FRP Holdings, Inc. (NASDAQ: FRPH) Announces Results for the Fourth Quarter and Year Ended December 31, 2024

About this update from Frp Holdings, Inc.

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","length":174,"tagName":"p"},{"type":"text","content":" Net Income Results - Net income for the fourth quarter of 2024 was $1,679,000 or $.09 per share versus $2,880,000 or $.15 per share in the fourth quarter of 2023. Net income for 2024 was $6,385,000 or $.34 per share versus $5,302,000 or $.28 per share in 2023.","length":260,"tagName":"p"},{"type":"text","content":" Executive Summary and Analysis – In the fourth quarter, the Company saw a 21% improvement in pro rata NOI compared to the same period last year, and for the year ended December 31, 2024 saw a 26% increase in pro rata NOI ($38.1 million vs $30.2 million) compared to 2023. This is consistent with the almost 30% compound annual growth rate at which we have grown pro rata NOI since 2021. We experienced meaningful NOI growth across all segments in 2024 compared to last year including a 17% improvement ($649,000) in Industrial and Commercial NOI; a 23% increase ($2.7 million) in Mining Royalty lands NOI; and a 34% increase ($4.6 million) in Multifamily NOI. While we are proud of this level of growth, as we have mentioned in the past and highlight in our shareholder letter, it is also a pace we cannot possibly sustain, and do not expect to match in 2025. For a number of reasons, we expect 2025 NOI to be flat if not slightly less than 2024. In the Industrial Segment, we have vacancies at Cranberry and our new Chelsea building that will take time to lease up and will have operating expenses that will negatively impact NOI compared to 2024. The lease-up of three different projects (Verge, Bryant Street, and .408 Jackson) in our Multifamily segment had a profound impact in the growth of our NOI over the last 12 months. In 2025, these lease-ups will give way to more organic growth as we attempt to improve rents on already stabilized assets, a particular challenge for the DC assets which will be competing with a glut of new projects. Mining royalty revenue and earnings should remain strong in 2025, though from an NOI perspective, it will be difficult to keep pace with 2024, simply for the fact that we received a $1.9 million one-time minimum payment at one location, which we cannot replicate for obvious reasons.","length":1830,"tagName":"p"},{"type":"text","content":"The flip side of this coin is that while we anticipate our NOI growth to stall in 2025, the driver of most of our future NOI growth will also come in 2025 through an estimated $71 million in equity capital investment. In 2025, we will begin construction on our two industrial joint ventures in Florida, continue to entitle our existing industrial pipeline in Maryland to have the land shovel ready in 2026, and look to augment our existing pipeline through a land purchase, industrial joint venture, or possibly both. This is where the rubber hits the road on our pivot to industrial development, and sets the course for our stated goal of delivering three new industrial assets every two years as we look to double the size of this segment over the next five years.","length":766,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"While our core focus is industrial, we will continue to partner on multifamily projects that meet our return thresholds. We believe these are an effective hedge of our aggressive industrial strategy. We will always try to exploit our competitive advantage in the asset class we have the most experience in, but real estate is cyclical and there will almost certainly come a day where the state of the industrial market will make us glad we continued to pursue multifamily development. In 2025, we anticipate moving forward with two multifamily projects outside the DC area, one in South Carolina and the other in southwest Florida, which will add 810 units and $6 million in pro rata NOI upon stabilization.","length":707,"tagName":"p"},{"type":"text","content":" Fourth Quarter Highlights .","length":26,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"21% increase in pro rata Net Operating Income (NOI) ($9.1 million vs $7.6 million)","length":82,"tagName":"p"}]},{"val":[{"type":"text","content":"21% increase in the Multifamily segment’s NOI","length":45,"tagName":"p"}]},{"val":[{"type":"text","content":"Mining Royalty Land's revenue increased 19%, and segment NOI increased 34% ","length":78,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":205,"olType":false},{"type":"text","content":" COMPARATIVE RESULTS OF OPERATIONS ","length":33,"tagName":"p"},{"type":"text","content":" Consolidated Results 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