FRP Holdings, Inc. Reports Fiscal 2025 Fourth Quarter Results
Rhea-AI Summary
FRP Holdings (NASDAQ:FRPH) reported Q4 and full-year 2025 results on April 10, 2026. Net income attributable to the company fell ~77% to $0.38M in Q4, driven by acquisition-related expenses and higher G&A. Mining royalty revenue and segment NOI rose ~11%, while industrial vacancies and added depreciation pressured Industrial & Commercial NOI.
The company completed the Oct 21, 2025 Altman Logistics acquisition, adding personnel and minority JV interests that expand development capabilities and future fee/equity opportunities.
AI-generated analysis. Not financial advice.
Positive
- Mining revenue up 11% in Q4
- Altman Logistics acquisition completed Oct 21, 2025, adding development platform and personnel
- Three industrial assets under development totaling 762,085 sq ft (~$9.3M pro forma NOI at stabilization)
Negative
- Net income down ~77% to $380k in Q4 2025
- Industrial & Commercial NOI declined sharply due to vacancies and lease expirations
- G&A expense increased 19.7% in Q4, including acquisition-related costs
News Market Reaction – FRPH
On the day this news was published, FRPH declined 0.58%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
FRPH was up 0.4% pre-news with below-average volume, while peers like MLP and RMAX showed small gains and HBNB saw a double-digit decline. Momentum scanner flags only 2 peers moving, suggesting stock-specific dynamics rather than a broad Real Estate move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 08 | Earnings call scheduling | Neutral | +0.4% | Set April 10 release and call timing after NT 10-K filing. |
| Mar 31 | Late 10-K notice | Negative | +0.6% | Form 12b-25, guided to Q4 and full-year net income declines. |
| Mar 03 | Earnings delay | Negative | -0.7% | Pushed back 2025 earnings release due to Altman audit workload. |
| Feb 26 | Initial call date | Neutral | -0.2% | Announced original March 4/5 schedule for Q4 2025 earnings. |
| Nov 05 | Q3 2025 results | Negative | -4.7% | Reported Q3 net income and NOI declines, tied to Altman costs. |
Recent news skewed toward filing delays and Altman-related audit work, with mostly modest price reactions and only one clear divergence when a late-filing notice coincided with a small gain.
Over the past six months, FRPH’s news flow centered on 2025 results timing, audit delays linked to the Altman Logistics acquisition, and prior quarterly earnings. A late Form 10‑K notice on Mar 31, 2026 previewed Q4 and full‑year net income declines tied to Altman expenses and weaker assets. Earlier, Q3 2025 results on Nov 5, 2025 also showed lower net income and pro rata NOI. Today’s full Q4/FY 2025 release confirms and details these previously signaled pressures across segments.
Market Pulse Summary
This announcement details a sharp Q4 2025 net income decline to $0.4M and EPS of $0.02, driven by Altman Logistics acquisition costs, higher G&A, and softer multifamily and industrial performance, partially offset by stronger mining royalties. Pro rata NOI was relatively stable and management highlights upside from re-leasing roughly 400,000 square feet and a 762,085 square foot industrial development pipeline. Investors may track occupancy trends, segment NOI, and progress on Florida industrial projects as key indicators.
Key Terms
net operating income (NOI) financial
equity in loss of joint ventures financial
noncontrolling interest financial
lease-up technical
AI-generated analysis. Not financial advice.
JACKSONVILLE, FL / ACCESS Newswire / April 10, 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 and full year ended December 31, 2025.
Fourth Quarter Highlights
77% decrease in Net Income ($0.4 million vs$1.7 million ) due to expenses related to the Altman Logistics platform acquisition ($0.5 million ), increased G&A due to the Altman new hires, under performance at Dock and Maren, industrial vacancies and added depreciation at Chelsea partially offset by higher mining royalties and improved results in Equity in Loss of Joint Ventures.Net Operating Income (NOI) increased slightly (
$9.29 million vs$9.10 million ).3% decrease in the Multifamily segment's NOI primarily due to reduced occupancy, uncollectable revenue along with higher operating costs and property taxes at the Maren and higher than typical maintenance expenses at Dock 79.12% decrease in Industrial and Commercial segment NOI primarily due to vacancies from an eviction of one tenant and lease expirations.Mining Royalty Land's revenue increased
11% , and segment NOI increased11% due to improved royalties per ton.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. In conjunction with the acquisition, the Company hired six of Altman Logistic's employees.
Executive Summary and Analysis
Results for 2025 were in line with the expectations we outlined earlier this year. Reported net income declined compared to 2024 primarily due to legal expenses associated with the acquisition of Altman Logistics Properties in October 2025. This acquisition was a critical step and tactical change in how we will execute our development strategy and is crucial to pro rata net operating income growth and expanding our asset base for the rest of this decade.
