FRP Holdings Inc (FRPH) 2024 Q1 法說會逐字稿

Good morning, everyone, and welcome to today's FRP Holdings first-quarter 2024 earnings conference call. (Operator Instructions) And now at this time, I'll turn things over to our host, Mr. John D. Baker III Chief Executive Officer. Mr. Baker, please go ahead.

大家早安，歡迎參加今天的 FRP Holdings 2024 年第一季財報電話會議。（操作員指示） 現在這個時候，我將把事情交給我們的東道主，首席執行官約翰·D·貝克三世先生。貝克先生，請繼續。

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

早安.我是 FRP Holdings, Inc. 執行長約翰貝克三世 (John Baker III)。約翰貝克二世，我們的主席； David deVilliers III，我們的營運長；約翰·米爾頓，我們的執行副總裁兼總法律顧問；以及我們的首席會計官約翰·科彭斯坦 (John Koppenstein)。

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 as 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.

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或 NOI。

FRP uses this non-GAAP financial measure to analyze its operations and to 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 pages 9 and 10 of our most recent earnings release.

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績效的有意義的趨勢。該措施不是也不應被視為 GAAP 財務措施的替代品。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 9 頁及第 10 頁上標題為非 GAAP 財務指標的部分。

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 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 costs or tax liability.

任何對資本化率、資產價值、每股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其各種資產，以便為管理決策提供信息並做出決策。

Now for our financial highlights from the first quarter. Net income for the first quarter was $1.3 million or $0.07 per share versus $565,000 or $0.03 per share in the same period last year. This 130% increase in net income over the same period last year was driven by a $95,000 decrease in interest expense and $400,000 increase in interest income, $600,000 decrease in equity and loss of joint ventures due to the lease up of the verge as well as a slight increase in revenue and operating profit from better multifamily and industrial and commercial segment results, offset by decreased royalties from the mining royalty segment and increased losses in the development segment.

現在讓我們來看看第一季的財務亮點。第一季淨利潤為 130 萬美元，即每股 0.07 美元，而去年同期為 56.5 萬美元，即每股 0.03 美元。淨利潤較去年同期增長 130%，主要是由於利息支出減少 95,000 美元，利息收入增加 400,000 美元，股權減少 600,000 美元，以及由於租賃邊緣而造成的合資企業損失以及多戶住宅和工業和商業部門業績的改善使收入和營業利潤略有增加，但被採礦權使用費部門特許權使用費減少和開發部門虧損增加所抵消。

Pro rata net operating income for the first quarter increased 22% from $6.99 million last year to $8.53 million in the first quarter of 2024. This increase in NOI was primarily due to 92% increase in multifamily NOI as well as a 36% increase in industrial and commercial NOI compared to the first quarter last year.

2024 年第一季按比例計算的淨營業收入從去年的 699 萬美元增至 853 萬美元，成長 22%。NOI 的成長主要是由於與去年第一季相比，多戶型 NOI 成長了 92%，以及工業和商業 NOI 成長了 36%。

This increase in multifamily NOI was driven partly by improved results at Dock 79 and the Merin compared to last year but mostly by the addition of two assets to this segment due to 408 Jackson, and Greenville, and Bryant Street in Washington, DC achieving stabilization.

多戶型 NOI 的成長部分是由於 Dock 79 和 Merin 的表現較去年有所改善，但主要是由於華盛頓特區的 408 Jackson、Greenville 和 Bryant Street 實現穩定，該細分市場增加了兩項資產。

Yesterday, we posted to our website a REIT slide show financial highlights for the first quarter. For those who have not yet seen it, we are now publishing an estimated value of our assets net of debt and liabilities. This sum of the parts analysis yielded a per share value in the range of $32.89 to $36.59 per share.

昨天，我們在網站上發布了房地產投資信託基金第一季財務亮點的幻燈片。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值。各部分分析總和得出的每股價值在每股 32.89 美元至 36.59 美元之間。

Before I turn the call over, I want to congratulate David deVilliers III on his promotion yesterday to Chief Operating Officer. David or D3 as he's known among his colleagues, is an invaluable member of our management team, which is not surprising because he studied at the feet of a master.

