Frp Holdings, Inc. · NASDAQ:FRPH
Frp — Q3 2023 Earnings Presentation
16 slides from Frp's earnings presentation, 2023
Slide 1: FRPH Q3 2023 Financial Highlights
FRPH Q3 2023 Financial Highlights FRP Holdings, Inc. 1
Slide 2: Highlights for Q3
FRP HOLDINGS, INC. HIGHLIGHTS FOR Q3 (in 000’S) THREE MONTHS ENDED SEPT 30, 2023 SEPT 30, 2022 REVENUES 14.0% $10,591 $9,294 OPERATING PROFIT 56.6% $2,896 $1,849 PRO RATA NOI 29.5% $8,085 $6,243 NET INCOME 162.3% $1,259 $480 (After-Tax & Non-Controlling Interest) FRP Holdings, Inc. 2
Slide 3: Highlights for the First Nine Months
FRP HOLDINGS, INC. HIGHLIGHTS FOR THE FIRST NINE MONTHS (in 000’S) NINE MONTHS ENDED SEPT 30, 2023 SEPT 30, 2022 REVENUES 13.7% $31,401 $27,629 OPERATING PROFIT 61.3% $8,517 $5,279 PRO RATA NOI 26.2% $22,687 $17,970 NET INCOME 33.9% $2,422 $1,809 (After-Tax & Non-Controlling Interest) FRP Holdings,
Slide 4: Trailing Twelve Months Highlights
FRP HOLDINGS, INC. TRAILING TWELVE MONTHS HIGHLIGHTS (in 000’S) TTM ENDED SEPT 30, 2023 SEPT 30, 2022 REVENUES 14.5% $41,253 $36,028 OPERATING PROFIT 102.9% $11,234 $5,538 PRO RATA NOI 32.0% $28,947 $21,928 NET INCOME 325.5% $5,178 $1,217 (After-Tax & Non-Controlling Interest) FRP Holdings, Inc. 4
Slide 5: Balance Sheet Excerpts
FRP HOLDINGS, INC. BALANCE SHEET EXCERPTS (in 000’S) 9/30/2023 12/31/2021 Assets: Net Investment in Properties $ 363,202 367,158 Real Estate Held for Investment, At Cost 10,510 10,182 Investment in Joint Ventures 154,025 140,525 Net Real Estate Investments 527,737 517,865 Cash and Cash Equivalents 1
Slide 6: Balance Sheet Excerpts
FRP HOLDINGS, INC. BALANCE SHEET EXCERPTS (in 000’S) 9/30/2023 12/31/2023 Long Term Debt 178,668 178,557 Deferred Income Tax 67,903 67,960 Other 9,592 10,356 Total Liabilities $ 256,163 256,873 Total Shareholders’ Equity 410,790 407,145 Noncontrolling Interest 34,204 37,066 Total Equity $ 444,994 44
Slide 7: FRP – Sum of the Parts Analysis – Part I
FRP – Sum of the Parts Analysis – Part I 9/30/23 Annualized Cap Rate/ FRP Equity Asset Type – Income Producing Properties NOI Multiple Range Value Range Per Share Value INDUSTRIAL $2.4M 5.84%-6.34% $38M-$41M $3.99-$4.33 OFFICE & GROUND LEASE $1.9 8.75%-9.50% $7.7M-$8.0M $0.81-$0.85 STABILIZED
Slide 8: FRP – Sum of the Parts Analysis – Part II
FRP – Sum of the Parts Analysis – Part II FRP Equity Market Value FRP Equity Development Pipeline Investment Range Value Range Per Share Value UNDER DEVELOPMENT $119 NA $119 $12.59 INDUSTRIAL LAND NA $20M-$46M $20M-$46M $2.14-$4.90 FUTURE PHASES OF RIVERFRONT (D.C.) NA $57M-$66M $57M-$66M $6.0
Slide 9: 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 10: FRP NAV Analysis – Part I (Current)
FRP NAV Analysis – Part I (Current) FRP HOLDINGS, INC. QUARTERLY NAV ANALYSIS 6/30/23 Annualized 6/30/23 Pro Rata NOI Cap Rate Range [1] Value Range Debt FRP Equity Value $/Share Notes Industrial Hollander $ 895,611 5.75% 5.25% $ 15,575,838 $ 17,059,251 $ - $ 15,575,838 $ 17,059,251 Cranberry $ 1,50
Slide 11: FRP NAV Analysis – Part II (Under Development)
FRP NAV Analysis – Part II (Under Development) Under Development Project FRP Equity Investment Verge $ 40,375,365 $ 40,375,365 $ 40,375,365 $37M investment + 3.375M equity contribution in 2023 .408 Jackson $ 9,700,000 $ 9,700,000 $ 9,700,000 Bryant St $ 63,794,000 $ 63,794,000 $ 63,794,000 $8.132m i
Slide 12: 2023 Non-GAAP Financial Matters
Mining Royalty Lands 2023 NON-GAAP FINANCIAL MATTERS Net Operating Income Reconciliation Mining Asset Management Stabilized Joint Unallocated FRP Holdings Nine months ended 9/30/23 (in thousands) Development Segment Royalties Segment Venture Segment Corporate Expense Totals Segment Net Income (loss)
Slide 13: 2022 Non-GAAP Financial Matters
Mining Royalty Lands 2022 NON-GAAP FINANCIAL MATTERS Net Operating Income Reconciliation Mining Asset Management Stabilized Joint Unallocated FRP Holdings Twelve months ended 12/31/22 (in thousands) Development Segment Royalties Segment Venture Segment Corporate Expense Totals Segment Net Income (lo
Slide 14: 2022 Non-GAAP Financial Matters
Mining Royalty Lands 2022 NON-GAAP FINANCIAL MATTERS Net Operating Income Reconciliation Mining Asset Management Stabilized Joint Unallocated FRP Holdings Nine months ended 9/30/22 (in thousands) Development Segment Royalties Segment Venture Segment Corporate Expense Totals Segment Net Income (loss)
Slide 15: 2021 Non-GAAP Financial Matters
Mining Royalty Lands 2021 NON-GAAP FINANCIAL MATTERS Net Operating Income Reconciliation Mining Asset Management Stabilized Joint Unallocated FRP Holdings Twelve months ended 12/31/21 (in thousands) Development Segment Royalties Segment Venture Segment Corporate Expense Totals Segment Net Income (lo
Slide 16: 2021 Non-GAAP Financial Matters
Mining Royalty Lands 2021 NON-GAAP FINANCIAL MATTERS Net Operating Income Reconciliation Mining Asset Management Stabilized Joint Unallocated FRP Holdings Nine months ended 9/30/21 (in thousands) Development Segment Royalties Segment Venture Segment Corporate Expense Totals Segment Net Income (loss)