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 June 30, 2020
|
|
or
[ ] |
TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_________
to _________ |
|
Commission File Number: 001-36769
_____________________
FRP HOLDINGS, INC.
(Exact name of registrant as specified in its
charter)
_____________________
Florida |
|
47-2449198 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
|
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|
200 W. Forsyth St., 7th Floor,
Jacksonville, FL |
|
32202 |
(Address of principal executive offices) |
|
(Zip Code) |
904-396-5733
(Registrant’s telephone number, including
area code)
Title of each class |
|
Trading Symbol |
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Name of each exchange on which registered |
Common Stock, $.10 par value |
|
FRPH |
|
NASDAQ |
|
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 [_] |
|
Accelerated filer [_] |
Non-accelerated filer [x] |
Smaller reporting company [x] |
Emerging growth company [_] |
|
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.
|
Class |
|
|
|
Outstanding at July 31, 2020 |
|
|
Common Stock, $.10 par value per share |
|
|
|
9,548,308 shares |
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|
|
|
|
FRP HOLDINGS, INC.
FORM 10-Q
QUARTER ENDED JUNE 30, 2020
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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Consolidated Statements of Shareholders’ Equity |
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8 |
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Condensed Notes to Consolidated Financial Statements |
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9 |
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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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21 |
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Item 3. |
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Quantitative and Qualitative Disclosures about Market Risks |
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37 |
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Item 4. |
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Controls and Procedures |
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38 |
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Part II. Other Information |
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Item 1A. |
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Risk Factors |
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39 |
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Item 2. |
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Purchase of Equity Securities by the Issuer |
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40 |
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Item 6. |
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Exhibits |
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40 |
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Signatures |
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41 |
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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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43 |
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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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46 |
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 impact of
the Covid-19 Pandemic on our operations and financial results; the possibility that we may be unable to find appropriate investment
opportunities; levels of construction activity in the markets served by our mining properties; demand for apartments in Washington
D.C. and Richmond, Virginia; 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)
|
|
June 30 |
|
December 31 |
Assets: |
|
2020 |
|
2019 |
Real estate investments at cost: |
|
|
|
|
|
|
|
|
Land |
|
$ |
81,679 |
|
|
|
84,383 |
|
Buildings and improvements |
|
|
147,819 |
|
|
|
147,019 |
|
Projects under construction |
|
|
888 |
|
|
|
1,056 |
|
Total investments in properties |
|
|
230,386 |
|
|
|
232,458 |
|
Less accumulated depreciation and depletion |
|
|
32,634 |
|
|
|
30,271 |
|
Net investments in properties |
|
|
197,752 |
|
|
|
202,187 |
|
|
|
|
|
|
|
|
|
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Real estate held for investment, at cost |
|
|
8,788 |
|
|
|
8,380 |
|
Investments in joint ventures |
|
|
159,779 |
|
|
|
160,452 |
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Net real estate investments |
|
|
366,319 |
|
|
|
371,019 |
|
|
|
|
|
|
|
|
|
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Cash and cash equivalents |
|
|
30,742 |
|
|
|
26,607 |
|
Cash held in escrow |
|
|
3,739 |
|
|
|
186 |
|
Accounts receivable, net |
|
|
1,323 |
|
|
|
546 |
|
Investments available for sale at fair value |
|
|
130,058 |
|
|
|
137,867 |
|
Unrealized rents |
|
|
657 |
|
|
|
554 |
|
Deferred costs |
|
|
791 |
|
|
|
890 |
|
Other assets |
|
|
488 |
|
|
|
479 |
|
Total assets |
|
$ |
534,117 |
|
|
|
538,148 |
|
|
|
|
|
|
|
|
|
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Liabilities: |
|
|
|
|
|
|
|
|
Secured notes payable |
|
$ |
88,993 |
|
|
|
88,925 |
|
Accounts payable and accrued liabilities |
|
|
2,155 |
|
|
|
2,431 |
|
Other liabilities |
|
|
1,886 |
|
|
|
1,978 |
|
Deferred revenue |
|
|
627 |
|
|
|
790 |
|
Federal and state income taxes payable |
|
|
2,651 |
|
|
|
504 |
|
Deferred income taxes |
|
|
50,212 |
|
|
|
50,111 |
|
Deferred compensation |
|
|
1,430 |
|
|
|
1,436 |
|
Tenant security deposits |
|
|
362 |
|
|
|
328 |
|
Total liabilities |
|
|
148,316 |
|
|
|
146,503 |
|
|
|
|
|
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Commitments and contingencies |
|
|
|
|
|
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|
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|
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Equity: |
|
|
|
|
|
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Common stock, $.10 par value
25,000,000 shares authorized,
9,563,144 and 9,817,429 shares issued
and outstanding, respectively |
|
|
956 |
|
|
|
982 |
|
Capital in excess of par value |
|
|
57,107 |
|
|
|
57,705 |
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Retained earnings |
|
|
310,486 |
|
|
|
315,278 |
|
Accumulated other comprehensive income, net |
|
|
1,194 |
|
|
|
923 |
|
Total shareholders’ equity |
|
|
369,743 |
|
|
|
374,888 |
|
Noncontrolling interest MRP |
|
|
16,058 |
|
|
|
16,757 |
|
Total equity |
|
|
385,801 |
|
|
|
391,645 |
|
Total liabilities and shareholders’ equity |
|
$ |
534,117 |
|
|
|
538,148 |
|
See accompanying notes.
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share amounts)
(Unaudited)
|
|
THREE MONTHS ENDED |
|
SIX MONTHS ENDED |
|
|
JUNE 30, |
|
JUNE 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
3,447 |
|
|
|
3,730 |
|
|
|
7,045 |
|
|
|
7,215 |
|
Mining lands lease revenue |
|
|
2,402 |
|
|
|
2,633 |
|
|
|
4,587 |
|
|
|
4,862 |
|
Total Revenues |
|
|
5,849 |
|
|
|
6,363 |
|
|
|
11,632 |
|
|
|
12,077 |
|
|
|
|
|
|
|
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|
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Cost of operations: |
|
|
|
|
|
|
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|
|
|
|
|
|
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Depreciation, depletion and amortization |
|
|
1,500 |
|
|
|
1,472 |
|
|
|
2,968 |
|
|
|
2,959 |
|
Operating expenses |
|
|
781 |
|
|
|
910 |
|
|
|
1,706 |
|
|
|
1,792 |
|
Property taxes |
|
|
646 |
|
|
|
713 |
|
|
|
1,383 |
|
|
|
1,466 |
|
Management company indirect |
|
|
692 |
|
|
|
610 |
|
|
|
1,364 |
|
|
|
1,202 |
|
Corporate expenses |
|
|
1,026 |
|
|
|
551 |
|
|
|
2,213 |
|
|
|
1,196 |
|
Total cost of operations |
|
|
4,645 |
|
|
|
4,256 |
|
|
|
9,634 |
|
|
|
8,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit |
|
|
1,204 |
|
|
|
2,107 |
|
|
|
1,998 |
|
|
|
3,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income, including realized gains of $134, $328, $242 and $447, respectively |
|
|
2,110 |
|
|
|
1,984 |
|
|
|
4,101 |
|
|
|
3,794 |
|
Interest expense |
|
|
(45 |
) |
|
|
(272 |
) |
|
|
(96 |
) |
|
|
(860 |
) |
Equity in loss of joint ventures |
|
|
(1,343 |
) |
|
|
(272 |
) |
|
|
(1,985 |
) |
|
|
(536 |
) |
Gain on sale of real estate |
|
|
3,589 |
|
|
|
536 |
|
|
|
3,597 |
|
|
|
536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes |
|
|
5,515 |
|
|
|
4,083 |
|
|
|
7,615 |
|
|
|
6,396 |
|
Provision for income taxes |
|
|
1,538 |
|
|
|
1,131 |
|
|
|
2,139 |
|
|
|
1,803 |
|
Income from continuing operations |
|
|
3,977 |
|
|
|
2,952 |
|
|
|
5,476 |
|
|
|
4,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations, net |
|
|
— |
|
|
|
6,776 |
|
|
|
— |
|
|
|
6,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
3,977 |
|
|
|
9,728 |
|
|
|
5,476 |
|
|
|
11,455 |
|
Loss attributable to noncontrolling interest |
|
|
(172 |
) |
|
|
(97 |
) |
|
|
(291 |
) |
|
|
(268 |
) |
Net income attributable to the Company |
|
$ |
4,149 |
|
|
|
9,825 |
|
|
|
5,767 |
|
|
|
11,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.41 |
|
|
|
0.30 |
|
|
|
0.56 |
|
|
|
0.46 |
|
Diluted |
|
$ |
0.41 |
|
|
|
0.30 |
|
|
|
0.56 |
|
|
|
0.46 |
|
Discontinued operations- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
— |
|
|
|
0.68 |
|
|
|
— |
|
|
|
0.69 |
|
Diluted |
|
$ |
— |
|
|
|
0.68 |
|
|
|
— |
|
|
|
0.69 |
|
Net income attributable to the Company- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.43 |
|
|
|
0.99 |
|
|
|
0.59 |
|
|
|
1.18 |
|
Diluted |
|
$ |
0.43 |
|
|
|
0.99 |
|
|
|
0.59 |
|
|
|
1.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares (in thousands) used in computing: |
|
|
|
|
|
|
|
|
|
|
|
|
-basic earnings per common share |
|
|
9,620 |
|
|
|
9,915 |
|
|
|
9,712 |
|
|
|
9,933 |
|
-diluted earnings per common share |
|
|
9,649 |
|
|
|
9,960 |
|
|
|
9,744 |
|
|
|
9,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes.
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
(In thousands except per share amounts)
(Unaudited)
|
|
THREE MONTHS ENDED |
|
SIX MONTHS ENDED |
|
|
JUNE 30, |
|
JUNE 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net income |
|
$ |
3,977 |
|
|
|
9,728 |
|
|
|
5,476 |
|
|
|
11,455 |
|
Other comprehensive income net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain on investments available for |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
sale, net of income tax effect of $518, $129, $101
and $708 |
|
|
1,397 |
|
|
|
351 |
|
|
|
271 |
|
|
|
1,911 |
|
Comprehensive income |
|
$ |
5,374 |
|
|
|
10,079 |
|
|
|
5,747 |
|
|
|
13,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less comp. income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interest |
|
$ |
(172 |
) |
|
|
(97 |
) |
|
|
(291 |
) |
|
|
(268 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to the Company |
|
$ |
5,546 |
|
|
|
10,176 |
|
|
|
6,038 |
|
|
|
13,634 |
|
See accompanying notes
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
SIX MONTHS
ENDED JUNE 30, 2020 AND 2019
(In thousands) (Unaudited)
|
|
2020 |
|
2019 |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,476 |
|
|
|
11,455 |
|
Adjustments to reconcile net income to |
|
|
|
|
|
|
|
|
net cash provided by continuing operating activities: |
|
|
|
|
|
|
|
|
Income from discontinued operations, net |
|
|
— |
|
|
|
(6,862 |
) |
Deferred income taxes |
|
|
101 |
|
|
|
22,458 |
|
Depreciation, depletion and amortization |
|
|
3,084 |
|
|
|
3,082 |
|
Equity in loss of joint ventures |
|
|
1,985 |
|
|
|
536 |
|
Gain on sale of equipment and property |
|
|
(3,611 |
) |
|
|
(531 |
) |
Stock-based compensation |
|
|
1,171 |
|
|
|
57 |
|
Realized gain on available for sale investments |
|
|
(242 |
) |
|
|
(447 |
) |
Net changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(777 |
) |
|
|
(219 |
) |
Deferred costs and other assets |
|
|
28 |
|
|
|
(1,092 |
) |
Accounts payable and accrued liabilities |
|
|
(439 |
) |
|
|
(670 |
) |
Income taxes payable and receivable |
|
|
2,147 |
|
|
|
(17,352 |
) |
Other long-term liabilities |
|
|
187 |
|
|
|
187 |
|
Net cash provided by operating activities of continuing operations |
|
|
9,110 |
|
|
|
10,602 |
|
Net cash used in operating activities of discontinued operations |
|
|
— |
|
|
|
(2,441 |
) |
Net cash provided by operating activities |
|
|
9,110 |
|
|
|
8,161 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Investments in properties |
|
|
(1,167 |
) |
|
|
(8,176 |
) |
Investments in joint ventures |
|
|
(1,315 |
) |
|
|
(6,592 |
) |
Purchases of investments available for sale |
|
|
(24,748 |
) |
|
|
(33,846 |
) |
Proceeds from sales of investments available for sale |
|
|
32,703 |
|
|
|
79,937 |
|
Proceeds from the sale of assets |
|
|
5,867 |
|
|
|
8,153 |
|
Cash held in escrow |
|
|
(3,553 |
) |
|
|
(19,864 |
) |
Net cash provided by investing activities of continuing operations |
|
|
7,787 |
|
|
|
19,612 |
|
Net cash provided by investing activities of discontinued operations |
|
|
— |
|
|
|
11,526 |
|
Net cash provided by investing activities |
|
|
7,787 |
|
|
|
31,138 |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Distribution to noncontrolling interest |
|
|
(408 |
) |
|
|
(510 |
) |
Repurchase of company stock |
|
|
(12,354 |
) |
|
|
(5,312 |
) |
Exercise of employee stock options |
|
|
— |
|
|
|
145 |
|
Net cash used in financing activities of continuing operations |
|
|
(12,762 |
) |
|
|
(5,677 |
) |
Net cash used in financing activities of discontinued operations |
|
|
— |
|
|
|
— |
|
Net cash used in financing activities |
|
|
(12,762 |
) |
|
|
(5,677 |
) |
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
4,135 |
|
|
|
33,622 |
|
Cash and cash equivalents at beginning of year |
|
|
26,607 |
|
|
|
22,547 |
|
Cash and cash equivalents at end of the period |
|
$ |
30,742 |
|
|
|
56,169 |
|
See accompanying notes.
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’
EQUITY
SIX MONTHS ENDED JUNE 30,
2020 AND 2019
(In thousands, except share amounts)
|
|
|
|
|
|
|
|
|
Accumu- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
lated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compre- |
|
Total |
|
|
|
|
|
|
|
|
|
Capital in |
|
|
|
hensive |
|
Share |
|
Non- |
|
|
|
Common Stock |
|
Excess of |
|
Retained |
|
Income, net |
|
Holders’ |
|
Controlling |
|
Total |
|
Shares |
|
Amount |
|
Par Value |
|
Earnings |
|
of tax |
|
Equity |
|
Interest |
|
Equity |
Balance at December 31, 2019 |
|
9,817,429 |
|
|
$ |
982 |
|
|
$ |
57,705 |
|
|
$ |
315,278 |
|
|
$ |
923 |
|
|
$ |
374,888 |
|
|
$ |
16,757 |
|
|
$ |
391,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of stock options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option grant compensation |
|
|
|
|
|
|
|
|
|
47 |
|
|
|
|
|
|
|
|
|
|
|
47 |
|
|
|
|
|
|
|
47 |
|
Restricted stock compensation |
|
|
|
|
|
|
|
|
|
94 |
|
|
|
|
|
|
|
|
|
|
|
94 |
|
|
|
|
|
|
|
94 |
|
Shares granted to Employees |
|
11,448 |
|
|
|
1 |
|
|
|
529 |
|
|
|
|
|
|
|
|
|
|
|
530 |
|
|
|
|
|
|
|
530 |
|
Shares granted to Directors |
|
12,050 |
|
|
|
1 |
|
|
|
499 |
|
|
|
|
|
|
|
|
|
|
|
500 |
|
|
|
|
|
|
|
500 |
|
Restricted stock award |
|
20,520 |
|
|
|
2 |
|
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
— |
|
Shares purchased and cancelled |
|
(298,303 |
) |
|
|
(30 |
) |
|
|
(1,765 |
) |
|
|
(10,559 |
) |
|
|
|
|
|
|
(12,354 |
) |
|
|
|
|
|
|
(12,354 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,767 |
|
|
|
|
|
|
|
5,767 |
|
|
|
(291 |
) |
|
|
5,476 |
|
Distributions to partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(408 |
) |
|
|
(408 |
) |
Unrealized gain on investment, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
271 |
|
|
|
271 |
|
|
|
|
|
|
|
271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2020 |
|
9,563,144 |
|
|
$ |
956 |
|
|
$ |
57,107 |
|
|
$ |
310,486 |
|
|
$ |
1,194 |
|
|
$ |
369,743 |
|
|
$ |
16,058 |
|
|
$ |
385,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2018 |
|
9,969,174 |
|
|
$ |
997 |
|
|
$ |
58,004 |
|
|
$ |
306,307 |
|
|
$ |
(701 |
) |
|
$ |
364,607 |
|
|
$ |
18,648 |
|
|
$ |
383,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of stock options |
|
4,804 |
|
|
|
|
|
|
|
145 |
|
|
|
|
|
|
|
|
|
|
|
145 |
|
|
|
|
|
|
|
145 |
|
Stock option compensation |
|
|
|
|
|
|
|
|
|
57 |
|
|
|
|
|
|
|
|
|
|
|
57 |
|
|
|
|
|
|
|
57 |
|
Shares purchased and cancelled |
|
(110,527 |
) |
|
|
(11 |
) |
|
|
(644 |
) |
|
|
(4,657 |
) |
|
|
|
|
|
|
(5,312 |
) |
|
|
|
|
|
|
(5,312 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
11,723 |
|
|
|
|
|
|
|
11,723 |
|
|
|
(268 |
) |
|
|
11,455 |
|
Distributions to partners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(510 |
) |
|
|
(510 |
) |
Unrealized gain on investment, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,911 |
|
|
|
1,911 |
|
|
|
|
|
|
|
1,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2019 |
|
9,863,451 |
|
|
$ |
986 |
|
|
$ |
57,562 |
|
|
$ |
313,373 |
|
|
$ |
1,210 |
|
|
$ |
373,131 |
|
|
$ |
17,870 |
|
|
$ |
391,001 |
|
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
JUNE 30, 2020
(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”) and
RiverFront Investment Partners I, LLC. Our investment in the Brooksville joint venture, BC FRP Realty joint venture, RiverFront
Holdings II joint venture, Bryant Street Partnerships, 1800 Half Street and Greenville/Woodfield are accounted for under the equity
method of accounting (See Note 11). Our ownership of RiverFront Investment Partners I, LLC includes a non-controlling interest
representing the ownership of our partner. The Company uses the cost method to account for its investment in DST Hickory Creek
because it does not have significant influence over operating and financial policies.
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. On June 28, 2019, the Company completed the sale of the excluded property
to the same buyer for $11.7 million. This resulted in the disposition of all of the Company’s industrial flex/office warehouse
properties prior to the sale date and constituted a major strategic shift and as a result, these properties have been reclassified
as discontinued operations for all periods presented. The Asset Management segment currently contains four commercial properties.
These statements have been prepared in accordance
with accounting principles generally accepted in the United States of America for interim financial information and the instructions
to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United
States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal
recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating
results for the six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year
ending December 31, 2020. 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, 2019.
(2) Recently Issued Accounting Standards.
In February 2016, the FASB issued ASU No. 2016-02,
“Leases (Topic 842)”, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases.
The Company is not a significant lessee. Lessors will account for leases using an approach that is substantially equivalent to
existing accounting standards. The Company's existing leases will continue to be classified as operating leases. Leases entered
into after the effective date of the new standard may be classified as operating or sales-type leases, based on specific classification
criteria. Operating leases will continue to have a similar pattern of recognition as under current GAAP. Sales-type lease accounting,
however, will result in the recognition of selling profit at lease commencement, with interest income recognized over the life
of the lease. The new standard also includes a change to the treatment of internal leasing costs and legal costs, which can no
longer be capitalized. Only incremental costs of a lease that would not have been incurred if the lease had not been obtained may
be deferred as initial direct costs. The new standard also requires lessors to exclude from variable
payments certain lessor costs, such as real
estate taxes, that the lessor contractually requires the lessee to pay directly to a third party on its behalf. The new standard
requires our expected credit loss related to the collectability of lease receivables to be reflected as an adjustment to the line
item Lease Revenue. For the year ended December 31, 2019, the credit loss related to the collectibility of lease receivables was
recognized in the line item Operating expenses and was not significant. Additionally, the new standard requires lessors to allocate
the consideration in a contract between the lease component (right to use an underlying asset) and non-lease component (transfer
of a good or service that is not a lease). However, lessors are provided with a practical expedient, elected by class of underlying
asset, to account for lease and non-lease components of a contract as a single lease component if certain criteria are met. The
terms of the Company's leases generally provide that the Company is entitled to receive reimbursements from tenants for operating
expenses such as real estate taxes, insurance and common area maintenance, in addition to the base rental payments for use of the
underlying asset. Under the new standard, common area maintenance is considered a nonlease component of a lease contract, which
would be accounted for under Topic 606. However, the Company will apply the practical expedient to account for its lease and non-lease
components as a single, combined operating lease component. While the timing of recognition should remain the same, the Company
is no longer presenting reimbursement revenue from tenants separately in our Consolidated Statements of Income beginning January
1, 2019. The new standard along with the adoption of
ASU No. 2018-11, Leases - Targeted Improvements which the FASB issued in July 2018, was adopted effective January 1, 2019 and we
have elected to use January 1, 2019 as our date of initial application. We elected the package of practical expedients permitted
under the transition guidance within the new standard. By adopting these practical expedients, we were not required to reassess
(1) whether an existing contract meets the definition of a lease; (2) the lease classification for existing leases; or (3) costs
previously capitalized as initial direct costs. The adoption of this guidance 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, Development and Stabilized Joint Venture,
as described below.
The Asset Management segment owns, leases and
manages commercial properties. The flex/office warehouses in the Asset Management Segment were sold and reclassified to discontinued
operations leaving only two commercial properties, one recent industrial acquisition, Cranberry Run, which we purchased in 2019,
and 1801 62nd Street, our most recent spec building in Hollander Business Park, which joined Asset Management April
1, 2019.
Our Mining Royalty Lands segment owns several
properties comprising approximately 13,400 acres currently under lease for mining rents or royalties (this does not include the
4,280 acres owned in our Brooksville joint venture with Vulcan Materials). Other than one location in Virginia, all of these
properties are located in Florida and Georgia.
Through our Development segment,
we own and are continuously assessing for their highest and best use for several parcels of land that are in various stages of
development. Our overall strategy in this segment is to convert all of our non-income producing lands into income production
through (i) an orderly process of constructing new buildings for us to own and operate or (ii) a sale to, or joint venture with,
third parties. Additionally, our Development segment will form joint ventures on new developments of land not previously owned
by the Company.
The Company operates a residential
apartment building Riverfront Investment Partners I, LLC partnership (“Dock 79”). 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
is clearly identified on the accompanying Consolidated Statements of Income.
Operating results and certain other
financial data for the Company’s business segments are as follows (in thousands):
|
|
Three Months ended |
|
Six Months ended |
|
|
June 30, |
|
June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
716 |
|
|
|
662 |
|
|
|
1,368 |
|
|
|
1,303 |
|
Mining royalty lands |
|
|
2,402 |
|
|
|
2,633 |
|
|
|
4,587 |
|
|
|
4,862 |
|
Development |
|
|
279 |
|
|
|
316 |
|
|
|
572 |
|
|
|
585 |
|
Stabilized Joint Venture |
|
|
2,452 |
|
|
|
2,752 |
|
|
|
5,105 |
|
|
|
5,327 |
|
|
|
|
5,849 |
|
|
|
6,363 |
|
|
|
11,632 |
|
|
|
12,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
323 |
|
|
|
128 |
|
|
|
500 |
|
|
|
225 |
|
Mining royalty lands |
|
|
2,194 |
|
|
|
2,458 |
|
|
|
4,195 |
|
|
|
4,502 |
|
Development |
|
|
(703 |
) |
|
|
(565 |
) |
|
|
(1,477 |
) |
|
|
(1,118 |
) |
Stabilized Joint Venture |
|
|
416 |
|
|
|
637 |
|
|
|
993 |
|
|
|
1,049 |
|
Operating profit before corporate expenses |
|
|
2,230 |
|
|
|
2,658 |
|
|
|
4,211 |
|
|
|
4,658 |
|
Corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated to asset management |
|
|
(265 |
) |
|
|
(139 |
) |
|
|
(573 |
) |
|
|
(302 |
) |
Allocated to mining royalty lands |
|
|
(84 |
) |
|
|
(36 |
) |
|
|
(181 |
) |
|
|
(79 |
) |
Allocated to development |
|
|
(617 |
) |
|
|
(341 |
) |
|
|
(1,329 |
) |
|
|
(740 |
) |
Allocated to stabilized joint venture |
|
|
(60 |
) |
|
|
(35 |
) |
|
|
(130 |
) |
|
|
(75 |
) |
Total corporate expenses |
|
|
(1,026 |
) |
|
|
(551 |
) |
|
|
(2,213 |
) |
|
|
(1,196 |
) |
|
|
$ |
1,204 |
|
|
|
2,107 |
|
|
|
1,998 |
|
|
|
3,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
45 |
|
|
|
272 |
|
|
|
96 |
|
|
|
860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
200 |
|
|
|
196 |
|
|
|
392 |
|
|
|
373 |
|
Mining royalty lands |
|
|
62 |
|
|
|
42 |
|
|
|
100 |
|
|
|
94 |
|
Development |
|
|
53 |
|
|
|
49 |
|
|
|
107 |
|
|
|
107 |
|
Stabilized Joint Venture |
|
|
1,185 |
|
|
|
1,185 |
|
|
|
2,369 |
|
|
|
2,385 |
|
|
|
$ |
1,500 |
|
|
|
1,472 |
|
|
|
2,968 |
|
|
|
2,959 |
|
Capital expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
341 |
|
|
|
1,352 |
|
|
|
554 |
|
|
|
7,818 |
|
Mining royalty lands |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Development |
|
|
320 |
|
|
|
(122 |
) |
|
|
617 |
|
|
|
248 |
|
Stabilized Joint Venture |
|
|
19 |
|
|
|
227 |
|
|
|
(4 |
) |
|
|
110 |
|
|
|
$ |
680 |
|
|
|
1,457 |
|
|
|
1,167 |
|
|
|
8,176 |
|
|
|
June 30, |
|
|
|
December 31, |
|
|
Identifiable net assets |
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
Asset management |
$ |
18,813 |
|
|
|
18,468 |
|
|
Mining royalty lands |
|
37,911 |
|
|
|
38,409 |
|
|
Development |
|
173,334 |
|
|
|
179,357 |
|
|
Stabilized Joint Venture |
|
131,652 |
|
|
|
133,956 |
|
|
Investments available for sale at fair value |
|
130,058 |
|
|
|
137,867 |
|
|
Cash items |
|
34,481 |
|
|
|
26,793 |
|
|
Unallocated corporate assets |
|
7,868 |
|
|
|
3,298 |
|
|
|
$ |
534,117 |
|
|
|
538,148 |
|
|
(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 April 1, 2020.
The consolidated statements of income
reflect charges and/or allocation from Patriot for these services of $290,000 and $328,000 for the three months ended June 30,
2020 and 2019 and $580,000 and $629,000 for the six months ended June 30, 2020 and 2019, 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 employ an allocation method to allocate said expenses and
thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations, but
any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis.
(5) Long-Term Debt.
Long-term debt is summarized as follows
(in thousands):
|
|
June 30, |
|
December 31, |
|
|
2020 |
|
2019 |
Riverfront permanent loan |
|
$ |
88,993 |
|
|
|
88,925 |
|
Less portion due within one year |
|
|
— |
|
|
|
— |
|
|
|
$ |
88,993 |
|
|
|
88,925 |
|
On February 6, 2019, the Company
entered into a First Amendment to the 2015 Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells
Fargo”), effective February 6, 2019. The Credit Agreement modifies the Company’s prior Credit Agreement with Wells
Fargo dated January 30, 2015. The Credit Agreement establishes a five-year revolving credit facility with a maximum facility amount
of $20 million. The interest rate under the Credit Agreement will be a maximum of 1.50% over LIBOR, which may be reduced quarterly
to 1.25% or 1.0% over LIBOR if the Company meets a specified ratio of consolidated debt to consolidated total capital, as defined
which excludes FRP Riverfront. A commitment fee of 0.25% per annum is payable quarterly on the unused portion of the commitment
but the amount may be reduced to 0.20% or 0.15% if the Company meets a specified ratio of consolidated total debt to consolidated
total capital. The Credit Agreement contains certain conditions, affirmative financial covenants and negative covenants. As of
June 30, 2020, there was no debt outstanding on this revolver, $411,000 outstanding under letters of credit and $19,589,000 available
for borrowing. The letters of credit were issued to guarantee certain obligations to state agencies related to real estate development.
