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FRP (FRPH) - 2024 Q4 - Annual Results
FRPHFRP (FRPH)2025-03-05 22:11

Financial Performance - Net income for Q4 2024 was 1,679,000or1,679,000 or 0.09 per share, down from 2,880,000or2,880,000 or 0.15 per share in Q4 2023, representing a 41.7% decrease[3][10] - Net income for 2024 was 6,385,000,or6,385,000, or 0.34 per share, compared to 5,302,000,or5,302,000, or 0.28 per share last year, reflecting a 20.4% increase[25] - The total income (loss) before income taxes for 2024 was 8,489,000,upfrom8,489,000, up from 6,398,000 in 2023, marking an increase of about 32.7%[39][40] Operating Income - Pro rata Net Operating Income (NOI) for Q4 2024 increased by 21% to 9,103,000comparedto9,103,000 compared to 7,553,000 in Q4 2023, with a 26% increase for the full year 2024[4][10] - Pro rata net operating income (NOI) for 2024 was 38,139,000,upfrom38,139,000, up from 30,240,000 in the previous year, driven by a one-time minimum royalty payment of 1,853,000[25]−TheMultifamilySegment′sprorataNOIincreasedby341,853,000[25] - The Multifamily Segment's pro rata NOI increased by 34% to 18,177,000, primarily due to the lease-up of Bryant Street, 408 Jackson, and The Verge[27] Revenue Changes - Mining Royalty Land's revenue increased by 19% in Q4 2024, with segment NOI rising by 34%[9] - Total revenues in the Industrial and Commercial Segment were 1,268,000,down1,268,000, down 154,000 or 11% from last year, primarily due to 222,000ofallowanceforuncollectiblerevenue[18]−ConsolidatedtotalrevenuesfortheyearendedDecember31,2024,were222,000 of allowance for uncollectible revenue[18] - Consolidated total revenues for the year ended December 31, 2024, were 41,774,000, an increase of 268,000or0.6268,000 or 0.6% from 41,506,000 in 2023[25] Expenses - General and administrative expenses increased by 572,000primarilyduetotheimplementationofanexecutivesuccessionplan[11]−Generalandadministrativeexpensesincreasedby572,000 primarily due to the implementation of an executive succession plan[11] - General and administrative expenses increased by 1,305,000 due to the implementation of an executive succession and transition plan[27] - The company reported a decrease in operating expenses in the Multifamily Segment, down to 6,047,000from6,047,000 from 6,285,000, a reduction of 3.8%[29] Investment and Future Plans - An estimated 71millioninequitycapitalinvestmentisplannedfor2025,focusingonindustrialjointventuresandlandpurchases[6]−Twomultifamilyprojectsareexpectedtomoveforwardin2025,adding810unitsand71 million in equity capital investment is planned for 2025, focusing on industrial joint ventures and land purchases[6] - Two multifamily projects are expected to move forward in 2025, adding 810 units and 6 million in pro rata NOI upon stabilization[7] - The company plans to host a conference call on March 6, 2025, to discuss financial results and future outlook[41] Segment Performance - The Multifamily Segment's total pro rata NOI was 18,177,000,anincreasefrom18,177,000, an increase from 13,543,000 last year[28] - The Mining Segment reported a net loss of 3,098,000in2024,animprovementfromalossof3,098,000 in 2024, an improvement from a loss of 8,043,000 in 2023, indicating a reduction in losses by approximately 61.6%[39][40] - The Multifamily Segment showed a net loss of 5,708,000in2024,comparedtoalossof5,708,000 in 2024, compared to a loss of 848,000 in 2023, highlighting a significant increase in losses[39][40] Risks and Market Conditions - Investors are cautioned about risks related to construction activity, demand for properties, and market conditions that could impact future performance[42][43] - The company is engaged in various real estate activities, including leasing and management of commercial properties and development of residential buildings[44]