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123456378 36 27
012345 738347 7490 23247 815 4 9 81 4 9 2772 1 87 21 3 1 5 9 $ 81108% 4& 3 &0 70813 3 74932 1 ' (# 3 4 7490 23247 4 9 81 4 893 ' ) *+" ,-./ 0 1" "!("( 2343563789: <=<> ? 3 817232 1 4& 3 &0 70813 3 74932 1 ' (# 3 4 7490 23247 4 9 81 4 893 ' ) *+" * !.-*-)! @" -)( , )A 9)AA-..-)! -0" 1BAC" 'DE 47 &43 219 4F /* ! A" ), "G-.* !* . .@"/-,-"( -! -*. /+ *" # HIJKLKMI UVWKWI YZ[\]YM^YMKW_Y\` QhSh iVPNOjk QlW mJYYM nIfd_\lWIMk gIL oIMlIe 8(( ".. ), & -!/-@ 0 4F"/B*-q" ,,-/".# NOPQRRSRTS OpTNQ U[abaVa cd^JYeIM[fI\W_Z_]KW_Y\ gYa r-@ 9)("# "G-.* !*s. *"0"@+)!" !BAC" -!/0B(-!G " /)("# 7"/B -*-". "G-.*" "( @B .B !* *) 7"/*-)! C# ), *+" 8/*t 3 (-!G 71AC)0 1 A" ), "F/+ !G" )! u+-/+ "G-.*" "( 3-*0" ), " /+ /0 .. 9)AA)! 7*)/ v @ q 0B" @" .+ " &3 18758w 0)C 0 "* 7"/B -*-". "G-.*" "( @B .B !* *) 7"/*-)! G# ), *+" 8/*t 1)!" xyz{4|}3 6~ 4 34 5|7 { } 3 73 { }7|y} { | 3 y y 3| y3z { 37: | z3 {y3z {y 3 >= } 3 34 7{}{3 4} 3 ? $ xyz{4|}3 6~ 4 34 5|7 { } 3 73 { }7|y} { y } 73 {73z } {3 73 7} 7 |y} } 34}{ y 98 7 34}{ y 9 z } 3 4} 3 ? $ xyz{4|}3 6~ 4 34 5|7 3} 37 } 3 73 { }7|y} 9 | {3z | 73 7} 73 {73z } 63 {3z 6~ 34}{ y 98 7 9 z } 3 34 7{}{3 4 |y 3 4} 9 8> z 7{y } 3 7343z{y 9< 5 y} 7 7 4 7}37 37{ z } |} } 3 73 { }7|y} | 73 {73z } {3 4 73 7} : |yz < | 633y 6 34} } 4 {{y 73 {7353y} 7 } 3 | } = z|~ 3 $ ? xyz{4|}3 6~ 4 34 5|7 3} 37 } 3 73 { }7|y} | 65{}}3z 334}7 y{4|~ 3 37~ xy}37|4}{ 3 2|}| {3 73 {73z } 63 65{}}3z 7 |y} } 3 >= 3 |}{ y z 7{y } 3 7343z{y 9< 5 y} 7 7 4 7}37 37{ z } |} } 3 73 { }7|y} | 73 {73z } 65{} 4 {3 3 $ ? xyz{4|}3 6~ 4 34 5|7 3} 37 } 3 73 { }7|y} { | |7 3 |44337|}3z {37: |y |44337|}3z {37: | y y |44337|}3z {37: | 5|37 73 7}{y 4 5 |y~: 7 |y 3537 {y 7 } 4 5 |y~ 33 } 3 z3 {y{}{ y |7 3 |44337|}3z {37: |44337|}3z {37: 5|37 73 7}{y 4 5 |y~: |yz 3537 {y 7 } 4 5 |y~ {y 3 9<6 < } 3 4 |y 3 4} |7 3 |44337|}3z {37 44337|}3z {37 