FRP Holdings, Inc. · NASDAQ:FRPH
FRP — Q3 2026 Earnings Presentation
25 slides from FRP's earnings presentation, November 2026
Slide 1: FRP Holdings, Inc. Q3'26 Earnings Presentation
FRP Holdings, Inc. Q3’26 Earnings Presentation NOVEMBER 2026
Slide 2: Safe Harbor Disclosures
Safe Harbor Disclosures Investors are cautioned that any statements in this presentation 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; environmental
Slide 3: Non-GAAP Financial Matters
Non-GAAP Financial Matters To supplement the financial results presented in accordance with GAAP, FRP presents non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The non-GAAP financial measures included in this Presentation are net o
Slide 4: Key Highlights
Key Highlights Q3’26 HIGHLIGHTS YTD HIGHLIGHTS Q3’26 DEVELOPMENT Q3’26 SEGMENT HIGHLIGHTS RESULTS & PROGRESS • Net loss of $0.2 million versus net • Net loss of $1.1 million versus net • Parsippany completed during • 12% decrease in the Multifamily income of $0.7 million due to $1.0 income of $3.0 m
Slide 5: Combined Operating Results
COMBINED SEGMENT OPERATING HIGHLIGHTS • Quarterly pro rata NOI decreased 5% and YTD pro rata NOI decreased 5%. Combined • Quarterly and YTD Pro Rata NOI reflects stronger results from the Mining Royalty Operating segment netted with weaker results at the Industrial & Commercial segment due to the Ma
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 Q3’26 MULTIFAMILY PERFORMANCE (COMPARED TO Q3 2025): • 12% decrease in Pro Rata NOI to $4,028,000 YTD MULTIFA
Slide 7: Industrial & Commercial
INDUSTRIAL & COMMERCIAL SEGMENT OVERVIEW: • Ten warehouses in four different locations Industrial & • Two ground leases Commercial • One office building partially occupied by the Company Q3’26 PERFORMANCE OVERVIEW (COMPARED TO Q3 2025): • $253K decrease in NOI down to $651,000 primarily due to the M
Slide 8: Mining & Royalties
MINING & ROYALTIES SEGMENT OVERVIEW: • Several properties totaling approximately 16,640 acres currently under lease for mining Mining & rents or royalties. This does not include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials Royalties Q3’26 MINING ROYALTY LANDS SEGMENT
Slide 9: 2026 Development Plans
2026 Development Plans INDUSTRIAL - HOLD: • Lakeland (FL): 201,420 sq ft warehouse development (100% ownership) • Davie (FL): 183,668 sq ft warehouse redevelopment (100% ownership) • Construction started on both in Q2 ’25. Expected completion in Q4 ’26. • Chelsea (MD): 258,279 sq ft warehouse. Compl
Slide 10: FRP: Sum of the Parts Analysis
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 $2.6M 5.10% - 5.50% $47.0M - $50.6M $2.45 - $2.64 OFFICE & $0.8M 39.49% - 42.35% $1.9M - $2.0M $0.10 - $0.10 GROUND LEASE MULTIFAMILY $1
Slide 11: FRP: Sum of the Parts Analysis (Development Pipeline)
FRP: Sum Development FRP Equity Market FRP Equity Per Share of the Parts Pipeline Investment Value Range Value Range Value Analysis UNDER DEVELOPMENT $157.6M NA $157.6M $8.21 INDUSTRIAL LAND NA $17.9M - $37.1M $17.9M - $37.1M $0.93 - $1.93 FUTURE PHASES OF NA $35.7M - $50.7M $35.7M - $50.7M $1.86 -
Slide 12: FRPH Lease-Up/Stabilization Schedule
FRPH Lease-Up/Stabilization Schedule NEAR TERM LOGISTICS LEASE-UP OPPORTUNITY (NOI GROWTH: 2026-2027)1 ESTIMATED AVAILABLE FOR NUMBER OF AVG COMPANY TOTAL SQUARE LEASE ACTIVITY CURRENTLY CONSTRUCTION AVG PROJECT AVG PROJECT UNDERWRITTEN LEASE AS OF PROJECTS OWNERSHIP %* FEET / UNITS SINCE 12/31/25 A
