FRP Holdings Inc (FRPH) 2023 Q4 法說會逐字稿

Good day, everyone, and welcome to today's FRP Holdings, Incorporate fourth quarter earnings conference call. (Operator instructions) Please note this call is being recorded. I will be standing by if you should need any assistance.

大家好，歡迎參加今天的 FRP Holdings, Incorporated 第四季財報電話會議。（接線生說明）請注意此通話正在錄音。如果您需要任何幫助，我將隨時待命。

It is now my pleasure to turn the conference over to Chief Financial Officer, John Baker, the third.

現在我很高興將會議交給第三任財務長約翰貝克 (John Baker)。

Thank you, Madison, good morning. I'm John Baker, the third Chief Financial Officer and Treasurer of FRP Holdings. And with me today are David deVilliers Junior, our President and Vice Chairman, John Milton, our Executive Vice President and General Counsel, John Klopfenstein, our Chief Accounting Officer, and David deVilliers the third, our Executive Vice President.

謝謝你，麥迪遜，早安。我是約翰‧貝克 (John Baker)，FRP Holdings 第三任財務長兼財務主管。今天與我在一起的有我們的總裁兼副主席 David deVilliers Junior、我們的執行副總裁兼總法律顧問 John Milton、我們的首席會計官 John Klopfenstein 以及我們的執行副總裁 David deVilliers 三世。

As a reminder, any statements on this call, which relate 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聲明，除非因未來事件或新資訊而由法律強制執行。

To supplement the financial results presented in accordance with GAAP, 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, net operating income or NOI.

為了補充根據 GAAP 提交的財務業績，FRP 提供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 GAAP 財務指標，淨營業收入或 NOI。

FRPs uses this non-GAAP financial measure to analyze its operations and monitor, assess and identify meaningful trends in its operating financial performance. This measure is not and should not be viewed as a substitute for GAAP financial measures.

FRP 使用這種非 GAAP 財務指標來分析其運營，並監控、評估和識別其營運財務表現的有意義的趨勢。該措施不是也不應被視為 GAAP 財務措施的替代品。

To reconcile and OI to GAAP net income, please refer to the segment titled non-GAAP financial measures on Pages 12 and 13 of our most recent earnings release. Any reference to cap rates, asset values per share values or the analysis of the estimated value of our assets, net of debt and liabilities are for illustrative purposes only as a reflection of how management views the various assets for purposes of informing management decisions and do not necessarily reflect the price would be obtained upon the sale of the asset or the associated costs or tax liability.

為了將 OI 與 GAAP 淨利潤進行核對，請參閱我們最新財報第 12 和 13 頁上標題為非 GAAP 財務指標的部分。任何對資本化率、每股資產價值的引用或對我們資產（扣除債務和負債）的估計價值的分析僅用於說明目的，僅反映管理層如何看待各種資產，以便為管理決策提供資訊並採取行動。

Now for our financial highlights from the fourth quarter. Net income for the fourth quarter was $2.88 million, or $0.30 per share versus $2.76 million or $0.29 per share in the same period last year. Net income for the fourth quarter of 2023, when compared to the previous year was impacted negatively by an increase of $879,000 in equity and loss of joint ventures, as well as an increase in interest expense of $188,000 due to less capitalized interest.

現在我們來看看第四季的財務亮點。第四季淨利為 288 萬美元，即每股 0.30 美元，去年同期為 276 萬美元，即每股 0.29 美元。與前一年相比，2023 年第四季的淨利潤受到股權增加 879,000 美元和合資企業虧損以及由於資本化利息減少導致利息支出增加 188,000 美元的負面影響。

Net income was positively impacted by an increase in interest income was $423,000 from increased interest earned on cash equivalents as well as improved revenues from our industrial and commercial segment. Fourth-quarter pro rata NOI for all segments was $7.55 million versus $6.26 million in the same period last year for an increase 20.6%.

由於現金等價物賺取的利息增加以及工業和商業部門收入的增加，利息收入增加了 423,000 美元，對淨利潤產生了積極影響。第四季所有細分市場按比例 NOI 為 755 萬美元，而去年同期為 626 萬美元，成長 20.6%。

Net income for 2023 was $5.3 million or $0.56 per share versus $4.57 million or $0.48 per share in the same period last year. Fiscal year 2023 was positively impacted by an increase in revenues and profits in all four segments compared to 2022 and an increase in interest income of $5 or excuse me, $5.42 million from cash and cash equivalents as well as our lending ventures compared to last year.

2023 年淨利為 530 萬美元，即每股 0.56 美元，去年同期為 457 萬美元，即每股 0.48 美元。與2022 年相比，所有四個部門的收入和利潤均有所增長，並且與去年相比，來自現金和現金等價物以及貸款業務的利息收入增加了5 美元，請原諒，增加了542 萬美元，這對2023 財年產生了正面影響。

These were offset by an increase of $6.22 million in equity and loss of joint ventures compared to the same period last year. As we lease up the Verge and 408 Jackson as well as an increase in management company, indirect expense of $553,000 and an increase in interest expense of $1.2 million. 2022 was also positively impacted by $874,000 in gain from property sales, which we did not repeat in 2023.

這些被與去年同期相比增加的 622 萬美元的股本和合資企業虧損所抵消。由於我們租賃了 Verge 和 408 Jackson 以及管理公司的增加，間接費用為 553,000 美元，利息費用增加了 120 萬美元。 2022 年也受到房地產銷售收益 874,000 美元的正面影響，我們在 2023 年沒有重複這種情況。

Revenue operating profit, pro rata NOI and net income all experienced strong growth, pardon me. No, I apologize. Revenue, operating profit, pro rata NOI and net income all experienced strong growth this quarter and for the year to date. Compared to the fourth quarter of 2022, we grew revenues by 2.6%, operating profit by 17.2%, pro rata NOI by 20.6% and net income by 7.8%.

請原諒我，收入營業利潤、按比例 NOI 和淨利潤都經歷了強勁增長。不，我道歉。本季度和今年迄今的收入、營業利潤、按比例 NOI 和淨利潤均經歷了強勁增長。與 2022 年第四季相比，我們的營收成長了 2.6%，營業利潤成長了 17.2%，按比例 NOI 成長了 20.6%，淨利潤成長了 7.8%。

For fiscal year 2023 compared to last year. These metrics grew by 10.7%, 46.3%, 24.8%, and 16.1%, respectively. Yesterday, we posted to our website a brief slideshow of financial highlights for the fourth quarter and fiscal year. For those who have not seen it, we are now publishing an estimated value of our assets net of debt and liabilities or analysis yielded a per-share value in the range of $69.14 to $77.58.

2023 財年與去年相比。這些指標分別成長了 10.7%、46.3%、24.8% 和 16.1%。昨天，我們在網站上發布了第四季度和財年財務亮點的簡短幻燈片。對於那些還沒有看到的人，我們現在發布扣除債務和負債後的資產估計價值，或分析得出的每股價值在 69.14 美元至 77.58 美元之間。

I will now turn the call over to David for his report. David?

我現在將把電話轉給大衛，請他報告。大衛？

Thank you, John, and good day to those on the call. Allow me to provide some operational highlights on the fourth quarter results to the company. First of all, a little housekeeping. We've renamed two of our business segments to better describe the assets in the asset management has now become industrial commercial and stabilized joint ventures has become multifamily.

謝謝你，約翰，祝所有來電的人美好一天。請允許我向公司提供一些有關第四季度業績的營運亮點。首先，做一些家事工作。我們已經重新命名了兩個業務部門，以更好地描述資產管理中的資產，現在已成為工業商業，而穩定的合資企業已成為多戶型。

So, relative to our Industrial Commercial Business segment, we currently maintain nine buildings in house, making up nearly 550,000 square feet, which are predominantly warehouses. At year end, we enjoy 95.6% occupancy throughout this part of the portfolio.

因此，相對於我們的工業商業業務部門，我們目前擁有九棟內部建築，面積近 550,000 平方英尺，主要是倉庫。截至年底，我們這部分投資組合的入住率為 95.6%。

Full occupancy at our three industrial buildings at Hollander Business Park in Baltimore, Maryland, as well as rent growth on renewals at Cranberry Business Park in Harper County, Maryland have helped lift the NOI to $1.17 million for the quarter of 46.1% increase over the same period last year.

馬裡蘭州巴爾的摩 Hollander 商業園區的三座工業建築全部入住，以及馬裡蘭州哈珀縣 Cranberry 商業園區續租租金增長，幫助將本季度 NOI 提升至 117 萬美元，較上年同期增長 46.1%去年期間。

For the year are $3.9 million in analog for this segment represents an increase of $1.23 million or 46.2% over 2022. Moving on to the results of our Mining and Royalty Business segment. This business segment saw total revenues for the quarter of $2.9 million, nearly flat versus $2.9 million in the same period last year.

今年該細分市場的模擬收入為 390 萬美元，比 2022 年增加了 123 萬美元，即 46.2%。接下來是我們的採礦和特許權業務部門的業績。該業務部門本季的總營收為 290 萬美元，與去年同期的 290 萬美元幾乎持平。

NOI in this segment was down $169,000 over the same period last year. However, NOI for the year was $11,720,199 versus $10,152,539 in '22, an increase of 15.4%.

