Cover
Cover - shares | 3 Months Ended | |
Jun. 30, 2023 | Aug. 09, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-36769 | |
Entity Registrant Name | FRP HOLDINGS, INC. | |
Entity Central Index Key | 0000844059 | |
Entity Tax Identification Number | 47-2449198 | |
Entity Incorporation, State or Country Code | FL | |
Entity Address, Address Line One | 200 W. Forsyth St. | |
Entity Address, Address Line Two | 7th Floor | |
Entity Address, City or Town | Jacksonville | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32202 | |
City Area Code | 904 | |
Local Phone Number | 396-5733 | |
Title of 12(b) Security | Common Stock, $.10 par value | |
Trading Symbol | FRPH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,495,673 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Real estate investments at cost: | ||
Land | $ 141,578 | $ 141,579 |
Buildings and improvements | 282,070 | 270,579 |
Projects under construction | 2,667 | 12,208 |
Total investments in properties | 426,315 | 424,366 |
Less accumulated depreciation and depletion | 62,720 | 57,208 |
Net investments in properties | 363,595 | 367,158 |
Real estate held for investment, at cost | 10,392 | 10,182 |
Investments in joint ventures | 152,587 | 140,525 |
Net real estate investments | 526,574 | 517,865 |
Cash and cash equivalents | 166,537 | 177,497 |
Cash held in escrow | 823 | 797 |
Accounts receivable, net | 1,472 | 1,166 |
Unrealized rents | 1,299 | 856 |
Deferred costs | 2,620 | 2,343 |
Other assets | 571 | 560 |
Total assets | 699,896 | 701,084 |
Liabilities: | ||
Secured notes payable | 178,631 | 178,557 |
Accounts payable and accrued liabilities | 3,153 | 5,971 |
Other liabilities | 1,886 | 1,886 |
Federal and state income taxes payable | 186 | 18 |
Deferred revenue | 891 | 259 |
Deferred income taxes | 67,903 | 67,960 |
Deferred compensation | 1,381 | 1,354 |
Tenant security deposits | 873 | 868 |
Total liabilities | 254,904 | 256,873 |
Commitments and contingencies | ||
Equity: | ||
Common stock, $.10 par value 25,000,000 shares authorized, 9,495,673 and 9,459,686 shares issued and outstanding, respectively | 950 | 946 |
Capital in excess of par value | 67,028 | 65,158 |
Retained earnings | 342,610 | 342,317 |
Accumulated other comprehensive income (loss), net | (712) | (1,276) |
Total shareholders’ equity | 409,876 | 407,145 |
Noncontrolling interest | 35,116 | 37,066 |
Total equity | 444,992 | 444,211 |
Total liabilities and equity | $ 699,896 | $ 701,084 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock shares issued | 9,495,673 | 9,459,686 |
Common stock, outstanding | 9,495,673 | 9,459,686 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||||
Lease revenue | $ 7,432 | $ 6,745 | $ 14,264 | $ 13,027 |
Mining lands lease revenue | 3,264 | 2,883 | 6,546 | 5,308 |
Total Revenues | 10,696 | 9,628 | 20,810 | 18,335 |
Cost of operations: | ||||
Depreciation, depletion and amortization | 2,819 | 2,868 | 5,599 | 5,766 |
Operating expenses | 1,822 | 1,541 | 3,562 | 3,349 |
Property taxes | 879 | 1,041 | 1,826 | 2,069 |
Management company indirect | 1,040 | 805 | 1,879 | 1,579 |
Corporate expenses (Note 4 Related Party) | 1,369 | 1,307 | 2,323 | 2,142 |
Total cost of operations | 7,929 | 7,562 | 15,189 | 14,905 |
Total operating profit | 2,767 | 2,066 | 5,621 | 3,430 |
Net investment income | 3,125 | 1,120 | 5,507 | 2,018 |
Interest expense | (1,129) | (739) | (2,135) | (1,477) |
Equity in loss of joint ventures | (4,047) | (1,766) | (7,672) | (3,370) |
Gain (loss) on sale of real estate | (2) | 0 | 8 | 733 |
Income before income taxes | 714 | 681 | 1,329 | 1,334 |
Provision for income taxes | 222 | 99 | 431 | 348 |
Net income | 492 | 582 | 898 | 986 |
Loss attributable to noncontrolling interest | (106) | (75) | (265) | (343) |
Net income attributable to the Company | $ 598 | $ 657 | $ 1,163 | $ 1,329 |
Earnings per common share: | ||||
Basic | $ 0.06 | $ 0.07 | $ 0.12 | $ 0.14 |
Diluted | $ 0.06 | $ 0.07 | $ 0.12 | $ 0.14 |
Number of shares (in thousands) used in computing: | ||||
-basic earnings per common share | 9,432 | 9,384 | 9,424 | 9,375 |
-diluted earnings per common share | 9,466 | 9,424 | 9,463 | 9,416 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Net income | $ 492 | $ 582 | $ 898 | $ 986 |
Other comprehensive income (loss) net of tax: | ||||
Unrealized gain/(loss) on investments, net of income tax effect of $76, $(133), $215 and $(448) | 206 | (359) | 580 | (1,209) |
Minimum pension liability, net of income tax effect of $(5), $0, $(5) and $0 | (16) | 0 | (16) | 0 |
Comprehensive income (loss) | 682 | 223 | 1,462 | (223) |
Less comp. income (loss) attributable to Noncontrolling interest | (106) | (75) | (265) | (343) |
Comprehensive income attributable to the Company | $ 788 | $ 298 | $ 1,727 | $ 120 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Income tax effect on UR loss | $ 76 | $ (133) | $ 215 | $ (448) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | $ (5) | $ 0 | $ (5) | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Cash flows from operating activities: | |||||
Net income | $ 492 | $ 582 | $ 898 | $ 986 | |
Adjustments to reconcile net income to net cash provided by continuing operating activities: | |||||
Depreciation, depletion and amortization | 5,724 | 5,890 | |||
Deferred income taxes | (57) | 133 | |||
Equity in loss of joint ventures | 4,047 | 1,766 | 7,672 | 3,370 | |
Gain on sale of equipment and property | (15) | (733) | |||
Stock-based compensation | 877 | 829 | 1,201 | 1,026 | |
Net changes in operating assets and liabilities: | |||||
Accounts receivable | (306) | (630) | |||
Deferred costs and other assets | (278) | (1,294) | |||
Accounts payable and accrued liabilities | (2,186) | (1,468) | |||
Income taxes payable and receivable | 168 | 1,501 | |||
Other long-term liabilities | 32 | 26 | |||
Net cash provided by operating activities | 12,853 | 8,807 | |||
Cash flows from investing activities: | |||||
Investments in properties | (979) | (13,775) | (2,185) | (17,411) | |
Investments in joint ventures | (26,634) | (4,261) | |||
Return of capital from investments in joint ventures | 6,897 | 6,677 | |||
Proceeds from sales of investments available for sale | 0 | 4,317 | |||
Proceeds from the sale of assets | 17 | 741 | |||
Cash held in escrow | (26) | (13) | |||
Net cash used in investing activities | (21,931) | (9,950) | |||
Cash flows from financing activities: | |||||
Distribution to noncontrolling interest | (1,685) | (1,349) | |||
Repurchase of company stock | (1,000) | 0 | |||
Exercise of employee stock options | 803 | 233 | |||
Net cash used in financing activities | (1,882) | (1,116) | |||
Net decrease in cash and cash equivalents | (10,960) | (2,259) | |||
Cash and cash equivalents at beginning of year | 177,497 | 161,521 | $ 161,521 | ||
Cash and cash equivalents at end of the period | $ 166,537 | $ 159,262 | 166,537 | 159,262 | $ 177,497 |
Supplemental disclosure of cash flow information: | |||||
Interest | 2,133 | 1,475 | |||
Income taxes | $ 530 | $ (1,734) |
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, 2021 | $ 941 | $ 57,617 | $ 337,752 | $ 113 | $ 396,423 | $ 28,827 | $ 425,250 |
Common shares outstanding at Dec. 31, 2021 | 9,411,028 | ||||||
Stock option grant compensation | $ 0 | 34 | 0 | 0 | 34 | 0 | 34 |
Exercise of stock options | 1 | 232 | 0 | 0 | 233 | 0 | 233 |
Restricted stock compensation | 0 | 292 | 0 | 0 | 292 | 0 | 292 |
Restricted stock award | 2 | (2) | 0 | 0 | 0 | 0 | 0 |
Forfeiture of restricted stock award | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Shares purchased and canceled | 0 | ||||||
Shares granted to Directors | $ 1 | 649 | 0 | 0 | 650 | 0 | 650 |
Director shares granted | 11,232 | ||||||
Net income | $ 0 | 1,329 | 0 | 1,329 | (343) | 986 | |
Distributions to partners | 0 | 0 | 0 | 0 | (1,349) | (1,349) | |
Minimum pension liability | 0 | ||||||
Unrealized loss on investment, net | $ 0 | 0 | (1,209) | (1,209) | 0 | (1,209) | |
Stock options exercised | 11,870 | ||||||
Shares granted to Employees | $ 0 | 50 | 0 | 0 | 50 | 0 | 50 |
Shares granted to Employee | 865 | ||||||
Restricted shares awarded | 21,464 | ||||||
Restricted stock forfeited | (1,363) | ||||||
Ending balance, value at Jun. 30, 2022 | $ 945 | 58,872 | 339,081 | (1,096) | 397,802 | 27,135 | 424,937 |
Common shares outstanding at Jun. 30, 2022 | 9,455,096 | ||||||
Beginning balance, value at Dec. 31, 2021 | $ 941 | 57,617 | 337,752 | 113 | 396,423 | 28,827 | 425,250 |
Common shares outstanding at Dec. 31, 2021 | 9,411,028 | ||||||
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 | |||||
Beginning balance, value at Mar. 31, 2022 | $ 943 | 57,812 | 338,424 | (737) | 396,442 | 27,788 | $ 424,230 |
Common shares outstanding at Mar. 31, 2022 | 9,431,994 | ||||||
Stock option grant compensation | $ 0 | 17 | 0 | 0 | 17 | 0 | 17 |
Exercise of stock options | 1 | 232 | 0 | 0 | 233 | 0 | 233 |
Restricted stock compensation | 0 | 162 | 0 | 0 | 162 | 0 | 162 |
Restricted stock award | 0 | ||||||
Forfeiture of restricted stock award | 0 | ||||||
Shares purchased and canceled | 0 | ||||||
Shares granted to Directors | $ 1 | 649 | 0 | 0 | 650 | 0 | 650 |
Director shares granted | 11,232 | ||||||
Net income | $ 0 | 657 | 0 | 657 | (75) | 582 | |
Distributions to partners | 0 | 0 | 0 | 0 | (578) | (578) | |
Minimum pension liability | 0 | ||||||
Unrealized loss on investment, net | $ 0 | 0 | (359) | (359) | 0 | (359) | |
Stock options exercised | 11,870 | ||||||
