Mining Royalties Revenue up 13% on higher Volume and Pricing;
Multifamily and Industrial Occupancy Remain Pressured; Industrial Leasing the Near-Term Priority
JACKSONVILLE, FL / ACCESS Newswire / August 4, 2026 / FRP Holdings, Inc. (NASDAQ:FRPH), a full-service real estate investment and development company with four distinct business segments including Multifamily, Industrial and Commercial, Development, and Mining and Royalty Lands, today reported financial results for the quarter ended June 30, 2026. Key results for the quarter ended 2026 include:
Q2 2026 Financial Highlights:
The Company reported a net loss of $0.3 million or $(0.01) per share, versus net income of $0.6 million or $0.03 per share in the same quarter last year
Pro rata NOI of $9.4 million was slightly down (3%) versus the $9.7 million of NOI in the second quarter last year
Multifamily portfolio occupancy of 93.2% across 1,827 units was also slightly down versus 94.1% last year
Industrial & Commercial occupancy of 69.9% (ex-Chelsea) was down from 77.9%
Mining royalties were up 13% as a result of increases in both volume (up 6.8%) and revenue per ton (up 5.4%)
This was our second full quarter following the October 21, 2025, Altman Logistics acquisition
"Second quarter results continued to reflect the occupancy pressure we flagged exiting last year across our DC multifamily assets and the Maryland industrial portfolio, alongside higher G&A tied to the Altman integration," said John Baker III, CEO of FRP Holdings. Baker continued, "Mining royalties again posted double-digit NOI growth, and our development pipeline continues to advance, with the Hamilton and Parsippany, New Jersey merchant build projects reaching substantial completion this quarter. Our priorities remain unchanged: lease the Maryland industrial portfolio, stabilize occupancy across the DC multifamily assets, and deliver our active development projects on schedule."
Operating Performance Snapshot (dollars in thousands)
Metric |
| Q2 2026 |
|
| Q2 2025 |
| ||
Net Income Attributable to the Company |
| $ | (259 | ) |
| $ | 578 |
|
Pro Rata NOI |
| $ | 9,371 |
|
| $ | 9,688 |
|
Multifamily Pro Rata NOI |
| $ | 4,316 |
|
| $ | 4,737 |
|
Industrial & Commercial NOI |
| $ | 616 |
|
| $ | 1,010 |
|
Mining Royalty NOI |
| $ | 4,118 |
|
| $ | 3,665 |
|
Q2 Consolidated Results of Operations
Pro rata NOI was slightly down to $9.4 million versus $9.7 million in Q2 2025, with the decline driven by lower Multifamily and Industrial NOI, partially offset by higher Mining Royalty NOI
Total revenues were $11.1 million, up 2.1%, as a 13% increase in mining royalty revenue and $194,000 of joint venture management fee revenue from the Altman platform helped to offset a 6% decline in lease revenue
G&A increased $802,000 versus Q2 2025, driven by higher personnel costs, higher legal fees and integration expenses following the Altman acquisition, partially offset by $328,000 of increased labor capitalization
Net investment income decreased $1,111,000 due to lower cash balances and lower interest rates ($619,000) and less lending venture income ($492,000) on a lower loan balance and fewer lot sales
Multifamily Segment
Pro rata NOI in this segment was $4.3 million, down $421,000 or 9% versus Q2 2025 as occupancy was down ~1% from a year ago
The decline was predominantly concentrated in our DC assets: Dock 79 NOI was down $139,000 with occupancy declining 220 bps to 93.3%; The Maren's NOI was down $54,000 despite occupancy improving 90 bps to 94.5%; The Verge's NOI was down $112,000 with occupancy declining 320 bps to 90.1%; and Bryant Street's NOI was down $128,000 with occupancy declining 240 bps to 92.2%
Our Greenville assets remained steady with average overall occupancy above 95%
Renewal rate increases in our DC assets averaged 2.3%; while those in our Greenville assets averaged 1.0%
Industrial and Commercial Segment
This segment's NOI was $616,000, down $394,000 or 39% versus Q2 2025 due to the vacancy in our Maryland assets
Excluding Chelsea, occupancy in our 10 existing in-service buildings was 69.9% versus 77.9% in Q2 2025, with the decline driven by non-renewing lease expirations
Our operating loss before G&A was $3,000, versus an operating profit of $443,000 in Q2 2025, reflecting lower occupancy and higher operating costs tied to a real estate tax appeal and legal fees tied to leasing activity
Leasing up the Maryland portfolio remains the primary near-term NOI driver for the Company with approximately 408,000 square feet of space available for immediate lease
Mining Royalty Segment This segment's revenue was $4.1 million, up $457,000 or 13% versus Q2 2025 driven both by royalty tons (up 6.8%) and higher revenue per ton (up 5.4%)
NOI was up 12% year-over-year, continuing the double-digit underlying growth trend from Q1, with both volume and pricing trending favorably
Operating profit before G&A was $3.7 million, up $339,000 with an operating margin above 90%
Development and Active Pipeline
At our Harford County residential lending venture we sold 20 lots versus 27 lot sales in Q2 2025 (and have now sold 248 of the 344 lots and booked $7.4 million of interest and profit to date)
We expect both our Lakeland, FL warehouse and our Broward County, FL warehouse to be substantially complete in the third quarter of 2026
The Woven project in Greenville, SC (214 units with 13,500 sf of ground floor retail) is under construction with substantial completion expected late 2027
Estero Phase 1 in the Naples/Ft. Myers, FL market is also under construction (296 multifamily units and 28,745 sq ft of retail) with substantial completion also expected late 2027
Our two building (377,892 sq ft) Camp Lake industrial project just outside Orlando, FL is well into construction with substantial completion of the first warehouse expected Q1 2027
Altman Logistics Platform
This was the second full quarter following the October 21, 2025, closing of the Altman Logistics Property acquisition
The Development segment recognized $195,000 of joint venture management fee revenue in Q2 from the three minority-interest warehouse projects acquired in this transaction
The acquired projects include warehouses in Delray Beach, FL (199,476 sq ft completed Q1 2026; additional 392,976 sq ft of land for two warehouses); Hamilton, NJ (170,800 sq ft, completed Q2 2026); Parsippany, NJ (140,031 sq ft, substantial completion Q2 2026); and Southwest Ranches, FL (335,617 sq ft land acquired July 2026)
Several high-level Altman employees joined FRP as part of the transaction, providing in-house origination capability across the platform
Year-to-Date Results
Six Months Ended June 30, 2026
Six-Month 2026 Financial Highlights:
The Company reported a net loss of $0.9 million or $(0.05) per share, versus net income of $2.3 million or $0.12 per share in the same period last year
Pro rata NOI was $18.2 million versus $19.1 million in the same period last year (down 4%)
Multifamily portfolio occupancy was 92.6% versus 94.1% in the first six months of last year
Industrial & Commercial NOI was $1.4 million, down 36% due to a tenant eviction and non-renewing lease expirations
