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 September 30, 2018
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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 [x] |
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Emerging growth company [_] |
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If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. [_]
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 September 30, 2018 |
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Common Stock, $.10 par value per share |
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10,076,524 shares |
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FRP HOLDINGS, INC.
FORM 10-Q
QUARTER ENDED SEPTEMBER 30, 2018
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 Comprehensive Income |
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6 |
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Consolidated Statements of Cash Flows |
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7 |
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Condensed Notes to Consolidated Financial Statements |
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8 |
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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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19 |
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Item 3. |
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Quantitative and Qualitative Disclosures about Market Risks |
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33 |
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Item 4. |
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Controls and Procedures |
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33 |
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Part II. Other Information |
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Item 1. |
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Legal Proceedings |
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33 |
Item 1A. |
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Risk Factors |
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34 |
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Item 2. |
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Purchase of Equity Securities by the Issuer |
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34 |
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Item 6. |
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Exhibits |
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34 |
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Signatures |
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35 |
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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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37 |
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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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40 |
Preliminary Note Regarding Forward-Looking
Statements.
This Quarterly Report on Form 10-Q, together
with other statements and information publicly disseminated by us, contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. 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. Such statements reflect
management’s current views with respect to financial results related to future events and are based on assumptions and expectations
that may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy
and some of which might not even be anticipated. Future events and actual results, financial or otherwise, may differ, perhaps
materially, from the results discussed in the forward-looking statements. Risk factors discussed in Item 1A of this Form 10-Q
and other factors that might cause differences, some of which could be material, include, but are not limited to: the possibility
that we may be unable to find appropriate reinvestment opportunities for the proceeds from the Sale Transaction; levels of construction
activity in the markets served by our mining properties; demand for apartments in Washington D.C.: our ability to obtain zoning
and entitlements necessary for property development; the impact of lending and capital market conditions on our liquidity, our
ability to finance projects or repay our debt; general real estate investment and development risks; vacancies in our properties;
risks associated with developing and managing properties in partnership with others; competition; our ability to renew leases or
re-lease spaces as leases expire; illiquidity of real estate investments; bankruptcy or defaults of tenants; the impact of restrictions
imposed by our credit facility; the level and volatility of interest rates; environmental liabilities; inflation risks; cyber security
risks; as well as other risks listed from time to time in our SEC filings, including but not limited to, our annual and quarterly
reports. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of
future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements.
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)
|
|
September 30 |
|
December 31 |
|
Assets: |
|
2018 |
|
2017 |
|
Real estate investments at cost: |
|
|
|
|
|
|
|
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Land |
|
$ |
83,721 |
|
|
|
87,235 |
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Buildings and improvements |
|
|
146,632 |
|
|
|
147,670 |
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Projects under construction |
|
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6,131 |
|
|
|
1,764 |
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Total investments in properties |
|
|
236,484 |
|
|
|
236,669 |
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Less accumulated depreciation and depletion |
|
|
29,772 |
|
|
|
26,755 |
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Net investments in properties |
|
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206,712 |
|
|
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209,914 |
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|
|
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Real estate held for investment, at cost |
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7,176 |
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|
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7,176 |
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Investments in joint ventures |
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25,090 |
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13,406 |
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Net real estate investments |
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238,978 |
|
|
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230,496 |
|
|
|
|
|
|
|
|
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Cash and cash equivalents |
|
|
34,782 |
|
|
|
4,524 |
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Cash held in escrow |
|
|
34,270 |
|
|
|
333 |
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|
|
|
|
|
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|
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Accounts receivable, net |
|
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738 |
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|
615 |
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Investments available for sale |
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191,288 |
|
|
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— |
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Federal and state income taxes receivable |
|
|
2,022 |
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|
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2,962 |
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Unrealized rents |
|
|
594 |
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|
|
223 |
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Deferred costs |
|
|
942 |
|
|
|
2,708 |
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Other assets |
|
|
451 |
|
|
|
179 |
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Assets of discontinued operations |
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3,194 |
|
|
|
176,694 |
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Total assets |
|
$ |
507,259 |
|
|
|
418,734 |
|
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|
|
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Liabilities: |
|
|
|
|
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Secured notes payable, current portion |
|
$ |
— |
|
|
|
125 |
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Secured notes payable, less current portion |
|
|
88,755 |
|
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|
90,029 |
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Accounts payable and accrued liabilities |
|
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2,829 |
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|
|
2,081 |
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Environmental remediation liability |
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100 |
|
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|
2,037 |
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Deferred revenue |
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|
32 |
|
|
|
107 |
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Deferred income taxes |
|
|
23,795 |
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25,982 |
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Deferred compensation |
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1,452 |
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|
1,457 |
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Tenant security deposits |
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53 |
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54 |
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Liabilities of discontinued operations |
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|
1,872 |
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32,280 |
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Total liabilities |
|
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118,888 |
|
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154,152 |
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Commitments and contingencies (Note 8) |
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Equity: |
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Common stock, $.10 par value
25,000,000 shares authorized,
10,076,524 and 10,014,667 shares issued
and outstanding, respectively |
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1,008 |
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1,001 |
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Capital in excess of par value |
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58,030 |
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55,636 |
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Retained earnings |
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310,620 |
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186,855 |
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Accumulated other comprehensive income (loss), net |
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(375 |
) |
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38 |
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Total shareholders’ equity |
|
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369,283 |
|
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|
243,530 |
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Noncontrolling interest MRP |
|
|
19,088 |
|
|
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21,052 |
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Total equity |
|
|
388,371 |
|
|
|
264,582 |
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Total liabilities and shareholders’ equity |
|
$ |
507,259 |
|
|
|
418,734 |
|
|
|
|
|
|
|
|
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See accompanying notes.
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share amounts)
(Unaudited)
|
|
THREE MONTHS ENDED |
|
NINE MONTHS ENDED |
|
|
SEPTEMBER 30, |
|
SEPTEMBER 30, |
|
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2018 |
|
2017 |
|
2018 |
|
2017 |
Revenues: |
|
|
|
|
|
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|
|
|
|
|
|
|
|
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Rental revenue |
|
$ |
3,440 |
|
|
|
3,102 |
|
|
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9,937 |
|
|
|
4,609 |
|
Mining Royalty and rents |
|
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2,102 |
|
|
|
1,763 |
|
|
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5,885 |
|
|
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5,311 |
|
Revenue – reimbursements |
|
|
200 |
|
|
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170 |
|
|
|
548 |
|
|
|
469 |
|
Total Revenues |
|
|
5,742 |
|
|
|
5,035 |
|
|
|
16,370 |
|
|
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10,389 |
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Cost of operations: |
|
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|
|
|
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|
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|
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|
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Depreciation, depletion and amortization |
|
|
1,821 |
|
|
|
2,804 |
|
|
|
6,350 |
|
|
|
3,303 |
|
Operating expenses |
|
|
983 |
|
|
|
875 |
|
|
|
2,951 |
|
|
|
1,312 |
|
Environmental remediation |
|
|
(465 |
) |
|
|
— |
|
|
|
(465 |
) |
|
|
— |
|
Property taxes |
|
|
663 |
|
|
|
647 |
|
|
|
1,949 |
|
|
|
1,384 |
|
Management company indirect |
|
|
550 |
|
|
|
351 |
|
|
|
1,366 |
|
|
|
962 |
|
Corporate expenses (Note 4 Related Party) |
|
|
522 |
|
|
|
617 |
|
|
|
2,910 |
|
|
|
2,510 |
|
Total cost of operations |
|
|
4,074 |
|
|
|
5,294 |
|
|
|
15,061 |
|
|
|
9,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit (loss) |
|
|
1,668 |
|
|
|
(259 |
) |
|
|
1,309 |
|
|
|
918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
1,654 |
|
|
|
— |
|
|
|
1,875 |
|
|
|
— |
|
Interest expense |
|
|
(768 |
) |
|
|
(783 |
) |
|
|
(2,418 |
) |
|
|
(783 |
) |
Equity in loss of joint ventures |
|
|
(13 |
) |
|
|
(12 |
) |
|
|
(36 |
) |
|
|
(1,589 |
) |
Gain on remeasurement of investment in real |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estate partnership |
|
|
— |
|
|
|
60,196 |
|
|
|
— |
|
|
|
60,196 |
|
Loss on investment land sold |
|
|
(3 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
2,538 |
|
|
|
59,142 |
|
|
|
727 |
|
|
|
58,742 |
|
Provision for income taxes |
|
|
508 |
|
|
|
15,543 |
|
|
|
269 |
|
|
|
15,371 |
|
Income from continuing operations |
|
|
2,030 |
|
|
|
43,599 |
|
|
|
458 |
|
|
|
43,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations, net |
|
|
(78 |
) |
|
|
1 ,585 |
|
|
|
122,109 |
|
|
|
4,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
1,952 |
|
|
|
45,184 |
|
|
|
122,567 |
|
|
|
48,340 |
|
Gain (loss) attributable to noncontrolling interest |
|
|
(272 |
) |
|
|
19,793 |
|
|
|
(1,199 |
) |
|
|
19,793 |
|
Net income attributable to the Company |
|
$ |
2,224 |
|
|
|
25,391 |
|
|
|
123,766 |
|
|
|
28,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.20 |
|
|
|
4.36 |
|
|
|
0.05 |
|
|
|
4.35 |
|
Diluted |
|
$ |
0.20 |
|
|
|
4.33 |
|
|
|
0.05 |
|
|
|
4.32 |
|
Discontinued operations- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.01 |
) |
|
|
0.16 |
|
|
|
12.17 |
|
|
|
0.50 |
|
Diluted |
|
$ |
(0.01 |
) |
|
|
0.16 |
|
|
|
12.08 |
|
|
|
0.50 |
|
Net income attributable to the Company- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.22 |
|
|
|
2.54 |
|
|
|
12.33 |
|
|
|
2.86 |
|
Diluted |
|
$ |
0.22 |
|
|
|
2.52 |
|
|
|
12.24 |
|
|
|
2.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares (in thousands) used in computing: |
|
|
|
|
|
|
|
|
|
|
|
-basic earnings per common share |
|
|
10,062 |
|
|
|
10,004 |
|
|
|
10,037 |
|
|
|
9,967 |
|
-diluted earnings per common share |
|
|
10,135 |
|
|
|
10,066 |
|
|
|
10,110 |
|
|
|
10,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes.
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
(In thousands except per share amounts)
(Unaudited)
|
|
THREE MONTHS ENDED |
|
NINE MONTHS ENDED |
|
|
SEPTEMBER 30, |
|
SEPTEMBER 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net income |
|
$ |
1,952 |
|
|
|
45,184 |
|
|
|
122,567 |
|
|
|
48,340 |
|
Other comp. loss net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on investments available for sale |
|
|
(413 |
) |
|
|
— |
|
|
|
(413 |
) |
|
|
— |
|
Comprehensive income |
|
$ |
1,539 |
|
|
|
45,184 |
|
|
|
122,154 |
|
|
|
48,340 |
|
Less: comprehensive income (loss) attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
noncontrolling interests |
|
|
(272 |
) |
|
|
19,793 |
|
|
|
(1,199 |
) |
|
|
19,793 |
|
Comprehensive income attributable to the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
|
$ |
1,811 |
|
|
|
25,391 |
|
|
|
123,353 |
|
|
|
28,547 |
|
FRP HOLDINGS,
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH
FLOWS
NINE MONTHS
ENDED SEPTEMBER 30, 2018 AND 2017
(In thousands) (Unaudited)
|
|
2018 |
|
|
|
2017 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income |
$ |
122,567 |
|
|
|
48,340 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
6,597 |
|
|
|
3,403 |
|
Deferred income taxes |
|
(2,187 |
) |
|
|
19,620 |
|
Equity in loss of joint ventures |
|
36 |
|
|
|
1,589 |
|
Gain on remeasurement of investment in real estate partnership |
|
— |
|
|
|
(60,196 |
) |
Gain on sale of equipment |
|
(19 |
) |
|
|
(15 |
) |
Income from discontinued operations, net of tax |
|
(122,109 |
) |
|
|
(4,969 |
) |
Stock-based compensation |
|
1,169 |
|
|
|
588 |
|
Realized loss on available for sale investments |
|
290 |
|
|
|
— |
|
Net changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
(123 |
) |
|
|
(102 |
) |
Deferred costs and other assets |
|
(909 |
) |
|
|
473 |
|
Accounts payable and accrued liabilities |
|
673 |
|
|
|
(346 |
) |
Income taxes payable and receivable |
|
940 |
|
|
|
(2,739 |
) |
Other long-term liabilities |
|
(1,943 |
) |
|
|
25 |
|
Net cash provided by operating activities of continuing operations |
|
4,982 |
|
|
|
5,671 |
|
Net cash (used in) provided by operating activities of discontinued operations |
|
(46,642 |
) |
|
|
9,650 |
|
Net cash (used in) provided by operating activities |
|
(41,660 |
) |
|
|
15,321 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Investments in properties |
|
(5,729 |
) |
|
|
(2,492 |
) |
Investments in joint ventures |
|
(7,160 |
) |
|
|
(621 |
) |
Purchases of investments available for sale |
|
(313,306 |
) |
|
|
— |
|
Proceeds from sales of investments available for sale |
|
121,161 |
|
|
|
— |
|
Cash at consolidation of real estate partnership |
|
— |
|
|
|
2,295 |
|
Cash held in escrow |
|
(33,937 |
) |
|
|
(15 |
) |
Proceeds from the sale of assets |
|
77 |
|
|
|
16 |
|
Net cash used in investing activities of continuing operations |
|
(238,894 |
) |
|
|
(817 |
) |
Net cash provided (used in) by investing activities of discontinued operations |
|
340,744 |
|
|
|
(10,103 |
) |
Net cash provided by (used in) investing activities |
|
101,850 |
|
|
|
(10,920 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
Distribution to noncontrolling interest |
|
(765 |
) |
|
|
— |
|
Decrease in bank overdrafts |
|
— |
|
|
|
(254 |
) |
Proceeds from long-term debt |
|
— |
|
|
|
43 |
|
Repayment of long-term debt |
|
(1,552 |
) |
|
|
(166 |
) |
Payment on revolving credit facility |
|
— |
|
|
|
(754 |
) |
Debt issue costs |
|
— |
|
|
|
(21 |
) |
Repurchase of company stock |
|
— |
|
|
|
(74 |
) |
Exercise of employee stock options |
|
1,231 |
|
|
|
2,127 |
|
Net cash (used in) provided by financing activities of continuing operations |
|
(1,086 |
) |
|
|
901 |
|
Net cash used in financing activities of discontinued operations |
|
(28,846 |
) |
|
|
(2,672 |
) |
Net cash used in financing activities |
|
(29,932 |
) |
|
|
(1,771 |
) |
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
30,258 |
|
|
|
2,630 |
|
Cash and cash equivalents at beginning of period |
|
4,524 |
|
|
|
— |
|
Cash and cash equivalents at end of the period |
$ |
34,782 |
|
|
|
2,630 |
|
See accompanying notes.
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
SEPTEMBER 30, 2018
(Unaudited)
(1) Description of Business and Basis of
Presentation.
FRP Holdings, Inc. is a holding company engaged
in the real estate business, namely (i) mining royalty land ownership and leasing, (ii) land acquisition, entitlement and development
primarily for future warehouse/office or residential building construction, (iii) ownership, leasing, and management of a residential
apartment building, and (iv) warehouse/office building ownership, leasing and management.
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”). Our
investment in the Brooksville joint venture, BC FRP Realty joint venture, and RiverFront Holdings II joint venture are accounted
for under the equity method of accounting (See Note 11).
Effective July 1, 2017 the Company consolidated
the assets (at fair value), liabilities and operating results of our Riverfront Investment Partners I, LLC partnership (“Dock
79”) which was previously accounted for under the equity method. The ownership of Dock 79 attributable to our partner MRP
Realty is reflected on our consolidated balance sheet as a noncontrolling interest. Such noncontrolling interests are reported
on the Consolidated Balance Sheets within equity but separately from shareholders' equity. On the Consolidated Statements of Income,
all of the revenues and expenses from Dock 79 are reported in net income, including both the amounts attributable to the Company
and the noncontrolling interest. The amounts of consolidated net income attributable to the noncontrolling interest are clearly
identified on the accompanying Consolidated Statements of Income.
On May 21, 2018, the Company completed the
disposition of 40 industrial warehouse properties and 3 additional land parcels to an affiliate of Blackstone Real Estate Partners
VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising
its right of first refusal to purchase the property. This results in disposition of all of the Company’s industrial flex/office
warehouse properties and as a result, these properties have been reclassified as discontinued operations for all periods presented.
The Asset Management segment will contain the remaining three office buildings on a go forward basis.
These statements have been prepared in accordance
with accounting principles generally accepted in the United States of America for interim financial information and the instructions
to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United
States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal
recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating
results for the nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the
year ending December 31, 2018. The accompanying consolidated financial statements and the information included under the heading
"Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction
with the Company's consolidated financial statements and related notes included in the Company’s Form 10-K for the year ended
December 31, 2017.
(2) Recently Issued Accounting Standards.
In February 2016, the FASB issued ASU No. 2016-02, “Leases”, which requires lessees to recognize a right-to-use
asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset
and liability for leases with a term of twelve months or less. Additional qualitative and quantitative disclosures, including significant
judgments made by management, will be required. Lessors will account for leases using an approach that is substantially equivalent
to existing accounting standards. The new standard will become effective for the Company beginning with the first quarter 2019
and requires a modified retrospective transition approach and includes a number of practical expedients. Early adoption of the
standard is permitted. As the Company is primarily a lessor the adoption of this guidance is not expected to have a material impact
on its financial statements.
In May 2014, the FASB issued ASU No. 2014-09,
“Revenue from Contracts with Customers” which replaces existing revenue recognition standards and significantly expand
the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis
to new contracts and existing contracts with remaining performance obligations as of the effective date. Lease contracts with customers
constitute a vast majority of our revenues and are a specific scope exception. The new standard was adopted beginning with the
first quarter of 2018 in connection with our revenues not subject to leases and did not have a material impact on our financial
statements.
(3) Business Segments. The
Company is reporting its financial performance based on four reportable segments, Asset Management, Mining Royalty Lands, Land
Development and Construction and RiverFront on the Anacostia, 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. The flex/office
warehouses in the Asset Management Segment were sold (with one remaining warehouse held for sale) and reclassified to discontinued
operations leaving only three office buildings.
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.
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 buildings for us to own and operate or (ii) a sale
to, or joint venture with, third parties.
In July 2017, Phase I (Dock 79) of
the development known as RiverFront on the Anacostia in Washington, D.C., a 300,000 square foot residential apartment building
developed by a joint venture between the Company and MidAtlantic Realty Partners (“MRP”), reached stabilization, meaning
90% of the individual apartments have been leased and are occupied by third party tenants. Upon reaching stabilization, the Company
had, for a period of one year, the exclusive right to (i) cause the joint venture to sell the property or (ii) cause the Company’s
and MRP’s percentage interests in the joint venture to be adjusted so as to take into account the value of the development
at the time of stabilization. The attainment of stabilization also resulted in a change of control for accounting purposes as the
veto rights of the minority shareholder lapsed and the Company became the primary beneficiary. As such, beginning July 1, 2017,
the Company consolidated the assets (at current fair value), liabilities and operating results of the joint venture as a new segment
called RiverFront on the Anacostia.
On May 21, 2018, the Company completed
the disposition of 40 industrial warehouse properties and 3 additional land parcels to an affiliate of Blackstone Real Estate Partners
VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising
its right of first refusal to purchase the property. These properties have been reclassified as discontinued operations for all
periods presented.
Operating results and certain other
financial data for the Company’s business segments are as follows (in thousands):
|
|
Three Months ended |
|
Nine Months ended |
|
|
September 30, |
|
September 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
568 |
|
|
|
559 |
|
|
|
1,717 |
|
|
|
1,710 |
|
Mining royalty lands |
|
|
2,125 |
|
|
|
1,786 |
|
|
|
5,952 |
|
|
|
5,381 |
|
Land development and construction |
|
|
330 |
|
|
|
323 |
|
|
|
944 |
|
|
|
931 |
|
RiverFront on the Anacostia |
|
|
2,719 |
|
|
|
2,367 |
|
|
|
7,757 |
|
|
|
2,367 |
|
|
|
|
5,742 |
|
|
|
5,035 |
|
|
|
16,370 |
|
|
|
10,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
276 |
|
|
|
249 |
|
|
|
783 |
|
|
|
771 |
|
Mining royalty lands |
|
|
1,961 |
|
|
|
1,667 |
|
|
|
5,497 |
|
|
|
4,993 |
|
Land development and construction |
|
|
(139 |
) |
|
|
(390 |
) |
|
|
(1,146 |
) |
|
|
(1,168 |
) |
RiverFront on the Anacostia |
|
|
92 |
|
|
|
(1,168 |
) |
|
|
(915 |
) |
|
|
(1,168 |
) |
Operating profit before corporate expenses |
|
|
2,190 |
|
|
|
358 |
|
|
|
4,219 |
|
|
|
3,428 |
|
Corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated to asset management |
|
|
(34 |
) |
|
|
(27 |
) |
|
|
(146 |
) |
|
|
(118 |
) |
Allocated to mining royalty lands |
|
|
(28 |
) |
|
|
(30 |
) |
|
|
(157 |
) |
|
|
(124 |
) |
Allocated to land development and construction |
|
|
(408 |
) |
|
|
(210 |
) |
|
|
(1,110 |
) |
|
|
(935 |
) |
Allocated to RiverFront on the Anacostia |
|
|
(52 |
) |
|
|
(27 |
) |
|
|
(289 |
) |
|
|
(27 |
) |
Unallocated |
|
|
— |
|
|
|
(323 |
) |
|
|
(1,208 |
) |
|
|
(1,306 |
) |
Total corporate expenses |
|
|
(522 |
) |
|
|
(617 |
) |
|
|
(2,910 |
) |
|
|
(2,510 |
) |
|
|
$ |
1,668 |
|
|
|
(259 |
) |
|
|
1,309 |
|
|
|
918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
768 |
|
|
|
783 |
|
|
|
2,418 |
|
|
|
783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
145 |
|
|
|
125 |
|
|
|
405 |
|
|
|
385 |
|
Mining royalty lands |
|
|
55 |
|
|
|
17 |
|
|
|
145 |
|
|
|
91 |
|
Land development and construction |
|
|
57 |
|
|
|
98 |
|
|
|
171 |
|
|
|
263 |
|
RiverFront on the Anacostia |
|
|
1,564 |
|
|
|
2,564 |
|
|
|
5,629 |
|
|
|
2,564 |
|
|
|
$ |
1,821 |
|
|
|
2,804 |
|
|
|
6,350 |
|
|
|
3,303 |
|
Capital expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
17 |
|
|
|
131 |
|
|
|
184 |
|
|
|
162 |
|
Mining royalty lands |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Land development and construction |
|
|
4,268 |
|
|
|
292 |
|
|
|
5,578 |
|
|
|
1,999 |
|
RiverFront on the Anacostia |
|
|
25 |
|
|
|
331 |
|
|
|
(33 |
) |
|
|
331 |
|
|
|
$ |
4,310 |
|
|
|
754 |
|
|
|
5,729 |
|
|
|
2,492 |
|
|
|
September 30, |
|
|
|
December 31, |
|
|
Identifiable net assets |
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
Asset management |
$ |
10,687 |
|
|
|
2,960 |
|
|
Discontinued operations |
|
3,194 |
|
|
|
176,694 |
|
|
Mining royalty lands |
|
38,307 |
|
|
|
38,656 |
|
|
Land development and construction |
|
51,801 |
|
|
|
46,684 |
|
|
Riverfront on the Anacostia |
|
138,853 |
|
|
|
144,386 |
|
|
Investments available for sale |
|
191,288 |
|
|
|
— |
|
|
Cash items |
|
69,052 |
|
|
|
4,524 |
|
|
Unallocated corporate assets |
|
4,077 |
|
|
|
4,830 |
|
|
|
$ |
507,259 |
|
|
|
418,734 |
|
|
(4) Related Party Transactions.
