FRPH: Record leasing momentum supports a path to ~$50M pro-rata NOI, but stabilization takes time

Q3 leasing was the strongest since 2021, but 9M results swung to a per-share loss amid higher costs and multifamily weakness. Management is focused on lease-up and project completion, targeting ~$50M pro-rata NOI at stabilization while preserving capital for investment, taxes and refinancing.

Based on FRP Holdings, Inc. [FRPH] Q3 2026 Audio Transcript — Nov. 5 2026