Good day, everyone. Welcome to the FRP Holdings, Inc. First Quarter 2026 Conference Call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Matt McNulty, CFO of FRP Holdings. The floor is yours. Great. Thank you. Good morning, and thank you for joining us on this call today. I am Matt McNulty, Chief Financial Officer of FRP Holdings, Inc. With me today are John D. Baker II, our Chairman, John D. Baker III, our CEO, David H. deVilliers III, our President and Chief Operating Officer, David H. deVilliers, Jr., our Vice Chairman, John D. Milton, our Executive Vice President, Mark Levy, Chief Investment Officer, and John Klopfenstein, our Chief Accounting Officer. First, let me run you through a brief disclosure regarding forward-looking statements and non-GAAP measures used by the company. As a reminder, any statements on this call which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These risks and uncertainties are listed in our SEC filings. To supplement the financial results presented in accordance with generally accepted accounting principles, FRP presents certain non-GAAP financial measures within the meaning of Regulation G. The non-GAAP financial measures referenced in this call are net operating income, or NOI, and pro rata NOI. FRP uses these non-GAAP financial measures to analyze its operations and to monitor, assess, and identify meaningful trends in our operating and financial performance. These measures are not and should not be viewed as a substitute for GAAP financial measures. To reconcile adjusted net income, net operating income, and adjusted net operating income to GAAP net income, please refer to our most recently filed 10-Q. I will now turn the call over to our President and Chief Operating Officer, David de Villiers III, for his report on operations. David. Thank you, Matt, and good morning, everyone. I will begin with a review of our first quarter 2026 results and then discuss our operating priorities for the balance of the year and beyond. 2025 was a year where we significantly expanded the scale and long-term earnings potential of the platform. As we move through 2026, the focus shifts towards execution. Simply put, we need to fill buildings, stabilize projects, and turn that embedded value into dependable recurring cash flow over time. For the quarter, we generated approximately $8.9 million of NOI and $3.6 million of FFO, or $0.19 per share, and ended the quarter with approximately $130 million of liquidity between cash and line availability. Late in the fourth quarter of 2025, we completed the Altman Industrial acquisition for approximately $33.5 million, adding roughly 1.6 million sq ft of industrial development pipeline and expanding our presence in Florida and New Jersey. Turning to commercial and industrial, the portfolio totals approximately 807,000 sq ft and ended the quarter approximately 47.5% occupied compared to approximately 85% last year, primarily due to anticipated lease rollover timing, slower tenant decision cycles, and the addition of the Chelsea building. Segment NOI totaled approximately $758,000 during the quarter, compared to $1,139,000 last year. We continue to believe this is more a timing issue than a demand issue. Today, we have approximately 423,000 sq ft available for lease up, representing roughly $3.3 million of incremental annual NOI opportunity at stabilization. Execution now comes down to leasing velocity, pricing discipline, and occupancy growth over the next several quarters. Operationally, activity feels materially different today than what we experienced in 2025. We are seeing more tours, more proposals, more tenant dialogue, and improving leasing activity across multiple markets. Through Q1, we have now signed or LOI'd approximately 53,000 sq ft, representing roughly $1 million of future annualized NOI as those leases commence and convert to occupancy. We still have substantial work ahead of us, remain focused on filling our buildings, and believe the platform is moving in the right direction. Turning to Mining and Royalties, this segment generated approximately $3.8 million of NOI during the quarter, up $498,000 or 15% year-over-year, the second consecutive quarter of double-digit underlying growth with both volume and pricing trending favorably. Mining continues to provide durable, high margin cash flow with minimal incremental capital requirements. Mining royalties remain an important stabilizing component of the company's overall earnings profile and balance sheet flexibility. Moving to Multifamily, the portfolio includes approximately 1,827 units across Washington, D.C., and Greenville, South Carolina. NOI totaled approximately $4.1 million during the quarter. First quarter results were below expectations, primarily due to lower occupancy and economic occupancy in our Washington, D.C. assets, higher operating costs, and some softness in ground floor retail. From a market standpoint, South Carolina remains relatively stable, with economic occupancy remaining in the low 90% range. Washington, D.C. remains more competitive due to continued supply pressure, particularly from Vermeer and The Stacks, which impacted occupancy and concessions across Dock 79, The Maren and The Verge, with economic occupancy remaining in the high 80% range during the quarter. Importantly, we view this primarily as a localized supply issue rather than a broader deterioration across the multifamily platform. Development remains the company's largest long-term NOI growth opportunity. The Altman acquisition, which I mentioned earlier, was critical for two reasons. It expanded our pipeline and geographic footprint, and it gave us the management capacity to execute on it. Current pipeline represents approximately $441 million of total project costs, with expected stabilized incremental NOI of approximately $30 million over time. This opportunity represents a significant increase in NOI and earnings. Our pacing remains disciplined, and the focus is on execution, lease up, stabilization, and converting these projects into recurring cash flow over time and not simply growing to grow. Turning to the full year outlook for 2026, we expect NOI to remain relatively stable in the approximately $37 million range, while lease up timing, elevated platform costs, and higher interest expense continue to pressure near term FFO. We expect FFO to remain pressured in the near term with meaningful improvement tied to industrial lease up and development stabilization, both of which are underway. Importantly, 2026 G&A is expected to be approximately $15 million-$16 million and reflects the investment in people, systems, and infrastructure needed to operate at scale. Balance sheet discipline remains foundational. We ended the quarter with approximately $130 million of liquidity and conservative asset-level leverage. Importantly, while leverage metrics appear elevated on an EBITDA basis, asset-level leverage remains conservative and liquidity remains strong. The balance sheet continues to provide substantial flexibility while we work through lease-up and stabilization. To close, 2025 was about building the platform. The next several quarters are about proving it. The near-term priorities are clear. Lease the vacancy, stabilize the development pipeline, and convert that embedded NOI into dependable recurring cash flow. We have the balance sheet, liquidity, and now the