Frp Holdings, Inc. · NASDAQ:FRPH
Frp — Investor Presentation (September 2019)
54 slides from Frp's investor presentation, September 2019
Slide 1: FRP Holdings, Inc. Investor Presentation
FRP Holdings, Inc. A Real Estate Company John D. Baker II Chief Executive Officer Investor Presentation
Slide 2: Forward-looking statements
FRP Holdings, Inc. 2 This presentation and discussion may include comments or information about the future of FRP Holdings, Inc. and subsidiaries, including plans, expectations and, in some cases, predictions. These forward-looking statements reflect management’s current views with respect to financ
Slide 3: Company Overview
FRP Holdings, Inc. 3 Company Overview • Our company began in 1986 as a result of a spin-off of the real-estate and transportation businesses of Florida Rock Industries, Inc. (now Vulcan Materials) into a newly formed public company which eventually went under the name of Patriot Transportation Holdi
Slide 4: FRP Holdings, Inc. business segments
FRP Holdings, Inc. 4 Stabilized Joint Ventures Mining Royalty Lands Development Asset Management
Slide 5: Development
5 Development
Slide 6: Developed Lots and Development Lands
Development 6 Developed Lots for Warehouses Location SF +/- Acreage Status Lakeside, MD (Remainder) 187,500 15 3 lots ready for building construction Hollander 95 Business Park, MD 230,000 14 3 lots ready for building construction Total 417,500 29 Development Lands Location Approx. Acreage Status Th
Slide 7: Development Lands
7 Development Lands
Slide 8: Hampstead Overlook
Development 8 Hampstead Overlook • We acquired the Hampstead property located in Carroll County, MD north of Baltimore in March 2008 using the proceeds from the sale of another property in a 1031 exchange. • The property consists of 118 total acres and was annexed into the town of Hampstead in 2010.
Slide 9: Residential Plan
Development 9 • Residential Plan
Slide 10: St. John Joint Venture
Development 10 St. John Joint Venture • In 2016, FRP entered into an agreement with St. John Properties, Inc. to jointly develop what remained of our Windlass Run Business Park • 50/50 partnership combined FRP’s 25 acres with St. John Properties’ adjacent 10 acres fronting on a major state highway •
Slide 11: 329,000 sf Spec Office and Retail Phase I
Development 11 • 329,000 sf Spec Office and Retail PHASE I
Slide 12: Phase I and site for future development
Development 12 • Phase I and site for future development
Slide 13: Hollander Business Park
Development 13 Hollander Business Park • Three lots remaining with 230,000 sf of potential developable warehouse space
Slide 14: Hyde Park
Development 14 Hyde Park • We are the principal capital source of a residential development venture in Baltimore County, Maryland known as “Hyde Park” • We have committed $3.5M in exchange for an interest rate of 10% and a preferred return of 20% after which a “waterfall” determines the split of pro
Slide 15: Overview of RiverFront on the Anacostia
Development 15 Overview of RiverFront on the Anacostia • This property consists of six acres on the Anacostia River and sits immediately adjacent to the Washington Nationals’ baseball park. • We began the process to obtain mixed use zoning (PUD) approvals in the Fall of ‘94. • Our property is now zo
Slide 16: RiverFront on the Anacostia Phases
Development 16 RiverFront on the Anacostia Phases 4 3 2 1
Slide 17: RiverFront on the Anacostia – Phase II: The Maren
