FRP Holdings, Inc. Reports Fiscal 2026 First Quarter Results
Mining Royalties Volume Up 7.9% and Revenue Per Ton Up 6.5%
Multifamily and Industrial Occupancy Pressured; Re-Leasing the Near-Term Priority
JACKSONVILLE, FL., May 12, 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 ended March 31, 2026. Key results for the quarter ended 2026 include (compared with the first quarter 2025):
Q1 2026 Financial Highlights:
•Net loss of $0.7 million or $(0.04) per share, versus net income of $1.7 million or $0.09 per share
•Pro rata NOI of $8.9 million versus $9.4 million, down 5%
•Multifamily portfolio occupancy of 92.1% across 1,827 units versus 94.0%
•Industrial & Commercial occupancy of 69.9% ex-Chelsea, down from 85.2%
•Mining royalties: volume up 7.9%, revenue per ton up 6.5%
•Closed Altman Logistics acquisition October 21, 2025; first full quarter of platform integration
"Our first quarter results reflect the headwinds we flagged exiting last year, including occupancy pressure across our DC multifamily assets, industrial vacancies in Maryland that we are working to re-lease, and elevated G&A from the integration costs related to the Altman acquisition," said John Baker III, CEO of FRP Holdings. Baker continued, "Mining royalties continue to be a bright spot, with volume and pricing both moving favorably for the second consecutive quarter. We have more capital deployed in active development today than at any point in recent history, and over the next two years, lease-up of that pipeline will reshape our earnings profile. Near-term, our focus is straightforward: re-lease the Maryland industrial portfolio, stabilize occupancy in the DC multifamily assets, and deliver our active development projects on schedule.”
Operating Performance Snapshot (dollars in thousands)
Metric
Q1 2026
Q1 2025
Net Income Attributable to the Company
($687)
$1,710
Pro Rata NOI
$8,861
$9,364
Multifamily Pro Rata NOI
$4,084
$4,630
Industrial & Commercial NOI
$758
$1,139
Mining Royalty NOI
$3,782
$3,284
Q1 Consolidated Results of Operations
•Net loss of $687,000 or $(0.04) per share, versus net income of $1,710,000 or $0.09 per share in Q1 2025
•Pro rata NOI of $8.9 million versus $9.4 million in Q1 2025, with the decline driven by lower Multifamily and Industrial NOI partially offset by higher Mining Royalty NOI
•Total revenues of $10.6 million, up 2.8%, as a 15% increase in mining royalty revenue and $164,000 of joint venture management fee revenue from the Altman platform offset a 5% decline in lease revenue
•G&A of $4.1 million, up $1.5 million versus Q1 2025, driven by $311,000 higher audit fees, $173,000 of valuation and accounting consulting fees, $110,000 of IT consulting and higher wages all primarily related to the Altman acquisition
•Net investment income decreased $873,000, reflecting reduced earnings on cash equivalents on lower balances and rates ($650,000) and lower lending venture income ($223,000) on smaller loan balances
•Equity in loss of joint ventures was an unfavorable $584,000, driven by lower revenues and higher expenses
Multifamily Segment
•Pro rata NOI of $4.1 million, down $546,000 or 12% versus Q1 2025; portfolio-wide occupancy of 92.1% across 1,827 units, down from 94.0% a year ago
•Decline concentrated in DC assets: Dock 79 NOI down $104,000 with occupancy declining 630 bps to 89.3%; The Maren NOI down $96,000 with occupancy declining 230 bps to 91.6%; The Verge NOI down $148,000 with occupancy declining 370 bps to 89.8%; Bryant Street NOI down $195,000 on higher operating costs
