---q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 10-Q
_________________
[X] |
QUARTERLY REPORT PURSUANT TO SECTION
13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2015.
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or
[_] |
TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_________ to _________
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Commission
File Number: 001-36769
_____________________
FRP HOLDINGS, INC.
(Exact name of registrant
as specified in its charter)
_____________________
Florida |
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47-2449198 |
(State or other jurisdiction of
incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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200 W. Forsyth St., 7th Floor,
Jacksonville, FL |
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32202 |
(Address of principal executive offices) |
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(Zip Code) |
904-396-5733
(Registrant’s telephone number, including
area code)
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [x] No [_]
Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such files). Yes [x] No [_]
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of “large accelerated filer,” “accelerated filer,” “non-accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer [_] |
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Accelerated filer [x] |
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Non-accelerated filer [_] |
Smaller reporting company [_] |
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes [_] No [x]
Indicate the number of shares outstanding of each of the issuer’s
classes of common stock, as of the latest practicable date.
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Class |
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Outstanding at December 31, 2015 |
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Common Stock, $.10 par value |
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9,840,600 shares |
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per share |
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FRP HOLDINGS, INC.
FORM 10-Q
QUARTER ENDED DECEMBER 31, 2015
CONTENTS
Page No.
Preliminary Note Regarding Forward-Looking Statements |
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3 |
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Part I. Financial Information |
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Item 1. |
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Financial Statements |
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Consolidated Balance Sheets |
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4 |
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Consolidated Statements of Income |
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5 |
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Consolidated Statements of Cash Flows |
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6 |
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Condensed Notes to Consolidated Financial Statements |
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7 |
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Item 2. |
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Management's Discussion and Analysis of Financial Condition and Results of Operations |
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17 |
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Item 3. |
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Quantitative and Qualitative Disclosures about Market Risks |
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30 |
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Item 4. |
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Controls and Procedures |
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30 |
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Part II. Other Information |
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Item 1A. |
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Risk Factors |
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31 |
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Item 2. |
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Purchase of Equity Securities by the Issuer |
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31 |
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Item 6. |
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Exhibits |
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31 |
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Signatures |
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32 |
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Exhibit 31 |
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Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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34 |
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Exhibit 32 |
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Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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37 |
Preliminary Note Regarding Forward-Looking
Statements.
Certain matters discussed in this
report contain forward-looking statements, including without limitation relating to the Company's plans, strategies, objectives,
expectations, intentions, capital expenditures, future liquidity, plans and timetables for completion of pending development projects
and other transactions. The words or phrases “anticipate,” “estimate,” ”believe,” “budget,”
“continue,” “could,” “intend,” “may,” “plan,” “potential,”
“predict,” “seek,” “should,” “will,” “would,” “expect,”
“objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,”
“effort,” “target” and similar expressions identify forward-looking statements. The following factors and
others discussed in the Company’s periodic reports and filings with the Securities and Exchange Commission are among the
principal factors that could cause actual results to differ materially from the forward-looking statements: uncertainties as to
whether the Company will recognize the benefits of the spin-off of the transportation group; uncertainties as to whether the Company
can complete, and the timetable for completion of pending or proposed development projects and other transactions; levels of construction
activity in the markets served by our mining properties; risk insurance markets; availability and terms of financing; competition;
interest rates, inflation and general economic conditions; demand for flexible warehouse/office facilities in the Baltimore-Washington-Northern
Virginia area; and ability to obtain zoning and entitlements necessary for property development. However, this list is not a complete
statement of all potential risks or uncertainties.
These forward-looking statements
are made as of the date hereof based on management’s current expectations, and the Company does not undertake an obligation
to update such statements, whether as a result of new information, future events or otherwise. Additional information regarding
these and other risk factors may be found in the Company’s other filings made from time to time with the Securities and Exchange
Commission.
PART I. FINANCIAL INFORMATION, ITEM 1.
FINANCIAL STATEMENTS
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands, except share data)
|
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December 31 |
|
September 30 |
Assets: |
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2015 |
|
2015 |
Real estate investments at cost: |
|
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Land |
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$ |
104,678 |
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|
102,347 |
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Buildings and improvements |
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|
181,977 |
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|
174,820 |
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Projects under construction |
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4,994 |
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|
4,129 |
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Total investments in properties |
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291,649 |
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281,296 |
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Less accumulated depreciation and depletion |
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75,710 |
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74,091 |
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Net investments in properties |
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215,939 |
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207,205 |
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Real estate held for investment, at cost |
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7,306 |
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7,306 |
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Real estate held for sale, at cost |
|
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— |
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|
4,826 |
|
Investment in joint ventures |
|
|
19,168 |
|
|
|
19,010 |
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Net real estate investments |
|
|
242,413 |
|
|
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238,347 |
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|
|
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|
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Cash and cash equivalents |
|
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— |
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419 |
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Cash held in escrow |
|
|
1,174 |
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|
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— |
|
Accounts receivable |
|
|
569 |
|
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|
778 |
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Federal and state income taxes receivable |
|
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— |
|
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|
393 |
|
Unrealized rents |
|
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4,864 |
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|
|
4,817 |
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Deferred costs |
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7,914 |
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|
7,449 |
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Other assets |
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175 |
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|
275 |
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Total assets |
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$ |
257,109 |
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252,478 |
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Liabilities: |
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Secured notes payable, less current portion |
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$ |
34,924 |
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|
36,011 |
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Secured notes payable, current portion |
|
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4,247 |
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4,180 |
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Lines of credit payable |
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2,928 |
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8,494 |
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Accounts payable and accrued liabilities |
|
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1,809 |
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|
3,456 |
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Environmental remediation liability |
|
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48 |
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|
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51 |
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Deferred revenue |
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|
806 |
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|
|
1,060 |
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Federal and state income taxes payable |
|
|
1,039 |
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|
|
— |
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Bank overdraft |
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69 |
|
|
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— |
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Deferred income taxes |
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|
17,987 |
|
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|
14,541 |
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Deferred compensation |
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|
1,444 |
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|
1,400 |
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Deferred lease intangible, net |
|
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30 |
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45 |
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Tenant security deposits |
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991 |
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|
898 |
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Total liabilities |
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66,322 |
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70,136 |
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Commitments and contingencies (Note 8) |
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Shareholders’ Equity: |
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Common stock, $.10 par value
25,000,000 shares authorized,
9,840,600 and 9,791,770 shares issued
and outstanding, respectively |
|
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984 |
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|
979 |
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Capital in excess of par value |
|
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50,839 |
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49,872 |
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Retained earnings |
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138,970 |
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131,497 |
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Accumulated other comprehensive loss, net |
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(6 |
) |
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(6 |
) |
Total shareholders’ equity |
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190,787 |
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182,342 |
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Total liabilities and shareholders’ equity |
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$ |
257,109 |
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|
252,478 |
|
See accompanying notes.
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share amounts)
(Unaudited)
|
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THREE MONTHS ENDED |
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DECEMBER 31, |
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2015 |
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2014 |
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Revenues: |
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Rental revenue |
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$ |
6,027 |
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5,868 |
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Royalty and rents |
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1,638 |
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1,320 |
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Revenue – reimbursements |
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1,158 |
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|
1,114 |
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Total Revenues |
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8,823 |
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|
8,302 |
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Cost of operations: |
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Depreciation, depletion and amortization |
|
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1,896 |
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1,883 |
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Operating expenses |
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973 |
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914 |
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Environmental remediation recovery |
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(3,000 |
) |
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— |
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Property taxes |
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1,118 |
|
|
|
1,095 |
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Management company indirect |
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504 |
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352 |
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Corporate expenses (Note 4 Related Party) |
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732 |
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1,713 |
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Total cost of operations |
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2,223 |
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5,957 |
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Total operating profit |
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6,600 |
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2,345 |
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Interest income |
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1 |
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— |
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Interest expense |
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|
(481 |
) |
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(445 |
) |
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Equity in loss of joint ventures |
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(54 |
) |
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(30 |
) |
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Gain (Loss) on investment land sold |
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6,286 |
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(17 |
) |
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Income from continuing operations before income taxes |
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12,352 |
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|
1,853 |
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Provision for income taxes |
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4,879 |
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|
722 |
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Income from continuing operations |
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7,473 |
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|
1,131 |
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|
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|
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Gain from discontinued transportation operations, net of taxes |
|
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— |
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|
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1,663 |
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Net income |
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$ |
7,473 |
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|
2,794 |
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Comprehensive net income |
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$ |
7,473 |
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|
2,794 |
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Earnings per common share: |
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Income from continuing operations- |
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|
|
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|
|
|
|
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Basic |
|
$ |
0.76 |
|
|
|
0.12 |
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Diluted |
|
$ |
0.76 |
|
|
|
0.12 |
|
|
Discontinued operations- |
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|
|
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|
|
|
|
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Basic |
|
$ |
0.00 |
|
|
|
0.17 |
|
|
Diluted |
|
$ |
0.00 |
|
|
|
0.17 |
|
|
Net Income- |
|
|
|
|
|
|
|
|
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Basic |
|
$ |
0.76 |
|
|
|
0.29 |
|
|
Diluted |
|
$ |
0.76 |
|
|
|
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares (in thousands) used in computing: |
|
|
|
|
|
|
|
|
|
-basic earnings per common share |
|
|
9,802 |
|
|
|
9,711 |
|
|
-diluted earnings per common share |
|
|
9,853 |
|
|
|
9,771 |
|
|
See
accompanying notes.
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH
FLOWS
THREE MONTHS ENDED DECEMBER
31, 2015 AND 2014
(In thousands) (Unaudited)
|
|
2015 |
|
|
|
2014 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income |
$ |
7,473 |
|
|
|
2,794 |
|
Adjustments to reconcile net income to net cash |
|
|
|
|
|
|
|
provided by operating activities: |
|
|
|
|
|
|
|
Income from discontinued operations, net |
|
— |
|
|
|
(1,663 |
) |
Depreciation, depletion and amortization |
|
1,959 |
|
|
|
1,865 |
|
Deferred income taxes |
|
3,446 |
|
|
|
826 |
|
Equity in loss of joint ventures |
|
54 |
|
|
|
30 |
|
(Gain) Loss on sale of equipment and property |
|
(6,285 |
) |
|
|
73 |
|
Stock-based compensation |
|
72 |
|
|
|
172 |
|
Net changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
209 |
|
|
|
327 |
|
Deferred costs and other assets |
|
(750 |
) |
|
|
(203 |
) |
Accounts payable and accrued liabilities |
|
(1,904 |
) |
|
|
(1,496 |
) |
Income taxes payable and receivable |
|
1,432 |
|
|
|
(382 |
) |
Other long-term liabilities |
|
122 |
|
|
|
6 |
|
Net cash provided by operating activities of continuing operations |
|
5,828 |
|
|
|
2,349 |
|
Net cash provided by operating activities of discontinued operations |
|
— |
|
|
|
4,010 |
|
Net cash provided by operating activities |
|
5,828 |
|
|
|
6,359 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Investments in properties |
|
(10,539 |
) |
|
|
(1,738 |
) |
Investment in joint ventures |
|
(214 |
) |
|
|
(135 |
) |
Cash held in escrow |
|
(1,174 |
) |
|
|
35 |
|
Proceeds from the sale of real estate held for investment and properties |
|
11,297 |
|
|
|
(17 |
) |
Net cash used in investing activities of continuing operations |
|
(630 |
) |
|
|
(1,855 |
) |
Net cash used in investing activities of discontinued operations |
|
— |
|
|
|
(2,193 |
) |
Net cash used in investing activities |
|
(630 |
) |
|
|
(4,048 |
) |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Increase in bank overdrafts |
|
69 |
|
|
|
— |
|
Repayment of long-term debt |
|
(1,020 |
) |
|
|
(1,123 |
) |
Proceeds from borrowing on revolving credit facility |
|
11,541 |
|
|
|
774 |
|
Payment on revolving credit facility |
|
(17,107 |
) |
|
|
(1,169 |
) |
Excess tax benefits from exercises of stock options |
|
— |
|
|
|
94 |
|
Exercise of employee stock options |
|
900 |
|
|
|
251 |
|
Net cash used in financing activities of continuing operations |
|
(5,617 |
) |
|
|
(1,173 |
) |
Net cash used in financing activities of discontinued operations |
|
— |
|
|
|
(1,256 |
) |
Net cash used in financing activities |
|
(5,617 |
) |
|
|
(2,429 |
) |
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
(419 |
) |
|
|
(118 |
) |
Cash and cash equivalents at beginning of period |
|
419 |
|
|
|
1,013 |
|
Cash and cash equivalents at end of the period |
$ |
— |
|
|
|
895 |
|
See accompanying notes.
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
DECEMBER 31, 2015
(Unaudited)
(1) Basis of Presentation. The
accompanying consolidated financial statements include the accounts of FRP Holdings, Inc. (the “Company” or “FRP”)
inclusive of our operating real estate subsidiaries, FRP Development Corp. (“Development”) and Florida Rock Properties,
Inc. (”Properties”), subsequent to the completed spin-off (the “Spin-off”) of our transportation assets
into a new, publicly traded entity, Patriot Transportation Holding, Inc. (“Patriot”; stock symbol “PATI”)
effective January 30, 2015. As a result of the Spin-off the former transportation segment of the Company is reported as a discontinued
operation that cannot receive any corporate overhead allocation. Hence, all corporate overhead of the transportation group through
the date of the spin-off is included in “corporate expense” on the Company’s consolidated income statements herein.
Our investment in the 50% owned Brooksville Joint Venture and in the Riverfront Investment Partners I, LLC are accounted for under
the equity method of accounting (See Note 12). 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 three months
ended December 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending September
30, 2016. 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 September 30,
2015.
Following the completion of the Spin-off of
the transportation business, management conducted a strategic review of the Company’s real estate operations. As a
result of this review, it was determined that the information that the Company’s chief operating decision makers regularly
review for purposes of allocating resources and assessing performance, had changed. Therefore, beginning with the quarter ending
March 31, 2015 (with prior periods adjusted accordingly), the Company is reporting its financial performance based on three reportable
segments, Asset Management, Mining Royalty Lands and Land Development and Construction, as described below.
Our Mining and Royalties segment
stays the same, but based on our strategic review the Developed Property Rentals segment has been broken down into an Asset Management
segment and a Land Development and Construction segment to reflect how management now evaluates the real estate activities previously
presented in the Developed Property Rentals segment. The Asset Management segment contains all the developed buildings capable
of producing current rental income; the Land Development and Construction segments contains the remaining developable land not
yet developed to its eventual highest and best use potential where the Company's focus is to add further entitlements, construct
vertical improvements or market the property to third parties all in an effort to bring such property to income producing status
or realization of its fair market value through sales or exchange. This Land Development and Construction segment is generally
in a pre-income production state where objectives are long term capital investment for eventual production of long-term rental
streams or capital investment to achieve highest potential market value for sale to third parties.
Prior to the quarter ending December
31, 2015 certain corporate expenses (primarily stock compensation, corporate aircraft and one-time Spin-off related expenses) were
reported as “unallocated” on the Company’s consolidated income statement and were not allocated to any business
segment. Effective with fiscal 2016 all corporate expenses, other than those not allocated to discontinued operations, have been
allocated. Reclassifications to the appropriate prior period line items and amounts have been made to be comparable to the current
presentation. See Note 3 for a breakdown of corporate expenses showing the amounts allocated to the segments and the unallocated
to discontinued operations.
(2) Recently Issued Accounting
Standards. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”.
The guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified
as noncurrent on the balance sheet. The guidance becomes effective for annual reporting periods beginning after December 15,
2016 with early adoption permitted. The Company adopted this guidance retrospectively as of October 1, 2015 and reclassified
$143,000 from deferred costs to long-term deferred tax liability.
(3) Business Segments. Following
the completion of the spin-off of the transportation business, management conducted a strategic review of the Company’s real
estate operations. As a result of this review, it was determined that the information that the Company’s chief operating
decision makers regularly review for purposes of allocating resources and assessing performance, had changed. Therefore, beginning
with the quarter ending March 31, 2015 (with prior periods adjusted accordingly), the Company is reporting its financial performance
based on three reportable segments, Asset Management, Mining Royalty Lands and Land Development and Construction, as described
below.
The Asset Management segment owns, leases and
manages warehouse/office buildings located predominately in the Baltimore/Northern Virginia/Washington, DC market area.
Our Mining Royalty Lands segment was unaffected
by the change in segments and owns several properties comprising approximately 15,000 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 Land Development and
Construction segment, we own and are continuously monitoring for their “highest and best use” 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 warehouse/office buildings for us to own and operate
or (ii) a sale to, or joint venture with, third parties.
Subsequent to the Spin-off, the Company
is receiving certain services from Patriot (e.g. executive oversight, accounting, information technology and human resource services)
which are billed to the Company on a monthly basis in accordance with the Transition Services Agreement entered into and made effective
as of the date of the Spin-off. As was the case prior to the Spin-off, these costs (excluding stock compensation) are included
in the Company’s corporate expense and are fully allocated to the business segments. Certain other corporate expenses (primarily
stock compensation, corporate aircraft and one-time Spin-off related expenses) are reported as “unallocated” on the
Company’s consolidated income statement and are not allocated to any business segment. As a result of the Spin-off the former
transportation segment of the Company
is reported as a discontinued operation and thus is not allowed any corporate overhead allocation. Hence, all corporate overhead
of the transportation group through the date of the Spin-off is included in “corporate expense” on the Company’s
consolidated income statements herein. Reclassifications to the appropriate prior period line items and amounts have been made
to be comparable to the current presentation.
