FRP Holdings, Inc. Reports Fiscal 2026 Third Quarter Results
Key Highlights
- ➤Net loss attributable to FRP was $165,000, versus $662,000 net income year-over-year
- ➤Pro rata NOI fell 5% to $9.0 million from $9.5 million
- ➤Multifamily pro rata NOI declined 12% to $4.0 million amid concessions and higher expenses
- ➤Mining royalty NOI rose 10% to $4.1 million on higher volume and pricing
- ➤Industrial leasing reached 126,682 square feet, the most active quarter since Q2 2021
Expert Statements
John Baker III, CEO of FRP Holdings
“Third quarter results reflect continued leasing challenges in our Washington, DC multifamily assets and Maryland industrial portfolio, higher G&A following the Altman acquisition, and lower interest income as we deploy cash into development and balances in our lending ventures decline. Mining remained a strong contributor, with royalty revenue increasing approximately 10% year-over-year. Our priority is building industrial scale and converting our investments into recurring NOI and FFO, supported by the contribution of our multifamily and mining businesses. We executed approximately 127,000 square feet of industrial leasing activity this quarter, our most active quarter since Q2 2021.Our immediate focus is carrying that activity forward and improving performance across our operating portfolio.”
John Baker III, CEO of FRP Holdings
“Chelsea, Lakeland, Davie, and Camp Lake together represent approximately 1.0 million square-feet of industrial space. We expect Lakeland and Davie to be substantially complete in the fourth quarter of 2026, followed by Camp Lake in the first quarter of 2027. As these properties move through shell completion and lease-up, interest expense and property operating costs previously capitalized during construction, along with depreciation will weigh on reported earnings until rental income increases. At stabilization, we estimate these four assets will generate approximately $12 million in annual recurring pro rata NOI and $7 million in annual FFO. These estimates represent annual contributions at stabilization, and their timing will depend on leasing and ultimately rent commencement. We are also focused on leasing vacancies at Cranberry Business Park, which we estimate could contribute approximately $1 million in additional annual recurring NOI and FFO at full occupancy. Our three merchant build projects located in Delray, Florida and Hamilton and Parsippany, New Jersey, totaling 510,307 square feet where FRP owns a minority interest, are in the early stages of lease-up. We intend to monetize these investments following stabilization and recycle the proceeds into future industrial opportunities.”
JACKSONVILLE, FL / ACCESS Newswire / November 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 Royalty Lands, today reported financial results for the quarter ended September 30, 2026. Key results for the quarter ended September 30, 2026 include:
Q3 2026 Financial Highlights & Recent Developments: * Multifamily portfolio average occupancy was 93.0% across 1,827 units; pro rata NOI declined 12% year-over-year as concessions and operating expenses increased, and performance weakened at our Washington, DC properties. * Average Industrial & Commercial occupancy, excluding Chelsea, was 71.4% versus 72.4% a year earlier; quarter-end occupancy was 74.3% * Mining royalties were up 10% as a result of increases in both volume (up 6.9%) and revenue per ton (up 3.0%) * Industrial deliveries are advancing, with leasing and stabilization required to convert development investment into recurring NOI and FFO * Executed 126,682 square feet of industrial leasing activity, the most active quarter since Q2 2021 and more total leasing activity than Q2 2025-Q2 2026 combined. "Third quarter results reflect continued leasing challenges in our Washington, DC multifamily assets and Maryland industrial portfolio, higher G&A following the Altman acquisition, and lower interest income as we deploy cash into development and balances in our lending ventures decline," said John Baker III, CEO of FRP Holdings. "Mining remained a strong contributor, with royalty revenue increasing approximately 10% year-over-year. Our priority is building industrial scale and converting our investments into recurring NOI, supported by the contribution of our multifamily and mining businesses. We executed approximately 127,000 square feet of industrial leasing activity this quarter, our most active quarter since Q2 2021.Our immediate focus is carrying that activity forward and improving performance across our operating portfolio."
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