FALSE000084405900008440592024-08-062024-08-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 7, 2024
FRP HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Florida
(State or other jurisdiction of incorporation)
001-36769
(Commission File Number)
47-2449198
(IRS Employer Identification No.)
200 W. FORSYTH STREET, 7TH FLOOR
JACKSONVILLE, FL
(Address of principal executive offices)
32202
(Zip Code)
(904) 858-9100
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockFRPH
Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02. Results of Operations and Financial Condition.
On August 7, 2024, FRP Holdings, Inc. issued a press release announcing results of operations for the second quarter ended June 30, 2024. A copy of the press release is furnished as Exhibit 99.1.
The information in this report (including the exhibit) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
Exhibit No. Description


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FRP HOLDINGS, INC.
Registrant
Date:  August 7, 2024By:/s/Matthew C. McNulty
Matthew C. McNulty
Chief Financial Officer & Treasurer


image_0.jpgFRP HOLDINGS, INC./NEWS
Contact: John D. Baker III
Chief Executive Officer
904/858-9100
FRP HOLDINGS, INC. (NASDAQ: FRPH) ANNOUNCES RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2024
FRP Holdings, Inc. (NASDAQ-FRPH) Jacksonville, Florida; August 7, 2024 –
Second Quarter Highlights
•242% increase in Net Income ($2.0 million vs $598,000)
•21% increase in pro rata NOI ($9.2 million vs $7.6 million)
•84% increase in the Multifamily segment’s pro rata NOI due to the transfer of Bryant St. and .408 Jackson to this segment from our Development segment at the beginning of the year
•41% increase in Industrial and Commercial segment NOI
Executive Summary and Analysis
Net Income increased by 242% in the second quarter and 188% for the first six months compared to last year, despite operating profit remaining more or less flat. This increase is due both to the improved performance of the Verge during lease-up and increased net investment income from the steady sale of lots this year at Aberdeen Overlook, our most recent Lending Venture. In the second quarter, Aberdeen Overlook generated $1.5 million in investment income compared to $564,000 in the second quarter last year from Amber Ridge, a prior Lending Venture project. In the first six months, Aberdeen Overlook generated $2.1 million in investment income compared to $614,000 last year from Amber Ridge. While Lending Ventures are not necessarily part of our long-term core business strategy, they have been an effective way to put our balance sheet to work to generate real cash at better returns than treasuries.

The Company continued to grow Pro rata Net Operating Income (NOI) at the same meaningful clip that we have achieved over the last 36 months (21.6% CAGR since the same period in 2021). In the second quarter, we saw a 21.2% improvement in NOI compared to the same period last year, and a 21.7% increase in NOI in the first six months compared to the same period last year. The Industrial and Commercial and Multifamily Segments were the primary drivers of this increase. We grew our Industrial and Commercial NOI by 41% in the second quarter and 44% in the first six months when compared to the same periods last year as we burned through a rent abatement period (unrealized revenue) at two buildings at Hollander Business Park in 2023 and started generating real cash flow. Multifamily pro rata NOI increased by 84% this quarter and 88% for the first six months when compared to the same periods last year, mostly due to the stabilization of .408 Jackson and Bryant Street. The addition of the Verge to this segment later this year should only serve to increase the performance of this segment on an NOI basis.

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In keeping with our strategy to grow our industrial footprint, in July, we closed on the purchase of the land for our industrial joint venture in Broward County, FL for a total purchase price of $24.5 million, of which we contributed $12.25 million. Per our partnership agreement, we represent 80% of the equity capital in this 182,000 square-foot class A building. We also closed on the land for our other industrial JV in Lakeland, FL at the end of the first quarter of this year for a total purchase price of $2.8 million. We will account for 90% of the equity capital for this 200,000 square-foot industrial project. Total expected capex for these projects is $57 million and $28 million respectively with total equity capital of $26 million and $13 million and an expected start of construction by March of 2025 for both projects. We are in the home stretch on finishing shell construction on our Chelsea project in Harford County, MD. This 258,000 square-foot industrial building should be complete in the fourth quarter of this year with an expected total project cost, including land, of $30 million. We have underwritten all these projects at an unlevered 6-7% yield on cost but expect to outperform these assumptions.

