Mining Royalties Volume Up 7.9% and Revenue Per Ton Up 6.5%

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

JACKSONVILLE, FL / ACCESS Newswire / May 12, 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 March 31, 2026. Key results for the quarter ended 2026 include (compared with the first quarter 2025):

Q1 2026 Financial Highlights:

Net loss of $0.7 million or $(0.04) per share, versus net income of $1.7 million or $0.09 per share
Pro rata NOI of $8.9 million versus $9.4 million, down 5%
Multifamily portfolio occupancy of 92.1% across 1,827 units versus 94.0%
Industrial & Commercial occupancy of 69.9% ex-Chelsea, down from 85.2%
Mining royalties: volume up 7.9%, revenue per ton up 6.5%
Closed Altman Logistics acquisition October 21, 2025; first full quarter of platform integration

"Our first quarter results reflect the headwinds we flagged exiting last year, including occupancy pressure across our DC multifamily assets, industrial vacancies in Maryland that we are working to re-lease, and elevated G&A from the integration costs related to the Altman acquisition," said John Baker III, CEO of FRP Holdings. Baker continued, "Mining royalties continue to be a bright spot, with volume and pricing both moving favorably for the second consecutive quarter. We have more capital deployed in active development today than at any point in recent history, and over the next two years, lease-up of that pipeline will reshape our earnings profile. Near-term, our focus is straightforward: re-lease the Maryland industrial portfolio, stabilize occupancy in the DC multifamily assets, and deliver our active development projects on schedule."

Operating Performance Snapshot (dollars in thousands)

Metric		Q1 2026			Q1 2025
Net Income Attributable to the Company	$	(687	)	$	1,710
Pro Rata NOI	$	8,861		$	9,364
Multifamily Pro Rata NOI	$	4,084		$	4,630
Industrial & Commercial NOI	$	758		$	1,139
Mining Royalty NOI	$	3,782		$	3,284

Q1 Consolidated Results of Operations

Net loss of $687,000 or $(0.04) per share, versus net income of $1,710,000 or $0.09 per share in Q1 2025
Pro rata NOI of $8.9 million versus $9.4 million in Q1 2025, with the decline driven by lower Multifamily and Industrial NOI partially offset by higher Mining Royalty NOI
Total revenues of $10.6 million, up 2.8%, as a 15% increase in mining royalty revenue and $164,000 of joint venture management fee revenue from the Altman platform offset a 5% decline in lease revenue
G&A of $4.1 million, up $1.5 million versus Q1 2025, driven by $311,000 higher audit fees, $173,000 of valuation and accounting consulting fees, $110,000 of IT consulting and higher wages all primarily related to the Altman acquisition
Net investment income decreased $873,000, reflecting reduced earnings on cash equivalents on lower balances and rates ($650,000) and lower lending venture income ($223,000) on smaller loan balances
Equity in loss of joint ventures was an unfavorable $584,000, driven by lower revenues and higher expenses

Multifamily Segment

Pro rata NOI of $4.1 million, down $546,000 or 12% versus Q1 2025; portfolio-wide occupancy of 92.1% across 1,827 units, down from 94.0% a year ago
Decline concentrated in DC assets: Dock 79 NOI down $104,000 with occupancy declining 630 bps to 89.3%; The Maren NOI down $96,000 with occupancy declining 230 bps to 91.6%; The Verge NOI down $148,000 with occupancy declining 370 bps to 89.8%; Bryant Street NOI down $195,000 on higher operating costs
Greenville assets flat with Riverside NOI up $12,000 and occupancy up 410 bps to 97.0%; .408 Jackson NOI down modestly with occupancy at 95.3%
Renewal rate increases ranged from 0.6% to 6.1% across the portfolio

Industrial and Commercial Segment

NOI of $758,000, down $381,000 or 33% versus Q1 2025
Ten buildings in service totaling 773,356 sq ft of industrial and 33,708 sq ft of office; blended occupancy of 47.5%, reflecting the 258,279 sq ft Chelsea Road spec warehouse currently 100% vacant and in lease-up
Excluding Chelsea, occupancy was 69.9% versus 85.2% in Q1 2025, with the further decline driven by additional non-renewing leases on top of the prior tenant eviction
Chelsea contributed $218,000 of depreciation and $80,000 of operating costs in the quarter with no offsetting revenue
Re-leasing the Maryland portfolio remains the primary near-term NOI driver for this segment

