FRP Holdings Inc (FRPH) 2023 Q3 法說會逐字稿

Good day, everyone, and welcome to today's FRP Holdings Third Quarter Earnings Conference Call. (Operator Instructions) Please note, today's call will be recorded, and I will be standing by if you should need any assistance. It is now my pleasure to turn the call over to John Baker. Please go ahead, sir.

大家好，歡迎參加今天的 FRP Holdings 第三季財報電話會議。 （操作員說明）請注意，今天的通話將被錄音，如果您需要任何幫助，我將隨時待命。現在我很高興將電話轉給約翰貝克。請繼續，先生。

Good morning. I'm John Baker, III, Chief Financial Officer and Treasurer of FRP Holdings. And with me today are David deVilliers, Jr., our President; John Baker, II, our Chairman and CEO; John Milton, our Executive Vice President and General Counsel; John Klopfenstein, our Chief Accounting Officer; and David deVilliers, III, our Executive Vice President.

早安.我是 FRP Holdings 的財務長兼財務主管 John Baker, III。今天和我在一起的還有我們的總統小戴維·德維利爾斯 (David deVilliers, Jr.)；約翰‧貝克 (John Baker) II，我們的董事長兼執行長；約翰·米爾頓，我們的執行副總裁兼總法律顧問； John Klopfenstein，我們的首席會計長；以及我們的執行副總裁 David deVilliers, III。

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. We have no obligation to revise or update any forward-looking statements, except as imposed by law as a result of future events or new information.

提醒一下，本次電話會議中與未來相關的任何陳述本質上都受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果和事件與此類前瞻性陳述中所示的結果和事件存在重大差異。這些風險和不確定性已在我們向 SEC 提交的文件中列出。我們沒有義務修改或更新任何前瞻性陳述，除非法律因未來事件或新資訊而強制要求。

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 promulgated by the Securities and Exchange Commission. The non-GAAP financial measure referenced in this call is net operating income, or NOI. FRP uses this non-GAAP financial measure to analyze its operations and monitor, assess and identify meaningful trends in its operating and financial performance. This measure is not, and should not be viewed as a substitute for GAAP financial measures. To reconcile net operating income to GAAP net income, please refer to the segment titled non-GAAP financial measures on Page 12 of our most recent earnings release.

為了補充根據公認會計原則提出的財務結果，FRP 提出了美國證券交易委員會頒布的 G 條例含義內的某些非 GAAP 財務指標。本次電話會議中引用的非公認會計準則財務指標為淨營業收入（NOI）。 FRP 使用這種非 GAAP 財務指標來分析其運營，並監控、評估和識別其營運和財務表現的有意義的趨勢。此指標不是、也不應被視為 GAAP 財務指標的替代品。若要將淨營業收入與 GAAP 淨利進行核對，請參閱我們最新財報第 12 頁上標題為非 GAAP 財務指標的部分。

Any reference to net asset value analysis, cap rates, asset values and per share values are for illustrative purposes only as a reflection of how management views its various assets for purposes of informing management decisions and do not necessarily reflect the price that would be obtained upon the sale of the asset or the associated cost or tax liability.

任何對淨資產價值分析、資本化率、資產價值和每股價值的引用僅用於說明目的，反映管理層如何看待其各種資產，以便為管理決策提供信息，並不一定反映將獲得的價格資產的出售或相關成本或稅務義務。

Now for our financial highlights from the third quarter. Net income for the third quarter was $1.26 million or $0.13 per share versus $480,000 or $0.05 per share in the same period last year. Net income for the third quarter of 2023, when compared to the previous year, is impacted negatively by an increase of $1.035 million in equity and loss of joint ventures, mostly from $856,000 in increased losses during the lease-up of The Verge, our newest mixed-use project on the D.C. waterfront, as well as an increase in interest expense of $378,000 due to less capitalized interest. Net income was positively impacted by an increase in interest income of $1.51 million from increased interest earned on cash equivalents and increased income on our lending ventures as well as improved revenues in all 4 segments.