Ending balance, value at Jun. 30, 2022 | $ 945 | 58,872 | 339,081 | (1,096) | 397,802 | 27,135 | 424,937 |
Common shares outstanding at Jun. 30, 2022 | 9,455,096 | ||||||
Beginning 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 | |||||
Stock option grant compensation | $ 0 | 33 | 0 | 0 | 33 | 0 | $ 33 |
Exercise of stock options | 2 | 801 | 0 | 0 | 803 | 0 | 803 |
Restricted stock compensation | 0 | 518 | 0 | 0 | 518 | 0 | 518 |
Restricted stock award | 2 | (2) | 0 | 0 | 0 | 0 | 0 |
Forfeiture of restricted stock award | 0 | ||||||
Shares purchased and canceled | $ (1) | (129) | (870) | 0 | (1,000) | 0 | (1,000) |
Stock Repurchased During Period, Shares | (18,340) | ||||||
Shares granted to Directors | $ 1 | 599 | 0 | 0 | 600 | 0 | 600 |
Director shares granted | 10,380 | ||||||
Net income | $ 0 | 0 | 1,163 | 0 | 1,163 | (265) | 898 |
Distributions to partners | 0 | 0 | 0 | 0 | 0 | (1,685) | (1,685) |
Minimum pension liability | 0 | 0 | 0 | (16) | (16) | 0 | (16) |
Unrealized loss on investment, net | $ 0 | 0 | 0 | 580 | 580 | 0 | 580 |
Stock options exercised | 17,735 | ||||||
Shares granted to Employees | $ 0 | 50 | 0 | 0 | 50 | 0 | 50 |
Shares granted to Employee | 928 | ||||||
Restricted shares awarded | 25,284 | ||||||
Ending balance, value at Jun. 30, 2023 | $ 950 | 67,028 | 342,610 | (712) | 409,876 | 35,116 | $ 444,992 |
Common shares outstanding at Jun. 30, 2023 | 9,495,673 | 9,495,673 | |||||
Beginning balance, value at Mar. 31, 2023 | $ 950 | 66,281 | 342,882 | (902) | 409,211 | 35,974 | $ 445,185 |
Common shares outstanding at Mar. 31, 2023 | 9,503,633 | ||||||
Stock option grant compensation | $ 0 | 16 | 0 | 0 | 16 | 0 | 16 |
Exercise of stock options | 0 | ||||||
Restricted stock compensation | 0 | 261 | 0 | 0 | 261 | 0 | 261 |
Restricted stock award | 0 | ||||||
Forfeiture of restricted stock award | 0 | ||||||
Shares purchased and canceled | $ (1) | (129) | (870) | 0 | (1,000) | 0 | (1,000) |
Stock Repurchased During Period, Shares | (18,340) | ||||||
Shares granted to Directors | $ 1 | 599 | 0 | 0 | 600 | 0 | 600 |
Director shares granted | 10,380 | ||||||
Net income | $ 0 | 0 | 598 | 0 | 598 | (106) | 492 |
Distributions to partners | 0 | 0 | 0 | 0 | 0 | (752) | (752) |
Minimum pension liability | 0 | 0 | 0 | (16) | (16) | 0 | (16) |
Unrealized loss on investment, net | 0 | 0 | 0 | 206 | 206 | 0 | 206 |
Ending balance, value at Jun. 30, 2023 | $ 950 | $ 67,028 | $ 342,610 | $ (712) | $ 409,876 | $ 35,116 | $ 444,992 |
Common shares outstanding at Jun. 30, 2023 | 9,495,673 | 9,495,673 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | (1) Description of Business and Basis of Presentation FRP Holdings, Inc. is a holding company engaged in the investment and development of real estate , namely (i) leasing and management of industrial and commercial properties owned by The Company, (ii) leasing and management of mining royalty land owned by The Company, (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse, and office, (iv) management of mixed use residential/retail properties owned through our joint ventures. The accompanying consolidated financial statements include the accounts of FRP Holdings, Inc. (the “Company” or “FRP”) inclusive of our operating real estate subsidiaries, FRP Development Corp. (“Development”), Florida Rock Properties, Inc. (“Properties”), Riverfront Investment Partners I, LLC, and Riverfront Investment Partners II, LLC. Our investments accounted for under the equity method of accounting are detailed in Note 11. Our ownership of Riverfront Investment Partners I, LLC and Riverfront Investment Partners II, LLC includes a non-controlling interest representing the ownership of our partner. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The accompanying consolidated financial statements and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the Company's consolidated financial statements and related notes included in the Company’s Form 10-K for the year ended December 31, 2022. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards | (2) Recently Issued Accounting Standards In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016 - 13, "Financial Instruments - Credit Losses," which introduced new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. This standard was effective for the Company as of January 1, 2023. There was no impact on our financial statements at adoption. |
Business Segments
Business Segments | 3 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | (3) Business Segments The Company is reporting its financial performance based on four The Asset Management Segment owns, leases and manages in-service commercial properties wholly owned by the Company. Currently this includes nine two two Our Mining Royalty Lands segment owns several properties totaling approximately 16,650 4,280 Through our Development segment, we own and are continuously assessing the highest and best use of 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 Operating results and certain other financial data for the Company’s Business segments Three Months ended Six Months ended June 30, June 30, 2023 2022 2023 2022 Revenues: Revenues Asset management $ 1,420 912 2,490 1,751 Revenues Mining royalty lands 3,264 2,883 6,546 5,308 Revenues Development 467 408 953 791 Revenues Stabilized Joint Venture 5,545 5,425 10,821 10,485 Revenues 10,696 9,628 20,810 18,335 Operating profit (loss): Before corporate expenses: Operating profit before corporate expenses Asset management $ 681 419 1,158 711 Operating profit before corporate expenses Mining royalty lands 2,886 2,498 5,783 4,681 Operating profit before corporate expenses Development (472 ) (581 ) (933 ) (1,299 ) Operating profit before corporate expenses Stabilized Joint Venture 1,041 1,037 1,936 1,479 Operating profit before corporate expenses Operating profit before corporate expenses 4,136 3,373 7,944 5,572 Corporate expenses: Corporate expenses Allocated to asset management (271 ) (225 ) (453 ) (369 ) Corporate expenses Allocated to mining royalty lands (154 ) (148 ) (261 ) (242 ) Corporate expenses Allocated to development (815 ) (816 ) (1,389 ) (1,337 ) Corporate expenses Allocated to stabilized joint venture (129 ) (118 ) (220 ) (194 ) Corporate expenses Total corporate expenses (1,369 ) (1,307 ) (2,323 ) (2,142 ) Operating profit $ 2,767 2,066 5,621 3,430 Interest expense Interest expense $ 1,129 739 2,135 1,477 Depreciation, depletion and amortization: Depreciation, depletion and amortization Asset management $ 359 230 637 464 Depreciation, depletion and amortization Mining royalty lands 151 189 334 244 Depreciation, depletion and amortization Development 41 47 96 92 Depreciation, depletion and amortization Stabilized Joint Venture 2,268 2,402 4,532 4,966 Depreciation, depletion and amortization $ 2,819 2,868 5,599 5,766 Capital expenditures: Capital expenditures Asset management $ 65 145 545 595 Capital expenditures Mining royalty lands — 11,126 — 11,217 Capital expenditures Development 867 2,426 1,461 5,379 Capital expenditures Stabilized Joint Venture 47 78 179 220 Capital expenditures $ 979 13,775 2,185 17,411 Identifiable net assets June 30, December 31, Identifiable net assets 2023 2022 Assets Asset management $ 39,093 26,053 Assets Mining royalty lands 48,324 48,494 Assets Development 190,350 188,834 Assets Stabilized Joint Venture 253,176 257,535 Cash Cash items 167,360 178,294 Assets Unallocated corporate assets 1,593 1,874 Assets $ 699,896 701,084 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (4) Related Party Transactions The Company is a party to an Administrative Services Agreement which resulted from our January 30, 2015 spin-off of Patriot Transportation Holding, Inc. (Patriot). The Administrative Services Agreement sets forth the terms on which Patriot will provide to FRP certain services that were shared prior to the Spin-off, including the services of certain shared executive officers. The boards of the respective companies amended and extended this agreement for one year effective April 1, 2023. The consolidated statements of income reflect charges and/or allocation from Patriot for these services of $ 226,000 224,000 451,000 447,000 To determine these allocations between FRP and Patriot as set forth in the Administrative Services Agreement, we employ an allocation method to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations, but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (5) Long-Term Debt The Company’s Outstanding debt June 30, December 31, 2023 2022 Fixed rate mortgage loans, 3.03 $ 180,070 180,070 Unamortized debt issuance costs (1,439 ) (1,513 ) Credit agreement — — Long term debt $ 178,631 178,557 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 .25% to 1.0% 0.25 payable quarterly on the unused portion of the commitment but the amount may be reduced to 0.20 0.15 no 432,000 19,568,000 1 6.193 249 million On March 19, 2021, the Company refinanced Dock 79 and The Maren pursuant to separate Loan Agreements and Deed of Trust Notes entered into with Teachers Insurance and Annuity Association of America, LLC. Dock 79 and The Maren borrowed principal sums of $ 92,070,000 88,000,000 3.03 Either loan may be prepaid subsequent to April 1, 2024, subject to yield maintenance premiums. Either loan may be transferred to a qualified buyer as part of a one-time sale subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee Debt cost amortization of $ 37,000 74,000 283,000 672,000 689,000 1,346,000 The Company was in compliance with all |
