Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 17, 2021 | Jun. 30, 2020 | |
Document And Entity Information | |||
Entity Registrant Name | FRP HOLDINGS, INC. | ||
Entity Central Index Key | 0000844059 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Is the interactive data current? | Yes | ||
Entity Incorporation State Country | FL | ||
Entity File Number | 001-36769 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 288,633,764 | ||
Entity Common Stock, Shares Outstanding | 9,387,823 | ||
Document Fiscal Period Focus | FY | ||
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Land | $ 91,744 | $ 84,383 |
Buildings and improvements | 141,241 | 147,019 |
Projects under construction | 4,879 | 1,056 |
Total investments in properties | 237,864 | 232,458 |
Less accumulated depreciation and depletion | 34,724 | 30,271 |
Net investments in properties | 203,140 | 202,187 |
Real estate held for investment, at cost | 9,151 | 8,380 |
Investments in joint ventures | 167,071 | 160,452 |
Net real estate investments | 379,362 | 371,019 |
Cash and cash equivalents | 73,909 | 26,607 |
Cash held in escrow | 196 | 186 |
Accounts receivable, net | 923 | 546 |
Investments available for sale at fair value | 75,609 | 137,867 |
Federal and state income taxes receivable | 4,621 | 0 |
Unrealized rents | 531 | 554 |
Deferred costs | 707 | 890 |
Other assets | 502 | 479 |
Total assets | 536,360 | 538,148 |
Liabilities: | ||
Secured notes payable | 89,964 | 88,925 |
Accounts payable and accrued liabilities | 3,635 | 2,431 |
Other liabilities | 1,886 | 1,978 |
Federal and state income taxes payable | 0 | 504 |
Deferred revenue | 542 | 790 |
Deferred income taxes | 56,106 | 50,111 |
Deferred compensation | 1,242 | 1,436 |
Tenant security deposits | 332 | 328 |
Total liabilities | 153,707 | 146,503 |
Commitments and contingencies | ||
Equity: | ||
Common stock, $.10 par value; 25,000,000 shares authorized, 9,363,717 and 9,817,429 shares issued and outstanding, respectively | 936 | 982 |
Capital in excess of par value | 56,279 | 57,705 |
Retained earnings | 309,764 | 315,278 |
Accumulated other comprehensive income, net | 675 | 923 |
Total shareholders' equity | 367,654 | 374,888 |
Noncontrolling interest MRP | 14,999 | 16,757 |
Total Equity | 382,653 | 391,645 |
Total liabilities and shareholders' equity | $ 536,360 | $ 538,148 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 9,363,717 | 9,817,429 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Lease revenue | $ 14,106 | $ 14,318 | $ 13,883 |
Mining Royalty and rents | 9,477 | 9,438 | 8,139 |
Total revenues | 23,583 | 23,756 | 22,022 |
Cost of operations: | |||
Depreciation, depletion and amortization | 5,828 | 5,855 | 7,898 |
Operating expenses | 3,333 | 4,134 | 4,285 |
Environmental remediation recovery | 0 | 0 | (465) |
Property taxes | 2,826 | 2,941 | 2,625 |
Management company indirect | 2,951 | 2,514 | 1,765 |
Corporate expenses | 3,511 | 2,556 | 3,952 |
Total cost of operations | 18,449 | 18,000 | 20,060 |
Total operating profit | 5,134 | 5,756 | 1,962 |
Net investment income, including realized gains (losses) of $298, $949 and ($1,195), respectively | 7,415 | 8,375 | 2,672 |
Interest expense | (1,100) | (1,054) | (3,103) |
Equity in loss of joint ventures | (5,690) | (1,954) | (88) |
Gain on sale of real estate | 9,170 | 661 | 40 |
Income from continuing operations before income taxes | 14,929 | 11,784 | 1,483 |
Provision for income taxes | 3,207 | 2,962 | 524 |
Income from continuing operations | 11,722 | 8,822 | 959 |
Income from discontinued transportation operations, net of tax | 0 | 6,856 | 122,129 |
Net income | 11,722 | 15,678 | 123,088 |
Loss attributable to noncontrolling interest | (993) | (499) | (1,384) |
Net income attributable to the Company | $ 12,715 | $ 16,177 | $ 124,472 |
Basic earnings per common share | |||
Income from continuing operations | $ 1.22 | $ 0.89 | $ 0.10 |
Discontinued operations | 0 | 0.69 | 12.16 |
Net income | 1.33 | 1.64 | 12.40 |
Diluted earnings per common share | |||
Income from continuing operations | 1.22 | 0.89 | 0.09 |
Discontinued operations | 0 | 0.69 | 12.09 |
Net income | $ 1.32 | $ 1.63 | $ 12.32 |
Number of shares (in thousands) used in computing: | |||
-basic earnings per common share | 9,580 | 9,883 | 10,040 |
-diluted earnings per common share | 9,609 | 9,926 | 10,105 |
Consolidated Statements of In_2
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Investment income realized gains (losses) | $ 298 | $ 949 | $ (1,195) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net income | $ 11,722 | $ 15,678 | $ 123,088 |
Other comp. income (loss) net of tax: | |||
Unrealized gain (loss) on investments available for sale, net of income tax effect of ($145), $602 and ($275) | (391) | 1,624 | (739) |
Minimum pension liability, net of income tax effect of $53, $0 and $0 | 143 | 0 | 0 |
Comprehensive income | 11,474 | 17,302 | 122,349 |
Less comp. income attributable to noncontrolling interest | (993) | (499) | (1,384) |
Comprehensive income attributable to the Company | $ 12,467 | $ 17,801 | $ 123,733 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Income tax effect unrealized gain (loss) on investments available for sale | $ (145) | $ 602 | $ (275) |
Income tax effect minimum pension liability | $ 53 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 11,722 | $ 15,678 | $ 123,088 |
Adjustments to reconcile net income to net cash provided by continuing operating activities: | |||
Income from discontinued operations, net | 0 | (6,856) | (122,129) |
Depreciation, depletion and amortization | 6,050 | 6,158 | 8,209 |
Deferred income taxes | 5,995 | 22,130 | 1,999 |
Equity in loss of joint ventures | 5,690 | 1,954 | 88 |
Gain on sale of equipment and property | (9,184) | (674) | (82) |
Stock-based compensation | 1,372 | 232 | 1,662 |
Realized (gain) loss on available for sale investments | (298) | (949) | 1,195 |
Deferred debt issuance cost write-off | 902 | 0 | 0 |
Net changes in operating assets and liabilities: | |||
Accounts receivable | (377) | 18 | 51 |
Deferred costs and other assets | 27 | (1,072) | (234) |
Accounts payable and accrued liabilities | 956 | (350) | 1,384 |
Income taxes payable and receivable | (5,125) | 10,358 | (6,892) |
Other long-term liabilities | 883 | 2,138 | (1,945) |
Net cash provided by operating activities of continuing operations | 18,613 | 48,765 | 6,394 |
Net cash used in operating activities of discontinued operations | 0 | (1,742) | (43,580) |
Net cash provided by (used in) operating activities | 18,613 | 47,023 | (37,186) |
Cash flows from investing activities: | |||
Investments in properties | (17,544) | (10,434) | (7,294) |
Investments in joint ventures | (12,315) | (73,529) | (71,007) |
Purchases of investments available for sale | (24,584) | (86,261) | (446,974) |
Proceeds from sales of investments available for sale | 85,735 | 116,434 | 279,553 |
Cash held in escrow | (10) | 16 | 131 |
Proceeds from sale of assets | 19,245 | 8,422 | 447 |
Net cash provided by (used in) investing activities of continuing operations | 50,527 | (45,352) | (245,144) |
Net cash provided by investing activities of discontinued operations | 0 | 11,533 | 336,089 |
Net cash provided by (used in) investing activities | 50,527 | (33,819) | 90,945 |
Cash flows from financing activities: | |||
Distribution to noncontrolling interest | (765) | (1,392) | (1,020) |
Repayment of long-term debt | 0 | 0 | (1,552) |
Repurchase of Company Stock | (21,312) | (8,210) | (5,733) |
Exercise of employee stock options | 239 | 458 | 1,415 |
Net cash used in financing activities of continuing operations | (21,838) | (9,144) | (6,890) |
Net cash used in financing activities of discontinued operations | 0 | 0 | (28,846) |
Net cash used in financing activities | (21,838) | (9,144) | (35,736) |
Net increase in cash and cash equivalents | 47,302 | 4,060 | 18,023 |
Cash and cash equivalents at beginning of year | 26,607 | 22,547 | 4,524 |
Cash and cash equivalents at end of the year | 73,909 | 26,607 | 22,547 |
Supplemental disclosures of cash flow information: | |||
Cash paid during the year for interest, net of capitalized amounts | 960 | 914 | 2,851 |
Cash paid (refunded) during the year for Income taxes | $ 2,244 | $ (26,380) | $ 50,427 |
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, 2017 | 10,014,667 | ||||||
Beginning balance, amount at Dec. 31, 2017 | $ 1,001 | $ 55,636 | $ 186,855 | $ 38 | $ 243,530 | $ 21,052 | $ 264,582 |
Exercise of stock options, shares | 56,232 | 56,232 | |||||
Exercise of stock options, amount | $ 6 | 1,409 | 1,415 | $ 1,415 | |||
Stock option compensation | 607 | 607 | 607 | ||||
Restricted stock compensation | 0 | ||||||
Shares granted to Directors, shares | 20,092 | ||||||
Shares granted to Directors, amount | $ 2 | 1,053 | 1,055 | 1,055 | |||
Shares purchased and canceled, shares | (121,817) | ||||||
Shares purchased and canceled, amount | $ (12) | (701) | (5,020) | (5,733) | (5,733) | ||
Net income | 124,472 | 124,472 | 124,472 | ||||
Income (loss) attributable to noncontrolling interest | (1,384) | (1,384) | |||||
Distributions to partners | (1,020) | (1,020) | |||||
Minimum pension liability, net | 0 | ||||||
Unrealized gain (loss) on investments, net | (739) | (739) | (739) | ||||
Ending balance, shares at Dec. 31, 2018 | 9,969,174 | ||||||
Ending balance, amount at Dec. 31, 2018 | $ 997 | 58,004 | 306,307 | (701) | 364,607 | 18,648 | $ 383,255 |
Exercise of stock options, shares | 15,034 | 15,034 | |||||
Exercise of stock options, amount | $ 2 | 456 | 458 | $ 458 | |||
Stock option compensation | 112 | 112 | 112 | ||||
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 | (169,251) | ||||||
Shares purchased and canceled, amount | $ (17) | (987) | (7,206) | (8,210) | (8,210) | ||
Net income | 16,177 | 16,177 | 16,177 | ||||
Income (loss) attributable to noncontrolling interest | (499) | (499) | |||||
Distributions to partners | (1,392) | (1,392) | |||||
Minimum pension liability, net | 0 | ||||||
Unrealized gain (loss) on investments, net | 1,624 | 1,624 | 1,624 | ||||
Ending balance, shares at Dec. 31, 2019 | 9,817,429 | ||||||
Ending balance, amount at Dec. 31, 2019 | $ 982 | 57,705 | 315,278 | 923 | 374,888 | 16,757 | $ 391,645 |
Exercise of stock options, shares | 12,415 | 12,415 | |||||
Exercise of stock options, amount | $ 1 | 238 | 239 | $ 239 | |||
Stock option compensation | 92 | 92 | 92 | ||||
Restricted stock compensation | 250 | 250 | 250 | ||||
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) | |||||
Shares purchased and canceled, shares | (510,145) | ||||||
Shares purchased and canceled, amount | $ (51) | (3,032) | (18,229) | (21,312) | (21,312) | ||
Net income | 12,715 | 12,715 | 12,715 | ||||
Income (loss) attributable to noncontrolling interest | (993) | (993) | |||||
Distributions to partners | (765) | (765) | |||||
Minimum pension liability, net | 143 | 143 | 143 | ||||
Unrealized gain (loss) on investments, net | (391) | (391) | (391) | ||||
Ending balance, shares at Dec. 31, 2020 | 9,363,717 | ||||||
Ending balance, amount at Dec. 31, 2020 | $ 936 | $ 56,279 | $ 309,764 | $ 675 | $ 367,654 | $ 14,999 | $ 382,653 |
Consolidated Real Estate and Ac
Consolidated Real Estate and Accumulated Depreciation and Depletion | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Consolidated Real Estate and Accumulated Depreciation and Depletion | FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED)-REAL ESTATE & ACCUMULATED DEPRECIATION AND DEPLETION DECEMBER 31, 2020 County Encumb- rances Initial cost to Company Cost capitalized subsequent to acquisition Gross amount at which carried at end of period (a) Accumulated Depreciation & Depletion Year Of Constr- uction Date Acquired Depreciation Life Computed on: Mining Royalty Lands Alachua, FL $ 1,442 $ 0 $ 1,442 $ 179 n/a 4/86 unit Clayton, GA 369 0 369 5 n/a 4/86 unit Fayette, GA 685 200 885 126 n/a 4/86 unit Lake, FL 403 0 403 158 n/a 4/86 unit Lake, FL 1,083 0 1,083 1,010 n/a 4/86 unit Lake Louisa, FL 11,039 0 11,039 0 n/a 5/12 unit Lee, FL 4,489 13 4,502 270 n/a 4/86 unit Monroe, GA 792 0 792 300 n/a 4/86 unit Muscogee, GA 369 (45 ) 324 324 n/a 4/86 unit Prince William, VA 298 0 298 298 n/a 4/86 unit Putnam, FL 15,002 37 15,039 4,837 n/a 4/86 unit Putnam, FL 123 (2 ) 121 104 n/a 4/86 5 yr. Spalding, GA 20 0 20 0 n/a 4/86 n/a Marion, FL 1,180 5 1,185 600 n/a 4/86 unit Investment Property 16 0 16 0 n/a 4/86 n/a 0 37,310 208 37,518 8,211 Asset Management Properties Duval, FL 198 0 198 39 n/a 4/86 25 yr. Baltimore Co, MD 439 5,165 5,604 3,269 1990 10/89 39 yr. Harford, MD 40 8,627 8,667 501 2019 2/19 32 yr. 0 677 13,792 14,469 3,809 Development Properties Carroll, MD 4,720 4,421 9,141 0 n/a 3/08 n/a Baltimore City, MD 750 7,317 8,067 241 2018 12/10 39 yr. Harford, MD 11,250 4 11,254 0 n/a 11/20 n/a Washington D.C. 2,957 5,046 8,003 1,916 n/a 4/86 15 yr. Washington D.C. 3,811 4,669 8,480 636 n/a 10/97 n/a 0 23,488 21,457 44,945 2,793 Residential Rental Properties Washington D.C. 89,964 6,165 142,981 149,146 19,435 2016 07/17 39 yr. GRAND TOTALS $ 89,964 $ 67,640 $ 178,438 $ 246,078 $ 34,248 (a) The aggregate cost for Federal income tax purposes is $87,596 . FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION AND DEPLETION (In thousands) Years ended December 31, 2020 2019 2018 Gross Carrying Cost of Real Estate: Balance at beginning of period $ 240,128 241,413 243,165 Additions during period: Amounts capitalized 17,227 10,353 7,025 Deductions during period: Cost of real estate sold (11,060 ) (11,630 ) (8 ) Other (217 ) (8 ) (8,769 ) Balance at close of period $ 246,078 240,128 241,413 Accumulated Depreciation & Depletion: Balance at beginning of period $ 29,788 27,921 26,228 Additions during period: Charged to cost & expense 5,689 5,697 5,609 Deductions during period: Real estate sold (1,112 ) (3,822 ) — Other (117 ) (8 ) (3,916 ) Balance at close of period $ 34,248 29,788 27,921 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounting Policies | 1. Accounting Policies. ORGANIZATION - FRP Holdings, Inc. (the “Company”) is a holding company engaged in various real estate businesses. The segments of the Company include: (i) leasing and management of commercial properties owned by the Company (the “Asset Management Segment”), (ii) leasing and management of mining royalty land owned by the Company (the “Mining Royalty Lands Segment”), (ii) real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse, and office buildings either alone or through joint ventures (the “Development Segment”), (iv) ownership, leasing and management of buildings through joint ventures (the “Stabilized Joint Venture Segment”). FRP Holdings, Inc. was incorporated on April 22, 2014 in connection with a corporate reorganization that preceded the Spin-off of Patriot Transportation Holding, Inc. The Company’s predecessor issuer was formed on July 20, 1998. The business of the Company is conducted through our wholly-owned subsidiaries FRP Development Corp., a Maryland corporation (“Development”) and Florida Rock Properties, Inc., a Florida corporation (“Properties”), and the various subsidiaries of each. 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. CONSOLIDATION - The consolidated financial statements include the accounts of the Company inclusive of our operating real estate subsidiaries, Development and Properties, and all wholly-owned or controlled entities. Our investments in real estate partnerships which are conducted through limited liability corporations (“LLC”) are also referred to as joint ventures. Investments in real estate joint ventures not controlled by the Company are accounted for under the equity or cost method of accounting as appropriate (See Note 2). All significant intercompany balances and transactions are eliminated in the consolidated financial statements. Effective July 1, 2017 the Company consolidated the assets (at fair value), liabilities and operating results of our Riverfront Investment Partners I, LLC joint venture (“Dock 79”) which was previously accounted for under the equity method. Subsequent to the July 1, 2017 consolidation, the ownership of Dock 79 attributable to our partner MRP Realty is reflected on our consolidated balance sheet as a noncontrolling interest. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity but separately from shareholders' equity. On the Consolidated Statements of Income, all of the revenues and expenses from Dock 79 are reported in net income, including both the amounts attributable to the Company and the noncontrolling interest. The amounts of consolidated net income attributable to the noncontrolling interest is clearly identified on the accompanying Consolidated Statements of Income. CASH AND CASH EQUIVALENTS - The Company considers all highly liquid debt instruments with maturities of three months or less at time of purchase to be cash equivalents. Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right of offset. INVESTMENTS AVAILABLE FOR SALE - The Company determines the appropriate classification of its investments in debt securities at the time of purchase and reevaluates such determinations at each balance sheet date. Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Marketable securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized in earnings. Debt and marketable equity securities not classified as held to maturity or as trading, are classified as available-for-sale, and are carried at fair value, with the unrealized gains and losses, net of tax, included in the determination of comprehensive income and reported in the Consolidated Statements of Comprehensive Income. The fair value of securities is determined using quoted market prices. At December 31, 2020, no investments were held for trading purposes or classified as held to maturity. REVENUE AND EXPENSE RECOGNITION - Real estate rental revenue and mining royalties are generally recognized when earned under the leases and are considered collectable. Rental income from leases with scheduled increases or other incentives during their term is recognized on a straight-line basis over the term of the lease. Reimbursements of expenses, when provided in the lease, are recognized in the period that the expenses are incurred. Sales of real estate are recognized when the collection of the sales price is reasonably assured and when the Company has fulfilled substantially all of its obligations, which are typically as of the closing date. Accounts receivable are recorded net of discounts and provisions for estimated allowances. We estimate allowances on an ongoing basis by considering historical and current trends. We record estimated bad debts expense as part of operating expenses. We estimate the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment. Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms. PROPERTY AND EQUIPMENT - Property and equipment is recorded at cost less accumulated depreciation and depletion. Provision for depreciation of property, plant and equipment is computed using the straight-line method based on the following estimated useful lives: Years Building and improvements 3-39 Depletion of sand and stone deposits is computed on the basis of units of production in relation to estimated reserves. Reserve estimates are periodically adjusted based upon surveys. The Company recorded depreciation and depletion expenses for fiscal year 2020, 2019 and 2018, of $5,766,000, $5,784,000 and $5,709,000, respectively. All direct and indirect costs, including interest and real estate taxes, associated with the development, construction, leasing or expansion of real estate investments are capitalized as a cost of the property. Included in indirect costs is an allocation of internal costs associated with development of real estate investments. The cost of routine repairs and maintenance to property and equipment is expensed as incurred. IMPAIRMENT OF LONG-LIVED ASSETS – The Company reviews its long-lived assets, which include property and equipment and purchased intangible assets subject to amortization for potential impairment annually or whenever events or circumstances indicate the carrying amount of a long-lived asset may not be recoverable. This review consists of comparing cap rates on recent cash flows and market value estimates to the carrying values of each asset group. If this review indicates the carrying value might exceed fair value then an estimate of future cash flows for the remaining useful life of each property is prepared considering anticipated vacancy, lease rates, and any future capital expenditures. DEVELOPED PROPERTY RENTALS PURCHASE ACCOUNTING – Acquisitions of rental property, including any associated intangible assets, are measured at fair value at the date of acquisition. Any liabilities assumed or incurred are recorded at their fair value at the time of acquisition. The fair value of the acquired property is allocated between land and building (on an as-if vacant basis) based on management’s estimate of the fair value of those components for each type of property and to tenant improvements based on the depreciated replacement cost of the tenant improvements, which approximates their fair value. The fair value of the in-place leases is recorded as follows: · the fair value of leases in-place on the date of acquisition is based on absorption costs for the estimated lease-up period in which vacancy and foregone revenue are avoided due to the presence of the acquired leases; · the fair value of above and below-market in-place leases based on the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between contractual rent amounts to be paid under the assumed lease and the estimated market lease rates for the corresponding spaces over the remaining non-cancelable terms of the related leases; and · the fair value of intangible tenant or customer relationships. The Company’s determination of these fair values requires it to estimate market rents for each of the leases and make certain other assumptions. These estimates and assumptions affect the rental revenue, and depreciation and amortization expense recognized for these leases and associated intangible assets and liabilities. INVESTMENTS IN JOINT VENTURES - The Company uses the equity method to account for its investments in Brooksville. BC FRP Realty, and Greenville/Woodfield, in which it has a voting interest of 50% or less and has significant influence but does not have control. 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. The Company uses the equity method to account for its investment in Riverfront Investment Partners Phase II, in which it has a voting interest of 80% and has significant influence but does not have control as the minority partner has day to day management responsibility and veto rights on significant decisions during the construction and lease up phase prior to stabilization. The Company uses the equity method to account for its investment in the Bryant Street Partnerships and 1800 Half Street, in which it has a voting interest in excess of 50% because all major decisions are shared equally. Under the equity method, the investment is originally recorded at cost and adjusted to recognize the Company’s share of net earnings or losses of the investee, limited to the extent of the Company’s investment in and advances to the investee and financial guarantees on behalf of the investee that create additional basis. The Company regularly monitors and evaluates the realizable value of its investments. When assessing an investment for an other-than-temporary decline in value, the Company considers such factors as, the performance of the investee in relation to its own operating targets and its business plan, the investee’s revenue and cost trends, as well as liquidity and cash position, and the outlook for the overall industry in which the investee operates. From time to time, the Company may consider third party evaluations or valuation reports. If events and circumstances indicate that a decline in the value of these assets has occurred and is other-than-temporary, the Company records a charge to investment income (expense). INCOME TAXES - Deferred tax assets and liabilities are recognized based on differences between financial statement and tax bases of assets and liabilities using presently enacted tax rates. Deferred income taxes result from temporary differences between pre-tax income reported in the financial statements and taxable income. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit. The second step is to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the amounts rely upon the determination of the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit, and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. It is the Company's policy to recognize as additional income tax expense the items of interest paid and penalties directly related to income taxes. STOCK BASED COMPENSATION – The Company accounts for compensation related to share based plans by recognizing the grant date fair value of stock options and other equity-based compensation issued to employees in its income statement over the requisite employee service period using the straight-line attribution model. In addition, compensation expense must be recognized for the change in fair value of any awards modified, repurchased or cancelled after the grant date. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model. The assumptions used in the model and current year impact are discussed in Note 7. DEFERRED COMPENSATION PLAN - The Company has a deferred compensation plan, the Management Security Plan (MSP) for our President. The accruals for future benefits are based upon actuarial assumptions. EARNINGS PER COMMON SHARE - Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options and restricted stock. USE OF ESTIMATES - The preparation of financial statements in conformity with accounting principles generally accepted in the United State requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain accounting policies and estimates are of more significance in the financial statement preparation process than others. The most critical accounting policies and estimates include the economic useful lives of our mining reserves, property and equipment, provisions for uncollectible accounts receivable and collectibility of unrealized rents, accounting for real estate investments, estimates of exposures related to our insurance claims plans and environmental liabilities, and estimates for taxes. To the extent that actual, final outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates, earnings during that accounting period will be affected. ENVIRONMENTAL - Environmental expenditures that benefit future periods are capitalized. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded for the estimated amount of expected environmental assessments and/or remedial efforts. Estimation of such liabilities includes an assessment of engineering estimates, continually evolving governmental laws and standards, and potential involvement of other potentially responsible parties. COMPREHENSIVE INCOME – Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) refers to expenses, gains, and losses that are not included in net income, but rather are recorded directly in shareholders’ equity. RECENTLY ISSUED ACCOUNTING STANDARDS – In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which replaces existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. Lease contracts with customers constitute a materially all of our revenues and are a specific scope exception. The new standard was adopted beginning with the first quarter of 2018 in connection with our revenues not subject to leases and did not have a material impact on our financial statements. 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, 2020, 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. |
Investments in Joint Ventures
Investments in Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Joint Ventures | 2. 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. On February 14, 2020, Woodfield Riverside OZB, LLC closed on a construction loan with Truist Bank for up to $22.8 million at an interest rate of 2.25% over Daily 1 Month LIBOR. When the Certificate of Occupancy is received, the interest rate reduces to 2.05% over Daily 1 Month LIBOR. The loan matures February 10, 2024 with two 1 year extension options after initial 48 month term amortizing payments over 30 years, and meeting Debt Service Coverage Ratio of not less than 1.25 to 1.0. The loan balance at December 31, 2020 was $1,914,000. 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 (1) As of December 31, 2020 Brooksville Quarry, LLC 50.00 % $ 7,499 14,347 (78 ) (39 ) BC FRP Realty, LLC 50.00 % 5,184 22,747 (411 ) (207 ) RiverFront Holdings II, LLC 80.00 % 23,533 108,538 (4,573 ) (3,907 ) Bryant Street Partnerships 61.36 % 60,159 173,814 (836 ) (2,130 ) Hyde Park 591 591 — — DST Hickory Creek 26.65 % 6,000 47,761 (367 ) 339 Amber Ridge Loan 10,026 10,026 — — 1800 Half St. Owner, LLC 61.37 % 37,875 54,275 158 164 Greenville/Woodfield Partnerships 40.00 % 16,204 46,457 182 90 Total $ 167,071 478,556 (5,925 ) (5,690 ) 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 ) (1): RiverFront Holdings II, LLC includes $286,000 in 2020 and $788,000 in 2019 for the Company’s share of preferred interest. Bryant Street Partnerships includes $1,146,000 in 2020 and $444,000 in 2019 for the Company’s share of preferred interest and $471,000 in 2020 and $373,000 in 2019 for amortization of guarantee liability related to the Bryant Street loan. The Company’s Investments in Joint Ventures as of December 31, 2020 are summarized in the following two tables (in thousands): As of December 31, 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 $ 105,737 173,560 45,379 37,452 42,668 $ 404,796 Cash and cash equivalents 2,626 111 1,202 14,011 3,554 21,504 Unrealized rents & receivables 13 58 775 2 0 848 Deferred costs 162 85 405 2,810 235 3,697 Total Assets $ 108,538 173,814 47,761 54,275 46,457 $ 430,845 Secured notes payable $ 64,982 72,471 29,291 0 1,776 $ 168,520 Other liabilities 4,189 22,952 107 1,953 4,774 33,975 Capital - FRP 34,667 58,559 4,894 37,466 15,963 151,549 Capital - Third Parties 4,700 19,832 13,469 14,856 23,944 76,801 Total Liabilities and Capital $ 108,538 173,814 47,761 54,275 46,457 $ 430,845 As of December 31, 2020 Brooksville BC FRP Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Hyde Park Loan Mixed Use Total Investments in real estate, net. $ 14,287 22,067 591 10,026 404,796 $ 451,767 Cash and cash equivalents 55 90 0 0 21,504 21,649 Unrealized rents & receivables 0 254 0 0 848 1,102 Deferred costs 5 336 0 0 3,697 4,038 Total Assets $ 14,347 22,747 591 10,026 430,845 $ 478,556 Secured notes payable $ 0 12,370 0 0 168,520 $ 180,890 Other liabilities 28 123 0 0 33,975 34,126 Capital - FRP 7,499 5,127 591 10,026 151,549 174,792 Capital - Third Parties 6,820 5,127 0 0 76,801 88,748 Total Liabilities and Capital $ 14,347 22,747 591 10,026 430,845 $ 478,556 The Company’s capital recorded by the unconsolidated Joint Ventures is $7,778,000 more than the Investment in Joint Ventures reported in the Company’s consolidated balance sheet due to the lower basis in property contributed. The Company’s Investments in Joint Ventures as of December 31, 2019 are summarized in the following two tables (in thousands): 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 amount of consolidated retained earnings for these joint ventures was $(8,278,000) and $(4,127,000) as of December 31, 2020 and December 31, 2019, respectively. The income statements of RiverFront Holdings II, LLC are as follows (in thousands): RiverFront RiverFront RiverFront RiverFront Holdings II, LLC. Holdings II, LLC. Holdings II, LLC. Holdings II, LLC. Total JV Company Share Total JV Company Share Maren Year ended Year ended Year ended Year ended December 31, December 31, December 31, December 31, 2020 2020 2019 2019 Revenues: Rental Revenue $ 2,825 $ 2,260 $ — $ — Revenue – other 233 186 — — Total Revenues 3,058 2,446 — — Cost of operations: Depreciation and amortization 2,432 1,946 — — Operating expenses 1,795 1,435 95 76 Property taxes 331 265 — — Total cost of operations 4,558 3,646 95 76 Total operating profit (1,500 ) (1,200 ) (95 ) (76 ) Interest expense (3,073 ) (2,707 ) — (795 ) Net loss before tax (4,573 ) (3,907 ) (95 ) (871 ) The income statements of the Bryant Partnerships are as follows (in thousands): Bryant Street Bryant Street Partnerships Partnerships Total JV Company Share Bryant Year ended Year ended December 31, December 31, 2020 2020 Revenues: Rental Revenue $ — $ — Revenue – other 5 3 Total Revenues 5 3 Cost of operations: Depreciation and amortization 184 113 Operating expenses 483 297 Property taxes 17 10 Total cost of operations 684 420 Total operating profit (679 ) (417 ) Interest expense (157 ) (1,713 ) Net loss before tax (836 ) (2,130 ) |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 3. 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 employees and 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 $1,305,000 and $1,389,000 for 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. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 4 . Debt. Debt is summarized as follows (in thousands): December 31, December 31, 2020 2019 Revolving credit agreements $ — — Riverfront permanent loan 89,964 88,925 89,964 88,925 Less portion due within one year — — $ 89,964 88,925 The aggregate amount of principal payments, excluding the revolving credit, due subsequent to December 31, 2020 is: 2021 - $127,000; 2022 - $1,556,000; 2023 - $1,622,000; 2024 - $1,690,000; 2025 and subsequent years - $84,969,000. 