Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 16, 2018 | Jun. 30, 2017 | |
Document And Entity Information | |||
Entity Registrant Name | FRP HOLDINGS, INC. | ||
Entity Central Index Key | 844,059 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 381,419,706 | ||
Entity Common Stock, Shares Outstanding | 10,014,667 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Assets: | |||
Land | $ 127,700 | $ 99,417 | $ 99,357 |
Buildings and improvements | 334,327 | 195,443 | 193,283 |
Projects under construction | 8,381 | 11,779 | 8,592 |
Total investments in properties | 470,408 | 306,639 | 301,232 |
Less accumulated depreciation and depletion | 94,804 | 82,392 | 80,616 |
Net investments in properties | 375,604 | 224,247 | 220,616 |
Real estate held for investment, at cost | 7,176 | 7,176 | 7,176 |
Investments in joint ventures | 13,406 | 22,901 | 23,854 |
Net real estate investments | 396,186 | 254,324 | 251,646 |
Cash and cash equivalents | 4,524 | 0 | 0 |
Cash held in escrow | 333 | 0 | 0 |
Accounts receivable, net | 1,020 | 710 | 987 |
Federal and state income taxes receivable | 2,962 | 0 | 0 |
Unrealized rents | 4,311 | 4,562 | 4,657 |
Deferred costs | 9,217 | 6,786 | 7,321 |
Other assets | 181 | 178 | 178 |
Total assets | 418,734 | 266,560 | 264,789 |
Liabilities: | |||
Line of credit payable | 0 | 6,665 | 6,807 |
Secured notes payable, current portion | 4,463 | 4,526 | 4,455 |
Secured notes payable, less current portion | 113,854 | 29,554 | 30,670 |
Accounts payable and accrued liabilities | 4,370 | 3,747 | 4,344 |
Environmental remediation liability | 2,037 | 2,037 | 2,037 |
Bank overdraft | 0 | 254 | 6 |
Federal and state income taxes payable | 0 | 887 | 13 |
Deferred revenue | 1,074 | 1,126 | 1,423 |
Deferred income taxes | 25,982 | 16,455 | 16,436 |
Deferred compensation | 1,457 | 1,475 | 1,453 |
Deferred lease intangible, net | 0 | 9 | 14 |
Tenant security deposits | 915 | 1,005 | 1,032 |
Total liabilities | 154,152 | 67,740 | 68,690 |
Commitments and contingencies (Note 14 & 15) | |||
Equity: | |||
Common stock, $.10 par value; 25,000,000 shares authorized, 10,014,667, 9,914,054 and 9,867,279 shares issued and outstanding, respectively | 1,001 | 991 | 987 |
Capital in excess of par value | 55,636 | 52,647 | 51,606 |
Retained earnings | 186,855 | 145,168 | 143,486 |
Accumulated other comprehensive income, net | 38 | 14 | 20 |
Total shareholders' equity | 243,530 | 198,820 | 196,099 |
Noncontrolling interest MRP | 21,052 | 0 | 0 |
Total Equity | 264,582 | 198,820 | 196,099 |
Total liabilities and shareholders' equity | $ 418,734 | $ 266,560 | $ 264,789 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Statement of Financial Position [Abstract] | |||
Common stock, par value | $ 0.10 | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 |
Common stock, shares issued and outstanding | 10,014,667 | 9,914,054 | 9,867,279 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues: | ||||
Rental revenue | $ 6,328 | $ 30,385 | $ 24,457 | $ 23,410 |
Mining Royalty and rents | 1,857 | 7,153 | 7,443 | 5,999 |
Revenue - reimbursements | 1,327 | 5,653 | 5,557 | 5,237 |
Total revenues | 9,512 | 43,191 | 37,457 | 34,646 |
Cost of operations: | ||||
Depreciation, depletion and amortization | 2,095 | 13,532 | 8,051 | 7,378 |
Operating expenses | 994 | 5,621 | 4,624 | 4,609 |
Environmental remediation recovery | 0 | 0 | (1,000) | 0 |
Property taxes | 1,089 | 5,024 | 4,475 | 4,443 |
Management company indirect | 475 | 2,029 | 1,844 | 1,647 |
Corporate expenses (Note 4 Related Party) | 855 | 3,380 | 3,080 | 4,388 |
Total cost of operations | 5,508 | 29,586 | 21,074 | 22,465 |
Total operating profit | 4,004 | 13,605 | 16,383 | 12,181 |
Interest income | 0 | 0 | 2 | 0 |
Interest expense | (306) | (4,323) | (1,561) | (2,014) |
Equity in loss of joint ventures | (1,119) | (1,598) | (978) | (145) |
Gain on remeasurement of investment in real estate partnership | 0 | 60,196 | 0 | 0 |
Gain (loss) on investment land sold | 0 | 0 | 6,029 | (34) |
Income from continuing operations before income taxes | 2,579 | 67,880 | 19,875 | 9,988 |
Provision for income taxes | 897 | 7,329 | 7,851 | 3,895 |
Income from continuing operations | 1,682 | 60,551 | 12,024 | 6,093 |
Gain from discontinued transportation operations, net of taxes | 0 | 0 | 0 | 2,179 |
Net income | 1,682 | 60,551 | 12,024 | 8,272 |
Income attributable to noncontrolling interest | 0 | 18,801 | 0 | 0 |
Net income attributable to the Company | $ 1,682 | $ 41,750 | $ 12,024 | $ 8,272 |
Basic earnings per common share | ||||
Income from continuing operations | $ 0.17 | $ 6.07 | $ 1.22 | $ 0.62 |
Discontinued operations | 0 | 0 | 0 | 0.23 |
Net income | 0.17 | 4.19 | 1.22 | 0.85 |
Diluted earnings per common share | ||||
Income from continuing operations | 0.17 | 6.03 | 1.22 | 0.62 |
Discontinued operations | 0 | 0 | 0 | 0.22 |
Net income | $ 0.17 | $ 4.16 | $ 1.22 | $ 0.84 |
Number of shares (in thousands) used in computing: | ||||
-basic earnings per common share | 9,879 | 9,975 | 9,846 | 9,756 |
-diluted earnings per common share | 9,923 | 10,040 | 9,890 | 9,827 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Net income | $ 1,682 | $ 60,551 | $ 12,024 | $ 8,272 |
Other comp. income (loss) net of tax: | ||||
Spin-off adjustment | 0 | 0 | 0 | (53) |
Minimum pension liability | (6) | 24 | 26 | 7 |
Comprehensive income | 1,676 | 60,575 | 12,050 | 8,226 |
Less comp. income attributable to noncontrolling interest | 0 | 18,801 | 0 | 0 |
Comprehensive income attributable to the Company | $ 1,676 | $ 41,774 | $ 12,050 | $ 8,226 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||||
Net income | $ 1,682 | $ 60,551 | $ 12,024 | $ 8,272 |
Adjustments to reconcile net income to net cash provided by continuing operating activities: | ||||
Income from discontinued operations, net | 0 | 0 | 0 | (2,179) |
Depreciation, depletion and amortization | 2,171 | 14,591 | 8,288 | 7,533 |
Deferred income taxes | 19 | 9,527 | 1,895 | 1,572 |
Equity in loss of joint ventures | 1,119 | 1,598 | 978 | 145 |
Gain on remeasurement of investment in real estate partnership | 0 | (60,196) | 0 | 0 |
Loss (gain) loss on sale of equipment and property | 0 | 12 | (6,047) | 138 |
Stock-based compensation | 79 | 713 | 578 | 803 |
Net changes in operating assets and liabilities: | ||||
Accounts receivable | 277 | (270) | (209) | 349 |
Deferred costs and other assets | 274 | (1,168) | (1,816) | (1,489) |
Accounts payable and accrued liabilities | (895) | (333) | 3,237 | (2,024) |
Income taxes payable and receivable | 874 | (3,849) | 406 | (965) |
Other long-term liabilities | (10) | (117) | 156 | 87 |
Net cash provided by operating activities of continuing operations | 5,590 | 21,059 | 19,490 | 12,242 |
Net cash provided by operating activities of discontinued operations | 0 | 0 | 0 | 4,984 |
Net cash provided by operating activities | 5,590 | 21,059 | 19,490 | 17,226 |
Cash flows from investing activities: | ||||
Investments in properties | (5,407) | (16,610) | (27,554) | (6,493) |
Investments in joint ventures | (168) | (693) | (929) | (625) |
Proceeds from sale of assets | 0 | 16 | 13,444 | 43 |
Cash at consolidation of real estate partnership | 0 | 2,295 | 0 | 0 |
Cash distributed to non-controlling interest | 0 | (2,167) | 0 | 0 |
Cash held in escrow | 0 | (162) | 0 | 61 |
Net cash used in investing activities of continuing operations | (5,575) | (17,321) | (15,039) | (7,014) |
Net cash used in investing activities of discontinued operations | 0 | 0 | 0 | (2,694) |
Net cash used in investing activities | (5,575) | (17,321) | (15,039) | (9,708) |
Cash flows from financing activities: | ||||
Increase (decrease) in bank overdrafts | 248 | (254) | 6 | 0 |
Proceeds from long-term debt | 0 | 90,496 | 0 | 0 |
Repayment of long-term debt | (1,088) | (83,608) | (4,179) | (5,402) |
Proceeds from borrowing on revolving credit facility | 7,832 | 13,420 | 29,583 | 19,400 |
Payment on revolving credit facility | (7,974) | (20,085) | (31,270) | (21,269) |
Debt issue costs | 0 | (1,406) | (139) | (397) |
Repurchase of Company Stock | 0 | (74) | (43) | 0 |
Excess tax benefits from exercises of stock options | 0 | 0 | 0 | 175 |
Exercise of employee stock options | 967 | 2,297 | 1,172 | 1,012 |
Net cash provided by (used in) financing activities of continuing operations | (15) | 786 | (4,870) | (6,481) |
Net cash used in financing activities of discontinued operations | 0 | 0 | 0 | (1,631) |
Net cash provided by (used in) financing activities | (15) | 786 | (4,870) | (8,112) |
Net increase (decrease) in cash and cash equivalents | 0 | 4,524 | (419) | (594) |
Cash and cash equivalents at beginning of year | 0 | 0 | 419 | 1,013 |
Cash and cash equivalents at end of the year | 0 | 4,524 | 0 | 419 |
Supplemental disclosures of cash flow information: | ||||
Cash paid during the year for interest, net of capitalized amounts | 261 | 4,673 | 1,538 | 2,335 |
Cash paid during the year for Income taxes | $ 0 | $ 1,657 | $ 5,565 | $ 3,923 |
Shareholders Equity
Shareholders Equity - USD ($) $ in Thousands | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income, net of tax | Total Shareholders' Equity | Noncontrolling Interest | Total |
Beginning balance, shares at Sep. 30, 2014 | 9,703,270 | ||||||
Beginning balance, amount at Sep. 30, 2014 | $ 970 | $ 47,892 | $ 157,413 | $ 40 | $ 206,315 | $ 0 | $ 206,315 |
Exercise of stock options, shares | 72,300 | 72,300 | |||||
Exercise of stock options, amount | $ 7 | 1,005 | 1,012 | $ 1,012 | |||
Excess tax benefits from exercises of stock options and vesting of restricted stock | 174 | 174 | 174 | ||||
Stock option compensation | 267 | 267 | 267 | ||||
Shares granted to Directors, shares | 16,200 | ||||||
Shares granted to Directors, amount | $ 2 | 534 | 536 | 536 | |||
Spin-off adjustment | (34,188) | (53) | (34,241) | (34,241) | |||
Net income | 8,272 | 8,272 | 8,272 | ||||
Minimum pension liability, net | 7 | 7 | 7 | ||||
Ending balance, shares at Sep. 30, 2015 | 9,791,770 | ||||||
Ending balance, amount at Sep. 30, 2015 | $ 979 | 49,872 | 131,497 | (6) | 182,342 | 0 | $ 182,342 |
Exercise of stock options, shares | 63,730 | 63,730 | |||||
Exercise of stock options, amount | $ 7 | 1,165 | 1,172 | $ 1,172 | |||
Stock option compensation | 166 | 166 | 166 | ||||
Shares granted to Directors, shares | 13,200 | ||||||
Shares granted to Directors, amount | $ 1 | 411 | 412 | 412 | |||
Shares purchased and canceled, shares | (1,421) | ||||||
Shares purchased and canceled, amount | (8) | (35) | (43) | (43) | |||
Net income | 12,024 | 12,024 | 12,024 | ||||
Minimum pension liability, net | 26 | 26 | 26 | ||||
Ending balance, shares at Sep. 30, 2016 | 9,867,279 | ||||||
Ending balance, amount at Sep. 30, 2016 | $ 987 | 51,606 | 143,486 | 20 | 196,099 | 0 | 196,099 |
Beginning balance, amount at Sep. 30, 2016 | $ 196,099 | ||||||
Exercise of stock options, shares | 46,775 | 46,775 | |||||
Exercise of stock options, amount | $ 4 | 962 | 966 | $ 966 | |||
Stock option compensation | 79 | 79 | 79 | ||||
Net income | 1,682 | 1,682 | 1,682 | ||||
Minimum pension liability, net | (6) | (6) | (6) | ||||
Ending balance, shares at Dec. 31, 2016 | 9,914,054 | ||||||
Ending balance, amount at Dec. 31, 2016 | $ 991 | 52,647 | 145,168 | 14 | 198,820 | 0 | 198,820 |
Beginning balance, amount at Dec. 31, 2016 | $ 198,820 | ||||||
Exercise of stock options, shares | 92,130 | 92,130 | |||||
Exercise of stock options, amount | $ 9 | 2,288 | 2,297 | $ 2,297 | |||
Stock option compensation | 268 | 268 | 268 | ||||
Shares granted to Directors, shares | 10,483 | ||||||
Shares granted to Directors, amount | $ 1 | 444 | 445 | 445 | |||
Shares purchased and canceled, shares | (2,000) | ||||||
Shares purchased and canceled, amount | (11) | (63) | (74) | (74) | |||
Net income | 41,750 | 41,750 | 41,750 | ||||
Noncontrolling interest | 21,052 | 21,052 | |||||
Minimum pension liability, net | 24 | 24 | 24 | ||||
Ending balance, shares at Dec. 31, 2017 | 10,014,667 | ||||||
Ending balance, amount at Dec. 31, 2017 | $ 1,001 | $ 55,636 | $ 186,855 | $ 38 | $ 243,530 | $ 21,052 | $ 264,582 |
Consolidated Real Estate and Ac
Consolidated Real Estate and Accumulated Depreciation and Depletion | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Consolidated Real Estate and Accumulated Depreciation and Depletion | FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED)-REAL ESTATE & ACCUMULATED DEPRECIATION AND DEPLETION DECEMBER 31, 2017 County Encumb- rances Initial cost to Company Cost capitalized subsequent to acquisition Gross amount at which carried at end of period (a) Accumulated Depreciation & Depletion Year Of Constr- uction Date Acquired Depreciation Life Computed on: Mining Royalty Lands Alachua, FL $ 1,442 $ 0 $ 1,442 $ 166 n/a 4/86 unit Clayton, GA 369 0 369 5 n/a 4/86 unit Fayette, GA 685 200 885 83 n/a 4/86 unit Lake, FL 402 0 402 158 n/a 4/86 unit Lake, FL 1,083 0 1,083 986 n/a 4/86 unit Lake Louisa, FL 11,039 0 11,039 0 n/a 5/12 unit Lee, FL 4,690 13 4,703 11 n/a 4/86 unit Monroe, GA 792 0 792 292 n/a 4/86 unit Muscogee, GA 369 (45 ) 324 324 n/a 4/86 unit Prince William, VA 298 0 298 298 n/a 4/86 unit Putnam, FL 15,002 37 15,039 4,618 n/a 4/86 Unit Putnam, FL 302 (2 ) 300 283 n/a 4/86 5 yr. Spalding, GA 20 0 20 0 n/a 4/86 n/a Marion, FL 1,180 4 1,184 599 n/a 4/86 Unit Investment Property 1,629 (101 ) 1,528 697 n/a 4/86 n/a 0 39,302 106 39,408 8,520 Asset Management Properties Baltimore, MD 1,551 439 4,814 5,253 3,032 1990 10/89 39 yr. Baltimore, MD 3,004 950 7,727 8,677 5,136 1994 12/91 39 yr. Baltimore, MD 720 690 3,355 4,045 1,648 2000 07/99 39 yr. Baltimore, MD 0 1,435 4,259 5,694 1,304 2008 12/02 39 yr. Baltimore, MD 0 4,309 310 4,619 423 1999 06/14 39 yr. Baltimore, MD 0 8,412 1,026 9,438 351 1967 06/16 39 yr. Baltimore City, MD 4,305 6,094 12,790 18,884 1,708 2016 12/10 39 yr. Baltimore City, MD 0 7,442 2,051 9,493 1,522 1990 6/13 39 yr. Duval, FL 0 2,416 541 2,957 2,797 n/a 4/86 25 yr. Harford, MD 145 31 3,830 3,861 2,288 1998 8/95 39 yr. Harford, MD 873 50 5,709 5,759 2,745 1999 8/95 39 yr. Harford, MD 2,093 85 7,187 7,272 3,876 2001 8/95 39 yr. Harford, MD 1,809 88 10,167 10,255 4,668 2007 8/95 39 yr. Harford, MD 1,191 155 13,048 13,203 4,880 2009 8/95 39 yr. Howard, MD 0 2,859 5,513 8,372 4,627 1996 9/88 39 yr. Howard, MD 651 2,473 1,043 3,516 1,577 2000 3/00 39 yr. Elkridge, MD 0 8,920 63 8,983 844 1974 10/16 39 yr. Anne Arundel, MD 7,473 715 9,515 10,230 6,220 1989 9/88 39 yr. Anne Arundel, MD 3,486 950 14,285 15,235 5,707 2003 5/98 39 yr. Anne Arundel, MD 0 1,525 10,800 12,325 4,143 2005 8/04 39 yr. Anne Arundel, MD 3,097 737 5,440 6,177 2,137 2006 1/03 39 yr. Anne Arundel, MD 0 666 10,642 11,308 3,273 2012 7/07 39 yr. Norfolk, VA 0 7,512 40 7,552 2,946 2004 10/04 39 yr. Prince William, VA 0 10,442 39,553 49,995 4,176 2017 12/05 39 yr. Newcastle Co., DE 0 11,559 3,657 15,216 5,285 2004 4/04 39 yr. 30,398 80,954 177,365 258,319 77,313 Land Development and Construction Properties Carroll, MD 0 4,720 2,479 7,199 0 n/a 3/08 n/a Harford, MD 0 92 1,600 1,692 0 n/a 8/95 n/a Washington D.C. 0 2,957 10,679 13,636 3,044 n/a 4/86 15 yr. Washington D.C. 0 3,811 4,644 8,455 137 n/a 10/97 n/a 0 11,580 19,402 30,982 3,181 Residential Rental Properties Washington D.C. 90,000 6,165 142,031 148,196 5,264 2016 07/17 39 yr. GRAND TOTALS $ 120,398 $ 138,001 $ 338,904 $ 476,905 $ 94,278 (a) The aggregate cost for Federal income tax purposes is $378,255 . FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION AND DEPLETION (In thousands) Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Gross Carrying Cost of Real Estate: Balance at beginning of period $ 313,137 307,473 292,528 286,671 Additions during period: Amounts capitalized 163,879 5,664 27,439 6,063 Deductions during period: Cost of real estate sold — — (5,011 ) — Other (111 ) — (7,483 ) (1) (206 ) Balance at close of period $ 476,905 313,137 307,473 292,528 Accumulated Depreciation & Depletion: Balance at beginning of period $ 81,914 79,973 73,480 67,598 Additions during period: Charged to cost & expense 12,448 1,941 6,690 5,902 Deductions during period: Real estate sold — — — — Other (84 ) — (197 ) (20 ) Balance at close of period $ 94,278 81,914 79,973 73,480 (1) Includes $6,828 of property cost transferred to Investment in Joint Ventures for the joint venture partnership with St. John Properties. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounting Policies | 1. Accounting Policies. ORGANIZATION - FRP Holdings, Inc. (“FRP” or the “Company”) is a holding company engaged in the real estate business, namely (i) warehouse/office building ownership, leasing and management, (ii) mining royalty land ownership and leasing, (iii) land acquisition, entitlement and development primarily for future warehouse/office building construction, and (iv) leasing and management of a residential apartment building. On January 30, 2015, FRP completed the tax-free Spin-off (“Spin-off”) of its transportation business into a new, separately traded public company, Patriot Transportation Holding, Inc. (Nasdaq GM: PATI) (“Patriot”). In the Spin-off, FRP distributed all of the outstanding stock of Patriot to FRP's shareholders as of the record date of January 9, 2015. FRP’s shareholders received one share of Patriot for every three shares of FRP owned on the record date. Patriot now is an independent, publicly traded company, and FRP retains no ownership in Patriot. The Company retained the real estate business, which is now the sole business of the Company. See Note 4, regarding more information regarding the spin-off. FRP Holdings, Inc. was incorporated on April 22, 2014 in connection with a corporate reorganization that preceded the Spin-off. The Company’s successor issuer was formed on July 20, 1998. The business of the Company is conducted through our wholly-owned subsidiaries FRP Maryland, Inc., a Maryland corporation, FRP Development Corp., a Maryland corporation and Florida Rock Properties, Inc., a Florida corporation, and the various subsidiaries of each. On December 19, 2016, the Executive Committee of the Board of Directors approved the change in the Company’s fiscal year end from September 30 to December 31. The quarter ending December 31, 2016 was a transition period. CONSOLIDATION - The consolidated financial statements include the accounts of the Company inclusive of our operating real estate subsidiaries, FRP Development Corp. (“Development”) and Florida Rock Properties, Inc. (“Properties”). Our investment in the Brooksville joint venture and BC FRP Realty joint venture are accounted for under the equity method of accounting (See Note 2). All significant intercompany transactions have been eliminated in consolidation. Effective July 1, 2017 the Company consolidated the assets (at fair value), liabilities and operating results of our Riverfront Investment Partners I, LLC partnership (“Dock 79”) which was previously accounted for under the equity method. Subsequent to the July 1, 2017 consolidation, the ownership of Dock 79 attributable to our partner MRP Realty is 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 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. CASH AND CASH EQUIVALENTS - The Company considers all highly liquid debt instruments with maturities of three months or less at time of purchase to be cash equivalents. Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right of offset. REVENUE AND EXPENSE RECOGNITION - Real estate rental revenue and mining royalties are generally recognized when earned under the leases and are considered collectable. Rental income from leases with scheduled increases or other incentives during their term is recognized on a straight-line basis over the term of the lease. Reimbursements of expenses, when provided in the lease, are recognized in the period that the expenses are incurred. Sales of real estate are recognized when the collection of the sales price is reasonably assured and when the Company has fulfilled substantially all of its obligations, which are typically as of the closing date. Accounts receivable are recorded net of discounts and provisions for estimated allowances. We estimate allowances on an ongoing basis by considering historical and current trends. We record estimated bad debts expense as part of operating expenses. We estimate the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment. Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms. PROPERTY AND EQUIPMENT - Property and equipment is recorded at cost less accumulated depreciation and depletion. Provision for depreciation of property, plant and equipment is computed using the straight-line method based on the following estimated useful lives: Years Building and improvements 3-39 Depletion of sand and stone deposits is computed on the basis of units of production in relation to estimated reserves. Reserve estimates are periodically adjusted based upon surveys. The Company recorded depreciation and depletion expenses for fiscal year 2017, the transition period, fiscal year 2016 and fiscal year 2015 of $9,781,000, $1,778,000, $6,809,000, and $6,195,000, respectively. All direct and indirect costs, including interest and real estate taxes, associated with the development, construction, leasing or expansion of real estate investments are capitalized as a cost of the property. Included in indirect costs is an allocation of internal costs associated with development of real estate investments. The cost of routine repairs and maintenance to property and equipment is expensed as incurred. IMPAIRMENT OF LONG-LIVED ASSETS – The Company reviews its long-lived assets, which include property and equipment and purchased intangible assets subject to amortization for potential impairment annually or whenever events or circumstances indicate the carrying amount of a long-lived asset may not be recoverable. This review consists of comparing cap rates on recent cash flows and market value estimates to the carrying values of each asset group. If this review indicates the carrying value might exceed fair value then an estimate of future cash flows for the remaining useful life of each property is prepared considering anticipated vacancy, lease rates, and any future capital expenditures. DEVELOPED PROPERTY RENTALS PURCHASE ACCOUNTING – Acquisitions of rental property, including any associated intangible assets, are measured at fair value at the date of acquisition. Any liabilities assumed or incurred are recorded at their fair value at the time of acquisition. The fair value of the acquired property is allocated between land and building (on an as-if vacant basis) based on management’s estimate of the fair value of those components for each type of property and to tenant improvements based on the depreciated replacement cost of the tenant improvements, which approximates their fair value. The fair value of the in-place leases is recorded as follows: · the fair value of leases in-place on the date of acquisition is based on absorption costs for the estimated lease-up period in which vacancy and foregone revenue are avoided due to the presence of the acquired leases; · the fair value of above and below-market in-place leases based on the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between contractual rent amounts to be paid under the assumed lease and the estimated market lease rates for the corresponding spaces over the remaining non-cancelable terms of the related leases; and · the fair value of intangible tenant or customer relationships. The Company’s determination of these fair values requires it to estimate market rents for each of the leases and make certain other assumptions. These estimates and assumptions affect the rental revenue, and depreciation and amortization expense recognized for these leases and associated intangible assets and liabilities. INVESTMENTS - The Company uses the equity method to account for its investment in Brooksville, in which it has a voting interest of 50% and has significant influence but does not have control. The Company also uses the equity method to account for its investment in BC FRP Realty, in which it has a voting interest of 50%. Under the equity method, the investment is originally recorded at cost and adjusted to recognize the Company’s share of net earnings or losses of the investee, limited to the extent of the Company’s investment in and advances to the investee and financial guarantees on behalf of the investee that create additional basis. The Company regularly monitors and evaluates the realizable value of its investments. When assessing an investment for an other-than-temporary decline in value, the Company considers such factors as, the performance of the investee in relation to its own operating targets and its business plan, the investee’s revenue and cost trends, as well as liquidity and cash position, and the outlook for the overall industry in which the investee operates. From time to time, the Company may consider third party evaluations or valuation reports. If events and circumstances indicate that a decline in the value of these assets has occurred and is other-than-temporary, the Company records a charge to investment income (expense). INCOME TAXES - Deferred tax assets and liabilities are recognized based on differences between financial statement and tax bases of assets and liabilities using presently enacted tax rates. Deferred income taxes result from temporary differences between pre-tax income reported in the financial statements and taxable income. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit. The second step is to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the amounts rely upon the determination of the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit, and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. It is the Company's policy to recognize as additional income tax expense the items of interest and penalties directly related to income taxes. STOCK BASED COMPENSATION – The Company accounts for compensation related to share based plans by recognizing the grant date fair value of stock options and other equity-based compensation issued to employees in its income statement over the requisite employee service period using the straight-line attribution model. In addition, compensation expense must be recognized for the change in fair value of any awards modified, repurchased or cancelled after the grant date. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model. The assumptions used in the model and current year impact are discussed in Note 9. PENSION PLAN - The Company accounts for its pension plan following the requirements of FASB ASC Topic 715, “Compensation – Retirement Benefits”, which requires an employer to: (a) recognize in its statement of financial position the funded status of a benefit plan; (b) measure defined benefit plan assets and obligations as of the end of the employer's fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise but are not recognized as components of net periodic benefit costs pursuant to prior existing guidance. EARNINGS PER COMMON SHARE - Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options and restricted stock. USE OF ESTIMATES - The preparation of financial statements in conformity with accounting principles generally accepted in the United State requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain accounting policies and estimates are of more significance in the financial statement preparation process than others. The most critical accounting policies and estimates include the economic useful lives of our mining reserves, property and equipment, provisions for uncollectible accounts receivable and collectibility of unrealized rents, estimates of exposures related to our insurance claims plans and environmental liabilities, and estimates for taxes. To the extent that actual, final outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates, earnings during that accounting period will be affected. ENVIRONMENTAL - Environmental expenditures that benefit future periods are capitalized. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded for the estimated amount of expected environmental assessments and/or remedial efforts. Estimation of such liabilities includes an assessment of engineering estimates, continually evolving governmental laws and standards, and potential involvement of other potentially responsible parties. COMPREHENSIVE INCOME – Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) refers to expenses, gains, and losses that are not included in net income, but rather are recorded directly in shareholders’ equity. RECENTLY ISSUED ACCOUNTING STANDARDS – In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. Lessors will account for leases using an approach that is substantially equivalent to existing accounting standards. The new standard will become effective for the Company beginning with the first quarter 2019 and requires a modified retrospective transition approach and includes a number of practical expedients. Early adoption of the standard is permitted. As the Company is primarily a lessor the adoption of this guidance is not expected to have a material impact on its financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” which replaces existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. Topic 606 applies to all contracts with customers except those that are within the scope of other topics in the FASB's accounting standards codification. As a result, Topic 606 does not apply to revenue from lease contracts until the adoption of the new leases standard, Topic 842, in January 2019. The majority of the Company's revenue originates from lease contracts and will be subject to Topic 842 to be adopted in January 2019. Upon the adoption of the new leases standard, certain recoveries from tenants may become subject to the revenue standard, which may have a different recognition pattern or presentation than under current GAAP. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. The new standard is effective beginning with the first quarter of 2018. The Company currently does not expect the adoption of this guidance to result in a material impact on its financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs”, which relates to the financial statement presentation of debt issuance costs. This guidance requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt liability rather than included in the asset deferred costs. The Company adopted this guidance as of October 1, 2016 with retrospective presentation. Unamortized debt issuance costs of $887,000 and $884,000 have been reclassified to offset the related debt as of September 30, 2016 and September 30, 2015, respectively. In March 2016, the FASB issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Excess tax benefits for share-based payments are recorded as a reduction of income taxes and reflected in operating cash flows upon the adoption of this ASU. Excess tax benefits were recorded in equity and as financing activity prior to adoption of this ASU. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The Company adopted this guidance prospectively as of October 1, 2016. As a result of this adoption in 2017 we recorded a $14,000 reduction of income tax expense from excess tax benefits on stock option exercises In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”, to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or businesses. To be considered a business, an acquisition would have to include an input and a substantive process that together significantly contribute to the ability to create outputs. The new guidance provides a framework to evaluate when an input and a substantive process are present. To be a business without outputs, there will now need to be an organized workforce. ASU 2017-01 further states that when substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. The Company adopted this guidance prospectively as of July 1, 2017. This standard will result in building acquisitions being considered an asset rather than a business. This change will result in acquisition costs being capitalized as part of the asset acquisition, whereas prior treatment has them recognized in earnings in the period incurred. |
Investments in Joint Ventures
Investments in Joint Ventures | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Joint Ventures | 2. Investments in Joint Ventures. Brooksville. BC FRP Realty (Windlass Run). Investments in Joint Ventures (in thousands): The Company's Total Assets Net Loss Share of Net Total of the of the Loss of the Ownership Investment Partnership Partnership Partnership As of December 31, 2017 RiverFront Holdings I, LLC (1) — $ — — (2,019 ) (1,558 ) Brooksville Quarry, LLC 50.00 % 7,516 14,411 (80 ) (40 ) BC FRP Realty, LLC 50.00 % 5,890 15,027 — — Total $ 13,406 29,438 (2,099 ) (1,598 ) As of December 31, 2016 RiverFront Holdings I, LLC 77.14 % $ 10,151 90,420 (1,446 ) (1,115 ) Brooksville Quarry, LLC 50.00 % 7,522 14,341 (8 ) (4 ) BC FRP Realty, LLC 50.00 % 5,228 10,784 — — Total $ 22,901 115,545 (1,454 ) (1,119 ) As of September 30, 2016 RiverFront Holdings I, LLC 77.14 % $ 11,261 85,106 (1,193 ) (938 ) Brooksville Quarry, LLC 50.00 % 7,496 14,350 (80 ) (40 ) BC FRP Realty, LLC 50.00 % 5,097 10,573 — — Total $ 23,854 110,029 (1,273 ) (978 ) (1) The Company consolidated this joint venture effective July 1, 2017 (see Footnote 3). Balance Sheets at December 31, 2016 and September 30, 2016 (in thousands): As of December 31, 2016 Riverfront Brooksville BC FRP Holdings I, LLC Quarry, LLC Realty, LLC Total Cash $ 1,023 $ 18 $ 21 $ 1,062 Cash held in escrow 88 — — 88 Investments in real estate, net 89,309 14,323 10,763 114,395 Total Assets $ 90,420 $ 14,341 $ 10,784 $ 115,545 Other Liabilities $ 6,348 $ 1 $ 47 $ 6,396 Long-term Debt 69,042 — — 69,042 Capital – FRP 10,151 7,522 5,228 22,901 Capital - Third Parties 4,879 6,818 5,509 17,206 Total Liabilities and Capital $ 90,420 $ 14,341 $ 10,784 $ 115,545 As of September 30, 2016 Riverfront Brooksville BCF FRP Holdings I, LLC Quarry, LLC Realty, LLC Total Cash $ 297 $ 35 $ 20 $ 352 Cash held in escrow 13 — — 13 Amortizable Debt Costs 1,179 — — 1,179 Investments in real estate, net 83,617 14,315 10,553 108,485 Total Assets $ 85,106 $ 14,350 $ 10,573 $ 110,029 Other Liabilities $ 5,140 $ 65 $ 17 $ 5,222 Long-term Debt 63,495 — — 63,495 Capital - FRP 11,261 7,496 5,097 23,854 Capital - Third Parties 5,210 6,789 5,459 17,458 Total Liabilities and Capital $ 85,106 $ 14,350 $ 10,573 $ 110,029 Income statements for the RiverFront Holdings I, LLC, prior to consolidation July 1, 2017 (in thousands): Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Revenues: Rental Revenue $ 3,053 759 127 — Revenue – Reimbursements 33 19 — — Total Revenues 3,086 778 127 — Cost of operations: Depreciation and amortization 1,958 819 258 — Operating expenses 1,096 562 741 108 Property taxes 459 199 41 — Total cost of operations 3,513 1,580 1,040 108 Total operating profit (427 ) (802 ) (913 ) (108 ) Interest expense (1,592 ) (644 ) (280 ) — Net loss of the Partnership $ (2,019 ) (1,446 ) (1,193 ) (108 ) The amount of consolidated retained earnings for these joint ventures was $(2,638,000), $(1,667,000), and $(990,000) as of December 31, 2017, December 31, 2016 and September 30, 2016 respectively. |
Consolidation of RiverFront Inv
Consolidation of RiverFront Investment Partners I, LLC. | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Consolidation of RiverFront Investment Partners I, LLC. | 3. Consolidation of RiverFront Investment Partners I, LLC. On March 30, 2012 the Company entered into a Contribution Agreement with MRP SE Waterfront Residential, LLC. (“MRP”) to form a joint venture to develop the first phase only of the four phase master development known as RiverFront on the Anacostia in Washington, D.C. The purpose of the Joint Venture is to develop and own an approximately 300,000 square foot residential apartment building (including approximately 18,000 square feet of retail) on approximately 2 acres of the roughly 5.82 acre site. The joint venture, RiverFront Investment Partners I, LLC (“RiverFront I”) was formed in June 2013 as contemplated. The Company contributed land with an agreed to value of $13,500,000 (cost basis of $6,165,000) and contributed cash of $4,866,000 to the Joint Venture for a 77.14% stake in the venture. MRP contributed capital of $5,553,000 to the joint venture including development costs paid prior to formation of the joint venture. Construction commenced in October 2014, first occupancy was in August 2016. The Company’s equity interest in the joint venture was previously accounted for under the equity method of accounting as MRP acts as the administrative agent of the joint venture and oversees and controls the day to day operations of the project. In July 2017, Phase I (Dock 79) reached stabilization, meaning 90% of the individual apartments have been leased and are occupied by third party tenants. Upon reaching stabilization, the Company has, for a period of one year, the exclusive right to (i) cause the joint venture to sell the property or (ii) cause the Company’s and MRP’s percentage interests in the joint venture to be adjusted so as to take into account the contractual payouts assuming a sale at the value of the development at the time of this “Conversion election”. The attainment of stabilization results in a change of control for accounting purposes as the veto rights of the minority shareholder lapsed and the Company became the primary beneficiary. As such, beginning July 1, 2017, the Company consolidated the assets (at fair value), liabilities and operating results of the joint venture. This consolidation resulted in a gain on remeasurement of investment in real estate partnership of $60,196,000 of which $20,469,000 was attributed to the noncontrolling interest. In accordance with the terms of the Joint Venture agreements, the Company used the fair value amount at date of conversion and calculated an adjusted ownership under the Conversion election. As such for financial reporting purposes effective July 1, 2017 the Company ownership is based upon this substantive profit sharing arrangement and is estimated at 66.0% on a prospective basis. As of July 1, 2017 (in thousands) Riverfront Gain on Remeasure- Holdings I, LLC ment Revised Land $ 7,220 $ 21,107 $ 28,327 Building and improvements, net 81,773 34,362 116,135 Value of leases in place — 4,727 4,727 Cash 2,295 — 2,295 Cash held in escrow 171 — 171 Accounts receivable 40 — 40 Prepaid expenses 142 — 142 Total Assets $ 91,641 $ 60,196 $ 151,837 Long-term Debt $ 78,587 $ — $ 78,587 Amortizable debt costs (852 ) — (852 ) Other liabilities 905 — 905 Equity – FRP 8,583 39,727 48,310 Equity – MRP 4,418 20,469 24,887 Total Liabilities and Capital $ 91,641 $ 60,196 $ 151,837 |
