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FRP Holdings, Inc. Reports Fiscal 2025 Fourth Quarter Results

Jacksonville, Florida; April 10, 2026 -- FRP Holdings, Inc. (NASDAQ-FRPH), a full-service real estate investment and development company with four distinct business segments including Multifamily, Industrial
and Commercial, Development, and Mining and Royalty Lands, today reported financial results for the quarter and full year ended December 31, 2025.

Fourth Quarter Highlights
•77% decrease in Net Income ($0.4 million vs $1.7 million) due to expenses related to the Altman Logistics platform acquisition ($0.5 million), increased G&A due to the Altman new hires, under performance at Dock and Maren, industrial vacancies and added depreciation at Chelsea partially offset by higher mining royalties and improved results in Equity in Loss of Joint Ventures.
•Net Operating Income (NOI) increased slightly ($9.29 million vs $9.10 million).
•3% decrease in the Multifamily segment’s NOI primarily due to reduced occupancy, uncollectable revenue along with higher operating costs and property taxes at the Maren and higher than typical maintenance expenses at Dock 79.
•12% decrease in Industrial and Commercial segment NOI primarily due to vacancies from an eviction of one tenant and lease expirations.
•Mining Royalty Land's revenue increased 11%, and segment NOI increased 11% due to improved royalties per ton.
•On October 21, 2025, the Company acquired the business operations and development pipeline of Altman Logistics Property, LLC, including two projects already majority-owned by FRP Holdings as well as minority interests in a portfolio of institutional grade assets under development. In conjunction with the acquisition, the Company hired six of Altman Logistic's employees.


Executive Summary and Analysis

Results for 2025 were in line with the expectations we outlined earlier this year. Reported net income declined compared to 2024 primarily due to legal expenses associated with the acquisition of Altman Logistics Properties in October 2025. This acquisition was a critical step and tactical change in how we will execute our development strategy and is crucial to pro rata net operating income growth and expanding our asset base for the rest of this decade.
Pro rata Net Operating Income (NOI) for 2025 was down 0.7% compared to the previous year. In 2024, the Mining Royalty Lands segment experienced two non-recurring events which had a net


positive impact to NOI of ~$1.2M. Adjusting for the $1.2M of non-recurring mining items from 2024, NOI would have been up by ~$1.0M, despite the vacancy and leasing headwinds we faced in our Commercial and Industrial segment.

Looking forward to 2026 and beyond, we will look to generate value in two ways. The first way, and the more immediate return, is through increasing same store industrial and commercial NOI. Absolutely essential to that is resolving our current industrial vacancies (approximately 400,000 square feet) to restore the segment’s occupancy percentages back to the levels it has traditionally enjoyed. At current market rents, this represents approximately $3-3.5 million in NOI improvement to this segment that can be achieved with minimal capex.

The second way we will generate value is through our development segment. We have three industrial assets under development in Lakeland, Broward and Lake County, FL, totaling 762,085 square feet of new, Class A industrial space. At lease-up stabilization, these assets represent approximately $9.3M in NOI attributable to the Company. Just as important if not more so was the acquisition of Altman Logistics in late 2025. This purchase included not only equity interests in joint ventures currently under development, but also key personnel who fill roles that were already envisioned as part of our development strategy. These new employees broaden our real estate development capabilities and do so in a manner which we expect to be highly accretive to the business. Prior to this transaction, our only method for expanding outside the Mid-Atlantic was through joint ventures. We saved the time and money of not having to hire new employees and open a new office, but the tradeoff was paying development fees and promote equity in successful projects. Through this acquisition, we have not only filled roles necessary to future growth with proven talent, but done so with employees based in markets beyond our historic development footprint that we previously needed joint ventures to enter. The additional cashflows generated from the future sale of our minority interests acquired in the Altman transaction will help fuel our newly expanded development platform. Far more important in terms of strategy and tactics, is the flexibility this transaction gives the Company. We are now able to execute both in-house development as well as fee development, or a hybrid of the two, and do so while generating equity for shareholders rather than giving it up. By acquiring Altman Logistics and its platform, through both the equity interest in projects currently under development and the team that came with it, we are in the markets we want to be in, have the people we need to grow, have projects underway capable of carrying the cost of this human capital, and can scale beyond our current size disproportionately to G&A growth and in lieu of bringing on additional JV partners. We have enhanced our flexibility in how we grow, can earn development fees instead of paying them, can generate equity in successful projects instead of giving it up, and compound these savings into additional projects under the same platform. The combination of development fees and loss in equity on a project can range from 3-15% of total project costs, so reversing that flow of cash and equity is not insignificant to the Company in terms of future earnings, cash flow, and NAV growth.


