FRP (FRPH) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-36769
Entity Registrant Name	FRP HOLDINGS, INC.
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	47-2449198
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		19,030,474
Entity Central Index Key	0000844059
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real estate investments at cost:
Land	$ 168,958	$ 141,602
Buildings and improvements	283,104	282,631
Projects under construction	29,414	10,845
Total investments in properties	481,476	435,078
Less accumulated depreciation and depletion	75,183	67,758
Net investments in properties	406,293	367,320
Real estate held for investment, at cost	11,290	10,662
Investments in joint ventures	157,272	166,066
Net real estate investments	574,855	544,048
Cash and cash equivalents	144,681	157,555
Cash held in escrow	981	860
Accounts receivable, net	1,826	1,046
Federal and state income taxes receivable	0	337
Unrealized rents	1,395	1,640
Deferred costs	2,569	3,091
Other assets	611	589
Total assets	726,918	709,166
Liabilities:
Secured notes payable	178,816	178,705
Accounts payable and accrued liabilities	6,060	8,333
Other liabilities	1,487	1,487
Federal and state income taxes payable	452	0
Deferred revenue	2,392	925
Deferred income taxes	68,356	69,456
Deferred compensation	1,451	1,409
Tenant security deposits	801	875
Total liabilities	259,815	261,190
Commitments and contingencies	0	0
Equity:
Common stock, $.10 par value 25,000,000 shares authorized, 19,030,474 and 18,968,448 shares issued and outstanding, respectively	1,903	1,897
Capital in excess of par value	68,313	66,706
Retained earnings	350,588	345,882
Accumulated other comprehensive income, net	80	35
Total shareholders’ equity	420,884	414,520
Noncontrolling interests	46,219	33,456
Total equity	467,103	447,976
Total liabilities and equity	$ 726,918	$ 709,166

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	19,030,474	18,968,448
Common stock, shares outstanding (in shares)	19,030,474	18,968,448

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Lease revenue		$ 7,434	$ 7,509	$ 21,850	$ 21,773
Mining royalty and rents		3,199	3,082	9,393	9,628
Total revenues		10,633	10,591	31,243	31,401
Cost of operations:
Depreciation/depletion/amortization		2,551	2,816	7,629	8,415
Operating expenses		1,860	2,012	5,429	5,574
Property taxes		850	919	2,517	2,745
General and administrative		2,289	1,948	6,883	6,150
Total cost of operations		7,550	7,695	22,458	22,884
Total operating profit		3,083	2,896	8,785	8,517
Net investment income		2,304	2,700	8,795	8,207
Interest expense		(742)	(1,116)	(2,482)	(3,251)
Equity in loss of joint ventures		(2,839)	(2,913)	(8,582)	(10,585)
(Loss) gain on sale of real estate		0	(1)	0	7
Income before income taxes		1,806	1,566	6,516	2,895
Provision for income taxes		427	467	1,743	898
Net income		1,379	1,099	4,773	1,997
Income (loss) attributable to noncontrolling interest		18	(160)	67	(425)
Net income attributable to the Company		$ 1,361	$ 1,259	$ 4,706	$ 2,422
Earnings per common share
Net income attributable to the Company- basic (usd per share)	[1]	$ 0.07	$ 0.07	$ 0.25	$ 0.13
Net income attributable to the Company- diluted (usd per share)	[1]	$ 0.07	$ 0.07	$ 0.25	$ 0.13
Number of shares (in thousands) used in computing
Number of shares (in thousands) used in computing basic earnings per common shares (in shares)	[1]	18,887	18,846	18,877	18,846
Number of shares (in thousands) used in computing diluted earnings per common shares (in shares)	[1]	18,972	18,920	18,967	18,926
[1] Adjusted for the 2 for 1 stock split that occurred in April 2024

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME - (Parenthetical)		1 Months Ended
	Apr. 12, 2024	Apr. 30, 2024
Income Statement [Abstract]
Common stock split ratio	2	2

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net income	$ 1,379	$ 1,099	$ 4,773	$ 1,997
Other comprehensive income (loss) net of tax:
Unrealized gain on investments, net of income tax effect of $21, $145, $21 and $360	66	392	68	972
Minimum pension liability, net of income tax effect of $(2), $(3), $(8) and $(8)	(8)	(8)	(23)	(24)
Comprehensive income	1,437	1,483	4,818	2,945
Less comp. income (loss) attributable to noncontrolling interests	18	(160)	67	(425)
Comprehensive income attributable to the Company	$ 1,419	$ 1,643	$ 4,751	$ 3,370

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Unrealized gain on investments, income tax effect	$ 21	$ 145	$ 21	$ 360
Minimum pension liability, income tax effect	$ (2)	$ (3)	$ (8)	$ (8)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 4,773	$ 1,997
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	7,840	8,557
Deferred income taxes	(1,100)	(57)
Equity in loss of joint ventures	8,582	10,585
Gain on sale of equipment and property	(27)	(14)
Stock-based compensation	1,613	1,472
Net changes in operating assets and liabilities:
Accounts receivable	(780)	(517)
Deferred costs and other assets	552	(538)
Accounts payable and accrued liabilities	(806)	(1,512)
Income taxes payable and receivable	789	686
Other long-term liabilities	(32)	62
Net cash provided by operating activities	21,404	20,721
Cash flows from investing activities:
Investments in properties	(47,089)	(4,634)
Investments in joint ventures	(14,219)	(31,648)
Return of capital from investments in joint ventures	14,428	7,559
Proceeds from the sale of assets	27	16
Cash held in escrow	(121)	151
Net cash used in investing activities	(46,974)	(28,556)
Cash flows from financing activities:
Distribution to noncontrolling interests	(2,406)	(2,437)
Contributions from noncontrolling interest	15,102	0
Repurchase of Company stock	0	(2,000)
Exercise of employee stock options	0	803
Net cash provided by (used in) financing activities	12,696	(3,634)
Net decrease in cash and cash equivalents	(12,874)	(11,469)
Cash and cash equivalents at beginning of year	157,555	177,497
Cash and cash equivalents at end of the period	144,681	166,028
Cash paid during the period for:
Interest	2,459	3,248
Income taxes	$ 2,067	$ 622

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Employees	Directors	Total Share holders’ Equity	Total Share holders’ Equity Employees	Total Share holders’ Equity Directors	Common Stock	Common Stock Employees	Common Stock Directors	Capital in Excess of Par Value	Capital in Excess of Par Value Employees	Capital in Excess of Par Value Directors	Retained Earnings	Accumulated Other Comp- rehensive Income (loss), net	Non- Controlling Interest
Beginning balance (shares) at Dec. 31, 2022							18,919,372
Beginning balance at Dec. 31, 2022	$ 444,211			$ 407,145			$ 1,892			$ 64,212			$ 342,317	$ (1,276)	$ 37,066
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (shares)							35,470
Exercise of stock options	803			803			$ 4			799
Stock option grant compensation	49			49						49
Restricted stock compensation	773			773						773
Shares granted to Employees and Directors (shares)								1,856	20,760
Shares granted to Employees and Directors		$ 50	$ 600		$ 50	$ 600			$ 2		$ 50	$ 598
Restricted stock award (shares)							50,568
Restricted stock award	0						$ 4			(4)
Shares purchased and cancelled (shares)							(73,818)
Shares purchased and cancelled	(2,000)			(2,000)			$ (6)			(257)			(1,737)
Net income	1,997			2,422									2,422		(425)
Distributions to partners	(2,437)														(2,437)
Minimum pension liability, net	(24)			(24)										(24)
Unrealized loss on investment, net	972			972										972
Ending balance at Sep. 30, 2023	444,994			410,790			$ 1,896			66,220			343,002	(328)	34,204
Ending balance (shares) at Sep. 30, 2023							18,954,208
Beginning balance (shares) at Jun. 30, 2023							18,991,346
Beginning balance at Jun. 30, 2023	444,992			409,876			$ 1,900			66,078			342,610	(712)	35,116
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option grant compensation	16			16						16
Restricted stock compensation	255			255						255
Shares purchased and cancelled (shares)							(37,138)
Shares purchased and cancelled	(1,000)			(1,000)			$ (4)			(129)			(867)
Net income	1,099			1,259									1,259		(160)
Distributions to partners	(752)														(752)
Minimum pension liability, net	(8)			(8)										(8)
Unrealized loss on investment, net	392			392										392
Ending balance at Sep. 30, 2023	$ 444,994			410,790			$ 1,896			66,220			343,002	(328)	34,204
Ending balance (shares) at Sep. 30, 2023							18,954,208
Beginning balance (shares) at Dec. 31, 2023	18,968,448						18,968,448
Beginning balance at Dec. 31, 2023	$ 447,976			414,520			$ 1,897			66,706			345,882	35	33,456
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option grant compensation	58			58						58
Restricted stock compensation	955			955						955
Shares granted to Employees and Directors (shares)									19,356
Shares granted to Employees and Directors			$ 600			$ 600			$ 2			$ 598
Restricted stock award (shares)							42,670
Restricted stock award	0						$ 4			(4)
Net income	4,773			4,706									4,706		67
Contributions from partner	15,102														15,102
Distributions to partners	(2,406)														(2,406)
Minimum pension liability, net	(23)			(23)										(23)
Unrealized loss on investment, net	68			68										68
Ending balance at Sep. 30, 2024	$ 467,103			420,884			$ 1,903			68,313			350,588	80	46,219
Ending balance (shares) at Sep. 30, 2024	19,030,474						19,030,474
Beginning balance (shares) at Jun. 30, 2024							19,030,474
Beginning balance at Jun. 30, 2024	$ 451,148			419,132			$ 1,903			67,980			349,227	22	32,016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option grant compensation	19			19						19
Restricted stock compensation	314			314						314
Net income	1,379			1,361									1,361		18
Contributions from partner	15,102														15,102
Distributions to partners	(917)														(917)
Minimum pension liability, net	(8)			(8)										(8)
Unrealized loss on investment, net	66			66										66
Ending balance at Sep. 30, 2024	$ 467,103			$ 420,884			$ 1,903			$ 68,313			$ 350,588	$ 80	$ 46,219
Ending balance (shares) at Sep. 30, 2024	19,030,474						19,030,474

