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FRPH on Nasdaq

Patriot Transportation

American trucking and real estate company

Patriot Transportation is an American trucking and real estate holding company based in Jacksonville, Florida. Through its affiliates, Patriot specializes in moving freight consisting mainly of petroleum products and other liquids and also dry bulk commodities. As of September 30, 2013, Patriot Transportation had approximately $287.1 million in total assets.3 Its shares trade on Nasdaq under the symbol FRPH.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1988Founded1

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  • TickerFRPH on Nasdaq1
  • Industrytransport1
  • HeadquartersJacksonville1
  • Websitewww.patriottrans.com
  • Incorporated inFL5
  • Business address200 W. Forsyth St., 7Th Floor, Jacksonville, Fl 322025
  • Filer categoryNon-accelerated filer, Smaller reporting company5
  • Legal formProfit Corporation4
  • LEI549300CONREOD6V7PO984
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressc/o John D. Milton, 200 W Forsyth ST, 7th Floor, 32202 Jacksonville, United States4
  • Registered withFlorida Division of Corporations, P140000654184

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Patriot Transportation is an American trucking and real estate holding company based in Jacksonville, Florida. Through its affiliates, Patriot specializes in moving freight consisting mainly of petroleum products and other liquids and also dry bulk commodities.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

16.4%Operating margin7
7.8%Net margin7
2.6%Revenue growth, 20257
0.8%Return on equity7
0.45×Debt to equity7
-$21.5MFree cash flow7

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs90¢$38.7M
  • Income tax2¢$818.0K
  • Profit8¢$3.3M

Out of $42.8M in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Capital spending99¢$51.1M
  • Share buybacks1¢$464.0K

Out of $29.7M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.7

Financial statements

Revenue8910117$42.8M in 2025+80% since 2019
0$20.0M$40.0M$60.0M2019: $23.8M$23.8M20192020: $23.6M$23.6M2020−1%2021: $31.2M$31.2M2021+32%2022: $37.5M$37.5M2022+20%2023: $41.5M$41.5M2023+11%2024: $41.8M$41.8M2024+1%2025: $42.8M$42.8M2025+3%
Operating income8910117$7.0M in 2025+22% since 2019
0$5.0M$10.0M$15.0M2019: $5.8M$5.8M20192020: $5.1M$5.1M2020−11%2021: $2.3M$2.3M2021−56%2022: $8.0M$8.0M2022+252%2023: $11.7M$11.7M2023+46%2024: $11.7M$11.7M2024+0%2025: $7.0M$7.0M2025−40%
Net income8910117$3.3M in 2025−79% since 2019
0$10.0M$20.0M$30.0M2019: $16.2M$16.2M20192020: $12.7M$12.7M2020−21%2021: $28.2M$28.2M2021+122%2022: $4.6M$4.6M2022−84%2023: $5.3M$5.3M2023+16%2024: $6.4M$6.4M2024+20%2025: $3.3M$3.3M2025−48%
Fiscal year2019202020212022202320242025
Revenue$23.8M8$23.6M9$31.2M10$37.5M11$41.5M7$41.8M7$42.8M7
Gross profit
Selling, general and admin$9.9M14$8.9M15$8.8M16$9.3M16$10.6M16
Operating expenses$28.9M10$29.5M11$29.8M7$30.1M7$35.8M7
Operating income$5.8M8$5.1M9$2.3M10$8.0M11$11.7M7$11.7M7$7.0M7
Interest$1.1M8$1.1M9$2.3M10$3.0M10$4.3M10
Income before tax$9.3M16$3.6M16
Income tax$3.0M8$3.2M9$10.3M10$1.0M11$1.5M7$2.0M7$818.0K7
Net income$16.2M8$12.7M9$28.2M10$4.6M11$5.3M7$6.4M7$3.3M7
Earnings per share$1.648$1.339$3.0210$0.2411$0.287$0.347$0.187
Earnings per share (diluted)$1.638$1.329$3.0010$0.2411$0.287$0.347$0.187
Shares (weighted, basic)9.4M shares1018.8M shares1118.8M shares718.9M shares719.0M shares7
Shares (weighted, diluted)9.4M shares1018.9M shares1118.9M shares719.0M shares719.0M shares7

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Corporate structure

Patriot Transportation sits at the top of its group. 71 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Patriot Transportation

