FRP HOLDINGS (FRPH) Company Report

FRP Holdings reported a 51% decrease in net income to $700,000, or $0.03 per share, for Q3 2025, primarily due to $1.3 million in expenses from the Altman Logistics Properties acquisition. However, adjusted net income (excluding these expenses) increased 21% over the prior year.
The company's pro-rata share of Net Operating Income (NOI) decreased 16% to $9.5 million in Q3 2025, largely due to a non-recurring royalty payment in Q3 2024. Adjusted NOI (excluding this payment) saw a slight increase of $104,000.
Operational segments showed mixed results in Q3 2025: Commercial and Industrial revenues and NOI decreased, while Mining and Royalty revenues increased 15% but NOI decreased 26%. The Multifamily segment experienced a 2.9% revenue increase but a 3.2% NOI decrease, with apartment occupancy at 91%.
Subsequent to quarter-end, FRP acquired Altman Logistics Properties, gaining 100% ownership of key industrial projects in Florida and appointing Mark Levy as Chief Investment Officer. This acquisition is central to FRP's growth strategy, enabling in-house development and fee generation.
FRP has a significant development pipeline, with over 1.8 million sq ft of industrial product expected to be added, including over 750,000 sq ft in Florida available for lease-up in 2026, projected to generate annual NOI of around $9 million when stabilized. Two multifamily projects are also under construction, expected to boost NOI by over $4 million by 2029.

Nov 6, 2025, 2:00 PM

Transcript

FRPH Reports Q3 2025 Financial Results with Decreased Net Income and NOI, Completes Altman Logistics Acquisition

FRPH

Earnings

M&A

New Projects/Investments

FRP Holdings, Inc. reported a 51% decrease in Net Income to $0.7 million for Q3 2025, primarily due to expenses related to the Altman Logistics platform acquisition. Year-to-date Net Income also decreased 37% to $3.0 million.
Pro rata Net Operating Income (NOI) for Q3 2025 decreased 16% to $9.5 million. However, excluding a one-time royalty payment from the prior year, adjusted pro rata NOI would have increased 1% for the quarter and 5% year-to-date.
The company completed the acquisition of Altman Logistics Properties, LLC effective October 21, 2025, which is intended to expand FRP's professional "bench" and enhance deal flow.
FRP Holdings continues its development activities, with construction started on multiple industrial and multifamily joint ventures in Q2 and Q3 2025, and additional projects planned for 2025.
A Sum of the Parts analysis estimates the total FRP Equity Value (Part I+II) between $699 million and $789 million, translating to a per share value of $36.59 to $41.29 based on 19,109,234 shares outstanding.

Nov 6, 2025, 2:00 PM

Presentation

FRP Holdings, Inc. Reports Q3 2025 Results with Decreased Net Income and NOI, Completes Altman Logistics Acquisition

FRPH

Earnings

M&A

New Projects/Investments

FRP Holdings, Inc. reported a 51.4% decrease in Net Income attributable to the Company for Q3 2025, totaling $0.7 million compared to $1.4 million in Q3 2024, primarily due to $1.3 million in expenses related to the Altman Logistics platform acquisition. For the first nine months of 2025, Net Income decreased 37.3% to $3.0 million.
Pro rata Net Operating Income (NOI) for Q3 2025 decreased 16% to $9.5 million from $11.3 million in Q3 2024, largely due to a non-recurring $1.9 million minimum royalty payment in Q3 2024. Excluding this payment, adjusted pro rata NOI was up $0.1 million for the quarter.
Subsequent to the quarter, on October 21, 2025, the company acquired the business operations and development pipeline of Altman Logistics Property, LLC, which is expected to drive long-term earnings and NOI growth.
The company also entered into a joint venture agreement with Strategic Real Estate Partners (SREP) to develop 377,892 square feet in two warehouses in Lake County, Florida, with options for additional investments.

Nov 5, 2025, 9:39 PM

8-K

FRP Holdings Acquires Oatman Logistics

FRPH

M&A

New Projects/Investments

Hiring

FRP Holdings Inc. completed the acquisition of Oatman Logistics, LLC on October 21, 2025, for a total purchase price of $23.6 million, plus replacing a $10 million guarantee fund.
The acquisition expands FRP's industrial business by adding minority interests in five joint ventures and a land sales contract, and increases FRP's ownership to 100% in two Florida projects.
This strategic move is projected to double FRP's Net Operating Income (NOI) and grow its sum-of-the-parts valuation to over a billion dollars upon stabilization of the five-year development pipeline.
FRP acquired a talented team of six new people, enhancing its capabilities and expanding its market reach into South and Central Florida, and the Tri-State area.
FRP will continue Oatman's develop and sell model for some projects, anticipating a 15%-20% IRR at the property level, while the annual net cost of the acquired team is estimated at $1.5 million-$2 million.

Oct 23, 2025, 5:00 PM

Transcript

FRP Holdings Inc. Acquires Oatman Logistics, LLC

FRPH

M&A

New Projects/Investments

Hiring

FRP Holdings Inc. completed the strategic acquisition of Oatman Logistics, LLC on October 21, 2025.
The acquisition involved a total purchase price of $23.6 million, plus the replacement of a $10 million guarantee fund.
This transaction expands FRP's core industrial business, increasing its ownership to 100% in two Florida projects (Lakeland and Davie) and adding minority interests in five joint ventures.
FRP aims to double its Net Operating Income (NOI) and grow its sum-of-the-parts valuation to over a billion dollars upon stabilization of the five-year development pipeline, with the acquired projects estimated to generate a 15% to 20% IRR at the property level.
The acquisition also adds six new employees to FRP's team, expanding its expertise and market reach into South and Central Florida, and the Tri-State area (New Jersey, New York, Pennsylvania). The annual net cost of the team is estimated at $1.5 million to $2 million.

