FRP Holdings Reports Q1 2026 Results: Full Earnings Call Transcript

FRP Holdings (NASDAQ:FRPH) reported first-quarter fiscal results connected Wednesday. The transcript from the company's first-quarter net telephone has been provided below.

This transcript is brought to you by Benzinga APIs. For real-time entree to our full catalog, delight sojourn https://www.benzinga.com/apis/ for a consultation.

View the webcast astatine https://www.webcaster5.com/Webcast/Page/3158/54012

Summary

FRP Holdings Inc reported archetypal 4th 2026 results with a nett operating income (NOI) of $8.9 cardinal and funds from operations (FFO) of $3.6 cardinal oregon $0.19 per share, ending the 4th with $130 cardinal successful liquidity.

The institution completed the Altman Industrial acquisition, adding 1.6 cardinal quadrate feet of concern development, and expanded operations successful Florida and New Jersey, though occupancy successful the commercialized portfolio dropped owed to lease rollover timing and caller conception additions.

Mining and royalties conception showed beardown show with a 15% year-over-year NOI increase, portion the multifamily portfolio faced challenges successful Washington, D.C. owed to proviso issues, impacting wide occupancy and performance.

FRP Holdings Inc aims to stabilize its improvement pipeline and amended lease-up activities, expecting unchangeable NOI and pressured FFO successful 2026, with aboriginal maturation babelike connected leasing and improvement efforts.

Management expressed optimism astir improved leasing enactment and marketplace conditions, peculiarly successful concern spaces, and highlighted strategical absorption connected disciplined maturation and superior deployment.

Full Transcript

OPERATOR

Good time everyone. Welcome to the FRP Holdings Inc. First Quarter 2026 Conference Call. At this time, each participants person been placed connected a perceive lone mode and the level volition beryllium unfastened for questions and comments aft the presentation. It is present my pleasance to crook the level implicit to your host, Matt McNulty, CFO of FRP Holdings. The level is yours.

Matt McNulty (Chief Financial Officer)

Great. Thank you. Good greeting and convey you for joining america connected this telephone today. I americium Matt McNulty, Chief Financial Officer of FRP Holdings Inc. And with maine contiguous are John Baker II, our president John Baker III, our CEO David de Villier III, our president and main operating officer, David de Villier Jr. Our vice chairman, John Milton, our Executive Vice President, Mark Levy, Chief Investment Officer and John Kloppenstein, our Chief Accounting Officer. First, fto maine tally you done a little disclosure regarding guardant looking statements and non-GAAP measures utilized by the company. As a reminder, immoderate statements connected this telephone which subordinate to the aboriginal are by their quality taxable to risks and uncertainties that could origin existent results and events to disagree materially from those indicated successful specified guardant looking statements. These risks and uncertainties are listed successful our SEC filings to supplement the fiscal results presented successful accordance with Generally Accepted Accounting Principles and FRP presents definite non-GAAP fiscal measures wrong the meaning of Regulation G. The non-GAAP fiscal measures referenced successful this telephone are nett operating income oregon NOI and pro rata NOI. FRP uses these non-GAAP fiscal measures to analyse its operations and to monitor, measure and place meaningful trends successful our operating and fiscal performance. These measures are not and should not beryllium viewed arsenic a substitute for GAAP fiscal financial measures. To reconcile adjusted nett income,, nett operating income and adjusted nett operating income to GAAP nett income,, delight notation to our Most precocious filed 10-Q. I volition present crook the telephone implicit to our President and Chief Operating Officer David Evillier III for his study connected operations.