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FRP Holdings, Inc. Q3’26 Earnings PresentationNOVEMBER 2026
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Safe Harbor DisclosuresInvestorsarecautionedthatanystatementsinthispresentationwhichrelatetothefutureare,bytheirnature,subjecttorisksanduncertaintiesthatcouldcauseactualresultsandeventstodiffermateriallyfromthoseindicatedinsuchforward-lookingstatements.Theseinclude,butarenotlimitedto:thepossibilitythatwemaybeunabletofindappropriateinvestmentopportunities;levelsofconstructionactivityinthemarketsservedbyourminingproperties;demandforflexiblewarehouse/officefacilitiesinourmarkets;demandforapartmentsinWashingtonD.C.andGreenville,SouthCarolina;ourabilitytoobtainzoningandentitlementsnecessaryforpropertydevelopment;theimpactoflendingandcapitalmarketconditionsonourliquidity,developmentcostsandprojecttimelines;ourabilitytofinanceprojectsorrepayourdebt;generalrealestateinvestmentanddevelopmentrisks;vacanciesinourproperties;risksassociatedwithdevelopingandmanagingpropertiesinpartnershipwithothers;competition;ourabilitytorenewleasesorre-leasespacesasleasesexpire;illiquidityofrealestateinvestments;bankruptcyordefaultsoftenants; theimpactofrestrictionsimposedbyourcreditfacility;thelevelandvolatilityofinterestrates;environmentalliabilities;inflationrisks;cybersecurityrisks;theimpactoftariffsonourindustrialtenantsandconstructioncosts;aswellasotherriskslistedfromtimetotimeinourSECfilings,includingbutnotlimitedtoourannualandquarterlyreports.Wehavenoobligationtoreviseorupdateanyforward-lookingstatements,otherthanasimposedbylaw,asaresultoffutureeventsornewinformation.Readersarecautionednottoplaceunduerelianceonsuchforward-lookingstatements. 2INVESTOR PRESENTATION
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Non-GAAP Financial MattersTo supplement the financial results presented in accordance with GAAP, FRP presents non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The non-GAAP financial measures included in this Presentation are net operating income (NOI), pro-rata revenue, and funds from operations (FFO). FFO is calculated as net income attributable to the Company plus pro rata depreciation, depletion and amortization. FRP uses these non-GAAP financial measures to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. These measures are 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 PRESENTATION4 Q3’26 HIGHLIGHTS•Net loss of $0.2 million versus net income of $0.7 million due to $1.0 million of higher G&A driven by Altman-related personnel costs, $1.0 million of lower interest income and lower economic occupancy in the Multifamily segment andhigher vacancy in the Industrial segment.