現在讓我們來看看第三季的財務亮點。第三季淨利為 126 萬美元，即每股 0.13 美元，去年同期為 48 萬美元，即每股 0.05 美元。與前一年相比，2023 年第三季的淨利潤受到股權增加 103.5 萬美元和合資企業損失的負面影響，其中大部分來自 The Verge 租賃期間增加的 856,000 美元損失，這是我們最新的華盛頓海濱的綜合用途項目，以及由於資本化利息減少而導致利息支出增加378,000 美元。由於現金等價物賺取的利息增加、貸款業務收入增加以及所有 4 個部門的收入增加，利息收入增加了 151 萬美元，對淨利潤產生了積極影響。

Third quarter pro rata NOI for all segments was $8.09 million versus $6.24 million in the same period last year, for an increase of 29.5%. Net income for the first 9 months of 2023 was $2.42 million or $0.26 per share versus $1.81 million or $0.19 per share in the same period last year. The first 9 months of 2023 were positively impacted by an increase in revenues and profits in all 4 segments compared to the same period in 2022, offset by an increase of $5.34 million in equity and loss of joint venture compared to the same period last year as we lease up The Verge and .408 Jackson as well as an increase in management company and direct expense of $393,000 and an increase in interest expense of $1.04 million, offset by an increase in interest income of $5 million.

第三季所有細分市場按比例的 NOI 為 809 萬美元，而去年同期為 624 萬美元，成長 29.5%。 2023 年前 9 個月的淨利潤為 242 萬美元，即每股 0.26 美元，而去年同期為 181 萬美元，即每股 0.19 美元。與2022 年同期相比，所有4 個部門的收入和利潤均有所增長，這對2023 年前9 個月產生了積極影響，但與去年同期相比，股權和合資企業虧損增加了534 萬美元，抵消了這一影響：我們租賃了 The Verge 和 .408 Jackson，管理公司費用和直接費用增加了 393,000 美元，利息費用增加了 104 萬美元，但被利息收入增加 500 萬美元所抵消。

The first 9 months of 2022 were also positively impacted by $733,000 in gain from property sales, which we did not repeat in the first 9 months of 2023. Revenue, operating profit, pro rata NOI and net income all experienced strong growth this quarter and for the year-to-date. Compared to the third quarter of 2022, we grew revenues by 14%, operating profit by 56.6%, pro rata NOI by 29.5% and net income by 162.3%. For the first 9 months compared to last year, these metrics grew by 13.7%, 61.3%, 26.2% and 33.9%, respectively.

2022 年前 9 個月也受到房地產銷售收益 733,000 美元的積極影響，我們在 2023 年前 9 個月沒有重複這種情況。本季度收入、營業利潤、按比例 NOI 和淨利潤均經歷了強勁增長今年迄今。與 2022 年第三季相比，我們的營收成長了 14%，營業利潤成長了 56.6%，比例 NOI 成長了 29.5%，淨利潤成長了 162.3%。與去年同期相比，這些指標前 9 個月分別成長了 13.7%、61.3%、26.2% 和 33.9%。

Yesterday, we posted to our website a brief slide show of financial highlights for the third quarter and first 9 months. For those who have not seen it, we are now including a net asset valuation. Our analysis yielded a per share value in the range of $69.24 to $78.76. I will now turn the call over to David for his report. David?

昨天，我們在網站上發布了第三季和前 9 個月財務亮點的簡短幻燈片。對於那些還沒有看到的人，我們現在包括淨資產估值。我們的分析得出每股價值在 69.24 美元至 78.76 美元之間。我現在將把電話轉給大衛，請他報告。大衛？

Thank you, John, and good morning to those on the call today. Allow me to provide an operational perspective on the third quarter results of the company.

謝謝你，約翰，今天打電話的人早安。請容許我提供對公司第三季業績的營運看法。

Starting with our Asset Management segment. Since the beginning of the year, increased occupancy at our 3 industrial buildings at Hollander Business Park in Baltimore, Maryland as well as rent growth on renewals at Cranberry Business Park in Harford County, Maryland have produced a healthy lift to NOI. Net operating income for the third quarter of 2023 was $1.096 million, a 58.2% increase over the same period last year, when the NOI was $693,000. At quarter's end, the asset management portfolio was 95.6% occupied on over 549,000 square feet of commercial product.