COMPARATIVE RESULTS OF OPERATIONS
Consolidated Results
(dollars in thousands)
Three months ended December 31
20252024Change%
Revenues:
Lease revenue$6,853 7,072 $(219)-3.1 %
Mining royalty and rents3,848 3,459 389 11.2 %
Joint venture management fee revenue214 — 214 
Total revenues10,915 10,531 384 3.6 %
Cost of operations:
Depreciation, depletion and amortization2,801 2,558 243 9.5 %
Operating expenses2,554 1,741 813 46.7 %
Property taxes1,012 920 92 10.0 %
General and administrative2,865 2,393 472 19.7 %
Total cost of operations9,232 7,612 1,620 21.3 %
Total operating profit1,683 2,919 (1,236)-42.3 %
Net investment income1,546 2,317 (771)-33.3 %
Interest expense(709)(668)(41)6.1 %
Equity in loss of joint ventures(2,470)(2,777)307 -11.1 %
(Loss) gain on sale of real estate— 182 (182)-100.0 %
(Loss) income before income taxes50 1,973 (1,923)-97.5 %
Provision for income taxes(89)286 (375)-131.1 %
Net (loss) income139 1,687 (1,548)-91.8 %
Income (loss) attributable to noncontrolling interest(241)8 (249)
Net income attributable to the Company$380 1,679 $(1,299)-77.4 %
Net income for the fourth quarter of 2025 was $380,000 or $0.02 per share versus $1,679,000 or $.09 per share last year. Pro rata NOI for the fourth quarter of 2025 was $9,288,000 versus $9,103,000 last year.

•Operating profit decreased $1,236,000, impacted by $512,000 of expenses related to the Altman Logistics platform acquisition. General and administrative expense increased $177,000 (net of $214,000 Development fee revenue and $81,000 of acquisition expenses) primarily due to the new employees from the acquisition. Operating profit at our consolidated multifamily projects (Dock & Maren only) decreased $558,000 due to lower occupancy and higher bad debts along with higher than typical maintenance expenses. Industrial and Commercial segment's operating profit declined $315,000 because of a $206,000 increase in depreciation expense from our new Chelsea warehouse, as well as lower occupancy. Mining Royalty Land's segment operating profit increased $366,000 due to higher royalties per ton.



•Net investment income decreased $771,000 due to lower cash equivalent balances and interest rates ($653,000) along with lower income from our lending ventures ($118,000).
•Interest expense increased $41,000 compared to last year as we capitalized $33,000 less interest.
•Equity in loss of Joint Ventures improved $307,000 due to improved results at our unconsolidated joint ventures. Results improved $96,000 at Windlass Run Business Park due to improved occupancy and lower variable interest rates. Bryant Street results improved $148,000 primarily due to lower variable interest rates.
Multifamily Segment (pro rata consolidated and pro rata unconsolidated)
Three months ended December 31
(dollars in thousands)2025%2024%Change%
Lease revenue8,012 100.0%8,156 100.0%(144)(1.8%)
Depreciation and amortization3,513 43.8%3,269 40.1%244 7.5%
Operating expenses2,826 35.3%2,645 32.4%181 6.8%
Property taxes973 12.1%1,016 12.5%(43)(4.2%)
Cost of operations7,312 91.3%6,930 85.0%382 5.5%
Operating profit before G&A700 8.7%1,226 15.0%(526)(42.9%)
Depreciation and amortization3,513 3,269 244 
Unrealized rents & other(40)(209)169 
Net operating income4,173 52.1%4,286 52.6%(113)(2.6%)
The combined consolidated and unconsolidated pro rata NOI in the fourth quarter for this segment was $4,173,000, down $113,000 or 3% compared to $4,286,000 last year. Dock and Maren combined NOI was $334,000 lower due to reduced occupancy and higher than typical maintenance expenses to improve our tenants' experience. Bryant Street NOI was $163,000 higher primarily due to higher than typical expenses in the same quarter last year. The NOI for .408 Jackson increased $67,000 despite lower occupancy due to improved rental rates and ancillary revenues.
Apartment BuildingUnitsPro rata NOI
Q4 2025		Pro rata NOI
Q4 2024		Avg. Occupancy Q4 2025Avg. Occupancy Q4 2024Renewal Success Rate Q4 2025Renewal % increase Q4 2025
Dock 79 Anacostia DC305$802,000$958,00091.1%94.4%76.4%4.1%
Maren Anacostia DC264$778,000$956,00089.0%93.9%64.1%4.3%
Riverside Greenville200$182,000$179,00091.6%92.6%77.1%3.2%
Bryant Street DC487$1,368,000$1,205,00089.9%90.1%61.5%3.4%
.408 Jackson Greenville227$365,000$298,00092.9%96.2%63.0%0.9%
Verge Anacostia DC344$678,000$690,00091.1%90.9%61.5%1.2%
Multifamily Segment1,827$4,173,000$4,286,00090.7%92.5%




