FRP (US:FRPH)2024-08-07 20:27Revenue Performance - For the six months ended June 30, 2024, total revenues were $20,610,000, a decrease of 1% compared to $20,810,000 for the same period in 2023[26] - The Industrial and Commercial segment reported revenues of $2,898,000 for the six months ended June 30, 2024, up 16% from $2,490,000 in the prior year[26] - The Mining Royalty Lands segment generated revenues of $6,194,000 for the six months ended June 30, 2024, down 5% from $6,546,000 in the same period last year[26] - The Multifamily segment's revenues increased slightly to $10,910,000 for the six months ended June 30, 2024, compared to $10,821,000 in 2023[26] - Total revenues for the second quarter of 2024 were $10,477,000, a decrease of $219,000 or 2.0% compared to $10,696,000 in the same period last year[94] - Total revenues in the Industrial and Commercial Segment were $2,898,000, an increase of $408,000 or 16% compared to the same period last year[114] - Total revenues in the Mining Royalty Lands Segment decreased to $6,194,000, down $352,000 or 5% from $6,546,000 in the same period last year[116] - The Multifamily segment's lease revenue increased by 0.8% to $10,910,000 compared to $10,821,000 in the same period last year[110] Profitability and Income - Operating profit before general and administrative expenses for the six months ended June 30, 2024, was $10,296,000, an increase of 5% from $9,823,000 in the prior year[26] - For the three months ended June 30, 2024, the net income attributable to the Company was $2,044,000, resulting in a basic and diluted earnings per share of $0.11, compared to $598,000 and $0.03 for the same period in 2023[36] - Net Income increased by 242% in Q2, reaching $2.0 million compared to $598,000 in the same period last year[89] - Net income for the second quarter of 2024 was $2,044,000 or $0.11 per share, compared to $598,000 or $0.03 per share in the same period last year, representing an increase of 241.8%[94] - Net income for the first six months of 2024 was $3,394,000, a significant increase of 278% compared to $898,000 in the same period last year[108] - The Mining Royalties Segment generated a net income of $3,876,000 for the first half of 2024, compared to $4,018,000 in the prior year, showing a decrease of 3.5%[128] Expenses and Costs - General and administrative expenses totaled $4,594,000 for the six months ended June 30, 2024, compared to $4,202,000 in the same period of 2023, reflecting a 9% increase[26] - The Company recorded stock compensation expense of $960,000 for the three months ended June 30, 2024, an increase from $877,000 in the same period of 2023[39] - The company reported unallocated corporate expenses of $2,305,000 for the six months ended June 30, 2024, compared to $2,133,000 in the same period of 2023, reflecting an increase of 8.1%[128] - Interest expense decreased by $300,000 to $829,000 compared to the same quarter last year, primarily due to increased capitalized interest[94] Assets and Liabilities - As of June 30, 2024, the Company had total identifiable net assets of $711,856,000, a slight increase from $709,166,000 at the end of 2023[28] - The Company had outstanding debt of $178,779,000 as of June 30, 2024, consistent with $178,705,000 at the end of 2023[31] - The carrying amount of the Company’s other long-term debt was $180,070,000, with a fair value of $141,880,000 as of June 30, 2024[48] - The total liabilities, including secured notes payable, were reported at $276,356,000, indicating a significant portion of the capital structure is financed through debt[52] - Cash and cash equivalents as of June 30, 2024, totaled $156,929,000, with no debt borrowed under the $35 million Wells Fargo revolver[118] Investments and Joint Ventures - The Company’s investments in joint ventures totaled $161,391,000 as of June 30, 2024, with a total partnership loss of $8,957,000[50] - The Company’s investment in U.S. Treasury notes was valued at $136,493,000 as of June 30, 2024, with an unrealized gain of $3,000 recorded[47] - The company reported a focus on real estate development, asset management, and operations, with properties located in the Mid-Atlantic and southeastern United States[65] - The company entered into two new joint venture agreements for warehouse projects in Florida, with construction expected to start in Q1 2025[106] Segment Performance - The total operating profit for Greenville Partnerships was $926,000 for the six months ended June 30, 2024, compared to a loss of $(295,000) in the same period last year, indicating a turnaround in operational efficiency[61] - The combined pro rata net operating income for the Multifamily Segment was $3,970,000, up $1,818,000 or 84% compared to $2,152,000 in the same quarter last year[100] - The Industrial and Commercial segment reported a net income of $2,346,000 for the first half of 2024, compared to $1,630,000 in the same period of 2023, representing a year-over-year increase of 43.9%[129] - The Development Segment experienced a net loss of $1,115,000 for the six months ended June 30, 2024, an improvement from a loss of $5,257,000 in the same period of 2023[129] Future Outlook and Plans - The Company expects to invest $46 million into existing real estate holdings and joint ventures during the remainder of 2024[126] - Capital commitments for future projects will be funded through cash proceeds from completed projects, existing cash, owned land, partner capital, and financing arrangements[66] - The Company plans to secure a fixed permanent loan in the future when interest rates are more favorable, following recent refinancing activities[125]