Excuse me, everyone. We now have John Baker, Executive Chairman of FRP Holdings Incorporated in conference. Please be aware that each of your lines is in a listen-only mode. At the conclusion of Mr. Baker's presentation, we will open the floor for questions. At that time, instructions will be given as the procedure to follow if you'd like to ask a question. I would now like to turn the conference over to John Baker. Sir, you may begin. Good morning. Thanks for joining us today. I'm John Baker II, Chairman and CEO of FRP Holdings, Inc. With me today on this call are David deVilliers Jr., President of the company, David deVilliers III, Executive Vice President, John Baker III, CFO, John Milton, our General Counsel, and John Klopfenstein, our Chief Accounting Officer. Before we begin, let me remind you that this presentation may contain forward-looking statements. 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 risk and uncertainties, many of which cannot be predicted with accuracy and some of which might not be anticipated. Future events and actual results, financial or otherwise, may differ, perhaps materially, from the results discussed in such forward-looking statements. Risk factors are discussed in our SEC filings and quarterly results. These forward-looking statements are made as of this date and based on management's current expectations. The company does not undertake an obligation to update such statements other than as imposed by law, and investors are cautioned not to place undue reliance on such forward-looking statements. The second quarter saw revenues and NOI grow 45% and 37%, respectively, versus the same quarter last year. Royalty revenues were the highest in our history, and the likelihood of passage of a federal infrastructure bill gives us an expectation that the royalty earnings will continue their secular growth. Net income for the quarter was $82,000, or $0.01 per share, versus $4,149,000, or $0.43 per share, a year ago. Driving this decline was the amortization of the leases in place as a result of last quarter's consolidation of the Maren and its leases in place, which was part of the write-up of that asset. Also contributing to the decline in earnings was the interest on the now consolidated Maren loan and lower gains on the sale of real estate. Let me now turn it over to David deVilliers to walk you through our operating results. Thank you, John, and good morning to those on the call today. I'll now offer some detail to the financial highlights provided by John in his opening remarks. Since the 2018-19 dispositions of our warehouse platform totaling a little over 4 million sq ft, we have been actively seeking value-add purchase opportunities, development lands for vertical construction, and new strategic partnerships. Additionally, we have continued to develop and construct speculative projects upon our land inventory when available and prudent. In early 2019, we added an asset to our asset management business segment through the purchase of the Cranberry Run Business Park in Aberdeen, Maryland. 268,000 sq ft multi-building warehouse park that was in dire need of rehabilitation. We completed an extensive renovation of the business park and associated buildings late last year. Due to the nature of the short-term lease program at Cranberry, we have had some turnover. At the end of June 2021, the park stood at 77.6% leased and 59.7% occupied versus 71.9% leased and occupied during the same period last year. 34 Loveton, our home office, is 95.1% occupied, and we recently completed a much-needed renovation of the first floor lobby and common areas. Total revenues for the asset management segment for the quarter were down 17.9%, or $128,000, over the same period last year to $588,000, mainly as a result of the sale of our 94,000 square foot industrial building at 1801 62nd Street in July of 2020. 1801 62nd Street was responsible for $163,000 of revenue in Q2 of 2020. We realized an operating loss of $160,000, down $218,000 from an operating profit of $58,000 in the same quarter last year. Again, primarily due to the sale of 1801 62nd Street. Other assets in this segment remain leased and occupied as in previous periods. The mining and royalties business segment remains strong with revenues of $2,634,000, an increase of $232,000 over Q2 2020. This was the most revenue in any second quarter ever. Operating profit was $2,292,000, which represents $182,000 increase over the $2,110,000 realized in this period last year. With respect to ongoing and new projects in our development business segment, we have several really strong highlights. One, the quarter's end, phase one of our joint venture with St. John Properties, consisting of four buildings totaling 72,080 sq ft of single-story office and 27,950 sq ft of small bay retail