y |44337|}3z {37 5|37 73 7}{y 4 5 |y~ 537 {y 7 } 4 5 |y~ x |y 3537 {y 7 } 4 5 |y~: {yz{4|}3 6~ 4 34 5|7 { } 3 73 { }7|y} | 334}3z y } } 3 } 3 3 }3yz3z }7|y {}{ y 37{ z 7 4 5 ~{y {} |y~ y3 7 73 { 3z {y|y4{| |44 y}{y }|yz|7z 7 {z3z 7 |y} } 34}{ y 98 | } 3 4 |y 3 4} ? xyz{4|}3 6~ 4 34 5|7 3} 37 } 3 73 { }7|y} | {3z | 73 7} y |yz |}}3 }|}{ y } {} 5|y| 353y} | 3 53y} } 3 3 34}{ 3y3 {} {y}37y| 4 y}7 37 {y|y4{| 73 7}{y yz37 34}{ y >=> 6 } 3 |76|y3 3~ 4} 9 < < 6 6~ } 3 73 { }373z 6{4 |44 y}{y {75 } |} 73 |73z 7 { 3z {} | z{} 73 7} 3 $ ? x 34 7{}{3 |73 73 { }373z 7 |y} } 34}{ y 9< 6 } 3 4}: {yz{4|}3 6~ 4 34 5|7 3} 37 } 3 {y|y4{| }|}353y} } 3 73 { }7|y} {y4 z3z {y } 3 {{y 73 34} } 3 4 7734}{ y |y 377 7 } 73 { ~ { 3z {y|y4{| }|}353y} ? xyz{4|}3 6~ 4 34 5|7 3} 37 |y~ } 3 377 7 4 7734}{ y |73 73 }|}353y} } |} 73 {73z | 734 37~ |y|~ { {y43y}{ 3 6| 3z 4 5 3y |}{ y 7343{ 3z 6~ |y~ } 3 73 { }7|y} 3 34 }{ 3 {437 z 7{y } 3 733 |y} 734 37~ 37{ z 7 |y} } <>= 9=2 9 6 ? xyz{4|}3 6~ 4 34 5|7 3} 37 } 3 73 { }7|y} { | 3 4 5 |y~ | z3 {y3z {y 3 9<6 < } 3 4} 3 ? $ y38=: <=<>: } 3 | } 6 {y3 z|~ } 3 73 { }7|y} 5 } 7343y}~ 4 5 3}3z 34 yz { 4| |7}37: } 3 | 73 |}3 5|7 3} | 3 } 3 73 { }7|y} 4 55 y } 4 3z 6~ y y | {{|}3 | | 7 {5|}3~ < 6{{ y 367 |7~9 : <=< : > : 9 : <= |73 4 55 y } 4 } 3 73 { }7|y} 373 } }|yz{y 5)/BA"!*. 2!/) @) *"( C1 "," "!/" 3 {y 75|}{ y 73 {73z 6~ |7} xxx: x}35 9=: 99: 9<: 98: |yz 9> } { yy | 3 7} y 75 9= { 63 {3z |yz |73 3736~ {y4 7 7|}3z 6~ 73 373y43 6~ |y |53yz53y} 373} 7 7 |y} } | z3 {y{}{ 3 7 ~ }|}353y} 7 |y} } 3 |}{ y 9> } |} { 4 y}|{y 4 {y 75|}{ y
 • shareholder letter icon 4/30/2025 Letter Continued (Full PDF)
 • stockholder letter icon 8/31/2023 FRPT Stockholder Letter
 • stockholder letter icon 8/22/2024 FRPT Stockholder Letter
 • stockholder letter icon More "Department Stores" Category Stockholder Letters
 • Benford's Law Stocks icon FRPT Benford's Law Stock Score = 100