Mining Royalty Segment

Revenue of $3.7 million, up $483,000 or 15% versus Q1 2025; royalty tons up 7.9%, revenue per ton up 6.5%
Operating profit before G&A of $3.4 million, up $432,000; operating margins above 91%
NOI of $3.8 million, up $498,000 or 15% year-over-year, the second consecutive quarter of double-digit underlying growth, with both volume and pricing trending favorably

Development and Active Pipeline

Harford County residential lots: 228 of 344 lots sold (vs. 195 at Q4 2025); $30.0 million of $31.1 million commitment returned, $7.1 million recorded as profit to date
Lakeland, FL warehouse and Broward County, FL warehouse: substantial completion expected Q2 2026
Woven, Greenville, SC: under construction, substantial completion expected late 2027
Estero Phase 1, Naples/Ft. Myers, FL: under construction, substantial completion expected late 2027
Lake County, FL warehouses (SREP JV): substantial completion of first warehouse expected Q1 2027
Riverfront Phase III/IV received second-stage PUD approval October 10, 2025; Phase III not currently in development, with property taxes now expensed rather than capitalized. Phase IV under entitlement.

Altman Logistics Platform

First full quarter following the October 21, 2025, closing of the Altman Logistics Property acquisition
Development segment recognized $163,000 of joint venture management fee revenue from the three minority-interest warehouse projects acquired in the Altman transaction
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 substantial completion Q1 2026); Parsippany, NJ (140,031 sq ft, substantial completion Q2 2026); and Southwest Ranches, FL (335,617 sq ft land acquisition contracted for 2026)
Several former Altman employees joined FRP as part of the transaction, providing in-house origination capability across Florida and New Jersey

Conference Call

The Company will host a conference call on Wednesday, May 13, 2026, at 9:00 a.m. (ET). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-877-545-0320 (passcode 784509) within the United States or by joining the webcast at https://www.webcaster5.com/Webcast/Page/3158/54012. International callers may dial 1-973-528-0002 (passcode 784509). Audio replay will be available until May 13, 2027, by accessing it at the same link. The webcast replay will also be available on the Company's investor relations page (https://investors.frpdev.com/) 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 March 31, 2026 and 2025

Consolidated Results

(dollars in thousands)	Three Months Ended March 31,
	2026			2025			Change			%
Revenues:
Lease revenue	$	6,713			7,072		$	(359	)		-5.1	%
Mining royalty and rents		3,717			3,234			483			14.9	%
Joint venture management fee revenue		164			-			164
Total revenues		10,594			10,306			288			2.8	%

Cost of operations:
Depreciation, depletion and amortization		2,842			2,607			235			9.0	%
Operating expenses		2,130			1,859			271			14.6	%
Property taxes		1,025			938			87			9.3	%
General and administrative		4,085			2,577			1,508			58.5	%
Total cost of operations		10,082			7,981			2,101			26.3	%

Total operating profit		512			2,325			(1,813	)		-78.0	%

Net investment income		1,688			2,561			(873	)		-34.1	%
Interest expense		(708	)		(695	)		(13	)		1.9	%
Equity in loss of joint ventures		(2,615	)		(2,031	)		(584	)		28.8	%
Income before income taxes		(1,123	)		2,160			(3,283	)		-152.0	%
Provision for income taxes		(202	)		526			(728	)		-138.4	%

Net income		(921	)		1,634			(2,555	)		-156.4	%
Income (loss) attributable to noncontrolling interest		(234	)		(76	)		(158	)		207.9	%
Net income attributable to the Company	$	(687	)		1,710		$	(2,397	)		-140.2	%

Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)

	Three months ended March 31, 2026
(dollars in thousands)	2026			%			2025			%			Change			%

Lease revenue	$	8,014			100.0	%		8,305			100.0	%		(291	)		-3.5	%

Depreciation and amortization		3,375			42.1	%		3,287			39.6	%		88			2.7	%
Operating expenses		2,889			36.0	%		2,625			31.6	%		264			10.1	%
Property taxes		950			11.9	%		970			11.7	%		(20	)		-2.1	%

Cost of operations		7,214			90.0	%		6,882			82.9	%		332			4.8	%

Operating profit before G&A	$	800			10.0	%		1,423			17.1	%		(623	)		-43.8	%

Depreciation and amortization		3,375						3,287						88
Unrealized rents & other		(91	)					(80	)					(11	)
Net operating income	$	4,084			51.0	%		4,630			55.7	%		(546	)		-11.8	%

Apartment Building	Units		Pro rata NOI Q1 2026		Pro rata NOI Q1 2025		Avg. Occupancy Q1 2026			Avg. Occupancy Q1 2025			Renewal Success Rate Q1 2026			Renewal % increase Q1 2026

