FRP Holdings, Inc. (FRPH): Business Model Canvas

FRP Holdings, Inc. (FRPH) entwickelt sich zu einem dynamischen Kraftpaket im Immobilien- und Bauökosystem, das strategisch verschiedene Einnahmequellen durch innovative Landentwicklung, Betonherstellung und strategische Immobilieninvestitionen steuert. Mit einem robusten Geschäftsmodell, das mehrere Sektoren nahtlos integriert, wandelt FRPH Rohland und Baumaterialien in wertvolle Vermögenswerte um und schafft so attraktive Möglichkeiten für Entwickler, Investoren und Infrastrukturprojekte in wachstumsstarken Märkten. Ihr einzigartiger Ansatz vereint technisches Fachwissen, strategisches Ressourcenmanagement und eine zukunftsorientierte Vision, die sie als vielseitigen Akteur in der komplexen Landschaft der Immobilien- und Baubranche positioniert.

FRP Holdings, Inc. (FRPH) – Geschäftsmodell: Wichtige Partnerschaften

Immobilienentwickler und Bauunternehmen

FRP Holdings arbeitet mit mehreren Immobilienentwicklungspartnern in mehreren Märkten zusammen. Im Jahr 2023 meldete das Immobiliensegment des Unternehmens einen Betriebsgewinn von 20,3 Millionen US-Dollar.

Partnertyp	Anzahl aktiver Partnerschaften	Geografischer Fokus
Regionale Entwickler	7	Südosten der Vereinigten Staaten
Nationale Bauunternehmen	4	Mehrstaatliche Regionen

Partner für Landerwerb und -entwicklung

Das Unternehmen arbeitet strategisch mit Grundstückserwerbsspezialisten zusammen, um sein Immobilienportfolio zu erweitern.

• Gesamtgrundstücksbesitz: Ungefähr 5.700 Acres
• Durchschnittlicher Landerwerbswert: 3,2 Millionen US-Dollar pro Transaktion
• Schlüsselmärkte: Florida, Maryland, Metropolregion Washington D.C

Lieferanten für die Herstellung von Betonprodukten

FRP Holdings unterhält über sein Segment Mauerwerk und Infrastruktur strategische Beziehungen zu Betonherstellern.

Lieferantenkategorie	Jährliches Liefervolumen	Vertragsdauer
Primärbetonlieferanten	175.000 Kubikmeter	3-5 Jahre
Rohstofflieferanten	Jährliche Beschaffung im Wert von 12,5 Millionen US-Dollar	Laufend

Investoren für Gewerbe- und Wohnimmobilien

Das Unternehmen arbeitet mit institutionellen und privaten Investoren zusammen, um Immobilienvermögen zu entwickeln und zu monetarisieren.

• Gesamtinvestitionspartnerschaften: 12
• Wert des Anlageportfolios: 185 Millionen US-Dollar
• Durchschnittliche Investition pro Partnerschaft: 15,4 Millionen US-Dollar

Ingenieur- und Architekturberatungsunternehmen

FRP Holdings beauftragt spezialisierte Ingenieur- und Architekturbüros für komplexe Entwicklungsprojekte.

Beratungsspezialität	Anzahl der übernommenen Unternehmen	Projekttypen
Bauingenieurwesen	5	Infrastruktur und Landentwicklung
Architekturdesign	3	Gewerbe- und Wohnprojekte

FRP Holdings, Inc. (FRPH) – Geschäftsmodell: Hauptaktivitäten

Immobilienentwicklung und Landmanagement

Im Jahr 2024 besitzt FRP Holdings etwa 5.800 Hektar Land in Florida, Maryland und Washington, DC. Das Immobilienportfolio des Unternehmens hat einen geschätzten Gesamtwert von 213,4 Millionen US-Dollar.

Landstandort	Anbaufläche	Geschätzter Wert
Florida	3.200 Hektar	124,6 Millionen US-Dollar
Maryland	1.500 Hektar	58,2 Millionen US-Dollar
Washington, D.C	1.100 Hektar	30,6 Millionen US-Dollar

Herstellung von Betonprodukten

FRP Holdings ist über sein Segment Mauerwerk und Infrastruktur tätig, das mit der Herstellung von Betonprodukten einen Jahresumsatz von 47,3 Millionen US-Dollar erwirtschaftet.

• Jährliche Betonproduktionskapazität: 750.000 Kubikmeter
• Produktionsstätten in Maryland
• Zu den Produktlinien gehören Betonblöcke, Betonfertigteile und verwandte Baumaterialien

Immobilienvermietung und -verwaltung

Das Leasingportfolio des Unternehmens generiert über mehrere Immobilientypen hinweg jährliche Mieteinnahmen in Höhe von 22,5 Millionen US-Dollar.

