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

  1. Based on CBRE research from July 2023
  2. 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
  3. 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
  4. Martin Marietta and Vulcan Average EV/EBITDA Multiples for first half of 2023
  5. $/SF value based on management's submarket analysis

1

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Disclaimer

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.