Excuse me, everyone. We now have John Baker, Executive Chairman and CEO of FRP Holdings, Inc. in conference. [Operator Instructions] I would now like to turn the conference over to John Baker. Mr. Baker, you may begin.

Thank you very much and welcome to everyone. My name is John Baker, and I am Chairman of FRP Holdings, Inc. With me today are David deVilliers Jr., our President; John Milton, now our General Counsel; John Baker III, our CFO; David deVilliers III, our Executive VP and John Klopfenstein, our Chief Accounting Officer. Let me remind you that any statements made on this call, which relate to the future are, by their very nature, subject to risk and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include, but are not limited to, risks generally associated with real estate investing, as well as other risks listed from time to time in our SEC filings. With the sale of one office building and one warehouse building during the quarter for a combined consideration of approximately $20 million, we have almost completely transformed our company in the past year. David DeVilliers will outline our progress, but suffice it to say our primary task is to redeploy the proceeds of the warehouse sale into higher performing projects that will conservatively and substantially grow our net asset value over time. We believe that we can bring the most value by finding development projects generally in partnership with experienced developers. They generate much higher returns than our traditional industrial portfolios. We like opportunities where we can utilize 1031s and/or opportunity zone investments to reduce the tax bite of being a C Corporation, but we're focused on the quality of the project and the quality of our partner as our primary criteria, so the tax savings are a benefit, but not a driving force. We're excited about our existing projects and some new ones that we’re looking at and believe that they will serve us well for a long time. David, please walk us through our developments as they stand today.

Thank you, John, and good day to those on the call this afternoon. As a follow up to John's opening remarks, we've been busy continuing the redeployment of capital in the future opportunities for the business. I'll provide greater detail as I get into the highlights of the development section. Relative to our asset management segment, of the 43 buildings we owned and managed at the beginning of 2018, all that remains is our home office building in Baltimore and the vacant lot that once held the corporate management's offices in Jacksonville that is still leased to a third-party tenant. During the quarter, we completed the sale of the office building at 7030 Dorsey road in Anne Arundel County to a local family office development company for $8.8 million and sold the 110,875 square foot warehouse at 1502 Quarry Drive for 11.7 million to the same subsidiary of the Blackstone Group that purchased our warehouse platform in May of last year. Some of the sale proceeds were used as part of a reverse 1031 strategy for the purchase of our Cranberry Run business park and we're in the process of seeking out and identifying other assets deemed suitable to perfect tax deferrals with the balance of the funds. Subsequent to our acquisition of the Cranberry business park, in the first quarter of ’19, we completed significant redevelopment efforts totaling over $1.0 million to increase the marketability and value and have enjoyed some early leasing success, bringing the project to 33% leased and occupied as of the end of this quarter. Cranberry Run is a five building industrial park in Harford County, Maryland totaling 268,010 square feet of industrial/flex space, and a welcome addition to the asset management segment. Besides Cranberry Run, another addition to the asset management business segment is…

Thank you, David. Now, if there are any questions, we'd be delighted to entertain them.

[Operator Instructions] At this time, there are no questions in the queue.

Well, thank you all for joining us today. We appreciate your interest in the company and look forward to talking to you next quarter.

Thank you. Ladies and gentlemen, this concludes today’s teleconference. You may now disconnect.