FRP Holdings is a Florida-based real estate company that owns and operates commercial properties, mining royalty lands, and multifamily residential properties, while also developing parcels for various real estate uses through wholly-owned subsidiaries and joint ventures. The company generates revenue primarily through long-term property leases and mining royalties on approximately 16,640 acres in Florida, Georgia, and Virginia, with its largest customer being a major mining operator. Its business model combines stable cash flows from in-service properties and mining operations with development activities that seek to convert non-income-producing land into revenue-generating assets, competing with regional and national developers based on location, pricing, available space, and property management services.