The Company is a party to a Transition Services Agreement which resulted from our January 30, 2015 spin-off of Patriot Transportation
Holding, Inc. (Patriot). 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. The boards of the respective
companies amended and extended this agreement for one year effective October 1, 2018.
The consolidated statements of income
reflect charges and/or allocation from Patriot for these services of $360,000 and $352,000 for the three months ended September
30, 2018 and 2017 and $1,089,000 and $1,229,000 for the nine
months ended September 30, 2018 and
2017, respectively. Included in the charges above are amounts recognized for corporate executive stock-based compensation expense.
These charges are reflected as part of corporate expenses.
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.
(5) Long-Term Debt. Long-term
debt is summarized as follows (in thousands):
|
|
September 30, |
|
December 31, |
|
|
2018 |
|
2017 |
5.6% to 8% mortgage notes |
|
|
|
|
|
|
|
|
due in installments through 2027 |
|
$ |
— |
|
|
|
29,664 |
|
Riverfront permanent loan |
|
|
88,755 |
|
|
|
88,653 |
|
|
|
$ |
88,755 |
|
|
|
118,317 |
|
Less portion due within one year |
|
|
— |
|
|
|
4,463 |
|
|
|
$ |
88,755 |
|
|
|
113,854 |
|
On May 21, 2018 in conjunction with
the sale of the warehouse business the Companies mortgages notes were prepaid and the credit line with First Tennessee Bank, N.A.
was terminated. Prepayment penalties of $3,420,000 were paid.
On January 30, 2015, the Company
entered into a 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. As of September 30, 2018, there was no debt outstanding on the revolver, $1,930,000 outstanding under
letters of credit and $18,070,000 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
which excludes FRP RiverFront. 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 September 30, 2018, the tangible net worth
covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum of $168 million combined.
The Company was in compliance with all covenants as of September 30, 2018.
Effective July 1, 2017 the Company
consolidated the assets (at current fair value), liabilities and operating results of our Riverfront Investment Partners I, LLC
partnership (“Dock 79”) which was previously accounted for under the equity method. As such the full amount of our
construction loan and secondary financing were recorded in the consolidated financial statements and described below.
Effective August 7, 2014, Dock 79
obtained a commitment for a construction loan from a financial institution in the principal amount of $65,000,000 to fund certain
development and construction costs of Dock 79. The interest rate on the loan through the initial maturity date was based on the
2.35% over one-month LIBOR. This loan was paid in full on November 17, 2017. Also effective August 7, 2014, Dock 79 partnership
member EB5 Capital-Jobs Fund 8, L.P. (“EB5”) made an initial capital contribution of $17 million in cash into an escrow
account with a financial institution all of which were used for construction. Associated with the $17 million cash contribution,
EB5 was entitled to earn an investment return. The investment return required Dock 79 to pay interest monthly based on an annual
rate of 4.95% for the first 5 years. Due to the mandatory redemption requirements associated with the EB5 financing arrangement,
the related investment was classified as a liability on the balance sheets. EB5 was paid in full on November 17, 2017. Subsequent
to the repayment of the investment return, EB5 is no longer a partner in Dock 79.
On November 17, 2017, Dock 79’s
construction loan and EB5 investment were refinanced by borrowing a principal sum of $90,000,000 pursuant to a Loan Agreement and
Deed of Trust Note entered into with EagleBank ("Loan Documents"). The loan is secured by the Dock 79 real property and
improvements, bears a fixed interest rate of 4.125% per annum and has a term of 120 months. During the first 48 months of the loan
term, Dock 79 will make monthly payments of interest only, and thereafter, make monthly payments of principal and interest in equal
installments based upon a 30-year amortization period. The loan is a non-recourse loan. However, all amounts due under the Loan
Documents will become immediately due upon an event of default by Dock 79, such events including, without limitation, Dock 79's
(i) failure to: pay, permit inspections or observe covenants under the Loan Documents, (ii) breach of representations made under
the Loan Documents (iii) voluntary or involuntary bankruptcy, and (iv) dissolution, or the dissolution of the guarantor. MidAtlantic
Realty Partners, LLC, an affiliate of MRP, has executed a carve-out guaranty in connection with the loan.
During the three months ended September
30, 2018 and September 30, 2017 the Company capitalized interest costs of $243,000 and $210,000, respectively. During the nine
months ended September 30, 2018 and September 30, 2017 the Company capitalized interest costs of $742,000 and $812,000, respectively.
(6) Earnings per Share. The
following details the computations of the basic and diluted earnings per common share (in thousands, except per share amounts):
|
Three Months ended |
|
Nine Months ended |
|
September 30, |
|
September 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Weighted average common shares |
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
earnings per common share |
|
10,062 |
|
|
|
10,004 |
|
|
|
10,037 |
|
|
|
9,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
73 |
|
|
|
62 |
|
|
|
73 |
|
|
|
68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings per common share |
|
10,135 |
|
|
|
10,066 |
|
|
|
10,110 |
|
|
|
10,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to the Company |
$ |
2,224 |
|
|
|
25,391 |
|
|
|
123,766 |
|
|
|
28,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.22 |
|
|
|
2.54 |
|
|
|
12.33 |
|
|
|
2.86 |
|
Diluted |
$ |
0.22 |
|
|
|
2.52 |
|
|
|
12.24 |
|
|
|
2.84 |
|
For the three and nine months ended September
30, 2018, no shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share
because their inclusion would have been anti-dilutive. For the three and nine months ended September 30, 2017, 13,610 and 22,422
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. The
Company has two Stock Option Plans (the 2006 Stock Incentive Plan and the 2016 Equity Incentive Option Plan) under which options
for shares of common stock were granted to directors, officers and key employees. The 2016 plan permits the grant of stock options,
stock appreciation rights, restricted stock awards, restricted stock units, or stock awards. The options awarded under the plans
have similar characteristics. All stock options are non-qualified and expire ten years from the date of grant. Stock based compensation
awarded to directors, officers and employees are exercisable immediately or become exercisable in cumulative installments of 20%
or 25% at the end of each year following the date of grant. When stock options are exercised the Company issues new
shares after receipt of exercise proceeds and
taxes due, if any, from the grantee. The number of common shares available for future issuance was 527,662 at September 30, 2018.
The Company utilizes the Black-Scholes
valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated
based upon assumptions at the time of grant. The assumptions were no dividend yield, expected volatility between 32% and 43%, risk-free
interest rate of .6% to 4.2% and expected life of 3.0 to 7.0 years.
The dividend yield of zero is based
on the fact that the Company does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility
is estimated based on the Company’s historical experience over a period equivalent to the expected life in years. The risk-free
interest rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the
expected life of the options granted. The expected life calculation is based on the observed and expected time to exercise options
by the employees.
As previously disclosed, Thompson
S. Baker II resigned from his position as CEO and from the board of directors on March 13, 2017. In recognition of his outstanding
service to the Company, the Board approved the vesting of all of Mr. Baker's outstanding FRP stock options, which expired 90 days
following the termination of his employment. The vesting of Mr. Baker’s outstanding FRP options that were issued prior to
the spin-off required Patriot to record modification stock compensation expense of $150,000. FRP reimbursed Patriot for this cost
under the transition services agreement. The vesting of Mr. Baker’s outstanding FRP options that were issued subsequent to
the spin-off required modified stock compensation expense of $41,000.
On May 21, 2018, under the 2016 Equity
Incentive Plan change-in-control clause, all unvested stock options held by the Company’s named executive officers became
vested and fully exercisable. Included in stock compensation expense was $402,000 for the vesting of option grants from 2016 and
2017 due to the asset disposition.
The Company recorded the following
stock compensation expense in its consolidated statements of income (in thousands):
|
|
Three Months ended |
|
Nine Months ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Stock option grants |
|
$ |
17 |
|
|
|
33 |
|
|
|
486 |
|
|
|
143 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
683 |
|
|
|
445 |
|
|
|
$ |
17 |
|
|
|
33 |
|
|
|
1,169 |
|
|
|
588 |
|
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(000's) |
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2018 |
|
174,510 |
|
|
$ |
28.70 |
|
|
|
6.0 |
|
|
$ |
1,901 |
|
Granted |
|
— |
|
|
$ |
— |
|
|
|
|
|
|
$ |
— |
|
Exercised |
|
(49,857 |
) |
|
$ |
24.69 |
|
|
|
|
|
|
$ |
(495 |
) |
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2018 |
|
124,653 |
|
|
$ |
30.31 |
|
|
|
6.1 |
|
|
$ |
1,406 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2018 |
|
108,188 |
|
|
$ |
30.34 |
|
|
|
6.0 |
|
|
$ |
1,182 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nine months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2018 |
|
28,129 |
|
|
|
|
|
|
|
|
|
|
$ |
454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The aggregate intrinsic value of
exercisable in-the-money options was $3,436,000 and the aggregate intrinsic value of
outstanding in-the-money options
was $3,963,000 based on the market closing price of $62.10 on September 28, 2018 less exercise prices.
The unrecognized compensation cost
of options granted to FRP employees but not yet vested as of September 30, 2018 was $97,000, which is expected to be recognized
over a weighted-average period of 2.2 years.
Gains of $1,866,000 were realized
by option holders during the nine months ended September 30, 2018. Patriot realized the tax benefits of $646,000 of these gains
because these options were exercised by Patriot employees for options granted prior to the spin-off.
(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.
The Company executed a letter of
intent with MRP in May 2016 to develop Phase II of the Riverfront on the Anacostia project and recorded an estimated environmental
remediation expense of $2.0 million for the Company’s estimated liability under the proposed agreement. The Company substantially
completed the remediation and reduced the estimated liability in the quarter ending September 30, 2018 by $465,000. The Company
has no obligation to remediate any known contamination on Phases III and IV of the development until such time as it makes a commitment
to commence construction on each phase.
(9) Concentrations.
The mining royalty lands segment has a total of four tenants currently leasing mining locations and one lessee that accounted for
17% of the Company’s consolidated revenues during the nine months ended September 30, 2018 and $284,000 of accounts receivable
at September 30, 2018. 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 First Tennessee Bank and BB&T. 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.
During the quarter ending September
30, 2018 the Company invested in 78 corporate bonds with individual maturities ranging from 2020 through 2024. The unrealized loss
on these bonds of $567,000 was recorded as part of comprehensive income and was based on the estimated market value by National
Financial Services, LLC (“NFS”) obtained from sources that may include pricing vendors, broker/dealers who clear through
NFS and/or other sources (Level 2). The amortized cost of the investments was $191,853,000 and the carrying amount and fair value
of such bonds were $191,288,000 as of September 30, 2018.
At September 30, 2018 and 2017, the
carrying amount reported in the consolidated balance sheets for cash and cash equivalents 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.
At September 30, 2018, the carrying amount and fair value of such other long-term debt was $88,755,000 and $85,642,000, respectively.
At December 31, 2017, the carrying amount and fair value of such other long-term debt was $118,317,000 and $122,271,000, respectively.
(11) Investments in Joint Ventures
(Equity Method).
Brooksville. In 2006, the Company entered
into a Joint Venture Agreement with 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 2032 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. Distributions will be made on a 50-50 basis except for royalties and depletion specifically
allocated to the Company. Other income for the nine months ended September 30, 2018 includes a loss of $35,000 representing the
Company’s portion of the loss of this joint venture.
BC FRP Realty (Windlass Run). During
the quarter ending March 2016, we entered into an agreement with a Baltimore development company (St. John Properties, Inc.) to
jointly develop the remaining lands of our Windlass Run Business Park. The 50/50 partnership initially calls for FRP to combine
its 25 acres (valued at $7,500,000) with St. John Properties’ adjacent 10 acres fronting on a major state highway (valued
at $3,239,536) which resulted in an initial cash distribution of $2,130,232 to FRP in May 2016. Thereafter, the venture will jointly
develop the combined properties into a multi-building business park to consist of approximately 329,000 square feet of single story
office space. On September 28, 2017 BC FRP Realty, LLC obtained $17,250,000 of construction financing commitments for 4 buildings
through September 15, 2022 from BB&T at 2.5% over LIBOR. The balance outstanding on these loans at September 30, 2018 was $8,374,000.
RiverFront Holdings II, LLC. On May
4, 2018, the Company and MRP formed a Joint Venture to develop Phase II and closed on construction financing with Eagle Bank. The
Company has contributed its land with an agreed value of $16.3 million (cost basis of $4.6 million) and $6.2 million of cash. MRP
contributed capital of $5.6 million to the joint venture including development costs paid prior to the formation of the joint venture
and a $725,000 development fee. The Company further agreed to fund $13.75 million preferred equity financing at 7.5% interest rate
of which $690,000 was advanced through September 30, 2018. The loan from Eagle Bank allows draws of up to $71 million during construction
at an interest rate of 3.25% over LIBOR. The loan is interest only and matures in 36 months with a 12-month extension assuming
completion of construction and at least one occupancy. There is a provision for an additional 72 months extension with a 30-year
amortization of principal at 2.15% over seven-year US Treasury Constant if NOI is sufficient for a 9% yield. 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.
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooksville Quarry, LLC |
|
50.00 |
% |
|
7,477 |
|
|
14,404 |
|
|
(70 |
) |
|
(35 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,966 |
|
|
20,689 |
|
|
— |
|
|
— |
|
RiverFront Holdings II, LLC |
|
80.00 |
% |
|
11,646 |
|
|
20,793 |
|
|
(1 |
) |
|
(1 |
) |
Total |
|
|
|
$ |
25,089 |
|
|
55,886 |
|
|
(71 |
) |
|
(36 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RiverFront Holdings I, LLC (1) |
|
— |
|
$ |
— |
|
|
— |
|
|
(2,019 |
) |
|
(1,558 |
) |
Brooksville Quarry, LLC |
|
50.00 |
% |
|
7,516 |
|
|
14,411 |
|
|
(80 |
) |
|
(40 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,890 |
|
|
15,027 |
|
|
— |
|
|
— |
|
Total |
|
|
|
$ |
13,406 |
|
|
29,438 |
|
|
(2,099 |
) |
|
(1,598 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) | The Company consolidated this joint venture effective July 1, 2017 (see Footnote 12). |
Income statements for the RiverFront Holdings I, LLC, prior to consolidation
July 1, 2017 (in thousands):
|
|
|
Six Months Ended |
|
|
|
|
June 30, |
|
|
|
|
2017 |
|
Revenues: |
|
|
|
|
|
|
Rental Revenue |
|
|
|
|
3,053 |
|
Revenue – Reimbursements |
|
|
|
|
33 |
|
Total Revenues |
|
|
|
|
3,086 |
|
Cost of operations: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
1,958 |
|
Operating expenses |
|
|
|
|
1,096 |
|
Property taxes |
|
|
|
|
459 |
|
Total cost of operations |
|
|
|
|
3,513 |
|
Total operating profit |
|
|
|
|
(427 |
) |
Interest expense |
|
|
|
|
(1,592 |
) |
Net loss of the Partnership |
|
|
|
|
(2,019 |
) |
The amount of consolidated accumulated deficit
for these joint ventures was $(2,664,000) and $(2,638,000) as of September 30, 2018 and December 31, 2017 respectively.
(12) Consolidation of RiverFront Investment
Partners I, LLC. On March 30, 2012 the Company entered into a Contribution Agreement with 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 and own an approximately 300,000 square foot residential apartment building (including approximately
18,000 square feet of retail) on approximately 2 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 77.14% 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. Construction commenced in October 2014, and first occupancy was in August 2016. The Company’s equity interest
in the joint venture was previously accounted for under the equity method of accounting as MRP acted as the administrative agent
of the joint venture and oversaw and controlled the day to day operations of the project.
In July 2017, Phase I (Dock 79) reached stabilization,
meaning 90% of the individual apartments had been leased and occupied by third party tenants. Upon reaching stabilization, the
Company has, for a period of one year, the exclusive right to (i) cause the joint venture to sell the property or (ii) cause the
Company’s and MRP’s percentage interests in the joint venture to be adjusted so as to take into account the contractual
payouts assuming a sale at the value of the development at the time of this “Conversion election”.
The attainment of stabilization resulted in
a change of control for accounting purposes as the veto rights of the minority shareholder lapsed and the Company became the primary
beneficiary. As such, beginning July 1, 2017, the Company consolidated the assets (at fair value), liabilities and operating results
of the joint venture. This consolidation resulted in a gain on remeasurement of investment in real estate partnership of $60,196,000
of which $20,469,000 was attributed to the noncontrolling interest. In accordance with the terms of the Joint Venture agreements,
the Company used the fair value amount at date of conversion and calculated an adjusted ownership under the Conversion election.
As such for financial reporting purposes effective July 1, 2017 the Company ownership is based upon this substantive profit sharing
arrangement and is estimated at 66.0% on a prospective basis.
|
|
As of July 1, 2017 (in thousands) |
|
|
Riverfront |
|
Gain on Remeasure- |
|
|
|
|
|
|
Holdings I, LLC |
|
ment |
|
|
Revised |
|
|
|
|
|
|
|
|
|
|
Land |
|
$ |
7,220 |
|
|
$ |
21,107 |
|
|
|
|
$ |
28,327 |
|
Building and improvements, net |
|
|
81,773 |
|
|
|
34,362 |
|
|
|
|
|
116,135 |
|
Value of leases in place |
|
|
— |
|
|
|
4,727 |
|
|
|
|
|
4,727 |
|
Cash |
|
|
2,295 |
|
|
|
— |
|
|
|
|
|
2,295 |
|
Cash held in escrow |
|
|
171 |
|
|
|
— |
|
|
|
|
|
171 |
|
Accounts receivable |
|
|
40 |
|
|
|
— |
|
|
|
|
|
40 |
|
Prepaid expenses |
|
|
142 |
|
|
|
— |
|
|
|
|
|
142 |
|
Total Assets |
|
$ |
91,641 |
|
|
$ |
60,196 |
|
|
|
|
$ |
151,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term Debt |
|
$ |
78,587 |
|
|
$ |
— |
|
|
|
|
$ |
78,587 |
|
Amortizable debt costs |
|
|
(852 |
) |
|
|
— |
|
|
|
|
|
(852 |
) |
Other liabilities |
|
|
905 |
|
|
|
— |
|
|
|
|
|
905 |
|
Equity – FRP |
|
|
8,583 |
|
|
|
39,727 |
|
|
|
|
|
48,310 |
|
Equity – MRP |
|
|
4,418 |
|
|
|
20,469 |
|
|
|
|
|
24,887 |
|
Total Liabilities and Capital |
|
$ |
91,641 |
|
|
$ |
60,196 |
|
|
|
|
$ |
151,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13) Discontinued Operations.
On May 21, 2018, the Company completed the
disposition of 40 industrial warehouse properties and three additional land parcels to an affiliate of Blackstone Real Estate Partners
VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising
its right of first refusal to purchase the property. These properties comprised substantially all the assets of our Asset Management
segment and have been reclassified as discontinued operations for all periods presented. The results of operations associated with
discontinued operations for the three and nine-month periods ended September 30, 2018 and 2017 were as follows (in thousands):
|
|
THREE MONTHS ENDED |
|
NINE MONTHS ENDED |
|
|
SEPTEMBER 30, |
|
SEPTEMBER 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
190 |
|
|
|
5,636 |
|
|
|
9,602 |
|
|
|
16,634 |
|
Revenue – reimbursements |
|
|
29 |
|
|
|
1,383 |
|
|
|
2,274 |
|
|
|
3,713 |
|
Total Revenues |
|
|
219 |
|
|
|
7,019 |
|
|
|
11,876 |
|
|
|
20,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
29 |
|
|
|
1,965 |
|
|
|
3,131 |
|
|
|
5,727 |
|
Operating expenses |
|
|
52 |
|
|
|
1,004 |
|
|
|
1,694 |
|
|
|
2,570 |
|
Property taxes |
|
|
19 |
|
|
|
754 |
|
|
|
1,266 |
|
|
|
2,208 |
|
Management company indirect |
|
|
370 |
|
|
|
209 |
|
|
|
1,360 |
|
|
|
542 |
|
Corporate expenses |
|
|
56 |
|
|
|
— |
|
|
|
1,458 |
|
|
|
— |
|
Total cost of operations |
|
|
526 |
|
|
|
3,932 |
|
|
|
8,909 |
|
|
|
11,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit (loss) |
|
|
(307 |
) |
|
|
3,087 |
|
|
|
2,967 |
|
|
|
9,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
— |
|
|
|
(468 |
) |
|
|
(587 |
) |
|
|
(1,087 |
) |
Gain on sale of buildings |
|
|
200 |
|
|
|
— |
|
|
|
165,007 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
(107 |
) |
|
|
2,619 |
|
|
|
167,387 |
|
|
|
8,213 |
|
Provision for (benefit from) income taxes |
|
|
(29 |
) |
|
|
1,034 |
|
|
|
45,278 |
|
|
|
3,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations |
|
$ |
(78 |
) |
|
|
1,585 |
|
|
|
122,109 |
|
|
|
4,969 |
|
The components of the balance sheet are as follows (in thousands):
|
|
September 30 |
|
December 31 |
|
Assets: |
|
2018 |
|
2017 |
|
Real estate investments at cost: |
|
|
|
|
|
|
|
|
Land |
|
$ |
546 |
|
|
|
40,465 |
|
Buildings and improvements |
|
|
3,315 |
|
|
|
186,657 |
|
Projects under construction |
|
|
— |
|
|
|
6,617 |
|
Total investments in properties |
|
|
3,861 |
|
|
|
233,739 |
|
Less accumulated depreciation and depletion |
|
|
2,353 |
|
|
|
68,049 |
|
Net investments in properties |
|
|
1,508 |
|
|
|
165,690 |
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
1,020 |
|
|
|
405 |
|
Unrealized rents |
|
|
284 |
|
|
|
4,088 |
|
Deferred costs |
|
|
382 |
|
|
|
6,509 |
|
Other assets |
|
|
— |
|
|
|
2 |
|
Assets of discontinued operations |
|
$ |
3,194 |
|
|
|
176,694 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Secured notes payable, current portion |
|
$ |
— |
|
|
|
23,825 |
|
Secured notes payable, less current portion |
|
|
— |
|
|
|
4,338 |
|
Accounts payable and accrued liabilities |
|
|
249 |
|
|
|
2,289 |
|
Deferred revenue |
|
|
59 |
|
|
|
967 |
|
Federal and state income taxes payable |
|
|
1,527 |
|
|
|
— |
|
Tenant security deposits |
|
|
37 |
|
|
|
861 |
|
Liabilities of discontinued operations |
|
$ |
1,872 |
|
|
|
32,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION
AND RESULTS OF OPERATIONS
The following discussion includes a non-GAAP
financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission to supplement the financial
results as reported in accordance with GAAP. The non-GAAP financial measure discussed is net operating income (NOI). The Company
uses this metric to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and
financial performance. This measure is not, and should not be viewed as, a substitute for GAAP financial measures. Refer to “Non-GAAP
Financial Measure” below in this quarterly report for a more detailed discussion, including reconciliations of this non-GAAP
financial measure to its most directly comparable GAAP financial measure.
