Slides
Page 1
FRP Holdings, Inc. Q2’25 Earnings Presentation AUGUST 2025
Page 2
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Safe Harbor Disclosures Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include, but are not limited to: the possibility that we may be unable to find appropriate investment opportunities; levels of construction activity in the markets served by our mining properties; demand for flexible warehouse/office facilities in the Baltimore-Washington-Northern Virginia area; demand for apartments in Washington D.C. and Greenville, South Carolina; our ability to obtain zoning and entitlements necessary for property development; the impact of lending and capital market conditions on our liquidity, development costs and project timelines; our ability to finance projects or repay our debt; general real estate investment and development risks; vacancies in our properties; risks associated with developing and managing properties in partnership with others; competition; our ability to renew leases or re-lease spaces as leases expire; illiquidity of real estate investments; bankruptcy or defaults of tenants; the impact of restrictions imposed by our credit facility; the level and volatility of interest rates; environmental liabilities; inflation risks; cybersecurity risks; as the impact of tariffs on our industrial tenants and construction costs; as well as other risks listed from time to time in our SEC filings; including but not limited to; our annual and quarterly reports. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements. To supplement the financial results presented in accordance with GAAP, FRP presents a non-GAAP financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The non-GAAP financial measure included in this Presentation is net operating income (NOI). FRP uses this non-GAAP financial measure to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. This measure is not, and should not be viewed as, a substitute for GAAP financial measures. 2INVESTOR PRESENTATION
Page 3
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Non-GAAP Financial Matters To supplement the financial results presented in accordance with GAAP, FRP presents a non-GAAP financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The non-GAAP financial measure included in this Presentation is net operating income (NOI). FRP uses this non-GAAP financial measure to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. This measure is not, and should not be viewed as, a substitute for GAAP financial measures. 3INVESTOR PRESENTATION
Page 4
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Key Highlights INVESTOR PRESENTATION 4 Q2’25 HIGHLIGHTS • 72% decrease in Net Income ($0.6 million vs $2.0 million) due largely to professional fees related to a transaction that the company is evaluating, as well as lower Net Interest Income offset by higher mining royalties and improved results in Equity in Loss of Joint Ventures • 5% increase in pro rata NOI ($9.7 million vs $9.2 million) • Effective July 21, 2025, amended the Company’s Credit Agreement with Wells Fargo, establishing a five-year, $50M revolver at SOFR + 2.25% Q2’25 DEVELOPMENT HIGHLIGHTS • On July 23, 2025, entered a JV with Strategic Real Estate Partners to develop 377,892 square feet of industrial space in Lake County, FL, with future expansion options • Shell construction on the Chelsea Road warehouse project was completed effective April 1, 2025. Q2’25 SEGMENT RESULTS AND PROGRESS • 1% increase in the Multifamily segment’s pro rata NOI primarily due to improved occupancy of The Verge and Dock 