FRPH

Interested in FRP Holdings, Inc.? Here are five stocks we like better. FRP’s second-quarter results were broadly in line with expectations, with approximately $9.4 million in pro forma NOI, $4.1 million in FFO, or $0.21 per share, and roughly $130 million of liquidity. Management is prioritizing industrial real estate, expecting its industrial portfolio to expand to about 2.1 million square feet as development projects are completed. Leasing activity improved, but tenant decisions remain slow and Maryland occupancy fell sharply amid departures and a bankruptcy. FRP lowered its full-year NOI outlook to approximately $36.2 million, reflecting delayed industrial lease-up and continued Washington, D.C., multifamily pressures, partly offset by stronger mining results. D.C. properties face new supply, rents on new leases about 10% below prior levels, and tenant delinquency of roughly 8%. FRP (NASDAQ:FRPH) said its second-quarter results were largely in line with management’s expectations as industrial leasing activity improved but lease execution remained uneven, while multifamily operations in Washington, D.C., continued to face supply and delinquency pressures. President and Chief Operating Officer David deVilliers III said the company generated approximately $9.4 million in pro forma net operating income, or NOI, and approximately $4.1 million in funds from operations, or FFO, equal to $0.21 per share, during the quarter. FRP ended the period with about $130 million of liquidity, including approximately $101 million of cash. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Management said it is directing most future discretionary growth capital toward industrial real estate, while continuing to operate and maximize the value of its multifamily and mining-royalty businesses. DeVilliers said the company views industrial properties serving logistics, manufacturing, distribution and service users as its most attractive long-term investment opportunity. FRP said its acquisition of Altman Logistics over the past year expanded both the scale of its industrial platform and its operating capabilities. As its current industrial development pipeline is delivered through the first quarter of next year, the company expects its industrial portfolio to grow to about 2.1 million square feet from approximately 800,000 square feet at the end of 2025. → 3 Drone Stocks That Should Soar After the Summer Slump The company has signed about 20,700 square feet of industrial leases and has approximately 97,500 square feet in active lease negotiations, according to deVilliers. Chief Investment Officer Mark Levy said FRP has more than 110,000 square feet of renewals and pending new transactions in process. “Tenant decision making remains deliberate and transaction timelines remain longer than historical norms,” Levy said, though he added that activity has increased significantly and tenants generally continue to report solid operating results and strong balance sheets. → The Bitcoin Comeback May Already Be Underway—2 ETFs for Exposure Levy said national industrial construction activity has contracted by roughly 60% from its 2022-2023 peak, while absorption has strengthened. He said FRP expects a more favorable supply-demand environment for projects delivering in the near term, particularly in Florida, New Jersey and Maryland, where regulatory constraints and development restrictions limit new supply. In Maryland, management said occupancy in its same-store industrial portfolio, including Hollander Business Park and Cranberry Business Park, declined to 70.6% from 92% in the first quarter of 2025. DeVilliers attributed the decline to several tenant departures, including government tenants, and one tenant bankruptcy. The company said it is seeing increased activity and negotiations at Cranberry. Levy said the Chelsea industrial project, delivered last year, has faced longer tenant decision cycles and competition from available space and incentives in southern New Jersey. FRP does not currently plan to develop additional speculative space at its Mechanics Valley and Crouse sites, he said, unless market fundamentals become more durable. The company instead plans to market those sites for build-to-suit opportunities and maintain their development readiness. In Florida, Levy characterized Broward County as highly supply constrained. FRP is close to signing a roughly 25,000-square-foot lease at its Davie project at what he described as a strong rental rate. The Davie building has not yet been delivered. Management also cited strong activity at its Lakeland property, though no leases have yet been signed there, and said Camp Lake is positioned to benefit from population growth and demand from local service businesses. Mining generated approximately $4.1 million of NOI in the quarter, up about 12% from a year earlier. DeVilliers said the business provides durable recurring cash flow with little incremental capital requirement and supports FRP’s development strategy and balance-sheet flexibility. The company lowered its full-year NOI outlook to approximately $36.2 million from an original plan of $37.1 million. Management said the approximately $900,000 reduction reflects about $800,000 from delayed industrial lease-up and $1 million of operating headwinds in the Washington, D.C., multifamily portfolio, partly offset by approximately $850,000 of stronger-than-expected mining performance. FRP’s multifamily development pipeline includes 510 units in Greenville, South Carolina, and Estero, Florida, expected to deliver in the first quarter of 2028. The additions would expand the company’s multifamily portfolio to 2,337 units from 1,827 units. Across industrial and multifamily projects, the company cited approximately $506 million of total project costs and approximately $34 million of expected stabilized NOI, of which FRP’s share is approximately $16.6 million. Management said Greenville multifamily operations continue to perform well, while Washington, D.C., remains pressured by new supply, concessions and tenant delinquencies. DeVilliers said renewal rent increases at the company’s D.C. properties were positive and above 1.5% during the quarter, but rents on new leases following tenant departures were approximately 10% below prior tenant levels. He said about 8% of tenants were not paying rent and that eviction timelines in the district can extend 12 to 18 months. FRP’s tenant renewal rate is above 50%, while economic occupancy increased by approximately 75 basis points during the quarter, according to deVilliers. Chief Executive Officer John Baker III said the company’s D.C. delinquency issues have persisted for several years, while increased apartment supply in the Anacostia submarket has more recently pressured trade-outs. Management described the supply issue as cyclical, but said it does not expect delinquency challenges tied to the district’s regulatory environment to improve soon. Several shareholders on the call urged FRP to consider dividends or stock repurchases. Baker said management will generally favor investing capital in projects while development opportunities remain available. He said buybacks in the near term would be conducted opportunistically, while a meaningful repurchase program or dividend could become part of the company’s approach if it reaches a point where cash generation exceeds available projects. On expenses, Baker said general and administrative costs should be considered largely flat at their current run rate because the company has built out its team and does not expect material new hiring. DeVilliers added that first-quarter G&A included more than $500,000 of one-time audit and legal expenses related to a closing that are not expected to recur. FRP reported debt service coverage of approximately 2.82 times and net debt equal to approximately 19% of fair market value. Management said its priorities remain industrial lease-up, stabilizing projects already under development, preserving balance-sheet strength and selectively investing in long-term industrial growth. FRP Holdings, Inc (NASDAQ: FRPH) is an industrial services holding company that provides asset integrity and life-extension solutions to heavy-industry clients. Through its operating subsidiaries, FRP offers a broad suite of non-destructive testing (NDT), inspection services, mechanical maintenance, protective coatings, thermal spray and surface-preparation services. These offerings help clients maintain and extend the service life of critical equipment and infrastructure across multiple sectors. The company's core activities include ultrasonic, radiographic and magnetic-particle testing, site-based inspections, welding and fabrication support, and specialized coating applications designed to withstand extreme environments. