FRP Holdings, Inc. (NASDAQ: FRPH) Announces Results for the First Quarter Ended March 31, 2025

Rhea-AI Summary

FRP Holdings (NASDAQ: FRPH) reported Q1 2025 net income of $1.71 million ($0.09/share), up 31% from $1.30 million ($0.07/share) in Q1 2024. The company saw a 10% increase in pro rata NOI to $9.36 million, driven by improved mining royalty revenue, better occupancy at the Verge, and increased lending venture interest income. However, the company faces headwinds including an industrial tenant default, vacant Chelsea warehouse, and stabilized multifamily assets competing with new DC projects. FRP plans to focus on growth through new developments, including industrial JVs with Altman Logistics and two multifamily projects in Greenville and Ft. Myers, targeting 810 units with estimated $6 million NOI upon stabilization. The company aims to double its industrial segment over five years by delivering three new industrial assets every two years.

Positive

• 31% increase in net income to $1.71 million
• 10% increase in pro rata NOI to $9.36 million
• 19% increase in Mining Royalty Lands segment NOI
• Plans to add 810 multifamily units with estimated $6 million NOI upon stabilization
• Strategic expansion with goal to double industrial segment size over 5 years

Negative

• Industrial NOI declined due to tenant default and eviction
• Chelsea warehouse remains unleased, impacting NOI negatively
• Multifamily segment facing competition from new DC projects, expecting flat to negative growth
• Higher General and administrative expenses due to executive succession plan
• Net investment income decreased $222,000 due to reduced earnings on cash equivalents

Insights

Financial Analyst

FRP Holdings delivered 31% net income growth to $1.7M despite facing headwinds in its industrial segment and upcoming challenges across its portfolio.

FRP Holdings posted a 31% increase in net income to $1,710,000 or $0.09 per share, compared to $1,301,000 or $0.07 per share in Q1 2024. The company also achieved a 10% improvement in pro rata NOI to $9.4 million.

This growth was driven primarily by three factors: increased mining royalty revenue, improved occupancy at The Verge multifamily property (which drove a $988,000 improvement in joint venture equity losses), and a $226,000 increase in lending venture interest income.

However, management has cautioned investors about tempering growth expectations for 2025. Several headwinds are evident in the results:

• The Industrial segment saw NOI decline by 2% due to a tenant default and eviction
• A newly completed 258,000 sq. ft. Chelsea warehouse will create operating expenses without offsetting revenue until leased
• Multifamily growth will plateau as all properties are now stabilized, with management expecting flat to slightly negative same-store growth amid competition from new supply in Washington, DC

Management describes these as "temporary headwinds" and is focusing on setting the stage for future NOI growth through:

• Leasing efforts at the Cranberry and Chelsea properties
• Breaking ground on two industrial joint ventures with Altman Logistics in Q2 2025
• Continuing entitlement work on Maryland industrial pipeline for 2026 development
• Planning to add industrial land through purchase or joint venture this year
• Beginning construction on two multifamily projects in Greenville and near Ft. Myers that will add 810 units and an estimated $6 million in NOI upon stabilization

By segment, Mining Royalty Lands was the standout performer with 19% NOI growth. The Multifamily segment posted a 3% increase in pro rata NOI, primarily from improved occupancy at The Verge. The Industrial segment declined as mentioned.

While Q1 results were positive, management's commentary suggests 2025 will be a transitional year focused on positioning for future growth rather than delivering significant near-term NOI improvements. Their stated goal is to double the industrial segment over five years while adding substantial multifamily capacity.

JACKSONVILLE, Fla., May 12, 2025 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ-FRPH) –

FRP Holdings is a real estate asset developer and manager across three differing asset classes including Multifamily, Industrial and Commercial, and Mining and Royalty Lands.

Net Income Results - Net income for the first quarter of 2025 was $1,710,000 or $.09 per share versus $1,301,000 or $.07 per share in the same period last year.