space in Baltimore County, Maryland, gained a retail tenant during the quarter, increasing the percentage amount leased to 48%, with occupancy of 46.8%. These asset classes of office and retail have been hit especially hard by the pandemic. Our tenants at Windlass, though, have kept current with their rental payments, and we are encouraged by some increased leasing activity here. After the sale of our 92,000 sq ft warehouse at 1801 62nd Street in Baltimore in July of last year, we were encouraged by the velocity of the sub-market and began construction of two speculative shell warehouse buildings totaling 145,700 sq ft at our Hollander Business Park near the Port of Baltimore. Like their predecessor, these are state-of-the-art Class A concrete tilt-up buildings with 28 foot and 32 foot clear ceiling heights built to Baltimore City green building standards. We are actively pre-leasing and have pre-leased 39% of one building and are encouraged by the continued activity in the sub-market. We expect to complete and deliver both buildings in the third quarter of 2021. Also in the second quarter of this year, we executed a build-to-suit lease for 101,750 square foot facility at 1941 62nd Street. This is the last building lot in Hollander Business Park. We plan to commence construction on this project in the third quarter of this year and expect to deliver the building to the tenant before the end of calendar year 2022. We continue with the PUD entitlement process at our Hampstead Overlook project, 118-acre development tract in Hampstead, Maryland. The concept plan approved at the end of last year calls for 164 single and 91 townhome units. We are currently seeking preliminary plan approval from the local agencies as the next step in the development process. We are optimistic that 2021 will be the year of substantial progress towards this goal. As an update to our lending venture investments program, Hyde Park in Baltimore County, Maryland, is now complete. All principal and accrued interest has been repaid and preferred interest and shared profits totaling $1.03 million have been received. Another lending venture called Amber Ridge is located in Prince George's County, Maryland. Our total commitment for this project is $18.5 million. As with our Hyde Park venture, the investment includes a charged 10% interest rate and a minimum preferred return of 20%, above which a profit-induced waterfall determines the final split of proceeds. Entitlements are complete, land development is fully underway, and two national home builders are under contract to purchase all 187 lots after completion of the infrastructure development. The first set of finished lots are scheduled to be delivered to the purchasers in the third quarter of this year. On the joint venture front, at the end of 2018, we entered into our third joint venture with MRP to develop the first phase of a mixed-use residential and retail development project adjacent to the Red Line Metro station in Northeast Washington, D.C., known as Bryant Street. As a transit-oriented development, immediate access to public transportation options is a critical feature to the design and marketing of this project. The first building, named Coda, was placed in service on January 1st of this year and received final certificates of occupancy on April 1st, 2021, for all 154 of its apartments. Thanks to Herculean efforts from our leasing team, Coda was 88.3% leased and 67.5% occupied at the end of the second quarter. Of note, as of August 1st, Coda was 93.5% leased and 85.7% occupied. With the leasing success of Coda, despite COVID challenges, we are optimistic about the leasing velocity for the neighboring two buildings at Bryant Street, called Chase. These two buildings are scheduled to be open and ready to receive tenants in mid-August. In total, phase one at Bryant Street will consist of 487 apartments in three buildings and 89,196 square feet of first-floor freestanding and open-air retail. 68,691 square feet, or 77% of the retail, is now pre-leased and expected to open for operations by year-end. This property is located in a designated Opportunity Zone, which allows us to defer a significant tax liability. In December of 2019, the company entered into its fourth joint venture with MRP for the development of a mixed-use project at 1800 Half Street in Southwest Washington, D.C., in the Buzzard Point area, just a few blocks downriver from Maren and Dock 79. In August of 2020, we began construction. The project, now known as The Verge, lies directly between our two acres on the Anacostia River, currently under lease to Vulcan Materials, and Audi Field, the home stadium of the D.C. United soccer franchise. This 10-story structure will have 344 apartments and 11,246 sq ft of ground floor retail, and is scheduled for completion