F
FRP HOLDINGS, INC.
FRPHCIK 0000844059NasdaqNon-AcceleratedSmaller ReportingReal EstateFloridaFY ends Dec 31
Period
FY 2025
Revenue
$42.85M
Net Income
$3.33M
Total Assets
$735.14M
Equity
$428.51M
Shares Out
19.17M
Op. Cash Flow
$29.68M
Business
FRP HOLDINGS, INC. is a holding company engaged in real estate ownership, leasing, development and management through its subsidiaries and joint ventures. It provides leasing and property management, mining royalty land leases, real property acquisition and entitlement, development and construction, and joint venture ownership of apartments. Its principal segments are Industrial and Commercial, Mining Royalty Lands, Development and Multifamily. The company operates primarily in Florida and Georgia, with one mining location in Virginia, marketing properties via national brokerages and in‑house tenant management.
Summary from filing dated 2025-03-18
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Lease revenue | 28 | 29 | 29 | 27 | — | |
| Mining royalty and rents | 14 | 13 | 13 | — | — | |
| Joint venture management fee revenue | 214,000 | 0 | 0 | — | — | |
| Total revenues | 43 | 42 | 42 | 37 | 31 | |
| Depreciation, depletion and amortization | 11 | 10 | 11 | 11 | 13 | |
| Operating expenses | 10 | 7 | 7 | 7 | 6 | |
| Property taxes | 4 | 3 | 4 | 4 | 4 | |
| General and administrative | 11 | 9 | 8 | 7 | — | |
| Total cost of operations | 36 | 30 | 30 | 29 | 29 | |
| Total operating profit | 7 | 12 | 12 | 8 | 2 | |
| Net investment income | 9 | 11 | 11 | 5 | 4 | |
| Interest expense | −3 | −3 | −4 | −3 | — | |
| Equity in loss of joint ventures | −9 | −11 | −12 | −6 | −6 | |
| Gain on sale of real estate and other income | 0 | 182,000 | 53,000 | 874,000 | 805,000 | |
| Income before income taxes | 4 | 8 | 6 | 6 | 50 | |
| Provision for income taxes | 818,000 | 2 | 2 | 2 | 10 | |
| Net income | 3 | 6 | 5 | 4 | 40 | |
| (Loss) gain attributable to noncontrolling interest | −368,000 | 75,000 | −420,000 | −518,000 | 12 | |
| Net income attributable to the Company | 3 | 6 | 5 | 5 | 28 | |
| Net income attributable to the Company- Basic (usd per share) | 0.18 | 0.34 | 0.28 | 0.24 | 3.02 | |
| Net income attributable to the Company- Diluted (usd per share) | 0.18 | 0.34 | 0.28 | 0.24 | 3 | |
| Number of shares (in thousands) used in computing basic earnings per common shares (in shares) | 19 | 19 | 19 | 19 | 9 | |
| Number of shares (in thousands) used in computing basic earnings per common shares (in shares) | 19 | 19 | 19 | 19 | 9 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Land | 183 | 169 | 142 | 142 | 123 | |
| Buildings and improvements | 309 | 283 | 283 | 271 | 265 | |
| Projects under construction | 45 | 33 | 11 | 12 | 9 | |
| Total investments in properties | 537 | 485 | 435 | 424 | 397 | |
| Less accumulated depreciation and depletion | 89 | 78 | 68 | 57 | 47 | |
| Net investments in properties | 449 | 407 | 367 | 367 | 351 | |
| Real estate held for investment, at cost | 13 | 12 | 11 | 10 | 10 | |
| Investments in joint ventures | 153 | 154 | 166 | 141 | 145 | |
| Net real estate investments | 614 | 573 | 544 | 518 | 506 | |
| Cash, cash equivalents and restricted cash including $11,394 and $1,315 of restricted cash at December 31, 2025 and 2024, respectively | 105 | 150 | 158 | 178 | — | |
| Accounts receivable, net | 2 | 1 | 1 | 1 | 793,000 | |
| Federal and state income taxes receivable | 1 | 0 | 337,000 | 0 | 1 | |
| Unrealized rents | 1 | 1 | 2 | 856,000 | 620,000 | |
| Deferred costs | 4 | 2 | 3 | 2 | 3 | |