•5% decrease in pro rata Net Operating Income (NOI) ($9.0 million vs $9.5 million)•During the quarter, 126,682 SF has been leased. This includes 61,065 SF of new leases, 59,828 SF of renewals, and a 5,789 SF three-month extension. Q3’26 DEVELOPMENT HIGHLIGHTS•Parsippany completed during the quarter, following Delray in Q1 and Hamilton in Q2 2026•Lakeland and Davie are expected to deliver in Q4 2026, followed by Camp Lake in Q1 2027; continued development on projects noted on page 9. Q3’26 SEGMENT RESULTS & PROGRESS•12% decrease in the Multifamily segment's pro rata NOI to $4.0 million primarily due to lower economic occupancy, higher rent concessions, and higher operating expenses at our DC assets•28% decrease in Industrial and Commercial segment NOI to $0.7 million primarily due to the March 31, 2026 lease expiration on the Florida vacant parcel along with vacancies in our Maryland assets•10% increase in Mining Royalty Lands segment NOI to $4.1 million on a 6.9% rise in royalty tons and a 3.0% increase in royalty revenue per ton YTD HIGHLIGHTS•Net loss of $1.1 million versus net income of $3.0 million mainly due to $3.3 million of higher G&A, driven by higher personnel costs, audit fees, legal fees and integration expenses following the Altman acquisition, $3.0 million of lower investment income and a $0.9 million larger equity in loss of joint ventures, mainly at Bryant Street and The Verge, partially offset by increased Mining and Development income•5% decrease in pro rata NOI ($27.3 million vs $28.6 million)
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Combined Operating Results INVESTOR PRESENTATION5 $13,956$14,061 Q3'25Q3'26 PRO RATA REVENUE Q/Q COMBINED SEGMENT OPERATING HIGHLIGHTS•Quarterly pro rata NOI decreased 5% and YTD pro rata NOI decreased 5%. •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 the March 31, 2026 lease expiration on the Florida vacant parcel and lower occupancy, and weaker results at the Multifamily segment due to lower economic occupancy, higher rent concessions, and higher operating expenses at our DC assets.•Development activity continues, though YTD operating profit declined partly due to $3.3 million of higher G&A, driven by higher personnel costs, audit fees, legal fees and integration expenses following the Altman acquisition. $9,523$9,034 Q3'25Q3'26 PRO RATA NOI Q/Q $41,382$41,867 YTD '25YTD '26 PRO RATA REVENUE YTD $28,575$27,266 YTD '25YTD '26 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 VergeQ3’26 MULTIFAMILY PERFORMANCE (COMPARED TO Q3 2025):•12% decrease in Pro Rata NOI to $4,028,000YTD MULTIFAMILY PERFORMANCE (COMPARED TO YTD 2025):•11% decrease in Pro Rata NOI to $12,428,000 INVESTOR PRESENTATION6 $8,466$8,228 Q3'25Q3'26 PRO RATA REVENUE Q/Q $4,570$4,028 Q3'25Q3'26 PRO RATA NOI Q/Q $25,238$24,446 YTD '25YTD '26 PRO RATA REVENUE YTD$13,937$12,428 YTD '25YTD '26 PRO RATA NOI YTD
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Industrial &CommercialINDUSTRIAL & COMMERCIAL SEGMENT OVERVIEW:•Ten warehouses in four different locations•Two ground leases •One office building partially occupied by the Company Q3’26 PERFORMANCE OVERVIEW (COMPARED TO Q3 2025):•$253K decrease in NOI down to $651,000 primarily due to the March 31, 2026 lease expiration on the Florida vacant parcel along with vacancies in our Maryland assets.YTD PERFORMANCE OVERVIEW (COMPARED TO YTD 2025):•$1.0M decrease in NOI down to $2,025,000 primarily due to the March 31, 2026 Florida vacant parcel lease expiration and lower occupancy. INVESTOR PRESENTATION7 $1,229$1,037 Q3'25Q3'26 PRO RATA REVENUE Q/Q $904$651 Q3'25Q3'26 PRO RATA NOI Q/Q $3,950$3,220 YTD '25YTD '26 PRO RATA REVENUE YTD $3,053$2,025 YTD '25YTD '26 PRO RATA NOI YTD
