Document

•Effective July 21, 2025, the Company entered into a 2025 Amended and Restated Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, N.A. The Credit Agreement modifies the Company’s prior Credit Agreement with Wells Fargo dated December 22, 2023. The Credit Agreement establishes a five-year revolving credit facility with a maximum facility amount of $50 million. The interest rate under the Credit Agreement will be 2.25% over the Daily Simple SOFR in effect. A commitment fee of 0.35% per annum is payable quarterly on the unused portion of the commitment.

•On July 23, 2025, subsequent to quarters end, we entered into a joint venture agreement with Strategic Real Estate Partners (“SREP”), a private real estate development firm which specializes in industrial real estate development, to develop 377,892 square feet in two warehouses in Lake County, Florida near Orlando, with options for investment in additional industrial warehouses on adjacent properties in the future.

Results this quarter and for the first six months are consistent with both our expectations as well as what we cautioned investors to expect for the last two quarters. As stated previously, our primary aim for 2025 is to set the stage for future growth. We will accomplish this first by leasing up our current vacancies, but mostly by putting money to work in new projects. We have started construction on both our JVs with Altman Logistics in Lakeland and Broward County, FL which will add 384,193 square feet of class A industrial space to our portfolio. We expect substantial completion on these projects in the second quarter of 2026. Work continues on the entitlements for our industrial pipeline in Maryland in order to be shovel ready in 2026. Finally, as mentioned in our highlights, subsequent to the end of the quarter, the Company entered into a joint venture agreement to develop 377,892 square feet in two warehouses in Lake County, FL. The site is located off the Florida Turnpike, in the City of Minneola, outside of Orlando. The lack of available land in the broader Orlando market has driven industrial users to expand into the Lake County submarket, attracting both institutional owners and users. Notably, there remains a meaningful shortage of shallow bay industrial buildings in the size range of the buildings we are developing for this market. We expect to begin construction on this project this month and FRP will have a 95% interest in this joint venture, with options for future development of just under 1 million SF of industrial product on adjacent property. This agreement supports our shift in focus and investment toward our industrial business segment and the Company remains on track to deliver three new industrial assets every two years with the goal of doubling the size of our industrial segment by 2030.


(dollars in thousands)	Three Months Ended June 30,
	2025		2024	Change		%
Revenues:
Lease revenue	$	7,241	7,246	$	(5)	-.1	%
Mining royalty and rents	3,609		3,231	378		11.7	%
Total revenues	10,850		10,477	373		3.6	%

Cost of operations:
Depreciation, depletion and amortization	2,726		2,543	183		7.2	%
Operating expenses	2,580		1,702	878		51.6	%
Property taxes	1,002		860	142		16.5	%
General and administrative	2,885		2,552	333		13.0	%
Total cost of operations	9,193		7,657	1,536		20.1	%

Total operating profit	1,657		2,820	(1,163)		-41.2	%

Net investment income	2,348		3,708	(1,360)		-36.7	%
Interest expense	(824)		(829)	5		-.6	%
Equity in loss of joint ventures	(2,379)		(2,724)	345		-12.7	%

Income before income taxes	802		2,975	(2,173)		-73.0	%
Provision for income taxes	178		916	(738)		-80.6	%

Net income	624		2,059	(1,435)		-69.7	%
Income (loss) attributable to noncontrolling interest	46		15	31		206.7	%
Net income attributable to the Company	$	578	2,044	$	(1,466)	-71.7	%

•Operating profit decreased $1,163,000 primarily as a result of higher Development segment professional fees ($831,000) and higher General and administrative expense ($333,000). Development segment professional fees included $712,000 of legal expenses related to due diligence for a potential investment the company is evaluating along with other expensed acquisition and development costs. General and administrative expense increased primarily because of overlapping compensation as a result of the implementation of our executive succession and transition plan that commenced in June, 2024. Industrial and commercial segment operating profit declined $387,000 due to $211,000 higher depreciation from completion of our new Chelsea warehouse along with lower occupancy due to a tenant


