Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 29, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | FRP HOLDINGS, INC. | |
Entity Central Index Key | 0000844059 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Incorporation State Country | FL | |
Entity File Number | 001-36769 | |
Is Entity's Reporting Status Current? | Yes | |
Is the interactive data current? | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 9,418,385 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Is Entity a smaller reporting company | true | |
Is Entity an emerging growth company | false | |
Is Entity a shell company | false | |
Security title | Common stock, $.10 par value | |
Trading symbol | FRPH | |
Name of exchange on which registered | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Land | $ 80,494 | $ 84,383 |
Buildings and improvements | 141,146 | 147,019 |
Projects under construction | 2,442 | 1,056 |
Total investments in properties | 224,082 | 232,458 |
Less accumulated depreciation and depletion | 33,684 | 30,271 |
Net investments in properties | 190,398 | 202,187 |
Real estate held for investment, at cost | 9,101 | 8,380 |
Investments in joint ventures | 167,586 | 160,452 |
Net real estate investments | 367,085 | 371,019 |
Cash and cash equivalents | 46,289 | 26,607 |
Cash held in escrow | 15,259 | 186 |
Accounts receivable, net | 923 | 546 |
Investments available for sale at fair value | 104,624 | 137,867 |
Unrealized rents | 530 | 554 |
Deferred costs | 921 | 890 |
Other assets | 499 | 479 |
Total assets | 536,130 | 538,148 |
Liabilities: | ||
Secured notes payable | 89,027 | 88,925 |
Accounts payable and accrued liabilities | 3,052 | 2,431 |
Other liabilities | 1,886 | 1,978 |
Federal and state income taxes payable | 164 | 504 |
Deferred revenue | 609 | 790 |
Deferred income taxes | 52,532 | 50,111 |
Deferred compensation | 1,240 | 1,436 |
Tenant security deposits | 314 | 328 |
Total liabilities | 148,824 | 146,503 |
Commitments and contingencies | ||
Equity: | ||
Common stock, $.10 par value; 25,000,000 shares authorized, 9,481,638 and 9,817,429 shares issued and outstanding, respectively | 948 | 982 |
Capital in excess of par value | 56,690 | 57,705 |
Retained earnings | 313,103 | 315,278 |
Accumulated other comprehensive income, net | 996 | 923 |
Total shareholders' equity | 371,737 | 374,888 |
Noncontrolling interest MRP | 15,569 | 16,757 |
Total Equity | 387,306 | 391,645 |
Total liabilities and shareholders' equity | $ 536,130 | $ 538,148 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
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 | 9,481,638 | 9,817,429 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues: | ||||
Lease revenue | $ 3,591 | $ 3,581 | $ 10,636 | $ 10,796 |
Mining lands lease revenue | 2,507 | 2,302 | 7,094 | 7,164 |
Total revenues | 6,098 | 5,883 | 17,730 | 17,960 |
Cost of operations: | ||||
Depreciation, depletion and amortization | 1,438 | 1,431 | 4,406 | 4,390 |
Operating expenses | 892 | 952 | 2,598 | 2,744 |
Property taxes | 706 | 740 | 2,089 | 2,206 |
Management company indirect | 844 | 670 | 2,208 | 1,872 |
Corporate expenses | 637 | 732 | 2,850 | 1,928 |
Total cost of operations | 4,517 | 4,525 | 14,151 | 13,140 |
Total operating profit | 1,581 | 1,358 | 3,579 | 4,820 |
Net investment income, including realized gains of $55, $144, $297 and $591 | 1,814 | 2,019 | 5,915 | 5,813 |
Interest expense | (46) | (129) | (142) | (989) |
Equity in loss of joint ventures | (1,788) | (746) | (3,773) | (1,282) |
Gain on sale of real estate | 5,732 | 126 | 9,329 | 662 |
Income from continuing operations before income taxes | 7,293 | 2,628 | 14,908 | 9,024 |
Provision for income taxes | 2,022 | 726 | 4,161 | 2,529 |
Income from continuing operations | 5,271 | 1,902 | 10,747 | 6,495 |
Income (loss) from discontinued operations, net | 0 | (13) | 0 | 6,849 |
Net income | 5,271 | 1,889 | 10,747 | 13,344 |
Loss attributable to noncontrolling interest | (184) | (112) | (475) | (380) |
Net income attributable to the Company | $ 5,455 | $ 2,001 | $ 11,222 | $ 13,724 |
Basic earnings per common share | ||||
Income from continuing operations | $ 0.55 | $ 0.19 | $ 1.11 | $ 0.66 |
Discontinued operations | 0 | 0 | 0 | 0.69 |
Net income attributable to the Company | 0.57 | 0.20 | 1.16 | 1.39 |
Diluted earnings per common share | ||||
Income from continuing operations | 0.55 | 0.19 | 1.11 | 0.65 |
Discontinued operations | 0 | 0 | 0 | 0.69 |
Net income attributable to the Company | $ 0.57 | $ 0.20 | $ 1.16 | $ 1.38 |
Number of shares (in thousands) used in computing: | ||||
-basic earnings per common share | 9,517 | 9,843 | 9,646 | 9,903 |
-diluted earnings per common share | 9,545 | 9,886 | 9,681 | 9,945 |
Consolidated Statements of In_2
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Investment income realized gains | $ 55 | $ 144 | $ 297 | $ 591 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Net income | $ 5,271 | $ 1,889 | $ 10,747 | $ 13,344 |
Other comprehensive income net of tax: | ||||
Minimum pension liability, net of income tax effect of $53, $0, $53 and $0 | 143 | 0 | 143 | 0 |
Unrealized gain (loss) on investments available for sale, net of income tax effect of ($126), ($18), ($26) and $691 | (341) | (49) | (70) | 1,862 |
Comprehensive income | 5,073 | 1,840 | 10,820 | 15,206 |
Less: comprehensive income attributable to noncontrolling interest | (184) | (112) | (475) | (380) |
Comprehensive income attributable to the Company | $ 5,257 | $ 1,952 | $ 11,295 | $ 15,586 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Income tax effect unrealized gain (loss) on investments available for sale | $ (126) | $ (18) | $ (26) | $ 691 |
Income tax effect minimum pension liability | $ 53 | $ 0 | $ 53 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 10,747 | $ 13,344 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Income from discontinued operations, net | 0 | (6,849) |
Deferred income taxes | 2,421 | 23,123 |
Depreciation, depletion and amortization | 4,572 | 4,635 |
Equity in loss of joint ventures | 3,773 | 1,282 |
Gain on sale of equipment and property | (9,343) | (657) |
Stock-based compensation | 1,241 | 206 |
Realized gain on available for sale investments | (297) | (591) |
Net changes in operating assets and liabilities: | ||
Accounts receivable | (377) | (355) |
Deferred costs and other assets | (178) | (922) |
Accounts payable and accrued liabilities | 440 | (1,252) |
Income taxes payable and receivable | (340) | (17,335) |
Other long-term liabilities | 694 | 2,148 |
Net cash provided by operating activities of continuing operations | 13,353 | 16,777 |
Net cash used in operating activities of discontinued operations | 0 | (1,756) |
Net cash provided by operating activities | 13,353 | 15,021 |
Cash flows from investing activities: | ||
Investments in properties | (3,200) | (9,360) |
Investments in joint ventures | (10,911) | (16,226) |
Purchases of investments available for sale | (24,584) | (36,941) |
Proceeds from sales of investments available for sale | 57,240 | 89,260 |
Proceeds from the sale of assets | 19,257 | 8,405 |
Cash held in escrow | (15,073) | (6,532) |
Net cash provided by investing activities of continuing operations | 22,729 | 28,606 |
Net cash provided by investing activities of discontinued operations | 0 | 11,525 |
Net cash provided by investing activities | 22,729 | 40,131 |
Cash flows from financing activities: | ||
Distribution to noncontrolling interest | (713) | (1,086) |
Repurchase of Company Stock | (15,687) | (7,714) |
Exercise of employee stock options | 0 | 347 |
Net cash used in financing activities of continuing operations | (16,400) | (8,453) |
Net cash used in financing activities of discontinued operations | 0 | 0 |
Net cash used in financing activities | (16,400) | (8,453) |
Net increase in cash and cash equivalents | 19,682 | 46,699 |
Cash and cash equivalents at beginning of year | 26,607 | 22,547 |
Cash and cash equivalents at end of the period | $ 46,289 | $ 66,246 |
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 Dec. 31, 2018 | 9,969,174 | ||||||
Beginning balance, amount at Dec. 31, 2018 | $ 997 | $ 58,004 | $ 306,307 | $ (701) | $ 364,607 | $ 18,648 | $ 383,255 |
Exercise of stock options, shares | 11,304 | ||||||
Exercise of stock options, amount | $ 1 | 346 | 347 | 347 | |||
Stock option compensation | 86 | 86 | 86 | ||||
Restricted stock compensation | 0 | ||||||
Shares granted to employee, shares | 1,012 | ||||||
Shares granted to employee, amount | 50 | 50 | 50 | ||||
Shares granted to Directors, shares | 1,460 | ||||||
Shares granted to Directors, amount | 70 | 70 | 70 | ||||
Shares purchased and canceled, shares | (159,282) | ||||||
Shares purchased and canceled, amount | $ (16) | (929) | (6,769) | (7,714) | (7,714) | ||
Net income | 13,724 | 13,724 | 13,724 | ||||
Income (loss) attributable to noncontrolling interest | (380) | (380) | |||||
Distributions to partners | (1,086) | (1,086) | |||||
Minimum pension liability, net | 0 | ||||||
Unrealized gain (loss) on investments, net | 1,862 | 1,862 | 1,862 | ||||
Ending balance, shares at Sep. 30, 2019 | 9,823,668 | ||||||
Ending balance, amount at Sep. 30, 2019 | $ 982 | 57,627 | 313,262 | 1,161 | 373,032 | 17,182 | 390,214 |
Beginning balance, shares at Jun. 30, 2019 | 9,863,451 | ||||||
Beginning balance, amount at Jun. 30, 2019 | $ 986 | 57,562 | 313,373 | 1,210 | 373,131 | 17,870 | 391,001 |
Exercise of stock options, shares | 6,500 | ||||||
Exercise of stock options, amount | $ 1 | 201 | 202 | 202 | |||
Stock option compensation | 29 | 29 | 29 | ||||
Restricted stock compensation | 0 | ||||||
Shares granted to employee, shares | 1,012 | ||||||