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. Mining & Royalties INVESTOR PRESENTATION8 MINING & ROYALTIES SEGMENT OVERVIEW:•Several properties totaling approximately 16,640 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 MaterialsQ3’26 MINING ROYALTY LANDS SEGMENT OVERVIEW (COMPARED TO Q3 2025):•10% increase in NOI to $4,115,000, driven by a 6.9% rise in royalty tons and a 3.0% increase in royalty revenue per ton.YTDMINING ROYALTY LANDS SEGMENT OVERVIEW (COMPARED TO YTD 2025):•12% increase in NOI to $12,015,000, driven by a 2.6% rise in royalty tons and a 10.2% increase in royalty revenue per ton. $3,689$4,040 Q3'25Q3'26 PRO RATA REVENUE Q/Q $3,756$4,115 Q3'25Q3'26 PRO RATA NOI Q/Q $10,532$11,823 YTD '25YTD '26 PRO RATA REVENUE YTD $10,705$12,015 YTD '25YTD '26 PRO RATA NOI YTD
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2026 Development PlansINDUSTRIAL - HOLD:•Lakeland (FL): 201,420 sq ft warehouse development (100% ownership)•Davie (FL): 183,668 sq ft warehouse redevelopment (100% ownership)•Construction started on both in Q2 ’25. Expected completion in Q4 ’26.•Chelsea (MD): 258,279 sq ft warehouse. Completed construction in Q2 ’25 (100% ownership)•Camp Lake (FL): two warehouse developments (totaling 379,315 sq ft). Construction started in Q3 ‘25 and expected completion to occur in Q1 ’27 (95% ownership)INDUSTRIAL - MERCHANT:•Delray (FL): 199,476 sq ft warehouse. Completed construction in Q1 2026 (10% ownership)•Hamilton (NJ): 170,800 sq ft warehouse. Completed construction in Q2 2026 (8.5% ownership)•Parsippany (NJ): 140,031 sq ft warehouse.Completed construction in Q3 2026 (10% ownership)•Southwest Ranches (FL) : 335,617 sq ft warehouse development. Land acquired July 2026 (100% ownership)•MULTIFAMILY:•"Woven" – Greenville, SC: 214 multifamily units and 13,500 retail sq ft multifamily development. Construction started in Q2 ‘25 (65% ownership)•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 of Phase 1 (296 units, 29K SF commercial) started in Q4 ‘25 (16% ownership)ABERDEEN OVERLOOK RESIDENTIAL DEVELOPMENT:•110-acre project, 344 residential lots•National homebuilder contracted for 222 townhome lots, 122 single-family lots•$31.1M committed, $28.7M drawn to date, $35.3M returned in principal and preferred interest payments, of which $7.8M was booked as profit to the Company. THE PARK AT DAVIEWOVEN INVESTOR PRESENTATION9
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. FRP: Sum of the Parts AnalysisAsset Type –Income Producing PropertiesTTM Pro Rata NOICap Rate/ Multiple RangeFRP Equity Value RangePer Share Value INDUSTRIAL$2.6M5.10% - 5.50%$47.0M - $50.6M$2.45 - $2.64OFFICE & GROUND LEASE$0.8M39.49% - 42.35%$1.9M - $2.0M$0.10 - $0.10 MULTIFAMILY$16.6M5.45% - 5.87%$29.4M - $50.8M$1.53- $2.65MINING*$15.3M5.00% - 5.50%$277.3M - $305.0M$14.44 - $15.89CASH on BALANCE SHEETNANA$73.2M$3.81 TOTAL (Part I):$35.2MNA$428.7M - $481.6M$22.33 - $25.09 INVESTOR PRESENTATION10 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 16-17 for further information*Mining NOI of $15.9M less unrealized rents equals $15.3M
