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iso4217:USD
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FRPH:segment
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utr:acre
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utr:sqft
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 10-Q
_________________
[X ] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR
15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
|
|
or
[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_________ to
_________ |
|
Commission File Number: 001-36769
_____________________
FRP HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
_____________________
Florida |
|
47-2449198 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
|
|
|
200 W. Forsyth St., 7th Floor,
Jacksonville, FL |
|
32202 |
(Address of principal executive offices) |
|
(Zip Code) |
904-396-5733
(Registrant’s telephone number, including area
code)
Title of each class |
|
Trading Symbol |
|
Name of each exchange on which registered |
Common Stock, $.10 par value |
|
FRPH |
|
NASDAQ |
|
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes [x] No [_]
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [x] No [_]
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer [_] |
|
Accelerated filer [_] |
Non-accelerated filer [x] |
Smaller reporting company [x] |
Emerging growth company [_] |
|
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. [_]
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [_] No [x]
Indicate the number of shares outstanding of each of the issuer’s
classes of common stock, as of the latest practicable date.
|
Class |
|
|
|
Outstanding at November 9, 2023 |
|
|
Common Stock, $.10 par value per share |
|
|
|
9,477,104 shares |
|
FRP HOLDINGS, INC.
FORM 10-Q
QUARTER ENDED SEPTEMBER 30, 2023
CONTENTS
Page No.
Preliminary Note Regarding Forward-Looking Statements.
This
Quarterly Report on Form 10-Q, together with other statements and information publicly disseminated by us, contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. The words or phrases “anticipate,” “estimate,” “believe,” “budget,”
“continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,”
“seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,”
“forecast,” “goal,” “guidance,” “outlook,” “effort,” “target”
and similar expressions identify forward-looking statements. Such statements reflect management’s current views with respect to
financial results related to future events and are based on assumptions and expectations that may not be realized and are inherently subject
to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events
and actual results, financial or otherwise, may differ, perhaps materially, from the results discussed in the forward-looking statements.
Risk factors discussed in Item 1A of this Form 10-Q and other factors that might cause differences, some of which could be material,
include, but are not limited to: the possibility that we may be unable to find appropriate investment opportunities; levels of construction
activity in the markets served by our mining properties; demand for flexible warehouse/office facilities in the Baltimore-Washington-Northern
Virginia area; demand for apartments in Washington D.C. and Greenville, South Carolina; our ability to obtain zoning and entitlements
necessary for property development; the impact of lending and capital market conditions on our liquidity, our ability to finance projects
or repay our debt; general real estate investment and development risks; vacancies in our properties; risks associated with developing
and managing properties in partnership with others; competition; our ability to renew leases or re-lease spaces as leases expire; illiquidity
of real estate investments; bankruptcy or defaults of tenants; the impact of restrictions imposed by our credit facility; the level and
volatility of interest rates; environmental liabilities; inflation risks; cyber security risks; as well as other risks listed from time
to time in our SEC filings, including but not limited to, our annual and quarterly reports. We have no obligation to revise or update
any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not
to place undue reliance on such forward-looking statements. Additional information regarding these and other risk factors may be found
in the Company’s other filings made from time to time with the Securities and Exchange Commission.
PART I. FINANCIAL INFORMATION, ITEM 1. FINANCIAL
STATEMENTS
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands, except share data)
|
|
September
30, 2023 |
|
December
31, 2022 |
Assets: |
|
|
|
|
Real estate investments at cost: |
|
|
|
|
|
|
|
|
Land |
|
$ |
141,578 |
|
|
|
141,579 |
|
Buildings and improvements |
|
|
282,379 |
|
|
|
270,579 |
|
Projects under construction |
|
|
4,689 |
|
|
|
12,208 |
|
Total investments in properties |
|
|
428,646 |
|
|
|
424,366 |
|
Less accumulated depreciation and depletion |
|
|
65,444 |
|
|
|
57,208 |
|
Net investments in properties |
|
|
363,202 |
|
|
|
367,158 |
|
|
|
|
|
|
|
|
|
|
Real estate held for investment, at cost |
|
|
10,510 |
|
|
|
10,182 |
|
Investments in joint ventures |
|
|
154,025 |
|
|
|
140,525 |
|
Net real estate investments |
|
|
527,737 |
|
|
|
517,865 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
166,028 |
|
|
|
177,497 |
|
Cash held in escrow |
|
|
646 |
|
|
|
797 |
|
Accounts receivable, net |
|
|
1,683 |
|
|
|
1,166 |
|
Unrealized rents |
|
|
1,452 |
|
|
|
856 |
|
Deferred costs |
|
|
3,028 |
|
|
|
2,343 |
|
Other assets |
|
|
583 |
|
|
|
560 |
|
Total assets |
|
$ |
701,157 |
|
|
|
701,084 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Secured notes payable |
|
$ |
178,668 |
|
|
|
178,557 |
|
Accounts payable and accrued liabilities |
|
|
3,689 |
|
|
|
5,971 |
|
Other liabilities |
|
|
1,886 |
|
|
|
1,886 |
|
Federal and state income taxes payable |
|
|
704 |
|
|
|
18 |
|
Deferred revenue |
|
|
1,029 |
|
|
|
259 |
|
Deferred income taxes |
|
|
67,903 |
|
|
|
67,960 |
|
Deferred compensation |
|
|
1,395 |
|
|
|
1,354 |
|
Tenant security deposits |
|
|
889 |
|
|
|
868 |
|
Total liabilities |
|
|
256,163 |
|
|
|
256,873 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Common stock, $.10 par value
25,000,000 shares authorized,
9,477,104 and 9,459,686 shares issued
and outstanding, respectively |
|
|
948 |
|
|
|
946 |
|
Capital in excess of par value |
|
|
67,168 |
|
|
|
65,158 |
|
Retained earnings |
|
|
343,002 |
|
|
|
342,317 |
|
Accumulated other comprehensive loss, net |
|
|
(328 |
) |
|
|
(1,276 |
) |
Total shareholders’ equity |
|
|
410,790 |
|
|
|
407,145 |
|
Noncontrolling interest |
|
|
34,204 |
|
|
|
37,066 |
|
Total equity |
|
|
444,994 |
|
|
|
444,211 |
|
Total liabilities and equity |
|
$ |
701,157 |
|
|
|
701,084 |
|
See accompanying notes.
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED |
|
NINE MONTHS ENDED |
|
|
SEPTEMBER 30, |
|
SEPTEMBER 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
7,509 |
|
|
|
6,823 |
|
|
|
21,773 |
|
|
|
19,850 |
|
Mining lands lease revenue |
|
|
3,082 |
|
|
|
2,471 |
|
|
|
9,628 |
|
|
|
7,779 |
|
Total Revenues |
|
|
10,591 |
|
|
|
9,294 |
|
|
|
31,401 |
|
|
|
27,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
2,816 |
|
|
|
2,744 |
|
|
|
8,415 |
|
|
|
8,510 |
|
Operating expenses |
|
|
2,012 |
|
|
|
1,967 |
|
|
|
5,574 |
|
|
|
5,316 |
|
Property taxes |
|
|
919 |
|
|
|
1,034 |
|
|
|
2,745 |
|
|
|
3,103 |
|
Management company indirect |
|
|
1,059 |
|
|
|
966 |
|
|
|
2,938 |
|
|
|
2,545 |
|
Corporate expenses (Note 4 Related Party) |
|
|
889 |
|
|
|
734 |
|
|
|
3,212 |
|
|
|
2,876 |
|
Total cost of operations |
|
|
7,695 |
|
|
|
7,445 |
|
|
|
22,884 |
|
|
|
22,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit |
|
|
2,896 |
|
|
|
1,849 |
|
|
|
8,517 |
|
|
|
5,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
2,700 |
|
|
|
1,188 |
|
|
|
8,207 |
|
|
|
3,206 |
|
Interest expense |
|
|
(1,116 |
) |
|
|
(738 |
) |
|
|
(3,251 |
) |
|
|
(2,215 |
) |
Equity in loss of joint ventures |
|
|
(2,913 |
) |
|
|
(1,878 |
) |
|
|
(10,585 |
) |
|
|
(5,248 |
) |
Gain (loss) on sale of real estate |
|
|
(1 |
) |
|
|
141 |
|
|
|
7 |
|
|
|
874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
1,566 |
|
|
|
562 |
|
|
|
2,895 |
|
|
|
1,896 |
|
Provision for income taxes |
|
|
467 |
|
|
|
178 |
|
|
|
898 |
|
|
|
526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
1,099 |
|
|
|
384 |
|
|
|
1,997 |
|
|
|
1,370 |
|
Loss attributable to noncontrolling interest |
|
|
(160 |
) |
|
|
(96 |
) |
|
|
(425 |
) |
|
|
(439 |
) |
Net income attributable to the Company |
|
$ |
1,259 |
|
|
|
480 |
|
|
|
2,422 |
|
|
|
1,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to the Company- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.13 |
|
|
|
0.05 |
|
|
|
0.26 |
|
|
|
0.19 |
|
Diluted |
|
$ |
0.13 |
|
|
|
0.05 |
|
|
|
0.26 |
|
|
|
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares (in thousands) used in computing: |
|
|
|
|
|
|
|
|
|
|
|
-basic earnings per common share |
|
|
9,423 |
|
|
|
9,397 |
|
|
|
9,423 |
|
|
|
9,382 |
|
-diluted earnings per common share |
|
|
9,460 |
|
|
|
9,433 |
|
|
|
9,463 |
|
|
|
9,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes.
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
(In thousands except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED |
|
NINE MONTHS ENDED |
|
|
SEPTEMBER 30, |
|
SEPTEMBER 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net income |
|
$ |
1,099 |
|
|
|
384 |
|
|
|
1,997 |
|
|
|
1,370 |
|
Other comprehensive income (loss) net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain/(loss) on investments, net of income tax effect of $145, $(120), $360 and $(568) |
|
|
392 |
|
|
|
(324 |
) |
|
|
972 |
|
|
|
(1,533 |
) |
Minimum pension liability, net of income tax effect of $(3), $0, $(8) and $0 |
|
|
(8 |
) |
|
|
— |
|
|
|
(24 |
) |
|
|
— |
|
Comprehensive income (loss) |
|
$ |
1,483 |
|
|
|
60 |
|
|
|
2,945 |
|
|
|
(163 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less comp. income (loss) attributable to Noncontrolling interest |
|
$ |
(160 |
) |
|
|
(96 |
) |
|
|
(425 |
) |
|
|
(439 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to the Company |
|
$ |
1,643 |
|
|
|
156 |
|
|
|
3,370 |
|
|
|
276 |
|
See accompanying notes
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH
FLOWS
NINE MONTHS ENDED
SEPTEMBER 30, 2023 AND 2022
(In thousands) (Unaudited)
|
|
|
2023 |
|
2022 |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
|
$ |
1,997 |
|
|
|
1,370 |
|
Adjustments to reconcile net income to net cash provided by continuing operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
|
8,557 |
|
|
|
8,696 |
|
Deferred income taxes |
|
|
|
(57 |
) |
|
|
133 |
|
Equity in loss of joint ventures |
|
|
|
10,585 |
|
|
|
5,248 |
|
Gain on sale of equipment and property |
|
|
|
(14 |
) |
|
|
(901 |
) |
Stock-based compensation |
|
|
|
1,472 |
|
|
|
1,302 |
|
Net changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
|
(517 |
) |
|
|
(737 |
) |
Deferred costs and other assets |
|
|
|
(538 |
) |
|
|
(2,160 |
) |
Accounts payable and accrued liabilities |
|
|
|
(1,512 |
) |
|
|
(1,440 |
) |
Income taxes payable and receivable |
|
|
|
686 |
|
|
|
1,559 |
|
Other long-term liabilities |
|
|
|
62 |
|
|
|
105 |
|
Net cash provided by operating activities |
|
|
|
20,721 |
|
|
|
13,175 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Investments in properties |
|
|
|
(4,634 |
) |
|
|
(26,137 |
) |
Investments in joint ventures |
|
|
|
(31,648 |
) |
|
|
(20,838 |
) |
Return of capital from investments in joint ventures |
|
|
|
7,559 |
|
|
|
13,327 |
|
Proceeds from sales of investments available for sale |
|
|
|
— |
|
|
|
4,317 |
|
Proceeds from the sale of assets |
|
|
|
16 |
|
|
|
952 |
|
Cash held in escrow |
|
|
|
151 |
|
|
|
170 |
|
Net cash used in investing activities |
|
|
|
(28,556 |
) |
|
|
(28,209 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Distribution to noncontrolling interest |
|
|
|
(2,437 |
) |
|
|
(1,937 |
) |
Repurchase of company stock |
|
|
|
(2,000 |
) |
|
|
— |
|
Exercise of employee stock options |
|
|
|
803 |
|
|
|
233 |
|
Net cash used in financing activities |
|
|
|
(3,634 |
) |
|
|
(1,704 |
) |
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
|
|
(11,469 |
) |
|
|
(16,738 |
) |
Cash and cash equivalents at beginning of year |
|
|
|
177,497 |
|
|
|
161,521 |
|
Cash and cash equivalents at end of the period |
|
|
$ |
166,028 |
|
|
|
144,783 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
Cash paid (received) during the period for: |
|
|
|
|
|
|
|
|
|
Interest |
|
|
|
3,248 |
|
|
|
2,212 |
|
Income taxes |
|
|
|
622 |
|
|
|
(1,734 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes.
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’
EQUITY
THREE AND NINE MONTHS ENDED SEPTEMBER
30, 2023 AND 2022
(In thousands, except share amounts) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Comp- |
|
Total |
|
|
|
|
|
|
|
|
|
Capital in |
|
|
|
rehensive |
|
Share |
|
Non- |
|
|
|
Common Stock |
|
Excess of |
|
Retained |
|
Income |
|
holders’ |
|
Controlling |
|
Total |
|
Shares |
|
Amount |
|
Par Value |
|
Earnings |
|
(loss), net |
|
Equity |
|
Interest |
|
Equity |
Balance at July 1, 2023 |
|
9,495,673 |
|
|
$ |
950 |
|
|
$ |
67,028 |
|
|
$ |
342,610 |
|
|
$ |
(712 |
) |
|
$ |
409,876 |
|
|
$ |
35,116 |
|
|
$ |
444,992 |
|
Stock option grant compensation |
|
— |
|
|
|
— |
|
|
|
16 |
|
|
|
— |
|
|
|
— |
|
|
|
16 |
|
|
|
— |
|
|
|
16 |
|
Restricted stock compensation |
|
— |
|
|
|
— |
|
|
|
255 |
|
|
|
— |
|
|
|
— |
|
|
|
255 |
|
|
|
— |
|
|
|
255 |
|
Shares purchased and cancelled |
|
(18,569 |
) |
|
|
(2 |
) |
|
|
(131 |
) |
|
|
(867 |
) |
|
|
— |
|
|
|
(1,000 |
) |
|
|
— |
|
|
|
(1,000 |
) |
Net income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,259 |
|
|
|
— |
|
|
|
1,259 |
|
|
|
(160 |
) |
|
|
1,099 |
|
Distributions to partners |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(752 |
) |
|
|
(752 |
) |
Minimum pension liability, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8 |
) |
|
|
(8 |
) |
|
|
— |
|
|
|
(8 |
) |
Unrealized gain on investment, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
392 |
|
|
|
392 |
|
|
|
— |
|
|
|
392 |
|
Balance at September 30, 2023 |
|
9,477,104 |
|
|
$ |
948 |
|
|
$ |
67,168 |
|
|
$ |
343,002 |
|
|
$ |
(328 |
) |
|
$ |
410,790 |
|
|
$ |
34,204 |
|
|
$ |
444,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2023 |
|
9,459,686 |
|
|
$ |
946 |
|
|
$ |
65,158 |
|
|
$ |
342,317 |
|
|
$ |
(1,276 |
) |
|
$ |
407,145 |
|
|
$ |
37,066 |
|
|
$ |
444,211 |
|
Exercise of stock options |
|
17,735 |
|
|
|
2 |
|
|
|
801 |
|
|
|
— |
|
|
|
— |
|
|
|
803 |
|
|
|
— |
|
|
|
803 |
|
Stock option grant compensation |
|
— |
|
|
|
— |
|
|
|
49 |
|
|
|
— |
|
|
|
— |
|
|
|
49 |
|
|
|
— |
|
|
|
49 |
|
Restricted stock compensation |
|
— |
|
|
|
— |
|
|
|
773 |
|
|
|
— |
|
|
|
— |
|
|
|
773 |
|
|
|
— |
|
|
|
773 |
|
Shares granted to Employees |
|
928 |
|
|
|
— |
|
|
|
50 |
|
|
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
— |
|
|
|
50 |
|
Restricted stock award |
|
25,284 |
|
|
|
2 |
|
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares purchased and cancelled |
|
(36,909 |
) |
|
|
(3 |
) |
|
|
(260 |
) |
|
|
(1,737 |
) |
|
|
— |
|
|
|
(2,000 |
) |
|
|
— |
|
|
|
(2,000 |
) |
Shares granted to Directors |
|
10,380 |
|
|
|
1 |
|
|
|
599 |
|
|
|
— |
|
|
|
— |
|
|
|
600 |
|
|
|
— |
|
|
|
600 |
|
Net income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,422 |
|
|
|
— |
|
|
|
2,422 |
|
|
|
(425 |
) |
|
|
1,997 |
|
Distributions to partners |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,437 |
) |
|
|
(2,437 |
) |
Minimum pension liability, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(24 |
) |
|
|
(24 |
) |
|
|
— |
|
|
|
(24 |
) |
Unrealized gain on investment, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
972 |
|
|
|
972 |
|
|
|
— |
|
|
|
972 |
|
Balance at September 30, 2023 |
|
9,477,104 |
|
|
$ |
948 |
|
|
$ |
67,168 |
|
|
$ |
343,002 |
|
|
$ |
(328 |
) |
|
$ |
410,790 |
|
|
$ |
34,204 |
|
|
$ |
444,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at July 1, 2022 |
|
9,455,096 |
|
|
$ |
945 |
|
|
$ |
58,872 |
|
|
$ |
339,081 |
|
|
$ |
(1,096 |
) |
|
$ |
397,802 |
|
|
$ |
27,135 |
|
|
$ |
424,937 |
|
Stock option grant compensation |
|
— |
|
|
|
— |
|
|
|
18 |
|
|
|
— |
|
|
|
— |
|
|
|
18 |
|
|
|
— |
|
|
|
18 |
|
Restricted stock compensation |
|
— |
|
|
|
— |
|
|
|
258 |
|
|
|
— |
|
|
|
— |
|
|
|
258 |
|
|
|
— |
|
|
|
258 |
|
Net income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
480 |
|
|
|
— |
|
|
|
480 |
|
|
|
(96 |
) |
|
|
384 |
|
Distributions to partners |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(588 |
) |
|
|
(588 |
) |
Unrealized loss on investment, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(324 |
) |
|
|
(324 |
) |
|
|
— |
|
|
|
(324 |
) |
Balance at September 30, 2022 |
|
9,455,096 |
|
|
$ |
945 |
|
|
$ |
59,148 |
|
|
$ |
339,561 |
|
|
$ |
(1,420 |
) |
|
$ |
398,234 |
|
|
$ |
26,451 |
|
|
$ |
424,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2022 |
|
9,411,028 |
|
|
$ |
941 |
|
|
$ |
57,617 |
|
|
$ |
337,752 |
|
|
$ |
113 |
|
|
$ |
396,423 |
|
|
$ |
28,827 |
|
|
$ |
425,250 |
|
Stock option grant compensation |
|
— |
|
|
|
— |
|
|
|
52 |
|
|
|
— |
|
|
|
— |
|
|
|
52 |
|
|
|
— |
|
|
|
52 |
|
Restricted stock compensation |
|
— |
|
|
|
— |
|
|
|
550 |
|
|
|
— |
|
|
|
— |
|
|
|
550 |
|
|
|
— |
|
|
|
550 |
|
Shares granted to Employees |
|
865 |
|
|
|
— |
|
|
|
50 |
|
|
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
— |
|
|
|
50 |
|
Restricted stock award |
|
21,464 |
|
|
|
2 |
|
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares granted to Directors |
|
11,232 |
|
|
|
1 |
|
|
|
649 |
|
|
|
— |
|
|
|
— |
|
|
|
650 |
|
|
|
— |
|
|
|
650 |
|
Forfeiture of restricted stock award |
|
(1,363 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercise of stock options |
|
11,870 |
|
|
|
1 |
|
|
|
232 |
|
|
|
— |
|
|
|
— |
|
|
|
233 |
|
|
|
— |
|
|
|
233 |
|
Net income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,809 |
|
|
|
— |
|
|
|
1,809 |
|
|
|
(439 |
) |
|
|
1,370 |
|
Distributions to partners |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,937 |
) |
|
|
(1,937 |
) |
Unrealized loss on investment, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,533 |
) |
|
|
(1,533 |
) |
|
|
— |
|
|
|
(1,533 |
) |
Balance at September 30, 2022 |
|
9,455,096 |
|
|
$ |
945 |
|
|
$ |
59,148 |
|
|
$ |
339,561 |
|
|
$ |
(1,420 |
) |
|
$ |
398,234 |
|
|
$ |
26,451 |
|
|
$ |
424,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes.
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS
SEPTEMBER 30, 2023
(Unaudited)
(1) Description of Business and Basis of Presentation.
FRP Holdings, Inc. is a holding company engaged in
the investment and development of real estate , namely (i) leasing and management of industrial and commercial properties owned by The
Company, (ii) leasing and management of mining royalty land owned by The Company, (iii) real property acquisition, entitlement, development
and construction primarily for apartment, retail, warehouse, and office, (iv) management of mixed use residential/retail properties owned
through our joint ventures.
The accompanying consolidated financial statements
include the accounts of FRP Holdings, Inc. (the “Company” or “FRP”) inclusive of our operating real estate subsidiaries,
FRP Development Corp. (“Development”), Florida Rock Properties, Inc. (“Properties”), Riverfront Investment Partners
I, LLC, and Riverfront Investment Partners II, LLC. Our investments accounted for under the equity method of accounting are detailed in
Note 11. Our ownership of Riverfront Investment Partners I, LLC and Riverfront Investment Partners II, LLC includes a non-controlling
interest representing the ownership of our partner.
These statements have been prepared in accordance
with accounting principles generally accepted in the United States of America for interim financial information and the instructions to
Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States
of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring
accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the
nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31,
2023. The accompanying consolidated financial statements and the information included under the heading "Management's Discussion
and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the Company's consolidated financial
statements and related notes included in the Company’s Form 10-K for the year ended December 31, 2022.
(2) Recently Issued Accounting Standards.
In June 2016, the Financial Accounting Standards
Board (FASB) issued Accounting Standards Update (ASU) 2016 - 13, "Financial Instruments - Credit Losses," which introduced new
guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. This standard was
effective for the Company as of January 1, 2023. There was no impact on our financial statements at adoption.
(3) Business Segments.
The Company is reporting its financial performance
based on four reportable segments, Asset Management, Mining Royalty Lands, Development and Stabilized Joint Venture, as described below.
The Asset Management Segment owns, leases and manages
in-service commercial properties wholly owned by the Company. Currently this includes nine warehouses in two business parks, an office
building partially occupied by the Company, and two ground leases.
Our Mining Royalty Lands segment owns several properties
totaling approximately 16,650 acres currently under lease for mining rents or royalties (this does not include the 4,280 acres owned in
our Brooksville joint venture with Vulcan Materials). Other than one location in Virginia, all of these properties are located in Florida
and Georgia.
Through our Development segment, we own
and are continuously assessing the highest and best use of several parcels of land that are in various stages of development. Our
overall strategy in this segment is to convert all of our non-income producing lands into income production through (i) an orderly process
of constructing new buildings for us to
own and operate or (ii) a sale to, or joint
venture with, third parties. Additionally, our Development segment will form joint ventures on new developments of land not previously
owned by the Company.
The Stabilized Joint Venture segment includes
joint ventures which own, lease and manage buildings that have met our initial lease-up criteria. Two of our joint ventures in the segment,
Riverfront Investment Partners I, LLC (“Dock 79”) and Riverfront Investment Partners II, LLC (“The Maren”) are
consolidated. The ownership of Dock 79 and The Maren attributable to our partners are reflected on our consolidated balance sheet as a
noncontrolling interest. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity but separately from
shareholders' equity. On the Consolidated Statements of Income, all of the revenues and expenses from Dock 79 and The Maren are reported
in net income, including both the amounts attributable to the Company and the noncontrolling interest. The amounts of consolidated net
income attributable to the noncontrolling interest is clearly identified on the accompanying Consolidated Statements of Income.
Operating results and certain other financial
data for the Company’s business segments are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended |
|
Nine months ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
Asset management |
|
$ |
1,442 |
|
|
|
935 |
|
|
|
3,932 |
|
|
|
2,686 |
|
Revenues |
Mining royalty lands |
|
|
3,082 |
|
|
|
2,471 |
|
|
|
9,628 |
|
|
|
7,779 |
|
Revenues |
Development |
|
|
434 |
|
|
|
412 |
|
|
|
1,387 |
|
|
|
1,203 |
|
Revenues |
Stabilized Joint Venture |
|
|
5,633 |
|
|
|
5,476 |
|
|
|
16,454 |
|
|
|
15,961 |
|
Revenues |
|
|
|
10,591 |
|
|
|
9,294 |
|
|
|
31,401 |
|
|
|
27,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit before corporate expenses |
Asset management |
|
$ |
697 |
|
|
|
392 |
|
|
|
1,855 |
|
|
|
1,103 |
|
Operating profit before corporate expenses |
Mining royalty lands |
|
|
2,608 |
|
|
|
2,083 |
|
|
|
8,391 |
|
|
|
6,764 |
|
Operating profit before corporate expenses |
Development |
|
|
(444 |
) |
|
|
(865 |
) |
|
|
(1,377 |
) |
|
|
(2,164 |
) |
Operating profit before corporate expenses |
Stabilized Joint Venture |
|
|
924 |
|
|
|
973 |
|
|
|
2,860 |
|
|
|
2,452 |
|
Operating profit before corporate expenses |
Operating profit before corporate expenses |
|
|
3,785 |
|
|
|
2,583 |
|
|
|
11,729 |
|
|
|
8,155 |
|
|
Corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses |
Allocated to asset management |
|
|
(177 |
) |
|
|
(127 |
) |
|
|
(630 |
) |
|
|
(496 |
) |
Corporate expenses |
Allocated to mining royalty lands |
|
|
(99 |
) |
|
|
(83 |
) |
|
|
(360 |
) |
|
|
(325 |
) |
Corporate expenses |
Allocated to development |
|
|
(529 |
) |
|
|
(457 |
) |
|
|
(1,918 |
) |
|
|
(1,794 |
) |
Corporate expenses |
Allocated to stabilized joint venture |
|
|
(84 |
) |
|
|
(67 |
) |
|
|
(304 |
) |
|
|
(261 |
) |
Corporate expenses |
Total corporate expenses |
|
|
(889 |
) |
|
|
(734 |
) |
|
|
(3,212 |
) |
|
|
(2,876 |
) |
Operating profit |
|
|
$ |
2,896 |
|
|
|
1,849 |
|
|
|
8,517 |
|
|
|
5,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
Interest expense |
|
$ |
1,116 |
|
|
|
738 |
|
|
|
3,251 |
|
|
|
2,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
Asset management |
|
$ |
369 |
|
|
|
219 |
|
|
|
1,006 |
|
|
|
683 |
|
Depreciation, depletion and amortization |
Mining royalty lands |
|
|
138 |
|
|
|
172 |
|
|
|
472 |
|
|
|
416 |
|
Depreciation, depletion and amortization |
Development |
|
|
44 |
|
|
|
47 |
|
|
|
140 |
|
|
|
139 |
|
Depreciation, depletion and amortization |
Stabilized Joint Venture |
|
|
2,265 |
|
|
|
2,306 |
|
|
|
6,797 |
|
|
|
7,272 |
|
Depreciation, depletion and amortization |
|
|
$ |
2,816 |
|
|
|
2,744 |
|
|
|
8,415 |
|
|
|
8,510 |
|
|
Capital expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
Asset management |
|
$ |
12 |
|
|
|
202 |
|
|
|
557 |
|
|
|
797 |
|
Capital expenditures |
Mining royalty lands |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
11,218 |
|
Capital expenditures |
Development |
|
|
2,179 |
|
|
|
8,548 |
|
|
|
3,640 |
|
|
|
13,927 |
|
Capital expenditures |
Stabilized Joint Venture |
|
|
258 |
|
|
|
(25 |
) |
|
|
437 |
|
|
|
195 |
|
Capital expenditures |
|
|
$ |
2,449 |
|
|
|
8,726 |
|
|
|
4,634 |
|
|
|
26,137 |
|
Identifiable
net assets
|
|
|
September 30, |
|
|
|
December 31, |
|
|
|
Identifiable net assets |
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
Asset management |
$ |
39,155 |
|
|
|
26,053 |
|
|
Assets |
Mining royalty lands |
|
48,126 |
|
|
|
48,494 |
|
|
Assets |
Development |
|
194,297 |
|
|
|
188,834 |
|
|
Assets |
Stabilized Joint Venture |
|
251,677 |
|
|
|
257,535 |
|
|
Cash |
Cash items |
|
166,674 |
|
|
|
178,294 |
|
|
Assets |
Unallocated corporate assets |
|
1,228 |
|
|
|
1,874 |
|
|
Assets |
|
$ |
701,157 |
|
|
|
701,084 |
|
|
(4) Related Party Transactions.
The Company is a party to an Administrative
Services Agreement which resulted from our January 30, 2015 spin-off of Patriot Transportation Holding, Inc. (Patriot). The Administrative
Services Agreement sets forth the terms on which Patriot will provide to FRP certain services that were shared prior to the Spin-off,
including the services of certain shared executive officers. The boards of the respective companies amended and extended this agreement
for one year effective April 1, 2023.
The consolidated statements of income reflect
charges and/or allocation from Patriot for these services of $236,000 and $223,000 for the three months ended September 30, 2023 and 2022
and $687,000 and $670,000 for the nine months ended September 30, 2023 and 2022, respectively. These charges are reflected as part of
corporate expenses.
To determine these allocations between FRP
and Patriot as set forth in the Administrative Services Agreement, we employ an allocation method to allocate said expenses and thus we
believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations, but any such related-party
transactions cannot be presumed to be carried out on an arm’s-length basis.
(5) Long-Term Debt.