Earnings per Share
Earnings per Share | 3 Months Ended |
Jun. 30, 2023 | |
Earnings per common share: | |
Earnings per Share | (6) Earnings per Share The following details the computations of the Basic and diluted earnings per common share Three Months ended Six Months ended June 30, June 30, 2023 2022 2023 2022 Weighted average common shares outstanding during the period – shares used for basic earnings per common share 9,432 9,384 9,424 9,375 Common shares issuable under share based payment plans which are potentially dilutive 34 40 39 41 Common shares used for diluted earnings per common share 9,466 9,424 9,463 9,416 Net income attributable to the Company $ 598 657 1,163 1,329 Earnings per common share: -basic $ 0.06 0.07 0.12 0.14 -diluted $ 0.06 0.07 0.12 0.14 For the three and six months ended June 30, 2023, the Company did not have any did not have any During the first six months of 2023 the Company repurchased 18,340 54.52 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Jun. 30, 2023 | |
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 31.5 41.2 2.0 2.9 5.0 7.0 The dividend yield of zero In January 2023, 7,980 four 15,032 five 2,272 7,448 four 14,016 five 928 865 343,912 The Company recorded the following Stock compensation expense Three Months ended Six Months ended June 30, June 30, 2023 2022 2023 2022 Stock option grants $ 16 17 33 34 Restricted stock awards 261 162 518 292 Employee stock grant — — 50 50 Annual director stock award 600 650 600 650 Stock compensation $ 877 829 1,201 1,026 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, 2023 88,295 $ 40.33 4.4 $ 1,271 Exercised (17,735 ) $ 45.27 $ (190 ) Outstanding at June 30, 2023 70,560 $ 39.09 3.6 $ 1,081 Exercisable at June 30, 2023 66,570 $ 38.68 3.5 $ 1,015 Vested during six months ended June 30, 2023 — $ — The aggregate intrinsic value of exercisable in-the-money options was $ 1,258,000 1,304,000 57.57 The unrecognized compensation cost of options granted to FRP employees but not yet vested as of June 30, 2023 was $ 27,000 .4 A Summary of changes in restricted stock awards Weighted Weighted Weighted Number Average Average Average Of Grant Date Remaining Grant Date Restricted stock Shares Fair Value Term (yrs) Fair Value(000's) Non-vested at January 1, 2023 50,496 $ 50.42 3.0 $ 2,546 Time-based awards granted 7,980 53.86 430 Performance-based awards granted 17,304 53.92 933 Vested (6,211 ) 46.49 (289 ) Non-vested at June 30, 2023 69,569 $ 52.03 3.1 $ 3,620 Total unrecognized compensation cost of restricted stock granted but not yet vested as of June 30, 2023 was $ 2,981,000 3.3 years |
Contingent Liabilities
Contingent Liabilities | 3 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | (8) Contingent Liabilities The Company may be involved in litigation on a number of matters and is subject to certain claims which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. In the opinion of management, none of these matters are expected to have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. The Company is subject to numerous environmental laws and regulations. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that previous environmental studies with respect to its properties have revealed all potential environmental contaminants; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the properties will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company. As of June 30, 2023, there was $ 432,000 The Company and MRP guaranteed $ 26 million 1 1.9 million 1 48 48 1.9 million |
Concentrations
Concentrations | 3 Months Ended |
Jun. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentrations | (9) Concentrations The mining royalty lands segment has a total of five 25.3 599,000 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (10) Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs are those that are unobservable and significant to the overall fair value measurement. At June 30, 2023, the Company was invested in U.S. Treasury notes valued at $ 151,861,000 1,108,000 At June 30, 2023 and December 31, 2022, 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 June 30, 2023, the carrying amount and fair value of such other long-term debt was $ 180,070,000 145,128,000 180,070,000 152,988,000 |
Investments in Joint Ventures
Investments in Joint Ventures | 3 Months Ended |
Jun. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Joint Ventures | (11) Investments in Joint Ventures The Company has investments in joint ventures, primarily with other real estate developers. Joint ventures where FRP is not the primary beneficiary are reflected in the line “Investment in joint ventures” on the balance sheet and “Equity in loss of joint ventures” on the income statement. The assets of these joint ventures are restricted to use by the joint ventures and their obligations can only be settled by their assets or additional contributions by the partners. The following table summarizes the Company’s Investments in unconsolidated joint ventures The Company's Share of Profit Common Total Total Assets of Profit (Loss) (Loss) of the Ownership Investment The Partnership Of the Partnership Partnership As of June 30, 2023 Brooksville Quarry, LLC 50.00 % $ 7,496 14,367 (48 ) (24 ) BC FRP Realty, LLC 50.00 % 5,180 21,959 (350 ) (175 ) Buzzard Point Sponsor, LLC 50.00 % 2,150 4,300 — — Bryant Street Partnerships 61.36 % 61,448 196,532 (5,296 ) (3,348 ) Lending ventures 22,033 11,448 — — Estero Partnership 16.00 % 3,600 38,541 — — Verge Partnership 61.37 % 38,626 132,101 (5,383 ) (3,303 ) Greenville Partnerships 40.00 % 12,054 98,683 (2,056 ) (822 ) Total $ 152,587 517,931 (13,133 ) (7,672 ) The Company's Share of Profit Common Total Total Assets of Profit (Loss) (Loss) of the Ownership Investment The Partnership Of the Partnership Partnership 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 — — Verge Partnership 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 major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of June 30, 2023 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed-use as of June 30, 2023 As of June 30, 2023 Total Buzzard Point Bryant Street Estero Verge Greenville Apartment/ Sponsor, LLC Partnership Partnership Partnership Partnership Mixed-Use Investments in real estate, net $ 0 189,926 33,787 129,828 97,201 $ 450,742 Cash and cash equivalents 0 1,137 4,725 1,917 1,304 9,083 Unrealized rents & receivables 0 4,668 29 184 26 4,907 Deferred costs 4,300 801 0 172 152 5,425 Total Assets $ 4,300 196,532 38,541 132,101 98,683 $ 470,157 Secured notes payable $ 0 116,884 16,000 71,664 67,382 $ 271,930 Other liabilities 0 2,553 12 1,166 2,705 6,436 Capital - FRP 2,150 59,440 3,605 36,421 11,102 112,718 Capital – Third Parties 2,150 17,655 18,924 22,850 17,494 79,073 Total Liabilities and Capital $ 4,300 196,532 38,541 132,101 98,683 $ 470,157 Investments in Joint Ventures as of June 30, 2023 As of June 30, 2023 Total Brooksville BC FRP Lending Apartment/ Grand Quarry, LLC Realty, LLC Ventures Mixed-Use Total Investments in real estate, net $ 14,342 21,077 11,448 450,742 $ 497,609 Cash and cash equivalents 21 215 0 9,083 9,319 Unrealized rents & receivables 0 392 0 4,907 5,299 Deferred costs 4 275 0 5,425 5,704 Total Assets $ 14,367 21,959 11,448 470,157 $ 517,931 Secured notes payable $ 0 10,586 (10,586 ) 271,930 $ 271,930 Other liabilities 43 1,127 0 6,436 7,606 Capital – FRP 7,496 5,123 22,034 112,718 147,371 Capital - Third Parties 6,828 5,123 0 79,073 91,024 Total Liabilities and Capital $ 14,367 21,959 11,448 470,157 $ 517,931 The Company’s capital recorded by the unconsolidated Joint Ventures is $ 5,216,000 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 as of December 31, 2022 As of December 31, 2022 Total Buzzard Point Bryant Street Estero Verge 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 amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $ (18,712,000) (13,115,000) 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 Six Months ended Six Months ended Six Months ended Six Months ended June 30, June 30, June 30, June 30, 2023 2022 2023 2022 Revenues: Rental Revenue $ 6,197 $ 4,018 $ 3,802 $ 2,465 Revenue – other 1,108 733 680 450 Total Revenues 7,305 4,751 4,482 2,915 Cost of operations: Depreciation and amortization 3,350 3,260 2,056 2,000 Operating expenses 2,895 2,523 1,776 1,548 Property taxes 439 578 269 355 Total cost of operations 6,684 6,361 4,101 3,903 Total operating profit/(loss) 621 (1,610 ) 381 (988 ) Interest expense (5,917 ) (3,177 ) (3,729 ) (2,198 ) Net loss before tax $ (5,296 ) $ (4,787 ) $ (3,348 ) $ (3,186 ) The income statements of the Greenville Partnerships Greenville Greenville Greenville Greenville Partnerships Partnerships Partnerships Partnerships Total JV Total JV Company Share Company Share Six Months ended Six Months ended Six Months ended Six Months ended June 30, June 30, June 30, June 30, 2023 2022 2023 2022 Revenues: Rental Revenue $ 2,758 $ 1,335 $ 1,104 $ 534 Revenue – other 201 86 80 34 Total Revenues 2,959 1,421 1,184 568 Cost of operations: Depreciation and amortization 1,573 765 629 306 Operating expenses 1,120 601 449 240 Property taxes 561 317 224 127 Total cost of operations 3,254 1,683 1,302 673 Total operating profit/(loss) (295 ) (262 ) (118 ) (105 ) Interest expense (1,761 ) (301 ) (704 ) (120 ) Net loss before tax $ (2,056 ) $ (563 ) $ (822 ) $ (225 ) The income statements of the Verge Partnership Verge Verge Partnership Partnership Total JV Company Share Six Months ended Six Months ended June 30, June 30, 2023 2023 Revenues: Rental Revenue $ 870 $ 534 Revenue – other 120 74 Total Revenues 990 608 Cost of operations: Depreciation and amortization 2,210 1,356 Operating expenses 1,286 790 Property taxes 509 312 Total cost of operations 4,005 2,458 Total operating profit (3,015 ) (1,850 ) Interest expense (2,368 ) (1,453 ) Net profit before tax $ (5,383 ) $ (3,303 ) |
