FRP Holdings, Inc. (FRPH) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to the FRP Holdings, Inc. second quarter 2026 earnings call. All lines have been placed on a listen-only mode, and the call will be open for questions and comments following the management presentation. At this time, it is my pleasure to call over to Matt McNulty. Thank you, Mike. Good morning, and thank you for joining us today. I'm Matt McNulty, Chief Financial Officer of FRP Holdings, Inc., and with me as speakers today are John Baker III, our CEO, David deVilliers III, our President and Chief Operating Officer, and Mark Levy, our Chief Investment Officer. Also joining us on the call are John Baker II, our Chairman, David deVilliers Jr., our Vice Chairman, John Milton, our Executive Vice President, and John Klopfenstein, our Chief Accounting Officer. As a reminder, any statements on the 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. Additionally, to supplement the financial results presented in accordance with generally accepted accounting principles, FRP presents certain 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, Pro Rata NOI, Funds from Operations, or FFO, and FFO per share. We also reference debt service coverage and net debt as a percentage of the fair market value, which are not measures calculated in accordance with GAAP. FRP uses these non-GAAP financial measures to analyze its operations and to monitor, assess, and identify meaningful trends in our operating and financial performanc...