Mining royalties were up 14% over the same period last year(volume up 7.3%, revenue per ton up 5.9%)
G&A was up $2.3 million, driven primarily by Altman-related personnel and integration costs
Operating Performance Snapshot (dollars in thousands)
Metric |
| YTD 2026 |
|
| YTD 2025 |
| ||
Net Income Attributable to the Company |
| $ | (946 | ) |
| $ | 2,288 |
|
Pro Rata NOI |
| $ | 18,232 |
|
| $ | 19,052 |
|
Multifamily Pro Rata NOI |
| $ | 8,400 |
|
| $ | 9,367 |
|
Industrial & Commercial NOI |
| $ | 1,374 |
|
| $ | 2,149 |
|
Mining Royalty NOI |
| $ | 7,900 |
|
| $ | 6,949 |
|
Six-Month Consolidated Results of Operations
The Company reported a net loss of $946,000 or $(0.05) per share, versus net income of $2,288,000 or $0.12 per share in the first six months of 2025
Pro rata NOI was down 4% to $18.2 million versus $19.1 million in the first six months of 2025, with the decline driven by lower Multifamily and Industrial and Commercial segment NOI, partially offset by higher Mining Royalty and Development segment NOI
Total revenues were $21.7 million, up 2.5%, as a 14% increase in mining royalty revenue and $358,000 of joint venture management fee revenue from the Altman platform helped to offset a 5% decline in lease revenue
G&A increased $2,310,000 versus the first six months of 2025, driven by higher personnel costs, higher audit fees, higher legal fees and integration expenses following the Altman acquisition, partially offset by $602,000 of increased labor capitalization
Net investment income decreased $1,984,000 due to lower cash balances and lower interest rates ($1,269,000) and less lending venture income ($715,000) on a lower loan balance and fewer lot sales
Multifamily Segment - Six Months
Pro rata NOI in this segment was $8.4 million, down $967,000 or 10% versus the first six months of 2025, as portfolio-wide average occupancy declined to 92.6% from 94.1%
The decline was predominantly concentrated in our DC assets: Bryant Street's NOI was down $323,000 to $2,758,000 with occupancy declining 130 bps to 92.2%; The Verge's NOI was down $260,000 to $1,226,000 with occupancy declining 340 bps to 90.0%; Dock 79's NOI was down $243,000 to $1,657,000 with occupancy declining 430 bps to 91.3%; and The Maren's NOI was down $150,000 to $1,595,000 with occupancy declining 70 bps to 93.0%
Our Greenville assets remained steady with average occupancy above 95%
Renewal rate increases in our DC assets averaged 2.7%; while those in our Greenville assets averaged 1.7%
Industrial and Commercial Segment - Six Months
This segment's NOI was $1,374,000, down $775,000 or 36% versus the first six months of 2025 due to vacancy in our Maryland assets
Total revenues were $2,183,000, down $538,000 or 20%, with the decline driven by a tenant eviction and non-renewing lease expirations
Our operating profit before G&A was $178,000, down $908,000 or 84%, including $298,000 of Chelsea spec warehouse depreciation and carrying costs
Leasing up the Maryland portfolio remains the primary near-term NOI driver for the Company
Mining Royalty Segment - Six Months
This segment's revenue was $7.8 million, up $940,000 or 14% versus the first six months of 2025, driven both by royalty tons (up 7.3%) and higher revenue per ton (up 5.9%)
NOI was $7.9 million, up $951,000 or 14% year-over-year, with both volume and pricing trending favorably
Operating profit before G&A of $7.1 million, up $771,000 with an operating margin above 90%
Development Segment - Six Months
Operating profit before G&A was $454,000, up $1,067,000 versus an operating loss of $613,000 in the first six months of 2025
The improvement was driven by $358,000 of joint venture management fee revenue from the Altman platform and the prior year including $713,000 of Altman acquisition expenses, partially offset by $130,000 less capitalized real estate taxes
"Same-store leasing is the single most important lever we have to improve the company's performance - it has the most immediate impact and requires very little capital relative to development. To say it is management's top priority understates the extent to which our day-to-day revolves around it" said Baker, III. Baker continued, "The activity and engagement with potential tenants remains high especially compared to last year. While that did not translate into signed leases this quarter, we believe that if we focus on what we can control and execute, the results we are looking for will come."
Conference Call
The Company will host a conference call on Wednesday, August 5, 2026, at 9:00 a.m. (ET). Analysts, stockholders and other interested parties may access the teleconference live by calling 1-888-506-0062 (passcode 417930) within the United States or by joining the webcast at https://www.webcaster5.com/Webcast/Page/3158/54289. International callers may dial 1-973-528-0011 (passcode 417930). Audio replay will be available until August 5, 2027, by accessing it at the same link. The webcast replay will also be available on the Company's investor relations page (https://www.frpdev.com/investor-relations/) following the call.
Additional Information
Our investor relations website is https://investors.frpdev.com and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, press releases, quarterly earnings presentations, investor presentations, and corporate governance information, and you may subscribe to Email Alerts to be notified of new information posted to this site.
Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include, but are not limited to: the possibility that we may be unable to find appropriate investment opportunities; levels of construction activity in the markets served by our mining properties; demand for flexible warehouse/office facilities in our markets; multifamily demand in Washington D.C. and Greenville, South Carolina; our ability to obtain zoning and entitlements necessary for property development; the impact of lending and capital market conditions on our liquidity; our ability to finance projects or repay our debt; general real estate investment and development risks; vacancies in our properties; risks associated with developing and managing properties in partnership with others; competition; our ability to renew leases or re-lease spaces as leases expire; illiquidity of real estate investments; bankruptcy or defaults of tenants; the impact of restrictions imposed by our credit facility; the level and volatility of interest rates; environmental liabilities; inflation risks; cybersecurity risks; and construction costs; as well as other risks listed from time to time in our SEC filings, including but not limited to our annual and quarterly reports. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements.
FRP Holdings, Inc. is a holding company engaged in the real estate business, namely (i) leasing and management of commercial properties owned by the Company, (ii) leasing and management of mining royalty land owned by the Company, (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse, and office, and (iv) leasing and management of residential apartment buildings.