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation. FRP Holdings, Inc. is a holding company engaged in the real estate business, namely (i) leasing and management of 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) leasing and management of residential apartment buildings. 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, Riverfront Investment Partners II, LLC, Lakeland Logistics Park Venture, LLC, and Davie Logistics Park Venture, LLC includes a non-controlling interest representing the ownership of our partners. 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 considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023. During the 4th quarter of 2023, the Company renamed two of its reportable segments in order to clearly define projects within those segments. The Asset Management segment was renamed the Industrial and Commercial segment and the Stabilized Joint Venture segment was renamed the Multifamily Segment. On April 12, 2024, the Company effected a 2-for-1 forward split of its common stock in the nature of a dividend. All share and per share information, including share-based compensation, throughout this report have been retroactively adjusted to reflect the stock split. The shares of common stock retain a par value of $0.10 per share. Accordingly, an amount equal to the par value of the increased shares resulting from the stock split was reclassified from capital in excess of par value to common stock.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards. In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023 - 07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which which requires disclosure of the significant segment expense categories that are regularly provided to the chief operating decision maker (CODM) and disclosure of the individual or committee identified as the CODM beginning with our 10-K for 2024. We are evaluating the impact of this standard on our segment disclosures. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires additional information about the effective tax rate reconciliation and income taxes paid beginning with our 10-K for 2025. We are evaluating the impact of this standard on our income tax disclosures.

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Business Segments	Business Segments. The Company is reporting its financial performance based on four reportable segments, Industrial and Commercial (previously named Asset Management), Mining Royalty Lands, Development, and Multifamily (previously named Stabilized Joint Venture), as described below. The Industrial and Commercial Segment owns, leases and manages in-service commercial properties. Currently this includes nine warehouses in two business parks, an office building partially occupied by the Company, and two ground leases all wholly owned by the Company. This segment will also include joint ventures of commercial properties when they are stabilized. Our Mining Royalty Lands Segment owns several properties totaling approximately 16,650 acres currently under lease for mining rents or royalties (this does not include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials). Other than one location in Virginia, all of these properties are located in Florida and Georgia. 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. Two of our joint ventures in the segment, Lakeland Logistics Park Venture, LLC ("Lakeland") and Davie Logistics Park Venture, LLC ("Davie") are consolidated. The Multifamily Segment includes joint ventures which own, lease and manage apartment projects that have met our initial lease-up criteria. Two of our joint ventures in the segment, Riverfront Investment Partners I, LLC (“Dock 79”) and Riverfront Investment Partners II, LLC (“The Maren”) are consolidated. The ownership of our consolidated joint ventures attributable to our partners are reflected on our consolidated balance sheet as a noncontrolling interest. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity but separately from shareholders' equity. On the Consolidated Statements of Income, all of the revenues and expenses from our consolidated joint ventures are reported in net income, including both the amounts attributable to the Company and the noncontrolling interest. The amounts of consolidated net income attributable to the noncontrolling interest is clearly identified on the accompanying Consolidated Statements of Income. Operating results and certain other financial data for the Company’s business segments are as follows (in thousands): Three Months ended Nine Months ended September 30, September 30, 2024 2023 2024 2023 Revenues: Industrial and commercial $ 1,455 1,442 $ 4,353 3,932 Mining royalty lands 3,199 3,082 9,393 9,628 Development 297 434 905 1,387 Multifamily 5,682 5,633 16,592 16,454 $ 10,633 10,591 $ 31,243 31,401 Operating profit (loss): Before general and administrative expenses: Industrial and commercial $ 842 838 $ 2,484 2,251 Mining royalty lands 2,946 2,745 8,655 8,781 Development 25 221 102 445 Multifamily 1,559 1,040 4,427 3,190 Operating profit before G&A 5,372 4,844 15,668 14,667 Total general and administrative expenses 2,289 1,948 6,883 6,150 $ 3,083 2,896 $ 8,785 8,517 Interest expense $ 742 $ 1,116 $ 2,482 3,251 Depreciation, depletion and amortization: Industrial and commercial $ 360 369 $ 1,083 1,006 Mining royalty lands 163 138 471 472 Development 43 44 128 140 Multifamily 1,985 2,265 5,947 6,797 $ 2,551 2,816 $ 7,629 8,415 Capital expenditures: Industrial and commercial $ 235 12 $ 628 557 Mining royalty lands 18 — 60 — Development 34,265 2,179 46,146 3,640 Multifamily 53 258 255 437 $ 34,571 2,449 $ 47,089 4,634 Identifiable net assets September 30, December 31, Industrial and commercial $ 38,117 38,784 Mining royalty lands 47,733 48,072 Development 142,269 212,384 Multifamily 351,637 249,750 Cash items 145,662 158,415 Unallocated corporate assets 1,500 1,761 $ 726,918 709,166

