FRP (FRPH) 8 Mar 232022 Q4 Earnings call transcript

Good day, everyone, and 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. [Operator Instructions]. Please note this call may be recorded and it is now my pleasure to turn the call over to John Baker. ahead. go Please

Vice John III, Treasurer I'm are the Financial Officer; our Chief deVilliers, Klopfenstein, Counsel; Good Chief Executive our FRP Baker Vice Holdings. and Accounting Executive Milton, John of our David today and And Officer General Jr., John deVilliers morning. and President; III, President our with David me President.

actual on nature, results filings. to the that by their subject As materially risks indicated relate could events from a and our future in statements. and which are cause reminder, to differ such SEC this call listed in any These uncertainties to statements uncertainties and those are, risks forward-looking

We as new events have forward-looking or revise laws any of update statements imposed future no information. except obligation as to or by a result

release. a measures. its page the should the performance. net and of financial meaning measure be presented for Commission. not and Accounting NOI. financial financial This supplement to is on XX to Accepted accordance certain non-GAAP operating meaningful income non-GAAP by monitor, with the and The analyze FRP measures financial and call earnings FRP income, referenced To financial our within the substitute or reconcile uses To promulgated as Securities refer in Principles, this G in GAAP financial measures its Generally please in measure viewed GAAP assess presents this operations trends most titled non-GAAP financial measures and/or operating not identify is Exchange net non-GAAP Regulation to results of the recent segment

to $X.XX the of $X.XXX by fourth increase the net a a fourth million expense. from compared income, was Net $X.XX per in year last quarter operational offset or share Net $XXX,XXX per the or $XXX,XXX share in a XXXX decrease decrease of fourth impacted previous $XXX,XXX $XXX,XXX investment $X.X loss in same increase versus amortization for the year. in financial for expense, was by income net million quarter in for the highlights income period expense, Now quarter. interest

pro rata period an last $X.XX segments was versus in quarter for Fourth all increase $X.XXX NOI of the million for XX.X%. same year million

calendar $XX.X taxes for million XXXX in gain or per $X.XXX for The taxes. included $XX.XXX included on is the primary gain million $XX.X $X.XX income per non-controlling versus in and share Maren income remeasurement net $X before in million XXXX was of or estate of the on a Highlights million investment partnership, XXXX This of XXXX. income to net $XX decrease include because attributable for The was million year income share reason provision compared by a to remeasurement real mitigated which in interest.

$XX.XX versus operating $XX.XX million for of Net income XXXX XXXX increase million XX%. an for was in

detail will on the in This siren in and operating increases our all greater touch mention segments. and of as few NOI will highlights operational depth briefly passes. remarks, revenue year across major three with I but operations a David his soon as saw

year, in increase a the XX.X% $XX.XX million this the over NOI increased million, year. passing increased the Mining revenue XXXX, over in increase XX% calendar a a XX.X% XXXX And NOI had in Royalties time $XX.XX for Management Asset to for XX.X% year. to first in XXXX revenue mark and $XX million.

pro Stabilized and rata million XX.X% XXXX, XX% to to a a In Venture $XX.XX million. Joint revenue in $X.XX increase saw NOI in increase

to through could to in things Jr. turn walk our over detail. deVilliers, David? I David segments if more Now, you

morning. like bit this you, those on the this And good a on our I'd offer results Today, of Thank for to slant to quarter. John. a call financial day past

his segments opening Operationally, report be and that in we follow business difficult the silos the overlap analyze important John are some can using remarks. segments referenced to and reportable business our have to in company. So, which synergies that

to allow versus perspective day GAAP. light a the shine day So, FRP a at me operational more to on using

we a development our to platform, legacy FRP. owned are we developed, by our these approach properties which warehouse XXXX land liquidated business portfolio. industrial, when managed since four includes pronged our and and employ commercial XXX% Basically, In house,

royalties. Then we have the mining and

have where the which projects of entitlements, implies, FRP third day third-party perform to lion's joint residential And with as lending source but the parties, in developed operations. for We and conjunction third-party name land platforms principal where to development the day capital ventures, and construction we the the the are owner, fourth, on ventures is major sales. are share activities relies

rates these Asset operations rental QX combine Relative to to XXXX. negative from industrial platform, QX for net Management, substantial or operating a occupancies positive of a in to $XXX,XXX of a XXXX increased produce and increase $XXX,XXX our in-house for income in

