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UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November
8, 2023
FRP HOLDINGS,
INC.
(Exact name of
registrant as specified in its charter)
florida
(State or other jurisdiction of incorporation) |
001-36769
(Commission File
Number) |
47-2449198
(IRS Employer
Identification No.) |
200 W. FORSYTH STREET, 7TH FLOOR
JACKSONVILLE, FLORIDA
(Address of principal executive offices) |
32202
(Zip Code) |
(904) 858-9100
(Registrant’s telephone number, including area
code)
Not Applicable
(Former name or former address, if changed since last
report.)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
[ ] Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
|
FRPH |
Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR §240.12b-2).
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. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 8, 2023, FRP Holdings,
Inc. issued a press release announcing results of operations for the third quarter ended September 30, 2023. A copy of the press release
is furnished as Exhibit 99.1.
The information in this report
(including the exhibit) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference
into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall
be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 FRP Holdings, Inc. Press Release dated November 8, 2023
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
hereunto duly authorized.
|
|
FRP HOLDINGS, INC. |
|
|
Registrant |
|
|
|
|
|
Date: November 8, 2023 |
By: |
/s/John D. Baker III |
|
|
|
John D. Baker III |
|
|
|
Chief Financial Officer |
|
FRP HOLDINGS, INC./NEWS
Contact: John D. Baker III
Chief Financial Officer 904/858-9100
FRP HOLDINGS, INC. (NASDAQ: FRPH) ANNOUNCES
RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2023
FRP Holdings, Inc. (NASDAQ-FRPH) Jacksonville,
Florida; November 8, 2023 –
Third Quarter Operational Highlights
(compared to the same quarter last year)
| · | 29.5% increase in pro-rata NOI
($8.09 million vs $6.24 million) |
| · | Mining royalty revenue increased
24.7%; 19.2% increase in royalties per ton |
| · | 54.2% increase in Asset Management
revenue; 58.2% increase in Asset Management NOI |
Third Quarter Consolidated Results
of Operations
Net income for the third quarter of 2023 was
$1,259,000 or $.13 per share versus $480,000 or $.05 per share in the same period last year. The third quarter of 2023 was impacted by
the following items:
| · | Operating profit increased $1,047,000
compared to the same quarter last year due to improved revenues in all four segments. |
| · | Interest income increased $1,512,000
due primarily to an increase in interest earned on cash equivalents ($1,118,000) and increased income from our lending ventures ($349,000). |
| · | Interest expense increased $378,000
compared to the same quarter last year due to less capitalized interest. We capitalized less interest because of fewer in-house and joint
venture projects under development this quarter compared to last year. |
| · | Equity in loss of Joint Ventures
increased $1,035,000 primarily due to increased losses during lease up at The Verge ($856,000). |
Third Quarter Segment Operating
Results
Asset Management Segment:
Total revenues in this segment were $1,442,000,
up $507,000 or 54.2%, over the same period last year. Operating profit was $520,000, up $255,000 from $265,000 in the same quarter last
year. Revenues and operating profit are up because of full occupancy at 1841 62nd Street (compared to 22.7% same period last
year) and the addition of 1941 62nd Street to this segment in March 2023. We now have nine buildings in service at three different
locations totaling 515,077 square feet of industrial and 33,708 square feet of office. At quarter end, we were 95.6% leased and 95.6%
occupied. Net operating income in this segment was $1,096,000, up $403,000 or 58.2% compared to the same quarter last year.
Mining Royalty Lands Segment:
Total revenues in this segment were $3,082,000
versus $2,471,000 in the same period last year. Total operating profit in this segment was $2,509,000, an increase of $509,000 versus
$2,000,000 in the same period last year. This increase is the result of increases in revenue at nearly every active location. Net Operating
Income this quarter for this segment was $2,837,000, up $501,000 or 21.4% compared to the same quarter last year.
