FRP HOLDINGS, INC.

FRP Holdings, Inc. is a real estate company incorporated on April 22, 2014, with its business conducted through wholly-owned subsidiaries FRP Development Corp. and Florida Rock Properties, Inc., and their various subsidiaries and joint ventures. The company operates in four segments: Industrial and Commercial, Mining Royalty Lands, Development, and Multifamily. The Industrial and Commercial Segment focuses on leasing and managing industrial and commercial properties. This segment currently includes ten wholly-owned warehouses across three business parks, an office building partially occupied by the Company, and two ground leases. It will also encompass stabilized commercial property joint ventures. The Mining Royalty Lands Segment involves leasing and managing land for mining royalties. The company owns approximately 16,640 acres currently leased for mining rents or royalties, excluding 4,280 acres in a 50/50 joint venture with Vulcan Materials in Brooksville. These properties are primarily located in Florida and Georgia, with one location in Virginia. The Development Segment is responsible for real property acquisition, entitlement, development, and construction, primarily for apartment, retail, industrial, and office properties. Through this segment, the company owns and continuously evaluates several parcels of land in various stages of development. The Multifamily Segment manages mixed-use residential/retail properties owned through joint ventures. The company's investments in real estate partnerships not wholly owned by FRP, conducted through limited liability corporations, are also referred to as joint ventures.