FRP Holdings, Inc. Reports Fiscal 2026 Second Quarter Results
Mining Royalties Revenue up 13% on higher Volume and Pricing;
Multifamily and Industrial Occupancy Remain Pressured; Industrial Leasing the Near-Term Priority
JACKSONVILLE, FL., August 4, 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 June 30, 2026. Key results for the quarter ended 2026 include:
Q2 2026 Financial Highlights:
•The Company reported a net loss of $0.3 million or $(0.01) per share, versus net income of $0.6 million or $0.03 per share in the same quarter last year
•Pro rata NOI of $9.4 million was slightly down (3%) versus the $9.7 million of NOI in the second quarter last year
•Multifamily portfolio occupancy of 93.2% across 1,827 units was also slightly down versus 94.1% last year
•Industrial & Commercial occupancy of 69.9% (ex-Chelsea) was down from 77.9%
•Mining royalties were up 13% as a result of increases in both volume (up 6.8%) and revenue per ton (up 5.4%)
•This was our second full quarter following the October 21, 2025, Altman Logistics acquisition
“Second quarter results continued to reflect the occupancy pressure we flagged exiting last year across our DC multifamily assets and the Maryland industrial portfolio, alongside higher G&A tied to the Altman integration,” said John Baker III, CEO of FRP Holdings. Baker continued, “Mining royalties again posted double-digit NOI growth, and our development pipeline continues to advance, with the Hamilton and Parsippany, New Jersey merchant build projects reaching substantial completion this quarter. Our priorities remain unchanged: lease the Maryland industrial portfolio, stabilize occupancy across the DC multifamily assets, and deliver our active development projects on schedule.”
Operating Performance Snapshot (dollars in thousands)
Metric
Q2 2026
Q2 2025
Net Income Attributable to the Company
($259)
$578
Pro Rata NOI
$9,371
$9,688
Multifamily Pro Rata NOI
$4,316
$4,737
Industrial & Commercial NOI
$616
$1,010
Mining Royalty NOI
$4,118
$3,665
Q2 Consolidated Results of Operations
•Pro rata NOI was slightly down to $9.4 million versus $9.7 million in Q2 2025, with the decline driven by lower Multifamily and Industrial NOI, partially offset by higher Mining Royalty NOI
•Total revenues were $11.1 million, up 2.1%, as a 13% increase in mining royalty revenue and $194,000 of joint venture management fee revenue from the Altman platform helped to offset a 6% decline in lease revenue
•G&A increased $802,000 versus Q2 2025, driven by higher personnel costs, higher legal fees and integration expenses following the Altman acquisition, partially offset by $328,000 of increased labor capitalization
•Net investment income decreased $1,111,000 due to lower cash balances and lower interest rates ($619,000) and less lending venture income ($492,000) on a lower loan balance and fewer lot sales
Multifamily Segment
•Pro rata NOI in this segment was $4.3 million, down $421,000 or 9% versus Q2 2025 as occupancy was down ~1% from a year ago
•The decline was predominantly concentrated in our DC assets: Dock 79 NOI was down $139,000 with occupancy declining 220 bps to 93.3%; The Maren’s NOI was down $54,000 despite occupancy improving 90 bps to 94.5%; The Verge’s NOI was down $112,000 with occupancy declining 320 bps to 90.1%; and Bryant Street’s NOI was down $128,000 with occupancy declining 240 bps to 92.2%
•Our Greenville assets remained steady with average overall occupancy above 95%
•Renewal rate increases in our DC assets averaged 2.3%; while those in our Greenville assets averaged 1.0%
Industrial and Commercial Segment
•This segment’s NOI was $616,000, down $394,000 or 39% versus Q2 2025 due to the vacancy in our Maryland assets
•Excluding Chelsea, occupancy in our 10 existing in-service buildings was 69.9% versus 77.9% in Q2 2025, with the decline driven by non-renewing lease expirations