Most of the letters of credit are irrevocable for a period of one year and typically are automatically extended for additional
one-year periods. The letter of credit fee is 1% and applicable interest rate would have been 1.17825% on June 30, 2020. The credit
agreement contains certain conditions and financial covenants, including a minimum tangible net worth and dividend restriction.
As of June 30, 2020, these covenants would have limited our ability to pay dividends to a maximum of $219 million combined. The
Company was in compliance with all covenants as of June 30, 2020.
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 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. 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.
Debt cost amortization of $34,000
and $68,000 was recorded during the three and six months ended June 30, 2020, respectively. During the three months ended June
30, 2020 and June 30, 2019 the Company capitalized interest costs of $940,000 and $705,000, respectively. During the six months
ended June 30, 2020 and June 30, 2019 the Company capitalized interest costs of $1,875,000 and $1,090,000, 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 |
|
Six Months ended |
|
June 30, |
|
June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Weighted average common shares |
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
earnings per common share |
|
9,620 |
|
|
|
9,915 |
|
|
|
9,712 |
|
|
|
9,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
29 |
|
|
|
45 |
|
|
|
32 |
|
|
|
45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings per common share |
|
9,649 |
|
|
|
9,960 |
|
|
|
9,744 |
|
|
|
9,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
3,977 |
|
|
|
2,952 |
|
|
|
5,476 |
|
|
|
4,593 |
|
Discontinued operations |
$ |
— |
|
|
|
6,776 |
|
|
|
— |
|
|
|
6,862 |
|
Net income attributable to the Company |
$ |
4,149 |
|
|
|
9,825 |
|
|
|
5,767 |
|
|
|
11,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
0.41 |
|
|
|
0.30 |
|
|
|
0.56 |
|
|
|
0.46 |
|
Discontinued operations |
$ |
— |
|
|
|
0.68 |
|
|
|
— |
|
|
|
0.69 |
|
Net income attributable to the Company |
$ |
0.43 |
|
|
|
0.99 |
|
|
|
0.59 |
|
|
|
1.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
0.41 |
|
|
|
0.30 |
|
|
|
0.56 |
|
|
|
0.46 |
|
Discontinued operations |
$ |
— |
|
|
|
0.68 |
|
|
|
— |
|
|
|
0.69 |
|
Net income attributable to the Company |
$ |
0.43 |
|
|
|
0.99 |
|
|
|
0.59 |
|
|
|
1.17 |
|
For the three and six months ended June 30,
2020, 2020, 74,065 and 53,545 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 six months ended June 30, 2019, 19,950 shares
attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion
would have been anti-dilutive.
During the first six months the Company repurchased
298,303 shares at an average cost of $41.41.
(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 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 29% and 41%, risk-free
interest rate of 1.0% to 2.9% 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.
In March 2020, 20,520 shares of restricted
stock were granted to employees as part of a long-term incentive plan that will vest over the next five years. The number of common
shares available for future issuance was 443,820 at June 30, 2020. In March 2020, 11,448 shares of stock were granted to employees
rather than stock options as in prior years.
The Company recorded the following
stock compensation expense in its consolidated statements of income (in thousands):
|
|
Three Months ended |
|
Six Months ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Stock option grants |
|
$ |
23 |
|
|
|
28 |
|
|
|
47 |
|
|
|
57 |
|
Restricted stock awards granted in 2020 |
|
|
47 |
|
|
|
— |
|
|
|
94 |
|
|
|
— |
|
Employee stock grant |
|
|
— |
|
|
|
— |
|
|
|
530 |
|
|
|
— |
|
Annual director stock award |
|
|
500 |
|
|
|
— |
|
|
|
500 |
|
|
|
— |
|
|
|
$ |
570 |
|
|
|
28 |
|
|
|
1,171 |
|
|
|
57 |
|
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, 2020 |
|
|
132,504 |
|
|
$ |
33.82 |
|
|
5.8 |
|
$ |
1,631 |
|
Granted |
|
|
— |
|
|
$ |
— |
|
|
|
|
$ |
— |
|
Exercised |
|
|
— |
|
|
$ |
— |
|
|
|
|
$ |
— |
|
Outstanding at June 30, 2020 |
|
|
132,504 |
|
|
$ |
33.82 |
|
|
5.3 |
|
$ |
1,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at June 30, 2020 |
|
|
114,189 |
|
|
$ |
32.11 |
|
|
4.8 |
|
$ |
1,333 |
|
Vested during six months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
|
— |
|
|
|
|
|
|
|
|
$ |
— |
|
The aggregate intrinsic value of
exercisable in-the-money options was $1,131,000 and the aggregate intrinsic value of outstanding in-the-money options was $1,148,000
based on the market closing price of $40.58 on June 30, 2020 less
exercise prices.
The unrecognized compensation cost
of options granted to FRP employees but not yet vested as of June 30, 2020 was $243,000, which is expected to be recognized over
a weighted-average period of 3.3 years.
A summary of changes in restricted
stock awards is presented below (in thousands, except share and per share amounts):
|
|
|
|
Weighted |
|
Weighted |
|
Weighted |
|
|
Number |
|
Average |
|
Average |
|
Average |
|
|
Of |
|
Exercise |
|
Remaining |
|
Grant Date |
Restricted stock |
|
Shares |
|
Price |
|
Term (yrs) |
|
Fair Value(000's) |
|
|
|
|
|
|
|
|
|
Outstanding at January 1, 2020 |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
20,520 |
|
|
$ |
46.30 |
|
|
|
|
$ |
950 |
|
Outstanding at June 30, 2020 |
|
|
20,520 |
|
|
$ |
46.30 |
|
|
3.9 |
|
$ |
950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total compensation cost of restricted
stock granted but not yet vested as of June 30, 2020 was $856,000 which is expected to be recognized over a weighted-average period
of 3.9 years.
(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 and further
reduced the liability $92,000 to zero in 2020. 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 five tenants currently leasing mining locations and one lessee that accounted for 31.5% of the Company’s consolidated
revenues during the six months ended June 30, 2020 and $419,000 of accounts receivable at June 30, 2020. The termination
of these lessees’ underlying leases could have a material adverse effect on the Company. The Company places its cash and
cash equivalents with Wells Fargo Bank and First Horizon Bank. 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.
At June 30, 2020 the Company was
invested in 59 corporate bonds with individual maturities ranging from 2020 through 2022. The unrealized gain on these bonds of
$1,584,000 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 Company recorded a realized gain of $242,000 in its net investment income
related to bonds that were sold in 2020. The amortized cost of the investments was $128,474,000 and the carrying amount and fair
value of such bonds were $130,058,000 as of June 30, 2020.
At June 30, 2020 and 2019, 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 June 30, 2020, the carrying amount and fair value of such other long-term debt was $88,993,000 and $95,606,000, respectively.
At June 30, 2019, the carrying amount and fair value of such other long-term debt was $88,857,000 and $92,541,000, respectively.
(11) Investments in Joint Ventures.
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 six months ended June 30, 2020 includes a loss of $21,000 representing the Company’s
portion of the loss of this joint venture.
BC FRP Realty (Windlass Run). In 2016,
the Company 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 four buildings through September 15,
2022 from BB&T at 2.5% over LIBOR. The balance outstanding on these loans at June 30, 2020 was $12,160,000.
RiverFront Holdings II, LLC. On May
4, 2018, the Company and MRP formed a partnership to develop Phase II of our RiverFront on the Anacostia project 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 partnership including development costs
paid prior to the formation of the partnership and a $725,000 development fee. The Company further agreed to fund $13.75 million
preferred equity financing at 7.5% interest rate all of which was advanced through June 30, 2019. The Company records interest
income for this loan and a loss in equity in ventures for our 80% equity in the partnership. 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
60 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 loan balance at June 30, 2020 was $60,704,000. The Company’s equity interest in the joint venture is
accounted for under the equity method of accounting through the construction and lease up period as MRP acts as the administrative
agent of the joint venture and oversees and controls the day to day operations of the project.
Bryant Street Partnerships. On December
24, 2018 the Company and MRP formed four partnerships to purchase and develop approximately five acres of land at 500 Rhode Island
Ave NE, Washington, D.C. This property is the first
phase of the Bryant Street Master Plan. The
property is located in an Opportunity Zone, which provides tax benefits in the new communities development program as established
by Congress in the Tax Cuts and Jobs Act of 2017. The Company contributed cash of $32 million in exchange for a 61.36% common equity
in the partnership. The Company also contributed cash of $23 million as preferred equity financing at 8.0% interest rate. The Company
records interest income for this loan and a loss in equity in ventures for our 61.36% equity in the partnership. On March 13, 2019
the partnerships closed on a construction loan with a group of lenders for up to $132 million at an interest rate of 2.25% over
LIBOR. The loan matures March 13, 2023 with up to two extensions of one year each upon certain conditions including, for the first,
a debt service coverage of at least 1.10 and a loan-to-value that does not exceed 65% and for the second, a debt service coverage
of 1.25 and a maximum loan-to-value of 65%. Borrower may prepay a portion of the unpaid principal to satisfy such tests. The loan
balance at June 30, 2020 was $38,660,000. The Company and MRP guaranteed $26 million of the loan in exchange for a 1% lower interest
rate. The Company and MRP have a side agreement limiting the Company’s guarantee to its proportionate ownership. The value
of the guarantee was calculated at $1.9 million based on the present value of the 1% interest savings over the anticipated 48-month
term. This amount is included as part of the Company’s investment basis and is amortized to expense over the 48 months. The
Company’s equity interest in the joint venture is accounted for under the equity method of accounting as all the major decisions
are shared equally.
Hyde Park. On January 27, 2018 the Company
entered into a loan agreement with a Baltimore developer to be the principal capital source of a residential development venture
in Essexshire now known as “Hyde Park.” We have committed up to $3.5 million in exchange for an interest rate of 10%
and a preferred return of 20% after which the Company is also entitled to a portion of proceeds from sale. Entitlements for the
development of the property are complete, a homebuilder is under contract to purchase all of the 126 recorded building lots. The
first phase of settlement occurred in May 2020, resulting in a $2.67 million principal and interest payment.
DST Hickory Creek. In July 2019, the
Company invested $6 million in 1031 proceeds from two sales in 2019 into a Delaware Statutory Trust (DST) known as CS1031 Hickory
Creek Apartments, DST. The Company is 26.65% beneficial owner and receives monthly distributions. The DST owns a 294-unit
garden-style apartment community consisting of 19 three-story apartment buildings containing 273,940 rentable square feet on approximately
20.4 acres of land. The property was constructed in 1984 and substantially renovated in 2016. The DST purchased the
property in April, 2019 for $45,600,000 with ten-year financing obtained for $29,672,000 at 3.74% with a 30 year amortization period,
interest only for five years. The Company’s equity interest in the trust is accounted for under the cost method because we
do not have significant influence over the operating and financial policies. Monthly distributions are recorded as equity in gain
or loss of joint ventures. Distributions of $168,000 were received in the first six months of 2020.
Amber Ridge. On June 26, 2019 the Company
entered into a loan agreement with a Baltimore developer to be the principal capital source of a residential development venture
in Prince Georges County, Maryland known as “Amber Ridge.” We have committed up to $18.5 million in exchange for an
interest rate of 10% and a preferred return of 20% after which the Company is also entitled to a portion of proceeds from sale.
This project will hold 187 single-family town homes. We are currently pursuing entitlements and have two homebuilders under contract
to purchase all of the 187 units upon completion of development infrastructure.
1800 Half Street. On December 20, 2019
the Company and MRP formed a joint venture to acquire and develop a mixed-use project located at 1800 Half Street, Washington,
D.C. This property is located in the Buzzard Point area of Washington, DC, less than half a mile downriver from Dock 79 and the
Maren. It lies directly between our two acres on the Anacostia currently under lease to Vulcan and Audi Field, the home stadium
of the DC United. The project is located in an Opportunity Zone, which provides tax benefits in the new communities’ development
program as established by Congress in the Tax Cuts and Jobs Act of 2017. The Company contributed cash of $37.3 million. MRP will
contribute the remainder of its equity in 2020. The land was acquired in two pieces over first half of 2020. On June 26, 2020 the
partnership closed on a construction loan with Truist Bank for up to $74 million at an interest rate of 2.25% over LIBOR. The loan
matures June 26, 2024 with one extension of two years requiring a .25% fee, paying principal monthly under a 30-year amortization
schedule, and meeting a 9.9% debt yield after the first year. The ten-story structure will have 344 apartments and 11,246 square
feet of ground floor retail. The Company’s equity interest in the joint venture is accounted for under the equity method
of accounting because all major decisions are shared equally.
Greenville/Woodfield Partnerships. On
December 23, 2019 the Company and Woodfield Development formed a joint venture to develop a mixed-use project in Greenville SC
known as .408 Jackson located across the street from Greenville’s minor league baseball stadium. The project will hold 227
multifamily units and 4,700 square feet of retail space. It is located in an Opportunity Zone, which provides tax benefits in the
new communities’ development program as established by Congress in the Tax Cuts and Jobs Act of 2017. The Company contributed
cash of $9.7 million in exchange for a 40% common equity in the joint venture. The Company’s equity interest in the joint
venture is accounted for under the equity method of accounting through the construction and lease up period. Woodfield personally
guaranteed the loan and will be managing the projects day to day operations. Major decisions for the entity must be made unanimously
between both members.
On December 23, 2019 the Company and Woodfield
formed a joint venture to develop a 200-unit multifamily apartment project located at 1430 Hampton Avenue, Greenville, SC. The
project is located in an Opportunity Zone, which provides tax benefits in the new communities’ development program as established
by Congress in the Tax Cuts and Jobs Act of 2017. The Company contributed $6.2 million in exchange for a 40% common equity in the
joint venture. The Company’s equity interest in the joint venture is accounted for under the equity method of accounting
through the construction and lease up period. Woodfield personally guaranteed the loan and will be managing the projects day to
day operations. Major decisions for the entity must be made unanimously between both members.
Investments in Joint Ventures (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of Profit |
|
|
|
Common |
|
|
Total |
|
|
Total Assets of |
|
|
Profit (Loss) |
|
|
(Loss) of the |
|
|
|
Ownership |
|
|
Investment |
|
|
The Partnership |
|
|
Of the Partnership |
|
|
Partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooksville Quarry, LLC |
|
50.00 |
% |
$ |
7,476 |
|
|
14,310 |
|
|
(42 |
) |
|
(21 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,286 |
|
|
22,689 |
|
|
(210 |
) |
|
(104 |
) |
RiverFront Holdings II, LLC |
|
80.00 |
% |
|
25,484 |
|
|
104,426 |
|
|
(1,326 |
) |
|
(1,409 |
) |
Bryant Street Partnerships |
|
61.36 |
% |
|
59,549 |
|
|
133,553 |
|
|
— |
|
|
(825 |
) |
Hyde Park |
|
|
|
|
1,214 |
|
|
1,214 |
|
|
— |
|
|
— |
|
DST Hickory Creek |
|
26.65 |
% |
|
6,000 |
|
|
48,651 |
|
|
(162 |
) |
|
168 |
|
Amber Ridge Loan |
|
|
|
|
1,183 |
|
|
1,183 |
|
|
— |
|
|
— |
|
1800 Half St. Owner, LLC |
|
61.37 |
% |
|
37,537 |
|
|
39,327 |
|
|
126 |
|
|
126 |
|
Greenville/Woodfield Partnerships |
|
40.00 |
% |
|
16,050 |
|
|
43,095 |
|
|
158 |
|
|
80 |
|
Total |
|
|
|
$ |
159,779 |
|
|
408,448 |
|
|
(1,456 |
) |
|
(1,985 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooksville Quarry, LLC |
|
50.00 |
% |
$ |
7,499 |
|
|
14,316 |
|
|
(84 |
) |
|
(42 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,391 |
|
|
22,969 |
|
|
(1,114 |
) |
|
(591 |
) |
RiverFront Holdings II, LLC |
|
80.00 |
% |
|
25,975 |
|
|
88,235 |
|
|
(95 |
) |
|
(871 |
) |
Bryant Street Partnerships |
|
61.36 |
% |
|
58,353 |
|
|
96,477 |
|
|
260 |
|
|
(573 |
) |
Hyde Park |
|
|
|
|
3,492 |
|
|
3,492 |
|
|
— |
|
|
— |
|
DST Hickory Creek |
|
26.65 |
% |
|
6,000 |
|
|
49,369 |
|
|
(168 |
) |
|
123 |
|
Amber Ridge Loan |
|
|
|
|
509 |
|
|
509 |
|
|
— |
|
|
— |
|
1800 Half St. Owner, LLC |
|
59.73 |
% |
|
37,314 |
|
|
40,161 |
|
|
— |
|
|
— |
|
Greenville/Woodfield Partnerships |
|
40.00 |
% |
|
15,919 |
|
|
19,214 |
|
|
— |
|
|
— |
|
Total |
|
|
|
$ |
160,452 |
|
|
334,742 |
|
|
(1,201 |
) |
|
(1,954 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summarized Financial Information for the Investments
in Joint Ventures (in thousands):
|
As of June 30, 2020 |
|
Total |
|
RiverFront |
|
Bryant Street |
|
DST Hickory |
|
1800 Half St. |
|
Greenville/ |
|
Apartment/ |
|
Holdings II, LLC |
|
Partnership |
|
Creek |
|
Partnership |
|
Woodfield |
|
Mixed Use |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
103,602 |
|
|
|
132,932 |
|
|
|
46,106 |
|
|
|
27,603 |
|
|
|
20,845 |
|
|
$ |
331,088 |
|
Cash and cash equivalents |
|
720 |
|
|
|
512 |
|
|
|
1,483 |
|
|
|
8,917 |
|
|
|
21,878 |
|
|
|
33,510 |
|
Unrealized rents & receivables |
|
78 |
|
|
|
95 |
|
|
|
622 |
|
|
|
0 |
|
|
|
0 |
|
|
|
795 |
|
Deferred costs |
|
26 |
|
|
|
14 |
|
|
|
440 |
|
|
|
2,807 |
|
|
|
372 |
|
|
|
3,659 |
|
Total Assets |
$ |
104,426 |
|
|
|
133,553 |
|
|
|
48,651 |
|
|
|
39,327 |
|
|
|
43,095 |
|
|
$ |
369,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
60,252 |
|
|
|
35,770 |
|
|
|
29,268 |
|
|
|
0 |
|
|
|
0 |
|
|
$ |
125,290 |
|
Other liabilities |
|
2,094 |
|
|
|
19,405 |
|
|
|
171 |
|
|
|
392 |
|
|
|
3,213 |
|
|
|
25,275 |
|
Capital - FRP |
|
36,732 |
|
|
|
58,224 |
|
|
|
5,120 |
|
|
|
37,460 |
|
|
|
15,953 |
|
|
|
153,489 |
|
Capital - Third Parties |
|
5,348 |
|
|
|
20,154 |
|
|
|
14,092 |
|
|
|
1,475 |
|
|
|
23,929 |
|
|
|
64,998 |
|
Total Liabilities and Capital |
$ |
104,426 |
|
|
|
133,553 |
|
|
|
48,651 |
|
|
|
39,327 |
|
|
|
43,095 |
|
|
$ |
369,052 |
|
|
As of June 30, 2020 |
|
|
|
Brooksville |
|
BC FRP |
|
|
|
Amber Ridge |
|
Apartment/ |
|
Grand |
|
Quarry, LLC |
|
Realty, LLC |
|
Hyde Park |
|
Loan |
|
Mixed Use |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net. |
$ |
14,290 |
|
|
|
22,187 |
|
|
|
1,214 |
|
|
|
1,183 |
|
|
|
331,088 |
|
|
$ |
369,962 |
|
Cash and cash equivalents |
|
18 |
|
|
|
59 |
|
|
|
0 |
|
|
|
0 |
|
|
|
33,510 |
|
|
|
33,587 |
|
Unrealized rents & receivables |
|
0 |
|
|
|
230 |
|
|
|
0 |
|
|
|
0 |
|
|
|
795 |
|
|
|
1,025 |
|
Deferred costs |
|
2 |
|
|
|
213 |
|
|
|
0 |
|
|
|
0 |
|
|
|
3,659 |
|
|
|
3,874 |
|
Total Assets |
$ |
14,310 |
|
|
|
22,689 |
|
|
|
1,214 |
|
|
|
1,183 |
|
|
|
369,052 |
|
|
$ |
408,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
|
12,130 |
|
|
|
0 |
|
|
|
0 |
|
|
|
125,290 |
|
|
$ |
137,420 |
|
Other liabilities |
|
41 |
|
|
|
105 |
|
|
|
0 |
|
|
|
0 |
|
|
|
25,275 |
|
|
|
25,421 |
|
Capital - FRP |
|
7,476 |
|
|
|
5,227 |
|
|
|
1,214 |
|
|
|
1,183 |
|
|
|
153,489 |
|
|
|
168,589 |
|
Capital - Third Parties |
|
6,793 |
|
|
|
5,227 |
|
|
|
0 |
|
|
|
0 |
|
|
|
64,998 |
|
|
|
77,018 |
|
Total Liabilities and Capital |
$ |
14,310 |
|
|
|
22,689 |
|
|
|
1,214 |
|
|
|
1,183 |
|
|
|
369,052 |
|
|
$ |
408,448 |
|
|
As of December 31, 2019 |
|
Total |
|
RiverFront |
|
Bryant Street |
|
DST Hickory |
|
1800 Half St. |
|
Greenville/ |
|
Apartment/ |
|
Holdings II, LLC |
|
Partnership |
|
Creek |
|
Partnership |
|
Woodfield |
|
Mixed Use |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
87,521 |
|
|
|
95,903 |
|
|
|
46,685 |
|
|
|
14,391 |
|
|
|
1,889 |
|
|
$ |
246,389 |
|
Cash and cash equivalents |
|
630 |
|
|
|
387 |
|
|
|
1,764 |
|
|
|
25,770 |
|
|
|
17,325 |
|
|
|
45,876 |
|
Unrealized rents & receivables |
|
82 |
|
|
|
158 |
|
|
|
446 |
|
|
|
0 |
|
|
|
0 |
|
|
|
686 |
|
Deferred costs |
|
2 |
|
|
|
29 |
|
|
|
474 |
|
|
|
0 |
|
|
|
0 |
|
|
|
505 |
|
Total Assets |
$ |
88,235 |
|
|
|
96,477 |
|
|
|
49,369 |
|
|
|
40,161 |
|
|
|
19,214 |
|
|
$ |
293,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
38,564 |
|
|
|
1,660 |
|
|
|
29,246 |
|
|
|
0 |
|
|
|
0 |
|
|
$ |
69,470 |
|
Other liabilities |
|
6,771 |
|
|
|
17,183 |
|
|
|
120 |
|
|
|
1,363 |
|
|
|
1,889 |
|
|
|
27,326 |
|
Capital - FRP |
|
37,284 |
|
|
|
57,479 |
|
|
|
6,000 |
|
|
|
37,314 |
|
|
|
15,919 |
|
|
|
153,996 |
|
Capital - Third Parties |
|
5,616 |
|
|
|
20,155 |
|
|
|
14,003 |
|
|
|
1,484 |
|
|
|
1,406 |
|
|
|
42,664 |
|
Total Liabilities and Capital |
$ |
88,235 |
|
|
|
96,477 |
|
|
|
49,369 |
|
|
|
40,161 |
|
|
|
19,214 |
|
|
$ |
293,456 |
|
|
As of December 31, 2019 |
|
|
|
Brooksville |
|
BC FRP |
|
|
|
Amber Ridge |
|
Apartment/ |
|
Grand |
|
Quarry, LLC |
|
Realty, LLC |
|
Hyde Park |
|
Loan |
|
Mixed Use |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net. |
$ |
14,293 |
|
|
|
22,423 |
|
|
|
3,492 |
|
|
|
509 |
|
|
|
246,389 |
|
|
$ |
287,106 |
|
Cash and cash equivalents |
|
18 |
|
|
|
15 |
|
|
|
0 |
|
|
|
0 |
|
|
|
45,876 |
|
|
|
45,909 |
|
Unrealized rents & receivables |
|
0 |
|
|
|
220 |
|
|
|
0 |
|
|
|
0 |
|
|
|
686 |
|
|
|
906 |
|
Deferred costs |
|
5 |
|
|
|
311 |
|
|
|
0 |
|
|
|
0 |
|
|
|
505 |
|
|
|
821 |
|
Total Assets |
$ |
14,316 |
|
|
|
22,969 |
|
|
|
3,492 |
|
|
|
509 |
|
|
|
293,456 |
|
|
$ |
334,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
|
12,103 |
|
|
|
0 |
|
|
|
0 |
|
|
|
69,470 |
|
|
$ |
81,573 |
|
Other liabilities |
|
2 |
|
|
|
196 |
|
|
|
0 |
|
|
|
0 |
|
|
|
27,326 |
|
|
|
27,524 |
|
Capital - FRP |
|
7,500 |
|
|
|
5,335 |
|
|
|
3,492 |
|
|
|
509 |
|
|
|
153,996 |
|
|
|
170,832 |
|
Capital - Third Parties |
|
6,814 |
|
|
|
5,335 |
|
|
|
0 |
|
|
|
0 |
|
|
|
42,664 |
|
|
|
54,813 |
|
Total Liabilities and Capital |
$ |
14,316 |
|
|
|
22,969 |
|
|
|
3,492 |
|
|
|
509 |
|
|
|
293,456 |
|
|
$ |
334,742 |
|
The Company’s capital recorded by the
unconsolidated Joint Ventures is $8,809,000 more than the Investment in Joint Ventures reported in the Company’s consolidated
balance sheet due to the lower basis in property contributed.
The amount of consolidated retained earnings
for these joint ventures was $(5,574,000) and $(4,127,000) as of June 30, 2020 and December 31, 2019 respectively.
(12) 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. On June 28, 2019, the Company completed
the sale of the excluded property to the same buyer for $11.7 million. The results of operations associated with discontinued operations
for the three and six months ended June 30, 2019 were as follows (in thousands):
|
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
|
2019 |
|
2019 |
Lease Revenue |
|
$ |
222 |
|
|
|
460 |
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
12 |
|
|
|
41 |
|
Operating expenses |
|
|
139 |
|
|
|
234 |
|
Property taxes |
|
|
26 |
|
|
|
46 |
|
Management company indirect |
|
|
— |
|
|
|
— |
|
Corporate expenses |
|
|
— |
|
|
|
— |
|
Total cost of operations |
|
|
177 |
|
|
|
321 |
|
|
|
|
|
|
|
|
|
|
Total operating profit |
|
|
45 |
|
|
|
139 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
— |
|
|
|
— |
|
Gain on sale of buildings |
|
|
9,245 |
|
|
|
9,268 |
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
9,290 |
|
|
|
9,407 |
|
Provision for income taxes |
|
|
2,514 |
|
|
|
2,545 |
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations |
|
$ |
6,776 |
|
|
|
6,862 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
Income from discontinued operations- |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.68 |
|
|
|
0.69 |
|
Diluted |
|
$ |
0.68 |
|
|
|
0.69 |
|
(13) Subsequent Event.
In July 2020 the Company sold its fully leased
building in the Hollander Business Park at 1801 62nd Street for $12.3 million resulting in a gain of $3.8 million before
income taxes. The proceeds were placed in a 1031 exchange fund.
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. On June 28, 2019, the Company completed the sale of the excluded property
to the same buyer for $11.7 million. These properties comprised substantially all the assets of our Asset Management segment and
constituted a strategic shift for the Company and have been reclassified as discontinued operations for all periods presented.
Asset Management Segment.
The Asset Management segment owns, leases and
manages commercial properties. 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.
As of June 30, 2020, the Asset Management Segment
owned four commercial properties as follows:
1) 34 Loveton Circle in suburban Baltimore
County, Maryland consists of one office building totaling 33,708 square feet which is 95.1% occupied (16% of the space is occupied
by the Company for use as our Baltimore headquarters).
2) 155 E. 21st Street in Duval County, Florida
was an office building property that remains under lease through March
2026. We permitted the tenant to demolish all
structures on the property during 2018.
3) Cranberry Office Park consists of five office
buildings totaling 268,010 square feet which are 71.9% occupied at June 30, 2020.