Oct 23, 2025, 5:00 PM

Transcript

FRP Holdings, Inc. Acquires Altman Logistics Properties, LLC

FRPH

M&A

New Projects/Investments

Guidance Update

FRP Holdings, Inc. (FRPH) completed the acquisition of Altman Logistics Properties, LLC on October 21, 2025, expanding its industrial platform and talent base.
The acquisition, with a purchase price of $33.5 million and a net cash requirement of $23.6 million, is expected to help FRPH double its Net Operating Income (NOI) over the next five years and increase its valuation to over $1 billion.
FRPH gained 100% ownership of the Lakeland and Davie industrial projects and acquired minority interests in other industrial assets, totaling 1,287,476 square feet of warehouse space across various locations.

Oct 21, 2025, 8:15 PM

8-K

FRP Holdings Inc. Reports Q2 2025 Financial Results

FRPH

Earnings

New Projects/Investments

Debt Issuance

FRP Holdings Inc. reported a 72% decrease in Net Income to $0.6 million for Q2 2025, and a 32% decrease to $2.3 million year-to-date, largely due to professional fees related to a transaction and lower Net Interest Income.
Despite the decrease in Net Income, pro rata Net Operating Income (NOI) increased by 5% to $9.7 million in Q2 2025 and by 7% to $19.1 million year-to-date, driven by stronger results from the Mining Royalty segment and improved occupancy at key joint ventures.
The company amended its Credit Agreement with Wells Fargo on July 21, 2025, establishing a five-year, $50 million revolver at SOFR + 2.25%.
In Q2 2025, FRP entered a joint venture to develop 377,892 square feet of industrial space in Lake County, FL. Segment-wise, the Mining Royalty Lands segment's NOI increased by 21%, the Multifamily segment's pro rata NOI increased by 1%, while the Industrial and Commercial segment's NOI decreased by 15%.

Aug 7, 2025, 1:00 PM

Presentation

FRP Holdings, Inc. Reports Q2 2025 Results and Announces New Credit Facility and Industrial Joint Venture

FRPH

Earnings

Debt Issuance

New Projects/Investments

FRP Holdings, Inc. reported a 72% decrease in Net Income to $0.6 million for the second quarter of 2025, compared to $2.0 million in the same period last year, primarily due to legal expenses related to a potential investment and lower Net Interest Income. However, pro rata Net Operating Income (NOI) increased by 5% to $9.7 million.
Segment performance for Q2 2025 included a 21% increase in NOI for the Mining Royalty Lands segment, a 1% increase in the Multifamily segment's pro rata NOI, and a 15% decrease in the Industrial and Commercial segment's NOI.
Effective July 21, 2025, the company entered into a new five-year revolving credit facility with Wells Fargo Bank, N.A., with a maximum facility amount of $50 million.
On July 23, 2025, FRP Holdings, Inc. formed a joint venture with Strategic Real Estate Partners (SREP) to develop 377,892 square feet in two industrial warehouses in Lake County, Florida, with FRP holding a 95% interest.

Aug 6, 2025, 12:00 AM

8-K

FRP Holdings Outlines Five-Year Industrial and Multifamily Strategy

FRPH

New Projects/Investments

Revenue Acceleration/Inflection

The management emphasized a strategic pivot from solely multifamily development to leveraging its decades of industrial expertise, highlighting the ability to reallocate capital across industrial, multifamily, and mining assets for long-term NOI and NAV growth.
They detailed plans to double the industrial portfolio from 550K to over 1.1M square feet and to invest approximately $115 million in industrial projects through 2028, aiming for a 6.75% return on cost.
The call provided a comprehensive overview of a diversified development pipeline targeting key markets in Maryland, Florida, and South Carolina, with planned projects that are expected to significantly boost NOI and overall shareholder value.

May 22, 2025, 2:01 PM

Transcript

FRP Holdings Q1 2025 Earnings & Performance Highlights

FRPH

Earnings

New Projects/Investments

Net income increased 31% to $1.7 million in Q1 2025 despite a 19% decline in operating profit, driven by robust contributions from the Multifamily, Development, and Mining segments .
Pro rata NOI grew by 10% YoY, with the Multifamily segment up 3% and Mining Royalties segment up 19%, reflecting adjustments from previous royalty overpayments .
Several new industrial projects and joint ventures are underway, including upcoming industrial warehouse initiatives in Lakeland, FL, Broward County, FL, and expansion efforts in Maryland set to begin in Q2 2025 .
The Industrial segment faced challenges with vacancies and a significant tenant default impacting overall NOI .
The CEO cautioned that overall NOI may be flat or slightly negative in 2025 due to ongoing stabilization challenges and temporary operating headwinds .

May 13, 2025, 1:01 PM

Transcript Presentation

Earnings Transcripts

Quarterly earnings call transcripts for FRP HOLDINGS.