•Our operating loss before G&A was $3,000, versus an operating profit of $443,000 in Q2 2025, reflecting lower occupancy and higher operating costs tied to a real estate tax appeal and legal fees tied to leasing activity
•Leasing up the Maryland portfolio remains the primary near-term NOI driver for the Company with approximately 408,000 square feet of space available for immediate lease
Mining Royalty Segment This segment’s revenue was $4.1 million, up $457,000 or 13% versus Q2 2025 driven both by royalty tons (up 6.8%) and higher revenue per ton (up 5.4%)
•NOI was up 12% year-over-year, continuing the double-digit underlying growth trend from Q1, with both volume and pricing trending favorably
•Operating profit before G&A was $3.7 million, up $339,000 with an operating margin above 90%
•Development and Active Pipeline
•At our Harford County residential lending venture we sold 20 lots versus 27 lot sales in Q2 2025 (and have now sold 248 of the 344 lots and booked $7.4 million of interest and profit to date)
•We expect both our Lakeland, FL warehouse and our Broward County, FL warehouse to be substantially complete in the third quarter of 2026
•The Woven project in Greenville, SC (214 units with 13,500 sf of ground floor retail) is under construction with substantial completion expected late 2027
•Estero Phase 1 in the Naples/Ft. Myers, FL market is also under construction (296 multifamily units and 28,745 sq ft of retail) with substantial completion also expected late 2027
•Our two building (377,892 sq ft) Camp Lake industrial project just outside Orlando, FL is well into construction with substantial completion of the first warehouse expected Q1 2027
•Altman Logistics Platform
•This was the second full quarter following the October 21, 2025, closing of the Altman Logistics Property acquisition
•The Development segment recognized $195,000 of joint venture management fee revenue in Q2 from the three minority-interest warehouse projects acquired in this transaction
•The 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, completed Q2 2026); Parsippany, NJ (140,031 sq ft, substantial completion Q2 2026); and Southwest Ranches, FL (335,617 sq ft land acquired July 2026)
•Several high-level Altman employees joined FRP as part of the transaction, providing in-house origination capability across the platform
Year-to-Date Results
Six Months Ended June 30, 2026
Six-Month 2026 Financial Highlights:
•The Company reported a net loss of $0.9 million or $(0.05) per share, versus net income of $2.3 million or $0.12 per share in the same period last year
•Pro rata NOI was $18.2 million versus $19.1 million in the same period last year (down 4%)
•Multifamily portfolio occupancy was 92.6% versus 94.1% in the first six months of last year
•Industrial & Commercial NOI was $1.4 million, down 36% due to a tenant eviction and non-renewing lease expirations
•Mining royalties were up 14% over the same period last year(volume up 7.3%, revenue per ton up 5.9%)
•G&A was up $2.3 million, driven primarily by Altman-related personnel and integration costs
Operating Performance Snapshot (dollars in thousands)
Metric
YTD 2026
YTD 2025
Net Income Attributable to the Company
($946)
$2,288
Pro Rata NOI
$18,232
$19,052
Multifamily Pro Rata NOI
$8,400
$9,367
Industrial & Commercial NOI
$1,374
$2,149
Mining Royalty NOI
$7,900
$6,949
Six-Month Consolidated Results of Operations
•The Company reported a net loss of $946,000 or $(0.05) per share, versus net income of $2,288,000 or $0.12 per share in the first six months of 2025
•Pro rata NOI was down 4% to $18.2 million versus $19.1 million in the first six months of 2025, with the decline driven by lower Multifamily and Industrial and Commercial segment NOI, partially offset by higher Mining Royalty and Development segment NOI
