Slides
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FRP Holdings, Inc. Q3’25 Earnings Presentation NOVEMBER 2025
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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
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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
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Key Highlights INVESTOR PRESENTATION 4 Q3’25 HIGHLIGHTS • 51% decrease in Net Income ($0.7 million vs $1.4 million) due to expenses related to the Altman Logistics platform acquisition, as well as lower operating profit at the Industrial and Commercial Segment due to lower tenant occupancy and higher depreciation from the completion of our new Chelsea warehouse, offset by higher mining royalties and improved results in Equity in Loss of Joint Ventures • 16% decrease in pro rata NOI ($9.5 million vs $11.3 million) Q3’25 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 • Effective October 21, 2025, the Company completed a Purchase and Sales Agreement to acquire the business operations and development pipeline of Altman Logistics Properties, LLC. Acquisition expands FRP's professional "bench" at critical times, broadens and enhances deal flow, as well as providing opportunity to generate additional cash flow to support robust development pipeline. Q3’25 SEGMENT RESULTS & PROGRESS • 3% decrease in the Multifamily pro rata NOI, driven by lower NOI at the Maren due to increased uncollectable revenue and higher operating costs and property taxes. 25% decrease in Industrial and Commercial NOI driven by vacancies from an eviction of one tenant and lease expirations. • 26% decrease in NOI for Mining Royalty Lands absence of one- time catch-up minimum royalty payment of $1.9 million that benefitted the prior year period. YTD HIGHLIGHTS • 37% decrease in Net Income ($3.0 million vs $4.7 million) due largely to expenses related to the Altman Logistics platform acquisition and higher G&A expenses, as well as lower Net Interest Income offset by higher mining royalties and improved results in Equity in Loss of Joint Ventures • 2% decrease in pro rata NOI ($28.6 million vs $29.0 million)
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Combined Operating Results INVESTOR PRESENTATION 5 $39,547 $41,382 YTD '24 YTD '25 PRO RATA REVENUE YTD $13,420 $13,956 Q3'24 Q3'25 PRO RATA REVENUE Q/Q COMBINED SEGMENT OPERATING HIGHLIGHTS • Quarterly pro rata NOI decreased 16%, and YTD pro rata NOI decreased 2%. Excluding last year's one-time royalty payment, pro rata NOI would have been up $0.1 million (1%) this quarter versus last year's 3rd quarter and YTD pro rata NOI would have been up $1.4M (5%) versus last year's. • YTD Pro Rata NOI decrease reflects stronger results from the Mining Royalty segment and improved occupancy at key joint ventures netted with weaker results at the Industrial & Commercial segment due to vacancies and lease expirations. • Development activity continues, though combined segment profit declined due to Altman acquisition expenses and elevated G&A tied to executive transition. Excluding the Altman acquisition expenses during the quarter, adjusted Net Income would have been up $281K versus last year's 3rd quarter. $11,272 $9,523 Q3'24 Q3'25 PRO RATA NOI Q/Q $29,036 $28,575 YTD '24 YTD '25 PRO RATA NOI YTD
