FRP (FRPH) Q3 2026 earnings summary

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%.