Investor & Media Contacts
Robert Winters or Abe Plimpton
FRPH@alpha-ir.com
312-445-2870
Comparative Results of Operations for the three months ended June 30, 2026 and 2025
Consolidated Results
(dollars in thousands) |
| Three Months Ended June 30, |
| |||||||||||||
| 2026 |
|
| 2025 |
|
| Change |
|
| % |
| |||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Lease revenue |
| $ | 6,823 |
|
|
| 7,241 |
|
| $ | (418 | ) |
|
| -5.8 | % |
Mining royalty and rents |
|
| 4,066 |
|
|
| 3,609 |
|
|
| 457 |
|
|
| 12.7 | % |
Joint venture management fee revenue |
|
| 194 |
|
|
| - |
|
|
| 194 |
|
|
|
|
|
Total revenues |
|
| 11,083 |
|
|
| 10,850 |
|
|
| 233 |
|
|
| 2.1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
| 2,923 |
|
|
| 2,726 |
|
|
| 197 |
|
|
| 7.2 | % |
Operating expenses |
|
| 1,972 |
|
|
| 2,580 |
|
|
| (608 | ) |
|
| -23.6 | % |
Property taxes |
|
| 1,042 |
|
|
| 1,002 |
|
|
| 40 |
|
|
| 4.0 | % |
General and administrative |
|
| 3,687 |
|
|
| 2,885 |
|
|
| 802 |
|
|
| 27.8 | % |
Total cost of operations |
|
| 9,624 |
|
|
| 9,193 |
|
|
| 431 |
|
|
| 4.7 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total operating profit |
|
| 1,459 |
|
|
| 1,657 |
|
|
| (198 | ) |
|
| -11.9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income |
|
| 1,237 |
|
|
| 2,348 |
|
|
| (1,111 | ) |
|
| -47.3 | % |
Interest expense |
|
| (701 | ) |
|
| (824 | ) |
|
| 123 |
|
|
| -14.9 | % |
Equity in loss of joint ventures |
|
| (2,419 | ) |
|
| (2,379 | ) |
|
| (40 | ) |
|
| 1.7 | % |
Income before income taxes |
|
| (424 | ) |
|
| 802 |
|
|
| (1,226 | ) |
|
| -152.9 | % |
Provision for income taxes |
|
| (80 | ) |
|
| 178 |
|
|
| (258 | ) |
|
| -144.9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) |
|
| (344 | ) |
|
| 624 |
|
|
| (968 | ) |
|
| -155.1 | % |
Income (loss) attributable to noncontrolling interest |
|
| (85 | ) |
|
| 46 |
|
|
| (131 | ) |
|
| -284.8 | % |
Net income (loss) attributable to the Company |
| $ | (259 | ) |
|
| 578 |
|
| $ | (837 | ) |
|
| -144.8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)
| Three months ended June 30, 2026 |
|
|
|
|
|
|
| ||||||||||||||||
(dollars in thousands) |
| 2026 |
|
| % |
|
| 2025 |
|
| % |
|
| Change |
|
| % |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Lease revenue |
| $ | 8,204 |
|
|
| 100.0 | % |
|
| 8,467 |
|
|
| 100.0 | % |
|
| (263 | ) |
|
| -3.1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation and amortization |
|
| 3,360 |
|
|
| 41.0 | % |
|
| 3,386 |
|
|
| 40.0 | % |
|
| (26 | ) |
|
| -.8 | % |
Operating expenses |
|
| 2,753 |
|
|
| 33.6 | % |
|
| 2,691 |
|
|
| 31.8 | % |
|
| 62 |
|
|
| 2.3 | % |
Property taxes |
|
| 986 |
|
|
| 12.0 | % |
|
| 1,008 |
|
|
| 11.9 | % |
|
| (22 | ) |
|
| -2.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of operations |
|
| 7,099 |
|
|
| 86.5 | % |
|
| 7,085 |
|
|
| 83.7 | % |
|
| 14 |
|
|
| .2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating profit before G&A |
| $ | 1,105 |
|
|
| 13.5 | % |
|
| 1,382 |
|
|
| 16.3 | % |
|
| (277 | ) |
|
| -20.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation and amortization |
|
| 3,360 |
|
|
|
|
|
|
| 3,386 |
|
|
|
|
|
|
| (26 | ) |
|
|
|
|
Unrealized rents & other |
|
| (149 | ) |
|
|
|
|
|
| (31 | ) |
|
|
|
|
|
| (118 | ) |
|
|
|
|
Net operating income |
| $ | 4,316 |
|
|
| 52.6 | % |
|
| 4,737 |
|
|
| 55.9 | % |
|
| (421 | ) |
|
| -8.9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apartment Building |
| Units |
|
| Pro rata NOI Q2 2026 |
|
| Pro rata NOI Q2 2025 |
|
| Avg. Occupancy Q2 2026 |
|
| Avg. Occupancy Q2 2025 |
|
| Renewal Success Rate Q2 2026 |
|
| Renewal % increase Q2 2026 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Dock 79 Anacostia DC |
|
| 305 |
|
| $ | 856,000 |
|
| $ | 995,000 |
|
|
| 93.3 | % |
|
| 95.5 | % |
|
| 71.4 | % |
|
| 2.9 | % |
Maren Anacostia DC |
|
| 264 |
|
| $ | 836,000 |
|
| $ | 890,000 |
|
|
| 94.5 | % |
|
| 93.6 | % |
|
| 71.1 | % |
|
| 5.0 | % |
Riverside Greenville |
|
| 200 |
|
| $ | 233,000 |
|
| $ | 215,000 |
|
|
| 97.2 | % |
|
| 92.9 | % |
|
| 64.6 | % |
|
| - | % |
Bryant Street DC |
|
| 487 |
|
| $ | 1,414,000 |
|
| $ | 1,542,000 |
|
|
| 92.2 | % |
|
| 94.6 | % |
|
| 53.0 | % |
|
| 1.5 | % |
.408 Jackson Greenville |
|
| 227 |
|
| $ | 356,000 |
|
| $ | 362,000 |
|
|
| 94.9 | % |
|
| 94.3 | % |
|
| 51.0 | % |
|
| 1.8 | % |
Verge Anacostia DC |
|
| 344 |
|
| $ | 621,000 |
|
| $ | 733,000 |
|
|
| 90.1 | % |
|
| 93.3 | % |
|
| 68.9 | % |
|
| 0.9 | % |
Multifamily Segment |
|
| 1,827 |
|
| $ | 4,316,000 |
|
| $ | 4,737,000 |
|
|
| 93.2 | % |
|
| 94.1 | % |
|
|
|
|
|
|
|
|
Multifamily Segment (Consolidated - Dock 79 & The Maren)
| Three months ended June 30, 2026 |
|
|
|
|
|
|
| ||||||||||||||||
