Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2018shares | |
Document And Entity Information | |
Entity Registrant Name | FRP HOLDINGS, INC. |
Entity Central Index Key | 844,059 |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 10,076,524 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2,018 |
Is Entity a smaller reporting company | true |
Is Entity an emerging growth company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Land | $ 83,721 | $ 87,235 |
Buildings and improvements | 146,632 | 147,670 |
Projects under construction | 6,131 | 1,764 |
Total investments in properties | 236,484 | 236,669 |
Less accumulated depreciation and depletion | 29,772 | 26,755 |
Net investments in properties | 206,712 | 209,914 |
Real estate held for investment, at cost | 7,176 | 7,176 |
Investments in joint ventures | 25,090 | 13,406 |
Net real estate investments | 238,978 | 230,496 |
Cash and cash equivalents | 34,782 | 4,524 |
Cash held in escrow | 34,270 | 333 |
Accounts receivable, net | 738 | 615 |
Investments available for sale | 191,288 | 0 |
Federal and state income taxes receivable | 2,022 | 2,962 |
Unrealized rents | 594 | 223 |
Deferred costs | 942 | 2,708 |
Other assets | 451 | 179 |
Assets of discontinued operations | 3,194 | 176,694 |
Total assets | 507,259 | 418,734 |
Liabilities: | ||
Secured notes payable, current portion | 0 | 125 |
Secured notes payable, less current portion | 88,755 | 90,029 |
Accounts payable and accrued liabilities | 2,829 | 2,081 |
Environmental remediation liability | 100 | 2,037 |
Deferred revenue | 32 | 107 |
Deferred income taxes | 23,795 | 25,982 |
Deferred compensation | 1,452 | 1,457 |
Tenant security deposits | 53 | 54 |
Liabilities of discontinued operations | 1,872 | 32,280 |
Total liabilities | 118,888 | 154,152 |
Commitments and contingencies (Note 8) | ||
Equity: | ||
Common stock, $.10 par value; 25,000,000 shares authorized, 10,076,524 and 10,014,667 shares issued and outstanding, respectively | 1,008 | 1,001 |
Capital in excess of par value | 58,030 | 55,636 |
Retained earnings | 310,620 | 186,855 |
Accumulated other comprehensive income (loss), net | (375) | 38 |
Total shareholders' equity | 369,283 | 243,530 |
Noncontrolling interest MRP | 19,088 | 21,052 |
Total Equity | 388,371 | 264,582 |
Total liabilities and shareholders' equity | $ 507,259 | $ 418,734 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued and outstanding | 10,076,524 | 10,014,667 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues: | ||||
Rental revenue | $ 3,440 | $ 3,102 | $ 9,937 | $ 4,609 |
Mining Royalty and rents | 2,102 | 1,763 | 5,885 | 5,311 |
Revenue - reimbursements | 200 | 170 | 548 | 469 |
Total revenues | 5,742 | 5,035 | 16,370 | 10,389 |
Cost of operations: | ||||
Depreciation, depletion and amortization | 1,821 | 2,804 | 6,350 | 3,303 |
Operating expenses | 983 | 875 | 2,951 | 1,312 |
Environmental remediation | (465) | 0 | (465) | 0 |
Property taxes | 663 | 647 | 1,949 | 1,384 |
Management company indirect | 550 | 351 | 1,366 | 962 |
Corporate expenses (Note 4 Related Party) | 522 | 617 | 2,910 | 2,510 |
Total cost of operations | 4,074 | 5,294 | 15,061 | 9,471 |
Total operating profit (loss) | 1,668 | (259) | 1,309 | 918 |
Interest income | 1,654 | 0 | 1,875 | 0 |
Interest expense | (768) | (783) | (2,418) | (783) |
Equity in loss of joint ventures | (13) | (12) | (36) | (1,589) |
Gain on remeasurement of investment in real estate partnership | 0 | 60,196 | 0 | 60,196 |
Loss on investment land sold | (3) | 0 | (3) | 0 |
Income before income taxes | 2,538 | 59,142 | 727 | 58,742 |
Provision for income taxes | 508 | 15,543 | 269 | 15,371 |
Income from continuing operations | 2,030 | 43,599 | 458 | 43,371 |
Income (loss) from discontinued operations, net | (78) | 1,585 | 122,109 | 4,969 |
Net income | 1,952 | 45,184 | 122,567 | 48,340 |
Gain (loss) attributable to noncontrolling interest | (272) | 19,793 | (1,199) | 19,793 |
Net income attributable to the Company | $ 2,224 | $ 25,391 | $ 123,766 | $ 28,547 |
Basic earnings per common share | ||||
Income from continuing operations | $ 0.20 | $ 4.36 | $ 0.05 | $ 4.35 |
Discontinued operations | (0.01) | 0.16 | 12.17 | 0.50 |
Net income attributable to the Company | 0.22 | 2.54 | 12.33 | 2.86 |
Diluted earnings per common share | ||||
Income from continuing operations | 0.20 | 4.33 | 0.05 | 4.32 |
Discontinued operations | (0.01) | 0.16 | 12.08 | 0.50 |
Net income attributable to the Company | $ 0.22 | $ 2.52 | $ 12.24 | $ 2.84 |
Number of shares (in thousands) used in computing: | ||||
-basic earnings per common share | 10,062 | 10,004 | 10,037 | 9,967 |
-diluted earnings per common share | 10,135 | 10,066 | 10,110 | 10,035 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Net income | $ 1,952 | $ 45,184 | $ 122,567 | $ 48,340 |
Unrealized loss on investments available for sale | (413) | 0 | (413) | 0 |
Comprehensive income | 1,539 | 45,184 | 122,154 | 48,340 |
Less: comprehensive income (loss) attributable to noncontrolling interests | (272) | 19,793 | (1,199) | 19,793 |
Comprehensive income attributable to the Company | $ 1,811 | $ 25,391 | $ 123,353 | $ 28,547 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 122,567 | $ 48,340 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Income from discontinued operations, net | (122,109) | (4,969) |
Depreciation, depletion and amortization | 6,597 | 3,403 |
Deferred income taxes | (2,187) | 19,620 |
Equity in loss of joint ventures | 36 | 1,589 |
Gain on remeasurement of investment in real estate partnership | 0 | (60,196) |
Gain on sale of equipment | (19) | (15) |
Stock-based compensation | 1,169 | 588 |
Realized loss on available for sale investments | 290 | 0 |
Net changes in operating assets and liabilities: | ||
Accounts receivable | (123) | (102) |
Deferred costs and other assets | (909) | 473 |
Accounts payable and accrued liabilities | 673 | (346) |
Income taxes payable and receivable | 940 | (2,739) |
Other long-term liabilities | (1,943) | 25 |
Net cash provided by operating activities of continuing operations | 4,982 | 5,671 |
Net cash (used in) provided by operating activities of discontinued operations | (46,642) | 9,650 |
Net cash (used in) provided by operating activities | (41,660) | 15,321 |
Cash flows from investing activities: | ||
Investments in properties | (5,729) | (2,492) |
Investments in joint ventures | (7,160) | (621) |
Purchases of investments available for sale | (313,306) | 0 |
Proceeds from sales of investments available for sale | 121,161 | 0 |
Proceeds from the sale of assets | 77 | 16 |
Cash at consolidation of real estate partnership | 0 | 2,295 |
Cash held in escrow | (33,937) | (15) |
Net cash used in investing activities of continuing operations | (238,894) | (817) |