Pro rata Net Operating Income (NOI) for 2025 was down
Looking forward to 2026 and beyond, we will look to generate value in two ways. The first way, and the more immediate return, is through increasing same store industrial and commercial NOI. Absolutely essential to that is resolving our current industrial vacancies (approximately 400,000 square feet) to restore the segment's occupancy percentages back to the levels it has traditionally enjoyed. At current market rents, this represents approximately
The second way we will generate value is through our development segment. We have three industrial assets under development in Lakeland, Broward and Lake County, FL, totaling 762,085 square feet of new, Class A industrial space. At lease-up stabilization, these assets represent approximately
COMPARATIVE RESULTS OF OPERATIONS
Consolidated Results
(dollars in thousands) | Three months ended December 31 | |||||||||||||||
2025 | 2024 | Change | % | |||||||||||||
Revenues: | ||||||||||||||||
Lease revenue | $ | 6,853 | 7,072 | $ | (219 | ) | -3.1 | % | ||||||||
Mining royalty and rents | 3,848 | 3,459 | 389 | 11.2 | % | |||||||||||
Joint venture management fee revenue | 214 | - | 214 | |||||||||||||
Total revenues | 10,915 | 10,531 | 384 | 3.6 | % | |||||||||||
Cost of operations: | ||||||||||||||||
Depreciation, depletion and amortization | 2,801 | 2,558 | 243 | 9.5 | % | |||||||||||
Operating expenses | 2,554 | 1,741 | 813 | 46.7 | % | |||||||||||
Property taxes | 1,012 | 920 | 92 | 10.0 | % | |||||||||||
General and administrative | 2,865 | 2,393 | 472 | 19.7 | % | |||||||||||
Total cost of operations | 9,232 | 7,612 | 1,620 | 21.3 | % | |||||||||||
Total operating profit | 1,683 | 2,919 | (1,236 | ) | -42.3 | % | ||||||||||
Net investment income | 1,546 | 2,317 | (771 | ) | -33.3 | % | ||||||||||
Interest expense | (709 | ) | (668 | ) | (41 | ) | 6.1 | % | ||||||||
Equity in loss of joint ventures | (2,470 | ) | (2,777 | ) | 307 | -11.1 | % | |||||||||
(Loss) gain on sale of real estate | - | 182 | (182 | ) | -100.0 | % | ||||||||||
(Loss) income before income taxes | 50 | 1,973 | (1,923 | ) | -97.5 | % | ||||||||||
Provision for income taxes | (89 | ) | 286 | (375 | ) | -131.1 | % | |||||||||
Net (loss) income | 139 | 1,687 | (1,548 | ) | -91.8 | % | ||||||||||
Income (loss) attributable to noncontrolling interest | (241 | ) | 8 | (249 | ) | |||||||||||
Net income attributable to the Company | $ | 380 | 1,679 | $ | (1,299 | ) | -77.4 | % | ||||||||
Net income for the fourth quarter of 2025 was
Operating profit decreased
$1,236,000 , impacted by$512,000 of expenses related to the Altman Logistics platform acquisition. General and administrative expense increased$177,000 (net of$214,000 Development fee revenue and$81,000 of acquisition expenses) primarily due to the new employees from the acquisition. Operating profit at our consolidated multifamily projects (Dock & Maren only) decreased$558,000 due to lower occupancy and higher bad debts along with higher than typical maintenance expenses. Industrial and Commercial segment's operating profit declined$315,000 b ecause of a$206,000 increase in depreciation expense from our new Chelsea warehouse, as well as lower occupancy. Mining Royalty Land's segment operating profit increased$366,000 due to higher royalties per ton.Net investment income decreased
$771,000 due to lower cash equivalent balances and interest rates ($653,000) along with lower income from our lending ventures ($118,000) .Interest expense increased
$41,000 compared to last year as we capitalized$33,000 less interest.Equity in loss of Joint Ventures improved
$307,000 due to improved results at our unconsolidated joint ventures. Results improved$96,000 at Windlass Run Business Park due to improved occupancy and lower variable interest rates. Bryant Street results improved$148,000 primarily due to lower variable interest rates.
Multifamily Segment (pro rata consolidated and pro rata unconsolidated)
Three months ended December 31 | ||||||||||||||||||||||||
(dollars in thousands) | 2025 | % | 2024 | % | Change | % | ||||||||||||||||||
Lease revenue | 8,012 | 100.0 | % | 8,156 | 100.0 | % | (144 | ) | (1.8 | %) | ||||||||||||||
Depreciation and amortization | 3,513 | 43.8 | % | 3,269 | 40.1 | % | 244 | 7.5 | % | |||||||||||||||
Operating expenses | 2,826 | 35.3 | % | 2,645 | 32.4 | % | 181 | 6.8 | % | |||||||||||||||
Property taxes | 973 | 12.1 | % | 1,016 | 12.5 | % | (43 | ) | (4.2 | %) | ||||||||||||||
Cost of operations | 7,312 | 91.3 | % | 6,930 | 85.0 | % | 382 | 5.5 | % | |||||||||||||||