Slide 13: FRPH Stabilization/Development Schedule
FRPH Stabilization/Development Schedule NEAR TERM MULTIFAMILY STABILIZATION (NOI Growth: 2027-2028)3 ESTIMATED AVAILABLE FOR NUMBER OF COMPANY LEASE ACTIVITY CURRENTLY CONSTRUCTION AVG PROJECT AVG PROJECT UNDERWRITTEN TOTAL UNITS LEASE AS OF PROJECTS OWNERSHIP %* SINCE 12/31/25 AVAILABLE COMPLETION
Slide 14: Appendix
Appendix 1 4
Slide 15: FRPH Quarterly Analysis - Part I
FRPH Quarterly Analysis PART I (CURRENT) FRP HOLDINGS, INC. QUARTERLY ANALYSIS 09/30/2026 Asset Class TTM NOI Cap Rate Range [1] Value Range Debt FRP Equity Value $/Share Notes Industrial Hollander $ 2,061,264 5.50% 5.10% $ 37,477,523 $ 40,416,937 $ - $ 37,477,523 $ 40,416,937 US Venture Lease @ Hol
Slide 16: FRPH Quarterly Analysis - Part II
FRPH Quarterly Analysis PART II (UNDER DEVELOPMENT) Under Development Project FRP Equity Investment Windlass $ 5,351,954 $ 5,351,954 $ 5,351,954 Chelsea $ 26,828,163 $ 26,828,163 $ 26,828,163 Warehouse complete, in lease-up phase The Woven $ 34,766,300 $ 34,766,300 $ 34,766,300 Multifamily JV in Gre
Slide 17: 2026 Non-GAAP Financial Matters
2026 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Three months ended 9/30/26 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $52 498 (1,583) 2,842 (
Slide 18: 2025 Non-GAAP Financial Matters
2025 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Three months ended 9/30/25 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $261 ($138) ($1,409) $2
Slide 19: 2026 Non-GAAP Financial Matters
2026 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Nine months ended 9/30/26 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $188 1,747 (4,830) 8,235
Slide 20: 2025 Non-GAAP Financial Matters
2025 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Nine months ended 9/30/25 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $1,092 $948 ($3,940) $7,
Slide 21: 2026 Revenue Reconciliation
2026 Revenue Reconciliation REVENUE RECONCILIATION Three months ended 9/30/26 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) 1,037 455 5,430 4,040 10,962 Less: Partners’ Share of Dock & Maren’s Reve
Slide 22: 2025 Revenue Reconciliation
2025 Revenue Reconciliation REVENUE RECONCILIATION Three months ended 9/30/25 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) $1,229 $301 $5,556 $3,689 $10,775 Less: Partners’ Share of Dock & Maren’s
Slide 23: 2026 Revenue Reconciliation
2026 Revenue Reconciliation REVENUE RECONCILIATION Nine months ended 9/30/26 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) $3,220 1,532 16,064 11,823 32,639 Less: Partners’ Share of Dock & Maren’s
Slide 24: 2025 Revenue Reconciliation
2025 Revenue Reconciliation REVENUE RECONCILIATION Nine months ended 9/30/25 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) $3,950 $902 $16,547 $10,532 $31,931 Less: Partners’ Share of Dock & Maren’
Slide 25: 2026 FFO Reconciliation
2026 FFO Reconciliation FFO Reconciliation YTD Q1’26 Q2’26 Q3’26 Net Income attributable to the Company $(1,111) (687) (259) (165) Pro Rata Depreciation/Depletion/Amortization 12,918 4,263 4,346 4,309 Pro Rata FFO 11,807 3,576 4,087 4,144 Pro Rata FFO Per Share $0.62 0.19 0.21 0.22 FLORIDA ROCK PROP