Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 11, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-36769 | |
Entity Registrant Name | FRP HOLDINGS, INC. | |
Entity Central Index Key | 0000844059 | |
Entity Tax Identification Number | 47-2449198 | |
Entity Incorporation, State or Country Code | FL | |
Entity Address, Address Line One | 200 W. Forsyth St. | |
Entity Address, Address Line Two | 7th Floor | |
Entity Address, City or Town | Jacksonville | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32202 | |
City Area Code | 904 | |
Local Phone Number | 396-5733 | |
Title of 12(b) Security | Common Stock, $.10 par value | |
Trading Symbol | FRPH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,411,028 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Real estate investments at cost: | ||
Land | $ 121,057 | $ 91,744 |
Buildings and improvements | 255,646 | 141,241 |
Projects under construction | 11,378 | 4,879 |
Total investments in properties | 388,081 | 237,864 |
Less accumulated depreciation and depletion | 41,971 | 34,724 |
Net investments in properties | 346,110 | 203,140 |
Real estate held for investment, at cost | 9,429 | 9,151 |
Investments in joint ventures | 144,938 | 167,071 |
Net real estate investments | 500,477 | 379,362 |
Cash and cash equivalents | 138,154 | 73,909 |
Cash held in escrow | 684 | 196 |
Accounts receivable, net | 1,076 | 923 |
Investments available for sale at fair value | 32,129 | 75,609 |
Federal and state income taxes receivable | 3,681 | 4,621 |
Unrealized rents | 445 | 531 |
Deferred costs | 4,092 | 707 |
Other assets | 514 | 502 |
Total assets | 681,252 | 536,360 |
Liabilities: | ||
Secured notes payable | 178,334 | 89,964 |
Accounts payable and accrued liabilities | 4,976 | 3,635 |
Other liabilities | 1,886 | 1,886 |
Deferred revenue | 461 | 542 |
Deferred income taxes | 65,379 | 56,106 |
Deferred compensation | 1,245 | 1,242 |
Tenant security deposits | 686 | 332 |
Total liabilities | 252,967 | 153,707 |
Equity: | ||
Common stock, $.10 par value 25,000,000 shares authorized, 9,411,028 and 9,363,717 shares issued and outstanding, respectively | 941 | 936 |
Capital in excess of par value | 57,360 | 56,279 |
Retained earnings | 337,992 | 309,764 |
Accumulated other comprehensive income, net | 268 | 675 |
Total shareholders’ equity | 396,561 | 367,654 |
Noncontrolling interest MRP | 31,724 | 14,999 |
Total equity | 428,285 | 382,653 |
Total liabilities and shareholders’ equity | $ 681,252 | $ 536,360 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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 | 9,411,028 | 9,363,717 |
Common stock, shares outstanding | 9,411,028 | 9,363,717 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Lease revenue | $ 5,861 | $ 3,447 | $ 9,399 | $ 7,045 |
Mining lands lease revenue | 2,634 | 2,402 | 4,949 | 4,587 |
Total Revenues | 8,495 | 5,849 | 14,348 | 11,632 |
Cost of operations: | ||||
Depreciation, depletion and amortization | 4,388 | 1,500 | 5,831 | 2,968 |
Operating expenses | 1,394 | 781 | 2,235 | 1,706 |
Property taxes | 1,000 | 646 | 1,778 | 1,383 |
Management company indirect | 822 | 692 | 1,392 | 1,364 |
Corporate expenses | 1,050 | 1,026 | 1,829 | 2,213 |
Total cost of operations | 8,654 | 4,645 | 13,065 | 9,634 |
Total operating profit (loss) | (159) | 1,204 | 1,283 | 1,998 |
Net investment income, including realized gains of $0, $134, $0 and $242, respectively | 1,048 | 2,110 | 2,423 | 4,101 |
Interest expense | (446) | (45) | (1,371) | (96) |
Equity in loss of joint ventures | (1,118) | (1,343) | (2,753) | (1,985) |
Gain on remeasurement of investment in real estate partnership | 0 | 0 | 51,139 | 0 |
Gain on sale of real estate | 805 | 3,589 | 805 | 3,597 |
Income before income taxes | 130 | 5,515 | 51,526 | 7,615 |
Provision for (benefit from) income taxes | (151) | 1,538 | 10,370 | 2,139 |
Net income | 281 | 3,977 | 41,156 | 5,476 |
Gain (loss) attributable to noncontrolling interest | 199 | (172) | 12,701 | (291) |
Net income attributable to the Company | $ 82 | $ 4,149 | $ 28,455 | $ 5,767 |
Earnings per common share: | ||||
Basic | $ 0.01 | $ 0.43 | $ 3.04 | $ 0.59 |
Diluted | $ 0.01 | $ 0.43 | $ 3.03 | $ 0.59 |
Number of shares (in thousands) used in computing: | ||||
-basic earnings per common share | 9,353 | 9,620 | 9,347 | 9,712 |
-diluted earnings per common share | 9,390 | 9,649 | 9,385 | 9,744 |
Consolidated Statements of In_2
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Realized gains | $ 0 | $ 134 | $ 0 | $ 242 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net income | $ 281 | $ 3,977 | $ 41,156 | $ 5,476 |
Other comprehensive income net of tax: | ||||
Unrealized gain (loss) on investments sale, net of income tax effect of $(61), $518, $(151) and $101 | (165) | 1,397 | (407) | 271 |
Comprehensive income | 116 | 5,374 | 40,749 | 5,747 |
Less comp. income attributable to Noncontrolling interest | 199 | (172) | 12,701 | (291) |
Comprehensive income attributable to the Company | $ (83) | $ 5,546 | $ 28,048 | $ 6,038 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Unrealized gain, income tax | $ (61) | $ 518 | $ (151) | $ 101 |
Consolidate Statements of Cash
Consolidate Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 41,156 | $ 5,476 |
Adjustments to reconcile net income to net cash provided by continuing operating activities: | ||
Depreciation, depletion and amortization | 5,951 | 3,084 |
Deferred income taxes | 9,273 | 101 |
Equity in loss of joint ventures | 2,753 | 1,985 |
Gain on remeasurement of invest in real estate partnership | (51,139) | 0 |
Gain on sale of equipment and property | (835) | (3,611) |
Stock-based compensation | 854 | 1,171 |
Realized gain on available for sale investments | 0 | (242) |
Net changes in operating assets and liabilities: | ||
Accounts receivable | 554 | (777) |
Deferred costs and other assets | 280 | 28 |
Accounts payable and accrued liabilities | 819 | (439) |
Income taxes payable and receivable | 940 | 2,147 |
Other long-term liabilities | 357 | 187 |
Net cash provided by operating activities | 10,963 | 9,110 |
Cash flows from investing activities: | ||
Investments in properties | (6,845) | (1,167) |
Investments in joint ventures | (4,768) | (2,107) |
Return of capital from investments in joint ventures | 17,119 | 792 |
Purchases of investments available for sale | 0 | (24,748) |
Proceeds from sales of investments available for sale | 42,502 | 32,703 |
Cash at consolidation of real estate partnership | 3,704 | 0 |
Proceeds from the sale of assets | 878 | 5,867 |
Cash held in escrow | (152) | (3,553) |
Net cash provided by investing activities | 52,438 | 7,787 |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 92,070 | 0 |
Repayment of long-term debt | (90,000) | 0 |
Debt issue costs | (704) | 0 |
Distribution to noncontrolling interest | (527) | (408) |
Repurchase of company stock | (264) | (12,354) |
Exercise of employee stock options | 269 | 0 |
Net cash provided by (used in) financing activities | 844 | (12,762) |
Net increase in cash and cash equivalents | 64,245 | 4,135 |
Cash and cash equivalents at beginning of year | 73,909 | 26,607 |
Cash and cash equivalents at end of the period | $ 138,154 | $ 30,742 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 982 | $ 57,705 | $ 315,278 | $ 923 | $ 374,888 | $ 16,757 | $ 391,645 |
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 9,817,429 | ||||||
Stock option grant compensation | $ 0 | 47 | 0 | 0 | 47 | 0 | 47 |
Restricted stock compensation | 0 | 94 | 0 | 0 | 94 | 0 | 94 |
Shares granted to Directors | $ 1 | 499 | 0 | 0 | 500 | 0 | 500 |
Stock Issued During Period, Shares, Issued for Services | 12,050 | ||||||
Net income | $ 0 | 0 | 5,767 | 0 | 5,767 | (291) | 5,476 |
Distributions to partners | 0 | 0 | 0 | 0 | 0 | (408) | (408) |
Unrealized gain on investment, net | 0 | 0 | 0 | 271 | 271 | 0 | 271 |
Shares granted to Employees | $ 1 | 529 | 0 | 0 | 530 | 0 | 530 |
Shares granted to employees | 11,448 | ||||||
Restricted stock award | $ 2 | (2) | 0 | 0 | 0 | 0 | 0 |
Restricted stock award, shares | 20,520 | ||||||
Shares purchased and cancelled | $ (30) | (1,765) | (10,559) | 0 | (12,354) | 0 | (12,354) |
Shares purchased and calncelled, shares | (298,303) | ||||||
Ending balance, value at Jun. 30, 2020 | $ 956 | 57,107 | 310,486 | 1,194 | 369,743 | 16,058 | 385,801 |
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2020 | 9,563,144 | ||||||
Beginning balance, value at Dec. 31, 2019 | $ 982 | 57,705 | 315,278 | 923 | 374,888 | 16,757 | 391,645 |
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 9,817,429 | ||||||
Ending balance, value at Dec. 31, 2020 | $ 936 | 56,279 | 309,764 | 675 | 367,654 | 14,999 | $ 382,653 |
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2020 | 9,363,717 | 9,363,717 | |||||
Beginning balance, value at Mar. 31, 2020 | $ 977 | 57,818 | 313,968 | (203) | 372,560 | 16,332 | $ 388,892 |
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2020 | 9,766,906 | ||||||
Stock option grant compensation | $ 0 | 23 | 0 | 0 | 23 | 0 | 23 |
Restricted stock compensation | 0 | 47 | 0 | 0 | 47 | 0 | 47 |
Shares granted to Directors | $ 1 | 499 | 0 | 0 | 500 | 0 | 500 |
Stock Issued During Period, Shares, Issued for Services | 12,050 | ||||||
Net income | $ 0 | 0 | 4,149 | 0 | 4,149 | (172) | 3,977 |
Distributions to partners | 0 | 0 | 0 | 0 | 0 | (102) | (102) |
Unrealized gain on investment, net | 0 | 0 | 0 | 1,397 | 1,397 | 0 | 1,397 |
Shares purchased and cancelled | $ (22) | (1,280) | (7,631) | 0 | (8,933) | 0 | (8,933) |
Shares purchased and calncelled, shares | (215,812) | ||||||
Ending balance, value at Jun. 30, 2020 | $ 956 | 57,107 | 310,486 | 1,194 | 369,743 | 16,058 | 385,801 |
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2020 | 9,563,144 | ||||||
Beginning balance, value at Dec. 31, 2020 | $ 936 | 56,279 | 309,764 | 675 | 367,654 | 14,999 | $ 382,653 |
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2020 | 9,363,717 | 9,363,717 | |||||
Stock option grant compensation | $ 0 | 35 | 0 | 0 | 35 | 0 | $ 35 |
Restricted stock compensation | 0 | 269 | 0 | 0 | 269 | 0 | 269 |
Shares granted to Directors | $ 1 | 499 | 0 | 0 | 500 | 0 | 500 |
Stock Issued During Period, Shares, Issued for Services | 9,105 | ||||||