Development Segment:
With respect to ongoing projects:
| · | We are the principal capital
source of a residential development venture in Prince George’s County, Maryland known as “Amber Ridge.” Of the $18.5
million of committed capital to the project, $17.3 million in principal draws have taken place through quarter end. Through the end of
September 30, 2023, 175 of the 187 units have been sold, and we have received 19.6 million in preferred interest and principal to date. |
| · | Bryant Street is a mixed-use
joint venture between the Company and MRP in Washington, DC consisting of three apartment buildings with ground floor retail and one commercial
building which is fully leased. At quarter end, Bryant Street’s 487 residential units were 94.5% leased and 94.5%
occupied. Its commercial space was 95.9% leased and 79.1% occupied at quarter end. |
| · | Lease-up is underway at The
Verge, and at quarter end, the building was 89.5% leased and 74.1% occupied inclusive of 25 units licensed to Placemaker Management for
a short-term corporate rental program. Retail at this location is 45.2% leased. This is our third mixed-use project in the Anacostia
waterfront submarket in Washington, DC. |
| · | .408 Jackson is our second joint
venture project in Greenville. Leasing began in the fourth quarter of 2022 with residential units 93.4% leased and 86.8% occupied at quarter
end. Retail at this location is 100% leased and currently under construction and expected to open this winter. |
| · | Windlass
Run, our suburban office and retail joint venture with St. John Properties, Inc. signed a new office lease for 2,752 square feet bringing
the office portion of the project to 82.1% leased and 78.3% occupied. Additional retail space at this site is 38.2% leased and 22.9%
occupied. |
| · | This
past quarter we broke ground on a new speculative warehouse project in Aberdeen, Maryland on Chelsea Road. This Class A, 259,200 square
foot building due to be complete in the 3rd quarter of 2024. |
Stabilized Joint Venture Segment:
Total revenues in this segment were $5,633,000,
an increase of $157,000 versus $5,476,000 in the same period last year. The Maren’s revenue was $2,670,000, an increase of 2.4%
and Dock 79 revenues increased $95,000 to $2,963,000 or 3.3%. Total operating profit in this segment was $840,000, a decrease of $66,000
versus $906,000 in the same period last year. During the quarter we experienced water damage to an elevator that resulted in a $100,000
insurance deductible expense. Pro-rata net operating income this quarter for this segment was $2,038,000, down $665,000 or 24.6% compared
to the same quarter last year
because of the sale of our 20% Tenancy-In-Common
(TIC) interest in both properties to Steuart Investment Company (SIC), mitigated by $231,000 in pro-rata NOI from our share of the Riverside
joint venture in Greenville, SC.
At the end of September, The Maren was 93.18%
leased and 93.94% occupied. Average residential occupancy for the quarter was 95.57%, and 59.70% of expiring leases renewed with an average
rent increase on renewals of 3.18%. The Maren is a joint venture between the Company and MRP and SIC, in which FRP Holdings, Inc. is the
majority partner with 56.3% ownership.
Dock 79’s average residential occupancy
for the quarter was 95.08%, and at the end of the quarter, Dock 79’s residential units were 93.44% leased and 95.74% occupied. This
quarter, 71.43% of expiring leases renewed with an average rent increase on renewals of 2.30%. Dock 79 is a joint venture between the
Company and MRP and SIC, in which FRP Holdings, Inc. is the majority partner with 52.8% ownership.
During the third quarter of 2022, we achieved
stabilization at our Riverside Joint Venture in Greenville, South Carolina. At quarter end, the building was 94.5% leased with 91.5% occupancy.
Average occupancy for the quarter was 92.92% with 52.83% of expiring leases renewing with an average rental increase of 8.55%. Riverside
is a joint venture with Woodfield Development and the Company owns 40% of the venture.
Nine Months Operational Highlights
(compared to the same period last year)
| · | 26.2% increase in pro-rata NOI
($22.69 million vs $17.97 million) |
| · | Mining Royalties increased 23.8%;
13% increase in royalties per ton |
| · | 46.4% increase in Asset Management
revenue; 46.2% increase in Asset Management NOI |
Nine Months Consolidated Results
of Operations
Net income for the first nine months of 2023
was $2,422,000 or $.26 per share versus $1,809,000 or $.19 per share in the same period last year. The first nine months of 2023 was impacted
by the following items:
| · | Operating profit increased $3,238,000
compared to the same period last year due to improved revenues and profits in all four segments. |
| · | Management company indirect increased $393,000 due to merit
increases and new hires along with recruiting costs. |
| · | Interest income increased $5,001,000
due primarily to an increase in interest earned on cash equivalents ($3,637,000) and increased income from our lending ventures ($1,228,000). |
| · | Interest expense increased $1,036,000
compared to the same period last year due to less capitalized interest. We capitalized less interest because of fewer in-house and joint
venture projects under development compared to last year. |
| · | Equity in loss of Joint Ventures
increased $5,337,000 primarily due to increased losses during lease up at The Verge ($4,096,000) and .408 Jackson ($642,000). |
| · | The first nine months of 2022
included a $874,000 gain on sales of excess property at Brooksville. |
Nine Months Segment Operating Results
Asset Management Segment:
Total revenues in this segment were $3,932,000,
up $1,246,000 or 46.4%, over the same period last year. Operating profit was $1,225,000, up $618,000 from $607,000 in the same period
last year. Revenues and operating profit are up partly because of rent growth at Cranberry Run, but primarily because of full occupancy
at 1865 and 1841 62nd Street and the addition of 1941 62nd Street to this segment in March 2023. Net operating income
in this segment was $2,726,000, up $862,000 or 46.2% compared to the same period last year.
