olivLaw · US equity research
FRP Holdings, Inc. FRPH
Real Estate · SIC 6500 · Vertical: Real Estate (SIC 6500)
FRP Holdings is a US real estate company that leases and manages industrial and commercial space, owns mining royalty lands, develops projects and runs apartments through joint ventures. In the second quarter of 2026 revenues rose slightly while occupancy declined, and the outlook depends on leasing the Maryland industrial portfolio.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, FRP Holdings, Inc. (FRPH) stock was 18.79 USD (+1.90% on the day), with market capitalisation 360.7 m USD, P/E 2,041,655.0 on diluted EPS of 0.00 USD over the last 12 months, beta 0.46, 52-week range 18.44–25.56 USD. Latest reported quarter (Q2 2026): revenue of 11.1 m USD (+2.1% YoY), net income of -259.0 k USD (−144.8% YoY), diluted EPS -0.01 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 38.8
- weak (30–45)
- Bollinger (20, 2)
- 18.15 – 20.08
- in the lower half of the band · %B 0.33 · band width 10.1%
- SMA 50 / 200
- 20.52 / 22.34
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.53 / -0.58
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.2% | −1.1% | −5.1 pp | — |
| 3 months | −14.3% | −0.5% | −13.9 pp | — |
| 6 months | −10.9% | +4.4% | −15.3 pp | — |
| Year to date | −17.6% | +12.3% | −29.9 pp | — |
| 1 year | −19.3% | +13.5% | −32.8 pp | −11.2% |
| 3 years | −31.6% | +76.4% | −108.0 pp | −2.5% |
| 5 years | −42.2% | +63.7% | −105.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.6 m | 10.5 m | 10.3 m | 10.9 m | 10.8 m | 10.9 m | 10.6 m | 11.1 m |
| Operating income | 3.1 m | 2.9 m | 2.3 m | 1.7 m | 1.4 m | 1.7 m | 512.0 k | 1.5 m |
| Depreciation & amortisation | 2.6 m ≈ | 2.6 m | 2.7 m | 2.9 m ≈ | 3.0 m ≈ | 2.7 m | 3.0 m | 3.1 m ≈ |
| Interest expense | 742.0 k | 668.0 k | 695.0 k | 824.0 k | 739.0 k | 709.0 k | 708.0 k | 701.0 k |
| Income tax | 427.0 k | 286.0 k | 526.0 k | 178.0 k | 203.0 k | -89.0 k | -202.0 k | -80.0 k |
| Net income | 1.4 m | 1.7 m | 1.7 m | 578.0 k | 662.0 k | 380.0 k | -687.0 k | -259.0 k |
| Diluted EPS | 0.07 | 0.09 ≈ | 0.09 | 0.03 | 0.03 | 0.02 ≈ | -0.04 | -0.01 |
| Operating cash flow | 6.3 m ≈ | 7.6 m | 4.5 m | 7.7 m ≈ | 9.0 m ≈ | 8.4 m | 9.7 m | 1.1 m ≈ |
| Capex | 34.6 m ≈ | 4.1 m | 3.1 m | 5.1 m ≈ | 26.0 m ≈ | 17.0 m | 13.4 m | 13.1 m ≈ |
| Share repurchases | 0 ≈ | 0 | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 97 percentile of its own 31-quarter history (min 1.9, median 79.7, max 2,715,325.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22.0 m | 23.8 m | 23.6 m | 31.2 m | 37.5 m | 41.5 m | 41.8 m | 42.8 m |
| Revenue YoY | +41.1% | +7.9% | −0.7% | +32.4% | +20.1% | +10.7% | +0.6% | +2.6% |
| Net income | 124.5 m | 16.2 m | 12.7 m | 28.2 m | 4.6 m | 5.3 m | 6.4 m | 3.3 m |
| Net income YoY | +198.1% | −87.0% | −21.4% | +121.9% | −83.8% | +16.1% | +20.4% | −47.8% |
| Diluted EPS | 12.32 | 1.63 | 1.32 | 3.00 | 0.24 | 0.28 | 0.34 | 0.18 |
| Diluted EPS YoY | +196.2% | −86.8% | −19.0% | +127.3% | −92.0% | +16.7% | +21.4% | −47.1% |
| net % | 565.2% | 68.1% | 53.9% | 90.4% | 12.2% | 12.8% | 15.3% | 7.8% |
| Free cash flow | -44.5 m | 36.6 m | 1.1 m | 5.7 m | -5.3 m | 21.8 m | -22.2 m | -21.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 105.4 m USD
- Financial debt
- 192.6 m USD
- Net debt
- 87.2 m USD
- Equity
- 455.7 m USD