Business park Business business along Park with warehouse The Aberdeen, fully final square Run quarter. feet, occupied the XXXX quarter XXXX, our in late second all XXX,XXX occupied. should spec in totaling at Hollander Hollander Park, first occupied totaling Maryland and buildings XXX% the in square become feet, of Cranberry completed December became XXX,XXX fully two remains in some

projects local The our as we square and section an as market project this on front, permitting too Aberdeen. warehouse posture, on building parcel assets foot have Maryland. is in conditions currently queue. XXX,XXX pre-development three in early on of in approximate XX other Harford from our XXXX. the the the County, industrial government for process [indiscernible] Not On begin acre construction QX could different Depending underway

And XXXX, have plot market in we This In Northeast warehouse. of or XXXX predevelopment County, warehouse construct hold acres expect assuming square conditions, Cecil XXX to this of in a industrial Maryland. purchased XXXX. favorable distribution land land will XXX,XXX foot we of activities fall commenced. the Initial

create own to costs process. trailers our square of XXXX, process in feet land of XX this follow to in offset helped product Existing annexation and storage for of with in Finally, or we onsite to entitlement follow Harford in will to the the warehouse XXXX. building design Entitlements construction up the XXXX two in QX we carrying purchased acres XXXX, leases of Maryland XXX,XXX County, on was that and completed XXXX.

add at will these industrial shy square the to completion added of that, of just in development X nearly X.X of platform three when our total will other business final projects, Hollander warehouse and park plus square operation Finally, aforementioned Cranberry, to million additional assets the land product Hollander at feet warehouse million feet.

year. the throughout the and positively occupancy buildings the With at remainder park, occupied business increased Run should of Hollander at segment new NOI this Cranberry trend in the the fully

million and This quarter the Mining total ever revenues for same any period as his revenue million $X.XXX royalty our remarks, of and the segment. in saw most opening this mentioned the quarter mining John royalty, versus in $X.X year. is last division for

Operating over period profit NOI $X.XXX $XXX,XXX in XXXX. last million, this over up XX% an was of $X.XXX was million, QX increase the segment same year.

Moving joint Currently, MRP and Realty, maintain Woodfield Properties. on John – ventures. Development and party third to stabilized under projects we partners distinct both St. development three our with

reached that are for of occupancy Projects development. they XX% XX otherwise considered period days stabilized, in a remain

the As JV of projects, office the use and year of mixed included six various development one retail XXXX, seven our and retail apartment program stages in operation. end of project

partner. are phase where the I MRP retail apartment is joint These Dock on Verge. Street venture following projects projects one, Bryant retail Concentrating Four apartment Maren, in DC, are XX. located and highlights. offer Washington projects, our the

with remain leased year, end Dock retail leased. prior of XX Maren XX% and is the buildings the suite now last fully than the of being average quarter. component occupied XX Dock the to And better of the both on retail for

up occupancy that and has one, Street's increased retail use by hall total make its concepts and oriented elongated been Bryant are as helping severely to curtailed year-end. in occupancy XX.X% mixed Union phase retail our weeks, an chain our will Station Bryant permitting north business of several the tenants transit of Several timeframe which XX.X% due to remained at over retail open residential just next project the supply issues. saw small DC, component Street bolster at to food for

