FRP Holdings, Inc. Reports Fiscal 2026 Third Quarter Results

Mining Royalty Revenue Rises 10%; Multifamily NOI Remains Pressured; Industrial Leasing Remains the Near-Term Priority

JACKSONVILLE, FL / ACCESS Newswire / November 4, 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 Royalty Lands, today reported financial results for the quarter ended September 30, 2026. Key results for the quarter ended September 30, 2026 include:

Q3 2026 Financial Highlights & Recent Developments:

• Multifamily portfolio average occupancy was 93.0% across 1,827 units; pro rata NOI declined 12% year-over-year as concessions and operating expenses increased, and performance weakened at our Washington, DC properties.
• Average Industrial & Commercial occupancy, excluding Chelsea, was 71.4% versus 72.4% a year earlier; quarter-end occupancy was 74.3%
• Mining royalties were up 10% as a result of increases in both volume (up 6.9%) and revenue per ton (up 3.0%)
• Industrial deliveries are advancing, with leasing and stabilization required to convert development investment into recurring NOI and FFO
• Executed 126,682 square feet of industrial leasing activity, the most active quarter since Q2 2021 and more total leasing activity than Q2 2025-Q2 2026 combined.

"Third quarter results reflect continued leasing challenges in our Washington, DC multifamily assets and Maryland industrial portfolio, higher G&A following the Altman acquisition, and lower interest income as we deploy cash into development and balances in our lending ventures decline," said John Baker III, CEO of FRP Holdings. "Mining remained a strong contributor, with royalty revenue increasing approximately 10% year-over-year. Our priority is building industrial scale and converting our investments into recurring NOI, supported by the contribution of our multifamily and mining businesses. We executed approximately 127,000 square feet of industrial leasing activity this quarter, our most active quarter since Q2 2021.Our immediate focus is carrying that activity forward and improving performance across our operating portfolio."

Baker continued, "Chelsea, Lakeland, Davie, and Camp Lake together represent approximately 1.0 million square-feet of industrial space. We expect Lakeland and Davie to be substantially complete in the fourth quarter of 2026, followed by Camp Lake in the first quarter of 2027. As these properties move through shell completion and lease-up, interest expense and property operating costs previously capitalized during construction, along with depreciation will weigh on reported earnings until rental income increases. At stabilization, we estimate these four assets will generate approximately $12 million in annual recurring pro rata NOI and $7 million in annual FFO. These estimates represent annual contributions at stabilization, and their timing will depend on leasing and ultimately rent commencement. We are also focused on leasing vacancies at Cranberry Business Park, which we estimate could contribute approximately $1 million in additional annual recurring NOI and FFO at full occupancy. Our three merchant build projects located in Delray, Florida and Hamilton and Parsippany, New Jersey, totaling 510,307 square feet where FRP owns a minority interest, are in the early stages of lease-up. We intend to monetize these investments following stabilization and recycle the proceeds into future industrial opportunities."

Operating Performance Snapshot (dollars in thousands)

Q3 Consolidated Results of Operations

• Net loss attributable to the Company of $(165,000), or $(0.01) per share, versus net income of $662,000, or $0.03 per share.
• Pro rata NOI was down 5% to $9.0 million versus $9.5 million in Q3 2025, with the decline driven by lower Multifamily, Industrial and Commercial, and Development NOI, partially offset by higher Mining Royalty NOI
• Total revenues were $11.0 million, up 1.7%, as a 10% increase in mining royalty revenue and $49,000 of joint venture management fee revenue from the Altman platform helped to offset a 3% decline in lease revenue
• G&A increased $1,007,000 versus Q3 2025, driven by higher personnel costs, higher legal fees and integration expenses following the Altman acquisition, partially offset by $365,000 of increased labor capitalization
• Investment income decreased $1,018,000, reflecting $761,000 of lower interest income on cash balances due to lower average balances and interest rates, and $257,000 of lower lending venture income as outstanding loan balances declined.

