FRP : Investor Presentation (FRPH Earnings Deck Q1 26)

Published: 2026-05-14 13:38:08 ET FRPH

Published on 05/14/2026 at 01:38 pm EDT

MAY 2026

To supplement the financial results presented in accordance with GAAP, FRP presents a non-GAAP financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The non-GAAP financial measure included in this Presentation is net operating income (NOI). FRP uses this non-GAAP financial measure to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. This measure is not, and should not be viewed as, a substitute for GAAP financial measures.

Key Highlights

COMBINED OPERATING 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

Combined Operating Results

COMBINED SEGMENT OPERATING HIGHLIGHTS

Quarterly pro rata NOI decrease 5% reflects stronger results from the Mining Royalty segment netted with weaker results at the Industrial & Commercial segment due to vacancies, new deliveries, and lease expirations and weaker results at the Multifamily segment due to lower occupancy due to DC supply pressure, and higher costs at our DC assets.

Development activity continues, though combined segment profit declined partly due to elevated G&A tied to higher audit fees, valuation and consulting fees, IT consulting fees, and higher wages, all primarily related to the Altman acquisition.

PRO RATA REVENUE Q/Q PRO RATA NOI Q/Q

$13,429 $13,680

$9,364 $8,861

Q1'25 Q1'26 Q1'25 Q1'26

Multifamily

MULTIFAMILY SEGMENT OVERVIEW:

Two consolidated joint ventures: Dock 79 and The Maren

Four unconsolidated joint ventures: Bryant Street, Riverside,.408 Jackson, and The

Verge

Q1'26 MULTIFAMILY PERFORMANCE (COMPARED TO Q1 2025):

12% decrease in Pro Rata NOI to $4,084,000

PRO RATA REVENUE Q/Q PRO RATA NOI Q/Q

$8,305 $8,015

$4,084

$4,630

Q1'25 Q1'26 Q1'25 Q1'26

INDUSTRIAL & COMMERCIAL SEGMENT OVERVIEW:

Ten warehouses in four different locations

Two ground leases

One office building partially occupied by the Company

Q1'26 PERFORMANCE OVERVIEW (COMPARED TO Q1 2025):

$381K decrease in NOI down to $758,000 primarily due to an eviction for failure to pay rent by one tenant, lease expirations, and operating costs at Chelsea.

PRO RATA REVENUE Q/Q PRO RATA NOI Q/Q

$1,347

$1,200

$1,139

$758

Q1'25 Q1'26 Q1'25 Q1'26

Mining & Royalties

MINING & ROYALTIES SEGMENT OVERVIEW:

Several properties totaling approximately 16,648 acres currently under lease for mining rents or royalties. This does not include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials

Q1'26 MINING ROYALTY LANDS SEGMENT OVERVIEW (COMPARED TO Q1 2025):

15% increase in NOI to $3,782,000

Second consecutive quarter of double-digit NOI growth

PRO RATA REVENUE Q/Q PRO RATA NOI Q/Q

$3,717

$3,234

$3,782

$3,284

Q1'25 Q1'26 Q1'25 Q1'26

IN-HOUSE INDUSTRIAL:

Lakeland, FL: 200,000 sq ft warehouse development

Davie, FL: 182,000 sq ft warehouse redevelopment

Construction started on both in Q2 '25

INDUSTRIAL JOINT VENTURES:

Minneola, FL: two warehouse developments (totaling 378,000 sq ft). Construction started in Q3 '25

Delray, FL: 199,476 sq ft warehouse. Completed construction in Q1 2026.

Hamilton, NJ: 170,800 sq ft warehouse. Substantial completion as of Q1 2026.

Parsippany, NJ: 140,031 sq ft warehouse. Substantial completion expected for Q2 2026.

Southwest Ranches, FL: 335,617 sq ft warehouse development. Land

acquisition contract expected in 2026.

MULTIFAMILY:

"Woven" - Greenville, SC: 214 multifamily units and 14,000 retail sq ft multifamily development. Construction started in Q2 '25

Estero, FL: 46-acre project, 596 multifamily units, 60,000 sq ft of commercial space, 20,000 sq ft of office space and a boutique 190-key hotel. Construction started in Q4 '25

ABERDEEN OVERLOOK RESIDENTIAL DEVELOPMENT:

110-acre project, 344 residential lots

National homebuilder contracted for 222 townhome lots, 122 single-family lots

$31.1M committed, $28.1M drawn to date, $30.0M returned in principal and preferred interest payments, of which $7.1M was booked as profit to the Company.

FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP.

INVESTOR PRESENTATION 9

WOVEN

THE PARK AT DAVIE

Stabilize Existing

Pipeline

Selective Basis-Disciplined Growth

Diversify Revenue & Capital Channels

Expand Institutional Capital Relationships

Convert development activity into durable NOI growth while protecting liquidity and maintaining underwriting discipline

Lease-up and stabilization of current developments. Goal of leasing 290K SF in 2026.

Disciplined execution and capital management

Preserve balance sheet flexibility

Deploy capital selectively into opportunities with attractive long-term risk-adjusted returns and stronger data-driven decision making

Advance opportunities in high-barrier infill markets

Focus on East Coast logistics fundamentals

Use technology and market data to enhance underwriting and assumption testing

Expand recurring earnings streams, enhance scalability, and support long-term platform growth without overextending the balance sheet

Selective build-to-suit

opportunities

Targeted value-add acquisitions

Institutional capital partnerships and recurring revenue initiatives

Increase capital flexibility and create a more scalable and durable operating platform over time

Grow strategic capital partnerships

Support future AUM and fee generation

Maintain disciplined capital structuring

FRP: Sum

of the Parts Analysis

Asset Type -Income Producing Properties

TTM Pro Rata NOI

Cap Rate/ Multiple Range

FRP Equity Value Range

Per Share Value

INDUSTRIAL

$2.7M

5.10% - 5.50%

$49.2M - $53.0M

$2.57 - $2.77

OFFICE & GROUND LEASE

$0.9M

25.88% - 27.79%

$3.3M - $3.5M

$0.17 - $0.18

MULTIFAMILY

$17.6M

5.45% - 5.87%

$45.6M - $68.3M

$2.38 - $3.56

MINING*

$14.5M

5.00% - 5.50%

$263.4M - $289.7M

$13.74 - $15.11

CASH on BALANCE SHEET

$107.9M

$5.63

TOTAL (Part I):

$35.7M

$469.3M - $522.4M

$24.48 - $27.25

The cap rates, asset values and per share values are for illustrative purposes only as a reflection of how management views its various assets for purposes of informing management decisions and do not necessarily reflect the price that would be obtained upon a sale of the asset or the associated costs or tax liability. See NAV analysis in slides 14-15 for further information

*Mining NOI of $15.1M less unrealized rents equals $0.6M

Development Pipeline

FRP Equity Investment

Market Value Range

FRP Equity Value Range

Per Share Value

UNDER DEVELOPMENT

$146.0M

$7.61

INDUSTRIAL LAND

$17.9M - $37.1M

$0.93 - $1.93

FUTURE PHASES OF RIVERFRONT (D.C.)

$56.9M - $65.6M

$2.97 - $3.42

RESIDENTIAL LAND

$36.4M

$1.90

LOANS MADE TO JV's

$5.6M

$3.9M

$0.20

TOTAL (Part II):

$261M - $289M

$13.62 - $15.07

FUTURE LIABILITIES

(OZ TAXES)

($18.6M)

($0.97)

TOTAL (Part I+II):

$711M - $792M

$37.12 - $41.35

FRP: Sum

of the Parts Analysis

Per share calculations based on 19,171,886 shares outstanding

NEAR TERM LOGISTICS LEASE-UP OPPORTUNITY (NOI GROWTH: 2026-2027)1)

NUMBER OF PROJECTS

AVG COMPANY OWNERSHIP %*

TOTAL SQUARE FEET / UNITS

AVAILABLE FOR LEASE AS OF 3/31/26

LEASE ACTIVITY SINCE 3/31/26

ESTIMATED CONSTRUCTION COMPLETION DATE

AVG PROJECT COSTS PSF/UNIT

AVG PROJECT DEBT PSF/UNIT

UNDERWRITTEN YIELD ON COST

EXISTING BUILDINGS

100%

526,016

410,121

COMPLETE

$84.4

$0.0

10.7%

Represents approximately $3.3M of incremental stabilized NOI

NEAR TERM LOGISTICS STABILIZATION (NOI Growth: 2027-2029)2)