4) 1801 62nd Street consists of
94,350 square feet and was completed in the second quarter of 2019. The building was 100.0% occupied at June 30, 2020. The Company
sold this property in July 2020 for $12.3 million. The decision to sell was in keeping with a departure from our previous “develop
and hold” business model. The sale resulted in a gain of $3.8 million before taxes and the proceeds were placed in a 1031
exchange fund.
To take advantage of market cycles and attract
a wide range of top tier buyers, management focuses on several factors in this segment to facilitate a successful and profitable
sale. The major factors we focus on are (1) net operating
income growth, (2) growth in occupancy, (3)
average annual occupancy rate (defined as the occupied square feet at the end of each month during a fiscal year divided by the
number of months to date in that fiscal year as a percentage of the average number of square feet in the portfolio over that same
time period), (4) growth of our portfolio (in square feet), (5) tenant retention success rate (as a percentage of total square
feet to be renewed), (6) building and refurbishing assets to meet Class A and Class B institutional grade classifications, and
(7) reducing complexities and deferred capital expenditures to maximize sale price.
Mining Royalty Lands Segment.
Our Mining Royalty Lands segment owns several
properties comprising approximately 13,400 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 minimum 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 516 million tons as of December 31, 2019 after
a total of 8.1 million tons were consumed in 2019.
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 are Vulcan Materials, Martin Marietta,
Cemex, Argos and The Concrete Company.
Additionally, these locations provide us with
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. |
Total |
6,273 +/- |
|
Development Segment.
Through our Development 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 our non-income producing lands into income production through
(i) an orderly process of constructing new commercial and residential buildings for us to own and operate or (ii) a sale to, or
joint venture with, third parties. Additionally, our Development segment will purchase or form joint ventures on new developments
of land not previously owned by the Company.
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 30 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 occasionally sold several
of these pad sites over time to third parties.
Development Segment – Warehouse/Office
Land.
At June 30, 2020 this segment owned the following
future development parcel:
| 1) | 25 acres of horizontally developed land capable of supporting 226,750 square feet of warehouse,
office, and flex buildings at Hollander 95 Business Park in Baltimore City, Maryland. |
We will continue to actively monitor these
submarkets where we have lots ready for construction and take advantage of the opportunities presented to us. We will also look
for new parcels to place into development.
We have three 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.
Significant Investment Lands Inventory:
Location |
Approx. Acreage |
Status |
NBV |
RiverFront on the Anacostia Phases III-IV |
2.5 |
Conceptual design program ongoing. |
$6,062,000 |
Hampstead Trade Center, MD |
73 |
Residential conceptual design program ongoing |
$8,709,000 |
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. |
$7,927,000 |
Total |
77.5 |
|
$22,698,000 |
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 600,000 square feet of “mixed-use”
development in two phases. See “Stabilized Joint Venture Segment” below for discussion on Phase I and Development Joint
Ventures below for discussion of Phase II. Phases III and IV are slated for office, and hotel/residential buildings, respectively,
all with permitted first floor retail uses.
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. On December 22, 2018, The Town of Hampstead
re-awarded FRP its request for rezoning with a 30-day appeal period. No appeal was filed, therefore, FRP can now move forward with
its residential concept plan. We are fully engaged in the formal process of seeking PUD entitlements for this 118-acre tract in
Hampstead, Maryland, now known as “Hampstead Overlook”.
SQUARE 664E, WASHINGTON, DC: This property
sits on the Anacostia River at the base of South Capitol Street in an area known as Buzzard Point, less than half a mile down river
from our RiverFront on the Anacostia property. The Square 664E property is approximately two 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 years. In July 2018, Audi Field, the home of the DC United professional soccer club, opened its
doors to patrons in Buzzard Point. Under normal circumstances the 20,000 seat stadium hosts 17 home games each year in addition
to other outdoor events. The stadium is separated from our property by 1800 Half Street, the property acquired in a joint venture
between the Company and MRP in December 2019.
The third leg of our Development Segment consists
of investments in joint venture for properties in development as described below:
Development Segment - Investments
in Joint Ventures (in thousands):
|
As of June 30, 2020 |
|
Total |
|
RiverFront |
|
Bryant Street |
|
DST Hickory |
|
1800 Half St. |
|
Greenville/ |
|
Apartment/ |
|
Holdings II, LLC |
|
Partnership |
|
Creek |
|
Partnership |
|
Woodfield |
|
Mixed Use |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
103,602 |
|
|
|
132,932 |
|
|
|
46,106 |
|
|
|
27,603 |
|
|
|
20,845 |
|
|
$ |
331,088 |
|
Cash and cash equivalents |
|
720 |
|
|
|
512 |
|
|
|
1,483 |
|
|
|
8,917 |
|
|
|
21,878 |
|
|
|
33,510 |
|
Unrealized rents & receivables |
|
78 |
|
|
|
95 |
|
|
|
622 |
|
|
|
0 |
|
|
|
0 |
|
|
|
795 |
|
Deferred costs |
|
26 |
|
|
|
14 |
|
|
|
440 |
|
|
|
2,807 |
|
|
|
372 |
|
|
|
3,659 |
|
Total Assets |
$ |
104,426 |
|
|
|
133,553 |
|
|
|
48,651 |
|
|
|
39,327 |
|
|
|
43,095 |
|
|
$ |
369,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
60,252 |
|
|
|
35,770 |
|
|
|
29,268 |
|
|
|
0 |
|
|
|
0 |
|
|
$ |
125,290 |
|
Other liabilities |
|
2,094 |
|
|
|
19,405 |
|
|
|
171 |
|
|
|
392 |
|
|
|
3,213 |
|
|
|
25,275 |
|
Capital - FRP |
|
36,732 |
|
|
|
58,224 |
|
|
|
5,120 |
|
|
|
37,460 |
|
|
|
15,953 |
|
|
|
153,489 |
|
Capital - Third Parties |
|
5,348 |
|
|
|
20,154 |
|
|
|
14,092 |
|
|
|
1,475 |
|
|
|
23,929 |
|
|
|
64,998 |
|
Total Liabilities and Capital |
$ |
104,426 |
|
|
|
133,553 |
|
|
|
48,651 |
|
|
|
39,327 |
|
|
|
43,095 |
|
|
$ |
369,052 |
|
|
As of June 30, 2020 |
|
|
|
Brooksville |
|
BC FRP |
|
|
|
Amber Ridge |
|
Apartment/ |
|
Grand |
|
Quarry, LLC |
|
Realty, LLC |
|
Hyde Park |
|
Loan |
|
Mixed Use |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net. |
$ |
14,290 |
|
|
|
22,187 |
|
|
|
1,214 |
|
|
|
1,183 |
|
|
|
331,088 |
|
|
$ |
369,962 |
|
Cash and cash equivalents |
|
18 |
|
|
|
59 |
|
|
|
0 |
|
|
|
0 |
|
|
|
33,510 |
|
|
|
33,587 |
|
Unrealized rents & receivables |
|
0 |
|
|
|
230 |
|
|
|
0 |
|
|
|
0 |
|
|
|
795 |
|
|
|
1,025 |
|
Deferred costs |
|
2 |
|
|
|
213 |
|
|
|
0 |
|
|
|
0 |
|
|
|
3,659 |
|
|
|
3,874 |
|
Total Assets |
$ |
14,310 |
|
|
|
22,689 |
|
|
|
1,214 |
|
|
|
1,183 |
|
|
|
369,052 |
|
|
$ |
408,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
|
12,130 |
|
|
|
0 |
|
|
|
0 |
|
|
|
125,290 |
|
|
$ |
137,420 |
|
Other liabilities |
|
41 |
|
|
|
105 |
|
|
|
0 |
|
|
|
0 |
|
|
|
25,275 |
|
|
|
25,421 |
|
Capital - FRP |
|
7,476 |
|
|
|
5,227 |
|
|
|
1,214 |
|
|
|
1,183 |
|
|
|
153,489 |
|
|
|
168,589 |
|
Capital - Third Parties |
|
6,793 |
|
|
|
5,227 |
|
|
|
0 |
|
|
|
0 |
|
|
|
64,998 |
|
|
|
77,018 |
|
Total Liabilities and Capital |
$ |
14,310 |
|
|
|
22,689 |
|
|
|
1,214 |
|
|
|
1,183 |
|
|
|
369,052 |
|
|
$ |
408,448 |
|
Brooksville Quarry, LLC.. 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 year ended June 30, 2020 includes a loss of $21,000 representing
the Company’s portion of the loss of this joint venture (not including FRP’s royalty revenues).
BC Realty, LLC (Windlass Run).
In 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. The
project will take place in several phases, with construction of the first phase, which includes two office buildings and two retail
buildings totaling 100,030-square-feet (inclusive of 27,950 retail), commenced in the fourth quarter of 2017 and projected to stabilize
in the fourth quarter of 2020. The start of subsequent phases will follow with the final phase commencing in the 4th quarter of
2024. 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 June 30, 2020 was $12,160,000. Shell
building construction of the two office buildings and two retail buildings in the first phase of our joint venture with St. John
Properties was completed in December 2018.
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. Phase II on the Anacostia known as The Maren is a 250,000-square-foot mixed-use development which supports 264 residential
units and 6,937 SF of retail. 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 all of which was advanced through December 31, 2019. 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
60 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.
Construction began in April 2018, with substantial completion in March 2020, and stabilization (meaning 90% of the individual apartments
are leased and occupied by third party tenants) in late 2021.
Bryant Street Partnerships: On December
24, 2018 the Company and MRP formed four partnerships to purchase and develop approximately five acres of land at 500 Rhode Island
Ave NE, Washington, D.C. This property is the first phase of the Bryant Street Master Plan. The property is located in an Opportunity
Zone, which provides tax benefits in the new communities development program as established by Congress in the Tax Cuts and Jobs
Act of 2017. This first phase is a mixed-use development which supports 487 residential units and 85,681 SF of first floor and
stand-alone retail on approximately five acres of the roughly 12-acre site. The Company contributed cash of $32 million in exchange
for a 61.36% common equity in the partnership. The Company also contributed cash of $23
million as preferred equity financing at 8.0%
interest rate. The Company records interest income for this loan and a loss in equity in joint ventures for our 61.36% equity in
the partnership. On March 13, 2019 the partnerships closed on a construction loan with a group of lenders for up to $132 million
at an interest rate of 2.25% over LIBOR. The loan matures March 13, 2023 with up to two extensions of one year each upon certain
conditions including, for the first, a debt service coverage of at least 1.1 and a loan-to-value that does not exceed 65% and for
the second, a debt service coverage of 1.25 and a maximum loan-to-value of 65%. The Company and MRP guaranteed $26 million of the
loan in exchange for a 1% lower interest rate. The Company and MRP have a side agreement limiting the Company’s guarantee
to its proportionate ownership. The value of the guarantee was calculated at $1.9 million based on the present value of the 1%
interest savings over the anticipated 48-month term. This amount is included as part of the Company’s investment basis and
is amortized to expense over the 48 months. The Company will evaluate the guarantee liability based upon the success of the project
and assuming no payments are made under the guarantee the Company will have a gain for $1.9 million when the loan is paid in full.
Borrower may prepay a portion of the unpaid principal to satisfy such tests. The Company’s equity interest in the joint venture
is accounted for under the equity method of accounting as all the major decisions are shared equally. Construction began in February
2019, with substantial completion estimated in 3rd quarter 2021, and stabilization (meaning 88% of the individual apartments and
retail are leased and occupied by third party tenants) in late 2022.
Hyde Park. On January 27, 2018 the Company
entered into a loan agreement with a Baltimore developer to be the principal capital source of a residential development venture
in Essexshire now known as “Hyde Park.” We have committed up to $3.5 million in exchange for an interest rate of 10%
and a preferred return of 20% after which a “waterfall” determines the split of proceeds from sale. Entitlements for
the development of the property are complete and a homebuilder is under contract to purchase all of the 126 recorded building lots.
The first phase of settlement occurred in May 2020, resulting in a $2.67 million principal and interest payment.
Amber Ridge. On June 26, 2019
the Company entered into a loan agreement with a Baltimore developer to be the principal capital source of a residential development
venture in Prince Georges County, Maryland known as “Amber Ridge.” We have committed up to $18.5 million in exchange
for an interest rate of 10% and a preferred return of 20% after which the Company is also entitled to a portion of proceeds from
sale. This project will hold 187 single-family town homes. We are currently pursuing entitlements and have two homebuilders under
contract to purchase all of the 187 units upon completion of infrastructure development.
1800 Half Street. On December
20, 2019 the Company and MRP formed a joint venture to acquire and develop a mixed-use project located at 1800 Half Street, Washington,
D.C. This property is located in the Buzzard Point area of Washington, DC, less than half a mile downriver from Dock 79 and the
Maren. It lies directly between our two acres on the Anacostia currently under lease by Vulcan and Audi Field, the home stadium
of the DC United. The project is located in an Opportunity Zone, which provides tax benefits in the new communities’ development
program as established by Congress in the Tax Cuts and Jobs Act of 2017. The Company contributed cash of $37.3 million. The land
was acquired in two pieces over first half of 2020. On June 26, 2020 the partnership closed on a construction loan with Truist
Bank for up to $74 million at an interest rate of 2.25% over LIBOR. The loan matures June 26, 2024 with one extension of two years
requiring a .25% fee, paying principal monthly under a 30 year amortization schedule, and meeting a 9.9% debt yield after the first
year. The ten-story structure will have 344 apartments and 11,246 square feet of ground floor retail. The Company’s equity
interest in the joint venture is accounted for under the equity method of accounting as all major decisions are shared equally.
Greenville Partnerships. On December
23, 2019 the Company and Woodfield Development formed a joint venture to develop a mixed-use project in Greenville SC known as
.408 Jackson located across the street from Greenville’s minor league baseball stadium. The project will hold 227 multifamily
units and 4,700 square feet of retail space. It is located in an Opportunity Zone, which provides tax benefits in the new communities’
development program as established by Congress in the Tax Cuts and Jobs Act of 2017. The Company contributed cash of $9.7 million
in exchange for a 40% common equity in the joint venture. The Company’s equity interest in the joint venture is accounted
for under the equity method of accounting through the construction and lease up period. Woodfield personally guaranteed the loan
and will be managing the projects day to day operations. Major decisions for the entity must be made unanimously between both members.
On December 23, 2019 the Company and Woodfield
formed a joint venture to develop a 200-unit multifamily
apartment project located at 1430 Hampton Avenue,
Greenville, SC. The project is located in an Opportunity Zone, which provides tax benefits in the new communities’ development
program as established by Congress in the Tax Cuts and Jobs Act of 2017. The Company contributed $6.2 million in exchange for a
40% common equity in the joint venture. The Company’s equity interest in the joint venture is accounted for under the equity
method of accounting through the construction and lease up period. Woodfield personally guaranteed the loan and will be managing
the projects day to day operations. Major decisions for the entity must be made unanimously between both members.
Stabilized Joint Venture Segment.
Currently the segment includes two stabilized
joint ventures which own, lease and manage buildings. These assets create revenue and cash flows through tenant rental payments,
and reimbursements for building operating costs. The major cash outlays incurred in this segment are for property taxes, full service
maintenance, property management, utilities, marketing and our management.
Dock 79. This first phase of our RiverFront
on The Anacostia project is a joint venture owned by the Company (66%) and our partner, MRP Realty (34%) and is a 305-unit residential
apartment building with approximately 18,000 sq. ft. of first floor retail space. For financial reporting purposes the Company
consolidates this venture as it is considered the primary beneficiary of the Variable Interest Entity. As of June 30, 2020, the
residential units were 90.16% occupied and 92.13% leased, while retail units are 76% leased with just one space remaining.
DST Hickory Creek. In July 2019, the
Company invested $6 million in 1031 proceeds from two sales in 2019 into a Delaware Statutory Trust (DST) known as CS1031 Hickory
Creek Apartments, DST. The Company is 26.649% beneficial owner and receives monthly distributions. The DST owns a 294-unit
garden-style apartment community consisting of 19 three-story apartment buildings containing 273,940 rentable square feet.
The property was constructed in 1984 and substantially renovated in 2016. The property is located in suburban Richmond, Virginia,
providing residents convenient access to some of the largest employment and economic drivers in Metro Richmond, including ten Fortune
1,000 companies. The Company’s equity interest in the trust is accounted for under the cost method of accounting and monthly
distributions net of depreciation are recorded as equity in loss of joint ventures.
Comparative Results of Operations for the Three
months ended June 30, 2020 and 2019
Consolidated Results
(dollars in thousands) |
Three Months Ended June 30, |
|
|
2020 |
|
2019 |
|
Change |
|
% |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
$ |
3,447 |
|
|
$ |
3,730 |
|
|
$ |
(283 |
) |
|
|
-7.6 |
% |
Mining lands lease revenue |
|
2,402 |
|
|
|
2,633 |
|
|
|
(231 |
) |
|
|
-8.8 |
% |
Total Revenues |
|
5,849 |
|
|
|
6,363 |
|
|
|
(514 |
) |
|
|
-8.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation/Depletion/Amortization |
|
1,500 |
|
|
|
1,472 |
|
|
|
28 |
|
|
|
1.9 |
% |
Operating Expenses |
|
781 |
|
|
|
910 |
|
|
|
(129 |
) |
|
|
-14.2 |
% |
Property Taxes |
|
646 |
|
|
|
713 |
|
|
|
(67 |
) |
|
|
-9.4 |
% |
Management company indirect |
|
692 |
|
|
|
610 |
|
|
|
82 |
|
|
|
13.4 |
% |
Corporate Expense |
|
1,026 |
|
|
|
551 |
|
|
|
475 |
|
|
|
86.2 |
% |
Total cost of operations |
|
4,645 |
|
|
|
4,256 |
|
|
|
389 |
|
|
|
9.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit |
|
1,204 |
|
|
|
2,107 |
|
|
|
(903 |
) |
|
|
-42.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income, including realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of $134 and $328 |
|
2,110 |
|
|
|
1,984 |
|
|
|
126 |
|
|
|
6.4 |
% |
Interest Expense |
|
(45 |
) |
|
|
(272 |
) |
|
|
227 |
|
|
|
-83.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in loss of joint ventures |
|
(1,343 |
) |
|
|
(272 |
) |
|
|
(1,071 |
) |
|
|
393.8 |
% |
Gain on sale of real estate |
|
3,589 |
|
|
|
536 |
|
|
|
3,053 |
|
|
|
569.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
5,515 |
|
|
|
4,083 |
|
|
|
1,432 |
|
|
|
35.1 |
% |
Provision for income taxes |
|
1,538 |
|
|
|
1,131 |
|
|
|
407 |
|
|
|
36.0 |
% |
Income from continuing operations |
|
3,977 |
|
|
|
2,952 |
|
|
|
1,025 |
|
|
|
34.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations, net |
|
— |
|
|
|
6,776 |
|
|
|
(6,776 |
) |
|
|
-100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
3,977 |
|
|
|
9,728 |
|
|
|
(5,751 |
) |
|
|
-59.1 |
% |
Loss attributable to noncontrolling interest |
|
(172 |
) |
|
|
(97 |
) |
|
|
(75 |
) |
|
|
77.3 |
% |
Net income attributable to the Company |
$ |
4,149 |
|
|
$ |
9,825 |
|
|
$ |
(5,676 |
) |
|
|
-57.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the second quarter of 2020 was
$4,149,000 or $.43 per share versus $9,825,000 or $.99 per share in the same period last year. The second quarter of 2020 was impacted
by the following items:
- Corporate expense stock compensation of $570,000
compared to $28,000 in the same period last year due the timing of stock grants.
- Interest expense decreased $227,000 as we
capitalized more interest on our joint venture construction projects.
- Loss on joint ventures increased $1,071,000
primarily due to our share of the Bryant Street preferred interest, $118,000 amortization of guarantee liability related to the
Bryant Street loan, $809,000 operating loss at the Maren due to pre-leasing efforts, partially offset by interest income generated
in our opportunity zone investments prior to the funds being deployed.
- Gain on sale of $3,589,000 from the sale of
the three remaining lots at our Lakeside Business Park and our Gulf Hammock Property compared to $536,000 in the same period last
year
Income from discontinued operations for the
second quarter of 2019 was $6,776,000 or $.68 per share and included the sale of our property at 1502 Quarry Drive for $11.7 million.
This asset was excluded from the original sale due to the tenant potentially exercising its right of first refusal to purchase
the property. The second quarter of 2019 included a $328,000 realized gain on the sale of bonds.
Asset Management Segment Results
|
|
Three months ended June 30 |
|
|
|
|
(dollars in thousands) |
|
2020 |
|
% |
|
2019 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
716 |
|
|
|
100.0 |
% |
|
|
662 |
|
|
|
100.0 |
% |
|
|
54 |
|
|
|
8.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
200 |
|
|
|
27.9 |
% |
|
|
196 |
|
|
|
29.6 |
% |
|
|
4 |
|
|
|
2.0 |
% |
Operating expenses |
|
|
96 |
|
|
|
13.4 |
% |
|
|
175 |
|
|
|
26.5 |
% |
|
|
(79 |
) |
|
|
-45.1 |
% |
Property taxes |
|
|
(24 |
) |
|
|
-3.3 |
% |
|
|
90 |
|
|
|
13.6 |
% |
|
|
(114 |
) |
|
|
-126.7 |
% |
Management company indirect |
|
|
121 |
|
|
|
16.9 |
% |
|
|
73 |
|
|
|
11.0 |
% |
|
|
48 |
|
|
|
65.8 |
% |
Corporate expense |
|
|
265 |
|
|
|
37.0 |
% |
|
|
139 |
|
|
|
21.0 |
% |
|
|
126 |
|
|
|
90.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
658 |
|
|
|
91.9 |
% |
|
|
673 |
|
|
|
101.7 |
% |
|
|
(15 |
) |
|
|
-2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
58 |
|
|
|
-8.1 |
% |
|
|
(11 |
) |
|
|
-1.7 |
% |
|
|
69 |
|
|
|
-627.3 |
% |
Most of the Asset Management Segment was reclassified
to discontinued operations leaving two commercial properties as well as Cranberry Run, which we purchased in the first quarter
of 2019, and 1801 62nd Street which joined this segment on April 1 of 2019. Cranberry Run is a five-building industrial
park in Harford County, MD
totaling 268,010 square feet of industrial/
flex space and at quarter end was 71.9% leased and occupied. 1801 62nd Street is our most recent spec building in Hollander
Business Park and is our first warehouse with a 32-foot clear-height ceiling. We completed construction on this building in 2019
and it is now 100% leased and occupied. Total revenues in this segment were $716,000, up $54,000 or 8.2%, over the same period
last year. Operating profit was $58,000, up $69,000 from an operating loss of $11,000 in the same quarter last year due to 1801
62nd St being fully leased and occupied, improved leasing at Cranberry offset by the sale of 7030 Dorsey Road in June
2019.
Mining Royalty Lands Segment Results
|
|
Three months ended June 30 |
|
|
|
|
(dollars in thousands) |
|
2020 |
|
% |
|
2019 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining lands lease revenue |
|
$ |
2,402 |
|
|
|
100.0 |
% |
|
|
2,633 |
|
|
|
100.0 |
% |
|
|
(231 |
) |
|
|
-8.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
62 |
|
|
|
2.6 |
% |
|
|
42 |
|
|
|
1.6 |
% |
|
|
20 |
|
|
|
47.6 |
% |
Operating expenses |
|
|
14 |
|
|
|
0.6 |
% |
|
|
15 |
|
|
|
0.6 |
% |
|
|
(1 |
) |
|
|
-6.7 |
% |
Property taxes |
|
|
65 |
|
|
|
2.7 |
% |
|
|
69 |
|
|
|
2.6 |
% |
|
|
(4 |
) |
|
|
-5.8 |
% |
Management company indirect |
|
|
67 |
|
|
|
2.8 |
% |
|
|
49 |
|
|
|
1.8 |
% |
|
|
18 |
|
|
|
36.7 |
% |
Corporate expense |
|
|
84 |
|
|
|
3.5 |
% |
|
|
36 |
|
|
|
1.4 |
% |
|
|
48 |
|
|
|
133.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
292 |
|
|
|
12.2 |
% |
|
|
211 |
|
|
|
8.0 |
% |
|
|
81 |
|
|
|
38.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
2,110 |
|
|
|
87.8 |
% |
|
|
2,422 |
|
|
|
92.0 |
% |
|
|
(312 |
) |
|
|
-12.9 |
% |
Total revenues in this segment were $2,402,000
versus $2,633,000 in the same period last year. Total operating profit in this segment was $2,110,000, a decrease of $312,000 versus
$2,422,000 in the same period last year. The primary reason for the decrease is that we are no longer receiving double minimums
at our Lake Louisa property, because our tenant, Cemex, received its final permit to begin mining the property in July 2019.
Development Segment Results
|
|
Three months ended June 30 |
|
(dollars in thousands) |
|
2020 |
|
2019 |
|
Change |
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
279 |
|
|
|
316 |
|
|
|
(37 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
53 |
|
|
|
49 |
|
|
|
4 |
|
|
Operating expenses |
|
|
144 |
|
|
|
95 |
|
|
|
49 |
|
|
Property taxes |
|
|
330 |
|
|
|
295 |
|
|
|
35 |
|
|
Management company indirect |
|
|
455 |
|
|
|
442 |
|
|
|
13 |
|
|
Corporate expense |
|
|
617 |
|
|
|
341 |
|
|
|
276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
1,599 |
|
|
|
1,222 |
|
|
|
377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(1,320 |
) |
|
|
(906 |
) |
|
|
(414 |
) |
|
The Development 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:
- PUD entitlements for our 118-acre tract in
Hampstead, Maryland, now known as “Hampstead Overlook,” are ongoing. Hampstead Overlook received Concept Plan
approval from the Town of Hampstead for 164 single and 91 town home residential units in February 2020, and the project is currently
under Preliminary Plan review with the governing agencies.
- We are currently pursuing permit entitlements
for two industrial buildings at Hollander Business Park totaling 145,750 square feet. Construction is anticipated to begin
the third quarter of 2020 with shell completion in the third quarter of 2021.
- We finished shell building construction in
December 2018 on the two office buildings in the first phase of our joint venture with St. John Properties. Shell building
construction of the two retail buildings was completed in January 2019. We are now in the process of leasing these four single-story
buildings totaling 100,030 square feet of office and retail space. At quarter end, Phase I was 44% leased and occupied.
- We are the principal capital source of a residential
development venture in Baltimore County, Maryland known as “Hyde Park.” We have committed up to $3.5 million
in exchange for an interest rate of 10% and a preferred return of 20% after which a “waterfall” determines the split
of proceeds from sale. Entitlements for the development of the property are complete, and a homebuilder is under contract
to purchase all of the 126 recorded building lots. The first phase of settlement occurred in May 2020, resulting in a $2.67M principal
and interest payment.
- We are the principal capital source of a residential
development venture in Prince George’s County, Maryland known as “Amber Ridge.” We have committed up to
$18.5 million in exchange for an interest rate of 10% and a preferred return of 20% after which a “waterfall” determines
the split of proceeds from sale. Amber Ridge will hold 187 town homes. We are currently pursuing entitlements and have
two homebuilders under contract to purchase all 187 units upon completion of development infrastructure.
- In April 2018, we began construction on Phase II of our RiverFront
on the Anacostia project, now known as “The Maren.” The 14-story project will have 264 units and 6,937 square feet
of ground floor retail and was 98% complete at quarter end. Lease-up commenced in earnest in the second week of March. At the end
of the quarter, the Maren was 45% leased, and 23% occupied.
- In December 2018, the Company entered 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.” The project is comprised of four buildings,
with 487 units and 85,681 square feet of retail. FRP contributed $32 million for common equity and another $23 million for
preferred equity to the joint venture. Construction began in February 2019 and as of the end of the quarter was 67% complete.
Bryant Street is currently on time, within budget, and expected to be complete in the fourth quarter of 2021, with the first of
the four buildings delivering in the fourth quarter of 2020. This project is located in an opportunity zone and has allowed
us to defer $14.9 million in taxes associated with the sale of our industrial assets.
- In December 2019, the Company entered into
a joint venture agreement with MRP for the development of a mixed-use project known as “1800 Half Street.” The development
is located in the Buzzard Point area of Washington, DC, less than half a mile downriver from Dock 79 and the Maren. It lies directly
between our two acres on the Anacostia, currently under lease by Vulcan, and Audi Field, the home stadium of the DC United. The
10-story structure will have 344 apartments and 11,246 square feet of ground floor retail. FRP contributed $37.3 million in common
equity. The project is a qualified opportunity zone investment and will defer just over $10 million in taxes associated with the
sale of our industrial assets. In June 2020, we closed on a $74 million construction loan, and we anticipate starting construction
during the third quarter of this year.