Executive Summary and Analysis – In the first quarter, the Company saw a 31% improvement in Net Income as well as a 10% increase in pro rata NOI compared to the same period last year.   These improvements were driven primarily by 1) increases in mining royalty revenue and unrealized revenue; 2) improved occupancy at the Verge which drove the $988,000 improvement in equity in loss of joint venture; as well as 3) a $226,000 increase in lending venture interest income compared to the same period last year.   Last quarter we cautioned our investors to temper their expectations for growth this year, especially compared to the rapid NOI growth of the previous three years.   Despite the positive results from this quarter, the rationale for those tempered expectations is evident in our first quarter results.   Industrial NOI was down compared to last year because of a tenant default and eviction which will take time to replace. Early in the second quarter we finished construction on our Chelsea warehouse and transferred it to the Industrial and Commercial segment from Development.   This 258,000 square-foot industrial asset in Harford County, MD will have operating expenses that will further negatively impact NOI until we get it leased and occupied.   The multifamily segment growth we saw this quarter will be the last bump we get from occupancy increases in the run up to stabilization.   Going forward, all our multifamily assets will have been stabilized for a full year, and we expect results to be more in line with the same store growth we had this quarter, i.e. flat to slightly negative, as we compete with a glut of new projects in Washington, DC.   These are temporary headwinds that may be too heavy a lift for improvements in Mining Royalties and lending venture income to offset.

Our focus in 2025 is setting the stage for our next phase of NOI growth.   Part of that means leasing efforts at Cranberry and Chelsea, but primarily it means putting money to work in new projects.   We have closed on the construction loans for both of our industrial JVs with Altman Logistics (f/k/a BBX) and anticipate breaking ground in the second quarter.   We will continue entitlement work on our industrial pipeline in Maryland in order to be shovel ready in 2026, and we anticipate bolstering that pipeline with an additional land purchase and/or JV this year.   We remain on track to deliver three new industrial assets every two years with the goal of doubling the size of our industrial segment over the next five years.    As mentioned last quarter, we anticipate beginning construction this year on two multifamily projects, the first in Greenville and the second outside Ft. Myers, FL.   These two projects will add 810 units and an estimated $6 million in NOI upon stabilization.

First Quarter Highlights

• 31% increase in Net Income ($1.7 million vs $1.3 million)
• 10% increase in pro rata NOI ($9.4 million vs $8.5 million)
• 3% increase in the Multifamily segment’s pro rata NOI primarily due to improved occupancy of The Verge. This comparison includes the results for this project from the same period last year (when this project was still in our Development segment)
• 2% decrease in Industrial and Commercial segment NOI due to and eviction and write-off of one tenant

• 19% increase in the Mining Royalty Lands segment's NOI
  

Comparative Results of Operations for the three months ended March 31, 2025 and 2024

Consolidated Results

(dollars in thousands)	Three Months Ended March 31,
		2025			2024			Change				%
Revenues:
Lease revenue	$	7,072			7,170			$	(98	)		-1.4	%
Mining royalty and rents		3,234			2,963				271			9.1	%
Total revenues		10,306			10,133				173			1.7	%
Cost of operations:
Depreciation, depletion and amortization		2,607			2,535				72			2.8	%
Operating expenses		1,859			1,867				(8	)		-.4	%
Property taxes		938			807				131			16.2	%
General and administrative		2,577			2,042				535			26.2	%
Total cost of operations		7,981			7,251				730			10.1	%
Total operating profit		2,325			2,882				(557	)		-19.3	%
Net investment income		2,561			2,783				(222	)		-8.0	%
Interest expense		(695	)		(911	)			216			-23.7	%
Equity in loss of joint ventures		(2,031	)		(3,019	)			988			-32.7	%
Income before income taxes		2,160			1,735				425			24.5	%
Provision for income taxes		526			400				126			31.5	%
Net income		1,634			1,335				299			22.4	%
Income (loss) attributable to noncontrolling interest		(76	)		34				(110	)		-323.5	%
Net income attributable to the Company	$	1,710			1,301			$	409			31.4	%

