Frp Holdings, Inc. · NASDAQ:FRPH
Frp — Q1 2024 Earnings Presentation
20 slides from Frp's earnings presentation, May 9, 2024
Slide 1: FRP Holdings, Inc. Q1'24 Earnings Presentation
FRP HOLDINGS, INC. Q1’24 EARNINGS PRESENTATION MAY 8, 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: FRP's Mission: Deliver Value Across Asset Classes
FRP’s MISSION: Deliver Value by Leveraging Our Expertise in Several Asset Classes at Every Stage of Development and Ownership Develop Own & Generate Reinvest Assets Operate Cash Flow • Develop Assets: Focused on enhancing resources to increase value and utility. • Own & Operate: Acquiring and active
Slide 5: Key Highlights Q1'24
Key Highlights Q1’24 First Quarter Operational and Financial Highlights (Compared to Q1’23): • 130% increase in Net Income to $1.3 million. • 22% increase in NOI due to strong operational performance. • 92% increase in Multifamily’s NOI. • 47% increase in Industrial and Commercial's NOI. Development
Slide 6: Consolidated Operating Results
Consolidated Operating Results Consolidated Operating Highlights: Revenue $12,000 • Operating profit increased modestly while Pro- $11,000 Rate NOI increased 22% $10,696 $10,591 $10,114 $10,105 $10,133 $000’s • Favorable results in Multi-family and Industrial $10,000 and Commercial segments offset b
Slide 7: Industrial and Commercial
Industrial and Commercial Revenue Performance Overview (Compared to Q1’23): $1,500 $1,420 $1,442 $1,422 $1,453 • 36% increase in total revenues to $1,453,000 $1,250 • 91% increase in operating profit to $562,000 $1,070 $000’s • 47% increase in NOI to $1,159,000 $1,000 • Full occupancy at 1841 62nd S
Slide 8: Multifamily
Multifamily Multifamily Segment comprises: $6,000 Revenue • Two consolidated joint ventures: Dock 79 and The Maren $5,633 $5,454 • Three unconsolidated joint ventures: Bryant Street, Riverside, and $5,500 $5,276 $5,370 $5,414 .408 Jackson $000’s $5,000 • Riverside achieved stabilization in 2022, in
Slide 9: Mining & Royalties
Mining & Royalties Mining Royalty Lands Segment Overview (Compared to Revenue Q1’23): $3,400 $3,282 $3,264 • 9.7% decrease in total revenue and 12% decline in $3,150 $3,082 $000’s $2,963 operating profit and NOI $2,900 $2,899 • Reduction in royalty payment due to adjustment $2,650 for overpayment fr
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: • Speculative warehouse in Aberdeen, MD • 259,200 sq ft Class A building,
Slide 11: FRPH – Sum of the Parts Analysis – Part I
FRPH – Sum of the Parts Analysis – Part I 2024 Q1 Annualized Pro Rata Cap Rate/ FRP Equity Asset Type – Income Producing Properties NOI Multiple Range Value Range Per Share Value 5.65%- INDUSTRIAL $3.5M 6.15% $58M-$63M $3.03-$3.30 8.75%- OFFICE & GROUND LEASE $1.7 9.50% $6.8M-$7.1M $0.36-$0.38 5
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 $49.2 NA $49.2 $2.59 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 3/31/24 2024 Q1 Annualized Asset Class Pro Rata NOI Cap Rate Range [1] Value Range Debt FRP Equity Value $/Share Notes Industrial Hollander $ 1,990,448 5.75% 5.25% $ 34,616,487 $ 37,913,295 $ - $ 34,616,487 $ 37,913,295
Slide 15: FRPH Quarterly Analysis – Part II (Under Development)
FRPH Quarterly Analysis – Part II (Under Development) Under Development Project FRP Equity Investment $37M investment + 3.658M equity Verge $ 40,658,179 $ 40,658,179 $ 40,658,179 contribution in 2023 Windlass $ 5,485,000 $ 5,485,000 $ 5,485,000 The Woven $ 1,443,655 $ 1,443,655 $ 1,443,655 Multifami
Slide 16: 2024 Non-GAAP Financial Matters
Mining Royalty Lands 2024 Non-GAAP Financial Matters Net Operating Income Reconciliation Mining Unallocated Industrial and Multifamily FRP Holdings Three months ended 3/31/24 (in thousands) Development Segment Royalties Corporate Commercial Segment Segment Totals Segment Expense Net income (loss) 43
Slide 17: 2023 Non-GAAP Financial Matters
Mining Royalty Lands 2023 Non-GAAP Financial Matters Net Operating Income Reconciliation Mining Unallocated Industrial and Multifamily FRP Holdings Three months ended 3/31/23 (in thousands) Development Segment Royalties Corporate Commercial Segment Segment Totals Segment Expense Net Income (loss) 21
Slide 18: 2023 Non-GAAP Financial Matters
Mining Royalty Lands 2023 Non-GAAP Financial Matters Net Operating Income Reconciliation Mining Unallocated Industrial and Multifamily FRP Holdings Nine months ended 9/30/23 (in thousands) Development Segment Royalties Corporate Commercial Segment Segment Totals Segment Expense Net Income (loss) 892
Slide 19: 2023 Non-GAAP Financial Matters
Mining Royalty Lands 2023 Non-GAAP Financial Matters Net Operating Income Reconciliation Mining Unallocated Industrial and Multifamily FRP Holdings Six months ended 6/30/23 (in thousands) Development Segment Royalties Corporate Commercial Segment Segment Totals Segment Expense Net Income (loss) 513
Slide 20: 2023 Non-GAAP Financial Matters
Mining Royalty Lands 2023 Non-GAAP Financial Matters Net Operating Income Reconciliation Mining Unallocated Industrial and Multifamily FRP Holdings Three months ended 3/31/23 (in thousands) Development Segment Royalties Corporate Commercial Segment Segment Totals Segment Expense Net Income (loss) 21