The Company’s Outstanding debt, net
of unamortized debt issuance costs, consisted of the following (in thousands):
|
|
September 30, |
|
December 31, |
|
|
2023 |
|
2022 |
Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033 |
|
$ |
180,070 |
|
|
|
180,070 |
|
Unamortized debt issuance costs |
|
|
(1,402 |
) |
|
|
(1,513 |
) |
Credit agreement |
|
|
— |
|
|
|
— |
|
Long term debt |
|
$ |
178,668 |
|
|
|
178,557 |
|
On February 6, 2019, the Company entered
into a First Amendment to the 2015 Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells Fargo”),
effective February 6, 2019. The Credit Agreement modifies the Company’s prior Credit Agreement with Wells Fargo dated January 30,
2015. The Credit Agreement establishes a five-year revolving credit facility with a maximum facility amount of $20 million. The interest
rate under the Credit Agreement through June 30, 2023 was a maximum of 1.50% over Daily 1-Month LIBOR, which may be reduced quarterly
to 1.25% or 1.0% over Daily 1-Month LIBOR if the Company met a specified ratio of consolidated debt to consolidated total capital, as
defined which excludes FRP Riverfront. Starting July 1, 2023 the interest rate was .75% to 1.5% over the Federal Funds rate depending
on the same ratio. A commitment fee of 0.25% per annum is payable quarterly on the unused portion of the commitment but the amount may
be reduced to 0.20% or 0.15% if the
Company meets a specified ratio of consolidated
total debt to consolidated total capital. The Credit Agreement contains certain conditions, affirmative financial covenants and negative
covenants. As of September 30, 2023, there was no debt outstanding on this revolver, $823,000 outstanding under letters of credit and
$19,177,000 available for borrowing. The letters of credit were issued to guarantee certain obligations to state agencies related to real
estate development. Most of the letters of credit are irrevocable for a period of one year and typically are automatically extended for
additional one-year periods. The letter of credit fee is 1% and applicable interest rate would have been 6.1% on September 30, 2023. The
credit agreement contains certain conditions and financial covenants, including a minimum tangible net worth and dividend restriction.
As of September 30, 2023, these covenants would have limited our ability to pay dividends to a maximum of $249 million combined.
On March 19, 2021, the Company refinanced
Dock 79 and The Maren pursuant to separate Loan Agreements and Deed of Trust Notes entered into with Teachers Insurance and Annuity Association
of America, LLC. Dock 79 and The Maren borrowed principal sums of $92,070,000 and $88,000,000 respectively, in connection with the refinancing.
The loans are separately secured by the Dock 79 and The Maren real property and improvements, bear a fixed interest rate of 3.03% per
annum, and require monthly payments of interest only with the principal in full due April 1, 2033. Either loan may be prepaid subsequent
to April 1, 2024, subject to yield maintenance premiums. Either loan may be transferred to a qualified buyer as part of a one-time sale
subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee.
Debt cost amortization of $37,000 was recorded
during the three months ended September 30, 2023 and 2022 and $111,000 was recorded during the nine months ended September 30, 2023 and
2022. During the three months ended September 30, 2023 and 2022 the Company capitalized interest costs of $297,000 and $673,000, respectively.
During the nine months ended September 30, 2023 and September 30, 2022 the Company capitalized interest costs of $986,000 and $2,019,000,
respectively.
The Company was in compliance with all debt
covenants as of September 30, 2023.
(6) Earnings per Share.
The following details the computations of
the Basic and diluted earnings per common share (in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended |
|
Nine months ended |
|
September 30, |
|
September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Weighted average common shares outstanding during the period – shares used for basic earnings per common share |
|
9,423 |
|
|
|
9,397 |
|
|
|
9,423 |
|
|
|
9,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issuable under share based payment plans which are potentially dilutive |
|
37 |
|
|
|
36 |
|
|
|
40 |
|
|
|
41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted earnings
per common share |
|
9,460 |
|
|
|
9,433 |
|
|
|
9,463 |
|
|
|
9,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to the Company |
$ |
1,259 |
|
|
|
480 |
|
|
|
2,422 |
|
|
|
1,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic |
$ |
0.13 |
|
|
|
0.05 |
|
|
|
0.26 |
|
|
|
0.19 |
|
-diluted |
$ |
0.13 |
|
|
|
0.05 |
|
|
|
0.26 |
|
|
|
0.19 |
|
For the three and nine months ended September 30,
2023, the Company did not have any outstanding anti-dilutive stock options. For the three and nine months ended September 30, 2022, the
Company did not have any outstanding anti-dilutive stock options.
During the first nine months of 2023 the Company repurchased
36,909 shares at an average cost of $54.19.
(7) Stock-Based Compensation Plans.
The Company has two Stock Option Plans (the 2006 Stock
Incentive Plan and the 2016 Equity Incentive Option Plan) under which options for shares of common stock were granted to directors, officers
and key employees. The 2016 plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock
units, or stock awards. The options awarded under the plans have similar characteristics. All stock options are non-qualified and expire
ten years from the date of grant. Stock based compensation awarded to directors, officers and employees are exercisable immediately or
become exercisable in cumulative installments of 20% or 25% at the end of each year following the date of grant. When stock options are
exercised, the Company issues new shares after receipt of exercise proceeds and taxes due, if any, from the grantee.
The Company utilizes the Black-Scholes valuation
model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated based upon
assumptions at the time of grant. The assumptions were no dividend yield, expected volatility between 31.5% and 41.2%, risk-free interest
rate of 2.0% to 2.9% and expected life of 5.0 to 7.0 years.
The dividend yield of zero is based on the
fact that the Company does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility is estimated
based on the Company’s historical experience over a period equivalent to the expected life in years. The risk-free interest rate
is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the expected life of the
options granted. The expected life calculation is based on the observed and expected time to exercise options by the employees.
In January 2023, 7,980 shares of restricted
stock were granted to employees that will vest over the next four years. In January 2023, 15,032 shares of restricted stock were granted
to employees as part of a long-term incentive plan that will vest over the next five years. In March 2023, 2,272 shares of restricted
stock were granted to employees under the terms of the 2021 long-term incentive plan. In January 2022, 7,448 shares of restricted stock
were granted to employees that will vest over the next four years. In January 2022, 14,016 shares of restricted stock were granted to
employees as part of a long-term incentive plan that will vest over the next five years. In March 2023 and March 2022, 928 and 865 shares
of stock, respectively, were granted to employees. The number of common shares available for future issuance was 343,677 at September
30, 2023.
The Company recorded the following Stock
compensation expense in its consolidated statements of income (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended |
|
Nine months ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Stock option grants |
|
$ |
16 |
|
|
|
18 |
|
|
|
49 |
|
|
|
52 |
|
Restricted stock awards |
|
|
255 |
|
|
|
258 |
|
|
|
773 |
|
|
|
550 |
|
Employee stock grant |
|
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
50 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
600 |
|
|
|
650 |
|
Stock compensation |
|
$ |
271 |
|
|
|
276 |
|
|
|
1,472 |
|
|
|
1,302 |
|
A Summary of changes in outstanding options
is presented below (in thousands, except share and per share amounts):
|
|
|
|
Weighted |
|
Weighted |
|
Weighted |
|
|
Number |
|
Average |
|
Average |
|
Average |
|
|
Of |
|
Exercise |
|
Remaining |
|
Grant Date |
Options |
|
Shares |
|
Price |
|
Term (yrs) |
|
Fair Value(000's) |
|
|
|
|
|
|
|
|
|
Outstanding at January 1, 2023 |
|
|
88,295 |
|
|
$ |
40.33 |
|
|
4.4 |
|
$ |
1,271 |
|
Exercised |
|
|
(17,735 |
) |
|
$ |
45.27 |
|
|
|
|
$ |
(190 |
) |
Outstanding at September 30, 2023 |
|
|
70,560 |
|
|
$ |
39.09 |
|
|
3.3 |
|
$ |
1,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at September 30, 2023 |
|
|
66,570 |
|
|
$ |
38.68 |
|
|
3.2 |
|
$ |
1,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested during nine months ended
September 30, 2023 |
|
|
— |
|
|
|
|
|
|
|
|
$ |
— |
|
The aggregate intrinsic value of exercisable
in-the-money options was $1,018,000 and the aggregate intrinsic value of outstanding in-the-money options was $1,050,000 based on the
market closing price of $53.97 on September 29, 2023 less exercise prices.
The unrecognized compensation cost of options
granted to FRP employees but not yet vested as of September 30, 2023 was $11,000, which is expected to be recognized over a weighted-average
period of two months.
A Summary of changes in restricted stock
awards is presented below (in thousands, except share and per share amounts):
|
|
|
|
Weighted |
|
Weighted |
|
Weighted |
|
|
Number |
|
Average |
|
Average |
|
Average |
|
|
Of |
|
Grant Date |
|
Remaining |
|
Grant Date |
Restricted stock |
|
Shares |
|
Fair Value |
|
Term (yrs) |
|
Fair Value(000's) |
|
|
|
|
|
|
|
|
|
Non-vested at January 1, 2023 |
|
|
50,496 |
|
|
$ |
50.42 |
|
|
3.0 |
|
$ |
2,546 |
|
Time-based awards granted |
|
|
7,980 |
|
|
|
53.86 |
|
|
|
|
|
430 |
|
Performance-based awards granted |
|
|
17,304 |
|
|
|
53.92 |
|
|
|
|
|
933 |
|
Vested |
|
|
(6,211 |
) |
|
|
46.49 |
|
|
|
|
|
(289 |
) |
Non-vested at September 30, 2023 |
|
|
69,569 |
|
|
$ |
52.03 |
|
|
2.8 |
|
$ |
3,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total unrecognized compensation cost of
restricted stock granted but not yet vested as of September 30, 2023 was $2,725,000 which is expected to be recognized over a weighted-average
period of 3.1 years.
(8) Contingent Liabilities.
The Company may be involved in litigation
on a number of matters and is subject to certain claims which arise in the normal course of business. The Company has retained certain
self-insurance risks with respect to losses for third party liability and property damage. In the opinion of management, none of these
matters are expected to have a material adverse effect on the Company’s consolidated financial condition, results of operations
or cash flows.
The Company is subject to numerous environmental
laws and regulations. The Company believes that the ultimate disposition of currently known environmental matters will not have a material
effect on its financial position, liquidity, or operations. The Company can give no assurance that previous environmental studies with
respect to its properties have revealed all potential environmental contaminants; that any previous owner, occupant or tenant did not
create any
material environmental condition not known
to the Company; that the current environmental condition of the properties will not be affected by tenants and occupants, by the condition
of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation
will not result in additional environmental liability to the Company.
As of September 30, 2023, there was $823,000
outstanding under letters of credit. The letters of credit were issued to guarantee certain obligations to state agencies related to real
estate development.
The Company and MidAtlantic Realty Partners (MRP)
guaranteed $26 million of the construction loan on the Bryant Street Partnerships in exchange for a 1% lower interest rate. The Company
and MRP have a side agreement limiting the Company’s guarantee to its proportionate ownership. The value of the guarantee was calculated
at $1.9 million based on the present value of the 1% interest savings over the anticipated 48-month term. This amount is included as part
of the Company’s investment basis and is amortized to expense over the 48 months. The Company will evaluate the guarantee liability
based upon the success of the project and assuming no payments are made under the guarantee the Company will have a gain for $1.9 million
when the loan is paid in full. Borrower may prepay a portion of the unpaid principal to satisfy such tests.
(9) Concentrations.
The mining royalty lands segment has a total
of five tenants currently leasing mining locations and one lessee that accounted for 24.6% of the Company’s consolidated revenues
during the nine months ended September 30, 2023, and $502,000 of accounts receivable at September 30, 2023. The termination of these
lessees’ underlying leases could have a material adverse effect on the Company. The Company places its cash and cash equivalents
with Wells Fargo Bank and First Horizon Bank. At times, such amounts may exceed FDIC limits.
(10) Fair Value Measurements.
Fair value is defined as the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level
1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived
principally from or corroborated by observable market data. Level 3 means the use of inputs are those that are unobservable and significant
to the overall fair value measurement.
At September 30, 2023, the Company was invested
in U.S. Treasury notes valued at $148,768,000 maturing in 2023 through early 2024. The unrealized loss on these investments of $571,000
was recorded as part of comprehensive income and based on the estimated market value by Wells Fargo Bank, N.A. (Level 1).
At September 30, 2023 and December 31, 2022,
the carrying amount reported in the consolidated balance sheets for cash and cash equivalents including U.S. Treasury notes was adjusted
to fair value as described above.
The fair values of the Company’s other
mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities. At September
30, 2023, the carrying amount and fair value of such other long-term debt was $180,070,000 and $136,928,000, respectively. At September
30, 2022, the carrying amount and fair value of such other long-term debt was $180,070,000 and $142,753,000, respectively.
(11) Investments in Joint Ventures.
The Company has investments in joint ventures, primarily
with other real estate developers. Joint ventures where FRP is not the primary beneficiary are reflected in the line “Investment
in joint ventures” on the balance sheet and “Equity in loss of joint ventures” on the income statement. The assets of
these joint ventures are restricted to use by the joint ventures and their obligations can only be settled by their assets or additional
contributions by the partners.
The following table summarizes the Company’s
Investments in unconsolidated joint ventures (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of Profit |
|
|
|
Common |
|
|
Total |
|
|
Total Assets of |
|
|
Profit (Loss) |
|
|
(Loss) of the |
|
|
|
Ownership |
|
|
Investment |
|
|
The Partnership |
|
|
Of the Partnership |
|
|
Partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooksville Quarry, LLC |
|
50.00 |
% |
$ |
7,486 |
|
|
14,372 |
|
|
(62 |
) |
|
(31 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,077 |
|
|
22,164 |
|
|
(556 |
) |
|
(278 |
) |
Bryant Street Partnerships |
|
61.36 |
% |
|
61,140 |
|
|
195,915 |
|
|
(7,876 |
) |
|
(4,931 |
) |
Lending ventures |
|
|
|
|
25,084 |
|
|
14,428 |
|
|
— |
|
|
— |
|
Estero Partnership |
|
16.00 |
% |
|
3,600 |
|
|
38,703 |
|
|
— |
|
|
— |
|
Verge Partnership |
|
61.37 |
% |
|
37,535 |
|
|
130,978 |
|
|
(7,161 |
) |
|
(4,395 |
) |
Greenville Partnerships |
|
40.00 |
% |
|
11,811 |
|
|
98,617 |
|
|
(2,376 |
) |
|
(950 |
) |
Total |
|
|
|
$ |
154,025 |
|
|
519,761 |
|
|
(18,031 |
) |
|
(10,585 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of Profit |
|
|
|
Common |
|
|
Total |
|
|
Total Assets of |
|
|
Profit (Loss) |
|
|
(Loss) of the |
|
|
|
Ownership |
|
|
Investment |
|
|
The Partnership |
|
|
Of the Partnership |
|
|
Partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooksville Quarry, LLC |
|
50.00 |
% |
$ |
7,522 |
|
|
14,374 |
|
|
(84 |
) |
|
(42 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,453 |
|
|
21,825 |
|
|
(358 |
) |
|
(175 |
) |
Bryant Street Partnerships |
|
61.36 |
% |
|
55,561 |
|
|
199,774 |
|
|
(10,339 |
) |
|
(6,829 |
) |
Lending ventures |
|
|
|
|
16,476 |
|
|
5,577 |
|
|
— |
|
|
— |
|
DST Hickory Creek |
|
26.65 |
% |
|
— |
|
|
— |
|
|
10,960 |
|
|
3,164 |
|
Estero Partnership |
|
16.00 |
% |
|
3,600 |
|
|
38,505 |
|
|
— |
|
|
— |
|
Verge Partnership |
|
61.37 |
% |
|
38,471 |
|
|
131,128 |
|
|
(1,841 |
) |
|
(1,129 |
) |
Greenville Partnerships |
|
40.00 |
% |
|
11,989 |
|
|
96,551 |
|
|
(1,775 |
) |
|
(710 |
) |
Total |
|
|
|
$ |
140,525 |
|
|
510,640 |
|
|
(3,437 |
) |
|
(5,721 |
) |
The major classes of assets, liabilities and equity
of the Company’s Investments in Joint Ventures as of September 30, 2023 are summarized in the following two tables (in thousands):
Investments in Apartment/Mixed-use as of
September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2023 |
|
Total |
|
Buzzard Point |
|
Bryant Street |
|
Estero |
|
Verge |
|
Greenville |
|
Apartment/ |
|
Sponsor, LLC |
|
Partnership |
|
Partnership |
|
Partnership |
|
Partnership |
|
Mixed-Use |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
0 |
|
|
|
187,693 |
|
|
|
34,416 |
|
|
|
129,145 |
|
|
|
96,834 |
|
|
$ |
448,088 |
|
Cash and cash equivalents |
|
0 |
|
|
|
1,661 |
|
|
|
4,287 |
|
|
|
1,170 |
|
|
|
1,595 |
|
|
|
8,713 |
|
Unrealized rents & receivables |
|
0 |
|
|
|
6,141 |
|
|
|
0 |
|
|
|
309 |
|
|
|
83 |
|
|
|
6,533 |
|
Deferred costs |
|
4,584 |
|
|
|
420 |
|
|
|
0 |
|
|
|
354 |
|
|
|
105 |
|
|
|
5,463 |
|
Total Assets |
$ |
4,584 |
|
|
|
195,915 |
|
|
|
38,703 |
|
|
|
130,978 |
|
|
|
98,617 |
|
|
$ |
468,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
|
116,922 |
|
|
|
16,000 |
|
|
|
72,402 |
|
|
|
67,414 |
|
|
$ |
272,738 |
|
Other liabilities |
|
0 |
|
|
|
2,786 |
|
|
|
174 |
|
|
|
1,102 |
|
|
|
2,243 |
|
|
|
6,305 |
|
Capital - FRP |
|
2,292 |
|
|
|
59,132 |
|
|
|
3,605 |
|
|
|
35,261 |
|
|
|
10,858 |
|
|
|
111,148 |
|
Capital – Third Parties |
|
2,292 |
|
|
|
17,075 |
|
|
|
18,924 |
|
|
|
22,213 |
|
|
|
18,102 |
|
|
|
78,606 |
|
Total Liabilities and Capital |
$ |
4,584 |
|
|
|
195,915 |
|
|
|
38,703 |
|
|
|
130,978 |
|
|
|
98,617 |
|
|
$ |
468,797 |
|
Investments
in Joint Ventures as of September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2023 |
|
Total |
|
|
Brooksville |
|
BC FRP |
|
Lending |
|
Apartment/ |
|
Grand |
|
|
Quarry, LLC |
|
Realty, LLC |
|
Ventures |
|
Mixed-Use |
|
Total |
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
14,343 |
|
|
21,260 |
|
|
14,428 |
|
|
448,088 |
|
$ |
498,119 |
|
Cash and cash equivalents |
|
27 |
|
|
74 |
|
|
0 |
|
|
8,713 |
|
|
8,814 |
|
Unrealized rents & receivables |
|
0 |
|
|
457 |
|
|
0 |
|
|
6,533 |
|
|
6,990 |
|
Deferred costs |
|
2 |
|
|
373 |
|
|
0 |
|
|
5,463 |
|
|
5,838 |
|
Total Assets |
$ |
14,372 |
|
|
22,164 |
|
|
14,428 |
|
|
468,797 |
|
$ |
519,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
11,856 |
|
|
(10,656 |
) |
|
272,738 |
|
$ |
273,938 |
|
Other liabilities |
|
64 |
|
|
266 |
|
|
0 |
|
|
6,305 |
|
|
6,635 |
|
Capital – FRP |
|
7,487 |
|
|
5,021 |
|
|
25,084 |
|
|
111,148 |
|
|
148,740 |
|
Capital - Third Parties |
|
6,821 |
|
|
5,021 |
|
|
0 |
|
|
78,606 |
|
|
90,448 |
|
Total Liabilities and Capital |
$ |
14,372 |
|
|
22,164 |
|
|
14,428 |
|
|
468,797 |
|
$ |
519,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company’s capital recorded by the unconsolidated
Joint Ventures is $5,285,000 less than the Investment in Joint Ventures reported in the Company’s consolidated balance sheet due
primarily to capitalized interest.
The major classes of assets, liabilities and equity
of the Company’s Investments in Joint Ventures as of December 31, 2022 are summarized in the following two tables (in thousands):
Investments in Apartment/Mixed-use as of
December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2022 |
|
Total |
|
Buzzard Point |
|
Bryant Street |
|
Estero |
|
Verge |
|
Greenville |
|
Apartment/ |
|
Sponsor, LLC |
|
Partnership |
|
Partnership |
|
Partnership |
|
Partnership |
|
Mixed-Use |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
0 |
|
|
|
192,904 |
|
|
|
33,008 |
|
|
|
130,616 |
|
|
|
95,883 |
|
|
$ |
452,411 |
|
Cash and cash equivalents |
|
0 |
|
|
|
1,349 |
|
|
|
5,497 |
|
|
|
359 |
|
|
|
567 |
|
|
|
7,772 |
|
Unrealized rents & receivables |
|
0 |
|
|
|
5,128 |
|
|
|
0 |
|
|
|
14 |
|
|
|
13 |
|
|
|
5,155 |
|
Deferred costs |
|
2,906 |
|
|
|
393 |
|
|
|
0 |
|
|
|
139 |
|
|
|
88 |
|
|
|
3,526 |
|
Total Assets |
$ |
2,906 |
|
|
|
199,774 |
|
|
|
38,505 |
|
|
|
131,128 |
|
|
|
96,551 |
|
|
$ |
468,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
|
129,263 |
|
|
|
16,000 |
|
|
|
66,584 |
|
|
|
64,954 |
|
|
$ |
276,801 |
|
Other liabilities |
|
0 |
|
|
|
2,338 |
|
|
|
5 |
|
|
|
5,328 |
|
|
|
3,014 |
|
|
|
10,685 |
|
Capital - FRP |
|
1,453 |
|
|
|
53,553 |
|
|
|
3,600 |
|
|
|
36,348 |
|
|
|
11,087 |
|
|
|
106,041 |
|
Capital – Third Parties |
|
1,453 |
|
|
|
14,620 |
|
|
|
18,900 |
|
|
|
22,868 |
|
|
|
17,496 |
|
|
|
75,337 |
|
Total Liabilities and Capital |
$ |
2,906 |
|
|
|
199,774 |
|
|
|
38,505 |
|
|
|
131,128 |
|
|
|
96,551 |
|
|
$ |
468,864 |
|
Investments
in Joint Ventures as of December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2022 |
|
Total |
|
|
Brooksville |
|
BC FRP |
|
Lending |
|
Apartment/ |
|
Grand |
|
|
Quarry, LLC |
|
Realty, LLC |
|
Ventures |
|
Mixed-Use |
|
Total |
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
14,307 |
|
|
21,059 |
|
|
5,547 |
|
|
452,411 |
|
$ |
493,324 |
|
Cash and cash equivalents |
|
66 |
|
|
99 |
|
|
0 |
|
|
7,772 |
|
|
7,937 |
|
Unrealized rents & receivables |
|
0 |
|
|
422 |
|
|
0 |
|
|
5,155 |
|
|
5,577 |
|
Deferred costs |
|
1 |
|
|
245 |
|
|
30 |
|
|
3,526 |
|
|
3,802 |
|
Total Assets |
$ |
14,374 |
|
|
21,825 |
|
|
5,577 |
|
|
468,864 |
|
$ |
510,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
10,899 |
|
|
(10,899 |
) |
|
276,801 |
|
$ |
276,801 |
|
Other liabilities |
|
0 |
|
|
338 |
|
|
0 |
|
|
10,685 |
|
|
11,023 |
|
Capital – FRP |
|
7,522 |
|
|
5,294 |
|
|
16,476 |
|
|
106,041 |
|
|
135,333 |
|
Capital - Third Parties |
|
6,852 |
|
|
5,294 |
|
|
0 |
|
|
75,337 |
|
|
87,483 |
|
Total Liabilities and Capital |
$ |
14,374 |
|
|
21,825 |
|
|
5,577 |
|
|
468,864 |
|
$ |
510,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The amount of consolidated retained earnings (accumulated
deficit) for these joint ventures was $(20,837,000) and $(13,115,000) as of September 30, 2023 and December 31, 2022, respectively.
The income statements of the Bryant Street Partnerships
are as follows (in thousands):
|
|
Bryant Street |
|
Bryant Street |
|
Bryant Street |
|
Bryant Street |
|
|
|
Partnerships |
|
Partnerships |
|
Partnerships |
|
Partnerships |
|
|
|
Total JV |
|
Total JV |
|
Company Share |
|
Company Share |
|
|
|
Nine months ended |
|
Nine months ended |
|
Nine months ended |
|
Nine months ended |
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental Revenue |
|
$ |
9,322 |
|
|
$ |
6,718 |
|
|
$ |
5,720 |
|
|
$ |
4,123 |
|
Revenue – other |
|
|
1,784 |
|
|
|
1,306 |
|
|
|
1,095 |
|
|
|
801 |
|
Total Revenues |
|
|
11,106 |
|
|
|
8,024 |
|
|
|
6,815 |
|
|
|
4,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,202 |
|
|
|
4,995 |
|
|
|
3,192 |
|
|
|
3,065 |
|
Operating expenses |
|
|
4,384 |
|
|
|
3,846 |
|
|
|
2,690 |
|
|
|
2,360 |
|
Property taxes |
|
|
789 |
|
|
|
878 |
|
|
|
484 |
|
|
|
539 |
|
Total cost of operations |
|
|
10,375 |
|
|
|
9,719 |
|
|
|
6,366 |
|
|
|
5,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit/(loss) |
|
|
731 |
|
|
|
(1,695 |
) |
|
|
449 |
|
|
|
(1,040 |
) |
Interest expense |
|
|
(8,607 |
) |
|
|
(5,437 |
) |
|
|
(5,380 |
) |
|
|
(3,703 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss before tax |
|
$ |
(7,876 |
) |
|
$ |
(7,132 |
) |
|
$ |
(4,931 |
) |
|
$ |
(4,743 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The income statements of the Greenville Partnerships
are as follows (in thousands):
|
|
Greenville |
|
Greenville |
|
Greenville |
|
Greenville |
|
|
|
Partnerships |
|
Partnerships |
|
Partnerships |
|
Partnerships |
|
|
|
Total JV |
|
Total JV |
|
Company Share |
|
Company Share |
|
|
|
Nine months ended |
|
Nine months ended |
|
Nine months ended |
|
Nine months ended |
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental Revenue |
|
$ |
4,875 |
|
|
$ |
2,234 |
|
|
$ |
1,950 |
|
|
$ |
894 |
|
Revenue – other |
|
|
405 |
|
|
|
125 |
|
|
|
162 |
|
|
|
50 |
|
Total Revenues |
|
|
5,280 |
|
|
|
2,359 |
|
|
|
2,112 |
|
|
|
944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,118 |
|
|
|
1,162 |
|
|
|
847 |
|
|
|
465 |
|
Operating expenses |
|
|
1,784 |
|
|
|
906 |
|
|
|
714 |
|
|
|
363 |
|
Property taxes |
|
|
882 |
|
|
|
476 |
|
|
|
353 |
|
|
|
190 |
|
Total cost of operations |
|
|
4,784 |
|
|
|
2,544 |
|
|
|
1,914 |
|
|
|
1,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit/(loss) |
|
|
496 |
|
|
|
(185 |
) |
|
|
198 |
|
|
|
(74 |
) |
Interest expense |
|
|
(2,872 |
) |
|
|
(697 |
) |
|
|
(1,148 |
) |
|
|
(279 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss before tax |
|
$ |
(2,376 |
) |
|
$ |
(882 |
) |
|
$ |
(950 |
) |
|
$ |
(353 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The income statements of the Verge Partnership are
as follows (in thousands):
|
|
Verge |
|
Verge |
|
|
Partnership |
|
Partnership |
|
|
Total JV |
|
Company Share |
|
|
Nine months ended |
|
Nine months ended |
|
|
September 30, |
|
September 30, |
|
|
2023 |
|
2023 |
Revenues: |
|
|
|
|
|
|
|
|
Rental Revenue |
|
$ |
2,042 |
|
|
$ |
1,254 |
|
Revenue – other |
|
|
320 |
|
|
|
196 |
|
Total Revenues |
|
|
2,362 |
|
|
|
1,450 |
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,958 |
|
|
|
1,815 |
|
Operating expenses |
|
|
2,057 |
|
|
|
1,263 |
|
Property taxes |
|
|
741 |
|
|
|
455 |
|
Total cost of operations |
|
|
5,756 |
|
|
|
3,533 |
|
|
|
|
|
|
|
|
|
|
Total operating profit |
|
|
(3,394 |
) |
|
|
(2,083 |
) |
Interest expense |
|
|
(3,767 |
) |
|
|
(2,312 |
) |
|
|
|
|
|
|
|
|
|
Net profit before tax |
|
$ |
(7,161 |
) |
|
$ |
(4,395 |
) |
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial
condition and results of operations should be read in conjunction with the accompanying unaudited consolidated financial statements and
related notes in Item 1 and with the audited consolidated financial statements and the related notes included in our annual report on
Form 10-K. The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity
and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements
are subject to risks and uncertainties, including the risks and uncertainties described in “Forward-Looking Statements” below
and “Risk Factors” on page 5 of our annual report on Form 10-K. Our actual results may differ materially from those contained
in or implied by any forward-looking statements. We assume no obligation to revise or publicly release any revision to any forward-looking
statements contained in this quarterly report on Form 10-Q, unless required by law.
The following discussion includes a non-GAAP financial
measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission to supplement the financial results as
reported in accordance with GAAP. The non-GAAP financial measure discussed is pro-rata net operating income (NOI). The Company uses this
metric to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance.
This measure is not, and should not be viewed as, a substitute for GAAP financial measures. Refer to “Non-GAAP Financial Measure”
below in this quarterly report for a more detailed discussion, including
reconciliations of this non-GAAP financial measure
to its most directly comparable GAAP financial measure.
Business Overview - FRP Holdings, Inc. is a
real estate development, asset management and operating company businesses. Our properties are located in the Mid-Atlantic and southeastern
United States and consist of:
Mining royalty lands, some of
which will have second lives as development properties;
Residential apartments in Washington,
D.C. and Greenville, South Carolina;
Warehouse or office properties
in the Maryland either existing or under development;
Mixed use properties under development
in Washington, D.C. or Greenville, South Carolina; and
Properties held for sale.