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. FRP: Sum of the Parts AnalysisDevelopment PipelineFRP Equity InvestmentMarket Value RangeFRP Equity Value RangePer Share ValueUNDER DEVELOPMENT$157.6MNA$157.6M$8.21INDUSTRIAL LANDNA$17.9M - $37.1M$17.9M - $37.1M$0.93 - $1.93FUTURE PHASES OF RIVERFRONT (D.C.)NA$35.7M - $50.7M$35.7M - $50.7M$1.86 - $2.64 RESIDENTIAL LANDNANA$35.9M$1.87LOANS MADE TO JV’s$5.4MNA$3.8M$0.20TOTAL (Part II):NANA$251M - $285M$13.07 - $14.85FUTURE LIABILITIES (OZ TAXES)NANA($19.5M)($1.02) TOTAL (Part I+II):$660M - $747M$34.38 - $38.92 INVESTOR PRESENTATION11 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 PRESENTATION12 NEAR TERM LOGISTICS LEASE-UP OPPORTUNITY (NOI GROWTH: 2026-2027)1 NUMBER OF PROJECTSAVG COMPANY OWNERSHIP %*TOTAL SQUARE FEET / UNITSAVAILABLE FOR LEASE AS OF 12/31/25LEASE ACTIVITY SINCE 12/31/25CURRENTLY AVAILABLEESTIMATED CONSTRUCTION COMPLETION DATEAVG PROJECT COSTS PSF/UNITAVG PROJECT DEBT PSF/UNITUNDERWRITTEN YIELD ON COSTEXISTING BUILDINGS2100%526,016409,76124,000385,761COMPLETE$84$010.3%•Represents approximately $3M of incremental stabilized NOI•Two new leases (15,000 SF and 9,000 SF) executed at Cranberry. Lease activity figure does not include the 60,000 SF of renewals and short-term extension executed. NEAR TERM LOGISTICS STABILIZATION (NOI Growth: 2027-2029)2 NUMBER OF PROJECTSAVG COMPANY OWNERSHIP %*TOTAL SQUARE FEET / UNITSAVAILABLE FOR LEASE AS OF 12/31/25LEASE ACTIVITY SINCE 12/31/25CURRENTLY AVAILABLEESTIMATED CONSTRUCTION COMPLETION DATEAVG PROJECT COSTS PSF/UNITAVG PROJECT DEBT PSF/UNITUNDERWRITTEN YIELD ON COSTEXISTING BUILDINGS398%764,403764,40326,766737,637Q4 ’26, Q1 ‘27$211$1146.4%•Representspotential incremental NOI of approximately $10M upon stabilization•One new lease (26,766 SF) executed at Davie. *Company ownership before Promote 1 Cranberry & Chelsea2 Lakeland, Davie (Q4 26), Camp Lake (Q1 27)
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. FRPH Stabilization/DevelopmentSchedule INVESTOR PRESENTATION13 NEAR TERM MULTIFAMILY STABILIZATION (NOI Growth: 2027-2028)3 NUMBER OF PROJECTSCOMPANY OWNERSHIP %*TOTAL UNITSAVAILABLE FOR LEASE AS OF 12/31/25LEASE ACTIVITY SINCE 12/31/25CURRENTLY AVAILABLEESTIMATED CONSTRUCTION COMPLETION DATEAVG PROJECT COSTS PSF/UNITAVG PROJECT DEBT PSF/UNITUNDERWRITTEN YIELD ON COSTEXISTING BUILDINGS265% (1), 16% (1)5105100510Q4 '27$442,272$267,0476.8%•Represents incremental NOI as assets stabilize post-delivery LOGISTICS DEVELOPMENT - MERCHANT STRATEGY (Value Realization / For Sale)4 NUMBER OF PROJECTSAVG COMPANY OWNERSHIP %*TOTAL SQUARE FEET / UNITSAVAILABLE FOR LEASE AT DELIVERYLEASE ACTIVITY SINCE 12/31/25CURRENTLY AVAILABLEESTIMATED CONSTRUCTION COMPLETION DATEAVG PROJECT COSTS PSF/UNITAVG PROJECT DEBT PSF/UNITUNDERWRITTEN YIELD ON COSTEXISTING BUILDINGS310%510,307510,30725,299485,008COMPLETE$239$1326.4%•Represents potential value realization through asset sales upon stabilization•One new lease (25,299 SF) executed at Delray•*Company Ownership before Promote3Woven & Estero PH14Delray, FL PH1, Hamilton, NJ, Parsippany, NJ