Our welcomed leased DC, quarter's its feet the square at first Nearly just Verge, is half tenant of and before retail end of leased Verge X.X% X,XXX with Thanksgiving, at newest way. design under XX.X% in occupied. space and was project

months South in in are Woodfield quite occupied XX.X% the XXXX. as and of was and Carolina leased Maren as XX% retail quarter. development projects XX asset Dock as apartment our Riverside's QX third in joining of two well. Our were Riverside fourth old our with faring XXX stabilized departments end Greenville, the partner February, of

interior placed service before lease construction on is preleased apartments in retail of And the its X,XXX just XXX% were of Jackson's year. went with XXX apartments underway. now end square .XXX's feet the March .XXX under XXX X.

this growth exciting an city to seeing is opportunities is in look additional for country. accelerating and part we Sunbelt. The secondary of the Greenville southern out the continue in market

the Jackson .XXX Strong lease in retail summarize, over increase along Maren, of share represents a the projects, increase operation, Riverside a end, period increases up quarter XXXX, fourth XX, rental with FRP's placed to as and in totaled to and Verge, year's So, apartment Bryant last in including quarter helped fourth NOI same X.X X,XXX year. year. six XX% over projects these to which of XX% for Street, rate million Dock apartments the six last the increase service the the projects renewals

two party items third I have program, venture our to joint to postscript a mention. as Finally,

on in prior proceeds million. fourth Hickory distributions the XXX an company $X the to amounting sale was to of Creek the sale Total Our year of Richmond, investment project, additional the XXXX, investment an Virginia billion with $X.XX DST a in $XXX,XXX. for quarter sold initial total to

to Steuart the Steuart, and our decade, These properties, of four apartment from Riverfront existing of mixed for in currently up Maren four of and to development, and and Also a new November, Dock, owned DC. use partnership our Anacostia projects XX Verge by the will Buzzard leased owned over Vulcan site Company our in retail entered existing by and MRP come use MRP Materials, FRP. Point Washington three Investment parcels and of mixed projects submarkets Realty, the partners phases we southeast into a development with

million the waterfront the nation's southern represent development pursue projects with This unique and control entrance Upon to are these square waterfront projects partnership to the parcels will destination at over XX over our along a feet comprise X these XXX,XXX feet opportunity of retail. opportunities solidify and of unavailable including quarter to units mixed approximately a that completion, development, parcels. River square Anacostia residential freedom individual Together, use X,XXX will create exclusively among of generational capital. mile to uninterrupted a multiple

As part Maren $XX.X sale. Company. both share Investment partner Dock per FRP's over newly represented and common a of $XXX,XXX along sale to gross the of or of unit, apartment in with which amounted formed $XX.X equivalent MRP XX% partnership, million, tenant sold The interest and the million XX the our Steuart we to

commenced has in on parcels a apartments venture, development on that early square XXX project feet XXXX and the Free in brings shovel anticipate of XXXX. late plus XX,XXX retail, we four planned sometime activities ready for located to phase or Steuart one conceptionally one the

Looking on to our last operational ventures. lending enterprise,

PG commitment above our first includes induced a return a venture to coming is interest of two The a a of current waterfall project The this XX%, The of and to was determines preferred the Ridge lending $XX.X County, proceeds. investment rate XX% Amber in million. final charged close. Maryland, minimum profit total projects, which split

lots, as was As horizontal are development of and of returned XXX taken to been which all of contract of having of under to the XXX interest $XX.X FRP million complete have been down with inclusive year-end, XX/XX/XXXX. the sale, total

complete, Aberdeen January. venture, were this Maryland, Amber which $XX.X funding We've of consisting which precedent development in to known XXX in in a as purchase under committed the Overlook, terms through program. lots. condition current Aberdeen, XXX-acre Ridge lending of project now similar million is was Subsequent to year-end, occurred land, to a residential entitlements the Our

inclusive deposit XXX homebuilder, have townhouse has we're do lots project from all submarket single a this contract lots slipped outweighed the And throughout of have We certain place. particular in national we $X.X Needless fourth this a and closely to as safeguards of watching country the quarter in far included the demand sale a family but in million. homebuilding dramatically, XXX supply. of that for say, XXX

office apartment square feet In XXX,XXX the operating maintained March industrial XXX,XXX FRP operating FRP industrial portfolio XXXX, office retail and and apartments. of has shut operating XXX of X,XXX Today, when retail a feet space and down, of units. world square space of over and

additional over feet million We of acres in X of our have pipeline to over land also XXX square support development. development

leveraging at possible us breadth sometimes FRP foundation, opportunity enables of able the made of capitalize we've the financial all make cultivate growth, an which of hard to is era of by through been great to the dawn projects on not decisions uniquely to. and our

