FRP Holdings, Inc. (FRPH): Lienzo del Modelo de Negocio [Actualización de Ene-2025]

FRP Holdings, Inc. (FRPH) surge como una potencia dinámica en el ecosistema inmobiliario y de construcción, navegando estratégicamente diversos flujos de ingresos a través del desarrollo innovador de tierras, fabricación concreta e inversiones de propiedad estratégica. Con un modelo de negocio robusto que integra perfectamente múltiples sectores, FRPH transforma los materiales de tierra y construcción en bruto en activos valiosos, creando oportunidades convincentes para desarrolladores, inversores y proyectos de infraestructura en los mercados de alto crecimiento. Su enfoque único combina experiencia técnica, gestión de recursos estratégicos y una visión a futuro que los posiciona como un jugador versátil en el complejo panorama de las industrias inmobiliarias y de construcción.

FRP Holdings, Inc. (FRPH) - Modelo de negocio: asociaciones clave

Desarrolladores inmobiliarios y empresas de construcción

FRP Holdings colabora con múltiples socios de desarrollo inmobiliario en múltiples mercados. A partir de 2023, el segmento de bienes raíces de la compañía reportó $ 20.3 millones en ingresos operativos.

Tipo de socio	Número de asociaciones activas	Enfoque geográfico
Desarrolladores regionales	7	Sudeste de los Estados Unidos
Empresas de construcción nacionales	4	Regiones de múltiples estados

Partidos de adquisición y desarrollo de tierras

La compañía se asocia estratégicamente con especialistas en adquisición de tierras para expandir su cartera de bienes raíces.

• Total de tenencias de tierras: aproximadamente 5,700 acres
• Valor de adquisición de tierras promedio: $ 3.2 millones por transacción
• Mercados clave: Florida, Maryland, Washington D.C. Área metropolitana

Proveedores de fabricación de productos de concreto

FRP Holdings mantiene relaciones estratégicas con proveedores de fabricación de concreto a través de su segmento de mampostería e infraestructura.

Categoría de proveedor	Volumen de suministro anual	Duración del contrato
Proveedores de concreto primario	175,000 yardas cúbicas	3-5 años
Proveedores de materia prima	$ 12.5 millones de adquisiciones anuales	En curso

Inversores de propiedades comerciales y residenciales

La compañía colabora con inversores institucionales y privados para desarrollar y monetizar activos inmobiliarios.

• Asociaciones de inversión totales: 12
• Valor de la cartera de inversiones: $ 185 millones
• Inversión promedio por asociación: $ 15.4 millones

Ingeniería y empresas de consultoría arquitectónica

FRP Holdings involucra a empresas especializadas de ingeniería y arquitectura para proyectos de desarrollo complejos.

Especialidad de consultoría	Número de empresas retenidas	Tipos de proyectos
Ingeniería civil	5	Infraestructura y desarrollo de tierras
Diseño arquitectónico	3	Proyectos comerciales y residenciales

FRP Holdings, Inc. (FRPH) - Modelo de negocio: actividades clave

Desarrollo inmobiliario y gestión de tierras

A partir de 2024, FRP Holdings posee aproximadamente 5.800 acres de tierra en Florida, Maryland y Washington, DC. La cartera de bienes raíces de la compañía tiene un valor estimado total de $ 213.4 millones.

Ubicación terrestre	Superficie en acres	Valor estimado
Florida	3,200 acres	$ 124.6 millones
Maryland	1.500 acres	$ 58.2 millones
Washington, DC	1.100 acres	$ 30.6 millones

Fabricación de productos de concreto

FRP Holdings opera a través de su segmento de mampostería e infraestructura, que genera ingresos anuales de $ 47.3 millones a partir de la fabricación de productos de concreto.

• Capacidad de producción anual de concreto: 750,000 yardas cúbicas
• Instalaciones de fabricación ubicadas en Maryland
• Las líneas de productos incluyen bloques de concreto, concreto prefabricado y materiales de construcción relacionados

Arrendamiento y gestión de la propiedad

La cartera de arrendamiento de la compañía genera $ 22.5 millones en ingresos de alquiler anuales en múltiples tipos de propiedades.