Overview - FRP Holdings, Inc. is a holding
company engaged in the real estate business, namely (i) mining royalty land ownership and leasing, (ii) land acquisition, entitlement
and development primarily for future warehouse/office or residential building construction, (iii) ownership, leasing, and management
of a residential apartment building, and (iv) warehouse/office building ownership, leasing and management.
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, success in leasing efforts and construction
cost management.
On May 21, 2018, the Company completed the
disposition of 40 industrial warehouse properties and three additional land parcels to an affiliate of Blackstone Real Estate Partners
VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising
its right of first refusal to purchase the property. These properties comprised substantially all the assets of our Asset Management
segment and have been reclassified as discontinued operations for all periods presented.
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, although
The Company disposed of all but one of its warehouse properties in May 2018. 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.
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,
(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 sf 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).
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, Georgia, and Virginia which would positively benefit our profitability
in this segment. Our mining properties had estimated remaining reserves of 540 million tons as of December 31, 2017 after
a total of 6.3 million tons were consumed in fiscal 2017.
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 “second 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 |
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 29 of these pads into
developed buildings. 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 +/- 600,000 square feet of warehouse/office buildings.
Summary of Our Remaining Lot Inventory:
Location |
Acreage |
SF +/- |
Status |
Lakeside, MD |
15 |
187,550 |
1 lot ready for building construction. |
Windlass Run
Business Park, MD |
17.5
(50%
Interest) |
164,500
(50%
Interest) |
Company owns a 50% in a joint venture formed in April 2016 with St. John Properties. The joint venture owns the 35 acres and plans to develop the land into 12 office buildings for a total of 329,000 sq. ft. |
Hollander 95 Business Park, MD |
26 |
234,450 |
Horizontal development completed. |
Total |
58.5 |
586,500 |
|
Having sites ready for vertical construction
has rewarded us in the past. It is the main reason why we were able to convert three of our finished pads at Patriot Business
Park into build-to-suit opportunities in 2012, 2013 and 2014. We completed construction on a 79,550 square foot spec building
at Hollander Business Park that was put into service in the third quarter of fiscal 2016. Also in the third quarter of fiscal 2016
we started construction on a 103,448-square-foot building in Patriot Business Center that was placed in service in 2017. Our final
building at Patriot Business Park was under construction in 2017 and completed in the second quarter of 2018. In April 2016 we
entered into a joint venture agreement to develop 12 office buildings on our remaining lots at Windlass Run and on adjacent frontage
property owned by St. John Properties. During second quarter of fiscal 2018 we started construction on a 93,450 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 third-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 mature.
Our customary 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. We successfully rezoned the 109 acres 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 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 complete as a 305-unit apartment building including 18,000 square feet of ground floor retail.
Significant Investment Lands Inventory:
Location |
Approx. Acreage |
Status |
NBV |
RiverFront on the Anacostia Phases III-IV |
2.5 |
Phase II contributed to JV and under construction. |
$6,103,000 |
Hampstead Trade Center, MD |
73 |
Residential conceptual design program ongoing |
$7,566,000 |
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. |
$8,219,000 |
Total |
77.5 |
|
$21,888,000 |
RIVERFRONT ON THE ANACOSTIA PHASES
III-IV: This property consists of 2.5 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 rezoned for the construction of approximately 860,000 square feet of “mixed-use”
development in three phases. See “RiverFront on the Anacostia Segment” below for discussion on Phase I. Phases II,
III and IV are slated for residential, office, and hotel/residential buildings, respectively, all with permitted first floor retail
uses.
RiverFront Holdings II, LLC. On May
4, 2018, the Company and MRP formed a Joint Venture to develop Phase II and closed on construction financing with Eagle Bank. The
Company has contributed its land with an agreed value of $16.3 million (cost basis of $4.6 million) and $6.2 million of cash. MRP
contributed capital of $5.6 million to the joint venture including development costs paid prior to the formation of the joint venture
and a $725,000 development fee. The Company further agreed to fund $13.75 million preferred equity financing at 7.5% interest rate
of which $690,000 was advanced through September 30, 2018. The loan from Eagle Bank allows draws of up to $71 million during construction
at an interest rate of 3.25% over LIBOR. The loan is interest only and matures in 36 months with a 12-month extension assuming
completion of construction and at least one occupancy. There is a provision for an additional 72 months extension with a 30-year
amortization of principal at 2.15% over seven-year US Treasury Constant if NOI is sufficient for a 9% yield. 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.
On August 24, 2015, in anticipation of commencing
construction of the new Frederick Douglass bridge at a location immediately to the west of the existing bridge, the District of
Columbia filed a Declaration of Taking for a total of 7,390 square feet of permanent easement and a 5,022 square foot temporary
construction easement on land along the western boundary of the land that will ultimately hold Phase III and IV. Previously, the
Company and the District had conceptually agreed to a land swap with no compensation that would have permitted the proposed new
bridge, including construction easements, to be on property wholly owned by the District. As a result, the Planned Unit Development
was designed and ultimately approved by the Zoning Commission as if the land swap would occur once the District was ready to move
forward with the new bridge construction. In September 2016 the Company received $1,115,400 as settlement for the easement. The
Company will continue to seek an agreement from the District that the existing bridge easement will terminate when the new bridge
has been placed in service and the existing bridge has been removed. The Company’s position is that otherwise Phase IV will
be adversely impacted and additional compensation or other relief will be due the Company.
HAMPSTEAD TRADE CENTER: We purchased this 118-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 has 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 assets with more near-term income producing potential. In the fourth quarter of fiscal 2016, the
Company received approval from the Town of Hampstead and has rezoned the property for residential use. The Town of Hampstead determined
that there was a procedural error made during the rezoning process and expects to correct their error by year end in order to properly
memorialize the residential zoning. We are fully engaged in the formal process of seeking PUD entitlements for this 118-acre tract.
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. In March 2017 reconstruction of the bulkhead was completed at
a cost of $4 million in anticipation of future high-rise development.
RiverFront on the Anacostia Segment.
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 commenced in May 2016 and rent stabilization of the residential units of 90% occupied was achieved in the third
quarter of 2017. Upon reaching stabilization, the Company has, for a period of one year, the exclusive right to (i) cause the joint
venture to sell the property or (ii) cause the Company’s and MRP’s percentage interests in the joint venture to be
adjusted so as to take into account the contractual payouts assuming a sale at the value of the development at the time of this
“Conversion election”.
The attainment of stabilization also results
in a change of control for accounting purposes as the veto rights of the minority shareholder lapsed and the Company became the
primary beneficiary. As such, beginning July 1, 2017, the Company consolidated the assets (at current fair value based on a third-party
opinion), liabilities and operating results of the joint venture. This consolidation resulted in a gain on remeasurement of investment
in real estate partnership of $60,196,000 of which $20,469,000 was attributed to the noncontrolling interest. The Company used
the fair value amount to calculate adjusted ownership under the Conversion election. As such for financial reporting purposes effective
July 1, 2017 the Company ownership is based upon this substantive profit sharing arrangement and is estimated at 66.0% on a prospective
basis.
Comparative Results of Operations for the Three
months ended September 30, 2018 and 2017
Consolidated Results
|
Three months ended |
|
|
|
|
(dollars in thousands) |
September 30, |
|
|
|
|
|
2018 |
|
2017 |
|
Change |
|
% |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental Revenue |
$ |
3,440 |
|
|
$ |
3,102 |
|
|
$ |
338 |
|
|
|
10.9 |
% |
Mining Royalty and rents |
|
2,102 |
|
|
|
1,763 |
|
|
|
339 |
|
|
|
19.2 |
% |
Revenue-Reimbursements |
|
200 |
|
|
|
170 |
|
|
|
30 |
|
|
|
17.6 |
% |
Total Revenues |
|
5,742 |
|
|
|
5,035 |
|
|
|
707 |
|
|
|
14.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation/Depletion/Amortization |
|
1,821 |
|
|
|
2,804 |
|
|
|
(983 |
) |
|
|
-35.1 |
% |
Operating Expenses |
|
983 |
|
|
|
875 |
|
|
|
108 |
|
|
|
12.3 |
% |
Environmental remediation |
|
(465 |
) |
|
|
— |
|
|
|
(465 |
) |
|
|
100.0 |
% |
Property Taxes |
|
663 |
|
|
|
647 |
|
|
|
16 |
|
|
|
2.5 |
% |
Mgmt company indirect |
|
550 |
|
|
|
351 |
|
|
|
199 |
|
|
|
56.7 |
% |
Corporate Expense |
|
522 |
|
|
|
617 |
|
|
|
(95 |
) |
|
|
-15.4 |
% |
Total cost of operations |
|
4,074 |
|
|
|
5,294 |
|
|
|
(1,220 |
) |
|
|
-23.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit (loss) |
|
1,668 |
|
|
|
(259 |
) |
|
|
1,927 |
|
|
|
-744.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income and other |
|
1,654 |
|
|
|
— |
|
|
|
1,654 |
|
|
|
100.0 |
% |
Interest Expense |
|
(768 |
) |
|
|
(783 |
) |
|
|
15 |
|
|
|
-1.9 |
% |
Equity in loss of joint ventures |
|
(13 |
) |
|
|
(12 |
) |
|
|
(1 |
) |
|
|
8.3 |
% |
Gain on remeasurement of investment in real |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estate partnership |
|
— |
|
|
|
60,196 |
|
|
|
(60,196 |
) |
|
|
-100.0 |
% |
Loss on investment land sold |
|
(3 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
2,538 |
|
|
|
59,142 |
|
|
|
(56,604 |
) |
|
|
-95.7 |
% |
Provision for income taxes |
|
508 |
|
|
|
15,543 |
|
|
|
(15,035 |
) |
|
|
-96.7 |
% |
Income from continuing operations |
|
2,030 |
|
|
|
43,599 |
|
|
|
(41,569 |
) |
|
|
-95.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations, net |
|
(78 |
) |
|
|
1,585 |
|
|
|
(1,663 |
) |
|
|
-104.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
1,952 |
|
|
|
45,184 |
|
|
|
(43,232 |
) |
|
|
-95.7 |
% |
Gain (loss) attributable to noncontrolling interest |
|
(272 |
) |
|
|
19,793 |
|
|
|
(20,065 |
) |
|
|
-101.4 |
% |
Net income attributable to the Company |
$ |
2,224 |
|
|
$ |
25,391 |
|
|
$ |
(23,167 |
) |
|
|
-91.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the third quarter of 2018 was
$2,224,000 or $.22 per share versus $25,391,000 or $2.52 per share in the same period last year. Loss from discontinued operations
for the third quarter of 2018 was $78,000 or $.01 per share versus income from discontinued operations of $1,585,000 or $.16 per
share in the same period last year. The third quarter of 2017 included a gain on remeasurement of investment of $60.2 million in
the Company’s Dock 79 real estate partnership as a result of the asset’s stabilization and the ensuing change in control
of the partnership for accounting purposes. This change in control brought with it this substantial and non-taxable gain.
The gain is based on the difference between the carrying value and the fair value of all assets and liabilities in the partnership
and is included in Income from continuing operations before income taxes. An affiliate of Blackstone Real Estate Group has the
option to purchase the Company’s last remaining warehouse property at 1502 Quarry Drive for $11.7 million if the current
tenant fails to properly exercise its right of first refusal. The Company currently is seeking a court determination that the tenant
has failed to exercise its right of first refusal.
Asset Management Segment Results
|
|
Three months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2018 |
|
% |
|
2017 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
544 |
|
|
|
95.8 |
% |
|
|
538 |
|
|
|
96.2 |
% |
|
|
6 |
|
|
|
1.1 |
% |
Revenue-reimbursements |
|
|
24 |
|
|
|
4.2 |
% |
|
|
21 |
|
|
|
3.8 |
% |
|
|
3 |
|
|
|
14.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
568 |
|
|
|
100.0 |
% |
|
|
559 |
|
|
|
100.0 |
% |
|
|
9 |
|
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
145 |
|
|
|
25.5 |
% |
|
|
125 |
|
|
|
22.4 |
% |
|
|
20 |
|
|
|
16.0 |
% |
Operating expenses |
|
|
106 |
|
|
|
18.7 |
% |
|
|
119 |
|
|
|
21.3 |
% |
|
|
(13 |
) |
|
|
-10.9 |
% |
Property taxes |
|
|
43 |
|
|
|
7.6 |
% |
|
|
38 |
|
|
|
6.8 |
% |
|
|
5 |
|
|
|
13.2 |
% |
Management company indirect |
|
|
(2 |
) |
|
|
-.4 |
% |
|
|
28 |
|
|
|
5.0 |
% |
|
|
(30 |
) |
|
|
-107.1 |
% |
Corporate expense |
|
|
34 |
|
|
|
6.0 |
% |
|
|
27 |
|
|
|
4.8 |
% |
|
|
7 |
|
|
|
25.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
326 |
|
|
|
57.4 |
% |
|
|
337 |
|
|
|
60.3 |
% |
|
|
(11 |
) |
|
|
-3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
242 |
|
|
|
42.6 |
% |
|
|
222 |
|
|
|
39.7 |
% |
|
|
20 |
|
|
|
9.0 |
% |
Most of the Asset Management Segment
was reclassified to discontinued operations leaving only three office buildings. Total revenues in this segment were $568,000,
up $9,000 or 1.6%, over the same period last year. Operating profit was $242,000, up $20,000 compared to the same quarter last
year.
Mining Royalty Lands Segment Results
Highlights of the Three Months ended September 30, 2018:
- Mining Royalty and rents revenue were up $339,000,
or 19.2%.
|
|
Three months ended September 30 |
(dollars in thousands) |
|
2018 |
|
% |
|
2017 |
|
% |
|
|
|
|
|
|
|
|
|
Mining Royalty and rents |
|
$ |
2,102 |
|
|
|
98.9 |
% |
|
|
1,763 |
|
|
|
98.7 |
% |
Revenue-reimbursements |
|
|
23 |
|
|
|
1.1 |
% |
|
|
23 |
|
|
|
1.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
2,125 |
|
|
|
100.0 |
% |
|
|
1,786 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
55 |
|
|
|
2.6 |
% |
|
|
17 |
|
|
|
.9 |
% |
Operating expenses |
|
|
48 |
|
|
|
2.2 |
% |
|
|
43 |
|
|
|
2.4 |
% |
Property taxes |
|
|
61 |
|
|
|
2.9 |
% |
|
|
59 |
|
|
|
3.3 |
% |
Corporate expense |
|
|
28 |
|
|
|
1.3 |
% |
|
|
30 |
|
|
|
1.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
192 |
|
|
|
9.0 |
% |
|
|
149 |
|
|
|
8.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
1,933 |
|
|
|
91.0 |
% |
|
|
1,637 |
|
|
|
91.7 |
% |
Total revenues in this segment were $2,125,000
versus $1,786,000 in the same period last year. Total operating profit in this segment was $1,933,000, an increase of $296,000
versus $1,637,000 in the same period last year.
Land Development and Construction
Segment Results
Highlights of the Three Months ended September 30, 2018:
- Construction began on Phase II of our RiverFront
on the Anacostia project in April. Substantially completed environmental remediation cost $465,000 lower than the $2 million estimated
cost recorded in fiscal 2016.
|
|
Three months ended September 30 |
|
(dollars in thousands) |
|
2018 |
|
2017 |
|
Change |
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
214 |
|
|
|
207 |
|
|
|
7 |
|
|
Revenue-reimbursements |
|
|
116 |
|
|
|
116 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
330 |
|
|
|
323 |
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
57 |
|
|
|
98 |
|
|
|
(41 |
) |
|
Operating expenses |
|
|
143 |
|
|
|
52 |
|
|
|
91 |
|
|
Environmental remediation |
|
|
(465 |
) |
|
|
— |
|
|
|
(465 |
) |
|
Property taxes |
|
|
269 |
|
|
|
282 |
|
|
|
(13 |
) |
|
Management company indirect |
|
|
465 |
|
|
|
281 |
|
|
|
184 |
|
|
Corporate expense |
|
|
408 |
|
|
|
210 |
|
|
|
198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
877 |
|
|
|
923 |
|
|
|
(46 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(547 |
) |
|
|
(600 |
) |
|
|
53 |
|
|
The Land Development and Construction segment
is responsible for (i) seeking out and identifying opportunistic purchases of income producing warehouse/office buildings, and
(ii) developing our non-income producing properties into income production.
With respect to ongoing projects:
| · | We are fully engaged in the formal process of seeking PUD entitlements
for our 118-acre tract in Hampstead, Maryland, now known as “Hampstead Overlook.” |
| · | We began construction in the third quarter of last year on our joint
venture with St. John Properties and expect to complete construction of the first phase of this project by the end of the year.
This first phase will comprise four single-story buildings totaling 100,000 square feet of office and retail space. |
| · | We are the principal capital source of a residential development
venture in Essexshire now known as “Hyde Park.” We have committed up to $9.2 million in exchange for an interest rate
of 10% and a preferred return of 20% after which a “waterfall” determines the split of proceeds. This project will
hold 125 town homes and 4 single family lots and is currently in the entitlement process. |
| · | Last quarter, we began construction on a 94,350-square-foot spec
building at Hollander Business Park. This Class “A” facility will be our first building with a 32-foot clear and should
come on line in the second quarter of 2019. |
| · | In April of this past quarter, we began construction on Phase II
of our RiverFront on the Anacostia project, now known as “The Maren.” We expect to deliver the building in the first
half of 2020. |
| · | At the end of this quarter, the Company signed a Letter of Intent
to enter into a joint venture agreement with MidAtlantic Realty Partners (MRP) for the development of the first phase of a multifamily,
mixed-use development in northeast Washington, DC known as “Bryant Street.” FRP plans to contribute to the joint venture
$35 million in common equity and another $20-25 million in preferred equity. |
RiverFront on the Anacostia Segment Results
Highlights of the Three Months ended September 30, 2018:
- Beginning July 1, 2017, the Company consolidated
the assets (at current fair value), liabilities and operating results of the joint venture and established the RiverFront on the
Anacostia segment as its fourth segment. FRP’s share of prior period results are included in the line Equity in loss of joint
ventures in the Company’s overall Consolidated Statements of Income.
|
|
Three Months Ended September 30 |
(dollars in thousands) |
|
2018 |
|
% |
|
2017 |
|
% |
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
2,682 |
|
|
|
98.6 |
% |
|
|
2,357 |
|
|
|
99.6 |
% |
Revenue-reimbursements |
|
|
37 |
|
|
|
1.4 |
% |
|
|
10 |
|
|
|
.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
2,719 |
|
|
|
100.0 |
% |
|
|
2,367 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,564 |
|
|
|
57.5 |
% |
|
|
2,564 |
|
|
|
108.3 |
% |
Operating expenses |
|
|
686 |
|
|
|
25.2 |
% |
|
|
661 |
|
|
|
27.9 |
% |
Property taxes |
|
|
290 |
|
|
|
10.7 |
% |
|
|
268 |
|
|
|
11.3 |
% |
Management company indirect |
|
|
87 |
|
|
|
3.2 |
% |
|
|
42 |
|
|
|
1.8 |
% |
Corporate expense |
|
|
52 |
|
|
|
1.9 |
% |
|
|
27 |
|
|
|
1.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
2,679 |
|
|
|
98.5 |
% |
|
|
3,562 |
|
|
|
150.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss) |
|
$ |
40 |
|
|
|
1.5 |
% |
|
$ |
(1,195 |
) |
|
|
-50.5 |
% |
Average occupancy for the quarter was 95.8%
and at the end of the third quarter, Dock 79 was 94.4% leased and 93.8% occupied. During the third quarter, 50.0% of expiring leases
renewed with an average increase in rent of 2.62%. Dock 79 is a joint venture between the Company and MRP, in which FRP Holdings,
Inc. is the majority partner with 66% ownership.
