FRP Holdings, Inc. Reports Fiscal 2026 First Quarter Results
Rhea-AI Summary
FRP Holdings (NASDAQ:FRPH) reported a Q1 2026 net loss of $0.7 million, or $(0.04) per share, versus $1.7 million profit a year earlier. Pro rata NOI fell 5% to $8.9 million.
Total revenue rose 2.8% to $10.6 million, driven by a 15% increase in mining royalty revenue and $164,000 of new joint venture management fees from the Altman Logistics platform, offset by a 5.1% decline in lease revenue and higher G&A tied to the Altman acquisition.
Multifamily NOI declined 12% on lower DC occupancy, Industrial & Commercial NOI dropped 33% on vacancies including the Chelsea warehouse, while Mining NOI grew 15% with royalty tons up 7.9% and revenue per ton up 6.5%.
AI-generated analysis. Not financial advice.
Positive
- Total revenues up 2.8% to $10.6 million year-over-year
- Mining royalty revenue up 14.9% to $3.7 million; tons +7.9%, price +6.5%
- Mining royalty NOI up 15% to $3.8 million with margins above 91%
- Altman platform added $164,000 of joint venture management fee revenue
- Harford County: 228 of 344 lots sold, $7.1 million profit to date
- Multiple warehouse projects nearing substantial completion between Q2 2026 and Q1 2027
Negative
- Net income swung to $0.7 million loss from $1.7 million profit
- Pro rata NOI declined 5% to $8.9 million year-over-year
- Multifamily pro rata NOI down 11.8%; portfolio occupancy fell to 92.1%
- Industrial & Commercial NOI down 33% to $758,000; occupancy ex-Chelsea 69.9%
- Chelsea Road warehouse 100% vacant, incurring $218,000 depreciation and $80,000 costs
- G&A expenses up 58.5% to $4.1 million on higher fees and wages
- Net investment income down 34.1% to $1.7 million on lower balances and rates
- Equity in loss of joint ventures worsened by $584,000 to $2.6 million loss
News Market Reaction – FRPH
On the day this news was published, FRPH declined 4.59%, reflecting a moderate negative market reaction. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $20M from the company's valuation, bringing the market cap to $408.61M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
FRPH gained 4.87% while key real estate peers were mostly negative (e.g., RMAX -5.77%, MLP -1.29%, TCI -0.65%), with only HBNB markedly higher. No peers appeared in the momentum scanner, suggesting a stock-specific move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 06 | Earnings call timing | Neutral | +0.8% | Announced Q1 2026 earnings release date and conference call details. |
| Apr 10 | Earnings results | Negative | -0.6% | Reported Q4 and full-year 2025 earnings with sharply lower net income. |
| Apr 08 | Late 10-K notice | Negative | +0.4% | Filed notice of delayed 10-K due to extended audit work, no auditor disputes. |
| Mar 31 | NT 10-K filing | Negative | +0.6% | Filed NT 10-K and guided to lower Q4 and full-year 2025 net income. |
| Mar 03 | Earnings delay | Negative | -0.7% | Announced delay of 2025 Q4 and full-year earnings due to Altman audit work. |
Recent FRPH news tied to earnings quality or filing delays often saw modest moves, with some negative items met by slightly positive price reactions.
Over the last six months, FRPH’s news flow has focused on earnings timing, weaker 2025 results, and the impact of the Altman Logistics acquisition. A late 10‑K notice on Mar 31, 2026 and subsequent Q4 2025 results highlighted higher G&A, industrial vacancies, and lower net income, partly offset by stronger mining royalties. Earlier in March, earnings release delays underscored audit complexity. Against this backdrop, the current Q1 2026 release extends themes of mining strength alongside pressured multifamily and industrial performance.
Market Pulse Summary
This announcement details Q1 2026 results showing a net loss of $687,000, lower pro rata NOI, and softer multifamily and industrial occupancy, offset by double‑digit growth in mining royalty revenue and NOI. It continues themes from recent filings: higher G&A and integration costs from the Altman acquisition alongside a growing development pipeline. Investors may watch leasing progress in Maryland industrial assets, stabilization of D.C. multifamily occupancy, and ongoing mining royalty trends as key drivers for future quarters.
