FRP HOLDINGS, INC.

FRP Holdings, Inc., a Florida corporation (the Company ) was incorporated on April 22, 2014 in connection with a corporate reorganization that preceded the Spin-off of Patriot Transportation Holding, Inc. The Company’s predecessor issuer was formed on July 20, 1988. The business of the Company is conducted through our wholly-owned subsidiaries FRP Development Corp., a Maryland corporation, and Florida Rock Properties, Inc., a Florida corporation, and the various subsidiaries and joint ventures of each. Our Business. FRP Holdings, Inc. 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 ). 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. The Industrial and Commercial Segment owns, leases and manages in-service commercial properties. 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.