Author: FRP Holdings, Inc.

JACKSONVILLE, FL / ACCESS Newswire / November 5, 2025 / 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 September 30, 2025.

Third Quarter Highlights and Recent Developments

• 51% decrease in Net Income ($0.7 million vs $1.4 million) due largely to expenses related to the Altman Logistics platform acquisition ($1.3 million) partially offset by higher mining royalties and improved results in Equity in Loss of Joint Ventures (excluding the Altman acquisition expenses, adjusted Net Income was up $0.3 million).

• 16% decrease in pro rata NOI ($9.5 million vs $11.3 million) primarily due to a non-recurring $1.9 million minimum royalty payment in last year’s third quarter. This one-time, catch-up payment applied to the prior twenty-four months when the tenant failed to meet a production requirement contained in the lease. The revenue from this payment was straight-lined over the life of the lease. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $0.1 million this quarter versus last year’s same quarter.

• 3% decrease in the Multifamily segment’s pro rata NOI primarily due to lower NOI at the Maren from higher uncollectable revenue along with higher operating costs and property taxes.

• 25% decrease in Industrial and Commercial segment NOI primarily due to vacancies from an eviction of one tenant and lease expirations.

• 26% decrease in Mining Royalty Lands segment NOI from the aforementioned $1.9 million minimum royalty payment in the third quarter of 2024. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $0.5 million or 16% this quarter versus last year’s same quarter.

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

• Subsequent to the end of the quarter, on October 21, 2025, the Company acquired the business operations and development pipeline of Altman Logistics Property, LLC, including two projects already majority-owned by FRP Holdings as well as minority interests in a portfolio of institutional grade assets under development.

Executive Summary and Analysis

Results for the first nine months were in line with the expectations we outlined earlier this year. Net income is down for this calendar year primarily due to legal expenses associated with our recently announced acquisition of Altman Logistics. On an NOI basis, year-to-date results trailed our 2024 performance primarily due to the one-time $1.9 million catch-up payment received in the third quarter of last year.

Looking forward to next quarter and beyond, we are focused on laying the foundation for long-term earnings and NOI growth. Leasing and occupying the industrial and commercial vacancies accumulated over the past year will be key drivers of both these metrics. Over the next five years, though, our most significant growth will come from executing on projects within our development pipeline. This includes advancing development entitlements in Maryland to ensure these projects are shovel-ready in 2026, continuing to deliver on our active developments in Florida and South Carolina, and filling the newly developed spaces with tenants.

Essential to any discussion of future growth for the Company is our acquisition of Altman Logistics, which closed subsequent to the end of the quarter. Altman was the Company’s partner on our first two industrial joint venture in Florida. This transaction is an important step toward scaling the Company and expanding beyond our traditional in-house development footprint into key growth markets, especially Florida and New Jersey. The additional cashflows generated from the future sale of our minority interests acquired in the Altman transaction will help fuel our newly expanded development platform. This combination will be the driver for the Company’s next decade of growth.

Comparative Results of Operations for the three months ended September 30, 2025 and 2024

Consolidated Results

(dollars in thousands)		Three Months Ended September 30,
		2025				2024				Change				%
Revenues:
Lease revenue		$	7,086				7,434			$	(348	)			-4.7	%
Mining royalty and rents			3,689				3,199				490				15.3	%
Total revenues			10,775				10,633				142				1.3	%
Cost of operations:
Depreciation, depletion and amortization			2,825				2,551				274				10.7	%
Operating expenses			3,304				1,860				1,444				77.6	%
Property taxes			955				850				105				12.4	%
General and administrative			2,328				2,289				39				1.7	%
Total cost of operations			9,412				7,550				1,862				24.7	%
Total operating profit			1,363				3,083				(1,720	)			-55.8	%
Net investment income			2,369				2,304				65				2.8	%
Interest expense			(739	)			(742	)			3				-.4	%
Equity in loss of joint ventures			(2,225	)			(2,839	)			614				-21.6	%
Income before income taxes			768				1,806				(1,038	)			-57.5	%
Provision for income taxes			203				427				(224	)			-52.5	%
Net income			565				1,379				(814	)			-59.0	%
Income (loss) attributable to noncontrolling interest			(97	)			18				(115	)			-638.9	%
Net income attributable to the Company		$	662				1,361			$	(699	)			-51.4	%