從我們的資產管理部門開始。自今年年初以來，我們位於馬裡蘭州巴爾的摩 Hollander 商業園區的 3 座工業建築的入住率增加，以及馬裡蘭州哈福德縣 Cranberry 商業園區的續租租金增長，對 NOI 產生了健康的提升。 2023年第三季淨營業收入為109.6萬美元，較去年同期成長58.2%，當時NOI為69.3萬美元。截至季末，資產管理投資組合佔商業產品面積超過 549,000 平方英尺的 95.6%。

Moving on to the results of our Mining and Royalty business segment. This segment saw total revenues for the quarter of $3.082 million versus $2.471 million in the same period last year. NOI in this segment increased 21.4% over the same period last year to $2.837 million. As to stabilize joint ventures, Dock 79 and Maren, with its 569 apartments, had occupancies of 95.7% and 93.9%, respectively, at quarter's end, with all retail fully leased. Dock and Maren enjoyed renewal success rates of 71% and 60%, respectively, for the quarter, with Dock seeing a 2.3% rental rate increase on renewals, and Maren a 3.2% increase. Average occupancies year-to-date for Dock and Maren were 94.2% and 96.1%, respectively.

接下來是我們的採礦和特許權業務部門的業績。該部門本季總收入為 308.2 萬美元，而去年同期為 247.1 萬美元。該細分市場的 NOI 比去年同期成長 21.4%，達到 283.7 萬美元。為了穩定合資企業，Dock 79 和 Maren 擁有 569 套公寓，季末入住率分別為 95.7% 和 93.9%，所有零售全部出租。本季 Dock 和 Maren 的續租成功率分別為 71% 和 60%，其中 Dock 的續租租金率增加了 2.3%，Maren 的續租率增加了 3.2%。今年迄今為止，Dock 和 Maren 的平均入住率分別為 94.2% 和 96.1%。

Riverside in Greenville, South Carolina, with its 200 apartments, was 91.5% occupied at quarter's end, with 53% of its tenants renewing at an average increase in net rental rate of 8.56%. Average occupancy year-to-date was 94.2%. Third quarter pro rata NOI for this business segment was over $2 million, including $231,000 in pro rata NOI from Riverside. Relative to our Development segment, we engaged in 3 strategies which we use to grow our business. These strategies are in-house development and acquisition, joint venture acquisition and development and principal capital source lending. This 3-pronged strategy has effectively been the program since liquidating our legacy warehouse portfolio in mid-2018.

南卡羅來納州格林維爾的Riverside擁有200套公寓，季末入住率為91.5%，續租率為53%，淨租金平均增幅為8.56%。年初至今的平均入住率為 94.2%。第三季該業務部門按比例 NOI 超過 200 萬美元，其中包括 Riverside 按比例 NOI 231,000 美元。相對於我們的發展部門，我們採用了 3 項策略來發展我們的業務。這些策略包括內部開發和收購、合資企業收購和開發以及主要資本來源貸款。自 2018 年中期清理我們的遺留倉庫投資組合以來，這一三管齊下的策略實際上已經成為我們的計劃。

Allow me to discuss each strategy and its impact on our business segments. Our in-house strategy includes industrial, commercial and land development platforms. These properties are acquired, developed, managed and owned 100% by FRP and transferred from Development to the Asset Management business segment when construction is completed. We have 3 projects in our industrial pipeline in various stages of development. During the second quarter, we broke ground on a 259,000 square foot state-of-the-art Class A warehouse building on our 17-acre parcel in the Perryman industrial section of Harford County, Maryland. This spec building is expected to deliver in Q3 of next year.

請容許我討論每項策略及其對我們業務部門的影響。我們的內部策略包括工業、商業和土地開發平台。這些物業由FRP 100%收購、開發、管理和擁有，並在施工完成後從開發業務轉移至資產管理業務部門。我們的工業管道中有 3 個項目處於不同的開發階段。第二季度，我們在馬裡蘭州哈福德縣佩里曼工業區佔地 17 英畝的土地上破土動工了一座 259,000 平方英尺的最先進的 A 級倉庫建築。該規格構建預計將於明年第三季交付。

In Northeast Maryland, along the I-95 corridor, we are in the middle of free development activities on 170 acres of industrial land that will ultimately support a 900,000 square foot distribution center. Pending favorable market conditions, we will be in a position to break ground as early as Q4 of '24. Finally, we are studying multiple concept designs for our 55-acre track in Harford County, Maryland, adjacent to the Cranberry Run Business Park. Our various configurations should yield from 600,000 to 700,000 square feet, dependent on final design parameters and market demands. Existing land leases for the storage of trailers on-site helped to offset our carrying entitlement costs until we are ready to build here, which could be as early as 2025.

