Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 09, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Real estate investments at cost: | ||
Land | $ 123,397 | $ 91,744 |
Buildings and improvements | 255,366 | 141,241 |
Projects under construction | 13,799 | 4,879 |
Total investments in properties | 392,562 | 237,864 |
Less accumulated depreciation and depletion | 44,266 | 34,724 |
Net investments in properties | 348,296 | 203,140 |
Real estate held for investment, at cost | 9,559 | 9,151 |
Investments in joint ventures | 145,975 | 167,071 |
Net real estate investments | 503,830 | 379,362 |
Cash and cash equivalents | 162,881 | 73,909 |
Cash held in escrow | 502 | 196 |
Accounts receivable, net | 991 | 923 |
Investments available for sale at fair value | 4,315 | 75,609 |
Federal and state income taxes receivable | 2,082 | 4,621 |
Unrealized rents | 580 | 531 |
Deferred costs | 3,047 | 707 |
Other assets | 525 | 502 |
Total assets | 678,753 | 536,360 |
Liabilities: | ||
Secured notes payable | 178,371 | 89,964 |
Accounts payable and accrued liabilities | 3,706 | 3,635 |
Other liabilities | 1,886 | 1,886 |
Deferred revenue | 470 | 542 |
Deferred income taxes | 65,379 | 56,106 |
Deferred compensation | 1,247 | 1,242 |
Tenant security deposits | 764 | 332 |
Total liabilities | 251,823 | 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 | 57,512 | 56,279 |
Retained earnings | 338,344 | 309,764 |
Accumulated other comprehensive income, net | 193 | 675 |
Total shareholders’ equity | 396,990 | 367,654 |
Noncontrolling interest MRP | 29,940 | 14,999 |
Total equity | 426,930 | 382,653 |
Total liabilities and shareholders’ equity | $ 678,753 | $ 536,360 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Common shares, authorized | 25,000,000 | 25,000,000 |
Common shares, outstanding | 9,411,028 | 9,363,717 |
Common shares, issued | 9,411,028 | 9,363,717 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Lease revenue | $ 6,224 | $ 3,591 | $ 15,623 | $ 10,636 |
Mining lands lease revenue | 2,249 | 2,507 | 7,198 | 7,094 |
Total Revenues | 8,473 | 6,098 | 22,821 | 17,730 |
Cost of operations: | ||||
Depreciation, depletion and amortization | 3,796 | 1,438 | 9,627 | 4,406 |
Operating expenses | 1,557 | 892 | 3,792 | 2,598 |
Property taxes | 986 | 706 | 2,764 | 2,089 |
Management company indirect | 745 | 844 | 2,137 | 2,208 |
Corporate expenses | 657 | 637 | 2,486 | 2,850 |
Total cost of operations | 7,741 | 4,517 | 20,806 | 14,151 |
Total operating profit | 732 | 1,581 | 2,015 | 3,579 |
Net investment income, including realized gains of $0, $55, $0 and $297, respectively | 943 | 1,814 | 3,366 | 5,915 |
Interest expense | (414) | (46) | (1,785) | (142) |
Equity in loss of joint ventures | (1,244) | (1,788) | (3,997) | (3,773) |
Gain on remeasurement of investment in real estate partnership | 0 | 0 | 51,139 | 0 |
Gain on sale of real estate | 0 | 5,732 | 805 | 9,329 |
Income before income taxes | 17 | 7,293 | 51,543 | 14,908 |
Provision for income taxes | 130 | 2,022 | 10,500 | 4,161 |
Net income (loss) | (113) | 5,271 | 41,043 | 10,747 |
Gain (loss) attributable to noncontrolling interest | (465) | (184) | 12,236 | (475) |
Net income attributable to the Company | $ 352 | $ 5,455 | $ 28,807 | $ 11,222 |
Earnings per common share: | ||||
Basic | $ 0.04 | $ 0.57 | $ 3.08 | $ 1.16 |
Diluted | $ 0.04 | $ 0.57 | $ 3.07 | $ 1.16 |
Number of shares (in thousands) used in computing: | ||||
-basic earnings per common share | 9,363 | 9,517 | 9,352 | 9,646 |
-diluted earnings per common share | 9,399 | 9,545 | 9,390 | 9,681 |
Consolidated Statements of In_2
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Realized gains | $ 0 | $ 55 | $ 0 | $ 297 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Net income (loss) | $ (113) | $ 5,271 | $ 41,043 | $ 10,747 |
Other comprehensive income net of tax: | ||||
Minimum pension liability, net of income tax effect of $0, $53, $0 and $53 | 0 | 143 | 0 | 143 |
Unrealized gain (loss) on investments sale, net of income tax effect of $(28), $(126), $(179) and $(26) | (75) | (341) | (482) | (70) |
Comprehensive income (loss) | (188) | 5,073 | 40,561 | 10,820 |
Less comp. income attributable to Noncontrolling interest | (465) | (184) | 12,236 | (475) |
Comprehensive income attributable to the Company | $ 277 | $ 5,257 | $ 28,325 | $ 11,295 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Tax effect on pension liability | $ 0 | $ 53 | $ 0 | $ 53 |
Unrealized gain (loss) on sale of investments, net | $ (28) | $ (126) | $ (179) | $ (26) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 41,043 | $ 10,747 |
Adjustments to reconcile net income to net cash provided by continuing operating activities: | ||
Depreciation, depletion and amortization | 9,772 | 4,572 |
Deferred income taxes | 9,273 | 2,421 |
Equity in loss of joint ventures | 3,997 | 3,773 |
Gain on remeasurement of invest in real estate partnership | (51,139) | 0 |
Gain on sale of equipment and property | (876) | (9,343) |
Stock-based compensation | 1,006 | 1,241 |
Realized gain on available for sale investments | 0 | (297) |
Net changes in operating assets and liabilities: | ||
Accounts receivable | 639 | (377) |
Deferred costs and other assets | 151 | (178) |
Accounts payable and accrued liabilities | (442) | 440 |
Income taxes payable and receivable | 2,539 | (340) |
Other long-term liabilities | 437 | 694 |
Net cash provided by operating activities | 16,400 | 13,353 |
Cash flows from investing activities: | ||
Investments in properties | (11,555) | (3,200) |
Investments in joint ventures | (10,031) | (12,297) |
Return of capital from investments in joint ventures | 20,100 | 1,386 |
Purchases of investments available for sale | 0 | (24,584) |
Proceeds from sales of investments available for sale | 69,865 | 57,240 |
Cash at consolidation of real estate partnership | 3,704 | 0 |
Proceeds from the sale of assets | 934 | 19,257 |
Cash held in escrow | 30 | (15,073) |
Net cash provided by investing activities | 73,047 | 22,729 |
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 | (1,846) | (713) |
Repurchase of company stock | (264) | (15,687) |
Exercise of employee stock options | 269 | 0 |
Net cash used in financing activities | (475) | (16,400) |
Net increase in cash and cash equivalents | 88,972 | 19,682 |
Cash and cash equivalents at beginning of year | 73,909 | 26,607 |
Cash and cash equivalents at end of the period | $ 162,881 | $ 46,289 |
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 | 71 | 0 | 0 | 71 | 0 | 71 |
Restricted stock compensation | 0 | 140 | 0 | 0 | 140 | 0 | 140 |
Net income | 0 | 0 | 11,222 | 0 | 11,222 | (475) | 10,747 |
Distributions to partners | 0 | 0 | 0 | 0 | 0 | (713) | (713) |
Unrealized loss on investment, net | 0 | 0 | 0 | (70) | (70) | 0 | (70) |
Shares granted to Employees | $ 1 | 529 | 0 | 0 | 530 | 0 | 530 |
Shares granted to employees | 11,448 | ||||||
Restricted stock award, shares | 20,520 | ||||||
Shares purchased and cancelled | $ (38) | (2,252) | (13,397) | 0 | (15,687) | 0 | (15,687) |
Shares granted to Directors | $ 1 | 499 | 0 | 0 | 500 | 0 | 500 |
Shares granted to Directors shares | 12,050 | ||||||
Minimum pension liability, net | $ 0 | 0 | 0 | 143 | 143 | 0 | 143 |
Restricted stock award | $ 2 | (2) | 0 | 0 | 0 | 0 | 0 |
Shares purchased and cancelled, shares | (379,809) | ||||||
Ending balance, value at Sep. 30, 2020 | $ 948 | 56,690 | 313,103 | 996 | 371,737 | 15,569 | 387,306 |
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2020 | 9,481,638 | ||||||
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 Jun. 30, 2020 | $ 956 | 57,107 | 310,486 | 1,194 | 369,743 | 16,058 | $ 385,801 |
