Is John Begert going to help us slow down a little bit? Well, thanks for coming to FRP Holdings Investor Day here on September 15th. Thank all of you all for coming. Before I introduce John Baker, the staff and our Chairman, I just want to acknowledge a couple of folks here before him. First of all, our template group, Stacy Arias, Elaine George, Ben Smith, Juan Blanco, these people who are here with us, and Stacy over at LDF Doc, who work with Kevin are there every day. I just want to recognize them. Kudos to you, Eric, for a great job. Without them, we wouldn't be doing this. Thank you all very much. I'd also like to acknowledge MRP guys from MRP. There's a lot of them here. They're our partners here in D.C. Obviously, Rob Murphy's out there somewhere. Our Principal, Fred Rothmeijer, Kevin Sharp, and John Baker's rolling around here somewhere. I probably spent more time with John D. Baker II over the last close to two years than I have my wife and president. Again, great partnerships. Our partnerships make the projects something that I think is great. Also, that's John Baker II, our chairman. John Baker III, Chief Financial Officer. [audio ditortion], Executive Vice President. I think the concept of working together [audio distortion]. Thanks for coming. John will kind of take over and go over the report from me. Thank you, David, and thank all of you all for being here. We can't hear you. Can't hear or can? Who was the ghost that said? I don't know. Have him go out and get sued. Can you hear us now? Much better. Thank you. Thank you for letting us know. I appreciate you joining us today. I think we've got an interesting day for you. Hopefully, you will enjoy the presentation and learn a little bit about FRP. If you've got the time and the inclination, maybe watch a little baseball this afternoon. Before we begin, let me remind you that some of our statements today may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements reflect management's current views with respect to financial results related to future events and are based on assumptions and expectations that may not be realized and are inherently subject to risks and uncertainties. Future events and actual results, financial or otherwise, may differ, perhaps materially, from such forward-looking statements. I apologize for that. That's just a safe harbor thing we have to say being a public company. The good news is it enables us to talk to you and answer your questions and really get into the future without worrying about what might happen. As you will hear today, we are really bullish about our ability to deploy the funds that we gained when we sold our warehouse portfolio in, right? 2018. Because of COVID and the uncertainty that it brought both to all of us personally, but to the economy, we have intentionally kept our cash and equivalents very high. We've completed phase II of our Anacostia project, The Maren, as we sit here today, and we've reached stabilization far quicker than any of us ever dreamed. I think David will say it, but I think we underwrote this project assuming we would lease 15 units a month, and we're nearly double that. Again, thank you, Stacy, and all the people that helped make that happen. We've embarked on a new mixed-use project called Bryant Street, which is adjacent to the Washington Metro north of Union Station, and another project right down the river at 1800 Half Street, which we call The Verge. Additionally, we invested in two mixed-use projects in Greenville, South Carolina. One of which has begun leasing and is off to a great start. All four of these projects, not Maren, but H Street, Bryant Street, and two Greenville sites, were Opportunity Zones, and you all may remember that was a creation of the Trump tax law, that it sheltered substantially all of our gains from the sale of the warehouse, and will have great shelter aspects going forward as those things are successful. By definition, they are in areas that are developing. They're not tenderloin, if you will. Another reason to watch and be careful as we develop and see how these projects go. The first building was completed at Bryant Street. It's called Coda. We were really surprised. I was stunned at how fast that leased up, which is a really good sign because it was in the middle of a construction zone, it was on the edge of development, and yet, once again, right at that 30 units a month lease up. Pretty exciting and a really good sign of what's going on. That gives us optimism about the other three projects as well. We are kind of recalibrating, and assuming they do all turn out as well as we think, and the COVID situation is positive and the economy's going like we all hope it will, we're going to be aggressive in adding income-producing projects and holding them to provide an accelerating and substantial growth rate for our net operating income in Net Asset Value here at FRP. We will also continue to develop industrial buildings in our home market as we've seen an incredible appetite for new warehouses and strong rental rates for such projects. We had made the decision when we sold our warehouse portfolio that we would continue to build warehouses, but that we would probably sell them once we got to stabilization. I think we're making a pivot on that because the rents are higher than we expected, the demand is great, and it fits right into a strategy of growing Net Operating Income and NAV. As the corporate taxes go up or 1031 is eliminated, it's all the more reason to build and hold rather than build and sell. Our 15,000 acres of aggregate royalty properties continue to perform exceptionally well. Every year seems to be a new record. Everything I thought I knew about the aggregates business has been turned on its ear when you go through the General Partner