•Total revenues were $21.7 million, up 2.5%, as a 14% increase in mining royalty revenue and $358,000 of joint venture management fee revenue from the Altman platform helped to offset a 5% decline in lease revenue
•G&A increased $2,310,000 versus the first six months of 2025, driven by higher personnel costs, higher audit fees, higher legal fees and integration expenses following the Altman acquisition, partially offset by $602,000 of increased labor capitalization
•Net investment income decreased $1,984,000 due to lower cash balances and lower interest rates ($1,269,000) and less lending venture income ($715,000) on a lower loan balance and fewer lot sales
Multifamily Segment — Six Months
•Pro rata NOI in this segment was $8.4 million, down $967,000 or 10% versus the first six months of 2025, as portfolio-wide average occupancy declined to 92.6% from 94.1%
•The decline was predominantly concentrated in our DC assets: Bryant Street’s NOI was down $323,000 to $2,758,000 with occupancy declining 130 bps to 92.2%; The Verge’s NOI was down $260,000 to $1,226,000 with occupancy declining 340 bps to 90.0%; Dock 79’s NOI was down $243,000 to $1,657,000 with occupancy declining 430 bps to 91.3%; and The Maren’s NOI was down $150,000 to $1,595,000 with occupancy declining 70 bps to 93.0%
•Our Greenville assets remained steady with average occupancy above 95%
•Renewal rate increases in our DC assets averaged 2.7%; while those in our Greenville assets averaged 1.7%
Industrial and Commercial Segment — Six Months
•This segment’s NOI was $1,374,000, down $775,000 or 36% versus the first six months of 2025 due to vacancy in our Maryland assets
•Total revenues were $2,183,000, down $538,000 or 20%, with the decline driven by a tenant eviction and non-renewing lease expirations
•Our operating profit before G&A was $178,000, down $908,000 or 84%, including $298,000 of Chelsea spec warehouse depreciation and carrying costs
•Leasing up the Maryland portfolio remains the primary near-term NOI driver for the Company
Mining Royalty Segment — Six Months
•This segment’s revenue was $7.8 million, up $940,000 or 14% versus the first six months of 2025, driven both by royalty tons (up 7.3%) and higher revenue per ton (up 5.9%)
•NOI was $7.9 million, up $951,000 or 14% year-over-year, with both volume and pricing trending favorably
•Operating profit before G&A of $7.1 million, up $771,000 with an operating margin above 90%
Development Segment — Six Months
•Operating profit before G&A was $454,000, up $1,067,000 versus an operating loss of $613,000 in the first six months of 2025
•The improvement was driven by $358,000 of joint venture management fee revenue from the Altman platform and the prior year including $713,000 of Altman acquisition expenses, partially offset by $130,000 less capitalized real estate taxes
“Same-store leasing is the single most important lever we have to improve the company's performance — it has the most immediate impact and requires very little capital relative to development. To say it is management’s top priority understates the extent to which our day-to-day revolves around it” said Baker, III. Baker continued, “The activity and engagement with potential tenants remains high especially compared to last year. While that did not translate into signed leases this quarter, we believe that if we focus on what we can control and execute, the results we are looking for will come.”
Conference Call
The Company will host a conference call on Wednesday, August 5, 2026, at 9:00 a.m. (ET). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-888-506-0062 (passcode 417930) within the United States or by joining the webcast at https://www.webcaster5.com/Webcast/Page/3158/54289. International callers may dial 1-973-528-0011 (passcode 417930). Audio replay will be available until August 5, 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 June 30, 2026 and 2025
Consolidated Results
(dollars in thousands)
