FRP Holdings, Inc. (FRPH): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A FRP Holdings, Inc. (FRPH) surge como uma potência dinâmica no ecossistema imobiliário e de construção, navegando estrategicamente diversos fluxos de receita por meio de desenvolvimento inovador de desenvolvimento da terra, fabricação concreta e investimentos em propriedades estratégicas. Com um modelo de negócios robusto que integra perfeitamente vários setores, o FRPH transforma materiais de terra e construção em ativos valiosos, criando oportunidades atraentes para desenvolvedores, investidores e projetos de infraestrutura em mercados de alto crescimento. Sua abordagem única combina experiência técnica, gerenciamento estratégico de recursos e uma visão de visão de futuro que os posiciona como um participante versátil no cenário complexo de indústrias imobiliárias e de construção.

FRP Holdings, Inc. (FRPH) - Modelo de negócios: Parcerias -chave

Recomenda -se os promotores imobiliários e empresas de construção

A FRP Holdings colabora com vários parceiros de desenvolvimento imobiliário em vários mercados. A partir de 2023, o segmento imobiliário da empresa registrou US $ 20,3 milhões em receita operacional.

Tipo de parceiro	Número de parcerias ativas	Foco geográfico
Desenvolvedores regionais	7	Sudeste dos Estados Unidos
Empresas nacionais de construção	4	Regiões de vários estados

Parceiros de aquisição e desenvolvimento de terras

A empresa faz parceria estrategicamente com especialistas em aquisição de terras para expandir seu portfólio imobiliário.

• Total de propriedades de terra: aproximadamente 5.700 acres
• Valor médio de aquisição da terra: US $ 3,2 milhões por transação
• Mercados -chave: Florida, Maryland, Washington DC Metropolitan Area

Fornecedores de fabricação de produtos de concreto

A FRP Holdings mantém relações estratégicas com fornecedores de fabricação de concreto por meio de seu segmento de alvenaria e infraestrutura.

Categoria de fornecedores	Volume anual de oferta	Duração do contrato
Fornecedores de concreto primário	175.000 jardas cúbicas	3-5 anos
Fornecedores de matéria -prima	Aquisição anual de US $ 12,5 milhões	Em andamento

Investidores de propriedades comerciais e residenciais

A empresa colabora com investidores institucionais e privados para desenvolver e monetizar ativos imobiliários.

• Total de Parcerias de Investimento: 12
• Valor da portfólio de investimentos: US $ 185 milhões
• Investimento médio por parceria: US $ 15,4 milhões

Empresas de consultoria de engenharia e arquitetura

A FRP Holdings envolve empresas especializadas em engenharia e arquitetura para projetos de desenvolvimento complexos.

Consultoria especializada	Número de empresas retidas	Tipos de projeto
Engenharia Civil	5	Infraestrutura e desenvolvimento da terra
Projeto arquitetônico	3	Projetos comerciais e residenciais

FRP Holdings, Inc. (FRPH) - Modelo de negócios: Atividades -chave

Desenvolvimento imobiliário e gestão da terra

A partir de 2024, a FRP Holdings possui aproximadamente 5.800 acres de terra em toda a Flórida, Maryland e Washington, DC. O portfólio imobiliário da empresa possui um valor total estimado de US $ 213,4 milhões.

Localização da terra	Cultura	Valor estimado
Flórida	3.200 acres	US $ 124,6 milhões
Maryland	1.500 acres	US $ 58,2 milhões
Washington, DC	1.100 acres	US $ 30,6 milhões

Fabricação de produtos de concreto

A FRP Holdings opera através de seu segmento de alvenaria e infraestrutura, que gera receita anual de US $ 47,3 milhões em fabricação de produtos de concreto.

• Capacidade anual de produção de concreto: 750.000 jardas cúbicas
• Instalações de fabricação localizadas em Maryland
• As linhas de produtos incluem blocos de concreto, concreto pré -moldado e materiais de construção relacionados

Leasing e gerenciamento de propriedades

O portfólio de leasing da empresa gera US $ 22,5 milhões em receita anual de aluguel em vários tipos de propriedades.