recession, the pandemic, and you have record sales and profits. That's not the way they wrote the book. We're happy that that's what's happening, the new infrastructure bill would have, assuming it passes, and we all know that's not for sure, but assuming it passes, that's going to add substantial tailwinds to that business. We benefit by our royalties as revenues go up. As volumes go up, as prices go up, that drops straight to our bottom line. There's no cost of sales whatsoever, especially on an incremental basis. We're excited about the opportunity that that infrastructure bill will bring to that industry. Our goal going forward will be to utilize our strong balance sheet to grow the company. We see excellent opportunities with our existing partners. While we have always prided ourselves as being conservative capital allocators, I can tell you, we, while being thoughtful, are going to be more aggressive with our cash than we've been for the last one year or two where we were hoarding it literally to make sure that COVID didn't cut us down. The strong cash position that we got, some $170 million, combined with the great cash flow, nearly $10 million a year from the aggregates properties, as well as the new projects that are coming on and bringing in a lot, have given us great cause for optimism. Let me turn it over now to John D. Baker III, who will start the presentation today, and then he'll turn it over to David. Thank you, guys. Good morning. I'm John Baker III, CFO of FRP Holdings, Inc. Thank you to everyone here today and following along online. I'm going to briefly go through some financial highlights that won't be news to anyone who has been following the company. Kind of the tale to take with the next few financial slides is the addition of The Maren. I had the pleasure of leading our first quarter earnings call when we announced the validation of this wonderful roof over our heads. At the time, I mentioned that bringing The Maren onto our balance sheet and onto our income statement would see an increase in revenue, obviously, increase in cash flow and NOI, but probably a negative impact on earnings and operating profit, just because of the increases in depreciation and amortization in projects like this one, particularly in the first year. You see immediately in this first slide that revenues went up, operating profit went down. NOI is up, and the big number that kind of jumps off the screen is the net income from continuing operations. That is really just a result of the write-up to fair value of The Maren that we experienced when we brought it onto the mix of innovations, brought it onto our balance sheet. Go to the next slide. Same is true for our trailing 12-month highlights. Again, revenues are up. Operating profit is not millions up. It's revenues, NOI, big jump because of The Maren, and again, net income is up substantially [audio distortion]. Numbers that really jump out here are the increase in earnings per share and the decrease in share repurchases. The Earnings per Share, again, is because of the write-up to fair value. Share repurchases are down for a good reason. We were aggressive about buying shares when we thought we could get [audio distortion] the stock at a steal, and unfortunately, the stock went up. Our apologies. Next slide. One note about this slide, net cash provided by operations. That's down, and it was kind of up unsustainably so. Primarily just because of the timing of some of our Opportunity Zone investments led to some tax refunds and deferred taxes. That's the reason for the decrease in net cash provided by operations. This slide gives a quick summary of the book up of The Maren conversion. This is, I guess, actually the agreement that we came to with MRP. We came to fair market value, agreed upon value of $151 million. Based on our agreement with MRP, our partner, this increased valuation of the building resulted in a change of ownership interest. Ours went down, theirs went up, and we got a net increase in FRP equity of $37 million. The Maren, once again, the handwriting's all over our balance sheet. You can see it at the very top line, $140 million increase in net investment in properties. That is the book up of The Maren. Again, it's all over the balance sheet. On the liabilities side, we did the long-term financing for The Maren, and long-term debt went up. Nothing particularly complicated about that. You can also see that MRP's non-controlling interest went up as a result of the consolidation of The Maren. These are business segments, mining royalties, stabilized mining ventures, asset management, and development. I'm going to briefly touch on some of our mining and royalty highlights because it's the least complicated business we have, and the only one that I'm capable of discussing with any degree of intelligence. We have 13 properties totaling 15,000 acres. This business is the heritage of the company, Florida Rock Industries, which we were originally spun out of in 1986. Most of our royalty properties are the result of the spinoff and subsequent sale-leaseback agreements we had with Florida Rock Industries, which is now Vulcan Materials. We have 13 properties, primarily in Florida and Georgia. We have one in Virginia. We have about a half a billion tons of sand, limestone, and hard rock reserves. The past 12 months have been very good to this segment. We had our highest revenue total in fiscal year and calendar year 2020. We followed that up with the best first quarter we've ever had, the best second quarter we've ever had. It was the best first six months we'd ever had. As a result, it was the best trailing 12 months we had ever had. It's the first time that I think we've ever had higher than $9.5 million in trailing 12 months revenue. We followed that