79. This comparison includes the results for The Verge from the same period last year (when the Verge was still in our Development segment). • 15% decrease in Industrial and Commercial segment NOI primarily due to an eviction of one tenant and lease expirations. • 21% increase in NOI for Mining Royalty Lands segment YTD HIGHLIGHTS • 32% decrease in Net Income ($2.3 million vs $3.3 million) due largely to professional fees related to a transaction that the company is evaluating, as well as lower Net Interest Income offset by higher mining royalties and improved results in Equity in Loss of Joint Ventures • 7% increase in pro rata NOI ($19.1 million vs $17.8 million)
Page 5
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Combined Operating Results INVESTOR PRESENTATION 5 $26,127 $27,426 YTD '24 YTD '25 PRO RATA REVENUE YTD $13,309 $13,997 Q2'24 Q2'25 PRO RATA REVENUE Q/Q COMBINED SEGMENT OPERATING HIGHLIGHTS • Quarterly pro rata NOI increased 5%, and YTD pro rata NOI increased 7% • Pro Rata NOI increase reflects stronger results from the Mining Royalty segment and improved occupancy at key joint ventures • Development activity continues, though combined segment profit declined due to transaction related professional fees and elevated G&A tied to executive transition $9,230 $9,688 Q2'24 Q2'25 PRO RATA NOI Q/Q $17,764 $19,052 YTD '24 YTD '25 PRO RATA NOI YTD
Page 6
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Multifamily MULTIFAMILY SEGMENT OVERVIEW: • Two consolidated joint ventures: Dock 79 and The Maren • Four unconsolidated joint ventures: Bryant Street, Riverside,.408 Jackson, and The Verge Q2’25 MULTIFAMILY PERFORMANCE (COMPARED TO Q2 2024): • 1% increase in Pro Rata NOI to $4,737,000 YTD MULTIFAMILY PERFORMANCE (COMPARED TO YTD 2024): • 2% increase in Pro Rata NOI to $9,367 INVESTOR PRESENTATION 6 *Pro Rata NOI is inclusive of all six apartment projects $15,996 $16,772 YTD '24 YTD '25 PRO RATA REVENUE YTD $8,113 $8,467 Q2'24 Q2'25 PRO RATA REVENUE Q/Q $4,680 $4,737 Q2'24 Q2'25 PRO RATA NOI Q/Q $9,169 $9,367 YTD '24 YTD '25 PRO RATA NOI YTD
Page 7
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Industrial & Commercial INDUSTRIAL & COMMERCIAL SEGMENT OVERVIEW: • Ten warehouses in four different locations • Two ground leases • One office building partially occupied by the Company Q2’25 PERFORMANCE OVERVIEW (COMPARED TO Q2 2024): • $177K decrease in NOI down to $1,010,000 primarily due to an eviction for failure to pay rent by one tenant and lease expirations. YTD PERFORMANCE OVERVIEW (COMPARED TO YTD 2024): • $197K decrease in NOI down to $2,149,000 due to the reasoning above. INVESTOR PRESENTATION 7 $1,445 $1,374 Q2'24 Q2'25 PRO RATA REVENUE Q/Q $2,898 $2,721 YTD '24 YTD '25 PRO RATA REVENUE YTD $1,187 $1,010 Q2'24 Q2'25 PRO RATA NOI Q/Q $2,346 $2,149 YTD '24 YTD '25 PRO RATA NOI YTD
Page 8
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Mining & Royalties INVESTOR PRESENTATION 8 $3,231 $3,609 Q2'24 Q2'25 PRO RATA REVENUE Q/Q $6,194 $6,843 YTD '24 YTD '25 PRO RATA REVENUE YTD MINING & ROYALTIES SEGMENT OVERVIEW: • Several properties totaling approximately 16,648 acres currently under lease for mining rents or royalties – This does not include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials Q2’25 MINING ROYALTY LANDS SEGMENT OVERVIEW (COMPARED TO Q2 2024 ): • 21% increase in NOI to $3,665,000 • The primary reason for higher NOI is due to a reduction in royalty payments in the prior year related the higher revenues and a $264K decrease in unrealized revenues. YTD MINING ROYALTY LANDS SEGMENT OVERVIEW (COMPARED TO YTD 2024): • 20% increase in NOI to $6,949,000 • The primary reason for higher NOI is due to a reduction in royalty payments in the prior year related the higher revenues and a $518K decrease in unrealized revenues. $3,028 $3,665 Q2'24 Q2'25 PRO RATA NOI Q/Q $5,788 $6,949 YTD '24 YTD '25 PRO RATA NOI YTD