該細分市場的 NOI 比去年同期下降了 169,000 美元。然而，今年的 NOI 為 11,720,199 美元，而 22 年為 10,152,539 美元，成長了 15.4%。

In the multi-family segment Dock 79 and Maren with this 569 apartments at average occupancies of 96.4% and 94.7%, respectively for Q4, with all retail fully leased. Both projects enjoyed renewal success rate of 70% and 61%, respectively for the quarter, with docking a 1.6% rental rate increase on renewals and Maren, a 2.75% increase.

在多戶住宅市場，Dock 79 和 Maren 擁有 569 間公寓，第四季的平均入住率分別為 96.4% 和 94.7%，所有零售店均已全部出租。本季兩個專案的續租成功率分別為 70% 和 61%，續租租金上漲 1.6%，Maren 租金上漲 2.75%。

Average occupancies for all of 2023 for Dock and Maren was 95.6% and 94.36%, respectively. Riverside in Greenville, South Carolina with its 200 apartments was 94.5% occupied at quarter end was 53% of its tenants renewing at an average increase in their rental rates, 2.04%. Average occupancy for Q4 was 95.21% and year to date 94.51%.

Dock 和 Maren 2023 年全年的平均入住率分別為 95.6% 和 94.36%。南卡羅來納州格林維爾的 Riverside 擁有 200 套公寓，截至季度末，入住率為 94.5%，53% 的租戶續約，租金平均上漲 2.04%。第四季的平均入住率為 95.21%，今年迄今為 94.51%。

The company share to 2023 pro rata NOI for this business segment was $8.1 million, including an $800,000 pro rata NOI from Riverside. Although we saw rent growth in all three properties, higher collection balances and operating expenses caused analyze to flatten year over year when you factor in the change in equity due to the tenant and common sale to the Stewart family at Dock and Maren at the end of 2022.

該公司到 2023 年按比例 NOI 為該業務部門分配的份額為 810 萬美元，其中包括來自 Riverside 的 80 萬美元按比例 NOI。儘管我們看到所有三處房產的租金都在增長，但當您考慮到租戶以及年底在Dock 和Maren 向Stewart 家族的共同出售而造成的股本變化時，較高的收款餘額和運營費用導致分析同比持平。

In the development segment, we engaged in several strategies in this segments, which we used to grow the business. These strategies included our industrial and commercial multi-family and principal capital source lending. These strategies have grown the portfolio from one apartment project in four commercial buildings since liquidating our legacy warehouse portfolio in mid 2018 and to over 750,000 square feet of commercial industrial products, 1,827 multi-family units and several land parcels capable of additional growth.

在開發部門，我們在該部門實施了多項策略，我們用這些策略來發展業務。這些策略包括我們的工業和商業多戶家庭貸款和主要資本來源貸款。自2018 年年中清理我們的遺留倉庫投資組合以來，這些策略已將投資組合從四棟商業建築的一個公寓項目擴大到超過750,000 平方英尺的商業工業產品、1,827 個多戶單元和幾塊能夠進一步增長的地塊。

Our industrial commercial strategy consists of ground-up development from properties that were acquired, developed managed and in most cases, own 100% by FRP and transferred from development to the industrial and commercial business segments when the sale buildings are complete. We currently have three projects in our industrial pipeline in various stages of development.

我們的工業商業策略包括對物業進行基礎開發，這些物業由 FRP 收購、開發、管理並在大多數情況下擁有 100% 所有權，並在銷售建築完工後從開發轉移到工業和商業業務部門。目前，我們的工業管道中有三個項目處於不同的開發階段。

During the second quarter, we broke ground on the 259,000 square foot state-of-the-art Class A warehouse building on our 17 acre site in the pyramid industrial section of Hertford County, Maryland. This spec building is expected to deliver at the end of this year.

第二季度，我們在馬裡蘭州赫特福德縣金字塔工業區佔地 17 英畝的土地上破土動工了佔地 259,000 平方英尺的最先進的 A 級倉庫大樓。該規範構建預計將於今年底交付。

In Northeast Maryland, along the I-95 corridor we are in the middle of predevelopment activities on our 178 acres of industrial land that will ultimately support a 900,000 square foot distribution center four smaller multiple buildings depending on the market at the time. Depending on favorable market conditions, we will be in a position to break down on this project as early as Q1 of 2025.

在馬裡蘭州東北部，沿著I-95 走廊，我們正在對178 英畝的工業用地進行預開發活動，最終將支持一座900,000 平方英尺的配送中心，由四棟較小的多層建築組成，具體取決於當時的市場情況。根據有利的市場條件，我們最早將在 2025 年第一季完成此專案。

Finally, we are studying multiple conceptual designs for our 55 acres in Harper County, Maryland, adjacent to our existing Cranberry Run Business Park. Various configuration should yield from 600,000 to 700,000 square feet dependent on final design parameters and market demands.

最後，我們正在研究馬裡蘭州哈珀縣 55 英畝土地的多種概念設計，毗鄰我們現有的 Cranberry Run 商業園區。根據最終設計參數和市場需求，各種配置的面積應為 600,000 至 700,000 平方英尺。

Existing land leases for the storage trailers on-site helped to offset our carrying and entitlement costs on this property until we're ready to build, which could be as early as 2025. Completion of these three industrial development projects will add over 1.8 million square feet of additional warehouse projects to our industrial platform that when completion upon completion will result in our industrial commercial business segments, consisting of over 2.35 million square feet.

現場存放拖車的現有土地租賃有助於抵消我們對該房產的運輸和權利成本，直到我們準備好建造（最早可能在 2025 年）。這三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項目，竣工後將導致我們的工業商業業務部門面積超過235萬平方英尺。

Subsequent to year end, we finalized our first ever industrial joint venture with BBX capital for the development of 215,000 square feet warehouse on I-4 highway between Tampa and Orlando, Florida. Assuming favorable market conditions, we hope to begin construction here in Q4 this year.

年底後，我們與 BBX 資本敲定了第一個工業合資企業，在坦帕和佛羅裡達州奧蘭多之間的 I-4 高速公路上開發 215,000 平方英尺的倉庫。假設市場條件有利，我們希望在今年第四季開始建設。

Also included in this strategy is a joint venture project, which is a 50, 50 partnership with Saint John Properties called Windlass Run, which is part of a mixed use development in Whitemarsh, Maryland, that includes 3,300 residential units and over 3.5 million square feet of commercial space. Our project currently includes the 100,000 square feet of single story office and retail and four buildings at year end Windlass was 87% leased and 78.3% occupied in the office product and 38.2% leased and 22.9% occupied on the retail side.

該策略還包括一個合資項目，該項目是與Saint John Properties 建立的50, 50 合作夥伴關係，名為Windlass Run，是馬裡蘭州懷特馬什混合用途開發項目的一部分，該項目包括3,300 個住宅單元和超過350 萬平方英尺的面積的商業空間。我們的專案目前包括100,000 平方英尺的單層辦公室和零售以及四棟建築，截至年底，Windlass 辦公產品的出租率為87%，佔用率為78.3%，零售方面的出租率為38.2%，佔用率為22.9%。

Our second development strategy is multi-family, where apartment projects are developed in conjunction with third parties for FRP is typically the majority owner, and we share acquisition development and asset management tasks with outside local market leaders who facilitate day-to-day operations. These properties are housed in the development section until they are completed that maintaining a 90% occupancy level for a period of 90 days before being moved to the multifamily business segment.

我們的第二個開發策略是多戶型，其中公寓專案是與第三方合作開發的，因為 FRP 通常是大股東，我們與外部本地市場領導者分擔收購開發和資產管理任務，以促進日常營運。這些房產位於開發區，直至竣工並在 90 天內保持 90% 的入住率，然後再轉移到多戶住宅業務部門。

Currently, this strategy houses Bryant Street and Verge in Washington, D.C. and 408 Jackson in Greenville South Carolina. Bryant Street, consisting of 487 apartments and 91,000 square feet of retail and three different buildings was 93.8% occupied and this retail components were 96.6% leased and 82.7% occupied at quarter's end. Overall departments at Bryant Street average the renewal success rate of 65% and rental rate increases of 3.8% as of quarter end. This project will be transferred out of this strategy and development to the multifamily business segment at the end of this quarter.

目前，該策略包括華盛頓特區的 Bryant Street 和 Verge 以及南卡羅來納州格林維爾的 408 Jackson。布萊恩特街由 487 套公寓和 91,000 平方英尺的零售店以及三座不同的建築組成，入住率為 93.8%，截至季度末，該零售部分的出租率為 96.6%，入住率為 82.7%。截至季末，布萊恩特街各部門平均續租成功率為 65%，租金上漲 3.8%。該專案將於本季末從該策略和開發轉移到多戶型業務部門。

Our newest project in the district Verge received its final certificate of occupancy in the first quarter of 2023 as 90.7% leased and 85.8% occupied with 45% of its 8,400 square feet of retail spoken for at the end of the year. Lease-up of this property has gone well and average occupancy for the quarter at Verge was 78.97%. 408 Jackson, our second mixed use project in Greenville, is located downtown shares, the Street Plaza with Floorfield, follow with the Greenville drives and affiliate of the Boston Red Sox.