Net income for the first quarter of 2025 was $1,710,000 or $.09 per share versus $1,301,000 or $.07 per share in the same period last year. Pro rata NOI for the first quarter of 2025 was $9,364,000 versus $8,534,000 in the same period last year. The first quarter of 2025 was impacted by the following items:

• Operating profit decreased 19% from higher General and administrative expense and the default of an Industrial tenant. This decrease was partially offset by improved results in the Multifamily and Mining segments, as well as a reduction in Development professional fees. 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 May, 2024.
• Net investment income decreased $222,000 due to reduced earnings on cash equivalents ($447,000) partially offset by higher income from our lending ventures ($226,000) due to more residential lot sales.

• Interest expense decreased $216,000 compared to the same quarter last year as we capitalized $211,000 more interest this quarter. 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 $988,000 due to improved results of our unconsolidated joint ventures. Results improved at The Verge ($409,000) due to improved occupancy and at Bryant Street ($444,000) and BC Realty ($107,000) both due to 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 the same period last year (when this project was still in our Development segment).

	Three months ended March 31
(dollars in thousands)		2025			%			2024			%			Change			%
Lease revenue	$	8,305			100.0	%		7,883			100.0	%		422			5.4	%
Depreciation and amortization		3,287			39.6	%		3,305			41.9	%		(18	)		-.5	%
Operating expenses		2,625			31.6	%		2,519			32.0	%		106			4.2	%
Property taxes		970			11.7	%		889			11.3	%		81			9.1	%
Cost of operations		6,882			82.9	%		6,713			85.2	%		169			2.5	%
Operating profit before G&A	$	1,423			17.1	%		1,170			14.8	%		253			21.6	%
Depreciation and amortization		3,287						3,305						(18	)
Unrealized rents & other		(80	)					14						(94	)
Net operating income	$	4,630			55.7	%		4,489			56.9	%		141			3.1	%

The combined consolidated and unconsolidated pro rata net operating income this quarter for this segment was $4,630,000, up $141,000 or 3% compared to $4,489,000 in the same quarter last year. Most of this increase was from the improved occupancy of The Verge. This project contributed $753,000 of pro rata NOI to this segment compared to $606,000 in the Development segment in the same quarter last year, an increase of $147,000. Same store NOI decreased $6,000.

Apartment Building	Units	Pro rata NOI Q1 2025		Pro rata NOI Q1 2024		Avg. Occupancy Q1 2025		Avg. Occupancy Q1 2024		Renewal Success Rate Q1 2025		Renewal % increase Q1 2025
Dock 79 Anacostia DC	305	$905,000		$946,000		95.6	%	94.8	%	65.1	%	3.1	%
Maren Anacostia DC	264	$855,000		$924,000		93.9	%	93.8	%	52.5	%	7.2	%
Riverside Greenville	200	$222,000		$224,000		92.9	%	93.7	%	47.2	%	1.9	%
Bryant Street DC	487	$1,539,000		$1,496,000		92.5	%	92.8	%	47.1	%	2.0	%
.408 Jackson Greenville	227	$356,000		$293,000		97.2	%	93.0	%	72.7	%	4.6	%
Verge Anacostia DC	344	$753,000		$606,000		93.5	%	87.7	%	75.0	%	3.4	%
Multifamily Segment	1,827	$4,630,000		$4,489,000		94.0	%	92.4	%

Multifamily Segment (Consolidated - Dock 79 & The Maren)

	Three months ended March 31
(dollars in thousands)		2025			%			2024			%			Change			%
Lease revenue	$	5,424			100.0	%		5,414			100.0	%		10			.2	%
Depreciation and amortization		1,995			36.8	%		1,981			36.6	%		14			.7	%
Operating expenses		1,585			29.2	%		1,461			27.0	%		124			8.5	%
Property taxes		635			11.7	%		524			9.7	%		111			21.2	%
Cost of operations		4,215			77.7	%		3,966			73.3	%		249			6.3	%
Operating profit before G&A	$	1,209			22.3	%		1,448			26.7	%		(239	)		-16.5	%