- Total assets
- 735.1 m USD
- Debt / equity
- 0.42x
- Current ratio
- unavailable
- ROE
- 0.7%
- ROA
- 0.5%
- FCF margin
- -50.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 23.6 m | 31.2 m | 37.5 m | 41.5 m | 41.8 m | 42.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Operating income | 5.1 m | 2.3 m | 8.0 m | 11.7 m | 11.7 m | 7.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Depreciation & amortisation | 6.1 m | 12.9 m | 11.5 m | 11.0 m | 10.4 m | 11.4 m | SEC (XBRL)· 15 Apr 2026verified |
| EBITDA | 11.2 m ≈ | 15.2 m ≈ | 19.5 m ≈ | 22.7 m ≈ | 22.1 m ≈ | 18.4 m ≈ | SEC (XBRL)· 15 Apr 2026derived |
| Interest expense | 1.1 m | 2.3 m | 3.0 m | 4.3 m | 3.2 m | 3.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Income tax | 3.2 m | 10.3 m | 1.0 m | 1.5 m | 2.0 m | 818.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Net income | 12.7 m | 28.2 m | 4.6 m | 5.3 m | 6.4 m | 3.3 m | SEC (XBRL)· 15 Apr 2026verified |
| Diluted EPS | 1.32 | 3.00 | 0.24 | 0.28 | 0.34 | 0.18 | SEC (XBRL)· 15 Apr 2026verified |
| Weighted average diluted shares | 9.6 m | 9.4 m | 18.9 m | 18.9 m | 19.0 m | 19.0 m | SEC (XBRL)· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 73.9 m | 161.5 m | 177.5 m | 157.6 m | 148.6 m | 105.4 m | SEC (XBRL)· 15 Apr 2026verified |
| Receivables | 923.0 k | — | — | — | — | — | SEC (XBRL)· 19 Mar 2021verified |
| Property, plant & equipment, net | 203.1 m | 350.7 m | 367.2 m | 367.3 m | 407.4 m | 448.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Goodwill | — | — | — | — | 0 | 6.9 m | SEC (XBRL)· 15 Apr 2026verified |
| Total assets | 536.4 m | 678.2 m | 701.1 m | 709.2 m | 728.5 m | 735.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Short-term debt | 0 | — | — | — | — | — | SEC (XBRL)· 19 Mar 2021verified |
| Long-term debt | 90.0 m | 178.4 m | 178.6 m | 178.7 m | 178.9 m | 192.6 m | SEC (XBRL)· 15 Apr 2026verified |
| Total liabilities | 153.7 m | 252.9 m | 256.9 m | 261.2 m | 259.4 m | 279.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Equity | 382.7 m | 425.3 m | 444.2 m | 448.0 m | 469.1 m | 455.7 m | SEC (XBRL)· 15 Apr 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 18.6 m | 22.2 m | 22.3 m | 33.0 m | 29.0 m | 29.7 m | SEC (XBRL)· 15 Apr 2026verified |
| Capex | 17.5 m | 16.5 m | 27.6 m | 11.2 m | 51.2 m | 51.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Free cash flow | 1.1 m ≈ | 5.7 m ≈ | -5.3 m ≈ | 21.8 m ≈ | -22.2 m ≈ | -21.5 m ≈ | SEC (XBRL)· 15 Apr 2026derived |
| Investing cash flow | 50.5 m | 66.6 m | -23.2 m | -48.7 m | -50.2 m | -73.7 m | SEC (XBRL)· 15 Apr 2026verified |
| Financing cash flow | -21.8 m | -1.2 m | 16.8 m | -4.2 m | 12.7 m | -581.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Share repurchases | 21.3 m | 264.0 k | 0 | 2.0 m | 0 | 464.0 k | SEC (XBRL)· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 27 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 360.7 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet5
- Growth46
- Valuation42
- Quality29
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 11.10 – 37.00 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
- Peers: P/B11.10 – 37.00 (Mid 20.58)19 companies used · median multiple 0.9x · quartiles 0.5x – 1.7xAEI, AHRT, AIRE, BEEP, CBRE, CHCI, CIGI, CMTG, CURB, CWK, FOR, GTY, HPP, IIPR, LPA, OPI, TRC, TRNO, UE