Three Months Ended June 30,
2026
2025
Change
%
Revenues:
Lease revenue
$
6,823
7,241
$
(418)
-5.8
%
Mining royalty and rents
4,066
3,609
457
12.7
%
Joint venture management fee revenue
194
—
194
Total revenues
11,083
10,850
233
2.1
%
Cost of operations:
Depreciation, depletion and amortization
2,923
2,726
197
7.2
%
Operating expenses
1,972
2,580
(608)
-23.6
%
Property taxes
1,042
1,002
40
4.0
%
General and administrative
3,687
2,885
802
27.8
%
Total cost of operations
9,624
9,193
431
4.7
%
Total operating profit
1,459
1,657
(198)
-11.9
%
Investment income
1,237
2,348
(1,111)
-47.3
%
Interest expense
(701)
(824)
123
-14.9
%
Equity in loss of joint ventures
(2,419)
(2,379)
(40)
1.7
%
Income before income taxes
(424)
802
(1,226)
-152.9
%
Provision for income taxes
(80)
178
(258)
-144.9
%
Net income (loss)
(344)
624
(968)
-155.1
%
Income (loss) attributable to noncontrolling interest
(85)
46
(131)
-284.8
%
Net income (loss) attributable to the Company
$
(259)
578
$
(837)
-144.8
%
Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)
Three months ended June 30, 2026
(dollars in thousands)
2026
%
2025
%
Change
%
Lease revenue
$
8,204
100.0
%
8,467
100.0
%
(263)
-3.1
%
Depreciation and amortization
3,360
41.0
%
3,386
40.0
%
(26)
-.8
%
Operating expenses
2,753
33.6
%
2,691
31.8
%
62
2.3
%
Property taxes
986
12.0
%
1,008
11.9
%
(22)
-2.2
%
Cost of operations
7,099
86.5
%
7,085
83.7
%
14
.2
%
Operating profit before G&A
$
1,105
13.5
%
1,382
16.3
%
(277)
-20.0
%
Depreciation and amortization
3,360
3,386
(26)
Unrealized rents & other
(149)
(31)
(118)
Net operating income
$
4,316
52.6
%
4,737
55.9
%
(421)
-8.9
%
Apartment Building
Units
Pro rata NOI
Q2 2026
Pro rata NOI
Q2 2025
Avg. Occupancy Q2 2026
Avg. Occupancy Q2 2025
Renewal Success Rate Q2 2026
Renewal % increase Q2 2026
Dock 79 Anacostia DC
305
$856,000
$995,000
93.3
%
95.5
%
71.4
%
2.9
%
Maren Anacostia DC
264
$836,000
$890,000
94.5
%
93.6
%
71.1
%
5.0
%
Riverside Greenville
200
$233,000
$215,000
97.2
%
92.9
%
64.6
%
—
%
Bryant Street DC
487
$1,414,000
$1,542,000
92.2
%
94.6
%
53.0
%
1.5
%
.408 Jackson Greenville
227
$356,000
$362,000
94.9
%
94.3
%
51.0
%
1.8
%
Verge Anacostia DC
344
$621,000
$733,000
90.1
%
93.3
%
68.9
%
0.9
%
Multifamily Segment
1,827
$4,316,000
$4,737,000
93.2
%
94.1
%
Multifamily Segment (Consolidated - Dock 79 & The Maren)
Three months ended June 30, 2026
(dollars in thousands)
2026
%
2025
%
Change
%
Lease revenue
$
5,439
100.0
%
5,567
100.0
%
(128)
-2.3
%
Depreciation and amortization
2,009
36.9
%
1,935
34.8
%
74
3.8
%
Operating expenses
1,623
29.8
%
1,527
27.4
%
96
6.3
%
Property taxes
624
11.5
%
648
11.6
%
(24)
-3.7
%
Cost of operations
4,256
78.2
%
4,110
73.8
%
146
3.6
%
Operating profit before G&A
$
1,183
21.8
%
1,457
26.2
%
(274)
-18.8
%
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 June 30, 2026
(dollars in thousands)
2026
%
2025
%
Change
%
Lease revenue
$
5,241
100.0
%
5,436
100.0
%
(195)
-3.6
%
Depreciation and amortization
2,258
43.1
%
2,325
42.8
%
(67)
-2.9
%
Operating expenses
1,900
36.3
%
1,886
34.7
%
14
.7
%
Property taxes
646
12.3
%
654
12.0
%
(8)
-1.2
%
Cost of operations
4,804
91.7
%
4,865
89.5
%
(61)
-1.3
%
Operating profit before G&A
$
437
8.3
%
571
10.5
%
(134)
-23.5
%
Industrial and Commercial Segment
Three months ended June 30, 2026
(dollars in thousands)
2026
%
2025
%
Change
%
Lease revenue
$
983
100.0
%
1,374
100.0
%
(391)
(28.5
%)
Depreciation and amortization
600
61.1
%
571
41.6
%
29
5.1
%
Operating expenses
259
26.3
%
230
16.7
%
29
12.6
%
Property taxes
127
12.9
%
130
9.5
%
(3)
(2.3
%)
Cost of operations
986
100.3
%
931
67.8
%
55
5.9
%
Operating profit before G&A
$
(3)
(0.3
%)
443
32.2
%
(446)
(100.7
%)
Depreciation and amortization
600
571
29
Unrealized revenues
19
(4)
23
Net operating income
$
616
62.7
%
$
1,010
73.5
%
$
(394)
(39.0
%)
Mining Royalty Lands Segment Results
Three months ended June 30, 2026
(dollars in thousands)