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "FRP Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Leasing activity has significantly increased, with property tours, proposals, and active negotiations up across multiple markets. The industrial development pipeline will expand the portfolio from 800,000 to 2.1 million square feet by Q1 2027. Mining NOI increased 12% year-over-year, providing durable cash flow with minimal capital requirements. The balance sheet remains strong with $130 million in liquidity, a debt service coverage of 2.82x, and net debt at 19% of fair market value. The national industrial construction pipeline has contracted 60% from its peak, improving the supply-demand outlook for new projects. Industrial leasing is taking longer than underwritten, with full-year NOI guidance reduced by $900,000 due to delayed lease-up. Washington DC multifamily portfolio faces elevated supply, higher delinquencies, and a regulatory environment that prolongs evictions. Maryland industrial same-store occupancy dropped from 92% to 70.6% due to tenant losses, including a bankruptcy. FFO is pressured by lease timing, elevated platform costs, and higher interest expenses. Management faces shareholder criticism for not returning capital via buybacks or dividends, with the stock trading at a deep discount to NAV. Warning! GuruFocus has detected 4 Warning Signs with FRPH. Is FRPH fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide more color on the multi-family performance in DC, which seems to be getting hit harder than peers?A: David Devillier III (President and COO): The issue is widespread across our DC portfolio. While renewal increases are positive (above 1.5%) and renewal rates are above 50%, we are getting hit on trade-outs, with new tenant rates about 10% lower. The biggest headwind is that about 8% of tenants aren't paying rent. Due to DC's regulatory environment and backed-up court systems, it takes 12-18 months to evict non-paying tenants, and some people are taking advantage of this by signing leases with no intention of paying. We are improving our screening process, and economic occupancy ticked up about 75 basis points this quarter, but the delinquency headwind remains significant. Q: What's going on with the Maryland/Baltimore industrial market, specifically at Cranberry and Chelsea, which seem to be leasing up slower than expected?A: David Devillier III (President and COO) and Mark Levy (Chief Investment Officer): Our Maryland same-store portfolio (Hollander and Cranberry) dropped from 92% occupied in Q1 2025 to 70.6% currently, due to losing government tenants and one bankruptcy. However, we have tremendous activity at Cranberry now. For Chelsea, the Baltimore north markets are caught between larger logistics markets. Large users are consolidating to centralize distribution, often choosing Pennsylvania or New Jersey, where there is oversupply and economic incentives. The good news is that competitive supply in New Jersey has been absorbed, and there are very few new projects in the pipeline, which should create openings for us. Q: Given the stock trades at a significant discount to NAV, why isn't the company prioritizing share buybacks or dividends over new development?A: John Baker III (CEO): As long as we have projects to put capital into, we will always opt for that over dividends or buybacks. We have a lot on our plate right now, and given economic uncertainty, it makes sense to hold cash to play both defense and offense. We haven't reached a point where we have more cash coming in than projects to fund. Any buybacks would be done opportunistically, but that is not the current plan. Q: What is the leasing outlook for the major industrial projects in Broward County, Davie, and Lakeland?A: Mark Levy (Chief Investment Officer): Broward County is the most supply-constrained submarket in the country with sub-4% vacancy and high barriers to entry. Our Davie site is uniquely located at the intersection of three major highways, near the airport and port. We are close to signing a lease for ~25,000 square feet at a strong rate. In Central Florida, Lakeland is seeing tremendous activity driven by population growth and tenants consolidating operations between Tampa and Orlando. Camp Lake is a localized service business story driven by residential expansion. We are confident in the lease-up of these projects. Q: How should we think about G&A costs going forward, given they've increased significantly in the first half of the year?A: Matt McNulty (CFO): A flat run rate is a good way to think about it. We have built out our team and have no new hires on the horizon. There was more than $0.5 million in one-time costs in Q1 related to audit and legal fees from a closing that won't recur, but the rest is a steady run rate. Q: What are your thoughts on the recent comparable sale across from Bryant Street, and how does Bryant Street compare?A: John Baker III (CEO): That deal (the Trammel Crow Rowan building) closed at a 6% cap rate, which is a good indication of where the DC market is right now. Bryant Street is very similar in terms of location and characteristics. I am always partial to our assets, but it's a good comp for where things are. Q: How much cash is earmarked for future development, and how are you judging future opportunities versus buybacks?A: John Baker III (CEO): Most of our equity capital for current deliveries has already been spent. We have about $8 million going out over the next two quarters for vertical construction at Woven. Our focus now is deploying capital for leasing and entitlements to get sites shovel-ready. We have $100 million in cash and $130 million in total liquidity, which is more than enough. We will always choose investing in projects over buybacks as long as we have opportunities. Q: Is there a plan to develop more office or other uses at the riverfront properties in DC, or is it all multi-family?A: David Devillier III (President and COO): Office is not in the plan. We originally envisioned office and hotel for phases 3 and 4, but we now believe this is a great multi-family area. We own the land at a very low basis and see an opportunity to create a waterfront multi-family portfolio. We are not breaking ground now given market conditions, but in 7-8 years, we will monitor the market, debt markets, and construction costs to make the right decision. Q: How will you communicate the lease absorptions occurring in the Florida warehouses to investors?A: John Baker III (CEO): We will communicate progress through our quarterly earnings releases. Q: Have you moved up the timeframe for developing Brooksville?A: John Baker III (CEO): There was never a set timeframe. It is purely a function of the right developer coming along to take the property down. The calcium mining is a wonderful interim use, and when someone wants to develop the land, they will approach us. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Mining Royalties Revenue up 13% on higher Volume and Pricing; Multifamily and Industrial Occupancy Remain Pressured; Industrial Leasing the Near-Term Priority JACKSONVILLE, FL / ACCESS Newswire / 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) 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 ResultsSix 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) 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 [email protected] Comparative Results of Operations for the three months ended June 30, 2026 and 2025 Consolidated Results Multifamily Segment (Pro rata consolidated and pro rata unconsolidated) Multifamily Segment (Consolidated - Dock 79 & The Maren) 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. Industrial and Commercial Segment Mining Royalty Lands Segment Results Development Segment Results Comparative Results of Operations for the Six months ended June 30, 2026 and 2025 Consolidated Results Multifamily Segment (Pro rata consolidated and pro rata unconsolidated) Multifamily Segment (Consolidated - Dock 79 and The Maren) 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. Industrial and Commercial Segment Mining Royalty Lands Segment Results Development Segment Results CONSOLIDATED BALANCE SHEETS - As of June 30 (In thousands, except share data) 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. SOURCE: FRP Holdings, Inc. View the original press release on ACCESS Newswire

