| --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|---------------|--------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FRP Holdings, Inc. | | | | | | | | | | Q3'24 Earnings | | | | | | | | | Presentation | | | | | | | | | | | | | | | | | | | | NOVEMBER 2024 | | | | | ...

FRP Holdings, Inc. (NASDAQ:FRPH) Q3 2024 Earnings Conference Call November 6, 2024 4:00 PM ET Company Participants Matthew McNulty - Chief Financial Officer and Treasurer David deVilliers III - Chief Operating Officer John Baker III - Chief Executive Officer Conference Call Participants Operator Good day, everyone, and welcome to today's FRP Holdings, Inc. Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode [Operator Instructions] Please note this call is being recorde ...

Revenue Performance - For the three months ended September 30, 2024, total revenues were $10,633,000, a slight increase from $10,591,000 for the same period in 2023, representing a growth of 0.4%[31] - The Industrial and Commercial segment reported revenues of $1,455,000 for the three months ended September 30, 2024, compared to $1,442,000 in the same period of 2023, reflecting a growth of 0.9%[31] - The Mining Royalty Lands segment generated revenues of $3,199,000 for the three months ended September 30, 2024, up from $3,082,000 in 2023, marking a growth of 3.8%[31] - The Multifamily segment reported revenues of $5,682,000 for the three months ended September 30, 2024, slightly up from $5,633,000 in 2023, a growth of 0.9%[31] - The company reported total revenues of $11,814,000 for the nine months ended September 30, 2024, an increase from $11,106,000 in the same period of 2023[70] - Total revenues for the nine months ended September 30, 2024, increased to $6,116,000 from $2,362,000 in the same period of 2023, representing a growth of 158.5%[75] - Pro rata revenues for the multifamily segment increased to $15,173,000, up $4,796,000 or 46.2% compared to $10,377,000 in the same period last year[142] - Total revenues in the Industrial and Commercial segment were $1,455,000, an increase of $13,000 or 1% compared to the same period last year[125] - Total revenues in the Mining Royalty Lands segment were $3,199,000, an increase of $117,000 or 3.8% versus $3,082,000 in the same period last year[128] Profitability - Operating profit before general and administrative expenses for the three months ended September 30, 2024, was $5,372,000, an increase from $4,844,000 in the same period of 2023, representing an increase of 10.9%[31] - Net income attributable to the Company for the three months ended September 30, 2024, was $1,361 million, compared to $1,259 million for the same period in 2023, representing an increase of 8.1%[43] - For the nine months ended September 30, 2024, net income attributable to the Company was $4,706 million, significantly up from $2,422 million in the prior year, marking an increase of 94.3%[43] - Operating profit for the total joint ventures was $1,230,000 for the nine months ended September 30, 2024, compared to $731,000 in the prior year[70] - The total operating loss improved to $(178,000) compared to $(3,394,000) in the prior year, reflecting a significant reduction in losses[75] - Net income for Q3 2024 was $1,361,000, representing an increase of 8.1% from $1,259,000 in the same period last year[112] - Operating profit increased by 6% to $3,083,000, driven by favorable results in Multifamily, Industrial, Commercial, and Mining segments[112] - Operating profit before G&A for the consolidated joint ventures was $4,427,000, an increase of $1,237,000 or 39% compared to the same period last year[140] Expenses and Costs - Total general and administrative expenses for the three months ended September 30, 2024, were $2,289,000, compared to $1,948,000 in 2023, indicating an increase of 17.5%[31] - The total cost of operations for the total joint ventures was $10,584,000 for the nine months ended September 30, 2024, compared to $10,375,000 in the previous year[70] - The company reported a total stock compensation expense of $1,613 million for the nine months ended September 30, 2024, compared to $1,472 million for the same period in 2023, reflecting an increase of 9.6%[47] Capital Expenditures and Investments - Capital expenditures for the three months ended September 30, 2024, totaled $34,571,000, significantly higher than $2,449,000 in the same period of 2023[31] - The Company has $548,000 outstanding under letters of credit related to real estate development obligations as of September 30, 2024[55] - The Company’s investments in joint ventures totaled $157,272 million as of September 30, 2024, with a total loss of $13,460 million reported for the partnerships[62] - The company expects to invest $16 million into existing real estate holdings and joint ventures during the remainder of 2024, with an additional $213 million planned for future projects[162] Financial Position and Liquidity - The Company was in compliance with all debt covenants as of September 30, 2024, ensuring financial stability[41] - As of September 30, 2024, total assets reached $470,027,000, reflecting a diversified investment portfolio across multiple joint ventures[64] - Cash and restricted cash totaled $10,825,000 as of September 30, 2024, providing liquidity for ongoing operations[64] - Outstanding debt at the end of the period was $178,816,000, up from $178,631,000 at the end of the previous period[152] - The company held U.S. Treasury notes valued at $117,933,000, with an unrealized gain of $89,000 recorded[153] Joint Ventures and Development Projects - The company completed ownership adjustments in the Bryant Street Partnerships, increasing its ownership from 61.36% to 72.10% effective in 2024[71] - The Company is focusing on industrial development, with three projects representing 640,000 square feet of new Class A industrial product requiring $116 million in total capex[109] - The company entered into two new joint venture agreements for warehouse development projects in Florida, with construction anticipated to start in Q1 2025[130] - The Company expects to start construction on two industrial joint ventures in Florida in March 2025[109] Market and Segment Insights - The Industrial and Commercial segment includes properties with an average occupancy rate of 90.8% for the office building and 92.1% for industrial buildings[86][89] - The Mining Royalty Lands segment owns approximately 16,650 acres under lease for mining rents or royalties, with potential for future growth in construction markets in Florida and Georgia[91] - The Development segment is focused on converting non-income producing lands into income-generating properties, with significant cash outlays for land acquisition and construction costs[96][97] - Significant "second life" opportunities exist for mining lands, with 4,280 acres in Brooksville, FL, planned for a mixed-use development of 5,800 residential units[95] Stock and Compensation - As of September 30, 2024, the Company had 159,410 stock options outstanding with a weighted average exercise price of $22.33 and a remaining term of 4.0 years[49] - The unrecognized compensation cost of options granted but not yet vested as of September 30, 2024, was $292,000, expected to be recognized over a weighted-average period of 3.8 years[51] - The aggregate intrinsic value of exercisable in-the-money options was $1,252,000 based on the market closing price of $29.86 on September 30, 2024[50]

