# EDGAR Filing Document

**Accession Number:** 0000844059
**File Stem:** 0000844059-25-000048
**Filing Date:** 2025-8
**Character Count:** 48063
**Document Hash:** 7d1e1c08e3bad800389a0678832be9da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000844059-25-000048.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0000844059-25-000048

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRP HOLDINGS, INC.
- **CENTRAL INDEX KEY:** 0000844059
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 472449198
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36769
- **FILM NUMBER:** 251189531

**BUSINESS ADDRESS:**
- **STREET 1:** 200 W. FORSYTH ST.
- **STREET 2:** 7TH FLOOR
- **CITY:** JACKSONVILLE
- **STATE:** FL
- **ZIP:** 32202
- **BUSINESS PHONE:** 9043965733

**MAIL ADDRESS:**
- **STREET 1:** 200 W. FORSYTH ST.
- **STREET 2:** 7TH FLOOR
- **CITY:** JACKSONVILLE
- **STATE:** FL
- **ZIP:** 32202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PATRIOT TRANSPORTATION HOLDING INC
- **DATE OF NAME CHANGE:** 20010425

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRP PROPERTIES INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? frph-20250806

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) **<u>August 6, 2025</u>**

**<u>FRP HOLDINGS, INC.</u>**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Florida**<br>(State or other jurisdiction of incorporation) | **<u>001-36769</u>**<br>(Commission File Number) | **<u>47-2449198</u>**<br>(IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| **200 W. FORSYTH STREET, 7TH FLOOR**<br>**JACKSONVILLE<u>,</u> FL**<br>(Address of principal executive offices) | **<u>32202</u>**<br>(Zip Code) |

---

**<u>(904) 858-9100</u>**

(Registrant's telephone number, including area code)

**<u>Not Applicable</u>**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered <br> Common Stock FRPH Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**Item 2.02. Results of Operations and Financial Condition.**

On August 6, 2025, FRP Holdings, Inc. issued a press release announcing results of operations for the second quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1.

The information in this report (including the exhibit) shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01. Financial Statements and Exhibits.**

(d)Exhibits

**<u>Exhibit No. Description</u>**

<u>[99.1 FRP Holdings, Inc. Press Release dated August 6, 2025](frph-20250806xexx99.htm)</u>

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **FRP HOLDINGS, INC.** |
| | | Registrant |
| Date: May 12, 2025 | By: | <u>/s/Matthew C. McNulty</u> |
|  |  | Matthew C. McNulty |
|  |  | Chief Financial Officer & Treasurer |

---

## Ex-99

![image_0a.jpg](image_0a.jpg)

**FRP Holdings, Inc. Reports Fiscal 2025 Second Quarter Results**

Jacksonville, Florida; August 6, 2025 -- 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, Mining and Royalty Lands, today reported financial results for the quarter ended June 30, 2025.

**Second Quarter Highlights and Recent Developments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** 72% decrease in Net Income ($0.6 million vs $2.0 million) due largely to legal expenses related to due diligence for a potential investment the company is evaluating, as well as lower Net Interest Income offset by higher mining royalties and improved results in Equity in Loss of Joint Ventures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5% increase in pro rata NOI ($9.7 million vs $9.2 million)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% increase in the Multifamily segment's pro rata NOI primarily due to improved occupancy of The Verge and Dock 79. This comparison includes the results for The Verge from the same period last year (when the Verge was still in our Development segment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 15% decrease in Industrial and Commercial segment NOI primarily due to an eviction of one tenant and lease expirations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 21% increase in NOI for Mining Royalty Lands segment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective July 21, 2025, the Company entered into a 2025 Amended and Restated Credit Agreement (the "Credit Agreement") with Wells Fargo Bank, N.A. The Credit Agreement modifies the Company's prior Credit Agreement with Wells Fargo dated December 22, 2023. The Credit Agreement establishes a five-year revolving credit facility with a maximum facility amount of $50 million. The interest rate under the Credit Agreement will be 2.25% over the Daily Simple SOFR in effect. A commitment fee of 0.35% per annum is payable quarterly on the unused portion of the commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 23, 2025, subsequent to quarters end, we entered into a joint venture agreement with Strategic Real Estate Partners ("SREP"), a private real estate development firm which specializes in industrial real estate development, to develop 377,892 square feet in two warehouses in Lake County, Florida near Orlando, with options for investment in additional industrial warehouses on adjacent properties in the future.