•Greenville assets flat with Riverside NOI up $12,000 and occupancy up 410 bps to 97.0%; .408 Jackson NOI down modestly with occupancy at 95.3%
•Renewal rate increases ranged from 0.6% to 6.1% across the portfolio
Industrial and Commercial Segment
•NOI of $758,000, down $381,000 or 33% versus Q1 2025
•Ten buildings in service totaling 773,356 sq ft of industrial and 33,708 sq ft of office; blended occupancy of 47.5%, reflecting the 258,279 sq ft Chelsea Road spec warehouse currently 100% vacant and in lease-up
•Excluding Chelsea, occupancy was 69.9% versus 85.2% in Q1 2025, with the further decline driven by additional non-renewing leases on top of the prior tenant eviction
•Chelsea contributed $218,000 of depreciation and $80,000 of operating costs in the quarter with no offsetting revenue
•Re-leasing the Maryland portfolio remains the primary near-term NOI driver for this segment
Mining Royalty Segment
•Revenue of $3.7 million, up $483,000 or 15% versus Q1 2025; royalty tons up 7.9%, revenue per ton up 6.5%
•Operating profit before G&A of $3.4 million, up $432,000; operating margins above 91%
•NOI of $3.8 million, up $498,000 or 15% year-over-year, the second consecutive quarter of double-digit underlying growth, with both volume and pricing trending favorably
Development and Active Pipeline
•Harford County residential lots: 228 of 344 lots sold (vs. 195 at Q4 2025); $30.0 million of $31.1 million commitment returned, $7.1 million recorded as profit to date
•Lakeland, FL warehouse and Broward County, FL warehouse: substantial completion expected Q2 2026
•Woven, Greenville, SC: under construction, substantial completion expected late 2027
•Estero Phase 1, Naples/Ft. Myers, FL: under construction, substantial completion expected late 2027
•Lake County, FL warehouses (SREP JV): substantial completion of first warehouse expected Q1 2027
•Riverfront Phase III/IV received second-stage PUD approval October 10, 2025; Phase III not currently in development, with property taxes now expensed rather than capitalized. Phase IV under entitlement.
Altman Logistics Platform
•First full quarter following the October 21, 2025, closing of the Altman Logistics Property acquisition
•Development segment recognized $163,000 of joint venture management fee revenue from the three minority-interest warehouse projects acquired in the Altman transaction
•Acquired projects include warehouses in Delray Beach, FL (199,476 sq ft completed Q1 2026; additional 392,976 sq ft of land for two warehouses); Hamilton, NJ (170,800 sq ft substantial completion Q1 2026); Parsippany, NJ (140,031 sq ft, substantial completion Q2 2026); and Southwest Ranches, FL (335,617 sq ft land acquisition contracted for 2026)
•Several former Altman employees joined FRP as part of the transaction, providing in-house origination capability across Florida and New Jersey
Conference Call
The Company will host a conference call on Wednesday, May 13, 2026, at 9:00 a.m. (ET). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-877-545-0320 (passcode 784509) within the United States or by joining the webcast at https://www.webcaster5.com/Webcast/Page/3158/54012. International callers may dial 1-973-528-0002 (passcode 784509). Audio replay will be available until May 13, 2027, by accessing it at the same link. 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, 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; and construction costs; as 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.