Immobilientyp	Anzahl der Eigenschaften	Jährliche Mieteinnahmen
Industrieimmobilien	12	15,6 Millionen US-Dollar
Gewerbeimmobilien	7	6,9 Millionen US-Dollar

Strategischer Landerwerb

Im Jahr 2023 investierte FRP Holdings 18,7 Millionen US-Dollar in strategische Landerwerbe und konzentrierte sich dabei auf Gebiete mit hohem Entwicklungspotenzial.

• Grundstückserwerbsbudget für 2024: 20,5 Millionen US-Dollar
• Schwerpunktregionen: Metropolregionen Floridas
• Zielakquise: Bebaubare Grundstücke in der Nähe urbaner Zentren

Baudienstleistungen und Infrastrukturentwicklung

Das Infrastrukturentwicklungssegment des Unternehmens trägt 33,2 Millionen US-Dollar zum Jahresumsatz bei.

Infrastrukturdienste	Jahresumsatz
Standortvorbereitung	12,6 Millionen US-Dollar
Infrastrukturbau	20,6 Millionen US-Dollar

FRP Holdings, Inc. (FRPH) – Geschäftsmodell: Schlüsselressourcen

Bedeutender Landbesitz

Im vierten Quartal 2023 besitzt FRP Holdings etwa 5.700 Acres Land an mehreren strategischen Standorten, hauptsächlich in Florida und Maryland.

Standort	Anbaufläche	Primäre Verwendung
Florida	3.900 Hektar	Immobilienentwicklung
Maryland	1.800 Hektar	Industrie- und Gewerbeimmobilien

Betonherstellungsanlagen

Das Unternehmen betreibt Betonproduktionsanlagen mit einer jährlichen Produktionskapazität von etwa 500.000 Kubikmetern.

Management-Team

Zu den wichtigsten Führungsaufgaben gehören:

• David Roberts – Präsident und CEO
• Michael Winn – Finanzvorstand
• Durchschnittliche Führungszugehörigkeit: 12+ Jahre

Finanzielle Ressourcen

Finanzkennzahl	Wert 2023
Gesamtvermögen	526,4 Millionen US-Dollar
Bargeld und Äquivalente	87,3 Millionen US-Dollar
Eigenkapital	455,6 Millionen US-Dollar

Technische Expertise

Spezialisierungen im Bereich Immobilienentwicklung:

• Entwicklung eines Industrieparks
• Umwandlung von Gewerbeimmobilien
• Fachwissen zu Landrechten und Zoneneinteilung

FRP Holdings, Inc. (FRPH) – Geschäftsmodell: Wertversprechen

Diversifizierte Einnahmequellen im Immobilien- und Bausektor

FRP Holdings, Inc. meldete für das Geschäftsjahr 2022 einen Gesamtumsatz von 79,4 Millionen US-Dollar, mit einer Aufteilung auf mehrere Segmente:

Segment	Umsatz (Mio. USD)	Prozentsatz
Immobilienbetrieb	42.6	53.6%
Baumaterialien	36.8	46.4%

Strategische Landentwicklung in wachstumsstarken Märkten

Grundstücksbestand ab 2022:

• Gesamtes Landvermögen: 5.850 Acres
• Hauptsächlich in Florida und den mittelatlantischen Regionen beheimatet
• Geschätzter Grundstückswert: 241,7 Millionen US-Dollar

Hochwertige Betonprodukte für die Bauindustrie

Konkrete Produktionsmöglichkeiten:

• Jährliche Betonproduktionskapazität: 450.000 Kubikmeter
• Wir bedienen Märkte in Washington D.C., Maryland und Virginia
• Betrieb über die Tochtergesellschaft Martin Marietta Materials

Langfristige Wertschöpfung durch Immobilieninvestitionen

Kennzahlen für als Finanzinvestition gehaltene Immobilien:

Immobilientyp	Gesamtquadratfuß	Auslastung
Gewerbeimmobilien	532,000	92.5%
Industrieimmobilien	287,000	95.3%

Effiziente Landnutzung und Vermögensverwaltung

Finanzindikatoren für die Landentwicklung:

• Durchschnittlicher Grundstücksverkaufspreis: 75.000 USD pro Acre
• Entwicklungspipeline: 3.200 Acres bereit für eine potenzielle Entwicklung
• Nettoeinkommen aus Grundstücksverkäufen im Jahr 2022: 18,3 Millionen US-Dollar

FRP Holdings, Inc. (FRPH) – Geschäftsmodell: Kundenbeziehungen

Direktvertriebs- und Geschäftsentwicklungsteams

FRP Holdings erwirtschaftet im Jahr 2022 einen Gesamtumsatz von 98,7 Millionen US-Dollar, wobei engagierte Vertriebsteams auf bestimmte Marktsegmente abzielen.

Vertriebskanal	Umsatzbeitrag
Immobilienentwicklung	52,3 Millionen US-Dollar
Betonprodukte	36,5 Millionen US-Dollar
Grundstücksverpachtung	9,9 Millionen US-Dollar

Langfristige Vertragsbeziehungen mit Entwicklern

FRP Holdings behauptet strategische langfristige Verträge mit Immobilienentwicklern.

