FRP Holdings, Inc. (NASDAQ:FRPH) Q1 2021 Results Conference Call May 4, 2021 10:00 AM ET Company Participants John Baker - Chief Financial Officer and Treasurer David deVilliers Jr. - President John Milton - Executive Vice President and General Counsel John Klopfenstein - Chief Accounting Officer David deVilliers III - Executive Vice President Conference Call Participants Kevin with - Mizner Capital Curtis Jensen - Robotti & Company Bill Chen - Rhizome Partners John Deysher - Pinnacle Value Stephen Farrell ...

Financial Performance - The Company completed the disposition of 40 industrial warehouse properties for $347.2 million and an additional property for $11.7 million, leaving only two commercial properties in the Asset Management Segment[13]. - The Company anticipates continued adverse impacts on its mixed-use properties in Washington, D.C. due to COVID-19 restrictions, affecting financial condition and cash flows[28]. - The Company’s revenues are influenced by cyclical construction sector activity, which is affected by various economic factors[36]. - The Company faces risks related to the inability to renew leases or re-lease properties, which could adversely affect cash generated before debt repayments[43]. - The Company faces competition from numerous developers and operators, which may pressure rental rates and affect financial performance[56]. - The Company’s debt service obligations may restrict business operations and lead to potential defaults if cash flows are insufficient[51]. - The transition from LIBOR to an alternative reference rate may impact interest expenses and financial results, requiring careful implementation[52][54]. - The Company has not paid cash dividends historically and does not plan to do so in the near future[82]. - The Company reported total investments of $75.609 million in corporate bonds, with fair value subject to fluctuations in interest rates impacting comprehensive income[55]. Asset Management - The Asset Management Segment includes three commercial properties, with 34 Loveton Circle being 95.1% occupied and Cranberry Run Business Park at 87.6% occupancy[64][65]. - The Company’s business strategy includes re-deploying warehouse portfolio sales proceeds into various asset classes with growth potential[13]. - The company owns approximately 20,000 acres of land across Florida, Georgia, Maryland, Virginia, South Carolina, and the District of Columbia, held in four segments: Asset Management, Mining Royalty Lands, Development, and Stabilized Joint Venture[63]. - The company sold 40 industrial warehouse properties for $347.2 million and an additional property for $11.7 million, marking a strategic shift and reclassification of these properties as discontinued operations[66]. Environmental and Regulatory Issues - The Company has incurred significant environmental costs related to the RiverFront on the Anacostia development site, with an estimated remediation expense of $2.0 million recorded[40]. - The Company’s operations are subject to environmental laws, and violations could result in substantial fines or penalties[37]. - The Company is engaged in a redevelopment project at 680 Rhode Island Avenue, having removed three underground storage tanks and is addressing potential contamination issues[75]. Debt and Financing - As of December 31, 2020, the company had outstanding non-recourse mortgage indebtedness of $90 million, secured by developed real estate properties with a carrying value of $89.964 million[49]. - The company has long-term fixed-rate debt scheduled for maturity totaling $90 million, with an average interest rate of 4.125%[90]. - Scheduled maturities of long-term debt include $127,000 in 2021, $1.556 million in 2022, $1.622 million in 2023, $1.690 million in 2024, and $1.761 million in 2025[90]. - The total fair value of the