FRP Holdings, Inc. Reports Fiscal 2026 Second Quarter Results

Rhea-AI Summary

FRP Holdings (NASDAQ:FRPH) reported Q2 2026 net loss of $0.3 million, or $(0.01) per share, versus net income of $0.6 million a year earlier. Pro rata NOI declined 3% to $9.4 million, while total revenues rose 2.1% to $11.1 million as a 13% increase in mining royalty revenue and $194,000 of Altman joint venture management fees offset a 5.8% drop in lease revenue.

Multifamily pro rata NOI fell 9% with portfolio occupancy at 93.2%, pressured mainly by Washington, DC assets, while Industrial & Commercial NOI dropped 39% with occupancy (ex-Chelsea) down to 69.9%. Mining royalty NOI increased 12% with margins above 90%. Year-to-date, FRP posted a $0.9 million net loss and a 4% decline in pro rata NOI, although mining NOI rose 14% and Development segment operating profit improved by $1.1 million, aided by the Altman Logistics platform.

Positive

• Mining royalty revenue up 13% in Q2 2026, volume +6.8%, price +5.4%
• Mining royalty NOI up 12% in Q2, operating margin above 90%
• Total revenues up 2.1% year-over-year to $11.1 million in Q2 2026
• Year-to-date mining royalty revenue up 14% to $7.8 million; NOI up 14% to $7.9 million
• Development segment operating profit improved by $1.1 million year-to-date to $454,000
• Altman platform JV fees contributed $194,000 in Q2 and $358,000 year-to-date

Negative

• Net income swung to Q2 2026 loss of $0.3 million from $0.6 million profit
• Year-to-date net income declined to a $0.9 million loss from $2.3 million profit
• Pro rata NOI down 3% in Q2 to $9.4 million and 4% year-to-date to $18.2 million
• Multifamily pro rata NOI down 9% in Q2 and 10% year-to-date, with DC occupancy declines
• Industrial & Commercial NOI down 39% in Q2 and 36% year-to-date; occupancy (ex-Chelsea) at 69.9%
• G&A expenses increased $802,000 in Q2 and $2.31 million year-to-date due to Altman-related costs
• Lease revenue declined 5.8% year-over-year in Q2 2026
• Net investment income decreased $1.1 million in Q2 and $2.0 million year-to-date

News Explained

Mining growth offsets part of the weakness, but occupancy pressure and higher costs leave leasing the immediate operating determinant.

FRP Holdings has reported its fiscal 2026 second-quarter results for the quarter ended June 30, 2026.

For existing common holders, the report points to a mixed operating change: pro rata NOI declined 3% to $9.4 million and the company posted a $0.3 million net loss, while mining royalty revenue rose 13%.

The pressure is concentrated in occupancy: Multifamily occupancy was 93.2%, Industrial & Commercial occupancy excluding Chelsea was 69.9%, and approximately 408,000 square feet was available for immediate lease in Maryland. Management said no leases were signed in the quarter, so leasing the Maryland portfolio remains the stated near-term operating priority.

The development update also moves specific projects forward: Hamilton and Parsippany reached substantial completion in Q2, while Lakeland and Broward are expected in Q3 2026 and Woven and Estero in late 2027. The next concrete checks are whether Maryland vacancies convert into signed leases and whether the named warehouse projects meet those disclosed completion milestones.

Market Context

FRPH’s low short positioning provides context for this earnings report without indicating a crowded ...

Analysis

FRPH’s low short positioning provides context for this earnings report without indicating a crowded bearish trade. Occupancy and Maryland industrial vacancies remain key variables to monitor, while mining royalty growth offsets some pressure and elevated G&A remains a risk.

Key Figures

Net loss: $0.3 million Loss per share: $(0.01) per share Pro rata NOI: $9.4 million +5 more

8 metrics

Net loss $0.3 million Q2 2026, versus $0.6 million net income in Q2 2025

Loss per share $(0.01) per share Q2 2026, versus $0.03 per share in Q2 2025

Pro rata NOI $9.4 million Q2 2026, versus $9.7 million in Q2 2025

Total revenues $11.1 million Q2 2026, up 2.1%

Multifamily occupancy 93.2% Q2 2026 across 1,827 units, versus 94.1% last year

Industrial and commercial occupancy 69.9% Q2 2026 excluding Chelsea, versus 77.9% in Q2 2025

Mining royalties Up 13% Q2 2026, with volume up 6.8% and revenue per ton up 5.4%

G&A increase $802,000 Q2 2026 versus Q2 2025

Historical Context

5 past events · Latest: Jul 22 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 22	Earnings release notice	Neutral	-2.0%	Second-quarter earnings date and conference-call details were announced.
May 12	Q1 earnings report	Negative	-4.6%	Net loss and lower NOI outweighed higher mining royalty revenue.
May 06	Earnings release notice	Neutral	+0.8%	First-quarter earnings date and conference-call details were announced.
Apr 10	Q4 earnings report	Negative	-0.6%	Lower net income and industrial vacancies pressured quarterly performance.
Apr 08	Earnings release notice	Neutral	+0.4%	Delayed annual filing and fourth-quarter earnings timing were disclosed.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

FRPH earnings releases were followed by negative price reactions in the two most recent earnings events, while conference notices produced mixed reactions.

