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Our Business.
−Removed: The Company is a holding company engaged in various real estate businesses.
−Removed: Our business segments are:
−Removed: (i) leasing and management of industrial and commercial properties (the “Industrial and Commercial Segment”), (ii) leasing and management of mining royalty land owned by the Company (the “Mining Royalty Lands Segment”), (iii) real property acquisition, entitlement, development and construction primarily for multifamily, industrial and commercial, or residential either alone or through joint ventures (the “Development Segment”), (iv) ownership, leasing and management of apartment buildings through joint ventures (the “Multifamily Segment”).
−Removed: The Industrial and Commercial Segment owns, leases and manages in-service commercial properties wholly owned by the Company or through joint ventures.
−Removed: Currently this includes eight warehouses in two business parks, an office building partially occupied by the Company, and two ground leases.
−Removed: Our Mining Royalty Lands Segment owns several properties totaling approximately 16,648 acres currently under lease for mining rents or royalties and an additional 4,280 acres through our Brooksville joint venture with Vulcan Materials.
−Removed: Other than one location in Virginia, all of our mining properties are located in Florida and Georgia.
−Removed: Our Development Segment owns and continuously monitors the highest and best use of parcels of land that are in various stages of development.
−Removed: The overall strategy for this segment is to convert all of our non-income producing property into income-producing property through (i) an orderly process of constructing new apartment, retail, warehouse, and office buildings to be operated by the Company or (ii) a sale to, or joint venture with, third parties.
−Removed: Additionally, our Development Segment will acquire land outright or form joint ventures for new developments on land not previously owned by the Company.
+Added: FRP Holdings, Inc.
+Added: is engaged in the real estate business, namely (i) leasing and management of industrial and commercial properties (the “Industrial and Commercial Segment”), (ii) leasing and management of mining royalty land owned by the Company (the “Mining Royalty Lands Segment”), (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, industrial, and office (the “Development Segment”), and (iv) management of mixed-use residential/retail properties owned through joint ventures (the “Multifamily Segment”).
+Added: Our investments in real estate partnerships not wholly owned by FRP which are conducted through limited liability corporations (“LLC”) are also referred to as joint ventures.
+Added: The Industrial and Commercial Segment owns, leases and manages in-service commercial properties.
+Added: Currently this includes ten warehouses in three business parks, an office building partially occupied by the Company, and two ground leases all wholly owned by the Company.
+Added: This segment will also include joint ventures of commercial properties when they are stabilized.
+Added: Our Mining Royalty Lands Segment owns several properties totaling approximately 16,640 acres currently under lease for mining rents or royalties (this does not include the 4,280 acres owned in our Brooksville joint venture 50/50 with Vulcan Materials).
+Added: Other than one location in Virginia, all of these properties are located in Florida and Georgia.
+Added: Through our Development Segment, we own and are continuously assessing the highest and best use of several parcels of land that are in various stages of development.
+Added: Our overall strategy in this segment is to convert all of our non-income producing lands into income production through (i) an orderly process of constructing new buildings for us to own and operate or (ii) a sale to, or joint venture with, third parties.
+Added: Additionally, our Development segment will acquire or form joint ventures on new land for development not previously owned by the Company.
+Added: One of this segment's joint ventures, Camp Lake Venture IA, LLC is consolidated.
+Added: On October 21, 2025, the Company completed the closing on its Purchase and Sales Agreement to acquire the business operations and development pipeline of Altman Logistics Properties, LLC, an operating platform of BBX Capital.
+Added: Altman Logistics held minority interests in a portfolio of institutional-grade industrial assets under various stages of development (including the Company’s industrial developments in Lakeland and Broward County, FL) as well as a contract for the purchase of an industrial land parcel.
The Multifamily Segment includes joint ventures which own, lease and manage buildings that have met our initial lease-up criteria.
−Removed: We intend to transfer additional joint ventures from our Development Segment into this segment as they reach stabilization.
−Removed: Stabilization occurs when a minimum occupancy threshold has been achieved for a certain period of time.
+Added: Two of our joint ventures in the segment, Riverfront Investment Partners I, LLC (“Dock 79”) and Riverfront Investment Partners II, LLC (“The Maren”) are consolidated.
As a developer, we compete with numerous developers, owners and operators of real estate, many of whom own properties similar to ours in the same submarkets in which our properties are located.
Price, location, rental space availability, flexibility of design and property management services are the major factors that affect competition.
−Removed: In the Mining Royalty Lands Segment, we have a total of five tenants currently leasing our mining locations, one of which, the Vulcan Materials Company (“Vulcan” or “Vulcan Materials”), accounted for 23% of the Company’s consolidated revenues in 2024.
+Added: In the Mining Royalty Lands Segment, we have a total of five tenants currently leasing our mining locations, one of which, Vulcan Materials Company (“Vulcan” or “Vulcan Materials”), accounted for 26% of the Company’s consolidated revenues in 2025.
An event affecting Vulcan’s ability to perform under its lease agreements could materially impact the Company’s results.
+Added: T able of c ontents
Sales and Marketing.
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Human Capital.
−Removed: The Company employed 19 people at December 31, 2024.
−Removed: Our small but dedicated workforce has extraordinarily low turnover, and the average tenure of our employee is 15.5 years.
+Added: The Company employed 25 people on December 31, 2025.
+Added: Our small but dedicated workforce has extraordinarily low turnover, and excluding the 6 employees from the October 2025 business combination, the average tenure of our employees is 16.5 years.
We are committed to an inclusive and diverse culture and do not tolerate any sort of discrimination.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.