Total revenues for our two consolidated joint ventures were $5,424,000, an increase of $10,000 versus $5,414,000 in the same period last year. Total operating profit before G&A for the consolidated joint ventures was $1,209,000, a decrease of $239,000, or 17% versus $1,448,000 in the same period last year primarily due to higher operating expenses and property taxes. Operating expenses increased due to higher utilities from the colder weather (plus a ~$30,000 water leak from a frozen pipe) and higher repairs and maintenance.

Multifamily Segment (Pro rata unconsolidated)

Our Multifamily Segment has four unconsolidated joint ventures (Bryant Street, The Verge, Riverside, and .408 Jackson). Riverside was moved from the Development segment to the Multifamily segment in 2022, Bryant Street and .408 Jackson moved as of the beginning of 2024 and The Verge moved effective July 1, 2024, each upon reaching lease up stabilization.

	Three months ended March 31
(dollars in thousands)	2025				%			2024			%			Change			%
Lease revenue	$	5,349			100.0	%		4,933			100.0	%		416			8.4	%
Depreciation and amortization		2,193			41.0	%		2,219			45.0	%		(26	)		-1.2	%
Operating expenses		1,780			33.3	%		1,728			35.0	%		52			3.0	%
Property taxes		625			11.7	%		605			12.3	%		20			3.3	%
Cost of operations		4,598			86.0	%		4,552			92.3	%		46			1.0	%
Operating profit before G&A	$	751			14.0	%		381			7.7	%		370			97.1	%

For our four unconsolidated joint ventures, pro rata revenues were $5,349,000, an increase of $416,000 or 8% compared to $4,933,000 in the same period last year. Pro rata operating profit before G&A was $751,000, an increase of $370,000 or 97% versus $381,000 in the same period last year. The increase was due to improved occupancy at The Verge and higher revenues at Bryant Street and .408 Jackson.

Industrial and Commercial Segment

	Three months ended March 31
(dollars in thousands)	2025				%			2024				%			Change				%
Lease revenue	$	1,347			100.0	%			1,453			100.0	%			(106	)		(7.3	%)
Depreciation and amortization		391			29.1	%			363			25.0	%			28			7.7	%
Operating expenses		233			17.3	%			215			14.8	%			18			8.4	%
Property taxes		80			5.9	%			63			4.3	%			17			27.0	%
Cost of operations		704			52.3	%			641			44.1	%			63			9.8	%
Operating profit before G&A	$	643			47.7	%			812			55.9	%			(169	)		(20.8	%)
Depreciation and amortization		391							363							28
Unrealized revenues		105							(16	)						121
Net operating income	$	1,139			84.6	%		$	1,159			79.8	%		$	(20	)		(1.7	%)

We have nine buildings in service at three different locations totaling 515,077 square feet of industrial and 33,708 square feet of office. These assets were 85.2% leased and occupied during the quarter compared to 95.6% leased and occupied during the same quarter last year due to an eviction for failure to pay rent by one tenant. Total revenues in this segment were $1,347,000, down $106,000 or 7%, over the same period last year due to the tenant default and eviction. Operating profit before G&A was $643,000, down $169,000 or 21% over the same quarter last year due to the lower occupancy and a $118,000 write-off of unrealized rent receivable and $34,000 write-off of leasing deferred commissions from the evicted tenant. Net operating income in this segment was $1,139,000, down $20,000 or 2% compared to the same quarter last year.