Image source: The Motley Fool. Friday, April 10, 2026 at 4:30 p.m. ET Chief Executive Officer — John Baker III Chairman — John Baker II President and Chief Operating Officer — David deVilliers III Chief Financial Officer — Matthew McNulty Chief Investment Officer — Mark Levy Chief Accounting Officer — John Klopfenstein Need a quote from a Motley Fool analyst? Email [email protected] Matthew McNulty: Thank you. Good afternoon, and thank you all for joining us on this call today. I am Matt McNulty, Chief Financial Officer of FRP Holdings, Inc. And with me today are John Baker II, our Chairman; John Baker III, our CEO; David deVilliers III, our President and Chief Operating Officer; Mark Levy, our Chief Investment Officer; and John Klopfenstein, our Chief Accounting Officer. First, let me run through a brief disclosure regarding forward-looking statements and non-GAAP measures used by the company. As a reminder, any statements on this call, 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 risks and uncertainties are listed in our SEC filings. To supplement the financial results presented in accordance with generally accepted accounting principles, FRP presents certain non-GAAP financial measures within the meaning of Regulation G. The non-GAAP financial measures referenced in this call are net operating income, or NOI, and pro rata NOI. In this quarter, we provided an adjusted net income to adjust for the impact of onetime 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 onetime material royalty payment in the third quarter of 2024 to better depict the comparable results year-to-date. Management believes these adjustments provide a more accurate comparison of our ongoing business operation and results over time due to the nonrecurring material and unusual nature of these 2 specific items. FRP uses these non-GAAP financial measures to analyze its operations and to monitor, assess and identify meaningful trends in our operating and financial performance. These measures are not and should not be viewed as a substitute for GAAP financial measures. To reconcile adjusted net income, net operating income and adjusted net operating income to GAAP net income, please refer to our most recently filed 10-K. I will now turn the call over to our President and Chief Operating Officer, David deVilliers III, for his report on company and segment financials as well as operations. David? David deVilliers: Thank you, Matt, and good afternoon, everyone. I'll begin with a review of our fourth quarter and full year 2025 results and then discuss our operating priorities as we move into 2026 and beyond. 2025 was a transition year operationally, but more importantly, it was a year where we significantly expanded the scale, capabilities and long-term earnings potential of our platform. As we enter 2026, our focus is shifting from repositioning and investment toward execution and the conversion of embedded value into cash flow. For the year, we generated approximately $37.9 million of NOI and $22.1 million of FFO or $1.16 per share and ended the year with approximately $144 million of liquidity. These results were generally in line with our expectations and position us well for the next phase of growth. Late in the fourth quarter, we completed the Altman Industrial acquisition for approximately $33.5 million, adding roughly 1.6 million square feet of industrial development pipeline. While not included in our original budget, this acquisition significantly expands our platform and strengthens our presence in high conviction logistics markets. Turning to commercial and industrial. The portfolio totals approximately 807,000 square feet and ended the year approximately 47.5% occupied or 69.9%, excluding our new Chelsea building compared to 95.6% last year. Segment NOI was approximately $875,000 in Q4 and $3.9 million for the year, representing declines of 11.8% and 13.6%, respectively. The primary dynamic in 2025, which we anticipated entering the year was lease rollover timing. While occupancy declined as expected, leasing velocity was somewhat slower than anticipated as tenant decision cycles lengthened. Importantly, we view this as timing within the leasing cycle rather than a change in underlying demand. We currently have approximately 423,000 square feet available for lease-up, representing roughly 52% of the segment. At stabilization, this represents approximately $3.3 million of incremental annual NOI, representing a clear and visible earnings opportunity over the next 24 months. Execution will be focused on leasing velocity, pricing discipline and progressing occupancy towards approximately 70% by year-end, with a path to stabilization in the low 90% range over the following 18 to 24 months. Turning to Mining and Royalties. This segment generated approximately $3.9 million of NOI in Q4 and $14.6 million for the year, representing increases of 11.5% and 1.5%, respectively, with strong margins. The business continues to provide durable, high-margin cash flow with minimal incremental capital requirements and remains an important stabilizing component of our overall earnings and profile. While quarterly results may fluctuate due to timing or nonrecurring items, underlying performance remains consistent and supports balance sheet flexibility. Moving to Multifamily. The portfolio includes approximately 1,827 units across Washington, D.C. and Greenville, South Carolina. NOI totaled approximately $4.2 million in Q4 and $18.1 million for the year, representing modest declines of 2.6% and 0.4%, respectively, with average occupancy around 93% and economic occupancy, which reflects concessions and delinquencies of approximately 88%. Fourth quarter results were somewhat below expectations, primarily driven by: one, retail revenue softness of approximately $127,000 NOI impact; two, lower occupancy at Maren, averaging approximately 89%; and three, continued operating expense pressures. From a regional perspective, South Carolina remains stable with economic occupancy around 92%. Washington, D.C. remains more competitive due to supply pressure with economic occupancy around 87%. Our focus remains on resident retention, disciplined pricing, expense control and improving retail occupancy where possible. Development remains a primary driver of incremental value creation. Our current pipeline represents approximately $441 million in total project costs with expected stabilized incremental NOI of approximately $30 million over time. The Altman acquisition expands our footprint in Florida and New Jersey, adds experienced development talent and enhances our relationship with institutional capital partners. We continue to underwrite conservatively, target yields on cost of approximately 6.7% or greater, market cap rates of approximately 5.25% or lower, target IRRs in the 15% to 20% range. Development value is realized over time through lease-up and our pacing remains disciplined and aligned with market conditions. Stepping back, we operate a capital-efficient logistics platform designed to compound long-term per share value. This model combines development, selective ownership and partners to generate multiple sources of return, including development gains, durable cash flow and fee income. Our approach allows us to recycle capital, scale beyond our balance sheet and dynamically allocate capital across opportunities based on risk-adjusted returns. Importantly, this model allows us to generate value through development, convert that value into durable earnings and scale through partnerships, creating a more capital efficient and higher return platform over time. Our estimated NAV per share is approximately $37.60, increasing to over $40 per share over the next 3 years compared to a current share price that has recently traded