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 December 31, 2020, there was no debt outstanding on this revolver, $448,000 outstanding under letters of credit and $19,552,000 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 1.14675% on December 31, 2020. The credit agreement contains certain conditions and financial covenants, including a minimum tangible net worth and dividend restriction. As of December 31, 2020, these covenants would have limited our ability to pay dividends to a maximum of $228 million combined. The Company was in compliance with all covenants as of December 31, 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 $1,039,000 was recorded in 2020 (including $902,000 due to accelerated amortization of deferred loan fees at Dock 79 in anticipation of early refinancing in the first quarter of 2021). During 2020 and 2019, the Company capitalized interest costs of $3,762,000 and $2,889,000, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 5. Leases. At December 31, 2020, the total carrying value of property owned by the Company which is leased or held for lease to others is summarized as follows (in thousands): Construction aggregates property $ 35,093 Commercial property 61,823 96,916 less accumulated depreciation and depletion 14,813 $ 82,103 The minimum future straight-lined rentals due the Company on noncancelable leases as of December 31, 2020 are as follows: 2021 - $10,082,000; 2022 - $3,806,000; 2023 - $3,295,000; 2024 - $3,239,000; 2025 - $3,183,000; 2026 and subsequent years $13,444,000. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 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): Years Ended December 31 2020 2019 2018 Common shares: Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,580 9,883 10,040 Common shares issuable under share based payment plans which are potentially dilutive 29 43 65 Common shares used for diluted earnings per common share 9,609 9,926 10,105 Income from continuing operations $ 11,722 8,822 959 Discontinued operations $ — 6,856 122,129 Net income attributable to the Company $ 12,715 16,177 124,472 Basic earnings per common share: Income from continuing operations $ 1.22 0.89 0.10 Discontinued operations $ — 0.69 12.16 Net income attributable to the Company $ 1.33 1.64 12.40 Diluted earnings per common share Income from continuing operations $ 1.22 0.89 0.09 Discontinued operations $ — 0.69 12.09 Net income attributable to the Company $ 1.32 1.63 12.32 For 2020 and 2019, 53,545 and 19,950 shares, respectively, attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. During 2020 the Company repurchased 510,145 shares at an average cost of $41.78. During 2019 the Company repurchased 169,251 shares at an average cost of $48.51. During 2018 the Company repurchased 121,817 shares at an average cost of $47.06. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 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 number of common shares available for future issuance was 439,248 at December 31, 2020. 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. On May 21, 2018, under the 2016 Equity Incentive Plan change-in-control clause, all unvested stock options held by the Company’s named executive officers became vested and fully exercisable. Included in stock compensation expense was $402,000 for the vesting of option grants from 2016 and 2017 due to the asset disposition. The Company recorded the following stock compensation expense in its consolidated statement of income (in thousands): Years Ended December 31, 2020 2019 2018 Stock option grants $ 92 112 607 Restricted stock awards granted in 2020 250 — — Employee stock grant 530 — — Unrestricted employee stock award — 50 — Annual director stock award 500 70 1,055 $ 1,372 232 1,662 A summary of changes in outstanding options is presented below (in thousands, except share and per share amounts): Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value(000's) Outstanding at January 1, 2018 174,510 $ 28.70 6.0 $ 1,901 Granted 29,260 $ 45.97 $ 427 Exercised (56,232 ) $ 25.17 $ (546 ) Outstanding at December 31, 2018 147,538 $ 33.48 6.7 $ 1,782 Exercised (15,034 ) $ 30.42 $ (151 ) Outstanding at December 31, 2019 132,504 $ 33.82 5.8 $ 1,631 Exercised (12,415 ) $ 19.23 $ (100 ) Outstanding at December 31, 2020 120,089 $ 35.33 5.3 $ 1,531 Exercisable at December 31, 2020 107,741 $ 34.12 5.0 $ 1,327 Vested during twelve months ended December 31, 2020 5,967 $ 94 The following table summarizes information concerning stock options outstanding at December 31, 2020: Shares Weighted Weighted Range of Exercise under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $37.26 - $45.97 12,348 $ 45.93 7.9 Years Exercisable: $16.71 - $24.75 14,100 16.72 .9 $24.76 - $37.25 35,854 26.24 3.3 $37.26 - $45.97 57,787 43.25 7.0 107,741 $ 34.12 5.0 Years Total 120,089 $ 35.33 5.3 Years The aggregate intrinsic value of exercisable in-the-money options was $1,239,000 and the aggregate intrinsic value of outstanding in-the-money options was $1,240,000 based on the market closing price of $45.55 on December 31, 2020 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of December 31, 2020 was $198,000, which is expected to be recognized over a weighted-average period of 2.9 years. Gains of $312,000 were realized by option holders during the year ended December 31, 2020. 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 December 31, 2020 20,520 $ 46.30 3.4 $ 950 Total compensation cost of restricted stock granted but not yet vested as of December 31, 2020 was $700,000 which is expected to be recognized over a weighted-average period of 3.6 years. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes. The provision for income tax expense included in the financial statements (in thousands): Years Ended December 31, 2020 2019 2018 Included in Net income: Continuing operations $ 3,207 2,962 524 Discontinued operations - 2,542 45,286 3,207 5,504 45,810 Comprehensive income (92 ) 602 (275 ) Total tax expense $ 3,115 6,106 45,535 The provision for income taxes (income tax benefit) consists of the following (in thousands): Year Ended December 31, 2020 2019 2018 Current: Federal $ (2,667 ) (8,225 ) 28,512 State (213 ) (7,799 ) 15,024 (2,880 ) (16,024 ) 43,536 Deferred 5,995 22,130 1,999 Total $ 3,115 6,106 45,535 The deferred taxes in 2020 are primarily related to the bonus depreciation on property placed in service. Current taxes in 2020 were favorably impacted by $1,100,000 due to a carryback of our 2020 tax net operating loss to fiscal 2016 when the federal tax rate was 35%. Current income tax expense in 2019 includes a $13,797,000 provision to return adjustment related to the deferral of current federal and state taxes due in connection with $50 million additional Opportunity Zone investment funds invested in June of 2019 but applied to the 2018 returns. In addition, 2019 includes an additional deferral reduction of $4,213,000 of current state taxes related to the $55 million Opportunity Zone investment in December of 2018 which were deferred rather than our prior 2018 tax position that the state taxes would not conform to the federal treatment. The aggregate of the provision to return adjustments in 2019 of $18 million offset current tax provision of $2 million absent these adjustments for a net current tax benefit of $16 million. 2018 included $44.6 million in tax expense related to discontinued operations as a result of the taxes related to the gain on sale of our warehouses. As of December 31, 2020 the company has deferred taxes of approximately $31 million associated with $112 million of gains on sales reinvested through Opportunity Zone investments. These taxes are deferred until the earlier of the sale of the related investments or December 31, 2026 and 10% of gains are excluded from tax once the investments are held five years plus an additional 5% is excluded at seven years. A reconciliation between the amount of tax shown above and the amount computed at the statutory Federal income tax rate follows (in thousands): Year Ended December 31 2020 2019 2018 Amount computed at statutory Federal rate $ 3,226 5,006 35,351 State income taxes (net of Federal income tax benefit) 1,048 1,623 10,186 Carryback of net operating loss (1,100 ) - - Other, net (59 ) (523 ) (2 ) Provision for income taxes $ 3,115 6,106 45,535 In this reconciliation, the category “Other, net” consists of permanent tax differences related to non-deductible expenses, special tax rates and tax credits, interest paid and penalties, and adjustments to prior year estimates. The types of temporary differences and their related tax effects that give rise to deferred tax assets and deferred tax liabilities are presented below (in thousands): December 31, 2020 2019 2018 Deferred tax liabilities: Property and equipment $ 56,314 49,932 28,329 Depletion 708 718 721 Unrealized rents 27 27 52 Prepaid expenses 50 76 38 Gross deferred tax liabilities 57,099 50,753 29,140 Deferred tax assets: Employee benefits and other 993 642 1,159 Gross deferred tax assets 993 642 1,159 Net deferred tax liability $ 56,106 50,111 27,981 The Company has no unrecognized tax benefits. FRP tax returns in the U.S. and various states that include the Company are subject to audit by taxing authorities. As of December 31, 2020, the earliest tax year that remains open for audit is 2015. Our effective income tax expense may vary, possibly materially, due to projected effective state tax rates. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefits | 9. Employee Benefits. The Company and certain subsidiaries have a savings/profit sharing plan for the benefit of qualified employees. The savings feature of the plan incorporates the provisions of Section 401(k) of the Internal Revenue Code under which an eligible employee may elect to save a portion (within limits) of their compensation on a tax deferred basis. The Company contributes to a participant’s account an amount equal to 50% (with certain limits) of the participant’s contribution. Additionally, the Company may make an annual discretionary contribution to the plan as determined by the Board of Directors, with certain limitations. The plan provides for deferred vesting with benefits payable upon retirement or earlier termination of employment. The Company’s cost was $43,000 in 2020 and $35,000 in 2019. The Company has a deferred compensation plan, the Management Security Plan (MSP) for our President. The accruals for future benefits are based upon actuarial assumptions. Life insurance on his life has been purchased to partially fund this benefit and the Company is the owner and beneficiary of that policy. The expense for 2020 and 2019, was $2,000 and ($14,000), respectively. The accrued benefit under this plan as of December 31, 2020 and December 31, 2019 was $1,252,000 and $1,424,000, respectively. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | 10. 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 Business Park, which we purchased in 2019. In July 2020 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. On May 21, 2018, the Company completed the disposition of 40 industrial warehouse properties and 3 additional land parcels to an affiliate of Blackstone Real Estate Partners VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising its right of first refusal to purchase the property. On June 28, 2019, the Company completed the sale of the excluded property to the same buyer for $11.7 million. This sale constituted a major strategic shift and as a result, these properties have been reclassified as discontinued operations for all periods presented. We plan to develop our remaining owned office/warehouse pad sites in a timely, opportunistic manner and sell the fully leased buildings in groups of two or three. Operating results and certain other financial data for the Company’s business segments are as follows (in thousands): Years Ended December 31, 2020 2019 2018 Revenues: Asset management $ 2,747 2,190 2,309 Mining royalty lands 9,477 9,438 8,139 Development 1,152 1,164 1,206 Stabilized Joint Venture 10,207 10,964 10,368 $ 23,583 23,756 22,022 Operating profit: Before corporate expenses: Asset management $ 907 196 1,051 Mining royalty lands 8,629 8,690 7,504 Development (2,576 ) (2,817 ) (2,104 ) Stabilized Joint Venture 1,685 2,243 (537 ) Operating profit before corporate expenses 8,645 8,312 5,914 Corporate expenses: Allocated to asset management (909 ) (646 ) (153 ) Allocated to mining royalty lands (288 ) (169 ) (214 ) Allocated to Development (2,108 ) (1,581 ) (1,984 ) Allocated to Stabilized Joint Venture (206 ) (160 ) (393 ) Unallocated — — (1,208 ) (3,511 ) (2,556 ) (3,952 ) $ 5,134 5,756 1,962 Interest expense $ 1,100 1,054 3,103 Depreciation, depletion and amortization: Asset management $ 652 708 540 Mining royalty lands 218 177 198 Development 214 214 228 Stabilized Joint Venture 4,744 4,756 6,932 $ 5,828 5,855 7,898 Capital expenditures: Asset management $ 924 9,487 335 Mining royalty lands — — — Development 16,547 631 6,396 Stabilized Joint Venture 73 316 563 $ 17,544 10,434 7,294 Identifiable net assets at end of period: Asset management $ 11,172 18,468 10,593 Discontinued operations — — 3,224 Mining royalty lands 37,387 38,409 37,991 Development 196,212 179,357 119,029 Stabilized Joint Venture 130,472 133,956 138,206 Investments available for sale at fair value 75,609 137,867 165,212 Cash items 74,105 26,793 22,749 Unallocated corporate assets 11,403 3,298 8,484 $ 536,360 538,148 505,488 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 11. 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 December 31, 2020 the Company was invested in 32 corporate bonds with individual maturities ranging from 2021 through 2022. The unrealized gain on these bonds of $677,000 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 $298,000 in its net investment income related to bonds that were sold in 2020. The amortized cost of the investments was $74,932,000 and the carrying amount and fair value of such bonds were $75,609,000 as of December 31, 2020. At December 31, 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 December 31, 2020, the carrying amount and fair value of such other long-term debt was $89,964,000 and $96,187,000, respectively. At December 31, 2019, the carrying amount and fair value of such other long-term debt was $88,925,000 and $93,065,000, respectively. |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Contingent Liabilities | 12. 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. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 13. Commitments. The Company, at December 31, 2020, had entered into various contracts to develop and maintain real estate with remaining commitments totaling $6,177,000. |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentrations | 14. Concentrations. The mining royalty lands segment has a total of five tenants currently leasing mining locations and one lessee that accounted for 32% of the Company’s consolidated revenues during 2020 and $285,000 of accounts receivable at December 31, 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. |
Unusual or Infrequent Items Imp
Unusual or Infrequent Items Impacting Quarterly Results | 12 Months Ended |