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 27/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 0.0% | 38 (vs peers) | 8% |
| EBITDA margin · Quality | 39.0% | 22 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 4.6% | 46 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | 6.7x | 0 (vs peers) | 19% |
| Interest coverage · Balance sheet | 1.8x | 10 (on a fixed band) | 16% |
| P/B · Valuation | 0.8x | 60 (vs peers) | 24% |
| P/E (TTM) · Valuation | 2,041,655.0x | 0 (vs peers) | 11% |
| Dividend yield · Returns | unavailable | unavailable | — |
| Payout ratio (EPS) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet5/100 · 2/2 factors with a value
- Growth46/100 · 1/1 factors with a value
- Quality29/100 · 2/2 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation42/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FRP HOLDINGS, INC. (FRPH). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 42.8 m USD in 2025; YoY growth 2.6%; net margin 0.2%; ROE 0.0%; net debt/EBITDA 6.7x.
The estimated value range is 11.10–37.00 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 20.58 USD, the price of 18.79 USD leaves a potential of 9.5% (value / price − 1) and a margin of safety of 8.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 27/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- EBITDA margin: 39.0%
- Net debt / EBITDA: 6.7x
- Interest coverage: 1.8x
- P/E (TTM): 2,041,655.0x
Not assessed (insufficient data or a ratio without meaning): Dividend yield, Payout ratio (EPS).
Versus the vertical median
Real Estate (SIC 6500) · same industry (4-digit SIC) · compared with 31 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CBRECbre Group, Inc. | 40.7 bn | 30.2 | 16.1% | 3.1% | +13.4% | −13% / +79% |
| VTMXVesta Real Estate Corporation, S.A.B. de C.V. | 32.7 bn | 131.8 | 9.1% | 85.4% | +12.2% | +19% / −2% |
| TRNOTerreno Realty Corporation | 7.5 bn | 20.3 | 8.3% | 68.1% | +24.5% | +8% / +19% |
| FSVFirstService Corporation | 7.1 bn | 49.0 | 14.9% | 3.5% | +5.4% | −1% / −1% |
| CIGIColliers International Group Inc. | 4.0 bn | 48.8 | 15.7% | 4.0% | +15.3% | −32% / −5% |
| CURBCurbline Properties Corp. | 3.7 bn | 125.4 | 1.3% | 11.2% | +51.3% | +26% / unavailable |
| CWKCushman & Wakefield Ltd. | 3.5 bn | 50.5 | 3.4% | 0.6% | +8.9% | −11% / +82% |
| UEUrban Edge Properties | 2.7 bn | 24.6 | 7.9% | 22.2% | +6.1% | +10% / +26% |
| GTYGetty Realty Corp. | 1.9 bn | 17.4 | 8.9% | 42.4% | +9.0% | +1% / −2% |
| IIPRInnovative Industrial Properties, Inc. | 1.6 bn | 12.5 | 7.6% | 53.2% | −13.8% | +14% / −31% |
| FORForestar Group Inc. | 1.3 bn | 7.5 | 9.6% | 9.9% | +10.1% | −2% / −18% |
| HPPHudson Pacific Properties, Inc. | 572.8 m | — | -19.8% | -69.1% | −1.3% | −24% / −74% |
| DUOFangdd Network Group Ltd. | 548.5 m | — | -17.9% | -23.9% | +9.2% | −68% / −96% |
| AHRTAh Realty Trust, Inc. | 500.6 m | — | -6.7% | -18.2% | +4.1% | +3% / −38% |
| TRCTejon Ranch Co. | 439.9 m | 71.3 | 1.3% | 10.6% | +18.4% | +0% / +3% |
| FRPHFrp Holdings, Inc. | 360.7 m | 2,041,655.0 | 0.0% | 0.2% | +2.6% | −19% / −32% |
| MLPMaui Land & Pineapple Co Inc | 289.5 m | — | -16.1% | -28.6% | +68.2% | −8% / −2% |
| OPIOffice Properties Income Trust | 285.6 m | — | -40.5% | -73.0% | −11.8% | unavailable / unavailable |
| CMTGClaros Mortgage Trust, Inc. | 261.0 m | — | -36.5% | -391.9% | −24.4% | −44% / −85% |