between $20 and $24. Closing this gap remains a central focus of management, and we believe execution across leasing, development stabilization and disciplined capital allocation will be the primary drivers of narrowing that discount over time. Looking ahead, we view 2026 as an investment year. We expect NOI to be approximately $37.1 million to $37.7 million, with G&A increasing to approximately $15 million to $16 million as we integrate the Altman platform and continue investing in the infrastructure required to support a larger, more scalable operating platform. Importantly, this increase reflects intentional investment ahead of NOI growth, including the addition of the development, asset management and operational capabilities necessary to execute on our expanded pipeline. As a result, G&A as a percentage of NOI is expected to be elevated in 2026, potentially in the low 40% range before declining meaningfully as leasing activity accelerates, development stabilizes and incremental NOI is realized. Over time, as the platform scales, we expect operating leverage to emerge with G&A trending toward a more normalized range in the low 20% area. We believe this is the right trade-off, investing today to unlock a significantly larger and more valuable earnings base over the next several years. Balance sheet discipline remains foundational. We ended the year with approximately $144 million of liquidity, net debt to enterprise value of approximately 21% and a weighted average interest rate of approximately 5.24%. This liquidity provides flexibility to fund development, support lease-up and navigate market cycles without reliance on asset sales. To close, the next 12 to 24 months are about execution and value realization, leasing the industrial portfolio, stabilizing development and converting embedded NAV into durable cash flow are the key drivers of near-term performance. We are seeing early signs of stabilization across our markets and fundamentals for well-located logistics assets remain constructive. In fact, we recently signed a lease for 15,000 square feet at Cranberry Business Park in Maryland with a face rent 38% higher than the previous tenant and in the final stages of a lease for over 26,000 square feet at Davie in South Florida with a face rate above underwriting. We believe the work completed in 2025 has positioned us to drive meaningful growth in both NAV per share and durable earnings over the next several years. With that, I'll turn the call over to Mark Levy, our Chief Investment Officer, to provide additional perspective on leasing strategy, capital deployment and market positioning. Mark? Mark Levy: Thank you, David. Good afternoon, everybody. So as we enter 2026, our priorities are straightforward: convert vacant square footage into durable cash flow and institutionalize a capital deployment model that is scalable, repeatable and risk aware. Leasing is the fulcrum of value creation in our industrial strategy. Over the last several quarters, we have formalized our leasing process across markets, tightening broker coverage, implementing structured outreach cadence, refining competitive intelligence and aligning leasing and asset management under a single execution framework. The objective is to eliminate variability in process while allowing flexibility and market response. In Maryland, where leasing absorption lagged our initial expectations, we have adjusted. We recalibrated rent positioning where appropriate, expanded brokerage engagement and integrated additional leasing resources following the Altman transaction. We are underwriting to today's strike rents and protecting long-term basis rather than forcing velocity at the expense of asset value. In Central and Northern New Jersey, we are seeing improving tour activity and proposal volume, particularly from e-commerce and third-party logistics users recalibrating inventory strategies. In Florida, demand remains structurally supported by population growth and the migration towards Florida-centric logistics networks rather than reliance on Southeast regional hubs. Decision cycles remain longer than during peak years, but underlying utilization and supply dynamics are stabilizing into what I would characterize as normal post-COVID environment. On the supply side, development starts were materially curtailed in 2025 and entitlement friction, particularly in coastal infill corridors continues to limit new inventory. That dynamic should benefit well-located projects delivering into 2026 and 2027. Our capital allocation framework this year centers on 3 initiatives: first, complete and stabilize the current pipeline, including capitalizing and advancing a 24-acre site in Southwest Broward County expected to deliver approximately 335,000 square feet of Class A logistics product. We are sizing leverage conservatively and underwriting lease-up assumptions that reflect current market velocity rather than peak cycle absorption. Second, formalize a deployment model where basis discipline drive returns. We are targeting infill land positions along the East Coast where entitlement complexity and infrastructure adjacency create structural barriers to entry. Importantly, exit decisions will be made at stabilization, not inception. That preserves optionality, whether merchant realization to crystallize development spread or transition to longer-term hold where compounding cash flow and rent growth justify retention. Third, continue diversifying return channels. That includes selective net lease build-to-suit opportunities, leveraging established occupier relationships, targeted value-add acquisitions where operational efficiencies and mark-to-market leasing can drive NOI growth and capital partnerships that allow us to scale without overextending the balance sheet. Promote economics and fee generation will supplement core NOI over time. Capital markets are incrementally improving. Bank execution is more active, spreads have compressed modestly and equity capital is reengaging in development. We are not underwriting to peak leverage or assuming exit cap rate compression. Our posture remains conservative, protecting downside first, then optimizing upside. Across all industrial strategies, our filters are consistent, infill locations proximate to highways, ports and airports, deep labor pools, limited competing entitled land and basis that provides margin for error. Industrial real estate rewards disciplined operators over full cycles. Our focus in 2026 is to institutionalize that discipline in leasing, in underwriting and in capital structure so the growth is durable and the balance sheet risk is measured. With that, I'll turn the call over to John Baker for his closing remarks. John Baker: Thank you, Mark, and good afternoon to all those on the call. The financial results of 2025, while in line with expectations, don't tell the full story of everything we did this year. It can't be overstated what the acquisition of the Altman Logistics platform and its team opens up for the company in terms of where we develop, how we develop and with whom. This acquisition has refined and augmented a platform and pipeline that management expects will drive earnings and earnings growth, operational cash flow and net asset value. In the short term, that growth will come through improvements in same-store industrial occupancy. Getting our industrial portfolio back to the occupancy levels we have historically enjoyed remains a priority. As David mentioned, fully occupied at current market rents, the vacancies in our current assets represent approximately $3.3 million in NOI growth. That's growth we can achieve with minimal capital expenditures, and it has the most immediate financial impact. In the long run, we will continue to create value through our development segment. In terms of growing NOI, our top priority in this segment is developing and stabilizing our 3 industrial assets in Florida that are currently in development. We anticipate stabilization of these buildings totaling 762,000 square feet in 2028, which represents approximately $9.6 million in net operating income. These same-store development goals are achievable and measurable, and we have provided in Slide 12 of our quarterly supplemental presentation of results, a way for investors to measure and track the value these