Shares granted to employee, amount | 50 | 50 | 50 | ||||
Shares granted to Directors, shares | 1,460 | ||||||
Shares granted to Directors, amount | 70 | 70 | 70 | ||||
Shares purchased and canceled, shares | (48,755) | ||||||
Shares purchased and canceled, amount | $ (5) | (285) | (2,112) | (2,402) | (2,402) | ||
Net income | 2,001 | 2,001 | 2,001 | ||||
Income (loss) attributable to noncontrolling interest | (112) | (112) | |||||
Distributions to partners | (576) | (576) | |||||
Minimum pension liability, net | 0 | ||||||
Unrealized gain (loss) on investments, net | (49) | (49) | (49) | ||||
Ending balance, shares at Sep. 30, 2019 | 9,823,668 | ||||||
Ending balance, amount at Sep. 30, 2019 | $ 982 | 57,627 | 313,262 | 1,161 | 373,032 | 17,182 | 390,214 |
Beginning balance, shares at Dec. 31, 2019 | 9,817,429 | ||||||
Beginning balance, amount at Dec. 31, 2019 | $ 982 | 57,705 | 315,278 | 923 | 374,888 | 16,757 | $ 391,645 |
Exercise of stock options, shares | 0 | ||||||
Stock option compensation | 71 | 71 | $ 71 | ||||
Restricted stock compensation | 140 | 140 | 140 | ||||
Shares granted to employee, shares | 11,448 | ||||||
Shares granted to employee, amount | $ 1 | 529 | 530 | 530 | |||
Shares granted to Directors, shares | 12,050 | ||||||
Shares granted to Directors, amount | $ 1 | 499 | 500 | 500 | |||
Restricted stock award, shares | 20,520 | ||||||
Restricted stock award, amount | $ 2 | (2) | 0 | 0 | |||
Shares purchased and canceled, shares | (379,809) | ||||||
Shares purchased and canceled, amount | $ (38) | (2,252) | (13,397) | (15,687) | (15,687) | ||
Net income | 11,222 | 11,222 | 11,222 | ||||
Income (loss) attributable to noncontrolling interest | (475) | (475) | |||||
Distributions to partners | (713) | (713) | |||||
Minimum pension liability, net | 143 | 143 | 143 | ||||
Unrealized gain (loss) on investments, net | (70) | (70) | (70) | ||||
Ending balance, shares at Sep. 30, 2020 | 9,481,638 | ||||||
Ending balance, amount at Sep. 30, 2020 | $ 948 | 56,690 | 313,103 | 996 | 371,737 | 15,569 | 387,306 |
Beginning balance, shares at Jun. 30, 2020 | 9,563,144 | ||||||
Beginning balance, amount at Jun. 30, 2020 | $ 956 | 57,107 | 310,486 | 1,194 | 369,743 | 16,058 | 385,801 |
Stock option compensation | 24 | 24 | 24 | ||||
Restricted stock compensation | 46 | 46 | 46 | ||||
Shares purchased and canceled, shares | (81,506) | ||||||
Shares purchased and canceled, amount | $ (8) | (487) | (2,838) | (3,333) | (3,333) | ||
Net income | 5,455 | 5,455 | 5,455 | ||||
Income (loss) attributable to noncontrolling interest | (184) | (184) | |||||
Distributions to partners | (305) | (305) | |||||
Minimum pension liability, net | 143 | 143 | 143 | ||||
Unrealized gain (loss) on investments, net | (341) | (341) | (341) | ||||
Ending balance, shares at Sep. 30, 2020 | 9,481,638 | ||||||
Ending balance, amount at Sep. 30, 2020 | $ 948 | $ 56,690 | $ 313,103 | $ 996 | $ 371,737 | $ 15,569 | $ 387,306 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | (1) Description of Business and Basis of Presentation. FRP Holdings, Inc. is a holding company engaged in the 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”) and RiverFront Investment Partners I, LLC. Our investment in the Brooksville joint venture, BC FRP Realty joint venture, RiverFront Holdings II joint venture, Bryant Street Partnerships, 1800 Half Street and Greenville/Woodfield are accounted for under the equity method of accounting (See Note 11). Our ownership of RiverFront Investment Partners I, LLC includes a non-controlling interest representing the ownership of our partner. The Company uses the cost method to account for its investment in DST Hickory Creek because it does not have significant influence over operating and financial policies. 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. On June 28, 2019, the Company completed the sale of the excluded property to the same buyer for $11.7 million. This resulted in the disposition of all of the Company’s industrial flex/office warehouse properties prior to the sale date and constituted a major strategic shift and as a result, these properties have been reclassified as discontinued operations for all periods presented. The Asset Management segment currently contains three commercial properties. 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, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. 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, 2019. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Recently Issued Accounting Standards | (2) 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. The Company is not a significant lessee. Lessors will account for leases using an approach that is substantially equivalent to existing accounting standards. The Company's existing leases will continue to be classified as operating leases. Leases entered into after the effective date of the new standard may be classified as operating or sales-type leases, based on specific classification criteria. Operating leases will continue to have a similar pattern of recognition as under current GAAP. Sales-type lease accounting, however, will result in the recognition of selling profit at lease commencement, with interest income recognized over the life of the lease. The new standard also includes a change to the treatment of internal leasing costs and legal costs, which can no longer be capitalized. Only incremental costs of a lease that would not have been incurred if the lease had not been obtained may be deferred as initial direct costs. The new standard also requires lessors to exclude from variable payments certain lessor costs, such as real estate taxes, that the lessor contractually requires the lessee to pay directly to a third party on its behalf. The new standard requires our expected credit loss related to the collectability of lease receivables to be reflected as an adjustment to the line item Lease Revenue. For the year ended December 31, 2019, the credit loss related to the collectibility of lease receivables was recognized in the line item Operating expenses and was not significant. Additionally, the new standard requires lessors to allocate the consideration in a contract between the lease component (right to use an underlying asset) and non-lease component (transfer of a good or service that is not a lease). However, lessors are provided with a practical expedient, elected by class of underlying asset, to account for lease and non-lease components of a contract as a single lease component if certain criteria are met. The terms of the Company's leases generally provide that the Company is entitled to receive reimbursements from tenants for operating expenses such as real estate taxes, insurance and common area maintenance, in addition to the base rental payments for use of the underlying asset. Under the new standard, common area maintenance is considered a nonlease component of a lease contract, which would be accounted for under Topic 606. However, the Company will apply the practical expedient to account for its lease and non-lease components as a single, combined operating lease component. While the timing of recognition should remain the same, the Company is no longer presenting reimbursement revenue from tenants separately in our Consolidated Statements of Income beginning January 1, 2019. The new standard along with the adoption of ASU No. 2018-11, Leases - Targeted Improvements which the FASB issued in July 2018, was adopted effective January 1, 2019 and we have elected to use January 1, 2019 as our date of initial application. We elected the package of practical expedients permitted under the transition guidance within the new standard. By adopting these practical expedients, we were not required to reassess (1) whether an existing contract meets the definition of a lease; (2) the lease classification for existing leases; or (3) costs previously capitalized as initial direct costs. The adoption of this guidance did not have a material impact on our financial statements. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | (3) Business Segments. The Company is reporting its financial performance based on four reportable segments, Asset Management, Mining Royalty Lands, Development and Stabilized Joint Venture, as described below. The Asset Management segment owns, leases and manages commercial properties. The flex/office warehouses in the Asset Management Segment were sold and reclassified to discontinued operations leaving only two commercial properties and one recent industrial acquisition, Cranberry Run, which we purchased in 2019. In July 2019 we sold our property located at 1801 62 nd 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 Development segment, we own and are continuously assessing for their highest and best use for several parcels of land that are in various stages of development. Our overall strategy in this segment is to convert all of our non-income producing lands into income production through (i) an orderly process of constructing new buildings for us to own and operate or (ii) a sale to, or joint venture with, third parties. Additionally, our Development segment will form joint ventures on new developments of land not previously owned by the Company. The Stabilized Joint Venture segment includes joint ventures which own, lease and manage buildings that have met our initial lease up criteria. One of our two joint ventures in the segment, Riverfront Investment Partners I, LLC (“Dock 79”) is consolidated. The ownership of Dock 79 attributable to our partner MidAtlantic Realty Partners, LLC (MRP) 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. 