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INA FRP Holdings , Inc. Q2'26 Earnings Presentation AUGUST 2026 FRP
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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 Q2β26 HIGHLIGHTS β’ Net loss of $0.3 million versus net income of $0.6 million due to $0.8 million of higher G&A driven by Altman-related personnel costs, $1.1 million of lower net investment income and added depreciation, partially offset by lower interest expense and higher mining royalties β’ 3% decrease in pro rata Net Operating Income (NOI) ($9.4 million vs $9.7 million) Q2β26 DEVELOPMENT HIGHLIGHTS β’ Hamilton completed and Parsippany reached substantial completion during the quarter, following Delray in Q1 2026 β’ Continued development on projects noted on page 9. Q2β26 SEGMENT RESULTS & PROGRESS β’ 9% decrease in the Multifamily segment's pro rata NOI to $4.3 million primarily due to lower occupancy (93.2% vs 94.1%), higher rent concessions, bad debts and operating expenses at our DC assets β’ 39% decrease in Industrial and Commercial segment NOI to $0.6 million primarily due to vacancies from an eviction of one tenant and lease expirations β’ 12% increase in Mining Royalty Lands segment NOI to $4.1 million on a 6.8% rise in royalty tons and a 5.4% increase in royalty revenue per ton YTD HIGHLIGHTS β’ Net loss of $0.9 million versus net income of $2.3 million mainly due to $2.3 million of higher G&A, including $1.9 million of personnel costs primarily related to the Altman acquisition plus higher audit, valuation, consulting and IT fees β’ Also reflects $2.0 million of lower net investment income and a $0.6 million larger equity in loss of joint ventures at Bryant Street and The Verge β’ 4% decrease in pro rata NOI ($18.2 million vs $19.1 million)
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Combined Operating Results INVESTOR PRESENTATION 5 $13,997 $14,127 Q2'25 Q2'26 PRO RATA REVENUE Q/Q COMBINED SEGMENT OPERATING HIGHLIGHTS β’ Quarterly pro rata NOI decrease 3% and YTD pro rata NOI decrease 4%. β’ Quarterly and YTD Pro Rata NOI reflects stronger results from the Mining Royalty segment netted with weaker results at the Industrial & Commercial segment due to vacancies, and lease expirations and weaker results at the Multifamily segment due to lower occupancy, higher rent concessions, bad debts, and operating expenses at our DC assets β’ Development activity continues, though YTD combined segment profit declined partly due to elevated G&A tied to higher audit fees, valuation and consulting fees, IT consulting fees, and higher wages, all primarily related to the Altman acquisition. $9,688 $9,371 Q2'25 Q2'26 PRO RATA NOI Q/Q $27,426 $27,807 YTD '25 YTD '26 PRO RATA REVENUE YTD $19,052 $18,232 YTD '25 YTD '26 PRO RATA NOI YTD