Dec. 31, 2020 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Unusual or Infrequent Items Impacting Quarterly Results | 15. Unusual or Infrequent Items Impacting Quarterly Results. 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. Provision for income taxes in the fourth quarter of 2020 was favorably impacted by $1,100,000 due to a carryback of our 2020 tax net operating loss to fiscal 2016 when the federal tax rate was 35%. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 16. Intangible Assets. The Company has allocated the purchase price of property acquisitions based upon the fair value of the assets acquired, consisting of land, buildings and intangible assets, including in-place leases and below market leases. These deferred leasing intangible assets are recorded within Deferred Costs and Deferred lease intangible, net in the consolidated balance sheets. The value of the in-place lease intangibles will be amortized to amortization expense over the remaining lease terms. The fair value assigned pertaining to the above market in-place leases values are amortized as a reduction to rental revenue, and the below market in-place lease values are amortized as an increase to rental revenue over the remaining non-cancelable terms of the respective leases. DOCK 79 – In-place Leases Initial Values $ 4,727 Annual Amortization: 2017 $ 2,501 2018 2,201 2019 25 CRANBERRY RUN BUSINESS PARK – In-place Leases Initial Values $ 183 Annual Amortization: 2019 $ 79 2020 46 2021 46 2022 12 The Company reviews intangible assets for impairment, whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of long-lived assets is measured by a comparison of the carrying amount of the asset group to the future undiscounted net cash flows expected to be generated by those assets. If such assets are considered to be impaired, the impairment charge recognized is the amount by which the carrying amounts of the assets exceeds the fair value of the assets. The gross amounts and accumulated amortization of identifiable intangible assets are as follows (in thousands): December 31, 2020 December 31, 2019 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: In-place leases (useful life 0-8 years) $ 4,910 4,852 4,910 4,806 Above Market leases (useful life 5 years) - - - - $ 4,910 4,852 4,910 4,806 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 17 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. On June 28, 2019, the Company completed the sale of the excluded property to the same buyer for $11.7 million. These properties comprised substantially all the assets of our Asset Management segment and have been reclassified as discontinued operations for all periods presented. The results of operations associated with discontinued operations for the years ended December 31, 2019 and 2018 were as follows (in thousands): Years Ended December 31, 2019 2018 Lease Revenues $ 460 12,098 Cost of operations: Depreciation, depletion and amortization 17 3,161 Operating expenses 248 1,742 Property taxes 41 1,286 Management company indirect — 1,360 Corporate expenses — 1,462 Total cost of operations 306 9,011 Total operating profit 154 3,087 Interest expense — (587 ) Gain on sale of buildings 9,244 164,915 Income before income taxes 9,398 167,415 Provision for (benefit from) income taxes 2,542 45,286 Income from discontinued operations $ 6,856 122,129 The components of the balance sheet are as follows (in thousands): December 31 Assets: 2018 Real estate investments at cost: Land $ 546 Buildings and improvements 3,315 Projects under construction — Total investments in properties 3,861 Less accumulated depreciation and depletion 2,374 Net investments in properties 1,487 Accounts receivable, net 910 Unrealized rents 473 Deferred costs 354 Other assets — Assets of discontinued operations $ 3,224 Liabilities: Secured notes payable, current portion $ — Secured notes payable, less current portion — Accounts payable and accrued liabilities 205 Deferred revenue 45 Tenant security deposits 38 Liabilities of discontinued operations $ 288 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events. The Company has a pending transaction set to finalize in March 2021 to refinance the mortgage currently in place at Dock 79 and place permanent financing on The Maren. If completed, the $92 million loan for Dock 79 will have a term of 12 years and will reduce the interest rate on the current Dock 79 loan from 4.125% to 3.03% but will require a prepayment penalty of $900,000 on the existing $90 million loan. Under its current mortgage, Dock 79 is set to begin principal payments in November 2021. This is an interest-only loan and would defer any principal payments until at least 2033. This transaction would also secure $88 million in long-term, interest-only financing for The Maren for a term of 12 years and an interest rate of 3.03%. As a result of this transaction, the Company would also be repaid the $13.75 million in preferred equity that it supplied the joint venture along with roughly $2.3 million in accrued interest payments. In March 2021, RiverFront II, LLC. reached stabilization meaning 90% of the individual apartments had been leased and occupied by third party tenants. Upon reaching stabilization, the Company has, for a period of one year, the exclusive right to (i) cause the joint venture to sell the property or (ii) cause the Company’s and MRP’s percentage interests in the joint venture to be adjusted so as to take into account the contractual payouts assuming a sale at the value of the development at the time of this “Conversion election”. The attainment of stabilization resulted in a change of control for accounting purposes as the veto rights of the minority shareholder lapsed and the Company became the primary beneficiary. As such, beginning March 2021, the Company will consolidate the assets (at fair value), liabilities and operating results of the joint venture. The consolidation will result in a gain on remeasurement and prospective adjustment of the percentage ownership based upon the profit sharing arraignment. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION - FRP Holdings, Inc. (the “Company”) is a holding company engaged in various real estate businesses. The segments of the Company include: (i) leasing and management of commercial properties owned by the Company (the “Asset Management Segment”), (ii) leasing and management of mining royalty land owned by the Company (the “Mining Royalty Lands Segment”), (ii) real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse, and office buildings either alone or through joint ventures (the “Development Segment”), (iv) ownership, leasing and management of buildings through joint ventures (the “Stabilized Joint Venture Segment”). FRP Holdings, Inc. was incorporated on April 22, 2014 in connection with a corporate reorganization that preceded the Spin-off of Patriot Transportation Holding, Inc. The Company’s predecessor issuer was formed on July 20, 1998. The business of the Company is conducted through our wholly-owned subsidiaries FRP Development Corp., a Maryland corporation (“Development”) and Florida Rock Properties, Inc., a Florida corporation (“Properties”), and the various subsidiaries of each. 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. |
Consolidation | CONSOLIDATION - The consolidated financial statements include the accounts of the Company inclusive of our operating real estate subsidiaries, Development and Properties, and all wholly-owned or controlled entities. Our investments in real estate partnerships which are conducted through limited liability corporations (“LLC”) are also referred to as joint ventures. Investments in real estate joint ventures not controlled by the Company are accounted for under the equity or cost method of accounting as appropriate (See Note 2). All significant intercompany balances and transactions are eliminated in the consolidated financial statements. Effective July 1, 2017 the Company consolidated the assets (at fair value), liabilities and operating results of our Riverfront Investment Partners I, LLC joint venture (“Dock 79”) which was previously accounted for under the equity method. Subsequent to the July 1, 2017 consolidation, the ownership of Dock 79 attributable to our partner MRP Realty is reflected on our consolidated balance sheet as a noncontrolling interest. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity but separately from shareholders' equity. On the Consolidated Statements of Income, all of the revenues and expenses from Dock 79 are reported in net income, including both the amounts attributable to the Company and the noncontrolling interest. The amounts of consolidated net income attributable to the noncontrolling interest is clearly identified on the accompanying Consolidated Statements of Income. |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS - The Company considers all highly liquid debt instruments with maturities of three months or less at time of purchase to be cash equivalents. Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right of offset. |
Investments available for sale | INVESTMENTS AVAILABLE FOR SALE - The Company determines the appropriate classification of its investments in debt securities at the time of purchase and reevaluates such determinations at each balance sheet date. Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Marketable securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized in earnings. Debt and marketable equity securities not classified as held to maturity or as trading, are classified as available-for-sale, and are carried at fair value, with the unrealized gains and losses, net of tax, included in the determination of comprehensive income and reported in the Consolidated Statements of Comprehensive Income. The fair value of securities is determined using quoted market prices. At December 31, 2020, no investments were held for trading purposes or classified as held to maturity. |
Revenue and Expense Recognition | REVENUE AND EXPENSE RECOGNITION - Real estate rental revenue and mining royalties are generally recognized when earned under the leases and are considered collectable. Rental income from leases with scheduled increases or other incentives during their term is recognized on a straight-line basis over the term of the lease. Reimbursements of expenses, when provided in the lease, are recognized in the period that the expenses are incurred. Sales of real estate are recognized when the collection of the sales price is reasonably assured and when the Company has fulfilled substantially all of its obligations, which are typically as of the closing date. Accounts receivable are recorded net of discounts and provisions for estimated allowances. We estimate allowances on an ongoing basis by considering historical and current trends. We record estimated bad debts expense as part of operating expenses. We estimate the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment. Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms. |
Property and Equipment | PROPERTY AND EQUIPMENT - Property and equipment is recorded at cost less accumulated depreciation and depletion. Provision for depreciation of property, plant and equipment is computed using the straight-line method based on the following estimated useful lives: Years Building and improvements 3-39 Depletion of sand and stone deposits is computed on the basis of units of production in relation to estimated reserves. Reserve estimates are periodically adjusted based upon surveys. The Company recorded depreciation and depletion expenses for fiscal year 2020, 2019 and 2018, of $5,766,000, $5,784,000 and $5,709,000, respectively. All direct and indirect costs, including interest and real estate taxes, associated with the development, construction, leasing or expansion of real estate investments are capitalized as a cost of the property. Included in indirect costs is an allocation of internal costs associated with development of real estate investments. The cost of routine repairs and maintenance to property and equipment is expensed as incurred. |
Impairment of Long-Lived assets | IMPAIRMENT OF LONG-LIVED ASSETS – The Company reviews its long-lived assets, which include property and equipment and purchased intangible assets subject to amortization for potential impairment annually or whenever events or circumstances indicate the carrying amount of a long-lived asset may not be recoverable. This review consists of comparing cap rates on recent cash flows and market value estimates to the carrying values of each asset group. If this review indicates the carrying value might exceed fair value then an estimate of future cash flows for the remaining useful life of each property is prepared considering anticipated vacancy, lease rates, and any future capital expenditures. |
Developed Property Rentals Purchase Accounting | DEVELOPED PROPERTY RENTALS PURCHASE ACCOUNTING – Acquisitions of rental property, including any associated intangible assets, are measured at fair value at the date of acquisition. Any liabilities assumed or incurred are recorded at their fair value at the time of acquisition. The fair value of the acquired property is allocated between land and building (on an as-if vacant basis) based on management’s estimate of the fair value of those components for each type of property and to tenant improvements based on the depreciated replacement cost of the tenant improvements, which approximates their fair value. The fair value of the in-place leases is recorded as follows: · the fair value of leases in-place on the date of acquisition is based on absorption costs for the estimated lease-up period in which vacancy and foregone revenue are avoided due to the presence of the acquired leases; · the fair value of above and below-market in-place leases based on the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between contractual rent amounts to be paid under the assumed lease and the estimated market lease rates for the corresponding spaces over the remaining non-cancelable terms of the related leases; and · the fair value of intangible tenant or customer relationships. The Company’s determination of these fair values requires it to estimate market rents for each of the leases and make certain other assumptions. These estimates and assumptions affect the rental revenue, and depreciation and amortization expense recognized for these leases and associated intangible assets and liabilities. |
Investments in Joint Ventures | INVESTMENTS IN JOINT VENTURES - The Company uses the equity method to account for its investments in Brooksville. BC FRP Realty, and Greenville/Woodfield, in which it has a voting interest of 50% or less and has significant influence but does not have control. 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. The Company uses the equity method to account for its investment in Riverfront Investment Partners Phase II, in which it has a voting interest of 80% and has significant influence but does not have control as the minority partner has day to day management responsibility and veto rights on significant decisions during the construction and lease up phase prior to stabilization. The Company uses the equity method to account for its investment in the Bryant Street Partnerships and 1800 Half Street, in which it has a voting interest in excess of 50% because all major decisions are shared equally. Under the equity method, the investment is originally recorded at cost and adjusted to recognize the Company’s share of net earnings or losses of the investee, limited to the extent of the Company’s investment in and advances to the investee and financial guarantees on behalf of the investee that create additional basis. The Company regularly monitors and evaluates the realizable value of its investments. When assessing an investment for an other-than-temporary decline in value, the Company considers such factors as, the performance of the investee in relation to its own operating targets and its business plan, the investee’s revenue and cost trends, as well as liquidity and cash position, and the outlook for the overall industry in which the investee operates. From time to time, the Company may consider third party evaluations or valuation reports. If events and circumstances indicate that a decline in the value of these assets has occurred and is other-than-temporary, the Company records a charge to investment income (expense). |
Income Taxes | INCOME TAXES - Deferred tax assets and liabilities are recognized based on differences between financial statement and tax bases of assets and liabilities using presently enacted tax rates. Deferred income taxes result from temporary differences between pre-tax income reported in the financial statements and taxable income. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit. The second step is to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the amounts rely upon the determination of the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit, and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. It is the Company's policy to recognize as additional income tax expense the items of interest paid and penalties directly related to income taxes. |
Stock Based Compensation | STOCK BASED COMPENSATION – The Company accounts for compensation related to share based plans by recognizing the grant date fair value of stock options and other equity-based compensation issued to employees in its income statement over the requisite employee service period using the straight-line attribution model. In addition, compensation expense must be recognized for the change in fair value of any awards modified, repurchased or cancelled after the grant date. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model. The assumptions used in the model and current year impact are discussed in Note 7. |
Deferred Compensation Plan | DEFERRED COMPENSATION PLAN - The Company has a deferred compensation plan, the Management Security Plan (MSP) for our President. The accruals for future benefits are based upon actuarial assumptions. |
Earnings Per Common Share | EARNINGS PER COMMON SHARE - Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options and restricted stock. |
Use of Estimates | USE OF ESTIMATES - The preparation of financial statements in conformity with accounting principles generally accepted in the United State requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain accounting policies and estimates are of more significance in the financial statement preparation process than others. The most critical accounting policies and estimates include the economic useful lives of our mining reserves, property and equipment, provisions for uncollectible accounts receivable and collectibility of unrealized rents, accounting for real estate investments, estimates of exposures related to our insurance claims plans and environmental liabilities, and estimates for taxes. To the extent that actual, final outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates, earnings during that accounting period will be affected. |
Environmental | ENVIRONMENTAL - Environmental expenditures that benefit future periods are capitalized. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded for the estimated amount of expected environmental assessments and/or remedial efforts. Estimation of such liabilities includes an assessment of engineering estimates, continually evolving governmental laws and standards, and potential involvement of other potentially responsible parties. |
