Cover
Cover - shares | 3 Months Ended | |
Sep. 30, 2022 | Nov. 11, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
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, $.10 par value | |
Trading Symbol | FRPH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,455,096 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Real estate investments at cost: | ||
Land | $ 141,564 | $ 123,397 |
Buildings and improvements | 268,132 | 265,278 |
Projects under construction | 13,295 | 8,668 |
Total investments in properties | 422,991 | 397,343 |
Less accumulated depreciation and depletion | 54,523 | 46,678 |
Net investments in properties | 368,468 | 350,665 |
Real estate held for investment, at cost | 10,079 | 9,722 |
Investments in joint ventures | 147,703 | 145,443 |
Net real estate investments | 526,250 | 505,830 |
Cash and cash equivalents | 144,783 | 161,521 |
Cash held in escrow | 582 | 752 |
Accounts receivable, net | 1,530 | 793 |
Investments available for sale at fair value | 0 | 4,317 |
Federal and state income taxes receivable | 0 | 1,103 |
Unrealized rents | 830 | 620 |
Deferred costs | 2,469 | 2,726 |
Other assets | 546 | 528 |
Total assets | 676,990 | 678,190 |
Liabilities: | ||
Secured notes payable | 178,520 | 178,409 |
Accounts payable and accrued liabilities | 4,720 | 6,137 |
Other liabilities | 1,886 | 1,886 |
Federal and state income taxes payable | 456 | 0 |
Deferred revenue | 346 | 369 |
Deferred income taxes | 64,180 | 64,047 |
Deferred compensation | 1,310 | 1,302 |
Tenant security deposits | 887 | 790 |
Total liabilities | 252,305 | 252,940 |
Commitments and contingencies | ||
Equity: | ||
Common stock, $.10 par value 25,000,000 shares authorized, 9,455,096 and 9,411,028 shares issued and outstanding, respectively | 945 | 941 |
Capital in excess of par value | 59,148 | 57,617 |
Retained earnings | 339,561 | 337,752 |
Accumulated other comprehensive income (loss), net | (1,420) | 113 |
Total shareholders’ equity | 398,234 | 396,423 |
Noncontrolling interest MRP | 26,451 | 28,827 |
Total equity | 424,685 | 425,250 |
Total liabilities and equity | $ 676,990 | $ 678,190 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, outstanding | 9,455,096 | 9,411,028 |
Common stock, issued | 9,455,096 | 9,411,028 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues: | ||||
Lease revenue | $ 6,823 | $ 6,224 | $ 19,850 | $ 15,623 |
Mining lands lease revenue | 2,471 | 2,249 | 7,779 | 7,198 |
Total Revenues | 9,294 | 8,473 | 27,629 | 22,821 |
Cost of operations: | ||||
Depreciation, depletion and amortization | 2,744 | 3,796 | 8,510 | 9,627 |
Operating expenses | 1,967 | 1,557 | 5,316 | 3,792 |
Property taxes | 1,034 | 986 | 3,103 | 2,764 |
Management company indirect | 966 | 745 | 2,545 | 2,137 |
Corporate expenses (Note 4 Related Party) | 734 | 657 | 2,876 | 2,486 |
Total cost of operations | 7,445 | 7,741 | 22,350 | 20,806 |
Total operating profit | 1,849 | 732 | 5,279 | 2,015 |
Net investment income | 1,188 | 943 | 3,206 | 3,366 |
Interest expense | (738) | (414) | (2,215) | (1,785) |
Equity in loss of joint ventures | (1,878) | (1,244) | (5,248) | (3,997) |
Gain on remeasurement of investment in real estate partnership | 0 | 0 | 0 | 51,139 |
Gain on sale of real estate | 141 | 0 | 874 | 805 |
Income before income taxes | 562 | 17 | 1,896 | 51,543 |
Provision for income taxes | 178 | 130 | 526 | 10,500 |
Net income (loss) | 384 | (113) | 1,370 | 41,043 |
Gain (loss) attributable to noncontrolling interest | (96) | (465) | (439) | 12,236 |
Net income attributable to the Company | $ 480 | $ 352 | $ 1,809 | $ 28,807 |
Earnings per common share: | ||||
Basic | $ 0.05 | $ 0.04 | $ 0.19 | $ 3.08 |
Diluted | $ 0.05 | $ 0.04 | $ 0.19 | $ 3.07 |
Number of shares (in thousands) used in computing: | ||||
-basic earnings per common share | 9,397 | 9,363 | 9,382 | 9,352 |
-diluted earnings per common share | 9,433 | 9,399 | 9,423 | 9,390 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Net income (loss) | $ 384 | $ (113) | $ 1,370 | $ 41,043 |
Other comprehensive income (loss) net of tax: | ||||
Unrealized loss on investments sale, net of income tax effect of $(120), $(28), $(568) and $(179) | (324) | (75) | (1,533) | (482) |
Comprehensive income (loss) | 60 | (188) | (163) | 40,561 |
Less comp. income attributable to Noncontrolling interest | (96) | (465) | (439) | 12,236 |
Comprehensive income attributable to the Company | $ 156 | $ 277 | $ 276 | $ 28,325 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Income tax effect on UR loss | $ (120) | $ (28) | $ (568) | $ (179) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 1,370 | $ 41,043 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 8,696 | 9,772 |
Deferred income taxes | 133 | 9,273 |
Equity in loss of joint ventures | 5,248 | 3,997 |
Gain on remeasurement of invest in real estate partnership | 0 | (51,139) |
Gain on sale of equipment and property | (901) | (876) |
Stock-based compensation | 1,302 | 1,006 |
Net changes in operating assets and liabilities: | ||
Accounts receivable | (737) | 639 |
Deferred costs and other assets | (2,160) | 151 |
Accounts payable and accrued liabilities | (1,440) | (442) |
Income taxes payable and receivable | 1,559 | 2,539 |
Other long-term liabilities | 105 | 437 |
Net cash provided by operating activities | 13,175 | 16,400 |
Cash flows from investing activities: | ||
Investments in properties | (26,137) | (11,555) |
Investments in joint ventures | (20,838) | (10,031) |
Return of capital from investments in joint ventures | 13,327 | 20,100 |
Proceeds from sales of investments available for sale | 4,317 | 69,865 |
Cash at consolidation of real estate partnership | 0 | 3,704 |
Proceeds from the sale of assets | 952 | 934 |
Cash held in escrow | 170 | 30 |
Net cash (used in) provided by investing activities | (28,209) | 73,047 |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 0 | 92,070 |
Repayment of long-term debt | 0 | (90,000) |
Debt issue costs | 0 | (704) |
Distribution to noncontrolling interest | (1,937) | (1,846) |
Repurchase of company stock | 0 | (264) |
Exercise of employee stock options | 233 | 269 |
Net cash used in financing activities | (1,704) | (475) |
Net increase (decrease) in cash and cash equivalents | (16,738) | 88,972 |
Cash and cash equivalents at beginning of year | 161,521 | 73,909 |
Cash and cash equivalents at end of the period | 144,783 | 162,881 |
Supplemental disclosure of cash flow information: | ||
Interest | 2,212 | 1,781 |
Income taxes | $ (1,734) | $ (1,490) |
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, 2020 | $ 936 | $ 56,279 | $ 309,764 | $ 675 | $ 367,654 | $ 14,999 | $ 382,653 |
Common shares outstanding at Dec. 31, 2020 | 9,363,717 | ||||||
Stock option grant compensation | $ 0 | 52 | 0 | 0 | 52 | 0 | 52 |
Restricted stock compensation | 0 | 404 | 0 | 0 | 404 | 0 | 404 |
Shares granted to Employees | 0 | 50 | 0 | 0 | 50 | 0 | 50 |
Restricted stock award | 3 | (3) | 0 | 0 | 0 | 0 | 0 |
Shares granted to Directors | 1 | 499 | 0 | 0 | 500 | 0 | 500 |
Exercise of stock options | 1 | 268 | 0 | 0 | 269 | 0 | 269 |
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) |
Employee shares granted | 1,098 | ||||||
Restricted shares awarded | 27,778 | ||||||
Director shares granted | 9,105 | ||||||
Stock options exercised | 15,334 | ||||||
Shares purchased and cancelled | $ 0 | (37) | (227) | 0 | (264) | 0 | (264) |
Shares purchased and cancelled | (6,004) | ||||||
Contributions from partners | $ 0 | 0 | 0 | 0 | 0 | 4,551 | 4,551 |
Ending balance, value at Sep. 30, 2021 | $ 941 | 57,512 | 338,344 | 193 | 396,990 | 29,940 | 426,930 |
Common shares outstanding at Sep. 30, 2021 | 9,411,028 | ||||||
Beginning balance, value at Dec. 31, 2020 | $ 936 | 56,279 | 309,764 | 675 | 367,654 | 14,999 | 382,653 |
Common shares outstanding at Dec. 31, 2020 | 9,363,717 | ||||||
Ending balance, value at Dec. 31, 2021 | $ 941 | 57,617 | 337,752 | 113 | 396,423 | 28,827 | $ 425,250 |
Common shares outstanding at Dec. 31, 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 shares outstanding 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) |
Ending balance, value at Sep. 30, 2021 | $ 941 | 57,512 | 338,344 | 193 | 396,990 | 29,940 | 426,930 |
Common shares outstanding at Sep. 30, 2021 | 9,411,028 | ||||||
Beginning balance, value at Dec. 31, 2021 | $ 941 | 57,617 | 337,752 | 113 | 396,423 | 28,827 | $ 425,250 |
Common shares outstanding at Dec. 31, 2021 | 9,411,028 | 9,411,028 | |||||
Stock option grant compensation | $ 0 | 52 | 0 | 0 | 52 | 0 | $ 52 |
Restricted stock compensation | 0 | 550 | 0 | 0 | 550 | 0 | 550 |
Shares granted to Employees | 0 | 50 | 0 | 0 | 50 | 0 | 50 |
Restricted stock award | 2 | (2) | 0 | 0 | 0 | 0 | 0 |
Shares granted to Directors | 1 | 649 | 0 | 0 | 650 | 0 | 650 |
Forfeiture of restricted stock award | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Exercise of stock options | 1 | 232 | 0 | 0 | 233 | 0 | 233 |
Net income | 0 | 0 | 1,809 | 0 | 1,809 | (439) | 1,370 |
Distributions to partners | 0 | 0 | 0 | 0 | 0 | (1,937) | (1,937) |
Unrealized loss on investment, net | $ 0 | 0 | 0 | (1,533) | (1,533) | 0 | (1,533) |
Employee shares granted | 865 | ||||||
Restricted shares awarded | 21,464 | ||||||
Director shares granted | 11,232 | ||||||
Restricted stock forfeited | (1,363) | ||||||
Stock options exercised | 11,870 | ||||||
Ending balance, value at Sep. 30, 2022 | $ 945 | 59,148 | 339,561 | (1,420) | 398,234 | 26,451 | $ 424,685 |
Common shares outstanding at Sep. 30, 2022 | 9,455,096 | 9,455,096 | |||||
Beginning balance, value at Jun. 30, 2022 | $ 945 | 58,872 | 339,081 | (1,096) | 397,802 | 27,135 | $ 424,937 |
Common shares outstanding at Jun. 30, 2022 | 9,455,096 | ||||||
Stock option grant compensation | $ 0 | 18 | 0 | 0 | 18 | 0 | 18 |