in the summer of 2022. At quarter's end, The Verge was 27% complete. This project is also located in an Opportunity Zone. Also, in December of 2019, we entered into two joint venture agreements with Woodfield Development to invest in two distinct projects in Greenville, South Carolina. Woodfield has vast experience developing residential and mixed-use projects throughout the Southeast and Washington, D.C. The first JV, called Riverside, is a 200-unit, three building apartment project. Construction began in the first quarter of 2020 and is on the doorstep of completion. Pre-leasing efforts began the last week of July. The second JV with Woodfield is a 227-unit multifamily development entitled.408 Jackson, a nod to Shoeless Joe Jackson, and adjacent to Greenville's minor league baseball stadium. This project will also include 4,700 square feet of retail space. Construction began in May of 2020 and should be complete in the summer of 2022. Currently, this project is 54% complete. Riverside and.408 Jackson represent a $15.9 million investment from FRP for a 40% ownership interest in these two South Carolina projects, which are both Opportunity Zone investments. The structure of these investments will ultimately allow us to defer a total of $4.3 million in federal taxes. Relative to our industrial development platform, late last year, we completed the purchase of a 55-acre tract of land in Aberdeen, Maryland, adjacent to the Cranberry Run Business Center. Purchase price for this property was $10.5 million. This project will be known as Cranberry Run Business Center Phase Two and can support up to 675,000 sq ft of warehouse product in a robust distribution market. This purchase expands our industrial land holdings to allow us to continue the industrial development program beyond the nearly complete Hollander Business Park in Baltimore City. We are currently petitioning for annexation to bring all partners' parcels that make up the assemblage into the same municipal boundaries. This process will take the rest of this year, and we have begun the design process in the interim. Existing land leases for the storage of trailers on-site will help to offset our carrying and entitlement costs. Average monthly revenue from land leases for the second quarter were in excess of $42,000. We are hopeful we can begin vertical construction here in early 2023. Moving on to our stabilized joint ventures business segment. In July of 2019, we completed a partial 1031 like-kind exchange by investing $6 million for 26.6% beneficial interest in a Delaware statutory trust, or DST, that owns a 294-unit garden-style apartment community known as Hickory Creek, located in Henrico County, Virginia. The complex was constructed in 1984 and substantially renovated in 2016. The business plan calls for further rehabilitation of the apartments, generating value-added rents prior to selling the project after an appropriate hold period. We continue to receive monthly distributions from operations at Hickory Creek. Q2 2021 distributions were $87,000, equal to 5.5% per annum on our investment. Occupancies average above 95% for this project. In March of this year, phase two of our RiverFront on the Anacostia project in Washington, D.C., known as Maren, reached stabilization or 90% occupancy of its 264 apartment units, and as a result of this milestone, joins Dock 79 and Hickory Creek in our stabilized joint ventures business segment. At quarter's end, 94.7% of the apartments were leased, and 93.9% were occupied. Relative to the 6,900 sq ft of first-floor retail, 100% of the space is leased, with occupancies currently scheduled for the third and fourth quarters of this year. As with Dock 79, this is a joint venture with MidAtlantic Realty Partners, or MRP, which FRP is the majority partner. Of particular note, this building received its final certificate of occupancy at the end of March 2020, and reached stabilization of 90% in less than 12 months. This is a testament to the quality of location and product delivered to the market, and the skill of leadership on the ground managing the day-to-day operations. As a result of the quick stabilization of this project and certain contractual obligations to our joint venture development partner, FRP's ownership interest in Maren is now 70.41%, down from 80% prior to stabilization. Relative to Dock 79, its 305 apartments were 95.2% occupied on average year-to-date, and were 94.1% leased and 96.4% occupied at quarter's end, marking the third quarter in a row with occupancy levels above 94%. Our retention rate at Dock was 61.4%, down slightly from 62.3% last year. Rental rates, however, were flat due to continued government-imposed restrictions on rent increases due to COVID. These restrictions are currently scheduled to expire at the end of the year. Dock 