Operating results and certain other financial
data for the Company’s business segments are as follows (in thousands):
|
Three Months ended |
|
December 31, |
|
|
2015 |
|
|
|
2014 |
|
|
Revenues: |
|
|
|
|
|
|
|
|
Asset management |
$ |
6,915 |
|
|
|
6,757 |
|
|
Mining royalty lands |
|
1,659 |
|
|
|
1,344 |
|
|
Land development and construction |
|
249 |
|
|
|
201 |
|
|
|
$ |
8,823 |
|
|
|
8,302 |
|
|
|
|
|
|
|
|
|
|
|
Operating profit: |
|
|
|
|
|
|
|
|
Before corporate expenses:
Asset management |
$ |
3,388 |
|
|
|
3,386 |
|
|
Mining royalty lands |
|
1,525 |
|
|
|
1,200 |
|
|
Land development and construction |
|
2,419 |
|
|
|
(528 |
) |
|
Corporate expenses: |
|
|
|
|
|
|
|
|
Allocated to asset management |
|
(378 |
) |
|
|
(300 |
) |
|
Allocated to mining royalty |
|
(55 |
) |
|
|
(318 |
) |
|
Allocated to land development and construction |
|
(299 |
) |
|
|
(176 |
) |
|
Unallocated to discontinued operations |
|
— |
|
|
|
(919 |
) |
|
|
|
(732 |
) |
|
|
(1,713 |
) |
|
|
$ |
6,600 |
|
|
|
2,345 |
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
Asset management |
$ |
481 |
|
|
|
445 |
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization: |
|
|
|
|
|
|
|
|
Asset management |
$ |
1,798 |
|
|
|
1,786 |
|
|
Mining royalty lands |
|
34 |
|
|
|
31 |
|
|
Land development and construction |
|
64 |
|
|
|
66 |
|
|
|
$ |
1,896 |
|
|
|
1,883 |
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures: |
|
|
|
|
|
|
|
|
Asset management |
|
9,237 |
|
|
|
905 |
|
|
Mining royalty lands |
|
— |
|
|
|
— |
|
|
Land development and construction |
|
1,302 |
|
|
|
833 |
|
|
|
$ |
10,539 |
|
|
|
1,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 30, |
|
|
|
September 30, |
|
|
Identifiable net assets |
|
2015 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Asset management |
$ |
159,216 |
|
|
|
151,023 |
|
|
Mining royalty lands |
|
39,298 |
|
|
|
39,300 |
|
|
Land development and construction |
|
56,916 |
|
|
|
60,682 |
|
|
Cash items |
|
1,174 |
|
|
|
419 |
|
|
Unallocated corporate assets |
|
505 |
|
|
|
1,054 |
|
|
|
$ |
257,109 |
|
|
|
252,478 |
|
|
(4) Related Party Transactions.
In order to effect the Spin-off and govern our relationship with Patriot Transportation Holding, Inc. after the Spin-off, we
entered into an Employee Matters Agreement and a Transition Services Agreement. The Employee Matters Agreement generally allocates
responsibilities to each company for liabilities relating to each Company’s current and former employees and allocated responsibilities
under employee benefit plans. The Transition Services Agreement sets forth the terms on which Patriot will provide to FRP certain
services that were shared prior to the Spin-off, including the services of certain shared executive officers, for a period of 12
or more months after the Spin-off.
The consolidated statements of income reflects
charges and/or allocations from Patriot for these services of $386,000 and $794,000 for the three months ended December 31, 2015
and 2014, respectively.
To determine these allocations between FRP
and Patriot as set forth in the Transition Services Agreement, we generally employed the same methodology historically used by
the Company pre Spin-off 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 as the terms were negotiated while Patriot was still a subsidiary of FRP.
As a result of the Spin-off the former transportation
segment of the Company is reported as a discontinued operation and thus is not allowed any corporate overhead allocation. Hence,
all corporate overhead of the transportation group through the date of the Spin-off is included in “corporate expense”
on the Company’s consolidated income statements. The consolidated statements of income reflect charges and/or allocation
for these services of $919,000 for the three months ended December 31, 2014.
(5) Long-Term debt. Long-term
debt is summarized as follows (in thousands):
|
|
December 31, |
|
September 30, |
|
|
2015 |
|
2015 |
Revolving credit (uncollateralized) |
|
$ |
2,928 |
|
|
|
8,494 |
|
5.6% to 7.9% mortgage notes |
|
|
|
|
|
|
|
|
due in installments through 2027 |
|
|
39,171 |
|
|
|
40,191 |
|
|
|
|
42,099 |
|
|
|
48,685 |
|
Less portion due within one year |
|
|
4,247 |
|
|
|
4,180 |
|
|
|
$ |
37,852 |
|
|
|
44,505 |
|
On January 30, 2015, in connection
with the Spin-off, the Company terminated its $55 million credit facility entered into with Wells Fargo Bank, N.A. in 2012 and
simultaneously entered into a new five year credit agreement with Wells Fargo with a maximum facility amount of $20 million (the
"Credit Agreement"). The Credit Agreement provides a revolving credit facility (the “Revolver”) with a $10
million sublimit available for standby letters of credit. At the time of the Spin-off, the Company refinanced $10,483,000 of borrowings
then outstanding on the terminated revolver. As of December 31,
2015, there was $2,837,000 outstanding
on the Company’s new credit facility, $2,377,000 letters of credit and $14,786,000 available for borrowing. The credit agreement
contains certain conditions and financial covenants, including a minimum $110 million tangible net worth. As of December 31, 2015,
the tangible net worth covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum
of $79 million combined. The Company was in compliance with all covenants as of December 31, 2015.
During the first quarter of fiscal
2015, the Company announced the execution of a commitment from First Tennessee Bank to provide up to $40 million dollars of mortgage
backed financing in two separate facilities. On July 24, 2015 the Company closed on a five year, $20 million secured revolver with
a twenty-four month window to convert up to the full amount of the facility into a ten year term loan. As of December 31, 2015,
there was $91,000 outstanding on the revolver. The second facility is a $20 million ten year term loan secured by to-be-determined
collateral from our current pool of unencumbered warehouse/office properties. We expect to close on the ten year term loan during
calendar 2016. The purpose of these loans is to facilitate growth through new construction in the Land Development and Construction
segment and/or acquisition of existing, operating buildings to be added to the Asset Management segment.
During the three months ended December
31, 2015 and December 31, 2014 the Company capitalized interest costs of $222,000 and $321,000, respectively.
The fair values of the Company’s
mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities.
At December 31, 2015, the carrying amount and fair value of such long-term debt was $39,171,000 and $42,325,000, respectively.
(6) Earnings per share. The following
details the computations of the basic and diluted earnings per common share (dollars in thousands, except per share amounts):
|
Three Months ended |
|
December 31, |
|
2015 |
|
2014 |
Weighted average common shares outstanding |
|
|
|
during the period – shares used for basic |
|
|
|
earnings per common share |
|
9,802 |
|
|
|
9,711 |
|
|
|
|
|
|
|
|
|
Common shares issuable under share based |
|
|
|
|
|
|
|
payment plans which are potentially dilutive |
|
51 |
|
|
|
60 |
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
earnings per common share |
|
9,853 |
|
|
|
9,771 |
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
7,473 |
|
|
|
1,131 |
|
Discontinued operations |
|
— |
|
|
|
1,663 |
|
Net income |
$ |
7,473 |
|
|
|
2,794 |
|
|
|
|
|
|
|
|
|
Basic earnings per common share: |
|
|
|
|
|
|
|
Income from continuing operations |
$ |
0.76 |
|
|
|
0.12 |
|
Discontinued operations |
|
0.00 |
|
|
|
0.17 |
|
Net income |
$ |
0.76 |
|
|
|
0.29 |
|
|
|
|
|
|
|
|
|
Diluted earnings per common share: |
|
|
|
|
|
|
|
Income from continuing operations |
$ |
0.76 |
|
|
|
0.12 |
|
Discontinued operations |
|
0.00 |
|
|
|
0.17 |
|
Net income |
$ |
0.76 |
|
|
|
0.29 |
|
For the three months ended December 31, 2015
and 2014, 72,090 and 69,175 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings
per share because their inclusion would have been anti-dilutive.
(7) Stock-Based Compensation Plans.
As more fully described in Note 8 to the Company’s notes to the consolidated financial statements in the Company’s
Annual Report on Form 10-K for the year ended September 30, 2015, the Company’s stock-based compensation plan permits the
grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, and stock awards. The number
of common shares available for future issuance was 397,630 at December 31, 2015.
As a result of the Spin-off and pursuant
to the Employee Matters Agreement, we made certain adjustments to the exercise price and number of outstanding FRP stock options.
All outstanding options held by the Company directors, Company officers and key employees on January 30, 2015 were cancelled and
replaced by an equal number of FRP options at 75.14% of the previous exercise price based upon the market value of FRP less the
when issued market value of the Company on that day. For FRP officers additional options were issued rather than issuing Patriot
options for the 24.86% market value attributed to Patriot. The adjusted stock options are subject to the same vesting conditions
and other terms that applied to the original FRP award immediately prior to the Spin-off, except as otherwise described above.
Subsequent to Spin-off, the realized
tax benefit pertaining to options exercised and the remaining compensation cost of options previously granted prior to the Spin-off
will be recognized by FRP or Patriot based on the employment location of the related employee or director.
The Company recorded the following
stock compensation expense (including unallocated to Patriot in periods prior to the Spin-off) in its consolidated statements of
income (in thousands):
|
|
Three Months ended |
|
|
|
December 31, |
|
|
|
2015 |
|
2014 |
|
Stock option grants |
|
$ |
72 |
|
|
|
172 |
|
|
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
|
|
$ |
72 |
|
|
|
172 |
|
|
|
A summary of changes in outstanding options
is presented below (in thousands, except share and per share amounts):
|
|
|
|
|
|
Weighted |
|
|
|
Weighted |
|
|
|
Weighted |
|
|
|
Number |
|
|
|
Average |
|
|
|
Average |
|
|
|
Average |
|
|
|
of |
|
|
|
Exercise |
|
|
|
Remaining |
|
|
|
Grant Date |
|
Options |
|
Shares |
|
|
|
Price |
|
|
|
Term (yrs) |
|
|
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 1, 2015 |
|
305,750 |
|
|
$ |
21.90 |
|
|
|
5.9 |
|
|
$ |
2,738 |
|
Granted |
|
21,540 |
|
|
$ |
31.15 |
|
|
|
|
|
|
$ |
272 |
|
Exercised |
|
(48,830 |
) |
|
$ |
18.43 |
|
|
|
|
|
|
$ |
(362 |
) |
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
278,460 |
|
|
$ |
23.22 |
|
|
|
6.2 |
|
|
$ |
2,648 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
200,613 |
|
|
$ |
22.00 |
|
|
|
5.4 |
|
|
$ |
1,729 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
35,596 |
|
|
|
|
|
|
|
|
|
|
$ |
341 |
|
The aggregate intrinsic value of
exercisable in-the-money options was $2,396,000 and the aggregate intrinsic value of outstanding in-the-money options was $2,985,000
based on the market closing price of $33.94 on December 31, 2015 less exercise prices.
The realized tax benefit to the Company
or Patriot from options exercised in the three months ended December 31, 2015 was $270,000. The unrecognized compensation cost
of options granted to FRP employees but not yet vested as of December 31, 2015 was $417,000, which is expected to be recognized
over a weighted-average period of 4.0 years. Gains of $698,000 were realized by option holders during the three months ended December
31, 2015.
(8) Contingent liabilities.
Certain of the Company’s subsidiaries are involved in litigation on a number of matters and are 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. The liability at any point in time depends upon the relative ages and amounts of the
individual open claims. 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.
Preliminary testing on the site of
the Company's four phase master development known as RiverFront on the Anacostia in Washington, D.C. indicated the presence of
contaminated material that will have to be specially handled upon excavation in conjunction with construction. The Company has
agreed with our joint venture partner to bear the cost of handling the contaminated materials on the first phase of this development
up to a cap of $1.871 million. We recorded an expense in the fourth quarter of fiscal 2012 of $1,771,000 for this environmental
remediation liability which is the lower end of the range of estimates. As of December
31, 2015, the excavation and foundation work for Phase 1 were substantially complete; thus, the bulk of the remediation expenses
have been incurred. Management believes the total cost for remediation on Phase 1 will end up at approximately $1.9 million. The
Company has no obligation to remediate this contamination on Phases II, III and IV of the development until such time as it makes
a commitment to commence construction there. During the quarter ending December 31, 2015, management successfully completed negotiations
and entered into a $3,000,000 settlement of environmental claims on all four phases against our former tenant at the Riverfront
on the Anacostia property and continues to pursue settlement negotiations with other potentially responsible parties. Management
anticipates committing to develop Phase II of the Riverfront on the Anacostia project during this fiscal year at which time we
will likely book a liability for the estimated incremental cost of remediation similar to what we booked with regards to Phase
I.
(9) Concentrations.
With the completion and occupancy of the 3rd build to suit for the same tenant at Patriot Business Park in the first quarter of
fiscal 2015 this particular tenant accounted for 12% of the Company’s consolidated revenues during the three months ended
December 31, 2015. The mining royalty lands segment has a total of four tenants currently leasing mining locations and one lessee
that accounted for 13.1% of the Company’s consolidated revenues in the three months ended December 31, 2015 and $87,000 of
accounts receivable at December 31, 2015. 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 high credit quality institutions. At times, such amounts
may exceed FDIC limits.
(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.
As of December 31, 2015 the Company
had no assets or liabilities measured at fair value on a recurring or non-recurring basis. At December 31, 2015 and 2014, the carrying
amount reported in the consolidated balance sheets for cash and cash equivalents, short-term notes payable and revolving credit
approximate their fair value based upon the short-term nature of these items. The fair values of the Company’s other mortgage
notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities.
(11) Unusual or Infrequent Items Impacting
Quarterly Results. Operating profit includes expenses of $450,000 in the first quarter of fiscal 2015 for costs incurred related
to the planned spin-off of the transportation group.
Costs of operations for the land development
and construction segment for the quarter ending December 31, 2015 includes a $3,000,000 positive benefit from settlement of environmental
claims against our former tenant at the Riverfront on the Anacostia property (see Note 8).
Gain on investment land sold for the quarter
ending December 31, 2015 includes $6,277,000 gain on the sale of phase 2 of Windlass Run residential property.
(12) Investment in Riverfront
and Brooksville Joint Ventures.
Riverfront. On
March 30, 2012 the Company entered into a Contribution Agreement with MRP SE Waterfront Residential, LLC. (“MRP”) to
form a joint venture to develop the first phase only of the four phase master development known as RiverFront on the Anacostia
in Washington, D.C. The purpose of the Joint Venture is to develop, own, lease and ultimately sell an approximately 300,000 square
foot residential apartment building (including approximately 18,000 square feet of retail) on approximately 2.1 acres of the roughly
5.82 acre site. The joint venture, RiverFront Investment Partners I, LLC (“RiverFront I”) was formed in June 2013 as
contemplated. The Company contributed land with an
agreed to value of $13,500,000 (cost basis
of $6,165,000) and contributed cash of $4,866,000 to the Joint Venture for a 76.91% stake in the venture. MRP contributed capital
of $5,553,000 to the joint venture including development costs paid prior to formation of the joint venture. The Joint Venture
closed on $17,000,000 of EB5 secondary financing and a nonrecourse construction loan for $65,000,000 on August 8, 2014. Both these
financing sources are non-recourse to FRP. At the time of these financings, RiverFront Holdings I, LLC. was formed as a parent
to RiverFront Investment Partners I, LLC with EB5 as an equity partner in Riverfront Holdings I, LLC. Construction commenced in
October 2014. At this point, the Company anticipates lease up to occur in the second half of calendar 2016 and all of 2017. The
Company’s equity interest in the joint venture is accounted for under the equity method of accounting as MRP acts as the
administrative agent of the joint venture and oversees and controls the day to day operations of the project.
Other income for the three months ended December
31, 2015 includes a loss of $45,000 representing the Company’s portion of the loss of this joint venture due primarily to
expenses incurred in the joint venture with respect to depreciation on the bulkhead and advertising expense.
Brooksville. In 2006, the Company
entered into a Joint Venture Agreement with Florida Rock Industries, Inc. (now owned by Vulcan Materials Company) to jointly own
and develop approximately 4,300 acres of land near Brooksville, Florida. Under the terms of the joint venture, FRP contributed
its fee interest in approximately 3,443 acres formerly leased to Vulcan under a long-term mining lease which had a net book value
of $2,548,000. Vulcan is entitled to mine a portion of the property until 2022 and pay royalties to the Company. FRP also contributed
$3,018,000 for one-half of the acquisition costs of a 288-acre contiguous parcel. Vulcan contributed 553 acres that it owned as
well as its leasehold interest in the 3,443 acres that it leased from FRP and $3,018,000 for one-half of the acquisition costs
of the 288-acre contiguous parcel. The joint venture is jointly controlled by Vulcan and FRP, and they each have a mandatory obligation
to fund additional capital contributions of up to $2,430,000. Capital contributions of $2,397,000 have been made by each party
as of December 31, 2015. Distributions will be made on a 50-50 basis except for royalties and depletion specifically allocated
to the Company. Other income for the three months ended December 31, 2015 includes a loss of $9,000 representing the Company’s
portion of the loss of this joint venture. In April 2011, the Florida Department of Community Affairs issued its Final Order approving
the development of the Project, and zoning for the Project was obtained from Hernando County in August 2012. We will continue to
monitor the residential market in Hernando County and pursue opportunities to partner with a master community developer or major
homebuilder to commence construction when the market dictates.
Investments in Joint Ventures (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's |
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
Net Loss |
|
|
Share of Net |
|
|
|
|
|
|
Total |
|
|
of the |
|
|
of the |
|
|
Loss of the |
|
|
|
Ownership |
|
|
Investment |
|
|
Partnership |
|
|
Partnership |
|
|
Partnership |
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
As of December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Riverfront Holdings I, LLC |
|
76.91 |
% |
|
$ 11,635 |
|
|
$ 50,536 |
|
|
$ (53 |
) |
|
$ (45 |
) |
Brooksville Quarry, LLC |
|
50.00 |
% |
|
7,533 |
|
|
14,354 |
|
|
(18 |
) |
|
(9 |
) |
Total |
|
|
|
|
$ 19,168 |
|
|
$ 64,890 |
|
|
$ (71 |
) |
|
$ (54 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Riverfront Holdings I, LLC |
|
76.91 |
% |
|
$ 11,517 |
|
|
$ 40,970 |
|
|
$ (108 |
) |
|
$ (105 |
) |
Brooksville Quarry, LLC |
|
50.00 |
% |
|
7,493 |
|
|
14,336 |
|
|
(80 |
) |
|
(40 |
) |
Total |
|
|
|
|
19,010 |
|
|
$ 55,306 |
|
|
$ (188 |
) |
|
$ (145 |
) |
The amount of consolidated retained earnings for these joint ventures was
$423,000 and $389,000 as of December 31, 2015 and September 30, 2015, respectively.