John. now back to Thank you. And I'll the call turn

XXXX sale but segments, its to Not NOI David. put having operating fine point you, on XXXX, Thank operating we a meaningful asset big, for the Financially, across revenue, for XXXX. biggest it, all saw in with every was year year increases company. a the and segment too big since profit in

Asset and biggest permanent in finished we financing began Management fully on royalty We purchased secured Verge Operationally, the lease We construction XXXX, new all is of are producer. for Jackson. property, a up our our Mining And Royalty and now Riverside. properties leased. which .XXX

Strategically, XXX,XXX really have the Steuart the south square retail, MRP, really and the we square entrance ability of of and in world, great cities with build our new feet, amazing opportunity. one with of of really, partnership X that's something that the nation's X,XXX of all feet units, to a encompassing special the capital, million

going of all next started in but are most our and we're diligently transform on this XX all equivalents to cash The to XXXX. work. cash put deliberately now years And importantly, to company, XX it to track and

Now, any might any to open at for questions you up call of happy point, the we're this have. that

And Instructions]. Numantia. from our question from Emerito first [Operator comes Quintana

It's million of Emerito and correct, two the $XXX buildings. again there of both I Maren I on from your on interested XX if Spain. was the because, am Dock interest sale am mortgages of

net So, million, it's interest, $XXX I correct. think I'm more like your if

is XX% the mortgages. net So, $XX of million

That's pretty close.

Pretty close.

million mortgages. of but $XX [ph], million net Okay. $XX

FRP. Through Yeah.

the acquisition? tonne of without Another the the of question. new per price growth What's aggregates

more, top X%. have If But saw the my than this still of from like doing we you recollection still been year aggregate it, acquisition a looking it not at but would And you the but royalties, year. acquisition. even I'm growth some XX% have off new would removed more the bigger it – and of have new like been from just would head maybe was, my volume it last had price without

Partners. question our from from comes Chen Rhizome And next Bill

I stealing cash business all a it, they're I the double do these you want for the company, do you definition at That's I guys and that kind where the have down As shares, a business the sat and buy math for that you that calculation, and now be the valuation with back at this you to right digits said it, are aggregate if when previously, market fact to and stealing NAV is getting did has private you they're to of stabilizing, leasing up, I'm working that's to buy and they're the such a digits, high of good trade you a today projects and my triple in shares. well. stealing shares. NAV performing low were know back

perspective, projects, of I NAV owning buy it my with term any in private would aggregate Greenville XXX, this the one to who I this I'm you no I'll more of of owning that in shares. almost my I'm – letting definition own back nothing to DC up with I – voiced in back anywhere past analysis, and mid-XXs, winds your from And think private buy in share every seen my the is someone of I've come if And market saying waterfront. the which do waterfront of the more I that we portfolio, of and think have of meaningful think some more conversations, how chunk the offline, comfortable guys what in when investments, from to in valuation essentially extent also, back our and the aggregate value position business. a market a just we if of is aggregate other just that's the long business good in of And and why business, stealing why a owns of love business the just I this aggregate I more I then we more to shares, I'll incredible that the know touch wind shareholder problem – shareholders up the own

a and flow. fairly the this of are at where in observation generate also, some I've and stabilized needs cash And on balance the cash also done what cash right comes now, high terms so start will also to assets is exhaustive the of analysis just

was a into attention I've all lot been to. consideration. So, is know about something I I've and lot that of a but winded, take thinking and that this paying long this been

in is the lots that surprised surprised, the because that there of is detail rather those bit there? we've given provide that little everything agreement there's surprised then, for those buyer a Could partial little bit of than Or positive a there takedowns buy to by a And more that those all terms I'm you a airing, – is Aberdeen that lots. I'm fact little bit questions, station contract? verbal a just lots a been

