JACKSONVILLE, Fla., July 31, 2024 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ: FRPH) anticipates issuing its second quarter earnings results on Wednesday, August 7, 2024. The Company will host a conference call on Thursday, August 8, 2024 at 2:00 p.m. (EDT). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-800-579-2543 (passcode 72219) within the United States. International callers may dial 1-785-424-1789 (passcode 72219). Audio replay will be available ...

JACKSONVILLE, Fla., July 31, 2024 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ: FRPH) anticipates issuing its second quarter earnings results on Wednesday, August 7, 2024. The Company will host a conference call on Thursday, August 8, 2024 at 2:00 p.m. (EDT). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-800-579-2543 (passcode 72219) within the United States. International callers may dial 1-785-424-1789 (passcode 72219). Audio replay will be available ...

The future of the global FRP cross arm market looks promising with opportunities in power transmission, telecommunication and lighting. This study includes a forecast for the global FRP cross arm by application, type, and region. Regional Insights 1. Executive Summary 4. Market Trends and Forecast Analysis by Region 4.1: Global FRP Cross Arm Market by Region 4.2: North American FRP Cross Arm Market Trends and Forecast 4.3: European FRP Cross Arm Market Trends and Forecast 4.4: APAC FRP Cross Arm Market Tren ...

Revenue Performance - For the three months ended March 31, 2024, total revenues were $10,133,000, a slight increase of 0.2% compared to $10,114,000 for the same period in 2023[34] - The Industrial and Commercial segment reported revenues of $1,453,000, up 35.7% from $1,070,000 in the prior year[34] - The Mining Royalty Lands segment generated revenues of $2,963,000, down 9.7% from $3,282,000 in the same quarter of 2023[34] - The Multifamily segment's revenues increased to $5,414,000, a rise of 2.6% compared to $5,276,000 in the previous year[34] - Total revenues for the Bryant Street Partnerships increased to $3,837,000 in Q1 2024, up from $3,590,000 in Q1 2023, representing a growth of 6.9%[67] - Rental revenue for the Greenville Partnerships rose to $2,256,000 in Q1 2024, compared to $1,167,000 in Q1 2023, marking an increase of 93.2%[68] - The Verge Partnership reported total revenues of $1,988,000 in Q1 2024, significantly up from $280,000 in Q1 2023, reflecting a growth of 608.6%[68] Profitability and Expenses - Operating profit before general and administrative expenses was $4,924,000, an increase of 6% from $4,647,000 in Q1 2023[34] - General and administrative expenses totaled $2,042,000, up from $1,793,000 in the same quarter last year[34] - Net income attributable to the Company for Q1 2024 was $1,301,000, compared to $565,000 in Q1 2023, resulting in basic and diluted earnings per share of $0.07[44] - Stock compensation expense for the three months ended March 31, 2024, totaled $320,000, a decrease of 1.2% from $324,000 in the same period of 2023[49] - Interest expense for the Bryant Street Partnerships was $2,645,000 in Q1 2024, compared to $2,754,000 in Q1 2023, indicating a decrease of 4.0%[67] Assets and Liabilities - As of March 31, 2024, the Company had total identifiable net assets of $705,673,000, a slight decrease from $709,166,000 at the end of 2023[35] - The carrying amount and fair value of other long-term debt as of March 31, 2024, were $180,070,000 and $141,394,000, respectively[60] - The Company was invested in U.S. Treasury notes valued at $141,603,000, with an unrealized loss of $150 recorded as part of comprehensive income[59] - The total liabilities and capital for the company were reported at $474,334,000 as of December 31, 2023[66] - The company’s secured notes payable stood at $263,717,000 as of December 31, 2023[66] Stock and Equity - The Company executed a 2-for-1 stock split on April 12, 2024, retroactively adjusting share and per share information[27] - The number of outstanding stock options increased from 126,880 shares at January 1, 2024, to 159,410 shares at March 31, 2024, with a weighted average exercise price of $22.33[49] - The aggregate intrinsic value of exercisable in-the-money options was $1,358,000 based on a market closing price of $61.40 on March 28, 2024[50] - Total unrecognized compensation cost of restricted stock granted but not yet vested as of March 31, 2024, was $2,970,000, expected to be recognized over a weighted-average period of 3.1 years[51] Compliance and Guarantees - The Company maintained compliance with all debt covenants as of March 31, 2024[43] - The Company provided a guaranty for the interest carry cost of a $110 million loan, with a calculated guarantee value of $1.5 million[55] Joint Ventures and Partnerships - The Company’s investments in joint ventures totaled $164,271,000 as of March 31, 2024, with a total loss of $4,733,000 from these partnerships[62] - The consolidated retained earnings (accumulated deficit) for joint ventures were $(24,133,000) as of March 31, 2024[66] - The company reported a net loss before tax of $2,311,000 for the Bryant Street Partnerships in Q1 2024, slightly higher than the loss of $2,295,000 in Q1 2023[67]

FRP HOLDINGS, INC./NEWS Contact: John D. Baker III Chief Executive Officer 904/858-9100 FRP HOLDINGS, INC. (NASDAQ: FRPH) ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2024 As we have communicated on a number of occasions recently, we have shifted our development focus primarily towards industrial projects. The returns are currently better than most multifamily projects, and are less capital intensive and less reliant on debt. Industrial development has always been our core competency and we are e ...