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions. The Company was 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 set forth the terms on which Patriot provided 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. Patriot was purchased by an unaffiliated company in December 2023 resulting in FRP and Patriot no longer being related parties. The previously shared executive officers became FRP employees as of January 1, 2024. The consolidated statements of income reflect charges and/or allocation from Patriot for these services of $687,000 for the nine months ended September 30, 2023. These charges are reflected as part of general and administrative expense. 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	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt. The Company’s outstanding debt, net of unamortized debt issuance costs, consisted of the following (in thousands): September 30, December 31, Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033 $ 180,070 180,070 Unamortized debt issuance costs (1,254) (1,365) Credit agreement — — $ 178,816 178,705 On December 22, 2023, the Company entered into a 2023 Amended and Restated Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells Fargo”), effective December 22, 2023. The Credit Agreement modifies the Company’s prior Credit Agreement with Wells Fargo dated January 30, 2015. The Credit Agreement establishes a three-year revolving credit facility with a maximum facility amount of $35 million. The interest rate under the Credit Agreement will be 2.25% over the Daily Simple SOFR in effect. A commitment fee of 0.35% per annum is payable quarterly on the unused portion of the commitment. As of September 30, 2024, there was no debt outstanding on this revolver, $548,000 outstanding under letters of credit and $34,452,000 available for borrowing. The letters of credit were issued to guarantee certain obligations to state agencies related to real estate development. Most of the letters of credit are irrevocable for a period of one year and typically are automatically extended for additional one-year periods. The letter of credit fee is 2.25% and applicable interest rate would have been 7.08% on September 30, 2024. The credit agreement contains affirmative financial covenants and negative covenants, including a minimum tangible net worth. As of September 30, 2024, these covenants would have limited our ability to pay dividends to a maximum of $102.6 million combined. 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 and $88,000,000 respectively, in connection with the refinancing. The loans are separately secured by the Dock 79 and The Maren real property and improvements, bear a fixed interest rate of 3.03% per annum, and require monthly payments of interest only with the principal due in full April 1, 2033. 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 $45,000 and $37,000 was recorded during the three months ended September 30, 2024 and 2023, respectively. Debt cost amortization of $134,000 and $111,000 was recorded during the nine months ended September 30, 2024 and 2023, respectively. During the three months ended September 30, 2024 and 2023 the Company capitalized interest costs of $705,000 and $297,000, respectively. During the nine months ended September 30, 2024 and 2023 the Company capitalized interest costs of $1,855,000 and $986,000, respectively. The Company was in compliance with all debt covenants as of September 30, 2024.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share. The following details the computations of the basic and diluted earnings per common share as adjusted for the 2 for 1 stock split that occurred in April 2024 (in thousands, except per share amounts): Three Months ended Nine Months ended September 30, September 30, 2024 2023 2024 2023 Weighted average common shares outstanding 18,887 18,846 18,877 18,846 Common shares issuable under share-based payment plans which are potentially dilutive 85 74 90 80 Common shares used for diluted earnings per common share 18,972 18,920 18,967 18,926 Net income attributable to the Company $ 1,361 1,259 $ 4,706 2,422 Earnings per common share: -basic $ .07 .07 $ .25 .13 -diluted $ .07 .07 $ .25 .13 For the three and nine months ended September 30, 2024, the Company had 3,236 shares of stock options outstanding which were not used in the calculation above because the effect would have been anti-dilutive.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans. The Company has two Stock Option Plans (the 2006 Stock Incentive Plan and the 2016 Equity Incentive Option Plan) under which stock options, restricted stock, and stock awards were granted to directors, officers and key employees. The 2016 plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, or stock awards. The options awarded under the plans have similar characteristics. All stock options are non-qualified and expire ten years from the date of grant. Stock based compensation awarded to directors, officers and employees are exercisable immediately or become exercisable in cumulative installments of 20% or 25% at the end of each year following the date of grant. When stock options are exercised, the Company issues new shares after receipt of exercise proceeds and taxes due, if any, from the grantee. The number of common shares available for future issuance was 569,118 at September 30, 2024. 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 dividend yield, expected volatility between 28.5% and 41.2%, risk-free interest rate of 2.0% to 3.8% and expected life of 5.0 to 7.0 years. The dividend yield of zero is based on the fact that the Company does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility is estimated based on the Company’s historical experience over a period equivalent to the expected life in years. The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the expected life of the options granted. The expected life calculation is based on the observed and expected time to exercise options by the employees. The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands): Three Months ended Nine Months ended September 30, September 30, 2024 2023 2024 2023 Stock option grants $ 19 $ 16 $ 58 $ 49 Restricted stock awards 314 255 955 773 Annual director stock award — — 600 600 Employee stock grant — — — 50 $ 333 $ 271 $ 1,613 $ 1,472 A summary of changes in outstanding options is presented below (in thousands, except share and per share amounts): Options Number Weighted Weighted Weighted Outstanding at January 1, 2024 126,880 $ 20.00 3.5 $ 981 Time-based awards granted 12,200 31.44 150 Performance-based awards granted 20,330 31.44 250 Outstanding at September 30, 2024 159,410 $ 22.33 4.0 $ 1,381 Exercisable at September 30, 2024 126,880 $ 20.00 2.7 $ 981 Vested during three months ended — $ — The aggregate intrinsic value of exercisable in-the-money options was $1,252,000 and the aggregate intrinsic value of outstanding in-the-money options was $1,252,000 based on the market closing price of $29.86 on September 30, 2024 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of September 30, 2024 was $292,000, which is expected to be recognized over a weighted-average period of 3.8 years. A summary of changes in restricted stock awards is presented below (in thousands, except share and per share amounts): Restricted stock Number Weighted Weighted Weighted Non-vested at January 1, 2024 109,454 $ 26.47 2.8 $ 2,897 Time-based awards granted 12,780 31.30 400 Performance-based awards granted 29,890 31.05 928 Vested (8,684) 29.16 (253) Non-vested at September 30, 2024 143,440 $ 27.44 2.8 $ 3,972 Total unrecognized compensation cost of restricted stock granted but not yet vested as of September 30, 2024 was $2,736,000 which is expected to be recognized over a weighted-average period of 2.8 years.

Contingent Liabilities

Contingent Liabilities	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Contingent Liabilities. The Company may be involved in litigation on a number of matters and is subject to certain claims which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. In the opinion of management, none of these matters are expected to have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. The Company is subject to numerous environmental laws and regulations. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that previous environmental studies with respect to its properties have revealed all potential environmental contaminants; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the properties will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company. As of September 30, 2024, there was $548,000 outstanding under letters of credit. The letters of credit were issued to guarantee certain obligations to state agencies related to real estate development. The Company and MidAtlantic Realty Partners (MRP) provided a guaranty for the interest carry cost of $110 million loan on the Bryant Street Partnerships issued in December 2023. The Company and MRP have a side agreement limiting the Company’s guarantee to its proportionate ownership. The value of the guarantee was calculated at $1.5 million based on the present value of our assumption of 0.8% interest savings over the anticipated 36-month term. This amount is included as part of the Company’s investment basis and is amortized to expense over the 36 months. The Company will evaluate the guarantee liability based upon the success of the project and assuming no payments are made under the guarantee, the Company will have a gain for $1.5 million when the loan is paid in full.

Concentrations

Concentrations	9 Months Ended
	Sep. 30, 2024
Risks and Uncertainties [Abstract]
Concentrations	Concentrations . The mining royalty lands segment has a total of five tenants currently leasing mining locations and one lessee that accounted for 22.4% of the Company’s consolidated revenues during the nine months ended September 30, 2024, and $517,000 of accounts receivable at September 30, 2024. The termination of these lessees’ underlying leases could have a material adverse effect on the Company. The Company places its cash and cash equivalents with Wells Fargo Bank and TD Bank. At times, such amounts may exceed FDIC limits.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs are those that are unobservable and significant to the overall fair value measurement. At September 30, 2024, the Company was invested in U.S. Treasury notes valued at $117,933,000 maturing in 2024. The unrealized gain on these investments of $89,000 was recorded as part of comprehensive income and based on the estimated market value by Wells Fargo Bank, N.A. (Level 1). At September 30, 2024 and December 31, 2023, the carrying amount reported in the consolidated balance sheets for cash and cash equivalents including U.S. Treasury notes was adjusted to fair value as described above. The fair values of the Company’s other mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities. At September 30, 2024, the carrying amount and fair value of such other long-term debt was $180,070,000 and $149,366,000, respectively. At December 31, 2023, the carrying amount and fair value of such other long-term debt was $180,070,000 and $145,678,000, respectively.