Key Terms

pro rata NOI, noncontrolling interest, operating margin

3 terms

pro rata NOI financial

"Pro rata NOI was $9.4 million versus $9.7 million in Q2 2025"

Pro rata NOI is the portion of a property’s net operating income (rental income minus operating expenses) allocated to an investor based on their ownership share. It shows the investor’s slice of a property’s cash-generating performance as if total income were split proportionally, like dividing a pizza by the size of each owner’s slice. Investors use it to compare and value holdings, estimate cash flow and track income from partial ownership.

noncontrolling interest financial

"Income (loss) attributable to noncontrolling interest"

The portion of a business owned by investors other than the controlling owner when one company has control of another; it represents outside shareholders’ share of the subsidiary’s assets and profits. For investors, it matters because those outside claims reduce the amount of profit and net assets attributable to the parent owner — similar to saying part of a pizza belongs to someone else — and thus affects earnings, book value and valuation.

operating margin financial

"with an operating margin above 90%"

Operating margin shows how much profit a company makes from its core business activities after paying for costs like wages and materials. It’s useful because it tells you how efficiently a company is running—higher margins mean it keeps more money from each dollar of sales, which can indicate better management or stronger products.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Mining Royalties Revenue up 13% on higher Volume and Pricing;

Multifamily and Industrial Occupancy Remain Pressured; Industrial Leasing the Near-Term Priority

JACKSONVILLE, FL / ACCESS Newswire / August 4, 2026 / FRP Holdings, Inc. (NASDAQ:FRPH), a full-service real estate investment and development company with four distinct business segments including Multifamily, Industrial and Commercial, Development, and Mining and Royalty Lands, today reported financial results for the quarter ended June 30, 2026. Key results for the quarter ended 2026 include:

Q2 2026 Financial Highlights:

• The Company reported a net loss of $0.3 million or $(0.01) per share, versus net income of $0.6 million or $0.03 per share in the same quarter last year

• Pro rata NOI of $9.4 million was slightly down (3%) versus the $9.7 million of NOI in the second quarter last year

• Multifamily portfolio occupancy of 93.2% across 1,827 units was also slightly down versus 94.1% last year

• Industrial & Commercial occupancy of 69.9% (ex-Chelsea) was down from 77.9%

• Mining royalties were up 13% as a result of increases in both volume (up 6.8%) and revenue per ton (up 5.4%)

• This was our second full quarter following the October 21, 2025, Altman Logistics acquisition

"Second quarter results continued to reflect the occupancy pressure we flagged exiting last year across our DC multifamily assets and the Maryland industrial portfolio, alongside higher G&A tied to the Altman integration," said John Baker III, CEO of FRP Holdings. Baker continued, "Mining royalties again posted double-digit NOI growth, and our development pipeline continues to advance, with the Hamilton and Parsippany, New Jersey merchant build projects reaching substantial completion this quarter. Our priorities remain unchanged: lease the Maryland industrial portfolio, stabilize occupancy across the DC multifamily assets, and deliver our active development projects on schedule."

Operating Performance Snapshot (dollars in thousands)

Metric		Q2 2026				Q2 2025
Net Income Attributable to the Company		$	(259	)		$	578
Pro Rata NOI		$	9,371			$	9,688
Multifamily Pro Rata NOI		$	4,316			$	4,737
Industrial & Commercial NOI		$	616			$	1,010
Mining Royalty NOI		$	4,118			$	3,665

Q2 Consolidated Results of Operations

• Pro rata NOI was slightly down to $9.4 million versus $9.7 million in Q2 2025, with the decline driven by lower Multifamily and Industrial NOI, partially offset by higher Mining Royalty NOI

• Total revenues were $11.1 million, up 2.1%, as a 13% increase in mining royalty revenue and $194,000 of joint venture management fee revenue from the Altman platform helped to offset a 6% decline in lease revenue

• G&A increased $802,000 versus Q2 2025, driven by higher personnel costs, higher legal fees and integration expenses following the Altman acquisition, partially offset by $328,000 of increased labor capitalization

• Net investment income decreased $1,111,000 due to lower cash balances and lower interest rates ($619,000) and less lending venture income ($492,000) on a lower loan balance and fewer lot sales

Multifamily Segment

• Pro rata NOI in this segment was $4.3 million, down $421,000 or 9% versus Q2 2025 as occupancy was down ~1% from a year ago