Page 9
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2025 Development Plans INDUSTRIAL JOINT VENTURES: • Lakeland, FL: 200,000 sq ft warehouse development • Davie, FL: 182,000 sq ft warehouse redevelopment • Construction started on both in Q2 ’25 • Minneola, FL: two warehouse developments (totaling 378,000 sq ft). Construction starting in Q3 '25 MULTIFAMILY: • "Woven" – Greenville, SC: 214 multifamily units and 14,000 retail sq ft multifamily development. • Construction started in Q2 '25 • Estero, FL: 46-acre project, 596 multifamily units, 60,000 sq ft of commercial space, 20,000 sq ft of office space and a boutique 190- key hotel. • Construction to start in '25 ABERDEEN OVERLOOK RESIDENTIAL DEVELOPMENT: • 110-acre project, 344 residential lots • National homebuilder contracted for 222 townhome lots, 122 single- family lots • $31.1M committed, $27.0M drawn to date, $22.2M returned in principal and preferred interest payments, and $5.5M in interest & profits booked thus far. THE PARK AT DAVIE WOVEN INVESTOR PRESENTATION 9
Page 10
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. FRP: Sum of the Parts Analysis Asset Type – Income Producing Properties 2025 Three Month Pro Rata NOI Cap Rate/ Multiple Range FRP Equity Value Range Per Share Value INDUSTRIAL $3.2M 5.45%-5.96% $53.1M-$58.0M $2.78-$3.04 OFFICE & GROUND LEASE $1.8M 27.53%-29.37% $6.2M-$6.6M $0.32-$0.35 MULTIFAMILY $18.7M 5.14%-5.64% $78.6M-$110.8M $4.11-$5.80 MINING $13.3M 5.00%-5.50% $242.2M-$266.4M $12.67-$13.94 CASH on BALANCE SHEET NA NA $153.2M $8.02 TOTAL (Part I): $37.0M NA $533M-$595M $27.91-$31.14 INVESTOR PRESENTATION 10 The cap rates, asset values and per share values are for illustrative purposes only as a reflection of how management views its various assets for purposes of informing management decisions and do not necessarily reflect the price that would be obtained upon a sale of the asset or the associated costs or tax liability. See NAV analysis in slides 14-15 for further information PART I
Page 11
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. FRP: Sum of the Parts Analysis Development Pipeline FRP Equity Investment Market Value Range FRP Equity Value Range Per Share Value UNDER DEVELOPMENT $64.7M NA $63.1M $3.30 INDUSTRIAL LAND NA $17.9M-$37.1M $17.9M-$37.1M $0.94-$1.94 FUTURE PHASES OF RIVERFRONT (D.C.) NA $56.9M-$65.6M $56.9M-$65.6M $2.98-$3.43 RESIDENTIAL LAND NA NA $34.8M $1.82 LOANS MADE TO JV’s NA $6.4M $4.5M $0.24 TOTAL (Part II): NA NA NA $9.27- $10.73 FUTURE LIABILITIES (OZ TAXES) NA NA ($17.3M) ($0.91) TOTAL (Part I+II): $693M-$782M $36.27-$40.96 INVESTOR PRESENTATION 11 PART II Per share calculations based on 19,030,474 shares outstanding
Page 12
Appendix 1 2
Page 13
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. FRPH Quarterly Analysis INVESTOR PRESENTATION 13 PART I (CURRENT) [1] Based on CBRE research from 2024 and conversations with brokers [2] 2025 NOI: 21st Street: $706,216, lease expires 3/31/2026; Vulcan lease at 664E: $586,832, lease expires 8/31/2026; two gr ound leases at Hollander: $30,597, lease expires 2/28/2025, $27,348 lease expires 4/30/2030 [3] NOI numbers presented represent our pro rata NOI based on ownership %'s. [4] Based on management estimate [5] $/SF value based on management’s submarket analysis FRP HOLDINGS, INC. QUARTERLY ANALYSIS 6/30/2025 