Results
Miami Herald Media Company
11/04/2026 | Press release | Distributed by Public on 11/04/2026 15:34
FRP Holdings, Inc. Reports Fiscal 2026 Third Quarter Results
Press Releases
FRP Holdings, Inc. Reports Fiscal 2026 Third Quarter Results
November 4, 2026 4:07 PM
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:
- Multifamily portfolio average occupancy was 93.0% across 1,827 units; pro rata NOI declined 12% year-over-year as concessions and operating expenses increased, and performance weakened at our Washington, DC properties.
- Average Industrial & Commercial occupancy, excluding Chelsea, was 71.4% versus 72.4% a year earlier; quarter-end occupancy was 74.3%
- Mining royalties were up 10% as a result of increases in both volume (up 6.9%) and revenue per ton (up 3.0%)
- Industrial deliveries are advancing, with leasing and stabilization required to convert development investment into recurring NOI and FFO
- Executed 126,682 square feet of industrial leasing activity, the most active quarter since Q2 2021 and more total leasing activity than Q2 2025-Q2 2026 combined.
"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."
| Project | Available for Lease | Delivery / Acquisition |
| Cranberry | 127,482 SF | Purchased 2019 |
| Chelsea | 258,279 SF | Q2 2025 |
| Lakeland | 201,420 SF | Est. Q4 2026 |
| Davie | 183,668 SF | Est. Q4 2026 |
| Camp Lake | 379,315 SF | Est. Q1 2027 |
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)
| Metric | Q3 2026 | Q3 2025 |
| Net Income Attributable to the Company | ($165) | $662 |
| Pro Rata NOI | $9,034 | $9,523 |
| Multifamily Pro Rata NOI | $4,028 | $4,570 |
| Industrial & Commercial NOI | $651 | $904 |
| Mining Royalty NOI | $4,115 | $3,756 |
Q3 Consolidated Results of Operations
- Net loss attributable to the Company of $(165,000), or $(0.01) per share, versus net income of $662,000, or $0.03 per share.
- Pro rata NOI was down 5% to $9.0 million versus $9.5 million in Q3 2025, with the decline driven by lower Multifamily, Industrial and Commercial, and Development NOI, partially offset by higher Mining Royalty NOI
- Total revenues were $11.0 million, up 1.7%, as a 10% increase in mining royalty revenue and $49,000 of joint venture management fee revenue from the Altman platform helped to offset a 3% decline in lease revenue
- G&A increased $1,007,000 versus Q3 2025, driven by higher personnel costs, higher legal fees and integration expenses following the Altman acquisition, partially offset by $365,000 of increased labor capitalization
- Investment income decreased $1,018,000, reflecting $761,000 of lower interest income on cash balances due to lower average balances and interest rates, and $257,000 of lower lending venture income as outstanding loan balances declined.
Multifamily Segment
- Pro rata NOI in this segment was $4.0 million, down $542,000 or 12% versus Q3 2025. Although overall portfolio average occupancy was 93%, higher concessions and operating expenses, together with weaker performance at our Washington, DC properties, reduced NOI.
- Bryant Street's NOI was down $273,000, accounting for over 50% of the decline in NOI year-over-year, driven by a 240 bps decline in occupancy to 91.0%, along with higher operating expenses and increased concessions; Dock 79's NOI was down $121,000 despite occupancy improving 120 bps to 95.0% due to higher rent concessions and increased operating expenses; The Maren's NOI was down $71,000 with occupancy declining 50 bps to 93.6%; The Verge's NOI was down $49,000 with occupancy declining 110 bps to 90.9%
- Our Greenville assets remained steady with average overall occupancy above 95%
- Renewal rate increases in our DC assets averaged 2.5%; while those in our Greenville assets averaged 4.5%
Industrial and Commercial Segment
- This segment's NOI was $651,000, down $253,000 or 28% versus Q3 2025, primarily reflecting the expiration of the former Vulcan land lease at 21st Street ($183,000), along with vacancies in our Maryland assets
- Excluding Chelsea, average occupancy for the quarter in our 9 existing in-service buildings was 71.4% versus 72.4% in Q3 2025, with the decline driven by non-renewing lease expirations. At quarter-end, the occupancy in our 9 existing in-service buildings was 74.3% as we added a new tenant during the quarter.