Common Stock, Shares, Outstanding, Beginning Balance at Jun. 30, 2020 | 9,563,144 | ||||||
Stock option grant compensation | $ 0 | 24 | 0 | 0 | 24 | 0 | 24 |
Restricted stock compensation | 0 | 46 | 0 | 0 | 46 | 0 | 46 |
Net income | 0 | 0 | 5,455 | 0 | 5,455 | (184) | 5,271 |
Distributions to partners | 0 | 0 | 0 | 0 | 0 | (305) | (305) |
Unrealized loss on investment, net | 0 | 0 | 0 | (341) | (341) | 0 | (341) |
Shares purchased and cancelled | (8) | (487) | (2,838) | 0 | (3,333) | 0 | (3,333) |
Minimum pension liability, net | $ 0 | 0 | 0 | 143 | 143 | 0 | 143 |
Shares purchased and cancelled, shares | (81,506) | ||||||
Ending balance, value at Sep. 30, 2020 | $ 948 | 56,690 | 313,103 | 996 | 371,737 | 15,569 | 387,306 |
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2020 | 9,481,638 | ||||||
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 | 52 | 0 | 0 | 52 | 0 | $ 52 |
Restricted stock compensation | 0 | 404 | 0 | 0 | 404 | 0 | 404 |
Net income | 0 | 0 | 28,807 | 0 | 28,807 | 12,236 | 41,043 |
Distributions to partners | 0 | 0 | 0 | 0 | 0 | (1,846) | (1,846) |
Unrealized loss on investment, net | 0 | 0 | 0 | (482) | (482) | 0 | (482) |
Shares granted to Employees | $ 0 | 50 | 0 | 0 | 50 | 0 | 50 |
Shares granted to employees | 1,098 | ||||||
Restricted stock award, shares | 27,778 | ||||||
Shares purchased and cancelled | $ 0 | (37) | (227) | 0 | (264) | 0 | (264) |
Shares granted to Directors | $ 1 | 499 | 0 | 0 | 500 | 0 | 500 |
Shares granted to Directors shares | 9,105 | ||||||
Minimum pension liability, net | 0 | ||||||
Restricted stock award | $ 3 | (3) | 0 | 0 | 0 | 0 | 0 |
Exercise of stock options | $ 1 | 268 | 0 | 0 | 269 | 0 | 269 |
Exercise of stock options, shares | 15,334 | ||||||
Contributions from partners | $ 0 | 0 | 0 | 0 | 0 | 4,551 | 4,551 |
Shares purchased and cancelled, shares | (6,004) | ||||||
Ending balance, value at Sep. 30, 2021 | $ 941 | 57,512 | 338,344 | 193 | 396,990 | 29,940 | $ 426,930 |
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2021 | 9,411,028 | 9,411,028 | |||||
Beginning balance, value at Jun. 30, 2021 | $ 941 | 57,360 | 337,992 | 268 | 396,561 | 31,724 | $ 428,285 |
Common Stock, Shares, Outstanding, Beginning Balance at Jun. 30, 2021 | 9,411,028 | ||||||
Stock option grant compensation | $ 0 | 17 | 0 | 0 | 17 | 0 | 17 |
Restricted stock compensation | 0 | 135 | 0 | 0 | 135 | 0 | 135 |
Net income | 0 | 0 | 352 | 0 | 352 | (465) | (113) |
Distributions to partners | 0 | 0 | 0 | 0 | 0 | (1,319) | (1,319) |
Unrealized loss on investment, net | 0 | 0 | 0 | (75) | (75) | 0 | (75) |
Minimum pension liability, net | 0 | ||||||
Ending balance, value at Sep. 30, 2021 | $ 941 | $ 57,512 | $ 338,344 | $ 193 | $ 396,990 | $ 29,940 | $ 426,930 |
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2021 | 9,411,028 | 9,411,028 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 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 nine months ended September 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 | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards | (2) Recently Issued Accounting Standards None. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 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 for the periods up to March 31, 2021 but is 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 Nine Months ended September 30, September 30, 2021 2020 2021 2020 Revenues: Revenues Asset management $ 619 721 1,919 2,089 Revenues Mining royalty lands 2,249 2,507 7,198 7,094 Revenues Development 401 290 1,169 862 Revenues Stabilized Joint Venture 5,204 2,580 12,535 7,685 Revenues 8,473 6,098 22,821 17,730 Operating profit (loss): Before corporate expenses: Operating profit before corporate expenses Asset management $ 169 200 528 700 Operating profit before corporate expenses Mining royalty lands 2,037 2,291 6,531 6,486 Operating profit before corporate expenses Development (404 ) (659 ) (1,201 ) (2,136 ) Operating profit before corporate expenses Stabilized Joint Venture (413 ) 386 (1,357 ) 1,379 Operating profit before corporate expenses Operating profit before corporate expenses 1,389 2,218 4,501 6,429 Corporate expenses: Corporate expenses Allocated to asset management (180 ) (165 ) (682 ) (738 ) Corporate expenses Allocated to mining royalty lands (69 ) (53 ) (258 ) (234 ) Corporate expenses Allocated to development (326 ) (381 ) (1,267 ) (1,710 ) Corporate expenses Allocated to stabilized joint venture (82 ) (38 ) (279 ) (168 ) Corporate expenses Total corporate expenses (657 ) (637 ) (2,486 ) (2,850 ) Operating profit $ 732 1,581 2,015 3,579 Interest expense $ 414 46 1,785 142 Depreciation, depletion and amortization: Depreciation, depletion and amortization Asset management $ 137 137 408 529 Depreciation, depletion and amortization Mining royalty lands 38 60 161 160 Depreciation, depletion and amortization Development 53 53 159 160 Depreciation, depletion and amortization Stabilized Joint Venture 3,568 1,188 8,899 3,557 Depreciation, depletion and amortization $ 3,796 1,438 9,627 4,406 Capital expenditures: Capital expenditures Asset management $ 100 233 318 787 Capital expenditures Mining royalty lands — — — — Capital expenditures Development 4,237 1,754 10,443 2,371 Capital expenditures Stabilized Joint Venture 373 46 794 42 Capital expenditures $ 4,710 2,033 11,555 3,200 Identifiable net assets September 30, December 31, Identifiable net assets 2021 2020 Assets Asset management $ 11,127 11,172 Assets Mining royalty lands 37,205 37,387 Assets Development 185,500 196,212 Assets Stabilized Joint Venture 268,907 130,472 Investments available for sale Investments available for sale at fair value 4,315 75,609 Cash Cash items 163,383 74,105 Assets Unallocated corporate assets 8,316 11,403 Assets $ 678,753 536,360 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 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 $ 260,000 290,000 772,000 870,000 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 | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (5) Long-Term Debt The Company’s Outstanding Debt September 30, December 31, 2021 2020 Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033 $ 178,371 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 million 1.50 1.25 1.0 0.25 0.20 0.15 no 506,000 19,494,000 1 1.08238 228 million 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 $ 37,000 113,000 999,000 948,000 2,892,000 2,823,000 The Company was in compliance with all |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 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 Nine Months ended September 30, September 30, 2021 2020 2021 2020 Weighted average common shares outstanding during the period – shares used for basic earnings per common share 9,363 9,517 9,352 9,646 Common shares issuable under share-based payment plans which are potentially dilutive 36 28 38 35 Common shares used for diluted earnings per common share 9,399 9,545 9,390 9,681 Net income attributable to the Company $ 352 5,455 28,807 11,222 Earnings per common share: -basic $ 0.04 0.57 3.08 1.16 -diluted $ 0.04 0.57 3.07 1.16 For the nine months ended September 30, 2021, 19,950 74,065 53,545 During the first nine months of 2021 the Company repurchased 6,004 43.95 379,809 41.30 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | (7) Stock-Based Compensation Plans The Company has two ten 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 397,747 1,098 11,448 The Company recorded the following Stock Compensation Expense Three Months ended Nine Months ended September 30, September 30, 2021 2020 2021 2020 Stock option grants $ 17 24 52 71 Restricted stock awards 135 46 404 140 Employee stock grant — — 50 530 Annual director stock award — — 500 500 Stock compensation $ 152 70 1,006 1,241 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 September 30, 2021 104,755 $ 37.93 5.1 $ 1,416 Exercisable at September 30, 2021 92,407 $ 36.87 4.8 $ 1,212 Vested during nine months ended September 30, 2021 — $ — The aggregate intrinsic value of exercisable in-the-money options was $ 1,761,000 1,884,000 55.92 The unrecognized compensation cost of options granted to FRP employees but not yet vested as of September 30, 2021 was $ 146,000 2.1 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 September 30, 2021 48,298 $ 45.87 3.3 $ 2,215 Total compensation cost of restricted stock granted but not yet vested as of September 30, 2021 was $ 1,515,000 3.6 years |
