Total Revenue

+4% YoY ($10,531K vs. $10,105K)

Moderate revenue growth in Q4 2024 reflects a steady improvement where higher revenues from key segments (such as mining royalty and rents that previously offset lease revenue declines) continued to drive overall revenue, echoing trends noted in earlier periods. " "

Operating Income

-8% YoY ($2,919K vs. $3,183K)

Operating income declined likely due to increased cost pressures and a shift in segment performance compared to prior periods; earlier quarters saw efficiency gains that now appear muted, contributing to an 8% drop despite relatively stable revenue. " "

Net Income

~ -32% YoY ($1,679K vs. ~$2,460K)

A significant net income drop of about 32% is driven by the reduced operating income along with unfavorable non-operating factors, contrasting with previously stronger net profitability in Q4 2023 where margins and other income items were more favorable. " "

EPS – Basic

~ -70% YoY ($0.09 vs. $0.30)

Basic EPS fell sharply by roughly 70% due to the substantial decline in net income and a modest increase in shares outstanding, which offset any benefit from previous quarters’ performance improvements in this metric. " "

Interest Expense

-37% YoY ($668K vs. $1,064K)

Interest expense declined by 37% as a result of increased capitalization of interest and improved financing conditions compared to Q4 2023, reflecting a continuation of adjustments seen in previous periods where lower direct interest charges helped reduce overall expense. " "

SG&A

+11% YoY ($2,393K vs. $2,148K)

SG&A expenses increased by 11%, likely due to higher general and administrative costs, possibly driven by expanded corporate activities or inflationary pressures, which marks a departure from the lower SG&A cost base in Q4 2023. " "

Depreciation & Amortization

+6.5% YoY ($2,558K vs. $2,406K)

D&A increased by 6.5%, which may be attributed to the addition of new assets or adjustments in depreciation schedules; this contrasts with previous trends where full depreciation of older assets contributed to lower expense levels in earlier quarters. " "

NOI Growth

Q3 2024

no prior guidance

Expects the growth rate to moderate from the past 26.4% CAGR while continuing organic and development‐driven NOI growth " " " "

no prior guidance

Industrial Development Pipeline

Q3 2024

no prior guidance

Plans include: Perryman Industrial Building – 258,000 sqft warehouse; Lakeland, Florida Project – 200,000 sqft warehouse expected by Q1 2025; Fort Lauderdale Project – 182,000 sqft warehouse expected by Q1 2025; Cecil County, Maryland – 900,000 sqft distribution center expected by Q3 2025; Harford County, Maryland – pursuing 635,000 sqft, with first building planned for 2026 " " " "

no prior guidance

Return on Cost Expectations

Q3 2024

no prior guidance

For industrial projects, expects a 6%–7% return on cost upon stabilization, translating to $7.8 million to $9.1 million in potential pro rata NOI " " " "

no prior guidance

Market Conditions

Q3 2024

no prior guidance

Notes slight increases in industrial and multifamily vacancy rates, with rental rate increases decelerating to historical norms of 3%–4% annually " " " "

no prior guidance

Net Operating Income (NOI)

FY 2025

no prior guidance

Expects NOI to remain flat or slightly below FY 2024 levels "

no prior guidance

Development Segment Investments

FY 2025

no prior guidance

Plans to deploy approximately $71 million in equity capital investments; aims to deliver on average three new industrial assets every two years with a five-year goal to double the industrial and commercial segment from 800,000 sqft to 1.6 million sqft "

no prior guidance

Multifamily Developments

FY 2025

no prior guidance

Intends to move forward with two multifamily developments in Florida and South Carolina, which would add 810 units and an estimated $6 million in NOI upon stabilization "

no prior guidance

Industrial Development Opportunities

Consistently detailed in Q1–Q3 with multiple large projects and a robust pipeline highlighted " " " " "

Q4 call continued focus on significant industrial projects but noted weather-related delays affecting project timelines " "

Consistent focus with a growing emphasis on execution risk as project delays emerge in Q4

NOI Growth Dynamics and Sustainability

Q1–Q3 emphasized strong historical NOI growth with impressive compound annual growth rates; however, caution was noted about sustainability in later quarters " " "

Q4 emphasized that past strong growth may plateau, citing higher operating expenses and specific vacant assets impacting future NOI "

Moderation in sentiment – from aggressive growth expectations toward a more tempered, cautious outlook in Q4

Occupancy and Vacancy Trends Across Assets

Q1–Q3 showcased generally strong occupancy in commercial and industrial segments, though noting emerging pressures in multifamily and DC markets " " "

Q4 highlighted significant challenges such as a major drop at Cranberry Business Park (from 96% down to 60%) and tenant defaults impacting certain commercial segments " "

Mixed sentiment – stability in some asset classes but emerging challenges in key properties indicate increased concern moving into Q4

Leasing Delays and Construction/Project Risks

Q1 had little to no mention; Q2 had mild references (e.g. Chelsea project) and Q3 was less explicit, though some indirect risks were implied "

Q4 provided explicit details on leasing delays (e.g. Chelsea building slow leasing) and construction delays (e.g. Perryman project impacted by winter conditions) " " "

Increased caution – more explicit discussion in Q4 compared to earlier periods, reflecting heightened focus on execution risks

Construction Debt Financing and Credit Market

Q1 mentioned plans to use construction debt and testing the market for appropriate LTV ratios " ; Q2 and Q3 were silent on these specifics

Q4 emphasized monitoring treasury rates and debt spreads to secure a more favorable financing structure, acknowledging broader credit market uncertainty "

Heightened focus – current period brings more explicit caution regarding funding and market conditions compared to earlier periods

Regional Focus and High-Demand Land Holdings

Q1 introduced a focus on mining and industrial joint ventures in Florida and Georgia; Q2 and Q3 reinforced leveraging high-demand Southeastern assets " " "

Q4 reaffirmed targeting the Southeast for acquisitions and industrial expansion, citing current regional drivers favoring growth "

Consistent focus – steady, positive sentiment remains regarding Southeast assets, reinforcing their strategic importance

Multifamily Rental Performance and Renewals

Q1–Q3 reported strong renewal rates and rental growth with detailed performance metrics across properties, although some competitive pressures were noted " " "

Q4 confirmed continued strong renewal dynamics (over 60% success) but noted pressures on retail occupancy and increased market competition in the DC area "

Stable performance – fundamentals remain strong even as market pressures subtly emerge, particularly in retail subsegments

Tariffs on Construction Materials Impacting Costs

Not mentioned in prior calls (Q1–Q3 saw no discussion on tariffs)

Q4 discussed potential impacts from steel and lumber tariffs, noting that while steel impacts were mitigated on some projects, lumber tariffs remain a concern for multifamily builds "

New concern – this topic emerges in Q4, indicating an evolving external cost pressure not previously a focus

Land Monetization Challenges

Q1 had minimal discussion; Q2 provided detailed insights into delays from mining operations and infrastructure hurdles affecting development potential " " "

Q4 did not mention land monetization challenges at all

Reduced focus – previously discussed robustly in Q2, its absence in Q4 suggests it is no longer a prioritized issue or its impact has diminished