FRP Holdings filed a Form 12b-25 notifying a delay on its annual report for the fiscal year ended December 31, 2025, citing additional time needed to finalize consolidated financial statements and complete the audit. The company plans to submit its Form 10-K within the 15-day grace period provided under Rule 12b-25.

For the fourth quarter, net income is expected at $0.4 million, down $1.3 million from $1.7 million a year earlier. The decline is driven by $0.5 million in expenses related to the Altman Logistics acquisition, higher general and administrative costs from new hires, underperformance at Dock and Maren, industrial vacancies and added depreciation at Chelsea, partially offset by increased mining royalties and improved joint venture results.

FRP Holdings projects full-year net income of $3.3 million, a $3.1 million decrease from $6.4 million in 2024, primarily due to $2.5 million of expenses related to the Altman Logistics platform acquisition.

FRP Holdings is a real estate holding company engaged in leasing and managing commercial properties, mining royalty lands, and the development and management of residential, retail, warehouse and office assets. Forward-looking statements remain subject to risks including market demand shifts, construction activity levels, property vacancies and financing conditions.