We believe our present capital structure, liquidity
and land provide us with years of opportunities to increase recurring revenue and long-term value for our shareholders. We intend to focus
on our core business activity of real estate development, asset management and operations. We are developing a broad range of asset types
that we believe will provide acceptable rates of return, grow recurring revenues and support future business. Capital commitments will
be funded with cash proceeds from completed projects, existing cash, owned-land, partner capital and financing arrangements. We do not
anticipate immediate benefits from investments. Timing of projects may be subject to delays caused by factors beyond our control.
Reportable Segments
We conduct primarily all of our business in the following
four reportable segments: (1) asset management (2) mining royalty lands (3) development and (4) stabilized joint ventures.
For more information regarding our reportable segments, see Note 3. Business Segments of our condensed consolidated financial
statements included in this quarterly report.
Asset Management Segment.
The Asset Management segment owns, leases and manages
commercial properties. These assets create revenue and cash flows through tenant rental payments, lease management fees and reimbursements
for building operating costs. The Company’s industrial warehouses typically lease for terms ranging from 3 – 10 years often
with one or two renewal options. All base rent revenue is recognized on a straight-lined basis. All of the commercial warehouse leases
are triple net and common area maintenance costs (CAM Revenue) are billed monthly, and insurance and real estate taxes are billed annually.
34 Loveton is the only office product wherein all leases are full service therefore there is no CAM revenue. Office leases are also
recognized on a straight-lined basis. The major cash outlays incurred in this segment are for operating expenses, real estate taxes, building
repairs, lease commissions and other lease closing costs, construction of tenant improvements, capital to acquire existing operating buildings
and closing costs related thereto and personnel costs of our property management team.
As of September 30, 2023, the Asset Management Segment
includes nine buildings at four commercial properties owned by the Company in fee simple as follows:
1) 34 Loveton Circle in suburban Baltimore County,
Maryland consists of one office building totaling 33,708 square feet which is 90.8% occupied (16% of the space is occupied by the Company
for use as our Baltimore headquarters). The property is subject to commercial leases with various tenants.
2) 155 E. 21st Street in Duval County,
Florida was an office building property that remains under lease through March 2026. We permitted the tenant to demolish all structures
on the property during 2018.
3) Cranberry Run Business Park in Hartford County,
Maryland consists of five office buildings totaling 267,737
square feet which are 92.1% occupied and 92.1% leased.
The property is subject to commercial leases with various tenants.
4) Hollander 95 Business Park in Baltimore City, Maryland
consists of three buildings totaling 247,340 square feet that are 100.0% leased and 100.0% occupied.
Management focuses on several measures of success
on a comparative basis in this segment: (1) net operating income growth, (2) growth in occupancy, (3) average annual occupancy rate (defined
as the occupied square feet at the end of each month during a fiscal year divided by the number of months to date in that fiscal year
as a percentage of the average number of square feet in the portfolio over that same time period), (4) tenant retention success rate (as
a percentage of total square feet to be renewed).
Mining Royalty Lands Segment.
Our Mining Royalty Lands segment owns several properties
totaling approximately 16,650 acres currently under lease for mining rents or royalties (excluding the 4,280 acres owned by our Brooksville
joint venture with Vulcan Materials). Other than one location in Virginia, all of these properties are located in Florida and Georgia. The
Company leases land under long-term leases that grant the lessee the right to mine and sell reserves from our property in exchange for
royalty payments. A typical lease has an option to extend the lease for additional terms. The typical lease in this segment requires the
tenant to pay us a royalty based on the number of tons of mined materials sold from our property during a given fiscal year multiplied
by a percentage of the average annual sales price per ton sold. As a result of this royalty payment structure, we do not bear the cost
risks associated with the mining operations, however, we are subject to the cyclical nature of the construction markets in these states
as both volumes and prices tend to fluctuate through those cycles. In certain locations, typically where the reserves on our property
have been depleted but the tenant still has a need for the leased land, we collect a minimum annual rental amount. We believe strongly
in the potential for future growth in construction in Florida, Georgia, and Virginia which would positively benefit our profitability
in this segment.
The major expenses in this segment are comprised of
collection and accounting for royalties, management’s oversight of the mining leases, land entitlement for post-mining uses and
property taxes at our non-leased locations and at our Grandin location which, unlike our other leased mining locations, are not entirely
paid by the tenant. As such, our costs in this business are very low as a percentage of revenue, are relatively stable and are not affected
by increases in production at our locations. Our current mining tenants include Vulcan Materials, Martin Marietta, Cemex, Argos and The
Concrete Company.
Additionally, these locations provide us with opportunities
for valuable “second lives” for these assets through proper land planning and entitlement.
Significant “ Second Life” Mining Lands:
Location |
Acreage |
Status |
Brooksville, FL |
4,280 +/- |
Development of Regional of Impact and County Land Use and Master Zoning in place for 5,800 residential unit, mixed-use development |
Ft. Myers, FL |
1,907 +/- |
Approval in place for 105, one-acre, waterfront residential lots after mining completed. |
Total |
6,187 +/- |
|
Development Segment.
Through our Development segment, we own and are continuously
monitoring the highest and best use of several parcels of land that are in various stages of development. Our overall strategy in this
segment is to convert all our non-
income producing lands into income production through
(i) an orderly process of constructing new commercial and residential buildings for us to own and operate or (ii) a sale to, or joint
venture with, third parties. Additionally, our Development segment will purchase or form joint ventures on new developments of land not
previously owned by the Company.
Revenues in this segment are generated predominately
from land sales and interim property rents. The significant cash outlays incurred in this segment are for land acquisition costs, entitlement
costs, property taxes, design and permitting, the personnel costs of our in-house management team and horizontal and vertical construction
costs.
Development Segment – Warehouse/Office Land.
At September 30, 2023, this segment owned the following
future development parcels:
| 1) | 54 acres of land that can support over 690,000 square feet of industrial product located at 1001 Old Philadelphia
Road in Aberdeen, Maryland. |
| 2) | 17 acres of land in Harford County, Maryland with a 259,200 square feet speculative warehouse project
on Chelsea Road under construction due to be complete in the third quarter of 2024. |
| 3) | 170 acres of land in Cecil County, Maryland that can accommodate 900,000 square feet of industrial development. |
We also have three properties that were either spun-off
to us from Florida Rock Industries in 1986 or acquired by us from unrelated third parties. These properties, as a result of our “highest
and best use” studies, are being prepared for income generation through sale or joint venture with third parties, and in certain
cases we are leasing these properties on an interim basis for an income stream while we wait for the development market to mature.
Development Segment - Significant Investment Lands
Inventory:
Location |
Approx. Acreage |
Status |
NBV |
Riverfront on the Anacostia Phases III-IV |
2.5 |
Conceptual design program ongoing |
$6,595,000 |
Hampstead Trade Center, MD |
118 |
Residential zoning applied for in preparation for sale |
$10,515,000 |
Square 664E, on the Anacostia River in DC |
2 |
Under lease to Vulcan Materials as a concrete batch plant through 2026 |
$7,385,000 |
Total |
122.5 |
|
$24,495,000 |
Development Segment - Investments in Joint Ventures
The third leg of our Development Segment consists
of investments in joint ventures for properties in development. The Company has investments in joint ventures, primarily with other real
estate developers which are summarized below:
Property |
JV Partner |
Status |
% Ownership |
Brooksville Quarry, LLC near Brooksville, Florida |
Vulcan Materials Company |
Future planned residential development of 3,500 acres which are currently subject to mining lease |
50% |
BC FRP Realty, LLC for 35 acres in Maryland |
St John Properties |
Development of 329,000 square feet multi-building business park in progress |
50% |
Bryant Street Partnerships for 5 acres of land in Washington, D.C. |
MRP Realty |
Mixed-use development with 487 residential units and 91,607 square feet of retail is in final stages of lease-up |
61.36% |
Aberdeen Station residential development in Harford County, Maryland |
|
$31.1 million in exchange for an interest rate of 10% and a 20% preferred return after which the Company is also entitled to a portion of proceeds from sale |
Financing |
Amber Ridge residential development in Prince George’s County, Maryland |
|
$18.5 million in exchange for an interest rate of 10% and a preferred return of 20% after which the Company is entitled to a portion of proceeds from sale |
Financing |
The Verge at 1800 Half Street property in Buzzard Point area of Washington, D.C. |
MRP Realty |
Eleven-story structure with 344 apartments and 8,536 square feet of ground floor retail currently underway with lease-up |
61.37% |
.408 Jackson property in Greenville, SC |
Woodfield Development |
Mixed-use project with 227 multifamily units and 4,539 square feet of retail space currently underway with lease-up |
40% |
Estero |
Woodfield Development |
Pre-development activities for a mixed-use project with 554 multifamily units, 72,000 square feet of commercial space, 41,000 square feet of office space and a boutique 170-key hotel |
16% |
FRP/MRP Buzzard Point Sponsor, LLC |
MRP Realty |
Pre-development activities for phase one of property owned by Steuart Investment Company (SIC) under a Contribution and Pre-Development Agreement between this partnership and SIC |
50% |
Woven property in Greenville, SC |
Woodfield Development |
Pre-development activities for an apartment building |
50% |
Joint ventures where FRP is not the primary beneficiary
(including those in the Stabilized Joint Venture Segment) are reflected in the line “Investment in joint ventures” on the
balance sheet and “Equity in loss of joint ventures” on the income statement. The following table summarizes the Company’s
investments in unconsolidated joint ventures (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of Profit |
|
|
|
Common |
|
|
Total |
|
|
Total Assets of |
|
|
Profit (Loss) |
|
|
(Loss) of the |
|
|
|
Ownership |
|
|
Investment |
|
|
The Partnership |
|
|
Of the Partnership |
|
|
Partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooksville Quarry, LLC |
|
50.00 |
% |
$ |
7,486 |
|
|
14,372 |
|
|
(62 |
) |
|
(31 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,077 |
|
|
22,164 |
|
|
(556 |
) |
|
(278 |
) |
Buzzard Point Sponsor, LLC |
|
50.00 |
% |
|
2,292 |
|
|
4,584 |
|
|
— |
|
|
— |
|
Bryant Street Partnerships |
|
61.36 |
% |
|
61,140 |
|
|
195,915 |
|
|
(7,876 |
) |
|
(4,931 |
) |
Lending ventures |
|
|
|
|
25,084 |
|
|
14,428 |
|
|
— |
|
|
— |
|
Estero Partnership |
|
16.00 |
% |
|
3,600 |
|
|
38,703 |
|
|
— |
|
|
— |
|
Verge Partnership |
|
61.37 |
% |
|
37,535 |
|
|
130,978 |
|
|
(7,161 |
) |
|
(4,395 |
) |
Greenville Partnerships |
|
40.00 |
% |
|
11,811 |
|
|
98,617 |
|
|
(2,376 |
) |
|
(950 |
) |
Total |
|
|
|
$ |
154,025 |
|
|
519,761 |
|
|
(18,031 |
) |
|
(10,585 |
) |
The major classes of assets, liabilities and equity
of the Company’s Investments in Joint Ventures as of September 30, 2023 are summarized in the following two tables (in thousands):
|
As of September 30, 2023 |
|
Total |
|
Buzzard Point |
|
Bryant Street |
|
Estero |
|
Verge |
|
Greenville |
|
Apartment/ |
|
Sponsor, LLC |
|
Partnership |
|
Partnership |
|
Partnership |
|
Partnership |
|
Mixed-Use |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
0 |
|
|
|
187,693 |
|
|
|
34,416 |
|
|
|
129,145 |
|
|
|
96,834 |
|
|
$ |
448,088 |
|
Cash and cash equivalents |
|
0 |
|
|
|
1,661 |
|
|
|
4,287 |
|
|
|
1,170 |
|
|
|
1,595 |
|
|
|
8,713 |
|
Unrealized rents & receivables |
|
0 |
|
|
|
6,141 |
|
|
|
0 |
|
|
|
309 |
|
|
|
83 |
|
|
|
6,533 |
|
Deferred costs |
|
4,584 |
|
|
|
420 |
|
|
|
0 |
|
|
|
354 |
|
|
|
105 |
|
|
|
5,463 |
|
Total Assets |
$ |
4,584 |
|
|
|
195,915 |
|
|
|
38,703 |
|
|
|
130,978 |
|
|
|
98,617 |
|
|
$ |
468,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
|
116,922 |
|
|
|
16,000 |
|
|
|
72,402 |
|
|
|
67,414 |
|
|
$ |
272,738 |
|
Other liabilities |
|
0 |
|
|
|
2,786 |
|
|
|
174 |
|
|
|
1,102 |
|
|
|
2,243 |
|
|
|
6,305 |
|
Capital - FRP |
|
2,292 |
|
|
|
59,132 |
|
|
|
3,605 |
|
|
|
35,261 |
|
|
|
10,858 |
|
|
|
111,148 |
|
Capital – Third Parties |
|
2,292 |
|
|
|
17,075 |
|
|
|
18,924 |
|
|
|
22,213 |
|
|
|
18,102 |
|
|
|
78,606 |
|
Total Liabilities and Capital |
$ |
4,584 |
|
|
|
195,915 |
|
|
|
38,703 |
|
|
|
130,978 |
|
|
|
98,617 |
|
|
$ |
468,797 |
|
|
As of September 30, 2023 |
|
Total |
|
|
Brooksville |
|
BC FRP |
|
Lending |
|
Apartment/ |
|
Grand |
|
|
Quarry, LLC |
|
Realty, LLC |
|
Ventures |
|
Mixed-Use |
|
Total |
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
14,343 |
|
|
21,260 |
|
|
14,428 |
|
|
448,088 |
|
$ |
498,119 |
|
Cash and cash equivalents |
|
27 |
|
|
74 |
|
|
0 |
|
|
8,713 |
|
|
8,814 |
|
Unrealized rents & receivables |
|
0 |
|
|
457 |
|
|
0 |
|
|
6,533 |
|
|
6,990 |
|
Deferred costs |
|
2 |
|
|
373 |
|
|
0 |
|
|
5,463 |
|
|
5,838 |
|
Total Assets |
$ |
14,372 |
|
|
22,164 |
|
|
14,428 |
|
|
468,797 |
|
$ |
519,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
11,856 |
|
|
(10,656 |
) |
|
272,738 |
|
$ |
273,938 |
|
Other liabilities |
|
64 |
|
|
266 |
|
|
0 |
|
|
6,305 |
|
|
6,635 |
|
Capital – FRP |
|
7,487 |
|
|
5,021 |
|
|
25,084 |
|
|
111,148 |
|
|
148,740 |
|
Capital - Third Parties |
|
6,821 |
|
|
5,021 |
|
|
0 |
|
|
78,606 |
|
|
90,448 |
|
Total Liabilities and Capital |
$ |
14,372 |
|
|
22,164 |
|
|
14,428 |
|
|
468,797 |
|
$ |
519,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized Joint Venture Segment.
At quarter end, the segment included three stabilized
joint ventures which own, lease and manage apartment buildings. These assets create revenue and cash flows through tenant rental payments,
and reimbursements for building operating costs. The Company’s residential spaces generally lease for 12 – 15-month lease
terms and 90 days prior to the expiration, as long as there is no balance due, the tenant is offered a renewal. If no notice to move out
or renew is made, then the leases go to month to month until notification of termination or renewal is received. Renewal terms are typically
9 – 12 months. The Company also leases retail spaces at apartment/mixed-use properties. The retail leases are typically
10 -15-year leases with options to renew for another five years. Retail leases at these properties also include percentage rents
which average 3-6% of annual sales for the tenant that exceed a breakpoint stipulated by each individual lease. All base rent revenue
is recognized on a straight-line basis. The major cash outlays incurred in this segment are for property taxes, full service maintenance,
property management, utilities and marketing. The three stabilized joint venture properties are as follows:
Property and Occupancy |
JV Partner |
Method of Accounting |
% Ownership |
Dock 79 apartments, Washington, D.C.
305 apartment units and 14,430 square feet of retail |
MRP Realty |
Consolidated |
52.8% |
The Maren apartments, Washington, D.C. 264 residential units and 6,811 square feet of retail |
MRP Realty |
Consolidated as of March 31, 2021 |
56.33% |
Riverside apartments Greenville, SC. 200 residential units with no retail component |
Woodfield Development |
Equity Method |
40% |
Third quarter Operational Highlights
(compared to the same quarter last year)
| · | 29.5% increase in pro-rata NOI ($8.09 million vs $6.24 million) over third
quarter 2022 |
| · | Mining royalty revenue increased 24.7%; 19.2% increase in royalties per
ton |
| · | 54.2% increase in Asset Management revenue; 58.2% increase in Asset Management
NOI |
Comparative Results of Operations for the Three months
ended September 30, 2023 and 2022
Consolidated Results
(dollars in thousands) |
Three months ended September 30, |
|
2023 |
|
2022 |
|
Change |
|
% |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
$ |
7,509 |
|
|
$ |
6,823 |
|
|
$ |
686 |
|
|
|
10.1 |
% |
Mining lands lease revenue |
|
3,082 |
|
|
|
2,471 |
|
|
|
611 |
|
|
|
24.7 |
% |
Total Revenues |
|
10,591 |
|
|
|
9,294 |
|
|
|
1,297 |
|
|
|
14.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation/Depletion/Amortization |
|
2,816 |
|
|
|
2,744 |
|
|
|
72 |
|
|
|
2.6 |
% |
Operating Expenses |
|
2,012 |
|
|
|
1,967 |
|
|
|
45 |
|
|
|
2.3 |
% |
Property Taxes |
|
919 |
|
|
|
1,034 |
|
|
|
(115 |
) |
|
|
-11.1 |
% |
Management company indirect |
|
1,059 |
|
|
|
966 |
|
|
|
93 |
|
|
|
9.6 |
% |
Corporate Expense |
|
889 |
|
|
|
734 |
|
|
|
155 |
|
|
|
21.1 |
% |
Total cost of operations |
|
7,695 |
|
|
|
7,445 |
|
|
|
250 |
|
|
|
3.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit |
|
2,896 |
|
|
|
1,849 |
|
|
|
1,047 |
|
|
|
56.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
2,700 |
|
|
|
1,188 |
|
|
|
1,512 |
|
|
|
127.3 |
% |
Interest Expense |
|
(1,116 |
) |
|
|
(738 |
) |
|
|
(378 |
) |
|
|
51.2 |
% |
Equity in loss of joint ventures |
|
(2,913 |
) |
|
|
(1,878 |
) |
|
|
(1,035 |
) |
|
|
55.1 |
% |
Gain (loss) on sale of real estate |
|
(1 |
) |
|
|
141 |
|
|
|
(142 |
) |
|
|
-100.7 |
% |
Income before income taxes |
|
1,566 |
|
|
|
562 |
|
|
|
1,004 |
|
|
|
178.6 |
% |
Provision for income taxes |
|
467 |
|
|
|
178 |
|
|
|
289 |
|
|
|
162.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
1,099 |
|
|
|
384 |
|
|
|
715 |
|
|
|
186.2 |
% |
Loss attributable to noncontrolling interest |
|
(160 |
) |
|
|
(96 |
) |
|
|
(64 |
) |
|
|
66.7 |
% |
Net income attributable to the Company |
$ |
1,259 |
|
|
$ |
480 |
|
|
$ |
779 |
|
|
|
162.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the third quarter of 2023 was
$1,259,000 or $.13 per share versus $480,000 or $.05 per share in the same period last year. The third quarter of 2023 was impacted by
the following items:
| · | Operating profit increased $1,047,000 compared to the same quarter last
year due to improved revenues in all four segments. |
| · | Interest income increased $1,512,000 due primarily to an increase in interest
earned on cash equivalents ($1,118,000) and increased income from our lending ventures ($349,000). |
| · | Interest expense increased $378,000 compared to the same quarter last year
due to less capitalized interest. We capitalized less interest because of fewer in-house and joint venture projects under development
this quarter compared to last year. |
| · | Equity in loss of Joint Ventures increased $1,035,000 primarily due to increased
losses during lease up at The Verge ($856,000). |
Asset Management Segment Results
|
|
Three months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
1,442 |
|
|
|
100.0 |
% |
|
|
935 |
|
|
|
100.0 |
% |
|
|
507 |
|
|
|
54.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
369 |
|
|
|
25.5 |
% |
|
|
219 |
|
|
|
23.4 |
% |
|
|
150 |
|
|
|
68.5 |
% |
Operating expenses |
|
|
173 |
|
|
|
12.0 |
% |
|
|
162 |
|
|
|
17.3 |
% |
|
|
11 |
|
|
|
6.8 |
% |
Property taxes |
|
|
62 |
|
|
|
4.3 |
% |
|
|
53 |
|
|
|
5.7 |
% |
|
|
9 |
|
|
|
17.0 |
% |
Management company indirect |
|
|
141 |
|
|
|
9.8 |
% |
|
|
109 |
|
|
|
11.7 |
% |
|
|
32 |
|
|
|
29.4 |
% |
Corporate expense |
|
|
177 |
|
|
|
12.3 |
% |
|
|
127 |
|
|
|
13.6 |
% |
|
|
50 |
|
|
|
39.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
922 |
|
|
|
63.9 |
% |
|
|
670 |
|
|
|
71.7 |
% |
|
|
252 |
|
|
|
37.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
520 |
|
|
|
36.1 |
% |
|
|
265 |
|
|
|
28.3 |
% |
|
|
255 |
|
|
|
96.2 |
% |
Total revenues in this segment were $1,442,000, up
$507,000 or 54.2%, over the same period last year. Operating profit was $520,000, up $255,000 from $265,000 in the same quarter last year.
Revenues and operating profit are up because of full occupancy at 1841 62nd Street (compared to 22.7% same period last year) and the addition
of 1941 62nd Street to this segment in March 2023. We now have nine buildings in service at three different locations totaling 515,077
square feet of industrial and 33,708 square feet of office. At quarter end, we were 95.6% leased and 95.6% occupied. Net operating income
in this segment was $1,096,000, up $403,000 or 58.2% compared to the same quarter last year.
Mining Royalty Lands Segment Results
|
|
Three months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining lands lease revenue |
|
$ |
3,082 |
|
|
|
100.0 |
% |
|
|
2,471 |
|
|
|
100.0 |
% |
|
|
611 |
|
|
|
24.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
138 |
|
|
|
4.5 |
% |
|
|
172 |
|
|
|
7.0 |
% |
|
|
(34 |
) |
|
|
-19.8 |
% |
Operating expenses |
|
|
18 |
|
|
|
0.6 |
% |
|
|
18 |
|
|
|
0.7 |
% |
|
|
— |
|
|
|
0.0 |
% |
Property taxes |
|
|
181 |
|
|
|
5.9 |
% |
|
|
69 |
|
|
|
2.8 |
% |
|
|
112 |
|
|
|
162.3 |
% |
Management company indirect |
|
|
137 |
|
|
|
4.4 |
% |
|
|
129 |
|
|
|
5.2 |
% |
|
|
8 |
|
|
|
6.2 |
% |
Corporate expense |
|
|
99 |
|
|
|
3.2 |
% |
|
|
83 |
|
|
|
3.4 |
% |
|
|
16 |
|
|
|
19.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
573 |
|
|
|
18.6 |
% |
|
|
471 |
|
|
|
19.1 |
% |
|
|
102 |
|
|
|
21.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
2,509 |
|
|
|
81.4 |
% |
|
|
2,000 |
|
|
|
80.9 |
% |
|
|
509 |
|
|
|
25.5 |
% |
Total revenues in this segment were $3,082,000 versus
$2,471,000 in the same period last year. Total operating profit in this segment was $2,509,000, an increase of $509,000 versus $2,000,000
in the same period last year. This increase is the result of increases in revenue at nearly every active location. Net Operating Income
this quarter for this segment was $2,837,000, up $501,000 or 21.4% compared to the same quarter last year.
Development Segment Results
|
|
Three months ended September 30 |
|
(dollars in thousands) |
|
2023 |
|
2022 |
|
Change |
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
434 |
|
|
|
412 |
|
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
44 |
|
|
|
47 |
|
|
|
(3 |
) |
|
Operating expenses |
|
|
48 |
|
|
|
250 |
|
|
|
(202 |
) |
|
Property taxes |
|
|
121 |
|
|
|
355 |
|
|
|
(234 |
) |
|
Management company indirect |
|
|
665 |
|
|
|
625 |
|
|
|
40 |
|
|
Corporate expense |
|
|
529 |
|
|
|
457 |
|
|
|
72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
1,407 |
|
|
|
1,734 |
|
|
|
(327 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(973 |
) |
|
|
(1,322 |
) |
|
|
349 |
|
|
With respect to ongoing projects:
- We are the principal capital source of a residential
development venture in Prince George’s County, Maryland known as “Amber Ridge.” Of the $18.5 million of committed capital
to the project, $17.3 million in principal draws have taken place through quarter end. Through the end of September 30, 2023, 175 of the
187 units have been sold, and we have received $19.6 million in preferred interest and principal to date.
- Bryant Street is a mixed-use joint venture between
the Company and MRP in Washington, DC consisting of three apartment buildings with ground floor retail and one commercial building which
is fully leased. At quarter end, Bryant Street’s 487 residential units were 94.5% leased and 94.5% occupied. Its commercial space
was 95.9% leased and 79.1% occupied at quarter end.
- Lease-up is underway at The Verge, and at quarter
end, the building was 89.5% leased and 74.1% occupied inclusive of 25 units licensed to Placemaker Management for a short-term corporate
rental program. Retail at this location is 45.2% leased. This is our third mixed-use project in the Anacostia waterfront submarket in
Washington, DC.
- .408 Jackson is our second joint venture in Greenville.
Leasing began in the fourth quarter of 2022 with residential units 93.4% leased and 86.8% occupied at quarter end. Retail at this location
is 100% leased and currently under construction and expected to open this winter.
- Windlass Run, our suburban office and retail joint
venture with St. John Properties, Inc. signed a new office lease for 2,752 square feet bringing the office portion of the project to 82.1%
leased and 78.3% occupied. Additional retail space at this site is 38.2% leased and 22.9% occupied.
- This past quarter we broke ground on a new speculative
warehouse project in Aberdeen, Maryland on Chelsea Road. This Class A, 259,200 square foot building is due to be complete in the third
quarter of 2024.
Stabilized Joint Venture Segment Results
|
|
Three months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
5,633 |
|
|
|
100.0 |
% |
|
|
5,476 |
|
|
|
100.0 |
% |
|
|
157 |
|
|
|
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
2,265 |
|
|
|
40.2 |
% |
|
|
2,306 |
|
|
|
42.1 |
% |
|
|
(41 |
) |
|
|
-1.8 |
% |
Operating expenses |
|
|
1,773 |
|
|
|
31.5 |
% |
|
|
1,537 |
|
|
|
28.1 |
% |
|
|
236 |
|
|
|
15.4 |
% |
Property taxes |
|
|
555 |
|
|
|
9.8 |
% |
|
|
557 |
|
|
|
10.2 |
% |
|
|
(2 |
) |
|
|
-0.4 |
% |
Management company indirect |
|
|
116 |
|
|
|
2.1 |
% |
|
|
103 |
|
|
|
1.9 |
% |
|
|
13 |
|
|
|
12.6 |
% |
Corporate expense |
|
|
84 |
|
|
|
1.5 |
% |
|
|
67 |
|
|
|
1.2 |
% |
|
|
17 |
|
|
|
25.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
4,793 |
|
|
|
85.1 |
% |
|
|
4,570 |
|
|
|
83.5 |
% |
|
|
223 |
|
|
|
4.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
840 |
|
|
|
14.9 |
% |
|
|
906 |
|
|
|
16.5 |
% |
|
|
(66 |
) |
|
|
-7.3 |
% |
Total revenues in this segment were $5,633,000, an
increase of $157,000 versus $5,476,000 in the same period last year. The Maren’s revenue was $2,670,000 an increase of 2.4% and
Dock 79 revenues increased $95,000 to $2,963,000 or 3.3%. Total operating profit in this segment was $840,000, a decrease of $66,000 versus
$906,000 in the same period last year. During the quarter we experienced water damage to an elevator that resulted in a $100,000 insurance
deductible expense. Pro-rata net operating income this quarter for this segment was $2,038,000, down $665,000 or 24.6% compared to the
same quarter last year because of the sale of our 20% Tenancy-In-Common (TIC) interest in both properties to SIC, mitigated by $231,000
in pro-rata NOI from our share of the Riverside joint venture in Greenville, SC.
At the end of September, The Maren was 93.18% leased
and 93.94% occupied. Average residential occupancy for the quarter was 95.57%, and 59.70% of expiring leases renewed with an average rent
increase on renewals of 3.18%. The Maren is a joint venture between the Company and MRP and SIC, in which FRP Holdings, Inc. is the majority
partner with 56.3% ownership.
Dock 79’s average residential occupancy for
the quarter was 95.08%, and at the end of the quarter, Dock 79’s residential units were 93.44% leased and 95.74% occupied. This
quarter, 71.43% of expiring leases renewed with an average rent increase on renewals of 2.30%. Dock 79 is a joint venture between the
Company and MRP and SIC, in which FRP Holdings, Inc. is the majority partner with 52.8% ownership.
During the third quarter of 2022, we achieved stabilization
at our Riverside Joint Venture in Greenville, South Carolina. At quarter end, the building was 94.5% leased with 91.5% occupancy. Average
occupancy for the quarter was 92.92% with 52.83% of expiring leases renewing with an average rental increase of 8.55%. Riverside is a
joint venture with Woodfield Development and the Company owns 40% of the venture.