Exercise of stock options | $ 1 | 268 | 0 | 0 | 269 | 0 | 269 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 15,334 | ||||||
Contributions from partners | $ 0 | 0 | 0 | 0 | 0 | 4,551 | 4,551 |
Net income | 0 | 0 | 28,455 | 0 | 28,455 | 12,701 | 41,156 |
Distributions to partners | 0 | 0 | 0 | 0 | 0 | (527) | (527) |
Unrealized gain on investment, net | 0 | 0 | 0 | (407) | (407) | 0 | (407) |
Shares granted to Employees | $ 0 | 50 | 0 | 0 | 50 | 0 | 50 |
Shares granted to employees | 1,098 | ||||||
Restricted stock award | $ 3 | (3) | 0 | 0 | 0 | 0 | 0 |
Restricted stock award, shares | 27,778 | ||||||
Shares purchased and cancelled | $ 0 | (37) | (227) | 0 | (264) | 0 | (264) |
Shares purchased and calncelled, shares | (6,004) | ||||||
Ending balance, value at Jun. 30, 2021 | $ 941 | 57,360 | 337,992 | 268 | 396,561 | 31,724 | $ 428,285 |
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2021 | 9,411,028 | 9,411,028 | |||||
Beginning balance, value at Mar. 31, 2021 | $ 939 | 56,474 | 337,910 | 433 | 395,756 | 31,879 | $ 427,635 |
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2021 | 9,387,823 | ||||||
Stock option grant compensation | $ 0 | 18 | 0 | 0 | 18 | 0 | 18 |
Restricted stock compensation | 0 | 134 | 0 | 0 | 134 | 0 | 134 |
Shares granted to Directors | $ 1 | 499 | 0 | 0 | 500 | 0 | 500 |
Stock Issued During Period, Shares, Issued for Services | 9,105 | ||||||
Exercise of stock options | $ 1 | 235 | 0 | 0 | 236 | 0 | 236 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 14,100 | ||||||
Contributions from partners | $ 0 | 0 | 0 | 0 | 0 | 3 | 3 |
Net income | 0 | 0 | 82 | 0 | 82 | 199 | 281 |
Distributions to partners | 0 | 0 | 0 | 0 | 0 | (357) | (357) |
Unrealized gain on investment, net | 0 | 0 | 0 | (165) | (165) | 0 | (165) |
Ending balance, value at Jun. 30, 2021 | $ 941 | $ 57,360 | $ 337,992 | $ 268 | $ 396,561 | $ 31,724 | $ 428,285 |
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2021 | 9,411,028 | 9,411,028 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | (1) Description of Business and Basis of Presentation FRP Holdings, Inc. is a holding company engaged in various real estate businesses, namely (i) mining royalty land ownership and leasing, (ii) land acquisition, entitlement and development primarily for future warehouse/office or residential building construction, (iii) ownership, leasing, and management of residential apartment buildings, and (iv) warehouse/office building ownership, leasing and management. The accompanying consolidated financial statements include the accounts of FRP Holdings, Inc. (the “Company” or “FRP”) inclusive of our operating real estate subsidiaries, FRP Development Corp. (“Development”) and Florida Rock Properties, Inc. (”Properties”), Riverfront Investment Partners I, LLC, and commencing March 31, 2021 also Riverfront Investment Partners II, LLC (See Note 12). Our investment in the Brooksville joint venture, BC FRP Realty joint venture, Riverfront Investment Partners II, LLC prior to March 31, 2021, Bryant Street Partnerships, 1800 Half Street and Greenville/Woodfield are accounted for under the equity method of accounting (See Note 11). Our ownership of Riverfront Investment Partners I, LLC and Riverfront Investment Partners II, LLC includes a non-controlling interest representing the ownership of our partner. The Company uses the cost method to account for its investment in DST Hickory Creek because it does not have significant influence over operating and financial policies. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The accompanying consolidated financial statements and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the Company's consolidated financial statements and related notes included in the Company’s Form 10-K for the year ended December 31, 2020. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards | (2) Recently Issued Accounting Standards None. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | (3) Business Segments The Company is reporting its financial performance based on four 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 one nd Our Mining Royalty Lands segment owns several properties comprising approximately 15,000 4,280 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. Two of our two joint ventures in the segment, Riverfront Investment Partners I, LLC (“Dock 79”) and Riverfront Investment Partners II, LLC (“The Maren”) are consolidated. The Maren was consolidated effective March 31, 2021 and prior periods are still reflected under the equity method. The ownership of Dock 79 and The Maren (commencing March 31, 2021) 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 Maren is reflected in Equity in loss of joint ventures on the Consolidated Statements of Income but will be reflected like Dock 79 for periods commencing April 1, 2021. The amounts of consolidated net income attributable to the noncontrolling interest is clearly identified on the accompanying Consolidated Statements of Income. Operating results and certain other financial data for the Company’s business segments Three Months ended Six Months ended June 30, June 30, 2021 2020 2021 2020 Revenues: Revenues Asset management $ 588 716 1,300 1,368 Revenues Mining royalty lands 2,634 2,402 4,949 4,587 Revenues Development 451 279 768 572 Revenues Stabilized Joint Venture 4,822 2,452 7,331 5,105 Revenues 8,495 5,849 14,348 11,632 Operating profit (loss): Before corporate expenses: Operating profit before corporate expenses Asset management $ 128 323 359 500 Operating profit before corporate expenses Mining royalty lands 2,400 2,194 4,494 4,195 Operating profit before corporate expenses Development (411 ) (703 ) (797 ) (1,477 ) Operating profit before corporate expenses Stabilized Joint Venture (1,226 ) 416 (944 ) 993 Operating profit before corporate expenses Operating profit before corporate expenses 891 2,230 3,112 4,211 Corporate expenses: Corporate expenses Allocated to asset management (288 ) (265 ) (502 ) (573 ) Corporate expenses Allocated to mining royalty lands (108 ) (84 ) (189 ) (181 ) Corporate expenses Allocated to development (522 ) (617 ) (941 ) (1,329 ) Corporate expenses Allocated to stabilized joint venture (132 ) (60 ) (197 ) (130 ) Corporate expenses Total corporate expenses (1,050 ) (1,026 ) (1,829 ) (2,213 ) Operating profit $ (159 ) 1,204 1,283 1,998 Interest expense Interest expense $ 446 45 1,371 96 Depreciation, depletion and amortization: Depreciation, depletion and amortization Asset management $ 134 200 271 392 Depreciation, depletion and amortization Mining royalty lands 58 62 123 100 Depreciation, depletion and amortization Development 53 53 106 107 Depreciation, depletion and amortization Stabilized Joint Venture 4,143 1,185 5,331 2,369 Depreciation, depletion and amortization $ 4,388 1,500 5,831 2,968 Capital expenditures: Capital expenditures Asset management $ 139 341 218 554 Capital expenditures Mining royalty lands — — — — Capital expenditures Development 2,907 320 6,206 617 Capital expenditures Stabilized Joint Venture 412 19 421 (4 ) Capital expenditures $ 3,458 680 6,845 1,167 Identifiable net assets June 31, December 31, Identifiable net assets 2021 2020 Assets Asset management $ 10,939 11,172 Assets Mining royalty lands 37,338 37,387 Assets Development 180,264 196,212 Assets Stabilized Joint Venture 270,459 130,472 Investments available for sale Investments available for sale at fair value 32,129 75,609 Cash Cash items 138,838 74,105 Assets Unallocated corporate assets 11,285 11,403 Assets $ 681,252 536,360 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (4) Related Party Transactions The Company is a party to a Transition Services Agreement which resulted from our January 30, 2015 spin-off of Patriot Transportation Holding, Inc. (Patriot). The Transition Services Agreement sets forth the terms on which Patriot will provide to FRP certain services that were shared prior to the Spin-off, including the services of certain shared executive officers. The boards of the respective companies amended and extended this agreement for one year effective April 1, 2021. The consolidated statements of income reflect charges and/or allocation from Patriot for these services of $ 256,000 290,000 512,000 580,000 To determine these allocations between FRP and Patriot as set forth in the Transition Services Agreement, we employ an allocation method to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations, but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (5) Long-Term Debt The Company’s Outstanding Debt June 30, December 31, 2021 2020 Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033 $ 178,334 89,964 Credit agreement — — Long-term debt $ 178,334 89,964 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 20 1.50 1.25 1.0 0.25 payable quarterly on the unused portion of the commitment but the amount may be reduced to 0.20 0.15 no 506,000 19,494,000 1 1.10025 228 On November 17, 2017, Dock 79 borrowed a principal sum of $ 90,000,000 4.125 120 months 900,000 Effective March 31, 2021 the Company consolidated the assets (at current fair value), liabilities and operating results of our Riverfront Investment Partners II, LLC partnership (“The Maren”) which was previously accounted for under the equity method. As such the full amount of our mortgage loan was recorded in the consolidated financial statements. On March 19, 2021, the Company refinanced Dock 79 and The Maren projects pursuant to separate Loan Agreements and Deed of Trust Notes entered into with Teachers Insurance and Annuity Association of America, LLC. Dock 79 and The Maren borrowed principal sums of $ 92,070,000 88,000,000 3.03 Either loan may be prepaid subsequent to April 1, 2024 subject to yield maintenance premiums. Either loan may be transferred to a qualified buyer as part of a one-time sale subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee Debt cost amortization of $ 38,000 76,000 966,000 940,000 1,894,000 1,875,000 The Company was in compliance with all |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2021 | |