Net cash provided by (used in) investing activities of discontinued operations | 340,744 | (10,103) |
Net cash provided by (used in) investing activities | 101,850 | (10,920) |
Cash flows from financing activities: | ||
Distribution to noncontrolling interest | (765) | 0 |
Decrease in bank overdrafts | 0 | (254) |
Proceeds from long-term debt | 0 | 43 |
Repayment of long-term debt | (1,552) | (166) |
Payment on revolving credit facility | 0 | (754) |
Debt issue costs | 0 | (21) |
Repurchase of Company Stock | 0 | (74) |
Exercise of employee stock options | 1,231 | 2,127 |
Net cash (used in) provided by financing activities of continuing operations | (1,086) | 901 |
Net cash used in financing activities of discontinued operations | (28,846) | (2,672) |
Net cash used in financing activities | (29,932) | (1,771) |
Net increase in cash and cash equivalents | 30,258 | 2,630 |
Cash and cash equivalents at beginning of period | 4,524 | 0 |
Cash and cash equivalents at end of the period | $ 34,782 | $ 2,630 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Basis of Presentation | (1) Description of Business and Basis of Presentation. FRP Holdings, Inc. is a holding company engaged in the real estate business, namely (i) mining royalty land ownership and leasing, (ii) land acquisition, entitlement and development primarily for future warehouse/office or residential building construction, (iii) ownership, leasing, and management of a residential apartment building, and (iv) warehouse/office building ownership, leasing and management. The accompanying consolidated financial statements include the accounts of FRP Holdings, Inc. (the “Company” or “FRP”) inclusive of our operating real estate subsidiaries, FRP Development Corp. (“Development”) and Florida Rock Properties, Inc. (”Properties”). Our investment in the Brooksville joint venture, BC FRP Realty joint venture, and RiverFront Holdings II joint venture are accounted for under the equity method of accounting (See Note 11). 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. 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 are clearly identified on the accompanying Consolidated Statements of Income. On May 21, 2018, the Company completed the disposition of 40 industrial warehouse properties and 3 additional land parcels to an affiliate of Blackstone Real Estate Partners VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising its right of first refusal to purchase the property. This results in disposition of all of the Company’s industrial flex/office warehouse properties and as a result, these properties have been reclassified as discontinued operations for all periods presented. The Asset Management segment will contain the remaining three office buildings on a go forward basis. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. The accompanying consolidated financial statements and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the Company's consolidated financial statements and related notes included in the Company’s Form 10-K for the year ended December 31, 2017. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Recently Issued Accounting Standards | (2) Recently Issued Accounting Standards. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which replaces existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. 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. Lease contracts with customers constitute a vast majority of our revenues and are a specific scope exception. The new standard was adopted beginning with the first quarter of 2018 in connection with our revenues not subject to leases and did not have a material impact on our financial statements. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | (3) Business Segments. The Asset Management segment owns, leases and manages warehouse/office buildings located predominately in the Baltimore/Northern Virginia/Washington, DC market area. The flex/office warehouses in the Asset Management Segment were sold (with one remaining warehouse held for sale) and reclassified to discontinued operations leaving only three office buildings. 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 MidAtlantic Realty Partners (“MRP”), reached stabilization, meaning 90% of the individual apartments have been leased and are occupied by third party tenants. Upon reaching stabilization, the Company had, 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. On May 21, 2018, the Company completed the disposition of 40 industrial warehouse properties and 3 additional land parcels to an affiliate of Blackstone Real Estate Partners VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising its right of first refusal to purchase the property. These properties have been reclassified as discontinued operations for all periods presented. Operating results and certain other financial data for the Company’s business segments are as follows (in thousands): Three Months ended Nine Months ended September 30, September 30, 2018 2017 2018 2017 Revenues: Asset management $ 568 559 1,717 1,710 Mining royalty lands 2,125 1,786 5,952 5,381 Land development and construction 330 323 944 931 RiverFront on the Anacostia 2,719 2,367 7,757 2,367 5,742 5,035 16,370 10,389 Operating profit (loss): Before corporate expenses: Asset management $ 276 249 783 771 Mining royalty lands 1,961 1,667 5,497 4,993 Land development and construction (139 ) (390 ) (1,146 ) (1,168 ) RiverFront on the Anacostia 92 (1,168 ) (915 ) (1,168 ) Operating profit before corporate expenses 2,190 358 4,219 3,428 Corporate expenses: Allocated to asset management (34 ) (27 ) (146 ) (118 ) Allocated to mining royalty lands (28 ) (30 ) (157 ) (124 ) Allocated to land development and construction (408 ) (210 ) (1,110 ) (935 ) Allocated to RiverFront on the Anacostia (52 ) (27 ) (289 ) (27 ) Unallocated — (323 ) (1,208 ) (1,306 ) Total corporate expenses (522 ) (617 ) (2,910 ) (2,510 ) $ 1,668 (259 ) 1,309 918 Interest expense $ 768 783 2,418 783 Depreciation, depletion and amortization: Asset management $ 145 125 405 385 Mining royalty lands 55 17 145 91 Land development and construction 57 98 171 263 RiverFront on the Anacostia 1,564 2,564 5,629 2,564 $ 1,821 2,804 6,350 3,303 Capital expenditures: Asset management $ 17 131 184 162 Mining royalty lands — — — — Land development and construction 4,268 292 5,578 1,999 RiverFront on the Anacostia 25 331 (33 ) 331 $ 4,310 754 5,729 2,492 September 30, December 31, Identifiable net assets 2018 2017 Asset management $ 10,687 2,960 Discontinued operations 3,194 176,694 Mining royalty lands 38,307 38,656 Land development and construction 51,801 46,684 Riverfront on the Anacostia 138,853 144,386 Investments available for sale 191,288 — Cash items 69,052 4,524 Unallocated corporate assets 4,077 4,830 $ 507,259 418,734 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (4) Related Party Transactions. The consolidated statements of income reflect charges and/or allocation from Patriot for these services of $360,000 and $352,000 for the three months ended September 30, 2018 and 2017 and $1,089,000 and $1,229,000 for the nine months ended September 30, 2018 and 2017, 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. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (5) Long-Term Debt. September 30, December 31, 2018 2017 5.6% to 8% mortgage notes due in installments through 2027 $ — 29,664 Riverfront permanent loan 88,755 88,653 $ 88,755 118,317 Less portion due within one year — 4,463 $ 88,755 113,854 On May 21, 2018 in conjunction with the sale of the warehouse business the Companies mortgages notes were prepaid and the credit line with First Tennessee Bank, N.A. was terminated. Prepayment penalties of $3,420,000 were paid. 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 September 30, 2018, there was no debt outstanding on the revolver, $1,930,000 outstanding under letters of credit and $18,070,000 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 September 30, 2018, the tangible net worth covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum of $168 million combined. The Company was in compliance with all covenants as of September 30, 2018. 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 and described below. Effective August 7, 2014, 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 Dock 79. The interest rate on the loan through the initial maturity date was 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. (“EB5”) 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 was entitled to earn an investment return. The investment return required 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 Dock 79. 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, Dock 79 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 Dock 79, such events including, without limitation, Dock 79'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 the three months ended September 30, 2018 and September 30, 2017 the Company capitalized interest costs of $243,000 and $210,000, respectively. During the nine months ended September 30, 2018 and September 30, 2017 the Company capitalized interest costs of $742,000 and $812,000, respectively. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share | (6) Earnings per Share. Three Months ended Nine Months ended September 30, September 30, 2018 2017 2018 2017 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 10,062 10,004 10,037 9,967 Common shares issuable under share based payment plans which are potentially dilutive 73 62 73 68 Common shares used for diluted earnings per common share 10,135 10,066 10,110 10,035 Net income attributable to the Company $ 2,224 25,391 123,766 28,547 Basic earnings per common share: Basic $ 0.22 2.54 12.33 2.86 Diluted $ 0.22 2.52 12.24 2.84 For the three and nine months ended September 30, 2018, no shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three and nine months ended September 30, 2017, 13,610 and 22,422 shares 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 | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | (7) Stock-Based Compensation Plans. 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 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. On May 21, 2018, under the 2016 Equity Incentive Plan change-in-control clause, all unvested stock options held by the Company’s named executive officers became vested and fully exercisable. Included in stock compensation expense was $402,000 for the vesting of option grants from 2016 and 2017 due to the asset disposition. The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands): Three Months ended Nine Months ended September 30, September 30, 2018 2017 2018 2017 Stock option grants $ 17 33 486 143 Annual director stock award — — 683 445 $ 17 33 1,169 588 A summary of changes in outstanding options is presented below (in thousands, except share and per share amounts): Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value(000's) Outstanding at January 1, 2018 174,510 $ 28.70 6.0 $ 1,901 Granted — $ — $ — Exercised (49,857 ) $ 24.69 $ (495 ) Outstanding at September 30, 2018 124,653 $ 30.31 6.1 $ 1,406 Exercisable at September 30, 2018 108,188 $ 30.34 6.0 $ 1,182 Vested during nine months ended September 30, 2018 28,129 $ 454 The aggregate intrinsic value of exercisable in-the-money options was $3,436,000 and the aggregate intrinsic value of outstanding in-the-money options was $3,963,000 based on the market closing price of $62.10 on September 28, 2018 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of September 30, 2018 was $97,000, which is expected to be recognized over a weighted-average period of 2.2 years. Gains of $1,866,000 were realized by option holders during the nine months ended September 30, 2018. Patriot realized the tax benefits of $646,000 of these gains because these options were exercised by Patriot employees for options granted prior to the spin-off. |
Contingent liabilities
Contingent liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Contingent liabilities | (8) Contingent Liabilities. The Company executed a letter of intent with MRP in May 2016 to develop Phase II of the Riverfront on the Anacostia project and recorded an estimated environmental remediation expense of $2.0 million for the Company’s estimated liability under the proposed agreement. The Company substantially completed the remediation and reduced the estimated liability in the quarter ending September 30, 2018 by $465,000. The Company has no obligation to remediate any known contamination on Phases III and IV of the development until such time as it makes a commitment to commence construction on each phase. |
Concentrations
Concentrations | 9 Months Ended |
Sep. 30, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentrations | (9) Concentrations |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (10) Fair Value Measurements. During the quarter ending September 30, 2018 the Company invested in 78 corporate bonds with individual maturities ranging from 2020 through 2024. The unrealized loss on these bonds of $567,000 was recorded as part of comprehensive income and was based on the estimated market value by National Financial Services, LLC (“NFS”) obtained from sources that may include pricing vendors, broker/dealers who clear through NFS and/or other sources (Level 2). The amortized cost of the investments was $191,853,000 and the carrying amount and fair value of such bonds were $191,288,000 as of September 30, 2018. At September 30, 2018 and 2017, the carrying amount reported in the consolidated balance sheets for cash and cash equivalents 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 September 30, 2018, the carrying amount and fair value of such other long-term debt was $88,755,000 and $85,642,000, respectively. 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. |
