Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 17, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 448,654,924 | ||
Entity Common Stock, Shares Outstanding | 9,484,970 | ||
Auditor Name | Hancock Askew & Co., LLP | ||
Auditor Location | Jacksonville, Florida | ||
Auditor Firm ID | 794 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Lease revenue | $ 26,798,000 | $ 21,755,000 | $ 14,106,000 |
Mining Royalty and rents | 10,683,000 | 9,465,000 | 9,477,000 |
Total Revenues | 37,481,000 | 31,220,000 | 23,583,000 |
Cost of operations: | |||
Depreciation, depletion and amortization | 11,217,000 | 12,737,000 | 5,828,000 |
Operating expenses | 7,065,000 | 6,219,000 | 3,333,000 |
Property taxes | 4,125,000 | 3,751,000 | 2,826,000 |
Management company indirect | 3,416,000 | 3,168,000 | 2,951,000 |
Corporate expenses (Note 3 Related Party) | 3,662,000 | 3,071,000 | 3,511,000 |
Total cost of operations | 29,485,000 | 28,946,000 | 18,449,000 |
Total operating profit | 7,996,000 | 2,274,000 | 5,134,000 |
Net investment income, including realized gains of $0, $0, and $298, respectively | 5,473,000 | 4,215,000 | 7,415,000 |
Interest expense | (3,045,000) | (2,304,000) | (1,100,000) |
Equity in loss of joint ventures | (5,721,000) | (5,754,000) | (5,690,000) |
Gain on remeasurement of investment in real estate partnership | 0 | 51,139,000 | 0 |
Gain on sale of real estate | 874,000 | 805,000 | 9,170,000 |
Income before income taxes | 5,577,000 | 50,375,000 | 14,929,000 |
Provision for income taxes | 1,530,000 | 10,281,000 | 3,207,000 |
Net income | 4,047,000 | 40,094,000 | 11,722,000 |
(Loss) gain attributable to noncontrolling interest | (518,000) | 11,879,000 | (993,000) |
Net income attributable to the Company | $ 4,565,000 | $ 28,215,000 | $ 12,715,000 |
Earnings per common share: | |||
Basic | $ 0.49 | $ 3.02 | $ 1.33 |
Diluted | $ 0.48 | $ 3 | $ 1.32 |
Number of shares (in thousands) used in computing: | |||
-basic earnings per common share | 9,386 | 9,355 | 9,580 |
-diluted earnings per common share | 9,435 | 9,397 | 9,609 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Realized gains | $ 0 | $ 0 | $ 298 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Net income | $ 4,047 | $ 40,094 | $ 11,722 |
Other comprehensive income (loss) net of tax: | |||
Unrealized loss on investments, net of income tax effect of $(504), $(194) and $(145) | (1,358) | (524) | (391) |
Minimum pension liability, net of income tax effect of $(11), $(15) and $53 | (31) | (38) | 143 |
Comprehensive income | 2,658 | 39,532 | 11,474 |
Less comp. income attributable to noncontrolling interest | (518) | 11,879 | (993) |
Comprehensive income attributable to the Company | $ 3,176 | $ 27,653 | $ 12,467 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Income tax effect on UR loss | $ (504) | $ (194) | $ (145) |
Tax effect on pension liability | $ (11) | $ (15) | $ 53 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real estate investments at cost: | ||
Land | $ 141,579 | $ 123,397 |
Buildings and improvements | 270,579 | 265,278 |
Projects under construction | 12,208 | 8,668 |
Total investments in properties | 424,366 | 397,343 |
Less accumulated depreciation and depletion | 57,208 | 46,678 |
Net investments in properties | 367,158 | 350,665 |
Real estate held for investment, at cost | 10,182 | 9,722 |
Investments in joint ventures | 140,525 | 145,443 |
Net real estate investments | 517,865 | 505,830 |
Cash and cash equivalents | 177,497 | 161,521 |
Cash held in escrow | 797 | 752 |
Accounts receivable, net | 1,166 | 793 |
Investments available for sale at fair value | 0 | 4,317 |
Federal and state income taxes receivable | 0 | 1,103 |
Unrealized rents | 856 | 620 |
Deferred costs | 2,343 | 2,726 |
Other assets | 560 | 528 |
Total assets | 701,084 | 678,190 |
Liabilities: | ||
Secured notes payable | 178,557 | 178,409 |
Accounts payable and accrued liabilities | 5,971 | 6,137 |
Other liabilities | 1,886 | 1,886 |
Federal and state income taxes payable | 18 | 0 |
Deferred revenue | 259 | 369 |
Deferred income taxes | 67,960 | 64,047 |
Deferred compensation | 1,354 | 1,302 |
Tenant security deposits | 868 | 790 |
Total liabilities | 256,873 | 252,940 |
Commitments and contingencies | ||
Equity: | ||
Common stock, $.10 par value 25,000,000 shares authorized, 9,459,686 and 9,411,028 shares issued and outstanding, respectively | 946 | 941 |
Capital in excess of par value | 65,158 | 57,617 |
Retained earnings | 342,317 | 337,752 |
Accumulated other comprehensive income, net | (1,276) | 113 |
Total shareholders’ equity | 407,145 | 396,423 |
Noncontrolling interests | 37,066 | 28,827 |
Total equity | 444,211 | 425,250 |
Total liabilities and equity | $ 701,084 | $ 678,190 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 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, issued | 9,459,686 | 9,411,028 |
Common stock, outstanding | 9,459,686 | 9,411,028 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 4,047,000 | $ 40,094,000 | $ 11,722,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 11,462,000 | 12,946,000 | 6,050,000 |
Deferred income taxes | 1,813,000 | 7,941,000 | 5,995,000 |
Gain on remeasurement of invest in real estate partnership | 0 | (51,139,000) | 0 |
Equity in loss of joint ventures | 5,721,000 | 5,754,000 | 5,690,000 |
Gain on sale of equipment and property | (904,000) | (880,000) | (9,184,000) |
Stock-based compensation | 1,569,000 | 1,111,000 | 1,372,000 |
Realized (gain) loss on available for sale investments | 0 | 0 | (298,000) |
Deferred debt issuance cost write-off | 0 | 0 | 902,000 |
Net changes in operating assets and liabilities: | |||
Accounts receivable | (373,000) | 837,000 | (377,000) |
Deferred costs and other assets | (1,972,000) | (346,000) | 27,000 |
Accounts payable and accrued liabilities | (276,000) | 1,888,000 | 956,000 |
Income taxes payable and receivable | 1,121,000 | 3,518,000 | (5,125,000) |
Other long-term liabilities | 130,000 | 518,000 | 883,000 |
Net cash provided by operating activities | 22,338,000 | 22,242,000 | 18,613,000 |
Cash flows from investing activities: | |||
Investments in properties | (27,615,000) | (16,530,000) | (17,544,000) |
Investments in joint ventures | (21,578,000) | (13,436,000) | (12,315,000) |
Return of capital from investments in joint ventures | 20,770,000 | 22,279,000 | 0 |
Purchases of investments available for sale | 0 | 0 | (24,584,000) |
Proceeds from sales of investments available for sale | 4,317,000 | 69,865,000 | 85,735,000 |
Cash at consolidation of real estate partnership | 0 | 3,704,000 | 0 |
Cash held in escrow | (45,000) | (220,000) | (10,000) |
Proceeds from sale of assets | 955,000 | 939,000 | 19,245,000 |
Net cash (used in) provided by investing activities | (23,196,000) | 66,601,000 | 50,527,000 |
Cash flows from financing activities: | |||
Proceeds from long-term debt | 0 | 92,070,000 | 0 |
Repayment of long-term debt | 0 | (90,000,000) | 0 |
Debt issue costs | 0 | (704,000) | 0 |
Contribution from partner | 27,894,000 | 0 | 0 |
Distribution to noncontrolling interest | (11,472,000) | (2,602,000) | (765,000) |
Repurchase of company stock | 0 | (264,000) | (21,312,000) |
Exercise of employee stock options | 412,000 | 269,000 | 239,000 |
Net cash provided by (used in) financing activities | 16,834,000 | (1,231,000) | (21,838,000) |
Net increase in cash and cash equivalents | 15,976,000 | 87,612,000 | 47,302,000 |
Cash and cash equivalents at beginning of year | 161,521,000 | 73,909,000 | 26,607,000 |
Cash and cash equivalents at end of the year | 177,497,000 | 161,521,000 | 73,909,000 |
Supplemental disclosures of cash flow information: | |||
Interest | 2,893,000 | 2,150,000 | 960,000 |
Income taxes | $ (1,761,000) | $ (1,226,000) | $ 2,244,000 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 982 | $ 57,705 | $ 315,278 | $ 923 | $ 374,888 | $ 16,757 | $ 391,645 |
Common shares outstanding at Dec. 31, 2019 | 9,817,429 | ||||||
Exercise of stock options | $ 1 | 238 | 0 | 0 | 239 | 0 | 239 |
Stock options exercised | 12,415 | ||||||
Stock option grant compensation | $ 0 | 92 | 0 | 0 | 92 | 0 | 92 |
Restricted stock compensation | 0 | 250 | 0 | 0 | 250 | 0 | 250 |
Shares granted to Employee | $ 1 | 529 | 0 | 0 | 530 | 0 | 530 |
Shares granted to Employee | 11,448 | ||||||
Shares granted to Directors | $ 1 | 499 | 0 | 0 | 500 | 0 | 500 |
Director shares granted | 12,050 | ||||||
Restricted stock award | $ 2 | (2) | 0 | 0 | 0 | 0 | 0 |
Restricted shares awarded | 20,520 | ||||||
Shares purchased | $ (51) | (3,032) | (18,229) | 0 | (21,312) | 0 | (21,312) |
Stock Repurchased During Period, Shares | (510,145) | ||||||
Net income | $ 0 | 0 | 12,715 | 0 | 12,715 | (993) | 11,722 |
Distributions to partners | 0 | 0 | 0 | 0 | 0 | (765) | (765) |
Minimum pension liability, net | 0 | 0 | 0 | 143 | 143 | 0 | 143 |
Unrealized loss on investment, net | 0 | 0 | 0 | (391) | (391) | 0 | (391) |
Ending 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 | ||||||
Exercise of stock options | $ 2 | 267 | 0 | 0 | 269 | 0 | 269 |
Stock options exercised | 15,334 | ||||||
Stock option grant compensation | $ 0 | 69 | 0 | 0 | 69 | 0 | 69 |
Restricted stock compensation | 0 | 492 | 0 | 0 | 492 | 0 | 492 |
Shares granted to Employee | $ 0 | 50 | 0 | 0 | 50 | 0 | 50 |
Shares granted to Employee | 1,098 | ||||||
Shares granted to Directors | $ 1 | 499 | 0 | 0 | 500 | 0 | 500 |
Director shares granted | 9,105 | ||||||
Restricted stock award | $ 3 | (3) | 0 | 0 | 0 | 0 | 0 |
Restricted shares awarded | 27,778 | ||||||
Shares purchased | $ (1) | (36) | (227) | 0 | (264) | 0 | (264) |
Stock Repurchased During Period, Shares | (6,004) | ||||||
Contributions from partner | $ 0 | 0 | 0 | 0 | 0 | 4,551 | 4,551 |
Net income | 0 | 0 | 28,215 | 0 | 28,215 | 11,879 | 40,094 |
Distributions to partners | 0 | 0 | 0 | 0 | 0 | (2,602) | (2,602) |
Minimum pension liability, net | 0 | 0 | 0 | (38) | (38) | 0 | (38) |
Unrealized loss on investment, net | 0 | 0 | 0 | (524) | (524) | 0 | (524) |
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 | |||||
Exercise of stock options | $ 2 | 410 | 0 | 0 | 412 | 0 | $ 412 |
Stock options exercised | 16,460 | ||||||
Stock option grant compensation | $ 0 | 69 | 0 | 0 | 69 | 0 | 69 |
Restricted stock compensation | 0 | 800 | 0 | 0 | 800 | 0 | 800 |
Shares granted to Employee | $ 0 | 50 | 0 | 0 | 50 | 0 | 50 |
Shares granted to Employee | 865 | ||||||
Shares granted to Directors | $ 1 | 649 | 0 | 0 | 650 | 0 | 650 |
Director shares granted | 11,232 | ||||||
Restricted stock award | $ 2 | (2) | 0 | 0 | 0 | 0 | 0 |
Restricted shares awarded | 21,464 | ||||||
Contributions from partner | $ 0 | 0 | 0 | 0 | 0 | 27,894 | 27,894 |
Forfeiture of restricted stock award | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net income | 0 | 0 | 4,565 | 0 | 4,565 | (518) | 4,047 |
Distributions to partners | 0 | 0 | 0 | 0 | 0 | (11,472) | (11,472) |
Minimum pension liability, net | 0 | 0 | 0 | (31) | (31) | 0 | (31) |
Unrealized loss on investment, net | $ 0 | 0 | 0 | (1,358) | (1,358) | 0 | (1,358) |
Restricted stock forfeited | (1,363) | ||||||
Reallocation of partners’ interest | $ 0 | 7,665 | 0 | 0 | 7,665 | (7,665) | 0 |
Reallocation income tax expense | 0 | (2,100) | 0 | 0 | (2,100) | 0 | (2,100) |
Ending balance, value at Dec. 31, 2022 | $ 946 | $ 65,158 | $ 342,317 | $ (1,276) | $ 407,145 | $ 37,066 | $ 444,211 |