  • John D. Baker Ii. Filed SCHEDULE 13D/A on Patriot Transportation, latest Mar 25, 2026 (5 filings since Jan 31, 2023)
  • BlackRock Filed SCHEDULE 13G/A on Patriot Transportation, latest Jul 17, 2025 (4 filings since Feb 1, 2022)
  • Estabrook Capital Management Filed SC 13G on Patriot Transportation, latest Nov 13, 2024 (6 filings since Feb 11, 2022)
  • VANGUARD GROUP INC Filed SC 13G/A on Patriot Transportation, latest Feb 13, 2024 (3 filings since Feb 10, 2022)
  • DIMENSIONAL FUND ADVISORS LP Filed SC 13G/A on Patriot Transportation, latest Feb 9, 2024 (3 filings since Feb 8, 2022)
  • CLB 1965 LLC Filed SC 13G/A on Patriot Transportation, latest Dec 21, 2023 (5 filings since Feb 14, 2022)
  • Robert E. Sandlin Filed SC 13D/A on Patriot Transportation, latest Dec 21, 2023 (2 filings since Jan 18, 2023)
  • Thompson S. Baker Ii. Filed SC 13D/A on Patriot Transportation, latest Dec 21, 2023 (5 filings since Feb 11, 2022)
  • Minerva Advisors LLC Filed SC 13G/A on Patriot Transportation, latest Feb 14, 2022
  • Willis Investment Counsel Filed SC 13G on Patriot Transportation, latest Feb 14, 2022
  • Patriot Transportation Jacksonville, Florida, United States
    • 1800 Half Street Owner LLC Subsidiary · the District of Columbia, United States
    • 34 Loveton Center LLC Subsidiary · Maryland, United States
    • BC FRP Realty LLC Subsidiary · Maryland, United States
    • Brooksville Quarry LLC Subsidiary · Florida, United States
    • Bryant Venture Phaes I-A&C, LLC Subsidiary · the District of Columbia, United States
    • Bryant Venture Phaes I-D, LLC Subsidiary · the District of Columbia, United States
    • Bryant Venture Phaes I-E, LLC Subsidiary · the District of Columbia, United States
    • Bryant Venture Phaes1-B, LLC Subsidiary · the District of Columbia, United States
    • Camp Lake Venture IA, LLC Subsidiary · Delaware, United States
    • Coconut Road Estero Apartments, LLC Subsidiary · Delaware, United States
    • Coconut Road Estero Venture LLP Subsidiary · Delaware, United States
    • Davie Logistics Park Holdings, LLC Subsidiary · Delaware, United States
    • Davie Logistics Park Owner, LLC Subsidiary · Delaware, United States
    • Davie Logistics Park Venture, LLC Subsidiary · Delaware, United States
    • Delray Logistics Park Investor Holdings, LLC Subsidiary · Delaware, United States
    • Florida Rock Properties, Inc. Subsidiary · Florida, United States
    • FRP 801 Chelsea LLC Subsidiary · Maryland, United States
    • FRP Alamo LLC Subsidiary · the District of Columbia, United States
    • FRP Bird River LLC Subsidiary · Maryland, United States
    • FRP Bryant Street Phase 1-AC OZ Fund LLC Subsidiary · the District of Columbia, United States
    • FRP Bryant Street Phase 1-B OZ Fund LLC Subsidiary · the District of Columbia, United States
    • FRP Bryant Street Phase 1-D OZ Fund LLC Subsidiary · the District of Columbia, United States
    • FRP Bryant Street Phase 1-E OZ Fund LLC Subsidiary · the District of Columbia, United States
    • FRP Buzzard Point LLC Subsidiary · Delaware, United States
    • FRP Camp Lake IA LLC Subsidiary · Delaware, United States
    • and 45 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Patriot Transportation reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$182.9M7 Dec 31, 2025$168.9M7 Dec 31, 2024+8.3%
Buildings and improvements$309.1M7 Dec 31, 2025$283.4M7 Dec 31, 2024+9.1%
Construction in progress$45.0M7 Dec 31, 2025$32.8M7 Dec 31, 2024+37.4%
Property and equipment, before depreciation$537.1M7 Dec 31, 2025$485.1M7 Dec 31, 2024+10.7%
Accumulated depreciation$88.6M7 Dec 31, 2025$77.7M7 Dec 31, 2024+14.0%
Property and equipment, net$448.5M7 Dec 31, 2025$407.4M7 Dec 31, 2024+10.1%

Real estate and locations

ItemLatestA year beforeChange
Area of land16,640 acres7 Dec 31, 202516,648 acres11 Dec 31, 20240%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$148.6M11 Dec 31, 2024$157.6M11 Dec 31, 2023−5.7%
Stakes in other companies (equity method)$153.1M7 Dec 31, 2025$153.9M7 Dec 31, 2024−0.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$6.9M7 Dec 31, 2025$07 Dec 31, 2024

Properties, in its own words

Information required in response to Item 2 is included under the caption "Operating Properties" on pages 3 through 6 of the Company’s 2025 Annual Report to Shareholders, and such information is incorporated herein by reference.