	Three months ended June 30
(dollars in thousands)	2025		%		2024	%		Change	%

Lease revenue	$	8,467	100.0	%	8,113	100.0	%	354	4.4	%

Depreciation and amortization	3,386		40.0	%	3,384	41.7	%	2	.1	%
Operating expenses	2,691		31.8	%	2,553	31.5	%	138	5.4	%
Property taxes	1,008		11.9	%	912	11.2	%	96	10.5	%

Cost of operations	7,085		83.7	%	6,849	84.4	%	236	3.4	%

Operating profit before G&A	$	1,382	16.3	%	1,264	15.6	%	118	9.3	%

Depreciation and amortization	3,386				3,384			2
Unrealized rents & other	(31)				32			(63)
Net operating income	$	4,737	55.9	%	4,680	57.7	%	57	1.2	%

The combined consolidated and unconsolidated pro rata net operating income this quarter for this segment was $4,737,000, up $57,000 or 1% compared to $4,680,000 in the same quarter last year. Most of this increase was from the improved occupancy of The Verge. This project contributed $733,000 of pro rata NOI to this segment compared to $710,000 in the Development segment in the same quarter last year, an increase of $23,000. Same store NOI increased $34,000 as favorable revenues at Dock 79 were partially offset by lower revenues at the Maren and higher property taxes.


Apartment Building	Units	Pro rata NOI Q2 2025	Pro rata NOI Q2 2024	Avg. Occupancy Q2 2025		Avg. Occupancy Q2 2024		Renewal Success Rate Q2 2025		Renewal % increase Q2 2025

Dock 79 Anacostia DC	305	$995,000	$932,000	95.5	%	93.6	%	74.6	%	5.9	%
Maren Anacostia DC	264	$890,000	$923,000	93.6	%	94.8	%	55.3	%	3.2	%
Riverside Greenville	200	$215,000	$215,000	92.9	%	93.0	%	65.8	%	6.3	%
Bryant Street DC	487	$1,542,000	$1,555,000	94.6	%	91.2	%	56.3	%	2.1	%
.408 Jackson Greenville	227	$362,000	$345,000	94.3	%	96.2	%	52.2	%	4.7	%
Verge Anacostia DC	344	$733,000	$710,000	93.3	%	91.3	%	63.3	%	2.0	%
Multifamily Segment	1,827	$4,737,000	$4,680,000	94.1	%	93.0	%


	Three months ended June 30
(dollars in thousands)	2025		%		2024	%		Change	%

Lease revenue	$	5,567	100.0	%	5,496	100.0	%	71	1.3	%

Depreciation and amortization	1,935		34.8	%	1,981	36.1	%	(46)	-2.3	%
Operating expenses	1,527		27.4	%	1,519	27.6	%	8	.5	%
Property taxes	648		11.6	%	576	10.5	%	72	12.5	%

Cost of operations	4,110		73.8	%	4,076	74.2	%	34	.8	%

Operating profit before G&A	$	1,457	26.2	%	1,420	25.8	%	37	2.6	%


	Three months ended June 30
(dollars in thousands)	2025		%		2024	%		Change	%

Lease revenue	$	5,436	100.0	%	5,118	100.0	%	318	6.2	%

Depreciation and amortization	2,325		42.8	%	2,299	44.9	%	26	1.1	%
Operating expenses	1,886		34.7	%	1,724	33.7	%	162	9.4	%
Property taxes	654		12.0	%	599	11.7	%	55	9.2	%

Cost of operations	4,865		89.5	%	4,622	90.3	%	243	5.3	%

Operating profit before G&A	$	571	10.5	%	496	9.7	%	75	15.1	%

For our four unconsolidated joint ventures, pro rata revenues were $5,436,000, an increase of $318,000 or 6% compared to $5,118,000 in the same period last year. Pro rata operating profit before G&A was $571,000, an increase of $75,000 or 15% versus $496,000 in the same period last year. The increase was due to improved occupancy at The Verge and Bryant Street and higher revenues at .408 Jackson.


