FRPH - Earnings call transcript Q2 2024

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, everyone, and welcome to today's FRP Holdings, Incorporated Second Quarter 2024 Earnings Conference Call. [Operator Instructions]. Later, you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions]. Please note, this call is being recorded. Instructions]. [Operator my III. the now CEO, over to Baker, John pleasure is conference turn to It ahead. go Please

John Baker

Thank General you, And Officer; Chief good John our Officer Executive are Angela, Chief and our deVilliers, and Baker, of Counsel. Chief Baker, David President Matt David Vice FRP John Executive II, III, Operating our Milton, Holdings, deVilliers, our Officer; Financial Inc. Jr., with Chairman; today afternoon. me and President; I'm III, John our McNulty,

on this are, those statements events which our relate subject As risks These future any a materially that indicated and call, to the forward-looking in statements. SEC actual risks by to filings. from reminder, such to differ results nature, and their in listed could uncertainties and uncertainties cause are

meaning of of or Regulation financial non-GAAP net forward-looking Securities or to presented the present except net result Non-GAAP We To measure statements please performance. imposed as Measures non-GAAP to financial not segment to substitute the NOI be obligation events financial in of meaningful with FRP or for should assess by its and per The of income. FRP Accepted and future measures rata have to Pages asset Commission. supplement GAAP purposes results as values, in no and views the estimated non-GAAP X Financial liabilities the only of and a measure update this net identify measure This to income operations of is various release. Any for reconcile by To financial trends its cap and our promulgated value how any uses illustrated its to titled assets. Accounting referenced operating law most of Exchange call management share Principles, financial a Generally present -- certain earnings accordance assets, reference and our income, information. analysis as XX on reflection measures. in this operating revise operating new GAAP refer recent the debt pro analyze a the rates, and is G viewed values net and within financial monitor, not as

foreign price be not the or and do the of that of purposes costs liability. management would an the sale obtained reflect necessarily For associated upon or tax decisions asset

in revenues last Now financial profit or remaining Despite per for $XXX,XXX for year. the flat, period $X second $X.XX share versus or quarter. largely to net and same our second increased quarter share from the highlights the XXX% income million per $X.XX operating

XXX% X lending Overlook For net X venture development million in multifamily of saw of the equity quarter $X.XX down The was the for was for our time increase the during to in $XXX,XXX primary most a By to months, quarter, to we In drove performance of year of lots, Aberdeen net business for the $X.X treasuries income cash projects part recent $XXX,XXX of generated compared in providing loss $X.X driven last income months these project year. The the investment the our the money lending generated of improvement of from $XXX,XXX in compared million performance income from recent well last improved share the returns are has partly a project our X and year. the the our by a previous months second compared driver most on the first our investment year. This lease-ups generated $X.X and first land the the quarter last first by D.C., Verge million our $X.X project. Year-to-date, and second million joint of last homebuilders ventures national Aberdeen the trust first or increase core developer which not per with last required million in to management versus $X.X Overlook. our and know into compared to X and income previous second have long through energy in months employees. venture for that to in excess for strategy develop term, without were tapping desperate year

the X was grown second of over Over the of million, years, quarter that second the X a $X.X months last the NOI XX% a pro of We we in growth this at Pro rata NOI rata annual and the maintained XX.X%. first rate second have for quarter improvement quarter XXXX. compound year. pace

transfer over and Development when segment these from in Street the year. reach of compared to to these in the same the when period NOI Multifamily our Multifamily this X to Commercial year. Multifamily increase assets first XX% is the of .XXX the flat a Bryant growth rata segment .XXX less the in by year pro $XX.X XXXX last segment to the the NOI a increased same flat more was part rata the year. Street they This compared asset NOI XX.X% and million respectively. Maren Riverside X is XX% or Mining compared last to for for second the For compared XX, drivers and Royalty quarter this segment last occupancy Industrial and Development quarter the our NOI result and as months, period for last Jackson the the XX% for Primary days. Same-store upon Bryant months projects of NOI of X and increased Greenville XX% XX and is D.C. segment Dock first of XXX%, pro the year. stabilization first by for months basically growth and Jackson to last compared

these the segment's of performance segment the increased we months, same NOI this and compared for this segment overall improve period increases year. on quarter in basis. The year upon Multifamily XX.X% improvement transfer in NOI. should the X rata stabilization third to Verge an saw only first pro The this last of These the in the drivers projects XXX% For the were from NOI

