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FRP Holdings, Inc. (NASDAQ:FRPH) Q2 2025 Earnings Conference Call August 7, 2025 9:00 AM ET

Company Participants

David H. deVilliers - COO & President
John D. Baker - CEO & Director
Matthew C. McNulty - CFO & Treasurer

Conference Call Participants

David Patrick Foley - Estabrook Capital Management, LLC

Operator

Good day, everyone, and welcome to today's FRP Holdings, Inc. 2025 2Q Earnings Call. [Operator Instructions] Please note today's call will be recorded, and [Operator Instructions] It is now my pleasure to turn the conference over to CFO, Matt McNulty. Please go ahead.

Matthew C. McNulty

Good morning, and welcome to everyone on the call. I am Matt McNulty, Chief Financial Officer of FRP Holdings, Inc. And with me today are John Baker III, our CEO; John Baker II, our Chairman; David deVilliers III, our Chief Operating Officer; David deVilliers, Jr., our Vice Chairman; John Milton, our Executive Vice President; and John Klopfenstein, our Chief Accounting Officer.

First, let me run you through a brief disclosure regarding forward-looking statements and non-GAAP measurements used by the company. As a reminder, any statements on this call, which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These risks and uncertainties are listed in our SEC filings.

To supplement the financial results presented in accordance with GAAP, FRP presents non-GAAP financial measures within the meaning of Regulation G. The non-GAAP financial measures referenced in this call are net operating income, or NOI, and pro rata NOI. FRP uses these non-GAAP financial measures to analyze its operations and to monitor, assess and identify meaningful trends in our operating and financial performance.

This measure is not and should not be viewed as a substitute


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