Second Quarter Consolidated Results of Operations
Net income for the second quarter of 2024 was $2,044,000 or $.11 per share versus $598,000 or $.03 per share in the same period last year. Pro rata NOI for the second quarter of 2024 was $9,230,000 versus $7,614,000 in the same period last year. The second quarter of 2024 was impacted by the following items:
•Operating profit increased slightly as favorable results in Multifamily, Industrial and Commercial, and Development were partially offset by lower Mining royalties and higher General and administrative costs.
•Net investment income increased $583,000 due to increased earnings on cash equivalents ($408,000) and increased income from our lending ventures ($781,000), partially offset by decreased preferred interest ($606,000) due to the conversion of FRP preferred equity to common equity at Bryant Street.
•Interest expense decreased $300,000 compared to the same quarter last year due to $334,000 more capitalized interest partially offset by increased costs related to our larger credit agreement. More interest was capitalized due to increased in-house and joint venture projects under development this quarter compared to last year.
•Equity in loss of Joint Ventures improved $1,323,000 due to improved performance of our unconsolidated joint ventures. Results improved at The Verge ($891,000), .408 Jackson ($225,000), Bryant Street ($159,000) and BC Realty ($55,000).


Second Quarter Segment Operating Results
Multifamily Segment:

Our Multifamily Segment consists of two consolidated joint ventures (Dock 79 and The Maren) and three unconsolidated joint ventures (Bryant Street, Riverside, and .408 Jackson). Riverside achieved stabilization in 2022 while Bryant Street and .408 Jackson moved from our Development Segment to this segment upon stabilization as of the beginning of 2024.

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Total revenues for our two consolidated joint ventures were $5,496,000, a decrease of $49,000 versus $5,545,000 in the same period last year. Total operating profit for the consolidated joint ventures was $1,130,000, an increase of $218,000, or 24% versus $912,000 in the same period last year primarily because of less depreciation expense.
For our three unconsolidated joint ventures, pro rata revenues were $3,865,000, an increase of $905,000 or 31% compared to $2,960,000 in the same period last year. Pro rata operating profit was $508,000, an increase of $455,000 or 858% versus $53,000 in the same period last year. For ease of comparison these figures and the table below include the results for Bryant Street and .408 Jackson from the same period last year (when these projects were still in our Development segment).
Apartment BuildingUnits
Pro rata NOI
Q2 2024
Pro rata NOI
Q2 2023
Avg. Occupancy Q2 2024
Avg. Occupancy CY 2023
Renewal Success Rate Q2 2024
Renewal % increase Q2 2024
Dock 79 Anacostia DC305$932,000$986,00093.6 %94.4 %60.4 %4.2 %
Maren Anacostia DC264$923,000$942,00094.8 %95.6 %74.4 %2.0 %
Bryant Street DC487$1,555,000$1,130,00091.2 %93.0 %60.9 %1.7 %
Riverside Greenville200$215,000$224,00093.0 %94.5 %52.4 %5.5 %
.408 Jackson Greenville227$345,000$88,00096.2 %59.9 %65.3 %4.6 %
Multifamily Segment1,483$3,970,000$3,370,00093.3 %88.9 %
The combined consolidated and unconsolidated pro rata net operating income this quarter for this segment was $3,970,000, up $1,818,000 or 84% compared to $2,152,000 in the same quarter last year. Substantially all of this increase was from the transfer of Bryant Street and .408 Jackson from Development to this segment at the beginning of 2024 as same store NOI was more or less flat. These two projects contributed $1,900,000 of pro rata NOI to this segment compared to $1,218,000 in the Development segment in the same quarter last year, an increase of $682,000.
Industrial and Commercial Segment:
Total revenues in this segment were $1,445,000, up $25,000 or 2%, over the same period last year. Operating profit was $490,000, up $80,000 or 20% over the same quarter last year. We now have nine buildings in service at three different locations totaling 515,077 square feet of industrial and 33,708 square feet of office. These assets were 95.6% leased and occupied during the entire quarter. Net operating income in this segment was $1,187,000, up $344,000 or 41% compared to the same quarter last year primarily due to $335,000 more unrealized rental revenue in the prior year due to rent abatements that expired in 2023.
Mining Royalty Lands Segment:
Total revenues in this segment were $3,231,000, a decrease of $33,000 or 1% versus $3,264,000 in the same period last year. Royalty tons were down 5%. Total operating profit in this segment was $2,643,000, a decrease of $89,000 versus $2,732,000 in the same period last year. Net Operating Income this quarter for this segment was $3,028,000, down $97,000 or 3% compared to the same quarter last year. The primary reason for these decreases is the deduction of royalties to resolve an $842,000 overpayment, as referenced in our 10-Q from the quarter ended June 30, 2023. As part of the ongoing resolution of this overpayment, this quarter, the tenant withheld $277,000 in royalties
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otherwise due the Company. The outstanding balance on this overpayment credit is $53,000 which we expect will be exhausted in the first month of the third quarter of this year.
Development Segment:
With respect to ongoing Development Segment projects:

•We entered into two new joint venture agreements in early 2024 with BBX Logistics. The first joint venture is a 200,000 square-foot warehouse development project in Lakeland, FL, and the second joint venture is a 182,000 square-foot warehouse redevelopment project in Broward County, FL. We anticipate construction to start on both projects in the first quarter of 2025.
•Last summer we broke ground on a new speculative warehouse project in Aberdeen, MD on Chelsea Road. Vertical construction is underway. This Class A, 258,000 square foot building is due to be complete in the 4th quarter of 2024.
•The Verge has achieved residential stabilization and will move to our Multifamily segment on July 1, 2024. At quarter end, the building was 93.3% leased and 90.7% occupied. This is our third mixed-use project in the Anacostia waterfront submarket in Washington, DC.
•We are the principal capital source to develop 344 residential lots on 110 acres in Harford County, MD. The project includes 110 acres and 344 residential building lots. We have funded $24.6 million of our $31.1 million total commitment. A national homebuilder is under contract to purchase all 222 townhome lots and 122 single family lots. At quarter-end, 78 lots have been sold and $12.7 million of preferred interest and principal has been returned to the company of which $3.2 million was booked as profit to the Company.
Six Month Highlights
•188% increase in Net Income ($3.3 million vs $1.2 million)
•22% increase in pro rata NOI ($17.8 million vs $14.6 million)
•88% increase in the Multifamily segment’s NOI due to the transfer of Bryant St. and .408 Jackson to this segment from our Development segment at the beginning of the year
•16% increase in Industrial and Commercial revenue and 44% increase in that segment’s NOI

First Half Consolidated Results of Operations
Net income for the first six months of 2024 was $3,345,000 or $.18 per share versus $1,163,000 or $.06 per share in the same period last year. Pro rata NOI for the first six months of 2024 was $17,764,000 versus $14,602,000 in the same period last year. The first six months of 2024 were impacted by the following items:
•Operating profit increased slightly as favorable results in Multifamily, Industrial and Commercial, and Development were partially offset by lower Mining royalties and higher General and administrative costs.
•Net investment income increased $984,000 due to increased earnings on cash equivalents ($960,000) and increased income from our lending ventures ($1,230,000), partially offset by decreased preferred interest ($1,206,000) due to the conversion of FRP preferred equity to common equity at Bryant Street.
•Interest expense decreased $395,000 compared to the same period last year due to $461,000 more capitalized interest partially offset by increased costs related to our larger credit
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agreement. More interest was capitalized due to increased in-house and joint venture projects under development this quarter compared to last year.
•Equity in loss of Joint Ventures improved $1,929,000 due to improved results at our unconsolidated joint ventures. Results improved at The Verge ($1,587,000), .408 Jackson ($273,000), and BC Realty ($110,000).

