FRP Holdings, Inc. (FRPH): Business Model Canvas [Jan-2025 Mise à jour]

FRP Holdings, Inc. (FRPH) apparaît comme une centrale dynamique dans l'écosystème immobilier et de construction, naviguant stratégiquement divers sources de revenus grâce à un développement foncier innovant, à la fabrication concrets et à des investissements immobiliers stratégiques. Avec un modèle commercial robuste qui intègre de manière transparente plusieurs secteurs, FRPH transforme les terres brutes et les matériaux de construction en actifs précieux, créant des opportunités convaincantes pour les développeurs, les investisseurs et les projets d'infrastructure sur des marchés à forte croissance. Leur approche unique mélange l'expertise technique, la gestion stratégique des ressources et une vision avant-gardiste qui les positionne comme un acteur polyvalent dans le paysage complexe des industries immobilières et de la construction.

FRP Holdings, Inc. (FRPH) - Modèle commercial: partenariats clés

Promoteurs immobiliers et entreprises de construction

FRP Holdings collabore avec plusieurs partenaires de développement immobilier sur plusieurs marchés. En 2023, le segment immobilier de la société a déclaré 20,3 millions de dollars de bénéfice d'exploitation.

Type de partenaire	Nombre de partenariats actifs	Focus géographique
Développeurs régionaux	7	Sud-est des États-Unis
Entreprises de construction nationales	4	Régions multi-états

Partenaires d'acquisition et de développement des terres

La société s'associe stratégiquement aux spécialistes de l'acquisition de terrains pour étendre son portefeuille immobilier.

• Total des terres: environ 5 700 acres
• Valeur moyenne d'acquisition de terrains: 3,2 millions de dollars par transaction
• Marchés clés: Floride, Maryland, Washington D.C.

Produits en béton Félicitations de fabrication

FRP Holdings entretient des relations stratégiques avec des fournisseurs de fabrication de béton via son segment de maçonnerie et d'infrastructure.

Catégorie des fournisseurs	Volume de l'offre annuelle	Durée du contrat
Fournisseurs en béton primaires	175 000 verges cubes	3-5 ans
Vendeurs de matières premières	12,5 millions de dollars d'approvisionnement annuel	En cours

Investisseurs immobiliers commerciaux et résidentiels

La société collabore avec des investisseurs institutionnels et privés pour développer et monétiser les actifs immobiliers.

• Partenariats totaux d'investissement: 12
• Valeur du portefeuille d'investissement: 185 millions de dollars
• Investissement moyen par partenariat: 15,4 millions de dollars

Cabinets d'ingénierie et de conseil en architecture

FRP Holdings engage des cabinets d'ingénierie et d'architectes spécialisés pour des projets de développement complexes.

Spécialité de conseil	Nombre d'entreprises conservées	Types de projet
Génie civil	5	Infrastructure et développement des terres
Design architectural	3	Projets commerciaux et résidentiels

FRP Holdings, Inc. (FRPH) - Modèle d'entreprise: activités clés

Développement immobilier et gestion des terres

En 2024, FRP Holdings possède environ 5 800 acres de terres à travers la Floride, le Maryland et Washington, DC. Le portefeuille immobilier de la société a une valeur totale estimée de 213,4 millions de dollars.

Emplacement des terres	Superficie	Valeur estimée
Floride	3 200 acres	124,6 millions de dollars
Maryland	1 500 acres	58,2 millions de dollars
Washington, DC	1 100 acres	30,6 millions de dollars

Fabrication de produits en béton

FRP Holdings opère dans son segment de maçonnerie et d'infrastructure, qui génère un chiffre d'affaires annuel de 47,3 millions de dollars de la fabrication de produits en béton.

• Capacité de production annuelle en béton: 750 000 verges cubes
• Installations de fabrication situées dans le Maryland
• Les gammes de produits comprennent des blocs de béton, du béton préfabriqué et des matériaux de construction connexes

Location et gestion immobilières

Le portefeuille de location de la société génère 22,5 millions de dollars de revenus de location annuels sur plusieurs types de propriétés.