Summarized Unaudited Financial Information for the Investments in
Joint Ventures (in thousands):
|
|
As of |
|
|
|
|
12/31/2015 |
|
|
|
9/30/2015 |
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
92 |
|
|
|
61 |
|
Cash held in escrow |
|
|
644 |
|
|
|
3,420 |
|
Amortizable Debt Costs |
|
|
1,490 |
|
|
|
1,593 |
|
Investments in real estate, net |
|
|
62,664 |
|
|
|
50,232 |
|
Total Assets |
|
$ |
64,890 |
|
|
|
55,306 |
|
|
|
|
|
|
|
|
|
|
Other Liabilities |
|
$ |
7,432 |
|
|
|
6,969 |
|
Long-term Debt |
|
|
25,929 |
|
|
|
17,000 |
|
Capital – FRP |
|
|
19,168 |
|
|
|
19,010 |
|
Capital - Third Parties |
|
|
12,361 |
|
|
|
12,327 |
|
Total Liabilities and Capital |
|
$ |
64,890 |
|
|
|
55,306 |
|
(13) Spin-off. On January 30, 2015,
FRP Holdings, Inc. (Nasdaq GM: FRPH) (the “Company” or “FRP”) completed the spin-off of its transportation
business into a new, separately traded public company - Patriot Transportation Holding, Inc. (Nasdaq GM: PATI) (“Patriot”)
- resulting in FRP becoming a pure real estate company. As a result, the former transportation segment is reported as a discontinued
operation without any corporate overhead allocation. Hence, all corporate overhead attributable to the transportation group through
the date of the spin-off is included in “corporate expense” on the Company’s historical consolidated income statements.
The results of operations associated with discontinued
operations for the three month periods ended December 31, 2015 and 2014 were as follows (in thousands):
|
Three Months ended |
|
|
December 31, |
|
|
2015 |
|
2014 |
|
Revenue |
$ |
— |
|
|
|
31,717 |
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
— |
|
|
|
28,965 |
|
|
Operating profit |
|
— |
|
|
|
2,752 |
|
|
Interest expense |
|
— |
|
|
|
(26 |
) |
|
Income before income taxes |
|
— |
|
|
|
2,726 |
|
|
Provision for income taxes |
|
— |
|
|
|
1,063 |
|
|
Income from discontinued operations |
$ |
— |
|
|
|
1,663 |
|
|
The following table presents the carrying value
of the major categories of assets and liabilities of discontinued operations reflected on the Company’s consolidated balance
sheets at September 30, 2014:
Property and equipment, net |
|
$ |
42,174 |
|
Accounts receivable, net |
|
|
7,119 |
|
Deferred costs |
|
|
11,809 |
|
Other assets |
|
|
32 |
|
Assets of discontinued operation |
|
$ |
61,134 |
|
|
|
|
|
|
Line of credit |
|
$ |
7,282 |
|
Accounts payable and accrued liabilities |
|
|
11,489 |
|
Deferred compensation |
|
|
717 |
|
Deferred income taxes |
|
|
8,924 |
|
Liabilities of discontinued operation |
|
$ |
28,412 |
|
(14) Port Capital Property Acquisition.
On October 19, 2015, the Company purchased for approximately $9.9 million, 7700 Port Capital Drive in Elkridge, Maryland which
consists of 1 building on 6.39 acres totaling 91,218 square feet plus approximately 29,558 square feet of mezzanine space. The
Company has accounted for this acquisition in accordance with the provisions of ASC 805, Business Combinations (ASC 805). The Company
has allocated the purchase price of the property, through the use of a third party valuation, based upon the fair value of the
assets acquired, consisting of land, buildings and intangible assets, including in-place leases. Based on the third party valuation
performed, the purchase price has been allocated to the fair value of the in-place leases. These deferred leasing intangible
assets are recorded within Deferred Costs in the consolidated balance sheets. The value of the in-place lease intangibles will
be amortized to amortization expense over the remaining lease terms.
The Company will recognize the amortization related to the Port
Capital Drive property intangible assets according to the following schedule (in thousands):
|
|
|
|
|
In-place |
|
|
|
|
|
|
|
Leases |
|
|
|
Initial Values |
|
|
$ |
1,126 |
|
|
|
Annual Amortization: |
|
|
|
|
|
|
|
2016 |
|
|
$ |
104 |
|
|
|
2017 |
|
|
|
114 |
|
|
|
2018 |
|
|
|
114 |
|
|
|
2019 |
|
|
|
114 |
|
|
|
2020 |
|
|
|
114 |
|
|
|
2021 |
|
|
|
114 |
|
|
|
2022 |
|
|
|
113 |
|
|
|
2023 |
|
|
|
113 |
|
|
|
2024 |
|
|
|
113 |
|
|
|
2025 |
|
|
|
113 |
|
|
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION
AND RESULTS OF OPERATIONS
The following discussion should be read in
conjunction with the consolidated financial information and related notes that appear in Part I, Item 1 of this Quarterly Report
on Form 10-Q. The following discussion also presents net operating income (“NOI”) and adjusted operating profit, non-GAAP
financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission (“Regulation
G”) to supplement the financial results as reported in accordance with GAAP. Management uses these metrics to analyze its
continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. These
measures are not, and should not be viewed as, a substitute for GAAP financial measures. Refer to “Non-GAAP Financial Measures”
below in this Quarterly Report on Form 10-Q for a more detailed discussion, including a reconciliation of NOI to the most directly
comparable GAAP financial measure.
Overview – This section provides
management's discussion and analysis of the financial condition and results of operations of FRP Holdings, Inc. for the
quarter ended December 31, 2015.
FRP Holdings, Inc. (“FRP” or the
“Company”) is a holding company engaged in the real estate business, namely (i) warehouse/office building ownership,
leasing and management, (ii) mining royalty land ownership, leasing and management, and (iii) land acquisition, entitlement, development
and construction mainly for warehouse/office buildings.
On January 30, 2015, FRP completed the tax-free
spin-off of its transportation business (“Spin-off”) into a new, separately traded public company, Patriot Transportation
Holding, Inc. (“Patriot”). In the Spin-off, FRP distributed all of the outstanding stock of Patriot to FRP’s
shareholders as of the record date of January 9, 2015. FRP’s shareholders received one share of Patriot common stock for
every three shares of FRP common stock owned on the record date. Patriot is now an independent publicly-traded company, and FRP
retains no ownership in Patriot. FRP retained the real estate business, which is now the sole business of the Company. As a result,
the former transportation segment is reported as a discontinued operation without any corporate overhead allocation. Hence, all
corporate overhead attributable to the transportation group through the date of the spin-off is included in “corporate expense”
on the Company’s historical consolidated income statements.
Following the completion of the spin-off of
the transportation business, management conducted a strategic review of the Company’s real estate operations. As a
result of this review, Management determined that the information that the Company’s chief operating decision makers regularly
review for purposes of allocating resources and assessing performance, had changed. Therefore, beginning with the quarter ending
March 31, 2015 (with prior periods adjusted accordingly), the Company is reporting its financial performance based on three reportable
segments, Asset Management, Mining Royalty Lands and Land Development and Construction, as described below.
Our Mining and Royalties segment remains unaffected,
but our former Developed Property Rentals segment has been broken down into an Asset Management segment and a Land Development
and Construction segment to reflect how management now evaluates the real estate activities previously presented in the Developed
Property Rentals segment. The Asset Management segment contains all the developed buildings capable of producing current rental
income. The Land Development and Construction segment contains the remaining developable land that is generally in a pre-income
production state where objectives are long term capital investment in an effort to bring such property to
income producing status or realization of its
fair market value through sales or exchange.
Prior to the quarter ending December
31, 2015 certain corporate expenses (primarily stock compensation, corporate aircraft and one-time Spin-off related expenses) were
reported as “unallocated” on the Company’s consolidated income statement and were not allocated to any business
segment. Effective with fiscal 2016 all corporate expenses, other than those not allocated to discontinued operations, have been
allocated. Reclassifications to the appropriate prior period line items and amounts have been made to be comparable to the current
presentation. See Note 3 for a breakdown of corporate expenses showing the amounts allocated to the segments and the unallocated
to discontinued operations.
The Company’s operations are influenced
by a number of external and internal factors. External factors include levels of economic and industrial activity in the United
States and the Southeast, construction activity and costs, aggregates sales by lessees from the Company’s mining properties,
interest rates, market conditions in the Baltimore/Northern Virginia/Washington DC area, and our ability to obtain zoning and entitlements
necessary for property development. Internal factors include administrative costs and group health claims experience. Financial
results of the Company for any individual quarter are not necessarily indicative of results to be expected for the year.
Asset Management Segment.
The Asset Management segment owns, leases and
manages warehouse/office buildings located predominately in the Baltimore/Northern Virginia/Washington, DC market area. We
focus primarily on owning flexible type facilities that cater to the maximum number of tenant types. As most of our buildings are
less than 150,000 square feet, we focus on local and regional vs. national tenants. Hands-on service provided by our in-house construction
and property management teams keeps us close to our tenant base. These practices are the cornerstone of our mission to provide
the highest quality product and services at competitive rates resulting in tenant satisfaction and ultimately, retention.
These assets create revenue and cash flows
through tenant rental payments, lease management fees and reimbursements for building operating costs. The major cash outlays incurred
in this segment are for operating expenses, real estate taxes, building repairs, lease commissions and other lease closing costs,
construction of tenant improvements, capital to acquire existing operating buildings and closing costs related thereto and personnel
costs of our property management team. Of the 40 buildings we own today, 26 were constructed by the Company through what is now
known as our Land Development and Construction segment. Additionally, over the years, we have opportunistically acquired 14 existing
operating buildings, typically in connection with a deferred like-kind (Section 1031) exchange opportunity. Today, this segment
consists of just under 3.7 million square feet.
Management focuses on several factors to measure
our success on a comparative basis in this segment. The major factors we focus on are (1) revenue growth, (2) net operating income
(cash basis), (3) growth in occupied square feet, (4) actual occupancy rate, (5) average annual occupied square feet, (6) average
annual occupancy rate (defined as the occupied square feet at the end of each month during a fiscal year divided by the number
of months to date in that fiscal year as a percentage of the average number of square feet in the portfolio over that same time
period), (7) growth of our portfolio (in square feet), and (8) tenant retention success rate (as a percentage of total square feet
to be renewed).
Asset Management segment – three months ended |
December 31, 2015 |
December 31, 2014 |
Revenues |
$6,915,000 |
$6,757,000 |
Net Operating Income (Cash Basis) |
$5,390,000 |
$5,358,000 |
Occupied square feet |
3,364,008 |
3,342,789 |
Overall occupancy rate |
91.1% |
92.8% |
Average annual occupied square feet |
3,363,418 |
3,280,839 |
Average annual occupancy rate |
91.1% |
92.2% |
Portfolio square feet |
3,693,377 |
3,602,159 |
Retention Success rate |
68% |
77% |
Mining Royalty Lands
Segment.
Our Mining Royalty Lands segment
owns several properties comprising approximately 15,000 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. The typical lease in this segment requires the tenant to pay
us a royalty based on the number of tons of mined materials sold from our property during a given fiscal year multiplied by a percentage
of the average annual sales price per ton sold. As a result of this royalty payment structure, we do not bear the cost risks associated
with the mining operations, however, we are subject to the cyclical nature of the construction markets in these States as both
volumes and prices tend to fluctuate through those cycles. In certain locations, typically where the reserves on our property have
been depleted but the tenant still has a need for the leased land, we collect a fixed annual rental amount. We believe strongly
in the potential for future growth in construction in Florida and Georgia which would positively benefit our profitability in this
segment.
The major expenses in this
segment are comprised of collection and accounting for royalties, management’s oversight of the mining leases, land entitlement
for post-mining uses and property taxes at our non-leased locations and at our Grandin location which, unlike our other leased
mining locations, are not paid by the tenant. As such, our costs in this business are very low as a percentage of revenue,
are relatively stable and are not affected by increases in production at our locations. Our current mining tenants include Vulcan
Materials, Martin Marietta and Cemex, among others.
Additionally, these locations
provide us with excellent opportunities for valuable “2nd lives” for these assets through proper land planning and
entitlement.
Significant “2nd
life” Mining Lands:
Location |
Acreage |
Status |
Brooksville, Fl |
4,280 +/- |
Development of Regional of Impact and County Land Use and Master Zoning in place for 5,800 residential unit, mixed-use development |
Ft. Myers, FL |
1,993 +/- |
Approval in place for 105, 1 acre, waterfront residential lots after mining completed. |
Gulf Hammock, Fl |
1,600 +/- |
Currently on the market for $4.5 million |
Total |
7,873 +/- |
|
Land Development and
Construction Segment.
Through our Land Development
and Construction segment, we own and are continuously monitoring for their “highest and best use” 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 warehouse/office buildings for us to
own and operate or (ii) a sale to, or joint venture with, third parties.
Revenues in this segment
are generated predominately from land sales and interim property rents. The significant cash outlays incurred in this segment are
for land acquisition costs, entitlement costs, property taxes, design and permitting, the personnel costs of our in-house management
team and horizontal and vertical construction costs.
Since 1990, one of our primary
strategies in this segment has been to acquire, entitle and ultimately develop commercial/industrial business parks providing 5–15
building pads which we typically convert into warehouse/office buildings. To date, our management team has converted 26 of these
pads into developed buildings that we continue to own and manage through the Asset Management segment. Our typical practice has
been to transfer these assets to the Asset Management segment on the earlier to occur of (i) commencement of rental revenue or
(ii) issuance of the certificate of occupancy. We have also opportunistically sold several of these pad sites over time to third
party “users”.
The remaining pad sites
in our inventory today are fully entitled, located in business parks in four different submarkets in the DC/Baltimore/Northern
Virginia area, and can support an additional +/- 1.2 million sf. of warehouse/office buildings.
Summary of Our Remaining
Lot Inventory:
Location |
Acreage |
SF +/- |
Status |
Lakeside, MD |
20 |
266,530 |
Horizontal development completed. Ready for vertical permitting. |
Windlass Run Business Park, MD |
50 |
386,626 |
Horizontal development completed. Permitting submitted for 150,000 sf warehouse/office building with the balance ready for further vertical permitting. |
Patriot Business Center, Manassas, VA |
24 |
198,150 |
Horizontal development completed. Ready for vertical permitting. |
Hollander 95 Business Park, MD |
33 |
345,750 |
Horizontal development completed. Construction in progress on 80,000 sf warehouse/office building with the balance of the land ready for vertical permitting. |
Total |
127 |
1,197,056 |
|
We completed a third build-to-suit
building for the same tenant at our Patriot Business Park and transferred that asset to the Asset Management segment on or about
November 2014 when the building was approved for occupancy. Having sites ready for vertical construction has rewarded us in the
past. It is the main reason why we were able to convert 3 of our finished pads at Patriot Business Park into build-to-suit
opportunities in 2012, 2013 and 2014. We are now under construction on an 80,000 square foot spec building at Hollander Business
Park. We will continue to actively monitor these submarkets where we have lots ready for construction and take advantage of the
opportunities presented to us.
In addition to the inventory
of finished building lots, we have several other properties that were either spun-off to us from Florida Rock Industries in 1986
or acquired by us from unrelated 3rd parties. These
properties, as a result of
our “highest and best use” studies, are being prepared for income generation through sale or joint venture with third
parties, and in certain cases we are leasing these properties on an interim basis for an income stream while we wait for the development
market to ripen.
Our strategy when selling parcels
outright is to attempt to convert the proceeds into income producing real estate for our Asset Management segment through a Section
1031 tax-deferred exchange. An example of this is the Windlass Run 179 acre tract purchased for $5.2 million in 2002. When
purchased, the entire parcel was zoned for commercial/industrial uses. Today, some 70 acres of this original tract makes
up our Windlass Run Business Park. We successfully rezoned the remaining acreage for medium density residential development
and on April 17, 2013, we entered into a contract to sell the residential portion of the property for $19 million. The first phase
of the Windlass Run residential land was sold for $8 million and the proceeds were used in a Section 1031 exchange to acquire our
Transit Business Park in 2013. Phase 2 was sold in November, 2015 for $11.1 million and we used $9.9 million of the proceeds to
acquire the fully leased Port Capital Building.
An example of property in this
segment being developed through joint venture is Phase I of our RiverFront on the Anacostia project which was contributed to a
joint venture with MRP in 2014 and is now under construction as a 305 unit apartment building including 18,000 sf of ground floor
retail.
Significant Investment Lands Inventory:
Location |
Approx. Acreage |
Status |
NBV |
Riverfront on the Anacostia Phase I |
2.1 |
Phase I under construction |
$11,635,000 |
Riverfront on the Anacostia Phases II-IV |
3.7 |
Phase II design approval plans to be submitted to Zoning Commission prior to December, 2016. |
$10,563,000 |
Hampstead Trade Center, MD |
117 |
Residential studies ongoing |
$7,147,000 |
Square 664E,on the Anacostia River in DC |
2 |
Under lease to Vulcan Materials as a concrete batch plant through 2021 with one 5 year renewal option. |
$4,650,000 |
Total |
125 |
|
$33,995,000 |
|
|
|
|
RIVERFRONT ON THE
ANACOSTIA:
This property consists
of 5.8 acres on the Anacostia River and is immediately adjacent to the Washington National’s baseball park in the SE Central
Business District of Washington, DC. Once zoned for industrial use and under a ground lease, this property is no longer under
lease and has been re-zoned for the construction of approximately 1.1M square feet of “mixed-use” development in four
phases. In 2014, approximately 2.1 acres (Phase I) of the total 5.8 acres was contributed to a joint venture owned by the
Company (77%) and our partner, MRP Realty (23%), and construction commenced in October, 2014 on a 305 unit residential apartment
building with approximately 18,000 sq. ft. of first floor retail space. Lease up is expected to commence in 2016 and continue
through 2017. Phases II, III and IV are slated for residential, office, and hotel/residential buildings, respectively, all with
permitted first floor retail
uses. In accordance
with our Master Planned Unit Development (PUD) approval, the next step for development of Phase II requires us to submit plans
to the Zoning Commission for final design approval within two years of issuance of the construction permit for Phase I (i.e. by
December of 2016).
HAMPSTEAD TRADE
CENTER: We purchased this 117 acre tract in 2005 for $4.3 million in a Section 1031 exchange with plans of developing it as
a commercial business park. The “great recession” caused us to reassess our plans for this property. As a result, Management
determined that the prudent course of action is to attempt to rezone the property for residential uses and sell the entire tract
to another developer such that we can redeploy this capital into an asset with more near-term income producing potential. Residential
studies are on-going today.
