Frp Holdings Ord

FRP Holdings, Inc. is a real estate company operating in the United States through four segments: Industrial and Commercial, Mining Royalty Lands, Development, and Multifamily. The Industrial and Commercial segment owns, leases, and manages commercial properties. The Mining Royalty Lands segment owns, leases, and manages mining royalties in Florida, Georgia, and Virginia. The Development segment owns and assesses land parcels at various stages of development and constructs new buildings to own and operate, while the Multifamily segment owns, leases, and manages buildings through joint ventures. Founded in 1988, the company is based in Jacksonville, Florida.

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FRP Holdings Lowers Full-Year NOI Outlook to $36.2 Million

FRP Holdings lowered its full-year net operating income outlook to approximately $36.2 million, down from an original plan of $37.1 million, reflecting delayed industrial lease-up and continued multifamily pressures in Washington, D.C., partly offset by stronger mining results. The company reported second-quarter pro forma NOI of approximately $9.4 million and funds from operations of approximately $4.1 million, or $0.21 per share, with about $130 million of liquidity. Management expects the industrial portfolio to grow to about 2.1 million square feet as development projects are completed, though Maryland occupancy fell sharply to 70.6% amid tenant departures and a bankruptcy. In Washington, D.C., rents on new leases were approximately 10% below prior levels and about 8% of tenants were delinquent, while mining generated approximately $4.1 million of NOI, up about 12% year-over-year.

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