Frp Holdings, Inc. · NASDAQ:FRPH
Frp — Q2 2025 Earnings Presentation
22 slides from Frp's earnings presentation, August 2025
Slide 1: FRP Holdings, Inc. Q2'25 Earnings Presentation
FRP Holdings, Inc. Q2’25 Earnings Presentation AUGUST 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 Q2’25 HIGHLIGHTS YTD HIGHLIGHTS Q2’25 DEVELOPMENT Q2’25 SEGMENT HIGHLIGHTS RESULTS AND PROGRESS • 72% decrease in Net Income • 32% decrease in Net Income • On July 23, 2025, entered a JV ($0.6 million vs $2.0 million) due ($2.3 million vs $3.3 million) due with Strategic Real Estate •
Slide 5: Combined Operating Results
Combined COMBINED SEGMENT OPERATING HIGHLIGHTS • Quarterly pro rata NOI increased 5%, and YTD pro rata NOI increased 7% Operating • Pro Rata NOI increase reflects stronger results from the Mining Royalty segment and Results improved occupancy at key joint ventures • Development activity continues, t
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 Q2’25 MULTIFAMILY PERFORMANCE (COMPARED TO Q2 2024): • 1% increase in Pro Rata NOI to $4,737,000 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 Q2’25 PERFORMANCE OVERVIEW (COMPARED TO Q2 2024): • $177K decrease in NOI down to $1,010,000 primarily due to an
Slide 8: Mining & Royalties
MINING & ROYALTIES SEGMENT OVERVIEW: • Several properties totaling approximately 16,648 acres currently under lease for mining rents or Mining & royalties – This does not include the 4,280 acres owned in our Brooksville joint venture with Vulcan Royalties Materials Q2’25 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 starting in Q3 '25 MULTI
Slide 10: FRP: Sum of the Parts Analysis (Part I)
FRP: Sum Asset Type – 2025 Three Cap Rate/ FRP Equity Per Share of the Parts Income Producing Month Multiple Range Value Range Value Properties Pro Rata NOI Analysis INDUSTRIAL $3.2M 5.45%-5.96% $53.1M-$58.0M $2.78-$3.04 PART I OFFICE & $1.8M 27.53%-29.37% $6.2M-$6.6M $0.32-$0.35 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 $64.7M NA $63.1M $3.30 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 (Current)
FRPH Quarterly Analysis PART I (CURRENT) FRP HOLDINGS, INC. QUARTERLY ANALYSIS 6/30/2025 Asset Class 2025 Annualized Pro Rata NOI Cap Rate Range [1] Value Range Debt FRP Equity Value $/Share Notes Industrial Hollander $ 2,079,027 5.65% 5.15% $ 36,796,945 $ 40,369,464 $ - $ 36,796,945 $ 40,369,464 US
Slide 14: FRPH Quarterly Analysis, Part II (Under Development)
FRPH Quarterly Analysis PART II (UNDER DEVELOPMENT) Under Development Project FRP Equity Investment Windlass $ 4,630,784 $ 4,630,784 $ 4,630,784 Cost of warehouse nearing Chelsea $ 26,446,240 $ 26,446,240 $ 26,446,240 completion Multifamily JV in Greenvile, The Woven $ 5,542,888 $ 5,542,888 $ 5,542,
Slide 15: 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 16: 2024 Non-GAAP Financial Matters
2024 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Three months ended 6/30/24 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $375 71 (1,223) 2,014 8
Slide 17: 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 18: 2024 Non-GAAP Financial Matters
2024 Non-GAAP Financial Matters NET OPERATING INCOME RECONCILIATION Six months ended 6/30/24 (in thousands) Industrial and Development Multifamily Segment Mining Royalties Unallocated FRP Holdings Totals Commercial Segment Segment Corporate Expense Segment Net Income (loss) $805 (1,115) (2,477) 3,87
Slide 19: 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 20: 2024 Revenue Reconciliation
2024 Revenue Reconciliation REVENUE RECONCILIATION Three months ended 6/30/24 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) $1,445 305 5,496 3,231 10,477 Less: Partners’ Share of Dock & Maren’s Rev
Slide 21: 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 22: 2024 Revenue Reconciliation
2024 Revenue Reconciliation REVENUE RECONCILIATION Six months ended 6/30/24 (in thousands) Industrial and Development Segment Multifamily Segment Mining Royalties FRP Holdings Totals Commercial Segment Segment Revenue (GAAP) $2,898 608 10,910 6,194 20,610 Less: Partners’ Share of Dock & Maren’s Reve