Spin-off
Spin-off | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Spin-off | 4. Spin-off. On January 30, 2015, FRP Holdings, Inc. (Nasdaq GM: FRPH) (the “Company” or “FRP”) completed the spin-off of its transportation business into a new, separately traded public company - Patriot Transportation Holding, Inc. (Nasdaq GM: PATI) (“Patriot”) - resulting in FRP becoming a pure real estate company. As a result, the former transportation segment is reported as a discontinued operation without any corporate overhead allocation. Hence, all corporate overhead attributable to the transportation group through the date of the spin-off is included in “corporate expense” on the Company’s historical consolidated income statements. The results of operations associated with discontinued operations for fiscal 2015 were as follows (in thousands): Year ended September 30, 2015 Revenue $ 41,800 Cost of operations 38,195 Operating profit 3,605 Interest expense (33 ) Income before income taxes 3,572 Provision for income taxes 1,393 Income from discontinued operations $ 2,179 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions. The Company is a party to a Transition Services Agreement which resulted from our January 30, 2015 spin-off of Patriot Transportation Holding, Inc. (Patriot). The Transition 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, 2017. The consolidated statements of income reflect charges and/or allocation from Patriot for these services of $1,580,000, $377,000, $1,542,000 and $2,211,000 for fiscal 2017, the transition period, fiscal 2016 and 2015, respectively. Included in the charges above are amounts recognized for corporate executive stock-based compensation expense. These charges are reflected as part of corporate expenses. To determine these allocations between FRP and Patriot as set forth in the Transition Services Agreement, we generally employed the same methodology historically used by the Company pre Spin-off 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 as the terms were negotiated while Patriot was still a subsidiary of FRP. As a result of the Spin-off the former transportation segment of the Company is reported as a discontinued operation and thus is not allowed any corporate overhead allocation. Hence, all corporate overhead of the transportation group through the date of the Spin-off is included in “corporate expense” on the Company’s consolidated income statements. The consolidated statements of income reflect charges and/or allocation for these services of $1,081,000 for fiscal 2015. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt. Debt at is summarized as follows (in thousands): Year ended Three months ended Year ended December 31, December 31, September 30, 2017 2016 2016 Revolving credit agreements $ — 6,665 6,807 5.6% to 7.9% mortgage notes due in installments through 2027 29,664 34,080 35,125 Riverfront permanent loan 88,653 — — 118,317 40,745 41,932 Less portion due within one year 4,463 4,526 4,455 $ 113,854 36,219 37,477 The aggregate amount of principal payments, excluding the revolving credit, due subsequent to December 31, 2017 is: 2018 - $4,463,000; 2019 – $3,908,000; 2020 - $3,701,000; 2021 - $3,456,000; 2022 - $4,177,000 and subsequent years - $98,612,000. The non-recourse fully amortizing mortgage notes payable are collateralized by real estate having a carrying value of approximately $186,181,000 at December 31, 2017. On January 30, 2015, the Company entered into a five year credit agreement with Wells Fargo with a maximum facility amount of $20 million (the "Credit Agreement"). The Credit Agreement provides a revolving credit facility (the “Revolver”) with a $10 million sublimit available for standby letters of credit. As of December 31, 2017, there was no debt outstanding on the revolver, $2,297,000 outstanding under letters of credit and $17,703,000 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 Revolver bears interest at a rate of 1.4% over the selected LIBOR, which may change quarterly based on the Company’s ratio of Consolidated Total Debt to Consolidated Total Capital, as defined which excludes FRP RiverFront. A commitment fee of 0.15% per annum is payable quarterly on the unused portion of the commitment. The commitment fee may also change quarterly based upon the ratio described above. The credit agreement contains certain conditions and financial covenants, including a minimum $110 million tangible net worth. As of December 31, 2017, the tangible net worth covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum of $86.3 million combined. The Company was in compliance with all covenants as of December 31, 2017. On July 24, 2015 the Company closed on a five year, $20 million secured revolver with First Tennessee Bank with a twenty-four month window to convert up to the full amount of the facility into a ten year term loan. Interest accrues at 1.90% over one month LIBOR plus an annual commitment fee of 0.10%. As of December 31, 2017, there was no debt outstanding on the revolver and $20,000,000 available for borrowing. The second facility is a $20 million ten year term loan secured by to-be-determined collateral from our current pool of unencumbered warehouse/office properties. The purpose of these loans is to facilitate growth through new construction in the Land Development and Construction segment and/or acquisition of existing, operating buildings to be added to the Asset Management segment. Effective July 1, 2017 the Company consolidated the assets (at current fair value), liabilities and operating results of our Riverfront Investment Partners I, LLC partnership (“Dock 79”) which was previously accounted for under the equity method. As such the full amount of our construction loan and secondary financing were recorded in the consolidated financial statements. Effective August 7, 2014, the Dock 79 obtained a commitment for a construction loan from a financial institution in the principal amount of $65,000,000 to fund certain development and construction costs of the Dock 79. The initial maturity date of the loan is the earlier of (i) August 7, 2018, or (ii) the date to which the loan is accelerated pursuant to certain terms as outlined in the agreement. The interest rate on the loan through the initial maturity date is based on the 2.35% over one month LIBOR. This loan was paid in full on November 17, 2017. Also effective August 7, 2014, Dock 79 partnership member EB5 Capital-Jobs Fund 8, L.P. made an initial capital contribution of $17 million in cash into an escrow account with a financial institution all of which were used for construction. Associated with the $17 million cash contribution, EB5 is entitled to earn an investment return. The investment return requires the Dock 79 to pay interest monthly based on an annual rate of 4.95% for the first 5 years. Due to the mandatory redemption requirements associated with the EB5 financing arrangement, the related investment was classified as a liability on the balance sheets. EB5 was paid in full on November 17, 2017. Subsequent to the repayment of the investment return, EB5 is no longer a partner in the Dock 79. A prepayment penalty of $440,000 and the remaining deferred loan costs of $714,000 were recorded into interest expense in the quarter ending December 31, 2017. On November 17, 2017, Dock 79’s construction loan and EB5 investment were refinanced by borrowing a principal sum of $90,000,000 pursuant to a Loan Agreement and Deed of Trust Note entered into with EagleBank ("Loan Documents"). The loan is secured by the Dock 79 real property and improvements, bears a fixed interest rate of 4.125% per annum and has a term of 120 months. During the first 48 months of the loan term, the Joint Venture will make monthly payments of interest only, and thereafter, make monthly payments of principal and interest in equal installments based upon a 30-year amortization period. The loan is a non-recourse loan. However, all amounts due under the Loan Documents will become immediately due upon an event of default by the Joint Venture, such events including, without limitation, Joint Venture's (i) failure to: pay, permit inspections or observe covenants under the Loan Documents, (ii) breach of representations made under the Loan Documents (iii) voluntary or involuntary bankruptcy, and (iv) dissolution, or the dissolution of the guarantor. MidAtlantic Realty Partners, LLC, an affiliate of MRP, has executed a carve-out guaranty in connection with the loan. During fiscal 2017, the transition period, fiscal 2016 and 2015 the Company capitalized interest costs of$1,026,000, $328,000, $1,086,000, and $1,041,000, respectively. In January 2015 the Company prepaid the $1,314,000 remaining principal balance on 8.55% and 7.95% mortgages. The prepayment penalty of $116,000 is included in interest expense. The remaining deferred loan costs of $15,000 were also included in interest expense. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Leases | 7. Leases. At December 31, 2017, the total carrying value of property owned by the Company which is leased or held for lease to others is summarized as follows (in thousands): Construction aggregates property $ 35,294 Commercial property 440,083 475,377 less accumulated depreciation and depletion 93,581 $ 381,796 The minimum future straight-lined rentals due the Company on noncancelable leases as of December 31, 2017 are as follows: 2018 - $33,347,000; 2019 - $26,118,000; 2020 - $21,938,000; 2021 - $18,400,000; 2022 - $15,058,000; 2023 and subsequent years $56,149,000. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 8. Earnings per Share. The following details the computations of the basic and diluted earnings per common share ( in thousands, except per share amounts): Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Common shares: Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,975 9,879 9,846 9,756 Common shares issuable under share based payment plans which are potentially dilutive 65 44 44 71 Common shares used for diluted earnings per common share 10,040 9,923 9,890 9,827 Income from continuing operations $ 41,750 1,682 12,024 6,093 Discontinued operations — — — 2,179 Net income attributable to the Company $ 41,750 1,682 12,024 8,272 Basic earnings per common share: Income from continuing operations $ 4.19 0.17 1.22 0.62 Discontinued operations — — — 0.23 Net income attributable to the Company $ 4.19 0.17 1.22 0.85 Diluted earnings per common share Income from continuing operations $ 4.16 0.17 1.22 0.62 Discontinued operations — — — 0.22 Net income attributable to the Company $ 4.16 0.17 1.22 0.84 For 2017, the transition period, 2016, and 2015, 48,122, 61,640, 72,090, and 56,110 shares, respectively, attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | 9. 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 number of common shares available for future issuance was 544,217 at December 31, 2017. 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 32% and 43%, risk-free interest rate of .6% to 4.2% and expected life of 3.0 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. As a result of the Spin-off and pursuant to the Employee Matters Agreement, we made certain adjustments to the exercise price and number of outstanding FRP stock options. All outstanding options held by the Company directors, Company officers and key employees on January 30, 2015 were cancelled and replaced by an equal number of FRP options at 75.14% of the previous exercise price based upon the market value of FRP less the when issued market value of the Company on that day. For FRP officers additional options were issued rather than issuing Patriot options for the 24.86% market value attributed to Patriot. The adjusted stock options are subject to the same vesting conditions and other terms that applied to the original FRP award immediately prior to the Spin-off, except as otherwise described above. Subsequent to Spin-off, the realized tax benefit pertaining to options exercised and the remaining compensation cost of options previously granted prior to the Spin-off will be recognized by FRP or Patriot based on the employment location of the related employee or director. As previously disclosed, Thompson S. Baker II resigned from his position as CEO and from the board of directors on March 13, 2017. In recognition of his outstanding service to the Company, the Board approved the vesting of all of Mr. Baker's outstanding FRP stock options, which expired 90 days following the termination of his employment. The vesting of Mr. Baker’s outstanding FRP options that were issued prior to the spin-off required Patriot to record modification stock compensation expense of $150,000. FRP reimbursed Patriot for this cost under the transition services agreement. The vesting of Mr. Baker’s outstanding FRP options that were issued subsequent to the spin-off required modified stock compensation expense of $41,000. The Company recorded the following stock compensation expense in its consolidated statement of income (in thousands): Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Stock option grants $ 268 79 166 267 Annual director stock award 445 — 412 536 $ 713 79 578 803 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 October 1, 2014 326,830 $ 25.43 5.0 $ 3,481 Spin-off adjustment $ (865 ) Spin-off conversion 17,795 $ 20.63 $ 155 Granted 39,425 $ 26.97 $ 432 Forfeited (6,000 ) $ 14.97 $ (35 ) Exercised (72,300 ) $ 13.31 $ (430 ) Outstanding at September 30, 2015 305,750 $ 21.90 5.9 $ 2,738 Granted 21,540 $ 31.15 $ 272 Exercised (63,730 ) $ 18.39 $ (471 ) Outstanding at September 30, 2016 263,560 $ 23.50 5.6 $ 2,539 Granted 19,600 $ 39.00 $ 297 Exercised (46,775 ) $ 20.66 $ (396 ) Outstanding at December 31, 2016 236,385 $ 25.35 6.1 $ 2,440 Granted 30,255 $ 43.45 $ 440 Modification — $ 30.21 $ (137 ) Exercised (92,130 ) $ 24.93 $ (842 ) Outstanding at December 31, 2017 174,510 $ 28.70 6.0 $ 1,901 Exercisable at December 31, 2017 129,916 $ 25.66 5.1 $ 1,223 Vested during twelve months ended December 31, 2017 41,810 $ 405 The following table summarizes information concerning stock options outstanding at December 31, 2017: Shares Weighted Weighted Range of Exercise under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $24.76 - $37.25 7,084 26.97 6.9 $37.26 - $41.39 37,510 39.59 9.0 44,594 $ 37.58 8.7 Years Exercisable: $16.51 - $24.75 14,100 16.72 3.9 $24.76 - $37.25 73,928 22.06 3.9 $37.26 - $41.39 41,888 35.01 7.6 129,916 $ 25.66 5.1 Years Total 174,510 $ 28.70 6.0 Years The aggregate intrinsic value of exercisable in-the-money options was $2,418,000 and the aggregate intrinsic value of outstanding in-the-money options was $2,719,000 based on the market closing price of $44.25 on December 29, 2017 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of December 31, 2017 was $583,000, which is expected to be recognized over a weighted-average period of 4.1 years. Gains of $1,634,000 were realized by option holders during the year ended December 31, 2017. Patriot realized the tax benefits of $1,525,000 of these gains because these options were exercised by Patriot employees for options granted prior to the spin-off. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes. Fourth quarter 2017 net income included $12,043,000, or $1.20 per share, due to a deferred tax benefit resulting from revaluing the company’s net deferred tax liabilities per the Tax Cuts and Jobs Act of 2017. The company’s net deferred tax liability was reduced as a result of the lower corporate income tax rates applicable to the Company going forward. The adjustment included $209,000 from reducing the effective tax rate for 2017 from 39.5% to 39.07% as a result of not being required to add to deferred taxes in anticipation of future taxable income in excess of $10 million where the federal rate increases from 34% to 35%. Our tax rate including the effect of state income taxes, but not including excess tax benefits from stock option exercises, is projected to decrease from 39.07% to 27.05% starting in 2018. Income tax expense may differ from the above estimate, possibly materially, due to, changes in interpretations of the Tax Act or related accounting guidance, the projected deferred tax changes for fiscal 2018, and projected effective state tax rates. We currently anticipate finalizing and recording any resulting adjustments by the end of our current fiscal year ending December 31, 2018. The provision for income taxes for continuing operations consists of the following (in thousands): Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Current: Federal $ (1,763 ) 693 4,807 1,803 State (429 ) 185 1,165 524 (2,192 ) 878 5,972 2,327 Deferred 9,521 19 1,879 1,568 Total $ 7,329 897 7,851 3,895 A reconciliation between the amount of tax shown above and the amount computed at the statutory Federal income tax rate follows (in thousands): Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Amount computed at statutory Federal rate $ 16,723 777 6,797 3,396 State income taxes (net of Federal income tax benefit) 2,476 115 1,002 504 Tax Cut and Jobs Act of 2017 (11,834 ) — — — Other, net (36 ) 5 52 (5 ) Provision for income taxes $ 7,329 897 7,851 3,895 In this reconciliation, the category “Other, net” consists of changes in unrecognized tax benefits, permanent tax differences related to non-deductible expenses, special tax rates and tax credits, interest and penalties, and adjustments to prior year estimates. The types of temporary differences and their related tax effects that give rise to deferred tax assets and deferred tax liabilities are presented below (in thousands): As of As of As of December 31, December 31, September 30, 2017 2016 2016 Deferred tax liabilities: Property and equipment $ 25,212 15,127 15,197 Depletion 660 776 526 Unrealized rents 1,166 1,786 1,823 Prepaid expenses 431 763 913 Gross deferred tax liabilities 27,469 18,452 18,459 Deferred tax assets: Employee benefits and other 1,487 1,997 2,023 Gross deferred tax assets 1,487 1,997 2,023 Net deferred tax liability $ 25,982 16,455 16,436 The Company has no unrecognized tax benefits. FRP tax returns in the U.S. and various states that include the Company are subject to audit by taxing authorities. As of December 31, 2017, the earliest tax year that remains open for audit in the Unites States is 2012. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefits | 11. Employee Benefits. The Company and certain subsidiaries have a savings/profit sharing plan for the benefit of qualified employees. The savings feature of the plan incorporates the provisions of Section 401(k) of the Internal Revenue Code under which an eligible employee may elect to save a portion (within limits) of their compensation on a tax deferred basis. The Company contributes to a participant’s account an amount equal to 50% (with certain limits) of the participant’s contribution. Additionally, the Company may make an annual discretionary contribution to the plan as determined by the Board of Directors, with certain limitations. The plan provides for deferred vesting with benefits payable upon retirement or earlier termination of employment. The Company’s cost was $54,000 in fiscal 2017, $16,000 in the transition period, $51,000 in fiscal 2016 and $45,000 in fiscal 2015. The Company has a defined benefit pension plan, the Management Security Plan (MSP) for certain officers and key employees. The accruals for future benefits are based upon the remaining years to retirement of the participating employees and other actuarial assumptions. Life insurance on the lives of one of the participants has been purchased to partially fund this benefit and the Company is the owner and beneficiary of that policy. The expense for fiscal 2017, the transition period, fiscal 2016 and 2015 was $12,000, $13,000, $161,000 and $163,000, respectively. The accrued benefit under this plan as of December 31, 2017, December 31, 2016 and September 30, 2016 was $1,457,000, $1,475,000 and $1,485,000 respectively. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | 12. Business Segments. The Company is reporting its financial performance based on four reportable segments, Asset Management, Mining Royalty Lands, Land Development and Construction and RiverFront on the Anacostia, as described below. The Asset Management segment owns, leases and manages warehouse/office buildings located predominately in the Baltimore/Northern Virginia/Washington, DC market area. Our Mining Royalty Lands segment owns several properties comprising approximately 15,000 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 Land Development and Construction segment, we own and are continuously monitoring for their “highest and best use” 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. In July 2017, Phase I (Dock 79) of the development known as RiverFront on the Anacostia in Washington, D.C., a 300,000 square foot residential apartment building developed by a joint venture between the Company and MRP SE Waterfront Residential, LLC (“MRP”), reached stabilization, meaning 90% of the individual apartments have been leased and are occupied by third party tenants. Upon reaching stabilization, the Company has, for a period of one year, the exclusive right to (i) cause the joint venture to sell the property or (ii) cause the Company’s and MRP’s percentage interests in the joint venture to be adjusted so as to take into account the value of the development at the time of stabilization. The attainment of stabilization also resulted in a change of control for accounting purposes as the veto rights of the minority shareholder lapsed and the Company became the primary beneficiary. As such, beginning July 1, 2017, the Company consolidated the assets (at current fair value), liabilities and operating results of the joint venture as a new segment called RiverFront on the Anacostia. Subsequent to the Spin-off, the Company is receiving certain services from Patriot (e.g. executive oversight, accounting, information technology and human resource services) which are billed to the Company on a monthly basis in accordance with the Transition Services Agreement entered into and made effective as of the date of the Spin-off. As was the case prior to the Spin-off, these costs (excluding stock compensation) are included in the Company’s corporate expense and are fully allocated to the business segments. Certain other corporate expenses (primarily stock compensation, corporate aircraft and one-time Spin-off related expenses) are reported as “unallocated” on the Company’s consolidated income statement and are not allocated to any business segment. As a result of the Spin-off the former transportation segment of the Company is reported as a discontinued operation and thus is not allowed any corporate overhead allocation. Hence, all corporate overhead of the transportation group through the date of the Spin-off is included in “corporate expense” on the Company’s consolidated income statements herein. Reclassifications to the appropriate prior period line items and amounts have been made to be comparable to the current presentation. Operating results and certain other financial data for the Company’s business segments are as follows (in thousands): Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Revenues: Asset management $ 29,873 7,321 28,739 27,570 Mining royalty lands 7,241 1,880 7,533 6,094 Land development and construction 1,230 311 1,185 982 RiverFront on the Anacostia 4,847 — — — $ 43,191 9,512 37,457 34,646 Operating profit: Before corporate expenses: Asset management $ 13,799 3,509 13,374 13,288 Mining royalty lands 6,732 1,750 7,029 5,478 Land development and construction (1,528 ) (400 ) (940 ) (2,197 ) RiverFront on the Anacostia (2,018 ) — — — Corporate expenses: Allocated to asset management (1,917 ) (485 ) (1,591 ) (1,248 ) Allocated to mining royalty (167 ) (42 ) (231 ) (1,322 ) Allocated to land development and construction (1,231 ) (328 ) (1,258 ) (737 ) Allocated to RiverFront on the Anacostia (65 ) — — — Unallocated to discontinued operations — — — (1,081 ) (3,380 ) (855 ) (3,080 ) (4,388 ) $ 13,605 4,004 16,383 12,181 Interest expense: Asset management $ 1,340 306 1,561 2,014 RiverFront on the Anacostia 2,983 — — — $ 4,323 306 1,561 2,014 Depreciation, depletion and amortization: Asset management $ 8,110 2,005 7,689 6,963 Mining royalty lands 110 35 104 133 Land development and construction 337 55 258 282 RiverFront on the Anacostia 4,975 — — — $ 13,532 2,095 8,051 7,378 Capital expenditures: Asset management $ 6,913 1,199 20,747 2,408 Mining royalty lands — 2 205 — Land development and construction 8,840 4,206 6,602 4,085 RiverFront on the Anacostia 857 — — — $ 16,610 5,407 27,554 6,493 Identifiable net assets at end of period: Asset management $ 179,654 169,736 170,562 151,023 Mining royalty lands 38,656 39,259 39,570 39,300 Land development and construction 46,684 57,126 54,157 60,682 RiverFront on the Anacostia 144,386 — — — Cash items 4,524 — — 419 Unallocated corporate assets 4,830 439 500 1,054 $ 418,734 266,560 264,789 252,478 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 13. 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. As of December 31, 2017 the Company had no assets or liabilities measured at fair value on a recurring or non-recurring basis. At December 31, 2017, December 31, 2016 and September 30, 2016, the carrying amount reported in the consolidated balance sheets for cash and cash equivalents, short-term notes payable and revolving credit approximate their fair value based upon the short-term nature of these items. 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 December 31, 2017, the carrying amount and fair value of such other long-term debt was $118,317,000 and $122,271,000, respectively. At December 31, 2016, the carrying amount and fair value of such other long-term debt was $40,745,000 and $43,747,000, respectively. At September 30, 2016, the carrying amount and fair value of such other long-term debt was $41,932,000 and $46,216,000, respectively. |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Contingent Liabilities | 14. Contingent Liabilities. Certain of the Company’s subsidiaries are involved in litigation on a number of matters and are 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. The liability at any point in time depends upon the relative ages and amounts of the individual open claims. 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. Preliminary testing on the site of the Company's four phase master development known as RiverFront on the Anacostia in Washington, D.C. indicated the presence of contaminated material that will have to be specially handled upon excavation in conjunction with construction. The Company agreed with our joint venture partner to bear the cost of handling the contaminated materials on the first phase of this development up to a cap of $1.871 million. As of September 30, 2016, the excavation and foundation work for Phase 1 were substantially complete and the total remediation expense was $1.833 million. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 15. Commitments. The Company, at December 31, 2017, had entered into various contracts to develop real estate with remaining commitments totaling $2,677,000. |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentrations | 16. Concentrations. One tenant accounts for 10% of the Company’s consolidated revenues during 2017. The mining royalty lands segment has a total of four tenants currently leasing mining locations and one lessee that accounted for 13.6% of the Company’s consolidated revenues during 2017 and $190,000 of accounts receivable at December 31, 2017. 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 First Tennessee Bank. At times, such amounts may exceed FDIC limits. |
Unusual or Infrequent Items Imp
Unusual or Infrequent Items Impacting Quarterly Results | 12 Months Ended |
Dec. 31, 2017 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Unusual or Infrequent Items Impacting Quarterly Results | 17. Unusual or Infrequent Items Impacting Quarterly Results. In January 2015 the Company prepaid the $1,314,000 remaining principal balance on 8.55% and 7.95% mortgages. The prepayment penalty of $116,000 is included in interest expense. The remaining deferred loan costs of $15,000 were also included in interest expense. Costs of operations for the land development and construction segment for the quarter ending December 31, 2015 includes a $3,000,000 positive benefit from settlement of environmental claims against our former tenant at the Riverfront on the Anacostia property (see Note 14). Gain on investment land sold for the quarter ending December 31, 2015 includes $6,277,000 gain on the sale of phase 2 of Windlass Run residential property. Costs of operations for the land development and construction segment for the quarter ending June 30, 2016 includes a $2,000,000 expense for estimated environmental remediation liability on Phase II of the Riverfront on the Anacostia property (see Note 14). On July 1, 2017, the Company consolidated the assets (at fair value), liabilities and operating results of the Dock 79 joint venture. This consolidation resulted in a gain on remeasurement of investment in real estate partnership of $60,196,000 of which $20,469,000 was attributed to the noncontrolling interest. The construction financing for Dock 79 was refinanced and a prepayment penalty of $440,000 and the remaining deferred loan costs of $714,000 were recorded into interest expense in the quarter ending December 31, 2017. Fourth quarter 2017 net income included $12,043,000, or $1.20 per share, due to a deferred tax benefit resulting from revaluing the company’s net deferred tax liabilities per the Tax Cuts and Jobs Act of 2017. |
Real Estate Business Park Acqui
Real Estate Business Park Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Real Estate Business Park Acquisitions | 18. Real Estate Business Park Acquisitions. The Company has allocated the purchase price of the property acquisitions based upon the fair value of the assets acquired, consisting of land, buildings and intangible assets, including in-place leases and below market leases. These deferred leasing intangible assets are recorded within Deferred Costs and Deferred lease intangible, net in the consolidated balance sheets. The value of the in-place lease intangibles will be amortized to amortization expense over the remaining lease terms. The fair value assigned pertaining to the above market in-place leases values are amortized as a reduction to rental revenue, and the below market in-place lease values are amortized as an increase to rental revenue over the remaining non-cancelable terms of the respective leases. PORT CAPITAL PROPERTY - In-place Leases Initial Values $ 1,126 Annual Amortization: 2016 $ 104 3 months ended December 31, 2016 28 2017 114 2018 114 2019 114 2020 114 2021 114 2022 114 GILROY ROAD PROPERTY – In-place Leases Initial Values $ 277 Annual Amortization: 2016 $ 55 3 months ended December 31, 2016 55 2017 167 DOCK 79 – In-place Leases Initial Values $ 4,727 Annual Amortization: 2017 $ 2,501 2018 2,201 2019 25 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
[us-gaap:IntangibleAssetsDisclosureTextBlock] | 19. Intangible Assets. The Company reviews intangible assets for impairment, whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of long-lived assets is measured by a comparison of the carrying amount of the asset group to the future undiscounted net cash flows expected to be generated by those assets. If such assets are considered to be impaired, the impairment charge recognized is the amount by which the carrying amounts of the assets exceeds the fair value of the assets. The gross amounts and accumulated amortization of identifiable intangible assets are as follows (in thousands): December 31, 2017 December 31, 2016 September 30, 2016 Gross Accumulated Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amount Amortization Amortizable intangible assets: In-place leases (useful life 7-8 years) $ 7,515 4,206 2,788 1,300 2,788 1,175 Above Market leases (useful life 5 years) 48 27 48 24 48 23 $ 7,563 4,233 2,836 1,324 2,836 1,198 December 31, 2017 December 31, 2016 September 30, 2016 Gross Accumulated Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amount Amortization Amortizable intangible liabilities: Below Market leases (useful life 4-5 years) $ 220 220 220 211 220 206 $ 220 220 220 211 220 206 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION - FRP Holdings, Inc. (“FRP” or the “Company”) is a holding company engaged in the real estate business, namely (i) warehouse/office building ownership, leasing and management, (ii) mining royalty land ownership and leasing, (iii) land acquisition, entitlement and development primarily for future warehouse/office building construction, and (iv) leasing and management of a residential apartment building. On January 30, 2015, FRP completed the tax-free Spin-off (“Spin-off”) of its transportation business into a new, separately traded public company, Patriot Transportation Holding, Inc. (Nasdaq GM: PATI) (“Patriot”). In the Spin-off, FRP distributed all of the outstanding stock of Patriot to FRP's shareholders as of the record date of January 9, 2015. FRP’s shareholders received one share of Patriot for every three shares of FRP owned on the record date. Patriot now is an independent, publicly traded company, and FRP retains no ownership in Patriot. The Company retained the real estate business, which is now the sole business of the Company. See Note 4, regarding more information regarding the spin-off. FRP Holdings, Inc. was incorporated on April 22, 2014 in connection with a corporate reorganization that preceded the Spin-off. The Company’s successor issuer was formed on July 20, 1998. The business of the Company is conducted through our wholly-owned subsidiaries FRP Maryland, Inc., a Maryland corporation, FRP Development Corp., a Maryland corporation and Florida Rock Properties, Inc., a Florida corporation, and the various subsidiaries of each. On December 19, 2016, the Executive Committee of the Board of Directors approved the change in the Company’s fiscal year end from September 30 to December 31. The quarter ending December 31, 2016 was a transition period. |
Consolidation | CONSOLIDATION - The consolidated financial statements include the accounts of the Company inclusive of our operating real estate subsidiaries, FRP Development Corp. (“Development”) and Florida Rock Properties, Inc. (“Properties”). Our investment in the Brooksville joint venture and BC FRP Realty joint venture are accounted for under the equity method of accounting (See Note 2). All significant intercompany transactions have been eliminated in consolidation. Effective July 1, 2017 the Company consolidated the assets (at fair value), liabilities and operating results of our Riverfront Investment Partners I, LLC partnership (“Dock 79”) which was previously accounted for under the equity method. Subsequent to the July 1, 2017 consolidation, the ownership of Dock 79 attributable to our partner MRP Realty is 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 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. |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS - The Company considers all highly liquid debt instruments with maturities of three months or less at time of purchase to be cash equivalents. Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right of offset. |
Revenue and Expense Recognition | REVENUE AND EXPENSE RECOGNITION - Real estate rental revenue and mining royalties are generally recognized when earned under the leases and are considered collectable. Rental income from leases with scheduled increases or other incentives during their term is recognized on a straight-line basis over the term of the lease. Reimbursements of expenses, when provided in the lease, are recognized in the period that the expenses are incurred. Sales of real estate are recognized when the collection of the sales price is reasonably assured and when the Company has fulfilled substantially all of its obligations, which are typically as of the closing date. Accounts receivable are recorded net of discounts and provisions for estimated allowances. We estimate allowances on an ongoing basis by considering historical and current trends. We record estimated bad debts expense as part of operating expenses. We estimate the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment. Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms. |
Property and Equipment | PROPERTY AND EQUIPMENT - Property and equipment is recorded at cost less accumulated depreciation and depletion. Provision for depreciation of property, plant and equipment is computed using the straight-line method based on the following estimated useful lives: Years Building and improvements 3-39 Depletion of sand and stone deposits is computed on the basis of units of production in relation to estimated reserves. Reserve estimates are periodically adjusted based upon surveys. The Company recorded depreciation and depletion expenses for fiscal year 2017, the transition period, fiscal year 2016 and fiscal year 2015 of $9,781,000, $1,778,000, $6,809,000, and $6,195,000, respectively. All direct and indirect costs, including interest and real estate taxes, associated with the development, construction, leasing or expansion of real estate investments are capitalized as a cost of the property. Included in indirect costs is an allocation of internal costs associated with development of real estate investments. The cost of routine repairs and maintenance to property and equipment is expensed as incurred. |
Impairment of Long-Lived assets | IMPAIRMENT OF LONG-LIVED ASSETS – The Company reviews its long-lived assets, which include property and equipment and purchased intangible assets subject to amortization for potential impairment annually or whenever events or circumstances indicate the carrying amount of a long-lived asset may not be recoverable. This review consists of comparing cap rates on recent cash flows and market value estimates to the carrying values of each asset group. If this review indicates the carrying value might exceed fair value then an estimate of future cash flows for the remaining useful life of each property is prepared considering anticipated vacancy, lease rates, and any future capital expenditures. |