Restricted stock compensation | 0 | 258 | 0 | 0 | 258 | 0 | 258 |
Net income | 0 | 0 | 480 | 0 | 480 | (96) | 384 |
Distributions to partners | 0 | 0 | 0 | 0 | 0 | (588) | (588) |
Unrealized loss on investment, net | 0 | 0 | 0 | (324) | (324) | 0 | (324) |
Ending balance, value at Sep. 30, 2022 | $ 945 | $ 59,148 | $ 339,561 | $ (1,420) | $ 398,234 | $ 26,451 | $ 424,685 |
Common shares outstanding at Sep. 30, 2022 | 9,455,096 | 9,455,096 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Sep. 30, 2022 | |
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 the investment and development of real estate , namely (i) leasing and management of industrial and commercial properties owned by The Company, (ii) leasing and management of mining royalty land owned by The Company, (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse, and office, (iv) management of mixed use residential/retail properties owned through our joint ventures. 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, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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, 2021. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards | (2) Recently Issued Accounting Standards None. |
Business Segments
Business Segments | 3 Months Ended |
Sep. 30, 2022 | |
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. During the fourth quarter of 2021 we completed construction on two Our Mining Royalty Lands segment owns several properties comprising approximately 16,650 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 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, 2022 2021 2022 2021 Revenues: Revenues Asset management $ 935 619 2,686 1,919 Revenues Mining royalty lands 2,471 2,249 7,779 7,198 Revenues Development 412 401 1,203 1,169 Revenues Stabilized Joint Venture 5,476 5,204 15,961 12,535 Revenues 9,294 8,473 27,629 22,821 Operating profit (loss): Before corporate expenses: Operating profit before corporate expenses Asset management $ 392 169 1,103 528 Operating profit before corporate expenses Mining royalty lands 2,083 2,037 6,764 6,531 Operating profit before corporate expenses Development (865 ) (404 ) (2,164 ) (1,201 ) Operating profit before corporate expenses Stabilized Joint Venture 973 (413 ) 2,452 (1,357 ) Operating profit before corporate expenses Operating profit before corporate expenses 2,583 1,389 8,155 4,501 Corporate expenses: Corporate expenses Allocated to asset management (127 ) (180 ) (496 ) (682 ) Corporate expenses Allocated to mining royalty lands (83 ) (69 ) (325 ) (258 ) Corporate expenses Allocated to development (457 ) (326 ) (1,794 ) (1,267 ) Corporate expenses Allocated to stabilized joint venture (67 ) (82 ) (261 ) (279 ) Corporate expenses Total corporate expenses (734 ) (657 ) (2,876 ) (2,486 ) Corporate expenses $ 1,849 732 5,279 2,015 Interest expense Interest expense $ 738 414 2,215 1,785 Depreciation, depletion and amortization: Depreciation, depletion and amortization Asset management $ 219 137 683 408 Depreciation, depletion and amortization Mining royalty lands 172 38 416 161 Depreciation, depletion and amortization Development 47 53 139 159 Depreciation, depletion and amortization Stabilized Joint Venture 2,306 3,568 7,272 8,899 Depreciation, depletion and amortization $ 2,744 3,796 8,510 9,627 Capital expenditures: Capital expenditures Asset management $ 202 100 797 318 Capital expenditures Mining royalty lands 1 — 11,218 — Capital expenditures Development 8,548 4,237 13,927 10,443 Capital expenditures Stabilized Joint Venture (25 ) 373 195 794 Capital expenditures $ 8,726 4,710 26,137 11,555 Identifiable net assets September 30, December 31, Identifiable net assets 2022 2021 Assets Asset management $ 24,468 23,897 Assets Mining royalty lands 48,715 37,627 Assets Development 190,883 176,386 Assets Stabilized Joint Venture 259,369 266,429 Investments available for sale at fair value Investments available for sale at fair value — 4,317 Cash Cash items 145,365 162,273 Assets Unallocated corporate assets 8,190 7,261 Assets $ 676,990 678,190 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (4) Related Party Transactions The Company is a party to an Administrative Services Agreement which resulted from our January 30, 2015 spin-off of Patriot Transportation Holding, Inc. (Patriot). The Administrative 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, 2022. The consolidated statements of income reflect charges and/or allocation from Patriot for these services of $ 223,000 260,000 670,000 772,000 To determine these allocations between FRP and Patriot as set forth in the Administrative 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 | 3 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (5) Long-Term Debt The Company’s Outstanding Debt September 30, December 31, 2022 2021 Fixed rate mortgage loans, 3.03 $ 180,070 180,070 Unamortized debt issuance costs (1,550 ) (1,661 ) Credit agreement — — Long term debt $ 178,520 178,409 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 4.11529 246 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 $ 37,000 111,000 113,000 673,000 999,000 2,019,000 2,892,000 The Company was in compliance with all |
Earnings per Share
Earnings per Share | 3 Months Ended |
Sep. 30, 2022 | |
Earnings per common share: | |
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, 2022 2021 2022 2021 Weighted average common shares outstanding during the period – shares used for basic earnings per common share 9,397 9,363 9,382 9,352 Common shares issuable under share based payment plans which are potentially dilutive 36 36 41 38 Common shares used for diluted earnings per common share 9,433 9,399 9,423 9,390 Net income attributable to the Company $ 480 352 1,809 28,807 Earnings per common share: -basic $ 0.05 0.04 0.19 3.08 -diluted $ 0.05 0.04 0.19 3.07 For the three and nine months ended September 30, 2022, the Company did not have any 19,950 During the first nine months of 2021 the Company repurchased 6,004 43.95 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Sep. 30, 2022 | |
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 1.4 2.9 3.0 7.0 The dividend yield of zero In January 2022, 7,448 four years 14,016 five years 8,896 four years 18,882 five years 865 1,098 20,520 five years 365,961 The Company recorded the following Stock Compensation Expense Three Months ended Nine Months ended September 30, September 30, 2022 2021 2022 2021 Stock option grants $ 18 17 52 52 Restricted stock awards 258 135 550 404 Employee stock grant — — 50 50 Annual director stock award — — 650 500 Stock compensation $ 276 152 1,302 1,006 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 January 1, 2022 104,755 $ 37.93 4.8 $ 1,416 Exercised (11,870 ) $ 19.69 $ (100 ) Outstanding at September 30, 2022 92,885 $ 40.27 4.6 $ 1,316 Exercisable at September 30, 2022 84,716 $ 39.72 4.5 $ 1,181 Vested during nine months ended September 30, 2022 — $ — The aggregate intrinsic value of exercisable in-the-money options was $ 1,240,000 1,309,000 54.36 The unrecognized compensation cost of options granted to FRP employees but not yet vested as of September 30, 2022 was $ 77,000 1.2 years 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 January 1, 2022 46,074 $ 45.88 3.1 $ 2,114 Time-based awards granted 7,448 57.80 431 Performance-based awards granted 14,016 57.80 810 Vested (7,813 ) 46.30 (362 ) Forfeited (1,363 ) 46.30 (63 ) Non-vested at September 30, 2022 58,362 $ 50.20 3.1 $ 2,930 Total unrecognized compensation cost of restricted stock granted but not yet vested as of September 30, 2022 was $ 1,887,000 3.3 years |
Contingent Liabilities
Contingent Liabilities | 3 Months Ended |
Sep. 30, 2022 | |
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, 2022, there was $ 506,000 The Company and MRP guaranteed $ 26 million 1 1.9 million 1 48 48 1.9 million |
Concentrations
Concentrations | 3 Months Ended |
Sep. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentrations | (9) Concentrations The mining royalty lands segment has a total of five 22.5 484,000 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Sep. 30, 2022 | |
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, 2022, the Company was invested in U.S. Treasury notes valued at $ 137,852,000 2,143,000 At September 30, 2022 and 2021, the carrying amount reported in the consolidated balance sheets for cash and cash equivalents including U.S. Treasury notes was adjusted to fair value as described above. 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, 2022, the carrying amount and fair value of such other long-term debt was $ 180,070,000 142,753,000 178,371,000 173,634,000 |
Investments in Joint Ventures
Investments in Joint Ventures | 3 Months Ended |
Sep. 30, 2022 | |