Mining Royalty Lands Segment Results

	Three months ended March 31
(dollars in thousands)	2025				%			2024				%			Change				%
Mining royalty and rent revenue	$	3,234			100.0	%			2,963			100.0	%			271			9.1	%
Depreciation, depletion and amortization		178			5.5	%			149			5.0	%			29			19.5	%
Operating expenses		16			0.5	%			17			0.6	%			(1	)		-5.9
Property taxes		75			2.3	%			73			2.5	%			2			2.7	%
Cost of operations		269			8.3	%			239			8.1	%			30			12.6	%
Operating profit before G&A	$	2,965			91.7	%			2,724			91.9	%			241			8.8	%
Depreciation and amortization		178							149							29
Unrealized revenues		141							(113	)						254
Net operating income	$	3,284			101.5	%		$	2,760			93.1	%		$	524			19.0	%

Total revenues in this segment were $3,234,000, an increase of $271,000 or 9% versus $2,963,000 in the same period last year. Royalty revenues in the prior year were impacted by the deduction of $289,000 of royalties to resolve an overpayment which we referenced previously. Royalty tons were down 10% primarily due to a decrease at one location that experienced a project specific spike in demand in the prior year. Royalty revenue per ton increased 7% over the same period last year excluding the prior year overpayment deduction. Total operating profit before G&A in this segment was $2,965,000, an increase of $241,000 versus $2,724,000 in the same period last year. Net operating income was $3,284,000, up $524,000 or 19% compared to the same quarter last year due to the higher revenues and a $254,000 decrease in unrealized revenues. The unrealized revenue decrease is due to the temporarily higher minimum royalty payments we are currently receiving at one location which are straight-lined across the life of the lease for GAAP revenue purposes.

Development Segment Results

	Three months ended March 31
(dollars in thousands)		2025			2024			Change
Lease revenue	$	301			303			(2	)
Depreciation, depletion and amortization		43			42			1
Operating expenses		25			174			(149	)
Property taxes		148			147			1
Cost of operations		216			363			(147	)
Operating profit before G&A	$	85			(60	)		145

With respect to ongoing Development Segment projects:

• We entered into two new joint venture agreements in early 2024 with Altman Logistics. The first joint venture is a 200,000 square-foot warehouse development project in Lakeland, FL, and the second joint venture is a 182,000 square-foot warehouse redevelopment project in Broward County, FL. We closed on both construction loans in March and anticipate construction to start on both projects in the second quarter of 2025.
  
  
• Shell construction on our spec warehouse project in Aberdeen, MD on Chelsea Road was completed effective April 1, 2025 and is in the lease-up phase.
  
  
• We are the principal capital source to develop 344 residential lots on 110 acres in Harford County, MD. We have funded $26.6 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, 133 lots have been sold and $19.1 million has been returned to the company of which $4.8 million was booked as profit to the Company.
  

