# EDGAR Filing Document

**Accession Number:** 0000844059
**File Stem:** 0000844059-26-000058
**Filing Date:** 2026-5
**Character Count:** 31069
**Document Hash:** 48e1914a8fae834a52dafbbc57222940
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000844059-26-000058.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0000844059-26-000058

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260512

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**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:** 26969425

**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-20260512

**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>May 12, 2026</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 May 12, 2026, FRP Holdings, Inc. issued a press release announcing results of operations for the first quarter ended March 31, 2026. 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 May 12, 2026](frph-20260512xexx99.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, 2026 | By: | <u>/s/Matthew C. McNulty</u> |
|  |  | Matthew C. McNulty |
|  |  | Chief Financial Officer & Treasurer |

---

## Ex-99

![image_0.jpg](image_0.jpg)

**FOR IMMEDIATE RELEASE**

**FRP Holdings, Inc. Reports Fiscal 2026 First Quarter Results**

*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., 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:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss of $0.7 million or $(0.04) per share, versus net income of $1.7 million or $0.09 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pro rata NOI of $8.9 million versus $9.4 million, down 5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Multifamily portfolio occupancy of 92.1% across 1,827 units versus 94.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Industrial & Commercial occupancy of 69.9% ex-Chelsea, down from 85.2%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mining royalties: volume up 7.9%, revenue per ton up 6.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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) | $1710 |
| Pro Rata NOI | $8861 | $9364 |
| Multifamily Pro Rata NOI | $4084 | $4630 |
| Industrial & Commercial NOI | $758 | $1139 |
| Mining Royalty NOI | $3782 | $3284 |

---

------

**Q1 Consolidated Results of Operations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity in loss of joint ventures was an unfavorable $584,000, driven by lower revenues and higher expenses

**Multifamily Segment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Renewal rate increases ranged from 0.6% to 6.1% across the portfolio

**Industrial and Commercial Segment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NOI of $758,000, down $381,000 or 33% versus Q1 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chelsea contributed $218,000 of depreciation and $80,000 of operating costs in the quarter with no offsetting revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Re-leasing the Maryland portfolio remains the primary near-term NOI driver for this segment

**Mining Royalty Segment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $3.7 million, up $483,000 or 15% versus Q1 2025; royalty tons up 7.9%, revenue per ton up 6.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating profit before G&A of $3.4 million, up $432,000; operating margins above 91%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lakeland, FL warehouse and Broward County, FL warehouse: substantial completion expected Q2 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Woven, Greenville, SC: under construction, substantial completion expected late 2027

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Estero Phase 1, Naples/Ft. Myers, FL: under construction, substantial completion expected late 2027

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lake County, FL warehouses (SREP JV): substantial completion of first warehouse expected Q1 2027

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First full quarter following the October 21, 2025, closing of the Altman Logistics Property acquisition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Development segment recognized $163,000 of joint venture management fee revenue from the three minority-interest warehouse projects acquired in the Altman transaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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://www.frpdev.com/investor-relations/) 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

