FRP Holdings, Inc. (FRPH) 10-Year Financial Performance & Capital Metrics

FRPH • • REIT / Real Estate

Real EstateReal Estate ServicesReal Estate Investment & DevelopmentDiversified Real Estate Investors

AboutFRP 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. The Asset Management segment owns, leases, and manages commercial properties. The Mining Royalty Lands segment owns various properties comprising approximately 15,000 acres under lease for mining rents or royalties primarily in Florida, Georgia, and Virginia. This segment also owns an additional 107 acres of investment property in Brooksville, Florida. The Development segment owns and monitors the use of parcels of land that are in various stages of development. The Stabilized Joint Venture segment owns, leases, and manages a 305-unit residential apartment building with approximately 14,430 square feet of first floor retail space; 264-unit residential apartment building with 6,758 square feet of retail space; and 294-unit garden-style apartment community located in Henrico County, Virginia that consists of 19 three-story apartment buildings containing 273,940 rentable square feet. FRP Holdings, Inc. was incorporated in 2014 and is based in Jacksonville, Florida.Show more

Revenue $42M +0.6%
FFO $17M +3.1%
FFO/Share 0.88 +2.8%
FFO Payout 0%
FFO per Share 0.88 +2.8%
NOI Margin 91.77% +0.6%
FFO Margin 40.16% +2.4%
ROE 1.39% +17.2%
ROA 0.89% +18.1%
Debt/Assets 24.55% -2.6%
Net Debt/EBITDA 1.37 +46.7%
Book Value/Share 24.73 +4.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High NOI margin of 91.8%
✓Trading at only 1.0x book value

✗Weaknesses

✗Weak 3Y average ROE of 1.2%
✗Profits declining 17.0% over 5 years
✗FFO declining 13.4% TTM

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-12.57%

5Y11.95%

3Y10.19%

TTM2.69%

Profit (Net Income) CAGR

10Y-4.41%

5Y-16.97%

3Y-39.06%

TTM-38.98%

EPS CAGR

10Y2.33%

5Y-16.14%

3Y-39.03%

TTM-39.14%

ROCE

10Y Avg1.91%

5Y Avg1.17%

3Y Avg1.5%

Latest1.65%

Peer Comparison

Diversified Real Estate Investors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TCITranscontinental Realty Investors, Inc.	449.59M	52.04	76.53	-4.81%	12.04%	0.66%	0.29%	0.21
FRPHFRP Holdings, Inc.	466.8M	24.42	71.82	0.65%	10.9%	1%	6.21%	0.38
NENNew England Realty Associates Limited Partnership	184.16M	65.25	14.63	8.12%	13.54%		19.82%
ALBTAvalon GloboCare Corp.	4.85M	1.14	-0.14	6.19%	-13.55%	-109.23%		1.10
RFLRafael Holdings, Inc.	63.21M	1.24	-1.19	43.96%	-33.28%	-31.03%		0.01
LODEComstock Inc.	208.13M	4.06	-1.26	136.65%	-18.94%	-43.25%		0.23
STHOStar Holdings	116.15M	9.12	-1.40	-12.17%	-175.79%	-50.29%		0.63
BPYPOBrookfield Property Partners L.P.		14.91	-9.44	-3.92%	-4.94%	-1.17%		1.42