up. It's the first time we'd ever had $9.75 million in trailing 12 months revenue. It's been the second best a really amazing run. We were also able to increase the minimum rents on some of our royalty agreements as a result of a lease extension. Looking ahead, fingers crossed, the infrastructure bill would obviously positively impact this segment. Not as much in regards to tons, but it would definitely have a huge impact on prices. Again, fingers crossed. Briefly touch on these numbers here, but they just kind of serve to illustrate what a run that this business segment has been on. First time, as I mentioned, in any trailing 12 months that we've surpassed $9.75 million. Crossing the $9 million revenue threshold a few years ago felt like such a huge accomplishment. Now we're getting close to $10 million. It's, again, a great run for this segment. [audio distortion]. This slide is just a breakdown of our properties, and it really better consumed kind of on your own time. It's just for anyone unfamiliar with our royalty properties. It gives a breakdown of the location, who the tenant is, how long the leases are in place, and minimum rents, and then how they perform. I think this is a really powerful slide. It takes us all the way back to 2006, which particularly in Florida, was the peak of aggregate volumes. If you look at the total tons, we haven't gotten anywhere close to where we were in 2006. Even now, things are really booming in Florida. Yet we're at 60%, 70% higher royalty, and you can see that in the average royalty per ton. It just shows you the pricing power of the aggregates industry as you can really push price over time, particularly as different quarry sites go out of business and being able to grow prices by 100% over 15 years. That's obviously well beyond inflation, and just really speaks to what we love about this industry. I think this is a really impactful slide. It shows you the revenue growth of our royalty revenue stream versus Vulcan Materials and Martin Marietta, who are two of the very best in the business and push price as hard as anyone. They've had 6% and nearly 7% year-over-year revenue growth, while we've had 8%. It has nothing to do with anything we've done. We're not setting prices, but it just shows you that our quarry sites are in some of the best pricing markets that Vulcan and Martin and all of our other tenants have. We're very proud of our locations and the quality of our aggregates assets. I think this is an interesting slide. I think for people who are unfamiliar with the aggregates business. It might be hard for them to value our royalty streams. It's not a [audio distortion] royalty stream. It's unusual. How would you value it? I think a good starting point would just be to look at our trailing 12 months net operating income, and look at Martin Marietta and Vulcan's trailing 12 months average EBITDA multiples. I think that would be a good starting point to give you a range of how to value this royalty stream. Just in closing, touching a little more on the infrastructure bill. Again, fingers crossed, but the proposed plan is about $550 billion in hard infrastructure. It's a huge infrastructure bill, but the part that most concerns our business is the hard infrastructure. It's roads, highways, bridges. You need to make big rocks into little rocks in order to accomplish. It's going to add a 20% increase to planned spending on hard infrastructure between 2022 and 2026. As we've seen and as we've talked about throughout this presentation, this business segment is already pretty hot, and so to add a 20% increase to the demand in this industry is going to really stretch the supply, when supply is already very stretched. This is why I mentioned earlier, you might not see the initial surge in tons just because a lot of quarries and sand plants are already at capacity or close to it, where you're really going to see the impact is in price. The beauty of planned infrastructure spending over the course of five years is the rollout of that planned spending will allow operators to invest ahead of time to increase capacity. You will see price go up initially, as operators invest in property, plant, and equipment, that will follow along as well. It's only a five-year planned spending. They're not going to push all their chips in for just five years and then have the bottom drop out afterwards. It's going to be a huge investment in property, plant, and equipment, which is why I think you'll see a bigger increase in price than you will in tons. Anyway, that's all I have. I'm going to turn it over to David deVilliers Jr., our President and Chief Operating Officer. Thank you, John, both Johns, and again, welcome everyone. What I thought I would do today is basically highlight to you all the other three legs of FRP's development platform. Just heard from John about the Mining Royalties Segment. That's a hard act to follow, we'll see what we can do. This is our Stabilized Joint Ventures Business Segment. It consists of three properties. Obviously, the first one being Dock 79 which was our first joint venture with MRP. I started trying to title this property back in 1993, we won't get into that. We really got into it about 2011. I think John Baker was still in high school when we started. That's the Dock 79. Obviously, The Maren, the flagship, that's a tough act to follow, but we think we've got enough ideas and programs and people and projects that we think we can do that again and continue. There we go. So much for that. We lost it. Next slide, please. This is Hickory Creek. Hickory Creek was a 1031 deal that we did in a joint venture with a group called Capital Square 1031. It's a Delaware Statutory Trust, which allows for us to defer through the 1031 program, and we invested about $6 million into