First Half Segment Operating Results
Multifamily Segment:

Total revenues for our two consolidated joint ventures were $10,910,000, an increase of $89,000 versus $10,821,000 in the same period last year. Total operating profit for the consolidated joint ventures was $2,342,000, an increase of $626,000, or 36% versus $1,716,000 in the same period last year primarily because of less depreciation expense.
For our three unconsolidated joint ventures, pro rata revenues were $7,578,000, an increase of $1,912,000 or 34% compared to $5,666,000 in the same period last year. Pro rata operating profit was $917,000, an increase of $654,000 or 249% versus $263,000 in the same period last year. For ease of comparison these figures and the table below include the results for Bryant Street and .408 Jackson from the same period last year (when these projects were still in our Development segment).
Apartment BuildingUnitsPro rata NOI
YTD 2024		Pro rata NOI
YTD 2023		Avg. Occupancy YTD 2024Avg. Occupancy CY 2023Renewal Success Rate YTD 2024Renewal % increase YTD 2024
Dock 79 Anacostia DC305$1,878,000$1,873,00094.2 %94.4 %65.3 %3.5 %
Maren Anacostia DC264$1,847,000$1,856,00094.3 %95.6 %63.4 %2.2 %
Bryant Street DC487$3,051,000$2,385,00092.0 %93.0 %58.3 %3.6 %
Riverside Greenville200$439,000$445,00093.3 %94.5 %58.4 %3.4 %
.408 Jackson Greenville227$638,000$66,00094.6 %59.9 %53.7 %4.3 %
Multifamily Segment1,483$7,853,000$6,625,00093.5 %88.9 %
The combined consolidated and unconsolidated Pro rata net operating income this quarter for this segment was $7,853,000, up $3,679,000 or 88% compared to $4,174,000 in the same period last year. Substantially all of this increase was from the transfer of Bryant Street and .408 Jackson from Development to this segment at the beginning of 2024 as same store NOI was more or less flat. These two projects contributed $3,689,000 of Pro rata NOI to this segment compared to $2,451,000 in the Development segment in the same period last year, an increase of $1,238,000.

Industrial and Commercial Segment:
Total revenues in this segment were $2,898,000, up $408,000 or 16%, over the same period last year. Operating profit was $1,052,000, up $347,000 or 49% from $705,000 in the same quarter last year. Revenues and operating profit are up because of full occupancy at 1841 62nd Street (which had only $11,000 of revenue in the first quarter last year) and the addition of 1941 62nd Street to this segment in March 2023. We now have nine buildings in service at three different locations totaling 515,077 square feet of industrial and 33,708 square feet of office. We were 95.6% leased and occupied during
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the entire period. Net operating income in this segment was $2,346,000, up $716,000 or 44% compared to the same period last year partially due to $401,000 more unrealized rental revenue in the prior year due to rent abatements that expired in 2023.
Mining Royalty Lands Segment:
Total revenues in this segment were $6,194,000, a decrease of $352,000 or 5% versus $6,546,000 in the same period last year. Royalty tons were down 10%. Total operating profit in this segment was $5,089,000, a decrease of $433,000 versus $5,522,000 in the same period last year. Net operating income in this segment was $5,788,000, down $485,000 or 8% compared to the same period last year. Among the reasons for this decrease is a shift in production off our land in Manassas, but the primary factor in the decrease is the deduction of royalties to resolve an $842,000 overpayment which we referenced previously. Through the first two quarters of this year, the tenant has withheld $566,000 in royalties otherwise due to the Company.