- During Q3 2026, we signed 61,065 square feet of new leases, 59,828 square feet of renewals, and a 5,789-square-foot three-month extension, totaling 126,682 square feet.Leasing approximately 399,000 square feet of available space in our Maryland portfolio, which includes 13,710 square feet of office, remains a primary near-term opportunity to increase NOI
Mining Royalty Segment
- NOI was $4.1 million, up $359,000 or 10% year-over-year, with both volume and pricing trending favorably
Development and Active Pipeline
- At our Harford County residential lending venture, we sold 23 lots versus 20 lot sales in Q3 2025 (and have now sold 271 of the 344 lots and booked $7.8 million of interest and profit to date)
- We expect our Lakeland and Davie warehouses to be substantially complete by the first of the year with Camp Lake to follow in the first quarter of 2027
- The Woven project in Greenville, SC (214 units with 13,500 sq ft 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
Merchant Platform
- This was the third full quarter following the October 21, 2025, closing of the Altman Logistics Property acquisition
- The acquired projects include warehouses in Delray Beach, FL (199,476 sq ft, completed Q1 2026; additional land for 392,976 sq ft in two warehouses); Hamilton, NJ (170,800 sq ft, completed Q2 2026); Parsippany, NJ (140,031 sq ft, completed Q3 2026); and Southwest Ranches, FL (335,617 sq ft; land acquired July 2026)
- The acquisition added origination, construction, and asset management capabilities to support the growth of FRP's industrial platform
Year-to-Date Results
Nine Months Ended September 30, 2026
Nine-Month 2026 Financial Highlights:
- Multifamily portfolio average occupancy was 92.8% versus 93.7% in the first nine months of last year
- Industrial & Commercial NOI was $2.0 million, down 34%, reflecting the March 31, 2026 expiration of the former Vulcan land lease at 21st Street ($365,000) and lower occupancy at other properties
- Mining royalties were up 12% over the same period last year (volume up 2.6%, revenue per ton up 10.2%)
Operating Performance Snapshot (dollars in thousands)
| Metric | YTD 2026 | YTD 2025 |
| Net Income Attributable to the Company | ($1,111) | $2,950 |
| Pro Rata NOI | $27,266 | $28,575 |
| Multifamily Pro Rata NOI | $12,428 | $13,937 |
| Industrial & Commercial NOI | $2,025 | $3,053 |
| Mining Royalty NOI | $12,015 | $10,705 |
Nine-Month Consolidated Results of Operations
- The Company reported a net loss of $1,111,000 or $(0.06) per share, versus net income of $2,950,000 or $0.16 per share in the first nine months of 2025
- Pro rata NOI was down 5% to $27.3 million versus $28.6 million in the first nine months of 2025, with the decline driven by lower Multifamily, Industrial and Commercial and Development segment NOI, partially offset by higher Mining Royalty segment NOI
- Total revenues were $32.6 million, up 2.2%, as a 12% increase in mining royalty revenue and $407,000 of joint venture management fee revenue from the Altman platform helped to offset a 5% decline in lease revenue
- G&A increased $3,317,000 versus the first nine months of 2025, driven by higher personnel costs, higher audit fees, higher legal fees and integration expenses following the Altman acquisition, partially offset by $966,000 of increased labor capitalization
- Investment income decreased $3,002,000, reflecting $2,030,000 of lower interest income on cash balances due to lower average balances and interest rates, and $972,000 of lower lending venture income as outstanding loan balances declined
Multifamily Segment - Nine Months
- Pro rata NOI in this segment was $12.4 million, down $1,509,000 or 11% versus the first nine months of 2025, as portfolio-wide average occupancy declined to 92.8% from 93.7%
- The decline was predominantly concentrated in our DC assets: Bryant Street's NOI was down $596,000 to $4,134,000 with occupancy declining 160 bps to 91.9%; The Verge's NOI was down $309,000 to $1,793,000 with occupancy declining 260 bps to 90.3%; Dock 79's NOI was down $364,000 to $2,474,000 with occupancy declining 250 bps to 92.5%; and The Maren's NOI was down $221,000 to $2,320,000 with occupancy declining 60 bps to 93.2%
- Our Greenville assets remained steady with average occupancy above 95%
- Renewal rate increases in our DC assets averaged 2.6%; while those in our Greenville assets averaged 3.0%
Industrial and Commercial Segment - Nine Months
- This segment's NOI was $2,025,000, down $1,028,000 or 34% versus the first nine months of 2025, reflecting the March 31, 2026 expiration of the former Vulcan land lease at 21st Street ($365,000) and vacancies in our Maryland assets
- Total revenues were $3,220,000, down $730,000 or 18%
- Our operating profit before G&A was $246,000, down $1,181,000 or 83%, including $298,000 of Chelsea warehouse depreciation and carrying costs
- Leasing up the Maryland portfolio remains the primary near-term NOI driver for the Company
Mining Royalty Segment - Nine Months
- NOI was $12.0 million, up $1,310,000 or 12% year-over-year, driven both by royalty tons (up 2.6%) and higher revenue per ton (up 10.2%).