Contingent Liabilities
Contingent Liabilities | 9 Months Ended |
Sep. 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 September 30, 2021, there was $ 506,000 |
Concentrations
Concentrations | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations | (9) Concentrations The mining royalty lands segment has a total of five 23.8 294,000 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 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 September 30, 2021, the Company was invested in two 16,000 4,299,000 4,315,000 At September 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 September 30, 2021, the carrying amount and fair value of such other long-term debt was $ 178,371,000 173,634,000 89,027,000 95,138,000 |
Investments in Joint Ventures
Investments in Joint Ventures | 9 Months Ended |
Sep. 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 September 30, 2021 Brooksville Quarry, LLC 50.00 % $ 7,463 14,332 (66 ) (32 ) BC FRP Realty, LLC 50.00 % 5,454 22,612 (227 ) (113 ) Riverfront Holdings II, LLC (1) — — (760 ) (628 ) Bryant Street Partnerships 61.36 % 59,899 201,144 (3,566 ) (3,234 ) Hyde Park — — — — DST Hickory Creek 26.65 % 6,000 46,560 (325 ) 257 Amber Ridge Loan 12,471 12,471 — — 1800 Half St. Owner, LLC 61.37 % 38,456 76,829 19 25 Greenville/Woodfield Partnerships 40.00 % 16,232 80,476 (680 ) (272 ) Total $ 145,975 454,424 (5,605 ) (3,997 ) The Company's Share of Profit Common Total Total Assets of Profit (Loss) (Loss) of the Ownership Investment The Partnership Of the Partnership Partnership (1) As of December 31, 2020 Brooksville Quarry, LLC 50.00 % $ 7,499 14,347 (78 ) (39 ) BC FRP Realty, LLC 50.00 % 5,184 22,747 (411 ) (207 ) Riverfront Holdings II, LLC 80.00 % 23,533 108,538 (4,573 ) (3,907 ) Bryant Street Partnerships 61.36 % 60,159 173,814 (836 ) (2,130 ) Hyde Park 591 591 — — DST Hickory Creek 26.65 % 6,000 47,761 (367 ) 339 Amber Ridge Loan 10,026 10,026 — — 1800 Half St. Owner, LLC 61.37 % 37,875 54,275 158 164 Greenville/Woodfield Partnerships 40.00 % 16,204 46,457 182 90 Total $ 167,071 478,556 (5,925 ) (5,690 ) (1) Riverfront Holdings II, LLC was consolidated on March 31, 2021. Bryant Street Partnerships includes $ 674,000 1,146,000 354,000 471,000 The Major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures Investments in Apartment/Mixed Use Joint Ventures as of September 30, 2021 As of September 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 $ 0 198,039 44,224 73,580 80,261 $ 396,104 Cash and cash equivalents 0 848 978 439 207 2,472 Unrealized rents & receivables 0 1,892 1,004 0 8 2,904 Deferred costs 0 365 354 2,810 0 3,529 Total Assets $ 0 201,144 46,560 76,829 80,476 $ 405,009 Secured notes payable $ 0 116,705 29,325 0 35,879 $ 181,909 Other liabilities 0 7,620 162 15,766 5,370 28,918 Capital - FRP 0 58,014 4,550 37,483 15,691 115,738 Capital – Third Parties 0 18,805 12,523 23,580 23,536 78,444 Total Liabilities and Capital $ 0 201,144 46,560 76,829 80,476 $ 405,009 Investments in Joint Ventures as of September 30, 2021 As of September 30, 2021 Brooksville BC FRP Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Hyde Park Loan Mixed Use Total Investments in real estate, net. $ 14,283 21,627 0 12,471 396,104 $ 444,485 Cash and cash equivalents 49 231 0 0 2,472 2,752 Unrealized rents & receivables 0 470 0 0 2,904 3,374 Deferred costs 0 284 0 0 3,529 3,813 Total Assets $ 14,332 22,612 0 12,471 405,009 $ 454,424 Secured notes payable $ 0 11,524 0 0 181,909 $ 193,433 Other liabilities 81 138 0 0 28,918 29,137 Capital - FRP 7,463 5,475 0 12,471 115,738 141,147 Capital - Third Parties 6,788 5,475 0 0 78,444 90,707 Total Liabilities and Capital $ 14,332 22,612 0 12,471 405,009 $ 454,424 The Company’s capital recorded by the unconsolidated Joint Ventures is $ 4,828,000 The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of December 31, 2020 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed Use Joint Ventures as of December 31, 2020 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 $ (7,660,000) (8,278,000) The income statements of the Bryant Street Partnerships Bryant Street Bryant Street Partnerships Partnerships Total JV Company Share Nine Months ended Nine Months ended September 30, September 30, 2021 2021 Revenues: Rental Revenue $ 1,153 $ 707 Revenue – other 190 117 Total Revenues 1,343 824 Cost of operations: Depreciation and amortization 1,482 909 Operating expenses 1,938 1,190 Property taxes 255 156 Total cost of operations 3,675 2,255 Total operating profit (2,332 ) (1,431 ) Interest expense (1,234 ) (1,803 ) Net loss before tax (3,566 ) (3,234 ) |
Consolidation of Riverfront Inv
Consolidation of Riverfront Investment Partners II, LLC. Riverfront Holdings II, LLC | 9 Months Ended |
Sep. 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 million 6.2 million 80 5.6 million 725,000 13.75 million 7.5 joint venture and oversees and controls the day-to-day operations of the project. 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 Holdings II, LLC Remeasurement 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 |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | (13) Subsequent Event On October 8, 2021, the Company entered into a loan agreement with a Baltimore developer to be the principal capital source of a residential development venture in Harford County, Maryland to be known as “Aberdeen Station.” We have committed up to $ 31.1 million 10 344 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 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 Nine Months ended September 30, September 30, 2021 2020 2021 2020 Revenues: Revenues Asset management $ 619 721 1,919 2,089 Revenues Mining royalty lands 2,249 2,507 7,198 7,094 Revenues Development 401 290 1,169 862 Revenues Stabilized Joint Venture 5,204 2,580 12,535 7,685 Revenues 8,473 6,098 22,821 17,730 Operating profit (loss): Before corporate expenses: Operating profit before corporate expenses Asset management $ 169 200 528 700 Operating profit before corporate expenses Mining royalty lands 2,037 2,291 6,531 6,486 Operating profit before corporate expenses Development (404 ) (659 ) (1,201 ) (2,136 ) Operating profit before corporate expenses Stabilized Joint Venture (413 ) 386 (1,357 ) 1,379 Operating profit before corporate expenses Operating profit before corporate expenses 1,389 2,218 4,501 6,429 Corporate expenses: Corporate expenses Allocated to asset management (180 ) (165 ) (682 ) (738 ) Corporate expenses Allocated to mining royalty lands (69 ) (53 ) (258 ) (234 ) Corporate expenses Allocated to development (326 ) (381 ) (1,267 ) (1,710 ) Corporate expenses Allocated to stabilized joint venture (82 ) (38 ) (279 ) (168 ) Corporate expenses Total corporate expenses (657 ) (637 ) (2,486 ) (2,850 ) Operating profit $ 732 1,581 2,015 3,579 Interest expense $ 414 46 1,785 142 Depreciation, depletion and amortization: Depreciation, depletion and amortization Asset management $ 137 137 408 529 Depreciation, depletion and amortization Mining royalty lands 38 60 161 160 Depreciation, depletion and amortization Development 53 53 159 160 Depreciation, depletion and amortization Stabilized Joint Venture 3,568 1,188 8,899 3,557 Depreciation, depletion and amortization $ 3,796 1,438 9,627 4,406 Capital expenditures: Capital expenditures Asset management $ 100 233 318 787 Capital expenditures Mining royalty lands — — — — Capital expenditures Development 4,237 1,754 10,443 2,371 Capital expenditures Stabilized Joint Venture 373 46 794 42 Capital expenditures $ 4,710 2,033 11,555 3,200 |
