Good day, everyone. Welcome to today's earnings conference call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. You may register to ask a question at any time by pressing the star and one on your touch-tone phone. Please note this call may be recorded, and it is now my pleasure to turn the call over to John Baker. Please go ahead. Good morning. I'm John Baker III, the Chief Financial Officer and Treasurer of FRP Holdings. With me today are David DeVilliers Jr, our President; John Milton, our Executive Vice President and General Counsel; John Koffenstein, our Chief Accounting Officer, and David DeVilliers III, our Executive Vice President. 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. We have no obligation to revise or update any forward-looking statements except as imposed by law as a result of future events or new information. To supplement the financial results presented in accordance with the generally accepted accounting principles, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The non-GAAP financial measures referenced in this call is net operating income or NOI. FRP uses this non-GAAP financial measure to analyze its operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. This measure is not and should not be viewed as a substitute for GAAP financial measures. To reconcile GAAP to net income, please refer to the segment titled Non-GAAP Financial Measures on page 13 of our most recent earnings release. Now for financial highlights from the fourth quarter. Net income for the fourth quarter of 2022 was $2,756,000, or $0.29 per share versus a net loss of $592,000 or $0.06 per share in the same period last year. Net income for the fourth quarter compared to the previous year was impacted by a $653,000 decrease in amortization expense, a $678,000 decrease in operation expense, a $1.4 million increase in net investment income, offset by a $311,000 increase in interest expense. Fourth quarter pro rata NOI for all segments was $6,260,000 versus $3,690,000 in the same period last year, for an increase of 58.2%. Highlights for calendar year 2022 include net income of $4,565,000 or $0.48 per share versus $28,215,000 or $3.00 per share in 2021. The primary reasons of the decrease in net income compared to 2021 was because 2021 included a gain of $51.1 million on the remeasurement of investment in The Maren real estate partnership, which is included in income before income taxes. This gain on remeasurement was mitigated by a $10.1 million provision for taxes and a $14 million attributable to non-controlling interest. Net operating income for 2022 was $24.23 million versus $17.56 million in 2021, for an increase of 43%. David will touch on operations with greater depth and detail in his remarks, but I will briefly mention a few operational highlights, as soon as the siren passes, in case y'all can hear that. This year saw major increases in revenue and NOI across all three of our operating segments. Asset management had a 43% increase in revenue and a 39.2% increase in NOI for the year. Mining royalties revenue this year, in 2022 increased 12.9% over 2021 to $10.69 million, passing the $10 million mark for the first time in a calendar year. NOI increased 13.6% over 2021 to $10.15 million. In 2022, stabilized joint venture saw a 21.7% increase in revenue to $21.44 million, and a 17% increase in pro rata NOI to $9.47 million. If I could turn things over to David deVilliers Jr. to walk you through our segments in more detail. David. Thank you, John, and good day to those on the call this morning. Today, I'd like to offer a bit of a slant on our financial results for this past quarter. Our business segments are important silos in which to report and analyze the company. Operationally, we have some overlap and synergies that can be difficult to follow using the reportable business segments that John referenced in his opening remarks. Allow me to shine a light on the day-to-day at FRP using a more operational perspective versus GAAP. Basically, we employ a four-pronged approach to our business since 2018 when we liquidated our legacy warehouse portfolio. In-house, which includes our industrial, commercial, and land development platform. These properties are developed, managed, and owned 100% by FRP. We have the mining and royalties. We have third-party joint ventures, which as the name implies, are projects developed in conjunction with third parties, where FRP is the major owner that relies on third-party platforms to perform the lion's share of the entitlements, construction, and the day-to-day operations. Fourth, lending ventures, where we are the principal capital source for residential land development activities and sales. Relative to our in-house industrial platform or asset management, increased occupancies and rental rates combined to produce a substantial increase in net operating income for these operations from a negative $268,000 in Q4 of 2021 to a positive of $902,000 for Q4 2022. Cranberry Run Business Park in Aberdeen, Maryland, became fully occupied in the first quarter of 2022 and remains 100% occupied. The spec buildings at Hollander Business Park, totaling some 145,000 sq ft, completed in late December of 2021, along with our final warehouse at Hollander Business Park totaling 101,750 sq ft, should all become fully occupied in the second quarter. On the pre-development front, we have three