Nine months Operational Highlights
| · | 26.2% increase in pro-rata NOI ($22.69 million vs $17.97 million) |
| · | Mining Royalties increased 23.8%; 13% increase in royalties per ton |
| · | 46.4% increase in Asset Management revenue; 46.2% increase in Asset Management
NOI |
Comparative Results of Operations for the Nine months ended
September 30, 2023 and 2022
Consolidated Results
(dollars in thousands) |
Nine months ended September 30, |
|
2023 |
|
2022 |
|
Change |
|
% |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
$ |
21,773 |
|
|
$ |
19,850 |
|
|
$ |
1,923 |
|
|
|
9.7 |
% |
Mining lands lease revenue |
|
9,628 |
|
|
|
7,779 |
|
|
|
1,849 |
|
|
|
23.8 |
% |
Total Revenues |
|
31,401 |
|
|
|
27,629 |
|
|
|
3,772 |
|
|
|
13.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation/Depletion/Amortization |
|
8,415 |
|
|
|
8,510 |
|
|
|
(95 |
) |
|
|
-1.1 |
% |
Operating Expenses |
|
5,574 |
|
|
|
5,316 |
|
|
|
258 |
|
|
|
4.9 |
% |
Property Taxes |
|
2,745 |
|
|
|
3,103 |
|
|
|
(358 |
) |
|
|
-11.5 |
% |
Management company indirect |
|
2,938 |
|
|
|
2,545 |
|
|
|
393 |
|
|
|
15.4 |
% |
Corporate Expense |
|
3,212 |
|
|
|
2,876 |
|
|
|
336 |
|
|
|
11.7 |
% |
Total cost of operations |
|
22,884 |
|
|
|
22,350 |
|
|
|
534 |
|
|
|
2.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit |
|
8,517 |
|
|
|
5,279 |
|
|
|
3,238 |
|
|
|
61.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
8,207 |
|
|
|
3,206 |
|
|
|
5,001 |
|
|
|
156.0 |
% |
Interest Expense |
|
(3,251 |
) |
|
|
(2,215 |
) |
|
|
(1,036 |
) |
|
|
46.8 |
% |
Equity in loss of joint ventures |
|
(10,585 |
) |
|
|
(5,248 |
) |
|
|
(5,337 |
) |
|
|
101.7 |
% |
Gain on sale of real estate |
|
7 |
|
|
|
874 |
|
|
|
(867 |
) |
|
|
-99.2 |
% |
Income before income taxes |
|
2,895 |
|
|
|
1,896 |
|
|
|
999 |
|
|
|
52.7 |
% |
Provision for income taxes |
|
898 |
|
|
|
526 |
|
|
|
372 |
|
|
|
70.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
1,997 |
|
|
|
1,370 |
|
|
|
627 |
|
|
|
45.8 |
% |
Loss attributable to noncontrolling interest |
|
(425 |
) |
|
|
(439 |
) |
|
|
14 |
|
|
|
-3.2 |
% |
Net income attributable to the Company |
$ |
2,422 |
|
|
$ |
1,809 |
|
|
$ |
613 |
|
|
|
33.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the first nine months of 2023
was $2,422,000 or $.26 per share versus $1,809,000 or $.19 per share in the same period last year. The first nine months of 2023 was impacted
by the following items:
| · | Operating profit increased $3,238,000 compared to the same period last year
due to improved revenues and profits in all four segments. |
| · | Management company indirect increased $393,000 due to merit increases and
new hires along with recruiting costs. |
| · | Interest income increased $5,001,000 due primarily to an increase in interest
earned on cash equivalents ($3,637,000) and increased income from our lending ventures ($1,228,000). |
| · | Interest expense increased $1,036,000 compared to the same period last year
due to less capitalized interest. We capitalized less interest because of fewer in-house and joint venture projects under development
compared to last year. |
| · | Equity in loss of Joint Ventures increased $5,337,000 primarily due to increased
losses during lease up at The Verge ($4,096,000) and .408 Jackson ($642,000). |
| · | The first nine months of 2022 included a $874,000 gain on sales of excess
property at Brooksville. |
Asset Management Segment Results
|
|
Nine months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
3,932 |
|
|
|
100.0 |
% |
|
|
2,686 |
|
|
|
100.0 |
% |
|
|
1,246 |
|
|
|
46.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
1,006 |
|
|
|
25.6 |
% |
|
|
683 |
|
|
|
25.4 |
% |
|
|
323 |
|
|
|
47.3 |
% |
Operating expenses |
|
|
490 |
|
|
|
12.4 |
% |
|
|
441 |
|
|
|
16.4 |
% |
|
|
49 |
|
|
|
11.1 |
% |
Property taxes |
|
|
185 |
|
|
|
4.7 |
% |
|
|
158 |
|
|
|
5.9 |
% |
|
|
27 |
|
|
|
17.1 |
% |
Management company indirect |
|
|
396 |
|
|
|
10.1 |
% |
|
|
301 |
|
|
|
11.2 |
% |
|
|
95 |
|
|
|
31.6 |
% |
Corporate expense |
|
|
630 |
|
|
|
16.0 |
% |
|
|
496 |
|
|
|
18.5 |
% |
|
|
134 |
|
|
|
27.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
2,707 |
|
|
|
68.8 |
% |
|
|
2,079 |
|
|
|
77.4 |
% |
|
|
628 |
|
|
|
30.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
1,225 |
|
|
|
31.2 |
% |
|
|
607 |
|
|
|
22.6 |
% |
|
|
618 |
|
|
|
101.8 |
% |
Total revenues in this segment were $3,932,000, up
$1,246,000 or 46.4%, over the same period last year. Operating profit was $1,225,000, up $618,000 from $607,000 in the same period last
year. Revenues and operating profit are up partly because of rent growth at Cranberry Run, but primarily because of full occupancy at
1865 and 1841 62nd Street and the addition of 1941 62nd Street to this segment in March 2023. Net operating income
in this segment was $2,726,000, up $862,000 or 46.2% compared to the same period last year.
Mining Royalty Lands Segment Results
|
|
Nine months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining lands lease revenue |
|
$ |
9,628 |
|
|
|
100.0 |
% |
|
|
7,779 |
|
|
|
100.0 |
% |
|
|
1,849 |
|
|
|
23.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
472 |
|
|
|
4.9 |
% |
|
|
416 |
|
|
|
5.4 |
% |
|
|
56 |
|
|
|
13.5 |
% |
Operating expenses |
|
|
51 |
|
|
|
0.5 |
% |
|
|
50 |
|
|
|
0.6 |
% |
|
|
1 |
|
|
|
2.0 |
% |
Property taxes |
|
|
324 |
|
|
|
3.4 |
% |
|
|
203 |
|
|
|
2.6 |
% |
|
|
121 |
|
|
|
59.6 |
% |
Management company indirect |
|
|
390 |
|
|
|
4.1 |
% |
|
|
346 |
|
|
|
4.4 |
% |
|
|
44 |
|
|
|
12.7 |
% |
Corporate expense |
|
|
360 |
|
|
|
3.7 |
% |
|
|
325 |
|
|
|
4.2 |
% |
|
|
35 |
|
|
|
10.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
1,597 |
|
|
|
16.6 |
% |
|
|
1,340 |
|
|
|
17.2 |
% |
|
|
257 |
|
|
|
19.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
8,031 |
|
|
|
83.4 |
% |
|
|
6,439 |
|
|
|
82.8 |
% |
|
|
1,592 |
|
|
|
24.7 |
% |
Total revenues in this segment were $9,628,000 versus
$7,779,000 in the same period last year. Total operating profit in this segment was $8,031,000, an increase of $1,592,000 versus $6,439,000
in the same period last year. This increase is the result of the additional royalties from the acquisition in Astatula, Florida, which
we completed at the beginning of the second quarter 2022, as well as increases in revenue at nearly every active location. Net Operating
Income in this segment was $9,110,000, up $1,737,000 or 24% compared to the same period last year. As reported in a subsequent event note
in the 10-Q from the quarter ended June 30, 2023, in August we received notification of an overpayment of $842,000 at a quarry where we
share a property line within the pit. The operator incorrectly identified the reserves being mined as belonging to the Company instead
of our neighboring landlord. After auditing and confirming the tenant’s findings, the Company has reached a resolution with the
tenant to allow the overpayment to be deducted from a portion of future royalties, and we have worked with the tenant to improve processes
and controls to prevent an incident of this type and magnitude from occurring in the future. This will impact future royalty revenue and
revenue growth until the overpayment is satisfied.
Development Segment Results
|
|
Nine months ended September 30 |
|
(dollars in thousands) |
|
2023 |
|
2022 |
|
Change |
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
1,387 |
|
|
|
1,203 |
|
|
|
184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
140 |
|
|
|
139 |
|
|
|
1 |
|
|
Operating expenses |
|
|
215 |
|
|
|
541 |
|
|
|
(326 |
) |
|
Property taxes |
|
|
587 |
|
|
|
1,066 |
|
|
|
(479 |
) |
|
Management company indirect |
|
|
1,822 |
|
|
|
1,621 |
|
|
|
201 |
|
|
Corporate expense |
|
|
1,918 |
|
|
|
1,794 |
|
|
|
124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
4,682 |
|
|
|
5,161 |
|
|
|
(479 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(3,295 |
) |
|
|
(3,958 |
) |
|
|
663 |
|
|
Stabilized Joint Venture Segment Results
|
|
Nine months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
16,454 |
|
|
|
100.0 |
% |
|
|
15,961 |
|
|
|
100.0 |
% |
|
|
493 |
|
|
|
3.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
6,797 |
|
|
|
41.3 |
% |
|
|
7,272 |
|
|
|
45.6 |
% |
|
|
(475 |
) |
|
|
-6.5 |
% |
Operating expenses |
|
|
4,818 |
|
|
|
29.3 |
% |
|
|
4,284 |
|
|
|
26.9 |
% |
|
|
534 |
|
|
|
12.5 |
% |
Property taxes |
|
|
1,649 |
|
|
|
10.0 |
% |
|
|
1,676 |
|
|
|
10.5 |
% |
|
|
(27 |
) |
|
|
-1.6 |
% |
Management company indirect |
|
|
330 |
|
|
|
2.0 |
% |
|
|
277 |
|
|
|
1.7 |
% |
|
|
53 |
|
|
|
19.1 |
% |
Corporate expense |
|
|
304 |
|
|
|
1.9 |
% |
|
|
261 |
|
|
|
1.6 |
% |
|
|
43 |
|
|
|
16.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
13,898 |
|
|
|
84.5 |
% |
|
|
13,770 |
|
|
|
86.3 |
% |
|
|
128 |
|
|
|
0.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
2,556 |
|
|
|
15.5 |
% |
|
|
2,191 |
|
|
|
13.7 |
% |
|
|
365 |
|
|
|
16.7 |
% |
In the fourth quarter of 2022, as part of our new
partnership with SIC and MRP, we sold a 20% ownership interest in a tenancy-in-common (TIC) of Dock 79 and The Maren for $65.3 million,
$44.5 million attributable to the Company, placing a combined valuation of the two buildings at $326.5 million.
Total revenues in this segment were $16,454,000, an
increase of $493,000 versus $15,961,000 in the same period last year. The Maren’s revenue was $7,900,000, an increase of 5.7%, and
Dock 79 revenues increased $66,000 or .8% to $8,553,000. Total operating profit in this segment was $2,556,000, an increase of $365,000
versus $2,191,000 in the same period last year. Pro-rata net operating income for this segment was $6,212,000, down $1,029,000 or 14.2%
compared to the same period last year because of the sale of our 20% TIC interest in both properties to SIC, mitigated by $676,000 in
pro-rata NOI from our share of the Riverside joint venture.
At the end of September, The Maren was 93.18% leased
and 93.94% occupied. Average residential occupancy for the first nine months of 2023 was 96.11%, and 50.66% of expiring leases renewed
with an average rent increase on renewals of 4.86%. The Maren is a joint venture between the Company and MRP and SIC, in which FRP Holdings,
Inc. is the majority partner with 56.3% ownership.
Dock 79’s average residential occupancy for
the first nine months of 2023 was 94.21%, and at the end of the quarter, Dock 79’s residential units were 93.44% leased and 95.74%
occupied. Through the first nine months of the year, 67.90% of expiring leases renewed with an average rent increase on renewals of 3.11%.
Dock 79 is a joint venture between the Company and MRP and SIC, in which FRP Holdings, Inc. is the majority partner with 52.8% ownership.
During the third quarter of 2022, we achieved stabilization
at our Riverside Joint Venture in Greenville, South Carolina. At end of September, the building was 94.5% leased with 91.5% occupancy.
Average occupancy for the first nine months of 2023 was 94.26% with 56.03% of expiring leases renewing with an average rental increase
of 10.25%. Riverside is a joint venture with Woodfield Development and the Company owns 40% of the venture.
Liquidity and Capital Resources. The growth
of the Company’s businesses requires significant cash needs to acquire and develop land or operating buildings and to construct
new buildings and tenant improvements. As of September 30, 2023, we had $166,028,000 of cash and cash equivalents. As of September 30,
2023, we had no debt borrowed under our $20 million Wells Fargo revolver, $823,000 outstanding under letters of credit and $19,177,000
available to borrow under the revolver. On March 19, 2021, the Company refinanced Dock 79 and The Maren projects pursuant to separate
Loan Agreements and Deed of Trust Notes entered into with Teachers Insurance and Annuity Association of America, LLC. Dock 79 and The
Maren borrowed principal sums of $92,070,000 and $88,000,000 respectively, in connection with the refinancing.
Cash Flows - The following table summarizes
our cash flows from operating, investing and financing activities for each of the periods presented (in thousands of dollars):
|
|
Nine months |
|
|
Ended September 30, |
|
|
2023 |
|
2022 |
Total cash provided by (used for): |
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
20,721 |
|
|
|
13,175 |
|
Investing activities |
|
|
(28,556 |
) |
|
|
(28,209 |
) |
Financing activities |
|
|
(3,634 |
) |
|
|
(1,704 |
) |
Decrease in cash and cash equivalents |
|
$ |
(11,469 |
) |
|
|
(16,738 |
) |
|
|
|
|
|
|
|
|
|
Outstanding debt at the beginning of the period |
|
|
178,557 |
|
|
|
178,409 |
|
Outstanding debt at the end of the period |
|
|
178,668 |
|
|
|
178,520 |
|
Operating Activities - Net cash provided by
operating activities for the nine months ended September 30, 2023 was $20,721,000 versus $13,175,000 in the same period last year. The
increase was primarily due to increases in operating profit and interest income while the increased joint venture losses are reflected
in investing activities.
At September 30, 2023, the Company was invested
in U.S. Treasury notes valued at $148,768,000 maturing in 2023 through early 2024. The unrealized loss on these investments of $571,000
was recorded as part of comprehensive income and was based on the estimated market value by Wells Fargo Bank, N.A. (Level 1).
Investing Activities - Net cash used in investing
activities for the nine months ended September 30, 2023 was $28,556,000 versus $28,209,000 in the same period last year. Investments in
properties was $4.6 million for the 9 months ended September 30, 2023 and included the start of construction on a new speculative warehouse
project in Aberdeen, Maryland on Chelsea Road. Investments in properties during the nine months ended September 30, 2022 was $26.1 million
which included the $11.6 million purchase of Astatula mining land, $6.7 million for 170 acres in Cecil County Maryland to accommodate
900,000 square feet of industrial development, and the completion of the build-to-suite at 1941 62nd Street. Investments in
joint ventures was $31.6 million for the nine months ended September 30, 2023 and included $8 million for FRP’s share of a $13 million
paydown of the loan at Bryant Street, $15.5 million for our Aberdeen Station lending venture, $3.4 million for the impact of higher interest
rates at Verge, and $2.1 million for predevelopment activities for our next potential apartment projects in Washington, D.C. and in Greenville.
Investments in joint ventures was $20.8 million for the 9 months ended September 30, 2022 and included $12.9 million for the lending ventures
including the Windlass loan and $3.6 million for our Estero joint venture.
Financing Activities – Net cash required
by financing activities was $3,634,000 versus $1,704,000 in the same period last year primarily due to the exercise of employee stock
options and the repurchase of company stock in the nine months ended September 30, 2023.
Credit Facilities - On February 6,
2019, the Company entered into a First Amendment to the 2015 Credit Agreement (the "Credit Agreement") with Wells Fargo Bank,
N.A. (Wells Fargo”). The Credit Agreement modifies the Company’s prior Credit Agreement with Wells Fargo, dated January 30,
2015. The Credit Agreement establishes a five-year revolving credit facility with a maximum facility amount of $20 million. The interest
rate under the Credit Agreement will be a maximum of 1.50% over the Federal Funds Rates, which may be reduced quarterly to 1.25% or .75%
over the Federal Funds Rate if the Company meets a specified ratio of consolidated total debt to consolidated total capital. A commitment
fee of 0.25% per annum is payable quarterly on the unused portion of the commitment but the amount may be reduced to 0.20% or 0.15% if
the Company meets a specified ratio of consolidated total debt to consolidated total capital. The credit agreement contains certain conditions
and financial covenants, including a minimum tangible net worth and dividend restriction. As of September 30, 2023, these covenants would
have limited our ability to pay dividends to a maximum of $249 million combined.
On March 19, 2021, the Company refinanced
Dock 79 and The Maren projects pursuant to separate Loan Agreements and Deed of Trust Notes entered into with Teachers Insurance and Annuity
Association of America, LLC. Dock 79 and The Maren borrowed principal sums of $92,070,000 and $88,000,000 respectively, in connection
with the
refinancing. The loans are separately secured
by the Dock 79 and The Maren real property and improvements, bear a fixed interest rate of 3.03% per annum, and require monthly payments
of interest only with the principal in full due April 1, 2033. Either loan may be prepaid subsequent to April 1, 2024, subject to yield
maintenance premiums. Either loan may be transferred to a qualified buyer as part of a one-time sale subject to a 60% loan to value, minimum
of 7.5% debt yield and a 0.75% transfer fee.
Cash Requirements – The Company
currently expects its capital expenditures for the remainder of 2023 to include approximately $22.3 million for investment into our existing
real estate holdings and partnerships as well as new real estate assets and joint ventures, with such capital being funded from cash and
investments on hand, cash generated from operations and property sales, or borrowings under our credit facilities.
Summary and Outlook. Royalty revenue
for this quarter was up 24.7% over the same period last year, and royalty revenue for the first nine months is up 23.8%. The last three
quarters have been the three highest revenue quarters in this segment’s history. Mining royalty revenue for the last twelve months
is $12.53 million, a 24.7% increase over the same period last year, and the segment’s highest revenue total over any twelve-month
period.
In the Stabilized Joint Venture segment,
pro-rata NOI is down for the segment for both the quarter and the first nine months, which is to be expected after selling 20% of our
share of Dock 79 and The Maren to SIC. NOI for the two projects as a whole increased 1.0% ($10,163,000 vs $10,063,000) for the first nine
months compared to the same period last year. At Dock 79, average occupancy (95.08%) remains in line with historic expectations, but the
high renewal rate (71.43%) with reduced increases (2.30%) is consistent with a post-Covid glut in apartment supply in the DC market as
evidenced by the negative trade-outs (-4.60%) we’re seeing at that building. The Maren performed slightly better with strong renewals
(59.70%) at higher increases (3.18%) and positive trade-outs (4.60%), but at rates lower than we have experienced in the past prior to
the second quarter of this year. Riverside in Greenville (which was added to this segment in the third quarter of 2022) has maintained
strong occupancy (93.65% LTM) in its first year post-stabilization. Renewal rates for the quarter (52.83%) and year-to-date (56.03%) are
consistent with expected results, and the increase on renewals (8.55% for Q3, 10.25% YTD) remain high. Our pro-rata share of NOI at Riverside
this quarter was $231,000 and $676,000 for the first nine months.
In our Asset Management Segment, occupancy
and our overall square-footage have increased since the third quarter of 2022, leading to a 46.2% increase in NOI for the first nine months
compared to the same period last year. We are 95.6% leased and occupied on 548,785 square feet compared to 85.9% occupied on 447,035 square
feet at the end of the third quarter of 2022.
As mentioned last quarter and in our recent
Investor Day presentation, the heady cocktail of inflation, interest rates, increased construction costs, and a softening in the DC market
because of an influx of new apartment projects have led us to shift our development strategy away from new developments in DC for the
time being. We are shifting towards (relatively) less capital-intensive projects like warehouse construction, where we can use our cash
on hand to finance construction on an all equity basis and develop in-demand industrial product while the interest rates on construction
loans keep most development on the sidelines. To that end, we are underway on the construction of a $30 million spec warehouse project
at our Chelsea site in Aberdeen, MD. We anticipate shell completion on this 259,200 square-foot building in the third quarter of 2024.We
will continue to do the predevelopment work required to prepare the first phase of our partnership with SIC and MRP for vertical construction,
but we will pause at that point until interest rates and construction costs come back in line with what’s required to make a reasonable
return. We still have the utmost confidence in our assets and the markets in which they thrive. To that end, during the first nine months
of 2023 we repurchased 36,909 shares at an average cost of $54.19 per share.
Non-GAAP Financial Measure.
To supplement the financial
results presented in accordance with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated
by the Securities and Exchange Commission. We believe
these non-GAAP measures
provide useful information to our Board of Directors, management and investors regarding certain trends relating to our financial condition
and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses,
purposes of determining management incentive compensation and budgeting, forecasting and planning purposes. We provide Pro-rata net operating
income (NOI) because we believe it assists investors and analysts in estimating our economic interest in our consolidated and unconsolidated
partnerships, when read in conjunction with our reported results under GAAP. This measure is not, and should not be viewed as, a substitute
for GAAP financial measures.
Pro-rata Net Operating Income Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Nine months ended 09/30/23 (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized |
|
|
|
|
|
|
|
Asset |
|
|
|
Joint |
|
Mining |
|
Unallocated |
|
FRP |
|
Management |
|
Development |
|
Venture |
|
Royalties |
|
Corporate |
|
Holdings |
|
Segment |
|
Segment |
|
Segment |
|
Segment |
|
Expenses |
|
Totals |
Net Income (loss) |
$ |
892 |
|
|
|
(7,192 |
) |
|
|
(816 |
) |
|
|
5,842 |
|
|
|
3,270 |
|
|
|
1,996 |
|
Income Tax Allocation |
|
331 |
|
|
|
(2,667 |
) |
|
|
(145 |
) |
|
|
2,168 |
|
|
|
1,212 |
|
|
|
899 |
|
Income (loss) before income taxes |
|
1,223 |
|
|
|
(9,859 |
) |
|
|
(961 |
) |
|
|
8,010 |
|
|
|
4,482 |
|
|
|
2,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
531 |
|
|
|
— |
|
|
|
— |
|
|
|
143 |
|
|
|
— |
|
|
|
674 |
|
Gain on sale of real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10 |
|
|
|
— |
|
|
|
10 |
|
Interest income |
|
— |
|
|
|
3,692 |
|
|
|
— |
|
|
|
— |
|
|
|
4,515 |
|
|
|
8,207 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
— |
|
|
|
— |
|
|
|
117 |
|
|
|
— |
|
|
|
— |
|
|
|
117 |
|
Loss on sale of real estate |
|
2 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
Equity in loss of Joint Ventures |
|
— |
|
|
|
10,256 |
|
|
|
298 |
|
|
|
31 |
|
|
|
— |
|
|
|
10,585 |
|
Professional fees - other |
|
— |
|
|
|
— |
|
|
|
59 |
|
|
|
— |
|
|
|
— |
|
|
|
59 |
|
Interest Expense |
|
— |
|
|
|
— |
|
|
|
3,218 |
|
|
|
— |
|
|
|
33 |
|
|
|
3,251 |
|
Depreciation/Amortization |
|
1,006 |
|
|
|
140 |
|
|
|
6,797 |
|
|
|
472 |
|
|
|
— |
|
|
|
8,415 |
|
Management Co. Indirect |
|
396 |
|
|
|
1,822 |
|
|
|
330 |
|
|
|
390 |
|
|
|
— |
|
|
|
2,938 |
|
Allocated Corporate Expenses |
|
630 |
|
|
|
1,918 |
|
|
|
304 |
|
|
|
360 |
|
|
|
— |
|
|
|
3,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income |
|
2,726 |
|
|
|
585 |
|
|
|
10,163 |
|
|
|
9,110 |
|
|
|
— |
|
|
|
22,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI of noncontrolling interest |
|
— |
|
|
|
— |
|
|
|
(4,627 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,627 |
) |
Pro-rata NOI from unconsolidated joint ventures |
|
— |
|
|
|
4,054 |
|
|
|
676 |
|
|
|
— |
|
|
|
— |
|
|
|
4,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro-rata net operating income |
$ |
2,726 |
|
|
|
4,639 |
|
|
|
6,212 |
|
|
|
9,110 |
|
|
|
— |
|
|
|
22,687 |
|
Pro-Rata Net Operating Income Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Nine months ended 09/30/22 (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized |
|
|
|
|
|
|
|
Asset |
|
|
|
Joint |
|
Mining |
|
Unallocated |
|
FRP |
|
Management |
|
Development |
|
Venture |
|
Royalties |
|
Corporate |
|
Holdings |
|
Segment |
|
Segment |
|
Segment |
|
Segment |
|
Expenses |
|
Totals |
Net income (loss) |
$ |
443 |
|
|
|
(4,953 |
) |
|
|
(166 |
) |
|
|
5,311 |
|
|
|
735 |
|
|
|
1,370 |
|
Income tax allocation |
|
164 |
|
|
|
(1,837 |
) |
|
|
101 |
|
|
|
1,969 |
|
|
|
129 |
|
|
|
526 |
|
Income (loss) before income taxes |
|
607 |
|
|
|
(6,790 |
) |
|
|
(65 |
) |
|
|
7,280 |
|
|
|
864 |
|
|
|
1,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
223 |
|
|
|
— |
|
|
|
(62 |
) |
|
|
153 |
|
|
|
— |
|
|
|
314 |
|
Gain on sale of real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
874 |
|
|
|
— |
|
|
|
874 |
|
Interest income |
|
— |
|
|
|
2,311 |
|
|
|
— |
|
|
|
— |
|
|
|
895 |
|
|
|
3,206 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in loss of joint ventures |
|
— |
|
|
|
5,143 |
|
|
|
72 |
|
|
|
33 |
|
|
|
— |
|
|
|
5,248 |
|
Interest expense |
|
— |
|
|
|
— |
|
|
|
2,184 |
|
|
|
— |
|
|
|
31 |
|
|
|
2,215 |
|
Depreciation/amortization |
|
683 |
|
|
|
139 |
|
|
|
7,272 |
|
|
|
416 |
|
|
|
— |
|
|
|
8,510 |
|
Management company indirect |
|
301 |
|
|
|
1,621 |
|
|
|
277 |
|
|
|
346 |
|
|
|
— |
|
|
|
2,545 |
|
Allocated Corporate expenses |
|
496 |
|
|
|
1,794 |
|
|
|
261 |
|
|
|
325 |
|
|
|
— |
|
|
|
2,876 |
|
Net operating income (loss) |
|
1,864 |
|
|
|
(404 |
) |
|
|
10,063 |
|
|
|
7,373 |
|
|
|
— |
|
|
|
18,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI of noncontrolling interest |
|
— |
|
|
|
— |
|
|
|
(3,212 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,212 |
) |
Pro-rata NOI from unconsolidated joint ventures |
|
— |
|
|
|
1,896 |
|
|
|
390 |
|
|
|
— |
|
|
|
— |
|
|
|
2,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro-rata net operating income |
$ |
1,864 |
|
|
|
1,492 |
|
|
|
7,241 |
|
|
|
7,373 |
|
|
|
— |
|
|
|
17,970 |
|
The following tables represent the Joint Venture and
Development pro-rata NOI by project:
Development Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FRP |
|
|
|
Bryant Street |
|
|
|
BC FRP |
|
|
|
.408 |
|
|
|
Verge |
|
|
|
Total |
|
Nine months ended |
|
|
Portfolio |
|
|
|
Partnership |
|
|
|
Realty, LLC |
|
|
|
Jackson |
|
|
|
Partnership |
|
|
|
Pro-rata NOI |
|
9/30/2023 |
|
|
585 |
|
|
|
3,595 |
|
|
|
251 |
|
|
|
350 |
|
|
|
(142 |
) |
|
|
4,639 |
|
9/30/2022 |
|
|
(404 |
) |
|
|
1,853 |
|
|
|
277 |
|
|
|
(10 |
) |
|
|
(224 |
) |
|
|
1,492 |
|
Stabilized Joint Venture Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Riverside |
|
|
|
Total |
|
Nine months ended |
|
|
Dock 79 |
|
|
|
The Maren |
|
|
|
Joint Venture |
|
|
|
Pro-rata NOI |
|
9/30/2023 |
|
|
2,825 |
|
|
|
2,711 |
|
|
|
676 |
|
|
|
6,212 |
|
9/30/2022 |
|
|
3,316 |
|
|
|
3,535 |
|
|
|
390 |
|
|
|
7,241 |
|
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISKS
Interest Rate Risk - We are exposed to the
impact of interest rate changes through our variable-rate borrowings under our Credit Agreement with Wells Fargo.
Under the Wells Fargo Credit Agreement, the applicable
margin for borrowings at September 30, 2023 was the Federal Funds Rate plus .75%. The applicable margin for such borrowings will be increased
in the event that our debt to capitalization ratio as calculated under the Wells Fargo Credit Agreement Facility exceeds a target level.
The Company did not have any variable rate debt at
September 30, 2023, so a sensitivity analysis was not performed to determine the impact of hypothetical changes in interest rates on the
Company’s results of operations and cash flows.
ITEM 4. CONTROLS AND PROCEDURES
CONCLUSION REGARDING THE EFFECTIVENESS OF DISCLOSURE
CONTROLS AND PROCEDURES
The Company maintains disclosure controls and procedures
that are designed to ensure that information required to be disclosed in the Company’s reports under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified
in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Company’s
Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions
regarding required disclosure.
The Company also maintains a system of internal accounting
controls over financial reporting that are designed to provide reasonable assurance to the Company’s management and Board of Directors
regarding the preparation and fair presentation of published financial statements.
All control systems, no matter how well designed,
have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving
the desired control objectives.
As of September 30, 2023, the Company, under the supervision
and with the participation of the Company's management, including the CEO, CFO and CAO, carried out an evaluation of the effectiveness
of the design and operation of the Company's disclosure controls and procedures. Based on this evaluation, the Company’s CEO, CFO
and CAO concluded that the Company's disclosure controls and procedures are effective in alerting them in a timely manner to material
information required to be included in periodic SEC filings.
There have been no changes in the Company’s
internal controls over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely
to materially affect, the Company’s internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1A. RISK FACTORS
In addition to the other information set
forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2022, which could materially affect our business, financial condition or future results.
The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not
currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition
and/or operating results.
Item 2. PURCHASES OF EQUITY SECURITIES BY THE ISSUER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
Number of |
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
Purchased |
|
Approximate |
|
|
|
|
|
|
As Part of |
|
Dollar Value of |
|
|
Total |
|
|
|
Publicly |
|
Shares that May |
|
|
Number of |
|
Average |
|
Announced |
|
Yet Be Purchased |
|
|
Shares |
|
Price Paid |
|
Plans or |
|
Under the Plans |
Period |
|
Purchased |
|
per Share |
|
Programs |
|
or Programs (1) |
|
July 1 through July 31 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
8,363,000 |
|
|
August 1 through August 31 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
8,363,000 |
|
|
September 1 through September 30 |
|
|
|
18,569 |
|
|
$ |
53.85 |
|
|
|
18,569 |
|
|
$ |
7,363,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
18,569 |
|
|
$ |
53.85 |
|
|
|
18,569 |
|
|
|
|
|
| (1) | On February 4, 2015, the Board of Directors authorized
management to expend up to $5,000,000 to repurchase shares of the Company’s common stock from time to time as opportunities arise.