SQUARE 664E, WASHINGTON,
DC
This property sits
on the Anacostia River at the base of South Capitol Street in an area named Buzzard Point, approximately 1 mile down river from
our RiverFront on the Anacostia property. The Square 664E property consists of approximately 2 acres and is currently under lease
to Vulcan Materials for use as a concrete batch plant. The lease terminates on August 31, 2021 and Vulcan has the option to renew
for one additional period of five (5) years. In the quarter ending December 31, 2014, the District of Columbia announced that it
had selected Buzzard Point for the future site of the new DC United major league soccer stadium. The selected stadium location
is separated from our property by just one small industrial lot.
Comparative Results of Operations
for the Three months ended December 31, 2015 and 2014
Consolidated Results
|
THREE MONTHS ENDED |
|
|
|
|
|
DECEMBER 31 |
|
|
|
|
|
2015 |
|
2014 |
|
Change |
|
% |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental Revenue |
$ |
6,027 |
|
|
|
5,868 |
|
|
|
159 |
|
|
|
2.7 |
% |
Royalty and Rents |
|
1,638 |
|
|
|
1,320 |
|
|
|
318 |
|
|
|
24.1 |
% |
Revenue-Reimbursements |
|
1,158 |
|
|
|
1,114 |
|
|
|
44 |
|
|
|
3.9 |
% |
Total Revenues |
|
8,823 |
|
|
|
8,302 |
|
|
|
521 |
|
|
|
6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation/Depletion/Amortization |
|
1,896 |
|
|
|
1,883 |
|
|
|
13 |
|
|
|
0.7 |
% |
Operating Expenses |
|
973 |
|
|
|
914 |
|
|
|
59 |
|
|
|
6.5 |
% |
Environmental remediation recovery |
|
(3000 |
) |
|
|
— |
|
|
|
(3,000 |
) |
|
|
* |
|
Property Taxes |
|
1,118 |
|
|
|
1,095 |
|
|
|
23 |
|
|
|
2.1 |
% |
Mgmt Co Allocation-In |
|
504 |
|
|
|
352 |
|
|
|
152 |
|
|
|
43.2 |
% |
Corporate Expense |
|
732 |
|
|
|
794 |
|
|
|
(62 |
) |
|
|
-7.8 |
% |
Corp Mgmt fee not alloc. to discontinued operations |
|
— |
|
|
|
919 |
|
|
|
(919 |
) |
|
|
-100.0 |
% |
Total cost of operations |
|
2,223 |
|
|
|
5,957 |
|
|
|
(3,734 |
) |
|
|
-62.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit |
|
6,600 |
|
|
|
2,345 |
|
|
|
4,255 |
|
|
|
181.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income and other |
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
* |
|
Interest Expense |
|
(481 |
) |
|
|
(445 |
) |
|
|
(36 |
) |
|
|
8.1 |
% |
Equity in loss of joint ventures |
|
(54 |
) |
|
|
(30 |
) |
|
|
(24 |
) |
|
|
80.0 |
% |
Gain (loss) on investment land sold |
|
6,286 |
|
|
|
(17 |
) |
|
|
6,303 |
|
|
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
12,352 |
|
|
|
1,853 |
|
|
|
10,499 |
|
|
|
566.6 |
% |
Provision for income taxes |
|
4,879 |
|
|
|
722 |
|
|
|
4,157 |
|
|
|
575.8 |
% |
Income from continuing operations |
|
7,473 |
|
|
|
1,131 |
|
|
|
6,342 |
|
|
|
560.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain from discontinued operations, net |
|
— |
|
|
|
1,663 |
|
|
|
(1,663 |
) |
|
|
(100.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
7,473 |
|
|
|
2,794 |
|
|
|
4,679 |
|
|
|
167.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations for the first
quarter of fiscal 2016 was $7,473,000 or $.76 per share versus $1,131,000 or $.12 per share in the first quarter last year. This
first quarter of fiscal 2016 benefited from a gain on land sale of $6,286,000 plus income of $3,000,000 from the settlement of
environmental claims resulting in a positive impact of $.57 per share of income from continuing operations. Total revenues were
up $521,000, or 6.3%, versus the same quarter last year. Excluding the positive impact of the environmental settlement this quarter
($3 million) and the negative impact of corporate costs not allocated to discontinued operations in the first quarter last year
($919,000), consolidated total operating profit was up 10.3%.
Post Spin-off we are reporting any net gain/(loss)
from the transportation business as “discontinued operations” and we currently have no other discontinued operations
being reported. In the quarter we received no benefit to after tax net income versus a $1,663,000 benefit in the same quarter last
year. GAAP accounting rules do not allow corporate overhead expense to be allocated to a discontinued operation of the Company
which resulted in the first quarter of fiscal 2015 including an additional $919,000 of corporate overhead expense to the Company
that was associated with the discontinued transportation operations.
Asset Management Segment Results
Highlights of the First Quarter 2016:
- Revenue up $158,000, or 2.3%, over the same quarter last year
due to the addition of income producing square feet to our portfolio.
- Operating profit was down $76,000, or 2.5%, over the same quarter
last year.
|
|
Three months ended December 31 |
|
|
|
|
(dollars in thousands) |
|
2015 |
|
% |
|
2014 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
5,908 |
|
|
|
85.4 |
% |
|
|
5,744 |
|
|
|
85.0 |
% |
|
|
164 |
|
|
|
2.9 |
% |
Revenue-reimbursements |
|
|
1,007 |
|
|
|
14.6 |
% |
|
|
1,013 |
|
|
|
15.0 |
% |
|
|
(6 |
) |
|
|
-0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
6,915 |
|
|
|
100.0 |
% |
|
|
6,757 |
|
|
|
100.0 |
% |
|
|
158 |
|
|
|
2.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
1,798 |
|
|
|
26.0 |
% |
|
|
1,786 |
|
|
|
26.4 |
% |
|
|
12 |
|
|
|
0.7 |
% |
Operating expenses |
|
|
839 |
|
|
|
12.1 |
% |
|
|
675 |
|
|
|
10.0 |
% |
|
|
164 |
|
|
|
24.3 |
% |
Property taxes |
|
|
659 |
|
|
|
9.5 |
% |
|
|
757 |
|
|
|
11.2 |
% |
|
|
(98 |
) |
|
|
-12.9 |
% |
Management company indirect |
|
|
231 |
|
|
|
3.4 |
% |
|
|
153 |
|
|
|
2.3 |
% |
|
|
78 |
|
|
|
51.0 |
% |
Corporate expense |
|
|
378 |
|
|
|
5.5 |
% |
|
|
300 |
|
|
|
4.4 |
% |
|
|
78 |
|
|
|
26.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
3,905 |
|
|
|
56.5 |
% |
|
|
3,671 |
|
|
|
54.3 |
% |
|
|
234 |
|
|
|
6.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
3,010 |
|
|
|
43.5 |
% |
|
|
3,086 |
|
|
|
45.7 |
% |
|
|
(76 |
) |
|
|
-2.5 |
% |
Total revenues in this segment were $6,915,000,
up $158,000 or 2.3%, over the same quarter last year. The increase was due mainly to completion of the third build-to-suit in the
middle of the same quarter last year and the acquisition of the Port Capital building in October offset by the lack of revenues
($138,000) from a building that vacated in January 2015 as a result of the tenant outgrowing the space. Cost of operations increased
$234,000 due mainly to the reallocation of corporate expenses from the Mining Royalty Lands segment and an increase in operating
expenses due primarily to transaction specific fees and costs (e.g. the 1031 exchange) partially offset by a reduction of $98,000
in property taxes due mainly to a successful appeal of taxes on the three build-to-suit buildings at our Patriot Business Park.
Mining Royalty Land Results
Highlights of the First Quarter 2016:
- Royalty and rents revenue were up $318,000,
or 24%, as tons mined continued to increase at several of our locations.
|
|
Three months ended December 31 |
(dollars in thousands) |
|
2015 |
|
% |
|
2014 |
|
% |
|
|
|
|
|
|
|
|
|
Royalty and rents |
|
$ |
1,638 |
|
|
|
98.7 |
% |
|
|
1,320 |
|
|
|
98.2 |
% |
Revenue-reimbursements |
|
|
21 |
|
|
|
1.3 |
% |
|
|
24 |
|
|
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
1,659 |
|
|
|
100.0 |
% |
|
|
1,344 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
34 |
|
|
|
2.0 |
% |
|
|
31 |
|
|
|
2.3 |
% |
Operating expenses |
|
|
41 |
|
|
|
2.5 |
% |
|
|
55 |
|
|
|
4.1 |
% |
Property taxes |
|
|
59 |
|
|
|
3.6 |
% |
|
|
58 |
|
|
|
4.3 |
% |
Corporate expense |
|
|
55 |
|
|
|
3.3 |
% |
|
|
318 |
|
|
|
23.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
189 |
|
|
|
11.4 |
% |
|
|
462 |
|
|
|
34.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
1,470 |
|
|
|
88.6 |
% |
|
|
882 |
|
|
|
65.6 |
% |
Total revenues in this segment were $1,659,000,
an increase of 23.4%, versus $1,344,000 in the same quarter last year as total tons mined at our locations increased by 29.0%.
Total operating profit in this segment was $1,470,000, an increase of 66.7%, versus $882,000 in the first quarter of last year.
Management periodically analyzes the amount of corporate and management company time spent on each segment and in the most recent
analysis it was determined that less time was being spent on the mining segment versus prior years when management was working
on mining related transactions, such as the Lake Louisa acquisition, and the spin-off, which benefited all segments of the business.
As a result, the allocation of corporate expense to this segment was reduced and reallocated to our other two segments resulting
in $263,000 less corporate expense in this quarter versus the same quarter last year.
Land Development and Construction Segment
Results
Highlights of the First Quarter 2016:
- Entered into a $3,000,000 settlement of
environmental claims against our former tenant at the Riverfront on the Anacostia property.
- Property taxes at our Anacostia location
increased significantly contributing to a $120,000 increase in property taxes this quarter versus the same quarter last year.
|
|
Three months ended December 31 |
|
(dollars in thousands) |
|
2015 |
|
2014 |
|
Change |
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
119 |
|
|
|
124 |
|
|
|
(5 |
) |
|
Revenue-reimbursements |
|
|
130 |
|
|
|
77 |
|
|
|
53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
249 |
|
|
|
201 |
|
|
|
48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
64 |
|
|
|
66 |
|
|
|
(2 |
) |
|
Operating expenses |
|
|
93 |
|
|
|
184 |
|
|
|
(91 |
) |
|
Environmental remediation recovery |
|
|
(3,000 |
) |
|
|
— |
|
|
|
(3,000 |
) |
|
Property taxes |
|
|
400 |
|
|
|
280 |
|
|
|
120 |
|
|
Management company indirect |
|
|
273 |
|
|
|
199 |
|
|
|
74 |
|
|
Corporate expense |
|
|
299 |
|
|
|
176 |
|
|
|
123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
(1,871 |
) |
|
|
905 |
|
|
|
(2,776 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
2,120 |
|
|
|
(704 |
) |
|
|
2,824 |
|
|
The Land Development and Construction segment
is responsible for managing and developing our non-income producing properties into income production. In this quarter, this segment
successfully closed on the sale of Phase II of the Windlass Run residential land (a non-income producing property) for $11,288,000.
Using $9,900,000 of the proceeds from that sale in a Section 1031 exchange, the Asset Management segment acquired the Port Capital
building, a 91,218 square foot, 100% occupied, warehouse with first full year projected rental revenue of $594,000. In addition,
construction of the 80,000 square foot spec warehouse at Hollander Business park will be completed during the second quarter of
this fiscal year and, upon receipt of a Certificate of Occupancy, will be transferred to the Asset Management segment for lease-up.
Lastly, management successfully completed negotiations and entered into a $3,000,000 settlement of environmental claims against
our former tenant at the Riverfront on the Anacostia property and continues to pursue settlement negotiations with other potentially
responsible parties. Management anticipates committing to develop Phase II of the Riverfront on the Anacostia project during this
fiscal year at which time we will likely book a liability for the estimated incremental cost of remediation similar to what we
booked with regards to Phase I.
Revenues for this segment were up $48,000 over
last year’s first quarter due to higher real estate tax reimbursement from the ground lease at our Square 664E property in
D.C. Costs of operating this segment (excluding the $3,000,000 positive benefit from the environmental settlement at Anacostia)
were up $224,000 in the quarter driven primarily by higher property taxes at our Anacostia Phases II-IV property and the reallocation
of corporate expenses from the Mining Royalty Lands segment.
Liquidity and Capital Resources. The
growth of the Company’s businesses requires significant cash needs to acquire and develop land or operating buildings and
to construct new buildings and tenant improvements. As of December 31, 2015, we had $2,837,000 borrowed under our $20 million revolver,
$2,377,000 letters of credit and $14,786,000 available to borrow under the revolver. The Company closed on a $20 Million secured
revolver with First Tennessee Bank on July 24, 2015 to provide additional liquidity for growth opportunities. As of December 31,
2015, there was $91,000 outstanding
on the First Tennessee Bank revolver. First
Tennessee has also committed to provide an additional $20 Million of secured financing to the Company on a ten year term loan amortizing
on a twenty five (25) year basis and we anticipate closing on this loan during calendar 2016.
Cash Flows - The following table summarizes
our cash flows from operating, investing and financing activities for each of the periods presented (in thousands of dollars):
|
|
Three Months
Ended December 31, |
|
|
|
2015 |
|
2014 |
|
Total cash provided by (used for): |
|
|
|
|
|
|
Operating activities |
$ |
5,828 |
|
|
6,359 |
|
Investing activities |
|
(630 |
) |
|
(4,048 |
) |
Financing activities |
|
(5,617 |
) |
|
(2,429 |
) |
Decrease in cash and cash equivalents |
$ |
(419 |
) |
|
(118 |
) |
|
|
|
|
|
|
|
Outstanding debt at the beginning of the period |
$ |
48,685 |
|
|
55,956 |
|
Outstanding debt at the end of the period |
$ |
42,099 |
|
|
54,438 |
|
Operating Activities - Net cash provided
by operating activities decreased $531,000 to $5,828,000 for the three months ended December 31, 2015. The total of net income
plus depreciation, depletion and amortization less gains on sales of property and equipment decreased $1,585,000 versus the same
period last year. These changes are described above under “Comparative Results of Operations”. The current period includes
$408,000 more cash used to reduce accounts payable and accrued liabilities. The current period includes $4,434,000 larger increases
to deferred and current income tax payables due to a 1031 exchange and other timing differences. Income and net cash from discontinued
operations provided $2,347,000 benefit to the same period last year.
Investing Activities - For the first
three months ended December 31, 2015, cash required by investing activities decreased $3,418,000 to $630,000. The prior period
discontinued operations cash required was $2,193,000 higher. Cash required by investing activities for continuing operations decreased
$1,215,000 due to increased construction activity in the prior period. Proceeds from the sale of the Windlass Run
Residential Phase 2 property of $11,288,000
was used in a tax deferred reverse Section 1031 exchange to acquire the Port Capital property for a total purchase price of $9,900,000.
Financing Activities –
For the first three months ended December 31, 2015, cash required by financing activities was $5,617,000 versus $2,429,000 in the
first three months ended December 31, 2014. The prior period discontinued operations cash provided was $1,256,000 higher. Cash
required by financing activities for continuing operations was $4,444,000 higher in the current period primarily due to payments
on the revolver.
Credit Facilities - On January
30, 2015, in connection with the Spin-off, the Company terminated its $55 million credit facility entered into with Wells Fargo
Bank, N.A. in 2012 and simultaneously entered into a new five year credit agreement with Wells Fargo with a maximum facility amount
of $20 million (the "Credit Agreement"). The Credit Agreement provides a revolving credit facility (the “Revolver”)
with a $10 million sublimit available for standby letters of credit. At the time of the Spin-off, the Company refinanced $10,483,000
of borrowings then outstanding on the terminated revolver. As of December 31, 2015, there was $2,837,000 outstanding on the revolver,
$2,377,000 letters of credit and $14,786,000 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 Revolver bears interest at a rate of 1.4% over the selected LIBOR, which may change
quarterly based on the Company’s ratio of Consolidated Total Debt to Consolidated Total Capital, as defined. A commitment
fee of 0.15% per annum is payable quarterly on the unused portion of the commitment. The commitment fee may also change quarterly
based upon the ratio described above. The credit agreement contains certain conditions and financial covenants, including a minimum
$110 million tangible net worth. As of December 31, 2015, the tangible net worth covenant would have limited our ability to pay
dividends or repurchase stock with borrowed funds to a maximum of $79 million combined. The Company was in compliance with all
covenants as of December 31, 2015.
During the first quarter of fiscal
2015, the Company announced the execution of a commitment from First Tennessee Bank to provide up to $40 million dollars of mortgage
backed financing in two separate facilities. On July 24, 2015 the Company closed on a five year, $20 million secured revolver with
a twenty-four month window to convert up to the full amount of the facility into a ten year term loan. Interest accrues at 1.90%
over one month LIBOR plus an annual commitment fee of 0.10%. As of December 31, 2015, there was $91,000 outstanding on the revolver.
The second facility is a $20 million ten year term loan secured by to-be-determined collateral from our current pool of unencumbered
warehouse/office properties. We expect to close on the ten year term loan during calendar 2016. The purpose of these loans is to
facilitate growth through new construction in the Land Development and Construction segment and/or acquisition of existing, operating
buildings to be added to the Asset Management segment.
Cash Requirements – The Board
of Directors has authorized Management to repurchase shares of the Company’s common stock from time to time as opportunities
arise. During the first three months of fiscal 2016 the Company did not repurchase any shares of stock. As of December 31, 2015,
$5,000,000 was authorized for future repurchases of common stock. The Company does not currently pay any cash dividends on common
stock.
The Company currently expects its
fiscal 2016 capital expenditures to include approximately $24,800,000 for real estate development, of which $10,539,000 has been
expended to date, which will be funded mostly out of cash generation from operations and partly from borrowings under our credit
facilities.
Summary and Outlook. We are focused
on building shareholder value through our real estate holdings - mainly by growing our portfolio through the conversion of our
non-income producing assets into income production. This strategy is two pronged in that we (i) sell land that is not conducive
to warehouse/office development and use the proceeds to acquire existing income producing warehouse/office buildings (typically
in a Section 1031 exchange) and (ii) construct new warehouse/office buildings on existing pad sites in our developed business parks.
Over the past five years, we have converted 172 acres of non-income producing land into 766,216 square feet of income producing
properties with estimated FY 2016 rental revenues of $5,115,000. We saw another quarter of real improvement in mining royalties
due mainly to increased volumes at most of our locations and, barring another major economic downturn in the US, we are confident
that trend will continue for the foreseeable future.