Investment in Joint Ventures (E
Investment in Joint Ventures (Equity Method) | 9 Months Ended |
Sep. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Joint Ventures (Equity Method) | (11) Investments in Joint Ventures (Equity Method). Brooksville. BC FRP Realty (Windlass Run). RiverFront Holdings II, LLC. 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 September 30, 2018 Brooksville Quarry, LLC 50.00 % 7,477 14,404 (70 ) (35 ) BC FRP Realty, LLC 50.00 % 5,966 20,689 — — RiverFront Holdings II, LLC 80.00 % 11,646 20,793 (1 ) (1 ) Total $ 25,089 55,886 (71 ) (36 ) 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 ) (1) The Company consolidated this joint venture effective July 1, 2017 (see Footnote 12). Income statements for the RiverFront Holdings I, LLC, prior to consolidation July 1, 2017 (in thousands): Six Months Ended June 30, 2017 Revenues: Rental Revenue 3,053 Revenue – Reimbursements 33 Total Revenues 3,086 Cost of operations: Depreciation and amortization 1,958 Operating expenses 1,096 Property taxes 459 Total cost of operations 3,513 Total operating profit (427 ) Interest expense (1,592 ) Net loss of the Partnership (2,019 ) The amount of consolidated accumulated deficit for these joint ventures was $(2,664,000) and $(2,638,000) as of September 30, 2018 and December 31, 2017 respectively. |
Consolidation of RiverFront Inv
Consolidation of RiverFront Investment Partners I, LLC. | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Consolidation of RiverFront Investment Partners I, LLC. | (12) Consolidation of RiverFront Investment Partners I, LLC. In July 2017, Phase I (Dock 79) reached stabilization, meaning 90% of the individual apartments had been leased and 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 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 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 |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | (13) Discontinued Operations. On May 21, 2018, the Company completed the disposition of 40 industrial warehouse properties and three additional land parcels to an affiliate of Blackstone Real Estate Partners VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising its right of first refusal to purchase the property. These properties comprised substantially all the assets of our Asset Management segment and have been reclassified as discontinued operations for all periods presented. The results of operations associated with discontinued operations for the three and nine-month periods ended September 30, 2018 and 2017 were as follows (in thousands): THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 2018 2017 2018 2017 Revenues: Rental revenue $ 190 5,636 9,602 16,634 Revenue – reimbursements 29 1,383 2,274 3,713 Total Revenues 219 7,019 11,876 20,347 Cost of operations: Depreciation, depletion and amortization 29 1,965 3,131 5,727 Operating expenses 52 1,004 1,694 2,570 Property taxes 19 754 1,266 2,208 Management company indirect 370 209 1,360 542 Corporate expenses 56 — 1,458 — Total cost of operations 526 3,932 8,909 11,047 Total operating profit (loss) (307 ) 3,087 2,967 9,300 Interest expense — (468 ) (587 ) (1,087 ) Gain on sale of buildings 200 — 165,007 — Income (loss) before income taxes (107 ) 2,619 167,387 8,213 Provision for (benefit from) income taxes (29 ) 1,034 45,278 3,244 Income (loss) from discontinued operations $ (78 ) 1,585 122,109 4,969 The components of the balance sheet are as follows (in thousands): September 30 December 31 Assets: 2018 2017 Real estate investments at cost: Land $ 546 40,465 Buildings and improvements 3,315 186,657 Projects under construction — 6,617 Total investments in properties 3,861 233,739 Less accumulated depreciation and depletion 2,353 68,049 Net investments in properties 1,508 165,690 Accounts receivable, net 1,020 405 Unrealized rents 284 4,088 Deferred costs 382 6,509 Other assets — 2 Assets of discontinued operations $ 3,194 176,694 Liabilities: Secured notes payable, current portion $ — 23,825 Secured notes payable, less current portion — 4,338 Accounts payable and accrued liabilities 249 2,289 Deferred revenue 59 967 Federal and state income taxes payable 1,527 — Tenant security deposits 37 861 Liabilities of discontinued operations $ 1,872 32,280 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Business segments (in thousands) | Three Months ended Nine Months ended September 30, September 30, 2018 2017 2018 2017 Revenues: Asset management $ 568 559 1,717 1,710 Mining royalty lands 2,125 1,786 5,952 5,381 Land development and construction 330 323 944 931 RiverFront on the Anacostia 2,719 2,367 7,757 2,367 5,742 5,035 16,370 10,389 Operating profit (loss): Before corporate expenses: Asset management $ 276 249 783 771 Mining royalty lands 1,961 1,667 5,497 4,993 Land development and construction (139 ) (390 ) (1,146 ) (1,168 ) RiverFront on the Anacostia 92 (1,168 ) (915 ) (1,168 ) Operating profit before corporate expenses 2,190 358 4,219 3,428 Corporate expenses: Allocated to asset management (34 ) (27 ) (146 ) (118 ) Allocated to mining royalty lands (28 ) (30 ) (157 ) (124 ) Allocated to land development and construction (408 ) (210 ) (1,110 ) (935 ) Allocated to RiverFront on the Anacostia (52 ) (27 ) (289 ) (27 ) Unallocated — (323 ) (1,208 ) (1,306 ) Total corporate expenses (522 ) (617 ) (2,910 ) (2,510 ) $ 1,668 (259 ) 1,309 918 Interest expense $ 768 783 2,418 783 Depreciation, depletion and amortization: Asset management $ 145 125 405 385 Mining royalty lands 55 17 145 91 Land development and construction 57 98 171 263 RiverFront on the Anacostia 1,564 2,564 5,629 2,564 $ 1,821 2,804 6,350 3,303 Capital expenditures: Asset management $ 17 131 184 162 Mining royalty lands — — — — Land development and construction 4,268 292 5,578 1,999 RiverFront on the Anacostia 25 331 (33 ) 331 $ 4,310 754 5,729 2,492 September 30, December 31, Identifiable net assets 2018 2017 Asset management $ 10,687 2,960 Discontinued operations 3,194 176,694 Mining royalty lands 38,307 38,656 Land development and construction 51,801 46,684 Riverfront on the Anacostia 138,853 144,386 Investments available for sale 191,288 — Cash items 69,052 4,524 Unallocated corporate assets 4,077 4,830 $ 507,259 418,734 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-term debt (in thousands) | September 30, December 31, 2018 2017 5.6% to 8% mortgage notes due in installments through 2027 $ — 29,664 Riverfront permanent loan 88,755 88,653 $ 88,755 118,317 Less portion due within one year — 4,463 $ 88,755 113,854 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per share (in thousands, except per share amounts) | Three Months ended Nine Months ended September 30, September 30, 2018 2017 2018 2017 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 10,062 10,004 10,037 9,967 Common shares issuable under share based payment plans which are potentially dilutive 73 62 73 68 Common shares used for diluted earnings per common share 10,135 10,066 10,110 10,035 Net income attributable to the Company $ 2,224 25,391 123,766 28,547 Basic earnings per common share: Basic $ 0.22 2.54 12.33 2.86 Diluted $ 0.22 2.52 12.24 2.84 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation Expense (in thousands | Three Months ended Nine Months ended September 30, September 30, 2018 2017 2018 2017 Stock option grants $ 17 33 486 143 Annual director stock award — — 683 445 $ 17 33 1,169 588 |