• The decline was predominantly concentrated in our DC assets: Dock 79 NOI was down $139,000 with occupancy declining 220 bps to 93.3%; The Maren's NOI was down $54,000 despite occupancy improving 90 bps to 94.5%; The Verge's NOI was down $112,000 with occupancy declining 320 bps to 90.1%; and Bryant Street's NOI was down $128,000 with occupancy declining 240 bps to 92.2%

• Our Greenville assets remained steady with average overall occupancy above 95%

• Renewal rate increases in our DC assets averaged 2.3%; while those in our Greenville assets averaged 1.0%

Industrial and Commercial Segment

• This segment's NOI was $616,000, down $394,000 or 39% versus Q2 2025 due to the vacancy in our Maryland assets

• Excluding Chelsea, occupancy in our 10 existing in-service buildings was 69.9% versus 77.9% in Q2 2025, with the decline driven by non-renewing lease expirations

• Our operating loss before G&A was $3,000, versus an operating profit of $443,000 in Q2 2025, reflecting lower occupancy and higher operating costs tied to a real estate tax appeal and legal fees tied to leasing activity

• Leasing up the Maryland portfolio remains the primary near-term NOI driver for the Company with approximately 408,000 square feet of space available for immediate lease

Mining Royalty Segment This segment's revenue was $4.1 million, up $457,000 or 13% versus Q2 2025 driven both by royalty tons (up 6.8%) and higher revenue per ton (up 5.4%)

• NOI was up 12% year-over-year, continuing the double-digit underlying growth trend from Q1, with both volume and pricing trending favorably

• Operating profit before G&A was $3.7 million, up $339,000 with an operating margin above 90%

• Development and Active Pipeline

• At our Harford County residential lending venture we sold 20 lots versus 27 lot sales in Q2 2025 (and have now sold 248 of the 344 lots and booked $7.4 million of interest and profit to date)

• We expect both our Lakeland, FL warehouse and our Broward County, FL warehouse to be substantially complete in the third quarter of 2026

• The Woven project in Greenville, SC (214 units with 13,500 sf of ground floor retail) is under construction with substantial completion expected late 2027

• Estero Phase 1 in the Naples/Ft. Myers, FL market is also under construction (296 multifamily units and 28,745 sq ft of retail) with substantial completion also expected late 2027

• Our two building (377,892 sq ft) Camp Lake industrial project just outside Orlando, FL is well into construction with substantial completion of the first warehouse expected Q1 2027

• Altman Logistics Platform

• This was the second full quarter following the October 21, 2025, closing of the Altman Logistics Property acquisition

• The Development segment recognized $195,000 of joint venture management fee revenue in Q2 from the three minority-interest warehouse projects acquired in this transaction

• The acquired projects include warehouses in Delray Beach, FL (199,476 sq ft completed Q1 2026; additional 392,976 sq ft of land for two warehouses); Hamilton, NJ (170,800 sq ft, completed Q2 2026); Parsippany, NJ (140,031 sq ft, substantial completion Q2 2026); and Southwest Ranches, FL (335,617 sq ft land acquired July 2026)

• Several high-level Altman employees joined FRP as part of the transaction, providing in-house origination capability across the platform

Year-to-Date Results
Six Months Ended June 30, 2026

Six-Month 2026 Financial Highlights:

• The Company reported a net loss of $0.9 million or $(0.05) per share, versus net income of $2.3 million or $0.12 per share in the same period last year

• Pro rata NOI was $18.2 million versus $19.1 million in the same period last year (down 4%)

• Multifamily portfolio occupancy was 92.6% versus 94.1% in the first six months of last year

• Industrial & Commercial NOI was $1.4 million, down 36% due to a tenant eviction and non-renewing lease expirations

• Mining royalties were up 14% over the same period last year(volume up 7.3%, revenue per ton up 5.9%)

• G&A was up $2.3 million, driven primarily by Altman-related personnel and integration costs

Operating Performance Snapshot (dollars in thousands)

Metric		YTD 2026				YTD 2025
Net Income Attributable to the Company		$	(946	)		$	2,288
Pro Rata NOI		$	18,232			$	19,052
Multifamily Pro Rata NOI		$	8,400			$	9,367
Industrial & Commercial NOI		$	1,374			$	2,149
Mining Royalty NOI		$	7,900			$	6,949

Six-Month Consolidated Results of Operations

• The Company reported a net loss of $946,000 or $(0.05) per share, versus net income of $2,288,000 or $0.12 per share in the first six months of 2025

• Pro rata NOI was down 4% to $18.2 million versus $19.1 million in the first six months of 2025, with the decline driven by lower Multifamily and Industrial and Commercial segment NOI, partially offset by higher Mining Royalty and Development segment NOI