NOI months compared of million real Industrial by our are in rents at second assets the Park. cash having concession opposed and the to to of now highlights by are These occupancy the result first period to brief posted we periods that to GAAP our rent website the -- at the quarter X buildings through Business XX% same $X.XX increases slide phases generating for as early $X.X the and second lining purposes. Yesterday, million for quarter. in unrealized recognize abatement from revenues straight to a the the show increased first last Hollander of burned year. These XX% in Commercial the X financial we for

it, illustrative for estimated estate assets an not of who seen we and are those [indiscernible] debt value For publishing now have liabilities. purposes real our

to of range Our analysis share per a $XX.XX. in value yielded the $XX.XX

We how views necessarily obtained reflect various of David to prices sale provide the his the a our call now Chief Officer, not David? or Operating management be the report. reflect to this for of purposes or its do will costs that over turn the I assets for upon informing liability. associated asset deVilliers, decisions information management tax III

David deVilliers

to X GAAP nearly for XX.X% & due you, revenues million NOI state on in X% totaled same and feet, Total million, quarter totaling and of last variance $X.X an several growth of NOI me on beginning lease and company. Starting call. lease our results of with Maryland. of an XX% respectively, requires abatement end, revenue Industrial the Allow John, the the periods. is Commercial This year. The were segment. second growth perspective buildings increase the XXX,XXX consists the be day their and term the are $X.X Thank which square occupied. quarter term entire buildings the segment At straight-lined the revenues. large to quarter operational mainly to and rent when with provide over calculating to those of period the between good warehouses tenants

the are As first during received term what the a higher a period. pronounced being abatement more is of is during GAAP and result, variance than lease the revenues rent half

NOI As effects. above, lining is straight a financial the back stated out measure. calculations NOI non-GAAP

is reflected XX% the we reflected to growth lease rental revenue and a why result, NOI year. a NOI saw period As XXXX a XXXX full over NOI quarter this reduced payments. last the the growth This same payments X% compared

in of consists Business million in over Florida Virginia. Georgia quarter locations, is XX totaled over the in Total portion the property a this with our of million, overestimated this which mine overpayment the and reduction our mining the to owners. The one for $XXX,XXX expect tenant XXXX revenues $XX,XXX production of $X and predominantly quarry primarily of Manassas of we $X.X royalties X% year. These in be on decrease Royalty were result payment Moving and division results and other by period third of quarter will X% exhausted shared credit is at Mining tons, last This and year. a resolve to which decreases with our respectively, first balance of the month the outstanding segment. which located a our NOI same of

segment and As segment, Multifamily to this apartments over XXX X,XXX our business

and [Audio for were revenues of occupied, segment and Gap] located NOI and is FRP's NOI $X.X .XXX XX.X% respectively. Bryant respectively. and and ventures adding XX.X% the the quarter X, as million January quarter. of the was being were in totaled and prior revenue and significant retail Jackson million D.C. $X quarter $X.X increase Carolina. and and Washington, apartments due This the quarters million, share At revenues joint million, $X.X end, quarter XXXX, a this South occupied. Total our space this Street $XX.X in million to of $X for over million included NOI of

and to X% only X.X% Dock, abundance XXXX. An market and put pressure over future, retail vacancy foreseeable This on also revenue X.XX% perspective from D.C. for NOI a a tenant quarter rental will to expenses totaled premiums rates XXXX. Management and real retention and the for a and a to and result this of remain average insurance As of the which Maren, $X.X same-store quarter to and the taxes NOI FRP's increased primarily quarter of and comparison, and decrease diligent tenants vacancies is as in rising from market. may included share payments growth, average estate respectively, million, and in Riverside, continue which this the the same headwind less in to compared year. growth compared same-store over continues supply be X.X% $X.X our of rental the revenues million increasing last the by period overage

pleased being renewal growth all to with positive over of our positive rates trade-out are rental have as and a success renewal majority rental rates XX% We showing well. rates

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

In November completion negatively be Maryland, is or terms NOI impact X Class state-of-the-art is the the Commercial the moved asset of stabilized, Industrial will and of to before our Harford [indiscernible] will this our Industrial/Commercial on this of to shell industrial being the passed County, occupied to year. Upon until operating completion, through is pipeline, XXX,XXX warehouse expenses sector be it in with segment tenants. building square and delivered and foot A nearing expected and