Comparative Results of Operations for the Nine months
ended September 30, 2018 and 2017
Consolidated Results
|
Nine months ended |
|
|
|
|
(dollars in thousands) |
September 30, |
|
|
|
|
|
2018 |
|
2017 |
|
Change |
|
% |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental Revenue |
$ |
9,937 |
|
|
$ |
4,609 |
|
|
$ |
5,328 |
|
|
|
115.6 |
% |
Mining Royalty and rents |
|
5,885 |
|
|
|
5,311 |
|
|
|
574 |
|
|
|
10.8 |
% |
Revenue-Reimbursements |
|
548 |
|
|
|
469 |
|
|
|
79 |
|
|
|
16.8 |
% |
Total Revenues |
|
16,370 |
|
|
|
10,389 |
|
|
|
5,981 |
|
|
|
57.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation/Depletion/Amortization |
|
6,350 |
|
|
|
3,303 |
|
|
|
3,047 |
|
|
|
92.2 |
% |
Operating Expenses |
|
2,951 |
|
|
|
1,312 |
|
|
|
1,639 |
|
|
|
124.9 |
% |
Environmental remediation |
|
(465 |
) |
|
|
— |
|
|
|
(465 |
) |
|
|
100.0 |
% |
Property Taxes |
|
1,949 |
|
|
|
1,384 |
|
|
|
565 |
|
|
|
40.8 |
% |
Mgmt company indirect |
|
1,366 |
|
|
|
962 |
|
|
|
404 |
|
|
|
42.0 |
% |
Corporate Expense |
|
2,910 |
|
|
|
2,510 |
|
|
|
400 |
|
|
|
15.9 |
% |
Total cost of operations |
|
15,061 |
|
|
|
9,471 |
|
|
|
5,590 |
|
|
|
59.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit |
|
1,309 |
|
|
|
918 |
|
|
|
391 |
|
|
|
42.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income and other |
|
1,875 |
|
|
|
— |
|
|
|
1,875 |
|
|
|
100.0 |
% |
Interest Expense |
|
(2,418 |
) |
|
|
(783 |
) |
|
|
(1,635 |
) |
|
|
208.8 |
% |
Equity in loss of joint ventures |
|
(36 |
) |
|
|
(1,589 |
) |
|
|
1,553 |
|
|
|
-97.7 |
% |
Gain on remeasurement of investment in real |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
estate partnership |
|
— |
|
|
|
60,196 |
|
|
|
(60,196 |
) |
|
|
-100.0 |
% |
Loss on investment land sold |
|
(3 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
727 |
|
|
|
58,742 |
|
|
|
(58,015 |
) |
|
|
-98.8 |
% |
Provision for income taxes |
|
269 |
|
|
|
15,371 |
|
|
|
(15,102 |
) |
|
|
-98.3 |
% |
Income from continuing operations |
|
458 |
|
|
|
43,371 |
|
|
|
(42,913 |
) |
|
|
-98.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations, net |
|
122,109 |
|
|
|
4,969 |
|
|
|
117,140 |
|
|
|
2357.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
122,567 |
|
|
|
48,340 |
|
|
|
74,227 |
|
|
|
153.6 |
% |
Gain (loss) attributable to noncontrolling interest |
|
(1,199 |
) |
|
|
19,793 |
|
|
|
(20,992 |
) |
|
|
-106.1 |
% |
Net income attributable to the Company |
$ |
123,766 |
|
|
$ |
28,547 |
|
|
$ |
95,219 |
|
|
|
333.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for first nine months of 2018 was
$123,766,000 or $12.24 per share versus $28,547,000 or $2.84 per share in the same period last year. Income from discontinued operations
for the first nine months of 2018 was $122,109,000 or $12.08 per share versus $4,969,000 or $.50 per share in the same period last
year. The third quarter of 2017 included a gain on remeasurement of investment of $60.2 million in the Company’s Dock 79
real estate partnership as a result of the asset’s stabilization and the ensuing change in control of the partnership for
accounting purposes. This change in control brought with it this substantial and non-taxable gain. The gain is based on the
difference between the carrying value and the fair value of all assets and liabilities in the partnership and is included in Income
from continuing operations before income taxes.
Total revenues were $16,370,000, up 57.6%,
versus the same period last year, primarily because of the addition of rental revenues from Dock 79 when its results were consolidated
starting in July 2017.
Asset Management Segment Results
|
|
Nine months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2018 |
|
% |
|
2017 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
1,643 |
|
|
|
95.7 |
% |
|
|
1,651 |
|
|
|
96.5 |
% |
|
|
(8 |
) |
|
|
-0.5 |
% |
Revenue-reimbursements |
|
|
74 |
|
|
|
4.3 |
% |
|
|
59 |
|
|
|
3.5 |
% |
|
|
15 |
|
|
|
25.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
1,717 |
|
|
|
100.0 |
% |
|
|
1,710 |
|
|
|
100.0 |
% |
|
|
7 |
|
|
|
0.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
405 |
|
|
|
23.6 |
% |
|
|
385 |
|
|
|
22.5 |
% |
|
|
20 |
|
|
|
5.2 |
% |
Operating expenses |
|
|
335 |
|
|
|
19.5 |
% |
|
|
371 |
|
|
|
21.7 |
% |
|
|
(36 |
) |
|
|
-9.7 |
% |
Property taxes |
|
|
122 |
|
|
|
7.1 |
% |
|
|
109 |
|
|
|
6.4 |
% |
|
|
13 |
|
|
|
11.9 |
% |
Management company indirect |
|
|
72 |
|
|
|
4.2 |
% |
|
|
74 |
|
|
|
4.3 |
% |
|
|
(2 |
) |
|
|
-2.7 |
% |
Corporate expense |
|
|
146 |
|
|
|
8.5 |
% |
|
|
118 |
|
|
|
6.9 |
% |
|
|
28 |
|
|
|
23.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
1,080 |
|
|
|
62.9 |
% |
|
|
1,057 |
|
|
|
61.8 |
% |
|
|
23 |
|
|
|
2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
637 |
|
|
|
37.1 |
% |
|
|
653 |
|
|
|
38.2 |
% |
|
|
(16 |
) |
|
|
-2.5 |
% |
Total revenues in this segment were $1,717,000,
up $7,000 or .4%, over the same period last year. Operating profit of $637,000 was down $16,000 compared to the same quarter last
year due primarily to an increase of $28,000 in corporate expense allocation.
Mining Royalty Lands Segment Results
Highlights of the Nine Months ended September 30, 2018:
- Mining Royalty and rents revenue were up $574,000,
or 10.8%.
|
|
Nine months ended September 30 |
(dollars in thousands) |
|
2018 |
|
% |
|
2017 |
|
% |
|
|
|
|
|
|
|
|
|
Mining Royalty and rents |
|
$ |
5,885 |
|
|
|
98.9 |
% |
|
|
5,311 |
|
|
|
98.7 |
% |
Revenue-reimbursements |
|
|
67 |
|
|
|
1.1 |
% |
|
|
70 |
|
|
|
1.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
5,952 |
|
|
|
100.0 |
% |
|
|
5,381 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
145 |
|
|
|
2.4 |
% |
|
|
91 |
|
|
|
1.7 |
% |
Operating expenses |
|
|
128 |
|
|
|
2.2 |
% |
|
|
121 |
|
|
|
2.2 |
% |
Property taxes |
|
|
182 |
|
|
|
3.1 |
% |
|
|
176 |
|
|
|
3.3 |
% |
Corporate expense |
|
|
157 |
|
|
|
2.6 |
% |
|
|
124 |
|
|
|
2.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
612 |
|
|
|
10.3 |
% |
|
|
512 |
|
|
|
9.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
5,340 |
|
|
|
89.7 |
% |
|
|
4,869 |
|
|
|
90.5 |
% |
Total revenues in this segment were $5,952,000
versus $5,381,000 in the same period last year. Total operating profit in this segment was $5,340,000, an increase of $471,000
versus $4,869,000 in the same period last year.
Land Development and Construction
Segment Results
Highlights of the Nine Months ended September 30, 2018:
- Construction began on Phase II of our RiverFront
on the Anacostia project in April. Substantially completed environmental remediation cost $465,000 lower than the $2 million estimated
cost recorded in fiscal 2016.
|
|
Nine months ended September 30 |
|
(dollars in thousands) |
|
2018 |
|
2017 |
|
Change |
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
609 |
|
|
|
601 |
|
|
|
8 |
|
|
Revenue-reimbursements |
|
|
335 |
|
|
|
330 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
944 |
|
|
|
931 |
|
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
171 |
|
|
|
263 |
|
|
|
(92 |
) |
|
Operating expenses |
|
|
618 |
|
|
|
159 |
|
|
|
459 |
|
|
Environmental remediation |
|
|
(465 |
) |
|
|
— |
|
|
|
(465 |
) |
|
Property taxes |
|
|
768 |
|
|
|
831 |
|
|
|
(63 |
) |
|
Management company indirect |
|
|
998 |
|
|
|
846 |
|
|
|
152 |
|
|
Corporate expense |
|
|
1,110 |
|
|
|
935 |
|
|
|
175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
3,200 |
|
|
|
3,034 |
|
|
|
166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(2,256 |
) |
|
|
(2,103 |
) |
|
|
(153 |
) |
|
RiverFront on the Anacostia Segment Results
Highlights of the Nine Months ended September 30, 2018:
- Beginning July 1, 2017, the Company consolidated
the assets (at current fair value), liabilities and operating results of the joint venture and established the RiverFront on the
Anacostia segment as its fourth segment. FRP’s share of prior period results are included in the line Equity in loss of joint
ventures in the Company’s overall Consolidated Statements of Income.
|
|
Nine Months Ended September 30 |
(dollars in thousands) |
|
2018 |
|
% |
|
2017 |
|
% |
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
7,685 |
|
|
|
99.1 |
% |
|
|
2,357 |
|
|
|
99.6 |
% |
Revenue-reimbursements |
|
|
72 |
|
|
|
0.9 |
% |
|
|
10 |
|
|
|
.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
|
7,757 |
|
|
|
100.0 |
% |
|
|
2,367 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,629 |
|
|
|
72.6 |
% |
|
|
2,564 |
|
|
|
108.3 |
% |
Operating expenses |
|
|
1,870 |
|
|
|
24.1 |
% |
|
|
661 |
|
|
|
27.9 |
% |
Property taxes |
|
|
877 |
|
|
|
11.3 |
% |
|
|
268 |
|
|
|
11.3 |
% |
Management company indirect |
|
|
296 |
|
|
|
3.8 |
% |
|
|
42 |
|
|
|
1.8 |
% |
Corporate expense |
|
|
289 |
|
|
|
3.7 |
% |
|
|
27 |
|
|
|
1.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
8,961 |
|
|
|
115.5 |
% |
|
|
3,562 |
|
|
|
150.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(1,204 |
) |
|
|
-15.5 |
% |
|
$ |
(1,195 |
) |
|
|
-50.5 |
% |
Average occupancy for the first nine months
was 94.8% and at the end of the third quarter, Dock 79 was 94.4% leased and 93.8% occupied. Through the first nine months of the
year, 56.1% of expiring leases renewed with an average increase in rent of 3.27%. Dock 79 is a joint venture between the Company
and MRP, in which FRP Holdings, Inc. is the majority partner with 66% ownership.
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 September 30, 2018, we had no debt borrowed under our $20 million Wells
Fargo revolver, $1,930,000 outstanding under letters of credit and $18,070,000 available to borrow under the revolver. In November
2017, we secured $90 million in permanent financing for Dock 79 from EagleBank, the proceeds of which were used to pay off $79
million of construction and mezzanine debt. The remainder was distributed pari passu between the Company and our partners.
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):
|
|
Nine months |
|
|
|
Ended September 30, |
|
|
|
2018 |
|
2017 |
|
Total cash provided by (used for): |
|
|
|
|
|
|
Operating activities |
$ |
(41,660 |
) |
|
15,321 |
|
Investing activities |
|
101,850 |
|
|
(10,920 |
) |
Financing activities |
|
(29,932 |
) |
|
(1,771 |
) |
Increase in cash and cash equivalents |
$ |
30,258 |
|
|
2,630 |
|
|
|
|
|
|
|
|
Outstanding debt at the beginning of the period |
$ |
118,317 |
|
|
40,745 |
|
Outstanding debt at the end of the period |
$ |
88,755 |
|
|
115,113 |
|
Operating Activities – For the
nine months ended September 30, 2018, net cash used for operating activities increased to $41,660,000 versus cash provided by operating
activities of $15,321,000 in the same period last year. Net cash used in operating activities of discontinued operations was $46,642,000
primarily due to income tax payments on the taxable gains on the sale of buildings. Net cash provided by operating activities of
continuing operations was lower primarily due to environmental remediation payments related to Phase II of RiverFront construction.
Investing Activities - For the nine
months ended September 30, 2018, cash provided by investing activities increased to $101,850,000 versus cash used in investing
activities of $10,920,000 in the same period last year due primarily to the proceeds on the sale of the buildings offset by the
investments in available for sale investments. During the quarter ending September 30, 2018 the Company invested in 78 corporate
bonds with individual maturities ranging from 2020 through 2024. The unrealized loss on these bonds of $567,000 was recorded as
part of comprehensive income and was based on the estimated market value by National Financial Services, LLC (“NFS”)
obtained from sources that may include pricing vendors, broker/dealers who clear through NFS and/or other sources. The carrying
amount and fair value of such bonds were $191,288,000 as of September 30, 2018.
Financing Activities – For the
nine months ended September 30, 2018, cash required by financing activities was $29,932,000 versus $1,771,000 in the same period
last year primarily due to the payoff of mortgage loans related to the buildings sold.
Credit Facilities - On January
30, 2015, in connection with the Spin-off, the Company terminated its $55 million credit facility entered 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. As of September 30, 2018, there was no debt outstanding on
the revolver and $1,930,000 outstanding under letters of credit and $18,070,000 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 September 30, 2018, the tangible net worth covenant would have limited our ability to pay dividends or
repurchase stock with borrowed funds to a maximum of $168 million combined. The Company was in compliance with all covenants as
of September 30, 2018.
On November 17, 2017, Riverfront
Holdings I, LLC (the "Joint Venture") refinanced the Dock 79 project pursuant to a Loan Agreement and Deed of Trust Note
entered into with EagleBank ("Loan Documents"). The Joint Venture, which was formed between FRP Holdings, Inc. (the "Company")
and MRP in 2014 in connection with the development of the Riverfront on the Anacostia property, borrowed a principal sum of $90,000,000
in connection with the refinancing. The loan is secured by the Dock 79 real property and improvements, bears a fixed interest rate
of 4.125% per annum and has a term of 120 months. During the first 48 months of the loan term, the Joint Venture will make monthly
payments of interest only, and thereafter, make monthly payments of principal and interest in equal installments based upon a 30-year
amortization period. The loan is a non-recourse loan to the Company. However, all amounts due under the Loan Documents will become
immediately due upon an event of default by the Joint Venture, such events including, without limitation, Joint Venture's (i) failure
to: pay, permit inspections or observe covenants under the Loan Documents, (ii) breach of representations made under the Loan Documents
(iii) voluntary or involuntary bankruptcy, and (iv) dissolution, or the dissolution of the guarantor. MidAtlantic Realty Partners,
LLC, an affiliate of MRP, has executed a carve-out guaranty in connection with the loan.
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. As of September 30, 2018, $4,883,000 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
2018 capital expenditures to include approximately $10,156,000 for real estate development and acquisitions, of which $7,585,000
has been expended to date, which will be funded from either cash and investments on hand, cash generated from operations and property
sales, or borrowings under our credit facilities.
Summary and Outlook. In light of all
that happened last quarter, the last three months were bound to be quiet by comparison. They were not, however, uneventful. The
proximity of Dock 79 to the site of baseball’s midsummer classic and its surrounding festivities generated tremendous business
for our restaurant tenants. It also directly exposed the building to thousands of potential new tenants, as well as the more than
eight million people who tuned in to see the game. Mining royalty revenue is up for the third straight quarter and more impressive
is the fact that this is the most revenue this segment has generated through the first nine months of any year ever. Perhaps most
interestingly, as mentioned above, we have a Letter of Intent with MRP for the first phase of a development in northeast DC along
the Metro. The development is in what is known as an “Opportunity Zone” and will defer and possibly reduce a significant
tax liability for the Company. This will represent a very serious investment into what we and our partners believe is the ground
floor of the next great area for development in our nation’s capital. Finally, we are trying to remain good stewards of your
proceeds from last quarter’s asset sale. We have laddered out the bonds we purchased to a maximum of only two years in order
to preserve liquidity and mitigate the opportunity cost of rising interest rates. More importantly, we are searching for ways that
make sense to put your money to work—which is to say in investments where we feel we can add value or where there is still
room to grow. That means partnering with people like MRP to find the next great neighborhood in DC or developing raw land in and
around the Mid-Atlantic. It also means remaining patient until markets and asset prices cool off a bit. At the risk of repeating
ourselves, it does us no good to sell at the top of the market if only to turn around and reinvest at the same peak. Again, we
will not wait forever to return these proceeds to you whether in the form of new investments or as a dividend. However, we will
be disciplined, and we will be patient before we make any decision regarding this money. It is too good an opportunity to squander.
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 measure included in this quarterly report is net
operating income (NOI). FRP uses this non-GAAP financial measure to analyze its continuing operations and to monitor, assess, and
identify meaningful trends in its operating and financial performance. This measure is not, and should not be viewed as, a substitute
for GAAP financial measures.
Net Operating Income Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Nine months ended 09/30/18 (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Asset |
|
Land |
|
RiverFront |
|
Mining |
|
Unallocated |
|
FRP |
|
Management |
|
Development |
|
Anacostia |
|
Royalties |
|
Corporate |
|
Holdings |
|
Segment |
|
Segment |
|
Segment |
|
Segment |
|
Expenses |
|
Totals |
Income (loss) from continuing operations |
|
1,648 |
|
|
|
(1,625 |
) |
|
|
(2,967 |
) |
|
|
3,870 |
|
|
|
(468 |
) |
|
|
458 |
|
Income Tax Allocation |
|
611 |
|
|
|
(603 |
) |
|
|
(655 |
) |
|
|
1,435 |
|
|
|
(519 |
) |
|
|
269 |
|
Income (loss) from continuing operations before income taxes |
|
2,259 |
|
|
|
(2,228 |
) |
|
|
(3,622 |
) |
|
|
5,305 |
|
|
|
(987 |
) |
|
|
727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
— |
|
|
|
— |
|
|
|
163 |
|
|
|
— |
|
|
|
— |
|
|
|
163 |
|
Interest income |
|
1,622 |
|
|
|
32 |
|
|
|
— |
|
|
|
— |
|
|
|
221 |
|
|
|
1,875 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
27 |
|
|
|
— |
|
|
|
— |
|
|
|
369 |
|
|
|
— |
|
|
|
396 |
|
Loss on investment land sold |
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
Equity in loss of Joint Venture |
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
35 |
|
|
|
— |
|
|
|
36 |
|
Interest Expense |
|
— |
|
|
|
— |
|
|
|
2,418 |
|
|
|
— |
|
|
|
— |
|
|
|
2,418 |
|
Depreciation/Amortization |
|
405 |
|
|
|
171 |
|
|
|
5,629 |
|
|
|
145 |
|
|
|
— |
|
|
|
6,350 |
|
Management Co. Indirect |
|
72 |
|
|
|
998 |
|
|
|
296 |
|
|
|
— |
|
|
|
— |
|
|
|
1,366 |
|
Allocated Corporate Expenses |
|
146 |
|
|
|
1,110 |
|
|
|
289 |
|
|
|
157 |
|
|
|
1,208 |
|
|
|
2,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income |
|
1,287 |
|
|
|
23 |
|
|
|
4,847 |
|
|
|
6,011 |
|
|
|
— |
|
|
|
12,168 |
|
Net Operating Income Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Nine months ended 09/30/17 (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Asset |
|
Land |
|
RiverFront |
|
Mining |
|
Unallocated |
|
FRP |
|
Management |
|
Development |
|
Anacostia |
|
Royalties |
|
Corporate |
|
Holdings |
|
Segment |
|
Segment |
|
Segment |
|
Segment |
|
Expenses |
|
Totals |
Income (loss) from continuing operations |
|
395 |
|
|
|
(1,280 |
) |
|
|
42,098 |
|
|
|
2,935 |
|
|
|
(777 |
) |
|
|
43,371 |
|
Income Tax Allocation |
|
258 |
|
|
|
(823 |
) |
|
|
14,562 |
|
|
|
1,903 |
|
|
|
(529 |
) |
|
|
15,371 |
|
Income (loss) from continuing operations before income taxes |
|
653 |
|
|
|
(2,103 |
) |
|
|
56,660 |
|
|
|
4,838 |
|
|
|
(1,306 |
) |
|
|
58,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
— |
|
|
|
— |
|
|
|
50 |
|
|
|
— |
|
|
|
— |
|
|
|
50 |
|
Gain on investment land sold |
|
— |
|
|
|
— |
|
|
|
60,196 |
|
|
|
— |
|
|
|
— |
|
|
|
60,196 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
70 |
|
|
|
— |
|
|
|
— |
|
|
|
341 |
|
|
|
— |
|
|
|
411 |
|
Equity in loss of Joint Venture |
|
— |
|
|
|
— |
|
|
|
1,558 |
|
|
|
31 |
|
|
|
— |
|
|
|
1,589 |
|
Interest Expense |
|
— |
|
|
|
— |
|
|
|
783 |
|
|
|
— |
|
|
|
— |
|
|
|
783 |
|
Depreciation/Amortization |
|
385 |
|
|
|
263 |
|
|
|
2,564 |
|
|
|
91 |
|
|
|
— |
|
|
|
3,303 |
|
Management Co. Indirect |
|
74 |
|
|
|
846 |
|
|
|
42 |
|
|
|
— |
|
|
|
— |
|
|
|
962 |
|
Allocated Corporate Expenses |
|
118 |
|
|
|
935 |
|
|
|
27 |
|
|
|
124 |
|
|
|
1,306 |
|
|
|
2,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income (loss) |
|
1,300 |
|
|
|
(59) |
|
|
|
1,388 |
|
|
|
5,425 |
|
|
|
— |
|
|
|
8,054 |
|
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 a Credit Agreement with Wells Fargo.
Under the Wells Fargo Credit Agreement, the
applicable margin for borrowings at September 30, 2018 was 1.4%. The applicable margin for such borrowings will be increased in
the event that our debt to capitalization ratio as calculated under the Wells Fargo Credit Agreement Facility exceeds a target
level.
The Company did not have any variable rate
debt at September 30, 2018, so a sensitivity analysis was not performed to determine the impact of hypothetical changes in interest
rates on the Company’s results of operations and cash flows.
ITEM 4. CONTROLS AND PROCEDURES
CONCLUSION REGARDING THE EFFECTIVENESS OF
DISCLOSURE 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 September 30, 2018, 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
In April 2018, The Gill Corporation
(“Gill”), a tenant of the Company, purportedly exercise its right of first refusal to purchase a warehouse property
located in Harford County, Maryland, for a purchase price of $11.7 million. This warehouse property was scheduled to be sold to
an affiliate of Blackstone Real Estate in the transaction that closed in June 2018. Gill has declined to close on the purchase
pursuant to the right of first refusal, contending that the Company has an obligation to replace the roof at an estimated cost
of $664,900. Gill has subsequently sued the Company to enforce the right of first refusal and to require the Company to pay the
cost of replacing the roof or, in the alternative, for damages. The Company believes that these claims are without merit and is
vigorously defending the action.