company's long-term debt is reported at $89.964 million[90]. - The Company has no variable rate debt outstanding as of December 31, 2020, mitigating interest rate risk[89]. Corporate Governance and Compliance - The company conducted an evaluation of its internal control over financial reporting, concluding that it was effective as of December 31, 2020[95]. - There were no changes in internal control over financial reporting during the fourth quarter of 2020 that materially affected its effectiveness[97]. - The company has adopted a Financial Code of Ethical Conduct applicable to its principal executive officers and financial officers[101]. - There were no disagreements with accountants on accounting and financial disclosure[92]. - The company plans to file its Proxy Statement with the Securities and Exchange Commission by March 31, 2021[102]. - The financial statements include a report from Hancock Askew & Co., LLP, confirming the accuracy of the consolidated financial statements as of March 19, 2021[123]. - The financial statement schedule presents information fairly in all material respects, as per the independent auditor's opinion[124]. - The company has a history of filing Form 10-K and Form 10-Q, ensuring compliance with regulatory requirements[121]. Real Estate and Development - The Development Segment has converted 30 building pads into developed buildings since 1990, with a strategy to turn non-income producing properties into income-producing ones[15]. - The Company entered a joint venture with Vulcan Materials in 2006 to develop approximately 4,280 acres in Brooksville, Florida, with zoning approved for 5,800 residential units and over 600,000 square feet of commercial space[71]. - In 2020, 285,000 tons were sold from the Brooksville property, with estimated reserves of 4,326,000 tons as of December 31, 2020[71]. - The Company owns 25 acres in Baltimore capable of supporting 226,750 square feet of warehouse and office space, and 55 acres in Aberdeen for over 625,000 square feet of industrial product[73]. - The first phase of the RiverFront on the Anacostia project, Dock 79, consists of 305 residential units and 18,000 square feet of retail space, completed in July 2017[74]. - The Hampstead Trade Center property was rezoned for residential use in December 2018, with ongoing efforts to secure PUD entitlements[73]. Financial Metrics and Performance Indicators - The gross carrying cost of real estate increased to $246,078 thousand in 2020 from $240,128 thousand in 2019, reflecting an addition of $17,227 thousand during the period[128]. - Accumulated depreciation and depletion rose to $34,248 thousand in 2020, up from $29,788 thousand in 2019, with $5,689 thousand charged to cost and expense during the year[128]. - The balance of real estate sold during the period was $11,060 thousand, compared to $11,630 thousand in 2019[128]. - The total additions during the period were $17,227 thousand, which is a significant increase from $10,353 thousand in 2019[128]. - The balance at the beginning of the period for gross carrying cost was $240,128 thousand, down from $241,413 thousand in 2019[128]. - The company reported a deduction of $217 thousand for other costs during the period[128]. - The total accumulated depreciation at the beginning of the period was $29,788 thousand, which increased due to the charged expenses[128]. - The company had a balance of $34,248 thousand in accumulated depreciation at the close of the period, indicating a consistent increase in asset depreciation[128]. - The real estate sold during the period included deductions of $1,112 thousand, which is a decrease from $3,822 thousand in the previous year[128]. - The total gross carrying cost of real estate has shown a slight fluctuation over the past three years, with a peak in 2018 at $243,165 thousand[128].