Common shares outstanding at Dec. 31, 2022 | 9,459,686 | 9,459,686 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Accounting Policies | 1. Accounting Policies ORGANIZATION FRP Holdings, Inc. was incorporated on April 22, 2014 in connection with a corporate reorganization that preceded the Spin-off of Patriot Transportation Holding, Inc. The Company’s predecessor issuer was formed on July 20, 1998. The business of the Company is conducted through our wholly-owned subsidiaries FRP Development Corp., a Maryland corporation (“Development”) and Florida Rock Properties, Inc., a Florida corporation (“Properties”), and the various subsidiaries and joint ventures of each. CONSOLIDATION Effective July 1, 2017 the Company consolidated the assets (at fair value), liabilities and operating results of our Riverfront Investment Partners I, LLC joint venture (“Dock 79”) which was previously accounted for under the equity method. Subsequent to the July 1, 2017 consolidation, the ownership of Dock 79 attributable to our partner MRP Realty is reflected on our consolidated balance sheet as a noncontrolling interest. In March 2021, Riverfront Investment Partners II, LLC reached stabilization which resulted in a change of control for accounting purposes as the veto rights of the minority shareholder lapsed and the Company became the primary beneficiary. As such, effective March 31, 2021 the Company consolidated the assets (at fair value), liabilities and operating results of our Riverfront Investment Partners II, LLC joint venture (“The Maren”) which was previously accounted for under the equity method. Subsequent to the March 31, 2021 consolidation, the ownership of The Maren attributable to our partner MRP Realty is reflected on our consolidated balance sheet as a noncontrolling interest. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity but separately from shareholders' equity. On the Consolidated Statements of Income, all of the revenues and expenses from Dock 79 are reported in net income, including both the amounts attributable to the Company and the noncontrolling interest. The 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. In 2022 we sold a 20 CASH AND CASH EQUIVALENTS INVESTMENTS AVAILABLE FOR SALE no REVENUE AND EXPENSE RECOGNITION Sales of real estate are recognized when the collection of the sales price is reasonably assured and when the Company has fulfilled substantially all of its obligations, which are typically as of the closing date. Accounts receivable are recorded net of discounts and provisions for estimated allowances. We estimate allowances on an ongoing basis by considering historical and current trends. We record estimated bad debts expense as a reduction of lease revenue. We estimate the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment. Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms. PROPERTY AND EQUIPMENT Years Building and improvements 3-39 Depletion of sand and stone deposits is computed on the basis of units of production in relation to estimated reserves. Reserve estimates are periodically adjusted based upon surveys. The Company recorded depreciation and depletion expenses for fiscal year 2022, 2021 and 2020, of $ 10,618,000 8,806,000 5,766,000 All direct and indirect costs, including interest and real estate taxes, associated with the development, construction, leasing or expansion of real estate investments are capitalized as a cost of the property. Included in indirect costs is an allocation of internal costs associated with development of real estate investments. The cost of routine repairs and maintenance to property and equipment is expensed as incurred. IMPAIRMENT OF LONG-LIVED ASSETS DEVELOPED PROPERTY RENTALS PURCHASE ACCOUNTING recorded at their fair value at the time of acquisition. The fair value of the acquired property is allocated between land and building (on an as-if vacant basis) based on management’s estimate of the fair value of those components for each type of property and to tenant improvements based on the depreciated replacement cost of the tenant improvements, which approximates their fair value. The fair value of the in-place leases is recorded as follows: · the fair value of leases in-place on the date of acquisition is based on absorption costs for the estimated lease-up period in which vacancy and foregone revenue are avoided due to the presence of the acquired leases; · the fair value of above and below-market in-place leases based on the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between contractual rent amounts to be paid under the assumed lease and the estimated market lease rates for the corresponding spaces over the remaining non-cancelable terms of the related leases; and · the fair value of intangible tenant or customer relationships. The Company’s determination of these fair values requires it to estimate market rents for each of the leases and make certain other assumptions. These estimates and assumptions affect the rental revenue, and depreciation and amortization expense recognized for these leases and associated intangible assets and liabilities. INVESTMENTS IN JOINT VENTURES 50 excess of 50% INCOME TAXES STOCK BASED COMPENSATION after the grant date. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model. The assumptions used in the model and current year impact are discussed in Note 7. DEFERRED COMPENSATION PLAN EARNINGS PER COMMON SHARE USE OF ESTIMATES Certain accounting policies and estimates are of more significance in the financial statement preparation process than others. The most critical accounting policies and estimates include the economic useful lives of our mining reserves, property and equipment, provisions for uncollectible accounts receivable and collectibility of unrealized rents, accounting for real estate investments, estimates of exposures related to our insurance claims plans and environmental liabilities, and estimates for taxes. To the extent that actual, final outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates, earnings during that accounting period will be affected. ENVIRONMENTAL COMPREHENSIVE INCOME RECENTLY ISSUED ACCOUNTING STANDARDS |
Investments in Joint Ventures
Investments in Joint Ventures | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Joint Ventures | 2. 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 year we had two new investments in unconsolidated joint ventures: Estero 3.6 million 16 46 8 Lending Ventures 3 in our BC FRP Realty, LLC joint venture advancing a total of $ 11.3 million 16 million FRP/MRP Buzzard Point Sponsor, LLC 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 December 31, 2022 Brooksville Quarry, LLC 50.00 % $ 7,522 14,374 (84 ) (42 ) BC FRP Realty, LLC 50.00 % 5,453 21,825 (358 ) (175 ) Buzzard Point Sponsor, LLC 50.00 % 1,453 2,906 — — Bryant Street Partnerships 61.36 % 55,561 199,774 (10,339 ) (6,829 ) Lending ventures 16,476 5,577 — — DST Hickory Creek 26.65 % — — 10,960 3,164 Estero Partnership 16.00 % 3,600 38,505 — — 1800 Half St. Owner, LLC 61.37 % 38,471 131,128 (1,841 ) (1,129 ) Greenville Partnerships 40.00 % 11,989 96,551 (1,775 ) (710 ) Total $ 140,525 510,640 (3,437 ) (5,721 ) 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 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 includes $747,000 in 2021 for the Company’s share of preferred interest and $471,000 in 2021 for amortization of guarantee liability related to the Bryant Street loan. The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of December 31, 2022 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed Use Joint Ventures as of December 31, 2022 As of December 31, 2022 Total Buzzard Point Bryant Street Estero 1800 Half St. Greenville Apartment/ Sponsor, LLC Partnership Partnership Partnership Partnership Mixed-Use Investments in real estate, net $ 0 192,904 33,008 130,616 95,883 $ 452,411 Cash and cash equivalents 0 1,349 5,497 359 567 7,772 Unrealized rents & receivables 0 5,128 0 14 13 5,155 Deferred costs 2,906 393 0 139 88 3,526 Total Assets $ 2,906 199,774 38,505 131,128 96,551 $ 468,864 Secured notes payable $ 0 129,263 16,000 66,584 64,954 $ 276,801 Other liabilities 0 2,338 5 5,328 3,014 10,685 Capital - FRP 1,453 53,553 3,600 36,348 11,087 106,041 Capital – Third Parties 1,453 14,620 18,900 22,868 17,496 75,337 Total Liabilities and Capital $ 2,906 199,774 38,505 131,128 96,551 $ 468,864 Investments in Joint Ventures as of December 31, 2022 As of December 31, 2022 Total Brooksville BC FRP Lending Apartment/ Grand Quarry, LLC Realty, LLC Ventures Mixed-Use Total Investments in real estate, net $ 14,307 21,059 5,547 452,411 $ 493,324 Cash and cash equivalents 66 99 0 7,772 7,937 Unrealized rents & receivables 0 422 0 5,155 5,577 Deferred costs 1 245 30 3,526 3,802 Total Assets $ 14,374 21,825 5,577 468,864 $ 510,640 Secured notes payable $ 0 10,899 (10,899 ) 276,801 $ 276,801 Other liabilities 0 338 0 10,685 11,023 Capital – FRP 7,522 5,294 16,476 106,041 135,333 Capital - Third Parties 6,852 5,294 0 75,337 87,483 Total Liabilities and Capital $ 14,374 21,825 5,577 468,864 $ 510,640 The Company’s capital recorded by the unconsolidated Joint Ventures is $ 5,032,000 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 as of 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 $ (13,115,000) (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 Year ended Year ended Year ended Year ended December 31, December 31, December 31, December 31, 2022 2021 2022 2021 Revenues: Rental Revenue $ 9,586 $ 2,376 $ 5,882 $ 1,458 Revenue – other 1,766 318 1,084 195 Total Revenues 11,352 2,694 6,966 1,653 Cost of operations: Depreciation and amortization 6,737 2,842 4,134 1,744 Operating expenses 5,428 3,163 3,331 1,941 Property taxes 1,376 398 844 244 Total cost of operations 13,541 6,403 8,309 3,929 Total operating loss (2,189 ) (3,709 ) (1,343 ) (2,276 ) Interest expense (8,150 ) (2,375 ) (5,486 ) (2,678 ) Net loss before tax $ (10,339 ) $ (6,084 ) $ (6,829 ) $ (4,954 ) The income statements of the Greenville Woodfield Riverside Partnership Woodfield Woodfield Riverside Partnership Riverside Partnership Total JV Company Share Year ended Year ended December 31, December 31, 2022 2022 Revenues: Rental Revenue $ 3,146 $ 1,259 Revenue – other 176 70 Total Revenues 3,322 1,329 Cost of operations: Depreciation and amortization 1,557 623 Operating expenses 1,207 483 Property taxes 778 311 Total cost of operations 3,542 1,417 Total operating loss (220 ) (88 ) Interest expense (1,113 ) (445 ) Net loss before tax $ (1,333 ) $ (533 ) |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 3. 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 employees and 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 $ 893,000 1,025,000 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. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 4. Debt Debt December 31, December 31, 2022 2021 Fixed rate mortgage loans, 3.03 $ 180,070 180,070 Unamortized debt issuance costs (1,513 ) (1,661 ) Credit agreement — — Long term debt $ 178,557 178,409 The aggregate amount of principal payments, excluding the revolving credit, due subsequent to December 31, 2022 is: 2023 - $ 0 0 0 0 180,070,000 On February 6, 2019, the Company entered into a First Amendment to the 2015 Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells Fargo”), effective February 6, 2019. The Credit Agreement modifies the Company’s prior Credit Agreement with Wells Fargo dated January 30, 2015. The Credit Agreement establishes a five 20 million 1.50 1.25 1.0 defined which excludes FRP Riverfront. A commitment fee of 0.25 0.20 0.15 no 562,000 19,438,000 1 5.36871 249 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 $ 148,000 2,601,000 3,783,000 The Company was in compliance with all |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 5. Leases The Company is a lessor of residential apartment homes, retail portions of mixed-use communities, commercial properties, and open pit aggregates quarries. Residential The Company’s residential spaces generally lease for 12 – 15-month lease terms and 90 days prior to the expiration, as long as there is no balance due, the tenant is offered a renewal. If no notice to move out or renew is made, then the leases go to month to month until notification of termination or renewal is received. Renewal terms are typically 9 – 12 months. In 2021, due to the DC legislation in place freezing rent increases as a part of a covid relief plan, FRP was unable to increase rental rates for renewals. This legislation was lifted in February 2022. Retail The Company also leases retail spaces at apartment/mixed-use properties. The retail leases are typically 10 -15-year leases with options to renew for another 5 years. Retail leases at these properties also include percentage rents which average 3-6% of annual sales for the tenant that exceed a breakpoint stipulated by each individual lease. All base rent revenue is recognized on a straight-line basis. Commercial & Office The Company’s industrial warehouses typically lease for terms ranging from 3 – 10 years often with one or two renewal options. All base rent revenue is recognized on a straight-lined basis. All of the commercial warehouse leases are triple net and common area maintenance costs (CAM Revenue) are billed monthly, and insurance and real estate taxes are billed annually. 