Multifamily Segment (Consolidated - Dock & Maren)
Three months ended December 31
(dollars in thousands)2025%2024%Change%
Lease revenue$5,305 100.0 %5,504 100.0 %(199)-3.6 %
Depreciation and amortization2,008 37.9 %1,989 36.2 %19 1.0 %
Operating expenses1,838 34.6 %1,494 27.1 %344 23.0 %
Property taxes619 11.7 %623 11.3 %(4)-0.6 %
Cost of operations4,465 84.2 %4,106 74.6 %359 8.7 %
Operating profit before G&A$840 15.8 %1,398 25.4 %(558)-39.9 %

Total revenues for our two consolidated joint ventures (Dock & Maren) were $5,305,000, a decrease of $199,000 versus $5,504,000 last year due to lower occupancy. Total operating profit before G&A for the consolidated joint ventures was $840,000, down 40% versus $1,398,000 last year due to reduced occupancy and higher than typical maintenance expenses.

Multifamily Segment (Pro rata unconsolidated)
Three months ended December 31
(dollars in thousands)2025%2024%Change%
Lease revenue5,123 100.0%5,156 100.0%(33)(0.6%)
Depreciation and amortization2,413 47.1%2,178 42.2%235 10.8%
Operating expenses1,852 36.2%1,895 36.8%(43)(2.3%)
Property taxes636 12.4%677 13.1%(41)(6.1%)
Cost of operations4,901 95.7%4,750 92.1%151 3.2%
Operating profit before G&A222 4.3%406 7.9%(184)-45.3%
For our four unconsolidated joint ventures, pro rata revenues were $5,123,000, a decrease of $33,000 or 1% compared to $5,156,000 in the same period last year due to lower occupancy. Pro rata operating profit before G&A was $222,000 compared to $406,000 last year, a decrease of $184,000 primarily due to the write-off of water damaged fixed assets as a result of two small accidental fires.



Industrial and Commercial Segment
Three months ended December 31
(dollars in thousands)2025%2024%Change%
Lease revenue$1,200 100.0 %1,268 100.0 %(68)(5.4)%
Depreciation and amortization567 47.3 %361 28.5 %206 57.1 %
Operating expenses226 18.8 %212 16.7 %14 6.6 %
Property taxes96 8.0 %69 5.4 %27 39.1 %
Cost of operations889 74.1 %642 50.6 %247 38.5 %
Operating profit before G&A$311 25.9 %626 49.4 %(315)(50.3)%
Depreciation and amortization567 361 206 
Unrealized revenues(3)5 (8)
Net operating income$875 72.9 %$992 78.2 %$(117)(11.8)%
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 47.5% was leased and occupied at December 31, 2025. Excluding Chelsea (100% vacant) these assets were 69.9% 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 other tenants' lease expirations.
Total revenues in this segment were $1,200,000, down $68,000 or 5%, over last year. Operating profit before G&A was $311,000, down $315,000 or 50% from $626,000 last year. Depreciation and amortization increased $206,000 primarily due to last April's completion of our Chelsea warehouse. Net operating income in this segment was $875,000, down $117,000 or 12% compared to last year. NOI decreased due to $40,000 of carry costs at Chelsea and $72,000 due to reduced occupancy at 34 Loveton. Cranberry NOI was down $23,000 due to vacancies (the same quarter last year included $222,000 of allowance for uncollectible revenue on one tenant in the process of eviction). Hollander NOI increased $18,000.



Mining Royalty Lands Segment Results
Three months ended December 31
(dollars in thousands)2025%2024%Change%
Mining royalty and rent revenue$3,848 100.0 %3,459 100.0 %389 11.2 %
Depreciation, depletion and amortization184 4.8 %165 4.7 %19 11.5 %
Operating expenses16 0.4 %16 0.5 %— — %
Property taxes84 2.2 %80 2.3 %4 5.0 %
Cost of operations284 7.4 %261 7.5 %23 8.8 %
Operating profit before G&A$3,564 92.6 %3,198 92.5 %366 11.4 %
Depreciation and amortization184 165 19 
Unrealized revenues160 142 18 
Net operating income$3,908 101.6 %$3,505 101.3 %$403 11.5 %