79 has fared quite well over the past year, despite the significant interruptions we all experienced. Though seriously impacted by COVID, with shutdowns, reduced capacity, canceled stadium events, and general uncertainty, our three retail tenants at Dock 79, which total approximately 10,500 square feet of the total 14,000 square feet of retail space, seem to be holding their own, and have made significant headway towards normalcy, with the loosening of some restrictions, warmer weather, better utilization of their outdoor spaces, and stadium events with spectators. Of particular note, overage rental payments received for the second quarter were $120,000 for the three retail tenants. In early April, the remaining retail space became leased, and we look forward to full retail occupancy in late 2021. Dock 79 was our first joint venture with MRP, and FRP is the major partner with 66% ownership position. Revenues for the quarter for both Dock 79 and Maren were $4.8 million, up 96.7% over the same period last year, primarily due to Maren's lease-up. Maren revenue represents $2.16 million, and Dock 79 claims $2.66 million in revenue, an increase for Dock of $208,000 over the same period last year. NOI for the quarter in this business segment was a little over $3 million, up $1.38 million, which is 83.6% over the period last year. Thanks again to the addition of Maren to this business segment and its leasing success. We have touched a few times on the impact COVID has had on FRP. Despite the arrival of the Delta variant, summer is in full swing throughout our portfolio, and life is looking more normal every day. Major league and minor league baseball is back. Bars and restaurants are open, both inside and out. Trucks are moving goods and tenants are leasing space. These are strong signals for us personally, and as a business, that new life, new energy, and new opportunities are happening every day. We have been extraordinarily fortunate that our warehouse platform is performing at least as well as it has historically. Construction material needs has kept mining revenues solidly positive. We continue to identify new opportunities despite raucous competition for deals, and the timing for construction delivery of several of our multi-family and mixed-use projects have lent themselves to capitalize on the reemergence of activity. However, we have not been unscathed by the effects of this terrible global disease. Notwithstanding the good news, we do expect to see the continuation of limited retail and office leasing as some business categories remain uncertain amidst a unique regulatory and public health climate. We are cautiously optimistic but also realistic. FRP has adjusted its operations, withstood infected employees and contractors, held the hands of tenants paralyzed by new government regulations preventing opening for their business, and witnessed the terrible results of this global pandemic. Now we have employees back in the office collaborating and interacting on a regular basis, and we are building back toward an FRP that is more recognizable than over the past 16 months. All the while, we remain grateful that as a company and group of professionals, we are solidly grounded and uniquely prepared to progress as an organization loyal to our mission that has served us well both before and during COVID-19. Thank you, and I'll now turn the call back to John. Thank you, David. We will now open it up for questions from the floor. At this time we would open up for questions, if you would like to ask a question, please take note by pressing the star key followed by the one key on your touch tone phone now, questions would be taken in the order in which they are received and if there are any time you would like to remove yourself from the question and queue you may press star two and again to ask a question press star one. Our first question comes from Bill Chen with Rhizome Partners. Hi, guys. Good morning, Bill. Hey, Bill. Good morning. I didn't realize I was going to go number one. Well, great results as always. I got a few questions. I think I'll just run through them. On the first quarter filing, it showed that the split between FRP and MRP was 72/38. I think there was some adjustments. The MRP wind up getting a little more. What was the final split? The final For the Maren Well, we started, as you know, we started out at 80%, then as we started to go through the process, we had some early on appraisals, through BDO and some of those programs that took us to something that was much less than what ultimately the market value was determined for the building during our negotiations. We recorded our ownership at 72% for the end of the first quarter. Then we actually went through the process of the appraisals and that sort of thing, it reduced our ownership a little bit further to the agreed-upon ownership percentage of 70.41% for FRP. That's what it'll be going forward. Got you. That's 70.4. 