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, 2020 2019 2020 2019 Revenues: Asset management $ 721 430 2,089 1,733 Mining royalty lands 2,507 2,302 7,094 7,164 Development 290 307 862 892 Stabilized Joint Venture 2,580 2,844 7,685 8,171 6,098 5,883 17,730 17,960 Operating profit (loss): Before corporate expenses: Asset management $ 200 8 700 233 Mining royalty lands 2,291 2,103 6,486 6,605 Development (659 ) (629 ) (2,136 ) (1,747 ) Stabilized Joint Venture 386 608 1,379 1,657 Operating profit before corporate expenses 2,218 2,090 6,429 6,748 Corporate expenses: Allocated to asset management (165 ) (168 ) (738 ) (470 ) Allocated to mining royalty lands (53 ) (44 ) (234 ) (123 ) Allocated to development (381 ) (479 ) (1,710 ) (1,219 ) Allocated to stabilized joint venture (38 ) (41 ) (168 ) (116 ) Total corporate expenses (637 ) (732 ) (2,850 ) (1,928 ) $ 1,581 1,358 3,579 4,820 Interest expense $ 46 129 142 989 Depreciation, depletion and amortization: Asset management $ 137 154 529 527 Mining royalty lands 60 36 160 130 Development 53 54 160 161 Stabilized Joint Venture 1,188 1,187 3,557 3,572 $ 1,438 1,431 4,406 4,390 Capital expenditures: Asset management $ 233 824 787 8,642 Mining royalty lands — — — — Development 1,754 167 2,371 415 Stabilized Joint Venture 46 194 42 304 $ 2,033 1,185 3,200 9,361 September 30, December 31, Identifiable net assets 2020 2019 Asset management $ 11,323 18,468 Mining royalty lands 37,617 38,409 Development 182,567 179,357 Stabilized Joint Venture 136,679 133,956 Investments available for sale at fair value 104,624 137,867 Cash items 61,548 26,793 Unallocated corporate assets 1,772 3,298 $ 536,130 538,148 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (4) 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, 2020. The consolidated statements of income reflect charges and/or allocation from Patriot for these services of $290,000 and $347,000 for the three months ended September 30, 2020 and 2019 and $870,000 and $976,000 for the nine months ended September 30, 2020 and 2019, 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 employ an allocation method to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations, but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (5) Long-Term Debt. Long-term debt is summarized as follows (in thousands): September 30, December 31, 2020 2019 Riverfront permanent loan $ 89,027 88,925 Less portion due within one year — — $ 89,027 88,925 On February 6, 2019, the Company entered into a First Amendment to the 2015 Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells Fargo”), effective February 6, 2019. The Credit Agreement modifies the Company’s prior Credit Agreement with Wells Fargo dated January 30, 2015. The Credit Agreement establishes a five-year revolving credit facility with a maximum facility amount of $20 million. The interest rate under the Credit Agreement will be a maximum of 1.50% over Daily 1 Month LIBOR, which may be reduced quarterly to 1.25% or 1.0% over Daily 1 Month LIBOR if the Company meets a specified ratio of consolidated debt to consolidated total capital, as defined which excludes FRP Riverfront. A commitment fee of 0.25% per annum is payable quarterly on the unused portion of the commitment but the amount may be reduced to 0.20% or 0.15% if the Company meets a specified ratio of consolidated total debt to consolidated total capital. The Credit Agreement contains certain conditions, affirmative financial covenants and negative covenants. As of September 30, 2020, there was no debt outstanding on this revolver, $411,000 outstanding under letters of credit and $19,589,000 available for borrowing. The letters of credit were issued to guarantee certain obligations to state agencies related to real estate development. Most of the letters of credit are irrevocable for a period of one year and typically are automatically extended for additional one-year periods. The letter of credit fee is 1% and applicable interest rate would have been 1.149% on September 30, 2020. The credit agreement contains certain conditions and financial covenants, including a minimum tangible net worth and dividend restriction. As of September 30, 2020, these covenants would have limited our ability to pay dividends to a maximum of $219 million combined. The Company was in compliance with all covenants as of September 30, 2020. On November 17, 2017, Riverfront Holdings I, LLC (the "Joint Venture") refinanced the Dock 79 project pursuant to a Loan Agreement and Deed of Trust Note entered into with EagleBank ("Loan Documents"). The Joint Venture, which was formed between the Company and MRP in 2014 in connection with the development of the Riverfront on the Anacostia property, borrowed a principal sum of $90,000,000 in connection with the refinancing. 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. MRP has executed a carve-out guaranty in connection with the loan. Debt cost amortization of $34,000 and $102,000 was recorded during the three and nine months ended September 30, 2020, respectively. During the three months ended September 30, 2020 and September 30, 2019 the Company capitalized interest costs of $948,000 and $870,000, respectively. During the nine months ended September 30, 2020 and September 30, 2019 the Company capitalized interest costs of $2,823,000 and $1,960,000, respectively. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Share | (6) Earnings per Share. The following details the computations of the basic and diluted earnings per common share (in thousands, except per share amounts): Three Months ended Nine Months ended September 30, September 30, 2020 2019 2020 2019 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,517 9,843 9,646 9,903 Common shares issuable under share based payment plans which are potentially dilutive 28 43 35 42 Common shares used for diluted earnings per common share 9,545 9,886 9,681 9,945 Income from continuing operations $ 5,271 1,902 10,747 6,495 Discontinued operations $ — (13 ) — 6,849 Net income attributable to the Company $ 5,455 2,001 11,222 13,724 Basic earnings per common share: Income from continuing operations $ 0.55 0.19 1.11 0.66 Discontinued operations $ — — — 0.69 Net income attributable to the Company $ 0.57 0.20 1.16 1.39 Diluted earnings per common share: Income from continuing operations $ 0.55 0.19 1.11 0.65 Discontinued operations $ — — — 0.69 Net income attributable to the Company $ 0.57 0.20 1.16 1.38 For the three and nine months ended September 30, 2020, 74,065 and 53,545 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, 2019, 19,950 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. During the first nine months the Company repurchased 379,809 shares at an average cost of $41.30. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | (7) Stock-Based Compensation Plans. The Company has two Stock Option Plans (the 2006 Stock Incentive Plan and the 2016 Equity Incentive Option Plan) under which options for shares of common stock were granted to directors, officers and key employees. The 2016 plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, or stock awards. The options awarded under the plans have similar characteristics. All stock options are non-qualified and expire ten years from the date of grant. Stock based compensation awarded to directors, officers and employees are exercisable immediately or become exercisable in cumulative installments of 20% or 25% at the end of each year following the date of grant. When stock options are exercised the Company issues new shares after receipt of exercise proceeds and taxes due, if any, from the grantee. The Company utilizes the Black-Scholes valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated based upon assumptions at the time of grant. The assumptions were no dividend yield, expected volatility between 29% and 41%, risk-free interest rate of 1.0% to 2.9% 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. In March 2020, 20,520 shares of restricted stock were granted to employees as part of a long-term incentive plan that will vest over the next five years. The number of common shares available for future issuance was 443,820 at September 30, 2020. In March 2020, 11,448 shares of stock were granted to employees rather than stock options as in prior years. 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, 2020 2019 2020 2019 Stock option grants $ 24 29 71 86 Restricted stock awards granted in 2020 46 — 140 — Employee stock grant — — 530 — Unrestricted employee stock award — 50 — 50 Annual director stock award — 70 500 70 $ 70 149 1,241 206 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, 2020 132,504 $ 33.82 5.8 $ 1,631 Granted — $ — $ — Exercised — $ — $ — Outstanding at September 30, 2020 132,504 $ 33.82 5.0 $ 1,631 Exercisable at September 30, 2020 114,189 $ 32.11 4.5 $ 1,333 Vested during nine months ended September 30, 2020 — $ — The aggregate intrinsic value of exercisable in-the-money options was $1,216,000 and the aggregate intrinsic value of outstanding in-the-money options was $1,234,000 based on the market closing price of $41.67 on September 30, 2020 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of September 30, 2020 was $219,000, which is expected to be recognized over a weighted-average period of 3.1 years. A summary of changes in restricted stock awards is presented below (in thousands, except share and per share amounts): Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Restricted stock Shares Price Term (yrs) Fair Value(000's) Outstanding at January 1, 2020 0 Granted 20,520 $ 46.30 $ 950 Outstanding at September 30, 2020 20,520 $ 46.30 3.7 $ 950 Total compensation cost of restricted stock granted but not yet vested as of September 30, 2020 was $809,000 which is expected to be recognized over a weighted-average period of 3.7 years. |
