FRP HOLDINGS, INC. QUARTERLY NAV ANALYSIS 6/30/23
Annualized | ||||||||||||||||||||||
6/30/23 Pro Rata | ||||||||||||||||||||||
NOI | Cap Rate Range [1] | Value Range | Debt | FRP Equity Value | $/Share | Notes | ||||||||||||||||
Industrial | ||||||||||||||||||||||
Hollander | $ | 666,262 | 5.75% | 5.25% | $ | 11,587,165 | $ | 12,690,705 | $ | - | $ | 11,587,165 | $ | 12,690,705 | ||||||||
Cranberry | $ | 1,501,716 | 6.75% | 6.25% | $ | 22,247,644 | $ | 24,027,456 | $ | - | $ | 22,247,644 | $ | 24,027,456 | 100 bps added to Cranberry Cap Rate vs Hollander | |||||||
Total | $ | 2,167,978 | 6.41% | 5.90% | $ | 33,834,810 | $ | 36,718,161 | $ | - | $ | 33,834,810 | $ | 36,718,161 | $ | 3.56 | $ | 3.87 | ||||
Office and Ground Leases | ||||||||||||||||||||||
Ground Leases [2] | $ | 1,423,342 | $ | 3,544,747 | $ | 3,544,747 | $ | - | DCF at 10% of 3 ground leases with expirations in 2025 and 2026 | |||||||||||||
34 Loveton | $ | 384,726 | 9.50% | 8.75% | $ | 4,049,747 | $ | 4,396,869 | $ | - | ||||||||||||
Total | $ | 1,808,068 | 23.81% | 22.77% | $ | 7,594,494 | $ | 7,941,616 | $ | - | $ | 7,594,494 | $ | 7,941,616 | $ | 0.80 | $ | 0.84 | ||||
Stabilized JVs [3] | ||||||||||||||||||||||
Maren | $ | 3,711,868 | 5.75% | 5.00% | $ | 114,604,151 | $ | 131,794,773 | $ | (88,000,000) | $ | 14,985,586 | $ | 24,668,720 | FRP Share | 56% | ||||||
Dock 79 | $ | 3,744,839 | 5.75% | 5.00% | $ | 123,347,793 | $ | 141,849,962 | $ | (92,070,000) | $ | 16,514,675 | $ | 26,283,820 | FRP Share | 53% | ||||||
Riverside | $ | 890,790 | 5.50% | 4.75% | $ | 40,490,455 | $ | 46,883,684 | $ | (32,000,000) | $ | 3,396,182 | $ | 5,953,474 | FRP Share | 40% | ||||||
Total | $ | 8,347,497 | 5.71% | 4.96% | $ | 278,442,399 | $ | 320,528,420 | $ | (212,070,000) | $ | 34,896,443 | $ | 56,906,014 | $ | 3.67 | $ | 5.99 | ||||
MLM [4] | VMC | |||||||||||||||||||||
Mining: | $ | 12,546,268 | 15.17 | 18.05 | $ | 190,322,871 | $ | 226,504,677 | $ | 190,322,871 | $ | 226,504,677 | $ | 20.04 | $ | 23.85 | ||||||
Income Producing Property Total | $ | 24,869,811 | $ | 676,731,573 | $ | 591,692,873 | $ | (212,070,000) | $ | 266,648,617 | $ | 328,070,467 | $ | 28.08 | $ | 34.55 | ||||||
Cash | $ | 166,537,000 | $ | 166,537,000 | $ | 17.54 | $ | 17.54 | ||||||||||||||
Income Producing Property and Cash | $ | 433,185,617 | $ | 494,607,467 | $ | 45.62 | $ | 52.09 | ||||||||||||||
Under Development | ||||||||||||||||||||||
Project | FRP Equity Investment | |||||||||||||||||||||
Verge | $ | 40,375,365 | $ | 40,375,365 | $ | 40,375,365 | $37M investment + 3.375M equity contribution in 2023 | |||||||||||||||
.408 Jackson | $ | 9,700,000 | $ | 9,700,000 | $ | 9,700,000 | ||||||||||||||||
Bryant St | $ | 63,132,000 | $ | 63,132,000 | $ | 63,132,000 | $8.132m equity contribution in q2 to pay down debt | |||||||||||||||
Windlass | $ | 5,485,000 | $ | 5,485,000 | $ | 5,485,000 | ||||||||||||||||
Total | $ | 118,692,365 | $ | 118,692,365 | $ | 118,692,365 | $ | 12.50 | $ | 12.50 | ||||||||||||
Industrial Land | FAR | $/FAR [5] | Purchase Price | Market Value | ||||||||||||||||||
Crouse | 690,000 | 30 | $ | 11,400,000 | $ | 20,700,000 | $ | 11,400,000 | $ | 20,700,000 | ||||||||||||