On December 5, 2018, the Board of Directors approved a $10,000,000 increase in the Company’s stock repurchase authorization. On
August 5, 2019, the Board of Directors approved a $10,000,000 increase in the Company’s stock repurchase authorization. On May 6,
2020, the Board of Directors approved a $10,000,000 increase in the Company’s stock repurchase authorization. On August 26, 2020,
the Board of Directors approved a $10,000,000 increase in the Company’s stock repurchase authorization. |
Item 6. EXHIBITS
| (a) | Exhibits. The response to this item is submitted as a separate Section entitled
"Exhibit Index", on page 38. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
|
FRP Holdings, Inc. |
|
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Date: November 9, 2023 |
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By |
JOHN D. BAKER II |
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John D. Baker II |
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Chief Executive Officer |
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(Principal Executive Officer) |
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By |
JOHN D. BAKER III |
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John D. Baker III. |
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Treasurer and Chief Financial Officer |
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(Principal Financial Officer) |
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By |
JOHN D. KLOPFENSTEIN |
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John D. Klopfenstein |
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Controller and Chief Accounting |
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Officer (Principal Accounting Officer) |
FRP HOLDINGS, INC.
FORM 10-Q FOR THE THREE MONTHS ENDED SEPTEMBER
30, 2023
EXHIBIT INDEX
Exhibit 32
CERTIFICATION UNDER SECTION 906 OF THE SARBANES-OXLEY
ACT OF 2002
Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, each of the undersigned certifies that this periodic report fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934 and that information contained in this periodic report fairly presents, in all material respects,
the financial condition and results of operations of FRP Holdings, Inc.
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FRP Holdings, Inc. |
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Date: November 9, 2023 |
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By |
/s/JOHN D. BAKER II |
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John D. Baker II |
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Chief Executive Officer |
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(Principal Executive Officer) |
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By |
/s/JOHN D. BAKER III |
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John D. Baker III |
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Treasurer and Chief Financial Officer |
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(Principal Financial Officer) |
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By |
/s/JOHN D. KLOPFENSTEIN |
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John D. Klopfenstein |
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Controller and Chief Accounting |
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Officer (Principal Accounting Officer) |
A signed original of this written statement
required by Section 906 has been provided to FRP Holdings, Inc. and will be retained by FRP Holdings, Inc. and furnished to the Securities
and Exchange Commission or its staff upon request.
The foregoing certification accompanies
the issuer’s Quarterly report on Form 10-Q and is not filed as provided in SEC Release Nos. 33-8212, 34-4751 and IC-25967, dated
June 30, 2003.
CERTIFICATIONS Exhibit 31(a)
I, John D. Baker II, certify that:
| 1. | I have reviewed this report on Form 10-Q of FRP Holdings, Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officers and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a) | designed such disclosure controls and procedures, or
caused such disclosure controls to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared; |
| b) | designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles; |
| c) | evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosures controls and
procedures, as of the end of the period covered by this report based on such evaluation; and |
| d) | disclosed in this report any changes in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial report; and |
| 5. | The registrant’s other certifying officers and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s
board of directors (or persons performing the equivalent functions): |
| a) | all significant deficiencies in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record,
process, summarize and report financial information; and |
| b) | any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: November 9, 2023 |
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/s/ John D. Baker II |
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Chief Executive Officer |
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CERTIFICATIONS Exhibit 31(b)
I, John D. Baker III, certify that:
| 1. | I have reviewed this report on Form 10-Q of FRP Holdings, Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officers and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a) | designed such disclosure controls and procedures, or
caused such disclosure controls to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared; |
| b) | designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles; |
| c) | evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosures controls and
procedures, as of the end of the period covered by this report based on such evaluation; and |
| d) | disclosed in this report any changes in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial report; and |
| 5. | The registrant’s other certifying officers and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s
board of directors (or persons performing the equivalent functions): |
| a) | all significant deficiencies in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record,
process, summarize and report financial information; and |
| b) | any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: November 9, 2023 |
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/s/ John D. Baker III |
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Treasurer and Chief Financial Officer |
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CERTIFICATIONS Exhibit 31(c)
I, John D. Klopfenstein, certify that:
| 1. | I have reviewed this report on Form 10-Q of FRP Holdings, Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officers and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a) | designed such disclosure controls and procedures, or
caused such disclosure controls to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared; |
| b) | designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles; |
| c) | evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosures controls and
procedures, as of the end of the period covered by this report based on such evaluation; and |
| d) | disclosed in this report any changes in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial report; and |
| 5. | The registrant’s other certifying officers and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s
board of directors (or persons performing the equivalent functions): |
| a) | all significant deficiencies in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record,
process, summarize and report financial information; and |
| b) | any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: November 9, 2023 |
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/s/ John D. Klopfenstein |
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Controller and Chief Accounting Officer |
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v3.23.3
Cover - shares
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3 Months Ended |
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Sep. 30, 2023 |
Nov. 09, 2023 |
Cover [Abstract] |
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Document Type |
10-Q
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Amendment Flag |
false
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Document Quarterly Report |
true
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Document Transition Report |
false
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Document Period End Date |
Sep. 30, 2023
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Document Fiscal Period Focus |
Q3
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Document Fiscal Year Focus |
2023
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Current Fiscal Year End Date |
--12-31
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Entity File Number |
001-36769
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Entity Registrant Name |
FRP HOLDINGS, INC.
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Entity Central Index Key |
0000844059
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Entity Tax Identification Number |
47-2449198
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Entity Incorporation, State or Country Code |
FL
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Entity Address, Address Line One |
200 W. Forsyth St.
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Entity Address, Address Line Two |
7th Floor
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Entity Address, City or Town |
Jacksonville
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Entity Address, State or Province |
FL
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Entity Address, Postal Zip Code |
32202
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City Area Code |
904
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Local Phone Number |
396-5733
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Title of 12(b) Security |
Common Stock, $.10 par value
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Trading Symbol |
FRPH
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Security Exchange Name |
NASDAQ
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Entity Current Reporting Status |
Yes
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Entity Interactive Data Current |
Yes
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Entity Filer Category |
Non-accelerated Filer
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Entity Small Business |
true
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Entity Emerging Growth Company |
false
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Entity Shell Company |
false
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Entity Common Stock, Shares Outstanding |
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v3.23.3
Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Real estate investments at cost: |
|
|
Land |
$ 141,578
|
$ 141,579
|
Buildings and improvements |
282,379
|
270,579
|
Projects under construction |
4,689
|
12,208
|
Total investments in properties |
428,646
|
424,366
|
Less accumulated depreciation and depletion |
65,444
|
57,208
|
Net investments in properties |
363,202
|
367,158
|
Real estate held for investment, at cost |
10,510
|
10,182
|
Investments in joint ventures |
154,025
|
140,525
|
Net real estate investments |
527,737
|
517,865
|
Cash and cash equivalents |
166,028
|
177,497
|
Cash held in escrow |
646
|
797
|
Accounts receivable, net |
1,683
|
1,166
|
Unrealized rents |
1,452
|
856
|
Deferred costs |
3,028
|
2,343
|
Other assets |
583
|
560
|
Total assets |
701,157
|
701,084
|
Liabilities: |
|
|
Secured notes payable |
178,668
|
178,557
|
Accounts payable and accrued liabilities |
3,689
|
5,971
|
Other liabilities |
1,886
|
1,886
|
Federal and state income taxes payable |
704
|
18
|
Deferred revenue |
1,029
|
259
|
Deferred income taxes |
67,903
|
67,960
|
Deferred compensation |
1,395
|
1,354
|
Tenant security deposits |
889
|
868
|
Total liabilities |
256,163
|
256,873
|
Commitments and contingencies |
|
|
Equity: |
|
|
Common stock, $.10 par value 25,000,000 shares authorized, 9,477,104 and 9,459,686 shares issued and outstanding, respectively |
948
|
946
|
Capital in excess of par value |
67,168
|
65,158
|
Retained earnings |
343,002
|
342,317
|
Accumulated other comprehensive loss, net |
(328)
|
(1,276)
|
Total shareholders’ equity |
410,790
|
407,145
|
Noncontrolling interest |
34,204
|
37,066
|
Total equity |
444,994
|
444,211
|
Total liabilities and equity |
$ 701,157
|
$ 701,084
|
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v3.23.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.10
|
$ 0.10
|
Common stock, shares authorized |
25,000,000
|
25,000,000
|
Common stock, outstanding |
9,477,104
|
9,459,686
|
Common stock, issued |
9,477,104
|
9,459,686
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Revenues: |
|
|
|
|
Lease revenue |
$ 7,509
|
$ 6,823
|
$ 21,773
|
$ 19,850
|
Mining lands lease revenue |
3,082
|
2,471
|
9,628
|
7,779
|
Total Revenues |
10,591
|
9,294
|
31,401
|
27,629
|
Cost of operations: |
|
|
|
|
Depreciation, depletion and amortization |
2,816
|
2,744
|
8,415
|
8,510
|
Operating expenses |
2,012
|
1,967
|
5,574
|
5,316
|
Property taxes |
919
|
1,034
|
2,745
|
3,103
|
Management company indirect |
1,059
|
966
|
2,938
|
2,545
|
Corporate expenses (Note 4 Related Party) |
889
|
734
|
3,212
|
2,876
|
Total cost of operations |
7,695
|
7,445
|
22,884
|
22,350
|
Total operating profit |
2,896
|
1,849
|
8,517
|
5,279
|
Net investment income |
2,700
|
1,188
|
8,207
|
3,206
|
Interest expense |
(1,116)
|
(738)
|
(3,251)
|
(2,215)
|
Equity in loss of joint ventures |
(2,913)
|
(1,878)
|
(10,585)
|
(5,248)
|
Gain (loss) on sale of real estate |
(1)
|
141
|
7
|
874
|
Income before income taxes |
1,566
|
562
|
2,895
|
1,896
|
Provision for income taxes |
467
|
178
|
898
|
526
|
Net income |
1,099
|
384
|
1,997
|
1,370
|
Loss attributable to noncontrolling interest |
(160)
|
(96)
|
(425)
|
(439)
|
Net income attributable to the Company |
$ 1,259
|
$ 480
|
$ 2,422
|
$ 1,809
|
Earnings per common share: |
|
|
|
|
Basic |
$ 0.13
|
$ 0.05
|
$ 0.26
|
$ 0.19
|
Diluted |
$ 0.13
|
$ 0.05
|
$ 0.26
|
$ 0.19
|
Number of shares (in thousands) used in computing: |
|
|
|
|
-basic earnings per common share |
9,423
|
9,397
|
9,423
|
9,382
|
-diluted earnings per common share |
9,460
|
9,433
|
9,463
|
9,423
|
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v3.23.3
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net income |
$ 1,099
|
$ 384
|
$ 1,997
|
$ 1,370
|
Other comprehensive income (loss) net of tax: |
|
|
|
|
Unrealized gain/(loss) on investments, net of income tax effect of $145, $(120), $360 and $(568) |
392
|
(324)
|
972
|
(1,533)
|
Minimum pension liability, net of income tax effect of $(3), $0, $(8) and $0 |
(8)
|
0
|
(24)
|
0
|
Comprehensive income (loss) |
1,483
|
60
|
2,945
|
(163)
|
Less comp. income (loss) attributable to Noncontrolling interest |
(160)
|
(96)
|
(425)
|
(439)
|
Comprehensive income attributable to the Company |
$ 1,643
|
$ 156
|
$ 3,370
|
$ 276
|
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Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Cash flows from operating activities: |
|
|
|
|
|
Net income |
$ 1,099
|
$ 384
|
$ 1,997
|
$ 1,370
|
|
Adjustments to reconcile net income to net cash provided by continuing operating activities: |
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
8,557
|
8,696
|
|
Deferred income taxes |
|
|
(57)
|
133
|
|
Equity in loss of joint ventures |
2,913
|
1,878
|
10,585
|
5,248
|
|
Gain on sale of equipment and property |
|
|
(14)
|
(901)
|
|
Stock-based compensation |
271
|
276
|
1,472
|
1,302
|
|
Net changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
|
(517)
|
(737)
|
|
Deferred costs and other assets |
|
|
(538)
|
(2,160)
|
|
Accounts payable and accrued liabilities |
|
|
(1,512)
|
(1,440)
|
|
Income taxes payable and receivable |
|
|
686
|
1,559
|
|
Other long-term liabilities |
|
|
62
|
105
|
|
Net cash provided by operating activities |
|
|
20,721
|
13,175
|
|
Cash flows from investing activities: |
|
|
|
|
|
Investments in properties |
(2,449)
|
(8,726)
|
(4,634)
|
(26,137)
|
|
Investments in joint ventures |
|
|
(31,648)
|
(20,838)
|
|
Return of capital from investments in joint ventures |
|
|
7,559
|
13,327
|
|
Proceeds from sales of investments available for sale |
|
|
0
|
4,317
|
|
Proceeds from the sale of assets |
|
|
16
|
952
|
|
Cash held in escrow |
|
|
151
|
170
|
|
Net cash used in investing activities |
|
|
(28,556)
|
(28,209)
|
|
Cash flows from financing activities: |
|
|
|
|
|
Distribution to noncontrolling interest |
|
|
(2,437)
|
(1,937)
|
|
Repurchase of company stock |
|
|
(2,000)
|
0
|
|
Exercise of employee stock options |
|
|
803
|
233
|
|
Net cash used in financing activities |
|
|
(3,634)
|
(1,704)
|
|
Net decrease in cash and cash equivalents |
|
|
(11,469)
|
(16,738)
|
|
Cash and cash equivalents at beginning of year |
|
|
177,497
|
161,521
|
$ 161,521
|
Cash and cash equivalents at end of the period |
$ 166,028
|
$ 144,783
|
166,028
|
144,783
|
$ 177,497
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
Interest |
|
|
3,248
|
2,212
|
|
Income taxes |
|
|
$ 622
|
$ (1,734)
|
|
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v3.23.3
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Parent [Member] |
Noncontrolling Interest [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 941
|
$ 57,617
|
$ 337,752
|
$ 113
|
$ 396,423
|
$ 28,827
|
$ 425,250
|
Common shares outstanding at Dec. 31, 2021 |
9,411,028
|
|
|
|
|
|
|
Stock option grant compensation |
$ 0
|
52
|
0
|
0
|
52
|
0
|
52
|
Restricted stock compensation |
0
|
550
|
0
|
0
|
550
|
0
|
550
|
Net income |
0
|
0
|
1,809
|
0
|
1,809
|
(439)
|
1,370
|
Distributions to partners |
0
|
0
|
0
|
0
|
0
|
(1,937)
|
(1,937)
|
Minimum pension liability, net |
|
|
|
|
|
|
0
|
Unrealized loss on investment, net |
0
|
0
|
0
|
(1,533)
|
(1,533)
|
0
|
(1,533)
|
Exercise of stock options |
$ 1
|
232
|
0
|
0
|
233
|
0
|
233
|
Stock options exercised |
11,870
|
|
|
|
|
|
|
Shares granted to Employees |
$ 0
|
50
|
0
|
0
|
50
|
0
|
50
|
Shares granted to Employee |
865
|
|
|
|
|
|
|
Restricted stock award |
$ 2
|
(2)
|
0
|
0
|
0
|
0
|
0
|
Restricted shares awarded |
21,464
|
|
|
|
|
|
|
Shares granted to Directors |
$ 1
|
649
|
0
|
0
|
650
|
0
|
650
|
Director shares granted |
11,232
|
|
|
|
|
|
|
Forfeiture of restricted stock award |
$ 0
|
0
|
0
|
0
|
0
|
0
|
0
|
Restricted stock forfeited |
(1,363)
|
|
|
|
|
|
|
Ending balance, value at Sep. 30, 2022 |
$ 945
|
59,148
|
339,561
|
(1,420)
|
398,234
|
26,451
|
424,685
|
Common shares outstanding at Sep. 30, 2022 |
9,455,096
|
|
|
|
|
|
|
Beginning balance, value at Dec. 31, 2021 |
$ 941
|
57,617
|
337,752
|
113
|
396,423
|
28,827
|
425,250
|
Common shares outstanding at Dec. 31, 2021 |
9,411,028
|
|
|
|
|
|
|
Ending balance, value at Dec. 31, 2022 |
$ 946
|
65,158
|
342,317
|
(1,276)
|
407,145
|
37,066
|
$ 444,211
|
Common shares outstanding at Dec. 31, 2022 |
9,459,686
|
|
|
|
|
|
9,459,686
|
Beginning balance, value at Jun. 30, 2022 |
$ 945
|
58,872
|
339,081
|
(1,096)
|
397,802
|
27,135
|
$ 424,937
|
Common shares outstanding at Jun. 30, 2022 |
9,455,096
|
|
|
|
|
|
|
Stock option grant compensation |
$ 0
|
18
|
0
|
0
|
18
|
0
|
18
|
Restricted stock compensation |
0
|
258
|
0
|
0
|
258
|
0
|
258
|
Net income |
0
|
0
|
480
|
0
|
480
|
(96)
|
384
|
Distributions to partners |
0
|
0
|
0
|
0
|
0
|
(588)
|
(588)
|
Minimum pension liability, net |
|
|
|
|
|
|
0
|
Unrealized loss on investment, net |
0
|
0
|
0
|
(324)
|
(324)
|
0
|
(324)
|
Ending balance, value at Sep. 30, 2022 |
$ 945
|
59,148
|
339,561
|
(1,420)
|
398,234
|
26,451
|
424,685
|
Common shares outstanding at Sep. 30, 2022 |
9,455,096
|
|
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 946
|
65,158
|
342,317
|
(1,276)
|
407,145
|
37,066
|
$ 444,211
|
Common shares outstanding at Dec. 31, 2022 |
9,459,686
|
|
|
|
|
|
9,459,686
|
Stock option grant compensation |
$ 0
|
49
|
0
|
0
|
49
|
0
|
$ 49
|
Restricted stock compensation |
0
|
773
|
0
|
0
|
773
|
0
|
773
|
Shares purchased and cancelled |
$ (3)
|
(260)
|
(1,737)
|
0
|
(2,000)
|
0
|
(2,000)
|
Stock Repurchased During Period, Shares |
(36,909)
|
|
|
|
|
|
|
Net income |
$ 0
|
0
|
2,422
|
0
|
2,422
|
(425)
|
1,997
|
Distributions to partners |
0
|
0
|
0
|
0
|
0
|
(2,437)
|
(2,437)
|
Minimum pension liability, net |
0
|
0
|
0
|
(24)
|
(24)
|
0
|
(24)
|
Unrealized loss on investment, net |
0
|
0
|
0
|
972
|
972
|
0
|
972
|
Exercise of stock options |
$ 2
|
801
|
0
|
0
|
803
|
0
|
803
|
Stock options exercised |
17,735
|
|
|
|
|
|
|
Shares granted to Employees |
$ 0
|
50
|
0
|
0
|
50
|
0
|
50
|
Shares granted to Employee |
928
|
|
|
|
|
|
|
Restricted stock award |
$ 2
|
(2)
|
0
|
0
|
0
|
0
|
0
|
Restricted shares awarded |
25,284
|
|
|
|
|
|
|
Shares granted to Directors |
$ 1
|
599
|
0
|
0
|
600
|
0
|
600
|
Director shares granted |
10,380
|
|
|
|
|
|
|
Ending balance, value at Sep. 30, 2023 |
$ 948
|
67,168
|
343,002
|
(328)
|
410,790
|
34,204
|
$ 444,994
|
Common shares outstanding at Sep. 30, 2023 |
9,477,104
|
|
|
|
|
|
9,477,104
|
Beginning balance, value at Jun. 30, 2023 |
$ 950
|
67,028
|
342,610
|
(712)
|
409,876
|
35,116
|
$ 444,992
|
Common shares outstanding at Jun. 30, 2023 |
9,495,673
|
|
|
|
|
|
|
Stock option grant compensation |
$ 0
|
16
|
0
|
0
|
16
|
0
|
16
|
Restricted stock compensation |
0
|
255
|
0
|
0
|
255
|
0
|
255
|
Shares purchased and cancelled |
$ (2)
|
(131)
|
(867)
|
0
|
(1,000)
|
0
|
(1,000)
|
Stock Repurchased During Period, Shares |
(18,569)
|
|
|
|
|
|
|
Net income |
$ 0
|
0
|
1,259
|
0
|
1,259
|
(160)
|
1,099
|
Distributions to partners |
0
|
0
|
0
|
0
|
0
|
(752)
|
(752)
|
Minimum pension liability, net |
0
|
0
|
0
|
(8)
|
(8)
|
0
|
(8)
|
Unrealized loss on investment, net |
0
|
0
|
0
|
392
|
392
|
0
|
392
|
Ending balance, value at Sep. 30, 2023 |
$ 948
|
$ 67,168
|
$ 343,002
|
$ (328)
|
$ 410,790
|
$ 34,204
|
$ 444,994
|
Common shares outstanding at Sep. 30, 2023 |
9,477,104
|
|
|
|
|
|
9,477,104
|
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v3.23.3
Description of Business and Basis of Presentation
|
3 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Description of Business and Basis of Presentation |
(1) Description of Business and Basis of Presentation.
FRP Holdings, Inc. is a holding company engaged in
the investment and development of real estate , namely (i) leasing and management of industrial and commercial properties owned by The
Company, (ii) leasing and management of mining royalty land owned by The Company, (iii) real property acquisition, entitlement, development
and construction primarily for apartment, retail, warehouse, and office, (iv) management of mixed use residential/retail properties owned
through our joint ventures.
The accompanying consolidated financial statements
include the accounts of FRP Holdings, Inc. (the “Company” or “FRP”) inclusive of our operating real estate subsidiaries,
FRP Development Corp. (“Development”), Florida Rock Properties, Inc. (“Properties”), Riverfront Investment Partners
I, LLC, and Riverfront Investment Partners II, LLC. Our investments accounted for under the equity method of accounting are detailed in
Note 11. Our ownership of Riverfront Investment Partners I, LLC and Riverfront Investment Partners II, LLC includes a non-controlling
interest representing the ownership of our partner.
These statements have been prepared in accordance
with accounting principles generally accepted in the United States of America for interim financial information and the instructions to
Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States
of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring
accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the
nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31,
2023. The accompanying consolidated financial statements and the information included under the heading "Management's Discussion
and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the Company's consolidated financial
statements and related notes included in the Company’s Form 10-K for the year ended December 31, 2022.
|
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.23.3
Recently Issued Accounting Standards
|
3 Months Ended |
Sep. 30, 2023 |
Accounting Changes and Error Corrections [Abstract] |
|
Recently Issued Accounting Standards |
(2) Recently Issued Accounting Standards.
In June 2016, the Financial Accounting Standards
Board (FASB) issued Accounting Standards Update (ASU) 2016 - 13, "Financial Instruments - Credit Losses," which introduced new
guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. This standard was
effective for the Company as of January 1, 2023. There was no impact on our financial statements at adoption.
|
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- DefinitionTabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.
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v3.23.3
Business Segments
|
3 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
Business Segments |
(3) Business Segments.
The Company is reporting its financial performance
based on four reportable segments, Asset Management, Mining Royalty Lands, Development and Stabilized Joint Venture, as described below.
The Asset Management Segment owns, leases and manages
in-service commercial properties wholly owned by the Company. Currently this includes nine warehouses in two business parks, an office
building partially occupied by the Company, and two ground leases.
Our Mining Royalty Lands segment owns several properties
totaling approximately 16,650 acres currently under lease for mining rents or royalties (this does not include the 4,280 acres owned in
our Brooksville joint venture with Vulcan Materials). Other than one location in Virginia, all of these properties are located in Florida
and Georgia.
Through our Development segment, we own
and are continuously assessing the highest and best use of several parcels of land that are in various stages of development. Our
overall strategy in this segment is to convert all of our non-income producing lands into income production through (i) an orderly process
of constructing new buildings for us to
own and operate or (ii) a sale to, or joint
venture with, third parties. Additionally, our Development segment will form joint ventures on new developments of land not previously
owned by the Company.
The Stabilized Joint Venture segment includes
joint ventures which own, lease and manage buildings that have met our initial lease-up criteria. Two of our joint ventures in the segment,
Riverfront Investment Partners I, LLC (“Dock 79”) and Riverfront Investment Partners II, LLC (“The Maren”) are
consolidated. The ownership of Dock 79 and The Maren attributable to our partners are reflected on our consolidated balance sheet as a
noncontrolling interest. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity but separately from
shareholders' equity. On the Consolidated Statements of Income, all of the revenues and expenses from Dock 79 and The Maren are reported
in net income, including both the amounts attributable to the Company and the noncontrolling interest. The amounts of consolidated net
income attributable to the noncontrolling interest is clearly identified on the accompanying Consolidated Statements of Income.
Operating results and certain other financial
data for the Company’s business segments are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended |
|
Nine months ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
Asset management |
|
$ |
1,442 |
|
|
|
935 |
|
|
|
3,932 |
|
|
|
2,686 |
|
Revenues |
Mining royalty lands |
|
|
3,082 |
|
|
|
2,471 |
|
|
|
9,628 |
|
|
|
7,779 |
|
Revenues |
Development |
|
|
434 |
|
|
|
412 |
|
|
|
1,387 |
|
|
|
1,203 |
|
Revenues |
Stabilized Joint Venture |
|
|
5,633 |
|
|
|
5,476 |
|
|
|
16,454 |
|
|
|
15,961 |
|
Revenues |
|
|
|
10,591 |
|
|
|
9,294 |
|
|
|
31,401 |
|
|
|
27,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit before corporate expenses |
Asset management |
|
$ |
697 |
|
|
|
392 |
|
|
|
1,855 |
|
|
|
1,103 |
|
Operating profit before corporate expenses |
Mining royalty lands |
|
|
2,608 |
|
|
|
2,083 |
|
|
|
8,391 |
|
|
|
6,764 |
|
Operating profit before corporate expenses |
Development |
|
|
(444 |
) |
|
|
(865 |
) |
|
|
(1,377 |
) |
|
|
(2,164 |
) |
Operating profit before corporate expenses |
Stabilized Joint Venture |
|
|
924 |
|
|
|
973 |
|
|
|
2,860 |
|
|
|
2,452 |
|
Operating profit before corporate expenses |
Operating profit before corporate expenses |
|
|
3,785 |
|
|
|
2,583 |
|
|
|
11,729 |
|
|
|
8,155 |
|
|
Corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses |
Allocated to asset management |
|
|
(177 |
) |
|
|
(127 |
) |
|
|
(630 |
) |
|
|
(496 |
) |
Corporate expenses |
Allocated to mining royalty lands |
|
|
(99 |
) |
|
|
(83 |
) |
|
|
(360 |
) |
|
|
(325 |
) |
Corporate expenses |
Allocated to development |
|
|
(529 |
) |
|
|
(457 |
) |
|
|
(1,918 |
) |
|
|
(1,794 |
) |
Corporate expenses |
Allocated to stabilized joint venture |
|
|
(84 |
) |
|
|
(67 |
) |
|
|
(304 |
) |
|
|
(261 |
) |
Corporate expenses |
Total corporate expenses |
|
|
(889 |
) |
|
|
(734 |
) |
|
|
(3,212 |
) |
|
|
(2,876 |
) |
Operating profit |
|
|
$ |
2,896 |
|
|
|
1,849 |
|
|
|
8,517 |
|
|
|
5,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
Interest expense |
|
$ |
1,116 |
|
|
|
738 |
|
|
|
3,251 |
|
|
|
2,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
Asset management |
|
$ |
369 |
|
|
|
219 |
|
|
|
1,006 |
|
|
|
683 |
|
Depreciation, depletion and amortization |
Mining royalty lands |
|
|
138 |
|
|
|
172 |
|
|
|
472 |
|
|
|
416 |
|
Depreciation, depletion and amortization |
Development |
|
|
44 |
|
|
|
47 |
|
|
|
140 |
|
|
|
139 |
|
Depreciation, depletion and amortization |
Stabilized Joint Venture |
|
|
2,265 |
|
|
|
2,306 |
|
|
|
6,797 |
|
|
|
7,272 |
|
Depreciation, depletion and amortization |
|
|
$ |
2,816 |
|
|
|
2,744 |
|
|
|
8,415 |
|
|
|
8,510 |
|
|
Capital expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
Asset management |
|
$ |
12 |
|
|
|
202 |
|
|
|
557 |
|
|
|
797 |
|
Capital expenditures |
Mining royalty lands |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
11,218 |
|
Capital expenditures |
Development |
|
|
2,179 |
|
|
|
8,548 |
|
|
|
3,640 |
|
|
|
13,927 |
|
Capital expenditures |
Stabilized Joint Venture |
|
|
258 |
|
|
|
(25 |
) |
|
|
437 |
|
|
|
195 |
|
Capital expenditures |
|
|
$ |
2,449 |
|
|
|
8,726 |
|
|
|
4,634 |
|
|
|
26,137 |
|
Identifiable
net assets
|
|
|
September 30, |
|
|
|
December 31, |
|
|
|
Identifiable net assets |
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
Asset management |
$ |
39,155 |
|
|
|
26,053 |
|
|
Assets |
Mining royalty lands |
|
48,126 |
|
|
|
48,494 |
|
|
Assets |
Development |
|
194,297 |
|
|
|
188,834 |
|
|
Assets |
Stabilized Joint Venture |
|
251,677 |
|
|
|
257,535 |
|
|
Cash |
Cash items |
|
166,674 |
|
|
|
178,294 |
|
|
Assets |
Unallocated corporate assets |
|
1,228 |
|
|
|
1,874 |
|
|
Assets |
|
$ |
701,157 |
|
|
|
701,084 |
|
|
|
X |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.3
Related Party Transactions
|
3 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
(4) Related Party Transactions.
The Company is a party to an Administrative
Services Agreement which resulted from our January 30, 2015 spin-off of Patriot Transportation Holding, Inc. (Patriot). The Administrative
Services Agreement sets forth the terms on which Patriot will provide to FRP certain services that were shared prior to the Spin-off,
including the services of certain shared executive officers. The boards of the respective companies amended and extended this agreement
for one year effective April 1, 2023.
The consolidated statements of income reflect
charges and/or allocation from Patriot for these services of $236,000 and $223,000 for the three months ended September 30, 2023 and 2022
and $687,000 and $670,000 for the nine months ended September 30, 2023 and 2022, respectively. These charges are reflected as part of
corporate expenses.
