Everyone, and welcome to the FRP Holdings Inc. 2025 First Quarter Earnings Call. At this time, all participants are in a listen-only mode. Later, there will be a question-and-answer session. You can queue for a question at any time by pressing the star key followed by the number one on your telephone keypad. You may remove yourself from the queue by pressing star two. Please be advised that today's call is being recorded. Should you require operator assistance, you may press star zero. I'd now like to turn the floor over to Mattew McNulty. Please go ahead. Thank you, Jamie. Good morning. I'm Mattew McNulty, Chief Financial Officer of FRP Holdings. And with me today are John Baker III, our CEO; David deVilliers III, our Chief Operating Officer; David deVilliers Jr., former President; John Baker II, our Chairman; John Milton, our Executive Vice President and General Counsel; and John Klopfenstein, our Chief Accounting Officer. First, let me run through a brief disclosure regarding forward-looking statements and non-GAAP measurements used by the company. As a reminder, any statements on this call which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These risks and uncertainties are listed in our SEC filings. 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 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 are net operating income and pro rata net operating income. FRP uses these non-GAAP financial measures 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 net operating income to GAAP net income, please refer to the segment titled Non-GAAP Financial Matters in our most recent earnings release. Any reference to Cap Rates, asset values, per-share values, or the analysis of the estimated value of our assets net of debt and liabilities are for illustrative purposes only, as a reflection of how management views its various assets for purposes of informing management decisions and do not necessarily reflect the price that would be obtained upon sale of the asset or the associated cost or tax liability. Now, for the financial highlights following our first quarter results. Net Income for the first quarter increased 31.4% to $1.7 million or $0.09 per share versus $1.3 million or $0.07 per share in the same period last year. The company's pro- rata share of NOI in the first quarter increased 10% year over year to $9.4 million, mostly driven by higher contributions from our multifamily development and mining royalty segments. Versus last year, the multifamily segment contributed an additional $141,000 of NOI, the mining segment contributed an additional $524,000 of NOI, and the development segment another $185,000 of NOI. It is worth noting that our industrial and commercial segment NOI decreased by $20,000 year over year due to the vacancy and uncollectible revenue as a result of a tenant that was evicted during the quarter. Over the last three years, we have grown pro rata NOI at a compound annual growth rate of 21.8%. We anticipate that this growth rate will continue to slow in the near term as our current pipeline of projects in development, which includes our new Shellsea project, move through their respective construction and lease-up phases and then begin to generate meaningful new NOI over the next few years. Earlier today, we posted to our website a brief slideshow of financial highlights for the first quarter, which includes, for illustrative purposes, an estimated value of our real estate assets net of debt and liabilities. Again, we provide this information to reflect how management views its various assets for the purpose of informing management decisions and do not necessarily reflect the price that would be obtained upon sale of the asset or the associated costs or tax liability. I will now turn the call over to our COO, David deVilliers III, for his report on operations. David. Thank you, Mattew. Good morning to those on the call. Allow me to provide additional insight into the first quarter results of the company. Starting with our commercial and industrial segment, this segment consists of nine buildings totaling nearly 550,000 sq. ft., which are mainly warehouses in the state of Maryland. At quarter end, 85.2% of the buildings were leased and occupied. Total revenues and NOI for the quarter totaled $1.3 million and $1.1 million, respectively, a decrease of 7% and 2% over the same period last year. The decrease was due to a 57,000 sq ft tenant, which is 10% of this business segment, defaulting on its lease obligations and subsequent eviction in Q1 2025. Moving on to the results of our mining and royalty business segment, this division consists of 16 mining locations, predominantly located in Florida and Georgia, with one mine in Virginia. Total revenues and NOI for the quarter totaled $3.2 million and $3.3 million, respectively, an increase of 9% and 19% over the same period last year. As for our multifamily segment, this business segment consists of 1,827 apartments and over 125,000 sq ft of retail located in Washington, D.C., and South Carolina. At quarter end, the apartments were 94% occupied and the retail space was 74.8% occupied. Total revenues and NOI for the quarter were $14.3 million and $8 million, respectively. FRP's share of revenues and NOI