Dock 79 Anacostia DC		305	$	801,000	$	905,000		89.3	%		95.6	%		63.6	%		6.1	%
Maren Anacostia DC		264	$	759,000	$	855,000		91.6	%		93.9	%		55.6	%		3.7	%
Riverside Greenville		200	$	234,000	$	222,000		97.0	%		92.9	%		60.6	%		0.6	%
Bryant Street DC		487	$	1,344,000	$	1,539,000		92.1	%		92.5	%		63.6	%		1.9	%
.408 Jackson Greenville		227	$	341,000	$	356,000		95.3	%		97.2	%		41.9	%		5.3	%
Verge Anacostia DC		344	$	605,000	$	753,000		89.8	%		93.5	%		62.5	%		1.2	%
Multifamily Segment		1,827	$	4,084,000	$	4,630,000		92.1	%		94.0	%

Multifamily Segment (Consolidated - Dock 79 & The Maren)

	Three months ended March 31, 2026
(dollars in thousands)	2026		%			2025		%			Change			%

Lease revenue	$	5,195		100.0	%		5,424		100.0	%		(229	)		-4.2	%

Depreciation and amortization		2,007		38.7	%		1,995		36.8	%		12			.6	%
Operating expenses		1,726		33.2	%		1,585		29.2	%		141			8.9	%
Property taxes		610		11.7	%		635		11.7	%		(25	)		-3.9	%

Cost of operations		4,343		83.6	%		4,215		77.7	%		128			3.0	%

Operating profit before G&A	$	852		16.4	%		1,209		22.3	%		(357	)		-29.5	%

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.

	Three months ended March 31, 2026
(dollars in thousands)	2026		%			2025		%			Change			%

Lease revenue	$	5,181		100.0	%		5,349		100.0	%		(168	)		-3.1	%

Depreciation and amortization		2,276		43.9	%		2,193		41.0	%		83			3.8	%
Operating expenses		1,974		38.1	%		1,780		33.3	%		194			10.9	%
Property taxes		618		11.9	%		625		11.7	%		(7	)		-1.1	%

Cost of operations		4,868		94.0	%		4,598		86.0	%		270			5.9	%

Operating profit before G&A	$	313		6.0	%		751		14.0	%		(438	)		-58.3	%

Industrial and Commercial Segment

	Three months ended March 31, 2026
(dollars in thousands)	2026		%			2025		%			Change			%

Lease revenue	$	1,200		100.0	%		1,347		100.0	%		(147	)		(10.9	%)

Depreciation and amortization		566		47.1	%		391		29.1	%		175			44.8	%
Operating expenses		326		27.2	%		233		17.3	%		93			39.9	%
Property taxes		127		10.6	%		80		5.9	%		47			58.8	%

Cost of operations		1,019		84.9	%		704		52.3	%		315			44.7	%

Operating profit before G&A	$	181		15.1	%		643		47.7	%		(462	)		(71.9	%)

Depreciation and amortization		566					391					175
Unrealized revenues		11					105					(94	)
Net operating income	$	758		63.2	%	$	1,139		84.6	%	$	(381	)		(33.5	%)

Mining Royalty Lands Segment Results

	Three months ended March 31, 2026
(dollars in thousands)	2026		%			2025		%			Change		%

Mining royalty and rent revenue	$	3,717		100.0	%		3,234		100.0	%		483		14.9	%

Depreciation, depletion and amortization		226		6.1	%		178		5.5	%		48		27.0	%
Operating expenses		19		0.5	%		16		0.5	%		3		18.8	%
Property taxes		75		2.0	%		75		2.3	%		-		-	%

Cost of operations		320		8.6	%		269		8.3	%		51		19.0	%

Operating profit before G&A	$	3,397		91.4	%		2,965		91.7	%		432		14.6	%

Depreciation and amortization		226					178					48
Unrealized revenues		159					141					18
Net operating income	$	3,782		101.7	%	$	3,284		101.5	%	$	498		15.2	%

Development Segment Results

	Three months ended March 31, 2026
(dollars in thousands)	2026		2025		Change

Lease revenue	$	319		301		18
Joint venture management fee revenue		163		-		163
Total revenues		482		301		181

Depreciation, depletion and amortization		43		43		-
Operating expenses		59		25		34
Property taxes		213		148		65

Cost of operations		315		216		99

Operating profit before G&A	$	167		85		82

CONSOLIDATED BALANCE SHEETS - As of December 31 (In thousands, except share data)