(dollars in thousands) |
| 2026 |
|
| % |
|
| 2025 |
|
| % |
|
| Change |
|
| % |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Lease revenue |
| $ | 5,439 |
|
|
| 100.0 | % |
|
| 5,567 |
|
|
| 100.0 | % |
|
| (128 | ) |
|
| -2.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation and amortization |
|
| 2,009 |
|
|
| 36.9 | % |
|
| 1,935 |
|
|
| 34.8 | % |
|
| 74 |
|
|
| 3.8 | % |
Operating expenses |
|
| 1,623 |
|
|
| 29.8 | % |
|
| 1,527 |
|
|
| 27.4 | % |
|
| 96 |
|
|
| 6.3 | % |
Property taxes |
|
| 624 |
|
|
| 11.5 | % |
|
| 648 |
|
|
| 11.6 | % |
|
| (24 | ) |
|
| -3.7 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of operations |
|
| 4,256 |
|
|
| 78.2 | % |
|
| 4,110 |
|
|
| 73.8 | % |
|
| 146 |
|
|
| 3.6 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating profit before G&A |
| $ | 1,183 |
|
|
| 21.8 | % |
|
| 1,457 |
|
|
| 26.2 | % |
|
| (274 | ) |
|
| -18.8 | % |
Multifamily Segment (Pro rata unconsolidated)
Our Multifamily Segment has four unconsolidated joint ventures (Bryant Street, The Verge, Riverside, and .408 Jackson). Riverside was moved from the Development segment to the Multifamily segment in 2022, Bryant Street and .408 Jackson moved as of the beginning of 2024 and The Verge moved effective July 1, 2024, each upon reaching lease up stabilization.
| Three months ended June 30, 2026 |
|
|
|
|
|
|
| ||||||||||||||||
(dollars in thousands) |
| 2026 |
|
| % |
|
| 2025 |
|
| % |
|
| Change |
|
| % |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Lease revenue |
| $ | 5,241 |
|
|
| 100.0 | % |
|
| 5,436 |
|
|
| 100.0 | % |
|
| (195 | ) |
|
| -3.6 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation and amortization |
|
| 2,258 |
|
|
| 43.1 | % |
|
| 2,325 |
|
|
| 42.8 | % |
|
| (67 | ) |
|
| -2.9 | % |
Operating expenses |
|
| 1,900 |
|
|
| 36.3 | % |
|
| 1,886 |
|
|
| 34.7 | % |
|
| 14 |
|
|
| .7 | % |
Property taxes |
|
| 646 |
|
|
| 12.3 | % |
|
| 654 |
|
|
| 12.0 | % |
|
| (8 | ) |
|
| -1.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of operations |
|
| 4,804 |
|
|
| 91.7 | % |
|
| 4,865 |
|
|
| 89.5 | % |
|
| (61 | ) |
|
| -1.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating profit before G&A |
| $ | 437 |
|
|
| 8.3 | % |
|
| 571 |
|
|
| 10.5 | % |
|
| (134 | ) |
|
| -23.5 | % |
Industrial and Commercial Segment
| Three months ended June 30, 2026 |
|
|
|
|
|
|
| ||||||||||||||||
(dollars in thousands) |
| 2026 |
|
| % |
|
| 2025 |
|
| % |
|
| Change |
|
| % |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Lease revenue |
| $ | 983 |
|
|
| 100.0 | % |
|
| 1,374 |
|
|
| 100.0 | % |
|
| (391 | ) |
|
| (28.5 | %) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation and amortization |
|
| 600 |
|
|
| 61.1 | % |
|
| 571 |
|
|
| 41.6 | % |
|
| 29 |
|
|
| 5.1 | % |
Operating expenses |
|
| 259 |
|
|
| 26.3 | % |
|
| 230 |
|
|
| 16.7 | % |
|
| 29 |
|
|
| 12.6 | % |
Property taxes |
|
| 127 |
|
|
| 12.9 | % |
|
| 130 |
|
|
| 9.5 | % |
|
| (3 | ) |
|
| (2.3 | %) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of operations |
|
| 986 |
|
|
| 100.3 | % |
|
| 931 |
|
|
| 67.8 | % |
|
| 55 |
|
|
| 5.9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating profit before G&A |
| $ | (3 | ) |
|
| (0.3 | %) |
|
| 443 |
|
|
| 32.2 | % |
|
| (446 | ) |
|
| (100.7 | %) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation and amortization |
|
| 600 |
|
|
|
|
|
|
| 571 |
|
|
|
|
|
|
| 29 |
|
|
|
|
|
Unrealized revenues |
|
| 19 |
|
|
|
|
|
|
| (4 | ) |
|
|
|
|
|
| 23 |
|
|
|
|
|
Net operating income |
| $ | 616 |
|
|
| 62.7 | % |
| $ | 1,010 |
|
|
| 73.5 | % |
| $ | (394 | ) |
|
| (39.0 | %) |
Mining Royalty Lands Segment Results
| Three months ended June 30, 2026 |
|
|
|
|
|
|
| ||||||||||||||||
(dollars in thousands) |
| 2026 |
|
| % |
|
| 2025 |
|
| % |
|
| Change |
|
| % |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Mining royalty and rent revenue |
| $ | 4,066 |
|
|
| 100.0 | % |
|
| 3,609 |
|
|
| 100.0 | % |
|
| 457 |
|
|
| 12.7 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation, depletion and amortization |
|
| 271 |
|
|
| 6.7 | % |
|
| 177 |
|
|
| 5.0 | % |
|
| 94 |
|
|
| 53.1 | % |
Operating expenses |
|
| 38 |
|
|
| 0.9 | % |
|
| 16 |
|
|
| 0.4 | % |
|
| 22 |
|
|
| 137.5 | % |
Property taxes |
|
| 78 |
|
|
| 1.9 | % |
|
| 76 |
|
|
| 2.1 | % |
|
| 2 |
|
|
| 2.6 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of operations |
|
| 387 |
|
|
| 9.5 | % |
|
| 269 |
|
|
| 7.5 | % |
|
| 118 |
|
|
| 43.9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating profit before G&A |
| $ | 3,679 |
|
|
| 90.5 | % |
|
| 3,340 |
|
|
| 92.5 | % |
|
| 339 |
|
|
| 10.1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation and amortization |