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Multifamily MULTIFAMILY SEGMENT OVERVIEW: β’ Two consolidated joint ventures: Dock 79 and The Maren β’ Four unconsolidated joint ventures: Bryant Street, Riverside,.408 Jackson, and The Verge Q2β26 MULTIFAMILY PERFORMANCE (COMPARED TO Q2 2025): β’ 9% decrease in Pro Rata NOI to $4,316,000 YTD MULTIFAMILY PERFORMANCE (COMPARED TO YTD 2025): β’ 10% decrease in Pro Rata NOI to $8,400,000 INVESTOR PRESENTATION 6 $8,467 $8,204 Q2'25 Q2'26 PRO RATA REVENUE Q/Q $4,737 $4,316 Q2'25 Q2'26 PRO RATA NOI Q/Q $16,772 $16,218 YTD '24 YTD '26 PRO RATA REVENUE YTD $9,367 $8,400 YTD '25 YTD '26 PRO RATA NOI YTD
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Industrial & Commercial INDUSTRIAL & COMMERCIAL SEGMENT OVERVIEW: β’ Ten warehouses in four different locations β’ Two ground leases β’ One office building partially occupied by the Company Q2β26 PERFORMANCE OVERVIEW (COMPARED TO Q2 2025): β’ $394K decrease in NOI down to $616,000 primarily due to vacancies from an eviction of one tenant and lease expirations. YTD PERFORMANCE OVERVIEW (COMPARED TO YTD 2025): β’ $775K decrease in NOI down to $1,374,000 primarily due to vacancies from an eviction of one tenant and lease expirations. INVESTOR PRESENTATION 7 $1,374 $983 Q2'25 Q2'26 PRO RATA REVENUE Q/Q $1,010 $616 Q2'25 Q2'26 PRO RATA NOI Q/Q $2,721 $2,183 YTD '25 YTD '26 PRO RATA REVENUE YTD $2,149 $1,374 YTD '25 YTD '26 PRO RATA NOI YTD
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Mining & Royalties INVESTOR PRESENTATION 8 MINING & ROYALTIES SEGMENT OVERVIEW: β’ 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 Q2β26 MINING ROYALTY LANDS SEGMENT OVERVIEW (COMPARED TO Q2 2025 ): β’ 12% increase in NOI to $4,118,000, driven by a 6.8% rise in royalty tons and a 5.4% increase in royalty revenue per ton. β’ Third consecutive quarter of double-digit NOI growth YTD MINING ROYALTY LANDS SEGMENT OVERVIEW (COMPARED TO YTD 2025): β’ 14% increase in NOI to $7,900,000, driven by a 7.3% rise in royalty tons and a 5.9% increase in royalty revenue per ton. $3,609 $4,066 Q2'25 Q2'26 PRO RATA REVENUE Q/Q $3,665 $4,118 Q2'25 Q2'26 PRO RATA NOI Q/Q $6,843 $7,783 YTD '25 YTD '26 PRO RATA REVENUE YTD $6,949 $7,900 YTD '25 YTD '26 PRO RATA NOI YTD
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2026 Development Plans IN -HOUSE INDUSTRIAL: β’ Lakeland, FL: 200,000 sq ft warehouse development β’ Davie, FL: 182,000 sq ft warehouse redevelopment β’ Construction started on both in Q2 β25 INDUSTRIAL JOINT VENTURES: β’ Minneola, FL: two warehouse developments (totaling 378,000 sq ft). Construction started in Q3 '25 β’ Delray, FL: 199,476 sq ft warehouse. Completed construction in Q1 2026. β’ Hamilton, NJ: 170,800 sq ft warehouse. Completed construction in Q2 2026. β’ Parsippany, NJ: 140,031 sq ft warehouse. Substantial completion expected for Q3 2026. β’ Southwest Ranches, FL: 335,617 sq ft warehouse development. Land acquired July 2026. β’ MULTIFAMILY: β’ "Woven" β Greenville, SC: 214 multifamily units and 14,000 retail sq ft multifamily development. Construction started in Q2 '25 β’ 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 started in Q4 '25 ABERDEEN OVERLOOK RESIDENTIAL DEVELOPMENT: β’ 110-acre project, 344 residential lots β’ National homebuilder contracted for 222 townhome lots, 122 single-family lots β’ $31.1M committed, $28.7M drawn to date, $32.5M returned in principal and preferred interest payments, of which $7.4M was booked as profit to the Company. 