在轉接電話之前，我要祝賀 David deVilliers III 昨天晉升為營運長。David 或 D3（他在同事中被稱為 D3）是我們管理團隊中的寶貴成員，這並不奇怪，因為他在大師的腳下學習。

David, on a personal level, if you'll indulge me, I just want to say how proud we are to have you as a member of the team, and we look forward to working with you in this new capacity as we start the next chapter in this company's history. I will now turn the call over to our new COO, David deVilliers III for his report. David?

大衛，就我個人而言，如果您願意的話，我只想說我們為您成為團隊成員而感到多麼自豪，我們期待著在我們開始下一個專案時以新的身份與您合作這家公司的歷史篇章。現在我將把電話轉給我們的新營運長 David deVilliers III，聽取他的報告。大衛？

John, thank you for those kind words, I'm humbled and look forward to filling this role. Allow me to provide an operational perspective on the first quarter results of the company. Starting with our commercial and industrial segment. This segment consists of nine buildings totaling nearly 550,000 square feet, which are predominantly warehouses and all located in Maryland.

約翰，謝謝你的好話，我很謙虛，並期待著擔任這個角色。請容許我提供對公司第一季業績的營運看法。從我們的商業和工業部門開始。該部分由九棟建築組成，總面積近 55 萬平方英尺，主要是倉庫，全部位於馬裡蘭州。

At quarter end, the buildings were 95.6% occupied. Total revenues and NOI for the quarter totaled $1.45 million and $1.16 million respectively, an increase of 36% and 47% over the same period last year. Moving on to the results of our mining and royalty business segment, this division consists of 16 mining locations, predominantly located in Florida and Georgia with one mine in Virginia.

截至季末，建築物的入住率為 95.6%。該季度總營收和 NOI 分別為 145 萬美元和 116 萬美元，比去年同期成長 36% 和 47%。繼續我們的採礦和特許權使用費業務部門的業績，該部門由 16 個採礦點組成，主要位於佛羅裡達州和喬治亞州，在維吉尼亞州有一個礦山。

Total revenues and NOI for the quarter totaled $2.96 million and $2.76 million respectively, a decrease of 10% and 12% over the same period last year. The primary reason for the decrease is due to a reduction of royalties at our Manassas quarry to resolve a calendar year 2023, $842,000 overpayment by our tenant who overestimated a portion of production tons, which is shared with other property owners.

該季度總營收和NOI分別為296萬美元和276萬美元，比去年同期下降10%和12%。減少的主要原因是我們的馬納薩斯採石場的特許權使用費減少，以解決 2023 日曆年我們的租戶高估了部分產量的多付 842,000 美元的問題，這些費用與其他業主共享。

As to our multifamily segment, this business segment consists of 1,483 apartments and over 117,000 square feet of retail located in Washington DC and South Carolina. At quarter end, the apartments and retail space were 94% and 79% occupied. Total revenues and NOI for the quarter were [11.62 million] and $6.8 million, respectively.

至於我們的多戶住宅部門，該業務部門由位於華盛頓特區和南卡羅來納州的 1,483 套公寓和超過 117,000 平方英尺的零售店組成。截至季末，公寓和零售空間的入住率分別為 94% 和 79%。該季度的總收入和 NOI 分別為 [1,162 萬] 和 680 萬美元。

FRP share of revenues and NOI for the quarter totaled $6.66 million and $3.8 million respectively. This is a significant increase over prior quarters due to our Bryant Street and 408 Jackson joint ventures being included in this segment as of January 1, 2024. As a same-store comparison, FRP shares of revenues and NOI for the quarter totaled $3.35 million and $2.09 million respectively, an increase of 2% and 4% over the same period last year.