2026
%
2025
%
Change
%
Mining royalty and rent revenue
$
4,066
100.0
%
3,609
100.0
%
457
12.7
%
Depreciation, depletion and amortization
271
6.7
%
177
5.0
%
94
53.1
%
Operating expenses
38
0.9
%
16
0.4
%
22
137.5
%
Property taxes
78
1.9
%
76
2.1
%
2
2.6
%
Cost of operations
387
9.5
%
269
7.5
%
118
43.9
%
Operating profit before G&A
$
3,679
90.5
%
3,340
92.5
%
339
10.1
%
Depreciation and amortization
271
177
94
Unrealized revenues
168
148
20
Net operating income
$
4,118
101.3
%
$
3,665
101.6
%
$
453
12.4
%
Development Segment Results
Three months ended June 30, 2026
(dollars in thousands)
2026
2025
Change
Lease revenue
$
400
300
100
Joint venture management fee revenue
195
—
195
Total revenues
595
300
295
Depreciation, depletion and amortization
43
43
—
Operating expenses
52
807
(755)
Property taxes
213
148
65
Cost of operations
308
998
(690)
Operating profit before G&A
$
287
(698)
985
Comparative Results of Operations for the Six months ended June 30, 2026 and 2025
Consolidated Results
(dollars in thousands)
Six Months Ended June 30,
2026
2025
Change
%
Revenues:
Lease revenue
$
13,536
14,313
$
(777)
-5.4
%
Mining royalty and rents
7,783
6,843
940
13.7
%
Joint venture management fee revenue
358
—
358
Total revenues
21,677
21,156
521
2.5
%
Cost of operations:
Depreciation/depletion/amortization
5,765
5,333
432
8.1
%
Operating expenses
4,102
4,439
(337)
-7.6
%
Property taxes
2,067
1,940
127
6.5
%
General and administrative
7,772
5,462
2,310
42.3
%
Total cost of operations
19,706
17,174
2,532
14.7
%
Total operating profit
1,971
3,982
(2,011)
-50.5
%
Investment income
2,925
4,909
(1,984)
-40.4
%
Interest expense
(1,409)
(1,519)
110
-7.2
%
Equity in loss of joint ventures
(5,034)
(4,410)
(624)
14.1
%
Income before income taxes
(1,547)
2,962
(4,509)
-152.2
%
Provision for income taxes
(282)
704
(986)
-140.1
%
Net income
(1,265)
2,258
(3,523)
-156.0
%
Income (loss) attributable to noncontrolling interest
(319)
(30)
(289)
963.3
%
Net income attributable to the Company
$
(946)
$
2,288
$
(3,234)
-141.3
%
Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)
Six months ended June 30, 2026
(dollars in thousands)
2026
%
2025
%
Change
%
Lease revenue
$
16,218
100.0
%
16,772
100.0
%
(554)
-3.3
%
Depreciation and amortization
6,735
41.5
%
6,673
39.8
%
62
.9
%
Operating expenses
5,642
34.8
%
5,316
31.7
%
326
6.1
%
Property taxes
1,936
11.9
%
1,978
11.8
%
(42)
-2.1
%
Cost of operations
14,313
88.3
%
13,967
83.3
%
346
2.5
%
Operating profit before G&A
$
1,905
11.7
%
2,805
16.7
%
(900)
-32.1
%
Depreciation and amortization
6,735
6,673
62
Unrealized rents & other
(240)
(111)
(129)
Net operating income
$
8,400
51.8
%
9,367
55.8
%
(967)
-10.3
%
Apartment Building
Units
Pro rata NOI YTD 2026
Pro rata NOI YTD 2025
Avg. Occupancy YTD 2026
Avg. Occupancy YTD 2025
Renewal Success Rate YTD 2026
Renewal % increase YTD 2026
Dock 79 Anacostia DC
305
$1,657,000
$1,900,000
91.3
%
95.6
%
67.0
%
4.5
%
Maren Anacostia DC
264
$1,595,000
$1,745,000
93.0
%
93.7
%
64.2
%
4.5
%
Riverside Greenville
200
$467,000
$437,000
97.1
%
92.9
%
63.0
%
0.3
%
Bryant Street DC
487
$2,758,000
$3,081,000
92.2
%
93.5
%
58.3
%
1.7
%
.408 Jackson Greenville
227
$697,000
$718,000
95.1
%
96.1
%
47.5
%
3.0
%
Verge Anacostia DC
344
$1,226,000
$1,486,000
90.0
%
93.4
%
66.1
%
1.0
%
Multifamily Segment
1,827
$8,400,000
$9,367,000
92.6
%
94.1
%
Multifamily Segment (Consolidated - Dock 79 and The Maren)
Six months ended June 30, 2026
(dollars in thousands)
2026
%
2025
%
Change
%
Lease revenue
$
10,634
100.0
%
10,991
100.0
%
(357)
-3.2
%
Depreciation and amortization
4,016
37.8
%
3,930
35.7
%
86
2.2
%
Operating expenses
3,349
31.5
%
3,112
28.3
%
237
7.6
%
Property taxes
1,234
11.6
%
1,283
11.7
%
(49)
-3.8
%
Cost of operations
8,599
80.9
%
8,325
75.7
%
274
3.3
%
Operating profit before G&A
$
2,035
19.1
%
2,666
24.3
%
(631)
-23.7
%
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.