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 β Income Producing Properties TTM Pro Rata NOI Cap Rate/ Multiple Range FRP Equity Value Range Per Share Value INDUSTRIAL $2.6M 5.10% - 5.50% $47.6M - $51.3M $2.48 - $2.67 OFFICE & GROUND LEASE $0.8M 34.11% - 36.57% $2.2M - $2.4M $0.12 - $0.12 MULTIFAMILY $17.1M 5.45% - 5.87% $38.6M - $60.7M $2.01 - $3.16 MINING* $14.9M 5.00% - 5.50% $271.2M - $298.3M $14.13 - $15.54 CASH on BALANCE SHEET NA NA $101.0M $5.26 TOTAL (Part I): $35.5M NA $460.6M - $513.7M $23.99 - $26.76 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 *Mining NOI of $15.6M less unrealized rents equals $14.9M 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 $166.9M NA $166.9M $8.69 INDUSTRIAL LAND NA $17.9M - $37.1M $17.9M - $37.1M $0.93 - $1.93 FUTURE PHASES OF RIVERFRONT (D.C.) NA $35.7M - $50.7M $35.7M - $50.7M $1.86 - $2.64 RESIDENTIAL LAND NA NA $37.0M $1.93 LOANS MADE TO JVβs NA $5.5M $3.9M $0.20 TOTAL (Part II): NA NA $261M - $295M $13.62 - $15.39 FUTURE LIABILITIES (OZ TAXES) NA NA ($19.1M) ($0.99) TOTAL (Part I+II): $703M - $790M $36.62 - $41.16 INVESTOR PRESENTATION 11 PART II Per share calculations based on 19,198,301 shares outstanding
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. FRPH Lease-Up/StabilizationSchedule INVESTOR PRESENTATION 12 NEAR TERM LOGISTICS LEASE-UP OPPORTUNITY (NOI GROWTH: 2026-2027)1)π NUMBER OF PROJECTS AVG COMPANY OWNERSHIP %* TOTAL SQUARE FEET / UNITS AVAILABLE FOR LEASE AS OF 12/31/25 LEASE ACTIVITY SINCE 12/31/25 ESTIMATED CONSTRUCTION COMPLETION DATE AVG PROJECT COSTS PSF/UNIT AVG PROJECT DEBT PSF/UNIT UNDERWRITTEN YIELD ON COST EXISTING BUILDINGS 2 100% 526,016 410,121 60,435 COMPLETE $84.4 $0.0 10.3% β’ Represents approximately $3.3M of incremental stabilized NOI β’ 15K SF Lease Executed, 45K in Lease Negotiations NEAR TERM LOGISTICS STABILIZATION (NOI Growth: 2027-2029)2)π NUMBER OF PROJECTS AVG COMPANY OWNERSHIP %* TOTAL SQUARE FEET / UNITS AVAILABLE FOR LEASE AS OF 12/31/25 LEASE ACTIVITY SINCE 12/31/25 ESTIMATED CONSTRUCTION COMPLETION DATE AVG PROJECT COSTS PSF/UNIT AVG PROJECT DEBT PSF/UNIT UNDERWRITTEN YIELD ON COST EXISTING BUILDINGS 3 98% 762,085 762,085 26,766 Q3 '26 (2), Q2 '27 (1) $211.3 $113.8 6.4% β’ Represents potential incremental NOI of approximately $9.6M upon stabilization *Company ownership before Promote 1 Cranberry & Chelsea 2 Lakeland, FL, Davie, FL (Ft. Lauderdale), Camp Lake, FL (Orlando)