Development 17 RiverFront on the Anacostia – Phase II: The Maren • Just as we did with Phase I of our RiverFront on the Anacostia project (Dock 79), we partnered with MRP, a local DC developer, for Phase II (The Maren) • The purpose of the venture is to develop, own, lease and maximize the value of
Slide 18: RiverFront on the Anacostia – Phase II: The Maren
Development 18 RiverFront on the Anacostia – Phase II: The Maren
Slide 19: Square 664E
Development 19 Square 664E • This property sits on the Anacostia River at the base of South Capitol Street, DC in an area named Buzzard Point, less than one mile down river from our RiverFront on the Anacostia property. • The Square 664E property consists of approximately two acres and is currently
Slide 20: Square 664E Property
Development 20 Baseball Stadium RiverFront on the Anacostia DC United major league soccer stadium Square 664E Square 664E Property
Slide 21: Bryant Street
Development 21 Bryant Street • Joint Venture with MRP on the first of four phases of a multi-family, mixed use development in northeast DC along the red line of the Metro, two stops north of Union Station • Five acres supporting 516,000 sf with 487 residential units and 86,000 sf of commercial space
Slide 22: Bryant Street
Development 22 Bryant Street
Slide 23: Bryant Street
Development 23 Bryant Street
Slide 24: Bryant Street
Development 24 Bryant Street
Slide 25: Bryant Street
Development 25 Bryant Street From Bryant Street: 2.4 Miles to US Capitol 2.4 Miles to White House 6.6 Miles to Crystal City
Slide 26: Asset Management
26 Asset Management
Slide 27: Asset Management Segment Overview
Asset Management 27 Segment Overview • The vast majority of the Asset Management segment was part of the asset sale in May of 2018. All that remains of the segment are two commercial properties, one recent industrial acquisition, and our most recent spec building: • 155 E. 21st Street in Jacksonvill
Slide 28: Mining Royalty Lands
28 Mining Royalty Lands
Slide 29: Mining Royalty Lands
Mining Royalty Lands 29 Astatula Sand Tyrone Quarry Grandin Sand Newberry Cement
Slide 30: Mining Locations
30 Forest Park Quarry Tyrone Quarry Macon Quarry Columbus Quarry Grandin Sand Newberry Cement Keuka Sand Marion County Sand Mining Locations Brooksville Quarry High Calcium Plant Lake Louisa Sand Astatula Sand Lake County Sand Fort Myers Quarry
Slide 31: Mining Royalty Lands Segment Overview
Mining Royalty Lands 31 Segment Overview • We own 13 properties comprising approximately 15,000 acres currently under lease for mining rents or royalties (not including the Brooksville property – 4,280 acres – owned in a JV with Vulcan Materials through which we also collect mining royalties as Vulc
Slide 32: Mining Royalty Lands
Mining Royalty Lands 32 Minimum Lease Renewal 2018 Royalty 2018 Tons Location Acres Tenant Royalty Termination Options Paid Sold (Annually) Newberry, Alachua Co, FL 1,107 ARGOS 11/30/2098 None $600,000 $936,223 123,101 Forest Park, Clayton Co. GA 116 Vulcan Materials 7/31/2037 (2) 25 year terms 93,0
Slide 33: Historical Tons and Royalty Information
Mining Royalty Lands 33 Historical Tons and Royalty Information Aggregates 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total Tons 10,295,167 8,215,584 6,983,772 4,951,961 4,377,904 4,648,370 3,943,841 3,798,401 3,940,340 5,006,743 5,501,374 5,009,383 7,138,621 Total Royalty $5,3
Slide 34: Industry Comps
Mining Royalty Lands 34 Industry Comps TTM 12/31/2015 12/31/2016 12/31/2017 12/31/2018 3/31/2019 6/30/2019 FRP Royalty NOI (in 000’s) $5,798 $7,566 $7,302 $8,196 $8,672 $9,251 Martin Marietta EBITDA Multiple 13.56 17.10 15.36 13.07 14.38 15.85 Vulcan EBITDA Multiple 17.66 18.93 20.46 14.35 16.36 17.
