FRP Holdings, Inc. Reports Fiscal 2026 Third Quarter Results

Industrial leasing reached its most active quarter since Q2 2021, while property vacancies and higher expenses weighed on results.

Rhea-AI Summary

FRP Holdings (NASDAQ:FRPH) reported a third-quarter 2026 net loss of $165,000 as property income weakened despite higher mining royalties. The loss was $0.01 per share, versus earnings of $0.03 per share a year earlier. Revenue rose 1.7% to $11.0 million, while pro rata net operating income (NOI) fell 5% to $9.0 million. Multifamily NOI declined 12% and Industrial and Commercial NOI fell 28%; mining NOI increased 10%.

Industrial leasing totaled 126,682 square feet, the most active quarter since Q2 2021. FRP expects Lakeland and Davie to be substantially complete in Q4 2026 and Camp Lake in Q1 2027. It estimates Chelsea and those three projects could generate approximately $12 million in annual pro rata NOI and $7 million in annual funds from operations at stabilization, dependent on leasing and rent commencement. For the first nine months, FRP lost $1,111,000 versus net income of $2,950,000 a year earlier.

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Positive

• Moderate pointQ3 revenue rose 1.7% to $11.0 million, with mining royalties and management fees offsetting lower lease revenue.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Approximately $12 million annual pro rata NOI and $7 million annual FFO are estimated at stabilization for four industrial assets.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Three merchant projects totaling 510,307 square feet are in early lease-up; FRP intends sales after stabilization.
• Moderate pointNine-month revenue rose 2.2% to $32.6 million, supported by mining royalties and Altman management fees.
• Moderate pointNine-month Development operating profit before G&A reached $514,000, versus a $1,802,000 loss a year earlier.

15 minor points

• Minor pointQ3 mining NOI rose 10% to $4,115,000; royalty volume increased 6.9% and revenue per ton 3.0%.
• Minor pointIndustrial leasing totaled 126,682 square feet in Q3, the most active quarter since Q2 2021.
• Minor pointIndustrial quarter-end occupancy reached 74.3% across nine existing in-service buildings after adding a tenant.
• Minor pointQ3 renewal rate increases averaged 2.5% at DC multifamily assets and 4.5% at Greenville assets.
• Minor pointGreenville multifamily occupancy remained above 95% on average in both Q3 and the first nine months.
• Minor point. Forward-looking: it has not happened yet and may not happen.Lakeland and Davie are expected substantially complete in Q4 2026; Camp Lake is expected in Q1 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Cranberry vacancies could contribute approximately $1 million in additional annual recurring NOI and FFO at full occupancy, FRP estimates.
• Minor pointHarford County lot sales increased to 23 in Q3 versus 20 a year earlier.
• Minor pointHarford County has sold 271 of 344 lots, booking $7.8 million of interest and profit to date.
• Minor point. Forward-looking: it has not happened yet and may not happen.The Woven is under construction, with 214 apartments and 13,500 square feet of retail; completion is expected late 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Estero Phase 1 is under construction, with 296 apartments and 28,745 square feet of retail; completion is expected late 2027.
• Minor pointParsippany's 140,031-square-foot warehouse was completed in Q3 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Southwest Ranches land was acquired in July 2026 for a 335,617-square-foot warehouse project.
• Minor pointNine-month mining NOI rose 12% to $12,015,000; royalty volume increased 2.6% and revenue per ton 10.2%.
• Minor pointNine-month renewal rate increases averaged 2.6% at DC multifamily assets and 3.0% at Greenville assets.

Negative

• Moderate pointQ3 net loss was $165,000, or $0.01 per share, versus $662,000 net income, or $0.03 per share.
• Moderate pointQ3 pro rata NOI fell 5% to $9,034,000, versus $9,523,000 a year earlier.
• Moderate pointQ3 G&A increased $1,007,000, reflecting personnel, legal and Altman integration costs, partly offset by increased labor capitalization.
• Moderate pointQ3 investment income decreased $1,018,000, reflecting lower cash interest income and lending venture income.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Interest, operating costs and depreciation will weigh on earnings as industrial assets finish construction, FRP expects.
• Moderate pointNine-month net loss was $1,111,000, or $0.06 per share, versus $2,950,000 income, or $0.16 per share.
• Moderate pointNine-month pro rata NOI fell 5% to $27,266,000, versus $28,575,000 a year earlier.
• Moderate pointNine-month G&A increased $3,317,000, reflecting personnel, audit, legal and integration costs, partly offset by increased labor capitalization.
• Moderate pointNine-month investment income decreased $3,002,000, reflecting lower cash interest income and lending venture income.