Investments in Joint Ventures

Investments in Joint Ventures	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Joint Ventures	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 (in thousands): FRP The Company's Total Total Assets of Profit (Loss) The As of September 30, 2024 Brooksville Quarry, LLC 50.00 % $ 7,514 14,432 (70) (35) BC FRP Realty, LLC 50.00 % 5,484 21,996 (728) (364) Buzzard Point Sponsor, LLC 50.00 % 2,424 4,848 — — Bryant Street Partnerships 72.10 % 66,747 198,821 (6,748) (4,969) Lending ventures 27,374 16,929 — — Estero Partnership 16.00 % 3,683 38,520 — — The Verge Partnership 61.37 % 37,849 127,103 (3,969) (2,436) Greenville Partnerships 40.00 % 6,197 100,735 (1,945) (778) Total $ 157,272 523,384 (13,460) (8,582) The Company completed negotiations with MRP concerning the ownership adjustment related to the Bryant Street stabilization and conversion of FRP preferred equity to common equity resulting in FRP ownership of 72.10% effective in 2024 compared to 61.36% prior ownership. The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of September 30, 2024 are summarized in the following two tables (in thousands): As of September 30, 2024 Buzzard Point Bryant Street Estero Verge Greenville Total Multifamily Investments in real estate, net $ 0 185,176 37,495 125,044 97,101 $ 444,816 Cash and restricted cash 0 5,193 1,025 1,580 3,027 10,825 Unrealized rents & receivables 0 6,960 0 310 494 7,764 Deferred costs 4,848 1,492 0 169 113 6,622 Total Assets $ 4,848 198,821 38,520 127,103 100,735 $ 470,027 Secured notes payable $ 0 110,802 16,000 68,178 81,756 $ 276,736 Other liabilities 0 2,459 0 856 2,225 5,540 Capital – FRP 2,424 64,740 3,600 35,575 5,356 111,695 Capital – Third Parties 2,424 20,820 18,920 22,494 11,398 76,056 Total Liabilities and Capital $ 4,848 198,821 38,520 127,103 100,735 $ 470,027 Brooksville BC FRP Lending Multifamily Grand Investments in real estate, net $ 14,356 21,084 16,929 444,816 $ 497,185 Cash and restricted cash 74 108 0 10,825 11,007 Unrealized rents & receivables 0 451 0 7,764 8,215 Deferred costs 2 353 0 6,622 6,977 Total Assets $ 14,432 21,996 16,929 470,027 $ 523,384 Secured notes payable $ 0 10,857 (10,445) 276,736 $ 277,148 Other liabilities 66 283 0 5,540 5,889 Capital – FRP 7,515 5,428 27,374 111,695 152,012 Capital – Third Parties 6,851 5,428 0 76,056 88,335 Total Liabilities and Capital $ 14,432 21,996 16,929 470,027 $ 523,384 The Company’s capital recorded by the unconsolidated Joint Ventures is $5,260,000 less than the Investment in Joint Ventures reported in the Company’s consolidated balance sheet due primarily to capitalized interest. The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of December 31, 2023 are summarized in the following two tables (in thousands): As of December 31, 2023 Buzzard Point Bryant Street Estero Verge Greenville Total Multifamily Investments in real estate, net $ 0 187,616 35,576 128,154 95,911 $ 447,257 Cash and restricted cash 0 7,543 3,076 1,323 2,000 13,942 Unrealized rents & receivables 0 6,737 0 403 127 7,267 Deferred costs 4,652 738 0 293 185 5,868 Total Assets $ 4,652 202,634 38,652 130,173 98,223 $ 474,334 Secured notes payable $ 0 107,084 16,000 72,691 66,434 $ 262,209 Other liabilities 0 3,129 0 1,344 3,867 8,340 Capital – FRP 2,326 69,779 3,600 34,391 10,450 120,546 Capital – Third Parties 2,326 22,642 19,052 21,747 17,472 83,239 Total Liabilities and Capital $ 4,652 202,634 38,652 130,173 98,223 $ 474,334 As of December 31, 2023 Brooksville BC FRP Lending Multifamily Grand Investments in real estate, net $ 14,358 21,503 17,117 447,257 $ 500,235 Cash and restricted cash 80 127 0 13,942 14,149 Unrealized rents & receivables 0 464 0 7,267 7,731 Deferred costs 1 360 0 5,868 6,229 Total Assets $ 14,439 22,454 17,117 474,334 $ 528,344 Secured notes payable $ 0 12,086 (10,578) 262,209 $ 263,717 Other liabilities 0 402 0 8,340 8,742 Capital – FRP 7,552 4,983 27,695 120,546 160,776 Capital - Third Parties 6,887 4,983 0 83,239 95,109 Total Liabilities and Capital $ 14,439 22,454 17,117 474,334 $ 528,344 The amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $(28,388,000) and $(21,823,000) as of September 30, 2024 and December 31, 2023, respectively. The income statements of the Bryant Street Partnerships are as follows (in thousands): Bryant Street Bryant Street Bryant Street Bryant Street Nine Months ended Nine Months ended Nine Months ended Nine Months ended September 30, September 30, September 30, September 30, 2024 2023 2024 2023 Revenues: Rental Revenue $ 10,191 $ 9,322 $ 7,341 $ 5,720 Revenue – other 1,623 1,784 1,169 1,095 Total Revenues 11,814 11,106 8,510 6,815 Cost of operations: Depreciation and amortization 5,139 5,202 3,702 3,192 Operating expenses 4,394 4,384 3,165 2,690 Property taxes 1,051 789 757 484 Total cost of operations 10,584 10,375 7,624 6,366 Total operating profit/(loss) 1,230 731 886 449 Interest expense (7,978) (8,607) (5,855) (5,380) Net loss before tax $ (6,748) $ (7,876) $ (4,969) $ (4,931) The Company completed negotiations with MRP concerning the ownership adjustment related to the Bryant Street stabilization and conversion of FRP preferred equity to common equity resulting in FRP ownership of 72.10% effective in 2024 compared to 61.36% prior ownership. Interest expense in 2024 for the total JV and the Company share includes $372,000 loan guarantee expense. The income statements of the Greenville Partnerships are as follows (in thousands): Greenville Greenville Greenville Greenville Nine Months ended Nine Months ended Nine Months ended Nine Months ended September 30, September 30, September 30, September 30, 2024 2023 2024 2023 Revenues: Rental Revenue $ 6,668 $ 4,875 $ 2,667 $ 1,950 Revenue – other 608 405 243 162 Total Revenues 7,276 5,280 2,910 2,112 Cost of operations: Depreciation and amortization 2,625 2,118 1,050 847 Operating expenses 1,958 1,784 782 714 Property taxes 1,129 882 452 353 Total cost of operations 5,712 4,784 2,284 1,914 Total operating profit/(loss) 1,564 496 626 198 Interest expense (3,509) (2,872) (1,404) (1,148) Net loss before tax $ (1,945) $ (2,376) $ (778) $ (950) The income statements of The Verge Partnership are as follows (in thousands): The Verge The Verge The Verge The Verge Nine Months ended Nine Months ended Nine Months ended Nine Months ended September 30, September 30, September 30, September 30, 2024 2023 2024 2023 Revenues: Rental Revenue $ 5,355 $ 2,042 $ 3,286 $ 1,254 Revenue – other 761 320 467 196 Total Revenues 6,116 2,362 3,753 1,450 Cost of operations: Depreciation and amortization 3,250 2,958 1,995 1,815 Operating expenses 2,301 2,057 1,411 1,263 Property taxes 743 741 456 455 Total cost of operations 6,294 5,756 3,862 3,533 Total operating profit/(loss) (178) (3,394) (109) (2,083) Interest expense (3,791) (3,767) (2,327) (2,312) Net loss before tax $ (3,969) $ (7,161) $ (2,436) $ (4,395)

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Operating Results and Certain Other Financial Data for Business Segments	Operating results and certain other financial data for the Company’s business segments are as follows (in thousands): Three Months ended Nine Months ended September 30, September 30, 2024 2023 2024 2023 Revenues: Industrial and commercial $ 1,455 1,442 $ 4,353 3,932 Mining royalty lands 3,199 3,082 9,393 9,628 Development 297 434 905 1,387 Multifamily 5,682 5,633 16,592 16,454 $ 10,633 10,591 $ 31,243 31,401 Operating profit (loss): Before general and administrative expenses: Industrial and commercial $ 842 838 $ 2,484 2,251 Mining royalty lands 2,946 2,745 8,655 8,781 Development 25 221 102 445 Multifamily 1,559 1,040 4,427 3,190 Operating profit before G&A 5,372 4,844 15,668 14,667 Total general and administrative expenses 2,289 1,948 6,883 6,150 $ 3,083 2,896 $ 8,785 8,517 Interest expense $ 742 $ 1,116 $ 2,482 3,251 Depreciation, depletion and amortization: Industrial and commercial $ 360 369 $ 1,083 1,006 Mining royalty lands 163 138 471 472 Development 43 44 128 140 Multifamily 1,985 2,265 5,947 6,797 $ 2,551 2,816 $ 7,629 8,415 Capital expenditures: Industrial and commercial $ 235 12 $ 628 557 Mining royalty lands 18 — 60 — Development 34,265 2,179 46,146 3,640 Multifamily 53 258 255 437 $ 34,571 2,449 $ 47,089 4,634
Schedule of Identifiable Net Assets	Identifiable net assets September 30, December 31, Industrial and commercial $ 38,117 38,784 Mining royalty lands 47,733 48,072 Development 142,269 212,384 Multifamily 351,637 249,750 Cash items 145,662 158,415 Unallocated corporate assets 1,500 1,761 $ 726,918 709,166

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The Company’s outstanding debt, net of unamortized debt issuance costs, consisted of the following (in thousands): September 30, December 31, Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033 $ 180,070 180,070 Unamortized debt issuance costs (1,254) (1,365) Credit agreement — — $ 178,816 178,705

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Common Share	The following details the computations of the basic and diluted earnings per common share as adjusted for the 2 for 1 stock split that occurred in April 2024 (in thousands, except per share amounts): Three Months ended Nine Months ended September 30, September 30, 2024 2023 2024 2023 Weighted average common shares outstanding 18,887 18,846 18,877 18,846 Common shares issuable under share-based payment plans which are potentially dilutive 85 74 90 80 Common shares used for diluted earnings per common share 18,972 18,920 18,967 18,926 Net income attributable to the Company $ 1,361 1,259 $ 4,706 2,422 Earnings per common share: -basic $ .07 .07 $ .25 .13 -diluted $ .07 .07 $ .25 .13