JACKSONVILLE, Fla., May 08, 2024 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) —  First Quarter Highlights and Recent Developments 130% increase in Net Income ($1.3 million vs $565,000)22% increase in pro-rata NOI ($8.53 million vs $6.99 million)92% increase in the Multifamily segment's NOI36% increase in Industrial and Commercial revenue and 47% increase in that segment's NOI Executive Summary and Analysis This quarter represented another meaningful step in the growth of this Company. The brisk pace ...

JACKSONVILLE, Fla., May 01, 2024 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ: FRPH) anticipates issuing its first-quarter earnings results on Wednesday, May 8, 2024. The Company will host a conference call on Thursday, May 9, 2024 at 10:00 a.m. (EDT). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-877-876-9177 (passcode 62742) within the United States. International callers may dial 1-785-424-1672 (passcode 62742). Audio replay will be available until ...

JACKSONVILLE, Fla., May 01, 2024 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ: FRPH) anticipates issuing its first-quarter earnings results on Wednesday, May 8, 2024. The Company will host a conference call on Thursday, May 9, 2024 at 10:00 a.m. (EDT). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-877-876-9177 (passcode 62742) within the United States. International callers may dial 1-785-424-1672 (passcode 62742). Audio replay will be available until ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________ FORM 10-K _________________ | (Mark One) | | | | --- | --- | --- | | [X] | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) | | | OF THE SECURITIES EXCHANGE ACT OF 1934 | | | | For the fiscal year ended December 31, 2023. | | | | | or | | | [_] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) | | | OF THE SECURITIES EXCHANGE ACT OF 1934 | | | | Commission | File Number: 001-36769 | | | | _____________________ | | | | F ...

Financial Data and Key Metrics Changes - Net income for Q4 2023 was $2.88 million or $0.30 per share, compared to $2.76 million or $0.29 per share in Q4 2022, reflecting a 4.3% increase in net income year-over-year [4] - For fiscal year 2023, net income was $5.3 million or $0.56 per share, up from $4.57 million or $0.48 per share in 2022, indicating a 15.9% increase [22] - Revenue, operating profit, pro rata NOI, and net income all experienced growth, with revenue increasing by 2.6%, operating profit by 17.2%, pro rata NOI by 20.6%, and net income by 7.8% compared to Q4 2022 [6] Business Segment Data and Key Metrics Changes - The renamed industrial commercial segment reported a Q4 NOI of $1.17 million, a 46.1% increase year-over-year, with an average occupancy of 95.6% [25] - The Mining and Royalty segment had total revenues of $2.9 million for Q4, remaining flat compared to the same period last year, but annual NOI increased by 15.4% to $11.72 million [8] - The multifamily segment, including Dock 79 and Maren, had average occupancies of 96.4% and 94.7% respectively for Q4, with rental rate increases of 1.6% and 2.75% on renewals [26] Market Data and Key Metrics Changes - Average occupancy for Q4 was 95.21%, with year-to-date occupancy at 94.51% [9] - The company noted increased competition in the D.C. market, with record-setting residential rents beginning to flatten due to a surplus of new apartments [16] Company Strategy and Development Direction - The company is focusing on ground-up development in its industrial commercial strategy, with three projects in various stages of development [10] - A new industrial joint venture with BBX Capital for a 215,000 square foot warehouse is planned, with construction expected to begin in Q4 2024 [12] - The company aims to grow its portfolio through various strategies, including industrial and commercial, multifamily, and principal capital source lending [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth opportunities despite challenges in the final quarter of 2023, particularly in the D.C. market [16] - The company is focused on stabilizing its assets and expects to benefit from improved market conditions in the future [43] Other Important Information - The company announced a forward split of its common stock at a ratio of two post-split shares for every one pre-split share to enhance liquidity [54] - The company has earmarked approximately $80 million for capital expenditures in 2024, with plans to maintain a healthy capital cushion [124] Q&A Session Summary Question: What is the status of the retail space at Verge? - Management indicated that they are waiting for retail occupancy to improve and are hopeful for better interest rates in the future [40] Question: How is the performance of the Verge project? - The project is meeting expectations, with significant units coming online that should positively impact the area [41] Question: Are there any concessions being offered at Maren and Dock 79? - Small concessions were noted, particularly at Dock 79, due to management changes earlier in the year [64] Question: What are the biggest drivers of operating expense growth at Maren and Dock 79? - Increased utility costs and security expenses were highlighted as significant factors [65][66] Question: What is the company's strategy regarding share repurchases? - The company plans to be opportunistic with share repurchases but will prioritize capital expenditures for development [124]