FRP (FRPH) - 2025 Q2 - Quarterly Results

Company Overview FRP Holdings, Inc. is a full-service real estate investment and development company with four main business segments: multifamily, industrial and commercial development, mining, and royalty lands - FRP Holdings, Inc. (NASDAQ-FRPH) is a full-service real estate investment and development company[1] - The company has four distinct business segments: multifamily, industrial and commercial development, mining, and royalty lands[1][45] Second Quarter Fiscal 2025 Highlights and Recent Developments The company's net income for Q2 FY2025 decreased by 72% year-over-year, primarily due to legal fees related to potential investments and lower net interest income, partially offset by increased mining royalties and improved joint venture losses, while pro rata Net Operating Income (NOI) grew by 5% and new credit and industrial property joint venture agreements were secured to support future growth 2025财年第二季度关键财务亮点 | 指标 | 2025年Q2 (Million USD) | 变化 (%) | | :--- | :--- | :--- | | 净收入 | 0.6 | -72% | | 按比例NOI | 9.7 | +5% | | 多户住宅NOI | - | +1% | | 工业和商业NOI | - | -15% | | 采矿特许权土地NOI | - | +21% | - Net income decrease primarily due to due diligence legal fees for potential investments and lower net interest income, partially offset by increased mining royalties and improved joint venture losses[2] - The company entered into a new credit agreement on July 21, 2025, establishing a five-year $50 million revolving credit facility at SOFR plus 2.25%[2] - On July 23, 2025, the company formed a joint venture with Strategic Real Estate Partners to develop two warehouses totaling 377,892 square feet in Lake County, Florida, with an option for future investment in adjacent industrial warehouses[2] Executive Summary and Strategic Outlook The company's primary goal for 2025 is to lay the groundwork for future growth by improving existing vacancies and investing in new projects, with construction underway on two industrial joint ventures with Altman Logistics adding 384,193 square feet of Class A industrial space, and a new industrial development joint venture with SREP supporting the strategic shift to double the industrial segment by 2030 - The company's primary goal for 2025 is to lay the groundwork for future growth by leasing existing vacant properties and investing in new projects[3] - Construction has begun on two joint ventures with Altman Logistics in Lakeland and Broward County, FL, adding 384,193 square feet of Class A industrial space, expected to be substantially complete by Q2 2026[3] - The company formed a new joint venture with SREP to develop 377,892 square feet of industrial warehouse space in Lake County, Florida, with FRP holding a 95% interest and an option for future development of nearly 1 million square feet of industrial product[3] - This agreement supports the company's strategy to shift focus and investment towards the industrial business segment, aiming to double its size by 2030[3] Comparative Results of Operations - Three Months Ended June 30, 2025 and 2024 This section provides a detailed comparison of the company's operating performance for the three months ended June 30, 2025, against the same period in 2024, across consolidated results and individual business segments Consolidated Results In Q2 2025, the company's consolidated net income significantly decreased by 69.7% to $578 thousand year-over-year, primarily due to increased professional fees in the development segment and higher general and administrative