International is be the Our Everglades XXXX on and Port Florida, in and with the hand the square the entitlement to BBX Hollywood as well that will to I-XX. frontage hand Florida, permits will now support where I-XX that Orlando from located Lauderdale by predevelopment A look Cecil may XX% totaling is or Lakeland, on into in on permits on along underway Tampa and accessing for we The and I-XXX, minutes over Florida Class Airport well. In QX foot secure also BBX focused acres square process the the square warehouse and intends A County, a Turnpike before of FRP X I-X and the buildings in distribution XXX,XXX partner building XXXX. FRP stage, industrial Broward shift with corridor, Logistics feet. is The be entitlement in Fort as a along QX Corridor Class We center. foot of between warehouse land support Maryland, land in XXX development of permits middle site in should are XXXX. XXX,XXX QX County, XXX,XXX activities be

pending site, for initial permitting trailers the of The to XXX,XXX the in these we be are entitlement track leases growing which feet in our favorable industrial carrying X.X product we County, helped X as of commercial development market additional are and over to will Finally, projects storage industrial of of buildings XX-acre feet XXXX, until over product, permits could to from to for commercial square business Maryland. feet. obtain is a as industrial intent totaling X.X land square add conditions. Completion build, stage industrial segment million million early for XXX,XXX to square platform, on Harford existing the our some feet costs square offset ready

new expectations $X.X stabilization, a at total project to return on million to to with projects X% lease-up Lakeland, construction $XXX the buildings some million Fort million. With and These X X focus square in of the foot building on industrial potential permitting, represents cost next commercial estimated the feet County. Over XXX,XXX product, $XX X% Perryman, we years, Lauderdale NOI. cost in XXX,XXX X of and square Harford represent over will upon these

The Verge, occupied $X end. XXX at $X.X and residential NOI for development As to share district quarter and located our respectively. FRP's $XXX,XXX, was our Total XX.X% million, quarter $X.XX for unit were quarter million revenues totaled million Multifamily the and project NOI respectively. the pipeline, in the revenues in

weighted industrial retail. multifamily Florida. represent in XX,XXX X we and South Carolina segment our watch projects in assets, our projects impact toward continue over While market Astero, Development X,XXX and focus is on development located and Greenville, of conditions apartments our to pipeline D.C., square feet Washington, These their currently

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

Aberdeen Aberdeen, located of bench in XXX Maryland. XXX second acres Homes, or lots Presbyterian Overlook Our lending consists on

on Florida. Lauderdale key rent and and spot. growth, particularly have in construction a submarket costs apartments we demand trade-out and supply payments The completion growth we QX funding, We is to assets, lots $XX.X a drawn Interest apartments finished the received national our and and in have renewal curve. Interest homebuilder drawn land industrial was at for to multifamily closed Fort preferred space A date. within contract the several at generate XXXX. and and return pleased progress in and are of spreads a rent rate XX% and quarter internal funds upon on of being million made have were end in committed Lakeland to with rate where upon XXX of and by interest our for and all to new projects over XX lots entitlement rates principal we encouraging although building a least the supply million the $XX.X for indicator D.C. and appeared remains warehouse of closing, the stabilize. of absorption remain headwind demand are million Waterfront bright eased as $XX.X under is been upon expect of the have purchase project. In

on stack look remains the expense a management leasing existing growth we and and between our sensible teams. terms construction ahead, fundamentally revenue As with our and development, financing sound hyper-focused margin Having assets. at property capital focus

and With vertical expected due patient in several efforts [indiscernible] diligence cautious, and diligence permits our the due through vertical process. XXXX to entitlements thorough in our

or vertical John. call wait the the you, pull calculated I'll construction. Thank now and turn to make will informed to and We decisions trigger on back

John Baker

you, Thank David.

heard our closed and the said industrial on industrial in expanding joint focusing price on David's basis. In July, square occasions, you purchase the of on for As a our $XX.X report, total our Broward development and and venture County, footprint we on a land regional we Florida are purchase million. maintaining strategy footage we of have for several just in of

for our We JV also of in quarter closed a for $X.X on Lakeland, other price million. total industrial the land Florida purchase last

start projects of We or XXXX. both before on expect to construction on March

million total in square feet represent the projects industrial expected million totaling Perryman, XXX,XXX quarter. of We A foot X are million. our account capital, XXX,XXX of $XX shell estimated we These for of $XX.X CapEx nearly which space finished asset of with $XXX completion Class new in Maryland, construction equity an fourth and industrial with square in

a any We I conservative yield expect up that X% NOI these to might you outperform now have call underwritten on assumptions. will these questions assets open the costs, X% to at but for have.