Identifiable net assets | Identifiable net assets September 30, December 31, Identifiable net assets 2021 2020 Assets Asset management $ 11,127 11,172 Assets Mining royalty lands 37,205 37,387 Assets Development 185,500 196,212 Assets Stabilized Joint Venture 268,907 130,472 Investments available for sale Investments available for sale at fair value 4,315 75,609 Cash Cash items 163,383 74,105 Assets Unallocated corporate assets 8,316 11,403 Assets $ 678,753 536,360 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | The Company’s Outstanding Debt September 30, December 31, 2021 2020 Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033 $ 178,371 89,964 Credit agreement — — Long-term debt $ 178,334 89,964 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 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 Nine Months ended September 30, September 30, 2021 2020 2021 2020 Weighted average common shares outstanding during the period – shares used for basic earnings per common share 9,363 9,517 9,352 9,646 Common shares issuable under share-based payment plans which are potentially dilutive 36 28 38 35 Common shares used for diluted earnings per common share 9,399 9,545 9,390 9,681 Net income attributable to the Company $ 352 5,455 28,807 11,222 Earnings per common share: -basic $ 0.04 0.57 3.08 1.16 -diluted $ 0.04 0.57 3.07 1.16 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation Expense | The Company recorded the following Stock Compensation Expense Three Months ended Nine Months ended September 30, September 30, 2021 2020 2021 2020 Stock option grants $ 17 24 52 71 Restricted stock awards 135 46 404 140 Employee stock grant — — 50 530 Annual director stock award — — 500 500 Stock compensation $ 152 70 1,006 1,241 |
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 September 30, 2021 104,755 $ 37.93 5.1 $ 1,416 Exercisable at September 30, 2021 92,407 $ 36.87 4.8 $ 1,212 Vested during nine months ended September 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 September 30, 2021 48,298 $ 45.87 3.3 $ 2,215 |
Investments in Joint Ventures (
Investments in Joint Ventures (Tables) | 9 Months Ended |
Sep. 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 September 30, 2021 Brooksville Quarry, LLC 50.00 % $ 7,463 14,332 (66 ) (32 ) BC FRP Realty, LLC 50.00 % 5,454 22,612 (227 ) (113 ) Riverfront Holdings II, LLC (1) — — (760 ) (628 ) Bryant Street Partnerships 61.36 % 59,899 201,144 (3,566 ) (3,234 ) Hyde Park — — — — DST Hickory Creek 26.65 % 6,000 46,560 (325 ) 257 Amber Ridge Loan 12,471 12,471 — — 1800 Half St. Owner, LLC 61.37 % 38,456 76,829 19 25 Greenville/Woodfield Partnerships 40.00 % 16,232 80,476 (680 ) (272 ) Total $ 145,975 454,424 (5,605 ) (3,997 ) The Company's Share of Profit Common Total Total Assets of Profit (Loss) (Loss) of the Ownership Investment The Partnership Of the Partnership Partnership (1) As of December 31, 2020 Brooksville Quarry, LLC 50.00 % $ 7,499 14,347 (78 ) (39 ) BC FRP Realty, LLC 50.00 % 5,184 22,747 (411 ) (207 ) Riverfront Holdings II, LLC 80.00 % 23,533 108,538 (4,573 ) (3,907 ) Bryant Street Partnerships 61.36 % 60,159 173,814 (836 ) (2,130 ) Hyde Park 591 591 — — DST Hickory Creek 26.65 % 6,000 47,761 (367 ) 339 Amber Ridge Loan 10,026 10,026 — — 1800 Half St. Owner, LLC 61.37 % 37,875 54,275 158 164 Greenville/Woodfield Partnerships 40.00 % 16,204 46,457 182 90 Total $ 167,071 478,556 (5,925 ) (5,690 ) (1) Riverfront Holdings II, LLC was consolidated on March 31, 2021. Bryant Street Partnerships includes $ 674,000 1,146,000 354,000 471,000 |
Investments in Apartment/Mixed Use Joint Ventures as of September 30, 2021 | The Major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures Investments in Apartment/Mixed Use Joint Ventures as of September 30, 2021 As of September 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 $ 0 198,039 44,224 73,580 80,261 $ 396,104 Cash and cash equivalents 0 848 978 439 207 2,472 Unrealized rents & receivables 0 1,892 1,004 0 8 2,904 Deferred costs 0 365 354 2,810 0 3,529 Total Assets $ 0 201,144 46,560 76,829 80,476 $ 405,009 Secured notes payable $ 0 116,705 29,325 0 35,879 $ 181,909 Other liabilities 0 7,620 162 15,766 5,370 28,918 Capital - FRP 0 58,014 4,550 37,483 15,691 115,738 Capital – Third Parties 0 18,805 12,523 23,580 23,536 78,444 Total Liabilities and Capital $ 0 201,144 46,560 76,829 80,476 $ 405,009 |
Investments in Joint Ventures as of September 30, 2021 | Investments in Joint Ventures as of September 30, 2021 As of September 30, 2021 Brooksville BC FRP Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Hyde Park Loan Mixed Use Total Investments in real estate, net. $ 14,283 21,627 0 12,471 396,104 $ 444,485 Cash and cash equivalents 49 231 0 0 2,472 2,752 Unrealized rents & receivables 0 470 0 0 2,904 3,374 Deferred costs 0 284 0 0 3,529 3,813 Total Assets $ 14,332 22,612 0 12,471 405,009 $ 454,424 Secured notes payable $ 0 11,524 0 0 181,909 $ 193,433 Other liabilities 81 138 0 0 28,918 29,137 Capital - FRP 7,463 5,475 0 12,471 115,738 141,147 Capital - Third Parties 6,788 5,475 0 0 78,444 90,707 Total Liabilities and Capital $ 14,332 22,612 0 12,471 405,009 $ 454,424 |
Investments in Apartment/Mixed Use Joint Ventures as of December 31, 2020 | The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of December 31, 2020 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed Use Joint Ventures as of December 31, 2020 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 |
income statements of the Bryant Street Partnerships | The income statements of the Bryant Street Partnerships Bryant Street Bryant Street Partnerships Partnerships Total JV Company Share Nine Months ended Nine Months ended September 30, September 30, 2021 2021 Revenues: Rental Revenue $ 1,153 $ 707 Revenue – other 190 117 Total Revenues 1,343 824 Cost of operations: Depreciation and amortization 1,482 909 Operating expenses 1,938 1,190 Property taxes 255 156 Total cost of operations 3,675 2,255 Total operating profit (2,332 ) (1,431 ) Interest expense (1,234 ) (1,803 ) Net loss before tax (3,566 ) (3,234 ) |
Consolidation of Riverfront I_2
Consolidation of Riverfront Investment Partners II, LLC. Riverfront Holdings II, LLC (Tables) | 9 Months Ended |
Sep. 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 Holdings II, LLC Remeasurement 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 8,473 | $ 6,098 | $ 22,821 | $ 17,730 |
Operating profit before corporate expenses | 1,389 | 2,218 | 4,501 | 6,429 |
Corporate expenses | (657) | (637) | (2,486) | (2,850) |
Operating profit | 732 | 1,581 | 2,015 | 3,579 |
414 | 46 | 1,785 | 142 | |
Depreciation, depletion and amortization | 9,772 | 4,572 | ||
Capital expenditures | 4,710 | 2,033 | 11,555 | 3,200 |
