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1. A diversified **The St. Joe Company (JOE)**, with a focus on industrial, residential, and commercial properties.

2. Like a smaller, more diversified **Prologis (PLD)**, also developing residential and commercial properties.

3. A smaller-scale **Howard Hughes Corporation (HHC)**, developing and owning industrial, residential, and commercial real estate.

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• Industrial and Commercial Property Leasing: FRP Holdings Inc. leases office and industrial buildings to a variety of tenants, generating rental income.
• Multi-family Residential Development and Operations: The company develops, owns, and manages apartment communities, deriving revenue from residential rentals.
• Land Development and Sales: FRP Holdings Inc. prepares raw land for various uses and sells the developed parcels to third parties.
• Mining Royalty Operations: The company owns land with mineral resources and receives royalty payments from third parties who mine aggregates such as sand and gravel.

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FRP Holdings, Inc. (FRPH) operates a diversified real estate business, including income-producing properties, mining royalty lands, and residential and commercial development. Due to the nature of its business and its diversified portfolio, FRP Holdings, Inc. does not have any single "major customer" that accounts for 10% or more of its consolidated revenues, as stated in its SEC filings.

Therefore, instead of listing specific customer companies, the customers of FRP Holdings, Inc. can be best described by the following categories:

1. **Businesses Leasing Commercial Properties:** This category includes a diverse range of companies and organizations that lease office, industrial, and retail spaces across FRP's portfolio of income-producing properties. These tenants span various industries and typically include small to medium-sized enterprises.
2. **Individuals Renting Residential Units:** This category comprises individual tenants who lease apartments and other residential units within the multi-family developments owned or developed by FRP Holdings, Inc.
3. **Mining and Aggregate Companies:** These are businesses, often large aggregate producers, that lease mining royalty lands from FRP Holdings, Inc. for the extraction of minerals and other materials.

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John D. Baker III, Chief Executive Officer

John D. Baker III assumed the role of Chief Executive Officer of FRP Holdings, Inc. in 2024, having joined the company in 2012. He previously served as CFO and Treasurer, and prior to that, as a Financial Analyst for his predecessor, John Milton, Jr.. He holds a Bachelor of Arts degree in history from Princeton University and an MBA from the McCombs School of Business at The University of Texas. Baker possesses strong financial acumen and expertise in real estate investing. In October 2025, he highlighted the strategic acquisition of Altman Logistics Properties as a move to expand FRP's industrial business development platform. FRP had previously sold most of its industrial properties in 2018 and has been actively seeking opportunities to redeploy capital. He is the son of John D. Baker II, the former CEO and current Chairman of the Board.

Matthew C. McNulty, Chief Financial Officer and Treasurer

Matthew C. McNulty became the Chief Financial Officer and Treasurer of FRP Holdings, Inc. in 2024. Before joining FRP, Matt served as Chief Financial Officer (2018) and Chief Operating Officer (2021) of Patriot Transportation Holding, Inc.. Patriot Transportation Holding Inc., a trucking company, was later acquired by United Petroleum Transports Inc. in 2023. Prior to his time at Patriot, McNulty was employed by Florida Rock Industries, Inc., and from 2000 to 2003, he worked as an Associate Corporate Attorney at Rogers, Towers, PA. He holds a B.S. in Accounting from Florida State University and a Juris Doctorate from the University of Florida.

David H. deVilliers, III, President & Chief Operating Officer

David H. deVilliers, III has been the President & Chief Operating Officer of FRP Holdings, Inc. since May 2024. He joined the company in 2001 and served as Executive Vice President from 2019 until his appointment as COO. He has been instrumental in the company's expansion and growth, playing a key role in strategic investments and notable transactions, including a $358 million, 41-building portfolio sale to an affiliate of Blackstone Real Estate Partners in 2018. David received a Bachelor of Arts in Economics from Denison University and a Master of Business Administration with a finance concentration from Loyola University. He also holds executive vice president positions in FRP Development Corp. and Florida Rock Properties, Inc., subsidiaries of FRP Holdings, Inc.. He is the son of David H. deVilliers, Jr., who serves as Senior Advisor and Vice Chairman of the Board.

John D. Klopfenstein, Controller & Chief Accounting Officer

John D. Klopfenstein has served as the Controller & Chief Accounting Officer of FRP Holdings, Inc. since 2005, having started his career with the company in 1985. He brings over 35 years of experience in accounting and finance to his role. He is a Certified Corporate Financial Planning and Analysis Professional and a Certified Treasury Professional. Klopfenstein earned a Bachelor of Business Administration degree and a Master of Accountancy degree from the University of North Florida.

John D. Milton, Jr., Executive Vice President, Secretary and General Counsel

John D. Milton, Jr. serves as the Executive Vice President, Secretary and General Counsel for FRP Holdings, Inc.. He has held various roles within the company, including previously serving as Executive Vice President, Treasurer, Secretary and Chief Financial Officer around 2018. John D. Baker III, the current CEO, also previously served as a Financial Analyst for John Milton, Jr..

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The key risks to FRP Holdings (FRPH) include:

1. Challenges with its Asset-Heavy Real Estate Development Model and Capital Allocation: FRP Holdings operates a capital-intensive real estate development model that has consistently struggled to translate asset growth into strong shareholder returns, leading to declining profitability, negative operating margins, and low returns on assets and equity. The complexity of its business operations further complicates effective capital allocation, and the company has not consistently earned its cost of capital.
2. Operational Risks in Real Estate Development and Property Management: The company faces significant risks associated with construction delays in its new development projects and the potential for rapidly escalating construction costs to outpace achievable market rents. Furthermore, there is a risk of tenant defaults or obstacles in collecting rents and mining royalties, which can severely impact financials given that a single tenant default in Q1 affected the company's cash flow due to its size.
3. Geographic and Tenant Concentration Risks: FRP Holdings' properties are primarily concentrated within specific geographic areas on the Eastern seaboard, which limits diversification and increases exposure to regional economic downturns or adverse market conditions. Additionally, a substantial portion of its mining royalty revenue is dependent on a single major tenant, Vulcan Materials Company, creating a significant tenant concentration risk.