34 Loveton is the only office product wherein all leases are full service therefore there is no CAM revenue. Office leases are also recognized on a straight-lined basis. Mining The Company leases land under long-term leases that grant the lessee the right to mine and sell reserves from our property in exchange for royalty payments. A typical lease has an option to extend the lease for additional terms. At December 31, 2022, the total Carrying value of property owned by the Company which is leased or held for lease Construction aggregates property $ 46,816 Commercial property 92,721 Residential/mixed-use property 294,413 Carrying Value of property owned by the Company leased or held for lease, gross 433,950 Less accumulated depreciation and depletion 56,786 Carrying Value of property owned by the Company leased or held for lease, net $ 377,164 The minimum future straight-lined rentals due the Company on noncancelable leases as of December 31, 2022 are as follows: 2023 - $ 17,060,000 6,903,000 6,457,000 5,377,000 3,941,000 21,693,000 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 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 Years Ended December 31 2022 2021 2020 Common shares: Weighted average common shares outstanding during the period – shares used for basic earnings per common share 9,386 9,355 9,580 Common shares issuable under share based payments plans which are potentially dilutive 49 42 29 Common shares used for diluted earnings per common share 9,435 9,397 9,609 Net income attributable to the Company $ 4,565 28,215 12,715 Earnings per common share: -basic $ 0.49 3.02 1.33 -diluted $ 0.48 3.00 1.32 For 2022 the Company did not have any 6,680 During 2021 the Company repurchased 6,004 43.95 510,145 41.78 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 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 1.9 2.9 3.0 7.0 The dividend yield of zero In January 2022, 7,448 four 14,016 five 8,896 four 18,882 five 20,520 five 367,641 865 1,098 11,448 The Company recorded the following Stock compensation expense Years Ended December 31, 2022 2021 2020 Stock option grants $ 69 69 92 Restricted stock awards 800 492 250 Employee stock grant 50 50 530 Annual director stock award 650 500 500 Stock compensation $ 1,569 1,111 1,372 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, 2020 132,504 $ 33.82 5.8 $ 1,631 Exercised (12,415 ) $ 19.23 $ (100 ) Outstanding at December 31, 2020 120,089 $ 35.33 5.3 $ 1,531 Exercised (15,334 ) $ 17.54 $ (115 ) Outstanding at December 31, 2021 104,755 $ 37.93 4.8 $ 1,416 Exercised (16,460 ) $ 25.07 $ (145 ) Outstanding at December 31, 2022 88,295 $ 40.33 4.4 $ 1,271 Exercisable at December 31, 2022 84,305 $ 40.07 4.3 $ 1,205 Vested during twelve months ended December 31, 2022 4,179 $ 69 The following table summarizes information concerning Stock options outstanding Shares Weighted Weighted Range of Exercise under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $43.16 - $45.97 3,990 $ 45.97 5.9 Years Exercisable: $29.96 - $35.95 22,750 29.62 1.9 $35.96 - $43.15 12,000 38.45 4.0 $43.16 - $45.97 49,555 45.25 5.4 84,305 $ 40.07 4.3 Years Total 88,295 $ 40.33 4.4 Years The aggregate intrinsic value of exercisable in-the-money options was $ 1,163,000 1,194,000 53.86 The unrecognized compensation cost of options granted to FRP employees but not yet vested as of December 31, 2022 was $ 60,000 .9 Gains of $ 571,000 A Summary of changes in restricted stock awards Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Restricted stock Shares Price Term (yrs) Fair Value(000's) Non-vested at January 1, 2020 0 $ 0 $ 0 Performance-based awards granted 20,520 46.30 950 Non-vested at December 31, 2020 20,520 $ 46.30 3.4 $ 950 Time-based awards granted 8,896 45.55 405 Performance-based awards granted 18,882 45.55 860 Vested (2,224 ) 45.55 (101 ) Non-vested at December 31, 2021 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 (15,679 ) 47.56 (746 ) Forfeited (1,363 ) 46.30 (63 ) Non-vested at December 31, 2022 50,496 $ 50.42 3.0 $ 2,546 Total unrecognized compensation cost of restricted stock granted but not yet vested as of December 31, 2022 was $ 2,142,000 3.1 years |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes The Provision for income tax expense Years Ended December 31, 2022 2021 2020 Included in Net income: Continuing operations $ 1,530 10,281 3,207 Comprehensive income (515 ) (209 ) (92 ) Total tax expense $ 1,015 10,072 3,115 The Provision for income taxes Year Ended December 31, 2022 2021 2020 Current: Federal $ (214 ) 305 (2,667 ) State (571 ) 1,826 (213 ) Current income tax expense (785 ) 2,131 (2,880 ) Deferred 1,800 7,941 5,995 Total $ 1,015 10,072 3,115 The deferred taxes are primarily related to the bonus depreciation on property placed in service. Taxes in 2020 were favorably impacted by $ 1,100,000 tax rate was 35 As of December 31, 2022 the company has deferred taxes of approximately $ 31 million 112 million These taxes are deferred until the earlier of the sale of the related investments or December 31, 2026 and 10% of gains are excluded from tax once the investments are held five years plus an additional 5% is excluded at seven years A reconciliation between the amount of tax shown above and the amount computed at the statutory Federal income tax rate follows (in thousands): Income tax reconciliation Year Ended December 31 2022 2021 2020 Amount computed at statutory Federal rate $ 924 7,941 3,226 State income taxes (net of Federal income tax benefit) (30 ) 2,634 1,048 Carryback of net operating loss — — (1,100 ) Other, net 121 (503 ) (59 ) Provision for income taxes $ 1,015 10,072 3,115 In this reconciliation, the category “Other, net” consists of permanent tax differences related to non-deductible expenses, special tax rates and tax credits, interest paid and penalties, and adjustments to prior year estimates. The types of temporary differences and their related tax effects that give rise to deferred tax assets and deferred tax liabilities are presented below (in thousands): Temporary tax differences December 31, 2022 2021 2020 Deferred tax liabilities: Property and equipment $ 41,866 38,143 25,468 Investment in opportunity zone 34,871 30,846 30,846 Depletion 697 704 708 Unrealized rents 150 58 27 Prepaid expenses 31 36 50 Gross deferred tax liabilities 77,615 69,787 57,099 Deferred tax assets: Federal tax loss carryforwards 6,375 3,235 — State tax loss carryforwards 2,359 1,388 — Employee benefits and other 921 1,117 993 Gross deferred tax assets 9,655 5,740 993 Net deferred tax liability $ 67,960 64,047 56,106 NOL Carryovers Years Ended Other Items - All Gross 12/31/2022 12/31/2021 State NOL Carryovers 38,169,229 23,111,156 Federal NOL Carryovers 30,357,222 15,406,397 The Company has no FRP tax returns in the U.S. and various states that include the Company are subject to audit by taxing authorities. As of December 31, 2022, the earliest tax year that remains open for audit is 2017. Our effective income tax expense may vary, possibly materially, due to projected effective state tax rates. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefits | 9. Employee Benefits The Company and certain subsidiaries have a savings/profit sharing plan for the benefit of qualified employees. The savings feature of the plan incorporates the provisions of Section 401(k) of the Internal Revenue Code under which an eligible employee may elect to save a portion (within limits) of their compensation on a tax deferred basis. The Company contributes to a participant’s account an amount equal to 50 54,000 49,000 The Company has a deferred compensation plan, the Management Security Plan (MSP) for our President. The accruals for future benefits are based upon actuarial assumptions. Life insurance on his life has been purchased to partially fund this benefit and the Company is the owner and beneficiary of that policy. The expense for 2022 and 2021, was $ 10,000 8,000 1,354,000 1,302,000 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | 10. Business Segments The Company is reporting its financial performance based on four The Asset Management Segment owns, leases and manages in-service commercial properties wholly owned by the Company. Currently this includes seven 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, 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 Years Ended December 31, 2022 2021 2020 Revenues: Revenues Asset management $ 3,681 2,575 2,747 Revenues Mining royalty lands 10,683 9,465 9,477 Revenues Development 1,674 1,563 1,152 Revenues Stabilized Joint Venture 21,443 17,617 10,207 Revenues $ 37,481 31,220 23,583 Operating profit: Before corporate expenses: Operating profit before corporate expenses Asset management $ 1,592 612 907 Operating profit before corporate expenses Mining royalty lands 9,305 8,558 8,629 Operating profit before corporate expenses Development (2,791 ) (2,548 ) (2,576 ) Operating profit before corporate expenses Stabilized Joint Venture 3,552 (1,277 ) 1,685 Operating profit before corporate expenses Operating profit before corporate expenses 11,658 5,345 8,645 Corporate expenses: Corporate expenses Allocated to asset management (632 ) (843 ) (909 ) Corporate expenses Allocated to mining royalty lands (414 ) (318 ) (288 ) Corporate expenses Allocated to Development (2,284 ) (1,557 ) (2,108 ) Corporate expenses Allocated to Stabilized Joint Venture (332 ) (353 ) (206 ) Corporate expenses (3,662 ) (3,071 ) (3,511 ) Operating profit $ 7,996 2,274 5,134 Interest expense Interest expense $ 3,045 2,304 1,100 Depreciation, depletion and amortization: Depreciation, depletion and amortization Asset management $ 907 578 652 Depreciation, depletion and amortization Mining royalty lands 586 199 218 Depreciation, depletion and amortization Development 189 208 214 Depreciation, depletion and amortization Stabilized Joint Venture 9,535 11,752 4,744 Depreciation, depletion and amortization $ 11,217 12,737 5,828 Capital expenditures: Capital expenditures Asset management $ 1,284 852 924 Capital expenditures Mining royalty lands 11,218 522 — Capital expenditures Development 14,521 14,242 16,547 Capital expenditures Stabilized Joint Venture 592 914 73 Capital expenditures $ 27,615 16,530 17,544 Identifiable net assets Identifiable net assets at end of period: Assets Asset management $ 26,053 23,897 11,172 Assets Mining royalty lands 48,494 37,627 37,387 Assets Development 188,834 176,386 196,212 Assets Stabilized Joint Venture 257,535 266,429 130,472 Investments available for sale Investments available for sale at fair value — 4,317 75,609 Cash Cash items 178,294 162,273 74,105 Assets Unallocated corporate assets 1,874 7,261 11,403 Assets $ 701,084 678,190 536,360 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 11. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs are those that are unobservable and significant to the overall fair value measurement. At December 31, 2022, the Company was invested U.S. Treasury notes valued at $ 161,585,000 1,903,000 At December 31, 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 December 31, 2022, the carrying amount and fair value of such other long-term debt was $ 180,070,000 142,785,000 180,070,000 174,111,000 |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | 12. 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 December 31, 2022, there was $ 562,000 The Company and MRP guaranteed $ 26 million 1 1.9 million 1 48 48 1.9 million |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 13. Commitments The Company, at December 31, 2022, had entered into various contracts to develop and maintain real estate with remaining commitments totaling $ 2,133,000 As of December 31, 2022, we had additional financing commitments to our residential development lending ventures totaling $ 30.8 million 8.3 million |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentrations | 14. Concentrations The mining royalty lands segment has a total of five 23 453,000 |
Unusual or Infrequent Items Imp
Unusual or Infrequent Items Impacting Quarterly Results | 12 Months Ended |
Dec. 31, 2022 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Unusual or Infrequent Items Impacting Quarterly Results | 15. Unusual or Infrequent Items Impacting Quarterly Results On March 31, 2021, the Company consolidated the assets (at fair value), liabilities and operating results of The Maren real estate partnership. The consolidation resulted in a gain on remeasurement of investment in real estate partnership of $ 51,139,000 13,965,000 Provision for income taxes in the fourth quarter of 2020 was favorably impacted by $ 1,100,000 35 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 16. Intangible Assets The Company has allocated the purchase price of property acquisitions based upon the fair value of the assets acquired, consisting of land, buildings and intangible assets, including in-place leases and below market leases. These deferred leasing intangible assets are recorded within Deferred Costs and Deferred lease intangible, net in the consolidated balance sheets. The value of the in-place lease intangibles will be amortized over the remaining lease terms. The fair value assigned pertaining to the above market in-place leases values are amortized as a reduction to rental revenue, and the below market in-place lease values are amortized as an increase to rental revenue over the remaining non-cancelable terms of the respective leases. The Company reviews intangible assets for impairment, whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of long-lived assets is measured by a comparison of the carrying amount of the asset group to the future undiscounted net cash flows expected to be generated by those assets. If such assets are considered to be impaired, the impairment charge recognized is the amount by which the carrying amounts of the assets exceeds the fair value of the assets. The Company had the following Acquired lease intangibles Years Ended December 31, 2022 2021 In-place leases $ 9,660 $ 9,660 Accumulated amortization $ (9,357 ) $ (8,798 ) Acquired intangible assets, net $ 303 $ 862 Amortization expense for in-place leases was $ 559,000 3,946,000 The Estimated aggregate amortization from acquired lease intangibles Amortization Year Ending of in-place December 31, lease intangibles 2023 $ 29 2024 29 2025 29 2026 29 2027 29 |