70.41. Yes. Okay. Got you. Yep. Thank you. Let me see. On Bryant Street, I think you referenced that 67% of the retail is pre-lease. I saw a Bisnow article that gave a pretty good summary on the progress there. I know Alamo is moving forward with opening that location. I guess, what is the key remaining space that needs to be leased for Bryant Street? Well, we have several different types, Bill, as you alluded to, of retail there at Bryant Street. We have, obviously, the Alamo, which is one. We have what we call small shop retail, which is your basic inside retail. We also have a food hall concept that totals about 9,400 sq ft. Then we have what we call an outside pop-up retail. That's an area for outside activities and that sort of thing, which is effectively 100% leased and waiting for its final certificate of occupancy. The area that still needs the most lease up is probably the small shop retail because that totals about 23,000 sq ft across all four buildings, and we have 9,000 sq ft of that pre-leased. Got you. That's 9,000 pre-lease? Okay. Yeah. Of that particular type, yeah. Yeah. The Metro car bar concept looks really cool. That's the outside pop-up. Yep. I'm jealous. You guys get to do some stuff that folks here in New York just don't have the chance to do stuff like that. That's really cool. Jumping around, back to Dock 79, you mentioned that the overage payment on the restaurants at Dock 79 is $120,000. How does that compare to 2019, which is a more normal year? Well, we didn't have all three of them up and operating fully in 2019, so it's kind of hard to compare the two. Okay. At least a couple of the two restaurants that were operating fully, it's back to where they were in 2019. Oh, wow. Okay. That's fantastic. 2019 might have been almost unrealistically exceptional given that the Nats went to the World Series, and that obviously helped. Yep. Got you. That's helpful color. I actually was down there in October of 2019, and I remember it being mobbed. Can you update us again on that remaining space, what space that got leased? What's that concept for, and how many square foot is that for? Bill, it's about 3,500 sq ft. It's right on the esplanade. They're under construction there now. It's a little bit of a different concept. It's got kind of a bike theme to it. There'll be more, I think, breakfast and lunch served there than certainly the other venues. We think it works very well with the other venues that are there at Dock 79 and Maren. Got you. Thank you. That's helpful. On Riverside and Greenville, everything that I've been hearing about Greenville has kind of exceeded my expectation. I know that you guys have not started leasing yet, but in terms of the go-to-market asking rent, how does that compare to what you guys have previously budgeted for? I ask, I know it's kind of unfair of a question, but everything that I've been reading about Sunbelt multifamily is that rents are up double digits. I was just wondering on Riverside, if you're seeing kind of similar outlook on rent there. Well, it's a little early to tell, Bill. The Riverside is basically a three-building program. The first one, we did not do any real pre-leasing there prior to the occupancy. We just felt that that was a better plan for that. The first building literally opened up last week. I believe we've had 9 or 10 pre-leases already, and they seem to be somewhat equivalent to what our budgeted numbers were. It's all a little early to tell. We'll have a better idea next quarter. Got you. Yeah. No, I know my question is probably a little bit early, but the excitement on the investment community towards Sunbelt multifamily has just been off the charts lately. My last question would be on Bryant Street. I know Coda is kind of a more affordable product, and the leasing on that has been absolutely astonishing. Any thoughts on the remaining assets? I guess they're kind of 15%, 20% more expensive on a per square foot basis. Kind of feels on demand for the remaining products. Well, we just, again, with the success of the Coda, we're obviously encouraged about the leasing velocity for these two buildings. Chase, as you know, is two buildings. They total about 150 some units per building, and we did not do any pre-leasing there because of trying to get Coda where it is. Obviously, the success of Coda has certainly bolstered our encouragement towards The Chase. It's literally, I believe that Friday we got the certificates of occupancy for the first couple of floors. Again, a little premature on being able to answer that question, Bill Chen, because we're literally three days into Chase. We've got a tremendous amount of activity there, but it's a