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Appendix 14
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. FRPH Quarterly Analysis INVESTOR PRESENTATION15 PART I (CURRENT) [1] Based on third party research (CBRE, Greenstreet) and conversations with brokers[2] NOI: Vulcan lease at 664E: $578K, lease through 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[5] $/SF value based on management's submarket analysis FRP HOLDINGS, INC. QUARTERLY ANALYSIS 09/30/2026Asset ClassTTM NOICap Rate Range [1]Value RangeDebtFRP Equity Value$/ShareNotesIndustrial Hollander$ 2,061,264 5.50%5.10%$ 37,477,523 $ 40,416,937 $ - $ 37,477,523 $ 40,416,937 US Venture Lease @ Hollander included in Ground Lease belowCranberry$ 521,812 5.50%5.10%$ 9,487,492$ 10,231,609 $ - $ 9,487,492$ 10,231,609 Total $ 2,583,076 5.50%5.10%$ 46,965,015 $ 50,648,546 $ - $ 46,965,015 $ 50,648,546 $ 2.45 $ 2.64 Office and Ground LeasesGround Leases [2]$ 637,060 $ 288,274 $ 288,274 $ - $ 288,274 $ 288,274 DCF at 10% of 3 ground leases with 1 expiration in 202634 Loveton$ 148,941 9.50%8.75%$ 1,567,805 $ 1,702,188$ - $ 1,567,805 $ 1,702,188Total $ 786,001 42.35%39.49%$ 1,856,079 $ 1,990,462 $ - $ 1,856,079 $ 1,990,462 $ 0.10 $ 0.10Multifamily [3]Maren $ 3,098,509 5.90%5.50%$ 93,234,460 $ 100,015,148 $ (88,000,000)$ 2,948,467 $ 6,767,893 FRP Share 56.3%Dock 79$ 3,274,617 5.90%5.50%$ 105,117,392 $ 112,762,293$ (92,070,000)$ 6,889,023 $ 10,925,531 FRP Share 52.8%Bryant Street$ 5,502,293 5.90%5.50%$ 129,344,878 $ 138,751,779 $ (110,000,000)$ 13,947,889 $ 20,730,377 FRP Share 72.1%Verge $ 2,470,995 5.90%5.50%$ 68,243,872 $ 73,207,062 $ (69,862,000)$ (993,045) $ 2,052,865 FRP Share 61.4%.408 Jackson$ 1,396,877 5.75%5.25%$ 60,733,779 $ 66,517,948 $ (49,450,000)$ 4,513,511 $ 6,827,179 FRP Share 40.0%Riverside$ 856,716 5.75%5.25%$ 37,248,512 $ 40,795,990 $ (32,000,000)$ 2,099,405 $ 3,518,396 FRP Share 40.0%Total $ 16,600,0075.87%5.45%$ 493,922,893 $ 532,050,220 $ (441,382,000)$ 29,405,250 $ 50,822,241 $ 1.53 $ 2.65 Cap Rate Estimate [4]Mining (less unrealized rent):$ 15,250,076 5.50%5.00%$ 277,274,116 $ 305,001,528 $ 277,274,116 $ 305,001,528 $ 14.44 $ 15.89 Income Producing Property Total$ 35,219,160 $ 820,018,103$ 889,690,756 $ (441,382,000)$ 355,500,460 $ 408,462,777 $ 18.52 $ 21.28 Cash & Restricted Cash $ 73,180,000 $ 73,180,000 $ 3.81 $ 3.81 Income Producing Property and Cash $ 428,680,460 $ 481,642,777 $ 22.33 $ 25.09
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. FRPH Quarterly AnalysisPART II (UNDER DEVELOPMENT) INVESTOR PRESENTATION16 [5] $/SF value based on management’s submarket analysisNote: During the preparation of the September 30, 2026 NAV analysis, the Company identified an error in the calculation used in prior NAV analyses (Lakeland and Davie’s debt was not subtracted from NAV). Had the corrected methodology been applied, the average NAV per share for the periods ended December 31, 2025 through June 30, 2026 would have been $37.98, $37.43, and $36.83, respectively. The September 30, 2026 NAV analysis reflects the corrected methodology. Under DevelopmentProject