FRP Holdings (FRPH) Q4 2024 Earnings Transcript

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Thursday, March 6, 2025 astatine 9 a.m. ET

• President — David deVilliers III

• Chief Executive Officer — John Baker III

• Chief Financial Officer — Matthew McNulty

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FRP uses these non-GAAP fiscal measures to analyse its operations and to monitor, assess, and place meaningful trends successful its operating and fiscal performance. This measurement is not and should not beryllium viewed arsenic a substitute for GAAP fiscal measures. To reconcile nett operating income to GAAP nett income, delight notation to the conception titled non-GAAP fiscal matters connected Pages 14 and 15 of our astir caller net release.

Any notation to headdress rates, plus values, per stock values, oregon the investigation of the estimated worth of our assets, nett of debt, and liabilities are for illustrative purposes lone and arsenic a reflection of however absorption views its assorted assets for purposes of informing absorption decisions, bash not needfully bespeak the terms that would beryllium obtained upon a merchantability of the plus oregon the associated costs oregon taxation liability. Now for our fiscal highlights pursuing our 4th fourth results. Net income for the 4th fourth decreased 41.7% to $1.68 cardinal oregon $0.09 per stock versus $2.88 cardinal oregon $0.15 per stock successful the aforesaid play past year.

Last year’s 4th fourth included a one-time summation of $1.98 cardinal related to the termination of a indebtedness warrant astatine the Bryant Street Project. For the year, nett income saw a 20.4% summation to $6.39 cardinal oregon $0.34 per stock versus $5.3 cardinal oregon $0.28 per stock past twelvemonth owed chiefly to the improved results successful our Multifamily segment. The company’s pro rata stock of NOI successful the 4th fourth was up 21% to $9.1 million, and year-to-date was up 26% to $38.1 million. The year-to-date pro rata NOI summation was mostly driven by the show of our Multifamily conception owed to improved results astatine each six of our stabilized projects successful this conception versus the aforesaid play past year.

These six Multifamily projects contributed an further $4.6 cardinal pro rata NOI compared to past year. Versus past year, the Mining conception contributed $2.7 cardinal of further NOI successful the Industrial and Commercial segment, different $649,000. Over the past 3 years, we person grown pro rata NOI astatine a compound yearly maturation complaint of 29.5% connected a trailing 12-month basis. Earlier today, we posted to our website a little slideshow of fiscal highlights for the 4th quarter, which includes for illustrative purposes, an estimated worth of our existent property assets, nett of indebtedness and liability. Our investigation yielded a per stock worth successful the scope of $34.63 to $39.22.