projects in the queue. The permitting process is currently underway for an approximate 259,000 sq ft warehouse building on our 17-acre parcel in the Perryman industrial section of Harford County, Maryland, not too distant from our other assets in Aberdeen. Depending on market conditions and local government posture, construction on this project could begin as early as Q2 2023. In the fall of 2022, we purchased 170 acres of industrial land in Northeast Cecil County, Maryland. This plot of ground will hold a 900,000 sq ft distribution warehouse. Initial pre-development activities have commenced, assuming favorable market conditions, we expect to construct this warehouse in 2024 or 2025. In Q3 of 2022, we completed the annexation process of the 55 acres we own in Harford County, Maryland, that was purchased in 2020. Entitlements and building design to create up to 675,000 sq ft of warehouse product will follow in 2024, with construction to follow in 2025 or 2026. Existing land leases for the storage of trailers on-site help to offset our carrying and entitlement costs on this pro-process. Completion of these three aforementioned land development projects, plus the final warehouse at Hollander, will add just shy of 2 million sq ft of additional warehouse product to our industrial platform. When added to the other assets in operation at Hollander Business Park and Cranberry, will total nearly 202.4 million sq ft. With the increased occupancy at the new buildings at Hollander and the fully occupied Cranberry Run Business Park, NOI in this segment should trend positively throughout the remainder of the year. Mining and royalty. As John mentioned in his opening remarks, our mining and royalty division saw total revenues for the quarter of $2.9 million versus $2,267,000 in the same period last year. This is the most revenue in any quarter ever for this segment. Operating profit was $2,452,000, an increase of $485,000 over the same period last year. NOI in this segment was $2,779,000, up 30% over Q4 2021. Moving on to our third-party joint ventures. Currently, we maintain both stabilized and projects under development with three distinct partners, MRP Realty, Woodfield Development, and St. John Properties. Projects that reach 90% occupancy for a period of 90 days are considered stabilized. Otherwise, they remain in development. As of the end of the year 2022, our JV program included 7 mixed-use projects, 6 apartment retail, and 1 office retail project in various stages of development and operation. Concentrating on the apartment retail projects, I offer the following highlights. 4 apartment retail projects are located in Washington, D.C., where MRP is our joint venture partner. These projects are Dock 79, Maren, Bryant Street phase one, and Verge. Dock 79 and Maren remain better than 93% occupied on average for the quarter. With the last retail suite at Dock 79 being leased prior to the end of the year, the retail component of both buildings is now fully leased. Bryant Street phase one, our transit-oriented mixed-use project just north of Union Station in D.C., saw its total residential occupancy increase to 89.5%, and retail occupancy remained at 71.4% as of year-end. Several small retail tenants that will make up our food hall concept are due to open for business at Bryant Street over the next several weeks, helping to bolster the retail component, which has been severely curtailed by an elongated permitting timeframe and supply chain issues. Our newest project in D.C., Verge, welcomed its first tenant just before Thanksgiving, and at quarter then was 13.7% leased and 9.6% occupied. Nearly half of the 8,400 sq ft of retail space at Verge is leased with design underway. Our 2 apartment retail projects in Greenville, South Carolina, with Woodfield as our development partner, are faring quite well. Riverside's 200 apartments were 18 months old in February, joining Dock and Maren as our third stabilized asset in Q3 of 2022. Riverside was 92.5% occupied and 98% leased as of the end of the fourth quarter. 408 Jackson's 227 apartments were placed in service just before the end of the year, and its 100th apartment went under lease on March 1. 408's 4,500 sq ft of retail is 100% leased with interior construction now underway. Greenville is an exciting secondary market in the Southern Sun Belt. The city is seeing accelerating growth. We continue to look out for additional opportunities in this part of the country. To summarize, at year's end, the six apartment retail projects, including Dock 79, Maren, Bryant Street, Verge, Riverside, and.408 Jackson, total 1,827 apartments in operation, which represents a 67% increase over the fourth quarter last year. Strong renewals and re-rental rate increases, along with lease up of the place in service projects, helped to increase FRP's share of the NOI for these six projects to $2.6 million in the fourth quarter 2022, a 29% increase over the same period last year. Finally, as a postscript to our third-party joint venture program, I have two items to mention. Our Hickory Creek project, a 294 DSP investment in Richmond, Virginia, was sold in the fourth quarter of 2022, with sale proceeds to the company amounting to $8.83 billion on an initial investment of $6 million. Total distributions for the year prior to sale total an additional $332,000. In November, we entered into a new partnership with