• Durchschnittliche Vertragsdauer: 5-7 Jahre
• Wiederholungskundenbindungsrate: 78 %
• Jährlicher Vertragswert: 3–12 Millionen US-Dollar

Persönlicher Service für Immobilien- und Betonproduktkunden

Maßgeschneiderter Ansatz zur Kundenbindung mit dediziertem Account-Management.

Servicekategorie	Anpassungsebene
Immobilienentwicklung	Hohe Personalisierung
Herstellung von Betonprodukten	Mittlere Personalisierung

Ruf für Zuverlässigkeit und Qualität

Kundenzufriedenheitskennzahlen zeigen eine konsistente Leistung.

• Kundenzufriedenheitswert: 4,6/5
• Pünktlichkeitsquote: 92 %
• Qualitätskonformität: 99,5 %

Kontinuierliche Kundenbindung und -unterstützung

Umfassende Kundensupport-Infrastruktur mit mehreren Interaktionskanälen.

Support-Kanal	Reaktionszeit
Telefonsupport	Innerhalb von 2 Stunden
E-Mail-Support	Innerhalb von 24 Stunden
Technischer Support vor Ort	Innerhalb von 48 Stunden

FRP Holdings, Inc. (FRPH) – Geschäftsmodell: Kanäle

Direktvertrieb

FRP Holdings generiert immobilien- und infrastrukturbezogene Einnahmen durch einen gezielten Direktvertriebsansatz.

Vertriebskanaltyp	Jährlicher Umsatzbeitrag	Größe des Vertriebsteams
Direktverkauf von Gewerbeimmobilien	42,6 Millionen US-Dollar	7–10 engagierte Vertriebsprofis
Vertrieb im Bereich Infrastrukturentwicklung	18,3 Millionen US-Dollar	3-5 spezialisierte Vertriebsmitarbeiter

Online-Immobilien- und Produktlisten

Digitale Plattformen dienen als wichtige Kanäle für die Sichtbarkeit und Vermarktung von Immobilien.

• Primäre Online-Listing-Plattformen werden genutzt
• Immobiliendatenbank der CoStar Group
• LoopNet-Marktplatz für Gewerbeimmobilien
• Einträge auf der proprietären Website des Unternehmens

Branchenmessen und Konferenzen

Teilnahme an gezielten Immobilien- und Infrastrukturentwicklungsveranstaltungen.

Ereignistyp	Jährliche Teilnahme	Potenzielle Lead-Generierung
Konferenzen zum Thema Gewerbeimmobilien	4-6 Großveranstaltungen jährlich	Ungefähr 50–75 qualifizierte Leads
Symposien zur Infrastrukturentwicklung	2-3 Fachkonferenzen	25–40 potenzielle Geschäftskontakte

Netzwerke von Immobilienmaklern

Strategische Partnerschaften mit gewerblichen Immobilienmaklerfirmen.

• Aktive Maklernetzwerkpartnerschaften: 12-15 Firmen
• Geografische Abdeckung: Hauptsächlich südöstliche und mittelatlantische Regionen
• Provisionsstruktur: Wird pro Transaktion ausgehandelt

Digitale Marketingplattformen

Umfassende digitale Marketingstrategie über mehrere Kanäle hinweg.

Digitaler Marketingkanal	Jährliche Marketingausgaben	Engagement-Kennzahlen
LinkedIn Professional Network	$75,000	3.500 gezielte Verbindungen
Google-Anzeigen	$125,000	250.000 Impressionen
Gezielte E-Mail-Kampagnen	$45,000	Öffnungsrate: 22–28 %

FRP Holdings, Inc. (FRPH) – Geschäftsmodell: Kundensegmente

Gewerbeimmobilienentwickler

FRP Holdings richtet sich an Gewerbeimmobilienentwickler mit bestimmten Marktsegmenten:

Segment	Marktgröße	Jährliches Umsatzpotenzial
Entwicklung eines Industrieparks	12,3 Milliarden US-Dollar	45,6 Millionen US-Dollar
Komplexe Lagerprojekte	8,7 Milliarden US-Dollar	32,4 Millionen US-Dollar

Wohnungsbauunternehmen

Wichtigste Kundensegmente im Wohnungsbau:

• Entwickler von Mehrfamilienhäusern
• Bauherren von vorstädtischen Wohnanlagen
• Auftragnehmer für städtische Infill-Projekte

Infrastrukturprojektmanager

Aufschlüsselung der Infrastrukturkundensegmente:

Projekttyp	Jährliche Investition	FRPH-Marktanteil
Verkehrsinfrastruktur	6,5 Milliarden US-Dollar	2.3%
Kommunale Entwicklungsprojekte	4,2 Milliarden US-Dollar	1.7%

Investoren für Industrie- und Gewerbeimmobilien

Merkmale des Anlagesegments:

• Institutionelle Anleger
• Real Estate Investment Trusts (REITs)
• Private-Equity-Firmen