該季度 FRP 的營收份額和 NOI 分別為 666 萬美元和 380 萬美元。由於自 2024 年 1 月 1 日起，我們的 Bryant Street 和 408 Jackson 合資企業被納入該細分市場，因此這一數字較前幾個季度大幅增長。同店比較，本季 FRP 份額營收和 NOI 分別為 335 萬美元和 209 萬美元，比去年同期成長 2% 和 4%。

Now onto the Development segment. This segment is where we acquire entitle, develop, and create new income-producing assets that are transferred into our commercial industrial and multifamily business segments upon reaching certain completion and occupancy benchmarks. The segment uses capital to entitle and develop lands and fund our vertical construction endeavors, with the goal of turning our non-NOI producing assets into NOI producing assets. The segment also lends funds to strategic partners and ventures to prepare and develop land for sale to national homebuilders in exchange for interest and our profit sharing.

現在進入開發部分。在這一領域，我們獲得權利、開發和創造新的創收資產，這些資產在達到某些竣工和入住基準後將轉移到我們的商業工業和多戶型業務部門。該部門利用資本來授權和開發土地，並為我們的垂直建設工作提供資金，目標是將我們的非 NOI 生產資產轉變為 NOI 生產資產。該部門還向戰略合作夥伴和企業提供資金，以準備和開發土地，出售給全國住宅建築商，以換取利息和我們的利潤分享。

In terms of our commercial industrial development pipeline, our 259,000 square foot state-of-the-art Class A warehouse building located in the Perryman industrial sector of Hartford County, Maryland is well under construction and expected to be delivered in Q4 of this year. We have entered into two new joint venture agreements with BBX Logistics. The first provides for the construction of a 200,000-square-foot warehouse building in Lakeland, Florida.

在我們的商業工業開發管道方面，我們位於馬裡蘭州哈特福德縣佩里曼工業區的259,000平方英尺的最先進的A級倉庫建築正在順利建設中，預計將於今年第四季度交付。我們與 BBX Logistics 簽訂了兩項新的合資協議。第一個計劃是在佛羅裡達州萊克蘭建造一座 20 萬平方英尺的倉庫大樓。

The site is centrally located along the I-4 corridor between Tampa and Orlando. Permits for the development should be in hand during Q1 of 2025. The second provides for the construction of some 180,000 square feet of warehouse product in two buildings in Broward County, Florida. The site is minutes from Port Everglades and the Fort Lauderdale Hollywood International Airport frontage on I-595, accessing the Florida turnpike and I-95. Permits may be in hand by the first quarter of 2025 as well.

該地點位於坦帕和奧蘭多之間 I-4 走廊的中心位置。開發許可證應在 2025 年第一季取得。第二個項目規定在佛羅裡達州布勞沃德縣的兩棟建築中建造約 180,000 平方英尺的倉庫產品。該地點距離埃弗格萊茲港和 595 號州際公路上的勞德代爾堡好萊塢國際機場僅幾分鐘路程，可通往佛羅裡達州收費公路和 95 號州際公路。許可證也可能在 2025 年第一季拿到手。

In Cecil County, Maryland along the I-95 corridor, we are in the middle of predevelopment activities on 170 acres of industrial land that will support a 900,000-square-foot distribution center. We look to secure permits in Q2 of 2025.

在馬裡蘭州塞西爾縣 I-95 公路沿線，我們正在進行 170 英畝工業用地的預開發活動，該工業用地將支持一座 90 萬平方英尺的配送中心。我們希望在 2025 年第二季獲得許可。

Finally, we are studying multiple conceptual designs for our 55-acre tract and Harford County, Maryland. Our various configurations should yield between 625,000 to 650,000 square feet of industrial product consisting of multiple buildings. Existing land leases for the storage of trailers on site helped to offset our carrying and entitlement costs until we are ready to build, which could be as early as 2025 pending favorable market conditions.