	Three months ended June 30
(dollars in thousands)	2025		%		2024		%		Change		%

Lease revenue	$	1,374	100.0	%	1,445		100.0	%	(71)		(4.9	%)

Depreciation and amortization	571		41.6	%	360		25.0	%	211		58.6	%
Operating expenses	230		16.7	%	191		13.2	%	39		20.4	%
Property taxes	130		9.5	%	64		4.4	%	66		103.1	%

Cost of operations	931		67.8	%	615		42.6	%	316		51.4	%

Operating profit before G&A	$	443	32.2	%	830		57.4	%	(387)		(46.6	%)

Depreciation and amortization	571				360				211
Unrealized revenues	(4)				(3)				(1)
Net operating income	$	1,010	73.5	%	$	1,187	82.1	%	$	(177)	(14.9	%)

Shell construction on our 258,279 square foot spec warehouse project in Aberdeen, MD on Chelsea Road was completed effective April 1, 2025 and is in the lease-up phase. We have ten buildings in service at four different locations totaling 773,356 square feet of industrial and 33,708 square feet of office of which 50.3% was leased and occupied at June 30, 2025. Excluding Chelsea these assets were 74.0% leased and occupied during the quarter compared to 95.6% leased and occupied during the same quarter last year primarily due to an eviction for failure to pay rent by one tenant and lease expirations. Total revenues in this segment were $1,374,000,


	Three months ended June 30
(dollars in thousands)	2025		%		2024		%		Change		%

Mining royalty and rent revenue	$	3,609	100.0	%	3,231		100.0	%	378		11.7	%

Depreciation, depletion and amortization	177		5.0	%	159		4.9	%	18		11.3	%
Operating expenses	16		0.4	%	16		0.5	%	—		—	%
Property taxes	76		2.1	%	71		2.2	%	5		7.0	%

Cost of operations	269		7.5	%	246		7.6	%	23		9.3	%

Operating profit before G&A	$	3,340	92.5	%	2,985		92.4	%	355		11.9	%

Depreciation and amortization	177				159				18
Unrealized revenues	148				(116)				264
Net operating income	$	3,665	101.6	%	$	3,028	93.7	%	$	637	21.0	%

Total revenues in this segment were $3,609,000, an increase of $378,000 or 12% versus $3,231,000 in the same period last year. Royalty revenues in the prior year were impacted by the deduction of $277,000 of royalties to resolve an overpayment which we referenced previously. Royalty tons were down 3% primarily due to a decrease at one location that experienced a project specific spike in demand in the prior year. Royalty revenue per ton increased 7% over the same period last year excluding the prior year overpayment deduction. Total operating profit before G&A in this segment was $3,340,000, an increase of $355,000 versus $2,985,000 in the same period last year. Net operating income was $3,665,000, up $637,000 or 21% compared to the same quarter last year due to the higher revenues and a $264,000 decrease in unrealized revenues. The unrealized revenue decrease is due to the temporarily higher minimum royalty payments we are currently receiving at one location which are straight-lined across the life of the lease for GAAP revenue purposes.

▪We are the principal capital source to develop 344 residential lots on 110 acres in Harford County, MD. We have funded $27.0 million of our $31.1 million total commitment. A national homebuilder is under contract to purchase all 222 townhome lots and 122 single family lots. At quarter-end, 160 lots have been sold and $22.2 million has been returned to the company of which $5.5 million was booked as profit to the Company.

▪We entered into two new joint venture agreements in early 2024 with Altman Logistics. The first joint venture is a 201,420 square-foot warehouse development project in Lakeland, FL, and the second joint venture is a two building 183,215 square-foot warehouse redevelopment project in Broward County, FL. We closed on both construction loans in March, 2025 and construction commenced in the second quarter of 2025.