Subsequent Event
Subsequent Event | 3 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | (12) Subsequent Event In the ordinary course of business, the Company’s mining tenants make estimated royalty payments and conduct an annual volumetric analysis to reconcile the actual amounts due. This process is complicated, especially when the mining tenant is simultaneously mining separate tracts with different owners. On August 8, 2023, the Company received correspondence from one of its mining tenants asserting that the tenant had overpaid royalties by approximately $840,000. The Company is reviewing this analysis to make its own determination as to the amount of the royalties. Depending on the outcome of that analysis, the Company expects to enter into a separate agreement or negotiate an amendment to the mining lease regarding the issue. The Company cannot be certain as to the outcome of its separate analysis or such negotiations. |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Business segments | Operating results and certain other financial data for the Company’s Business segments Three Months ended Six Months ended June 30, June 30, 2023 2022 2023 2022 Revenues: Revenues Asset management $ 1,420 912 2,490 1,751 Revenues Mining royalty lands 3,264 2,883 6,546 5,308 Revenues Development 467 408 953 791 Revenues Stabilized Joint Venture 5,545 5,425 10,821 10,485 Revenues 10,696 9,628 20,810 18,335 Operating profit (loss): Before corporate expenses: Operating profit before corporate expenses Asset management $ 681 419 1,158 711 Operating profit before corporate expenses Mining royalty lands 2,886 2,498 5,783 4,681 Operating profit before corporate expenses Development (472 ) (581 ) (933 ) (1,299 ) Operating profit before corporate expenses Stabilized Joint Venture 1,041 1,037 1,936 1,479 Operating profit before corporate expenses Operating profit before corporate expenses 4,136 3,373 7,944 5,572 Corporate expenses: Corporate expenses Allocated to asset management (271 ) (225 ) (453 ) (369 ) Corporate expenses Allocated to mining royalty lands (154 ) (148 ) (261 ) (242 ) Corporate expenses Allocated to development (815 ) (816 ) (1,389 ) (1,337 ) Corporate expenses Allocated to stabilized joint venture (129 ) (118 ) (220 ) (194 ) Corporate expenses Total corporate expenses (1,369 ) (1,307 ) (2,323 ) (2,142 ) Operating profit $ 2,767 2,066 5,621 3,430 Interest expense Interest expense $ 1,129 739 2,135 1,477 Depreciation, depletion and amortization: Depreciation, depletion and amortization Asset management $ 359 230 637 464 Depreciation, depletion and amortization Mining royalty lands 151 189 334 244 Depreciation, depletion and amortization Development 41 47 96 92 Depreciation, depletion and amortization Stabilized Joint Venture 2,268 2,402 4,532 4,966 Depreciation, depletion and amortization $ 2,819 2,868 5,599 5,766 Capital expenditures: Capital expenditures Asset management $ 65 145 545 595 Capital expenditures Mining royalty lands — 11,126 — 11,217 Capital expenditures Development 867 2,426 1,461 5,379 Capital expenditures Stabilized Joint Venture 47 78 179 220 Capital expenditures $ 979 13,775 2,185 17,411 |
Identifiable net assets | Identifiable net assets June 30, December 31, Identifiable net assets 2023 2022 Assets Asset management $ 39,093 26,053 Assets Mining royalty lands 48,324 48,494 Assets Development 190,350 188,834 Assets Stabilized Joint Venture 253,176 257,535 Cash Cash items 167,360 178,294 Assets Unallocated corporate assets 1,593 1,874 Assets $ 699,896 701,084 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Outstanding debt | The Company’s Outstanding debt June 30, December 31, 2023 2022 Fixed rate mortgage loans, 3.03 $ 180,070 180,070 Unamortized debt issuance costs (1,439 ) (1,513 ) Credit agreement — — Long term debt $ 178,631 178,557 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Earnings per common share: | |
Basic and diluted earnings per common share | The following details the computations of the Basic and diluted earnings per common share Three Months ended Six Months ended June 30, June 30, 2023 2022 2023 2022 Weighted average common shares outstanding during the period – shares used for basic earnings per common share 9,432 9,384 9,424 9,375 Common shares issuable under share based payment plans which are potentially dilutive 34 40 39 41 Common shares used for diluted earnings per common share 9,466 9,424 9,463 9,416 Net income attributable to the Company $ 598 657 1,163 1,329 Earnings per common share: -basic $ 0.06 0.07 0.12 0.14 -diluted $ 0.06 0.07 0.12 0.14 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock compensation expense | The Company recorded the following Stock compensation expense Three Months ended Six Months ended June 30, June 30, 2023 2022 2023 2022 Stock option grants $ 16 17 33 34 Restricted stock awards 261 162 518 292 Employee stock grant — — 50 50 Annual director stock award 600 650 600 650 Stock compensation $ 877 829 1,201 1,026 |
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, 2023 88,295 $ 40.33 4.4 $ 1,271 Exercised (17,735 ) $ 45.27 $ (190 ) Outstanding at June 30, 2023 70,560 $ 39.09 3.6 $ 1,081 Exercisable at June 30, 2023 66,570 $ 38.68 3.5 $ 1,015 Vested during six months ended June 30, 2023 — $ — |
Summary of changes in restricted stock awards | A Summary of changes in restricted stock awards Weighted Weighted Weighted Number Average Average Average Of Grant Date Remaining Grant Date Restricted stock Shares Fair Value Term (yrs) Fair Value(000's) Non-vested at January 1, 2023 50,496 $ 50.42 3.0 $ 2,546 Time-based awards granted 7,980 53.86 430 Performance-based awards granted 17,304 53.92 933 Vested (6,211 ) 46.49 (289 ) Non-vested at June 30, 2023 69,569 $ 52.03 3.1 $ 3,620 |
Investments in Joint Ventures (
Investments in Joint Ventures (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
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 As of June 30, 2023 Brooksville Quarry, LLC 50.00 % $ 7,496 14,367 (48 ) (24 ) BC FRP Realty, LLC 50.00 % 5,180 21,959 (350 ) (175 ) Buzzard Point Sponsor, LLC 50.00 % 2,150 4,300 — — Bryant Street Partnerships 61.36 % 61,448 196,532 (5,296 ) (3,348 ) Lending ventures 22,033 11,448 — — Estero Partnership 16.00 % 3,600 38,541 — — Verge Partnership 61.37 % 38,626 132,101 (5,383 ) (3,303 ) Greenville Partnerships 40.00 % 12,054 98,683 (2,056 ) (822 ) Total $ 152,587 517,931 (13,133 ) (7,672 ) The Company's Share of Profit Common Total Total Assets of Profit (Loss) (Loss) of the Ownership Investment The Partnership Of the Partnership Partnership 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 — — Verge Partnership 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 ) |
Investments in Apartment/Mixed-use as of June 30, 2023 | The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of June 30, 2023 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed-use as of June 30, 2023 As of June 30, 2023 Total Buzzard Point Bryant Street Estero Verge Greenville Apartment/ Sponsor, LLC Partnership Partnership Partnership Partnership Mixed-Use Investments in real estate, net $ 0 189,926 33,787 129,828 97,201 $ 450,742 Cash and cash equivalents 0 1,137 4,725 1,917 1,304 9,083 Unrealized rents & receivables 0 4,668 29 184 26 4,907 Deferred costs 4,300 801 0 172 152 5,425 Total Assets $ 4,300 196,532 38,541 132,101 98,683 $ 470,157 Secured notes payable $ 0 116,884 16,000 71,664 67,382 $ 271,930 Other liabilities 0 2,553 12 1,166 2,705 6,436 Capital - FRP 2,150 59,440 3,605 36,421 11,102 112,718 Capital – Third Parties 2,150 17,655 18,924 22,850 17,494 79,073 Total Liabilities and Capital $ 4,300 196,532 38,541 132,101 98,683 $ 470,157 |
Investments in Joint Ventures as of June 30, 2023 | Investments in Joint Ventures as of June 30, 2023 As of June 30, 2023 Total Brooksville BC FRP Lending Apartment/ Grand Quarry, LLC Realty, LLC Ventures Mixed-Use Total Investments in real estate, net $ 14,342 21,077 11,448 450,742 $ 497,609 Cash and cash equivalents 21 215 0 9,083 9,319 Unrealized rents & receivables 0 392 0 4,907 5,299 Deferred costs 4 275 0 5,425 5,704 Total Assets $ 14,367 21,959 11,448 470,157 $ 517,931 Secured notes payable $ 0 10,586 (10,586 ) 271,930 $ 271,930 Other liabilities 43 1,127 0 6,436 7,606 Capital – FRP 7,496 5,123 22,034 112,718 147,371 Capital - Third Parties 6,828 5,123 0 79,073 91,024 Total Liabilities and Capital $ 14,367 21,959 11,448 470,157 $ 517,931 |
Investments in Apartment/Mixed-use 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 as of December 31, 2022 As of December 31, 2022 Total Buzzard Point Bryant Street Estero Verge 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 |