FRPH@alpha-ir.com

312-445-2870

------

**Comparative Results of Operations for the three months ended March 31, 2026 and 2025**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (dollars in thousands)  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** | Change | % |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;Lease revenue | $6713 | 7072 | $(359) | -5.1% |
| &nbsp;&nbsp;Mining royalty and rents | 3717 | 3234 | 483 | 14.9% |
| &nbsp;&nbsp;Joint venture management fee revenue | 164 |  | 164 |  |
| Total revenues | 10594 | 10306 | 288 | 2.8% |
| **Cost of operations:** |  |  |  |  |
| Depreciation, depletion and amortization | 2842 | 2607 | 235 | 9.0% |
| Operating expenses | 2130 | 1859 | 271 | 14.6% |
| Property taxes | 1025 | 938 | 87 | 9.3% |
| General and administrative | 4085 | 2577 | 1508 | 58.5% |
| Total cost of operations | 10082 | 7981 | 2101 | 26.3% |
| **Total operating profit** | 512 | 2325 | (1813) | -78.0% |
| Net investment income | 1688 | 2561 | (873) | -34.1% |
| Interest expense | (708) | (695) | (13) | 1.9% |
| Equity in loss of joint ventures | (2615) | (2031) | (584) | 28.8% |
| Income before income taxes | (1123) | 2160 | (3283) | -152.0% |
| Provision for income taxes | (202) | 526 | (728) | -138.4% |
| Net income | (921) | 1634 | (2555) | -156.4% |
| Income (loss) attributable to noncontrolling interest | (234) | (76) | (158) | 207.9% |
| **Net income attributable to the Company** | $(687) | 1710 | $(2397) | -140.2% |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three months ended March 31, 2026 | Three months ended March 31, 2026 | Three months ended March 31, 2026 | Three months ended March 31, 2026 | | |
| (dollars in thousands) | 2026 | % | 2025 | % | Change | % |
| Lease revenue | $8014 | 100.0% | 8305 | 100.0% | (291) | -3.5% |
| Depreciation and amortization | 3375 | 42.1% | 3287 | 39.6% | 88 | 2.7% |
| Operating expenses | 2889 | 36.0% | 2625 | 31.6% | 264 | 10.1% |
| Property taxes | 950 | 11.9% | 970 | 11.7% | (20) | -2.1% |
| Cost of operations | 7214 | 90.0% | 6882 | 82.9% | 332 | 4.8% |
| Operating profit before G&A | $800 | 10.0% | 1423 | 17.1% | (623) | -43.8% |
| Depreciation and amortization | 3375 |  | 3287 |  | 88 |  |
| Unrealized rents & other | (91) |  | (80) |  | (11) |  |
| Net operating income | $4084 | 51.0% | 4630 | 55.7% | (546) | -11.8% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Apartment Building | Units | Pro rata NOI<br>Q1 2026 | Pro rata NOI<br>Q1 2025 | Avg. Occupancy Q1 2026 | Avg. Occupancy Q1 2025 | Renewal Success Rate Q1 2026 | Renewal % increase Q1 2026 |
| Dock 79 Anacostia DC | 305 | $801000 | $905000 | 89.3% | 95.6% | 63.6% | 6.1% |
| Maren Anacostia DC | 264 | $759000 | $855000 | 91.6% | 93.9% | 55.6% | 3.7% |
| Riverside Greenville | 200 | $234000 | $222000 | 97.0% | 92.9% | 60.6% | 0.6% |
| Bryant Street DC | 487 | $1344000 | $1539000 | 92.1% | 92.5% | 63.6% | 1.9% |
| .408 Jackson Greenville | 227 | $341000 | $356000 | 95.3% | 97.2% | 41.9% | 5.3% |
| Verge Anacostia DC | 344 | $605000 | $753000 | 89.8% | 93.5% | 62.5% | 1.2% |
| Multifamily Segment | 1827 | $4084000 | $4630000 | 92.1% | 94.0% |  |  |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three months ended March 31, 2026 | Three months ended March 31, 2026 | Three months ended March 31, 2026 | Three months ended March 31, 2026 | | |
| (dollars in thousands) | 2026 | % | 2025 | % | Change | % |
| Lease revenue | $5195 | 100.0% | 5424 | 100.0% | (229) | -4.2% |
| Depreciation and amortization | 2007 | 38.7% | 1995 | 36.8% | 12 | .6% |
| Operating expenses | 1726 | 33.2% | 1585 | 29.2% | 141 | 8.9% |
| Property taxes | 610 | 11.7% | 635 | 11.7% | (25) | -3.9% |
| Cost of operations | 4343 | 83.6% | 4215 | 77.7% | 128 | 3.0% |
| Operating profit before G&A | $852 | 16.4% | 1209 | 22.3% | (357) | -29.5% |

---

**<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 March 31, 2026 | Three months ended March 31, 2026 | Three months ended March 31, 2026 | Three months ended March 31, 2026 | | |
| (dollars in thousands) | 2026 | % | 2025 | % | Change | % |
| Lease revenue | $5181 | 100.0% | 5349 | 100.0% | (168) | -3.1% |
| Depreciation and amortization | 2276 | 43.9% | 2193 | 41.0% | 83 | 3.8% |
| Operating expenses | 1974 | 38.1% | 1780 | 33.3% | 194 | 10.9% |
| Property taxes | 618 | 11.9% | 625 | 11.7% | (7) | -1.1% |
| Cost of operations | 4868 | 94.0% | 4598 | 86.0% | 270 | 5.9% |
| Operating profit before G&A | $313 | 6.0% | 751 | 14.0% | (438) | -58.3% |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three months ended March 31, 2026 | Three months ended March 31, 2026 | Three months ended March 31, 2026 | Three months ended March 31, 2026 | | |
| (dollars in thousands) | 2026 | % | 2025 | % | Change | % |
| Lease revenue | $1200 | 100.0% | 1347 | 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 | 1019 | 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% | $1139 | 84.6% | $(381) | (33.5%) |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three months ended March 31, 2026 | Three months ended March 31, 2026 | Three months ended March 31, 2026 | Three months ended March 31, 2026 | | |
| (dollars in thousands) | 2026 | % | 2025 | % | Change | % |
| Mining royalty and rent revenue | $3717 | 100.0% | 3234 | 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 | $3397 | 91.4% | 2965 | 91.7% | 432 | 14.6% |
| Depreciation and amortization | 226 |  | 178 |  | 48 |  |
| Unrealized revenues | 159 |  | 141 |  | 18 |  |
| Net operating income | $3782 | 101.7% | $3284 | 101.5% | $498 | 15.2% |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| | Three months ended March 31, 2026 | 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 |

---

&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;

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**CONSOLIDATED BALANCE SHEETS –** As of December 31 (In thousands, except share data)