assets represent when fully leased. This is the yardstick by which we intend to measure our progress, and we intend -- we encourage investors to do the same. I think we can open it up for questions. Operator: [Operator Instructions] Your first question is coming from Stephen Farrell from Oppenheimer. Stephen Farrell: I just want to start with some quick questions on the D.C. market. I know there was a lot of supply that came on this year. And how is it absorbing that? And do you have any comments on a big drop in vacancy pretty much across the board from Q3 to Q4 at Dock, Maren, Bryant Street and the Verge was essentially flat. Any comments on that? David deVilliers: So in terms of D.C., I would say Dock and Maren and Verge are next to some large-scale multifamily that has come online, and they are offering, I would say, significant rental concessions, 2, 3 months. And that's something that we have to compete against, and we're trying to balance that. At the end of the day, it's a competitor. It's right next door, and it's going to put pressure on our occupancy. And that's something that we are experiencing at Dock, Maren, and Verge. Stephen Farrell: And something like how many units came on from that development? David deVilliers: It's probably 2,000 units. Stephen Farrell: 2,000. Okay. And then have you guys offered concessions as well or raised your concession? David deVilliers: No. I mean, in areas where we see and just if we have a number of, let's just say, studio apartments that are all vacant and they've been vacant for a while, we are giving some concessions out, but we're trying to keep them limited. We've seen pretty good renewal success kind of in 2025, we kind of saw renewals, let's just say, 60% across the board with renewal increases of anywhere from 2% to 4%, which was good. But again, as you noted, occupancy at Dock and Maren if you just look at average 2024 against average 2025, it's down. And we're still dealing with delinquencies in the D.C. market as well. Matthew McNulty: And I think, David, you know the answer to this. David deVilliers: I was just going to say, I think the last time we checked on the absorption of those, call it, roughly 2,000 units, it was pretty deep into it, right? Unknown Executive: The pace is good. They are absorbing units. And we've seen that. The velocity is there. Concessions and rental growth seem to be intense. Stephen Farrell: Yes. And then what was the case at Bryant Street because that's a different area of town? David deVilliers: Different area. Average occupancy in 2024 was, let's just call it, 91% and average occupancy in 2025 is 92%. So we saw a little push. At Bryant Street, renewal success, probably just below 60%, 59% with renewals 2.7%. There, we're definitely dealing with delinquency. And it's just tough to kind of push rents with the same pace that we're seeing operating expenses. So that's pushing NOI down at that particular asset that we have in D.C. Stephen Farrell: And what percentage of the vacancy is delinquencies? And is it still tough to get an eviction and get them moving and out of the unit? David deVilliers: It is. It just -- it takes time. It takes time. Bryant Street continues to improve overall, kind of, I'll call it, 2025 NOI compared to '24 NOI was up 5% at Bryant Street, which is great. And we hope to continue that trend. Matthew McNulty: I think, Stephen, you had asked to what percentage of the delinquency is vacancy or we don't -- the delinquency would sort of get added on top of vacancy. And I want to say it's probably in the 5% range. I can't be exactly right. So if you just added another 5% to our vacancy, that would kind of get you to our economic occupancy. There has been some legal changes in D.C. within the last 6 to 9 months, basically a Rental Reform Act that was put in place really to help landlords with a lot of these issues that we're facing on the eviction cycle. We've heard that it's starting to help, but it's going to take some time to really see anything go from what's taken us 15 months, maybe now taken us 13, but it needs to be like 3. So we'll see. Stephen Farrell: You have a lot of projects going on that are getting delivered this year. I just kind of want to run through them. The Altman JVs, how much construction there has been done? I think we're expecting the summer for it to be ready. How much capital do you still need to put into that? David deVilliers: I mean, just high level, all of our Florida assets are delivering this summer. And I would say that is around, let's just say, 600,000 square feet that's delivering this summer in terms of equity, all of our equity is in. All the additional capital is really being funded with our construction loans that we have. And all those projects are well underway. I mean we're very, very close to getting shell finals. And at this stage, focus is on marketing and leasing and the dollars that we're going to be spending are leasing dollars to get those things stabilized. Our 2 projects in New Jersey are very, very close as well, looking to be shell completion final this summer. Stephen Farrell: The Central Florida industrial, that's going to be delivered this summer too? Is that [indiscernible]. Mark Levy: Yes, the answer is yes. Matthew McNulty: Yes. So it's a little later in the year on Camp Lake. Mark Levy: On Camp Lake, that's right. That's a little later in the year, yes. Matthew McNulty: So Stephen, just to clarify, so when we said Florida projects, he's right, they're all delivering. But Camp Lake, Lakeland and Davie, basically, we own either 100% or in the case of Camp Lake, we own 95%. Those are long-term hold assets. And then the other project in Florida that came with the Altman acquisition is Delray, which is already delivered. We are a 10% partner in that. And the same with Hamilton and Parsippany, roughly 10% partner. And those are the merchant build and sell assets. Stephen Farrell: Okay. Got you. And just at Cranberry, is the Cranberry where we had the vacancy last year? Unknown Executive: Yes. Stephen Farrell: Did I miss that you signed the lease there? David deVilliers: We did. We signed a lease for 15,000 square feet, which is good news. We couldn't share that news in 2025, but... Stephen Farrell: And I'm sorry, I missed this part. What was the rate? David deVilliers: I didn't disclose the rate, but I can tell you that the former tenant compared to the new deal that we had, the new deal, the base rent, the year 1 rate is 38% higher than the previous tenant. John Baker: Yes. I think that's the most exciting part about that. It indicates, one, where our rents were before and where they're headed. Stephen Farrell: And do you have any concern over the length of tenants taking to get someone in there? I know that you're dealing with an eviction and then any CapEx that you need to put into it to attract a new tenant. Does that give you any concern though? David deVilliers: It doesn't. Again, I just -- as we enter 2026, and we're kind of through, I'll call it, Q1, we've just seen increased activity, more tours, more proposals, better engagement across our markets. We're just seeing a combination of improving market activity. And as Mark pointed out, I think we have much better internal execution. And that gives us a lot more confidence in leasing velocity through 2026. Mark Levy: Yes. I would just add that we're really -- it's really not sort of a lack of demand. I just think that overall, it's a much more deliberate demand environment. So the process, the decision-making process typically is taking a little bit longer. There is more, for instance, in a -- for a larger, let's say, publicly traded company, there's more internal sign-offs that are now required. And there's just a higher level of focus being paid on things like labor adjacency and things like transportation costs, things like that. And so obviously, with some of the macroeconomic factors around price of oil, things like that, that sometimes drives into the discussion around transportation costs and how that factors into sort of their total sort of cost of occupancy, if you will. So there's just a variety of different elements that sort of fade in and fade out at different points. But overall, holistically, tenant demand is much stronger and much more deliberate than it was in 2025. Stephen