FRPT Shareholder/Stockholder Letter Transcript:


123456378     

              36 27  




012345  738347
7490 23247  815  4 9 81 4  9   2772 1
 87 21 3 1   5 9        


$ 81108%  4&  3  &0 70813  3   74932 1   '         (#      3 4  7490 23247  4 9 81 4  893        ' 
 )   *+"  ,-./ 0  1"    "!("(  2343563789:  <=<>
? 3 817232 1  4&  3  &0 70813  3   74932 1   '         (#      3 4  7490 23247  4 9 81 4  893        ' 
 )   *+"  *  !.-*-)!  @" -)(  , )A  
9)AA-..-)!   -0"  1BAC"       'DE  

  47 &43   219 
 4F /*  ! A"  ),   "G-.*  !*   .  .@"/-,-"(  -!  -*.  /+  *" #

HIJKLKMI
UVWKWI  YZ[\]YM^YMKW_Y\`
QhSh  iVPNOjk  QlW  mJYYM  nIfd_\lWIMk  gIL  oIMlIe
 8(( "..  ),  & -!/-@ 0  4F"/B*-q"   ,,-/".#
NOPQRRSRTS
OpTNQ
U[abaVa  cd^JYeIM[fI\W_Z_]KW_Y\  gYa  
 r-@  9)("#
 "G-.*  !*s.  *"0"@+)!"  !BAC"    -!/0B(-!G    "   /)("#
7"/B -*-".   "G-.*" "(  @B .B !*  *)  7"/*-)!     C#  ),  *+"  8/*t
3  (-!G  71AC)0
1 A"  ),  "F/+ !G"  )!  u+-/+   "G-.*" "(
3-*0"  ),  " /+  /0 ..
9)AA)!  7*)/    v       @    q 0B"  @"   .+  "
  &3
18758w  0)C 0     "*
7"/B -*-".   "G-.*" "(  @B .B !*  *)  7"/*-)!     G#  ),  *+"  8/*t  1)!"
xyz{4|}3  6~  4 34    5|7    {    } 3  73  {  }7|y}  {    |    3    y    y    3|    y3z  {      37:  |    z3  {y3z  {y      3  >=          } 3    34  7{}{3      4}      3    ?      $
xyz{4|}3  6~  4 34    5|7    {    } 3  73  {  }7|y}  {    y  }  73    {73z  }      {3  73    7}        7    |y}  }      34}{  y  98    7    34}{  y  9    z          } 3    4}      3    ?      $
xyz{4|}3  6~  4 34    5|7       3} 37  } 3  73  {  }7|y}    9     |      {3z  |  73    7}    73    {73z  }    63    {3z  6~    34}{  y  98    7  9    z          } 3    34  7{}{3        4 |y  3    4}        9  8>  z  7{y    } 3    7343z{y    9<
5  y}         7      7      4        7}37    37{  z  } |}  } 3  73  {  }7|y}    |    73    {73z  }      {3      4   73    7}    :  |yz    <     |    633y      6  34}  }        4     {{y    73    {7353y}        7  } 3    |  }    =  z|~        3    $       ?
xyz{4|}3  6~  4 34    5|7       3} 37  } 3  73  {  }7|y}   |        65{}}3z  334}7  y{4|~  3  37~  xy}37|4}{  3  2|}|    {3  73    {73z  }    63      65{}}3z      7    |y}  }        3  >=            3    |}{  y          z  7{y    } 3
  7343z{y    9<  5  y}         7      7      4        7}37    37{  z  } |}  } 3  73  {  }7|y}    |    73    {73z  }        65{}      4     {3          3    $        ?
xyz{4|}3  6~  4 34    5|7       3} 37  } 3  73  {  }7|y}  {    |  |7  3  |44337|}3z    {37:  |y  |44337|}3z    {37:  |  y  y  |44337|}3z    {37:  |    5|37  73    7}{y    4  5  |y~:    7  |y  3537  {y      7    } 
4  5  |y~      33  } 3  z3  {y{}{  y            |7  3  |44337|}3z    {37:      |44337|}3z    {37:        5|37  73    7}{y    4  5  |y~:    |yz    3537  {y      7    }   4  5  |y~    {y      3  9<6  <        } 3      4 |y  3    4}  