Summary of Stock Activity (in thousands, except share and per share amounts) | Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value(000's) Outstanding at January 1, 2018 174,510 $ 28.70 6.0 $ 1,901 Granted — $ — $ — Exercised (49,857 ) $ 24.69 $ (495 ) Outstanding at September 30, 2018 124,653 $ 30.31 6.1 $ 1,406 Exercisable at September 30, 2018 108,188 $ 30.34 6.0 $ 1,182 Vested during nine months ended September 30, 2018 28,129 $ 454 |
Investment in Joint Ventures (T
Investment in Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 Brooksville Quarry, LLC 50.00 % 7,477 14,404 (70 ) (35 ) BC FRP Realty, LLC 50.00 % 5,966 20,689 — — RiverFront Holdings II, LLC 80.00 % 11,646 20,793 (1 ) (1 ) Total $ 25,089 55,886 (71 ) (36 ) 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 ) |
Income statements for Riverfront Holdings I, LLC (in thousands) | Six Months Ended June 30, 2017 Revenues: Rental Revenue 3,053 Revenue – Reimbursements 33 Total Revenues 3,086 Cost of operations: Depreciation and amortization 1,958 Operating expenses 1,096 Property taxes 459 Total cost of operations 3,513 Total operating profit (427 ) Interest expense (1,592 ) Net loss of the Partnership (2,019 ) |
Consolidation of RiverFront I_2
Consolidation of RiverFront Investment Partners I, LLC. (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
RiverFront remeasurement balance sheet | As of July 1, 2017 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 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued operations results of operations | THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 2018 2017 2018 2017 Revenues: Rental revenue $ 190 5,636 9,602 16,634 Revenue – reimbursements 29 1,383 2,274 3,713 Total Revenues 219 7,019 11,876 20,347 Cost of operations: Depreciation, depletion and amortization 29 1,965 3,131 5,727 Operating expenses 52 1,004 1,694 2,570 Property taxes 19 754 1,266 2,208 Management company indirect 370 209 1,360 542 Corporate expenses 56 — 1,458 — Total cost of operations 526 3,932 8,909 11,047 Total operating profit (loss) (307 ) 3,087 2,967 9,300 Interest expense — (468 ) (587 ) (1,087 ) Gain on sale of buildings 200 — 165,007 — Income (loss) before income taxes (107 ) 2,619 167,387 8,213 Provision for (benefit from) income taxes (29 ) 1,034 45,278 3,244 Income (loss) from discontinued operations $ (78 ) 1,585 122,109 4,969 |
Discontinued operations balance sheet components | September 30 December 31 Assets: 2018 2017 Real estate investments at cost: Land $ 546 40,465 Buildings and improvements 3,315 186,657 Projects under construction — 6,617 Total investments in properties 3,861 233,739 Less accumulated depreciation and depletion 2,353 68,049 Net investments in properties 1,508 165,690 Accounts receivable, net 1,020 405 Unrealized rents 284 4,088 Deferred costs 382 6,509 Other assets — 2 Assets of discontinued operations $ 3,194 176,694 Liabilities: Secured notes payable, current portion $ — 23,825 Secured notes payable, less current portion — 4,338 Accounts payable and accrued liabilities 249 2,289 Deferred revenue 59 967 Federal and state income taxes payable 1,527 — Tenant security deposits 37 861 Liabilities of discontinued operations $ 1,872 32,280 |
Business Segments - Business se
Business Segments - Business segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Jun. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||||
Revenues | $ 5,742 | $ 5,035 | $ 16,370 | $ 10,389 | ||
Operating profit | 1,668 | (259) | 1,309 | 918 | ||
Interest expense | 768 | 783 | 2,418 | 783 | ||
Depreciation, depletion and amortization | 1,821 | 2,804 | 6,350 | 3,303 | ||
Cash items | 69,052 | 69,052 | $ 4,524 | |||
Total identifiable net assets | 507,259 | 507,259 | 418,734 | |||
Investments available for sale | 191,288 | 191,288 | 0 | |||
Unallocated | ||||||
Segment Reporting Information [Line Items] | ||||||
Corporate expenses | 0 | (323) | (1,208) | (1,306) | ||
Discontinued Operations, Disposed of by Sale [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 219 | 7,019 | 11,876 | 20,347 | ||
Operating profit | (307) | 3,087 | 2,967 | 9,300 | ||
Interest expense | 0 | 468 | 587 | 1,087 | ||
Depreciation, depletion and amortization | 29 | 1,965 | 3,131 | 5,727 | ||
Total identifiable net assets | 3,194 | 3,194 | 176,694 | |||
Asset Management | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 568 | 559 | 1,717 | 1,710 | ||
Operating profit (loss) before corporate expenses | 276 | 249 | 783 | 771 | ||
Corporate expenses | (34) | (27) | (146) | (118) | ||
Capital expenditures | 17 | 131 | 184 | 162 | ||
Depreciation, depletion and amortization | 145 | 125 | 405 | 385 | ||
Total identifiable net assets | 10,687 | 10,687 | 2,960 | |||
Mining royalty lands | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 2,125 | 1,786 | 5,952 | 5,381 | ||
Operating profit (loss) before corporate expenses | 1,961 | 1,667 | 5,497 | 4,993 | ||
Corporate expenses | (28) | (30) | (157) | (124) | ||
Capital expenditures | 0 | 0 | 0 | 0 | ||
Depreciation, depletion and amortization | 55 | 17 | 145 | 91 | ||
Total identifiable net assets | 38,307 | 38,307 | 38,656 | |||
Land Development and Construction | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 330 | 323 | 944 | 931 | ||
Operating profit (loss) before corporate expenses | (139) | (390) | (1,146) | (1,168) | ||
Corporate expenses | (408) | (210) | (1,110) | (935) | ||
Capital expenditures | 4,268 | 292 | 5,578 | 1,999 | ||
Depreciation, depletion and amortization | 57 | 98 | 171 | 263 | ||
Total identifiable net assets | 51,801 | 51,801 | 46,684 | |||
RiverFront on the Anacostia | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 2,719 | 2,367 | 7,757 | 2,367 | ||
Operating profit (loss) before corporate expenses | 92 | (1,168) | (915) | (1,168) | ||
