FRP Holdings, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>FRP Holdings, Inc. filed its Q1 2024 10-Q report on May 14, 2024, detailing financial performance and operational updates.</b>

AI Summary

FRP HOLDINGS, INC. (FRPH) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. FRP Holdings, Inc. filed its quarterly report (10-Q) on May 14, 2024, for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located at 200 W. Forsyth St., 7th Floor, Jacksonville, FL 32202. FRP Holdings, Inc. was formerly known as Patriot Transportation Holding Inc. and FRP Properties Inc. The SIC code for the company is Real Estate [6500].

Why It Matters

For investors and stakeholders tracking FRP HOLDINGS, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial data and operational insights for FRP Holdings, Inc. for the first quarter of 2024, enabling informed investment decisions. Understanding the company's financial health and strategic direction through this report is crucial for stakeholders assessing its future prospects and potential risks.

Risk Assessment

Risk Level: low — FRP HOLDINGS, INC. shows low risk based on this filing. The filing is a standard 10-Q report, which typically contains routine financial information and does not indicate any immediate or significant new risks.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify any trends or changes in FRP Holdings, Inc.'s business operations.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-14 — Filing Date (Filed as of date)

Key Players & Entities

• FRP HOLDINGS, INC. (company) — Filer name
• FRPH (company) — Ticker symbol
• 200 W. FORSYTH ST. 7TH FLOOR JACKSONVILLE, FL 32202 (company) — Business address
• PATRIOT TRANSPORTATION HOLDING INC (company) — Former company name
• FRP PROPERTIES INC (company) — Former company name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-14 (date) — Filed as of date

FAQ

Industry Context

FRP Holdings, Inc. operates in the real estate sector, focusing on various property types including industrial, commercial, and development properties.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements for revenue, expenses, and profitability for the quarter ended March 31, 2024.
2. Examine any disclosures regarding segment performance, particularly for Industrial/Commercial, Mining Properties, and Development segments.
3. Review management's discussion and analysis (MD&A) for insights into operational performance and future outlook.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing is a 10-Q for the period ending March 31, 2024, providing an update since the last annual report or previous quarterly filings.

Filing Documents

• frphmarq24.htm (10-Q) — 1472KB
• frphmarq24.pdf (10-Q) — 1397KB
• frph_ex31a.htm (EX-31) — 9KB
• frph_ex31b.htm (EX-31) — 10KB
• frph_ex32.htm (EX-32) — 8KB
• 0000844059-24-000032.txt (&nbsp;) — 8639KB
• frph-20240331_def.xml (EX-101.DEF) — 200KB
• frph-20240331.xsd (EX-101.SCH) — 41KB
• frph-20240331_cal.xml (EX-101.CAL) — 54KB
• frph-20240331_lab.xml (EX-101.LAB) — 281KB
• frph-20240331_pre.xml (EX-101.PRE) — 296KB
• frphmarq24_htm.xml (XML) — 1216KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets 4 Consolidated Statements of Income 5 Consolidated Statements of Comprehensive Income 6 Consolidated Statements of Cash Flows 7 Consolidated Statements of Shareholders' Equity 8 Condensed Notes to Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures about Market Risks

Quantitative and Qualitative Disclosures about Market Risks 31 Item 4.

Controls and Procedures

Controls and Procedures 31

Other Information

Part II. Other Information Item 1A.

Risk Factors

Risk Factors 32 Item 2. Purchase of Equity Securities by the Issuer 32 Item 6. Exhibits 32

Signatures

Signatures 33 Exhibit 31 Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 35 Exhibit 32 Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 38 2 Preliminary Note Regarding Forward-Looking Statements. This Quarterly Report on Form 10-Q, together with other statements and information publicly disseminated by us, contains "forward-looking Exchange Act of 1934, as amended. The words or phrases "anticipate," "estimate," "believe," "budget," "continue," "could," "intend," "may," "plan," "potential," "predict," "seek," "should," "will," "would," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and similar expressions identify forward-looking statements. Such statements reflect management's current views with respect to financial results related to future events and are based on assumptions and expectations that may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial or otherwise, may differ, perhaps materially, from the results discussed in the forward-looking statements. Risk factors discussed in Item 1A of this Form 10-Q and other factors that might cause differences, some of which could be material, include, but are not limited to: the possibility that we may be unable to find appropriate investment opportunities; levels of construction activity in the markets served by our mining properties; demand for flexible warehouse/office facilities in the Baltimore-Washington-Northern Virginia area; demand for apartments in Washington D.C., and Greenville, South Carolina; our ability to obtain zoning and entitlements necessary for property development; the impact of lending and capital mar

FINANCIAL INFORMATION, ITEM 1. FINANCIAL

PART I. FINANCIAL INFORMATION, ITEM 1. FINANCIAL FRP HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share data) March 31 December 31 Assets: 2024 2023 Real estate investments at cost: Land $ 141,602 141,602 Buildings and improvements 282,780 282,631 Projects under construction 16,730 10,845 Total investments in properties 441,112 435,078 Less accumulated depreciation and depletion 70,241 67,758 Net investments in properties 370,871 367,320 Real estate held for investment, at cost 10,832 10,662 Investments in joint ventures 164,271 166,066 Net real estate investments 545,974 544,048 Cash and cash equivalents 152,484 157,555 Cash held in escrow 655 860 Accounts receivable, net 1,397 1,046 Federal and state income taxes receivable — 337 Unrealized rents 1,770 1,640 Deferred costs 2,798 3,091 Other assets 595 589 Total assets $ 705,673 709,166 Liabilities: Secured notes payable $ 178,742 178,705 Accounts payable and accrued liabilities 3,829 8,333 Other liabilities 1,487 1,487 Federal and state income taxes payable 60 — Deferred revenue 920 925 Deferred income taxes 69,456 69,456 Deferred compensation 1,423 1,409 Tenant security deposits 885 875 Total liabilities 256,802 261,190 Commitments and contingencies — — Equity: Common stock, $ .10 par value 25,000,000 shares authorized, 19,000,600 and 18,968,448 shares issued and outstanding, respectively 1,900 1,897 Capital in excess of par value 67,023 66,706 Retained earnings 347,183 345,882 Accumulated other comprehensive income, net 27 35 Total shareholders' equity 416,133 414,520 Noncontrolling interest 32,738 33,456 Total equity 448,871 447,976 Total liabilities and equity $ 705,673 709,166 See accompanying notes. 4 FRP HOLDIN

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