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MarketBeat
Mon, April 13, 2026 astatine 9:36 AM CDT 7 min read
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2025 results and equilibrium sheet: FRP reported astir $37.9M NOI and $22.1M FFO ($1.16/share), finished the twelvemonth with astir $144M of liquidity, nett debt/enterprise worth adjacent 21% and a weighted-average involvement complaint of ~5.24%.
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Altman acquisition expands concern platform: FRP acquired Altman Industrial for ~$33.5M, adding astir 1.6M sq ft to its improvement pipeline and absorption expects the woody to boost earnings, operating currency travel and NAV.
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Pipeline, leasing headwinds and 2026 outlook: FRP has a ~$441M improvement pipeline targeting ~$30M incremental stabilized NOI, but concern occupancy was lone 47.5% (69.9% excl. Chelsea) with ~423k sq ft disposable — stabilization could adhd ~$3.3M NOI — and 2026 NOI is guided to ~$37.1–37.7M with elevated G&A of ~$15–16M during Altman integration.
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FRP (NASDAQ:FRPH) executives said 2025 was a “transition year” marked by a large level expansion, arsenic the institution moved to standard its concern logistics improvement capabilities and positioned itself for what absorption described arsenic a caller signifier focused connected execution and currency travel conversion.
President and Chief Operating Officer David deVilliers III said FRP generated astir $37.9 cardinal of nett operating income (NOI) and $22.1 cardinal of funds from operations (FFO), oregon $1.16 per share, for the year. He added the institution ended 2025 with astir $144 cardinal of liquidity.
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On the equilibrium sheet, deVilliers said FRP finished the twelvemonth with net indebtedness to endeavor worth of astir 21% and a weighted mean involvement complaint of astir 5.24%, which helium said provides flexibility to money improvement and lease-up “without reliance connected plus sales.”
DeVilliers said FRP completed the Altman Industrial acquisition precocious successful the 4th fourth for astir $33.5 million, adding astir 1.6 cardinal quadrate feet of concern improvement pipeline. He said the woody was not included successful the company’s archetypal budget, but “significantly expands our level and strengthens our beingness successful precocious condemnation logistics markets.”
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Chief Executive Officer John Baker III said the Altman Logistics level and its squad “opens up” FRP’s options for wherever and however it develops, and with whom it partners. He said absorption expects the acquisition to assistance thrust earnings, operating currency flow, and nett plus value.
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