▪On May 30, 2025, we secured construction financing for our multifamily joint venture with Woodfield Development, known as Woven. This is our third multifamily project in Greenville, SC. This is an $87.8M project with 214 units and 13,500 square feet of ground floor retail that is eligible to receive South Carolina Textile Rehabilitation Credits upon substantial completion and received Special Source Credits equal to 50% of the real estate taxes for a period of 20 years.


(dollars in thousands)	Six Months Ended June 30,
	2025		2024		Change		%
Revenues:
Lease revenue	$	14,313	14,416		$	(103)	-.7	%
Mining royalty and rents	6,843		6,194		649		10.5	%
Total revenues	21,156		20,610		546		2.6	%

Cost of operations:
Depreciation/depletion/amortization	5,333		5,078		255		5.0	%
Operating expenses	4,439		3,569		870		24.4	%
Property taxes	1,940		1,667		273		16.4	%
General and administrative	5,462		4,594		868		18.9	%
Total cost of operations	17,174		14,908		2,266		15.2	%

Total operating profit	3,982		5,702		(1,720)		-30.2	%

Net investment income	4,909		6,491		(1,582)		-24.4	%
Interest expense	(1,519)		(1,740)		221		-12.7	%
Equity in loss of joint ventures	(4,410)		(5,743)		1,333		-23.2	%

Income before income taxes	2,962		4,710		(1,748)		-37.1	%
Provision for income taxes	704		1,316		(612)		-46.5	%

Net income	2,258		3,394		(1,136)		-33.5	%
Income (loss) attributable to noncontrolling interest	(30)		49		(79)		-161.2	%
Net income attributable to the Company	$	2,288	$	3,345	$	(1,057)	-31.6	%

•Operating profit decreased $1,720,000 primarily due to higher Development segment professional fees ($682,000) and higher General and administrative expense ($868,000). Development segment professional fees included $712,000 of legal expenses related to due diligence for a potential investment the company is evaluating. General and administrative expense increased primarily due to overlapping compensation as a result of the implementation of our executive succession and transition plan that commenced in June, 2024. Industrial and commercial segment operating profit declined $556,000 because of a $211,000 increase in depreciation expense from completion of our new Chelsea warehouse,


	Six months ended June 30
(dollars in thousands)	2025		%		2024	%		Change	%

Lease revenue	$	16,772	100.0	%	15,996	100.0	%	776	4.9	%

Depreciation and amortization	6,673		39.8	%	6,689	41.8	%	(16)	-.2	%
Operating expenses	5,316		31.7	%	5,072	31.7	%	244	4.8	%
Property taxes	1,978		11.8	%	1,801	11.3	%	177	9.8	%

Cost of operations	13,967		83.3	%	13,562	84.8	%	405	3.0	%

Operating profit before G&A	$	2,805	16.7	%	2,434	15.2	%	371	15.2	%

Depreciation and amortization	6,673				6,689			(16)
Unrealized rents & other	(111)				46			(157)
Net operating income	$	9,367	55.8	%	9,169	57.3	%	198	2.2	%

The combined consolidated and unconsolidated pro rata net operating income this quarter for this segment was $9,367,000, up $198,000 or 2% compared to $9,169,000 in the same period last year. Most of this increase was from the lease up of The Verge which contributed $1,486,000 of pro rata NOI to this segment compared to $1,316,000 in the Development segment in the same period last year, an increase of $170,000. Same store NOI increased $28,000.


Apartment Building	Units	Pro rata NOI YTD 2025	Pro rata NOI YTD 2024	Avg. Occupancy YTD 2025		Avg. Occupancy YTD 2024		Renewal Success Rate YTD 2025		Renewal % increase YTD 2025

Dock 79 Anacostia DC	305	$1,900,000	$1,878,000	95.6	%	94.2	%	70.4	%	4.8	%
Maren Anacostia DC	264	$1,745,000	$1,847,000	93.7	%	94.3	%	54.0	%	4.9	%
Riverside Greenville	200	$437,000	$439,000	92.9	%	93.3	%	56.8	%	5.0	%
Bryant Street DC	487	$3,081,000	$3,051,000	93.5	%	92.0	%	51.8	%	2.1	%
.408 Jackson Greenville	227	$718,000	$638,000	96.1	%	94.6	%	58.8	%	4.6	%
Verge Anacostia DC	344	$1,486,000	$1,316,000	93.4	%	89.5	%	69.1	%	2.8	%
Multifamily Segment	1,827	$9,367,000	$9,169,000	94.1	%	92.7	%