Contingent liabilities
Contingent liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Contingent liabilities | (8) 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. 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 and further reduced the liability $92,000 to zero in 2020. 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, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentrations | (9) Concentrations The mining royalty lands segment has a total of five tenants currently leasing mining locations and one lessee that accounted for 32.1% of the Company’s consolidated revenues during the nine months ended September 30, 2020 and $374,000 of accounts receivable at September 30, 2020. The termination of these lessees’ underlying leases could have a material adverse effect on the Company. The Company places its cash and cash equivalents with Wells Fargo Bank and First Horizon Bank. At times, such amounts may exceed FDIC limits. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (10) Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs are those that are unobservable and significant to the overall fair value measurement. At September 30, 2020 the Company was invested in 46 corporate bonds with individual maturities ranging from 2020 through 2022. The unrealized gain on these bonds of $1,117,000 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 Company recorded a realized gain of $297,000 in its net investment income related to bonds that were sold in 2020. The amortized cost of the investments was $103,507,000 and the carrying amount and fair value of such bonds were $104,624,000 as of September 30, 2020. At September 30, 2020 and 2019, 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, 2020, the carrying amount and fair value of such other long-term debt was $89,027,000 and $95,138,000, respectively. At September 30, 2019, the carrying amount and fair value of such other long-term debt was $88,891,000 and $94,658,000, respectively. |
Investment in Joint Ventures
Investment in Joint Ventures | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Joint Ventures (Equity Method) | (11) Investments in Joint Ventures Brooksville. BC FRP Realty (Windlass Run). RiverFront Holdings II, LLC. Bryant Street Partnerships. Hyde Park. DST Hickory Creek Amber Ridge. 1800 Half Street. Greenville/Woodfield Partnerships. On December 23, 2019 the Company and Woodfield formed a joint venture to develop a 200-unit multifamily apartment project located at 1430 Hampton Avenue, Greenville, SC. The project is located in an Opportunity Zone, which provides tax benefits in the new communities’ development program as established by Congress in the Tax Cuts and Jobs Act of 2017. The Company contributed $6.2 million in exchange for a 40% common equity in the joint venture. The Company’s equity interest in the joint venture is accounted for under the equity method of accounting through the construction and lease up period. Woodfield personally guaranteed the loan and will be managing the projects day to day operations. Major decisions for the entity must be made unanimously between both members. Investments in Joint Ventures (in thousands): The Company's Share of Profit Common Total Total Assets of Profit (Loss) (Loss) of the Ownership Investment The Partnership Of the Partnership Partnership As of September 30, 2020 Brooksville Quarry, LLC 50.00 % $ 7,463 14,306 (66 ) (33 ) BC FRP Realty, LLC 50.00 % 5,233 22,726 (311 ) (157 ) RiverFront Holdings II, LLC 80.00 % 24,429 106,289 (3,116 ) (2,749 ) Bryant Street Partnerships 61.36 % 60,059 156,638 (126 ) (1,317 ) Hyde Park 591 591 — — DST Hickory Creek 26.65 % 6,000 48,303 (255 ) 254 Amber Ridge Loan 9,970 9,970 — — 1800 Half St. Owner, LLC 61.37 % 37,748 52,933 147 141 Greenville/Woodfield Partnerships 40.00 % 16,093 44,896 176 88 Total $ 167,586 456,652 (3,551 ) (3,773 ) As of December 31, 2019 Brooksville Quarry, LLC 50.00 % $ 7,499 14,316 (84 ) (42 ) BC FRP Realty, LLC 50.00 % 5,391 22,969 (1,114 ) (591 ) RiverFront Holdings II, LLC 80.00 % 25,975 88,235 (95 ) (871 ) Bryant Street Partnerships 61.36 % 58,353 96,477 260 (573 ) Hyde Park 3,492 3,492 — — DST Hickory Creek 26.65 % 6,000 49,369 (168 ) 123 Amber Ridge Loan 509 509 — — 1800 Half St. Owner, LLC 59.73 % 37,314 40,161 — — Greenville/Woodfield Partnerships 40.00 % 15,919 19,214 — — Total $ 160,452 334,742 (1,201 ) (1,954 ) Summarized Financial Information for the Investments in Joint Ventures (in thousands): As of September 30, 2020 Total RiverFront Bryant Street DST Hickory 1800 Half St. Greenville/ Apartment/ Holdings II, LLC Partnership Creek Partnership Woodfield Mixed Use Investments in real estate, net $ 104,647 156,022 45,787 32,358 32,768 $ 371,582 Cash and cash equivalents 1,330 483 1,397 17,765 11,754 32,729 Unrealized rents & receivables 81 110 697 0 0 888 Deferred costs 231 23 422 2,810 374 3,860 Total Assets $ 106,289 156,638 48,303 52,933 44,896 $ 409,059 Secured notes payable $ 63,082 57,792 29,279 0 0 $ 150,153 Other liabilities 2,670 20,213 229 2,969 4,996 31,077 Capital – FRP 35,550 58,527 5,009 37,481 15,960 152,527 Capital - Third Parties 4,987 20,106 13,786 12,483 23,940 75,302 Total Liabilities and Capital $ 106,289 156,638 48,303 52,933 44,896 $ 409,059 As of September 30, 2020 Brooksville BC FRP Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Hyde Park Loan Mixed Use Total Investments in real estate, net. $ 14,289 22,063 591 9,970 371,582 $ 418,495 Cash and cash equivalents 17 82 0 0 32,729 32,965 Unrealized rents & receivables 0 235 0 0 888 1,123 Deferred costs 0 346 0 0 3,860 4,069 Total Assets $ 14,306 22,726 591 9,970 409,059 $ 456,652 Secured notes payable $ 0 12,268 0 0 150,153 $ 162,421 Other liabilities 62 104 0 0 31,077 31,243 Capital – FRP 7,463 5,177 591 9,970 152,527 175,728 Capital - Third Parties 6,781 5,177 0 0 75,302 87,260 Total Liabilities and Capital $ 14,306 22,726 591 9,970 409,059 $ 456,652 As of December 31, 2019 Total RiverFront Bryant Street DST Hickory 1800 Half St. Greenville/ Apartment/ Holdings II, LLC Partnership Creek Partnership Woodfield Mixed Use Investments in real estate, net $ 87,521 95,903 46,685 14,391 1,889 $ 246,389 Cash and cash equivalents 630 387 1,764 25,770 17,325 45,876 Unrealized rents & receivables 82 158 446 0 0 686 Deferred costs 2 29 474 0 0 505 Total Assets $ 88,235 96,477 49,369 40,161 19,214 $ 293,456 Secured notes payable $ 38,564 1,660 29,246 0 0 $ 69,470 Other liabilities 6,771 17,183 120 1,363 1,889 27,326 Capital - FRP 37,284 57,479 6,000 37,314 15,919 153,996 Capital - Third Parties 5,616 20,155 14,003 1,484 1,406 42,664 Total Liabilities and Capital $ 88,235 96,477 49,369 40,161 19,214 $ 293,456 As of December 31, 2019 Brooksville BC FRP Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Hyde Park Loan Mixed Use Total Investments in real estate, net. $ 14,293 22,423 3,492 509 246,389 $ 287,106 Cash and cash equivalents 18 15 0 0 45,876 45,909 Unrealized rents & receivables 0 220 0 0 686 906 Deferred costs 5 311 0 0 505 821 Total Assets $ 14,316 22,969 3,492 509 293,456 $ 334,742 Secured notes payable $ 0 12,103 0 0 69,470 $ 81,573 Other liabilities 2 196 0 0 27,326 27,524 Capital - FRP 7,500 5,335 3,492 509 153,996 170,832 Capital - Third Parties 6,814 5,335 0 0 42,664 54,813 Total Liabilities and Capital $ 14,316 22,969 3,492 509 293,456 $ 334,742 The Company’s capital recorded by the unconsolidated Joint Ventures is $8,199,000 more than the Investment in Joint Ventures reported in the Company’s consolidated balance sheet due to the lower basis in property contributed. The amount of consolidated retained earnings for these joint ventures was $(6,879,000) and $(4,127,000) as of September 30, 2020 and December 31, 2019 respectively. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | (12) 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. On June 28, 2019, the Company completed the sale of the excluded property to the same buyer for $11.7 million. The results of operations associated with discontinued operations for the three and nine months ended September 30, 2019 were as follows (in thousands): Three months ended Nine months ended September 30, September 30, 2019 2019 Lease Revenue $ — 460 Cost of operations: Depreciation, depletion and amortization (24 ) 17 Operating expenses 12 246 Property taxes — 46 Management company indirect — — Corporate expenses — — Total cost of operations (12 ) 309 Total operating profit 12 151 Interest expense — — Gain (loss) on sale of buildings (30 ) 9,238 Income (loss) before income taxes (18 ) 9,389 Provision for (benefit from) income taxes (5 ) 2,540 Income (loss) from discontinued operations $ (13 ) 6,849 Earnings per common share: Income (loss) from discontinued operations- Basic $ 0.00 0.69 Diluted $ 0.00 0.69 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Business segments (in thousands) | Three Months ended Nine Months ended September 30, September 30, 2020 2019 2020 2019 Revenues: Asset management $ 721 430 2,089 1,733 Mining royalty lands 2,507 2,302 7,094 7,164 Development 290 307 862 892 Stabilized Joint Venture 2,580 2,844 7,685 8,171 6,098 5,883 17,730 17,960 Operating profit (loss): Before corporate expenses: Asset management $ 200 8 700 233 Mining royalty lands 2,291 2,103 6,486 6,605 Development (659 ) (629 ) (2,136 ) (1,747 ) Stabilized Joint Venture 386 608 1,379 1,657 Operating profit before corporate expenses 2,218 2,090 6,429 