Stewart Investment Company and our existing partners of over a decade, MRP Realty, for the development of up to 10 mixed-use projects in the Anacostia and Buzzard Point submarkets of Southeast Washington, D.C. These projects will come from four parcels owned by Stewart, phases three and four of our riverfront development, our site currently leased to Vulcan Materials, and the existing mixed-use apartment retail properties, Dock, Maren, and Verge, owned by MRP and FRP. Upon completion, these 10 projects will comprise over 3 million sq ft of mixed-use development, including approximately 3,000 residential units and 150,000 sq ft of retail. This partnership will solidify a generational opportunity to create and exclusively control a unique waterfront destination among multiple projects with the freedom to pursue development opportunities that are unavailable to individual parcels. Together, these parcels represent over a quarter mile of uninterrupted waterfront along the Anacostia River at the southern entrance to our nation's capital. As part of the newly formed partnership, we along with our partner MRP, sold a 20% tenants in common interest in both Dock 79 and Maren to Stewart Investment Company. The gross sale amounted to $65.3 million, or the equivalent of over $570,000 per apartment unit. $44.5 million of which represented FRP's share of the sale. Pre-development activities on phase one, conceptually planned for 500+ apartments and 10,000 sq ft retail, located on one of the four parcels that Stewart brings to the venture, has commenced, and we anticipate a shovel-ready project sometime in late 2023 or early 2024. Looking on to our last operational enterprise, the lending ventures. The first of our two current lending venture projects, Amber Ridge in PG County, Maryland, is coming to a close. The total commitment to this project was $18.5 million. 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. As of year-end, the horizontal development was complete, 135 of the total 187 lots, all of which are under contract for sale, have been taken down, with $16.6 million inclusive of interest having been returned to FRP as of 12/31/2022. Our current lending venture, now known as Aberdeen Overlook, is a 110-acre residential development project in Aberdeen, Maryland, consisting of 344 lots. Subsequently year-end, entitlements were complete, which was a condition precedent to the purchase of the land, which occurred in January. We've committed $31.1 million in funding under similar terms to Amber Ridge to this program. We have a contract of sale for all 344 lots from a national home builder, inclusive of 222 townhouse and 122 single-family lots that included a deposit of $3.3 million. Needless to say, we're watching this project closely as home building throughout the country has slipped dramatically. We do have certain safeguards in place, and demand in the fourth quarter in this particular sub-market far outweighed the supply. In March of 2020, FRP maintained a portfolio of 510,000 sq ft of operating industrial office and retail space and 599 apartments. Today, FRP has over 760,000 sq ft of operating industrial office and retail space and 1,827 operating apartment units. We also have over 435 acres of land in our development pipeline to support over 3 million sq ft of additional development. FRP is at the dawn of an era of growth, all made possible by the breadth of opportunity we have been able to cultivate through the leveraging of our financial foundation, which uniquely enables us to capitalize on great projects and sometimes make hard decisions not to. Thank you. I'll now turn the call back to John. Thank you, David. Not to put too fine a point on it, but 2022 was a big, big year for the company. Financially, in 2022, we saw meaningful increases across all operating segments, with every segment having its biggest year for revenue, operating profit and NOI since the asset sale in 2018. Operationally, in 2022, all of our asset management properties are fully leased. We finished construction and began lease up on The Verge and.408 Jackson. We secured permanent financing for Riverside, and we purchased a new mining royalty property, which is now our biggest royalty producer. Strategically, with our new partnership with Stewart and MRP, we have the ability to build something really, really special in one of the great cities of the world. 3 million sq ft, 3,000 units, 150,000 sq ft of retail, all of it encompassing the south entrance of the nation's capital. It's a really amazing opportunity. Most importantly, we are now on track to diligently and deliberately put all of our cash and cash equivalents to work. The next 10-15 years are going to transform this company, but it all started in 2022. At this point, we're happy to open up the call for any questions that any of you might have. At this time, if you would like to ask a question, please press star and one on your touchtone phone. You may withdraw yourself from the question queue at any time by pressing the star and two. Once again, for everyone, that is star and one to join the question queue. Our first question comes from E meterio Quintana from Mimi ta. Your line is open. Hi, guys. It's Emeterio again from Spain. I'm interested on the sale of your interest of the Maren and Dock 79, because if I'm correct, there was two mortgages of $480 million on both buildings. so