Conference Call
The Company will host a conference call on Thursday, August 8, 2024 at 2:00 p.m. (EDT). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-800-579-2543 (passcode 72219) within the United States. International callers may dial 1-785-424-1789 (passcode 72219). Audio replay will be available until August 22, 2024 by dialing 1-800-756-0554 within the United States. International callers may dial 1-402-220-7213. No passcode needed. An audio replay will also be available on the Company’s investor relations page (https://www.frpdev.com/investor-relations/) following the call.
Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include, but are not limited to: the possibility that we may be unable to find appropriate investment opportunities; levels of construction activity in the markets served by our mining properties; demand for flexible warehouse/office facilities in the MidAtlantic and Florida; multifamily demand in Washington D.C. and Greenville, South Carolina; our ability to obtain zoning and entitlements necessary for property development; the impact of lending and capital market conditions on our liquidity; our ability to finance projects or repay our debt; general real estate investment and development risks; vacancies in our properties; risks associated with developing and managing properties in partnership with others; competition; our ability to renew leases or re-lease spaces as leases expire; illiquidity of real estate investments; bankruptcy or defaults of tenants; the impact of restrictions imposed by our credit facility; the level and volatility of interest rates; environmental liabilities; inflation risks; cybersecurity risks; as well as other risks listed from time to time in our SEC filings; including but not limited to; our annual and quarterly reports. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements.
FRP Holdings, Inc. is a holding company engaged in the real estate business, namely (i) leasing and management of commercial properties owned by the Company, (ii) leasing and management of mining royalty land owned by the Company, (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse, and office, (iv) leasing and management of residential apartment buildings.
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FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share amounts)
(Unaudited)
THREE MONTHS ENDEDSIX MONTHS ENDED
JUNE 30,JUNE 30,
2024202320242023
Revenues:
Lease revenue$7,246 7,432 $14,416 14,264 
Mining royalty and rents3,231 3,264 6,194 6,546 
Total revenues10,477 10,696 20,610 20,810 
Cost of operations:
Depreciation/depletion/amortization2,543 2,819 5,078 5,599 
Operating expenses1,702 1,822 3,569 3,562 
Property taxes860 879 1,667 1,826 
General and administrative2,552 2,409 4,594 4,202 
Total cost of operations7,657 7,929 14,908 15,189 
Total operating profit2,820 2,767 5,702 5,621 
Net investment income3,708 3,125 6,491 5,507 
Interest expense(829)(1,129)(1,740)(2,135)
Equity in loss of joint ventures(2,724)(4,047)(5,743)(7,672)
(Loss) gain on sale of real estate— (2)— 8 
Income before income taxes2,975 714 4,710 1,329 
Provision for income taxes916 222 1,316 431 
Net income2,059 492 3,394 898 
Income (loss) attributable to noncontrolling interest15 (106)49 (265)
Net income attributable to the Company$2,044 598 $3,345 $1,163 
Earnings per common share (1):
Net income attributable to the Company-
Basic$.11 .03$.18 .06
Diluted$.11 .03$.18 .06
Number of shares (in thousands) used in computing (1):
-basic earnings per common share18,87918,86418,87118,848
-diluted earnings per common share18,94818,93218,95818,926
(1)adjusted for the 2 for 1 stock split that occurred in April 2024
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FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands, except share data)
Assets:June 30
2024		December 31
2023
Real estate investments at cost:
Land$141,602 141,602 
Buildings and improvements 282,977 282,631 
Projects under construction22,568 10,845 
Total investments in properties447,147 435,078 
Less accumulated depreciation and depletion72,734 67,758 
Net investments in properties374,413 367,320 
Real estate held for investment, at cost11,111 10,662 
Investments in joint ventures161,391 166,066 
Net real estate investments546,915 544,048 
Cash and cash equivalents156,929 157,555 
Cash held in escrow1,491 860 
Accounts receivable, net1,827 1,046 
Federal and state income taxes receivable— 337 
Unrealized rents1,905 1,640 
Deferred costs2,188 3,091 
Other assets601 589 
Total assets$711,856 709,166 
Liabilities:
Secured notes payable$178,779 178,705 
Accounts payable and accrued liabilities7,303 8,333 
Other liabilities1,487 1,487 
Federal and state income taxes payable1,708 — 
Deferred revenue762 925 
Deferred income taxes68,356 69,456 
Deferred compensation1,436 1,409 
Tenant security deposits877 875 
Total liabilities260,708 261,190 
Commitments and contingencies — — 
Equity:
Common stock, $.10 par value
25,000,000 shares authorized,
19,030,474 and 18,968,448 shares issued
and outstanding, respectively
1,903 1,897 
Capital in excess of par value67,980 66,706 
Retained earnings349,227 345,882 
Accumulated other comprehensive income, net22 35 
Total shareholders’ equity419,132 414,520 
Noncontrolling interest32,016 33,456 
Total equity451,148 447,976 
Total liabilities and equity$711,856 709,166 
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Multifamily Segment (Consolidated):
Three months ended June 30
(dollars in thousands)2024%2023%Change%
Lease revenue$5,496 100.0 %5,545 100.0 %(49)-.9 %
Depreciation and amortization1,981 36.0 %2,268 40.9 %(287)-12.7 %
Operating expenses1,519 27.6 %1,557 28.1 %(38)-2.4 %
Property taxes576 10.5 %563 10.2 %13 2.3 %
General and administrative290 5.3 %245 4.4 %45 18.4 %
Cost of operations4,366 79.4 %4,633 83.6 %(267)-5.8 %
Operating profit$1,130 20.6 %912 16.4 %218 23.9 %
Multifamily Segment (Pro rata Unconsolidated):
Three months ended June 30
(dollars in thousands)2024%2023%Change%
Lease revenue$3,865 100.0 %2,960 100.0 %905 30.6 %
Depreciation and amortization1,570 40.6 %1,420 48.0 %150 10.6 %
Operating expenses1,371 35.5 %1,169 39.5 %202 17.3 %
Property taxes416 10.8 %318 10.7 %98 30.8 %
Cost of operations3,357 86.9 %2,907 98.2 %450 15.5 %
Operating profit$508 13.1 %53 1.8 %455 858.5 %
Industrial and Commercial Segment:
Three months ended June 30
(dollars in thousands)2024%2023%Change%
Lease revenue$1,445 100.0 %1,420 100.0 %25 1.8 %
Depreciation and amortization360 25.0 %359 25.3 %1 0.3 %
Operating expenses191 13.2 %176 12.4 %15 8.5 %
Property taxes64 4.4 %63 4.4 %1 1.6 %
General and administrative340 23.5 %412 29.0 %(72)-17.5 %
Cost of operations955 66.1 %1,010 71.1 %(55)(5.4 %)
Operating profit$490 33.9 %410 28.9 %80 19.5 %
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Mining Royalty Lands Segment:
Three months ended June 30
(dollars in thousands)2024%2023%Change%
Mining royalty and rent revenue$3,231 100.0 %3,264 100.0 %(33)-1.0 %
Depreciation, depletion and amortization159 4.9 %151 4.6 %8 5.3 %
Operating expenses16 0.5 %16 0.5 %— — 
Property taxes71 2.2 %74 2.3 %(3)-4.1 %
General and administrative342 10.6 %291 8.9 %51 17.5 %
Cost of operations588 18.2 %532 16.3 %56 10.5 %
Operating profit$2,643 81.8 %2,732 83.7 %(89)-3.3 %
Development Segment:
Three months ended June 30
(dollars in thousands)20242023Change
Lease revenue$305 467 (162)
Depreciation and amortization43 41 2 
Operating expenses(24)73 (97)
Property taxes149 179 (30)
General and administrative1,029 1,461 (432)
Cost of operations1,197 1,754 (557)
Operating loss$(892)(1,287)395 
Multifamily Segment (Consolidated):
Six months ended June 30
(dollars in thousands)2024%2023%Change%
Lease revenue$10,910 100.0 %10,821 100.0 %89 .8 %
Depreciation and amortization3,962 36.3 %4,532 41.9 %(570)-12.6 %
Operating expenses2,980 27.3 %3,045 28.1 %(65)-2.1 %
Property taxes1,100 10.1 %1,094 10.1 %6 .5 %
General and administrative526 4.8 %434 4.0 %92 21.2 %
Cost of operations8,568 78.5 %9,105 84.1 %(537)-5.9 %
Operating profit$2,342 21.5 %1,716 15.9 %626 36.5 %
10