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. FRPH Stabilization/DevelopmentSchedule INVESTOR PRESENTATION 13 NEAR TERM MULTIFAMILY STABILIZATION (NOI Growth: 2027-2028)3)π NUMBER OF PROJECTS COMPANY OWNERSHIP %* TOTAL UNITS AVAILABLE FOR LEASE AS OF 12/31/25 LEASE ACTIVITY SINCE 12/31/25 ESTIMATED CONSTRUCTION COMPLETION DATE AVG PROJECT COSTS PSF/UNIT AVG PROJECT DEBT PSF/UNIT UNDERWRITTEN YIELD ON COST EXISTING BUILDINGS 2 69% (1), 16% (1) 509 509 0 Q4 '27 $443,083.5 $267,514.0 6.8% β’ Represents incremental NOI as assets stabilize post-delivery LOGISTICS DEVELOPMENT - MERCHANT STRATEGY (Value Realization / For Sale)4)π NUMBER OF PROJECTS AVG COMPANY OWNERSHIP %* TOTAL SQUARE FEET / UNITS AVAILABLE FOR LEASE AS OF 12/31/25 LEASE ACTIVITY SINCE 12/31/25 ESTIMATED CONSTRUCTION COMPLETION DATE AVG PROJECT COSTS PSF/UNIT AVG PROJECT DEBT PSF/UNIT UNDERWRITTEN YIELD ON COST EXISTING BUILDINGS 3 10% 510,307 510,307 25,299 Q1 '26 (1), Q2 '26 (1), Q3 '26 (1) $239.0 $132.1 6.35% β’ Represents potential value realization through asset sales upon stabilization β’ Signed LOI for 25,299 SF β’ *Company Ownership before Promote 3 Woven & Estero PH1 4 Delray, FL PH1, Hamilton, NJ, Parsippany, NJ
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Appendix 1 4
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. FRPH Quarterly Analysis INVESTOR PRESENTATION 15 PART I (CURRENT) [1] Based on third party research (CBRE, Greenstreet) and conversations with brokers [2] [2] NOI: Vulcan lease at 664E: $578K, lease expires 8/31/2026; two ground leases at Hollander: $30K, lease expires 2/29/2028, $28K lease expires 4/30/2030 [3] NOI numbers presented represent our pro rata NOI based on ownership %'s. [4] Based on management estimate FRP HOLDINGS, INC. QUARTERLY ANALYSIS 06/30/2026 Asset Class TTM NOI Cap Rate Range [1] Value Range Debt FRP Equity Value $/Share Notes Industrial Hollander $ 2,070,069 5.50% 5.10% $ 37,637,620 $ 40,589,590 $ - $ 37,637,620 $ 40,589,590 US Venture Lease @ Hollander included in Ground Lease below Cranberry $ 547,327 5.50% 5.10% $ 9,951,396 $ 10,731,898 $ - $ 9,951,396 $ 10,731,898 100 bps added to Cranberry Cap Rate vs Hollander Total $ 2,617,396 5.50% 5.10% $ 47,589,016 $ 51,321,488 $ - $ 47,589,016 $ 51,321,488 $ 2.48 $ 2.67 Office and Ground Leases Ground Leases [2] $ 637,060 $ 354,249 $ 354,249 $ - $ 354,249 $ 354,249 DCF at 10% of 3 ground leases with 1 expiration in 2026 34 Loveton $ 178,091 9.50% 8.75% $ 1,874,642 $ 2,035,326 $ - $ 1,874,642 $ 2,035,326 Total $ 815,151 36.57% 34.11% $ 2,228,891 $ 2,389,574 $ - $ 2,228,891 $ 2,389,574 $ 0.12 $ 0.12 Multifamily [3] Maren $ 3,168,874 5.90% 5.50% $ 95,351,733 $ 102,286,404 $ (88,000,000) $ 4,141,084 $ 8,047,246 FRP Share 56.3% Dock 79 $ 3,396,592 5.90% 5.50% $ 109,032,886 $ 116,962,550 $ (92,070,000) $ 8,956,404 $ 13,143,266 FRP Share 52.8% Bryant Street $ 5,774,925 5.90% 5.50% $ 135,753,741 $ 145,626,741 $ (110,000,000) $ 18,568,757 $ 25,687,308 FRP Share 72.1% Verge $ 2,520,793 5.90% 5.50% $ 69,619,193 $ 74,682,407 $ (69,862,000) $ (149,011) $ 2,958,284 FRP Share 61.4% .408 Jackson $ 1,419,278 5.75% 5.25% $ 61,707,754 $ 67,584,683 $ (49,450,000) $ 4,903,102 $ 7,253,873 FRP Share 40.0% Riverside $ 862,283 5.75% 5.25% $ 37,490,557 $ 41,061,086 $ (32,000,000) $ 2,196,223 $ 3,624,434 FRP Share 40.0% Total $ 17,142,744 5.87% 5.45% $ 508,955,863 $ 548,203,870 $ (441,382,000) $ 38,616,557 $ 60,714,411 $ 2.01 $ 3.16 Cap Rate Estimate [4] Mining (less unrealized rent): $ 14,917,711 5.50% 5.00% $ 271,231,113 $ 298,354,225 $ 271,231,113 $ 298,354,225 $ 14.13 $ 15.54 Income Producing Property Total $ 35,493,002 $ 830,004,883 $ 900,269,157 $ (441,382,000) $ 359,665,578 $ 412,779,698 $ 18.73 $ 21.50 Cash & Restricted Cash $ 100,974,575 $ 100,974,575 $ 5.26 $ 5.26 Income Producing Property and Cash $ 460,640,153 $ 513,754,273 $ 23.99 $ 26.76