Development Segment - Nine Months
- Operating profit before G&A was $514,000, up $2,316,000 versus an operating loss of $1,802,000 in the first nine months of 2025
- The improvement was driven by $407,000 of joint venture management fee revenue from the Altman platform and the prior year including $1,993,000 of Altman acquisition expenses, partially offset by $195,000 less capitalized real estate taxes
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
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(dollars in thousands)
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Three Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | Change | % | |||||||||||||
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Revenues:
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Lease revenue
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$ | 6,873 | 7,086 | (213 | ) | -3.0 | % | |||||||||
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Mining royalty and rents
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4,040 | 3,689 | 351 | 9.5 | % | |||||||||||
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Joint venture management fee revenue
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49 | - | 49 | |||||||||||||
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Total revenues
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10,962 | 10,775 | 187 | 1.7 | % | |||||||||||
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Cost of operations:
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Depreciation, depletion and amortization
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2,861 | 2,825 | 36 | 1.3 | % | |||||||||||
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Operating expenses
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2,340 | 3,304 | (964 | ) | -29.2 | % | ||||||||||
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Property taxes
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1,043 | 955 | 88 | 9.2 | % | |||||||||||
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General and administrative
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3,335 | 2,328 | 1,007 | 43.3 | % | |||||||||||
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Total cost of operations
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9,579 | 9,412 | 167 | 1.8 | % | |||||||||||
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Total operating profit
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1,383 | 1,363 | 20 | 1.5 | % | |||||||||||
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Investment income
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1,351 | 2,369 | (1,018 | ) | -43.0 | % | ||||||||||
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Interest expense
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(700 | ) | (739 | ) | 39 | -5.3 | % | |||||||||
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Equity in loss of joint ventures
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(2,492 | ) | (2,225 | ) | (267 | ) | 12.0 | % | ||||||||
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Gain on sale of real estate
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27 | - | 27 | |||||||||||||
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Income before income taxes
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(431 | ) | 768 | (1,199 | ) | -156.1 | % | |||||||||
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Provision for income taxes
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(50 | ) | 203 | (253 | ) | -124.6 | % | |||||||||
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Net income (loss)
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(381 | ) | 565 | (946 | ) | -167.4 | % | |||||||||
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Income (loss) attributable to noncontrolling interest
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(216 | ) | (97 | ) | (119 | ) | 122.7 | % | ||||||||
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Net income (loss) attributable to the Company
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$ | (165 | ) | 662 | (827 | ) | -124.9 | % | ||||||||
Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)
| Three months ended September 30, 2026 | |||||||||||||||||||
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(dollars in thousands)
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2026 | % | 2025 | % | Change | % | |||||||||||||
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Lease revenue
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$ | 8,228 | 100.0 | % | 8,466 | 100.0 | % | (238 | ) | -2.8 | % | ||||||||
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Depreciation and amortization
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3,511 | 42.7 | % | 3,347 | 39.5 | % | 164 | 4.9 | % | ||||||||||
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Operating expenses
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3,075 | 37.4 | % | 2,842 | 33.6 | % | 233 | 8.2 | % | ||||||||||
