FRP Holdings Inc. ( (FRPH) ) has released its Q4 earnings. Here is a breakdown of the information FRP Holdings Inc. presented to its investors.
FRP Holdings, Inc. is a real estate asset developer and manager based in Jacksonville, Florida, focusing on multifamily, industrial, commercial, and mining royalty lands.
In its latest earnings report, FRP Holdings announced a net income of $6.4 million for 2024, marking a 20% increase from the previous year. The company also reported a 26% rise in pro rata net operating income (NOI) to $38.1 million, driven by strong performance across all segments.
Key financial highlights include a 34% increase in the multifamily segment’s NOI, largely due to the lease-up of new projects, and a 17% rise in industrial and commercial NOI. The mining royalty lands segment also saw a significant 34% increase in NOI, bolstered by a one-time minimum royalty payment. However, the company anticipates flat or slightly reduced NOI growth in 2025 due to various operational challenges.
Looking ahead, FRP Holdings plans to invest $71 million in equity capital in 2025, focusing on industrial development in Florida and Maryland. The company aims to double the size of its industrial segment over the next five years while continuing to pursue multifamily projects as a strategic hedge.
Overall, FRP Holdings remains committed to its growth strategy, despite expecting a temporary slowdown in NOI growth. The company is poised to leverage its investments and strategic initiatives to enhance its market position in the coming years.