6,748 Corporate expenses: Allocated to asset management (165 ) (168 ) (738 ) (470 ) Allocated to mining royalty lands (53 ) (44 ) (234 ) (123 ) Allocated to development (381 ) (479 ) (1,710 ) (1,219 ) Allocated to stabilized joint venture (38 ) (41 ) (168 ) (116 ) Total corporate expenses (637 ) (732 ) (2,850 ) (1,928 ) $ 1,581 1,358 3,579 4,820 Interest expense $ 46 129 142 989 Depreciation, depletion and amortization: Asset management $ 137 154 529 527 Mining royalty lands 60 36 160 130 Development 53 54 160 161 Stabilized Joint Venture 1,188 1,187 3,557 3,572 $ 1,438 1,431 4,406 4,390 Capital expenditures: Asset management $ 233 824 787 8,642 Mining royalty lands — — — — Development 1,754 167 2,371 415 Stabilized Joint Venture 46 194 42 304 $ 2,033 1,185 3,200 9,361 September 30, December 31, Identifiable net assets 2020 2019 Asset management $ 11,323 18,468 Mining royalty lands 37,617 38,409 Development 182,567 179,357 Stabilized Joint Venture 136,679 133,956 Investments available for sale at fair value 104,624 137,867 Cash items 61,548 26,793 Unallocated corporate assets 1,772 3,298 $ 536,130 538,148 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-term debt (in thousands) | September 30, December 31, 2020 2019 Riverfront permanent loan $ 89,027 88,925 Less portion due within one year — — $ 89,027 88,925 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per share (in thousands, except per share amounts) | Three Months ended Nine Months ended September 30, September 30, 2020 2019 2020 2019 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,517 9,843 9,646 9,903 Common shares issuable under share based payment plans which are potentially dilutive 28 43 35 42 Common shares used for diluted earnings per common share 9,545 9,886 9,681 9,945 Income from continuing operations $ 5,271 1,902 10,747 6,495 Discontinued operations $ — (13 ) — 6,849 Net income attributable to the Company $ 5,455 2,001 11,222 13,724 Basic earnings per common share: Income from continuing operations $ 0.55 0.19 1.11 0.66 Discontinued operations $ — — — 0.69 Net income attributable to the Company $ 0.57 0.20 1.16 1.39 Diluted earnings per common share: Income from continuing operations $ 0.55 0.19 1.11 0.65 Discontinued operations $ — — — 0.69 Net income attributable to the Company $ 0.57 0.20 1.16 1.38 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation Expense (in thousands | Three Months ended Nine Months ended September 30, September 30, 2020 2019 2020 2019 Stock option grants $ 24 29 71 86 Restricted stock awards granted in 2020 46 — 140 — Employee stock grant — — 530 — Unrestricted employee stock award — 50 — 50 Annual director stock award — 70 500 70 $ 70 149 1,241 206 |
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, 2020 132,504 $ 33.82 5.8 $ 1,631 Granted — $ — $ — Exercised — $ — $ — Outstanding at September 30, 2020 132,504 $ 33.82 5.0 $ 1,631 Exercisable at September 30, 2020 114,189 $ 32.11 4.5 $ 1,333 Vested during nine months ended September 30, 2020 — $ — |
Summary of Restricted Stock awards (in thousands, except share and per share amounts) | Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Restricted stock Shares Price Term (yrs) Fair Value(000's) Outstanding at January 1, 2020 0 Granted 20,520 $ 46.30 $ 950 Outstanding at September 30, 2020 20,520 $ 46.30 3.7 $ 950 |
Investment in Joint Ventures (T
Investment in Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Joint Ventures (in thousands) | The Company's Share of Profit Common Total Total Assets of Profit (Loss) (Loss) of the Ownership Investment The Partnership Of the Partnership Partnership As of September 30, 2020 Brooksville Quarry, LLC 50.00 % $ 7,463 14,306 (66 ) (33 ) BC FRP Realty, LLC 50.00 % 5,233 22,726 (311 ) (157 ) RiverFront Holdings II, LLC 80.00 % 24,429 106,289 (3,116 ) (2,749 ) Bryant Street Partnerships 61.36 % 60,059 156,638 (126 ) (1,317 ) Hyde Park 591 591 — — DST Hickory Creek 26.65 % 6,000 48,303 (255 ) 254 Amber Ridge Loan 9,970 9,970 — — 1800 Half St. Owner, LLC 61.37 % 37,748 52,933 147 141 Greenville/Woodfield Partnerships 40.00 % 16,093 44,896 176 88 Total $ 167,586 456,652 (3,551 ) (3,773 ) As of December 31, 2019 Brooksville Quarry, LLC 50.00 % $ 7,499 14,316 (84 ) (42 ) BC FRP Realty, LLC 50.00 % 5,391 22,969 (1,114 ) (591 ) RiverFront Holdings II, LLC 80.00 % 25,975 88,235 (95 ) (871 ) Bryant Street Partnerships 61.36 % 58,353 96,477 260 (573 ) Hyde Park 3,492 3,492 — — DST Hickory Creek 26.65 % 6,000 49,369 (168 ) 123 Amber Ridge Loan 509 509 — — 1800 Half St. Owner, LLC 59.73 % 37,314 40,161 — — Greenville/Woodfield Partnerships 40.00 % 15,919 19,214 — — Total $ 160,452 334,742 (1,201 ) (1,954 ) |
Joint Venture balance sheets (in thousands) | As of September 30, 2020 Total RiverFront Bryant Street DST Hickory 1800 Half St. Greenville/ Apartment/ Holdings II, LLC Partnership Creek Partnership Woodfield Mixed Use Investments in real estate, net $ 104,647 156,022 45,787 32,358 32,768 $ 371,582 Cash and cash equivalents 1,330 483 1,397 17,765 11,754 32,729 Unrealized rents & receivables 81 110 697 0 0 888 Deferred costs 231 23 422 2,810 374 3,860 Total Assets $ 106,289 156,638 48,303 52,933 44,896 $ 409,059 Secured notes payable $ 63,082 57,792 29,279 0 0 $ 150,153 Other liabilities 2,670 20,213 229 2,969 4,996 31,077 Capital – FRP 35,550 58,527 5,009 37,481 15,960 152,527 Capital - Third Parties 4,987 20,106 13,786 12,483 23,940 75,302 Total Liabilities and Capital $ 106,289 156,638 48,303 52,933 44,896 $ 409,059 As of September 30, 2020 Brooksville BC FRP Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Hyde Park Loan Mixed Use Total Investments in real estate, net. $ 14,289 22,063 591 9,970 371,582 $ 418,495 Cash and cash equivalents 17 82 0 0 32,729 32,965 Unrealized rents & receivables 0 235 0 0 888 1,123 Deferred costs 0 346 0 0 3,860 4,069 Total Assets $ 14,306 22,726 591 9,970 409,059 $ 456,652 Secured notes payable $ 0 12,268 0 0 150,153 $ 162,421 Other liabilities 62 104 0 0 31,077 31,243 Capital – FRP 7,463 5,177 591 9,970 152,527 175,728 Capital - Third Parties 6,781 5,177 0 0 75,302 87,260 Total Liabilities and Capital $ 14,306 22,726 591 9,970 409,059 $ 456,652 As of December 31, 2019 Total RiverFront Bryant Street DST Hickory 1800 Half St. Greenville/ Apartment/ Holdings II, LLC Partnership Creek Partnership Woodfield Mixed Use Investments in real estate, net $ 87,521 95,903 46,685 14,391 1,889 $ 246,389 Cash and cash equivalents 630 387 1,764 25,770 17,325 45,876 Unrealized rents & receivables 82 158 446 0 0 686 Deferred costs 2 29 474 0 0 505 Total Assets $ 88,235 96,477 49,369 40,161 19,214 $ 293,456 Secured notes payable $ 38,564 1,660 29,246 0 0 $ 69,470 Other liabilities 6,771 17,183 120 1,363 1,889 27,326 Capital - FRP 37,284 57,479 6,000 37,314 15,919 153,996 Capital - Third Parties 5,616 20,155 14,003 1,484 1,406 42,664 Total Liabilities and Capital $ 88,235 96,477 49,369 40,161 19,214 $ 293,456 As of December 31, 2019 Brooksville BC FRP Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Hyde Park Loan Mixed Use Total Investments in real estate, net. $ 14,293 22,423 3,492 509 246,389 $ 287,106 Cash and cash equivalents 18 15 0 0 45,876 45,909 Unrealized rents & receivables 0 220 0 0 686 906 Deferred costs 5 311 0 0 505 821 Total Assets $ 14,316 22,969 3,492 509 293,456 $ 334,742 Secured notes payable $ 0 12,103 0 0 69,470 $ 81,573 Other liabilities 2 196 0 0 27,326 27,524 Capital - FRP 7,500 5,335 3,492 509 153,996 170,832 Capital - Third Parties 6,814 5,335 0 0 42,664 54,813 Total Liabilities and Capital $ 14,316 22,969 3,492 509 293,456 $ 334,742 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued operations results of operations | Three months ended Nine months ended September 30, September 30, 2019 2019 Lease Revenue $ — 460 Cost of operations: Depreciation, depletion and amortization (24 ) 17 Operating expenses 12 246 Property taxes — 46 Management company indirect — — Corporate expenses — — Total cost of operations (12 ) 309 Total operating profit 12 151 Interest expense — — Gain (loss) on sale of buildings (30 ) 9,238 Income (loss) before income taxes (18 ) 9,389 Provision for (benefit from) income taxes (5 ) 2,540 Income (loss) from discontinued operations $ (13 ) 6,849 Earnings per common share: Income (loss) from discontinued operations- Basic $ 0.00 0.69 Diluted $ 0.00 0.69 |
Business Segments - Business se
Business Segments - Business segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 6,098 | $ 5,883 | $ 17,730 | $ 17,960 | |
Operating profit | 1,581 | 1,358 | 3,579 | 4,820 | |
Corporate expenses | 637 | 732 | 2,850 | 1,928 | |
Interest expense | 46 | 129 | 142 | 989 | |
Depreciation, depletion and amortization | 1,438 | 1,431 | 4,406 | 4,390 | |
Cash items | 61,548 | 61,548 | $ 26,793 | ||
Total identifiable net assets | 536,130 | 536,130 | 538,148 | ||
Investments available for sale | 104,624 | 104,624 | 137,867 | ||
Asset Management | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 721 | 430 | 2,089 | 1,733 | |
Operating profit before corporate expenses | 200 | 8 | 700 | 233 | |
Corporate expenses | (165) | (168) | (738) | (470) | |
Capital expenditures | 233 | 824 | 787 | 8,642 | |
Depreciation, depletion and amortization | 137 | 154 | 529 | 527 | |
Total identifiable net assets | 11,323 | 11,323 | 18,468 | ||
Mining royalty lands | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 2,507 | 2,302 | 7,094 | 7,164 | |
Operating profit before corporate expenses | 2,291 | 2,103 | 6,486 | 6,605 | |
Corporate expenses | (53) | (44) | (234) | (123) | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Depreciation, depletion and amortization | 60 | 36 | 160 | 130 | |