------

**Executive Summary and Analysis**

Results this quarter and for the first six months are consistent with both our expectations as well as what we cautioned investors to expect for the last two quarters. As stated previously, our primary aim for 2025 is to set the stage for future growth. We will accomplish this first by leasing up our current vacancies, but mostly by putting money to work in new projects. We have started construction on both our JVs with Altman Logistics in Lakeland and Broward County, FL which will add 384,193 square feet of class A industrial space to our portfolio. We expect substantial completion on these projects in the second quarter of 2026. Work continues on the entitlements for our industrial pipeline in Maryland in order to be shovel ready in 2026. Finally, as mentioned in our highlights, subsequent to the end of the quarter, the Company entered into a joint venture agreement to develop 377,892 square feet in two warehouses in Lake County, FL. The site is located off the Florida Turnpike, in the City of Minneola, outside of Orlando. The lack of available land in the broader Orlando market has driven industrial users to expand into the Lake County submarket, attracting both institutional owners and users. Notably, there remains a meaningful shortage of shallow bay industrial buildings in the size range of the buildings we are developing for this market. We expect to begin construction on this project this month and FRP will have a 95% interest in this joint venture, with options for future development of just under 1 million SF of industrial product on adjacent property. This agreement supports our shift in focus and investment toward our industrial business segment and the Company remains on track to deliver three new industrial assets every two years with the goal of doubling the size of our industrial segment by 2030.

------

**Comparative Results of Operations for the three months ended June 30, 2025 and 2024**

**<u>Consolidated Results</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| (dollars in thousands)  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  |
|  | **2025** | **2024** | Change | % |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;Lease revenue | $7241 | 7246 | $(5) | -.1% |
| &nbsp;&nbsp;Mining royalty and rents | 3609 | 3231 | 378 | 11.7% |
| Total revenues | 10850 | 10477 | 373 | 3.6% |
| **Cost of operations:** |  |  |  |  |
| Depreciation, depletion and amortization | 2726 | 2543 | 183 | 7.2% |
| Operating expenses | 2580 | 1702 | 878 | 51.6% |
| Property taxes | 1002 | 860 | 142 | 16.5% |
| General and administrative | 2885 | 2552 | 333 | 13.0% |
| Total cost of operations | 9193 | 7657 | 1536 | 20.1% |
| **Total operating profit** | 1657 | 2820 | (1163) | -41.2% |
| Net investment income | 2348 | 3708 | (1360) | -36.7% |
| Interest expense | (824) | (829) | 5 | -.6% |
| Equity in loss of joint ventures | (2379) | (2724) | 345 | -12.7% |
| Income before income taxes | 802 | 2975 | (2173) | -73.0% |
| Provision for income taxes | 178 | 916 | (738) | -80.6% |
| Net income | 624 | 2059 | (1435) | -69.7% |
| Income (loss) attributable to noncontrolling interest | 46 | 15 | 31 | 206.7% |
| **Net income attributable to the Company** | $578 | 2044 | $(1466) | -71.7% |

---

Net income for the second quarter of 2025 was $578,000 or $.03 per share versus $2,044,000 or $.11 per share in the same period last year. Pro rata NOI for the second quarter of 2025 was $9,688,000 versus $9,230,000 in the same period last year. The second quarter of 2025 was impacted by the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating profit decreased $1,163,000 primarily as a result of higher Development segment professional fees ($831,000) and higher General and administrative expense ($333,000). Development segment professional fees included $712,000 of legal expenses related to due diligence for a potential investment the company is evaluating along with other expensed acquisition and development costs. General and administrative expense increased primarily because of overlapping compensation as a result of the implementation of our executive succession and transition plan that commenced in June, 2024. Industrial and commercial segment operating profit declined $387,000 due to $211,000 higher depreciation from completion of our new Chelsea warehouse along with lower occupancy due to a tenant

------

default and non-renewing leases. Mining Royalty Land's segment operating profit increased $355,000 primarily due to the prior year including a $277,000 overpayment deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income decreased $1,360,000 because of reduced earnings on cash equivalents ($456,000) primarily due to lower interest rates and lower income from our lending ventures ($904,000) primarily due to 27 residential lots sold compared to 54 residential lots sold in the same quarter last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity in loss of Joint Ventures improved $345,000 due to improved results of our unconsolidated joint ventures. Results improved at The Verge ($90,000) due to improved occupancy and at Bryant Street ($212,000) and BC Realty ($115,000) both due to higher revenues and lower variable rate interest expense.

**<u>Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)</u>**

For ease of comparison all the figures in the tables below include the results for The Verge from the same period last year (when this project was still in our Development segment).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three months ended June 30 | Three months ended June 30 | Three months ended June 30 | Three months ended June 30 | | |
| (dollars in thousands) | 2025 | % | 2024 | % | Change | % |
| Lease revenue | $8467 | 100.0% | 8113 | 100.0% | 354 | 4.4% |
| Depreciation and amortization | 3386 | 40.0% | 3384 | 41.7% | 2 | .1% |
| Operating expenses | 2691 | 31.8% | 2553 | 31.5% | 138 | 5.4% |
| Property taxes | 1008 | 11.9% | 912 | 11.2% | 96 | 10.5% |
| Cost of operations | 7085 | 83.7% | 6849 | 84.4% | 236 | 3.4% |
| Operating profit before G&A | $1382 | 16.3% | 1264 | 15.6% | 118 | 9.3% |
| Depreciation and amortization | 3386 |  | 3384 |  | 2 |  |
| Unrealized rents & other | (31) |  | 32 |  | (63) |  |
| Net operating income | $4737 | 55.9% | 4680 | 57.7% | 57 | 1.2% |

