Added to YB: 2026-04-16
Pitch date: 2026-04-13
FRPH [neutral]
FRP Holdings, Inc.
-1.16%
current return
Author Info
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Company Info
FRP Holdings, Inc. engages in the real estate business in the United States. It operates through four segments: Industrial and Commercial, Mining Royalty Lands, Development, and Multifamily.
Market Cap
$428.1M
Pitch Price
$22.33
Price Target
N/A
Dividend
N/A
EV/EBITDA
46.42
P/E
124.44
EV/Sales
16.41
Sector
Real Estate Management and Development
Category
value
Update: FRP Holdings Inc ($FRPH) FY 2025 Results
FRPH (holdings update): FY25 pro rata NOI $37.9M (+3% adj for non-recurring items), but execution risks rose. Industrial occupancy fell 95.6%→47.5% (69.9% ex-Chelsea), D.C. multifamily NOI down $617K on delinquencies/maintenance, G&A spiking to 40% of NOI in 2026. Offset: mining royalties +11.9% to $14.4M at 100% margin, Altman acquisition adds dev platform. Mgmt targets $30M incremental NOI from 762K SF pipeline by 2028. Key risks: Chelsea still 100% vacant, D.C. economic occupancy 88% vs 92% needed, 18-24mo lease-up timeline extended to 2028. Trading 40% below NAV, but near-term cash flow weaker than modeled. Holding on replacement cost floor & mining royalty self-funding, watching Chelsea leasing & D.C. occupancy normalization as checkpoints for value realization.
Read full article (11 min)