expenses, despite a 3.6% revenue growth, leading to a 41.2% decline in total operating profit while pro rata NOI increased by 5% 2025年Q2合并业绩概览 (Thousand USD) | 指标 | 2025年Q2 | 2024年Q2 | 变化 (Thousand USD) | 变化 (%) | | :--- | :--- | :--- | :--- | :--- | | 总收入 | 10,850 | 10,477 | 373 | 3.6% | | 总运营成本 | 9,193 | 7,657 | 1,536 | 20.1% | | 总营业利润 | 1,657 | 2,820 | (1,163) | -41.2% | | 净投资收入 | 2,348 | 3,708 | (1,360) | -36.7% | | 股权在合资企业亏损 | (2,379) | (2,724) | 345 | -12.7% | | 净收入 | 624 | 2,059 | (1,435) | -69.7% | | 归属于公司净收入 | 578 | 2,044 | (1,466) | -71.7% | | 每股净收入 | 0.03 | 0.11 | -0.08 | -72.7% | | 按比例NOI | 9,688 | 9,230 | 458 | 5.0% | - Operating profit decreased by $1.163 million, primarily due to increased professional fees in the development segment ($831 thousand, of which $712 thousand were due diligence legal fees) and general and administrative expenses ($333 thousand)[4] - Net investment income decreased by $1.36 million, primarily due to lower earnings from cash equivalents ($456 thousand) and reduced income from loan joint ventures ($904 thousand) resulting from fewer residential lot sales[9] - Joint venture losses improved by $345 thousand, mainly benefiting from increased occupancy at The Verge and higher revenue and lower floating-rate interest expenses at Bryant Street and BC Realty[9] Multifamily Segment The multifamily segment's pro rata Net Operating Income (NOI) increased by 1% year-over-year to $4.737 million, primarily driven by improved occupancy at The Verge, with revenue growth at Dock 79 partially offset by lower revenue at The Maren and higher property taxes, encompassing both consolidated and unconsolidated joint ventures 2025年Q2多户住宅板块按比例NOI (Thousand USD) | 指标 | 2025年Q2 | 2024年Q2 | 变化 (Thousand USD) | 变化 (%) | | :--- | :--- | :--- | :--- | :--- | | 按比例NOI | 4,737 | 4,680 | 57 | 1.2% | | The Verge贡献NOI | 733 | 710 | 23 | 3.2% | | 同店NOI增长 | - | - | 34 | - | - Improved occupancy at The Verge was the primary growth driver, contributing $733 thousand in pro rata NOI[8] - Favorable revenue at Dock 79 was partially offset by lower revenue at The Maren and higher property taxes, resulting in a modest $34 thousand increase in same-store NOI[8] Pro Rata Consolidated and Unconsolidated The multifamily segment's pro rata consolidated and unconsolidated Net Operating Income (NOI) increased by 1.2% to $4.737 million in Q2 2025, primarily due to improved occupancy at The Verge, with overall average occupancy rising from 93.0% to 94.1% 2025年Q2多户住宅板块按比例合并与非合并NOI及入住率 (Thousand USD) | 指标 | 2025年Q2 | 2024年Q2 | 变化 (Thousand USD) | 变化 (%) | | :--- | :--- | :--- | :--- | :--- | | 租赁收入 | 8,467 | 8,113 | 354 | 4.4% | | 运营成本 | 7,085 | 6,849 | 236 | 3.4% | | 营业利润 (G&A前) | 1,382 | 1,264 | 118 | 9.3% | | 净营业收入 (NOI) | 4,737 | 4,680 | 57 | 1.2% | | 平均入住率 (Q2 2025) | 94.1% | 93.0% | - | - | - The Verge contributed $733 thousand in pro rata NOI, an increase of $23 thousand from the prior year period[8] - Dock 79's average occupancy increased from 93.6% to 95.5%, with a renewal success rate of 74.6% and rent growth of 5.9%[10] Consolidated (Dock 79 and The Maren) Total revenue for the company's two consolidated joint ventures (Dock 79 and The Maren) increased by 1.3% to $5.567 million in Q2 2025, with total operating profit before G&A growing by 3% to $1.457 million, mainly due to lower depreciation expenses 2025年Q2合并合资企业业绩 (Thousand USD) | 指标 | 2025年Q2 | 2024年Q2 | 变化 (Thousand USD) | 变化 (%) | | :--- | :--- | :--- | :--- | :--- | | 租赁收入 | 5,567 | 5,496 | 71 | 1.3% | | 运营成本 | 4,110 | 4,076 | 