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 Three Months ended Six Months ended June 30, June 30, 2021 2020 2021 2020 Weighted average common shares outstanding during the period – shares used for basic earnings per common share 9,353 9,620 9,347 9,712 Common shares issuable under share based payment plans which are potentially dilutive 37 29 38 32 Common shares used for diluted earnings per common share 9,390 9,649 9,385 9,744 Net income attributable to the Company $ 82 4,149 28,455 5,767 Earnings per common share: -basic $ 0.01 0.43 3.04 0.59 -diluted $ 0.01 0.43 3.03 0.59 For the three and six months ended June 30, 2021, 6,680 19,950 74,065 53,545 During the first six months of 2021 the Company repurchased 6,004 43.95 298,303 41.41 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | (7) Stock-Based Compensation Plans The Company has two ten years exercisable immediately or become exercisable in cumulative installments of 20% or 25% 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 29 41 1.0 2.9 3.0 7.0 The dividend yield of zero In January 2021, 8,896 four years 18,882 five years 20,520 five years 397,713 1,098 11,448 The Company recorded the following Stock compensation expense Three Months ended Six Months ended June 30, June 30, 2021 2020 2021 2020 Stock option grants $ 18 23 35 47 Restricted stock awards 134 47 269 94 Employee stock grant — — 50 530 Annual director stock award 500 500 500 500 Stock-based compensation $ 652 570 854 1,171 A Summary of changes in outstanding options Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value(000's) Outstanding at December 31, 2020 120,089 $ 35.33 5.3 $ 1,531 Exercised (15,334 ) $ 17.54 $ (115 ) Outstanding at June 30, 2021 104,755 $ 37.93 5.4 $ 1,416 Exercisable at June 30, 2021 92,407 $ 36.87 5.1 $ 1,212 Vested during six months ended June 30, 2021 — $ — The aggregate intrinsic value of exercisable in-the-money options was $ 1,738,000 1,859,000 55.68 The unrecognized compensation cost of options granted to FRP employees but not yet vested as of June 30, 2021 was $ 163,000 2.4 years Gains of $ 602,000 A Summary of changes in restricted stock awards Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Restricted stock Shares Price Term (yrs) Fair Value(000's) Non-vested at December 31, 2020 20,520 $ 46.30 3.4 $ 950 Time-based awards granted 8,896 45.55 405 Performance-based awards granted 18,882 45.55 860 Non-vested at June 30, 2021 48,298 $ 45.87 3.6 $ 2,215 Total compensation cost of restricted stock granted but not yet vested as of June 30, 2021 was $ 1,696,000 3.8 years |
Contingent Liabilities
Contingent Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | (8) Contingent Liabilities The Company may be involved in litigation on a number of matters and is subject to certain claims which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. In the opinion of management, none of these matters are expected to have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. The Company is subject to numerous environmental laws and regulations. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that previous environmental studies with respect to its properties have revealed all potential environmental contaminants; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the properties will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company. As of June 30, 2021 there was $ 506,000 |
Concentrations
Concentrations | 6 Months Ended |
Jun. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations | (9) Concentrations The mining royalty lands segment has a total of five 26.3 403,000 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (10) Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs are those that are unobservable and significant to the overall fair value measurement. At June 30, 2021 the Company was invested in 12 118,000 32,011,000 32,129,000 At June 30, 2021 and 2020, 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 June 30, 2021, the carrying amount and fair value of such other long-term debt was $ 178,334,000 175,625,000 88,993,000 95,606,000 |
Investments in Joint Ventures
Investments in Joint Ventures | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Joint Ventures | (11) Investments in Joint Ventures The Company has investments in joint ventures, primarily with other real estate developers. Joint ventures where FRP is not the primary beneficiary are reflected in the line “Investment in joint ventures” on the balance sheet and “Equity in loss of joint ventures” on the income statement. The assets of these joint ventures are restricted to use by the joint ventures and their obligations can only be settled by their assets or additional contributions by the partners. The following table summarizes the Company’s Investments in Unconsolidated Joint Ventures 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 June 30, 2021 Brooksville Quarry, LLC 50.00 % $ 7,474 14,340 (44 ) (22 ) BC FRP Realty, LLC 50.00 % 5,402 22,746 (166 ) (88 ) Riverfront Holdings II, LLC (1) — — (760 ) (628 ) Bryant Street Partnerships (1) 61.36 % 59,571 196,646 (2,410 ) (2,207 ) Hyde Park 4 4 — — DST Hickory Creek 26.65 % 6,000 47,006 (209 ) 171 Amber Ridge Loan 11,859 11,859 — — 1800 Half St. Owner, LLC 61.37 % 38,220 66,454 19 25 Greenville/Woodfield Partnerships 40.00 % 16,409 67,661 (10 ) (4 ) Total $ 144,939 426,716 (3,580 ) (2,753 ) 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 (1) 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 ) (1) Riverfront Holdings II, LLC was consolidated on March 31, 2021. Bryant Street Partnerships includes $ 471,000 1,146,000 236,000 471,000 The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of June 30, 2021 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed Use as of June 30, 2021 As of June 30, 2021 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 $ 0 195,806 44,579 56,555 67,337 $ 364,277 Cash and cash equivalents 0 579 1,121 7,089 324 9,113 Unrealized rents & receivables 0 233 935 0 0 1,168 Deferred costs 0 28 371 2,810 0 3,209 Total Assets $ 0 196,646 47,006 66,454 67,661 $ 377,767 Secured notes payable $ 0 103,546 29,314 0 24,748 $ 157,608 Other liabilities 0 16,441 179 9,827 3,005 29,452 Capital - FRP 0 57,759 4,667 37,485 15,963 115,874 Capital – Third Parties 0 18,900 12,846 19,142 23,945 74,833 Total Liabilities and Capital $ 0 196,646 47,006 66,454 67,661 $ 377,767 Investments in Joint Ventures as of June 30, 2021 As of June 30, 2021 Brooksville BC FRP Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Hyde Park Loan Mixed Use Total Investments in real estate, net $ 14,284 21,754 4 11,859 364,277 $ 412,178 Cash and cash equivalents 55 310 0 0 9,113 9,478 Unrealized rents & receivables 0 444 0 0 1,168 1,612 Deferred costs 1 238 0 0 3,209 3,448 Total Assets $ 14,340 22,746 4 11,859 377,767 $ 426,716 Secured notes payable $ 0 11,764 0 0 157,608 $ 169,372 Other liabilities 68 126 0 0 29,452 29,646 Capital - FRP 7,474 5,428 4 11,859 115,874 140,639 Capital - Third Parties 6,798 5,428 0 0 74,833 87,059 Total Liabilities and Capital $ 14,340 22,746 4 11,859 377,767 $ 426,716 The Company’s capital recorded by the unconsolidated Joint Ventures is $ 4,300,000 The Company’s Investments in Joint Ventures as of December 31, 2020 are summarized in the following two tables (in thousands): Investments in Apartments/Mixed Use as of December 30, 2021 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 Investments in Joint Ventures as of December 31, 2020 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 amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $ (6,752,000) (8,278,000) The income statements of the Bryant Partnerships are as follows (in thousands): Bryant Partnerships income statements Bryant Street Bryant Street Partnerships Partnerships Total JV Company Share Six Months ended Six Months ended June 30, June 30, 2021 2021 Revenues: Rental Revenue $ 180 $ 111 Revenue – other 77 47 Total Revenues 257 158 Cost of operations: Depreciation and amortization 776 476 Operating expenses 1,117 686 Property taxes 119 73 Total cost of operations 2,012 1,235 Total operating profit (1,755 ) (1,077 ) Interest expense (655 ) (1,130 ) Net loss before tax (2,410 ) (2,207 ) |
Consolidation of Riverfront Inv
Consolidation of Riverfront Investment Partners II, LLC. Riverfront Holdings II, LLC | 6 Months Ended |
Jun. 30, 2021 | |
Consolidation Of Riverfront Investment Partners Ii Llc. Riverfront Holdings Ii Llc | |
Consolidation of Riverfront Investment Partners II, LLC. Riverfront Holdings II, LLC | (12) Consolidation of Riverfront Investment Partners II, LLC. Riverfront Holdings II, LLC . On May 4, 2018 the Company and MRP Realty formed a Joint Venture to develop the second phase only of the four phase master development known as Riverfront on the Anacostia in Washington, D.C. The purpose of the Joint Venture is to develop and own a 250,000 264 6,937 16,300,000 4.6 6.2 80 5.6 725,000 13.75 7.5 In March 2021, Phase II (The Maren) reached stabilization. Stabilization in this case means 90 Reaching stabilization results in a change of control for accounting purposes as the veto rights of the minority shareholder lapsed and the Company became the primary beneficiary. As such, beginning March 31, 2021, the Company consolidated the assets (at fair value), liabilities and operating results of the joint venture. This consolidation resulted in a gain on remeasurement of investment in real estate partnership of $ 51,139,000 13,965,000 70.41 Maren consolidation at stabilization As of March 31, 2021 Riverfront Gain on Remeasure- Holdings II, LLC Ment Revised Land $ 6,472 $ 22,858 $ 29,330 Building and improvements, net 87,269 23,531 110,800 Project under construction 258 — 258 Value of leases in place — 4,750 4,750 Cash 3,704 — 3,704 Cash held in escrow 336 — 336 Accounts receivable 707 — 707 Prepaid expenses 197 — 197 Total Assets $ 98,943 $ 51,139 $ 150,082 Long-term Debt $ 88,000 $ — $ 88,000 Amortizable debt costs (1,072 ) — (1,072 ) Other liabilities 441 — 441 Equity – FRP 7,026 37,174 44,200 Equity - MRP 4,548 13,965 18,513 Total Liabilities and Capital $ 98,943 $ 51,139 $ 150,082 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Operating results and certain other financial data for the Company’s business segments | Operating results and certain other financial data for the Company’s business segments Three Months ended Six Months ended June 30, June 30, 