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. FRPH Quarterly Analysis PART II (UNDER DEVELOPMENT) INVESTOR PRESENTATION 16[5] $/SF value based on managementβs submarket analysis Under Development Project FRP Equity Investment Windlass $ 5,230,288 $ 5,230,288 $ 5,230,288 Chelsea $ 26,824,324 $ 26,824,324 $ 26,824,324 Warehouse complete, in lease-up phase The Woven $ 23,540,662 $ 23,540,662 $ 23,540,662 Multifamily JV in Greenvile, SC, including FRP Loan Lakeland $ 20,856,851 $ 20,856,851 $ 20,856,851 Industrial Property in Lakeland, FL Delray $ 4,807,014 $ 4,807,014 $ 4,807,014 Industrial JV in Delray, FL Hamilton $ 1,558,156 $ 1,558,156 $ 1,558,156 Industrial JV in Hamilton, NJ Parsippany $ 1,959,010 $ 1,959,010 $ 1,959,010 Industrial JV in Parsippany, NJ Southwest Ranches $ 2,812,732 $ 2,812,732 $ 2,812,732 Industrial Property in SW Ranches, FL Knightsbridge $ 3,472,847 $ 3,472,847 $ 3,472,847 Industrial Property in Piscataway, NJ Camp Lake $ 25,873,366 $ 25,873,366 $ 25,873,366 Industrial JV in Minneola, FL Davie $ 49,968,256 $ 49,968,256 $ 49,968,256 Industrial Property in Broward County, FL Total $ 166,903,505 $ 166,903,505 $ 166,903,505 $ 8.69 $ 8.69 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 $ 0.93 $ 1.93 Future Phases of Riverfront FAR Maren Land Value Verge Land Value Value @ Maren Land Comp Value @ Verge Land Comp Phase III 250,000 $ 45.00 $ 60.00 $ 11,250,000 $ 15,000,000 $ 11,250,000 $ 15,000,000 Phase IV 260,000 $ 45.00 $ 60.00 $ 11,700,000 $ 15,600,000 $ 11,700,000 $ 15,600,000 664E 365,000 $ 35.00 $ 55.00 $ 12,775,000 $ 20,075,000 $ 12,775,000 $ 20,075,000 Total 875,000 $ 35,725,000 $ 50,675,000 $ 35,725,000 $ 50,675,000 $ 1.86 $ 2.64 Residential Land Brooksville $ 7,501,894 $ 7,501,894 Basis Presbyterian $ 4,752,540 $ 4,752,540 Capital lent less received Hampstead $ 12,874,630 $ 12,874,630 Basis Estero $ 11,585,975 $ 11,585,975 Equity Investment FRP Utility LLC $ 320,619 $ 320,619 Equity Investment Total $ 37,035,658 $ 37,035,658 $ 1.93 $ 1.93 Loans made to JVs Alamo $ 2,232,025 $ 2,232,025 $ 2,232,025 Windlass $ 3,262,792 $ 1,631,396 $ 1,631,396 We are responsible for half of the debt Total $ 5,494,816 $ 3,863,420 $ 3,863,420 $ 0.20 $ 0.20 Development and Raw Land $ 261,427,584 $ 295,527,584 $ 13.62 $ 15.39 Future Liabilities OZ Taxes $ (19,084,509) $ (19,084,509) $ (0.99) $ (0.99) $20.5m in OZ taxes due in q1 2027 discounted back at 10% Total Per Share Sum of the Parts $ 702,983,227 $ 790,197,347 $ 36.62 $ 41.16 Shares Outstanding 19,198,301