Developed Property Rentals Purchase Accounting | DEVELOPED PROPERTY RENTALS PURCHASE ACCOUNTING – Acquisitions of rental property, including any associated intangible assets, are measured at fair value at the date of acquisition. Any liabilities assumed or incurred are recorded at their fair value at the time of acquisition. The fair value of the acquired property is allocated between land and building (on an as-if vacant basis) based on management’s estimate of the fair value of those components for each type of property and to tenant improvements based on the depreciated replacement cost of the tenant improvements, which approximates their fair value. The fair value of the in-place leases is recorded as follows: · the fair value of leases in-place on the date of acquisition is based on absorption costs for the estimated lease-up period in which vacancy and foregone revenue are avoided due to the presence of the acquired leases; · the fair value of above and below-market in-place leases based on the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between contractual rent amounts to be paid under the assumed lease and the estimated market lease rates for the corresponding spaces over the remaining non-cancelable terms of the related leases; and · the fair value of intangible tenant or customer relationships. The Company’s determination of these fair values requires it to estimate market rents for each of the leases and make certain other assumptions. These estimates and assumptions affect the rental revenue, and depreciation and amortization expense recognized for these leases and associated intangible assets and liabilities. |
Investments | INVESTMENTS - The Company uses the equity method to account for its investment in Brooksville, in which it has a voting interest of 50% and has significant influence but does not have control. The Company also uses the equity method to account for its investment in BC FRP Realty, in which it has a voting interest of 50%. Under the equity method, the investment is originally recorded at cost and adjusted to recognize the Company’s share of net earnings or losses of the investee, limited to the extent of the Company’s investment in and advances to the investee and financial guarantees on behalf of the investee that create additional basis. The Company regularly monitors and evaluates the realizable value of its investments. When assessing an investment for an other-than-temporary decline in value, the Company considers such factors as, the performance of the investee in relation to its own operating targets and its business plan, the investee’s revenue and cost trends, as well as liquidity and cash position, and the outlook for the overall industry in which the investee operates. From time to time, the Company may consider third party evaluations or valuation reports. If events and circumstances indicate that a decline in the value of these assets has occurred and is other-than-temporary, the Company records a charge to investment income (expense). |
Income Taxes | INCOME TAXES - Deferred tax assets and liabilities are recognized based on differences between financial statement and tax bases of assets and liabilities using presently enacted tax rates. Deferred income taxes result from temporary differences between pre-tax income reported in the financial statements and taxable income. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit. The second step is to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the amounts rely upon the determination of the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit, and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. It is the Company's policy to recognize as additional income tax expense the items of interest and penalties directly related to income taxes. |
Stock Based Compensation | STOCK BASED COMPENSATION – The Company accounts for compensation related to share based plans by recognizing the grant date fair value of stock options and other equity-based compensation issued to employees in its income statement over the requisite employee service period using the straight-line attribution model. In addition, compensation expense must be recognized for the change in fair value of any awards modified, repurchased or cancelled after the grant date. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model. The assumptions used in the model and current year impact are discussed in Note 9. |
Pension Plan | PENSION PLAN - The Company accounts for its pension plan following the requirements of FASB ASC Topic 715, “Compensation – Retirement Benefits”, which requires an employer to: (a) recognize in its statement of financial position the funded status of a benefit plan; (b) measure defined benefit plan assets and obligations as of the end of the employer's fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise but are not recognized as components of net periodic benefit costs pursuant to prior existing guidance. |
Earnings Per Common Share | EARNINGS PER COMMON SHARE - Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options and restricted stock. |
Use of Estimates | USE OF ESTIMATES - The preparation of financial statements in conformity with accounting principles generally accepted in the United State requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain accounting policies and estimates are of more significance in the financial statement preparation process than others. The most critical accounting policies and estimates include the economic useful lives of our mining reserves, property and equipment, provisions for uncollectible accounts receivable and collectibility of unrealized rents, estimates of exposures related to our insurance claims plans and environmental liabilities, and estimates for taxes. To the extent that actual, final outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates, earnings during that accounting period will be affected. |
Environmental | ENVIRONMENTAL - Environmental expenditures that benefit future periods are capitalized. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded for the estimated amount of expected environmental assessments and/or remedial efforts. Estimation of such liabilities includes an assessment of engineering estimates, continually evolving governmental laws and standards, and potential involvement of other potentially responsible parties. |
Comprehensive Income | COMPREHENSIVE INCOME – Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) refers to expenses, gains, and losses that are not included in net income, but rather are recorded directly in shareholders’ equity. |
Recently Issued Accounting Standards | RECENTLY ISSUED ACCOUNTING STANDARDS – In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. Lessors will account for leases using an approach that is substantially equivalent to existing accounting standards. The new standard will become effective for the Company beginning with the first quarter 2019 and requires a modified retrospective transition approach and includes a number of practical expedients. Early adoption of the standard is permitted. As the Company is primarily a lessor the adoption of this guidance is not expected to have a material impact on its financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” which replaces existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. Topic 606 applies to all contracts with customers except those that are within the scope of other topics in the FASB's accounting standards codification. As a result, Topic 606 does not apply to revenue from lease contracts until the adoption of the new leases standard, Topic 842, in January 2019. The majority of the Company's revenue originates from lease contracts and will be subject to Topic 842 to be adopted in January 2019. Upon the adoption of the new leases standard, certain recoveries from tenants may become subject to the revenue standard, which may have a different recognition pattern or presentation than under current GAAP. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. The new standard is effective beginning with the first quarter of 2018. The Company currently does not expect the adoption of this guidance to result in a material impact on its financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs”, which relates to the financial statement presentation of debt issuance costs. This guidance requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt liability rather than included in the asset deferred costs. The Company adopted this guidance as of October 1, 2016 with retrospective presentation. Unamortized debt issuance costs of $887,000 and $884,000 have been reclassified to offset the related debt as of September 30, 2016 and September 30, 2015, respectively. In March 2016, the FASB issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Excess tax benefits for share-based payments are recorded as a reduction of income taxes and reflected in operating cash flows upon the adoption of this ASU. Excess tax benefits were recorded in equity and as financing activity prior to adoption of this ASU. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The Company adopted this guidance prospectively as of October 1, 2016. As a result of this adoption in 2017 we recorded a $14,000 reduction of income tax expense from excess tax benefits on stock option exercises In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”, to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or businesses. To be considered a business, an acquisition would have to include an input and a substantive process that together significantly contribute to the ability to create outputs. The new guidance provides a framework to evaluate when an input and a substantive process are present. To be a business without outputs, there will now need to be an organized workforce. ASU 2017-01 further states that when substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. The Company adopted this guidance prospectively as of July 1, 2017. This standard will result in building acquisitions being considered an asset rather than a business. This change will result in acquisition costs being capitalized as part of the asset acquisition, whereas prior treatment has them recognized in earnings in the period incurred. |
Consolidated Real Estate and 29
Consolidated Real Estate and Accumulated Depreciation and Depletion (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation and Depletion | FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED)-REAL ESTATE & ACCUMULATED DEPRECIATION AND DEPLETION DECEMBER 31, 2017 County Encumb- rances Initial cost to Company Cost capitalized subsequent to acquisition Gross amount at which carried at end of period (a) Accumulated Depreciation & Depletion Year Of Constr- uction Date Acquired Depreciation Life Computed on: Mining Royalty Lands Alachua, FL $ 1,442 $ 0 $ 1,442 $ 166 n/a 4/86 unit Clayton, GA 369 0 369 5 n/a 4/86 unit Fayette, GA 685 200 885 83 n/a 4/86 unit Lake, FL 402 0 402 158 n/a 4/86 unit Lake, FL 1,083 0 1,083 986 n/a 4/86 unit Lake Louisa, FL 11,039 0 11,039 0 n/a 5/12 unit Lee, FL 4,690 13 4,703 11 n/a 4/86 unit Monroe, GA 792 0 792 292 n/a 4/86 unit Muscogee, GA 369 (45 ) 324 324 n/a 4/86 unit Prince William, VA 298 0 298 298 n/a 4/86 unit Putnam, FL 15,002 37 15,039 4,618 n/a 4/86 Unit Putnam, FL 302 (2 ) 300 283 n/a 4/86 5 yr. Spalding, GA 20 0 20 0 n/a 4/86 n/a Marion, FL 1,180 4 1,184 599 n/a 4/86 Unit Investment Property 1,629 (101 ) 1,528 697 n/a 4/86 n/a 0 39,302 106 39,408 8,520 Asset Management Properties Baltimore, MD 1,551 439 4,814 5,253 3,032 1990 10/89 39 yr. Baltimore, MD 3,004 950 7,727 8,677 5,136 1994 12/91 39 yr. Baltimore, MD 720 690 3,355 4,045 1,648 2000 07/99 39 yr. Baltimore, MD 0 1,435 4,259 5,694 1,304 2008 12/02 39 yr. Baltimore, MD 0 4,309 310 4,619 423 1999 06/14 39 yr. Baltimore, MD 0 8,412 1,026 9,438 351 1967 06/16 39 yr. Baltimore City, MD 4,305 6,094 12,790 18,884 1,708 2016 12/10 39 yr. Baltimore City, MD 0 7,442 2,051 9,493 1,522 1990 6/13 39 yr. Duval, FL 0 2,416 541 2,957 2,797 n/a 4/86 25 yr. Harford, MD 145 31 3,830 3,861 2,288 1998 8/95 39 yr. Harford, MD 873 50 5,709 5,759 2,745 1999 8/95 39 yr. Harford, MD 2,093 85 7,187 7,272 3,876 2001 8/95 39 yr. Harford, MD 1,809 88 10,167 10,255 4,668 2007 8/95 39 yr. Harford, MD 1,191 155 13,049 13,203 4,880 2009 8/95 39 yr. Howard, MD 0 2,859 5,513 8,372 4,627 1996 9/88 39 yr. Howard, MD 651 2,473 1,043 3,516 1,577 2000 3/00 39 yr. Elkridge, MD 0 8,920 63 8,983 844 1974 10/16 39 yr. Anne Arundel, MD 7,473 715 9,515 10,230 6,220 1989 9/88 39 yr. Anne Arundel, MD 3,486 950 14,285 15,235 5,707 2003 5/98 39 yr. Anne Arundel, MD 0 1,525 10,800 12,325 4,143 2005 8/04 39 yr. Anne Arundel, MD 3,097 737 5,440 6,177 2,137 2006 1/03 39 yr. Anne Arundel, MD 0 666 10,642 11,308 3,273 2012 7/07 39 yr. Norfolk, VA 0 7,512 40 7,552 2,946 2004 10/04 39 yr. Prince William, VA 0 10,442 39,553 49,995 4,176 2017 12/05 39 yr. Newcastle Co., DE 0 11,559 3,657 15,216 5,285 2004 4/04 39 yr. 30,398 80,954 177,365 258,319 77,313 Land Development and Construction Properties Carroll, MD 0 4,720 2,479 7,199 0 n/a 3/08 n/a Harford, MD 0 92 1,600 1,692 0 n/a 8/95 n/a Washington D.C. 0 2,957 10,679 13,636 3,044 n/a 4/86 15 yr. Washington D.C. 0 3,811 4,644 8,455 137 n/a 10/97 n/a 0 11,580 19,402 30,982 3,181 Residential Rental Properties Washington D.C. 90,000 6,165 142,031 148,196 5,264 2016 07/17 39 yr. GRAND TOTALS $ 120,398 $ 138,001 $ 338,904 $ 476,905 $ 94,278 (a) The aggregate cost for Federal income tax purposes is $378,255 . |
Real Estate and Accumulated Depreciation and Depletion | FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION AND DEPLETION (In thousands) Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Gross Carrying Cost of Real Estate: Balance at beginning of period $ 313,137 307,473 292,528 286,671 Additions during period: Amounts capitalized 163,879 5,664 27,439 6,063 Deductions during period: Cost of real estate sold — — (5,011 ) — Other (111 ) — (7,483 ) (1) (206 ) Balance at close of period $ 476,905 313,137 307,473 292,528 Accumulated Depreciation & Depletion: Balance at beginning of period $ 81,914 79,973 73,480 67,598 Additions during period: Charged to cost & expense 12,448 1,941 6,690 5,902 Deductions during period: Real estate sold — — — — Other (84 ) — (197 ) (20 ) Balance at close of period $ 94,278 81,914 79,973 73,480 (1) Includes $6,828 of property cost transferred to Investment in Joint Ventures for the joint venture partnership with St. John Properties. |
Investments in Joint Ventures (
Investments in Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Joint Ventures (in thousands) | The Company's Total Assets Net Loss Share of Net Total of the of the Loss of the Ownership Investment Partnership Partnership Partnership As of December 31, 2017 RiverFront Holdings I, LLC (1) — $ — — (2,019 ) (1,558 ) Brooksville Quarry, LLC 50.00 % 7,516 14,411 (80 ) (40 ) BC FRP Realty, LLC 50.00 % 5,890 15,027 — — Total $ 13,406 29,438 (2,099 ) (1,598 ) As of December 31, 2016 RiverFront Holdings I, LLC 77.14 % $ 10,151 90,420 (1,446 ) (1,115 ) Brooksville Quarry, LLC 50.00 % 7,522 14,341 (8 ) (4 ) BC FRP Realty, LLC 50.00 % 5,228 10,784 — — Total $ 22,901 115,545 (1,454 ) (1,119 ) As of September 30, 2016 RiverFront Holdings I, LLC 77.14 % $ 11,261 85,106 (1,193 ) (938 ) Brooksville Quarry, LLC 50.00 % 7,496 14,350 (80 ) (40 ) BC FRP Realty, LLC 50.00 % 5,097 10,573 — — Total $ 23,854 110,029 (1,273 ) (978 ) |
Joint Venture balance sheets | As of December 31, 2016 Riverfront Brooksville BC FRP Holdings I, LLC Quarry, LLC Realty, LLC Total Cash $ 1,023 $ 18 $ 21 $ 1,062 Cash held in escrow 88 — — 88 Investments in real estate, net 89,309 14,323 10,763 114,395 Total Assets $ 90,420 $ 14,341 $ 10,784 $ 115,545 Other Liabilities $ 6,348 $ 1 $ 47 $ 6,396 Long-term Debt 69,042 — — 69,042 Capital – FRP 10,151 7,522 5,228 22,901 Capital - Third Parties 4,879 6,818 5,509 17,206 Total Liabilities and Capital $ 90,420 $ 14,341 $ 10,784 $ 115,545 As of September 30, 2016 Riverfront Brooksville BCF FRP Holdings I, LLC Quarry, LLC Realty, LLC Total Cash $ 297 $ 35 $ 20 $ 352 Cash held in escrow 13 — — 13 Amortizable Debt Costs 1,179 — — 1,179 Investments in real estate, net 83,617 14,315 10,553 108,485 Total Assets $ 85,106 $ 14,350 $ 10,573 $ 110,029 Other Liabilities $ 5,140 $ 65 $ 17 $ 5,222 Long-term Debt 63,495 — — 63,495 Capital - FRP 11,261 7,496 5,097 23,854 Capital - Third Parties 5,210 6,789 5,459 17,458 Total Liabilities and Capital $ 85,106 $ 14,350 $ 10,573 $ 110,029 |
Income statements for Riverfront Holdings I, LLC (in thousands) | Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Revenues: Rental Revenue $ 3,053 759 127 — Revenue – Reimbursements 33 19 — — Total Revenues 3,086 778 127 — Cost of operations: Depreciation and amortization 1,958 819 258 — Operating expenses 1,096 562 741 108 Property taxes 459 199 41 — Total cost of operations 3,513 1,580 1,040 108 Total operating profit (427 ) (802 ) (913 ) (108 ) Interest expense (1,592 ) (644 ) (280 ) — Net loss of the Partnership $ (2,019 ) (1,446 ) (1,193 ) (108 ) |
Consolidation of RiverFront I31
Consolidation of RiverFront Investment Partners I, LLC. (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
RiverFront remeasurement balance sheet | As of July 1, 2017 (in thousands) Riverfront Gain on Remeasure- Holdings I, LLC ment Revised Land $ 7,220 $ 21,107 $ 28,327 Building and improvements, net 81,773 34,362 116,135 Value of leases in place — 4,727 4,727 Cash 2,295 — 2,295 Cash held in escrow 171 — 171 Accounts receivable 40 — 40 Prepaid expenses 142 — 142 Total Assets $ 91,641 $ 60,196 $ 151,837 Long-term Debt $ 78,587 $ — $ 78,587 Amortizable debt costs (852 ) — (852 ) Other liabilities 905 — 905 Equity – FRP 8,583 39,727 48,310 Equity – MRP 4,418 20,469 24,887 Total Liabilities and Capital $ 91,641 $ 60,196 $ 151,837 |
Spin-off (Tables)
Spin-off (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Results of operations associated with discontinued operations (in thousands) | Year ended September 30, 2015 Revenue $ 41,800 Cost of operations 38,195 Operating profit 3,605 Interest expense (33 ) Income before income taxes 3,572 Provision for income taxes 1,393 Income from discontinued operations $ 2,179 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt (in thousands) | Year ended Three months ended Year ended December 31, December 31, September 30, 2017 2016 2016 Revolving credit agreements $ — 6,665 6,807 5.6% to 7.9% mortgage notes due in installments through 2027 29,664 34,080 35,125 Riverfront permanent loan 88,653 — — 118,317 40,745 41,932 Less portion due within one year 4,463 4,526 4,455 $ 113,854 36,219 37,477 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Carrying value of property leased or held for lease to others (in thousands) | Construction aggregates property $ 35,294 Commercial property 440,083 475,377 less accumulated depreciation and depletion 93,581 $ 381,796 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per share computations (in thousands, except per share amounts) | Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Common shares: Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,975 9,879 9,846 9,756 Common shares issuable under share based payment plans which are potentially dilutive 65 44 44 71 Common shares used for diluted earnings per common share 10,040 9,923 9,890 9,827 Income from continuing operations $ 41,750 1,682 12,024 6,093 Discontinued operations — — — 2,179 Net income attributable to the Company $ 41,750 1,682 12,024 8,272 Basic earnings per common share: Income from continuing operations $ 4.19 0.17 1.22 0.62 Discontinued operations — — — 0.23 Net income attributable to the Company $ 4.19 0.17 1.22 0.85 Diluted earnings per common share Income from continuing operations $ 4.16 0.17 1.22 0.62 Discontinued operations — — — 0.22 Net income attributable to the Company $ 4.16 0.17 1.22 0.84 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation Expense (in thousands) | Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Stock option grants $ 268 79 166 267 Annual director stock award 445 — 412 536 $ 713 79 578 803 |