Assets:	March 31 2026		December 31 2025
Real estate investments at cost:
Land	$	182,887		182,936
Buildings and improvements		310,168		309,132
Projects under construction		57,354		45,032
Total investments in properties		550,409		537,100
Less accumulated depreciation and depletion		91,412		88,558
Net investments in properties		458,997		448,542

Real estate held for investment, at cost		12,741		12,626
Investments in joint ventures		155,065		153,084
Net real estate investments		626,803		614,252

Cash, cash equivalents and restricted cash including $10,889 and $11,394 of restricted cash at March 31, 2026 and December 31, 2025, respectively		107,859		105,361
Accounts receivable, net		1,950		1,874
Federal and state income taxes receivable		1,279		1,071
Unrealized rents		1,299		1,264
Deferred costs		3,637		3,768
Goodwill		6,893		6,893
Other assets		669		662
Total assets	$	750,389		735,145

Liabilities:
Notes payable, net	$	203,916		192,554
Accounts payable and accrued liabilities		17,122		12,148
Other liabilities		2,407		2,317
Deferred revenue		3,401		3,356
Deferred income taxes		66,901		66,900
Deferred compensation		1,546		1,524
Tenant security deposits		699		689
Total liabilities		295,992		279,488

Commitments and contingencies

Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 19,170,275 and 19,109,541 shares issued and outstanding, respectively		1,917		1,911
Capital in excess of par value		71,730		71,368
Retained earnings		354,523		355,210
Accumulated other comprehensive income, net		8		24
Total shareholders' equity		428,178		428,513
Noncontrolling interests		26,219		27,144
Total equity		454,397		455,657
Total liabilities and equity	$	750,389		735,145

Non-GAAP Financial Measures.

To supplement the financial results presented in accordance with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. These measures are not, and should not be viewed as, a substitute for GAAP financial measures.

Pro rata Net Operating Income Reconciliation
Three months ending 3/31/26 (in thousands)
	Industrial and Commercial Segment		Development Segment			Multifamily Segment			Mining Royalties Segment		Unallocated Corporate Expenses			FRP Holdings Totals

Net income (loss)	$	138		768			(1,893	)		2,590		(2,524	)		(921	)
Income tax allocation		43		236			(510	)		795		(766	)		(202	)

Income (loss) before income taxes		181		1,004			(2,403	)		3,385		(3,290	)		(1,123	)

Less:
Unrealized rents		-		-			46			-		-			-
Management fee revenue		-		163			-			-		-			163
Interest income				804			7					877			1,688
Plus:
Unrealized rents		11		-			-			159		-			124
Professional fees		-		12			51			-		-			63
Equity in loss of joint ventures		-		(33	)		2,636			12		-			2,615
Interest expense		-		-			626			-		82			708
Depreciation/amortization		566		43			2,007			226		-			2,842
General and administrative		-		-			-			-		4,085			4,085

Net operating income (loss)		758		59			2,864			3,782		-			7,463

NOI of noncontrolling interest		-		-			(1,304	)		-		-			(1,304	)
Pro rata NOI from unconsolidated joint ventures		-		178			2,524			-		-			2,702

Pro rata net operating income	$	758		237			4,084			3,782		-			8,861

Pro rata Net Operating Income Reconciliation
Three months ending 3/31/25 (in thousands)
	Industrial and Commercial Segment		Development Segment			Multifamily Segment			Mining Royalties Segment		Unallocated Corporate Expenses			FRP Holdings Totals

Net income (loss)	$	492		905			(1,169	)		2,259		(853	)		1,634
Income tax allocation		151		278			(369	)		694		(228	)		526

Income (loss) before income taxes		643		1,183			(1,538	)		2,953		(1,081	)		2,160

Less:
Unrealized rents		-		-			-			-		-			-
Interest income		-		1,027			-			-		1,534			2,561
Plus:
Unrealized rents		105		-			3			141		-			249
Professional fees		-		-			31			-		-			31
Equity in loss of joint ventures		-		(71	)		2,090			12		-			2,031
Interest expense		-		-			657			-		38			695
Depreciation/amortization		391		43			1,995			178		-			2,607
General and administrative		-		-			-			-		2,577			2,577

Net operating income (loss)		1,139		128			3,238			3,284		-			7,789

NOI of noncontrolling interest		-		-			(1,478	)		-		-			(1,478	)
Pro rata NOI from unconsolidated joint ventures		-		183			2,870			-		-			3,053

Pro rata net operating income	$	1,139		311			4,630			3,284		-			9,364

SOURCE: FRP Holdings, Inc.

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FRP Holdings, Inc. Reports Fiscal 2026 First Quarter Results