Key Terms
net operating income financial
joint venture financial
operating profit financial
depreciation, depletion and amortization financial
property taxes financial
operating margins financial
AI-generated analysis. Not financial advice.
Mining Royalties Volume Up
Multifamily and Industrial Occupancy Pressured; Re-Leasing the Near-Term Priority
JACKSONVILLE, FL / ACCESS Newswire / May 12, 2026 / FRP Holdings, Inc. (NASDAQ:FRPH), a full-service real estate investment and development company with four distinct business segments including Multifamily, Industrial and Commercial, Development, and Mining and Royalty Lands, today reported financial results for the quarter ended March 31, 2026. Key results for the quarter ended 2026 include (compared with the first quarter 2025):
Q1 2026 Financial Highlights:
Net loss of
$0.7 million or$(0.04) per share, versus net income of$1.7 million or$0.09 per sharePro rata NOI of
$8.9 million versus$9.4 million , down5% Multifamily portfolio occupancy of
92.1% across 1,827 units versus94.0% Industrial & Commercial occupancy of
69.9% ex-Chelsea, down from85.2% Mining royalties: volume up
7.9% , revenue per ton up6.5% Closed Altman Logistics acquisition October 21, 2025; first full quarter of platform integration
"Our first quarter results reflect the headwinds we flagged exiting last year, including occupancy pressure across our DC multifamily assets, industrial vacancies in Maryland that we are working to re-lease, and elevated G&A from the integration costs related to the Altman acquisition," said John Baker III, CEO of FRP Holdings. Baker continued, "Mining royalties continue to be a bright spot, with volume and pricing both moving favorably for the second consecutive quarter. We have more capital deployed in active development today than at any point in recent history, and over the next two years, lease-up of that pipeline will reshape our earnings profile. Near-term, our focus is straightforward: re-lease the Maryland industrial portfolio, stabilize occupancy in the DC multifamily assets, and deliver our active development projects on schedule."
Operating Performance Snapshot (dollars in thousands)
Metric | Q1 2026 | Q1 2025 | ||||||
Net Income Attributable to the Company | $ | (687 | ) | $ | 1,710 | |||
Pro Rata NOI | $ | 8,861 | $ | 9,364 | ||||
Multifamily Pro Rata NOI | $ | 4,084 | $ | 4,630 | ||||
Industrial & Commercial NOI | $ | 758 | $ | 1,139 | ||||
Mining Royalty NOI | $ | 3,782 | $ | 3,284 |
Q1 Consolidated Results of Operations
Net loss of
$687,000 or$(0.04) per share, versus net income of$1,710,000 or$0.09 per share in Q1 2025Pro rata NOI of
$8.9 million versus$9.4 million in Q1 2025, with the decline driven by lower Multifamily and Industrial NOI partially offset by higher Mining Royalty NOITotal revenues of
$10.6 million , up2.8% , as a15% increase in mining royalty revenue and$164,000 of joint venture management fee revenue from the Altman platform offset a5% decline in lease revenueG&A of
$4.1 million , up$1.5 million versus Q1 2025, driven by$311,000 higher audit fees,$173,000 of valuation and accounting consulting fees,$110,000 of IT consulting and higher wages all primarily related to the Altman acquisitionNet investment income decreased
$873,000 , reflecting reduced earnings on cash equivalents on lower balances and rates ($650,000) and lower lending venture income ($223,000) on smaller loan balancesEquity in loss of joint ventures was an unfavorable
$584,000 , driven by lower revenues and higher expenses
Multifamily Segment
Pro rata NOI of
$4.1 million , down$546,000 or12% versus Q1 2025; portfolio-wide occupancy of92.1% across 1,827 units, down from94.0% a year agoDecline concentrated in DC assets: Dock 79 NOI down
$104,000 with occupancy declining 630 bps to89.3% ; The Maren NOI down$96,000 with occupancy declining 230 bps to91.6% ; The Verge NOI down$148,000 with occupancy declining 370 bps to89.8% ; Bryant Street NOI down$195,000 on higher operating costsGreenville assets flat with Riverside NOI up
$12,000 and occupancy up 410 bps to97.0% ; .408 Jackson NOI down modestly with occupancy at95.3% Renewal rate increases ranged from
0.6% to6.1% across the portfolio
Industrial and Commercial Segment
NOI of
$758,000 , down$381,000 or33% versus Q1 2025Ten buildings in service totaling 773,356 sq ft of industrial and 33,708 sq ft of office; blended occupancy of
47.5% , reflecting the 258,279 sq ft Chelsea Road spec warehouse currently100% vacant and in lease-upExcluding Chelsea, occupancy was