- In December 2019, the company entered into
two joint ventures in Greenville, SC with a new partner, Woodfield Development. Woodfield specializes in Class-A multi-family,
mixed use developments primarily in the Carolinas and DC. Our first joint venture with them is a 200-unit multifamily project known
as “Riverside.” FRP contributed $6.2 million in common equity for a 40% ownership interest. Construction began in February
2020 and should be complete in the third quarter of 2021. The second joint venture in Greenville with Woodfield is a 227-unit multifamily
development known as “.408 Jackson.” It will have 4,700 square feet of retail and is located across the street from
Greenville’s minor league baseball stadium. FRP contributed $9.7 million in common equity for a 40% ownership interest. Construction
began in May 2020 and should be complete in the second quarter of 2022. Both projects are qualified opportunity investments and
will defer a combined $4.3 million in taxes.
Stabilized Joint Venture Segment Results
|
|
Three months ended June 30 |
|
|
|
|
(dollars in thousands) |
|
2020 |
|
% |
|
2019 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
2,452 |
|
|
|
100.0 |
% |
|
|
2,752 |
|
|
|
100.0 |
% |
|
|
(300 |
) |
|
|
-10.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
1,185 |
|
|
|
48.3 |
% |
|
|
1,185 |
|
|
|
43.0 |
% |
|
|
— |
|
|
|
0.0 |
% |
Operating expenses |
|
|
527 |
|
|
|
21.5 |
% |
|
|
625 |
|
|
|
22.7 |
% |
|
|
(98 |
) |
|
|
-15.7 |
% |
Property taxes |
|
|
275 |
|
|
|
11.2 |
% |
|
|
259 |
|
|
|
9.4 |
% |
|
|
16 |
|
|
|
6.2 |
% |
Management company indirect |
|
|
49 |
|
|
|
2.0 |
% |
|
|
46 |
|
|
|
1.7 |
% |
|
|
3 |
|
|
|
6.5 |
% |
Corporate expense |
|
|
60 |
|
|
|
2.5 |
% |
|
|
35 |
|
|
|
1.3 |
% |
|
|
25 |
|
|
|
71.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
2,096 |
|
|
|
85.5 |
% |
|
|
2,150 |
|
|
|
78.1 |
% |
|
|
(54 |
) |
|
|
-2.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
356 |
|
|
|
14.5 |
% |
|
|
602 |
|
|
|
21.9 |
% |
|
|
(246 |
) |
|
|
-40.9 |
% |
Dock 79’s average occupancy for the quarter
was 91.50%, and at the end of the quarter, Dock 79 was 92.13% leased and 90.16% occupied. This quarter, 62.30% of expiring leases
renewed with no increase in rent due to the mandated rent freeze on renewals in DC. Net Operating Income this quarter for this
segment was $1,654,000, down $213,000 or 11.41% compared to the same quarter last year. Dock 79 is a joint venture between the
Company and MRP, in which FRP Holdings, Inc. is the majority partner with 66% ownership.
In July 2019, the Company completed a like-kind
exchange by reinvesting $6,000,000 into a Delaware Statutory Trust (DST) known as CS1031 Hickory Creek DST. The DST owns a 294-unit
garden-style apartment community known as Hickory Creek consisting of 19 three-story apartment buildings containing 273,940 rentable
square feet. Hickory Creek was constructed in 1984 and substantially renovated in 2016 and is located in suburban Richmond,
Virginia. The Company is 26.649% beneficial owner and receives monthly distributions. Second quarter distributions were $85,000.
The project is a qualified 1031 like-kind exchange investment and will defer $790,000 in taxes associated with the sales of 7030
Dorsey Road and 1502 Quarry Drive.
Comparative Results of Operations for the Six months
ended June 30, 2020 and 2019
Consolidated Results
(dollars in thousands) |
Six Months Ended June 30, |
|
2020 |
|
2019 |
|
Change |
|
% |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
$ |
7,045 |
|
|
$ |
7,215 |
|
|
$ |
(170 |
) |
|
|
-2.4 |
% |
|
Mining lands lease revenue |
|
4,587 |
|
|
|
4,862 |
|
|
|
(275 |
) |
|
|
-5.7 |
% |
|
Total Revenues |
|
11,632 |
|
|
|
12,077 |
|
|
|
(445 |
) |
|
|
-3.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation/Depletion/Amortization |
|
2,968 |
|
|
|
2,959 |
|
|
|
9 |
|
|
|
0.3 |
% |
|
Operating Expenses |
|
1,706 |
|
|
|
1,792 |
|
|
|
(86 |
) |
|
|
-4.8 |
% |
|
Property Taxes |
|
1,383 |
|
|
|
1,466 |
|
|
|
(83 |
) |
|
|
-5.7 |
% |
|
Management company indirect |
|
1,364 |
|
|
|
1,202 |
|
|
|
162 |
|
|
|
13.5 |
% |
|
Corporate Expense |
|
2,213 |
|
|
|
1,196 |
|
|
|
1,017 |
|
|
|
85.0 |
% |
|
Total cost of operations |
|
9,634 |
|
|
|
8,615 |
|
|
|
1,019 |
|
|
|
11.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit |
|
1,998 |
|
|
|
3,462 |
|
|
|
(1,464 |
) |
|
|
-42.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income, including realized gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of $242 and $447 |
|
4,101 |
|
|
|
3,794 |
|
|
|
307 |
|
|
|
8.1 |
% |
|
Interest Expense |
|
(96 |
) |
|
|
(860 |
) |
|
|
764 |
|
|
|
-88.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in loss of joint ventures |
|
(1,985 |
) |
|
|
(536 |
) |
|
|
(1,449 |
) |
|
|
270.3 |
% |
Gain on real estate investments |
|
3,597 |
|
|
|
536 |
|
|
|
3,061 |
|
|
|
571.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
7,615 |
|
|
|
6,396 |
|
|
|
1,219 |
|
|
|
19.1 |
% |
Provision for (benefit from) income taxes |
|
2,139 |
|
|
|
1,803 |
|
|
|
336 |
|
|
|
18.6 |
% |
Income (loss) from continuing operations |
|
5,476 |
|
|
|
4,593 |
|
|
|
883 |
|
|
|
19.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations, net |
|
— |
|
|
|
6,862 |
|
|
|
(6,862 |
) |
|
|
-100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
5,476 |
|
|
|
11,455 |
|
|
|
(5,979 |
) |
|
|
-52.2 |
% |
Loss attributable to noncontrolling interest |
|
(291 |
) |
|
|
(268 |
) |
|
|
(23 |
) |
|
|
8.6 |
% |
Net income attributable to the Company |
$ |
5,767 |
|
|
$ |
11,723 |
|
|
$ |
(5,956 |
) |
|
|
-50.8 |
%` |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for first half of 2020 was $5,767,000
or $.59 per share versus $11,723,000 or $1.17 per share in the same period last year. Income from discontinued operations for the
first half of 2019 was $6,862,000 or $.69 per share. Income from continuing operations increased $883,000 or 19% and was impacted
by the following items:
- Corporate expense stock compensation of $1,171,000
compared to $57,000 in the same period last year due the timing of stock grants.
- Interest expense decreased $764,000 as we
capitalized more interest on our joint venture construction projects.
- Loss on joint ventures increased $1,449,000
primarily due to our share of the Bryant Street preferred interest, $236,000 amortization of guarantee liability related to the
Bryant Street loan, $992,000 operating loss at the Maren due to pre-leasing efforts, partially offset by interest income generated
in our opportunity zone investments prior to the funds being deployed.
- Gain on sale of $3,597,000 from the sale of
the three remaining lots at our Lakeside Business Park and our Gulf Hammock Property compared to $536,000 in the same period last
year
Asset Management Segment Results
|
|
Six months ended June 30 |
|
|
|
|
(dollars in thousands) |
|
2020 |
|
% |
|
2019 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
1,368 |
|
|
|
100.0 |
% |
|
|
1,303 |
|
|
|
100.0 |
% |
|
|
65 |
|
|
|
5.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
392 |
|
|
|
28.6 |
% |
|
|
373 |
|
|
|
28.6 |
% |
|
|
19 |
|
|
|
5.1 |
% |
Operating expenses |
|
|
193 |
|
|
|
14.1 |
% |
|
|
384 |
|
|
|
29.5 |
% |
|
|
(191 |
) |
|
|
-49.7 |
% |
Property taxes |
|
|
48 |
|
|
|
3.5 |
% |
|
|
146 |
|
|
|
11.2 |
% |
|
|
(98 |
) |
|
|
-67.1 |
% |
Management company indirect |
|
|
235 |
|
|
|
17.2 |
% |
|
|
175 |
|
|
|
13.4 |
% |
|
|
60 |
|
|
|
34.3 |
% |
Corporate expense |
|
|
573 |
|
|
|
41.9 |
% |
|
|
302 |
|
|
|
23.2 |
% |
|
|
271 |
|
|
|
89.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
1,441 |
|
|
|
105.3 |
% |
|
|
1,380 |
|
|
|
105.9 |
% |
|
|
61 |
|
|
|
4.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
(73 |
) |
|
|
-5.3 |
% |
|
|
(77 |
) |
|
|
-5.9 |
% |
|
|
4 |
|
|
|
-5.2 |
% |
Most of the Asset Management Segment was reclassified
to discontinued operations leaving two commercial properties as well as Cranberry Run, which we purchased in the first quarter
of 2019, and 1801 62nd Street which joined this segment on April 1 of 2019. Cranberry Run is a five-building industrial
park in Harford County, MD totaling 268,010 square feet of industrial/ flex space and at quarter end was 71.9% leased and occupied.
1801 62nd Street is our most recent spec building in Hollander Business Park and is our first warehouse with a 32-foot
clear-
height ceiling. We completed construction on
this building in 2019 and it is now 100% leased and occupied. Total revenues in this segment were $1,368,000, up $65,000 or 5.0%,
over the same period last year. Operating loss was $73,000, down $4,000 from an operating loss of $77,000 in the same period last
year due to higher allocation of corporate expenses.
Mining Royalty Lands Segment Results
|
|
Six months ended June 30 |
|
|
|
|
(dollars in thousands) |
|
2020 |
|
% |
|
2019 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining lands lease revenue |
|
$ |
4,587 |
|
|
|
100.0 |
% |
|
|
4,862 |
|
|
|
100.0 |
% |
|
|
(275 |
) |
|
|
-5.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
100 |
|
|
|
2.2 |
% |
|
|
94 |
|
|
|
1.9 |
% |
|
|
6 |
|
|
|
6.4 |
% |
Operating expenses |
|
|
27 |
|
|
|
0.6 |
% |
|
|
31 |
|
|
|
0.7 |
% |
|
|
(4 |
) |
|
|
-12.9 |
% |
Property taxes |
|
|
132 |
|
|
|
2.9 |
% |
|
|
137 |
|
|
|
2.8 |
% |
|
|
(5 |
) |
|
|
-3.6 |
% |
Management company indirect |
|
|
133 |
|
|
|
2.9 |
% |
|
|
98 |
|
|
|
2.0 |
% |
|
|
35 |
|
|
|
35.7 |
% |
Corporate expense |
|
|
181 |
|
|
|
3.9 |
% |
|
|
79 |
|
|
|
1.6 |
% |
|
|
102 |
|
|
|
129.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
573 |
|
|
|
12.5 |
% |
|
|
439 |
|
|
|
9.0 |
% |
|
|
134 |
|
|
|
30.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
4,014 |
|
|
|
87.5 |
% |
|
|
4,423 |
|
|
|
91.0 |
% |
|
|
(409 |
) |
|
|
-9.2 |
% |
Total revenues in this segment were $4,587,000
versus $4,862,000 in the same period last year. Total operating profit in this segment was $4,014,000, a decrease of $409,000 versus
$4,423,000 in the same period last year. The primary reason for this decrease is that we are no longer receiving double minimums
at our Lake Louisa property, because our tenant, Cemex, received its final permit to begin mining the property in July 2019.
Development Segment Results
|
|
Six months ended June 30 |
|
(dollars in thousands) |
|
2020 |
|
2019 |
|
Change |
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
572 |
|
|
|
585 |
|
|
|
(13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
107 |
|
|
|
107 |
|
|
|
— |
|
|
Operating expenses |
|
|
353 |
|
|
|
141 |
|
|
|
212 |
|
|
Property taxes |
|
|
689 |
|
|
|
618 |
|
|
|
71 |
|
|
Management company indirect |
|
|
900 |
|
|
|
837 |
|
|
|
63 |
|
|
Corporate expense |
|
|
1,329 |
|
|
|
740 |
|
|
|
589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
3,378 |
|
|
|
2,443 |
|
|
|
935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(2,806 |
) |
|
|
(1,858 |
) |
|
|
(948 |
) |
|
The Development 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.
Stabilized Joint Venture Segment Results
|
|
Six months ended June 30 |
|
|
|
|
(dollars in thousands) |
|
2020 |
|
% |
|
2019 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
5,105 |
|
|
|
100.0 |
% |
|
|
5,327 |
|
|
|
100.0 |
% |
|
|
(222 |
) |
|
|
-4.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
2,369 |
|
|
|
46.4 |
% |
|
|
2,385 |
|
|
|
44.8 |
% |
|
|
(16 |
) |
|
|
-0.7 |
% |
Operating expenses |
|
|
1,133 |
|
|
|
22.2 |
% |
|
|
1,236 |
|
|
|
23.2 |
% |
|
|
(103 |
) |
|
|
-8.3 |
% |
Property taxes |
|
|
514 |
|
|
|
10.1 |
% |
|
|
565 |
|
|
|
10.6 |
% |
|
|
(51 |
) |
|
|
-9.0 |
% |
Management company indirect |
|
|
96 |
|
|
|
1.9 |
% |
|
|
92 |
|
|
|
1.7 |
% |
|
|
4 |
|
|
|
4.3 |
% |
Corporate expense |
|
|
130 |
|
|
|
2.5 |
% |
|
|
75 |
|
|
|
1.4 |
% |
|
|
55 |
|
|
|
73.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
4,242 |
|
|
|
83.1 |
% |
|
|
4,353 |
|
|
|
81.7 |
% |
|
|
(111 |
) |
|
|
-2.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
863 |
|
|
|
16.9 |
% |
|
|
974 |
|
|
|
18.3 |
% |
|
|
(111 |
) |
|
|
-11.4 |
% |
Dock 79’s average occupancy for the first
six months was 92.56%, and at the end of the second quarter, Dock 79 was 92.13% leased and 90.16% occupied. For the first six months,
58.33% of expiring leases renewed with an average increase in rent on those renewals of 0.60% due to the mandated rent freeze on
renewals that went into effect in March. Net Operating Income for this segment was $3,466,000, down $31,000 or .9% compared to
the same period last year. Dock 79 is a joint venture between the Company and MRP, in which FRP Holdings, Inc. is the majority
partner with 66% ownership.
Distributions for Hickory Creek were $168,000
for the first six months. The project is a qualified 1031 like-kind exchange investment in a Delaware Statutory Trust of which
the Company is a 26.659% beneficial owner.
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 June 30, 2020, we had $34,481,000 of cash and cash equivalents along
with $130,058,000 of investments available for sale. As of June 30, 2020, we had no debt borrowed under our $20 million Wells Fargo
revolver, $411,000 outstanding under letters of credit and $19,589,000 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):
|
|
Six months |
|
|
|
Ended June 30, |
|
|
|
2020 |
|
2019 |
|
Total cash provided by (used for): |
|
|
|
|
|
|
Operating activities |
$ |
9,110 |
|
|
8,161 |
|
Investing activities |
|
7,787 |
|
|
31,138 |
|
Financing activities |
|
(12,762 |
) |
|
(5,677 |
) |
Increase (decrease) in cash and cash equivalents |
$ |
4,135 |
|
|
33,622 |
|
|
|
|
|
|
|
|
Outstanding debt at the beginning of the period |
$ |
88,925 |
|
|
88,789 |
|
Outstanding debt at the end of the period |
$ |
88,993 |
|
|
88,857 |
|
Operating Activities - Net cash provided
by operating activities for the six months ended June 30, 2020 was $9,110,000 versus $8,161,000 in the same period last year. Net
cash used in operating activities of discontinued operations for the six months ended June 30, 2019 was $2,441,000.
Investing Activities - Net cash provided
by investing activities for the six months ended June 30, 2020 was $7,787,000 versus $31,138,000 in the same period last year.
The decrease was due primarily to the proceeds on the sale investments available for sale offset by the purchase of investments
available for sale, while the prior year included the acquisition of Cranberry Business Park, and the preferred equity contribution
to the RiverFront Holdings II joint venture.
At June 30, 2020 the Company was
invested in 59 corporate bonds with individual maturities ranging from 2020 through 2022. The unrealized gain on these bonds of
$1,584,000 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 Company recorded a realized gain of $242,000 in its net investment income related to bonds that were sold
in 2020.
Financing Activities – Net cash
used in investing activities was $12,762,000 versus $5,677,000 in the same period last year due primarily due to the increased
purchase of company stock in the six months ended June 30, 2020.
Credit Facilities - On February
6, 2019 the Company entered into a First Amendment to the 2015 Credit Agreement (the "Credit Agreement") with Wells Fargo
Bank, N.A. (Wells Fargo”), effective February 6, 2019. The Credit Agreement modifies the Company’s prior Credit Agreement
with Wells Fargo, dated January 30, 2015. The Credit Agreement establishes a five-year revolving credit facility (“Revolver”)
with a maximum facility amount of $20 million. The interest rate under the Credit Agreement will be a maximum of 1.50% over LIBOR,
which may be reduced quarterly to 1.25% or 1.0% over LIBOR if the Company meets a specified ratio of consolidated total debt to
consolidated total capital. A commitment fee of 0.25% per annum is payable quarterly on the unused portion of the commitment but
the amount may be reduced to 0.20% or 0.15% if the Company meets a specified ratio of consolidated total debt to consolidated total
capital. The credit agreement contains certain conditions and financial covenants, including a minimum tangible net worth and dividend
restriction. As of June 30, 2020, these covenants would have limited our ability to pay dividends to a maximum of $219 million
combined.
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 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. 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. On May 6, 2020, the Board of Directors approved a $10,000,000 increase in the Company’s stock repurchase
authorization. As of June 30, 2020, $8,585,000 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
capital expenditures for the remainder of 2020 to include approximately $37.8 million for real estate development including investments
in joint ventures, which will be funded mostly out of cash and investments on hand, cash generated from operations and property
sales, or borrowings under our credit facilities.
Impact of the COVID-19 Pandemic. The
COVID-19 pandemic is having an extraordinary impact on the world economy and the markets in which we operate. As an essential business,
we have continued to operate throughout the pandemic in accordance with White House guidance and orders issued by state and local
authorities. We have implemented social distancing and other measures to protect the health of our employees and customers. While
we recognize the importance of social distancing, stay at home and telework measures to protect human health, these measures will
adversely affect our retail tenants as long as they remain in place. We are negotiating with our retail tenants on rent abatements
and cash flow adjustments that will adversely affect our NOI. We anticipate that the pandemic will continue to have negative impacts
on the overall economy that is likely to have a negative impact on many of our tenants. During this period, we will continue to
fulfill our duty to operate while managing our business in a prudent fashion.
Summary and Outlook. This is the first
quarter where the Company had to reckon with the full effects of COVID-19, and the ensuing economic shutdown and effects associated
with it. Beyond the internal practical issues of working from home, ensuring the safety of our employees and tenants, running a
shareholder and board meeting virtually, there were the larger issues of rent freezes at Dock 79, the lease-up of the Maren during
a pandemic, and general uncertainty on how this would affect our tenants, construction, and our royalties business. The fallout
from this extraordinary situation has been mixed. Even in midst of the pandemic, we were able to sell our three remaining lots
at Lakeside Business Park for $3.75 million, and our Gulf Hammock property for $2.51 million. Royalties are down compared to last
year, though how much of it is COVID-related is debatable at this point. Some locations are down compared to 2019, while others
doing markedly better than last year. The bulk of the decrease can be attributed to no longer receiving double minimums at Lake
Louisa. Even with the decreases, our outlook in the short and long term remains positive regarding this segment. Our annualized
revenue ($9,174,000) and revenue for the last twelve months ($9,163,000) would still be the second-best year in the history of
this segment.
We have been fortunate that none of the local
governments where we currently have projects under development have halted construction. We have had problems getting our certificates
of occupancy on the final floors of the Maren, simply because local restrictions have made it difficult to get the inspectors on
site. Beyond the economic headwinds caused by the pandemic, there are the necessary but still problematic logistical issues with
trying to lease up a building during this unusual situation—virtual tours, an inability to showcase the property with events,
no baseball etc. Even with all that, we signed 91 leases this quarter, including 44 in May. At quarter end, the Maren was 45% leased
and 23% occupied, putting us well ahead of schedule on lease-up. The building itself is very close to the finish line in terms
of completion. We have conditional certificates of occupancy in place for all floors with actual units in them. All that remains
are the certificates of occupancy for the amenity spaces along with the final certificate of occupancy for the building itself.
Dock 79 remains a source of some concern. The
rent freeze on renewals will be in effect at least until October. Because our apartments come up for renewal two months prior to
the end of the lease, an October end to the rent freeze with a 60-day tail means that there will more than likely be no increases
on renewals for the rest of the year. A shortened baseball season without fans compounds a difficult situation for our retail tenants
and consequently Dock 79. However, all three businesses have been able to resume operating to the extent that they can. Two of
our tenants were able to resume paying rent in June. We are still working with all three on a payment plan for the back rent. During
a pandemic, during the construction of the Maren next door, without baseball, occupancy remains above 90% at quarter end.
Industrial remains strong as an asset class.
We had no issues with tenants paying rent and do not expect to. We had some concerns regarding our office tenants, but every tenant
is currently paying rent and the only issue we had with back rent is one tenant who owes $6,500 for the month of April.
We issued our first quarter earnings and consequently
our outlook during a period of heightened concern and uncertainty. This company along with our country and the entire world was
struggling to comprehend the immediate and long-term effects of something none of us had any familiarity with. It would be inaccurate
to suggest that we are any less concerned or any more certain than we were three months ago. We have not seen the end of COVID-19
nor its effects, but we have at least seen how our business responds to it. This quarter could have gone any number of ways, and
thankfully, we have more good things to report than bad, more cause for confidence than unease. A conservative balance sheet and
substantial cash reserves are one reason for our confidence. However, we believe strongly in our business and its assets which
is why we continue to put money back into the company in the form of share buybacks. During the first six months of 2020, the Company
repurchased 298,303 shares at an average cost of $41.41 per share.
Finally, subsequent to the end of the quarter,
on July 31, the Company sold its warehouse at 1801 62nd Street in Hollander Business Park for $12.3 million. This 94,350 square-foot
warehouse came on line in second quarter of 2019, was fully leased and occupied in the fourth quarter of 2019, and was our first
building with a 32-foot clear. The decision to sell was in keeping with a departure from our previous “develop and hold”
business model. The sale resulted in a gain of $3.8 million before taxes and the proceeds were placed in a 1031 exchange fund.
Non-GAAP Financial Measure.
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 |
|
|
|
|
|
|
|
|
|
|
|
Six months ended 06/30/20 (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized |
|
|
|
|
|
|
|
Asset |
|
|
|
Joint |
|
Mining |
|
Unallocated |
|
FRP |
|
Management |
|
Development |
|
Venture |
|
Royalties |
|
Corporate |
|
Holdings |
|
Segment |
|
Segment |
|
Segment |
|
Segment |
|
Expenses |
|
Totals |
Income (loss) from continuing operations |
|
(47 |
) |
|
|
(739 |
) |
|
|
622 |
|
|
|
4,162 |
|
|
|
1,478 |
|
|
|
5,476 |
|
Income Tax Allocation |
|
(18 |
) |
|
|
(274 |
) |
|
|
338 |
|
|
|
1,543 |
|
|
|
550 |
|
|
|
2,139 |
|
Income (loss) from continuing operations before income taxes |
|
(65 |
) |
|
|
(1,013 |
) |
|
|
960 |
|
|
|
5,705 |
|
|
|
2,028 |
|
|
|
7,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in profit of Joint Ventures |
|
— |
|
|
|
— |
|
|
|
168 |
|
|
|
— |
|
|
|
— |
|
|
|
168 |
|
Gains on sale of buildings |
|
8 |
|
|
|
1,877 |
|
|
|
— |
|
|
|
1,712 |
|
|
|
— |
|
|
|
3,597 |
|
Unrealized rents |
|
114 |
|
|
|
— |
|
|
|
— |
|
|
|
121 |
|
|
|
— |
|
|
|
235 |
|
Interest income |
|
— |
|
|
|
2,048 |
|
|
|
— |
|
|
|
— |
|
|
|
2,053 |
|
|
|
4,101 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
— |
|
|
|
— |
|
|
|
8 |
|
|
|
— |
|
|
|
— |
|
|
|
8 |
|
Equity in loss of Joint Venture |
|
— |
|
|
|
2,132 |
|
|
|
— |
|
|
|
21 |
|
|
|
— |
|
|
|
2,153 |
|
Interest Expense |
|
— |
|
|
|
— |
|
|
|
71 |
|
|
|
— |
|
|
|
25 |
|
|
|
96 |
|
Depreciation/Amortization |
|
392 |
|
|
|
107 |
|
|
|
2,369 |
|
|
|
100 |
|
|
|
— |
|
|
|
2,968 |
|
Management Co. Indirect |
|
235 |
|
|
|
900 |
|
|
|
96 |
|
|
|
133 |
|
|
|
— |
|
|
|
1,364 |
|
Allocated Corporate Expenses |
|
573 |
|
|
|
1,329 |
|
|
|
130 |
|
|
|
181 |
|
|
|
— |
|
|
|
2,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income (loss) |
|
1,013 |
|
|
|
(470 |
) |
|
|
3,466 |
|
|
|
4,307 |
|
|
|
— |
|
|
|
1,998 |
|
Net Operating Income Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Six months ended 06/30/19 (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized |
|
|
|
|
|
|
|
Asset |
|
|
|
Joint |
|
Mining |
|
Unallocated |
|
FRP |
|
Management |
|
Development |
|
Venture |
|
Royalties |
|
Corporate |
|
Holdings |
|
Segment |
|
Segment |
|
Segment |
|
Segment |
|
Expenses |
|
Totals |
Income (loss) from continuing operations |
|
335 |
|
|
|
(1,347 |
) |
|
|
25 |
|
|
|
3,211 |
|
|
|
2,369 |
|
|
|
4,593 |
|
Income Tax Allocation |
|
124 |
|
|
|
(499 |
) |
|
|
109 |
|
|
|
1,190 |
|
|
|
879 |
|
|
|
1,803 |
|
Income (loss) from continuing operations before income taxes |
|
459 |
|
|
|
(1,846 |
) |
|
|
134 |
|
|
|
4,401 |
|
|
|
3,248 |
|
|
|
6,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains on sale of buildings |
|
536 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
536 |
|
Unrealized rents |
|
— |
|
|
|
— |
|
|
|
29 |
|
|
|
— |
|
|
|
— |
|
|
|
29 |
|
Interest income |
|
— |
|
|
|
526 |
|
|
|
— |
|
|
|
— |
|
|
|
3,268 |
|
|
|
3,794 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
228 |
|
|
|
— |
|
|
|
231 |
|
Equity in loss of Joint Venture |
|
— |
|
|
|
514 |
|
|
|
— |
|
|
|
22 |
|
|
|
— |
|
|
|
536 |
|
Interest Expense |
|
— |
|
|
|
— |
|
|
|
840 |
|
|
|
— |
|
|
|
20 |
|
|
|
860 |
|
Depreciation/Amortization |
|
373 |
|
|
|
107 |
|
|
|
2,385 |
|
|
|
94 |
|
|
|
— |
|
|
|
2,959 |
|
Management Co. Indirect |
|
175 |
|
|
|
837 |
|
|
|
92 |
|
|
|
98 |
|
|
|
— |
|
|
|
1,202 |
|
Allocated Corporate Expenses |
|
302 |
|
|
|
740 |
|
|
|
75 |
|
|
|
79 |
|
|
|
— |
|
|
|
1,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income |
|
776 |
|
|
|
(174 |
) |
|
|
3,497 |
|
|
|
4,922 |
|
|
|
— |
|
|
|
9,021 |
|
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 our Credit Agreement with Wells Fargo.