that program. Anyway, Hickory Creek is in Henrico County, south of Richmond. It's a Class B apartment complex, 294 apartments. The idea was these guys bought the buildings, the complex. Someone had already done the heavy lifting, done all of the real heavy renovations. The properties were built back in the early '80s. They sold it. We collected it, and we're doing things like changing out the vanities and countertops, that sort of stuff. It's a real value-add program. Hold it for three, five, seven years and then spin it out. It is a qualified, basically 1031. Next slide. Some quick comparative metrics here. For Dock 79, the average occupancy for year-over-year was 95%, which is incredible, over 92%. Retail, we picked up their final lease down on the street there next to the water's edge. Finally, the lease was executed last week, and so we're moving forward there. Success rate for renewals was 60.76% versus 58.3%. The problem here is although the NOI was down about 7%, expenses continue to go up. The government says you can't increase your prices. You can't kick anybody out that's not paying. That's kind of where we are now. We feel that as the government lifts the program and COVID kind of goes away, we think we'll be able to move on. This is The Maren. You've heard about it from John. Look at the difference. The average occupancy for the six months was 91% versus 13.1% the same period last year. That brought a little over $1 million of NOI into FRP's pockets, which obviously is a positive thing to do. Hickory Creek, again, we invest that. It's a return of our investment, and we're getting about a 5.6%-5.7% after-tax return on the distributions. Obviously we look for a big bump when we go to sell that property. In our asset management and development division, these are some of our warehouses up in Baltimore. Highlights in the asset management. We only have three assets in there right now because we sold all of the warehouses that you know in 2019. The good thing is that 34 Loveton Circle is our 33,000 sq ft multi-tenant office building. It's where we house our offices, that's 95.1% leased. Cranberry Run Business Park, which we purchased as a value add program for less than $30 a foot. Think of buying a warehouse program for less than $30 a foot. We put a bunch of money into it, right now it's 96.5% leased. The last piece is 21st Street in Jacksonville. That was the old Florida Rock Industries office building, which they then Vulcan took over. Subsequent to that, I believe their lease goes through 2026. We'll have to figure out what to do with the property after that. Moving on now to our properties under development and our ongoing joint ventures. This is Bryant Street. You are going to see that later on today. As John mentioned, this is a massive project for us and MRP. It's on the second stop north of the Union Station. It's a four-building complex, if you will. Totals 487 apartments and 89,284 sq ft of retail. Coda, as John mentioned, we opened Coda in mid-late December of 2020. It was miserable weather. There were concrete trucks parked by the front door. The first occupant took place on January 1st. I think we all celebrated the courageousness of that first person to move their trucks. As of September 1st, the property is 95% leased and 93% occupied which is pretty amazing. Now granted, there are some discounts. The discount probably to what our asking rent was probably close to about 16%, 17%, I think, John? We felt we'd rather see heads than beds than just looking for the revenue, which is why we're 93% occupied as opposed to the budgeted 68%. Chase, which is the two buildings you'll see, they total 333 apartments. First occupant, we've opened it up. We did not do any pre-leasing. We opened it up the 15th of August. It's 12% leased, which is basically 40 units, and you'll see that property today. The good thing about that is leasing continues to be robust. We had 25 units leased over the last 30 days, which again, is a little bit more than what we had expected. Next slide. Strong leasing velocity, which is really pretty incredible, I think. We have a total of 89,285 sq ft of retail space at Bryant Street, phase I. The Alamo Drafthouse, which is one of the buildings, it's about 45,540 sq ft. The Small Shop, which is 23,000 sq ft total. Small Shop would be like a small single shop of 2,500 sq ft, 3,000 sq ft. We've got 23,000 sq ft of that. 13,500 sq ft was leased. The lease is signed. Our food hall concept, we're all still trying to figure out how that's going to work. We're excited about the location, and you will all see that today when we go. There's 9,400 sq ft almost 9,500 sq ft, and we've got one-third leased there. We have an outside pop-up space that's a floor area that's going to house a building at some point in time in the future that we have, and again, you'll see it today. We've got a group called The Metro Bar, which does outside entertainment, activities, food, beverage, and it's been very well received. Here we are still in the pandemic and still trying to figure out who's on first with COVID, yet they're 77% leased. Great story. We haven't gotten any money yet, we've got to get them leased and get them sold. Bryant Street, as I said, this area is phase I. There's two more phases left at Bryant Street, you can see that. We'll see that today. The future there is somewhere in the neighborhood of about 800,000 sq ft. Said another way, about ±800 apartments, maybe about ± 160,000 sq ft of retail, of which one of them would be a grocery store. That's the second and third phases that we're also going to take a look at. Yeah. Next slide. This is the one of two projects we have in Greenville, South Carolina. They're with our partners, Woodfield Development. They are headquartered in