34 | 0.8% | | 营业利润 (G&A前) | 1,457 | 1,420 | 37 | 2.6% | - Operating profit growth was primarily attributable to a $46 thousand reduction in depreciation and amortization expenses[11] Pro Rata Unconsolidated Pro rata revenue for the company's four unconsolidated joint ventures increased by 6.2% to $5.436 million in Q2 2025, with pro rata operating profit before G&A significantly growing by 15.1% to $571 thousand, primarily driven by improved occupancy at The Verge and Bryant Street, and increased revenue at .408 Jackson 2025年Q2非合并合资企业业绩 (Thousand USD) | 指标 | 2025年Q2 | 2024年Q2 | 变化 (Thousand USD) | 变化 (%) | | :--- | :--- | :--- | :--- | :--- | | 租赁收入 | 5,436 | 5,118 | 318 | 6.2% | | 运营成本 | 4,865 | 4,622 | 243 | 5.3% | | 营业利润 (G&A前) | 571 | 496 | 75 | 15.1% | - Improved occupancy at The Verge and Bryant Street, along with increased revenue at .408 Jackson, were the primary drivers of performance growth for unconsolidated joint ventures[13] Industrial and Commercial Segment The industrial and commercial segment faced challenges in Q2 2025, with rental revenue decreasing by 4.9% to $1.374 million and Net Operating Income (NOI) declining by 14.9% to $1.01 million year-over-year, while operating profit before G&A significantly dropped by 46.6% to $443 thousand, mainly due to increased depreciation for the new Chelsea warehouse, a tenant default, and lower occupancy from lease expirations 2025年Q2工业和商业板块业绩 (Thousand USD) | 指标 | 2025年Q2 | 2024年Q2 | 变化 (Thousand USD) | 变化 (%) | | :--- | :--- | :--- | :--- | :--- | | 租赁收入 | 1,374 | 1,445 | (71) | -4.9% | | 运营成本 | 931 | 615 | 316 | 51.4% | | 营业利润 (G&A前) | 443 | 830 | (387) | -46.6% | | 净营业收入 (NOI) | 1,010 | 1,187 | (177) | -14.9% | - The 258,279 square foot speculative warehouse project on Chelsea Road was completed and entered the lease-up phase on April 1, 2025[14] - As of June 30, 2025, the segment totaled 773,356 square feet of industrial and 33,708 square feet of office space, with a combined leased and occupied rate of 50.3%[14][15] - Excluding Chelsea, occupancy was 74.0%, down from 95.6% in the prior year, primarily due to a tenant eviction for non-payment of rent and lease expirations[14][15] - The decrease in operating profit also included $216 thousand in depreciation and $30 thousand in operating costs for the Chelsea warehouse[16] Mining Royalty Lands Segment Results The mining royalty lands segment performed strongly in Q2 2025, with total revenue increasing by 11.7% to $3.609 million and Net Operating Income (NOI) growing by 21% to $3.665 million year-over-year, while operating profit before G&A increased by 11.9% to $3.34 million, primarily due to a $277 thousand overpayment deduction in the prior year and a 7% increase in royalty per ton despite a 3% decrease in royalty tonnage 2025年Q2采矿特许权土地板块业绩 (Thousand USD) | 指标 | 2025年Q2 | 2024年Q2 | 变化 (Thousand USD) | 变化 (%) | | :--- | :--- | :--- | :--- | :--- | | 采矿特许权和租金收入 | 3,609 | 3,231 | 378 | 11.7% | | 运营成本 | 269 | 246 | 23 | 9.3% | | 营业利润 (G&A前) | 3,340 | 2,985 | 355 | 11.9% | | 净营业收入 (NOI) | 3,665 | 3,028 | 637 | 21.0% | - Prior year revenue was impacted by a $277 thousand deduction for an overpayment[17] - Royalty tonnage decreased by 3%, but royalty revenue per ton increased by 7% (excluding the prior year overpayment deduction)[17] - NOI growth also benefited from a $264 thousand reduction in unrealized revenue, attributed to temporarily higher minimum royalty payments at one location[17] Development Segment Results The development segment recorded an operating loss before