Profit & Loss

	Sep 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	34.65M	37.46M	43.19M	22.02M	23.76M	23.58M	31.22M	37.48M	41.51M	41.77M
Revenue Growth %	-0.78%	0.08%	0.15%	-0.49%	0.08%	-0.01%	0.32%	0.2%	0.11%	0.01%
Property Operating Expenses	4.44M	4.47M	5.02M	2.63M	2.94M	2.83M	3.75M	4.13M	3.65M	3.44M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	18.02M	16.6M	24.56M	17.43M	15.06M	15.62M	25.2M	25.36M	26.16M	26.63M
G&A Expenses	6.04M	4.92M	5.41M	5.72M	5.07M	6.46M	6.24M	7.08M	7.97M	9.28M
EBITDA+	19.71M	24.43M	7.02M	25.13M	11.91M	11.18M	15.22M	19.46M	22.68M	22.09M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	7.53M	8.05M	5.98M	23.16M	6.16M	6.05M	12.95M	11.46M	10.97M	10.39M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	12.18M	16.38M	1.04M	1.96M	5.76M	5.13M	2.27M	8M	11.7M	11.7M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	2.01M	1.56M	2.74M	3.1M	1.05M	1.1M	2.3M	3.04M	4.32M	3.15M
Interest Coverage	6.05x	10.50x	0.38x	0.63x	5.46x	4.67x	0.99x	2.63x	2.71x	3.72x
Non-Operating Income	179K	1.56M	-58.6M	-2.62M	-7.08M	-10.89M	-50.41M	-626K	987K	65K
Pretax Income+	9.99M	19.88M	56.9M	1.48M	11.78M	14.93M	50.38M	5.58M	6.4M	8.49M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	3.9M	7.85M	7.33M	524K	2.96M	3.21M	10.28M	1.53M	1.52M	2.03M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	8.27M	12.02M	41.75M	124.47M	16.18M	12.71M	28.21M	4.57M	5.3M	6.38M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.17%	0.45%	2.47%	1.98%	-0.87%	-0.21%	1.22%	-0.84%	0.16%	0.2%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.4%	0.27%	1.38%	2.09%	-0.85%	-0.16%	1.19%	-0.61%	0.02%	0.03%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.42	0.61	2.08	6.16	0.82	0.66	1.50	0.24	0.28	0.34
EPS Growth %	0.56%	0.45%	2.41%	1.96%	-0.87%	-0.2%	1.27%	-0.84%	0.17%	0.21%
EPS (Basic)	0.43	0.61	2.10	6.20	0.82	0.66	1.51	0.24	0.28	0.34
Diluted Shares Outstanding	19.65M	19.82M	20.08M	20.21M	19.85M	19.22M	18.79M	18.87M	18.92M	18.97M

Balance Sheet

	Sep 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	252.62M	266.56M	418.73M	505.49M	538.15M	537.35M	678.19M	701.08M	709.17M	728.49M
Asset Growth %	-0.19%	0.06%	0.57%	0.21%	0.06%	-0%	0.26%	0.03%	0.01%	0.03%
Real Estate & Other Assets+	15.17M	14.14M	16.57M	1.23M	211.94M	-993K	363.64M	380.24M	381.66M	421.92M
PP&E (Net)	207.21M	224.25M	375.6M	213.72M	0	0	0	0	0	0
Investment Securities	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K
Total Current Assets+	11.23M	5.27M	13.15M	201.66M	165.76M	0	169.11M	180.32M	161.44M	152.67M
Cash & Equivalents	419K	0	4.52M	22.55M	26.61M	74.11M	161.52M	177.5M	157.56M	148.62M
Receivables	1000K	1000K	838K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	4.83M	0	333K	3.43M	186K	-80.18M	752K	797K	860K	1.31M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Total Liabilities	70.28M	67.74M	154.15M	122.23M	146.5M	154.7M	252.94M	256.87M	261.19M	259.37M
Total Debt+	48.69M	41M	118.32M	88.79M	88.92M	89.96M	178.41M	178.56M	178.71M	178.85M
Net Debt	48.27M	41M	113.79M	66.24M	62.32M	15.86M	16.89M	1.06M	21.15M	30.23M
Long-Term Debt	44.51M	29.55M	90.03M	88.79M	88.92M	89.96M	178.41M	178.56M	178.71M	178.85M
Short-Term Borrowings	1000K	1000K	125K	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	17.19M	17.2M	9.91M	3.91M	4.05M	0	7.3M	7.12M	10.13M	9.88M
Accounts Payable	3.46M	3.75M	4.37M	3.54M	2.43M	0	6.14M	5.97M	8.33M	6.03M
Deferred Revenue	1.96M	1.13M	1.07M	80K	1.12M	0	1.16M	1.13M	1.8M	3.24M
Other Liabilities	0	0	3.39M	1.52M	2.62M	-147.6M	2.82M	3.24M	2.9M	2.95M
Total Equity+	182.34M	198.82M	264.58M	383.25M	391.64M	382.65M	425.25M	444.21M	447.98M	469.11M
Equity Growth %	-0.12%	0.09%	0.33%	0.45%	0.02%	-0.02%	0.11%	0.04%	0.01%	0.05%
Shareholders Equity	182.34M	198.82M	243.53M	364.61M	374.89M	367.65M	396.42M	407.14M	414.52M	423.1M
Minority Interest	0	42.83M	21.05M	18.65M	16.76M	15M	28.83M	37.07M	33.46M	46.01M
Common Stock	979K	991K	1M	997K	982K	936K	941K	946K	1.9M	1.91M
Additional Paid-in Capital	49.87M	52.65M	55.64M	58M	57.7M	56.28M	57.62M	65.16M	66.71M	68.88M
Retained Earnings	131.5M	145.17M	186.85M	306.31M	315.28M	309.76M	337.75M	342.32M	345.88M	352.27M
Preferred Stock	0	143.49M	186.85M	0	0	0	0	0	0	0
Return on Assets (ROA)	0.03%	0.05%	0.12%	0.27%	0.03%	0.02%	0.05%	0.01%	0.01%	0.01%
Return on Equity (ROE)	0.04%	0.06%	0.18%	0.38%	0.04%	0.03%	0.07%	0.01%	0.01%	0.01%
Debt / Assets	0.19%	0.15%	0.28%	0.18%	0.17%	0.17%	0.26%	0.25%	0.25%	0.25%
Debt / Equity	0.27x	0.21x	0.45x	0.23x	0.23x	0.24x	0.42x	0.40x	0.40x	0.38x
Net Debt / EBITDA	2.45x	1.68x	16.21x	2.64x	5.23x	1.42x	1.11x	0.05x	0.93x	1.37x
Book Value per Share	9.28	10.03	13.18	18.96	19.73	19.91	22.63	23.54	23.67	24.73

