FRP Holdings, Inc. Reports Fiscal 2026 First Quarter Results

About this update from Frp Holdings, Inc.

Mining Royalties Volume Up 7.9% and Revenue Per Ton Up 6.5% Multifamily and Industrial Occupancy Pressured; Re-Leasing the Near-Term Priority JACKSONVILLE, FL / ACCESS Newswire / May 12, 2026 / FRP Holdings, Inc. (NASDAQ:FRPH), a full-service real estate investment and development company with four distinct business segments including Multifamily, Industrial and Commercial, Development, and Mining and Royalty Lands, today reported financial results for the quarter ended March 31, 2026 . Key results for the quarter ended 2026 include (compared with the first quarter 2025): Q1 2026 Financial Highlights: Net loss of $0.7 million or $(0.04) per share, versus net income of $1.7 million or $0.09 per share Pro rata NOI of $8.9 million versus $9.4 million , down 5% Multifamily portfolio occupancy of 92.1% across 1,827 units versus 94.0% Industrial & Commercial occupancy of 69.9% ex-Chelsea, down from 85.2% Mining royalties: volume up 7.9%, revenue per ton up 6.5% Closed Altman Logistics acquisition October 21, 2025 ; first full quarter of platform integration "Our first quarter results reflect the headwinds we flagged exiting last year, including occupancy pressure across our DC multifamily assets, industrial vacancies in Maryland that we are working to re-lease, and elevated G&A from the integration costs related to the Altman acquisition," said John Baker III, CEO of FRP Holdings . Baker continued, "Mining royalties continue to be a bright spot, with volume and pricing both moving favorably for the second consecutive quarter. We have more capital deployed in active development today than at any point in recent history, and over the next two years, lease-up of that pipeline will reshape our earnings profile. Near-term, our focus is straightforward: re-lease the Maryland industrial portfolio, stabilize occupancy in the DC multifamily assets, and deliver our active development projects on schedule." Operating Performance Snapshot (dollars in thousands) Metric Q1 2026 Q1 2025 Net Income Attributable to the Company $ (687 ) $ 1,710 Pro Rata NOI $ 8,861 $ 9,364 Multifamily Pro Rata NOI $ 4,084 $ 4,630 Industrial & Commercial NOI $ 758 $ 1,139 Mining Royalty NOI $ 3,782 $ 3,284 Q1 Consolidated Results of Operations Net loss of $687,000 or $(0.04) per share, versus net income of $1,710,000 or $0.09 per share in Q1 2025 Pro rata NOI of $8.9 million versus $9.4 million in Q1 2025, with the decline driven by lower Multifamily and Industrial NOI partially offset by higher Mining Royalty NOI Total revenues of $10.6 million , up 2.8%, as a 15% increase in mining royalty revenue and $164,000 of joint venture management fee revenue from the Altman platform offset a 5% decline in lease revenue G&A of $4.1 million , up $1.5 million versus Q1 2025, driven by $311,000 higher audit fees, $173,000 of valuation and accounting consulting fees, $110,000 of IT consulting and higher wages all primarily related to the Altman acquisition Net investment income decreased $873,000 , reflecting reduced earnings on cash equivalents on lower balances and rates ( $650,000 ) and lower lending venture income ( $223,000 ) on smaller loan balances Equity in loss of joint ventures was an unfavorable $584,000 , driven by lower revenues and higher expenses Multifamily Segment Pro rata NOI of $4.1 million , down $546,000 or 12% versus Q1 2025; portfolio-wide occupancy of 92.1% across 1,827 units, down from 94.0% a year ago Decline concentrated in DC assets: Dock 79 NOI down $104,000 with occupancy declining 630 bps to 89.3%; The Maren NOI down $96,000 with occupancy declining 230 bps to 91.6%; The Verge NOI down $148,000 with occupancy declining 