G&A of $698 thousand in Q2 2025, a significant deterioration from the $137 thousand operating profit in the prior year, as rental revenue slightly decreased while operating costs significantly increased by $831 thousand, leading to the expanded loss 2025年Q2开发板块业绩 (Thousand USD) | 指标 | 2025年Q2 | 2024年Q2 | 变化 (Thousand USD) | | :--- | :--- | :--- | :--- | | 租赁收入 | 300 | 305 | (5) | | 运营成本 | 998 | 168 | 830 | | 营业利润 (G&A前) | (698) | 137 | (835) | - A significant increase of $831 thousand in operating expenses was the primary cause of the deterioration in operating profit[18] Comparative Results of Operations - Six Months Ended June 30, 2025 and 2024 This section provides a detailed comparison of the company's operating performance for the six months ended June 30, 2025, against the same period in 2024, across consolidated results and individual business segments Six Month Highlights For the six months ended June 30, 2025, the company made progress in residential lot development, industrial warehouse joint ventures, and multifamily project financing, with net income decreasing by 32% year-over-year, but pro rata Net Operating Income (NOI) growing by 7% and the multifamily segment's pro rata NOI increasing by 2% - The company is the primary capital source for a 344-residential lot development project in Harford County, Maryland, having invested $27 million and sold 160 lots, realizing $5.5 million in profit[20] - Two new joint venture agreements were signed with Altman Logistics to develop industrial warehouses in Lakeland and Broward County, Florida, with construction loans completed in March 2025 and construction commencing in Q2[20] - Secured $87.8 million in construction financing for Woven, the third Greenville multifamily project in partnership with Woodfield Development[20] - The BC Realty partnership refinanced its floating-rate construction loan for two office buildings into a 10-year, $10.5 million fixed-rate permanent loan at 6.40%[20] 2025年上半年关键财务亮点 | 指标 | 2025年上半年 | 变化 (%) | | :--- | :--- | :--- | | 净收入 | 2.3 Million USD | -32% | | 按比例NOI | 19.1 Million USD | +7% | | 多户住宅板块按比例NOI | - | +2% | Consolidated Results In H1 2025, the company's consolidated net income decreased by 33.5% to $2.258 million year-over-year, primarily due to increased professional fees in the development segment and higher general and administrative expenses, despite a 2.6% revenue growth, leading to a 30.2% decline in total operating profit while pro rata NOI increased by 7% 2025年上半年合并业绩概览 (Thousand USD) | 指标 | 2025年上半年 | 2024年上半年 | 变化 (Thousand USD) | 变化 (%) | | :--- | :--- | :--- | :--- | :--- | | 总收入 | 21,156 | 20,610 | 546 | 2.6% | | 总运营成本 | 17,174 | 14,908 | 2,266 | 15.2% | | 总营业利润 | 3,982 | 5,702 | (1,720) | -30.2% | | 净投资收入 | 4,909 | 6,491 | (1,582) | -24.4% | | 股权在合资企业亏损 | (4,410) | (5,743) | 1,333 | -23.2% | | 净收入 | 2,258 | 3,394 | (1,136) | -33.5% | | 归属于公司净收入 | 2,288 | 3,345 | (1,057) | -31.6% | | 每股净收入 | 0.12 | 0.18 | -0.06 | -33.3% | | 按比例NOI | 19,052 | 17,764 | 1,288 | 7.2% | - Operating profit decreased by $1.72 million, primarily due to increased professional fees in the development segment ($682 thousand, of which $712 thousand were due diligence legal fees) and general and administrative expenses ($868 thousand)[21] - Net investment income decreased by $1.582 million, primarily due to lower earnings from cash equivalents ($904 thousand) and reduced income from loan joint ventures ($678 thousand) resulting from fewer residential lot sales[26] - Interest expense decreased by $221 