your net interest, I think, it's more like $100 million, if I'm correct. The 20% is $20 million net of mortgages. That's pretty close. Pretty close. Yeah. Yeah. Okay. Are you talking about FRP? The company... $400 million, but $20 million net of mortgages. You mean FRP. Yeah. Okay, thank you. Another question. What's the growth of the price per ton of aggregates without the new acquisition? It would be... If you removed the new acquisition from aggregate royalties, we still would've had a bigger year than last year. It would've been, like, maybe 3%. I'm just doing this off the top of my head from my recollection of looking at it. It would've been more, not, you know, 16% more like it, like it was. You know, you still saw volume and, you know, some price growth even without the new acquisition. Okay. Understood. Thank you. Our next question comes from Bill Chin, from Rhizome Partners. Your line is open. Hi, guys. Morning, Bill. How are you? Good. Well, you know, nice day in New York and I hope you guys are getting some nice weather there as well. I had a bunch of questions written down and now I've gone blank. You know, as I do the math for the cash that you have right now, I did a, you know, I sat down and did a math calculation, a private market valuation for the company. And I know you guys said previously when you buy back shares, you wanna be stealing it. And this has to do with the fact that the Aggregate business is such a good business and, you know, all these projects are working. You know, they're leasing up, they're stabilizing, they're performing well. I'm kind of getting to a NAV that's, you know, in the high double digits, low triple digits. You know, at where you trade at today, if you were to buy back shares, I mean, that's my definition of stealing it, stealing shares. Also, you know, I voiced this, you know, in the past in our conversations, and then I would just love to own more of the Aggregate business and the Waterfront, and then, you know, to the extent that we do buy back shares. The, you know, to own more of this incredible Aggregate business, which is nothing that I've seen anywhere in any of my other investments. I, you know, I'm just saying from someone who owns a good chunk of, you know, is a meaningful position in my portfolio, I'm comfortable owning more of the Aggregate business and the, you know, the Waterfront in D.C. and your Greenville, you know, projects. You know, just letting you guys know that, you know, from one longtime shareholder's perspective, I have no problem if we wind up, you know, if every shareholder wind up owning more and more of the Aggregate business. I'll touch back, you know, offline or, you know, I'll share with some of the... How I come to my NAV analysis, what I think of private market valuation, and why I think in the, you know, $mid-50s or the private market value of almost $100, why I think that's essentially the definition of stealing it, you know, when we buy back shares. Also, I mean, you know, this observation also comes at just the cash balance is so high right now, and I've done a fairly exhaustive analysis on where the cash needs are and also what some of the stabilized assets will start to generate in terms of cash flow. Take all of that into consideration. I know this is long and winded, but this is something that I've been thinking about a lot and I've been paying a lot of attention to. And then the... In terms of questions, you know, I'm a little bit surprised, positively surprised by the fact that the Aberdeen, that there's. Is there a contract or is that just a verbal agreement to buy those lots? Because given everything that we've been hearing, I'm a little bit surprised that there is a buyer for all those lots rather than partial takedowns of those lots. Can you provide a little bit more detail there? Sure. Hi, Bill. David deVilliers. Yes. Hi, David. There is a contract to sale with a national home builder. They have supplied a $3.2 million non-refundable deposit. They're gonna buy the lots down over a period of time, and there's a stipulated amount each quarter. And the of the 344 lots, there's about four or maybe even as many as five different types or price points. Even though it's a lot of lots, they're kind of broken down into five different types. That'll enable them to draw them down quicker. No, these, this whole program is fully under contract and we're off to the races. I know that, as you say, home building throughout the country is not the greatest, and we certainly are watching it closely. The interesting thing here is that the supply is virtually nonexistent where we are. Mm. The curve is in such great shape as it relates to demand over supply. That certainly does help us in this regard. Got you. No, that's great color. Has the company actually advanced any of the funding for this project yet? I mean, I don't think I saw any draw on the capital. Yes, we have, after the quarter. The idea was the, some of it had been advanced before the end of the year, about a million and a half dollars. We went through all of the entitlements or, excuse me, our borrower went through all of the entitlements, received record plat, which was a condition precedent to buying the raw land, which was done in early January. Okay. Got you. Thank you. No, that's great color, and thank you, thank you very much for that. The, on the project, on the warehouse