To determine these allocations between FRP
and Patriot as set forth in the Administrative Services Agreement, we employ an allocation method to allocate said expenses and thus we
believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations, but any such related-party
transactions cannot be presumed to be carried out on an arm’s-length basis.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
Long-Term Debt
|
3 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Long-Term Debt |
(5) Long-Term Debt.
The Company’s Outstanding debt, net
of unamortized debt issuance costs, consisted of the following (in thousands):
|
|
September 30, |
|
December 31, |
|
|
2023 |
|
2022 |
Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033 |
|
$ |
180,070 |
|
|
|
180,070 |
|
Unamortized debt issuance costs |
|
|
(1,402 |
) |
|
|
(1,513 |
) |
Credit agreement |
|
|
— |
|
|
|
— |
|
Long term debt |
|
$ |
178,668 |
|
|
|
178,557 |
|
On February 6, 2019, the Company entered
into a First Amendment to the 2015 Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells Fargo”),
effective February 6, 2019. The Credit Agreement modifies the Company’s prior Credit Agreement with Wells Fargo dated January 30,
2015. The Credit Agreement establishes a five-year revolving credit facility with a maximum facility amount of $20 million. The interest
rate under the Credit Agreement through June 30, 2023 was a maximum of 1.50% over Daily 1-Month LIBOR, which may be reduced quarterly
to 1.25% or 1.0% over Daily 1-Month LIBOR if the Company met a specified ratio of consolidated debt to consolidated total capital, as
defined which excludes FRP Riverfront. Starting July 1, 2023 the interest rate was .75% to 1.5% over the Federal Funds rate depending
on the same ratio. A commitment fee of 0.25% per annum is payable quarterly on the unused portion of the commitment but the amount may
be reduced to 0.20% or 0.15% if the
Company meets a specified ratio of consolidated
total debt to consolidated total capital. The Credit Agreement contains certain conditions, affirmative financial covenants and negative
covenants. As of September 30, 2023, there was no debt outstanding on this revolver, $823,000 outstanding under letters of credit and
$19,177,000 available for borrowing. The letters of credit were issued to guarantee certain obligations to state agencies related to real
estate development. Most of the letters of credit are irrevocable for a period of one year and typically are automatically extended for
additional one-year periods. The letter of credit fee is 1% and applicable interest rate would have been 6.1% on September 30, 2023. The
credit agreement contains certain conditions and financial covenants, including a minimum tangible net worth and dividend restriction.
As of September 30, 2023, these covenants would have limited our ability to pay dividends to a maximum of $249 million combined.
On March 19, 2021, the Company refinanced
Dock 79 and The Maren pursuant to separate Loan Agreements and Deed of Trust Notes entered into with Teachers Insurance and Annuity Association
of America, LLC. Dock 79 and The Maren borrowed principal sums of $92,070,000 and $88,000,000 respectively, in connection with the refinancing.
The loans are separately secured by the Dock 79 and The Maren real property and improvements, bear a fixed interest rate of 3.03% per
annum, and require monthly payments of interest only with the principal in full due April 1, 2033. Either loan may be prepaid subsequent
to April 1, 2024, subject to yield maintenance premiums. Either loan may be transferred to a qualified buyer as part of a one-time sale
subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee.
Debt cost amortization of $37,000 was recorded
during the three months ended September 30, 2023 and 2022 and $111,000 was recorded during the nine months ended September 30, 2023 and
2022. During the three months ended September 30, 2023 and 2022 the Company capitalized interest costs of $297,000 and $673,000, respectively.
During the nine months ended September 30, 2023 and September 30, 2022 the Company capitalized interest costs of $986,000 and $2,019,000,
respectively.
The Company was in compliance with all debt
covenants as of September 30, 2023.
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v3.23.3
Earnings per Share
|
3 Months Ended |
Sep. 30, 2023 |
Earnings per common share: |
|
Earnings per Share |
(6) Earnings per Share.
The following details the computations of
the Basic and diluted earnings per common share (in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended |
|
Nine months ended |
|
September 30, |
|
September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Weighted average common shares outstanding during the period – shares used for basic earnings per common share |
|
9,423 |
|
|
|
9,397 |
|
|
|
9,423 |
|
|
|
9,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issuable under share based payment plans which are potentially dilutive |
|
37 |
|
|
|
36 |
|
|
|
40 |
|
|
|
41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted earnings
per common share |
|
9,460 |
|
|
|
9,433 |
|
|
|
9,463 |
|
|
|
9,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to the Company |
$ |
1,259 |
|
|
|
480 |
|
|
|
2,422 |
|
|
|
1,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic |
$ |
0.13 |
|
|
|
0.05 |
|
|
|
0.26 |
|
|
|
0.19 |
|
-diluted |
$ |
0.13 |
|
|
|
0.05 |
|
|
|
0.26 |
|
|
|
0.19 |
|
For the three and nine months ended September 30,
2023, the Company did not have any outstanding anti-dilutive stock options. For the three and nine months ended September 30, 2022, the
Company did not have any outstanding anti-dilutive stock options.
During the first nine months of 2023 the Company repurchased
36,909 shares at an average cost of $54.19.
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v3.23.3
Stock-Based Compensation Plans
|
3 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-Based Compensation Plans |
(7) Stock-Based Compensation Plans.
The Company has two Stock Option Plans (the 2006 Stock
Incentive Plan and the 2016 Equity Incentive Option Plan) under which options for shares of common stock were granted to directors, officers
and key employees. The 2016 plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock
units, or stock awards. The options awarded under the plans have similar characteristics. All stock options are non-qualified and expire
ten years from the date of grant. Stock based compensation awarded to directors, officers and employees are exercisable immediately or
become exercisable in cumulative installments of 20% or 25% at the end of each year following the date of grant. When stock options are
exercised, the Company issues new shares after receipt of exercise proceeds and taxes due, if any, from the grantee.
The Company utilizes the Black-Scholes valuation
model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated based upon
assumptions at the time of grant. The assumptions were no dividend yield, expected volatility between 31.5% and 41.2%, risk-free interest
rate of 2.0% to 2.9% and expected life of 5.0 to 7.0 years.
The dividend yield of zero is based on the
fact that the Company does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility is estimated
based on the Company’s historical experience over a period equivalent to the expected life in years. The risk-free interest rate
is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the expected life of the
options granted. The expected life calculation is based on the observed and expected time to exercise options by the employees.
In January 2023, 7,980 shares of restricted
stock were granted to employees that will vest over the next four years. In January 2023, 15,032 shares of restricted stock were granted
to employees as part of a long-term incentive plan that will vest over the next five years. In March 2023, 2,272 shares of restricted
stock were granted to employees under the terms of the 2021 long-term incentive plan. In January 2022, 7,448 shares of restricted stock
were granted to employees that will vest over the next four years. In January 2022, 14,016 shares of restricted stock were granted to
employees as part of a long-term incentive plan that will vest over the next five years. In March 2023 and March 2022, 928 and 865 shares
of stock, respectively, were granted to employees. The number of common shares available for future issuance was 343,677 at September
30, 2023.
The Company recorded the following Stock
compensation expense in its consolidated statements of income (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended |
|
Nine months ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Stock option grants |
|
$ |
16 |
|
|
|
18 |
|
|
|
49 |
|
|
|
52 |
|
Restricted stock awards |
|
|
255 |
|
|
|
258 |
|
|
|
773 |
|
|
|
550 |
|
Employee stock grant |
|
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
50 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
600 |
|
|
|
650 |
|
Stock compensation |
|
$ |
271 |
|
|
|
276 |
|
|
|
1,472 |
|
|
|
1,302 |
|
A Summary of changes in outstanding options
is presented below (in thousands, except share and per share amounts):
|
|
|
|
Weighted |
|
Weighted |
|
Weighted |
|
|
Number |
|
Average |
|
Average |
|
Average |
|
|
Of |
|
Exercise |
|
Remaining |
|
Grant Date |
Options |
|
Shares |
|
Price |
|
Term (yrs) |
|
Fair Value(000's) |
|
|
|
|
|
|
|
|
|
Outstanding at January 1, 2023 |
|
|
88,295 |
|
|
$ |
40.33 |
|
|
4.4 |
|
$ |
1,271 |
|
Exercised |
|
|
(17,735 |
) |
|
$ |
45.27 |
|
|
|
|
$ |
(190 |
) |
Outstanding at September 30, 2023 |
|
|
70,560 |
|
|
$ |
39.09 |
|
|
3.3 |
|
$ |
1,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at September 30, 2023 |
|
|
66,570 |
|
|
$ |
38.68 |
|
|
3.2 |
|
$ |
1,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested during nine months ended
September 30, 2023 |
|
|
— |
|
|
|
|
|
|
|
|
$ |
— |
|
The aggregate intrinsic value of exercisable
in-the-money options was $1,018,000 and the aggregate intrinsic value of outstanding in-the-money options was $1,050,000 based on the
market closing price of $53.97 on September 29, 2023 less exercise prices.
The unrecognized compensation cost of options
granted to FRP employees but not yet vested as of September 30, 2023 was $11,000, which is expected to be recognized over a weighted-average
period of two months.
A Summary of changes in restricted stock
awards is presented below (in thousands, except share and per share amounts):
|
|
|
|
Weighted |
|
Weighted |
|
Weighted |
|
|
Number |
|
Average |
|
Average |
|
Average |
|
|
Of |
|
Grant Date |
|
Remaining |
|
Grant Date |
Restricted stock |
|
Shares |
|
Fair Value |
|
Term (yrs) |
|
Fair Value(000's) |
|
|
|
|
|
|
|
|
|
Non-vested at January 1, 2023 |
|
|
50,496 |
|
|
$ |
50.42 |
|
|
3.0 |
|
$ |
2,546 |
|
Time-based awards granted |
|
|
7,980 |
|
|
|
53.86 |
|
|
|
|
|
430 |
|
Performance-based awards granted |
|
|
17,304 |
|
|
|
53.92 |
|
|
|
|
|
933 |
|
Vested |
|
|
(6,211 |
) |
|
|
46.49 |
|
|
|
|
|
(289 |
) |
Non-vested at September 30, 2023 |
|
|
69,569 |
|
|
$ |
52.03 |
|
|
2.8 |
|
$ |
3,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total unrecognized compensation cost of
restricted stock granted but not yet vested as of September 30, 2023 was $2,725,000 which is expected to be recognized over a weighted-average
period of 3.1 years.
|
X |
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v3.23.3
Contingent Liabilities
|
3 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Contingent Liabilities |
(8) Contingent Liabilities.
The Company may be involved in litigation
on a number of matters and is subject to certain claims which arise in the normal course of business. The Company has retained certain
self-insurance risks with respect to losses for third party liability and property damage. In the opinion of management, none of these
matters are expected to have a material adverse effect on the Company’s consolidated financial condition, results of operations
or cash flows.
The Company is subject to numerous environmental
laws and regulations. The Company believes that the ultimate disposition of currently known environmental matters will not have a material
effect on its financial position, liquidity, or operations. The Company can give no assurance that previous environmental studies with
respect to its properties have revealed all potential environmental contaminants; that any previous owner, occupant or tenant did not
create any
material environmental condition not known
to the Company; that the current environmental condition of the properties will not be affected by tenants and occupants, by the condition
of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation
will not result in additional environmental liability to the Company.
As of September 30, 2023, there was $823,000
outstanding under letters of credit. The letters of credit were issued to guarantee certain obligations to state agencies related to real
estate development.
The Company and MidAtlantic Realty Partners (MRP)
guaranteed $26 million of the construction loan on the Bryant Street Partnerships in exchange for a 1% lower interest rate. The Company
and MRP have a side agreement limiting the Company’s guarantee to its proportionate ownership. The value of the guarantee was calculated
at $1.9 million based on the present value of the 1% interest savings over the anticipated 48-month term. This amount is included as part
of the Company’s investment basis and is amortized to expense over the 48 months. The Company will evaluate the guarantee liability
based upon the success of the project and assuming no payments are made under the guarantee the Company will have a gain for $1.9 million
when the loan is paid in full. Borrower may prepay a portion of the unpaid principal to satisfy such tests.
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v3.23.3
Concentrations
|
3 Months Ended |
Sep. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
Concentrations |
(9) Concentrations.
The mining royalty lands segment has a total
of five tenants currently leasing mining locations and one lessee that accounted for 24.6% of the Company’s consolidated revenues
during the nine months ended September 30, 2023, and $502,000 of accounts receivable at September 30, 2023. The termination of these
lessees’ underlying leases could have a material adverse effect on the Company. The Company places its cash and cash equivalents
with Wells Fargo Bank and First Horizon Bank. At times, such amounts may exceed FDIC limits.
|
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v3.23.3
Fair Value Measurements
|
3 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
(10) Fair Value Measurements.
Fair value is defined as the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level
1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived
principally from or corroborated by observable market data. Level 3 means the use of inputs are those that are unobservable and significant
to the overall fair value measurement.
At September 30, 2023, the Company was invested
in U.S. Treasury notes valued at $148,768,000 maturing in 2023 through early 2024. The unrealized loss on these investments of $571,000
was recorded as part of comprehensive income and based on the estimated market value by Wells Fargo Bank, N.A. (Level 1).
At September 30, 2023 and December 31, 2022,
the carrying amount reported in the consolidated balance sheets for cash and cash equivalents including U.S. Treasury notes was adjusted
to fair value as described above.
The fair values of the Company’s other
mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities. At September
30, 2023, the carrying amount and fair value of such other long-term debt was $180,070,000 and $136,928,000, respectively. At September
30, 2022, the carrying amount and fair value of such other long-term debt was $180,070,000 and $142,753,000, respectively.
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v3.23.3
Investments in Joint Ventures
|
3 Months Ended |
Sep. 30, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Investments in Joint Ventures |
(11) Investments in Joint Ventures.
The Company has investments in joint ventures, primarily
with other real estate developers. Joint ventures where FRP is not the primary beneficiary are reflected in the line “Investment
in joint ventures” on the balance sheet and “Equity in loss of joint ventures” on the income statement. The assets of
these joint ventures are restricted to use by the joint ventures and their obligations can only be settled by their assets or additional
contributions by the partners.
The following table summarizes the Company’s
Investments in unconsolidated joint ventures (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of Profit |
|
|
|
Common |
|
|
Total |
|
|
Total Assets of |
|
|
Profit (Loss) |
|
|
(Loss) of the |
|
|
|
Ownership |
|
|
Investment |
|
|
The Partnership |
|
|
Of the Partnership |
|
|
Partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooksville Quarry, LLC |
|
50.00 |
% |
$ |
7,486 |
|
|
14,372 |
|
|
(62 |
) |
|
(31 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,077 |
|
|
22,164 |
|
|
(556 |
) |
|
(278 |
) |
Bryant Street Partnerships |
|
61.36 |
% |
|
61,140 |
|
|
195,915 |
|
|
(7,876 |
) |
|
(4,931 |
) |
Lending ventures |
|
|
|
|
25,084 |
|
|
14,428 |
|
|
— |
|
|
— |
|
Estero Partnership |
|
16.00 |
% |
|
3,600 |
|
|
38,703 |
|
|
— |
|
|
— |
|
Verge Partnership |
|
61.37 |
% |
|
37,535 |
|
|
130,978 |
|
|
(7,161 |
) |
|
(4,395 |
) |
Greenville Partnerships |
|
40.00 |
% |
|
11,811 |
|
|
98,617 |
|
|
(2,376 |
) |
|
(950 |
) |
Total |
|
|
|
$ |
154,025 |
|
|
519,761 |
|
|
(18,031 |
) |
|
(10,585 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of Profit |
|
|
|
Common |
|
|
Total |
|
|
Total Assets of |
|
|
Profit (Loss) |
|
|
(Loss) of the |
|
|
|
Ownership |
|
|
Investment |
|
|
The Partnership |
|
|
Of the Partnership |
|
|
Partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooksville Quarry, LLC |
|
50.00 |
% |
$ |
7,522 |
|
|
14,374 |
|
|
(84 |
) |
|
(42 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,453 |
|
|
21,825 |
|
|
(358 |
) |
|
(175 |
) |
Bryant Street Partnerships |
|
61.36 |
% |
|
55,561 |
|
|
199,774 |
|
|
(10,339 |
) |
|
(6,829 |
) |
Lending ventures |
|
|
|
|
16,476 |
|
|
5,577 |
|
|
— |
|
|
— |
|
DST Hickory Creek |
|
26.65 |
% |
|
— |
|
|
— |
|
|
10,960 |
|
|
3,164 |
|
Estero Partnership |
|
16.00 |
% |
|
3,600 |
|
|
38,505 |
|
|
— |
|
|
— |
|
Verge Partnership |
|
61.37 |
% |
|
38,471 |
|
|
131,128 |
|
|
(1,841 |
) |
|
(1,129 |
) |
Greenville Partnerships |
|
40.00 |
% |
|
11,989 |
|
|
96,551 |
|
|
(1,775 |
) |
|
(710 |
) |
Total |
|
|
|
$ |
140,525 |
|
|
510,640 |
|
|
(3,437 |
) |
|
(5,721 |
) |
The major classes of assets, liabilities and equity
of the Company’s Investments in Joint Ventures as of September 30, 2023 are summarized in the following two tables (in thousands):
Investments in Apartment/Mixed-use as of
September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2023 |
|
Total |
|
Buzzard Point |
|
Bryant Street |
|
Estero |
|
Verge |
|
Greenville |
|
Apartment/ |
|
Sponsor, LLC |
|
Partnership |
|
Partnership |
|
Partnership |
|
Partnership |
|
Mixed-Use |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
0 |
|
|
|
187,693 |
|
|
|
34,416 |
|
|
|
129,145 |
|
|
|
96,834 |
|
|
$ |
448,088 |
|
Cash and cash equivalents |
|
0 |
|
|
|
1,661 |
|
|
|
4,287 |
|
|
|
1,170 |
|
|
|
1,595 |
|
|
|
8,713 |
|
Unrealized rents & receivables |
|
0 |
|
|
|
6,141 |
|
|
|
0 |
|
|
|
309 |
|
|
|
83 |
|
|
|
6,533 |
|
Deferred costs |
|
4,584 |
|
|
|
420 |
|
|
|
0 |
|
|
|
354 |
|
|
|
105 |
|
|
|
5,463 |
|
Total Assets |
$ |
4,584 |
|
|
|
195,915 |
|
|
|
38,703 |
|
|
|
130,978 |
|
|
|
98,617 |
|
|
$ |
468,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
|
116,922 |
|
|
|
16,000 |
|
|
|
72,402 |
|
|
|
67,414 |
|
|
$ |
272,738 |
|
Other liabilities |
|
0 |
|
|
|
2,786 |
|
|
|
174 |
|
|
|
1,102 |
|
|
|
2,243 |
|
|
|
6,305 |
|
Capital - FRP |
|
2,292 |
|
|
|
59,132 |
|
|
|
3,605 |
|
|
|
35,261 |
|
|
|
10,858 |
|
|
|
111,148 |
|
Capital – Third Parties |
|
2,292 |
|
|
|
17,075 |
|
|
|
18,924 |
|
|
|
22,213 |
|
|
|
18,102 |
|
|
|
78,606 |
|
Total Liabilities and Capital |
$ |
4,584 |
|
|
|
195,915 |
|
|
|
38,703 |
|
|
|
130,978 |
|
|
|
98,617 |
|
|
$ |
468,797 |
|
Investments
in Joint Ventures as of September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2023 |
|
Total |
|
|
Brooksville |
|
BC FRP |
|
Lending |
|
Apartment/ |
|
Grand |
|
|
Quarry, LLC |
|
Realty, LLC |
|
Ventures |
|
Mixed-Use |
|
Total |
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
14,343 |
|
|
21,260 |
|
|
14,428 |
|
|
448,088 |
|
$ |
498,119 |
|
Cash and cash equivalents |
|
27 |
|
|
74 |
|
|
0 |
|
|
8,713 |
|
|
8,814 |
|
Unrealized rents & receivables |
|
0 |
|
|
457 |
|
|
0 |
|
|
6,533 |
|
|
6,990 |
|
Deferred costs |
|
2 |
|
|
373 |
|
|
0 |
|
|
5,463 |
|
|
5,838 |
|
Total Assets |
$ |
14,372 |
|
|
22,164 |
|
|
14,428 |
|
|
468,797 |
|
$ |
519,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
11,856 |
|
|
(10,656 |
) |
|
272,738 |
|
$ |
273,938 |
|
Other liabilities |
|
64 |
|
|
266 |
|
|
0 |
|
|
6,305 |
|
|
6,635 |
|
Capital – FRP |
|
7,487 |
|
|
5,021 |
|
|
25,084 |
|
|
111,148 |
|
|
148,740 |
|
Capital - Third Parties |
|
6,821 |
|
|
5,021 |
|
|
0 |
|
|
78,606 |
|
|
90,448 |
|
Total Liabilities and Capital |
$ |
14,372 |
|
|
22,164 |
|
|
14,428 |
|
|
468,797 |
|
$ |
519,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company’s capital recorded by the unconsolidated
Joint Ventures is $5,285,000 less than the Investment in Joint Ventures reported in the Company’s consolidated balance sheet due
primarily to capitalized interest.
The major classes of assets, liabilities and equity
of the Company’s Investments in Joint Ventures as of December 31, 2022 are summarized in the following two tables (in thousands):
Investments in Apartment/Mixed-use as of
December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2022 |
|
Total |
|
Buzzard Point |
|
Bryant Street |
|
Estero |
|
Verge |
|
Greenville |
|
Apartment/ |
|
Sponsor, LLC |
|
Partnership |
|
Partnership |
|
Partnership |
|
Partnership |
|
Mixed-Use |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
0 |
|
|
|
192,904 |
|
|
|
33,008 |
|
|
|
130,616 |
|
|
|
95,883 |
|
|
$ |
452,411 |
|
Cash and cash equivalents |
|
0 |
|
|
|
1,349 |
|
|
|
5,497 |
|
|
|
359 |
|
|
|
567 |
|
|
|
7,772 |
|
Unrealized rents & receivables |
|
0 |
|
|
|
5,128 |
|
|
|
0 |
|
|
|
14 |
|
|
|
13 |
|
|
|
5,155 |
|
Deferred costs |
|
2,906 |
|
|
|
393 |
|
|
|
0 |
|
|
|
139 |
|
|
|
88 |
|
|
|
3,526 |
|
Total Assets |
$ |
2,906 |
|
|
|
199,774 |
|
|
|
38,505 |
|
|
|
131,128 |
|
|
|
96,551 |
|
|
$ |
468,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
|
129,263 |
|
|
|
16,000 |
|
|
|
66,584 |
|
|
|
64,954 |
|
|
$ |
276,801 |
|
Other liabilities |
|
0 |
|
|
|
2,338 |
|
|
|
5 |
|
|
|
5,328 |
|
|
|
3,014 |
|
|
|
10,685 |
|
Capital - FRP |
|
1,453 |
|
|
|
53,553 |
|
|
|
3,600 |
|
|
|
36,348 |
|
|
|
11,087 |
|
|
|
106,041 |
|
Capital – Third Parties |
|
1,453 |
|
|
|
14,620 |
|
|
|
18,900 |
|
|
|
22,868 |
|
|
|
17,496 |
|
|
|
75,337 |
|
Total Liabilities and Capital |
$ |
2,906 |
|
|
|
199,774 |
|
|
|
38,505 |
|
|
|
131,128 |
|
|
|
96,551 |
|
|
$ |
468,864 |
|
Investments
in Joint Ventures as of December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2022 |
|
Total |
|
|
Brooksville |
|
BC FRP |
|
Lending |
|
Apartment/ |
|
Grand |
|
|
Quarry, LLC |
|
Realty, LLC |
|
Ventures |
|
Mixed-Use |
|
Total |
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
14,307 |
|
|
21,059 |
|
|
5,547 |
|
|
452,411 |
|
$ |
493,324 |
|
Cash and cash equivalents |
|
66 |
|
|
99 |
|
|
0 |
|
|
7,772 |
|
|
7,937 |
|
Unrealized rents & receivables |
|
0 |
|
|
422 |
|
|
0 |
|
|
5,155 |
|
|
5,577 |
|
Deferred costs |
|
1 |
|
|
245 |
|
|
30 |
|
|
3,526 |
|
|
3,802 |
|
Total Assets |
$ |
14,374 |
|
|
21,825 |
|
|
5,577 |
|
|
468,864 |
|
$ |
510,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
10,899 |
|
|
(10,899 |
) |
|
276,801 |
|
$ |
276,801 |
|
Other liabilities |
|
0 |
|
|
338 |
|
|
0 |
|
|
10,685 |
|
|
11,023 |
|
Capital – FRP |
|
7,522 |
|
|
5,294 |
|
|
16,476 |
|
|
106,041 |
|
|
135,333 |
|
Capital - Third Parties |
|
6,852 |
|
|
5,294 |
|
|
0 |
|
|
75,337 |
|
|
87,483 |
|
Total Liabilities and Capital |
$ |
14,374 |
|
|
21,825 |
|
|
5,577 |
|
|
468,864 |
|
$ |
510,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The amount of consolidated retained earnings (accumulated
deficit) for these joint ventures was $(20,837,000) and $(13,115,000) as of September 30, 2023 and December 31, 2022, respectively.
