Form 8-K

8-K — FRP HOLDINGS, INC.

Accession: 0000844059-26-000083

Filed: 2026-08-04

Period: 2026-08-04

CIK: 0000844059

SIC: 6500 (REAL ESTATE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — frph-20260804.htm (Primary)

EX-99 (frph-20260804xexx99.htm)

GRAPHIC (image_0a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: frph-20260804.htm · Sequence: 1

frph-20260804

FALSE000084405900008440592026-08-042026-08-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 4, 2026

FRP HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Florida

(State or other jurisdiction of incorporation)

001-36769

(Commission File Number)

47-2449198

(IRS Employer Identification No.)

200 W. FORSYTH STREET, 7TH FLOOR

JACKSONVILLE, FL

(Address of principal executive offices)

32202

(Zip Code)

(904) 858-9100

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

FRPH

Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition.

On August 4, 2026, FRP Holdings, Inc. issued a press release announcing results of operations for the second quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1.

The information in this report (including the exhibit) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits

Exhibit No. Description

99.1 FRP Holdings, Inc. Press Release dated August 4, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FRP HOLDINGS, INC.

Registrant

Date: August 4, 2026

By:

/s/Matthew C. McNulty

Matthew C. McNulty

Chief Financial Officer & Treasurer

EX-99

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Document

FOR IMMEDIATE RELEASE

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., 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

Net Income Attributable to the Company ($259) $578

Pro Rata NOI $9,371 $9,688

Multifamily Pro Rata NOI $4,316 $4,737

Industrial & Commercial NOI $616 $1,010

Mining Royalty NOI $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

Net Income Attributable to the Company ($946) $2,288

Pro Rata NOI $18,232 $19,052

Multifamily Pro Rata NOI $8,400 $9,367

Industrial & Commercial NOI $1,374 $2,149

Mining Royalty NOI $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

FRPH@alpha-ir.com

312-445-2870

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

Consolidated Results

(dollars in thousands)

Three Months Ended June 30,

2026 2025 Change %

Revenues:

Lease revenue $ 6,823 7,241 $ (418) -5.8 %

Mining royalty and rents 4,066 3,609 457 12.7 %

Joint venture management fee revenue 194 — 194

Total revenues 11,083 10,850 233 2.1 %

Cost of operations:

Depreciation, depletion and amortization 2,923 2,726 197 7.2 %

Operating expenses 1,972 2,580 (608) -23.6 %

Property taxes 1,042 1,002 40 4.0 %

General and administrative 3,687 2,885 802 27.8 %

Total cost of operations 9,624 9,193 431 4.7 %

Total operating profit 1,459 1,657 (198) -11.9 %

Investment income 1,237 2,348 (1,111) -47.3 %

Interest expense (701) (824) 123 -14.9 %

Equity in loss of joint ventures (2,419) (2,379) (40) 1.7 %

Income before income taxes (424) 802 (1,226) -152.9 %

Provision for income taxes (80) 178 (258) -144.9 %

Net income (loss) (344) 624 (968) -155.1 %

Income (loss) attributable to noncontrolling interest (85) 46 (131) -284.8 %

Net income (loss) attributable to the Company $ (259) 578 $ (837) -144.8 %

Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)

Three months ended June 30, 2026

(dollars in thousands) 2026 % 2025 % Change %

Lease revenue $ 8,204 100.0 % 8,467 100.0 % (263) -3.1 %

Depreciation and amortization 3,360 41.0 % 3,386 40.0 % (26) -.8 %

Operating expenses 2,753 33.6 % 2,691 31.8 % 62 2.3 %

Property taxes 986 12.0 % 1,008 11.9 % (22) -2.2 %

Cost of operations 7,099 86.5 % 7,085 83.7 % 14 .2 %

Operating profit before G&A $ 1,105 13.5 % 1,382 16.3 % (277) -20.0 %

Depreciation and amortization 3,360 3,386 (26)

Unrealized rents & other (149) (31) (118)