During the remainder of fiscal 2016, we expect
to spend approximately $4 million on the construction of a new bulk head at the Square 664E property in anticipation of future
high-rise development and continue working with our JV partner, MRP, to complete the construction of Phase I of Riverfront on the
Anacostia (now named Dock 79) and to continue
planning for the commencement of Phase II.
Non-GAAP Financial Measures.
To supplement the financial results presented
in accordance with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the
Securities and Exchange Commission. The non-GAAP financial measures included in this press release are adjusted operating profit
and net operating income (NOI). FRP uses these non-GAAP financial measures to analyze its continuing operations and to monitor,
assess, and identify meaningful trends in its operating and financial performance. These measures are not, and should not be viewed
as, substitutes for GAAP financial measures.
Post Spin-off we are reporting any net gain/(loss)
from the transportation business as “discontinued operations” and we currently have no other discontinued operations
being reported. GAAP accounting rules do not allow corporate overhead expenses to be allocated to a discontinued operation of the
Company; thus, those corporate expenses attributable to the transportation business prior to the spin-off are charged to the Company
as part of continuing operations.
Adjusted Operating Profit
Adjusted operating profit excludes the impact
of the corporate expense not allocated to discontinued operations and the environmental remediation recovery. Adjusted operating
profit is presented to provide additional perspective on underlying trends in FRP’s core operating results. A reconciliation
between operating profit and adjusted operating profit is as follows:
Adjusted Operating Profit |
|
Three months ended |
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
2015 |
|
2014 |
|
Change |
|
% |
Operating profit |
|
$ |
6,600 |
|
|
|
2,345 |
|
|
|
4,255 |
|
|
|
181.4 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental remediation recovery |
|
|
(3,000 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
Corporate costs not allocated to discontinued operations |
|
|
— |
|
|
|
919 |
|
|
|
|
|
|
|
|
|
Adjusted Operating profit |
|
$ |
3,600 |
|
|
|
3,264 |
|
|
|
336 |
|
|
|
10.3 |
% |
Net Operating Income Reconciliation |
Three months ending 12/31/15 (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset |
|
|
Land |
|
|
Mining |
|
|
Unallocated |
|
|
FRP |
|
|
|
Management |
|
|
Development |
|
|
Royalties |
|
|
Corporate |
|
|
Holdings |
|
|
|
Segment |
|
|
Segment |
|
|
Segment |
|
|
Expenses |
|
|
Totals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ 1,535 |
|
|
5,054 |
|
|
884 |
|
|
— |
|
|
7,473 |
|
|
Income Tax Allocation |
1,003 |
|
|
3,298 |
|
|
578 |
|
|
— |
|
|
4,879 |
|
|
Inc. from continuing operations before income taxes |
2,538 |
|
|
8,352 |
|
|
1,462 |
|
|
— |
|
|
12,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on investment land sold |
9 |
|
|
6,277 |
|
|
|
|
|
|
|
|
|
|
|
Other income |
— |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
13 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Lease intangible rents |
14 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in loss of Joint Venture |
— |
|
|
45 |
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
481 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Depreciation/Amortization |
1,798 |
|
|
64 |
|
|
|
|
|
|
|
|
|
|
|
Management Co. Indirect |
231 |
|
|
273 |
|
|
|
|
|
|
|
|
|
|
|
Allocated Corporate Expenses |
378 |
|
|
299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income |
$ 5,390 |
|
|
2,755 |
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income Reconciliation |
Three months ending 12/31/14 (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset |
|
|
Land |
|
|
Mining |
|
|
Unallocated |
|
|
FRP |
|
|
|
Management |
|
|
Development |
|
|
Royalties |
|
|
Corporate |
|
|
Holdings |
|
|
|
Segment |
|
|
Segment |
|
|
Segment |
|
|
Expenses |
|
|
Totals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ 1,635 |
|
|
(452 |
) |
|
509 |
|
|
(561 |
) |
|
1,131 |
|
|
Income Tax Allocation |
1,046 |
|
|
(291 |
) |
|
325 |
|
|
(358 |
) |
|
722 |
|
|
Inc. from continuing operations before income taxes |
2,681 |
|
|
(743 |
) |
|
834 |
|
|
(919 |
) |
|
1,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease intangible rents |
12 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on investment land sold |
— |
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
45 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Equity in loss of Joint Venture |
— |
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
405 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Depreciation/Amortization |
1,786 |
|
|
66 |
|
|
|
|
|
|
|
|
|
|
|
Management Co. Indirect |
153 |
|
|
199 |
|
|
|
|
|
|
|
|
|
|
|
Allocated Corporate Expenses |
300 |
|
|
176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income (loss) |
$ 5,358 |
|
|
(263 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEM 3. QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISKS
Interest Rate Risk - We
are exposed to the impact of interest rate changes through our variable-rate borrowings under Credit Agreements with Wells Fargo
and First Tennessee Bank.
Under the Wells Fargo Credit Agreement, the
applicable margin for borrowings at December 31, 2015 was 1.4%. The applicable margin for such borrowings will be reduced or increased
in the event that our debt to capitalization ratio as calculated under the Wells Fargo Credit Agreement Facility exceeds a target
level.
The applicable borrowing margin at December
31, 2015 with First Tennessee Bank was 1.9%.
At December 31, 2015 a 1% increase in the current
per annum interest rate would result in $29,280 of additional interest expense during the next 12 months under the Wells Fargo
and First Tennessee Bank Credit Agreements. The foregoing calculation assumes an instantaneous 1% increase in the rates under the
Credit Agreements and that the principal amount under the Credit Agreements is the amount outstanding as of December 31, 2015.
The calculation, therefore, does not account for the differences in the market rates upon which the interest rates of our indebtedness
are based or possible actions, such as prepayment, which we may take in response to any rate increase.
ITEM 4. CONTROLS AND PROCEDURES
The Company maintains disclosure controls and
procedures that are designed to ensure that information required to be disclosed in the Company’s reports under the Securities
Exchange Act of 1934, as
amended (the “Exchange Act”), is
recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such
information is accumulated and communicated to management, including the Company’s Chief Executive Officer (“CEO”)
and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure.
The Company also maintains a system of internal
accounting controls over financial reporting that are designed to provide reasonable assurance to the Company’s management
and Board of Directors regarding the preparation and fair presentation of published financial statements.
All control systems, no matter how well designed,
have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving
the desired control objectives.
As of December 31, 2015, the Company, under
the supervision and with the participation of the Company's management, including the CEO, CFO and CAO, carried out an evaluation
of the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based on this evaluation,
the Company’s CEO, CFO and CAO concluded that the Company's disclosure controls and procedures are effective in alerting
them in a timely manner to material information required to be included in periodic SEC filings.
There have been no changes in the Company’s
internal controls over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably
likely to materially affect, the Company’s internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1A. RISK FACTORS
In addition to the other information
set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in
our Annual Report on Form 10-K for the year ended September 30, 2015, which could materially affect our business, financial condition
or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional
risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect
our business, financial condition and/or operating results.
Item 2. PURCHASES OF EQUITY SECURITIES BY
THE ISSUER
|
|
|
|
|
(c) |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
Number of |
|
|
|
|
|
|
|
Shares |
|
(d) |
|
|
|
|
|
Purchased |
|
Approximate |
|
(a) |
|
|
|
As Part of |
|
Dollar Value of |
|
Total |
|
(b) |
|
Publicly |
|
Shares that May |
|
Number of |
|
Average |
|
Announced |
|
Yet Be Purchased |
|
Shares |
|
Price Paid |
|
Plans or |
|
Under the Plans |
Period |
Purchased |
|
per Share |
|
Programs |
|
or Programs (1) |
|
October 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
— |
|
|
$ |
|
|
|
|
— |
|
|
|
|
|
(1) On February 4, 2015, the Board
of Directors authorized management to expend up to $5,000,000 to repurchase shares of the Company’s common stock from time
to time as opportunities arise.
Item 6. EXHIBITS
| (a) | Exhibits. The response to this item is submitted as a separate Section entitled
"Exhibit Index", on page 33. |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
|
FRP Holdings, Inc. |
|
|
|
|
|
|
|
|
|
|
Date: February 4, 2016 |
|
By |
THOMPSON S. BAKER II |
|
|
|
|
Thompson S. Baker II |
|
|
|
|
Chief Executive Officer |
|
|
|
(Principal Executive Officer) |
|
|
|
|
|
|
|
|
|
|
|
|
By |
JOHN D. MILTON, JR. |
|
|
|
|
John D. Milton, Jr. |
|
|
|
|
Executive Vice President, Treasurer, |
|
|
|
Secretary and Chief Financial Officer |
|
|
|
(Principal Financial Officer) |
|
|
|
|
|
|
|
|
|
|
|
|
By |
JOHN D. KLOPFENSTEIN |
|
|
|
|
John D. Klopfenstein |
|
|
|
|
Controller and Chief Accounting |
|
|
|
Officer (Principal Accounting Officer) |
FRP HOLDINGS, INC.
FORM 10-Q FOR THE QUARTER ENDED DECEMBER
31, 2015
EXHIBIT INDEX
| (14) | Financial Code of Ethical Conduct between the Company, Chief Executive Officers
and Financial Managers, as revised on January 28, 2004, which is available on the Company’s website at www.frpholdings.com. |
| (31)(a) | Certification of Thompson S. Baker II. |
| (31)(b) | Certification of John D. Milton, Jr. |
| (31)(c) | Certification of John D. Klopfenstein. |
| (32) | Certification of Chief Executive Officer, Chief Financial Officer, and Chief
Accounting Officer under Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS |
XBRL Instance Document |
101.XSD |
XBRL Taxonomy Extension Schema |
101.CAL |
XBRL Taxonomy Extension Calculation Linkbase |
101.DEF |
XBRL Taxonomy Extension Definition Linkbase |
101.LAB |
XBRL Taxonomy Extension Label Linkbase |
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase |
CERTIFICATIONS Exhibit 31(a)
I, Thompson S. Baker II, certify that:
| 1. | I have reviewed this report on Form 10-Q of FRP
Holdings, Inc.; |
| 2. | Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officers
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have: |
| a) | designed such disclosure controls and procedures,
or caused such disclosure controls to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared; |
| b) | designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles; |
| c) | evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosures controls
and procedures, as of the end of the period covered by this report based on such evaluation; and |
| d) | disclosed in this report any changes in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial report; and |
| 5. | The registrant’s other certifying officers
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
| a) | all significant deficiencies in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability
to record, process, summarize and report financial information; and |
| b) | any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: February 4, 2016 /s/Thompson
S. Baker II
Chief
Executive Officer
CERTIFICATIONS Exhibit 31(b)
I, John D. Milton, Jr., certify that:
| 1. | I have reviewed this report on Form 10-Q of FRP
Holdings, Inc.; |
| 2. | Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officers
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have: |
| a) | designed such disclosure controls and procedures,
or caused such disclosure controls to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared; |
| b) | designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles; |
| c) | evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosures controls
and procedures, as of the end of the period covered by this report based on such evaluation; and |
| d) | disclosed in this report any changes in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial report; and |
| 5. | The registrant’s other certifying officers
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
| a) | all significant deficiencies in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability
to record, process, summarize and report financial information; and |
| b) | any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: February 4, 2016 /s/John
D. Milton, Jr.
Executive Vice
President, Treasurer,
Secretary
and Chief Financial Officer
CERTIFICATIONS Exhibit 31(c)
I, John D. Klopfenstein, certify that:
| 1. | I have reviewed this report on Form 10-Q of FRP
Holdings, Inc.; |
| 2. | Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officers
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have: |
| a) | designed such disclosure controls and procedures,
or caused such disclosure controls to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared; |
| b) | designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles; |
| c) | evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosures controls
and procedures, as of the end of the period covered by this report based on such evaluation; and |
| d) | disclosed in this report any changes in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial report; and |
| 5. | The registrant’s other certifying officers
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
| a) | all significant deficiencies in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability
to record, process, summarize and report financial information; and |
| b) | any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: February 4, 2016 /s/John
D. Klopfenstein
Controller and
Chief Accounting Officer
Exhibit 32
CERTIFICATION UNDER SECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002
Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, each of the undersigned certifies that this periodic report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934 and that information contained in this periodic report fairly presents, in all
material respects, the financial condition and results of operations of FRP Holdings, Inc.
February 4, 2016 FRP HOLDINGS, INC.
/s/THOMPSON S. BAKER
II
Thompson S.
Baker II
Chief Executive
Officer
/s/JOHN D.
MILTON, JR.
John D. Milton,
Jr.
Executive Vice
President, treasurer, Secretary and
Chief Financial
Officer
/s/JOHN D.
KLOPFENSTEIN
John D. Klopfenstein
Controller and
Chief Accounting Officer
A signed original of this written
statement required by Section 906 has been provided to FRP Holdings, Inc. and will be retained by FRP Holdings, Inc. and furnished
to the Securities and Exchange Commission or its staff upon request.
The foregoing certification accompanies
the issuer’s Quarterly report on Form 10-Q and is not filed as provided in SEC Release Nos. 33-8212, 34-4751 and IC-25967,
dated June 30, 2003.
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v3.3.1.900
Consolidated Balance Sheets - USD ($) $ in Thousands |
Dec. 31, 2015 |
Sep. 30, 2015 |
Real estate investments at cost: |
|
|
Land |
$ 104,678
|
$ 102,347
|
Buildings and improvements |
181,977
|
174,820
|
Projects under construction |
4,994
|
4,129
|
Total investments in properties |
291,649
|
281,296
|
Less accumulated depreciation and depletion |
75,710
|
74,091
|
Net investments in properties |
215,939
|
207,205
|
Real estate held for investment, at cost |
7,306
|
7,306
|
Real estate held for sale, at cost |
0
|
4,826
|
Investment in joint ventures |
19,168
|
19,010
|
Net real estate investments |
242,413
|
238,347
|
Cash and cash equivalents |
0
|
419
|
Cash held in escrow |
1,174
|
0
|
Accounts receivable |
569
|
778
|
Federal and state income taxes receivable |
0
|
393
|
Unrealized rents |
4,864
|
4,817
|
Deferred costs |
7,914
|
7,449
|
Other assets |
175
|
275
|
Total assets |
257,109
|
252,478
|
Liabilities: |
|
|
Secured notes payable, less current portion |
34,924
|
36,011
|
Secured notes payable, current portion |
4,247
|
4,180
|
Lines of credit payable |
2,928
|
8,494
|
Accounts payable and accrued liabilities |
1,809
|
3,456
|
Environmental remediation liability |
48
|
51
|
Deferred revenue |
806
|
1,060
|
Federal and state income taxes payable |
1,039
|
0
|
Bank overdraft |
69
|
0
|
Deferred income taxes |
17,987
|
14,541
|
Deferred compensation |
1,444
|
1,400
|
Deferred lease intangible, net |
30
|
45
|
Tenant security deposits |
991
|
898
|
Total liabilities |
$ 66,322
|
$ 70,136
|
Commitments and contingencies (Note 8) |
|
|
Shareholders' Equity: |
|
|
Common stock, $.10 par value; 25,000,000 shares authorized, 9,840,600 and 9,791,770 shares issued and outstanding, respectively |
$ 984
|
$ 979
|
Capital in excess of par value |
50,839
|
49,872
|
Retained earnings |
138,970
|
131,497
|
Accumulated other comprehensive loss, net |
(6)
|
(6)
|
Total shareholders' equity |
190,787
|
182,342
|
Total liabilities and shareholders' equity |
$ 257,109
|
$ 252,478
|
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v3.3.1.900
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Dec. 31, 2015 |
Sep. 30, 2015 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.10
|
$ 0.10
|
Common stock, shares authorized |
25,000,000
|
25,000,000
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9,840,600
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9,791,770
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v3.3.1.900
Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Revenues: |
|
|
Rental revenue |
$ 6,027
|
$ 5,868
|
Royalty and rents |
1,638
|
1,320
|
Revenue - reimbursements |
1,158
|
1,114
|
Total revenues |
8,823
|
8,302
|
Cost of operations: |
|
|
Depreciation, depletion and amortization |
1,896
|
1,883
|
Operating expenses |
973
|
914
|
Environmental remediation recovery |
(3,000)
|
0
|
Property taxes |
1,118
|
1,095
|
Management company indirect |
504
|
352
|
Corporate expenses (Note 4 Related Party) |
732
|
1,713
|
Total cost of operations |
2,223
|
5,957
|
Total operating profit |
6,600
|
2,345
|
Interest income |
1
|
0
|
Interest expense |
(481)
|
(445)
|
Equity in loss of joint ventures |
(54)
|
(30)
|
Gain (loss) on investment land sold |
6,286
|
(17)
|
Income from continuing operations before income taxes |
12,352
|
1,853
|
Provision for income taxes |
4,879
|
722
|
Income from continuing operations |
7,473
|
1,131
|
Gain from discontinued transportation operations, net of taxes |
0
|
1,663
|
Net income |
7,473
|
2,794
|
Comprehensive net income |
$ 7,473
|
$ 2,794
|
Basic earnings per common share |
|
|
Income from continuing operations |
$ 0.76
|
$ 0.12
|
Discontinued operations |
0.00
|
0.17
|
Net income |
0.76
|
0.29
|
Diluted earnings per common share |
|
|
Income from continuing operations |
0.76
|
0.12
|
Discontinued operations |
0.00
|
0.17
|
Net income |
$ 0.76
|
$ 0.29
|
Number of shares (in thousands) used in computing: |
|
|
-basic earnings per common share |
9,802
|
9,711
|
-diluted earnings per common share |
9,853
|
9,771
|
X |
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v3.3.1.900
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Cash flows from operating activities: |
|
|
Net income |
$ 7,473
|
$ 2,794
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Income from discontinued operations, net |
0
|
(1,663)
|
Depreciation, depletion and amortization |
1,959
|
1,865
|
Deferred income taxes |
3,446
|
826
|
Equity in loss of joint ventures |
54
|
30
|
(Gain) Loss on sale of equipment and property |
(6,285)
|
73
|
Stock-based compensation |
72
|
172
|
Net changes in operating assets and liabilities: |
|
|
Accounts receivable |
209
|
327
|
Deferred costs and other assets |
(750)
|
(203)
|
Accounts payable and accrued liabilities |
(1,904)
|
(1,496)
|
Income taxes payable and receivable |
1,432
|
(382)
|
Other long-term liabilities |
122
|
6
|
Net cash provided by operating activities of continuing operations |
5,828
|
2,349
|
Net cash provided by operating activities of discontinued operations |
0
|
4,010
|
Net cash provided by operating activities |
5,828
|
6,359
|
Cash flows from investing activities: |
|
|
Investments in properties |
(10,539)
|
(1,738)
|
Investment in joint ventures |
(214)
|
(135)
|
Cash held in escrow |
(1,174)
|
35
|
Proceeds from the sale of real estate held for investment and properties |
11,297
|
(17)
|
Net cash used in investing activities of continuing operations |
(630)
|
(1,855)
|
Net cash used in investing activities of discontinued operations |
0
|
(2,193)
|
Net cash used in investing activities |
(630)
|
(4,048)
|
Cash flows from financing activities: |
|
|
Increase in bank overdrafts |
69
|
0
|
Repayment of long-term debt |
(1,020)
|
(1,123)
|
Proceeds from borrowing on revolving credit facility |
11,541
|
774
|
Payment on revolving credit facility |
(17,107)
|
(1,169)
|
Excess tax benefits from exercises of stock options |
0
|
94
|
Exercise of employee stock options |
900
|
251
|
Net cash used in financing activities of continuing operations |
(5,617)
|
(1,173)
|
Net cash used in financing activities of discontinued operations |
0
|
(1,256)
|
Net cash used in financing activities |
(5,617)
|
(2,429)
|
Net decrease in cash and cash equivalents |
(419)
|
(118)
|
Cash and cash equivalents at beginning of period |
419
|
1,013
|
Cash and cash equivalents at end of the period |
$ 0
|
$ 895
|
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v3.3.1.900
Basis of Presentation
|
3 Months Ended |
Dec. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
(1) Basis of Presentation. The
accompanying consolidated financial statements include the accounts of FRP Holdings, Inc. (the Company or FRP)
inclusive of our operating real estate subsidiaries, FRP Development Corp. (Development) and Florida Rock Properties,
Inc. (Properties), subsequent to the completed spin-off (the Spin-off) of our transportation assets
into a new, publicly traded entity, Patriot Transportation Holding, Inc. (Patriot; stock symbol PATI)
effective January 30, 2015. As a result of the Spin-off the former transportation segment of the Company is reported as a discontinued
operation that cannot receive any corporate overhead allocation. Hence, all corporate overhead of the transportation group through
the date of the spin-off is included in corporate expense on the Companys consolidated income statements herein.