---

The combined consolidated and unconsolidated pro rata net operating income this quarter for this segment was $4,737,000, up $57,000 or 1% compared to $4,680,000 in the same quarter last year. Most of this increase was from the improved occupancy of The Verge. This project contributed $733,000 of pro rata NOI to this segment compared to $710,000 in the Development segment in the same quarter last year, an increase of $23,000. Same store NOI increased $34,000 as favorable revenues at Dock 79 were partially offset by lower revenues at the Maren and higher property taxes.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Apartment Building | Units | Pro rata NOI<br>Q2 2025 | Pro rata NOI<br>Q2 2024 | Avg. Occupancy Q2 2025 | Avg. Occupancy Q2 2024 | Renewal Success Rate Q2 2025 | Renewal % increase Q2 2025 |
| Dock 79 Anacostia DC | 305 | $995000 | $932000 | 95.5% | 93.6% | 74.6% | 5.9% |
| Maren Anacostia DC | 264 | $890000 | $923000 | 93.6% | 94.8% | 55.3% | 3.2% |
| Riverside Greenville | 200 | $215000 | $215000 | 92.9% | 93.0% | 65.8% | 6.3% |
| Bryant Street DC | 487 | $1542000 | $1555000 | 94.6% | 91.2% | 56.3% | 2.1% |
| .408 Jackson Greenville | 227 | $362000 | $345000 | 94.3% | 96.2% | 52.2% | 4.7% |
| Verge Anacostia DC | 344 | $733000 | $710000 | 93.3% | 91.3% | 63.3% | 2.0% |
| Multifamily Segment | 1827 | $4737000 | $4680000 | 94.1% | 93.0% |  |  |

---

**<u>Multifamily Segment (Consolidated - Dock 79 & The Maren)</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three months ended June 30 | Three months ended June 30 | Three months ended June 30 | Three months ended June 30 | | |
| (dollars in thousands) | 2025 | % | 2024 | % | Change | % |
| Lease revenue | $5567 | 100.0% | 5496 | 100.0% | 71 | 1.3% |
| Depreciation and amortization | 1935 | 34.8% | 1981 | 36.1% | (46) | -2.3% |
| Operating expenses | 1527 | 27.4% | 1519 | 27.6% | 8 | .5% |
| Property taxes | 648 | 11.6% | 576 | 10.5% | 72 | 12.5% |
| Cost of operations | 4110 | 73.8% | 4076 | 74.2% | 34 | .8% |
| Operating profit before G&A | $1457 | 26.2% | 1420 | 25.8% | 37 | 2.6% |

---

Total revenues for our two consolidated joint ventures were $5,567,000, an increase of $71,000 versus $5,496,000 in the same period last year. Total operating profit before G&A for the consolidated joint ventures was $1,457,000, an increase of $37,000, or 3% versus $1,420,000 in the same period last year primarily due to lower depreciation.

**<u>Multifamily Segment (Pro rata unconsolidated)</u>**

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 June 30 | Three months ended June 30 | Three months ended June 30 | Three months ended June 30 | | |
| (dollars in thousands) | 2025 | % | 2024 | % | Change | % |
| Lease revenue | $5436 | 100.0% | 5118 | 100.0% | 318 | 6.2% |
| Depreciation and amortization | 2325 | 42.8% | 2299 | 44.9% | 26 | 1.1% |
| Operating expenses | 1886 | 34.7% | 1724 | 33.7% | 162 | 9.4% |
| Property taxes | 654 | 12.0% | 599 | 11.7% | 55 | 9.2% |
| Cost of operations | 4865 | 89.5% | 4622 | 90.3% | 243 | 5.3% |
| Operating profit before G&A | $571 | 10.5% | 496 | 9.7% | 75 | 15.1% |

---

For our four unconsolidated joint ventures, pro rata revenues were $5,436,000, an increase of $318,000 or 6% compared to $5,118,000 in the same period last year. Pro rata operating profit before G&A was $571,000, an increase of $75,000 or 15% versus $496,000 in the same period last year. The increase was due to improved occupancy at The Verge and Bryant Street and higher revenues at .408 Jackson.

**<u>Industrial and Commercial Segment</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three months ended June 30 | Three months ended June 30 | Three months ended June 30 | Three months ended June 30 | | |
| (dollars in thousands) | 2025 | % | 2024 | % | Change | % |
| Lease revenue | $1374 | 100.0% | 1445 | 100.0% | (71) | (4.9%) |
| Depreciation and amortization | 571 | 41.6% | 360 | 25.0% | 211 | 58.6% |
| Operating expenses | 230 | 16.7% | 191 | 13.2% | 39 | 20.4% |
| Property taxes | 130 | 9.5% | 64 | 4.4% | 66 | 103.1% |
| Cost of operations | 931 | 67.8% | 615 | 42.6% | 316 | 51.4% |
| Operating profit before G&A | $443 | 32.2% | 830 | 57.4% | (387) | (46.6%) |
| Depreciation and amortization | 571 |  | 360 |  | 211 |  |
| Unrealized revenues | (4) |  | (3) |  | (1) |  |
| Net operating income | $1010 | 73.5% | $1187 | 82.1% | $(177) | (14.9%) |