Bill, have period They're quarter. million the non-refundable a to points. four even sale of with supplied contract a over And down stipulated time. a many to deposit. the XXX going amount buy They Dave maybe five there's types price homebuilder. lots Yeah, as different as a each of deVilliers. there's there's lots, or national or the $X.X about to And

So broken lot even different a they're kind five though types. it's of into lots, a down

So program under quicker. so But down is to fully off this that'll the drawing to whole enable contract, races. them we're and

as know are where country greatest you virtually the that the here not homebuilding is certainly say. non-existent watching But interesting it the is and supply the we thing that, we throughout is are. closely. I

such in And so, relates regard. certainly shape does help demand to this in the that over as great curve is it us supply,

actually I the don't any on project the I company capital. of funding draw yet? the any advanced think Has for saw this

buying entitlements done plat, through to in which entitlements, the advanced the all of it the raw received had the $X.X – through condition After a the – our went record precedent was which of million. about early land, was year, been We the of we the Yes, all quarter. had end have. was went of some borrower The January. before idea

the go point, like go decide are project? On be to understand spec now. or rents you occupancies that no-go start construction on right that what be – project a build, this I fairly QX, that or build attractive the the on in that know the to it, at just if would and the go we no-go guess warehouse But I'd may to would would may project? decision give what going were I like

sorts what of to of first line going our with the we're quite at near the a Well, finish is all, future entitlements as and county holds. protocols different not through the

And some study, the of we for rents what very a bit are The considerations market flat after vacancies some as remember first of costs right of when moved – down prices for the type actually do this But not there. Actually, we at went long, the can't right first actually they a costs for have of they're year. construction actually, a look and the we little So, ticked October, the up low building. bid have now. all. our down out first time down of how job some the I and those some in

to and not. or the this here. look it the thing go because do like second always whether to it don't quarter want at in So We want decide We we too weather of long we building be we're the to with forward over to don't going winter. wait want

next the we'll over want direction to So we the days take. see as to XX

question. last One

is there parcels and there there? to of in a parcels have by. down You these or sites Florida? It's parking the where has for in and two. in thing, kind company for those of some those them Because but mentioned for is and always of in And it of vehicles square aside opportunity on that come opportunity storage. we're I've Georgia pits markets, some kind storage become to is industrial – an demand Manassas, a thinking Georgia year outdoor land of or on XX,XXX large site. trailer there that a sitting about? become potential acres XX And sites set Is in thing. become right, Is outdoor it that on there's an service that aware those even foot of harder are industrial of XX trucks Is that storage XXX there in given last Florida the land

around not and just site. don't to equipment the because want with interfering operating Probably think Bill, tenants, purview trailers and mining bunch on our the mine kind the sites, their I a building ability of falls that of or under of they'd get

it's acre far sites Is so acres, opportunity site, of actively like is mining actually there a where we are Because of sites and some go X,XXX split revenue too of we're sites to is X,XXX so and to away where could there from it's headache some Or any them some are like, just for their I it, if much big, like XX a is where these XXX or maybe very they're that understand these mining? something where far them? but away? or a

think might it consider much never really this asked heard too I interesting I They that's a Obviously, headache. and suggestion.