Comprehensive Income | COMPREHENSIVE INCOME – Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) refers to expenses, gains, and losses that are not included in net income, but rather are recorded directly in shareholders’ equity. |
Recently Issued Accounting Standards | RECENTLY ISSUED ACCOUNTING STANDARDS – In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which replaces existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. Lease contracts with customers constitute a materially all of our revenues and are a specific scope exception. The new standard was adopted beginning with the first quarter of 2018 in connection with our revenues not subject to leases and did not have a material impact on our financial statements. 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, 2020, 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. |
Consolidated Real Estate and _2
Consolidated Real Estate and Accumulated Depreciation and Depletion (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation and Depletion | FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED)-REAL ESTATE & ACCUMULATED DEPRECIATION AND DEPLETION (dollars in thousands) DECEMBER 31, 2020 County Encumb- rances Initial cost to Company Cost capitalized subsequent to acquisition Gross amount at which carried at end of period (a) Accumulated Depreciation & Depletion Year Of Constr- uction Date Acquired Depreciation Life Computed on: Mining Royalty Lands Alachua, FL $ 1,442 $ 0 $ 1,442 $ 179 n/a 4/86 unit Clayton, GA 369 0 369 5 n/a 4/86 unit Fayette, GA 685 200 885 126 n/a 4/86 unit Lake, FL 403 0 403 158 n/a 4/86 unit Lake, FL 1,083 0 1,083 1,010 n/a 4/86 unit Lake Louisa, FL 11,039 0 11,039 0 n/a 5/12 unit Lee, FL 4,489 13 4,502 270 n/a 4/86 unit Monroe, GA 792 0 792 300 n/a 4/86 unit Muscogee, GA 369 (45 ) 324 324 n/a 4/86 unit Prince William, VA 298 0 298 298 n/a 4/86 unit Putnam, FL 15,002 37 15,039 4,837 n/a 4/86 unit Putnam, FL 123 (2 ) 121 104 n/a 4/86 5 yr. Spalding, GA 20 0 20 0 n/a 4/86 n/a Marion, FL 1,180 5 1,185 600 n/a 4/86 unit Investment Property 16 0 16 0 n/a 4/86 n/a 0 37,310 208 37,518 8,211 Asset Management Properties Duval, FL 198 0 198 39 n/a 4/86 25 yr. Baltimore Co, MD 439 5,165 5,604 3,269 1990 10/89 39 yr. Harford, MD 40 8,627 8,667 501 2019 2/19 32 yr. 0 677 13,792 14,469 3,809 Development Properties Carroll, MD 4,720 4,421 9,141 0 n/a 3/08 n/a Baltimore City, MD 750 7,317 8,067 241 2018 12/10 39 yr. Harford, MD 11,250 4 11,254 0 n/a 11/20 n/a Washington D.C. 2,957 5,046 8,003 1,916 n/a 4/86 15 yr. Washington D.C. 3,811 4,669 8,480 636 n/a 10/97 n/a 0 23,488 21,457 44,945 2,793 Residential Rental Properties Washington D.C. 89,964 6,165 142,981 149,146 19,435 2016 07/17 39 yr. GRAND TOTALS $ 89,964 $ 67,640 $ 178,438 $ 246,078 $ 34,248 (a) The aggregate cost for Federal income tax purposes is $87,596 . |
Real Estate and Accumulated Depreciation and Depletion | FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION AND DEPLETION (In thousands) Years ended December 31, 2020 2019 2018 Gross Carrying Cost of Real Estate: Balance at beginning of period $ 240,128 241,413 243,165 Additions during period: Amounts capitalized 17,227 10,353 7,025 Deductions during period: Cost of real estate sold (11,060 ) (11,630 ) (8 ) Other (217 ) (8 ) (8,769 ) Balance at close of period $ 246,078 240,128 241,413 Accumulated Depreciation & Depletion: Balance at beginning of period $ 29,788 27,921 26,228 Additions during period: Charged to cost & expense 5,689 5,697 5,609 Deductions during period: Real estate sold (1,112 ) (3,822 ) — Other (117 ) (8 ) (3,916 ) Balance at close of period $ 34,248 29,788 27,921 |
Investments in Joint Ventures (
Investments in Joint Ventures (Tables) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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 (1) As of December 31, 2020 Brooksville Quarry, LLC 50.00 % $ 7,499 14,347 (78 ) (39 ) BC FRP Realty, LLC 50.00 % 5,184 22,747 (411 ) (207 ) RiverFront Holdings II, LLC 80.00 % 23,533 108,538 (4,573 ) (3,907 ) Bryant Street Partnerships 61.36 % 60,159 173,814 (836 ) (2,130 ) Hyde Park 591 591 — — DST Hickory Creek 26.65 % 6,000 47,761 (367 ) 339 Amber Ridge Loan 10,026 10,026 — — 1800 Half St. Owner, LLC 61.37 % 37,875 54,275 158 164 Greenville/Woodfield Partnerships 40.00 % 16,204 46,457 182 90 Total $ 167,071 478,556 (5,925 ) (5,690 ) | The Company's Share of Profit Common Total Total Assets of Profit (Loss) (Loss) of the Ownership Investment The Partnership Of the Partnership Partnership (1) 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 financial statements (in thousands) | As of December 31, 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 $ 105,737 173,560 45,379 37,452 42,668 $ 404,796 Cash and cash equivalents 2,626 111 1,202 14,011 3,554 21,504 Unrealized rents & receivables 13 58 775 2 0 848 Deferred costs 162 85 405 2,810 235 3,697 Total Assets $ 108,538 173,814 47,761 54,275 46,457 $ 430,845 Secured notes payable $ 64,982 72,471 29,291 0 1,776 $ 168,520 Other liabilities 4,189 22,952 107 1,953 4,774 33,975 Capital - FRP 34,667 58,559 4,894 37,466 15,963 151,549 Capital - Third Parties 4,700 19,832 13,469 14,856 23,944 76,801 Total Liabilities and Capital $ 108,538 173,814 47,761 54,275 46,457 $ 430,845 As of December 31, 2020 Brooksville BC FRP Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Hyde Park Loan Mixed Use Total Investments in real estate, net. $ 14,287 22,067 591 10,026 404,796 $ 451,767 Cash and cash equivalents 55 90 0 0 21,504 21,649 Unrealized rents & receivables 0 254 0 0 848 1,102 Deferred costs 5 336 0 0 3,697 4,038 Total Assets $ 14,347 22,747 591 10,026 430,845 $ 478,556 Secured notes payable $ 0 12,370 0 0 168,520 $ 180,890 Other liabilities 28 123 0 0 33,975 34,126 Capital - FRP 7,499 5,127 591 10,026 151,549 174,792 Capital - Third Parties 6,820 5,127 0 0 76,801 88,748 Total Liabilities and Capital $ 14,347 22,747 591 10,026 430,845 $ 478,556 | 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 |
RiverFront Holdings II, LLC | ||
Joint Venture financial statements (in thousands) | RiverFront RiverFront RiverFront RiverFront Holdings II, LLC. Holdings II, LLC. Holdings II, LLC. Holdings II, LLC. Total JV Company Share Total JV Company Share Maren Year ended Year ended Year ended Year ended December 31, December 31, December 31, December 31, 2020 2020 2019 2019 Revenues: Rental Revenue $ 2,825 $ 2,260 $ — $ — Revenue – other 233 186 — — Total Revenues 3,058 2,446 — — Cost of operations: Depreciation and amortization 2,432 1,946 — — Operating expenses 1,795 1,435 95 76 Property taxes 331 265 — — Total cost of operations 4,558 3,646 95 76 Total operating profit (1,500 ) (1,200 ) (95 ) (76 ) Interest expense (3,073 ) (2,707 ) — (795 ) Net loss before tax (4,573 ) (3,907 ) (95 ) (871 ) | |
Bryant Street Partnerships | ||
Joint Venture financial statements (in thousands) | Bryant Street Bryant Street Partnerships Partnerships Total JV Company Share Bryant Year ended Year ended December 31, December 31, 2020 2020 Revenues: Rental Revenue $ — $ — Revenue – other 5 3 Total Revenues 5 3 Cost of operations: Depreciation and amortization 184 113 Operating expenses 483 297 Property taxes 17 10 Total cost of operations 684 420 Total operating profit (679 ) (417 ) Interest expense (157 ) (1,713 ) Net loss before tax (836 ) (2,130 ) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt (in thousands) | December 31, December 31, 2020 2019 Revolving credit agreements $ — — Riverfront permanent loan 89,964 88,925 89,964 88,925 Less portion due within one year — — $ 89,964 88,925 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Carrying value of property leased or held for lease to others (in thousands) | Construction aggregates property $ 35,093 Commercial property 61,823 96,916 less accumulated depreciation and depletion 14,813 $ 82,103 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per share computations (in thousands, except per share amounts) | Years Ended December 31 2020 2019 2018 Common shares: Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,580 9,883 10,040 Common shares issuable under share based payment plans which are potentially dilutive 29 43 65 Common shares used for diluted earnings per common share 9,609 9,926 10,105 Income from continuing operations $ 11,722 8,822 959 Discontinued operations $ — 6,856 122,129 Net income attributable to the Company $ 12,715 16,177 124,472 Basic earnings per common share: Income from continuing operations $ 1.22 0.89 0.10 Discontinued operations $ — 0.69 12.16 Net income attributable to the Company $ 1.33 1.64 12.40 Diluted earnings per common share Income from continuing operations $ 1.22 0.89 0.09 Discontinued operations $ — 0.69 12.09 Net income attributable to the Company $ 1.32 1.63 12.32 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation Expense (in thousands) | Years Ended December 31, 2020 2019 2018 Stock option grants $ 92 112 607 Restricted stock awards granted in 2020 250 — — Employee stock grant 530 — — Unrestricted employee stock award — 50 — Annual director stock award 500 70 1,055 $ 1,372 232 1,662 |
Summary of Changes in outstanding options (in thousands, except share and per share amounts) | Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value(000's) Outstanding at January 1, 2018 174,510 $ 28.70 6.0 $ 1,901 Granted 29,260 $ 45.97 $ 427 Exercised (56,232 ) $ 25.17 $ (546 ) Outstanding at December 31, 2018 147,538 $ 33.48 6.7 $ 1,782 Exercised (15,034 ) $ 30.42 $ (151 ) Outstanding at December 31, 2019 132,504 $ 33.82 5.8 $ 1,631 Exercised (12,415 ) $ 19.23 $ (100 ) Outstanding at December 31, 2020 120,089 $ 35.33 5.3 $ 1,531 Exercisable at December 31, 2020 107,741 $ 34.12 5.0 $ 1,327 Vested during twelve months ended December 31, 2020 5,967 $ 94 |
Summary of Stock Options Outstanding | Shares Weighted Weighted Range of Exercise under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $37.26 - $45.97 12,348 $ 45.93 7.9 Years Exercisable: $16.71 - $24.75 14,100 16.72 .9 $24.76 - $37.25 35,854 26.24 3.3 $37.26 - $45.97 57,787 43.25 7.0 107,741 $ 34.12 5.0 Years Total 120,089 $ 35.33 5.3 Years |
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 December 31, 2020 20,520 $ 46.30 3.4 $ 950 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Provision for income tax expense included in the financial statements(in thousands) | Years Ended December 31, 2020 2019 2018 Included in Net income: Continuing operations $ 3,207 2,962 524 Discontinued operations - 2,542 45,286 3,207 5,504 45,810 Comprehensive income (92 ) 602 (275 ) Total tax expense $ 3,115 6,106 45,535 |
Provision for income taxes (in thousands) | Year Ended December 31, 2020 2019 2018 Current: Federal $ (2,667 ) (8,225 ) 28,512 State (213 ) (7,799 ) 15,024 (2,880 ) (16,024 ) 43,536 Deferred 5,995 22,130 1,999 Total $ 3,115 6,106 45,535 |
Income tax reconciliation at statutory Federal income tax rate (in thousands) | Year Ended December 31 2020 2019 2018 Amount computed at statutory Federal rate $ 3,226 5,006 35,351 State income taxes (net of Federal income tax benefit) 1,048 1,623 10,186 Carryback of net operating loss (1,100 ) - - Other, net (59 ) (523 ) (2 ) Provision for income taxes $ 3,115 6,106 45,535 |
Deferred tax assets and deferred tax liabilities (in thousands) | December 31, 2020 2019 2018 Deferred tax liabilities: Property and equipment $ 56,314 49,932 28,329 Depletion 708 718 721 Unrealized rents 27 27 52 Prepaid expenses 50 76 38 Gross deferred tax liabilities 57,099 50,753 29,140 Deferred tax assets: Employee benefits and other 993 642 1,159 Gross deferred tax assets 993 642 1,159 Net deferred tax liability $ 56,106 50,111 27,981 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segments (in thousands) | Years Ended December 31, 2020 2019 2018 Revenues: Asset management $ 2,747 2,190 2,309 Mining royalty lands 9,477 9,438 8,139 Development 1,152 1,164 1,206 Stabilized Joint Venture 10,207 10,964 10,368 $ 23,583 23,756 22,022 Operating profit: Before corporate expenses: Asset management $ 907 196 1,051 Mining royalty lands 8,629 8,690 7,504 Development (2,576 ) (2,817 ) (2,104 ) Stabilized Joint Venture 1,685 2,243 (537 ) Operating profit before corporate expenses 8,645 8,312 5,914 Corporate expenses: Allocated to asset management (909 ) (646 ) (153 ) Allocated to mining royalty lands (288 ) (169 ) (214 ) Allocated to Development (2,108 ) (1,581 ) (1,984 ) Allocated to Stabilized Joint Venture (206 ) (160 ) (393 ) Unallocated — — (1,208 ) (3,511 ) (2,556 ) (3,952 ) $ 5,134 5,756 1,962 Interest expense $ 1,100 1,054 3,103 Depreciation, depletion and amortization: Asset management $ 652 708 540 Mining royalty lands 218 177 198 Development 214 214 228 Stabilized Joint Venture 4,744 4,756 6,932 $ 5,828 5,855 7,898 Capital expenditures: Asset management $ 924 9,487 335 Mining royalty lands — — — Development 16,547 631 6,396 Stabilized Joint Venture 73 316 563 $ 17,544 10,434 7,294 Identifiable net assets at end of period: Asset management $ 11,172 18,468 10,593 Discontinued operations — — 3,224 Mining royalty lands 37,387 38,409 37,991 Development 196,212 179,357 119,029 Stabilized Joint Venture 130,472 133,956 138,206 Investments available for sale at fair value 75,609 137,867 165,212 Cash items 74,105 26,793 22,749 Unallocated corporate assets 11,403 3,298 8,484 $ 536,360 538,148 505,488 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2017 | |
Amortizable intangible assets (in thousands) | December 31, 2020 December 31, 2019 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: In-place leases (useful life 0-8 years) $ 4,910 4,852 4,910 4,806 Above Market leases (useful life 5 years) - - - - $ 4,910 4,852 4,910 4,806 | |
Dock 79 | ||
Intangible asset amortization (in thousands) | In-place Leases Initial Values $ 4,727 Annual Amortization: 2017 $ 2,501 2018 2,201 2019 25 | |
Cranberry Run Business Park | ||
Intangible asset amortization (in thousands) | In-place Leases Initial Values $ 183 Annual Amortization: 2019 $ 79 2020 46 2021 46 2022 12 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued operations results of operations | Years Ended December 31, 2019 2018 Lease Revenues $ 460 12,098 Cost of operations: Depreciation, depletion and amortization 17 3,161 Operating expenses 248 1,742 Property taxes 41 1,286 Management company indirect — 1,360 Corporate expenses — 1,462 Total cost of operations 306 9,011 Total operating profit 154 3,087 Interest expense — (587 ) Gain on sale of buildings 9,244 164,915 Income before income taxes 9,398 167,415 Provision for (benefit from) income taxes 2,542 45,286 Income from discontinued operations $ 6,856 122,129 |
Discontinued operations balance sheet components | December 31 Assets: 2018 Real estate investments at cost: Land $ 546 Buildings and improvements 3,315 Projects under construction — Total investments in properties 3,861 Less accumulated depreciation and depletion 2,374 Net investments in properties 1,487 Accounts receivable, net 910 Unrealized rents 473 Deferred costs 354 Other assets — Assets of discontinued operations $ 3,224 Liabilities: Secured notes payable, current portion $ — Secured notes payable, less current portion — Accounts payable and accrued liabilities 205 Deferred revenue 45 Tenant security deposits 38 Liabilities of discontinued operations $ 288 |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation and Depletion (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate [Abstract] | |||
Gross Carrying Cost of Real Estate at beginning of period | $ 240,128 | $ 241,413 | $ 243,165 |
Additions capitalized during period | 17,227 | 10,353 | 7,025 |
Cost of real estate sold | (11,060) | (11,630) | (8) |
Other deductions | (217) | (8) | (8,769) |
Gross Carrying Cost of Real Estate at end of period | 246,078 | 240,128 | 241,413 |
Accumulated Depreciation & Depletion at beginning of period | 29,788 | 27,921 | 26,228 |
Additions charged to cost & expense | 5,689 | 5,697 | 5,609 |
Real estate sold | (1,112) | (3,822) | 0 |
Other deductions | (117) | (8) | (3,916) |
Accumulated Depreciation & Depletion at end of period | $ 34,248 | $ 29,788 | $ 27,921 |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation and Depletion Part I (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Encumbrances | $ 89,964 | |||
Initial Cost to Company | 67,640 | |||
Cost capitalized subsequent to acquisition | 178,438 | |||
Gross amount at which carried at end of period | 246,078 | $ 240,128 | $ 241,413 | $ 243,165 |
Accumulated Depreciation & Depletion | 34,248 | |||
Aggregate cost for Federal income tax purposes | 87,596 | |||
Investment Property | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 16 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at end of period | 16 | |||
Accumulated Depreciation & Depletion | 0 | |||
Mining royalty lands | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 37,310 | |||
Cost capitalized subsequent to acquisition | 208 | |||
Gross amount at which carried at end of period | 37,518 | |||
Accumulated Depreciation & Depletion | 8,211 | |||
Asset Management Properties | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 677 | |||
Cost capitalized subsequent to acquisition | 13,792 | |||