	Six months ended June 30
(dollars in thousands)	2025		%		2024	%		Change	%

Lease revenue	$	10,991	100.0	%	10,910	100.0	%	81	.7	%

Depreciation and amortization	3,930		35.7	%	3,962	36.3	%	(32)	-.8	%
Operating expenses	3,112		28.3	%	2,980	27.3	%	132	4.4	%
Property taxes	1,283		11.7	%	1,100	10.1	%	183	16.6	%

Cost of operations	8,325		75.7	%	8,042	73.7	%	283	3.5	%

Operating profit before G&A	$	2,666	24.3	%	2,868	26.3	%	(202)	-7.0	%

Total revenues for our two consolidated joint ventures were $10,991,000, an increase of $81,000 versus $10,910,000 in the same period last year. Total operating profit before G&A for the consolidated joint ventures was $2,666,000, a decrease of $202,000, or 7% versus $2,868,000 in the same period last year primarily due to higher operating expenses ($132,000) and property taxes ($183,000).


	Six months ended June 30
(dollars in thousands)	2025		%		2024	%		Change	%

Lease revenue	$	10,785	100.0	%	10,051	100.0	%	734	7.3	%

Depreciation and amortization	4,518		41.9	%	4,518	45.0	%	—	—	%
Operating expenses	3,666		34.0	%	3,452	34.3	%	214	6.2	%
Property taxes	1,279		11.9	%	1,204	12.0	%	75	6.2	%

Cost of operations	9,463		87.7	%	9,174	91.3	%	289	3.2	%

Operating profit	$	1,322	12.3	%	877	8.7	%	445	50.7	%

For our four unconsolidated joint ventures, pro rata revenues were $10,785,000, an increase of $734,000 or 7% compared to $10,051,000 in the same period last year. Pro rata operating profit before G&A was $1,322,000, an increase of $445,000, or 51% versus $877,000 in the same period last year. The increase was due to lease up at The Verge and higher revenues at Bryant Street and .408 Jackson.


	Six months ended June 30
(dollars in thousands)	2025		%		2024		%		Change		%

Lease revenue	$	2,721	100.0	%	2,898		100.0	%	(177)		(6.1	%)

Depreciation and amortization	962		35.4	%	723		24.9	%	239		33.1	%
Operating expenses	463		17.0	%	406		14.0	%	57		14.0	%
Property taxes	210		7.7	%	127		4.4	%	83		65.4	%

Cost of operations	1,635		60.1	%	1,256		43.3	%	379		30.2	%

Operating profit before G&A	$	1,086	39.9	%	1,642		56.7	%	(556)		(33.9	%)

Depreciation and amortization	962				723				239
Unrealized revenues	101				(19)				120
Net operating income	$	2,149	79.0	%	$	2,346	81.0	%	$	(197)	(8.4	%)

Total revenues in this segment were $2,721,000, down $177,000 or 6%, over the same period last year. Operating profit before G&A was $1,086,000, down $556,000 or 34% from $1,642,000 in the same period last year due to $216,000 of depreciation and $30,000 of operating costs at our spec Chelsea warehouse placed in service in April, a write-off of $118,000 unrealized rent receivable and $34,000 deferred leasing commission related to a tenant that defaulted, and the related lower occupancy. Net operating income in this segment was $2,149,000, down $197,000 or 8% compared to the same period last year.