69.9% versus85.2% in Q1 2025, with the further decline driven by additional non-renewing leases on top of the prior tenant evictionChelsea contributed
$218,000 of depreciation and$80,000 of operating costs in the quarter with no offsetting revenueRe-leasing the Maryland portfolio remains the primary near-term NOI driver for this segment
Mining Royalty Segment
Revenue of
$3.7 million , up$483,000 or15% versus Q1 2025; royalty tons up7.9% , revenue per ton up6.5% Operating profit before G&A of
$3.4 million , up$432,000 ; operating margins above91% NOI of
$3.8 million , up$498,000 or15% year-over-year, the second consecutive quarter of double-digit underlying growth, with both volume and pricing trending favorably
Development and Active Pipeline
Harford County residential lots: 228 of 344 lots sold (vs. 195 at Q4 2025);
$30.0 million of$31.1 million commitment returned,$7.1 million recorded as profit to dateLakeland, FL warehouse and Broward County, FL warehouse: substantial completion expected Q2 2026
Woven, Greenville, SC: under construction, substantial completion expected late 2027
Estero Phase 1, Naples/Ft. Myers, FL: under construction, substantial completion expected late 2027
Lake County, FL warehouses (SREP JV): substantial completion of first warehouse expected Q1 2027
Riverfront Phase III/IV received second-stage PUD approval October 10, 2025; Phase III not currently in development, with property taxes now expensed rather than capitalized. Phase IV under entitlement.
Altman Logistics Platform
First full quarter following the October 21, 2025, closing of the Altman Logistics Property acquisition
Development segment recognized
$163,000 of joint venture management fee revenue from the three minority-interest warehouse projects acquired in the Altman transactionAcquired projects include warehouses in Delray Beach, FL (199,476 sq ft completed Q1 2026; additional 392,976 sq ft of land for two warehouses); Hamilton, NJ (170,800 sq ft substantial completion Q1 2026); Parsippany, NJ (140,031 sq ft, substantial completion Q2 2026); and Southwest Ranches, FL (335,617 sq ft land acquisition contracted for 2026)
Several former Altman employees joined FRP as part of the transaction, providing in-house origination capability across Florida and New Jersey
Conference Call
The Company will host a conference call on Wednesday, May 13, 2026, at 9:00 a.m. (ET). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-877-545-0320 (passcode 784509) within the United States or by joining the webcast at https://www.webcaster5.com/Webcast/Page/3158/54012. International callers may dial 1-973-528-0002 (passcode 784509). Audio replay will be available until May 13, 2027, by accessing it at the same link. The webcast replay will also be available on the Company's investor relations page (https://investors.frpdev.com/) following the call.
Additional Information
Our investor relations website is https://investors.frpdev.com and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, press releases, quarterly earnings presentations, investor presentations, and corporate governance information, and you may subscribe to Email Alerts to be notified of new information posted to this site.
Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include, but are not limited to: the possibility that we may be unable to find appropriate investment opportunities; levels of construction activity in the markets served by our mining properties; demand for flexible warehouse/office facilities in our markets; multifamily demand in Washington D.C. and Greenville, South Carolina; our ability to obtain zoning and entitlements necessary for property development; the impact of lending and capital market conditions on our liquidity; our ability to finance projects or repay our debt; general real estate investment and development risks; vacancies in our properties; risks associated with developing and managing properties in partnership with others; competition; our ability to renew leases or re-lease spaces as leases expire; illiquidity of real estate investments; bankruptcy or defaults of tenants; the impact of restrictions imposed by our credit facility; the level and volatility of interest rates; environmental liabilities; inflation risks; cybersecurity risks; and construction costs; as well as other risks listed from time to time in our SEC filings; including but not limited to; our annual and quarterly reports. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements.