Financial Performance - Net income for Q3 2024 was $1.361 million, an increase of 8.1% from $1.259 million in Q3 2023[5] - Total revenues for Q3 2024 were $10.633 million, a slight increase of 0.4% from $10.591 million in Q3 2023[5] - Operating profit increased by 6.5% to $3.083 million, up from $2.896 million in the same period last year[5] - Consolidated net income for the first nine months of 2024 was $4,706,000, a 94.3% increase from $2,422,000 in the same period last year[27] - The company reported a net income of $4,773,000 for the nine months ended September 30, 2024, compared to $1,996,000 for the same period in 2023, an increase of approximately 138.5%[48] Revenue Growth - Pro rata NOI for Q3 2024 was $11.272 million, a 39% increase compared to $8.085 million in the same period last year[5] - The Mining and Royalties segment saw an 80% increase in pro rata NOI, driven by a $2 million increase in unrealized revenue[3] - The Multifamily segment's pro rata NOI increased by 23%, primarily due to the lease-up of new projects[3] - Combined pro rata net operating income for the multifamily segment was $13,891,000, up $3,876,000 or 39% compared to $10,015,000 in the same period last year[36] - Pro rata NOI for the first nine months of 2024 was $29,036,000, a 28% increase from $22,687,000 in the same period last year[25] Segment Performance - Total revenues in the Multifamily segment were $4,722,000 for Q3 2024, up 23.4% from $3,825,000 in Q3 2023[17] - Average occupancy for the Multifamily segment was 92.8% in Q3 2024, compared to 81.0% in CY 2023[17] - Industrial and Commercial segment revenues were $1,455,000 for Q3 2024, a 0.9% increase from $1,442,000 in Q3 2023[18] - Net operating income for the Industrial and Commercial segment was $1,209,000, up 10.3% from $1,096,000 in the same quarter last year[18] - Net operating income for the Mining Royalty Lands segment was $5,103,000, up 79.9% compared to $2,837,000 in the same quarter last year[20] Expenses and Liabilities - General and administrative expenses increased by 17.5% to $2.289 million compared to $1.948 million in Q3 2023[5] - Total liabilities decreased slightly to $259,815,000 in 2024 from $261,190,000 in 2023, a reduction of $(1,375,000) or about 0.5%[44] Investments and Assets - Total assets increased to $726,918,000 as of September 30, 2024, compared to $709,166,000 at the end of 2023, reflecting a growth of approximately 2.5%[44] - Net investments in properties rose to $406,293,000 in 2024 from $367,320,000 in 2023, an increase of $38,973,000 or about 10.6%[44] Future Outlook - The company expects to start construction on two industrial joint ventures in Florida in March 2025, representing 640,000 square feet of new Class A industrial product[4] - The company entered into two new joint venture agreements for warehouse projects in Florida, with construction expected to start in Q1 2025[22] - A new speculative warehouse project in Aberdeen, MD, is under construction and expected to be completed in Q4 2024[23] - The company plans to host a conference call on November 6, 2024, to discuss financial results and future outlook[51] Risks and Uncertainties - Investors are cautioned about risks and uncertainties that could affect future results, including market demand and construction activity[53]