在馬裡蘭州東北部，沿著 I-95 走廊，我們正在對 170 英畝的工業用地進行免費開發活動，這些工業用地最終將支持一個 900,000 平方英尺的配送中心。在市場條件有利的情況下，我們最早將在 2024 年第四季破土動工。最後，我們正在研究位於馬裡蘭州哈福德縣、毗鄰 Cranberry Run 商業園區的 55 英畝賽道的多種概念設計。我們的各種配置應可產生 600,000 至 700,000 平方英尺的面積，具體取決於最終設計參數和市場需求。現有的用於現場存放拖車的土地租賃有助於抵消我們的運輸權利成本，直到我們準備好在這裡建造（最早可能在 2025 年）。

Completion of these 3 industrial development projects will add over 1.8 million square feet of additional warehouse product to our industrial platform that upon completion will result in our Asset Management division consisting of over 2.35 million square feet. Our second development strategy is our joint venture strategy, which, as the name implies, are projects developed in conjunction with third parties where FRP is typically the majority owner, but we share acquisition, development and asset management risks with third-party local market leaders who facilitate day-to-day operations. These properties are housed in the development section until they are completed and have maintained a 90% occupancy level for a period of 90 days before being moved to the stabilized joint venture business segment.

這 3 個工業開發項目的完成將為我們的工業平台增加超過 180 萬平方英尺的額外倉庫產品，完成後將使我們的資產管理部門擁有超過 235 萬平方英尺的面積。我們的第二個發展策略是合資策略，顧名思義，是與第三方合作開發的項目，其中FRP通常是多數所有者，但我們與第三方本地市場領導者分擔收購、開發和資產管理風險誰促進日常運作。這些物業均位於開發區，直至竣工，並在 90 天內保持 90% 的入住率，然後轉移至穩定的合資業務部門。

The lion's share of assets within our Development segment are currently within our joint venture strategy. These include Bryant Street and Verge in Washington, D.C., .408 Jackson in Greenville, South Carolina, and our retail and office joint venture with St. John's Properties in Baltimore County, Maryland. Bryant Street, consisting of 487 apartments in 3 different buildings, was 94.5% occupied and its retail components were 95.9% leased and 79% occupied at quarter's end. Overall, the apartments at Bryant Street averaged a renewal success rate of 68.4% and rental rate increases of 6.9% as of quarter end.

我們開發部門的大部分資產目前屬於我們的合資策略。其中包括華盛頓特區的 Bryant Street 和 Verge、南卡羅來納州格林維爾的 0.408 Jackson，以及我們與馬裡蘭州巴爾的摩縣 St. John's Properties 的零售和辦公合資企業。布萊恩特街 (Bryant Street) 由 3 棟不同建築中的 487 套公寓組成，截至季度末，其出租率為 94.5%，其零售部分已出租 95.9%，出租率為 79%。總體而言，截至季末，布萊恩特街的公寓平均續租成功率為 68.4%，租金上漲 6.9%。

Our newest project in the district, Verge, received its final certificate of occupancy in the first quarter and is 89.5% leased and 74.1% occupied, with 45% of its 8,400 square feet of retail spoken for as of the end of the quarter. Average occupancy for the quarter at Verge was 59.6%, and year-to-date, 35.1%. Thus, the reasoning behind the increase in equity and loss of joint ventures John mentioned in his opening remarks.

我們在該地區的最新項目 Verge 在第一季收到了最終入住證書，截至本季度末，89.5% 已出租，74.1% 已入住，其中 8,400 平方英尺的零售面積中有 45% 已使用。 Verge 本季的平均入住率為 59.6%，年初至今為 35.1%。因此，約翰在開場白中提到了股權增加和合資企業虧損背後的原因。

.408 Jackson, our second mixed-use project in Greenville, is located downtown and shares the street and plaza with Fluor Field, home of the Greenville Drive, an affiliate of the Boston Red Sox. .408 Jackson was placed in service during the fourth quarter of '22, and as of quarter end was 93.4% leased and 86.8% occupied as it marches steadily towards stabilization. Average occupancy for the quarter was 85.6%, and year-to-date, 48.9%, another reason for the increase in loss of joint ventures. Its retail component is fully leased and targeting a tenant opening date in early 2024.