Contributions from partner
Contributions from partner | 12 Months Ended |
Dec. 31, 2022 | |
Contributions From Partner | |
Contributions from partner | 17. Contributions from partner On November 4, 2022 the Company sold a 20 65.3 million 36.0 million 1.4 million 27.9 million 9.3 million 18.6 million 7.7 million 18.6 million 2.1 million |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events None |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
ORGANIZATION | ORGANIZATION FRP Holdings, Inc. was incorporated on April 22, 2014 in connection with a corporate reorganization that preceded the Spin-off of Patriot Transportation Holding, Inc. The Company’s predecessor issuer was formed on July 20, 1998. The business of the Company is conducted through our wholly-owned subsidiaries FRP Development Corp., a Maryland corporation (“Development”) and Florida Rock Properties, Inc., a Florida corporation (“Properties”), and the various subsidiaries and joint ventures of each. |
CONSOLIDATION | CONSOLIDATION Effective July 1, 2017 the Company consolidated the assets (at fair value), liabilities and operating results of our Riverfront Investment Partners I, LLC joint venture (“Dock 79”) which was previously accounted for under the equity method. Subsequent to the July 1, 2017 consolidation, the ownership of Dock 79 attributable to our partner MRP Realty is reflected on our consolidated balance sheet as a noncontrolling interest. In March 2021, Riverfront Investment Partners II, LLC reached stabilization which resulted in a change of control for accounting purposes as the veto rights of the minority shareholder lapsed and the Company became the primary beneficiary. As such, effective March 31, 2021 the Company consolidated the assets (at fair value), liabilities and operating results of our Riverfront Investment Partners II, LLC joint venture (“The Maren”) which was previously accounted for under the equity method. Subsequent to the March 31, 2021 consolidation, the ownership of The Maren attributable to our partner MRP Realty is reflected on our consolidated balance sheet as a noncontrolling interest. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity but separately from shareholders' equity. On the Consolidated Statements of Income, all of the revenues and expenses from Dock 79 are reported in net income, including both the amounts attributable to the Company and the noncontrolling interest. The 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. In 2022 we sold a 20 |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS |
INVESTMENTS AVAILABLE FOR SALE | INVESTMENTS AVAILABLE FOR SALE no |
REVENUE AND EXPENSE RECOGNITION | REVENUE AND EXPENSE RECOGNITION Sales of real estate are recognized when the collection of the sales price is reasonably assured and when the Company has fulfilled substantially all of its obligations, which are typically as of the closing date. Accounts receivable are recorded net of discounts and provisions for estimated allowances. We estimate allowances on an ongoing basis by considering historical and current trends. We record estimated bad debts expense as a reduction of lease revenue. We estimate the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment. Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms. |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Years Building and improvements 3-39 Depletion of sand and stone deposits is computed on the basis of units of production in relation to estimated reserves. Reserve estimates are periodically adjusted based upon surveys. The Company recorded depreciation and depletion expenses for fiscal year 2022, 2021 and 2020, of $ 10,618,000 8,806,000 5,766,000 All direct and indirect costs, including interest and real estate taxes, associated with the development, construction, leasing or expansion of real estate investments are capitalized as a cost of the property. Included in indirect costs is an allocation of internal costs associated with development of real estate investments. The cost of routine repairs and maintenance to property and equipment is expensed as incurred. |
IMPAIRMENT OF LONG-LIVED ASSETS | IMPAIRMENT OF LONG-LIVED ASSETS |
DEVELOPED PROPERTY RENTALS PURCHASE ACCOUNTING | DEVELOPED PROPERTY RENTALS PURCHASE ACCOUNTING recorded at their fair value at the time of acquisition. The fair value of the acquired property is allocated between land and building (on an as-if vacant basis) based on management’s estimate of the fair value of those components for each type of property and to tenant improvements based on the depreciated replacement cost of the tenant improvements, which approximates their fair value. The fair value of the in-place leases is recorded as follows: · the fair value of leases in-place on the date of acquisition is based on absorption costs for the estimated lease-up period in which vacancy and foregone revenue are avoided due to the presence of the acquired leases; · the fair value of above and below-market in-place leases based on the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between contractual rent amounts to be paid under the assumed lease and the estimated market lease rates for the corresponding spaces over the remaining non-cancelable terms of the related leases; and · the fair value of intangible tenant or customer relationships. The Company’s determination of these fair values requires it to estimate market rents for each of the leases and make certain other assumptions. These estimates and assumptions affect the rental revenue, and depreciation and amortization expense recognized for these leases and associated intangible assets and liabilities. |
INVESTMENTS IN JOINT VENTURES | INVESTMENTS IN JOINT VENTURES 50 excess of 50% |
INCOME TAXES | INCOME TAXES |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION after the grant date. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model. The assumptions used in the model and current year impact are discussed in Note 7. |
DEFERRED COMPENSATION PLAN | DEFERRED COMPENSATION PLAN |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE |
USE OF ESTIMATES | USE OF ESTIMATES Certain accounting policies and estimates are of more significance in the financial statement preparation process than others. The most critical accounting policies and estimates include the economic useful lives of our mining reserves, property and equipment, provisions for uncollectible accounts receivable and collectibility of unrealized rents, accounting for real estate investments, estimates of exposures related to our insurance claims plans and environmental liabilities, and estimates for taxes. To the extent that actual, final outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates, earnings during that accounting period will be affected. |
ENVIRONMENTAL | ENVIRONMENTAL |
COMPREHENSIVE INCOME | COMPREHENSIVE INCOME |
RECENTLY ISSUED ACCOUNTING STANDARDS | RECENTLY ISSUED ACCOUNTING STANDARDS |
Investments in Joint Ventures (
Investments in Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 Brooksville Quarry, LLC 50.00 % $ 7,522 14,374 (84 ) (42 ) BC FRP Realty, LLC 50.00 % 5,453 21,825 (358 ) (175 ) Buzzard Point Sponsor, LLC 50.00 % 1,453 2,906 — — Bryant Street Partnerships 61.36 % 55,561 199,774 (10,339 ) (6,829 ) Lending ventures 16,476 5,577 — — DST Hickory Creek 26.65 % — — 10,960 3,164 Estero Partnership 16.00 % 3,600 38,505 — — 1800 Half St. Owner, LLC 61.37 % 38,471 131,128 (1,841 ) (1,129 ) Greenville Partnerships 40.00 % 11,989 96,551 (1,775 ) (710 ) Total $ 140,525 510,640 (3,437 ) (5,721 ) 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 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 includes $747,000 in 2021 for the Company’s share of preferred interest and $471,000 in 2021 for amortization of guarantee liability related to the Bryant Street loan. |
Investments in Apartment/Mixed Use Joint Ventures as of December 31, 2022 | The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of December 31, 2022 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed Use Joint Ventures as of December 31, 2022 As of December 31, 2022 Total Buzzard Point Bryant Street Estero 1800 Half St. Greenville Apartment/ Sponsor, LLC Partnership Partnership Partnership Partnership Mixed-Use Investments in real estate, net $ 0 192,904 33,008 130,616 95,883 $ 452,411 Cash and cash equivalents 0 1,349 5,497 359 567 7,772 Unrealized rents & receivables 0 5,128 0 14 13 5,155 Deferred costs 2,906 393 0 139 88 3,526 Total Assets $ 2,906 199,774 38,505 131,128 96,551 $ 468,864 Secured notes payable $ 0 129,263 16,000 66,584 64,954 $ 276,801 Other liabilities 0 2,338 5 5,328 3,014 10,685 Capital - FRP 1,453 53,553 3,600 36,348 11,087 106,041 Capital – Third Parties 1,453 14,620 18,900 22,868 17,496 75,337 Total Liabilities and Capital $ 2,906 199,774 38,505 131,128 96,551 $ 468,864 |
Investments in Joint Ventures as of December 31, 2022 | Investments in Joint Ventures as of December 31, 2022 As of December 31, 2022 Total Brooksville BC FRP Lending Apartment/ Grand Quarry, LLC Realty, LLC Ventures Mixed-Use Total Investments in real estate, net $ 14,307 21,059 5,547 452,411 $ 493,324 Cash and cash equivalents 66 99 0 7,772 7,937 Unrealized rents & receivables 0 422 0 5,155 5,577 Deferred costs 1 245 30 3,526 3,802 Total Assets $ 14,374 21,825 5,577 468,864 $ 510,640 Secured notes payable $ 0 10,899 (10,899 ) 276,801 $ 276,801 Other liabilities 0 338 0 10,685 11,023 Capital – FRP 7,522 5,294 16,476 106,041 135,333 Capital - Third Parties 6,852 5,294 0 75,337 87,483 Total Liabilities and Capital $ 14,374 21,825 5,577 468,864 $ 510,640 |
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 as of December 31, 2021 | Investments in Joint Ventures as of 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 Year ended Year ended Year ended Year ended December 31, December 31, December 31, December 31, 2022 2021 2022 2021 Revenues: Rental Revenue $ 9,586 $ 2,376 $ 5,882 $ 1,458 Revenue – other 1,766 318 1,084 195 Total Revenues 11,352 2,694 6,966 1,653 Cost of operations: Depreciation and amortization 6,737 2,842 4,134 1,744 Operating expenses 5,428 3,163 3,331 1,941 Property taxes 1,376 398 844 244 Total cost of operations 13,541 6,403 8,309 3,929 Total operating loss (2,189 ) (3,709 ) (1,343 ) (2,276 ) Interest expense (8,150 ) (2,375 ) (5,486 ) (2,678 ) Net loss before tax $ (10,339 ) $ (6,084 ) $ (6,829 ) $ (4,954 ) |
