FRP (US:FRPH)2025-11-06 14:00Financial Performance - Q3 2025 - Net income decreased by 51% to $0.7 million, compared to $1.4 million in Q3 2024, due to expenses related to the Altman Logistics platform acquisition and lower operating profit in the Industrial and Commercial segment[6] - Pro rata NOI decreased by 16% to $9.5 million, compared to $11.3 million in Q3 2024[6] - Multifamily pro rata NOI decreased by 3% to $4.57 million[6, 10] - Industrial and Commercial NOI decreased by 25% due to vacancies and lease expirations[6] - Mining Royalty Lands NOI decreased by 26% to $3.756 million, primarily due to the absence of a one-time catch-up minimum royalty payment of $1.9 million in the prior year period[6] Financial Performance - Year-to-Date (YTD) 2025 - Net income decreased by 37% to $3.0 million, compared to $4.7 million YTD 2024, largely due to Altman Logistics platform acquisition expenses and higher G&A expenses[6] - Pro rata NOI decreased by 2% to $28.6 million, compared to $29.0 million YTD 2024[6] - Multifamily pro rata NOI increased by 0% to $13.937 million[11] - Industrial & Commercial NOI decreased to $3.053 million[15] - Mining & Royalties NOI decreased by 2% to $10.705 million[21] Strategic Developments - FRP entered a JV with Strategic Real Estate Partners to develop 377,892 square feet of industrial space in Lake County, FL[6] - FRP completed the acquisition of Altman Logistics Properties, LLC, expanding FRP's professional capabilities and deal flow[6] Sum of the Parts Analysis - The total value of FRP is estimated to be between $699 million and $789 million, or $36.59 to $41.29 per share[31] - Income Producing Properties total value range from $515.7 million to $577.5 million[28] - Development Pipeline FRP Equity Investment is $85.1 million[31]