Under the Wells Fargo Credit Agreement, the
applicable margin for borrowings at June 30, 2020 was LIBOR plus 1.0%. 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 June 30, 2020, 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 June 30, 2020, the Company, under the
supervision and with the participation of the Company's management, including the CEO, CFO and CAO, carried out an evaluation of
the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based on this evaluation, the
Company’s CEO, CFO and CAO concluded that the Company's disclosure controls and procedures are effective in alerting them
in a timely manner to material information required to be included in periodic SEC filings.
There have been no changes in the Company’s
internal controls over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably
likely to materially affect, the Company’s internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1A. RISK FACTORS
In addition to the other information
set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in
our Annual Report on Form 10-K for the year ended December 31, 2019, 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.
The following risk factor set forth
below is in addition to the risk factors discussed under Part I, Item 1A (Risk Factors) of the Company’s most recent
annual report on Form 10-K.
The current pandemic of the novel coronavirus COVID-19 could
materially and adversely impact or disrupt our financial condition, results of operations, cash flows and performance.
Since being reported in December 2019, the
novel coronavirus (COVID-19) pandemic has had repercussions across regional and global economies and financial markets. The outbreak
of COVID-19 has significantly adversely impacted global economic activity, contributed to significant volatility and negative pressure
in financial markets and increased economic uncertainty. In response to the pandemic, many states and cities in which we own properties
have instituted quarantines, restrictions on travel, “shelter in place” rules, restrictions on types of business that
may continue to operate, and/or restrictions on the types of construction projects that may continue. In response to these restrictions
and to protect employee safety, many of our employees are working remotely.
As a result, the COVID-19 pandemic is negatively
impacting many industries, especially the commercial real estate business which has mixed use tenants including apartment dwellers,
small businesses and restaurants. The significance, extent and duration of the impacts of the COVID-19 pandemic remains largely
uncertain and dependent on future developments that cannot be accurately predicted at this time, such as the continued severity
and spread of the virus, the period of time during which mandated social distancing or other mitigation measures remain in place,
the timetable for developing effective treatments and a vaccine and the trajectory of the economic recovery.
At this time, the Company anticipates that the pandemic could have
material and adverse effects on our ability to successfully operate and on our financial condition, results of operations and cash
flows due to, among other factors:
|
● |
Our ability to continue to collect rents, on a timely basis or at all, without reductions or other concessions, from tenants of the Asset Management and Stabilized Joint Ventures segments; |
|
● |
Our ability to renew leases on favorable terms with tenants of the Asset Management and Stabilized Joint Ventures segments; |
|
● |
A decline in royalties collected by our Mining Royalties section in the event that the pandemic results in a decline in construction activity; |
|
● |
Our ability to complete pending and planned construction projects in a timely manner due to restrictions imposed on construction activities, delays in the permitting process or delays in the supply of materials or labor necessary for construction. |
|
● |
Difficulty in obtaining debt financing for our development projects on favorable terms or an inability to comply with financial covenants of our credit facility and other debt agreements and result in a default and potentially an acceleration of indebtedness; |
|
● |
Any impairment in value of our tangible or intangible assets which could be recorded as a result of a weaker economic conditions; |
|
● |
the potential negative impact on the health of our personnel, particularly if a significant number of them are impacted, could result in a deterioration in our ability to ensure business continuity during this disruption. |
The rapid development and
fluidity of this situation precludes any prediction as to the full adverse impact of the COVID-19 pandemic.
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) |
|
April 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30 |
|
|
105,834 |
|
|
$ |
42.28 |
|
|
|
105,834 |
|
|
$ |
3,044,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 31 |
|
|
65,206 |
|
|
$ |
41.30 |
|
|
|
65,206 |
|
|
$ |
10,350,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30 |
|
|
44,772 |
|
|
$ |
39.43 |
|
|
|
44,772 |
|
|
$ |
8,585,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
215,812 |
|
|
$ |
41.39 |
|
|
|
215,812 |
|
|
|
|
|
| (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. On December 5, 2018, the Board of Directors approved a $10,000,000 increase in the Company’s stock repurchase
authorization. On August 5, 2019, the Board of Directors approved a $10,000,000 increase in the Company’s stock repurchase
authorization. On May 6, 2020, the Board of Directors approved a $10,000,000 increase in the Company’s stock repurchase authorization. |
Item 6. EXHIBITS
| (a) | Exhibits. The response to this item is submitted as a separate Section entitled
"Exhibit Index", on page 42. |
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: August 14, 2020 |
|
By |
JOHN D. BAKER II |
|
|
|
|
John D. Baker II |
|
|
|
|
Chief Executive Officer |
|
|
|
(Principal Executive Officer) |
|
|
|
|
|
|
|
|
|
|
|
|
By |
JOHN D. BAKER III |
|
|
|
|
John D. Baker III. |
|
|
|
|
Treasurer 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 SIX MONTHS ENDED
JUNE 30, 2020
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: August 14, 2020 /s/John
D. Baker II
Chief Executive
Officer
CERTIFICATIONS Exhibit 31(b)
I, John D. Baker III, 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: August 14, 2020 /s/John
D. Baker III
Treasurer 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: August 14, 2020 /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: August 14, 2020 |
|
By |
/s/JOHN D. BAKER II |
|
|
|
|
John D. Baker II |
|
|
|
|
Chief Executive Officer |
|
|
|
(Principal Executive Officer) |
|
|
|
|
|
|
|
|
|
|
|
|
By |
/s/JOHN D. BAKER III |
|
|
|
|
John D. Baker III |
|
|
|
|
Treasurer 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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v3.20.2
Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
Assets: |
|
|
Land |
$ 81,679
|
$ 84,383
|
Buildings and improvements |
147,819
|
147,019
|
Projects under construction |
888
|
1,056
|
Total investments in properties |
230,386
|
232,458
|
Less accumulated depreciation and depletion |
32,634
|
30,271
|
Net investments in properties |
197,752
|
202,187
|
Real estate held for investment, at cost |
8,788
|
8,380
|
Investments in joint ventures |
159,779
|
160,452
|
Net real estate investments |
366,319
|
371,019
|
Cash and cash equivalents |
30,742
|
26,607
|
Cash held in escrow |
3,739
|
186
|
Accounts receivable, net |
1,323
|
546
|
Investments available for sale at fair value |
130,058
|
137,867
|
Unrealized rents |
657
|
554
|
Deferred costs |
791
|
890
|
Other assets |
488
|
479
|
Total assets |
534,117
|
538,148
|
Liabilities: |
|
|
Secured notes payable |
88,993
|
88,925
|
Accounts payable and accrued liabilities |
2,155
|
2,431
|
Other liabilities |
1,886
|
1,978
|
Federal and state income taxes payable |
2,651
|
504
|
Deferred revenue |
627
|
790
|
Deferred income taxes |
50,212
|
50,111
|
Deferred compensation |
1,430
|
1,436
|
Tenant security deposits |
362
|
328
|
Total liabilities |
148,316
|
146,503
|
Commitments and contingencies |
|
|
Equity: |
|
|
Common stock, $.10 par value; 25,000,000 shares authorized, 9,563,144 and 9,817,429 shares issued and outstanding, respectively |
956
|
982
|
Capital in excess of par value |
57,107
|
57,705
|
Retained earnings |
310,486
|
315,278
|
Accumulated other comprehensive income, net |
1,194
|
923
|
Total shareholders' equity |
369,743
|
374,888
|
Noncontrolling interest MRP |
16,058
|
16,757
|
Total Equity |
385,801
|
391,645
|
Total liabilities and shareholders' equity |
$ 534,117
|
$ 538,148
|
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v3.20.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2020 |
Dec. 31, 2019 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.10
|
$ 0.10
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Common stock, shares authorized |
25,000,000
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25,000,000
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Common stock, shares issued and outstanding |
9,563,144
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9,817,429
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v3.20.2
Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Revenues: |
|
|
|
|
Lease revenue |
$ 3,447
|
$ 3,730
|
$ 7,045
|
$ 7,215
|
Mining lands lease revenue |
2,402
|
2,633
|
4,587
|
4,862
|
Total revenues |
5,849
|
6,363
|
11,632
|
12,077
|
Cost of operations: |
|
|
|
|
Depreciation, depletion and amortization |
1,500
|
1,472
|
2,968
|
2,959
|
Operating expenses |
781
|
910
|
1,706
|
1,792
|
Property taxes |
646
|
713
|
1,383
|
1,466
|
Management company indirect |
692
|
610
|
1,364
|
1,202
|
Corporate expenses |
1,026
|
551
|
2,213
|
1,196
|
Total cost of operations |
4,645
|
4,256
|
9,634
|
8,615
|
Total operating profit |
1,204
|
2,107
|
1,998
|
3,462
|
Net investment income, including realized gains of $134, $328, $242 and $447 |
2,110
|
1,984
|
4,101
|
3,794
|
Interest expense |
(45)
|
(272)
|
(96)
|
(860)
|
Equity in loss of joint ventures |
(1,343)
|
(272)
|
(1,985)
|
(536)
|
Gain on real estate |
3,589
|
536
|
3,597
|
536
|
Income from continuing operations before income taxes |
5,515
|
4,083
|
7,615
|
6,396
|
Provision for income taxes |
1,538
|
1,131
|
2,139
|
1,803
|
Income from continuing operations |
3,977
|
2,952
|
5,476
|
4,593
|
Income from discontinued operations, net |
0
|
6,776
|
0
|
6,862
|
Net income |
3,977
|
9,728
|
5,476
|
11,455
|
Loss attributable to noncontrolling interest |
(172)
|
(97)
|
(291)
|
(268)
|
Net income attributable to the Company |
$ 4,149
|
$ 9,825
|
$ 5,767
|
$ 11,723
|
Basic earnings per common share |
|
|
|
|
Income from continuing operations |
$ 0.41
|
$ 0.30
|
$ 0.56
|
$ 0.46
|
Discontinued operations |
0.00
|
0.68
|
0.00
|
0.69
|
Net income attributable to the Company |
0.43
|
0.99
|
0.59
|
1.18
|
Diluted earnings per common share |
|
|
|
|
Income from continuing operations |
0.41
|
0.30
|
0.56
|
0.46
|
Discontinued operations |
0.00
|
0.68
|
0.00
|
0.69
|
Net income attributable to the Company |
$ 0.43
|
$ 0.99
|
$ 0.59
|
$ 1.17
|
Number of shares (in thousands) used in computing: |
|
|
|
|
-basic earnings per common share |
9,620
|
9,915
|
9,712
|
9,933
|
-diluted earnings per common share |
9,649
|
9,960
|
9,744
|
9,978
|
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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Income Statement [Abstract] |
|
|
|
|
Net income |
$ 3,977
|
$ 9,728
|
$ 5,476
|
$ 11,455
|
Other comprehensive income net of tax: |
|
|
|
|
Unrealized gain on investments available for sale, net of income tax effect of $518, $129, $101 and $708 |
1,397
|
351
|
271
|
1,911
|
Comprehensive income |
5,374
|
10,079
|
5,747
|
13,366
|
Less: comprehensive income attributable to noncontrolling interest |
(172)
|
(97)
|
(291)
|
(268)
|
Comprehensive income attributable to the Company |
$ 5,546
|
$ 10,176
|
$ 6,038
|
$ 13,634
|
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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2020 |
Jun. 30, 2019 |
Cash flows from operating activities: |
|
|
Net income |
$ 5,476
|
$ 11,455
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Income from discontinued operations, net |
0
|
(6,862)
|
Deferred income taxes |
101
|
22,458
|
Depreciation, depletion and amortization |
3,084
|
3,082
|
Equity in loss of joint ventures |
1,985
|
536
|
Gain on sale of equipment and property |
(3,611)
|
(531)
|
Stock-based compensation |
1,171
|
57
|
Realized gain on available for sale investments |
(242)
|
(447)
|
Net changes in operating assets and liabilities: |
|
|
Accounts receivable |
(777)
|
(219)
|
Deferred costs and other assets |
28
|
(1,092)
|
Accounts payable and accrued liabilities |
(439)
|
(670)
|
Income taxes payable and receivable |
2,147
|
(17,352)
|
Other long-term liabilities |
187
|
187
|
Net cash provided by operating activities of continuing operations |
9,110
|
10,602
|
Net cash used in operating activities of discontinued operations |
0
|
(2,441)
|
Net cash provided by operating activities |
9,110
|
8,161
|
Cash flows from investing activities: |
|
|
Investments in properties |
(1,167)
|
(8,176)
|
Investments in joint ventures |
(1,315)
|
(6,592)
|
Purchases of investments available for sale |
(24,748)
|
(33,846)
|
Proceeds from sales of investments available for sale |
32,703
|
79,937
|
Proceeds from the sale of assets |
5,867
|
8,153
|
Cash held in escrow |
(3,553)
|
(19,864)
|
Net cash provided by investing activities of continuing operations |
7,787
|
19,612
|
Net cash provided by investing activities of discontinued operations |
0
|
11,526
|
Net cash provided by investing activities |
7,787
|
31,138
|
Cash flows from financing activities: |
|
|
Distribution to noncontrolling interest |
(408)
|
(510)
|
Repurchase of Company Stock |
(12,354)
|
(5,312)
|
Exercise of employee stock options |
0
|
145
|
Net cash used in financing activities of continuing operations |
(12,762)
|
(5,677)
|
Net cash used in financing activities of discontinued operations |
0
|
0
|
Net cash used in financing activities |
(12,762)
|
(5,677)
|
Net increase in cash and cash equivalents |
4,135
|
33,622
|
Cash and cash equivalents at beginning of year |
26,607
|
22,547
|
Cash and cash equivalents at end of the period |
$ 30,742
|
$ 56,169
|
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v3.20.2
Shareholders Equity - USD ($) $ in Thousands |
Common Stock |
Capital in Excess of Par Value |
Retained Earnings |
Accumulated Other Comprehensive Income, net of tax |
Total Shareholders' Equity |
Noncontrolling Interest |
Total |
Beginning balance, shares at Dec. 31, 2018 |
9,969,174
|
|
|
|
|
|
|
Beginning balance, amount at Dec. 31, 2018 |
$ 997
|
$ 58,004
|
$ 306,307
|
$ (701)
|
$ 364,607
|
$ 18,648
|
$ 383,255
|
Exercise of stock options, shares |
4,804
|
|
|
|
|
|
|
Exercise of stock options, amount |
|
145
|
|
|
145
|
|
145
|
Stock option compensation |
|
57
|
|
|
57
|
|
57
|
Shares purchased and canceled, shares |
(110,527)
|
|
|
|
|
|
|
Shares purchased and canceled, amount |
$ (11)
|
(644)
|
(4,657)
|
|
(5,312)
|
|
(5,312)
|
Net income |
|
|
11,723
|
|
11,723
|
|
11,723
|
Income (loss) attributable to noncontrolling interest |
|
|
|
|
|
(268)
|
(268)
|
Distributions to partners |
|
|
|
|
|
(510)
|
(510)
|
Unrealized gain on investments, net |
|
|
|
1,911
|
1,911
|
|
1,911
|
Ending balance, shares at Jun. 30, 2019 |
9,863,451
|
|
|
|
|
|
|
Ending balance, amount at Jun. 30, 2019 |
$ 986
|
57,562
|
313,373
|
1,210
|
373,131
|
17,870
|
391,001
|
Beginning balance, shares at Dec. 31, 2019 |
9,817,429
|
|
|
|
|
|
|
Beginning balance, amount at Dec. 31, 2019 |
$ 982
|
57,705
|
315,278
|
923
|
374,888
|
16,757
|
$ 391,645
|
Exercise of stock options, shares |
|
|
|
|
|
|
0
|
Stock option compensation |
|
47
|
|
|
47
|
|
$ 47
|
Restricted stock compensation |
|
94
|
|
|
94
|
|
94
|
Shares granted to employee, shares |
11,448
|
|
|
|
|
|
|
Shares granted to employee, amount |
$ 1
|
529
|
|
|
530
|
|
530
|
Shares granted to Directors, shares |
12,050
|
|
|
|
|
|
|
Shares granted to Directors, amount |
$ 1
|
499
|
|
|
500
|
|
500
|
Restricted stock award, shares |
20,520
|
|
|
|
|
|
|
Restricted stock award, amount |
$ 2
|
(2)
|
|
|
|
|
|
Shares purchased and canceled, shares |
(298,303)
|
|
|
|
|
|
|
Shares purchased and canceled, amount |
$ (30)
|
(1,765)
|
(10,559)
|
|
(12,354)
|
|
(12,354)
|
Net income |
|
|
5,767
|
|
5,767
|
|
5,767
|
Income (loss) attributable to noncontrolling interest |
|
|
|
|
|
(291)
|
(291)
|
Distributions to partners |
|
|
|
|
|
(408)
|
(408)
|
Unrealized gain on investments, net |
|
|
|
271
|
271
|
|
271
|
Ending balance, shares at Jun. 30, 2020 |
9,563,144
|
|
|
|
|
|
|
Ending balance, amount at Jun. 30, 2020 |
$ 956
|
$ 57,107
|
$ 310,486
|
$ 1,194
|
$ 369,743
|
$ 16,058
|
$ 385,801
|
X |
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v3.20.2
Description of Business and Basis of Presentation
|
6 Months Ended |
Jun. 30, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Description of Business and Basis of Presentation |
(1) Description of Business and Basis of
Presentation.
FRP Holdings, Inc. is a holding company engaged
in the 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”) and
RiverFront Investment Partners I, LLC. Our investment in the Brooksville joint venture, BC FRP Realty joint venture, RiverFront
Holdings II joint venture, Bryant Street Partnerships, 1800 Half Street and Greenville/Woodfield are accounted for under the equity
method of accounting (See Note 11). Our ownership of RiverFront Investment Partners I, LLC includes a non-controlling interest
representing the ownership of our partner. The Company uses the cost method to account for its investment in DST Hickory Creek
because it does not have significant influence over operating and financial policies.
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. On June 28, 2019, the Company completed the sale of the excluded property
to the same buyer for $11.7 million. This resulted in the disposition of all of the Company’s industrial flex/office warehouse
properties prior to the sale date and constituted a major strategic shift and as a result, these properties have been reclassified
as discontinued operations for all periods presented. The Asset Management segment currently contains four commercial properties.
These statements have been prepared in accordance with accounting
principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q
and do not include all the information and footnotes required by accounting principles generally accepted in the United States
of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring
accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results
for the six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December
31, 2020. 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, 2019.
|
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- 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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v3.20.2
Recently Issued Accounting Standards
|
6 Months Ended |
Jun. 30, 2020 |
Notes to Financial Statements |
|
Recently Issued Accounting Standards |
(2) Recently Issued Accounting Standards.
In February 2016, the FASB issued ASU No. 2016-02,
“Leases (Topic 842)”, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases.
The Company is not a significant lessee. Lessors will account for leases using an approach that is substantially equivalent to
existing accounting standards. The Company's existing leases will continue to be classified as operating leases. Leases entered
into after the effective date of the new standard may be classified as operating or sales-type leases, based on specific classification
criteria. Operating leases will continue to have a similar pattern of recognition as under current GAAP. Sales-type lease accounting,
however, will result in the recognition of selling profit at lease commencement, with interest income recognized over the life
of the lease. The new standard also includes a change to the treatment of internal leasing costs and legal costs, which can no
longer be capitalized. Only incremental costs of a lease that would not have been incurred if the lease had not been obtained may
be deferred as initial direct costs. The new standard also requires lessors to exclude from variable payments certain lessor costs,
such as real estate taxes, that the lessor contractually requires the lessee to pay directly to a third party on its behalf. The
new standard requires our expected credit loss related to the collectability of lease receivables to be reflected as an adjustment
to the line item Lease Revenue. For the year ended December 31, 2019, the credit loss related to the collectibility of lease receivables
was recognized in the line item Operating expenses and was not significant. Additionally, the new standard requires lessors to
allocate the consideration in a contract between the lease component (right to use an underlying asset) and non-lease component
(transfer of a good or service that is not a lease). However, lessors are provided with a practical expedient, elected by class
of underlying asset, to account for lease and non-lease components of a contract as a single lease component if certain criteria
are met. The terms of the Company's leases generally provide that the Company is entitled to receive reimbursements from tenants
for operating expenses such as real estate taxes, insurance and common area maintenance, in addition to the base rental payments
for use of the underlying asset. Under the new standard, common area maintenance is considered a nonlease component of a lease
contract, which would be accounted for under Topic 606. However, the Company will apply the practical expedient to account for
its lease and non-lease components as a single, combined operating lease component. While the timing of recognition should remain
the same, the Company is no longer presenting reimbursement revenue from tenants separately in our Consolidated Statements of Income
beginning January 1, 2019. The new standard along with the adoption of ASU No. 2018-11, Leases - Targeted Improvements which the
FASB issued in July 2018, was adopted effective January 1, 2019 and we have elected to use January 1, 2019 as our date of initial
application. We elected the package of practical expedients permitted under the transition guidance within the new standard. By
adopting these practical expedients, we were not required to reassess (1) whether an existing contract meets the definition of
a lease; (2) the lease classification for existing leases; or (3) costs previously capitalized as initial direct costs. The adoption
of this guidance 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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v3.20.2
Business Segments
|
6 Months Ended |
Jun. 30, 2020 |
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, Development and Stabilized Joint Venture,
as described below.
The Asset Management segment owns, leases and
manages commercial properties. The flex/office warehouses in the Asset Management Segment were sold and reclassified to discontinued
operations leaving only two commercial properties, one recent industrial acquisition, Cranberry Run, which we purchased in 2019,
and 1801 62nd Street, our most recent spec building in Hollander Business Park, which joined Asset Management April
1, 2019.
Our Mining Royalty Lands segment owns several
properties comprising approximately 13,400 acres currently under lease for mining rents or royalties (this does not include the
4,280 acres owned in our Brooksville joint venture with Vulcan Materials). Other than one location in Virginia, all of these
properties are located in Florida and Georgia.
Through our Development segment,
we own and are continuously assessing for their highest and best use for several parcels of land that are in various stages of
development. Our overall strategy in this segment is to convert all of our non-income producing lands into income production
through (i) an orderly process of constructing new buildings for us to own and operate or (ii) a sale to, or joint venture with,
third parties. Additionally, our Development segment will form joint ventures on new developments of land not previously owned
by the Company.
The Company operates a residential
apartment building Riverfront Investment Partners I, LLC partnership (“Dock 79”). 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
is clearly identified on the accompanying Consolidated Statements of Income.
Operating results and certain other
financial data for the Company’s business segments are as follows (in thousands):
|
|
Three Months ended |
|
Six Months ended |
|
|
June 30, |
|
June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
716 |
|
|
|
662 |
|
|
|
1,368 |
|
|
|
1,303 |
|
Mining royalty lands |
|
|
2,402 |
|
|
|
2,633 |
|
|
|
4,587 |
|
|
|
4,862 |
|
Development |
|
|
279 |
|
|
|
316 |
|
|
|
572 |
|
|
|
585 |
|
Stabilized Joint Venture |
|
|
2,452 |
|
|
|
2,752 |
|
|
|
5,105 |
|
|
|
5,327 |
|
|
|
|
5,849 |
|
|
|
6,363 |
|
|
|
11,632 |
|
|
|
12,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
323 |
|
|
|
128 |
|
|
|
500 |
|
|
|
225 |
|
Mining royalty lands |
|
|
2,194 |
|
|
|
2,458 |
|
|
|
4,195 |
|
|
|
4,502 |
|
Development |
|
|
(703 |
) |
|
|
(565 |
) |
|
|
(1,477 |
) |
|
|
(1,118 |
) |
Stabilized Joint Venture |
|
|
416 |
|
|
|
637 |
|
|
|
993 |
|
|
|
1,049 |
|
Operating profit before corporate expenses |
|
|
2,230 |
|
|
|
2,658 |
|
|
|
4,211 |
|
|
|
4,658 |
|
Corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated to asset management |
|
|
(265 |
) |
|
|
(139 |
) |
|
|
(573 |
) |
|
|
(302 |
) |
Allocated to mining royalty lands |
|
|
(84 |
) |
|
|
(36 |
) |
|
|
(181 |
) |
|
|
(79 |
) |
Allocated to development |
|
|
(617 |
) |
|
|
(341 |
) |
|
|
(1,329 |
) |
|
|
(740 |
) |
Allocated to stabilized joint venture |
|
|
(60 |
) |
|
|
(35 |
) |
|
|
(130 |
) |
|
|
(75 |
) |
Total corporate expenses |
|
|
(1,026 |
) |
|
|
(551 |
) |
|
|
(2,213 |
) |
|
|
(1,196 |
) |
|
|
$ |
1,204 |
|
|
|
2,107 |
|
|
|
1,998 |
|
|
|
3,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
45 |
|
|
|
272 |
|
|
|
96 |
|
|
|
860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
200 |
|
|
|
196 |
|
|
|
392 |
|
|
|
373 |
|
Mining royalty lands |
|
|
62 |
|
|
|
42 |
|
|
|
100 |
|
|
|
94 |
|
Development |
|
|
53 |
|
|
|
49 |
|
|
|
107 |
|
|
|
107 |
|
Stabilized Joint Venture |
|
|
1,185 |
|
|
|
1,185 |
|
|
|
2,369 |
|
|
|
2,385 |
|
|
|
$ |
1,500 |
|
|
|
1,472 |
|
|
|
2,968 |
|
|
|
2,959 |
|
Capital expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
341 |
|
|
|
1,352 |
|
|
|
554 |
|
|
|
7,818 |
|
Mining royalty lands |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Development |
|
|
320 |
|
|
|
(122 |
) |
|
|
617 |
|
|
|
248 |
|
Stabilized Joint Venture |
|
|
19 |
|
|
|
227 |
|
|
|
(4 |
) |
|
|
110 |
|
|
|
$ |
680 |
|
|
|
1,457 |
|
|
|
1,167 |
|
|
|
8,176 |
|
|
|
June 30, |
|
|
|
December 31, |
|
|
Identifiable net assets |
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
Asset management |
$ |
18,813 |
|
|
|
18,468 |
|
|
Mining royalty lands |
|
37,911 |
|
|
|
38,409 |
|
|
Development |
|
173,334 |
|
|
|
179,357 |
|
|
Stabilized Joint Venture |
|
131,652 |
|
|
|
133,956 |
|
|
Investments available for sale at fair value |
|
130,058 |
|
|
|
137,867 |
|
|
Cash items |
|
34,481 |
|
|
|
26,793 |
|
|
Unallocated corporate assets |
|
7,868 |
|
|
|
3,298 |
|
|
|
$ |
534,117 |
|
|
|
538,148 |
|
|
|
X |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.20.2
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2020 |
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 April 1, 2020.
The consolidated statements of income
reflect charges and/or allocation from Patriot for these services of $290,000 and $328,000 for the three months ended June 30,
2020 and 2019 and $580,000 and $629,000 for the six months ended June 30, 2020 and 2019, 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 employ an allocation method to allocate said expenses and thus we believe that the allocations
to FRP are a reasonable approximation of the costs related to FRP’s operations, but any such related-party transactions cannot
be presumed to be carried out on an arm’s-length basis.
|
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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864
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v3.20.2
Long-Term Debt
|
6 Months Ended |
Jun. 30, 2020 |
Debt Disclosure [Abstract] |
|
Long-Term Debt |
(5) Long-Term Debt.
Long-term debt is summarized as follows
(in thousands):
|
|
June 30, |
|
December 31, |
|
|
2020 |
|
2019 |
Riverfront permanent loan |
|
$ |
88,993 |
|
|
|
88,925 |
|
Less portion due within one year |
|
|
— |
|
|
|
— |
|
|
|
$ |
88,993 |
|
|
|
88,925 |
|
On February 6, 2019, the Company
entered into a First Amendment to the 2015 Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells
Fargo”), effective February 6, 2019. The Credit Agreement modifies the Company’s prior Credit Agreement with Wells
Fargo dated January 30, 2015. The Credit Agreement establishes a five-year revolving credit facility with a maximum facility amount
of $20 million. The interest rate under the Credit Agreement will be a maximum of 1.50% over LIBOR, which may be reduced quarterly
to 1.25% or 1.0% over LIBOR if the Company meets a specified ratio of consolidated debt to consolidated total capital, as defined
which excludes FRP Riverfront. A commitment fee of 0.25% per annum is payable quarterly on the unused portion of the commitment
but the amount may be reduced to 0.20% or 0.15% if the Company meets a specified ratio of consolidated total debt to consolidated
total capital. The Credit Agreement contains certain conditions, affirmative financial covenants and negative covenants. As of
June 30, 2020, there was no debt outstanding on this revolver, $411,000 outstanding under letters of credit and $19,589,000 available
for borrowing. The letters of credit were issued to guarantee certain obligations to state agencies related to real estate development.