Asset Class 2025 Annualized Pro Rata NOI Cap Rate Range [1] Value Range Debt FRP Equity Value $/Share Notes Industrial Hollander $ 2,079,027 5.65% 5.15% $ 36,796,945 $ 40,369,464 $ - $ 36,796,945 $ 40,369,464 US Venture Lease @ Hollander included in Ground Lease below Cranberry $ 1,086,000 6.65% 6.15% $ 16,330,827 $ 17,658,537 $ - $ 16,330,827 $ 17,658,537 100 bps added to Cranberry Cap Rate vs Hollander Total $ 3,165,027 5.96% 5.45% $ 53,127,772 $ 58,028,000 $ - $ 53,127,772 $ 58,028,000 $ 2.78 $ 3.04 Office and Ground Leases Ground Leases [2] $ 1,362,069 $ 1,362,069 $ 1,362,069 $ - $ 1,362,069 $ 1,362,069 DCF at 10% of 4 ground leases with 3 expirations in 2026 34 Loveton $ 460,000 9.50% 8.75% $ 4,842,105 $ 5,257,143 $ - $ 4,842,105 $ 5,257,143 Total $ 1,822,069 29.37% 27.53% $ 6,204,174 $ 6,619,211 $ - $ 6,204,174 $ 6,619,211 $ 0.32 $ 0.35 Multifamily [3] Maren $ 3,490,000 5.50% 5.00% $ 112,651,870 $ 123,917,057 $ (88,000,000) $ 13,885,905 $ 20,231,360 FRP Share 56.3% Dock 79 $ 3,800,000 5.50% 5.00% $ 130,853,994 $ 143,939,394 $ (92,070,000) $ 20,477,949 $ 27,387,040 FRP Share 52.8% Bryant Street $ 6,162,000 5.75% 5.25% $ 148,631,670 $ 162,787,067 $ (110,000,000) $ 27,853,897 $ 38,060,109 FRP Share 72.1% Verge $ 2,972,000 5.75% 5.25% $ 84,221,862 $ 92,242,991 $ (69,862,000) $ 8,812,647 $ 13,735,214 FRP Share 61.4% .408 Jackson $ 1,436,000 5.75% 5.25% $ 62,434,783 $ 68,380,952 $ (49,450,000) $ 5,193,913 $ 7,572,381 FRP Share 40.0% Riverside $ 874,000 5.75% 5.25% $ 38,000,000 $ 41,619,048 $ (32,000,000) $ 2,400,000 $ 3,847,619 FRP Share 40.0% Total $ 18,734,000 5.64% 5.14% $ 576,794,179 $ 632,886,509 $ (441,382,000) $ 78,624,312 $ 110,833,723 $ 4.11 $ 5.80 Cap Rate Estimate [4] Mining (less unrealized rent): $ 13,320,000 5.50% 5.00% $ 242,181,818 $ 266,400,000 $ 242,181,818 $ 266,400,000 $ 12.67 $ 13.94 Income Producing Property Total $ 37,041,096 $ 1,031,474,943 $ 963,933,721 $ (441,382,000) $ 380,138,076 $ 441,880,935 $ 19.89 $ 23.12 Cash $ 153,167,000 $ 153,167,000 $ 8.02 $ 8.02 Income Producing Property and Cash $ 533,305,076 $ 595,047,935 $ 27.91 $ 31.14
Page 14
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. FRPH Quarterly Analysis PART II (UNDER DEVELOPMENT) [5] $/SF value based on management's submarket analysis INVESTOR PRESENTATION 14 Under Development Project FRP Equity Investment Windlass $ 4,630,784 $ 4,630,784 $ 4,630,784 Chelsea $ 26,446,240 $ 26,446,240 $ 26,446,240 Cost of warehouse nearing completion The Woven $ 5,542,888 $ 5,542,888 $ 5,542,888 Multifamily JV in Greenvile, SC Lakeland JV $ 6,075,974 $ 6,075,974 $ 6,075,974 Industrial JV in Lakeland, FL Broward Co JV $ 22,171,806 $ (2,182,977) $ 20,425,425 $ 20,425,425 Industrial JV in Broward County, FL 80% Total $ 64,867,693 $ 63,121,311 $ 63,121,311 $ 3.30 $ 3.30 Industrial Land FAR $/FAR [5] Purchase Price Market Value Crouse 635,000 30 $ 11,400,000 $ 19,050,000 $ 11,400,000 $ 19,050,000 Mechanics Valley 900,000 20 $ 6,500,000 $ 18,000,000 $ 6,500,000 $ 18,000,000 Total 1,535,000 $ 24.14 $ 17,900,000 $ 37,050,000 $ 17,900,000 $ 37,050,000 $ 0.94 $ 1.94 Future Phases of Riverfront FAR Maren Land Value Verge Land Value Value @ Maren Land Comp Value @ Verge Land Comp Phase III 250,000 $ 65.00 $ 75.00 $ 16,250,000 $ 18,750,000 $ 16,250,000 $ 18,750,000 Phase IV 260,000 $ 65.00 $ 75.00 $ 16,900,000 $ 19,500,000 $ 16,900,000 $ 19,500,000 664E 365,000 $ 65.00 $ 75.00 $ 23,725,000 $ 27,375,000 $ 23,725,000 $ 27,375,000 Total 875,000 $ 56,875,000 $ 65,625,000 $ 56,875,000 $ 65,625,000 $ 2.98 $ 3.43 Residential Land Brooksville $ 7,553,703 $ 7,553,703 Basis Presbyterian $ 11,292,356 $ 