Total identifiable net assets | 37,617 | 37,617 | 38,409 | ||
Development | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 290 | 307 | 862 | 892 | |
Operating profit before corporate expenses | (659) | (629) | (2,136) | (1,747) | |
Corporate expenses | (381) | (479) | (1,710) | (1,219) | |
Capital expenditures | 1,754 | 167 | 2,371 | 415 | |
Depreciation, depletion and amortization | 53 | 54 | 160 | 161 | |
Total identifiable net assets | 182,567 | 182,567 | 179,357 | ||
Stabilized Joint Venture | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 2,580 | 2,844 | 7,685 | 8,171 | |
Operating profit before corporate expenses | 386 | 608 | 1,379 | 1,657 | |
Corporate expenses | (38) | (41) | (168) | (116) | |
Capital expenditures | 46 | 194 | 42 | 304 | |
Depreciation, depletion and amortization | 1,188 | 1,187 | 3,557 | 3,572 | |
Total identifiable net assets | 136,679 | 136,679 | 133,956 | ||
Total Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 6,098 | 5,883 | 17,730 | 17,960 | |
Operating profit before corporate expenses | 2,218 | 2,090 | 6,429 | 6,748 | |
Operating profit | 1,581 | 1,358 | 3,579 | 4,820 | |
Corporate expenses | (637) | (732) | (2,850) | (1,928) | |
Interest expense | 46 | 129 | 142 | 989 | |
Capital expenditures | 2,033 | 1,185 | 3,200 | 9,361 | |
Depreciation, depletion and amortization | 1,438 | $ 1,431 | 4,406 | $ 4,390 | |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Total identifiable net assets | $ 1,772 | $ 1,772 | $ 3,298 |
Long-term debt (Details)
Long-term debt (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Riverfront permanent loan | $ 89,027 | $ 88,925 |
Less portion due within one year | 0 | 0 |
Long-term debt | $ 89,027 | $ 88,925 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding during the period - shares used for basic earnings per common share | 9,517 | 9,843 | 9,646 | 9,903 |
Common shares issuable under share based payment plans which are potentially dilutive | 28 | 43 | 35 | 42 |
Common shares used for diluted earnings per common share | 9,545 | 9,886 | 9,681 | 9,945 |
Income from continuing operations | $ 5,271 | $ 1,902 | $ 10,747 | $ 6,495 |
Discontinued operations | 0 | (13) | 0 | 6,849 |
Net income attributable to the Company | $ 5,455 | $ 2,001 | $ 11,222 | $ 13,724 |
Basic earnings per common share: | ||||
Income from continuing operations | $ 0.55 | $ 0.19 | $ 1.11 | $ 0.66 |
Discontinued operations | 0 | 0 | 0 | 0.69 |
Net income attributable to the Company | 0.57 | 0.20 | 1.16 | 1.39 |
Diluted earnings per common share | ||||
Income from continuing operations | 0.55 | 0.19 | 1.11 | 0.65 |
Discontinued operations | 0 | 0 | 0 | 0.69 |
Net income attributable to the Company | $ 0.57 | $ 0.20 | $ 1.16 | $ 1.38 |
Summary of Stock Activity (Deta
Summary of Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Options outstanding | 132,504 | 132,504 |
Options granted | 0 | |
Options exercised | 0 | |
Options outstanding weighted average exercise price | $ 33.82 | $ 33.82 |
Options outstanding weighted average exercise price - Granted | 0 | |
Options outstanding weighted average exercise price - Exercised | $ 0 | |
Options outstanding weighted average remaining term | 5 years | 5 years 9 months 22 days |
Options outstanding weighted average grant date fair value | $ 1,631 | $ 1,631 |
Options granted weighted average grant date fair value | $ 0 | |
Options exercised weighted average grant date fair value | $ 0 | |
Options exercisable | 114,189 | |
Options exerciseable weighted average exercise price | $ 32.11 | |
Options exercisable weighted average remaining term | 4 years 6 months | |
Options vested weighted average grant date fair value | $ 0 | |
Options vested | 0 | |
Options exercisable weighted average grant date fair value | $ 1,333 |
Restricted Stock Activity (Deta
Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Shares outstanding | 132,504 | 132,504 |
Options outstanding weighted average exercise price | $ 33.82 | $ 33.82 |
Options outstanding weighted average remaining term | 5 years | 5 years 9 months 22 days |
Options outstanding weighted average grant date fair value | $ 1,631 | $ 1,631 |
Options granted weighted average grant date fair value | $ 0 | |
Restricted Stock [Member] | ||
Shares outstanding | 20,520 | 0 |
Shares granted | 20,520 | |
Options outstanding weighted average exercise price | $ 46.30 | |
Options outstanding weighted average exercise price - Granted | 46.30 | |
Options outstanding weighted average remaining term | 3 years 8 months 15 days | |
Options outstanding weighted average grant date fair value | $ 950 | |
Options granted weighted average grant date fair value | $ 950 |
Stock Compensation Expense (Det
Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | ||||
Stock option grants | $ 24 | $ 29 | $ 71 | $ 86 |
Restricted stock awards granted in 2020 | 46 | 0 | 140 | 0 |
Employee stock award | 0 | 0 | 530 | 0 |
Annual director stock award | 0 | 70 | 500 | 70 |
Unrestricted employee stock award | 0 | 50 | 0 | 50 |
Stock based compensation expense | $ 70 | $ 149 | $ 1,241 | $ 206 |
Investments in Joint Ventures (
Investments in Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Jul. 31, 2019 | Dec. 24, 2018 | May 04, 2018 | Apr. 26, 2016 | Oct. 04, 2006 | |
Total Investment | $ 167,586 | $ 167,586 | $ 160,452 | |||||||
Total Assets of the Partnership | 456,652 | 456,652 | 334,742 | |||||||
Profit (Loss) of the Partnership | (3,551) | (1,201) | ||||||||
Company's share of Net Loss of the Partnership | (1,788) | $ (746) | (3,773) | $ (1,282) | (1,954) | |||||
Investments in real estate, net | 418,495 | 418,495 | 287,106 | |||||||
Cash and cash equivalents | 32,965 | 32,965 | 45,909 | |||||||
Deferred costs | 4,069 | 4,069 | 821 | |||||||
Unrealized rents & receivable | 1,123 | 1,123 | 906 | |||||||
Secured notes payable | 162,421 | 162,421 | 81,573 | |||||||
Other liabilities | 31,243 | 31,243 | 27,524 | |||||||
Capital - FRP | 175,728 | 175,728 | 170,832 | |||||||
Capital - Third parties | 87,260 | 87,260 | 54,813 | |||||||
Total liabilities and capital | $ 456,652 | $ 456,652 | $ 334,742 | |||||||
Brooksville Quarry, LLC | ||||||||||
Ownership percent | 50.00% | 50.00% | 50.00% | 50.00% | ||||||
Total Investment | $ 7,463 | $ 7,463 | $ 7,499 | |||||||
Total Assets of the Partnership | 14,306 | 14,306 | 14,316 | |||||||
Profit (Loss) of the Partnership | (66) | (84) | ||||||||
Company's share of Net Loss of the Partnership | (33) | (42) | ||||||||
Investments in real estate, net | 14,289 | 14,289 | 14,293 | |||||||
Cash and cash equivalents | 17 | 17 | 18 | |||||||
Deferred costs | 0 | 0 | 5 | |||||||
Unrealized rents & receivable | 0 | 0 | 0 | |||||||
Secured notes payable | 0 | 0 | 0 | |||||||
Other liabilities | 62 | 62 | 2 | |||||||
Capital - FRP | 7,463 | 7,463 | 7,500 | |||||||
Capital - Third parties | 6,781 | 6,781 | 6,814 | |||||||
Total liabilities and capital | $ 14,306 | $ 14,306 | $ 14,316 | |||||||
BC FRP Realty, LLC | ||||||||||
Ownership percent | 50.00% | 50.00% | 50.00% | 50.00% | ||||||
Total Investment | $ 5,233 | $ 5,233 | $ 5,391 | |||||||
Total Assets of the Partnership | 22,726 | 22,726 | 22,969 | |||||||
Profit (Loss) of the Partnership | (311) | (1,114) | ||||||||
Company's share of Net Loss of the Partnership | (157) | (591) | ||||||||
Investments in real estate, net | 22,063 | 22,063 | 22,423 | |||||||
Cash and cash equivalents | 82 | 82 | 15 | |||||||
Deferred costs | 346 | 346 | 311 | |||||||
Unrealized rents & receivable | 235 | 235 | 220 | |||||||
Secured notes payable | 12,268 | 12,268 | 12,103 | |||||||
Other liabilities | 104 | 104 | 196 | |||||||
Capital - FRP | 5,177 | 5,177 | 5,335 | |||||||
Capital - Third parties | 5,177 | 5,177 | 5,335 | |||||||
Total liabilities and capital | $ 22,726 | $ 22,726 | $ 22,969 | |||||||
RiverFront Holdings II, LLC | ||||||||||
Ownership percent | 80.00% | 80.00% | 80.00% | 80.00% | ||||||
Total Investment | $ 24,429 | $ 24,429 | $ 25,975 | |||||||
Total Assets of the Partnership | 106,289 | 106,289 | 88,235 | |||||||
Profit (Loss) of the Partnership | (3,116) | (95) | ||||||||
Company's share of Net Loss of the Partnership | (2,749) | (871) | ||||||||
Investments in real estate, net | 104,647 | 104,647 | 87,521 | |||||||
Cash and cash equivalents | 1,330 | 1,330 | 630 | |||||||
Deferred costs | 231 | 231 | 2 | |||||||
Unrealized rents & receivable | 81 | 81 | 82 | |||||||
Secured notes payable | 63,082 | 63,082 | 38,564 | |||||||
Other liabilities | 2,670 | 2,670 | 6,771 | |||||||
Capital - FRP | 35,550 | 35,550 | 37,284 | |||||||
Capital - Third parties | 4,987 | 4,987 | 5,616 | |||||||
Total liabilities and capital | $ 106,289 | $ 106,289 | $ 88,235 | |||||||
Bryant Street Partnerships | ||||||||||
Ownership percent | 61.36% | 61.36% | 61.36% | 61.36% | ||||||
Total Investment | $ 60,059 | $ 60,059 | $ 58,353 | |||||||
Total Assets of the Partnership | 156,638 | 156,638 | 96,477 | |||||||
Profit (Loss) of the Partnership | (126) | 260 | ||||||||
Company's share of Net Loss of the Partnership | (1,317) | (573) | ||||||||
Investments in real estate, net | 156,022 | 156,022 | 95,903 | |||||||
Cash and cash equivalents | 483 | 483 | 387 | |||||||
Deferred costs | 23 | 23 | 29 | |||||||
Unrealized rents & receivable | 110 | 110 | 158 | |||||||
Secured notes payable | 57,792 | 57,792 | 1,660 | |||||||
Other liabilities | 20,213 | 20,213 | 17,183 | |||||||
Capital - FRP | 58,527 | 58,527 | 57,479 | |||||||
Capital - Third parties | 20,106 | 20,106 | 20,155 | |||||||
Total liabilities and capital | 156,638 | 156,638 | 96,477 | |||||||
Hyde Park | ||||||||||
Total Investment | 591 | 591 | 3,492 | |||||||