Net income for the third quarter of 2025 was $662,000 or $.03 per share versus $1,361,000 or $.07 per share in the same period last year. Excluding the Altman acquisition expenses, adjusted Net Income was up $281,000 . Pro rata NOI for the third quarter of 2025 was $9,523,000 versus $11,272,000 in the same period last year. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $104,000 this quarter versus last year’s same quarter. The third quarter of 2025 was impacted by the following items:

• Operating profit decreased $1,720,000 primarily due to $1,281,000 of expenses related to the Altman Logistics platform acquisition. The pro rata operating profit of the Multifamily segment increased however the consolidated portion of the Multifamily segment (Dock/Maren) decreased $404,000 due to uncollectable revenue and higher operating expenses and property taxes. The Industrial and Commercial segment operating profit declined $501,000 due to $207,000 higher depreciation from completion of our new Chelsea warehouse along with lower occupancy due to a tenant default and non-renewing leases. Mining Royalty Land’s segment operating profit increased $438,000 due to higher royalty tons and revenues less related depletion.

• Net investment income increased $65,000 because of higher income from our lending ventures ($465,000) mostly offset by reduced earnings on cash equivalents ($400,000).

• Equity in loss of Joint Ventures improved $614,000 due to improved results of our unconsolidated joint ventures. Results improved at Bryant Street ($255,000) and BC Realty ($401,000) both due to higher revenues and lower variable rate interest expense.

• Pro rata NOI decreased $1,749,000 primarily due to the same quarter last year including a catch-up, minimum royalty payment of $1.9 million that applied to the prior twenty-four months as the tenant failed to meet a production requirement contained in the lease. This revenue was straight-lined over the life of the lease. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $104,000 this quarter versus last year’s same quarter.

Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)

		Three months ended September 30
(dollars in thousands)		2025				%				2024				%				Change				%
Lease revenue		$	8,466				100.0	%			8,226				100.0	%			240				2.9	%
Depreciation and amortization			3,347				39.5	%			3,353				40.8	%			(6	)			-.2	%
Operating expenses			2,842				33.6	%			2,841				34.5	%			1				–	%
Property taxes			1,021				12.1	%			865				10.5	%			156				18.0	%
Cost of operations			7,210				85.2	%			7,059				85.8	%			151				2.1	%
Operating profit before G&A		$	1,256				14.8	%			1,167				14.2	%			89				7.6	%
Depreciation and amortization			3,347								3,353								(6	)
Unrealized rents & other			(33	)							202								(235	)
Net operating income		$	4,570				54.0	%			4,722				57.4	%			(152	)			-3.2	%

The combined consolidated and unconsolidated pro rata net operating income this quarter for this segment was $4,570,000, down $152,000 or 3% compared to $4,722,000 in the same quarter last year. Most of this decrease was from $177,000 lower NOI at the Maren due to increased uncollectable revenue along with higher operating costs and property taxes.

Apartment Building		Units				Pro rata NOI Q3 2025				Pro rata NOI Q3 2024				Avg. Occupancy Q3 2025				Avg. Occupancy Q3 2024				Renewal Success Rate Q3 2025				Renewal % increase Q3 2025
Dock 79 Anacostia DC			305			$	938,000			$	964,000				93.8	%			94.0	%			68.1	%			2.8	%
Maren Anacostia DC			264			$	796,000			$	973,000				94.1	%			94.9	%			56.5	%			2.7	%
Riverside Greenville			200			$	213,000			$	243,000				92.0	%			94.0	%			55.6	%			4.9	%
Bryant Street DC			487			$	1,649,000			$	1,537,000				93.4	%			91.5	%			67.2	%			2.7	%
.408 Jackson Greenville			227			$	358,000			$	362,000				92.5	%			94.5	%			59.1	%			3.1	%
Verge Anacostia DC			344			$	616,000			$	643,000				92.0	%			90.1	%			64.8	%			1.9	%
Multifamily Segment			1,827			$	4,570,000			$	4,722,000				93.0	%			92.8	%

Multifamily Segment (Consolidated – Dock 79 & The Maren)

		Three months ended September 30
(dollars in thousands)		2025				%				2024				%				Change				%
Lease revenue		$	5,556				100.0	%			5,682				100.0	%			(126	)			-2.2	%
Depreciation and amortization			2,002				36.1	%			1,985				35.0	%			17				.9	%
Operating expenses			1,763				31.7	%			1,573				27.7	%			190				12.1	%
Property taxes			636				11.4	%			565				9.9	%			71				12.6	%
Cost of operations			4,401				79.2	%			4,123				72.6	%			278				6.7	%
Operating profit before G&A		$	1,155				20.8	%			1,559				27.4	%			(404	)			-25.9	%

Total revenues for our two consolidated joint ventures were $5,556,000, a decrease of $126,000 versus $5,682,000 in the same period last year. Total operating profit before G&A for the consolidated joint ventures was $1,155,000, a decrease of $404,000, or 26% versus $1,559,000 in the same period last year primarily due to increased uncollectable revenue along with higher operating costs and property taxes at 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.