project that may go, start construction in Q2. What, you know, that's, I mean, I guess at this point, if we were gonna build it, that would be a spec build. What would be, give you the go or no-go on that project? I know like the rents and the occupancies are, you know, fairly attractive right now. I'd just like to understand what would be the decision to decide go or no-go on that project? First of all, we're not quite at the finish line with our entitlements, the county is going through different sorts of protocols as to what the near future holds. Mm-hmm. S ome considerations there. What we look for is we do a we do a market study. The occupants, excuse me, the vacancies are very low right now. the rents- Mm. Have not moved down at all. Actually, they're flat and they actually ticked up a little bit for this type of a building. Actually, some of our construction costs for the first time, and I can't remember how long some of those costs actually went down when we first did the job out in October. Some of the costs- Mm. Actually went down right after the first of the year. You know, we're gonna look at it and like we always do, and decide whether we wanna go forward with it in the second quarter or not. We don't wanna wait... Mm. Too long because of the weather here. We don't wanna be building this thing over the winter. We'll- Mm. We'll see over the next 60 days as to the direction we wanna take. Got you. Got you. One last question. you know, you mentioned that there's trailer storage on that 600 sq ft site, industrial outdoor storage has kind of become a thing. I mean, it's always a thing, but it's a, I've become aware of it in the last year or two. Is there an opportunity given that we're sitting on 20,000 acres of land in Georgia and Florida on those pits to kind of set aside some of these parcels for industrial outdoor storage? Because there are sites that where it is, you know, a large parcel of land for parking, you know, of trucks and service vehicles have become harder to come by. I mean, is that an opportunity that the company's thinking about? Is there demand for them in those markets, in those 12 or 13 sites down in Georgia and Florida? Even in Manassas, right? You know, is that a potential there? Is there some potential there? Probably not on the mining sites, Bill, just because, you know, that kind of falls under the purview of our operating tenants, and I don't think they'd want a bunch of, you know, trailers and building equipment, interfering with their ability to mine or get around the site. Got you. Got you. Is there any sites where their mining is so far away? 'Cause like some of these sites are so big. Like, I understand it if it's a 90, a 100 acre site. If, you know, some of these sites are 1,000 to 2,000 acres and like is there some opportunity where we could go to them and maybe it's like a revenue split or something if we're very far away from where they're actually actively mining? Or is that just too much headache for? They might consider it too much headache. Obviously it never hurts to ask, and I think that's a really interesting suggestion. You probably only have the potential for it in sites closer to cities. In rural Florida. Mm. That might not be, you know, a very robust business. You know, potentially outside of Atlanta, we'd have to just dig in and see what the, what each site could support and then gauge our tenants' appetite for, you know, that kind of deal. They probably wouldn't be gung ho about it unless, you know, there was something in it for them. You know, 50% of something is better than 100% of nothing. I think that's a, that's a really interesting suggestion. Thank you. Good. No, no problem. I don't wanna hog the call, but one last question, if I may. You know, the hurricane that went through Fort Myers, I think when Jimmy talked, and that will likely lead to more mining out of the Fort Myers site, which means the lake will be, I guess a lot will be ready, I guess, a little sooner than before. Are we still on like a 20, 20.6, 20.7 kind of timeline for those sites to be ready for like that phase one to be completed and then, you know, those lots potentially being ready for sale? That's when the You know, we expect them to be done mining with that phase. Mm. I really can't say that the lots are gonna be 100% ready by then, but, you know, Vulcan is on pace to be done with that phase of the quarry. They even without the hurricane, they were mining that, you know, section of the quarry as fast as humanly possible. Mm-hmm. I think they wanna be done with that side of that mine prior to construction on the Alico Road extension, which is, connecting, you know, one part of Fort Myers to another. It's a, it's a huge priority for the county, and they don't wanna have to be, you know, hauling rock across a, you know, a road construction site. Mm-hmm. If they don't have to. I think demand in that area was fairly robust even prior to the hurricane. Obviously, trying to get done before the road extension, they were gonna rip through that as quick as they could. I think maybe the, you know, increased demand isn't gonna move them along any faster, but it probably will affect price. I got you. Got you. Thank you. I have no further questions. Thank you, gentlemen. Thanks, Bill. Question. Our next question comes from Stephen Threl from Oppenheimer Close. Your line is open. Morning. Morning, Stephen. How