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FRP Holdings Inc. (FRPH-0.85%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details FRP Holdings Inc.'s operations across four business segments: Industrial and Commercial, Mining Royalty Lands, Development, and Multifamily. The Industrial and Commercial segment includes nine buildings at four commercial properties, while the Mining Royalty Lands segment comprises several properties under lease for mining rents or royalties.
The Development segment focuses on converting non-income producing lands into income-producing properties through construction or sale. The Multifamily segment includes joint ventures that own, lease, and manage apartment buildings.
For the year ended December 31, 2024, FRP Holdings reported total revenues of $41,774,000, a slight increase from $41,506,000 in the previous year. Operating profit remained steady at $11,704,000.
Net investment income increased to $11,112,000 from $10,897,000, while interest expense decreased to $3,150,000 from $4,315,000. Equity in loss of joint ventures improved slightly to $11,359,000 from $11,937,000.
The company recorded a gain on sale of real estate and other income of $182,000, up from $53,000 in the prior year. Net income attributable to the company increased to $6,385,000 from $5,302,000.
Cash provided by operating activities was $28,986,000, while cash used in investing activities was $50,621,000. Financing activities provided $12,700,000.
FRP Holdings had total assets of $728,485,000 as of December 31, 2024, with total liabilities of $259,372,000. Shareholders' equity was $423,103,000.
The company continues to focus on its core business activities of real estate development, asset management, and operations, with plans to invest in new projects and expand its industrial footprint.
The filing also discusses various risk factors, including economic conditions in key markets, joint venture operations, and environmental liabilities, which could impact the company's future performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FRP Holdings Inc. annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.