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Property taxes
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995 | 12.1 | % | 1,021 | 12.1 | % | (26 | ) | -2.5 | % | |||||||||
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Cost of operations
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7,581 | 92.1 | % | 7,210 | 85.2 | % | 371 | 5.1 | % | ||||||||||
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Operating profit before G&A
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$ | 647 | 7.9 | % | 1,256 | 14.8 | % | (609 | ) | -48.5 | % | ||||||||
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Depreciation and amortization
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3,511 | 3,347 | 164 | ||||||||||||||||
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Unrealized rents & other
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(130 | ) | (33 | ) | (97 | ) | |||||||||||||
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Net operating income
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$ | 4,028 | 49.0 | % | 4,570 | 54.0 | % | (542 | ) | -11.9 | % | ||||||||
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Apartment Building
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Units |
Pro rata NOI
Q3 2026
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Pro rata NOI
Q3 2025
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Avg. Occupancy Q3 2026 | Avg. Occupancy Q3 2025 | Renewal Success Rate Q3 2026 | Renewal % increase Q3 2026 | |||||||||||||||
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Dock 79 Anacostia DC
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305 | $ | 817,000 | $ | 938,000 | 95.0 | % | 93.8 | % | 59.2 | % | 5.6 | % | |||||||||
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Maren Anacostia DC
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264 | $ | 725,000 | $ | 796,000 | 93.6 | % | 94.1 | % | 55.2 | % | 2.7 | % | |||||||||
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Riverside Greenville
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200 | $ | 208,000 | $ | 213,000 | 95.8 | % | 92.0 | % | 82.7 | % | 1.8 | % | |||||||||
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Bryant Street DC
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487 | $ | 1,376,000 | $ | 1,649,000 | 91.0 | % | 93.4 | % | 65.4 | % | 2.0 | % | |||||||||
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.408 Jackson Greenville
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227 | $ | 335,000 | $ | 358,000 | 94.7 | % | 92.5 | % | 65.0 | % | 6.8 | % | |||||||||
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Verge Anacostia DC
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344 | $ | 567,000 | $ | 616,000 | 90.9 | % | 92.0 | % | 64.2 | % | 0.5 | % | |||||||||
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Multifamily Segment
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1,827 | $ | 4,028,000 | $ | 4,570,000 | 93.0 | % | 93.0 | % | |||||||||||||
Multifamily Segment (Consolidated - Dock 79 & The Maren)
| Three months ended September 30, 2026 | ||||||||||||||||||||||||
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(dollars in thousands)
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2026 | % | 2025 | % | Change | % | ||||||||||||||||||
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Lease revenue
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$ | 5,430 | 100.0 | % | 5,556 | 100.0 | % | (126 | ) | -2.3 | % | |||||||||||||
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Depreciation and amortization
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2,011 | 37.0 | % | 2,002 | 36.1 | % | 9 | .4 | % | |||||||||||||||
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Operating expenses
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1,910 | 35.2 | % | 1,763 | 31.7 | % | 147 | 8.3 | % | |||||||||||||||
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Property taxes
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618 | 11.4 | % | 636 | 11.4 | % | (18 | ) | -2.8 | % | ||||||||||||||
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Cost of operations
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4,539 | 83.6 | % | 4,401 | 79.2 | % | 138 | 3.1 | % | |||||||||||||||
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Operating profit before G&A
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$ | 891 | 16.4 | % | 1,155 | 20.8 | % | (264 | ) | -22.9 | % | |||||||||||||
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 September 30, 2026 | ||||||||||||||||||||||||
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(dollars in thousands)
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2026 | % | 2025 | % | Change | % | ||||||||||||||||||
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Lease revenue
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$ | 5,272 | 100.0 | % | 5,440 | 100.0 | % | (168 | ) | -3.1 | % | |||||||||||||
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Depreciation and amortization