2021 2020 2021 2020 Revenues: Revenues Asset management $ 588 716 1,300 1,368 Revenues Mining royalty lands 2,634 2,402 4,949 4,587 Revenues Development 451 279 768 572 Revenues Stabilized Joint Venture 4,822 2,452 7,331 5,105 Revenues 8,495 5,849 14,348 11,632 Operating profit (loss): Before corporate expenses: Operating profit before corporate expenses Asset management $ 128 323 359 500 Operating profit before corporate expenses Mining royalty lands 2,400 2,194 4,494 4,195 Operating profit before corporate expenses Development (411 ) (703 ) (797 ) (1,477 ) Operating profit before corporate expenses Stabilized Joint Venture (1,226 ) 416 (944 ) 993 Operating profit before corporate expenses Operating profit before corporate expenses 891 2,230 3,112 4,211 Corporate expenses: Corporate expenses Allocated to asset management (288 ) (265 ) (502 ) (573 ) Corporate expenses Allocated to mining royalty lands (108 ) (84 ) (189 ) (181 ) Corporate expenses Allocated to development (522 ) (617 ) (941 ) (1,329 ) Corporate expenses Allocated to stabilized joint venture (132 ) (60 ) (197 ) (130 ) Corporate expenses Total corporate expenses (1,050 ) (1,026 ) (1,829 ) (2,213 ) Operating profit $ (159 ) 1,204 1,283 1,998 Interest expense Interest expense $ 446 45 1,371 96 Depreciation, depletion and amortization: Depreciation, depletion and amortization Asset management $ 134 200 271 392 Depreciation, depletion and amortization Mining royalty lands 58 62 123 100 Depreciation, depletion and amortization Development 53 53 106 107 Depreciation, depletion and amortization Stabilized Joint Venture 4,143 1,185 5,331 2,369 Depreciation, depletion and amortization $ 4,388 1,500 5,831 2,968 Capital expenditures: Capital expenditures Asset management $ 139 341 218 554 Capital expenditures Mining royalty lands — — — — Capital expenditures Development 2,907 320 6,206 617 Capital expenditures Stabilized Joint Venture 412 19 421 (4 ) Capital expenditures $ 3,458 680 6,845 1,167 |
Identifiable net assets | Identifiable net assets June 31, December 31, Identifiable net assets 2021 2020 Assets Asset management $ 10,939 11,172 Assets Mining royalty lands 37,338 37,387 Assets Development 180,264 196,212 Assets Stabilized Joint Venture 270,459 130,472 Investments available for sale Investments available for sale at fair value 32,129 75,609 Cash Cash items 138,838 74,105 Assets Unallocated corporate assets 11,285 11,403 Assets $ 681,252 536,360 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | The Company’s Outstanding Debt June 30, December 31, 2021 2020 Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033 $ 178,334 89,964 Credit agreement — — Long-term debt $ 178,334 89,964 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Common Share | The following details the computations of the Basic and Diluted Earnings Per Common Share Three Months ended Six Months ended June 30, June 30, 2021 2020 2021 2020 Weighted average common shares outstanding during the period – shares used for basic earnings per common share 9,353 9,620 9,347 9,712 Common shares issuable under share based payment plans which are potentially dilutive 37 29 38 32 Common shares used for diluted earnings per common share 9,390 9,649 9,385 9,744 Net income attributable to the Company $ 82 4,149 28,455 5,767 Earnings per common share: -basic $ 0.01 0.43 3.04 0.59 -diluted $ 0.01 0.43 3.03 0.59 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock compensation expense | The Company recorded the following Stock compensation expense Three Months ended Six Months ended June 30, June 30, 2021 2020 2021 2020 Stock option grants $ 18 23 35 47 Restricted stock awards 134 47 269 94 Employee stock grant — — 50 530 Annual director stock award 500 500 500 500 Stock-based compensation $ 652 570 854 1,171 |
Summary of changes in outstanding options | A Summary of changes in outstanding options Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value(000's) Outstanding at December 31, 2020 120,089 $ 35.33 5.3 $ 1,531 Exercised (15,334 ) $ 17.54 $ (115 ) Outstanding at June 30, 2021 104,755 $ 37.93 5.4 $ 1,416 Exercisable at June 30, 2021 92,407 $ 36.87 5.1 $ 1,212 Vested during six months ended June 30, 2021 — $ — |
Summary of changes in restricted stock awards | A Summary of changes in restricted stock awards Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Restricted stock Shares Price Term (yrs) Fair Value(000's) Non-vested at December 31, 2020 20,520 $ 46.30 3.4 $ 950 Time-based awards granted 8,896 45.55 405 Performance-based awards granted 18,882 45.55 860 Non-vested at June 30, 2021 48,298 $ 45.87 3.6 $ 2,215 |
Investments in Joint Ventures (
Investments in Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures | The following table summarizes the Company’s Investments in Unconsolidated Joint Ventures 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 June 30, 2021 Brooksville Quarry, LLC 50.00 % $ 7,474 14,340 (44 ) (22 ) BC FRP Realty, LLC 50.00 % 5,402 22,746 (166 ) (88 ) Riverfront Holdings II, LLC (1) — — (760 ) (628 ) Bryant Street Partnerships (1) 61.36 % 59,571 196,646 (2,410 ) (2,207 ) Hyde Park 4 4 — — DST Hickory Creek 26.65 % 6,000 47,006 (209 ) 171 Amber Ridge Loan 11,859 11,859 — — 1800 Half St. Owner, LLC 61.37 % 38,220 66,454 19 25 Greenville/Woodfield Partnerships 40.00 % 16,409 67,661 (10 ) (4 ) Total $ 144,939 426,716 (3,580 ) (2,753 ) 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 (1) 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 ) (1) Riverfront Holdings II, LLC was consolidated on March 31, 2021. Bryant Street Partnerships includes $ 471,000 1,146,000 236,000 471,000 |
Investments in Apartment/Mixed Use as of June 30, 2021 | The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of June 30, 2021 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed Use as of June 30, 2021 As of June 30, 2021 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 $ 0 195,806 44,579 56,555 67,337 $ 364,277 Cash and cash equivalents 0 579 1,121 7,089 324 9,113 Unrealized rents & receivables 0 233 935 0 0 1,168 Deferred costs 0 28 371 2,810 0 3,209 Total Assets $ 0 196,646 47,006 66,454 67,661 $ 377,767 Secured notes payable $ 0 103,546 29,314 0 24,748 $ 157,608 Other liabilities 0 16,441 179 9,827 3,005 29,452 Capital - FRP 0 57,759 4,667 37,485 15,963 115,874 Capital – Third Parties 0 18,900 12,846 19,142 23,945 74,833 Total Liabilities and Capital $ 0 196,646 47,006 66,454 67,661 $ 377,767 |
Investments in Joint Ventures as of June 30, 2021 | Investments in Joint Ventures as of June 30, 2021 As of June 30, 2021 Brooksville BC FRP Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Hyde Park Loan Mixed Use Total Investments in real estate, net $ 14,284 21,754 4 11,859 364,277 $ 412,178 Cash and cash equivalents 55 310 0 0 9,113 9,478 Unrealized rents & receivables 0 444 0 0 1,168 1,612 Deferred costs 1 238 0 0 3,209 3,448 Total Assets $ 14,340 22,746 4 11,859 377,767 $ 426,716 Secured notes payable $ 0 11,764 0 0 157,608 $ 169,372 Other liabilities 68 126 0 0 29,452 29,646 Capital - FRP 7,474 5,428 4 11,859 115,874 140,639 Capital - Third Parties 6,798 5,428 0 0 74,833 87,059 Total Liabilities and Capital $ 14,340 22,746 4 11,859 377,767 $ 426,716 |
Investments in Apartments/Mixed Use as of December 30, 2021 | The Company’s Investments in Joint Ventures as of December 31, 2020 are summarized in the following two tables (in thousands): Investments in Apartments/Mixed Use as of December 30, 2021 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 |
Investments in Joint Ventures as of December 31, 2020 | Investments in Joint Ventures as of December 31, 2020 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 |
Bryant Partnerships income statements | The income statements of the Bryant Partnerships are as follows (in thousands): Bryant Partnerships income statements Bryant Street Bryant Street Partnerships Partnerships Total JV Company Share Six Months ended Six Months ended June 30, June 30, 2021 2021 Revenues: Rental Revenue $ 180 $ 111 Revenue – other 77 47 Total Revenues 257 158 Cost of operations: Depreciation and amortization 776 476 Operating expenses 1,117 686 Property taxes 119 73 Total cost of operations 2,012 1,235 Total operating profit (1,755 ) (1,077 ) Interest expense (655 ) (1,130 ) Net loss before tax (2,410 ) (2,207 ) |
Consolidation of Riverfront I_2
Consolidation of Riverfront Investment Partners II, LLC. Riverfront Holdings II, LLC (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Consolidation Of Riverfront Investment Partners Ii Llc. Riverfront Holdings Ii Llc | |
Maren consolidation at stabilization | Maren consolidation at stabilization As of March 31, 2021 Riverfront Gain on Remeasure- Holdings II, LLC Ment Revised Land $ 6,472 $ 22,858 $ 29,330 Building and improvements, net 87,269 23,531 110,800 Project under construction 258 — 258 Value of leases in place — 4,750 4,750 Cash 3,704 — 3,704 Cash held in escrow 336 — 336 Accounts receivable 707 — 707 Prepaid expenses 197 — 197 Total Assets $ 98,943 $ 51,139 $ 150,082 Long-term Debt $ 88,000 $ — $ 88,000 Amortizable debt costs (1,072 ) — (1,072 ) Other liabilities 441 — 441 Equity – FRP 7,026 37,174 44,200 Equity - MRP 4,548 13,965 18,513 Total Liabilities and Capital $ 98,943 $ 51,139 $ 150,082 |
Operating results and certain o
Operating results and certain other financial data for the Company’s business segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 8,495 | $ 5,849 | $ 14,348 | $ 11,632 |
Operating profit before corporate expenses | 891 | 2,230 | 3,112 | 4,211 |
Corporate expenses | (1,050) | (1,026) | (1,829) | (2,213) |
Operating profit | (159) | 1,204 | 1,283 | 1,998 |
Interest expense | 446 | 45 | 1,371 | 96 |
Depreciation, depletion and amortization | 5,951 | 3,084 | ||
Capital expenditures | 3,458 | 680 | 6,845 | 1,167 |
Asset Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 588 | 716 | 1,300 | 1,368 |
Operating profit before corporate expenses | 128 | 323 | 359 | 500 |
Corporate expenses | (288) | (265) | (502) | (573) |
Depreciation, depletion and amortization | 134 | 200 | 271 | 392 |
Capital expenditures | 139 | 341 | 218 | 554 |
Mining Properties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,634 | 2,402 | 4,949 | 4,587 |
