FRP Holdings, Inc. is a real estate investment and development company that acquires, entitles, constructs, and manages properties across the Mid-Atlantic and Southeastern United States, including Florida, Georgia, Maryland, Virginia, and Washington, D.C. The company's business model is divided into four segments. The Multifamily segment (contributing roughly 50% of pro rata Net Operating Income) owns, leases, and manages residential apartment buildings and associated retail space through joint ventures. The Mining Royalty Lands segment (roughly 39% of NOI) is a unique cash generator, owning over 15,000 acres of land leased to mining companies—such as Vulcan Materials, which accounts for over 20% of consolidated revenues—in exchange for rents and royalties on construction aggregates. The Industrial and Commercial segment (roughly 11% of NOI) focuses on owning, leasing, and managing warehouse, distribution, and office properties. Finally, the Development segment acquires and monitors land parcels in various stages of development for future income production or sale. The company generates revenue primarily through rental income, mining royalties, and property sales, acting as both a patient land developer and a long-term property operator.