我們位於 Verge 區的最新項目於 2023 年第一季獲得了最終入住證書，其中 90.7% 已出租，85.8% 已入住，截至年底，其 8,400 平方英尺零售面積中的 45% 已出租。該物業的租賃進展順利，Verge 本季的平均入住率為 78.97%。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 Floorfield 共享街道廣場，緊隨其後的是格林維爾球場和波士頓紅襪隊的附屬機構。

408 Jackson was placed in service during the fourth quarter of '22 and is as of quarter end was 95.2% leased and 93.4% occupiers. Bryant like Bryant Street, this project will be transferred to the multifamily business segment at the end of this quarter. Average occupancy for the quarter was 90.37% with 4,300 square feet of retail is fully leased and is targeting an opening date sometime this summer.

408 Jackson 於 2022 年第四季投入使用，截至季末，95.2% 已出租，93.4% 已佔用。與布萊恩特街一樣，該項目將在本季末轉移到多戶住宅業務部門。該季度的平均入住率為 90.37%，4,300 平方英尺的零售空間已全部出租，目標是在今年夏天的某個時間開業。

We're in the homestretch of lease up for all three of these aforementioned joint venture properties when they reach stabilization and are transferred to multi-family. That business segment will have 1,827 apartments and 126,000 square feet of retail.

當上述所有三處合資物業達到穩定並轉移到多戶住宅時，我們正處於租賃的最後階段。該業務部門將擁有 1,827 套公寓和 126,000 平方英尺的零售空間。

Unlike a warehouse in the development segment, our multifamily assets are already in operation. If you refer to the Development segment NOI on page 13 of our press release, you will note that these assets generated over $5.46 billion in NOI in 2023 versus $2 million last year, inclusive of an aggregate loss in NOI of $611,000 at 408 and Verge.

與開發部門的倉庫不同，我們的多戶資產已經投入營運。如果您參考我們新聞稿第13 頁的開發部門NOI，您會注意到這些資產在2023 年產生了超過54.6 億美元的NOI，而去年為200 萬美元，其中包括408 和Verge 611,000 美元的NOI 總損失。

So another strategy within development is our principal capital source program. It's a program where among other lending strategies, we provide working capital towards the entitlement and horizontal development of residential land, which is pre-sold prior to the commencement of any infrastructure improvements and ultimately transferred to national homebuilders. This strategy includes a charge 10% interest rate and a minimum preferred return of 20%, above which a profit induced waterfall determines the final split of proceeds.

因此，發展中的另一個策略是我們的主要資本來源計劃。在該計劃中，除其他貸款策略外，我們還為住宅用地的權利和橫向開發提供營運資金，這些用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。該策略包括收取 10% 的利率和 20% 的最低優先回報率，高於該回報率的利潤誘導瀑布決定收益的最終分配。

The first of our two current projects as Amber Ridge and Prince George's County, Maryland. With a peak capital out of $12.8 million, all 187 lots have been transferred out of the homebuilders and a final development activity should wrap up sometime during the second quarter of this year. Completion of this project, interest income and profits should topics are expected to total $4 million.

我們目前的兩個項目中的第一個項目是琥珀嶺和馬裡蘭州喬治王子縣。最高資本為 1,280 萬美元，所有 187 塊地塊均已從房屋建築商手中轉讓出去，最終的開發活動應該會在今年第二季的某個時候結束。此項目完成後，利息收入和應專題利潤預計總計400萬美元。

Our other current lending venture is called Presbyterian Homes now Aberdeen overlook, 344 lots, 110 acre residential development project in Aberdeen, Maryland. We've committed $31.1 [billion] in funding under similar terms on to Amber Ridge, $20 million was drawn at the end of the year.

我們目前的另一個貸款項目名為 Presbyterian Homes now Aberdeen Overview，位於馬裡蘭州阿伯丁，佔地 344 塊地塊，佔地 110 英畝。我們已承諾以類似條款向 Amber Ridge 提供 311 億美元資金，並於年底提取了 2,000 萬美元。

National Homebuilders are under contract to purchase all of the finished building lots. Horizontal construction has begun, the first 11 finished lots have been taken down and $4.5 [billion] in interest and principal has been returned to the company by year end.

國家住宅建築商已簽訂合約購買所有已完工的建築地塊。水平建設已經開始，首批 11 塊竣工地塊已拆除，年底前已將 45 億美元的利息和本金返還給公司。

In closing, we remain pleased with the company's performance and our optimistic about growth opportunities. Challenges we are foreseeing for a while came to roost in the final quarter of '23, as we saw record-setting residential rents begin to flatten with increased competition. The surplus of new apartments coming online in Washington, D.C. over the next several quarters will directly compete with our waterfront assets.

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。我們預見的挑戰在 23 年最後一個季度出現了，因為我們看到創紀錄的住宅租金隨著競爭的加劇而開始趨於平緩。未來幾個季度，華盛頓特區新增公寓的過剩將直接與我們的水岸資產競爭。

Fortunately, two of these three assets are stabilized, and we expect the third to stabilize prior to additional significant competitive apartment deliveries in the latter part of '24 and early '25. We've been well served by the confidence we have placed in our design, amenities and management teams, coupled with our careful and patient approach to development.

幸運的是，這三項資產中的兩項已經穩定，我們預計第三項資產將在 24 年下半年和 25 年初出現更多具有競爭力的公寓交付之前穩定下來。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，讓我們受益匪淺。

Weathering markets and competition is not new to us. We stand on firm foundations and step test belief the challenges to get 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 further cementing our place in the market.

經受市場和競爭對我們來說並不新鮮。我們立足於堅實的基礎，並透過測試信念迎接挑戰以獲得機會。憑藉著強大、敬業且才華橫溢的團隊，FRP 將繼續透過穩定、謹慎和合理的市場策略來擴大其產品組合，進而擴大其收入和利潤。我們期待在我們的成功基礎上再接再厲，進一步鞏固我們在市場上的地位。

Thank you, and I'll now turn the call back to John.

謝謝您，我現在將把電話轉回給約翰。

Thank you, David. As many of you saw in our subsequent event note in yesterday's earnings release, we announced a forward split of our common stock at a ratio two post-split shares for every one pre-split share as a thinly traded company with a small number of shareholders. We believe this has the potential to add

謝謝你，大衛。正如你們許多人在昨天的收益發布中的後續活動說明中看到的那樣，我們宣布對我們的普通股進行遠期分割，作為一家交易清淡、股東人數較少的公司，按照每一股分割前股票兩股分割後股票的比例。我們相信這有可能增加

some liquidity to our stock. At this point, we're happy to open it up to any questions that you might have.

我們的股票有一定的流動性。此時，我們很樂意回答您可能提出的任何問題。

(Operator instructions) Curtis Jensen, Robotti company.

（操作員說明）Curtis Jensen，Robotti 公司。

And good morning. Can you hear me okay.

早安.你聽得到我說話嗎？

Sure. Hey Curtis, how are you.

當然。嘿柯蒂斯，你好嗎。

Hey John. Thinking about Bryant Street and, are we still in, we don't have permanent financing on that.

嘿約翰。想想布萊恩特街，我們還在嗎，我們沒有永久的融資。

correct.

正確的。

What's kind of the status there and where do you see that? Is it just a function of waiting till rates get a little more attractive or.

那裡的狀況如何？這只是等待利率變得更具吸引力的函數還是。

David can speak to this. Go ahead, David.

大衛可以談論這一點。繼續吧，大衛。

Yeah, I'll take a swing out of, Curtis. Yes, part of it is getting the retail in and occupying and there is some free rent that you always go through in that side of the business. So that's where we're really waiting, which should sometime hopefully will be some time during this year. But obviously, we're operating under a floating interest rate, and we're looking to hopefully see that the interest rate start to drop a bit, and then we'll look to permanently finance that program.

是的，我會離開，柯蒂斯。是的，其中一部分是讓零售店進入並佔據，並且在業務的那方面您總是可以享受一些免費租金。所以這就是我們真正等待的地方，希望是在今年的某個時候。但顯然，我們是在浮動利率下運營的，我們希望看到利率開始略有下降，然後我們將尋求永久為該計劃提供資金。

We obviously weren't in a position to do that when the construction loan came due, which is why we did the interim financing, which is also, you know, again, we are on a floating rate, but that's the main reason. It's just getting the the commercial side of operating and a little bit of stabilization, then it will be a better time to go at the market also with hopefully interest rates start to go down a bit towards the end of the year.

當建築貸款到期時，我們顯然無法做到這一點，這就是我們進行臨時融資的原因，這也是我們採用浮動利率的原因，但這是主要原因。現在只是商業方面的營運和一點穩定，那麼這將是進入市場的更好時機，希望利率在年底前開始略有下降。

When you say retail, is that mostly referring to the food court, like the little (multiple speakers).