Total revenues in this segment were $3,848,000, an increase of $389,000 or 11% versus $3,459,000 last year. Royalty tons decreased 3% but royalties per ton increased 15%. Total operating profit before G&A in this segment was $3,564,000, an increase of $366,000 versus $3,198,000 last year due to the higher revenue less increased depletion on newer leases. Net operating income in this segment was $3,908,000, up $403,000 or 11% compared to last year due to the increased revenues.
Development Segment Results
Three months ended December 31
(dollars in thousands)20252024Change
Lease revenue$348 300 48 
Management fee revenue214 — 214 
Total revenues562 300 262 
Depreciation, depletion and amortization42 43 (1)
Operating expenses474 19 455 
Property taxes213 148 65 
Cost of operations729 210 519 
Operating (loss) profit before G&A$(167)90 (257)
    
Management fee revenue are the fees paid to the Company primarily from our three minority ownership warehouse projects acquired from Altman Logistics on October 21, 2025. Development segment operating expenses included $431,000 of expenses related to the Altman Logistics platform acquisition.                                                



With respect to ongoing Development Segment projects:
▪We are the principal capital source to develop 344 residential lots on 110 acres in Harford County, MD. We have funded $27.8 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, 195 lots have been sold and $26.4 million has been returned to the company of which $6.4 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 development project in Broward County, FL. We closed on both construction loans in March, 2025 and construction commenced in the second quarter of 2025. Substantial completion of both projects is expected in the second quarter of 2026. On October 21, 2025 we purchased the minority interests of Altman Logistics in these projects.
▪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. The project broke ground during the 3rd quarter and substantial completion of the project is expected in late 2027.
▪On July 23, 2025, 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. Substantial completion of the first warehouse is expected in the first quarter of 2027,
▪On September 12, 2025, we secured construction financing for the first phase (296 multifamily units and 28,745 square feet of retail) of our Estero joint venture with Woodfield Development, located between Naples and Ft. Myers. Substantial completion is expected late 2027.
▪On October 21, 2025, the Company completed the closing on its Purchase and Sales Agreement to acquire the business operations and development pipeline of Altman Logistics Properties, LLC, an operating platform of BBX Capital. In conjunction with the acquisition, the Company hired six of Altman Logistic's employees. The following table details the projects purchased and the square feet (SF) of the warehouses:
CityStreet Address36’ Clear Height SFOwnership Acquired
Status
Delray Beach, FL14130 S State Rd. 7199,47610%(1)Substantial completion Q1 2026
Delray Beach, FL14130 S State Rd. 7392,97610% (1)Land for 2 warehouses
Hamilton, NJ600 Horizon Dr.170,8008.5% (1)Substantial completion Q1 2026
Parsippany, NJ8 Lanidex Plaza W.140,03110% (1)Substantial completion Q2 2026
Southwest Ranches, FL
SW 202nd Ave. & Sheridan St.
335,617Land acquisition contract 2026
(1) General Partner investment, distributions will be based upon waterfall model.




Highlights 2025 compared to 2024:
•48% decrease in Net Income ($3.3 million vs $6.4 million) mainly due to $2.5 million of expenses related to acquiring the Altman Logistics platform. Excluding the $2.5 million of Altman acquisition expenses, adjusted Net income was down $1.1 million primarily due to the Industrial and commercial segment's operating profit decline of $1.4 million.
•0.7% decrease in pro rata NOI ($37.9 million vs $38.1 million) primarily due to a non-recurring $1.85 million minimum royalty payment in last year's third quarter partially offset by a $0.62 million royalty overpayment deduction in the prior year. The one-time, catch-up payment applied to the prior twenty-four months when the tenant failed to meet a production requirement contained in the lease. The revenue from this payment was straight-lined over the life of the lease. Excluding the $1.23 million positive net impact of non-recurring items in last year, adjusted pro rata NOI was up $1.0 million (3%) this year.
•Multifamily segment’s pro rata NOI decreased slightly as improved results at Bryant Street, .408 Jackson and The Verge were offset by reduced occupancy, uncollectable revenue along with higher operating costs and property taxes at Maren and higher than typical maintenance expenses at Dock 79.
•8% decrease in Industrial and Commercial revenue and 14% decrease in that segment’s NOI due to vacancies following an eviction and lease expirations.
•Mining Royalty Lands' Segment's NOI increased slightly. Excluding the $1.23 million non-recurring, positive net impact last year, adjusted pro rata NOI in this segment was up $1.5 million or 11% due to higher royalties per ton.