Investor & Media Contacts:
Robert Winters or Abe Plimpton
FRPH@alpha-ir.com
312-445-2870
Comparative Results of Operations for the three months ended March 31, 2026 and 2025
Consolidated Results
(dollars in thousands)
Three Months Ended March 31,
2026
2025
Change
%
Revenues:
Lease revenue
$
6,713
7,072
$
(359)
-5.1
%
Mining royalty and rents
3,717
3,234
483
14.9
%
Joint venture management fee revenue
164
—
164
Total revenues
10,594
10,306
288
2.8
%
Cost of operations:
Depreciation, depletion and amortization
2,842
2,607
235
9.0
%
Operating expenses
2,130
1,859
271
14.6
%
Property taxes
1,025
938
87
9.3
%
General and administrative
4,085
2,577
1,508
58.5
%
Total cost of operations
10,082
7,981
2,101
26.3
%
Total operating profit
512
2,325
(1,813)
-78.0
%
Net investment income
1,688
2,561
(873)
-34.1
%
Interest expense
(708)
(695)
(13)
1.9
%
Equity in loss of joint ventures
(2,615)
(2,031)
(584)
28.8
%
Income before income taxes
(1,123)
2,160
(3,283)
-152.0
%
Provision for income taxes
(202)
526
(728)
-138.4
%
Net income
(921)
1,634
(2,555)
-156.4
%
Income (loss) attributable to noncontrolling interest
(234)
(76)
(158)
207.9
%
Net income attributable to the Company
$
(687)
1,710
$
(2,397)
-140.2
%
Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)
Three months ended March 31, 2026
(dollars in thousands)
2026
%
2025
%
Change
%
Lease revenue
$
8,014
100.0
%
8,305
100.0
%
(291)
-3.5
%
Depreciation and amortization
3,375
42.1
%
3,287
39.6
%
88
2.7
%
Operating expenses
2,889
36.0
%
2,625
31.6
%
264
10.1
%
Property taxes
950
11.9
%
970
11.7
%
(20)
-2.1
%
Cost of operations
7,214
90.0
%
6,882
82.9
%
332
4.8
%
Operating profit before G&A
$
800
10.0
%
1,423
17.1
%
(623)
-43.8
%
Depreciation and amortization
3,375
3,287
88
Unrealized rents & other
(91)
(80)
(11)
Net operating income
$
4,084
51.0
%
4,630
55.7
%
(546)
-11.8
%
Apartment Building
Units
Pro rata NOI
Q1 2026
Pro rata NOI
Q1 2025
Avg. Occupancy Q1 2026
Avg. Occupancy Q1 2025
Renewal Success Rate Q1 2026
Renewal % increase Q1 2026
Dock 79 Anacostia DC
305
$801,000
$905,000
89.3
%
95.6
%
63.6
%
6.1
%
Maren Anacostia DC
264
$759,000
$855,000
91.6
%
93.9
%
55.6
%
3.7
%
Riverside Greenville
200
$234,000
$222,000
97.0
%
92.9
%
60.6
%
0.6
%
Bryant Street DC
487
$1,344,000
$1,539,000
92.1
%
92.5
%
63.6
%
1.9
%
.408 Jackson Greenville
227
$341,000
$356,000
95.3
%
97.2
%
41.9
%
5.3
%
Verge Anacostia DC
344
$605,000
$753,000
89.8
%
93.5
%
62.5
%
1.2
%
Multifamily Segment
1,827
$4,084,000
$4,630,000
92.1
%
94.0
%
Multifamily Segment (Consolidated - Dock 79 & The Maren)
Three months ended March 31, 2026
(dollars in thousands)
2026
%
2025
%
Change
%
Lease revenue
$
5,195
100.0
%
5,424
100.0
%
(229)
-4.2
%
Depreciation and amortization
2,007
38.7
%
1,995
36.8
%
12
.6
%
Operating expenses
1,726
33.2
%
1,585
29.2
%
141
8.9
%
Property taxes
610
11.7
%
635
11.7
%
(25)
-3.9
%
Cost of operations
4,343
83.6
%
4,215
77.7
%
128
3.0
%
Operating profit before G&A
$
852
16.4
%
1,209
22.3
%
(357)
-29.5
%
Multifamily Segment (Pro rata unconsolidated)
Our Multifamily Segment has four unconsolidated joint ventures (Bryant Street, The Verge, Riverside, and .408 Jackson). Riverside was moved from the Development segment to the Multifamily segment in 2022, Bryant Street and .408 Jackson moved as of the beginning of 2024 and The Verge moved effective July 1, 2024, each upon reaching lease up stabilization.