11,292,356 Capital lent less received Hampstead $ 12,147,104 $ 12,147,104 Basis Estero $ 3,764,932 $ 3,764,932 Equity Investment Total $ 34,758,095 $ 34,758,095 $ 1.82 $ 1.82 Loans made to JVs Alamo $ 2,690,551 $ 2,690,551 $ 2,690,551 Windlass $ 3,708,133 $ 1,854,067 $ 1,854,067 We are responsible for half of the debt Total $ 6,398,684 $ 4,544,617 $ 4,544,617 $ 0.24 $ 0.24 Development and Raw Land $ 177,199,023 $ 205,099,023 $ 9.27 $ 10.73 Future Liabilities OZ Taxes $ (17,349,554) $ (17,349,554) $ (0.91) $ (0.91) $20.5m in OZ taxes due in q1 2027 discounted back at 10% Total Per Share Sum of the Parts $ 693,154,546 $ 782,797,404 $ 36.27 $ 40.96
Page 15
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2025 Non-GAAP Financial Matters INVESTOR PRESENTATION 15 NET OPERATING INCOME RECONCILIATION Three months ended 6/30/25 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment Unallocated Corporate Expense FRP Holdings Totals Net Income (loss) $339 181 (1,362) 2,547 (1,081) 624 Income Tax Allocation 104 55 (419) 782 (344) 178 Income (loss) before income taxes 443 236 (1,781) 3,329 (1,425) 802 Less: Gain on sale of real estate Unrealized rents 4 (11) (148) (155) Interest income 849 1 1,498 2,348 Plus: Unrealized rents Equity in loss of Joint Ventures (85) 2,453 11 2,379 Professional fees – other 734 56 790 Interest Expense 786 38 824 Depreciation/Amortization 571 43 1,935 177 - 2,726 General & administrative 2,885 2,885 Net Operating Income 1,010 79 3,459 3,665 — 8,213 NOI of noncontrolling interest (1,574) (1,574) Pro rata NOI from unconsolidated joint ventures 197 2,852 3,049 Pro rata net operating income $1,010 276 4,737 3,665 — 9,688
Page 16
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2024 Non-GAAP Financial Matters INVESTOR PRESENTATION 16 NET OPERATING INCOME RECONCILIATION Three months ended 6/30/24 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment Unallocated Corporate Expense FRP Holdings Totals Net Income (loss) $375 71 (1,223) 2,014 822 2,059 Income Tax Allocation 115 21 (376) 619 537 916 Income (loss) before income taxes 490 92 (1,599) 2,633 1,359 2,975 Less: Unrealized rents 3 116 119 Interest income 1,752 1,956 3,708 Plus: Professional fees – other 3 3 Equity in loss of Joint Ventures 768 1,946 10 2,724 Interest Expense 783 46 829 Depreciation/Amortization 360 43 1,981 159 2,543 General & administrative 340 1,029 290 342 551 2,552 Net Operating Income 1,187 180 3,404 3,028 7,799 NOI of noncontrolling interest (1,549) (1,549) Pro rata NOI from unconsolidated joint ventures 155 2,825 2,980 Pro rata net operating income $1,187 335 4,680 3,028 9,230
Page 17
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2025 Non-GAAP Financial Matters INVESTOR PRESENTATION 17 NET OPERATING INCOME RECONCILIATION Six months ended 6/30/25 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment Unallocated Corporate Expense FRP Holdings Totals Net Income (loss) $831 1,086 (2,531) 4,806 (1,934) 2,258 Income Tax Allocation 255 333 (788) 1,476 (572) 704 Income (loss) before income taxes 1,086 1,419 (3,319) 6,282 (2,506) 2,962 Less: Gain on sale of real estate Unrealized rents — — — — Interest income 1,876 1 3,032 4,909 Plus: Unrealized rents 101 — 14 289 — 404 Equity in loss of Joint Ventures — (156) 4,543 23 4,410 Professional fees – other 734 87 — 821 Interest Expense — — 1,443 — 76 1,519 Depreciation/Amortization 962 86 3,930 355 5,333 General & administrative — — — — 5,462 5,462 Net Operating Income 2,149 207 6,697 6,949 — 16,002 NOI of noncontrolling interest (3,052) (3,052) Pro rata NOI from unconsolidated joint ventures 380 5,722 6,102 Pro rata net operating income $2,149 587 9,367 6,949 — 19,052