FRP Equity Investment Windlass $ 5,351,954 $ 5,351,954 $ 5,351,954 Chelsea $ 26,828,163 $ 26,828,163 $ 26,828,163 Warehouse complete, in lease-up phaseThe Woven $ 34,766,300 $ 34,766,300 $ 34,766,300 Multifamily JV in Greenville, SC, including FRP LoanLakeland $ 9,190,091 $ 9,190,091 $ 9,190,091 Industrial Property in Lakeland, FLDelray $ 4,760,825 $ 4,760,825 $ 4,760,825 Industrial JV in Delray, FLHamilton $ 1,511,467 $ 1,511,467 $ 1,511,467 Industrial JV in Hamilton, NJParsippany $ 1,958,252 $ 1,958,252 $ 1,958,252 Industrial JV in Parsippany, NJSouthwest Ranches $ 21,688,030 $ 21,688,030 $ 21,688,030 Industrial Property in SW Ranches, FLKnightsbridge $ 3,528,730 $ 3,528,730 $ 3,528,730 Industrial Property in Piscataway, NJCamp Lake $ 25,873,366 $ 25,873,366 $ 25,873,366 Industrial JV in Minneola, FLDavie $ 22,136,000 $ 22,136,000 $ 22,136,000 Industrial Property in Broward County, FLTotal $ 157,593,178 $ 157,593,178 $ 157,593,178 $ 8.21 $ 8.21 Industrial LandFAR$/FAR [5]Purchase Price Market Value Crouse 635,000 30 $ 11,400,000 $ 19,050,000 $ 11,400,000 $ 19,050,000 Mechanics Valley900,000 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 RiverfrontFARMaren Land ValueVerge Land ValueValue @ Maren Land CompValue @ Verge Land CompPhase 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 LandBrooksville $ 7,489,314 $ 7,489,314 BasisPresbyterian $ 3,483,942 $ 3,483,942 Capital lent less receivedHampstead $ 12,978,155 $ 12,978,155 BasisEstero $ 11,647,838 $ 11,647,838 Equity InvestmentFRP Utility LLC $ 310,792 $ 310,792 Equity InvestmentTotal $ 35,910,042 $ 35,910,042 $ 1.87 $ 1.87 Loans made to JVsAlamo $ 2,232,025 $ 2,232,025 $ 2,232,025 Windlass $ 3,151,456 $ 1,575,728 $ 1,575,728 We are responsible for half of the debtTotal $ 5,383,481 $ 3,807,753 $ 3,807,753 $ 0.20 $ 0.20 Development and Raw Land $ 250,935,973 $ 285,035,973 $ 13.07 $ 14.85 Future LiabilitiesOZ Taxes $ (19,548,535)$ (19,548,535)$ (1.02)$ (1.02)$20.5m in OZ taxes due in q1 2027 discounted back at 10%Total Per ShareSum of the Parts $ 660,067,898 $ 747,130,214 $ 34.38 $ 38.92 Shares Outstanding19,198,301
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2026 Non-GAAP Financial Matters INVESTOR PRESENTATION17 NET OPERATING INCOME RECONCILIATIONThree months ended 9/30/26 (in thousands)Industrial and Commercial SegmentDevelopment SegmentMultifamily SegmentMining Royalties SegmentUnallocated Corporate ExpenseFRP Holdings Totals Net Income (loss)$52498(1,583)2,842(2,190)(381)Income Tax Allocation16 153(419)873(673)(50)Income(loss) before income taxes68 651(2,002)3,715(2,863)(431) Less:Gain on sale of real estate— — — 27 — 27Management fee revenue— 49 — — — 49Unrealized rents— — 103— — 103Interest income— 6507 — 6941,351Plus:Unrealized rents6 — — 186— 192Equity in loss of Joint Ventures— 592,42211 — 2,492Professional fees – other — (1)35 — — 34Interest Expense— — 478— 222700Depreciation/Amortization577432,011230— 2,861 General & administrative— — — — 3,3353,335 Net Operating Income651532,8344,115— 7,653NOI of noncontrolling interest— — (1,292)— — (1,292)Pro rata NOI from unconsolidated joint ventures— 1872,486— — 2,673Pro rata net operating income$6512404,0284,115— 9,034