Most of the letters of credit are irrevocable for a period of one year and typically are automatically extended for additional
one-year periods. The letter of credit fee is 1% and applicable interest rate would have been 1.17825% on June 30, 2020. The credit
agreement contains certain conditions and financial covenants, including a minimum tangible net worth and dividend restriction.
As of June 30, 2020, these covenants would have limited our ability to pay dividends to a maximum of $219 million combined. The
Company was in compliance with all covenants as of June 30, 2020.
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 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. 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.
Debt cost amortization of $34,000
and $68,000 was recorded during the three and six months ended June 30, 2020, respectively. During the three months ended June
30, 2020 and June 30, 2019 the Company capitalized interest costs of $940,000 and $705,000, respectively. During the six months
ended June 30, 2020 and June 30, 2019 the Company capitalized interest costs of $1,875,000 and $1,090,000, respectively.
|
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- DefinitionThe entire disclosure for long-term debt.
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v3.20.2
Earnings per Share
|
6 Months Ended |
Jun. 30, 2020 |
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 |
|
Six Months ended |
|
June 30, |
|
June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Weighted average common shares |
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
earnings per common share |
|
9,620 |
|
|
|
9,915 |
|
|
|
9,712 |
|
|
|
9,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
29 |
|
|
|
45 |
|
|
|
32 |
|
|
|
45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings per common share |
|
9,649 |
|
|
|
9,960 |
|
|
|
9,744 |
|
|
|
9,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
3,977 |
|
|
|
2,952 |
|
|
|
5,476 |
|
|
|
4,593 |
|
Discontinued operations |
$ |
— |
|
|
|
6,776 |
|
|
|
— |
|
|
|
6,862 |
|
Net income attributable to the Company |
$ |
4,149 |
|
|
|
9,825 |
|
|
|
5,767 |
|
|
|
11,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
0.41 |
|
|
|
0.30 |
|
|
|
0.56 |
|
|
|
0.46 |
|
Discontinued operations |
$ |
— |
|
|
|
0.68 |
|
|
|
— |
|
|
|
0.69 |
|
Net income attributable to the Company |
$ |
0.43 |
|
|
|
0.99 |
|
|
|
0.59 |
|
|
|
1.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
0.41 |
|
|
|
0.30 |
|
|
|
0.56 |
|
|
|
0.46 |
|
Discontinued operations |
$ |
— |
|
|
|
0.68 |
|
|
|
— |
|
|
|
0.69 |
|
Net income attributable to the Company |
$ |
0.43 |
|
|
|
0.99 |
|
|
|
0.59 |
|
|
|
1.17 |
|
For the three and six months ended June 30,
2020, 2020, 74,065 and 53,545 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 six months ended June 30, 2019, 19,950 shares
attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion
would have been anti-dilutive.
During the first six months the Company repurchased
298,303 shares at an average cost of $41.41.
|
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- DefinitionThe entire disclosure for earnings per share.
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v3.20.2
Stock-Based Compensation Plans
|
6 Months Ended |
Jun. 30, 2020 |
Share-based Payment Arrangement [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 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 29% and 41%, risk-free
interest rate of 1.0% to 2.9% 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.
In March 2020, 20,520 shares of restricted
stock were granted to employees as part of a long-term incentive plan that will vest over the next five years. The number of common
shares available for future issuance was 443,820 at June 30, 2020. In March 2020, 11,448 shares of stock were granted to employees
rather than stock options as in prior years.
The Company recorded the following
stock compensation expense in its consolidated statements of income (in thousands):
|
|
Three Months ended |
|
Six Months ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Stock option grants |
|
$ |
23 |
|
|
|
28 |
|
|
|
47 |
|
|
|
57 |
|
Restricted stock awards granted in 2020 |
|
|
47 |
|
|
|
— |
|
|
|
94 |
|
|
|
— |
|
Employee stock grant |
|
|
— |
|
|
|
— |
|
|
|
530 |
|
|
|
— |
|
Annual director stock award |
|
|
500 |
|
|
|
— |
|
|
|
500 |
|
|
|
— |
|
|
|
$ |
570 |
|
|
|
28 |
|
|
|
1,171 |
|
|
|
57 |
|
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, 2020 |
|
|
132,504 |
|
|
$ |
33.82 |
|
|
5.8 |
|
$ |
1,631 |
|
Granted |
|
|
— |
|
|
$ |
— |
|
|
|
|
$ |
— |
|
Exercised |
|
|
— |
|
|
$ |
— |
|
|
|
|
$ |
— |
|
Outstanding at June 30, 2020 |
|
|
132,504 |
|
|
$ |
33.82 |
|
|
5.3 |
|
$ |
1,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at June 30, 2020 |
|
|
114,189 |
|
|
$ |
32.11 |
|
|
4.8 |
|
$ |
1,333 |
|
Vested during six months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
|
— |
|
|
|
|
|
|
|
|
$ |
— |
|
The aggregate intrinsic value of
exercisable in-the-money options was $1,131,000 and the aggregate intrinsic value of outstanding in-the-money options was $1,148,000
based on the market closing price of $40.58 on June 30, 2020 less exercise prices.
The unrecognized compensation cost
of options granted to FRP employees but not yet vested as of June 30, 2020 was $243,000, which is expected to be recognized over
a weighted-average period of 3.3 years.
A summary of changes in restricted
stock awards is presented below (in thousands, except share and per share amounts):
|
|
|
|
Weighted |
|
Weighted |
|
Weighted |
|
|
Number |
|
Average |
|
Average |
|
Average |
|
|
Of |
|
Exercise |
|
Remaining |
|
Grant Date |
Restricted stock |
|
Shares |
|
Price |
|
Term (yrs) |
|
Fair Value(000's) |
|
|
|
|
|
|
|
|
|
Outstanding at January 1, 2020 |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
20,520 |
|
|
$ |
46.30 |
|
|
|
|
$ |
950 |
|
Outstanding at June 30, 2020 |
|
|
20,520 |
|
|
$ |
46.30 |
|
|
3.9 |
|
$ |
950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total compensation cost of restricted stock granted but not yet
vested as of June 30, 2020 was $856,000 which is expected to be recognized over a weighted-average period of 3.9 years.
|
X |
- DefinitionTabular disclosure of share-based payment arrangement.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901
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v3.20.2
Contingent liabilities
|
6 Months Ended |
Jun. 30, 2020 |
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 and further
reduced the liability $92,000 to zero in 2020. 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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v3.20.2
Concentrations
|
6 Months Ended |
Jun. 30, 2020 |
Risks and Uncertainties [Abstract] |
|
Concentrations |
(9) Concentrations.
The mining royalty lands segment
has a total of five tenants currently leasing mining locations and one lessee that accounted for 31.5% of the Company’s consolidated
revenues during the six months ended June 30, 2020 and $419,000 of accounts receivable at June 30, 2020. The termination
of these lessees’ underlying leases could have a material adverse effect on the Company. The Company places its cash and
cash equivalents with Wells Fargo Bank and First Horizon Bank. 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.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479
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v3.20.2
Fair Value Measurements
|
6 Months Ended |
Jun. 30, 2020 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
(10) Fair Value Measurements.
Fair value is defined as the price
that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three
broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use
of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs are those
that are unobservable and significant to the overall fair value measurement.
At June 30, 2020 the Company was
invested in 59 corporate bonds with individual maturities ranging from 2020 through 2022. The unrealized gain on these bonds of
$1,584,000 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 Company recorded a realized gain of $242,000 in its net investment income related to bonds that were sold
in 2020. The amortized cost of the investments was $128,474,000 and the carrying amount and fair value of such bonds were $130,058,000
as of June 30, 2020.
At June 30, 2020 and 2019, 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 June 30, 2020, the
carrying amount and fair value of such other long-term debt was $88,993,000 and $95,606,000, respectively. At June 30, 2019, the
carrying amount and fair value of such other long-term debt was $88,857,000 and $92,541,000, respectively.
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.20.2
Investment in Joint Ventures
|
6 Months Ended |
Jun. 30, 2020 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Investment in Joint Ventures (Equity Method) |
(11) Investments in Joint Ventures
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 six months ended June 30, 2020 includes a loss of $21,000 representing the Company’s
portion of the loss of this joint venture.
BC FRP Realty (Windlass Run). In 2016,
the Company 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 four buildings through September 15,
2022 from BB&T at 2.5% over LIBOR. The balance outstanding on these loans at June 30, 2020 was $12,160,000.
RiverFront Holdings II, LLC. On May
4, 2018, the Company and MRP formed a partnership to develop Phase II of our RiverFront on the Anacostia project 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 partnership including development costs
paid prior to the formation of the partnership and a $725,000 development fee. The Company further agreed to fund $13.75 million
preferred equity financing at 7.5% interest rate all of which was advanced through June 30, 2019. The Company records interest
income for this loan and a loss in equity in ventures for our 80% equity in the partnership. 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
60 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 loan balance at June 30, 2020 was $60,704,000. The Company’s equity interest in the joint venture is
accounted for under the equity method of accounting through the construction and lease up period as MRP acts as the administrative
agent of the joint venture and oversees and controls the day to day operations of the project.
Bryant Street Partnerships. On December
24, 2018 the Company and MRP formed four partnerships to purchase and develop approximately five acres of land at 500 Rhode Island
Ave NE, Washington, D.C. This property is the first phase of the Bryant Street Master Plan. The property is located in an Opportunity
Zone, which provides tax benefits in the new communities development program as established by Congress in the Tax Cuts and Jobs
Act of 2017. The Company contributed cash of $32 million in exchange for a 61.36% common equity in the partnership. The Company
also contributed cash of $23 million as preferred equity financing at 8.0% interest rate. The Company records interest income for
this loan and a loss in equity in ventures for our 61.36% equity in the partnership. On March 13, 2019 the partnerships closed
on a construction loan with a group of lenders for up to $132 million at an interest rate of 2.25% over LIBOR. The loan matures
March 13, 2023 with up to two extensions of one year each upon certain conditions including, for the first, a debt service coverage
of at least 1.10 and a loan-to-value that does not exceed 65% and for the second, a debt service coverage of 1.25 and a maximum
loan-to-value of 65%. Borrower may prepay a portion of the unpaid principal to satisfy such tests. The loan balance at June 30,
2020 was $38,660,000. The Company and MRP guaranteed $26 million of the loan in exchange for a 1% lower interest rate. The Company
and MRP have a side agreement limiting the Company’s guarantee to its proportionate ownership. The value of the guarantee
was calculated at $1.9 million based on the present value of the 1% interest savings over the anticipated 48-month term. This amount
is included as part of the Company’s investment basis and is amortized to expense over the 48 months. The Company’s
equity interest in the joint venture is accounted for under the equity method of accounting as all the major decisions are shared
equally.
Hyde Park. On January 27, 2018 the Company
entered into a loan agreement with a Baltimore developer to be the principal capital source of a residential development venture
in Essexshire now known as “Hyde Park.” We have committed up to $3.5 million in exchange for an interest rate of 10%
and a preferred return of 20% after which the Company is also entitled to a portion of proceeds from sale. Entitlements for the
development of the property are complete, a homebuilder is under contract to purchase all of the 126 recorded building lots. The
first phase of settlement occurred in May 2020, resulting in a $2.67 million principal and interest payment.
DST Hickory Creek. In July 2019, the
Company invested $6 million in 1031 proceeds from two sales in 2019 into a Delaware Statutory Trust (DST) known as CS1031 Hickory
Creek Apartments, DST. The Company is 26.65% beneficial owner and receives monthly distributions. The DST owns a 294-unit
garden-style apartment community consisting of 19 three-story apartment buildings containing 273,940 rentable square feet on approximately
20.4 acres of land. The property was constructed in 1984 and substantially renovated in 2016. The DST purchased the
property in April, 2019 for $45,600,000 with ten-year financing obtained for $29,672,000 at 3.74% with a 30 year amortization period,
interest only for five years. The Company’s equity interest in the trust is accounted for under the cost method because we
do not have significant influence over the operating and financial policies. Monthly distributions are recorded as equity in gain
or loss of joint ventures. Distributions of $168,000 were received in the first six months of 2020.
Amber Ridge. On June 26, 2019 the Company
entered into a loan agreement with a Baltimore developer to be the principal capital source of a residential development venture
in Prince Georges County, Maryland known as “Amber Ridge.” We have committed up to $18.5 million in exchange for an
interest rate of 10% and a preferred return of 20% after which the Company is also entitled to a portion of proceeds from sale.
This project will hold 187 single-family town homes. We are currently pursuing entitlements and have two homebuilders under contract
to purchase all of the 187 units upon completion of development infrastructure.
1800 Half Street. On December 20, 2019
the Company and MRP formed a joint venture to acquire and develop a mixed-use project located at 1800 Half Street, Washington,
D.C. This property is located in the Buzzard Point area of Washington, DC, less than half a mile downriver from Dock 79 and the
Maren. It lies directly between our two acres on the Anacostia currently under lease to Vulcan and Audi Field, the home stadium
of the DC United. The project is located in an Opportunity Zone, which provides tax benefits in the new communities’ development
program as established by Congress in the Tax Cuts and Jobs Act of 2017. The Company contributed cash of $37.3 million. MRP will
contribute the remainder of its equity in 2020. The land was acquired in two pieces over first half of 2020. On June 26, 2020 the
partnership closed on a construction loan with Truist Bank for up to $74 million at an interest rate of 2.25% over LIBOR. The loan
matures June 26, 2024 with one extension of two years requiring a .25% fee, paying principal monthly under a 30-year amortization
schedule, and meeting a 9.9% debt yield after the first year. The ten-story structure will have 344 apartments and 11,246 square
feet of ground floor retail. The Company’s equity interest in the joint venture is accounted for under the equity method
of accounting because all major decisions are shared equally.
Greenville/Woodfield Partnerships. On
December 23, 2019 the Company and Woodfield Development formed a joint venture to develop a mixed-use project in Greenville SC
known as .408 Jackson located across the street from Greenville’s minor league baseball stadium. The project will hold 227
multifamily units and 4,700 square feet of retail space. It is located in an Opportunity Zone, which provides tax benefits in the
new communities’ development program as established by Congress in the Tax Cuts and Jobs Act of 2017. The Company contributed
cash of $9.7 million in exchange for a 40% common equity in the joint venture. The Company’s equity interest in the joint
venture is accounted for under the equity method of accounting through the construction and lease up period. Woodfield personally
guaranteed the loan and will be managing the projects day to day operations. Major decisions for the entity must be made unanimously
between both members.
On December 23, 2019 the Company and Woodfield
formed a joint venture to develop a 200-unit multifamily apartment project located at 1430 Hampton Avenue, Greenville, SC. The
project is located in an Opportunity Zone, which provides tax benefits in the new communities’ development program as established
by Congress in the Tax Cuts and Jobs Act of 2017. The Company contributed $6.2 million in exchange for a 40% common equity in the
joint venture. The Company’s equity interest in the joint venture is accounted for under the equity method of accounting
through the construction and lease up period. Woodfield personally guaranteed the loan and will be managing the projects day to
day operations. Major decisions for the entity must be made unanimously between both members.
Investments in Joint Ventures (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of Profit |
|
|
|
Common |
|
|
Total |
|
|
Total Assets of |
|
|
Profit (Loss) |
|
|
(Loss) of the |
|
|
|
Ownership |
|
|
Investment |
|
|
The Partnership |
|
|
Of the Partnership |
|
|
Partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooksville Quarry, LLC |
|
50.00 |
% |
$ |
7,476 |
|
|
14,310 |
|
|
(42 |
) |
|
(21 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,286 |
|
|
22,689 |
|
|
(210 |
) |
|
(104 |
) |
RiverFront Holdings II, LLC |
|
80.00 |
% |
|
25,484 |
|
|
104,426 |
|
|
(1,326 |
) |
|
(1,409 |
) |
Bryant Street Partnerships |
|
61.36 |
% |
|
59,549 |
|
|
133,553 |
|
|
— |
|
|
(825 |
) |
Hyde Park |
|
|
|
|
1,214 |
|
|
1,214 |
|
|
— |
|
|
— |
|
DST Hickory Creek |
|
26.65 |
% |
|
6,000 |
|
|
48,651 |
|
|
(162 |
) |
|
168 |
|
Amber Ridge Loan |
|
|
|
|
1,183 |
|
|
1,183 |
|
|
— |
|
|
— |
|
1800 Half St. Owner, LLC |
|
61.37 |
% |
|
37,537 |
|
|
39,327 |
|
|
126 |
|
|
126 |
|
Greenville/Woodfield Partnerships |
|
40.00 |
% |
|
16,050 |
|
|
43,095 |
|
|
158 |
|
|
80 |
|
Total |
|
|
|
$ |
159,779 |
|
|
408,448 |
|
|
(1,456 |
) |
|
(1,985 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooksville Quarry, LLC |
|
50.00 |
% |
$ |
7,499 |
|
|
14,316 |
|
|
(84 |
) |
|
(42 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,391 |
|
|
22,969 |
|
|
(1,114 |
) |
|
(591 |
) |
RiverFront Holdings II, LLC |
|
80.00 |
% |
|
25,975 |
|
|
88,235 |
|
|
(95 |
) |
|
(871 |
) |
Bryant Street Partnerships |
|
61.36 |
% |
|
58,353 |
|
|
96,477 |
|
|
260 |
|
|
(573 |
) |
Hyde Park |
|
|
|
|
3,492 |
|
|
3,492 |
|
|
— |
|
|
— |
|
DST Hickory Creek |
|
26.65 |
% |
|
6,000 |
|
|
49,369 |
|
|
(168 |
) |
|
123 |
|
Amber Ridge Loan |
|
|
|
|
509 |
|
|
509 |
|
|
— |
|
|
— |
|
1800 Half St. Owner, LLC |
|
59.73 |
% |
|
37,314 |
|
|
40,161 |
|
|
— |
|
|
— |
|
Greenville/Woodfield Partnerships |
|
40.00 |
% |
|
15,919 |
|
|
19,214 |
|
|
— |
|
|
— |
|
Total |
|
|
|
$ |
160,452 |
|
|
334,742 |
|
|
(1,201 |
) |
|
(1,954 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summarized Financial Information for the Investments
in Joint Ventures (in thousands):
|
As of June 30, 2020 |
|
Total |
|
RiverFront |
|
Bryant Street |
|
DST Hickory |
|
1800 Half St. |
|
Greenville/ |
|
Apartment/ |
|
Holdings II, LLC |
|
Partnership |
|
Creek |
|
Partnership |
|
Woodfield |
|
Mixed Use |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
103,602 |
|
|
|
132,932 |
|
|
|
46,106 |
|
|
|
27,603 |
|
|
|
20,845 |
|
|
$ |
331,088 |
|
Cash and cash equivalents |
|
720 |
|
|
|
512 |
|
|
|
1,483 |
|
|
|
8,917 |
|
|
|
21,878 |
|
|
|
33,510 |
|
Unrealized rents & receivables |
|
78 |
|
|
|
95 |
|
|
|
622 |
|
|
|
0 |
|
|
|
0 |
|
|
|
795 |
|
Deferred costs |
|
26 |
|
|
|
14 |
|
|
|
440 |
|
|
|
2,807 |
|
|
|
372 |
|
|
|
3,659 |
|
Total Assets |
$ |
104,426 |
|
|
|
133,553 |
|
|
|
48,651 |
|
|
|
39,327 |
|
|
|
43,095 |
|
|
$ |
369,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
60,252 |
|
|
|
35,770 |
|
|
|
29,268 |
|
|
|
0 |
|
|
|
0 |
|
|
$ |
125,290 |
|
Other liabilities |
|
2,094 |
|
|
|
19,405 |
|
|
|
171 |
|
|
|
392 |
|
|
|
3,213 |
|
|
|
25,275 |
|
Capital - FRP |
|
36,732 |
|
|
|
58,224 |
|
|
|
5,120 |
|
|
|
37,460 |
|
|
|
15,953 |
|
|
|
153,489 |
|
Capital - Third Parties |
|
5,348 |
|
|
|
20,154 |
|
|
|
14,092 |
|
|
|
1,475 |
|
|
|
23,929 |
|
|
|
64,998 |
|
Total Liabilities and Capital |
$ |
104,426 |
|
|
|
133,553 |
|
|
|
48,651 |
|
|
|
39,327 |
|
|
|
43,095 |
|
|
$ |
369,052 |
|
|
As of June 30, 2020 |
|
|
|
Brooksville |
|
BC FRP |
|
|
|
Amber Ridge |
|
Apartment/ |
|
Grand |
|
Quarry, LLC |
|
Realty, LLC |
|
Hyde Park |
|
Loan |
|
Mixed Use |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net. |
$ |
14,290 |
|
|
|
22,187 |
|
|
|
1,214 |
|
|
|
1,183 |
|
|
|
331,088 |
|
|
$ |
369,962 |
|
Cash and cash equivalents |
|
18 |
|
|
|
59 |
|
|
|
0 |
|
|
|
0 |
|
|
|
33,510 |
|
|
|
33,587 |
|
Unrealized rents & receivables |
|
0 |
|
|
|
230 |
|
|
|
0 |
|
|
|
0 |
|
|
|
795 |
|
|
|
1,025 |
|
Deferred costs |
|
2 |
|
|
|
213 |
|
|
|
0 |
|
|
|
0 |
|
|
|
3,659 |
|
|
|
3,874 |
|
Total Assets |
$ |
14,310 |
|
|
|
22,689 |
|
|
|
1,214 |
|
|
|
1,183 |
|
|
|
369,052 |
|
|
$ |
408,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
|
12,130 |
|
|
|
0 |
|
|
|
0 |
|
|
|
125,290 |
|
|
$ |
137,420 |
|
Other liabilities |
|
41 |
|
|
|
105 |
|
|
|
0 |
|
|
|
0 |
|
|
|
25,275 |
|
|
|
25,421 |
|
Capital - FRP |
|
7,476 |
|
|
|
5,227 |
|
|
|
1,214 |
|
|
|
1,183 |
|
|
|
153,489 |
|
|
|
168,589 |
|
Capital - Third Parties |
|
6,793 |
|
|
|
5,227 |
|
|
|
0 |
|
|
|
0 |
|
|
|
64,998 |
|
|
|
77,018 |
|
Total Liabilities and Capital |
$ |
14,310 |
|
|
|
22,689 |
|
|
|
1,214 |
|
|
|
1,183 |
|
|
|
369,052 |
|
|
$ |
408,448 |
|
|
As of December 31, 2019 |
|
Total |
|
RiverFront |
|
Bryant Street |
|
DST Hickory |
|
1800 Half St. |
|
Greenville/ |
|
Apartment/ |
|
Holdings II, LLC |
|
Partnership |
|
Creek |
|
Partnership |
|
Woodfield |
|
Mixed Use |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
87,521 |
|
|
|
95,903 |
|
|
|
46,685 |
|
|
|
14,391 |
|
|
|
1,889 |
|
|
$ |
246,389 |
|
Cash and cash equivalents |
|
630 |
|
|
|
387 |
|
|
|
1,764 |
|
|
|
25,770 |
|
|
|
17,325 |
|
|
|
45,876 |
|
Unrealized rents & receivables |
|
82 |
|
|
|
158 |
|
|
|
446 |
|
|
|
0 |
|
|
|
0 |
|
|
|
686 |
|
Deferred costs |
|
2 |
|
|
|
29 |
|
|
|
474 |
|
|
|
0 |
|
|
|
0 |
|
|
|
505 |
|
Total Assets |
$ |
88,235 |
|
|
|
96,477 |
|
|
|
49,369 |
|
|
|
40,161 |
|
|
|
19,214 |
|
|
$ |
293,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
38,564 |
|
|
|
1,660 |
|
|
|
29,246 |
|
|
|
0 |
|
|
|
0 |
|
|
$ |
69,470 |
|
Other liabilities |
|
6,771 |
|
|
|
17,183 |
|
|
|
120 |
|
|
|
1,363 |
|
|
|
1,889 |
|
|
|
27,326 |
|
Capital - FRP |
|
37,284 |
|
|
|
57,479 |
|
|
|
6,000 |
|
|
|
37,314 |
|
|
|
15,919 |
|
|
|
153,996 |
|
Capital - Third Parties |
|
5,616 |
|
|
|
20,155 |
|
|
|
14,003 |
|
|
|
1,484 |
|
|
|
1,406 |
|
|
|
42,664 |
|
Total Liabilities and Capital |
$ |
88,235 |
|
|
|
96,477 |
|
|
|
49,369 |
|
|
|
40,161 |
|
|
|
19,214 |
|
|
$ |
293,456 |
|
|
As of December 31, 2019 |
|
|
|
Brooksville |
|
BC FRP |
|
|
|
Amber Ridge |
|
Apartment/ |
|
Grand |
|
Quarry, LLC |
|
Realty, LLC |
|
Hyde Park |
|
Loan |
|
Mixed Use |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net. |
$ |
14,293 |
|
|
|
22,423 |
|
|
|
3,492 |
|
|
|
509 |
|
|
|
246,389 |
|
|
$ |
287,106 |
|
Cash and cash equivalents |
|
18 |
|
|
|
15 |
|
|
|
0 |
|
|
|
0 |
|
|
|
45,876 |
|
|
|
45,909 |
|
Unrealized rents & receivables |
|
0 |
|
|
|
220 |
|
|
|
0 |
|
|
|
0 |
|
|
|
686 |
|
|
|
906 |
|
Deferred costs |
|
5 |
|
|
|
311 |
|
|
|
0 |
|
|
|
0 |
|
|
|
505 |
|
|
|
821 |
|
Total Assets |
$ |
14,316 |
|
|
|
22,969 |
|
|
|
3,492 |
|
|
|
509 |
|
|
|
293,456 |
|
|
$ |
334,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
|
12,103 |
|
|
|
0 |
|
|
|
0 |
|
|
|
69,470 |
|
|
$ |
81,573 |
|
Other liabilities |
|
2 |
|
|
|
196 |
|
|
|
0 |
|
|
|
0 |
|
|
|
27,326 |
|
|
|
27,524 |
|
Capital - FRP |
|
7,500 |
|
|
|
5,335 |
|
|
|
3,492 |
|
|
|
509 |
|
|
|
153,996 |
|
|
|
170,832 |
|
Capital - Third Parties |
|
6,814 |
|
|
|
5,335 |
|
|
|
0 |
|
|
|
0 |
|
|
|
42,664 |
|
|
|
54,813 |
|
Total Liabilities and Capital |
$ |
14,316 |
|
|
|
22,969 |
|
|
|
3,492 |
|
|
|
509 |
|
|
|
293,456 |
|
|
$ |
334,742 |
|
The Company’s capital recorded by the
unconsolidated Joint Ventures is $8,809,000 more than the Investment in Joint Ventures reported in the Company’s consolidated
balance sheet due to the lower basis in property contributed.
The amount of consolidated retained earnings
for these joint ventures was $(5,574,000) and $(4,127,000) as of June 30, 2020 and December 31, 2019 respectively.
|
X |
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+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965
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v3.20.2
Discontinued Operations
|
6 Months Ended |
Jun. 30, 2020 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Discontinued Operations |
(12) 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. On June 28, 2019, the Company completed
the sale of the excluded property to the same buyer for $11.7 million. The results of operations associated with discontinued operations
for the three and six months ended June 30, 2019 were as follows (in thousands):
|
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
|
2019 |
|
2019 |
Lease Revenue |
|
$ |
222 |
|
|
|
460 |
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
12 |
|
|
|
41 |
|
Operating expenses |
|
|
139 |
|
|
|
234 |
|
Property taxes |
|
|
26 |
|
|
|
46 |
|
Management company indirect |
|
|
— |
|
|
|
— |
|
Corporate expenses |
|
|
— |
|
|
|
— |
|
Total cost of operations |
|
|
177 |
|
|
|
321 |
|
|
|
|
|
|
|
|
|
|
Total operating profit |
|
|
45 |
|
|
|
139 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
— |
|
|
|
— |
|
Gain on sale of buildings |
|
|
9,245 |
|
|
|
9,268 |
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
9,290 |
|
|
|
9,407 |
|
Provision for income taxes |
|
|
2,514 |
|
|
|
2,545 |
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations |
|
$ |
6,776 |
|
|
|
6,862 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
Income from discontinued operations- |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.68 |
|
|
|
0.69 |
|
Diluted |
|
$ |
0.68 |
|
|
|
0.69 |
|
|
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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.