Operating profit before corporate expenses | 2,400 | 2,194 | 4,494 | 4,195 |
Corporate expenses | (108) | (84) | (189) | (181) |
Depreciation, depletion and amortization | 58 | 62 | 123 | 100 |
Capital expenditures | 0 | 0 | 0 | 0 |
Development [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 451 | 279 | 768 | 572 |
Operating profit before corporate expenses | (411) | (703) | (797) | (1,477) |
Corporate expenses | (522) | (617) | (941) | (1,329) |
Depreciation, depletion and amortization | 53 | 53 | 106 | 107 |
Capital expenditures | 2,907 | 320 | 6,206 | 617 |
Stabilized Joint Venture [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 4,822 | 2,452 | 7,331 | 5,105 |
Operating profit before corporate expenses | (1,226) | 416 | (944) | 993 |
Corporate expenses | (132) | (60) | (197) | (130) |
Depreciation, depletion and amortization | 4,143 | 1,185 | 5,331 | 2,369 |
Capital expenditures | 412 | 19 | 421 | (4) |
Total Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation, depletion and amortization | $ 4,388 | $ 1,500 | $ 5,831 | $ 2,968 |
Identifiable net assets (Detail
Identifiable net assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Assets | $ 681,252 | $ 536,360 |
Investments available for sale | 32,129 | 75,609 |
Cash | 138,838 | 74,105 |
Asset Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 10,939 | 11,172 |
Mining Properties [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 37,338 | 37,387 |
Development [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 180,264 | 196,212 |
Stabilized Joint Venture [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 270,459 | 130,472 |
Unallocated Corporate Assets [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 11,285 | $ 11,403 |
Business Segments (Details Narr
Business Segments (Details Narrative) | 3 Months Ended |
Jun. 30, 2021aSegmentsinteger | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | Segments | 4 |
Number of commercial properties | integer | 2 |
Property acquired | integer | 1 |
Mining Properties [Member] | |
Segment Reporting Information [Line Items] | |
Brooksville acres | a | 15,000 |
Brooksville Joint Venture [Member] | |
Segment Reporting Information [Line Items] | |
Brooksville acres | a | 4,280 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transactions [Abstract] | ||||
Charges from Patriot for services | $ 256,000 | $ 290,000 | $ 512,000 | $ 580,000 |
Outstanding Debt (Details)
Outstanding Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033 | $ 178,334 | $ 89,964 |
Credit agreement | 0 | 0 |
Long-term debt | $ 178,334 | $ 89,964 |
Long-Term Debt (Details Narrati
Long-Term Debt (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Dec. 31, 2017 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Mar. 19, 2021 | Feb. 06, 2019 | Nov. 17, 2017 | |
Line of Credit Facility [Line Items] | |||||||||||
Outstanding letters of credit | $ 506,000 | $ 506,000 | |||||||||
Principal sum | 178,334,000 | 178,334,000 | $ 89,964,000 | ||||||||
Amortization of Debt Issuance Costs | 38,000 | 76,000 | |||||||||
Capitalized interest costs | 966,000 | $ 940,000 | $ 1,894,000 | $ 1,875,000 | |||||||
Dock 79 Eagle Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Term | 120 months | ||||||||||
Principal sum | $ 90,000,000 | ||||||||||
Fixed interest rate | 4.125% | ||||||||||
Prepayment penalty | $ 900,000 | ||||||||||
Dock 79 Loan [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Principal sum | $ 92,070,000 | ||||||||||
Fixed interest rate | 3.03% | ||||||||||
Transfer terms | Either loan may be prepaid subsequent to April 1, 2024 subject to yield maintenance premiums. Either loan may be transferred to a qualified buyer as part of a one-time sale subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee | ||||||||||
Maren [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Principal sum | $ 88,000,000 | ||||||||||
Fixed interest rate | 3.03% | ||||||||||
Transfer terms | Either loan may be prepaid subsequent to April 1, 2024 subject to yield maintenance premiums. Either loan may be transferred to a qualified buyer as part of a one-time sale subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee | ||||||||||
Wells Fargo Level I [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate spread | 1.50% | ||||||||||
Commitment fee | 0.25% | ||||||||||
Wells Fargo Level I I [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate spread | 1.25% | ||||||||||
Commitment fee | 0.20% | ||||||||||
Wells Fargo Level I I I [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate spread | 1.00% | ||||||||||
Commitment fee | 0.15% | ||||||||||
Wells Fargo [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Term | 5 years | ||||||||||
Maximum facility amount | $ 20,000,000 | ||||||||||
Revolver outstanding | 0 | $ 0 | |||||||||
Outstanding letters of credit | 506,000 | 506,000 | |||||||||
Available for borrowing | $ 19,494,000 | $ 19,494,000 | |||||||||
Letter of credit fee | 1.00% | ||||||||||
Applicable interest rate | 1.10025% | 1.10025% | |||||||||
Dividend limit | $ 228,000,000 | $ 228,000,000 | |||||||||
Covenant compliance | all |
Basic and Diluted Earnings Per
Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding during the period – shares used for basic earnings per common share | 9,353 | 9,620 | 9,347 | 9,712 |
Common shares issuable under share based payment plans which are potentially dilutive | 37 | 29 | 38 | 32 |
Common shares used for diluted earnings per common share | 9,390 | 9,649 | 9,385 | 9,744 |
Net income attributable to the Company | $ 82 | $ 4,149 | $ 28,455 | $ 5,767 |
Earnings per common share: | ||||
-basic | $ 0.01 | $ 0.43 | $ 3.04 | $ 0.59 |
-diluted | $ 0.01 | $ 0.43 | $ 3.03 | $ 0.59 |
Earnings per Share (Details Nar
Earnings per Share (Details Narrative) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Anitidilutive shares excluded | 6,680 | 74,065 | 19,950 | 53,545 |
Shares repurchased | 6,004 | 298,303 | ||
Average cost of shares repurchased | $ 43.95 | $ 41.41 |
Stock compensation expense (Det
Stock compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 652 | $ 570 | $ 854 | $ 1,171 |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 18 | 23 | 35 | 47 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 134 | 47 | 269 | 94 |
Employee Grant [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 0 | 0 | 50 | 530 |
Director Stock Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 500 | $ 500 | $ 500 | $ 500 |
Summary of changes in outstandi
Summary of changes in outstanding options (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercisable | 5 years 1 month 4 days | |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding | shares | 120,089 | |
Oustanding | $ / shares | $ 35.33 | |
Outstanding remaining term | 5 years 4 months 24 days | 5 years 3 months 18 days |
Outstanding | $ | $ 1,531 | |
Exercised | shares | (15,334) | |
Exercises | $ / shares | $ 17.54 | |
Exercised | $ | $ (115) | |
Options outstanding | shares | 104,755 | 120,089 |
Outstanding | $ / shares | $ 37.93 | $ 35.33 |
Outstanding | $ | $ 1,416 | $ 1,531 |
Exercisable | shares | 92,407 | |
Exercisable | $ / shares | $ 36.87 | |
Exercisable | $ | $ 1,212 | |
Vested | shares | 0 | |
Vested | $ | $ 0 |
Summary of changes in restricte
Summary of changes in restricted stock awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-vested | 48,298 | 20,520 | ||
Non-vested | $ 45.87 | $ 46.30 | ||
Non-vested | 3 years 7 months 29 days | 3 years 4 months 25 days | ||
Non-vested | $ 2,215 | $ 950 | ||
Time Based Awards Granted [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 8,896 | 8,896 | ||
Granted | $ 45.55 | |||
Granted | $ 405 | |||
Performance Based Awards Granted [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 18,882 | 20,520 | 18,882 | |
Granted | $ 45.55 | |||
Granted | $ 860 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details Narrative) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2021shares | Mar. 31, 2020shares | Jun. 30, 2021USD ($)integer$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of plans | integer | 2 | ||
Expiration period | 10 years | ||
Vesting rights | exercisable immediately or become exercisable in cumulative installments of 20% or 25% | ||
Dividend yield | 0.00% | ||
Minimum volatility | 29.00% | ||
Expected volatility maximum | 41.00% | ||
Risk-free Interest rate minimum | 1.00% | ||
Risk-free interest rate maximum | 2.90% | ||
Expected life | 3 years | ||
Expected life | 7 years | ||
Shares available | shares | 397,713 | ||
Intrinsic value | $ 1,738,000 | ||
Intrinsic value | $ 1,859,000 | ||
Closing price | $ / shares | $ 55.68 | ||
Gains | $ 602,000 | ||
Time Based Awards Granted [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | shares | 8,896 | 8,896 | |
Vesting period | 4 years | ||
Performance Based Awards Granted [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | shares | 18,882 | 20,520 | 18,882 |
Vesting period | 5 years | 5 years | |
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock issued | shares | 1,098 | 11,448 | |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 163,000 | ||
Recognition period | 2 years 4 months 25 days | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 1,696,000 | ||
Recognition period | 3 years 9 months 18 days |
Contingent Liabilities (Details
Contingent Liabilities (Details Narrative) | Jun. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Letters of credit outstanding | $ 506,000 |
Concentrations (Details Narrati
Concentrations (Details Narrative) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($)integer | Dec. 31, 2020USD ($) | |
Concentration Risk [Line Items] | ||
Number of mining tenants | integer | 5 | |
Top customer accounts receivable | $ 1,076 | $ 923 |
Mining Top Customer [Member] | ||
Concentration Risk [Line Items] | ||
Top lessee rent percent | 26.30% | |
Top customer accounts receivable | $ 403 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) $ in Thousands | Jun. 30, 2021USD ($)integer | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) |
Fair Value Disclosures [Abstract] | |||
Number of corporate bonds | integer | 12 | ||
Unrealized gain | $ 118 | ||
Amortized cost of investments | 32,011 | ||
Fair value of bonds | 32,129 | ||