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 December 31, 2017, 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) |
|
July 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 31 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
4,883,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
4,883,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
4,883,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 36. |
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: November 8, 2018 |
|
By |
JOHN D. BAKER II |
|
|
|
|
John D. 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 THREE MONTHS ENDED
SEPTEMBER 30, 2018
EXHIBIT INDEX
CERTIFICATIONS Exhibit 31(a)
I, John D. 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: November 7, 2018 /s/John
D. 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: November 7, 2018 /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: November 7, 2018 /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.
|
|
|
FRP Holdings, Inc. |
|
|
|
|
|
|
|
|
|
|
Date: November 7, 2018 |
|
By |
/s/JOHN D. BAKER II |
|
|
|
|
John D. Baker II |
|
|
|
|
Chief Executive Officer |
|
|
|
(Principal Executive Officer) |
|
|
|
|
|
|
|
|
|
|
|
|
By |
/s/JOHN D. MILTON, JR. |
|
|
|
|
John D. Milton, Jr. |
|
|
|
|
Executive Vice President, Treasurer, |
|
|
|
Secretary and Chief Financial Officer |
|
|
|
(Principal Financial Officer) |
|
|
|
|
|
|
|
|
|
|
|
|
By |
/s/JOHN D. KLOPFENSTEIN |
|
|
|
|
John D. Klopfenstein |
|
|
|
|
Controller and Chief Accounting |
|
|
|
Officer (Principal 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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v3.10.0.1
Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Assets: |
|
|
Land |
$ 83,721
|
$ 87,235
|
Buildings and improvements |
146,632
|
147,670
|
Projects under construction |
6,131
|
1,764
|
Total investments in properties |
236,484
|
236,669
|
Less accumulated depreciation and depletion |
29,772
|
26,755
|
Net investments in properties |
206,712
|
209,914
|
Real estate held for investment, at cost |
7,176
|
7,176
|
Investments in joint ventures |
25,090
|
13,406
|
Net real estate investments |
238,978
|
230,496
|
Cash and cash equivalents |
34,782
|
4,524
|
Cash held in escrow |
34,270
|
333
|
Accounts receivable, net |
738
|
615
|
Investments available for sale |
191,288
|
0
|
Federal and state income taxes receivable |
2,022
|
2,962
|
Unrealized rents |
594
|
223
|
Deferred costs |
942
|
2,708
|
Other assets |
451
|
179
|
Assets of discontinued operations |
3,194
|
176,694
|
Total assets |
507,259
|
418,734
|
Liabilities: |
|
|
Secured notes payable, current portion |
0
|
125
|
Secured notes payable, less current portion |
88,755
|
90,029
|
Accounts payable and accrued liabilities |
2,829
|
2,081
|
Environmental remediation liability |
100
|
2,037
|
Deferred revenue |
32
|
107
|
Deferred income taxes |
23,795
|
25,982
|
Deferred compensation |
1,452
|
1,457
|
Tenant security deposits |
53
|
54
|
Liabilities of discontinued operations |
1,872
|
32,280
|
Total liabilities |
118,888
|
154,152
|
Commitments and contingencies (Note 8) |
|
|
Equity: |
|
|
Common stock, $.10 par value; 25,000,000 shares authorized, 10,076,524 and 10,014,667 shares issued and outstanding, respectively |
1,008
|
1,001
|
Capital in excess of par value |
58,030
|
55,636
|
Retained earnings |
310,620
|
186,855
|
Accumulated other comprehensive income (loss), net |
(375)
|
38
|
Total shareholders' equity |
369,283
|
243,530
|
Noncontrolling interest MRP |
19,088
|
21,052
|
Total Equity |
388,371
|
264,582
|
Total liabilities and shareholders' equity |
$ 507,259
|
$ 418,734
|
X |
- DefinitionSum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations.
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v3.10.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2018 |
Dec. 31, 2017 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.10
|
$ 0.10
|
Common stock, shares authorized |
25,000,000
|
25,000,000
|
Common stock, shares issued and outstanding |
10,076,524
|
10,014,667
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.10.0.1
Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Revenues: |
|
|
|
|
Rental revenue |
$ 3,440
|
$ 3,102
|
$ 9,937
|
$ 4,609
|
Mining Royalty and rents |
2,102
|
1,763
|
5,885
|
5,311
|
Revenue - reimbursements |
200
|
170
|
548
|
469
|
Total revenues |
5,742
|
5,035
|
16,370
|
10,389
|
Cost of operations: |
|
|
|
|
Depreciation, depletion and amortization |
1,821
|
2,804
|
6,350
|
3,303
|
Operating expenses |
983
|
875
|
2,951
|
1,312
|
Environmental remediation |
(465)
|
0
|
(465)
|
0
|
Property taxes |
663
|
647
|
1,949
|
1,384
|
Management company indirect |
550
|
351
|
1,366
|
962
|
Corporate expenses (Note 4 Related Party) |
522
|
617
|
2,910
|
2,510
|
Total cost of operations |
4,074
|
5,294
|
15,061
|
9,471
|
Total operating profit (loss) |
1,668
|
(259)
|
1,309
|
918
|
Interest income |
1,654
|
0
|
1,875
|
0
|
Interest expense |
(768)
|
(783)
|
(2,418)
|
(783)
|
Equity in loss of joint ventures |
(13)
|
(12)
|
(36)
|
(1,589)
|
Gain on remeasurement of investment in real estate partnership |
0
|
60,196
|
0
|
60,196
|
Loss on investment land sold |
(3)
|
0
|
(3)
|
0
|
Income before income taxes |
2,538
|
59,142
|
727
|
58,742
|
Provision for income taxes |
508
|
15,543
|
269
|
15,371
|
Income from continuing operations |
2,030
|
43,599
|
458
|
43,371
|
Income (loss) from discontinued operations, net |
(78)
|
1,585
|
122,109
|
4,969
|
Net income |
1,952
|
45,184
|
122,567
|
48,340
|
Gain (loss) attributable to noncontrolling interest |
(272)
|
19,793
|
(1,199)
|
19,793
|
Net income attributable to the Company |
$ 2,224
|
$ 25,391
|
$ 123,766
|
$ 28,547
|
Basic earnings per common share |
|
|
|
|
Income from continuing operations |
$ 0.20
|
$ 4.36
|
$ 0.05
|
$ 4.35
|
Discontinued operations |
(0.01)
|
0.16
|
12.17
|
0.50
|
Net income attributable to the Company |
0.22
|
2.54
|
12.33
|
2.86
|
Diluted earnings per common share |
|
|
|
|
Income from continuing operations |
0.20
|
4.33
|
0.05
|
4.32
|
Discontinued operations |
(0.01)
|
0.16
|
12.08
|
0.50
|
Net income attributable to the Company |
$ 0.22
|
$ 2.52
|
$ 12.24
|
$ 2.84
|
Number of shares (in thousands) used in computing: |
|
|
|
|
-basic earnings per common share |
10,062
|
10,004
|
10,037
|
9,967
|
-diluted earnings per common share |
10,135
|
10,066
|
10,110
|
10,035
|
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v3.10.0.1
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Income Statement [Abstract] |
|
|
|
|
Net income |
$ 1,952
|
$ 45,184
|
$ 122,567
|
$ 48,340
|
Unrealized loss on investments available for sale |
(413)
|
0
|
(413)
|
0
|
Comprehensive income |
1,539
|
45,184
|
122,154
|
48,340
|
Less: comprehensive income (loss) attributable to noncontrolling interests |
(272)
|
19,793
|
(1,199)
|
19,793
|
Comprehensive income attributable to the Company |
$ 1,811
|
$ 25,391
|
$ 123,353
|
$ 28,547
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2018 |
Sep. 30, 2017 |
Cash flows from operating activities: |
|
|
Net income |
$ 122,567
|
$ 48,340
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Income from discontinued operations, net |
(122,109)
|
(4,969)
|
Depreciation, depletion and amortization |
6,597
|
3,403
|
Deferred income taxes |
(2,187)
|
19,620
|
Equity in loss of joint ventures |
36
|
1,589
|
Gain on remeasurement of investment in real estate partnership |
0
|
(60,196)
|
Gain on sale of equipment |
(19)
|
(15)
|
Stock-based compensation |
1,169
|
588
|
Realized loss on available for sale investments |
290
|
0
|
Net changes in operating assets and liabilities: |
|
|
Accounts receivable |
(123)
|
(102)
|
Deferred costs and other assets |
(909)
|
473
|
Accounts payable and accrued liabilities |
673
|
(346)
|
Income taxes payable and receivable |
940
|
(2,739)
|
Other long-term liabilities |
(1,943)
|
25
|
Net cash provided by operating activities of continuing operations |
4,982
|
5,671
|
Net cash (used in) provided by operating activities of discontinued operations |
(46,642)
|
9,650
|
Net cash (used in) provided by operating activities |
(41,660)
|
15,321
|
Cash flows from investing activities: |
|
|
Investments in properties |
(5,729)
|
(2,492)
|
Investments in joint ventures |
(7,160)
|
(621)
|
Purchases of investments available for sale |
(313,306)
|
0
|
Proceeds from sales of investments available for sale |
121,161
|
0
|
Proceeds from the sale of assets |
77
|
16
|
Cash at consolidation of real estate partnership |
0
|
2,295
|
Cash held in escrow |
(33,937)
|
(15)
|
Net cash used in investing activities of continuing operations |
(238,894)
|
(817)
|
Net cash provided by (used in) investing activities of discontinued operations |
340,744
|
(10,103)
|
Net cash provided by (used in) investing activities |
101,850
|
(10,920)
|
Cash flows from financing activities: |
|
|
Distribution to noncontrolling interest |
(765)
|
0
|
Decrease in bank overdrafts |
0
|
(254)
|
Proceeds from long-term debt |
0
|
43
|
Repayment of long-term debt |
(1,552)
|
(166)
|
Payment on revolving credit facility |
0
|
(754)
|
Debt issue costs |
0
|
(21)
|
Repurchase of Company Stock |
0
|
(74)
|
Exercise of employee stock options |
1,231
|
2,127
|
Net cash (used in) provided by financing activities of continuing operations |
(1,086)
|
901
|
Net cash used in financing activities of discontinued operations |
(28,846)
|
(2,672)
|
Net cash used in financing activities |
(29,932)
|
(1,771)
|
Net increase in cash and cash equivalents |
30,258
|
2,630
|
Cash and cash equivalents at beginning of period |
4,524
|
0
|
Cash and cash equivalents at end of the period |
$ 34,782
|
$ 2,630
|
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v3.10.0.1
Description of Business and Basis of Presentation
|
9 Months Ended |
Sep. 30, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation and Basis of Presentation |
(1) Description of Business and Basis of
Presentation.
FRP Holdings, Inc. is a holding company engaged
in the real estate business, namely (i) mining royalty land ownership and leasing, (ii) land acquisition, entitlement and development
primarily for future warehouse/office or residential building construction, (iii) ownership, leasing, and management of a residential
apartment building, and (iv) warehouse/office building ownership, leasing and management.
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”). Our
investment in the Brooksville joint venture, BC FRP Realty joint venture, and RiverFront Holdings II joint venture are accounted
for under the equity method of accounting (See Note 11).
Effective July 1, 2017 the Company consolidated
the assets (at fair value), liabilities and operating results of our Riverfront Investment Partners I, LLC partnership (“Dock
79”) which was previously accounted for under the equity method. The ownership of Dock 79 attributable to our partner MRP
Realty is reflected on our consolidated balance sheet as a noncontrolling interest. Such noncontrolling interests are reported
on the Consolidated Balance Sheets within equity but separately from shareholders' equity. On the Consolidated Statements of Income,
all of the revenues and expenses from Dock 79 are reported in net income, including both the amounts attributable to the Company
and the noncontrolling interest. The amounts of consolidated net income attributable to the noncontrolling interest are clearly
identified on the accompanying Consolidated Statements of Income.
On May 21, 2018, the Company completed the
disposition of 40 industrial warehouse properties and 3 additional land parcels to an affiliate of Blackstone Real Estate Partners
VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising
its right of first refusal to purchase the property. This results in disposition of all of the Company’s industrial flex/office
warehouse properties and as a result, these properties have been reclassified as discontinued operations for all periods presented.
The Asset Management segment will contain the remaining three office buildings on a go forward basis.
These statements have been prepared in accordance
with accounting principles generally accepted in the United States of America for interim financial information and the instructions
to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United
States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal
recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating
results for the nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the
year ending December 31, 2018. The accompanying consolidated financial statements and the information included under the heading
"Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with
the Company's consolidated financial statements and related notes included in the Company’s Form 10-K for the year ended
December 31, 2017.
|
X |
- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.10.0.1
Recently Issued Accounting Standards
|
9 Months Ended |
Sep. 30, 2018 |
Notes to Financial Statements |
|
Recently Issued Accounting Standards |
(2) Recently Issued Accounting Standards.
In February 2016, the FASB issued ASU No. 2016-02, “Leases”, which requires lessees to recognize a right-to-use
asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset
and liability for leases with a term of twelve months or less. Additional qualitative and quantitative disclosures, including significant
judgments made by management, will be required. Lessors will account for leases using an approach that is substantially equivalent
to existing accounting standards. The new standard will become effective for the Company beginning with the first quarter 2019
and requires a modified retrospective transition approach and includes a number of practical expedients. Early adoption of the
standard is permitted. As the Company is primarily a lessor the adoption of this guidance is not expected to have a material impact
on its financial statements.
In May 2014, the FASB issued ASU No. 2014-09,
“Revenue from Contracts with Customers” which replaces existing revenue recognition standards and significantly expand
the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis
to new contracts and existing contracts with remaining performance obligations as of the effective date. Lease contracts with customers
constitute a vast majority of our revenues and are a specific scope exception. The new standard was adopted beginning with the
first quarter of 2018 in connection with our revenues not subject to leases and did not have a material impact on our financial
statements.
|
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- DefinitionTabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.
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v3.10.0.1
Business Segments
|
9 Months Ended |
Sep. 30, 2018 |
Segment Reporting [Abstract] |
|
Business Segments |
(3) Business Segments. The
Company is reporting its financial performance based on four reportable segments, Asset Management, Mining Royalty Lands, Land
Development and Construction and RiverFront on the Anacostia, 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. The flex/office
warehouses in the Asset Management Segment were sold (with one remaining warehouse held for sale) and reclassified to discontinued
operations leaving only three office buildings.
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.
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 buildings for us to own and operate or (ii) a sale
to, or joint venture with, third parties.
In July 2017, Phase I (Dock 79) of
the development known as RiverFront on the Anacostia in Washington, D.C., a 300,000 square foot residential apartment building
developed by a joint venture between the Company and MidAtlantic Realty Partners (“MRP”), reached stabilization, meaning
90% of the individual apartments have been leased and are occupied by third party tenants. Upon reaching stabilization, the Company
had, for a period of one year, the exclusive right to (i) cause the joint venture to sell the property or (ii) cause the Company’s
and MRP’s percentage interests in the joint venture to be adjusted so as to take into account the value of the development
at the time of stabilization. The attainment of stabilization also resulted in a change of control for accounting purposes as the
veto rights of the minority shareholder lapsed and the Company became the primary beneficiary. As such, beginning July 1, 2017,
the Company consolidated the assets (at current fair value), liabilities and operating results of the joint venture as a new segment
called RiverFront on the Anacostia.
On May 21, 2018, the Company completed
the disposition of 40 industrial warehouse properties and 3 additional land parcels to an affiliate of Blackstone Real Estate Partners
VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising
its right of first refusal to purchase the property. These properties have been reclassified as discontinued operations for all
periods presented.
Operating results and certain other
financial data for the Company’s business segments are as follows (in thousands):
|
|
Three Months ended |
|
Nine Months ended |
|
|
September 30, |
|
September 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
568 |
|
|
|
559 |
|
|
|
1,717 |
|
|
|
1,710 |
|
Mining royalty lands |
|
|
2,125 |
|
|
|
1,786 |
|
|
|
5,952 |
|
|
|
5,381 |
|
Land development and construction |
|
|
330 |
|
|
|
323 |
|
|
|
944 |
|
|
|
931 |
|
RiverFront on the Anacostia |
|
|
2,719 |
|
|
|
2,367 |
|
|
|
7,757 |
|
|
|
2,367 |
|
|
|
|
5,742 |
|
|
|
5,035 |
|
|
|
16,370 |
|
|
|
10,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
276 |
|
|
|
249 |
|
|
|
783 |
|
|
|
771 |
|
Mining royalty lands |
|
|
1,961 |
|
|
|
1,667 |
|
|
|
5,497 |
|
|
|
4,993 |
|
Land development and construction |
|
|
(139 |
) |
|
|
(390 |
) |
|
|
(1,146 |
) |
|
|
(1,168 |
) |
RiverFront on the Anacostia |
|
|
92 |
|
|
|
(1,168 |
) |
|
|
(915 |
) |
|
|
(1,168 |
) |
Operating profit before corporate expenses |
|
|
2,190 |
|
|
|
358 |
|
|
|
4,219 |
|
|
|
3,428 |
|
Corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated to asset management |
|
|
(34 |
) |
|
|
(27 |
) |
|
|
(146 |
) |
|
|
(118 |
) |
Allocated to mining royalty lands |
|
|
(28 |
) |
|
|
(30 |
) |
|
|
(157 |
) |
|
|
(124 |
) |
Allocated to land development and construction |
|
|
(408 |
) |
|
|
(210 |
) |
|
|
(1,110 |
) |
|
|
(935 |
) |
Allocated to RiverFront on the Anacostia |
|
|
(52 |
) |
|
|
(27 |
) |
|
|
(289 |
) |
|
|
(27 |
) |
Unallocated |
|
|
— |
|
|
|
(323 |
) |
|
|
(1,208 |
) |
|
|
(1,306 |
) |
Total corporate expenses |
|
|
(522 |
) |
|
|
(617 |
) |
|
|
(2,910 |
) |
|
|
(2,510 |
) |
|
|
$ |
1,668 |
|
|
|
(259 |
) |
|
|
1,309 |
|
|
|
918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
768 |
|
|
|
783 |
|
|
|
2,418 |
|
|
|
783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
145 |
|
|
|
125 |
|
|
|
405 |
|
|
|
385 |
|
Mining royalty lands |
|
|
55 |
|
|
|
17 |
|
|
|
145 |
|
|
|
91 |
|
Land development and construction |
|
|
57 |
|
|
|
98 |
|
|
|
171 |
|
|
|
263 |
|
RiverFront on the Anacostia |
|
|
1,564 |
|
|
|
2,564 |
|
|
|
5,629 |
|
|
|
2,564 |
|
|
|
$ |
1,821 |
|
|
|
2,804 |
|
|
|
6,350 |
|
|
|
3,303 |
|
Capital expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
17 |
|
|
|
131 |
|
|
|
184 |
|
|
|
162 |
|
Mining royalty lands |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Land development and construction |
|
|
4,268 |
|
|
|
292 |
|
|
|
5,578 |
|
|
|
1,999 |
|
RiverFront on the Anacostia |
|
|
25 |
|
|
|
331 |
|
|
|
(33 |
) |
|
|
331 |
|
|
|
$ |
4,310 |
|
|
|
754 |
|
|
|
5,729 |
|
|
|
2,492 |
|
|
|
September 30, |
|
|
|
December 31, |
|
|
Identifiable net assets |
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
Asset management |
$ |
10,687 |
|
|
|
2,960 |
|
|
Discontinued operations |
|
3,194 |
|
|
|
176,694 |
|
|
Mining royalty lands |
|
38,307 |
|
|
|
38,656 |
|
|
Land development and construction |
|
51,801 |
|
|
|
46,684 |
|
|
Riverfront on the Anacostia |
|
138,853 |
|
|
|
144,386 |
|
|
Investments available for sale |
|
191,288 |
|
|
|
— |
|
|
Cash items |
|
69,052 |
|
|
|
4,524 |
|
|
Unallocated corporate assets |
|
4,077 |
|
|
|
4,830 |
|
|
|
$ |
507,259 |
|
|
|
418,734 |
|
|
|
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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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v3.10.0.1
Related Party Transactions
|
9 Months Ended |
Sep. 30, 2018 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
(4) Related Party Transactions.
The Company is a party to a Transition Services Agreement which resulted from our January 30, 2015 spin-off of Patriot Transportation
Holding, Inc. (Patriot). 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. The boards of the respective
companies amended and extended this agreement for one year effective October 1, 2018.
The consolidated statements of income
reflect charges and/or allocation from Patriot for these services of $360,000 and $352,000 for the three months ended September
30, 2018 and 2017 and $1,089,000 and $1,229,000 for the nine months ended September 30, 2018 and 2017, respectively. Included in
the charges above are amounts recognized for corporate executive stock-based compensation expense. These charges are reflected
as part of corporate expenses.
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.
|
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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v3.10.0.1
Long-Term Debt
|
9 Months Ended |
Sep. 30, 2018 |
Debt Disclosure [Abstract] |
|
Long-Term Debt |
(5) Long-Term Debt. Long-term
debt is summarized as follows (in thousands):
|
|
September 30, |
|
December 31, |
|
|
2018 |
|
2017 |
5.6% to 8% mortgage notes |
|
|
|
|
|
|
|
|
due in installments through 2027 |
|
$ |
— |
|
|
|
29,664 |
|
Riverfront permanent loan |
|
|
88,755 |
|
|
|
88,653 |
|
|
|
$ |
88,755 |
|
|
|
118,317 |
|
Less portion due within one year |
|
|
— |
|
|
|
4,463 |
|
|
|
$ |
88,755 |
|
|
|
113,854 |
|
On May 21, 2018 in conjunction with
the sale of the warehouse business the Companies mortgages notes were prepaid and the credit line with First Tennessee Bank, N.A.
was terminated. Prepayment penalties of $3,420,000 were paid.
On January 30, 2015, the Company
entered into a 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. As of September 30, 2018, there was no debt outstanding on the revolver, $1,930,000 outstanding under
letters of credit and $18,070,000 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
which excludes FRP RiverFront. 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 September 30, 2018, the tangible net worth
covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum of $168 million combined.
The Company was in compliance with all covenants as of September 30, 2018.
Effective July 1, 2017 the Company
consolidated the assets (at current fair value), liabilities and operating results of our Riverfront Investment Partners I, LLC
partnership (“Dock 79”) which was previously accounted for under the equity method. As such the full amount of our
construction loan and secondary financing were recorded in the consolidated financial statements and described below.
Effective August 7, 2014, Dock 79
obtained a commitment for a construction loan from a financial institution in the principal amount of $65,000,000 to fund certain
development and construction costs of Dock 79. The interest rate on the loan through the initial maturity date was based on the
2.35% over one-month LIBOR. This loan was paid in full on November 17, 2017. Also effective August 7, 2014, Dock 79 partnership
member EB5 Capital-Jobs Fund 8, L.P. (“EB5”) made an initial capital contribution of $17 million in cash into an escrow
account with a financial institution all of which were used for construction. Associated with the $17 million cash contribution,
EB5 was entitled to earn an investment return. The investment return required Dock 79 to pay interest monthly based on an annual
rate of 4.95% for the first 5 years. Due to the mandatory redemption requirements associated with the EB5 financing arrangement,
the related investment was classified as a liability on the balance sheets. EB5 was paid in full on November 17, 2017. Subsequent
to the repayment of the investment return, EB5 is no longer a partner in Dock 79.
