FRP Holdings, Inc. (FRPH) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, everyone, and welcome to today's FRP Holdings, Inc. 2025 2Q Earnings Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. Please note, today's call will be recorded, and I will be standing by should you need any assistance. It is now my pleasure to turn the conference over to CFO Matt McNulty. Please go ahead. Good morning, and welcome to everyone on the call. I'm Matt McNulty, Chief Financial Officer of FRP Holdings, Inc., and with me today are John Baker III, our CEO, John Baker II, our Chairman, David DeVilliers III, our Chief Operating Officer, David DeVilliers Jr., our Vice Chairman, John Milton, our Executive Vice President, and John Klopfenstein, our Chief Accounting Officer. First, let me run you through a brief disclosure regarding forward-looking statements and non-GAAP measurements used by the company. As a reminder, any statements on this call which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These risks and uncertainties are listed in our SEC filings. To supplement the financial results presented in accordance with GAAP, FRP presents non-GAAP financial measures within the meaning of Regulation G. The non-GAAP financial measures referenced in this call are net operating income, or NOI, and pro rata NOI. FRP uses these non-GAAP financial measures to analyze its operations and to monitor, assess, and identify meaningful trends in our operating and financial performance. This measure is not and should not be viewed as a substitute for GAAP financial measures. To reconcile NOI to GAAP, please r...