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. During the quarter we had two new investments in unconsolidated joint ventures: Estero 3.6 million 46 8 Lending Ventures 3 11.3 million 16 million 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, 2022 Brooksville Quarry, LLC 50.00 % $ 7,532 14,478 (66 ) (33 ) BC FRP Realty, LLC 50.00 % 5,450 22,088 (185 ) (91 ) Bryant Street Partnerships 61.36 % 57,163 201,572 (7,132 ) (4,743 ) Lending ventures 16,563 5,379 — — DST Hickory Creek 26.65 % 6,000 44,646 (420 ) 281 Estero Partnership 16.00 % 3,600 38,500 — — 1800 Half St. Owner, LLC 61.37 % 39,133 129,140 (487 ) (299 ) Greenville/Woodfield Partnerships 40.00 % 12,262 96,620 (908 ) (363 ) Total $ 147,703 552,423 (9,198 ) (5,248 ) 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, 2021 Brooksville Quarry, LLC 50.00 % $ 7,488 14,301 (82 ) (41 ) BC FRP Realty, LLC 50.00 % 5,530 22,470 (230 ) (115 ) Riverfront Holdings II, LLC (1) — — (760 ) (628 ) Bryant Street Partnerships 61.36 % 59,558 204,082 (6,084 ) (4,954 ) Aberdeen Station Loan 514 514 — — DST Hickory Creek 26.65 % 6,000 46,048 (481 ) 343 Amber Ridge Loan 11,466 11,466 — — 1800 Half St. Owner, LLC 61.37 % 38,693 93,932 12 20 Greenville/Woodfield Partnerships 40.00 % 16,194 87,731 (948 ) (379 ) Total $ 145,443 480,544 (8,573 ) (5,754 ) (1): Riverfront Holdings II, LLC was consolidated on March 31, 2021. Bryant Street Partnerships included $ 747,000 354,000 354,000 The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of September 30, 2022 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed Use Joint Ventures as of September 30, 2022 As of September 30, 2022 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 $ 0 194,062 42,740 128,437 95,420 $ 460,659 Cash and cash equivalents 0 1,719 391 438 642 3,190 Unrealized rents & receivables 0 5,231 1,230 52 18 6,531 Deferred costs 0 560 285 213 540 1,598 Total Assets $ 0 201,572 44,646 129,140 96,620 $ 471,978 Secured notes payable $ 0 128,980 29,371 60,153 63,600 $ 282,104 Other liabilities 0 3,394 155 8,417 3,557 15,523 Capital - FRP 0 53,275 4,029 37,179 11,439 105,922 Capital – Third Parties 0 15,923 11,091 23,391 18,024 68,429 Total Liabilities and Capital $ 0 201,572 44,646 129,140 96,620 $ 471,978 Investments in Joint Ventures as of September 30, 2022 As of September 30, 2022 Brooksville BC FRP Lending Estero Apartment/ Grand Quarry, LLC Realty, LLC Ventures Partnership Mixed Use Total Investments in real estate, net $ 14,307 21,185 5,219 32,626 460,659 $ 533,996 Cash and cash equivalents 169 208 0 5,874 3,190 9,441 Unrealized rents & receivables 0 433 0 0 6,531 6,964 Deferred costs 2 262 160 0 1,598 2,022 Total Assets $ 14,478 22,088 5,379 38,500 471,978 $ 552,423 Secured notes payable $ 0 11,184 (11,184 ) 16,000 282,104 $ 298,104 Other liabilities 85 142 0 0 15,523 15,750 Capital - FRP 7,532 5,381 16,563 3,600 105,922 138,998 Capital - Third Parties 6,861 5,381 0 18,900 68,429 99,571 Total Liabilities and Capital $ 14,478 22,088 5,379 38,500 471,978 $ 552,423 The Company’s capital recorded by the unconsolidated Joint Ventures is $ 8,705,000 The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of December 31, 2021 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed Use Joint Ventures as of December 31, 2021 As of December 31, 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 $ 0 199,730 43,840 93,504 87,421 $ 424,495 Cash and cash equivalents 0 1,123 827 428 279 2,657 Unrealized rents & receivables 0 2,925 1,044 0 5 3,974 Deferred costs 0 304 337 0 26 667 Total Assets $ 0 204,082 46,048 93,932 87,731 $ 431,793 Secured notes payable $ 0 119,201 29,337 18,404 44,309 $ 211,251 Other liabilities 0 9,066 115 14,470 4,462 28,113 Capital - FRP 0 57,555 4,423 37,478 15,584 115,040 Capital – Third Parties 0 18,260 12,173 23,580 23,376 77,389 Total Liabilities and Capital $ 0 204,082 46,048 93,932 87,731 $ 431,793 Investments in Joint Ventures at December 31, 2021 As of December 31, 2021 Brooksville BC FRP Aberdeen Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Loan Loan Mixed Use Total Investments in real estate, net $ 14,281 21,561 514 11,466 424,495 $ 472,317 Cash and cash equivalents 18 312 0 0 2,657 2,987 Unrealized rents & receivables 0 368 0 0 3,974 4,342 Deferred costs 2 229 0 0 667 898 Total Assets $ 14,301 22,470 514 11,466 431,793 $ 480,544 Secured notes payable $ 0 11,384 0 0 211,251 $ 222,635 Other liabilities 0 140 0 0 28,113 28,253 Capital - FRP 7,488 5,473 514 11,466 115,040 139,981 Capital - Third Parties 6,813 5,473 0 0 77,389 89,675 Total Liabilities and Capital $ 14,301 22,470 514 11,466 431,793 $ 480,544 The amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $ (12,770,000) (8,942,000) The income statements of the Bryant Street Partnerships Bryant Street Bryant Street Bryant Street Bryant Street Partnerships Partnerships Partnerships Partnerships Total JV Total JV Company Share Company Share Nine Months ended Nine Months ended Nine Months ended Nine Months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 Revenues: Rental Revenue $ 6,718 $ 1,153 $ 4,123 $ 707 Revenue – other 1,306 190 801 117 Total Revenues 8,024 1,343 4,924 824 Cost of operations: Depreciation and amortization 4,995 1,482 3,065 909 Operating expenses 3,846 1,938 2,360 1,190 Property taxes 878 255 539 156 Total cost of operations 9,719 3,675 5,964 2,255 Total operating loss (1,695 ) (2,332 ) (1,040 ) (1,431 ) Interest expense (5,437 ) (1,234 ) (3,703 ) (1,803 ) Net loss before tax $ (7,132 ) $ (3,566 ) $ (4,743 ) $ (3,234 ) The income statements of the Greenville Woodfield Riverside Partnership Woodfield Woodfield Riverside Partnership Riverside Partnership Total JV Company Share Nine Months ended Nine Months ended September 30, September 30, 2022 2022 Revenues: Rental Revenue $ 2,234 $ 894 Revenue – other 125 50 Total Revenues 2,359 944 Cost of operations: Depreciation and amortization 1,162 465 Operating expenses 906 363 Property taxes 476 190 Total cost of operations 2,544 1,018 Total operating loss (185 ) (74 ) Interest expense (697 ) (279 ) Net loss before tax $ (882 ) $ (353 ) |
Consolidation of Riverfront Inv
Consolidation of Riverfront Investment Partners II, LLC. Riverfront Holdings II, LLC | 3 Months Ended |
Sep. 30, 2022 | |
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 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 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 Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | (13) Subsequent Events Subsequent to the end of the quarter, our Hickory Creek DST was sold and the Company received $ 8.83 million 6 Subsequent to the end of the quarter the Company executed an agreement with Steuart Investment Company (SIC) and MidAtlantic Realty Partners (MRP) for the development of up to ten four 3 million 3,000 150,000 Under the terms of the agreement: SIC purchased a share in a tenancy in common in 20 65.3 million 44.50 million 19.95 million SIC will have the right to acquire a 10% to 20% share of The Verge, phases 3 and 4 of the Riverfront projects and Square 664E When developing SIC parcels, MRP and The Company will be responsible for all predevelopment work including entitlements, permits, zoning approvals, design, budgets, additional equity and construction financing required to begin each project. Any pre-development costs incurred in this process will be converted into equity in the project. The partners will then go through an appraisal process for the land with the purchase price being the appraised value l less the estimated environmental remediation costs. This predevelopment work will be done through a joint venture between MRP and FRP. |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
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, 2022 2021 2022 2021 Revenues: Revenues Asset management $ 935 619 2,686 1,919 Revenues Mining royalty lands 2,471 2,249 7,779 7,198 Revenues Development 412 401 1,203 1,169 Revenues Stabilized Joint Venture 5,476 5,204 15,961 12,535 Revenues 9,294 8,473 27,629 22,821 Operating profit (loss): Before corporate expenses: Operating profit before corporate expenses Asset management $ 392 169 1,103 528 Operating profit before corporate expenses Mining royalty lands 2,083 2,037 6,764 6,531 Operating profit before corporate expenses Development (865 ) (404 ) (2,164 ) (1,201 ) Operating profit before corporate expenses Stabilized Joint Venture 973 (413 ) 2,452 (1,357 ) Operating profit before corporate expenses Operating profit before corporate expenses 2,583 1,389 8,155 4,501 Corporate expenses: Corporate expenses Allocated to asset management (127 ) (180 ) (496 ) (682 ) Corporate expenses Allocated to mining royalty lands (83 ) (69 ) (325 ) (258 ) Corporate expenses Allocated to development (457 ) (326 ) (1,794 ) (1,267 ) Corporate expenses Allocated to stabilized joint venture (67 ) (82 ) (261 ) (279 ) Corporate expenses Total corporate expenses (734 ) (657 ) (2,876 ) (2,486 ) Corporate expenses $ 1,849 732 5,279 2,015 Interest expense Interest expense $ 738 414 2,215 1,785 Depreciation, depletion and amortization: Depreciation, depletion and amortization Asset management $ 219 137 683 408 Depreciation, depletion and amortization Mining royalty lands 172 38 416 161 Depreciation, depletion and amortization Development 47 53 139 159 Depreciation, depletion and amortization Stabilized Joint Venture 2,306 3,568 7,272 8,899 Depreciation, depletion and amortization $ 2,744 3,796 8,510 9,627 Capital expenditures: Capital expenditures Asset management $ 202 100 797 318 Capital expenditures Mining royalty lands 1 — 11,218 — Capital expenditures Development 8,548 4,237 13,927 10,443 Capital expenditures Stabilized Joint Venture (25 ) 373 195 794 Capital expenditures $ 8,726 4,710 26,137 11,555 |
Identifiable net assets | Identifiable net assets September 30, December 31, Identifiable net assets 2022 2021 Assets Asset management $ 24,468 23,897 Assets Mining royalty lands 48,715 37,627 Assets Development 190,883 176,386 Assets Stabilized Joint Venture 259,369 266,429 Investments available for sale at fair value Investments available for sale at fair value — 4,317 Cash Cash items 145,365 162,273 Assets Unallocated corporate assets 8,190 7,261 Assets $ 676,990 678,190 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | The Company’s Outstanding Debt September 30, December 31, 2022 2021 Fixed rate mortgage loans, 3.03 $ 180,070 180,070 Unamortized debt issuance costs (1,550 ) (1,661 ) Credit agreement — — Long term debt $ 178,520 178,409 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Earnings per common share: | |
