GICS Sector : Real Estate
FRP Holdings, Inc.engages in the real estate businesses in the United States.The company operates through four segments: Asset Management, Mining Royalty Lands, Development, and Stabilized Joint Venture.
FRP Holdings Inc.'s 2025 third-quarter financial performance was marked by a 51% decrease in net income to $700,000 or $0.03 per share, primarily due to $1.3 million in expenses related to the Altman Logistics Properties acquisition. However, adjusted net income, excluding acquisition expenses, rose 21% over the same period last year. The company's pro rata share of net operating income (NOI) decreased 16% year-over-year to $9.5 million, largely due to a one-time minimum royalty payment received in the previous year's third quarter. The actual EPS came out at $0.03, below estimates, whereas the reported revenues were not directly comparable to analyst estimates due to the absence of a specific revenue figure in the given data. The earnings per share was significantly lower than the '0.06' relative to '0.1' analyst estimates.
Publication Date: Nov -29
The Commercial and Industrial segment reported revenues and NOI of $1.2 million and $904,000, respectively, a decrease of 16% and 25% over the same period last year. In contrast, the Mining and Royalty business segment saw revenues and NOI of $3.7 million and $3.8 million, respectively, with a 15% increase in revenue but a 26% decrease in NOI due to a non-recurring $1.9 million royalty payment in the previous year. The Multifamily segment reported total revenues and NOI of $14.6 million and $8.2 million, respectively, with FRP's share of revenues and NOI totaling $8.5 million and $8.2 million, a revenue increase of 2.9% but NOI down 3.2% over the same period last year.
The company has over 1.6 million square feet of industrial space available to lease over the next 12 months, with the development pipeline expected to add over 1.8 million square feet of industrial commercial product, projected to generate annual NOI of around $9 million. FRP acquired the business operations and development pipeline of Altman Logistics Properties, LLC, allowing FRP to own 100% of the Lakeland and Broward County, Florida projects. As stated by the company, "The acquisition of Altman Logistics is crucial, allowing us to develop industrial assets in top markets and generate cash through promotes and sales." The company's growth strategy includes 3 industrial projects in Florida, totaling 763,000 square feet, expected to be substantially complete in 2026.
With a P/E Ratio of 94.92 and an EV/EBITDA of 25.65, the market seems to be pricing in significant growth expectations. The ROE of 1.09% and ROIC of 4.9% indicate that the company's profitability is not very high. The 'Free Cash Flow Yield' of 6.08% is relatively more attractive. Analysts do not have an estimate for next year's revenue growth. These metrics should be closely monitored to understand if the current valuation is justified.
FRP Holdings, Inc. (FRPH) Q3 2025 Earnings Call Transcript
Nov -07
FRP Holdings, Inc. Reports Fiscal 2025 Third Quarter Results
Nov -05
FRP Holdings, Inc. Announces Release Date for Its 2025 Third Quarter Earnings and Details for the Earnings Conference Call
Oct -29
FRP Holdings, Inc. (FRPH) M&A Call Transcript
Oct -23
Strategic Acquisition Expands Industrial Platform and Talent Base
Oct -21
FRP Holdings, Inc. (FRPH) Q2 2025 Earnings Call Transcript
Aug -08
FRP Holdings, Inc. Reports Fiscal 2025 Second Quarter Results
Aug -06
FRP Holdings, Inc. Announces Release Date for Its 2025 Second Quarter Earnings and Details for the Earnings Conference Call
Jul -30
Growing demand for amenity-rich apartments, increasing focus on comfort and convenience, and rising need for quality living drive the multifamily segment's growth.
Growing demand for minerals, increasing mining activities, and FRP Holdings' strategic land ownership position drive royalty income growth.
Growing e-commerce demand, increasing need for logistics and warehouse spaces, and rising industrial property values drive growth in the industrial and commercial segment of FRP Holdings, Inc.
FRP Holdings' development segment is poised for growth driven by increasing demand for commercial and residential spaces, government initiatives supporting infrastructure development, and the company's strategic focus on high-growth markets.
FRP Holdings, Inc. owns and operates a diverse portfolio of commercial and industrial properties across the United States.
FRP Holdings, Inc. invests in and manages short-line railroads, providing transportation services to industries such as agriculture, energy, and manufacturing.
FRP Holdings, Inc. explores, develops, and produces natural gas and oil resources in the United States.
FRP Holdings, Inc. invests in and advises companies across various industries, providing strategic guidance and capital support.
The threat of substitutes for FRP Holdings, Inc. is medium due to the presence of alternative materials and technologies that can replace the company's products.
The bargaining power of customers is low due to the company's strong brand reputation and the lack of alternative suppliers.
The bargaining power of suppliers is medium due to the presence of multiple suppliers and the company's ability to negotiate prices.
The threat of new entrants is high due to the low barriers to entry and the attractiveness of the industry.
The intensity of rivalry is high due to the presence of several competitors and the high stakes of the industry.
| Value | |
|---|---|
| Debt Weight | 30.23% |
| Debt Cost | 3.95% |
| Equity Weight | 69.77% |
| Equity Cost | 6.77% |
| WACC | 5.91% |
| Leverage | 43.33% |
Value: 5.0
Growth: 4.0
Quality: 5.4
Yield: 2.0
Momentum: 7.5
Volatility: 5.7
1-Year Total Return ->
Value: 8.5
Growth: 3.2
Quality: 6.8
Yield: 2.0
Momentum: 2.0
Volatility: 3.7
1-Year Total Return ->
Value: 9.6
Growth: 3.3
Quality: 5.4
Yield: 0.0
Momentum: 5.0
Volatility: 0.7
1-Year Total Return ->
Value: 3.8
Growth: 4.4
Quality: 2.7
Yield: 0.0
Momentum: 6.5
Volatility: 6.3
1-Year Total Return ->
Value: 2.5
Growth: 4.0
Quality: 6.5
Yield: 0.0
Momentum: 1.5
Volatility: 8.7
1-Year Total Return ->
Value: 5.1
Growth: 1.4
Quality: 5.0
Yield: 3.0
Momentum: 2.0
Volatility: 6.7
1-Year Total Return ->