最後，我們正在研究 55 英畝土地和馬裡蘭州哈福德縣的多種概念設計。我們的各種配置應產生由多棟建築組成的 625,000 至 650,000 平方英尺的工業產品。用於現場存放拖車的現有土地租賃有助於抵消我們的運輸和權利成本，直到我們準備好建造為止，最早可能會在 2025 年進行建造，具體取決於有利的市場條件。

Completion of these industrial commercial development projects will add over 2.1 million square feet of additional industrial commercial product to our industrial platform, growing the business segment from 550,000 square feet to over 2.7 million square feet.

這些工業商業開發項目的完成將為我們的工業平台增加超過210萬平方英尺的額外工業商業產品，使業務部門從55萬平方英尺擴大到超過270萬平方英尺。

As to our multifamily development pipeline, we have our newest project in the district, known as Verge. At quarter end, the 344 residential units were 91.6% occupied with 45% of its 8,536 square feet of retail spoken for. Total revenues and NOI for the quarter were just under $2 million and $987,000 respectively.

至於我們的多戶住宅開發項目，我們在該地區擁有最新的項目，稱為 Verge。截至季末，344 個住宅單元的入住率為 91.6%，其中 8,536 平方英尺的零售面積佔 45%。該季度的總收入和 NOI 分別略低於 200 萬美元和 987,000 美元。

FRP share of revenue and NOI for the quarter totaled $1.22 million and just over $605,000 respectively. Although our emphasis is on the industrial assets at this time, we will keep watch on market conditions and their impact on four multifamily projects that reside in our development segment. These projects represent over 1,200 apartments and 58,000 square feet of retail.

本季 FRP 的營收份額和 NOI 總額分別為 122 萬美元和略高於 605,000 美元。儘管我們目前的重點是工業資產，但我們將密切關注市場狀況及其對我們開發領域的四個多戶型專案的影響。這些項目包括超過 1,200 套公寓和 58,000 平方英尺的零售空間。

Turning to our principal capital source strategy or lending ventures, I have the following updates to our two current projects. Amber Ridge in Prince George's County, Maryland, consisting of 187 lots is completely sold out. Final development activities to get off bonds are ongoing. And upon completion of this project, interest income and profits are expected to total $3.8 million, a 20% profit on funds drawn.

談到我們的主要資本來源策略或貸款企業，我對我們目前的兩個專案有以下更新。馬裡蘭州喬治王子縣的 Amber Ridge 共有 187 塊地塊，現已全部售空。擺脫債券的最終開發活動正在進行中。該項目完成後，利息收入和利潤預計將達到 380 萬美元，其中資金利潤率為 20%。

Our second lending venture Presbyterian Homes or Aberdeen Overlook, consists of 344 lots located on 110 acres in Aberdeen, Maryland. We have committed $31.1 million in funding $23.1 million was drawn as of quarter end and over $5.8 million in payments were received to date. A national homebuilder is under contract to purchase all the finished building lots, and we expect to receive a minimum 20% profit on funds drawn.

我們的第二家貸款企業 Presbyterian Homes 或 Aberdeen Overlook 位於馬裡蘭州阿伯丁，佔地 110 英畝，由 344 塊地組成。截至季末，我們承諾提供 3,110 萬美元的資金，已提取 2,310 萬美元，迄今已收到超過 580 萬美元的付款。一家全國性住宅建築商簽訂了購買所有已完工建築地塊的合同，我們預計從提取的資金中獲得至少 20% 的利潤。

We also continue to entitle Hampstead Trade Center, which consists of 255 lots located in Hampstead, Maryland and to explore Second Life residential build-out options for acquirees in the South. The knowledge gained through our lending ventures has offered management a unique opportunity to leverage this development expertise, apply it to our mining lands and potentially scale this strategy while creating a second life for our mining lands.

我們也繼續授權漢普斯特德貿易中心（Hampstead Trade Center），該中心由位於馬裡蘭州漢普斯特德的255 個地塊組成，並為南部的收購者探索「第二人生」住宅建設選擇。透過我們的貸款企業所獲得的知識為管理層提供了一個獨特的機會，可以利用這種開發專業知識，將其應用於我們的礦區，並有可能擴大這一策略，同時為我們的礦區創造第二次生命。

In closing, we remain pleased with the company's performance and excited about the growth potential being created in our development segment. Interest rates, inflationary pressures on expenses and construction costs, and existing supply and deliveries will continue to create headwinds and enhanced scrutiny for new development starts.