Greenville Woodfield Riverside Partnership | The income statements of the Greenville Woodfield Riverside Partnership Woodfield Woodfield Riverside Partnership Riverside Partnership Total JV Company Share Year ended Year ended December 31, December 31, 2022 2022 Revenues: Rental Revenue $ 3,146 $ 1,259 Revenue – other 176 70 Total Revenues 3,322 1,329 Cost of operations: Depreciation and amortization 1,557 623 Operating expenses 1,207 483 Property taxes 778 311 Total cost of operations 3,542 1,417 Total operating loss (220 ) (88 ) Interest expense (1,113 ) (445 ) Net loss before tax $ (1,333 ) $ (533 ) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt December 31, December 31, 2022 2021 Fixed rate mortgage loans, 3.03 $ 180,070 180,070 Unamortized debt issuance costs (1,513 ) (1,661 ) Credit agreement — — Long term debt $ 178,557 178,409 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Carrying value of property owned by the Company which is leased or held for lease | At December 31, 2022, the total Carrying value of property owned by the Company which is leased or held for lease Construction aggregates property $ 46,816 Commercial property 92,721 Residential/mixed-use property 294,413 Carrying Value of property owned by the Company leased or held for lease, gross 433,950 Less accumulated depreciation and depletion 56,786 Carrying Value of property owned by the Company leased or held for lease, net $ 377,164 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 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 Years Ended December 31 2022 2021 2020 Common shares: Weighted average common shares outstanding during the period – shares used for basic earnings per common share 9,386 9,355 9,580 Common shares issuable under share based payments plans which are potentially dilutive 49 42 29 Common shares used for diluted earnings per common share 9,435 9,397 9,609 Net income attributable to the Company $ 4,565 28,215 12,715 Earnings per common share: -basic $ 0.49 3.02 1.33 -diluted $ 0.48 3.00 1.32 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock compensation expense | The Company recorded the following Stock compensation expense Years Ended December 31, 2022 2021 2020 Stock option grants $ 69 69 92 Restricted stock awards 800 492 250 Employee stock grant 50 50 530 Annual director stock award 650 500 500 Stock compensation $ 1,569 1,111 1,372 |
Summary of changes in outstanding options | A Summary of changes in outstanding options Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value(000's) Outstanding at January 1, 2020 132,504 $ 33.82 5.8 $ 1,631 Exercised (12,415 ) $ 19.23 $ (100 ) Outstanding at December 31, 2020 120,089 $ 35.33 5.3 $ 1,531 Exercised (15,334 ) $ 17.54 $ (115 ) Outstanding at December 31, 2021 104,755 $ 37.93 4.8 $ 1,416 Exercised (16,460 ) $ 25.07 $ (145 ) Outstanding at December 31, 2022 88,295 $ 40.33 4.4 $ 1,271 Exercisable at December 31, 2022 84,305 $ 40.07 4.3 $ 1,205 Vested during twelve months ended December 31, 2022 4,179 $ 69 |
Stock options outstanding | The following table summarizes information concerning Stock options outstanding Shares Weighted Weighted Range of Exercise under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $43.16 - $45.97 3,990 $ 45.97 5.9 Years Exercisable: $29.96 - $35.95 22,750 29.62 1.9 $35.96 - $43.15 12,000 38.45 4.0 $43.16 - $45.97 49,555 45.25 5.4 84,305 $ 40.07 4.3 Years Total 88,295 $ 40.33 4.4 Years |
Summary of changes in restricted stock awards | A Summary of changes in restricted stock awards Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Restricted stock Shares Price Term (yrs) Fair Value(000's) Non-vested at January 1, 2020 0 $ 0 $ 0 Performance-based awards granted 20,520 46.30 950 Non-vested at December 31, 2020 20,520 $ 46.30 3.4 $ 950 Time-based awards granted 8,896 45.55 405 Performance-based awards granted 18,882 45.55 860 Vested (2,224 ) 45.55 (101 ) Non-vested at December 31, 2021 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 (15,679 ) 47.56 (746 ) Forfeited (1,363 ) 46.30 (63 ) Non-vested at December 31, 2022 50,496 $ 50.42 3.0 $ 2,546 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Provision for income tax expense | The Provision for income tax expense Years Ended December 31, 2022 2021 2020 Included in Net income: Continuing operations $ 1,530 10,281 3,207 Comprehensive income (515 ) (209 ) (92 ) Total tax expense $ 1,015 10,072 3,115 |
Provision for income taxes | The Provision for income taxes Year Ended December 31, 2022 2021 2020 Current: Federal $ (214 ) 305 (2,667 ) State (571 ) 1,826 (213 ) Current income tax expense (785 ) 2,131 (2,880 ) Deferred 1,800 7,941 5,995 Total $ 1,015 10,072 3,115 |
Income tax reconciliation | A reconciliation between the amount of tax shown above and the amount computed at the statutory Federal income tax rate follows (in thousands): Income tax reconciliation Year Ended December 31 2022 2021 2020 Amount computed at statutory Federal rate $ 924 7,941 3,226 State income taxes (net of Federal income tax benefit) (30 ) 2,634 1,048 Carryback of net operating loss — — (1,100 ) Other, net 121 (503 ) (59 ) Provision for income taxes $ 1,015 10,072 3,115 |
Temporary tax differences | The types of temporary differences and their related tax effects that give rise to deferred tax assets and deferred tax liabilities are presented below (in thousands): Temporary tax differences December 31, 2022 2021 2020 Deferred tax liabilities: Property and equipment $ 41,866 38,143 25,468 Investment in opportunity zone 34,871 30,846 30,846 Depletion 697 704 708 Unrealized rents 150 58 27 Prepaid expenses 31 36 50 Gross deferred tax liabilities 77,615 69,787 57,099 Deferred tax assets: Federal tax loss carryforwards 6,375 3,235 — State tax loss carryforwards 2,359 1,388 — Employee benefits and other 921 1,117 993 Gross deferred tax assets 9,655 5,740 993 Net deferred tax liability $ 67,960 64,047 56,106 |
NOL Carryovers | NOL Carryovers Years Ended Other Items - All Gross 12/31/2022 12/31/2021 State NOL Carryovers 38,169,229 23,111,156 Federal NOL Carryovers 30,357,222 15,406,397 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Company’s business segments | Operating results and certain other financial data for the Company’s business segments Years Ended December 31, 2022 2021 2020 Revenues: Revenues Asset management $ 3,681 2,575 2,747 Revenues Mining royalty lands 10,683 9,465 9,477 Revenues Development 1,674 1,563 1,152 Revenues Stabilized Joint Venture 21,443 17,617 10,207 Revenues $ 37,481 31,220 23,583 Operating profit: Before corporate expenses: Operating profit before corporate expenses Asset management $ 1,592 612 907 Operating profit before corporate expenses Mining royalty lands 9,305 8,558 8,629 Operating profit before corporate expenses Development (2,791 ) (2,548 ) (2,576 ) Operating profit before corporate expenses Stabilized Joint Venture 3,552 (1,277 ) 1,685 Operating profit before corporate expenses Operating profit before corporate expenses 11,658 5,345 8,645 Corporate expenses: Corporate expenses Allocated to asset management (632 ) (843 ) (909 ) Corporate expenses Allocated to mining royalty lands (414 ) (318 ) (288 ) Corporate expenses Allocated to Development (2,284 ) (1,557 ) (2,108 ) Corporate expenses Allocated to Stabilized Joint Venture (332 ) (353 ) (206 ) Corporate expenses (3,662 ) (3,071 ) (3,511 ) Operating profit $ 7,996 2,274 5,134 Interest expense Interest expense $ 3,045 2,304 1,100 Depreciation, depletion and amortization: Depreciation, depletion and amortization Asset management $ 907 578 652 Depreciation, depletion and amortization Mining royalty lands 586 199 218 Depreciation, depletion and amortization Development 189 208 214 Depreciation, depletion and amortization Stabilized Joint Venture 9,535 11,752 4,744 Depreciation, depletion and amortization $ 11,217 12,737 5,828 Capital expenditures: Capital expenditures Asset management $ 1,284 852 924 Capital expenditures Mining royalty lands 11,218 522 — Capital expenditures Development 14,521 14,242 16,547 Capital expenditures Stabilized Joint Venture 592 914 73 Capital expenditures $ 27,615 16,530 17,544 |
Identifiable net assets | Identifiable net assets Identifiable net assets at end of period: Assets Asset management $ 26,053 23,897 11,172 Assets Mining royalty lands 48,494 37,627 37,387 Assets Development 188,834 176,386 196,212 Assets Stabilized Joint Venture 257,535 266,429 130,472 Investments available for sale Investments available for sale at fair value — 4,317 75,609 Cash Cash items 178,294 162,273 74,105 Assets Unallocated corporate assets 1,874 7,261 11,403 Assets $ 701,084 678,190 536,360 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquired lease intangibles | The Company had the following Acquired lease intangibles Years Ended December 31, 2022 2021 In-place leases $ 9,660 $ 9,660 Accumulated amortization $ (9,357 ) $ (8,798 ) Acquired intangible assets, net $ 303 $ 862 |
Estimated aggregate amortization from acquired lease intangibles | The Estimated aggregate amortization from acquired lease intangibles Amortization Year Ending of in-place December 31, lease intangibles 2023 $ 29 2024 29 2025 29 2026 29 2027 29 |
Accounting Policies (Details Na
Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 04, 2022 | |
Other Ownership Interests [Line Items] | ||||
Investments held for trading | $ 0 | |||
Estimated useful lives | 3-39 | |||
Depreciation and depletion | $ 10,618,000 | $ 8,806,000 | $ 5,766,000 | |
Greenville Woodfield Joint Venture [Member] | ||||
Other Ownership Interests [Line Items] | ||||
Voting interest | 50 | |||
Brooksville Joint Venture [Member] | ||||
Other Ownership Interests [Line Items] | ||||
Voting interest | 50 | |||
B C F R P Realty Joint Venture [Member] | ||||
Other Ownership Interests [Line Items] | ||||
Voting interest | 50 | |||
Estero Partnership [Member] | ||||
Other Ownership Interests [Line Items] | ||||
Voting interest | 50 | |||
Buzzard Point Sponsor Partnership [Member] | ||||
Other Ownership Interests [Line Items] | ||||
Voting interest | 50 | |||
Bryant Street Partnerships [Member] | ||||
Other Ownership Interests [Line Items] | ||||
Voting interest | excess of 50% | |||
Half Street Joint Venture [Member] | ||||
Other Ownership Interests [Line Items] | ||||
Voting interest | excess of 50% | |||
Steuart Investment Company [Member] | ||||
Other Ownership Interests [Line Items] | ||||
Steuart ownership interest | 20% | 20% |
Investments in unconsolidated j
Investments in unconsolidated joint ventures (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Total investments | $ 140,525,000 | $ 145,443,000 | ||
Total assets of the partnership | 701,084,000 | 678,190,000 | $ 536,360,000 | |
Profit (loss) of the partnership | 4,047,000 | 40,094,000 | 11,722,000 | |
Share of profit (loss) of the partnership | (5,721,000) | (5,754,000) | $ (5,690,000) | |
Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total assets of the partnership | 510,640,000 | 480,544,000 | ||
Profit (loss) of the partnership | (3,437,000) | (8,573,000) | ||
Real Estate Partnership Net Income Loss [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Share of profit (loss) of the partnership | $ (5,721,000) | $ (5,754,000) | ||
Brooksville Quarry L L C [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50% | 50% | ||
Total investments | $ 7,522,000 | $ 7,488,000 | ||
Profit (loss) of the partnership | (84,000) | (82,000) | ||
Share of profit (loss) of the partnership | (42,000) | (41,000) | ||
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total assets of the partnership | $ 14,374,000 | $ 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% | ||
Total investments | $ 5,453,000 | $ 5,530,000 | ||
Profit (loss) of the partnership | (358,000) | (230,000) | ||
Share of profit (loss) of the partnership | (175,000) | (115,000) | ||
B C F R P Realty L L C [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total assets of the partnership | $ 21,825,000 | $ 22,470,000 | ||
Buzzard Point Sponsor Partnership [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50% | |||
Total investments | $ 1,453,000 | |||
Profit (loss) of the partnership | 0 | |||
Share of profit (loss) of the partnership | 0 | |||
Buzzard Point Sponsor Partnership [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total assets of the partnership | $ 2,906,000 | |||
Bryant Street Partnerships [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 61.36% | 61.36% | ||
Total investments | $ 55,561,000 | $ 59,558,000 | ||
Profit (loss) of the partnership | (10,339,000) | (6,084,000) | ||
Share of profit (loss) of the partnership | (6,829,000) | (4,954,000) | ||
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total assets of the partnership | 199,774,000 | $ 204,082,000 | ||
Lending Ventures [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total investments | 16,476,000 | |||
Profit (loss) of the partnership | 0 | |||
Share of profit (loss) of the partnership | 0 | |||
Lending Ventures [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total assets of the partnership | $ 5,577,000 | |||
D S T Hickory Creek [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 26.65% | 26.65% | ||
Total investments | $ 0 | $ 6,000,000 | ||
Profit (loss) of the partnership | 10,960,000 | (481,000) | ||
Share of profit (loss) of the partnership | 3,164,000 | 343,000 | ||
D S T Hickory Creek [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total assets of the partnership | $ 0 | $ 46,048,000 | ||
Estero Partnership [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 16% | 16% | ||
Total investments | $ 3,600,000 | $ 3,600,000 | ||
Profit (loss) of the partnership | 0 | |||