are you? I'm doing well. I just have a few quick questions. You talked about occupancy rates at Bryant Street. Can you talk a little bit on how you juggle the rental rates versus, you know, getting heads in the apartments there? We operate through, obviously, our property managers' software programs, and those units are individually priced literally every day. Pricing can change effectively in a 24-hour period, and that's kinda what we do. The idea, obviously, to your comment about heads and beds when you first start out, you know, also, there's a lot of factors that go into it. One is the time of year. For example, we opened up Verge in late November. Couldn't ask for a worse time to open up just by virtue of the weather and that sort of thing. We were starting to put some discounts on the face rate for those. They're starting to come into the building. We're starting to see some warm weather. The cherry blossoms are supposed to come out. The rents are gonna start running up, and actually have started to run up a little bit. It's a game that you play literally on a daily basis through a Yardi program. You talked about the seasonality there. Dock 79, the renewal rates were quite a bit lower than The Maren. Do you think that's, you know, something that'll pick up as it gets warmer and? When you say renewal rates, you mean the numbers or the dollars? The percentage. I think the renewal rates was 42% of expiring leases versus 62%. Right. We had. It just depends on, you know, the timing of what, of what leases expire. We did have several people come in that actually were not going to other apartments. They were leaving, they're leaving DC or looking to buy a house or different reasons. We weren't losing them to, you know, to other to the competition. It's pretty cyclical. We usually try to run about 50%-55% on a success rate, you know, in order to try to maximize the profitability of the units. Stephen, I think one factor that may explain for the discrepancy between Maren and Dock renewal rates is when you think about when, you know, each building came online, Dock got, you know, the full force of rental freezes on renewals, whereas, you know, The Maren had been open for, you know, a year, maybe a year and a half into COVID before renewals started becoming an issue. I think part of it could be explained by the Dock 79 tenants, didn't have to worry about rent renewals, rent increases on renewals for a much longer period of time than than anyone at The Maren. You know, The Maren was probably a little bit closer to market, and I think there's some sticker shock for tenants, as you know, rents are, you know, market, as opposed to frozen. One last piece of that too is depending on which ones come up for renewal. If they're the affordable housing units, the people that are living there, in some cases, their income gets too high, and they don't qualify for the, for the affordable units, and they gotta go. That could play into it as far as well. At the Verge, you mentioned, offering some discounts. Rents are picking up. Where are they now kind of versus, Dock 79 and also just in the Maren and then also just versus, what your expectations were? Well, let's see, first of all, the Maren is probably one of the more, expensive units that we have, and then followed by Dock. Verge is running about right now, probably about 10% less. You know, the neighborhood is still, you know, under development, more so than Dock and Maren. We're, we're pretty optimistic about where things are going, especially when the spring hits. It's still a little bit too early to tell, considering the amount of people that we've got, you know, leased up and occupying. That'd be a better question to ask after, you know, during the spring. We'll have a much better indication of where things are. Okay. When do you anticipate, financing, permanent or temporary financing on the Verge? What would that look like? I ask the same question, with Bryant Street. Well, obviously, we'd like to go to permanent financing as quickly as we can because permanent financing is usually running about 150 basis points less than the floating construction loans. We're gonna be going through that on Bryant Street. Hopefully, when we get to get a little bit further into the spring. The retail function has been curtailed by, as I said in my opening remarks. You know, the D.C. government has been very, very, very difficult to work with as it relates to getting the tenant improvement permits. I mean, almost to the point where we're wondering whether they even wanna have tenants in Washington, D.C. We're getting through it. The supply chain issues with those type of specialty things that go into restaurants and tenant improvements have been tough as well. We'd like to get into Bryant probably sometime, you know, third quarter, maybe. Verge, we've got 344 units. It's gonna be a while before we get that place to a point where it would be stabilized. It's probably gonna be running under that construction loan at least through probably most of this year. Okay. The last question with the, on the residential side. Are the partners in South Carolina, what are they seeing in terms of demand down there? Is there any additional opportunities that they've been coming across? We've been looking at some. I think I mentioned that I was there last week with them. We've got a couple of our eyes on