could have our something appetite You rural XX% probably only was Atlanta, Florida, that dig something have XXX% it of probably sites support deal. it And it gauge then for but and in better of the not closer might robust that nothing. be what cities. site gung-ho we'd of they is see for But potentially in for there to than just in of wouldn't In be and each them. unless kind about potential tenants' outside business, to very

that's suggestion. a So I interesting think really

phase one like, Are be potentially a on, sooner ready, than then mining question, for I last lots for ready XXXX, will of Fort which and the more sale. time be still be we I for I if the guess, will will to lead those completed, those think before. may. side, the to The ready, that Fort went out last likely of XXXX kind through that to being and Myer, Myers hurricane lots One lake – guess, I be timeline that sites talked, means we little

were on ready that as done pace done be quarry. that of with That's possible. when be hurricane, to without going is they phase them can XXX% expect with say as Vulcan Even we the don't to the humanly that section lots then. the the to mining really mining quarry of fast by phase. that be I are

that I want Myers done that and have think another don't huge to part one mine have to they rock the with is to on it's a the to. don't of to a construction and road be prior they construction if extension, which want of Alico Fort side to hauling priority county, Road they across for be connecting site

I robust get So, demand rip obviously hurricane prior trying done in to extension. fairly think as was that area even the road could. and before to to as through the they that They quick were going

maybe increased it move will the going price. along probably faster, isn't them think I any demand but to affect

next from from Close. Our Oppenheimer [ph] question comes Steven + Thrill

a questions. I just quick have few

you the talked heads in occupancy Can apartments at getting how on the you talk little Street. rental there? You rates rates bit a juggle about Bryant versus

Well, property we those literally every our operate are software and individually obviously, through, day. programs, priced units manager's

So, year, comment up. there's heads pricing we also into to obviously, period. what you contains of do. effectively in lot when is out, your beds, idea first a And we've about of The factors One the it. opened XX a when in kind hour time go – of start that that's

Verge For open up for worst sort that of just example, and time by weather November, virtue couldn't the in we of thing. late to a ask opened up

are starting to supposed rate starting those. that out. so, building. the see for come to the come put to We're on to we They're face cherry some And blossoms in to were discounts warm weather, starting the some

bit. and literally it's little through started the you have a a are But up a basis daily start running actually to run going so, program. rents play And game a to on Yardi up that

the And seasonality there. you talked about

the will up the Dock were you warmer? So, something XX, Do that's it renewal that as gets think quite rates than pick bit Maren. a lower

the say you when And dollars? that the numbers or mean you rates, renewal

percentage. XX%. The versus of expiring leases rates The was XX% renewal

about DC Right. actually It a leaving just what units. going to try of success in of them different order usually the depends We or have other pretty in on leases the people reasons. were profitability – are or looking run to competition. did to And XX% come to house cyclical. that to buy apartments. XX% We a not We weren't the try losing to several on timing it's expire. maximize the rate to They're

may year, got factor explain renewal when freezes maybe before rental COVID Dock a whereas about and think issue. on a I year-and-a-half full started think had you building the is Maren the renewables one that rates came into been to renewals, online. becoming Steven, open between Dock each discrepancy the an force of for Maren

part I Maren. could have rent increases the worry any didn't about renewals time one at rent by longer renewals, much think So of be of it tenants period explained a to for Dock than XX on

to Maren bit the as some I market was so, are tenants little And probably a closer rents market. And opposed frozen. as shock think for there's sticker to

high in for renewal, depending to go. they've units affordable that, income of which for are piece qualify don't living and the ones there too last One and the cases, their up come going on there, too, gets if some they is the housing units, affordable people are that

play can a that well. into So part as

Dock what are your now also and versus some Verge, picking Maren the just in the up. expectations XX just they mentioned versus kind offering rents are? you at then discounts, And are Where but also and of

see. let's Well,

things But First right by is followed still more development Dock. of have, is so Maren and XX% That'd of all, Maren. spring better optimistic Verge than the units where be expensive that a when ask to little up tell, considering leased people a of early during the better occupied. amount But are. it's the we're probably neighborhood and now The of and too one less. got is about going, things that The Dock are under then pretty probably still much we've where running the to bit spring, especially more we question indication a about about hits. we'll have

Street? – Bryant And And I permanent temporary what or the financing when with have same look the financing question would on that do like? And you anticipate Verge?