Core Insights - FRP Holdings, Inc. reported a 39% increase in pro rata Net Operating Income (NOI) for Q3 2024, driven by strong performance across all segments, particularly in Mining and Royalties, which saw an 80% increase [2][24][19] - The company achieved a net income of $1.4 million for Q3 2024, up from $1.3 million in the same period last year, reflecting a 25.5% increase [1][5] - The Multifamily segment experienced a 39% increase in pro rata NOI, primarily due to the lease-up of new projects [2][24] Financial Performance - Q3 2024 net income was $1,361,000 or $0.07 per share, compared to $1,259,000 or $0.07 per share in Q3 2023 [5][24] - Total revenues for Q3 2024 were $10,633,000, a slight increase of 0.4% from $10,591,000 in Q3 2023 [4][25] - The company reported a 28% increase in pro rata NOI for the first nine months of 2024, totaling $29 million compared to $22.7 million in the same period last year [24][25] Segment Performance - The Multifamily segment's pro rata NOI increased by 23% due to successful lease-ups of several projects, including Bryant St., 408 Jackson, and The Verge [2][24] - The Industrial and Commercial segment saw a 10% increase in NOI, contributing positively to overall performance [2][25] - The Mining and Royalty segment reported a significant increase in NOI, attributed to a one-time minimum royalty payment and unrealized revenue [2][19] Development Projects - The Chelsea Project in Harford County, MD, is nearing completion and is expected to come in under budget [3] - The company is preparing for two new industrial joint ventures in Florida, with construction anticipated to start in March 2025 [3][21] - FRP Holdings is also involved in developing residential lots in Harford County, MD, with significant funding already committed [23] Cost Management - Total operating expenses decreased by 1.9% in Q3 2024 compared to Q3 2023, reflecting effective cost management strategies [4][25] - General and administrative expenses increased by 17.5%, indicating a focus on operational efficiency despite rising costs in certain areas [4][5]

JACKSONVILLE, Fla., Oct. 31, 2024 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ: FRPH) anticipates issuing its third quarter earnings results on Wednesday, November 6, 2024. The Company will host a conference call on Wednesday, November 6, 2024, at 4:00 p.m. (EST). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-800-343-5172 (passcode 83364) within the United States. International callers may dial 1-203-518-9856 (passcode 83364). Audio replay will be avai ...

ri 西 ■ g 0 p p www 02-24 EARNINGS PRESENTATION AUGUST 7, 2024 t I the land poly also also al y v 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 forwardlooking statements. These include, but are not limited to: the possibility that we may be unable to find appropriate inv ...

FRP Holdings, Inc. (NASDAQ:FRPH) Q2 2024 Earnings Conference Call August 8, 2024 2:00 PM ET Company Participants John Baker - Chief Executive Officer David deVilliers - Chief Operating Officer Conference Call Participants Stephen Farrell - Oppenheimer Close Bill Chen - Rhizome Partners Operator Good day, everyone, and welcome to today's FRP Holdings, Incorporated Second Quarter 2024 Earnings Conference Call. [Operator Instructions]. Please note, this call is being recorded. [Operator Instructions]. It is no ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________ FORM 10-Q _____________________ (Mark One) [X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or [_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_________ to _________ Commission File Number: 001-36769 _____________________ FRP HOLDINGS, ...

FRP HOLDINGS, INC./NEWS Contact: John D. Baker III Chief Executive Officer 904/858-9100 FRP HOLDINGS, INC. (NASDAQ: FRPH) ANNOUNCES RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2024 FRP Holdings, Inc. (NASDAQ-FRPH) Jacksonville, Florida; August 7, 2024 – Second Quarter Highlights • 242% increase in Net Income ($2.0 million vs $598,000) • 21% increase in pro rata NOI ($9.2 million vs $7.6 million) • 84% increase in the Multifamily segment's pro rata NOI due to the transfer of Bryant St. and . ...