Operating profit before G&A | 700 | 8.7 | % | 1,226 | 15.0 | % | (526 | ) | (42.9 | %) | ||||||||||||||
Depreciation and amortization | 3,513 | 3,269 | 244 | |||||||||||||||||||||
Unrealized rents & other | (40 | ) | (209 | ) | 169 | |||||||||||||||||||
Net operating income | 4,173 | 52.1 | % | 4,286 | 52.6 | % | (113 | ) | (2.6 | %) | ||||||||||||||
The combined consolidated and unconsolidated pro rata NOI in the fourth quarter for this segment was
Apartment Building | Units | Pro rata NOI Q4 2025 | Pro rata NOI Q4 2024 | Avg. Occupancy Q4 2025 | Avg. Occupancy Q4 2024 | Renewal Success Rate Q4 2025 | Renewal % increase Q4 2025 | |||||||||||||||||||||
Dock 79 Anacostia DC | 305 | $ | 802,000 | $ | 958,000 | 91.1 | % | 94.4 | % | 76.4 | % | 4.1 | % | |||||||||||||||
Maren Anacostia DC | 264 | $ | 778,000 | $ | 956,000 | 89.0 | % | 93.9 | % | 64.1 | % | 4.3 | % | |||||||||||||||
Riverside Greenville | 200 | $ | 182,000 | $ | 179,000 | 91.6 | % | 92.6 | % | 77.1 | % | 3.2 | % | |||||||||||||||
Bryant Street DC | 487 | $ | 1,368,000 | $ | 1,205,000 | 89.9 | % | 90.1 | % | 61.5 | % | 3.4 | % | |||||||||||||||
.408 Jackson Greenville | 227 | $ | 365,000 | $ | 298,000 | 92.9 | % | 96.2 | % | 63.0 | % | 0.9 | % | |||||||||||||||
Verge Anacostia DC | 344 | $ | 678,000 | $ | 690,000 | 91.1 | % | 90.9 | % | 61.5 | % | 1.2 | % | |||||||||||||||
Multifamily Segment | 1,827 | $ | 4,173,000 | $ | 4,286,000 | 90.7 | % | 92.5 | % | |||||||||||||||||||
Multifamily Segment (Consolidated - Dock & Maren)
Three months ended December 31 | ||||||||||||||||||||||||
(dollars in thousands) | 2025 | % | 2024 | % | Change | % | ||||||||||||||||||
Lease revenue | $ | 5,305 | 100.0 | % | 5,504 | 100.0 | % | (199 | ) | -3.6 | % | |||||||||||||
Depreciation and amortization | 2,008 | 37.9 | % | 1,989 | 36.2 | % | 19 | 1.0 | % | |||||||||||||||
Operating expenses | 1,838 | 34.6 | % | 1,494 | 27.1 | % | 344 | 23.0 | % | |||||||||||||||
Property taxes | 619 | 11.7 | % | 623 | 11.3 | % | (4 | ) | -0.6 | % | ||||||||||||||
Cost of operations | 4,465 | 84.2 | % | 4,106 | 74.6 | % | 359 | 8.7 | % | |||||||||||||||
Operating profit before G&A | $ | 840 | 15.8 | % | 1,398 | 25.4 | % | (558 | ) | -39.9 | % | |||||||||||||
Total revenues for our two consolidated joint ventures (Dock & Maren) were
Multifamily Segment (Pro rata unconsolidated)
Three months ended December 31 | ||||||||||||||||||||||||
(dollars in thousands) | 2025 | % | 2024 | % | Change | % | ||||||||||||||||||
Lease revenue | 5,123 | 100.0 | % | 5,156 | 100.0 | % | (33 | ) | (0.6 | %) | ||||||||||||||
Depreciation and amortization | 2,413 | 47.1 | % | 2,178 | 42.2 | % | 235 | 10.8 | % | |||||||||||||||
Operating expenses | 1,852 | 36.2 | % | 1,895 | 36.8 | % | (43 | ) | (2.3 | %) | ||||||||||||||
Property taxes | 636 | 12.4 | % | 677 | 13.1 | % | (41 | ) | (6.1 | %) | ||||||||||||||
Cost of operations | 4,901 | 95.7 | % | 4,750 | 92.1 | % | 151 | 3.2 | % | |||||||||||||||
Operating profit before G&A | 222 | 4.3 | % | 406 | 7.9 | % | (184 | ) | -45.3 | % | ||||||||||||||
For our four unconsolidated joint ventures, pro rata revenues were
Industrial and Commercial Segment
Three months ended December 31 | ||||||||||||||||||||||||
(dollars in thousands) | 2025 | % | 2024 | % | Change | % | ||||||||||||||||||
Lease revenue | $ | 1,200 | 100.0 | % | 1,268 | 100.0 | % | (68 | ) | (5.4 | )% | |||||||||||||
Depreciation and amortization | 567 | 47.3 | % | 361 | 28.5 | % | 206 | 57.1 | % | |||||||||||||||
Operating expenses | 226 | 18.8 | % | 212 | 16.7 | % | 14 | 6.6 | % | |||||||||||||||
Property taxes | 96 | 8.0 | % | 69 | 5.4 | % | 27 | 39.1 | % | |||||||||||||||
Cost of operations | 889 | 74.1 | % | 642 | 50.6 | % | 247 | 38.5 | % | |||||||||||||||
Operating profit before G&A | $ | 311 | 25.9 | % | 626 | 49.4 | % | (315 | ) | (50.3 | )% | |||||||||||||
Depreciation and amortization | 567 | 361 | 206 | |||||||||||||||||||||
Unrealized revenues | (3 | ) | 5 | (8 | ) | |||||||||||||||||||
Net operating income | $ | 875 | 72.9 | % | $ | 992 | 78.2 | % | $ | (117 | ) | (11.8 | )% | |||||||||||
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
Total revenues in this segment were
Mining Royalty Lands Segment Results
Three months ended December 31 | ||||||||||||||||||||||||
(dollars in thousands) | 2025 | % | 2024 | % | Change | % | ||||||||||||||||||
Mining royalty and rent revenue | $ | 3,848 | 100.0 | % | 3,459 | 100.0 | % | 389 | 11.2 | % | ||||||||||||||
