FRP Holdings, Inc. Reports Fiscal 2026 Second Quarter Results

FRP Holdings, Inc. Reports Fiscal 2026 Second Quarter Results Mining Royalties Revenue up 13% on higher Volume and Pricing;

Multifamily and Industrial Occupancy Remain Pressured; Industrial Leasing the Near-Term Priority

JACKSONVILLE, FL / ACCESS Newswire / August 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 and Royalty Lands, today reported financial results for the quarter ended June 30, 2026. Key results for the quarter ended 2026 include:

Q2 2026 Financial Highlights:

The Company reported a net loss of $0.3 million or $(0.01) per share, versus net income of $0.6 million or $0.03 per share in the same quarter last year

Pro rata NOI of $9.4 million was slightly down (3%) versus the $9.7 million of NOI in the second quarter last year

Multifamily portfolio occupancy of 93.2% across 1,827 units was also slightly down versus 94.1% last year

Industrial & Commercial occupancy of 69.9% (ex-Chelsea) was down from 77.9%

Mining royalties were up 13% as a result of increases in both volume (up 6.8%) and revenue per ton (up 5.4%)

This was our second full quarter following the October 21, 2025, Altman Logistics acquisition

"Second quarter results continued to reflect the occupancy pressure we flagged exiting last year across our DC multifamily assets and the Maryland industrial portfolio, alongside higher G&A tied to the Altman integration," said John Baker III, CEO of FRP Holdings. Baker continued, "Mining royalties again posted double-digit NOI growth, and our development pipeline continues to advance, with the Hamilton and Parsippany, New Jersey merchant build projects reaching substantial completion this quarter. Our priorities remain unchanged: lease the Maryland industrial portfolio, stabilize occupancy across the DC multifamily assets, and deliver our active development projects on schedule."

Operating Performance Snapshot (dollars in thousands)

Metric

Q2 2026

Q2 2025

(259

)

578

9,371

9,688

4,316

4,737

616

1,010

4,118

3,665

Q2 Consolidated Results of Operations

Pro rata NOI was slightly down to $9.4 million versus $9.7 million in Q2 2025, with the decline driven by lower Multifamily and Industrial NOI, partially offset by higher Mining Royalty NOI

Total revenues were $11.1 million, up 2.1%, as a 13% increase in mining royalty revenue and $194,000 of joint venture management fee revenue from the Altman platform helped to offset a 6% decline in lease revenue

G&A increased $802,000 versus Q2 2025, driven by higher personnel costs, higher legal fees and integration expenses following the Altman acquisition, partially offset by $328,000 of increased labor capitalization

Net investment income decreased $1,111,000 due to lower cash balances and lower interest rates ($619,000) and less lending venture income ($492,000) on a lower loan balance and fewer lot sales

Multifamily Segment

Pro rata NOI in this segment was $4.3 million, down $421,000 or 9% versus Q2 2025 as occupancy was down ~1% from a year ago

The decline was predominantly concentrated in our DC assets: Dock 79 NOI was down $139,000 with occupancy declining 220 bps to 93.3%; The Maren's NOI was down $54,000 despite occupancy improving 90 bps to 94.5%; The Verge's NOI was down $112,000 with occupancy declining 320 bps to 90.1%; and Bryant Street's NOI was down $128,000 with occupancy declining 240 bps to 92.2%

Our Greenville assets remained steady with average overall occupancy above 95%

Renewal rate increases in our DC assets averaged 2.3%; while those in our Greenville assets averaged 1.0%

Industrial and Commercial Segment

This segment's NOI was $616,000, down $394,000 or 39% versus Q2 2025 due to the vacancy in our Maryland assets

Excluding Chelsea, occupancy in our 10 existing in-service buildings was 69.9% versus 77.9% in Q2 2025, with the decline driven by non-renewing lease expirations

Our operating loss before G&A was $3,000, versus an operating profit of $443,000 in Q2 2025, reflecting lower occupancy and higher operating costs tied to a real estate tax appeal and legal fees tied to leasing activity