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 Six Months ended Six Months ended Six Months ended Six Months ended June 30, June 30, June 30, June 30, 2023 2022 2023 2022 Revenues: Rental Revenue $ 6,197 $ 4,018 $ 3,802 $ 2,465 Revenue – other 1,108 733 680 450 Total Revenues 7,305 4,751 4,482 2,915 Cost of operations: Depreciation and amortization 3,350 3,260 2,056 2,000 Operating expenses 2,895 2,523 1,776 1,548 Property taxes 439 578 269 355 Total cost of operations 6,684 6,361 4,101 3,903 Total operating profit/(loss) 621 (1,610 ) 381 (988 ) Interest expense (5,917 ) (3,177 ) (3,729 ) (2,198 ) Net loss before tax $ (5,296 ) $ (4,787 ) $ (3,348 ) $ (3,186 ) |
Greenville Partnerships | The income statements of the Greenville Partnerships Greenville Greenville Greenville Greenville Partnerships Partnerships Partnerships Partnerships Total JV Total JV Company Share Company Share Six Months ended Six Months ended Six Months ended Six Months ended June 30, June 30, June 30, June 30, 2023 2022 2023 2022 Revenues: Rental Revenue $ 2,758 $ 1,335 $ 1,104 $ 534 Revenue – other 201 86 80 34 Total Revenues 2,959 1,421 1,184 568 Cost of operations: Depreciation and amortization 1,573 765 629 306 Operating expenses 1,120 601 449 240 Property taxes 561 317 224 127 Total cost of operations 3,254 1,683 1,302 673 Total operating profit/(loss) (295 ) (262 ) (118 ) (105 ) Interest expense (1,761 ) (301 ) (704 ) (120 ) Net loss before tax $ (2,056 ) $ (563 ) $ (822 ) $ (225 ) |
Verge Partnership | The income statements of the Verge Partnership Verge Verge Partnership Partnership Total JV Company Share Six Months ended Six Months ended June 30, June 30, 2023 2023 Revenues: Rental Revenue $ 870 $ 534 Revenue – other 120 74 Total Revenues 990 608 Cost of operations: Depreciation and amortization 2,210 1,356 Operating expenses 1,286 790 Property taxes 509 312 Total cost of operations 4,005 2,458 Total operating profit (3,015 ) (1,850 ) Interest expense (2,368 ) (1,453 ) Net profit before tax $ (5,383 ) $ (3,303 ) |
Business segments (Details)
Business segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 10,696 | $ 9,628 | $ 20,810 | $ 18,335 |
Operating profit before corporate expenses | 4,136 | 3,373 | 7,944 | 5,572 |
Corporate expenses | (1,369) | (1,307) | (2,323) | (2,142) |
Operating profit | 2,767 | 2,066 | 5,621 | 3,430 |
Interest expense | 1,129 | 739 | 2,135 | 1,477 |
Depreciation, depletion and amortization | 5,724 | 5,890 | ||
Capital expenditures | 979 | 13,775 | 2,185 | 17,411 |
Asset Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,420 | 912 | 2,490 | 1,751 |
Operating profit before corporate expenses | 681 | 419 | 1,158 | 711 |
Corporate expenses | (271) | (225) | (453) | (369) |
Depreciation, depletion and amortization | 359 | 230 | 637 | 464 |
Capital expenditures | 65 | 145 | 545 | 595 |
Mining Properties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 3,264 | 2,883 | 6,546 | 5,308 |
Operating profit before corporate expenses | 2,886 | 2,498 | 5,783 | 4,681 |
Corporate expenses | (154) | (148) | (261) | (242) |
Depreciation, depletion and amortization | 151 | 189 | 334 | 244 |
Capital expenditures | 0 | 11,126 | 0 | 11,217 |
Development [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 467 | 408 | 953 | 791 |
Operating profit before corporate expenses | (472) | (581) | (933) | (1,299) |
Corporate expenses | (815) | (816) | (1,389) | (1,337) |
Depreciation, depletion and amortization | 41 | 47 | 96 | 92 |
Capital expenditures | 867 | 2,426 | 1,461 | 5,379 |
Stabilized Joint Venture [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 5,545 | 5,425 | 10,821 | 10,485 |
Operating profit before corporate expenses | 1,041 | 1,037 | 1,936 | 1,479 |
Corporate expenses | (129) | (118) | (220) | (194) |
Depreciation, depletion and amortization | 2,268 | 2,402 | 4,532 | 4,966 |
Capital expenditures | 47 | 78 | 179 | 220 |
Total Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation, depletion and amortization | $ 2,819 | $ 2,868 | $ 5,599 | $ 5,766 |
Identifiable net assets (Detail
Identifiable net assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Assets | $ 699,896 | $ 701,084 |
Cash | 167,360 | 178,294 |
Asset Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 39,093 | 26,053 |
Mining Properties [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 48,324 | 48,494 |
Development [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 190,350 | 188,834 |
Stabilized Joint Venture [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 253,176 | 257,535 |
Unallocated Corporate Assets [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 1,593 | $ 1,874 |
Business Segments (Details Narr
Business Segments (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 a segment integer | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | segment | 4 |
Warehouses | 9 |
Business parks | 2 |
Ground leases | 2 |
Mining acres | a | 16,650 |
Consolidated joint ventures | 2 |
Brooksville Joint Venture [Member] | |
Segment Reporting Information [Line Items] | |
Mining acres | a | 4,280 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transactions [Abstract] | ||||
Related party allocation | $ 226,000 | $ 224,000 | $ 451,000 | $ 447,000 |
Outstanding debt (Details)
Outstanding debt (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033 | $ 180,070 | $ 180,070 |
Unamortized debt issuance costs | (1,439) | (1,513) |
Credit agreement | 0 | 0 |
Long term debt | $ 178,631 | $ 178,557 |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.03% | 3.03% |
Long-Term Debt (Details Narrati
Long-Term Debt (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jul. 31, 2023 | Mar. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2019 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 19, 2021 | Feb. 06, 2019 | |
Line of Credit Facility [Line Items] | |||||||||||
Outstanding letters of credit | $ 432,000 | $ 432,000 | |||||||||
Principal sum | 178,631,000 | 178,631,000 | $ 178,557,000 | ||||||||
Debt cost amortization | 37,000 | $ 37,000 | 74,000 | $ 74,000 | |||||||
Capitalized interest costs | 283,000 | $ 672,000 | $ 689,000 | $ 1,346,000 | |||||||
Dock 79 Loan [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Principal sum | $ 92,070,000 | ||||||||||
Fixed interest rate | 3.03% | ||||||||||
Debt description | Either loan may be prepaid subsequent to April 1, 2024, subject to yield maintenance premiums. Either loan may be transferred to a qualified buyer as part of a one-time sale subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee | ||||||||||
Maren [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Principal sum | $ 88,000,000 | ||||||||||
Fixed interest rate | 3.03% | ||||||||||
Debt description | Either loan may be prepaid subsequent to April 1, 2024, subject to yield maintenance premiums. Either loan may be transferred to a qualified buyer as part of a one-time sale subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee | ||||||||||
Subsequent Event [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, Description of Variable Rate Basis | .25% to 1.0% | ||||||||||
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] | |||||||||||
Revolver term | 5 years | ||||||||||
Maximum facility amount | $ 20,000,000 | ||||||||||
Outstanding revolver | 0 | $ 0 | |||||||||
Outstanding letters of credit | $ 432,000 | ||||||||||
Available for borrowing | $ 19,568,000 | $ 19,568,000 | |||||||||
Letter of credit fee | 1% | ||||||||||
Applicable interest rate | 6.193% | 6.193% | |||||||||
Dividend limit | $ 249,000,000 | $ 249,000,000 | |||||||||
Covenant compliance | all |
Basic and diluted earnings per
Basic and diluted earnings per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings per common share: | ||||
Weighted average common shares outstanding during the period – shares used for basic earnings per common share | 9,432 | 9,384 | 9,424 | 9,375 |
Common shares issuable under share based payment plans which are potentially dilutive | 34 | 40 | 39 | 41 |
Common shares used for diluted earnings per common share | 9,466 | 9,424 | 9,463 | 9,416 |
Net income attributable to the Company | $ 598 | $ 657 | $ 1,163 | $ 1,329 |
-basic | $ 0.06 | $ 0.07 | $ 0.12 | $ 0.14 |
-diluted | $ 0.06 | $ 0.07 | $ 0.12 | $ 0.14 |
Earnings per Share (Details Nar
Earnings per Share (Details Narrative) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings per common share: | ||||
Antidilutive shares | 0 | 0 | 0 | 0 |
Shares repurchased | 18,340 | |||
Average cost of shares repurchased | $ 54.52 |
Stock compensation expense (Det
Stock compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock compensation | $ 877 | $ 829 | $ 1,201 | $ 1,026 |
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock compensation | 16 | 17 | 33 | 34 |
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock compensation | 261 | 162 | 518 | 292 |
Employee Grant [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock compensation | 0 | 0 | 50 | 50 |
Director Stock Award [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock compensation | $ 600 | $ 650 | $ 600 | $ 650 |
Summary of changes in outstandi
Summary of changes in outstanding options (Details) - Share-Based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Outstanding options, shares | 70,560 | 88,295 |
Outstanding options, weighted average exercise price | $ 39.09 | $ 40.33 |
Outstanding remaining term | 3 years 7 months 6 days | 4 years 4 months 24 days |
Options outstanding, weighted average fair value | $ 1,081 | $ 1,271 |
Options exercised, shares | (17,735) | |
Options exercised, weighted avg exercise price | $ 45.27 | |
Options exercised, weighted avg grant date fair value | $ (190) | |