---

Shell construction on our 258,279 square foot spec warehouse project in Aberdeen, MD on Chelsea Road was completed effective April 1, 2025 and is in the lease-up phase. We have ten buildings in service at four different locations totaling 773,356 square feet of industrial and 33,708 square feet of office of which 50.3% was leased and occupied at June 30, 2025. Excluding Chelsea these assets were 74.0% leased and occupied during the quarter compared to 95.6% leased and occupied during the same quarter last year primarily due to an eviction for failure to pay rent by one tenant and lease expirations. Total revenues in this segment were $1,374,000,

------

down $71,000 or 5%, over the same period last year. Operating profit before G&A was $443,000, down $387,000 or 47% over the same quarter last year due to $216,000 of depreciation and $30,000 of operating costs at Chelsea along with the lower occupancy. Net operating income in this segment was $1,010,000, down $177,000 or 15% compared to the same quarter last year.

**<u>Mining Royalty Lands Segment Results</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three months ended June 30 | Three months ended June 30 | Three months ended June 30 | Three months ended June 30 | | |
| (dollars in thousands) | 2025 | % | 2024 | % | Change | % |
| Mining royalty and rent revenue | $3609 | 100.0% | 3231 | 100.0% | 378 | 11.7% |
| Depreciation, depletion and amortization | 177 | 5.0% | 159 | 4.9% | 18 | 11.3% |
| Operating expenses | 16 | 0.4% | 16 | 0.5% |  | —% |
| Property taxes | 76 | 2.1% | 71 | 2.2% | 5 | 7.0% |
| Cost of operations | 269 | 7.5% | 246 | 7.6% | 23 | 9.3% |
| Operating profit before G&A | $3340 | 92.5% | 2985 | 92.4% | 355 | 11.9% |
| Depreciation and amortization | 177 |  | 159 |  | 18 |  |
| Unrealized revenues | 148 |  | (116) |  | 264 |  |
| Net operating income | $3665 | 101.6% | $3028 | 93.7% | $637 | 21.0% |

---

Total revenues in this segment were $3,609,000, an increase of $378,000 or 12% versus $3,231,000 in the same period last year. Royalty revenues in the prior year were impacted by the deduction of $277,000 of royalties to resolve an overpayment which we referenced previously. Royalty tons were down 3% primarily due to a decrease at one location that experienced a project specific spike in demand in the prior year. Royalty revenue per ton increased 7% over the same period last year excluding the prior year overpayment deduction. Total operating profit before G&A in this segment was $3,340,000, an increase of $355,000 versus $2,985,000 in the same period last year. Net operating income was $3,665,000, up $637,000 or 21% compared to the same quarter last year due to the higher revenues and a $264,000 decrease in unrealized revenues. The unrealized revenue decrease is due to the temporarily higher minimum royalty payments we are currently receiving at one location which are straight-lined across the life of the lease for GAAP revenue purposes.

------

**<u>Development Segment Results</u>**

---

| | | | |
|:---|:---|:---|:---|
| | Three months ended June 30 | Three months ended June 30 | |
| (dollars in thousands) | 2025 | 2024 | Change |
| Lease revenue | $300 | 305 | (5) |
| Depreciation, depletion and amortization | 43 | 43 |  |
| Operating expenses | 807 | (24) | 831 |
| Property taxes | 148 | 149 | (1) |
| Cost of operations | 998 | 168 | 830 |
| Operating profit before G&A | $(698) | 137 | (835) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

With respect to ongoing Development Segment projects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ We are the principal capital source to develop 344 residential lots on 110 acres in Harford County, MD. We have funded $27.0 million of our $31.1 million total commitment. A national homebuilder is under contract to purchase all 222 townhome lots and 122 single family lots. At quarter-end, 160 lots have been sold and $22.2 million has been returned to the company of which $5.5 million was booked as profit to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ We entered into two new joint venture agreements in early 2024 with Altman Logistics. The first joint venture is a 201,420 square-foot warehouse development project in Lakeland, FL, and the second joint venture is a two building 183,215 square-foot warehouse redevelopment project in Broward County, FL. We closed on both construction loans in March, 2025 and construction commenced in the second quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ On May 30, 2025, we secured construction financing for our multifamily joint venture with Woodfield Development, known as Woven. This is our third multifamily project in Greenville, SC. This is an $87.8M project with 214 units and 13,500 square feet of ground floor retail that is eligible to receive South Carolina Textile Rehabilitation Credits upon substantial completion and received Special Source Credits equal to 50% of the real estate taxes for a period of 20 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ On June 16, 2025, our BC Realty partnership refinanced our FRP provided floating rate construction loans on our two (2) office buildings with Symetra Life Insurance Company. This is a 10-year, fully amortizing $10.5M permanent loan, at a fixed interest rate of 6.40%.