On November 17, 2017, Dock 79’s
construction loan and EB5 investment were refinanced by borrowing a principal sum of $90,000,000 pursuant to a Loan Agreement and
Deed of Trust Note entered into with EagleBank ("Loan Documents"). The loan is secured by the Dock 79 real property and
improvements, bears a fixed interest rate of 4.125% per annum and has a term of 120 months. During the first 48 months of the loan
term, Dock 79 will make monthly payments of interest only, and thereafter, make monthly payments of principal and interest in equal
installments based upon a 30-year amortization period. The loan is a non-recourse loan. However, all amounts due under the Loan
Documents will become immediately due upon an event of default by Dock 79, such events including, without limitation, Dock 79's
(i) failure to: pay, permit inspections or observe covenants under the Loan Documents, (ii) breach of representations made under
the Loan Documents (iii) voluntary or involuntary bankruptcy, and (iv) dissolution, or the dissolution of the guarantor. MidAtlantic
Realty Partners, LLC, an affiliate of MRP, has executed a carve-out guaranty in connection with the loan.
During the three months ended September
30, 2018 and September 30, 2017 the Company capitalized interest costs of $243,000 and $210,000, respectively. During the nine
months ended September 30, 2018 and September 30, 2017 the Company capitalized interest costs of $742,000 and $812,000, respectively.
|
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v3.10.0.1
Earnings per Share
|
9 Months Ended |
Sep. 30, 2018 |
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 (in thousands, except per share amounts):
|
Three Months ended |
|
Nine Months ended |
|
September 30, |
|
September 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Weighted average common shares |
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
earnings per common share |
|
10,062 |
|
|
|
10,004 |
|
|
|
10,037 |
|
|
|
9,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
73 |
|
|
|
62 |
|
|
|
73 |
|
|
|
68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings per common share |
|
10,135 |
|
|
|
10,066 |
|
|
|
10,110 |
|
|
|
10,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to the Company |
$ |
2,224 |
|
|
|
25,391 |
|
|
|
123,766 |
|
|
|
28,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.22 |
|
|
|
2.54 |
|
|
|
12.33 |
|
|
|
2.86 |
|
Diluted |
$ |
0.22 |
|
|
|
2.52 |
|
|
|
12.24 |
|
|
|
2.84 |
|
For the three and nine months ended September
30, 2018, no shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share
because their inclusion would have been anti-dilutive. For the three and nine months ended September 30, 2017, 13,610 and 22,422
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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v3.10.0.1
Stock-Based Compensation Plans
|
9 Months Ended |
Sep. 30, 2018 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Stock-Based Compensation Plans |
(7) Stock-Based Compensation Plans. The
Company has two Stock Option Plans (the 2006 Stock Incentive Plan and the 2016 Equity Incentive Option Plan) under which options
for shares of common stock were granted to directors, officers and key employees. The 2016 plan permits the grant of stock options,
stock appreciation rights, restricted stock awards, restricted stock units, or stock awards. The options awarded under the plans
have similar characteristics. All stock options are non-qualified and expire ten years from the date of grant. Stock based compensation
awarded to directors, officers and employees are exercisable immediately or become exercisable in cumulative installments of 20%
or 25% at the end of each year following the date of grant. When stock options are exercised the Company issues new shares after
receipt of exercise proceeds and taxes due, if any, from the grantee. The number of common shares available for future issuance
was 527,662 at September 30, 2018.
The Company utilizes the Black-Scholes
valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated
based upon assumptions at the time of grant. The assumptions were no dividend yield, expected volatility between 32% and 43%, risk-free
interest rate of .6% to 4.2% and expected life of 3.0 to 7.0 years.
The dividend yield of zero is based
on the fact that the Company does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility
is estimated based on the Company’s historical experience over a period equivalent to the expected life in years. The risk-free
interest rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the
expected life of the options granted. The expected life calculation is based on the observed and expected time to exercise options
by the employees.
As previously disclosed, Thompson
S. Baker II resigned from his position as CEO and from the board of directors on March 13, 2017. In recognition of his outstanding
service to the Company, the Board approved the vesting of all of Mr. Baker's outstanding FRP stock options, which expired 90 days
following the termination of his employment. The vesting of Mr. Baker’s outstanding FRP options that were issued prior to
the spin-off required Patriot to record modification stock compensation expense of $150,000. FRP reimbursed Patriot for this cost
under the transition services agreement. The vesting of Mr. Baker’s outstanding FRP options that were issued subsequent to
the spin-off required modified stock compensation expense of $41,000.
On May 21, 2018, under the 2016 Equity
Incentive Plan change-in-control clause, all unvested stock options held by the Company’s named executive officers became
vested and fully exercisable. Included in stock compensation expense was $402,000 for the vesting of option grants from 2016 and
2017 due to the asset disposition.
The Company recorded the following
stock compensation expense in its consolidated statements of income (in thousands):
|
|
Three Months ended |
|
Nine Months ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Stock option grants |
|
$ |
17 |
|
|
|
33 |
|
|
|
486 |
|
|
|
143 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
683 |
|
|
|
445 |
|
|
|
$ |
17 |
|
|
|
33 |
|
|
|
1,169 |
|
|
|
588 |
|
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(000's) |
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2018 |
|
174,510 |
|
|
$ |
28.70 |
|
|
|
6.0 |
|
|
$ |
1,901 |
|
Granted |
|
— |
|
|
$ |
— |
|
|
|
|
|
|
$ |
— |
|
Exercised |
|
(49,857 |
) |
|
$ |
24.69 |
|
|
|
|
|
|
$ |
(495 |
) |
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2018 |
|
124,653 |
|
|
$ |
30.31 |
|
|
|
6.1 |
|
|
$ |
1,406 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2018 |
|
108,188 |
|
|
$ |
30.34 |
|
|
|
6.0 |
|
|
$ |
1,182 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nine months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2018 |
|
28,129 |
|
|
|
|
|
|
|
|
|
|
$ |
454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The aggregate intrinsic value of
exercisable in-the-money options was $3,436,000 and the aggregate intrinsic value of outstanding in-the-money options was $3,963,000
based on the market closing price of $62.10 on September 28, 2018 less exercise prices.
The unrecognized compensation cost
of options granted to FRP employees but not yet vested as of September 30, 2018 was $97,000, which is expected to be recognized
over a weighted-average period of 2.2 years.
Gains of $1,866,000 were realized
by option holders during the nine months ended September 30, 2018. Patriot realized the tax benefits of $646,000 of these gains
because these options were exercised by Patriot employees for options granted prior to the spin-off.
|
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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v3.10.0.1
Contingent liabilities
|
9 Months Ended |
Sep. 30, 2018 |
Notes to Financial Statements |
|
Contingent liabilities |
(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.
The Company executed a letter of
intent with MRP in May 2016 to develop Phase II of the Riverfront on the Anacostia project and recorded an estimated environmental
remediation expense of $2.0 million for the Company’s estimated liability under the proposed agreement. The Company substantially
completed the remediation and reduced the estimated liability in the quarter ending September 30, 2018 by $465,000. The Company
has no obligation to remediate any known contamination on Phases III and IV of the development until such time as it makes a commitment
to commence construction on each phase.
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v3.10.0.1
Concentrations
|
9 Months Ended |
Sep. 30, 2018 |
Risks and Uncertainties [Abstract] |
|
Concentrations |
(9) Concentrations.
The mining royalty lands segment has a total of four tenants currently leasing mining locations and one lessee that accounted for
17% of the Company’s consolidated revenues during the nine months ended September 30, 2018 and $284,000 of accounts receivable
at September 30, 2018. 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 First Tennessee Bank and BB&T. 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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v3.10.0.1
Fair Value Measurements
|
9 Months Ended |
Sep. 30, 2018 |
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.
During the quarter ending September
30, 2018 the Company invested in 78 corporate bonds with individual maturities ranging from 2020 through 2024. The unrealized loss
on these bonds of $567,000 was recorded as part of comprehensive income and was based on the estimated market value by National
Financial Services, LLC (“NFS”) obtained from sources that may include pricing vendors, broker/dealers who clear through
NFS and/or other sources (Level 2). The amortized cost of the investments was $191,853,000 and the carrying amount and fair value
of such bonds were $191,288,000 as of September 30, 2018.
At September 30, 2018 and 2017, the
carrying amount reported in the consolidated balance sheets for cash and cash equivalents 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. At September 30, 2018, the carrying amount and fair value of
such other long-term debt was $88,755,000 and $85,642,000, respectively. At December 31, 2017, the carrying amount and fair value
of such other long-term debt was $118,317,000 and $122,271,000, respectively.
|
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v3.10.0.1
Investment in Joint Ventures (Equity Method)
|
9 Months Ended |
Sep. 30, 2018 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Investment in Joint Ventures (Equity Method) |
(11) Investments in Joint Ventures
(Equity Method).
Brooksville. In 2006, the Company entered
into a Joint Venture Agreement with 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 2032 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. Distributions will be made on a 50-50 basis except for royalties and depletion specifically
allocated to the Company. Other income for the nine months ended September 30, 2018 includes a loss of $35,000 representing the
Company’s portion of the loss of this joint venture.
BC FRP Realty (Windlass Run). During
the quarter ending March 2016, we entered into an agreement with a Baltimore development company (St. John Properties, Inc.) to
jointly develop the remaining lands of our Windlass Run Business Park. The 50/50 partnership initially calls for FRP to combine
its 25 acres (valued at $7,500,000) with St. John Properties’ adjacent 10 acres fronting on a major state highway (valued
at $3,239,536) which resulted in an initial cash distribution of $2,130,232 to FRP in May 2016. Thereafter, the venture will jointly
develop the combined properties into a multi-building business park to consist of approximately 329,000 square feet of single story
office space. On September 28, 2017 BC FRP Realty, LLC obtained $17,250,000 of construction financing commitments for 4 buildings
through September 15, 2022 from BB&T at 2.5% over LIBOR. The balance outstanding on these loans at September 30, 2018 was $8,374,000.
RiverFront Holdings II, LLC. On May
4, 2018, the Company and MRP formed a Joint Venture to develop Phase II and closed on construction financing with Eagle Bank. The
Company has contributed its land with an agreed value of $16.3 million (cost basis of $4.6 million) and $6.2 million of cash. MRP
contributed capital of $5.6 million to the joint venture including development costs paid prior to the formation of the joint venture
and a $725,000 development fee. The Company further agreed to fund $13.75 million preferred equity financing at 7.5% interest rate
of which $690,000 was advanced through September 30, 2018. The loan from Eagle Bank allows draws of up to $71 million during construction
at an interest rate of 3.25% over LIBOR. The loan is interest only and matures in 36 months with a 12-month extension assuming
completion of construction and at least one occupancy. There is a provision for an additional 72 months extension with a 30-year
amortization of principal at 2.15% over seven-year US Treasury Constant if NOI is sufficient for a 9% yield. 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.
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooksville Quarry, LLC |
|
50.00 |
% |
|
7,477 |
|
|
14,404 |
|
|
(70 |
) |
|
(35 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,966 |
|
|
20,689 |
|
|
— |
|
|
— |
|
RiverFront Holdings II, LLC |
|
80.00 |
% |
|
11,646 |
|
|
20,793 |
|
|
(1 |
) |
|
(1 |
) |
Total |
|
|
|
$ |
25,089 |
|
|
55,886 |
|
|
(71 |
) |
|
(36 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RiverFront Holdings I, LLC (1) |
|
— |
|
$ |
— |
|
|
— |
|
|
(2,019 |
) |
|
(1,558 |
) |
Brooksville Quarry, LLC |
|
50.00 |
% |
|
7,516 |
|
|
14,411 |
|
|
(80 |
) |
|
(40 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,890 |
|
|
15,027 |
|
|
— |
|
|
— |
|
Total |
|
|
|
$ |
13,406 |
|
|
29,438 |
|
|
(2,099 |
) |
|
(1,598 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) | The Company consolidated this joint venture effective July 1, 2017 (see Footnote 12). |
Income statements for the RiverFront Holdings I, LLC, prior to consolidation
July 1, 2017 (in thousands):
|
|
|
Six Months Ended |
|
|
|
|
June 30, |
|
|
|
|
2017 |
|
Revenues: |
|
|
|
|
|
|
Rental Revenue |
|
|
|
|
3,053 |
|
Revenue – Reimbursements |
|
|
|
|
33 |
|
Total Revenues |
|
|
|
|
3,086 |
|
Cost of operations: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
1,958 |
|
Operating expenses |
|
|
|
|
1,096 |
|
Property taxes |
|
|
|
|
459 |
|
Total cost of operations |
|
|
|
|
3,513 |
|
Total operating profit |
|
|
|
|
(427 |
) |
Interest expense |
|
|
|
|
(1,592 |
) |
Net loss of the Partnership |
|
|
|
|
(2,019 |
) |
The amount of consolidated accumulated deficit for these joint ventures was $(2,664,000) and $(2,638,000)
as of September 30, 2018 and December 31, 2017 respectively.
|
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- DefinitionThe entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965
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v3.10.0.1
Consolidation of RiverFront Investment Partners I, LLC.
|
9 Months Ended |
Sep. 30, 2018 |
Notes to Financial Statements |
|
Consolidation of RiverFront Investment Partners I, LLC. |
(12) Consolidation of RiverFront Investment
Partners I, LLC. On March 30, 2012 the Company entered into a Contribution Agreement with 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 and own an approximately 300,000 square foot residential apartment building (including approximately
18,000 square feet of retail) on approximately 2 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 77.14% 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. Construction commenced in October 2014, and first occupancy was in August 2016. The Company’s equity interest
in the joint venture was previously accounted for under the equity method of accounting as MRP acted as the administrative agent
of the joint venture and oversaw and controlled the day to day operations of the project.
In July 2017, Phase I (Dock 79) reached stabilization,
meaning 90% of the individual apartments had been leased and occupied by third party tenants. Upon reaching stabilization, the
Company has, for a period of one year, the exclusive right to (i) cause the joint venture to sell the property or (ii) cause the
Company’s and MRP’s percentage interests in the joint venture to be adjusted so as to take into account the contractual
payouts assuming a sale at the value of the development at the time of this “Conversion election”.
The attainment of stabilization resulted in
a change of control for accounting purposes as the veto rights of the minority shareholder lapsed and the Company became the primary
beneficiary. As such, beginning July 1, 2017, the Company consolidated the assets (at fair value), liabilities and operating results
of the joint venture. This consolidation resulted in a gain on remeasurement of investment in real estate partnership of $60,196,000
of which $20,469,000 was attributed to the noncontrolling interest. In accordance with the terms of the Joint Venture agreements,
the Company used the fair value amount at date of conversion and calculated an adjusted ownership under the Conversion election.
As such for financial reporting purposes effective July 1, 2017 the Company ownership is based upon this substantive profit sharing
arrangement and is estimated at 66.0% on a prospective basis.
|
|
As of July 1, 2017 (in thousands) |
|
|
Riverfront |
|
Gain on Remeasure- |
|
|
|
|
|
|
Holdings I, LLC |
|
ment |
|
|
Revised |
|
|
|
|
|
|
|
|
|
|
Land |
|
$ |
7,220 |
|
|
$ |
21,107 |
|
|
|
|
$ |
28,327 |
|
Building and improvements, net |
|
|
81,773 |
|
|
|
34,362 |
|
|
|
|
|
116,135 |
|
Value of leases in place |
|
|
— |
|
|
|
4,727 |
|
|
|
|
|
4,727 |
|
Cash |
|
|
2,295 |
|
|
|
— |
|
|
|
|
|
2,295 |
|
Cash held in escrow |
|
|
171 |
|
|
|
— |
|
|
|
|
|
171 |
|
Accounts receivable |
|
|
40 |
|
|
|
— |
|
|
|
|
|
40 |
|
Prepaid expenses |
|
|
142 |
|
|
|
— |
|
|
|
|
|
142 |
|
Total Assets |
|
$ |
91,641 |
|
|
$ |
60,196 |
|
|
|
|
$ |
151,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term Debt |
|
$ |
78,587 |
|
|
$ |
— |
|
|
|
|
$ |
78,587 |
|
Amortizable debt costs |
|
|
(852 |
) |
|
|
— |
|
|
|
|
|
(852 |
) |
Other liabilities |
|
|
905 |
|
|
|
— |
|
|
|
|
|
905 |
|
Equity – FRP |
|
|
8,583 |
|
|
|
39,727 |
|
|
|
|
|
48,310 |
|
Equity – MRP |
|
|
4,418 |
|
|
|
20,469 |
|
|
|
|
|
24,887 |
|
Total Liabilities and Capital |
|
$ |
91,641 |
|
|
$ |
60,196 |
|
|
|
|
$ |
151,837 |
|
|
X |
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v3.10.0.1
Discontinued Operations
|
9 Months Ended |
Sep. 30, 2018 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Discontinued Operations |
(13) Discontinued Operations.