COMPARATIVE RESULTS OF OPERATIONS
Consolidated Results
(dollars in thousands)
Twelve Months Ended December 31,
20252024Change%
Revenues:
Lease revenue$28,252 28,922 $(670)-2.3%
Mining royalty and rents14,380 12,852 1,528 11.9%
Joint venture management fee revenue214 — 214 
Total revenues42,846 41,774 1,072 2.6%
Cost of operations:
Depreciation, depletion and amortization10,959 10,187 772 7.6%
Operating expenses10,297 7,170 3,127 43.6%
Property taxes3,907 3,437 470 13.7%
General and administrative10,655 9,276 1,379 14.9%
Total cost of operations35,818 30,070 5,748 19.1%
Total operating profit7,028 11,704 (4,676)-40.0%
Net investment income8,824 11,112 (2,288)-20.6%
Interest expense(2,967)(3,150)183 -5.8%
Equity in loss of joint ventures(9,105)(11,359)2,254 -19.8%
(Loss) gain on sale of real estate— 182 (182)-100.0%
Income before income taxes3,780 8,489 (4,709)-55.5%
Provision for income taxes818 2,029 (1,211)-59.7%
Net income2,962 6,460 (3,498)-54.1%
Income (loss) attributable to noncontrolling interest(368)75 (443)-590.7%
Net income attributable to the Company$3,330 6,385 $(3,055)-47.8%
Net income for 2025 was $3,330,000 or $.18 per share versus $6,385,000 or $.34 per share last year. Excluding the $2.5 million of Altman acquisition expenses, adjusted Net Income was down $1.1 million. Pro rata NOI for 2025 was $37,863,000 versus $38,139,000 last year. Excluding the $1.23 million positive net impact of non-recurring items in last year, adjusted pro rata NOI was up $1.0 million (3%) this year. The following items impacted the comparative results:
•Operating profit decreased $4,676,000 impacted by $2,505,000 of expenses related to the Altman Logistics platform acquisition and higher General and administrative expense ($1,041,000 net of $214,000 Development fee revenue and $124,000 of acquisition expenses). 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 along with the new employees from the acquisition. Operating profit at our consolidated Multifamily segment (Dock & Maren only) decreased $1,164,000 due to lower occupancy and higher bad debts along with higher than typical


maintenance expenses to upgrade our tenants' experience. Industrial and commercial segment's operating profit declined $1,372,000 because of a $652,000 increase in depreciation expense from completion of our new Chelsea warehouse, as well as lower occupancy due to a tenant default and non-renewing leases. Mining Royalty Land's segment operating profit increased $1,400,000 due to higher per ton royalty revenues and the prior year's overpayment deduction of $619,000.
•Net investment income decreased $2,288,000 due to reduced earnings on cash equivalents ($1,956,000) and reduced income from our lending ventures ($332,000) primarily due to fewer residential lot sales.
•Interest expense decreased $183,000 compared to the same period last year as we capitalized $182,000 more interest. More interest was capitalized due to increased in-house and joint venture projects under development this year compared to last year.
•Equity in loss of Joint Ventures improved $2,254,000 due to improved results at our unconsolidated joint ventures. Results improved $719,000 at Windlass Run Business Park due to improved occupancy, lower variable interest rates ($246,000) and a $302,000 write-off of prior entitlement costs due to the change in use. Bryant Street results improved $1,059,000 due to lower variable interest rates ($732,000) along with a $305,000 improved NOI. Results improved $487,000 at The Verge primarily due to $284,000 lower interest expense following the refinancing in 2024 along with a $131,000 improvement in NOI.
Multifamily Segment (pro rata consolidated and pro rata unconsolidated)
Twelve Months Ended December 31,
(dollars in thousands)2025%2024%Change%
Lease revenue$33,250 100.0%32,378 100.0%872 2.7%
Depreciation and amortization13,533 40.7%13,311 41.1%222 1.7%
Operating expenses10,984 33.0%10,558 32.6%426 4.0%
Property taxes3,972 11.9%3,682 11.4%290 7.9%
Cost of operations28,489 85.7%27,551 85.1%938 3.4%
Operating profit before G&A$4,761 14.3%4,827 14.9%(66)-1.4%
Depreciation and amortization13,533 13,311 222 
Unrealized rents & other(184)39 (223)
Net operating income$18,110 54.5%18,177 56.1%(67)-.4%
The combined consolidated and unconsolidated pro rata net operating income this year for this segment was $18,110,000, down $67,000 compared to $18,177,000 last year. NOI at Dock 79 was down $160,000 (4%) due to higher than typical maintenance expenses to improve our tenants' experience. Maren NOI was down $457,000 (12%) due to lower occupancy and bad debts ($224,000), higher property taxes ($99,000), and higher than typical maintenance expenses. Bryant Street NOI increased $305,000 (5%) primarily due to improved occupancy, lower bad debts and higher retail revenues. Riverside NOI decreased $29,000 (3%) primarily due to higher property taxes ($53,000). NOI at .408 Jackson increased $143,000 (11%) primarily due to improved rental rates. The Verge NOI increased $131,000 (5%) primarily due to higher occupancy and reduced rent concessions more than offsetting a $128,000 increase in property taxes.