Carrying amount of bonds | 32,129 | $ 75,609 | |
Carrying amount of long-term debt | 178,334 | $ 88,993 | |
Fair value of long-term debt | $ 175,625 | $ 95,606 |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Mar. 31, 2021 | May 04, 2018 | ||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 70.41% | |||||||||
Total investments | $ 144,939,000 | $ 144,939,000 | $ 167,071,000 | |||||||
Total assets of the partnership | 681,252,000 | 681,252,000 | 536,360,000 | |||||||
Partnership profit (loss) | 281,000 | $ 3,977,000 | 41,156,000 | $ 5,476,000 | ||||||
Share of profit | (1,118,000) | $ (1,343,000) | (2,753,000) | $ (1,985,000) | ||||||
Real Estate Total Assets [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total assets of the partnership | $ 426,716,000 | 426,716,000 | 478,556,000 | |||||||
Partnership profit (loss) | (3,580,000) | (5,925,000) | ||||||||
Real Estate Partnership Net Income Loss [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Share of profit | (2,753,000) | $ (5,690,000) | ||||||||
Bryant Street Partnerships [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Amortization of guarantee liability | $ 236,000 | |||||||||
Brooksville Quarry L L C [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | |||||||
Total investments | $ 7,474,000 | $ 7,474,000 | $ 7,499,000 | |||||||
Partnership profit (loss) | (44,000) | (78,000) | ||||||||
Share of profit | (22,000) | (39,000) | ||||||||
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total assets of the partnership | $ 14,340,000 | $ 14,340,000 | $ 14,347,000 | |||||||
B C F R P Realty L L C [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | |||||||
Total investments | $ 5,402,000 | $ 5,402,000 | $ 5,184,000 | |||||||
Partnership profit (loss) | (166,000) | (411,000) | ||||||||
Share of profit | (88,000) | (207,000) | ||||||||
B C F R P Realty L L C [Member] | Real Estate Total Assets [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total assets of the partnership | 22,746,000 | 22,746,000 | $ 22,747,000 | |||||||
Riverfront Holdings I I L L C [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 80.00% | 80.00% | ||||||||
Total investments | 0 | [1] | 0 | [1] | $ 23,533,000 | |||||
Total assets of the partnership | $ 150,082,000 | |||||||||
Partnership profit (loss) | [1] | (760,000) | (4,573,000) | |||||||
Share of profit | [1] | (628,000) | (3,907,000) | |||||||
Riverfront Holdings I I L L C [Member] | Real Estate Total Assets [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total assets of the partnership | $ 0 | [1] | $ 0 | [1] | $ 108,538,000 | |||||
Bryant Street Partnerships [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | [1] | 61.36% | 61.36% | 61.36% | ||||||
Total investments | [1] | $ 59,571,000 | $ 59,571,000 | $ 60,159,000 | ||||||
Partnership profit (loss) | (2,410,000) | (836,000) | ||||||||
Share of profit | [1] | (2,207,000) | (2,130,000) | |||||||
Preferred interest | 471,000 | 1,146,000 | ||||||||
Amortization of guarantee liability | 471,000 | |||||||||
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total assets of the partnership | [1] | 196,646,000 | 196,646,000 | 173,814,000 | ||||||
Hyde Park [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total investments | 4,000 | 4,000 | 591,000 | |||||||
Partnership profit (loss) | 0 | 0 | ||||||||
Share of profit | 0 | 0 | ||||||||
Hyde Park [Member] | Real Estate Total Assets [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total assets of the partnership | $ 4,000 | $ 4,000 | $ 591,000 | |||||||
D S T Hickory Creek [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 26.65% | 26.65% | 26.65% | |||||||
Total investments | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 | |||||||
Partnership profit (loss) | (209,000) | (367,000) | ||||||||
Share of profit | 171,000 | 339,000 | ||||||||
D S T Hickory Creek [Member] | Real Estate Total Assets [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total assets of the partnership | 47,006,000 | 47,006,000 | 47,761,000 | |||||||
Amber Ridge Loan [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total investments | 11,859,000 | 11,859,000 | 10,026,000 | |||||||
Partnership profit (loss) | 0 | 0 | ||||||||
Share of profit | 0 | 0 | ||||||||
Amber Ridge Loan [Member] | Real Estate Total Assets [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total assets of the partnership | $ 11,859,000 | $ 11,859,000 | $ 10,026,000 | |||||||
Half St Owner L L C [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 61.37% | 61.37% | 61.37% | |||||||
Total investments | $ 38,220,000 | $ 38,220,000 | $ 37,875,000 | |||||||
Partnership profit (loss) | 19,000 | 158,000 | ||||||||
Share of profit | 25,000 | 164,000 | ||||||||
Half St Owner L L C [Member] | Real Estate Total Assets [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total assets of the partnership | $ 66,454,000 | $ 66,454,000 | $ 54,275,000 | |||||||
Greenville Woodfield Partnerships [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | 40.00% | |||||||
Total investments | $ 16,409,000 | $ 16,409,000 | $ 16,204,000 | |||||||
Partnership profit (loss) | (10,000) | 182,000 | ||||||||
Share of profit | (4,000) | 90,000 | ||||||||
Greenville Woodfield Partnerships [Member] | Real Estate Total Assets [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total assets of the partnership | $ 67,661,000 | $ 67,661,000 | $ 46,457,000 | |||||||
[1] | Riverfront Holdings II, LLC was consolidated on March 31, 2021. Bryant Street Partnerships includes $ 471,000 1,146,000 236,000 471,000 |
Investments in Apartment_Mixed
Investments in Apartment/Mixed Use as of June 30, 2021 (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in real estate, net | $ 412,178 | $ 451,767 | |||
Cash and cash equivalents | 9,478 | 21,649 | |||
Unrealized rents & receivables | 1,612 | 1,102 | |||
Deferred costs | 3,448 | 4,038 | |||
Total Assets | 681,252 | 536,360 | |||
Secured notes payable | 169,372 | 180,890 | |||
Other liabilities | 29,646 | 34,126 | |||
Capital – Third Parties | 396,561 | 367,654 | |||
Total Liabilities and Capital | 681,252 | 536,360 | |||
Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 426,716 | 478,556 | |||
Real Estate Partnership F R P [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - FRP | 140,639 | 174,792 | |||
Real Estate Partnership Third Parties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital – Third Parties | 87,059 | 88,748 | |||
Real Estate Partnership Total Liabilities And Capital [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Liabilities and Capital | 426,716 | 478,556 | |||
Riverfront Holdings I I L L C [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in real estate, net | 0 | 105,737 | |||
Cash and cash equivalents | 0 | 2,626 | |||
Unrealized rents & receivables | 0 | 13 | |||
Deferred costs | 0 | 162 | |||
Total Assets | $ 150,082 | ||||
Secured notes payable | 0 | 64,982 | |||
Other liabilities | 0 | 4,189 | |||
Capital - FRP | 18,513 | ||||
Capital – Third Parties | 44,200 | ||||
Total Liabilities and Capital | $ 150,082 | ||||
Riverfront Holdings I I L L C [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 0 | [1] | 108,538 | ||
Riverfront Holdings I I L L C [Member] | Real Estate Partnership F R P [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - FRP | 0 | 34,667 | |||
Riverfront Holdings I I L L C [Member] | Real Estate Partnership Third Parties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital – Third Parties | 0 | 4,700 | |||
Riverfront Holdings I I L L C [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Liabilities and Capital | 0 | 108,538 | |||
Bryant Street Partnerships [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in real estate, net | 195,806 | 173,560 | |||
Cash and cash equivalents | 579 | 111 | |||
Unrealized rents & receivables | 233 | 58 | |||
Deferred costs | 28 | 85 | |||
Secured notes payable | 103,546 | 72,471 | |||
Other liabilities | 16,441 | 22,952 | |||
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | [1] | 196,646 | 173,814 | ||
Bryant Street Partnerships [Member] | Real Estate Partnership F R P [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - FRP | 57,759 | 58,559 | |||
Bryant Street Partnerships [Member] | Real Estate Partnership Third Parties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital – Third Parties | 18,900 | 19,832 | |||
Bryant Street Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Liabilities and Capital | 196,646 | 173,814 | |||
D S T Hickory Creek [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in real estate, net | 44,579 | 45,379 | |||
Cash and cash equivalents | 1,121 | 1,202 | |||
Unrealized rents & receivables | 935 | 775 | |||
Deferred costs | 371 | 405 | |||
Secured notes payable | 29,314 | 29,291 | |||
Other liabilities | 179 | 107 | |||
D S T Hickory Creek [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 47,006 | 47,761 | |||
D S T Hickory Creek [Member] | Real Estate Partnership F R P [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - FRP | 4,667 | 4,894 | |||
D S T Hickory Creek [Member] | Real Estate Partnership Third Parties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital – Third Parties | 12,846 | 13,469 | |||
D S T Hickory Creek [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Liabilities and Capital | 47,006 | 47,761 | |||
Half St Owner L L C [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in real estate, net | 56,555 | 37,452 | |||
Cash and cash equivalents | 7,089 | 14,011 | |||
Unrealized rents & receivables | 0 | 2 | |||
Deferred costs | 2,810 | 2,810 | |||
Secured notes payable | 0 | 0 | |||
Other liabilities | 9,827 | 1,953 | |||
Half St Owner L L C [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 66,454 | 54,275 | |||
Half St Owner L L C [Member] | Real Estate Partnership F R P [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - FRP | 37,485 | 37,466 | |||
Half St Owner L L C [Member] | Real Estate Partnership Third Parties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital – Third Parties | 19,142 | 14,856 | |||
Half St Owner L L C [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Liabilities and Capital | 66,454 | 54,275 | |||