當你說零售時，主要是指美食廣場，例如小（多個發言者）。

It's that part of it Curtis, we have another say, call that we've got two leases that are executed for about 8,000 square feet of the in-line retail. They're under construction, now it took forever to get the building permits out of the district of government agencies. So that's an issue we have and we have another one let LOIs out for another one. So we're just trying to get all of that wrapped up and again, we don't see a hurry right now because of the interest rates.

這就是柯蒂斯的一部分，我們還有另一個說法，我們已經簽訂了兩份約 8,000 平方英尺的線內零售租約。它們正在建設中，現在花了很長時間才從政府機構區獲得建築許可證。所以這是我們遇到的一個問題，我們還有另一個問題為另一個問題發出了意向書。因此，我們只是想把這一切都解決掉，而且，由於利率的原因，我們現在並不著急。

And how would you describe the Verge? I mean, is it kind of meeting your expectations?

您會如何形容 Verge？我的意思是，這符合你的期望嗎？

For the most part, yes, there are significant of view that's coming online towards the end of this year. And if they have a positive, they will ultimately have a positive effect on that area. We're no longer kind of out in the middle of nowhere because we will be a little bit more of the center of the doughnut as opposed to the outskirts because there's about 1,400 units coming on that are further west, if you will, of the bridge than where we're located.

是的，在大多數情況下，今年年底將會出現一些重要的觀點。如果他們有積極的一面，他們最終將對該地區產生積極的影響。我們不再是在偏僻的地方，因為我們將更靠近甜甜圈的中心，而不是郊區，因為大約有 1,400 個單位即將到來，如果你願意的話，在更西邊的地方。 。

So they all started right after COVID. And so there was a dearth of new projects that were that went under construction right after COVID and of course, there's pretty low interest rates at that time, too. So they're up and going, and the good thing is a critical mass will help in some cases. But the interesting dynamic is there's nothing in the pipeline coming out after those two at the end at the end of '24 in early '25. We think we're in a pretty good place.

所以他們都是在新冠疫情之後開始的。因此，在新冠疫情之後立即開工的新項目非常缺乏，當然，當時的利率也相當低。所以他們正在崛起並繼續前進，好處是臨界質量在某些情況下會有所幫助。但有趣的是，在 24 年底到 25 年初的這兩件事之後，沒有任何進展。我們認為我們處於一個非常好的位置。

Just a follow-up on what David is saying, a permanent financing is obviously the ultimate goal, but that's only after we are able to grow the NOI to where we had envisioned it. I don't think we'd go out and seek permanent financing, you know at the NOI that we're at right now, our goal is to grow net operating income, increase the value of the property so that, you know, by the time we get to the the end of the opportunity zone and 10-year hold period, we've got a healthy asset with in a appropriate amount of debt on it.

只是大衛所說的後續，永久融資顯然是最終目標，但這只是在我們能夠將 NOI 發展到我們預想的水平之後。我不認為我們會出去尋求​​永久融資，你知道我們現在所處的 NOI，我們的目標是增加淨營業收入，增加財產價值，這樣，你知道，當我們到達機會區和10 年持有期結束時，我們就擁有了健康的資產和適量的債務。

And I mean, when I say appropriate, I mean the right amount, not too little, not too much. And you know the fact that we expect to get a good interest rate on it in a few years just speaks that's a benefit. And so anyway, I know I think you have between Bryant Street, Verge, Dock 79, Maren, the D.C. market isn't where we want it to be, but we've got really, really good assets.

我的意思是，當我說適當時，我的意思是適量，不是太少，也不是太多。你知道，我們期望在幾年內獲得良好的利率，這說明這是一個好處。所以無論如何，我知道我認為你在 Bryant Street、Verge、Dock 79、Maren 之間，華盛頓市場不是我們想要的地方，但我們擁有非常非常好的資產。

We've good people running them. There's a lot of supply that's come on, but it's not Riverfront, it's not certainly not the quality of our assets. And we think long-term that's going to continue to better for us.

我們有優秀的人來管理它們。供應量很大，但不是河濱區，也不是我們資產的品質問題。我們認為從長遠來看，這對我們來說將繼續變得更好。

In your lending ventures, is the national homebuilder a publicly listed company, have you named to the (multiple speakers).

在您的貸款企業中，國家住宅建築商是一家上市公司嗎？（多個發言者）。

It's NBR. it's NBR. They were actually, we had a soft opening for the Aberdeen overlook property about four, five weeks ago. And as I said in the opening remarks, we transferred 11 lots out to them at the end of the year, we certainly have a pretty substantial deposit from them as well.

是丁晴橡膠。是丁腈橡膠。事實上，大約四、五週前，我們對阿伯丁俯瞰房產進行了試營運。正如我在開場白中所說，我們在年底將 11 塊土地轉讓給他們，我們當然也從他們那裡得到了相當可觀的存款。

And in their soft opening, they had over 400 people sign up for some of their different product now signing up and buying is the is a pretty good size difference distance between the lip and the comp, but it's a pretty favorable, pretty favorable visual and it's a beautiful area in one that's kind of once again is in the center of the doughnut up in Aberdeen.

在他們的試營運中，有超過 400 人註冊了他們的一些不同產品，現在註冊併購買的是嘴唇和組件之間的尺寸差異非常大，但這是一個非常有利的視覺效果，這是一個美麗的地區，又位於阿伯丁甜甜圈的中心。

A lot of construction is going on around them as it relates to retail. Large hospital has opened up and is doubling its size. So we're really excited about the potential for this Presbyterian homes, which has now been been entitled with now this opening up Aberdeen overlook.

它們周圍正在進行大量與零售相關的建設。大型醫院已經開業，規模擴大了一倍。因此，我們對這座長老會住宅的潛力感到非常興奮，該住宅現已被授予開放阿伯丁俯瞰的權利。

All right, I'll jump off. Thanks a lot and keep up the good work.

好吧，我就跳下來了。非常感謝，繼續努力。

Thank you, Curtis.

謝謝你，柯蒂斯。

Stephen Farrell, Oppenheimer.

史蒂芬法雷爾，奧本海默。

Good morning, just a quick follow up on the D.C. market. Are you currently offering concessions the Maren and Dock 79?

早安，我只是對華盛頓市場進行快速跟進。你們目前是否為 Maren 和 Dock 79 提供優惠？

Small ones if any. Again, we see our rent growth in Dock and Maren for the year, we had 2.8% renewal rent growth in Dock 79 and 4.21% rental growth and Maren. Trade-offs in Marin were 1.9%. They weren't as good at Dock 79 because at the beginning of the year, Stephen, the first two or three months of 2023, we replaced the manager on site.

小的，如果有的話。同樣，我們看到今年 Dock 和 Maren 的租金增長，Dock 79 的續租租金增長了 2.8%，Dock 和 Maren 的租金增長了 4.21%。馬林的權衡是 1.9%。他們在 79 號碼頭表現不佳，因為在年初，史蒂芬，2023 年的前兩三個月，我們在現場更換了經理。

We had lost a little bit of the occupancy. And so we wanted to get the heads back in the beds and that kind of eroded in some of our, you know, of our potential profitability, which is why we did have a little bit. We had some concessions there. Everything's pretty much stabilized now and so we're in pretty good shape.

我們失去了一點入住率。因此，我們希望讓人們重新回到床上，這會侵蝕我們的一些潛在盈利能力，這就是為什麼我們確實有一點。我們在那裡做出了一些讓步。現在一切都已經穩定下來，所以我們的狀態非常好。

And I might have missed this at the beginning. What were the biggest drivers in operating expense growth at those two properties?

我一開始可能就錯過了這一點。這兩家酒店營運費用成長的最大推動因素是什麼？

There across the board, probably one of the biggest ones. And in Maren was, we had some utility issues and so that was pretty big. And the other two things, Stephen one is security D.C. like and a lot of these towns cities have had problems with no security and we wanted to get out in front of the problems of security is definitely higher there. And also rent collections, we are slowly getting better because we were unable to generate the collection process because of COVID.

總的來說，這可能是最大的問題之一。在馬倫，我們遇到了一些公用事業問題，所以這是相當大的。另外兩件事，史蒂芬一件事是華盛頓特區的安全問題，很多城鎮都存在沒有安全的問題，我們想擺脫安全問題，那裡的安全問題肯定更高。還有租金收取，我們正在慢慢變得更好，因為由於新冠疫情，我們無法產生收取流程。

COVID, they did not allow people to get thrown out. You couldn't go to court, couldn't do anything. And so there's an incredible overhang that is slowly starting to work its way through the system. It used to take up until sometime in the beginning of '23. It used to take over a year to start and complete the process of going through trying to collections and then ultimately evictions to get the properties back. Now it's down to about in seven months. So we're going in the right direction. But those are probably the two biggest reasons.

新冠病毒期間，他們不允許人們被趕出去。你不能上法庭，也不能做任何事。因此，有一個令人難以置信的懸而未決的問題正在慢慢地開始在整個系統中發揮作用。它過去一直持續到 23 年初的某個時候。過去，從開始到完成收集、最終驅逐以收回財產的過程需要花費一年以上的時間。現在已經減少到七個月左右了。所以我們正朝著正確的方向前進。但這可能是兩個最大的原因。

And we saw with Bryant Street, when you refinanced the construction loan, the bank required us to commit some more capital. And I'm seeing this trend continue, whether it's construction loans or permanent financing banks are refinancing at 50% to 60% LTVs as opposed to 70%.