Richmond, Virginia. We like Greenville. We think Greenville, South Carolina, is a strong market. The demographics are really crazy. This is the first one that we did. It's 200 units. They opened up for leasing at 7/15/2021 with 17%, excuse me, 27% leased and 13% occupied. We've leased over 30 units in the last 30 days with no concessions. That's a pretty strong market. The other one that we have down in South Carolina, also with Woodfield, is.408 Jackson. It's not quite that far along, about 55% complete. Leasing, we'll look to begin in the summer of 2022. You see down in the lower part of the picture there, if this thing works, but it's Fluor Field, which is the baseball field for the Boston Red Sox farm team. It's literally right across the street. When this building is finished, that road that you see there will not be a road. It'll be a promenade with stores and retail and stuff like that. This area sits about less than three-quarters of a mile from downtown Greenville. Back to D.C. and back to our friends from MRP. You'll see it when you look out the front. By the way, ask John Baker, who is going to give us a little bit of a history of the riverfront and site plans after Q&A. This is Half Street, The Verge, sits out there. Right now, it's about 27% complete. This is an older picture because we're now topped out, and the skin's starting to go around it. Things are going really well down there. The contractor's doing a super job. 344 apartments. Again, leasing will start this time next year. This is what we think it's going to look like. It was an artist rendering. Every time we look at these buildings, and we try to figure out what it looks like, they put up a mock-up, and they say, "Well, what do you think?" My question is, "Well, what color is it?" They say, "Well, it's blue or white." Not color blind, so I'm not allowed to have anything to do with the colors. I'm guessing that this isn't blue or white, but it seems like pretty nice, I think. Okay. Let me take a minute here to summarize our mixed-use platform. This is something that MRP was always known as a warehouse development company and a mining program. This is a long way from either one of those. What this slide tells you, which is a lot, that we have a total of 1,827 apartment units that are complete or under development. Literally 127,000 sq ft of retail. Only two of these buildings are Tego. Those two. Next slide. What does that mean? If we look at Q2 2020, we had 305 completed units, 17% of the total. FRP's net operating income was $1.131 million. Now fast-forward to Q2 2021. We now have 31% of those 1,800 units occupied for 11%. The NOI jumps to $2.2 million. Q2 2022, you go to 69% of those units. Q2 2023, all 1,827 units would have to be 100%. What does that mean? I'm not going to do the math for you, but if you take the $2.2 million and you divide it by 569, it's somewhere between $12,000 and $15,000 a unit per year. That could be a significant increase. The other interesting thing about this is that all that you see there, the capital is already committed. Of the projects that are still under development, that's excluding Dock and Merrimack, the total project commitment of debt and equity is $468 million. FRP's equity averages out to be 55.3% of the whole, which is $213.1 million, or $271 million as a whole. Through 6/30/2021, we've committed $370 million. The interesting thing is all these things are coming due. We've kind of already got the funds committed. This is another one of our joint ventures. This is in Baltimore County, Maryland, with a group called St. John Properties. They're one of the largest warehouse developers in and around Maryland. They own a little bit over 19 million sq ft. We're doing a joint venture with them. This is first-floor office and single-story freestanding retail. Not doing too well during COVID, but we think it's an incredible location, great demographics. The drive-by counts are huge. The office of the 100,000 sq ft of phase I, roughly 72,000 sq ft is office. That's 61.5% leased and occupied. The retail of 28,000 sq ft. Those two buildings are 13.5% leased. We're excited about that program. It's just that the asset classes that we all know have got beat up pretty good. Now let's move on to FRP's in-house warehouse development platform. Some of you may remember we sold our entire portfolio of over 4.6 million sq ft i n May 2019. We're back at it. These two buildings here in the middle, a total of 145,590 sq ft in Baltimore City, Maryland. These two shells, the ones in the middle, will be complete this quarter, and the buildings are 42%, we've got 42,000 sq ft. The building out there on the right, which is the 94,000 sq ft building that we built, leased up, and sold on the left. We've owned that for a while, and that is part of the sale. Next one. This is the last building lot at Hollander Business Park, and we have a build-to-suit that literally started, I guess, last week. Right, David? This is the last. You'll see the other buildings up on the right. This is a build-to-suit, a real strong tenant, 101,000 sq ft, single-tenant building, 10-year term. Building just started construction. We look to occupy that building in the second quarter of 2022. That's the last lot in Hollander. Again, we've been in the warehouse development business for 30 years. We've gone out and we purchased some property. This is the Krause property, which is 55 acres in Harford County. That's northeast of the submarket. It'll hold 675,000 sq ft. Happens to be right surrounding our Cranberry Run Business Park that we're operating right now. Good thing about this property. It's going to take a while to take it through entitlement, but we have a lot of trailer storage with some of the larger tenants around us. Right now, this property's generated, over the last quarter, it's generated about $42,000 a month with average rental month-to-date. It helped to carry the property while it's going through. Next. This is another piece called the Chelsea Road property, probably within two or three miles of Krause. We bought this property in August, settled on it in August. 