Greenville Woodfield Partnerships [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in real estate, net | 67,337 | 42,668 | |||
Cash and cash equivalents | 324 | 3,554 | |||
Unrealized rents & receivables | 0 | 0 | |||
Deferred costs | 0 | 235 | |||
Secured notes payable | 24,748 | 1,776 | |||
Other liabilities | 3,005 | 4,774 | |||
Greenville Woodfield Partnerships [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 67,661 | 46,457 | |||
Greenville Woodfield Partnerships [Member] | Real Estate Partnership F R P [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - FRP | 15,963 | 15,963 | |||
Greenville Woodfield Partnerships [Member] | Real Estate Partnership Third Parties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital – Third Parties | 23,945 | 23,944 | |||
Greenville Woodfield Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Liabilities and Capital | 67,661 | 46,457 | |||
Apartment Mixed Use [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in real estate, net | 364,277 | 404,796 | |||
Cash and cash equivalents | 9,113 | 21,504 | |||
Unrealized rents & receivables | 1,168 | 848 | |||
Deferred costs | 3,209 | 3,697 | |||
Secured notes payable | 157,608 | 168,520 | |||
Other liabilities | 29,452 | 33,975 | |||
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 377,767 | 430,845 | |||
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - FRP | 115,874 | 151,549 | |||
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital – Third Parties | 74,833 | 76,801 | |||
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Liabilities and Capital | $ 377,767 | $ 430,845 | |||
[1] | Riverfront Holdings II, LLC was consolidated on March 31, 2021. Bryant Street Partnerships includes $ 471,000 1,146,000 236,000 471,000 |
Investments in Joint Ventures a
Investments in Joint Ventures as of June 30, 2021 (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | $ 412,178 | $ 451,767 |
Cash and cash equivalents | 9,478 | 21,649 |
Unrealized rents & receivables | 1,612 | 1,102 |
Deferred costs | 3,448 | 4,038 |
Total Assets | 681,252 | 536,360 |
Secured notes payable | 169,372 | 180,890 |
Other liabilities | 29,646 | 34,126 |
Capital - Third Parties | 396,561 | 367,654 |
Total Liabilities and Capital | 681,252 | 536,360 |
Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 426,716 | 478,556 |
Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 140,639 | 174,792 |
Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 87,059 | 88,748 |
Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 426,716 | 478,556 |
Brooksville Quarry L L C [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 14,284 | 14,287 |
Cash and cash equivalents | 55 | 55 |
Unrealized rents & receivables | 0 | 0 |
Deferred costs | 1 | 5 |
Secured notes payable | 0 | 0 |
Other liabilities | 68 | 28 |
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 14,340 | 14,347 |
Brooksville Quarry L L C [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 7,474 | 7,499 |
Brooksville Quarry L L C [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 6,798 | 6,820 |
Brooksville Quarry L L C [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 14,340 | 14,347 |
B C F R P Realty L L C [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 21,754 | 22,067 |
Cash and cash equivalents | 310 | 90 |
Unrealized rents & receivables | 444 | 254 |
Deferred costs | 238 | 336 |
Secured notes payable | 11,764 | 12,370 |
Other liabilities | 126 | 123 |
B C F R P Realty L L C [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 22,746 | 22,747 |
B C F R P Realty L L C [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 5,428 | 5,127 |
B C F R P Realty L L C [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 5,428 | 5,127 |
B C F R P Realty L L C [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 22,746 | 22,747 |
Hyde Park [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 4 | 591 |
Cash and cash equivalents | 0 | 0 |
Unrealized rents & receivables | 0 | 0 |
Deferred costs | 0 | 0 |
Secured notes payable | 0 | 0 |
Other liabilities | 0 | 0 |
Hyde Park [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 4 | 591 |
Hyde Park [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 4 | 591 |
Hyde Park [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 0 | 0 |
Hyde Park [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 4 | 591 |
Amber Ridge Loan [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 11,859 | 10,026 |
Cash and cash equivalents | 0 | 0 |
Unrealized rents & receivables | 0 | 0 |
Deferred costs | 0 | 0 |
Secured notes payable | 0 | 0 |
Other liabilities | 0 | 0 |
Amber Ridge Loan [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 11,859 | 10,026 |
Amber Ridge Loan [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 11,859 | 10,026 |
Amber Ridge Loan [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 0 | 0 |
Amber Ridge Loan [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 11,859 | 10,026 |
Apartment Mixed Use [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 364,277 | 404,796 |
Cash and cash equivalents | 9,113 | 21,504 |
Unrealized rents & receivables | 1,168 | 848 |
Deferred costs | 3,209 | 3,697 |
Secured notes payable | 157,608 | 168,520 |
Other liabilities | 29,452 | 33,975 |
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 377,767 | 430,845 |
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 115,874 | 151,549 |
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 74,833 | 76,801 |
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | $ 377,767 | $ 430,845 |
Investments in Apartments_Mixed
Investments in Apartments/Mixed Use as of December 30, 2021 (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in real estate, net | $ 412,178 | $ 451,767 | |||
Cash and cash equivalents | 9,478 | 21,649 | |||
Unrealized rents & receivables | 1,612 | 1,102 | |||
Deferred costs | 3,448 | 4,038 | |||
Total Assets | 681,252 | 536,360 | |||
Secured notes payable | 169,372 | 180,890 | |||
Other liabilities | 29,646 | 34,126 | |||
Capital - Third Parties | 396,561 | 367,654 | |||
Total Liabilities and Capital | 681,252 | 536,360 | |||
Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 426,716 | 478,556 | |||
Real Estate Partnership F R P [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - FRP | 140,639 | 174,792 | |||
Real Estate Partnership Third Parties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - Third Parties | 87,059 | 88,748 | |||
Real Estate Partnership Total Liabilities And Capital [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Liabilities and Capital | 426,716 | 478,556 | |||
Riverfront Holdings I I L L C [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in real estate, net | 0 | 105,737 | |||
Cash and cash equivalents | 0 | 2,626 | |||
Unrealized rents & receivables | 0 | 13 | |||
Deferred costs | 0 | 162 | |||
Total Assets | $ 150,082 | ||||
Secured notes payable | 0 | 64,982 | |||
Other liabilities | 0 | 4,189 | |||
Capital - FRP | 18,513 | ||||
Capital - Third Parties | 44,200 | ||||
Total Liabilities and Capital | $ 150,082 | ||||
Riverfront Holdings I I L L C [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 0 | [1] | 108,538 | ||
Riverfront Holdings I I L L C [Member] | Real Estate Partnership F R P [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - FRP | 0 | 34,667 | |||
Riverfront Holdings I I L L C [Member] | Real Estate Partnership Third Parties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - Third Parties | 0 | 4,700 | |||
Riverfront Holdings I I L L C [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Liabilities and Capital | 0 | 108,538 | |||
Bryant Street Partnerships [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in real estate, net | 195,806 | 173,560 | |||
Cash and cash equivalents | 579 | 111 | |||
Unrealized rents & receivables | 233 | 58 | |||
Deferred costs | 28 | 85 | |||
Secured notes payable | 103,546 | 72,471 | |||
Other liabilities | 16,441 | 22,952 | |||
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | [1] | 196,646 | 173,814 | ||
Bryant Street Partnerships [Member] | Real Estate Partnership F R P [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - FRP | 57,759 | 58,559 | |||
Bryant Street Partnerships [Member] | Real Estate Partnership Third Parties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - Third Parties | 18,900 | 19,832 | |||
Bryant Street Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Liabilities and Capital | 196,646 | 173,814 | |||
D S T Hickory Creek [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in real estate, net | 44,579 | 45,379 | |||
Cash and cash equivalents | 1,121 | 1,202 | |||
Unrealized rents & receivables | 935 | 775 | |||
Deferred costs | 371 | 405 | |||
Secured notes payable | 29,314 | 29,291 | |||
Other liabilities | 179 | 107 | |||
D S T Hickory Creek [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 47,006 | 47,761 | |||
D S T Hickory Creek [Member] | Real Estate Partnership F R P [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - FRP | 4,667 | 4,894 | |||
D S T Hickory Creek [Member] | Real Estate Partnership Third Parties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - Third Parties | 12,846 | 13,469 | |||
D S T Hickory Creek [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Liabilities and Capital | 47,006 | 47,761 | |||
Half St Owner L L C [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in real estate, net | 56,555 | 37,452 | |||
Cash and cash equivalents | 7,089 | 14,011 | |||
Unrealized rents & receivables | 0 | 2 | |||
Deferred costs | 2,810 | 2,810 | |||
Secured notes payable | 0 | 0 | |||
Other liabilities | 9,827 | 1,953 | |||
Half St Owner L L C [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 66,454 | 54,275 | |||
Half St Owner L L C [Member] | Real Estate Partnership F R P [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - FRP | 37,485 | 37,466 | |||
Half St Owner L L C [Member] | Real Estate Partnership Third Parties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - Third Parties | 19,142 | 14,856 | |||
Half St Owner L L C [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Liabilities and Capital | 66,454 | 54,275 | |||
Greenville Woodfield Partnerships [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in real estate, net | 67,337 | 42,668 | |||