Corporate expenses | (52) | (27) | (289) | (27) | ||
Capital expenditures | 25 | 331 | (33) | 331 | ||
Depreciation, depletion and amortization | 1,564 | 2,564 | 5,629 | 2,564 | ||
Total identifiable net assets | 138,853 | 138,853 | $ 144,386 | $ 151,837 | ||
Corporate | ||||||
Segment Reporting Information [Line Items] | ||||||
Total identifiable net assets | 4,077 | 4,830 | 4,077 | 4,830 | ||
Total Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 5,742 | 5,035 | 16,370 | 10,389 | ||
Operating profit (loss) before corporate expenses | 2,190 | 358 | 4,219 | 3,428 | ||
Operating profit | 1,668 | (259) | 1,309 | 918 | ||
Corporate expenses | (522) | (617) | (2,910) | (2,510) | ||
Interest expense | 768 | 783 | 2,418 | 783 | ||
Capital expenditures | 4,310 | 754 | 5,729 | 2,492 | ||
Depreciation, depletion and amortization | $ 1,821 | $ 2,804 | $ 6,350 | $ 3,303 |
Long-term debt (Details)
Long-term debt (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
5.6% to 8% mortgage notes due in installments through 2027 | $ 0 | $ 29,664 |
Riverfront permanent loan | 88,755 | 88,653 |
Total debt | 88,755 | 118,317 |
Less portion due within one year | 0 | 4,463 |
Long-term debt | $ 88,755 | $ 113,854 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Weighted average common shares outstanding during the period - shares used for basic earnings per common share | 10,062 | 10,004 | 10,037 | 9,967 |
Common shares issuable under share based payment plans which are potentially dilutive | 73 | 62 | 73 | 68 |
Common shares used for diluted earnings per common share | 10,135 | 10,066 | 10,110 | 10,035 |
Net income attributable to the Company | $ 2,224 | $ 25,391 | $ 123,766 | $ 28,547 |
Earnings per common share: | ||||
Basic | $ 0.22 | $ 2.54 | $ 12.33 | $ 2.86 |
Diluted | $ 0.22 | $ 2.52 | $ 12.24 | $ 2.84 |
Summary of Stock Activity (Deta
Summary of Stock Activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2018USD ($)Years$ / sharesshares | Dec. 31, 2017USD ($)Years$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Options outstanding | shares | 124,653 | 174,510 |
Options granted | shares | 0 | |
Options exercised | shares | (49,857) | |
Options outstanding weighted average exercise price | $ / shares | $ 30.31 | $ 28.70 |
Options outstanding weighted average exercise price - Granted | $ / shares | 0 | |
Options outstanding weighted average exercise price - Exercised | $ / shares | $ 24.69 | |
Options outstanding weighted average remaining term | Years | 6.1 | 6 |
Options outstanding weighted average grant date fair value | $ | $ 1,406 | $ 1,901 |
Options granted weighted average grant date fair value | $ | 0 | |
Options exercised weighted average grant date fair value | $ | $ (495) | |
Options exercisable at September 30, 2018 | shares | 108,188 | |
Options exerciseable weighted average exercise price | $ / shares | $ 30.34 | |
Options exerciseable weighted average remaining term | Years | 6 | |
Options vested weighted average grant date fair value | $ | $ 454 | |
Options vested during nine months ended September 30, 2018 | shares | 28,129 | |
Options exercisable weighted average grant date fair value | $ | $ 1,182 |
Stock Compensation Expense (Det
Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock option grants | $ 17 | $ 33 | $ 486 | $ 143 |
Annual director stock award | 0 | 0 | 683 | 445 |
Stock based compensation expense | $ 17 | $ 33 | $ 1,169 | $ 588 |
Investments in Joint Ventures (
Investments in Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2013 | Oct. 04, 2006 | |
Company's share of Net Loss of the Partnership | $ (13) | $ (12) | $ (36) | $ (1,589) | |||||
Revenue - Reimbursements | 200 | 170 | 548 | 469 | |||||
Total revenues | 5,742 | 5,035 | 16,370 | 10,389 | |||||
Operating expenses | 983 | 875 | 2,951 | 1,312 | |||||
Property taxes | 663 | 647 | 1,949 | 1,384 | |||||
Total cost of operations | 4,074 | 5,294 | 15,061 | 9,471 | |||||
Total operating profit | 1,668 | (259) | 1,309 | 918 | |||||
Interest expense | $ (768) | $ (783) | $ (2,418) | $ (783) | |||||
Brooksville Quarry, LLC | |||||||||
Ownership percent | 50.00% | 50.00% | 50.00% | 50.00% | |||||
Total Investment | $ 7,477 | $ 7,477 | $ 7,516 | ||||||
Total Assets of the Partnership | $ 14,404 | 14,404 | 14,411 | ||||||
Net Loss of the Partnership | (70) | (80) | |||||||
Company's share of Net Loss of the Partnership | $ (35) | $ (40) | |||||||
BC FRP Realty, LLC | |||||||||
Ownership percent | 50.00% | 50.00% | 50.00% | 50.00% | |||||
Total Investment | $ 5,966 | $ 5,966 | $ 5,890 | ||||||
Total Assets of the Partnership | $ 20,689 | 20,689 | 15,027 | ||||||
Net Loss of the Partnership | 0 | 0 | |||||||
Company's share of Net Loss of the Partnership | $ 0 | $ 0 | |||||||
RiverFront Holdings II, LLC | |||||||||
Ownership percent | 80.00% | 80.00% | |||||||
Total Investment | $ 11,646 | $ 11,646 | |||||||
Total Assets of the Partnership | 20,793 | 20,793 | |||||||
Net Loss of the Partnership | (1) | ||||||||
Company's share of Net Loss of the Partnership | (1) | ||||||||
Riverfront Holdings I, LLC | |||||||||
Ownership percent | 0.00% | 77.14% | |||||||
Total Investment | $ 8,583 | $ 0 | |||||||
Total Assets of the Partnership | 0 | ||||||||
Net Loss of the Partnership | (2,019) | ||||||||
Company's share of Net Loss of the Partnership | (1,558) | ||||||||
Rental revenue | 3,053 | ||||||||
Revenue - Reimbursements | 33 | ||||||||
Total revenues | 3,086 | ||||||||
Depreciation and amortization | 1,958 | ||||||||
Operating expenses | 1,096 | ||||||||
Property taxes | 459 | ||||||||
Total cost of operations | 3,513 | ||||||||
Total operating profit | (427) | ||||||||
Interest expense | (1,592) | ||||||||
Net loss of the Partnership | $ (2,019) | ||||||||
Joint Ventures | |||||||||
Total Investment | 25,089 | 25,089 | 13,406 | ||||||
Total Assets of the Partnership | $ 55,886 | 55,886 | 29,438 | ||||||
Net Loss of the Partnership | (71) | (2,099) | |||||||
Company's share of Net Loss of the Partnership | $ (36) | $ (1,598) |
Consolidation of RiverFront I_3
Consolidation of RiverFront Investment Partners I, LLC. - RiverFront remeasurement balance sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Land | $ 83,721 | $ 87,235 | |||
Cash | 34,782 | 4,524 | $ 2,630 | $ 0 | |
Cash held in escrow | 34,270 | 333 | |||
Accounts receivable | 738 | 615 | |||
Total Assets | 507,259 | 418,734 | |||
Long-term Debt | 0 | 29,664 | |||
Total Liabilities and Capital | 507,259 | 418,734 | |||
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 | ||||
Equity – 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 | $ 138,853 | 144,386 | 151,837 | ||
Long-term Debt | 78,587 | ||||
Amortizable debt costs | (852) | ||||
Other liabilities | 905 | ||||
Equity – 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 | ||||