Our investment in the 50% owned Brooksville Joint Venture and in the Riverfront Investment Partners I, LLC are accounted for under
the equity method of accounting (See Note 12). 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 three months
ended December 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending September
30, 2016. 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 Companys Form 10-K for the year ended September 30,
2015.
Following the completion of the Spin-off of
the transportation business, management conducted a strategic review of the Companys real estate operations. As a
result of this review, it was determined that the information that the Companys chief operating decision makers regularly
review for purposes of allocating resources and assessing performance, had changed. Therefore, beginning with the quarter ending
March 31, 2015 (with prior periods adjusted accordingly), the Company is reporting its financial performance based on three reportable
segments, Asset Management, Mining Royalty Lands and Land Development and Construction, as described below.
Our Mining and Royalties segment
stays the same, but based on our strategic review the Developed Property Rentals segment has been broken down into an Asset Management
segment and a Land Development and Construction segment to reflect how management now evaluates the real estate activities previously
presented in the Developed Property Rentals segment. The Asset Management segment contains all the developed buildings capable
of producing current rental income; the Land Development and Construction segments contains the remaining developable land not
yet developed to its eventual highest and best use potential where the Company's focus is to add further entitlements, construct
vertical improvements or market the property to third parties all in an effort to bring such property to income producing status
or realization of its fair market value through sales or exchange. This Land Development and Construction segment is generally
in a pre-income production state where objectives are long term capital investment for eventual production of long-term rental
streams or capital investment to achieve highest potential market value for sale to third parties.
Prior to the quarter ending December
31, 2015 certain corporate expenses (primarily stock compensation, corporate aircraft and one-time Spin-off related expenses) were
reported as unallocated on the Companys consolidated income statement and were not allocated to any business
segment. Effective with fiscal 2016 all corporate expenses, other than those not allocated to discontinued operations, have been
allocated. Reclassifications to the appropriate prior period line items and amounts have been made to be comparable to the current
presentation. See Note 3 for a breakdown of corporate expenses showing the amounts allocated to the segments and the unallocated
to discontinued operations.
|
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v3.3.1.900
Recently Issued Accounting Standards
|
3 Months Ended |
Dec. 31, 2015 |
Notes to Financial Statements |
|
Recent Accounting Pronouncements |
(2) Recently Issued Accounting
Standards. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. The
guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as
noncurrent on the balance sheet. The guidance becomes effective for annual reporting periods beginning after December 15,
2016 with early adoption permitted. The Company adopted this guidance retrospectively as of October 1, 2015 and reclassified
$143,000 from deferred costs to long-term deferred tax liability.
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|
v3.3.1.900
Business Segments
|
3 Months Ended |
Dec. 31, 2015 |
Segment Reporting [Abstract] |
|
Business Segments |
(3) Business Segments. Following
the completion of the spin-off of the transportation business, management conducted a strategic review of the Companys real
estate operations. As a result of this review, it was determined that the information that the Companys chief operating
decision makers regularly review for purposes of allocating resources and assessing performance, had changed. Therefore, beginning
with the quarter ending March 31, 2015 (with prior periods adjusted accordingly), the Company is reporting its financial performance
based on three reportable segments, Asset Management, Mining Royalty Lands and Land Development and Construction, as described
below.
The Asset Management segment owns, leases and
manages warehouse/office buildings located predominately in the Baltimore/Northern Virginia/Washington, DC market area.
Our Mining Royalty Lands segment was unaffected
by the change in segments and owns several properties comprising approximately 15,000 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 Land Development and
Construction segment, we own and are continuously monitoring for their highest and best use 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 warehouse/office buildings for us to own and operate
or (ii) a sale to, or joint venture with, third parties.
Subsequent to the Spin-off, the Company
is receiving certain services from Patriot (e.g. executive oversight, accounting, information technology and human resource services)
which are billed to the Company on a monthly basis in accordance with the Transition Services Agreement entered into and made effective
as of the date of the Spin-off. As was the case prior to the Spin-off, these costs (excluding stock compensation) are included
in the Companys corporate expense and are fully allocated to the business segments. Certain other corporate expenses (primarily
stock compensation, corporate aircraft and one-time Spin-off related expenses) are reported as unallocated on the
Companys consolidated income statement and are not allocated to any business segment. As a result of the Spin-off the former
transportation segment of the Company is reported as a discontinued operation and thus is not allowed any corporate overhead allocation.
Hence, all corporate overhead of the transportation group through the date of the Spin-off is included in corporate expense
on the Companys consolidated income statements herein. Reclassifications to the appropriate prior period line items and
amounts have been made to be comparable to the current presentation.
Operating results and certain other financial
data for the Companys business segments are as follows (in thousands):
|
Three Months ended |
|
December 31, |
|
|
2015 |
|
|
|
2014 |
|
|
Revenues: |
|
|
|
|
|
|
|
|
Asset management |
$ |
6,915 |
|
|
|
6,757 |
|
|
Mining royalty lands |
|
1,659 |
|
|
|
1,344 |
|
|
Land development and construction |
|
249 |
|
|
|
201 |
|
|
|
$ |
8,823 |
|
|
|
8,302 |
|
|
|
|
|
|
|
|
|
|
|
Operating profit: |
|
|
|
|
|
|
|
|
Before corporate expenses: |
|
|
|
|
|
|
|
|
Asset management |
$ |
3,388 |
|
|
|
3,386 |
|
|
Mining royalty lands |
|
1,525 |
|
|
|
1,200 |
|
|
Land development and construction |
|
2,419 |
|
|
|
(528 |
) |
|
Corporate expenses: |
|
|
|
|
|
|
|
|
Allocated to asset management |
|
(378 |
) |
|
|
(300 |
) |
|
Allocated to mining royalty |
|
(55 |
) |
|
|
(318 |
) |
|
Allocated to land development and construction |
|
(299 |
) |
|
|
(176 |
) |
|
Unallocated to discontinued operations |
|
|
|
|
|
(919 |
) |
|
|
|
(732 |
) |
|
|
(1,713 |
) |
|
|
$ |
6,600 |
|
|
|
2,345 |
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
Asset management |
$ |
481 |
|
|
|
445 |
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization: |
|
|
|
|
|
|
|
|
Asset management |
$ |
1,798 |
|
|
|
1,786 |
|
|
Mining royalty lands |
|
34 |
|
|
|
31 |
|
|
Land development and construction |
|
64 |
|
|
|
66 |
|
|
|
$ |
1,896 |
|
|
|
1,883 |
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures: |
|
|
|
|
|
|
|
|
Asset management |
|
9,237 |
|
|
|
905 |
|
|
Mining royalty lands |
|
|
|
|
|
|
|
|
Land development and construction |
|
1,302 |
|
|
|
833 |
|
|
|
$ |
10,539 |
|
|
|
1,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 30, |
|
|
|
September 30, |
|
|
Identifiable net assets |
|
2015 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Asset management |
$ |
159,216 |
|
|
|
151,023 |
|
|
Mining royalty lands |
|
39,298 |
|
|
|
39,300 |
|
|
Land development and construction |
|
56,916 |
|
|
|
60,682 |
|
|
Cash items |
|
1,174 |
|
|
|
419 |
|
|
Unallocated corporate assets |
|
505 |
|
|
|
1,054 |
|
|
|
$ |
257,109 |
|
|
|
252,478 |
|
|
|
X |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.3.1.900
Related Party Transactions
|
3 Months Ended |
Dec. 31, 2015 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
(4) Related Party Transactions.
In order to effect the Spin-off and govern our relationship with Patriot Transportation Holding, Inc. after the Spin-off, we
entered into an Employee Matters Agreement and a Transition Services Agreement. The Employee Matters Agreement generally allocates
responsibilities to each company for liabilities relating to each Companys current and former employees and allocated responsibilities
under employee benefit plans. The Transition Services Agreement sets forth the terms on which Patriot will provide to FRP certain
services that were shared prior to the Spin-off, including the services of certain shared executive officers, for a period of 12
or more months after the Spin-off.
The consolidated statements of income reflects
charges and/or allocations from Patriot for these services of $386,000 and $794,000 for the three months ended December 31, 2015
and 2014, respectively.
To determine these allocations between FRP
and Patriot as set forth in the Transition Services Agreement, we generally employed the same methodology historically used by
the Company pre Spin-off to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation
of the costs related to FRPs operations but any such related-party transactions cannot be presumed to be carried out on
an arms-length basis as the terms were negotiated while Patriot was still a subsidiary of FRP.
As a result of the Spin-off the former transportation
segment of the Company is reported as a discontinued operation and thus is not allowed any corporate overhead allocation. Hence,
all corporate overhead of the transportation group through the date of the Spin-off is included in corporate expense
on the Companys consolidated income statements. The consolidated statements of income reflect charges and/or allocation
for these services of $919,000 for the three months ended December 31, 2014.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.3.1.900
Long-Term Debt
|
3 Months Ended |
Dec. 31, 2015 |
Debt Disclosure [Abstract] |
|
Long-Term Debt |
(5) Long-Term debt. Long-term
debt is summarized as follows (in thousands):
|
|
December 31, |
|
September 30, |
|
|
2015 |
|
2015 |
Revolving credit (uncollateralized) |
|
$ |
2,928 |
|
|
|
8,494 |
|
5.6% to 7.9% mortgage notes |
|
|
|
|
|
|
|
|
due in installments through 2027 |
|
|
39,171 |
|
|
|
40,191 |
|
|
|
|
42,099 |
|
|
|
48,685 |
|
Less portion due within one year |
|
|
4,247 |
|
|
|
4,180 |
|
|
|
$ |
37,852 |
|
|
|
44,505 |
|
On January 30, 2015, in connection
with the Spin-off, the Company terminated its $55 million credit facility entered into with Wells Fargo Bank, N.A. in 2012 and
simultaneously entered into a new five year credit agreement with Wells Fargo with a maximum facility amount of $20 million (the
"Credit Agreement"). The Credit Agreement provides a revolving credit facility (the Revolver) with a $10
million sublimit available for standby letters of credit. At the time of the Spin-off, the Company refinanced $10,483,000 of borrowings
then outstanding on the terminated revolver. As of December 31, 2015, there was $2,837,000 outstanding on the Companys new
credit facility, $2,377,000 letters of credit and $14,786,000 available for borrowing. The credit agreement contains certain conditions
and financial covenants, including a minimum $110 million tangible net worth. As of December 31, 2015, the tangible net worth covenant
would have limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum of $79 million combined. The
Company was in compliance with all covenants as of December 31, 2015.
During the first quarter of fiscal
2015, the Company announced the execution of a commitment from First Tennessee Bank to provide up to $40 million dollars of mortgage
backed financing in two separate facilities. On July 24, 2015 the Company closed on a five year, $20 million secured revolver with
a twenty-four month window to convert up to the full amount of the facility into a ten year term loan. As of December 31, 2015,
there was $91,000 outstanding on the revolver. The second facility is a $20 million ten year term loan secured by to-be-determined
collateral from our current pool of unencumbered warehouse/office properties. We expect to close on the ten year term loan during
calendar 2016. The purpose of these loans is to facilitate growth through new construction in the Land Development and Construction
segment and/or acquisition of existing, operating buildings to be added to the Asset Management segment.
During the three months ended December
31, 2015 and December 31, 2014 the Company capitalized interest costs of $222,000 and $321,000, respectively.
The fair values of the Companys
mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities.
At December 31, 2015, the carrying amount and fair value of such long-term debt was $39,171,000 and $42,325,000, respectively.
|
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v3.3.1.900
Earnings per Share
|
3 Months Ended |
Dec. 31, 2015 |
Earnings Per Share [Abstract] |
|
Earnings per Share |
(6) Earnings per share. The following
details the computations of the basic and diluted earnings per common share (dollars in thousands, except per share amounts):
|
Three Months ended |
|
December 31, |
|
2015 |
|
2014 |
Weighted average common shares outstanding |
|
|
|
during the period shares used for basic |
|
|
|
earnings per common share |
|
9,802 |
|
|
|
9,711 |
|
|
|
|
|
|
|
|
|
Common shares issuable under share based |
|
|
|
|
|
|
|
payment plans which are potentially dilutive |
|
51 |
|
|
|
60 |
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
earnings per common share |
|
9,853 |
|
|
|
9,771 |
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
7,473 |
|
|
|
1,131 |
|
Discontinued operations |
|
|
|
|
|
1,663 |
|
Net income |
$ |
7,473 |
|
|
|
2,794 |
|
|
|
|
|
|
|
|
|
Basic earnings per common share: |
|
|
|
|
|
|
|
Income from continuing operations |
$ |
0.76 |
|
|
|
0.12 |
|
Discontinued operations |
|
0.00 |
|
|
|
0.17 |
|
Net income |
$ |
0.76 |
|
|
|
0.29 |
|
|
|
|
|
|
|
|
|
Diluted earnings per common share: |
|
|
|
|
|
|
|
Income from continuing operations |
$ |
0.76 |
|
|
|
0.12 |
|
Discontinued operations |
|
0.00 |
|
|
|
0.17 |
|
Net income |
$ |
0.76 |
|
|
|
0.29 |
|
For the three months ended December 31, 2015
and 2014, 72,090 and 69,175 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings
per share because their inclusion would have been anti-dilutive.
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v3.3.1.900
Stock-Based Compensation Plans
|
3 Months Ended |
Dec. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Stock-Based Compensation Plans |
(7) Stock-Based Compensation Plans.
As more fully described in Note 8 to the Companys notes to the consolidated financial statements in the Companys
Annual Report on Form 10-K for the year ended September 30, 2015, the Companys stock-based compensation plan permits the
grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, and stock awards. The number
of common shares available for future issuance was 397,630 at December 31, 2015.
As a result of the Spin-off and pursuant
to the Employee Matters Agreement, we made certain adjustments to the exercise price and number of outstanding FRP stock options.
All outstanding options held by the Company directors, Company officers and key employees on January 30, 2015 were cancelled and
replaced by an equal number of FRP options at 75.14% of the previous exercise price based upon the market value of FRP less the
when issued market value of the Company on that day. For FRP officers additional options were issued rather than issuing Patriot
options for the 24.86% market value attributed to Patriot. The adjusted stock options are subject to the same vesting conditions
and other terms that applied to the original FRP award immediately prior to the Spin-off, except as otherwise described above.
Subsequent to Spin-off, the realized
tax benefit pertaining to options exercised and the remaining compensation cost of options previously granted prior to the Spin-off
will be recognized by FRP or Patriot based on the employment location of the related employee or director.
The Company recorded the following
stock compensation expense (including unallocated to Patriot in periods prior to the Spin-off) in its consolidated statements of
income (in thousands):
|
|
Three Months ended |
|
|
|
December 31, |
|
|
|
2015 |
|
2014 |
|
Stock option grants |
|
$ |
72 |
|
|
|
172 |
|
|
|
Annual director stock award |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
72 |
|
|
|
172 |
|
|
|
A summary of changes in outstanding options
is presented below (in thousands, except share and per share amounts):
|
|
|
|
|
|
Weighted |
|
|
|
Weighted |
|
|
|
Weighted |
|
|
|
Number |
|
|
|
Average |
|
|
|
Average |
|
|
|
Average |
|
|
|
of |
|
|
|
Exercise |
|
|
|
Remaining |
|
|
|
Grant Date |
|
Options |
|
Shares |
|
|
|
Price |
|
|
|
Term (yrs) |
|
|
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 1, 2015 |
|
305,750 |
|
|
$ |
21.90 |
|
|
|
5.9 |
|
|
$ |
2,738 |
|
Granted |
|
21,540 |
|
|
$ |
31.15 |
|
|
|
|
|
|
$ |
272 |
|
Exercised |
|
(48,830 |
) |
|
$ |
18.43 |
|
|
|
|
|
|
$ |
(362 |
) |
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
278,460 |
|
|
$ |
23.22 |
|
|
|
6.2 |
|
|
$ |
2,648 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
200,613 |
|
|
$ |
22.00 |
|
|
|
5.4 |
|
|
$ |
1,729 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
35,596 |
|
|
|
|
|
|
|
|
|
|
$ |
341 |
|
The aggregate intrinsic value of
exercisable in-the-money options was $2,396,000 and the aggregate intrinsic value of outstanding in-the-money options was $2,985,000
based on the market closing price of $33.94 on December 31, 2015 less exercise prices.