operational infrastructure to execute. We believe the pieces are in place for a meaningfully different earnings profile. Mining continues to perform. The D.C. multifamily supply overhang will clear, and the industrial portfolio has the leasing activity to support it. With that, I'll turn the call over to Mark Levy, our Chief Investment Officer, to provide additional perspective on leasing activity, market conditions, and capital deployment. Mark. Thank you, David, and good morning. As we conclude the 1st quarter of 2026, we continue to be laser focused on driving leasing execution, converting vacancy into recurring cash flow, and continue building a scalable and disciplined industrial platform. Over the past several quarters, we conducted a comprehensive review of our leasing and operating processes. As a result, we have made targeted refinements which will enable us to accelerate decision making, gather better market intelligence, and improve alignment between our leasing, development, and asset management teams. The changes we have made will create greater consistency, accountability, and execution visibility across the platform. Importantly, we are beginning to see measurable progress from those initiatives. As David mentioned, we have signed leases or LOIs totaling 53,000 square feet, representing $1 million in annualized NOI. Furthermore, proposal activity, tenant engagement, tours, and active negotiations have all increased meaningfully relative to prior periods. Our focus now is converting that activity into executed leases and recurring NOI growth. The drivers behind this are occupiers seeking greater space efficiencies, closer access to labor, and better proximity to transportation infrastructure. In Maryland, where lease up activity lagged our initial expectations in 2025, we recalibrated rent positioning where appropriate, expanded brokerage engagement, and added additional leasing resources following the Altman transaction. We remain focused on balancing lease up velocity with long term value preservation and basis discipline. In New Jersey and Florida, we continue to see encouraging tenant activity, particularly from logistics, e-commerce, and third party distribution users. While decision making timelines remain longer than during peak post-pandemic environment, overall market conditions across many of our target submarkets continue to stabilize. From a broader market perspective, development starts to climb materially during 2025 and into Q1 2026, while entitlement constraints and land scarcity will continue to limit future supply in many infill coastal markets. We are seeing the lowest level of starts since 2010, and the number of future starts continues to be hampered by high construction costs and yield on cost requirements. This represents an opportunity for us as we have delivered or are delivering into submarkets marked by low vacancy and more limited competitive supply. From a capital allocation standpoint, our priorities remain focused on three key initiatives: stabilizing the current development pipeline, selectively advancing new development opportunities in high barrier infill markets, and expanding capital relationships that support disciplined platform growth while maintaining balance sheet flexibility. We are also using technology to build better market data sets and test our assumptions more comprehensively. We are also continuing to diversify revenue channels through selective build-to-suit opportunities, targeted value add acquisitions, and institutional capital partnerships that can support future growth and recurring revenue generation over time. We are also making progress on that front, especially in the build-to-suit arena. Discussions with prominent institutional investors and capital partners remain constructive. The feedback we continue to receive centers on confidence in the quality of our markets, operating platform, development capabilities, and long-term industrial strategy. Additionally, from a capital markets perspective, financing conditions have improved modestly relative to the prior 12-18 months. Although we continue to maintain a conservative underwriting posture and remain focused on downside protection and disciplined basis management. Overall, FRP continues to make incremental but meaningful progress towards our goals. We believe FRP remains well positioned operationally, strategically, and financially as we continue executing on our industrial growth strategy and building a stronger and more scalable platform over time. I will now turn the call over to John Baker for his closing remarks. Thank you, Mark, and good morning to all those on the call. This quarter last year, we had better results than we expected, and I felt obliged to soften any enthusiasm they might inspire because of what we saw coming down the pipe for the rest of the year. I find myself in almost the exact opposite position relative to the first quarter of this year. Results this first quarter are worse than 2025. The headwinds we experienced last year are still with us, and yet I'm far more optimistic looking forward to the rest of the year and beyond. Leasing activity in our industrial space has completely flipped compared to last year, which is fortunate given that it remains our core focus for the foreseeable future. Same-store leasing, in particular, is the most important way for us to improve the company's performance because it has the most immediate impact and involves so little in CapEx compared to development. The 50,000 sq ft of leases signed or in LOI form that David and Mark referred to is the tip of the iceberg in terms of phone calls, tours, and paper traded. The volume that produced that number is diametrically opposed to what more or less amounted to silence in that space last year. I don't think we are seeing a return to the industrial boom of the Covid years, but even a return to a more normalized leasing environment is comforting after the uncertainty of 2025. Given our focus on leasing, I can't tell you how heartening that is. As I mentioned so recently on our fourth quarter call, the yardstick by which we measure success will be the performance of our same store assets and the value created by our development segment, specifically our three industrial assets under development in Florida. We have included a table in our quarterly supplemental materials for investors to track our progress in these areas. As David said, we have a long way to go in order to achieve our goals, but the path forward is markedly clearer than it has been for some time. I think we'll open it up to questions. Certainly. The floor is now open for questions. If you have any questions or comments, please press star one on your phone at this time. We ask that while posing your question, you please pick up your handset if listening on a speakerphone to provide optimum sound quality. Please hold for just a few moments while we poll for any questions. Once again, if you do have any questions or comments, please press star one. There appear to be no questions in queue at this time. I would now like to turn the floor back to John Baker for any closing remarks. I really appreciate everyone on the call taking the time to be with us and, as always, for your continued interest in the company. This concludes the call. Thank you, everyone. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.