Gross amount at which carried at end of period | 14,469 | |||
Accumulated Depreciation & Depletion | 3,809 | |||
Alachua, FL | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 1,442 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at end of period | 1,442 | |||
Accumulated Depreciation & Depletion | 179 | |||
Clayton, GA | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 369 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at end of period | 369 | |||
Accumulated Depreciation & Depletion | 5 | |||
Fayette, GA | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 685 | |||
Cost capitalized subsequent to acquisition | 200 | |||
Gross amount at which carried at end of period | 885 | |||
Accumulated Depreciation & Depletion | 126 | |||
Lake, FL | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 403 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at end of period | 403 | |||
Accumulated Depreciation & Depletion | 158 | |||
Lake, FL 2 | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 1,083 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at end of period | 1,083 | |||
Accumulated Depreciation & Depletion | 1,010 | |||
Lake Louise, FL | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 11,039 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at end of period | 11,039 | |||
Accumulated Depreciation & Depletion | 0 | |||
Lee, FL | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 4,489 | |||
Cost capitalized subsequent to acquisition | 13 | |||
Gross amount at which carried at end of period | 4,502 | |||
Accumulated Depreciation & Depletion | 270 | |||
Monroe, GA | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 792 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at end of period | 792 | |||
Accumulated Depreciation & Depletion | 300 | |||
Muscogee, GA | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 369 | |||
Cost capitalized subsequent to acquisition | (45) | |||
Gross amount at which carried at end of period | 324 | |||
Accumulated Depreciation & Depletion | 324 | |||
Prince Wil, VA | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 298 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at end of period | 298 | |||
Accumulated Depreciation & Depletion | 298 | |||
Putnam, FL | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 15,002 | |||
Cost capitalized subsequent to acquisition | 37 | |||
Gross amount at which carried at end of period | 15,039 | |||
Accumulated Depreciation & Depletion | 4,837 | |||
Putnam, FL 2 | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 123 | |||
Cost capitalized subsequent to acquisition | (2) | |||
Gross amount at which carried at end of period | 121 | |||
Accumulated Depreciation & Depletion | 104 | |||
Spalding, GA | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 20 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at end of period | 20 | |||
Accumulated Depreciation & Depletion | 0 | |||
Marion, FL | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 1,180 | |||
Cost capitalized subsequent to acquisition | 5 | |||
Gross amount at which carried at end of period | 1,185 | |||
Accumulated Depreciation & Depletion | 600 | |||
Duval, FL | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 198 | |||
Cost capitalized subsequent to acquisition | 0 | |||
Gross amount at which carried at end of period | 198 | |||
Accumulated Depreciation & Depletion | 39 | |||
Baltimore, MD 1 | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 439 | |||
Cost capitalized subsequent to acquisition | 5,165 | |||
Gross amount at which carried at end of period | 5,604 | |||
Accumulated Depreciation & Depletion | 3,269 | |||
Harford, MD 1 | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 40 | |||
Cost capitalized subsequent to acquisition | 8,627 | |||
Gross amount at which carried at end of period | 8,667 | |||
Accumulated Depreciation & Depletion | 501 | |||
Carroll, MD | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 4,720 | |||
Cost capitalized subsequent to acquisition | 4,421 | |||
Gross amount at which carried at end of period | 9,141 | |||
Accumulated Depreciation & Depletion | 0 | |||
Baltimore City, MD 2 | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 750 | |||
Cost capitalized subsequent to acquisition | 7,317 | |||
Gross amount at which carried at end of period | 8,067 | |||
Accumulated Depreciation & Depletion | 241 | |||
Harford, MD 2 | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 11,250 | |||
Cost capitalized subsequent to acquisition | 4 | |||
Gross amount at which carried at end of period | 11,254 | |||
Accumulated Depreciation & Depletion | 0 | |||
Wash DC 1 | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 2,957 | |||
Cost capitalized subsequent to acquisition | 5,046 | |||
Gross amount at which carried at end of period | 8,003 | |||
Accumulated Depreciation & Depletion | 1,916 | |||
Wash DC 2 | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 3,811 | |||
Cost capitalized subsequent to acquisition | 4,669 | |||
Gross amount at which carried at end of period | 8,480 | |||
Accumulated Depreciation & Depletion | 636 | |||
Development Properties | ||||
Encumbrances | 0 | |||
Initial Cost to Company | 23,488 | |||
Cost capitalized subsequent to acquisition | 21,457 | |||
Gross amount at which carried at end of period | 44,945 | |||
Accumulated Depreciation & Depletion | 2,793 | |||
Dock 79 | ||||
Encumbrances | 89,964 | |||
Initial Cost to Company | 6,165 | |||
Cost capitalized subsequent to acquisition | 142,981 | |||
Gross amount at which carried at end of period | 149,146 | |||
Accumulated Depreciation & Depletion | $ 19,435 |
Schedule III Real Estate and _2
Schedule III Real Estate and Accumulated Depreciation and Depletion Part 2 (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Alachua, FL | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Clayton, GA | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Fayette, GA | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Lake, FL | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Lake, FL 2 | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Lake Louise, FL | |
Year of Construction | n/a |
Date acquired | 5/12 |
Depreciation Life Computed on | unit |
Lee, FL | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Monroe, GA | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Muscogee, GA | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Prince Wil, VA | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Putnam, FL | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Putnam, FL 2 | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | 5 yr. |
Spalding, GA | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | n/a |
Marion, FL | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | unit |
Investment Property | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | n/a |
Duval, FL | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | 25 yr. |
Baltimore, MD 1 | |
Year of Construction | 1990 |
Date acquired | 10/89 |
Depreciation Life Computed on | 39 yr. |
Harford, MD 1 | |
Year of Construction | 2019 |
Date acquired | 2/19 |
Depreciation Life Computed on | 32 yr. |
Carroll, MD | |
Year of Construction | n/a |
Date acquired | 3/08 |
Depreciation Life Computed on | n/a |
Baltimore City, MD 2 | |
Year of Construction | 2018 |
Date acquired | 12/10 |
Depreciation Life Computed on | 39 yr. |
Harford, MD 2 | |
Year of Construction | n/a |
Date acquired | 11/20 |
Depreciation Life Computed on | n/a |
Wash DC 1 | |
Year of Construction | n/a |
Date acquired | 4/86 |
Depreciation Life Computed on | 15 yr. |
Wash DC 2 | |
Year of Construction | n/a |
Date acquired | 10/97 |
Depreciation Life Computed on | n/a |
Dock 79 | |
Year of Construction | 2016 |
Date acquired | 07/17 |
Depreciation Life Computed on | 39 yr. |
Investments in Joint Ventures_2
Investments in Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 04, 5018 | Jul. 31, 2019 | Dec. 24, 2018 | Dec. 31, 2017 | Apr. 26, 2016 | Oct. 04, 2006 | ||
Total Assets of the Partnerhip | $ 536,360 | $ 538,148 | $ 505,488 | |||||||
Profit (loss) of the Partnership | 11,722 | 15,678 | 123,088 | |||||||
Investments in real estate, net | 379,362 | 371,019 | ||||||||
Cash and cash equivalents | 73,909 | 26,607 | 22,547 | $ 4,524 | ||||||
Secured notes payable | 89,964 | 88,925 | ||||||||
Deferred costs | 707 | 890 | ||||||||
Other liabilities | 1,886 | 1,978 | ||||||||
Total liabilities and capital | 536,360 | 538,148 | ||||||||
Rental revenue | 14,106 | 14,318 | 13,883 | |||||||
Total Revenues | 23,583 | 23,756 | 22,022 | |||||||
Property taxes | 2,826 | 2,941 | 2,625 | |||||||
Operating expenses | 3,333 | 4,134 | 4,285 | |||||||
Total cost of operations | 18,449 | 18,000 | 20,060 | |||||||
Total operating profit | 5,134 | 5,756 | 1,962 | |||||||
Interest expense | (1,100) | (1,054) | (3,103) | |||||||
Net loss before tax | 14,929 | 11,784 | $ 1,483 | |||||||
Brooksville Total | ||||||||||
Total Assets of the Partnerhip | 14,347 | 14,316 | ||||||||
Profit (loss) of the Partnership | (78) | (84) | ||||||||
Investments in real estate, net | 14,287 | 14,293 | ||||||||
Cash and cash equivalents | 55 | 18 | ||||||||
Unrealized rents & receivables | 0 | 0 | ||||||||
Secured notes payable | 0 | 0 | ||||||||
Deferred costs | 5 | 5 | ||||||||
Other liabilities | 28 | 2 | ||||||||
Capital | 6,820 | 6,814 | ||||||||
Total liabilities and capital | 14,347 | 14,316 | ||||||||
BC FRP Realty, LLC Total | ||||||||||
Total Assets of the Partnerhip | 22,747 | 22,969 | ||||||||
Profit (loss) of the Partnership | (411) | (1,114) | ||||||||
Investments in real estate, net | 22,067 | 22,423 | ||||||||
Cash and cash equivalents | 90 | 15 | ||||||||
Unrealized rents & receivables | 254 | 220 | ||||||||
Secured notes payable | 12,370 | 12,103 | ||||||||
Deferred costs | 336 | 311 | ||||||||
Other liabilities | 123 | 196 | ||||||||
Capital | 5,127 | 5,335 | ||||||||
Total liabilities and capital | 22,747 | 22,969 | ||||||||
RiverFront Holdings II, LLC Total | ||||||||||
Total Assets of the Partnerhip | 108,538 | 88,235 | ||||||||
Profit (loss) of the Partnership | (4,573) | (95) | ||||||||
Investments in real estate, net | 105,737 | 87,521 | ||||||||
Cash and cash equivalents | 2,626 | 630 | ||||||||
Unrealized rents & receivables | 13 | 82 | ||||||||
Secured notes payable | 64,982 | 38,564 | ||||||||
Deferred costs | 162 | 2 | ||||||||
Other liabilities | 4,189 | 6,771 | ||||||||
Capital | 4,700 | 5,616 | ||||||||
Total liabilities and capital | 108,538 | 88,235 | ||||||||
Rental revenue | 2,825 | 0 | ||||||||
Revenue - other | 233 | 0 | ||||||||
Total Revenues | 3,058 | 0 | ||||||||
Depreciation and amortization | 2,432 | 0 | ||||||||
Property taxes | 331 | 0 | ||||||||
Operating expenses | 1,795 | 95 | ||||||||
Total cost of operations | 4,558 | 95 | ||||||||
Total operating profit | (1,500) | (95) | ||||||||
Interest expense | (3,073) | 0 | ||||||||
Net loss before tax | (4,573) | (95) | ||||||||
Bryant Street Partnerships Total | ||||||||||
Total Assets of the Partnerhip | 173,814 | 96,477 | ||||||||
Profit (loss) of the Partnership | (836) | 260 | ||||||||
Investments in real estate, net | 173,560 | 95,903 | ||||||||
Cash and cash equivalents | 111 | 387 | ||||||||
Unrealized rents & receivables | 58 | 158 | ||||||||
Secured notes payable | 72,471 | 1,660 | ||||||||
Deferred costs | 85 | 29 | ||||||||
Other liabilities | 22,952 | 17,183 | ||||||||
Capital | 19,832 | 20,155 | ||||||||
Total liabilities and capital | 173,814 | 96,477 | ||||||||
Rental revenue | 0 | |||||||||
Revenue - other | 5 | |||||||||
Total Revenues | 5 | |||||||||
Depreciation and amortization | 184 | |||||||||
Property taxes | 17 | |||||||||
Operating expenses | 483 | |||||||||
Total cost of operations | 684 | |||||||||
Total operating profit | (679) | |||||||||
Interest expense | (157) | |||||||||
Net loss before tax | (836) | |||||||||
Hyde Park Total | ||||||||||
Total Assets of the Partnerhip | 591 | 3,492 | ||||||||
Profit (loss) of the Partnership | 0 | 0 | ||||||||
Investments in real estate, net | 591 | 3,492 | ||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Unrealized rents & receivables | 0 | 0 | ||||||||
Secured notes payable | 0 | 0 | ||||||||
Deferred costs | 0 | 0 | ||||||||
Other liabilities | 0 | 0 | ||||||||
Capital | 0 | 0 | ||||||||
Total liabilities and capital | 591 | 3,492 | ||||||||
DST Hickory Creek Total | ||||||||||
Total Assets of the Partnerhip | 47,761 | 49,369 | ||||||||
Profit (loss) of the Partnership | (367) | (168) | ||||||||
Investments in real estate, net | 45,379 | 46,685 | ||||||||
Cash and cash equivalents | 1,202 | 1,764 | ||||||||
Unrealized rents & receivables | 775 | 446 | ||||||||
Secured notes payable | 29,291 | 29,246 | ||||||||
Deferred costs | 405 | 474 | ||||||||
Other liabilities | 107 | 120 | ||||||||
Capital | 13,469 | 14,003 | ||||||||
Total liabilities and capital | 47,761 | 49,369 | ||||||||
Amber Ridge Total | ||||||||||
Total Assets of the Partnerhip | 10,026 | 509 | ||||||||
Profit (loss) of the Partnership | 0 | 0 | ||||||||
Investments in real estate, net | 10,026 | 509 | ||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Unrealized rents & receivables | 0 | 0 | ||||||||
Secured notes payable | 0 | 0 | ||||||||
Deferred costs | 0 | 0 | ||||||||
Other liabilities | 0 | 0 | ||||||||
Capital | 0 | 0 | ||||||||
Total liabilities and capital | 10,026 | 509 | ||||||||
1800 Half Street Total | ||||||||||
Total Assets of the Partnerhip | 54,275 | 40,161 | ||||||||
Profit (loss) of the Partnership | 158 | 0 | ||||||||
Investments in real estate, net | 37,452 | 14,391 | ||||||||
Cash and cash equivalents | 14,011 | 25,770 | ||||||||
Unrealized rents & receivables | 2 | 0 | ||||||||
Secured notes payable | 0 | 0 | ||||||||
Deferred costs | 2,810 | 0 | ||||||||
Other liabilities | 1,953 | 1,363 | ||||||||
Capital | 14,856 | 1,484 | ||||||||
Total liabilities and capital | 54,275 | 40,161 | ||||||||
Greenville/Woodfield Partnerships Total | ||||||||||
Total Assets of the Partnerhip | 46,457 | 19,214 | ||||||||
Profit (loss) of the Partnership | 182 | 0 | ||||||||
Investments in real estate, net | 42,668 | 1,889 | ||||||||
Cash and cash equivalents | 3,554 | 17,325 | ||||||||
Unrealized rents & receivables | 0 | 0 | ||||||||
Secured notes payable | 1,776 | 0 | ||||||||
Deferred costs | 235 | 0 | ||||||||
Other liabilities | 4,774 | 1,889 | ||||||||
Capital | 23,944 | 1,406 | ||||||||
Total liabilities and capital | 46,457 | 19,214 | ||||||||
Joint Venture Totals | ||||||||||
Total Assets of the Partnerhip | 478,556 | 334,742 | ||||||||
Profit (loss) of the Partnership | (5,925) | (1,201) | ||||||||
Investments in real estate, net | 451,767 | 287,106 | ||||||||
Cash and cash equivalents | 21,649 | 45,909 | ||||||||
Unrealized rents & receivables | 1,102 | 906 | ||||||||
Secured notes payable | 180,890 | 81,573 | ||||||||
Deferred costs | 4,038 | 821 | ||||||||
Other liabilities | 34,126 | 27,524 | ||||||||
Capital | 88,748 | 54,813 | ||||||||
Total liabilities and capital | 478,556 | 334,742 | ||||||||
Apartment Mixed Use Totals | ||||||||||
Total Assets of the Partnerhip | 430,845 | 293,456 | ||||||||
Investments in real estate, net | 404,796 | 246,389 | ||||||||
Cash and cash equivalents | 21,504 | 45,876 | ||||||||
Unrealized rents & receivables | 848 | 686 | ||||||||
Secured notes payable | 168,520 | 69,470 | ||||||||
Deferred costs | 3,697 | 505 | ||||||||
Other liabilities | 33,975 | 27,326 | ||||||||
Capital | 76,801 | 42,664 | ||||||||
Total liabilities and capital | $ 430,845 | $ 293,456 | ||||||||
Brooksville | ||||||||||
Ownership percent | 50.00% | 50.00% | 50.00% | |||||||
Total Investment | $ 7,499 | $ 7,449 | ||||||||
Profit (loss) of the Partnership | (39) | (42) | ||||||||
Capital | $ 7,499 | $ 7,500 | ||||||||
BC FRP Realty, LLC | ||||||||||
Ownership percent | 50.00% | 50.00% | 50.00% | |||||||
Total Investment | $ 5,184 | $ 5,391 | ||||||||
Profit (loss) of the Partnership | (207) | (591) | ||||||||
Capital | $ 5,127 | $ 5,335 | ||||||||
RiverFront Holdings II, LLC | ||||||||||
Ownership percent | 80.00% | 80.00% | 80.00% | |||||||
Total Investment | $ 23,533 | $ 25,975 | ||||||||
Profit (loss) of the Partnership | [1] | (3,907) | (871) | |||||||
Capital | 34,667 | 37,284 | ||||||||
Rental revenue | 2,260 | 0 | ||||||||
Revenue - other | 186 | 0 | ||||||||
Total Revenues | 2,446 | 0 | ||||||||
Depreciation and amortization | 1,946 | 0 | ||||||||
Property taxes | 265 | 0 | ||||||||
Operating expenses | 1,435 | 76 | ||||||||
Total cost of operations | 3,646 | 76 | ||||||||
Total operating profit | (1,200) | (76) | ||||||||
Interest expense | (2,707) | (795) | ||||||||
Net loss before tax | $ (3,907) | $ (871) | ||||||||
Bryant Street Partnerships | ||||||||||
Ownership percent | 61.36% | 61.36% | 61.36% | |||||||
Total Investment | $ 60,159 | $ 58,353 | ||||||||
Profit (loss) of the Partnership | [1] | (2,130) | (573) | |||||||
Capital | 58,559 | 57,479 | ||||||||
Rental revenue | 0 | |||||||||
Revenue - other | 3 | |||||||||
Total Revenues | 3 | |||||||||
Depreciation and amortization | 113 | |||||||||
Property taxes | 10 | |||||||||