NUMBER OF PROJECTS

AVG COMPANY OWNERSHIP %*

TOTAL SQUARE FEET / UNITS

AVAILABLE FOR LEASE AS OF 3/31/26

LEASE ACTIVITY SINCE 3/31/26

ESTIMATED CONSTRUCTION COMPLETION DATE

AVG PROJECT COSTS PSF/UNIT

AVG PROJECT DEBT PSF/UNIT

UNDERWRITTEN YIELD ON COST

EXISTING BUILDINGS

98%

762,085

26,766

Q2 '26 (2), Q2 '27

(1)

$211.3

$113.8

6.4%

Represents potential incremental NOI of approximately $9.6M upon stabilization

Signed LOI for 26,766 SF

1 Cranberry & Chelsea

2 Lakeland, FL, Davie, FL (Ft. Lauderdale), Camp Lake, FL (Orlando)

NEAR TERM MULTIFAMILY STABILIZATION (NOI Growth: 2027-2028)3)

NUMBER OF PROJECTS

COMPANY OWNERSHIP %*

TOTAL UNITS

AVAILABLE FOR LEASE AS OF 3/31/26

LEASE ACTIVITY SINCE 3/31/26

ESTIMATED CONSTRUCTION COMPLETION DATE

AVG PROJECT COSTS PSF/UNIT

AVG PROJECT DEBT PSF/UNIT

UNDERWRITTEN YIELD ON COST

EXISTING BUILDINGS

69% (1), 16% (1)

509

Q4 '27

$443,083.5

$267,514.0

6.8%

Represents incremental NOI as assets stabilize post-delivery

LOGISTICS DEVELOPMENT - MERCHANT STRATEGY (Value Realization / For Sale)4)

NUMBER OF PROJECTS

AVG COMPANY OWNERSHIP %*

TOTAL SQUARE FEET / UNITS

AVAILABLE FOR LEASE AS OF 3/31/26

LEASE ACTIVITY SINCE 3/31/26

ESTIMATED CONSTRUCTION COMPLETION DATE

AVG PROJECT COSTS PSF/UNIT

AVG PROJECT DEBT PSF/UNIT

UNDERWRITTEN YIELD ON COST

EXISTING BUILDINGS

10%

510,307

25,299

First Half of 2026

$256.3

$132.1

6.35%

Represents potential value realization through asset sales upon stabilization

Signed LOI for 25,299 SF

*Company Ownership before Promote

3 Woven & Estero PH1

4 Delray, FL PH1, Hamilton, NJ, Parsippany, NJ

PART I (CURRENT)

FRP HOLDINGS, INC. QUARTERLY ANALYSIS 03/31/2026

Asset Class

TTM NOI

Cap Rate Range

[1]

Value Range Debt FRP Equity Value $/Share

Notes

Industrial

Hollander

2,067,269

5.50%

5.10%

$ 37,586,707 $ 40,534,684 $ - $ 37,586,707 $ 40,534,684

US Venture Lease @ Hollander included in Ground Lease below

Cranberry

$ 637,462

5.50%

5.10% $

11,590,221

$ 12,499,258

$ -

$ 11,590,221

$ 12,499,258

100 bps added to Cranberry Cap Rate vs Hollander

Total

$ 2,704,731

5.50%

5.10% $

49,176,927

$ 53,033,941

$ -

$ 49,176,927

$ 53,033,941

$ 2.57

$ 2.77

Office and Ground Leases

Ground Leases [2]

$ 637,060

449,046

$ 449,046

$ -

$ 449,046

DCF at 10% of 4 ground leases with 3 expirations in 2026

34 Loveton

$ 266,135

9.50%

8.75% $

2,801,425

$ 3,041,547

$ -

$ 2,801,425

$ 3,041,547

Total

$ 903,195

27.79%

25.88% $

3,250,470

$ 3,490,592

$ -

$ 3,250,470

$ 3,490,592

$ 0.17

$ 0.18

Multifamily [3]