19 minor points

• Minor pointQ3 Multifamily pro rata NOI fell 12% to $4,028,000, reflecting concessions, higher expenses and weaker DC performance.
• Minor pointQ3 Industrial and Commercial NOI fell 28% to $651,000, reflecting the expired Vulcan lease and Maryland vacancies.
• Minor pointQ3 lease revenue declined 3% year over year.
• Minor pointQ3 industrial average occupancy fell to 71.4% from 72.4% a year earlier, excluding Chelsea.
• Minor pointApproximately 399,000 square feet remain available in the Maryland portfolio, including 13,710 square feet of office space.
• Minor pointBryant Street Q3 NOI fell $273,000; occupancy declined 240 basis points to 91.0%.
• Minor pointDock 79 Q3 NOI fell $121,000 despite occupancy improving 120 basis points to 95.0%.
• Minor pointThe Maren Q3 NOI fell $71,000; occupancy declined 50 basis points to 93.6%.
• Minor pointThe Verge Q3 NOI fell $49,000; occupancy declined 110 basis points to 90.9%.
• Minor point. Forward-looking: it has not happened yet and may not happen.Industrial stabilization estimates depend on leasing and rent commencement, rather than construction completion alone.
• Minor pointNine-month Multifamily NOI fell 11% to $12,428,000; average occupancy declined to 92.8% from 93.7%.
• Minor pointNine-month Industrial and Commercial NOI fell 34% to $2,025,000, reflecting the expired Vulcan lease and vacancies.
• Minor pointNine-month lease revenue declined 5% year over year.
• Minor pointNine-month Industrial and Commercial revenue fell 18% to $3,220,000.
• Minor pointNine-month Industrial and Commercial operating profit before G&A fell 83% to $246,000, including Chelsea depreciation and carrying costs.
• Minor pointBryant Street nine-month NOI fell $596,000 to $4,134,000; occupancy declined 160 basis points to 91.9%.
• Minor pointThe Verge nine-month NOI fell $309,000 to $1,793,000; occupancy declined 260 basis points to 90.3%.
• Minor pointDock 79 nine-month NOI fell $364,000 to $2,474,000; occupancy declined 250 basis points to 92.5%.
• Minor pointThe Maren nine-month NOI fell $221,000 to $2,320,000; occupancy declined 60 basis points to 93.2%.

News Explained

FRP says project-related costs will weigh on earnings until rental income increases; Q3 general and administrative expense rose and investment income fell year over year.

FRP reported fiscal 2026 third-quarter results on November 4, 2026; as its industrial projects move through shell completion and lease-up, construction-related interest and property costs, along with depreciation, will weigh on reported earnings until rental income increases.

Year over year, Q3 general and administrative expense increased $1.007 million and investment income decreased $1.018 million; FRP attributes the investment-income decline to lower average cash balances and interest rates, and lower lending-venture income as outstanding loan balances declined.

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JACKSONVILLE, FL / ACCESS Newswire / November 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 Royalty Lands, today reported financial results for the quarter ended September 30, 2026. Key results for the quarter ended September 30, 2026 include:

Q3 2026 Financial Highlights & Recent Developments:

• Multifamily portfolio average occupancy was 93.0% across 1,827 units; pro rata NOI declined 12% year-over-year as concessions and operating expenses increased, and performance weakened at our Washington, DC properties.
• Average Industrial & Commercial occupancy, excluding Chelsea, was 71.4% versus 72.4% a year earlier; quarter-end occupancy was 74.3%
• Mining royalties were up 10% as a result of increases in both volume (up 6.9%) and revenue per ton (up 3.0%)
• Industrial deliveries are advancing, with leasing and stabilization required to convert development investment into recurring NOI and FFO
• Executed 126,682 square feet of industrial leasing activity, the most active quarter since Q2 2021 and more total leasing activity than Q2 2025-Q2 2026 combined.

"Third quarter results reflect continued leasing challenges in our Washington, DC multifamily assets and Maryland industrial portfolio, higher G&A following the Altman acquisition, and lower interest income as we deploy cash into development and balances in our lending ventures decline," said John Baker III, CEO of FRP Holdings. "Mining remained a strong contributor, with royalty revenue increasing approximately 10% year-over-year. Our priority is building industrial scale and converting our investments into recurring NOI, supported by the contribution of our multifamily and mining businesses. We executed approximately 127,000 square feet of industrial leasing activity this quarter, our most active quarter since Q2 2021.Our immediate focus is carrying that activity forward and improving performance across our operating portfolio."