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data) Assets:	March 31 2025				December 31 2024
Real estate investments at cost:
Land	$	168,927			168,943
Buildings and improvements		284,248			283,421
Projects under construction		34,600			32,770
Total investments in properties		487,775			485,134
Less accumulated depreciation and depletion		80,244			77,695
Net investments in properties		407,531			407,439
Real estate held for investment, at cost		12,182			11,722
Investments in joint ventures		148,302			153,899
Net real estate investments		568,015			573,060
Cash and cash equivalents		142,932			148,620
Cash held in escrow		702			1,315
Accounts receivable, net		1,285			1,352
Unrealized rents		1,271			1,380
Deferred costs		2,294			2,136
Other assets		624			622
Total assets	$	717,123			728,485
Liabilities:
Secured notes payable	$	178,250			178,853
Accounts payable and accrued liabilities		3,251			6,026
Other liabilities		1,487			1,487
Federal and state income taxes payable		1,119			611
Deferred revenue		2,602			2,437
Deferred income taxes		67,655			67,688
Deferred compensation		1,479			1,465
Tenant security deposits		784			805
Total liabilities		256,627			259,372
Commitments and contingencies
Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 19,087,334 and 19,046,894 shares issued and outstanding, respectively		1,909			1,905
Capital in excess of par value		69,237			68,876
Retained earnings		353,977			352,267
Accumulated other comprehensive income, net		47			55
Total shareholders’ equity		425,170			423,103
Noncontrolling interests		35,326			46,010
Total equity		460,496			469,113
Total liabilities and equity	$	717,123			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. This measure is 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
Three months ending 3/31/25 (in thousands)
	Industrial and Commercial Segment				Development Segment			Multifamily Segment			Mining Royalties Segment			Unallocated Corporate Expenses			FRP Holdings Totals
Net income (loss)	$	492			905			(1,169	)		2,259			(853	)		1,634
Income tax allocation		151			278			(369	)		694			(228	)		526
Income (loss) before income taxes		643			1,183			(1,538	)		2,953			(1,081	)		2,160
Less:
Unrealized rents		—						—			—						—
Interest income					1,027									1,534			2,561
Plus:
Unrealized rents		105			—			3			141			—			249
Professional fees								31									31
Equity in loss of joint ventures		—			(71	)		2,090			12						2,031
Interest expense		—			—			657			—			38			695
Depreciation/amortization		391			43			1,995			178						2,607
General and administrative		—			—			—			—			2,577			2,577
																	—
Net operating income (loss)		1,139			128			3,238			3,284			—			7,789
NOI of noncontrolling interest								(1,478	)								(1,478	)
Pro rata NOI from unconsolidated joint ventures					183			2,870									3,053
Pro rata net operating income	$	1,139			311			4,630			3,284			—			9,364

Pro-rata Net Operating Income Reconciliation
Three months ended 03/31/24 (in thousands)
	Industrial and Commercial Segment				Development Segment			Multifamily Segment			Mining Royalties Segment			Unallocated Corporate Expenses			FRP Holdings Totals
Net income (loss)	$	430			(1,186	)		(1,254	)		1,862			1,483			1,335
Income tax allocation		132			(364	)		(396	)		572			456			400
Income (loss) before income taxes		562			(1,550	)		(1,650	)		2,434			1,939			1,735
Less:
Unrealized rents		16			—			9			113			—			138
Interest income		—			802			—			—			1,981			2,783
Plus:
Professional fees		—			—			12			—			—			12
Equity in loss of joint ventures		—			1,014			1,993			12			—			3,019
Interest expense		—			—			869			—			42			911
Depreciation/amortization		363			42			1,981			149			—			2,535
General and administrative		250			1,278			236			278			—			2,042
Net operating income (loss)		1,159			(18	)		3,432			2,760			—			7,333
NOI of noncontrolling interest		—			—			(1,562	)		—			—			(1,562	)
Pro-rata NOI from unconsolidated joint ventures		—			144			2,619			—			—			2,763
Pro-rata net operating income	$	1,159			126			4,489			2,760			—			8,534

Conference Call

The Company will host a conference call on Tuesday, May 13, 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 May 27, 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

FAQ

What was FRP Holdings (FRPH) earnings per share in Q1 2025?

FRP Holdings reported earnings of $0.09 per share in Q1 2025, compared to $0.07 per share in Q1 2024.

How much did FRP Holdings' net income increase in Q1 2025?

FRP Holdings' net income increased 31% to $1.71 million in Q1 2025, compared to $1.30 million in Q1 2024.

What are FRP Holdings' expansion plans for 2025?

FRP Holdings plans to break ground on industrial JVs with Altman Logistics and start construction on two multifamily projects in Greenville and Ft. Myers, adding 810 units with estimated $6 million NOI upon stabilization.

What are the main challenges facing FRP Holdings in 2025?

Main challenges include an industrial tenant default, unleased Chelsea warehouse, multifamily competition in DC market, and higher administrative expenses from executive succession plan.

What is FRP Holdings' five-year growth strategy for its industrial segment?

FRP Holdings aims to double its industrial segment size over five years by delivering three new industrial assets every two years.