On May 21, 2018, the Company completed the
disposition of 40 industrial warehouse properties and three additional land parcels to an affiliate of Blackstone Real Estate Partners
VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising
its right of first refusal to purchase the property. These properties comprised substantially all the assets of our Asset Management
segment and have been reclassified as discontinued operations for all periods presented. The results of operations associated with
discontinued operations for the three and nine-month periods ended September 30, 2018 and 2017 were as follows (in thousands):
|
|
THREE MONTHS ENDED |
|
NINE MONTHS ENDED |
|
|
SEPTEMBER 30, |
|
SEPTEMBER 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
190 |
|
|
|
5,636 |
|
|
|
9,602 |
|
|
|
16,634 |
|
Revenue – reimbursements |
|
|
29 |
|
|
|
1,383 |
|
|
|
2,274 |
|
|
|
3,713 |
|
Total Revenues |
|
|
219 |
|
|
|
7,019 |
|
|
|
11,876 |
|
|
|
20,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
29 |
|
|
|
1,965 |
|
|
|
3,131 |
|
|
|
5,727 |
|
Operating expenses |
|
|
52 |
|
|
|
1,004 |
|
|
|
1,694 |
|
|
|
2,570 |
|
Property taxes |
|
|
19 |
|
|
|
754 |
|
|
|
1,266 |
|
|
|
2,208 |
|
Management company indirect |
|
|
370 |
|
|
|
209 |
|
|
|
1,360 |
|
|
|
542 |
|
Corporate expenses |
|
|
56 |
|
|
|
— |
|
|
|
1,458 |
|
|
|
— |
|
Total cost of operations |
|
|
526 |
|
|
|
3,932 |
|
|
|
8,909 |
|
|
|
11,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit (loss) |
|
|
(307 |
) |
|
|
3,087 |
|
|
|
2,967 |
|
|
|
9,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
— |
|
|
|
(468 |
) |
|
|
(587 |
) |
|
|
(1,087 |
) |
Gain on sale of buildings |
|
|
200 |
|
|
|
— |
|
|
|
165,007 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
(107 |
) |
|
|
2,619 |
|
|
|
167,387 |
|
|
|
8,213 |
|
Provision for (benefit from) income taxes |
|
|
(29 |
) |
|
|
1,034 |
|
|
|
45,278 |
|
|
|
3,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations |
|
$ |
(78 |
) |
|
|
1,585 |
|
|
|
122,109 |
|
|
|
4,969 |
|
The components of the balance sheet are as follows (in thousands):
|
|
September 30 |
|
December 31 |
|
Assets: |
|
2018 |
|
2017 |
|
Real estate investments at cost: |
|
|
|
|
|
|
|
|
Land |
|
$ |
546 |
|
|
|
40,465 |
|
Buildings and improvements |
|
|
3,315 |
|
|
|
186,657 |
|
Projects under construction |
|
|
— |
|
|
|
6,617 |
|
Total investments in properties |
|
|
3,861 |
|
|
|
233,739 |
|
Less accumulated depreciation and depletion |
|
|
2,353 |
|
|
|
68,049 |
|
Net investments in properties |
|
|
1,508 |
|
|
|
165,690 |
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
1,020 |
|
|
|
405 |
|
Unrealized rents |
|
|
284 |
|
|
|
4,088 |
|
Deferred costs |
|
|
382 |
|
|
|
6,509 |
|
Other assets |
|
|
— |
|
|
|
2 |
|
Assets of discontinued operations |
|
$ |
3,194 |
|
|
|
176,694 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Secured notes payable, current portion |
|
$ |
— |
|
|
|
23,825 |
|
Secured notes payable, less current portion |
|
|
— |
|
|
|
4,338 |
|
Accounts payable and accrued liabilities |
|
|
249 |
|
|
|
2,289 |
|
Deferred revenue |
|
|
59 |
|
|
|
967 |
|
Federal and state income taxes payable |
|
|
1,527 |
|
|
|
— |
|
Tenant security deposits |
|
|
37 |
|
|
|
861 |
|
Liabilities of discontinued operations |
|
$ |
1,872 |
|
|
|
32,280 |
|
|
|
|
|
|
|
|
|
|
|
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- DefinitionThe entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178
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v3.10.0.1
Business Segments (Tables)
|
9 Months Ended |
Sep. 30, 2018 |
Segment Reporting [Abstract] |
|
Business segments (in thousands) |
|
|
Three Months ended |
|
Nine Months ended |
|
|
September 30, |
|
September 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
568 |
|
|
|
559 |
|
|
|
1,717 |
|
|
|
1,710 |
|
Mining royalty lands |
|
|
2,125 |
|
|
|
1,786 |
|
|
|
5,952 |
|
|
|
5,381 |
|
Land development and construction |
|
|
330 |
|
|
|
323 |
|
|
|
944 |
|
|
|
931 |
|
RiverFront on the Anacostia |
|
|
2,719 |
|
|
|
2,367 |
|
|
|
7,757 |
|
|
|
2,367 |
|
|
|
|
5,742 |
|
|
|
5,035 |
|
|
|
16,370 |
|
|
|
10,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
276 |
|
|
|
249 |
|
|
|
783 |
|
|
|
771 |
|
Mining royalty lands |
|
|
1,961 |
|
|
|
1,667 |
|
|
|
5,497 |
|
|
|
4,993 |
|
Land development and construction |
|
|
(139 |
) |
|
|
(390 |
) |
|
|
(1,146 |
) |
|
|
(1,168 |
) |
RiverFront on the Anacostia |
|
|
92 |
|
|
|
(1,168 |
) |
|
|
(915 |
) |
|
|
(1,168 |
) |
Operating profit before corporate expenses |
|
|
2,190 |
|
|
|
358 |
|
|
|
4,219 |
|
|
|
3,428 |
|
Corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated to asset management |
|
|
(34 |
) |
|
|
(27 |
) |
|
|
(146 |
) |
|
|
(118 |
) |
Allocated to mining royalty lands |
|
|
(28 |
) |
|
|
(30 |
) |
|
|
(157 |
) |
|
|
(124 |
) |
Allocated to land development and construction |
|
|
(408 |
) |
|
|
(210 |
) |
|
|
(1,110 |
) |
|
|
(935 |
) |
Allocated to RiverFront on the Anacostia |
|
|
(52 |
) |
|
|
(27 |
) |
|
|
(289 |
) |
|
|
(27 |
) |
Unallocated |
|
|
— |
|
|
|
(323 |
) |
|
|
(1,208 |
) |
|
|
(1,306 |
) |
Total corporate expenses |
|
|
(522 |
) |
|
|
(617 |
) |
|
|
(2,910 |
) |
|
|
(2,510 |
) |
|
|
$ |
1,668 |
|
|
|
(259 |
) |
|
|
1,309 |
|
|
|
918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
768 |
|
|
|
783 |
|
|
|
2,418 |
|
|
|
783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
145 |
|
|
|
125 |
|
|
|
405 |
|
|
|
385 |
|
Mining royalty lands |
|
|
55 |
|
|
|
17 |
|
|
|
145 |
|
|
|
91 |
|
Land development and construction |
|
|
57 |
|
|
|
98 |
|
|
|
171 |
|
|
|
263 |
|
RiverFront on the Anacostia |
|
|
1,564 |
|
|
|
2,564 |
|
|
|
5,629 |
|
|
|
2,564 |
|
|
|
$ |
1,821 |
|
|
|
2,804 |
|
|
|
6,350 |
|
|
|
3,303 |
|
Capital expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
17 |
|
|
|
131 |
|
|
|
184 |
|
|
|
162 |
|
Mining royalty lands |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Land development and construction |
|
|
4,268 |
|
|
|
292 |
|
|
|
5,578 |
|
|
|
1,999 |
|
RiverFront on the Anacostia |
|
|
25 |
|
|
|
331 |
|
|
|
(33 |
) |
|
|
331 |
|
|
|
$ |
4,310 |
|
|
|
754 |
|
|
|
5,729 |
|
|
|
2,492 |
|
|
|
September 30, |
|
|
|
December 31, |
|
|
Identifiable net assets |
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
Asset management |
$ |
10,687 |
|
|
|
2,960 |
|
|
Discontinued operations |
|
3,194 |
|
|
|
176,694 |
|
|
Mining royalty lands |
|
38,307 |
|
|
|
38,656 |
|
|
Land development and construction |
|
51,801 |
|
|
|
46,684 |
|
|
Riverfront on the Anacostia |
|
138,853 |
|
|
|
144,386 |
|
|
Investments available for sale |
|
191,288 |
|
|
|
— |
|
|
Cash items |
|
69,052 |
|
|
|
4,524 |
|
|
Unallocated corporate assets |
|
4,077 |
|
|
|
4,830 |
|
|
|
$ |
507,259 |
|
|
|
418,734 |
|
|
|
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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v3.10.0.1
Long-Term Debt (Tables)
|
9 Months Ended |
Sep. 30, 2018 |
Debt Disclosure [Abstract] |
|
Long-term debt (in thousands) |
|
|
September 30, |
|
December 31, |
|
|
2018 |
|
2017 |
5.6% to 8% mortgage notes |
|
|
|
|
|
|
|
|
due in installments through 2027 |
|
$ |
— |
|
|
|
29,664 |
|
Riverfront permanent loan |
|
|
88,755 |
|
|
|
88,653 |
|
|
|
$ |
88,755 |
|
|
|
118,317 |
|
Less portion due within one year |
|
|
— |
|
|
|
4,463 |
|
|
|
$ |
88,755 |
|
|
|
113,854 |
|
|
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v3.10.0.1
Earnings per Share (Tables)
|
9 Months Ended |
Sep. 30, 2018 |
Earnings Per Share [Abstract] |
|
Earnings per share (in thousands, except per share amounts) |
|
Three Months ended |
|
Nine Months ended |
|
September 30, |
|
September 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Weighted average common shares |
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
earnings per common share |
|
10,062 |
|
|
|
10,004 |
|
|
|
10,037 |
|
|
|
9,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
73 |
|
|
|
62 |
|
|
|
73 |
|
|
|
68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings per common share |
|
10,135 |
|
|
|
10,066 |
|
|
|
10,110 |
|
|
|
10,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to the Company |
$ |
2,224 |
|
|
|
25,391 |
|
|
|
123,766 |
|
|
|
28,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.22 |
|
|
|
2.54 |
|
|
|
12.33 |
|
|
|
2.86 |
|
Diluted |
$ |
0.22 |
|
|
|
2.52 |
|
|
|
12.24 |
|
|
|
2.84 |
|
|
X |
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v3.10.0.1
Stock-Based Compensation Plans (Tables)
|
9 Months Ended |
Sep. 30, 2018 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Stock Compensation Expense (in thousands |
|
|
Three Months ended |
|
Nine Months ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Stock option grants |
|
$ |
17 |
|
|
|
33 |
|
|
|
486 |
|
|
|
143 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
683 |
|
|
|
445 |
|
|
|
$ |
17 |
|
|
|
33 |
|
|
|
1,169 |
|
|
|
588 |
|
|
Summary of Stock Activity (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(000's) |
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2018 |
|
174,510 |
|
|
$ |
28.70 |
|
|
|
6.0 |
|
|
$ |
1,901 |
|
Granted |
|
— |
|
|
$ |
— |
|
|
|
|
|
|
$ |
— |
|
Exercised |
|
(49,857 |
) |
|
$ |
24.69 |
|
|
|
|
|
|
$ |
(495 |
) |
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2018 |
|
124,653 |
|
|
$ |
30.31 |
|
|
|
6.1 |
|
|
$ |
1,406 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2018 |
|
108,188 |
|
|
$ |
30.34 |
|
|
|
6.0 |
|
|
$ |
1,182 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nine months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2018 |
|
28,129 |
|
|
|
|
|
|
|
|
|
|
$ |
454 |
|
|
X |
- DefinitionTabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits.
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v3.10.0.1
Investment in Joint Ventures (Tables)
|
9 Months Ended |
Sep. 30, 2018 |
Equity Method Investments and Joint Ventures [Abstract] |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooksville Quarry, LLC |
|
50.00 |
% |
|
7,477 |
|
|
14,404 |
|
|
(70 |
) |
|
(35 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,966 |
|
|
20,689 |
|
|
— |
|
|
— |
|
RiverFront Holdings II, LLC |
|
80.00 |
% |
|
11,646 |
|
|
20,793 |
|
|
(1 |
) |
|
(1 |
) |
Total |
|
|
|
$ |
25,089 |
|
|
55,886 |
|
|
(71 |
) |
|
(36 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RiverFront Holdings I, LLC (1) |
|
— |
|
$ |
— |
|
|
— |
|
|
(2,019 |
) |
|
(1,558 |
) |
Brooksville Quarry, LLC |
|
50.00 |
% |
|
7,516 |
|
|
14,411 |
|
|
(80 |
) |
|
(40 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,890 |
|
|
15,027 |
|
|
— |
|
|
— |
|
Total |
|
|
|
$ |
13,406 |
|
|
29,438 |
|
|
(2,099 |
) |
|
(1,598 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income statements for Riverfront Holdings I, LLC (in thousands) |
|
|
|
Six Months Ended |
|
|
|
|
June 30, |
|
|
|
|
2017 |
|
Revenues: |
|
|
|
|
|
|
Rental Revenue |
|
|
|
|
3,053 |
|
Revenue – Reimbursements |
|
|
|
|
33 |
|
Total Revenues |
|
|
|
|
3,086 |
|
Cost of operations: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
1,958 |
|
Operating expenses |
|
|
|
|
1,096 |
|
Property taxes |
|
|
|
|
459 |
|
Total cost of operations |
|
|
|
|
3,513 |
|
Total operating profit |
|
|
|
|
(427 |
) |
Interest expense |
|
|
|
|
(1,592 |
) |
Net loss of the Partnership |
|
|
|
|
(2,019 |
) |
|
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v3.10.0.1
Consolidation of RiverFront Investment Partners I, LLC. (Tables)
|
9 Months Ended |
Sep. 30, 2018 |
Notes to Financial Statements |
|
RiverFront remeasurement balance sheet |
|
|
As of July 1, 2017 |
|
|
Riverfront |
|
Gain on Remeasure- |
|
|
|
|
|
|
Holdings I, LLC |
|
ment |
|
|
Revised |
|
|
|
|
|
|
|
|
|
|
Land |
|
$ |
7,220 |
|
|
$ |
21,107 |
|
|
|
|
$ |
28,327 |
|
Building and improvements, net |
|
|
81,773 |
|
|
|
34,362 |
|
|
|
|
|
116,135 |
|
Value of leases in place |
|
|
— |
|
|
|
4,727 |
|
|
|
|
|
4,727 |
|
Cash |
|
|
2,295 |
|
|
|
— |
|
|
|
|
|
2,295 |
|
Cash held in escrow |
|
|
171 |
|
|
|
— |
|
|
|
|
|
171 |
|
Accounts receivable |
|
|
40 |
|
|
|
— |
|
|
|
|
|
40 |
|
Prepaid expenses |
|
|
142 |
|
|
|
— |
|
|
|
|
|
142 |
|
Total Assets |
|
$ |
91,641 |
|
|
$ |
60,196 |
|
|
|
|
$ |
151,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term Debt |
|
$ |
78,587 |
|
|
$ |
— |
|
|
|
|
$ |
78,587 |
|
Amortizable debt costs |
|
|
(852 |
) |
|
|
— |
|
|
|
|
|
(852 |
) |
Other liabilities |
|
|
905 |
|
|
|
— |
|
|
|
|
|
905 |
|
Equity – FRP |
|
|
8,583 |
|
|
|
39,727 |
|
|
|
|
|
48,310 |
|
Equity - MRP |
|
|
4,418 |
|
|
|
20,469 |
|
|
|
|
|
24,887 |
|
Total Liabilities and Capital |
|
$ |
91,641 |
|
|
$ |
60,196 |
|
|
|
|
$ |
151,837 |
|
|
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v3.10.0.1
Discontinued Operations (Tables)
|
9 Months Ended |
Sep. 30, 2018 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Discontinued operations results of operations |
|
|
THREE MONTHS ENDED |
|
NINE MONTHS ENDED |
|
|
SEPTEMBER 30, |
|
SEPTEMBER 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue |
|
$ |
190 |
|
|
|
5,636 |
|
|
|
9,602 |
|
|
|
16,634 |
|
Revenue – reimbursements |
|
|
29 |
|
|
|
1,383 |
|
|
|
2,274 |
|
|
|
3,713 |
|
Total Revenues |
|
|
219 |
|
|
|
7,019 |
|
|
|
11,876 |
|
|
|
20,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
29 |
|
|
|
1,965 |
|
|
|
3,131 |
|
|
|
5,727 |
|
Operating expenses |
|
|
52 |
|
|
|
1,004 |
|
|
|
1,694 |
|
|
|
2,570 |
|
Property taxes |
|
|
19 |
|
|
|
754 |
|
|
|
1,266 |
|
|
|
2,208 |
|
Management company indirect |
|
|
370 |
|
|
|
209 |
|
|
|
1,360 |
|
|
|
542 |
|
Corporate expenses |
|
|
56 |
|
|
|
— |
|
|
|
1,458 |
|
|
|
— |
|
Total cost of operations |
|
|
526 |
|
|
|
3,932 |
|
|
|
8,909 |
|
|
|
11,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit (loss) |
|
|
(307 |
) |
|
|
3,087 |
|
|
|
2,967 |
|
|
|
9,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
— |
|
|
|
(468 |
) |
|
|
(587 |
) |
|
|
(1,087 |
) |
Gain on sale of buildings |
|
|
200 |
|
|
|
— |
|
|
|
165,007 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
(107 |
) |
|
|
2,619 |
|
|
|
167,387 |
|
|
|
8,213 |
|
Provision for (benefit from) income taxes |
|
|
(29 |
) |
|
|
1,034 |
|
|
|
45,278 |
|
|
|
3,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations |
|
$ |
(78 |
) |
|
|
1,585 |
|
|
|
122,109 |
|
|
|
4,969 |
|
|
Discontinued operations balance sheet components |
|
|
September 30 |
|
December 31 |
|
Assets: |
|
2018 |
|
2017 |
|
Real estate investments at cost: |
|
|
|
|
|
|
|
|
Land |
|
$ |
546 |
|
|
|
40,465 |
|
Buildings and improvements |
|
|
3,315 |
|
|
|
186,657 |
|
Projects under construction |
|
|
— |
|
|
|
6,617 |
|
Total investments in properties |
|
|
3,861 |
|
|
|
233,739 |
|
Less accumulated depreciation and depletion |
|
|
2,353 |
|
|
|
68,049 |
|
Net investments in properties |
|
|
1,508 |
|
|
|
165,690 |
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
1,020 |
|
|
|
405 |
|
Unrealized rents |
|
|
284 |
|
|
|
4,088 |
|
Deferred costs |
|
|
382 |
|
|
|
6,509 |
|
Other assets |
|
|
— |
|
|
|
2 |
|
Assets of discontinued operations |
|
$ |
3,194 |
|
|
|
176,694 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Secured notes payable, current portion |
|
$ |
— |
|
|
|
23,825 |
|
Secured notes payable, less current portion |
|
|
— |
|
|
|
4,338 |
|
Accounts payable and accrued liabilities |
|
|
249 |
|
|
|
2,289 |
|
Deferred revenue |
|
|
59 |
|
|
|
967 |
|
Federal and state income taxes payable |
|
|
1,527 |
|
|
|
— |
|
Tenant security deposits |
|
|
37 |
|
|
|
861 |
|
Liabilities of discontinued operations |
|
$ |
1,872 |
|
|
|
32,280 |
|
|
|
|
|
|
|
|
|
|
|
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v3.10.0.1
Business Segments - Business segments (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
|
|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Jun. 30, 2017 |
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Revenues |
$ 5,742
|
$ 5,035
|
$ 16,370
|
$ 10,389
|
|
|
Operating profit |
1,668
|
(259)
|
1,309
|
918
|
|
|
Interest expense |
768
|
783
|
2,418
|
783
|
|
|
Depreciation, depletion and amortization |
1,821
|
2,804
|
6,350
|
3,303
|
|
|
Cash items |
69,052
|
|
69,052
|
|
$ 4,524
|
|
Total identifiable net assets |
507,259
|
|
507,259
|
|
418,734
|
|
Investments available for sale |
191,288
|
|
191,288
|
|
0
|
|
Unallocated |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Corporate expenses |
0
|
(323)
|
(1,208)
|
(1,306)
|
|
|
Discontinued Operations, Disposed of by Sale [Member] |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Revenues |
219
|
7,019
|
11,876
|
20,347
|
|
|
Operating profit |
(307)
|
3,087
|
2,967
|
9,300
|
|
|
Interest expense |
0
|
468
|
587
|
1,087
|
|
|
Depreciation, depletion and amortization |
29
|
1,965
|
3,131
|
5,727
|
|
|
Total identifiable net assets |
3,194
|
|
3,194
|
|
176,694
|
|
Asset Management |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Revenues |
568
|
559
|
1,717
|
1,710
|
|
|
Operating profit (loss) before corporate expenses |
276
|
249
|
783
|
771
|
|
|
Corporate expenses |
(34)
|
(27)
|
(146)
|
(118)
|
|
|
Capital expenditures |
17
|
131
|
184
|
162
|
|
|
Depreciation, depletion and amortization |
145
|
125
|
405
|
385
|
|
|
Total identifiable net assets |
10,687
|
|
10,687
|
|
2,960
|
|
Mining royalty lands |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Revenues |
2,125
|
1,786
|
5,952
|
5,381
|
|
|
Operating profit (loss) before corporate expenses |
1,961
|
1,667
|
5,497
|
4,993
|
|
|
Corporate expenses |
(28)
|
(30)
|
(157)
|
(124)
|
|
|
Capital expenditures |
0
|
0
|
0
|
0
|
|
|
Depreciation, depletion and amortization |
55
|
17
|
145
|
91
|
|
|
Total identifiable net assets |
38,307
|
|
38,307
|
|
38,656
|
|
Land Development and Construction |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Revenues |
330
|
323
|
944
|
931
|
|
|
Operating profit (loss) before corporate expenses |
(139)
|
(390)
|
(1,146)
|
(1,168)
|
|
|
Corporate expenses |
(408)
|
(210)
|
(1,110)
|
(935)
|
|
|
Capital expenditures |
4,268
|
292
|
5,578
|
1,999
|
|
|
Depreciation, depletion and amortization |
57
|
98
|
171
|
263
|
|
|
Total identifiable net assets |
51,801
|
|
51,801
|
|
46,684
|
|
RiverFront on the Anacostia |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Revenues |
2,719
|
2,367
|
7,757
|
2,367
|
|
|
Operating profit (loss) before corporate expenses |
92
|
(1,168)
|
(915)
|
(1,168)
|
|
|
Corporate expenses |
(52)
|
(27)
|
(289)
|
(27)
|
|
|
Capital expenditures |
25
|
331
|
(33)
|
331
|
|
|
Depreciation, depletion and amortization |
1,564
|
2,564
|
5,629
|
2,564
|
|
|
Total identifiable net assets |
138,853
|
|
138,853
|
|
$ 144,386
|
$ 151,837
|
Corporate |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Total identifiable net assets |
4,077
|
4,830
|
4,077
|
4,830
|
|
|
Total Segments |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Revenues |
5,742
|
5,035
|
16,370
|
10,389
|
|
|
Operating profit (loss) before corporate expenses |
2,190
|
358
|
4,219
|
3,428
|
|
|
Operating profit |
1,668
|
(259)
|
1,309
|
918
|
|
|
Corporate expenses |
(522)
|
(617)
|
(2,910)
|
(2,510)
|
|
|
Interest expense |
768
|
783
|
2,418
|
783
|
|
|
Capital expenditures |
4,310
|
754
|
5,729
|
2,492
|
|
|
Depreciation, depletion and amortization |
$ 1,821
|
$ 2,804
|
$ 6,350
|
$ 3,303
|
|
|
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v3.10.0.1
Long-term debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Debt Disclosure [Abstract] |
|
|
5.6% to 8% mortgage notes due in installments through 2027 |
$ 0
|
$ 29,664
|
Riverfront permanent loan |
88,755
|
88,653
|
Total debt |
88,755
|
118,317
|
Less portion due within one year |
0
|
4,463
|
Long-term debt |
$ 88,755
|
$ 113,854
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v3.10.0.1
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Earnings Per Share, Basic and Diluted [Abstract] |
|
|
|
|
Weighted average common shares outstanding during the period - shares used for basic earnings per common share |
10,062
|
10,004
|
10,037
|
9,967
|
Common shares issuable under share based payment plans which are potentially dilutive |
73
|
62
|
73
|
68
|
Common shares used for diluted earnings per common share |
10,135
|
10,066
|
10,110
|
10,035
|
Net income attributable to the Company |
$ 2,224
|
$ 25,391
|
$ 123,766
|