Multifamily Segment

• Pro rata NOI in this segment was $4.0 million, down $542,000 or 12% versus Q3 2025. Although overall portfolio average occupancy was 93%, higher concessions and operating expenses, together with weaker performance at our Washington, DC properties, reduced NOI.
• Bryant Street's NOI was down $273,000, accounting for over 50% of the decline in NOI year-over-year, driven by a 240 bps decline in occupancy to 91.0%, along with higher operating expenses and increased concessions; Dock 79's NOI was down $121,000 despite occupancy improving 120 bps to 95.0% due to higher rent concessions and increased operating expenses; The Maren's NOI was down $71,000 with occupancy declining 50 bps to 93.6%; The Verge's NOI was down $49,000 with occupancy declining 110 bps to 90.9%
• Our Greenville assets remained steady with average overall occupancy above 95%
• Renewal rate increases in our DC assets averaged 2.5%; while those in our Greenville assets averaged 4.5%

Industrial and Commercial Segment

• This segment's NOI was $651,000, down $253,000 or 28% versus Q3 2025, primarily reflecting the expiration of the former Vulcan land lease at 21^st Street ($183,000), along with vacancies in our Maryland assets
• Excluding Chelsea, average occupancy for the quarter in our 9 existing in-service buildings was 71.4% versus 72.4% in Q3 2025, with the decline driven by non-renewing lease expirations. At quarter-end, the occupancy in our 9 existing in-service buildings was 74.3% as we added a new tenant during the quarter.
• During Q3 2026, we signed 61,065 square feet of new leases, 59,828 square feet of renewals, and a 5,789-square-foot three-month extension, totaling 126,682 square feet. Leasing approximately 399,000 square feet of available space in our Maryland portfolio, which includes 13,710 square feet of office, remains a primary near-term opportunity to increase NOI

Mining Royalty Segment

• NOI was $4.1 million, up $359,000 or 10% year-over-year, with both volume and pricing trending favorably

Development and Active Pipeline

• At our Harford County residential lending venture, we sold 23 lots versus 20 lot sales in Q3 2025 (and have now sold 271 of the 344 lots and booked $7.8 million of interest and profit to date)
• We expect our Lakeland and Davie warehouses to be substantially complete by the first of the year with Camp Lake to follow in the first quarter of 2027
• The Woven project in Greenville, SC (214 units with 13,500 sq ft of ground floor retail) is under construction with substantial completion expected late 2027
• Estero Phase 1 in the Naples/Ft. Myers, FL market is also under construction (296 multifamily units and 28,745 sq ft of retail) with substantial completion also expected late 2027

Merchant Platform

• This was the third full quarter following the October 21, 2025, closing of the Altman Logistics Property acquisition
• The acquired projects include warehouses in Delray Beach, FL (199,476 sq ft, completed Q1 2026; additional land for 392,976 sq ft in two warehouses); Hamilton, NJ (170,800 sq ft, completed Q2 2026); Parsippany, NJ (140,031 sq ft, completed Q3 2026); and Southwest Ranches, FL (335,617 sq ft; land acquired July 2026)
• The acquisition added origination, construction, and asset management capabilities to support the growth of FRP's industrial platform

Year-to-Date Results

Nine Months Ended September 30, 2026

Nine-Month 2026 Financial Highlights:

• Multifamily portfolio average occupancy was 92.8% versus 93.7% in the first nine months of last year
• Industrial & Commercial NOI was $2.0 million, down 34%, reflecting the March 31, 2026 expiration of the former Vulcan land lease at 21^st Street ($365,000) and lower occupancy at other properties
• Mining royalties were up 12% over the same period last year (volume up 2.6%, revenue per ton up 10.2%)

Operating Performance Snapshot (dollars in thousands)

