FRPH · FRP Holdings, Inc.

FRP Holdings reported mixed fourth quarter results with net income declining 77% to $0.4 million, primarily driven by $0.5 million in expenses related to the Altman Logistics platform acquisition completed in October 2025. The acquisition included business operations, development pipeline, and six employees, representing a strategic shift to enhance in-house development capabilities. While pro rata NOI increased slightly to $9.29 million, segment performance varied significantly. The Multifamily segment NOI decreased 3% due to reduced occupancy and higher maintenance expenses at Dock 79 and Maren properties. The Industrial and Commercial segment NOI declined 12% primarily from vacancies following an eviction and lease expirations, with approximately 400,000 square feet currently vacant representing $3-3.5 million in potential NOI improvement at current market rents. Conversely, the Mining Royalty Lands segment delivered strong results with revenue and NOI both increasing 11% due to improved royalties per ton despite a 3% decrease in royalty tons. Looking forward, the company has three industrial assets under development in Florida totaling 762,085 square feet that represent approximately $9.3 million in future NOI at stabilization. The Altman Logistics acquisition is positioned as crucial to executing the development strategy and expanding the asset base, with management emphasizing the flexibility to execute both in-house and fee development while generating equity for shareholders rather than giving it up through joint ventures.