Cash Flow

	Sep 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	17.23M	19.49M	21.06M	-37.19M	47.02M	18.61M	22.24M	22.34M	32.97M	28.99M
Operating CF Growth %	-0.26%	0.13%	0.08%	-2.77%	2.26%	-0.6%	0.19%	0%	0.48%	-0.12%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	8.27M	12.02M	60.55M	123.09M	15.68M	11.72M	40.09M	4.05M	5.3M	6.46M
Depreciation & Amortization	7.53M	2.64M	14.59M	8.21M	4.75M	5.83M	12.74M	11.46M	10.82M	0
Stock-Based Compensation	803K	578K	713K	1.66M	232K	1.37M	1.11M	1.57M	1.74M	1.96M
Other Non-Cash Items	3.09M	578K	-58.59M	-164.51M	-6.86M	-2.67M	-46.06M	4.82M	11.66M	21.54M
Working Capital Changes	-4.04M	1.77M	-4.06M	-7.64M	11.09M	-3.64M	6.42M	-1.37M	1.96M	797K
Cash from Investing+	-9.71M	-15.04M	-17.32M	90.94M	-33.82M	50.53M	66.6M	-23.2M	-48.75M	-50.62M
Acquisitions (Net)	-625K	-929K	1.6M	-71.01M	-73.53M	-12.31M	12.55M	-808K	-37.48M	804K
Purchase of Investments	-625K	-929K	-693K	-446.97M	-86.26M	-24.58M	-29.97M	-49.19M	0	0
Sale of Investments	-1000K	0	-1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Investing	61K	14.37M	-146K	578K	8.44M	19.23M	-15.81M	-26.7M	-11.26M	-51.42M
Cash from Financing+	-8.11M	-4.87M	-1.38M	-35.74M	-9.14M	-21.84M	-1.23M	16.83M	-4.17M	12.7M
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Common Dividends	0	0	0	0	0	0	0	0	0	0
Debt Issuance (Net)	-1000K	-1000K	1000K	-1000K	0	0	1000K	0	0	0
Share Repurchases	0	-43K	-74K	-5.73M	-8.21M	-21.31M	-264K	0	-2M	0
Other Financing	-444K	1.03M	-5.8M	-28.45M	-934K	-526K	-3.04M	-11.06M	-2.17M	12.48M
Net Change in Cash+	-594K	-419K	-308.61M	18.02M	4.06M	47.3M	87.61M	15.98M	-19.94M	-8.94M
Exchange Rate Effect	0	0	-1000K	0	0	0	0	0	0	0
Cash at Beginning	1.01M	419K	313.14M	4.52M	22.55M	26.61M	73.91M	161.52M	177.5M	178.71M
Cash at End	419K	0	4.52M	22.55M	26.61M	73.91M	161.52M	177.5M	157.56M	169.77M
Free Cash Flow+	10.73M	-8.06M	4.45M	291.61M	48.12M	1.07M	52.21M	71.53M	32.97M	28.99M
FCF Growth %	-0.22%	-1.75%	1.55%	64.54%	-0.83%	-0.98%	47.84%	0.37%	-0.54%	-0.12%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	0.8	1.01	2.38	7.31	1.13	0.98	2.19	0.85	0.86	0.88
FFO Payout Ratio	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
NOI Margin	87.18%	88.05%	88.37%	88.08%	87.62%	88.02%	87.99%	88.99%	91.21%	91.77%
Net Debt / EBITDA	2.45x	1.68x	16.21x	2.64x	5.23x	1.42x	1.11x	0.05x	0.93x	1.37x
Debt / Assets	19.27%	15.38%	28.26%	17.57%	16.52%	16.74%	26.31%	25.47%	25.2%	24.55%
Interest Coverage	6.05x	10.50x	0.38x	0.63x	5.46x	4.67x	0.99x	2.63x	2.71x	3.72x
Book Value / Share	9.28	10.03	13.18	18.96	19.73	19.91	22.63	23.54	23.67	24.73
Revenue Growth	-78.37%	8.11%	15.31%	-49.01%	7.87%	-0.73%	32.38%	20.05%	10.74%	0.65%