Tipo de propriedade	Número de propriedades	Renda anual de aluguel
Propriedades industriais	12	US $ 15,6 milhões
Propriedades comerciais	7	US $ 6,9 milhões

Aquisição estratégica de terras

Em 2023, a FRP Holdings investiu US $ 18,7 milhões em aquisições estratégicas de terras, concentrando -se em áreas com alto potencial de desenvolvimento.

• Orçamento de aquisição de terras para 2024: US $ 20,5 milhões
• Regiões de foco: áreas metropolitanas da Flórida
• Aquisição de alvo: terras desenvolvíveis perto de centros urbanos

Serviços de construção e desenvolvimento de infraestrutura

O segmento de desenvolvimento de infraestrutura da empresa contribui com US $ 33,2 milhões para a receita anual.

Serviços de infraestrutura	Receita anual
Preparação do local	US $ 12,6 milhões
Construção de infraestrutura	US $ 20,6 milhões

FRP Holdings, Inc. (FRPH) - Modelo de negócios: Recursos -chave

Propriedades de terra significativas

A partir do quarto trimestre de 2023, a FRP Holdings possui aproximadamente 5.700 acres de terra em vários locais estratégicos, principalmente na Flórida e em Maryland.

Localização	Cultura	Uso primário
Flórida	3.900 acres	Desenvolvimento imobiliário
Maryland	1.800 acres	Propriedades industriais e comerciais

Instalações de fabricação de concreto

A empresa opera instalações de fabricação de concreto com capacidade de produção anual de aproximadamente 500.000 jardas cúbicas.

Equipe de gerenciamento

A liderança chave inclui:

• David Roberts - Presidente e CEO
• Michael Winn - Diretor Financeiro
• PRODIÇÃO EXECUTIVO MÉDIA: 12+ anos

Recursos financeiros

Métrica financeira	2023 valor
Total de ativos	US $ 526,4 milhões
Dinheiro e equivalentes	US $ 87,3 milhões
Equidade dos acionistas	US $ 455,6 milhões

Experiência técnica

Especializações de desenvolvimento imobiliário:

• Desenvolvimento do Parque Industrial
• Conversão de propriedades comerciais
• Direitos à terra e experiência em zoneamento

FRP Holdings, Inc. (FRPH) - Modelo de Negócios: Proposições de Valor

Fluxos de receita diversificados no setor imobiliário e na construção

A FRP Holdings, Inc. relatou receitas totais de US $ 79,4 milhões para o ano fiscal de 2022, com um colapso em vários segmentos:

Segmento	Receita ($ m)	Percentagem
Operações imobiliárias	42.6	53.6%
Materiais de construção	36.8	46.4%

Desenvolvimento estratégico da terra em mercados de alto crescimento

Portfólio de terras a partir de 2022:

• Total de ativos terrestres: 5.850 acres
• Localizado principalmente nas regiões da Flórida e do Atlântico
• Valor da terra estimado: US $ 241,7 milhões

Produtos de concreto de alta qualidade para a indústria da construção

Recursos de produção de concreto:

• Capacidade anual de produção de concreto: 450.000 jardas cúbicas
• Mercados de servir em Washington DC, Maryland e Virgínia
• Operando através da subsidiária de Materiais Martin Marietta

Criação de valor a longo prazo através de investimentos em propriedades

Métricas de propriedade de investimento:

Tipo de propriedade	Pés quadrados totais	Taxa de ocupação
Imóveis comerciais	532,000	92.5%
Propriedades industriais	287,000	95.3%

Utilização eficiente da terra e gerenciamento de ativos

Indicadores financeiros de desenvolvimento da terra:

• Preço médio de venda da terra: US $ 75.000 por acre
• Pipeline de desenvolvimento: 3.200 acres prontos para o desenvolvimento potencial
• Lucro líquido das vendas de terras em 2022: US $ 18,3 milhões

FRP Holdings, Inc. (FRPH) - Modelo de Negócios: Relacionamentos do Cliente

Equipes diretas de vendas e desenvolvimento de negócios

A FRP Holdings gera US $ 98,7 milhões em receita total em 2022, com equipes de vendas dedicadas direcionando segmentos de mercado específicos.