Operating expenses | 297 | |||||||||
Total cost of operations | 420 | |||||||||
Total operating profit | (417) | |||||||||
Interest expense | (1,713) | |||||||||
Net loss before tax | (2,130) | |||||||||
Hyde Park | ||||||||||
Total Investment | 591 | 3,492 | ||||||||
Profit (loss) of the Partnership | 0 | 0 | ||||||||
Capital | $ 591 | $ 3,492 | ||||||||
DST Hickory Creek | ||||||||||
Ownership percent | 26.65% | 26.65% | 26.65% | |||||||
Total Investment | $ 6,000 | $ 6,000 | ||||||||
Profit (loss) of the Partnership | 339 | 123 | ||||||||
Capital | 4,894 | 6,000 | ||||||||
Amber Ridge | ||||||||||
Total Investment | 10,026 | 509 | ||||||||
Profit (loss) of the Partnership | 0 | 0 | ||||||||
Capital | $ 10,026 | $ 509 | ||||||||
1800 Half Street | ||||||||||
Ownership percent | 61.37% | 59.73% | ||||||||
Total Investment | $ 37,875 | $ 37,314 | ||||||||
Profit (loss) of the Partnership | 164 | 0 | ||||||||
Capital | $ 37,466 | $ 37,314 | ||||||||
Greenville/Woodfield Partnerships | ||||||||||
Ownership percent | 40.00% | 40.00% | ||||||||
Total Investment | $ 16,204 | $ 15,919 | ||||||||
Profit (loss) of the Partnership | 90 | 0 | ||||||||
Capital | 15,963 | 15,919 | ||||||||
Joint Venture Company Share | ||||||||||
Total Investment | 167,071 | 160,452 | ||||||||
Profit (loss) of the Partnership | (5,690) | (1,954) | ||||||||
Capital | 174,792 | 170,832 | ||||||||
Apartment Mixed Use FRP | ||||||||||
Capital | $ 151,549 | $ 153,996 | ||||||||
[1] | RiverFront Holdings II, LLC includes $286,000 in 2020 and $788,000 in 2019 for the Company's share of preferred interest. Bryant Street Partnerships includes $1,146,000 in 2020 and $444,000 in 2019 for the Company's share of preferred interest and $471,000 in 2020 and $373,000 in 2019 for amortization of guarantee liability related to the Bryant Street loan. |
Debt - Debt (Details)
Debt - Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Riverfront permanent loan | $ 89,964 | $ 88,925 |
Long-term debt, current and non-current | 89,964 | 88,925 |
Less portion due within one year | 0 | 0 |
Total long term debt | $ 89,964 | $ 88,925 |
Leases - Carrying value of prop
Leases - Carrying value of property leased or held for lease to others (Details) - Property leased or held for lease $ in Thousands | Dec. 31, 2020USD ($) |
Construction aggregates property | $ 35,093 |
Commercial property | 61,823 |
Carrying Value of property owned by the Company leased or held for lease, gross | 96,916 |
Less accumulated depreciation and depletion | 14,813 |
Carrying Value of property owned by the Company leased or held for lease, net | $ 82,103 |
Earnings Per Share - Earnings p
Earnings Per Share - Earnings per share computations (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares oustanding during the period-shares used for basic earnings per common share | 9,580 | 9,883 | 10,040 |
Common shares issuable under share based payment plans which are potentially dilutive | 29 | 43 | 65 |
Common shares used for diluted earnings per common share | 9,609 | 9,926 | 10,105 |
Income from continuing operations | $ 11,722 | $ 8,822 | $ 959 |
Discontinued operations | 0 | 6,856 | 122,129 |
Net income attributable to the Company | $ 12,715 | $ 16,177 | $ 124,472 |
Basic earnings per common share: | |||
Income from continuing operations | $ 1.22 | $ 0.89 | $ 0.10 |
Discontinued operations | 0 | 0.69 | 12.16 |
Net income attributable to the Company | 1.33 | 1.64 | 12.40 |
Diluted earnings per common share | |||
Income from continuing operations | 1.22 | 0.89 | 0.09 |
Discontinued operations | 0 | 0.69 | 12.09 |
Net income attributable to the Company | $ 1.32 | $ 1.63 | $ 12.32 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Stock Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Stock option grants | $ 92 | $ 112 | $ 607 |
Restricted stock awards granted in 2020 | 250 | 0 | 0 |
Employee stock grant | 530 | 0 | 0 |
Unrestricted employee stock award | 0 | 50 | 0 |
Annual director stock award | 500 | 70 | 1,055 |
Total Stock Compensation expense | $ 1,372 | $ 232 | $ 1,662 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Summary of changes in outstanding options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | ||||
Options outstanding | 120,089 | 132,504 | 147,538 | 174,510 |
Options granted | 29,260 | |||
Options exercised | (12,415) | (15,034) | (56,232) | |
Options outstanding weighted average exercise price | $ 35.33 | $ 33.82 | $ 33.48 | $ 28.70 |
Options outstanding weighted average exercise price - Granted | 45.97 | |||
Options outstanding weighted average exercise price - Exercised | $ 19.23 | $ 30.42 | $ 25.17 | |
Options outstanding weighted average remaining term | 5 years 3 months 18 days | 5 years 9 months 17 days | 6 years 8 months 11 days | 6 years |
Options outstanding weighted average grant date fair value | $ 1,531 | $ 1,631 | $ 1,782 | $ 1,901 |
Options granted weighted average grant date fair value | $ 427 | |||
Options exercised weighted average grant date fair value | $ (100) | $ (151) | $ (546) | |
Options exercisable at December 31, 2020 | 107,741 | |||
Options exercisable weighted average exercise price | $ 34.12 | |||
Options exercisable weighted average remaining term | 5 years | |||
Options exercisable weighted average grant date fair value | $ 1,327 | |||
Options vested during twelve months ended December 31, 2020 | 5,967 | |||
Options vested weighted average grant date fair value | $ 94 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Summary of Stock Options Outstanding (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares under option | 120,089 | |||
Weighted average exercise price | $ 35.33 | $ 33.82 | $ 33.48 | $ 28.70 |
Weighted average remaining life | 5 years 3 months 18 days | 5 years 9 months 17 days | 6 years 8 months 11 days | 6 years |
$37.26 - $45.97 Exercisable | ||||
Shares under option | 57,787 | |||
Weighted average exercise price | $ 43.25 | |||
Weighted average remaining life | 7 years | |||
Minimum exercise price | $ 37.26 | |||
Maximum exercise price | $ 45.97 | |||
$24.76 - $37.25 Exercisable | ||||
Shares under option | 35,854 | |||
Weighted average exercise price | $ 26.24 | |||
Weighted average remaining life | 3 years 3 months 18 days | |||
Minimum exercise price | $ 24.76 | |||
Maximum exercise price | $ 37.25 | |||
$16.71 - $24.75 Exercisable | ||||
Shares under option | 14,100 | |||
Weighted average exercise price | $ 16.72 | |||
Weighted average remaining life | 10 months 24 days | |||
Minimum exercise price | $ 16.71 | |||
Maximum exercise price | $ 24.75 | |||
$37.26 - $45.97 Non-exercisable | ||||
Shares under option | 12,348 | |||
Weighted average exercise price | $ 45.93 | |||
Weighted average remaining life | 7 years 10 months 23 days | |||
Minimum exercise price | $ 37.26 | |||
Maximum exercise price | $ 45.97 | |||
Exercisable | ||||
Shares under option | 107,741 | |||
Weighted average exercise price | $ 34.12 | |||
Weighted average remaining life | 5 years |
Restricted Stock Activity (Deta
Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares outstanding | 120,089 | 132,504 | 147,538 | 174,510 |
Options outstanding weighted average exercise price | $ 35.33 | $ 33.82 | $ 33.48 | $ 28.70 |
Options outstanding weighted average remaining term | 5 years 3 months 18 days | 5 years 9 months 17 days | 6 years 8 months 11 days | 6 years |
Options outstanding weighted average grant date fair value | $ 1,531 | $ 1,631 | $ 1,782 | $ 1,901 |
Options granted weighted average grant date fair value | $ 427 | |||
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 4 months 25 days | |||
Options outstanding weighted average grant date fair value | $ 950 | |||
Options granted weighted average grant date fair value | $ 950 |
Income Taxes - Provision for in
Income Taxes - Provision for income taxes for continuing operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Federal, current | $ (2,667) | $ (8,225) | $ 28,512 |
State, current | (213) | (7,799) | 15,024 |
Current income tax expense | (2,880) | (16,024) | 43,536 |
Deferred | 5,995 | 22,130 | 1,999 |
Federal, computed at statutory rate | 3,226 | 5,006 | 35,351 |
State income taxes (net of Federal income tax benefit) | 1,048 | 1,623 | 10,186 |
Carryback of net operating loss | (1,100) | 0 | 0 |
Other, net | (59) | (523) | (2) |
Continuing operations tax expense | 3,207 | 2,962 | 524 |
Discontinued operations tax expense | 0 | 2,542 | 45,286 |
Tax expense continuing operations and discontinued operations | 3,207 | 5,504 | 45,810 |
Comprehensive income tax expense | (92) | 602 | (275) |
Total tax expense | $ 3,115 | $ 6,106 | $ 45,535 |
Income Taxes - Deferred tax ass
Income Taxes - Deferred tax assets and deferred tax liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | |||
Property and equipment | $ 56,314 | $ 49,932 | $ 28,329 |
Depletion | 708 | 718 | 721 |
Unrealized rents | 27 | 27 | 52 |
Prepaid expenses | 50 | 76 | 38 |
Gross deferred tax liabilities | 57,099 | 50,753 | 29,140 |
Employee benefits and other | 993 | 642 | 1,159 |
Gross deferred tax assets | 993 | 642 | 1,159 |
Net deferred tax liability | $ 56,106 | $ 50,111 | $ 27,981 |
Business Segments - Business se
Business Segments - Business segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 23,583 | $ 23,756 | $ 22,022 |
Operating profit | 5,134 | 5,756 | 1,962 |
Corporate expenses | 3,511 | 2,556 | 3,952 |
Interest expense | 1,100 | 1,054 | 3,103 |
Depreciation, depletion and amortization | 5,828 | 5,855 | 7,898 |
Investments available for sale | 75,609 | 137,867 | 165,212 |
Cash items | 74,105 | 26,793 | 22,749 |
Total identifiable net assets | 536,360 | 538,148 | 505,488 |
Discontinued Operations | |||
Segment Reporting Information [Line Items] | |||
Total identifiable net assets | 0 | 0 | 3,224 |
Unallocated | |||
Segment Reporting Information [Line Items] | |||
Corporate expenses | 0 | 0 | (1,208) |
Asset Management | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,747 | 2,190 | 2,309 |
Operating profit (loss) before corporate expenses | 907 | 196 | 1,051 |
Corporate expenses | (909) | (646) | (153) |
Depreciation, depletion and amortization | 652 | 708 | 540 |
Capital expenditures | 924 | 9,487 | 335 |
Total identifiable net assets | 11,172 | 18,468 | 10,593 |
Mining royalty lands | |||
Segment Reporting Information [Line Items] | |||
Revenues | 9,477 | 9,438 | 8,139 |
Operating profit (loss) before corporate expenses | 8,629 | 8,690 | 7,504 |
Corporate expenses | (288) | (169) | (214) |
Depreciation, depletion and amortization | 218 | 177 | 198 |
Capital expenditures | 0 | 0 | 0 |
Total identifiable net assets | 37,387 | 38,409 | 37,991 |
Development | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,152 | 1,164 | 1,206 |
Operating profit (loss) before corporate expenses | (2,576) | (2,817) | (2,104) |
Corporate expenses | (2,108) | (1,581) | (1,984) |
Depreciation, depletion and amortization | 214 | 214 | 228 |
Capital expenditures | 16,547 | 631 | 6,396 |
Total identifiable net assets | 196,212 | 179,357 | 119,029 |
Stabilized Joint Venture | |||
Segment Reporting Information [Line Items] | |||
Revenues | 10,207 | 10,964 | 10,368 |
Operating profit (loss) before corporate expenses | 1,685 | 2,243 | (537) |
Corporate expenses | (206) | (160) | (393) |
Depreciation, depletion and amortization | 4,744 | 4,756 | 6,932 |
Capital expenditures | 73 | 316 | 563 |
Total identifiable net assets | 130,472 | 133,956 | 138,206 |
Total Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 23,583 | 23,756 | 22,022 |
Operating profit (loss) before corporate expenses | 8,645 | 8,312 | 5,914 |
Operating profit | 5,134 | 5,756 | 1,962 |
Corporate expenses | (3,511) | (2,556) | (3,952) |
Interest expense | 1,100 | 1,054 | 3,103 |
Depreciation, depletion and amortization | 5,828 | 5,855 | 7,898 |
Capital expenditures | 17,544 | 10,434 | 7,294 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Total identifiable net assets | $ 11,403 | $ 3,298 | $ 8,484 |
Intangible Assets - Intangible
Intangible Assets - Intangible asset amortization Dock 79 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 06, 2019 | Jun. 30, 2017 | |
Cranberry Run Business Park | ||||||
In-place leases initial value | $ 183 | |||||
In-place Leases annual amortization | $ 46 | $ 79 | ||||
In-place leases annual amortization 2021 | 46 | |||||
In-place leases annual amortization 2022 | $ 12 | |||||
Dock 79 | ||||||
In-place leases initial value | $ 4,727 | |||||
In-place Leases annual amortization | $ 25 | $ 2,201 | $ 2,501 |
Intangible assets and liabiliti
Intangible assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
In-place leases, gross | $ 4,910 | $ 4,910 |
Amortizable asset accumulated Amortization | 4,852 | 4,806 |
In place leases | ||
In-place leases, gross | 4,910 | 4,910 |
Amortizable asset accumulated Amortization | 4,852 | 4,806 |
Above Market leases | ||
In-place leases, gross | 0 | 0 |
Amortizable asset accumulated Amortization | $ 0 | $ 0 |
Intangible assets and liabili_2
Intangible assets and liabilities (Details) (Parenthetical) | 12 Months Ended |
Dec. 31, 2020 | |
In place leases | |
Useful life | 0-8 years |
Above Market leases | |
Useful life | 5 years |
Discontinued Operations - Disco
Discontinued Operations - Discontinued operations results of operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lease Revenues | $ 14,106 | $ 14,318 | $ 13,883 |
Depreciation, depletion and amortization | 5,828 | 5,855 | 7,898 |
Operating expenses | 3,333 | 4,134 | 4,285 |
Management company indirect | 2,951 | 2,514 | 1,765 |
Property taxes | 2,826 | 2,941 | 2,625 |
Corporate expenses | 3,511 | 2,556 | 3,952 |
Total operating profit | 5,134 | 5,756 | 1,962 |
Interest expense | (1,100) | (1,054) | (3,103) |
Income before income taxes | 14,929 | 11,784 | 1,483 |
Provision for (benefit from) income taxes | 3,207 | 2,962 | 524 |
Income from discontinued operations | $ 0 | 6,856 | 122,129 |
Discontinued Operations, Disposed of by Sale [Member] | |||
Lease Revenues | 460 | 12,098 | |
Depreciation, depletion and amortization | 17 | 3,161 | |
Operating expenses | 248 | 1,742 | |
Management company indirect | 0 | 1,360 | |
Property taxes | 41 | 1,286 | |
Corporate expenses | 0 | 1,462 | |
Total cost of operations | 306 | 9,011 | |
Total operating profit | 154 | 3,087 | |
Interest expense | 0 | (587) | |
Gain on sale of buildings | 9,244 | 164,915 | |
Income before income taxes | 9,398 | 167,415 | |
Provision for (benefit from) income taxes | 2,542 | 45,286 | |
Income from discontinued operations | $ 6,856 | $ 122,129 |
Discontinued Operations - Dis_2
Discontinued Operations - Discontinued operations balance sheet components (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Land | $ 91,744 | $ 84,383 | |
Buildings and improvements | 141,241 | 147,019 | |
Projects under construction | 4,879 | 1,056 | |
Accounts receivable, net | 923 | 546 | |
Unrealized rents | 531 | 554 | |
Deferred costs | 707 | 890 | |
Other assets | 502 | 479 | |
Secured notes payable, less current portion | 89,964 | 88,925 | |
Accounts payable and accrued liabilities | 3,635 | 2,431 | |
Deferred revenue | 542 | 790 | |
Tenant security deposits | $ 332 | $ 328 | |
Discontinued Operations, Disposed of by Sale [Member] | |||
Land | $ 546 | ||
Buildings and improvements | 3,315 | ||
Projects under construction | 0 | ||
Total investments in properties | 3,861 | ||
Less accumulated depreciation and depletion | 2,374 | ||
Net investments in properties | 1,487 | ||
Accounts receivable, net | 910 | ||
Unrealized rents | 473 | ||
Deferred costs | 354 | ||
Other assets | 0 | ||
Assets of discontinued operations | 3,224 | ||
Secured notes payable, current portion | 0 | ||
Secured notes payable, less current portion | 0 | ||
Accounts payable and accrued liabilities | 205 | ||
Deferred revenue | 45 | ||
Tenant security deposits | 38 | ||
Liabilities of discontinued operations | $ 288 |
Accounting Policies (Details Na
Accounting Policies (Details Narrative) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)integer | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 21, 2018USD ($)integer | |
Investments held to maturity | $ 0 | |||
Investments held for trading | 0 | |||
Depreciation and depletion | $ 5,766 | $ 5,784 | $ 5,709 | |
Asset Management Properties | ||||
Warehouse properties | integer | 3 | |||
Buildings and improvements | ||||
Estimated useful lives | 3-39 | |||
Discontinued Operations, Disposed of by Sale [Member] | ||||
Warehouse properties | integer | 40 | |||
Land parcels | integer | 3 | |||
Sales price | $ 11,700 | $ 347,200 | ||
Excluded | ||||
Warehouse properties | integer | 1 | |||
Property value | $ 11,700 | |||
Brooksville | ||||
Voting interest | 50.00% | |||
BC FRP Realty, LLC | ||||
Voting interest | 50.00% | |||
RiverFront Holdings II, LLC | ||||
Voting interest | 80.00% | |||
Bryant Street Partnerships | ||||
Voting interest | 61.36% | |||
1800 Half Street | ||||
Voting interest | 61.37% | |||
Greenville/Woodfield Partnerships | ||||
Voting interest | 40.00% |
Investments in Joint Ventures_3