Farrell: And do you think that has any implications or effects on the Harford County development? Mark Levy: Well, one of the things that we have seen is that there is -- for occupiers that are requiring a much larger space, call it, spaces larger than 500,000 square feet, there are very few entitled land options remaining really along the entire Eastern Seaboard. I think nationally, there's something under 60 entitled sites that can accommodate buildings of 1 million square feet or larger. So ultimately, larger tenants who are now reactivating into the market after sort of being on the sidelines for the last, call it, 24 months are finding really a dearth of options. So I think our positions in Harford County really will allow us to potentially entertain some of these larger requirements. Both of our positions are located in markets that have very good labor pools that can draw even from as far south as Baltimore City and Prince George's County. So ultimately, we've got a very -- I think, a very strong positioning in the market. The sites are on the way to being fully entitled. And we've had some early constructive dialogue with a number of tenants regarding both our Kraus Phase 2 and our Mechanics Valley site. Stephen Farrell: Okay. That's good to know. And just last one here, Woven and Estero, are those all fully funded? Or do you need to and put up more capital for the developments? David deVilliers: Woven and Estero are both in different stages. Woven, we actually are a lender in that. So we do have additional capital through a bridge loan with them, but equity is -- all the equity is in for woven. Estero, we have probably another $3 million of equity that we would put into that. And then after that, the construction debt is there, it's ready to go. So very, very minimal cash required for each of those. Operator: [Operator Instructions] That concludes our Q&A session. I will now hand the conference back to Chief Executive Officer, John Baker, for closing remarks. Please go ahead. John Baker: I just want to close by saying how excited we are about what the future holds for this company. What the Altman acquisition has done for this company in terms of expanding the options we have and how we choose to develop our pipeline and future assets. It's the most exciting thing I've experienced since working here. When you couple that with the leasing activity we've seen this year, it's really heady cocktail. I really appreciate everyone on the call taking the time to be with us on a Friday afternoon and as always, for your continued interest in the company. This concludes the call. 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This article first appeared on GuruFocus. Net Operating Income (NOI): Approximately $8.9 million for the quarter. Funds From Operations (FFO): $3.6 million, or $0.19 per share. Liquidity: Approximately $130 million between cash and line availability. Commercial and Industrial Occupancy: 47.5% occupied, down from 85% last year. Commercial and Industrial Segment NOI: $758,000, compared to $1,139,000 last year. Mining and Royalties NOI: $3.8 million, up 15% year-over-year. Multifamily NOI: $4.1 million for the quarter. Development Pipeline Costs: Approximately $441 million with expected stabilized incremental NOI of $30 million. General and Administrative Expenses (G&A): Expected to be approximately $15 million to $16 million for 2026. Warning! GuruFocus has detected 4 Warning Sign with FRPH. Is FRPH fairly valued? Test your thesis with our free DCF calculator. Release Date: May 13, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. FRP Holdings Inc (NASDAQ:FRPH) generated approximately $8.9 million of net operating income (NOI) and $3.6 million of funds from operations (FFO) in the first quarter of 2026. The company completed the Altman Industrial acquisition, adding 1.6 million square feet to its industrial development pipeline, expanding its presence in Florida and New Jersey. Mining and royalties segment showed strong performance with a 15% year-over-year increase in NOI, providing durable, high-margin cash flow. Leasing activity has improved with 53,000 square feet signed or under letters of intent, representing $1 million in future annualized NOI. FRP Holdings Inc (NASDAQ:FRPH) maintains a strong balance sheet with approximately $130 million of liquidity, providing substantial flexibility for future operations. Commercial and industrial portfolio occupancy decreased to 47.5% from 85% last year, impacting segment NOI. First quarter results in the multifamily segment were below expectations due to lower occupancy and higher operating costs, particularly in Washington, D.C. The company faces near-term pressure on FFO due to lease-up timing, elevated platform costs, and higher interest expenses. Washington, D.C. multifamily market remains competitive with continued supply pressure affecting occupancy and concessions. Development starts have declined, and high construction costs and yield on cost requirements continue to challenge future supply. Q: Can you provide an overview of FRP Holdings' financial performance for the first quarter of 2026? A: David H. deVilliers III, Chief Operating Officer, reported that FRP Holdings generated approximately $8.9 million of net operating income (NOI) and $3.6 million of funds from operations (FFO), or $0.19 per share. The company ended the quarter with around $130 million in liquidity, including cash and line availability. Q: What are the current occupancy rates and challenges in the commercial and industrial segments? A: David H. deVilliers III noted that the commercial and industrial portfolio, totaling approximately 807,000 square feet, ended the quarter with about 47.5% occupancy, down from 85% last year. This decline is attributed to anticipated lease rollover timing, slower tenant decision cycles, and the addition of the Chelsea Building. The segment's NOI was approximately $758,000, compared to $1,139,000 last year. Q: How is the mining and royalties segment performing? A: The mining and royalties segment generated approximately $3.8 million of NOI during the quarter, marking a 15% year-over-year increase. This growth is attributed to favorable trends in both volume and pricing, providing durable, high-margin cash flow with minimal incremental capital requirements. Q: What are the key priorities for FRP Holdings in 2026? A: David H. deVilliers III emphasized that the focus for 2026 is on leasing vacancy, stabilizing the development pipeline, and converting embedded NOI into dependable recurring cash flow. The company aims to maintain balance sheet discipline while working through lease-up and stabilization. Q: How is FRP Holdings addressing the challenges in the multifamily segment? A: The multifamily portfolio, which includes approximately 1,827 units, faced lower occupancy and economic occupancy in Washington, D.C., due to supply pressure. However, South Carolina remains stable. The company views the challenges as a localized supply issue rather than a broader deterioration across the multifamily platform. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