Operator

[Operator from Instructions] We'll Close. our take question first with Stephen Oppenheimer Farrell

Stephen Farrell

Just a quick question.

the With the X expected purchase development, million the of Florida does that $XX include million, $XX land? CapEx, and

David deVilliers

yes. Yes,

Stephen Farrell

such why a the in any particular the reason there cost discrepancy is X? there's per big foot square And between

David deVilliers

Lauderdale are from range market $XX lot Florida rates, Broward Fort Yes. are In rates County, rates and square Florida, heck and to net expensive rental in $XXX the rental a more up rental $XXX from and County, site say, that just range against triple Lakeland, foot Broward a let's a land coming is well-heeled $XX.XX higher.

driving the that's difference. So

Stephen Farrell

And even if construction cost is that per $XXX costs develop looks it there are $XXX? square any though, about like I related different? look foot Is at the excluding versus to the construction land

David deVilliers

nuances They development land the the comes to bit, A couple. foot when Lauderdale, move The we're building. a a nuances all -- the going X, particularly is things. efficiencies that them. same, costs. can around There a there's single the building. It's Fort interesting some Lauderdale to foot side these single it Lakeland build building may XXX,XXX there's just site. In square building buildings versus cost Fort is to are in the development site when single little X, XX,XXX square look always There's of you a but build which

Stephen Farrell

there the Okay. place is is construction when a project, finished? lease for in for Chelsea And

David deVilliers

there not. is No,

Stephen Farrell

that issue you do any And anticipate having filling space?

David deVilliers

mean before really building really in it's Typically, deliver rare market feel I demand. have for a market, We the get buildings them. This of us a on in, no time. gets the we good we walk kind product. inquiries this this to some this on they start put pre-leased to of pavings Not in No. we in still good can time. at once put seeing of can and QX it. activity. at year. and but had when market typically We've And drive the we it traded it, a people there's paper lot That's

Stephen Farrell

good. increase, the the it outpacing and question. the at rates color of Dock chart that? a release, has Is Maren provide any the page second On recently. not in your And on That's percentage there XX of can just kind you on renewal looks were like which Okay. Dock new quick Maren, happened

David deVilliers

and Dock some that while Maren rates are think able may at seeing we'll if push has the where I if evening there, Maren. effective a to these start continues, Dock now for I that's to also things as are of have it Dock have get we're We'll now. attractive. more days. it to same Dock had know effects just begin see love don't kind but with, out I'd if rental of -- and right rents and we rents lower more

John Baker

Yes.

pretty last rent growth and were the maintain I this a Dock rental pushed kind year, think, catch Maren. occupancy renewals Stephen, I we see think, you might probably is trying on didn't Dock of And think growth up. and consistently just had previously, high at you I to that

Operator

Rhizome next Bill [Operator Partners. Instructions] Chen We'll go to with

Bill Chen

may jump little I and have a few I around bit. questions, a

first quick a question. Just

no rata NOI Maren, JV numbers? pro -- like-for-like the are beyond, of XX transaction, for right? There's the that's effects Dock On and these that

David deVilliers

Correct.

Bill Chen

NOI growing expenses like lower the Is the guess read? I to you. faster? in maybe the due that occupancy Got and drop is Okay. slightly

David deVilliers

first is they're really even, QX where we the QX It alone. saw erosion. for Bill, is year-to-date, quarter

Bill Chen

NOI to are are you say Or of metric just you about? occupancy? talking which When you Okay. talk like talking one erosion,

David deVilliers

Both.

from X% XXXX, QX saw in in of decrease the XXXX occupancy average in QX NOI XXXX So we and around standpoint, about a lower X.X% was to XXXX. occupancy QX compared

Bill Chen

the know is seeing see kind you your see Is area. what some Like good Well, renewal bigger healthier Metro that, the you're renewal. then the I in well? Like guys that's the tend published think what Sunbelt. are what the in rent is do like usually the is slightly what we we're be in lease? and the negative. the trends new renewals better than I Generally, ever of seeing been leases past. you -- it as positive new I in of is just the mean, don't seeing growth to is thing REITs that DC rent what we've that

