FRP Holdings, Inc. (FRPH) conducted its fourth quarter 2025 earnings conference call, providing updates on financial performance and strategic initiatives. Key executives participated, delivering insights into operations and future outlook.
Call Participants
Company leaders included Matthew McNulty, CFO and Treasurer; David deVilliers, COO and President; Mark Levy, Chief Investment Officer; and John Baker, CEO and Director. Additional executives present were John Baker II, Chairman, and John Klopfenstein, Chief Accounting Officer.
Conference call analysts featured Stephen Farrell. The operator opened the session with standard instructions for participants before turning it over to CFO Matthew McNulty.
Opening Remarks by CFO Matthew McNulty
Matthew McNulty greeted attendees, stating, “Good afternoon, and thank you all for joining us on this call today.” He introduced the executive team and outlined key disclosures.
Forward-Looking Statements Disclaimer
McNulty emphasized that any forward-looking statements during the call carry inherent risks and uncertainties. Actual results may differ materially from projections, with full details available in the company’s SEC filings.
Non-GAAP Financial Measures Explained
To enhance understanding of financial results, FRP Holdings presents non-GAAP measures compliant with Regulation G, including net operating income (NOI) and pro rata NOI.
For the quarter, the company introduced adjusted net income to account for one-time expenses tied to the Altman Logistics acquisition. This transaction qualifies as a material business combination, differing from historical real estate acquisitions and joint ventures where such costs are capitalized.
