FRP Holdings, Inc. reported its financial results for the second quarter ended June 30, 2025, showing a 72% decrease in net income to $0.6 million, compared to $2.0 million in the same period last year. This decline was largely attributed to legal expenses associated with due diligence for a potential investment the company is evaluating, as well as lower Net Interest Income.
Despite the decrease in net income, the company's pro rata Net Operating Income (NOI) increased by 5% year-over-year, reaching $9.7 million compared to $9.2 million. This growth was supported by higher mining royalties and improved results in Equity in Loss of Joint Ventures.
The Multifamily segment's pro rata NOI saw a 1% increase, primarily driven by improved occupancy at The Verge and Dock 79. The company continues to navigate its strategic development initiatives, balancing new project investments with operational performance across its segments.
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