FRP Holdings, Inc. Reports Fiscal 2025 Second Quarter Results

About this update from Frp Holdings, Inc.

[{"type":"text","content":" JACKSONVILLE, FL / ACCESS Newswire / August 6, 2025 / FRP Holdings, Inc. (NASDAQ:FRPH), a full-service real estate investment and development company with four distinct business segments including Multifamily, Industrial and Commercial Development, Mining and Royalty Lands, today reported financial results for the quarter ended June 30, 2025.","length":344,"tagName":"p"},{"type":"text","content":" Second Quarter Highlights and Recent Developments ","length":49,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"72% decrease in Net Income ($0.6 million vs $2.0 million) due largely to legal expenses related to due diligence for a potential investment the company is evaluating, as well as lower Net Interest Income offset by higher mining royalties and improved results in Equity in Loss of Joint Ventures","length":294,"tagName":"p"}]},{"val":[{"type":"text","content":"5% increase in pro rata NOI ($9.7 million vs $9.2 million)","length":58,"tagName":"p"}]},{"val":[{"type":"text","content":"1% increase in the Multifamily segment's pro rata NOI primarily due to improved occupancy of The Verge and Dock 79. This comparison includes the results for The Verge from the same period last year (when the Verge was still in our Development segment).","length":256,"tagName":"p"}]},{"val":[{"type":"text","content":"15% decrease in Industrial and Commercial segment NOI primarily due to an eviction of one tenant and lease expirations.","length":119,"tagName":"p"}]},{"val":[{"type":"text","content":"21% increase in NOI for Mining Royalty Lands segment","length":52,"tagName":"p"}]},{"val":[{"type":"text","content":"Effective July 21, 2025, the Company entered into a 2025 Amended and Restated Credit Agreement (the "Credit Agreement") with Wells Fargo Bank, N.A. The Credit Agreement modifies the Company's prior Credit Agreement with Wells Fargo dated December 22, 2023. The Credit Agreement establishes a five-year revolving credit facility with a maximum facility amount of $50 million. The interest rate under the Credit Agreement will be 2.25% over the Daily Simple SOFR in effect. A commitment fee of 0.35% per annum is payable quarterly on the unused portion of the commitment.","length":583,"tagName":"p"}]},{"val":[{"type":"text","content":"On July 23, 2025, subsequent to quarters end, we entered into a joint venture agreement with Strategic Real Estate Partners ("SREP"), a private real estate development firm which specializes in industrial real estate development, to develop 377,892 square feet in two warehouses in Lake County, Florida near Orlando, with options for investment in additional industrial warehouses on adjacent properties in the future.","length":428,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1790,"olType":false},{"type":"text","content":" Executive Summary and Analysis ","length":30,"tagName":"p"},{"type":"text","content":"Results this quarter and for the first six months are consistent with both our expectations as well as what we cautioned investors to expect for the last two quarters. As stated previously, our primary aim for 2025 is to set the stage for future growth. We will accomplish this first by leasing up our current vacancies, but mostly by putting money to work in new projects. We have started construction on both our JVs with Altman Logistics in Lakeland and Broward County, FL which will add 384,193 square feet of class A industrial space to our portfolio. We expect substantial completion on these projects in the second quarter of 2026. Work continues on the entitlements for our industrial pipeline in Maryland in order to be shovel ready in 2026. Finally, as mentioned in our highlights, subsequent to the end of the quarter, the Company entered into a joint venture agreement to develop 377,892 square feet in two warehouses in Lake County, FL. The site is located off the Florida Turnpike, in the City of Minneola, outside of Orlando. The lack of available land in the broader Orlando market has driven industrial users to expand into the Lake County submarket, attracting both institutional owners and users. Notably, there remains a meaningful shortage of shallow bay industrial buildings in the size range of the buildings we are developing for this market. We expect to begin construction on this project this month and FRP will have a 95% interest in this joint venture, with options for future development of just under 1 million SF of industrial product on adjacent property. This agreement supports our shift in focus and investment toward our industrial business segment and the Company remains on track to deliver three new industrial assets every two years with the goal of doubling the size of our industrial segment by 2030.","length":1843,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" Comparative Results of Operations for the three months ended June 30, 2025 and 2024 ","length":83,"tagName":"p"},{"type":"text","content":" Consolidated Results ","length":20,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"rowspan":"1","style":"padding:0in 2.65pt;vertical-align:bottom;width:52%;","val":[{"type":"text","content":"(dollars in thousands)","length":22,"tagName":"p","attribs":{}}]},{"style":"padding-bottom:2px;vertical-align:bottom;width:1%;","val":[]},{"colspan":"14","style":"border-bottom:2px solid windowtext;text-align:center;vertical-align:bottom;width:46%;","val":[{"type":"text","content":" Three Months Ended June 30, 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