FRP Holdings, Inc. Reports Fiscal 2026 Third Quarter Results
Mining Royalty Revenue Rises 10%; Multifamily NOI Remains Pressured; Industrial Leasing Remains the Near-Term Priority
JACKSONVILLE, FL / ACCESS Newswire / November 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 Royalty Lands, today reported financial results for the quarter ended September 30, 2026. Key results for the quarter ended September 30, 2026 include:
Q3 2026 Financial Highlights & Recent Developments:
"Third quarter results reflect continued leasing challenges in our Washington, DC multifamily assets and Maryland industrial portfolio, higher G&A following the Altman acquisition, and lower interest income as we deploy cash into development and balances in our lending ventures decline," said John Baker III, CEO of FRP Holdings. "Mining remained a strong contributor, with royalty revenue increasing approximately 10% year-over-year. Our priority is building industrial scale and converting our investments into recurring NOI, supported by the contribution of our multifamily and mining businesses. We executed approximately 127,000 square feet of industrial leasing activity this quarter, our most active quarter since Q2 2021.Our immediate focus is carrying that activity forward and improving performance across our operating portfolio."
Baker continued, "Chelsea, Lakeland, Davie, and Camp Lake together represent approximately 1.0 million square-feet of industrial space. We expect Lakeland and Davie to be substantially complete in the fourth quarter of 2026, followed by Camp Lake in the first quarter of 2027. As these properties move through shell completion and lease-up, interest expense and property operating costs previously capitalized during construction, along with depreciation will weigh on reported earnings until rental income increases. At stabilization, we estimate these four assets will generate approximately $12 million in annual recurring pro rata NOI and $7 million in annual FFO. These estimates represent annual contributions at stabilization, and their timing will depend on leasing and ultimately rent commencement. We are also focused on leasing vacancies at Cranberry Business Park, which we estimate could contribute approximately $1 million in additional annual recurring NOI and FFO at full occupancy. Our three merchant build projects located in Delray, Florida and Hamilton and Parsippany, New Jersey, totaling 510,307 square feet where FRP owns a minority interest, are in the early stages of lease-up. We intend to monetize these investments following stabilization and recycle the proceeds into future industrial opportunities."
Operating Performance Snapshot (dollars in thousands)
Q3 Consolidated Results of Operations
Multifamily Segment
Industrial and Commercial Segment
Mining Royalty Segment
Development and Active Pipeline
Merchant Platform
Year-to-Date Results
Nine Months Ended September 30, 2026
Nine-Month 2026 Financial Highlights:
Operating Performance Snapshot (dollars in thousands)
Nine-Month Consolidated Results of Operations
Multifamily Segment - Nine Months
Industrial and Commercial Segment - Nine Months
Mining Royalty Segment - Nine Months
Development Segment - Nine Months
Conference Call
The Company will host a conference call on Thursday, November 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 616988) 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 616988). Audio replay will be available until November 5, 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 Nathan Skown
[email protected]
312-445-2870
Comparative Results of Operations for the three months ended September 30, 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
Comparative Results of Operations for the Nine months ended September 30, 2026 and 2025
Consolidated Results
Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)
Multifamily Segment (Consolidated - Dock 79 and 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 - (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. 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.
SOURCE: FRP Holdings, Inc.