Six months ended June 30, 2026
(dollars in thousands)
2026
%
2025
%
Change
%
Lease revenue
$
10,422
100.0
%
10,785
100.0
%
(363)
-3.4
%
Depreciation and amortization
4,534
43.5
%
4,518
41.9
%
16
.4
%
Operating expenses
3,874
37.2
%
3,666
34.0
%
208
5.7
%
Property taxes
1,264
12.1
%
1,279
11.9
%
(15)
-1.2
%
Cost of operations
9,672
92.8
%
9,463
87.7
%
209
2.2
%
Operating profit
$
750
7.2
%
1,322
12.3
%
(572)
-43.3
%
Industrial and Commercial Segment
Six months ended June 30, 2026
(dollars in thousands)
2026
%
2025
%
Change
%
Lease revenue
$
2,183
100.0
%
2,721
100.0
%
(538)
(19.8
%)
Depreciation and amortization
1,166
53.4
%
962
35.4
%
204
21.2
%
Operating expenses
585
26.8
%
463
17.0
%
122
26.3
%
Property taxes
254
11.6
%
210
7.7
%
44
21.0
%
Cost of operations
2,005
91.8
%
1,635
60.1
%
370
22.6
%
Operating profit before G&A
$
178
8.2
%
1,086
39.9
%
(908)
(83.6
%)
Depreciation and amortization
1,166
962
204
Unrealized revenues
30
101
(71)
Net operating income
$
1,374
62.9
%
$
2,149
79.0
%
$
(775)
(36.1
%)
Mining Royalty Lands Segment Results
Six months ended June 30, 2026
(dollars in thousands)
2026
%
2025
%
Change
%
Mining royalty and rent revenue
$
7,783
100.0
%
6,843
100.0
%
940
13.7
%
Depreciation, depletion and amortization
497
6.4
%
355
5.2
%
142
40.0
%
Operating expenses
57
0.7
%
32
0.5
%
25
78.1
Property taxes
153
2.0
%
151
2.2
%
2
1.3
%
Cost of operations
707
9.1
%
538
7.9
%
169
31.4
%
Operating profit before G&A
$
7,076
90.9
%
6,305
92.1
%
771
12.2
%
Depreciation and amortization
497
355
142
Unrealized revenues
327
289
38
Net operating income
$
7,900
101.5
%
$
6,949
101.5
%
$
951
13.7
%
Development Segment Results
Six months ended June 30, 2026
(dollars in thousands)
2026
2025
Change
Lease revenue
$
719
601
118
Joint venture management fee revenue
358
—
358
Total revenues
1,077
601
476
Depreciation, depletion and amortization
86
86
—
Operating expenses
111
832
(721)
Property taxes
426
296
130
Cost of operations
623
1,214
(591)
Operating profit before G&A
$
454
(613)
1,067
CONSOLIDATED BALANCE SHEETS – As of June 30 (In thousands, except share data)
Assets:
June 30, 2026
December 31, 2025
Real estate investments at cost:
Land
$
182,857
182,936
Buildings and improvements
310,344
309,132
Projects under construction
75,893
45,032
Total investments in properties
569,094
537,100
Less accumulated depreciation and depletion
94,298
88,558
Net investments in properties
474,796
448,542
Real estate held for investment, at cost
12,872
12,626
Investments in joint ventures
158,302
153,084
Net real estate investments
645,970
614,252
Cash, cash equivalents and restricted cash including $11,570 and $11,394 of restricted cash at June 30, 2026 and December 31, 2025, respectively
100,975
105,361
Accounts receivable, net
1,943
1,874
Federal and state income taxes receivable
1,354
1,071
Unrealized rents
1,420
1,264
Deferred costs
3,082
3,768
Goodwill
6,893
6,893
Other assets
676
662
Total assets
$
762,313
735,145
Liabilities:
Notes payable, net
$
214,618
192,554
Accounts payable and accrued liabilities
17,784
12,148
Other liabilities
2,503
2,317
Deferred revenue
3,464
3,356
Deferred income taxes
66,900
66,900
Deferred compensation
1,521
1,524
Tenant security deposits
696
689
Total liabilities
307,486
279,488
Commitments and contingencies
Equity:
Common stock, $.10 par value
25,000,000 shares authorized,
19,198,301 and 19,109,541 shares issued
and outstanding, respectively
1,920
1,911
Capital in excess of par value
72,736
71,368
Retained earnings
354,264
355,210
Accumulated other comprehensive income, net
26
24
Total shareholders’ equity
428,946
428,513
Noncontrolling interests
25,881
27,144
Total equity
454,827
455,657
Total liabilities and equity
$
762,313
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. We provide operating profit before G&A and Pro rata net operating income (NOI) 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. These measures are not, and should not be viewed as, a substitute for GAAP financial measures.