Apartment BuildingUnitsPro rata NOI
2025		Pro rata NOI
2024		Avg. Occupancy 2025Avg. Occupancy 2024Renewal Success Rate YTD 2025Renewal % increase 2025
Dock 79 Anacostia DC305$3,640,000$3,800,00094.0%94.2%70.9%3.9%
Maren Anacostia DC264$3,319,000$3,776,00092.6%94.3%56.9%4.0%
Riverside Greenville200$832,000$861,00092.4 %93.3%61.0 %4.4 %
Bryant Street DC487$6,098,000$5,793,00092.4%91.4%59.5%2.7%
.408 Jackson Greenville227$1,441,000$1,298,00094.4 %95.0%60.0 %3.2 %
Verge Anacostia DC344$2,780,000$2,649,00092.5%90.0%66.0 %2.1 %
Multifamily Segment1,827$18,110,000$18,177,00093.0%92.7%


Multifamily Segment (Consolidated - Dock & Maren)
Twelve Months Ended December 31,
(dollars in thousands)2025%2024%Change%
Lease revenue$21,852 100.0 %22,096 100.0 %(244)-1.1 %
Depreciation and amortization7,940 36.4 %7,936 35.8 %4 0.1 %
Operating expenses6,713 30.7 %6,047 27.4 %666 11.0 %
Property taxes2,538 11.6 %2,288 10.4 %250 10.9 %
Cost of operations17,191 78.7 %16,271 73.6 %920 5.7 %
Operating profit before G&A
$4,661 21.3 %5,825 26.4 %(1,164)-20.0 %

Total revenues for our two consolidated joint ventures (Dock & Maren) were $21,852,000, a decrease of $244,000 versus $22,096,000 last year. Revenues increased $60,000 at Dock 79 due to improved retail billings and Maren revenues decreased $304,000 due to lower occupancy and higher bad debts. Operating expenses increased at both properties due to higher than typical maintenance expenses to upgrade our tenants' experience and higher property taxes. Total operating profit before G&A for the consolidated joint ventures was $4,661,000, down $1,164,000, or 20% versus $5,825,000 last year.



Multifamily Segment (Pro rata unconsolidated)
Twelve Months Ended December 31,
(dollars in thousands)2024%2023%Change%
Lease revenue$21,348 100.0%20,336 100.0%1,012 5.0%
Depreciation and amortization9,181 43.0%8,961 44.1%220 2.5%
Operating expenses7,412 34.7%7,332 36.1%80 1.1%
Property taxes2,590 12.1%2,438 12.0%152 6.2%
Cost of operations19,183 89.9%18,731 92.1%452 2.4%
Operating profit before G&A$2,165 10.1%1,605 7.9%560 34.9%
For our four unconsolidated joint ventures, pro rata revenues were $21,348,000, an increase of $1,012,000 or 5% compared to $20,336,000 in the same period last year as all four projects experienced revenue improvement. Revenues improved at the Verge (up $446,000) due to higher occupancy and lower rent concessions, at Bryant Street (up $262,000) due to improved occupancy, lower bad debts and higher retail revenues, at .408 Jackson (up $229,000) due to improved rates, and at Riverside (up $76,000). Depreciation increased $220,000 primarily due to the write-off of water damaged fixed assets as a result of two small accidental fires. Pro rata operating profit before G&A was $2,165,000 versus $1,605,000 last year, an increase of $560,000 or 35%.
Industrial and Commercial Segment
Twelve Months Ended December 31,
(dollars in thousands)2025%2024%Change%
Lease revenue$5,150 100.0%5,621 100.0%(471)(8.4%)
Depreciation and amortization2,096 40.8%1,444 25.7%652 45.2%
Operating expenses913 17.7%803 14.3%110 13.7%
Property taxes403 7.8%264 4.7%139 52.7%
Cost of operations3,412 66.3%2,511 44.7%901 35.9%
Operating profit before G&A$1,738 33.7%3,110 55.3%(1,372)(44.1%)
Depreciation and amortization2,096 1,444 652 
Unrealized revenues94 (7)101 
Net operating income$3,928 76.3%$4,547 80.9%$(619)(13.6%)

Total revenues in this segment were $5,150,000, down $471,000 or 8%, over last year. Operating profit before G&A was $1,738,000, down $1,372,000 or 44% from $3,110,000 last year. Depreciation and amortization


increased $652,000 primarily due to last April's completion of our 258,000 square foot speculative Chelsea warehouse. Net operating income in this segment was $3,928,000, down $619,000 or 14% compared to last year. Cranberry NOI was down $509,000 due to average occupancy of 58% compared to 92% last year. Chelsea NOI was negative $118,000 due to carry costs. NOI at 34 Loveton was down $67,000 due to average occupancy of 81% compared to 91% last year. Hollander NOI increased $77,000 while it remained fully occupied.