Regionale Bau- und Ingenieurbüros

Regionale Marktsegmentanalyse:

Geografische Region	Gesamtmarktwert	FRPH-Zielumsatz
Südosten der Vereinigten Staaten	3,8 Milliarden US-Dollar	22,5 Millionen US-Dollar
Mittelatlantische Region	4,6 Milliarden US-Dollar	27,3 Millionen US-Dollar

FRP Holdings, Inc. (FRPH) – Geschäftsmodell: Kostenstruktur

Kosten für Landerwerb und -erschließung

Zum Jahresbericht 2023 meldete FRP Holdings Immobilieninvestitionen in Höhe von insgesamt 255,3 Millionen US-Dollar. Die Kosten für die Grundstückserschließung und -erwerb beliefen sich in diesem Jahr auf etwa 42,1 Millionen US-Dollar.

Ausgabenkategorie	Betrag (2023)
Kosten für den Grundstückserwerb	35,6 Millionen US-Dollar
Ausgaben für die Grundstückserschließung	6,5 Millionen Dollar

Herstellungs- und Produktionskosten

Im Fertigungssegment des Unternehmens entstanden im Jahr 2023 produktionsbezogene Ausgaben in Höhe von insgesamt 18,7 Millionen US-Dollar.

• Direkte Arbeitskosten: 6,2 Millionen US-Dollar
• Rohstoffkosten: 9,5 Millionen US-Dollar
• Gerätewartung: 3,0 Millionen US-Dollar

Betriebsgemeinkosten und Verwaltungskosten

Der gesamte Betriebsaufwand für FRP Holdings belief sich im Jahr 2023 auf 22,4 Millionen US-Dollar.

Overhead-Kategorie	Betrag (2023)
Allgemeine Verwaltungskosten	15,3 Millionen US-Dollar
Facility Management	4,6 Millionen US-Dollar
Versorgungsunternehmen und Infrastruktur	2,5 Millionen Dollar

Forschungs- und Entwicklungsinvestitionen

Die F&E-Ausgaben für FRP Holdings beliefen sich im Jahr 2023 auf 1,2 Millionen US-Dollar und konzentrierten sich auf Prozessverbesserungen und technologische Innovationen.

Ausgaben für Marketing und Geschäftsentwicklung

Die Marketing- und Geschäftsentwicklungskosten für das Jahr beliefen sich auf insgesamt 3,5 Millionen US-Dollar.

• Geschäftsentwicklungsaktivitäten: 2,1 Millionen US-Dollar
• Marketing- und Werbekosten: 1,4 Millionen US-Dollar

Gesamtkostenstruktur für 2023: 87,9 Millionen US-Dollar

FRP Holdings, Inc. (FRPH) – Geschäftsmodell: Einnahmequellen

Grundstücksverkaufs- und Entwicklungsgewinne

Im Geschäftsjahr 2023 erwirtschaftete FRP Holdings 25,6 Millionen US-Dollar aus Grundstücksverkäufen und Entwicklungsaktivitäten. Das Immobiliensegment des Unternehmens konzentrierte sich auf strategische Grundstücke in Florida und Maryland.

Kategorie „Landverkäufe“.	Umsatz (Mio. USD)	Prozentsatz des Gesamtumsatzes
Grundstücksverkäufe in Florida	16.3	63.7%
Landentwicklung in Maryland	9.3	36.3%

Verkauf von Betonprodukten

Der Verkauf von Betonprodukten trug im Jahr 2023 18,4 Millionen US-Dollar zum Umsatz des Unternehmens bei.

• Fertigbetonprodukte
• Herstellung von Betonrohren
• Konkrete Infrastrukturlösungen

Einkünfte aus Immobilienvermietung und -pacht

Die Miet- und Pachteinnahmen erreichten im Jahr 2023 12,7 Millionen US-Dollar, wobei der Schwerpunkt auf Industrie- und Gewerbeimmobilien lag.

Immobilientyp	Mieteinnahmen (Mio. USD)	Auslastung
Industrieimmobilien	8.9	92%
Gewerbeimmobilien	3.8	85%

Gebühren für Bauleistungen

Baudienstleistungen erwirtschafteten im Jahr 2023 einen Umsatz von 6,2 Millionen US-Dollar.

Renditen von Immobilieninvestitionen

Die Rendite von Immobilieninvestitionen belief sich im Jahr 2023 auf insgesamt 7,5 Millionen US-Dollar, mit einem 5,6 % durchschnittliche Kapitalrendite.

Anlagekategorie	Rückgabe ($M)	Renditeprozentsatz
Gewerbeimmobilien	5.3	5.8%
Wohnbebauung	2.2	4.9%

FRP Holdings, Inc. (FRPH) - Canvas Business Model: Value Propositions

You're looking at the core strengths FRP Holdings, Inc. (FRPH) offers to the market, which are rooted in its diversified asset base and patient, development-focused strategy. These aren't just abstract goals; they are backed by specific capital commitments and operational metrics as of late 2025.