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Compensation Expense	The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands): Three Months ended Nine Months ended September 30, September 30, 2024 2023 2024 2023 Stock option grants $ 19 $ 16 $ 58 $ 49 Restricted stock awards 314 255 955 773 Annual director stock award — — 600 600 Employee stock grant — — — 50 $ 333 $ 271 $ 1,613 $ 1,472
Schedule of Changes in Outstanding Options	A summary of changes in outstanding options is presented below (in thousands, except share and per share amounts): Options Number Weighted Weighted Weighted Outstanding at January 1, 2024 126,880 $ 20.00 3.5 $ 981 Time-based awards granted 12,200 31.44 150 Performance-based awards granted 20,330 31.44 250 Outstanding at September 30, 2024 159,410 $ 22.33 4.0 $ 1,381 Exercisable at September 30, 2024 126,880 $ 20.00 2.7 $ 981 Vested during three months ended — $ —
Schedule of Changes in Restricted Stock Awards	A summary of changes in restricted stock awards is presented below (in thousands, except share and per share amounts): Restricted stock Number Weighted Weighted Weighted Non-vested at January 1, 2024 109,454 $ 26.47 2.8 $ 2,897 Time-based awards granted 12,780 31.30 400 Performance-based awards granted 29,890 31.05 928 Vested (8,684) 29.16 (253) Non-vested at September 30, 2024 143,440 $ 27.44 2.8 $ 3,972

Investments in Joint Ventures (

Investments in Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Joint Ventures	The following table summarizes the Company’s investments in unconsolidated joint ventures (in thousands): FRP The Company's Total Total Assets of Profit (Loss) The As of September 30, 2024 Brooksville Quarry, LLC 50.00 % $ 7,514 14,432 (70) (35) BC FRP Realty, LLC 50.00 % 5,484 21,996 (728) (364) Buzzard Point Sponsor, LLC 50.00 % 2,424 4,848 — — Bryant Street Partnerships 72.10 % 66,747 198,821 (6,748) (4,969) Lending ventures 27,374 16,929 — — Estero Partnership 16.00 % 3,683 38,520 — — The Verge Partnership 61.37 % 37,849 127,103 (3,969) (2,436) Greenville Partnerships 40.00 % 6,197 100,735 (1,945) (778) Total $ 157,272 523,384 (13,460) (8,582)
Schedule of Investments in Multifamily Joint Ventures	The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of September 30, 2024 are summarized in the following two tables (in thousands): As of September 30, 2024 Buzzard Point Bryant Street Estero Verge Greenville Total Multifamily Investments in real estate, net $ 0 185,176 37,495 125,044 97,101 $ 444,816 Cash and restricted cash 0 5,193 1,025 1,580 3,027 10,825 Unrealized rents & receivables 0 6,960 0 310 494 7,764 Deferred costs 4,848 1,492 0 169 113 6,622 Total Assets $ 4,848 198,821 38,520 127,103 100,735 $ 470,027 Secured notes payable $ 0 110,802 16,000 68,178 81,756 $ 276,736 Other liabilities 0 2,459 0 856 2,225 5,540 Capital – FRP 2,424 64,740 3,600 35,575 5,356 111,695 Capital – Third Parties 2,424 20,820 18,920 22,494 11,398 76,056 Total Liabilities and Capital $ 4,848 198,821 38,520 127,103 100,735 $ 470,027 The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of December 31, 2023 are summarized in the following two tables (in thousands): As of December 31, 2023 Buzzard Point Bryant Street Estero Verge Greenville Total Multifamily Investments in real estate, net $ 0 187,616 35,576 128,154 95,911 $ 447,257 Cash and restricted cash 0 7,543 3,076 1,323 2,000 13,942 Unrealized rents & receivables 0 6,737 0 403 127 7,267 Deferred costs 4,652 738 0 293 185 5,868 Total Assets $ 4,652 202,634 38,652 130,173 98,223 $ 474,334 Secured notes payable $ 0 107,084 16,000 72,691 66,434 $ 262,209 Other liabilities 0 3,129 0 1,344 3,867 8,340 Capital – FRP 2,326 69,779 3,600 34,391 10,450 120,546 Capital – Third Parties 2,326 22,642 19,052 21,747 17,472 83,239 Total Liabilities and Capital $ 4,652 202,634 38,652 130,173 98,223 $ 474,334
Schedule of Investments in Joint Ventures	Brooksville BC FRP Lending Multifamily Grand Investments in real estate, net $ 14,356 21,084 16,929 444,816 $ 497,185 Cash and restricted cash 74 108 0 10,825 11,007 Unrealized rents & receivables 0 451 0 7,764 8,215 Deferred costs 2 353 0 6,622 6,977 Total Assets $ 14,432 21,996 16,929 470,027 $ 523,384 Secured notes payable $ 0 10,857 (10,445) 276,736 $ 277,148 Other liabilities 66 283 0 5,540 5,889 Capital – FRP 7,515 5,428 27,374 111,695 152,012 Capital – Third Parties 6,851 5,428 0 76,056 88,335 Total Liabilities and Capital $ 14,432 21,996 16,929 470,027 $ 523,384 As of December 31, 2023 Brooksville BC FRP Lending Multifamily Grand Investments in real estate, net $ 14,358 21,503 17,117 447,257 $ 500,235 Cash and restricted cash 80 127 0 13,942 14,149 Unrealized rents & receivables 0 464 0 7,267 7,731 Deferred costs 1 360 0 5,868 6,229 Total Assets $ 14,439 22,454 17,117 474,334 $ 528,344 Secured notes payable $ 0 12,086 (10,578) 262,209 $ 263,717 Other liabilities 0 402 0 8,340 8,742 Capital – FRP 7,552 4,983 27,695 120,546 160,776 Capital - Third Parties 6,887 4,983 0 83,239 95,109 Total Liabilities and Capital $ 14,439 22,454 17,117 474,334 $ 528,344
Schedule of Bryant Street Partnerships	The income statements of the Bryant Street Partnerships are as follows (in thousands): Bryant Street Bryant Street Bryant Street Bryant Street Nine Months ended Nine Months ended Nine Months ended Nine Months ended September 30, September 30, September 30, September 30, 2024 2023 2024 2023 Revenues: Rental Revenue $ 10,191 $ 9,322 $ 7,341 $ 5,720 Revenue – other 1,623 1,784 1,169 1,095 Total Revenues 11,814 11,106 8,510 6,815 Cost of operations: Depreciation and amortization 5,139 5,202 3,702 3,192 Operating expenses 4,394 4,384 3,165 2,690 Property taxes 1,051 789 757 484 Total cost of operations 10,584 10,375 7,624 6,366 Total operating profit/(loss) 1,230 731 886 449 Interest expense (7,978) (8,607) (5,855) (5,380) Net loss before tax $ (6,748) $ (7,876) $ (4,969) $ (4,931) The Company completed negotiations with MRP concerning the ownership adjustment related to the Bryant Street stabilization and conversion of FRP preferred equity to common equity resulting in FRP ownership of 72.10% effective in 2024 compared to 61.36% prior ownership. Interest expense in 2024 for the total JV and the Company share includes $372,000 loan guarantee expense.
Schedule of Greenville Partnerships	The income statements of the Greenville Partnerships are as follows (in thousands): Greenville Greenville Greenville Greenville Nine Months ended Nine Months ended Nine Months ended Nine Months ended September 30, September 30, September 30, September 30, 2024 2023 2024 2023 Revenues: Rental Revenue $ 6,668 $ 4,875 $ 2,667 $ 1,950 Revenue – other 608 405 243 162 Total Revenues 7,276 5,280 2,910 2,112 Cost of operations: Depreciation and amortization 2,625 2,118 1,050 847 Operating expenses 1,958 1,784 782 714 Property taxes 1,129 882 452 353 Total cost of operations 5,712 4,784 2,284 1,914 Total operating profit/(loss) 1,564 496 626 198 Interest expense (3,509) (2,872) (1,404) (1,148) Net loss before tax $ (1,945) $ (2,376) $ (778) $ (950)
Schedule of Verge Partnership	The income statements of The Verge Partnership are as follows (in thousands): The Verge The Verge The Verge The Verge Nine Months ended Nine Months ended Nine Months ended Nine Months ended September 30, September 30, September 30, September 30, 2024 2023 2024 2023 Revenues: Rental Revenue $ 5,355 $ 2,042 $ 3,286 $ 1,254 Revenue – other 761 320 467 196 Total Revenues 6,116 2,362 3,753 1,450 Cost of operations: Depreciation and amortization 3,250 2,958 1,995 1,815 Operating expenses 2,301 2,057 1,411 1,263 Property taxes 743 741 456 455 Total cost of operations 6,294 5,756 3,862 3,533 Total operating profit/(loss) (178) (3,394) (109) (2,083) Interest expense (3,791) (3,767) (2,327) (2,312) Net loss before tax $ (3,969) $ (7,161) $ (2,436) $ (4,395)