17 acres, again, Harford County, Maryland. We'll start the entitlement process and look to permit that building. This is another property. We have this under contract. We're going through due diligence phase, which has to be completed by year-end. Things are going pretty well. This is 130 acres in Cecil County. We're about 20 mi north of the other two. Again, part of that I-95 Northeast submarket, which houses somewhere in the neighborhood of 45 million sq ft. CBRE came out with a great marketing piece. I think that's at 400 sq ft. This will hold 900,000 sq ft of building. What does that mean? Our warehouse platform summary, we have 268,000 sq ft that's operating, giving us money. It's 96.5% leased. We've got 247,000 sq ft under construction right now, of which 58.3% is leased. We have 930,000 sq ft in the entitlement phase. These are the properties I just showed you. If we proceed forward to settlement on the other one, that's 900,000 sq ft. That's 2.3 million sq ft total. Just for kicks, I said, "Well, okay, we sold a 94,000-sq-ft building very similar in July of 2020. It was greater than $130 a sq ft." The gain on that sale was $40 a sq ft. I'm not saying that we're going to do it, I'm not saying when, but just do the multiplication. It's not a bad approach for us. Another leg of our development platform stool is our Lending Ventures. Lending Ventures is a land development program that we have been in the land development business now since 1988. We do not want to take our eye off the ball with our warehouse program and our land development club, people doing things other than that. We got into a program, again, a joint venture with someone that used to be a president of Beazer Homes. Got out of Beazer, went to Island, knows that group. We got into a program, with him. It's a partnership where when we advance funds to him, we get a 10% approved interest rate, and then beyond anything above an internal rate of 20% when the whole property has been paid out, then he shares in some of the profits. This is one of the ones we did. This is 25 acres, 126 lots in Baldwin County. This was a small program because we didn't take it through the full horizontal development. Guys came to us and said, "We'll take it in record plat." We said, "We'll sell it. Why not?" We generated on a $3.5 million investment, we generated a little over $1 million in interest and shared profits. That was sold. We finished that in the second quarter of this year. Next one. Amber Ridge, another Lending Ventures. It's 15 acres in Pee Dee, 197 lots. We get this program under contract of sale to two national home builders. We have a big deposit from them. We are going through, as you can see, the land development phase of this program. They take these lots down under previously agreed takedowns there. The first lot takedown began in 2021. This whole program, we got through this, all of the entitlements and getting the approvals and permits during COVID. It's a pretty amazing thing to be able to do that. First lot takedown began in August, late August. We're going to be taking down 28 lots per quarter. They're already planning for something a little bit more. This is their latest one. This is in Harford County, Maryland. Again, another land venture, 110 acres, 302 lots. A little bit larger, expensive to loan. Four and a half year timeframe to run through the entitlement phase right now. As you can see up there, it's a very well-developed area. The demographics have grown dramatically over the last two or three years. We have an application for a rezone, which we feel is a good indication that the town. With all of that, what else do we have? Well, we still have future development. We have Riverfront phases III and phase IV, which are going to sit right over here, and that's about 500,000 sq ft, ±500 units. We have Square 664E, which is the Vulcan site over here that you'll see. Right now, that's approved for somewhere, I think we can get somewhere between around 385,000 sq ft, ±400 units. Bryant Street, as I said before, on the phases II and phase III. It's a big project as well. We have Windlass, which is our joint venture with St. John Properties for the office and retail. As we still have more than 220,000 sq ft that we can develop there, and we're going through this. We have one more residential program, which is called Hampstead Residential, which is in Carroll County, Maryland, 255 units and 73 acres that we are currently in the final stage of approval with that. Also future development, we always call them the second life properties. John Third was talking about that. We've got a huge program in Brooksville. How many acres is that, John? 5,000 acres that we have a concept plan approved, and it's called a Development of Regional Impact. That's a joint venture right now with Vulcan Materials. We have a Fort Myers site that is approved for 108 lots around an open lake, and the lots down there, if they were available, are going for over $10,000. We have got some time before that would happen. I can put those together and put that in concept. We have a lot going on. We have, as John said, we have a lot of future development, and we are constantly looking. With that, I am going to ask John II come up and kind of summarize. After John, after the Q&A, I have asked John Begert from MRP to do a little bit of a presentation on Riverfront and some slides, so you can see that before we take off. We are going to kind of show you this area. We