| Goodwill | 7 | 0 | — | — | — | |
| Other assets | 662,000 | 622,000 | 589,000 | 560,000 | 528,000 | |
| Total assets | 735 | 728 | 709 | 701 | 678 | |
| Secured notes payable | 193 | 179 | 179 | 179 | 178 | |
| Accounts payable and accrued liabilities | 12 | 6 | 8 | 6 | 6 | |
| Other liabilities | 2 | 1 | 1 | 2 | 2 | |
| Federal and state income taxes payable | 0 | 611,000 | 0 | 18,000 | 0 | |
| Deferred revenue | 3 | 2 | 925,000 | 259,000 | 369,000 | |
| Deferred income taxes | 67 | 68 | 69 | 68 | 64 | |
| Deferred compensation | 2 | 1 | 1 | 1 | 1 | |
| Tenant security deposits | 689,000 | 805,000 | 875,000 | 868,000 | 790,000 | |
| Total liabilities | 279 | 259 | 261 | 257 | 253 | |
| Commitments and contingencies | — | — | — | — | — | |
| Common stock, $.10 par value 25,000,000 shares authorized, 19,109,541 and 19,046,894 shares issued and outstanding, respectively | 2 | 2 | 2 | 946,000 | 941,000 | |
| Capital in excess of par value | 71 | 69 | 67 | 65 | 58 | |
| Retained earnings | 355 | 352 | 346 | 342 | 338 | |
| Accumulated other comprehensive income, net | 24,000 | 55,000 | 35,000 | −1 | 113,000 | |
| Total shareholders equity | 429 | 423 | 415 | 407 | 396 | |
| Noncontrolling interests | 27 | 46 | 33 | 37 | 29 | |
| Total equity | 456 | 469 | 448 | 444 | 425 | |
| Total liabilities and equity | 735 | 728 | 709 | 701 | 678 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation, depletion and amortization | 11 | 10 | 11 | 11 | 13 | |
| Deferred income taxes | −788,000 | −2 | 1 | 2 | 8 | |
| Gain on sale of equipment and property | −16,000 | −209,000 | −14,000 | −904,000 | −880,000 | |
| Stock-based compensation | 2 | 2 | 2 | 2 | 1 | |
| Accounts receivable | −65,000 | −306,000 | 120,000 | −373,000 | 837,000 | |
| Deferred costs and other assets | −196,000 | 964,000 | −499,000 | −2 | −346,000 | |
| Accounts payable and accrued liabilities | 7 | −795,000 | 3 | −276,000 | 2 | |
| Income taxes payable and receivable | −2 | 948,000 | −355,000 | 1 | 4 | |
| Other long-term liabilities | −58,000 | −14,000 | −337,000 | 130,000 | 518,000 | |
| Net cash provided by operating activities | 30 | 29 | 33 | 22 | 22 | |
| Investments in properties | −51 | −51 | −11 | −28 | −17 | |
| Investments in joint ventures | −20 | −16 | −47 | −22 | −13 | |
| Return of capital from investments in joint ventures | 21 | 17 | 9 | 21 | 22 | |
| Logistics platform business combination, net of cash acquired | −24 | 0 | 0 | — | — | |
| Proceeds from sale of assets | 16,000 | 224,000 | 16,000 | 955,000 | 939,000 | |
| Net cash (used in) provided by investing activities | −74 | −50 | −49 | −23 | 67 | |
| Proceeds from long-term debt | 14 | 0 | 0 | 0 | 92 | |
| Debt issue costs | −2 | 0 | 0 | 0 | −704,000 | |
| Contribution from noncontrolling interest | 1 | 16 | 0 | 28 | — | |
| Distribution to noncontrolling interests | −13 | −3 | −3 | −11 | — | |
| Repurchase of Company stock | −464,000 | 0 | −2 | 0 | −264,000 | |
| Exercise of employee stock options | 231,000 | 221,000 | 1 | 412,000 | 269,000 | |
| Net cash (used in) provided by financing activities | −581,000 | 13 | −4 | 17 | −1 | |
| Net (decrease) in cash, cash equivalents, and restricted cash | −45 | −8 | −20 | 16 | — | |
| Interest, net of amounts capitalized | 3 | 3 | 4 | 3 | 2 | |
| Income taxes, federal | 3 | 3 | 508,000 | — | — | |
| Income taxes, state | 239,000 | 200,000 | 419,000 | — | — | |
| Profits interest equity grant associated with business combination | 344,000 | 0 | 0 | — | — |
Filings
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