Page 18
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2024 Non-GAAP Financial Matters INVESTOR PRESENTATION 18 NET OPERATING INCOME RECONCILIATION Six months ended 6/30/24 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment Unallocated Corporate Expense FRP Holdings Totals Net Income (loss) $805 (1,115) (2,477) 3,876 2,305 3,394 Income Tax Allocation 247 (343) (772) 1,191 993 1,316 Income (loss) before income taxes 1,052 (1,458) (3,249) 5,067 3,298 4,710 Less: Unrealized rents 19 — 9 229 — 257 Interest income — 2,554 — — 3,937 6,491 Plus: Professional fees – other 15 15 Equity in loss of Joint Ventures — 1,782 3,939 22 5,743 Interest Expense — 1,652 — 88 1,740 Depreciation/Amortization 723 85 3,962 308 5,078 General & administrative 590 2,307 526 620 551 4,594 Net Operating Income 2,346 162 6,836 5,788 — 15,132 NOI of noncontrolling interest — (3,111) (3,111) Pro rata NOI from unconsolidated joint ventures 299 5,444 5,743 Pro rata net operating income $2,346 461 9,169 5,788 — 17,764
Page 19
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2025 Revenue Reconciliation INVESTOR PRESENTATION 19 REVENUE RECONCILIATION Three months ended 6/30/25 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment FRP Holdings Totals Revenue (GAAP) $1,374 300 5,567 3,609 10,850 Less: Partners’ Share of Dock & Maren’s Revenue (consolidated) — — 2,536 — 2,536 Plus: FRP’s Share of Bryant Street JVs Revenue — — 2,986 — 2,986 FRP’s Share of Verge JVs Revenue — — 1,388 — 1,388 FRP’s Share of Windlass Run JVs Revenue — 247 — — 247 FRP’s Share of Greenville JVs Revenue — — 1,062 — 1,062 Pro rata revenue $1,374 547 8,467 3,609 13,997
Page 20
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2024 Revenue Reconciliation INVESTOR PRESENTATION 20 REVENUE RECONCILIATION Three months ended 6/30/24 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment FRP Holdings Totals Revenue (GAAP) $1,445 305 5,496 3,231 10,477 Less: Partners’ Share of Dock & Maren’s Revenue (consolidated) — — 2,501 — 2,501 Plus: FRP’s Share of Bryant Street JVs Revenue — — 2,892 — 2,892 FRP’s Share of Verge JVs Revenue — — 1,255 — 1,255 FRP’s Share of Windlass Run JVs Revenue — 215 — — 215 FRP’s Share of Greenville JVs Revenue — — 971 — 971 Pro rata revenue $1,445 520 8,113 3,231 13,309
Page 21
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2025 Revenue Reconciliation INVESTOR PRESENTATION 21 REVENUE RECONCILIATION Six months ended 6/30/25 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment FRP Holdings Totals Revenue (GAAP) $2,721 601 10,991 6,843 21,156 Less: Partners’ Share of Dock & Maren’s Revenue (consolidated) — — 5,003 — 5,003 Plus: FRP’s Share of Bryant Street JVs Revenue — — 5,900 — 5,900 FRP’s Share of Verge JVs Revenue — — 2,783 — 2,783 FRP’s Share of Windlass Run JVs Revenue — 489 — — 489 FRP’s Share of Greenville JVs Revenue — — 2,102 — 2,102 Pro rata revenue $2,721 1,090 16,772 6,843 27,426
Page 22
FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2024 Revenue Reconciliation INVESTOR PRESENTATION 22 REVENUE RECONCILIATION Six months ended 6/30/24 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment FRP Holdings Totals Revenue (GAAP) $2,898 608 10,910 6,194 20,610 Less: Partners’ Share of Dock & Maren’s Revenue (consolidated) — — 4,965 — 4,965 Plus: FRP’s Share of Bryant Street JVs Revenue — — 5,658 — 5,658 FRP’s Share of Verge JVs Revenue — — 2,475 — 2,475 FRP’s Share of Windlass Run JVs Revenue — 431 — — 431 FRP’s Share of Greenville JVs Revenue — — 1,918 — 1,918 Pro rata revenue $2,898 1,039 15,996 6,194 26,127