FRP Holdings, Inc. is a holding company engaged in the real estate business, namely (i) leasing and management of commercial properties owned by the Company, (ii) leasing and management of mining royalty land owned by the Company, (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse, and office, and (iv) leasing and management of residential apartment buildings.
Investor & Media Contacts:
Robert Winters or Abe Plimpton
FRPH@alpha-ir.com
312-445-2870
Comparative Results of Operations for the three months ended March 31, 2026 and 2025
Consolidated Results
(dollars in thousands) | Three Months Ended March 31, | |||||||||||||||
2026 | 2025 | Change | % | |||||||||||||
Revenues: | ||||||||||||||||
Lease revenue | $ | 6,713 | 7,072 | $ | (359 | ) | -5.1 | % | ||||||||
Mining royalty and rents | 3,717 | 3,234 | 483 | 14.9 | % | |||||||||||
Joint venture management fee revenue | 164 | - | 164 | |||||||||||||
Total revenues | 10,594 | 10,306 | 288 | 2.8 | % | |||||||||||
Cost of operations: | ||||||||||||||||
Depreciation, depletion and amortization | 2,842 | 2,607 | 235 | 9.0 | % | |||||||||||
Operating expenses | 2,130 | 1,859 | 271 | 14.6 | % | |||||||||||
Property taxes | 1,025 | 938 | 87 | 9.3 | % | |||||||||||
General and administrative | 4,085 | 2,577 | 1,508 | 58.5 | % | |||||||||||
Total cost of operations | 10,082 | 7,981 | 2,101 | 26.3 | % | |||||||||||
Total operating profit | 512 | 2,325 | (1,813 | ) | -78.0 | % | ||||||||||
Net investment income | 1,688 | 2,561 | (873 | ) | -34.1 | % | ||||||||||
Interest expense | (708 | ) | (695 | ) | (13 | ) | 1.9 | % | ||||||||
Equity in loss of joint ventures | (2,615 | ) | (2,031 | ) | (584 | ) | 28.8 | % | ||||||||
Income before income taxes | (1,123 | ) | 2,160 | (3,283 | ) | -152.0 | % | |||||||||
Provision for income taxes | (202 | ) | 526 | (728 | ) | -138.4 | % | |||||||||
Net income | (921 | ) | 1,634 | (2,555 | ) | -156.4 | % | |||||||||
Income (loss) attributable to noncontrolling interest | (234 | ) | (76 | ) | (158 | ) | 207.9 | % | ||||||||
Net income attributable to the Company | $ | (687 | ) | 1,710 | $ | (2,397 | ) | -140.2 | % | |||||||
Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)
Three months ended March 31, 2026 | ||||||||||||||||||||||||
(dollars in thousands) | 2026 | % | 2025 | % | Change | % | ||||||||||||||||||
Lease revenue | $ | 8,014 | 100.0 | % | 8,305 | 100.0 | % | (291 | ) | -3.5 | % | |||||||||||||
Depreciation and amortization | 3,375 | 42.1 | % | 3,287 | 39.6 | % | 88 | 2.7 | % | |||||||||||||||
Operating expenses | 2,889 | 36.0 | % | 2,625 | 31.6 | % | 264 | 10.1 | % | |||||||||||||||
Property taxes | 950 | 11.9 | % | 970 | 11.7 | % | (20 | ) | -2.1 | % | ||||||||||||||
Cost of operations | 7,214 | 90.0 | % | 6,882 | 82.9 | % | 332 | 4.8 | % | |||||||||||||||
Operating profit before G&A | $ | 800 | 10.0 | % | 1,423 | 17.1 | % | (623 | ) | -43.8 | % | |||||||||||||
Depreciation and amortization | 3,375 | 3,287 | 88 | |||||||||||||||||||||
Unrealized rents & other | (91 | ) | (80 | ) | (11 | ) | ||||||||||||||||||