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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 Q3’25 MULTIFAMILY PERFORMANCE (COMPARED TO Q3 2024): • 3% decrease in Pro Rata NOI to $4,570,000 YTD MULTIFAMILY PERFORMANCE (COMPARED TO YTD 2024): • 0% increase in Pro Rata NOI to $13,937,000 INVESTOR PRESENTATION 6 *Pro Rata NOI is inclusive of all six apartment projects $24,222 $25,238 YTD '24 YTD '25 PRO RATA REVENUE YTD $8,226 $8,466 Q3'24 Q3'25 PRO RATA REVENUE Q/Q $4,722 $4,570 Q3'24 Q3'25 PRO RATA NOI Q/Q $13,891 $13,937 YTD '24 YTD '25 PRO RATA NOI YTD
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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 Q3’25 PERFORMANCE OVERVIEW (COMPARED TO Q3 2024): • $305K decrease in NOI down to $904,000 primarily due to an eviction for failure to pay rent by one tenant and lease expirations. YTD PERFORMANCE OVERVIEW (COMPARED TO YTD 2024): • $502K decrease in NOI down to $3,053,000 due to the reasoning above. INVESTOR PRESENTATION 7 $1,445 $1,229 Q3'24 Q3'25 PRO RATA REVENUE Q/Q $4,353 $3,950 YTD '24 YTD '25 PRO RATA REVENUE YTD $1,209 $904 Q3'24 Q3'25 PRO RATA NOI Q/Q $3,555 $3,053 YTD '24 YTD '25 PRO RATA NOI YTD
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Mining & Royalties INVESTOR PRESENTATION 8 $3,199 $3,689 Q3'24 Q3'25 PRO RATA REVENUE Q/Q $9,393 $10,532 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 Q3’25 MINING ROYALTY LANDS SEGMENT OVERVIEW (COMPARED TO Q3 2024 ): • 26% decrease in NOI to $3,756,000 • The primary reason for lower NOI is due to a $1.9M decrease in unrealized revenues related to a catch-up, minimum royalty payment applied to the prior twenty-four months. Excluding last year's one-time royalty payment, pro rata NOI would have been up $0.5 million (16%) this quarter versus last year's 3rd quarter and YTD pro rata NOI would have been up $1.7M (18%) versus last year's. YTD MINING ROYALTY LANDS SEGMENT OVERVIEW (COMPARED TO YTD 2024): • 2% decrease in NOI to $10,705,000 • The primary reason for lower NOI is due to higher revenues being more than offset by a $1,317,000 decrease in unrealized revenues (see explanation above). $5,103 $3,756 Q3'24 Q3'25 PRO RATA NOI Q/Q $10,891 $10,705 YTD '24 YTD '25 PRO RATA NOI YTD
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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 started 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, $27.5M drawn to date, $24.6M returned in principal and preferred interest payments, and $6.0M in interest & profits booked thus far. THE PARK AT DAVIE WOVEN INVESTOR PRESENTATION 9
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. FRP: Sum of the Parts Analysis Asset Type – Income Producing Properties 2025 Annualized Pro Rata NOI Cap Rate/ Multiple Range FRP Equity Value Range Per Share Value INDUSTRIAL $3.0M 5.43%-5.93% $50.8M-$55.5M $2.66-$2.90 OFFICE & GROUND LEASE $1.4M 24.66%-26.37% $5.4M-$5.8M $0.28-$0.30 MULTIFAMILY $18.6M 5.14%-5.65% $75.9M-$107.9M $3.97-$5.64 MINING $13.7M 5.00%-5.50% $248.7M-$273.5M $13.01-$14.31 CASH on BALANCE SHEET NA NA $134.9M $7.06 TOTAL (Part I): $36.7M NA $515.7M-$577.5M $26.98-$30.22 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
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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 $85.1M NA $85.1M $4.46 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 $37.4M $1.95 LOANS MADE TO JV’s NA $5.8M $4.0M $0.21 TOTAL (Part II): NA NA NA $10.53- $11.99 FUTURE LIABILITIES (OZ TAXES) NA NA ($17.8M) ($0.93) TOTAL (Part I+II): $699M-$789M $36.59-$41.29 INVESTOR PRESENTATION 11 PART II Per share calculations based on 19,109,234 shares outstanding
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Appendix 1 2