Net operating income $ 4,316 52.6 % 4,737 55.9 % (421) -8.9 %

Apartment Building Units

Pro rata NOI

Q2 2026

Pro rata NOI

Q2 2025

Avg. Occupancy Q2 2026

Avg. Occupancy Q2 2025

Renewal Success Rate Q2 2026

Renewal % increase Q2 2026

Dock 79 Anacostia DC 305 $856,000 $995,000 93.3 % 95.5 % 71.4 % 2.9 %

Maren Anacostia DC 264 $836,000 $890,000 94.5 % 93.6 % 71.1 % 5.0 %

Riverside Greenville 200 $233,000 $215,000 97.2 % 92.9 % 64.6 % — %

Bryant Street DC 487 $1,414,000 $1,542,000 92.2 % 94.6 % 53.0 % 1.5 %

.408 Jackson Greenville 227 $356,000 $362,000 94.9 % 94.3 % 51.0 % 1.8 %

Verge Anacostia DC 344 $621,000 $733,000 90.1 % 93.3 % 68.9 % 0.9 %

Multifamily Segment 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

(dollars in thousands) 2026 % 2025 % Change %

Lease revenue $ 5,439 100.0 % 5,567 100.0 % (128) -2.3 %

Depreciation and amortization 2,009 36.9 % 1,935 34.8 % 74 3.8 %

Operating expenses 1,623 29.8 % 1,527 27.4 % 96 6.3 %

Property taxes 624 11.5 % 648 11.6 % (24) -3.7 %

Cost of operations 4,256 78.2 % 4,110 73.8 % 146 3.6 %

Operating profit before G&A $ 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

(dollars in thousands) 2026 % 2025 % Change %

Lease revenue $ 5,241 100.0 % 5,436 100.0 % (195) -3.6 %

Depreciation and amortization 2,258 43.1 % 2,325 42.8 % (67) -2.9 %

Operating expenses 1,900 36.3 % 1,886 34.7 % 14 .7 %

Property taxes 646 12.3 % 654 12.0 % (8) -1.2 %

Cost of operations 4,804 91.7 % 4,865 89.5 % (61) -1.3 %

Operating profit before G&A $ 437 8.3 % 571 10.5 % (134) -23.5 %

Industrial and Commercial Segment

Three months ended June 30, 2026

(dollars in thousands) 2026 % 2025 % Change %

Lease revenue $ 983 100.0 % 1,374 100.0 % (391) (28.5 %)

Depreciation and amortization 600 61.1 % 571 41.6 % 29 5.1 %

Operating expenses 259 26.3 % 230 16.7 % 29 12.6 %

Property taxes 127 12.9 % 130 9.5 % (3) (2.3 %)

Cost of operations 986 100.3 % 931 67.8 % 55 5.9 %

Operating profit before G&A $ (3) (0.3 %) 443 32.2 % (446) (100.7 %)

Depreciation and amortization 600 571 29

Unrealized revenues 19 (4) 23

Net operating income $ 616 62.7 % $ 1,010 73.5 % $ (394) (39.0 %)

Mining Royalty Lands Segment Results

Three months ended June 30, 2026

(dollars in thousands) 2026 % 2025 % Change %

Mining royalty and rent revenue $ 4,066 100.0 % 3,609 100.0 % 457 12.7 %

Depreciation, depletion and amortization 271 6.7 % 177 5.0 % 94 53.1 %

Operating expenses 38 0.9 % 16 0.4 % 22 137.5 %

Property taxes 78 1.9 % 76 2.1 % 2 2.6 %

Cost of operations 387 9.5 % 269 7.5 % 118 43.9 %

Operating profit before G&A $ 3,679 90.5 % 3,340 92.5 % 339 10.1 %

Depreciation and amortization 271 177 94

Unrealized revenues 168 148 20

Net operating income $ 4,118 101.3 % $ 3,665 101.6 % $ 453 12.4 %

Development Segment Results

Three months ended June 30, 2026

(dollars in thousands) 2026 2025 Change

Lease revenue $ 400 300 100

Joint venture management fee revenue 195 — 195

Total revenues 595 300 295

Depreciation, depletion and amortization 43 43 —

Operating expenses 52 807 (755)

Property taxes 213 148 65

Cost of operations 308 998 (690)

Operating profit before G&A $ 287 (698) 985

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

Consolidated Results

(dollars in thousands)

Six Months Ended June 30,

2026 2025 Change %

Revenues:

Lease revenue $ 13,536 14,313 $ (777) -5.4 %

Mining royalty and rents 7,783 6,843 940 13.7 %

Joint venture management fee revenue 358 — 358

Total revenues 21,677 21,156 521 2.5 %

Cost of operations:

Depreciation/depletion/amortization 5,765 5,333 432 8.1 %

Operating expenses 4,102 4,439 (337) -7.6 %

Property taxes 2,067 1,940 127 6.5 %

General and administrative 7,772 5,462 2,310 42.3 %

Total cost of operations 19,706 17,174 2,532 14.7 %

Total operating profit 1,971 3,982 (2,011) -50.5 %

Investment income 2,925 4,909 (1,984) -40.4 %

Interest expense (1,409) (1,519) 110 -7.2 %

Equity in loss of joint ventures (5,034) (4,410) (624) 14.1 %

Income before income taxes (1,547) 2,962 (4,509) -152.2 %

Provision for income taxes (282) 704 (986) -140.1 %

Net income (1,265) 2,258 (3,523) -156.0 %

Income (loss) attributable to noncontrolling interest (319) (30) (289) 963.3 %

Net income attributable to the Company $ (946) $ 2,288 $ (3,234) -141.3 %

Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)