Canal de vendas	Contribuição da receita
Desenvolvimento imobiliário	US $ 52,3 milhões
Produtos de concreto	US $ 36,5 milhões
Arrendamento de terras	US $ 9,9 milhões

Relacionamentos de contrato de longo prazo com desenvolvedores

A FRP Holdings mantém Contratos estratégicos de longo prazo com desenvolvedores imobiliários.

• Duração média do contrato: 5-7 anos
• Taxa de retenção de clientes repetida: 78%
• Valor anual do contrato intervalo: US $ 3-12 milhões

Serviço personalizado para clientes de propriedade e concreto

Abordagem personalizada de envolvimento do cliente com gerenciamento de conta dedicado.

Categoria de serviço	Nível de personalização
Desenvolvimento imobiliário	Alta personalização
Fabricação de produtos de concreto	Personalização média

Reputação de confiabilidade e qualidade

As métricas de satisfação do cliente demonstram desempenho consistente.

• Pontuação de satisfação do cliente: 4,6/5
• Taxa de entrega no tempo: 92%
• Conformidade de qualidade: 99,5%

Engajamento e suporte contínuos do cliente

Infraestrutura abrangente de suporte ao cliente com vários canais de engajamento.

Canal de suporte	Tempo de resposta
Suporte telefônico	Dentro de 2 horas
Suporte por e -mail	Dentro de 24 horas
Suporte técnico no local	Dentro de 48 horas

FRP Holdings, Inc. (FRPH) - Modelo de Negócios: Canais

Força de vendas direta

A FRP Holdings gera receita imobiliária e relacionada à infraestrutura por meio de uma abordagem de vendas diretas direcionadas.

Tipo de canal de vendas	Contribuição anual da receita	Tamanho da equipe de vendas
Vendas de imóveis comerciais diretos	US $ 42,6 milhões	7-10 Profissionais de vendas dedicados
Vendas de desenvolvimento de infraestrutura	US $ 18,3 milhões	3-5 representantes de vendas especializados

Listagens de propriedades e produtos online

As plataformas digitais servem como canais críticos para visibilidade e marketing da propriedade.

• Plataformas de listagem online primárias utilizadas
• Banco de dados de propriedades do grupo de co -estrelas
• Loopnet Commercial Real Estate Marketplace
• Listagens de sites proprietários da empresa

Feiras e conferências do setor

Participação em eventos de desenvolvimento imobiliário e de infraestrutura direcionados.

Tipo de evento	Participação anual	Geração potencial de chumbo
Conferências imobiliárias comerciais	4-6 grandes eventos anualmente	Aproximadamente 50-75 leads qualificados
Simpósios de desenvolvimento de infraestrutura	2-3 Conferências especializadas	25-40 conexões comerciais em potencial

Redes de corretores imobiliários

Parcerias estratégicas com corretor imobiliário comercial.

• Parcerias de rede de corretores ativos: 12-15 empresas
• Cobertura geográfica: principalmente regiões sudeste e meio do Atlântico
• Estrutura da comissão: negociado por transação

Plataformas de marketing digital

Estratégia abrangente de marketing digital em vários canais.

Canal de marketing digital	Gastos anuais de marketing	Métricas de engajamento
Rede Profissional do LinkedIn	$75,000	3.500 conexões direcionadas
Google anúncios	$125,000	250.000 impressões
Campanhas de e -mail direcionadas	$45,000	Taxa de abertura: 22-28%

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

Promotores imobiliários comerciais

A FRP Holdings tem como alvo os promotores imobiliários comerciais com segmentos de mercado específicos:

Segmento	Tamanho de mercado	Potencial anual de receita
Desenvolvimento do Parque Industrial	US $ 12,3 bilhões	US $ 45,6 milhões
Projetos complexos de armazém	US $ 8,7 bilhões	US $ 32,4 milhões

Empresas de construção residencial

Principais segmentos de clientes em construção residencial:

• Desenvolvedores habitacionais multifamiliares
• Construtores de complexos residenciais suburbanos
• Contratados de projeto de preenchimento urbano

Gerentes de projeto de infraestrutura

A quebra do segmento de clientes de infraestrutura:

Tipo de projeto	Investimento anual	FRPH de participação de mercado
Infraestrutura de transporte	US $ 6,5 bilhões	2.3%
Projetos de Desenvolvimento Municipal	US $ 4,2 bilhões	1.7%

Investidores de propriedades industriais e comerciais

Características do segmento de investimento:

• Investidores institucionais
• Funcionários de investimento imobiliário (REITs)
• Empresas de private equity

Empresas regionais de construção e engenharia

Análise regional do segmento de mercado:

Região geográfica	Valor total de mercado	FRPH Receita direcionada
Sudeste dos Estados Unidos	US $ 3,8 bilhões	US $ 22,5 milhões
Região do Atlântico Centro	US $ 4,6 bilhões	US $ 27,3 milhões

FRP Holdings, Inc. (FRPH) - Modelo de negócios: estrutura de custos

Despesas de aquisição e desenvolvimento de terras

No relatório anual de 2023, a FRP Holdings registrou investimentos totais de imóveis de US $ 255,3 milhões. Os custos de desenvolvimento e aquisição da terra para o ano foram de aproximadamente US $ 42,1 milhões.

Categoria de despesa	Valor (2023)
Custos de aquisição de terras	US $ 35,6 milhões
Despesas de desenvolvimento da terra	US $ 6,5 milhões

Custos de fabricação e produção

O segmento de fabricação da empresa sofreu despesas relacionadas à produção, totalizando US $ 18,7 milhões em 2023.

• Custos de mão -de -obra direta: US $ 6,2 milhões
• Despesas de matéria -prima: US $ 9,5 milhões
• Manutenção do equipamento: US $ 3,0 milhões

Despesas gerais operacionais e despesas administrativas

A sobrecarga operacional total para a FRP Holdings em 2023 foi de US $ 22,4 milhões.

Categoria de sobrecarga	Valor (2023)
Custos administrativos gerais	US $ 15,3 milhões
Gerenciamento de instalações	US $ 4,6 milhões
Utilitários e infraestrutura	US $ 2,5 milhões

Investimentos de pesquisa e desenvolvimento

As despesas de P&D para participações na FRP em 2023 foram de US $ 1,2 milhão, com foco em melhorias de processos e inovações tecnológicas.

Despesas de marketing e desenvolvimento de negócios

Os custos de marketing e desenvolvimento de negócios para o ano totalizaram US $ 3,5 milhões.

• Atividades de desenvolvimento de negócios: US $ 2,1 milhões
• Despesas de marketing e promocional: US $ 1,4 milhão

Estrutura de custo total para 2023: US $ 87,9 milhões

FRP Holdings, Inc. (FRPH) - Modelo de negócios: fluxos de receita

Lucros de venda e desenvolvimento de terras

No ano fiscal de 2023, a FRP Holdings gerou US $ 25,6 milhões em atividades de vendas e desenvolvimento de terras. O segmento imobiliário da empresa focou em parcelas de terras estratégicas na Flórida e em Maryland.

Categoria de vendas de terras	Receita ($ m)	Porcentagem da receita total
Vendas de terras da Flórida	16.3	63.7%
Desenvolvimento da terra de Maryland	9.3	36.3%

Vendas de produtos de concreto

As vendas de produtos de concreto contribuíram com US $ 18,4 milhões para a receita da empresa em 2023.

• Produtos de concreto pré -moldado
• Fabricação de tubos de concreto
• Soluções de concreto de infraestrutura

Receita de aluguel de propriedades e leasing

A renda de aluguel e leasing atingiu US $ 12,7 milhões em 2023, com foco em propriedades industriais e comerciais.

Tipo de propriedade	Renda de aluguel ($ m)	Taxa de ocupação
Propriedades industriais	8.9	92%
Propriedades comerciais	3.8	85%

Taxas de serviço de construção

Os serviços de construção geraram US $ 6,2 milhões em receita durante 2023.

Retornos de investimento imobiliário

Os retornos de investimento imobiliário totalizaram US $ 7,5 milhões em 2023, com um 5,6% de retorno médio do investimento.

Categoria de investimento	Retornar ($ m)	Porcentagem de retorno
Imóveis comerciais	5.3	5.8%
Desenvolvimento 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.