		Three months ended September 30
(dollars in thousands)		2025				%				2024				%				Change				%
Lease revenue		$	5,440				100.0	%			5,129				100.0	%			311				6.1	%
Depreciation and amortization			2,250				41.4	%			2,265				44.2	%			(15	)			-.7	%
Operating expenses			1,894				34.8	%			1,985				38.7	%			(91	)			-4.6	%
Property taxes			675				12.4	%			557				10.9	%			118				21.2	%
Cost of operations			4,819				88.6	%			4,807				93.7	%			12				.2	%
Operating profit before G&A		$	621				11.4	%			322				6.3	%			299				92.9	%

For our four unconsolidated joint ventures, pro rata revenues were $5,440,000, an increase of $311,000 or 6% compared to $5,129,000 in the same period last year. Pro rata operating profit before G&A was $621,000, an increase of $299,000 or 93% versus $322,000 in the same period last year. The increase was due to improved occupancy at The Verge and Bryant Street and higher revenues at .408 Jackson.

Industrial and Commercial Segment

		Three months ended September 30
(dollars in thousands)		2025				%				2024				%				Change				%
Lease revenue		$	1,229				100.0	%			1,455				100.0	%			(226	)			(15.5	%)
Depreciation and amortization			567				46.2	%			360				24.7	%			207				57.5	%
Operating expenses			224				18.2	%			185				12.7	%			39				21.1	%
Property taxes			97				7.9	%			68				4.7	%			29				42.6	%
Cost of operations			888				72.3	%			613				42.1	%			275				44.9	%
Operating profit before G&A		$	341				27.7	%			842				57.9	%			(501	)			(59.5	%)
Depreciation and amortization			567								360								207
Unrealized revenues			(4	)							7								(11	)
Net operating income		$	904				73.6	%		$	1,209				83.1	%		$	(305	)			(25.2	%)

Shell construction on our 258,279 square foot spec warehouse project in Aberdeen, MD on Chelsea Road was completed effective April 1, 2025 and is in the lease-up phase. We have ten buildings in service at four different locations totaling 773,356 square feet of industrial and 33,708 square feet of office of which 48.6% was leased and occupied at September 30, 2025. Excluding Chelsea these assets were 72.4% leased and occupied during the quarter compared to 95.6% leased and occupied during the same quarter last year primarily due to an eviction for failure to pay rent by one tenant and lease expirations. Total revenues in this segment were $1,229,000, down $226,000 or 16%, over the same period last year. Operating profit before G&A was $341,000, down $501,000 or 60% over the same quarter last year due to $216,000 of depreciation and $40,000 of operating costs at Chelsea along with the lower occupancy. Net operating income in this segment was $904,000, down $305,000 or 25% compared to the same quarter last year.

Mining Royalty Lands Segment Results

		Three months ended September 30
(dollars in thousands)		2025				%				2024				%				Change				%
Mining royalty and rent revenue		$	3,689				100.0	%			3,199				100.0	%			490				15.3	%
Depreciation, depletion and amortization			213				5.8	%			163				5.1	%			50				30.7	%
Operating expenses			17				0.5	%			20				0.6	%			(3	)			-15.0	%
Property taxes			75				2.0	%			70				2.2	%			5				7.1	%
Cost of operations			305				8.3	%			253				7.9	%			52				20.6	%
Operating profit before G&A		$	3,384				91.7	%			2,946				92.1	%			438				14.9	%
Depreciation and amortization			213								163								50
Unrealized revenues			159								1,994								(1,835	)
Net operating income		$	3,756				101.8	%		$	5,103				159.5	%		$	(1,347	)			(26.4	%)

Total revenues in this segment were $3,689,000, an increase of $490,000 or 15% versus $3,199,000 in the same period last year. Royalty tons were up 6.5%. Royalty revenue per ton increased 5% over the same period last year. Total operating profit before G&A in this segment was $3,384,000, an increase of $438,000 versus $2,946,000 in the same period last year. Net operating income was $3,756,000, down $1,347,000 or 26% compared to the same quarter last year as higher revenues were more than offset by a $1,835,000 decrease in unrealized revenues. The unrealized revenue decrease is due to the same quarter last year including a catch-up, minimum royalty payment of $1.9 million that applied to the prior twenty-four months as the tenant failed to meet a production requirement contained in the lease. This revenue was straight-lined over the life of the lease.

