Frp Holdings, Inc. · NASDAQ:FRPH
Frp — Q3 2025 Earnings Presentation
24 slides from Frp's earnings presentation, Nov 6, 2025
Slide 1: FRP Holdings, Inc. Q3'25 Earnings Presentation
FRP Holdings, Inc. Q3’25 Earnings Presentation NOVEMBER 2025
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 Highlights Q3’25 HIGHLIGHTS YTD HIGHLIGHTS Q3’25 DEVELOPMENT Q3’25 SEGMENT HIGHLIGHTS RESULTS & PROGRESS • 51% decrease in Net Income • 37% decrease in Net Income • On July 23, 2025, entered a JV • 3% decrease in the Multifamily ($0.7 million vs $1.4 million) due to ($3.0 million vs $4.7 million
Slide 5: Combined Operating Results
COMBINED SEGMENT OPERATING HIGHLIGHTS • Quarterly pro rata NOI decreased 16%, and YTD pro rata NOI decreased 2%. Excluding Combined last year's one-time royalty payment, pro rata NOI would have been up $0.1 million (1%) this quarter versus last year's 3rd quarter and YTD pro rata NOI would have been
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 Q3’25 MULTIFAMILY PERFORMANCE (COMPARED TO Q3 2024): • 3% decrease in Pro Rata NOI to $4,570,000 YTD MULTIFAMI
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 Q3’25 PERFORMANCE OVERVIEW (COMPARED TO Q3 2024): • $305K decrease in NOI down to $904,000 primarily due to an ev
Slide 8: Mining & Royalties
MINING & ROYALTIES SEGMENT OVERVIEW: • Several properties totaling approximately 16,648 acres currently under lease for mining rents or royalties. This does Mining & not include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials Royalties Q3’25 MINING ROYALTY LANDS SEGMENT
Slide 9: 2025 Development Plans
2025 Development Plans INDUSTRIAL JOINT VENTURES: • Lakeland, FL: 200,000 sq ft warehouse development • Davie, FL: 182,000 sq ft warehouse redevelopment • Construction started on both in Q2 ’25 • Minneola, FL: two warehouse developments (totaling 378,000 sq ft). Construction started in Q3 '25 MULTIF
Slide 10: FRP: Sum of the Parts Analysis (Part I)
FRP: Sum Asset Type – 2025 Annualized Cap Rate/ FRP Equity Per Share of the Parts Income Producing Pro Rata NOI Multiple Range Value Range Value Properties Analysis INDUSTRIAL $3.0M 5.43%-5.93% $50.8M-$55.5M $2.66-$2.90 PART I OFFICE & $1.4M 24.66%-26.37% $5.4M-$5.8M $0.28-$0.30 GROUND LEASE MULTIFA
Slide 11: 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 $85.1M NA $85.1M $4.46 INDUSTRIAL LAND NA $17.9M-$37.1M $17.9M-$37.1M $0.94-$1.94 PART II FUTURE PHASES OF NA $56.9M-$65.6M $56.9M-$65.6M $2.98-$3.43
Slide 12: Appendix
Appendix 1 2
Slide 13: FRPH Quarterly Analysis (Part I)
FRPH Quarterly Analysis PART I (CURRENT) FRP HOLDINGS, INC. QUARTERLY ANALYSIS 09/30/2025 Asset Class 2025 Annualized Pro Rata NOI Cap Rate Range [1] Value Range Debt FRP Equity Value $/Share Notes Industrial US Venture Lease @ Hollander included in Hollander $ 2,068,928 5.65% 5.15% $ 36,618,186 $ 4
Slide 14: FRPH Quarterly Analysis (Part II)
FRPH Quarterly Analysis PART II (UNDER DEVELOPMENT) Under Development Project FRP Equity Investment Windlass $ 4,865,622 $ 4,865,622 $ 4,865,622 Chelsea $ 26,703,595 $ 26,703,595 $ 26,703,595 Cost of warehouse nearing completion The Woven $ 10,005,452 $ 10,005,452 $ 10,005,452 Multifamily JV in Gree
Slide 15: 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 16: 2024 Non-GAAP Financial Matters
2024 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Three months ended 9/30/24 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $417 ($1,383) ($1,474)
Slide 17: 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 18: 2024 Non-GAAP Financial Matters
2024 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Nine months ended 9/30/24 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $1,222 ($2,498) ($3,951)
Slide 19: 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 20: 2024 Revenue Reconciliation
2024 Revenue Reconciliation REVENUE RECONCILIATION Nine months ended 9/30/24 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) $4,353 $905 $16,592 $9,393 $31,243 Less: Partners’ Share of Dock & Maren’s
Slide 21: 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 22: 2024 Revenue Reconciliation
2024 Revenue Reconciliation REVENUE RECONCILIATION Three months ended 9/30/24 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) $1,455 $297 $5,682 $3,199 $10,633 Less: Partners’ Share of Dock & Maren’s
Slide 23: Reconciliation to Adjusted Net Income
Reconciliation to Adjusted Net Income FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. INVESTOR PRESENTATION 23
Slide 24: Reconciliation to Adjusted NOI
Reconciliation to Adjusted NOI FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. INVESTOR PRESENTATION 24