Project	Available for Lease	Delivery / Acquisition
Cranberry	127,482 SF	Purchased 2019
Chelsea	258,279 SF	Q2 2025
Lakeland	201,420 SF	Est. Q4 2026
Davie	183,668 SF	Est. Q4 2026
Camp Lake	379,315 SF	Est. Q1 2027

Baker continued, "Chelsea, Lakeland, Davie, and Camp Lake together represent approximately 1.0 million square-feet of industrial space. We expect Lakeland and Davie to be substantially complete in the fourth quarter of 2026, followed by Camp Lake in the first quarter of 2027. As these properties move through shell completion and lease-up, interest expense and property operating costs previously capitalized during construction, along with depreciation will weigh on reported earnings until rental income increases. At stabilization, we estimate these four assets will generate approximately $12 million in annual recurring pro rata NOI and $7 million in annual FFO. These estimates represent annual contributions at stabilization, and their timing will depend on leasing and ultimately rent commencement. We are also focused on leasing vacancies at Cranberry Business Park, which we estimate could contribute approximately $1 million in additional annual recurring NOI and FFO at full occupancy. Our three merchant build projects located in Delray, Florida and Hamilton and Parsippany, New Jersey, totaling 510,307 square feet where FRP owns a minority interest, are in the early stages of lease-up. We intend to monetize these investments following stabilization and recycle the proceeds into future industrial opportunities."

Operating Performance Snapshot (dollars in thousands)

Metric	Q3 2026	Q3 2025
Net Income Attributable to the Company	($165)	$662
Pro Rata NOI	$9,034	$9,523
Multifamily Pro Rata NOI	$4,028	$4,570
Industrial & Commercial NOI	$651	$904
Mining Royalty NOI	$4,115	$3,756

Q3 Consolidated Results of Operations

• Net loss attributable to the Company of $(165,000), or $(0.01) per share, versus net income of $662,000, or $0.03 per share.
• Pro rata NOI was down 5% to $9.0 million versus $9.5 million in Q3 2025, with the decline driven by lower Multifamily, Industrial and Commercial, and Development NOI, partially offset by higher Mining Royalty NOI
• Total revenues were $11.0 million, up 1.7%, as a 10% increase in mining royalty revenue and $49,000 of joint venture management fee revenue from the Altman platform helped to offset a 3% decline in lease revenue
• G&A increased $1,007,000 versus Q3 2025, driven by higher personnel costs, higher legal fees and integration expenses following the Altman acquisition, partially offset by $365,000 of increased labor capitalization
• Investment income decreased $1,018,000, reflecting $761,000 of lower interest income on cash balances due to lower average balances and interest rates, and $257,000 of lower lending venture income as outstanding loan balances declined.

Multifamily Segment

• Pro rata NOI in this segment was $4.0 million, down $542,000 or 12% versus Q3 2025. Although overall portfolio average occupancy was 93%, higher concessions and operating expenses, together with weaker performance at our Washington, DC properties, reduced NOI.
• Bryant Street's NOI was down $273,000, accounting for over 50% of the decline in NOI year-over-year, driven by a 240 bps decline in occupancy to 91.0%, along with higher operating expenses and increased concessions; Dock 79's NOI was down $121,000 despite occupancy improving 120 bps to 95.0% due to higher rent concessions and increased operating expenses; The Maren's NOI was down $71,000 with occupancy declining 50 bps to 93.6%; The Verge's NOI was down $49,000 with occupancy declining 110 bps to 90.9%
• Our Greenville assets remained steady with average overall occupancy above 95%
• Renewal rate increases in our DC assets averaged 2.5%; while those in our Greenville assets averaged 4.5%

Industrial and Commercial Segment

• This segment's NOI was $651,000, down $253,000 or 28% versus Q3 2025, primarily reflecting the expiration of the former Vulcan land lease at 21^st Street ($183,000), along with vacancies in our Maryland assets
• Excluding Chelsea, average occupancy for the quarter in our 9 existing in-service buildings was 71.4% versus 72.4% in Q3 2025, with the decline driven by non-renewing lease expirations. At quarter-end, the occupancy in our 9 existing in-service buildings was 74.3% as we added a new tenant during the quarter.
• During Q3 2026, we signed 61,065 square feet of new leases, 59,828 square feet of renewals, and a 5,789-square-foot three-month extension, totaling 126,682 square feet. Leasing approximately 399,000 square feet of available space in our Maryland portfolio, which includes 13,710 square feet of office, remains a primary near-term opportunity to increase NOI

Mining Royalty Segment

• NOI was $4.1 million, up $359,000 or 10% year-over-year, with both volume and pricing trending favorably

