FRP Holdings, Inc. has recently released its 10-Q report, detailing its operations in the real estate business in the United States. The company operates through four segments: Industrial and Commercial, Mining Royalty Lands, Development, and Multifamily. The Industrial and Commercial segment owns, leases, and manages commercial properties, while the Mining Royalty Lands segment leases and manages mining royalties owned by the company in Florida, Georgia, and Virginia. The Development segment owns and monitors the use of parcels of land that are in various stages of development, and the Multifamily segment owns, leases, and manages buildings through joint ventures. The company was incorporated in 2014 and is based in Jacksonville, Florida.
In ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, FRP Holdings, Inc. reported its financial results, including non-GAAP financial measures such as operating profit before G&A and pro rata net operating income. The company uses these metrics to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. The report also detailed the company's executive overview, which highlighted its focus on real estate development, asset management, and operations, with properties located in the Mid-Atlantic and southeastern United States.
The report further delved into the company's reportable segments, including the Multifamily Segment, which included six stabilized joint ventures that own and manage apartment buildings and associated retail. The Industrial and Commercial Segment owns, leases, and manages commercial properties, while the Mining Royalty Lands Segment owns properties under lease for mining rents or royalties. The Development Segment owns and monitors parcels of land in various stages of development.
In the Multifamily Segment, the report detailed the properties owned by the company, along with their respective JV partners and the method of accounting. The Industrial and Commercial Segment was described as owning, leasing, and managing commercial properties, with details on the properties owned by the company in fee simple. The Mining Royalty Lands Segment was reported to own several properties comprising approximately 16,640 acres currently under lease for mining rents or royalties. The report also outlined significant "second life" mining lands and the company's expenses in this segment.
The Development Segment was described as owning and monitoring parcels of land in various stages of development, with details on industrial and commercial projects under development and significant investment lands inventory. Additionally, the report detailed the company's investments in joint ventures for properties in development, including the JV partners, status, and percentage ownership.
As a result of these announcements, the company's shares have moved 1.7% on the market, and are now trading at a price of $23.29. For more information, read the company's full 10-Q submission here.
