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 / ACCESS Newswire / May 12, 2026 / FRP Holdings, Inc. (NASDAQ:FRPH), a full-service real estate investment and development company with four distinct business segments including Multifamily, Industrial and Commercial, Development, and Mining and Royalty Lands, today reported financial results for the quarter ended March 31, 2026. Key results for the quarter ended 2026 include (compared with the first quarter 2025):

Q1 2026 Financial Highlights:

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

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

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

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

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

• Closed Altman Logistics acquisition October 21, 2025; first full quarter of platform integration

"Our first quarter results reflect the headwinds we flagged exiting last year, including occupancy pressure across our DC multifamily assets, industrial vacancies in Maryland that we are working to re-lease, and elevated G&A from the integration costs related to the Altman acquisition," said John Baker III, CEO of FRP Holdings. Baker continued, "Mining royalties continue to be a bright spot, with volume and pricing both moving favorably for the second consecutive quarter. We have more capital deployed in active development today than at any point in recent history, and over the next two years, lease-up of that pipeline will reshape our earnings profile. Near-term, our focus is straightforward: re-lease the Maryland industrial portfolio, stabilize occupancy in the DC multifamily assets, and deliver our active development projects on schedule."

Operating Performance Snapshot (dollars in thousands)

Q1 Consolidated Results of Operations

• Net loss of $687,000 or $(0.04) per share, versus net income of $1,710,000 or $0.09 per share in Q1 2025

• Pro rata NOI of $8.9 million versus $9.4 million in Q1 2025, with the decline driven by lower Multifamily and Industrial NOI partially offset by higher Mining Royalty NOI

• Total revenues of $10.6 million, up 2.8%, as a 15% increase in mining royalty revenue and $164,000 of joint venture management fee revenue from the Altman platform offset a 5% decline in lease revenue

• G&A of $4.1 million, up $1.5 million versus Q1 2025, driven by $311,000 higher audit fees, $173,000 of valuation and accounting consulting fees, $110,000 of IT consulting and higher wages all primarily related to the Altman acquisition

• Net investment income decreased $873,000, reflecting reduced earnings on cash equivalents on lower balances and rates ($650,000) and lower lending venture income ($223,000) on smaller loan balances

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

Multifamily Segment

• Pro rata NOI of $4.1 million, down $546,000 or 12% versus Q1 2025; portfolio-wide occupancy of 92.1% across 1,827 units, down from 94.0% a year ago

• Decline concentrated in DC assets: Dock 79 NOI down $104,000 with occupancy declining 630 bps to 89.3%; The Maren NOI down $96,000 with occupancy declining 230 bps to 91.6%; The Verge NOI down $148,000 with occupancy declining 370 bps to 89.8%; Bryant Street NOI down $195,000 on higher operating costs

• Greenville assets flat with Riverside NOI up $12,000 and occupancy up 410 bps to 97.0%; .408 Jackson NOI down modestly with occupancy at 95.3%

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

Industrial and Commercial Segment

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

• Ten buildings in service totaling 773,356 sq ft of industrial and 33,708 sq ft of office; blended occupancy of 47.5%, reflecting the 258,279 sq ft Chelsea Road spec warehouse currently 100% vacant and in lease-up

• Excluding Chelsea, occupancy was 69.9% versus 85.2% in Q1 2025, with the further decline driven by additional non-renewing leases on top of the prior tenant eviction

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

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

Mining Royalty Segment

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

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

• NOI of $3.8 million, up $498,000 or 15% year-over-year, the second consecutive quarter of double-digit underlying growth, with both volume and pricing trending favorably

Development and Active Pipeline

• Harford County residential lots: 228 of 344 lots sold (vs. 195 at Q4 2025); $30.0 million of $31.1 million commitment returned, $7.1 million recorded as profit to date

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

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

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

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

• Riverfront Phase III/IV received second-stage PUD approval October 10, 2025; Phase III not currently in development, with property taxes now expensed rather than capitalized. Phase IV under entitlement.

Altman Logistics Platform

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

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

• Acquired projects include warehouses in Delray Beach, FL (199,476 sq ft completed Q1 2026; additional 392,976 sq ft of land for two warehouses); Hamilton, NJ (170,800 sq ft substantial completion Q1 2026); Parsippany, NJ (140,031 sq ft, substantial completion Q2 2026); and Southwest Ranches, FL (335,617 sq ft land acquisition contracted for 2026)

• Several former Altman employees joined FRP as part of the transaction, providing in-house origination capability across Florida and New Jersey

Conference Call

The Company will host a conference call on Wednesday, May 13, 2026, at 9:00 a.m. (ET). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-877-545-0320 (passcode 784509) within the United States or by joining the webcast at https://www.webcaster5.com/Webcast/Page/3158/54012. International callers may dial 1-973-528-0002 (passcode 784509). Audio replay will be available until May 13, 2027, by accessing it at the same link. The webcast replay will also be available on the Company's investor relations page (https://investors.frpdev.com/) following the call.

Additional Information

Our investor relations website is https://investors.frpdev.com and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, press releases, quarterly earnings presentations, investor presentations, and corporate governance information, and you may subscribe to Email Alerts to be notified of new information posted to this site.

Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include, but are not limited to: the possibility that we may be unable to find appropriate investment opportunities; levels of construction activity in the markets served by our mining properties; demand for flexible warehouse/office facilities in our markets; multifamily demand in Washington D.C. and Greenville, South Carolina; our ability to obtain zoning and entitlements necessary for property development; the impact of lending and capital market conditions on our liquidity; our ability to finance projects or repay our debt; general real estate investment and development risks; vacancies in our properties; risks associated with developing and managing properties in partnership with others; competition; our ability to renew leases or re-lease spaces as leases expire; illiquidity of real estate investments; bankruptcy or defaults of tenants; the impact of restrictions imposed by our credit facility; the level and volatility of interest rates; environmental liabilities; inflation risks; cybersecurity risks; and construction costs; as well as other risks listed from time to time in our SEC filings; including but not limited to; our annual and quarterly reports. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements.

FRP Holdings, Inc. is a holding company engaged in the real estate business, namely (i) leasing and management of commercial properties owned by the Company, (ii) leasing and management of mining royalty land owned by the Company, (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse, and office, and (iv) leasing and management of residential apartment buildings.

Investor & Media Contacts:

Robert Winters or Abe Plimpton

FRPH@alpha-ir.com

312-445-2870

Comparative Results of Operations for the three months ended March 31, 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

CONSOLIDATED BALANCE SHEETS - As of December 31 (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. These measures are not, and should not be viewed as, a substitute for GAAP financial measures.

SOURCE: FRP Holdings, Inc.

This story was originally published May 12, 2026 at 4:15 PM with the headline "FRP Holdings, Inc. Reports Fiscal 2026 First Quarter Results ."