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2,410 | 45.7 | % | 2,250 | 41.4 | % | 160 | 7.1 | % | |||||||||||||||
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Operating expenses
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2,051 | 38.9 | % | 1,894 | 34.8 | % | 157 | 8.3 | % | |||||||||||||||
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Property taxes
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659 | 12.5 | % | 675 | 12.4 | % | (16 | ) | -2.4 | % | ||||||||||||||
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Cost of operations
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5,120 | 97.1 | % | 4,819 | 88.6 | % | 301 | 6.2 | % | |||||||||||||||
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Operating profit before G&A
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$ | 152 | 2.9 | % | 621 | 11.4 | % | (469 | ) | -75.5 | % | |||||||||||||
Industrial and Commercial Segment
| Three months ended September 30, 2026 | ||||||||||||||||||||||||
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(dollars in thousands)
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2026 | % | 2025 | % | Change | % | ||||||||||||||||||
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Lease revenue
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$ | 1,037 | 100.0 | % | 1,229 | 100.0 | % | (192 | ) | (15.6 | %) | |||||||||||||
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Depreciation and amortization
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577 | 55.6 | % | 567 | 46.2 | % | 10 | 1.8 | % | |||||||||||||||
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Operating expenses
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255 | 24.6 | % | 224 | 18.2 | % | 31 | 13.8 | % | |||||||||||||||
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Property taxes
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137 | 13.2 | % | 97 | 7.9 | % | 40 | 41.2 | % | |||||||||||||||
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Cost of operations
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969 | 93.4 | % | 888 | 72.3 | % | 81 | 9.1 | % | |||||||||||||||
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Operating profit before G&A
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$ | 68 | 6.6 | % | 341 | 27.7 | % | (273 | ) | (80.1 | %) | |||||||||||||
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Depreciation and amortization
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577 | 567 | 10 | |||||||||||||||||||||
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Unrealized revenues
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6 | (4 | ) | 10 | ||||||||||||||||||||
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Net operating income
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$ | 651 | 62.8 | % | $ | 904 | 73.6 | % | $ | (253 | ) | (28.0 | %) | |||||||||||
Mining Royalty Lands Segment Results
| Three months ended September 30, 2026 | ||||||||||||||||||||||||
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(dollars in thousands)
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2026 | % | 2025 | % | Change | % | ||||||||||||||||||
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Mining royalty and rent revenue
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$ | 4,040 | 100.0 | % | 3,689 | 100.0 | % | 351 | 9.5 | % | ||||||||||||||
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Depreciation, depletion and amortization
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230 | 5.6 | % | 213 | 5.8 | % | 17 | 8.0 | % | |||||||||||||||
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Operating expenses
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35 | 0.9 | % | 17 | 0.5 | % | 18 | 105.9 | % | |||||||||||||||
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Property taxes
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76 | 1.9 | % | 75 | 2.0 | % | 1 | 1.3 | % | |||||||||||||||
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Cost of operations
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341 | 8.4 | % | 305 | 8.3 | % | 36 | 11.8 | % | |||||||||||||||
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Operating profit before G&A
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$ | 3,699 | 91.6 | % | 3,384 | 91.7 | % | 315 | 9.3 | % | ||||||||||||||
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Depreciation and amortization
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230 | 213 | 17 | |||||||||||||||||||||
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Unrealized revenues
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186 | 159 | 27 | |||||||||||||||||||||
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Net operating income
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$ | 4,115 | 101.9 | % | $ | 3,756 | 101.8 | % | $ | 359 | 9.6 | % | ||||||||||||
Development Segment Results
| Three months ended September 30, 2026 | ||||||||||||
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(dollars in thousands)
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2026 | 2025 | Change | |||||||||