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v3.20.2
Subsequent Event
|
6 Months Ended |
Jun. 30, 2020 |
Subsequent Events [Abstract] |
|
Subsequent Event |
(13) Subsequent Event.
In July 2020 the Company sold its fully leased
building in the Hollander Business Park at 1801 62nd Street for $12.3 million resulting in a gain of $3.8 million before
income taxes. The proceeds were placed in a 1031 exchange fund.
|
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.20.2
Business Segments (Tables)
|
6 Months Ended |
Jun. 30, 2020 |
Segment Reporting [Abstract] |
|
Business segments (in thousands) |
|
|
Three Months ended |
|
Six Months ended |
|
|
June 30, |
|
June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
716 |
|
|
|
662 |
|
|
|
1,368 |
|
|
|
1,303 |
|
Mining royalty lands |
|
|
2,402 |
|
|
|
2,633 |
|
|
|
4,587 |
|
|
|
4,862 |
|
Development |
|
|
279 |
|
|
|
316 |
|
|
|
572 |
|
|
|
585 |
|
Stabilized Joint Venture |
|
|
2,452 |
|
|
|
2,752 |
|
|
|
5,105 |
|
|
|
5,327 |
|
|
|
|
5,849 |
|
|
|
6,363 |
|
|
|
11,632 |
|
|
|
12,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
323 |
|
|
|
128 |
|
|
|
500 |
|
|
|
225 |
|
Mining royalty lands |
|
|
2,194 |
|
|
|
2,458 |
|
|
|
4,195 |
|
|
|
4,502 |
|
Development |
|
|
(703 |
) |
|
|
(565 |
) |
|
|
(1,477 |
) |
|
|
(1,118 |
) |
Stabilized Joint Venture |
|
|
416 |
|
|
|
637 |
|
|
|
993 |
|
|
|
1,049 |
|
Operating profit before corporate expenses |
|
|
2,230 |
|
|
|
2,658 |
|
|
|
4,211 |
|
|
|
4,658 |
|
Corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated to asset management |
|
|
(265 |
) |
|
|
(139 |
) |
|
|
(573 |
) |
|
|
(302 |
) |
Allocated to mining royalty lands |
|
|
(84 |
) |
|
|
(36 |
) |
|
|
(181 |
) |
|
|
(79 |
) |
Allocated to development |
|
|
(617 |
) |
|
|
(341 |
) |
|
|
(1,329 |
) |
|
|
(740 |
) |
Allocated to stabilized joint venture |
|
|
(60 |
) |
|
|
(35 |
) |
|
|
(130 |
) |
|
|
(75 |
) |
Total corporate expenses |
|
|
(1,026 |
) |
|
|
(551 |
) |
|
|
(2,213 |
) |
|
|
(1,196 |
) |
|
|
$ |
1,204 |
|
|
|
2,107 |
|
|
|
1,998 |
|
|
|
3,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
45 |
|
|
|
272 |
|
|
|
96 |
|
|
|
860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
200 |
|
|
|
196 |
|
|
|
392 |
|
|
|
373 |
|
Mining royalty lands |
|
|
62 |
|
|
|
42 |
|
|
|
100 |
|
|
|
94 |
|
Development |
|
|
53 |
|
|
|
49 |
|
|
|
107 |
|
|
|
107 |
|
Stabilized Joint Venture |
|
|
1,185 |
|
|
|
1,185 |
|
|
|
2,369 |
|
|
|
2,385 |
|
|
|
$ |
1,500 |
|
|
|
1,472 |
|
|
|
2,968 |
|
|
|
2,959 |
|
Capital expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management |
|
$ |
341 |
|
|
|
1,352 |
|
|
|
554 |
|
|
|
7,818 |
|
Mining royalty lands |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Development |
|
|
320 |
|
|
|
(122 |
) |
|
|
617 |
|
|
|
248 |
|
Stabilized Joint Venture |
|
|
19 |
|
|
|
227 |
|
|
|
(4 |
) |
|
|
110 |
|
|
|
$ |
680 |
|
|
|
1,457 |
|
|
|
1,167 |
|
|
|
8,176 |
|
|
|
June 30, |
|
|
|
December 31, |
|
|
Identifiable net assets |
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
Asset management |
$ |
18,813 |
|
|
|
18,468 |
|
|
Mining royalty lands |
|
37,911 |
|
|
|
38,409 |
|
|
Development |
|
173,334 |
|
|
|
179,357 |
|
|
Stabilized Joint Venture |
|
131,652 |
|
|
|
133,956 |
|
|
Investments available for sale at fair value |
|
130,058 |
|
|
|
137,867 |
|
|
Cash items |
|
34,481 |
|
|
|
26,793 |
|
|
Unallocated corporate assets |
|
7,868 |
|
|
|
3,298 |
|
|
|
$ |
534,117 |
|
|
|
538,148 |
|
|
|
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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X |
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v3.20.2
Earnings per Share (Tables)
|
6 Months Ended |
Jun. 30, 2020 |
Earnings Per Share [Abstract] |
|
Earnings per share (in thousands, except per share amounts) |
|
Three Months ended |
|
Six Months ended |
|
June 30, |
|
June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Weighted average common shares |
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
earnings per common share |
|
9,620 |
|
|
|
9,915 |
|
|
|
9,712 |
|
|
|
9,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
29 |
|
|
|
45 |
|
|
|
32 |
|
|
|
45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings per common share |
|
9,649 |
|
|
|
9,960 |
|
|
|
9,744 |
|
|
|
9,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
3,977 |
|
|
|
2,952 |
|
|
|
5,476 |
|
|
|
4,593 |
|
Discontinued operations |
$ |
— |
|
|
|
6,776 |
|
|
|
— |
|
|
|
6,862 |
|
Net income attributable to the Company |
$ |
4,149 |
|
|
|
9,825 |
|
|
|
5,767 |
|
|
|
11,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
0.41 |
|
|
|
0.30 |
|
|
|
0.56 |
|
|
|
0.46 |
|
Discontinued operations |
$ |
— |
|
|
|
0.68 |
|
|
|
— |
|
|
|
0.69 |
|
Net income attributable to the Company |
$ |
0.43 |
|
|
|
0.99 |
|
|
|
0.59 |
|
|
|
1.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
0.41 |
|
|
|
0.30 |
|
|
|
0.56 |
|
|
|
0.46 |
|
Discontinued operations |
$ |
— |
|
|
|
0.68 |
|
|
|
— |
|
|
|
0.69 |
|
Net income attributable to the Company |
$ |
0.43 |
|
|
|
0.99 |
|
|
|
0.59 |
|
|
|
1.17 |
|
|
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v3.20.2
Stock-Based Compensation Plans (Tables)
|
6 Months Ended |
Jun. 30, 2020 |
Share-based Payment Arrangement [Abstract] |
|
Stock Compensation Expense (in thousands |
|
|
Three Months ended |
|
Six Months ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Stock option grants |
|
$ |
23 |
|
|
|
28 |
|
|
|
47 |
|
|
|
57 |
|
Restricted stock awards granted in 2020 |
|
|
47 |
|
|
|
— |
|
|
|
94 |
|
|
|
— |
|
Employee stock grant |
|
|
— |
|
|
|
— |
|
|
|
530 |
|
|
|
— |
|
Annual director stock award |
|
|
500 |
|
|
|
— |
|
|
|
500 |
|
|
|
— |
|
|
|
$ |
570 |
|
|
|
28 |
|
|
|
1,171 |
|
|
|
57 |
|
|
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, 2020 |
|
|
132,504 |
|
|
$ |
33.82 |
|
|
5.8 |
|
$ |
1,631 |
|
Granted |
|
|
— |
|
|
$ |
— |
|
|
|
|
$ |
— |
|
Exercised |
|
|
— |
|
|
$ |
— |
|
|
|
|
$ |
— |
|
Outstanding at June 30, 2020 |
|
|
132,504 |
|
|
$ |
33.82 |
|
|
5.3 |
|
$ |
1,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at June 30, 2020 |
|
|
114,189 |
|
|
$ |
32.11 |
|
|
4.8 |
|
$ |
1,333 |
|
Vested during six months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
|
— |
|
|
|
|
|
|
|
|
$ |
— |
|
|
Summary of Restricted Stock awards (in thousands, except share and per share amounts) |
|
|
|
|
Weighted |
|
Weighted |
|
Weighted |
|
|
Number |
|
Average |
|
Average |
|
Average |
|
|
Of |
|
Exercise |
|
Remaining |
|
Grant Date |
Restricted stock |
|
Shares |
|
Price |
|
Term (yrs) |
|
Fair Value(000's) |
|
|
|
|
|
|
|
|
|
Outstanding at January 1, 2020 |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
20,520 |
|
|
$ |
46.30 |
|
|
|
|
$ |
950 |
|
Outstanding at June 30, 2020 |
|
|
20,520 |
|
|
$ |
46.30 |
|
|
3.9 |
|
$ |
950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.
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v3.20.2
Investment in Joint Ventures (Tables)
|
6 Months Ended |
Jun. 30, 2020 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Investments in Joint Ventures (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of Profit |
|
|
|
Common |
|
|
Total |
|
|
Total Assets of |
|
|
Profit (Loss) |
|
|
(Loss) of the |
|
|
|
Ownership |
|
|
Investment |
|
|
The Partnership |
|
|
Of the Partnership |
|
|
Partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooksville Quarry, LLC |
|
50.00 |
% |
$ |
7,476 |
|
|
14,310 |
|
|
(42 |
) |
|
(21 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,286 |
|
|
22,689 |
|
|
(210 |
) |
|
(104 |
) |
RiverFront Holdings II, LLC |
|
80.00 |
% |
|
25,484 |
|
|
104,426 |
|
|
(1,326 |
) |
|
(1,409 |
) |
Bryant Street Partnerships |
|
61.36 |
% |
|
59,549 |
|
|
133,553 |
|
|
— |
|
|
(824 |
) |
Hyde Park |
|
|
|
|
1,214 |
|
|
1,214 |
|
|
— |
|
|
— |
|
DST Hickory Creek |
|
26.65 |
% |
|
6,000 |
|
|
48,651 |
|
|
(162 |
) |
|
168 |
|
Amber Ridge Loan |
|
|
|
|
1,183 |
|
|
1,183 |
|
|
— |
|
|
— |
|
1800 Half St. Owner, LLC |
|
61.37 |
% |
|
37,537 |
|
|
39,327 |
|
|
126 |
|
|
126 |
|
Greenville/Woodfield Partnerships |
|
40.00 |
% |
|
16,050 |
|
|
43,095 |
|
|
158 |
|
|
80 |
|
Total |
|
|
|
$ |
159,779 |
|
|
408,448 |
|
|
(1,456 |
) |
|
(1,984 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooksville Quarry, LLC |
|
50.00 |
% |
$ |
7,499 |
|
|
14,316 |
|
|
(84 |
) |
|
(42 |
) |
BC FRP Realty, LLC |
|
50.00 |
% |
|
5,391 |
|
|
22,969 |
|
|
(1,114 |
) |
|
(591 |
) |
RiverFront Holdings II, LLC |
|
80.00 |
% |
|
25,975 |
|
|
88,235 |
|
|
(95 |
) |
|
(871 |
) |
Bryant Street Partnerships |
|
61.36 |
% |
|
58,353 |
|
|
96,477 |
|
|
260 |
|
|
(573 |
) |
Hyde Park |
|
|
|
|
3,492 |
|
|
3,492 |
|
|
— |
|
|
— |
|
DST Hickory Creek |
|
26.65 |
% |
|
6,000 |
|
|
49,369 |
|
|
(168 |
) |
|
123 |
|
Amber Ridge Loan |
|
|
|
|
509 |
|
|
509 |
|
|
— |
|
|
— |
|
1800 Half St. Owner, LLC |
|
59.73 |
% |
|
37,314 |
|
|
40,161 |
|
|
— |
|
|
— |
|
Greenville/Woodfield Partnerships |
|
40.00 |
% |
|
15,919 |
|
|
19,214 |
|
|
— |
|
|
— |
|
Total |
|
|
|
$ |
160,452 |
|
|
334,742 |
|
|
(1,201 |
) |
|
(1,954 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint Venture balance sheets (in thousands) |
|
As of June 30, 2020 |
|
Total |
|
RiverFront |
|
Bryant Street |
|
DST Hickory |
|
1800 Half St. |
|
Greenville/ |
|
Apartment/ |
|
Holdings II, LLC |
|
Partnership |
|
Creek |
|
Partnership |
|
Woodfield |
|
Mixed Use |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
103,602 |
|
|
|
132,932 |
|
|
|
46,106 |
|
|
|
27,603 |
|
|
|
20,845 |
|
|
$ |
331,088 |
|
Cash and cash equivalents |
|
720 |
|
|
|
512 |
|
|
|
1,483 |
|
|
|
8,917 |
|
|
|
21,878 |
|
|
|
33,510 |
|
Unrealized rents & receivables |
|
78 |
|
|
|
95 |
|
|
|
622 |
|
|
|
0 |
|
|
|
0 |
|
|
|
795 |
|
Deferred costs |
|
26 |
|
|
|
14 |
|
|
|
440 |
|
|
|
2,807 |
|
|
|
372 |
|
|
|
3,659 |
|
Total Assets |
$ |
104,426 |
|
|
|
133,553 |
|
|
|
48,651 |
|
|
|
39,327 |
|
|
|
43,095 |
|
|
$ |
369,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
60,252 |
|
|
|
35,770 |
|
|
|
29,268 |
|
|
|
0 |
|
|
|
0 |
|
|
$ |
125,290 |
|
Other liabilities |
|
2,094 |
|
|
|
19,405 |
|
|
|
171 |
|
|
|
392 |
|
|
|
3,213 |
|
|
|
25,275 |
|
Capital - FRP |
|
36,732 |
|
|
|
58,224 |
|
|
|
5,120 |
|
|
|
37,460 |
|
|
|
15,953 |
|
|
|
153,489 |
|
Capital - Third Parties |
|
5,348 |
|
|
|
20,154 |
|
|
|
14,092 |
|
|
|
1,475 |
|
|
|
23,929 |
|
|
|
64,998 |
|
Total Liabilities and Capital |
$ |
104,426 |
|
|
|
133,553 |
|
|
|
48,651 |
|
|
|
39,327 |
|
|
|
43,095 |
|
|
$ |
369,052 |
|
|
As of June 30, 2020 |
|
|
|
Brooksville |
|
BC FRP |
|
|
|
Amber Ridge |
|
Apartment/ |
|
Grand |
|
Quarry, LLC |
|
Realty, LLC |
|
Hyde Park |
|
Loan |
|
Mixed Use |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net. |
$ |
14,290 |
|
|
|
22,187 |
|
|
|
1,214 |
|
|
|
1,183 |
|
|
|
331,088 |
|
|
$ |
369,962 |
|
Cash and cash equivalents |
|
18 |
|
|
|
59 |
|
|
|
0 |
|
|
|
0 |
|
|
|
33,510 |
|
|
|
33,587 |
|
Unrealized rents & receivables |
|
0 |
|
|
|
230 |
|
|
|
0 |
|
|
|
0 |
|
|
|
795 |
|
|
|
1,025 |
|
Deferred costs |
|
2 |
|
|
|
213 |
|
|
|
0 |
|
|
|
0 |
|
|
|
3,659 |
|
|
|
3,874 |
|
Total Assets |
$ |
14,310 |
|
|
|
22,689 |
|
|
|
1,214 |
|
|
|
1,183 |
|
|
|
369,052 |
|
|
$ |
408,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
|
12,130 |
|
|
|
0 |
|
|
|
0 |
|
|
|
125,290 |
|
|
$ |
137,420 |
|
Other liabilities |
|
41 |
|
|
|
105 |
|
|
|
0 |
|
|
|
0 |
|
|
|
25,275 |
|
|
|
25,421 |
|
Capital - FRP |
|
7,476 |
|
|
|
5,227 |
|
|
|
1,214 |
|
|
|
1,183 |
|
|
|
153,489 |
|
|
|
168,589 |
|
Capital - Third Parties |
|
6,793 |
|
|
|
5,227 |
|
|
|
0 |
|
|
|
0 |
|
|
|
64,998 |
|
|
|
77,018 |
|
Total Liabilities and Capital |
$ |
14,310 |
|
|
|
22,689 |
|
|
|
1,214 |
|
|
|
1,183 |
|
|
|
369,052 |
|
|
$ |
408,448 |
|
|
As of December 31, 2019 |
|
Total |
|
RiverFront |
|
Bryant Street |
|
DST Hickory |
|
1800 Half St. |
|
Greenville/ |
|
Apartment/ |
|
Holdings II, LLC |
|
Partnership |
|
Creek |
|
Partnership |
|
Woodfield |
|
Mixed Use |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net |
$ |
87,521 |
|
|
|
95,903 |
|
|
|
46,685 |
|
|
|
14,391 |
|
|
|
1,889 |
|
|
$ |
246,389 |
|
Cash and cash equivalents |
|
630 |
|
|
|
387 |
|
|
|
1,764 |
|
|
|
25,770 |
|
|
|
17,325 |
|
|
|
45,876 |
|
Unrealized rents & receivables |
|
82 |
|
|
|
158 |
|
|
|
446 |
|
|
|
0 |
|
|
|
0 |
|
|
|
686 |
|
Deferred costs |
|
2 |
|
|
|
29 |
|
|
|
474 |
|
|
|
0 |
|
|
|
0 |
|
|
|
505 |
|
Total Assets |
$ |
88,235 |
|
|
|
96,477 |
|
|
|
49,369 |
|
|
|
40,161 |
|
|
|
19,214 |
|
|
$ |
293,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
38,564 |
|
|
|
1,660 |
|
|
|
29,246 |
|
|
|
0 |
|
|
|
0 |
|
|
$ |
69,470 |
|
Other liabilities |
|
6,771 |
|
|
|
17,183 |
|
|
|
120 |
|
|
|
1,363 |
|
|
|
1,889 |
|
|
|
27,326 |
|
Capital - FRP |
|
37,284 |
|
|
|
57,479 |
|
|
|
6,000 |
|
|
|
37,314 |
|
|
|
15,919 |
|
|
|
153,996 |
|
Capital - Third Parties |
|
5,616 |
|
|
|
20,155 |
|
|
|
14,003 |
|
|
|
1,484 |
|
|
|
1,406 |
|
|
|
42,664 |
|
Total Liabilities and Capital |
$ |
88,235 |
|
|
|
96,477 |
|
|
|
49,369 |
|
|
|
40,161 |
|
|
|
19,214 |
|
|
$ |
293,456 |
|
|
As of December 31, 2019 |
|
|
|
Brooksville |
|
BC FRP |
|
|
|
Amber Ridge |
|
Apartment/ |
|
Grand |
|
Quarry, LLC |
|
Realty, LLC |
|
Hyde Park |
|
Loan |
|
Mixed Use |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in real estate, net. |
$ |
14,293 |
|
|
|
22,423 |
|
|
|
3,492 |
|
|
|
509 |
|
|
|
246,389 |
|
|
$ |
287,106 |
|
Cash and cash equivalents |
|
18 |
|
|
|
15 |
|
|
|
0 |
|
|
|
0 |
|
|
|
45,876 |
|
|
|
45,909 |
|
Unrealized rents & receivables |
|
0 |
|
|
|
220 |
|
|
|
0 |
|
|
|
0 |
|
|
|
686 |
|
|
|
906 |
|
Deferred costs |
|
5 |
|
|
|
311 |
|
|
|
0 |
|
|
|
0 |
|
|
|
505 |
|
|
|
821 |
|
Total Assets |
$ |
14,316 |
|
|
|
22,969 |
|
|
|
3,492 |
|
|
|
509 |
|
|
|
293,456 |
|
|
$ |
334,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured notes payable |
$ |
0 |
|
|
|
12,103 |
|
|
|
0 |
|
|
|
0 |
|
|
|
69,470 |
|
|
$ |
81,573 |
|
Other liabilities |
|
2 |
|
|
|
196 |
|
|
|
0 |
|
|
|
0 |
|
|
|
27,326 |
|
|
|
27,524 |
|
Capital - FRP |
|
7,500 |
|
|
|
5,335 |
|
|
|
3,492 |
|
|
|
509 |
|
|
|
153,996 |
|
|
|
170,832 |
|
Capital - Third Parties |
|
6,814 |
|
|
|
5,335 |
|
|
|
0 |
|
|
|
0 |
|
|
|
42,664 |
|
|
|
54,813 |
|
Total Liabilities and Capital |
$ |
14,316 |
|
|
|
22,969 |
|
|
|
3,492 |
|
|
|
509 |
|
|
|
293,456 |
|
|
$ |
334,742 |
|
|
X |
- References
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- DefinitionTabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571
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- DefinitionTabular disclosure of nonconsolidated investments in real estate including interests in corporations, partnerships and joint ventures. Disclosures may include summarized aggregate financial statements for the real estate investments.