Options exercisable, shares | 66,570 | |
Exercisable, weighted average exercise price | $ 38.68 | |
Exercisable remaining term | 3 years 6 months 1 day | |
Exercisable, weighted average fair value | $ 1,015 | |
Options vested, shares | 0 | |
Vested, weighted average fair value | $ 0 |
Summary of changes in restricte
Summary of changes in restricted stock awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Jan. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Restricted Stock [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Restricted stock | 69,569 | 50,496 | ||||
Restricted stock | $ 52.03 | $ 50.42 | ||||
Restricted stock | 3 years 1 month 5 days | 3 years | ||||
Restricted stock | $ 3,620 | $ 2,546 | ||||
Restricted stock, vested | (6,211) | |||||
Restricted stock | $ 46.49 | |||||
Restricted stock | $ (289) | |||||
Time Based Awards Granted [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Restricted stock | 7,980 | 7,448 | 7,980 | |||
Restricted stock | $ 53.86 | |||||
Restricted stock | $ 430 | |||||
Performance Based Awards Granted [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Restricted stock | 2,272 | 15,032 | 14,016 | 17,304 | ||
Restricted stock | $ 53.92 | |||||
Restricted stock | $ 933 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details Narrative) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2023 shares | Jan. 31, 2023 shares | Mar. 31, 2023 shares | Mar. 31, 2022 shares | Jun. 30, 2023 USD ($) integer $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of plans | integer | 2 | ||||
Expiration period | 10 years | ||||
Vesting rights | exercisable immediately or become exercisable in cumulative installments of 20% or 25% | ||||
Dividend yield | 0% | ||||
Minimum volatility | 31.50% | ||||
Maximum volatility | 41.20% | ||||
Risk-free interest rate minimum | 2% | ||||
Risk-free interest rate maximum | 2.90% | ||||
Expected life minimum | 3 years | ||||
Expected life maximum | 7 years | ||||
Shares available | shares | 343,912 | ||||
Intrinsic value | $ | $ 1,258,000 | ||||
Intrinsic value | $ | $ 1,304,000 | ||||
Closing price | $ / shares | $ 57.57 | ||||
Time Based Awards Granted [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Restricted grants | shares | 7,980 | 7,448 | 7,980 | ||
Vesting period | 4 years | 4 years | |||
Performance Based Awards Granted [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Restricted grants | shares | 2,272 | 15,032 | 14,016 | 17,304 | |
Vesting period | 5 years | 5 years | |||
Employee Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock grants | shares | 928 | 865 | |||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ | $ 27,000 | ||||
Recognition period | 8 months 12 days | ||||
Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ | $ 2,981,000 | ||||
Recognition period | 3 years 3 months 19 days |
Contingent Liabilities (Details
Contingent Liabilities (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Guarantor Obligations [Line Items] | |
Outstanding letters of credit | $ 432,000 |
Guarantee Obligations [Member] | |
Guarantor Obligations [Line Items] | |
Guarantee obligation | $ 26,000,000 |
Interest rate decrease | 1% |
Value of guarantee | $ 1,900,000 |
Term in months | 48 |
Concentrations (Details Narrati
Concentrations (Details Narrative) | 6 Months Ended | |
Jun. 30, 2023 USD ($) integer | Dec. 31, 2022 USD ($) | |
Concentration Risk [Line Items] | ||
Number of mining tenants | integer | 5 | |
Accounts receivable | $ 1,472,000 | $ 1,166,000 |
Mining Top Customer [Member] | ||
Concentration Risk [Line Items] | ||
Top lessee rent percent of revenue | 25.30% | |
Accounts receivable | $ 599,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Fair Value Disclosures [Abstract] | ||
US Treasury notes value | $ 151,861,000 | |
Unrealized loss on investments | 1,108,000 | |
Carrying amount of mortgage notes payable | 180,070,000 | $ 180,070,000 |
FV of mortgage notes payable | $ 145,128,000 | $ 152,988,000 |
Investments in unconsolidated j
Investments in unconsolidated joint ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | |||||
Total investments | $ 152,587 | $ 152,587 | $ 140,525 | ||
Total assets of the partnership | 699,896 | 699,896 | 701,084 | ||
Profit (loss) of the partnership | 492 | $ 582 | 898 | $ 986 | |
Share of profit (loss) of the partnership | (4,047) | $ (1,766) | (7,672) | $ (3,370) | |
Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total assets of the partnership | $ 517,931 | 517,931 | 510,640 | ||
Profit (loss) of the partnership | (13,133) | (3,437) | |||
Real Estate Partnership Net Income Loss [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Share of profit (loss) of the partnership | $ (7,672) | $ (5,721) | |||
Brooksville Quarry L L C [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50% | 50% | 50% | ||
Total investments | $ 7,496 | $ 7,496 | $ 7,522 | ||
Profit (loss) of the partnership | (48) | (84) | |||
Share of profit (loss) of the partnership | (24) | (42) | |||
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total assets of the partnership | $ 14,367 | $ 14,367 | $ 14,374 | ||
B C F R P Realty L L C [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50% | 50% | 50% | ||
Total investments | $ 5,180 | $ 5,180 | $ 5,453 | ||
Profit (loss) of the partnership | (350) | (358) | |||
Share of profit (loss) of the partnership | (175) | (175) | |||
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 | $ 21,959 | $ 21,959 | $ 21,825 | ||
Buzzard Point Sponsor Partnership [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50% | 50% | 50% | ||
Total investments | $ 2,150 | $ 2,150 | $ 1,453 | ||
Profit (loss) of the partnership | 0 | 0 | |||
Share of profit (loss) of the partnership | 0 | 0 | |||
Buzzard Point Sponsor Partnership [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total assets of the partnership | $ 4,300 | $ 4,300 | $ 2,906 | ||
Bryant Street Partnerships [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 61.36% | 61.36% | 61.36% | ||
Total investments | $ 61,448 | $ 61,448 | $ 55,561 | ||
Profit (loss) of the partnership | (5,296) | (10,339) | |||
Share of profit (loss) of the partnership | (3,348) | (6,829) | |||
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total assets of the partnership | 196,532 | 196,532 | 199,774 | ||
Lending Ventures [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total investments | 22,033 | 22,033 | 16,476 | ||
Profit (loss) of the partnership | 0 | 0 | |||
Share of profit (loss) of the partnership | 0 | 0 | |||
Lending Ventures [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total assets of the partnership | $ 11,448 | $ 11,448 | $ 5,577 | ||
Estero Partnership [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 16% | 16% | 16% | ||
Total investments | $ 3,600 | $ 3,600 | $ 3,600 | ||
Profit (loss) of the partnership | 0 | 0 | |||
Estero Partnership [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total assets of the partnership | $ 38,541 | $ 38,541 | $ 38,505 | ||
Verge [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 61.37% | 61.37% | 61.37% | ||
Total investments | $ 38,626 | $ 38,626 | $ 38,471 | ||
Profit (loss) of the partnership | (5,383) | (1,841) | |||
Share of profit (loss) of the partnership | (3,303) | (1,129) | |||
Verge [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total assets of the partnership | $ 132,101 | $ 132,101 | $ 131,128 | ||
Greenville Partnerships [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 40% | 40% | 40% | ||
Total investments | $ 12,054 | $ 12,054 | $ 11,989 | ||
Profit (loss) of the partnership | (2,056) | (1,775) | |||
Share of profit (loss) of the partnership | (822) | (710) | |||
Greenville Partnerships [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total assets of the partnership | $ 98,683 | $ 98,683 | $ 96,551 | ||
D S T Hickory Creek [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 26.65% | ||||
Total investments | $ 0 | ||||
Profit (loss) of the partnership | 10,960 | ||||
Share of profit (loss) of the partnership | 3,164 | ||||
D S T Hickory Creek [Member] | Real Estate Total Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total assets of the partnership | $ 0 |
Investments in Apartment_Mixed-
Investments in Apartment/Mixed-use as of June 30, 2023 (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | $ 497,609 | $ 493,324 |
Cash and cash equivalents | 9,319 | 7,937 |
Unrealized rents & receivables | 5,299 | 5,577 |
Deferred costs | 5,704 | 3,802 |
Total Assets | 699,896 | 701,084 |
Secured notes payable | 271,930 | 276,801 |
Other liabilities | 7,606 | 11,023 |
Capital – Third Parties | 409,876 | 407,145 |
Total Liabilities and Capital | 699,896 | 701,084 |
Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 517,931 | 510,640 |
Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 147,371 | 135,333 |
Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – Third Parties | 91,024 | 87,483 |
Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 517,931 | 510,640 |
Buzzard Point Sponsor Partnership [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Unrealized rents & receivables | 0 | 0 |
Deferred costs | 4,300 | 2,906 |
Secured notes payable | 0 | 0 |
Other liabilities | 0 | 0 |
Buzzard Point Sponsor Partnership [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 4,300 | 2,906 |
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 2,150 | 1,453 |