Multifamily Segment (Pro rata Unconsolidated):
Six months ended June 30
(dollars in thousands)2024%2023%Change%
Lease revenue$7,578 100.0 %5,666 100.0 %1,912 33.7 %
Depreciation and amortization3,132 41.3 %2,685 47.4 %447 16.6 %
Operating expenses2,652 35.0 %2,225 39.3 %427 19.2 %
Property taxes877 11.6 %493 8.7 %384 77.9 %
Cost of operations6,661 87.9 %5,403 95.4 %1,258 23.3 %
Operating profit$917 12.1 %263 4.6 %654 248.7 %
Industrial and Commercial Segment:
Six months ended June 30
(dollars in thousands)2024%2023%Change%
Lease revenue$2,898 100.0 %2,490 100.0 %408 16.4 %
Depreciation and amortization723 24.9 %637 25.7 %86 13.5 %
Operating expenses406 14.0 %317 12.7 %89 28.1 %
Property taxes127 4.4 %123 4.9 %4 3.3 %
General and administrative590 20.4 %708 28.4 %(118)-16.7 %
Cost of operations1,846 63.7 %1,785 71.7 %61 3.4 %
Operating profit$1,052 36.3 %705 28.3 %347 49.2 %
Mining Royalty Lands Segment:
Six months ended June 30
(dollars in thousands)2024%2023%Change%
Mining royalty and rent revenue$6,194 100.0 %6,546 100.0 %(352)-5.4 %
Depreciation, depletion and amortization308 5.0 %334 5.0 %(26)-7.8 %
Operating expenses33 0.5 %33 0.5 %— — 
Property taxes144 2.3 %143 2.2 %1 0.7 %
General and administrative620 10.0 %514 7.9 %106 20.6 %
Cost of operations1,105 17.8 %1,024 15.6 %81 7.9 %
Operating profit$5,089 82.2 %5,522 84.4 %(433)-7.8 %
11

