Frp Holdings, Inc. · NASDAQ:FRPH
Frp — Q2 2026 Earnings Presentation
25 slides from Frp's earnings presentation, August 2026
Slide 1: FRP Holdings, Inc. Q2'26 Earnings Presentation
FRP Holdings, Inc. Q2’26 Earnings Presentation AUGUST 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 Highlights Q2’26 HIGHLIGHTS YTD HIGHLIGHTS Q2’26 DEVELOPMENT Q2’26 SEGMENT HIGHLIGHTS RESULTS & PROGRESS • Net loss of $0.3 million versus net • Net loss of $0.9 million versus net • Hamilton completed and • 9% decrease in the Multifamily income of $0.6 million due to $0.8 income of $2.3 million
Slide 5: Combined Operating Results
COMBINED SEGMENT OPERATING HIGHLIGHTS • Quarterly pro rata NOI decrease 3% and YTD pro rata NOI decrease 4%. 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 vacancie
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 Q2’26 MULTIFAMILY PERFORMANCE (COMPARED TO Q2 2025): • 9% decrease in Pro Rata NOI to $4,316,000 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 Q2’26 PERFORMANCE OVERVIEW (COMPARED TO Q2 2025): • $394K decrease in NOI down to $616,000 primarily due to vacan
Slide 8: Mining & Royalties
MINING & ROYALTIES SEGMENT OVERVIEW: • Several properties totaling approximately 16,648 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 Q2’26 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: 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% $47.6M - $51.3M $2.48 - $2.67 PART I OFFICE & $0.8M 34.11% - 36.57% $2.2M - $2.4M $0.12 - $0.12 GROUND LEASE MULTIFA
Slide 11: FRP: Sum of the Parts Analysis
FRP: Sum Development FRP Equity Market FRP Equity Per Share of the Parts Pipeline Investment Value Range Value Range Value Analysis UNDER DEVELOPMENT $166.9M NA $166.9M $8.69 INDUSTRIAL LAND NA $17.9M - $37.1M $17.9M - $37.1M $0.93 - $1.93 PART II FUTURE PHASES OF NA $35.7M - $50.7M $35.7M - $50.7M
Slide 12: 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 12/31/25…
Slide 13: 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 12/31/25 COMPLETION COSTS PSF/UNIT…
Slide 14: Appendix
Appendix 1 4
Slide 15: FRPH Quarterly Analysis
FRPH Quarterly Analysis PART I (CURRENT) FRP HOLDINGS, INC. QUARTERLY ANALYSIS 06/30/2026 Asset Class TTM NOI Cap Rate Range [1] Value Range Debt FRP Equity Value $/Share Notes Industrial Hollander $ 2,070,069 5.50% 5.10% $ 37,637,620 $ 40,589,590 $ - $ 37,637,620 $ 40,589,590 US Venture Lease @ Hol
Slide 16: FRPH Quarterly Analysis
FRPH Quarterly Analysis PART II (UNDER DEVELOPMENT) Under Development Project FRP Equity Investment Windlass $ 5,230,288 $ 5,230,288 $ 5,230,288 Chelsea $ 26,824,324 $ 26,824,324 $ 26,824,324 Warehouse complete, in lease-up phase The Woven $ 23,540,662 $ 23,540,662 $ 23,540,662 Multifamily JV in Gre
Slide 17: 2026 Non-GAAP Financial Matters
2026 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Three months ended 6/30/26 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $(2) 481 (1,354) 2,803
Slide 18: 2025 Non-GAAP Financial Matters
2025 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Three months ended 6/30/25 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $339 181 (1,362) 2,547
Slide 19: 2026 Non-GAAP Financial Matters
2026 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Six months ended 6/30/26 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) 136 1,249 (3,247) 5,393 (
Slide 20: 2025 Non-GAAP Financial Matters
2025 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Six months ended 6/30/25 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $831 1,086 (2,531) 4,806
Slide 21: 2026 Revenue Reconciliation
2026 Revenue Reconciliation REVENUE RECONCILIATION Three months ended 6/30/26 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) 983 595 5,439 4,066 11,083 Less: Partners’ Share of Dock & Maren’s Revenu
Slide 22: 2025 Revenue Reconciliation
2025 Revenue Reconciliation REVENUE RECONCILIATION Three months ended 6/30/25 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) $1,374 300 5,567 3,609 10,850 Less: Partners’ Share of Dock & Maren’s Rev
Slide 23: 2026 Revenue Reconciliation
2026 Revenue Reconciliation REVENUE RECONCILIATION Six months ended 6/30/26 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) $2,183 1,077 10,634 7,783 21,677 Less: Partners’ Share of Dock & Maren’s Re
Slide 24: 2025 Revenue Reconciliation
2025 Revenue Reconciliation REVENUE RECONCILIATION Six months ended 6/30/25 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) $2,721 601 10,991 6,843 21,156 Less: Partners’ Share of Dock & Maren’s Reve
Slide 25: 2026 FFO Reconciliation
2026 FFO Reconciliation FFO Reconciliation YTD Q1’26 Q2’26 Net Income attributable to the Company $(946) (687) (259) Pro Rata Depreciation/Depletion/Amortization 8,609 4,263 4,246 Pro Rata FFO 7,663 3,576 4,087 Pro Rata FFO Per Share $0.40 0.19 0.21 FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CO