FRP Holdings Q1 net income up 31% to $1.7M; management cautions on near-term headwinds

FRP HOLDINGS, INC.

2025-Q1 EPS reported $0.09 revenue$10,306,000

Net income $1.71M ($0.09/share) vs $1.30M ($0.07) in Q1 2024; pro rata NOI up 10% to $9.36M.
Industrial segment NOI down 2% due to tenant default/eviction; occupancy fell to 85.2% from 95.6%.
Multifamily pro rata NOI up 3% to $4.63M on improved occupancy at The Verge (93.5% vs 87.7%).
Mining royalty NOI up 19% to $3.28M on higher revenue per ton (+7%) and prior-year overpayment resolution.
Management cautions: tenant replacement, new warehouse costs, and DC multifamily glut will temper growth in 2025.

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