GICS Sector : Real Estate
FRP Holdings, Inc.engages in the real estate businesses in the United States.The company operates through four segments: Asset Management, Mining Royalty Lands, Development, and Stabilized Joint Venture.
FRP Holdings delivered a robust fourth‑quarter and full‑year 2025 performance, generating $37.9 million in net operating income (NOI) and $22.1 million in Funds From Operations (FFO) or $1.16 per share, while ending the year with $144 million in liquidity. The company’s earnings per share fell short of consensus, reporting $0.06 versus an estimate of $0.10, yet the valuation remains aggressive with a P/E of 125.64 and a P/B of 0.98, underscoring the market’s optimism about future scale (McNulty, 2025).
Publication Date: Apr -21
In the fourth quarter, FRP reported $3.9 million in NOI from Mining & Royalties and $4.2 million from Multifamily, reflecting modest declines of 2.6% and 0.4% respectively. Commercial & Industrial NOI dipped 11.8% to $875,000, a seasonal effect attributed to the leasing cycle rather than demand erosion.
The Commercial & Industrial portfolio spans roughly 807,000 sq ft, with a 47.5% occupancy rate. Management highlighted 423,000 sq ft of available space—about 52% of the segment—anticipating a lease‑up that should rebalance the NOI trajectory in 2026.
Mining & Royalties posted an 11.5% Q4 NOI increase to $3.9 million and a marginal 1.5% annual rise to $14.6 million, reinforcing the sector’s resilience amid commodity volatility and supporting the company’s diversified revenue base.
Multifamily operations delivered $18.1 million in yearly NOI, a 0.4% decline, indicating a stable tenant base and effective cost controls despite modest occupancy variations.
The Altman Industrial acquisition added 1.6 million sq ft of development pipeline for $33.5 million, expanding the industrial footprint and positioning FRP to capture a larger share of the high‑demand Central Florida market.
Guidance for 2026 projects NOI at $37.1–$37.7 million against G&A of $15–$16 million, with a focus on converting embedded NAV into durable cash flow. Ongoing developments in Florida, Camp Lake, and New Jersey are slated for delivery this year, while construction debt finances the remaining equity needs.
FRP (NASDAQ:FRPH) & City Developments (OTCMKTS:CDEVY) Head-To-Head Contrast
Apr -21
FRP Holdings, Inc. (FRPH) Q4 2025 Earnings Call Transcript
Apr -10
FRP Holdings, Inc. Reports Fiscal 2025 Fourth Quarter Results
Apr -10
FRP Holdings, Inc. Announces Release Date for Its 2025 Fourth Quarter and Full Year Earnings and Details for the Earnings Conference Call
Apr -08
FRP Holdings, Inc. Files Form 12b-25 Notification of Late Filing
Mar -31
FRP Holdings, Inc. Announces Extension of the Release Date for Its 2025 Fourth Quarter and Full Year Earnings
Mar -03
FRP Holdings, Inc. Announces Release Date for its 2025 Fourth Quarter Earnings and Details for the Earnings Conference Call
Feb -26
FRP (NASDAQ:FRPH) COO David Devilliers III Sells 4,589 Shares of Stock
Jan -06
Growing demand for amenity-rich apartments, increasing focus on comfort and convenience, and rising need for quality living drive the multifamily segment's growth.
Growing demand for minerals, increasing mining activities, and FRP Holdings' strategic land ownership position drive royalty income growth.
Growing e-commerce demand, increasing need for logistics and warehouse spaces, and rising industrial property values drive growth in the industrial and commercial segment of FRP Holdings, Inc.
FRP Holdings' development segment is poised for growth driven by increasing demand for commercial and residential spaces, government initiatives supporting infrastructure development, and the company's strategic focus on high-growth markets.
FRP Holdings, Inc. owns and operates a diverse portfolio of commercial and industrial properties across the United States.
FRP Holdings, Inc. invests in and manages short-line railroads, providing transportation services to industries such as agriculture, energy, and manufacturing.
FRP Holdings, Inc. explores, develops, and produces natural gas and oil resources in the United States.
FRP Holdings, Inc. invests in and advises companies across various industries, providing strategic guidance and capital support.
The threat of substitutes for FRP Holdings, Inc. is medium due to the presence of alternative materials and technologies that can replace the company's products.
The bargaining power of customers is low due to the company's strong brand reputation and the lack of alternative suppliers.
The bargaining power of suppliers is medium due to the presence of multiple suppliers and the company's ability to negotiate prices.
The threat of new entrants is high due to the low barriers to entry and the attractiveness of the industry.
The intensity of rivalry is high due to the presence of several competitors and the high stakes of the industry.
| Value | |
|---|---|
| Debt Weight | 30.23% |
| Debt Cost | 3.95% |
| Equity Weight | 69.77% |
| Equity Cost | 6.77% |
| WACC | 5.91% |
| Leverage | 43.33% |
Value: 5.6
Growth: 4.0
Quality: 4.4
Yield: 2.0
Momentum: 7.0
Volatility: 5.7
1-Year Total Return ->
Value: 9.2
Growth: 3.2
Quality: 7.1
Yield: 2.0
Momentum: 1.5
Volatility: 4.3
1-Year Total Return ->
Value: 5.7
Growth: 1.4
Quality: 5.5
Yield: 3.0
Momentum: 2.5
Volatility: 7.0
1-Year Total Return ->
Value: 9.8
Growth: 3.3
Quality: 4.0
Yield: 0.0
Momentum: 6.0
Volatility: 0.7
1-Year Total Return ->
Value: 2.9
Growth: 4.0
Quality: 6.2
Yield: 0.0
Momentum: 1.5
Volatility: 8.7
1-Year Total Return ->
Value: 3.7
Growth: 4.4
Quality: 2.4
Yield: 0.0
Momentum: 2.5
Volatility: 6.7
1-Year Total Return ->