we like Well, basis as the as go floating is usually to financing about than can running loans. because quickly permanent financing obviously, we'd permanent construction to XXX points less

go into improvement be has get as getting to it. want with tenants restaurants get tenant when well. difficult has spring. the getting but bit hopefully, – So, improvements said be we're to have my type the function by to opening been Bryant have it further remarks, work even things specialty to through we're to the DC, permits, the Street, of the those tough tenant going supply DC through a to I government very, And as almost Washington, – we're and in wondering as that in going very, very curtailed relates we been retail on point chain to The that issues whether with where little been they into

we'd get quarter Bryant into like to sometime third So, probably maybe.

get we've to got a would placed units. stabilized. before while It's we to where be it XXX a point that going be Verge,

So probably probably going through of be to construction least running loan, this year. that most it's at under

And down on South residential of they additional partners last in been the coming are side, question demand that opportunities what any seeing they've terms is there? Carolina, in the the across? And there

We've been looking some. at

– I was think – there things. last we've I actually eyes them. on mentioned I with our got that couple week a of We've some

the about said, I excited that part as country. are, of We

up in those non-existent of Jackson have As projects the leased you been virtually see there. opened at two from we XX%, concessions The that leased about we December. – in we're projects both down that have, can just .XXX we XX%

eyes open. So bullish on have and the our certainly we're area

Steuart development spend XXXX And deal? last talked flows. between question. the on Bill the and a you Do about warehouses dollar value you're of on in cash kind ballpark going activities the to have

I'll I want one has of a It's for numbers in run just doing to of John. at to obviously, the But, anything nothing my me. here of sake front We – don't take be done. Well, do it. have don't first. the that

like the then night and warehouse, right XXX,XXX warehouse the comes don't time, the reason looks square we from XX of foot that just for off. don't and on feel That's market, bump we'll million the we in over or it's pass the example, it million some if like something table, to anywhere next the $XX $XX For plan have the months. push the we

well. to we But investment don't be and will on can year. at We rates fourth phase in slide also have maybe Steuart-MRP-FRP one project, that know and the viable the of quarter ready a this of going minds, the least construction that that as based shovel our interest in that's costs,

So don't just for building the to plenty sake it. got it on We've something We really do of it. depends have be without to building the market.

the So XX winds it the all X depends next kind to months. economic of over on

Steuart the that is environment was that's that, can a something supportive, you four the if building for delay you Is kind partnership, not years. with every of And mentioned that. flexible? There provision

Yes, much. very

years You do need due break diligence four ground. every or to

approvals, for permits of get when certain only period time. these you or Well, these get a they're good

kind framework so a a So of And push-pull. kind It's program. to which together. massive. as had all create it's Actually, so for something to use in exciting. this of We we're this

MRP FRP. going a Steuart like good about unless nobody And stay a wants it as upfront. is really feel they partner, project just So and go to in to into

So that partners, kind of up to on start to and the determine to we when one. us, if want

how Wouldn't affects development? back that building developments? additional And that push or second the

mean do you What building, building? don't I second Second understand.

year a of for everything? delaying does timeline two, phase delay Steuart to the going or so were we If

everything no this. Pushes science fungible. Everything There's is exact back. to

will and same there's is, do than very one overriding when the what project some know as which we do how reason more one the to time, if at next, We flexible in that we're this. I to tie with but don't

And our Quintana Numantia. a from from follow-up Emerito is question next

you next because on make sum of value very I about was or also year? just the Day also wondering per I'm year fair detailed interested getting a I'm And if near maybe Bill's thoughts on Investor $XXX on to an your question share plan maybe special parts. this

that planning the know we're next every months, couple company an event I should think pass is year, that firsthand years one Emerito, was the really, present to And that really now. but demands don't size but if we don't special right enjoyed. doing fun think Investor will Day of two we of an to And that's investors. really a I out the And we properties in that so every was are for of of opportunity come much and yet that details a up. kind about on I something and

yes, on get doing the question, we to answer y'all an day. short to are So, investor details your planning soon. We'll out

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today's This you participation. your does conclude program. for Thank

may at time. You any disconnect