FRP Holdings, Inc.

FRP reported first-quarter NOI of approximately $8.9 million and FFO of $3.6 million, or $0.19 per share. Mining and royalties NOI was approximately $3.8 million, up $498,000 or 15% year over year; multifamily NOI was approximately $4.1 million; and Commercial and Industrial NOI was approximately $758,000 versus $1,139 million last year. The Commercial and Industrial portfolio ended the quarter about 47.5% occupied versus approximately 85% last year, with about 423,000 square feet available for lease-up representing roughly $3.3 million of incremental annual NOI opportunity at stabilization. For 2026, management expects NOI to remain relatively stable at about $37 million, G&A to be approximately $15 million to $16 million, and FFO to remain pressured in the near term until industrial lease-up and development stabilization progress.

John Baker said the quarter was weaker than 2025, but he is more optimistic about the rest of the year and beyond because industrial leasing has “completely flipped” versus last year. He emphasized that same-store leasing is the most important lever because it improves performance with minimal CapEx relative to development. His tone was more confident than cautious, but he repeatedly framed success as dependent on execution rather than macro recovery.

Matt McNulty opened the call with procedural remarks on forward-looking statements and non-GAAP metrics, and then handed off the operating review. On the financial side, management highlighted approximately $130 million of liquidity between cash and line availability and reiterated balance sheet discipline. David deVilliers added that 2026 G&A is expected to be approximately $15 million to $16 million, reflecting investment in people, systems and infrastructure, while reported leverage may look elevated on an EBITDA basis, asset-level leverage remains conservative.

There was no analyst Q&A, as the operator noted there were no questions in queue. The closest thing to audience concerns came from management’s prepared remarks, which acknowledged weaker Q1 results, continued pressure from Washington, D.C. multifamily supply, and near-term FFO pressure from lease-up timing, platform costs, and higher interest expense. Management answered those concerns by pointing to improved industrial leasing activity, a sizable development pipeline, and strong liquidity.