370 bps to 89.8%; Bryant Street NOI down $195,000 on higher operating costs Greenville assets flat with Riverside NOI up $12,000 and occupancy up 410 bps to 97.0%; .408 Jackson NOI down modestly with occupancy at 95.3% Renewal rate increases ranged from 0.6% to 6.1% across the portfolio Industrial and Commercial Segment NOI of $758,000 , down $381,000 or 33% versus Q1 2025 Ten buildings in service totaling 773,356 sq ft of industrial and 33,708 sq ft of office; blended occupancy of 47.5%, reflecting the 258,279 sq ft Chelsea Road spec warehouse currently 100% vacant and in lease-up Excluding Chelsea, occupancy was 69.9% versus 85.2% in Q1 2025, with the further decline driven by additional non-renewing leases on top of the prior tenant eviction Chelsea contributed $218,000 of depreciation and $80,000 of operating costs in the quarter with no offsetting revenue Re-leasing the Maryland portfolio remains the primary near-term NOI driver for this segment Mining Royalty Segment Revenue of $3.7 million , up $483,000 or 15% versus Q1 2025; royalty tons up 7.9%, revenue per ton up 6.5% Operating profit before G&A of $3.4 million , up $432,000 ; operating margins above 91% NOI of $3.8 million , up $498,000 or 15% year-over-year, the second consecutive quarter of double-digit underlying growth, with both volume and pricing trending favorably Development and Active Pipeline Harford County residential lots: 228 of 344 lots sold (vs. 195 at Q4 2025); $30.0 million of $31.1 million commitment returned, $7.1 million recorded as profit to date Lakeland, FL warehouse and Broward County, FL warehouse: substantial completion expected Q2 2026 Woven, Greenville, SC : under construction, substantial completion expected late 2027 Estero Phase 1, Naples / Ft. Myers, FL : under construction, substantial completion expected late 2027 Lake County, FL warehouses (SREP JV): substantial completion of first warehouse expected Q1 2027 Riverfront Phase III/IV received second-stage PUD approval October 10, 2025 ; Phase III not currently in development, with property taxes now expensed rather than capitalized. Phase IV under entitlement. Altman Logistics Platform First full quarter following the October 21, 2025 , closing of the Altman Logistics Property acquisition Development segment recognized $163,000 of joint venture management fee revenue from the three minority-interest warehouse projects acquired in the Altman transaction Acquired projects include warehouses in Delray Beach, FL (199,476 sq ft completed Q1 2026; additional 392,976 sq ft of land for two warehouses); Hamilton, NJ (170,800 sq ft substantial completion Q1 2026); Parsippany, NJ (140,031 sq ft, substantial completion Q2 2026); and Southwest Ranches, FL (335,617 sq ft land acquisition contracted for 2026) Several former Altman employees joined FRP as part of the transaction, providing in-house origination capability across Florida and New Jersey Conference Call The Company will host a conference call on Wednesday, May 13, 2026 , at 9:00 a.m. (ET) . Analysts, stockholders and other interested parties may access the teleconference live by calling 1-877-545-0320 (passcode 784509) within the United States or by joining the webcast at https://www.webcaster5.com/Webcast/Page/3158/54012 . International callers may dial 1-973-528-0002 (passcode 784509). Audio replay will be available until May 13, 2027 , by accessing it at the same link. The webcast replay will also be available on the Company's investor relations page ( https://investors.frpdev.com/) following the call. Additional Information Our investor relations website is https://investors.frpdev.com and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC , press releases, quarterly earnings presentations, investor presentations, and corporate governance information, and you may subscribe to Email Alerts to be notified of new information posted to this site. Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include, but are not limited to: the possibility that we may be unable to find appropriate investment opportunities; levels of construction activity in the markets served by our mining properties; demand for flexible warehouse/office facilities in our markets; multifamily demand in Washington D.C. and Greenville, South Carolina ; our ability to obtain zoning and entitlements necessary for property development; the impact of lending and capital market conditions on our liquidity; our ability to finance projects or repay our debt; general real estate investment and development risks; vacancies in our properties; risks associated with developing and managing properties in partnership with others; competition; our ability to renew leases or re-lease spaces as leases expire; illiquidity of real estate investments; bankruptcy or defaults of tenants; the impact of restrictions imposed by our credit facility; the level and volatility of interest rates; environmental liabilities; inflation risks; cybersecurity risks; and construction costs; as well as other risks listed from time to time in our SEC filings; including but not limited to; our annual and quarterly reports. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements. FRP Holdings, Inc. is a holding company engaged in the real estate business, namely (i) leasing and management of commercial properties owned by the Company, (ii) leasing and management of mining royalty land owned by the Company, (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse, and office, and (iv) leasing and management of residential apartment buildings. Investor & Media Contacts: Robert Winters or Abe Plimpton [email protected] 312-445-2870 Comparative Results of Operations for the three months ended March 31, 2026 and 2025 Consolidated Results (dollars in thousands) Three Months Ended March 31 , 2026 2025 Change % Revenues: Lease revenue $ 6,713 7,072 $ (359 ) -5.1 % Mining royalty and rents 3,717 3,234 483 14.9 % Joint venture management fee revenue 164 - 164 Total revenues 10,594 10,306 288 2.8 % Cost of operations: Depreciation, depletion and amortization 2,842 2,607 235 9.0 % Operating expenses 2,130 1,859 271 14.6 % Property taxes 1,025 938 87 9.3 % General and administrative 4,085 2,577 1,508 58.5 % Total cost of operations 10,082 7,981 2,101 26.3 % Total operating profit 512 2,325 (1,813 ) -78.0 % Net investment income 1,688 2,561 (873 ) -34.1 % Interest expense (708 ) (695 ) (13 ) 1.9 % Equity in loss of joint ventures (2,615 ) (2,031 ) (584 ) 28.8 % Income before income taxes (1,123 ) 2,160 (3,283 ) -152.0 % Provision for income taxes (202 ) 526 (728 ) -138.4 % Net income (921 ) 1,634 (2,555 ) -156.4 % Income (loss) attributable to noncontrolling interest (234 ) (76 ) (158 ) 207.9 % Net income attributable to the Company $ (687 ) 1,710 $ (2,397 ) -140.2 % Multifamily Segment (Pro rata consolidated and pro rata unconsolidated) Three months ended March 31, 2026 (dollars in thousands) 2026 % 2025 % Change % Lease revenue $ 8,014 100.0 % 8,305 100.0 % (291 ) -3.5 % Depreciation and amortization 3,375 42.1 % 3,287 39.6 % 88 2.7 % Operating expenses 2,889 36.0 % 2,625 31.6 % 264 10.1 % Property taxes 950 11.9 % 970 11.7 % (20 ) -2.1 % Cost of operations 7,214 90.0 % 6,882 82.9 % 332 4.8 % Operating profit before G&A $ 800 10.0 % 1,423 17.1 % (623 ) -43.8 % Depreciation and amortization 3,375 3,287 88 Unrealized rents & other (91 ) (80 ) (11 ) Net operating income $ 4,084 51.0 % 4,630 55.7 % (546 ) -11.8 % Apartment Building Units Pro rata NOI Q1 2026 Pro rata NOI Q1 