Depreciation, depletion and amortization | 184 | 4.8 | % | 165 | 4.7 | % | 19 | 11.5 | % | |||||||||||||||
Operating expenses | 16 | 0.4 | % | 16 | 0.5 | % | - | - | % | |||||||||||||||
Property taxes | 84 | 2.2 | % | 80 | 2.3 | % | 4 | 5.0 | % | |||||||||||||||
Cost of operations | 284 | 7.4 | % | 261 | 7.5 | % | 23 | 8.8 | % | |||||||||||||||
Operating profit before G&A | $ | 3,564 | 92.6 | % | 3,198 | 92.5 | % | 366 | 11.4 | % | ||||||||||||||
Depreciation and amortization | 184 | 165 | 19 | |||||||||||||||||||||
Unrealized revenues | 160 | 142 | 18 | |||||||||||||||||||||
Net operating income | $ | 3,908 | 101.6 | % | $ | 3,505 | 101.3 | % | $ | 403 | 11.5 | % | ||||||||||||
Total revenues in this segment were
Development Segment Results
Three months ended December 31 | ||||||||||||
(dollars in thousands) | 2025 | 2024 | Change | |||||||||
Lease revenue | $ | 348 | 300 | 48 | ||||||||
Management fee revenue | 214 | - | 214 | |||||||||
Total revenues | 562 | 300 | 262 | |||||||||
Depreciation, depletion and amortization | 42 | 43 | (1 | ) | ||||||||
Operating expenses | 474 | 19 | 455 | |||||||||
Property taxes | 213 | 148 | 65 | |||||||||
Cost of operations | 729 | 210 | 519 | |||||||||
Operating (loss) profit before G&A | $ | (167 | ) | 90 | (257 | ) | ||||||
Management fee revenue are the fees paid to the Company primarily from our three minority ownership warehouse projects acquired from Altman Logistics on October 21, 2025. Development segment operating expenses included
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
$27.8 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, 195 lots have been sold and$26.4 million has been returned to the company of which$6.4 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 development 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 October 21, 2025 we purchased the minority interests of Altman Logistics in these projects.
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 to50% 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 first quarter of 2027,
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.
On October 21, 2025, the Company completed the closing on its Purchase and Sales Agreement to acquire the business operations and development pipeline of Altman Logistics Properties, LLC, an operating platform of BBX Capital. In conjunction with the acquisition, the Company hired six of Altman Logistic's employees. The following table details the projects purchased and the square feet (SF) of the warehouses:
City | Street Address | 36' Clear Height SF | Ownership Acquired | Status |
Delray Beach, FL | 14130 S State Rd. 7 | 199,476 | Substantial completion Q1 2026 | |
Delray Beach, FL | 14130 S State Rd. 7 | 392,976 | Land for 2 warehouses | |
Hamilton, NJ | 600 Horizon Dr. | 170,800 | Substantial completion Q1 2026 | |
Parsippany, NJ | 8 Lanidex Plaza W. | 140,031 | Substantial completion Q2 2026 | |
Southwest Ranches, FL | SW 202nd Ave. & Sheridan St. | 335,617 | Land acquisition contract 2026 |
(1) General Partner investment, distributions will be based upon waterfall model.
Highlights 2025 compared to 2024:
48% decrease in Net Income ($3.3 million vs$6.4 million ) mainly due to$2.5 million of expenses related to acquiring the Altman Logistics platform. Excluding the$2.5 million of Altman acquisition expenses, adjusted Net income was down$1.1 million primarily due to the Industrial and commercial segment's operating profit decline of$1.4 million .0.7% decrease in pro rata NOI ($37.9 million vs$38.1 million ) primarily due to a non-recurring$1.85 million minimum royalty payment in last year's third quarter partially offset by a$0.62 million royalty overpayment deduction in the prior year. The 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$1.23 million positive net impact of non-recurring items in last year, adjusted pro rata NOI was up$1.0 million (3% ) this year.Multifamily segment's pro rata NOI decreased slightly as improved results at Bryant Street, .408 Jackson and The Verge were offset by reduced occupancy, uncollectable revenue along with higher operating costs and property taxes at Maren and higher than typical maintenance expenses at Dock 79.
8% decrease in Industrial and Commercial revenue and14% decrease in that segment's NOI due to vacancies following an eviction and lease expirations.Mining Royalty Lands' Segment's NOI increased slightly. Excluding the
$1.23 million non-recurring, positive net impact last year, adjusted pro rata NOI in this segment was up$1.5 million or11% due to higher royalties per ton.