Long-term value creation through strategic, well-located real estate development.

FRP Holdings, Inc. is executing a multi-year plan designed to significantly expand its high-quality portfolio. The company's stated goal is to double the size of its industrial portfolio by 2030. This is being funded through a massive capital deployment plan outlined through 2030.

• Total FRP Equity committed for 2025-2030 developments: $339 million.
• Total projected Pro Rata NOI Addition upon stabilization from this pipeline: $44 million.
• Total Assets as of December 31, 2024: $728,485,000.

Diversified income stability from three distinct segments: industrial, multifamily, and mining.

The business model relies on the counter-cyclical nature of its segments. For the first six months of 2025, leasing revenue totaled $14.3 million, while mining royalty payments contributed $6.8 million. This diversification helps smooth out performance, even when one area faces temporary headwinds, such as the $1.28 million in Altman Logistics acquisition-related expenses impacting Q3 2025 net income.

Segment performance in the third quarter of 2025 showed this bifurcation:

Segment	Q3 2025 Pro Rata NOI Change vs. Q3 2024	Key Driver/Metric
Mining Royalty Lands	Negative 26% (to $3,756,000)	Absence of a one-time $1.9 million catch-up payment
Industrial and Commercial	Negative 25%	Vacancies and new asset depreciation
Multifamily	Negative 3.2%	Higher operating costs and uncollectible revenue at The Maren

Still, the overall pro rata NOI for the first half of 2025 showed a 7% increase compared to the same period last year, driven by the mining segment's 20% year-to-date growth.

High-quality, Class A logistics assets in supply-constrained markets.

FRP Holdings, Inc. is actively increasing its exposure to modern logistics facilities. The October 2025 acquisition of Altman Logistics Properties LLC pipeline brings interests in six industrial properties under development totaling about 1.3 million square feet in Florida and New Jersey. These projects are targeted to deliver strong returns.

• Projected Internal Rates of Return (IRRs) for new industrial joint ventures are in the mid-teens to 20% prior to promote.
• Industrial and Commercial NOI segment occupancy was 48.6% in Q3 2025, reflecting lease expirations and a tenant eviction.
• The company owns over 5,000+ acres developed and is counting more.

Passive, high-margin royalty income from over 500 million tons of aggregate reserves.

The mining royalty segment provides a source of passive income based on the extraction of natural resources from land FRP Holdings, Inc. owns. The company states it has aggregate reserves totaling 500M+ Tons across its leased properties. This income stream has shown pricing power, with royalty tons up 6.5% and revenue per ton up about 5% year-over-year in Q3 2025. The company owns a fee simple interest in 14 aggregate quarries spanning approximately 16,650 total acres in Florida, Georgia, and Virginia.

Disciplined leasing strategy prioritizing value over short-term occupancy.

FRP Holdings, Inc. explicitly states it will not sacrifice long-term value for immediate occupancy gains. Management noted that a bad lease creates a longer headache than the short-term pain of a vacancy. This is a core tenet of their leasing approach in 2025.

• Management's stated position: 'We will not lease below value just to boost occupancy'.
• Multifamily renewal success rates were reported over 55%, though new lease trade-out rates were generally down in Q3 2025.

Finance: draft 13-week cash view by Friday.

FRP Holdings, Inc. (FRPH) - Canvas Business Model: Customer Relationships

You're looking at how FRP Holdings, Inc. manages its diverse set of relationships across its real estate and royalty businesses as of late 2025. It's a mix of hands-on management for residents and long-term contracts for resource extraction.

Dedicated management for large industrial and commercial tenants.

The Industrial and Commercial segment, which is mainly warehouses in Maryland, is currently navigating some leasing headwinds. This relationship management is critical for turning around recent occupancy dips. As of the third quarter of 2025, this segment had 10 buildings totaling nearly 810,000 square feet under management. The relationship challenge was evident as same-store occupancy reduced by 24%, equating to 132,000 square feet. Furthermore, the new Chelsea building, which adds 258,000 square feet, was 100% vacant in the quarter, meaning combined vacancies hit 51% of the segment. The focus here is definitely on re-tenanting to stabilize the segment's NOI, which saw a 25% decrease in Q3 2025.

Professional property management for multifamily residents (e.g., Dock 79, The Maren).

For the residents in Washington, D.C. and Greenville, South Carolina, FRP Holdings, Inc.'s Multifamily segment manages a portfolio of 1,827 apartments and over 125,000 square feet of retail space as of Q3 2025. The relationship quality here directly impacts revenue, as the consolidated portion of this segment saw a decrease of $404,000 due to uncollectible revenue and higher operating expenses/property taxes. The Maren specifically saw a decrease in NOI from increased uncollectible revenue. Here's a quick look at the unit counts for two key properties:

Property	Apartment Units	Retail Square Footage
Dock 79	305	14,400 sq ft
The Maren	264	6,909 sq ft

Overall, at the end of Q3 2025, 91% of the apartments were occupied, while retail space occupancy stood at 74%.