FRP Holdings (NASDAQ:FRPH) reported first-quarter financial results on Wednesday. The transcript from the company's first-quarter earnings call has been provided below. This transcript is brought to you by Benzinga APIs. For real-time access to our entire catalog, please visit https://www.benzinga.com/apis/ for a consultation. View the webcast at https://www.webcaster5.com/Webcast/Page/3158/54012 FRP Holdings Inc reported first quarter 2026 results with a net operating income (NOI) of $8.9 million and funds from operations (FFO) of $3.6 million or $0.19 per share, ending the quarter with $130 million in liquidity. The company completed the Altman Industrial acquisition, adding 1.6 million square feet of industrial development, and expanded operations in Florida and New Jersey, although occupancy in the commercial portfolio dropped due to lease rollover timing and new segment additions. Mining and royalties segment showed strong performance with a 15% year-over-year NOI increase, while the multifamily portfolio faced challenges in Washington, D.C. due to supply issues, impacting overall occupancy and performance. FRP Holdings Inc aims to stabilize its development pipeline and improve lease-up activities, expecting stable NOI and pressured FFO in 2026, with future growth dependent on leasing and development efforts. Management expressed optimism about improved leasing activity and market conditions, particularly in industrial spaces, and highlighted strategic focus on disciplined growth and capital deployment. OPERATOR Good day everyone. Welcome to the FRP Holdings Inc. First Quarter 2026 Conference Call. At this time, all participants have been placed on a listen only mode and the floor will be open for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Matt McNulty, CFO of FRP Holdings. The floor is yours. Matt McNulty (Chief Financial Officer) Great. Thank you. Good morning and thank you for joining us on this call today. I am Matt McNulty, Chief Financial Officer of FRP Holdings Inc. And with me today are John Baker II, our chairman John Baker III, our CEO David de Villier III, our president and chief operating officer, David de Villier Jr. Our vice chairman, John Milton, our Executive Vice President, Mark Levy, Chief Investment Officer and John Kloppenstein, our Chief Accounting Officer. First, let me run you through a brief disclosure regarding forward looking statements and non-GAAP measures used by the company. As a reminder, any statements on this call 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 risks and uncertainties are listed in our SEC filings to supplement the financial results presented in accordance with Generally Accepted Accounting Principles and FRP presents certain non-GAAP financial measures within the meaning of Regulation G. The non-GAAP financial measures referenced in this call are net operating income or NOI and pro rata NOI. FRP uses these non-GAAP financial measures to analyze its operations and to monitor, assess and identify meaningful trends in our operating and financial performance. These measures are not and should not be viewed as a substitute for GAAP financial financial measures. To reconcile adjusted net income,, net operating income and adjusted net operating income to GAAP net income,, please refer to our Most recently filed 10-Q. I will now turn the call over to our President and Chief Operating Officer David Evillier III for his report on operations. David de Villier III (President and Chief Operating Officer) Thank you, Matt and good morning everyone. I will begin with a review of our first quarter 2026 results and then discuss our operating priorities for the balance of the year and beyond. 2025 was a year where we significantly expanded the scale and long term earnings potential of the platform. As we move through 2026, the focus shifts towards execution. Simply put, we need to fill buildings, stabilize projects and turn that embedded value into dependable recurring cash flow over time. For the quarter we generated approximately 8.9 million of NOI and 3.6 million of FFO or $0.19 per share and ended the quarter with approximately 130 million of liquidity between cash and line availability. Late in the fourth quarter of 2025 we completed the Altman Industrial acquisition for approximately 33.5 million, adding roughly 1.6 million square feet of industrial development pipeline and expanding our presence in Florida and New Jersey. Turning to commercial and industrial, the Portfolio totals approximately 807,000 square feet and ended the quarter approximately 47.5% occupied compared to approximately 85% last year, primarily due to anticipated lease rollover timing, slower tenant decision cycles and the addition of the Chelsea Building segment. NOI totaled approximately 758,000 during the quarter compared to 1,139,000 last year. We continue to believe this is more a timing issue than a demand issue. Today we have approximately 423,000 square feet available for lease up, representing roughly 3.3 million of incremental annual NOI. Opportunity at stabilization Execution now comes down to leasing velocity, pricing discipline and occupancy growth over the next several quarters. Operationally activity feels materially different today than what we experienced in 2025. We are seeing more tours, more proposals, more tenant dialogue and improving leasing activity across multiple markets. Through Q1, we have now signed or LOI'd approximately 53,000 square feet representing roughly $1 million of future annualized NOI. As those leases commencement and convert to occupancy, we still have substantial work ahead of us, remain focused on filling our buildings and believe the platform is moving in the right direction. Turning to Mining and royalties, this Segment generated approximately 3.8 million of NOI during the quarter up 498,000 or 15% year over year. The second consecutive quarter of double digit underlying growth. With both volume and pricing trending favorably, mining continues to provide durable high margin cash flow with minimal incremental capital requirements. Mining royalties remain an important stabilizing component of the company's overall earnings profile and balance sheet flexibility. Moving to multifamily, the Portfolio includes approximately 1,827 units across Washington, D.C. and Greenville, S.C. NOI totaled approximately 4.1 million during the quarter. First quarter results were below expectations primarily due to lower occupancy and economic occupancy in our Washington, D.C. assets, higher operating costs and some softness in ground floor retail. From a market standpoint, South Carolina remains relatively stable with economic occupancy remaining in the low 90% range. Washington D.C. remains more competitive due to continued supply pressure, particularly from Vermeer in the stacks which impacted occupancy and concessions across DOC 79, Marin, and Verge. With economic occupancy remaining in the high 80% range during the quarter. Importantly, we view this primarily as a localized supply issue rather than a broader deterioration across the multifamily Platform development remains the company's largest long term NOI growth opportunity. The Altman acquisition which I mentioned earlier, was critical for two reasons. It expanded our pipeline and geographic footprint and it gave us the management capacity to execute on it. Current pipeline represents approximately 441 million of total project costs with expected stabilized incremental NOI of approximately 30 million over time. This opportunity represents a significant increase in NOI and earnings. Our pacing remains disciplined and the focus is on execution, lease up, stabilization and converting these projects into recurring cash flow over time and not simply growing to grow. Turning to the full year outlook for 2026, we expect NOI to remain relatively stable in the approximately $37 million range while lease up timing, elevated platform costs and higher interest expense continue to pressure near term ffo. We expect FFO to remain pressured in the near term with meaningful improvement tied to industrial lease up and development stabilization, both of which are underway. Important 2026 GNA is expected to be approximately 15 to 16 million and reflects the investment in people, systems and infrastructure needed to operate at scale. Balance sheet discipline remains foundational. We ended the quarter with approximately $130 million of liquidity and conservative asset level leverage. Importantly, while reported leverage metrics appear elevated on an EBITDA basis, asset level leverage remains conservative and liquidity remains strong. The balance sheet continues to provide substantial flexibility while we work through lease up and stabilization to close. 