|
| 271 |
|
|
|
|
|
|
| 177 |
|
|
|
|
|
|
| 94 |
|
|
|
|
|
Unrealized revenues |
|
| 168 |
|
|
|
|
|
|
| 148 |
|
|
|
|
|
|
| 20 |
|
|
|
|
|
Net operating income |
| $ | 4,118 |
|
|
| 101.3 | % |
| $ | 3,665 |
|
|
| 101.6 | % |
| $ | 453 |
|
|
| 12.4 | % |
Development Segment Results
| Three months ended June 30, 2026 |
|
|
|
| |||||||
(dollars in thousands) |
| 2026 |
|
| 2025 |
|
| Change |
| |||
|
|
|
|
|
|
|
|
| ||||
Lease revenue |
| $ | 400 |
|
|
| 300 |
|
|
| 100 |
|
Joint venture management fee revenue |
|
| 195 |
|
|
| - |
|
|
| 195 |
|
Total revenues |
|
| 595 |
|
|
| 300 |
|
|
| 295 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation, depletion and amortization |
|
| 43 |
|
|
| 43 |
|
|
| - |
|
Operating expenses |
|
| 52 |
|
|
| 807 |
|
|
| (755 | ) |
Property taxes |
|
| 213 |
|
|
| 148 |
|
|
| 65 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of operations |
|
| 308 |
|
|
| 998 |
|
|
| (690 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |
Operating profit before G&A |
| $ | 287 |
|
|
| (698 | ) |
|
| 985 |
|
Comparative Results of Operations for the Six months ended June 30, 2026 and 2025
Consolidated Results
(dollars in thousands) |
| Six Months Ended June 30, |
| |||||||||||||
| 2026 |
|
| 2025 |
|
| Change |
|
| % |
| |||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Lease revenue |
| $ | 13,536 |
|
|
| 14,313 |
|
| $ | (777 | ) |
|
| -5.4 | % |
Mining royalty and rents |
|
| 7,783 |
|
|
| 6,843 |
|
|
| 940 |
|
|
| 13.7 | % |
Joint venture management fee revenue |
|
| 358 |
|
|
| - |
|
|
| 358 |
|
|
|
|
|
Total revenues |
|
| 21,677 |
|
|
| 21,156 |
|
|
| 521 |
|
|
| 2.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation/depletion/amortization |
|
| 5,765 |
|
|
| 5,333 |
|
|
| 432 |
|
|
| 8.1 | % |
Operating expenses |
|
| 4,102 |
|
|
| 4,439 |
|
|
| (337 | ) |
|
| -7.6 | % |
Property taxes |
|
| 2,067 |
|
|
| 1,940 |
|
|
| 127 |
|
|
| 6.5 | % |
General and administrative |
|
| 7,772 |
|
|
| 5,462 |
|
|
| 2,310 |
|
|
| 42.3 | % |
Total cost of operations |
|
| 19,706 |
|
|
| 17,174 |
|
|
| 2,532 |
|
|
| 14.7 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total operating profit |
|
| 1,971 |
|
|
| 3,982 |
|
|
| (2,011 | ) |
|
| -50.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income |
|
| 2,925 |
|
|
| 4,909 |
|
|
| (1,984 | ) |
|
| -40.4 | % |
Interest expense |
|
| (1,409 | ) |
|
| (1,519 | ) |
|
| 110 |
|
|
| -7.2 | % |
Equity in loss of joint ventures |
|
| (5,034 | ) |
|
| (4,410 | ) |
|
| (624 | ) |
|
| 14.1 | % |
Income before income taxes |
|
| (1,547 | ) |
|
| 2,962 |
|
|
| (4,509 | ) |
|
| -152.2 | % |
Provision for income taxes |
|
| (282 | ) |
|
| 704 |
|
|
| (986 | ) |
|
| -140.1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income |
|
| (1,265 | ) |
|
| 2,258 |
|
|
| (3,523 | ) |
|
| -156.0 | % |
Income (loss) attributable to noncontrolling interest |
|
| (319 | ) |
|
| (30 | ) |
|
| (289 | ) |
|
| 963.3 | % |
Net income attributable to the Company |
| $ | (946 | ) |
| $ | 2,288 |
|
| $ | (3,234 | ) |
|
| -141.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Multifamily Segment (Pro rata consolidated and pro rata unconsolidated)
| Six months ended June 30, 2026 |
|
|
|
|
|
|
| ||||||||||||||||
(dollars in thousands) |
| 2026 |
|
| % |
|
| 2025 |
|
| % |
|
| Change |
|
| % |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Lease revenue |
| $ | 16,218 |
|
|
| 100.0 | % |
|
| 16,772 |
|
|
| 100.0 | % |
|
| (554 | ) |
|
| -3.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation and amortization |
|
| 6,735 |
|
|
| 41.5 | % |
|
| 6,673 |
|
|
| 39.8 | % |
|
| 62 |
|
|
| .9 | % |
Operating expenses |
|
| 5,642 |
|
|
| 34.8 | % |
|
| 5,316 |
|
|
| 31.7 | % |
|
| 326 |
|
|
| 6.1 | % |
Property taxes |
|
| 1,936 |
|
|
| 11.9 | % |
|
| 1,978 |
|
|
| 11.8 | % |
|
| (42 | ) |
|
| -2.1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of operations |
|
| 14,313 |
|
|
| 88.3 | % |
|
| 13,967 |
|
|
| 83.3 | % |
|
| 346 |
|
|
| 2.5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating profit before G&A |
| $ | 1,905 |
|
|
| 11.7 | % |
|
| 2,805 |
|
|
| 16.7 | % |
|
| (900 | ) |
|
| -32.1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation and amortization |
|
| 6,735 |
|
|
|
|
|
|
| 6,673 |
|
|
|
|
|
|
| 62 |
|
|
|
|
|
Unrealized rents & other |
|
| (240 | ) |
|
|
|
|
|
| (111 | ) |
|
|
|
|
|
| (129 | ) |
|
|
|
|
Net operating income |
| $ | 8,400 |
|
|
| 51.8 | % |
|
| 9,367 |
|
|
| 55.8 | % |
|
| (967 | ) |
|
| -10.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apartment Building |
| Units |
|
| Pro rata NOI YTD 2026 |
|
| Pro rata NOI YTD 2025 |
|
| Avg. Occupancy YTD 2026 |
|
| Avg. Occupancy YTD 2025 |
|
| Renewal Success Rate YTD 2026 |