**Six Month Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 32% decrease in Net Income ($2.3 million vs $3.3 million)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 7% increase in pro rata NOI ($19.1 million vs $17.8 million)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2% increase in the Multifamily segment's pro rata NOI primarily due to lease up of The Verge. This comparison includes the results for this project from the same period last year (when this project was still in our Development segment).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 6% decrease in Industrial and Commercial revenue and 8% decrease in that segment's NOI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20.1% increase in the Mining Royalty Lands' segment's NOI

**Comparative Results of Operations for the Six months ended June 30, 2025 and 2024**

**<u>Consolidated Results</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| (dollars in thousands)  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
|  | **2025** | **2024** | Change | % |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;Lease revenue | $14313 | 14416 | $(103) | -.7% |
| &nbsp;&nbsp;Mining royalty and rents | 6843 | 6194 | 649 | 10.5% |
| Total revenues | 21156 | 20610 | 546 | 2.6% |
| **Cost of operations:** |  |  |  |  |
| Depreciation/depletion/amortization | 5333 | 5078 | 255 | 5.0% |
| Operating expenses | 4439 | 3569 | 870 | 24.4% |
| Property taxes | 1940 | 1667 | 273 | 16.4% |
| General and administrative | 5462 | 4594 | 868 | 18.9% |
| Total cost of operations | 17174 | 14908 | 2266 | 15.2% |
| **Total operating profit** | 3982 | 5702 | (1720) | -30.2% |
| Net investment income | 4909 | 6491 | (1582) | -24.4% |
| Interest expense | (1519) | (1740) | 221 | -12.7% |
| Equity in loss of joint ventures | (4410) | (5743) | 1333 | -23.2% |
| Income before income taxes | 2962 | 4710 | (1748) | -37.1% |
| Provision for income taxes | 704 | 1316 | (612) | -46.5% |
| Net income | 2258 | 3394 | (1136) | -33.5% |
| Income (loss) attributable to noncontrolling interest | (30) | 49 | (79) | -161.2% |
| **Net income attributable to the Company** | $2288 | $3345 | $(1057) | -31.6% |

---

Net income for the first six months of 2025 was $2,288,000 or $.12 per share versus $3,345,000 or $.18 per share in the same period last year. Pro rata NOI for the first six months of 2025 was $19,052,000 versus $17,764,000 in the same period last year. The first six months of 2025 were impacted by the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating profit decreased $1,720,000 primarily due to higher Development segment professional fees ($682,000) and higher General and administrative expense ($868,000). Development segment professional fees included $712,000 of legal expenses related to due diligence for a potential investment the company is evaluating. General and administrative expense increased primarily due to overlapping compensation as a result of the implementation of our executive succession and transition plan that commenced in June, 2024. Industrial and commercial segment operating profit declined $556,000 because of a $211,000 increase in depreciation expense from completion of our new Chelsea warehouse,

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as well as lower occupancy due to a tenant default and non-renewing leases. Mining Royalty Land's segment operating profit increased $596,000 primarily because of the prior year's overpayment deduction of $566,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income decreased $1,582,000 from reduced earnings on cash equivalents ($904,000) and reduced income from our lending ventures ($678,000) primarily due to fewer residential lot sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest expense decreased $221,000 compared to the same period last year as we capitalized $209,000 more interest. More interest was capitalized due to increased in-house and joint venture projects under development this quarter compared to last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity in loss of Joint Ventures improved $1,333,000 because of improved results at our unconsolidated joint ventures. Results improved at The Verge ($499,000) due to lease up, and also at Bryant Street ($656,000) and BC Realty ($222,000) because of higher revenues and lower variable rate interest expense.

**<u>Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)</u>**

For ease of comparison all the figures in the tables below include the results for The Verge from prior periods (when this project was still in our Development segment).

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Six months ended June 30 | Six months ended June 30 | Six months ended June 30 | Six months ended June 30 | | |
| (dollars in thousands) | 2025 | % | 2024 | % | Change | % |
| Lease revenue | $16772 | 100.0% | 15996 | 100.0% | 776 | 4.9% |
| Depreciation and amortization | 6673 | 39.8% | 6689 | 41.8% | (16) | -.2% |
| Operating expenses | 5316 | 31.7% | 5072 | 31.7% | 244 | 4.8% |
| Property taxes | 1978 | 11.8% | 1801 | 11.3% | 177 | 9.8% |
| Cost of operations | 13967 | 83.3% | 13562 | 84.8% | 405 | 3.0% |
| Operating profit before G&A | $2805 | 16.7% | 2434 | 15.2% | 371 | 15.2% |
| Depreciation and amortization | 6673 |  | 6689 |  | (16) |  |
| Unrealized rents & other | (111) |  | 46 |  | (157) |  |
| Net operating income | $9367 | 55.8% | 9169 | 57.3% | 198 | 2.2% |