最後，我們對公司的業績仍然感到滿意，並對我們的開發部門所創造的成長潛力感到興奮。利率、費用和建築成本的通膨壓力以及現有的供應和交付將繼續帶來阻力，並加強對新開發項目的審查。

We do continue to move forward and seek entitlements for our development pipeline with several permits expected in 2025. Upon receipt of these permits, management will remain patient, calculated, and cautious in pulling the trigger on vertical construction. Thank you, and I'll now turn the call back to John.

我們確實在繼續前進，並為我們的開發管道尋求權利，預計將於 2025 年獲得多項許可證。收到這些許可證後，管理層將保持耐心、深思熟慮並謹慎地啟動垂直施工。謝謝您，我現在將把電話轉回給約翰。

Thank you, David. Not to put too fine a point on it, but the market conditions, as described by David, have for some time led us to believe that our best path forward in the immediate future lies in industrial development. Returns are currently better than most multifamily projects and are less capital intensive and less reliant on debt.

謝謝你，大衛。不想說得太過分，但正如大衛所描述的那樣，市場狀況一段時間以來讓我們相信，我們在不久的將來最好的前進道路在於工業發展。目前的回報比大多數多戶住宅項目好，資本密集度較低，對債務的依賴也較小。

Industrial development has always been our core competency, and we are excited to move forward on the projects we have in the queue. Market and economic conditions will need to remain favorable, but the five industrial projects David described represent an estimated $191 million in CapEx for the company, which we have underwritten at 6% to 7% return -- 6% to 7% NOI yield on costs.

工業發展一直是我們的核心競爭力，我們很高興能夠推進我們現有的專案。市場和經。

This ability to pivot between asset classes is one of our strengths as a company. The economy remains strong, the margins have tightened, costs have gone up, and it requires real skill and the right assets to execute on projects that are accretive to investors. We believe we are in an excellent position to do just that because we have a strong balance sheet combined with expertise across a number of asset classes from a nimble and energetic management and operations team.

這種在資產類別之間進行轉換的能力是我們作為一家公司的優勢之一。經濟依然強勁，利潤率收緊，成本上升，需要真正的技能和合適的資產來執行對投資者有利的項目。我們相信，我們處於實現這一目標的絕佳位置，因為我們擁有強大的資產負債表，以及靈活而充滿活力的管理和營運團隊在多個資產類別上的專業知識。

Before we open it up to questions, I want to take a moment to acknowledge our Chairman, John Baker II, who retired as CEO yesterday. This company was wildly fortunate to have John Baker at the home for both his 10 years as CEO.

在我們開始提問之前，我想花點時間向我們的董事長約翰貝克二世表示感謝，他昨天以執行長的身份退休了。這家公司非常幸運，約翰貝克 (John Baker) 在家中度過了他擔任執行長的十年。

The first time around, he helped guide the company through the worst financial crisis of any of our lifetimes. In his second tenure, he helped engineered the sale of our warehouse assets in 2018, which was not only a significant liquidity event but sparked a massive transformation in the direction of the company of which he oversaw.

第一次，他幫助帶領公司度過了我們一生中最嚴重的金融危機。在他的第二個任期內，他在 2018 年幫助策劃了我們倉庫資產的出售，這不僅是一次重大的流動性事件，而且引發了他所監管的公司方向的巨大轉變。

His career in the aggregates industry is legendary. And he's universally respected among his peers of which there are very few. It also happens to be the greatest man I've ever known. As retirement leaves huge shoes to fill, and I'm incredibly humbled by the opportunity to continue his legacy. We are now happy to answer any questions that you might have.