Summary of Changes in outstanding options (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 October 1, 2014 326,830 $ 25.43 5.0 $ 3,481 Spin-off adjustment $ (865 ) Spin-off conversion 17,795 $ 20.63 $ 155 Granted 39,425 $ 26.97 $ 432 Forfeited (6,000 ) $ 14.97 $ (35 ) Exercised (72,300 ) $ 13.31 $ (430 ) Outstanding at September 30, 2015 305,750 $ 21.90 5.9 $ 2,738 Granted 21,540 $ 31.15 $ 272 Exercised (63,730 ) $ 18.39 $ (471 ) Outstanding at September 30, 2016 263,560 $ 23.50 5.6 $ 2,539 Granted 19,600 $ 39.00 $ 297 Exercised (46,775 ) $ 20.66 $ (396 ) Outstanding at December 31, 2016 236,385 $ 25.35 6.1 $ 2,440 Granted 30,255 $ 43.45 $ 440 Modification — $ 30.21 $ (137 ) Exercised (92,130 ) $ 24.93 $ (842 ) Outstanding at December 31, 2017 174,510 $ 28.70 6.0 $ 1,901 Exercisable at December 31, 2017 129,916 $ 25.66 5.1 $ 1,223 Vested during twelve months ended December 31, 2017 41,810 $ 405 |
Summary of Stock Options Outstanding | Shares Weighted Weighted Range of Exercise under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $24.76 - $37.25 7,084 26.97 6.9 $37.26 - $41.39 37,510 39.59 9.0 44,594 $ 37.58 8.7 Years Exercisable: $16.51 - $24.75 14,100 16.72 3.9 $24.76 - $37.25 73,928 22.06 3.9 $37.26 - $41.39 41,888 35.01 7.6 129,916 $ 25.66 5.1 Years Total 174,510 $ 28.70 6.0 Years |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Provision for income taxes for continuing operations (in thousands) | Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Current: Federal $ (1,763 ) 693 4,807 1,803 State (429 ) 185 1,165 524 (2,192 ) 878 5,972 2,327 Deferred 9,521 19 1,879 1,568 Total $ 7,329 897 7,851 3,895 |
Income tax reconciliation at statutory Federal income tax rate (in thousands) | Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Amount computed at statutory Federal rate $ 16,723 777 6,797 3,396 State income taxes (net of Federal income tax benefit) 2,476 115 1,002 504 Tax Cut and Jobs Act of 2017 (11,834 ) — — — Other, net (36 ) 5 52 (5 ) Provision for income taxes $ 7,329 897 7,851 3,895 |
Deferred tax assets and deferred tax liabilities (in thousands) | As of As of As of December 31, December 31, September 30, 2017 2016 2016 Deferred tax liabilities: Property and equipment $ 25,212 15,127 15,197 Depletion 660 776 526 Unrealized rents 1,166 1,786 1,823 Prepaid expenses 431 763 913 Gross deferred tax liabilities 27,469 18,452 18,459 Deferred tax assets: Employee benefits and other 1,487 1,997 2,023 Gross deferred tax assets 1,487 1,997 2,023 Net deferred tax liability $ 25,982 16,455 16,436 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segments (in thousands) | Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Revenues: Asset management $ 29,873 7,321 28,739 27,570 Mining royalty lands 7,241 1,880 7,533 6,094 Land development and construction 1,230 311 1,185 982 RiverFront on the Anacostia 4,847 — — — $ 43,191 9,512 37,457 34,646 Operating profit: Before corporate expenses: Asset management $ 13,799 3,509 13,374 13,288 Mining royalty lands 6,732 1,750 7,029 5,478 Land development and construction (1,528 ) (400 ) (940 ) (2,197 ) RiverFront on the Anacostia (2,018 ) Corporate expenses: Allocated to asset management (1,917 ) (485 ) (1,591 ) (1,248 ) Allocated to mining royalty (167 ) (42 ) (231 ) (1,322 ) Allocated to land development and construction (1,231 ) (328 ) (1,258 ) (737 ) Allocated to RiverFront on the Anacostia (65 ) Unallocated to discontinued operations — — — (1,081 ) (3,380 ) (855 ) (3,080 ) (4,388 ) $ 13,605 4,004 16,383 12,181 Interest expense: Asset management $ 1,340 306 1,561 2,014 RiverFront on the Anacostia 2,983 — — — $ 4,323 306 1,561 2,014 Depreciation, depletion and amortization: Asset management $ 8,110 2,005 7,689 6,963 Mining royalty lands 110 35 104 133 Land development and construction 337 55 258 282 RiverFront on the Anacostia 4,975 — — — $ 13,532 2,095 8,051 7,378 Capital expenditures: Asset management $ 6,913 1,199 20,747 2,408 Mining royalty lands — 2 205 — Land development and construction 8,840 4,206 6,602 4,085 RiverFront on the Anacostia 857 — — — $ 16,610 5,407 27,554 6,493 Identifiable net assets at end of period: Asset management $ 179,654 169,736 170,562 151,023 Mining royalty lands 38,656 39,259 39,570 39,300 Land development and construction 46,684 57,126 54,157 60,682 RiverFront on the Anacostia 144,386 — — — Cash items 4,524 — — 419 Unallocated corporate assets 4,830 439 500 1,054 $ 418,734 266,560 264,789 252,478 |
Real Estate Business Park Acq39
Real Estate Business Park Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Port Capital Property | |
Intangible asset amortization (in thousands) | In-place Leases Initial Values $ 1,126 Annual Amortization: 2016 $ 104 3 months ended December 31, 2016 28 2017 114 2018 114 2019 114 2020 114 2021 114 2022 114 |
Gilroy Road Property | |
Intangible asset amortization (in thousands) | In-place Leases Initial Values $ 277 Annual Amortization: 2016 $ 55 3 months ended December 31, 2016 55 2017 167 |
RiverFront on the Anacostia | |
Intangible asset amortization (in thousands) | In-place Leases Initial Values $ 4,727 Annual Amortization: 2017 $ 2,501 2018 2,201 2019 25 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortizable intangible assets (in thousands) | December 31, 2017 December 31, 2016 September 30, 2016 Gross Accumulated Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amount Amortization Amortizable intangible assets: In-place leases (useful life 7-8 years) $ 7,515 4,206 2,788 1,300 2,788 1,175 Above Market leases (useful life 5 years) 48 27 48 24 48 23 $ 7,563 4,233 2,836 1,324 2,836 1,198 |
Amortizable intangible liabilities (in thousands) | December 31, 2017 December 31, 2016 September 30, 2016 Gross Accumulated Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amount Amortization Amortizable intangible liabilities: Below Market leases (useful life 4-5 years) $ 220 220 220 211 220 206 $ 220 220 220 211 220 206 |
Consolidated Real Estate and 41
Consolidated Real Estate and Accumulated Depreciation and Depletion (Tables) - Real Estate and Accumulated Depreciation and Depletion (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Gross Carrying Cost of Real Estate at beginning of period | $ 307,473 | $ 313,137 | $ 292,528 | $ 286,671 |
Additions capitalized during period | 5,664 | 163,879 | 27,439 | 6,063 |
Cost of real estate sold | 0 | 0 | (5,011) | 0 |
Other deductions | 0 | (111) | (7,483) | (206) |
Gross Carrying Cost of Real Estate at end of period | 313,137 | 476,905 | 307,473 | 292,528 |
Accumulated Depreciation & Depletion at beginning of period | 79,973 | 81,914 | 73,480 | 67,598 |
Additions charged to cost & expense | 1,941 | 12,448 | 6,690 | 5,902 |
Real estate sold | 0 | 0 | 0 | 0 |
Other deductions | 0 | (84) | (197) | (20) |
Accumulated Depreciation & Depletion at end of period | $ 81,914 | $ 94,278 | 79,973 | $ 73,480 |
BC FRP Realty, LLC | ||||
Book value of land contribution | $ 6,828 |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation and Depletion Part I (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Encumbrances | $ 120,398 | ||||
Initial Cost to Company | 138,001 | ||||
Cost capitalized subsequent to acquisition | 338,904 | ||||
Gross amount at which carried at end of period | 476,905 | $ 313,137 | $ 307,473 | $ 292,528 | $ 286,671 |
Accumulated Depreciation & Depletion | 94,278 | ||||
Aggregate cost for Federal income tax purposes | 378,255 | ||||
Investment Property | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 1,629 | ||||
Cost capitalized subsequent to acquisition | (101) | ||||
Gross amount at which carried at end of period | 1,528 | ||||
Accumulated Depreciation & Depletion | 697 | ||||
Mining royalty lands | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 39,302 | ||||
Cost capitalized subsequent to acquisition | 106 | ||||
Gross amount at which carried at end of period | 39,408 | ||||
Accumulated Depreciation & Depletion | 8,520 | ||||
Baltimore, MD 5 | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 4,309 | ||||
Cost capitalized subsequent to acquisition | 310 | ||||
Gross amount at which carried at end of period | 4,619 | ||||
Accumulated Depreciation & Depletion | 423 | ||||
Baltimore, MD 6 | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 8,412 | ||||
Cost capitalized subsequent to acquisition | 1,026 | ||||
Gross amount at which carried at end of period | 9,438 | ||||
Accumulated Depreciation & Depletion | 351 | ||||
Asset Management Properties | |||||
Encumbrances | 30,398 | ||||
Initial Cost to Company | 80,954 | ||||
Cost capitalized subsequent to acquisition | 177,365 | ||||
Gross amount at which carried at end of period | 258,319 | ||||
Accumulated Depreciation & Depletion | 77,313 | ||||
Alachua, FL | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 1,442 | ||||
Cost capitalized subsequent to acquisition | 0 | ||||
Gross amount at which carried at end of period | 1,442 | ||||
Accumulated Depreciation & Depletion | 166 | ||||
Clayton, GA | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 369 | ||||
Cost capitalized subsequent to acquisition | 0 | ||||
Gross amount at which carried at end of period | 369 | ||||
Accumulated Depreciation & Depletion | 5 | ||||
Fayette, GA | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 685 | ||||
Cost capitalized subsequent to acquisition | 200 | ||||
Gross amount at which carried at end of period | 885 | ||||
Accumulated Depreciation & Depletion | 83 | ||||
Lake, FL | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 402 | ||||
Cost capitalized subsequent to acquisition | 0 | ||||
Gross amount at which carried at end of period | 402 | ||||
Accumulated Depreciation & Depletion | 158 | ||||
Lake, FL 2 | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 1,083 | ||||
Cost capitalized subsequent to acquisition | 0 | ||||
Gross amount at which carried at end of period | 1,083 | ||||
Accumulated Depreciation & Depletion | 986 | ||||
Lake Louise, FL | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 11,039 | ||||
Cost capitalized subsequent to acquisition | 0 | ||||
Gross amount at which carried at end of period | 11,039 | ||||
Accumulated Depreciation & Depletion | 0 | ||||
Lee, FL | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 4,690 | ||||
Cost capitalized subsequent to acquisition | 13 | ||||
Gross amount at which carried at end of period | 4,703 | ||||
Accumulated Depreciation & Depletion | 11 | ||||
Monroe, GA | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 792 | ||||
Cost capitalized subsequent to acquisition | 0 | ||||
Gross amount at which carried at end of period | 792 | ||||
Accumulated Depreciation & Depletion | 292 | ||||
Muscogee, GA | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 369 | ||||
Cost capitalized subsequent to acquisition | (45) | ||||
Gross amount at which carried at end of period | 324 | ||||
Accumulated Depreciation & Depletion | 324 | ||||
Prince Wil, VA | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 298 | ||||
Cost capitalized subsequent to acquisition | 0 | ||||
Gross amount at which carried at end of period | 298 | ||||
Accumulated Depreciation & Depletion | 298 | ||||
Putnam, FL | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 15,002 | ||||
Cost capitalized subsequent to acquisition | 37 | ||||
Gross amount at which carried at end of period | 15,039 | ||||
Accumulated Depreciation & Depletion | 4,618 | ||||
Putnam, FL 2 | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 302 | ||||
Cost capitalized subsequent to acquisition | (2) | ||||
Gross amount at which carried at end of period | 300 | ||||
Accumulated Depreciation & Depletion | 283 | ||||
Spalding, GA | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 20 | ||||
Cost capitalized subsequent to acquisition | 0 | ||||
Gross amount at which carried at end of period | 20 | ||||
Accumulated Depreciation & Depletion | 0 | ||||
Marion, FL | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 1,180 | ||||
Cost capitalized subsequent to acquisition | 4 | ||||
Gross amount at which carried at end of period | 1,184 | ||||
Accumulated Depreciation & Depletion | 599 | ||||
Baltimore, MD 1 | |||||
Encumbrances | 1,551 | ||||
Initial Cost to Company | 439 | ||||
Cost capitalized subsequent to acquisition | 4,814 | ||||
Gross amount at which carried at end of period | 5,253 | ||||
Accumulated Depreciation & Depletion | 3,032 | ||||
Baltimore, MD 2 | |||||
Encumbrances | 3,004 | ||||
Initial Cost to Company | 950 | ||||
Cost capitalized subsequent to acquisition | 7,727 | ||||
Gross amount at which carried at end of period | 8,677 | ||||
Accumulated Depreciation & Depletion | 5,136 | ||||
Baltimore, MD 3 | |||||
Encumbrances | 720 | ||||
Initial Cost to Company | 690 | ||||
Cost capitalized subsequent to acquisition | 3,355 | ||||
Gross amount at which carried at end of period | 4,045 | ||||
Accumulated Depreciation & Depletion | 1,648 | ||||
Baltimore, MD 4 | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 1,435 | ||||
Cost capitalized subsequent to acquisition | 4,259 | ||||
Gross amount at which carried at end of period | 5,694 | ||||
Accumulated Depreciation & Depletion | 1,304 | ||||
Baltimore City, MD | |||||
Encumbrances | 4,305 | ||||
Initial Cost to Company | 6,094 | ||||
Cost capitalized subsequent to acquisition | 12,790 | ||||
Gross amount at which carried at end of period | 18,884 | ||||
Accumulated Depreciation & Depletion | 1,708 | ||||
Baltimore City, MD 2 | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 7,442 | ||||
Cost capitalized subsequent to acquisition | 2,051 | ||||
Gross amount at which carried at end of period | 9,493 | ||||
Accumulated Depreciation & Depletion | 1,522 | ||||
Duval, FL | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 2,416 | ||||
Cost capitalized subsequent to acquisition | 541 | ||||
Gross amount at which carried at end of period | 2,957 | ||||
Accumulated Depreciation & Depletion | 2,797 | ||||
Harford, MD 1 | |||||
Encumbrances | 145 | ||||
Initial Cost to Company | 31 | ||||
Cost capitalized subsequent to acquisition | 3,830 | ||||
Gross amount at which carried at end of period | 3,861 | ||||
Accumulated Depreciation & Depletion | 2,288 | ||||
Harford, MD 2 | |||||
Encumbrances | 873 | ||||
Initial Cost to Company | 50 | ||||
Cost capitalized subsequent to acquisition | 5,709 | ||||
Gross amount at which carried at end of period | 5,759 | ||||
Accumulated Depreciation & Depletion | 2,745 | ||||
Harford, MD 3 | |||||
Encumbrances | 2,093 | ||||
Initial Cost to Company | 85 | ||||
Cost capitalized subsequent to acquisition | 7,187 | ||||
Gross amount at which carried at end of period | 7,272 | ||||
Accumulated Depreciation & Depletion | 3,876 | ||||
Harford, MD 5 | |||||
Encumbrances | 1,809 | ||||
Initial Cost to Company | 88 | ||||
Cost capitalized subsequent to acquisition | 10,167 | ||||
Gross amount at which carried at end of period | 10,255 | ||||
Accumulated Depreciation & Depletion | 4,668 | ||||
Harford, MD 6 | |||||
Encumbrances | 1,191 | ||||
Initial Cost to Company | 155 | ||||
Cost capitalized subsequent to acquisition | 13,048 | ||||
Gross amount at which carried at end of period | 13,203 | ||||
Accumulated Depreciation & Depletion | 4,880 | ||||
Howard, MD 1 | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 2,859 | ||||
Cost capitalized subsequent to acquisition | 5,513 | ||||
Gross amount at which carried at end of period | 8,372 | ||||
Accumulated Depreciation & Depletion | 4,627 | ||||
Howard, MD 2 | |||||
Encumbrances | 651 | ||||
Initial Cost to Company | 2,473 | ||||
Cost capitalized subsequent to acquisition | 1,043 | ||||
Gross amount at which carried at end of period | 3,516 | ||||
Accumulated Depreciation & Depletion | 1,577 | ||||
Elkridge, MD | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 8,920 | ||||
Cost capitalized subsequent to acquisition | 63 | ||||
Gross amount at which carried at end of period | 8,983 | ||||
Accumulated Depreciation & Depletion | 844 | ||||
Anne Arun, MD 1 | |||||
Encumbrances | 7,473 | ||||
Initial Cost to Company | 715 | ||||
Cost capitalized subsequent to acquisition | 9,515 | ||||
Gross amount at which carried at end of period | 10,230 | ||||
Accumulated Depreciation & Depletion | 6,220 | ||||
Anne Arun, MD 2 | |||||
Encumbrances | 3,486 | ||||
Initial Cost to Company | 950 | ||||
Cost capitalized subsequent to acquisition | 14,285 | ||||
Gross amount at which carried at end of period | 15,235 | ||||
Accumulated Depreciation & Depletion | 5,707 | ||||
Anne Arun, MD 3 | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 1,525 | ||||
Cost capitalized subsequent to acquisition | 10,800 | ||||
Gross amount at which carried at end of period | 12,325 | ||||
Accumulated Depreciation & Depletion | 4,143 | ||||
Anne Arun, MD 4 | |||||
Encumbrances | 3,097 | ||||
Initial Cost to Company | 737 | ||||
Cost capitalized subsequent to acquisition | 5,440 | ||||
Gross amount at which carried at end of period | 6,177 | ||||
Accumulated Depreciation & Depletion | 2,137 | ||||
Anne Arun, MD 5 | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 666 | ||||
Cost capitalized subsequent to acquisition | 10,642 | ||||
Gross amount at which carried at end of period | 11,308 | ||||
Accumulated Depreciation & Depletion | 3,273 | ||||
Norfolk, VA | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 7,512 | ||||
Cost capitalized subsequent to acquisition | 40 | ||||
Gross amount at which carried at end of period | 7,552 | ||||
Accumulated Depreciation & Depletion | 2,946 | ||||
Prince Wil, VA 2 | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 10,442 | ||||
Cost capitalized subsequent to acquisition | 39,553 | ||||
Gross amount at which carried at end of period | 49,995 | ||||
Accumulated Depreciation & Depletion | 4,176 | ||||
Newcastle Co, DE | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 11,559 | ||||
Cost capitalized subsequent to acquisition | 3,657 | ||||
Gross amount at which carried at end of period | 15,216 | ||||
Accumulated Depreciation & Depletion | 5,285 | ||||
Carroll, MD | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 4,720 | ||||
Cost capitalized subsequent to acquisition | 2,479 | ||||
Gross amount at which carried at end of period | 7,199 | ||||
Accumulated Depreciation & Depletion | 0 | ||||
Harford, MD 4 | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 92 | ||||
Cost capitalized subsequent to acquisition | 1,600 | ||||
Gross amount at which carried at end of period | 1,692 | ||||
Accumulated Depreciation & Depletion | 0 | ||||