我們在布萊恩特街看到，當你為建築貸款再融資時，銀行要求我們投入更多資本。我看到這種趨勢仍在繼續，無論是建築貸款還是永久融資銀行都以 50% 至 60% 的 LTV 進行再融資，而不是 70%。

And I think there's an opportunity to provide GAAP financing to the borrowers, so that they can maintain the debt and equity levels. And I know FRPH is not a lender but there is an opportunity to provide that GAAP financing along with the equity component. Would you consider?

我認為有機會向借款人提供公認會計準則融資，以便他們能夠維持債務和股本水準。我知道 FRPH 不是貸款人，但有機會提供 GAAP 融資以及股權部分。你會考慮嗎？

You mean the Bryant Street?

你是說布萊恩特街嗎？

No, for general properties.

不，對於一般屬性。

Just generally?

只是一般嗎？

Yes.

是的。

I would say probably, generally I would probably say, no. We've got a pretty strong development pipeline. We're focusing more on the industrial side in the near term, but we have some really good locations and some good projects in the multifamily side, too. So we know we want to maintain as much dry powder as we can. and so, I don't see us and I'll certainly defer to John, but I don't see us going out and being mezzanine lenders or that kind of stuff.

我會說可能，一般來說我可能會說，不。我們擁有相當強大的開發管道。短期內我們將更專注於工業方面，但我們在多戶住宅方面也有一些非常好的位置和一些好的項目。所以我們知道我們要盡可能保留乾粉。所以，我不認為我們會這麼做，我當然會聽從約翰的意見，但我不認為我們會走出去，成為夾層貸款人或類似的人。

No, I think (multiple speakers) yeah, you're absolutely right, David. I think we're going to use our equity too protect our own assets, but we'd have to get, I think number one, we are more than comfortable with the amount of exposure we have to the D.C. apartment marketplace right now. I don't think we're looking for additional exposure and we would have to get really, really smart on another asset or another marketplace for before we did something like that.

不，我認為（多個發言者）是的，你說得完全正確，大衛。我認為我們也將利用我們的股權來保護自己的資產，但我認為第一，我們必須對目前在華盛頓公寓市場的曝光感到滿意。我不認為我們正在尋求額外的曝光，在我們做類似的事情之前，我們必須在另一個資產或另一個市場上變得非常非常聰明。

And I just don't think that's the best use of our time more money. But, you're right, that is an interesting opportunity, that's just not, I don't think we have the bandwidth to take on kind of an additional investment strategy.

我只是認為這並不是利用我們的時間和金錢的最佳方式。但是，你是對的，這是一個有趣的機會，但事實並非如此，我認為我們沒有足夠的能力採取額外的投資策略。

Now that that's understandable. And with Amber Ridge, all the lots are sold, is there anymore and interest or principal payments that will come in from that?

現在就可以理解了。至於琥珀嶺，所有的土地都出售了，還會有利息或本金支付嗎？

Pretty much no, it's we're just kind of wrapping it up. There's not a whole lot left, Stephen, there are some closing out of bonds and that kind of stuff before we can actually close the.

幾乎不，我們只是在結束它。史蒂芬，剩下的不多了，在我們真正關閉之前，還有一些債券和類似的東西要關閉。

David, correct me if I'm wrong, but are there some funds that are going to be released because, I think from right, the overall expected, return of capital and return of principal and interest and profit the $22 million. And right now we've received $20.2 million.

大衛，如果我錯了，請糾正我，但是是否有一些資金將被釋放，因為我認為從正確的角度來看，總體預期資本回報、本金和利息回報以及利潤為 2200 萬美元。目前我們已收到 2,020 萬美元。

Yeah, there's from a cash standpoint, there's still roughly $700,000, that is we are holding it as the lender to complete some of the remaining programs. And so we haven't finalized the actual interest and profit, you know, to FRP. But when the dust settles, we believe it's going to be about $4 million in interest and profit we received in that project, which will probably be tallied out sometime in the first or second quarter.

是的，從現金的角度來看，還有大約 70 萬美元，也就是說我們作為貸款人持有它來完成一些剩餘的項目。所以我們還沒有最終確定 FRP 的實際利息和利潤。但當塵埃落定後，我們相信我們在該專案中收到的利息和利潤將約為 400 萬美元，這可能會在第一季或第二季的某個時候計算出來。

Thank you. Last question before I turn it over, the warehouse in Aberdeen, how much of the $30 million development costs was funded in 2023.

謝謝。在我交出之前的最後一個問題，阿伯丁的倉庫，3000萬美元的開發成本中有多少是在2023年資助的。

I think it was about 7, would have been about $17 [million] John, are you there? Can you help me with that?

我想大概是 7 點左右，大概是 1700 萬美元。你能幫我嗎？

[$16 million] is what I remember but. Yes, I was looking at is actually looking at the Amber Ridge issue. What was the question again?

[1600萬美元]是我記得的。是的，我實際上正在研究琥珀嶺問題。又問了什麼？

Chelsea, how much money have we put out in Chelsea and I assume does that also include what we have in the land?

切爾西，我們在切爾西投入了多少錢，我想這也包括我們在這片土地上擁有的錢嗎？

It would yeah, I'll pull it up. Is there isn't many meantime, is there another question?

是的，我會把它拉起來。時間不多了，還有其他問題嗎？

And that's all I have. Thank you.

這就是我所擁有的一切。謝謝。

Actually Stephen, let's see. Chelsea no, I don't have it. Spec building, we spent, we incurred about '23 about $9 million.

事實上，史蒂芬，讓我們看看。切爾西 不，我沒有。23 年，我們在規格建設上花費了約 900 萬美元。

(multiple speakers) Plus the land gets to the 30.

（多個發言者）再加上土地達到了30。

Yeah.

是的。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Sure.

當然。

Bill Chin, Rhizome Partners.

Bill Chin，Rhizome 合夥人。

Hey guys. Good to have you join the call, could you provide a little more detail on the Florida industrial joint venture?

大家好。很高興您參加電話會議，您能否提供有關佛羅裡達州工業合資企業的更多詳細資訊？

Yeah. I mean, it's a we've always, again, scheduled take a step back. We've always like we've done with the multi-family. Bill, we've what we've always been, we've been looking to expand our platform and our program, and we've always felt the best way to do that was to find people in locations where the project was actually going to take place. And we found I've had a relationship with one of them and the people for 20 years, he moved back to Coral Gables, Florida.

是的。我的意思是，我們總是再次計劃後退一步。我們一直像對待多戶家庭一樣。比爾，我們一直都是這樣，我們一直在尋求擴展我們的平台和計劃，我們一直認為最好的方法是在專案實際要去的地方找到人員發生。我們發現我和他們中的一位以及這裡的人已經有20年的關係了，他搬回了佛羅裡達州的科勒爾蓋布爾斯。

And anyway, they came to us late last year and said, look, we've got we've got this project halfway between Orlando and Tampa, literally, right on I-4. I mean, which is a main thoroughfare between the two areas. The market is very strong and it's a 215,000 square foot building that we that we're working on developing.

不管怎樣，他們去年年底來找我們說，看，我們已經在奧蘭多和坦帕之間的中間完成了這個項目，字面意思是，就在 4 號州際公路上。我的意思是，這是兩個地區之間的主要通道。市場非常強勁，我們正在開發一座 215,000 平方英尺的建築。

And it looks like, if things pencil out, we will look to start that building sometime in the third quarter of this year. There's strong boots on the ground people like MRP, BBX logistics is actually the name of our partner, their are a subsidiary of BBX capital there of a public company.

看起來，如果事情順利的話，我們將在今年第三季的某個時候啟動這棟大樓。當地有像MRP這樣的​​強人，BBX物流其實是我們合作夥伴的名字，他們是一家上市公司BBX資本的子公司。

There are big flip public company very, very strong financially, they've been around since the late 60s. So there's is a very good synergy between the two companies culturally as well as personal lines. So we're excited about this opportunity.

有一些大型翻轉上市公司的財務狀況非常非常強勁，它們自 60 年代末以來就已經存在。因此，兩家公司在文化和個人方面有著非常好的協同作用。所以我們對這個機會感到很興奮。

Got you. And just so that, like could you talk about kind of the relative mix of the equity ownership? I mean would FRP be able to, is just over 50%, like would this be another equity line item or would it be like consolidated? Like could you talk about that a little bit?

明白你了。就這樣，您能談談股權的相對組合嗎？我的意思是，FRP 是否能夠，略高於 50%，就像這會是另一個權益項目還是會合併？你能談談這個嗎？

We're going to be the controlling ownership interests were probably going to be, because again, we are holders and not and these guys are sellers. So we would rather be buying taken number 10% to 20% of their ownership at retail and holding and keeping our 80% or 90% at wholesale as opposed to give it getting so much and to our partners that it would be would add a lot of money to the basis of our properties. So we're kind of treading water in that direction.