Asset Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 619 | 721 | 1,919 | 2,089 |
Operating profit before corporate expenses | 169 | 200 | 528 | 700 |
Corporate expenses | (180) | (165) | (682) | (738) |
Depreciation, depletion and amortization | 137 | 137 | 408 | 529 |
Capital expenditures | 100 | 233 | 318 | 787 |
Mining Properties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,249 | 2,507 | 7,198 | 7,094 |
Operating profit before corporate expenses | 2,037 | 2,291 | 6,531 | 6,486 |
Corporate expenses | (69) | (53) | (258) | (234) |
Depreciation, depletion and amortization | 38 | 60 | 161 | 160 |
Capital expenditures | 0 | 0 | 0 | 0 |
Development [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 401 | 290 | 1,169 | 862 |
Operating profit before corporate expenses | (404) | (659) | (1,201) | (2,136) |
Corporate expenses | (326) | (381) | (1,267) | (1,710) |
Depreciation, depletion and amortization | 53 | 53 | 159 | 160 |
Capital expenditures | 4,237 | 1,754 | 10,443 | 2,371 |
Stabilized Joint Venture [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 5,204 | 2,580 | 12,535 | 7,685 |
Operating profit before corporate expenses | (413) | 386 | (1,357) | 1,379 |
Corporate expenses | (82) | (38) | (279) | (168) |
Depreciation, depletion and amortization | 3,568 | 1,188 | 8,899 | 3,557 |
Capital expenditures | 373 | 46 | 794 | 42 |
Total Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation, depletion and amortization | $ 3,796 | $ 1,438 | $ 9,627 | $ 4,406 |
Identifiable net assets (Detail
Identifiable net assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Assets | $ 678,753 | $ 536,360 |
Investments available for sale | 4,315 | 75,609 |
Cash | 163,383 | 74,105 |
Asset Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 11,127 | 11,172 |
Mining Properties [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 37,205 | 37,387 |
Development [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 185,500 | 196,212 |
Stabilized Joint Venture [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 268,907 | 130,472 |
Unallocated Corporate Assets [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 8,316 | $ 11,403 |
Business Segments (Details Narr
Business Segments (Details Narrative) | 3 Months Ended |
Sep. 30, 2021aSegmentsinteger | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | Segments | 4 |
Commercial properties | integer | 2 |
Industrial acquisition count | integer | 1 |
acres | a | 15,000 |
Brooksville Joint Venture [Member] | |
Segment Reporting Information [Line Items] | |
acres | a | 4,280 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Related Party Transactions [Abstract] | ||||
Related party allocation | $ 260,000 | $ 290,000 | $ 772,000 | $ 870,000 |
Outstanding Debt (Details)
Outstanding Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033 | $ 178,371 | $ 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 | 9 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Dec. 31, 2017 | Sep. 30, 2021 | Sep. 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 | ||||||||
Debt cost amortization | 37,000 | $ 113,000 | |||||||||
Capitalized interest | 999,000 | $ 948,000 | $ 2,892,000 | $ 2,823,000 | |||||||
Dock 79 Eagle Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Loan 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] | |||||||||||
Loan 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 | 1.08238% | 1.08238% | |||||||||
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding during the period – shares used for basic earnings per common share | 9,363 | 9,517 | 9,352 | 9,646 |
Common shares issuable under share-based payment plans which are potentially dilutive | 36 | 28 | 38 | 35 |
Common shares used for diluted earnings per common share | 9,399 | 9,545 | 9,390 | 9,681 |
Net income attributable to the Company | $ 352 | $ 5,455 | $ 28,807 | $ 11,222 |
Earnings per common share: | ||||
-basic | $ 0.04 | $ 0.57 | $ 3.08 | $ 1.16 |
-diluted | $ 0.04 | $ 0.57 | $ 3.07 | $ 1.16 |
Earnings per Share (Details Nar
Earnings per Share (Details Narrative) - $ / shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |||
Antidilutive shares excluded | 74,065 | 19,950 | 53,545 |
Shares repurchased | 6,004 | 379,809 | |
Average cost of shares repurchased | $ 43.95 | $ 41.30 |
Stock Compensation Expense (Det
Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation | $ 152 | $ 70 | $ 1,006 | $ 1,241 |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation | 17 | 24 | 52 | 71 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation | 135 | 46 | 404 | 140 |
Employee Grant [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation | 0 | 0 | 50 | 530 |
Director Stock Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation | $ 500 | $ 500 |
Summary of changes in outstandi
Summary of changes in outstanding options (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options exercisable remaining term | 4 years 9 months 17 days | |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding, shares | 104,755 | 120,089 |
Options outstanding, weighted avg exercise price | $ 37.93 | $ 35.33 |
Options outstanding remaining term | 5 years 1 month 4 days | 5 years 3 months 18 days |
Options outstanding, weighted avg grant date fair value | $ 1,416 | $ 1,531 |
Options exercised, shares | (15,334) | |
Options exercised, weighted avg exercise price | $ 17.54 | |
Options exercised, weighted avg grant date fair value | $ (115) | |
Options exercisable, shares | 92,407 | |
Options exercisable, weighted avg exercise price | $ 36.87 | |
Options exercisable, weighted avg grant date fair value | $ 1,212 | |
Options vested, shares | 0 | |
Options vested, weighted avg grant date fair value | $ 0 |
Summary of changes in restricte
Summary of changes in restricted stock awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock | 48,298 | 20,520 | ||
Restricted stock | $ 45.87 | $ 46.30 | ||
Restricted stock | 3 years 3 months 19 days | 3 years 4 months 25 days | ||
Restricted stock | $ 2,215 | $ 950 | ||
Time Based Awards Granted [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock | 8,896 | 8,896 | ||
Restricted stock | $ 45.55 | |||
Restricted stock | $ 405 | |||
Performance Based Awards Granted [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock | 18,882 | 20,520 | 18,882 | |
Restricted stock | $ 45.55 | |||
Restricted stock | $ 860 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details Narrative) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021shares | Mar. 31, 2020shares | Sep. 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% | ||
Maximum volatility | 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 | 397,747 | ||
Intrinsic value | $ 1,761,000 | ||
Intrinsic value | $ 1,884,000 | ||
Closing price | $ / shares | $ 55.92 | ||
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 grants | 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 | $ 146,000 | ||
Recognition period | 2 years 1 month 5 days | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 1,515,000 | ||
Recognition period | 3 years 7 months 6 days |
Contingent Liabilities (Details
Contingent Liabilities (Details Narrative) | Sep. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Letters of credit outstanding | $ 506,000 |
Concentrations (Details Narrati
Concentrations (Details Narrative) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)integer | Dec. 31, 2020USD ($) | |
Concentration Risk [Line Items] | ||
Number of minimg tenants | integer | 5 | |
Accounts receivable | $ 991 | $ 923 |
Mining Top Customer [Member] | ||
Concentration Risk [Line Items] | ||