Description of Business and B_2

Description of Business and Basis of Presentation (Details)		1 Months Ended	3 Months Ended
	Apr. 12, 2024 $ / shares	Apr. 30, 2024	Dec. 31, 2023 tenant $ / shares	Sep. 30, 2024 $ / shares
Accounting Policies [Abstract]
Common stock split ratio	2	2
Common stock, par value (in dollars per share) | $ / shares	$ 0.10		$ 0.10	$ 0.10
Reportable segments renamed | tenant			2

Business Segments - Narrative (

Business Segments - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 a park Segment jointVenture lease warehouse
Segment Reporting Information [Line Items]
Reportable segments | Segment	4
Number of warehouses | warehouse	9
Business parks | park	2
Number of ground leases | lease	2
Number of acres	16,650
Consolidated joint ventures | jointVenture	2
Brooksville Joint Venture
Segment Reporting Information [Line Items]
Number of acres	4,280

Business Segments - Schedule of

Business Segments - Schedule of Operating Results and Certain Other Financial Data for Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 10,633	$ 10,591	$ 31,243	$ 31,401
Operating profit (loss)	5,372	4,844	15,668	14,667
General and administrative expenses	2,289	1,948	6,883	6,150
Total operating profit (loss)	3,083	2,896	8,785	8,517
Interest expense	742	1,116	2,482	3,251
Depreciation, depletion and amortization			7,840	8,557
Capital expenditures	34,571	2,449	47,089	4,634
Operating Segments
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization	2,551	2,816	7,629	8,415
Industrial and commercial | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,455	1,442	4,353	3,932
Operating profit (loss)	842	838	2,484	2,251
Depreciation, depletion and amortization	360	369	1,083	1,006
Capital expenditures	235	12	628	557
Mining royalty lands | Operating Segments
Segment Reporting Information [Line Items]
Revenues	3,199	3,082	9,393	9,628
Operating profit (loss)	2,946	2,745	8,655	8,781
Depreciation, depletion and amortization	163	138	471	472
Capital expenditures	18	0	60	0
Development | Operating Segments
Segment Reporting Information [Line Items]
Revenues	297	434	905	1,387
Operating profit (loss)	25	221	102	445
Depreciation, depletion and amortization	43	44	128	140
Capital expenditures	34,265	2,179	46,146	3,640
Multifamily | Operating Segments
Segment Reporting Information [Line Items]
Revenues	5,682	5,633	16,592	16,454
Operating profit (loss)	1,559	1,040	4,427	3,190
Depreciation, depletion and amortization	1,985	2,265	5,947	6,797
Capital expenditures	$ 53	$ 258	$ 255	$ 437

Business segments - Schedule _2

Business segments - Schedule of Identifiable Net Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Identifiable net assets	$ 726,918	$ 709,166
Cash items
Segment Reporting Information [Line Items]
Identifiable net assets	145,662	158,415
Unallocated corporate assets
Segment Reporting Information [Line Items]
Identifiable net assets	1,500	1,761
Industrial and commercial | Operating Segments
Segment Reporting Information [Line Items]
Identifiable net assets	38,117	38,784
Mining royalty lands | Operating Segments
Segment Reporting Information [Line Items]
Identifiable net assets	47,733	48,072
Development | Operating Segments
Segment Reporting Information [Line Items]
Identifiable net assets	142,269	212,384
Multifamily | Operating Segments
Segment Reporting Information [Line Items]
Identifiable net assets	$ 351,637	$ 249,750

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
General and administrative	$ 2,289	$ 1,948	$ 6,883	$ 6,150
Related Party
Related Party Transaction [Line Items]
General and administrative				$ 687

Long-Term Debt - Schedule of Ou

Long-Term Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Fixed rate mortgage loans	$ 180,070	$ 180,070
Unamortized debt issuance costs	(1,254)	(1,365)
Credit agreement	0	0
Outstanding debt	$ 178,816	$ 178,705
Mortgages
Debt Instrument [Line Items]
Fixed interest rate	3.03%	3.03%

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details)			3 Months Ended		9 Months Ended
	Dec. 22, 2023 USD ($)	Mar. 19, 2021 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Outstanding letters of credit			$ 548,000		$ 548,000
Principal sum			178,816,000		178,816,000		$ 178,705,000
Debt cost amortization			45,000	$ 37,000	134,000	$ 111,000
Capitalized interest costs			705,000	$ 297,000	1,855,000	$ 986,000
Dock 79 Loan
Line of Credit Facility [Line Items]
Principal sum		$ 92,070,000
Fixed interest rate		3.03%
Loan to value (as a percent)		0.60
Minimum debt yield (as a percent)		0.075
Transfer fee (as a percent)		0.0075
Maren
Line of Credit Facility [Line Items]
Principal sum		$ 88,000,000
Fixed interest rate		3.03%
Loan to value (as a percent)		0.60
Minimum debt yield (as a percent)		0.075
Transfer fee (as a percent)		0.0075
Wells Fargo
Line of Credit Facility [Line Items]
Interest rate	2.25%
Commitment fee (as a percent)	0.35%
Wells Fargo
Line of Credit Facility [Line Items]
Debt instrument term	3 years
Maximum facility amount	$ 35,000,000
Outstanding revolver			0		0
Outstanding letters of credit			548,000		548,000
Amount available for borrowing			$ 34,452,000		$ 34,452,000
Letters of credit expiration period					1 year
Letters of credit extension period					1 year
Letter of credit fee (as a percent)	2.25%
Interest rate			7.08%		7.08%
Maximum dividends			$ 102,600,000		$ 102,600,000

Earnings per Share - Schedule o

Earnings per Share - Schedule of Basic and diluted earnings per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period – shares used for basic  earnings per common share (in shares)	[1]	18,887	18,846	18,877	18,846
Common shares issuable under share-based payment plans which are potentially dilutive (in shares)		85	74	90	80
Common shares used for diluted earnings per common share (in shares)	[1]	18,972	18,920	18,967	18,926
Net income attributable to the Company		$ 1,361	$ 1,259	$ 4,706	$ 2,422
Earnings per common share - basic (usd per share)	[1]	$ 0.07	$ 0.07	$ 0.25	$ 0.13
Earnings per common share - diluted (usd per share)	[1]	$ 0.07	$ 0.07	$ 0.25	$ 0.13
[1] Adjusted for the 2 for 1 stock split that occurred in April 2024

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Earnings Per Share [Abstract]
Outstanding anti-dilutive stock options (shares)	3,236	3,236

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Narrative (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) Integer $ / shares shares	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of plans | Integer	2
Expiration period	10 years
Shares available for future issuance (shares) | shares	569,118
Dividend yield	0%	0%
Minimum expected volatility (as a percent)	28.50%
Maximum expected volatility (as a percent)	41.20%
Minimum risk-free interest rate (as a percent)	2%
Maximum risk-free interest rate (as a percent)	3.80%
Expected life, minimum	5 years
Expected life, maximum	7 years
Aggregate intrinsic value, exercisable	$ 1,252
Aggregate intrinsic value, outstanding	$ 1,252
Market closing price (usd per share) | $ / shares	$ 29.86
Stock option grants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost	$ 292
Expected recognition period	3 years 9 months 18 days
Restricted stock awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost	$ 2,736
Expected recognition period	2 years 9 months 18 days
Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Cumulative installments (as a percent)	20%
Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Cumulative installments (as a percent)	25%

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Schedule of Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation	$ 333	$ 271	$ 1,613	$ 1,472
Stock option grants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation	19	16	58	49
Restricted stock awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation	314	255	955	773
Annual director stock award
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation	0	0	600	600
Employee stock grant
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation	$ 0	$ 0	$ 0	$ 50