Revenue by Segment

	2014	2015	2018	2019	2020	2021	2022	2023	2024
Multifamily	-	-	-	-	-	-	-	21.82M	22.1M
Multifamily Growth	-	-	-	-	-	-	-	-	1.25%
Mining Properties	-	-	-	-	-	9.46M	10.68M	12.53M	12.85M
Mining Properties Growth	-	-	-	-	-	-	12.87%	17.26%	2.59%
Industrial Commercial	-	-	-	-	-	-	-	5.35M	5.62M
Industrial Commercial Growth	-	-	-	-	-	-	-	-	4.99%
Development	-	-	1.21M	1.16M	1.15M	1.56M	1.67M	1.8M	1.21M
Development Growth	-	-	-	-3.48%	-1.03%	35.68%	7.10%	7.59%	-33.09%
Stabilized Joint Venture	-	-	10.37M	10.96M	10.21M	17.62M	21.44M	-	-
Stabilized Joint Venture Growth	-	-	-	5.75%	-6.90%	72.60%	21.72%	-	-
Asset Management	-	27.57M	2.31M	2.19M	2.75M	2.58M	3.68M	-	-
Asset Management Growth	-	-	-91.62%	-5.15%	25.43%	-6.26%	42.95%	-	-
Totals	-	-	22.02M	23.76M	23.58M	-	-	-	-
Totals Growth	-	-	-	7.87%	-0.73%	-	-	-	-
Mining royalty lands	-	6.09M	8.14M	9.44M	9.48M	-	-	-	-
Mining royalty lands Growth	-	-	33.56%	15.96%	0.41%	-	-	-	-
Land Development and Construction	-	982K	-	-	-	-	-	-	-
Land Development and Construction Growth	-	-	-	-	-	-	-	-	-
Transportation	129.16M	-	-	-	-	-	-	-	-
Transportation Growth	-	-	-	-	-	-	-	-	-
Developed property rentals	25.63M	-	-	-	-	-	-	-	-
Developed property rentals Growth	-	-	-	-	-	-	-	-	-
Mining royalty land	5.35M	-	-	-	-	-	-	-	-
Mining royalty land Growth	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

FRP Holdings, Inc. (FRPH) has a price-to-earnings (P/E) ratio of 71.8x. This suggests investors expect higher future growth.

Growth & Financials

FRP Holdings, Inc. (FRPH) reported $42.5M in revenue for fiscal year 2024. This represents a 65% decrease from $120.1M in 2011.

FRP Holdings, Inc. (FRPH) grew revenue by 0.6% over the past year. Growth has been modest.

Yes, FRP Holdings, Inc. (FRPH) is profitable, generating $4.6M in net income for fiscal year 2024 (15.3% net margin).

Dividend & Returns

FRP Holdings, Inc. (FRPH) has a return on equity (ROE) of 1.4%. This is below average, suggesting room for improvement.

Industry Metrics

FRP Holdings, Inc. (FRPH) generated Funds From Operations (FFO) of $15.5M in the trailing twelve months. FFO is the primary profitability metric for REITs.

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