Mining Royalty Lands Additional Information.

The rest of Item 2

Pursuant to amendments to Regulation S-K of the Securities Act of 1933 (“Regulation S-K”) adopted by the Securities and Exchange Commission in 2018, effective for fiscal years beginning on or after January 1, 2021, registrants with material mining operations must disclose certain information in their Securities and Exchange Act filings concerning mineral resources and mineral reserves, in accordance with to Subpart 1300 of Regulation S-K. This section of Item 2 provides summary information about our overall portfolio of mining royalty properties.

Our mining leases do not require tenants to furnish technical report summaries that meet the requirements of Rule 1302, and the Company does not otherwise have access to the technical data required to determine precise amounts of each class of mineral resource or probable or proven resources. In accordance with Rule 1303(a)(3), the Company is providing all required information in its possession or which it can obtain without incurring an unreasonable burden or expense.

The Company periodically engages consultants to examine remaining sand and stone deposit estimates and geological studies conducted by tenants and their industry professionals.

Locations. The following map presents the locations of the Company’s mining properties, which are discussed as our Mining Royalty Lands segment (as reported in the Company’s financial statements) below:

Item 2 of the 10-K filed Apr 15, 2026.20

Leadership

Who has led Patriot Transportation, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Robert E. Sandlin2006–2014
  2. Thompson S. Baker Ii.2010–2016
  3. Thompson S. Baker Ii.2015–2016
  4. Robert E. Sandlin2015–2023

Chair

  1. Edward L. Baker2010
  2. Edward L. Baker2016

President

  1. Terry S. Phipps2006–2008
  2. David H. Devilliers Jr.2008–2024
  3. Robert E. Sandlin2009–2014
  4. Thompson S. Baker Ii.2010–2015
  5. Thompson S. Baker Ii.2015–2016
  6. Robert E. Sandlin2015–2023

Chief financial officer

  1. John D. Milton Jr.2008–2020
  2. John D. Milton Jr.2015–2016
  3. Matthew C. McNulty2017–2023
  4. Matthew C. McNulty2024–now