Leasing up the Maryland portfolio remains the primary near-term NOI driver for the Company with approximately 408,000 square feet of space available for immediate lease

Mining Royalty Segment This segment's revenue was $4.1 million, up $457,000 or 13% versus Q2 2025 driven both by royalty tons (up 6.8%) and higher revenue per ton (up 5.4%)

NOI was up 12% year-over-year, continuing the double-digit underlying growth trend from Q1, with both volume and pricing trending favorably

Operating profit before G&A was $3.7 million, up $339,000 with an operating margin above 90%

Development and Active Pipeline

At our Harford County residential lending venture we sold 20 lots versus 27 lot sales in Q2 2025 (and have now sold 248 of the 344 lots and booked $7.4 million of interest and profit to date)

We expect both our Lakeland, FL warehouse and our Broward County, FL warehouse to be substantially complete in the third quarter of 2026

The Woven project in Greenville, SC (214 units with 13,500 sf 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

Our two building (377,892 sq ft) Camp Lake industrial project just outside Orlando, FL is well into construction with substantial completion of the first warehouse expected Q1 2027

Altman Logistics Platform

This was the second full quarter following the October 21, 2025, closing of the Altman Logistics Property acquisition

The Development segment recognized $195,000 of joint venture management fee revenue in Q2 from the three minority-interest warehouse projects acquired in this transaction

The 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, completed Q2 2026); Parsippany, NJ (140,031 sq ft, substantial completion Q2 2026); and Southwest Ranches, FL (335,617 sq ft land acquired July 2026)

Several high-level Altman employees joined FRP as part of the transaction, providing in-house origination capability across the platform

Year-to-Date Results

Six Months Ended June 30, 2026

Six-Month 2026 Financial Highlights:

The Company reported a net loss of $0.9 million or $(0.05) per share, versus net income of $2.3 million or $0.12 per share in the same period last year

Pro rata NOI was $18.2 million versus $19.1 million in the same period last year (down 4%)

Multifamily portfolio occupancy was 92.6% versus 94.1% in the first six months of last year

Industrial & Commercial NOI was $1.4 million, down 36% due to a tenant eviction and non-renewing lease expirations

Mining royalties were up 14% over the same period last year(volume up 7.3%, revenue per ton up 5.9%)

G&A was up $2.3 million, driven primarily by Altman-related personnel and integration costs

Operating Performance Snapshot (dollars in thousands)

Metric

YTD 2026

YTD 2025

(946

)

2,288

18,232

19,052

8,400

9,367

1,374

2,149

7,900

6,949

Six-Month Consolidated Results of Operations

The Company reported a net loss of $946,000 or $(0.05) per share, versus net income of $2,288,000 or $0.12 per share in the first six months of 2025

Pro rata NOI was down 4% to $18.2 million versus $19.1 million in the first six months of 2025, with the decline driven by lower Multifamily and Industrial and Commercial segment NOI, partially offset by higher Mining Royalty and Development segment NOI

Total revenues were $21.7 million, up 2.5%, as a 14% increase in mining royalty revenue and $358,000 of joint venture management fee revenue from the Altman platform helped to offset a 5% decline in lease revenue

G&A increased $2,310,000 versus the first six months of 2025, driven by higher personnel costs, higher audit fees, higher legal fees and integration expenses following the Altman acquisition, partially offset by $602,000 of increased labor capitalization

Net investment income decreased $1,984,000 due to lower cash balances and lower interest rates ($1,269,000) and less lending venture income ($715,000) on a lower loan balance and fewer lot sales

Multifamily Segment - Six Months

Pro rata NOI in this segment was $8.4 million, down $967,000 or 10% versus the first six months of 2025, as portfolio-wide average occupancy declined to 92.6% from 94.1%

The decline was predominantly concentrated in our DC assets: Bryant Street's NOI was down $323,000 to $2,758,000 with occupancy declining 130 bps to 92.2%; The Verge's NOI was down $260,000 to $1,226,000 with occupancy declining 340 bps to 90.0%; Dock 79's NOI was down $243,000 to $1,657,000 with occupancy declining 430 bps to 91.3%; and The Maren's NOI was down $150,000 to $1,595,000 with occupancy declining 70 bps to 93.0%

