FRP Holdings Files Q3 2024 10-Q

TL;DR

FRP Holdings filed its 10-Q for Q3 2024, detailing financials and operations.

AI Summary

FRP Holdings, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported its financial performance and operational highlights. Key financial data and business segment information are detailed within the filing.

Why It Matters

This filing provides investors with a detailed look at FRP Holdings' financial health and operational progress during the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: medium — As a real estate company, FRP Holdings is subject to market fluctuations and economic conditions that can impact its performance.

Key Numbers

• 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20241106 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• FRP HOLDINGS, INC. (company) — Filer of the 10-Q
• 20240930 (date) — End of reporting period
• 200 W. FORSYTH ST. (location) — Company business address
• JACKSONVILLE (location) — Company city
• FL (location) — Company state

FAQ

Filing Documents

• frph-20240930.htm (10-Q) — 1794KB
• frph-20240930xexx31a.htm (EX-31) — 9KB
• frph-20240930xexx31b.htm (EX-31) — 9KB
• frph-20240930xexx31c.htm (EX-31) — 9KB
• frph-20240930xexx32.htm (EX-32) — 9KB
• 0000844059-24-000041.txt ( ) — 7234KB
• frph-20240930.xsd (EX-101.SCH) — 41KB
• frph-20240930_cal.xml (EX-101.CAL) — 63KB
• frph-20240930_def.xml (EX-101.DEF) — 223KB
• frph-20240930_lab.xml (EX-101.LAB) — 457KB
• frph-20240930_pre.xml (EX-101.PRE) — 366KB
• frph-20240930_htm.xml (XML) — 1098KB

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 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risks

Quantitative and Qualitative Disclosures about Market Risks 47 Item 4.

Controls and Procedures

Controls and Procedures 47

Other Information

Part II. Other Information Item 1A.

Risk Factors

Risk Factors 48 Item 2. Purchase of Equity Securities by the Issuer 48 Item 6. Exhibits 48

Signatures

Signatures 49 Exhibit 31 Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 51 Exhibit 32 Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 51 2 Table of Contents 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 statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities 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 MidAtlantic and Florida; multifamily demand 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 market cond

FINANCIAL INFORMATION, ITEM 1. FINANCIAL STATEMENTS

PART I. FINANCIAL INFORMATION, ITEM 1. FINANCIAL STATEMENTS FRP HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share data) Assets: September 30 2024 December 31 2023 Real estate investments at cost: Land $ 168,958 141,602 Buildings and improvements 283,104 282,631 Projects under construction 29,414 10,845 Total investments in properties 481,476 435,078 Less accumulated depreciation and depletion 75,183 67,758 Net investments in properties 406,293 367,320 Real estate held for investment, at cost 11,290 10,662 Investments in joint ventures 157,272 166,066 Net real estate investments 574,855 544,048 Cash and cash equivalents 144,681 157,555 Cash held in escrow 981 860 Accounts receivable, net 1,826 1,046 Federal and state income taxes receivable — 337 Unrealized rents 1,395 1,640 Deferred costs 2,569 3,091 Other assets 611 589 Total assets $ 726,918 709,166 Liabilities: Secured notes payable $ 178,816 178,705 Accounts payable and accrued liabilities 6,060 8,333 Other liabilities 1,487 1,487 Federal and state income taxes payable 452 — Deferred revenue 2,392 925 Deferred income taxes 68,356 69,456 Deferred compensation 1,451 1,409 Tenant security deposits 801 875 Total liabilities 259,815 261,190 Commitments and contingencies — — Equity: Common stock, $ .10 par value 25,000,000 shares authorized, 19,030,474 and 18,968,448 shares issued and outstanding, respectively 1,903 1,897 Capital in excess of par value 68,313 66,706 Retained earnings 350,588 345,882 Accumulated other comprehensive income, net 80 35 Total shareholders' equity 420,884 414,520 Noncontrolling interests 46,219 33,456 Total equity 467,103 447,976 Total liabilities and equity $ 726,918 709,166 See accompanying notes. 4 Table of Contents FRP HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In thousands except per share amounts) (Unaudited) THREE MONTHS ENDED NINE MONTHS ENDED S

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