Frp Holdings, Inc. (NASDAQ: FRPH)

FRP Holdings, Inc. is engaged in the real estate business, focusing on leasing and management of industrial and commercial properties, leasing and management of mining royalty lands, real property acquisition, entitlement, development and construction for apartment, retail, industrial and office uses, and management of mixed use residential/retail properties owned through joint ventures.

The company generates revenue primarily from rental income on its owned properties, royalty payments from mining leases, proceeds from the sale or joint venture development of land, and fees from managing joint venture properties.

The company operates through the following segments: Industrial and Commercial Segment, Mining Royalty Lands Segment, Development Segment, and Multifamily Segment.

• Industrial and Commercial Segment: This segment owns, leases and manages in-service commercial properties including ten warehouses in three business parks, an office building partially occupied by the company, and two ground leases, all wholly owned by the company.

• Mining Royalty Lands Segment: This segment owns approximately 16,640 acres of land leased for mining rents or royalties, with properties located mainly in Florida and Georgia, and one location in Virginia.

• Development Segment: This segment owns and evaluates land for highest and best use, converting non income producing land into income producing assets through construction of new buildings for own operation or sale to third parties, and forms joint ventures on new land for development.

• Multifamily Segment: This segment manages joint ventures that own, lease and maintain residential/retail properties that have met initial lease up criteria, including the consolidated ventures Riverfront Investment Partners I, LLC (Dock 79) and Riverfront Investment Partners II, LLC (The Maren).

In the real estate sector, FRP Holdings competes with numerous developers, owners and operators of similar properties in the same submarkets; competition is driven by price, location, rental space availability, design flexibility and property management services, while the company’s long term relationships, diversified asset base and in house management team provide competitive advantages.

The company serves industrial and commercial tenants, mining companies such as Vulcan Materials which accounted for 26% of consolidated revenues in 2025, residential renters through its joint venture properties, and various joint venture partners.