Our Greenville assets remained steady with average occupancy above 95%

Renewal rate increases in our DC assets averaged 2.7%; while those in our Greenville assets averaged 1.7%

Industrial and Commercial Segment - Six Months

This segment's NOI was $1,374,000, down $775,000 or 36% versus the first six months of 2025 due to vacancy in our Maryland assets

Total revenues were $2,183,000, down $538,000 or 20%, with the decline driven by a tenant eviction and non-renewing lease expirations

Our operating profit before G&A was $178,000, down $908,000 or 84%, including $298,000 of Chelsea spec warehouse depreciation and carrying costs

Leasing up the Maryland portfolio remains the primary near-term NOI driver for the Company

Mining Royalty Segment - Six Months

This segment's revenue was $7.8 million, up $940,000 or 14% versus the first six months of 2025, driven both by royalty tons (up 7.3%) and higher revenue per ton (up 5.9%)

NOI was $7.9 million, up $951,000 or 14% year-over-year, with both volume and pricing trending favorably

Operating profit before G&A of $7.1 million, up $771,000 with an operating margin above 90%

Development Segment - Six Months

Operating profit before G&A was $454,000, up $1,067,000 versus an operating loss of $613,000 in the first six months of 2025

The improvement was driven by $358,000 of joint venture management fee revenue from the Altman platform and the prior year including $713,000 of Altman acquisition expenses, partially offset by $130,000 less capitalized real estate taxes

"Same-store leasing is the single most important lever we have to improve the company's performance - it has the most immediate impact and requires very little capital relative to development. To say it is management's top priority understates the extent to which our day-to-day revolves around it" said Baker, III. Baker continued, "The activity and engagement with potential tenants remains high especially compared to last year. While that did not translate into signed leases this quarter, we believe that if we focus on what we can control and execute, the results we are looking for will come."

Conference Call

The Company will host a conference call on Wednesday, August 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 417930) 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 417930). Audio replay will be available until August 5, 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

[email protected]

312-445-2870

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

Consolidated Results

Three Months Ended June 30,

2026

2025

Change

6,823

7,241

(418

)

-5.8

4,066

3,609

457

12.7

194

11,083

10,850

233

2.1

2,923

2,726

197

7.2

1,972

2,580

(608

)

-23.6

1,042

1,002

4.0

3,687

2,885

802

27.8

9,624

9,193

431

4.7

1,459

1,657

(198

)

-11.9

1,237

2,348

(1,111

)

-47.3

(701

)

(824

)

123

-14.9

(2,419

)

(2,379

)

(40

)

1.7

(424

)

802

(1,226

)

-152.9

(80

)

178

(258

)

-144.9

(344

)

624

(968

)

-155.1

(85

)

(131

)

-284.8

(259

)

578

(837

)

-144.8

Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)

Three months ended June 30, 2026

2026

2025

Change

8,204

100.0

8,467

100.0

(263

)

-3.1

3,360

41.0

3,386

40.0

(26

)

-.8

2,753

33.6

2,691

31.8

2.3

986

12.0

1,008

11.9

(22

)

-2.2

7,099

86.5

7,085

83.7

1,105

13.5

1,382

16.3

(277

)

-20.0

3,360

3,386

(26

)

(149

)

(31

)

(118

)

4,316

52.6

4,737

55.9

(421

)

-8.9

Units

Avg. Occupancy Q2 2026

Avg. Occupancy Q2 2025

Renewal Success Rate Q2 2026

Renewal % increase Q2 2026

305

856,000

995,000

93.3

95.5

71.4

2.9

264

836,000

890,000

94.5

93.6

71.1

5.0

200

233,000

215,000

97.2

92.9

64.6

487

1,414,000

1,542,000

92.2

94.6

53.0

1.5

227

356,000

362,000

94.9

94.3

51.0

1.8

344

621,000

733,000

90.1

93.3

68.9

0.9

1,827

4,316,000

4,737,000

93.2

94.1

Multifamily Segment (Consolidated - Dock 79 & The Maren)