Development Segment Results

		Three months ended September 30
(dollars in thousands)		2025				2024				Change
Lease revenue		$	301				297				4
Depreciation, depletion and amortization			43				43				–
Operating expenses			1,300				82				1,218
Property taxes			147				147				–
Cost of operations			1,490				272				1,218
Operating profit before G&A		$	(1,189	)			25				(1,214	)

With respect to ongoing Development Segment projects:

• We are the principal capital source to develop 344 residential lots on 110 acres in Harford County, MD. We have funded $27.5 million of our $31.1 million total commitment. A national homebuilder is under contract to purchase all 222 townhome lots and 122 single family lots. At quarter-end, 180 lots have been sold and $24.8 million has been returned to the company of which $6.1 million was booked as profit to the Company.

• We entered into two new joint venture agreements in early 2024 with Altman Logistics. The first joint venture is a 201,420 square-foot warehouse development project in Lakeland, FL, and the second joint venture is a two building 183,215 square-foot warehouse redevelopment project in Broward County, FL. We closed on both construction loans in March, 2025 and construction commenced in the second quarter of 2025. Substantial completion of both projects is expected in the second quarter of 2026.

• On May 30, 2025, we secured construction financing for our multifamily joint venture with Woodfield Development, known as Woven. This is our third multifamily project in Greenville, SC. This is an $87.8M project with 214 units and 13,500 square feet of ground floor retail that is eligible to receive South Carolina Textile Rehabilitation Credits upon substantial completion and received Special Source Credits equal to 50% of the real estate taxes for a period of 20 years. The project broke ground during the 3rd quarter and substantial completion of the project is expected in late 2027.

• On July 23,2025, we entered into a joint venture agreement with Strategic Real Estate Partners (“SREP”), a private real estate development firm which specializes in industrial real estate development, to develop 377,892 square feet in two warehouses in Lake County, Florida near Orlando, with options for investment in additional industrial warehouses on adjacent properties in the future. Substantial completion of the first warehouse is expected in the fourth quarter of 2026,

• On September 12, 2025, we secured construction financing for the first phase (296 multifamily units and 28,745 square feet of retail) of our Estero joint venture with Woodfield Development, located between Naples and Ft. Myers. Substantial completion is expected late 2027.

Nine Month Highlights

• 37% decrease in Net Income ($3.0 million vs $4.7 million) due to $2 million of expenses related to acquiring the Altman Logistics platform. Excluding the $2 million of Altman acquisition expenses, adjusted Net income was down $0.2 million.

• 1.6% decrease in pro rata NOI ($28.6 million vs $29.0 million). Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $1.4 million this year.

• Multifamily segment’s pro rata NOI was up slightly as improved results at Bryant Street, .408 Jackon and The Verge were mostly offset by uncollectable revenue along with higher operating costs and property taxes at the Maren.

• 9% decrease in Industrial and Commercial revenue and 14% decrease in that segment’s NOI

• 1.7% decrease in the Mining Royalty Lands’ Segment’s NOI. Excluding the $1.9 million paynent in last year, adjusted pro rata NOI in this segment was up $1.7 million or 18%.

Comparative Results of Operations for the Nine months ended September 30, 2025 and 2024