|
| Renewal % increase YTD 2026 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Dock 79 Anacostia DC |
|
| 305 |
|
| $ | 1,657,000 |
|
| $ | 1,900,000 |
|
|
| 91.3 | % |
|
| 95.6 | % |
|
| 67.0 | % |
|
| 4.5 | % |
Maren Anacostia DC |
|
| 264 |
|
| $ | 1,595,000 |
|
| $ | 1,745,000 |
|
|
| 93.0 | % |
|
| 93.7 | % |
|
| 64.2 | % |
|
| 4.5 | % |
Riverside Greenville |
|
| 200 |
|
| $ | 467,000 |
|
| $ | 437,000 |
|
|
| 97.1 | % |
|
| 92.9 | % |
|
| 63.0 | % |
|
| 0.3 | % |
Bryant Street DC |
|
| 487 |
|
| $ | 2,758,000 |
|
| $ | 3,081,000 |
|
|
| 92.2 | % |
|
| 93.5 | % |
|
| 58.3 | % |
|
| 1.7 | % |
.408 Jackson Greenville |
|
| 227 |
|
| $ | 697,000 |
|
| $ | 718,000 |
|
|
| 95.1 | % |
|
| 96.1 | % |
|
| 47.5 | % |
|
| 3.0 | % |
Verge Anacostia DC |
|
| 344 |
|
| $ | 1,226,000 |
|
| $ | 1,486,000 |
|
|
| 90.0 | % |
|
| 93.4 | % |
|
| 66.1 | % |
|
| 1.0 | % |
Multifamily Segment |
|
| 1,827 |
|
| $ | 8,400,000 |
|
| $ | 9,367,000 |
|
|
| 92.6 | % |
|
| 94.1 | % |
|
|
|
|
|
|
|
|
Multifamily Segment (Consolidated - Dock 79 and The Maren)
| Six months ended June 30, 2026 |
|
|
|
|
|
|
| ||||||||||||||||
(dollars in thousands) |
| 2026 |
|
| % |
|
| 2025 |
|
| % |
|
| Change |
|
| % |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Lease revenue |
| $ | 10,634 |
|
|
| 100.0 | % |
|
| 10,991 |
|
|
| 100.0 | % |
|
| (357 | ) |
|
| -3.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation and amortization |
|
| 4,016 |
|
|
| 37.8 | % |
|
| 3,930 |
|
|
| 35.7 | % |
|
| 86 |
|
|
| 2.2 | % |
Operating expenses |
|
| 3,349 |
|
|
| 31.5 | % |
|
| 3,112 |
|
|
| 28.3 | % |
|
| 237 |
|
|
| 7.6 | % |
Property taxes |
|
| 1,234 |
|
|
| 11.6 | % |
|
| 1,283 |
|
|
| 11.7 | % |
|
| (49 | ) |
|
| -3.8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of operations |
|
| 8,599 |
|
|
| 80.9 | % |
|
| 8,325 |
|
|
| 75.7 | % |
|
| 274 |
|
|
| 3.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating profit before G&A |
| $ | 2,035 |
|
|
| 19.1 | % |
|
| 2,666 |
|
|
| 24.3 | % |
|
| (631 | ) |
|
| -23.7 | % |
Multifamily Segment (Pro rata unconsolidated)
Our Multifamily Segment has four unconsolidated joint ventures (Bryant Street, The Verge, Riverside, and .408 Jackson). Riverside was moved from the Development segment to the Multifamily segment in 2022, Bryant Street and .408 Jackson moved as of the beginning of 2024 and The Verge moved effective July 1, 2024, each upon reaching lease up stabilization.
| Six months ended June 30, 2026 |
|
|
|
|
|
|
| ||||||||||||||||
(dollars in thousands) |
| 2026 |
|
| % |
|
| 2025 |
|
| % |
|
| Change |
|
| % |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Lease revenue |
| $ | 10,422 |
|
|
| 100.0 | % |
|
| 10,785 |
|
|
| 100.0 | % |
|
| (363 | ) |
|
| -3.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation and amortization |
|
| 4,534 |
|
|
| 43.5 | % |
|
| 4,518 |
|
|
| 41.9 | % |
|
| 16 |
|
|
| .4 | % |
Operating expenses |
|
| 3,874 |
|
|
| 37.2 | % |
|
| 3,666 |
|
|
| 34.0 | % |
|
| 208 |
|
|
| 5.7 | % |
Property taxes |
|
| 1,264 |
|
|
| 12.1 | % |
|
| 1,279 |
|
|
| 11.9 | % |
|
| (15 | ) |
|
| -1.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of operations |
|
| 9,672 |
|
|
| 92.8 | % |
|
| 9,463 |
|
|
| 87.7 | % |
|
| 209 |
|
|
| 2.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating profit |
| $ | 750 |
|
|
| 7.2 | % |
|
| 1,322 |
|
|
| 12.3 | % |
|
| (572 | ) |
|
| -43.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Industrial and Commercial Segment
| Six months ended June 30, 2026 |
|
|
|
|
|
|
| ||||||||||||||||
(dollars in thousands) |
| 2026 |
|
| % |
|
| 2025 |
|
| % |
|
| Change |
|
| % |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Lease revenue |
| $ | 2,183 |
|
|
| 100.0 | % |
|
| 2,721 |
|
|
| 100.0 | % |
|
| (538 | ) |
|
| (19.8 | %) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation and amortization |
|
| 1,166 |
|
|
| 53.4 | % |
|
| 962 |
|
|
| 35.4 | % |
|
| 204 |
|
|
| 21.2 | % |
Operating expenses |
|
| 585 |
|
|
| 26.8 | % |
|
| 463 |
|
|
| 17.0 | % |
|
| 122 |
|
|
| 26.3 | % |
Property taxes |
|
| 254 |
|
|
| 11.6 | % |
|
| 210 |
|
|
| 7.7 | % |
|
| 44 |
|
|
| 21.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of operations |
|
| 2,005 |
|
|
| 91.8 | % |
|
| 1,635 |
|
|
| 60.1 | % |
|
| 370 |
|
|
| 22.6 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating profit before G&A |
| $ | 178 |
|
|
| 8.2 | % |
|
| 1,086 |
|
|
| 39.9 | % |
|
| (908 | ) |
|
| (83.6 | %) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation and amortization |
|
| 1,166 |
|
|
|
|
|
|
| 962 |
|
|
|
|
|
|
| 204 |
|
|
|
|
|
Unrealized revenues |
|
| 30 |
|
|
|
|
|
|
| 101 |
|
|
|
|
|
|
| (71 | ) |
|
|
|
|
Net operating income |
| $ | 1,374 |
