NASDAQ$FRPH
Frp Holdings Inc · Q2 2020 earnings
Q2 2020 earnings · · Investor relations
Briefing
FRP's performance reflected mixed outcomes due to the COVID-19 pandemic, with successes in property sales and lease-ups offset by challenges in royalty revenues and rent freezes.
FRP Holdings reported a net income of $4.149 million, or $0.43 per share, for the second quarter of 2020, compared to $9.825 million, or $0.99 per share, for the same period last year. The results were impacted by the absence of income from discontinued operations and a decrease in mining royalty revenues, though the company saw successes in leasing and property sales amidst the COVID-19 pandemic.
- Net income decreased to $4.149 million, or $0.43 per share, from $9.825 million, or $0.99 per share, year-over-year, primarily due to the absence of income from discontinued operations.
- Asset Management segment revenues increased by 8.2%, driven by full lease-up of 1801 62nd Street and improved leasing at Cranberry Run.
- Mining Royalty Lands segment revenues decreased due to not receiving double minimums at Lake Louisa.
- Dock 79's NOI decreased by 11.41% due to mandated rent freeze on renewals in DC, but occupancy remained above 90%.
Headline financials
Revenue & EPS history
FRP · Revenue · Quarterly
$5.85M
Revenue by segment
FRP · $4.77M total across 3 segments · Q2 2020
- Mining Royalty Lands$2.4M-8.8%50.3%
- Multifamily$1.65M—34.7%
- Industrial and Commercial$716K+8.2%15.0%
Forward guidance
FRP Holdings faces mixed prospects due to the COVID-19 pandemic, with challenges in leasing and royalty revenues, but remains confident due to its conservative balance sheet and strategic asset management.
Tailwinds
- Sale of three remaining lots at Lakeside Business Park for $3.75 million.
- Sale of Gulf Hammock property for $2.51 million.
- 91 leases signed this quarter at Maren, including 44 in May.
- Maren was 45% leased and 23% occupied, ahead of schedule.
- Industrial segment remains strong with no issues with tenants paying rent.
Headwinds
- Rent freeze on renewals at Dock 79 will be in effect at least until October, impacting revenue.
- Shortened baseball season without fans compounds a difficult situation for retail tenants at Dock 79.
- Problems getting certificates of occupancy on the final floors of the Maren due to local restrictions.
- Logistical issues with trying to lease up a building during the pandemic, such as virtual tours and inability to showcase the property with events.
- Uncertainty on how the pandemic will affect tenants, construction, and royalties business.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2020
+0.3%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+0.3%
Avg return
30 days after
51%
33 / 65 earnings
Positive
+11.5%
Q1 2013
Best reaction
-6.8%
Q2 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.6% | +5.3% | +11.1% | |
| Q4 2025 | -2.0% | -5.5% | -8.7% | |
| Q3 2025 | -4.5% | -1.4% | -3.4% | |
| Q2 2025 | -6.8% | +0.3% | -4.2% | |
| Q1 2025 | +1.2% | +0.0% | +1.4% | |
| Q4 2024 | -3.6% | -9.2% | -9.9% | |
| Q3 2024 | +1.3% | +4.1% | +5.4% | |
| Q2 2024 | +4.7% | +1.7% | +0.6% | |
| Q1 2024 | +1.2% | -1.8% | -2.3% | |
| Q4 2023 | +1.9% | +1.1% | +0.9% | |
| Q3 2023 | +1.3% | +3.7% | +8.0% | |
| Q2 2023 | -1.0% | -2.7% | -3.0% | |
| Q1 2023 | +2.5% | -3.8% | +6.6% | |
| Q4 2022 | +9.7% | +4.1% | +6.8% | |
| Q3 2022 | +0.1% | +3.0% | +5.4% | |
| Q2 2022 | +2.4% | +1.8% | -0.9% | |
| Q1 2022 | +1.9% | -0.4% | +1.9% | |
| Q4 2021 | +3.3% | +1.7% | +4.3% | |
| Q3 2021 | +7.1% | +12.0% | +0.1% | |
| Q2 2021 | -2.4% | -0.4% | -3.6% | |
| Q1 2021 | +8.4% | +13.8% | +16.1% | |
| Q4 2020 | +8.0% | +7.9% | +2.6% | |
| Q3 2020 | -2.1% | +4.5% | +1.4% | |
| Q2 2020 | +1.9% | +5.9% | +2.2% | |
| Q1 2020 | -1.2% | -2.6% | +1.6% | |
| Q4 2019 | +2.3% | -7.1% | -14.4% | |
| Q3 2019 | -1.3% | -3.5% | -1.9% | |
| Q2 2019 | +0.1% | +1.4% | +1.0% | |
| Q1 2019 | -5.2% | -3.7% | -4.7% | |
| Q4 2018 | +0.4% | -0.8% | +1.3% | |
| Q3 2018 | -0.7% | +0.5% | -10.4% | |
| Q2 2018 | +2.4% | -1.5% | +1.2% | |
| Q1 2018 | -1.3% | -2.9% | -0.3% | |
| Q4 2017 | +1.3% | +2.4% | +1.5% | |
| Q3 2017 | -0.6% | -0.8% | +1.1% | |
| Q2 2017 | -1.1% | -0.2% | -1.1% | |
| Q1 2017 | -2.2% | -1.9% | -3.2% | |
| Q4 2016 | +1.8% | +3.8% | +3.3% | |
| Q3 2016 | +0.9% | +0.6% | -3.7% | |
| Q2 2016 | -1.7% | — | — | |
| Q1 2016 | +3.5% | — | — | |
| Q4 2015 | -4.7% | — | — | |
| Q3 2015 | +5.2% | — | — | |
| Q4 2014 | -4.4% | — | — | |
| Q2 2015 | +2.8% | — | — | |
| Q1 2015 | +4.4% | — | — | |
| Q3 2014 | +1.8% | — | — | |
| Q2 2014 | -0.6% | — | — | |
| Q1 2014 | -1.2% | — | — | |
| Q4 2013 | -0.5% | — | — | |
| Q3 2013 | -2.8% | — | — | |
| Q2 2013 | -5.1% | — | — | |
| Q1 2013 | +11.5% | — | — | |
| Q4 2012 | -2.1% | — | — | |
| Q3 2012 | +1.7% | — | — | |
| Q2 2012 | -1.5% | — | — | |
| Q1 2011 | +3.0% | — | — | |
| Q1 2012 | +2.2% | — | — | |
| Q4 2009 | -5.6% | — | — | |
| Q2 2011 | -5.6% | — | — | |
| Q4 2011 | -5.6% | — | — | |
| Q3 2011 | -2.8% | — | — | |
| Q4 2010 | -2.8% | — | — | |
| Q3 2010 | -2.8% | — | — | |
| Q1 2010 | -0.7% | — | — |
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