thousand, mainly due to a $209 thousand increase in capitalized interest, reflecting more internal and joint venture projects under construction during the quarter[26] - Joint venture losses improved by $1.333 million, mainly benefiting from increased occupancy at The Verge and higher revenue and lower floating-rate interest expenses at Bryant Street and BC Realty[26] Multifamily Segment The multifamily segment's pro rata Net Operating Income (NOI) increased by 2.2% year-over-year to $9.367 million in H1 2025, primarily driven by improved lease-up occupancy at The Verge, with same-store NOI modestly increasing by $28 thousand 2025年上半年多户住宅板块按比例NOI (Thousand USD) | 指标 | 2025年上半年 | 2024年上半年 | 变化 (Thousand USD) | 变化 (%) | | :--- | :--- | :--- | :--- | :--- | | 按比例NOI | 9,367 | 9,169 | 198 | 2.2% | | The Verge贡献NOI | 1,486 | 1,316 | 170 | 12.9% | | 同店NOI增长 | - | - | 28 | - | - Improved lease-up occupancy at The Verge was the primary growth driver, contributing $1.486 million in pro rata NOI, an increase of $170 thousand from the prior year period[25] Pro Rata Consolidated and Unconsolidated The multifamily segment's pro rata consolidated and unconsolidated Net Operating Income (NOI) increased by 2.2% to $9.367 million in H1 2025, primarily due to improved lease-up occupancy at The Verge, with overall average occupancy rising from 92.7% to 94.1% 2025年上半年多户住宅板块按比例合并与非合并NOI及入住率 (Thousand USD) | 指标 | 2025年上半年 | 2024年上半年 | 变化 (Thousand USD) | 变化 (%) | | :--- | :--- | :--- | :--- | :--- | | 租赁收入 | 16,772 | 15,996 | 776 | 4.9% | | 运营成本 | 13,967 | 13,562 | 405 | 3.0% | | 营业利润 (G&A前) | 2,805 | 2,434 | 371 | 15.2% | | 净营业收入 (NOI) | 9,367 | 9,169 | 198 | 2.2% | | 平均入住率 (YTD 2025) | 94.1% | 92.7% | - | - | - The Verge's average occupancy increased from 89.5% to 93.4%, with a renewal success rate of 69.1% and rent growth of 2.8%[27] Consolidated (Dock 79 and The Maren) Total revenue for the company's two consolidated joint ventures (Dock 79 and The Maren) increased by 0.7% to $10.991 million in H1 2025, while total operating profit before G&A decreased by 7% to $2.666 million, mainly due to increased operating expenses and property taxes 2025年上半年合并合资企业业绩 (Thousand USD) | 指标 | 2025年上半年 | 2024年上半年 | 变化 (Thousand USD) | 变化 (%) | | :--- | :--- | :--- | :--- | :--- | | 租赁收入 | 10,991 | 10,910 | 81 | 0.7% | | 运营成本 | 8,325 | 8,042 | 283 | 3.5% | | 营业利润 (G&A前) | 2,666 | 2,868 | (202) | -7.0% | - Operating profit decrease was primarily attributable to a $132 thousand increase in operating expenses and a $183 thousand increase in property taxes[28] Pro Rata Unconsolidated Pro rata revenue for the company's four unconsolidated joint ventures increased by 7.3% to $10.785 million in H1 2025, with pro rata operating profit before G&A significantly growing by 50.7% to $1.322 million, primarily driven by improved lease-up occupancy at The Verge and increased revenue at Bryant Street and .408 Jackson 2025年上半年非合并合资企业业绩 (Thousand USD) | 指标 | 2025年上半年 | 2024年上半年 | 变化 (Thousand USD) | 变化 (%) | | :--- | :--- | :--- | :--- | :--- | | 租赁收入 | 10,785 | 10,051 | 734 | 7.3% | | 运营成本 | 9,463 | 9,174 | 289 | 3.2% | | 营业利润 (G&A前) | 1,322 | 877 | 445 | 50.7% | - Improved lease-up occupancy at The Verge and increased revenue at Bryant Street and .408 Jackson were the primary drivers of performance growth for unconsolidated joint ventures[30] Industrial and Commercial Segment The industrial and commercial segment's rental revenue decreased by 6.1% to $2.721 million and Net Operating Income (NOI) declined by 8.4% to $2.149 million