FRP Holdings Q3 net income +8.1% to $1.36M; pro rata NOI +39% to $11.3M

FRP HOLDINGS, INC.

2024-Q3 EPS reported $0.25 revenue$31,243,000

Q3 net income $1.36M (+8.1%); EPS $0.07 flat YoY. Nine-month net income $4.71M (+94%).
Pro rata NOI Q3 $11.3M (+39%) includes $1.9M one-time minimum royalty catch-up.
Multifamily pro rata NOI +23% on lease-up of Bryant St, 408 Jackson, The Verge; same-store NOI +7%.
Industrial & Commercial NOI +10%; Mining & Royalty NOI +80% driven by $2M unrealized catch-up revenue.
Two industrial JVs in FL (258K sf each) target March 2025 construction start; Chelsea MD project nearing completion under budget.

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