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The combined consolidated and unconsolidated pro rata net operating income this quarter for this segment was $9,367,000, up $198,000 or 2% compared to $9,169,000 in the same period last year. Most of this increase was from the lease up of The Verge which contributed $1,486,000 of pro rata NOI to this segment compared to $1,316,000 in the Development segment in the same period last year, an increase of $170,000. Same store NOI increased $28,000.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Apartment Building | Units | Pro rata NOI<br>YTD 2025 | Pro rata NOI<br>YTD 2024 | Avg. Occupancy YTD 2025 | Avg. Occupancy YTD 2024 | Renewal Success Rate YTD 2025 | Renewal % increase YTD 2025 |
| Dock 79 Anacostia DC | 305 | $1900000 | $1878000 | 95.6% | 94.2% | 70.4% | 4.8% |
| Maren Anacostia DC | 264 | $1745000 | $1847000 | 93.7% | 94.3% | 54.0% | 4.9% |
| Riverside Greenville | 200 | $437000 | $439000 | 92.9% | 93.3% | 56.8% | 5.0% |
| Bryant Street DC | 487 | $3081000 | $3051000 | 93.5% | 92.0% | 51.8% | 2.1% |
| .408 Jackson Greenville | 227 | $718000 | $638000 | 96.1% | 94.6% | 58.8% | 4.6% |
| Verge Anacostia DC | 344 | $1486000 | $1316000 | 93.4% | 89.5% | 69.1% | 2.8% |
| Multifamily Segment | 1827 | $9367000 | $9169000 | 94.1% | 92.7% |  |  |

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**<u>Multifamily Segment (Consolidated - Dock 79 and The Maren)</u>**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Six months ended June 30 | Six months ended June 30 | Six months ended June 30 | Six months ended June 30 | | |
| (dollars in thousands) | 2025 | % | 2024 | % | Change | % |
| Lease revenue | $10991 | 100.0% | 10910 | 100.0% | 81 | .7% |
| Depreciation and amortization | 3930 | 35.7% | 3962 | 36.3% | (32) | -.8% |
| Operating expenses | 3112 | 28.3% | 2980 | 27.3% | 132 | 4.4% |
| Property taxes | 1283 | 11.7% | 1100 | 10.1% | 183 | 16.6% |
| Cost of operations | 8325 | 75.7% | 8042 | 73.7% | 283 | 3.5% |
| Operating profit before G&A | $2666 | 24.3% | 2868 | 26.3% | (202) | -7.0% |

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Total revenues for our two consolidated joint ventures were $10,991,000, an increase of $81,000 versus $10,910,000 in the same period last year. Total operating profit before G&A for the consolidated joint ventures was $2,666,000, a decrease of $202,000, or 7% versus $2,868,000 in the same period last year primarily due to higher operating expenses ($132,000) and property taxes ($183,000).

**<u>Multifamily Segment (Pro rata unconsolidated)</u>**

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.

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Six months ended June 30 | Six months ended June 30 | Six months ended June 30 | Six months ended June 30 | | |
| (dollars in thousands) | 2025 | % | 2024 | % | Change | % |
| Lease revenue | $10785 | 100.0% | 10051 | 100.0% | 734 | 7.3% |
| Depreciation and amortization | 4518 | 41.9% | 4518 | 45.0% |  | —% |
| Operating expenses | 3666 | 34.0% | 3452 | 34.3% | 214 | 6.2% |
| Property taxes | 1279 | 11.9% | 1204 | 12.0% | 75 | 6.2% |
| Cost of operations | 9463 | 87.7% | 9174 | 91.3% | 289 | 3.2% |
| Operating profit | $1322 | 12.3% | 877 | 8.7% | 445 | 50.7% |

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For our four unconsolidated joint ventures, pro rata revenues were $10,785,000, an increase of $734,000 or 7% compared to $10,051,000 in the same period last year. Pro rata operating profit before G&A was $1,322,000, an increase of $445,000, or 51% versus $877,000 in the same period last year. The increase was due to lease up at The Verge and higher revenues at Bryant Street and .408 Jackson.

**<u>Industrial and Commercial Segment</u>**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Six months ended June 30 | Six months ended June 30 | Six months ended June 30 | Six months ended June 30 | | |
| (dollars in thousands) | 2025 | % | 2024 | % | Change | % |
| Lease revenue | $2721 | 100.0% | 2898 | 100.0% | (177) | (6.1%) |
| Depreciation and amortization | 962 | 35.4% | 723 | 24.9% | 239 | 33.1% |
| Operating expenses | 463 | 17.0% | 406 | 14.0% | 57 | 14.0% |
| Property taxes | 210 | 7.7% | 127 | 4.4% | 83 | 65.4% |
| Cost of operations | 1635 | 60.1% | 1256 | 43.3% | 379 | 30.2% |
| Operating profit before G&A | $1086 | 39.9% | 1642 | 56.7% | (556) | (33.9%) |
| Depreciation and amortization | 962 |  | 723 |  | 239 |  |
| Unrealized revenues | 101 |  | (19) |  | 120 |  |
| Net operating income | $2149 | 79.0% | $2346 | 81.0% | $(197) | (8.4%) |

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Total revenues in this segment were $2,721,000, down $177,000 or 6%, over the same period last year. Operating profit before G&A was $1,086,000, down $556,000 or 34% from $1,642,000 in the same period last year due to $216,000 of depreciation and $30,000 of operating costs at our spec Chelsea warehouse placed in service in April, a write-off of $118,000 unrealized rent receivable and $34,000 deferred leasing commission related to a tenant that defaulted, and the related lower occupancy. Net operating income in this segment was $2,149,000, down $197,000 or 8% compared to the same period last year.

