FRP Holdings, Inc. (NASDAQ:FRPH) Q2 2024 Earnings Conference Call August 8, 2024 2:00 PM ET
Company Participants
John Baker - Chief Executive Officer
David deVilliers - Chief Operating Officer
Conference Call Participants
Stephen Farrell - Oppenheimer Close
Bill Chen - Rhizome Partners
Operator
Good day, everyone, and welcome to today's FRP Holdings, Incorporated Second Quarter 2024 Earnings Conference Call. [Operator Instructions]. Please note, this call is being recorded. [Operator Instructions].
It is now my pleasure to turn the conference over to CEO, John Baker, III. Please go ahead.
John Baker
Good morning. I am John Baker III, Chief Executive Officer of FRP Holdings, Inc. And with me today are David deVilliers, Jr., our President; John Baker II, our Chairman; David deVilliers III, our Chief Operating Officer; Matthew C. McNulty, Chief Financial Officer; and John Milton, our Executive Vice President and General Counsel.
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 as 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 measure referenced in this call is net operating income or NOI and pro rata net operating income.
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 should not be viewed as a substitute for GAAP financial measures. To reconcile NOI to GAP net income, please refer to the segment titled non-GAAP Financial Measures on Pages 9 and 10 of 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 the sale of the asset or the associated costs or tax liability.