	Six months ended June 30
(dollars in thousands)	2025		%		2024		%		Change		%

Mining royalty and rent revenue	$	6,843	100.0	%	6,194		100.0	%	649		10.5	%

Depreciation, depletion and amortization	355		5.2	%	308		5.0	%	47		15.3	%
Operating expenses	32		0.5	%	33		0.5	%	(1)		-3.0
Property taxes	151		2.2	%	144		2.3	%	7		4.9	%

Cost of operations	538		7.9	%	485		7.8	%	53		10.9	%

Operating profit before G&A	$	6,305	92.1	%	5,709		92.2	%	596		10.4	%

Depreciation and amortization	355				308				47
Unrealized revenues	289				(229)				518
Net operating income	$	6,949	101.5	%	$	5,788	93.4	%	$	1,161	20.1	%

Total revenues in this segment were $6,843,000, an increase of $649,000 or 10% versus $6,194,000 in the same period last year. Royalty revenues in the prior year were impacted by the deduction of royalties to resolve an $842,000 overpayment which we referenced previously. Through the six months of last year, the tenant withheld $566,000 in royalties otherwise due to the Company. Royalty tons were down 7% primarily due to a decrease at one location that had one-time project specific rail shipments in the prior year. The revenue reduction from the decreased volume was more than offset by increased royalties per ton (up 8.5% excluding the prior year payment deduction) along with the overpayment reduction in the prior year. Total operating profit before G&A in this segment was $6,305,000, an increase of $596,000 versus $5,709,000 in the same period last year. Net operating income in this segment was $6,949,000, up $1,161,000 or 20% compared to the same period last year due to higher revenues and a $518,000 increase in unrealized revenues due to temporarily higher minimum royalty payments at one location which are straight-lined across the life of the lease for GAAP revenue purposes.


Assets:	June 30 2025		December 31 2024
Real estate investments at cost:
Land	$	168,927	168,943
Buildings and improvements	308,561		283,421
Projects under construction	16,167		32,770
Total investments in properties	493,655		485,134
Less accumulated depreciation and depletion	82,916		77,695
Net investments in properties	410,739		407,439

Real estate held for investment, at cost	12,312		11,722
Investments in joint ventures	139,098		153,899
Net real estate investments	562,149		573,060

Cash and cash equivalents	153,167		148,620
Cash held in escrow	1,266		1,315
Accounts receivable, net	1,586		1,352
Federal and state income taxes receivable	778		—
Unrealized rents	1,264		1,380
Deferred costs	1,942		2,136
Other assets	630		622
Total assets	$	722,782	728,485

Liabilities:
Secured notes payable	$	180,371	178,853
Accounts payable and accrued liabilities	6,739		6,026
Other liabilities	1,487		1,487
Federal and state income taxes payable	—		611
Deferred revenue	2,842		2,437
Deferred income taxes	67,655		67,688
Deferred compensation	1,494		1,465
Tenant security deposits	780		805
Total liabilities	261,368		259,372

Commitments and contingencies

Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 19,109,234 and 19,046,894 shares issued and outstanding, respectively	1,911		1,905
Capital in excess of par value	70,196		68,876
Retained earnings	354,555		352,267
Accumulated other comprehensive income, net	40		55
Total shareholders’ equity	426,702		423,103
Noncontrolling interests	34,712		46,010
Total equity	461,414		469,113
Total liabilities and equity	$	722,782	728,485

To supplement the financial results presented in accordance with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We provide Pro rata net operating income (NOI) because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated partnerships, when read in conjunction with our reported results under GAAP. This measure is not, and should not be viewed as, a substitute for GAAP financial measures. For ease of comparison all the figures in the tables below include the results for The Verge in the Multifamily segment for all periods shown.