Development and Active Pipeline

• At our Harford County residential lending venture, we sold 23 lots versus 20 lot sales in Q3 2025 (and have now sold 271 of the 344 lots and booked $7.8 million of interest and profit to date)
• We expect our Lakeland and Davie warehouses to be substantially complete by the first of the year with Camp Lake to follow in the first quarter of 2027
• The Woven project in Greenville, SC (214 units with 13,500 sq ft 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

Merchant Platform

• This was the third full quarter following the October 21, 2025, closing of the Altman Logistics Property acquisition
• The acquired projects include warehouses in Delray Beach, FL (199,476 sq ft, completed Q1 2026; additional land for 392,976 sq ft in two warehouses); Hamilton, NJ (170,800 sq ft, completed Q2 2026); Parsippany, NJ (140,031 sq ft, completed Q3 2026); and Southwest Ranches, FL (335,617 sq ft; land acquired July 2026)
• The acquisition added origination, construction, and asset management capabilities to support the growth of FRP's industrial platform

Year-to-Date Results

Nine Months Ended September 30, 2026

Nine-Month 2026 Financial Highlights:

• Multifamily portfolio average occupancy was 92.8% versus 93.7% in the first nine months of last year
• Industrial & Commercial NOI was $2.0 million, down 34%, reflecting the March 31, 2026 expiration of the former Vulcan land lease at 21^st Street ($365,000) and lower occupancy at other properties
• Mining royalties were up 12% over the same period last year (volume up 2.6%, revenue per ton up 10.2%)

Operating Performance Snapshot (dollars in thousands)

Metric	YTD 2026	YTD 2025
Net Income Attributable to the Company	($1,111)	$2,950
Pro Rata NOI	$27,266	$28,575
Multifamily Pro Rata NOI	$12,428	$13,937
Industrial & Commercial NOI	$2,025	$3,053
Mining Royalty NOI	$12,015	$10,705

Nine-Month Consolidated Results of Operations

• The Company reported a net loss of $1,111,000 or $(0.06) per share, versus net income of $2,950,000 or $0.16 per share in the first nine months of 2025
• Pro rata NOI was down 5% to $27.3 million versus $28.6 million in the first nine months of 2025, with the decline driven by lower Multifamily, Industrial and Commercial and Development segment NOI, partially offset by higher Mining Royalty segment NOI
• Total revenues were $32.6 million, up 2.2%, as a 12% increase in mining royalty revenue and $407,000 of joint venture management fee revenue from the Altman platform helped to offset a 5% decline in lease revenue
• G&A increased $3,317,000 versus the first nine months of 2025, driven by higher personnel costs, higher audit fees, higher legal fees and integration expenses following the Altman acquisition, partially offset by $966,000 of increased labor capitalization
• Investment income decreased $3,002,000, reflecting $2,030,000 of lower interest income on cash balances due to lower average balances and interest rates, and $972,000 of lower lending venture income as outstanding loan balances declined

Multifamily Segment - Nine Months

• Pro rata NOI in this segment was $12.4 million, down $1,509,000 or 11% versus the first nine months of 2025, as portfolio-wide average occupancy declined to 92.8% from 93.7%
• The decline was predominantly concentrated in our DC assets: Bryant Street's NOI was down $596,000 to $4,134,000 with occupancy declining 160 bps to 91.9%; The Verge's NOI was down $309,000 to $1,793,000 with occupancy declining 260 bps to 90.3%; Dock 79's NOI was down $364,000 to $2,474,000 with occupancy declining 250 bps to 92.5%; and The Maren's NOI was down $221,000 to $2,320,000 with occupancy declining 60 bps to 93.2%
• Our Greenville assets remained steady with average occupancy above 95%
• Renewal rate increases in our DC assets averaged 2.6%; while those in our Greenville assets averaged 3.0%

Industrial and Commercial Segment - Nine Months

• This segment's NOI was $2,025,000, down $1,028,000 or 34% versus the first nine months of 2025, reflecting the March 31, 2026 expiration of the former Vulcan land lease at 21^st Street ($365,000) and vacancies in our Maryland assets
• Total revenues were $3,220,000, down $730,000 or 18%
• Our operating profit before G&A was $246,000, down $1,181,000 or 83%, including $298,000 of Chelsea warehouse depreciation and carrying costs
• Leasing up the Maryland portfolio remains the primary near-term NOI driver for the Company

Mining Royalty Segment - Nine Months

• NOI was $12.0 million, up $1,310,000 or 12% year-over-year, driven both by royalty tons (up 2.6%) and higher revenue per ton (up 10.2%).