COMPARATIVE RESULTS OF OPERATIONS
Consolidated Results
(dollars in thousands) | Twelve Months Ended December 31, | |||||||||||||||
2025 | 2024 | Change | % | |||||||||||||
Revenues: | ||||||||||||||||
Lease revenue | $ | 28,252 | 28,922 | $ | (670 | ) | -2.3 | % | ||||||||
Mining royalty and rents | 14,380 | 12,852 | 1,528 | 11.9 | % | |||||||||||
Joint venture management fee revenue | 214 | - | 214 | |||||||||||||
Total revenues | 42,846 | 41,774 | 1,072 | 2.6 | % | |||||||||||
Cost of operations: | ||||||||||||||||
Depreciation, depletion and amortization | 10,959 | 10,187 | 772 | 7.6 | % | |||||||||||
Operating expenses | 10,297 | 7,170 | 3,127 | 43.6 | % | |||||||||||
Property taxes | 3,907 | 3,437 | 470 | 13.7 | % | |||||||||||
General and administrative | 10,655 | 9,276 | 1,379 | 14.9 | % | |||||||||||
Total cost of operations | 35,818 | 30,070 | 5,748 | 19.1 | % | |||||||||||
Total operating profit | 7,028 | 11,704 | (4,676 | ) | -40.0 | % | ||||||||||
Net investment income | 8,824 | 11,112 | (2,288 | ) | -20.6 | % | ||||||||||
Interest expense | (2,967 | ) | (3,150 | ) | 183 | -5.8 | % | |||||||||
Equity in loss of joint ventures | (9,105 | ) | (11,359 | ) | 2,254 | -19.8 | % | |||||||||
(Loss) gain on sale of real estate | - | 182 | (182 | ) | -100.0 | % | ||||||||||
Income before income taxes | 3,780 | 8,489 | (4,709 | ) | -55.5 | % | ||||||||||
Provision for income taxes | 818 | 2,029 | (1,211 | ) | -59.7 | % | ||||||||||
Net income | 2,962 | 6,460 | (3,498 | ) | -54.1 | % | ||||||||||
Income (loss) attributable to noncontrolling interest | (368 | ) | 75 | (443 | ) | -590.7 | % | |||||||||
Net income attributable to the Company | $ | 3,330 | 6,385 | $ | (3,055 | ) | -47.8 | % | ||||||||
Net income for 2025 was
Operating profit decreased
$4,676,000 impacted by$2,505,000 of expenses related to the Altman Logistics platform acquisition and higher General and administrative expense ($1,041,000 net of$214,000 Development fee revenue and$124,000 of acquisition expenses). 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 along with the new employees from the acquisition. Operating profit at our consolidated Multifamily segment (Dock & Maren only) decreased$1,164,000 due to lower occupancy and higher bad debts along with higher than typical maintenance expenses to upgrade our tenants' experience. Industrial and commercial segment's operating profit declined$1,372,000 b ecause of a$652,000 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$1,400,000 due to higher per ton royalty revenues and the prior year's overpayment deduction of$619,000 .Net investment income decreased
$2,288,000 due to reduced earnings on cash equivalents ($1,956,000) and reduced income from our lending ventures ($332,000) primarily due to fewer residential lot sales.Interest expense decreased
$183,000 compared to the same period last year as we capitalized$182,000 m ore interest. More interest was capitalized due to increased in-house and joint venture projects under development this year compared to last year.Equity in loss of Joint Ventures improved
$2,254,000 due to improved results at our unconsolidated joint ventures. Results improved$719,000 at Windlass Run Business Park due to improved occupancy, lower variable interest rates ($246,000) and a$302,000 write-off of prior entitlement costs due to the change in use. Bryant Street results improved$1,059,000 due to lower variable interest rates ($732,000) along with a$305,000 improved NOI. Results improved$487,000 at The Verge primarily due to$284,000 lower interest expense following the refinancing in 2024 along with a$131,000 improvement in NOI.
Multifamily Segment (pro rata consolidated and pro rata unconsolidated)
Twelve Months Ended December 31, | ||||||||||||||||||||||||
(dollars in thousands) | 2025 | % | 2024 | % | Change | % | ||||||||||||||||||
Lease revenue | $ | 33,250 | 100.0 | % | 32,378 | 100.0 | % | 872 | 2.7 | % | ||||||||||||||
Depreciation and amortization | 13,533 | 40.7 | % | 13,311 | 41.1 | % | 222 | 1.7 | % | |||||||||||||||
Operating expenses | 10,984 | 33.0 | % | 10,558 | 32.6 | % | 426 | 4.0 | % | |||||||||||||||
Property taxes | 3,972 | 11.9 | % | 3,682 | 11.4 | % | 290 | 7.9 | % | |||||||||||||||
Cost of operations | 28,489 | 85.7 | % | 27,551 | 85.1 | % | 938 | 3.4 | % | |||||||||||||||
Operating profit before G&A | $ | 4,761 | 14.3 | % | 4,827 | 14.9 | % | (66 | ) | -1.4 | % | |||||||||||||
Depreciation and amortization | 13,533 | 13,311 | 222 | |||||||||||||||||||||