are going to take a walk through some of the amenities in The Maren. We're going to walk through, hop around the corner. We're all going to get on a big van. We're going to run up to Bryant Street, and the folks up there are looking forward to taking us all through a tour of Bryant Street, which I find pretty fascinating. We're getting something to eat, and then we'll come back here. Thank you, David, and thank you, John. John, we're excited about the opportunity. We've got the cash, we've got great markets, and we've got really a good backlog of terrific projects that we're working on. I think you all have been very patient as shareholders with us as we've held this status through COVID. Time can't wait. It's consuming. Times want that, and we look forward and I think have the opportunity to. With that, are there any questions that you all have? [audio ditortion] One question is from Herbert Fox of Wiseman Capital. He wanted to know what is the game plan for Brooksville? The game plan for Brooksville just relates to the market trends. It is overpopulated with permitted lots at this point. At some point, it's going to be a new project. It's a bunch of quarries. We've got 36 holes of golf laid out through there, all 36 are in. It's something you don't see every day. We call it the country club. In the meanwhile, Vulcan is starting to come back, digging us some lakes for the golfers, and I hope I'm alive to see that. Next question comes from Jason Cook of Appleton Partners. With over $100 million of cash on the balance sheet and cash from operations likely improving as the multifamily portfolio matures, is there a point where a cash return to shareholders is on the radar if management isn't able to find attractive opportunities? Well, the last advisor would say yes. If we are unable to find opportunities, even because of the economy or whatever, we have no promise that we'll give it back to you. We're not going to sit here and hold cash and get 2% or 7% return. We're not giving it back to you. That's not what I think is going to happen. What I think is going to happen is the economy is going to continue to run for a while. We're going to use that cash to develop and not just to roll over $100 million, but $170 million [audio ditortion]. We've got a lot of dry powder. I think we've got a lot of great projects that we can prove that they invest in and improve it. My hope is that there will be no dividends. Once we get NAV above $50 million or $60 million, then I think that's the time when we will start having a record dividend. If things don't go well, then [audio ditortion]. Hello? I'm sorry, we can't hear you again. Thank you. Is this any better? Much better. Did you hear that answer, Kevin, at all? The last 20 seconds were really choppy. Could you go over it one more time, please? Sure. The thumbnail sketch is if things go like we think they will, there won't be a dividend until we get $50 million or $60 million of NAV, at which time we would do it. If the economy doesn't allow it, if COVID is raging, and we're not comfortable embarking on new projects, then we will give you a one-time dividend to get the cash off our balance sheet and back to the right owners. My hope is that our plan would be to build it out and really grow this company. Excuse me. I said NAV of $111. There was a question about how exactly the aggregate royalty contracts work and how the price and volume impact the royalties. I think we just discussed that in the beginning. The typical royalty is a percentage of revenue. Whether you get more volume or more price, it's all positive for us. Other questions? Yeah, I guess I have a question. This hard pivot that you guys are doing, where did this change in direction come from? Just on a narrative level, did you guys, basically, a couple years ago, five years ago, What was the impetus, or is there a new idea, a new direction? Just historically, where did this all come from? Is it an individual's idea, or is it the corporation just sees that multifamily is the most rational, highest return bets right now? What made the pivot? Just curious. Fair question. Our plan all along was to develop the multifamily operations that we're looking at, especially here in D.C. We weren't sure whether we would hold or sell. We've pretty well decided that we will hold, especially as we go in to the economic tax saving Opportunity Zone projects, you almost got to hold for 10 years. That evolved, I'd say normally. What is the pivot is that we're building more warehouses and keeping them rather than building them and selling them. The reason being is that the returns are so much better than we ever thought they would be. We changed when the market changed. Awesome. Flexibility is always a great thing. I guess those are my questions. I just have one piece of feedback for you guys. This company you guys have is a gem. It's a diamond in the rough. The feedback for this Investor Day, I'm pretty sure this is the first one you guys ever had. Just wanted to say, that's fantastic because this is not being understood. This sort of information about the company and outreach is in my mind, fantastic. Thanks. It's exactly. Appreciate you saying that. Got a question from Curtis Jensen. [audio ditortion] Let me repeat the question. We were talking about the new industrial property in Aberdeen. One of the projects is 600,000 sq ft, one is 900,000 sq ft. Curtis wanted to know how would that build out for how long would it take to get that to stabilization. David, why don't you take it. One of the things that we did, just to back up just a bit, as you probably remember, we were kind of heavy on undeveloped land for many years. We said, "Well, that's probably not a great thing to do." We made The pipeline needs to be properly balanced. Lo