FRP HOLDINGS, INC. FRPH
FRP Holdings, Inc., a Florida corporation (the "Company") was incorporated on April 22, 2014 in connection with a corporate reorganization that preceded the Spin-off of Patriot Transportation Holding, Inc. The Company's predecessor issuer was formed on July 20, 1988. The business of the Company is conducted through our wholly-owned subsidiaries FRP Development Corp., a Maryland corporation, and Florida Rock Properties, Inc., a Florida corporation, and the various subsidiaries and joint ventures of each.
Our Business. FRP Holdings, Inc. is engaged in the real estate business, namely (i) leasing and management of industrial and commercial properties (the "Industrial and Commercial Segment"), (ii) leasing and management of mining royalty land owned by the Company (the "Mining Royalty Lands Segment"), (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, industrial, and office (the "Development Segment"), and (iv) management of mixed-use residential/retail properties owned through joint ventures (the "Multifamily Segment"). Our investments in real estate partnerships not wholly owned by FRP which are conducted through limited liability corporations ("LLC") are also referred to as joint ventures.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $42.8M | $41.8M | $41.5M | $37.5M | $31.2M | $23.6M | $23.8M | $22.0M | $15.6M | $37.5M |
| Cost of revenue | — | — | — | — | — | — | — | — | $3.4M | $3.1M |
| Gross profit | — | — | — | — | — | — | — | — | $12.2M | $16.4M |
| SG&A | $10.7M | $9.3M | $8.0M | $7.1M | — | — | — | $1.8M | $1.3M | — |
| Total operating expenses | $35.8M | $30.1M | $29.8M | $29.5M | $28.9M | $18.4M | $18.0M | $20.1M | $14.6M | $21.1M |
| Operating income | $7.0M | $11.7M | $11.7M | $8.0M | $2.3M | $5.1M | $5.8M | $2.0M | $1.0M | $16.4M |
| Interest expense | $3.0M | $3.1M | $4.3M | $3.0M | $2.3M | $1.1M | $1.1M | $3.1M | $2.7M | $1.6M |
| Pre-tax income | $4.0M | $8.4M | $6.8M | $5.6M | $38.5M | $15.9M | $15.7M | $123.1M | $60.6M | $19.9M |
| Income tax | $818.0K | $2.0M | $1.5M | $1.0M | $10.3M | $3.2M | $3.0M | $524.0K | $7.3M | $7.9M |
| Net income | $3.2M | $6.4M | $5.3M | $4.6M | $28.2M | $12.7M | $16.2M | $124.5M | $41.8M | $12.0M |
| EPS, basic | 0.18 | 0.34 | 0.28 | 0.24 | 3.02 | 1.33 | 1.64 | 12.40 | 4.19 | 1.22 |
| EPS, diluted | 0.18 | 0.34 | 0.28 | 0.24 | 3.00 | 1.32 | 1.63 | 12.32 | 4.16 | 1.22 |
| Shares, diluted (wtd. avg.) | $19.0M | $19.0M | $18.9M | $18.9M | $9.4M | $9.6M | $9.9M | $10.1K | $10.0K | $9.9K |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $105.4M | $149.9M | $158.4M | $178.3M | $161.5M | $73.9M | $26.6M | $22.5M | $4.5M | $0 |
| Receivables | — | — | — | — | — | $923.0K | $546.0K | $564.0K | $615.0K | $987.0K |
| Property, plant and equipment | $448.5M | $407.4M | $367.3M | $367.2M | $350.7M | $203.1M | $202.2M | $206.6M | $209.9M | $220.6M |
| Goodwill | $6.9M | $0 | — | — | — | — | — | — | — | — |
| Total assets | $735.1M | $728.5M | $709.2M | $701.1M | $678.2M | $536.4M | $538.1M | $505.5M | $418.7M | $264.8M |
| Short-term debt | — | — | — | — | — | $0 | $0 | $0 | $4.5M | $4.5M |
| Long-term debt | $192.6M | $178.9M | $178.7M | $178.6M | $178.4M | $90.0M | $88.9M | $88.8M | $113.9M | $37.5M |
| Total liabilities | $279.5M | $259.4M | $261.2M | $256.9M | $252.9M | $153.7M | $146.5M | $122.2M | $154.2M | $68.7M |
| Total equity | $428.5M | $423.1M | $448.0M | $444.2M | $425.2M | $382.7M | $391.6M | $383.3M | $264.6M | $198.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $29.7M | $29.0M | $33.0M | $22.3M | $22.2M | $18.6M | $47.0M | -$37.2M | $21.1M | $19.5M |
| Depreciation and amortisation | $11.4M | $10.4M | $11.0M | $11.5M | $12.9M | $6.0M | $6.2M | $8.2M | $6.0M | $8.3M |
| Stock-based compensation | — | — | — | — | — | $92.0K | $112.0K | $607.0K | $268.0K | $166.0K |
| Capital expenditure | $51.1M | $51.2M | $11.2M | $27.6M | $16.5M | $17.5M | $10.4M | $7.3M | $3.3M | $27.6M |
| Investing cash flow | -$73.7M | -$50.2M | -$48.7M | -$23.2M | $66.6M | $50.5M | -$33.8M | $90.9M | -$15.2M | -$15.0M |
| Financing cash flow | -$581.0K | $12.7M | -$4.2M | $16.8M | -$1.2M | -$21.8M | -$9.1M | -$35.7M | -$1.4M | -$4.9M |
| Buybacks | $464.0K | $0 | $2.0M | $0 | $264.0K | $21.3M | $8.2M | $5.7M | $74.0K | $43.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000844059-26-000045.
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