FRP HOLDINGS Business Summary

FRP Holdings, Inc. (FRPH) is a vertically integrated real estate investment and development firm that generates revenue through a hybrid model of industrial asset management, aggregate mining royalties, and urban mixed-use development. The company’s Asset Management segment focuses on the acquisition and leasing of premier industrial and warehouse spaces across the Mid-Atlantic and Southeast, while its Mining Royalty segment provides a high-margin, low-overhead revenue stream by leasing land to construction material producers under long-term, tonnage-based agreements. The Development segment targets high-density residential and office projects, primarily in the Washington, D.C. corridor, through strategic joint ventures such as the 'Maren' and 'The Frederick.' Within the competitive landscape, FRPH operates as a specialized small-cap player, offering a more diversified risk profile than pure-play industrial REITs like Terreno Realty (TRNO) or Prologis (PLD), and more consistent cash flow than pure-play developers like JBG SMITH (JBGS) due to its stable royalty income. The company is steered by a veteran leadership team with deep roots in the construction materials and real estate sectors, many of whom transitioned from the legacy Florida Rock Industries. Executive Chairman John D. Baker II and CEO David H. deVilliers, Jr. provide the strategic vision, leveraging over four decades of experience in land use and capital allocation. President David H. deVilliers III manages day-to-day operations and the firm’s expansion into multi-family residential markets, while John D. Milton, Jr. serves as Executive Vice President and CFO, ensuring fiscal discipline and overseeing the firm's conservative leverage strategy. The board of directors remains heavily influenced by the founding Baker family, which maintains a significant ownership stake, aligning management interests with long-term shareholders. Institutional support is anchored by major investment firms including BlackRock, Vanguard, and T. Rowe Price, which recognize the company's unique ability to convert legacy industrial land into high-value urban assets.