The realized tax benefit to the Company
or Patriot from options exercised in the three months ended December 31, 2015 was $270,000. The unrecognized compensation cost
of options granted to FRP employees but not yet vested as of December 31, 2015 was $417,000, which is expected to be recognized
over a weighted-average period of 4.0 years. Gains of $698,000 were realized by option holders during the three months ended December
31, 2015.
|
X |
- DefinitionTabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.
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v3.3.1.900
Contingent liabilities
|
3 Months Ended |
Dec. 31, 2015 |
Notes to Financial Statements |
|
Contingent liabilities |
(8) Contingent liabilities.
Certain of the Companys subsidiaries are involved in litigation on a number of matters and are 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. The liability at any point in time depends upon the relative ages and amounts of the
individual open claims. In the opinion of management, none of these matters are expected to have a material adverse effect on the
Companys consolidated financial condition, results of operations or cash flows.
Preliminary testing on the site of
the Company's four phase master development known as RiverFront on the Anacostia in Washington, D.C. indicated the presence of
contaminated material that will have to be specially handled upon excavation in conjunction with construction. The Company has
agreed with our joint venture partner to bear the cost of handling the contaminated materials on the first phase of this development
up to a cap of $1.871 million. We recorded an expense in the fourth quarter of fiscal 2012 of $1,771,000 for this environmental
remediation liability which is the lower end of the range of estimates. As of December 31, 2015,
the excavation and foundation work for Phase 1 were substantially complete; thus, the bulk of the remediation expenses have been
incurred. Management believes the total cost for remediation on Phase 1 will end up at approximately $1.9 million. The Company
has no obligation to remediate this contamination on Phases II, III and IV of the development until such time as it makes a commitment
to commence construction there. During the quarter ending December 31, 2015, management successfully completed negotiations and
entered into a $3,000,000 settlement of environmental claims on all four phases against our former tenant at the Riverfront on
the Anacostia property and continues to pursue settlement negotiations with other potentially responsible parties. Management anticipates
committing to develop Phase II of the Riverfront on the Anacostia project during this fiscal year at which time we will likely
book a liability for the estimated incremental cost of remediation similar to what we booked with regards to Phase I.
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v3.3.1.900
Concentrations
|
3 Months Ended |
Dec. 31, 2015 |
Risks and Uncertainties [Abstract] |
|
Concentrations |
(9) Concentrations.
With the completion and occupancy of the 3rd build to suit for the same tenant at Patriot Business Park in the first quarter of
fiscal 2015 this particular tenant accounted for 12% of the Companys consolidated revenues during the three months ended
December 31, 2015. The mining royalty lands segment has a total of four tenants currently leasing mining locations and one lessee
that accounted for 13.1% of the Companys consolidated revenues in the three months ended December 31, 2015 and $87,000 of
accounts receivable at December 31, 2015. 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 high credit quality institutions. At times, such amounts
may exceed FDIC limits.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.3.1.900
Fair Value Measurements
|
3 Months Ended |
Dec. 31, 2015 |
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.
As of December 31, 2015 the Company
had no assets or liabilities measured at fair value on a recurring or non-recurring basis. At December 31, 2015 and 2014, the carrying
amount reported in the consolidated balance sheets for cash and cash equivalents, short-term notes payable and revolving credit
approximate their fair value based upon the short-term nature of these items. The fair values of the Companys other mortgage
notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.3.1.900
Unusual or Infrequent Items Impacting Quarterly Results
|
3 Months Ended |
Dec. 31, 2015 |
Extraordinary and Unusual Items [Abstract] |
|
Unusual or Infrequent Items Impacting Quarterly Results |
(11) Unusual or Infrequent Items Impacting
Quarterly Results. Operating profit includes expenses of $450,000 in the first quarter of fiscal 2015 for costs incurred related
to the planned spin-off of the transportation group.
Costs of operations for the land development
and construction segment for the quarter ending December 31, 2015 includes a $3,000,000 positive benefit from settlement of environmental
claims against our former tenant at the Riverfront on the Anacostia property (see Note 8).
Gain on investment land sold for the quarter
ending December 31, 2015 includes $6,277,000 gain on the sale of phase 2 of Windlass Run residential property.
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v3.3.1.900
Investment in Riverfront and Brooksville Joint Ventures
|
3 Months Ended |
Dec. 31, 2015 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Investment in Riverfront and Brooksville Joint Ventures |
(12) Investment in Riverfront
and Brooksville Joint Ventures.
Riverfront. On
March 30, 2012 the Company entered into a Contribution Agreement with MRP SE Waterfront Residential, LLC. (MRP) to
form a joint venture to develop the first phase only of the four phase master development known as RiverFront on the Anacostia
in Washington, D.C. The purpose of the Joint Venture is to develop, own, lease and ultimately sell an approximately 300,000 square
foot residential apartment building (including approximately 18,000 square feet of retail) on approximately 2.1 acres of the roughly
5.82 acre site. The joint venture, RiverFront Investment Partners I, LLC (RiverFront I) was formed in June 2013 as
contemplated. The Company contributed land with an agreed to value of $13,500,000 (cost basis of $6,165,000) and contributed cash
of $4,866,000 to the Joint Venture for a 76.91% stake in the venture. MRP contributed capital of $5,553,000 to the joint venture
including development costs paid prior to formation of the joint venture. The Joint Venture closed on $17,000,000 of EB5 secondary
financing and a nonrecourse construction loan for $65,000,000 on August 8, 2014. Both these financing sources are non-recourse
to FRP. At the time of these financings, RiverFront Holdings I, LLC. was formed as a parent to RiverFront Investment Partners I,
LLC with EB5 as an equity partner in Riverfront Holdings I, LLC. Construction commenced in October 2014. At this point, the Company
anticipates lease up to occur in the second half of calendar 2016 and all of 2017. The Companys equity interest in the joint
venture is accounted for under the equity method of accounting as MRP acts as the administrative agent of the joint venture and
oversees and controls the day to day operations of the project.
Other income for the three months ended December
31, 2015 includes a loss of $45,000 representing the Companys portion of the loss of this joint venture due primarily to
expenses incurred in the joint venture with respect to depreciation on the bulkhead and advertising expense.
Brooksville. In 2006, the Company
entered into a Joint Venture Agreement with Florida Rock Industries, Inc. (now owned by Vulcan Materials Company) to jointly own
and develop approximately 4,300 acres of land near Brooksville, Florida. Under the terms of the joint venture, FRP contributed
its fee interest in approximately 3,443 acres formerly leased to Vulcan under a long-term mining lease which had a net book value
of $2,548,000. Vulcan is entitled to mine a portion of the property until 2022 and pay royalties to the Company. FRP also contributed
$3,018,000 for one-half of the acquisition costs of a 288-acre contiguous parcel. Vulcan contributed 553 acres that it owned as
well as its leasehold interest in the 3,443 acres that it leased from FRP and $3,018,000 for one-half of the acquisition costs
of the 288-acre contiguous parcel. The joint venture is jointly controlled by Vulcan and FRP, and they each have a mandatory obligation
to fund additional capital contributions of up to $2,430,000. Capital contributions of $2,397,000 have been made by each party
as of December 31, 2015. Distributions will be made on a 50-50 basis except for royalties and depletion specifically allocated
to the Company. Other income for the three months ended December 31, 2015 includes a loss of $9,000 representing the Companys
portion of the loss of this joint venture. In April 2011, the Florida Department of Community Affairs issued its Final Order approving
the development of the Project, and zoning for the Project was obtained from Hernando County in August 2012. We will continue to
monitor the residential market in Hernando County and pursue opportunities to partner with a master community developer or major
homebuilder to commence construction when the market dictates.
Investments in Joint Ventures (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's |
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
Net Loss |
|
|
Share of Net |
|
|
|
|
|
|
Total |
|
|
of the |
|
|
of the |
|
|
Loss of the |
|
|
|
Ownership |
|
|
Investment |
|
|
Partnership |
|
|
Partnership |
|
|
Partnership |
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
As of December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Riverfront Holdings I, LLC |
|
76.91 |
% |
|
$ 11,635 |
|
|
$ 50,536 |
|
|
$ (53 |
) |
|
$ (45 |
) |
Brooksville Quarry, LLC |
|
50.00 |
% |
|
7,533 |
|
|
14,354 |
|
|
(18 |
) |
|
(9 |
) |
Total |
|
|
|
|
$ 19,168 |
|
|
$ 64,890 |
|
|
$ (71 |
) |
|
$ (54 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Riverfront Holdings I, LLC |
|
76.91 |
% |
|
$ 11,517 |
|
|
$ 40,970 |
|
|
$ (108 |
) |
|
$ (105 |
) |
Brooksville Quarry, LLC |
|
50.00 |
% |
|
7,493 |
|
|
14,336 |
|
|
(80 |
) |
|
(40 |
) |
Total |
|
|
|
|
19,010 |
|
|
$ 55,306 |
|
|
$ (188 |
) |
|
$ (145 |
) |
The amount of consolidated retained earnings for these joint ventures was
$423,000 and $389,000 as of December 31, 2015 and September 30, 2015, respectively.
Summarized Unaudited Financial Information for the Investments in
Joint Ventures (in thousands):
|
|
As of |
|
|
|
|
12/31/2015 |
|
|
|
9/30/2015 |
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
92 |
|
|
|
61 |
|
Cash held in escrow |
|
|
644 |
|
|
|
3,420 |
|
Amortizable Debt Costs |
|
|
1,490 |
|
|
|
1,593 |
|
Investments in real estate, net |
|
|
62,664 |
|
|
|
50,232 |
|
Total Assets |
|
$ |
64,890 |
|
|
|
55,306 |
|
|
|
|
|
|
|
|
|
|
Other Liabilities |
|
$ |
7,432 |
|
|
|
6,969 |
|
Long-term Debt |
|
|
25,929 |
|
|
|
17,000 |
|
Capital FRP |
|
|
19,168 |
|
|
|
19,010 |
|
Capital - Third Parties |
|
|
12,361 |
|
|
|
12,327 |
|
Total Liabilities and Capital |
|
$ |
64,890 |
|
|
|
55,306 |
|
|
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v3.3.1.900
Spin-off
|
3 Months Ended |
Dec. 31, 2015 |
Notes to Financial Statements |
|
Spin-off |
(13) Spin-off. On January 30, 2015,
FRP Holdings, Inc. (Nasdaq GM: FRPH) (the Company or FRP) completed the spin-off of its transportation
business into a new, separately traded public company - Patriot Transportation Holding, Inc. (Nasdaq GM: PATI) (Patriot)
- resulting in FRP becoming a pure real estate company. As a result, the former transportation segment is reported as a discontinued
operation without any corporate overhead allocation. Hence, all corporate overhead attributable to the transportation group through
the date of the spin-off is included in corporate expense on the Companys historical consolidated income statements.
The results of operations associated with discontinued
operations for the three month periods ended December 31, 2015 and 2014 were as follows (in thousands):
|
Three Months ended |
|
|
December 31, |
|
|
2015 |
|
2014 |
|
Revenue |
$ |
|
|
|
|
31,717 |
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
|
|
|
28,965 |
|
|
Operating profit |
|
|
|
|
|
2,752 |
|
|
Interest expense |
|
|
|
|
|
(26 |
) |
|
Income before income taxes |
|
|
|
|
|
2,726 |
|
|
Provision for income taxes |
|
|
|
|
|
1,063 |
|
|
Income from discontinued operations |
$ |
|
|
|
|
1,663 |
|
|
|
|
|
|
|
|
|
|
|
The following table presents the carrying value
of the major categories of assets and liabilities of discontinued operations reflected on the Companys consolidated balance
sheets at September 30, 2014:
Property and equipment, net |
|
$ |
42,174 |
|
Accounts receivable, net |
|
|
7,119 |
|
Deferred costs |
|
|
11,809 |
|
Other assets |
|
|
32 |
|
Assets of discontinued operation |
|
$ |
61,134 |
|
|
|
|
|
|
Line of credit |
|
$ |
7,282 |
|
Accounts payable and accrued liabilities |
|
|
11,489 |
|
Deferred compensation |
|
|
717 |
|
Deferred income taxes |
|
|
8,924 |
|
Liabilities of discontinued operation |
|
$ |
28,412 |
|
|
X |
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v3.3.1.900
Port Capital Property Acquisition
|
3 Months Ended |
Dec. 31, 2015 |
Business Combinations [Abstract] |
|
Port Capital Property Acquisition |
(14) Port Capital Property Acquisition.
On October 19, 2015, the Company purchased for approximately $9.9 million, 7700 Port Capital Drive in Elkridge, Maryland which
consists of 1 building on 6.39 acres totaling 91,218 square feet plus approximately 29,558 square feet of mezzanine space. The
Company has accounted for this acquisition in accordance with the provisions of ASC 805, Business Combinations (ASC 805). The Company
has allocated the purchase price of the property, through the use of a third party valuation, based upon the fair value of the
assets acquired, consisting of land, buildings and intangible assets, including in-place leases. Based on the third party valuation
performed, the purchase price has been allocated to the fair value of the in-place leases. These deferred leasing intangible
assets are recorded within Deferred Costs in the consolidated balance sheets. The value of the in-place lease intangibles will
be amortized to amortization expense over the remaining lease terms.
