOI ($M) CASH ($M) $25 $150 $20 $15 $100 $10 $50 $5 $0 $0 2018 2019 2020 2021 2022 2023 2024 FRP HOLD
Slide 38: Appendix
Appendix
Slide 39: FRPH Quarterly Analysis - Part I
FRPH Quarterly Analysis PART I (CURRENT) FRP HOLDINGS, INC. QUARTERLY ANALYSIS 3/31/2025 Asset Class 2025 Annualized Pro Rata NOI Cap Rate Range [1] Value Range Debt FRP Equity Value $/Share Notes Industrial Hollander $ 2,066,310 5.65% 5.15% $ 36,571,856 $ 40,122,522 $ - $ 36,571,856 $ 40,122,522 US
Slide 40: FRPH Quarterly Analysis - Part II
FRPH Quarterly Analysis PART II (UNDER DEVELOPMENT) Under Development Project FRP Equity Investment Windlass $ 5,814,985 $ 5,814,985 $ 5,814,985 Chelsea $ 26,093,917 $ 26,093,917 $ 26,093,917 Cost of warehouse nearing completion The Woven $ 2,338,788 $ 2,338,788 $ 2,338,788 Multifamily JV in Greenvi
Slide 41: FRPH Development 2025 – 2030
FRPH Development 2025 – 2030 Development Details Category Project Name Constr. Start FRP Equity FRP Debt Stabilization Pro Rata NOI @ Stabilization Industrial Chelsea Business Center 2023 - - 2026 - Industrial LakeLand Industrial JV 2025 - - 2027 - Industrial Davie Industrial JV 2025 - - 2027 - Indu
Slide 42: 2025 Non-GAAP Financial Matters
2025 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Three months ended 3/31/25 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $492 905 (1,169) 2,259
Slide 43: 2024 Non-GAAP Financial Matters
2024 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Three months ended 3/31/24 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $430 (1,186) (1,254) 1,
Slide 44: 2025 Revenue Reconciliation
2025 Revenue Reconciliation REVENUE RECONCILIATION Three months ended 3/31/25 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) $1,347 301 5,424 3,234 10,306 Less: Partners’ Share of Dock & Maren’s Rev
Slide 45: 2024 Revenue Reconciliation
2024 Revenue Reconciliation REVENUE RECONCILIATION Three months ended 3/31/24 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) $1,453 303 5,414 2,963 10,133 Less: Partners’ Share of Dock & Maren’s Rev