2025 Avg. Occupancy Q1 2026 Avg. Occupancy Q1 2025 Renewal Success Rate Q1 2026 Renewal % increase Q1 2026 Dock 79 Anacostia DC 305 $ 801,000 $ 905,000 89.3 % 95.6 % 63.6 % 6.1 % Maren Anacostia DC 264 $ 759,000 $ 855,000 91.6 % 93.9 % 55.6 % 3.7 % Riverside Greenville 200 $ 234,000 $ 222,000 97.0 % 92.9 % 60.6 % 0.6 % Bryant Street DC 487 $ 1,344,000 $ 1,539,000 92.1 % 92.5 % 63.6 % 1.9 % .408 Jackson Greenville 227 $ 341,000 $ 356,000 95.3 % 97.2 % 41.9 % 5.3 % Verge Anacostia DC 344 $ 605,000 $ 753,000 89.8 % 93.5 % 62.5 % 1.2 % Multifamily Segment 1,827 $ 4,084,000 $ 4,630,000 92.1 % 94.0 % Multifamily Segment (Consolidated - Dock 79 & The Maren ) Three months ended March 31, 2026 (dollars in thousands) 2026 % 2025 % Change % Lease revenue $ 5,195 100.0 % 5,424 100.0 % (229 ) -4.2 % Depreciation and amortization 2,007 38.7 % 1,995 36.8 % 12 .6 % Operating expenses 1,726 33.2 % 1,585 29.2 % 141 8.9 % Property taxes 610 11.7 % 635 11.7 % (25 ) -3.9 % Cost of operations 4,343 83.6 % 4,215 77.7 % 128 3.0 % Operating profit before G&A $ 852 16.4 % 1,209 22.3 % (357 ) -29.5 % Multifamily Segment (Pro rata unconsolidated) Our Multifamily Segment has four unconsolidated joint ventures ( Bryant Street , The Verge, Riverside , and .408 Jackson ). Riverside was moved from the Development segment to the Multifamily segment in 2022, Bryant Street and .408 Jackson moved as of the beginning of 2024 and The Verge moved effective July 1, 2024 , each upon reaching lease up stabilization. Three months ended March 31, 2026 (dollars in thousands) 2026 % 2025 % Change % Lease revenue $ 5,181 100.0 % 5,349 100.0 % (168 ) -3.1 % Depreciation and amortization 2,276 43.9 % 2,193 41.0 % 83 3.8 % Operating expenses 1,974 38.1 % 1,780 33.3 % 194 10.9 % Property taxes 618 11.9 % 625 11.7 % (7 ) -1.1 % Cost of operations 4,868 94.0 % 4,598 86.0 % 270 5.9 % Operating profit before G&A $ 313 6.0 % 751 14.0 % (438 ) -58.3 % Industrial and Commercial Segment Three months ended March 31, 2026 (dollars in thousands) 2026 % 2025 % Change % Lease revenue $ 1,200 100.0 % 1,347 100.0 % (147 ) (10.9 %) Depreciation and amortization 566 47.1 % 391 29.1 % 175 44.8 % Operating expenses 326 27.2 % 233 17.3 % 93 39.9 % Property taxes 127 10.6 % 80 5.9 % 47 58.8 % Cost of operations 1,019 84.9 % 704 52.3 % 315 44.7 % Operating profit before G&A $ 181 15.1 % 643 47.7 % (462 ) (71.9 %) Depreciation and amortization 566 391 175 Unrealized revenues 11 105 (94 ) Net operating income $ 758 63.2 % $ 1,139 84.6 % $ (381 ) (33.5 %) Mining Royalty Lands Segment Results Three months ended March 31, 2026 (dollars in thousands) 2026 % 2025 % Change % Mining royalty and rent revenue $ 3,717 100.0 % 3,234 100.0 % 483 14.9 % Depreciation, depletion and amortization 226 6.1 % 178 5.5 % 48 27.0 % Operating expenses 19 0.5 % 16 0.5 % 3 18.8 % Property taxes 75 2.0 % 75 2.3 % - - % Cost of operations 320 8.6 % 269 8.3 % 51 19.0 % Operating profit before G&A $ 3,397 91.4 % 2,965 91.7 % 432 14.6 % Depreciation and amortization 226 178 48 Unrealized revenues 159 141 18 Net operating income $ 3,782 101.7 % $ 3,284 101.5 % $ 498 15.2 % Development Segment Results Three months ended March 31, 2026 (dollars in thousands) 2026 2025 Change Lease revenue $ 319 301 18 Joint venture management fee revenue 163 - 163 Total revenues 482 301 181 Depreciation, depletion and amortization 43 43 - Operating expenses 59 25 34 Property taxes 213 148 65 Cost of operations 315 216 99 Operating profit before G&A $ 167 85 82 CONSOLIDATED BALANCE SHEETS - As of December 31 (In thousands, except share data) Assets: March 31 2026 December 31 2025 Real estate investments at cost: Land $ 182,887 182,936 Buildings and improvements 310,168 309,132 Projects under construction 57,354 45,032 