$FRPH

FRP PROPERTIES INC

CIK:0000844059|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Lease revenue	$ 6,823	$ 7,241	$ 13,536	$ 14,313
Mining royalty and rents	4,066	3,609	7,783	6,843
Joint venture management fee revenue	194	0	358	0
Total revenues	11,083	10,850	21,677	21,156
Cost of operations:
Depreciation/depletion/amortization	2,923	2,726	5,765	5,333
Operating expenses	1,972	2,580	4,102	4,439
Property taxes	1,042	1,002	2,067	1,940
General and administrative	3,687	2,885	7,772	5,462
Total cost of operations	9,624	9,193	19,706	17,174
Total operating profit	1,459	1,657	1,971	3,982
Investment income	1,237	2,348	2,925	4,909
Interest expense	(701)	(824)	(1,409)	(1,519)
Equity in loss of joint ventures	(2,419)	(2,379)	(5,034)	(4,410)
Income (loss) before income taxes	(424)	802	(1,547)	2,962
Provision for income taxes	(80)	178	(282)	704
Net income (loss)	(344)	624	(1,265)	2,258
Income (loss) attributable to noncontrolling interest	(85)	46	(319)	(30)
Net income (loss) attributable to the Company	$ (259)	$ 578	$ (946)	$ 2,288
Earnings per common share:
Net income attributable to the Company- Basic (in dollars per share)	$ (0.01)	$ 0.03	$ (0.05)	$ 0.12
Net income attributable to the Company- Diluted (in dollars per share)	$ (0.01)	$ 0.03	$ (0.05)	$ 0.12
Number of shares (in thousands) used in computing:
Basic earnings per common share (in shares)	19,035	18,966	19,026	18,957
Diluted earnings per common share (in shares)	19,058	19,016	19,044	19,017

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ (1,265)	$ 2,258
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	6,138	5,622
Deferred income taxes	0	(33)
Equity in loss of joint ventures	5,034	4,410
Gain on sale of equipment and property	(15)	(16)
Stock-based compensation	1,377	1,326
Net changes in operating assets and liabilities:
Accounts receivable	(69)	(234)
Deferred costs and other assets	(161)	106
Accounts payable and accrued liabilities	34	155
Income taxes payable and receivable	(283)	(1,389)
Other long-term liabilities	4	4
Net cash provided by operating activities	10,794	12,209
Cash flows from investing activities:
Investments in properties	(26,556)	(8,198)
Investments in joint ventures	(16,248)	(6,096)
Return of capital from investments in joint ventures	6,180	16,485
Proceeds from the sale of equipment and property	20	16
Net cash (used in) provided by investing activities	(36,604)	2,207
Cash flows from financing activities:
Proceeds from long-term debt	22,368	2,729
Debt issue costs	0	(1,379)
Distributions to noncontrolling interests	(1,488)	(11,556)
Contributions from noncontrolling interests	544	288
Net cash (used in) provided by financing activities	21,424	(9,918)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(4,386)	4,498
Cash, cash equivalents and restricted cash at beginning of year	105,361	149,935
Cash, cash equivalents and restricted cash at end of the year	100,975	154,433
Cash paid during the period for:
Interest	1,320	1,424
Income taxes, federal	(17)	1,930
Income taxes, state	22	157
Noncash accounts payable and accrued liabilities related to investment in properties	$ 5,710	$ 963

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate investments at cost:
Land	$ 182,857	$ 182,936
Buildings and improvements	310,344	309,132
Projects under construction	75,893	45,032
Total investments in properties	569,094	537,100
Less accumulated depreciation and depletion	94,298	88,558
Net investments in properties	474,796	448,542
Real estate held for investment, at cost	12,872	12,626
Investments in joint ventures	158,302	153,084
Net real estate investments	645,970	614,252
Cash, cash equivalents and restricted cash including $11,570 and $11,394 of restricted cash at June 30, 2026 and December 31, 2025, respectively	100,975	105,361
Accounts receivable, net	1,943	1,874
Federal and state income taxes receivable	1,354	1,071
Unrealized rents	1,420	1,264
Deferred costs	3,082	3,768
Goodwill	6,893	6,893
Other assets	676	662
Total assets	762,313	735,145
Liabilities:
Notes payable, net	214,618	192,554
Accounts payable and accrued liabilities	17,784	12,148
Other liabilities	2,503	2,317
Deferred revenue	3,464	3,356
Deferred income taxes	66,900	66,900
Deferred compensation	1,521	1,524
Tenant security deposits	696	689
Total liabilities	307,486	279,488
Commitments and contingencies
Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 19,198,301 and 19,109,541 shares issued and outstanding, respectively	1,920	1,911
Capital in excess of par value	72,736	71,368
Retained earnings	354,264	355,210
Accumulated other comprehensive income, net	26	24
Total shareholders’ equity	428,946	428,513
Noncontrolling interests	25,881	27,144
Total equity	454,827	455,657
Total liabilities and equity	$ 762,313	$ 735,145