Chief operating officer

  1. David H. Devilliers Jr.2025–now
19901995200020052010201520202025
Board members and other officers (27)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • 1800 Half Street Owner LLC District of Columbia6
  • 34 Loveton Center LLC Maryland6
  • BC FRP Realty LLC Maryland6
  • Brooksville Quarry LLC Florida6
  • Bryant Venture Phaes I-A&C, LLC District of Columbia6
  • Bryant Venture Phaes I-D, LLC District of Columbia6
  • Bryant Venture Phaes I-E, LLC District of Columbia6
  • Bryant Venture Phaes1-B, LLC District of Columbia6
  • Camp Lake Venture IA, LLC Delaware6
  • Coconut Road Estero Apartments, LLC Delaware6
  • Coconut Road Estero Venture LLP Delaware6
  • Davie Logistics Park Holdings, LLC Delaware6
  • Davie Logistics Park Owner, LLC Delaware6
  • Davie Logistics Park Venture, LLC Delaware6
  • Delray Logistics Park Investor Holdings, LLC Delaware6
  • FRP 801 Chelsea LLC Maryland6
  • FRP Alamo LLC District of Columbia6
  • FRP Bird River LLC Maryland6
  • FRP Bryant Street Phase 1-AC OZ Fund LLC District of Columbia6
  • FRP Bryant Street Phase 1-B OZ Fund LLC District of Columbia6
  • FRP Bryant Street Phase 1-D OZ Fund LLC District of Columbia6
  • FRP Bryant Street Phase 1-E OZ Fund LLC District of Columbia6
  • FRP Buzzard Point LLC Delaware6
  • FRP Camp Lake IA LLC Delaware6
All 70 listed subsidiaries
  • FRP Chase LLC District of Columbia6
  • FRP Coda LLC District of Columbia6
  • FRP Cranberry Run LLC Maryland6
  • FRP Delray LLC Delaware6
  • FRP Developer LLC Delaware6
  • FRP Development Corp. Maryland6
  • FRP Estero Investor LLC Delaware6
  • FRP Ft. Lauderdale 1 LLC Delaware6
  • FRP Guaranty LLC Florida6
  • FRP Hamilton LLC Delaware6
  • FRP Hampstead LLC Maryland6
  • FRP Hollander 95 LLC Maryland6
  • FRP Lakeland 1 LLC Delaware6
  • FRP Lakeland 2 LLC Delaware6
  • FRP Manager LLC Delaware6
  • FRP Mechanics Valley LLC Maryland6
  • FRP OZ Fund 2019-A LLC Delaware6
  • FRP OZ Fund 2019-B LLC Delaware6
  • FRP OZ Fund 2019-C LLC Delaware6
  • FRP OZ Fund 2023-A LLC Delaware6
  • FRP Old Philadelphia Road LLC Maryland6
  • FRP Pad LLC District of Columbia6
  • FRP Parsippany LLC Delaware6
  • FRP Riverfront I, LLC Delaware6
  • FRP Riverfront II LLC Delaware6
  • FRP SWR LLC Delaware6
  • FRP Utility LLC Maryland6
  • FRP Verge LLC Delaware6
  • FRP Woven Bridge Lender LLC Delaware6
  • FRP Woven LLC Delaware6
  • FRP Woven Pref Investor LLC Delaware6
  • Florida Rock Properties, Inc. Florida6
  • Hamilton Logistics Park Manager, LLC Florida6
  • Lake Louisa LLC Florida6
  • Lakeland Logistics Park Holdings, LLC Delaware6
  • Lakeland Logistics Park Owner, LLC Delaware6
  • Lakeland Logistics Park Venture, LLC Delaware6
  • Parsippany Logistics Park Manager, LLC Florida6
  • Parsippany Logistics Park Venture, LLC Florida6
  • RREEF CPIF Park at Hamilton JV, LLC Delaware6
  • Riverfront Investment Partners I, LLC Delaware6
  • Riverfront Investment Partners Phase II, LLC Delaware6
  • WF Coconut Road Estero, LLC Delaware6
  • Woodfield .408 Jackson OZB LLC Delaware6
  • Woodfield FRP Woven, LLC Delaware6
  • Woodfield Riverside OZB LLC Delaware6

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • PATRIOT TRANSPORTATION HOLDING INCMay 9, 2001 to Dec 5, 20145
  • FRP PROPERTIES INCFeb 13, 1995 to Feb 5, 20015

Timeline

  1. Aug 4, 20268-K Results of operations61
  2. May 15, 20268-K Change of auditor62
  3. May 13, 20268-K Shareholder vote63
  4. May 12, 20268-K Results of operations64
  5. Apr 10, 20268-K Results of operations65
  6. Nov 5, 20258-K Results of operations66
  7. Oct 21, 20258-K Regulation FD disclosure67
  8. Aug 6, 20258-K Results of operations68
  9. May 22, 20258-K Regulation FD disclosure69
  10. May 12, 20258-K Results of operations70
  11. May 12, 20258-K Shareholder vote71
  12. May 5, 20258-K Change of auditor72
  13. Nov 20, 2015New chief executive Robert E. Sandlin becomes CEO22
  14. Sep 16, 2010New chief executive Thompson S. Baker Ii. becomes CEO23
  15. Feb 2, 2006New chief executive Robert E. Sandlin becomes CEO24
  16. 1988Founded Founded1

Calendar

Coming up

  1. Nov 4, 2026Reports results for the quarter ending Sep/202673

When it reported results

  1. Aug 4, 2026Reported quarterly or annual results61
  2. May 12, 2026Reported quarterly or annual results64
  3. Apr 10, 2026Reported quarterly or annual results65
  4. Nov 5, 2025Reported quarterly or annual results66
  5. Aug 6, 2025Reported quarterly or annual results68
  6. May 12, 2025Reported quarterly or annual results70
  7. Mar 5, 2025Reported quarterly or annual results74
  8. Nov 6, 2024Reported quarterly or annual results75

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

438 filings to the SEC since October 2021: 8 annual reports, 21 quarterly reports, 59 major events, 248 insider forms, 36 large holders, 66 other. The latest 20:

  1. Aug 18, 20264 EDGAR
  2. Aug 11, 20264 EDGAR
  3. Aug 6, 202610-Q EDGAR
  4. Aug 4, 20268-K EDGAR
  5. May 20, 20264 PRIMARY DOCUMENT EDGAR
  6. May 15, 20264 PRIMARY DOCUMENT EDGAR
  7. May 15, 20264 PRIMARY DOCUMENT EDGAR
  8. May 15, 20264 PRIMARY DOCUMENT EDGAR
  9. May 15, 20264 PRIMARY DOCUMENT EDGAR
  10. May 15, 20264 PRIMARY DOCUMENT EDGAR
  11. May 15, 20268-K 8-K AUDITOR EDGAR
  12. May 14, 202610-Q EDGAR
  13. May 14, 2026S-8 S-8 EQUITY INCENTIVE PLAN EDGAR
  14. May 13, 20268-K 8-K VOTE EDGAR
  15. May 12, 20268-K 8-K PRESS RELEASE MAR26 EDGAR
  16. Apr 23, 2026DEFR14A DEFA14A EDGAR
  17. Apr 16, 2026DEF 14A EDGAR
  18. Apr 15, 2026ARS EDGAR
  19. Apr 15, 202610-K EDGAR
  20. Apr 10, 20268-K EDGAR

The 438 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

78 open-market trades by officers, directors and large owners since October 2021: 20 buys and 58 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 18, 2026BAKER JOHN D IIDirectorBuy8,189$21.97$179.9KForm 4
Aug 17, 2026BAKER JOHN D IIDirectorBuy957$21.97$21.0KForm 4
Aug 7, 2026Baker John D. IIICEOBuy6,800$21.91$149.0KForm 4
Mar 23, 2026BAKER JOHN D IIDirectorBuy478,468$20.90$10.0MForm 4
Jan 1, 2026DEVILLIERS DAVID H JRSr. Advisor to Pres. & COOSale4,060$22.75$92.4KForm 4
Dec 31, 2025deVilliers David H IIIPresident & COOSale4,589$22.75$104.4KForm 4
Dec 11, 2025deVilliers David H IIIPresident & COOSale1,500$23.42$35.1KForm 4
Nov 21, 2025DEVILLIERS DAVID H JRSr. Advisor to Pres. & COOSale2,000$23.23$46.5KForm 4
Nov 13, 2025McNulty Matthew C.CFOBuy1,000$23.94$23.9KForm 4
Nov 13, 2025BAKER JOHN D IIDirectorBuy854$23.85$20.4KForm 4
Nov 12, 2025McNulty Matthew C.CFOBuy1,000$23.84$23.8KForm 4
Nov 12, 2025BAKER JOHN D IIDirectorBuy7,175$23.85$171.1KForm 4
Nov 10, 2025Baker John D. IIICEOBuy4,166$23.70$98.7KForm 4
Nov 10, 2025BAKER JOHN D IIDirectorBuy334$23.50$7.8KForm 4
Mar 14, 2025BAKER JOHN D IIDirectorBuy6,608$27.45$181.4KForm 4
Mar 5, 2025deVilliers David H IIIPresident & COOBuy1,356$31.00$42.0KForm 4
Nov 25, 2024STEIN MARTIN E JRDirectorSale1,029$33.00$34.0KForm 4
Nov 22, 2024STEIN MARTIN E JRDirectorSale4,929$32.00$157.7KForm 4
Nov 21, 2024STEIN MARTIN E JRDirectorSale71$32.00$2.3KForm 4
Nov 18, 2024DEVILLIERS DAVID H JRSr. Advisor to Pres. & COOSale2,500$31.50$78.8KForm 4

All 78 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025David H. deVilliers IIIChief Operating Officer74$411.0K$1.2M86
2025John D. Baker IIIChief Executive Officer starting May 8, 202477$411.0K$1.2M86
2025Matthew C. McNultyChief Financial Officer starting May 31, 202452$305.0K$872.5K86
2024David H. deVilliers IIIChief Operating Officer74$355.1K$1.2M86
2024John D. Baker IIIChief Executive Officer starting May 8, 202477$355.1K$1.2M86
2024Matthew C. McNultyChief Financial Officer starting May 31, 202452$169.2K$631.2K86