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2026 Non-GAAP Financial Matters INVESTOR PRESENTATION 17 NET OPERATING INCOME RECONCILIATION Three months ended 6/30/26 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment Unallocated Corporate Expense FRP Holdings Totals Net Income (loss) $(2) 481 (1,354) 2,803 (2,272) (344) Income Tax Allocation (1) 148 (390) 862 (699) (80) Income (loss) before income taxes (3) 629 (1,744) 3,665 (2,971) (424) Less: Management fee revenue β 195 β β β 195 Unrealized rents β β 140 β β 140 Interest income β 356 5 β 876 1,237 Plus: Unrealized rents 19 β β 168 β 187 Equity in loss of Joint Ventures β 14 2,391 14 β 2,419 Professional fees β other β β 54 β β 54 Interest Expense β β 541 β 160 701 Depreciation/Amortization 600 43 2,009 271 - 2,923 General & administrative β β β β 3,687 3,687 Net Operating Income 616 135 3,106 4,118 β 7,975 NOI of noncontrolling interest β β (1,414) β β (1,414) Pro rata NOI from unconsolidated joint ventures β 186 2,624 β β 2,810 Pro rata net operating income $616 321 4,316 4,118 β 9,371
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2025 Non-GAAP Financial Matters INVESTOR PRESENTATION 18 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 β β β β β β Unrealized rents 4 β (11) (148) β (155) Interest income 849 1 1,498 2,348 Plus: Unrealized rents β β β β β β Equity in loss of Joint Ventures β (85) 2,453 11 β 2,379 Professional fees β other β 734 56 β β 790 Interest Expense β β 786 β 38 824 Depreciation/Amortization 571 43 1,935 177 β 2,726 General & administrative β β β β 2,885 2,885 Net Operating Income 1,010 79 3,459 3,665 β 8,213 NOI of noncontrolling interest β β (1,574) β β (1,574) Pro rata NOI from unconsolidated joint ventures β 197 2,852 β β 3,049 Pro rata net operating income $1,010 276 4,737 3,665 β 9,688
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2026 Non-GAAP Financial Matters INVESTOR PRESENTATION 19 NET OPERATING INCOME RECONCILIATION Six months ended 6/30/26 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment Unallocated Corporate Expense FRP Holdings Totals Net Income (loss) 136 1,249 (3,247) 5,393 (4,796) (1,265) Income Tax Allocation 42 384 (900) 1,657 (1,465) (282) Income (loss) before income taxes 178 1,633 (4,147) 7,050 (6,261) (1,547) Less: Unrealized rents β β 186 β β 186 Management fee revenue β 358 β β β 358 Interest income β 1,160 12 β 1,753 2,925 Plus: Unrealized rents 30 β β 327 β 357 Professional fees β 12 105 β β 117 Equity in loss of joint ventures β (19) 5,027 26 β 5,034 Interest expense β β 1,167 β 242 1,409 Depreciation/amortization 1,166 86 4,016 497 β 5,765 General & administrative β β β β 7,772 7,772 Net Operating Income 1,374 194 5,970 7,900 β 15,438 NOI of noncontrolling interest β β (2,718) β β (2,718) Pro rata NOI from unconsolidated joint ventures β 364 5,148 β β 5,512 Pro rata net operating income 1,374 558 8,400 7,900 β 18,232