Three months ended June 30, 2026

2026

2025

Change

5,439

100.0

5,567

100.0

(128

)

-2.3

2,009

36.9

1,935

34.8

3.8

1,623

29.8

1,527

27.4

6.3

624

11.5

648

11.6

(24

)

-3.7

4,256

78.2

4,110

73.8

146

3.6

1,183

21.8

1,457

26.2

(274

)

-18.8

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 June 30, 2026

2026

2025

Change

5,241

100.0

5,436

100.0

(195

)

-3.6

2,258

43.1

2,325

42.8

(67

)

-2.9

1,900

36.3

1,886

34.7

646

12.3

654

12.0

)

-1.2

4,804

91.7

4,865

89.5

(61

)

-1.3

437

8.3

571

10.5

(134

)

-23.5

Industrial and Commercial Segment

Three months ended June 30, 2026

2026

2025

Change

983

100.0

1,374

100.0

(391

)

(28.5

600

61.1

571

41.6

5.1

259

26.3

230

16.7

12.6

127

12.9

130

9.5

)

(2.3

986

100.3

931

67.8

5.9

)

(0.3

443

32.2

(446

)

(100.7

600

571

)

616

62.7

1,010

73.5

(394

)

(39.0

Mining Royalty Lands Segment Results

Three months ended June 30, 2026

2026

2025

Change

4,066

100.0

3,609

100.0

457

12.7

271

6.7

177

5.0

53.1

0.9

0.4

137.5

1.9

2.1

2.6

387

9.5

269

7.5

118

43.9

3,679

90.5

3,340

92.5

339

10.1

271

177

168

148

4,118

101.3

3,665

101.6

453

12.4

Development Segment Results

Three months ended June 30, 2026

2026

2025

Change

400

300

100

195

595

300

295

807

(755

)

213

148

308

998

(690

)

287

(698

)

985

Comparative Results of Operations for the Six months ended June 30, 2026 and 2025

Consolidated Results

Six Months Ended June 30,

2026

2025

Change

13,536

14,313

(777

)

-5.4

7,783

6,843

940

13.7

358

21,677

21,156

521

2.5

5,765

5,333

432

8.1

4,102

4,439

(337

)

-7.6

2,067

1,940

127

6.5

7,772

5,462

2,310

42.3

19,706

17,174

2,532

14.7

1,971

3,982

(2,011

)

-50.5

2,925

4,909

(1,984

)

-40.4

(1,409

)

(1,519

)

110

-7.2

(5,034

)

(4,410

)

(624

)

14.1

(1,547

)

2,962

(4,509

)

-152.2

(282

)

704

(986

)

-140.1

(1,265

)

2,258

(3,523

)

-156.0

(319

)

(30

)

(289

)

963.3

(946

)

2,288

(3,234

)

-141.3

Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)

Six months ended June 30, 2026

2026

2025

Change

16,218

100.0

16,772

100.0

(554

)

-3.3

6,735

41.5

6,673

39.8

5,642

34.8

5,316

31.7

326

6.1

1,936

11.9

1,978

11.8

(42

)

-2.1

14,313

88.3

13,967

83.3

346

2.5

1,905

11.7

2,805

16.7

(900

)

-32.1

6,735

6,673

(240

)

(111

)

(129

)

8,400

51.8

9,367

55.8

(967

)

-10.3

Units

Avg. Occupancy YTD 2026

Avg. Occupancy YTD 2025

Renewal Success Rate YTD 2026

Renewal % increase YTD 2026

305

1,657,000

1,900,000

91.3

95.6

67.0

4.5

264

1,595,000

1,745,000

93.0

93.7

64.2

4.5

200

467,000

437,000

97.1

92.9

63.0

0.3

487

2,758,000

3,081,000

92.2

93.5

58.3

1.7

227

697,000

718,000

95.1

96.1

47.5

3.0

344

1,226,000

1,486,000

90.0

93.4

66.1

1.0

1,827

8,400,000

9,367,000

92.6

94.1

Multifamily Segment (Consolidated - Dock 79 and The Maren)