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**<u>Mining Royalty Lands Segment Results</u>**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Six months ended June 30 | Six months ended June 30 | Six months ended June 30 | Six months ended June 30 | | |
| (dollars in thousands) | 2025 | % | 2024 | % | Change | % |
| Mining royalty and rent revenue | $6843 | 100.0% | 6194 | 100.0% | 649 | 10.5% |
| Depreciation, depletion and amortization | 355 | 5.2% | 308 | 5.0% | 47 | 15.3% |
| Operating expenses | 32 | 0.5% | 33 | 0.5% | (1) | -3.0 |
| Property taxes | 151 | 2.2% | 144 | 2.3% | 7 | 4.9% |
| Cost of operations | 538 | 7.9% | 485 | 7.8% | 53 | 10.9% |
| Operating profit before G&A | $6305 | 92.1% | 5709 | 92.2% | 596 | 10.4% |
| Depreciation and amortization | 355 |  | 308 |  | 47 |  |
| Unrealized revenues | 289 |  | (229) |  | 518 |  |
| Net operating income | $6949 | 101.5% | $5788 | 93.4% | $1161 | 20.1% |

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Total revenues in this segment were $6,843,000, an increase of $649,000 or 10% versus $6,194,000 in the same period last year. Royalty revenues in the prior year were impacted by the deduction of royalties to resolve an $842,000 overpayment which we referenced previously. Through the six months of last year, the tenant withheld $566,000 in royalties otherwise due to the Company. Royalty tons were down 7% primarily due to a decrease at one location that had one-time project specific rail shipments in the prior year. The revenue reduction from the decreased volume was more than offset by increased royalties per ton (up 8.5% excluding the prior year payment deduction) along with the overpayment reduction in the prior year. Total operating profit before G&A in this segment was $6,305,000, an increase of $596,000 versus $5,709,000 in the same period last year. Net operating income in this segment was $6,949,000, up $1,161,000 or 20% compared to the same period last year due to higher revenues and a $518,000 increase in unrealized revenues due to temporarily higher minimum royalty payments at one location which are straight-lined across the life of the lease for GAAP revenue purposes.

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**<u>Development Segment Results</u>**

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| | | | |
|:---|:---|:---|:---|
| | Six months ended June 30 | Six months ended June 30 | |
| (dollars in thousands) | 2025 | 2024 | Change |
| Lease revenue | $601 | 608 | (7) |
| Depreciation, depletion and amortization | 86 | 85 | 1 |
| Operating expenses | 832 | 150 | 682 |
| Property taxes | 296 | 296 |  |
| Cost of operations | 1214 | 531 | 683 |
| Operating profit before G&A | $(613) | 77 | (690) |

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**FRP HOLDINGS, INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

(In thousands, except share data)

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| | | |
|:---|:---|:---|
| **Assets:** | June 30<br>2025 | December 31<br>2024 |
| Real estate investments at cost: |  |  |
| Land | $168927 | 168943 |
| Buildings and improvements | 308561 | 283421 |
| Projects under construction | 16167 | 32770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments in properties | 493655 | 485134 |
| Less accumulated depreciation and depletion | 82916 | 77695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investments in properties | 410739 | 407439 |
| Real estate held for investment, at cost | 12312 | 11722 |
| Investments in joint ventures | 139098 | 153899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net real estate investments | 562149 | 573060 |
| Cash and cash equivalents | 153167 | 148620 |
| Cash held in escrow | 1266 | 1315 |
| Accounts receivable, net | 1586 | 1352 |
| Federal and state income taxes receivable | 778 |  |
| Unrealized rents | 1264 | 1380 |
| Deferred costs | 1942 | 2136 |
| Other assets | 630 | 622 |
| Total assets | $722782 | 728485 |
| **Liabilities:** |  |  |
| Secured notes payable | $180371 | 178853 |
| Accounts payable and accrued liabilities | 6739 | 6026 |
| Other liabilities | 1487 | 1487 |
| Federal and state income taxes payable |  | 611 |
| Deferred revenue | 2842 | 2437 |
| Deferred income taxes | 67655 | 67688 |
| Deferred compensation | 1494 | 1465 |
| Tenant security deposits | 780 | 805 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 261368 | 259372 |
| Commitments and contingencies |  |  |
| **Equity:** |  |  |
| Common stock, $.10 par value<br>25,000,000 shares authorized,<br>19,109,234 and 19,046,894 shares issued<br>and outstanding, respectively | 1911 | 1905 |
| Capital in excess of par value | 70196 | 68876 |
| Retained earnings | 354555 | 352267 |
| Accumulated other comprehensive income, net | 40 | 55 |
| &nbsp;&nbsp;&nbsp;Total shareholders' equity | 426702 | 423103 |
| Noncontrolling interests | 34712 | 46010 |
| &nbsp;&nbsp;&nbsp;Total equity | 461414 | 469113 |
| Total liabilities and equity | $722782 | 728485 |