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2025 Non-GAAP Financial Matters INVESTOR PRESENTATION 20 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 β β β β Interest income 1,876 1 3,032 4,909 Plus: Unrealized rents 101 β 14 289 β 404 Equity in loss of Joint Ventures β (156) 4,543 23 4,410 Professional fees β other 734 87 β 821 Interest Expense β β 1,443 β 76 1,519 Depreciation/Amortization 962 86 3,930 355 5,333 General & administrative β β β β 5,462 5,462 Net Operating Income 2,149 207 6,697 6,949 β 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 β 19,052
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2026 Revenue Reconciliation INVESTOR PRESENTATION 21 REVENUE RECONCILIATION Three months ended 6/30/26 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment FRP Holdings Totals Revenue (GAAP) 983 595 5,439 4,066 11,083 Less: Partnersβ Share of Dock & Marenβs Revenue (consolidated) β β (2,477) β (2,477) Plus: FRP's Share of the Bryant Street JVs Revenue β β 2,877 β 2,877 FRP's Share of the Verge JV Revenue β β 1,289 β 1,289 FRP's Share of the Windlass Run JVs Revenue β 279 β β 279 FRPβs Share of Greenville JVs Revenue β β 1,076 β 1,076 Pro rata revenue 983 874 8,204 4,066 14,127
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2025 Revenue Reconciliation INVESTOR PRESENTATION 22 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: Partnersβ Share of Dock & Marenβs Revenue (consolidated) β β 2,536 β 2,536 Plus: FRPβs Share of Bryant Street JVs Revenue β β 2,986 β 2,986 FRPβs Share of Verge JVs Revenue β β 1,388 β 1,388 FRPβs Share of Windlass Run JVs Revenue β 247 β β 247 FRPβs Share of Greenville JVs Revenue β β 1,062 β 1,062 Pro rata revenue $1,374 547 8,467 3,609 13,997
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2026 Revenue Reconciliation INVESTOR PRESENTATION 23 REVENUE RECONCILIATION Six months ended 6/30/26 (in thousands) Industrial and Commercial Segment Development Segment Multifamily Segment Mining Royalties Segment FRP Holdings Totals Revenue (GAAP) $2,183 1,077 10,634 7,783 21,677 Less: Partnersβ Share of Dock & Marenβs Revenue (consolidated) β β 4,839 β 4,839 Plus: FRPβs Share of Bryant Street JVs Revenue β β 5,643 β 5,643 FRPβs Share of Verge JVs Revenue β β 2,627 β 2,627 FRPβs Share of Windlass Run JVs Revenue β 546 β β 546 FRPβs Share of Greenville JVs Revenue β β 2,154 β 2,154 Pro rata revenue $2,183 1,623 16,218 7,783 27,807
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2025 Revenue Reconciliation INVESTOR PRESENTATION 24 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: Partnersβ Share of Dock & Marenβs Revenue (consolidated) β β 5,003 β 5,003 Plus: FRPβs Share of Bryant Street JVs Revenue β β 5,900 β 5,900 FRPβs Share of Verge JVs Revenue β β 2,783 β 2,783 FRPβs Share of Windlass Run JVs Revenue β 489 β β 489 FRPβs Share of Greenville JVs Revenue β β 2,102 β 2,102 Pro rata revenue $2,721 1,090 16,772 6,843 27,426
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2026 FFO Reconciliation INVESTOR PRESENTATION 25 FFO Reconciliation YTD Q1β26 Q2β26 Net Income attributable to the Company $(946) (687) (259) Pro Rata Depreciation/Depletion/Amortization 8,609 4,263 4,246 Pro Rata FFO 7,663 3,576 4,087 Pro Rata FFO Per Share $0.40 0.19 0.21