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. FRPH Quarterly Analysis INVESTOR PRESENTATION 13 PART I (CURRENT) [1] Based on CBRE research from January 2025 and conversations with brokers [2] 2025 NOI: 21st Street: $530K, lease expires 3/31/2026; Vulcan lease at 664E: $440K, lease expires 8/31/2026; two ground l eases at Hollander: $23K, lease expires 2/28/2025, $21K 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 09/30/2025 Asset Class 2025 Annualized Pro Rata NOI Cap Rate Range [1] Value Range Debt FRP Equity Value $/Share Notes Industrial Hollander $ 2,068,928 5.65% 5.15% $ 36,618,186 $ 40,173,350 $ - $ 36,618,186 $ 40,173,350 US Venture Lease @ Hollander included in Ground Lease below Cranberry $ 941,916 6.65% 6.15% $ 14,164,150 $ 15,315,707 $ - $ 14,164,150 $ 15,315,707 100 bps added to Cranberry Cap Rate vs Hollander Total $ 3,010,844 5.93% 5.43% $ 50,782,337 $ 55,489,057 $ - $ 50,782,337 $ 55,489,057 $ 2.66 $ 2.90 Office and Ground Leases Ground Leases [2] $ 1,013,029 $ 1,055,719 $ 1,055,719 $ - $ 1,055,719 $ 1,055,719 DCF at 10% of 4 ground leases with 3 expirations in 2026 34 Loveton $ 413,835 9.50% 8.75% $ 4,356,154 $ 4,729,539 $ - $ 4,356,154 $ 4,729,539 Total $ 1,426,864 26.37% 24.66% $ 5,411,873 $ 5,785,258 $ - $ 5,411,873 $ 5,785,258 $ 0.28 $ 0.30 Multifamily [3] Maren $ 3,388,283 5.50% 5.00% $ 109,368,590 $ 120,305,449 $ (88,000,000) $ 12,036,499 $ 18,197,013 FRP Share 56.3% Dock 79 $ 3,785,019 5.50% 5.00% $ 130,338,108 $ 143,371,919 $ (92,070,000) $ 20,205,561 $ 27,087,413 FRP Share 52.8% Bryant Street $ 6,307,057 5.75% 5.25% $ 152,130,555 $ 166,619,180 $ (110,000,000) $ 30,376,636 $ 40,823,108 FRP Share 72.1% Verge $ 2,802,594 5.75% 5.25% $ 79,421,155 $ 86,985,074 $ (69,862,000) $ 5,866,453 $ 10,508,431 FRP Share 61.4% .408 Jackson $ 1,434,848 5.75% 5.25% $ 62,384,674 $ 68,326,072 $ (49,450,000) $ 5,173,870 $ 7,550,429 FRP Share 40.0% Riverside $ 866,449 5.75% 5.25% $ 37,671,716 $ 41,259,498 $ (32,000,000) $ 2,268,686 $ 3,703,799 FRP Share 40.0% Total $ 18,584,250 5.65% 5.14% $ 571,314,799 $ 626,867,192 $ (441,382,000) $ 75,927,706 $ 107,870,193 $ 3.97 $ 5.64 Cap Rate Estimate [4] Mining (less unrealized rent): $ 13,677,265 5.50% 5.00% $ 248,677,552 $ 273,545,307 $ 248,677,552 $ 273,545,307 $ 13.01 $ 14.31 Income Producing Property Total $ 36,699,222 $ 1,011,039,560 $ 961,686,814 $ (441,382,000) $ 380,799,467 $ 442,689,815 $ 19.93 $ 23.17 Cash $ 134,853,000 $ 134,853,000 $ 7.06 $ 7.06 Income Producing Property and Cash $ 515,652,467 $ 577,542,815 $ 26.98 $ 30.22
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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 $ 4,865,622 $ 4,865,622 $ 4,865,622 Chelsea $ 26,703,595 $ 26,703,595 $ 26,703,595 Cost of warehouse nearing completion The Woven $ 10,005,452 $ 10,005,452 $ 10,005,452 Multifamily JV in Greenvile, SC Lakeland JV $ 7,624,983 $ 7,624,983 $ 7,624,983 Industrial JV in Lakeland, FL Camp Lake $ 13,841,726 $ 13,841,726 $ 13,841,726 Industrial JV in Minneola, FL Broward Co JV $ 22,107,087 $ 22,107,087 $ 22,107,087 Industrial JV in Broward County, FL Total $ 85,148,465 $ 85,148,465 $ 85,148,465 $ 4.46 $ 4.46 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 $ 7,540,588 $ 7,540,588 Basis Presbyterian $ 10,017,883 $ 10,017,883 Capital lent less received Hampstead $ 12,500,244 $ 12,500,244 Basis Estero $ 6,971,426 $ 6,971,426 Equity Investment FRP Utility LLC $ 320,942 $ 320,942 Equity Investment Total $ 37,351,083 $ 37,351,083 $ 1.95 $ 1.95 Loans made to JVs Alamo $ 2,232,025 $ 2,232,025 $ 2,232,025 Windlass $ 3,596,798 $ 1,798,399 $ 1,798,399 We are responsible for half of the debt Total $ 5,828,822 $ 4,030,424 $ 4,030,424 $ 0.21 $ 0.21 Development and Raw Land $ 201,304,972 $ 229,204,972 $ 10.53 $ 11.99 Future Liabilities OZ Taxes $ (17,771,396) $ (17,771,396) $ (0.93) $ (0.93) $20.5m in OZ taxes due in q1 2027 discounted back at 10% Total Per Share Sum of the Parts $ 699,186,043 $ 788,976,391 $ 36.59 $ 41.29