Nine-Month Consolidated Results of Operations

• The Company reported a net loss of $1,111,000 or $(0.06) per share, versus net income of $2,950,000 or $0.16 per share in the first nine months of 2025
• Pro rata NOI was down 5% to $27.3 million versus $28.6 million in the first nine months of 2025, with the decline driven by lower Multifamily, Industrial and Commercial and Development segment NOI, partially offset by higher Mining Royalty segment NOI
• Total revenues were $32.6 million, up 2.2%, as a 12% increase in mining royalty revenue and $407,000 of joint venture management fee revenue from the Altman platform helped to offset a 5% decline in lease revenue
• G&A increased $3,317,000 versus the first nine months of 2025, driven by higher personnel costs, higher audit fees, higher legal fees and integration expenses following the Altman acquisition, partially offset by $966,000 of increased labor capitalization
• Investment income decreased $3,002,000, reflecting $2,030,000 of lower interest income on cash balances due to lower average balances and interest rates, and $972,000 of lower lending venture income as outstanding loan balances declined

Multifamily Segment - Nine Months

• Pro rata NOI in this segment was $12.4 million, down $1,509,000 or 11% versus the first nine months of 2025, as portfolio-wide average occupancy declined to 92.8% from 93.7%
• The decline was predominantly concentrated in our DC assets: Bryant Street's NOI was down $596,000 to $4,134,000 with occupancy declining 160 bps to 91.9%; The Verge's NOI was down $309,000 to $1,793,000 with occupancy declining 260 bps to 90.3%; Dock 79's NOI was down $364,000 to $2,474,000 with occupancy declining 250 bps to 92.5%; and The Maren's NOI was down $221,000 to $2,320,000 with occupancy declining 60 bps to 93.2%
• Our Greenville assets remained steady with average occupancy above 95%
• Renewal rate increases in our DC assets averaged 2.6%; while those in our Greenville assets averaged 3.0%

Industrial and Commercial Segment - Nine Months

• This segment's NOI was $2,025,000, down $1,028,000 or 34% versus the first nine months of 2025, reflecting the March 31, 2026 expiration of the former Vulcan land lease at 21^st Street ($365,000) and vacancies in our Maryland assets
• Total revenues were $3,220,000, down $730,000 or 18%
• Our operating profit before G&A was $246,000, down $1,181,000 or 83%, including $298,000 of Chelsea warehouse depreciation and carrying costs
• Leasing up the Maryland portfolio remains the primary near-term NOI driver for the Company

Mining Royalty Segment - Nine Months

• NOI was $12.0 million, up $1,310,000 or 12% year-over-year, driven both by royalty tons (up 2.6%) and higher revenue per ton (up 10.2%).

Development Segment - Nine Months

• Operating profit before G&A was $514,000, up $2,316,000 versus an operating loss of $1,802,000 in the first nine months of 2025
• The improvement was driven by $407,000 of joint venture management fee revenue from the Altman platform and the prior year including $1,993,000 of Altman acquisition expenses, partially offset by $195,000 less capitalized real estate taxes

Conference Call

The Company will host a conference call on Thursday, November 5, 2026, at 9:00 a.m. (ET). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-888-506-0062 (passcode 616988) within the United States or by joining the webcast at https://www.webcaster5.com/Webcast/Page/3158/54289. International callers may dial 1-973-528-0011 (passcode 616988). Audio replay will be available until November 5, 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 Nathan Skown
[email protected]
312-445-2870

Comparative Results of Operations for the three months ended September 30, 2026 and 2025

Consolidated Results

Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)

Multifamily Segment (Consolidated - Dock 79 & The Maren)

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.

Industrial and Commercial Segment

Mining Royalty Lands Segment Results

Development Segment Results

Comparative Results of Operations for the Nine months ended September 30, 2026 and 2025

Consolidated Results

Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)

Multifamily Segment (Consolidated - Dock 79 and The Maren)

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.

Industrial and Commercial Segment

Mining Royalty Lands Segment Results

Development Segment Results

CONSOLIDATED BALANCE SHEETS - (In thousands, except share data)

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 operating profit before G&A and Pro rata net operating income (NOI) because we believe they assist investors and analysts in estimating our economic interest in our consolidated and unconsolidated partnerships, when read in conjunction with our reported results under GAAP. These measures are not, and should not be viewed as, a substitute for GAAP financial measures.

SOURCE: FRP Holdings, Inc.