some things. We are, as I said, excited about that part of the country. As you can see from the two projects that we have, we're about 44%-45% leased at 408 Jackson, and it just opened up in December. The concessions have been virtually nonexistent in both of those projects down there. We're certainly bullish on the area and have our eyes open. Thank you. The last question, and Bill kinda talked about the cash flows. Do you have a ballpark on, you know, the dollar value you're gonna spend on development activities in 2023 between, you know, warehouses and the Stewart deal? Well, I'll take a run at that first, John. I don't have my numbers here in front of me, obviously, nothing has to be done. We don't wanna do anything just for the sake of doing it. For example, the warehouse that we have on the plan table, the 260,000 sq ft warehouse. If we don't like the looks of the market, or for some reason something comes bump in the night and we don't feel like it's the right time, we'll pass and just push it off. That's probably anywhere from $10 million-$17 million over the next 12 months. We also have phase one of the Stewart MRP-FRP investment that will may be shovel-ready in the fourth quarter of this year. You know, based on interest rates and rates and the construction costs, we don't know that that's gonna be a viable project, at least in our minds, and that could slide as well. It really depends on the market. We don't have to be building something just for the sake of building it. We got plenty to do without it. It really kind of depends on the, you know, on the economic winds over the next, you know, six to 12 months. With the Stewart partnership, you mentioned that, you know, if the environment is not supportive, you can kinda delay that. There was the provision for building every four years. Is that something that's flexible and-? Yes. Yes. You need. Very much so. Do you have to do due diligence every four years or break ground? Well, you know, when you get these permits or get these approvals, they're only good for a certain period of time. it's a, you know, it's kind of a push-pull. We had to use something kind of as a framework for which to, you know, to create this program. It's so massive and actually so exciting. We're all in this together. Stewart is gonna stay in as a partner, just like MRP and FRP. Nobody wants to go into a project unless they feel really good about it upfront. Kind of up to us, you know, the partners to determine when and if we wanna start a new one. How'd that affect, you know, additional developments there? Wouldn't that push back, you know, the second building or development? Second building? I don't understand. What do you mean second building? If we were gonna do Stewart phase II. Yes. Does delaying for a year or so delay, you know, the timeline of everything? Pushes everything back. Everything is fungible. There's no exact science to this. We will tie one project in with the next. If there's some overriding reason to do more than one at the same time, which I don't know what that is. We're very flexible as to how and when, we do these. Okay, that's good. Thank you, guys. Mm-hmm. Thanks, Stephen. Our next question is a follow-up from Emeterio Quintana from Mimita. Your line is open. Good morning. It's Emeterio again. Hey, Emeterio. Hi. I was just wondering if you plan to make an investor day this year or maybe next year. I'm also interested on Bill's question about your thoughts on fair value per share, maybe because I'm also getting near $100 per share on a very detailed some of the parts. Emeterio, we are planning on doing an investor day, details of that will come out over, you know, in the next couple months. That was an opportunity that we really enjoyed. I don't know if we're yet the size of a company that demands one every year, but I think every two years is about right for now. That was a really special event and so much fun to, you know, present the properties firsthand to investors. I don't think that's something, you know, we should pass up. Short answer to your question, yes, we are planning on doing investor day. We'll get the details out to you all soon. On your, the NAV analysis, I mean, very, very, you know, fortunate that our investors have the faith and the same faith in our assets that we do. We don't have a, you know, concerted share buyback plan right now. Obviously, we love the assets that we have. Whether it's a dividend or share buybacks, there is a plan for all this money, at least for now. It's our belief, because we're a growing company, that, you know, the cash and cash equivalents that we have are best put to use in the form of new investments or as a capital cushion to protect the investments that we already have. We're gonna continue to monitor it, the same way y'all are. If we, you know, come to the same conclusion that it's trading at such a steep discount that we can't afford to bypass it, we might nibble here and there, but it's not gonna be a, you know, a steady, concerted, you know, plan to buy back shares. Okay. Okay. Thank you very much. It does appear that there are no further questions over the line at this time. All right. Well, thank you guys so much for your interest in the company. We're gonna get back to work to grow shareholder value. This does conclude today's program. Thank you for your participation. You may disconnect at any time.