|
|
| 62.9 | % |
| $ | 2,149 |
|
|
| 79.0 | % |
| $ | (775 | ) |
|
| (36.1 | %) |
Mining Royalty Lands Segment Results
| Six months ended June 30, 2026 |
|
|
|
|
|
|
| ||||||||||||||||
(dollars in thousands) |
| 2026 |
|
| % |
|
| 2025 |
|
| % |
|
| Change |
|
| % |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Mining royalty and rent revenue |
| $ | 7,783 |
|
|
| 100.0 | % |
|
| 6,843 |
|
|
| 100.0 | % |
|
| 940 |
|
|
| 13.7 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation, depletion and amortization |
|
| 497 |
|
|
| 6.4 | % |
|
| 355 |
|
|
| 5.2 | % |
|
| 142 |
|
|
| 40.0 | % |
Operating expenses |
|
| 57 |
|
|
| 0.7 | % |
|
| 32 |
|
|
| 0.5 | % |
|
| 25 |
|
|
| 78.1 |
|
Property taxes |
|
| 153 |
|
|
| 2.0 | % |
|
| 151 |
|
|
| 2.2 | % |
|
| 2 |
|
|
| 1.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of operations |
|
| 707 |
|
|
| 9.1 | % |
|
| 538 |
|
|
| 7.9 | % |
|
| 169 |
|
|
| 31.4 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating profit before G&A |
| $ | 7,076 |
|
|
| 90.9 | % |
|
| 6,305 |
|
|
| 92.1 | % |
|
| 771 |
|
|
| 12.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation and amortization |
|
| 497 |
|
|
|
|
|
|
| 355 |
|
|
|
|
|
|
| 142 |
|
|
|
|
|
Unrealized revenues |
|
| 327 |
|
|
|
|
|
|
| 289 |
|
|
|
|
|
|
| 38 |
|
|
|
|
|
Net operating income |
| $ | 7,900 |
|
|
| 101.5 | % |
| $ | 6,949 |
|
|
| 101.5 | % |
| $ | 951 |
|
|
| 13.7 | % |
Development Segment Results
| Six months ended June 30, 2026 |
|
|
|
| |||||||
(dollars in thousands) |
| 2026 |
|
| 2025 |
|
| Change |
| |||
|
|
|
|
|
|
|
|
| ||||
Lease revenue |
| $ | 719 |
|
|
| 601 |
|
|
| 118 |
|
Joint venture management fee revenue |
|
| 358 |
|
|
| - |
|
|
| 358 |
|
Total revenues |
|
| 1,077 |
|
|
| 601 |
|
|
| 476 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Depreciation, depletion and amortization |
|
| 86 |
|
|
| 86 |
|
|
| - |
|
Operating expenses |
|
| 111 |
|
|
| 832 |
|
|
| (721 | ) |
Property taxes |
|
| 426 |
|
|
| 296 |
|
|
| 130 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of operations |
|
| 623 |
|
|
| 1,214 |
|
|
| (591 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |
Operating profit before G&A |
| $ | 454 |
|
|
| (613 | ) |
|
| 1,067 |
|
CONSOLIDATED BALANCE SHEETS - As of June 30 (In thousands, except share data)
Assets: |
| June 30, |
|
| December 31, |
| ||
Real estate investments at cost: |
|
|
|
|
|
| ||
Land |
| $ | 182,857 |
|
|
| 182,936 |
|
Buildings and improvements |
|
| 310,344 |
|
|
| 309,132 |
|
Projects under construction |
|
| 75,893 |
|
|
| 45,032 |
|
Total investments in properties |
|
| 569,094 |
|
|
| 537,100 |
|
Less accumulated depreciation and depletion |
|
| 94,298 |
|
|
| 88,558 |
|
Net investments in properties |
|
| 474,796 |
|
|
| 448,542 |
|
|
|
|
|
|
|
|
| |
Real estate held for investment, at cost |
|
| 12,872 |
|
|
| 12,626 |
|
Investments in joint ventures |
|
| 158,302 |
|
|
| 153,084 |
|
Net real estate investments |
|
| 645,970 |
|
|
| 614,252 |
|
|
|
|
|
|
|
|
| |
Cash, cash equivalents and restricted cash including $11,570 and $11,394 of restricted cash at June 30, 2026 and December 31, 2025, respectively |
|
| 100,975 |
|
|
| 105,361 |
|
Accounts receivable, net |
|
| 1,943 |
|
|
| 1,874 |
|
Federal and state income taxes receivable |
|
| 1,354 |
|
|
| 1,071 |
|
Unrealized rents |
|
| 1,420 |
|
|
| 1,264 |
|
Deferred costs |
|
| 3,082 |
|
|
| 3,768 |
|
Goodwill |
|
| 6,893 |
|
|
| 6,893 |
|
Other assets |
|
| 676 |
|
|
| 662 |
|
Total assets |
| $ | 762,313 |
|
|
| 735,145 |
|
|
|
|
|
|
|
|
| |
Liabilities: |
|
|
|
|
|
|
|
|
Notes payable, net |
| $ | 214,618 |
|
|
| 192,554 |
|
Accounts payable and accrued liabilities |
|
| 17,784 |
|
|
| 12,148 |
|
Other liabilities |
|
| 2,503 |
|
|
| 2,317 |
|
Deferred revenue |
|
| 3,464 |
|
|
| 3,356 |
|
Deferred income taxes |
|
| 66,900 |
|
|
| 66,900 |
|
Deferred compensation |
|
| 1,521 |
|
|
| 1,524 |
|
Tenant security deposits |
|
| 696 |
|
|
| 689 |
|
Total liabilities |
|
| 307,486 |
|
|
| 279,488 |
|
|
|
|
|
|
|
|
| |
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Equity: |
|
|
|
|
|
|
|
|
Common stock, $.10 par value 25,000,000 shares authorized, 19,198,301 and 19,109,541 shares issued and outstanding, respectively |
|
| 1,920 |
|
|
| 1,911 |
|
Capital in excess of par value |
|
| 72,736 |
|
|
| 71,368 |
|
Retained earnings |
|
| 354,264 |
|
|
| 355,210 |
|
Accumulated other comprehensive income, net |
|
| 26 |
|
|
| 24 |
|
Total shareholders' equity |
|
| 428,946 |
|
|
| 428,513 |
|
Noncontrolling interests |
|
| 25,881 |
|
|
| 27,144 |
|
Total equity |
|
| 454,827 |
|
|
| 455,657 |
|
Total liabilities and equity |
| $ | 762,313 |
|
|
| 735,145 |
|
Non-GAAP Financial Measures.
