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FRP Holdings, Inc.

FRP Holdings, Inc.

NASDAQ•FRPH
CEO: Mr. John Daniel Baker II, CPA
Sector: Real Estate
Industry: Real Estate - Services
Listing Date: 1986-07-02
FRP Holdings, Inc. engages in the real estate business in the United States. It operates through four segments: Industrial and Commercial, Mining Royalty Lands, Development, and Multifamily. The Industrial and Commercial segment owns, leases, and manages commercial properties. The Mining Royalty Lands segment leases and manages mining royalties owned by the company primarily in Florida, Georgia, and Virginia. The Development segment owns and monitors the use of parcels of land that are in various stages of development; and acquires, constructs, and develops primarily for apartment, retail, warehouse, and office buildings. The Multifamily segment owns, leases, and manages buildings through joint ventures. The company was incorporated in 2014 and is based in Jacksonville, Florida.
Contact Information
200 West Forsyth Street, 7th Floor, Jacksonville, FL, 32202, United States
904-396-5733
www.frpdev.com
Market Cap
$469.26M
P/E (TTM)
100.0
244.3
Dividend Yield
--
52W High
$33.00
52W Low
$21.68
52W Range
25%
5.3
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 5.3 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$10.78M+1.33%
4-Quarter Trend

EPS

$0.03-51.59%
4-Quarter Trend

FCF

-$3.12M-149.42%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Total Revenues Increased 2.2% Total revenues reached $31,931K for nine months, showing 2.2% growth compared to prior year period.
Royalty Revenue Strong Growth Mining royalty revenue increased $1,139K, up 12.1% for nine months, driven by higher tons and pricing.
Operating Cash Flow Stable Net cash provided by operating activities totaled $21,252K for nine months, remaining relatively flat year-over-year.
Adjusted Income Stable Post-Acquisition Adjusted Net Income down $0.2M for nine months, excluding $2M in material Altman acquisition expenses.

Risk Factors

Net Income Significantly Decreased Net income attributable to the Company fell $1,756K, down 37.3% for the nine months ended September 30.
Operating Profit Fell Sharply Total operating profit declined $3,440K, falling 39.2% due to acquisition expenses and lower occupancy.
Industrial Segment NOI Declines Industrial and Commercial segment NOI decreased 14% for nine months due to tenant default and lower occupancy.
Multifamily NOI Under Pressure Consolidated Multifamily pro rata NOI decreased 3.2% in Q3 due to uncollectable revenue and higher property taxes.

Outlook

Focus on Altman Integration Future growth driven by executing projects in development pipeline and integrating Altman Logistics platform assets.
Development Pipeline Growth Focus Significant growth expected over five years from advancing Maryland entitlements and delivering Florida projects.
Leasing Vacancies Key Driver Leasing and occupying industrial/commercial vacancies accumulated over past year are key drivers for near term metrics.
Capital Investment Planned Expects to invest $31 million in real estate holdings and joint ventures for remainder of 2025.

Peer Comparison

Revenue (TTM)

The RMR Group Inc.RMR
$753.59M
-17.0%
Claros Mortgage Trust, Inc.CMTG
$349.16M
+46.9%
Five Point Holdings, LLCFPH
$193.90M
-1.5%

Gross Margin (Latest Quarter)

Claros Mortgage Trust, Inc.CMTG
49.0%
+70.4 pp
The RMR Group Inc.RMR
42.7%
+29.6 pp
FRP Holdings, Inc.FRPH
34.3%
-57.8 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
RMR$499.08M13.48.3%17.9%
FRPH$469.26M100.01.1%25.3%
FPH$435.85M2.119.1%0.0%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+0.8%
Moderate Growth
4Q Net Income CAGR
-26.7%
Declining Profitability
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 7, 2025|
    Revenue: $10.78M+1.3%
    |
    EPS: $0.03-51.6%
    N/A

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 8, 2025|
    Revenue: $10.85M+3.6%
    |
    EPS: $0.03-72.3%
    N/A

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 13, 2025|
    Revenue: $10.31M+1.7%
    |
    EPS: $0.09+30.4%
    N/A

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 18, 2025|
    Revenue: $41.77M+0.6%
    |
    EPS: $0.34+21.4%
    N/A

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 6, 2024|
    Revenue: $10.63M+0.4%
    |
    EPS: $0.07+7.9%
    Miss

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 7, 2024|
    Revenue: $10.48M-2.0%
    |
    EPS: $0.11+247.0%
    Miss

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 14, 2024|
    Revenue: $10.13M+0.2%
    |
    EPS: $0.07+130.0%
    Miss

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Mar 26, 2024|
    Revenue: $41.51M+10.7%
    |
    EPS: $0.28+16.7%
    Miss