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, 2022 2021 2022 2021 Weighted average common shares outstanding during the period – shares used for basic earnings per common share 9,397 9,363 9,382 9,352 Common shares issuable under share based payment plans which are potentially dilutive 36 36 41 38 Common shares used for diluted earnings per common share 9,433 9,399 9,423 9,390 Net income attributable to the Company $ 480 352 1,809 28,807 Earnings per common share: -basic $ 0.05 0.04 0.19 3.08 -diluted $ 0.05 0.04 0.19 3.07 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
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, 2022 2021 2022 2021 Stock option grants $ 18 17 52 52 Restricted stock awards 258 135 550 404 Employee stock grant — — 50 50 Annual director stock award — — 650 500 Stock compensation $ 276 152 1,302 1,006 |
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 January 1, 2022 104,755 $ 37.93 4.8 $ 1,416 Exercised (11,870 ) $ 19.69 $ (100 ) Outstanding at September 30, 2022 92,885 $ 40.27 4.6 $ 1,316 Exercisable at September 30, 2022 84,716 $ 39.72 4.5 $ 1,181 Vested during nine months ended September 30, 2022 — $ — |
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 January 1, 2022 46,074 $ 45.88 3.1 $ 2,114 Time-based awards granted 7,448 57.80 431 Performance-based awards granted 14,016 57.80 810 Vested (7,813 ) 46.30 (362 ) Forfeited (1,363 ) 46.30 (63 ) Non-vested at September 30, 2022 58,362 $ 50.20 3.1 $ 2,930 |
Investments in Joint Ventures (
Investments in Joint Ventures (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
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, 2022 Brooksville Quarry, LLC 50.00 % $ 7,532 14,478 (66 ) (33 ) BC FRP Realty, LLC 50.00 % 5,450 22,088 (185 ) (91 ) Bryant Street Partnerships 61.36 % 57,163 201,572 (7,132 ) (4,743 ) Lending ventures 16,563 5,379 — — DST Hickory Creek 26.65 % 6,000 44,646 (420 ) 281 Estero Partnership 16.00 % 3,600 38,500 — — 1800 Half St. Owner, LLC 61.37 % 39,133 129,140 (487 ) (299 ) Greenville/Woodfield Partnerships 40.00 % 12,262 96,620 (908 ) (363 ) Total $ 147,703 552,423 (9,198 ) (5,248 ) 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, 2021 Brooksville Quarry, LLC 50.00 % $ 7,488 14,301 (82 ) (41 ) BC FRP Realty, LLC 50.00 % 5,530 22,470 (230 ) (115 ) Riverfront Holdings II, LLC (1) — — (760 ) (628 ) Bryant Street Partnerships 61.36 % 59,558 204,082 (6,084 ) (4,954 ) Aberdeen Station Loan 514 514 — — DST Hickory Creek 26.65 % 6,000 46,048 (481 ) 343 Amber Ridge Loan 11,466 11,466 — — 1800 Half St. Owner, LLC 61.37 % 38,693 93,932 12 20 Greenville/Woodfield Partnerships 40.00 % 16,194 87,731 (948 ) (379 ) Total $ 145,443 480,544 (8,573 ) (5,754 ) (1): Riverfront Holdings II, LLC was consolidated on March 31, 2021. Bryant Street Partnerships included $ 747,000 354,000 354,000 |
Investments in Apartment/Mixed Use Joint Ventures as of September 30, 2022 | The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of September 30, 2022 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed Use Joint Ventures as of September 30, 2022 As of September 30, 2022 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 $ 0 194,062 42,740 128,437 95,420 $ 460,659 Cash and cash equivalents 0 1,719 391 438 642 3,190 Unrealized rents & receivables 0 5,231 1,230 52 18 6,531 Deferred costs 0 560 285 213 540 1,598 Total Assets $ 0 201,572 44,646 129,140 96,620 $ 471,978 Secured notes payable $ 0 128,980 29,371 60,153 63,600 $ 282,104 Other liabilities 0 3,394 155 8,417 3,557 15,523 Capital - FRP 0 53,275 4,029 37,179 11,439 105,922 Capital – Third Parties 0 15,923 11,091 23,391 18,024 68,429 Total Liabilities and Capital $ 0 201,572 44,646 129,140 96,620 $ 471,978 |
Investments in Joint Ventures as of September 30, 2022 | Investments in Joint Ventures as of September 30, 2022 As of September 30, 2022 Brooksville BC FRP Lending Estero Apartment/ Grand Quarry, LLC Realty, LLC Ventures Partnership Mixed Use Total Investments in real estate, net $ 14,307 21,185 5,219 32,626 460,659 $ 533,996 Cash and cash equivalents 169 208 0 5,874 3,190 9,441 Unrealized rents & receivables 0 433 0 0 6,531 6,964 Deferred costs 2 262 160 0 1,598 2,022 Total Assets $ 14,478 22,088 5,379 38,500 471,978 $ 552,423 Secured notes payable $ 0 11,184 (11,184 ) 16,000 282,104 $ 298,104 Other liabilities 85 142 0 0 15,523 15,750 Capital - FRP 7,532 5,381 16,563 3,600 105,922 138,998 Capital - Third Parties 6,861 5,381 0 18,900 68,429 99,571 Total Liabilities and Capital $ 14,478 22,088 5,379 38,500 471,978 $ 552,423 |
Investments in Apartment/Mixed Use Joint Ventures as of December 31, 2021 | The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of December 31, 2021 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed Use Joint Ventures as of December 31, 2021 As of December 31, 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 $ 0 199,730 43,840 93,504 87,421 $ 424,495 Cash and cash equivalents 0 1,123 827 428 279 2,657 Unrealized rents & receivables 0 2,925 1,044 0 5 3,974 Deferred costs 0 304 337 0 26 667 Total Assets $ 0 204,082 46,048 93,932 87,731 $ 431,793 Secured notes payable $ 0 119,201 29,337 18,404 44,309 $ 211,251 Other liabilities 0 9,066 115 14,470 4,462 28,113 Capital - FRP 0 57,555 4,423 37,478 15,584 115,040 Capital – Third Parties 0 18,260 12,173 23,580 23,376 77,389 Total Liabilities and Capital $ 0 204,082 46,048 93,932 87,731 $ 431,793 |
Investments in Joint Ventures at December 31, 2021 | Investments in Joint Ventures at December 31, 2021 As of December 31, 2021 Brooksville BC FRP Aberdeen Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Loan Loan Mixed Use Total Investments in real estate, net $ 14,281 21,561 514 11,466 424,495 $ 472,317 Cash and cash equivalents 18 312 0 0 2,657 2,987 Unrealized rents & receivables 0 368 0 0 3,974 4,342 Deferred costs 2 229 0 0 667 898 Total Assets $ 14,301 22,470 514 11,466 431,793 $ 480,544 Secured notes payable $ 0 11,384 0 0 211,251 $ 222,635 Other liabilities 0 140 0 0 28,113 28,253 Capital - FRP 7,488 5,473 514 11,466 115,040 139,981 Capital - Third Parties 6,813 5,473 0 0 77,389 89,675 Total Liabilities and Capital $ 14,301 22,470 514 11,466 431,793 $ 480,544 |
Bryant Street Partnerships | The income statements of the Bryant Street Partnerships Bryant Street Bryant Street Bryant Street Bryant Street Partnerships Partnerships Partnerships Partnerships Total JV Total JV Company Share Company Share Nine Months ended Nine Months ended Nine Months ended Nine Months ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 Revenues: Rental Revenue $ 6,718 $ 1,153 $ 4,123 $ 707 Revenue – other 1,306 190 801 117 Total Revenues 8,024 1,343 4,924 824 Cost of operations: Depreciation and amortization 4,995 1,482 3,065 909 Operating expenses 3,846 1,938 2,360 1,190 Property taxes 878 255 539 156 Total cost of operations 9,719 3,675 5,964 2,255 Total operating loss (1,695 ) (2,332 ) (1,040 ) (1,431 ) Interest expense (5,437 ) (1,234 ) (3,703 ) (1,803 ) Net loss before tax $ (7,132 ) $ (3,566 ) $ (4,743 ) $ (3,234 ) |
Greenville Woodfield Riverside Partnership | The income statements of the Greenville Woodfield Riverside Partnership Woodfield Woodfield Riverside Partnership Riverside Partnership Total JV Company Share Nine Months ended Nine Months ended September 30, September 30, 2022 2022 Revenues: Rental Revenue $ 2,234 $ 894 Revenue – other 125 50 Total Revenues 2,359 944 Cost of operations: Depreciation and amortization 1,162 465 Operating expenses 906 363 Property taxes 476 190 Total cost of operations 2,544 1,018 Total operating loss (185 ) (74 ) Interest expense (697 ) (279 ) Net loss before tax $ (882 ) $ (353 ) |
Consolidation of Riverfront I_2
Consolidation of Riverfront Investment Partners II, LLC. Riverfront Holdings II, LLC (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
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 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 9,294 | $ 8,473 | $ 27,629 | $ 22,821 |
Operating profit before corporate expenses | 2,583 | 1,389 | 8,155 | 4,501 |
Corporate expenses | (734) | (657) | (2,876) | (2,486) |
Corporate expenses | 1,849 | 732 | 5,279 | 2,015 |
Interest expense | 738 | 414 | 2,215 | 1,785 |
Depreciation, depletion and amortization | 8,696 | 9,772 | ||
Capital expenditures | 8,726 | 4,710 | 26,137 | 11,555 |
Asset Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 935 | 619 | 2,686 | 1,919 |
Operating profit before corporate expenses | 392 | 169 | 1,103 | 528 |
Corporate expenses | (127) | (180) | (496) | (682) |
Depreciation, depletion and amortization | 219 | 137 | 683 | 408 |
Capital expenditures | 202 | 100 | 797 | 318 |
Mining Properties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,471 | 2,249 | 7,779 | 7,198 |
Operating profit before corporate expenses | 2,083 | 2,037 | 6,764 | 6,531 |
Corporate expenses | (83) | (69) | (325) | (258) |
Depreciation, depletion and amortization | 172 | 38 | 416 | 161 |
Capital expenditures | 1 | 0 | 11,218 | 0 |
Development [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 412 | 401 | 1,203 | 1,169 |
Operating profit before corporate expenses | (865) | (404) | (2,164) | (1,201) |
Corporate expenses | (457) | (326) | (1,794) | (1,267) |
Depreciation, depletion and amortization | 47 | 53 | 139 | 159 |
Capital expenditures | 8,548 | 4,237 | 13,927 | 10,443 |
Stabilized Joint Venture [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 5,476 | 5,204 | 15,961 | 12,535 |
Operating profit before corporate expenses | 973 | (413) | 2,452 | (1,357) |
Corporate expenses | (67) | (82) | (261) | (279) |
Depreciation, depletion and amortization | 2,306 | 3,568 | 7,272 | 8,899 |
Capital expenditures | (25) | 373 | 195 | 794 |
Total Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation, depletion and amortization | $ 2,744 | $ 3,796 | $ 8,510 | $ 9,627 |