| CHCIComstock Holding Companies, Inc. | 165.7 m | 6.7 | 36.4% | 32.2% | +22.6% | +46% / +352% |
| BEEPMobile Infrastructure Corporation | 100.4 m | — | -16.1% | -67.2% | −5.2% | −22% / −54% |
| LPALogistic Properties of the Americas | 78.1 m | 7.5 | 4.3% | 20.9% | +14.3% | −27% / unavailable |
| OZBelpointe PREP, LLC | 47.6 m | — | — | -212.1% | +243.4% | −41% / −50% |
| AEIAlset Inc. | 21.1 m | — | -43.4% | -951.4% | −78.8% | −80% / −54% |
| CWDCalibercos Inc. | 4.7 m | — | — | -117.3% | −60.7% | −80% / −98% |
1- and 3-year price returns: for FRPH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 6,038.18 Total return 32,035% · Per year 32,035% | 10,674.74 Total return 56,711% · Per year 56,711% | 16,078.72 Total return 85,471% · Per year 85,471% |
| 3 years | 5,867.26 Total return 31,125% · Per year 578% | 11,670.51 Total return 62,010% · Per year 753% | 19,299.99 Total return 102,614% · Per year 909% |
| 5 years | 5,701.17 Total return 30,241% · Per year 214% | 12,759.18 Total return 67,804% · Per year 268% | 23,166.61 Total return 123,192% · Per year 315% |
- Exit P/E± 2,917.63
- Net margin± 2,042.34
- Annual revenue growth± 1,675.50
- Annual dilution± 171.61
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
FRP Holdings is a US real estate company that leases and manages industrial and commercial space, owns mining royalty lands, develops projects and runs apartments through joint ventures. In the second quarter of 2026 revenues rose slightly while occupancy declined, and the outlook depends on leasing the Maryland industrial portfolio 3.
SWOT
Strengths
- The company holds extensive land that can be converted into rental income, and the mining segment delivers steady revenue with very high operating margins 13.
- The in-house management team has long average tenure, which supports tenant retention 1.
- The Altman Logistics acquisition brought development projects under way and an origination platform, diversifying the portfolio 13.
Weaknesses
- Occupancy fell both in the Washington D.C. multifamily assets and in the Maryland industrial portfolio, reducing NOI 3.
- General and administrative costs rose after the Altman acquisition, and the company reported a net loss in the first half of 2026 3.
- Dependence on one major tenant in the mining segment and the geographic concentration of assets increase vulnerability 1.
Opportunities
- Leasing the available Maryland space could significantly improve NOI, as this effort requires relatively little capital 3.
- Projects under way in Florida, South Carolina and New Jersey could generate new revenue once completed 3.
- If construction activity in Florida and Georgia remains healthy, royalty revenue could continue to grow 23.
Risks
- Low occupancy in Marylandhigh
Expired leases that were not renewed have reduced occupancy of industrial space, and leasing remains the top priority 3.
- Dependence on Vulcan Materialshigh
An event affecting Vulcan's ability to perform under its leases could materially affect the mining segment's results 1.
- Construction and financing costsmedium
Rising material, labor and interest costs can reduce margins on development projects 1.
- Contamination at Riverfront on the Anacostiamedium
The presence of contaminated material may generate remediation costs as construction of phases III and IV proceeds 1.