$ 28,547
|
Earnings per common share: |
|
|
|
|
Basic |
$ 0.22
|
$ 2.54
|
$ 12.33
|
$ 2.86
|
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$ 0.22
|
$ 2.52
|
$ 12.24
|
$ 2.84
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v3.10.0.1
Summary of Stock Activity (Details) $ / shares in Units, $ in Thousands |
9 Months Ended |
|
Sep. 30, 2018
USD ($)
Years
$ / shares
shares
|
Dec. 31, 2017
USD ($)
Years
$ / shares
shares
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
|
Options outstanding | shares |
124,653
|
174,510
|
Options granted | shares |
0
|
|
Options exercised | shares |
(49,857)
|
|
Options outstanding weighted average exercise price | $ / shares |
$ 30.31
|
$ 28.70
|
Options outstanding weighted average exercise price - Granted | $ / shares |
0
|
|
Options outstanding weighted average exercise price - Exercised | $ / shares |
$ 24.69
|
|
Options outstanding weighted average remaining term | Years |
6.1
|
6.0
|
Options outstanding weighted average grant date fair value | $ |
$ 1,406
|
$ 1,901
|
Options granted weighted average grant date fair value | $ |
0
|
|
Options exercised weighted average grant date fair value | $ |
$ (495)
|
|
Options exercisable at September 30, 2018 | shares |
108,188
|
|
Options exerciseable weighted average exercise price | $ / shares |
$ 30.34
|
|
Options exerciseable weighted average remaining term | Years |
6.0
|
|
Options vested weighted average grant date fair value | $ |
$ 454
|
|
Options vested during nine months ended September 30, 2018 | shares |
28,129
|
|
Options exercisable weighted average grant date fair value | $ |
$ 1,182
|
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v3.10.0.1
Investments in Joint Ventures (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
|
Sep. 30, 2018 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Mar. 31, 2016 |
Jun. 30, 2013 |
Oct. 04, 2006 |
Company's share of Net Loss of the Partnership |
$ (13)
|
$ (12)
|
|
$ (36)
|
$ (1,589)
|
|
|
|
|
Revenue - Reimbursements |
200
|
170
|
|
548
|
469
|
|
|
|
|
Total revenues |
5,742
|
5,035
|
|
16,370
|
10,389
|
|
|
|
|
Operating expenses |
983
|
875
|
|
2,951
|
1,312
|
|
|
|
|
Property taxes |
663
|
647
|
|
1,949
|
1,384
|
|
|
|
|
Total cost of operations |
4,074
|
5,294
|
|
15,061
|
9,471
|
|
|
|
|
Total operating profit |
1,668
|
(259)
|
|
1,309
|
918
|
|
|
|
|
Interest expense |
$ (768)
|
$ (783)
|
|
$ (2,418)
|
$ (783)
|
|
|
|
|
Brooksville Quarry, LLC |
|
|
|
|
|
|
|
|
|
Ownership percent |
50.00%
|
|
|
50.00%
|
|
50.00%
|
|
|
50.00%
|
Total Investment |
$ 7,477
|
|
|
$ 7,477
|
|
$ 7,516
|
|
|
|
Total Assets of the Partnership |
$ 14,404
|
|
|
14,404
|
|
14,411
|
|
|
|
Net Loss of the Partnership |
|
|
|
(70)
|
|
(80)
|
|
|
|
Company's share of Net Loss of the Partnership |
|
|
|
$ (35)
|
|
$ (40)
|
|
|
|
BC FRP Realty, LLC |
|
|
|
|
|
|
|
|
|
Ownership percent |
50.00%
|
|
|
50.00%
|
|
50.00%
|
50.00%
|
|
|
Total Investment |
$ 5,966
|
|
|
$ 5,966
|
|
$ 5,890
|
|
|
|
Total Assets of the Partnership |
$ 20,689
|
|
|
20,689
|
|
15,027
|
|
|
|
Net Loss of the Partnership |
|
|
|
0
|
|
0
|
|
|
|
Company's share of Net Loss of the Partnership |
|
|
|
$ 0
|
|
$ 0
|
|
|
|
RiverFront Holdings II, LLC |
|
|
|
|
|
|
|
|
|
Ownership percent |
80.00%
|
|
|
80.00%
|
|
|
|
|
|
Total Investment |
$ 11,646
|
|
|
$ 11,646
|
|
|
|
|
|
Total Assets of the Partnership |
20,793
|
|
|
20,793
|
|
|
|
|
|
Net Loss of the Partnership |
|
|
|
(1)
|
|
|
|
|
|
Company's share of Net Loss of the Partnership |
|
|
|
(1)
|
|
|
|
|
|
Riverfront Holdings I, LLC |
|
|
|
|
|
|
|
|
|
Ownership percent |
|
|
|
|
|
0.00%
|
|
77.14%
|
|
Total Investment |
|
|
$ 8,583
|
|
|
$ 0
|
|
|
|
Total Assets of the Partnership |
|
|
|
|
|
0
|
|
|
|
Net Loss of the Partnership |
|
|
|
|
|
(2,019)
|
|
|
|
Company's share of Net Loss of the Partnership |
|
|
|
|
|
(1,558)
|
|
|
|
Rental revenue |
|
|
3,053
|
|
|
|
|
|
|
Revenue - Reimbursements |
|
|
33
|
|
|
|
|
|
|
Total revenues |
|
|
3,086
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,958
|
|
|
|
|
|
|
Operating expenses |
|
|
1,096
|
|
|
|
|
|
|
Property taxes |
|
|
459
|
|
|
|
|
|
|
Total cost of operations |
|
|
3,513
|
|
|
|
|
|
|
Total operating profit |
|
|
(427)
|
|
|
|
|
|
|
Interest expense |
|
|
(1,592)
|
|
|
|
|
|
|
Net loss of the Partnership |
|
|
$ (2,019)
|
|
|
|
|
|
|
Joint Ventures |
|
|
|
|
|
|
|
|
|
Total Investment |
25,089
|
|
|
25,089
|
|
13,406
|
|
|
|
Total Assets of the Partnership |
$ 55,886
|
|
|
55,886
|
|
29,438
|
|
|
|
Net Loss of the Partnership |
|
|
|
(71)
|
|
(2,099)
|
|
|
|
Company's share of Net Loss of the Partnership |
|
|
|
$ (36)
|
|
$ (1,598)
|
|
|
|
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v3.10.0.1
Consolidation of RiverFront Investment Partners I, LLC. - RiverFront remeasurement balance sheet (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Dec. 31, 2016 |
Land |
$ 83,721
|
$ 87,235
|
|
|
|
Cash |
34,782
|
4,524
|
$ 2,630
|
|
$ 0
|
Cash held in escrow |
34,270
|
333
|
|
|
|
Accounts receivable |
738
|
615
|
|
|
|
Total Assets |
507,259
|
418,734
|
|
|
|
Long-term Debt |
0
|
29,664
|
|
|
|
Total Liabilities and Capital |
507,259
|
418,734
|
|
|
|
Gain on remeasurement |
|
|
|
|
|
Land |
|
|
|
$ 21,107
|
|
Building and improvements, net |
|
|
|
34,362
|
|
Value of leases in place |
|
|
|
4,727
|
|
Cash |
|
|
|
0
|
|
Cash held in escrow |
|
|
|
0
|
|
Accounts receivable |
|
|
|
0
|
|
Prepaid expenses |
|
|
|
0
|
|
Total Assets |
|
|
|
60,196
|
|
Long-term Debt |
|
|
|
0
|
|
Amortizable debt costs |
|
|
|
0
|
|
Other liabilities |
|
|
|
0
|
|
Equity – FRP |
|
|
|
39,727
|
|
Equity - MRP |
|
|
|
20,469
|
|
Total Liabilities and Capital |
|
|
|
60,196
|
|
RiverFront on the Anacostia |
|
|
|
|
|
Land |
|
|
|
28,327
|
|
Building and improvements, net |
|
|
|
116,135
|
|
Value of leases in place |
|
|
|
4,727
|
|
Cash |
|
|
|
2,295
|
|
Cash held in escrow |
|
|
|
171
|
|
Accounts receivable |
|
|
|
40
|
|
Prepaid expenses |
|
|
|
142
|
|
Total Assets |
$ 138,853
|
144,386
|
|
151,837
|
|
Long-term Debt |
|
|
|
78,587
|
|
Amortizable debt costs |
|
|
|
(852)
|
|
Other liabilities |
|
|
|
905
|
|
Equity – FRP |
|
|
|
48,310
|
|
Equity - MRP |
|
|
|
24,887
|
|
Total Liabilities and Capital |
|
|
|
151,837
|
|
Riverfront Holdings I, LLC |
|
|
|
|
|
Land |
|
|
|
7,220
|
|
Building and improvements, net |
|
|
|
81,773
|
|
Value of leases in place |
|
|
|
0
|
|
Cash |
|
|
|
2,295
|
|
Cash held in escrow |
|
|
|
171
|
|
Accounts receivable |
|
|
|
40
|
|
Prepaid expenses |
|
|
|
142
|
|
Total Assets |
|
|
|
91,641
|
|
Long-term Debt |
|
|
|
78,587
|
|
Amortizable debt costs |
|
|
|
(852)
|
|
Other liabilities |
|
|
|
905
|
|
Equity – FRP |
|
$ 0
|
|
8,583
|
|
Equity - MRP |
|
|
|
4,418
|
|
Total Liabilities and Capital |
|
|
|
$ 91,641
|
|
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v3.10.0.1
Discontinued Operations - Discontinued operations results of operations (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Rental revenue |
$ 3,440
|
$ 3,102
|
$ 9,937
|
$ 4,609
|
Revenue reimbursements |
200
|
170
|
548
|
469
|
Total Revenues |
5,742
|
5,035
|
16,370
|
10,389
|
Depreciation, depletion and amortization |
1,821
|
2,804
|
6,350
|
3,303
|
Operating expenses |
983
|
875
|
2,951
|
1,312
|
Property taxes |
663
|
647
|
1,949
|
1,384
|
Management company indirect |
550
|
351
|
1,366
|
962
|
Corporate expenses |
522
|
617
|
2,910
|
2,510
|
Total cost of operations |
4,074
|
5,294
|
15,061
|
9,471
|
Total operating profit (loss) |
1,668
|
(259)
|
1,309
|
918
|
Interest expense |
(768)
|
(783)
|
(2,418)
|
(783)
|
Income (loss) before income taxes |
2,538
|
59,142
|
727
|
58,742
|
Provision for (benefit from) income taxes |
508
|
15,543
|
269
|
15,371
|
Income (loss) from discontinued operations |
(78)
|
1,585
|
122,109
|
4,969
|
Discontinued Operations, Disposed of by Sale [Member] |
|
|
|
|
Rental revenue |
190
|
5,636
|
9,602
|
16,634
|
Revenue reimbursements |
29
|
1,383
|
2,274
|
3,713
|
Total Revenues |
219
|
7,019
|
11,876
|
20,347
|
Depreciation, depletion and amortization |
29
|
1,965
|
3,131
|
5,727
|
Operating expenses |
52
|
1,004
|
1,694
|
2,570
|
Property taxes |
19
|
754
|
1,266
|
2,208
|
Management company indirect |
370
|
209
|
1,360
|
542
|
Corporate expenses |
56
|
0
|
1,458
|
0
|
Total cost of operations |
526
|
3,932
|
8,909
|
11,047
|
Total operating profit (loss) |
(307)
|
3,087
|
2,967
|
9,300
|
Interest expense |
0
|
(468)
|
(587)
|
(1,087)
|
Gain on sale of buildings |
200
|
0
|
165,007
|
0
|
Income (loss) before income taxes |
(107)
|
2,619
|
167,387
|
8,213
|
Provision for (benefit from) income taxes |
(29)
|
1,034
|
45,278
|
3,244
|
Income (loss) from discontinued operations |
$ (78)
|
$ 1,585
|
$ 122,109
|
$ 4,969
|
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v3.10.0.1
Discontinued Operations - Discontinued operations balance sheet components (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Land |
$ 83,721
|
$ 87,235
|
Buildings and improvements |
146,632
|
147,670
|
Projects under construction |
6,131
|
1,764
|
Total investments in properties |
236,484
|
236,669
|
Less accumulated depreciation and depletion |
29,772
|
26,755
|
Net investments in properties |
206,712
|
209,914
|
Accounts receivable, net |
738
|
615
|
Unrealized rents |
594
|
223
|
Deferred costs |
942
|
2,708
|
Other assets |
451
|
179
|
Assets of discontinued operations |
3,194
|
176,694
|
Secured notes payable, current portion |
0
|
125
|
Secured notes payable, less current portion |
88,755
|
90,029
|
Accounts payable and accrued liabilities |
2,829
|
2,081
|
Deferred revenue |
32
|
107
|
Tenant security deposits |
53
|
54
|
Liabilities of discontinued operations |
1,872
|
32,280
|
Discontinued Operations, Disposed of by Sale [Member] |
|
|
Land |
546
|
40,465
|
Buildings and improvements |
3,315
|
186,657
|
Projects under construction |
0
|
6,617
|
Total investments in properties |
3,861
|
233,739
|
Less accumulated depreciation and depletion |
2,353
|
68,049
|
Net investments in properties |
1,508
|
165,690
|
Accounts receivable, net |
1,020
|
405
|
Unrealized rents |
284
|
4,088
|
Deferred costs |
382
|
6,509
|
Other assets |
0
|
2
|
Assets of discontinued operations |
3,194
|
176,694
|
Secured notes payable, current portion |
0
|
23,825
|
Secured notes payable, less current portion |
0
|
4,338
|
Accounts payable and accrued liabilities |
249
|
2,289
|
Deferred revenue |
59
|
967
|
Federal and state income taxes payable |
1,527
|
0
|
Tenant security deposits |
37
|
861
|
Liabilities of discontinued operations |
$ 1,872
|
$ 32,280
|
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Business Segments (Details Narrative) $ in Thousands |
3 Months Ended |
9 Months Ended |
|
|
Jun. 30, 2018
USD ($)
|
Sep. 30, 2018
a
Segments
integer
|
May 21, 2018
USD ($)
integer
|
Jun. 30, 2017 |
Reportable business segments | Segments |
|
4
|
|
|
Warehouse properties |
|
3
|
|
|
Discontinued Operations, Disposed of by Sale [Member] |
|
|
|
|
Warehouse properties |
|
|
40
|
|
Land parcels |
|
|
3
|
|
Sales price | $ |
$ 347,200
|
|
|
|
Excluded [Member] |
|
|
|
|
Warehouse properties |
|
|
1
|
|
Property value | $ |
|
|
$ 11,700
|
|
Mining royalty lands |
|
|
|
|
Mining royalty lands acres | a |
|
15,000
|
|
|
Brooksville Quarry, LLC |
|
|
|
|
Mining royalty lands acres | a |
|
4,280
|
|
|
RiverFront on the Anacostia |
|
|
|
|
Stabilization percent leased and occupied |
|
|
|
90.00%
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v3.10.0.1
v3.10.0.1
Long-Term Debt (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
|
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Mar. 30, 2015 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Nov. 17, 2017 |
Jan. 30, 2015 |
Aug. 07, 2014 |
Mortgage interest description |
|
|
|
|
|
|
5.6% to 8% mortgage notes due in installments through 2027
|
|
|
|
Capitalized interest |
$ 243
|
|
$ 210
|
|
$ 742
|
$ 812
|
|
|
|
|
Prepayment penalty |
|
|
|
|
3,420
|
|
|
|
|
|
Riverfront permanent loan |
88,755
|
$ 88,653
|
|
|
$ 88,755
|
|
$ 88,653
|
|
|
|
Dock 79 Construction loan |
|
|
|
|
|
|
|
|
|
|
RiverFront construction loan |
|
|
|
|
|
|
|
|
|
$ 65,000
|
Interest rate |
|
|
|
|
|
|
|
|
|
2.35%
|
Dock 79 EB5 Financing |
|
|
|
|
|
|
|
|
|
|
RiverFront EB5 secondary financing |
|
|
|
|
|
|
|
|
|
$ 17,000
|
Interest rate |
|
|
|
|
|
|
|
|
|
4.95%
|
Dock 79 EagleBank |
|
|
|
|
|
|
|
|
|
|
Term |
|
120 months
|
|
|
|
|
|
|
|
|
Riverfront permanent loan |
|
|
|
|
|
|
|
$ 90,000
|
|
|
Interest rate |
|
|
|
|
|
|
|
4.125%
|
|
|
Payment terms |
|
During the first 48 months
of the loan term, the Joint Venture will make monthly payments of interest
only, and thereafter, make monthly payments of principal and interest in equal
installments based upon a 30-year amortization period.
|
|
|
|
|
|
|
|
|
Wells Fargo Bank, N.A. |
|
|
|
|
|
|
|
|
|
|
Term |
|
|
|
5 years
|
|
|
|
|
|
|
Revolving Credit Agreement |
|
|
|
|
|
|
|
|
$ 20,000
|
|
Sublimit for standby letters of credit |
|
|
|
|
|
|
|
|
$ 10,000
|
|
Commitment fee |
|
|
|
|
0.15%
|
|
|
|
|
|
Letters of credit issued |
1,930
|
|
|
|
$ 1,930
|
|
|
|
|
|
Borrowed under the revolver |
0
|
|
|
|
0
|
|
|
|
|
|
Available for borrowing |
18,070
|
|
|
|
18,070
|
|
|
|
|
|
Tangible net worth covenant |
110,000
|
|
|
|
110,000
|
|
|
|
|
|
Available to pay dividends or repurchase stock |
$ 168,000
|
|
|
|
$ 168,000
|
|
|
|
|
|
Interest rate over LIBOR |
|
|
|
|
1.40%
|
|
|
|
|
|
Covenant compliance |
|
|
|
|
all
|
|
|
|
|
|
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Fair Value Measurements (Details Narrative) $ in Thousands |
9 Months Ended |
|
Sep. 30, 2018
USD ($)
integer
|
Dec. 31, 2017
USD ($)
|
Number of corporate bonds | integer |
78
|
|
Unrealized loss on corporate bonds |
$ 567
|
|
Amortized cost of investments |
191,853
|
|
Carrying amount of other long-term debt |
88,755
|
$ 118,317
|
Fair value of other long-term debt |
85,642
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$ 122,271
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Fair Value, Measurements, Recurring [Member] |
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Assets measured at fair value |
$ 191,288
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v3.10.0.1
Investments in Joint Ventures (Details Narrative) $ in Thousands |
1 Months Ended |
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
May 31, 2016
USD ($)
|
Sep. 30, 2018
USD ($)
integer
|
Sep. 30, 2017
USD ($)
|
Mar. 31, 2016
USD ($)
a
ft²
|
Dec. 31, 2006
USD ($)
|
Sep. 30, 2018
USD ($)
integer
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
Sep. 28, 2017
USD ($)
integer
|
Oct. 04, 2006
a
|
Company's share of the loss of the joint venture |
|
$ 13
|
$ 12
|
|
|
$ 36
|
$ 1,589
|
|
|
|
Joint Venture consolidated retained earnings |
|
(2,664)
|
|
|
|
(2,664)
|
|
$ (2,638)
|
|
|
Outstanding balance |
|
$ 0
|
|
|
|
0
|
|
$ 29,664
|
|
|
Cash contribution |
|
|
|
|
|
$ 7,160
|
$ 621
|
|
|
|
Construction loan description |
|
|
|
|
|
|
|
5.6% to 8% mortgage notes due in installments through 2027
|
|
|
Buildings | integer |
|
3
|
|
|
|
3
|
|
|
|
|
Eagle BankRiverFront Holdings II, OOC |
|
|
|
|
|
|
|
|
|
|
Interest rate over LIBOR |
|
|
|
|
|
3.25%
|
|
|
|
|
Construction loan description |
|
|
|
|
|
<p class="MsoNormal" style="text-align: justify">. The loan from Eagle Bank allows draws of up
to $71 million during construction at an interest rate of 3.25% over libor. The
loan is interest only and matures in 36 months with a 12 month extension
assuming completion of construction and at least one occupancy. There is a provision for an additional 72
months extension with a 30 year amortization of principal at 2.15% over 7 year
US Treasury Constant if NOI is sufficient for a 9% yield.<p></p></p>
|
|
|
|
|
Vulcan |
|
|
|
|
|
|
|
|
|
|
Joint venture percentage stake |
|
|
|
|
|
|
|
|
|
50.00%
|
Acres conributed | a |
|
|
|
|
|
|
|
|
|
553
|
Vulcan leasehold interest | a |
|
|
|
|
|
|
|
|
|
3,443
|
FRP additional contribution for land |
|
|
|
|
$ 3,018
|
|
|
|
|
|
Additional land acquired | a |
|
|
|
|
|
|
|
|
|
288
|
St Johns Properties JV St Johns |
|
|
|
|
|
|
|
|
|
|
Value of land contributed |
|
|
|
$ 3,240
|
|
|
|
|
|
|
Joint venture percentage stake |
|
|
|
50.00%
|
|
|
|
|
|
|
Acres conributed | a |
|
|
|
10
|
|
|
|
|
|
|
MRP |
|
|
|
|
|
|
|
|
|
|
Other ownership capital contribution |
|
$ 5,600
|
|
|
|
$ 5,600
|
|
|
|
|
Development fee |
|
|
|
|
|
$ 725
|
|
|
|
|
Brooksville Quarry, LLC |
|
|
|
|
|
|
|
|
|
|
Land acreage | a |
|
|
|
|
|
|
|
|
|
4,300
|
Joint venture percentage stake |
|
50.00%
|
|
|
|
50.00%
|
|
50.00%
|
|
50.00%
|
Acres conributed | a |
|
|
|
|
|
|
|
|
|
3,443
|
Book value of land contribution |
|
|
|
|
2,548
|
|
|
|
|
|
FRP additional contribution for land |
|
|
|
|
$ 3,018
|
|
|
|
|
|
Additional land acquired | a |
|
|
|
|
|
|
|
|
|
288
|
Company's share of the loss of the joint venture |
|
|
|
|
|
$ 35
|
|
$ 40
|
|
|
BC FRP Realty, LLC |
|
|
|
|
|
|
|
|
|
|
Square feet | ft² |
|
|
|
329,000
|
|
|
|
|
|
|
Value of land contributed |
|
|
|
$ 7,500
|
|
|
|
|
|
|
Joint venture percentage stake |
|
50.00%
|
|
50.00%
|
|
50.00%
|
|
50.00%
|
|
|
Distribution received |
$ 2,130
|
|
|
|
|
|
|
|
|
|
Acres conributed | a |
|
|
|
25
|
|
|
|
|
|
|
Company's share of the loss of the joint venture |
|
|
|
|
|
$ 0
|
|
$ 0
|
|
|
Construction financing through September 15, 2022 |
|
|
|
|
|
|
|
|
$ 17,250
|
|
Interest rate over LIBOR |
|
|
|
|
|
2.50%
|
|
|
|
|
Outstanding balance |
|
$ 8,374
|
|
|
|
$ 8,374
|
|
|
|
|
Buildings | integer |
|
|
|
|
|
|
|
|
4
|
|
RiverFront Holdings II, LLC |
|
|
|
|
|
|
|
|
|
|
Value of land contributed |
|
|
|
|
|
$ 16,300
|
|
|
|
|
Joint venture percentage stake |
|
80.00%
|
|
|
|
80.00%
|
|
|
|
|
Book value of land contribution |
|
|
|
|
|
$ 4,600
|
|
|
|
|
Company's share of the loss of the joint venture |
|
|
|
|
|
1
|
|
|
|
|
Cash contribution |
|
|
|
|
|
6,200
|
|
|
|
|
Preferred equity financing |
|
|
|
|
|
13,750
|
|
|
|
|
Preferred equity financing advanced |
|
|
|
|
|
$ 690
|
|
|
|
|
Preferred equity financing interest rate |
|
|
|
|
|
7.50%
|
|
|
|
|
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- DefinitionThe interest rate for investments that have an interest rate. For fixed rate investments, this indicates the fixed interest rate. If the investment has a variable interest rate, the rate stated here may be the rate that is currently relevant. In this case the "Investment, Interest Rate is Current Rate for Variable Rate Investment Flag", "Investment, Interest Rate is Discount Rate at Purchase Flag", "Investment, Interest Rate Reflects Current Yield Flag" should be used. If one of these flags are not appropriate to explain the interest rate that is indicated, then a new flag should be added or an explanation should be included in "Investment, Additional Information".
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v3.10.0.1
Consolidation of RiverFront Investment Partners I, LLC. (Details Narrative) $ in Thousands |
1 Months Ended |
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
Jun. 30, 2013
USD ($)
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
Jun. 30, 2017 |
Mar. 30, 2012
a
ft²
|
Gain on remeasurement of investment of real estate partnership |
|
$ 0
|
$ 60,196
|
$ 0
|
$ 60,196
|
$ 60,196
|
|
|
Noncontrolling Interest |
|
|
|
|
|
|
|
|
Gain on remeasurement of investment of real estate partnership |
|
|
|
|
|
$ 20,469
|
|
|
MRP |
|
|
|
|
|
|
|
|
Capital contribution |
$ 5,553
|
|
|
|
|
|
|
|
Riverfront Holdings I, LLC |
|
|
|
|
|
|
|
|
Square feet | ft² |
|
|
|
|
|
|
|
300,000
|
Retail square feet | ft² |
|
|
|
|
|
|
|
18,000
|
Area of land to develop | a |
|
|
|
|
|
|
|
2
|
Land acreage | a |
|
|
|
|
|
|
|
5.82
|
Value of land contributed |
13,500
|
|
|
|
|
|
|
|
Book value of land contribution |
6,165
|
|
|
|
|
|
|
|
Cash contributed |
$ 4,866
|
|
|
|
|
|
|
|
Joint venture percentage stake |
77.14%
|
|
|
|
|
0.00%
|
|
|
RiverFront on the Anacostia |
|
|
|
|
|
|
|
|
Joint venture percentage stake |
|
|
|
|
|
|
66.00%
|
|
Stabilization percent leased and occupied |
|
|
|
|
|
|
90.00%
|
|
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This regulatory filing also includes additional resources:
frphsepq18.pdf
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