Total Assets of the Partnership | 591 | 591 | 3,492 | |||||||
Profit (Loss) of the Partnership | 0 | 0 | ||||||||
Company's share of Net Loss of the Partnership | 0 | 0 | ||||||||
Investments in real estate, net | 591 | 591 | 3,492 | |||||||
Cash and cash equivalents | 0 | 0 | 0 | |||||||
Deferred costs | 0 | 0 | 0 | |||||||
Unrealized rents & receivable | 0 | 0 | 0 | |||||||
Secured notes payable | 0 | 0 | 0 | |||||||
Other liabilities | 0 | 0 | 0 | |||||||
Capital - FRP | 591 | 591 | 3,492 | |||||||
Capital - Third parties | 0 | 0 | 0 | |||||||
Total liabilities and capital | $ 591 | $ 591 | $ 3,492 | |||||||
DST Hickory Creek | ||||||||||
Ownership percent | 26.65% | 26.65% | 26.65% | 26.65% | ||||||
Total Investment | $ 6,000 | $ 6,000 | $ 6,000 | |||||||
Total Assets of the Partnership | 48,303 | 48,303 | 49,369 | |||||||
Profit (Loss) of the Partnership | (255) | (168) | ||||||||
Company's share of Net Loss of the Partnership | 254 | 123 | ||||||||
Investments in real estate, net | 45,787 | 45,787 | 46,685 | |||||||
Cash and cash equivalents | 1,397 | 1,397 | 1,764 | |||||||
Deferred costs | 422 | 422 | 474 | |||||||
Unrealized rents & receivable | 697 | 697 | 446 | |||||||
Secured notes payable | 29,279 | 29,279 | 29,246 | |||||||
Other liabilities | 229 | 229 | 120 | |||||||
Capital - FRP | 5,009 | 5,009 | 6,000 | |||||||
Capital - Third parties | 13,786 | 13,786 | 14,003 | |||||||
Total liabilities and capital | 48,303 | 48,303 | 49,369 | |||||||
Amber Ridge | ||||||||||
Total Investment | 9,970 | 9,970 | 509 | |||||||
Total Assets of the Partnership | 9,970 | 9,970 | 509 | |||||||
Profit (Loss) of the Partnership | 0 | 0 | ||||||||
Company's share of Net Loss of the Partnership | 0 | 0 | ||||||||
Investments in real estate, net | 9,970 | 9,970 | 509 | |||||||
Cash and cash equivalents | 0 | 0 | 0 | |||||||
Deferred costs | 0 | 0 | 0 | |||||||
Unrealized rents & receivable | 0 | 0 | 0 | |||||||
Secured notes payable | 0 | 0 | 0 | |||||||
Other liabilities | 0 | 0 | 0 | |||||||
Capital - FRP | 9,970 | 9,970 | 509 | |||||||
Capital - Third parties | 0 | 0 | 0 | |||||||
Total liabilities and capital | $ 9,970 | $ 9,970 | $ 509 | |||||||
1800 Half Street | ||||||||||
Ownership percent | 61.37% | 61.37% | 59.73% | |||||||
Total Investment | $ 37,748 | $ 37,748 | $ 37,314 | |||||||
Total Assets of the Partnership | 52,933 | 52,933 | 40,161 | |||||||
Profit (Loss) of the Partnership | 147 | 0 | ||||||||
Company's share of Net Loss of the Partnership | 141 | 0 | ||||||||
Investments in real estate, net | 32,358 | 32,358 | 14,391 | |||||||
Cash and cash equivalents | 17,765 | 17,765 | 25,770 | |||||||
Deferred costs | 2,810 | 2,810 | 0 | |||||||
Unrealized rents & receivable | 0 | 0 | 0 | |||||||
Secured notes payable | 0 | 0 | 0 | |||||||
Other liabilities | 2,969 | 2,969 | 1,363 | |||||||
Capital - FRP | 37,481 | 37,481 | 37,314 | |||||||
Capital - Third parties | 12,483 | 12,483 | 1,484 | |||||||
Total liabilities and capital | $ 52,933 | $ 52,933 | $ 40,161 | |||||||
Woodfield Partnerships | ||||||||||
Ownership percent | 40.00% | 40.00% | 40.00% | |||||||
Total Investment | $ 16,093 | $ 16,093 | $ 15,919 | |||||||
Total Assets of the Partnership | 44,896 | 44,896 | 19,214 | |||||||
Profit (Loss) of the Partnership | 176 | 0 | ||||||||
Company's share of Net Loss of the Partnership | 88 | 0 | ||||||||
Investments in real estate, net | 32,768 | 32,768 | 1,889 | |||||||
Cash and cash equivalents | 11,754 | 11,754 | 17,325 | |||||||
Deferred costs | 374 | 374 | 0 | |||||||
Unrealized rents & receivable | 0 | 0 | 0 | |||||||
Secured notes payable | 0 | 0 | 0 | |||||||
Other liabilities | 4,996 | 4,996 | 1,889 | |||||||
Capital - FRP | 15,960 | 15,960 | 15,919 | |||||||
Capital - Third parties | 23,940 | 23,940 | 1,406 | |||||||
Total liabilities and capital | 44,896 | 44,896 | 19,214 | |||||||
Apartment Mixed Use Totals | ||||||||||
Total Assets of the Partnership | 409,059 | 409,059 | 293,456 | |||||||
Investments in real estate, net | 371,582 | 371,582 | 246,389 | |||||||
Cash and cash equivalents | 32,729 | 32,729 | 45,876 | |||||||
Deferred costs | 3,860 | 3,860 | 505 | |||||||
Unrealized rents & receivable | 888 | 888 | 686 | |||||||
Secured notes payable | 150,153 | 150,153 | 69,470 | |||||||
Other liabilities | 31,077 | 31,077 | 27,326 | |||||||
Capital - FRP | 152,527 | 152,527 | 153,996 | |||||||
Capital - Third parties | 75,302 | 75,302 | 42,664 | |||||||
Total liabilities and capital | $ 409,059 | $ 409,059 | $ 293,456 |
Discontinued Operations - Disco
Discontinued Operations - Discontinued operations results of operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Lease revenue | $ 3,591 | $ 3,581 | $ 10,636 | $ 10,796 |
Depreciation, depletion and amortization | 1,438 | 1,431 | 4,406 | 4,390 |
Operating expenses | 892 | 952 | 2,598 | 2,744 |
Property taxes | 706 | 740 | 2,089 | 2,206 |
Total operating profit | 1,581 | 1,358 | 3,579 | 4,820 |
Interest expense | (46) | (129) | (142) | (989) |
Income (loss) before income taxes | 7,293 | 2,628 | 14,908 | 9,024 |
Provision for (benefit from) income taxes | 2,022 | 726 | 4,161 | 2,529 |
Income (loss) from discontinued operations | $ 0 | $ (13) | $ 0 | $ 6,849 |
Earnings per common share: | ||||
Basic earnings per common share Discontinued operations | $ 0 | $ 0 | $ 0 | $ 0.69 |
Diluted earnings per common share discontinued operations | $ 0 | $ 0 | $ 0 | $ 0.69 |
Discontinued Operations, Disposed of by Sale [Member] | ||||
Lease revenue | $ 0 | $ 460 | ||
Depreciation, depletion and amortization | (24) | 17 | ||
Operating expenses | 12 | 246 | ||
Property taxes | 0 | 46 | ||
Management company indirect | 0 | 0 | ||
Corporate expenses | 0 | 0 | ||
Total cost of operations | (12) | 309 | ||
Total operating profit | 12 | 151 | ||
Interest expense | 0 | 0 | ||
Gain (loss) on sale of buildings | (30) | 9,238 | ||
Income (loss) before income taxes | (18) | 9,389 | ||
Provision for (benefit from) income taxes | (5) | 2,540 | ||
Income (loss) from discontinued operations | $ (13) | $ 6,849 | ||
Earnings per common share: | ||||
Basic earnings per common share Discontinued operations | $ 0 | $ 0.69 | ||
Diluted earnings per common share discontinued operations | $ 0 | $ 0.69 |
Description of Business and B_2
Description of Business and Basis of Presentation (Details Narrative) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2020integer | May 21, 2018USD ($)integer | |
Asset Management | ||||
Commercial properties | 2 | |||
Discontinued Operations, Disposed of by Sale [Member] | ||||
Commercial properties | 40 | |||
Land parcels | 3 | |||
Sales price | $ | $ 11,700 | $ 347,200 | ||
Excluded [Member] | ||||
Commercial properties | 1 | |||
Property value | $ | $ 11,700 |
Business Segments (Details Narr
Business Segments (Details Narrative) | 9 Months Ended |
Sep. 30, 2020aSegmentsinteger | |
Reportable business segments | Segments | 4 |
Brooksville Quarry, LLC | |
Mining royalty lands acres | a | 4,280 |
Mining royalty lands | |
Mining royalty lands acres | a | 15,000 |
Asset Management | |
Commercial properties | integer | 2 |
Industrial acquision | integer | 1 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Related Party Transactions [Abstract] | ||||
Charges/allocation related to Transition Services Agreement with Patriot | $ 290 | $ 347 | $ 870 | $ 976 |
Long-Term Debt (Details Narrati
Long-Term Debt (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2017 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Feb. 06, 2019 | Nov. 17, 2017 | |
Capitalized interest | $ 948 | $ 870 | $ 2,823 | $ 1,960 | ||||
Debt cost amortization | 34 | 102 | ||||||
Riverfront permanent loan | 89,027 | 89,027 | $ 88,925 | |||||
Wells Fargo Bank, N.A. | ||||||||
Term | 5 years | |||||||
Revolving Credit Agreement | $ 20,000 | |||||||
Letters of credit issued | 411 | 411 | ||||||
Borrowed under the revolver | 0 | 0 | ||||||
Available for borrowing | 19,589 | 19,589 | ||||||
Available to pay dividends | $ 219,000 | $ 219,000 | ||||||
Letter of credit fee | 1.00% | |||||||
Interest rate | 1.149% | 1.149% | ||||||
Covenant compliance | all | |||||||
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 Level I | ||||||||
Commitment fee | 0.15% | |||||||
Interest rate over DAILY 1 MONTH LIBOR | 1.00% | |||||||
Wells Fargo Level II | ||||||||
Commitment fee | 0.20% | |||||||
Interest rate over DAILY 1 MONTH LIBOR | 1.25% | |||||||
Wells Fargo Level III | ||||||||
Commitment fee | 0.25% | |||||||
Interest rate over DAILY 1 MONTH LIBOR | 1.50% |
Earnings per Share (Details Nar
Earnings per Share (Details Narrative) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive shares | 74,065 | 19,950 | 53,545 | 19,950 |
Shares repurchased by the Company | 379,809 | |||
Repurchased shares average cost | $ 41.30 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($)Years$ / sharesshares | |
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 | 443,820 |
Aggregate intrinsic value of exercisable in-the-money options | $ 1,216 |
Aggregate intrinsic value of outstanding in-the-money options | $ 1,234 |
Market close price | $ / shares | $ 41.67 |
Total unrecognized compensation cost of options granted but not yet vested | $ 219 |
Compensation cost not yet vested recognition period | 3 years 1 month 6 days |
Expected minimum volatility | 29.00% |
Expected maximum volatility | 41.00% |
Risk-free interest rate minimum | 1.00% |
Risk-free interest rate maximum | 2.90% |
Expected life minimum | Years | 3 |
Expecited life maximum | Years | 7 |
Dividend yield | 0.00% |
Restricted Stock [Member] | |
Total unrecognized compensation cost of options granted but not yet vested | $ 809 |