little early to tell about the rents. Got you. Thank you. Thank you for that color. One last question. In the filing, you mentioned that the rent regulation in D.C., it's going to be February before we could actually increase rent in Dock 79 and in the Maren. Finger in the air, it's been, I guess, by that point, be about two years before we could raise rent in the Maren Dock 79. Finger in the air, what do you think the spread will be once we're able to increase rent? I mean, is it fair to assume something like a 5% rent bump when we're able to increase rent in Dock 79 and the Maren? I'm just kind of thinking two years, two and a half, 3% a year that we weren't able to push through. Is that a fair assumption? That's your assumption. I don't necessarily disagree, but it's a little early to tell. Again, currently the rent freeze is scheduled to expire in December, the end of December. We do these renewals and so forth and so on out about 60 days. That takes us into February or possibly March. It kind of determines that the timing is important. There's a psychological aspect to leasing spaces in the first quarter versus the second. It's really kind of hard to tell. It's just too far off for us to really be able to offer that much of an opinion. Yeah. Bill But you Bill, a little color would be that the average rent in the Maren is $4 a foot, and the average in Dock 79 is $3.50. I would expect that Dock would move up, and of course, now Maren's frozen, and so hopefully they'd be at least what you're saying. Got you. Yep. Well, thank you, gentlemen. Those are all my questions. Great results, and look forward to being down there to see these assets in person sooner rather than later. Thank you. Thank you, Bill. Love to see you. We'll take our next question from Stephen Farrell with Oppenheimer & Co. Morning, everyone. Good morning. I just have a quick question with respect to Bryant Street. Will that follow a similar path as the Maren and Dock 79, in that, upon stabilization, you'll refinance and consolidate? Is stabilization of all four buildings when that would happen? It will not follow that path, Stephen, because of the Opportunity Zone treatment. We just had a different setup for that than for Dock 79 and The Maren. It'll stabilize, and we'll refinance, but it will not consolidate onto our books because it doesn't have the same control trigger when it hits stabilization. It'll stay on the joint venture equity accounting. Yeah, equity accounting. Okay. Do you expect that to happen for the Coda this quarter or? Has to be the whole project, Stephen. The whole project. We have to chase it. Yes, sir. Okay, good. That makes sense. Thank you. That in the next year, really the next quarter and two years, we have a lot of development projects in the pipeline that are coming to market. In the next two to three years down the line, what's your outlook on capital allocation? Are you seeing opportunities now to add to the pipeline, or will you begin to shift focus towards developing phase three and four of Anacostia? I think we look at all aspects of our business the same way. We'll see how Bryant Street goes. We're doing some pre-development in all of our areas there, so that if and when the time comes, we're not going through just having to wait to develop to go through the entitlement process. That takes a long time in the District of Columbia. Mm-hmm. Are you seeing a lot of the other residential buildings coming to market right now too, or no? I'm sorry. You broke up a little bit, Stephen. Sorry. In the D.C. area here, are you seeing a lot of competing residential buildings around Bryant Street and near the Maren? Yes. There's other, obviously, developments going on in and around our projects at Maren and Bryant Street. We think we've got some specifically special programs at Bryant Street that a lot of the other developments don't have. Not the least of which is a lot of open space and outdoor venue activity that most of the urban developments there do not have. Same thing holds true for Maren and Dock being down on the water. Mm-hmm. Good. We like to think we have a leg up. Yes. Me too. Stephen, to dig further into your question, we would go to a phase II at Bryant Street if phase I is as successful as we think. That's certainly part of our pipeline. You have phases III and IV down on the waterfront, and they're certainly part of our pipeline. Of course, Half Street will be coming on in the meanwhile too. We feel like we have got a long runway of projects that we're excited about. I can't stress how amazing the lease-up of Coda has been. This is a project that is transit-oriented, and the biggest amenity was the Alamo Theater. Our entrance, our ability to access the transit has been zero, and obviously, COVID has made transit less of an amenity. We'll open