Consolidated Results

(dollars in thousands)		Nine Months Ended September 30,
		2025				2024				Change				%
Revenues:
Lease revenue		$	21,399				21,850			$	(451	)			-2.1	%
Mining royalty and rents			10,532				9,393				1,139				12.1	%
Total revenues			31,931				31,243				688				2.2	%
Cost of operations:
Depreciation/depletion/amortization			8,158				7,629				529				6.9	%
Operating expenses			7,743				5,429				2,314				42.6	%
Property taxes			2,895				2,517				378				15.0	%
General and administrative			7,790				6,883				907				13.2	%
Total cost of operations			26,586				22,458				4,128				18.4	%
Total operating profit			5,345				8,785				(3,440	)			-39.2	%
Net investment income			7,278				8,795				(1,517	)			-17.2	%
Interest expense			(2,258	)			(2,482	)			224				-9.0	%
Equity in loss of joint ventures			(6,635	)			(8,582	)			1,947				-22.7	%
Income before income taxes			3,730				6,516				(2,786	)			-42.8	%
Provision for income taxes			907				1,743				(836	)			-48.0	%
Net income			2,823				4,773				(1,950	)			-40.9	%
Income (loss) attributable to noncontrolling interest			(127	)			67				(194	)			-289.6	%
Net income attributable to the Company		$	2,950			$	4,706			$	(1,756	)			-37.3	%

Net income for the first nine months of 2025 was $2,950,000 or $.16 per share versus $4,706,000 or $.25 per share in the same period last year. Excluding the $2 million of Altman acquisition expenses, adjusted Net Income was down $231,000. Pro rata NOI for the first nine months of 2025 was $28,575,000 versus $29,036,000 in the same period last year. Excluding the $1.9 million payment in last year, adjusted pro rata NOI was up $1.4 million this year. The first nine months of 2025 were impacted by the following items:

• Operating profit decreased $3,440,000 primarily due to $1,993,000 of expenses related to the Altman Logistics platform acquisition and higher General and administrative expense ($907,000). General and administrative expense increased primarily due to overlapping compensation as a result of the implementation of our executive succession and transition plan that commenced in June, 2024. Industrial and commercial segment operating profit declined $1,057,000 because of a $446,000 increase in depreciation expense from completion of our new Chelsea warehouse, as well as lower occupancy due to a tenant default and non-renewing leases. Mining Royalty Land’s segment operating profit increased $1,034,000 due to higher royalty revenues and the prior year’s overpayment deduction of $566,000.

• Net investment income decreased $1,517,000 from reduced earnings on cash equivalents ($1,303,000) and reduced income from our lending ventures ($214,000) primarily due to fewer residential lot sales.

• Interest expense decreased $224,000 compared to the same period last year as we capitalized $215,000 more interest. More interest was capitalized due to increased in-house and joint venture projects under development this quarter compared to last year.

• Equity in loss of Joint Ventures improved $1,947,000 because of improved results at our unconsolidated joint ventures. Results improved at The Verge ($517,000) due to lower rent concessions, improved occupancy and lower interest expense, and also at Bryant Street ($911,000) and BC Realty ($623,000) because of higher revenues and lower variable rate interest expense.

Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)

For ease of comparison all the figures in the tables below include the results for The Verge from prior periods (when this project was still in our Development segment).

		Nine months ended September 30
(dollars in thousands)		2025				%				2024				%				Change				%
Lease revenue		$	25,238				100.0	%			24,222				100.0	%			1,016				4.2	%
Depreciation and amortization			10,020				39.7	%			10,042				41.5	%			(22	)			-.2	%
Operating expenses			8,158				32.3	%			7,913				32.7	%			245				3.1	%
Property taxes			2,999				11.9	%			2,666				11.0	%			333				12.5	%
Cost of operations			21,177				83.9	%			20,621				85.1	%			556				2.7	%
Operating profit before G&A		$	4,061				16.1	%			3,601				14.9	%			460				12.8	%
Depreciation and amortization			10,020								10,042								(22	)
Unrealized rents & other			(144	)							248								(392	)
Net operating income		$	13,937				55.2	%			13,891				57.3	%			46				.3	%

The combined consolidated and unconsolidated pro rata net operating income this quarter for this segment was $13,937,000, up $46,000 compared to $13,891,000 in the same period last year. The NOI increase was primarily due to improved results at Bryant Street, .408 Jackson, and The Verge mostly offset by underperformance at Maren due to increased uncollectable revenue along with higher operating costs and property taxes.

