FRP Holdings swings to $165K Q3 2026 net loss
At stabilization, four industrial assets are estimated to contribute $12 million in annual pro rata NOI and $7 million in FFO, depending on leasing and rent commencement.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
FRP Holdings, Inc. (FRPH) reported a third-quarter 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, a year earlier. Revenue was $10.962 million, up 1.7%, and pro rata NOI was $9.034 million, down 5% from $9.523 million.
Mining royalty NOI rose 9.6% to $4.115 million as volume increased 6.9% and revenue per ton increased 3.0%. Multifamily NOI declined 11.9% to $4.028 million amid higher concessions and operating expenses; Industrial & Commercial NOI fell 28% to $651,000, reflecting the former Vulcan land lease expiration and Maryland vacancies. For the first nine months, FRPH recorded a $1.111 million net loss attributable to the company versus $2.950 million net income.
Industrial leasing totaled 126,682 square feet. Lakeland and Davie are expected to be substantially complete in the fourth quarter of 2026, followed by Camp Lake in the first quarter of 2027. Four assets are estimated to generate approximately $12 million in annual recurring pro rata NOI and $7 million in annual FFO at stabilization; timing depends on leasing and rent commencement.
1 point · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointMining royalty revenue increased 9.5% to $4.040 million in the quarter.
Negative
- Moderate pointQ3 earnings swung to a $165,000 loss from $662,000 income.
- Minor pointIndustrial & Commercial NOI fell 28% to $651,000 in the quarter.
Filing Explained
At
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $10.962 million
Net loss attributable to the company: $165,000 loss
Pro rata NOI: $9.034 million
+5 more
8 metrics
Revenue
$10.962 million
Third quarter ended September 30, 2026; up 1.7% from the same quarter of 2025
Net loss attributable to the company
$165,000 loss
Third quarter ended September 30, 2026, versus $662,000 net income in the same quarter of 2025
Pro rata NOI
$9.034 million
Third quarter ended September 30, 2026; down 5% from $9.523 million in the same quarter of 2025
Multifamily pro rata NOI
$4.028 million
Third quarter ended September 30, 2026; down 11.9% year over year
Industrial & Commercial NOI
$651,000
Third quarter ended September 30, 2026; down 28.0% year over year
Mining royalty and rents revenue
$4.040 million
Third quarter ended September 30, 2026; up 9.5% year over year
Net loss attributable to the company
$1.111 million loss
First nine months of 2026, versus $2.950 million net income in the first nine months of 2025
Industrial leasing activity
126,682 square feet
Third quarter of 2026
Key Terms
Pro rata net operating income, FFO, lease-up stabilization, merchant build projects
4 terms
Pro rata net operating income financial
"Pro rata net operating income"
FFO financial
"annual FFO at stabilization"
Funds from operations (FFO) is a performance metric used mainly for real estate companies that measures the cash generated by their core rental and property-management activities, while removing accounting items such as building depreciation and one-time gains or losses from property sales. Investors rely on FFO to assess a real estate firm's ability to pay and sustain dividends and fund growth—similar to checking how much actual rent a landlord collects each month rather than paper profits.
lease-up stabilization technical
"upon reaching lease-up stabilization"
merchant build projects technical
"Our three merchant build projects located in Delray"
Earnings Snapshot
Revenue: $10.962 million · Guidance included
Third quarter ended September 30, 2026
Revenue
$10.962 million
Up 1.7% year over year
Net loss attributable to the company
$165,000 loss
Versus $662,000 net income in the same quarter of 2025
Pro rata NOI
$9.034 million
Down 5% from $9.523 million in the same quarter of 2025
Mining royalty and rents revenue
$4.040 million
Up 9.5% year over year
Industrial & Commercial NOI
$651,000
Down 28.0% year over year
Guidance
At stabilization, four industrial assets are estimated to generate approximately $12 million in annual recurring pro rata NOI and $7 million in annual FFO; timing depends on leasing and rent commencement.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were FRPH's third-quarter 2026 results?
FRPH reported a $165,000 net loss attributable to the company, or $0.01 per share, versus $662,000 net income, or $0.03 per share, in the same quarter of 2025. Revenue was $10.962 million, up 1.7%, and pro rata NOI was $9.034 million, down 5%.
What annual NOI and FFO are estimated for FRPH's four industrial assets?
At stabilization, the four assets are estimated to generate approximately $12 million in annual recurring pro rata NOI and $7 million in annual FFO. The timing of those contributions depends on leasing and rent commencement.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 4, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices) | (Zip Code) | ||||
(904 ) 858-9100
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition.
On November 4, 2026, FRP Holdings, Inc. issued a press release announcing results of operations for the second quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1.
The information in this report (including the exhibit) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
Exhibit No. Description
99.1 FRP Holdings, Inc. Press Release dated November 4, 2026
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FRP HOLDINGS, INC. | |||||||||||
Registrant | |||||||||||
Date: November 4, 2026 | By: | /s/Matthew C. McNulty | |||||||||
Matthew C. McNulty | |||||||||||
Chief Financial Officer & Treasurer | |||||||||||
FOR IMMEDIATE RELEASE
FRP Holdings, Inc. Reports Fiscal 2026 Third Quarter Results
Mining Royalty Revenue Rises 10%; Multifamily NOI Remains Pressured; Industrial Leasing Remains the Near-Term Priority
JACKSONVILLE, FL., November 5, 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 21st 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 21st 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 21st 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 | |||||||||||||||||||||||||||||||||||||||||||||||