year-over-year in H1 2025, while operating profit before G&A significantly dropped by 33.9% to $1.086 million, mainly due to increased depreciation for the new Chelsea warehouse, a write-off of unrealized rent receivables due to a tenant default, and related occupancy decreases 2025年上半年工业和商业板块业绩 (Thousand USD) | 指标 | 2025年上半年 | 2024年上半年 | 变化 (Thousand USD) | 变化 (%) | | :--- | :--- | :--- | :--- | :--- | | 租赁收入 | 2,721 | 2,898 | (177) | -6.1% | | 运营成本 | 1,635 | 1,256 | 379 | 30.2% | | 营业利润 (G&A前) | 1,086 | 1,642 | (556) | -33.9% | | 净营业收入 (NOI) | 2,149 | 2,346 | (197) | -8.4% | - Operating profit decrease also included $216 thousand in depreciation and $30 thousand in operating costs for the Chelsea warehouse, as well as a $118 thousand write-off of unrealized rent receivables and $34 thousand in deferred leasing commissions due to a tenant default[31] Mining Royalty Lands Segment Results The mining royalty lands segment performed strongly in H1 2025, with total revenue increasing by 10.5% to $6.843 million and Net Operating Income (NOI) growing by 20.1% to $6.949 million year-over-year, while operating profit before G&A increased by 10.4% to $6.305 million, primarily due to an $842 thousand overpayment deduction in the prior year and an 8.5% increase in royalty per ton despite a 7% decrease in royalty tonnage 2025年上半年采矿特许权土地板块业绩 (Thousand USD) | 指标 | 2025年上半年 | 2024年上半年 | 变化 (Thousand USD) | 变化 (%) | | :--- | :--- | :--- | :--- | :--- | | 采矿特许权和租金收入 | 6,843 | 6,194 | 649 | 10.5% | | 运营成本 | 538 | 485 | 53 | 10.9% | | 营业利润 (G&A前) | 6,305 | 5,709 | 596 | 10.4% | | 净营业收入 (NOI) | 6,949 | 5,788 | 1,161 | 20.1% | - Prior year revenue was impacted by an $842 thousand deduction for an overpayment, of which $566 thousand was withheld by a tenant in the prior year first half[33] - Royalty tonnage decreased by 7%, but royalty revenue per ton increased by 8.5% (excluding the prior year overpayment deduction)[33] - NOI growth also benefited from a $518 thousand increase in unrealized revenue, attributed to temporarily higher minimum royalty payments at one location[33] Development Segment Results The development segment recorded an operating loss before G&A of $613 thousand in H1 2025, a significant deterioration from the $77 thousand operating profit in the prior year, as rental revenue slightly decreased while operating costs significantly increased by $682 thousand, leading to the expanded loss 2025年上半年开发板块业绩 (Thousand USD) | 指标 | 2025年上半年 | 2024年上半年 | 变化 (Thousand USD) | | :--- | :--- | :--- | :--- | | 租赁收入 | 601 | 608 | (7) | | 运营成本 | 1,214 | 531 | 683 | | 营业利润 (G&A前) | (613) | 77 | (690) | - A significant increase of $682 thousand in operating expenses was the primary cause of the deterioration in operating profit[35] Consolidated Balance Sheets As of June 30, 2025, total assets were $722.8 million, slightly down from $728.5 million on December 31, 2024, with net real estate investment slightly increasing to $410.7 million, but investments in joint ventures decreasing, while total liabilities remained relatively stable and total stockholders' equity slightly increased 合并资产负债表概览 (Thousand USD) | 指标 | 2025年6月30日 | 2024年12月31日 | 变化 (Thousand USD) | | :--- | :--- | :--- | :--- | | 总资产 | 722,782 | 728,485 | (5,703) | | 净房地产投资 | 410,739 | 407,439 | 3,300 | | 合资企业投资 | 139,098 | 153,899 | (14,801) | | 现金及现金等价物 | 153,167 | 148,620 | 4,547 | | 总负债 | 261,368 | 259,372 | 1,996 | | 有担保应付票据 | 180,371 | 178,853 | 1,518 | | 总股东权益 | 426,702 | 423,103 | 3,599 | | 非控股权益 | 34,712 | 46,010 | (11,298) | | 