Chelsea | 257,500 | 30 | $ | 2,400,000 | $ | 7,725,000 | $ | 2,400,000 | $ | 7,725,000 | ||||||||||||
Mechanics Valley | 900,000 | 20 | $ | 6,500,000 | $ | 18,000,000 | $ | 6,500,000 | $ | 18,000,000 | ||||||||||||
Total | 1,847,500 | $ | 25.13 | $ | 20,300,000 | $ | 46,425,000 | $ | 20,300,000 | $ | 46,425,000 | $ | 2.14 | $ | 4.89 | |||||||
Maren Land | Verge Land | Value @ Maren | Value @ Verge | |||||||||||||||||||
Future Phases of Riverfront | FAR | Value | Value | Land Comp | Land Comp | |||||||||||||||||
Phase III | 250,000 | $ | 65.00 | $ | 75.00 | $ | 16,250,000 | $ | 18,750,000 | $ | 16,250,000 | $ | 18,750,000 | |||||||||
Phase IV | 260,000 | $ | 65.00 | $ | 75.00 | $ | 16,900,000 | $ | 19,500,000 | $ | 16,900,000 | $ | 19,500,000 | |||||||||
664E | 365,000 | $ | 65.00 | $ | 75.00 | $ | 23,725,000 | $ | 27,375,000 | $ | 23,725,000 | $ | 27,375,000 | |||||||||
Total | 875,000 | $ | 56,875,000 | $ | 65,625,000 | $ | 56,875,000 | $ | 65,625,000 | $ | 5.99 | $ | 6.91 | |||||||||
Residential Land | ||||||||||||||||||||||
Brooksville | $ | 7,500,000 | $ | 7,500,000 | Basis | |||||||||||||||||
Amber Ridge | $ | 740,000 | $ | 740,000 | Capital lent less received | |||||||||||||||||
Presbyterian | $ | 9,856,281 | $ | 9,856,281 | Capital lent less received | |||||||||||||||||
Hampstead | $ | 9,969,000 | $ | 9,969,000 | Basis | |||||||||||||||||
Estero | $ | 3,600,000 | $ | 3,600,000 | Equity Investment | |||||||||||||||||
Total | $ | 31,665,281 | $ | 31,665,281 | $ | 3.33 | $ | 3.33 | ||||||||||||||
Loans made to JVs | ||||||||||||||||||||||
Alamo | $ | 2,089,808 | $ | 2,089,808 | $ | 2,089,808 | ||||||||||||||||
Windlass | $ | 10,585,667 | $ | 5,292,834 | $ | 5,292,834 | we are responsible for half of the debt | |||||||||||||||
Total | $ | 12,675,475 | $ | 7,382,642 | $ | 7,382,642 | $ | 0.78 | $ | 0.78 | ||||||||||||
Development and Raw Land | $ | 234,915,288 | $ | 269,790,288 | $ | 24.74 | $ | 28.41 | ||||||||||||||
Future Liabilities | ||||||||||||||||||||||
OZ Taxes | $ | (19,924,419) | $ | (19,924,419) | $ | (2.10) | $ | (2.10) | $26.5m in OZ taxes due in q2 2026 discounted back at 10% | |||||||||||||
Total | Per Share | |||||||||||||||||||||
NAV | $ | 648,176,486 | $ | 744,473,335 | $ | 68.26 | $ | 78.40 | ||||||||||||||
Shares Outstanding | 9,495,673 |
- Based on CBRE research from July 2023
- 21st Street in Jacksonville: Annualized NOI of $706,284, lease expires 3/31/2026; Vulcan lease at 664E: Annualized NOI $580,114, lease expires 8/31/2026; US Venture ground lease at Hollander: Annualized NOI of $136,908, lease expires 10/31/2025
- NOI numbers presented represent our proportionate share of NOI based on ownership %'s. Total Annualized NOI for each property were: Maren: 6.59M ; Dock 79: 7.09M; and Riverside 2.23M for a total of 15.91M
- Martin Marietta and Vulcan Average EV/EBITDA Multiples for first half of 2023
- $/SF value based on management's submarket analysis
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FRP Holdings Inc. published this content on 11 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 October 2023 14:24:07 UTC.