Equity – FRP | $ 0 | 8,583 | |||
Equity - MRP | 4,418 | ||||
Total Liabilities and Capital | $ 91,641 |
Discontinued Operations - Disco
Discontinued Operations - Discontinued operations results of operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Rental revenue | $ 3,440 | $ 3,102 | $ 9,937 | $ 4,609 |
Revenue reimbursements | 200 | 170 | 548 | 469 |
Total Revenues | 5,742 | 5,035 | 16,370 | 10,389 |
Depreciation, depletion and amortization | 1,821 | 2,804 | 6,350 | 3,303 |
Operating expenses | 983 | 875 | 2,951 | 1,312 |
Property taxes | 663 | 647 | 1,949 | 1,384 |
Management company indirect | 550 | 351 | 1,366 | 962 |
Corporate expenses | 522 | 617 | 2,910 | 2,510 |
Total cost of operations | 4,074 | 5,294 | 15,061 | 9,471 |
Total operating profit (loss) | 1,668 | (259) | 1,309 | 918 |
Interest expense | (768) | (783) | (2,418) | (783) |
Income (loss) before income taxes | 2,538 | 59,142 | 727 | 58,742 |
Provision for (benefit from) income taxes | 508 | 15,543 | 269 | 15,371 |
Income (loss) from discontinued operations | (78) | 1,585 | 122,109 | 4,969 |
Discontinued Operations, Disposed of by Sale [Member] | ||||
Rental revenue | 190 | 5,636 | 9,602 | 16,634 |
Revenue reimbursements | 29 | 1,383 | 2,274 | 3,713 |
Total Revenues | 219 | 7,019 | 11,876 | 20,347 |
Depreciation, depletion and amortization | 29 | 1,965 | 3,131 | 5,727 |
Operating expenses | 52 | 1,004 | 1,694 | 2,570 |
Property taxes | 19 | 754 | 1,266 | 2,208 |
Management company indirect | 370 | 209 | 1,360 | 542 |
Corporate expenses | 56 | 0 | 1,458 | 0 |
Total cost of operations | 526 | 3,932 | 8,909 | 11,047 |
Total operating profit (loss) | (307) | 3,087 | 2,967 | 9,300 |
Interest expense | 0 | (468) | (587) | (1,087) |
Gain on sale of buildings | 200 | 0 | 165,007 | 0 |
Income (loss) before income taxes | (107) | 2,619 | 167,387 | 8,213 |
Provision for (benefit from) income taxes | (29) | 1,034 | 45,278 | 3,244 |
Income (loss) from discontinued operations | $ (78) | $ 1,585 | $ 122,109 | $ 4,969 |
Discontinued Operations - Dis_2
Discontinued Operations - Discontinued operations balance sheet components (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Land | $ 83,721 | $ 87,235 |
Buildings and improvements | 146,632 | 147,670 |
Projects under construction | 6,131 | 1,764 |
Total investments in properties | 236,484 | 236,669 |
Less accumulated depreciation and depletion | 29,772 | 26,755 |
Net investments in properties | 206,712 | 209,914 |
Accounts receivable, net | 738 | 615 |
Unrealized rents | 594 | 223 |
Deferred costs | 942 | 2,708 |
Other assets | 451 | 179 |
Assets of discontinued operations | 3,194 | 176,694 |
Secured notes payable, current portion | 0 | 125 |
Secured notes payable, less current portion | 88,755 | 90,029 |
Accounts payable and accrued liabilities | 2,829 | 2,081 |
Deferred revenue | 32 | 107 |
Tenant security deposits | 53 | 54 |
Liabilities of discontinued operations | 1,872 | 32,280 |
Discontinued Operations, Disposed of by Sale [Member] | ||
Land | 546 | 40,465 |
Buildings and improvements | 3,315 | 186,657 |
Projects under construction | 0 | 6,617 |
Total investments in properties | 3,861 | 233,739 |
Less accumulated depreciation and depletion | 2,353 | 68,049 |
Net investments in properties | 1,508 | 165,690 |
Accounts receivable, net | 1,020 | 405 |
Unrealized rents | 284 | 4,088 |
Deferred costs | 382 | 6,509 |
Other assets | 0 | 2 |
Assets of discontinued operations | 3,194 | 176,694 |
Secured notes payable, current portion | 0 | 23,825 |
Secured notes payable, less current portion | 0 | 4,338 |
Accounts payable and accrued liabilities | 249 | 2,289 |
Deferred revenue | 59 | 967 |
Federal and state income taxes payable | 1,527 | 0 |
Tenant security deposits | 37 | 861 |
Liabilities of discontinued operations | $ 1,872 | $ 32,280 |
Description of Business and B_2
Description of Business and Basis of Presentation (Details Narrative) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018USD ($) | Sep. 30, 2018integer | May 21, 2018USD ($)integer | |
Warehouse properties | 3 | ||
Discontinued Operations, Disposed of by Sale [Member] | |||
Warehouse properties | 40 | ||
Land parcels | 3 | ||
Sales price | $ | $ 347,200 | ||
Excluded [Member] | |||
Warehouse properties | 1 | ||
Property value | $ | $ 11,700 |
Business Segments (Details Narr
Business Segments (Details Narrative) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018USD ($) | Sep. 30, 2018aSegmentsinteger | May 21, 2018USD ($)integer | Jun. 30, 2017 | |
Reportable business segments | Segments | 4 | |||
Warehouse properties | 3 | |||
Discontinued Operations, Disposed of by Sale [Member] | ||||
Warehouse properties | 40 | |||
Land parcels | 3 | |||
Sales price | $ | $ 347,200 | |||
Excluded [Member] | ||||
Warehouse properties | 1 | |||
Property value | $ | $ 11,700 | |||
Mining royalty lands | ||||
Mining royalty lands acres | a | 15,000 | |||
Brooksville Quarry, LLC | ||||
Mining royalty lands acres | a | 4,280 | |||
RiverFront on the Anacostia | ||||
Stabilization percent leased and occupied | 90.00% |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Related Party Transactions [Abstract] | ||||
Charges/allocation related to Transition Services Agreement with Patriot | $ 360 | $ 352 | $ 1,089 | $ 1,229 |
Long-Term Debt (Details Narrati
Long-Term Debt (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Mar. 30, 2015 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Nov. 17, 2017 | Jan. 30, 2015 | Aug. 07, 2014 | |
Mortgage interest description | 5.6% to 8% mortgage notes due in installments through 2027 | |||||||||
Capitalized interest | $ 243 | $ 210 | $ 742 | $ 812 | ||||||
Prepayment penalty | 3,420 | |||||||||
Riverfront permanent loan | 88,755 | $ 88,653 | $ 88,755 | $ 88,653 | ||||||
Dock 79 Construction loan | ||||||||||
RiverFront construction loan | $ 65,000 | |||||||||
Interest rate | 2.35% | |||||||||
Dock 79 EB5 Financing | ||||||||||
RiverFront EB5 secondary financing | $ 17,000 | |||||||||
Interest rate | 4.95% | |||||||||
Dock 79 EagleBank | ||||||||||
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 | 1,930 | $ 1,930 | ||||||||
Borrowed under the revolver | 0 | 0 | ||||||||
Available for borrowing | 18,070 | 18,070 | ||||||||
Tangible net worth covenant | 110,000 | 110,000 | ||||||||
Available to pay dividends or repurchase stock | $ 168,000 | $ 168,000 | ||||||||
Interest rate over LIBOR | 1.40% | |||||||||
Covenant compliance | all |
Earnings per Share (Details Nar
Earnings per Share (Details Narrative) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive shares | 0 | 13,610 | 0 | 22,422 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018USD ($)Yearsshares | Dec. 31, 2017USD ($) | Sep. 28, 2018$ / shares | |
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 | 527,662 | ||