up Alamo in December. The fact that we had incredible leasing activity without both of those having any attraction whatsoever was very encouraging, and so we're optimistic about the rest of that project. Great. Thank you for the additional color. That's all the questions I have. As a reminder to our audience, if you would like to ask a question, please signal by pressing star one now. Our next question comes from Curtis Jensen with Robotti & Company. Hey, Curtis. Good morning, fellas. How are you? Great. How are you, Curtis? Morning, Curtis. I'm doing fine. Just to clarify on The Maren, there was no retail contribution this quarter, right? Correct. Can you share anything about what you think that will do in terms of NOI on a run rate basis or something? Range? Both leases are complete. I would say that the Solace, which is the taking of the large space on the water, I believe, is about 5,500 sq ft, Curtis, and I think they're going to generate about $220,000 ± a year once they get opened up. The other one is a smaller area of about 1,500 sq ft, and that's a license agreement with one of our outside pop-up vendors that are going to pay us a percentage of revenues. It's kind of hard to say, but that's where we are right now, and these places really won't be up and running. There'll be some free rent that comes about in 2022. I think once they get up and running, $250+ is going to be where you are. Okay. It looks like The Maren did, I guess for the quarter starting April 1, $1,380,000 on an NOI basis. Is that at a 90% occupancy or something like that? Okay. Am I taking that off Yes the press release? That's about right, yeah. I got to remember, we were still ramping up, but yeah. We'd like to think we're going to do a little bit better in three and four. Are you guys being held up at all? Maybe might be more relevant for The Chase in terms of materials, getting appliances delivered and things like that, or has any of that eased up? Yes. We've had our issues. The Chase, obviously, and Coda more than The Maren. We lost a couple of months. Not a lot, but we lost a couple of months. We had an excellent contractor, and we did a lot of that early on, and the materials were committed to before COVID hit. We lost a couple of months, for sure. One of the things is that The Chase is opening up. We wanted to get it 100% buttoned up before we opened it up, which we did towards the end of last week. They're going to open up. They're opening up with all 333 apartments ready to go. Okay. Just remind us again, when is that going to be finished or completed? Is that the end of this year? The Frederick Douglass Bridge? Yes. It's scheduled to be the fourth quarter of this year, and then the oval and the existing bridge coming down, all of that's scheduled to happen the first and second quarter of next year. They're on schedule. I would say this time next year, it'll be done. All right. I guess, David, you had mentioned that I think Bozzuto uses the Yield Star software to kind of rent and revenue optimization or whatever. I guess I was pretty astounded by how quickly the Coda ramped. Yeah This trade-off between heads and beds, as you call it, versus maybe maxim. Is there any kind of human judgment around the YieldStar thing? Every day. Bozzuto Every day. Yeah. We literally have leasing calls every week. The baseline is the software, but we lean pretty heavily on the actual on-site leasing folks, and both MRP and ourselves are there as well. There's a lot of collaboration that goes into the pricing of these units. How do asking rents compare at the Coda, say, sq ft? To what? To the Chase, or to what? What's the comparison? What are you looking- On a per square foot, or you said The Maren's at $4 or something, and I think John said Dock's at $350 or Maren's at $4 or something like that. I want to say, Curtis, maybe John III or John K. could help, but just under $3 a square foot. Yeah. That's right, David. It's obviously lower. It's just a different building type and not on the water, that sort of thing. Yep. Great. That's all I had. Thanks a lot. Thank you. Thanks, Curtis. At this time, I'm showing no further questions. Okay. Well, thank you all for joining us today. Despite the pandemic, we're seeing tremendous progress in the lease-up of our new projects in both residential and industrial spaces. Our lending ventures have benefited from the strong single-family lot demand, and our royalties hit an all-time high this quarter. Our liquidity remains strong with cash and investments exceeding $170 million, despite a very healthy development menu. We appreciate your interest in FRP and look forward to talking to you again next quarter. Have a great day. Ladies and gentlemen, this concludes today's call. Thank you for your participation. You may now disconnect your phone lines.