Estero Partnership [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total assets of the partnership | $ 38,505,000 | |||
Half St Owner L L C [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 61.37% | 61.37% | ||
Total investments | $ 38,471,000 | $ 38,693,000 | ||
Profit (loss) of the partnership | (1,841,000) | 12,000 | ||
Share of profit (loss) of the partnership | (1,129,000) | 20,000 | ||
Half St Owner L L C [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total assets of the partnership | $ 131,128,000 | $ 93,932,000 | ||
Greenville Partnerships [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 40% | 40% | ||
Total investments | $ 11,989,000 | $ 16,194,000 | ||
Profit (loss) of the partnership | (1,775,000) | (948,000) | ||
Share of profit (loss) of the partnership | (710,000) | (379,000) | ||
Greenville Partnerships [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total assets of the partnership | $ 96,551,000 | 87,731,000 | ||
Riverfront Holdings I I L L C [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total investments | 0 | |||
Profit (loss) of the partnership | (760,000) | |||
Share of profit (loss) of the partnership | (628,000) | |||
Riverfront Holdings I I L L C [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total assets of the partnership | 0 | |||
Aberdeen Station [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total investments | 514,000 | |||
Profit (loss) of the partnership | 0 | |||
Share of profit (loss) of the partnership | 0 | |||
Aberdeen Station [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total assets of the partnership | 514,000 | |||
Amber Ridge Loan [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total investments | 11,466,000 | |||
Profit (loss) of the partnership | 0 | |||
Share of profit (loss) of the partnership | 0 | |||
Amber Ridge Loan [Member] | Real Estate Total Assets [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total assets of the partnership | $ 11,466,000 |
Investments in Apartment_Mixed
Investments in Apartment/Mixed Use Joint Ventures as of December 31, 2022 (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | $ 493,324 | $ 472,317 | |
Cash and cash equivalents | 7,937 | 2,987 | |
Unrealized rents & receivables | 5,577 | 4,342 | |
Deferred costs | 3,802 | 898 | |
Total Assets | 701,084 | 678,190 | $ 536,360 |
Secured notes payable | 276,801 | 222,635 | |
Other liabilities | 11,023 | 28,253 | |
Capital – Third Parties | 407,145 | 396,423 | |
Total Liabilities and Capital | 701,084 | 678,190 | |
Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 510,640 | 480,544 | |
Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 135,333 | 139,981 | |
Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 87,483 | 89,675 | |
Real Estate Partnership Total Liabilities And Capital [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Liabilities and Capital | 510,640 | 480,544 | |
Buzzard Point Sponsor Partnership [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 0 | ||
Cash and cash equivalents | 0 | ||
Unrealized rents & receivables | 0 | ||
Deferred costs | 2,906 | ||
Secured notes payable | 0 | ||
Other liabilities | 0 | ||
Buzzard Point Sponsor Partnership [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 2,906 | ||
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 1,453 | ||
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 1,453 | ||
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Liabilities and Capital | 2,906 | ||
Bryant Street Partnerships [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 192,904 | 199,730 | |
Cash and cash equivalents | 1,349 | 1,123 | |
Unrealized rents & receivables | 5,128 | 2,925 | |
Deferred costs | 393 | 304 | |
Secured notes payable | 129,263 | 119,201 | |
Other liabilities | 2,338 | 9,066 | |
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 199,774 | 204,082 | |
Bryant Street Partnerships [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 53,553 | 57,555 | |
Bryant Street Partnerships [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 14,620 | 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 | 199,774 | 204,082 | |
Estero Partnership [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 33,008 | ||
Cash and cash equivalents | 5,497 | ||
Unrealized rents & receivables | 0 | ||
Deferred costs | 0 | ||
Secured notes payable | 16,000 | ||
Other liabilities | 5 | ||
Estero Partnership [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 38,505 | ||
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 | 38,505 | ||
Half St Owner L L C [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 130,616 | 93,504 | |
Cash and cash equivalents | 359 | 428 | |
Unrealized rents & receivables | 14 | 0 | |
Deferred costs | 139 | 0 | |
Secured notes payable | 66,584 | 18,404 | |
Other liabilities | 5,328 | 14,470 | |
Half St Owner L L C [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 131,128 | 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 | 36,348 | 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 | 22,868 | 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 | 131,128 | 93,932 | |
Greenville Partnerships [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 95,883 | 87,421 | |
Cash and cash equivalents | 567 | 279 | |
Unrealized rents & receivables | 13 | 5 | |
Deferred costs | 88 | 26 | |
Secured notes payable | 64,954 | 44,309 | |
Other liabilities | 3,014 | 4,462 | |
Greenville Partnerships [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 96,551 | 87,731 | |
Greenville Partnerships [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 11,087 | 15,584 | |
Greenville Partnerships [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 17,496 | 23,376 | |
Greenville Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Liabilities and Capital | 96,551 | 87,731 | |
Apartment Mixed Use [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 452,411 | 424,495 | |
Cash and cash equivalents | 7,772 | 2,657 | |
Unrealized rents & receivables | 5,155 | 3,974 | |
Deferred costs | 3,526 | 667 | |
Secured notes payable | 276,801 | 211,251 | |
Other liabilities | 10,685 | 28,113 | |
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 468,864 | 431,793 | |
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 106,041 | 115,040 | |
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 75,337 | 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 | $ 468,864 | $ 431,793 |
Investments in Joint Ventures a
Investments in Joint Ventures as of December 31, 2022 (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | $ 493,324 | $ 472,317 | |
Cash and cash equivalents | 7,937 | 2,987 | |
Unrealized rents & receivables | 5,577 | 4,342 | |
Deferred costs | 3,802 | 898 | |
Total Assets | 701,084 | 678,190 | $ 536,360 |
Secured notes payable | 276,801 | 222,635 | |
Other liabilities | 11,023 | 28,253 | |
Capital - Third Parties | 407,145 | 396,423 | |
Total Liabilities and Capital | 701,084 | 678,190 | |
Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 510,640 | 480,544 | |
Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – FRP | 135,333 | 139,981 | |
Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - Third Parties | 87,483 | 89,675 | |
Real Estate Partnership Total Liabilities And Capital [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Liabilities and Capital | 510,640 | 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 | 66 | 18 | |
Unrealized rents & receivables | 0 | 0 | |
Deferred costs | 1 | 2 | |
Secured notes payable | 0 | 0 | |
Other liabilities | 0 | 0 | |
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 14,374 | 14,301 | |
Brooksville Quarry L L C [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – FRP | 7,522 | 7,488 | |
Brooksville Quarry L L C [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - Third Parties | 6,852 | 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 | 14,374 | 14,301 | |
B C F R P Realty L L C [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 21,059 | 21,561 | |
Cash and cash equivalents | 99 | 312 | |
Unrealized rents & receivables | 422 | 368 | |
Deferred costs | 245 | 229 | |
Secured notes payable | 10,899 | 11,384 | |
Other liabilities | 338 | 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 | 21,825 | 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 | 5,294 | 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 | 5,294 | 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 | 21,825 | 22,470 | |
Lending Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 5,547 | ||
Cash and cash equivalents | 0 | ||
Unrealized rents & receivables | 0 | ||
Deferred costs | 30 | ||
Secured notes payable | (10,899) | ||
Other liabilities | 0 | ||
Lending Ventures [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 5,577 | ||
Lending Ventures [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – FRP | 16,476 | ||
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 | 5,577 | ||
Apartment Mixed Use [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 452,411 | 424,495 | |
Cash and cash equivalents | 7,772 | 2,657 | |
Unrealized rents & receivables | 5,155 | 3,974 | |
Deferred costs | 3,526 | 667 | |
Secured notes payable | 276,801 | 211,251 | |
Other liabilities | 10,685 | 28,113 | |
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 468,864 | 431,793 | |
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – FRP | 106,041 | 115,040 | |
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - Third Parties | 75,337 | 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 | $ 468,864 | $ 431,793 |
Investments in Apartment_Mixe_2
Investments in Apartment/Mixed Use Joint Ventures as of December 31, 2021 (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | $ 493,324 | $ 472,317 | |
Cash and cash equivalents | 7,937 | 2,987 | |
Unrealized rents & receivables | 5,577 | 4,342 | |
Deferred costs | 3,802 | 898 | |
Total Assets | 701,084 | 678,190 | $ 536,360 |
Secured notes payable | 276,801 | 222,635 | |
Other liabilities | 11,023 | 28,253 | |
Capital – Third Parties | 407,145 | 396,423 | |
Total Liabilities and Capital | 701,084 | 678,190 | |
Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 510,640 | 480,544 | |
Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 135,333 | 139,981 | |
Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 87,483 | 89,675 | |
Real Estate Partnership Total Liabilities And Capital [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Liabilities and Capital | 510,640 | 480,544 | |
Riverfront Holdings I I L L C [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 0 | ||
Cash and cash equivalents | 0 | ||
Unrealized rents & receivables | 0 | ||
Deferred costs | 0 | ||
Secured notes payable | 0 | ||
Other liabilities | 0 | ||
Riverfront Holdings I I L L C [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 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 | ||
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 | ||
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 | ||
Bryant Street Partnerships [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 192,904 | 199,730 | |
Cash and cash equivalents | 1,349 | 1,123 | |
Unrealized rents & receivables | 5,128 | 2,925 | |
Deferred costs | 393 | 304 | |
Secured notes payable | 129,263 | 119,201 | |
Other liabilities | 2,338 | 9,066 | |
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 199,774 | 204,082 | |
Bryant Street Partnerships [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 53,553 | 57,555 | |
Bryant Street Partnerships [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 14,620 | 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 | 199,774 | 204,082 | |
D S T Hickory Creek [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 43,840 | ||
Cash and cash equivalents | 827 | ||
Unrealized rents & receivables | 1,044 | ||
Deferred costs | 337 | ||
Secured notes payable | 29,337 | ||
Other liabilities | 115 | ||
D S T Hickory Creek [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 0 | 46,048 | |
D S T Hickory Creek [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 4,423 | ||
D S T Hickory Creek [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 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 | 46,048 | ||
Half St Owner L L C [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 130,616 | 93,504 | |
Cash and cash equivalents | 359 | 428 | |
Unrealized rents & receivables | 14 | 0 | |
Deferred costs | 139 | 0 | |
Secured notes payable | 66,584 | 18,404 | |
Other liabilities | 5,328 | 14,470 | |
