FRP Holdings Inc
frpdev.comWhat Do They Do?
Leases and manages mixed-use residential and retail buildings for tenants through joint ventures, alongside commercial properties and mining land leased to business tenants.
10-K for FY2025, filed Apr 15, 2026The Multifamily Segment includes joint ventures which own, lease and manage buildings that have met our initial lease-up criteria. Two of…View ↗
The Industrial and Commercial Segment owns, leases and manages in-service commercial properties. Currently this includes ten warehouses in…View ↗
Our Mining Royalty Lands Segment owns several properties totaling approximately 16,640 acres currently under lease for mining rents or…View ↗
How Do They Make Money?
Collects rent from tenants leasing commercial and mixed-use properties, and rents or royalties from tenants leasing mining land. The development business sells property or forms joint ventures with third parties.
10-K for FY2025, filed Apr 15, 2026Our Business. FRP Holdings, Inc. is engaged in the real estate business, namely (i) leasing and management of industrial and commercial…View ↗
The Industrial and Commercial Segment owns, leases and manages in-service commercial properties. Currently this includes ten warehouses in…View ↗
Our Mining Royalty Lands Segment owns several properties totaling approximately 16,640 acres currently under lease for mining rents or…View ↗
Through our Development Segment, we own and are continuously assessing the highest and best use of several parcels of land that are in…View ↗
The Multifamily Segment includes joint ventures which own, lease and manage buildings that have met our initial lease-up criteria. Two of…View ↗
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10-K for FY2025, filed Apr 15, 2026
FY2025 revenue by reportable segment ↗
$42.8M
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10-K for FY2025, filed Apr 15, 2026
$42.8M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Industrial and Commercial
Recurring
10-K for FY2025, filed Apr 15, 2026 |
12%
FY2022: 9.8%
|
Industrial and Commercial, FY2025
$5.2M Sources
|
Recurring |
|
Mining royalty lands
Recurring
10-K for FY2025, filed Apr 15, 2026 |
34%
FY2022: 29%
|
Mining royalty lands, FY2025
$14.4M Sources
|
Recurring |
|
Development
|
3.4%
FY2022: 4.5%
|
Development, FY2025
$1.5M Sources
|
|
|
Multifamily
Recurring
10-K for FY2025, filed Apr 15, 2026 |
51%
FY2022: 57%
|
Multifamily, FY2025
$21.9M Sources
|
Recurring |
Who Are Their Customers?
Tenants lease the company’s commercial properties, mining locations, and joint-venture residential and retail buildings. National brokerage firms help market vacant properties.
10-K for FY2025, filed Apr 15, 2026Our Business. FRP Holdings, Inc. is engaged in the real estate business, namely (i) leasing and management of industrial and commercial…View ↗
The Industrial and Commercial Segment owns, leases and manages in-service commercial properties. Currently this includes ten warehouses in…View ↗
Our Mining Royalty Lands Segment owns several properties totaling approximately 16,640 acres currently under lease for mining rents or…View ↗
The Multifamily Segment includes joint ventures which own, lease and manage buildings that have met our initial lease-up criteria. Two of…View ↗
Sales and Marketing. We use national brokerage firms to assist us in marketing our vacant properties. Our hands-on in-house management team…View ↗
10-K for FY2025, filed Apr 15, 2026
Customers. In the Mining Royalty Lands Segment, we have a total of five tenants currently leasing our mining locations, one of which…View ↗
10-K for FY2022, filed Mar 23, 2023
Customers. In the Mining Royalty Lands Segment, we have a total of five tenants currently leasing our mining locations, and Vulcan…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 8 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$21.5M.
10-K for FY2025, filed Apr 15, 2026
$7MView ↗
10-K for FY2025, filed Apr 15, 2026
$3.3MView ↗
10-K for FY2025, filed Apr 15, 2026
−$21.5MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
−$259KView ↗
- ▼ Now a loss
- vs $578K in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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May 15, 2026
Company appoints Forvis Mazars and dismisses Baker Tilly as auditor
Forvis Mazars was appointed for the fiscal year ending December 31, 2026; Baker Tilly’s dismissal took effect May 15, 2026.
Sources
8-K, filed May 15, 2026
The Audit Committee of the Board of Directors of FRP Holdings, Inc. recently conducted a competitive selection process to determine the…View ↗
Growing. Revenue grew 37% in 4 years, from $31.2M in FY2021 to $42.8M in FY2025, about 8% a year.
Industrial development platform
The older report described development through land acquisition, construction, sales, and joint ventures. The latest report adds an acquired industrial logistics operating platform and development pipeline.
10-K for FY2022, filed Mar 23, 2023 10-K for FY2025, filed Apr 15, 2026Through our Development Segment, we own and are continuously assessing the highest and best use of several parcels of land that are in…View ↗
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