Total investments in properties 550,409 537,100 Less accumulated depreciation and depletion 91,412 88,558 Net investments in properties 458,997 448,542 Real estate held for investment, at cost 12,741 12,626 Investments in joint ventures 155,065 153,084 Net real estate investments 626,803 614,252 Cash, cash equivalents and restricted cash including $10,889 and $11,394 of restricted cash at March 31, 2026 and December 31, 2025 , respectively 107,859 105,361 Accounts receivable, net 1,950 1,874 Federal and state income taxes receivable 1,279 1,071 Unrealized rents 1,299 1,264 Deferred costs 3,637 3,768 Goodwill 6,893 6,893 Other assets 669 662 Total assets $ 750,389 735,145 Liabilities: Notes payable, net $ 203,916 192,554 Accounts payable and accrued liabilities 17,122 12,148 Other liabilities 2,407 2,317 Deferred revenue 3,401 3,356 Deferred income taxes 66,901 66,900 Deferred compensation 1,546 1,524 Tenant security deposits 699 689 Total liabilities 295,992 279,488 Commitments and contingencies Equity: Common stock, $.10 par value 25,000,000 shares authorized, 19,170,275 and 19,109,541 shares issued and outstanding, respectively 1,917 1,911 Capital in excess of par value 71,730 71,368 Retained earnings 354,523 355,210 Accumulated other comprehensive income, net 8 24 Total shareholders' equity 428,178 428,513 Noncontrolling interests 26,219 27,144 Total equity 454,397 455,657 Total liabilities and equity $ 750,389 735,145 Non-GAAP Financial Measures. To supplement the financial results presented in accordance with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission . We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. These measures are not, and should not be viewed as, a substitute for GAAP financial measures. Pro rata Net Operating Income Reconciliation Three months ending 3/31/26 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment Unallocated Corporate Expenses FRP Holdings Totals Net income (loss) $ 138 768 (1,893 ) 2,590 (2,524 ) (921 ) Income tax allocation 43 236 (510 ) 795 (766 ) (202 ) Income (loss) before income taxes 181 1,004 (2,403 ) 3,385 (3,290 ) (1,123 ) Less: Unrealized rents - - 46 - - - Management fee revenue - 163 - - - 163 Interest income 804 7 877 1,688 Plus: Unrealized rents 11 - - 159 - 124 Professional fees - 12 51 - - 63 Equity in loss of joint ventures - (33 ) 2,636 12 - 2,615 Interest expense - - 626 - 82 708 Depreciation/amortization 566 43 2,007 226 - 2,842 General and administrative - - - - 4,085 4,085 Net operating income (loss) 758 59 2,864 3,782 - 7,463 NOI of noncontrolling interest - - (1,304 ) - - (1,304 ) Pro rata NOI from unconsolidated joint ventures - 178 2,524 - - 2,702 Pro rata net operating income $ 758 237 4,084 3,782 - 8,861 Pro rata Net Operating Income Reconciliation Three months ending 3/31/25 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment Unallocated Corporate Expenses FRP Holdings Totals Net income (loss) $ 492 905 (1,169 ) 2,259 (853 ) 1,634 Income tax allocation 151 278 (369 ) 694 (228 ) 526 Income (loss) before income taxes 643 1,183 (1,538 ) 2,953 (1,081 ) 2,160 Less: Unrealized rents - - - - - - Interest income - 1,027 - - 1,534 2,561 Plus: Unrealized rents 105 - 3 141 - 249 Professional fees - - 31 - - 31 Equity in loss of joint ventures - (71 ) 2,090 12 - 2,031 Interest expense - - 657 - 38 695 Depreciation/amortization 391 43 1,995 178 - 2,607 General and administrative - - - - 2,577 2,577 Net operating income (loss) 1,139 128 3,238 3,284 - 7,789 NOI of noncontrolling interest - - (1,478 ) - - (1,478 ) Pro rata NOI from unconsolidated joint ventures - 183 2,870 - - 3,053 Pro rata net operating income $ 1,139 311 4,630 3,284 - 9,364 SOURCE: FRP Holdings, Inc. 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