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v3.20.2
Discontinued Operations (Tables)
|
6 Months Ended |
Jun. 30, 2020 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Discontinued operations results of operations |
|
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
|
2019 |
|
2019 |
Lease Revenue |
|
$ |
222 |
|
|
|
460 |
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
12 |
|
|
|
41 |
|
Operating expenses |
|
|
139 |
|
|
|
234 |
|
Property taxes |
|
|
26 |
|
|
|
46 |
|
Management company indirect |
|
|
— |
|
|
|
— |
|
Corporate expenses |
|
|
— |
|
|
|
— |
|
Total cost of operations |
|
|
177 |
|
|
|
321 |
|
|
|
|
|
|
|
|
|
|
Total operating profit |
|
|
45 |
|
|
|
139 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
— |
|
|
|
— |
|
Gain on sale of buildings |
|
|
9,245 |
|
|
|
9,268 |
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
9,290 |
|
|
|
9,407 |
|
Provision for income taxes |
|
|
2,514 |
|
|
|
2,545 |
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations |
|
$ |
6,776 |
|
|
|
6,862 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
Income from discontinued operations- |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.68 |
|
|
|
0.69 |
|
Diluted |
|
$ |
0.68 |
|
|
|
0.69 |
|
|
X |
- References
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|
v3.20.2
Business Segments - Business segments (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
Segment Reporting Information [Line Items] |
|
|
|
|
|
Revenues |
$ 5,849
|
$ 6,363
|
$ 11,632
|
$ 12,077
|
|
Operating profit |
1,204
|
2,107
|
1,998
|
3,462
|
|
Corporate expenses |
1,026
|
551
|
2,213
|
1,196
|
|
Interest expense |
45
|
272
|
96
|
860
|
|
Depreciation, depletion and amortization |
1,500
|
1,472
|
2,968
|
2,959
|
|
Cash items |
34,481
|
|
34,481
|
|
$ 26,793
|
Total identifiable net assets |
534,117
|
|
534,117
|
|
538,148
|
Investments available for sale |
130,058
|
|
130,058
|
|
137,867
|
Asset Management |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Revenues |
716
|
662
|
1,368
|
1,303
|
|
Operating profit before corporate expenses |
323
|
128
|
500
|
225
|
|
Corporate expenses |
(265)
|
(139)
|
(573)
|
(302)
|
|
Capital expenditures |
341
|
1,352
|
554
|
7,818
|
|
Depreciation, depletion and amortization |
200
|
196
|
392
|
373
|
|
Total identifiable net assets |
18,813
|
|
18,813
|
|
18,468
|
Mining royalty lands |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Revenues |
2,402
|
2,633
|
4,587
|
4,862
|
|
Operating profit before corporate expenses |
2,194
|
2,458
|
4,195
|
4,502
|
|
Corporate expenses |
(84)
|
(36)
|
(181)
|
(79)
|
|
Capital expenditures |
0
|
0
|
0
|
0
|
|
Depreciation, depletion and amortization |
62
|
42
|
100
|
94
|
|
Total identifiable net assets |
37,911
|
|
37,911
|
|
38,409
|
Development |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Revenues |
279
|
316
|
572
|
585
|
|
Operating profit before corporate expenses |
(703)
|
(565)
|
(1,477)
|
(1,118)
|
|
Corporate expenses |
(617)
|
(341)
|
(1,329)
|
(740)
|
|
Capital expenditures |
320
|
(122)
|
617
|
248
|
|
Depreciation, depletion and amortization |
53
|
49
|
107
|
107
|
|
Total identifiable net assets |
173,334
|
|
173,334
|
|
179,357
|
Stabilized Joint Venture |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Revenues |
2,452
|
2,752
|
5,105
|
5,327
|
|
Operating profit before corporate expenses |
416
|
637
|
993
|
1,049
|
|
Corporate expenses |
(60)
|
(35)
|
(130)
|
(75)
|
|
Capital expenditures |
19
|
227
|
(4)
|
110
|
|
Depreciation, depletion and amortization |
1,185
|
1,185
|
2,369
|
2,385
|
|
Total identifiable net assets |
131,652
|
|
131,652
|
|
133,956
|
Corporate |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total identifiable net assets |
7,868
|
|
7,868
|
|
$ 3,298
|
Total Segments |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Revenues |
5,849
|
6,363
|
11,632
|
12,077
|
|
Operating profit before corporate expenses |
2,230
|
2,658
|
4,211
|
4,658
|
|
Operating profit |
1,204
|
2,107
|
1,998
|
3,462
|
|
Corporate expenses |
(1,026)
|
(551)
|
(2,213)
|
(1,196)
|
|
Interest expense |
45
|
272
|
96
|
860
|
|
Capital expenditures |
680
|
1,457
|
1,167
|
8,176
|
|
Depreciation, depletion and amortization |
$ 1,500
|
$ 1,472
|
$ 2,968
|
$ 2,959
|
|
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Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Earnings Per Share [Abstract] |
|
|
|
|
Weighted average common shares outstanding during the period - shares used for basic earnings per common share |
9,620
|
9,915
|
9,712
|
9,933
|
Common shares issuable under share based payment plans which are potentially dilutive |
29
|
45
|
32
|
45
|
Common shares used for diluted earnings per common share |
9,649
|
9,960
|
9,744
|
9,978
|
Income from continuing operations |
$ 3,977
|
$ 2,952
|
$ 5,476
|
$ 4,593
|
Discontinued operations |
0
|
6,776
|
0
|
6,862
|
Net income attributable to the Company |
$ 4,149
|
$ 9,825
|
$ 5,767
|
$ 11,723
|
Basic earnings per common share: |
|
|
|
|
Income from continuing operations |
$ 0.41
|
$ 0.30
|
$ 0.56
|
$ 0.46
|
Discontinued operations |
0.00
|
0.68
|
0.00
|
0.69
|
Net income attributable to the Company |
0.43
|
0.99
|
0.59
|
1.18
|
Diluted earnings per common share |
|
|
|
|
Income from continuing operations |
0.41
|
0.30
|
0.56
|
0.46
|
Discontinued operations |
0.00
|
0.68
|
0.00
|
0.69
|
Net income attributable to the Company |
$ 0.43
|
$ 0.99
|
$ 0.59
|
$ 1.17
|
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v3.20.2
Investments in Joint Ventures (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
|
|
|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
Jul. 31, 2019 |
Dec. 24, 2018 |
May 04, 2018 |
Apr. 26, 2016 |
Oct. 04, 2006 |
Total Investment |
$ 159,779
|
|
$ 159,779
|
|
$ 160,452
|
|
|
|
|
|
Total Assets of the Partnership |
408,448
|
|
408,448
|
|
334,742
|
|
|
|
|
|
Profit (Loss) of the Partnership |
|
|
(1,456)
|
|
(1,201)
|
|
|
|
|
|
Company's share of Net Loss of the Partnership |
(1,343)
|
$ (272)
|
(1,985)
|
$ (536)
|
(1,954)
|
|
|
|
|
|
Investments in real estate, net |
369,962
|
|
369,962
|
|
287,106
|
|
|
|
|
|
Cash and cash equivalents |
33,587
|
|
33,587
|
|
45,909
|
|
|
|
|
|
Deferred costs |
3,874
|
|
3,874
|
|
821
|
|
|
|
|
|
Unrealized rents & receivable |
1,025
|
|
1,025
|
|
906
|
|
|
|
|
|
Secured notes payable |
137,420
|
|
137,420
|
|
81,573
|
|
|
|
|
|
Other liabilities |
25,421
|
|
25,421
|
|
27,524
|
|
|
|
|
|
Capital - FRP |
168,589
|
|
168,589
|
|
170,832
|
|
|
|
|
|
Capital - Third parties |
77,018
|
|
77,018
|
|
54,813
|
|
|
|
|
|
Total liabilities and capital |
$ 408,448
|
|
$ 408,448
|
|
$ 334,742
|
|
|
|
|
|
Brooksville Quarry, LLC |
|
|
|
|
|
|
|
|
|
|
Ownership percent |
50.00%
|
|
50.00%
|
|
50.00%
|
|
|
|
|
50.00%
|
Total Investment |
$ 7,476
|
|
$ 7,476
|
|
$ 7,499
|
|
|
|
|
|
Total Assets of the Partnership |
14,310
|
|
14,310
|
|
14,316
|
|
|
|
|
|
Profit (Loss) of the Partnership |
|
|
(42)
|
|
(84)
|
|
|
|
|
|
Company's share of Net Loss of the Partnership |
|
|
(21)
|
|
(42)
|
|
|
|
|
|
Investments in real estate, net |
14,290
|
|
14,290
|
|
14,293
|
|
|
|
|
|
Cash and cash equivalents |
18
|
|
18
|
|
18
|
|
|
|
|
|
Deferred costs |
2
|
|
2
|
|
5
|
|
|
|
|
|
Unrealized rents & receivable |
0
|
|
0
|
|
0
|
|
|
|
|
|
Secured notes payable |
0
|
|
0
|
|
0
|
|
|
|
|
|
Other liabilities |
41
|
|
41
|
|
2
|
|
|
|
|
|
Capital - FRP |
7,476
|
|
7,476
|
|
7,500
|
|
|
|
|
|
Capital - Third parties |
6,793
|
|
6,793
|
|
6,814
|
|
|
|
|
|
Total liabilities and capital |
$ 14,310
|
|
$ 14,310
|
|
$ 14,316
|
|
|
|
|
|
BC FRP Realty, LLC |
|
|
|
|
|
|
|
|
|
|
Ownership percent |
50.00%
|
|
50.00%
|
|
50.00%
|
|
|
|
50.00%
|
|
Total Investment |
$ 5,286
|
|
$ 5,286
|
|
$ 5,391
|
|
|
|
|
|
Total Assets of the Partnership |
22,689
|
|
22,689
|
|
22,969
|
|
|
|
|
|
Profit (Loss) of the Partnership |
|
|
(210)
|
|
(1,114)
|
|
|
|
|
|
Company's share of Net Loss of the Partnership |
|
|
(104)
|
|
(591)
|
|
|
|
|
|
Investments in real estate, net |
22,187
|
|
22,187
|
|
22,423
|
|
|
|
|
|
Cash and cash equivalents |
59
|
|
59
|
|
15
|
|
|
|
|
|
Deferred costs |
213
|
|
213
|
|
311
|
|
|
|
|
|
Unrealized rents & receivable |
230
|
|
230
|
|
220
|
|
|
|
|
|
Secured notes payable |
12,130
|
|
12,130
|
|
12,103
|
|
|
|
|
|
Other liabilities |
105
|
|
105
|
|
196
|
|
|
|
|
|
Capital - FRP |
5,227
|
|
5,227
|
|
5,335
|
|
|
|
|
|
Capital - Third parties |
5,227
|
|
5,227
|
|
5,335
|
|
|
|
|
|
Total liabilities and capital |
$ 22,689
|
|
$ 22,689
|
|
$ 22,969
|
|
|
|
|
|
RiverFront Holdings II, LLC |
|
|
|
|
|
|
|
|
|
|
Ownership percent |
80.00%
|
|
80.00%
|
|
80.00%
|
|
|
80.00%
|
|
|
Total Investment |
$ 25,484
|
|
$ 25,484
|
|
$ 25,975
|
|
|
|
|
|
Total Assets of the Partnership |
104,426
|
|
104,426
|
|
88,235
|
|
|
|
|
|
Profit (Loss) of the Partnership |
|
|
(1,326)
|
|
(95)
|
|
|
|
|
|
Company's share of Net Loss of the Partnership |
|
|
(1,409)
|
|
(871)
|
|
|
|
|
|
Investments in real estate, net |
103,602
|
|
103,602
|
|
87,521
|
|
|
|
|
|
Cash and cash equivalents |
720
|
|
720
|
|
630
|
|
|
|
|
|
Deferred costs |
26
|
|
26
|
|
2
|
|
|
|
|
|
Unrealized rents & receivable |
78
|
|
78
|
|
82
|
|
|
|
|
|
Secured notes payable |
60,252
|
|
60,252
|
|
38,564
|
|
|
|
|
|
Other liabilities |
2,094
|
|
2,094
|
|
6,771
|
|
|
|
|
|
Capital - FRP |
36,732
|
|
36,732
|
|
37,284
|
|
|
|
|
|
Capital - Third parties |
5,348
|
|
5,348
|
|
5,616
|
|
|
|
|
|
Total liabilities and capital |
$ 104,426
|
|
$ 104,426
|
|
$ 88,235
|
|
|
|
|
|
Bryant Street Partnerships |
|
|
|
|
|
|
|
|
|
|
Ownership percent |
61.36%
|
|
61.36%
|
|
61.36%
|
|
61.36%
|
|
|
|
Total Investment |
$ 59,549
|
|
$ 59,549
|
|
$ 58,353
|
|
|
|
|
|
Total Assets of the Partnership |
133,553
|
|
133,553
|
|
96,477
|
|
|
|
|
|
Profit (Loss) of the Partnership |
|
|
0
|
|
260
|
|
|
|
|
|
Company's share of Net Loss of the Partnership |
|
|
(825)
|
|
(573)
|
|
|
|
|
|
Investments in real estate, net |
132,932
|
|
132,932
|
|
95,903
|
|
|
|
|
|
Cash and cash equivalents |
512
|
|
512
|
|
387
|
|
|
|
|
|
Deferred costs |
14
|
|
14
|
|
29
|
|
|
|
|
|
Unrealized rents & receivable |
95
|
|
95
|
|
158
|
|
|
|
|
|
Secured notes payable |
35,770
|
|
35,770
|
|
1,660
|
|
|
|
|
|
Other liabilities |
19,405
|
|
19,405
|
|
17,183
|
|
|
|
|
|
Capital - FRP |
58,224
|
|
58,224
|
|
57,479
|
|
|
|
|
|
Capital - Third parties |
20,154
|
|
20,154
|
|
20,155
|
|
|
|
|
|
Total liabilities and capital |
133,553
|
|
133,553
|
|
96,477
|
|
|
|
|
|
Hyde Park |
|
|
|
|
|
|
|
|
|
|
Total Investment |
1,214
|
|
1,214
|
|
3,492
|
|
|
|
|
|
Total Assets of the Partnership |
1,214
|
|
1,214
|
|
3,492
|
|
|
|
|
|
Profit (Loss) of the Partnership |
|
|
0
|
|
0
|
|
|
|
|
|
Company's share of Net Loss of the Partnership |
|
|
0
|
|
0
|
|
|
|
|
|
Investments in real estate, net |
1,214
|
|
1,214
|
|
3,492
|
|
|
|
|
|
Cash and cash equivalents |
0
|
|
0
|
|
0
|
|
|
|
|
|
Deferred costs |
0
|
|
0
|
|
0
|
|
|
|
|
|
Unrealized rents & receivable |
0
|
|
0
|
|
0
|
|
|
|
|
|
Secured notes payable |
0
|
|
0
|
|
0
|
|
|
|
|
|
Other liabilities |
0
|
|
0
|
|
0
|
|
|
|
|
|
Capital - FRP |
1,214
|
|
1,214
|
|
3,492
|
|
|
|
|
|
Capital - Third parties |
0
|
|
0
|
|
0
|
|
|
|
|
|
Total liabilities and capital |
$ 1,214
|
|
$ 1,214
|
|
$ 3,492
|
|
|
|
|
|
DST Hickory Creek |
|
|
|
|
|
|
|
|
|
|
Ownership percent |
26.65%
|
|
26.65%
|
|
26.65%
|
26.65%
|
|
|
|
|
Total Investment |
$ 6,000
|
|
$ 6,000
|
|
$ 6,000
|
|
|
|
|
|
Total Assets of the Partnership |
48,651
|
|
48,651
|
|
49,369
|
|
|
|
|
|
Profit (Loss) of the Partnership |
|
|
(162)
|
|
(168)
|
|
|
|
|
|
Company's share of Net Loss of the Partnership |
|
|
168
|
|
123
|
|
|
|
|
|
Investments in real estate, net |
46,106
|
|
46,106
|
|
46,685
|
|
|
|
|
|
Cash and cash equivalents |
1,483
|
|
1,483
|
|
1,764
|
|
|
|
|
|
Deferred costs |
440
|
|
440
|
|
474
|
|
|
|
|
|
Unrealized rents & receivable |
622
|
|
622
|
|
446
|
|
|
|
|
|
Secured notes payable |
29,268
|
|
29,268
|
|
29,246
|
|
|
|
|
|
Other liabilities |
171
|
|
171
|
|
120
|
|
|
|
|
|
Capital - FRP |
5,120
|
|
5,120
|
|
6,000
|
|
|
|
|
|
Capital - Third parties |
14,092
|
|
14,092
|
|
14,003
|
|
|
|
|
|
Total liabilities and capital |
48,651
|
|
48,651
|
|
49,369
|
|
|
|
|
|
Amber Ridge |
|
|
|
|
|
|
|
|
|
|
Total Investment |
1,183
|
|
1,183
|
|
509
|
|
|
|
|
|
Total Assets of the Partnership |
1,183
|
|
1,183
|
|
509
|
|
|
|
|
|
Profit (Loss) of the Partnership |
|
|
0
|
|
0
|
|
|
|
|
|
Company's share of Net Loss of the Partnership |
|
|
0
|
|
0
|
|
|
|
|
|
Investments in real estate, net |
1,183
|
|
1,183
|
|
509
|
|
|
|
|
|
Cash and cash equivalents |
0
|
|
0
|
|
0
|
|
|
|
|
|
Deferred costs |
0
|
|
0
|
|
0
|
|
|
|
|
|
Unrealized rents & receivable |
0
|
|
0
|
|
0
|
|
|
|
|
|
Secured notes payable |
0
|
|
0
|
|
0
|
|
|
|
|
|
Other liabilities |
0
|
|
0
|
|
0
|
|
|
|
|
|
Capital - FRP |
1,183
|
|
1,183
|
|
509
|
|
|
|
|
|
Capital - Third parties |
0
|
|
0
|
|
0
|
|
|
|
|
|
Total liabilities and capital |
$ 1,183
|
|
$ 1,183
|
|
$ 509
|
|
|
|
|
|
1800 Half Street |
|
|
|
|
|
|
|
|
|
|
Ownership percent |
61.37%
|
|
61.37%
|
|
59.73%
|
|
|
|
|
|
Total Investment |
$ 37,537
|
|
$ 37,537
|
|
$ 37,314
|
|
|
|
|
|
Total Assets of the Partnership |
39,327
|
|
39,327
|
|
40,161
|
|
|
|
|
|
Profit (Loss) of the Partnership |
|
|
126
|
|
0
|
|
|
|
|
|
Company's share of Net Loss of the Partnership |
|
|
126
|
|
0
|
|
|
|
|
|
Investments in real estate, net |
27,603
|
|
27,603
|
|
14,391
|
|
|
|
|
|
Cash and cash equivalents |
8,917
|
|
8,917
|
|
25,770
|
|
|
|
|
|
Deferred costs |
2,807
|
|
2,807
|
|
0
|
|
|
|
|
|
Unrealized rents & receivable |
0
|
|
0
|
|
0
|
|
|
|
|
|
Secured notes payable |
0
|
|
0
|
|
0
|
|
|
|
|
|
Other liabilities |
392
|
|
392
|
|
1,363
|
|
|
|
|
|
Capital - FRP |
37,460
|
|
37,460
|
|
37,314
|
|
|
|
|
|
Capital - Third parties |
1,475
|
|
1,475
|
|
1,484
|
|
|
|
|
|
Total liabilities and capital |
$ 39,327
|
|
$ 39,327
|
|
$ 40,161
|
|
|
|
|
|
Woodfield Partnerships |
|
|
|
|
|
|
|
|
|
|
Ownership percent |
40.00%
|
|
40.00%
|
|
40.00%
|
|
|
|
|
|
Total Investment |
$ 16,050
|
|
$ 16,050
|
|
$ 15,919
|
|
|
|
|
|
Total Assets of the Partnership |
43,095
|
|
43,095
|
|
19,214
|
|
|
|
|
|
Profit (Loss) of the Partnership |
|
|
158
|
|
0
|
|
|
|
|
|
Company's share of Net Loss of the Partnership |
|
|
80
|
|
0
|
|
|
|
|
|
Investments in real estate, net |
20,845
|
|
20,845
|
|
1,889
|
|
|
|
|
|
Cash and cash equivalents |
21,878
|
|
21,878
|
|
17,325
|
|
|
|
|
|
Deferred costs |
372
|
|
372
|
|
0
|
|
|
|
|
|
Unrealized rents & receivable |
0
|
|
0
|
|
0
|
|
|
|
|
|
Secured notes payable |
0
|
|
0
|
|
0
|
|
|
|
|
|
Other liabilities |
3,213
|
|
3,213
|
|
1,889
|
|
|
|
|
|
Capital - FRP |
15,953
|
|
15,953
|
|
15,919
|
|
|
|
|
|
Capital - Third parties |
23,929
|
|
23,929
|
|
1,406
|
|
|
|
|
|
Total liabilities and capital |
43,095
|
|
43,095
|
|
19,214
|
|
|
|
|
|
Apartment Mixed Use Totals |
|
|
|
|
|
|
|
|
|
|
Total Assets of the Partnership |
369,052
|
|
369,052
|
|
293,456
|
|
|
|
|
|
Investments in real estate, net |
331,088
|
|
331,088
|
|
246,389
|
|
|
|
|
|
Cash and cash equivalents |
33,510
|
|
33,510
|
|
45,876
|
|
|
|
|
|
Deferred costs |
3,659
|
|
3,659
|
|
505
|
|
|
|
|
|
Unrealized rents & receivable |
795
|
|
795
|
|
686
|
|
|
|
|
|
Secured notes payable |
125,290
|
|
125,290
|
|
69,470
|
|
|
|
|
|
Other liabilities |
25,275
|
|
25,275
|
|
27,326
|
|
|
|
|
|
Capital - FRP |
153,489
|
|
153,489
|
|
153,996
|
|
|
|
|
|
Capital - Third parties |
64,998
|
|
64,998
|
|
42,664
|
|
|
|
|
|
Total liabilities and capital |
$ 369,052
|
|
$ 369,052
|
|
$ 293,456
|
|
|
|
|
|
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v3.20.2
Discontinued Operations - Discontinued operations results of operations (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Lease revenue |
$ 3,447
|
$ 3,730
|
$ 7,045
|
$ 7,215
|
Depreciation, depletion and amortization |
1,500
|
1,472
|
2,968
|
2,959
|
Operating expenses |
781
|
910
|
1,706
|
1,792
|
Property taxes |
646
|
713
|
1,383
|
1,466
|
Total operating profit |
1,204
|
2,107
|
1,998
|
3,462
|
Interest expense |
(45)
|
(272)
|
(96)
|
(860)
|
Income before income taxes |
5,515
|
4,083
|
7,615
|
6,396
|
Provision for income taxes |
1,538
|
1,131
|
2,139
|
1,803
|
Income from discontinued operations |
$ 0
|
$ 6,776
|
$ 0
|
$ 6,862
|
Earnings per common share: |
|
|
|
|
Basic earnings per common share Discontinued operations |
$ 0.00
|
$ 0.68
|
$ 0.00
|
$ 0.69
|
Diluted earnings per common share discontinued operations |
$ 0.00
|
$ 0.68
|
$ 0.00
|
$ 0.69
|
Discontinued Operations, Disposed of by Sale [Member] |
|
|
|
|
Lease revenue |
|
$ 222
|
|
$ 460
|
Depreciation, depletion and amortization |
|
12
|
|
41
|
Operating expenses |
|
139
|
|
234
|
Property taxes |
|
26
|
|
46
|
Management company indirect |
|
0
|
|
0
|
Corporate expenses |
|
0
|
|
0
|
Total cost of operations |
|
177
|
|
321
|
Total operating profit |
|
45
|
|
139
|
Interest expense |
|
0
|
|
0
|
Gain on sale of buildings |
|
9,245
|
|
9,268
|
Income before income taxes |
|
9,290
|
|
9,407
|
Provision for income taxes |
|
2,514
|
|
2,545
|
Income from discontinued operations |
|
$ 6,776
|
|
$ 6,862
|
Earnings per common share: |
|
|
|
|
Basic earnings per common share Discontinued operations |
|
$ 0.68
|
|
$ 0.69
|
Diluted earnings per common share discontinued operations |
|
$ 0.68
|
|
$ 0.69
|
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v3.20.2
v3.20.2
Long-Term Debt (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2017 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
Feb. 06, 2019 |
Nov. 17, 2017 |
Capitalized interest |
$ 940
|
$ 705
|
|
$ 1,875
|
$ 1,090
|
|
|
|
Debt cost amortization |
34
|
|
|
68
|
|
|
|
|
Riverfront permanent loan |
88,993
|
|
|
$ 88,993
|
|
$ 88,925
|
|
|
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 Level I |
|
|
|
|
|
|
|
|
Commitment fee |
|
|
|
0.15%
|
|
|
|
|
Interest rate over LIBOR |
|
|
|
1.00%
|
|
|
|
|
Wells Fargo Level II |
|
|
|
|
|
|
|
|
Commitment fee |
|
|
|
0.20%
|
|
|
|
|
Interest rate over LIBOR |
|
|
|
1.25%
|
|
|
|
|
Wells Fargo Level III |
|
|
|
|
|
|
|
|
Commitment fee |
|
|
|
0.25%
|
|
|
|
|
Interest rate over LIBOR |
|
|
|
1.50%
|
|
|
|
|
Wells Fargo Bank, N.A. |
|
|
|
|
|
|
|
|
Term |
|
|
|
|
|
5 years
|
|
|
Revolving Credit Agreement |
|
|
|
|
|
|
$ 20,000
|
|
Letters of credit issued |
411
|
|
|
$ 411
|
|
|
|
|
Borrowed under the revolver |
0
|
|
|
0
|
|
|
|
|
Available for borrowing |
19,589
|
|
|
19,589
|
|
|
|
|
Available to pay dividends or repurchase stock |
$ 219,000
|
|
|
$ 219,000
|
|
|
|
|
Letter of credit fee |
|
|
|
1.00%
|
|
|
|
|
Interest rate |
1.17825%
|
|
|
1.17825%
|
|
|
|
|
Covenant compliance |
|
|
|
all
|
|
|
|
|
X |
- DefinitionAmount of amortization expense attributable to debt issuance costs.
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v3.20.2
Fair Value Measurements (Details Narrative) $ in Thousands |
6 Months Ended |
|
|
Jun. 30, 2020
USD ($)
integer
|
Dec. 31, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
Number of corporate bonds | integer |
59
|
|
|
Unrealized gain on corporate bonds |
$ 1,584
|
|
|
Realized gain on corporate bonds |
242
|
|
|
Amortized cost of investments |
128,474
|
|
|
Carrying amount of corporate bonds |
130,058
|
$ 137,867
|
|
Carrying amount of other long-term debt |
88,993
|
|
$ 88,857
|
Fair value of other long-term debt |
95,606
|
|
$ 92,541
|
Fair Value, Measurements, Recurring [Member] |
|
|
|
Assets measured at fair value |
$ 130,058
|
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v3.20.2
Investments in Joint Ventures (Details Narrative) $ in Thousands |
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
Jun. 30, 2020
USD ($)
integer
|
Dec. 31, 2019
USD ($)
|
May 31, 2016
USD ($)
|
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USD ($)
integer
|
Sep. 30, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
Dec. 31, 2006
USD ($)
|
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USD ($)
integer
|
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USD ($)
|
Dec. 31, 2019
USD ($)
integer
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017 |
Dec. 31, 2016
USD ($)
|
Jun. 26, 2020
USD ($)
|
Dec. 23, 2019
a
integer
|
Dec. 19, 2019
a
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|
Jul. 31, 2019
USD ($)
a
ft²
integer
|
Jun. 26, 2019
USD ($)
integer
|
Mar. 13, 2019
USD ($)
|
Dec. 24, 2018
a
|
May 04, 2018
USD ($)
|
Jan. 27, 2018
USD ($)
|
Sep. 28, 2017
USD ($)
integer
|
Apr. 26, 2016
a
ft²
|
Oct. 04, 2006
a
|
Company's share of the loss of the joint venture |
|
|
|
$ 1,343
|
|
$ 272
|
|
$ 1,985
|
$ 536
|
$ 1,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint Venture consolidated retained earnings |
$ (5,574)
|
$ (4,127)
|
|
(5,574)
|
|
|
|
(5,574)
|
|
(4,127)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash contribution |
|
|
|
|
|
|
|
1,315
|
$ 6,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Difference between capital recorded by the Company and the joint ventures |
8,809
|
|
|
8,809
|
|
|
|
8,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1800 Half Street |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square feet | a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,246
|
|
|
|
|
|
|
|
|
|
Cash contribution |
|
37,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No. of homes | integer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
344
|
|
|
|
|
|
|
|
|
|
408 Jackson |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square feet | a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,700
|
|
|
|
|
|
|
|
|
|
|
Joint venture percentage stake |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40.00%
|
|
|
|
|
|
|
|
|
|
|
Cash contribution |
|
9,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No. of homes | integer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
227
|
|
|
|
|
|
|
|
|
|
|
Greenville |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint venture percentage stake |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40.00%
|
|
|
|
|
|
|
|
|
|
|
Cash contribution |
|
6,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No. of homes | integer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
Bryant Street and MRP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan guarantee amount |
|
$ 26,000
|
|
|
|
|
|
|
|
$ 26,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan guarantee term |
|
|
|
|
|
|
|
|
|
48 months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan guarantee description |
|
|
|
|
|
|
|
|
|
The Company and MRP have a side agreement limiting the Company’s guarantee to its proportionate ownership. The value of the guarantee was calculated at $1.9 million based on the present value of the 1% interest savings over the anticipated 48-month term.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan guarantee interest savings |
|
1.00%
|
|
|
|
|
|
|
|
1.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan guarantee present value |
|
$ 1,900
|
|
|
|
|
|
|
|
$ 1,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BC FRP Realty, LLC Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 17,250
|
|
|
Interest rate over LIBOR |
|
|
|
|
|
|
|
|
|
|
|
2.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding balance |
12,160
|
|
|
12,160
|
|
|
|
12,160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buildings | integer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
Eagle BankRiverFront Holdings II, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate over LIBOR |
|
|
|
|
|
|
|
|
|
|
3.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding balance |
60,704
|
|
|
60,704
|
|
|
|
60,704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 71,000
|
|
|
|
|
Loan description |
|
|
|
|
|
|
|
|
|
|
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 60 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryant Street Partnerships Construction Loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate over LIBOR |
|
|
|
|
|
|
|
|
2.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding balance |
$ 38,660
|
|
|
$ 38,660
|
|
|
|
$ 38,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 132,000
|
|
|
|
|
|
|
Loan description |
|
|
|
|
|
|
|
|
The loan matures March 13, 2023 with up to two extension of one year each upon certain conditions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryant Street Partnerships Construction Loan Extension 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt service coverage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.1
|
|
|
|
|
|
|
Loan-to-value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65.00%
|
|
|
|
|
|
|
Bryant Street Partnerships Construction Loan Extension 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt service coverage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.25
|
|
|
|
|
|
|
Loan-to-value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65.00%
|
|
|
|
|
|
|
1800 Half Street Construction loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 74,000
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate over LIBOR |
2.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1800 Half Street Construction loan extension |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan extension fee |
|
|
|
|
|
|
|
|
|
|
|
|
|
0.25%
|
|
|
|
|
|
|
|
|
|
|
|
Debt Yield for extension |
9.90%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization schedule |
30 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development fee |
|
|
|
|
|
|
|
|
|
|
725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DST CS1031 Hickory Creek |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square feet | ft² |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
273,940
|
|
|
|
|
|
|
|
|
Land acreage | a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20.4
|
|
|
|
|
|
|
|
|
No. Single family homes | integer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
294
|
|
|
|
|
|
|
|
|
Buildings | integer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.74%
|
|
|
|
|
|
|
|
|
Financing term |
|
|
|
|
10 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization period |
|
|
|
|
30 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing obtained |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 29,672
|
|
|
|
|
|
|
|
|
Interest only period |
|
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 45,600
|
|
|
|
|
|
|
|
|
Brooksville Quarry, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land acreage | a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,300
|
Joint venture percentage stake |
50.00%
|
50.00%
|
|
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 |
|
|
|
|
|
|
|
$ 21
|
|
$ 42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%
|
|
50.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50.00%
|
|
Distribution received |
|
|
$ 2,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acres conributed | a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25
|
|
Company's share of the loss of the joint venture |
|
|
|
|
|
|
|
$ 104
|
|
$ 591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RiverFront Holdings II, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value of land contributed |
|
|
|
|
|
|
|
|
|
|
16,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint venture percentage stake |
80.00%
|
80.00%
|
|
80.00%
|
|
|
|
80.00%
|
|
80.00%
|
|
|
|
|
|
|
|
|
|
|
80.00%
|
|
|
|
|
Book value of land contribution |
|
|
|
|
|
|
|
|
|
|
4,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's share of the loss of the joint venture |
|
|
|
|
|
|
|
$ 1,409
|
|
$ 871
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash contribution |
|
|
|
|
|
|
|
|
|
|
6,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred equity financing |
|
|
|
|
|
|
|
|
|
|
$ 13,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred equity financing advanced |
|
|
|
|
|
|
|
|
|
13,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred equity financing interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.50%
|
|
|
|
|
Hyde Park |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's share of the loss of the joint venture |
|
|
|
|
|
|
|
$ 0
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,500
|
|
|
|
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.00%
|
|
|
|
Preferred return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20.00%
|
|
|
|
No. of homes | integer |
126
|
|
|
126
|
|
|
|
126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal and interest payment |
|
|
|
|
|
|
|
$ 2,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bryant Street Partnerships |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of partnerships | integer |
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land acreage | a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
Joint venture percentage stake |
61.36%
|
61.36%
|
|
61.36%
|
|
|
|
61.36%
|
|
61.36%
|
|
|
|
|
|
|
|
|
|
61.36%
|
|
|
|
|
|
Company's share of the loss of the joint venture |
|
|
|
|
|
|
|
$ 825
|
|
$ 573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash contribution |
|
|
|
|
|
|
|
|
|
32,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred equity financing |
|
|
|
|
|
|
|
|
|
$ 23,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred equity financing interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.00%
|
|
|
|
|
|
DST Hickory Creek |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint venture percentage stake |
26.65%
|
26.65%
|
|
26.65%
|
|
|
|
26.65%
|
|
26.65%
|
|
|
|
|
|
|
26.65%
|
|
|
|
|
|
|
|
|
Distribution received |
|
|
|
|
|
|
|
$ 168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's share of the loss of the joint venture |
|
|
|
|
|
|
|
(168)
|
|
$ (123)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash contribution |
|
|
|
|
$ 6,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amber Ridge |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company's share of the loss of the joint venture |
|
|
|
|
|
|
|
$ 0
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan commitment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 18,500
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
Preferred return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20.00%
|
|
|
|
|
|
|
|
No. of homes | integer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
187
|
|
|
|
|
|
|
|
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v3.20.2
Subsequent Event (Details Narrative) - USD ($) $ in Thousands |
1 Months Ended |
3 Months Ended |
6 Months Ended |
Jul. 31, 2020 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Gain |
|
$ 3,589
|
$ 536
|
$ 3,597
|
$ 536
|
Property sale |
|
|
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|
Sales price |
$ 12,300
|
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|
|
Gain |
$ 3,800
|
|
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This regulatory filing also includes additional resources:
frphjunq20.pdf
Grafico Azioni FRP (NASDAQ:FRPH)
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Grafico Azioni FRP (NASDAQ:FRPH)
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