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**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. We provide Pro rata net operating income (NOI) because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated partnerships, when read in conjunction with our reported results under GAAP. This measure is not, and should not be viewed as, a substitute for GAAP financial measures. For ease of comparison all the figures in the tables below include the results for The Verge in the Multifamily segment for all periods shown.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Pro rata Net Operating Income Reconciliation |  |  |  |  |  |  |
| Six months ending 6/30/25 (in thousands) |  |  |  |  |  |  |
|  | Industrial and<br>Commercial<br>Segment | Development<br>Segment | Multifamily<br>Segment | Mining<br>Royalties<br>Segment | Unallocated<br>Corporate<br>Expenses | FRP<br>Holdings<br>Totals |
| Net income (loss) | $831 | 1086 | (2531) | 4806 | (1934) | 2258 |
| Income tax allocation | 255 | 333 | (788) | 1476 | (572) | 704 |
| Income (loss) before income taxes | 1086 | 1419 | (3319) | 6282 | (2506) | 2962 |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;Unrealized rents |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest income |  | 1876 | 1 |  | 3032 | 4909 |
| Plus: |  |  |  |  |  |  |
| &nbsp;&nbsp;Unrealized rents | 101 |  | 14 | 289 |  | 404 |
| &nbsp;&nbsp;Professional fees |  | 734 | 87 |  |  | 821 |
| &nbsp;&nbsp;Equity in loss of joint ventures |  | (156) | 4543 | 23 |  | 4410 |
| &nbsp;&nbsp;Interest expense |  |  | 1443 |  | 76 | 1519 |
| &nbsp;&nbsp;Depreciation/amortization | 962 | 86 | 3930 | 355 |  | 5333 |
| &nbsp;&nbsp;General and administrative |  |  |  |  | 5462 | 5462 |
| Net operating income (loss) | 2149 | 207 | 6697 | 6949 |  | 16002 |
| NOI of noncontrolling interest |  |  | (3052) |  |  | (3052) |
| Pro rata NOI from unconsolidated joint ventures |  | 380 | 5722 |  |  | 6102 |
| Pro rata net operating income | $2149 | 587 | 9367 | 6949 |  | 19052 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Pro-rata Net Operating Income Reconciliation |  |  |  |  |  |  |
| Six months ended 06/30/24 (in thousands) |  |  |  |  |  |  |
|  | Industrial and<br>Commercial<br>Segment | Development<br>Segment | Multifamily<br>Segment | Mining<br>Royalties<br>Segment | Unallocated<br>Corporate<br>Expenses | FRP<br>Holdings<br>Totals |
| Net income (loss) | $805 | (1115) | (2477) | 3876 | 2305 | 3394 |
| Income tax allocation | 247 | (343) | (772) | 1191 | 993 | 1316 |
| Income (loss) before income taxes | 1052 | (1458) | (3249) | 5067 | 3298 | 4710 |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;Unrealized rents | 19 |  | 9 | 229 |  | 257 |
| &nbsp;&nbsp;Interest income |  | 2554 |  |  | 3937 | 6491 |
| Plus: |  |  |  |  |  |  |
| &nbsp;&nbsp;Professional fees |  |  | 15 |  |  | 15 |
| &nbsp;&nbsp;Equity in loss of joint ventures |  | 1782 | 3939 | 22 |  | 5743 |
| &nbsp;&nbsp;Interest expense |  |  | 1652 |  | 88 | 1740 |
| &nbsp;&nbsp;Depreciation/amortization | 723 | 85 | 3962 | 308 |  | 5078 |
| &nbsp;&nbsp;General and administrative | 590 | 2307 | 526 | 620 | 551 | 4594 |
| Net operating income (loss) | 2346 | 162 | 6836 | 5788 |  | 15132 |
| NOI of noncontrolling interest |  |  | (3111) |  |  | (3111) |
| Pro-rata NOI from unconsolidated joint ventures |  | 299 | 5444 |  |  | 5743 |
| Pro-rata net operating income | $2346 | 461 | 9169 | 5788 |  | 17764 |

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**Conference Call**

The Company will host a conference call on Thursday, August 7, 2025 at 9:00 a.m. (EDT). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-800-343-4849 (passcode 83364) within the United States. International callers may dial 1-203-518-9848 (passcode 83364). Audio replay will be available until August 21, 2025 by dialing 1-800-839-2385 within the United States. International callers may dial 1-402-220-7203. No passcode needed. An audio replay will also be available on the Company's website under investors, financials, quarterly results (https://investors.frpdev.com/quarterly-reports) 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, which may contain material information about us, and you may subscribe to Email Alerts to be notified of new information posted to this site.

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*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 the MidAtlantic and Florida; 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; as the impact of tariffs on our industrial tenants and construction costs; 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.

Contact: Matthew C. McNulty Chief Financial Officer 904/858-9100

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