  |7  3  |44337|}3z    {37
  44337|}3z    {37
    y  |44337|}3z    {37
  5|37  73    7}{y    4  5  |y~
  537  {y      7    }   4  5  |y~
x    |y  3537  {y      7    }   4  5  |y~:  {yz{4|}3  6~  4 34    5|7    {    } 3  73  {  }7|y}   |    334}3z  y  }  }        3  } 3  3  }3yz3z  }7|y  {}{  y    37{  z      7  4  5  ~{y      {}   |y~  y3      7  73  {  3z    {y|y4{|
|44    y}{y      }|yz|7z      7    {z3z      7    |y}  }      34}{  y  98  |          } 3      4 |y  3    4}    ?
xyz{4|}3  6~  4 34    5|7       3} 37  } 3  73  {  }7|y}   |      {3z  |  73    7}    y  |yz  |}}3  }|}{  y  }    {}    5|y|  353y}      |    3    53y}        } 3  3    34}{  3y3            {}    {y}37y|  4  y}7        37    {y|y4{|
73    7}{y      yz37    34}{  y  >=>  6          } 3    |76|y3        3~    4}    9                <  <  6      6~  } 3  73  {  }373z      6{4  |44    y}{y      {75  } |}    73  |73z    7  {      3z  {}    |  z{}  73    7}      3    $       ?
x      34  7{}{3    |73  73  {  }373z      7    |y}  }      34}{  y  9<  6          } 3    4}:  {yz{4|}3  6~  4 34    5|7       3} 37  } 3    {y|y4{|    }|}353y}          } 3  73  {  }7|y}  {y4  z3z  {y  } 3    {{y    73  34}  } 3
4  7734}{  y        |y  377  7  }      73  {      ~  {      3z    {y|y4{|    }|}353y}      ?
xyz{4|}3  6~  4 34    5|7       3} 37  |y~        }     3  377  7  4  7734}{  y    |73  73  }|}353y}    } |}  73    {73z  |  734    37~  |y|~  {          {y43y}{  3  6|  3z  4  5  3y  |}{  y  7343{  3z  6~  |y~        } 3
73  {  }7|y}      3  34  }{  3        {437    z  7{y    } 3  733  |y}  734    37~    37{  z      7    |y}  }      <>=  9=2  9    6      ?
xyz{4|}3  6~  4 34    5|7       3} 37  } 3  73  {  }7|y}  {    |     3  4  5  |y~    |    z3  {y3z  {y      3  9<6  <        } 3    4}        3    ?      $
                y38=:  <=<>:  } 3  |  }  6    {y3      z|~        } 3  73  {  }7|y}      5    }  7343y}~  4  5  3}3z    34  yz    {  4|      |7}37:  } 3  |    73  |}3  5|7  3}    |  3        } 3  73  {  }7|y}      4  55  y    }  4     3z
6~  y  y  |    {{|}3      |    |    7    {5|}3~        <  6{{  y  
              367  |7~9  :  <=<  :  >  :  9  :  <=     |73          4  55  y    }  4          } 3  73  {  }7|y}    373      }  }|yz{y    
5)/BA"!*.  2!/) @)  *"(  C1  "," "!/"
   3  {y    75|}{  y  73    {73z  6~    |7}  xxx:  x}35    9=:  99:  9<:  98:  |yz  9>        } {      yy  |    3    7}    y      75  9=        {  63    {3z    |yz  |73   3736~  {y4  7    7|}3z  6~  73  373y43    6~  |y  |53yz53y}
 373}      7      7    |y}  }    |  z3  {y{}{  3    7    ~    }|}353y}      7    |y}  }      3    |}{  y  9>    } |}    {  4  y}|{y      4   {y    75|}{  y  




shareholder letter icon 4/30/2025 Letter Continued (Full PDF)
 

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