Development Segment:
Six months ended June 30
(dollars in thousands)20242023Change
Lease revenue$608 953 (345)
Depreciation and amortization85 96 (11)
Operating expenses150 167 (17)
Property taxes296 466 (170)
General and administrative2,307 2,546 (239)
Cost of operations2,838 3,275 (437)
Operating loss$(2,230)(2,322)92 



The following table summarizes the Company’s investments in unconsolidated joint ventures (in thousands):
Common
Ownership 		Total
Investment		Total Assets of
The Partnership		Profit (Loss)
Of the Partnership 		The
Company's
Share of Profit
(Loss) of the
Partnership
As of June 30, 2024
Brooksville Quarry, LLC50.00 %$7,528 14,548 (44)(22)
BC FRP Realty, LLC50.00 %5,783 22,708 (130)(65)
Buzzard Point Sponsor, LLC50.00 %2,402 4,804 — — 
Bryant Street Partnerships72.10 %68,334 201,139 (4,594)(3,382)
Lending ventures26,273 15,647 — — 
BBX Partnerships50.00 %2,304 4,598 — — 
Estero Partnership16.00 %3,655 38,520 — — 
The Verge Partnership61.37 %38,568 128,752 (2,797)(1,717)
Greenville Partnerships40.00 %6,544 100,330 (1,392)(557)
Total$161,391 531,046 (8,957)(5,743)



12

Non-GAAP Financial Measures.
To supplement the financial results presented in accordance with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We provide Pro rata net operating income (NOI) because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated partnerships, when read in conjunction with our reported results under GAAP. This measure is not, and should not be viewed as, a substitute for GAAP financial measures.