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2025 Non-GAAP Financial Matters INVESTOR PRESENTATION18 NET OPERATING INCOME RECONCILIATIONThree months ended 9/30/25 (in thousands)Industrial and Commercial SegmentDevelopment SegmentMultifamily SegmentMining Royalties SegmentUnallocated Corporate ExpenseFRP Holdings Totals Net Income (loss)$261($138)($1,409)$2,579($728)$565Income Tax Allocation80(42)(433)793(195)203Income(loss) before income taxes341(180)(1,842)3,372(923)768 Less:Gain on sale of real estate— — — — — —Unrealized rents— — — — — —Interest income— 9069 — 1,4542,369Plus:Unrealized rents(4)— 6 159— 161Equity in loss of Joint Ventures— (103)2,31612 — 2,225Professional fees – other — 1,24127 — — 1,268Interest Expense— — 690— 49 739Depreciation/Amortization567432,002213— 2,825 General & administrative— — — — 2,3282,328 Net Operating Income904953,1903,756— 7,945NOI of noncontrolling interest— — (1,456)— — (1,456)Pro rata NOI from unconsolidated joint ventures— 1982,836— — 3,034Pro rata net operating income9042934,5703,756— 9,523
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2026 Non-GAAP Financial Matters INVESTOR PRESENTATION19 NET OPERATING INCOME RECONCILIATIONNine months ended 9/30/26 (in thousands)Industrial and Commercial SegmentDevelopment SegmentMultifamily SegmentMining Royalties SegmentUnallocated Corporate ExpenseFRP Holdings Totals Net Income (loss)$188 1,747 (4,830)8,235(6,986)(1,646)Income Tax Allocation58 537 (1,319)2,530 (2,138)(332)Income(loss) before income taxes246 2,284 (6,149)10,765 (9,124)(1,978) Less:Unrealized rents— — 289— — 289Management fee revenue— 407 — — — 407Gain on sale of real estate— — — 27 — 27Interest income— 1,81019 — 2,4474,276Plus:Unrealized rents36 — — 513 — 549Professional fees— 11 140 — — 151Equity in loss of joint ventures— 407,449 37 — 7,526 Interest expense— — 1,645— 4642,109Depreciation/amortization1,7431296,027727 — 8,626 General & administrative— — — — 11,10711,107 Net Operating Income2,025 247 8,804 12,015— 23,091NOI of noncontrolling interest— — (4,010)— — (4,010)Pro rata NOI from unconsolidated joint ventures— 5517,634 — — 8,185Pro rata net operating income$2,025 798 12,42812,015— 27,266
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2025 Non-GAAP Financial Matters INVESTOR PRESENTATION20 NET OPERATING INCOME RECONCILIATIONNine months ended 9/30/25 (in thousands)Industrial and Commercial SegmentDevelopment SegmentMultifamily SegmentMining Royalties SegmentUnallocated Corporate ExpenseFRP Holdings Totals Net Income (loss)$1,092$948($3,940)$7,385($2,662)$2,823Income Tax Allocation335291(1,221)2,269(767)907Income(loss) before income taxes1,4271,239(5,161)9,654(3,429)3,730 Less:Gain on sale of real estate— — — — — —Unrealized rents— — — — — —Interest income— 2,78210 — 4,4867,278Plus:Unrealized rents97 — 20 448— 565Equity in loss of Joint Ventures— (259)6,85935 — 6,635Professional fees – other — 1,975114— — 2,089Interest Expense— — 2,133— 1252,258Depreciation/Amortization1,5291295,932568— 8,158 General & administrative— — — — 7,7907,790 Net Operating Income3,0533029,88710,705— 23,947NOI of noncontrolling interest— — (4,508)— — (4,508)Pro rata NOI from unconsolidated joint ventures— 5788,558— — 9,136Pro rata net operating income3,05388013,93710,705— 28,575