Top lessee rent percent | 23.80% | |
Accounts receivable | $ 294 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) $ in Thousands | Sep. 30, 2021USD ($)integer | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) |
Fair Value Disclosures [Abstract] | |||
Number of corporate bonds | integer | 2 | ||
Unrealized gain | $ 16 | ||
Amortized cost of investments | 4,299 | ||
Carrying amount of bonds | 4,315 | $ 75,609 | |
Fair value of bonds | 4,315 | ||
Carrying amount of long-term debt | 178,371 | $ 89,027 | |
Fair value of long-term debt | $ 173,634 | $ 95,138 |
Investments in unconsolidated j
Investments in unconsolidated joint ventures (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 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 | $ 145,975,000 | $ 145,975,000 | $ 167,071,000 | |||||||
Total assets of the partnership | 678,753,000 | 678,753,000 | 536,360,000 | |||||||
Partnership profit (loss) | (113,000) | $ 5,271,000 | 41,043,000 | $ 10,747,000 | ||||||
Share of profit | (1,244,000) | $ (1,788,000) | (3,997,000) | $ (3,773,000) | ||||||
Real Estate Total Assets [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total assets of the partnership | $ 454,424,000 | 454,424,000 | 478,556,000 | |||||||
Partnership profit (loss) | (5,605,000) | (5,925,000) | ||||||||
Real Estate Partnership Net Income Loss [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Share of profit | $ (3,997,000) | $ (5,690,000) | ||||||||
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 | $ 7,463,000 | $ 7,463,000 | $ 7,499,000 | |||||||
Partnership profit (loss) | (66,000) | (78,000) | ||||||||
Share of profit | (32,000) | (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 | $ 14,332,000 | $ 14,332,000 | $ 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 | $ 5,454,000 | $ 5,454,000 | $ 5,184,000 | |||||||
Partnership profit (loss) | (227,000) | (411,000) | ||||||||
Share of profit | (113,000) | (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 | 22,612,000 | 22,612,000 | $ 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 | 61.36% | 61.36% | 61.36% | |||||||
Total investments | $ 59,899,000 | $ 59,899,000 | $ 60,159,000 | |||||||
Partnership profit (loss) | (3,566,000) | (836,000) | ||||||||
Share of profit | [1] | (3,234,000) | (2,130,000) | |||||||
Preferred interest | 674,000 | 1,146,000 | ||||||||
Amortization of guarantee liability | 354,000 | 471,000 | ||||||||
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total assets of the partnership | 201,144,000 | 201,144,000 | 173,814,000 | |||||||
Hyde Park [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total investments | 0 | 0 | 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 | $ 0 | $ 0 | $ 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) | (325,000) | (367,000) | ||||||||
Share of profit | 257,000 | 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 | 46,560,000 | 46,560,000 | 47,761,000 | |||||||
Amber Ridge Loan [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total investments | 12,471,000 | 12,471,000 | 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 | $ 12,471,000 | $ 12,471,000 | $ 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 | $ 38,456,000 | $ 38,456,000 | $ 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 | $ 76,829,000 | $ 76,829,000 | $ 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 | $ 16,232,000 | $ 16,232,000 | $ 16,204,000 | |||||||
Partnership profit (loss) | (680,000) | 182,000 | ||||||||
Share of profit | (272,000) | 90,000 | ||||||||
Greenville Woodfield Partnerships [Member] | Real Estate Total Assets [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total assets of the partnership | $ 80,476,000 | $ 80,476,000 | $ 46,457,000 | |||||||
[1] | Riverfront Holdings II, LLC was consolidated on March 31, 2021. Bryant Street Partnerships includes $ 674,000 1,146,000 354,000 471,000 |
Investments in Apartment_Mixed
Investments in Apartment/Mixed Use Joint Ventures as of September 30, 2021 (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Investments in real estate, net | $ 444,485 | $ 451,767 | ||
Cash and cash equivalents | 2,752 | 21,649 | ||
Unrealized rents & receivables | 3,374 | 1,102 | ||
Deferred costs | 3,813 | 4,038 | ||
Total Assets | 678,753 | 536,360 | ||
Secured notes payable | 193,433 | 180,890 | ||
Other liabilities | 29,137 | 34,126 | ||
Capital – Third Parties | 396,990 | 367,654 | ||
Total Liabilities and Capital | 678,753 | 536,360 | ||
Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Assets | 454,424 | 478,556 | ||
Real Estate Partnership F R P [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital - FRP | 141,147 | 174,792 | ||
Real Estate Partnership Third Parties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital – Third Parties | 90,707 | 88,748 | ||
Real Estate Partnership Total Liabilities And Capital [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Liabilities and Capital | 454,424 | 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 | 198,039 | 173,560 | ||
Cash and cash equivalents | 848 | 111 | ||
Unrealized rents & receivables | 1,892 | 58 | ||
Deferred costs | 365 | 85 | ||
Secured notes payable | 116,705 | 72,471 | ||
Other liabilities | 7,620 | 22,952 | ||
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Assets | 201,144 | 173,814 | ||
Bryant Street Partnerships [Member] | Real Estate Partnership F R P [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital - FRP | 58,014 | 58,559 | ||
Bryant Street Partnerships [Member] | Real Estate Partnership Third Parties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital – Third Parties | 18,805 | 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 | 201,144 | 173,814 | ||
D S T Hickory Creek [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in real estate, net | 44,224 | 45,379 | ||
Cash and cash equivalents | 978 | 1,202 | ||
Unrealized rents & receivables | 1,004 | 775 | ||
Deferred costs | 354 | 405 | ||
Secured notes payable | 29,325 | 29,291 | ||
Other liabilities | 162 | 107 | ||
D S T Hickory Creek [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Assets | 46,560 | 47,761 | ||
D S T Hickory Creek [Member] | Real Estate Partnership F R P [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital - FRP | 4,550 | 4,894 | ||
D S T Hickory Creek [Member] | Real Estate Partnership Third Parties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital – Third Parties | 12,523 | 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 | 46,560 | 47,761 | ||
Half St Owner L L C [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in real estate, net | 73,580 | 37,452 | ||
Cash and cash equivalents | 439 | 14,011 | ||
Unrealized rents & receivables | 0 | 2 | ||
Deferred costs | 2,810 | 2,810 | ||
Secured notes payable | 0 | 0 | ||
Other liabilities | 15,766 | 1,953 | ||
Half St Owner L L C [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Assets | 76,829 | 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 | 37,483 | 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 | 23,580 | 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 | 76,829 | 54,275 | ||
Greenville Woodfield Partnerships [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in real estate, net | 80,261 | 42,668 | ||
Cash and cash equivalents | 207 | 3,554 | ||
Unrealized rents & receivables | 8 | 0 | ||
Deferred costs | 0 | 235 | ||
Secured notes payable | 35,879 | 1,776 | ||
Other liabilities | 5,370 | 4,774 | ||
Greenville Woodfield Partnerships [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Assets | 80,476 | 46,457 | ||