for the quarter totaled $8.3 million and $4.6 million, respectively. This is an increase over prior quarters due to the Burge being included in this segment as of July 1, 2024. The Burge contributed $1.4 million and $753,000 in revenue and NOI this quarter. As a same-store comparison, which includes Dock, Marin, Riverside, 408 Jackson, and Bryan Street, FRP's share of revenues in NOI for the quarter totaled $6.9 million and $3.9 million, respectively, a revenue increase of 4% with NOI flat over the same period last year due primarily to higher operating expenses at Dock and Marin. As stated in previous quarters, new deliveries in the D.C. market will continue to put pressure on vacancies, concessions, and revenue growth in the foreseeable future. Management continues to be diligent in tenant retention and rental rates in the market. We are pleased to have renewal success rates ranging from 47%-75%, with renewal rental rates trending over 2% on average in Q1. Trade-out rates were slightly negative at our Greenville, South Carolina, properties, and we saw negative trade-out rates at our D.C. properties. Now on to the development segment. In terms of our commercial industrial development pipeline, our 258,000 sq ft state-of-the-art Class A warehouse building in the Perryman Industrial Sector of Hartford County, Maryland, is complete and ready to accept tenants. Beginning April 1, the asset will move from development to the industrial commercial segment. This will impact NOI negatively until it is occupied and stabilized, whereafter the operating expenses can be passed through to tenants and we can receive rent revenue. FRP and Altman Logistics Partners entered into a joint venture partnership where FRP is a 90% owner on a 200,000 sq ft Class A warehouse building in Lakeland, Florida. The construction loan and general contractor agreements are executed, and vertical construction will take place in Q2 2025. This project is estimated to cost them $141 per sq ft with $9 triple-net rents. FRP and Altman also partnered on a two-building industrial project totaling over 182,000 sq. ft. in Broward County, Florida, where FRP is an 80% owner. The site is minutes from Port Everglades and the Fort Lauderdale-Hollywood International Airport, with frontage on I-595 accessing the Florida Turnpike and I-95. We are deep into the construction drawing and permit stage on this project. The construction loan and general contractor agreements are executed, and we expect vertical construction to take place in Q2 2025. The project is estimated to cost them $327 per sq ft with $20 triple-net rents. In Cecil County, Maryland, along the I-95 corridor, we are in the middle of pre-development activities on 170 acres of industrial land that will support a 900,000 sq.f t. distribution center. Off-site road improvements, reforestation codes, and obtaining off-site wetland mitigation permits delayed our entitlement process, and we expect permits in early 2026. Finally, we are in the initial permitting stage for our 55-acre tract in Hartford County, Maryland. The intent is to obtain permits for four buildings totaling some 635,000 sq ft of industrial product. Existing land leases for the storage of trailers on site help to offset our carrying and entitlement costs until we are ready to build. We expect to submit our initial development plan in Q2 2025, which puts us on track to have vertical construction permits in 2026. Completion of these industrial commercial development projects will add over 2.1 million sq ft of additional industrial commercial product to our industrial platform, growing the business segment from 550,000 sq. ft. to over 2.7 million sq. ft. As stated in previous calls, permitting, constructing, and leasing the Perryman, Lakeland, Fort Lauderdale, and the initial 212,000 square. ft. building in Hartford County is our focus and goal over the next three years. These four buildings represent over 850,000 square feet of new industrial commercial product with a total project cost of $146 million. When stabilized, these projects are expected to generate annual NOI between $8.7 million-$10.2 million, with FRP's share of NOI ranging from $7.9 million-$9.2 million. Turning to our principal capital source strategy for lending ventures, Aberdeen Overlook consists of 344 lots located on 110 acres in Aberdeen, Maryland. We have committed $31.1 million in funding. $26.6 million was drawn at the quarter end, and over $19.1 million in preferred interest and principal payments were received to date. A national home builder is under contract to purchase all the finished building lots by Q4 2027. $133 million of the 344 lots were closed upon, and we expect to generate interest and profits of some $11.2 million, resulting in a 36% profit on funds drawn. In closing, uncertainty around trade policy, the economy, and financial markets has caused leasing activity to slow. However, rental rates remain strong, industrial space under construction has fallen below pre-pandemic norms, and we expect market vacancies to top out in 2025, which should bode well for demand and rent growth as we deliver our new industrial projects. In 2025, with the delivery of our 258,000 sq. ft. Perryman Warehouse, we will have over 430,000 