Apartment Building		Units				Pro rata NOI YTD 2025				Pro rata NOI YTD 2024				Avg. Occupancy YTD 2025				Avg. Occupancy YTD 2024				Renewal Success Rate YTD 2025				Renewal % increase YTD 2025
Dock 79 Anacostia DC			305			$	2,838,000			$	2,842,000				95.0	%			94.1	%			69.3	%			3.8	%
Maren Anacostia DC			264			$	2,541,000			$	2,820,000				93.8	%			94.5	%			55.1	%			3.9	%
Riverside Greenville			200			$	650,000			$	682,000				92.6	%			93.6	%			56.3	%			4.9	%
Bryant Street DC			487			$	4,730,000			$	4,588,000				93.5	%			91.9	%			58.8	%			2.4	%
.408 Jackson Greenville			227			$	1,076,000			$	1,000,000				94.9	%			94.6	%			59.0	%			4.0	%
Verge Anacostia DC			344			$	2,102,000			$	1,959,000				92.9	%			89.7	%			67.6	%			2.5	%
Multifamily Segment			1,827			$	13,937,000			$	13,891,000				93.7	%			92.7	%

Multifamily Segment (Consolidated – Dock 79 and The Maren)

		Nine months ended September 30
(dollars in thousands)		2025				%				2024				%				Change				%
Lease revenue		$	16,547				100.0	%			16,592				100.0	%			(45	)			-.3	%
Depreciation and amortization			5,932				35.8	%			5,947				35.9	%			(15	)			-.3	%
Operating expenses			4,875				29.5	%			4,553				27.4	%			322				7.1	%
Property taxes			1,919				11.6	%			1,665				10.0	%			254				15.3	%
Cost of operations			12,726				76.9	%			12,165				73.3	%			561				4.6	%
Operating profit before G&A		$	3,821				23.1	%			4,427				26.7	%			(606	)			-13.7	%

Total revenues for our two consolidated joint ventures were $16,547,000, an increase of $45,000 versus $16,592,000 in the same period last year. Total operating profit before G&A for the consolidated joint ventures was $3,821,000, a decrease of $606,000, or 14% versus $4,427,000 in the same period last year primarily due to higher operating expenses ($322,000) and property taxes ($254,000).

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.

		Nine months ended September 30
(dollars in thousands)		2025				%				2024				%				Change				%
Lease revenue		$	16,225				100.0	%			15,180				100.0	%			1,045				6.9	%
Depreciation and amortization			6,768				41.7	%			6,783				44.7	%			(15	)			-.2	%
Operating expenses			5,560				34.3	%			5,437				35.8	%			123				2.3	%
Property taxes			1,954				12.0	%			1,761				11.6	%			193				11.0	%
Cost of operations			14,282				88.0	%			13,981				92.1	%			301				2.2	%
Operating profit		$	1,943				12.0	%			1,199				7.9	%			744				62.1	%

For our four unconsolidated joint ventures, pro rata revenues were $16,225,000, an increase of $1,045,000 or 7% compared to $15,180,000 in the same period last year. Pro rata operating profit before G&A was $1,943,000, an increase of $744,000, or 62% versus $1,199,000 in the same period last year. The increase was due to lease up at The Verge and higher revenues at Bryant Street and .408 Jackson.

Industrial and Commercial Segment

		Nine months ended September 30
(dollars in thousands)		2025				%				2024				%				Change				%
Lease revenue		$	3,950				100.0	%			4,353				100.0	%			(403	)			(9.3	%)
Depreciation and amortization			1,529				38.7	%			1,083				24.8	%			446				41.2	%
Operating expenses			687				17.4	%			591				13.6	%			96				16.2	%
Property taxes			307				7.8	%			195				4.5	%			112				57.4	%
Cost of operations			2,523				63.9	%			1,869				42.9	%			654				35.0	%
Operating profit before G&A		$	1,427				36.1	%			2,484				57.1	%			(1,057	)			(42.6	%)
Depreciation and amortization			1,529								1,083								446
Unrealized revenues			97								(12	)							109
Net operating income		$	3,053				77.3	%		$	3,555				81.7	%		$	(502	)			(14.1	%)

Total revenues in this segment were $3,950,000, down $403,000 or 9%, over the same period last year. Operating profit before G&A was $1,427,000, down $1,057,000 or 43% from $2,484,000 in the same period last year due to $432,000 of depreciation and $70,000 of operating costs at our spec Chelsea warehouse placed in service in April, a write-off of $118,000 unrealized rent receivable and $34,000 deferred leasing commission related to a tenant that defaulted, and the related lower occupancy. Net operating income in this segment was $3,053,000, down $502,000 or 14% compared to the same period last year.