Net operating income | $ | 4,084 | 51.0 | % | 4,630 | 55.7 | % | (546 | ) | -11.8 | % | |||||||||||||
Apartment Building | Units | Pro rata NOI Q1 2026 | Pro rata NOI Q1 2025 | Avg. Occupancy Q1 2026 | Avg. Occupancy Q1 2025 | Renewal Success Rate Q1 2026 | Renewal % increase Q1 2026 | |||||||||||||||||||||
Dock 79 Anacostia DC | 305 | $ | 801,000 | $ | 905,000 | 89.3 | % | 95.6 | % | 63.6 | % | 6.1 | % | |||||||||||||||
Maren Anacostia DC | 264 | $ | 759,000 | $ | 855,000 | 91.6 | % | 93.9 | % | 55.6 | % | 3.7 | % | |||||||||||||||
Riverside Greenville | 200 | $ | 234,000 | $ | 222,000 | 97.0 | % | 92.9 | % | 60.6 | % | 0.6 | % | |||||||||||||||
Bryant Street DC | 487 | $ | 1,344,000 | $ | 1,539,000 | 92.1 | % | 92.5 | % | 63.6 | % | 1.9 | % | |||||||||||||||
.408 Jackson Greenville | 227 | $ | 341,000 | $ | 356,000 | 95.3 | % | 97.2 | % | 41.9 | % | 5.3 | % | |||||||||||||||
Verge Anacostia DC | 344 | $ | 605,000 | $ | 753,000 | 89.8 | % | 93.5 | % | 62.5 | % | 1.2 | % | |||||||||||||||
Multifamily Segment | 1,827 | $ | 4,084,000 | $ | 4,630,000 | 92.1 | % | 94.0 | % | |||||||||||||||||||
Multifamily Segment (Consolidated - Dock 79 & The Maren)
Three months ended March 31, 2026 | ||||||||||||||||||||||||
(dollars in thousands) | 2026 | % | 2025 | % | Change | % | ||||||||||||||||||
Lease revenue | $ | 5,195 | 100.0 | % | 5,424 | 100.0 | % | (229 | ) | -4.2 | % | |||||||||||||
Depreciation and amortization | 2,007 | 38.7 | % | 1,995 | 36.8 | % | 12 | .6 | % | |||||||||||||||
Operating expenses | 1,726 | 33.2 | % | 1,585 | 29.2 | % | 141 | 8.9 | % | |||||||||||||||
Property taxes | 610 | 11.7 | % | 635 | 11.7 | % | (25 | ) | -3.9 | % | ||||||||||||||
Cost of operations | 4,343 | 83.6 | % | 4,215 | 77.7 | % | 128 | 3.0 | % | |||||||||||||||
Operating profit before G&A | $ | 852 | 16.4 | % | 1,209 | 22.3 | % | (357 | ) | -29.5 | % | |||||||||||||
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, 2026 | ||||||||||||||||||||||||
(dollars in thousands) | 2026 | % | 2025 | % | Change | % | ||||||||||||||||||
Lease revenue | $ | 5,181 | 100.0 | % | 5,349 | 100.0 | % | (168 | ) | -3.1 | % | |||||||||||||
Depreciation and amortization | 2,276 | 43.9 | % | 2,193 | 41.0 | % | 83 | 3.8 | % | |||||||||||||||
Operating expenses | 1,974 | 38.1 | % | 1,780 | 33.3 | % | 194 | 10.9 | % | |||||||||||||||
Property taxes | 618 | 11.9 | % | 625 | 11.7 | % | (7 | ) | -1.1 | % | ||||||||||||||
Cost of operations | 4,868 | 94.0 | % | 4,598 | 86.0 | % | 270 | 5.9 | % | |||||||||||||||
Operating profit before G&A | $ | 313 | 6.0 | % | 751 | 14.0 | % | (438 | ) | -58.3 | % | |||||||||||||
Industrial and Commercial Segment
Three months ended March 31, 2026 | ||||||||||||||||||||||||
(dollars in thousands) | 2026 | % | 2025 | % | Change | % | ||||||||||||||||||
Lease revenue | $ | 1,200 | 100.0 | % | 1,347 | 100.0 | % | (147 | ) | (10.9 | %) | |||||||||||||
Depreciation and amortization | 566 | 47.1 | % | 391 | 29.1 | % | 175 | 44.8 | % | |||||||||||||||
Operating expenses | 326 | 27.2 | % | 233 | 17.3 | % | 93 | 39.9 | % | |||||||||||||||
Property taxes | 127 | 10.6 | % | 80 | 5.9 | % | 47 | 58.8 | % | |||||||||||||||