Development Segment - Nine Months

• Operating profit before G&A was $514,000, up $2,316,000 versus an operating loss of $1,802,000 in the first nine months of 2025
• The improvement was driven by $407,000 of joint venture management fee revenue from the Altman platform and the prior year including $1,993,000 of Altman acquisition expenses, partially offset by $195,000 less capitalized real estate taxes

Conference Call

The Company will host a conference call on Thursday, November 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 616988) 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 616988). Audio replay will be available until November 5, 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 Nathan Skown
FRPH@alpha-ir.com
312-445-2870

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

Consolidated Results

(dollars in thousands)		Three Months Ended September 30,
		2026				2025				Change				%
Revenues:
Lease revenue		$	6,873				7,086				(213	)			-3.0	%
Mining royalty and rents			4,040				3,689				351				9.5	%
Joint venture management fee revenue			49				-				49
Total revenues			10,962				10,775				187				1.7	%
Cost of operations:
Depreciation, depletion and amortization			2,861				2,825				36				1.3	%
Operating expenses			2,340				3,304				(964	)			-29.2	%
Property taxes			1,043				955				88				9.2	%
General and administrative			3,335				2,328				1,007				43.3	%
Total cost of operations			9,579				9,412				167				1.8	%
Total operating profit			1,383				1,363				20				1.5	%
Investment income			1,351				2,369				(1,018	)			-43.0	%
Interest expense			(700	)			(739	)			39				-5.3	%
Equity in loss of joint ventures			(2,492	)			(2,225	)			(267	)			12.0	%
Gain on sale of real estate			27				-				27
Income before income taxes			(431	)			768				(1,199	)			-156.1	%
Provision for income taxes			(50	)			203				(253	)			-124.6	%
Net income (loss)			(381	)			565				(946	)			-167.4	%
Income (loss) attributable to noncontrolling interest			(216	)			(97	)			(119	)			122.7	%
Net income (loss) attributable to the Company		$	(165	)			662				(827	)			-124.9	%

Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)

		Three months ended September 30, 2026
(dollars in thousands)		2026			%			2025			%			Change			%
Lease revenue		$	8,228			100.0	%		8,466			100.0	%		(238	)		-2.8	%
Depreciation and amortization			3,511			42.7	%		3,347			39.5	%		164			4.9	%
Operating expenses			3,075			37.4	%		2,842			33.6	%		233			8.2	%
Property taxes			995			12.1	%		1,021			12.1	%		(26	)		-2.5	%
Cost of operations			7,581			92.1	%		7,210			85.2	%		371			5.1	%
Operating profit before G&A		$	647			7.9	%		1,256			14.8	%		(609	)		-48.5	%
Depreciation and amortization			3,511						3,347						164
Unrealized rents & other			(130	)					(33	)					(97	)
Net operating income		$	4,028			49.0	%		4,570			54.0	%		(542	)		-11.9	%

Apartment Building		Units			Pro rata NOI Q3 2026			Pro rata NOI Q3 2025			Avg. Occupancy Q3 2026			Avg. Occupancy Q3 2025			Renewal Success Rate Q3 2026			Renewal % increase Q3 2026
Dock 79 Anacostia DC			305		$	817,000		$	938,000			95.0	%		93.8	%		59.2	%		5.6	%
Maren Anacostia DC			264		$	725,000		$	796,000			93.6	%		94.1	%		55.2	%		2.7	%
Riverside Greenville			200		$	208,000		$	213,000			95.8	%		92.0	%		82.7	%		1.8	%
Bryant Street DC			487		$	1,376,000		$	1,649,000			91.0	%		93.4	%		65.4	%		2.0	%
.408 Jackson Greenville			227		$	335,000		$	358,000			94.7	%		92.5	%		65.0	%		6.8	%
Verge Anacostia DC			344		$	567,000		$	616,000			90.9	%		92.0	%		64.2	%		0.5	%
Multifamily Segment			1,827		$	4,028,000		$	4,570,000			93.0	%		93.0	%

Multifamily Segment (Consolidated - Dock 79 & The Maren)

		Three months ended September 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Lease revenue		$	5,430				100.0	%			5,556				100.0	%			(126	)			-2.3	%
Depreciation and amortization			2,011				37.0	%			2,002				36.1	%			9				.4	%
Operating expenses			1,910				35.2	%			1,763				31.7	%			147				8.3	%
Property taxes			618				11.4	%			636				11.4	%			(18	)			-2.8	%
Cost of operations			4,539				83.6	%			4,401				79.2	%			138				3.1	%
Operating profit before G&A		$	891				16.4	%			1,155				20.8	%			(264	)			-22.9	%