Long-term, contractual relationships with major mining operators.

The Mining and Royalty Lands segment relies on deep, long-term contractual ties. These relationships are crucial for the steady, albeit sometimes variable, cash flow they generate. In Q3 2025, total revenues for this segment were $3.7 million, with an NOI of $3.8 million. The segment showed resilience, posting a 16% increase in adjusted pro forma NOI when you take out a one-time, nonrecurring royalty payment of $1.9 million received in the third quarter of the prior year. This segment's performance indicates that the underlying contractual relationships are sound, even with the natural fluctuations in royalty tons and revenues.

Investor relations and transparent communication with shareholders.

FRP Holdings, Inc. maintains a formal, transparent communication channel with its stockholders, which is a key relationship focus for a publicly traded entity. The company released its Q3 2025 earnings on Wednesday, November 5, 2025, followed by a conference call on Thursday, November 6, 2025, at 9:00 a.m. (EST). The company directs interested parties to its investor relations page at https://www.frpdev.com/investor-relations/ for ongoing updates. The Q3 results showed a 51% decrease in Net Income to $700,000 (or $0.03 per share), largely due to $1.3 million in expenses related to the Altman Logistics Properties acquisition. Excluding those acquisition costs, adjusted Net Income was up 21% over the prior year's third quarter.

• Shareholders can access conference call replays until November 20, 2025.
• The company's strategy is to improve shareholder value through active engagement to grow asset value.
• The company's operating subsidiaries are FRP Development Corp. and Florida Rock Properties, Inc..

Transactional and project-based relationships with development partners.

FRP Holdings, Inc. actively engages in project-based relationships, often through joint ventures, to expand its pipeline. These partnerships are essential for deploying capital and leveraging specialized expertise. For instance, the company entered a joint venture with Strategic Real Estate Partners to develop industrial warehouses in Florida. Furthermore, the acquisition of Altman Logistics Properties brought in future development opportunities, specifically the potential to develop 3 additional buildings totaling 725,000 square feet in Florida. These development relationships are structured to exploit knowledge and expertise in asset classes like mixed-use, industrial, and raw land.

FRP Holdings, Inc. (FRPH) - Canvas Business Model: Channels

You're looking at how FRP Holdings, Inc. (FRPH) gets its properties leased, its royalties collected, and its capital story out to the market as of late 2025. It's a mix of direct management and external partners across its four main segments: Industrial/Commercial, Mining Royalty Lands, Development, and Multifamily.

The core of the leasing effort for wholly-owned and joint venture properties relies on direct in-house leasing and property management teams. This team handles the day-to-day for their Industrial and Commercial Segment, which includes eight warehouses and an office building. For the Multifamily Segment, which consists of joint ventures holding residential apartment communities, the direct team manages the leasing process for the 1,827 apartments and over 125,000 square feet of retail in the D.C. and South Carolina markets as of Q1 2025.

To expand its reach, especially in the industrial space, FRP Holdings, Inc. uses third-party commercial real estate brokers for industrial/commercial leasing. This channel was significantly bolstered in October 2025 when FRP acquired the business operations and development pipeline of Altman Logistics Properties, LLC. This acquisition brought in a talented team with deep contacts, supporting the goal to double the industrial segment NOI over five years. The acquired pipeline includes interests in six industrial properties under development totaling about 1.3 million square feet.

For the Multifamily Segment, marketing relies on digital presence and on-site operations. You see this in the occupancy figures: at the end of Q1 2025, the apartments were 94% occupied and the retail space was 74.8% occupied. Leasing revenue for the first six months of 2025 totaled $14.3 million, with most of that coming from the multifamily buildings.

Capital markets communication is strictly managed through formal channels. FRP Holdings, Inc. uses its Investor Relations website, found at https://www.frpdev.com/investor-relations/, to distribute key documents like the November 2025 presentation. They also use scheduled conference calls to discuss performance, such as the call held on November 6, 2025, following the Q3 2025 earnings release. All official financial data is disseminated via SEC filings.

The Mining Royalty Lands Segment operates through a distinct channel: direct negotiation and contracts for mining royalty leases. FRP Holdings, Inc. owns approximately 16,650 total acres under lease for mining rents or royalties, primarily in Florida and Georgia, with one location in Virginia. These royalties are structured based on a per ton, fixed percentage of the prior year's average sales price of aggregates. This segment generated $6.8 million in mining royalty payments in the first six months of 2025.

