FRP Holdings, Inc. Releases Q2 2025 Financial Results

FRP Holdings, Inc., a real estate investment and development firm, announced its second quarter results for fiscal 2025. The company reported a 72% decline in net income, affected by increased legal expenses for a potential investment and lower net interest income, though this was partially mitigated by higher mining royalties and improved joint venture outcomes.

Pro rata NOI rose 5% to $9.7 million, with the multifamily segment seeing a minor 1% increase due to better occupancy rates. Meanwhile, the industrial and commercial segments experienced a 15% NOI decline, caused by tenant evictions and lease expirations. Mining royalties, on the other hand, saw a 21% boost.

Recent strategic moves include a revised credit agreement with Wells Fargo and a joint venture to develop two warehouses in Lake County, FL, emphasizing the shift to industrial investments. These efforts aim to set a growth stage for FRP, intending to double the industrial segment size by 2030.