Multifamily Segment (Pro rata unconsolidated)

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

		Three months ended September 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Lease revenue		$	5,272				100.0	%			5,440				100.0	%			(168	)			-3.1	%
Depreciation and amortization			2,410				45.7	%			2,250				41.4	%			160				7.1	%
Operating expenses			2,051				38.9	%			1,894				34.8	%			157				8.3	%
Property taxes			659				12.5	%			675				12.4	%			(16	)			-2.4	%
Cost of operations			5,120				97.1	%			4,819				88.6	%			301				6.2	%
Operating profit before G&A		$	152				2.9	%			621				11.4	%			(469	)			-75.5	%

Industrial and Commercial Segment

		Three months ended September 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Lease revenue		$	1,037				100.0	%			1,229				100.0	%			(192	)			(15.6	%)
Depreciation and amortization			577				55.6	%			567				46.2	%			10				1.8	%
Operating expenses			255				24.6	%			224				18.2	%			31				13.8	%
Property taxes			137				13.2	%			97				7.9	%			40				41.2	%
Cost of operations			969				93.4	%			888				72.3	%			81				9.1	%
Operating profit before G&A		$	68				6.6	%			341				27.7	%			(273	)			(80.1	%)
Depreciation and amortization			577								567								10
Unrealized revenues			6								(4	)							10
Net operating income		$	651				62.8	%		$	904				73.6	%		$	(253	)			(28.0	%)

Mining Royalty Lands Segment Results

		Three months ended September 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Mining royalty and rent revenue		$	4,040				100.0	%			3,689				100.0	%			351				9.5	%
Depreciation, depletion and amortization			230				5.6	%			213				5.8	%			17				8.0	%
Operating expenses			35				0.9	%			17				0.5	%			18				105.9	%
Property taxes			76				1.9	%			75				2.0	%			1				1.3	%
Cost of operations			341				8.4	%			305				8.3	%			36				11.8	%
Operating profit before G&A		$	3,699				91.6	%			3,384				91.7	%			315				9.3	%
Depreciation and amortization			230								213								17
Unrealized revenues			186								159								27
Net operating income		$	4,115				101.9	%		$	3,756				101.8	%		$	359				9.6	%

Development Segment Results

		Three months ended September 30, 2026
(dollars in thousands)		2026				2025				Change
Lease revenue		$	406				301				105
Joint venture management fee revenue			49				-				49
Total revenues			455				301				154
Depreciation, depletion and amortization			43				43				-
Operating expenses			140				1,300				(1,160	)
Property taxes			212				147				65
Cost of operations			395				1,490				(1,095	)
Operating profit before G&A		$	60				(1,189	)			1,249

Comparative Results of Operations for the Nine months ended September 30, 2026 and 2025

Consolidated Results

(dollars in thousands)		Nine Months Ended September 30,
		2026				2025				Change				%
Revenues:
Lease revenue		$	20,409				21,399				(990	)			-4.6	%
Mining royalty and rents			11,823				10,532				1,291				12.3	%
Joint venture management fee revenue			407				-				407
Total revenues			32,639				31,931				708				2.2	%
Cost of operations:
Depreciation/depletion/amortization			8,626				8,158				468				5.7	%
Operating expenses			6,442				7,743				(1,301	)			-16.8	%
Property taxes			3,110				2,895				215				7.4	%
General and administrative			11,107				7,790				3,317				42.6	%
Total cost of operations			29,285				26,586				2,699				10.2	%
Total operating profit			3,354				5,345				(1,991	)			-37.2	%
Investment income			4,276				7,278				(3,002	)			-41.2	%
Interest expense			(2,109	)			(2,258	)			149				-6.6	%
Equity in loss of joint ventures			(7,526	)			(6,635	)			(891	)			13.4	%
Gain on sale of real estate			27				-				27
Income before income taxes			(1,978	)			3,730				(5,708	)			-153.0	%
Provision for income taxes			(332	)			907				(1,239	)			-136.6	%
Net income (loss)			(1,646	)			2,823				(4,469	)			-158.3	%
Income (loss) attributable to noncontrolling interest			(535	)			(127	)			(408	)			321.3	%
Net income (loss) attributable to the Company		$	(1,111	)			2,950				(4,061	)			-137.7	%

Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)