Wash DC 1 | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 2,957 | ||||
Cost capitalized subsequent to acquisition | 10,679 | ||||
Gross amount at which carried at end of period | 13,636 | ||||
Accumulated Depreciation & Depletion | 3,044 | ||||
Wash DC 2 | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 3,811 | ||||
Cost capitalized subsequent to acquisition | 4,644 | ||||
Gross amount at which carried at end of period | 8,455 | ||||
Accumulated Depreciation & Depletion | 137 | ||||
Land Development and Construction Properties | |||||
Encumbrances | 0 | ||||
Initial Cost to Company | 11,580 | ||||
Cost capitalized subsequent to acquisition | 19,402 | ||||
Gross amount at which carried at end of period | 30,982 | ||||
Accumulated Depreciation & Depletion | 3,181 | ||||
RiverFront on the Anacostia | |||||
Encumbrances | 90,000 | ||||
Initial Cost to Company | 6,165 | ||||
Cost capitalized subsequent to acquisition | 142,031 | ||||
Gross amount at which carried at end of period | 148,196 | ||||
Accumulated Depreciation & Depletion | $ 5,264 |
Schedule III Real Estate and 43
Schedule III Real Estate and Accumulated Depreciation and Depletion Part 2 (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Alachua, FL | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Clayton, GA | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Fayette, GA | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Lake, FL | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Lake, FL 2 | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Lake Louise, FL | |
Year of Construction | n/a |
Date acquired | 5/12 |
Depreciation Life Computed on | unit |
Lee, FL | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Monroe, GA | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Muscogee, GA | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Prince Wil, VA | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Putnam, FL | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Putnam, FL 2 | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | 5 yr. |
Spalding, GA | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | n/a |
Marion, FL | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Investment Property | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | n/a |
Baltimore, MD 1 | |
Year of Construction | 1,990 |
Date acquired | 10/89 |
Depreciation Life Computed on | 39 yr. |
Baltimore, MD 2 | |
Year of Construction | 1,994 |
Date acquired | 12/91 |
Depreciation Life Computed on | 39 yr. |
Baltimore, MD 3 | |
Year of Construction | 2,000 |
Date acquired | 7/99 |
Depreciation Life Computed on | 39 yr. |
Baltimore, MD 4 | |
Year of Construction | 2,008 |
Date acquired | 12/02 |
Depreciation Life Computed on | 39 yr. |
Baltimore, MD 5 | |
Year of Construction | 1,999 |
Date acquired | 6/14 |
Depreciation Life Computed on | 39 yr. |
Baltimore, MD 6 | |
Year of Construction | 1,967 |
Date acquired | 06/16 |
Depreciation Life Computed on | 39 yr. |
Baltimore City, MD | |
Year of Construction | 2,016 |
Date acquired | 12/10 |
Depreciation Life Computed on | 39 yr. |
Baltimore City, MD 2 | |
Year of Construction | 1,990 |
Date acquired | 6/13 |
Depreciation Life Computed on | 39 yr. |
Duval, FL | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | 25 yr. |
Harford, MD 1 | |
Year of Construction | 1,998 |
Date acquired | 8/95 |
Depreciation Life Computed on | 39 yr. |
Harford, MD 2 | |
Year of Construction | 1,999 |
Date acquired | 8/95 |
Depreciation Life Computed on | 39 yr. |
Harford, MD 3 | |
Year of Construction | 2,001 |
Date acquired | 8/95 |
Depreciation Life Computed on | 39 yr. |
Harford, MD 5 | |
Year of Construction | 2,007 |
Date acquired | 8/95 |
Depreciation Life Computed on | 39 yr. |
Harford, MD 6 | |
Year of Construction | 2,009 |
Date acquired | 8/95 |
Depreciation Life Computed on | 39 yr. |
Howard, MD 1 | |
Year of Construction | 1,996 |
Date acquired | 9/88 |
Depreciation Life Computed on | 39 yr. |
Howard, MD 2 | |
Year of Construction | 2,000 |
Date acquired | 3/00 |
Depreciation Life Computed on | 39 yr. |
Elkridge, MD | |
Year of Construction | 1,974 |
Date acquired | 10/16 |
Depreciation Life Computed on | 39 yr. |
Anne Arun, MD 1 | |
Year of Construction | 1,989 |
Date acquired | 9/88 |
Depreciation Life Computed on | 39 yr. |
Anne Arun, MD 2 | |
Year of Construction | 2,003 |
Date acquired | 5/98 |
Depreciation Life Computed on | 39 yr. |
Anne Arun, MD 3 | |
Year of Construction | 2,005 |
Date acquired | 8/04 |
Depreciation Life Computed on | 39 yr. |
Anne Arun, MD 4 | |
Year of Construction | 2,006 |
Date acquired | 1/03 |
Depreciation Life Computed on | 39 yr. |
Anne Arun, MD 5 | |
Year of Construction | 2,012 |
Date acquired | 7/07 |
Depreciation Life Computed on | 39 yr. |
Norfolk, VA | |
Year of Construction | 2,004 |
Date acquired | 10/04 |
Depreciation Life Computed on | 39 yr. |
Prince Wil, VA 2 | |
Year of Construction | 2,017 |
Date acquired | 12/05 |
Depreciation Life Computed on | 39 yr. |
Newcastle Co, DE | |
Year of Construction | 2,004 |
Date acquired | 4/04 |
Depreciation Life Computed on | 39 yr. |
Carroll, MD | |
Year of Construction | n/a |
Date acquired | 3/08 |
Depreciation Life Computed on | n/a |
Harford, MD 4 | |
Year of Construction | n/a |
Date acquired | 8/95 |
Depreciation Life Computed on | n/a |
Wash DC 1 | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | 15 yr. |
Wash DC 2 | |
Year of Construction | n/a |
Date acquired | 10/97 |
Depreciation Life Computed on | n/a |
RiverFront on the Anacostia | |
Year of Construction | 2,016 |
Date acquired | 07/17 |
Depreciation Life Computed on | 39 yr. |
Investments in Joint Ventures44
Investments in Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2013 | Oct. 04, 2006 | |
Investments in Joint Ventures | $ 22,901 | $ 13,406 | $ 23,854 | ||||
Total Assets of the Partnership | 115,545 | 29,438 | 110,029 | ||||
Net loss of the Partnership | (1,454) | (2,099) | (1,273) | ||||
Company's share of Net Loss of the Partnership | (1,119) | (1,598) | (978) | $ (145) | |||
Cash | 1,062 | 352 | |||||
Cash held in escrow | 88 | 13 | |||||
Amortizable Debt costs | 1,179 | ||||||
Investments in real estate, net | 114,395 | 108,485 | |||||
Other liabilities | 6,396 | 5,222 | |||||
Long-term debt | 69,042 | 63,495 | |||||
Capital - FRP | 22,901 | 13,406 | 23,854 | ||||
Capital - Third parties | 17,206 | 17,458 | |||||
Rental revenue | 6,328 | 30,385 | 24,457 | 23,410 | |||
Total liabilities and capital | 115,545 | 110,029 | |||||
Revenue - reimbursements | 1,327 | 5,653 | 5,557 | 5,237 | |||
Total revenues | 9,512 | 43,191 | 37,457 | 34,646 | |||
Operating expenses | 994 | 5,621 | 4,624 | 4,609 | |||
Depreciation and depletion | 2,171 | 14,591 | 8,288 | 7,533 | |||
Property taxes | $ 1,089 | $ 5,024 | $ 4,475 | 4,443 | |||
Riverfront I Joint Venture | |||||||
Ownership percent | 77.14% | 0.00% | 77.14% | 77.14% | |||
Investments in Joint Ventures | $ 10,151 | $ 0 | $ 11,261 | $ 8,583 | |||
Total Assets of the Partnership | 90,420 | 0 | 85,106 | ||||
Net loss of the Partnership | (1,446) | (2,019) | (1,193) | ||||
Company's share of Net Loss of the Partnership | (1,115) | (1,558) | (938) | ||||
Cash | 1,023 | 297 | |||||
Cash held in escrow | 88 | 13 | |||||
Amortizable Debt costs | 1,179 | ||||||
Investments in real estate, net | 89,309 | 83,617 | |||||
Other liabilities | 6,348 | 5,140 | |||||
Long-term debt | 69,042 | 63,495 | |||||
Capital - FRP | 10,151 | 0 | 11,261 | 8,583 | |||
Capital - Third parties | 4,879 | 5,210 | $ 4,418 | ||||
Rental revenue | 759 | 3,053 | 127 | 0 | |||
Total liabilities and capital | 90,420 | 85,106 | |||||
Revenue - reimbursements | 19 | 33 | 0 | 0 | |||
Total revenues | 778 | 3,086 | 127 | 0 | |||
Operating expenses | 562 | 1,096 | 741 | 108 | |||
Depreciation and depletion | 819 | 1,958 | 258 | 0 | |||
Property taxes | 199 | 459 | 41 | ||||
Cost of operations | 1,580 | 3,513 | 1,040 | 108 | |||
Operating profit | (802) | (427) | (913) | (108) | |||
Interest expense | $ (644) | $ (1,592) | $ (280) | $ 0 | |||
Brooksville Joint Venture | |||||||
Ownership percent | 50.00% | 50.00% | 50.00% | 50.00% | |||
Investments in Joint Ventures | $ 7,522 | $ 7,516 | $ 7,496 | ||||
Total Assets of the Partnership | 14,341 | 14,411 | 14,350 | ||||
Net loss of the Partnership | (8) | (80) | (80) | ||||
Company's share of Net Loss of the Partnership | (4) | (40) | (40) | ||||
Cash | 18 | 35 | |||||
Cash held in escrow | 0 | 0 | |||||
Investments in real estate, net | 14,323 | 14,315 | |||||
Other liabilities | 1 | 65 | |||||
Long-term debt | 0 | 0 | |||||
Capital - FRP | 7,522 | $ 7,516 | 7,496 | ||||
Capital - Third parties | 6,818 | 6,789 | |||||
Total liabilities and capital | $ 14,341 | $ 14,350 | |||||
BC FRP Realty, LLC | |||||||
Ownership percent | 50.00% | 50.00% | 50.00% | ||||
Investments in Joint Ventures | $ 5,228 | $ 5,890 | $ 5,097 | ||||
Total Assets of the Partnership | 10,784 | 15,027 | 10,573 | ||||
Net loss of the Partnership | 0 | 0 | 0 | ||||
Company's share of Net Loss of the Partnership | 0 | 0 | 0 | ||||
Cash | 21 | 20 | |||||
Cash held in escrow | 0 | 0 | |||||
Investments in real estate, net | 10,763 | 10,553 | |||||
Other liabilities | 47 | 17 | |||||
Long-term debt | 0 | 0 | |||||
Capital - FRP | 5,228 | $ 5,890 | 5,097 | ||||
Capital - Third parties | 5,509 | 5,459 | |||||
Total liabilities and capital | $ 10,784 | $ 10,573 |
Consolidation of RiverFront I45
Consolidation of RiverFront Investment Partners I, LLC. - RiverFront remeasurement balance sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
Land | $ 127,700 | $ 99,417 | $ 99,357 | ||
Building and improvements, net | 375,604 | 224,247 | 220,616 | ||
Cash | 4,524 | 0 | 0 | $ 419 | |
Cash held in escrow | 333 | 0 | 0 | ||
Accounts receivable | 1,020 | 710 | 987 | ||
Total Assets | 418,734 | 266,560 | 264,789 | $ 252,478 | |
Long-term Debt | 29,664 | 34,080 | 35,125 | ||
Capital - FRP | 13,406 | 22,901 | 23,854 | ||
Equity - MRP | 17,206 | 17,458 | |||
Total Liabilities and Capital | 418,734 | 266,560 | 264,789 | ||
Gain on remeasurement | |||||
Land | $ 21,107 | ||||
Building and improvements, net | 34,362 | ||||
Value of leases in place | 4,727 | ||||
Cash | 0 | ||||
Cash held in escrow | 0 | ||||
Accounts receivable | 0 | ||||
Prepaid expenses | 0 | ||||
Total Assets | 60,196 | ||||
Long-term Debt | 0 | ||||
Amortizable debt costs | 0 | ||||
Other liabilities | 0 | ||||
Capital - FRP | 39,727 | ||||
Equity - MRP | 20,469 | ||||
Total Liabilities and Capital | 60,196 | ||||
RiverFront on the Anacostia | |||||
Land | 28,327 | ||||
Building and improvements, net | 116,135 | ||||
Value of leases in place | 4,727 | ||||
Cash | 2,295 | ||||
Cash held in escrow | 171 | ||||
Accounts receivable | 40 | ||||
Prepaid expenses | 142 | ||||
Total Assets | 151,837 | ||||
Long-term Debt | 78,587 | ||||
Amortizable debt costs | (852) | ||||
Other liabilities | 905 | ||||
Capital - FRP | 48,310 | ||||
Equity - MRP | 24,887 | ||||
Total Liabilities and Capital | 151,837 | ||||
Riverfront Holdings I, LLC | |||||
Land | 7,220 | ||||
Building and improvements, net | 81,773 | ||||
Value of leases in place | 0 | ||||
Cash | 2,295 | ||||
Cash held in escrow | 171 | ||||
Accounts receivable | 40 | ||||
Prepaid expenses | 142 | ||||
Total Assets | 91,641 | ||||
Long-term Debt | 78,587 | ||||
Amortizable debt costs | (852) | ||||
Other liabilities | 905 | ||||
Capital - FRP | $ 0 | 8,583 | 10,151 | 11,261 | |
Equity - MRP | 4,418 | $ 4,879 | $ 5,210 | ||
Total Liabilities and Capital | $ 91,641 |
Spin-off - Discontinued operati
Spin-off - Discontinued operations results of operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue | $ 9,512 | $ 43,191 | $ 37,457 | $ 34,646 |
Cost of operations | 994 | 5,621 | 4,624 | 4,609 |
Interest expense | (306) | (4,323) | (1,561) | (2,014) |
Provision for income taxes | 897 | 7,329 | 7,851 | 3,895 |
Income from discontinued operations | $ 0 | $ 0 | $ 0 | 2,179 |
Patriot Transportation | ||||
Revenue | 41,800 | |||
Cost of operations | 38,195 | |||
Operating profit | 3,605 | |||
Interest expense | (33) | |||
Income before income taxes | 3,572 | |||
Provision for income taxes | 1,393 | |||
Income from discontinued operations | $ 2,179 |
Debt - Debt (Details)
Debt - Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Debt Disclosure [Abstract] | |||
Revolving credit agreements | $ 0 | $ 6,665 | $ 6,807 |
5.6% to 7.9% mortgage notes due in installments through 2027 | 29,664 | 34,080 | 35,125 |
Riverfront permanent loan | 88,653 | 0 | 0 |
Long-term debt, current and non-current | 118,317 | 40,745 | 41,932 |
Less portion due within one year | 4,463 | 4,526 | 4,455 |
Total long term debt | $ 113,854 | $ 36,219 | $ 37,477 |
Leases - Carrying value of prop
Leases - Carrying value of property leased or held for lease to others (Details) - Property leased or held for lease $ in Thousands | Dec. 31, 2017USD ($) |
Construction aggregates property | $ 35,294 |
Commercial property | 440,083 |
Carrying Value of property owned by the Company leased or held for lease, gross | 475,377 |
Less accumulated depreciation and depletion | 93,581 |
Carrying Value of property owned by the Company leased or held for lease, net | $ 381,796 |
Earnings Per Share - Earnings p
Earnings Per Share - Earnings per share computations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares oustanding during the period-shares used for basic earnings per common share | 9,879 | 9,975 | 9,846 | 9,756 |
Common shares issuable under share based payment plans which are potentially dilutive | 44 | 65 | 44 | 71 |
Common shares used for diluted earnings per common share | 9,923 | 10,040 | 9,890 | 9,827 |
Income from continuing operations | $ 1,682 | $ 41,750 | $ 12,024 | $ 6,093 |
Discontinued operations | 0 | 0 | 0 | 2,179 |
Net income attributable to the Company | $ 1,682 | $ 41,750 | $ 12,024 | $ 8,272 |
Basic earnings per common share: | ||||
Income from continuing operations | $ 0.17 | $ 4.19 | $ 1.22 | $ 0.62 |
Discontinued operations | 0 | 0 | 0 | 0.23 |
Net income | 0.17 | 4.19 | 1.22 | 0.85 |
Diluted earnings per common share | ||||
Income from continuing operations | 0.17 | 4.16 | 1.22 | 0.62 |
Discontinued operations | 0 | 0 | 0 | 0.22 |
Net income | $ 0.17 | $ 4.16 | $ 1.22 | $ 0.84 |
Stock-Based Compensation Plan50
Stock-Based Compensation Plans - Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock option grants | $ 79 | $ 268 | $ 166 | $ 267 |
Annual director stock award | 0 | 445 | 412 | 536 |
Total Stock Compensation expense | $ 79 | $ 713 | $ 578 | $ 803 |
Stock-Based Compensation Plan51
Stock-Based Compensation Plans - Summary of changes in outstanding options (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016USD ($)Years$ / sharesshares | Dec. 31, 2017USD ($)Years$ / sharesshares | Sep. 30, 2016USD ($)integer$ / sharesshares | Sep. 30, 2015USD ($)integer$ / sharesshares | Sep. 30, 2014USD ($)integer$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
Options outstanding | shares | 236,385 | 174,510 | 263,560 | 305,750 | 326,830 |
Options granted | shares | 19,600 | 30,255 | 21,540 | 39,425 | |
Options exercised | shares | (46,775) | (92,130) | (63,730) | (72,300) | |
Options forfeited | shares | (6,000) | ||||
Spin-off conversion | shares | 17,795 | ||||
Options outstanding weighted average exercise price | $ / shares | $ 25.35 | $ 28.70 | $ 23.50 | $ 21.90 | $ 25.43 |
Options outstanding weighted average exercise price - Granted | $ / shares | 39 | 43.45 | 31.15 | 26.97 | |
Options outstanding weighted average exercise price - forfeited | $ / shares | 14.97 | ||||
Options outstanding weighted average exercise price - Exercised | $ / shares | $ 20.66 | 24.93 | $ 18.39 | 13.31 | |
Options outstanding weighted average exercise price - modification | $ / shares | $ 30.21 | ||||
Options outstanding weighted average exercise price - Spin-off conversion | $ / shares | $ 20.63 | ||||
Options outstanding weighted average remaining term | 6.1 | 6 | 5.6 | 5.9 | 5 |
Options outstanding weighted average grant date fair value | $ | $ 2,440 | $ 1,901 | $ 2,539 | $ 2,738 | $ 3,481 |
Options granted weighted average grant date fair value | $ / shares | $ 297 | $ 440 | $ 272 | $ 432 | |
Options forfeited weighted average grant date fair value | $ | $ (35) | ||||
Options exercised weighted average grant date fair value | $ | $ (396) | $ (842) | $ (471) | (430) | |
Options Spin-off adjustment weighted average grant date fair value | $ | (865) | ||||
Options Spin-off conversion weighted average grant date fair value | $ | $ 155 | ||||
Options modified weighted average grant date fair value | $ | $ (137) | ||||
Options exercisable at December 31, 2017 | shares | 129,916 | ||||
Options exercisable weighted average exercise price | $ / shares | $ 25.66 | ||||
Options exerciseable weighted average remaining term | Years | 5.1 | ||||
Options exercisable weighted average grant date fair value | $ | $ 1,223 | ||||
Options vested during twelve months ended December 31, 2017 | shares | 41,810 | ||||
Options vested weighted average grant date fair value | $ | $ 405 |
Stock-Based Compensation Plan52
Stock-Based Compensation Plans - Summary of Stock Options Outstanding (Details) | 12 Months Ended | ||||
Dec. 31, 2017Years$ / sharesshares | Dec. 31, 2016Years$ / shares | Sep. 30, 2016integer$ / shares | Sep. 30, 2015integer$ / shares | Sep. 30, 2014integer$ / shares | |
Shares under option | shares | 174,510 | ||||
Weighted average exercise price | $ 28.70 | $ 25.35 | $ 23.50 | $ 21.90 | $ 25.43 |
Weighted average remaining life | 6 | 6.1 | 5.6 | 5.9 | 5 |
$16.51 - $24.75 Exercisable | |||||
Shares under option | shares | 14,100 | ||||
Weighted average exercise price | $ 16.72 | ||||
Weighted average remaining life | Years | 3.9 | ||||
Minimum exercise price | $ 16.51 | ||||
Maximum exercise price | $ 24.75 | ||||
$24.76 - $37.25 Exercisable | |||||
Shares under option | shares | 73,928 | ||||
Weighted average exercise price | $ 22.06 | ||||
Weighted average remaining life | Years | 3.9 | ||||
Minimum exercise price | $ 24.76 | ||||
Maximum exercise price | $ 37.25 | ||||
$37.26 - $41.39 Exercisable | |||||
Shares under option | shares | 41,888 | ||||
Weighted average exercise price | $ 35.01 | ||||
Weighted average remaining life | Years | 7.6 | ||||
Minimum exercise price | $ 37.26 | ||||
Maximum exercise price | $ 41.39 | ||||
$24.76 - $37.25 Non-exercisable | |||||
Shares under option | shares | 7,084 | ||||
Weighted average exercise price | $ 26.97 | ||||
Weighted average remaining life | Years | 6.9 | ||||
Minimum exercise price | $ 24.76 | ||||
Maximum exercise price | $ 37.25 | ||||
$37.26 - $41.39 Non-exercisable | |||||
Shares under option | shares | 37,510 | ||||
Weighted average exercise price | $ 39.59 | ||||
Weighted average remaining life | Years | 9 | ||||
Minimum exercise price | $ 37.26 | ||||
Maximum exercise price | $ 41.39 | ||||
Exercisable | |||||
Shares under option | shares | 129,916 | ||||
Weighted average exercise price | $ 25.66 | ||||
Weighted average remaining life | Years | 5.1 | ||||
Non-exercisable | |||||
Shares under option | shares | 44,594 | ||||
Weighted average exercise price | $ 37.58 | ||||
Weighted average remaining life | Years | 8.7 |
Income Taxes - Provision for in
Income Taxes - Provision for income taxes for continuing operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Federal, current | $ 693 | $ (1,763) | $ 4,807 | $ 1,803 |