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Lease revenue
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$ | 406 | 301 | 105 | ||||||||
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Joint venture management fee revenue
|
49 | - | 49 | |||||||||
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Total revenues
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455 | 301 | 154 | |||||||||
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Depreciation, depletion and amortization
|
43 | 43 | - | |||||||||
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Operating expenses
|
140 | 1,300 | (1,160 | ) | ||||||||
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Property taxes
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212 | 147 | 65 | |||||||||
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Cost of operations
|
395 | 1,490 | (1,095 | ) | ||||||||
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Operating profit before G&A
|
$ | 60 | (1,189 | ) | 1,249 | |||||||
Comparative Results of Operations for the Nine months endedSeptember 30, 2026 and 2025
Consolidated Results
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(dollars in thousands)
|
Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | Change | % | |||||||||||||
|
Revenues:
|
|
|
|
|
||||||||||||
|
Lease revenue
|
$ | 20,409 | 21,399 | (990 | ) | -4.6 | % | |||||||||
|
Mining royalty and rents
|
11,823 | 10,532 | 1,291 | 12.3 | % | |||||||||||
|
Joint venture management fee revenue
|
407 | - | 407 | |||||||||||||
|
Total revenues
|
32,639 | 31,931 | 708 | 2.2 | % | |||||||||||
|
Cost of operations:
|
||||||||||||||||
|
Depreciation/depletion/amortization
|
8,626 | 8,158 | 468 | 5.7 | % | |||||||||||
|
Operating expenses
|
6,442 | 7,743 | (1,301 | ) | -16.8 | % | ||||||||||
|
Property taxes
|
3,110 | 2,895 | 215 | 7.4 | % | |||||||||||
|
General and administrative
|
11,107 | 7,790 | 3,317 | 42.6 | % | |||||||||||
|
Total cost of operations
|
29,285 | 26,586 | 2,699 | 10.2 | % | |||||||||||
|
Total operating profit
|
3,354 | 5,345 | (1,991 | ) | -37.2 | % | ||||||||||
|
Investment income
|
4,276 | 7,278 | (3,002 | ) | -41.2 | % | ||||||||||
|
Interest expense
|
(2,109 | ) | (2,258 | ) | 149 | -6.6 | % | |||||||||
|
Equity in loss of joint ventures
|
(7,526 | ) | (6,635 | ) | (891 | ) | 13.4 | % | ||||||||
|
Gain on sale of real estate
|
27 | - | 27 | |||||||||||||
|
Income before income taxes
|
(1,978 | ) | 3,730 | (5,708 | ) | -153.0 | % | |||||||||
|
Provision for income taxes
|
(332 | ) | 907 | (1,239 | ) | -136.6 | % | |||||||||
|
Net income (loss)
|
(1,646 | ) | 2,823 | (4,469 | ) | -158.3 | % | |||||||||
|
Income (loss) attributable to noncontrolling interest
|
(535 | ) | (127 | ) | (408 | ) | 321.3 | % | ||||||||
|
Net income (loss) attributable to the Company
|
$ | (1,111 | ) | 2,950 | (4,061 | ) | -137.7 | % | ||||||||
Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)
| Nine months ended September 30, 2026 | ||||||||||||||||||||||||
|
(dollars in thousands)
|
2026 | % | 2025 | % | Change | % | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
|
Lease revenue
|
$ | 24,446 | 100.0 | % | 25,238 | 100.0 | % | (792 | ) | -3.1 | % | |||||||||||||
|
Depreciation and amortization
|
10,246 | 41.9 | % | 10,020 | 39.7 | % | 226 | 2.3 | % | |||||||||||||||
|
Operating expenses
|
8,717 | 35.7 | % | 8,158 | 32.3 | % | 559 | 6.9 | % | |||||||||||||||
|
Property taxes
|
2,931 | 12.0 | % | 2,999 | 11.9 | % | (68 | ) | -2.3 | % | ||||||||||||||
|
Cost of operations
|
21,894 | 89.6 | % | 21,177 | 83.9 | % | 717 | 3.4 | % | |||||||||||||||
|
Operating profit before G&A
|
$ | 2,552 | 10.4 | % | 4,061 | 16.1 | % | (1,509 | ) | -37.2 | % | |||||||||||||
|
Depreciation and amortization
|
10,246 | 10,020 | 226 | |||||||||||||||||||||
|
Unrealized rents & other
|
(370 | ) | (144 | ) | (226 | ) | ||||||||||||||||||
|
Net operating income
|
$ | 12,428 | 50.8 | % | 13,937 | 55.2 | % | (1,509 | ) | -10.8 | % | |||||||||||||
|
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 | $ | 2,474,000 | $ | 2,838,000 | 92.5 | % | 95.0 | % | 63.6 | % | 5.0 | % | |||||||||||||||
|
Maren Anacostia DC
|
264 | $ | 2,320,000 | $ | 2,541,000 | 93.2 | % | 93.8 | % | 60.1 | % | 3.7 | % | |||||||||||||||
|
Riverside Greenville
|
200 | $ | 675,000 | $ | 650,000 | 96.7 | % | 92.6 | % | 70.7 | % | 0.9 | % | |||||||||||||||
|
Bryant Street DC
|
487 | $ | 4,134,000 | $ | 4,730,000 | 91.9 | % | 93.5 | % | 61.8 | % | 1.8 | % | |||||||||||||||
|
.408 Jackson Greenville
|
227 | $ | 1,032,000 | $ | 1,076,000 | 94.9 | % | 94.9 | % | 55.0 | % | 4.8 | % | |||||||||||||||
|
Verge Anacostia DC
|
344 | $ | 1,793,000 | $ | 2,102,000 | 90.3 | % | 92.9 | % | 65.4 | % | 0.9 | % | |||||||||||||||
|
Multifamily Segment
|
1,827 | $ | 12,428,000 | $ | 13,937,000 | 92.8 | % | 93.7 | % | |||||||||||||||||||
Multifamily Segment (Consolidated - Dock 79 and The Maren)
| Nine months ended September 30, 2026 |
|
|
||||||||||||||||||||||
|
(dollars in thousands)
|
2026 | % | 2025 | % | Change | % | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
|
Lease revenue