Compensation cost not yet vested recognition period | 3 years 8 months 16 days |
Shares granted | shares | 20,520 |
Vesting period | 5 years |
Option Grant [Member] | |
Shares granted | shares | 11,448 |
Contingent Liabilities (Details
Contingent Liabilities (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Jun. 30, 2016 | Sep. 30, 2020 | |
Contingent Liabilities | |||
Environmental remediation expense (recovery) | $ (465) | $ 2,000 | $ (92) |
Concentrations (Details Narrati
Concentrations (Details Narrative) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($)integer | |
Tenants leasing mining locations | integer | 5 |
Mining Top Customer | |
Customer revenue concentration | 32.10% |
Accounts receivable concentration | $ | $ 374 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)integer | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Number of corporate bonds | integer | 46 | ||||
Unrealized gain on corporate bonds | $ 1,117 | $ 1,117 | |||
Realized gain on corporate bonds | 55 | $ 144 | 297 | $ 591 | |
Amortized cost of investments | 103,507 | 103,507 | |||
Carrying amount of corporate bonds | 104,624 | 104,624 | $ 137,867 | ||
Carrying amount of other long-term debt | 89,027 | 88,891 | 89,027 | 88,891 | |
Fair value of other long-term debt | 95,138 | $ 94,658 | 95,138 | $ 94,658 | |
Fair Value, Measurements, Recurring [Member] | |||||
Assets measured at fair value | $ 104,624 | $ 104,624 |
Investments in Joint Ventures_2
Investments in Joint Ventures (Details Narrative) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2020 | Dec. 31, 2019USD ($) | May 31, 2016USD ($) | Sep. 30, 2020USD ($)integer | Sep. 30, 2019USD ($) | Dec. 31, 2006USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($)integer | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)integer | Dec. 31, 2018USD ($) | Dec. 31, 2017 | Dec. 31, 2016USD ($) | Jun. 26, 2020USD ($) | Dec. 23, 2019ainteger | Dec. 19, 2019ainteger | Jul. 31, 2019USD ($)aft²integer | Jun. 26, 2019USD ($)integer | Mar. 13, 2019USD ($) | Dec. 24, 2018a | May 04, 2018USD ($) | Jan. 27, 2018USD ($) | Sep. 28, 2017USD ($)integer | Apr. 26, 2016aft² | Oct. 04, 2006a | |
Company's share of the loss of the joint venture | $ 1,788 | $ 746 | $ 3,773 | $ 1,282 | $ 1,954 | ||||||||||||||||||||
Joint Venture consolidated retained earnings | $ (4,127) | (6,879) | (6,879) | $ (4,127) | |||||||||||||||||||||
Cash contribution | 10,911 | $ 16,226 | |||||||||||||||||||||||
Difference between capital recorded by the Company and the joint ventures | $ 8,199 | $ 8,199 | |||||||||||||||||||||||
Brooksville Quarry, LLC | |||||||||||||||||||||||||
Land acreage | a | 4,300 | ||||||||||||||||||||||||
Joint venture percentage stake | 50.00% | 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 | $ 33 | $ 42 | |||||||||||||||||||||||
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% | 50.00% | ||||||||||||||||||||
Distribution received | $ 2,130 | ||||||||||||||||||||||||
Acres conributed | a | 25 | ||||||||||||||||||||||||
Company's share of the loss of the joint venture | $ 157 | $ 591 | |||||||||||||||||||||||
RiverFront Holdings II, LLC | |||||||||||||||||||||||||
Value of land contributed | $ 16,300 | ||||||||||||||||||||||||
Joint venture percentage stake | 80.00% | 80.00% | 80.00% | 80.00% | 80.00% | ||||||||||||||||||||
Book value of land contribution | 4,600 | ||||||||||||||||||||||||
Company's share of the loss of the joint venture | $ 2,749 | $ 871 | |||||||||||||||||||||||
Cash contribution | 6,200 | ||||||||||||||||||||||||
Preferred equity financing | 13,750 | ||||||||||||||||||||||||
Preferred equity financing interest rate | 7.50% | ||||||||||||||||||||||||
Hyde Park | |||||||||||||||||||||||||
Company's share of the loss of the joint venture | $ 0 | $ 0 | |||||||||||||||||||||||
Loan commitment | $ 3,500 | ||||||||||||||||||||||||
Interest rate | 10.00% | ||||||||||||||||||||||||
Preferred return | 20.00% | ||||||||||||||||||||||||
No. of homes | integer | 126 | 126 | |||||||||||||||||||||||
Principal and interest payment | $ 1,260 | $ 2,670 | |||||||||||||||||||||||
Bryant Street Partnerships | |||||||||||||||||||||||||
Number of partnerships | integer | 4 | ||||||||||||||||||||||||
Land acreage | a | 5 | ||||||||||||||||||||||||
Joint venture percentage stake | 61.36% | 61.36% | 61.36% | 61.36% | 61.36% | ||||||||||||||||||||
Company's share of the loss of the joint venture | $ 1,317 | $ 573 | |||||||||||||||||||||||
Cash contribution | 32,000 | ||||||||||||||||||||||||
Preferred equity financing | $ 23,000 | ||||||||||||||||||||||||
Preferred equity financing interest rate | 8.00% | ||||||||||||||||||||||||
DST Hickory Creek | |||||||||||||||||||||||||
Joint venture percentage stake | 26.65% | 26.65% | 26.65% | 26.65% | 26.65% | ||||||||||||||||||||
Distribution received | $ 254 | ||||||||||||||||||||||||
Company's share of the loss of the joint venture | (254) | $ (123) | |||||||||||||||||||||||
Cash contribution | $ 6,000 | ||||||||||||||||||||||||
Amber Ridge | |||||||||||||||||||||||||
Company's share of the loss of the joint venture | 0 | 0 | |||||||||||||||||||||||
Loan commitment | $ 18,500 | ||||||||||||||||||||||||
Interest rate | 10.00% | ||||||||||||||||||||||||
Preferred return | 20.00% | ||||||||||||||||||||||||
No. of homes | integer | 187 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Development fee | $ 725 | ||||||||||||||||||||||||
DST CS1031 Hickory Creek | |||||||||||||||||||||||||
Square feet | ft² | 273,940 | ||||||||||||||||||||||||
Land acreage | a | 20.4 | ||||||||||||||||||||||||
No. Single family homes | integer | 294 | ||||||||||||||||||||||||
Buildings | integer | 19 | ||||||||||||||||||||||||
Interest rate | 3.74% | ||||||||||||||||||||||||
Financing term | 10 years | ||||||||||||||||||||||||
Amortization period | 30 years | ||||||||||||||||||||||||
Financing obtained | $ 29,672 | ||||||||||||||||||||||||
Interest only period | 5 years | ||||||||||||||||||||||||
Property value | $ 45,600 | ||||||||||||||||||||||||
BC FRP Realty, LLC Debt | |||||||||||||||||||||||||
Construction financing | $ 17,250 | ||||||||||||||||||||||||
Interest rate over DAILY 1 MONTH LIBOR | 2.50% | ||||||||||||||||||||||||
Outstanding balance | $ 12,211 | 12,211 | |||||||||||||||||||||||
Buildings | integer | 4 | ||||||||||||||||||||||||
Eagle BankRiverFront Holdings II, LLC | |||||||||||||||||||||||||
Interest rate over DAILY 1 MONTH LIBOR | 3.25% | ||||||||||||||||||||||||
Outstanding balance | 63,466 | 63,466 | |||||||||||||||||||||||
Loan commitment | $ 71,000 | ||||||||||||||||||||||||
Loan description | 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 60 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. | ||||||||||||||||||||||||
Bryant Street Partnerships Construction Loan | |||||||||||||||||||||||||
Interest rate over DAILY 1 MONTH LIBOR | 2.25% | ||||||||||||||||||||||||
Outstanding balance | $ 60,342 | $ 60,342 | |||||||||||||||||||||||
Loan commitment | $ 132,000 | ||||||||||||||||||||||||
Loan description | The loan matures March 13, 2023 with up to two extension of one year each upon certain conditions. | ||||||||||||||||||||||||
Bryant Street Partnerships Construction Loan Extension 1 | |||||||||||||||||||||||||
Debt service coverage | 1.1 | ||||||||||||||||||||||||
Loan-to-value | 65.00% | ||||||||||||||||||||||||
Bryant Street Partnerships Construction Loan Extension 2 | |||||||||||||||||||||||||
Debt service coverage | 1.25 | ||||||||||||||||||||||||
Loan-to-value | 65.00% | ||||||||||||||||||||||||
1800 Half Street Construction loan | |||||||||||||||||||||||||
Construction financing | $ 74,000 | ||||||||||||||||||||||||
Interest rate over DAILY 1 MONTH LIBOR | 2.25% | ||||||||||||||||||||||||
1800 Half Street Construction loan extension | |||||||||||||||||||||||||
Loan extension fee | 0.25% | ||||||||||||||||||||||||
Debt Yield for extension | 9.90% | ||||||||||||||||||||||||
Amortization schedule | 30 years | ||||||||||||||||||||||||
Bryant Street and MRP | |||||||||||||||||||||||||
Loan guarantee amount | $ 26,000 | $ 26,000 | |||||||||||||||||||||||
Loan guarantee term | 48 months | ||||||||||||||||||||||||
Loan guarantee description | The Company and MRP have a side agreement limiting the Company’s guarantee to its proportionate ownership. The value of the guarantee was calculated at $1.9 million based on the present value of the 1% interest savings over the anticipated 48-month term. | ||||||||||||||||||||||||
Loan guarantee interest savings | 1.00% | 1.00% | |||||||||||||||||||||||
Loan guarantee present value | $ 1,900 | $ 1,900 | |||||||||||||||||||||||
1800 Half Street | |||||||||||||||||||||||||
Square feet | a | 11,246 | ||||||||||||||||||||||||
Cash contribution | 37,300 | ||||||||||||||||||||||||
No. of homes | integer | 344 | ||||||||||||||||||||||||
408 Jackson | |||||||||||||||||||||||||
Square feet | a | 4,700 | ||||||||||||||||||||||||
Joint venture percentage stake | 40.00% | ||||||||||||||||||||||||
Cash contribution | 9,700 | ||||||||||||||||||||||||
No. of homes | integer | 227 | ||||||||||||||||||||||||
Greenville | |||||||||||||||||||||||||
Joint venture percentage stake | 40.00% | ||||||||||||||||||||||||
Cash contribution | $ 6,200 | ||||||||||||||||||||||||
No. of homes | integer | 200 |
Discontinued Operations (Detail
Discontinued Operations (Details Narrative) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 21, 2018USD ($)integer | |
Discontinued Operations, Disposed of by Sale [Member] | |||
Warehouse properties | 40 | ||
Land parcels | 3 | ||
Sales price | $ | $ 11,700 | $ 347,200 | |
Excluded [Member] | |||
Warehouse properties | 1 | ||
Property value | $ | $ 11,700 |