• Total revenues were $21.7 million, up 2.5%, as a 14% increase in mining royalty revenue and $358,000 of joint venture management fee revenue from the Altman platform helped to offset a 5% decline in lease revenue

• G&A increased $2,310,000 versus the first six months of 2025, driven by higher personnel costs, higher audit fees, higher legal fees and integration expenses following the Altman acquisition, partially offset by $602,000 of increased labor capitalization

• Net investment income decreased $1,984,000 due to lower cash balances and lower interest rates ($1,269,000) and less lending venture income ($715,000) on a lower loan balance and fewer lot sales

Multifamily Segment - Six Months

• Pro rata NOI in this segment was $8.4 million, down $967,000 or 10% versus the first six months of 2025, as portfolio-wide average occupancy declined to 92.6% from 94.1%

• The decline was predominantly concentrated in our DC assets: Bryant Street's NOI was down $323,000 to $2,758,000 with occupancy declining 130 bps to 92.2%; The Verge's NOI was down $260,000 to $1,226,000 with occupancy declining 340 bps to 90.0%; Dock 79's NOI was down $243,000 to $1,657,000 with occupancy declining 430 bps to 91.3%; and The Maren's NOI was down $150,000 to $1,595,000 with occupancy declining 70 bps to 93.0%

• Our Greenville assets remained steady with average occupancy above 95%

• Renewal rate increases in our DC assets averaged 2.7%; while those in our Greenville assets averaged 1.7%

Industrial and Commercial Segment - Six Months

• This segment's NOI was $1,374,000, down $775,000 or 36% versus the first six months of 2025 due to vacancy in our Maryland assets

• Total revenues were $2,183,000, down $538,000 or 20%, with the decline driven by a tenant eviction and non-renewing lease expirations

• Our operating profit before G&A was $178,000, down $908,000 or 84%, including $298,000 of Chelsea spec warehouse depreciation and carrying costs

• Leasing up the Maryland portfolio remains the primary near-term NOI driver for the Company

Mining Royalty Segment - Six Months

• This segment's revenue was $7.8 million, up $940,000 or 14% versus the first six months of 2025, driven both by royalty tons (up 7.3%) and higher revenue per ton (up 5.9%)

• NOI was $7.9 million, up $951,000 or 14% year-over-year, with both volume and pricing trending favorably

• Operating profit before G&A of $7.1 million, up $771,000 with an operating margin above 90%

Development Segment - Six Months

• Operating profit before G&A was $454,000, up $1,067,000 versus an operating loss of $613,000 in the first six months of 2025

• The improvement was driven by $358,000 of joint venture management fee revenue from the Altman platform and the prior year including $713,000 of Altman acquisition expenses, partially offset by $130,000 less capitalized real estate taxes

"Same-store leasing is the single most important lever we have to improve the company's performance - it has the most immediate impact and requires very little capital relative to development. To say it is management's top priority understates the extent to which our day-to-day revolves around it" said Baker, III. Baker continued, "The activity and engagement with potential tenants remains high especially compared to last year. While that did not translate into signed leases this quarter, we believe that if we focus on what we can control and execute, the results we are looking for will come."

Conference Call

The Company will host a conference call on Wednesday, August 5, 2026, at 9:00 a.m. (ET). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-888-506-0062 (passcode 417930) within the United States or by joining the webcast at https://www.webcaster5.com/Webcast/Page/3158/54289. International callers may dial 1-973-528-0011 (passcode 417930). Audio replay will be available until August 5, 2027, by accessing it at the same link. The webcast replay will also be available on the Company's investor relations page (https://www.frpdev.com/investor-relations/) following the call.

Additional Information

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

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

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

Investor & Media Contacts

Robert Winters or Abe Plimpton
FRPH@alpha-ir.com
312-445-2870

Comparative Results of Operations for the three months ended June 30, 2026 and 2025

Consolidated Results

(dollars in thousands)		Three Months Ended June 30,
		2026				2025				Change				%
Revenues:
Lease revenue		$	6,823				7,241			$	(418	)			-5.8	%
Mining royalty and rents			4,066				3,609				457				12.7	%
Joint venture management fee revenue			194				-				194
Total revenues			11,083				10,850				233				2.1	%
Cost of operations:
Depreciation, depletion and amortization			2,923				2,726				197				7.2	%
Operating expenses			1,972				2,580				(608	)			-23.6	%
Property taxes			1,042				1,002				40				4.0	%
General and administrative			3,687				2,885				802				27.8	%
Total cost of operations			9,624				9,193				431				4.7	%
Total operating profit			1,459				1,657				(198	)			-11.9	%
Investment income			1,237				2,348				(1,111	)			-47.3	%
Interest expense			(701	)			(824	)			123				-14.9	%
Equity in loss of joint ventures			(2,419	)			(2,379	)			(40	)			1.7	%
Income before income taxes			(424	)			802				(1,226	)			-152.9	%
Provision for income taxes			(80	)			178				(258	)			-144.9	%
Net income (loss)			(344	)			624				(968	)			-155.1	%
Income (loss) attributable to noncontrolling interest			(85	)			46				(131	)			-284.8	%
Net income (loss) attributable to the Company		$	(259	)			578			$	(837	)			-144.8	%

Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)

		Three months ended June 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Lease revenue		$	8,204				100.0	%			8,467				100.0	%			(263	)			-3.1	%
Depreciation and amortization			3,360				41.0	%			3,386				40.0	%			(26	)			-.8	%
Operating expenses			2,753				33.6	%			2,691				31.8	%			62				2.3	%
Property taxes			986				12.0	%			1,008				11.9	%			(22	)			-2.2	%
Cost of operations			7,099				86.5	%			7,085				83.7	%			14				.2	%
Operating profit before G&A		$	1,105				13.5	%			1,382				16.3	%			(277	)			-20.0	%
Depreciation and amortization			3,360								3,386								(26	)
Unrealized rents & other			(149	)							(31	)							(118	)
Net operating income		$	4,316				52.6	%			4,737				55.9	%			(421	)			-8.9	%

Apartment Building		Units				Pro rata NOI Q2 2026				Pro rata NOI Q2 2025				Avg. Occupancy Q2 2026				Avg. Occupancy Q2 2025				Renewal Success Rate Q2 2026				Renewal % increase Q2 2026
Dock 79 Anacostia DC			305			$	856,000			$	995,000				93.3	%			95.5	%			71.4	%			2.9	%
Maren Anacostia DC			264			$	836,000			$	890,000				94.5	%			93.6	%			71.1	%			5.0	%
Riverside Greenville			200			$	233,000			$	215,000				97.2	%			92.9	%			64.6	%			-	%
Bryant Street DC			487			$	1,414,000			$	1,542,000				92.2	%			94.6	%			53.0	%			1.5	%
.408 Jackson Greenville			227			$	356,000			$	362,000				94.9	%			94.3	%			51.0	%			1.8	%
Verge Anacostia DC			344			$	621,000			$	733,000				90.1	%			93.3	%			68.9	%			0.9	%
Multifamily Segment			1,827			$	4,316,000			$	4,737,000				93.2	%			94.1	%

Multifamily Segment (Consolidated - Dock 79 & The Maren)

		Three months ended June 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Lease revenue		$	5,439				100.0	%			5,567				100.0	%			(128	)			-2.3	%
Depreciation and amortization			2,009				36.9	%			1,935				34.8	%			74				3.8	%
Operating expenses			1,623				29.8	%			1,527				27.4	%			96				6.3	%
Property taxes			624				11.5	%			648				11.6	%			(24	)			-3.7	%
Cost of operations			4,256				78.2	%			4,110				73.8	%			146				3.6	%
Operating profit before G&A		$	1,183				21.8	%			1,457				26.2	%			(274	)			-18.8	%

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 June 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Lease revenue		$	5,241				100.0	%			5,436				100.0	%			(195	)			-3.6	%
Depreciation and amortization			2,258				43.1	%			2,325				42.8	%			(67	)			-2.9	%
Operating expenses			1,900				36.3	%			1,886				34.7	%			14				.7	%
Property taxes			646				12.3	%			654				12.0	%			(8	)			-1.2	%
Cost of operations			4,804				91.7	%			4,865				89.5	%			(61	)			-1.3	%
Operating profit before G&A		$	437				8.3	%			571				10.5	%			(134	)			-23.5	%

Industrial and Commercial Segment

		Three months ended June 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Lease revenue		$	983				100.0	%			1,374				100.0	%			(391	)			(28.5	%)
Depreciation and amortization			600				61.1	%			571				41.6	%			29				5.1	%
Operating expenses			259				26.3	%			230				16.7	%			29				12.6	%
Property taxes			127				12.9	%			130				9.5	%			(3	)			(2.3	%)
Cost of operations			986				100.3	%			931				67.8	%			55				5.9	%
Operating profit before G&A		$	(3	)			(0.3	%)			443				32.2	%			(446	)			(100.7	%)
Depreciation and amortization			600								571								29
Unrealized revenues			19								(4	)							23
Net operating income		$	616				62.7	%		$	1,010				73.5	%		$	(394	)			(39.0	%)

Mining Royalty Lands Segment Results

		Three months ended June 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Mining royalty and rent revenue		$	4,066				100.0	%			3,609				100.0	%			457				12.7	%
Depreciation, depletion and amortization			271				6.7	%			177				5.0	%			94				53.1	%
Operating expenses			38				0.9	%			16				0.4	%			22				137.5	%
Property taxes			78				1.9	%			76				2.1	%			2				2.6	%
Cost of operations			387				9.5	%			269				7.5	%			118				43.9	%
Operating profit before G&A		$	3,679				90.5	%			3,340				92.5	%			339				10.1	%
Depreciation and amortization			271								177								94
Unrealized revenues			168								148								20
Net operating income		$	4,118				101.3	%		$	3,665				101.6	%		$	453				12.4	%

