Frp Holdings, Inc. · NASDAQ:FRPH
Frp — Q3 2024 Earnings Presentation
16 slides from Frp's earnings presentation, Nov 6, 2024
Slide 1: FRP Holdings, Inc. Q3'24 Earnings Presentation
FRP Holdings, Inc. Q3’24 Earnings Presentation NOVEMBER 2024
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: Non-GAAP Financial Matters
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 Presentation is net op
Slide 4: Key Highlights
Key Highlights Q3’24 HIGHLIGHTS YTD FINANCIAL Q3’24 DEVELOPMENT Q3’24 SEGMENT RESULTS HIGHLIGHTS HIGHLIGHTS AND PROGRESS • 8% increase in Net Income • 94% increase in Net Income • Expecting to commence • Multifamily improves NOI as a attributable to the Company to attributable to the Company to cons
Slide 5: Q3'24 Operating Results
Q3’24 Operating OPERATING HIGHLIGHTS Results • Quarterly pro rata NOI increased 39%, and YTD pro rata NOI increased 28% • Pro Rata NOI increase was primarily driven by strong results from the Multifamily and Industrial segments, in addition to the one-time, catch-up, minimum royalty payment. • The C
Slide 6: Multifamily
Multifamily MULTIFAMILY SEGMENT: • Two consolidated joint ventures: Dock 79 and The Maren • Four unconsolidated joint ventures: Bryant Street, Riverside,.408 Jackson, and The Verge (Verge transferred to Multifamily Segment July 1, 2024) Q3’24 MULTIFAMILY PERFORMANCE (COMPARED TO Q3 2023): • 23% incr
Slide 7: Industrial & Commercial
Industrial & Q3’24 PERFORMANCE OVERVIEW (COMPARED TO Q3 2023): Commercial • 10% increase in NOI to $1,209,000 due to expiration of rent abatement at two Hollander buildings in 2023 YTD PERFORMANCE OVERVIEW (COMPARED TO YTD 2023): • 11% increase in total revenues to $4,353,000 (up $421K), due to full
Slide 8: Mining & Royalties
Q3’24 MINING ROYALTY LANDS SEGMENT OVERVIEW (COMPARED TO Q3 2023 ): • 4% increase in total revenue to $3,199,000 Mining & • 7% increase in operating profit to $2,946,000 Royalties • 80% increase in NOI to $5,103,000 • The primary reason for the higher NOI is due to a one-time, catch-up, minimum roya
Slide 9: Development
Development NEW JOINT VENTURES WITH BBX LOGISTICS: • Lakeland, FL: 200,000 sq ft warehouse development • Broward County, FL: 182,000 sq ft warehouse redevelopment • Construction expected to start on both by end of Q1’25 CHELSEA ROAD WAREHOUSE PROJECT: • 258,000 sq ft Class A building, reaffirming co
Slide 10: FRP: Sum of the Parts Analysis Part I
FRP: Sum Asset Type – 2024 Nine Months Cap Rate/ FRP Equity Per Share of the Parts Income Producing Annualized Multiple Range Value Range Value Properties Pro Rata NOI Analysis INDUSTRIAL $3.6M 5.55%-6.05% $59.4M-$64.7M $3.12-$3.40 PART I OFFICE & $1.7M 25.59%-27.06% $6.4M-$6.8M $0.34-$0.36 GROUND L
Slide 11: FRP: Sum of the Parts Analysis Part II
FRP: Sum Development FRP Equity Market FRP Equity Per Share of the Parts Pipeline Investment Value Range Value Range Value Analysis UNDER DEVELOPMENT $46.9M NA $46.9M $2.47 INDUSTRIAL LAND NA $17.9M-$37.0M $17.9M-$37.0M $0.94-$1.95 PART II FUTURE PHASES OF NA $56.9M-$65.6M $56.9M-$65.6M $2.99-$3.45
Slide 12: Appendix
Appendix 1 2
Slide 13: FRPH Quarterly Analysis Part I (Current)
FRPH Quarterly Analysis PART I (CURRENT) FRP HOLDINGS, INC. QUARTERLY ANALYSIS 9/30/24 2024 Nine Months Annualized Pro Asset Class Rata NOI Cap Rate Range [1] Value Range Debt FRP Equity Value $/Share Notes Industrial Hollander $ 2,003,513 5.65% 5.15% $ 35,460,413 $ 38,903,172 $ - $ 35,460,413 $ 38,
Slide 14: FRPH Quarterly Analysis Part II (Under Development)
FRPH Quarterly Analysis PART II (UNDER DEVELOPMENT) Under Development Project FRP Equity Investment Windlass $ 5,484,406 $ 5,484,406 $ 5,484,406 Cost of warehouse nearing Chelsea $ 24,094,211 $ 24,094,211 $ 24,094,211 completion The Woven $ 2,180,810 $ 2,180,810 $ 2,180,810 Multifamily JV in Greenvi
Slide 15: 2024 Non-GAAP Financial Matters
2024 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Nine months ended 9/30/24 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $1,222 (2,498) (3,951) 5
Slide 16: 2023 Non-GAAP Financial Matters
2023 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Nine months ended 9/30/23 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $892 (7,192) (816) 5,842