Slide 35: Industry Comps
Mining Royalty Lands 35 Industry Comps TTM Revenue in 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 6/30/2019 ‘000s FRP $5,465 $5,798 $6,261 $6,659 $7,197 $7,566 $7,694 $7,565 $7,321 $7,303 $7,320 $7,54
Slide 36: Ft. Myers Property
Mining Royalty Lands 36 Ft. Myers Property • We own approximately 2,000 acres leased to Vulcan Materials of which 475 acres are approved for mining with estimated mineable reserves of +/- 16M tons. • During the second quarter of 2017, Lee County issued Vulcan a Mine Operating Permit (MOP) for our se
Slide 37: Ft Myers Mining Plan
Mining Royalty Lands 37 Ft Myers Mining Plan
Slide 38: Ft. Myers Florida – Area Map
Mining Royalty Lands 38 Ft. Myers Florida – Area Map FRP Property Miromar Lakes Residential Development
Slide 39: Miromar Lakes Assessments and Sales
Mining Royalty Lands 39 Miromar Lakes Assessments and Sales Asking Price: $1.50M Sold 02/2019 $1.56M Sold 01/2019 $1.2M 2018 Assessed Land Value: $850K Sold 5/19: $1.10M 2018 Assessed Land Value: $718K 2018 Assessed Land Value: $552K
Slide 40: Miromar Lakes
Mining Royalty Lands 40 Miromar Lakes • Land values in our area of future development • 2018 Lee County Property Assessor’s Land • Recent Sales Value: • February 2019: 10520 Via Torino Way • 10771 Isola Bella Ct: • .25 acres, vacant • .55 acres, • Sold for $1,555,000 • $552,000 • January 2019: 17845
Slide 41: Stabilized Joint Ventures
41 Stabilized Joint Ventures
Slide 42: Dock '79 – October 2014
Stabilized Joint Ventures 42 Dock ‘79– October 2014
Slide 43: Dock '79 Today
Stabilized Joint Ventures 43 Dock ‘79 Today
Slide 44: Dock 79 Overview
Stabilized Joint Ventures 44 Overview • Dock 79 is a joint venture between the Company and MRP, in which FRP Holdings, Inc. is the majority partner with 66% ownership. It is the first of up to five developments on our property along the Anacostia River in Washington, D.C. • It is a 305-unit resident
Slide 45: Dock '79 - Lobby
Stabilized Joint Ventures 45 Dock ‘79 - Lobby
Slide 46: Dock '79 - Patio
Stabilized Joint Ventures 46 Dock ‘79 - Patio
Slide 47: Dock '79 - Unit
Stabilized Joint Ventures 47 Dock ‘79 - Unit
Slide 48: Dock '79 - Recreation
Stabilized Joint Ventures 48 Dock ‘79 - Recreation
Slide 49: Financial Information
49 Financial Information
Slide 50: Consolidated Balance Sheets December 2018
FRP Holdings, Inc. 50 (in thousands) Consolidated Balance Sheets December 31, 2018 2017 2018 2017 Assets: Liabilities: Land $ 83,721 87,235 Line of credit payable $ - - Buildings and improvements 144,543 147,670 Secured notes payable, current portion - 125 Secured notes payable, less current Project
Slide 51: Consolidated Balance Sheets June 2019
FRP Holdings, Inc. 51 (in thousands) Consolidated Balance Sheets June 30, Dec 31, June 30, Dec 31, 2019 2018 2019 2018 Assets: Liabilities: Land $ 84,383 83,721 Line of credit payable $ - - Buildings and improvements 144,779 144,543 Secured notes payable, current portion - - Secured notes payable, l
Slide 52: Non-GAAP Financial Measures
FRP Holdings, Inc. 52 Non-GAAP Financial Measures 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
Slide 53: Strategic Direction
FRP Holdings, Inc. 53 Strategic Direction • Anacostia • Develop Phases III, IV and 664E sequentially as market allows • Ft. Myers • Determine at the right time whether outright sale or partnering with a developer is best approach for our 105 waterfront lots • Maintain fortress balance sheet • Grow o
Slide 54: Contact Us
CONTACT US FRP Holdings, Inc. 200 West Forsyth Street, 7th Floor Jacksonville, Florida 32202 (904) 858-9164 http://www.frpholdings.com/investor-relations.html INVESTOR RELATIONS John D. Baker III CFO & Treasurer
FRP Holdings — Investor Presentation (September 2019) on 6ix