2025 was about building the platform. The next several quarters are about proving it. The near term priorities are clear. Lease the vacancy, stabilize the development pipeline and convert that embedded NOI, into dependable recurring cash flow. We have the balance sheet, liquidity and now the operational infrastructure to execute. We believe the pieces are in place for a meaningfully different earnings profile. Mining continues to perform, the DC multifamily supply overhang will clear and the industrial portfolio has the leasing activity to support it. With that, I'll turn the call over to Mark Levy,, our Chief Investment Officer to provide additional perspective on leasing activity, market conditions and capital deployment. Mark Mark Levy (Chief Investment Officer) thank you David and good morning. As we conclude the first quarter of 2026, we continue to be laser focused on driving leasing execution, converting vacancy into recurring cash flow, and continue building a scalable and disciplined industrial platform. Over the past several quarters we conducted a comprehensive review of our leasing and operating processes. As a result, we have made targeted refinements which will enable us to accelerate decision making, gather better market intelligence and improve alignment between our leasing, development and asset management teams. The changes we have made will create greater consistency, accountability and execution visibility across the platform. Importantly, we are beginning to see measurable progress from those initiatives. As David mentioned, we have signed leases or LOIs totaling 53,000 square feet representing $1,000,000 in annualized NOI. Furthermore, proposal activity, tenant engagement, tours and active negotiations have all increased meaningfully relative to prior periods. Our focus now is converting that activity into executed leases and recurring NOI growth. The the drivers behind this are occupiers seeking greater space efficiencies, closer access to labor and better proximity to transportation infrastructure. In Maryland, where lease up activity lagged our initial expectations in 2025, we recalibrated rent positioning where appropriate, expanded brokerage engagement and added additional leasing resources. Following the Alban transaction, we remain focused on balancing lease up velocity with long term value preservation and basis discipline. In New Jersey and Florida, we continue to see encouraging tenant activity, particularly from logistics, e commerce and third party distribution users. While decision making timelines remain longer than during peak post pandemic environment, overall market conditions across many of our target submarkets continue to stabilize. From a broader market perspective, development starts to climb materially during 2025 and into Q1 2026 while entitlement constraints and land scarcity will continue to limit future supply. In many infill coastal markets, we are seeing the lowest level of starts since 2010 and the number of future starts continues to be hampered by high construction costs and yield on cost requirements. This represents an opportunity for us as we have delivered or are delivering into submarkets marked by low vacancy and more limited competitive supply. From a capital allocation standpoint, our priorities remain focused on three key stabilizing the current development pipeline, selectively advancing new development opportunities in high barrier infill markets, and expanding capital relationships that support disciplined platform growth while maintaining balance sheet flexibility. We are also using technology to build better market data sets and test our assumptions more comprehensively. Furthermore, we are also continuing to diversify revenue channels through selective build to suit opportunities, targeted value add acquisitions, and institutional capital partnerships that can support future growth and recurring revenue generation over time. We are also making progress on that front, especially in the build to suit arena. Last discussions with prominent institutional investors and capital partners remain constructive. The feedback we continue to receive centers on confidence in the quality of our markets, operating platform development capabilities and long term industrial strategy. Additionally, from a capital markets perspective, financing conditions have improved modestly relative to the prior 12 to 18 months. Although we continue to maintain a conservative underwriting posture and remain focused on downside protection and disciplined basis management. Overall, FRP continues to make incremental but meaningful progress towards our goals. We believe FRP remains well positioned operationally, strategically and financially as we continue executing on our industrial growth strategy and and building a stronger and more scalable platform over time. I will now turn the call over to John Baker for his closing remarks. John Baker III (Chief Executive Officer) Thank you Mark, and good morning to all those on the call this quarter. Last year we had better results than we expected and I felt obliged to soften any enthusiasm they might inspire because of what we saw coming down the pipe for the rest of the year. I find myself in almost the exact opposite position relative to the first quarter of this year. Results this first quarter are worse than 2025. The headwinds we experienced last year are still with us, and yet I'm far more optimistic looking forward to the rest of the year and beyond. Leasing activity in our industrial space has completely flipped compared to last year, which is fortunate given that it remains our core focus for the foreseeable future. Same store leasing in particular is the most important way for us to improve the company's performance because it has the most immediate impact and involves so little in capex compared to development. The 50,000 square feet of leases signed or an LOI form, that David and Mark referred to is the tip of the iceberg in terms of phone calls, tours and paper traded. The volume that produced that number is diametrically opposed to what was more what more or less amounted to silence in that space last year. I don't think we are seeing a return to the industrial boom of the COVID years, but even a return to a more normalized leasing environment is comforting after the uncertainty of 2025. Given our focus on leasing, I can't tell you how heartening that is. As I mentioned so recently on our fourth quarter call, the yardstick by which we measure success will be the performance of our same store assets and the value created by our development segment, specifically our three industrial assets under development in Florida. We have included a table in our quarterly supplemental materials for investors to track our progress in these areas. As David said, we have a long way to go in order to achieve our goals, but the path forward is markedly clearer than it has been for some time. I think we'll open it up to questions, certainly. OPERATOR The floor is now open for questions. If you have any questions or comments, please press Star one on your phone at this time. We ask that while posing your question, you please pick up your handset if listening on a speakerphone to provide optimum sound quality. Please hold for just a few moments while we poll for any questions. Once again, if you do have any questions or comments, Please press star 1. There appear to be no questions in queue at this time. I would now like to turn the floor back to John Baker for any closing remarks. John Baker III (Chief Executive Officer) I really appreciate everyone on the call taking the time to be with us, and, as always, for your continued interest in the company. This concludes the call. OPERATOR Thank you, everyone. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation. Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice. UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga: FRP HOLDINGS (FRPH): Free Stock Analysis Report This article FRP Holdings Reports Q1 2026 Results: Full Earnings Call Transcript originally appeared on Benzinga.com ﾩ 2026 Benzinga.com. 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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 / ACCESS Newswire / 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) 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://investors.frpdev.com/) 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 [email protected] 312-445-2870 Comparative Results of Operations for the three months ended March 31, 2026 and 2025 Consolidated Results Multifamily Segment (Pro rata consolidated and pro rata unconsolidated) Multifamily Segment (Consolidated - Dock 79 & The Maren) 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. Industrial and Commercial Segment Mining Royalty Lands Segment Results Development Segment Results CONSOLIDATED BALANCE SHEETS - As of December 31 (In thousands, except share data) 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. SOURCE: FRP Holdings, Inc. View the original press release on ACCESS Newswire