我們將成為控股股東，因為我們是股東，而不是股東，而這些人是賣方。因此，我們寧願以零售方式購買其 10% 至 20% 的所有權，並以批發方式持有並保留 80% 或 90% 的所有權，而不是給予我們的合作夥伴如此多的所有權，這將增加很多金錢是我們財產的基礎。所以我們正在朝這個方向原地踏步。

Let me just clarify that. So, FRP will be the controlling holder in this project where we'll wind up with 80% to 90% ownership. Is that correct?

讓我澄清一下。因此，FRP 將成為該專案的控股股東，最終我們將擁有 80% 至 90% 的所有權。那是對的嗎？

Yes.

是的。

Okay. And I guess their role is to be boots on the ground, almost like the actual developer, they're don't know work, is in that kind of major relationship?

好的。我猜他們的角色是腳踏實地，幾乎就像實際的開發人員一樣，他們不知道工作，在那種主要關係中嗎？

Yes, so we will be actively involved. I mean, again, we've been in the industrial business for over 30 some years, so they're going to be lean on us for the design. We certainly have done a month of these. They have to some extent to and so I think it's a really good relationship and a good balance.

是的，所以我們會積極參與。我的意思是，我們已經從事工業業務 30 多年了，所以他們會依靠我們進行設計。我們當然已經做了一個月了。他們在某種程度上必須這樣做，所以我認為這是一種非常好的關係和良好的平衡。

Got you. Okay. Thank you for that on. And I mean, if I if you don't mind I probe like, what are we underwriting potential like stabilized unlevered yield on a project like this?

明白你了。好的。謝謝你。我的意思是，如果你不介意的話，我們會探討這樣的專案的穩定無槓桿收益率等潛力嗎？

We haven't decided, but it's gone above one on from a straight return on cost basis is currently above 6.5% or we won't start it.

我們還沒有決定，但從目前成本基礎的直接回報率超過 6.5% 來看，它已經超過了 1，否則我們不會啟動它。

Okay. That's very helpful. And I mean, is there a possibility, you know, like in the Maryland in the Investor Day. We know you guys have provided that a lot of those Maryland projects could potentially come in that at an unlevered yield of 8% or even above 8% like is there potential for this project to kind of hit those kind of numbers?

好的。這非常有幫助。我的意思是，有沒有可能，你知道，就像馬裡蘭州的投資者日一樣。我們知道你們已經提供了很多馬裡蘭州計畫的無槓桿收益率可能達到 8% 甚至高於 8%，就像這個計畫有可能達到這樣的數字嗎？

Sure, we hope so.

當然，我們希望如此。

okay.

好的。

The market is the market is big and it is strong and there's little vacancy. So, you understand the way the game is played and we don't go, we don't start these things unless we feel pretty good about the symbol-ready condition. We're not required to do anything, we want to get to the point, get the contractors ready, get the numbers, get a guaranteed maximum price look at the market all of the above.

市場是市場大、實力強、空缺。所以，你了解遊戲的玩法，我們不會去，我們不會開始這些事情，除非我們對符號就緒條件感覺很好。我們不需要做任何事情，我們只想直奔主題，讓承包商做好準備，獲得數字，獲得保證的最高價格，看看市場上所有這些。

Speaking on contractors. Have you seen that the GC world kind of it like your own core capacity call it, you know, just slack, whatever you want to call it, just get a little bit better from like a development perspective?

談到承包商。你是否見過 GC 世界，就像你自己的核心能力所稱的那樣，你知道，只是鬆弛，無論你想怎麼稱呼它，只是從開發的角度來看變得更好一點？

If you're saying are there pricing is getting tighter? Is that your question?

如果你說價格是否變得越來越緊？這是你的問題嗎？

The prices getting better, time lines improve you know what, whatever you may be or just cost coming down, being able to move faster, more willing to work with you, et cetera?

價格越來越好，時間安排越來越好，無論您是什麼，或者只是成本下降，能夠更快地行動，更願意與您合作，等等？

All of those comments, and thank you for that, Bill. All those comments are positive. Yes, as you know, we have the 259,000 square foot building under construction now. When we're building that in-house effectively going or subcontracts. And so we have, but from that standpoint, we're seeing pricing come down a little bit. We're seeing timeframes coming down. So to some extent, they're not back to where they were, but they're getting better.

所有這些評論，謝謝你，比爾。所有這些評論都是正面的。是的，如您所知，我們現在正在建造 259,000 平方英尺的建築。當我們在內部有效地進行建設或分包時。我們確實做到了，但從這個角度來看，我們看到價格略有下降。我們看到時間框架正在縮短。所以在某種程度上，他們並沒有回到原來的狀態，但他們正在變得更好。

Got you. I appreciate the feedback on that. I have a big question I'll say for later, but I just wanted to provide some commentary. I think that I want to thank the team for splitting the stock, I know that we really no one's really going to wind up owning more shares. But I think that I really do think that it will improve liquidity as just the absolute share price goes lower and a bit, as you know, in terms of absolute kind of pennies could get low titer, I think that will help with the trading.

明白你了。我很感謝對此的回饋。我有一個大問題稍後再說，但我只是想提供一些評論。我想我要感謝團隊分割股票，我知道我們真的沒有人會真正最終擁有更多股票。但我認為我確實認為這會改善流動性，因為絕對股價會下降，而且如你所知，就絕對價格而言可能會降低，我認為這將有助於交易。

So thank you for taking the initiative to take that action. I think it really demonstrates the shareholders that you guys are thoughtful, you guys are thinking about that. And I also just want to commend the company for the share buyback, you know, I've said this many times before, I think buying back a 54 box is a great price, especially in light of the recent transaction that I'll talk about.

因此，感謝您主動採取此行動。我認為這確實向股東表明你們是深思熟慮的，你們正在考慮這一點。我也只是想讚揚該公司的股票回購，你知道，我之前已經說過很多次了，我認為回購 54 盒是一個很好的價格，特別是考慮到我將要談論的最近的交易關於。

But I think that even at today's price in the low 60s. I think it's still great use of capital, I know there's a lot of the cash is earmarked for a lot of projects, but I think we're also at a point where the company is generating a lot of cash. So I will always be a cheerleader or more share buybacks. So I want to really commend you guys for doing the share buyback.

但我認為即使今天的價格在 60 多美元左右。我認為這仍然是對資本的充分利用，我知道有很多現金被指定用於許多項目，但我認為我們也處於公司產生大量現金的階段。所以我永遠是啦啦隊長或更多股票回購的人。所以我真的要讚揚你們進行股票回購。

And I'm just nudging that more share buyback will always be better and which. So my final question is sort of the Martin Marietta recently announced the deal to come to transaction, Bluewater industries and there's one other transaction and I looked at the numbers. And essentially what I get to is they spent about $2.5 billion for those two transactions roughly, and they bought about $1 billion of reserves. And if I'm doing my math right, that pegs the value at about $2.50 for a ton of aggregate reserves in a lot of the markets are kind of similar, right?

我只是在暗示，更多的股票回購總是更好。所以我的最後一個問題是馬丁瑪麗埃塔最近宣布了一項交易，藍水工業，還有另一筆交易，我查看了數字。從本質上講，我了解到他們在這兩筆交易中花費了大約 25 億美元，並購買了大約 10 億美元的儲備金。如果我的計算正確的話，那麼許多市場中一噸總儲備的價值約為 2.50 美元，這有點相似，對吧？

And if anything, maybe we can even go so far to say that FRPs market, which is Georgia and Florida, which is probably grow even faster than some of those markets, which naturally kind of brings me to why did some back-of-the-envelope math, at $2.50 per ton or reserve times a $500 billion. Now I get it like they bought the whole operation, right they bought the operating company and the propco was the land coal and there is no to separate streams of cash flow.

如果有的話，也許我們甚至可以說玻璃鋼市場，即佐治亞州和佛羅裡達州，其增長速度可能比其中一些市場還要快，這自然讓我想到為什麼一些背後的原因- 信封數學，每噸2.50 美元或儲備乘以5000 億美元。現在我明白了，他們買了整個業務，沒錯，他們買了營運公司，而產權公司就是土地煤炭，沒有分離現金流。

But, you know, I think it's fair to say that the the FRPs royalty structure and the land only share account for at least half of that, which would peg the value add [$1.25] a ton of reserves and if you do the math, multiply by [500] million tons of reserve that like take the aggregate business as something it's like $750 million. I mean, I don't know like, I'm just kind of like, I'm just like trying to figure out like figure out that's probably on the high end. You know, like if you use a EBITDA multiple, but like you really got to strip out the DNA because there is no CapEx for the royalty structure.