Unrealized rents & other | (184 | ) | 39 | (223 | ) | |||||||||||||||||||
Net operating income | $ | 18,110 | 54.5 | % | 18,177 | 56.1 | % | (67 | ) | -.4 | % | |||||||||||||
The combined consolidated and unconsolidated pro rata net operating income this year for this segment was
Apartment Building | Units | Pro rata NOI 2025 | Pro rata NOI 2024 | Avg. Occupancy 2025 | Avg. Occupancy 2024 | Renewal Success Rate YTD 2025 | Renewal % increase 2025 | |||||||||||||||||||||
Dock 79 Anacostia DC | 305 | $ | 3,640,000 | $ | 3,800,000 | 94.0 | % | 94.2 | % | 70.9 | % | 3.9 | % | |||||||||||||||
Maren Anacostia DC | 264 | $ | 3,319,000 | $ | 3,776,000 | 92.6 | % | 94.3 | % | 56.9 | % | 4.0 | % | |||||||||||||||
Riverside Greenville | 200 | $ | 832,000 | $ | 861,000 | 92.4 | % | 93.3 | % | 61.0 | % | 4.4 | % | |||||||||||||||
Bryant Street DC | 487 | $ | 6,098,000 | $ | 5,793,000 | 92.4 | % | 91.4 | % | 59.5 | % | 2.7 | % | |||||||||||||||
.408 Jackson Greenville | 227 | $ | 1,441,000 | $ | 1,298,000 | 94.4 | % | 95.0 | % | 60.0 | % | 3.2 | % | |||||||||||||||
Verge Anacostia DC | 344 | $ | 2,780,000 | $ | 2,649,000 | 92.5 | % | 90.0 | % | 66.0 | % | 2.1 | % | |||||||||||||||
Multifamily Segment | 1,827 | $ | 18,110,000 | $ | 18,177,000 | 93.0 | % | 92.7 | % | |||||||||||||||||||
Multifamily Segment (Consolidated - Dock & Maren)
Twelve Months Ended December 31, | ||||||||||||||||||||||||
(dollars in thousands) | 2025 | % | 2024 | % | Change | % | ||||||||||||||||||
Lease revenue | $ | 21,852 | 100.0 | % | 22,096 | 100.0 | % | (244 | ) | -1.1 | % | |||||||||||||
Depreciation and amortization | 7,940 | 36.4 | % | 7,936 | 35.8 | % | 4 | 0.1 | % | |||||||||||||||
Operating expenses | 6,713 | 30.7 | % | 6,047 | 27.4 | % | 666 | 11.0 | % | |||||||||||||||
Property taxes | 2,538 | 11.6 | % | 2,288 | 10.4 | % | 250 | 10.9 | % | |||||||||||||||
Cost of operations | 17,191 | 78.7 | % | 16,271 | 73.6 | % | 920 | 5.7 | % | |||||||||||||||
Operating profit before G&A | ||||||||||||||||||||||||
$ | 4,661 | 21.3 | % | 5,825 | 26.4 | % | (1,164 | ) | -20.0 | % | ||||||||||||||
Total revenues for our two consolidated joint ventures (Dock & Maren) were
Multifamily Segment (Pro rata unconsolidated)
Twelve Months Ended December 31, | ||||||||||||||||||||||||
(dollars in thousands) | 2024 | % | 2023 | % | Change | % | ||||||||||||||||||
Lease revenue | $ | 21,348 | 100.0 | % | 20,336 | 100.0 | % | 1,012 | 5.0 | % | ||||||||||||||
Depreciation and amortization | 9,181 | 43.0 | % | 8,961 | 44.1 | % | 220 | 2.5 | % | |||||||||||||||
Operating expenses | 7,412 | 34.7 | % | 7,332 | 36.1 | % | 80 | 1.1 | % | |||||||||||||||
Property taxes | 2,590 | 12.1 | % | 2,438 | 12.0 | % | 152 | 6.2 | % | |||||||||||||||
Cost of operations | 19,183 | 89.9 | % | 18,731 | 92.1 | % | 452 | 2.4 | % | |||||||||||||||
Operating profit before G&A | $ | 2,165 | 10.1 | % | 1,605 | 7.9 | % | 560 | 34.9 | % | ||||||||||||||
For our four unconsolidated joint ventures, pro rata revenues were
Industrial and Commercial Segment
Twelve Months Ended December 31, | ||||||||||||||||||||||||
(dollars in thousands) | 2025 | % | 2024 | % | Change | % | ||||||||||||||||||
Lease revenue | $ | 5,150 | 100.0 | % | 5,621 | 100.0 | % | (471 | ) | (8.4 | %) | |||||||||||||
Depreciation and amortization | 2,096 | 40.8 | % | 1,444 | 25.7 | % | 652 | 45.2 | % | |||||||||||||||
Operating expenses | 913 | 17.7 | % | 803 | 14.3 | % | 110 | 13.7 | % | |||||||||||||||
Property taxes | 403 | 7.8 | % | 264 | 4.7 | % | 139 | 52.7 | % | |||||||||||||||
Cost of operations | 3,412 | 66.3 | % | 2,511 | 44.7 | % | 901 | 35.9 | % | |||||||||||||||
Operating profit before G&A | $ | 1,738 | 33.7 | % | 3,110 | 55.3 | % | (1,372 | ) | (44.1 | %) | |||||||||||||
Depreciation and amortization | 2,096 | 1,444 | 652 | |||||||||||||||||||||
Unrealized revenues | 94 | (7 | ) | 101 | ||||||||||||||||||||
Net operating income | $ | 3,928 | 76.3 | % | $ | 4,547 | 80.9 | % | $ | (619 | ) | (13.6 | %) | |||||||||||
Total revenues in this segment were
Mining Royalty Lands Segment Results
Twelve Months Ended December 31, | ||||||||||||||||||||||||
(dollars in thousands) | 2025 | % | 2024 | % | Change | % | ||||||||||||||||||
Mining royalty and rent revenue | $ | 14,380 | 100.0 | % | 12,852 | 100.0 | % | 1,528 | 11.9 | % | ||||||||||||||
Depreciation, depletion and amortization | 752 | 5.1 | % | 636 | 5.0 | % | 116 | 18.2 | % | |||||||||||||||
Operating expenses | 65 | 0.5 | % | 69 | 0.5 | % | (4 | ) | -5.8 | |||||||||||||||
