NASDAQ$FRPH
Frp Holdings Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Announced results for the second quarter ended June 30, 2023.
FRP Holdings reported net income of $598,000, or $0.06 per share, for the second quarter of 2023, compared to $657,000, or $0.07 per share, for the same period last year. The company experienced revenue growth in its Asset Management and Mining Royalty Lands segments, while the Stabilized Joint Venture segment saw a decrease in pro-rata net operating income due to the sale of a 20% TIC interest.
- Net income for the second quarter of 2023 was $598,000 or $.06 per share.
- Asset Management segment revenues increased by 55.7% due to full occupancy at 1841 and 1865 62nd Street and the addition of 1941 62nd Street.
- Mining Royalty Lands segment revenues increased due to increases in revenue at nearly every active location.
- Pro-rata net operating income in the Stabilized Joint Venture segment decreased by 10.3% due to the sale of a 20% TIC interest.
Headline financials
Revenue & EPS history
FRP · Revenue · Quarterly
$10.7M
Revenue by segment
FRP · $10.1M total across 3 segments · Q1 2026
- Multifamily$5.2M—51.4%
- Mining Royalty Lands$3.72M—36.8%
- Industrial and Commercial$1.2M—11.9%
Forward guidance
FRP Holdings faces challenges from inflation and rising interest rates, which impact development margins. The company benefits from increased rents and royalties but is cautious about multi-family development due to the need for construction loans. FRP plans to delay vertical construction in its partnership with SIC and MRP until lending markets improve.
Tailwinds
- Can use cash on hand to finance warehouse construction on an all equity basis.
- Can develop in-demand industrial product while the interest rates on construction loans keep most development on the sidelines.
- Royalty revenue for this quarter was up 13% over the same period last year.
- Riverside in Greenville has maintained strong occupancy (95.42% this quarter) post stabilization.
- Occupancy and overall square-footage have increased since the second quarter of 2022, leading to a 39.2% increase in NOI for the first six months compared to the same period last year.
Headwinds
- Inflation and the upward pressure on interest rates remain an obstacle for any developer.
- Compression of future margins from hard costs and financing is a real problem for development.
- In the instance of multi-family development, where a construction loan is an absolute necessity, we will in all likelihood sit tight for the time being.
- Pro-rata NOI is down for the segment for both the quarter and the first six months, which is to be expected after selling 20% of our share of Dock 79 and The Maren to SIC.
- The effort to get Dock 79 back to where it should be is largely responsible for the flattening in rental increases (3.20% in the second quarter vs 4.52% in the first quarter) as well as the 3% loss on trade-outs.
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 2023
+0.3%
Avg return
Earnings day
+0.8%
Avg return
5 days after
-0.0%
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% | — | |
| 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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