但是，你知道，我認為可以公平地說，FRP 特許權使用費結構和僅土地份額至少佔其中的一半，這將使一噸儲備的增值 [1.25 美元] 掛鉤，如果你計算一下，乘以[ 500] 百萬噸儲備，總業務相當於7.5 億美元。我的意思是，我不知道，我只是有點像，我只是想弄清楚這可能是高端的。你知道，就像你使用 EBITDA 倍數一樣，但你真的必須去掉 DNA，因為特許權使用費結構沒有資本支出。

It kind of like pegs it at a 22, 23 times EBIT multiple is kind of what I get to you like I guess I get to like a $400 million to $700 million valuation for the aggregate business owned by FRPH is kind of why I'm wondering like if you guys have any thoughts on that like here, if what I'm saying kind of makes sense or are there some subtle of differences about those two deals that they just did, that's a very, very dramatically different, is assuming that royalty structure plus the land ownership accounting for like 50% of a deal like that, like is that fair? So like any anecdotal commentary, color or feedback that you can provide on more years.

這有點像是將其固定在22、23 倍的EBIT 倍數上，這就是我對你的看法，我想我會喜歡FRPH 擁有的總業務4 億至7 億美元的估值，這就是我為什麼要這麼做的原因。權使用費結構加上土地所有權佔此類交易的50%，這樣公平嗎？就像你可以在未來幾年提供的任何軼事評論、色彩或反饋一樣。

Hey, Bill, I love your $750 million valuation. I'd say that is definitely on the high end, but on your bullish approach to the aggregates industry. I obviously have some insight into the Martin purchase of Bluewater industries. I would venture to guess that they didn't do it on a reserves basis, but more on an EBITDA basis and that transaction is probably I mean, I don't think they would have done it, were it not accretive transaction.

嘿，比爾，我喜歡你 7.5 億美元的估值。我想說這絕對是高端的，但基於您對骨料行業的看漲態度。我顯然對馬丁收購藍水工業有一些了解。我大膽猜測他們不是在儲備金的基礎上做這件事，而是更多地在 EBITDA 的基礎上做這件事，我的意思是，如果不是增值交易，我認為他們不會這樣做。

And so if you look at their are EBITDA multiples on it's going to be, somewhere in the ballpark of there or slightly below. And I think that's probably an appropriate way to value it, you know, you could make this gets into sort of granularity. But the way you would value probably a more appropriate way to value our royalty stream is to apply an EBITDA multiple to the revenue not our NOI just because that revenue is with my part of their EBITDA, yes, we have to take into account costs and an overhead, et cetera and and that factors into our NOI.

因此，如果你看一下他們的 EBITDA 倍數，就會發現，大概是在這個範圍內或略低一些。我認為這可能是一種適當的評估方式，你知道，你可以讓它變得更細緻。但是，您認為評估我們的特許權使用費流的更合適方法可能是對收入應用 EBITDA 倍數，而不是我們的 NOI，因為該收入是我的 EBITDA 部分，是的，我們必須考慮成本和開銷等等，這些都會影響我們的NOI。

But I think that's the appropriate way to look at it on a multiple and obviously a perpetuity. So that takes into account your on your reserves. I don't know that any operator values, a transaction on a per reserve area are tonnage basis when they purchase, when they make a make a purchase.

但我認為這是從倍數和顯然是永續性角度來看待它的適當方式。所以這考慮到了你的儲備金。我不知道任何運營商在購買時，每個儲備區域的交易都是以噸位為基礎的。

But the way that we have gone about valuing our reserves stream, does not take into account the second life of the remaining lands. And so your mileage may vary on how you apply a value to the second life for a lot of them there coming up in a lot of them are way off in the near term future, but I can promise you that EBITDA multiple into account, nothing like that. So you put your own value on it, but you would be correct in thinking that, using an EBITDA multiple would certainly under value on the royalty and royalty lands.

但我們評估儲備流的方式並沒有考慮到剩餘土地的第二次生命。因此，你的里程數可能會有所不同，這取決於你如何將價值應用到第二次生命中，其中許多在不久的將來就會出現，但我可以向你保證EBITDA 倍數考慮在內，沒有什麼像那樣。所以你把你自己的價值放在上面，但你的想法是正確的，使用 EBITDA 倍數肯定會低估特許權使用費和特許權土地的價值。

I mean, like I was I mean, I've been a shareholder since 2015 and has been a lot of years. So I've seen what this loyalty business have done. I mean, it's grown, it's split out cash flow and there's only been two acquisitions. There's been no CapEx in this business, on the $25 million of total acquisitions, one in 2012. And then the recent one asset to right?

我的意思是，就像我以前一樣，我的意思是，自 2015 年以來我一直是股東，已經很多年了。所以我已經看到了這個忠誠度業務所做的事情。我的意思是，它已經成長了，它分割了現金流，而且只進行了兩次收購。該業務的收購總額為 2,500 萬美元，其中一筆收購發生在 2012 年，但沒有任何資本支出。那麼最近的一項資產對嗎？

Versus like Martin Marietta, has to replace the machinery that gets worn down, right? So I would argue that the right multiple is really like a EBITDA less CapEx number? like what that number and I want to bring that up because that CapEx number could be like a third of the EBITDA for Vulcan or Martin Marietta.

與馬丁瑪麗埃塔（Martin Marietta）相比，必須更換磨損的機器，對嗎？所以我認為正確的倍數真的就像 EBITDA 減去資本支出的數字嗎？就像這個數字一樣，我想提出這個數字，因為資本支出數字可能相當於 Vulcan 或 Martin Marietta 的 EBITDA 的三分之一。

So like if the CapEx is a third of EBITDA, then like your EBITDA multiple is really like you can kind of get you need to get to like an EBIT multiple or EBITDA less CapEx like, so like at the the using the EBITDA multiple is definitely too conservative, like is it like a true apples to apples is really like a EBITDA less CapEx multiple because, I haven't seen any CapEx with FRPs royalty structure right, been a shareholder for nine years now. So I just like ki,nd of like get your thought on that, like if I'm looking at it the right way. And at the end of the day (multiple speakers).

因此，如果資本支出是 EBITDA 的三分之一，那麼您的 EBITDA 倍數實際上就像您需要獲得的 EBIT 倍數或 EBITDA 較少的資本支出之類的，所以就像在使用 EBITDA 倍數一樣太保守了，就像真正的蘋果對蘋果一樣，真的就像EBITDA 減去資本支出倍數一樣，因為，我還沒有看到任何具有FRP 特許權使用費結構的資本支出，我已經成為股東九年了。所以我只是想聽聽你的想法，就像我是否以正確的方式看待它一樣。到最後（多個發言者）。

No, I think that's an interesting way to think about it and we were just need kind of idle on that a little bit more. That's insightful.

不，我認為這是一種有趣的思考方式，我們只是需要多一點空閒。這很有洞察力。

Yeah. At the end of the day, what I'm trying to do is, I think real estate and real asset investing inherently has a lot of perks because a lot of times that the depreciation is like, is the real and not and I'm trying to figure out owners earning, right?

是的。歸根結底，我想做的是，我認為房地產和實體資產投資本質上有很多好處，因為很多時候折舊是真實的，而不是真實的，我是試圖弄清楚業主的收入，對嗎？

And what I've been very pleasantly surprised being a shareholder in your company is that the owners earning in this aggregate business has been way better than like any sort of BCF, any sorts of like multiple it just consistently surprises me to the upside. And I think that like a EBITDA multiple just isn't reflective and the EBITDA less CapEx or a EBIT multiple is like way more accurate of a measure. So just some food for thought there.

身為貴公司的股東，我感到非常驚訝的是，業主在這項綜合業務中的收入比任何類型的 BCF、任何類型的倍數都要好得多，它的上漲一直讓我感到驚訝。我認為 EBITDA 倍數並不具有反映性，而 EBITDA 減去資本支出或 EBIT 倍數更像是更準確的衡量標準。所以這裡只是一些值得深思的東西。

Thank you for that Bill. We appreciate, obviously, we appreciate all of your thoughts and if and hopefully we can continue to stay the course and continue to build on the relationship.

謝謝你的比爾。顯然，我們感謝您的所有想法，如果並且希望我們能夠繼續堅持到底並繼續發展這種關係。

Yeah, I'm not going anywhere, guys. I mean, you know, I'm not going anywhere you guys who have to deal with me for a long time.

是的，我哪裡也不去，夥計們。我的意思是，你知道，我不會去任何地方，你們這些必須長期與我打交道的人。

So that's a great problem for us to have.

所以這對我們來說是一個很大的問題。

I mean, it creates a minor problem that I won't sell anything, so there's no liquidity in the stock.

我的意思是，這造成了一個小問題，我不會出售任何東西，因此股票沒有流動性。

Appreciate all the your royalty and your support, your candor, we really do.

感謝您所有的版稅、您的支持、您的坦誠，我們真的很感激。

Yes. I appreciate everything you guys do, and that’s all the questions and comments I have.

是的。我感謝你們所做的一切，這就是我所有的問題和評論。

Yes. Okie doke.

是的。好吧，多克。

Bill Ratner, Private Investor.

比爾·拉特納，私人投資者。

Hi. I was just wondering if you could flesh out a bit the cash balance, how much of that is earmarked for capital versus, what is essentially freely available for things like share repurchases and other discretionary types of investments? Thanks.