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2025 Non-GAAP Financial Matters INVESTOR PRESENTATION 15 NET OPERATING INCOME RECONCILIATION Three months ended 9/30/25 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment Unallocated Corporate Expense FRP Holdings Totals Net Income (loss) $261 ($138) ($1,409) $2,579 (728) 565 Income Tax Allocation 80 (42) (433) 793 (195) 203 Income (loss) before income taxes 341 (180) (1,842) 3,372 (923) 768 Less: Gain on sale of real estate — — — — — — Unrealized rents — — — — — — Interest income — 906 9 0 1,454 2,369 Plus: Unrealized rents (4) — 6 159 — 161 Equity in loss of Joint Ventures — (103) 2,316 12 — 2,225 Professional fees – other — 1,241 27 — — 1,268 Interest Expense — — 690 — 49 739 Depreciation/Amortization 567 43 2,002 213 — 2,825 General & administrative — — — — 2,328 2,328 Net Operating Income 904 95 3,190 3,756 — 7,945 NOI of noncontrolling interest — — (1,456) — — (1,456) Pro rata NOI from unconsolidated joint ventures — 198 2,836 — — 3,034 Pro rata net operating income 904 293 4,570 3,756 — 9,523
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2024 Non-GAAP Financial Matters INVESTOR PRESENTATION 16 NET OPERATING INCOME RECONCILIATION Three months ended 9/30/24 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment Unallocated Corporate Expense FRP Holdings Totals Net Income (loss) $417 ($1,383) ($1,474) $2,008 $1,811 $1,379 Income Tax Allocation 129 (424) (452) 617 557 427 Income (loss) before income taxes 546 (1,807) (1,926) 2,625 2,368 1,806 Less: Unrealized rents (7) — (9) (229) — (245) Interest income — $441 — — 1,863 2,304 Plus: Unrealized rents — — — 1,765 — 1,765 Professional fees – other — — — — — — Equity in loss of Joint Ventures — 299 2,527 13 — 2,839 Interest Expense — — 696 — 46 742 Depreciation/Amortization 360 43 1,985 163 — 2,551 General & administrative 296 1,974 262 308 (551) 2,289 Net Operating Income 1,209 68 3,553 5,103 — 9,933 NOI of noncontrolling interest — — (1,616) — — (1,616) Pro rata NOI from unconsolidated joint ventures — 170 2,785 — — 2,955 Pro rata net operating income 1,209 238 4,722 5,103 — 11,272
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2025 Non-GAAP Financial Matters INVESTOR PRESENTATION 17 NET OPERATING INCOME RECONCILIATION Nine months ended 9/30/25 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment Unallocated Corporate Expense FRP Holdings Totals Net Income (loss) $1,092 $948 ($3,940) $7,385 ($2,662) $2,823 Income Tax Allocation 335 291 (1,221) 2,269 (767) 907 Income (loss) before income taxes 1,427 1,239 (5,161) 9,654 (3,429) 3,730 Less: Gain on sale of real estate Unrealized rents — — — — Interest income 2,782 10 4,486 7,278 Plus: Unrealized rents 97 — 20 448 — 565 Equity in loss of Joint Ventures — (259) 6,859 35 6,635 Professional fees – other 1,975 114 — 2,089 Interest Expense — — 2,133 — 125 2,258 Depreciation/Amortization 1,529 129 5,932 568 8,158 General & administrative — — — — 7,790 7,790 Net Operating Income 3,053 302 9,887 10,705 — 23,947 NOI of noncontrolling interest (4,508) (4,508) Pro rata NOI from unconsolidated joint ventures 578 8,558 9,136 Pro rata net operating income $3,053 880 13,937 10,705 — 28,575