Mining Royalty Lands Segment Results

		Nine months ended September 30
(dollars in thousands)		2025				%				2024				%				Change				%
Mining royalty and rent revenue		$	10,532				100.0	%			9,393				100.0	%			1,139				12.1	%
Depreciation, depletion and amortization			568				5.4	%			471				5.0	%			97				20.6	%
Operating expenses			49				0.5	%			53				0.6	%			(4	)			-7.5
Property taxes			226				2.1	%			214				2.3	%			12				5.6	%
Cost of operations			843				8.0	%			738				7.9	%			105				14.2	%
Operating profit before G&A		$	9,689				92.0	%			8,655				92.1	%			1,034				11.9	%
Depreciation and amortization			568								471								97
Unrealized revenues			448								1,765								(1,317	)
Net operating income		$	10,705				101.6	%		$	10,891				115.9	%		$	(186	)			(1.7	%)

Total revenues in this segment were $10,532,000, an increase of $1,139,000 or 12% versus $9,393,000 in the same period last year. Royalty revenues in the prior year were impacted by the deduction of royalties to resolve an $842,000 overpayment which we referenced previously. Through the nine months of last year, the tenant withheld $619,000 in royalties otherwise due to the Company. Royalty tons were down 5% primarily due to a decrease at one location that had one-time project specific rail shipments in the prior year. The revenue reduction from the decreased volume was more than offset by increased royalties per ton (up 10.6% excluding the prior year payment deduction) along with the overpayment reduction in the prior year. Total operating profit before G&A in this segment was $9,689,000, an increase of $1,034,000 versus $8,655,000 in the same period last year. Net operating income in this segment was $10,705,000, down $186,000 or 2% compared to the same period last year as higher revenues were more than offset by a $1,317,000 decrease in unrealized revenues (see discussion in the Mining segment’s quarterly analysis.

Development Segment Results

		Nine months ended September 30
(dollars in thousands)		2025				2024				Change
Lease revenue		$	902				905				(3	)
Depreciation, depletion and amortization			129				128				1
Operating expenses			2,132				232				1,900
Property taxes			443				443				–
Cost of operations			2,704				803				1,901
Operating profit before G&A		$	(1,802	)			102				(1,904	)

FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)

Assets:		September 30 2025				December 31 2024
Real estate investments at cost:
Land		$	180,121				168,943
Buildings and improvements			308,807				283,421
Projects under construction			29,548				32,770
Total investments in properties			518,476				485,134
Less accumulated depreciation and depletion			85,746				77,695
Net investments in properties			432,730				407,439
Real estate held for investment, at cost			12,484				11,722
Investments in joint ventures			143,298				153,899
Net real estate investments			588,512				573,060
Cash and cash equivalents			134,853				148,620
Cash held in escrow			966				1,315
Accounts receivable, net			1,560				1,352
Federal and state income taxes receivable			961				–
Unrealized rents			1,262				1,380
Deferred costs			2,509				2,136
Other assets			637				622
Total assets		$	731,260				728,485
Liabilities:
Secured notes payable		$	185,338				178,853
Accounts payable and accrued liabilities			9,365				6,026
Other liabilities			1,487				1,487
Federal and state income taxes payable			–				611
Deferred revenue			2,973				2,437
Deferred income taxes			67,655				67,688
Deferred compensation			1,508				1,465
Tenant security deposits			738				805
Total liabilities			269,064				259,372
Commitments and contingencies
Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 19,109,234 and 19,046,894 shares issued and outstanding, respectively			1,911				1,905
Capital in excess of par value			70,558				68,876
Retained earnings			355,217				352,267
Accumulated other comprehensive income, net			32				55
Total shareholders’ equity			427,718				423,103
Noncontrolling interests			34,478				46,010
Total equity			462,196				469,113
Total liabilities and equity		$	731,260				728,485

Non-GAAP Financial Measures.

To supplement the financial results presented in accordance with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We provide Pro rata net operating income (NOI) because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated partnerships, when read in conjunction with our reported results under GAAP. In this quarter, we provided an adjusted Net Income to adjust for the impact of one-time expenses of the Altman Logistics acquisition, which is a material business combination unlike our historical real estate acquisitions or joint ventures where expenses are capitalized. We also provided adjusted net operating income to adjust for the impact of the one-time material royalty payment in the third quarter of 2024 to better depict the comparable results in both the quarter and year to date. Management believes these adjustments provide a more accurate comparison of our on-going business operations and results over time due to the non-recurring, material and unusual nature of these two specific items. These measures are not, and should not be viewed as, a substitute for GAAP financial measures. For ease of comparison all the figures in the tables below include the results for The Verge in the Multifamily segment for all periods shown.