State, current | 185 | (429) | 1,165 | 524 |
Current income tax expense | 878 | (2,192) | 5,972 | 2,327 |
Deferred | 19 | 9,521 | 1,879 | 1,568 |
Provision for income taxes | 897 | 7,329 | 7,851 | 3,895 |
Federal, computed at statutory rate | 777 | 16,723 | 6,797 | 3,396 |
State income taxes (net of Federal income tax benefit) | 115 | 2,476 | 1,002 | 504 |
Tax Cut and Jobs Act of 2017 | 0 | (11,834) | 0 | 0 |
Other, net | $ 5 | $ (36) | $ 52 | $ (5) |
Income Taxes - Deferred tax ass
Income Taxes - Deferred tax assets and deferred tax liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Income Tax Disclosure [Abstract] | |||
Property and equipment | $ 25,212 | $ 15,127 | $ 15,197 |
Depletion | 660 | 776 | 526 |
Unrealized rents | 1,166 | 1,786 | 1,823 |
Prepaid expenses | 431 | 763 | 913 |
Gross deferred tax liabilities | 27,469 | 18,452 | 18,459 |
Employee benefits and other | 1,487 | 1,997 | 2,023 |
Gross deferred tax assets | 1,487 | 1,997 | 2,023 |
Net deferred tax liability | $ 25,982 | $ 16,455 | $ 16,436 |
Business Segments - Business se
Business Segments - Business segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 9,512 | $ 43,191 | $ 37,457 | $ 34,646 |
Operating profit | 4,004 | 13,605 | 16,383 | 12,181 |
Corporate expenses | (855) | (3,380) | (3,080) | (4,388) |
Unallocated to discontinued operations | 0 | 0 | 0 | (1,081) |
Interest expense | 306 | 4,323 | 1,561 | 2,014 |
Depreciation, depletion and amortization | 2,095 | 13,532 | 8,051 | 7,378 |
Capital expenditures | 5,407 | 16,610 | 27,554 | 6,493 |
Cash items | 0 | 4,524 | 0 | 419 |
Total identifiable net assets | 266,560 | 418,734 | 264,789 | 252,478 |
Asset Management | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,321 | 29,873 | 28,739 | 27,570 |
Operating profit | 3,509 | 13,799 | 13,374 | 13,288 |
Corporate expenses | (485) | (1,917) | (1,591) | (1,248) |
Interest expense | 306 | 1,340 | 1,561 | 2,014 |
Depreciation, depletion and amortization | 2,005 | 8,110 | 7,689 | 6,963 |
Capital expenditures | 1,199 | 6,913 | 20,747 | 2,408 |
Identifiable net assets | 169,736 | 179,654 | 170,562 | 151,023 |
Mining royalty lands | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,880 | 7,241 | 7,533 | 6,094 |
Operating profit | 1,750 | 6,732 | 7,029 | 5,478 |
Corporate expenses | (42) | (167) | (231) | (1,322) |
Depreciation, depletion and amortization | 35 | 110 | 104 | 133 |
Capital expenditures | 2 | 0 | 205 | 0 |
Identifiable net assets | 39,259 | 38,656 | 39,570 | 39,300 |
Land Development and Construction | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 311 | 1,230 | 1,185 | 982 |
Operating profit | (400) | (1,528) | (940) | (2,197) |
Corporate expenses | (328) | (1,231) | (1,258) | (737) |
Depreciation, depletion and amortization | 55 | 337 | 258 | 282 |
Capital expenditures | 4,206 | 8,840 | 6,602 | 4,085 |
Identifiable net assets | 57,126 | 46,684 | 54,157 | 60,682 |
RiverFront on the Anacostia | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 4,847 | 0 | 0 |
Operating profit | 0 | (2,018) | 0 | 0 |
Corporate expenses | 0 | (65) | 0 | 0 |
Interest expense | 0 | 2,983 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 4,975 | 0 | 0 |
Capital expenditures | 0 | 857 | 0 | 0 |
Identifiable net assets | 0 | 144,386 | 0 | 0 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Identifiable net assets | $ 439 | $ 4,830 | $ 500 | $ 1,054 |
Real Estate Business Park Acq56
Real Estate Business Park Acquisitions - Intangible asset amortization Port Capital Property (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2016 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2016 | Oct. 19, 2015 | |
Port Capital Forecasted amortization | |||||||||
In-place Leases annual amortization | $ 114 | $ 114 | $ 114 | $ 114 | $ 114 | ||||
Port Capital Property | |||||||||
In-place leases initial value | $ 1,126 | ||||||||
In-place Leases annual amortization | $ 28 | $ 114 | $ 104 |
Real Estate Business Park Acq57
Real Estate Business Park Acquisitions - Intangible asset amortization Gilroy Road Property (Details) - Gilroy Road Property - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2016 | Jul. 01, 2016 | |
In-place leases initial value | $ 277 | |||
In-place Leases annual amortization | $ 55 | $ 167 | $ 55 |
Real Estate Business Park Acq58
Real Estate Business Park Acquisitions - Intangible asset amortization Dock 79 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 01, 2017 | |
Dock 79 Forecasted amortization | ||||
In-place Leases annual amortization | $ 25 | $ 2,201 | ||
Dock 79 | ||||
In-place leases initial value | $ 4,727 | |||
In-place Leases annual amortization | $ 2,501 |
Intangible assets and liabiliti
Intangible assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Amortizable asset carrying Amount | $ 7,563 | $ 2,836 | $ 2,836 |
Amortizable asset accumulated Amortization | 4,233 | 1,324 | 1,198 |
Below market lease carrying amount | 220 | 220 | 220 |
Below market lease accumulated amortization | 220 | 211 | 206 |
In place leases | |||
Amortizable asset carrying Amount | 7,515 | 2,788 | 2,788 |
Amortizable asset accumulated Amortization | 4,206 | 1,300 | 1,175 |
Above Market leases | |||
Amortizable asset carrying Amount | 48 | 48 | 48 |
Amortizable asset accumulated Amortization | 27 | 24 | 23 |
Below market leases | |||
Below market lease carrying amount | 220 | 220 | 220 |
Below market lease accumulated amortization | $ 220 | $ 211 | $ 206 |
Intangible assets and liabili60
Intangible assets and liabilities (Details) (Parenthetical) | 12 Months Ended |
Dec. 31, 2017 | |
In place leases | |
Useful life | 7-8 years |
Above Market leases | |
Useful life | 5 years |
Below market leases | |
Useful life | 4-5 years |
Accounting Policies (Details Na
Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Patriot shares received | FRP's shareholders received one share of Patriot for every three shares of FRP owned on the record date. | ||||
Depreciation and depletion | $ 1,778 | $ 9,781 | $ 6,809 | $ 6,195 | |
Reclass from deferred costs to long-term deferred tax liability | $ 887 | $ 884 | |||
Reduction of income tax expense from windfall gains on stock option exercises | $ 14 | ||||
Buildings and improvements | |||||
Estimated useful lives | 3-39 | ||||
Brooksville Joint Venture | |||||
Voting interest | 50.00% | ||||
BC FRP Realty, LLC | |||||
Voting interest | 50.00% |
Investments in Joint Ventures62
Investments in Joint Ventures (Details Narrative) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
May 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($)ft² | Dec. 31, 2006USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 28, 2017USD ($) | Oct. 04, 2006ft² | |
Company's share of the loss of the joint venture | $ 1,119 | $ 1,598 | $ 978 | $ 145 | ||||||
Joint Venture consolidated retained earnings | $ (2,638) | (1,667) | (2,638) | (990) | ||||||
Outstanding balance | $ 29,664 | $ 34,080 | 29,664 | $ 35,125 | ||||||
BC FRP Realty, LLC | ||||||||||
Construction financing through September 15, 2022 | $ 17,250 | |||||||||
Construction financing through September 15, 2018 | $ 300 | |||||||||
Interest rate over LIBOR | 2.50% | |||||||||
Outstanding balance | $ 2,987 | $ 2,987 | ||||||||
Vulcan | ||||||||||
Acres conributed | ft² | 553 | |||||||||
Vulcan leasehold interest | ft² | 3,443 | |||||||||
FRP additional contribution for land | $ 3,018 | |||||||||
Additional land acquired | ft² | 288 | |||||||||
St Johns Properties JV St Johns | ||||||||||
Value of land contributed | $ 3,240 | |||||||||
Acres conributed | ft² | 10 | |||||||||
Brooksville Joint Venture | ||||||||||
Land acreage | ft² | 4,300 | |||||||||
Joint venture percentage stake | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | |||||
Acres conributed | ft² | 3,443 | |||||||||
Book value of land contribution | 2,548 | |||||||||
FRP additional contribution for land | $ 3,018 | |||||||||
Additional land acquired | ft² | 288 | |||||||||
Company's share of the loss of the joint venture | $ 4 | $ 40 | $ 40 | |||||||
BC FRP Realty, LLC | ||||||||||
Square feet | ft² | 329,000 | |||||||||
Value of land contributed | $ 7,500 | |||||||||
Joint venture percentage stake | 50.00% | 50.00% | 50.00% | 50.00% | ||||||
Distribution received | $ 2,130 | |||||||||
Acres conributed | ft² | 25 | |||||||||
Company's share of the loss of the joint venture | $ 0 | $ 0 | $ 0 |
Consolidation of RiverFront I63
Consolidation of RiverFront Investment Partners I, LLC. (Details Narrative) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2013USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2017ft² | Mar. 30, 2012ft² | |
Gain on remeasurement of investment of real estate partnership | $ 0 | $ 60,196 | $ 0 | $ 0 | |||
Noncontrolling Interest | |||||||
Gain on remeasurement of investment of real estate partnership | $ 20,469 | ||||||
MRP | |||||||
Capital contribution | $ 5,553 | ||||||
Riverfront Holdings I, LLC | |||||||
Square feet | ft² | 300,000 | ||||||
Retail square feet | ft² | 18,000 | ||||||
Area of land to develop | ft² | 2 | ||||||
Land acreage | ft² | 5.82 | ||||||
Value of land contributed | 13,500 | ||||||
Book value of land contribution | 6,165 | ||||||
Cash contributed | $ 4,866 | ||||||
Joint venture percentage stake | 77.14% | 77.14% | 0.00% | 77.14% | |||
RiverFront on the Anacostia | |||||||
Square feet | ft² | 300,000 | ||||||
Joint venture percentage stake | 66.00% | ||||||
Stabilization percent leased and occupied | 90.00% |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Related Party Transactions [Abstract] | ||||
Charges/allocation related to Transition Services Agreement with Patriot | $ 377 | $ 1,580 | $ 1,542 | $ 2,211 |
Charges/allocations related to discontinued operations | $ 0 | $ 0 | $ 0 | $ 1,081 |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2015 | Mar. 30, 2015 | Dec. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Nov. 17, 2017 | Jul. 24, 2015 | Jan. 30, 2015 | Aug. 07, 2014 | |
Mortgage interest description | 5.6% to 7.9% mortgage notes due in installments through 2027 | 5.6% to 7.9% mortgage notes due in installments through 2027 | 5.6% to 7.9% mortgage notes due in installments through 2027 | 5.6% to 7.9% mortgage notes due in installments through 2027 | ||||||||
Principal payments 2018 | $ 4,463 | $ 4,463 | ||||||||||
Principal payments 2019 | 3,908 | 3,908 | ||||||||||
Principal payments 2020 | 3,701 | 3,701 | ||||||||||
Principal payments 2021 | 3,456 | 3,456 | ||||||||||
Principal payments 2022 | 4,177 | 4,177 | ||||||||||
Principal payments 2023 and subsequent years | 98,612 | 98,612 | ||||||||||
Carrying value of collateral on mortgage notes payable | 186,181 | 186,181 | ||||||||||
Capitalized interest | $ 328 | 1,026 | $ 1,086 | $ 1,041 | ||||||||
Mortgage prepayment | $ 1,314 | |||||||||||
Interest rates of prepaid mortgages | 8.55% and 7.95% | |||||||||||
Prepayment penalty | 440 | $ 116 | ||||||||||
Deferred loan costs on early prepayment | 714 | $ 15 | ||||||||||
Riverfront permanent loan | 88,653 | $ 0 | $ 88,653 | $ 0 | ||||||||
First Tennessee bank Term Loan | ||||||||||||
Term | 10 years | |||||||||||
Term loan facility | $ 20,000 | $ 20,000 | ||||||||||
Dock 79 Construction loan | ||||||||||||
RiverFront construction loan | $ 65,000 | |||||||||||
Interest rate over LIBOR | 2.35% | |||||||||||
Dock 79 EB5 loan | ||||||||||||
RiverFront EB5 secondary financing | $ 17,000 | |||||||||||
Interest rate to year five | 4.95% | |||||||||||
Dock 79 Non-recourse loan | ||||||||||||
Term | 120 months | |||||||||||
Riverfront permanent loan | $ 90,000 | |||||||||||
Interest rate | 4.125% | |||||||||||
Payment terms | During the first 48 months of the loan term, the Joint Venture will make monthly payments of interest only, and thereafter, make monthly payments of principal and interest in equal installments based upon a 30-year amortization period. | |||||||||||
Wells Fargo Bank, N.A. | ||||||||||||
Term | 5 years | |||||||||||
Revolving Credit Agreement | $ 20,000 | |||||||||||
Sublimit for standby letters of credit | $ 10,000 | |||||||||||
Commitment fee | 0.15% | |||||||||||
Letters of credit issued | $ 2,297 | $ 2,297 | ||||||||||
Borrowed under the revolver | 0 | 0 | ||||||||||
Available for borrowing | 17,703 | 17,703 | ||||||||||
Tangible net worth covenant | 110,000 | 110,000 | ||||||||||
Available to pay dividends or repurchase stock | 86,300 | $ 86,300 | ||||||||||
Interest rate over LIBOR | 1.40% | |||||||||||
First Tennessee Bank | ||||||||||||
Term | 5 years | |||||||||||
Revolving Credit Agreement | $ 20,000 | |||||||||||
Commitment fee | 0.10% | |||||||||||
Revolver conversion to term loan | 24 month window | |||||||||||
Borrowed under the revolver | 0 | $ 0 | ||||||||||
Available for borrowing | $ 20,000 | $ 20,000 | ||||||||||
Interest rate over LIBOR | 1.90% |
Leases (Details Narrative)
Leases (Details Narrative) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
Minimum future straight-lined rentals due on noncancelable leases 2018 | $ 33,347 |
Minimum future straight-lined rentals due on noncancelable leases 2019 | 26,118 |
Minimum future straight-lined rentals due on noncancelable leases 2020 | 21,938 |
Minimum future straight-lined rentals due on noncancelable leases 2021 | 18,400 |
Minimum future straight-lined rentals due on noncancelable leases 2022 | 15,058 |
Minimum future straight-lined rentals due on noncancelable leases 2023 and subsequent years | $ 56,149 |
Earnings Per Share (Details Nar
Earnings Per Share (Details Narrative) - shares | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive shares | 61,640 | 48,122 | 72,090 | 56,110 |
Stock-Based Compensation Plan68
Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Yearsshares | Dec. 29, 2017$ / shares | Jan. 30, 2015 | |
Number of stock option plans | 2 | ||
Options expire from date of grant | 10 years | ||
Exercisable installments | Immediate or 20% or 25% | ||
Shares available for future issuance | shares | 544,217 | ||
Dividend yield | 0.00% | ||
Expected minimum volatility | 32.00% | ||
Expected maximum volatility | 43.00% | ||
FRP options replacement | 75.14% | ||
Patriot options replacement | 24.86% | ||
Risk-free interest rate minimum | 0.60% | ||
Risk-free interest rate maximum | 4.20% | ||
Expected life minimum | Years | 3 | ||
Expecited life maximum | Years | 7 | ||
Aggregate intrinsic value of exercisable in-the-money options | $ 2,418 | ||
Aggregate intrinsic value of outstanding in-the-money options | 2,719 | ||
Market close price | $ / shares | $ 44.25 | ||
Gains realized by option holders | 1,634 | ||
Total unrecognized compensation cost of options granted but not yet vested | $ 583 | ||
Weighted average period for compensation to be recognized | Years | 4.1 | ||
Modification stock compensation expense | $ 41 | ||
Patriot Transportation | |||
Realized tax benefit from options exercised | 1,525 | ||
Modification stock compensation expense | $ 150 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecognized tax benefits | $ 0 | $ 0 | ||
Tax Cuts and Jobs Act of 2017 deferred tax benefit | $ 12,043 | |||
Tax Cuts and Jobs Act of 2017 deferred tax benefit per share | $ 1.20 | |||
Effective tax rate | 39.50% | 39.07% | ||
Income tax benefit related to lower rate | $ 209 | |||
Federal tax rate | 34.00% | |||
Tax Reform | ||||
Effective tax rate | 27.05% | |||
Effective Federal Rate Potential | ||||
Federal tax rate | 35.00% | |||
Minimum taxable income where the federal tax rate increases | $ 10,000 |
Employee Benefits (Details Narr
Employee Benefits (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Notes to Financial Statements | ||||
Company 401k contribution | 50.00% | 50.00% | 50.00% | 50.00% |
Savings/profit sharing plan company contribution | $ 16 | $ 54 | $ 51 | $ 45 |
Management Security Plan expense | 13 | 12 | 161 | $ 163 |
Management Security Plan accrued benefit | $ 1,475 | $ 1,457 | $ 1,485 |
Business Segments (Details Narr
Business Segments (Details Narrative) | 12 Months Ended | |
Dec. 31, 2017aSegments | Jun. 30, 2017ft² | |
Reportable business segments | Segments | 4 | |
Brooksville Quarry, LLC | ||
Mining royalty lands acres | 4,280 | |
Mining royalty lands | ||
Mining royalty lands acres | 15,000 | |
RiverFront on the Anacostia | ||
Stabilization percent leased and occupied | 90.00% | |
Square feet | ft² | 300,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Fair Value Disclosures [Abstract] | |||
Assets measured at fair value on a recurring basis | $ 0 | ||
Liabilities measured at fair value on a recurring basis | 0 | ||
Assets measured at fair value on a non-recurring basis | 0 | ||
Liabilities measured at fair value on a non-recurring basis | 0 | ||
Carrying amount of mortgage notes payable | 118,317 | $ 40,745 | $ 41,932 |
Fair value of mortgage notes payable | $ 122,271 | $ 43,747 | $ 46,216 |
Contingent Liabilities (Details
Contingent Liabilities (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Contingent Liabilities Details Narrative | ||||||
Cap on environment financial responsibility | $ 1,871 | |||||
Environmental remediation expense | $ 0 | $ 2,000 | $ 0 | (1,000) | $ 0 | |
Total cost of remediation | $ 1,833 | |||||
Environmental remediation recovery | $ 3,000 |
Commitments (Details Narrative)
Commitments (Details Narrative) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase commitments | $ 2,677 |
Concentrations (Details Narrati
Concentrations (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)integer | |
Tenants leasing mining locations | integer | 4 |
Mining Top Customer | |
Customer revenue concentration | 13.60% |
Accounts receivable concentration | $ | $ 190 |
Asset Management Top Customer | |
Customer revenue concentration | 10.00% |
Unusual or Infrequent Items I76
Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Mortgage prepayment | $ 1,314 | |||||||
Interest rates of prepaid mortgages | 8.55% and 7.95% | |||||||
Prepayment penalty | $ 440 | $ 116 | ||||||
Deferred loan costs on early prepayment | 714 | $ 15 | ||||||
Environmental remediation recovery | $ 3,000 | |||||||
Gain on investment land sold | $ 0 | $ 0 | $ 6,029 | $ (34) | ||||
Environmental remediation expense | 0 | $ 2,000 | 0 | (1,000) | 0 | |||
Gain on remeasurement of investment in real estate partnership | $ 0 | 60,196 | $ 0 | $ 0 | ||||
Tax Cuts and Jobs Act of 2017 deferred tax benefit | $ 12,043 | |||||||
Tax Cuts and Jobs Act of 2017 deferred tax benefit per share | $ 1.20 | |||||||
RiverFront on the Anacostia | ||||||||
Prepayment penalty | $ 440 | |||||||
Deferred loan costs on early prepayment | $ 714 | |||||||
Noncontrolling Interest | ||||||||
Gain on remeasurement of investment in real estate partnership | $ 20,469 | |||||||
Windlass Run Phase 2 | ||||||||
Gain on investment land sold | $ 6,277 |
Real Estate Business Park Acq77
Real Estate Business Park Acquisitions (Details Narrative) $ in Thousands | Jul. 01, 2016USD ($)ft²a | Oct. 19, 2015USD ($)ft²a |
Port Capital Property | ||
Approximate purchase price | $ | $ 9,900 | |
Number of buildings acquired | 1 | |
Land acreage | a | 6.39 | |
Square feet | 91,218 | |
Mezzanine space square feet | 29,558 | |
Gilroy Road Property | ||
Approximate purchase price | $ | $ 8,300 | |
Number of buildings acquired | 1 | |
Land acreage | a | 7 | |
Square feet | 116,338 | |
Mezzanine space square feet | 8,900 | |
Square footage footprint | 107,438 |