Development Segment Results

		Three months ended June 30, 2026
(dollars in thousands)		2026				2025				Change
Lease revenue		$	400				300				100
Joint venture management fee revenue			195				-				195
Total revenues			595				300				295
Depreciation, depletion and amortization			43				43				-
Operating expenses			52				807				(755	)
Property taxes			213				148				65
Cost of operations			308				998				(690	)
Operating profit before G&A		$	287				(698	)			985

Comparative Results of Operations for the Six months ended June 30, 2026 and 2025

Consolidated Results

(dollars in thousands)		Six Months Ended June 30,
		2026				2025				Change				%
Revenues:
Lease revenue		$	13,536				14,313			$	(777	)			-5.4	%
Mining royalty and rents			7,783				6,843				940				13.7	%
Joint venture management fee revenue			358				-				358
Total revenues			21,677				21,156				521				2.5	%
Cost of operations:
Depreciation/depletion/amortization			5,765				5,333				432				8.1	%
Operating expenses			4,102				4,439				(337	)			-7.6	%
Property taxes			2,067				1,940				127				6.5	%
General and administrative			7,772				5,462				2,310				42.3	%
Total cost of operations			19,706				17,174				2,532				14.7	%
Total operating profit			1,971				3,982				(2,011	)			-50.5	%
Investment income			2,925				4,909				(1,984	)			-40.4	%
Interest expense			(1,409	)			(1,519	)			110				-7.2	%
Equity in loss of joint ventures			(5,034	)			(4,410	)			(624	)			14.1	%
Income before income taxes			(1,547	)			2,962				(4,509	)			-152.2	%
Provision for income taxes			(282	)			704				(986	)			-140.1	%
Net income			(1,265	)			2,258				(3,523	)			-156.0	%
Income (loss) attributable to noncontrolling interest			(319	)			(30	)			(289	)			963.3	%
Net income attributable to the Company		$	(946	)		$	2,288			$	(3,234	)			-141.3	%

Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)

		Six months ended June 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Lease revenue		$	16,218				100.0	%			16,772				100.0	%			(554	)			-3.3	%
Depreciation and amortization			6,735				41.5	%			6,673				39.8	%			62				.9	%
Operating expenses			5,642				34.8	%			5,316				31.7	%			326				6.1	%
Property taxes			1,936				11.9	%			1,978				11.8	%			(42	)			-2.1	%
Cost of operations			14,313				88.3	%			13,967				83.3	%			346				2.5	%
Operating profit before G&A		$	1,905				11.7	%			2,805				16.7	%			(900	)			-32.1	%
Depreciation and amortization			6,735								6,673								62
Unrealized rents & other			(240	)							(111	)							(129	)
Net operating income		$	8,400				51.8	%			9,367				55.8	%			(967	)			-10.3	%

Apartment Building		Units				Pro rata NOI YTD 2026				Pro rata NOI YTD 2025				Avg. Occupancy YTD 2026				Avg. Occupancy YTD 2025				Renewal Success Rate YTD 2026				Renewal % increase YTD 2026
Dock 79 Anacostia DC			305			$	1,657,000			$	1,900,000				91.3	%			95.6	%			67.0	%			4.5	%
Maren Anacostia DC			264			$	1,595,000			$	1,745,000				93.0	%			93.7	%			64.2	%			4.5	%
Riverside Greenville			200			$	467,000			$	437,000				97.1	%			92.9	%			63.0	%			0.3	%
Bryant Street DC			487			$	2,758,000			$	3,081,000				92.2	%			93.5	%			58.3	%			1.7	%
.408 Jackson Greenville			227			$	697,000			$	718,000				95.1	%			96.1	%			47.5	%			3.0	%
Verge Anacostia DC			344			$	1,226,000			$	1,486,000				90.0	%			93.4	%			66.1	%			1.0	%
Multifamily Segment			1,827			$	8,400,000			$	9,367,000				92.6	%			94.1	%

Multifamily Segment (Consolidated - Dock 79 and The Maren)

		Six months ended June 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Lease revenue		$	10,634				100.0	%			10,991				100.0	%			(357	)			-3.2	%
Depreciation and amortization			4,016				37.8	%			3,930				35.7	%			86				2.2	%
Operating expenses			3,349				31.5	%			3,112				28.3	%			237				7.6	%
Property taxes			1,234				11.6	%			1,283				11.7	%			(49	)			-3.8	%
Cost of operations			8,599				80.9	%			8,325				75.7	%			274				3.3	%
Operating profit before G&A		$	2,035				19.1	%			2,666				24.3	%			(631	)			-23.7	%

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.