Six months ended June 30, 2026

(dollars in thousands) 2026 % 2025 % Change %

Lease revenue $ 16,218 100.0 % 16,772 100.0 % (554) -3.3 %

Depreciation and amortization 6,735 41.5 % 6,673 39.8 % 62 .9 %

Operating expenses 5,642 34.8 % 5,316 31.7 % 326 6.1 %

Property taxes 1,936 11.9 % 1,978 11.8 % (42) -2.1 %

Cost of operations 14,313 88.3 % 13,967 83.3 % 346 2.5 %

Operating profit before G&A $ 1,905 11.7 % 2,805 16.7 % (900) -32.1 %

Depreciation and amortization 6,735 6,673 62

Unrealized rents & other (240) (111) (129)

Net operating income $ 8,400 51.8 % 9,367 55.8 % (967) -10.3 %

Apartment Building Units Pro rata NOI

YTD 2026 Pro rata NOI

YTD 2025 Avg. Occupancy YTD 2026 Avg. Occupancy YTD 2025 Renewal Success Rate YTD 2026 Renewal % increase YTD 2026

Dock 79 Anacostia DC 305 $1,657,000 $1,900,000 91.3 % 95.6 % 67.0 % 4.5 %

Maren Anacostia DC 264 $1,595,000 $1,745,000 93.0 % 93.7 % 64.2 % 4.5 %

Riverside Greenville 200 $467,000 $437,000 97.1 % 92.9 % 63.0 % 0.3 %

Bryant Street DC 487 $2,758,000 $3,081,000 92.2 % 93.5 % 58.3 % 1.7 %

.408 Jackson Greenville 227 $697,000 $718,000 95.1 % 96.1 % 47.5 % 3.0 %

Verge Anacostia DC 344 $1,226,000 $1,486,000 90.0 % 93.4 % 66.1 % 1.0 %

Multifamily Segment 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

(dollars in thousands) 2026 % 2025 % Change %

Lease revenue $ 10,634 100.0 % 10,991 100.0 % (357) -3.2 %

Depreciation and amortization 4,016 37.8 % 3,930 35.7 % 86 2.2 %

Operating expenses 3,349 31.5 % 3,112 28.3 % 237 7.6 %

Property taxes 1,234 11.6 % 1,283 11.7 % (49) -3.8 %

Cost of operations 8,599 80.9 % 8,325 75.7 % 274 3.3 %

Operating profit before G&A $ 2,035 19.1 % 2,666 24.3 % (631) -23.7 %

Multifamily Segment (Pro rata unconsolidated)

Six months ended June 30, 2026

(dollars in thousands) 2026 % 2025 % Change %

Lease revenue $ 10,422 100.0 % 10,785 100.0 % (363) -3.4 %

Depreciation and amortization 4,534 43.5 % 4,518 41.9 % 16 .4 %

Operating expenses 3,874 37.2 % 3,666 34.0 % 208 5.7 %

Property taxes 1,264 12.1 % 1,279 11.9 % (15) -1.2 %

Cost of operations 9,672 92.8 % 9,463 87.7 % 209 2.2 %

Operating profit $ 750 7.2 % 1,322 12.3 % (572) -43.3 %

Industrial and Commercial Segment

Six months ended June 30, 2026

(dollars in thousands) 2026 % 2025 % Change %

Lease revenue $ 2,183 100.0 % 2,721 100.0 % (538) (19.8 %)

Depreciation and amortization 1,166 53.4 % 962 35.4 % 204 21.2 %

Operating expenses 585 26.8 % 463 17.0 % 122 26.3 %

Property taxes 254 11.6 % 210 7.7 % 44 21.0 %

Cost of operations 2,005 91.8 % 1,635 60.1 % 370 22.6 %

Operating profit before G&A $ 178 8.2 % 1,086 39.9 % (908) (83.6 %)

Depreciation and amortization 1,166 962 204

Unrealized revenues 30 101 (71)

Net operating income $ 1,374 62.9 % $ 2,149 79.0 % $ (775) (36.1 %)

Mining Royalty Lands Segment Results

Six months ended June 30, 2026

(dollars in thousands) 2026 % 2025 % Change %

Mining royalty and rent revenue $ 7,783 100.0 % 6,843 100.0 % 940 13.7 %

Depreciation, depletion and amortization 497 6.4 % 355 5.2 % 142 40.0 %

Operating expenses 57 0.7 % 32 0.5 % 25 78.1

Property taxes 153 2.0 % 151 2.2 % 2 1.3 %

Cost of operations 707 9.1 % 538 7.9 % 169 31.4 %

Operating profit before G&A $ 7,076 90.9 % 6,305 92.1 % 771 12.2 %

Depreciation and amortization 497 355 142

Unrealized revenues 327 289 38

Net operating income $ 7,900 101.5 % $ 6,949 101.5 % $ 951 13.7 %

Development Segment Results

Six months ended June 30, 2026

(dollars in thousands) 2026 2025 Change

Lease revenue $ 719 601 118

Joint venture management fee revenue 358 — 358

Total revenues 1,077 601 476

Depreciation, depletion and amortization 86 86 —

Operating expenses 111 832 (721)