Aggregate intrinsic value of exercisable in-the-money options | $ 3,436 | ||
Aggregate intrinsic value of outstanding in-the-money options | 3,963 | ||
Market close price | $ / shares | $ 62.10 | ||
Total unrecognized compensation cost of options granted but not yet vested | $ 97 | ||
Weighted average period for compensation to be recognized | Years | 2.2 | ||
Gains realized by option holders | $ 1,866 | ||
Expected minimum volatility | 32.00% | ||
Expected maximum volatility | 43.00% | ||
Risk-free interest rate minimum | 0.60% | ||
Risk-free interest rate maximum | 4.20% | ||
Expected life minimum | Years | 3 | ||
Expecited life maximum | Years | 7 | ||
Dividend yield | 0.00% | ||
Modification stock compensation expense | $ 41 | ||
Stock compensation expense for the vesting of option grants due to asset disposition | $ 402 | ||
Patriot Transportation | |||
Gains realized by option holders | $ 646 | ||
Modification stock compensation expense | $ 150 |
Contingent Liabilities (Details
Contingent Liabilities (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | |
Contingent Liabilities | |||||
Environmental remediation expense (recovery) | $ (465) | $ 0 | $ 2,000 | $ (465) | $ 0 |
Concentrations (Details Narrati
Concentrations (Details Narrative) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($)integer | |
Tenants leasing mining locations | integer | 4 |
Mining Top Customer | |
Customer revenue concentration | 17.00% |
Accounts receivable concentration | $ | $ 284 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018USD ($)integer | Dec. 31, 2017USD ($) | |
Number of corporate bonds | integer | 78 | |
Unrealized loss on corporate bonds | $ 567 | |
Amortized cost of investments | 191,853 | |
Carrying amount of other long-term debt | 88,755 | $ 118,317 |
Fair value of other long-term debt | 85,642 | $ 122,271 |
Fair Value, Measurements, Recurring [Member] | ||
Assets measured at fair value | $ 191,288 |
Investments in Joint Ventures_2
Investments in Joint Ventures (Details Narrative) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
May 31, 2016USD ($) | Sep. 30, 2018USD ($)integer | Sep. 30, 2017USD ($) | Mar. 31, 2016USD ($)aft² | Dec. 31, 2006USD ($) | Sep. 30, 2018USD ($)integer | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Sep. 28, 2017USD ($)integer | Oct. 04, 2006a | |
Company's share of the loss of the joint venture | $ 13 | $ 12 | $ 36 | $ 1,589 | ||||||
Joint Venture consolidated retained earnings | (2,664) | (2,664) | $ (2,638) | |||||||
Outstanding balance | $ 0 | 0 | $ 29,664 | |||||||
Cash contribution | $ 7,160 | $ 621 | ||||||||
Construction loan description | 5.6% to 8% mortgage notes due in installments through 2027 | |||||||||
Buildings | integer | 3 | 3 | ||||||||
Eagle BankRiverFront Holdings II, OOC | ||||||||||
Interest rate over LIBOR | 3.25% | |||||||||
Construction loan description | . The loan from Eagle Bank allows draws of up to $71 million during construction at an interest rate of 3.25% over libor. The loan is interest only and matures in 36 months with a 12 month extension assuming completion of construction and at least one occupancy. There is a provision for an additional 72 months extension with a 30 year amortization of principal at 2.15% over 7 year US Treasury Constant if NOI is sufficient for a 9% yield.<p></p></p>" id="sjs-G11"><p class="MsoNormal" style="text-align: justify">.  The loan from Eagle Bank allows draws of up to $71 million during construction at an interest rate of 3.25% over libor. The loan is interest only and matures in 36 months with a 12 month extension assuming completion of construction and at least one occupancy.  There is a provision for an additional 72 months extension with a 30 year amortization of principal at 2.15% over 7 year US Treasury Constant if NOI is sufficient for a 9% yield.<p></p></p> | |||||||||
Vulcan | ||||||||||
Joint venture percentage stake | 50.00% | |||||||||
Acres conributed | a | 553 | |||||||||
Vulcan leasehold interest | a | 3,443 | |||||||||
FRP additional contribution for land | $ 3,018 | |||||||||
Additional land acquired | a | 288 | |||||||||
St Johns Properties JV St Johns | ||||||||||
Value of land contributed | $ 3,240 | |||||||||
Joint venture percentage stake | 50.00% | |||||||||
Acres conributed | a | 10 | |||||||||
MRP | ||||||||||
Other ownership capital contribution | $ 5,600 | $ 5,600 | ||||||||
Development fee | $ 725 | |||||||||
Brooksville Quarry, LLC | ||||||||||
Land acreage | a | 4,300 | |||||||||
Joint venture percentage stake | 50.00% | 50.00% | 50.00% | 50.00% | ||||||
Acres conributed | a | 3,443 | |||||||||
Book value of land contribution | 2,548 | |||||||||
FRP additional contribution for land | $ 3,018 | |||||||||
Additional land acquired | a | 288 | |||||||||
Company's share of the loss of the joint venture | $ 35 | $ 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 | a | 25 | |||||||||
Company's share of the loss of the joint venture | $ 0 | $ 0 | ||||||||
Construction financing through September 15, 2022 | $ 17,250 | |||||||||
Interest rate over LIBOR | 2.50% | |||||||||
Outstanding balance | $ 8,374 | $ 8,374 | ||||||||
Buildings | integer | 4 | |||||||||
RiverFront Holdings II, LLC | ||||||||||
Value of land contributed | $ 16,300 | |||||||||
Joint venture percentage stake | 80.00% | 80.00% | ||||||||
Book value of land contribution | $ 4,600 | |||||||||
Company's share of the loss of the joint venture | 1 | |||||||||
Cash contribution | 6,200 | |||||||||
Preferred equity financing | 13,750 | |||||||||
Preferred equity financing advanced | $ 690 | |||||||||
Preferred equity financing interest rate | 7.50% |
Consolidation of RiverFront I_4
Consolidation of RiverFront Investment Partners I, LLC. (Details Narrative) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 30, 2013USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017 | Mar. 30, 2012aft² | |
Gain on remeasurement of investment of real estate partnership | $ 0 | $ 60,196 | $ 0 | $ 60,196 | $ 60,196 | |||
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 | a | 2 | |||||||
Land acreage | a | 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% | 0.00% | ||||||
RiverFront on the Anacostia | ||||||||
Joint venture percentage stake | 66.00% | |||||||
Stabilization percent leased and occupied | 90.00% |
Discontinued Operations (Detail
Discontinued Operations (Details Narrative) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018USD ($) | Sep. 30, 2018integer | May 21, 2018USD ($)integer | |
Warehouse properties | 3 | ||
Discontinued Operations, Disposed of by Sale [Member] | |||
Warehouse properties | 40 | ||
Land parcels | 3 | ||
Sales price | $ | $ 347,200 | ||
Excluded [Member] | |||
Warehouse properties | 1 | ||
Property value | $ | $ 11,700 |