- Joint venture exposuremedium
Completion and cost overrun guarantees in joint ventures can expose the company to additional liability 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Occupancy trend in the Maryland industrial portfolioQ3 2026
- Completion of the Lakeland and Broward County warehousesQ3 2026
- Occupancy in the Washington D.C. apartment assetsQ3 2026
- Substantial completion of the first Camp Lake warehouseQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
FRP Holdings, Inc. is a real estate development, asset management and operating company conducted through wholly owned subsidiaries FRP Development Corp. and Florida Rock Properties, Inc. 1. Its activity is split into four segments: industrial and commercial, mining royalty lands, development and multifamily 1. In October 2025 the company acquired the operations and development pipeline of Altman Logistics Properties, an operating platform of BBX Capital 1.
The mining royalty segment earns royalties from construction aggregates mined on its land, without bearing the operating costs of the mines, and Vulcan Materials accounted for 26% of consolidated revenues in 2025 1. The industrial and commercial segment owns ten warehouses in three business parks, an office building and two ground leases 1. The multifamily segment includes joint ventures owning apartment and retail buildings in Washington D.C. and Greenville, South Carolina 2.
The company had 25 employees on December 31, 2025, and development is a core part of its strategy, aiming to turn non-income producing land into rental income or sales 13.
Segments
Mining royalty lands
The segment leases about 16,640 acres and collects royalties per ton of aggregate sold, so revenue depends on construction volumes and prices 2. In the first half of 2026 revenue grew 14% and NOI reached 7.9 million USD 3.
Market context
Most stabilized properties are located in the Baltimore, Washington D.C. and Greenville areas, so the company is strongly exposed to local economic conditions 1. Demand for industrial space in Maryland has remained weak, and leasing is constrained by occupancy pressure 3. High construction and financing costs, affected by tariffs and interest rates, influence the returns of new projects 1.
In mining, demand depends on construction activity in Florida and Georgia, where volumes and prices follow sector cycles 23. Royalty revenue grew in the first half of 2026 on higher volume and price per ton 3.
Trends
- High interest rates and financing costsheadwind
Higher interest rates raise the cost of existing debt and new projects, and financing can become more expensive or harder to obtain 1. If rates decline, the cost of financing new projects could become more favorable.
- Tariffs and construction costsheadwind
Tariffs on building materials and rising labor costs can reduce margins on development projects 1. These pressures directly affect the cost of projects under way.
- Demand for construction aggregatestailwind
Construction activity in Florida and Georgia determines the volume extracted from royalty lands, and higher volume and price supported segment revenue in 2026 23.
- Electricity demand from data centersmixed
Rapid expansion of data centers for artificial intelligence could increase electricity prices, which affects property operating costs 1. The effect on the company depends on its consumption and energy contracts.
Competitive position
The company competes with numerous developers, owners and operators of real estate, many of whom own similar properties in the same submarkets 1. The main factors are price, location, space availability, design flexibility and property management services 1.
The company uses national brokerage firms to market vacant properties and an in-house management team to retain tenants 1. Competition for tenants in Maryland remains intense, which helps explain the pressure on occupancy 3.
- Vulcan Materials CompanyVMC
Major tenant of the mining segment that accounted for 26% of consolidated revenues in 2025 and is also a partner in the Brooksville joint venture 1.
- Local developers and property owners
Many competitors own similar properties in the same submarkets in Maryland, Washington D.C. and Greenville 1.
- Industrial space operators
Competition for tenants in the Maryland and Florida warehouses is supported by other available properties in the area 3.
- Washington D.C. apartment operators
Multifamily properties compete with other apartment and retail buildings in the same areas, which affects occupancy 13.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report15 May 2026Item 4.01 · Financial statements and exhibits
- Quarterly report14 May 2026
- Current report13 May 2026Shareholder vote
- Current report12 May 2026Results of operations · Financial statements and exhibits
- Proxy statement16 Apr 2026
- Annual report15 Apr 2026
- Current report10 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / FRP Holdings, Inc. · 15 Apr 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / FRP Holdings, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / FRP Holdings, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.