Identifiable net assets (Detail
Identifiable net assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Assets | $ 676,990 | $ 678,190 |
Investments available for sale at fair value | 0 | 4,317 |
Cash | 145,365 | 162,273 |
Asset Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 24,468 | 23,897 |
Mining Properties [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 48,715 | 37,627 |
Development [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 190,883 | 176,386 |
Stabilized Joint Venture [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 259,369 | 266,429 |
Unallocated Corporate Assets [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 8,190 | $ 7,261 |
Business Segments (Details Narr
Business Segments (Details Narrative) | 3 Months Ended | |
Sep. 30, 2022 a Segment | Dec. 31, 2021 Integer | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | Segment | 4 | |
Number of buildings | Integer | 2 | |
Mining acres | 16,650 | |
Brooksville Joint Venture [Member] | ||
Segment Reporting Information [Line Items] | ||
Mining acres | 4,280 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Related Party Transactions [Abstract] | ||||
Related party allocation | $ 223,000 | $ 260,000 | $ 670,000 | $ 772,000 |
Outstanding Debt (Details)
Outstanding Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033 | $ 180,070 | $ 180,070 |
Unamortized debt issuance costs | (1,550) | (1,661) |
Credit agreement | 0 | 0 |
Long term debt | $ 178,520 | $ 178,409 |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.03% |
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, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2017 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2019 | Dec. 31, 2021 | 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 | 178,520,000 | 178,520,000 | $ 178,409,000 | |||||||||
Debt cost amortization | 37,000 | $ 37,000 | 111,000 | $ 113,000 | ||||||||
Capitalized interest | 673,000 | $ 999,000 | $ 2,019,000 | $ 2,892,000 | ||||||||
Dock 79 Eagle Bank [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Loan terms | 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 | |||||||||||
Debt description | 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% | |||||||||||
Debt description | 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% | |||||||||||
Commitment fee | 0.15% | |||||||||||
Wells Fargo [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Loan terms | 5 years | |||||||||||
Maximum facility amount | $ 20,000,000 | |||||||||||
Outstanding revolver | 0 | $ 0 | ||||||||||
Outstanding letters of credit | 506,000 | 506,000 | ||||||||||
Available for borrowing | $ 19,494,000 | $ 19,494,000 | ||||||||||
Letter of credit fee | 1% | |||||||||||
Applicable interest rate | 4.11529% | 4.11529% | ||||||||||
Dividend limit | $ 246,000,000 | $ 246,000,000 | ||||||||||
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings per common share: | ||||
Weighted average common shares outstanding during the period – shares used for basic earnings per common share | 9,397 | 9,363 | 9,382 | 9,352 |
Common shares issuable under share based payment plans which are potentially dilutive | 36 | 36 | 41 | 38 |
Common shares used for diluted earnings per common share | 9,433 | 9,399 | 9,423 | 9,390 |
Net income attributable to the Company | $ 480 | $ 352 | $ 1,809 | $ 28,807 |
-basic | $ 0.05 | $ 0.04 | $ 0.19 | $ 3.08 |
-diluted | $ 0.05 | $ 0.04 | $ 0.19 | $ 3.07 |
Earnings per Share (Details Nar
Earnings per Share (Details Narrative) - $ / shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings per common share: | |||
Antidilutive shares | 0 | 0 | 19,950 |
Shares repurchased | 6,004 | ||
Average cost of shares repurchased | $ 43.95 |
Stock Compensation Expense (Det
Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock compensation | $ 276 | $ 152 | $ 1,302 | $ 1,006 |
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock compensation | 18 | 17 | 52 | 52 |
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock compensation | 258 | 135 | 550 | 404 |
Employee Grant [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock compensation | 0 | 0 | 50 | 50 |
Director Stock Award [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock compensation | $ 0 | $ 0 | $ 650 | $ 500 |
Outstanding Options (Details)
Outstanding Options (Details) - Share-Based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Outstanding options, shares | 92,885 | 104,755 |
Outstanding options, weighted average exercise price | $ 40.27 | $ 37.93 |
Outstanding remaining term | 4 years 7 months 5 days | 4 years 9 months 17 days |
Options outstanding, weighted average fair value | $ 1,316 | $ 1,416 |
Shares exercised | (11,870) | |
Exercises, weighted average exercise price | $ 19.69 | |
Exercised, weighted average fair value | $ (100) | |
Options exercisable, shares | 84,716 | |
Exercisable, weighted average exercise price | $ 39.72 | |
Exercisable remaining term | 4 years 5 months 30 days | |
Exercisable, weighted average fair value | $ 1,181 | |
Options vested, shares | 0 | |
Vested, weighted average fair value | $ 0 |
Restricted Stock Awards (Detail
Restricted Stock Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2022 | Dec. 31, 2021 | |
Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Restricted stock | 58,362 | 46,074 | |||
Restricted stock | $ 50.20 | $ 45.88 | |||
Restricted stock | 3 years 1 month 5 days | 3 years 1 month 5 days | |||
Restricted stock | $ 2,930 | $ 2,114 | |||
Restricted stock | (7,813) | ||||
Restricted stock | $ 46.30 | ||||
Restricted stock | $ (362) | ||||
Restricted stock | (1,363) | ||||
Restricted stock | $ 46.30 | ||||
Restricted stock | $ (63) | ||||
Time Based Awards Granted [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Restricted stock | 7,448 | 8,896 | 7,448 | ||
Restricted stock | $ 57.80 | ||||
Restricted stock | $ 431 | ||||
Performance Based Awards Granted [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Restricted stock | 14,016 | 18,882 | 20,520 | 14,016 | |
Restricted stock | $ 57.80 | ||||
Restricted stock | $ 810 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details Narrative) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 shares | Mar. 31, 2021 shares | Mar. 31, 2020 shares | Jun. 30, 2022 | Sep. 30, 2022 USD ($) Integer $ / shares shares | |
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% | ||||
Minimum volatility | 29% | ||||
Maximum volatility | 41% | ||||
Risk free interest rate minimum | 1.40% | ||||
Risk free interest rate maximum | 2.90% | ||||
Expected life | 3 years | ||||
Expected life | 7 years | ||||
Shares available | shares | 365,961 | ||||
Intrinsic value | $ | $ 1,240,000 | ||||
Intrinsic value | $ | $ 1,309,000 | ||||
Closing price | $ / shares | $ 54.36 | ||||
Time Based Awards Granted [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Granted | shares | 7,448 | 8,896 | 7,448 | ||
Vesting period | 4 years | 4 years | |||
Performance Based Awards Granted [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Granted | shares | 14,016 | 18,882 | 20,520 | 14,016 | |
Vesting period | 5 years | 5 years | 5 years | ||
Employee Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock grants | shares | 865 | 1,098 | |||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ | $ 77,000 | ||||
Recognition period | 1 year 2 months 13 days | ||||
Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ | $ 1,887,000 | ||||
Recognition period | 3 years 3 months 19 days |
Contingent Liabilities (Details
Contingent Liabilities (Details Narrative) | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Guarantor Obligations [Line Items] | |
Outstanding letters of credit | $ 506,000 |
Guarantee Obligations [Member] | |
Guarantor Obligations [Line Items] | |
Guarantee obligation | $ 26,000,000 |
Interest rate decrease | 1% |
Value of guarantee | $ 1,900,000 |
Term in months | 48 |
Concentrations (Details Narrati
Concentrations (Details Narrative) | 9 Months Ended | |
Sep. 30, 2022 USD ($) Integer | Dec. 31, 2021 USD ($) | |
Concentration Risk [Line Items] | ||
Number of mining tenants | Integer | 5 | |
Accounts receivable | $ 1,530,000 | $ 793,000 |
Mining Top Customer [Member] | ||
Concentration Risk [Line Items] | ||
Top lessee rent percent of revenue | 22.50% | |
Accounts receivable | $ 484,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Fair Value Disclosures [Abstract] | ||
US Treasurey Notes | $ 137,852,000 | |
Unrealized loss on investments | 2,143,000 | |
Carrying amount of mortgage notes payable | 180,070,000 | $ 178,371,000 |
Fair value of mortgage notes payable | $ 142,753,000 | $ 173,634,000 |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Aug. 31, 2022 | Mar. 31, 2021 | May 04, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 70.41% | |||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 147,703,000 | $ 147,703,000 | $ 145,443,000 | |||||
Assets | 676,990,000 | 676,990,000 | 678,190,000 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 384,000 | $ (113,000) | 1,370,000 | $ 41,043,000 | ||||
Income (Loss) from Equity Method Investments | (1,878,000) | $ (1,244,000) | (5,248,000) | (3,997,000) | ||||
Real Estate Total Assets [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Assets | $ 552,423,000 | 552,423,000 | 480,544,000 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (9,198,000) | (8,573,000) | ||||||
Real Estate Partnership Net Income Loss [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Income (Loss) from Equity Method Investments | $ (5,248,000) | $ (5,754,000) | ||||||
Brooksville Quarry L L C [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 50% | 50% | 50% | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 7,532,000 | $ 7,532,000 | $ 7,488,000 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (66,000) | (82,000) | ||||||