Three months ended March 31, 2026
(dollars in thousands)
2026
%
2025
%
Change
%
Lease revenue
$
5,181
100.0
%
5,349
100.0
%
(168)
-3.1
%
Depreciation and amortization
2,276
43.9
%
2,193
41.0
%
83
3.8
%
Operating expenses
1,974
38.1
%
1,780
33.3
%
194
10.9
%
Property taxes
618
11.9
%
625
11.7
%
(7)
-1.1
%
Cost of operations
4,868
94.0
%
4,598
86.0
%
270
5.9
%
Operating profit before G&A
$
313
6.0
%
751
14.0
%
(438)
-58.3
%
Industrial and Commercial Segment
Three months ended March 31, 2026
(dollars in thousands)
2026
%
2025
%
Change
%
Lease revenue
$
1,200
100.0
%
1,347
100.0
%
(147)
(10.9
%)
Depreciation and amortization
566
47.1
%
391
29.1
%
175
44.8
%
Operating expenses
326
27.2
%
233
17.3
%
93
39.9
%
Property taxes
127
10.6
%
80
5.9
%
47
58.8
%
Cost of operations
1,019
84.9
%
704
52.3
%
315
44.7
%
Operating profit before G&A
$
181
15.1
%
643
47.7
%
(462)
(71.9
%)
Depreciation and amortization
566
391
175
Unrealized revenues
11
105
(94)
Net operating income
$
758
63.2
%
$
1,139
84.6
%
$
(381)
(33.5
%)
Mining Royalty Lands Segment Results
Three months ended March 31, 2026
(dollars in thousands)
2026
%
2025
%
Change
%
Mining royalty and rent revenue
$
3,717
100.0
%
3,234
100.0
%
483
14.9
%
Depreciation, depletion and amortization
226
6.1
%
178
5.5
%
48
27.0
%
Operating expenses
19
0.5
%
16
0.5
%
3
18.8
%
Property taxes
75
2.0
%
75
2.3
%
—
—
%
Cost of operations
320
8.6
%
269
8.3
%
51
19.0
%
Operating profit before G&A
$
3,397
91.4
%
2,965
91.7
%
432
14.6
%
Depreciation and amortization
226
178
48
Unrealized revenues
159
141
18
Net operating income
$
3,782
101.7
%
$
3,284
101.5
%
$
498
15.2
%
Development Segment Results
Three months ended March 31, 2026
(dollars in thousands)
2026
2025
Change
Lease revenue
$
319
301
18
Joint venture management fee revenue
163
—
163
Total revenues
482
301
181
Depreciation, depletion and amortization
43
43
—
Operating expenses
59
25
34
Property taxes
213
148
65
Cost of operations
315
216
99
Operating profit before G&A
$
167
85
82
CONSOLIDATED BALANCE SHEETS – As of December 31 (In thousands, except share data)
Assets:
March 31 2026
December 31 2025
Real estate investments at cost:
Land
$
182,887
182,936
Buildings and improvements
310,168
309,132
Projects under construction
57,354
45,032
Total investments in properties
550,409
537,100
Less accumulated depreciation and depletion
91,412
88,558
Net investments in properties
458,997
448,542
Real estate held for investment, at cost
12,741
12,626
Investments in joint ventures
155,065
153,084
Net real estate investments
626,803
614,252
Cash, cash equivalents and restricted cash including $10,889 and $11,394 of restricted cash at March 31, 2026 and December 31, 2025, respectively
107,859
105,361
Accounts receivable, net
1,950
1,874
Federal and state income taxes receivable
1,279
1,071
Unrealized rents
1,299
1,264
Deferred costs
3,637
3,768
Goodwill
6,893
6,893
Other assets
669
662
Total assets
$
750,389
735,145
Liabilities:
Notes payable, net
$
203,916
192,554
Accounts payable and accrued liabilities
17,122
12,148
Other liabilities
2,407
2,317
Deferred revenue
3,401
3,356
Deferred income taxes
66,901
66,900
Deferred compensation
1,546
1,524
Tenant security deposits
699
689
Total liabilities
295,992
279,488
Commitments and contingencies
Equity:
Common stock, $.10 par value
25,000,000 shares authorized,
19,170,275 and 19,109,541 shares issued
and outstanding, respectively
1,917
1,911
Capital in excess of par value
71,730
71,368
Retained earnings
354,523
355,210
Accumulated other comprehensive income, net
8
24
Total shareholders’ equity
428,178
428,513
Noncontrolling interests
26,219
27,144
Total equity
454,397
455,657
Total liabilities and equity
$
750,389
735,145
.
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. These measures are not, and should not be viewed as, a substitute for GAAP financial measures.