Cost of operations | 1,019 | 84.9 | % | 704 | 52.3 | % | 315 | 44.7 | % | |||||||||||||||
Operating profit before G&A | $ | 181 | 15.1 | % | 643 | 47.7 | % | (462 | ) | (71.9 | %) | |||||||||||||
Depreciation and amortization | 566 | 391 | 175 | |||||||||||||||||||||
Unrealized revenues | 11 | 105 | (94 | ) | ||||||||||||||||||||
Net operating income | $ | 758 | 63.2 | % | $ | 1,139 | 84.6 | % | $ | (381 | ) | (33.5 | %) | |||||||||||
Mining Royalty Lands Segment Results
Three months ended March 31, 2026 | ||||||||||||||||||||||||
(dollars in thousands) | 2026 | % | 2025 | % | Change | % | ||||||||||||||||||
Mining royalty and rent revenue | $ | 3,717 | 100.0 | % | 3,234 | 100.0 | % | 483 | 14.9 | % | ||||||||||||||
Depreciation, depletion and amortization | 226 | 6.1 | % | 178 | 5.5 | % | 48 | 27.0 | % | |||||||||||||||
Operating expenses | 19 | 0.5 | % | 16 | 0.5 | % | 3 | 18.8 | % | |||||||||||||||
Property taxes | 75 | 2.0 | % | 75 | 2.3 | % | - | - | % | |||||||||||||||
Cost of operations | 320 | 8.6 | % | 269 | 8.3 | % | 51 | 19.0 | % | |||||||||||||||
Operating profit before G&A | $ | 3,397 | 91.4 | % | 2,965 | 91.7 | % | 432 | 14.6 | % | ||||||||||||||
Depreciation and amortization | 226 | 178 | 48 | |||||||||||||||||||||
Unrealized revenues | 159 | 141 | 18 | |||||||||||||||||||||
Net operating income | $ | 3,782 | 101.7 | % | $ | 3,284 | 101.5 | % | $ | 498 | 15.2 | % | ||||||||||||
Development Segment Results
Three months ended March 31, 2026 | ||||||||||||
(dollars in thousands) | 2026 | 2025 | Change | |||||||||
Lease revenue | $ | 319 | 301 | 18 | ||||||||
Joint venture management fee revenue | 163 | - | 163 | |||||||||
Total revenues | 482 | 301 | 181 | |||||||||
Depreciation, depletion and amortization | 43 | 43 | - | |||||||||
Operating expenses | 59 | 25 | 34 | |||||||||
Property taxes | 213 | 148 | 65 | |||||||||
Cost of operations | 315 | 216 | 99 | |||||||||
Operating profit before G&A | $ | 167 | 85 | 82 | ||||||||
CONSOLIDATED BALANCE SHEETS - As of December 31 (In thousands, except share data)
Assets: | March 31 | December 31 | ||||||
Real estate investments at cost: | ||||||||
Land | $ | 182,887 | 182,936 | |||||
Buildings and improvements | 310,168 | 309,132 | ||||||
Projects under construction | 57,354 | 45,032 | ||||||
Total investments in properties | 550,409 | 537,100 | ||||||
Less accumulated depreciation and depletion | 91,412 | 88,558 | ||||||
Net investments in properties | 458,997 | 448,542 | ||||||
Real estate held for investment, at cost | 12,741 | 12,626 | ||||||
Investments in joint ventures | 155,065 | 153,084 | ||||||
Net real estate investments | 626,803 | 614,252 | ||||||
Cash, cash equivalents and restricted cash including | 107,859 | 105,361 | ||||||
Accounts receivable, net | 1,950 | 1,874 | ||||||
Federal and state income taxes receivable | 1,279 | 1,071 | ||||||
Unrealized rents | 1,299 | 1,264 | ||||||
Deferred costs | 3,637 | 3,768 | ||||||
Goodwill | 6,893 | 6,893 | ||||||
Other assets | 669 | 662 | ||||||
Total assets | $ | 750,389 | 735,145 | |||||
Liabilities: | ||||||||