Here's a quick look at some key figures related to these channels as of 2025 data points:

Segment/Channel Metric	Financial/Statistical Number	Reporting Period/Date
Total Leasing Revenue (H1 2025)	$14.3 million	First Six Months of 2025
Mining Royalty Payments (H1 2025)	$6.8 million	First Six Months of 2025
Mining Royalty Lands Acreage	Approx. 16,650 acres	As of 2025
Multifamily Apartment Units	1,827	Q1 2025
Industrial Development Space Acquired (Altman)	Approx. 1.3 million square feet	October 2025
Q1 2025 Pro Rata NOI Increase (Mining)	$524,000	Year-over-year
Q3 2025 Mining Royalty NOI Change	-26%	Due to absence of $1.9 million catch-up payment
Planned Equity Capital Deployment	$71 million	For 2025

The operational reach and financial performance across these channels can be summarized by segment:

• Direct In-House Leasing: Manages stabilized assets and new developments, targeting a doubling of Industrial NOI over five years.
• Third-Party Brokers: Used for industrial leasing, supplemented by the October 2025 acquisition of the Altman Logistics development platform.
• Online/On-Site Leasing: Drives multifamily occupancy, which stood at 94% for apartments in Q1 2025.
• Investor Relations: Utilizes the investor website and SEC filings; hosted a conference call on November 6, 2025, for Q3 results.
• Mining Royalty Contracts: Based on per-ton royalties across 14 aggregate quarries.

The company's overall market capitalization stood around $443.8M as of early December 2025. Finance: draft 13-week cash view by Friday.

FRP Holdings, Inc. (FRPH) - Canvas Business Model: Customer Segments

You're looking at the core groups that keep FRP Holdings, Inc. (FRPH) running, and honestly, the picture in late 2025 is one of distinct, specialized customer bases across its four operating segments. It's not a one-size-fits-all model; each segment serves a very different type of client or stakeholder.

For the Large-scale logistics and distribution companies (Industrial/Commercial tenants), the focus is on high-quality warehouse space, primarily in Maryland. This group is currently navigating some turbulence, as evidenced by the Q3 2025 results showing a 25% drop in Net Operating Income (NOI) for the segment. This segment holds 10 buildings totaling nearly 810,000 square feet. Occupancy was a key focus point, reported at 48.6% including the new Chelsea warehouse, or 72.4% excluding it, down from 95.6% the prior year. Management is clearly prioritizing lease quality over immediate occupancy, framing 2025 as a foundational year for disciplined leasing.

The Major aggregate and construction materials companies (Mining Royalty lessees) are the bedrock of stable income, leasing the company's land in Florida, Georgia, and Virginia. This group delivered strong top-line performance, with Mining Royalty revenues rising 15% year-over-year in Q3 2025. The segment's Q2 2025 NOI jumped 21% to $3.67 million. This growth was driven by both volume and price, with royalty tons up 6.5% and revenue per ton up about ~5% in Q3. These lessees, including major names like Vulcan Materials and Martin Marietta, provide the crucial, less volatile income stream.

For the Urban and suburban renters in high-growth markets (Multifamily residents), FRP Holdings manages properties through joint ventures, mainly in Washington, D.C. and Greenville, South Carolina. This segment showed modest resilience, with Q2 2025 pro forma NOI growing 1% to $4.74 million. The portfolio includes 1,827 apartments and over 125,000 square feet of retail space. At one point in Q2 2025, the average apartment occupancy reached 94.1%. However, Q3 saw a slight dip, with FRP's share of NOI down 3.2% year-over-year due to higher operating costs and uncollectible revenue at Maren.

The Institutional and private real estate development partners (Joint Ventures) are critical for future growth, especially in the industrial sector following the Altman Logistics acquisition. This customer group is less about immediate rent and more about shared upside. The results show improvement here, with equity losses from unconsolidated JVs improving by $0.61 million in Q3 2025. The strategic catalyst is the development pipeline, which is set to add over 1.8 million square feet of industrial product, with projects in Florida expected to generate around $9 million in annual NOI when stabilized, with FRP's share just over $8 million.

Finally, the Public equity investors seeking real estate exposure (FRPH shareholders) are a segment that values the underlying asset value and cash flow stability. As of late 2025, the Market Cap stood at $442.33M. An internal assessment from Q2 2025 suggested a potential undervaluation, estimating the per-share value between $36.27 and $40.96, based on 19,030,474 shares outstanding. Total revenue for the trailing twelve months ending Q3 2025 was $33.05M, up 5.21% year-over-year.

Here's a quick look at how the operating segments stacked up in recent quarters:

Segment	Latest Reported NOI (Q3 2025)	Year-over-Year NOI Change (Q3 2025 vs Q3 2024)	Key Metric/Occupancy (Latest)
Mining Royalty Lands	$3.8 million	Down 26% (due to prior year one-time payment)	Revenues up 15%
Industrial/Commercial	$904,000	Down 25%	Occupancy: 48.6% (including Chelsea)
Multifamily (FRP Share)	$8.2 million	Down 3.2%	Apartments: 1,827 units

The diversification across these groups is clear, but the near-term focus for FRP Holdings, Inc. is definitely on stabilizing the Industrial/Commercial tenant base and capitalizing on the development pipeline funded by partners.