Six months ended June 30, 2026

2026

2025

Change

10,634

100.0

10,991

100.0

(357

)

-3.2

4,016

37.8

3,930

35.7

2.2

3,349

31.5

3,112

28.3

237

7.6

1,234

11.6

1,283

11.7

(49

)

-3.8

8,599

80.9

8,325

75.7

274

3.3

2,035

19.1

2,666

24.3

(631

)

-23.7

Multifamily Segment (Pro rata unconsolidated)

Six months ended June 30, 2026

2026

2025

Change

10,422

100.0

10,785

100.0

(363

)

-3.4

4,534

43.5

4,518

41.9

3,874

37.2

3,666

34.0

208

5.7

1,264

12.1

1,279

11.9

(15

)

-1.2

9,672

92.8

9,463

87.7

209

2.2

750

7.2

1,322

12.3

(572

)

-43.3

Industrial and Commercial Segment

Six months ended June 30, 2026

2026

2025

Change

2,183

100.0

2,721

100.0

(538

)

(19.8

1,166

53.4

962

35.4

204

21.2

585

26.8

463

17.0

122

26.3

254

11.6

210

7.7

21.0

2,005

91.8

1,635

60.1

370

22.6

178

8.2

1,086

39.9

(908

)

(83.6

1,166

962

204

101

(71

)

1,374

62.9

2,149

79.0

(775

)

(36.1

Mining Royalty Lands Segment Results

Six months ended June 30, 2026

2026

2025

Change

7,783

100.0

6,843

100.0

940

13.7

497

6.4

355

5.2

142

40.0

0.7

0.5

78.1

153

2.0

151

2.2

1.3

707

9.1

538

7.9

169

31.4

7,076

90.9

6,305

92.1

771

12.2

497

355

142

327

289

7,900

101.5

6,949

101.5

951

13.7

Development Segment Results

Six months ended June 30, 2026

2026

2025

Change

719

601

118

358

1,077

601

476

111

832

(721

)

426

296

130

623

1,214

(591

)

454

(613

)

1,067

CONSOLIDATED BALANCE SHEETS - As of June 30 (In thousands, except share data)

June 30,

2026

December 31,

2025

182,857

182,936

310,344

309,132

75,893

45,032

569,094

537,100

94,298

88,558

474,796

448,542

12,872

12,626

158,302

153,084

645,970

614,252

100,975

105,361

1,943

1,874

1,354

1,071

1,420

1,264

3,082

3,768

6,893

676

662

762,313

735,145

214,618

192,554

17,784

12,148

2,503

2,317

3,464

3,356

66,900

1,521

1,524

696

689

307,486

279,488

1,920

1,911

72,736

71,368

354,264

355,210

428,946

428,513

25,881

27,144

454,827

455,657

762,313

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. 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.

136

1,249

(3,247

)

5,393

(4,796

)

(1,265

)

384

(900

)

1,657

(1,465

)

(282

)

178

1,633

(4,147

)

7,050

(6,261

)

(1,547

)

186

358

1,160

1,753

2,925

327

357

105

117

(19

)

5,027

5,034

1,167

242

1,409

1,166

4,016

497

5,765

7,772

1,374

194

5,970

7,900

15,438

(2,718

)

(2,718

)

364

5,148

5,512

1,374

558

8,400

7,900

18,232

831

1,086

(2,531

)

4,806

(1,934

)

2,258

255

333

(788

)

1,476

(572

)

704

1,086

1,419

(3,319

)

6,282

(2,506

)

2,962

1,876

3,032

4,909

101

289

404

734

821

(156

)

4,543

4,410

1,443

1,519

962

3,930

355

5,333

5,462

2,149

207

6,697

6,949

16,002

(3,052

)

(3,052

)

380

5,722

6,102

2,149

587

9,367

6,949

19,052

SOURCE: FRP Holdings, Inc.