sq. ft. of vacant or rolling-over space in our industrial commercial segment, all located in Maryland. This has the potential to impact NOI in the short term but will allow us to retenant these spaces under current market rates, bolstering NOI upon lease-up and occupancy. The average rental rate of the expiring industrial leases was $6.55 triple-net, and we are hopeful most of our new rental rates start in the 7s or greater. We expect short-term surfer rates to remain stable for most of the year, with a slight chance of a potential rate cut deep into Q4. We were able to take advantage of the Treasury dip in March and locked in a 10-year permanent loan at a fixed 6.4% interest rate on our two office buildings. At Bryan Street, we will continue to watch the 10-year Treasury and debt spreads to see if a more permanent and favorable debt structure is viable and accretive to our cash flow. It is our plan to continue to monitor these data points, assess the impact tariffs may have on steel, lumber, gypsum, and other construction products, and make careful, calculated, and informed decisions moving forward. Thank you, and I'll now turn the call over to John Baker III, our CEO. Thank you, David, and good morning to those on the call. Last quarter, we used this call to caution investors to temper their expectations for NOI growth in 2025. We've been on a remarkable run fueled by new industrial projects, as well as the lease-up of three multifamily projects that's resulted in a 21% compound annual growth rate for NOI since 2021. Despite the positive first quarter results, i.e., a 32% increase in net income versus Q1 2024 and a 10% increase in NOI compared to the same period last year, the same factors that led us to caution our investors are evident in our first quarter results. Most of the income and NOI growth came from increases in mining royalties, interest income from our lending ventures, and improved occupancy at the Burge, a project that was not yet stabilized in the Q1 last year. Industrial NOI is down compared to last year from vacancies at our Cranberry Business Park, and will take a further temporary hit when our newest spec industrial building is added to this segment in the second quarter. These buildings have real operating expenses that will negatively impact NOI until we get those spaces leased and occupied. Starting in the second quarter, all our multifamily assets will have been stabilized for a full year, so the NOI bump we experienced this quarter from the final bit of lease-up at the Burge will be difficult to achieve due to organic same-store growth, particularly as we compete with the number of new projects coming online in the Anacostia Submarket of Washington, D.C. We are pleased with this quarter's results, but I continue to caution our shareholders to expect flat to slightly negative NOI results overall in 2025, since the temporary headwinds we're up against may be too heavy a lift for mining royalties to offset. Our focus in 2025 is to set the company up for our next stage of NOI growth. We will do that in part by getting Cranberry and Chelsea fully occupied, but mostly it means putting money to work in new projects. As David mentioned, we have closed on the construction loans for both our industrial JV's with BVX and anticipate breaking ground in the second quarter. We will continue entitlement work on our industrial pipeline in Maryland in order to be shovel ready in 2026, and we anticipate bolstering that pipeline with an additional land purchase and/or JV this year. We remain on track to deliver three new industrial assets every two years with the goal of doubling the size of our industrial segment over the next five years. As mentioned last quarter, we anticipate beginning construction this year on two multifamily projects, the first in Greenville and the second outside Fort Myers, Florida. These two projects will add 810 units and an estimated $6 million in NOI upon stabilization. No CEO wants to pour water on a positive quarter, but we have never been a quarter-to-quarter company. Our focus is and has always been growing the value of the company over the long term. Our shift in strategy is essential to that, and we expect 2025 to be the year of growing pains in that shift. We count ourselves extremely fortunate to have an investor base with the same long-term view for capital appreciation that we do, but we certainly do not take it for granted. I will now turn the call over to any questions that you might have. Thank you. Ladies and gentlemen, at this time, if you would like to ask a question, simply press Star one on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressing Star two. Once again, that is Star one to signal and Star two to remove yourself. Now I'll pause for just a moment to allow questions to queue. Once again, that is Star one to signal. It appears that we have no questions at this time. I'll turn the floor back over to management for any additional or closing comments. We appreciate your interest and investment in the company, and this concludes the call. Thank you. Once again, ladies and gentlemen, that will conclude today's call. Thank you for your participation. You may disconnect at this time and have a wonderful rest of your day.