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – Third Parties | 2,150 | 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 | 4,300 | 2,906 |
Bryant Street Partnerships [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 189,926 | 192,904 |
Cash and cash equivalents | 1,137 | 1,349 |
Unrealized rents & receivables | 4,668 | 5,128 |
Deferred costs | 801 | 393 |
Secured notes payable | 116,884 | 129,263 |
Other liabilities | 2,553 | 2,338 |
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 196,532 | 199,774 |
Bryant Street Partnerships [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 59,440 | 53,553 |
Bryant Street Partnerships [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – Third Parties | 17,655 | 14,620 |
Bryant Street Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 196,532 | 199,774 |
Estero Partnership [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 33,787 | 33,008 |
Cash and cash equivalents | 4,725 | 5,497 |
Unrealized rents & receivables | 29 | 0 |
Deferred costs | 0 | 0 |
Secured notes payable | 16,000 | 16,000 |
Other liabilities | 12 | 5 |
Estero Partnership [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 38,541 | 38,505 |
Estero Partnership [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 3,605 | 3,600 |
Estero Partnership [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – Third Parties | 18,924 | 18,900 |
Estero Partnership [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 38,541 | 38,505 |
Verge [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 129,828 | 130,616 |
Cash and cash equivalents | 1,917 | 359 |
Unrealized rents & receivables | 184 | 14 |
Deferred costs | 172 | 139 |
Secured notes payable | 71,664 | 66,584 |
Other liabilities | 1,166 | 5,328 |
Verge [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 132,101 | 131,128 |
Verge [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 36,421 | 36,348 |
Verge [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – Third Parties | 22,850 | 22,868 |
Verge [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 132,101 | 131,128 |
Greenville Partnerships [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 97,201 | 95,883 |
Cash and cash equivalents | 1,304 | 567 |
Unrealized rents & receivables | 26 | 13 |
Deferred costs | 152 | 88 |
Secured notes payable | 67,382 | 64,954 |
Other liabilities | 2,705 | 3,014 |
Greenville Partnerships [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 98,683 | 96,551 |
Greenville Partnerships [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 11,102 | 11,087 |
Greenville Partnerships [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – Third Parties | 17,494 | 17,496 |
Greenville Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 98,683 | 96,551 |
Apartment Mixed Use [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 450,742 | 452,411 |
Cash and cash equivalents | 9,083 | 7,772 |
Unrealized rents & receivables | 4,907 | 5,155 |
Deferred costs | 5,425 | 3,526 |
Secured notes payable | 271,930 | 276,801 |
Other liabilities | 6,436 | 10,685 |
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 470,157 | 468,864 |
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 112,718 | 106,041 |
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – Third Parties | 79,073 | 75,337 |
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | $ 470,157 | $ 468,864 |
Investments in Joint Ventures a
Investments in Joint Ventures as of June 30, 2023 (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | $ 497,609 | $ 493,324 |
Cash and cash equivalents | 9,319 | 7,937 |
Unrealized rents & receivables | 5,299 | 5,577 |
Deferred costs | 5,704 | 3,802 |
Total Assets | 699,896 | 701,084 |
Secured notes payable | 271,930 | 276,801 |
Other liabilities | 7,606 | 11,023 |
Capital - Third Parties | 409,876 | 407,145 |
Total Liabilities and Capital | 699,896 | 701,084 |
Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 517,931 | 510,640 |
Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – FRP | 147,371 | 135,333 |
Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 91,024 | 87,483 |
Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 517,931 | 510,640 |
Brooksville Quarry L L C [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 14,342 | 14,307 |
Cash and cash equivalents | 21 | 66 |
Unrealized rents & receivables | 0 | 0 |
Deferred costs | 4 | 1 |
Secured notes payable | 0 | 0 |
Other liabilities | 43 | 0 |
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 14,367 | 14,374 |
Brooksville Quarry L L C [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – FRP | 7,496 | 7,522 |
Brooksville Quarry L L C [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 6,828 | 6,852 |
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 | 14,367 | 14,374 |
B C F R P Realty L L C [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 21,077 | 21,059 |
Cash and cash equivalents | 215 | 99 |
Unrealized rents & receivables | 392 | 422 |
Deferred costs | 275 | 245 |
Secured notes payable | 10,586 | 10,899 |
Other liabilities | 1,127 | 338 |
B C F R P Realty L L C [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 21,959 | 21,825 |
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 | 5,123 | 5,294 |
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 | 5,123 | 5,294 |
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 | 21,959 | 21,825 |
Lending Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 11,448 | 5,547 |
Cash and cash equivalents | 0 | 0 |
Unrealized rents & receivables | 0 | 0 |
Deferred costs | 0 | 30 |
Secured notes payable | (10,586) | (10,899) |
Other liabilities | 0 | 0 |
Lending Ventures [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 11,448 | 5,577 |
Lending Ventures [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – FRP | 22,034 | 16,476 |
Lending Ventures [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 0 | 0 |
Lending Ventures [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 11,448 | 5,577 |
Apartment Mixed Use [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 450,742 | 452,411 |
Cash and cash equivalents | 9,083 | 7,772 |
Unrealized rents & receivables | 4,907 | 5,155 |
Deferred costs | 5,425 | 3,526 |
Secured notes payable | 271,930 | 276,801 |
Other liabilities | 6,436 | 10,685 |
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 470,157 | 468,864 |
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – FRP | 112,718 | 106,041 |
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 79,073 | 75,337 |
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | $ 470,157 | $ 468,864 |
Investments in Apartment_Mixe_2
Investments in Apartment/Mixed-use as of December 31, 2022 (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | $ 497,609 | $ 493,324 |
Cash and cash equivalents | 9,319 | 7,937 |
Unrealized rents & receivables | 5,299 | 5,577 |
Deferred costs | 5,704 | 3,802 |
Total Assets | 699,896 | 701,084 |
Secured notes payable | 271,930 | 276,801 |
Other liabilities | 7,606 | 11,023 |
Capital – Third Parties | 409,876 | 407,145 |
Total Liabilities and Capital | 699,896 | 701,084 |
Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 517,931 | 510,640 |
Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 147,371 | 135,333 |
Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – Third Parties | 91,024 | 87,483 |
Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 517,931 | 510,640 |
Buzzard Point Sponsor Partnership [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Unrealized rents & receivables | 0 | 0 |
Deferred costs | 4,300 | 2,906 |
Secured notes payable | 0 | 0 |
Other liabilities | 0 | 0 |
Buzzard Point Sponsor Partnership [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 4,300 | 2,906 |
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 2,150 | 1,453 |
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – Third Parties | 2,150 | 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 | 4,300 | 2,906 |
Bryant Street Partnerships [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 189,926 | 192,904 |
Cash and cash equivalents | 1,137 | 1,349 |
Unrealized rents & receivables | 4,668 | 5,128 |
Deferred costs | 801 | 393 |
Secured notes payable | 116,884 | 129,263 |
Other liabilities | 2,553 | 2,338 |
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 196,532 | 199,774 |
Bryant Street Partnerships [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 59,440 | 53,553 |
Bryant Street Partnerships [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – Third Parties | 17,655 | 14,620 |
Bryant Street Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 196,532 | 199,774 |
Estero Partnership [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 33,787 | 33,008 |
Cash and cash equivalents | 4,725 | 5,497 |
Unrealized rents & receivables | 29 | 0 |
Deferred costs | 0 | 0 |
Secured notes payable | 16,000 | 16,000 |
Other liabilities | 12 | 5 |
Estero Partnership [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 38,541 | 38,505 |
Estero Partnership [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 3,605 | 3,600 |
Estero Partnership [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – Third Parties | 18,924 | 18,900 |
Estero Partnership [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 38,541 | 38,505 |
Verge [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 129,828 | 130,616 |
Cash and cash equivalents | 1,917 | 359 |
Unrealized rents & receivables | 184 | 14 |
Deferred costs | 172 | 139 |