Income (Loss) from Equity Method Investments | (33,000) | (41,000) | ||||||
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Assets | $ 14,478,000 | $ 14,478,000 | $ 14,301,000 | |||||
B C F R P Realty L L C [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 50% | 50% | 50% | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 5,450,000 | $ 5,450,000 | $ 5,530,000 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (185,000) | (230,000) | ||||||
Income (Loss) from Equity Method Investments | (91,000) | (115,000) | ||||||
B C F R P Realty L L C [Member] | Real Estate Total Assets [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Assets | $ 22,088,000 | $ 22,088,000 | $ 22,470,000 | |||||
Bryant Street Partnerships [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 61.36% | 61.36% | 61.36% | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 57,163,000 | $ 57,163,000 | $ 59,558,000 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (7,132,000) | (6,084,000) | ||||||
Income (Loss) from Equity Method Investments | (4,743,000) | (4,954,000) | ||||||
Preferred interest | 747,000 | |||||||
Amortization of guarantee liability | 354,000 | $ 354,000 | ||||||
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Assets | 201,572,000 | 201,572,000 | $ 204,082,000 | |||||
Lending Ventures [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 16,563,000 | 16,563,000 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 0 | |||||||
Income (Loss) from Equity Method Investments | ||||||||
Lending Ventures [Member] | Real Estate Total Assets [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Assets | $ 5,379,000 | $ 5,379,000 | ||||||
D S T Hickory Creek [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 26.65% | 26.65% | 26.65% | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (420,000) | (481,000) | ||||||
Income (Loss) from Equity Method Investments | 281,000 | 343,000 | ||||||
D S T Hickory Creek [Member] | Real Estate Total Assets [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Assets | $ 44,646,000 | $ 44,646,000 | $ 46,048,000 | |||||
Estero Partnership [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 16% | 16% | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 3,600,000 | $ 3,600,000 | $ 3,600,000 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ||||||||
Income (Loss) from Equity Method Investments | ||||||||
Estero Partnership [Member] | Real Estate Total Assets [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Assets | $ 38,500,000 | $ 38,500,000 | ||||||
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% | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 39,133,000 | $ 39,133,000 | $ 38,693,000 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (487,000) | 12,000 | ||||||
Income (Loss) from Equity Method Investments | (299,000) | 20,000 | ||||||
Half St Owner L L C [Member] | Real Estate Total Assets [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Assets | $ 129,140,000 | $ 129,140,000 | $ 93,932,000 | |||||
Greenville Woodfield Partnerships [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 40% | 40% | 40% | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 12,262,000 | $ 12,262,000 | $ 16,194,000 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (908,000) | (948,000) | ||||||
Income (Loss) from Equity Method Investments | (363,000) | (379,000) | ||||||
Greenville Woodfield Partnerships [Member] | Real Estate Total Assets [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Assets | 96,620,000 | 96,620,000 | 87,731,000 | |||||
Riverfront Holdings I I L L C [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 80% | |||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | |||||||
Assets | $ 150,082,000 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (760,000) | |||||||
Income (Loss) from Equity Method Investments | (628,000) | |||||||
Riverfront Holdings I I L L C [Member] | Real Estate Total Assets [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Assets | $ 0 | $ 0 | 0 | |||||
Aberdeen Station [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 514,000 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 0 | |||||||
Income (Loss) from Equity Method Investments | 0 | |||||||
Aberdeen Station [Member] | Real Estate Total Assets [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Assets | 514,000 | |||||||
Amber Ridge Loan [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 11,466,000 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 0 | |||||||
Amber Ridge Loan [Member] | Real Estate Total Assets [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Assets | $ 11,466,000 |
Investments in Apartment_Mixed
Investments in Apartment/Mixed Use Joint Ventures as of September 30, 2022 (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | $ 533,996 | $ 472,317 | |
Cash and cash equivalents | 9,441 | 2,987 | |
Unrealized rents & receivables | 6,964 | 4,342 | |
Deferred costs | 2,022 | 898 | |
Total Assets | 676,990 | 678,190 | |
Secured notes payable | 298,104 | 222,635 | |
Other liabilities | 15,750 | 28,253 | |
Capital – Third Parties | 398,234 | 396,423 | |
Total Liabilities and Capital | 676,990 | 678,190 | |
Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 552,423 | 480,544 | |
Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 138,998 | 139,981 | |
Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 99,571 | 89,675 | |
Real Estate Partnership Total Liabilities And Capital [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Liabilities and Capital | 552,423 | 480,544 | |
Riverfront Holdings I I L L C [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 0 | 0 | |
Cash and cash equivalents | 0 | 0 | |
Unrealized rents & receivables | 0 | 0 | |
Deferred costs | 0 | 0 | |
Total Assets | $ 150,082 | ||
Secured notes payable | 0 | 0 | |
Other liabilities | 0 | 0 | |
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 | 0 | |
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 | 0 | |
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 | 0 | |
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 | 0 | |
Bryant Street Partnerships [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 194,062 | 199,730 | |
Cash and cash equivalents | 1,719 | 1,123 | |
Unrealized rents & receivables | 5,231 | 2,925 | |
Deferred costs | 560 | 304 | |
Secured notes payable | 128,980 | 119,201 | |
Other liabilities | 3,394 | 9,066 | |
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 201,572 | 204,082 | |
Bryant Street Partnerships [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 53,275 | 57,555 | |
Bryant Street Partnerships [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 15,923 | 18,260 | |
Bryant Street Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Liabilities and Capital | 201,572 | 204,082 | |
D S T Hickory Creek [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 42,740 | 43,840 | |
Cash and cash equivalents | 391 | 827 | |
Unrealized rents & receivables | 1,230 | 1,044 | |
Deferred costs | 285 | 337 | |
Secured notes payable | 29,371 | 29,337 | |
Other liabilities | 155 | 115 | |
D S T Hickory Creek [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 44,646 | 46,048 | |
D S T Hickory Creek [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 4,029 | 4,423 | |
D S T Hickory Creek [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 11,091 | 12,173 | |
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 | 44,646 | 46,048 | |
Half St Owner L L C [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 128,437 | 93,504 | |
Cash and cash equivalents | 438 | 428 | |
Unrealized rents & receivables | 52 | 0 | |
Deferred costs | 213 | 0 | |
Secured notes payable | 60,153 | 18,404 | |
Other liabilities | 8,417 | 14,470 | |
Half St Owner L L C [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 129,140 | 93,932 | |
Half St Owner L L C [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 37,179 | 37,478 | |
Half St Owner L L C [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 23,391 | 23,580 | |
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 | 129,140 | 93,932 | |
Greenville Woodfield Partnerships [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 95,420 | 87,421 | |
Cash and cash equivalents | 642 | 279 | |
Unrealized rents & receivables | 18 | 5 | |
Deferred costs | 540 | 26 | |
Secured notes payable | 63,600 | 44,309 | |
Other liabilities | 3,557 | 4,462 | |
Greenville Woodfield Partnerships [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 96,620 | 87,731 | |
Greenville Woodfield Partnerships [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 11,439 | 15,584 | |
Greenville Woodfield Partnerships [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 18,024 | 23,376 | |
Greenville Woodfield Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Liabilities and Capital | 96,620 | 87,731 | |
Apartment Mixed Use [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 460,659 | 424,495 | |
Cash and cash equivalents | 3,190 | 2,657 | |
Unrealized rents & receivables | 6,531 | 3,974 | |
Deferred costs | 1,598 | 667 | |
Secured notes payable | 282,104 | 211,251 | |
Other liabilities | 15,523 | 28,113 | |
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 471,978 | 431,793 | |
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 105,922 | 115,040 | |
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 68,429 | 77,389 | |
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Liabilities and Capital | $ 471,978 | $ 431,793 |
Investments in Joint Ventures a
Investments in Joint Ventures as of September 30, 2022 (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | $ 533,996 | $ 472,317 |