Property taxes | 310 | 2.2 | % | 294 | 2.3 | % | 16 | 5.4 | % | |||||||||||||||
Cost of operations | 1,127 | 7.8 | % | 999 | 7.8 | % | 128 | 12.8 | % | |||||||||||||||
Operating profit before G&A | $ | 13,253 | 92.2 | % | 11,853 | 92.2 | % | 1,400 | 11.8 | % | ||||||||||||||
Depreciation and amortization | 752 | 636 | 116 | |||||||||||||||||||||
Unrealized revenues | 608 | 1,907 | (1,299 | ) | ||||||||||||||||||||
Net operating income | $ | 14,613 | 101.6 | % | $ | 14,396 | 112.0 | % | $ | 217 | 1.5 | % | ||||||||||||
Total revenues in this segment were
Development Segment Results
Twelve Months Ended December 31, | ||||||||||||
(dollars in thousands) | 2025 | 2024 | Change | |||||||||
Lease revenue | $ | 1,250 | 1,205 | 45 | ||||||||
Joint venture management fee revenue | 214 | - | 214 | |||||||||
Total revenues | 1,464 | 1,205 | 259 | |||||||||
Depreciation, depletion and amortization | 171 | 171 | - | |||||||||
Operating expenses | 2,606 | 251 | 2,355 | |||||||||
Property taxes | 656 | 591 | 65 | |||||||||
Cost of operations | 3,433 | 1,013 | 2,420 | |||||||||
Operating (loss) profit before G&A | $ | (1,969 | ) | 192 | (2,161 | ) | ||||||
Joint venture management fee revenues are fees paid to the Company primarily from our three minority ownership warehouse projects acquired October 21, 2025. Development segment operating expenses included
CONSOLIDATED BALANCE SHEETS - As of December 31
(In thousands, except share data)
Assets: | December 31, | December 31, | ||||||
Real estate investments at cost: | ||||||||
Land | $ | 182,936 | 168,943 | |||||
Buildings and improvements | 309,132 | 283,421 | ||||||
Projects under construction | 45,032 | 32,770 | ||||||
Total investments in properties | 537,100 | 485,134 | ||||||
Less accumulated depreciation and depletion | 88,558 | 77,695 | ||||||
Net investments in properties | 448,542 | 407,439 | ||||||
Real estate held for investment, at cost | 12,626 | 11,722 | ||||||
Investments in joint ventures | 153,084 | 153,899 | ||||||
Net real estate investments | 614,252 | 573,060 | ||||||
Cash, cash equivalents and restricted cash including | 105,361 | 149,935 | ||||||
Accounts receivable, net | 1,874 | 1,352 | ||||||
Federal and state income taxes receivable | 1,071 | - | ||||||
Unrealized rents | 1,264 | 1,380 | ||||||
Deferred costs | 3,768 | 2,136 | ||||||
Goodwill | 6,893 | - | ||||||
Other assets | 662 | 622 | ||||||
Total assets | $ | 735,145 | 728,485 | |||||
Liabilities: | ||||||||
Secured notes payable | $ | 192,554 | 178,853 | |||||
Accounts payable and accrued liabilities | 12,148 | 6,026 | ||||||
Other liabilities | 2,317 | 1,487 | ||||||
Federal and state income taxes payable | - | 611 | ||||||
Deferred revenue | 3,356 | 2,437 | ||||||
Deferred income taxes | 66,900 | 67,688 | ||||||
Deferred compensation | 1,524 | 1,465 | ||||||
Tenant security deposits | 689 | 805 | ||||||
Total liabilities | 279,488 | 259,372 | ||||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
Common stock, $.10 par value 25,000,000 shares authorized, 19,109,541 and 19,046,894 shares issued and outstanding, respectively | 1,911 | 1,905 | ||||||
Capital in excess of par value | 71,368 | 68,876 | ||||||
Retained earnings | 355,210 | 352,267 | ||||||
Accumulated other comprehensive income, net | 24 | 55 | ||||||
Total shareholders' equity | 428,513 | 423,103 | ||||||
Noncontrolling interests | 27,144 | 46,010 | ||||||
Total equity | 455,657 | 469,113 | ||||||
Total liabilities and equity | $ | 735,145 | 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), adjusted Pro rata net operating income, and adjusted Net income 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. 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. 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
Twelve months ended 12/31/25 (in thousands)
Industrial and Commercial Segment | Development Segment | Multifamily Segment | Mining Royalties Segment | Unallocated Corporate Expenses | FRP Holdings Totals | |||||||||||||||||||
Net income (loss) | $ | 1,330 | 1,270 | (5,773 | ) | 10,104 | (3,969 | ) | 2,962 | |||||||||||||||
Income tax allocation | 408 | 390 | (1,784 | ) | 3,104 | (1,300 | ) | 818 | ||||||||||||||||
Income (loss) before income taxes | 1,738 | 1,660 | (7,557 | ) | 13,208 | (5,269 | ) | 3,780 | ||||||||||||||||
Less: | ||||||||||||||||||||||||
Management fee revenue | 214 | - | 214 | |||||||||||||||||||||
Interest income | 3,243 | 18 | 5,563 | 8,824 | ||||||||||||||||||||
Plus: | ||||||||||||||||||||||||