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The clear emerging threat for FRP Holdings, Inc. (FRPH) stems from the ongoing and evolving impact of remote and hybrid work models on the demand for traditional office real estate. While the initial shift to remote work occurred during the pandemic, the long-term implications for office space utilization, lease structures, and property valuations are still emerging and subject to significant change. This trend fundamentally challenges the need for large, centralized office footprints, potentially leading to decreased occupancy rates, pressure on rental income, and reduced demand for new office development. This is analogous to how Netflix's streaming model gradually eroded Blockbuster's physical rental business, or Uber's app-based convenience disrupted traditional taxi services, as a new paradigm fundamentally alters the existing market for a core asset.

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The addressable markets for FRP Holdings Inc.'s (FRPH) main products and services in the United States are as follows:

Industrial and Commercial Real Estate (U.S.)

• The U.S. warehousing market is projected to grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2030. The global warehousing market size was estimated at USD 1.01 trillion in 2023 and is expected to reach USD 1.08 trillion in 2024, with North America accounting for 31.0% of the market share in 2023.
• The General Warehousing & Storage industry in the United States has a market size of USD 42.8 billion in 2025.
• The North America warehousing market is expected to reach a projected revenue of USD 507.6 billion by 2030, with a CAGR of 7.2% from 2025 to 2030.
• The U.S. Industrial Building Construction Market was valued at USD 43.8 billion in 2024 and is anticipated to reach USD 61.6 billion by 2032, growing at a CAGR of 4.5% during 2025–2032.
• The United States commercial real estate market size reached USD 718.2 billion in 2024 and is expected to grow to USD 991.7 billion by 2033, demonstrating a CAGR of 3.35% during 2025-2033.

Mining Royalty Lands (U.S.)

• null

Land Development (U.S.)

• The market size of land development in the U.S. was USD 22.8 billion in 2024 and is projected to be USD 22.9 billion in 2025.

Multifamily Residential (U.S.)

• The United States Multifamily market size was valued at USD 265 billion in 2022 and is expected to grow to USD 466 billion by 2030, with a CAGR of 7.31% during the forecast period.
• The U.S. residential construction market size is USD 1.35 trillion in 2025 and is projected to reach USD 1.69 trillion by 2030, with a CAGR of 4.59%.
• The residential property segment accounted for 57.1% of the U.S. real estate market in 2024. The overall U.S. real estate market was estimated at USD 130.02 billion in 2024 and is expected to reach USD 172.13 billion by 2030, growing at a CAGR of 4.1%.

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FRP Holdings (FRPH) is expected to drive future revenue growth over the next 2-3 years through several key initiatives across its diversified real estate portfolio:

1. Industrial Development Pipeline and Expansion: FRP Holdings is strategically expanding its industrial segment through new developments and acquisitions. The company plans to add over 1.8 million square feet of industrial space, with a significant focus on projects in Florida and Maryland. This expansion is expected to generate substantial Net Operating Income (NOI) upon stabilization. For instance, new Florida projects totaling over 750,000 square feet are projected to generate approximately $9 million in annual NOI when stabilized, with FRP's share exceeding $8 million. A key part of this strategy includes the recent acquisition of Altman Logistics Properties, which enhances FRP's industrial development pipeline.
2. Leasing and Occupancy of Industrial and Commercial Vacancies: A primary short-term driver of revenue and NOI improvement for FRP Holdings is the leasing and occupying of existing industrial and commercial vacancies at current market rates. The company is focused on filling these vacancies and advancing development projects to enhance earnings.
3. Multifamily Segment Growth and New Developments: The multifamily segment is anticipated to contribute to revenue growth through improved occupancy rates at existing properties and the development of new projects. FRP's multifamily portfolio, including properties in Washington D.C. and South Carolina, aims to leverage increased occupancy to boost revenues. The company is also pursuing new multifamily developments in emerging markets such as South Carolina and Florida, with new projects expected to add 810 units and generate high NOI.
4. Consistent Performance of the Mining and Royalty Segment: The Mining and Royalty business segment, primarily located in Florida and Georgia, has demonstrated consistent performance and increased Net Operating Income in recent quarters. This segment is expected to continue to be a stable contributor to FRP's overall revenue growth.

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Share Repurchases

• During the first six months of 2020, FRP Holdings, Inc. repurchased 298,303 shares at an average cost of $41.41 per share.

Outbound Investments

• In August 2022, FRP Holdings, Inc. invested $3.6 million for a 16% interest in a joint venture with Woodfield Development to develop a mixed-use project in Estero, Florida.
• On October 21, 2025, FRP Holdings, Inc. acquired the business operations and development pipeline of Altman Logistics Properties, LLC for $33.5 million, with a net cash requirement of $23.5 million. This acquisition also gave FRP 100% ownership of the Lakeland and Davie projects by acquiring Altman's minority interests.
• FRP Holdings, Inc. entered a joint venture with Strategic Real Estate Partners to develop industrial warehouses in Florida.

Capital Expenditures

• Year-to-date through the third quarter of 2025, capital expenditures totaled $34.154 million.
• The company's development strategy has shifted its primary focus towards industrial properties to expand its footprint.
• FRP Holdings, Inc. is advancing a development pipeline that is expected to add over 1.8 million square feet of industrial space, with new Florida projects projected to generate approximately $9 million in annual Net Operating Income (NOI) upon stabilization.