To supplement the financial results presented in accordance with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We provide operating profit before G&A and Pro rata net operating income (NOI) because we believe they assist investors and analysts in estimating our economic interest in our consolidated and unconsolidated partnerships, when read in conjunction with our reported results under GAAP. These measures are not, and should not be viewed as, a substitute for GAAP financial measures.
Pro rata Net Operating Income Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Six months ending 6/30/26 (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Industrial and Commercial Segment |
|
| Development Segment |
|
| Multifamily Segment |
|
| Mining Royalties Segment |
|
| Unallocated Corporate Expenses |
|
| FRP Holdings Totals |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net income (loss) |
| $ | 136 |
|
|
| 1,249 |
|
|
| (3,247 | ) |
|
| 5,393 |
|
|
| (4,796 | ) |
|
| (1,265 | ) |
Income tax allocation |
|
| 42 |
|
|
| 384 |
|
|
| (900 | ) |
|
| 1,657 |
|
|
| (1,465 | ) |
|
| (282 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) before income taxes |
|
| 178 |
|
|
| 1,633 |
|
|
| (4,147 | ) |
|
| 7,050 |
|
|
| (6,261 | ) |
|
| (1,547 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
| - |
|
|
|
|
|
|
| 186 |
|
|
| - |
|
|
|
|
|
|
| 186 |
|
Management fee revenue |
|
|
|
|
|
| 358 |
|
|
|
|
|
|
| - |
|
|
|
|
|
|
| 358 |
|
Interest income |
|
|
|
|
|
| 1,160 |
|
|
| 12 |
|
|
|
|
|
|
| 1,753 |
|
|
| 2,925 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
| 30 |
|
|
| - |
|
|
| - |
|
|
| 327 |
|
|
| - |
|
|
| 357 |
|
Professional fees |
|
|
|
|
|
| 12 |
|
|
| 105 |
|
|
|
|
|
|
|
|
|
|
| 117 |
|
Equity in loss of joint ventures |
|
| - |
|
|
| (19 | ) |
|
| 5,027 |
|
|
| 26 |
|
|
|
|
|
|
| 5,034 |
|
Interest expense |
|
| - |
|
|
| - |
|
|
| 1,167 |
|
|
| - |
|
|
| 242 |
|
|
| 1,409 |
|
Depreciation/amortization |
|
| 1,166 |
|
|
| 86 |
|
|
| 4,016 |
|
|
| 497 |
|
|
|
|
|
|
| 5,765 |
|
General and administrative |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 7,772 |
|
|
| 7,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net operating income (loss) |
|
| 1,374 |
|
|
| 194 |
|
|
| 5,970 |
|
|
| 7,900 |
|
|
| - |
|
|
| 15,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NOI of noncontrolling interest |
|
|
|
|
|
|
|
|
|
| (2,718 | ) |
|
|
|
|
|
|
|
|
|
| (2,718 | ) |
Pro rata NOI from unconsolidated joint ventures |
|
|
|
|
|
| 364 |
|
|
| 5,148 |
|
|
|
|
|
|
|
|
|
|
| 5,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pro rata net operating income |
| $ | 1,374 |
|
|
| 558 |
|
|
| 8,400 |
|
|
| 7,900 |
|
|
| - |
|
|
| 18,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro rata Net Operating Income Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Six months ending 6/30/25 (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Industrial and Commercial Segment |
|
| Development Segment |
|
| Multifamily Segment |
|
| Mining Royalties Segment |
|
| Unallocated Corporate Expenses |
|
| FRP Holdings Totals |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net income (loss) |
| $ | 831 |
|
|
| 1,086 |
|
|
| (2,531 | ) |
|
| 4,806 |
|
|
| (1,934 | ) |
|
| 2,258 |
|
Income tax allocation |
|
| 255 |
|
|
| 333 |
|
|
| (788 | ) |
|
| 1,476 |
|
|
| (572 | ) |
|
| 704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) before income taxes |
|
| 1,086 |
|
|
| 1,419 |
|
|
| (3,319 | ) |
|
| 6,282 |
|
|
| (2,506 | ) |
|
| 2,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
| - |
|
|
|
|
|
|
| - |
|
|
| - |
|
|
|
|
|
|
| - |
|
Interest income |
|
|
|
|
|
| 1,876 |
|
|
| 1 |
|
|
|
|
|
|
| 3,032 |
|
|
| 4,909 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
| 101 |
|
|
| - |
|
|
| 14 |
|
|
| 289 |
|
|
| - |
|
|
| 404 |
|
Professional fees |
|
|
|
|
|
| 734 |
|
|
| 87 |
|
|
|
|
|
|
|
|
|
|
| 821 |
|
Equity in loss of joint ventures |
|
| - |
|
|
| (156 | ) |
|
| 4,543 |
|
|
| 23 |
|
|
|
|
|
|
| 4,410 |
|
Interest expense |
|
| - |
|
|
| - |
|
|
| 1,443 |
|
|
| - |
|
|
| 76 |
|
|
| 1,519 |
|
Depreciation/amortization |
|
| 962 |
|
|
| 86 |
|
|
| 3,930 |
|
|
| 355 |
|
|
|
|
|
|
| 5,333 |
|
General and administrative |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 5,462 |
|
|
| 5,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net operating income (loss) |
|
| 2,149 |
|
|
| 207 |
|
|
| 6,697 |
|
|
| 6,949 |
|
|
| - |
|
|
| 16,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
NOI of noncontrolling interest |
|
|
|
|
|
|
|
|
|
| (3,052 | ) |
|
|
|
|
|
|
|
|
|
| (3,052 | ) |
Pro rata NOI from unconsolidated joint ventures |
|
|
|
|
|
| 380 |
|
|
| 5,722 |
|
|
|
|
|
|
|
|
|
|
| 6,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Pro rata net operating income |
| $ | 2,149 |
|
|
| 587 |
|
|
| 9,367 |
|
|
| 6,949 |
|
|
| - |
|
|
| 19,052 |
|
SOURCE: FRP Holdings, Inc.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/real-estate/frp-holdings-inc.-reports-fiscal-2026-second-quarter-results-1201425
