FRP Holdings, Inc. had a strong performance in Q3 2024 with increased net income and NOI.

From GlobeNewswire: 2024-11-06 14:11:00

FRP Holdings, Inc. reported a strong performance in the third quarter of 2024 with an 8% increase in net income and a 39% increase in pro rata NOI. The growth was driven by improvements across all segments, particularly in Mining and Royalties with an 80% increase in NOI.

The Multifamily segment saw a 23% increase in pro rata NOI due to lease-up of key projects like Bryant St., 408 Jackson, and The Verge. The Industrial and Commercial segment also performed well with a 10% increase in NOI. Overall, the Company showed a 39% improvement in pro rata NOI compared to the same period last year.

In the first nine months of 2024, FRP Holdings reported a 94% increase in net income and a 28% increase in pro rata NOI. The Multifamily segment saw a 39% increase in pro rata NOI due to successful lease-up of key projects. The Industrial and Commercial segment also performed well with an 11% increase in revenue and a 30% increase in NOI.

The company will host a conference call on November 6, 2024, to discuss their financial results. Investors are cautioned about potential risks and uncertainties that could impact future performance, including market conditions, competition, and environmental liabilities. For more information, contact CEO John D. Baker III at (904) 858-9100.



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