FRP Holdings, Inc. Reports Fiscal 2026 Second Quarter Results

Mining Royalties Revenue up 13% on higher Volume and Pricing;

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

JACKSONVILLE, FL / ACCESS Newswire / August 4, 2026 / FRP Holdings, Inc. (NASDAQ:FRPH), a full-service real estate investment and development company with four distinct business segments including Multifamily, Industrial and Commercial, Development, and Mining and Royalty Lands, today reported financial results for the quarter ended June 30, 2026. Key results for the quarter ended 2026 include:

Q2 2026 Financial Highlights:

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

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

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

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

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

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

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

Operating Performance Snapshot (dollars in thousands)

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)

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

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 Six months ended June 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