Unrealized rents | 94 | 1 | 21 | 608 | - | 724 | ||||||||||||||||||
Professional fees | 2,406 | 164 | 2,570 | |||||||||||||||||||||
Equity in loss of joint ventures | - | (386 | ) | 9,446 | 45 | 9,105 | ||||||||||||||||||
Interest expense | - | - | 2,790 | - | 177 | 2,967 | ||||||||||||||||||
Depreciation/amortization | 2,096 | 171 | 7,940 | 752 | 10,959 | |||||||||||||||||||
General and administrative | - | - | - | - | 10,655 | 10,655 | ||||||||||||||||||
- | ||||||||||||||||||||||||
Net operating income (loss) | 3,928 | 395 | 12,786 | 14,613 | - | 31,722 | ||||||||||||||||||
NOI of noncontrolling interest | (5,827 | ) | (5,827 | ) | ||||||||||||||||||||
Pro rata NOI from unconsolidated joint ventures | 817 | 11,151 | 11,968 | |||||||||||||||||||||
Pro rata net operating income | $ | 3,928 | 1,212 | 18,110 | 14,613 | - | 37,863 | |||||||||||||||||
Pro Rata Net Operating Income Reconciliation
Twelve months ended 12/31/24 (in thousands)
Industrial and Commercial Segment | Development Segment | Multifamily Segment | Mining Royalties Segment | Unallocated Corporate Expenses | FRP Holdings Totals | |||||||||||||||||||
Net income (loss) | $ | 1,459 | (3,098 | ) | (5,708 | ) | 8,219 | 5,588 | 6,460 | |||||||||||||||
Income tax allocation | 448 | (952 | ) | (1,764 | ) | 2,525 | 1,772 | 2,029 | ||||||||||||||||
Income (loss) before income taxes | 1,907 | (4,050 | ) | (7,472 | ) | 10,744 | 7,360 | 8,489 | ||||||||||||||||
Less: | ||||||||||||||||||||||||
Unrealized rents | 7 | - | - | - | - | 7 | ||||||||||||||||||
Gain on sale of real estate | - | - | - | 182 | - | 182 | ||||||||||||||||||
Interest income | - | 3,574 | - | - | 7,538 | 11,112 | ||||||||||||||||||
Plus: | ||||||||||||||||||||||||
Unrealized rents | - | - | 10 | 1,907 | - | 1,917 | ||||||||||||||||||
Professional fees | - | - | 85 | - | - | 85 | ||||||||||||||||||
Equity in loss of joint ventures | - | 2,049 | 9,266 | 44 | - | 11,359 | ||||||||||||||||||
Interest expense | - | - | 2,972 | - | 178 | 3,150 | ||||||||||||||||||
Depreciation/amortization | 1,444 | 171 | 7,936 | 636 | - | 10,187 | ||||||||||||||||||
General and administrative | 1,203 | 5,767 | 1,059 | 1,247 | - | 9,276 | ||||||||||||||||||
- | ||||||||||||||||||||||||
Net operating income (loss) | 4,547 | 363 | 13,856 | 14,396 | - | 33,162 | ||||||||||||||||||
NOI of noncontrolling interest | - | - | (6,326 | ) | - | - | (6,326 | ) | ||||||||||||||||
Pro rata NOI from unconsolidated joint ventures | - | 656 | 10,647 | - | - | 11,303 | ||||||||||||||||||
Pro rata net operating income | $ | 4,547 | 1,019 | 18,177 | 14,396 | - | 38,139 | |||||||||||||||||
Three Months Ended | ||||||||||||||||
December 31 | Years Ended December 31 | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Reconciliation of net Income to adjusted net income: | ||||||||||||||||
Net income attributable to the Company | $ | 380 | $ | 1,679 | $ | 3,330 | $ | 6,385 | ||||||||
Adjustments related to Altman acquisition expenses: | ||||||||||||||||
Operating expenses | 431 | - | 2,381 | - | ||||||||||||
General and administrative | 81 | - | 124 | - | ||||||||||||
Total adjustments to net income before income taxes | 512 | - | 2,505 | - | ||||||||||||
Income tax effect on non-GAAP adjustment | (120 | ) | - | (589 | ) | - | ||||||||||
Adjusted net income attributable to the Company | $ | 772 | $ | 1,679 | $ | 5,246 | $ | 6,385 | ||||||||
Reconciliation of NOI to adjusted NOI: | ||||||||||||||||
Pro rata net operating income | $ | 9,288 | $ | 9,103 | $ | 37,863 | $ | 38,139 | ||||||||
Minimum royalty payment applicable to prior 24 months | - | - | - | (1,853 | ) | |||||||||||
Deduction to resolve royalty overpayment | - | - | - | 619 | ||||||||||||
Adjusted pro rata net operating income | $ | 9,288 | $ | 9,103 | $ | 37,863 | $ | 36,905 | ||||||||
Conference Call
The Company will host a conference call on Friday, April 10, 2026 at 4:30 p.m. (ET). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-888-506-0062 (passcode 751153) within the United States or by joining the webcast at https://www.webcaster5.com/Webcast/Page/3158/53880. International callers may dial 1-973-528-0011 (passcode 751153). Audio replay will be available until April 10, 2027 by accessing it at https://www.webcaster5.com/Webcast/Page/3158/53880. 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, 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 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; 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.
View the original press release on ACCESS Newswire