Mining Royalty Lands Segment Results
Twelve Months Ended December 31,
(dollars in thousands)2025%2024%Change%
Mining royalty and rent revenue$14,380 100.0%12,852 100.0%1,528 11.9%
Depreciation, depletion and amortization752 5.1%636 5.0%116 18.2%
Operating expenses65 0.5%69 0.5%(4)-5.8
Property taxes310 2.2%294 2.3%16 5.4%
Cost of operations1,127 7.8%999 7.8%128 12.8%
Operating profit before G&A$13,253 92.2%11,853 92.2%1,400 11.8%
Depreciation and amortization752 636 116 
Unrealized revenues608 1,907 (1,299)
Net operating income$14,613 101.6%$14,396 112.0%$217 1.5%

Total revenues in this segment were $14,380,000, an increase of $1,528,000 or 12% versus $12,852,000 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. During 2024, the tenant withheld $619,000 in royalties otherwise due to the Company. Royalty tons were down 5% 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 (i) increased royalties per ton (up 12.8% excluding the prior year payment deduction) and (ii) the overpayment reduction in the prior year. Total operating profit before G&A in this segment was $13,253,000, an increase of $1,400,000 versus $11,853,000 last year. Net operating income in this segment was $14,613,000, up only $217,000 compared to last year as the higher revenues this year were nearly offset by the $1.23M non-recurring, net positive impact in last year.




Development Segment Results
Twelve Months Ended December 31,
(dollars in thousands)20252024Change
Lease revenue$1,250 1,205 45 
Joint venture management fee revenue214 — 214 
Total revenues1,464 1,205 259 
Depreciation, depletion and amortization171 171 — 
Operating expenses2,606 251 2,355 
Property taxes656 591 65 
Cost of operations3,433 1,013 2,420 
Operating (loss) profit before G&A$(1,969)192 (2,161)
                                                    

Joint venture management fee revenues are fees paid to the Company primarily from our three minority ownership warehouse projects acquired October 21, 2025. Development segment operating expenses included $2,381,000 of expenses related to the Altman Logistics platform acquisition.                                        



CONSOLIDATED BALANCE SHEETS – As of December 31
(In thousands, except share data)
Assets:December 31,
2025		December 31,
2024
Real estate investments at cost:
Land$182,936 168,943 
Buildings and improvements 309,132 283,421 
Projects under construction45,032 32,770 
Total investments in properties537,100 485,134 
Less accumulated depreciation and depletion88,558 77,695 
Net investments in properties448,542 407,439 
Real estate held for investment, at cost12,626 11,722 
Investments in joint ventures153,084 153,899 
Net real estate investments614,252 573,060 
Cash, cash equivalents and restricted cash including $11,394 and $1,315 of restricted cash at December 31, 2025 and 2024, respectively
105,361 149,935 
Accounts receivable, net1,874 1,352 
Federal and state income taxes receivable1,071 — 
Unrealized rents1,264 1,380 
Deferred costs3,768 2,136 
Goodwill
6,893 — 
Other assets662 622 
Total assets$735,145 728,485 
Liabilities:  
Secured notes payable$192,554 178,853 
Accounts payable and accrued liabilities12,148 6,026 
Other liabilities2,317 1,487 
Federal and state income taxes payable— 611 
Deferred revenue3,356 2,437 
Deferred income taxes66,900 67,688 
Deferred compensation1,524 1,465 
Tenant security deposits689 805 
Total liabilities279,488 259,372 
Commitments and contingencies
Equity:  
Common stock, $.10 par value 25,000,000 shares authorized, 19,109,541 and 19,046,894 shares issued and outstanding, respectively
1,911 1,905 
Capital in excess of par value71,368 68,876 
Retained earnings355,210 352,267 
Accumulated other comprehensive income, net24 55 
Total shareholders’ equity428,513 423,103 
Noncontrolling interests27,144 46,010 
Total equity455,657 469,113 
Total liabilities and equity$735,145 728,485 
.