		Six months ended June 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Lease revenue		$	10,422				100.0	%			10,785				100.0	%			(363	)			-3.4	%
Depreciation and amortization			4,534				43.5	%			4,518				41.9	%			16				.4	%
Operating expenses			3,874				37.2	%			3,666				34.0	%			208				5.7	%
Property taxes			1,264				12.1	%			1,279				11.9	%			(15	)			-1.2	%
Cost of operations			9,672				92.8	%			9,463				87.7	%			209				2.2	%
Operating profit		$	750				7.2	%			1,322				12.3	%			(572	)			-43.3	%

Industrial and Commercial Segment

		Six months ended June 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Lease revenue		$	2,183				100.0	%			2,721				100.0	%			(538	)			(19.8	%)
Depreciation and amortization			1,166				53.4	%			962				35.4	%			204				21.2	%
Operating expenses			585				26.8	%			463				17.0	%			122				26.3	%
Property taxes			254				11.6	%			210				7.7	%			44				21.0	%
Cost of operations			2,005				91.8	%			1,635				60.1	%			370				22.6	%
Operating profit before G&A		$	178				8.2	%			1,086				39.9	%			(908	)			(83.6	%)
Depreciation and amortization			1,166								962								204
Unrealized revenues			30								101								(71	)
Net operating income		$	1,374				62.9	%		$	2,149				79.0	%		$	(775	)			(36.1	%)

Mining Royalty Lands Segment Results

		Six months ended June 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Mining royalty and rent revenue		$	7,783				100.0	%			6,843				100.0	%			940				13.7	%
Depreciation, depletion and amortization			497				6.4	%			355				5.2	%			142				40.0	%
Operating expenses			57				0.7	%			32				0.5	%			25				78.1
Property taxes			153				2.0	%			151				2.2	%			2				1.3	%
Cost of operations			707				9.1	%			538				7.9	%			169				31.4	%
Operating profit before G&A		$	7,076				90.9	%			6,305				92.1	%			771				12.2	%
Depreciation and amortization			497								355								142
Unrealized revenues			327								289								38
Net operating income		$	7,900				101.5	%		$	6,949				101.5	%		$	951				13.7	%

Development Segment Results

		Six months ended June 30, 2026
(dollars in thousands)		2026				2025				Change
Lease revenue		$	719				601				118
Joint venture management fee revenue			358				-				358
Total revenues			1,077				601				476
Depreciation, depletion and amortization			86				86				-
Operating expenses			111				832				(721	)
Property taxes			426				296				130
Cost of operations			623				1,214				(591	)
Operating profit before G&A		$	454				(613	)			1,067

CONSOLIDATED BALANCE SHEETS - As of June 30 (In thousands, except share data)

Assets:		June 30, 2026				December 31, 2025
Real estate investments at cost:
Land		$	182,857				182,936
Buildings and improvements			310,344				309,132
Projects under construction			75,893				45,032
Total investments in properties			569,094				537,100
Less accumulated depreciation and depletion			94,298				88,558
Net investments in properties			474,796				448,542
Real estate held for investment, at cost			12,872				12,626
Investments in joint ventures			158,302				153,084
Net real estate investments			645,970				614,252
Cash, cash equivalents and restricted cash including $11,570 and $11,394 of restricted cash at June 30, 2026 and December 31, 2025, respectively			100,975				105,361
Accounts receivable, net			1,943				1,874
Federal and state income taxes receivable			1,354				1,071
Unrealized rents			1,420				1,264
Deferred costs			3,082				3,768
Goodwill			6,893				6,893
Other assets			676				662
Total assets		$	762,313				735,145
Liabilities:
Notes payable, net		$	214,618				192,554
Accounts payable and accrued liabilities			17,784				12,148
Other liabilities			2,503				2,317
Deferred revenue			3,464				3,356
Deferred income taxes			66,900				66,900
Deferred compensation			1,521				1,524
Tenant security deposits			696				689
Total liabilities			307,486				279,488
Commitments and contingencies
Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 19,198,301 and 19,109,541 shares issued and outstanding, respectively			1,920				1,911
Capital in excess of par value			72,736				71,368
Retained earnings			354,264				355,210
Accumulated other comprehensive income, net			26				24
Total shareholders' equity			428,946				428,513
Noncontrolling interests			25,881				27,144
Total equity			454,827				455,657
Total liabilities and equity		$	762,313				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. We provide operating profit before G&A and Pro rata net operating income (NOI) because we believe they assist investors and analysts in estimating our economic interest in our consolidated and unconsolidated partnerships, when read in conjunction with our reported results under GAAP. These measures are not, and should not be viewed as, a substitute for GAAP financial measures.