Cash and cash equivalents | 9,441 | 2,987 |
Unrealized rents & receivables | 6,964 | 4,342 |
Deferred costs | 2,022 | 898 |
Total Assets | 676,990 | 678,190 |
Secured notes payable | 298,104 | 222,635 |
Other liabilities | 15,750 | 28,253 |
Capital - Third Parties | 398,234 | 396,423 |
Total Liabilities and Capital | 676,990 | 678,190 |
Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 552,423 | 480,544 |
Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 138,998 | 139,981 |
Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 99,571 | 89,675 |
Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 552,423 | 480,544 |
Brooksville Quarry L L C [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 14,307 | 14,281 |
Cash and cash equivalents | 169 | 18 |
Unrealized rents & receivables | 0 | 0 |
Deferred costs | 2 | 2 |
Secured notes payable | 0 | 0 |
Other liabilities | 85 | 0 |
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 14,478 | 14,301 |
Brooksville Quarry L L C [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 7,532 | 7,488 |
Brooksville Quarry L L C [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 6,861 | 6,813 |
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 | 14,478 | 14,301 |
B C F R P Realty L L C [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 21,185 | 21,561 |
Cash and cash equivalents | 208 | 312 |
Unrealized rents & receivables | 433 | 368 |
Deferred costs | 262 | 229 |
Secured notes payable | 11,184 | 11,384 |
Other liabilities | 142 | 140 |
B C F R P Realty L L C [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 22,088 | 22,470 |
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 | 5,381 | 5,473 |
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 | 5,381 | 5,473 |
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 | 22,088 | 22,470 |
Lending Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 5,219 | |
Cash and cash equivalents | 0 | |
Unrealized rents & receivables | 0 | |
Deferred costs | 160 | |
Secured notes payable | (11,184) | |
Other liabilities | 0 | |
Lending Ventures [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 5,379 | |
Lending Ventures [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 16,563 | |
Lending Ventures [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 0 | |
Lending Ventures [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 5,379 | |
Estero Partnership [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 32,626 | |
Cash and cash equivalents | 5,874 | |
Unrealized rents & receivables | 0 | |
Deferred costs | 0 | |
Secured notes payable | 16,000 | |
Other liabilities | 0 | |
Estero Partnership [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 38,500 | |
Estero Partnership [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 3,600 | |
Estero Partnership [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 18,900 | |
Estero Partnership [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 38,500 | |
Apartment Mixed Use [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 460,659 | 424,495 |
Cash and cash equivalents | 3,190 | 2,657 |
Unrealized rents & receivables | 6,531 | 3,974 |
Deferred costs | 1,598 | 667 |
Secured notes payable | 282,104 | 211,251 |
Other liabilities | 15,523 | 28,113 |
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 471,978 | 431,793 |
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 105,922 | 115,040 |
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 68,429 | 77,389 |
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | $ 471,978 | $ 431,793 |
Investments in Apartment_Mixe_2
Investments in Apartment/Mixed Use Joint Ventures as of December 31, 2021 (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | $ 533,996 | $ 472,317 | |
Cash and cash equivalents | 9,441 | 2,987 | |
Unrealized rents & receivables | 6,964 | 4,342 | |
Deferred costs | 2,022 | 898 | |
Total Assets | 676,990 | 678,190 | |
Secured notes payable | 298,104 | 222,635 | |
Other liabilities | 15,750 | 28,253 | |
Capital – Third Parties | 398,234 | 396,423 | |
Total Liabilities and Capital | 676,990 | 678,190 | |
Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 552,423 | 480,544 | |
Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 138,998 | 139,981 | |
Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 99,571 | 89,675 | |
Real Estate Partnership Total Liabilities And Capital [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Liabilities and Capital | 552,423 | 480,544 | |
Riverfront Holdings I I L L C [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 0 | 0 | |
Cash and cash equivalents | 0 | 0 | |
Unrealized rents & receivables | 0 | 0 | |
Deferred costs | 0 | 0 | |
Total Assets | $ 150,082 | ||
Secured notes payable | 0 | 0 | |
Other liabilities | 0 | 0 | |
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 | 0 | |
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 | 0 | |
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 | 0 | |
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 | 0 | |
Bryant Street Partnerships [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 194,062 | 199,730 | |
Cash and cash equivalents | 1,719 | 1,123 | |
Unrealized rents & receivables | 5,231 | 2,925 | |
Deferred costs | 560 | 304 | |
Secured notes payable | 128,980 | 119,201 | |
Other liabilities | 3,394 | 9,066 | |
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 201,572 | 204,082 | |
Bryant Street Partnerships [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 53,275 | 57,555 | |
Bryant Street Partnerships [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 15,923 | 18,260 | |
Bryant Street Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Liabilities and Capital | 201,572 | 204,082 | |
D S T Hickory Creek [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 42,740 | 43,840 | |
Cash and cash equivalents | 391 | 827 | |
Unrealized rents & receivables | 1,230 | 1,044 | |
Deferred costs | 285 | 337 | |
Secured notes payable | 29,371 | 29,337 | |
Other liabilities | 155 | 115 | |
D S T Hickory Creek [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 44,646 | 46,048 | |
D S T Hickory Creek [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 4,029 | 4,423 | |
D S T Hickory Creek [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 11,091 | 12,173 | |
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 | 44,646 | 46,048 | |
Half St Owner L L C [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 128,437 | 93,504 | |
Cash and cash equivalents | 438 | 428 | |
Unrealized rents & receivables | 52 | 0 | |
Deferred costs | 213 | 0 | |
Secured notes payable | 60,153 | 18,404 | |
Other liabilities | 8,417 | 14,470 | |
Half St Owner L L C [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 129,140 | 93,932 | |
Half St Owner L L C [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 37,179 | 37,478 | |
Half St Owner L L C [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 23,391 | 23,580 | |
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 | 129,140 | 93,932 | |
Greenville Woodfield Partnerships [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 95,420 | 87,421 | |
Cash and cash equivalents | 642 | 279 | |
Unrealized rents & receivables | 18 | 5 | |
Deferred costs | 540 | 26 | |
Secured notes payable | 63,600 | 44,309 | |
Other liabilities | 3,557 | 4,462 | |
Greenville Woodfield Partnerships [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 96,620 | 87,731 | |
Greenville Woodfield Partnerships [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 11,439 | 15,584 | |
Greenville Woodfield Partnerships [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 18,024 | 23,376 | |
Greenville Woodfield Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Liabilities and Capital | 96,620 | 87,731 | |
Apartment Mixed Use [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 460,659 | 424,495 | |
Cash and cash equivalents | 3,190 | 2,657 | |
Unrealized rents & receivables | 6,531 | 3,974 | |
Deferred costs | 1,598 | 667 | |
Secured notes payable | 282,104 | 211,251 | |
Other liabilities | 15,523 | 28,113 | |
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 471,978 | 431,793 | |
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 105,922 | 115,040 | |
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 68,429 | 77,389 | |
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Liabilities and Capital | $ 471,978 | $ 431,793 |
Investments in Joint Ventures_2
Investments in Joint Ventures at December 31, 2021 (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | $ 533,996 | $ 472,317 |
Cash and cash equivalents | 9,441 | 2,987 |
Unrealized rents & receivables | 6,964 | 4,342 |
Deferred costs | 2,022 | 898 |
Total Assets | 676,990 | 678,190 |
Secured notes payable | 298,104 | 222,635 |
Other liabilities | 15,750 | 28,253 |
Capital - Third Parties | 398,234 | 396,423 |
Total Liabilities and Capital | 676,990 | 678,190 |
Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 552,423 | 480,544 |
Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 138,998 | 139,981 |
Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 99,571 | 89,675 |
Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 552,423 | 480,544 |
Brooksville Quarry L L C [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 14,307 | 14,281 |
Cash and cash equivalents | 169 | 18 |
Unrealized rents & receivables | 0 | 0 |
Deferred costs | 2 | 2 |
Secured notes payable | 0 | 0 |
Other liabilities | 85 | 0 |
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 14,478 | 14,301 |
Brooksville Quarry L L C [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 7,532 | 7,488 |
Brooksville Quarry L L C [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 6,861 | 6,813 |