.408 Jackson 是我們在格林維爾的第二個綜合用途項目，位於市中心，與福陸球場(Fluor Field) 共享街道和廣場，福陸球場是波士頓紅襪隊附屬球隊格林維爾大道(Greenville Drive ) 的所在地。 .408 Jackson 於 2022 年第四季投入使用，截至季末，租賃率達 93.4%，佔用率達 86.8%，並穩步走向穩定。本季平均入住率為 85.6%，年初至今為 48.9%，這是合資企業虧損增加的另一個原因。其零售部分已全部出租，目標租戶開幕日期為 2024 年初。

We're in the home stretch of lease-up for all 3 of these joint ventures. When they reach stabilization and are transferred to the stabilized joint ventures business segment, the segment will have 1,827 apartments and 82,000 square feet of retail. Unlike a warehouse in the development section, these are already assets in operation. If you refer to the Development segment NOI on Page 12 of our most recent press release, you will note these assets have generated almost $4 million in NOI through the first 9 months versus $1.9 million in the same period last year. And when stabilized, will increase the -- or excuse me, the revenues and NOI of our stabilized joint venture segment.

我們正處於這三家合資企業租賃的最後衝刺階段。當他們達到穩定並轉移到穩定的合資企業業務部門時，該部門將擁有 1,827 套公寓和 82,000 平方英尺的零售空間。與開發部分的倉庫不同，這些已經是正在運作的資產。如果您參考我們最新新聞稿第 12 頁的開發部分 NOI，您會發現這些資產在前 9 個月已產生近 400 萬美元的 NOI，而去年同期為 190 萬美元。當穩定後，將會增加——或者對不起，我們穩定的合資企業部門的收入和 NOI。

Our principal capital source strategy, the last leg of our 3-pronged development strategy, is what we call lending ventures. It's a program where we provide working capital toward the entitlement and horizontal development of residential land, which is presold prior to commencement of any infrastructure improvements and ultimately transferred to national homebuilders. The first of our 2 current projects is Amber Ridge in Prince George's County, Maryland, with a total commitment to this project of $18.5 million. The investment includes a charged 10% interest rate and a minimum preferred return of 20%, above which a profit-induced waterfall determines the final split of proceeds. 175 of the 187 lots are sold, with $19.4 million of preferred interest and principal returned as of the end of the quarter, with the final 12 units expected to be taken down by Q1 '24. Upon completion of this project, interest income and profits are expected to total $4 million.

我們主要的資金來源策略，也就是我們「三管齊下」發展策略的最後一站，就是我們所謂的貸款企業。在這個計劃中，我們為住宅用地的權利和橫向開發提供營運資金，這些土地在任何基礎設施改善開始之前進行預售，並最終轉移給國家住宅建築商。我們目前的兩個項目中的第一個是馬裡蘭州喬治王子縣的 Amber Ridge，該項目的總投資額為 1850 萬美元。該投資包括收取 10% 的利率和 20% 的最低優先回報率，高於該回報率則由利潤引發的瀑布決定收益的最終分配。 187 塊地中的 175 塊已售出，截至本季度末已返還 1,940 萬美元的優先利息和本金，最後 12 塊單元預計將在 24 年第一季出售。該項目完成後，利息收入和利潤預計將達到400萬美元。

Our other current lending ventures is called Presbyterian Homes, a 344-lot, 110-acre residential development project in Aberdeen, Maryland. We have committed $31.1 million in funding under similar terms to Amber Ridge. A national homebuilder [has] purchased all of the finished building lots, which will include 222 townhomes and 122 single-family dwellings. Horizontal construction has begun, and we expect the first lots to be taken down in Q1 of 2024.

我們目前的另一家貸款企業名為 Presbyterian Homes，是位於馬裡蘭州阿伯丁的一個佔地 344 塊、110 英畝的住宅開發案。我們已承諾按照與 Amber Ridge 類似的條款提供 3,110 萬美元的資金。一家國家住宅建築商購買了所有已完工的建築地塊，其中包括 222 套聯排別墅和 122 套單戶住宅。水平建設已經開始，我們預計第一批地塊將於 2024 年第一季拆除。

In closing, we remain pleased with the company's performance and are optimistic about growth opportunities. Challenges are ahead as we encounter a surplus of new developed apartments coming online in Washington, D.C. over the next several quarters, which will directly compete with our waterfront assets. Our confidence in design, amenities and management teams, coupled with our careful and patient approach to development, allows us to weather this competition on firm foundations. We continue in our belief that challenges beget opportunities. With a strong dedicated and talented team in place, FRP will continue to grow its portfolio. And in turn, its revenue and profits through a steady, careful and well-reasoned approach to the market. We look forward to building upon our successes and finding new ways to exploit our skills in the industry. Thank you, and I'll now turn the call back to John.