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Schedule of Changes in Outstanding Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Stock option grants
Number Of Shares
Outstanding at beginning of period (in shares)		126,880
Outstanding at end of period (in shares)	159,410	159,410	126,880
Exercisable (in shares)	126,880	126,880
Vested (in shares)	0
Weighted Average Exercise Price
Outstanding at beginning of period (usd per share)		$ 20
Outstanding at end of period (usd per share)	$ 22.33	22.33	$ 20
Exercisable (usd per share)	$ 20	$ 20
Weighted Average Remaining Term (yrs)
Weighted Average Remaining Term		4 years	3 years 6 months
Exercisable, Weighted Average Remaining Term		2 years 8 months 12 days
Weighted Average Grant Date Fair Value
Options outstanding, weighted average fair value	$ 1,381	$ 1,381	$ 981
Exercisable, Weighted Average Grant Date Fair Value	981	$ 981
Vested, Weighted Average Grant Date Fair Value	$ 0
Time-based awards granted
Number Of Shares
Granted (in shares)		12,200
Weighted Average Exercise Price
Granted (usd per share)		$ 31.44
Weighted Average Grant Date Fair Value
Granted, Weighted Average Grant Date Fair Value		$ 150
Performance-based awards granted
Number Of Shares
Granted (in shares)		20,330
Weighted Average Exercise Price
Granted (usd per share)		$ 31.44
Weighted Average Grant Date Fair Value
Granted, Weighted Average Grant Date Fair Value		$ 250

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans - Schedule of Changes in Restricted Stock Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Restricted stock awards
Number Of Shares
Non-vested at beginning of period (in shares)	109,454
Vested (in shares)	(8,684)
Non-vested at end of period (in shares)	143,440	109,454
Weighted Average Exercise Price
Weighted Average Exercise Price at beginning of period (usd per share)	$ 26.47
Vested (usd per share)	29.16
Weighted Average Exercise Price at end of period (usd per share)	$ 27.44	$ 26.47
Weighted Average Remaining Term (yrs)
Weighted Average Remaining Term, Non-vested (in years)	2 years 9 months 18 days	2 years 9 months 18 days
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, beginning of period	$ 2,897
Vested, Weighted Average Grant Date Fair Value	(253)
Weighted Average Grant Date Fair Value, end of period	$ 3,972	$ 2,897
Time-based awards granted
Number Of Shares
Granted (in shares)	12,780
Weighted Average Exercise Price
Granted (usd per share)	$ 31.30
Weighted Average Grant Date Fair Value
Granted, Weighted Average Grant Date Fair Value	$ 400
Performance-based awards granted
Number Of Shares
Granted (in shares)	29,890
Weighted Average Exercise Price
Granted (usd per share)	$ 31.05
Weighted Average Grant Date Fair Value
Granted, Weighted Average Grant Date Fair Value	$ 928

Contingent Liabilities (Details

Contingent Liabilities (Details) - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2023	Sep. 30, 2024
Guarantor Obligations [Line Items]
Outstanding letters of credit		$ 548
Guarantee Obligations
Guarantor Obligations [Line Items]
Interest carry cost	$ 110,000
Value of guarantee	$ 1,500
Interest savings (as a percent)	0.80%
Term in months	36 months

Concentrations (Details)

Concentrations (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) tenant	Dec. 31, 2023 USD ($)
Concentration Risk [Line Items]
Number of mining tenants | tenant	5
Accounts receivable	$ 1,826	$ 1,046
Mining Top Customer
Concentration Risk [Line Items]
Top lessee rent percent of revenue (as a percent)	22.40%
Accounts receivable	$ 517

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
US Treasury notes	$ 117,933,000
Unrealized loss on investments	89,000
Carrying value of long-term debt	180,070,000	$ 180,070,000
Fair value of long-term debt	$ 149,366,000	$ 145,678,000

Investments in Joint Ventures -

Investments in Joint Ventures - Schedule of Investments in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
The Company's Total Investment	$ 157,272		$ 157,272
Total Assets of The Partnership	726,918		726,918		$ 709,166
Profit (Loss) Of the Partnership	1,379	$ 1,099	4,773	$ 1,997
The Company's Share of Profit (Loss) of the Partnership	(2,839)	$ (2,913)	(8,582)	$ (10,585)
Total Assets of The Partnership
Schedule of Equity Method Investments [Line Items]
Total Assets of The Partnership	523,384		523,384
Profit (Loss) Of the Partnership			(13,460)
Brooksville Quarry, LLC
Schedule of Equity Method Investments [Line Items]
Total Assets of The Partnership	14,432		14,432		14,439
Profit (Loss) Of the Partnership			(70)
BC FRP Realty, LLC
Schedule of Equity Method Investments [Line Items]
Total Assets of The Partnership	21,996		21,996		22,454
Profit (Loss) Of the Partnership			(728)
Buzzard Point Sponsor, LLC
Schedule of Equity Method Investments [Line Items]
Total Assets of The Partnership	4,848		4,848		4,652
Profit (Loss) Of the Partnership			0
Bryant Street Partnerships
Schedule of Equity Method Investments [Line Items]
Total Assets of The Partnership	198,821		198,821		202,634
Profit (Loss) Of the Partnership			(6,748)
Lending ventures
Schedule of Equity Method Investments [Line Items]
Total Assets of The Partnership	16,929		16,929		17,117
Profit (Loss) Of the Partnership			0
Estero Partnership
Schedule of Equity Method Investments [Line Items]
Total Assets of The Partnership	38,520		38,520		38,652
Profit (Loss) Of the Partnership			0
The Verge Partnership
Schedule of Equity Method Investments [Line Items]
Total Assets of The Partnership	127,103		127,103		130,173
Profit (Loss) Of the Partnership			(3,969)
Greenville Partnerships
Schedule of Equity Method Investments [Line Items]
Total Assets of The Partnership	$ 100,735		100,735		$ 98,223
Profit (Loss) Of the Partnership			(1,945)
The Company's Share of Profit (Loss) of the Partnership
Schedule of Equity Method Investments [Line Items]
The Company's Share of Profit (Loss) of the Partnership			$ (8,582)
Brooksville Quarry, LLC
Schedule of Equity Method Investments [Line Items]
FRP Ownership	50%		50%
The Company's Total Investment	$ 7,514		$ 7,514
The Company's Share of Profit (Loss) of the Partnership			$ (35)
BC FRP Realty, LLC
Schedule of Equity Method Investments [Line Items]
FRP Ownership	50%		50%
The Company's Total Investment	$ 5,484		$ 5,484
The Company's Share of Profit (Loss) of the Partnership			$ (364)
Buzzard Point Sponsor, LLC
Schedule of Equity Method Investments [Line Items]
FRP Ownership	50%		50%
The Company's Total Investment	$ 2,424		$ 2,424
The Company's Share of Profit (Loss) of the Partnership			$ 0
Bryant Street Partnerships
Schedule of Equity Method Investments [Line Items]
FRP Ownership	72.10%		72.10%		61.36%
The Company's Total Investment	$ 66,747		$ 66,747
The Company's Share of Profit (Loss) of the Partnership			(4,969)
Lending ventures
Schedule of Equity Method Investments [Line Items]
The Company's Total Investment	$ 27,374		27,374
The Company's Share of Profit (Loss) of the Partnership			$ 0
Estero Partnership
Schedule of Equity Method Investments [Line Items]
FRP Ownership	16%		16%
The Company's Total Investment	$ 3,683		$ 3,683
The Company's Share of Profit (Loss) of the Partnership			$ 0
The Verge Partnership
Schedule of Equity Method Investments [Line Items]
FRP Ownership	61.37%		61.37%
The Company's Total Investment	$ 37,849		$ 37,849
The Company's Share of Profit (Loss) of the Partnership			$ (2,436)
Greenville Partnerships
Schedule of Equity Method Investments [Line Items]
FRP Ownership	40%		40%
The Company's Total Investment	$ 6,197		$ 6,197
The Company's Share of Profit (Loss) of the Partnership			$ (778)

Investments in Joint Ventures_2

Investments in Joint Ventures - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Capital recorded by unconsolidated joint ventures	$ 5,260,000
Retained earnings	350,588,000	$ 345,882,000
Grand Total
Schedule of Equity Method Investments [Line Items]
Retained earnings	$ (28,388,000)	$ (21,823,000)
Bryant Street Partnerships
Schedule of Equity Method Investments [Line Items]
FRP Ownership (as a percent)	72.10%	61.36%
Loan guarantee expense	$ (372)

