FRPH · FRP Holdings, Inc.

FRP Holdings, Inc. posted a Q1 2026 net loss of $687,000 or $(0.04) per share, reversing a $1.7 million profit or $0.09 per share from Q1 2025, primarily due to declines in multifamily and industrial segments partially offset by strong mining royalty performance. Pro rata NOI fell 5% to $8.9 million, with multifamily pro rata NOI dropping 12% to $4.1 million amid occupancy slipping to 92.1% across 1,827 units, concentrated in DC assets like Dock 79 (89.3%), The Maren (91.6%), and The Verge (89.8%). Industrial and commercial NOI plunged 33% to $758,000, with occupancy ex-Chelsea at 69.9% versus 85.2%, exacerbated by non-renewing leases and Chelsea's vacancy contributing depreciation without revenue. Mining royalties shone, with revenue up 15% to $3.7 million on 7.9% higher volume and 6.5% better pricing per ton, driving NOI up 15% to $3.8 million at over 91% margins. Total revenues rose 2.8% to $10.6 million, boosted by 15% mining growth and $164,000 from Altman Logistics integration, but G&A surged 58.5% to $4.1 million due to acquisition-related audit, consulting, IT, and wage costs. Net investment income declined 34% on lower cash yields and lending income, while equity in joint venture losses widened. CEO John Baker III highlighted re-leasing Maryland industrial, stabilizing DC multifamily, and advancing development pipeline including Lakeland/Broward warehouses (Q2 2026 completion), Woven/Estero (late 2027), as key priorities post-Altman acquisition closed October 21, 2025.