FRP Holdings (FRPH) Q3 2024 Earnings Transcript

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Wed, March 18, 2026 astatine 11:14 AM CDT 10 min read

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Nov. 6, 2024 astatine 4 p.m. ET

• Chief Financial Officer — Matthew McNulty

• Chief Operating Officer — David deVilliers III

• Chief Executive Officer — John Baker III

Now for definite fiscal highlights pursuing our 3rd quarter. Net income for the 3rd 4th accrued 8% to $1.4 cardinal oregon $0.07 per stock versus $1.3 cardinal oregon $0.07 per stock successful the aforesaid play past year. For the archetypal 9 months, nett income saw a 94% summation to $4.7 cardinal oregon $0.25 per stock versus $2.4 cardinal oregon $0.13 per stock for the archetypal 9 months of past year. The company's pro rata stock of NOI successful the 3rd 4th was up 39% to $11.3 cardinal and year-to-date was up 28% to $29 million.

The year-to-date summation successful NOI was mostly driven by the show of our Multifamily conception owed to improved results astatine each six of our stabilized multifamily projects versus the aforesaid play past year. Year-to-date, these six multifamily projects contributed an further $3.7 cardinal of pro rata NOI, portion the Mining conception contributed an further $1.8 cardinal of NOI. And the Industrial and Commercial segment, an further $829,000 versus the archetypal 9 months of past year. Over the past 3 years, we person grown pro rata NOI astatine a compound yearly maturation complaint of 26.4% connected a trailing 12-month basis.

In the 3rd quarter, we exceeded that gait owed chiefly to a one-time $1.9 cardinal minimum royalty outgo received during the quarter. This outgo was a backmost outgo for 24 months of further minimums owed to america by the mining tenant aft failing to conscionable a minimum accumulation request successful the lease. Earlier today, we posted to our website an updated presumption of fiscal highlights for the 3rd 4th and year-to-date results, which includes an estimated worth of our existent property assets, nett of indebtedness and liabilities. Our investigation yielded a per stock worth successful the scope of $34.54 to $39.15.

In this astir caller release, we changed the mode we worth the mining royalty plus watercourse from an EBITDA aggregate to a headdress complaint valuation, arsenic absorption believes this methodology much appropriately reflects however these assets should beryllium valued. Any notation to headdress rates, plus values, per stock values oregon the estimated worth of our assets nett of indebtedness and liabilities are for illustrative purposes lone arsenic a reflection of however absorption uses assorted assets for purposes of informing absorption decisions and bash not needfully bespeak the terms that would beryllium obtained upon a merchantability of the plus oregon the associated costs oregon taxation liability.