Pro rata Net Operating Income Reconciliation
Six months ending 6/30/25 (in thousands)
	Industrial and Commercial Segment		Development Segment	Multifamily Segment	Mining Royalties Segment	Unallocated Corporate Expenses	FRP Holdings Totals

Net income (loss)	$	831	1,086	(2,531)	4,806	(1,934)	2,258
Income tax allocation	255		333	(788)	1,476	(572)	704

Income (loss) before income taxes	1,086		1,419	(3,319)	6,282	(2,506)	2,962

Less:
Unrealized rents	—			—	—		—
Interest income			1,876	1		3,032	4,909
Plus:
Unrealized rents	101		—	14	289	—	404
Professional fees			734	87			821
Equity in loss of joint ventures	—		(156)	4,543	23		4,410
Interest expense	—		—	1,443	—	76	1,519
Depreciation/amortization	962		86	3,930	355		5,333
General and administrative	—		—	—	—	5,462	5,462

Net operating income (loss)	2,149		207	6,697	6,949	—	16,002

NOI of noncontrolling interest				(3,052)			(3,052)
Pro rata NOI from unconsolidated joint ventures			380	5,722			6,102

Pro rata net operating income	$	2,149	587	9,367	6,949	—	19,052


Pro-rata Net Operating Income Reconciliation
Six months ended 06/30/24 (in thousands)

	Industrial and Commercial Segment		Development Segment	Multifamily Segment	Mining Royalties Segment	Unallocated Corporate Expenses	FRP Holdings Totals

Net income (loss)	$	805	(1,115)	(2,477)	3,876	2,305	3,394
Income tax allocation	247		(343)	(772)	1,191	993	1,316

Income (loss) before income taxes	1,052		(1,458)	(3,249)	5,067	3,298	4,710

Less:
Unrealized rents	19			9	229		257
Interest income			2,554			3,937	6,491
Plus:							—
Professional fees				15			15
Equity in loss of joint ventures	—		1,782	3,939	22		5,743
Interest expense	—		—	1,652	—	88	1,740
Depreciation/amortization	723		85	3,962	308		5,078
General and administrative	590		2,307	526	620	551	4,594
							—
Net operating income (loss)	2,346		162	6,836	5,788	—	15,132

NOI of noncontrolling interest				(3,111)			(3,111)
Pro-rata NOI from unconsolidated joint ventures			299	5,444			5,743

Pro-rata net operating income	$	2,346	461	9,169	5,788	—	17,764

The Company will host a conference call on Thursday, August 7, 2025 at 9:00 a.m. (EDT). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-800-343-4849 (passcode 83364) within the United States. International callers may dial 1-203-518-9848 (passcode 83364). Audio replay will be available until August 21, 2025 by dialing 1-800-839-2385 within the United States. International callers may dial 1-402-220-7203. No passcode needed. An audio replay will also be available on the Company’s website under investors, financials, quarterly results (https://investors.frpdev.com/quarterly-reports) following the call.

Our investor relations website is https://investors.frpdev.com and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, press releases, quarterly earnings presentations, investor presentations, and corporate governance information, which may contain material information about us, and you may subscribe to Email Alerts to be notified of new information posted to this site.

Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include, but are not limited to: the possibility that we may be unable to find appropriate investment opportunities; levels of construction activity in the markets served by our mining properties; demand for flexible warehouse/office facilities in the MidAtlantic and Florida; multifamily demand in Washington D.C. and Greenville, South Carolina; our ability to obtain zoning and entitlements necessary for property development; the impact of lending and capital market conditions on our liquidity; our ability to finance projects or repay our debt; general real estate investment and development risks; vacancies in our properties; risks associated with developing and managing properties in partnership with others; competition; our ability to renew leases or re-lease spaces as leases expire; illiquidity of real estate investments; bankruptcy or defaults of tenants; the impact of restrictions imposed by our credit facility; the level and volatility of interest rates; environmental liabilities; inflation risks; cybersecurity risks; as the impact of tariffs on our industrial tenants and construction costs; well as other risks listed from time to time in our SEC filings; including but not limited to; our annual and quarterly reports. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements.

FRP Holdings, Inc. is a holding company engaged in the real estate business, namely (i) leasing and management of commercial properties owned by the Company, (ii) leasing and management of mining royalty land owned by the Company, (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse, and office, and (iv) leasing and management of residential apartment buildings.


Contact: Matthew C. McNulty Chief Financial Officer			904/858-9100