总权益 | 461,414 | 469,113 | (7,699) | - Total real estate investment (at cost) increased from $485.1 million to $493.7 million, primarily driven by buildings and improvements[37] - Investment in projects under construction decreased from $32.77 million to $16.17 million[37] Non-GAAP Financial Measures - Pro Rata Net Operating Income Reconciliation The company provides Pro rata Net Operating Income (NOI) as a non-GAAP financial measure to help investors and analysts evaluate its economic interest in both consolidated and unconsolidated partnerships, with H1 2025 pro rata NOI at $19.052 million, a 7.2% increase from $17.764 million in H1 2024 - Pro rata Net Operating Income (NOI) is used to supplement GAAP financial results, providing useful information regarding the company's financial condition and operating performance trends[39] 按比例净营业收入调节表 (Thousand USD) | 指标 | 2025年上半年 | 2024年上半年 | 变化 (Thousand USD) | 变化 (%) | | :--- | :--- | :--- | :--- | :--- | | 合并净收入 (亏损) | 2,258 | 3,394 | (1,136) | -33.5% | | 调整项 (例如：利息收入、股权在合资企业亏损、折旧等) | - | - | - | - | | 净营业收入 (亏损) | 16,002 | 15,132 | 870 | 5.7% | | 非控股权益NOI | (3,052) | (3,111) | 59 | -1.9% | | 非合并合资企业按比例NOI | 6,102 | 5,743 | 359 | 6.3% | | 按比例净营业收入 | 19,052 | 17,764 | 1,288 | 7.2% | - In H1 2025, pro rata NOI for the multifamily segment was $9.367 million, for the mining royalty lands segment was $6.949 million, and for the industrial and commercial segment was $2.149 million[40] Additional Information This section provides details on upcoming investor communications and important disclosures regarding forward-looking statements Conference Call Details The company will host a conference call on Thursday, August 7, 2025, at 9:00 AM ET to discuss financial results, offering both dial-in access and an audio replay service valid until August 21, 2025 - The conference call will be held on Thursday, August 7, 2025, at 9:00 AM ET[42] - Dial-in for domestic participants is 1-800-343-4849 (passcode 83364), and for international participants is 1-203-518-9848 (passcode 83364)[42] - An audio replay service is available until August 21, 2025, by dialing 1-800-839-2385 (domestic) or 1-402-220-7203 (international)[42] Investor Relations and Forward-Looking Statements The company encourages investors to visit its investor relations website for the latest information, including SEC filings, press releases, and corporate governance details, while forward-looking statements in the report are subject to various risks and uncertainties that could cause actual results to differ materially from expectations, and the company undertakes no obligation to update these statements - The investor relations website is https://investors.frpdev.com, providing SEC filings, press releases, quarterly earnings reports, investor presentations, and corporate governance information[43] - Forward-looking statements are subject to various risks and uncertainties, including but not limited to: inability to find suitable investment opportunities, levels of construction activity, market demand, ability to obtain development permits, capital market conditions, real estate investment and development risks, vacancy rates, partnership development risks, competition, ability to renew leases, real estate liquidity, tenant bankruptcy or default, credit facility limitations, interest rate fluctuations, environmental liabilities, inflation risks, and cybersecurity risks[44] - The company has no obligation to revise or update any forward-looking statements unless required by law[44]