FRP (FRPH) GlobeNewswire News Room·2024-11-06 19:11Core Insights - FRP Holdings, Inc. reported a 39% increase in pro rata Net Operating Income (NOI) for Q3 2024, driven by strong performance across all segments, particularly in Mining and Royalties, which saw an 80% increase [2][24][19] - The company achieved a net income of 1.3 million in the same period last year, reflecting a 25.5% increase [1][5] - The Multifamily segment experienced a 39% increase in pro rata NOI, primarily due to the lease-up of new projects [2][24] Financial Performance - Q3 2024 net income was 0.07 per share, compared to 0.07 per share in Q3 2023 [5][24] - Total revenues for Q3 2024 were 10,591,000 in Q3 2023 [4][25] - The company reported a 28% increase in pro rata NOI for the first nine months of 2024, totaling 22.7 million in the same period last year [24][25] Segment Performance - The Multifamily segment's pro rata NOI increased by 23% due to successful lease-ups of several projects, including Bryant St., 408 Jackson, and The Verge [2][24] - The Industrial and Commercial segment saw a 10% increase in NOI, contributing positively to overall performance [2][25] - The Mining and Royalty segment reported a significant increase in NOI, attributed to a one-time minimum royalty payment and unrealized revenue [2][19] Development Projects - The Chelsea Project in Harford County, MD, is nearing completion and is expected to come in under budget [3] - The company is preparing for two new industrial joint ventures in Florida, with construction anticipated to start in March 2025 [3][21] - FRP Holdings is also involved in developing residential lots in Harford County, MD, with significant funding already committed [23] Cost Management - Total operating expenses decreased by 1.9% in Q3 2024 compared to Q3 2023, reflecting effective cost management strategies [4][25] - General and administrative expenses increased by 17.5%, indicating a focus on operational efficiency despite rising costs in certain areas [4][5]