Half St Owner L L C [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 131,128 | 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 | 36,348 | 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 | 22,868 | 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 | 131,128 | 93,932 | |
Greenville Partnerships [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 95,883 | 87,421 | |
Cash and cash equivalents | 567 | 279 | |
Unrealized rents & receivables | 13 | 5 | |
Deferred costs | 88 | 26 | |
Secured notes payable | 64,954 | 44,309 | |
Other liabilities | 3,014 | 4,462 | |
Greenville Partnerships [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 96,551 | 87,731 | |
Greenville Partnerships [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 11,087 | 15,584 | |
Greenville Partnerships [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 17,496 | 23,376 | |
Greenville Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Liabilities and Capital | 96,551 | 87,731 | |
Apartment Mixed Use [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 452,411 | 424,495 | |
Cash and cash equivalents | 7,772 | 2,657 | |
Unrealized rents & receivables | 5,155 | 3,974 | |
Deferred costs | 3,526 | 667 | |
Secured notes payable | 276,801 | 211,251 | |
Other liabilities | 10,685 | 28,113 | |
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 468,864 | 431,793 | |
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 106,041 | 115,040 | |
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital – Third Parties | 75,337 | 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 | $ 468,864 | $ 431,793 |
Investments in Joint Ventures_2
Investments in Joint Ventures as of December 31, 2021 (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | $ 493,324 | $ 472,317 | |
Cash and cash equivalents | 7,937 | 2,987 | |
Unrealized rents & receivables | 5,577 | 4,342 | |
Deferred costs | 3,802 | 898 | |
Total Assets | 701,084 | 678,190 | $ 536,360 |
Secured notes payable | 276,801 | 222,635 | |
Other liabilities | 11,023 | 28,253 | |
Capital - Third Parties | 407,145 | 396,423 | |
Total Liabilities and Capital | 701,084 | 678,190 | |
Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 510,640 | 480,544 | |
Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 135,333 | 139,981 | |
Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - Third Parties | 87,483 | 89,675 | |
Real Estate Partnership Total Liabilities And Capital [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Liabilities and Capital | 510,640 | 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 | 66 | 18 | |
Unrealized rents & receivables | 0 | 0 | |
Deferred costs | 1 | 2 | |
Secured notes payable | 0 | 0 | |
Other liabilities | 0 | 0 | |
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 14,374 | 14,301 | |
Brooksville Quarry L L C [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 7,522 | 7,488 | |
Brooksville Quarry L L C [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - Third Parties | 6,852 | 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 | 14,374 | 14,301 | |
B C F R P Realty L L C [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in real estate, net | 21,059 | 21,561 | |
Cash and cash equivalents | 99 | 312 | |
Unrealized rents & receivables | 422 | 368 | |
Deferred costs | 245 | 229 | |
Secured notes payable | 10,899 | 11,384 | |
Other liabilities | 338 | 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 | 21,825 | 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 | 5,294 | 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 | 5,294 | 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 | 21,825 | 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 | 452,411 | 424,495 | |
Cash and cash equivalents | 7,772 | 2,657 | |
Unrealized rents & receivables | 5,155 | 3,974 | |
Deferred costs | 3,526 | 667 | |
Secured notes payable | 276,801 | 211,251 | |
Other liabilities | 10,685 | 28,113 | |
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 468,864 | 431,793 | |
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - FRP | 106,041 | 115,040 | |
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital - Third Parties | 75,337 | 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 | $ 468,864 | $ 431,793 |
Bryant Street Partnerships (Det
Bryant Street Partnerships (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Rental Revenue | $ 26,798 | $ 21,755 | $ 14,106 |
Total Revenues | 37,481 | 31,220 | 23,583 |
Property taxes | 4,125 | 3,751 | 2,826 |
Total cost of operations | 7,065 | 6,219 | 3,333 |
Total operating loss | 7,996 | 2,274 | 5,134 |
Interest expense | (3,045) | (2,304) | (1,100) |
Net loss before tax | 5,577 | 50,375 | $ 14,929 |
Bryant Street Partnerships [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Rental Revenue | 5,882 | 1,458 | |
Revenue – other | 1,084 | 195 | |
Total Revenues | 6,966 | 1,653 | |
Depreciation and amortization | 4,134 | 1,744 | |
Operating expenses | 3,331 | 1,941 | |
Property taxes | 844 | 244 | |
Total cost of operations | 8,309 | 3,929 | |
Total operating loss | (1,343) | (2,276) | |
Interest expense | (5,486) | (2,678) | |
Net loss before tax | (6,829) | (4,954) | |
Bryant Street Partnerships [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Rental Revenue | 9,586 | 2,376 | |
Revenue – other | 1,766 | 318 | |
Total Revenues | 11,352 | 2,694 | |
Depreciation and amortization | 6,737 | 2,842 | |
Operating expenses | 5,428 | 3,163 | |
Property taxes | 1,376 | 398 | |
Total cost of operations | 13,541 | 6,403 | |
Total operating loss | (2,189) | (3,709) | |
Interest expense | (8,150) | (2,375) | |
Net loss before tax | $ (10,339) | $ (6,084) |
Greenville Woodfield Riverside
Greenville Woodfield Riverside Partnership (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Rental Revenue | $ 26,798 | $ 21,755 | $ 14,106 |
Total Revenues | 37,481 | 31,220 | 23,583 |
Property taxes | 4,125 | 3,751 | 2,826 |
Total cost of operations | 7,065 | 6,219 | 3,333 |
Total operating loss | 7,996 | 2,274 | 5,134 |
Interest expense | (3,045) | (2,304) | (1,100) |
Net loss before tax | 5,577 | $ 50,375 | $ 14,929 |
Greenville Woodfield Partnerships [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Rental Revenue | 1,259 | ||
Revenue – other | 70 | ||
Total Revenues | 1,329 | ||
Depreciation and amortization | 623 | ||
Operating expenses | 483 | ||
Property taxes | 311 | ||
Total cost of operations | 1,417 | ||
Total operating loss | (88) | ||
Interest expense | (445) | ||
Net loss before tax | (533) | ||
Greenville Woodfield Partnerships [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Rental Revenue | 3,146 | ||
Revenue – other | 176 | ||
Total Revenues | 3,322 | ||
Depreciation and amortization | 1,557 | ||
Operating expenses | 1,207 | ||
Property taxes | 778 | ||
Total cost of operations | 3,542 | ||
Total operating loss | (220) | ||
Interest expense | (1,113) | ||
Net loss before tax | $ (1,333) |
Investments in Joint Ventures_3
Investments in Joint Ventures (Details Narrative) | 1 Months Ended | |||
Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) 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 | $ 140,525,000 | $ 145,443,000 | ||
Acres | a | 16,650 | |||
Difference between carrying value and underlying equity | $ 5,032,000 | |||
Retained earnings (accumulated deficit) | (13,115,000) | (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 | ||
Equity Method Investment, Ownership Percentage | 16% | 16% | ||
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 | $ 5,453,000 | $ 5,530,000 | ||
Equity Method Investment, Ownership Percentage | 50% | 50% | ||
Debt Instrument, Term | 3 years | |||
Advances to Affiliate | $ 11,300,000 | |||
Investment Company, Financial Commitment to Investee, Future Amount | $ 16,000,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Abstract] | ||
Related party allocation | $ 893,000 | $ 1,025,000 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Dec. 31, 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 | (1,513) | (1,661) |
Credit agreement | 0 | 0 |
Long term debt | $ 178,557 | $ 178,409 |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.03% |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Mar. 19, 2021 | Feb. 06, 2019 | Nov. 17, 2017 | |
Line of Credit Facility [Line Items] | |||||||||
2023 | $ 0 | ||||||||
2024 | 0 | ||||||||
2025 | 0 | ||||||||
2026 | 0 | ||||||||
2027 and subsequent years | 180,070,000 | ||||||||
Outstanding letters of credit | $ 562,000 | ||||||||
Principal sum | 178,557,000 | 178,409,000 | |||||||
Debt cost amortization | 148,000 | ||||||||
Capitalized interest costs | $ 2,601,000 | $ 3,783,000 | |||||||
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% | ||||||||
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 | ||||||||
Outstanding letters of credit | 562,000 | ||||||||
Available for borrowing | $ 19,438,000 | ||||||||
Letter of credit fee | 1% | ||||||||
Applicable interest rate | 5.36871% | ||||||||
Dividend limit | $ 249,000,000 | ||||||||
Covenant compliance | all |
Carrying value of property owne
Carrying value of property owned by the Company which is leased or held for lease (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
Construction aggregates property | $ 46,816 |
Commercial property | 92,721 |
Residential/mixed-use property | 294,413 |
Carrying Value of property owned by the Company leased or held for lease, gross | 433,950 |
Less accumulated depreciation and depletion | 56,786 |
Carrying Value of property owned by the Company leased or held for lease, net | $ 377,164 |
Leases (Details Narrative)
Leases (Details Narrative) | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 17,060,000 |
2024 | 6,903,000 |
2025 | 6,457,000 |
2026 | 5,377,000 |
2027 | 3,941,000 |
2028 and subsequent years | $ 21,693,000 |
Basic and diluted earnings per
Basic and diluted earnings per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per common share: | |||
Weighted average common shares outstanding during the period – shares used for basic earnings per common share | 9,386 | 9,355 | 9,580 |
Common shares issuable under share based payments plans which are potentially dilutive | 49 | 42 | 29 |
Common shares used for diluted earnings per common share | 9,435 | 9,397 | 9,609 |
Net income attributable to the Company | $ 4,565 | $ 28,215 | $ 12,715 |
-basic | $ 0.49 | $ 3.02 | $ 1.33 |
-diluted | $ 0.48 | $ 3 | $ 1.32 |
Earnings per Share (Details Nar
Earnings per Share (Details Narrative) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per common share: | |||
Anti-dilutive shares | 0 | 6,680 | |
Shares repurchased | 6,004 | 510,145 | |
Average cost of shares repurchased | $ 43.95 | $ 41.78 |
Stock compensation expense (Det
Stock compensation expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock compensation | $ 1,569 | $ 1,111 | $ 1,372 |
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock compensation | 69 | 69 | 92 |
Restricted Stock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock compensation | 800 | 492 | 250 |
Employee Grant [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock compensation | 50 | 50 | 530 |
Director Stock Award [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock compensation | $ 650 | $ 500 | $ 500 |
Summary of changes in outstandi
Summary of changes in outstanding options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Outstanding options, shares | 88,295 | |||
Outstanding options, weighted average exercise price | $ 40.33 | |||
Outstanding remaining term | 4 years 4 months 24 days | |||
Options exercisable, shares | 84,305 | |||
Exercisable, weighted average exercise price | $ 40.07 | |||
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Outstanding options, shares | 88,295 | 104,755 | 120,089 | 132,504 |
Outstanding options, weighted average exercise price | $ 40.33 | $ 37.93 | $ 35.33 | $ 33.82 |
Outstanding remaining term | 4 years 4 months 24 days | 4 years 9 months 17 days | 5 years 3 months 18 days | 5 years 9 months 17 days |
Options outstanding, weighted average fair value | $ 1,271 | $ 1,416 | $ 1,531 | $ 1,631 |
Shares exercised | (16,460) | (15,334) | (12,415) | |
Exercises, weighted average exercise price | $ 25.07 | $ 17.54 | $ 19.23 | |
Exercised, weighted average fair value | $ (145) | $ (115) | $ (100) | |
Options exercisable, shares | 84,305 | |||
Exercisable, weighted average exercise price | $ 40.07 | |||
Exercisable remaining term | 4 years 3 months 18 days | |||
Exercisable, weighted average fair value | $ 1,205 | |||
Options vested, shares | 4,179 | |||
Vested, weighted average fair value | $ 69 |
Stock options outstanding (Deta
Stock options outstanding (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Remaining life | 4 years 3 months 18 days |