Maren

$ 3,222,849

5.90%

5.50% $

96,975,843

$ 104,028,631

$ (88,000,000)

$ 5,055,913

$ 9,028,607

FRP Share

56.3%

Dock 79

$ 3,529,173

5.90%

5.50% $

113,288,816

$ 121,528,002

$ (92,070,000)

$ 11,203,535

$ 15,553,825

FRP Share

52.8%

Bryant Street

$ 5,903,229

5.90%

5.50% $

138,769,857

$ 148,862,210

$ (110,000,000)

$ 20,743,412

$ 28,020,120

FRP Share

72.1%

Verge

$ 2,632,305

5.90%

5.50% $

72,698,950

$ 77,986,147

$ (69,862,000)

$ 1,741,036

$ 4,985,789

FRP Share

61.4%

.408 Jackson

$ 1,425,811

5.75%

5.25% $

61,991,772

$ 67,895,750

$ (49,450,000)

$ 5,016,709

$ 7,378,300

FRP Share

40.0%

Riverside

$ 844,416

5.75%

5.25% $

36,713,736

$ 40,210,282

$ (32,000,000)

$ 1,885,494

$ 3,284,113

FRP Share

40.0%

Total

$ 17,557,783

5.87%

5.45% $

520,438,973

$ 560,511,023

$ (441,382,000)

$ 45,646,099

$ 68,250,754

$ 2.38

$ 3.56

Cap Rate Estimate [4]

Mining (less unrealized rent):

$ 14,485,922

5.50%

5.00% $

263,380,398

$ 289,718,438

$ 263,380,398

$ 289,718,438 $

13.74

$ 15.11

Income Producing Property Total

$ 35,651,631

944,106,449

$ 906,753,994

$ (441,382,000)

$ 361,453,894

$ 414,493,725 $

18.85

$ 21.62

Cash & Restricted Cash

$ 107,859,680

$ 107,859,680 $

5.63

$ 5.63

Based on third party research (CBRE, Greenstreet) and conversations with brokers

Income Producing

Property and Cash $ 469,313,574 $ 522,353,405 $ 24.48 $ 27.25

[2] NOI: Vulcan lease at 664E: $578K, lease expires 8/31/2026; two ground leases at Hollander: $30K, lease expires 2/29/2028, $28K lease expires 4/30/2030

NOI numbers presented represent our pro rata NOI based on ownership %'s.

Based on management estimate

PART II (UNDER

DEVELOPMENT)

Under Development

Project

FRP Equity Investment

Windlass

$ 5,103,014

Chelsea

$ 26,819,500

Warehouse complete, in lease-up phase

The Woven

$ 18,702,761

Multifamily JV in Greenvile, SC, including FRP Loan

Lakeland

$ 17,607,542

Industrial Property in Lakeland, FL

Delray

$ 4,937,523

Industrial JV in Delray, FL

Hamilton

$ 1,582,824

Industrial JV in Hamilton, NJ

Parsippany

$ 1,947,119

Industrial JV in Parsippany, NJ

Southwest Ranches

$ 2,225,137

Industrial Property in SW Ranches, FL

Knightsbridge

$ 3,456,209

Industrial Property in Piscataway, NJ

Camp Lake

$ 16,770,842

Industrial JV in Minneola, FL

Davie

$ 46,833,452

Industrial Property in Broward County, FL

Total

$ 145,985,923

$ 7.61

Industrial Land

FAR

$/FAR [5]