Pro rata Net Operating Income Reconciliation
Six months ending 6/30/26 (in thousands)
		Industrial and Commercial Segment				Development Segment				Multifamily Segment				Mining Royalties Segment				Unallocated Corporate Expenses				FRP Holdings Totals
Net income (loss)		$	136				1,249				(3,247	)			5,393				(4,796	)			(1,265	)
Income tax allocation			42				384				(900	)			1,657				(1,465	)			(282	)
Income (loss) before income taxes			178				1,633				(4,147	)			7,050				(6,261	)			(1,547	)
Less:
Unrealized rents			-								186				-								186
Management fee revenue							358								-								358
Interest income							1,160				12								1,753				2,925
Plus:
Unrealized rents			30				-				-				327				-				357
Professional fees							12				105												117
Equity in loss of joint ventures			-				(19	)			5,027				26								5,034
Interest expense			-				-				1,167				-				242				1,409
Depreciation/amortization			1,166				86				4,016				497								5,765
General and administrative			-				-				-				-				7,772				7,772
Net operating income (loss)			1,374				194				5,970				7,900				-				15,438
NOI of noncontrolling interest											(2,718	)											(2,718	)
Pro rata NOI from unconsolidated joint ventures							364				5,148												5,512
Pro rata net operating income		$	1,374				558				8,400				7,900				-				18,232

Pro rata Net Operating Income Reconciliation
Six months ending 6/30/25 (in thousands)
		Industrial and Commercial Segment				Development Segment				Multifamily Segment				Mining Royalties Segment				Unallocated Corporate Expenses				FRP Holdings Totals
Net income (loss)		$	831				1,086				(2,531	)			4,806				(1,934	)			2,258
Income tax allocation			255				333				(788	)			1,476				(572	)			704
Income (loss) before income taxes			1,086				1,419				(3,319	)			6,282				(2,506	)			2,962
Less:
Unrealized rents			-								-				-								-
Interest income							1,876				1								3,032				4,909
Plus:
Unrealized rents			101				-				14				289				-				404
Professional fees							734				87												821
Equity in loss of joint ventures			-				(156	)			4,543				23								4,410
Interest expense			-				-				1,443				-				76				1,519
Depreciation/amortization			962				86				3,930				355								5,333
General and administrative			-				-				-				-				5,462				5,462
Net operating income (loss)			2,149				207				6,697				6,949				-				16,002
NOI of noncontrolling interest											(3,052	)											(3,052	)
Pro rata NOI from unconsolidated joint ventures							380				5,722												6,102
Pro rata net operating income		$	2,149				587				9,367				6,949				-				19,052

SOURCE: FRP Holdings, Inc.

View the original press release on ACCESS Newswire

FAQ

How did FRP Holdings (FRPH) perform financially in Q2 2026?

FRP Holdings reported a Q2 2026 net loss of $0.3 million, or $(0.01) per share. According to FRP Holdings, pro rata NOI fell 3% to $9.4 million, while total revenues increased 2.1% to $11.1 million, supported by stronger mining royalty income and Altman fee revenue.

What drove FRP Holdings’ mining royalty growth in Q2 2026 (FRPH)?

Mining royalty revenue rose 13% in Q2 2026, driven by higher volume and pricing. According to FRP Holdings, royalty tons increased 6.8% and revenue per ton rose 5.4%, lifting segment NOI by 12% and maintaining an operating margin above 90% for the Mining Royalty segment.

Why did FRP Holdings’ multifamily and industrial NOI decline in Q2 2026?

Multifamily and Industrial & Commercial NOI declined due to lower occupancies, especially in DC multifamily and Maryland industrial assets. According to FRP Holdings, multifamily pro rata NOI fell 9%, industrial NOI dropped 39%, and industrial occupancy (ex-Chelsea) decreased to 69.9% from 77.9% year-over-year.

How is the Altman Logistics acquisition affecting FRP Holdings’ 2026 results?

The Altman Logistics acquisition increased G&A but added new fee income and development projects. According to FRP Holdings, Altman-related JV management fees were $194,000 in Q2 and $358,000 year-to-date, while higher personnel and integration costs significantly contributed to G&A increases over 2025 levels.

What are FRP Holdings’ key operational priorities after Q2 2026?

FRP Holdings is prioritizing leasing its Maryland industrial portfolio and stabilizing DC multifamily occupancy. According to FRP Holdings, leasing the Maryland portfolio, which has about 408,000 square feet available, is the primary near-term NOI driver, alongside delivering active development projects on schedule across its pipeline.

How did FRP Holdings’ year-to-date 2026 results compare with 2025 (FRPH)?

For the first six months of 2026, FRP reported a $0.9 million net loss versus $2.3 million net income a year earlier. According to FRP Holdings, pro rata NOI declined 4% to $18.2 million, while total revenues grew 2.5%, led by 14% growth in mining royalty revenue.