David deVilliers

trade-outs. in So was just at out And at the we the trade about Maren, -- Dock and was X.X% it under Riverside, had X% negative negative. positive

Bill Chen

get Is Got about you. That's foot? the Can per warehouses. assumption? $X we to assume helpful. that in a over of Jumping reasonable that Chelsea's square kind

David deVilliers

is that equation many Chelsea. to going couple Where in are for $XX better. market type things. and year -- rate improvements of the what A and term get out the we an $XX. even We're we that we we're to say right rate. be want looking of would in at kind I the escalations that average X plan of of out it's how annual market they land But going at be that across is term now,

Bill Chen

the And now? submarket market in helpful. That's what's vacancy that right

David deVilliers

to this For type, -- hold X%. me I'd product But I think it's at we're our number. don't exact say

Bill Chen

X%.

Okay.

So I think very or don't know still mean like the I not one it's but -- in filings, -- you of mentioned call if I an The filings. earnings had before, earlier alky. it's

lot on Venture XXX apply monetized. you I you available and as from you're of that's where that learned that exploring disclose any assets when mentioned remember learned update Lending and land or -- the to ] of a to site lot commonly what [ multi-decade have the Georgia. Like the in or have we And thought will correctly, be be firstly that? you any kind may guys historically parts have said to if have we might the from targets potentially acres You Florida a ways these

helpful. update lots, to within of -- possession I any any -- turning like homebuilding So would just potentially like on term, near term ] like cetera, [ on by commentary in them or sorry, be near et on that any mean,

John Baker

go David. ahead, Yes,

David deVilliers

Alico see County cause large probably it, term, aggregate can across we a in that's do to when happen there with if but mining road something life something That's that stuff it. sewer from that don't to a to of the us type to going that's to I Near we and major going an exactly some A like has do. just if at road can't we're comes was Fort near vehicles built purchased Bill, say there's major that's a Myers, land on. Lee the Road. some to you to we're otherwise to of cause for I we're squeeze called -- term. think of water bring that through eye sit one -- zoning, see That's highway. And lot going keeping major is stop going stuff look to And going because our operations dollars to if way second to at it put vacant. a quarries there's a to property a what up, at be

John Baker

of Yes, being that Fort Bill, Road to limestone said going get just them. out to get take to Alico too is you bit prior back [ Myers just every to built, on there ] Dave of that's to valuable is Vulcan

And revisit so of you're that profitable soon that like wouldn't of are we that. But so it's capable talk stuff -- as mind, second happen need sure built, I make but it, continue to it development in get get to and until to to internally the of look going those we are continue are ready get develop -- that to that road is about top it's bring but you're going some other side to and mined can what site, as the it that will to mining that hustling -- often say certainly not particularly with in to to they being utilities road they're that going be them make to but they going phase of there, road develop we're -- developed. to like the

Bill Chen

happen time the But the shorter Duck, remember years. I in I than the demo 'XX frame to needed in XX be XX, a least Bridge going I to thought. Low man, like when take bridge, it it's and [indiscernible] built thought much that at a time was it

X So kind Road, that in years? what Alico that like -- is Alico Is talking like of me help frame building a X that time that years? Road, like -- about? XX-year is understand are we Is

John Baker

Yes, probably something that. XXXX, XXXX, like

Bill Chen

right. say something, in All do New later. we're to Because York, years when mean going we we like Okay. XX

I that same want the make there. page to just So sure at we're

John Baker

to the probably -- up open almost a a them. it's would say I it's for lot the priority It's And priority. going top is -- county's for county. it's [indiscernible]

Bill Chen

That's up, X, years like Disney helpful. right by any to Is -- fast term, like where past remember driven like years all the some if I correctly, am because like I Louise I've And Lake in is too ago. this here years ago, X I like home these subdivisions are near -- lots? for going gap there is potential being like developer sold those meaning XX thinking

John Baker

No.