SEC filer profile

How Patriot Transportation is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFRP HOLDINGS, INC.2
  • CIK0000844059
  • Employer ID (EIN)47-244919820
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company20
  • Incorporated inFlorida20
  • Fiscal year endsDecember 312
  • Industry code (SIC)6500 Real Estate2
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance2
  • Business address200 W. Forsyth St., 7Th Floor, Jacksonville, FL 322022
  • Phone90439657332
  • Shares outstanding19,198,301 as of Aug 4, 202613
  • Public float$390.3M as of Jun 30, 202520
  • AuditorBaker Tilly US, LLP, Jacksonville, Florida PCAOB ID 23; no auditor attestation of internal control over financial reporting20
  • On EDGAR sinceFeb 13, 19952
  • Filings1,594 in all: 4 (881), 8-K (189), 10-Q (91), 4/A (82), SC 13G/A (78), SC 13G (56), 10-K (30), DEF 14A (30)2
    All 38 form types

    11-K (21), 144 (20), UPLOAD (18), 3 (16), CORRESP (14), 8-K/A (8), S-8 POS (7), ARS (6), S-8 (6), DEFR14A (5), 10-Q/A (4), 144/A (4), 5 (4), PRE 14A (4), SC 13D/A (3), 10-K/A (2), SC 13D (2), 10-QT (1), 11-K/A (1), 15-12G (1), 15-15D (1), 18-K (1), 3/A (1), 8-A12G (1), 8-K12B (1), DEFA14A (1), NT 10-K (1), PRER14A (1), SCHEDULE 13D/A (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Apr 15, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 16, 2026
    Latest 8-K (8-K) Aug 4, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $.10 par valueFRPHNASDAQ

From the cover page of the 10-K filed Apr 15, 2026 (Section 12(b) of the Exchange Act).20

Risk factors and legal proceedings

The risks Patriot Transportation names in Item 1A of its 10-K filed Apr 15, 2026: 25 risks under these headings, as written.20

  • Risks Relating to our Business
  • Current economic and market conditions, including, but not limited to, elevated interest rates, new and expanded tariffs, a decline in consumer confidence and spending, inflationary conditions that have increased the costs of operating our businesses (including raw materials, products, labor, and freight), widespread supply chain disruptions, has and could continue to adversely impact gross margins, operating margins, and the results of the Company’s operating businesses.
  • Investments by the Company in real estate developments directly or through joint ventures expose it to market and economic risks inherent in the real estate construction and development industry.
  • A decline in the economic conditions in our core markets could adversely affect our business.
  • We conduct a significant portion of our operations through joint ventures, which may lead to disagreements with our joint venture partners and adversely affect our interests in the joint ventures, may expose us to liability under completion guarantees and impose development management responsibilities on us in certain joint ventures in which we are a minority partner.
  • Our business may be adversely affected by seasonal factors and harsh weather conditions.
  • Our business could be negatively impacted by cyberattacks targeting our computer and telecommunications systems and infrastructure, or targeting those of our third-party service providers.
  • Our revenues depend in part on construction sector activity, which tends to be cyclical.
  • Our operations are subject to various environmental laws and regulations, the violation of which could result in substantial fines or penalties.
  • The presence of contaminated material at our Riverfront on the Anacostia development site will subject us to substantial environmental liability and costs as construction proceeds.
  • The geographic concentration of our properties makes our business more vulnerable to severe weather conditions, natural disasters and climate change.
  • Uninsured losses could significantly reduce our earnings.
The other 14 risks
  • We may be unable to renew leases or re-lease properties as leases expire.
  • We may be unable to lease currently vacant properties.
  • The bankruptcy or insolvency of significant tenants with long-term leases may adversely affect income produced by our properties.
  • Our inability to obtain necessary approvals for property development could adversely affect our profitability.
  • Real estate investments are not as liquid as other types of assets.
  • Our debt service obligations may have adverse consequences on our business operations.
  • Our uncollateralized revolving credit agreement restricts our ability to engage in some business activities.
  • We face competition from numerous sources.
  • Unexpected events, such as public health issues, natural disasters, geopolitical conflicts, civil unrest, severe weather and terrorist activities, may disrupt the Company’s operations and increase our costs.
  • Risks Relating to our Common Stock
  • Certain shareholders have effective control of a significant percentage of FRP's common stock and would have significant influence on the outcome of any shareholder vote.
  • Provisions in our articles of incorporation and bylaws and certain provisions of Florida law could delay or prevent a change in control of FRP.
  • FRP may issue preferred stock with terms that could dilute the voting power or reduce the value of our common stock.
  • Institutional investor focus on environmental, social and governance issues may impact our stock price.
  • The Company’s Bylaws contain an exclusive forum provision, which could impair the ability of shareholders to obtain a favorable judicial forum for certain disputes with the Company or its directors, officers or other employees and be cost-prohibitive to shareholders.

Sources

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