Frp Holdings, Inc. · NASDAQ:FRPH
Frp — Q2 2024 Earnings Presentation
19 slides from Frp's earnings presentation, Aug 8, 2024
Slide 1: FRP Holdings, Inc. Q2'24 Earnings Presentation
FRP HOLDINGS, INC. Q2’24 EARNINGS PRESENTATION AUGUST 7, 2024
Slide 2: Safe Harbor Disclosures
Mining Royalty Lands Safe Harbor Disclosures Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward- loo
Slide 3: 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 4: Capital Cycle at FRPH
Capital Cycle at FRPH • Market & Investment Selection: Leverage management and partnership experience to identify opportunities Market & Investment Develop Assets Selection • Develop Assets: Employ expertise at all stages – land acquisition, entitlement/permitting, horizontal/vertical development, f
Slide 5: Key Highlights Q2'24
Key Highlights Q2’24 Second Quarter Operational and Financial Highlights (Compared to Q2’23): • 242% increase in Net Income attributable to the Company to $2.0 million (up $1.466M) • 21% increase in Pro Rata NOI (up $1.616M) • 41% increase in Industrial and Commercial's NOI (up $345K) YTD Financial
Slide 6: Q2 Operating Results
Q2 Operating Results Revenue Q/Q Revenue YTD $20,810 $20,610 Operating Highlights: $000’s $10,696 $10,477 • Quarterly revenue decreased 2% QoQ, and YTD revenue decreased 1% YoY • Quarterly pro rata NOI increased 21%, and YTD pro rata NOI Q2'23 Q2'24 YTD'23 YTD'24 increased 22% • Strong QoQ increases
Slide 7: Multifamily
Multifamily Pro Rata NOI Q/Q Pro Rata NOI YTD Multifamily Segment: $7,853 • Two consolidated joint ventures: Dock 79 and The Maren $3,970 • Three unconsolidated joint ventures: Bryant Street, Riverside, and $000’s $4,174 .408 Jackson. The Verge will be transferred to Multifamily from $2,152 Developm
Slide 8: Industrial and Commercial
Industrial and Commercial Revenue Q/Q Revenue YTD $2,898 Performance Overview (Compared to Q2 2023): • 2% increase in total revenues to $1,445,000 $000’s $2,490 • 20% increase in operating profit to $490,000 $1,445 $1,420 • 41% increase in NOI to $1,187,000 due to expiration of rent abatement at two
Slide 9: Mining & Royalties
Mining & Royalties Revenue Q/Q Revenue YTD Mining Royalty Lands Segment Overview (Compared to Q2 2023): $6,546 $6,194 • 1% decrease in total revenue to $3,231,000 • 3% decline in operating profit to $2,643,000 $000’s • 3% decline in NOI to $3,028,000 $3,264 $3,231 • The primary reason for the lower
Slide 10: Development
Development New Joint Ventures with BBX Logistics: Chelsea Road Warehouse Project • Lakeland, FL: 200,000 sq ft warehouse development • Broward County, FL: 160,000 sq ft warehouse redevelopment Chelsea Road Warehouse Project: • 258,000 sq ft Class A building, targeting completion in Q4’24 The Verge:
Slide 11: FRPH – Sum of the Parts Analysis – Part I
FRPH – Sum of the Parts Analysis – Part I 2024 Six Months Annualized Cap Rate/ FRP Equity Asset Type – Income Producing Properties Pro Rata NOI Multiple Range Value Range Per Share Value INDUSTRIAL $3.6M 5.65%-6.15% $58M-$63M $3.05-$3.32 25.10%- OFFICE & GROUND LEASE $1.7 26.46% $6.5M-$6.8M $0.3
Slide 12: FRPH – 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 $50.8 NA $50.8 $2.67 INDUSTRIAL LAND NA $20M-$46M $20M-$46M $1.07-$2.44 FUTURE PHASES OF RIVERFRONT (D.C.) NA $57M-$66M $57M-$66M $2
Slide 13: Appendix
Appendix 13
Slide 14: FRPH Quarterly Analysis – Part I (Current)
FRPH Quarterly Analysis – Part I (Current) FRP HOLDINGS, INC. QUARTERLY ANALYSIS 6/30/24 2024 Six Months Annualized Pro Asset Class Rata NOI Cap Rate Range [1] Value Range Debt FRP Equity Value $/Share Notes Industrial Hollander $ 1,993,684 5.75% 5.25% $ 34,672,765 $ 37,974,933 $ - $ 34,672,765 $ 37
Slide 15: FRPH 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 Windlass $ 5,782,940 $ 5,782,940 $ 5,782,940 The Woven $ 2,106,689 $ 2,106,689 $ 2,106,689 Multifami
Slide 16: 2024 Non-GAAP Financial Matters
Mining Royalty Lands 2024 Non-GAAP Financial Matters Net Operating Income Reconciliation Mining Industrial and Multifamily Unallocated FRP Holdings Six months ended 6/30/24 (in thousands) Development Segment Royalties Commercial Segment Segment Corporate Expense Totals Segment Net Income (loss) 805
Slide 17: 2024 Non-GAAP Financial Matters
Mining Royalty Lands 2024 Non-GAAP Financial Matters Net Operating Income Reconciliation Mining Industrial and Multifamily Unallocated FRP Holdings Three months ended 3/31/24 (in thousands) Development Segment Royalties Commercial Segment Segment Corporate Expense Totals Segment Net income (loss) 43
Slide 18: 2023 Non-GAAP Financial Matters
Mining Royalty Lands 2023 Non-GAAP Financial Matters Net Operating Income Reconciliation Mining Industrial and Multifamily Unallocated FRP Holdings Six months ended 6/30/23 (in thousands) Development Segment Royalties Commercial Segment Segment Corporate Expense Totals Segment Net Income (loss) 513
Slide 19: 2023 Non-GAAP Financial Matters
Mining Royalty Lands 2023 Non-GAAP Financial Matters Net Operating Income Reconciliation Mining Industrial and Multifamily Unallocated FRP Holdings Three months ended 3/31/23 (in thousands) Development Segment Royalties Commercial Segment Segment Corporate Expense Totals Segment Net Income (loss) 21