Notes payable, net | $ | 203,916 | 192,554 | |||||
Accounts payable and accrued liabilities | 17,122 | 12,148 | ||||||
Other liabilities | 2,407 | 2,317 | ||||||
Deferred revenue | 3,401 | 3,356 | ||||||
Deferred income taxes | 66,901 | 66,900 | ||||||
Deferred compensation | 1,546 | 1,524 | ||||||
Tenant security deposits | 699 | 689 | ||||||
Total liabilities | 295,992 | 279,488 | ||||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
Common stock, $.10 par value 25,000,000 shares authorized, 19,170,275 and 19,109,541 shares issued and outstanding, respectively | 1,917 | 1,911 | ||||||
Capital in excess of par value | 71,730 | 71,368 | ||||||
Retained earnings | 354,523 | 355,210 | ||||||
Accumulated other comprehensive income, net | 8 | 24 | ||||||
Total shareholders' equity | 428,178 | 428,513 | ||||||
Noncontrolling interests | 26,219 | 27,144 | ||||||
Total equity | 454,397 | 455,657 | ||||||
Total liabilities and equity | $ | 750,389 | 735,145 | |||||
Non-GAAP Financial Measures.
To supplement the financial results presented in accordance with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. These measures are not, and should not be viewed as, a substitute for GAAP financial measures.
Pro rata Net Operating Income Reconciliation | ||||||||||||||||||||||||
Three months ending 3/31/26 (in thousands) | ||||||||||||||||||||||||
Industrial and Commercial Segment | Development Segment | Multifamily Segment | Mining Royalties Segment | Unallocated Corporate Expenses | FRP Holdings Totals | |||||||||||||||||||
Net income (loss) | $ | 138 | 768 | (1,893 | ) | 2,590 | (2,524 | ) | (921 | ) | ||||||||||||||
Income tax allocation | 43 | 236 | (510 | ) | 795 | (766 | ) | (202 | ) | |||||||||||||||
Income (loss) before income taxes | 181 | 1,004 | (2,403 | ) | 3,385 | (3,290 | ) | (1,123 | ) | |||||||||||||||
Less: | ||||||||||||||||||||||||
Unrealized rents | - | - | 46 | - | - | - | ||||||||||||||||||
Management fee revenue | - | 163 | - | - | - | 163 | ||||||||||||||||||
Interest income | 804 | 7 | 877 | 1,688 | ||||||||||||||||||||
Plus: | ||||||||||||||||||||||||
Unrealized rents | 11 | - | - | 159 | - | 124 | ||||||||||||||||||
Professional fees | - | 12 | 51 | - | - | 63 | ||||||||||||||||||
Equity in loss of joint ventures | - | (33 | ) | 2,636 | 12 | - | 2,615 | |||||||||||||||||
Interest expense | - | - | 626 | - | 82 | 708 | ||||||||||||||||||
Depreciation/amortization | 566 | 43 | 2,007 | 226 | - | 2,842 | ||||||||||||||||||
General and administrative | - | - | - | - | 4,085 | 4,085 | ||||||||||||||||||
Net operating income (loss) | 758 | 59 | 2,864 | 3,782 | - | 7,463 | ||||||||||||||||||
NOI of noncontrolling interest | - | - | (1,304 | ) | - | - | (1,304 | ) | ||||||||||||||||
Pro rata NOI from unconsolidated joint ventures | - | 178 | 2,524 | - | - | 2,702 | ||||||||||||||||||
Pro rata net operating income | $ | 758 | 237 | 4,084 | 3,782 | - | 8,861 | |||||||||||||||||
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 | |||||||||||||||||
SOURCE: FRP Holdings, Inc.
View the original press release on ACCESS Newswire