Non-GAAP Financial Measures.
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), adjusted Pro rata net operating income, and adjusted Net income because we believe they assist investors and analysts in estimating our economic interest in our consolidated and unconsolidated partnerships, when read in conjunction with our reported results under GAAP. We provided an adjusted Net Income to adjust for the impact of one-time expenses of the Altman Logistics acquisition, which is a material business combination unlike our historical real estate acquisitions or joint ventures where expenses are capitalized. We also provided adjusted net operating income to adjust for the impact of the one-time material royalty payment in the third quarter of 2024 to better depict the comparable results. Management believes these adjustments provide a more accurate comparison of our on-going business operations and results over time due to the non-recurring, material and unusual nature of these two specific items. These measures are 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
Twelve months ended 12/31/25 (in thousands)
Industrial and
Commercial
Segment		Development
Segment		Multifamily
Segment		Mining
Royalties
Segment		Unallocated
Corporate
Expenses		FRP
Holdings
Totals
Net income (loss)$1,330 1,270 (5,773)10,104 (3,969)2,962 
Income tax allocation408 390 (1,784)3,104 (1,300)818 
Income (loss) before income taxes1,738 1,660 (7,557)13,208 (5,269)3,780 
Less:
Management fee revenue214 — 214 
Interest income3,243 18 5,563 8,824 
Plus:
Unrealized rents94 1 21 608 — 724 
Professional fees2,406 164 2,570 
Equity in loss of joint ventures— (386)9,446 45 9,105 
Interest expense— — 2,790 — 177 2,967 
Depreciation/amortization2,096 171 7,940 752 10,959 
General and administrative— — — — 10,655 10,655 
— 
Net operating income (loss)3,928 395 12,786 14,613 — 31,722 
NOI of noncontrolling interest(5,827)(5,827)
Pro rata NOI from unconsolidated joint ventures817 11,151 11,968 
Pro rata net operating income$3,928 1,212 18,110 14,613 — 37,863 




Pro Rata Net Operating Income Reconciliation
Twelve months ended 12/31/24 (in thousands)
Industrial and
Commercial
Segment		Development
Segment		Multifamily
Segment		Mining
Royalties
Segment		Unallocated
Corporate
Expenses		FRP
Holdings
Totals
Net income (loss)$1,459 (3,098)(5,708)8,219 5,588 6,460 
Income tax allocation448 (952)(1,764)2,525 1,772 2,029 
Income (loss) before income taxes1,907 (4,050)(7,472)10,744 7,360 8,489 
Less:
Unrealized rents7 — — — — 7 
Gain on sale of real estate— — — 182 — 182 
Interest income— 3,574 — — 7,538 11,112 
Plus:
Unrealized rents— — 10 1,907 — 1,917 
Professional fees— — 85 — — 85 
Equity in loss of joint ventures— 2,049 9,266 44 — 11,359 
Interest expense— — 2,972 — 178 3,150 
Depreciation/amortization1,444 171 7,936 636 — 10,187 
General and administrative1,203 5,767 1,059 1,247 — 9,276 
— 
Net operating income (loss)4,547 363 13,856 14,396 — 33,162 
NOI of noncontrolling interest— — (6,326)— — (6,326)
Pro rata NOI from unconsolidated joint ventures— 656 10,647 — — 11,303 
Pro rata net operating income$4,547 1,019 18,177 14,396 — 38,139 
Three Months Ended
December 31Years Ended December 31
2025202420252024
Reconciliation of net Income to adjusted net income:
Net income attributable to the Company$380 $1,679 $3,330 $6,385 
Adjustments related to Altman acquisition expenses:
Operating expenses431 — 2,381 — 
General and administrative81 — 124 — 
Total adjustments to net income before income taxes512 — 2,505 — 
Income tax effect on non-GAAP adjustment(120)— (589)— 
Adjusted net income attributable to the Company$772 $1,679 $5,246 $6,385 
Reconciliation of NOI to adjusted NOI:
Pro rata net operating income$9,288 $9,103 $37,863 $38,139 
Minimum royalty payment applicable to prior 24 months— — — (1,853)
Deduction to resolve royalty overpayment— — — 619 
Adjusted pro rata net operating income$9,288 $9,103 $37,863 $36,905 




Conference Call

The Company will host a conference call on Friday, April 10, 2026 at 4:30 p.m. (ET). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-888-506-0062 (passcode 751153) within the United States or by joining the webcast at https://www.webcaster5.com/Webcast/Page/3158/53880. International callers may dial 1-973-528-0011 (passcode 751153). Audio replay will be available until April 10, 2027 by accessing it at https://www.webcaster5.com/Webcast/Page/3158/53880. The webcast replay will also be available on the Company’s investor relations page (https://www.frpdev.com/investor-relations/) following the call.


Additional Information

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 our markets; 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