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 | 14,478 | 14,301 |
B C F R P Realty L L C [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 21,185 | 21,561 |
Cash and cash equivalents | 208 | 312 |
Unrealized rents & receivables | 433 | 368 |
Deferred costs | 262 | 229 |
Secured notes payable | 11,184 | 11,384 |
Other liabilities | 142 | 140 |
B C F R P Realty L L C [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 22,088 | 22,470 |
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 | 5,381 | 5,473 |
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 | 5,381 | 5,473 |
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 | 22,088 | 22,470 |
Aberdeen Station [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 514 | |
Cash and cash equivalents | 0 | |
Unrealized rents & receivables | 0 | |
Deferred costs | 0 | |
Secured notes payable | 0 | |
Other liabilities | 0 | |
Aberdeen Station [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 514 | |
Aberdeen Station [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 514 | |
Aberdeen Station [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 0 | |
Aberdeen Station [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 514 | |
Amber Ridge Loan [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 11,466 | |
Cash and cash equivalents | 0 | |
Unrealized rents & receivables | 0 | |
Deferred costs | 0 | |
Secured notes payable | 0 | |
Other liabilities | 0 | |
Amber Ridge Loan [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 11,466 | |
Amber Ridge Loan [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 11,466 | |
Amber Ridge Loan [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 0 | |
Amber Ridge Loan [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 11,466 | |
Apartment Mixed Use [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 460,659 | 424,495 |
Cash and cash equivalents | 3,190 | 2,657 |
Unrealized rents & receivables | 6,531 | 3,974 |
Deferred costs | 1,598 | 667 |
Secured notes payable | 282,104 | 211,251 |
Other liabilities | 15,523 | 28,113 |
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 471,978 | 431,793 |
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 105,922 | 115,040 |
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 68,429 | 77,389 |
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | $ 471,978 | $ 431,793 |
Bryant Street Partnerships (Det
Bryant Street Partnerships (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | $ 6,823 | $ 6,224 | $ 19,850 | $ 15,623 |
Total Revenues | 9,294 | 8,473 | 27,629 | 22,821 |
Property taxes | 1,034 | 986 | 3,103 | 2,764 |
Total cost of operations | 1,967 | 1,557 | 5,316 | 3,792 |
Total operating loss | 1,849 | 732 | 5,279 | 2,015 |
Interest expense | (738) | (414) | (2,215) | (1,785) |
Net loss before tax | $ 562 | $ 17 | 1,896 | 51,543 |
Bryant Street Partnerships [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | 4,123 | 707 | ||
Revenue – other | 801 | 117 | ||
Total Revenues | 4,924 | 824 | ||
Depreciation and amortization | 3,065 | 909 | ||
Operating expenses | 2,360 | 1,190 | ||
Property taxes | 539 | 156 | ||
Total cost of operations | 5,964 | 2,255 | ||
Total operating loss | (1,040) | (1,431) | ||
Interest expense | (3,703) | (1,803) | ||
Net loss before tax | (4,743) | (3,234) | ||
Bryant Street Partnerships [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | 6,718 | 1,153 | ||
Revenue – other | 1,306 | 190 | ||
Total Revenues | 8,024 | 1,343 | ||
Depreciation and amortization | 4,995 | 1,482 | ||
Operating expenses | 3,846 | 1,938 | ||
Property taxes | 878 | 255 | ||
Total cost of operations | 9,719 | 3,675 | ||
Total operating loss | (1,695) | (2,332) | ||
Interest expense | (5,437) | (1,234) | ||
Net loss before tax | $ (7,132) | $ (3,566) |
Greenville Woodfield Riverside
Greenville Woodfield Riverside Partnership (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | $ 6,823 | $ 6,224 | $ 19,850 | $ 15,623 |
Total Revenues | 9,294 | 8,473 | 27,629 | 22,821 |
Property taxes | 1,034 | 986 | 3,103 | 2,764 |
Total cost of operations | 1,967 | 1,557 | 5,316 | 3,792 |
Total operating loss | 1,849 | 732 | 5,279 | 2,015 |
Interest expense | (738) | (414) | (2,215) | (1,785) |
Net loss before tax | $ 562 | $ 17 | 1,896 | $ 51,543 |
Greenville Woodfield Partnerships [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | 894 | |||
Revenue – other | 50 | |||
Total Revenues | 944 | |||
Depreciation and amortization | 465 | |||
Operating expenses | 363 | |||
Property taxes | 190 | |||
Total cost of operations | 1,018 | |||
Total operating loss | (74) | |||
Interest expense | (279) | |||
Net loss before tax | (353) | |||
Greenville Woodfield Partnerships [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | 2,234 | |||
Revenue – other | 125 | |||
Total Revenues | 2,359 | |||
Depreciation and amortization | 1,162 | |||
Operating expenses | 906 | |||
Property taxes | 476 | |||
Total cost of operations | 2,544 | |||
Total operating loss | (185) | |||
Interest expense | (697) | |||
Net loss before tax | $ (882) |
Investments in Joint Ventures_3
Investments in Joint Ventures (Details Narrative) | 1 Months Ended | ||
Sep. 30, 2022 USD ($) a | Aug. 31, 2022 USD ($) a | Dec. 31, 2021 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 147,703,000 | $ 145,443,000 | |
Acres | a | 16,650 | ||
Difference between carrying value and underlying value | $ 8,705,000 | ||
Accumulated deficit | (12,770,000) | (8,942,000) | |
Estero Partnership [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 3,600,000 | $ 3,600,000 | |
Acres | a | 46 | ||
Preferred return | 8% | ||
B C F R P Realty L L C [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 5,450,000 | $ 5,530,000 | |
Debt Instrument, Term | 3 years | ||
Advances to Affiliate | $ 11,300,000 | ||
Investment Company, Financial Commitment to Investee, Future Amount | $ 16,000,000 |
Maren consolidation at stabiliz
Maren consolidation at stabilization (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Land | $ 141,564 | $ 123,397 | |
Project under construction | 13,295 | 8,668 | |
Accounts receivable | 1,530 | 793 | |
Total Assets | 676,990 | 678,190 | |
Long-term Debt | 178,520 | 178,409 | |
Other liabilities | 1,886 | 1,886 | |
Equity – FRP | 398,234 | 396,423 | |
Total Liabilities and Capital | $ 676,990 | $ 678,190 | |
Riverfront Holdings I I L L C [Member] | |||
Land | $ 29,330 | ||
Building and improvements, net | 110,800 | ||
Project under construction | 258 | ||
Value of leases in place | 4,750 | ||
Cash | 3,704 | ||
Cash held in escrow | 336 | ||
Accounts receivable | 707 | ||
Prepaid expenses | 197 | ||
Total Assets | 150,082 | ||
Long-term Debt | 88,000 | ||
Amortizable debt costs | (1,072) | ||
Other liabilities | 441 | ||
Equity – FRP | 44,200 | ||
Equity - MRP | 18,513 | ||
Total Liabilities and Capital | 150,082 | ||
Riverfront Holdings I I L L C [Member] | |||
Land | 6,472 | ||
Building and improvements, net | 87,269 | ||
Project under construction | 258 | ||
Value of leases in place | 0 | ||
Cash | 3,704 | ||
Cash held in escrow | 336 | ||
Accounts receivable | 707 | ||
Prepaid expenses | 197 | ||
Total Assets | 98,943 | ||
Long-term Debt | 88,000 | ||
Amortizable debt costs | (1,072) | ||
Other liabilities | 441 | ||
Equity – FRP | 7,026 | ||
Equity - MRP | 4,548 | ||
Total Liabilities and Capital | 98,943 | ||
Remeasurement Gain [Member] | |||
Land | 22,858 | ||
Building and improvements, net | 23,531 | ||
Project under construction | 0 | ||
Value of leases in place | 4,750 | ||
Cash | 0 | ||
Cash held in escrow | 0 | ||
Accounts receivable | 0 | ||
Prepaid expenses | 0 | ||
Total Assets | 51,139 | ||
Long-term Debt | 0 | ||
Amortizable debt costs | 0 | ||
Other liabilities | 0 | ||
Equity – FRP | 37,174 | ||
Equity - MRP | 13,965 | ||
Total Liabilities and Capital | $ 51,139 |
Consolidation of Riverfront I_3
Consolidation of Riverfront Investment Partners II, LLC. Riverfront Holdings II, LLC (Details Narrative) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2018 USD ($) | May 04, 2018 Integer | |
Cash contributed | $ 20,838,000 | $ 10,031,000 | |||||
Ownership basis | 70.41% | ||||||
Remeasurement gain, MRP | $ 0 | $ 0 | $ 51,139,000 | $ 0 | $ 51,139,000 | ||
M R P Realty [Member] | |||||||
MRP contributions | $ 5,600,000 | ||||||
MRP development fee | 725,000 | ||||||
Remeasurement gain, MRP | $ 13,965,000 | ||||||
Riverfront Holdings I I L L C [Member] | |||||||
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% | ||||||
Preferred equity committed | $ 13,750,000 | ||||||
Interest rate | 7.50% | ||||||
Stabilization | 90% |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | 1 Months Ended | |||
Nov. 30, 2022 USD ($) Integer ft² | Oct. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Subsequent Event [Line Items] | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 147,703,000 | $ 145,443,000 | ||
D S T Hickory Creek [Member] | ||||
Subsequent Event [Line Items] | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 6,000,000 | $ 6,000,000 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Proceeds from Sale of Investment Projects | $ 8,830,000 | |||
Mixed use projects | Integer | 10 | |||
Number of land parcels | Integer | 4 | |||
Mixed-use development square feet | ft² | 3,000,000 | |||
Residential units | Integer | 3,000 | |||
Retail square feet | ft² | 150,000 | |||
SIC share of Dock and Maren after purchase | 20% | |||
SIC purchase of TIC | $ 65,300,000 | |||
Company share of SIC purchase of TIC | 44,500,000 | |||
Proceeds from sale of tenancy in common | $ 19,950,000 | |||
description of future acquisition rights by SIC | right to acquire a 10% to 20% share of The Verge, phases 3 and 4 of the Riverfront projects and Square 664E |