Operator
Good day, everybody, and welcome to the FRP Holdings, Inc. Fourth Quarter 2025 Convention Name. [Operator Instructions] It’s now my pleasure handy the ground over to your host, Chief Monetary Officer, Matt McNulty. Sir, the ground is yours.
Matthew McNulty
CFO & Treasurer
Thanks. Good afternoon, and thanks all for becoming a member of us on this name at present. I’m Matt McNulty, Chief Monetary Officer of FRP Holdings, Inc. And with me at present are John Baker II, our Chairman; John Baker III, our CEO; David deVilliers III, our President and Chief Working Officer; Mark Levy, our Chief Funding Officer; and John Klopfenstein, our Chief Accounting Officer.
First, let me run by way of a short disclosure relating to forward-looking statements and non-GAAP measures utilized by the corporate. As a reminder, any statements on this name, which relate to the longer term are, by their nature, topic to dangers and uncertainties that would trigger precise outcomes and occasions to vary materially from these indicated in such forward-looking statements. These dangers and uncertainties are listed in our SEC filings.
To complement the monetary outcomes introduced in accordance with typically accepted accounting rules, FRP presents sure non-GAAP monetary measures inside the which means of Regulation G. The non-GAAP monetary measures referenced on this name are web working earnings, or NOI, and professional rata NOI. On this quarter, we supplied an adjusted web earnings to regulate for the influence of onetime bills of the Altman Logistics acquisition, which is a fabric enterprise mixture in contrast to our historic actual property acquisitions or joint ventures the place bills are capitalized.