Type de propriété	Nombre de propriétés	Revenus de location annuels
Propriétés industrielles	12	15,6 millions de dollars
Propriétés commerciales	7	6,9 millions de dollars

Acquisition stratégique des terres

En 2023, FRP Holdings a investi 18,7 millions de dollars dans les acquisitions stratégiques des terres, en se concentrant sur des zones à forte potentiel de développement.

• Budget d'acquisition de terres pour 2024: 20,5 millions de dollars
• Régions d'intervention: zones métropolitaines de la Floride
• Acquisition cible: terrains à développement près des centres urbains

Services de construction et développement des infrastructures

Le segment de développement des infrastructures de la société contribue à 33,2 millions de dollars aux revenus annuels.

Services d'infrastructure	Revenus annuels
Préparation du site	12,6 millions de dollars
Construction des infrastructures	20,6 millions de dollars

FRP Holdings, Inc. (FRPH) - Modèle d'entreprise: Ressources clés

Constructions foncières importantes

Depuis le quatrième trimestre 2023, FRP Holdings détient environ 5 700 acres de terres sur plusieurs emplacements stratégiques, principalement en Floride et au Maryland.

Emplacement	Superficie	Utilisation primaire
Floride	3 900 acres	Développement immobilier
Maryland	1 800 acres	Propriétés industrielles et commerciales

Installations de fabrication en béton

La société exploite des installations de fabrication en béton avec une capacité de production annuelle d'environ 500 000 verges cubes.

Équipe de direction

Le leadership clé comprend:

• David Roberts - Président et chef de la direction
• Michael Winn - directeur financier
• Pureur exécutif moyen: plus de 12 ans

Ressources financières

Métrique financière	Valeur 2023
Actif total	526,4 millions de dollars
Espèce et équivalents	87,3 millions de dollars
Capitaux propres des actionnaires	455,6 millions de dollars

Expertise technique

Spécialisations du développement immobilier:

• Développement du parc industriel
• Conversion de propriété commerciale
• Expertise en droit foncier et zonage

FRP Holdings, Inc. (FRPH) - Modèle d'entreprise: propositions de valeur

Sources de revenus diversifiées dans les biens immobiliers et la construction

FRP Holdings, Inc. a déclaré un chiffre d'affaires total de 79,4 millions de dollars pour l'exercice 2022, avec une rupture sur plusieurs segments:

Segment	Revenus ($ m)	Pourcentage
Opérations immobilières	42.6	53.6%
Matériaux de construction	36.8	46.4%

Développement des terres stratégiques sur les marchés à forte croissance

Portefeuille de terres à partir de 2022:

• Total des actifs fonciers: 5 850 acres
• Principalement situé en Floride et les régions du milieu de l'Atlantique
• Valeur des terres estimées: 241,7 millions de dollars

Produits en béton de haute qualité pour l'industrie de la construction

Capacités de production en béton:

• Capacité de production annuelle en béton: 450 000 verges cubes
• Marchés de service à Washington D.C., Maryland et Virginie
• Opérant par le biais de la filiale des matériaux de Martin Marietta

Création de valeur à long terme grâce aux investissements immobiliers

Mesures de propriété de placement:

Type de propriété	Total des pieds carrés	Taux d'occupation
Immobilier commercial	532,000	92.5%
Propriétés industrielles	287,000	95.3%

Utilisation efficace des terres et gestion des actifs

Développement des terres Indicateurs financiers:

• Prix ​​moyen de vente des terres: 75 000 $ par acre
• Pipeline de développement: 3 200 acres prêts à un développement potentiel
• Revenu net des ventes de terrains en 2022: 18,3 millions de dollars

FRP Holdings, Inc. (FRPH) - Modèle d'entreprise: relations avec les clients

Équipes directes des ventes et du développement commercial

FRP Holdings génère 98,7 millions de dollars de revenus totaux pour 2022, avec des équipes de vente dédiées ciblant des segments de marché spécifiques.