Shares exercisable | shares | 84,305 |
Weighted average exercise price | $ / shares | $ 40.07 |
Shares exercisable | shares | 88,295 |
Weighted average exercise price | $ / shares | $ 40.33 |
Remaining life | 4 years 4 months 24 days |
Forty Three Point Sixteen To Forty Five Point Ninety Seven [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Shares exercisable, nonvested | shares | 3,990 |
Weighted average exercise price | $ / shares | $ 45.97 |
Remaining life, nonvested | 5 years 10 months 23 days |
Shares exercisable | shares | 49,555 |
Weighted average exercise price | $ / shares | $ 45.25 |
Remaining life | 5 years 4 months 24 days |
Twenty Nine Point Ninety Six To Thirty Five Point Ninety Five [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Shares exercisable | shares | 22,750 |
Weighted average exercise price | $ / shares | $ 29.62 |
Remaining life | 1 year 10 months 24 days |
Thirty Five Point Ninety Six To Forty Three Point Fifteen [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Shares exercisable | shares | 12,000 |
Weighted average exercise price | $ / shares | $ 38.45 |
Remaining life | 4 years |
Summary of changes in restricte
Summary of changes in restricted stock awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Restricted stock | 50,496 | 46,074 | 20,520 | 0 | |||
Restricted stock | $ 50.42 | $ 45.88 | $ 46.30 | $ 0 | |||
Restricted stock | $ 2,546 | $ 2,114 | $ 950 | $ 0 | |||
Restricted stock | 3 years | 3 years 1 month 5 days | 3 years 4 months 25 days | ||||
Restricted stock, vested | (15,679) | (2,224) | |||||
Restricted stock | $ 47.56 | $ 45.55 | |||||
Restricted stock | $ (746) | $ (101) | |||||
Restricted stock | (1,363) | ||||||
Restricted stock | $ 46.30 | ||||||
Restricted stock | $ (63) | ||||||
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 | 18,882 | 20,520 | |
Restricted stock | $ 57.80 | $ 45.55 | $ 46.30 | ||||
Restricted stock | $ 810 | $ 860 | $ 950 | ||||
Time Based Awards Granted [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Restricted stock | 7,448 | 8,896 | 7,448 | 8,896 | |||
Restricted stock | $ 57.80 | $ 45.55 | |||||
Restricted stock | $ 431 | $ 405 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details Narrative) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2022 shares | Mar. 31, 2021 shares | Mar. 31, 2020 shares | Dec. 31, 2022 USD ($) Integer shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | Dec. 30, 2022 $ / 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 | 1.90% | ||||||
Risk-free interest rate maximum | 2.90% | ||||||
Expected life minimum | 3 years | ||||||
Expected life maximum | 7 years | ||||||
Shares available | shares | 367,641 | ||||||
Intrinsic value | $ 1,163,000 | ||||||
Intrinsic value | 1,194,000 | ||||||
Closing price | $ / shares | $ 53.86 | ||||||
Gains | $ 571,000 | ||||||
Time Based Awards Granted [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Granted | shares | 7,448 | 8,896 | 7,448 | 8,896 | |||
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 | 18,882 | 20,520 | |
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 | 11,448 | ||||
Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | $ 60,000 | ||||||
Recognition period | 10 months 24 days | ||||||
Restricted Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | $ 2,142,000 | ||||||
Recognition period | 3 years 1 month 5 days |
Provision for income tax expens
Provision for income tax expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Continuing operations | $ 1,530 | $ 10,281 | $ 3,207 |
Comprehensive income | (515) | (209) | (92) |
Total tax expense | $ 1,015 | $ 10,072 | $ 3,115 |
Provision for income taxes (Det
Provision for income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ (214) | $ 305 | $ (2,667) |
State | (571) | 1,826 | (213) |
Current income tax expense | (785) | 2,131 | (2,880) |
Deferred | 1,800 | 7,941 | 5,995 |
Total | $ 1,015 | $ 10,072 | $ 3,115 |
Income tax reconciliation (Deta
Income tax reconciliation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Federal rate | $ 924,000 | $ 7,941,000 | $ 3,226,000 | |
State income taxes (net of Federal income tax benefit) | (30,000) | 2,634,000 | 1,048,000 | |
Carryback of net operating loss | $ (1,100,000) | 0 | 0 | (1,100,000) |
Other, net | 121,000 | (503,000) | (59,000) | |
Provision for income taxes | $ 1,015,000 | $ 10,072,000 | $ 3,115,000 |
Temporary tax differences (Deta
Temporary tax differences (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | |||
Property and equipment | $ 41,866 | $ 38,143 | $ 25,468 |
Investment in opportunity zone | 34,871 | 30,846 | 30,846 |
Depletion | 697 | 704 | 708 |
Unrealized rents | 150 | 58 | 27 |
Prepaid expenses | 31 | 36 | 50 |
Gross deferred tax liabilities | 77,615 | 69,787 | 57,099 |
Federal tax loss carryforwards | 6,375 | 3,235 | 0 |
State tax loss carryforwards | 2,359 | 1,388 | 0 |
Employee benefits and other | 921 | 1,117 | 993 |
Gross deferred tax assets | 9,655 | 5,740 | 993 |
Net deferred tax liability | $ 67,960 | $ 64,047 | $ 56,106 |
NOL Carryovers (Details)
NOL Carryovers (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
State NOL Carryovers | $ 38,169,229 | $ 23,111,156 |
Federal NOL Carryovers | $ 30,357,222 | $ 15,406,397 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Carryback of 2020 tax net operating loss | $ 1,100,000 | $ 0 | $ 0 | $ 1,100,000 | |
Federal tax rate | 35% | ||||
Deferred taxes | 31,000,000 | ||||
Gains on sales reinvested | $ 112,000,000 | ||||
Deferred tax terms | These taxes are deferred until the earlier of the sale of the related investments or December 31, 2026 and 10% of gains are excluded from tax once the investments are held five years plus an additional 5% is excluded at seven years | ||||
Unrecognized Tax Benefits | $ 0 |
Employee Benefits (Details Narr
Employee Benefits (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | ||
Company 401k contribution | 50% | |
Company's contribution cost | $ 54,000 | $ 49,000 |
Deferred compensation plan expense | 10,000 | 8,000 |
MSP accrued benefit liability | $ 1,354,000 | $ 1,302,000 |
Company_s business segments (De
Company’s business segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 37,481 | $ 31,220 | $ 23,583 |
Operating profit before corporate expenses | 11,658 | 5,345 | 8,645 |
Corporate expenses | (3,662) | (3,071) | (3,511) |
Operating profit | 7,996 | 2,274 | 5,134 |
Interest expense | 3,045 | 2,304 | 1,100 |
Depreciation, depletion and amortization | 11,462 | 12,946 | 6,050 |
Capital expenditures | 27,615 | 16,530 | 17,544 |
Asset Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 3,681 | 2,575 | 2,747 |
Operating profit before corporate expenses | 1,592 | 612 | 907 |
Corporate expenses | (632) | (843) | (909) |
Depreciation, depletion and amortization | 907 | 578 | 652 |
Capital expenditures | 1,284 | 852 | 924 |
Mining Properties [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 10,683 | 9,465 | 9,477 |
Operating profit before corporate expenses | 9,305 | 8,558 | 8,629 |
Corporate expenses | (414) | (318) | (288) |
Depreciation, depletion and amortization | 586 | 199 | 218 |
Capital expenditures | 11,218 | 522 | 0 |
Development [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,674 | 1,563 | 1,152 |
Operating profit before corporate expenses | (2,791) | (2,548) | (2,576) |
Corporate expenses | (2,284) | (1,557) | (2,108) |
Depreciation, depletion and amortization | 189 | 208 | 214 |
Capital expenditures | 14,521 | 14,242 | 16,547 |
Stabilized Joint Venture [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 21,443 | 17,617 | 10,207 |
Operating profit before corporate expenses | 3,552 | (1,277) | 1,685 |
Corporate expenses | (332) | (353) | (206) |
Depreciation, depletion and amortization | 9,535 | 11,752 | 4,744 |
Capital expenditures | 592 | 914 | 73 |
Total Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation, depletion and amortization | $ 11,217 | $ 12,737 | $ 5,828 |
Identifiable net assets (Detail
Identifiable net assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | |||
Assets | $ 701,084 | $ 678,190 | $ 536,360 |
Investments available for sale | 0 | 4,317 | 75,609 |
Cash | 178,294 | 162,273 | 74,105 |
Asset Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 26,053 | 23,897 | 11,172 |
Mining Properties [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 48,494 | 37,627 | 37,387 |
Development [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 188,834 | 176,386 | 196,212 |
Stabilized Joint Venture [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 257,535 | 266,429 | 130,472 |
Unallocated Corporate Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 1,874 | $ 7,261 | $ 11,403 |
Business Segments (Details Narr
Business Segments (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 a Integer | |
Segment Reporting Information [Line Items] | |
Reportable segments | 4 |
Warehouses | 7 |
Ground leases | 2 |
Brooksville land under lease | a | 16,650 |
Brooksville Joint Venture [Member] | |
Segment Reporting Information [Line Items] | |
Brooksville land under lease | a | 4,280 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
US Treasury notes value | $ 161,585,000 | |
Unrealized loss on investments | 1,903,000 | |
Carrying amount of mortgage notes payable | 180,070,000 | $ 180,070,000 |
FV of mortgage notes payable | $ 142,785,000 | $ 174,111,000 |
Contingent Liabilities (Details
Contingent Liabilities (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Guarantor Obligations [Line Items] | |
Outstanding letters of credit | $ 562,000 |
Guarantee Obligations [Member] | |
Guarantor Obligations [Line Items] | |
Guarantee obligation | $ 26,000,000 |
Interest rate reduction | 1% |
Value of guarantee | $ 1,900,000 |
Term in months | 48 |
Commitments (Details Narrative)
Commitments (Details Narrative) | Dec. 31, 2022 USD ($) |
Commitments to develop and maintain real estate | $ 2,133,000 |
Lending Ventures [Member] | |
Unused Commitments to Extend Credit | 30,800,000 |
Financing commitments | $ 8,300,000 |
Concentrations (Details Narrati
Concentrations (Details Narrative) | 12 Months Ended | |
Dec. 31, 2022 USD ($) Integer | Dec. 31, 2021 USD ($) | |
Concentration Risk [Line Items] | ||
Number of mining tenants | Integer | 5 | |
Accounts receivable | $ 1,166,000 | $ 793,000 |
Mining Top Customer [Member] | ||
Concentration Risk [Line Items] | ||
Top lessee rent percent of revenue | 23% | |
Accounts receivable | $ 453,000 |
Unusual or Infrequent Items I_2
Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2016 | |
Other Ownership Interests [Line Items] | ||||||
Remeasurement gain | $ 51,139,000 | $ 0 | $ 51,139,000 | $ 0 | ||
Carryback of tax net operating loss | $ 1,100,000 | $ 0 | $ 0 | $ 1,100,000 | ||
Federal tax rate | 35% | |||||
M R P [Member] | ||||||
Other Ownership Interests [Line Items] | ||||||
Remeasurement gain | $ 13,965,000 |
Acquired lease intangibles (Det
Acquired lease intangibles (Details) - Leases, Acquired-in-Place [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
In-place leases | $ 9,660 | $ 9,660 |
Accumulated amortization | (9,357) | (8,798) |
Acquired intangible assets, net | $ 303 | $ 862 |
Estimated aggregate amortizatio
Estimated aggregate amortization from acquired lease intangibles (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | $ 29 |
2024 | 29 |
2025 | 29 |
2026 | 29 |
2027 | $ 29 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases, Acquired-in-Place [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 559,000 | $ 3,946,000 |
Contributions from partner (Det
Contributions from partner (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 04, 2022 | |
Other Ownership Interests [Line Items] | |||||
Proceeds from (Payments to) Noncontrolling Interests | $ 11,472,000 | $ 2,602,000 | $ 765,000 | ||
[custom:ReallocationOfNoncontrollingInterestNetOfTransactionCosts] | 0 | ||||
[custom:IncomeTaxEffectsReallocationOfNoncontrollingInterest] | $ 2,100,000 | ||||
Steuart Investment Company [Member] | |||||
Other Ownership Interests [Line Items] | |||||
[custom:MinorityInterestPercent-0] | 20% | 20% | 20% | ||
[custom:MinorityInterestTICPurchasePrice-0] | $ 65,300,000 | ||||
[custom:LongTermDebtAssumedByNoncontrollingInterest-0] | 36,000,000 | ||||
[custom:TransactionCostsForSaleOfTenancyInCommon-0] | 1,400,000 | ||||
[custom:NetContributionTIC-0] | $ 27,900,000 | ||||
Proceeds from (Payments to) Noncontrolling Interests | $ 9,300,000 | ||||
[custom:CompanyShareTICNetContribution] | 18,600,000 | ||||
[custom:ReallocationOfNoncontrollingInterestNetOfTransactionCosts] | 7,700,000 | ||||
[custom:IncomeTaxEffectsReallocationOfNoncontrollingInterest] | $ 2,100,000 |