Property taxes 426 296 130

Cost of operations 623 1,214 (591)

Operating profit before G&A $ 454 (613) 1,067

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

Assets: June 30,

2026 December 31,

2025

Real estate investments at cost:

Land $ 182,857 182,936

Buildings and improvements 310,344 309,132

Projects under construction 75,893 45,032

Total investments in properties 569,094 537,100

Less accumulated depreciation and depletion 94,298 88,558

Net investments in properties 474,796 448,542

Real estate held for investment, at cost 12,872 12,626

Investments in joint ventures 158,302 153,084

Net real estate investments 645,970 614,252

Cash, cash equivalents and restricted cash including $11,570 and $11,394 of restricted cash at June 30, 2026 and December 31, 2025, respectively

100,975 105,361

Accounts receivable, net 1,943 1,874

Federal and state income taxes receivable 1,354 1,071

Unrealized rents 1,420 1,264

Deferred costs 3,082 3,768

Goodwill 6,893 6,893

Other assets 676 662

Total assets $ 762,313 735,145

Liabilities:

Notes payable, net $ 214,618 192,554

Accounts payable and accrued liabilities 17,784 12,148

Other liabilities 2,503 2,317

Deferred revenue 3,464 3,356

Deferred income taxes 66,900 66,900

Deferred compensation 1,521 1,524

Tenant security deposits 696 689

Total liabilities 307,486 279,488

Commitments and contingencies

Equity:

Common stock, $.10 par value

25,000,000 shares authorized,

19,198,301 and 19,109,541 shares issued

and outstanding, respectively

1,920 1,911

Capital in excess of par value 72,736 71,368

Retained earnings 354,264 355,210

Accumulated other comprehensive income, net 26 24

Total shareholders’ equity 428,946 428,513

Noncontrolling interests 25,881 27,144

Total equity 454,827 455,657

Total liabilities and equity $ 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.

Pro rata Net Operating Income Reconciliation

Six months ending 6/30/26 (in thousands)

Industrial and

Commercial

Segment Development

Segment Multifamily

Segment Mining

Royalties

Segment Unallocated

Corporate

Expenses FRP

Holdings

Totals

Net income (loss) $ 136 1,249 (3,247) 5,393 (4,796) (1,265)

Income tax allocation 42 384 (900) 1,657 (1,465) (282)

Income (loss) before income taxes 178 1,633 (4,147) 7,050 (6,261) (1,547)

Less:

Unrealized rents — 186 — 186

Management fee revenue 358 — 358

Interest income 1,160 12 1,753 2,925

Plus:

Unrealized rents 30 — — 327 — 357

Professional fees 12 105 117

Equity in loss of joint ventures — (19) 5,027 26 5,034

Interest expense — — 1,167 — 242 1,409

Depreciation/amortization 1,166 86 4,016 497 5,765

General and administrative — — — — 7,772 7,772

Net operating income (loss) 1,374 194 5,970 7,900 — 15,438

NOI of noncontrolling interest (2,718) (2,718)

Pro rata NOI from unconsolidated joint ventures 364 5,148 5,512

Pro rata net operating income $ 1,374 558 8,400 7,900 — 18,232

Pro rata Net Operating Income Reconciliation

Six months ending 6/30/25 (in thousands)

Industrial and

Commercial

Segment Development

Segment Multifamily

Segment Mining

Royalties

Segment Unallocated

Corporate

Expenses FRP

Holdings

Totals

Net income (loss) $ 831 1,086 (2,531) 4,806 (1,934) 2,258

Income tax allocation 255 333 (788) 1,476 (572) 704

Income (loss) before income taxes 1,086 1,419 (3,319) 6,282 (2,506) 2,962

Less:

Unrealized rents — — — —

Interest income 1,876 1 3,032 4,909

Plus:

Unrealized rents 101 — 14 289 — 404

Professional fees 734 87 821

Equity in loss of joint ventures — (156) 4,543 23 4,410

Interest expense — — 1,443 — 76 1,519

Depreciation/amortization 962 86 3,930 355 5,333

General and administrative — — — — 5,462 5,462

Net operating income (loss) 2,149 207 6,697 6,949 — 16,002

NOI of noncontrolling interest (3,052) (3,052)

Pro rata NOI from unconsolidated joint ventures 380 5,722 6,102

Pro rata net operating income $ 2,149 587 9,367 6,949 — 19,052

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Aug. 04, 2026

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