Frp Holdings, Inc. · NASDAQ:FRPH
Frp — Q1 2025 Earnings Presentation
18 slides from Frp's earnings presentation, May 13, 2025
Slide 1: FRP Holdings, Inc. Q1'25 Earnings Presentation
FRP Holdings, Inc. Q1’25 Earnings Presentation MAY 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: 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 Q1’25 HIGHLIGHTS Q1’25 DEVELOPMENT Q1’25 SEGMENT RESULTS HIGHLIGHTS AND PROGRESS • 31% increase in Net Income to $1.7 million • Expecting to commence construction in • Multifamily improves NOI mostly due to (up $400K) Q2 2025 on a 200,000 sq. ft. warehouse in improved occupancy at the
Slide 5: Combined Operating Results
Combined COMBINED SEGMENT OPERATING HIGHLIGHTS • Quarterly pro rata NOI increased 10% Operating • Pro Rata NOI increase was primarily driven by strong results from the Multifamily and Results Mining Royalty segments • The Company continues to focus its development strategy on growing its Industrial
Slide 6: Multifamily
Multifamily MULTIFAMILY SEGMENT OVERVIEW: • Two consolidated joint ventures: Dock 79 and The Maren • Four unconsolidated joint ventures: Bryant Street, Riverside,.408 Jackson, and The Verge Q1’25 MULTIFAMILY PERFORMANCE (COMPARED TO Q1 2024): • 3% increase in Pro Rata NOI to $4,630,000 PRO RATA NOI
Slide 7: Industrial & Commercial
Industrial & INDUSTRIAL & COMMERCIAL SEGMENT OVERVIEW: Commercial • Nine warehouses in two business parks • Two ground leases • One office building partially occupied by the Company Q1’25 PERFORMANCE OVERVIEW (COMPARED TO Q1 2024): • $20K decrease in NOI down to $1,139,000 due to uncollectible reven
Slide 8: Mining & Royalties
Mining & MINING & ROYALTIES SEGMENT OVERVIEW: • Several properties totaling approximately 16,648 acres currently under lease for mining rents or Royalties royalties – This does not include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials Q1’25 MINING ROYALTY LANDS SEGMENT
Slide 9: 2025 Development Plans
2025 Development Plans NEW JOINT VENTURES WITH BBX LOGISTICS: • Lakeland, FL: 200,000 sq ft warehouse development • Davie, FL: 182,000 sq ft warehouse redevelopment • Construction to start on both in Q2 ’25 MULTIFAMILY: • "Woven" – Greenville, SC: 214 multifamily units and 14,000 retail sq ft multif
Slide 10: FRP: Sum of the Parts Analysis – Part I
FRP: Sum Asset Type – 2025 Three Cap Rate/ FRP Equity Per Share of the Parts Income Producing Month Multiple Range Value Range Value Properties Pro Rata NOI Analysis INDUSTRIAL $3.4M 5.50%-6.00% $56.5M-$61.6M $2.96-$3.23 PART I OFFICE & $1.8M 27.21%-28.95% $6.1M-$6.4M $0.32-$0.34 GROUND LEASE MULTIF
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 $60.5M NA $60.5M $3.17 INDUSTRIAL LAND NA $17.9M-$37.0M $17.9M-$37.0M $0.94-$1.94 PART II FUTURE PHASES OF NA $56.9M-$65.6M $56.9M-$65.6M $2.98-$3.44
Slide 12: Appendix
Appendix 1 2
Slide 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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