		Nine months ended September 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Lease revenue		$	24,446				100.0	%			25,238				100.0	%			(792	)			-3.1	%
Depreciation and amortization			10,246				41.9	%			10,020				39.7	%			226				2.3	%
Operating expenses			8,717				35.7	%			8,158				32.3	%			559				6.9	%
Property taxes			2,931				12.0	%			2,999				11.9	%			(68	)			-2.3	%
Cost of operations			21,894				89.6	%			21,177				83.9	%			717				3.4	%
Operating profit before G&A		$	2,552				10.4	%			4,061				16.1	%			(1,509	)			-37.2	%
Depreciation and amortization			10,246								10,020								226
Unrealized rents & other			(370	)							(144	)							(226	)
Net operating income		$	12,428				50.8	%			13,937				55.2	%			(1,509	)			-10.8	%

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			$	2,474,000			$	2,838,000				92.5	%			95.0	%			63.6	%			5.0	%
Maren Anacostia DC			264			$	2,320,000			$	2,541,000				93.2	%			93.8	%			60.1	%			3.7	%
Riverside Greenville			200			$	675,000			$	650,000				96.7	%			92.6	%			70.7	%			0.9	%
Bryant Street DC			487			$	4,134,000			$	4,730,000				91.9	%			93.5	%			61.8	%			1.8	%
.408 Jackson Greenville			227			$	1,032,000			$	1,076,000				94.9	%			94.9	%			55.0	%			4.8	%
Verge Anacostia DC			344			$	1,793,000			$	2,102,000				90.3	%			92.9	%			65.4	%			0.9	%
Multifamily Segment			1,827			$	12,428,000			$	13,937,000				92.8	%			93.7	%

Multifamily Segment (Consolidated - Dock 79 and The Maren)

		Nine months ended September 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Lease revenue		$	16,064				100.0	%			16,547				100.0	%			(483	)			-2.9	%
Depreciation and amortization			6,027				37.6	%			5,932				35.8	%			95				1.6	%
Operating expenses			5,259				32.7	%			4,875				29.5	%			384				7.9	%
Property taxes			1,852				11.5	%			1,919				11.6	%			(67	)			-3.5	%
Cost of operations			13,138				81.8	%			12,726				76.9	%			412				3.2	%
Operating profit before G&A		$	2,926				18.2	%			3,821				23.1	%			(895	)			-23.4	%

Multifamily Segment (Pro rata unconsolidated)

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

		Nine months ended September 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Lease revenue		$	15,694				100.0	%			16,225				100.0	%			(531	)			-3.3	%
Depreciation and amortization			6,944				44.2	%			6,768				41.7	%			176				2.6	%
Operating expenses			5,925				37.8	%			5,560				34.3	%			365				6.6	%
Property taxes			1,923				12.3	%			1,954				12.0	%			(31	)			-1.6	%
Cost of operations			14,792				94.3	%			14,282				88.0	%			510				3.6	%
Operating profit before G&A		$	902				5.7	%			1,943				12.0	%			(1,041	)			-53.6	%

Industrial and Commercial Segment

		Nine months ended September 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Lease revenue		$	3,220				100.0	%			3,950				100.0	%			(730	)			(18.5	%)
Depreciation and amortization			1,743				54.2	%			1,529				38.7	%			214				14.0	%
Operating expenses			840				26.1	%			687				17.4	%			153				22.3	%
Property taxes			391				12.1	%			307				7.8	%			84				27.4	%
Cost of operations			2,974				92.4	%			2,523				63.9	%			451				17.9	%
Operating profit before G&A		$	246				7.6	%			1,427				36.1	%			(1,181	)			(82.8	%)
Depreciation and amortization			1,743								1,529								214
Unrealized revenues			36								97								(61	)
Net operating income		$	2,025				62.9	%		$	3,053				77.3	%		$	(1,028	)			(33.7	%)

Mining Royalty Lands Segment Results

		Nine months ended September 30, 2026
(dollars in thousands)		2026				%				2025				%				Change				%
Mining royalty and rent revenue		$	11,823				100.0	%			10,532				100.0	%			1,291				12.3	%
Depreciation, depletion and amortization			727				6.2	%			568				5.4	%			159				28.0	%
Operating expenses			92				0.8	%			49				0.5	%			43				87.8	%
Property taxes			229				1.9	%			226				2.1	%			3				1.3	%
Cost of operations			1,048				8.9	%			843				8.0	%			205				24.3	%
Operating profit before G&A		$	10,775				91.1	%			9,689				92.0	%			1,086				11.2	%
Depreciation and amortization			727								568								159
Unrealized revenues			513								448								65
Net operating income		$	12,015				101.6	%		$	10,705				101.6	%		$	1,310				12.2	%