Pro rata Net Operating Income Reconciliation
 Six months ended 06/30/24 (in thousands)
Industrial and
Commercial
Segment		Development
Segment		Multifamily
Segment		Mining
Royalties
Segment		Unallocated
Corporate
Expenses		FRP
Holdings
Totals
Net income (loss)$805 (1,115)(2,477)3,876 2,305 3,394 
Income tax allocation247 (343)(772)1,191 993 1,316 
Income (loss) before income taxes1,052 (1,458)(3,249)5,067 3,298 4,710 
Less:
Unrealized rents19 9 229 257 
Interest income2,554 3,937 6,491 
Plus:— 
Professional fees15 15 
Equity in loss of joint ventures— 1,782 3,939 22 5,743 
Interest expense— — 1,652 — 88 1,740 
Depreciation/amortization723 85 3,962 308 5,078 
General and administrative590 2,307 526 620 551 4,594 
— 
Net operating income (loss)2,346 162 6,836 5,788 — 15,132 
NOI of noncontrolling interest(3,111)(3,111)
Pro rata NOI from unconsolidated joint ventures1,615 4,128 5,743 
Pro rata net operating income$2,346 1,777 7,853 5,788 — 17,764 
13

Pro rata Net Operating Income Reconciliation
Six months ended 06/30/23 (in thousands)
Industrial and
Commercial
Segment		Development
Segment		Multifamily
Segment		MiningRoyalties
Segment		Unallocated
Corporate
Expenses		FRP
Holdings
Totals
Net income (loss)$513 (5,257)(509)4,018 2,133 898 
Income tax allocation190 (1,950)(90)1,490 791 431 
Income (loss) before income taxes703 (7,207)(599)5,508 2,924 1,329 
Less:
Unrealized rents420 — — 97 — 517 
Gain on sale of real estate— — — 10 — 10 
Interest income— 2,561 — — 2,946 5,507 
Plus:      
Unrealized rents— — 100 — — 100 
Loss on sale of real estate2 — — — — 2 
Professional fees— — 59 — — 59 
Equity in loss of joint ventures— 7,446 202 24 — 7,672 
Interest Expense— — 2,113 — 22 2,135 
Depreciation/amortization637 96 4,532 334 — 5,599 
General and administrative708 2,546 434 514 — 4,202 
Net operating income (loss)1,630 320 6,841 6,273 — 15,064 
NOI of noncontrolling interest— — (3,112)— — (3,112)
Pro rata NOI from unconsolidated joint ventures— 2,205 445 — — 2,650 
Pro rata net operating income$1,630 2,525 4,174 6,273 — 14,602 

The following tables detail the Development and Multifamily Segment Pro rata NOI by project:

Development Segment:
Six months endedFRP
Portfolio		Bryant
Street		BC FRP
Realty, LLC		.408
Jackson 		The
Verge 		Total
Pro rata NOI
6/30/2024$162 — 299 — 1,316 1,777 
6/30/2023$320 2,385 189 66 (435)2,525 
Multifamily Segment:
Six months endedDock
79		The MarenRiverside.408
Jackson		Bryant
Street		Total
Pro rata NOI
6/30/2024$1,878 1,847 439 638 3,051 7,853 
6/30/2023$1,873 1,856 445 — — 4,174 


v3.24.2.u1
Cover
Aug. 06, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 07, 2024
Registrant Name FRP HOLDINGS, INC.
Entity Incorporation, State or Country Code FL
Entity File Number 001-36769
Entity Tax Identification Number 47-2449198
Entity Address, Address Line One 200 W. FORSYTH STREET
Entity Address, Address Line Two 7TH FLOOR
Entity Address, City or Town JACKSONVILLE
Entity Address, State or Province FL
Entity Address, Postal Zip Code 32202
City Area Code 904
Local Phone Number 858-9100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol FRPH
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Central Index Key 0000844059
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