他在骨料行業的職業生涯具有傳奇色彩。他在同行中受到普遍尊重，而這樣的人屈指可數。它也恰好是我所認識的最偉大的人。由於退休留下了巨大的空缺，我對有機會繼續他的遺產感到非常謙卑。我們現在很樂意回答您可能提出的任何問題。

(Operator Instructions) Stephen Farrell, Oppenheimer + Close.

（操作員說明）Stephen Farrell，Oppenheimer + Close。

Good morning. Congratulations to both.

早安.祝賀兩人。

Thank you, Stephen.

謝謝你，史蒂芬。

I had a quick question. You mentioned financing a portion of the industrial cost with debt. Do you know how you would do that? Would you mortgage some of the existing properties or would it be a construction loan or corporate level debt?

我有一個簡短的問題。您提到透過債務融資部分工業成本。你知道你會怎麼做嗎？您會抵押一些現有財產，還是建築貸款或公司層面的債務？

David, do you want to take that?

大衛，你想接受這個嗎？

Sure. Two projects that we would look to finance, it would be construction debt. And those would be the two Southern Florida assets.

當然。我們希望融資的兩個項目是建築債務。這就是佛羅裡達州南部的兩處資產。

And those are smaller in square footage compared to the other two, correct?

與其他兩個相比，它們的面積更小，對嗎？

Correct.

正確的。

Yeah, compared to the two Baltimore projects that we have.

是的，與我們擁有的兩個巴爾的摩項目相比。

Yes. And how much would a similar LTV and as at residential, about 50%?

是的。類似的 LTV 是多少，住宅的 LTV 約為 50%？

We would test the market. We'd have to see where -- so for rates, the spreads, we would just have to see where the credit markets are, Q1 2025 and just see what makes sense. But I would -- I think you're correct. I think the range is somewhere in that 50% to 55%. That would be my guess.

我們會測試市場。我們必須看看利率、利差在哪裡，我們只需要看看 2025 年第一季信貸市場的情況，看看什麼是有意義的。但我會——我認為你是對的。我認為這個範圍在 50% 到 55% 之間。這是我的猜測。

And how is Phase I with Steuart affected by the undertaking of these development projects in the next 18 months? How should we think about the time line for development there?

未來 18 個月內這些開發案的發展對 Steuart 第一階段有何影響？我們該如何思考那裡的發展時間表？

Steuart, again, Steuart, we're looking to secure permits. We'd look to secure them in Q1 2025. And at that time, we got to see what the wash-in market at Buzzard Point is at that time. A lot of supply is coming on time, and it just may not be the right time to pull the trigger there.

斯圖爾特，再次，斯圖爾特，我們正在尋求許可。我們希望在 2025 年第一季獲得它們。那時，我們去看看當時巴札德角的洗水市場是什麼樣的。大量供應正按時到來，但現在可能不是扣動扳機的合適時機。

But our balance sheet is pretty strong. We have a partner at all three of these projects. And if market conditions warrant, we certainly could do -- we could do these projects, but we've got to make sure that the market is right for it.

但我們的資產負債表相當強勁。我們在所有這三個項目中都有一個合作夥伴。如果市場條件允許，我們當然可以做——我們可以做這些項目，但我們必須確保市場適合它。

The appetite to move forward on Steuart, as things currently stand at the DC market, is not there on our end and it's not there on the Steuart end. If you recall, this land has been in their family for a very long time, and it's a huge opportunity for them. They're not -- they don't need to move forward on it and they're not going to until everything lines up perfectly and all signs point yes. They're not incentivized --

正如 DC 市場目前的情況，我們並沒有在 Steuart 方面繼續前進的意願，在 Steuart 方面也沒有這種意願。如果你還記得的話，這片土地已經屬於他們家族很長一段時間了，這對他們來說是一個巨大的機會。他們不是——他們不需要繼續前進，直到一切都完美地排列並且所有跡像都表明是的，他們才會這樣做。他們沒有受到激勵--

And when you first announced it --

當你第一次宣布它時--

Sorry, what is your question?

抱歉，您的問題是什麼？

When you first announced the deal, there was the four-year development time frame for like one building or phase every 4 years. So that's -- there's nothing sort of -- there's no hard line of this development has to start by X date.