The income statements of the Bryant Street Partnerships
are as follows (in thousands):
|
|
Bryant Street |
|
Bryant Street |
|
Bryant Street |
|
Bryant Street |
|
|
|
Partnerships |
|
Partnerships |
|
Partnerships |
|
Partnerships |
|
|
|
Total JV |
|
Total JV |
|
Company Share |
|
Company Share |
|
|
|
Nine months ended |
|
Nine months ended |
|
Nine months ended |
|
Nine months ended |
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental Revenue |
|
$ |
9,322 |
|
|
$ |
6,718 |
|
|
$ |
5,720 |
|
|
$ |
4,123 |
|
Revenue – other |
|
|
1,784 |
|
|
|
1,306 |
|
|
|
1,095 |
|
|
|
801 |
|
Total Revenues |
|
|
11,106 |
|
|
|
8,024 |
|
|
|
6,815 |
|
|
|
4,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,202 |
|
|
|
4,995 |
|
|
|
3,192 |
|
|
|
3,065 |
|
Operating expenses |
|
|
4,384 |
|
|
|
3,846 |
|
|
|
2,690 |
|
|
|
2,360 |
|
Property taxes |
|
|
789 |
|
|
|
878 |
|
|
|
484 |
|
|
|
539 |
|
Total cost of operations |
|
|
10,375 |
|
|
|
9,719 |
|
|
|
6,366 |
|
|
|
5,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit/(loss) |
|
|
731 |
|
|
|
(1,695 |
) |
|
|
449 |
|
|
|
(1,040 |
) |
Interest expense |
|
|
(8,607 |
) |
|
|
(5,437 |
) |
|
|
(5,380 |
) |
|
|
(3,703 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss before tax |
|
$ |
(7,876 |
) |
|
$ |
(7,132 |
) |
|
$ |
(4,931 |
) |
|
$ |
(4,743 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The income statements of the Greenville Partnerships
are as follows (in thousands):
|
|
Greenville |
|
Greenville |
|
Greenville |
|
Greenville |
|
|
|
Partnerships |
|
Partnerships |
|
Partnerships |
|
Partnerships |
|
|
|
Total JV |
|
Total JV |
|
Company Share |
|
Company Share |
|
|
|
Nine months ended |
|
Nine months ended |
|
Nine months ended |
|
Nine months ended |
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental Revenue |
|
$ |
4,875 |
|
|
$ |
2,234 |
|
|
$ |
1,950 |
|
|
$ |
894 |
|
Revenue – other |
|
|
405 |
|
|
|
125 |
|
|
|
162 |
|
|
|
50 |
|
Total Revenues |
|
|
5,280 |
|
|
|
2,359 |
|
|
|
2,112 |
|
|
|
944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,118 |
|
|
|
1,162 |
|
|
|
847 |
|
|
|
465 |
|
Operating expenses |
|
|
1,784 |
|
|
|
906 |
|
|
|
714 |
|
|
|
363 |
|
Property taxes |
|
|
882 |
|
|
|
476 |
|
|
|
353 |
|
|
|
190 |
|
Total cost of operations |
|
|
4,784 |
|
|
|
2,544 |
|
|
|
1,914 |
|
|
|
1,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit/(loss) |
|
|
496 |
|
|
|
(185 |
) |
|
|
198 |
|
|
|
(74 |
) |
Interest expense |
|
|
(2,872 |
) |
|
|
(697 |
) |
|
|
(1,148 |
) |
|
|
(279 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss before tax |
|
$ |
(2,376 |
) |
|
$ |
(882 |
) |
|
$ |
(950 |
) |
|
$ |
(353 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The income statements of the Verge Partnership are
as follows (in thousands):
|
|
Verge |
|
Verge |
|
|
Partnership |
|
Partnership |
|
|
Total JV |
|
Company Share |
|
|
Nine months ended |
|
Nine months ended |
|
|
September 30, |
|
September 30, |
|
|
2023 |
|
2023 |
Revenues: |
|
|
|
|
|
|
|
|
Rental Revenue |
|
$ |
2,042 |
|
|
$ |
1,254 |
|
Revenue – other |
|
|
320 |
|
|
|
196 |
|
Total Revenues |
|
|
2,362 |
|
|
|
1,450 |
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,958 |
|
|
|
1,815 |
|
Operating expenses |
|
|
2,057 |
|
|
|
1,263 |
|
Property taxes |
|
|
741 |
|
|
|
455 |
|
Total cost of operations |
|
|
5,756 |
|
|
|
3,533 |
|
|
|
|
|
|
|
|
|
|
Total operating profit |
|
|
(3,394 |
) |
|
|
(2,083 |
) |
Interest expense |
|
|
(3,767 |
) |
|
|
(2,312 |
) |
|
|
|
|
|
|
|
|
|
Net profit before tax |
|
$ |
(7,161 |
) |
|
$ |
(4,395 |
) |
|
X |
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- DefinitionThe entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
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v3.23.3
Business Segments (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
business segments |
Operating results and certain other financial
data for the Company’s business segments are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended |
|
Nine months ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
Asset management |
|
$ |
1,442 |
|
|
|
935 |
|
|
|
3,932 |
|
|
|
2,686 |
|
Revenues |
Mining royalty lands |
|
|
3,082 |
|
|
|
2,471 |
|
|
|
9,628 |
|
|
|
7,779 |
|
Revenues |
Development |
|
|
434 |
|
|
|
412 |
|
|
|
1,387 |
|
|
|
1,203 |
|
Revenues |
Stabilized Joint Venture |
|
|
5,633 |
|
|
|
5,476 |
|
|
|
16,454 |
|
|
|
15,961 |
|
Revenues |
|
|
|
10,591 |
|
|
|
9,294 |
|
|
|
31,401 |
|
|
|
27,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit before corporate expenses |
Asset management |
|
$ |
697 |
|
|
|
392 |
|
|
|
1,855 |
|
|
|
1,103 |
|
Operating profit before corporate expenses |
Mining royalty lands |
|
|
2,608 |
|
|
|
2,083 |
|
|
|
8,391 |
|
|
|
6,764 |
|
Operating profit before corporate expenses |
Development |
|
|
(444 |
) |
|
|
(865 |
) |
|
|
(1,377 |
) |
|
|
(2,164 |
) |
Operating profit before corporate expenses |
Stabilized Joint Venture |
|
|
924 |
|
|
|
973 |
|
|
|
2,860 |
|
|
|
2,452 |
|
Operating profit before corporate expenses |
Operating profit before corporate expenses |
|
|
3,785 |
|
|
|
2,583 |
|
|
|
11,729 |
|
|
|
8,155 |
|
|
Corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses |
Allocated to asset management |
|
|
(177 |
) |
|
|
(127 |
) |
|
|
(630 |
) |
|
|
(496 |
) |
Corporate expenses |
Allocated to mining royalty lands |
|
|
(99 |
) |
|
|
(83 |
) |
|
|
(360 |
) |
|
|
(325 |
) |
Corporate expenses |
Allocated to development |
|
|
(529 |
) |
|
|
(457 |
) |
|
|
(1,918 |
) |
|
|
(1,794 |
) |
Corporate expenses |
Allocated to stabilized joint venture |
|
|
(84 |
) |
|
|
(67 |
) |
|
|
(304 |
) |
|
|
(261 |
) |
Corporate expenses |
Total corporate expenses |
|
|
(889 |
) |
|
|
(734 |
) |
|
|
(3,212 |
) |
|
|
(2,876 |
) |
Operating profit |
|
|
$ |
2,896 |
|
|
|
1,849 |
|
|
|
8,517 |
|
|
|
5,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
Interest expense |
|
$ |
1,116 |
|
|
|
738 |
|
|
|
3,251 |
|
|
|
2,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
Asset management |
|
$ |
369 |
|
|
|
219 |
|
|
|
1,006 |
|
|
|
683 |
|
Depreciation, depletion and amortization |
Mining royalty lands |
|
|
138 |
|
|
|
172 |
|
|
|
472 |
|
|
|
416 |
|
Depreciation, depletion and amortization |
Development |
|
|
44 |
|
|
|
47 |
|
|
|
140 |
|
|
|
139 |
|
Depreciation, depletion and amortization |
Stabilized Joint Venture |
|
|
2,265 |
|
|
|
2,306 |
|
|
|
6,797 |
|
|
|
7,272 |
|
Depreciation, depletion and amortization |
|
|
$ |
2,816 |
|
|
|
2,744 |
|
|
|
8,415 |
|
|
|
8,510 |
|
|
Capital expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
Asset management |
|
$ |
12 |
|
|
|
202 |
|
|
|
557 |
|
|
|
797 |
|
Capital expenditures |
Mining royalty lands |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
11,218 |
|
Capital expenditures |
Development |
|
|
2,179 |
|
|
|
8,548 |
|
|
|
3,640 |
|
|
|
13,927 |
|
Capital expenditures |
Stabilized Joint Venture |
|
|
258 |
|
|
|
(25 |
) |
|
|
437 |
|
|
|
195 |
|
Capital expenditures |
|
|
$ |
2,449 |
|
|
|
8,726 |
|
|
|
4,634 |
|
|
|
26,137 |
|
|
Identifiable net assets |
Identifiable
net assets
|
|
|
September 30, |
|
|
|
December 31, |
|
|
|
Identifiable net assets |
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
Asset management |
$ |
39,155 |
|
|
|
26,053 |
|
|
Assets |
Mining royalty lands |
|
48,126 |
|
|
|
48,494 |
|
|
Assets |
Development |
|
194,297 |
|
|
|
188,834 |
|
|
Assets |
Stabilized Joint Venture |
|
251,677 |
|
|
|
257,535 |
|
|
Cash |
Cash items |
|
166,674 |
|
|
|
178,294 |
|
|
Assets |
Unallocated corporate assets |
|
1,228 |
|
|
|
1,874 |
|
|
Assets |
|
$ |
701,157 |
|
|
|
701,084 |
|
|
|
X |
- DefinitionTabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
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- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
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v3.23.3
Long-Term Debt (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Outstanding debt |
The Company’s Outstanding debt, net
of unamortized debt issuance costs, consisted of the following (in thousands):
|
|
September 30, |
|
December 31, |
|
|
2023 |
|
2022 |
Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033 |
|
$ |
180,070 |
|
|
|
180,070 |
|
Unamortized debt issuance costs |
|
|
(1,402 |
) |
|
|
(1,513 |
) |
Credit agreement |
|
|
— |
|
|
|
— |
|
Long term debt |
|
$ |
178,668 |
|
|
|
178,557 |
|
|
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v3.23.3
Earnings per Share (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Earnings per common share: |
|
Basic and diluted earnings per common share |
The following details the computations of
the Basic and diluted earnings per common share (in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended |
|
Nine months ended |
|
September 30, |
|
September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Weighted average common shares outstanding during the period – shares used for basic earnings per common share |
|
9,423 |
|
|
|
9,397 |
|
|
|
9,423 |
|
|
|
9,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issuable under share based payment plans which are potentially dilutive |
|
37 |
|
|
|
36 |
|
|
|
40 |
|
|
|
41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted earnings
per common share |
|
9,460 |
|
|
|
9,433 |
|
|
|
9,463 |
|
|
|
9,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to the Company |
$ |
1,259 |
|
|
|
480 |
|
|
|
2,422 |
|
|
|
1,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic |
$ |
0.13 |
|
|
|
0.05 |
|
|
|
0.26 |
|
|
|
0.19 |
|
-diluted |
$ |
0.13 |
|
|
|
0.05 |
|
|
|
0.26 |
|
|
|
0.19 |
|
|
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v3.23.3
Stock-Based Compensation Plans (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Stock compensation expense |
The Company recorded the following Stock
compensation expense in its consolidated statements of income (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended |
|
Nine months ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Stock option grants |
|
$ |
16 |
|
|
|
18 |
|
|
|
49 |
|
|
|
52 |
|
Restricted stock awards |
|
|
255 |
|
|
|
258 |
|
|
|
773 |
|
|
|
550 |
|
Employee stock grant |
|
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
50 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
600 |
|
|
|
650 |
|
Stock compensation |
|
$ |
271 |
|
|
|
276 |
|
|
|
1,472 |
|
|
|
1,302 |
|
|
Summary of changes in outstanding options |
A Summary of changes in outstanding options
is presented below (in thousands, except share and per share amounts):
|
|
|
|
Weighted |
|
Weighted |
|
Weighted |
|
|
Number |
|
Average |
|
Average |
|
Average |
|
|
Of |
|
Exercise |
|
Remaining |
|
Grant Date |
Options |
|
Shares |
|
Price |
|
Term (yrs) |
|
Fair Value(000's) |
|
|
|
|
|
|
|
|
|
Outstanding at January 1, 2023 |
|
|
88,295 |
|
|
$ |
40.33 |
|
|
4.4 |
|
$ |
1,271 |
|
Exercised |
|
|
(17,735 |
) |
|
$ |
45.27 |
|
|
|
|
$ |
(190 |
) |
Outstanding at September 30, 2023 |
|
|
70,560 |
|
|
$ |
39.09 |
|
|
3.3 |
|
$ |
1,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at September 30, 2023 |
|
|
66,570 |
|
|
$ |
38.68 |
|
|
3.2 |
|
$ |
1,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested during nine months ended
September 30, 2023 |
|
|
— |
|
|
|
|
|
|
|
|
$ |
— |
|
|
Summary of changes in restricted stock awards |
A Summary of changes in restricted stock
awards is presented below (in thousands, except share and per share amounts):
|
|
|
|
Weighted |
|
Weighted |
|
Weighted |
|
|
Number |
|
Average |
|
Average |
|
Average |
|
|
Of |
|
Grant Date |
|
Remaining |
|
Grant Date |
Restricted stock |
|
Shares |
|
Fair Value |
|
Term (yrs) |
|
Fair Value(000's) |
|
|
|
|
|
|
|
|
|
Non-vested at January 1, 2023 |
|
|
50,496 |
|
|
$ |
50.42 |
|
|
3.0 |
|
$ |
2,546 |
|
Time-based awards granted |
|
|
7,980 |
|
|
|
53.86 |
|
|
|
|
|
430 |
|
Performance-based awards granted |
|
|
17,304 |
|
|
|
53.92 |
|
|
|
|
|
933 |
|
Vested |
|
|
(6,211 |
) |
|
|
46.49 |
|
|
|
|
|
(289 |
) |
Non-vested at September 30, 2023 |
|
|
69,569 |
|
|
$ |
52.03 |
|
|
2.8 |
|
$ |
3,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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v3.23.3
Investments in Joint Ventures (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Investments in unconsolidated joint ventures |
The following table summarizes the Company’s
Investments in unconsolidated joint ventures (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of Profit |
|
|
|
Common |
|
|
Total |
|
|
Total Assets of |
|
|
Profit (Loss) |
|
|
(Loss) of the |
|
|
|
Ownership |
|
|
Investment |
|
|
The Partnership |
|
|
Of the Partnership |
|
|
Partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooksville Quarry, LLC |
|
50.00 |
% |
$ |
7,486 |
|
|
14,372 |
|
|
(62 |
) |
|
(31 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,077 |
|
|
22,164 |
|
|
(556 |
) |
|
(278 |
) |
Bryant Street Partnerships |
|
61.36 |
% |
|
61,140 |
|
|
195,915 |
|
|
(7,876 |
) |
|
(4,931 |
) |
Lending ventures |
|
|
|
|
25,084 |
|
|
14,428 |
|
|
— |
|
|
— |
|
Estero Partnership |
|
16.00 |
% |
|
3,600 |
|
|
38,703 |
|
|
— |
|
|
— |
|
Verge Partnership |
|
61.37 |
% |
|
37,535 |
|
|
130,978 |
|
|
(7,161 |
) |
|
(4,395 |
) |
Greenville Partnerships |
|
40.00 |
% |
|
11,811 |
|
|
98,617 |
|
|
(2,376 |
) |
|
(950 |
) |
Total |
|
|
|
$ |
154,025 |
|
|
519,761 |
|
|
(18,031 |
) |
|
(10,585 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of Profit |
|
|
|
Common |
|
|
Total |
|
|
Total Assets of |
|
|
Profit (Loss) |
|
|
(Loss) of the |
|
|
|
Ownership |
|
|
Investment |
|
|
The Partnership |
|
|
Of the Partnership |
|
|
Partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooksville Quarry, LLC |
|
50.00 |
% |
$ |
7,522 |
|
|
14,374 |
|
|
(84 |
) |
|
(42 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,453 |
|
|
21,825 |
|
|
(358 |
) |
|
(175 |
) |
Bryant Street Partnerships |
|
61.36 |
% |
|
55,561 |
|
|
199,774 |
|
|
(10,339 |
) |
|
(6,829 |
) |
Lending ventures |
|
|
|
|
16,476 |
|
|
5,577 |
|
|
— |
|
|
— |
|
DST Hickory Creek |
|
26.65 |
% |
|
— |
|
|
— |
|
|
10,960 |
|
|
3,164 |
|
Estero Partnership |
|
16.00 |
% |
|
3,600 |
|
|
38,505 |
|
|
— |
|
|
— |
|
Verge Partnership |
|
61.37 |
% |
|
38,471 |
|
|
131,128 |
|
|
(1,841 |
) |
|
(1,129 |
) |
Greenville Partnerships |
|
40.00 |
% |
|
11,989 |
|
|
96,551 |
|
|
(1,775 |
) |
|
(710 |
) |
Total |
|
|
|
$ |
140,525 |
|
|
510,640 |
|
|
(3,437 |
) |
|
(5,721 |
) |
|
Investments in Apartment/Mixed-use as of September 30, 2023 |
The major classes of assets, liabilities and equity
of the Company’s Investments in Joint Ventures as of September 30, 2023 are summarized in the following two tables (in thousands):
Investments in Apartment/Mixed-use as of
September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2023 |
|
Total |
|
Buzzard Point |
|
Bryant Street |
|
Estero |
|
Verge |
|
Greenville |
|
Apartment/ |
|
Sponsor, LLC |
|
Partnership |
|
Partnership |
|
Partnership |
|
Partnership |
|
Mixed-Use |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
0 |
|
|
|
187,693 |
|
|
|
34,416 |
|
|
|
129,145 |
|
|
|
96,834 |
|
|
$ |
448,088 |
|
Cash and cash equivalents |
|
0 |
|
|
|
1,661 |
|
|
|
4,287 |
|
|
|
1,170 |
|
|
|
1,595 |
|
|
|
8,713 |
|
Unrealized rents & receivables |
|
0 |
|
|
|
6,141 |
|
|
|
0 |
|
|
|
309 |
|
|
|
83 |
|
|
|
6,533 |
|
Deferred costs |
|
4,584 |
|
|
|
420 |
|
|
|
0 |
|
|
|
354 |
|
|
|
105 |
|
|
|
5,463 |
|
Total Assets |
$ |
4,584 |
|
|
|
195,915 |
|
|
|
38,703 |
|
|
|
130,978 |
|
|
|
98,617 |
|
|
$ |
468,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
|
116,922 |
|
|
|
16,000 |
|
|
|
72,402 |
|
|
|
67,414 |
|
|
$ |
272,738 |
|
Other liabilities |
|
0 |
|
|
|
2,786 |
|
|
|
174 |
|
|
|
1,102 |
|
|
|
2,243 |
|
|
|
6,305 |
|
Capital - FRP |
|
2,292 |
|
|
|
59,132 |
|
|
|
3,605 |
|
|
|
35,261 |
|
|
|
10,858 |
|
|
|
111,148 |
|
Capital – Third Parties |
|
2,292 |
|
|
|
17,075 |
|
|
|
18,924 |
|
|
|
22,213 |
|
|
|
18,102 |
|
|
|
78,606 |
|
Total Liabilities and Capital |
$ |
4,584 |
|
|
|
195,915 |
|
|
|
38,703 |
|
|
|
130,978 |
|
|
|
98,617 |
|
|
$ |
468,797 |
|
|
Investments in Joint Ventures as of September 30, 2023 |
Investments
in Joint Ventures as of September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2023 |
|
Total |
|
|
Brooksville |
|
BC FRP |
|
Lending |
|
Apartment/ |
|
Grand |
|
|
Quarry, LLC |
|
Realty, LLC |
|
Ventures |
|
Mixed-Use |
|
Total |
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
14,343 |
|
|
21,260 |
|
|
14,428 |
|
|
448,088 |
|
$ |
498,119 |
|
Cash and cash equivalents |
|
27 |
|
|
74 |
|
|
0 |
|
|
8,713 |
|
|
8,814 |
|
Unrealized rents & receivables |
|
0 |
|
|
457 |
|
|
0 |
|
|
6,533 |
|
|
6,990 |
|
Deferred costs |
|
2 |
|
|
373 |
|
|
0 |
|
|
5,463 |
|
|
5,838 |
|
Total Assets |
$ |
14,372 |
|
|
22,164 |
|
|
14,428 |
|
|
468,797 |
|
$ |
519,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
11,856 |
|
|
(10,656 |
) |
|
272,738 |
|
$ |
273,938 |
|
Other liabilities |
|
64 |
|
|
266 |
|
|
0 |
|
|
6,305 |
|
|
6,635 |
|
Capital – FRP |
|
7,487 |
|
|
5,021 |
|
|
25,084 |
|
|
111,148 |
|
|
148,740 |
|
Capital - Third Parties |
|
6,821 |
|
|
5,021 |
|
|
0 |
|
|
78,606 |
|
|
90,448 |
|
Total Liabilities and Capital |
$ |
14,372 |
|
|
22,164 |
|
|
14,428 |
|
|
468,797 |
|
$ |
519,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Apartment/Mixed-use as of December 31, 2022 |
The major classes of assets, liabilities and equity
of the Company’s Investments in Joint Ventures as of December 31, 2022 are summarized in the following two tables (in thousands):
Investments in Apartment/Mixed-use as of
December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2022 |
|
Total |
|
Buzzard Point |
|
Bryant Street |
|
Estero |
|
Verge |
|
Greenville |
|
Apartment/ |
|
Sponsor, LLC |
|
Partnership |
|
Partnership |
|
Partnership |
|
Partnership |
|
Mixed-Use |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
0 |
|
|
|
192,904 |
|
|
|
33,008 |
|
|
|
130,616 |
|
|
|
95,883 |
|
|
$ |
452,411 |
|
Cash and cash equivalents |
|
0 |
|
|
|
1,349 |
|
|
|
5,497 |
|
|
|
359 |
|
|
|
567 |
|
|
|
7,772 |
|
Unrealized rents & receivables |
|
0 |
|
|
|
5,128 |
|
|
|
0 |
|
|
|
14 |
|
|
|
13 |
|
|
|
5,155 |
|
Deferred costs |
|
2,906 |
|
|
|
393 |
|
|
|
0 |
|
|
|
139 |
|
|
|
88 |
|
|
|
3,526 |
|
Total Assets |
$ |
2,906 |
|
|
|
199,774 |
|
|
|
38,505 |
|
|
|
131,128 |
|
|
|
96,551 |
|
|
$ |
468,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
|
129,263 |
|
|
|
16,000 |
|
|
|
66,584 |
|
|
|
64,954 |
|
|
$ |
276,801 |
|
Other liabilities |
|
0 |
|
|
|
2,338 |
|
|
|
5 |
|
|
|
5,328 |
|
|
|
3,014 |
|
|
|
10,685 |
|
Capital - FRP |
|
1,453 |
|
|
|
53,553 |
|
|
|
3,600 |
|
|
|
36,348 |
|
|
|
11,087 |
|
|
|
106,041 |
|
Capital – Third Parties |
|
1,453 |
|
|
|
14,620 |
|
|
|
18,900 |
|
|
|
22,868 |
|
|
|
17,496 |
|
|
|
75,337 |
|
Total Liabilities and Capital |
$ |
2,906 |
|
|
|
199,774 |
|
|
|
38,505 |
|
|
|
131,128 |
|
|
|
96,551 |
|
|
$ |
468,864 |
|
|
Investments in Joint Ventures as of December 31, 2022 |
Investments
in Joint Ventures as of December 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2022 |
|
Total |
|
|
Brooksville |
|
BC FRP |
|
Lending |
|
Apartment/ |
|
Grand |
|
|
Quarry, LLC |
|
Realty, LLC |
|
Ventures |
|
Mixed-Use |
|
Total |
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
14,307 |
|
|
21,059 |
|
|
5,547 |
|
|
452,411 |
|
$ |
493,324 |
|
Cash and cash equivalents |
|
66 |
|
|
99 |
|
|
0 |
|
|
7,772 |
|
|
7,937 |
|
Unrealized rents & receivables |
|
0 |
|
|
422 |
|
|
0 |
|
|
5,155 |
|
|
5,577 |
|
Deferred costs |
|
1 |
|
|
245 |
|
|
30 |
|
|
3,526 |
|
|
3,802 |
|
Total Assets |
$ |
14,374 |
|
|
21,825 |
|
|
5,577 |
|
|
468,864 |
|
$ |
510,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
10,899 |
|
|
(10,899 |
) |
|
276,801 |
|
$ |
276,801 |
|
Other liabilities |
|
0 |
|
|
338 |
|
|
0 |
|
|
10,685 |
|
|
11,023 |
|
Capital – FRP |
|
7,522 |
|
|
5,294 |
|
|
16,476 |
|
|
106,041 |
|
|
135,333 |
|
Capital - Third Parties |
|
6,852 |
|
|
5,294 |
|
|
0 |
|
|
75,337 |
|
|
87,483 |
|
Total Liabilities and Capital |
$ |
14,374 |
|
|
21,825 |
|
|
5,577 |
|
|
468,864 |
|
$ |
510,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryant Street Partnerships |
The income statements of the Bryant Street Partnerships
are as follows (in thousands):
|
|
Bryant Street |
|
Bryant Street |
|
Bryant Street |
|
Bryant Street |
|
|
|
Partnerships |
|
Partnerships |
|
Partnerships |
|
Partnerships |
|
|
|
Total JV |
|
Total JV |
|
Company Share |
|
Company Share |
|
|
|
Nine months ended |
|
Nine months ended |
|
Nine months ended |
|
Nine months ended |
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental Revenue |
|
$ |
9,322 |
|
|
$ |
6,718 |
|
|
$ |
5,720 |
|
|
$ |
4,123 |
|
Revenue – other |
|
|
1,784 |
|
|
|
1,306 |
|
|
|
1,095 |
|
|
|
801 |
|
Total Revenues |
|
|
11,106 |
|
|
|
8,024 |
|
|
|
6,815 |
|
|
|
4,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,202 |
|
|
|
4,995 |
|
|
|
3,192 |
|
|
|
3,065 |
|
Operating expenses |
|
|
4,384 |
|
|
|
3,846 |
|
|
|
2,690 |
|
|
|
2,360 |
|
Property taxes |
|
|
789 |
|
|
|
878 |
|
|
|
484 |
|
|
|
539 |
|
Total cost of operations |
|
|
10,375 |
|
|
|
9,719 |
|
|
|
6,366 |
|
|
|
5,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit/(loss) |
|
|
731 |
|
|
|
(1,695 |
) |
|
|
449 |
|
|
|
(1,040 |
) |
Interest expense |
|
|
(8,607 |
) |
|
|
(5,437 |
) |
|
|
(5,380 |
) |
|
|
(3,703 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss before tax |
|
$ |
(7,876 |
) |
|
$ |
(7,132 |
) |
|
$ |
(4,931 |
) |
|
$ |
(4,743 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greenville Partnerships |
The income statements of the Greenville Partnerships
are as follows (in thousands):
|
|
Greenville |
|
Greenville |
|
Greenville |
|
Greenville |
|
|
|
Partnerships |
|
Partnerships |
|
Partnerships |
|
Partnerships |
|
|
|
Total JV |
|
Total JV |
|
Company Share |
|
Company Share |
|
|
|
Nine months ended |
|
Nine months ended |
|
Nine months ended |
|
Nine months ended |
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental Revenue |
|
$ |
4,875 |
|
|
$ |
2,234 |
|
|
$ |
1,950 |
|
|
$ |
894 |
|
Revenue – other |
|
|
405 |
|
|
|
125 |
|
|
|
162 |
|
|
|
50 |
|
Total Revenues |
|
|
5,280 |
|
|
|
2,359 |
|
|
|
2,112 |
|
|
|
944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,118 |
|
|
|
1,162 |
|
|
|
847 |
|
|
|
465 |
|
Operating expenses |
|
|
1,784 |
|
|
|
906 |
|
|
|
714 |
|
|
|
363 |
|
Property taxes |
|
|
882 |
|
|
|
476 |
|
|
|
353 |
|
|
|
190 |
|
Total cost of operations |
|
|
4,784 |
|
|
|
2,544 |
|
|
|
1,914 |
|
|
|
1,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit/(loss) |
|
|
496 |
|
|
|
(185 |
) |
|
|
198 |
|
|
|
(74 |
) |
Interest expense |
|
|
(2,872 |
) |
|
|
(697 |
) |
|
|
(1,148 |
) |
|
|
(279 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss before tax |
|
$ |
(2,376 |
) |
|
$ |
(882 |
) |
|
$ |
(950 |
) |
|
$ |
(353 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Verge Partnership |
The income statements of the Verge Partnership are
as follows (in thousands):
|
|
Verge |
|
Verge |
|
|
Partnership |
|
Partnership |
|
|
Total JV |
|
Company Share |
|
|
Nine months ended |
|
Nine months ended |
|
|
September 30, |
|
September 30, |
|
|
2023 |
|
2023 |
Revenues: |
|
|
|
|
|
|
|
|
Rental Revenue |
|
$ |
2,042 |
|
|
$ |
1,254 |
|
Revenue – other |
|
|
320 |
|
|
|
196 |
|
Total Revenues |
|
|
2,362 |
|
|
|
1,450 |
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,958 |
|
|
|
1,815 |
|
Operating expenses |
|
|
2,057 |
|
|
|
1,263 |
|
Property taxes |
|
|
741 |
|
|
|
455 |
|
Total cost of operations |
|
|
5,756 |
|
|
|
3,533 |
|
|
|
|
|
|
|
|
|
|
Total operating profit |
|
|
(3,394 |
) |
|
|
(2,083 |
) |
Interest expense |
|
|
(3,767 |
) |
|
|
(2,312 |
) |
|
|
|
|
|
|
|
|
|
Net profit before tax |
|
$ |
(7,161 |
) |
|
$ |
(4,395 |
) |
|
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v3.23.3
business segments (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues |
$ 10,591
|
$ 9,294
|
$ 31,401
|
$ 27,629
|
Operating profit before corporate expenses |
3,785
|
2,583
|
11,729
|
8,155
|
Corporate expenses |
(889)
|
(734)
|
(3,212)
|
(2,876)
|
Operating profit |
2,896
|
1,849
|
8,517
|
5,279
|
Interest expense |
1,116
|
738
|
3,251
|
2,215
|
Depreciation, depletion and amortization |
|
|
8,557
|
8,696
|
Capital expenditures |
2,449
|
8,726
|
4,634
|
26,137
|
Asset Management [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues |
1,442
|
935
|
3,932
|
2,686
|
Operating profit before corporate expenses |
697
|
392
|
1,855
|
1,103
|
Corporate expenses |
(177)
|
(127)
|
(630)
|
(496)
|
Depreciation, depletion and amortization |
369
|
219
|
1,006
|
683
|
Capital expenditures |
12
|
202
|
557
|
797
|
Mining Properties [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues |
3,082
|
2,471
|
9,628
|
7,779
|
Operating profit before corporate expenses |
2,608
|
2,083
|
8,391
|
6,764
|
Corporate expenses |
(99)
|
(83)
|
(360)
|
(325)
|
Depreciation, depletion and amortization |
138
|
172
|
472
|
416
|
Capital expenditures |
0
|
1
|
0
|
11,218
|
Development [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues |
434
|
412
|
1,387
|
1,203
|
Operating profit before corporate expenses |
(444)
|
(865)
|
(1,377)
|
(2,164)
|
Corporate expenses |
(529)
|
(457)
|
(1,918)
|
(1,794)
|
Depreciation, depletion and amortization |
44
|
47
|
140
|
139
|
Capital expenditures |
2,179
|
8,548
|
3,640
|
13,927
|
Stabilized Joint Venture [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues |
5,633
|
5,476
|
16,454
|
15,961
|
Operating profit before corporate expenses |
924
|
973
|
2,860
|
2,452
|
Corporate expenses |
(84)
|
(67)
|
(304)
|
(261)
|
Depreciation, depletion and amortization |
2,265
|
2,306
|
6,797
|
7,272
|
Capital expenditures |
258
|
(25)
|
437
|
195
|
Total Segments [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Depreciation, depletion and amortization |
$ 2,816
|
$ 2,744
|
$ 8,415
|
$ 8,510
|
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v3.23.3
Identifiable net assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Segment Reporting Information [Line Items] |
|
|
Assets |
$ 701,157
|
$ 701,084
|
Cash |
166,674
|
178,294
|
Asset Management [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Assets |
39,155
|
26,053
|
Mining Properties [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Assets |
48,126
|
48,494
|
Development [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Assets |
194,297
|
188,834
|
Stabilized Joint Venture [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Assets |
251,677
|
257,535
|
Unallocated Corporate Assets [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Assets |
$ 1,228
|
$ 1,874
|
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v3.23.3
v3.23.3
Outstanding debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Debt Instrument [Line Items] |
|
|
Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033 |
$ 180,070
|
$ 180,070
|
Unamortized debt issuance costs |
(1,402)
|
(1,513)
|
Credit agreement |
0
|
0
|
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$ 178,668
|
$ 178,557
|
Mortgages [Member] |
|
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Debt Instrument [Line Items] |
|
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3.03%
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v3.23.3
Long-Term Debt (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
|
Mar. 31, 2021 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2019 |
Dec. 31, 2022 |
Mar. 19, 2021 |
Feb. 06, 2019 |
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Outstanding letters of credit |
|
$ 823,000
|
|
|
$ 823,000
|
|
|
|
|
|
Principal sum |
|
178,668,000
|
|
|
178,668,000
|
|
|
$ 178,557,000
|
|
|
Debt cost amortization |
|
37,000
|
$ 37,000
|
|
111,000
|
$ 111,000
|
|
|
|
|
Capitalized interest costs |
|
$ 297,000
|
$ 673,000
|
|
$ 986,000
|
$ 2,019,000
|
|
|
|
|
Dock 79 Loan [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Principal sum |
|
|
|
|
|
|
|
|
$ 92,070,000
|
|
Fixed interest rate |
|
|
|
|
|
|
|
|
3.03%
|
|
Debt description |
Either loan may be prepaid subsequent
to April 1, 2024, subject to yield maintenance premiums. Either loan may be transferred to a qualified buyer as part of a one-time sale
subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee
|
|
|
|
|
|
|
|
|
|
Maren [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Principal sum |
|
|
|
|
|
|
|
|
$ 88,000,000
|
|
Fixed interest rate |
|
|
|
|
|
|
|
|
3.03%
|
|
Debt description |
Either loan may be prepaid subsequent
to April 1, 2024, subject to yield maintenance premiums. Either loan may be transferred to a qualified buyer as part of a one-time sale
subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee
|
|
|
|
|
|
|
|
|
|
Wells Fargo Level I [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Interest rate spread |
|
|
|
1.50%
|
|
|
|
|
|
|
Commitment fee |
|
|
|
|
0.25%
|
|
|
|
|
|
Wells Fargo Level I I [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Interest rate spread |
|
0.75%
|
|
1.25%
|
|
|
|
|
|
|
Commitment fee |
|
|
|
|
0.20%
|
|
|
|
|
|
Wells Fargo Level I I I [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Interest rate spread |
|
1.50%
|
|
1.00%
|
|
|
|
|
|
|
Commitment fee |
|
|
|
|
0.15%
|
|
|
|
|
|
Wells Fargo [Member] |
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
Revolver term |
|
|
|
|
|
|
5 years
|
|
|
|
Maximum facility amount |
|
|
|
|
|
|
|
|
|
$ 20,000,000
|
Outstanding revolver |
|
$ 0
|
|
|
$ 0
|
|
|
|
|
|
Outstanding letters of credit |
|
823,000
|
|
|
823,000
|
|
|
|
|
|
Available for borrowing |
|
$ 19,177,000
|
|
|
$ 19,177,000
|
|
|
|
|
|
Letter of credit fee |
|
|
|
|
1.00%
|
|
|
|
|
|
Applicable interest rate |
|
6.10%
|
|
|
6.10%
|
|
|
|
|
|
Dividend limit |
|
$ 249,000,000
|
|
|
$ 249,000,000
|
|
|
|
|
|
Covenant compliance |
|
|
|
|
all
|
|
|
|
|
|
X |
- DefinitionAmount of amortization expense attributable to debt issuance costs.