你好。我只是想知道你是否可以充實一下現金餘額，其中有多少是專門用於資本的，而哪些基本上可以免費用於股票回購和其他可自由支配的投資類型？謝謝。

Hey, Bill, I believe we have in the ballpark of $80 million earmarked for capital expenditures for 2024. And we obviously want to keep it pretty healthy capital cushion, and we have plans beyond 2025. The stock price will obviously dictate the extent to which we make share repurchases. But in terms of, you know, any kind of meaningful share repurchase program.

嘿，比爾，我相信我們大約有 8000 萬美元專門用於 2024 年的資本支出。我們顯然希望保持相當健康的資本緩衝，並且我們有 2025 年以後的計劃。股價顯然將決定我們回購股票的程度。但就任何有意義的股票回購計劃而言。

I think that we would in terms of major, blocks of capital, it's all going to go back and to developing assets as opposed to share repurchases. We're going to nibble opportunistically if we have a chance, but it's not going to be a meaningful amount compared to what we put into development.

我認為，就主要資本而言，我們將全部回歸併開發資產，而不是股票回購。如果有機會，我們會伺機蠶食，但與我們投入的開發相比，這不會是一個有意義的金額。

Thank you. And then with respect to the aggregates assets, you said that you don't factor in the second life value into your NAV analysis, if you were to include that second life value? And can you provide any parameters around what you think an appropriate second life valuation would be for your assets?

謝謝。然後，關於總資產，您說如果您要包括第二人生價值，您不會將第二人生價值納入您的資產淨值分析中？您能否提供您認為對您的資產進行適當的第二次生命估值的任何參數？

Yes, Bill, I think that's, it so nebulous given the time line of those events a day, the two that come to mind are on Fort Myers and like Lisa Brooksville as well on. And we are a long ways away from Fort Myers and Lake Lalisa. Yeah, I think that it would just be a pie in the sky number.

是的，比爾，我認為，考慮到每天這些事件的時間線，它是如此模糊，想到的兩個是在邁爾斯堡，就像麗莎·布魯克斯維爾一樣。我們距離邁爾斯堡和拉利薩湖很遠。是的，我認為這只是天上掉餡餅的數字。

It's essentially raw land and so in terms of going through entitlements and zoning and permitting, just if I were to give you a number, it wouldn't be based on anything reality. So and we have sort of nothing to base it on. So, right now we prefer not to guess.

它本質上是未開發的土地，因此就權利、分區和許可而言，即使我給你一個數字，它也不會基於任何現實。所以我們沒有任何依據。所以，現在我們不想猜測。

Is your comment around entitlements, perhaps suggesting that there might not be as much land value as investors might think because the entitlement process costs involved would be pretty significant relative to the second life value? Or is it just more that it's so far out in the future that it doesn't want to make a call?

您的評論是否圍繞著權利，也許表明土地價值可能不像投資者想像的那麼高，因為涉及的權利過程成本相對於第二生命價值來說相當大？還是只是因為距離遙遠，所以不想打電話？

Yeah.

是的。

Okay. And then one last question. Going back to the previous questioner. So this Martin Marietta transaction seemed like a very high multiple. And if you look at Martin Marietta and stock and stocks of comparable companies, these companies are trading at very high valuations.

好的。最後一個問題。回到之前的提問者。所以馬丁瑪麗埃塔的這筆交易看起來是一個非常高的倍數。如果你看看馬丁瑪麗埃塔和可比較公司的股票，你會發現這些公司的估值非常高。

You guys are clearly very opportunistic investors. Can you just comment on why you would continue to own these assets as opposed to monetizing them in what appears to be a pretty robust environment for these types of assets?

你們顯然是非常機會主義的投資者。您能否簡單評論為什麼您會繼續擁有這些資產，而不是在這些類型的資產似乎相當強大的環境中將它們貨幣化？

That’s an interesting question. I think if you look at the way that they’ve pushed price, just the accelerated growth of our income stream as good as the valuations are, I think we’re going to take a bet on them outpacing the present value. And to Bill’s point, slapping a EBITDA multiple on the royalty stream that maybe that’s not the appropriate way to look at it.

這是一個有趣的問題。我認為，如果你看看他們推高價格的方式，看看我們收入流的加速成長以及估值，我認為我們會押注他們的速度會超過現值。就比爾的觀點而言，將 EBITDA 倍數計入特許權使用費流中，這也許不是正確的看法。

And I don’t know Vulcan or Martin or any of our other tenants appetite for pouring money into reserves that they already control. I think everybody is kind of happy with the way things are, we certainly are. And just from an after-tax perspective, if we had a $300 million transaction that we, desperate to make. Maybe that would be a source of liquidity, but to just sell the asset and pay the taxes on it. That’s certainly not the best use of the money we generate from those assets.

我不知道瓦肯（Vulcan）或馬丁（Martin）或我們的任何其他租戶是否願意將資金投入他們已經控制的儲備中。我認為每個人都對現狀感到滿意，我們當然也是如此。僅從稅後角度來看，如果我們迫切希望進行一筆 3 億美元的交易。也許這將是流動性的來源，但只是出售資產並為其納稅。這當然不是我們從這些資產中獲得的資金的最佳用途。

And they are also just a, I mean, they have been, $10 million a year with no debt on it is a tremendous cash flow engine to fuel debt redevelopment. So I think we’re really happy with that income stream the way it is.

而且它們也只是，我的意思是，它們一直是每年 1000 萬美元，沒有債務，這是推動債務重建的巨大現金流引擎。所以我認為我們對目前的收入來源非常滿意。

Thank you so much.

太感謝了。

But if you want to pay those valuations for them, we’re all years.

但如果你想為它們支付這些估值，我們還需要很多年。

Well, it just seems to me that you don’t know until you go out and hire a banker and run a process. And in an environment maybe like 12 months to 24 months ago, the likelihood of finding a good bid might have been not there, but the market has, it seems like the market changed from my perspective. But maybe to your point, they already control the assets. So what’s the point, but you never know until you hire a banker.

嗯，在我看來，除非你出去聘請銀行家並運行一個流程，否則你不會知道。在 12 個月到 24 個月前的環境中，找到好的出價的可能性可能不存在，但市場卻存在，從我的角度來看，市場似乎發生了變化。但也許就你而言，他們已經控制了資產。那麼這有什麼意義呢，但除非你聘請了銀行家，否則你永遠不會知道。

Very true. I think we would know just given our relationship to Martin and Vulcan, if they had an appetite for buying those assets, we’d probably hear about it. Astatula, the purchase of the Blandford property, we were able to accomplish that because of our relationship with Vulcan, and they just as the policy didn’t want to put money into reserves that they already controlled. You are correct in that you don’t ask, don’t get, but I think if they wanted to buy them, the second, they want to buy them, we’re going to hear about it.

非常真實。我想，考慮到我們與 Martin 和 Vulcan 的關係，我們就會知道，如果他們有興趣購買這些資產，我們可能會聽到。阿斯塔圖拉（Astatula），購買布蘭德福德（Blandford）財產，我們之所以能夠實現這一目標，是因為我們與瓦肯（Vulcan）的關係，而他們只是按照政策，不想將資金投入他們已經控制的儲備。你是對的，你不問，不得到，但我認為如果他們想買，第二，他們想買，我們會聽到的。

Got you. Well, thank you explanations, it’s very helpful. Appreciate it.

明白你了。嗯，謝謝您的解釋，非常有幫助。欣賞它。

Yes, absolutely, Bill. And just to follow up on that real quick for the last 10 years, aggregates, valuations on an EBITDA basis have been historically high. And so two years ago, if we, we could have looked at it and said, Vulcan’s trading at 20 times, let’s sell these things.

是的，絕對如此，比爾。回顧過去 10 年的情況，以 EBITDA 為基礎的整體估值一直處於歷史高點。因此，兩年前，如果我們可以查看它並說，Vulcan 的交易價格為 20 倍，我們就可以賣掉這些東西。

And obviously, we would have forgone a really incredible growth in our royalty stream. So we’re long on the aggregates industry. It’s in our blood. We’ll, unless something very seriously changes, we’re going to continue to use that cash flow stream, Bill, to fuel development.

顯然，我們會放棄版稅流中真正令人難以置信的成長。因此，我們看好骨材產業。它存在於我們的血液中。比爾，除非有非常嚴重的變化，否則我們將繼續利用現金流來推動發展。

It appears we have no further questions at this time. I will now turn the program back over to our presenters for any additional or closing remarks.

目前看來我們沒有其他問題了。我現在將把節目交還給我們的主持人，以供補充或結束語。

Before we go, I just want to congratulate David deVilliers, Jr. on his election to the Board of Directors yesterday as its Vice Chairman. David has given his professional life to this company. He is the backbone of what this company has become and it’s a well-deserved honor. So I just want to congratulate him.

在我們離開之前，我只想祝賀 David deVilliers, Jr. 昨天當選為董事會副主席。大衛把他的職業生涯奉獻給了這家公司。他是這家公司發展壯大的支柱，這是一項當之無愧的榮譽。所以我只想祝賀他。

And I want to thank you all. We appreciate your continued investment and interest in the company, and I really appreciate all the questions you had. So thank you, and that concludes this call.

我要感謝大家。我們感謝您對公司的持續投資和興趣，我非常感謝您提出的所有問題。謝謝大家，本次通話就到此結束。