FRP Holdings, Inc. reported a modest increase in revenue for the fiscal year ended December 31, 2024, achieving $41.8 million, up 0.6% from $41.5 million in 2023. The company’s net income rose by 20.4% to $6.4 million, or $0.34 per share, compared to $5.3 million, or $0.28 per share, in the previous year. The operating profit remained stable at $11.7 million, reflecting a slight increase from $11.7 million in 2023. The company attributed its financial performance to growth in its Mining Royalty Lands and Multifamily segments, despite challenges in the Industrial and Commercial segment.
In terms of operational metrics, FRP Holdings experienced a significant 26% increase in pro-rata net operating income (NOI), reaching $38.1 million compared to $30.2 million in 2023. This growth was driven by a 34% increase in the Multifamily segment's NOI, primarily due to the lease-up of new projects such as Bryant Street, .408 Jackson, and The Verge. The Mining Royalty Lands segment also saw a 23% increase in NOI, bolstered by a one-time minimum royalty payment. However, the Industrial and Commercial segment faced challenges, with a 5% increase in revenue but only a 1% rise in operating profit.
Strategically, FRP Holdings is focusing on expanding its industrial footprint, with plans to begin construction on two new warehouse projects in Florida in 2025, which are expected to increase the company's industrial space by 49%. The company is also pursuing additional multifamily projects in South Carolina and Florida, which could add approximately 810 units and an estimated $6 million in pro-rata NOI upon stabilization. The company’s total assets increased by 2.7% to $728.5 million, while total debt remained relatively stable at $178.9 million.
The company employed 19 individuals as of December 31, 2024, reflecting a slight increase from 15 employees in the previous year. FRP Holdings continues to maintain a strong cash position, with $148.6 million in cash and cash equivalents at year-end, and no outstanding borrowings under its $35 million revolving credit facility. The company’s management expressed cautious optimism for 2025, anticipating flat NOI growth due to the timing of construction and lease-up challenges, but remains committed to its long-term growth strategy in the industrial and multifamily sectors.
Looking ahead, FRP Holdings is focused on capitalizing on its existing assets and pursuing new development opportunities. The company plans to invest approximately $71 million in new projects in 2025, while maintaining a minimum cash reserve of $40 million. Management emphasized the importance of strategic capital deployment to enhance shareholder value and navigate potential market fluctuations.
About FRP HOLDINGS, INC.
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