Pro rata Net Operating Income Reconciliation
Nine months ending9/30/25 (in thousands)
		Industrial and Commercial Segment				Development Segment				Multifamily Segment				Mining Royalties Segment				Unallocated Corporate Expenses				FRP Holdings Totals
Net income (loss)		$	1,092				948				(3,940	)			7,385				(2,662	)			2,823
Income tax allocation			335				291				(1,221	)			2,269				(767	)			907
Income (loss) before income taxes			1,427				1,239				(5,161	)			9,654				(3,429	)			3,730
Less:
Unrealized rents			–								–				–								–
Interest income							2,782				10								4,486				7,278
Plus:
Unrealized rents			97				–				20				448				–				565
Professional fees							1,975				114												2,089
Equity in loss of joint ventures			–				(259	)			6,859				35								6,635
Interest expense			–				–				2,133				–				125				2,258
Depreciation/amortization			1,529				129				5,932				568								8,158
General and administrative			–				–				–				–				7,790				7,790
Net operating income (loss)			3,053				302				9,887				10,705				–				23,947
NOI of noncontrolling interest											(4,508	)											(4,508	)
Pro rata NOI from unconsolidated joint ventures							578				8,558												9,136
Pro rata net operating income		$	3,053				880				13,937				10,705				–				28,575

Pro rata Net Operating Income Reconciliation
Nine months ended 09/30/24 (in thousands)
		Industrial and Commercial Segment				Development Segment				Multifamily Segment				Mining Royalties Segment				Unallocated Corporate Expenses				FRP Holdings Totals
Net income (loss)		$	1,222				(2,498	)			(3,951	)			5,884				4,116				4,773
Income tax allocation			376				(767	)			(1,224	)			1,808				1,550				1,743
Income (loss) before income taxes			1,598				(3,265	)			(5,175	)			7,692				5,666				6,516
Less:
Unrealized rents			12				–				–				–				–				12
Interest income							2,995												5,800				8,795
Plus:
Unrealized rents			–				–				–				1,765				–				1,765
Professional fees			–				–				15				–				–				15
Equity in loss of joint ventures			–				2,081				6,466				35				–				8,582
Interest expense			–				–				2,348				–				134				2,482
Depreciation/amortization			1,083				128				5,947				471				–				7,629
General and administrative			886				4,281				788				928				–				6,883
Net operating income (loss)			3,555				230				10,389				10,891				–				25,065
NOI of noncontrolling interest			–				–				(4,727	)			–				–				(4,727	)
Pro rata NOI from unconsolidated joint ventures			–				469				8,229				–				–				8,698
Pro rata net operating income		$	3,555				699				13,891				10,891				–				29,036

		THREE MONTHS ENDED								NINE MONTHS ENDED
		SEPTEMBER 30								SEPTEMBER 30
		2025				2024				2025				2024
Reconciliation of net Income to adjusted net income:
Net income attributable to the Company		$	662			$	1,361			$	2,950			$	4,706
Adjustments related to Altman acquisition expenses:
Operating expenses			1,263				–				1,975				–
General and administrative			18				–				18				–
Total adjustments to net income before income taxes			1,281				–				1,993				–
Income tax effect on non-GAAP adjustment			(301	)			–				(468	)			–
Adjusted net income attributable to the Company		$	1,642			$	1,361			$	4,475			$	4,706
Reconciliation of NOI to adjusted NOI:
Pro rata net operating income		$	9,523			$	11,272			$	28,575			$	29,036
Minimum royalty payment applicable to prior 24 months			–				(1,853	)			–				(1,853	)
Adjusted pro rata net operating income		$	9,523			$	9,419			$	28,575			$	27,183

Conference Call

The Company will host a conference call on Thursday, November 6, 2025 at 9:00 a.m. (EDT). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-800-343-4849 (passcode 83364) within the United States. International callers may dial 1-203-518-9848 (passcode 83364). Audio replay will be available until November 20, 2025 by dialing 1-800-839-2389 within the United States. International callers may dial 1-402-220-7204. No passcode needed. An audio replay will also be available on the Company’s website under investors, financials, quarterly results (https://investors.frpdev.com/quarterly-reports) following the call.

Additional Information

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

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

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

Contact: Matthew C. McNulty Chief Financial Officer

904/858-9100

SOURCE: FRP Holdings, Inc.

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