|
$ | 16,064 | 100.0 | % | 16,547 | 100.0 | % | (483 | ) | -2.9 | % | |||||||||||||
|
Depreciation and amortization
|
6,027 | 37.6 | % | 5,932 | 35.8 | % | 95 | 1.6 | % | |||||||||||||||
|
Operating expenses
|
5,259 | 32.7 | % | 4,875 | 29.5 | % | 384 | 7.9 | % | |||||||||||||||
|
Property taxes
|
1,852 | 11.5 | % | 1,919 | 11.6 | % | (67 | ) | -3.5 | % | ||||||||||||||
|
Cost of operations
|
13,138 | 81.8 | % | 12,726 | 76.9 | % | 412 | 3.2 | % | |||||||||||||||
|
Operating profit before G&A
|
$ | 2,926 | 18.2 | % | 3,821 | 23.1 | % | (895 | ) | -23.4 | % | |||||||||||||
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.
| Nine months ended September 30, 2026 | ||||||||||||||||||||||||
|
(dollars in thousands)
|
2026 | % | 2025 | % | Change | % | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
|
Lease revenue
|
$ | 15,694 | 100.0 | % | 16,225 | 100.0 | % | (531 | ) | -3.3 | % | |||||||||||||
|
Depreciation and amortization
|
6,944 | 44.2 | % | 6,768 | 41.7 | % | 176 | 2.6 | % | |||||||||||||||
|
Operating expenses
|
5,925 | 37.8 | % | 5,560 | 34.3 | % | 365 | 6.6 | % | |||||||||||||||
|
Property taxes
|
1,923 | 12.3 | % | 1,954 | 12.0 | % | (31 | ) | -1.6 | % | ||||||||||||||
|
Cost of operations
|
14,792 | 94.3 | % | 14,282 | 88.0 | % | 510 | 3.6 | % | |||||||||||||||
|
Operating profit before G&A
|
$ | 902 | 5.7 | % | 1,943 | 12.0 | % | (1,041 | ) | -53.6 | % | |||||||||||||
Industrial and Commercial Segment
| Nine months ended September 30, 2026 | ||||||||||||||||||||||||
|
(dollars in thousands)
|
2026 | % | 2025 | % | Change | % | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
|
Lease revenue
|
$ | 3,220 | 100.0 | % | 3,950 | 100.0 | % | (730 | ) | (18.5 | %) | |||||||||||||
|
Depreciation and amortization
|
1,743 | 54.2 | % | 1,529 | 38.7 | % | 214 | 14.0 | % | |||||||||||||||
|
Operating expenses
|
840 | 26.1 | % | 687 | 17.4 | % | 153 | 22.3 | % | |||||||||||||||
|
Property taxes
|
391 | 12.1 | % | 307 | 7.8 | % | 84 | 27.4 | % | |||||||||||||||
|
Cost of operations
|
2,974 | 92.4 | % | 2,523 | 63.9 | % | 451 | 17.9 | % | |||||||||||||||
|
Operating profit before G&A
|
$ | 246 | 7.6 | % | 1,427 | 36.1 | % | (1,181 | ) | (82.8 | %) | |||||||||||||
|
Depreciation and amortization
|
1,743 | 1,529 | 214 | |||||||||||||||||||||
|
Unrealized revenues
|
36 | 97 | (61 | ) | ||||||||||||||||||||
|
Net operating income
|
$ | 2,025 | 62.9 | % | $ | 3,053 | 77.3 | % | $ | (1,028 | ) | (33.7 | %) | |||||||||||
Mining Royalty Lands Segment Results
| Nine months ended September 30, 2026 | ||||||||||||||||||||||||
|
(dollars in thousands)
|
2026 | % | 2025 | % | Change | % | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
|
Mining royalty and rent revenue
|
$ | 11,823 | 100.0 | % | 10,532 | 100.0 | % | 1,291 | 12.3 | % | ||||||||||||||
|
Depreciation, depletion and amortization
|
727 | 6.2 | % | 568 | 5.4 | % | 159 | 28.0 | % | |||||||||||||||
|
Operating expenses
|
92 | 0.8 | % | 49 | 0.5 | % | 43 | 87.8 | % | |||||||||||||||
|
Property taxes
|
229 | 1.9 | % | 226 | 2.1 | % | 3 | 1.3 | % | |||||||||||||||
|
Cost of operations
|
1,048 | 8.9 | % | 843 | 8.0 | % | 205 | 24.3 | % | |||||||||||||||
|
Operating profit before G&A
|
$ | 10,775 | 91.1 | % | 9,689 | 92.0 | % | 1,086 | 11.2 | % | ||||||||||||||
|
Depreciation and amortization
|
727 | 568 | 159 | |||||||||||||||||||||
|
Unrealized revenues
|
513 | 448 | 65 | |||||||||||||||||||||
|
Net operating income
|
$ | 12,015 | 101.6 | % | $ | 10,705 | 101.6 | % | $ | 1,310 | 12.2 | % | ||||||||||||
Development Segment Results
| Nine months ended September 30, 2026 | ||||||||||||
|
(dollars in thousands)
|
2026 | 2025 | Change | |||||||||
|
|
|
|
||||||||||
|
Lease revenue
|
$ | 1,125 | 902 | 223 | ||||||||
|
Joint venture management fee revenue
|
407 | - | 407 | |||||||||
|
Total revenues
|
1,532 | 902 | 630 | |||||||||
|
Depreciation, depletion and amortization
|
129 | 129 | - | |||||||||
|
Operating expenses
|
251 | 2,132 | (1,881 | ) | ||||||||
|
Property taxes
|
638 | 443 | 195 | |||||||||
|
Cost of operations
|
1,018 | 2,704 | (1,686 | ) | ||||||||
|
Operating profit before G&A
|
$ | 514 | (1,802 | ) | 2,316 | |||||||
CONSOLIDATED BALANCE SHEETS - (In thousands, except share data)
|
Assets:
|
September 30, 2026 |
December 31, 2025 |
||||||
|
Real estate investments at cost:
|
||||||||
|
Land
|
$ | 182,846 | 182,936 | |||||
|
Buildings and improvements
|
310,640 | 309,132 | ||||||
|
Projects under construction
|
112,839 | 45,032 | ||||||
|
Total investments in properties
|
606,325 | 537,100 | ||||||
|
Less accumulated depreciation and depletion
|
97,169 | 88,558 | ||||||
|
Net investments in properties
|
509,156 | 448,542 | ||||||
|
Real estate held for investment, at cost
|
12,983 | 12,626 | ||||||
|
Investments in joint ventures
|
165,766 | 153,084 | ||||||
|
Net real estate investments
|
687,905 | 614,252 | ||||||
|
Cash, cash equivalents and restricted cash including $11,706 and $11,394 of restricted cash at September 30, 2026 and December 31, 2025, respectively
|
73,180 | 105,361 | ||||||
|
Accounts receivable, net
|
2,057 | 1,874 | ||||||
|