最後，我們對公司的業績仍然感到滿意，並對成長機會持樂觀態度。未來幾個季度，華盛頓特區將有大量新開發的公寓投入使用，這將與我們的水岸資產直接競爭，挑戰就在眼前。我們對設計、設施和管理團隊的信心，加上我們謹慎和耐心的開發方法，使我們能夠在堅實的基礎上應對這場競爭。我們仍然堅信挑戰會帶來機會。憑藉一支強大、敬業、才華橫溢的團隊，FRP 將繼續擴大其產品組合。反過來，它的收入和利潤是透過穩定、謹慎和合理的市場策略獲得的。我們期待在我們的成功基礎上再接再厲，尋找新的方法來發揮我們在行業中的技能。謝謝您，我現在將把電話轉回給約翰。

Thank you, David. At this point, we're happy to open it up to any questions you might have.

謝謝你，大衛。此時，我們很樂意回答您可能提出的任何問題。

(Operator Instructions) And Mr. Baker, at this time, I show no questions in queue.

（操作員說明）貝克先生，此時，我在隊列中沒有顯示任何問題。

All right.

好的。

I'm sorry. We did just have one question queued. We'll take our first question from Bill Chen with Rhizome Partners.

對不起。我們確實只有一個問題在排隊。我們將回答 Rhizome Partners 的 Bill Chen 提出的第一個問題。

I don't really have a question. I just want to give you some feedback that -- thank you very much for hosting the Investor Day. And also the improved presentations and transparency, the NOI figures that you share on each individual asset makes it a lot easier for me to update my NAV estimate. So I don't really have a lot of question. I think a lot of them were answered in the Investor Day. But again, I just want to thank you for providing all this additional transparency and disclosure. It makes my job a lot easier. That's all.

我真的沒有問題。我只想給您一些回饋——非常感謝您主辦投資者日。此外，改進的演示和透明度，以及您在每項資產上分享的 NOI 數據，使我可以更輕鬆地更新我的資產淨值估算。所以我真的沒有太多問題。我認為其中許多問題都在投資者日得到了解答。但我再次感謝您提供所有這些額外的透明度和披露。這讓我的工作變得更輕鬆。就這樣。

Thank you, Bill. It's appreciated.

謝謝你，比爾。值得讚賞。

I appreciate everyone in the company doing your job and doing it very well, and look forward to the next quarter's earnings call. Thank you, gentlemen.

我感謝公司裡每個人都在做好自己的工作，並且做得很好，並期待下個季度的財報電話會議。謝謝你們，先生們。

Thank you.

謝謝。

Have a good day.

祝你有美好的一天。

(Operator Instructions) And we have no questions at this time.

（操作員說明）目前我們沒有任何問題。

All right. Well, Bill's question, it feeds right into my remarks. I wanted to thank everyone who is present in person and virtually for attending our Investor Day in D.C. in October. That amount of face time with all of our investors is really invaluable. It's an interesting and instructive experience to interact with our investors and see the company from a different perspective.

好的。嗯，比爾的問題，它正好反映在我的言論中。我要感謝所有在現場和虛擬出席十月份在華盛頓特區舉行的投資者日活動的人。與我們所有投資者的會面時間確實非常寶貴。與我們的投資者互動並從不同的角度看待公司是一次有趣且富有啟發性的經歷。

If you have not seen our Investor Day presentation, a replay is available on the Investors segment of our website in the Investor Resources tab under Investor Day. Thank you all, and we appreciate your continued investment and interest in the company.

如果您還沒有看過我們的投資者日演示，可以在我們網站的投資者部分的投資者日下的投資者資源標籤中重播。謝謝大家，我們感謝您對公司的持續投資和興趣。

This does conclude today's FRP Holdings third quarter conference call. We appreciate your participation. You may disconnect at any time.

今天的 FRP Holdings 第三季電話會議到此結束。我們感謝您的參與。您可以隨時斷開連線。