FRP (US:FRPH)2025-05-13 20:14Revenue and Income - For the three months ended March 31, 2025, total revenues were $10,306,000, a 1.7% increase from $10,133,000 in the same period of 2024[36] - The Mining Royalty Lands Segment reported revenues of $3,234,000, up 9.1% from $2,963,000 in the prior year[36] - The Company’s net income attributable to the Company for the three months ended March 31, 2025, was $1,710,000, compared to $1,301,000 for the same period in 2024, representing a 31.5% increase[43] - Basic and diluted earnings per common share for the three months ended March 31, 2025, were both $0.09, compared to $0.07 in the prior year, reflecting a 28.6% increase[43] Expenses and Profitability - Operating profit before general and administrative expenses for the Industrial and Commercial Segment decreased to $643,000 from $812,000, a decline of 20.8%[36] - Capital expenditures for the three months ended March 31, 2025, totaled $3,100,000, a significant decrease of 50% from $6,205,000 in the same period of 2024[36] - The Company recorded stock compensation expense of $365,000 for the three months ended March 31, 2025, compared to $320,000 in the same period of 2024, indicating a 14.1% increase[47] - The total operating profit for the Bryant Street Partnerships was $613,000 for the three months ended March 31, 2025, compared to $373,000 in 2024, an increase of 64.3%[66] - Interest expense for the Bryant Street Partnerships decreased to $(2,307,000) in the three months ended March 31, 2025, from $(2,684,000) in 2024, a reduction of 14%[66] Assets and Liabilities - Total identifiable net assets as of March 31, 2025, were $717,123,000, a decrease from $728,485,000 as of December 31, 2024[37] - The Company’s long-term debt as of March 31, 2025, was $178,250,000, slightly down from $178,853,000 at the end of 2024[38] - The carrying amount and fair value of the company's long-term debt as of March 31, 2025, were $180,070,000 and $145,710,000, respectively[58] - The company reported a consolidated retained earnings (accumulated deficit) of $(30,513,000) as of December 31, 2024[65] - Total liabilities and capital as of December 31, 2024, were $517,039,000, with secured notes payable amounting to $272,313,000[65] Investments and Joint Ventures - The company reported a total loss of $3,165,000 from its investments in unconsolidated joint ventures as of March 31, 2025[60] - The company's total investments in unconsolidated joint ventures amounted to $148,302,000 as of March 31, 2025, with total assets of $509,258,000[60] Lease Revenue - Lease revenue for the Bryant Street Partnerships increased to $4,042,000 for the three months ended March 31, 2025, compared to $3,837,000 for the same period in 2024, reflecting a growth of 5.4%[66] - The Greenville Partnerships reported lease revenue of $2,599,000 for the three months ended March 31, 2025, up from $2,366,000 in 2024, representing a 9.8% increase[67] - The Verge Partnership achieved lease revenue of $2,273,000 for the three months ended March 31, 2025, compared to $1,988,000 in 2024, marking a growth of 14.4%[67] Financial Position and Risk - The company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations[53] - The applicable margin for borrowings under the Wells Fargo Credit Agreement was Daily simple SOFR plus 2.25% as of March 31, 2025[130] - The company did not have a material amount of variable rate debt as of March 31, 2025, indicating limited exposure to interest rate risk[131] Stock and Options - The Company had 496,280 common shares available for future issuance as of March 31, 2025[46] - As of March 31, 2025, the company had 175,005 options outstanding with a weighted average exercise price of $24.68 and a fair value of $1,681,000[48] - The aggregate intrinsic value of exercisable in-the-money options was $840,000 based on the market closing price of $28.57 on March 31, 2025[49] - The total unrecognized compensation cost of restricted stock granted but not yet vested as of March 31, 2025 was $3,150,000, expected to be recognized over a weighted-average period of 3.1 years[50] Other Financial Obligations - The company had $548,000 outstanding under letters of credit as of March 31, 2025, issued to guarantee obligations related to real estate development[54] - 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]