FRP Holdings Q1 net loss $0.7M vs income $1.7M; occupancy pressure continues

FRP HOLDINGS, INC.

• Net loss of $0.7M ($0.04/share) versus net income of $1.7M ($0.09/share) in Q1 2025.
• Pro rata NOI of $8.9M, down 5% YoY; multifamily occupancy fell to 92.1% from 94.0%.
• Industrial/Commercial occupancy ex-Chelsea at 69.9% vs 85.2% last year; Chelsea 100% vacant.
• Mining royalties bright spot: volume up 7.9%, revenue per ton up 6.5%, NOI up 15%.
• G&A jumped $1.5M to $4.1M, driven by Altman Logistics acquisition integration costs.

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