Investments in Joint Ventures_3

Investments in Joint Ventures - Schedule of Investments in Multifamily Joint Ventures (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total assets	$ 726,918	$ 709,166
Capital – Third Parties	420,884	414,520
Total liabilities and equity	726,918	709,166
Buzzard Point Sponsor, LLC
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	0	0
Cash and restricted cash	0	0
Unrealized rents & receivables	0	0
Deferred costs	4,848	4,652
Total assets	4,848	4,652
Secured notes payable	0	0
Other liabilities	0	0
Capital – FRP	2,424	2,326
Capital – Third Parties	2,424	2,326
Total liabilities and equity	4,848	4,652
Bryant Street Partnerships
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	185,176	187,616
Cash and restricted cash	5,193	7,543
Unrealized rents & receivables	6,960	6,737
Deferred costs	1,492	738
Total assets	198,821	202,634
Secured notes payable	110,802	107,084
Other liabilities	2,459	3,129
Capital – FRP	64,740	69,779
Capital – Third Parties	20,820	22,642
Total liabilities and equity	198,821	202,634
Estero Partnership
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	37,495	35,576
Cash and restricted cash	1,025	3,076
Unrealized rents & receivables	0	0
Deferred costs	0	0
Total assets	38,520	38,652
Secured notes payable	16,000	16,000
Other liabilities	0	0
Capital – FRP	3,600	3,600
Capital – Third Parties	18,920	19,052
Total liabilities and equity	38,520	38,652
The Verge Partnership
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	125,044	128,154
Cash and restricted cash	1,580	1,323
Unrealized rents & receivables	310	403
Deferred costs	169	293
Total assets	127,103	130,173
Secured notes payable	68,178	72,691
Other liabilities	856	1,344
Capital – FRP	35,575	34,391
Capital – Third Parties	22,494	21,747
Total liabilities and equity	127,103	130,173
Greenville Partnerships
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	97,101	95,911
Cash and restricted cash	3,027	2,000
Unrealized rents & receivables	494	127
Deferred costs	113	185
Total assets	100,735	98,223
Secured notes payable	81,756	66,434
Other liabilities	2,225	3,867
Capital – FRP	5,356	10,450
Capital – Third Parties	11,398	17,472
Total liabilities and equity	100,735	98,223
Total Multifamily JV’s
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	444,816	447,257
Cash and restricted cash	10,825	13,942
Unrealized rents & receivables	7,764	7,267
Deferred costs	6,622	5,868
Total assets	470,027	474,334
Secured notes payable	276,736	262,209
Other liabilities	5,540	8,340
Capital – FRP	111,695	120,546
Capital – Third Parties	76,056	83,239
Total liabilities and equity	$ 470,027	$ 474,334

Investments in Joint Ventures_4

Investments in Joint Ventures - Schedule of Investments in Joint Ventures (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total assets	$ 726,918	$ 709,166
Capital – Third Parties	420,884	414,520
Total liabilities and equity	726,918	709,166
Brooksville Quarry, LLC
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	14,356	14,358
Cash and restricted cash	74	80
Unrealized rents & receivables	0	0
Deferred costs	2	1
Total assets	14,432	14,439
Secured notes payable	0	0
Other liabilities	66	0
Capital – FRP	7,515	7,552
Capital – Third Parties	6,851	6,887
Total liabilities and equity	14,432	14,439
BC FRP Realty, LLC
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	21,084	21,503
Cash and restricted cash	108	127
Unrealized rents & receivables	451	464
Deferred costs	353	360
Total assets	21,996	22,454
Secured notes payable	10,857	12,086
Other liabilities	283	402
Capital – FRP	5,428	4,983
Capital – Third Parties	5,428	4,983
Total liabilities and equity	21,996	22,454
Lending ventures
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	16,929	17,117
Cash and restricted cash	0	0
Unrealized rents & receivables	0	0
Deferred costs	0	0
Total assets	16,929	17,117
Secured notes payable	(10,445)	(10,578)
Other liabilities	0	0
Capital – FRP	27,374	27,695
Capital – Third Parties	0	0
Total liabilities and equity	16,929	17,117
Total Multifamily JV’s
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	444,816	447,257
Cash and restricted cash	10,825	13,942
Unrealized rents & receivables	7,764	7,267
Deferred costs	6,622	5,868
Total assets	470,027	474,334
Secured notes payable	276,736	262,209
Other liabilities	5,540	8,340
Capital – FRP	111,695	120,546
Capital – Third Parties	76,056	83,239
Total liabilities and equity	470,027	474,334
Grand Total
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	497,185	500,235
Cash and restricted cash	11,007	14,149
Unrealized rents & receivables	8,215	7,731
Deferred costs	6,977	6,229
Total assets	523,384	528,344
Secured notes payable	277,148	263,717
Other liabilities	5,889	8,742
Capital – FRP	152,012	160,776
Capital – Third Parties	88,335	95,109
Total liabilities and equity	$ 523,384	$ 528,344

Investments in Joint Ventures_5

Investments in Joint Ventures - Schedule of Bryant Street Partnerships (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Rental Revenue	$ 7,434	$ 7,509	$ 21,850	$ 21,773
Total revenues	10,633	10,591	31,243	31,401
Cost of operations:
Property taxes	850	919	2,517	2,745
Total cost of operations	7,550	7,695	22,458	22,884
Total operating profit (loss)	3,083	2,896	8,785	8,517
Interest expense	(742)	(1,116)	(2,482)	(3,251)
Net loss before tax	$ 1,806	$ 1,566	6,516	2,895
Bryant Street Partnerships Total JV
Revenues:
Rental Revenue			10,191	9,322
Revenue – other			1,623	1,784
Total revenues			11,814	11,106
Cost of operations:
Depreciation and amortization			5,139	5,202
Operating expenses			4,394	4,384
Property taxes			1,051	789
Total cost of operations			10,584	10,375
Total operating profit (loss)			1,230	731
Interest expense			(7,978)	(8,607)
Net loss before tax			(6,748)	(7,876)
Bryant Street Partnerships Company Share
Revenues:
Rental Revenue			7,341	5,720
Revenue – other			1,169	1,095
Total revenues			8,510	6,815
Cost of operations:
Depreciation and amortization			3,702	3,192
Operating expenses			3,165	2,690
Property taxes			757	484
Total cost of operations			7,624	6,366
Total operating profit (loss)			886	449
Interest expense			(5,855)	(5,380)
Net loss before tax			$ (4,969)	$ (4,931)

Investments in Joint Ventures_6

Investments in Joint Ventures - Schedule of Greenville Partnerships (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Rental Revenue	$ 7,434	$ 7,509	$ 21,850	$ 21,773
Total revenues	10,633	10,591	31,243	31,401
Cost of operations:
Property taxes	850	919	2,517	2,745
Total cost of operations	7,550	7,695	22,458	22,884
Total operating profit (loss)	3,083	2,896	8,785	8,517
Interest expense	(742)	(1,116)	(2,482)	(3,251)
Net loss before tax	$ 1,806	$ 1,566	6,516	2,895
Greenville Partnerships Total JV
Revenues:
Rental Revenue			6,668	4,875
Revenue – other			608	405
Total revenues			7,276	5,280
Cost of operations:
Depreciation and amortization			2,625	2,118
Operating expenses			1,958	1,784
Property taxes			1,129	882
Total cost of operations			5,712	4,784
Total operating profit (loss)			1,564	496
Interest expense			(3,509)	(2,872)
Net loss before tax			(1,945)	(2,376)
Greenville Partnerships Company Share
Revenues:
Rental Revenue			2,667	1,950
Revenue – other			243	162
Total revenues			2,910	2,112
Cost of operations:
Depreciation and amortization			1,050	847
Operating expenses			782	714
Property taxes			452	353
Total cost of operations			2,284	1,914
Total operating profit (loss)			626	198
Interest expense			(1,404)	(1,148)
Net loss before tax			$ (778)	$ (950)

Investments in Joint Ventures_7

Investments in Joint Ventures - Schedule of Verge Partnership (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Rental Revenue	$ 7,434	$ 7,509	$ 21,850	$ 21,773
Total revenues	10,633	10,591	31,243	31,401
Cost of operations:
Property taxes	850	919	2,517	2,745
Total cost of operations	7,550	7,695	22,458	22,884
Total operating profit (loss)	3,083	2,896	8,785	8,517
Interest expense	(742)	(1,116)	(2,482)	(3,251)
Net loss before tax	$ 1,806	$ 1,566	6,516	2,895
The Verge Partnership Total JV
Revenues:
Rental Revenue			5,355	2,042
Revenue – other			761	320
Total revenues			6,116	2,362
Cost of operations:
Depreciation and amortization			3,250	2,958
Operating expenses			2,301	2,057
Property taxes			743	741
Total cost of operations			6,294	5,756
Total operating profit (loss)			(178)	(3,394)
Interest expense			(3,791)	(3,767)
Net loss before tax			(3,969)	(7,161)
The Verge Partnership
Revenues:
Rental Revenue			3,286	1,254
Revenue – other			467	196
Total revenues			3,753	1,450
Cost of operations:
Depreciation and amortization			1,995	1,815
Operating expenses			1,411	1,263
Property taxes			456	455
Total cost of operations			3,862	3,533
Total operating profit (loss)			(109)	(2,083)
Interest expense			(2,327)	(2,312)
Net loss before tax			$ (2,436)	$ (4,395)