Purchase Price

Market Value

Crouse

635,000

$ 11,400,000

$ 19,050,000

$ 11,400,000

$ 19,050,000

Mechanics Valley

900,000

$ 6,500,000

$ 18,000,000

$ 6,500,000

$ 18,000,000

Total

1,535,000 $

24.14

$ 17,900,000

$ 37,050,000

$ 17,900,000

$ 37,050,000

$ 0.93

$ 1.93

Maren Land Verge Land Value @ Maren Land Value @ Verge Land

Future Phases of Riverfront FAR Value Value Comp Comp

Phase III

250,000

$ 65.00

$ 75.00

$ 16,250,000

$ 18,750,000

$ 16,250,000

$ 18,750,000

Phase IV

260,000

$ 65.00

$ 75.00

$ 16,900,000

$ 19,500,000

$ 16,900,000

$ 19,500,000

664E

365,000

$ 65.00

$ 75.00

$ 23,725,000

$ 27,375,000

$ 23,725,000

$ 27,375,000

Total

875,000

$ 56,875,000

$ 65,625,000

$ 56,875,000

$ 65,625,000

$ 2.97

$ 3.42

Residential Land

Brooksville

$ 7,516,828

Basis

Presbyterian

$ 6,435,993

Capital lent less received

Hampstead

$ 12,759,698

Basis

Estero

$ 9,371,051

Equity Investment

FRP Utility LLC

$ 314,816

Equity Investment

Total

$ 36,398,386

$ 1.90

Loans made to JVs

Alamo

$ 2,232,025

Windlass

$ 3,374,127

$ 1,687,064

We are responsible for half of the debt

Total

$ 5,606,152

$ 3,919,088

$ 0.20

Development and

Raw Land

$ 261,078,397

$ 288,978,397

$ 13.62

$ 15.07

Future Liabilities

OZ Taxes

$ (18,636,364)

$ (0.97)

$20.5m in OZ taxes due in q1 2027 discounted back at 10%

$ 711,755,608 $ 792,695,439 $ 37.12 $ 41.35

Sum of the Parts

Per Share

Total

Shares Outstanding 19,171,886

NET OPERATING INCOME RECONCILIATION

Three months ended 3/31/26 (in thousands)

Industrial and Commercial Segment

Development Segment

Multifamily Segment

Mining Royalties Segment

Unallocated Corporate Expense

FRP Holdings Totals

Net Income (loss)

138

768

(1,893)

2,590

(2,524)

(921)

Income Tax Allocation

236

(510)

795

(766)

(202)

Income (loss) before income taxes

181

1,004

(2,403)

3,385

(3,290)

(1,123)

Less:

Unrealized rents

Management fee revenue

163

Interest income

804

877

1,688

Plus:

Unrealized rents

159

124

Professional fees

Equity in loss of joint ventures

(33)

2,636

2,615

Interest expense

626

708

Depreciation/amortization

566

2,007

226

2,842

General & administrative

4,085

Net Operating Income

758

2,864

3,782

7,463

NOI of noncontrolling interest

(1,304)

Pro rata NOI from unconsolidated joint ventures

178

2,524

2,702

Pro rata net operating income

758

237

4,084

3,782

8,861

NET OPERATING INCOME RECONCILIATION

Three months ended 3/31/25 (in thousands)

Industrial and Commercial Segment

Development Segment

Multifamily Segment

Mining Royalties Segment

Unallocated Corporate Expense

FRP Holdings Totals

Net Income (loss)

492

905

(1,169)

2,259

(853)

1,634

Income Tax Allocation

151

278

(369)

694

(228)

526

Income (loss) before income taxes

643

1,183

(1,538)

2,953

(1,081)

2,160

Less:

Unrealized rents

Interest income

1,027

1,534

2,561

Plus:

Unrealized rents

105

141

249

Professional fees

Equity in loss of joint ventures

(71)

2,090

2,031

Interest expense

657

695

Depreciation/amortization

391

1,995

178

2,607

General & administrative

- - - - 2,577 2,577

Net Operating Income

1,139

128

3,238

3,284

7,789

NOI of noncontrolling interest

(1,478)

Pro rata NOI from unconsolidated joint ventures

183

2,870

3,053

Pro rata net operating income

1,139

311

4,630

3,284

9,364

REVENUE RECONCILIATION

Three months ended 3/31/26 (in thousands)

Industrial and Commercial Segment

Development Segment

Multifamily Segment

Mining Royalties Segment

FRP Holdings Totals

Revenue (GAAP)

1,200

482

5,195

3,717

10,594

Less:

Partners' Share of Dock & Maren's Revenue (consolidated)

(2,362)

Plus:

FRP's Share of the Bryant Street JVs Revenue

2,766

FRP's Share of the Verge JV Revenue

1,338

FRP's Share of the Windlass Run JVs Revenue

266

FRP's Share of Greenville JVs Revenue

1,078

Pro rata revenue

13,680

3,717

8,015

748

1,200

Disclaimer

FRP Holdings Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 17:37 UTC.