當你第一次宣布這筆交易時，有四年的開發時間框架，每四年開發一棟建築或一期。所以，沒有什麼硬性規定這個開發必須在 X 日期之前開始。

Nothing that can't be extended, David III was the architect of the contract and agreement between the Steuart and us and MRP. And they crafted an agreement that is really beautiful because everybody -- incentives are aligned in the same direction. We do not execute on the purchase of that land until they say, yes, and they're not going to say, yes, if the underlying value of the land is depressed.

沒有什麼是不能延長的，大衛三世是史都華與我們和 MRP 之間的合約和協議的設計者。他們制定了一項非常美好的協議，因為每個人的激勵措施都朝著同一個方向調整。在他們說「是」之前，我們不會購買那塊土地，而如果土地的潛在價值下降，他們也不會說「是」。

And so the market's got to be right in order for them to achieve full value for their land and the market has to be right in order for us to move forward to want to execute this property. And so we are complete -- our incentives are completely aligned with the Steuarts. It's just not going to happen until it's the right time for it to happen.

因此，市場必須是正確的，以便他們能夠實現其土地的全部價值，而市場也必須是正確的，以便我們可以繼續執行該房產。這樣我們就完成了——我們的激勵措施與斯圖亞特家族完全一致。它只是不會發生，直到它發生的正確時間。

Thank you. And maybe I missed this, was there any comment on rents for the Maren, Dock in Bryant Street?

謝謝。也許我錯過了這一點，對布萊恩特街馬倫碼頭的租金有什麼評論嗎？

We did not report on any of those. As it relates to rents, what --

我們沒有報告任何這些。說到租金，什麼--

Just renewals --

只是續訂--

Okay. At Dock and Maren, our renewals for the quarter were pretty strong. They were up, call it, 2.5% on both of those assets. Our South Carolina assets, 408 Jackson in Riverside, renewals were also strong.

好的。在 Dock 和 Maren，我們本季的續約非常強勁。這兩項資產的漲幅為 2.5%。我們南卡羅來納州的資產，位於 Riverside 的 408 Jackson，續約也很強勁。

Renewals at 408 Jackson were about 3.5% and the trade-outs were 7.3%; Riverside was 1.6% on renewals and trade-outs were pretty flat; at Bryant Street, very strong; at Coda, renewals were 8.2% and trade-outs were 9.7%; and Chase, renewals were 4% and trade-outs were 7%.

408 Jackson 的續約率約為 3.5%，折價率為 7.3%； Riverside 的續約率為 1.6%，交易率相當穩定；在布萊恩特街，非常強大；在 Coda，續約率為 8.2%，換購率為 9.7%；而大通銀行的​​續約率為 4%，購屋率為 7%。

At Verge, it was relatively flat. It's a new project. It hasn't reached kind of occupancy and moved into our multifamily segment but excited where things are going there.

在Verge，情況相對平坦。這是一個新項目。它尚未達到某種入住率並進入我們的多戶住宅部分，但對那裡的事情進展感到興奮。

Great. That's all I have. Thank you.

偉大的。這就是我的全部。謝謝。

(Operator Instructions) And gentlemen, it appears we have no further questions this morning. Mr. Baker, I'd like to turn things back to you for any closing comments.

（操作員指示）先生們，今天早上我們似乎沒有其他問題了。貝克先生，我想將所有的結案意見轉回給您。

Thank you all, and we appreciate your continued investment and interest in the company.

謝謝大家，我們感謝您對公司的持續投資和興趣。

Thank you, Mr. Baker. Ladies and gentlemen, that will conclude today's FRP Holdings first-quarter 2024 earnings conference call. We'd like to thank you all so much for joining us and wish you all a great day. Goodbye.

謝謝你，貝克先生。女士們先生們，今天的 FRP Holdings 2024 年第一季財報電話會議到此結束。我們非常感謝大家加入我們，並祝大家有個愉快的一天。再見。