FRP Holdings Inc
NASDAQ:FRPH
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FRP Holdings Inc
FRP Holdings, Inc. is a holding company, which engages in the provision of real estate business. The company is headquartered in Jacksonville, Florida and currently employs 14 full-time employees. The firm operates through four segments: Asset Management, Mining Royalty Lands, Development, and Stabilized Joint Venture Segment. Asset Management segment is engaged in leasing and management of commercial properties owned by the Company. Mining Royalty Lands Segment is engaged in leasing and management of mining royalty land owned by the Company. The segment owns several properties comprising approximately 15,000 acres under lease for mining rents or royalties and an additional 4,280 acres. Other than one location in Virginia, all of its mining properties are located in Florida and Georgia. Development segment real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse and office buildings either alone or through joint ventures. Stabilized Joint Venture segment ownership, leasing and management of buildings through joint ventures.
FRP Holdings, Inc. is a holding company, which engages in the provision of real estate business. The company is headquartered in Jacksonville, Florida and currently employs 14 full-time employees. The firm operates through four segments: Asset Management, Mining Royalty Lands, Development, and Stabilized Joint Venture Segment. Asset Management segment is engaged in leasing and management of commercial properties owned by the Company. Mining Royalty Lands Segment is engaged in leasing and management of mining royalty land owned by the Company. The segment owns several properties comprising approximately 15,000 acres under lease for mining rents or royalties and an additional 4,280 acres. Other than one location in Virginia, all of its mining properties are located in Florida and Georgia. Development segment real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse and office buildings either alone or through joint ventures. Stabilized Joint Venture segment ownership, leasing and management of buildings through joint ventures.
Net Income Drop: Net income fell 51% to $700,000 ($0.03 per share), mainly due to $1.3 million in Altman Logistics acquisition costs.
Adjusted Earnings: Excluding one-time acquisition costs, adjusted net income rose 21% over last year’s third quarter.
NOI Impacted by One-Time Item: Pro rata NOI dropped 16% year-over-year to $9.5 million, but was up slightly when excluding last year’s one-time royalty payment.
Leasing Priorities: High vacancy in Maryland warehouses is a focus area, with management prioritizing new leases without sacrificing rental rates.
Development Pipeline: Over 1.8 million square feet of industrial space under development, with most projects slated for completion or lease-up in 2026.
Altman Acquisition: Completed the acquisition of Altman Logistics Properties, expanding FRP's footprint and in-house capabilities in key industrial markets.
Mixed Market Backdrop: Leasing activity is stabilizing or improving in core markets, with rents holding firm and vacancies expected to peak in late 2025.
