Frp Holdings, Inc. · NASDAQ:FRPH
Frp — Q1 2026 Earnings Presentation
21 slides from Frp's earnings presentation, May 13, 2026
Slide 1: FRP Holdings, Inc. Q1'26 Earnings Presentation
FRP Holdings, Inc. Q1’26 Earnings Presentation MAY 2026
Slide 2: Safe Harbor Disclosures
Safe Harbor Disclosures Investors are cautioned that any statements in this press release which relate the impact of restrictions imposed by our credit facility; the level and volatility to the future are, by their nature, subject to risks and uncertainties that could of interest rates; environmenta
Slide 3: Non-GAAP Financial Matters
Non-GAAP Financial Matters To supplement the financial results presented in accordance with GAAP, FRP presents a non-GAAP financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The non-GAAP financial measure included in this Presentation is net op
Slide 4: Key Highlights
Key COMBINED OPERATING HIGHLIGHTS • Net loss of $0.7 million or $(0.04) per share, versus net income of $1.7 million or $0.09 per Highlights share • Pro rata NOI of $8.9 million versus $9.4 million, down 5% • Multifamily portfolio occupancy of 92.1% across 1,827 units versus 94.0% • Industrial & Com
Slide 5: Combined Operating Results
COMBINED SEGMENT OPERATING HIGHLIGHTS • Quarterly pro rata NOI decrease 5% reflects stronger results from the Mining Royalty Combined segment netted with weaker results at the Industrial & Commercial segment due to vacancies, new deliveries, and lease expirations and weaker results at the Multifamil
Slide 6: Multifamily
Multifamily MULTIFAMILY SEGMENT OVERVIEW: • Two consolidated joint ventures: Dock 79 and The Maren • Four unconsolidated joint ventures: Bryant Street, Riverside,.408 Jackson, and The Verge Q1’26 MULTIFAMILY PERFORMANCE (COMPARED TO Q1 2025): • 12% decrease in Pro Rata NOI to $4,084,000 PRO RATA REV
Slide 7: Industrial & Commercial
Industrial & INDUSTRIAL & COMMERCIAL SEGMENT OVERVIEW: Commercial • Ten warehouses in four different locations • Two ground leases • One office building partially occupied by the Company Q1’26 PERFORMANCE OVERVIEW (COMPARED TO Q1 2025): • $381K decrease in NOI down to $758,000 primarily due to an ev
Slide 8: Mining & Royalties
Mining & MINING & ROYALTIES SEGMENT OVERVIEW: • Several properties totaling approximately 16,648 acres currently under lease for mining Royalties rents or royalties. This does not include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials Q1’26 MINING ROYALTY LANDS SEGMENT
Slide 9: 2026 Development Plans
2026 Development Plans IN-HOUSE INDUSTRIAL: • Lakeland, FL: 200,000 sq ft warehouse development • Davie, FL: 182,000 sq ft warehouse redevelopment • Construction started on both in Q2 ’25 INDUSTRIAL JOINT VENTURES: • Minneola, FL: two warehouse developments (totaling 378,000 sq ft). Construction sta
Slide 10: Key Objectives
Key Objectives Stabilize Existing Selective Basis- Diversify Revenue & Expand Institutional 1 Pipeline 2 Disciplined Growth 3 Capital Channels 4 Capital Relationships Convert development activity Deploy capital selectively into Expand recurring earnings Increase capital flexibility and into durable
Slide 11: FRP: Sum of the Parts Analysis (Part I)
FRP: Sum Asset Type – TTM Pro Rata NOI Cap Rate/ FRP Equity Per Share of the Parts Income Producing Multiple Range Value Range Value Properties Analysis INDUSTRIAL $2.7M 5.10% - 5.50% $49.2M - $53.0M $2.57 - $2.77 PART I OFFICE & $0.9M 25.88% - 27.79% $3.3M - $3.5M $0.17 - $0.18 GROUND LEASE MULTIFA
Slide 12: FRP: Sum of the Parts Analysis (Part II)
FRP: Sum Development FRP Equity Market FRP Equity Per Share of the Parts Pipeline Investment Value Range Value Range Value Analysis UNDER DEVELOPMENT $146.0M NA $146.0M $7.61 INDUSTRIAL LAND NA $17.9M - $37.1M $17.9M - $37.1M $0.93 - $1.93 PART II FUTURE PHASES OF NA $56.9M - $65.6M $56.9M - $65.6M
Slide 13: FRPH Lease-Up/Stabilization Schedule
FRPH Lease-Up/Stabilization Schedule NEAR TERM LOGISTICS LEASE-UP OPPORTUNITY (NOI GROWTH: 2026-2027)1)𝟏 ESTIMATED AVAILABLE FOR NUMBER OF AVG COMPANY TOTAL SQUARE LEASE ACTIVITY CONSTRUCTION AVG PROJECT AVG PROJECT UNDERWRITTEN LEASE AS OF PROJECTS OWNERSHIP %* FEET / UNITS SINCE 3/31/26…
Slide 14: FRPH Stabilization/Development Schedule
FRPH Stabilization/Development Schedule NEAR TERM MULTIFAMILY STABILIZATION (NOI Growth: 2027-2028)3)𝟑 ESTIMATED AVAILABLE FOR NUMBER OF COMPANY LEASE ACTIVITY CONSTRUCTION AVG PROJECT AVG PROJECT UNDERWRITTEN TOTAL UNITS LEASE AS OF PROJECTS OWNERSHIP %* SINCE 3/31/26 COMPLETION COSTS PSF/UNIT…
Slide 15: Appendix
Appendix 1 5
Slide 16: FRPH Quarterly Analysis (Part I)
FRPH Quarterly Analysis PART I (CURRENT) FRP HOLDINGS, INC. QUARTERLY ANALYSIS 03/31/2026 Asset Class TTM NOI Cap Rate Range [1] Value Range Debt FRP Equity Value $/Share Notes Industrial Hollander $ 2,067,269 5.50% 5.10% $ 37,586,707 $ 40,534,684 $ - $ 37,586,707 $ 40,534,684 US Venture Lease @ Hol
Slide 17: FRPH Quarterly Analysis (Part II)
FRPH Quarterly Analysis PART II (UNDER DEVELOPMENT) Under Development Project FRP Equity Investment Windlass $ 5,103,014 $ 5,103,014 $ 5,103,014 Chelsea $ 26,819,500 $ 26,819,500 $ 26,819,500 Warehouse complete, in lease-up phase The Woven $ 18,702,761 $ 18,702,761 $ 18,702,761 Multifamily JV in Gre
Slide 18: 2026 Non-GAAP Financial Matters
2026 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Three months ended 3/31/26 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) 138 768 (1,893) 2,590 (
Slide 19: 2025 Non-GAAP Financial Matters
2025 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Three months ended 3/31/25 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) 492 905 (1,169) 2,259 (
Slide 20: 2026 Revenue Reconciliation
2026 Revenue Reconciliation REVENUE RECONCILIATION Three months ended 3/31/26 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) 1,200 482 5,195 3,717 10,594 Less: Partners’ Share of Dock & Maren’s Reve
Slide 21: 2025 Revenue Reconciliation
2025 Revenue Reconciliation REVENUE RECONCILIATION Three months ended 3/31/25 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) 1,347 301 5,424 3,234 10,306 Less: Partners’ Share of Dock & Maren’s Reve