Greenville Woodfield Partnerships [Member] | Real Estate Partnership F R P [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital - FRP | 15,691 | 15,963 | ||
Greenville Woodfield Partnerships [Member] | Real Estate Partnership Third Parties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital – Third Parties | 23,536 | 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 | 80,476 | 46,457 | ||
Apartment Mixed Use [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in real estate, net | 396,104 | 404,796 | ||
Cash and cash equivalents | 2,472 | 21,504 | ||
Unrealized rents & receivables | 2,904 | 848 | ||
Deferred costs | 3,529 | 3,697 | ||
Secured notes payable | 181,909 | 168,520 | ||
Other liabilities | 28,918 | 33,975 | ||
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Assets | 405,009 | 430,845 | ||
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital - FRP | 115,738 | 151,549 | ||
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital – Third Parties | 78,444 | 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 | $ 405,009 | $ 430,845 | ||
[1] | Riverfront Holdings II, LLC was consolidated on March 31, 2021. Bryant Street Partnerships includes $ 674,000 1,146,000 354,000 471,000 |
Investments in Joint Ventures a
Investments in Joint Ventures as of September 30, 2021 (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net. | $ 444,485 | $ 451,767 |
Cash and cash equivalents | 2,752 | 21,649 |
Unrealized rents & receivables | 3,374 | 1,102 |
Deferred costs | 3,813 | 4,038 |
Total Assets | 678,753 | 536,360 |
Secured notes payable | 193,433 | 180,890 |
Other liabilities | 29,137 | 34,126 |
Capital - Third Parties | 396,990 | 367,654 |
Total Liabilities and Capital | 678,753 | 536,360 |
Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 454,424 | 478,556 |
Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 141,147 | 174,792 |
Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 90,707 | 88,748 |
Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 454,424 | 478,556 |
Brooksville Quarry L L C [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net. | 14,283 | 14,287 |
Cash and cash equivalents | 49 | 55 |
Unrealized rents & receivables | 0 | 0 |
Deferred costs | 0 | 5 |
Secured notes payable | 0 | 0 |
Other liabilities | 81 | 28 |
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 14,332 | 14,347 |
Brooksville Quarry L L C [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 7,463 | 7,499 |
Brooksville Quarry L L C [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 6,788 | 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 | 14,332 | 14,347 |
B C F R P Realty L L C [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net. | 21,627 | 22,067 |
Cash and cash equivalents | 231 | 90 |
Unrealized rents & receivables | 470 | 254 |
Deferred costs | 284 | 336 |
Secured notes payable | 11,524 | 12,370 |
Other liabilities | 138 | 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 | 22,612 | 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 | 5,475 | 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 | 5,475 | 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 | 22,612 | 22,747 |
Hyde Park [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net. | 0 | 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 | 0 | 591 |
Hyde Park [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 0 | 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 | 0 | 591 |
Amber Ridge Loan [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net. | 12,471 | 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 | 12,471 | 10,026 |
Amber Ridge Loan [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 12,471 | 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 | 12,471 | 10,026 |
Apartment Mixed Use [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net. | 396,104 | 404,796 |
Cash and cash equivalents | 2,472 | 21,504 |
Unrealized rents & receivables | 2,904 | 848 |
Deferred costs | 3,529 | 3,697 |
Secured notes payable | 181,909 | 168,520 |
Other liabilities | 28,918 | 33,975 |
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 405,009 | 430,845 |
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 115,738 | 151,549 |
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 78,444 | 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 | $ 405,009 | $ 430,845 |
Investments in Apartment_Mixe_2
Investments in Apartment/Mixed Use Joint Ventures as of December 31, 2020 (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Investments in real estate, net | $ 444,485 | $ 451,767 | ||
Cash and cash equivalents | 2,752 | 21,649 | ||
Unrealized rents & receivables | 3,374 | 1,102 | ||
Deferred costs | 3,813 | 4,038 | ||
Total Assets | 678,753 | 536,360 | ||
Secured notes payable | 193,433 | 180,890 | ||
Other liabilities | 29,137 | 34,126 | ||
Capital - Third Parties | 396,990 | 367,654 | ||
Total Liabilities and Capital | 678,753 | 536,360 | ||
Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Assets | 454,424 | 478,556 | ||
Real Estate Partnership F R P [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital - FRP | 141,147 | 174,792 | ||
Real Estate Partnership Third Parties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital - Third Parties | 90,707 | 88,748 | ||
Real Estate Partnership Total Liabilities And Capital [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Liabilities and Capital | 454,424 | 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 | 198,039 | 173,560 | ||
Cash and cash equivalents | 848 | 111 | ||
Unrealized rents & receivables | 1,892 | 58 | ||
Deferred costs | 365 | 85 | ||
Secured notes payable | 116,705 | 72,471 | ||
Other liabilities | 7,620 | 22,952 | ||
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Assets | 201,144 | 173,814 | ||
Bryant Street Partnerships [Member] | Real Estate Partnership F R P [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital - FRP | 58,014 | 58,559 | ||
Bryant Street Partnerships [Member] | Real Estate Partnership Third Parties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital - Third Parties | 18,805 | 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 | 201,144 | 173,814 | ||
D S T Hickory Creek [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in real estate, net | 44,224 | 45,379 | ||
Cash and cash equivalents | 978 | 1,202 | ||
Unrealized rents & receivables | 1,004 | 775 | ||
Deferred costs | 354 | 405 | ||
Secured notes payable | 29,325 | 29,291 | ||
Other liabilities | 162 | 107 | ||
D S T Hickory Creek [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Assets | 46,560 | 47,761 | ||
D S T Hickory Creek [Member] | Real Estate Partnership F R P [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital - FRP | 4,550 | 4,894 | ||
D S T Hickory Creek [Member] | Real Estate Partnership Third Parties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital - Third Parties | 12,523 | 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 | 46,560 | 47,761 | ||
Half St Owner L L C [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in real estate, net | 73,580 | 37,452 | ||
Cash and cash equivalents | 439 | 14,011 | ||
Unrealized rents & receivables | 0 | 2 | ||
Deferred costs | 2,810 | 2,810 | ||
Secured notes payable | 0 | 0 | ||
Other liabilities | 15,766 | 1,953 | ||
Half St Owner L L C [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Assets | 76,829 | 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 | 37,483 | 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 | 23,580 | 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 | 76,829 | 54,275 | ||
