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FRP (FRPH) investor relations material
FRP Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 leasing totaled 126,682 sq. ft., the strongest quarter since Q2 2021; pro rata NOI declined 5% to $9.034M, with mining growth partly offsetting weaker multifamily and industrial results.
Q3 attributable net loss was $165,000; focus remains on leasing and stabilizing industrial developments to convert investment into recurring NOI and FFO.
Financial highlights
Q3 attributable net loss was $165,000, or $0.01/share, versus net income of $662,000, or $0.03/share, in Q3 2025.
Q3 pro rata revenue rose to $14.061M from $13.956M, while pro rata NOI fell to $9.034M from $9.523M.
9M attributable net loss was $1.111M, or $0.06/share, versus net income of $2.950M, or $0.16/share; pro rata NOI declined 5% to $27.266M.
Q3 G&A rose $1.007M to $3.335M and investment income fell $1.018M to $1.351M; higher costs and lower interest income pressured results.
Pro rata FFO was $4.144M, or $0.22/share, in Q3; 9M pro rata FFO was $11.807M, or $0.62/share.
Outlook and guidance
FY2026 forecast: ~$35.8M pro rata NOI and $15.6M FFO, versus $37.9M pro rata NOI in FY2025.
Lakeland and Davie are expected substantially complete in Q4 2026 and Camp Lake in Q1 2027; lease-up and rent commencement will determine stabilization timing.
Chelsea, Lakeland, Davie and Camp Lake could contribute ~$12M annual pro rata NOI and ~$7M annual FFO at stabilization; potential across owned assets is ~$50M NOI and $20M FFO.
Woven and Estero Phase 1, totaling 510 multifamily units, target late 2027 completion; underwritten yield on cost is 6.8%.
- Q2 2026 net loss driven by lower occupancy, higher costs, and strong mining royalty growth.FRPH
Q2 2026 - Net loss of $0.7M as higher costs and lower occupancy offset mining royalty gains.FRPH
Q1 2026 - Shareholders will vote on directors, a new equity plan, and executive pay, with board support.FRPH
Proxy filing - Annual meeting to vote on directors, equity plan, and executive pay, with strong governance focus.FRPH
Proxy filing - 2025 net income fell on acquisition costs, but NOI and mining royalties remained strong.FRPH
Q4 2025 - Q3 net income and NOI surged, led by multifamily lease-ups and a one-time mining royalty.FRPH
Q3 2024 - Q2 net income up 242% year-over-year, led by strong Multifamily and Industrial/Commercial growth.FRPH
Q2 2024 - Doubling industrial assets and expanding multifamily to drive $44M NOI growth by 2030.FRPH
Investor Day 2025 - Full-year net income rose 20%–20.4% and NOI 26%, with 2025 NOI expected to be flat.FRPH
Q4 2024
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