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 | Apr. 30, 2020USD ($) | Feb. 28, 2020 | Dec. 31, 2019USD ($) | May 31, 2016USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2006USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)ainteger | Dec. 31, 2019USD ($)integer | Dec. 31, 2018USD ($) | Dec. 31, 2017 | Dec. 31, 2016USD ($) | May 04, 5018 | Jun. 26, 2020USD ($) | Apr. 28, 2020USD ($) | Feb. 14, 2020USD ($) | Dec. 23, 2019ft²integer | Dec. 20, 2019ft²integer | Jul. 31, 2019USD ($)ft²ainteger | Jun. 26, 2019USD ($)integer | Mar. 13, 2019USD ($) | Dec. 24, 2018a | May 04, 2018USD ($) | Jan. 27, 2018USD ($) | Sep. 28, 2017USD ($)integer | Apr. 26, 2016ft²a | Oct. 04, 2006a | ||
Company's share of the profit (loss) of the joint venture | $ 11,722 | $ 15,678 | $ 123,088 | |||||||||||||||||||||||||||
Joint Venture consolidated retained earnings | $ (4,127) | (8,278) | (4,127) | |||||||||||||||||||||||||||
Cash contribution | 12,315 | 73,529 | $ 71,007 | |||||||||||||||||||||||||||
Difference between capital recorded by the Company and the joint ventures | 7,778 | |||||||||||||||||||||||||||||
Bryant Street and MRP | ||||||||||||||||||||||||||||||
Loan guarantee amount | $ 26,000 | $ 26,000 | ||||||||||||||||||||||||||||
Loan guarantee term | 48 months | |||||||||||||||||||||||||||||
Loan guarantee description | The Company and MRP guaranteed $26 million of the loan in exchange for a 1% lower interest rate. The Company and MRP have a side agreement limiting the Company’s guarantee to its proportionate ownership. The value of the guarantee was calculated at $1.9 million based on the present value of the 1% interest savings over the anticipated 48 month term. This amount is included as part of the Company’s investment basis and is amortized to expense over the 48 months. | |||||||||||||||||||||||||||||
Loan guarantee interest savings | 1.00% | 1.00% | ||||||||||||||||||||||||||||
Loan guarantee present value | $ 1,900 | $ 1,900 | ||||||||||||||||||||||||||||
BC FRP Realty, LLC Debt | ||||||||||||||||||||||||||||||
Construction financing | $ 17,250 | |||||||||||||||||||||||||||||
Interest rate over LIBOR | 2.50% | |||||||||||||||||||||||||||||
Outstanding balance | 12,127 | |||||||||||||||||||||||||||||
Buildings | integer | 4 | |||||||||||||||||||||||||||||
Eagle BankRiverFront Holdings II, LLC | ||||||||||||||||||||||||||||||
Interest rate over LIBOR | 3.25% | |||||||||||||||||||||||||||||
Outstanding balance | 65,070 | |||||||||||||||||||||||||||||
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 LIBOR | 2.25% | |||||||||||||||||||||||||||||
Outstanding balance | 74,923 | |||||||||||||||||||||||||||||
Loan commitment | $ 132,000 | |||||||||||||||||||||||||||||
Loan description | The loan matures March 13, 2023 with up to two extension of one year each upon certain conditions. | |||||||||||||||||||||||||||||
Amortization of guarantee liability | $ 471 | $ 373 | ||||||||||||||||||||||||||||
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 LIBOR | 2.25% | |||||||||||||||||||||||||||||
1800 Half Street Construction Loan extension | ||||||||||||||||||||||||||||||
Loan extension fee | 0.25% | |||||||||||||||||||||||||||||
Debt Yield for extension | 9.90% | |||||||||||||||||||||||||||||
Amortization schedule | 30 years | |||||||||||||||||||||||||||||
408 Jackson Construction Loan | ||||||||||||||||||||||||||||||
Construction financing | $ 36,000 | |||||||||||||||||||||||||||||
Interest rate over LIBOR | 2.00% | |||||||||||||||||||||||||||||
Interest only period | 4 years | |||||||||||||||||||||||||||||
Principal and interest payment | $ 18 | |||||||||||||||||||||||||||||
408 Jackson Construction Loan extension | ||||||||||||||||||||||||||||||
Debt service coverage | 1.2 | |||||||||||||||||||||||||||||
Loan-to-value | 60.00% | |||||||||||||||||||||||||||||
Loan extension fee | 0.10% | |||||||||||||||||||||||||||||
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 Joint Venture | ||||||||||||||||||||||||||||||
Value of land contributed | $ 3,240 | |||||||||||||||||||||||||||||
Joint venture percentage stake | 50.00% | |||||||||||||||||||||||||||||
Acres conributed | ft² | 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 | |||||||||||||||||||||||||||||
Brooksville | ||||||||||||||||||||||||||||||
Land acreage | a | 4,280 | 4,300 | ||||||||||||||||||||||||||||
Joint venture percentage stake | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||||||
Acres conributed | a | 3,443 | |||||||||||||||||||||||||||||
Book value of land contribution | 2,548 | |||||||||||||||||||||||||||||
FRP additional contribution for land | $ 3,018 | |||||||||||||||||||||||||||||
Additional land acquired | a | 288 | |||||||||||||||||||||||||||||
Company's share of the profit (loss) of the joint venture | $ (39) | $ (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% | ||||||||||||||||||||||||||
Distribution received | $ 2,130 | |||||||||||||||||||||||||||||
Acres conributed | a | 25 | |||||||||||||||||||||||||||||
Company's share of the profit (loss) of the joint venture | $ (207) | $ (591) | ||||||||||||||||||||||||||||
RiverFront Holdings II, LLC | ||||||||||||||||||||||||||||||
Value of land contributed | 16,300 | |||||||||||||||||||||||||||||
Joint venture percentage stake | 80.00% | 80.00% | 80.00% | 80.00% | ||||||||||||||||||||||||||
Book value of land contribution | 4,600 | |||||||||||||||||||||||||||||
Company's share of the profit (loss) of the joint venture | [1] | $ (3,907) | $ (871) | |||||||||||||||||||||||||||
Cash contribution | 6,200 | |||||||||||||||||||||||||||||
Preferred equity financing | $ 13,750 | |||||||||||||||||||||||||||||
Preferred equity financing interest rate | 7.50% | |||||||||||||||||||||||||||||
Company's share of preferred interest | $ 286 | $ 788 | ||||||||||||||||||||||||||||
Bryant Street Partnerships | ||||||||||||||||||||||||||||||
Number of partnerships | integer | 4 | |||||||||||||||||||||||||||||
Land acreage | a | 5 | |||||||||||||||||||||||||||||
Joint venture percentage stake | 61.36% | 61.36% | 61.36% | 61.36% | ||||||||||||||||||||||||||
Company's share of the profit (loss) of the joint venture | [1] | $ (2,130) | $ (573) | |||||||||||||||||||||||||||
Cash contribution | 32,000 | |||||||||||||||||||||||||||||
Preferred equity financing | 23,000 | |||||||||||||||||||||||||||||
Preferred equity financing interest rate | 8.00% | |||||||||||||||||||||||||||||
Company's share of preferred interest | 1,146 | 444 | ||||||||||||||||||||||||||||
Hyde Park | ||||||||||||||||||||||||||||||
Company's share of the profit (loss) of the joint venture | $ 0 | $ 0 | ||||||||||||||||||||||||||||
Loan commitment | $ 3,500 | |||||||||||||||||||||||||||||
Interest rate | 10.00% | |||||||||||||||||||||||||||||
Preferred return | 20.00% | |||||||||||||||||||||||||||||
No. of homes | integer | 126 | |||||||||||||||||||||||||||||
Principal and interest payment | $ 2,670 | $ 1,130 | ||||||||||||||||||||||||||||
DST Hickory Creek | ||||||||||||||||||||||||||||||
Joint venture percentage stake | 26.65% | 26.65% | 26.65% | 26.65% | ||||||||||||||||||||||||||
Distribution received | $ 339 | |||||||||||||||||||||||||||||
Company's share of the profit (loss) of the joint venture | 339 | $ 123 | ||||||||||||||||||||||||||||
Cash contribution | $ 6,000 | |||||||||||||||||||||||||||||
Amber Ridge | ||||||||||||||||||||||||||||||
Company's share of the profit (loss) of the joint venture | $ 0 | $ 0 | ||||||||||||||||||||||||||||
Loan commitment | $ 18,500 | |||||||||||||||||||||||||||||
Interest rate | 10.00% | |||||||||||||||||||||||||||||
Preferred return | 20.00% | |||||||||||||||||||||||||||||
No. of homes | integer | 187 | |||||||||||||||||||||||||||||
1800 Half Street | ||||||||||||||||||||||||||||||
Square feet | ft² | 11,246 | |||||||||||||||||||||||||||||
Joint venture percentage stake | 59.73% | 61.37% | 59.73% | |||||||||||||||||||||||||||
Company's share of the profit (loss) of the joint venture | $ 164 | $ 0 | ||||||||||||||||||||||||||||
Cash contribution | $ 37,300 | |||||||||||||||||||||||||||||
No. of homes | integer | 344 | |||||||||||||||||||||||||||||
408 Jackson | ||||||||||||||||||||||||||||||
Square feet | ft² | 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 | |||||||||||||||||||||||||||||
Greenville Construction Loan | ||||||||||||||||||||||||||||||
Construction financing | $ 22,800 | |||||||||||||||||||||||||||||
Interest rate over LIBOR | 2.25% | |||||||||||||||||||||||||||||
Outstanding balance | $ 1,914 | |||||||||||||||||||||||||||||
Financing term | 4 years | |||||||||||||||||||||||||||||
Interest rate reduction after certificate of occupancy | 2.05% | |||||||||||||||||||||||||||||
Greenville Construction Loan extension 1 | ||||||||||||||||||||||||||||||
Debt service coverage | 1.25 | |||||||||||||||||||||||||||||
Amortization schedule | 30 years | |||||||||||||||||||||||||||||
[1] | RiverFront Holdings II, LLC includes $286,000 in 2020 and $788,000 in 2019 for the Company's share of preferred interest. Bryant Street Partnerships includes $1,146,000 in 2020 and $444,000 in 2019 for the Company's share of preferred interest and $471,000 in 2020 and $373,000 in 2019 for amortization of guarantee liability related to the Bryant Street loan. |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transactions [Abstract] | ||
Charges/allocation related to Transition Services Agreement with Patriot | $ 1,305 | $ 1,389 |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 06, 2019 | Nov. 17, 2017 | |
Capitalized interest | $ 3,762 | $ 2,889 | ||||
Debt cost amortization | 1,039 | |||||
Accelerated amortization of deferred loan fees at Dock 79 | 902 | 0 | $ 0 | |||
Riverfront permanent loan | 89,964 | $ 88,925 | ||||
Principal payments 2021 | 127 | |||||
Principal payments 2022 | 1,556 | |||||
Principal payments 2023 | 1,622 | |||||
Principal payments 2024 | 1,690 | |||||
Principal payments 2025 and subsequent years | 84,969 | |||||
Wells Fargo Bank, N.A. | ||||||
Term | 5 years | |||||
Revolving Credit Agreement | $ 20,000 | |||||
Letters of credit issued | 448 | |||||
Borrowed under the revolver | 0 | |||||
Available for borrowing | 19,552 | |||||
Available to pay dividends or repurchase stock | $ 228,000 | |||||
Letter of credit fee | 1.00% | |||||
Interest rate | 1.14675% | |||||
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 LIBOR | 1.00% | |||||
Wells Fargo Level II | ||||||
Commitment fee | 0.20% | |||||
Interest rate over LIBOR | 1.25% | |||||
Wells Fargo Level III | ||||||
Commitment fee | 0.25% | |||||
Interest rate over LIBOR | 1.50% |
Leases (Details Narrative)
Leases (Details Narrative) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
Minimum future straight-lined rentals due on noncancelable leases 2021 | $ 10,082 |
Minimum future straight-lined rentals due on noncancelable leases 2022 | 3,806 |
Minimum future straight-lined rentals due on noncancelable leases 2023 | 3,295 |
Minimum future straight-lined rentals due on noncancelable leases 2024 | 3,239 |
Minimum future straight-lined rentals due on noncancelable leases 2025 | 3,183 |
Minimum future straight-lined rentals due on noncancelable leases 2026 and subsequent years | $ 13,444 |
Earnings Per Share (Details Nar
Earnings Per Share (Details Narrative) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive shares | 53,545 | 19,950 | |
Shares repurchased by the Company | 510,145 | 169,251 | 121,817 |
Repurchased shares average cost | $ 41.78 | $ 48.51 | $ 47.06 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)Years$ / sharesshares | Dec. 31, 2018USD ($) | |
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 | 439,248 | |
Dividend yield | 0.00% | |
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 | |
Aggregate intrinsic value of exercisable in-the-money options | $ 1,239 | |
Aggregate intrinsic value of outstanding in-the-money options | $ 1,240 | |
Market close price | $ / shares | $ 45.55 | |
Gains realized by option holders | $ 312 | |
Total unrecognized compensation cost of options granted but not yet vested | $ 198 | |
Compensation cost not yet vested recognition period | 2 years 10 months 24 days | |
Stock compensation expense for the vesting of option grants due to asset disposition | $ 402 | |
Restricted Stock [Member] | ||
Total unrecognized compensation cost of options granted but not yet vested | $ 700 | |
Compensation cost not yet vested recognition period | 3 years 7 months 6 days |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | |
Unrecognized tax benefits | $ 0 | |||
Federal tax rate | 35.00% | |||
Tax expense related to Discontinued operations | 0 | $ 2,542 | $ 45,286 | |
Provision to return adjustment | 18,000 | |||
Net current tax benefit | 16,000 | |||
Current tax provision before adjustments | 2,000 | |||
Carryback of net operating loss | 1,100 | 0 | 0 | |
Opportunity Zone $50 mil | ||||
Provision to return adjustment | 13,797 | |||
Opportunity Zone investment funds | 50,000 | |||
Opportunity Zone $55 mil | ||||
State tax related to gains | 4,213 | |||
Opportunity Zone investment funds | $ 55,000 | |||
Discontinued Operations, Disposed of by Sale [Member] | ||||
Tax expense related to Discontinued operations | $ 44,600 | |||
Opportunity Zone investment funds | 112,000 | |||
Deferred taxes of gains on sales reinvested in Opportunity Zone investments | $ 31,000 | |||
Gains excluded from tax once held five years | 10.00% | |||
Additional Gains excluded from tax after held seven years | 5.00% |
Employee Benefits (Details Narr
Employee Benefits (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Notes to Financial Statements | ||
Company 401k contribution | 50.00% | 50.00% |
Savings/profit sharing plan company contribution | $ 43 | $ 35 |
Management Security Plan expense | 2 | (14) |
Management Security Plan accrued benefit | $ 1,252 | $ 1,424 |
Business Segments (Details Narr
Business Segments (Details Narrative) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020aSegmentsinteger | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 21, 2018USD ($)integer | Oct. 04, 2006a | |
Reportable business segments | Segments | 4 | ||||
Discontinued Operations, Disposed of by Sale [Member] | |||||
Warehouse properties | 40 | ||||
Land parcels | 3 | ||||
Sales price | $ | $ 11,700 | $ 347,200 | |||
Excluded | |||||
Warehouse properties | 1 | ||||
Property value | $ | $ 11,700 | ||||
Brooksville | |||||
Mining royalty lands acres | a | 4,280 | 4,300 | |||
Asset Management | |||||
Warehouse properties | 2 | ||||
Industrial acquisition | 1 | ||||
Mining royalty lands | |||||
Mining royalty lands acres | a | 15,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)integer | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of corporate bonds | integer | 32 | ||
Unrealized gain on corporate bonds | $ 677 | ||
Realized gain on corporate bonds | 298 | ||
Amortized cost of investments | 74,932 | ||
Carrying amount of corporate bonds | 75,609 | $ 137,867 | $ 165,212 |
Carrying amount of mortgage notes payable | 89,964 | 88,925 | |
Fair value of mortgage notes payable | 96,187 | $ 93,065 | |
Fair Value, Measurements, Recurring [Member] | |||
Assets measured at fair value | $ 75,609 |
Contingent Liabilities (Details
Contingent Liabilities (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Jun. 30, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Contingent Liabilities Details Narrative Abstract | |||||
Environmental remediation expense (recovery) | $ 2,000 | $ 0 | $ 0 | $ (465) | |
Reduction to estimated remediation liability | $ (465) | $ (92) |
Commitments (Details Narrative)
Commitments (Details Narrative) $ in Thousands | Dec. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments to develop and maintain real estate | $ 6,177 |
Concentrations (Details Narrati
Concentrations (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)integer | |
Tenants leasing mining locations | integer | 5 |
Mining Top Customer | |
Customer revenue concentration | 32.00% |
Accounts receivable concentration | $ | $ 285 |
Unusual or Infrequent Items I_2
Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016 | May 21, 2018integer | |
Federal tax rate | 35.00% | ||||
Carryback of net operating loss | $ | $ 1,100 | $ 0 | $ 0 | ||
Discontinued Operations, Disposed of by Sale [Member] | |||||
Warehouse properties | integer | 40 | ||||
Land parcels | integer | 3 | ||||
Sales price | $ | $ 11,700 | $ 347,200 |
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 | |||
Warehouse properties | 1 | ||
Property value | $ | $ 11,700 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 17, 2017 | |
Mortgage amount | $ 89,964 | $ 88,925 | |||
Riverfront permanent loan | $ 89,964 | $ 88,925 | |||
RiverFront Holdings II Stabilization | |||||
Stabilization percent leased and occupied | 90.00% | ||||
Dock 79 EagleBank | |||||
Interest rate | 4.125% | ||||
Term | 120 months | ||||
Riverfront permanent loan | $ 90,000 | ||||
Dock79 Proposed Loan | |||||
Mortgage amount | $ 92,000 | ||||
Interest rate | 3.03% | ||||
Term | 12 years | ||||
Maren Proposed Loan | |||||
Mortgage amount | $ 88,000 | ||||
Interest rate | 3.03% | ||||
Term | 12 years | ||||
Preferred equity financing advanced recovery | $ 13,750 | ||||
Accrued Interest payment recovery | 2,300 | ||||
Dock 79 EagleBank | |||||
Prepayment penalty | $ 900 |