to yet. do, have the is in to donut, they're we're for kind there well just portion hole however down doing. money even inflation. to I while a bit that of going land And the pretty And I making think it, to of to mining, place be have they'd scale, proverbial develop mine good as the I going meaningful going when long it developing you'd the demand start property just is -- there. little it. And kind go which within whatever but to to exceeding phase overall of development called hasn't County, we want we you Wy. that be about yea, is going happened get knows can CEMEX the think -- to you it's which is of wait the concept think all, It's Everybody of before first to be have first Wellness Lake plan this coming in -- a

losing we're income as We're think [indiscernible]. don't I So tight. going by generating to any money be sitting

Bill Chen

thing Well, that. I out, right. get it's you're everything holding else and let build appreciate not mean Like on to a already bad

a because start I Like line why actually but it was unbelievable they CEMEX time what's any I there year a -- on drove now, is that hasn't -- ago it's when when mining mean started. reason that's So may still CEMEX, that? across maybe X

John Baker

own of of them they I roads getting have That mining assets county required know permits. was it. was biggest in a they getting And to in don't it, I lease in some that hurdle kind know, part there And the expense. to area. they think their other have at do extend were they on

royalty not reserves, collect the maybe -- another running supply is the price that already eventually. are product I and if it payments that operations out of will the -- could they they to know ready-mix as the it's with we inflation. minimum they so meantime. That's their immediately happy had. were exceeding And the they in mine what -- the

don't I we're losing not think again, by it. mining any money So them

Bill Chen

in little I'm site site thoughts a but that's bit, my Jacksonville, know be The I all site. head. that in these warehouse? The potentially jumping have just Could vacant now I around a Jacksonville, in

John Baker

its know sit or warehouse, to about could about storage. worry left kind but start that it a of of exploring there I that months on phase, a like it have we'll think years lease, kind or vacant. as will next out, we get not X year when but to be -- there's I like could X don't definitely think be immediately, it but equipment Yes, I X we think I nothing

Bill Chen

square many could that site? Okay. And -- foot how big be like how on built of

John Baker

it's viability asset. about industrial I don't future as know a

use. think equipment I best -- would it time for at being, the storage, is least it So

Bill Chen

pipeline I IR think I visibility. for been great thought putting because of maybe capital there's team XXXX shareholder company you. increase X NOI that to guys know I and the Got the cash a you I XX track I but they're intentions, I XXXX, and job I've But -- track know you I've And leave I initiating years know years, the necessarily years and out flow, for guys in know or a think and to don't that think shareholder team. And do your but so prospective thinking guys lot hired management case the a about the that of not are Board XXXX, just a I know shareholder good work. projects a have been the I a went that's dividend. I know casual to trying management start I that team you and should think since really been that now. I've for the questions, I also I shareholder want and with tracking more X, a kind XX

yield. get So the is treasury, paying in treasury a could then X% X% the you X% when almost in X-year Mid-America today's and environment, X-month

I because competitively initiating think is X% capital the maybe jumping on I and company that $X by be just the still would could be that before the dividend a math allocated, helped call. be there a did then some year. million of most could

sheet. on we're consolidated gets The on be of minimal. There's once debt $XX of these don't still on over running leased [indiscernible] I think to and lot balance at Verge there, lot assets cash gets NOI Chelsea the going a of million a very have

that initiating be a So X% will dividend I It think good. bring. will

the and signals could at you important base the they year to will that the off some very XX% a is start be grow And I else of it if that is because think there to the capital starting signals, and still an dividend shareholders anything the and than eventually. And low at at casual quickly affordable more NOI grown X%, easily shareholder I has to shareholder very year. even prospective very, very low amount. so you return intention think a XX% you're have a

help who that's the sometimes thoughts also lot with. something with deal I and use a kind some up. these earnings perpetual shareholders to liquidity, express company the calls of my and of comes the that talking a of which of calls, have issue like think on kind other to of worked it the about is And I'd from will other to trading prospective So think us shareholders it to kind

feedbacks I it's the shareholders. to other a I have talk of sharing of not it's that when some question, more So

David deVilliers

good No, we I'd said feedback. Bill, I really -- that we've something it's And that it's be if idea bounce lying not around. believe an that

So appreciate you that. sharing I

Bill Chen

it's Well, been and questions. around I'm and have I thank you, internally, thought further no glad that

Operator

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

John Baker

company. and in appreciate investment of Thanks. all, Bye. course, you your Thank interest and the we, continued

Operator

conclude your for This program. you Thank today's does participation.

at any disconnect may You time.

FRP (FRPH) 8 Aug 242024 Q2 Earnings call transcript