Federal and state income taxes receivable
|
1,455 | 1,071 | ||||||
|
Unrealized rents
|
1,517 | 1,264 | ||||||
|
Deferred costs
|
3,509 | 3,768 | ||||||
|
Goodwill
|
6,893 | 6,893 | ||||||
|
Other assets
|
693 | 662 | ||||||
|
Total assets
|
$ | 777,209 | 735,145 | |||||
|
Liabilities:
|
||||||||
|
Notes payable, net
|
$ | 231,666 | 192,554 | |||||
|
Accounts payable and accrued liabilities
|
16,153 | 12,148 | ||||||
|
Other liabilities
|
1,552 | 2,317 | ||||||
|
Deferred revenue
|
3,850 | 3,356 | ||||||
|
Deferred income taxes
|
66,900 | 66,900 | ||||||
|
Deferred compensation
|
1,519 | 1,524 | ||||||
|
Tenant security deposits
|
789 | 689 | ||||||
|
Total liabilities
|
322,429 | 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
|
73,139 | 71,368 | ||||||
|
Retained earnings
|
354,099 | 355,210 | ||||||
|
Accumulated other comprehensive income, net
|
12 | 24 | ||||||
|
Total shareholders' equity
|
429,170 | 428,513 | ||||||
|
Noncontrolling interests
|
25,610 | 27,144 | ||||||
|
Total equity
|
454,780 | 455,657 | ||||||
|
Total liabilities and equity
|
$ | 777,209 | 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
|
||||||||||||||||||||||||
|
Nine months ending 9/30/26 (in thousands)
|
||||||||||||||||||||||||
|
Industrial and
Commercial
Segment
|
Development
Segment
|
Multifamily
Segment
|
Mining
Royalties
Segment
|
Unallocated
Corporate
Expenses
|
FRP
Holdings
Totals
|
|||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
|
Net income (loss)
|
$ | 188 | 1,747 | (4,830 | ) | 8,235 | (6,986 | ) | (1,646 | ) | ||||||||||||||
|
Income tax allocation
|
58 | 537 | (1,319 | ) | 2,530 | (2,138 | ) | (332 | ) | |||||||||||||||
|
Income (loss) before income taxes
|
246 | 2,284 | (6,149 | ) | 10,765 | (9,124 | ) | (1,978 | ) | |||||||||||||||
|
Less:
|
||||||||||||||||||||||||
|
Unrealized rents
|
- | - | 289 | - | - | 289 | ||||||||||||||||||
|
Management fee revenue
|
- | 407 | - | - | - | 407 | ||||||||||||||||||
|
Gain on sale of real estate
|
- | - | - | 27 | - | 27 | ||||||||||||||||||
|
Interest income
|
- | 1,810 | 19 | - | 2,447 | 4,276 | ||||||||||||||||||
|
Plus:
|
||||||||||||||||||||||||
|
Unrealized rents
|
36 | - | - | 513 | - | 549 | ||||||||||||||||||
|
Professional fees
|
- | 11 | 140 | - | - | 151 | ||||||||||||||||||
|
Equity in loss of joint ventures
|
- | 40 | 7,449 | 37 | - | 7,526 | ||||||||||||||||||
|
Interest expense
|
- | - | 1,645 | - | 464 | 2,109 | ||||||||||||||||||
|
Depreciation/amortization
|
1,743 | 129 | 6,027 | 727 | - | 8,626 | ||||||||||||||||||
|
General and administrative
|
- | - | - | - | 11,107 | 11,107 | ||||||||||||||||||
|
Net operating income (loss)
|
2,025 | 247 | 8,804 | 12,015 | - | 23,091 | ||||||||||||||||||
|
NOI of noncontrolling interest
|
- | - | (4,010 | ) | - | - | (4,010 | ) | ||||||||||||||||
|
Pro rata NOI from unconsolidated joint ventures
|
- | 551 | 7,634 | - | - | 8,185 | ||||||||||||||||||
|
Pro rata net operating income
|
$ | 2,025 | 798 | 12,428 | 12,015 | - | 27,266 | |||||||||||||||||
|
Pro rata Net Operating Income Reconciliation
|
||||||||||||||||||||||||
|
Nine months ending 9/30/25 (in thousands)
|
||||||||||||||||||||||||
|
Industrial and
Commercial
Segment
|
Development
Segment
|
Multifamily
Segment
|
Mining
Royalties
Segment
|
Unallocated
Corporate
Expenses
|
FRP
Holdings
Totals
|
|||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
|
Net income (loss)
|
$ | 1,092 | 948 | (3,940 | ) | 7,385 | (2,662 | ) | 2,823 | |||||||||||||||
|
Income tax allocation
|
335 | 291 | (1,221 | ) | 2,269 | (767 | ) | 907 | ||||||||||||||||
|
Income (loss) before income taxes
|
1,427 | 1,239 | (5,161 | ) | 9,654 | (3,429 | ) | 3,730 | ||||||||||||||||
|
Less:
|
||||||||||||||||||||||||
|
Unrealized rents
|
- | - | - | - | - | - | ||||||||||||||||||
|
Interest income
|
- | 2,782 | 10 | - | 4,486 | 7,278 | ||||||||||||||||||
|
Plus:
|
||||||||||||||||||||||||
|
Unrealized rents
|
97 | - | 20 | 448 | - | 565 | ||||||||||||||||||
|
Professional fees
|
- | 1,975 | 114 | - | - | 2,089 | ||||||||||||||||||
|
Equity in loss of joint ventures
|
- | (259 | ) | 6,859 | 35 | - | 6,635 | |||||||||||||||||
|
Interest expense
|
- | - | 2,133 | - | 125 | 2,258 | ||||||||||||||||||
|
Depreciation/amortization
|
1,529 | 129 | 5,932 | 568 | - | 8,158 | ||||||||||||||||||
|
General and administrative
|
- | - | - | - | 7,790 | 7,790 | ||||||||||||||||||
|
Net operating income (loss)
|
3,053 | 302 | 9,887 | 10,705 | - | 23,947 | ||||||||||||||||||
|
NOI of noncontrolling interest
|
- | - | (4,508 | ) | - | - | (4,508 | ) | ||||||||||||||||
|
Pro rata NOI from unconsolidated joint ventures
|
- | 578 | 8,558 | - | - | 9,136 | ||||||||||||||||||
|
Pro rata net operating income
|
$ | 3,053 | 880 | 13,937 | 10,705 | - | 28,575 | |||||||||||||||||
SOURCE: FRP Holdings, Inc.
This story was originally published November 4, 2026 at 4:07 PM with the headline "FRP Holdings, Inc. Reports Fiscal 2026 Third Quarter Results ."
Miami Herald Media Company published this content on November 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 04, 2026 at 21:35 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]