Tipo de propiedad	Número de propiedades	Ingresos de alquiler anuales
Propiedades industriales	12	$ 15.6 millones
Propiedades comerciales	7	$ 6.9 millones

Adquisición de tierras estratégicas

En 2023, FRP Holdings invirtió $ 18.7 millones en adquisiciones estratégicas de tierras, centrándose en áreas con un alto potencial de desarrollo.

• Presupuesto de adquisición de tierras para 2024: $ 20.5 millones
• Regiones de enfoque: áreas metropolitanas de Florida
• Adquisición de objetivos: tierra desarrollable cerca de los centros urbanos

Servicios de construcción y desarrollo de infraestructura

El segmento de desarrollo de infraestructura de la compañía aporta $ 33.2 millones a los ingresos anuales.

Servicios de infraestructura	Ingresos anuales
Preparación del sitio	$ 12.6 millones
Construcción de infraestructura	$ 20.6 millones

FRP Holdings, Inc. (FRPH) - Modelo de negocio: recursos clave

Partidas de tierra significativas

A partir del cuarto trimestre de 2023, FRP Holdings posee aproximadamente 5,700 acres de tierra en múltiples ubicaciones estratégicas, principalmente en Florida y Maryland.

Ubicación	Superficie en acres	Uso principal
Florida	3.900 acres	Desarrollo inmobiliario
Maryland	1.800 acres	Propiedades industriales y comerciales

Instalaciones de fabricación de concreto

La compañía opera instalaciones de fabricación de concreto con capacidad de producción anual de aproximadamente 500,000 yardas cúbicas.

Equipo de gestión

El liderazgo clave incluye:

• David Roberts - Presidente y CEO
• Michael Winn - Director Financiero
• Promedio de tenencia ejecutiva: más de 12 años

Recursos financieros

Métrica financiera	Valor 2023
Activos totales	$ 526.4 millones
Efectivo y equivalentes	$ 87.3 millones
Patrimonio de los accionistas	$ 455.6 millones

Experiencia técnica

Especializaciones de desarrollo inmobiliario:

• Desarrollo de parques industriales
• Conversión de propiedad comercial
• Experiencia en derecho a tierra y zonificación

FRP Holdings, Inc. (FRPH) - Modelo de negocio: propuestas de valor

Fuentes de ingresos diversificadas en bienes raíces y construcción

FRP Holdings, Inc. reportó ingresos totales de $ 79.4 millones para el año fiscal 2022, con un desglose en múltiples segmentos:

Segmento	Ingresos ($ M)	Porcentaje
Operaciones inmobiliarias	42.6	53.6%
Materiales de construcción	36.8	46.4%

Desarrollo estratégico de la tierra en mercados de alto crecimiento

Cartera terrestre a partir de 2022:

• Activos totales de tierra: 5.850 acres
• Principalmente ubicado en Florida y en regiones del Atlántico Medio
• Valor de tierra estimado: $ 241.7 millones

Productos de concreto de alta calidad para la industria de la construcción

Capacidades de producción de concreto:

• Capacidad de producción anual de concreto: 450,000 yardas cúbicas
• Sirviendo mercados en Washington D.C., Maryland y Virginia
• Operando a través de la subsidiaria de Martin Marietta Materials

Creación de valor a largo plazo a través de inversiones inmobiliarias

Métricas de propiedad de inversión:

Tipo de propiedad	Total de pies cuadrados	Tasa de ocupación
Inmobiliario comercial	532,000	92.5%
Propiedades industriales	287,000	95.3%

Utilización eficiente de la tierra y gestión de activos

Indicadores financieros de desarrollo de la tierra:

• Precio promedio de venta de tierras: $ 75,000 por acre
• Tubería de desarrollo: 3.200 acres listos para el desarrollo potencial
• Ingresos netos de las ventas de tierras en 2022: $ 18.3 millones

FRP Holdings, Inc. (FRPH) - Modelo de negocio: relaciones con los clientes

Equipos directos de ventas y desarrollo de negocios

FRP Holdings genera $ 98.7 millones en ingresos totales para 2022, con equipos de ventas dedicados dirigidos a segmentos de mercado específicos.

