FRP Holdings, Inc. Reports Fiscal 2026 First Quarter Results

Published: 2026-05-12 16:00:16 ET FRPH

Published on 05/12/2026 at 04:00 pm EDT

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 2026

Q1 2025

(687

)

1,710

8,861

9,364

4,084

4,630

758

1,139

3,782

3,284

Q1 Consolidated Results of Operations

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

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

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

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

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

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

Multifamily Segment

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

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

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

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

Industrial and Commercial Segment

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

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

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

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

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

Mining Royalty Segment

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

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

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

Development and Active Pipeline

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

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

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

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

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

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

Altman Logistics Platform

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

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

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

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

Conference Call

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

Additional Information

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

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

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

Investor & Media Contacts:

Robert Winters or Abe [email protected]

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

Consolidated Results

Three Months Ended March 31,

2026

2025

Change

6,713

7,072

(359

)

-5.1

3,717

3,234

483

14.9

164

10,594

10,306

288

2.8

2,842

2,607

235

9.0

2,130

1,859

271

14.6

1,025

938

9.3

4,085

2,577

1,508

58.5

10,082

7,981

2,101

26.3

512

2,325

(1,813

)

-78.0

1,688

2,561

(873

)

-34.1

(708

)

(695

)

(13

)

1.9

(2,615

)

(2,031

)

(584

)

28.8

(1,123

)

2,160

(3,283

)

-152.0

(202

)

526

(728

)

-138.4

(921

)

1,634

(2,555

)

-156.4

(234

)

(76

)

(158

)

207.9

(687

)

1,710

(2,397

)

-140.2

Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)

Three months ended March 31, 2026

2026

2025

Change

8,014

100.0

8,305

100.0

(291

)

-3.5

3,375

42.1

3,287

39.6

2.7

2,889

36.0

2,625

31.6

264

10.1

950

11.9

970

11.7

(20

)

-2.1

7,214

90.0

6,882

82.9

332

4.8

800

10.0

1,423

17.1

(623

)

-43.8

3,375

3,287

(91

)

(80

)

(11

)

4,084

51.0

4,630

55.7

(546

)

-11.8

Units

Avg. Occupancy Q1 2026

Avg. Occupancy Q1 2025

Renewal Success Rate Q1 2026

Renewal % increase Q1 2026

305

801,000

905,000

89.3

95.6

63.6

6.1

264

759,000

855,000

91.6

93.9

55.6

3.7

200

234,000

222,000

97.0

92.9

60.6

0.6

487

1,344,000

1,539,000

92.1

92.5

63.6

1.9

227

341,000

356,000

95.3

97.2

41.9

5.3

344

605,000

753,000

89.8

93.5

62.5

1.2

1,827

4,084,000

4,630,000

92.1

94.0

Multifamily Segment (Consolidated - Dock 79 & The Maren)

Three months ended March 31, 2026

2026

2025

Change

5,195

100.0

5,424

100.0

(229

)

-4.2

2,007

38.7

1,995

36.8

1,726

33.2

1,585

29.2

141

8.9

610

11.7

635

11.7

(25

)

-3.9

4,343

83.6

4,215

77.7

128

3.0

852

16.4

1,209

22.3

(357

)

-29.5

Multifamily Segment (Pro rata unconsolidated)

Our Multifamily Segment has four unconsolidated joint ventures (Bryant Street, The Verge, Riverside, and .408 Jackson). Riverside was moved from the Development segment to the Multifamily segment in 2022, Bryant Street and .408 Jackson moved as of the beginning of 2024 and The Verge moved effective July 1, 2024, each upon reaching lease up stabilization.

Three months ended March 31, 2026

2026

2025

Change

5,181

100.0

5,349

100.0

(168

)

-3.1

2,276

43.9

2,193

41.0

3.8

1,974

38.1

1,780

33.3

194

10.9

618

11.9

625

11.7

)

-1.1

4,868

94.0

4,598

86.0

270

5.9

313

6.0

751

14.0

(438

)

-58.3

Industrial and Commercial Segment

Three months ended March 31, 2026

2026

2025

Change

1,200

100.0

1,347

100.0

(147

)

(10.9

566

47.1

391

29.1

175

44.8

326

27.2

233

17.3

39.9

127

10.6

5.9

58.8

1,019

84.9

704

52.3

315

44.7

181

15.1

643

47.7

(462

)

(71.9

566

391

175

105

(94

)

758

63.2

1,139

84.6

(381

)

(33.5

Mining Royalty Lands Segment Results

Three months ended March 31, 2026

2026

2025

Change

3,717

100.0

3,234

100.0

483

14.9

226

6.1

178

5.5

27.0

0.5

18.8

2.0

2.3

320

8.6

269

8.3

19.0

3,397

91.4

2,965

91.7

432

14.6

226

178

159

141

3,782

101.7

3,284

101.5

498

15.2

Development Segment Results

Three months ended March 31, 2026

2026

2025

Change

319

301

163

482

301

181

213

148

315

216

167

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

March 312026

December 312025

Real estate investments at cost:

182,887

182,936

310,168

309,132

57,354

45,032

550,409

537,100

91,412

88,558

458,997

448,542

12,741

12,626

155,065

153,084

626,803

614,252

107,859

105,361

1,950

1,874

1,279

1,071

1,299

1,264

3,637

3,768

6,893

669

662

750,389

735,145

203,916

192,554

17,122

12,148

2,407

2,317

3,401

3,356

66,901

66,900

1,546

1,524

699

689

295,992

279,488

1,917

1,911

71,730

71,368

354,523

355,210

428,178

428,513

26,219

27,144

454,397

455,657

750,389

735,145

Non-GAAP Financial Measures.

To supplement the financial results presented in accordance with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. These measures are not, and should not be viewed as, a substitute for GAAP financial measures.

138

768

(1,893

)

2,590

(2,524

)

(921

)

236

(510

)

795

(766

)

(202

)

181

1,004

(2,403

)

3,385

(3,290

)

(1,123

)

163

804

877

1,688

159

124

(33

)

2,636

2,615

626

708

566

2,007

226

2,842

4,085

758

2,864

3,782

7,463

(1,304

)

(1,304

)

178

2,524

2,702

758

237

4,084

3,782

8,861

492

905

(1,169

)

2,259

(853

)

1,634

151

278

(369

)

694

(228

)

526

643

1,183

(1,538

)

2,953

(1,081

)

2,160

1,027

1,534

2,561

105

141

249

(71

)

2,090

2,031

657

695

391

1,995

178

2,607

2,577

1,139

128

3,238

3,284

7,789

(1,478

)

(1,478

)

183

2,870

3,053

1,139

311

4,630

3,284

9,364

SOURCE: FRP Holdings, Inc.