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2026 Revenue Reconciliation INVESTOR PRESENTATION21 REVENUE RECONCILIATIONThree months ended 9/30/26 (in thousands)Industrial and Commercial SegmentDevelopment SegmentMultifamily SegmentMining Royalties SegmentFRP Holdings Totals Revenue (GAAP)1,037 4555,4304,04010,962 Less:Partners’ Share of Dock & Maren’s Revenue (consolidated)— — 2,474— 2,474 Plus:FRP's Share of the Bryant Street JVs Revenue— — 2,851— 2,851FRP's Share of the VergeJV Revenue— — 1,361— 1,361FRP's Share of the Windlass Run JVs Revenue— 301— — 301FRP’s Share of Greenville JVs Revenue— — 1,060— 1,060 Pro rata revenue1,0377568,2284,04014,061
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2025 Revenue Reconciliation INVESTOR PRESENTATION22 REVENUE RECONCILIATIONThree months ended 9/30/25 (in thousands)Industrial and Commercial SegmentDevelopment SegmentMultifamily SegmentMining Royalties SegmentFRP Holdings TotalsRevenue (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— 3,011FRP’s Share of Verge JVs Revenue— — 1,374— 1,374FRP’s Share of Windlass Run JVs Revenue— 271— — 271FRP’s Share of Greenville JVs Revenue— — 1,054— 1,054 Pro rata revenue1,2295728,4663,68913,956
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2026 Revenue Reconciliation INVESTOR PRESENTATION23 REVENUE RECONCILIATIONNine months ended 9/30/26 (in thousands)Industrial and Commercial SegmentDevelopment SegmentMultifamily SegmentMining Royalties SegmentFRP Holdings TotalsRevenue (GAAP)$3,2201,53216,06411,82332,639 Less:Partners’ Share of Dock & Maren’s Revenue (consolidated)— — 7,312— 7,312 Plus:FRP’s Share of Bryant Street JVs Revenue— — 8,492— 8,492FRP’s Share of Verge JVs Revenue— — 3,989— 3,989FRP’s Share of Windlass Run JVs Revenue— 846— — 846FRP’s Share of Greenville JVs Revenue— — 3,213— 3,213 Pro rata revenue$3,2202,37824,44611,82341,867
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2025 Revenue Reconciliation INVESTOR PRESENTATION24 REVENUE RECONCILIATIONNine months ended 9/30/25 (in thousands)Industrial and Commercial SegmentDevelopment SegmentMultifamily SegmentMining Royalties SegmentFRP Holdings TotalsRevenue (GAAP)$3,950$902$16,547$10,532$31,931 Less:Partners’ Share of Dock & Maren’s Revenue (consolidated)— — 7,534— 7,534 Plus:FRP’s Share of Bryant Street JVs Revenue— — 8,911— 8,911FRP’s Share of Verge JVs Revenue— — 4,157— 4,157FRP’s Share of Windlass Run JVs Revenue— 760— — 760FRP’s Share of Greenville JVs Revenue— — 3,157— 3,157 Pro rata revenue3,9501,66225,23810,53241,382
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FLORIDA ROCK PROPERTIES, INC. | FRP DEVELOPMENT CORP. 2026 FFO Reconciliation INVESTOR PRESENTATION25 FFO ReconciliationYTDQ1’26Q2’26Q3’26Net Income attributable to the Company$(1,111)(687)(259)(165)Pro Rata Depreciation/Depletion/Amortization12,9184,2634,3464,309Pro Rata FFO11,8073,5764,0874,144Pro Rata FFO Per Share$0.620.190.210.22