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| | | |
|:---|:---|:---|
| **Assets:** | March 31<br>2026 | December 31<br>2025 |
| Real estate investments at cost: |  |  |
| Land | $182887 | 182936 |
| Buildings and improvements | 310168 | 309132 |
| Projects under construction | 57354 | 45032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments in properties | 550409 | 537100 |
| Less accumulated depreciation and depletion | 91412 | 88558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investments in properties | 458997 | 448542 |
| Real estate held for investment, at cost | 12741 | 12626 |
| Investments in joint ventures | 155065 | 153084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net real estate investments | 626803 | 614252 |
| Cash, cash equivalents and restricted cash including $10,889 and $11,394 of restricted cash at March 31, 2026 and December 31, 2025, respectively | 107859 | 105361 |
| Accounts receivable, net | 1950 | 1874 |
| Federal and state income taxes receivable | 1279 | 1071 |
| Unrealized rents | 1299 | 1264 |
| Deferred costs | 3637 | 3768 |
| Goodwill | 6893 | 6893 |
| Other assets | 669 | 662 |
| Total assets | $750389 | 735145 |
| **Liabilities:** |  |  |
| Notes payable, net | $203916 | 192554 |
| Accounts payable and accrued liabilities | 17122 | 12148 |
| Other liabilities | 2407 | 2317 |
| Deferred revenue | 3401 | 3356 |
| Deferred income taxes | 66901 | 66900 |
| Deferred compensation | 1546 | 1524 |
| Tenant security deposits | 699 | 689 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 295992 | 279488 |
| Commitments and contingencies |  |  |
| **Equity:** |  |  |
| Common stock, $.10 par value<br>25,000,000 shares authorized,<br>19,170,275 and 19,109,541 shares issued<br>and outstanding, respectively | 1917 | 1911 |
| Capital in excess of par value | 71730 | 71368 |
| Retained earnings | 354523 | 355210 |
| Accumulated other comprehensive income, net | 8 | 24 |
| &nbsp;&nbsp;&nbsp;Total shareholders' equity | 428178 | 428513 |
| Noncontrolling interests | 26219 | 27144 |
| &nbsp;&nbsp;&nbsp;Total equity | 454397 | 455657 |
| Total liabilities and equity | $750389 | 735145 |

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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. These measures are not, and should not be viewed as, a substitute for GAAP financial measures.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Pro rata Net Operating Income Reconciliation |  |  |  |  |  |  |
| Three months ending 3/31/26 (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) | $138 | 768 | (1893) | 2590 | (2524) | (921) |
| Income tax allocation | 43 | 236 | (510) | 795 | (766) | (202) |
| Income (loss) before income taxes | 181 | 1004 | (2403) | 3385 | (3290) | (1123) |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;Unrealized rents |  |  | 46 |  |  |  |
| &nbsp;&nbsp;Management fee revenue |  | 163 |  |  |  | 163 |
| &nbsp;&nbsp;Interest income |  | 804 | 7 |  | 877 | 1688 |
| Plus: |  |  |  |  |  |  |
| &nbsp;&nbsp;Unrealized rents | 11 |  |  | 159 |  | 124 |
| &nbsp;&nbsp;Professional fees |  | 12 | 51 |  |  | 63 |
| &nbsp;&nbsp;Equity in loss of joint ventures |  | (33) | 2636 | 12 |  | 2615 |
| &nbsp;&nbsp;Interest expense |  |  | 626 |  | 82 | 708 |
| &nbsp;&nbsp;Depreciation/amortization | 566 | 43 | 2007 | 226 |  | 2842 |
| &nbsp;&nbsp;General and administrative |  |  |  |  | 4085 | 4085 |
| Net operating income (loss) | 758 | 59 | 2864 | 3782 |  | 7463 |
| NOI of noncontrolling interest |  |  | (1304) |  |  | (1304) |
| Pro rata NOI from unconsolidated joint ventures |  | 178 | 2524 |  |  | 2702 |
| Pro rata net operating income | $758 | 237 | 4084 | 3782 |  | 8861 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Pro rata Net Operating Income Reconciliation |  |  |  |  |  |  |
| Three months ending 3/31/25 (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) | $492 | 905 | (1169) | 2259 | (853) | 1634 |
| Income tax allocation | 151 | 278 | (369) | 694 | (228) | 526 |
| Income (loss) before income taxes | 643 | 1183 | (1538) | 2953 | (1081) | 2160 |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;Unrealized rents |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest income |  | 1027 |  |  | 1534 | 2561 |
| Plus: |  |  |  |  |  |  |
| &nbsp;&nbsp;Unrealized rents | 105 |  | 3 | 141 |  | 249 |
| &nbsp;&nbsp;Professional fees |  |  | 31 |  |  | 31 |
| &nbsp;&nbsp;Equity in loss of joint ventures |  | (71) | 2090 | 12 |  | 2031 |
| &nbsp;&nbsp;Interest expense |  |  | 657 |  | 38 | 695 |
| &nbsp;&nbsp;Depreciation/amortization | 391 | 43 | 1995 | 178 |  | 2607 |
| &nbsp;&nbsp;General and administrative |  |  |  |  | 2577 | 2577 |
| Net operating income (loss) | 1139 | 128 | 3238 | 3284 |  | 7789 |
| NOI of noncontrolling interest |  |  | (1478) |  |  | (1478) |
| Pro rata NOI from unconsolidated joint ventures |  | 183 | 2870 |  |  | 3053 |
| Pro rata net operating income | $1139 | 311 | 4630 | 3284 |  | 9364 |

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