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2024 Non-GAAP Financial Matters INVESTOR PRESENTATION 18 NET OPERATING INCOME RECONCILIATION Nine months ended 9/30/24 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment Unallocated Corporate Expense FRP Holdings Totals Net Income (loss) $1,222 ($2,498) ($3,951) $5,884 $4,116 $4,773 Income Tax Allocation 376 (767) (1,224) 1,808 1,550 1,743 Income (loss) before income taxes 1,598 (3,265) (5,175) 7,692 5,666 6,516 Less: Unrealized rents 12 — — 12 Interest income — 2,995 — — 5,800 8,795 Plus: Unrealized rents — — — 1,765 — 1,765 Professional fees – other 15 15 Equity in loss of Joint Ventures — 2,081 6,466 35 8,582 Interest Expense — 2,348 — 134 2,482 Depreciation/Amortization 1,083 128 5,947 471 7,629 General & administrative 886 4,281 788 928 6,883 Net Operating Income 3,555 230 10,389 10,891 — 25,065 NOI of noncontrolling interest — (4,727) (4,727) Pro rata NOI from unconsolidated joint ventures 469 8,229 8,698 Pro rata net operating income $3,555 699 13,891 10,891 — 29,036
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2025 Revenue Reconciliation INVESTOR PRESENTATION 19 REVENUE RECONCILIATION Nine months ended 9/30/25 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment FRP Holdings Totals Revenue (GAAP) $3,950 $902 $16,547 $10,532 $31,931 Less: Partners’ Share of Dock & Maren’s Revenue (consolidated) — — 7,532 — 7,532 Plus: FRP’s Share of Bryant Street JVs Revenue — — 8,911 — 8,911 FRP’s Share of Verge JVs Revenue — — 4,157 — 4,157 FRP’s Share of Windlass Run JVs Revenue — 760 — — 760 FRP’s Share of Greenville JVs Revenue — — 3,156 — 3,156 Pro rata revenue $3,950 1,662 25,238 10,532 41,382
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2024 Revenue Reconciliation INVESTOR PRESENTATION 20 REVENUE RECONCILIATION Nine months ended 9/30/24 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment FRP Holdings Totals Revenue (GAAP) $4,353 $905 $16,592 $9,393 $31,243 Less: Partners’ Share of Dock & Maren’s Revenue (consolidated) — — 7,551 — 7,551 Plus: FRP’s Share of Bryant Street JVs Revenue — — 8,517 — 8,517 FRP’s Share of Verge JVs Revenue — — 3,753 — 3,753 FRP’s Share of Windlass Run JVs Revenue — 674 — — 674 FRP’s Share of Greenville JVs Revenue — — 2,911 — 2,911 Pro rata revenue $4,353 1,579 24,222 9,393 39,547
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2025 Revenue Reconciliation INVESTOR PRESENTATION 21 REVENUE RECONCILIATION Three months ended 9/30/25 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment FRP Holdings Totals Revenue (GAAP) $1,229 $301 $5,556 $3,689 $10,775 Less: Partners’ Share of Dock & Maren’s Revenue (consolidated) — 2,529 — 2,529 Plus: FRP’s Share of Bryant Street JVs Revenue — — 3,011 — 3,011 FRP’s Share of Verge JVs Revenue — — 1,374 — 1,374 FRP’s Share of Windlass Run JVs Revenue — 271 — — 271 FRP’s Share of Greenville JVs Revenue — — 1,054 — 1,054 Pro rata revenue $1,229 572 8,466 3,689 13,956
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2024 Revenue Reconciliation INVESTOR PRESENTATION 22 REVENUE RECONCILIATION Three months ended 9/30/24 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment FRP Holdings Totals Revenue (GAAP) $1,455 $297 $5,682 $3,199 $10,633 Less: Partners’ Share of Dock & Maren’s Revenue (consolidated) — — 2,586 — 2,586 Plus: FRP’s Share of Bryant Street JVs Revenue — — 2,859 — 2,859 FRP’s Share of Verge JVs Revenue — — 1,278 — 1,278 FRP’s Share of Windlass Run JVs Revenue — 243 — — 243 FRP’s Share of Greenville JVs Revenue — — 993 — 993 Pro rata revenue $1,455 540 8,226 3,199 13,420
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Reconciliation to Adjusted Net Income INVESTOR PRESENTATION 23
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Reconciliation to Adjusted NOI INVESTOR PRESENTATION 24