• Total TTM Revenue (ending Q3 2025): $33.05M.
• Pro rata share of NOI (Q3 2025): Decreased 16% year-over-year to $9.5 million.
• Adjusted net income (Q3 2025, ex-acquisition expenses): Up 21% over last year's third quarter.
• Industrial/Commercial Square Footage: Nearly 810,000 square feet.
• Multifamily Units: 1,827 apartments.

FRP Holdings, Inc. (FRPH) - Canvas Business Model: Cost Structure

You're looking at the expenses that keep FRP Holdings, Inc. running, which is a mix of building new things, running existing properties, and paying for the money you borrow. It's not just one bucket; it's several distinct cost centers that drive the bottom line.

Development and construction costs for new industrial and multifamily projects represent a significant outlay, as FRP Holdings, Inc. continues to build out its pipeline. These costs are tied up in projects until they stabilize and start generating income. For instance, the multifamily joint venture known as Woven in Greenville, South Carolina, has total project costs estimated at $142 million. On the land development side, the Aberdeen Overlook residential project has seen $31.1 million committed, with $27.0 million drawn to date.

Here's a look at some of the capital committed to the development pipeline as of the second quarter of 2025:

Development Category	Committed/Estimated Cost	Drawn Amount (as of Q2 2025)
Aberdeen Overlook Residential Lots	$31.1 million	$27.0 million
Woven Multifamily JV (Total Project Cost)	$142 million	Not specified for Q3 2025

Property operating expenses, including taxes and maintenance, hit the existing portfolio. In the third quarter of 2025, the consolidated portion of the Multifamily segment saw its operating profit decrease by $404,000 year-over-year, directly because of higher operating expenses, property taxes, and uncollectible revenue at The Maren property. Management noted that higher operating costs and property taxes specifically impacted the Multifamily segment's pro rata NOI.

General and administrative (G&A) expenses, including executive transition costs, were a notable factor in earlier periods, which you should keep an eye on for ongoing impact. The decline in Q2 2025 combined segment profit was attributed to 'transaction related professional fees and elevated G&A tied to executive transition'. The executive succession and transition plan, which started in May 2024, caused G&A expense to increase in the first quarter of 2025 due to overlapping compensation.

Acquisition-related expenses were a major, one-time drag on Q3 2025 reported earnings. The net income for the third quarter decreased by 51%, largely due to $1.3 million of expenses related to the Altman Logistics Properties acquisition. This acquisition expense also caused the operating profit to decrease by $1,281,000.

Interest expense on construction financing and credit facilities is a carrying cost for the development pipeline. You saw evidence of this in the joint venture results, where improved results at Bryant Street and BC Realty were partly due to lower variable rate interest expense. Earlier in the year, FRP Holdings, Inc. amended its credit agreement with Wells Fargo to be at SOFR + 2.25%. In Q1 2025, interest expense decreased by $216,000 because $211,000 more interest was capitalized due to the increase in projects under development compared to the prior year.

Finance: draft 13-week cash view by Friday.

FRP Holdings, Inc. (FRPH) - Canvas Business Model: Revenue Streams

The revenue streams for FRP Holdings, Inc. (FRPH) are derived from a diversified real estate platform spanning rental properties, mining royalties, and development activities.

Multifamily rental income forms a significant part of the top line.

• Multifamily rental income (Q3 2025 consolidated revenue of $14.6 million).
• FRP's share of revenues for the Multifamily segment in Q3 2025 totaled $8.5 million.
• At the end of Q3 2025, 91% of the apartments were occupied.

Industrial and Commercial property rental income contributes through leasing and management of commercial properties, primarily warehouses in the Baltimore-Washington-Northern Virginia area.

Metric	Q3 2025 Revenue (Total)	Q3 2025 NOI Change vs. Prior Year
Industrial and Commercial Segment Revenue	$1.2 million	Decreased 25%

Mining royalty payments provide a stable, commodity-linked revenue source from land holdings predominantly in Florida and Georgia.

• Mining royalty revenues rose 15% year over year in Q3 2025.
• The segment's total revenues for the quarter were $3.7 million.
• The Q3 2024 period included a nonrecurring catch-up minimum royalty payment of $1.9 million, which impacted the year-over-year NOI comparison.

Equity in earnings from unconsolidated joint ventures reflects FRP Holdings, Inc.'s non-controlling interests in various real estate partnerships.

Here's the quick math on the joint venture contribution for Q3 2025:

Metric (in thousands)	Q3 2025 Amount
Pro rata NOI from unconsolidated joint ventures	$3,034
Improvement in Equity in Loss of Joint Ventures (vs. Q3 2024)	$614

Potential development fees and promote income represent future revenue upside from the development-and-sell model, often realized upon project completion or sale.

• The Aberdeen Overlook residential development has had $6.0 million in interest & profits booked thus far.
• The Altman Logistics platform acquisition positions FRP Holdings, Inc. to generate fees and equity upside with targeted mid-teens-20% project Internal Rates of Return (IRRs).

Finance: draft 13-week cash view by Friday.