Greenville Woodfield Partnerships [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in real estate, net | 80,261 | 42,668 | ||
Cash and cash equivalents | 207 | 3,554 | ||
Unrealized rents & receivables | 8 | 0 | ||
Deferred costs | 0 | 235 | ||
Secured notes payable | 35,879 | 1,776 | ||
Other liabilities | 5,370 | 4,774 | ||
Greenville Woodfield Partnerships [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Assets | 80,476 | 46,457 | ||
Greenville Woodfield Partnerships [Member] | Real Estate Partnership F R P [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital - FRP | 15,691 | 15,963 | ||
Greenville Woodfield Partnerships [Member] | Real Estate Partnership Third Parties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital - Third Parties | 23,536 | 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 | 80,476 | 46,457 | ||
Apartment Mixed Use [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in real estate, net | 396,104 | 404,796 | ||
Cash and cash equivalents | 2,472 | 21,504 | ||
Unrealized rents & receivables | 2,904 | 848 | ||
Deferred costs | 3,529 | 3,697 | ||
Secured notes payable | 181,909 | 168,520 | ||
Other liabilities | 28,918 | 33,975 | ||
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Assets | 405,009 | 430,845 | ||
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital - FRP | 115,738 | 151,549 | ||
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital - Third Parties | 78,444 | 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 | $ 405,009 | $ 430,845 | ||
[1] | Riverfront Holdings II, LLC was consolidated on March 31, 2021. Bryant Street Partnerships includes $ 674,000 1,146,000 354,000 471,000 |
Investments in Joint Ventures_2
Investments in Joint Ventures as of December 31, 2020 (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net. | $ 444,485 | $ 451,767 |
Cash and cash equivalents | 2,752 | 21,649 |
Unrealized rents & receivables | 3,374 | 1,102 |
Deferred costs | 3,813 | 4,038 |
Total Assets | 678,753 | 536,360 |
Secured notes payable | 193,433 | 180,890 |
Other liabilities | 29,137 | 34,126 |
Capital - Third Parties | 396,990 | 367,654 |
Total Liabilities and Capital | 678,753 | 536,360 |
Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 454,424 | 478,556 |
Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 141,147 | 174,792 |
Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 90,707 | 88,748 |
Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 454,424 | 478,556 |
Brooksville Quarry L L C [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net. | 14,283 | 14,287 |
Cash and cash equivalents | 49 | 55 |
Unrealized rents & receivables | 0 | 0 |
Deferred costs | 0 | 5 |
Secured notes payable | 0 | 0 |
Other liabilities | 81 | 28 |
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 14,332 | 14,347 |
Brooksville Quarry L L C [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 7,463 | 7,499 |
Brooksville Quarry L L C [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 6,788 | 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 | 14,332 | 14,347 |
B C F R P Realty L L C [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net. | 21,627 | 22,067 |
Cash and cash equivalents | 231 | 90 |
Unrealized rents & receivables | 470 | 254 |
Deferred costs | 284 | 336 |
Secured notes payable | 11,524 | 12,370 |
Other liabilities | 138 | 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 | 22,612 | 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 | 5,475 | 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 | 5,475 | 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 | 22,612 | 22,747 |
Hyde Park [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net. | 0 | 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 | 0 | 591 |
Hyde Park [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 0 | 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 | 0 | 591 |
Amber Ridge Loan [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net. | 12,471 | 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 | 12,471 | 10,026 |
Amber Ridge Loan [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 12,471 | 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 | 12,471 | 10,026 |
Apartment Mixed Use [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net. | 396,104 | 404,796 |
Cash and cash equivalents | 2,472 | 21,504 |
Unrealized rents & receivables | 2,904 | 848 |
Deferred costs | 3,529 | 3,697 |
Secured notes payable | 181,909 | 168,520 |
Other liabilities | 28,918 | 33,975 |
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 405,009 | 430,845 |
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 115,738 | 151,549 |
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 78,444 | 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 | $ 405,009 | $ 430,845 |
income statements of the Bryant
income statements of the Bryant Street Partnerships (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | $ 6,224 | $ 3,591 | $ 15,623 | $ 10,636 |
Total Revenues | 8,473 | 6,098 | 22,821 | 17,730 |
Property taxes | 986 | 706 | 2,764 | 2,089 |
Total cost of operations | 1,557 | 892 | 3,792 | 2,598 |
Total operating profit | 732 | 1,581 | 2,015 | 3,579 |
Interest expense | (414) | (46) | (1,785) | (142) |
Net loss before tax | $ 17 | $ 7,293 | 51,543 | $ 14,908 |
Bryant Street Partnerships [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | 707 | |||
Revenue – other | 117 | |||
Total Revenues | 824 | |||
Depreciation and amortization | 909 | |||
Operating expenses | 1,190 | |||
Property taxes | 156 | |||
Total cost of operations | 2,255 | |||
Total operating profit | (1,431) | |||
Interest expense | (1,803) | |||
Net loss before tax | (3,234) | |||
Bryant Street Partnerships [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | 1,153 | |||
Revenue – other | 190 | |||
Total Revenues | 1,343 | |||
Depreciation and amortization | 1,482 | |||
Operating expenses | 1,938 | |||
Property taxes | 255 | |||
Total cost of operations | 3,675 | |||
Total operating profit | (2,332) | |||
Interest expense | (1,234) | |||
Net loss before tax | $ (3,566) |
Investments in Joint Ventures_3
Investments in Joint Ventures (Details Narrative) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Difference between carrying value and underlying equity | $ 4,828,000 | |
Retained earnings (accumulated deficit) | $ (7,660,000) | $ (8,278,000) |
Maren consolidation at stabiliz
Maren consolidation at stabilization (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Land | $ 123,397 | $ 91,744 | |
Project under construction | 13,799 | 4,879 | |
Accounts receivable | 991 | 923 | |
Assets | 678,753 | 536,360 | |
Long-term Debt | 178,334 | 89,964 | |
Other liabilities | 1,886 | 1,886 | |
Equity – FRP | 396,990 | 367,654 | |
Total Liabilities and Capital | $ 678,753 | $ 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 | ||
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 | ||
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 | ||
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 | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020 | May 04, 2018integer | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Cash contributed | $ 10,031,000 | $ 12,297,000 | ||||||
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% |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) - Subsequent Event [Member] | Oct. 08, 2021USD ($)integer |
Subsequent Event [Line Items] | |
Future equity investment loan commitment | $ | $ 31,100,000 |
Interest rate | 10.00% |
Residential lots | integer | 344 |