FRP Holdings Q2 net income surges 242% to $2.0M; pro rata NOI up 21% to $9.2M

FRP HOLDINGS, INC.

2024-Q2 EPS reported $0.18 revenue$20,610,000

Net income $2.0M ($0.11/share) vs $598K ($0.03) YoY; EPS up 267%.
Pro rata NOI $9.23M (+21%); Multifamily segment NOI up 84% from Bryant St and .408 Jackson transfers.
Industrial & Commercial NOI +41% as rent abatements expired; 95.6% leased.
Mining royalties down 3% due to $277K overpayment clawback; remaining $53K to be exhausted in Q3.
Closed on two industrial JV land purchases: $24.5M in Broward Co. and $2.8M in Lakeland; construction starts by March 2025.

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