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v3.23.3
Basic and diluted earnings per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Earnings per common share: |
|
|
|
|
Weighted average common shares outstanding during the period – shares used for basic earnings per common share |
9,423
|
9,397
|
9,423
|
9,382
|
Common shares issuable under share based payment plans which are potentially dilutive |
37
|
36
|
40
|
41
|
Common shares used for diluted earnings per common share |
9,460
|
9,433
|
9,463
|
9,423
|
Net income attributable to the Company |
$ 1,259
|
$ 480
|
$ 2,422
|
$ 1,809
|
-basic |
$ 0.13
|
$ 0.05
|
$ 0.26
|
$ 0.19
|
-diluted |
$ 0.13
|
$ 0.05
|
$ 0.26
|
$ 0.19
|
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Summary of changes in outstanding options (Details) - Share-Based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Outstanding options, shares |
70,560
|
88,295
|
Outstanding options, weighted average exercise price |
$ 39.09
|
$ 40.33
|
Outstanding remaining term |
3 years 3 months 19 days
|
4 years 4 months 24 days
|
Options outstanding, weighted average fair value |
$ 1,081
|
$ 1,271
|
Options exercised, shares |
(17,735)
|
|
Options exercised, weighted avg exercise price |
$ 45.27
|
|
Options exercised, weighted avg grant date fair value |
$ (190)
|
|
Options exercisable, shares |
66,570
|
|
Exercisable, weighted average exercise price |
$ 38.68
|
|
Exercisable remaining term |
3 years 2 months 13 days
|
|
Exercisable, weighted average fair value |
$ 1,015
|
|
Options vested, shares |
0
|
|
Vested, weighted average fair value |
$ 0
|
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v3.23.3
Summary of changes in restricted stock awards (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended |
3 Months Ended |
9 Months Ended |
12 Months Ended |
Mar. 31, 2023 |
Jan. 31, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Restricted Stock [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Restricted stock |
|
|
|
|
69,569
|
50,496
|
Restricted stock |
|
|
|
|
$ 52.03
|
$ 50.42
|
Restricted stock |
|
|
|
|
2 years 9 months 18 days
|
3 years
|
Restricted stock |
|
|
|
|
$ 3,620
|
$ 2,546
|
Restricted stock, vested |
|
|
|
|
(6,211)
|
|
Restricted stock |
|
|
|
|
$ 46.49
|
|
Restricted stock |
|
|
|
|
$ (289)
|
|
Time Based Awards Granted [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Restricted stock |
|
|
7,980
|
7,448
|
7,980
|
|
Restricted stock |
|
|
|
|
$ 53.86
|
|
Restricted stock |
|
|
|
|
$ 430
|
|
Performance Based Awards Granted [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Restricted stock |
2,272
|
15,032
|
|
14,016
|
17,304
|
|
Restricted stock |
|
|
|
|
$ 53.92
|
|
Restricted stock |
|
|
|
|
$ 933
|
|
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v3.23.3
Stock-Based Compensation Plans (Details Narrative)
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
Mar. 31, 2023
shares
|
Jan. 31, 2023
shares
|
Mar. 31, 2023
shares
|
Mar. 31, 2022
shares
|
Sep. 30, 2023
USD ($)
integer
shares
|
Sep. 29, 2023
$ / shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Number of plans | integer |
|
|
|
|
2
|
|
Expiration period |
|
|
|
|
10 years
|
|
Vesting rights |
|
|
|
|
exercisable immediately or
become exercisable in cumulative installments of 20% or 25% at the end of each year following the date of grant
|
|
Dividend yield |
|
|
|
|
0.00%
|
|
Minimum volatility |
|
|
|
|
31.50%
|
|
Maximum volatility |
|
|
|
|
41.20%
|
|
Risk-free interest rate minimum |
|
|
|
|
2.00%
|
|
Risk-free interest rate maximum |
|
|
|
|
2.90%
|
|
Expected life minimum |
|
|
|
|
3 years
|
|
Expected life maximum |
|
|
|
|
7 years
|
|
Shares available | shares |
|
|
|
|
343,677
|
|
Intrinsic value | $ |
|
|
|
|
$ 1,018,000
|
|
Intrinsic value | $ |
|
|
|
|
$ 1,050,000
|
|
Closing price | $ / shares |
|
|
|
|
|
$ 53.97
|
Time Based Awards Granted [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Restricted grants | shares |
|
|
7,980
|
7,448
|
7,980
|
|
Vesting period |
|
|
4 years
|
4 years
|
|
|
Performance Based Awards Granted [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Restricted grants | shares |
2,272
|
15,032
|
|
14,016
|
17,304
|
|
Vesting period |
|
|
5 years
|
5 years
|
|
|
Employee Stock [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Stock grants | shares |
|
|
928
|
865
|
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Unrecognized compensation cost | $ |
|
|
|
|
$ 11,000
|
|
Recognition period |
|
|
|
|
2 months
|
|
Restricted Stock [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
Unrecognized compensation cost | $ |
|
|
|
|
$ 2,725,000
|
|
Recognition period |
|
|
|
|
3 years 1 month 5 days
|
|
X |
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v3.23.3
Fair Value Measurements (Details Narrative) - USD ($)
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Fair Value Disclosures [Abstract] |
|
|
US Treasury notes value |
$ 148,768,000
|
|
Unrealized loss on investments |
571,000
|
|
Carrying amount of mortgage notes payable |
180,070,000
|
$ 180,070,000
|
FV of mortgage notes payable |
$ 136,928,000
|
$ 142,753,000
|
X |
- DefinitionAmount, before tax, of unrealized loss in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
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v3.23.3
Investments in unconsolidated joint ventures (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Total investments |
$ 154,025
|
|
$ 154,025
|
|
$ 140,525
|
Total assets of the partnership |
701,157
|
|
701,157
|
|
701,084
|
Profit (loss) of the partnership |
1,099
|
$ 384
|
1,997
|
$ 1,370
|
|
Share of profit (loss) of the partnership |
(2,913)
|
$ (1,878)
|
(10,585)
|
$ (5,248)
|
|
Real Estate Total Assets [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Total assets of the partnership |
$ 519,761
|
|
519,761
|
|
510,640
|
Profit (loss) of the partnership |
|
|
(18,031)
|
|
(3,437)
|
Real Estate Partnership Net Income Loss [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Share of profit (loss) of the partnership |
|
|
$ (10,585)
|
|
$ (5,721)
|
Brooksville Quarry L L C [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Equity Method Investment, Ownership Percentage |
50.00%
|
|
50.00%
|
|
50.00%
|
Total investments |
$ 7,486
|
|
$ 7,486
|
|
$ 7,522
|
Profit (loss) of the partnership |
|
|
(62)
|
|
(84)
|
Share of profit (loss) of the partnership |
|
|
(31)
|
|
(42)
|
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Total assets of the partnership |
$ 14,372
|
|
$ 14,372
|
|
$ 14,374
|
B C F R P Realty L L C [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Equity Method Investment, Ownership Percentage |
50.00%
|
|
50.00%
|
|
50.00%
|
Total investments |
$ 5,077
|
|
$ 5,077
|
|
$ 5,453
|
Profit (loss) of the partnership |
|
|
(556)
|
|
(358)
|
Share of profit (loss) of the partnership |
|
|
(278)
|
|
(175)
|
B C F R P Realty L L C [Member] | Real Estate Total Assets [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Total assets of the partnership |
$ 22,164
|
|
$ 22,164
|
|
$ 21,825
|
Buzzard Point Sponsor Partnership [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Equity Method Investment, Ownership Percentage |
50.00%
|
|
50.00%
|
|
50.00%
|
Total investments |
$ 2,292
|
|
$ 2,292
|
|
$ 1,453
|
Profit (loss) of the partnership |
|
|
0
|
|
0
|
Share of profit (loss) of the partnership |
|
|
0
|
|
0
|
Buzzard Point Sponsor Partnership [Member] | Real Estate Total Assets [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Total assets of the partnership |
$ 4,584
|
|
$ 4,584
|
|
$ 2,906
|
Bryant Street Partnerships [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Equity Method Investment, Ownership Percentage |
61.36%
|
|
61.36%
|
|
61.36%
|
Total investments |
$ 61,140
|
|
$ 61,140
|
|
$ 55,561
|
Profit (loss) of the partnership |
|
|
(7,876)
|
|
(10,339)
|
Share of profit (loss) of the partnership |
|
|
(4,931)
|
|
(6,829)
|
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Total assets of the partnership |
195,915
|
|
195,915
|
|
199,774
|
Lending Ventures [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Total investments |
25,084
|
|
25,084
|
|
16,476
|
Profit (loss) of the partnership |
|
|
0
|
|
0
|
Share of profit (loss) of the partnership |
|
|
0
|
|
0
|
Lending Ventures [Member] | Real Estate Total Assets [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Total assets of the partnership |
$ 14,428
|
|
$ 14,428
|
|
$ 5,577
|
Estero Partnership [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Equity Method Investment, Ownership Percentage |
16.00%
|
|
16.00%
|
|
16.00%
|
Total investments |
$ 3,600
|
|
$ 3,600
|
|
$ 3,600
|
Profit (loss) of the partnership |
|
|
0
|
|
0
|
Estero Partnership [Member] | Real Estate Total Assets [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Total assets of the partnership |
$ 38,703
|
|
$ 38,703
|
|
$ 38,505
|
Verge [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Equity Method Investment, Ownership Percentage |
61.37%
|
|
61.37%
|
|
61.37%
|
Total investments |
$ 37,535
|
|
$ 37,535
|
|
$ 38,471
|
Profit (loss) of the partnership |
|
|
(7,161)
|
|
(1,841)
|
Share of profit (loss) of the partnership |
|
|
(4,395)
|
|
(1,129)
|
Verge [Member] | Real Estate Total Assets [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Total assets of the partnership |
$ 130,978
|
|
$ 130,978
|
|
$ 131,128
|
Greenville Partnerships [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Equity Method Investment, Ownership Percentage |
40.00%
|
|
40.00%
|
|
40.00%
|
Total investments |
$ 11,811
|
|
$ 11,811
|
|
$ 11,989
|
Profit (loss) of the partnership |
|
|
(2,376)
|
|
(1,775)
|
Share of profit (loss) of the partnership |
|
|
(950)
|
|
(710)
|
Greenville Partnerships [Member] | Real Estate Total Assets [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Total assets of the partnership |
$ 98,617
|
|
$ 98,617
|
|
$ 96,551
|
D S T Hickory Creek [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Equity Method Investment, Ownership Percentage |
|
|
|
|
26.65%
|
Total investments |
|
|
|
|
$ 0
|
Profit (loss) of the partnership |
|
|
|
|
10,960
|
Share of profit (loss) of the partnership |
|
|
|
|
3,164
|
D S T Hickory Creek [Member] | Real Estate Total Assets [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Total assets of the partnership |
|
|
|
|
$ 0
|
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v3.23.3
Investments in Apartment/Mixed-use as of September 30, 2023 (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
$ 498,119
|
$ 493,324
|
Cash and cash equivalents |
8,814
|
7,937
|
Unrealized rents & receivables |
6,990
|
5,577
|
Deferred costs |
5,838
|
3,802
|
Total Assets |
701,157
|
701,084
|
Secured notes payable |
273,938
|
276,801
|
Other liabilities |
6,635
|
11,023
|
Capital – Third Parties |
410,790
|
407,145
|
Total Liabilities and Capital |
701,157
|
701,084
|
Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
519,761
|
510,640
|
Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - FRP |
148,740
|
135,333
|
Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – Third Parties |
90,448
|
87,483
|
Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
519,761
|
510,640
|
Buzzard Point Sponsor Partnership [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
0
|
0
|
Cash and cash equivalents |
0
|
0
|
Unrealized rents & receivables |
0
|
0
|
Deferred costs |
4,584
|
2,906
|
Secured notes payable |
0
|
0
|
Other liabilities |
0
|
0
|
Buzzard Point Sponsor Partnership [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
4,584
|
2,906
|
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - FRP |
2,292
|
1,453
|
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – Third Parties |
2,292
|
1,453
|
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
4,584
|
2,906
|
Bryant Street Partnerships [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
187,693
|
192,904
|
Cash and cash equivalents |
1,661
|
1,349
|
Unrealized rents & receivables |
6,141
|
5,128
|
Deferred costs |
420
|
393
|
Secured notes payable |
116,922
|
129,263
|
Other liabilities |
2,786
|
2,338
|
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
195,915
|
199,774
|
Bryant Street Partnerships [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - FRP |
59,132
|
53,553
|
Bryant Street Partnerships [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – Third Parties |
17,075
|
14,620
|
Bryant Street Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
195,915
|
199,774
|
Estero Partnership [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
34,416
|
33,008
|
Cash and cash equivalents |
4,287
|
5,497
|
Unrealized rents & receivables |
0
|
0
|
Deferred costs |
0
|
0
|
Secured notes payable |
16,000
|
16,000
|
Other liabilities |
174
|
5
|
Estero Partnership [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
38,703
|
38,505
|
Estero Partnership [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - FRP |
3,605
|
3,600
|
Estero Partnership [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – Third Parties |
18,924
|
18,900
|
Estero Partnership [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
38,703
|
38,505
|
Verge [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
129,145
|
130,616
|
Cash and cash equivalents |
1,170
|
359
|
Unrealized rents & receivables |
309
|
14
|
Deferred costs |
354
|
139
|
Secured notes payable |
72,402
|
66,584
|
Other liabilities |
1,102
|
5,328
|
Verge [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
130,978
|
131,128
|
Verge [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - FRP |
35,261
|
36,348
|
Verge [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – Third Parties |
22,213
|
22,868
|
Verge [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
130,978
|
131,128
|
Greenville Partnerships [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
96,834
|
95,883
|
Cash and cash equivalents |
1,595
|
567
|
Unrealized rents & receivables |
83
|
13
|
Deferred costs |
105
|
88
|
Secured notes payable |
67,414
|
64,954
|
Other liabilities |
2,243
|
3,014
|
Greenville Partnerships [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
98,617
|
96,551
|
Greenville Partnerships [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - FRP |
10,858
|
11,087
|
Greenville Partnerships [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – Third Parties |
18,102
|
17,496
|
Greenville Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
98,617
|
96,551
|
Apartment Mixed Use [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
448,088
|
452,411
|
Cash and cash equivalents |
8,713
|
7,772
|
Unrealized rents & receivables |
6,533
|
5,155
|
Deferred costs |
5,463
|
3,526
|
Secured notes payable |
272,738
|
276,801
|
Other liabilities |
6,305
|
10,685
|
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
468,797
|
468,864
|
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - FRP |
111,148
|
106,041
|
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – Third Parties |
78,606
|
75,337
|
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
$ 468,797
|
$ 468,864
|
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v3.23.3
Investments in Joint Ventures as of September 30, 2023 (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
$ 498,119
|
$ 493,324
|
Cash and cash equivalents |
8,814
|
7,937
|
Unrealized rents & receivables |
6,990
|
5,577
|
Deferred costs |
5,838
|
3,802
|
Total Assets |
701,157
|
701,084
|
Secured notes payable |
273,938
|
276,801
|
Other liabilities |
6,635
|
11,023
|
Capital - Third Parties |
410,790
|
407,145
|
Total Liabilities and Capital |
701,157
|
701,084
|
Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
519,761
|
510,640
|
Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – FRP |
148,740
|
135,333
|
Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - Third Parties |
90,448
|
87,483
|
Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
519,761
|
510,640
|
Brooksville Quarry L L C [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
14,343
|
14,307
|
Cash and cash equivalents |
27
|
66
|
Unrealized rents & receivables |
0
|
0
|
Deferred costs |
2
|
1
|
Secured notes payable |
0
|
0
|
Other liabilities |
64
|
0
|
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
14,372
|
14,374
|
Brooksville Quarry L L C [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – FRP |
7,487
|
7,522
|
Brooksville Quarry L L C [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - Third Parties |
6,821
|
6,852
|
Brooksville Quarry L L C [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
14,372
|
14,374
|
B C F R P Realty L L C [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
21,260
|
21,059
|
Cash and cash equivalents |
74
|
99
|
Unrealized rents & receivables |
457
|
422
|
Deferred costs |
373
|
245
|
Secured notes payable |
11,856
|
10,899
|
Other liabilities |
266
|
338
|
B C F R P Realty L L C [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
22,164
|
21,825
|
B C F R P Realty L L C [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – FRP |
5,021
|
5,294
|
B C F R P Realty L L C [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - Third Parties |
5,021
|
5,294
|
B C F R P Realty L L C [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
22,164
|
21,825
|
Lending Ventures [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
14,428
|
5,547
|
Cash and cash equivalents |
0
|
0
|
Unrealized rents & receivables |
0
|
0
|
Deferred costs |
0
|
30
|
Secured notes payable |
(10,656)
|
(10,899)
|
Other liabilities |
0
|
0
|
Lending Ventures [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
14,428
|
5,577
|
Lending Ventures [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – FRP |
25,084
|
16,476
|
Lending Ventures [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - Third Parties |
0
|
0
|
Lending Ventures [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
14,428
|
5,577
|
Apartment Mixed Use [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
448,088
|
452,411
|
Cash and cash equivalents |
8,713
|
7,772
|
Unrealized rents & receivables |
6,533
|
5,155
|
Deferred costs |
5,463
|
3,526
|
Secured notes payable |
272,738
|
276,801
|
Other liabilities |
6,305
|
10,685
|
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
468,797
|
468,864
|
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – FRP |
111,148
|
106,041
|
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - Third Parties |
78,606
|
75,337
|
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
$ 468,797
|
$ 468,864
|
X |
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v3.23.3
Investments in Apartment/Mixed-use as of December 31, 2022 (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
$ 498,119
|
$ 493,324
|
Cash and cash equivalents |
8,814
|
7,937
|
Unrealized rents & receivables |
6,990
|
5,577
|
Deferred costs |
5,838
|
3,802
|
Total Assets |
701,157
|
701,084
|
Secured notes payable |
273,938
|
276,801
|
Other liabilities |
6,635
|
11,023
|
Capital – Third Parties |
410,790
|
407,145
|
Total Liabilities and Capital |
701,157
|
701,084
|
Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
519,761
|
510,640
|
Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - FRP |
148,740
|
135,333
|
Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – Third Parties |
90,448
|
87,483
|
Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
519,761
|
510,640
|
Buzzard Point Sponsor Partnership [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
0
|
0
|
Cash and cash equivalents |
0
|
0
|
Unrealized rents & receivables |
0
|
0
|
Deferred costs |
4,584
|
2,906
|
Secured notes payable |
0
|
0
|
Other liabilities |
0
|
0
|
Buzzard Point Sponsor Partnership [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
4,584
|
2,906
|
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - FRP |
2,292
|
1,453
|
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – Third Parties |
2,292
|
1,453
|
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
4,584
|
2,906
|
Bryant Street Partnerships [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
187,693
|
192,904
|
Cash and cash equivalents |
1,661
|
1,349
|
Unrealized rents & receivables |
6,141
|
5,128
|
Deferred costs |
420
|
393
|
Secured notes payable |
116,922
|
129,263
|
Other liabilities |
2,786
|
2,338
|
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
195,915
|
199,774
|
Bryant Street Partnerships [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - FRP |
59,132
|
53,553
|
Bryant Street Partnerships [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – Third Parties |
17,075
|
14,620
|
Bryant Street Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
195,915
|
199,774
|
Estero Partnership [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
34,416
|
33,008
|
Cash and cash equivalents |
4,287
|
5,497
|
Unrealized rents & receivables |
0
|
0
|
Deferred costs |
0
|
0
|
Secured notes payable |
16,000
|
16,000
|
Other liabilities |
174
|
5
|
Estero Partnership [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
38,703
|
38,505
|
Estero Partnership [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - FRP |
3,605
|
3,600
|
Estero Partnership [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – Third Parties |
18,924
|
18,900
|
Estero Partnership [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
38,703
|
38,505
|
Verge [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
129,145
|
130,616
|
Cash and cash equivalents |
1,170
|
359
|
Unrealized rents & receivables |
309
|
14
|
Deferred costs |
354
|
139
|
Secured notes payable |
72,402
|
66,584
|
Other liabilities |
1,102
|
5,328
|
Verge [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
130,978
|
131,128
|
Verge [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - FRP |
35,261
|
36,348
|
Verge [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – Third Parties |
22,213
|
22,868
|
Verge [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
130,978
|
131,128
|
Greenville Partnerships [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
96,834
|
95,883
|
Cash and cash equivalents |
1,595
|
567
|
Unrealized rents & receivables |
83
|
13
|
Deferred costs |
105
|
88
|
Secured notes payable |
67,414
|
64,954
|
Other liabilities |
2,243
|
3,014
|
Greenville Partnerships [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
98,617
|
96,551
|
Greenville Partnerships [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - FRP |
10,858
|
11,087
|
Greenville Partnerships [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – Third Parties |
18,102
|
17,496
|
Greenville Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
98,617
|
96,551
|
Apartment Mixed Use [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
448,088
|
452,411
|
Cash and cash equivalents |
8,713
|
7,772
|
Unrealized rents & receivables |
6,533
|
5,155
|
Deferred costs |
5,463
|
3,526
|
Secured notes payable |
272,738
|
276,801
|
Other liabilities |
6,305
|
10,685
|
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
468,797
|
468,864
|
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - FRP |
111,148
|
106,041
|
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – Third Parties |
78,606
|
75,337
|
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
$ 468,797
|
$ 468,864
|
X |
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v3.23.3
Investments in Joint Ventures as of December 31, 2022 (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
$ 498,119
|
$ 493,324
|
Cash and cash equivalents |
8,814
|
7,937
|
Unrealized rents & receivables |
6,990
|
5,577
|
Deferred costs |
5,838
|
3,802
|
Total Assets |
701,157
|
701,084
|
Secured notes payable |
273,938
|
276,801
|
Other liabilities |
6,635
|
11,023
|
Capital - Third Parties |
410,790
|
407,145
|
Total Liabilities and Capital |
701,157
|
701,084
|
Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
519,761
|
510,640
|
Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – FRP |
148,740
|
135,333
|
Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - Third Parties |
90,448
|
87,483
|
Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
519,761
|
510,640
|
Brooksville Quarry L L C [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
14,343
|
14,307
|
Cash and cash equivalents |
27
|
66
|
Unrealized rents & receivables |
0
|
0
|
Deferred costs |
2
|
1
|
Secured notes payable |
0
|
0
|
Other liabilities |
64
|
0
|
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
14,372
|
14,374
|
Brooksville Quarry L L C [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – FRP |
7,487
|
7,522
|
Brooksville Quarry L L C [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - Third Parties |
6,821
|
6,852
|
Brooksville Quarry L L C [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
14,372
|
14,374
|
B C F R P Realty L L C [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
21,260
|
21,059
|
Cash and cash equivalents |
74
|
99
|
Unrealized rents & receivables |
457
|
422
|
Deferred costs |
373
|
245
|
Secured notes payable |
11,856
|
10,899
|
Other liabilities |
266
|
338
|
B C F R P Realty L L C [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
22,164
|
21,825
|
B C F R P Realty L L C [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – FRP |
5,021
|
5,294
|
B C F R P Realty L L C [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - Third Parties |
5,021
|
5,294
|
B C F R P Realty L L C [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
22,164
|
21,825
|
Lending Ventures [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
14,428
|
5,547
|
Cash and cash equivalents |
0
|
0
|
Unrealized rents & receivables |
0
|
0
|
Deferred costs |
0
|
30
|
Secured notes payable |
(10,656)
|
(10,899)
|
Other liabilities |
0
|
0
|
Lending Ventures [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
14,428
|
5,577
|
Lending Ventures [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – FRP |
25,084
|
16,476
|
Lending Ventures [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - Third Parties |
0
|
0
|
Lending Ventures [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
14,428
|
5,577
|
Apartment Mixed Use [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Investments in real estate, net |
448,088
|
452,411
|
Cash and cash equivalents |
8,713
|
7,772
|
Unrealized rents & receivables |
6,533
|
5,155
|
Deferred costs |
5,463
|
3,526
|
Secured notes payable |
272,738
|
276,801
|
Other liabilities |
6,305
|
10,685
|
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Assets |
468,797
|
468,864
|
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital – FRP |
111,148
|
106,041
|
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Capital - Third Parties |
78,606
|
75,337
|
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member] |
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
Total Liabilities and Capital |
$ 468,797
|
$ 468,864
|
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Bryant Street Partnerships (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Rental Revenue |
$ 7,509
|
$ 6,823
|
$ 21,773
|
$ 19,850
|
Total Revenues |
10,591
|
9,294
|
31,401
|
27,629
|
Property taxes |
919
|
1,034
|
2,745
|
3,103
|
Total cost of operations |
2,012
|
1,967
|
5,574
|
5,316
|
Total operating profit/(loss) |
2,896
|
1,849
|
8,517
|
5,279
|
Interest expense |
(1,116)
|
(738)
|
(3,251)
|
(2,215)
|
Net loss before tax |
$ 1,566
|
$ 562
|
2,895
|
1,896
|
Bryant Street Partnerships [Member] |
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Rental Revenue |
|
|
5,720
|
4,123
|
Revenue – other |
|
|
1,095
|
801
|
Total Revenues |
|
|
6,815
|
4,924
|
Depreciation and amortization |
|
|
3,192
|
3,065
|
Operating expenses |
|
|
2,690
|
2,360
|
Property taxes |
|
|
484
|
539
|
Total cost of operations |
|
|
6,366
|
5,964
|
Total operating profit/(loss) |
|
|
449
|
(1,040)
|
Interest expense |
|
|
(5,380)
|
(3,703)
|
Net loss before tax |
|
|
(4,931)
|
(4,743)
|
Bryant Street Partnerships [Member] |
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Rental Revenue |
|
|
9,322
|
6,718
|
Revenue – other |
|
|
1,784
|
1,306
|
Total Revenues |
|
|
11,106
|
8,024
|
Depreciation and amortization |
|
|
5,202
|
4,995
|
Operating expenses |
|
|
4,384
|
3,846
|
Property taxes |
|
|
789
|
878
|
Total cost of operations |
|
|
10,375
|
9,719
|
Total operating profit/(loss) |
|
|
731
|
(1,695)
|
Interest expense |
|
|
(8,607)
|
(5,437)
|
Net loss before tax |
|
|
$ (7,876)
|
$ (7,132)
|
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v3.23.3
Greenville Partnerships (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Rental Revenue |
$ 7,509
|
$ 6,823
|
$ 21,773
|
$ 19,850
|
Total Revenues |
10,591
|
9,294
|
31,401
|
27,629
|
Property taxes |
919
|
1,034
|
2,745
|
3,103
|
Total cost of operations |
2,012
|
1,967
|
5,574
|
5,316
|
Total operating profit/(loss) |
2,896
|
1,849
|
8,517
|
5,279
|
Interest expense |
(1,116)
|
(738)
|
(3,251)
|
(2,215)
|
Net loss before tax |
$ 1,566
|
$ 562
|
2,895
|
1,896
|
Greenville Woodfield Partnerships [Member] |
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Rental Revenue |
|
|
1,950
|
894
|
Revenue – other |
|
|
162
|
50
|
Total Revenues |
|
|
2,112
|
944
|
Depreciation and amortization |
|
|
847
|
465
|
Operating expenses |
|
|
714
|
363
|
Property taxes |
|
|
353
|
190
|
Total cost of operations |
|
|
1,914
|
1,018
|
Total operating profit/(loss) |
|
|
198
|
(74)
|
Interest expense |
|
|
(1,148)
|
(279)
|
Net loss before tax |
|
|
(950)
|
(353)
|
Greenville Woodfield Partnerships [Member] |
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Rental Revenue |
|
|
4,875
|
2,234
|
Revenue – other |
|
|
405
|
125
|
Total Revenues |
|
|
5,280
|
2,359
|
Depreciation and amortization |
|
|
2,118
|
1,162
|
Operating expenses |
|
|
1,784
|
906
|
Property taxes |
|
|
882
|
476
|
Total cost of operations |
|
|
4,784
|
2,544
|
Total operating profit/(loss) |
|
|
496
|
(185)
|
Interest expense |
|
|
(2,872)
|
(697)
|
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|
|
$ (2,376)
|
$ (882)
|
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v3.23.3
Verge Partnership (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Rental Revenue |
$ 7,509
|
$ 6,823
|
$ 21,773
|
$ 19,850
|
Total Revenues |
10,591
|
9,294
|
31,401
|
27,629
|
Property taxes |
919
|
1,034
|
2,745
|
3,103
|
Total cost of operations |
2,012
|
1,967
|
5,574
|
5,316
|
Total operating profit |
2,896
|
1,849
|
8,517
|
5,279
|
Interest expense |
(1,116)
|
(738)
|
(3,251)
|
(2,215)
|
Net profit before tax |
$ 1,566
|
$ 562
|
2,895
|
$ 1,896
|
Verge [Member] |
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Rental Revenue |
|
|
1,254
|
|
Revenue – other |
|
|
196
|
|
Total Revenues |
|
|
1,450
|
|
Depreciation and amortization |
|
|
1,815
|
|
Operating expenses |
|
|
1,263
|
|
Property taxes |
|
|
455
|
|
Total cost of operations |
|
|
3,533
|
|
Total operating profit |
|
|
(2,083)
|
|
Interest expense |
|
|
(2,312)
|
|
Net profit before tax |
|
|
(4,395)
|
|
Verge [Member] |
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Rental Revenue |
|
|
2,042
|
|
Revenue – other |
|
|
320
|
|
Total Revenues |
|
|
2,362
|
|
Depreciation and amortization |
|
|
2,958
|
|
Operating expenses |
|
|
2,057
|
|
Property taxes |
|
|
741
|
|
Total cost of operations |
|
|
5,756
|
|
Total operating profit |
|
|
(3,394)
|
|
Interest expense |
|
|
(3,767)
|
|
Net profit before tax |
|
|
$ (7,161)
|
|
X |
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