Frp Holdings, Inc. · NASDAQ:FRPH
Frp — Q4 2025 Earnings Presentation
26 slides from Frp's earnings presentation, Apr 10, 2026
Slide 1: FRP Holdings, Inc. Q4'25 Earnings Presentation
FRP Holdings, Inc. Q4’25 Earnings Presentation APRIL 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 Q4’25 HIGHLIGHTS YTD HIGHLIGHTS Q4’25 DEVELOPMENT Q4’25 SEGMENT HIGHLIGHTS RESULTS & PROGRESS • 77% decrease in Net Income • 48% decrease in Net Income • On October 21, 2025, the • 3% decrease in the Multifamily ($0.3 million vs $1.7 million) due to ($3.3 million vs $6.4 million) Comp
Slide 5: Combined Operating Results
COMBINED SEGMENT OPERATING HIGHLIGHTS • Quarterly pro rata NOI increase 2%, and YTD pro rata NOI decreased 1%. Excluding the Combined $1.23 million positive net impact of nonrecurring items in last year, adjusted pro rata NOI was up $1.0 million (3%) this year. Operating • YTD Pro Rata NOI decrease
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 Q4’25 MULTIFAMILY PERFORMANCE (COMPARED TO Q4 2024): • 3% decrease in Pro Rata NOI to $4,173,000 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 Q4’25 PERFORMANCE OVERVIEW (COMPARED TO Q4 2024): • $117K decrease in NOI down to $875,000 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 Mining & rents or royalties. This does not include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials Royalties Q4’25 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 Pro Rata Cap Rate/ FRP Equity Per Share of the Parts Income Producing NOI Multiple Range Value Range Value Properties Analysis INDUSTRIAL $2.9M 5.41% - 5.91% $49.6M - $54.2M $2.60 - $2.84 PART I OFFICE & $1.7M 35.75% - 38.30% $4.4M - $4.7M $0.23 - $0.25 GROUND LEASE MULTIF
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 $131.8M NA $131.8M $6.92 INDUSTRIAL LAND NA $17.9M - $37.1M $17.9M - $37.1M $0.94 - $1.95 PART II FUTURE PHASES OF NA $56.9M - $65.6M $56.9M - $65.6M
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 (Part I)
FRPH Quarterly Analysis PART I (CURRENT) FRP HOLDINGS, INC. QUARTERLY ANALYSIS 12/31/2025 Asset Class 2025 Pro Rata NOI Cap Rate Range [1] Value Range Debt FRP Equity Value $/Share Notes Industrial US Venture Lease @ Hollander Hollander $ 2,062,079 5.65% 5.15% $ 36,496,967 $ 40,040,361 $ - $ 36,496,
Slide 16: FRPH Quarterly Analysis (Part II)
FRPH Quarterly Analysis PART II (UNDER DEVELOPMENT) Under Development Project FRP Equity Investment Windlass $ 5,012,792 $ 5,012,792 $ 5,012,792 Chelsea $ 26,789,519 $ 26,789,519 $ 26,789,519 Cost of warehouse nearing completion The Woven $ 14,234,737 $ 14,234,737 $ 14,234,737 Multifamily JV in Gree
Slide 17: 2025 Non-GAAP Financial Matters
2025 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Three months ended 12/31/25 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $238 $322 ($1,833) $2,
Slide 18: 2024 Non-GAAP Financial Matters
2024 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Three months ended 12/31/24 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $237 ($600) ($1,757) $
Slide 19: 2025 Non-GAAP Financial Matters
2025 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Twelve months ended 12/31/25 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $1,330 $1,270 ($5,773
Slide 20: 2024 Non-GAAP Financial Matters
2024 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Twelve months ended 12/31/24 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $1,459 ($3,098) ($5,7
Slide 21: 2025 Revenue Reconciliation
2025 Revenue Reconciliation REVENUE RECONCILIATION Three months ended 12/31/25 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) $1,200 $562 $5,305 $3,848 $10,915 Less: Partners’ Share of Dock & Maren’
Slide 22: 2024 Revenue Reconciliation
2024 Revenue Reconciliation REVENUE RECONCILIATION Three months ended 12/31/24 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) $1,268 $300 $5,504 $3,459 $10,531 Less: Partners’ Share of Dock & Maren’
Slide 23: 2025 Revenue Reconciliation
2025 Revenue Reconciliation REVENUE RECONCILIATION Twelve months ended 12/31/25 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) $5,150 $1,464 $21,852 $14,380 $42,846 Less: Partners’ Share of Dock & M
Slide 24: 2024 Revenue Reconciliation
2024 Revenue Reconciliation REVENUE RECONCILIATION Twelve months ended 12/31/24 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) $5,621 $1,205 $22,096 $12,852 $41,774 Less: Partners’ Share of Dock & M
Slide 25: Reconciliation to Adjusted Net Income
Reconciliation to Adjusted Net Income ADJUSTED NET INCOME RECONCILIATION Three Months Ended Dec 31 Years Ended Dec 31 (in thousands) 2025 2024 2025 2024 Net Income attributable to the Company (GAAP) $380 $1,679 $3,330 $6,385 Adjustments related to Altman acquisition: Operating expenses 431 — 2,381 —
Slide 26: Reconciliation to Adjusted NOI
Reconciliation to Adjusted NOI NOI TO ADJUSTED NOI RECONCILIATION Three Months Ended Dec 31 Years Ended Dec 31 (in thousands) 2025 2024 2025 2024 Pro rata net operating income $9,288 $9,103 $37,863 $38,139 Minimum royalty payment applicable to prior 24 months — — — (1,853) Deduction to resolve royal