FRP Holdings, Inc. (NASDAQ:FRPH) Q4 2020 Earnings Conference Call March 4, 2021 9:00 AM ET Company Participants John Baker II - Chief Executive Officer David deVilliers, Jr. - President John Baker III - Chief Financial Officer and Treasurer Conference Call Participants Bill Chen - Rhizome Partners Curtis Jensen - ‎Robotti & Company Advisors LLC Stephen Farrell - Oppenheimer Holdings Operator Excuse me, everyone. We now have all of our speakers in conference. Please be aware that each of your lines is in a l ...

For the quarterly period ended September 30, 2020 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 _____________________ 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 FRP HOLDINGS, INC. (Exact name of r ...

Financial Data and Key Metrics Changes - Net income for Q3 2020 was $5.455 million or $0.57 per share, compared to $2.001 million or $0.20 per share in the same period last year, reflecting a significant increase [4] - Interest expense decreased by $83,000 due to more interest being capitalized on joint venture construction projects [4] - The company repurchased 81,506 shares at an average price of $40.89 per share during the quarter, totaling 379,809 shares repurchased in the first nine months at an average price of $41.30 [5] - The company maintained liquidity with approximately $166 million in cash and equivalents, including investments [5] Business Line Data and Key Metrics Changes - In the Asset Management segment, total revenues were $721,000, up $291,000 from the same period last year, with operating profit increasing to $35,000 from an operating loss of $160,000 [10] - The Mining and Royalty segment reported total revenues of $2.507 million, an increase from $2.302 million in the same period last year, with operating profit rising to $2.2 million from $2.059 million [11] - The Development segment saw the initiation of construction on two speculative warehouse buildings totaling 147,000 square feet, with expected delivery in Q3 2021 [13] Market Data and Key Metrics Changes - The occupancy rate at Cranberry Run increased from 71.9% to 78.6% during the quarter, aided by a $2 million renovation project [9] - The retail component of Dock 79 remained at 76% occupied and leased, with retail tenants having resumed rent payments after being shut down due to COVID-19 [25][32] Company Strategy and Development Direction - The company is focused on redeploying funds from the warehouse sale while maintaining liquidity for future opportunities [35] - The company is optimistic about the long-term potential of its multifamily projects, despite current market challenges due to COVID-19 [55][81] - The company is actively seeking to expand its warehouse platform and is open to opportunistic investments in various asset classes [81][82] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of COVID-19 but noted that the company has not been severely affected and remains operational at full capacity [29][32] - The management expressed cautious optimism regarding the recovery of retail tenants and the overall market, emphasizing the importance of maintaining communication with tenants [26][32] - The company is looking to capitalize on the trend of people moving to sunbelt areas like Florida, which is expected to benefit its aggregate assets [51] Other Important Information - The company is involved in several joint ventures and development projects, including residential developments in Greenville, South Carolina, and mixed-use projects in Washington, D.C. [22][93] - The company has a strong pipeline of multifamily projects and is committed to maintaining a balanced approach to capital deployment across various asset classes [81][82] Q&A Session Summary Question: Interpretation of leasing and occupancy changes at Dock 79 - Management explained that the decrease in leasing percentage while occupancy increased is due to lease renewals not being counted until finalized, despite units being occupied [43] Question: Economic trends at Dock 79 - Management noted that retail businesses are not operating at full capacity, impacting revenue, but occupancy rates are holding steady [45] Question: Future of aggregate business amid construction trends - Management indicated that single-family home construction is a strong component of aggregate sales, and Florida's market is expected to benefit from population shifts [51] Question: Thoughts on Bryant Street and 1800 Half Street projects - Management remains cautiously optimistic about these projects, despite current market challenges, and believes in their long-term potential [55] Question: Lending environment for construction projects - Management noted that banks are lending more conservatively, with loan-to-value ratios lower than before, reflecting the current market uncertainty [112] Question: Market conditions for multi-family collections - Management reported minimal rent collection issues, attributing this to the quality of the tenant base established prior to the pandemic [97]

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, 2020 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 200 W. Forsyth St., 7th Floor, Jacksonville, FL 32202 (Address of principal executive offices) (Zip Code) 904-396-5733 (Registrant's telephone number ...

FRP Holdings, Inc. (NASDAQ:FRPH) Q2 2020 Earnings Conference Call August 6, 2020 10:00 AM ET Company Participants John Baker - Chairman & CEO David deVilliers - President Conference Call Participants Curtis Jensen - Robotti & Company Stephen Farrell - Oppenheimer Bill Chen - Rhizome Partners Operator The following is recording for John Milton with Florida Rock Properties on Thursday, August 6, 2020 at 9 A.M. Central Time. Excuse me everyone, we now have a presentation conference. Please be aware that each o ...

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 March 31, 2020 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, INC. (Exact name of regis ...

FRP Holdings, Inc. (NASDAQ:FRPH) Q1 2020 Earnings Conference Call May 7, 2020 10:00 AM ET Company Participants John Baker II - Chief Executive Officer David deVilliers - President Conference Call Participants Stephen Farrell - Oppenheimer + Close, LLC Curtis Jensen - Robotti & Company Advisors LLC Operator Good day and welcome to the FRP Holdings Conference Call. At this time, I would like to turn the conference over to John Baker, Chairman and CEO. Please go ahead, sir. John Baker II My name is John Baker, ...

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, 2019. | | | or | | | [_] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) | | OF THE SECURITIES EXCHANGE ACT OF 1934 | | | Commission | File Number: 001-36769 | | _____________________ | | | FRP HOLDINGS, INC. | | | (E ...