Development Segment Results

		Nine months ended September 30, 2026
(dollars in thousands)		2026				2025				Change
Lease revenue		$	1,125				902				223
Joint venture management fee revenue			407				-				407
Total revenues			1,532				902				630
Depreciation, depletion and amortization			129				129				-
Operating expenses			251				2,132				(1,881	)
Property taxes			638				443				195
Cost of operations			1,018				2,704				(1,686	)
Operating profit before G&A		$	514				(1,802	)			2,316

CONSOLIDATED BALANCE SHEETS - (In thousands, except share data)

Assets:		September 30, 2026				December 31, 2025
Real estate investments at cost:
Land		$	182,846				182,936
Buildings and improvements			310,640				309,132
Projects under construction			112,839				45,032
Total investments in properties			606,325				537,100
Less accumulated depreciation and depletion			97,169				88,558
Net investments in properties			509,156				448,542
Real estate held for investment, at cost			12,983				12,626
Investments in joint ventures			165,766				153,084
Net real estate investments			687,905				614,252
Cash, cash equivalents and restricted cash including $11,706 and $11,394 of restricted cash at September 30, 2026 and December 31, 2025, respectively			73,180				105,361
Accounts receivable, net			2,057				1,874
Federal and state income taxes receivable			1,455				1,071
Unrealized rents			1,517				1,264
Deferred costs			3,509				3,768
Goodwill			6,893				6,893
Other assets			693				662
Total assets		$	777,209				735,145
Liabilities:
Notes payable, net		$	231,666				192,554
Accounts payable and accrued liabilities			16,153				12,148
Other liabilities			1,552				2,317
Deferred revenue			3,850				3,356
Deferred income taxes			66,900				66,900
Deferred compensation			1,519				1,524
Tenant security deposits			789				689
Total liabilities			322,429				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			73,139				71,368
Retained earnings			354,099				355,210
Accumulated other comprehensive income, net			12				24
Total shareholders' equity			429,170				428,513
Noncontrolling interests			25,610				27,144
Total equity			454,780				455,657
Total liabilities and equity		$	777,209				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
Nine months ending 9/30/26 (in thousands)
		Industrial and Commercial Segment				Development Segment				Multifamily Segment				Mining Royalties Segment				Unallocated Corporate Expenses				FRP Holdings Totals
Net income (loss)		$	188				1,747				(4,830	)			8,235				(6,986	)			(1,646	)
Income tax allocation			58				537				(1,319	)			2,530				(2,138	)			(332	)
Income (loss) before income taxes			246				2,284				(6,149	)			10,765				(9,124	)			(1,978	)
Less:
Unrealized rents			-				-				289				-				-				289
Management fee revenue			-				407				-				-				-				407
Gain on sale of real estate			-				-				-				27				-				27
Interest income			-				1,810				19				-				2,447				4,276
Plus:
Unrealized rents			36				-				-				513				-				549
Professional fees			-				11				140				-				-				151
Equity in loss of joint ventures			-				40				7,449				37				-				7,526
Interest expense			-				-				1,645				-				464				2,109
Depreciation/amortization			1,743				129				6,027				727				-				8,626
General and administrative			-				-				-				-				11,107				11,107
Net operating income (loss)			2,025				247				8,804				12,015				-				23,091
NOI of noncontrolling interest			-				-				(4,010	)			-				-				(4,010	)
Pro rata NOI from unconsolidated joint ventures			-				551				7,634				-				-				8,185
Pro rata net operating income		$	2,025				798				12,428				12,015				-				27,266

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

SOURCE: FRP Holdings, Inc.

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were FRP Holdings' third-quarter 2026 earnings?

FRP reported a net loss of $165,000, or $0.01 per share, compared with net income of $662,000, or $0.03 per share, in Q3 2025. Revenue increased 1.7% to $11.0 million, while pro rata net operating income declined 5%.

What industrial income does FRPH expect from Chelsea, Lakeland, Davie and Camp Lake?

FRP estimates the four properties will generate approximately $12 million in annual recurring pro rata net operating income and $7 million in annual funds from operations at stabilization. These are annual contribution estimates, with timing dependent on leasing and rent commencement.

What made up FRP Holdings' third-quarter 2026 industrial leasing activity?

FRP signed 61,065 square feet of new leases, 59,828 square feet of renewals and a 5,789-square-foot three-month extension. Together, these totaled 126,682 square feet, exceeding the combined leasing activity from Q2 2025 through Q2 2026.

Why did FRP Holdings' Development segment improve in the first nine months of 2026?

The improvement reflected $407,000 of Altman joint venture management fee revenue and the prior-year inclusion of $1,993,000 of Altman acquisition expenses, partly offset by $195,000 less capitalized real estate taxes. Development operating profit before general and administrative expenses was $514,000, versus a $1,802,000 loss a year earlier.