Secured notes payable | 71,664 | 66,584 |
Other liabilities | 1,166 | 5,328 |
Verge [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 132,101 | 131,128 |
Verge [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 36,421 | 36,348 |
Verge [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – Third Parties | 22,850 | 22,868 |
Verge [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 132,101 | 131,128 |
Greenville Partnerships [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 97,201 | 95,883 |
Cash and cash equivalents | 1,304 | 567 |
Unrealized rents & receivables | 26 | 13 |
Deferred costs | 152 | 88 |
Secured notes payable | 67,382 | 64,954 |
Other liabilities | 2,705 | 3,014 |
Greenville Partnerships [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 98,683 | 96,551 |
Greenville Partnerships [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 11,102 | 11,087 |
Greenville Partnerships [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – Third Parties | 17,494 | 17,496 |
Greenville Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 98,683 | 96,551 |
Apartment Mixed Use [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 450,742 | 452,411 |
Cash and cash equivalents | 9,083 | 7,772 |
Unrealized rents & receivables | 4,907 | 5,155 |
Deferred costs | 5,425 | 3,526 |
Secured notes payable | 271,930 | 276,801 |
Other liabilities | 6,436 | 10,685 |
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 470,157 | 468,864 |
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - FRP | 112,718 | 106,041 |
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – Third Parties | 79,073 | 75,337 |
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | $ 470,157 | $ 468,864 |
Investments in Joint Ventures_2
Investments in Joint Ventures as of December 31, 2022 (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | $ 497,609 | $ 493,324 |
Cash and cash equivalents | 9,319 | 7,937 |
Unrealized rents & receivables | 5,299 | 5,577 |
Deferred costs | 5,704 | 3,802 |
Total Assets | 699,896 | 701,084 |
Secured notes payable | 271,930 | 276,801 |
Other liabilities | 7,606 | 11,023 |
Capital - Third Parties | 409,876 | 407,145 |
Total Liabilities and Capital | 699,896 | 701,084 |
Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 517,931 | 510,640 |
Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – FRP | 147,371 | 135,333 |
Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 91,024 | 87,483 |
Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 517,931 | 510,640 |
Brooksville Quarry L L C [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 14,342 | 14,307 |
Cash and cash equivalents | 21 | 66 |
Unrealized rents & receivables | 0 | 0 |
Deferred costs | 4 | 1 |
Secured notes payable | 0 | 0 |
Other liabilities | 43 | 0 |
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 14,367 | 14,374 |
Brooksville Quarry L L C [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – FRP | 7,496 | 7,522 |
Brooksville Quarry L L C [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 6,828 | 6,852 |
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 | 14,367 | 14,374 |
B C F R P Realty L L C [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 21,077 | 21,059 |
Cash and cash equivalents | 215 | 99 |
Unrealized rents & receivables | 392 | 422 |
Deferred costs | 275 | 245 |
Secured notes payable | 10,586 | 10,899 |
Other liabilities | 1,127 | 338 |
B C F R P Realty L L C [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 21,959 | 21,825 |
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 | 5,123 | 5,294 |
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 | 5,123 | 5,294 |
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 | 21,959 | 21,825 |
Lending Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 11,448 | 5,547 |
Cash and cash equivalents | 0 | 0 |
Unrealized rents & receivables | 0 | 0 |
Deferred costs | 0 | 30 |
Secured notes payable | (10,586) | (10,899) |
Other liabilities | 0 | 0 |
Lending Ventures [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 11,448 | 5,577 |
Lending Ventures [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – FRP | 22,034 | 16,476 |
Lending Ventures [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 0 | 0 |
Lending Ventures [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | 11,448 | 5,577 |
Apartment Mixed Use [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in real estate, net | 450,742 | 452,411 |
Cash and cash equivalents | 9,083 | 7,772 |
Unrealized rents & receivables | 4,907 | 5,155 |
Deferred costs | 5,425 | 3,526 |
Secured notes payable | 271,930 | 276,801 |
Other liabilities | 6,436 | 10,685 |
Apartment Mixed Use [Member] | Real Estate Total Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | 470,157 | 468,864 |
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital – FRP | 112,718 | 106,041 |
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital - Third Parties | 79,073 | 75,337 |
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Liabilities and Capital | $ 470,157 | $ 468,864 |
Bryant Street Partnerships (Det
Bryant Street Partnerships (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | $ 7,432 | $ 6,745 | $ 14,264 | $ 13,027 |
Total Revenues | 10,696 | 9,628 | 20,810 | 18,335 |
Property taxes | 879 | 1,041 | 1,826 | 2,069 |
Total cost of operations | 1,822 | 1,541 | 3,562 | 3,349 |
Total operating profit/(loss) | 2,767 | 2,066 | 5,621 | 3,430 |
Interest expense | (1,129) | (739) | (2,135) | (1,477) |
Net loss before tax | $ 714 | $ 681 | 1,329 | 1,334 |
Bryant Street Partnerships [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | 3,802 | 2,465 | ||
Revenue – other | 680 | 450 | ||
Total Revenues | 4,482 | 2,915 | ||
Depreciation and amortization | 2,056 | 2,000 | ||
Operating expenses | 1,776 | 1,548 | ||
Property taxes | 269 | 355 | ||
Total cost of operations | 4,101 | 3,903 | ||
Total operating profit/(loss) | 381 | (988) | ||
Interest expense | (3,729) | (2,198) | ||
Net loss before tax | (3,348) | (3,186) | ||
Bryant Street Partnerships [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | 6,197 | 4,018 | ||
Revenue – other | 1,108 | 733 | ||
Total Revenues | 7,305 | 4,751 | ||
Depreciation and amortization | 3,350 | 3,260 | ||
Operating expenses | 2,895 | 2,523 | ||
Property taxes | 439 | 578 | ||
Total cost of operations | 6,684 | 6,361 | ||
Total operating profit/(loss) | 621 | (1,610) | ||
Interest expense | (5,917) | (3,177) | ||
Net loss before tax | $ (5,296) | $ (4,787) |
Greenville Partnerships (Detail
Greenville Partnerships (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | $ 7,432 | $ 6,745 | $ 14,264 | $ 13,027 |
Total Revenues | 10,696 | 9,628 | 20,810 | 18,335 |
Property taxes | 879 | 1,041 | 1,826 | 2,069 |
Total cost of operations | 1,822 | 1,541 | 3,562 | 3,349 |
Total operating profit/(loss) | 2,767 | 2,066 | 5,621 | 3,430 |
Interest expense | (1,129) | (739) | (2,135) | (1,477) |
Net loss before tax | $ 714 | $ 681 | 1,329 | 1,334 |
Greenville Woodfield Partnerships [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | 1,104 | 534 | ||
Revenue – other | 80 | 34 | ||
Total Revenues | 1,184 | 568 | ||
Depreciation and amortization | 629 | 306 | ||
Operating expenses | 449 | 240 | ||
Property taxes | 224 | 127 | ||
Total cost of operations | 1,302 | 673 | ||
Total operating profit/(loss) | (118) | (105) | ||
Interest expense | (704) | (120) | ||
Net loss before tax | (822) | (225) | ||
Greenville Woodfield Partnerships [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | 2,758 | 1,335 | ||
Revenue – other | 201 | 86 | ||
Total Revenues | 2,959 | 1,421 | ||
Depreciation and amortization | 1,573 | 765 | ||
Operating expenses | 1,120 | 601 | ||
Property taxes | 561 | 317 | ||
Total cost of operations | 3,254 | 1,683 | ||
Total operating profit/(loss) | (295) | (262) | ||
Interest expense | (1,761) | (301) | ||
Net loss before tax | $ (2,056) | $ (563) |
Verge Partnership (Details)
Verge Partnership (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | $ 7,432 | $ 6,745 | $ 14,264 | $ 13,027 |
Total Revenues | 10,696 | 9,628 | 20,810 | 18,335 |
Property taxes | 879 | 1,041 | 1,826 | 2,069 |
Total cost of operations | 1,822 | 1,541 | 3,562 | 3,349 |
Total operating profit | 2,767 | 2,066 | 5,621 | 3,430 |
Interest expense | (1,129) | (739) | (2,135) | (1,477) |
Net profit before tax | $ 714 | $ 681 | 1,329 | $ 1,334 |
Verge [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | 534 | |||
Revenue – other | 74 | |||
Total Revenues | 608 | |||
Depreciation and amortization | 1,356 | |||
Operating expenses | 790 | |||
Property taxes | 312 | |||
Total cost of operations | 2,458 | |||
Total operating profit | (1,850) | |||
Interest expense | (1,453) | |||
Net profit before tax | (3,303) | |||
Verge [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Rental Revenue | 870 | |||
Revenue – other | 120 | |||
Total Revenues | 990 | |||
Depreciation and amortization | 2,210 | |||
Operating expenses | 1,286 | |||
Property taxes | 509 | |||
Total cost of operations | 4,005 | |||
Total operating profit | (3,015) | |||
Interest expense | (2,368) | |||
Net profit before tax | $ (5,383) |
Investments in Joint Ventures_3
Investments in Joint Ventures (Details Narrative) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Difference between carrying value and underlying equity | $ 5,216,000 | |
Retained earnings (accumulated deficit) | $ (18,712,000) | $ (13,115,000) |