Cash and cash equivalents | 324 | 3,554 | |||
Unrealized rents & receivables | 0 | 0 | |||
Deferred costs | 0 | 235 | |||
Secured notes payable | 24,748 | 1,776 | |||
Other liabilities | 3,005 | 4,774 | |||
Greenville Woodfield Partnerships [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 67,661 | 46,457 | |||
Greenville Woodfield Partnerships [Member] | Real Estate Partnership F R P [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - FRP | 15,963 | 15,963 | |||
Greenville Woodfield Partnerships [Member] | Real Estate Partnership Third Parties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - Third Parties | 23,945 | 23,944 | |||
Greenville Woodfield Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Liabilities and Capital | 67,661 | 46,457 | |||
Apartment Mixed Use [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in real estate, net | 364,277 | 404,796 | |||
Cash and cash equivalents | 9,113 | 21,504 | |||
Unrealized rents & receivables | 1,168 | 848 | |||
Deferred costs | 3,209 | 3,697 | |||
Secured notes payable | 157,608 | 168,520 | |||
Other liabilities | 29,452 | 33,975 | |||
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Assets | 377,767 | 430,845 | |||
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - FRP | 115,874 | 151,549 | |||
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital - Third Parties | 74,833 | 76,801 | |||
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Liabilities and Capital | $ 377,767 | $ 430,845 | |||
[1] | Riverfront Holdings II, LLC was consolidated on March 31, 2021. Bryant Street Partnerships includes $ 471,000 1,146,000 236,000 471,000 |
Investments in Joint Ventures_2
Investments in Joint Ventures as of December 31, 2020 (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net. | $ 412,178 | $ 451,767 |
Cash and cash equivalents | 9,478 | 21,649 |
Unrealized rents & receivables | 1,612 | 1,102 |
Deferred costs | 3,448 | 4,038 |
Total Assets | 681,252 | 536,360 |
Secured notes payable | 169,372 | 180,890 |
Other liabilities | 29,646 | 34,126 |
Capital - Third Parties | 396,561 | 367,654 |
Total Liabilities and Capital | 681,252 | 536,360 |
Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 426,716 | 478,556 |
Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 140,639 | 174,792 |
Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 87,059 | 88,748 |
Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 426,716 | 478,556 |
Brooksville Quarry L L C [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net. | 14,284 | 14,287 |
Cash and cash equivalents | 55 | 55 |
Unrealized rents & receivables | 0 | 0 |
Deferred costs | 1 | 5 |
Secured notes payable | 0 | 0 |
Other liabilities | 68 | 28 |
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 14,340 | 14,347 |
Brooksville Quarry L L C [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 7,474 | 7,499 |
Brooksville Quarry L L C [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 6,798 | 6,820 |
Brooksville Quarry L L C [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 14,340 | 14,347 |
B C F R P Realty L L C [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net. | 21,754 | 22,067 |
Cash and cash equivalents | 310 | 90 |
Unrealized rents & receivables | 444 | 254 |
Deferred costs | 238 | 336 |
Secured notes payable | 11,764 | 12,370 |
Other liabilities | 126 | 123 |
B C F R P Realty L L C [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 22,746 | 22,747 |
B C F R P Realty L L C [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 5,428 | 5,127 |
B C F R P Realty L L C [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 5,428 | 5,127 |
B C F R P Realty L L C [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 22,746 | 22,747 |
Hyde Park [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net. | 4 | 591 |
Cash and cash equivalents | 0 | 0 |
Unrealized rents & receivables | 0 | 0 |
Deferred costs | 0 | 0 |
Secured notes payable | 0 | 0 |
Other liabilities | 0 | 0 |
Hyde Park [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 4 | 591 |
Hyde Park [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 4 | 591 |
Hyde Park [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 0 | 0 |
Hyde Park [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 4 | 591 |
Amber Ridge Loan [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net. | 11,859 | 10,026 |
Cash and cash equivalents | 0 | 0 |
Unrealized rents & receivables | 0 | 0 |
Deferred costs | 0 | 0 |
Secured notes payable | 0 | 0 |
Other liabilities | 0 | 0 |
Amber Ridge Loan [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 11,859 | 10,026 |
Amber Ridge Loan [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 11,859 | 10,026 |
Amber Ridge Loan [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 0 | 0 |
Amber Ridge Loan [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 11,859 | 10,026 |
Apartment Mixed Use [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net. | 364,277 | 404,796 |
Cash and cash equivalents | 9,113 | 21,504 |
Unrealized rents & receivables | 1,168 | 848 |
Deferred costs | 3,209 | 3,697 |
Secured notes payable | 157,608 | 168,520 |
Other liabilities | 29,452 | 33,975 |
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 377,767 | 430,845 |
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 115,874 | 151,549 |
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 74,833 | 76,801 |
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | $ 377,767 | $ 430,845 |
Bryant Partnerships income stat
Bryant Partnerships income statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | $ 5,861 | $ 3,447 | $ 9,399 | $ 7,045 |
Total Revenues | 8,495 | 5,849 | 14,348 | 11,632 |
Property taxes | 1,000 | 646 | 1,778 | 1,383 |
Total cost of operations | 1,394 | 781 | 2,235 | 1,706 |
Total operating profit | (159) | 1,204 | 1,283 | 1,998 |
Interest expense | (446) | (45) | (1,371) | (96) |
Net loss before tax | $ 130 | $ 5,515 | 51,526 | $ 7,615 |
Bryant Street Partnerships [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | 111 | |||
Revenue – other | 47 | |||
Total Revenues | 158 | |||
Depreciation and amortization | 476 | |||
Operating expenses | 686 | |||
Property taxes | 73 | |||
Total cost of operations | 1,235 | |||
Total operating profit | (1,077) | |||
Interest expense | (1,130) | |||
Net loss before tax | (2,207) | |||
Bryant Street Partnerships [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | 180 | |||
Revenue – other | 77 | |||
Total Revenues | 257 | |||
Depreciation and amortization | 776 | |||
Operating expenses | 1,117 | |||
Property taxes | 119 | |||
Total cost of operations | 2,012 | |||
Total operating profit | (1,755) | |||
Interest expense | (655) | |||
Net loss before tax | $ (2,410) |
Investments in Joint Ventures_3
Investments in Joint Ventures (Details Narrative) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Differene between carrying value and underlying equity | $ 4,300,000 | |
Retained earnings (accumulated deficit) | $ (6,752,000) | $ (8,278,000) |
Maren consolidation at stabiliz
Maren consolidation at stabilization (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Land | $ 121,057 | $ 91,744 | |
Project under construction | 11,378 | 4,879 | |
Accounts receivable | 1,076 | 923 | |
Total Assets | 681,252 | 536,360 | |
Long-term Debt | 178,334 | 89,964 | |
Other liabilities | 1,886 | 1,886 | |
Equity – FRP | 396,561 | 367,654 | |
Total Liabilities and Capital | $ 681,252 | $ 536,360 | |
Riverfront Holdings I I L L C [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Land | $ 29,330 | ||
Building and improvements, net | 110,800 | ||
Project under construction | 258 | ||
Value of leases in place | 4,750 | ||
Cash | 3,704 | ||
Cash held in escrow | 336 | ||
Accounts receivable | 707 | ||
Prepaid expenses | 197 | ||
Total Assets | 150,082 | ||
Long-term Debt | 88,000 | ||
Amortizable debt costs | (1,072) | ||
Other liabilities | 441 | ||
Equity – FRP | 44,200 | ||
Equity - MRP | 18,513 | ||
Total Liabilities and Capital | 150,082 | ||
Riverfront Holdings I I L L C [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Land | 6,472 | ||
Building and improvements, net | 87,269 | ||
Project under construction | 258 | ||
Value of leases in place | 0 | ||
Cash | 3,704 | ||
Cash held in escrow | 336 | ||
Accounts receivable | 707 | ||
Prepaid expenses | 197 | ||
Total Assets | 98,943 | ||
Long-term Debt | 88,000 | ||
Amortizable debt costs | (1,072) | ||
Other liabilities | 441 | ||
Equity – FRP | 7,026 | ||
Equity - MRP | 4,548 | ||
Total Liabilities and Capital | 98,943 | ||
Remeasurement Gain [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Land | 22,858 | ||
Building and improvements, net | 23,531 | ||
Project under construction | 0 | ||
Value of leases in place | 4,750 | ||
Cash | 0 | ||
Cash held in escrow | 0 | ||
Accounts receivable | 0 | ||
Prepaid expenses | 0 | ||
Total Assets | 51,139 | ||
Long-term Debt | 0 | ||
Amortizable debt costs | 0 | ||
Other liabilities | 0 | ||
Equity – FRP | 37,174 | ||
Equity - MRP | 13,965 | ||
Total Liabilities and Capital | $ 51,139 |
Consolidation of Riverfront I_3
Consolidation of Riverfront Investment Partners II, LLC. Riverfront Holdings II, LLC (Details Narrative) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020 | May 04, 2018integer | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Cash contributed | $ 4,768,000 | $ 2,107,000 | ||||||
Ownership basis | 70.41% | |||||||
Remeasurement gain, MRP | $ 0 | $ 51,139,000 | $ 0 | $ 51,139,000 | $ 0 | |||
M R P Realty [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
MRP Contributions | $ 5,600,000 | |||||||
MRP Development Fee | 725,000 | |||||||
Remeasurement gain, MRP | $ 13,965,000 | |||||||
Riverfront Holdings I I L L C [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Square feet | integer | 250,000 | |||||||
Number of residential units | integer | 264 | |||||||
Retail square feet | integer | 6,937 | |||||||
Value of land contributed | 16,300,000 | |||||||
Cost basis of land contributed | 4,600,000 | |||||||
Cash contributed | 6,200,000 | |||||||
Ownership basis | 80.00% | 80.00% | ||||||
Preferred equity committed | $ 13,750,000 | |||||||
Interest rate | 7.50% | |||||||
Stabilization | 90.00% |