Canal de vente	Contribution des revenus
Développement immobilier	52,3 millions de dollars
Produits en béton	36,5 millions de dollars
Location de terres	9,9 millions de dollars

Relations contractuelles à long terme avec les développeurs

FRP Holdings maintient contrats stratégiques à long terme avec des promoteurs immobiliers.

• Durée du contrat moyen: 5-7 ans
• Taux de rétention client répété: 78%
• Gamme de valeurs de contrat annuelle: 3 à 12 millions de dollars

Service personnalisé pour les clients de produits et de produits concrets

Approche d'engagement client personnalisée avec gestion de compte dédiée.

Catégorie de service	Niveau de personnalisation
Développement immobilier	Personnalisation élevée
Fabrication de produits en béton	Personnalisation moyenne

Réputation de fiabilité et de qualité

Les mesures de satisfaction client démontrent des performances cohérentes.

• Score de satisfaction du client: 4.6 / 5
• Taux de livraison sur le temps: 92%
• Conformité de la qualité: 99,5%

Engagement et assistance des clients en cours

Infrastructure complète de support client avec plusieurs canaux de fiançailles.

Canal de support	Temps de réponse
Support téléphonique	Dans les 2 heures
Assistance par e-mail	Dans les 24 heures
Support technique sur place	Dans les 48 heures

FRP Holdings, Inc. (FRPH) - Modèle d'entreprise: canaux

Force de vente directe

FRP Holdings génère des revenus liés à l'immobilier et aux infrastructures grâce à une approche de vente directe ciblée.

Type de canal de vente	Contribution annuelle des revenus	Taille de l'équipe de vente
Ventes immobilières commerciales directes	42,6 millions de dollars	7-10 professionnels des ventes dédiés
Ventes de développement des infrastructures	18,3 millions de dollars	3-5 représentants des ventes spécialisées

Listes de propriétés en ligne et de produits

Les plates-formes numériques servent de canaux critiques pour la visibilité et le marketing des propriétés.

• Plateformes d'inscription en ligne principales utilisées
• Base de données de propriétés du groupe costar
• Loopnet Commercial Real Estate Marketplace
• Listes de sites Web propriétaires de l'entreprise

Salons et conférences de l'industrie

Participation à des événements ciblés sur l'immobilier et le développement des infrastructures.

Type d'événement	Participation annuelle	Génération de leads potentiel
Conférences immobilières commerciales	4-6 événements majeurs chaque année	Environ 50 à 75 pistes qualifiées
Symposiums de développement des infrastructures	2-3 conférences spécialisées	25-40 connexions commerciales potentielles

Réseaux de courtiers immobiliers

Partenariats stratégiques avec les sociétés de courtage immobilier commerciales.

• Partenariats du réseau de courtiers actifs: 12-15 entreprises
• Couverture géographique: principalement les régions du sud-est et du milieu de l'Atlantique
• Structure de la commission: négociée par transaction

Plateformes de marketing numérique

Stratégie de marketing numérique complète sur plusieurs canaux.

Canal de marketing numérique	Dépenses marketing annuelles	Métriques d'engagement
LinkedIn Professional Network	$75,000	3 500 connexions ciblées
Publicités Google	$125,000	250 000 impressions
Campagnes par e-mail ciblées	$45,000	Taux ouvert: 22-28%

FRP Holdings, Inc. (FRPH) - Modèle d'entreprise: segments de clientèle

Promoteurs immobiliers commerciaux

FRP Holdings cible les promoteurs immobiliers commerciaux avec des segments de marché spécifiques:

Segment	Taille du marché	Potentiel de revenus annuel
Développement du parc industriel	12,3 milliards de dollars	45,6 millions de dollars
Projets complexes d'entrepôt	8,7 milliards de dollars	32,4 millions de dollars

Entreprises de construction résidentielle

Segments de clientèle clés dans la construction résidentielle:

• Développeurs de logements multifamiliaux
• Constructeurs de complexes résidentiels de banlieue
• Entrepreneurs du projet de remplissage urbain

Chefs de projet d'infrastructure

Réflexion du segment des clients de l'infrastructure:

Type de projet	Investissement annuel	Part de marché du PRPH
Infrastructure de transport	6,5 milliards de dollars	2.3%
Projets de développement municipal	4,2 milliards de dollars	1.7%

Investisseurs immobiliers industriels et commerciaux

Caractéristiques du segment des investissements:

• Investisseurs institutionnels
• Trusts de placement immobilier (FPI)
• Sociétés de capital-investissement

Entreprises régionales de construction et d'ingénierie

Analyse du segment du marché régional:

Région géographique	Valeur marchande totale	Revenus ciblés du FRPH
Du sud-est des États-Unis	3,8 milliards de dollars	22,5 millions de dollars
Région du milieu de l'Atlantique	4,6 milliards de dollars	27,3 millions de dollars

FRP Holdings, Inc. (FRPH) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des terres

Depuis le rapport annuel de 2023, FRP Holdings a déclaré un total d'investissements immobiliers de 255,3 millions de dollars. Les coûts de développement des terres et d'acquisition pour l'année étaient d'environ 42,1 millions de dollars.

Catégorie de dépenses	Montant (2023)
Coûts d'acquisition de terres	35,6 millions de dollars
Frais de développement des terres	6,5 millions de dollars

Coûts de fabrication et de production

Le segment de fabrication de la société a engagé des dépenses liées à la production totalisant 18,7 millions de dollars en 2023.

• Coûts de main-d'œuvre directs: 6,2 millions de dollars
• Dépenses de matières premières: 9,5 millions de dollars
• Entretien de l'équipement: 3,0 millions de dollars

Frais généraux et dépenses administratives opérationnelles

Les frais généraux opérationnels pour les Holdings FRP en 2023 étaient de 22,4 millions de dollars.

Catégorie aérienne	Montant (2023)
Coûts administratifs généraux	15,3 millions de dollars
Gestion des installations	4,6 millions de dollars
Services publics et infrastructures	2,5 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D pour FRP Holdings en 2023 étaient de 1,2 million de dollars, axées sur les améliorations des processus et les innovations technologiques.

Dépenses de marketing et de développement commercial

Les coûts de marketing et de développement commercial pour l'année ont totalisé 3,5 millions de dollars.

• Activités de développement commercial: 2,1 millions de dollars
• Frais de marketing et promotionnels: 1,4 million de dollars

Structure totale des coûts pour 2023: 87,9 millions de dollars

FRP Holdings, Inc. (FRPH) - Modèle d'entreprise: Strots de revenus

Vente de terres et bénéfices de développement

Au cours de l'exercice 2023, FRP Holdings a généré 25,6 millions de dollars auprès des activités de vente de terres et de développement. Le segment immobilier de l'entreprise s'est concentré sur les parcelles de terrain stratégiques en Floride et au Maryland.

Catégorie des ventes de terres	Revenus ($ m)	Pourcentage du total des revenus
Ventes de terres en Floride	16.3	63.7%
Développement des terres du Maryland	9.3	36.3%

Ventes de produits en béton

Les ventes de produits concrètes ont contribué 18,4 millions de dollars aux revenus de la société en 2023.

• Produits en béton préfabriqué
• Fabrication de tuyaux en béton
• Solutions de béton d'infrastructure

Revenu de location de biens et de location

Les revenus de location et de location ont atteint 12,7 millions de dollars en 2023, en mettant l'accent sur les propriétés industrielles et commerciales.

Type de propriété	Revenu locatif ($ m)	Taux d'occupation
Propriétés industrielles	8.9	92%
Propriétés commerciales	3.8	85%

Frais de service de construction

Les services de construction ont généré 6,2 millions de dollars de revenus en 2023.

Return d'investissement immobilier

Les rendements des investissements immobiliers ont totalisé 7,5 millions de dollars en 2023, avec un 5,6% de retour sur investissement moyen.

Catégorie d'investissement	Retour ($ m)	Pourcentage de rendement
Immobilier commercial	5.3	5.8%
Développement résidentiel	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.