The Company will recognize the amortization related to the Port
Capital Drive property intangible assets according to the following schedule (in thousands):
|
|
|
|
|
In-place |
|
|
|
|
|
|
|
Leases |
|
|
|
Initial Values |
|
|
$ |
1,126 |
|
|
|
Annual Amortization: |
|
|
|
|
|
|
|
2016 |
|
|
$ |
104 |
|
|
|
2017 |
|
|
|
114 |
|
|
|
2018 |
|
|
|
114 |
|
|
|
2019 |
|
|
|
114 |
|
|
|
2020 |
|
|
|
114 |
|
|
|
2021 |
|
|
|
114 |
|
|
|
2022 |
|
|
|
113 |
|
|
|
2023 |
|
|
|
113 |
|
|
|
2024 |
|
|
|
113 |
|
|
|
2025 |
|
|
|
113 |
|
|
|
X |
- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.3.1.900
Business Segments (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Segment Reporting [Abstract] |
|
Business segments |
|
Three Months ended |
|
December 31, |
|
|
2015 |
|
|
|
2014 |
|
|
Revenues: |
|
|
|
|
|
|
|
|
Asset management |
$ |
6,915 |
|
|
|
6,757 |
|
|
Mining royalty lands |
|
1,659 |
|
|
|
1,344 |
|
|
Land development and construction |
|
249 |
|
|
|
201 |
|
|
|
$ |
8,823 |
|
|
|
8,302 |
|
|
|
|
|
|
|
|
|
|
|
Operating profit: |
|
|
|
|
|
|
|
|
Before corporate expenses: |
|
|
|
|
|
|
|
|
Asset management |
$ |
3,388 |
|
|
|
3,386 |
|
|
Mining royalty lands |
|
1,525 |
|
|
|
1,200 |
|
|
Land development and construction |
|
2,419 |
|
|
|
(528 |
) |
|
Corporate expenses: |
|
|
|
|
|
|
|
|
Allocated to asset management |
|
(378 |
) |
|
|
(300 |
) |
|
Allocated to mining royalty |
|
(55 |
) |
|
|
(318 |
) |
|
Allocated to land development and construction |
|
(299 |
) |
|
|
(176 |
) |
|
Unallocated to discontinued operations |
|
|
|
|
|
(919 |
) |
|
|
|
(732 |
) |
|
|
(1,713 |
) |
|
|
$ |
6,600 |
|
|
|
2,345 |
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
Asset management |
$ |
481 |
|
|
|
445 |
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization: |
|
|
|
|
|
|
|
|
Asset management |
$ |
1,798 |
|
|
|
1,786 |
|
|
Mining royalty lands |
|
34 |
|
|
|
31 |
|
|
Land development and construction |
|
64 |
|
|
|
66 |
|
|
|
$ |
1,896 |
|
|
|
1,883 |
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures: |
|
|
|
|
|
|
|
|
Asset management |
|
9,237 |
|
|
|
905 |
|
|
Mining royalty lands |
|
|
|
|
|
|
|
|
Land development and construction |
|
1,302 |
|
|
|
833 |
|
|
|
$ |
10,539 |
|
|
|
1,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 30, |
|
|
|
September 30, |
|
|
Identifiable net assets |
|
2015 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Asset management |
$ |
159,216 |
|
|
|
151,023 |
|
|
Mining royalty lands |
|
39,298 |
|
|
|
39,300 |
|
|
Land development and construction |
|
56,916 |
|
|
|
60,682 |
|
|
Cash items |
|
1,174 |
|
|
|
419 |
|
|
Unallocated corporate assets |
|
505 |
|
|
|
1,054 |
|
|
|
$ |
257,109 |
|
|
|
252,478 |
|
|
|
X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
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v3.3.1.900
Long-Term Debt (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Debt Disclosure [Abstract] |
|
Long-term debt |
|
|
December 31, |
|
September 30, |
|
|
2015 |
|
2015 |
Revolving credit (uncollateralized) |
|
$ |
2,928 |
|
|
|
8,494 |
|
5.6% to 7.9% mortgage notes |
|
|
|
|
|
|
|
|
due in installments through 2027 |
|
|
39,171 |
|
|
|
40,191 |
|
|
|
|
42,099 |
|
|
|
48,685 |
|
Less portion due within one year |
|
|
4,247 |
|
|
|
4,180 |
|
|
|
$ |
37,852 |
|
|
|
44,505 |
|
|
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Earnings per Share (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Earnings Per Share [Abstract] |
|
Earnings per share computations |
|
Three Months ended |
|
December 31, |
|
2015 |
|
2014 |
Weighted average common shares outstanding |
|
|
|
during the period shares used for basic |
|
|
|
earnings per common share |
|
9,802 |
|
|
|
9,711 |
|
|
|
|
|
|
|
|
|
Common shares issuable under share based |
|
|
|
|
|
|
|
payment plans which are potentially dilutive |
|
51 |
|
|
|
60 |
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
earnings per common share |
|
9,853 |
|
|
|
9,771 |
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
7,473 |
|
|
|
1,131 |
|
Discontinued operations |
|
|
|
|
|
1,663 |
|
Net income |
$ |
7,473 |
|
|
|
2,794 |
|
|
|
|
|
|
|
|
|
Basic earnings per common share: |
|
|
|
|
|
|
|
Income from continuing operations |
$ |
0.76 |
|
|
|
0.12 |
|
Discontinued operations |
|
0.00 |
|
|
|
0.17 |
|
Net income |
$ |
0.76 |
|
|
|
0.29 |
|
|
|
|
|
|
|
|
|
Diluted earnings per common share: |
|
|
|
|
|
|
|
Income from continuing operations |
$ |
0.76 |
|
|
|
0.12 |
|
Discontinued operations |
|
0.00 |
|
|
|
0.17 |
|
Net income |
$ |
0.76 |
|
|
|
0.29 |
|
|
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Stock-Based Compensation Plans (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Stock Compensation Expense |
|
|
Three Months ended |
|
|
|
December 31, |
|
|
|
2015 |
|
2014 |
|
Stock option grants |
|
$ |
72 |
|
|
|
172 |
|
|
|
Annual director stock award |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
72 |
|
|
|
172 |
|
|
|
|
Summary of Stock Activity |
|
|
|
|
|
|
Weighted |
|
|
|
Weighted |
|
|
|
Weighted |
|
|
|
Number |
|
|
|
Average |
|
|
|
Average |
|
|
|
Average |
|
|
|
of |
|
|
|
Exercise |
|
|
|
Remaining |
|
|
|
Grant Date |
|
Options |
|
Shares |
|
|
|
Price |
|
|
|
Term (yrs) |
|
|
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 1, 2015 |
|
305,750 |
|
|
$ |
21.90 |
|
|
|
5.9 |
|
|
$ |
2,738 |
|
Granted |
|
21,540 |
|
|
$ |
31.15 |
|
|
|
|
|
|
$ |
272 |
|
Exercised |
|
(48,830 |
) |
|
$ |
18.43 |
|
|
|
|
|
|
$ |
(362 |
) |
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
278,460 |
|
|
$ |
23.22 |
|
|
|
6.2 |
|
|
$ |
2,648 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
200,613 |
|
|
$ |
22.00 |
|
|
|
5.4 |
|
|
$ |
1,729 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
35,596 |
|
|
|
|
|
|
|
|
|
|
$ |
341 |
|
|
X |
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v3.3.1.900
Investment in Riverfront and Brooksville Joint Ventures (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Investments in Joint Ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's |
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
Net Loss |
|
|
Share of Net |
|
|
|
|
|
|
Total |
|
|
of the |
|
|
of the |
|
|
Loss of the |
|
|
|
Ownership |
|
|
Investment |
|
|
Partnership |
|
|
Partnership |
|
|
Partnership |
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
As of December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Riverfront Holdings I, LLC |
|
76.91 |
% |
|
$ 11,635 |
|
|
$ 50,536 |
|
|
$ (53 |
) |
|
$ (45 |
) |
Brooksville Quarry, LLC |
|
50.00 |
% |
|
7,533 |
|
|
14,354 |
|
|
(18 |
) |
|
(9 |
) |
Total |
|
|
|
|
$ 19,168 |
|
|
$ 64,890 |
|
|
$ (71 |
) |
|
$ (54 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Riverfront Holdings I, LLC |
|
76.91 |
% |
|
$ 11,517 |
|
|
$ 40,970 |
|
|
$ (108 |
) |
|
$ (105 |
) |
Brooksville Quarry, LLC |
|
50.00 |
% |
|
7,493 |
|
|
14,336 |
|
|
(80 |
) |
|
(40 |
) |
Total |
|
|
|
|
19,010 |
|
|
$ 55,306 |
|
|
$ (188 |
) |
|
$ (145 |
) |
|
Unaudited Financial Information for the Investments in Joint Ventures |
|
|
As of |
|
|
|
|
12/31/2015 |
|
|
|
9/30/2015 |
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
92 |
|
|
|
61 |
|
Cash held in escrow |
|
|
644 |
|
|
|
3,420 |
|
Amortizable Debt Costs |
|
|
1,490 |
|
|
|
1,593 |
|
Investments in real estate, net |
|
|
62,664 |
|
|
|
50,232 |
|
Total Assets |
|
$ |
64,890 |
|
|
|
55,306 |
|
|
|
|
|
|
|
|
|
|
Other Liabilities |
|
$ |
7,432 |
|
|
|
6,969 |
|
Long-term Debt |
|
|
25,929 |
|
|
|
17,000 |
|
Capital FRP |
|
|
19,168 |
|
|
|
19,010 |
|
Capital - Third Parties |
|
|
12,361 |
|
|
|
12,327 |
|
Total Liabilities and Capital |
|
$ |
64,890 |
|
|
|
55,306 |
|
|
X |
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Spin-off (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Discontinued operations results of operations |
|
Three Months ended |
|
|
December 31, |
|
|
2015 |
|
2014 |
|
Revenue |
$ |
|
|
|
|
31,717 |
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
|
|
|
28,965 |
|
|
Operating profit |
|
|
|
|
|
2,752 |
|
|
Interest expense |
|
|
|
|
|
(26 |
) |
|
Income before income taxes |
|
|
|
|
|
2,726 |
|
|
Provision for income taxes |
|
|
|
|
|
1,063 |
|
|
Income from discontinued operations |
$ |
|
|
|
|
1,663 |
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations balance sheet |
|
|
|
September
30, 2014 |
Property and equipment, net |
|
$ |
42,174 |
Accounts receivable, net |
|
|
7,119 |
Deferred costs |
|
|
11,809 |
Other assets |
|
|
32 |
Assets of discontinued operation |
|
$ |
61,134 |
|
|
|
|
Line of credit |
|
$ |
7,282 |
Accounts payable and accrued liabilities |
|
|
11,489 |
Deferred compensation |
|
|
717 |
Deferred income taxes |
|
|
8,924 |
Liabilities of discontinued operation |
|
$ |
28,412 |
|
X |
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X |
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Business Segments - Business segments (Details) - USD ($) $ in Thousands |
3 Months Ended |
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2015 |
Segment Reporting Information [Line Items] |
|
|
|
Revenues |
$ 8,823
|
$ 8,302
|
|
Operating profit |
6,600
|
2,345
|
|
Corporate expenses unallocated to discontinued operations |
0
|
(919)
|
|
Interest expense |
481
|
445
|
|
Depreciation, depletion and amortization |
1,959
|
1,865
|
|
Cash items |
1,174
|
|
$ 419
|
Total identifiable net assets |
257,109
|
|
252,478
|
Asset Management |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Revenues |
6,915
|
6,757
|
|
Operating profit before corporate expenses |
3,388
|
3,386
|
|
Allocated corporate expenses |
(378)
|
(300)
|
|
Interest expense |
481
|
445
|
|
Capital expenditures |
9,237
|
905
|
|
Depreciation, depletion and amortization |
1,798
|
1,786
|
|
Total identifiable net assets |
159,216
|
|
151,023
|
Mining royalty lands |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Revenues |
1,659
|
1,344
|
|
Operating profit before corporate expenses |
1,525
|
1,200
|
|
Allocated corporate expenses |
(55)
|
(318)
|
|
Capital expenditures |
0
|
0
|
|
Depreciation, depletion and amortization |
34
|
31
|
|
Total identifiable net assets |
39,298
|
|
39,300
|
Land Development and Construction |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Revenues |
249
|
201
|
|
Operating profit before corporate expenses |
2,419
|
(528)
|
|
Allocated corporate expenses |
(299)
|
(176)
|
|
Capital expenditures |
1,302
|
833
|
|
Depreciation, depletion and amortization |
64
|
66
|
|
Total identifiable net assets |
56,916
|
|
60,682
|
Corporate |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Total identifiable net assets |
505
|
|
$ 1,054
|
Total Segments |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Revenues |
8,823
|
8,302
|
|
Operating profit |
6,600
|
2,345
|
|
Allocated corporate expenses |
(732)
|
(1,713)
|
|
Corporate expenses unallocated to discontinued operations |
0
|
(919)
|
|
Interest expense |
481
|
445
|
|
Capital expenditures |
10,539
|
1,738
|
|
Depreciation, depletion and amortization |
$ 1,896
|
$ 1,883
|
|
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v3.3.1.900
Long-term debt (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Sep. 30, 2015 |
Debt Disclosure [Abstract] |
|
|
Revolving credit |
$ 2,928
|
$ 8,494
|
5.6% to 7.9% mortgage notes due in installments through 2027 |
39,171
|
40,191
|
Total debt |
42,099
|
48,685
|
Less portion due within one year |
4,247
|
4,180
|
Long-term debt |
$ 37,852
|
$ 44,505
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Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Earnings Per Share [Abstract] |
|
|
Weighted average common shares outstanding during the period - shares used for basic earnings per common share |
9,802
|
9,711
|
Common shares issuable under share based payment plans which are potentially dilutive |
51
|
60
|
Common shares used for diluted earnings per common share |
9,853
|
9,771
|
Income from continuing operations |
$ 7,473
|
$ 1,131
|
Discontinued operations |
0
|
1,663
|
Net income |
$ 7,473
|
$ 2,794
|
Basic earnings per common share |
|
|
Income from continuing operations |
$ 0.76
|
$ 0.12
|
Discontinued operations |
0.00
|
0.17
|
Net income |
0.76
|
0.29
|
Diluted earnings per common share |
|
|
Income from continuing operations |
0.76
|
0.12
|
Discontinued operations |
0.00
|
0.17
|
Net income |
$ 0.76
|
$ 0.29
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Summary of Stock Activity (Details) $ / shares in Units, $ in Thousands |
3 Months Ended |
|
Dec. 31, 2015
USD ($)
Years
$ / shares
shares
|
Sep. 30, 2015
USD ($)
Years
$ / shares
shares
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
|
Options outstanding | shares |
278,460
|
305,750
|
Options granted | shares |
21,540
|
|
Options exercised | shares |
(48,830)
|
|
Options outstanding weighted average exercise price | $ / shares |
$ 23.22
|
$ 21.90
|
Options outstanding weighted average exercise price - Granted | $ / shares |
31.15
|
|
Options outstanding weighted average exercise price - Exercised | $ / shares |
$ 18.43
|
|
Options outstanding weighted average remaining term | Years |
6.2
|
5.9
|
Options outstanding weighted average grant date fair value | $ |
$ 2,648
|
$ 2,738
|
Options granted weighted average grant date fair value | $ |
272
|
|
Options exercised weighted average grant date fair value | $ |
$ (362)
|
|
Options exercisable at December 31, 2015 | shares |
200,613
|
|
Options exerciseable weighted average exercise price | $ / shares |
$ 22.00
|
|
Options exerciseable weighted average remaining term | Years |
5.4
|
|
Options exerciseable weighted average grant date fair value | $ |
$ 1,729
|
|
Options vested during three months ended December 31, 2015 | shares |
35,596
|
|
Options vested weighted average grant date fair value | $ |
$ 341
|
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v3.3.1.900
Investment in Riverfront and Brooksville Joint Ventures (Details) - USD ($) $ in Thousands |
3 Months Ended |
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2015 |
Total Investment |
$ 19,168
|
|
$ 19,010
|
Total Assets of the Partnership |
64,890
|
|
55,306
|
Net Loss of the Partnership |
(71)
|
|
(188)
|
Company's share of Net Loss of the Partnership |
$ (54)
|
$ (30)
|
$ (145)
|
Riverfront Holdings I, LLC |
|
|
|
Ownership percent |
76.91%
|
|
76.91%
|
Total Investment |
$ 11,635
|
|
$ 11,517
|
Total Assets of the Partnership |
50,536
|
|
40,970
|
Net Loss of the Partnership |
(53)
|
|
(108)
|
Company's share of Net Loss of the Partnership |
$ (45)
|
|
$ (105)
|
Brooksville Quarry, LLC |
|
|
|
Ownership percent |
50.00%
|
|
50.00%
|
Total Investment |
$ 7,533
|
|
$ 7,493
|
Total Assets of the Partnership |
14,354
|
|
14,336
|
Net Loss of the Partnership |
(18)
|
|
(80)
|
Company's share of Net Loss of the Partnership |
$ (9)
|
|
$ (40)
|
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Summarized Financial Information for Investments in Joint Ventures (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Sep. 30, 2015 |
Summarized Financial Information For Investments In Joint Ventures Details |
|
|
Cash |
$ 92
|
$ 61
|
Cash held in escrow |
644
|
3,420
|
Amortizable Debt costs |
1,490
|
1,593
|
Investments in real estate, net |
62,664
|
50,232
|
Total Assets |
64,890
|
55,306
|
Other liabilities |
7,432
|
6,969
|
Long-term debt |
25,929
|
17,000
|
Capital - FRP |
19,168
|
19,010
|
Capital - Third parties |
12,361
|
12,327
|
Total liabilities and capital |
$ 64,890
|
$ 55,306
|
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v3.3.1.900
Discontinued operations - Discontinued operations results of operations (Details) - USD ($) $ in Thousands |
3 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Revenue |
$ 8,823
|
$ 8,302
|
Cost of operations |
2,223
|
5,957
|
Interest expense |
(481)
|
(445)
|
Provision for income taxes |
4,879
|
722
|
Income from discontinued operations |
0
|
1,663
|
Patriot Transportation |
|
|
Revenue |
0
|
31,717
|
Cost of operations |
0
|
28,965
|
Operating profit |
0
|
2,752
|
Interest expense |
0
|
(26)
|
Income before income taxes |
0
|
2,726
|
Provision for income taxes |
0
|
1,063
|
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$ 0
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$ 1,663
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X |
- DefinitionAggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.
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v3.3.1.900
Discontinued operations - Discontinued operations balance sheet (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Property and equipment, net |
$ 215,939
|
$ 207,205
|
|
Deferred costs |
7,914
|
7,449
|
|
Other assets |
175
|
275
|
|
Line of credit |
2,928
|
8,494
|
|
Accounts payable and accrued liabilities |
1,809
|
3,456
|
|
Deferred compensation |
$ 1,444
|
$ 1,400
|
|
Patriot Transportation |
|
|
|
Property and equipment, net |
|
|
$ 42,174
|
Accounts receivable, net |
|
|
7,119
|
Deferred costs |
|
|
11,809
|
Other assets |
|
|
32
|
Assets of discontinued operation |
|
|
61,134
|
Line of credit |
|
|
7,282
|
Accounts payable and accrued liabilities |
|
|
11,489
|
Deferred compensation |
|
|
717
|
Deferred income taxes |
|
|
8,924
|
Liabilities of discontinued operation |
|
|
$ 28,412
|
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Dec. 31, 2015
USD ($)
|
Initial Values |
$ 1,126
|
2016 |
104
|
2017 |
114
|
2018 |
114
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2019 |
114
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2020 |
114
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2021 |
114
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2022 |
113
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113
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113
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v3.3.1.900
Long-Term debt (Details Narrative) $ in Thousands |
3 Months Ended |
12 Months Ended |
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Sep. 30, 2015
USD ($)
|
Jan. 30, 2015
USD ($)
|
Lowest interest rate on mortgage notes |
5.60%
|
|
5.60%
|
|
Highest interest rate on mortgage notes |
7.90%
|
|
7.90%
|
|
Carrying amount of mortgage notes payable |
$ 39,171
|
|
$ 40,191
|
|
Fair value of mortgage notes payable |
42,325
|
|
|
|
Capitalized interest |
$ 222
|
$ 321
|
|
|
First Tennessee bank Term Loan |
|
|
|
|
Credit Agreement term years |
10
|
|
|
|
Term loan facility |
$ 20,000
|
|
|
|
Wells Fargo Bank, N.A. |
|
|
|
|
Credit Agreement term years |
5
|
|
|
|
Revolving Credit Agreement |
$ 20,000
|
|
|
$ 55,000
|
Sublimit for standby letters of credit |
10,000
|
|
|
|
Letters of credit issued |
2,377
|
|
|
|
Borrowed under the revolver |
2,837
|
|
|
$ 10,483
|
Available for borrowing |
14,786
|
|
|
|
Tangible net worth covenant |
110,000
|
|
|
|
Available to pay dividends or repurchase stock |
$ 79,000
|
|
|
|
First Tennessee Bank |
|
|
|
|
Credit Agreement term years |
5
|
|
|
|
Revolving Credit Agreement |
$ 20,000
|
|
|
|
Mortgage backed financing |
$ 40,000
|
|
|
|
Revolver conversion to term loan |
24 month window
|
|
|
|
Borrowed under the revolver |
$ 91
|
|
|
|
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v3.3.1.900
Investment in Riverfront and Brooksville Joint Ventures (Details Narrative) $ in Thousands |
3 Months Ended |
12 Months Ended |
|
Dec. 31, 2015
USD ($)
a
ft²
|
Dec. 31, 2014
USD ($)
|
Sep. 30, 2015
USD ($)
|
Aug. 08, 2014
USD ($)
|
Capital contributions made |
$ 214
|
$ 135
|
|
|
Company's share of the loss of the joint venture |
(54)
|
$ (30)
|
$ (145)
|
|
Joint Venture consolidated retained earnings |
423
|
|
$ 389
|
|
Riverfront Holdings I, LLC |
|
|
|
|
Value of land contributed |
13,500
|
|
|
|
Cash contributed |
$ 4,866
|
|
|
|
Joint venture percentage stake |
76.91%
|
|
76.91%
|
|
Company's share of the loss of the joint venture |
$ (45)
|
|
$ (105)
|
|
Brooksville Quarry, LLC |
|
|
|
|
Land acreage | a |
4,300
|
|
|
|
Joint venture percentage stake |
50.00%
|
|
50.00%
|
|
FRP land contribution previously leased to Vulcan | a |
3,443
|
|
|
|
Book value of land contribution |
$ 2,548
|
|
|
|
FRP additional contribution for land |
$ 3,018
|
|
|
|
Additional land acquired | a |
288
|
|
|
|
Vulcan land contribution | a |
553
|
|
|
|
Mandatory capital contribution obligation |
$ 2,430
|
|
|
|
Capital contributions made |
2,397
|
|
|
|
Company's share of the loss of the joint venture |
$ (9)
|
|
$ (40)
|
|
Riverfront Holdings I, LLC |
|
|
|
|
Square feet | ft² |
300,000
|
|
|
|
Retail square feet | ft² |
18,000
|
|
|
|
Area of land to develop | a |
2.1
|
|
|
|
Land acreage | a |
5.82
|
|
|
|
Joint venture percentage stake |
76.91%
|
|
|
|
MRP minimum capital contribution |
$ 5,553
|
|
|
|
EB5 Secondary financing |
|
|
|
$ 17,000
|
Nonrecourse construction loan |
|
|
|
$ 65,000
|
Book value of land contribution |
$ 6,165
|
|
|
|
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frphdecq16.pdf
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