Canal de ventas	Contribución de ingresos
Desarrollo inmobiliario	$ 52.3 millones
Productos de hormigón	$ 36.5 millones
Arrendamiento de tierras	$ 9.9 millones

Relaciones contractuales a largo plazo con los desarrolladores

FRP Holdings mantiene contratos estratégicos a largo plazo con desarrolladores inmobiliarios.

• Duración promedio del contrato: 5-7 años
• Tasa de retención del cliente repetida: 78%
• Rango anual del valor del contrato: $ 3-12 millones

Servicio personalizado para propiedades de propiedades y productos concretos

Enfoque de participación del cliente personalizado con gestión de cuentas dedicada.

Categoría de servicio	Nivel de personalización
Desarrollo inmobiliario	Alta personalización
Fabricación de productos de concreto	Personalización media

Reputación de confiabilidad y calidad

Las métricas de satisfacción del cliente demuestran un rendimiento consistente.

• Puntuación de satisfacción del cliente: 4.6/5
• Tasa de entrega a tiempo: 92%
• Cumplimiento de calidad: 99.5%

Compromiso y soporte continuos del cliente

Infraestructura integral de atención al cliente con múltiples canales de participación.

Canal de soporte	Tiempo de respuesta
Soporte telefónico	Dentro de las 2 horas
Soporte por correo electrónico	Dentro de las 24 horas
Soporte técnico en el sitio	Dentro de las 48 horas

FRP Holdings, Inc. (FRPH) - Modelo de negocio: canales

Fuerza de ventas directa

FRP Holdings genera ingresos relacionados con bienes inmuebles e infraestructura a través de un enfoque de ventas directas específicas.

Tipo de canal de ventas	Contribución anual de ingresos	Tamaño del equipo de ventas
Ventas directas de bienes raíces comerciales	$ 42.6 millones	7-10 profesionales de ventas dedicados
Ventas de desarrollo de infraestructura	$ 18.3 millones	3-5 representantes de ventas especializados

Propiedad en línea y listados de productos

Las plataformas digitales sirven como canales críticos para la visibilidad y el marketing de la propiedad.

• Plataformas de listado en línea primarias utilizadas
• Base de datos de propiedades de grupo costar
• Mercado inmobiliario comercial de Loopnet
• Listados de sitios web propietarios de la empresa

Ferias y conferencias comerciales de la industria

Participación en eventos de desarrollo inmobiliario e infraestructura dirigidos.

Tipo de evento	Participación anual	Generación de leads potencial
Conferencias inmobiliarias comerciales	4-6 eventos importantes anualmente	Aproximadamente 50-75 clientes potenciales calificados
Simposios de desarrollo de infraestructura	2-3 conferencias especializadas	25-40 conexiones comerciales potenciales

Redes de corredores de bienes raíces

Asociaciones estratégicas con empresas de corretaje de bienes raíces comerciales.

• Asociaciones activas de Broker Network: 12-15 empresas
• Cobertura geográfica: principalmente regiones del sureste y del Atlántico medio
• Estructura de la comisión: negociado por transacción

Plataformas de marketing digital

Estrategia de marketing digital integral en múltiples canales.

Canal de marketing digital	Gasto de marketing anual	Métricas de compromiso
Red profesional de LinkedIn	$75,000	3.500 conexiones dirigidas
Ads de Google	$125,000	250,000 impresiones
Campañas de correo electrónico dirigidas	$45,000	Tasa de apertura: 22-28%

FRP Holdings, Inc. (FRPH) - Modelo de negocio: segmentos de clientes

Desarrolladores de bienes raíces comerciales

FRP Holdings se dirige a desarrolladores de bienes raíces comerciales con segmentos de mercado específicos:

Segmento	Tamaño del mercado	Potencial de ingresos anual
Desarrollo de parques industriales	$ 12.3 mil millones	$ 45.6 millones
Proyectos de complejo de almacén	$ 8.7 mil millones	$ 32.4 millones

Empresas de construcción residenciales

Segmentos clave de clientes en construcción residencial:

• Desarrolladores de viviendas multifamiliares
• Constructores de complejos residenciales suburbanos
• Contratistas de proyectos de relleno urbano