and behold, we built everything pretty quickly, then we wound up selling it. We're like, "Oh, now we've got to maintain this pipeline." We started to look again. Along comes the Krause property. There's a lot of hair on the Krause property. One of the things, but part of the property is in Aberdeen, and the other part of the property is in Harford County. We're going through the process of annexing into Aberdeen so that we're dealing with one set of development restrictions as opposed to two. That takes time. We feel that all things being equal, and correct me if I'm wrong, David, if things go well there, we'll start the entitlement process probably first quarter of 2022. We could, if things went well, that was the only one project that we have, and we felt that the market was right, we'd start that building probably in 2023, probably first quarter. You don't want to be starting a building in Maryland. You're from the Northeast. You don't want to be messing around with cold weather and that kind of stuff. It's just not a good move unless that's one. Fall back to the Chelsea Road property. We purchased that one. That one was two parcels, neither of which had a whole lot of value, and David and a couple of his crew figured out how to put it together and convince the people to sell the property, both properties to ultimately the same parties. That gave us the opportunity to build a nice size warehouse of about 259,000 sq ft that's literally sandwiched between a lot of larger industrial buildings. That building could start probably in 2022. Again, we don't like to have too many eggs in a particular sub-market. We don't want to be building a lot of square footage in the same sub-market. We look to move around. The Chelsea and the Krause are both kind of the same sub-market. Not only we would have those two under construction at the same time, we couldn't anyway because of the entitlement. The Mechanics Valley is about 20 some miles up the road. It's a kind of a different sub-market. They call it the Philly sub-market as opposed to the God knows where they come up with some of these things. Of course, I guess you could look at us and say, where the hell did birds come from? We can go about many things. That's a different market. The plan there is we're not even ready to If we go through the purchase of that property, we're not even going to buy, actually settle on that property until certain entitlements are done. There's no water, no sewer. There's nothing within one mile. I don't know where the hell they found this thing, but you have to be a goat to find it right now. It's going to take some time, but that's the kind of thing that we've been doing for 30 years. Ideally, that property would be purchased in late 2022, maybe. Purchased 2022, we would be going through some entitlements. We'd probably look to get a building permit. I don't know that we would go forward with a building that large, without some interest. I don't know, but we want to get it ready so that when the beauty contest happens, when you're looking for a large tenant, we can say, "We've got the property, we've got the permit, we've got the money." That usually gets you a pretty good leg up on the competition. Yes, sir, there are. Again, what our plan is, we create a five-year business plan that says everything's going to be great, right? We take a look at how our balance sheet's going to be affected. Make sure that the liquidity's there so some of us can sleep at night. That's the calls that we get that says, "I can't sleep. What are you going to do about here?" That kind of stuff. We go through all of that, and so we set the parameters, and then through John II and the board, we kind of create the plans. We kind of have an idea of what we're doing going forward. We have some projects in the queue. We're looking at new projects literally as we speak. Again, we're trying to stay out in front of our business as opposed to similar ones that you guys would like to do a program on eventually. We've got to get out in front of the business a little bit if you want, so that's one of the things that we're trying. If there are any more questions from our Zoom participants, just unmute yourself and jump right in. Okay. [audio ditortion] The question is, regarding Fort Myers, how much infrastructure is going to be required to get development in place, and would that be something to be offloaded onto a home builder? The answer is we don't know. It will depend on the market. We're talking about six years out. I think the prudent thing would be to begin working on making sure we've got all the permits, getting things lined up to where when that land is turned over to us, that we can move either Always my desire would be to turn it over to a builder and take cash right up front and take no risk. You got to weigh the risk with the reward, and that's what we'll do at that time. I will tell you, that is a really neat development someday. The water in those quarries is Bahama blue. You've got 1 mi or 2 mi view from each of the lots. The lots that we're saying are million-dollar lots are smaller and on smaller lakes. It's going to be a real opportunity, but we want to do that. Well, thank you, guys. I really can't tell you how much it means to me that you all are here in person or on Zoom and have an interest. We will continue with these. We were talking this morning about whether it makes sense to do it every two years or every one year, and we'll get feedback from you all as to what you think makes sense. You've got a great rest of your day for those that are here, and thank everybody that called in. Let's move on outside and have John Begert give us a local history and a view of what's out there. Don't give back, buddy. Thank you all. Take us out here. Thank you all.