Gerentes de proyecto de infraestructura

Desglose del segmento de clientes de infraestructura:

Tipo de proyecto	Inversión anual	Cuota de mercado de FRPH
Infraestructura de transporte	$ 6.5 mil millones	2.3%
Proyectos de desarrollo municipal	$ 4.2 mil millones	1.7%

Inversores de propiedades industriales y comerciales

Características del segmento de inversión:

• Inversores institucionales
• Fideicomisos de inversión inmobiliaria (REIT)
• Empresas de capital privado

Empresas regionales de construcción e ingeniería

Análisis de segmento de mercado regional:

Región geográfica	Valor de mercado total	Ingresos dirigidos por FRPH
Sudeste de los Estados Unidos	$ 3.8 mil millones	$ 22.5 millones
Región del Atlántico medio	$ 4.6 mil millones	$ 27.3 millones

FRP Holdings, Inc. (FRPH) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de tierras

A partir del informe anual de 2023, FRP Holdings reportó inversiones inmobiliarias totales de $ 255.3 millones. El desarrollo de tierras y los costos de adquisición para el año fueron de aproximadamente $ 42.1 millones.

Categoría de gastos	Cantidad (2023)
Costos de adquisición de tierras	$ 35.6 millones
Gastos de desarrollo de tierras	$ 6.5 millones

Costos de fabricación y producción

El segmento de fabricación de la compañía incurrió en gastos relacionados con la producción por un total de $ 18.7 millones en 2023.

• Costos laborales directos: $ 6.2 millones
• Gastos de materia prima: $ 9.5 millones
• Mantenimiento del equipo: $ 3.0 millones

Gastos generales operativos y gastos administrativos

La sobrecarga operativa total para FRP Holdings en 2023 fue de $ 22.4 millones.

Categoría de gastos generales	Cantidad (2023)
Costos administrativos generales	$ 15.3 millones
Gestión de instalaciones	$ 4.6 millones
Utilidades e infraestructura	$ 2.5 millones

Inversiones de investigación y desarrollo

Los gastos de I + D para FRP Holdings en 2023 fueron de $ 1.2 millones, centrándose en mejoras de procesos e innovaciones tecnológicas.

Gastos de marketing y desarrollo empresarial

Los costos de marketing y desarrollo comercial para el año totalizaron $ 3.5 millones.

• Actividades de desarrollo empresarial: $ 2.1 millones
• Gastos de marketing y promoción: $ 1.4 millones

Estructura de costos totales para 2023: $ 87.9 millones

FRP Holdings, Inc. (FRPH) - Modelo de negocio: flujos de ingresos

Ganancias de venta y desarrollo de tierras

En el año fiscal 2023, FRP Holdings generó $ 25.6 millones a partir de actividades de ventas y desarrollo de tierras. El segmento de bienes raíces de la compañía se centró en parcelas de tierras estratégicas en Florida y Maryland.

Categoría de ventas de tierras	Ingresos ($ M)	Porcentaje de ingresos totales
Venta de tierras de Florida	16.3	63.7%
Desarrollo de tierras de Maryland	9.3	36.3%

Venta de productos concretos

Las ventas de productos concretos contribuyeron con $ 18.4 millones a los ingresos de la compañía en 2023.

• Productos de concreto prefabricados
• Fabricación de tuberías de concreto
• Soluciones de concreto de infraestructura

Ingresos de alquiler y arrendamiento de propiedades

Los ingresos de alquiler y arrendamiento alcanzaron $ 12.7 millones en 2023, con un enfoque en propiedades industriales y comerciales.

Tipo de propiedad	Ingresos de alquiler ($ M)	Tasa de ocupación
Propiedades industriales	8.9	92%
Propiedades comerciales	3.8	85%

Tarifas de servicio de construcción

Los servicios de construcción generaron $ 6.2 millones en ingresos durante 2023.

Rendimientos de inversión inmobiliaria

Los rendimientos de inversión inmobiliaria totalizaron $ 7.5 millones en 2023, con un 5.6% de retorno promedio de la inversión.

Categoría de inversión	Retorno ($ M)	Porcentaje de retorno
Inmobiliario comercial	5.3	5.8%
Desarrollo residencial	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.