Mining Royalty Lands Segment:
Total revenues in this segment were
$9,628,000 versus $7,779,000 in the same period last year. Total operating profit in this segment was $8,031,000, an increase of $1,592,000
versus $6,439,000 in the same period last year. This increase is the result of the additional royalties from the acquisition in Astatula,
Florida, which we completed at the beginning of the second quarter 2022, as well as increases in revenue at nearly every active location.
Net Operating Income in this segment was $9,110,000, up $1,737,000 or 24% compared to the same period last year. As reported in a subsequent
event note in the 10-Q from the quarter ended June 30, 2023, in August we received notification of an overpayment of $842,000 at a quarry
where we share a property line within the pit. The operator incorrectly identified the reserves being mined as belonging to the Company
instead of our neighboring landlord. After auditing and confirming the tenant’s findings, the Company has reached a resolution with
the tenant to allow the overpayment to be deducted from a portion of future royalties, and we have worked with the tenant to improve processes
and controls to prevent an incident of this type and magnitude from occurring in the future. This will impact future royalty revenue and
revenue growth until the overpayment is satisfied.
Stabilized Joint Venture Segment:
In the fourth quarter of 2022, as part of our
new partnership with Steuart Investment Company and MidAtlantic Realty Partners, we sold a 20% ownership interest in a tenancy-in-common
(TIC) of Dock 79 and The Maren for $65.3 million, $44.5 million attributable to the Company, placing a combined valuation of the two buildings
at $326.5 million.
Total revenues in this segment were $16,454,000,
an increase of $493,000 versus $15,961,000 in the same period last year. The Maren’s revenue was $7,900,000, an increase of 5.7%,
and Dock 79 revenues increased $66,000 or .8% to $8,553,000. Total operating profit in this segment was $2,556,000, an increase of $365,000
versus $2,191,000 in the same period last year. Pro-rata net operating income for this segment was $6,212,000, down $1,029,000 or 14.2%
compared to the same period last year because of the sale of our 20% TIC interest in both properties to SIC, mitigated by $676,000 in
pro-rata NOI from our share of the Riverside joint venture.
.
At the end of September, The Maren was 93.18%
leased and 93.94% occupied. Average residential occupancy for the first nine months of 2023 was 96.11%, and 50.66% of expiring leases
renewed with an average rent increase on renewals of 4.86%. The Maren is a joint venture between the Company and MRP and SIC, in which
FRP Holdings, Inc. is the majority partner with 56.3% ownership.
Dock 79’s average residential occupancy
for the first nine months of 2023 was 94.21%, and at the end of the quarter, Dock 79’s residential units were 93.44% leased and
95.74% occupied. Through the first nine months of the year, 67.90% of expiring leases renewed with an average rent increase on renewals
of 3.11%. Dock 79 is a joint venture between the Company and MRP and SIC, in which FRP Holdings, Inc. is the majority partner with 52.8%
ownership.
During the third quarter of 2022, we achieved
stabilization at our Riverside Joint Venture in Greenville, South Carolina. At end of September, the building was 94.5% leased with 91.5%
occupancy. Average occupancy for the first nine months of 2023 was 94.26% with 56.03% of expiring leases renewing with an average rental
increase of 10.25%. Riverside is a joint venture with Woodfield Development and the Company owns 40% of the venture.
Summary and Outlook
Royalty revenue for this quarter was up 24.7%
over the same period last year, and royalty revenue for the first nine months is up 23.8%. The last three quarters have been the three
highest revenue quarters in this segment’s history. Mining royalty revenue for the last twelve months is $12.53 million, a 24.7%
increase over the same period last year, and the segment’s highest revenue total over any twelve-month period.
In the Stabilized Joint Venture segment, pro-rata
NOI is down for the segment for both the quarter and the first nine months, which is to be expected after selling 20% of our share of
Dock 79 and The Maren to SIC. NOI for the two projects as a whole increased 1.0% ($10,163,000 vs $10,063,000) for the first nine months
compared to the same period last year. At Dock 79, average occupancy (95.08%) remains in line with historic expectations, but the high
renewal rate (71.43%) with reduced increases (2.30%) is consistent with a post-Covid glut in apartment supply in the DC market as evidenced
by the negative trade-outs (-4.60%) we’re seeing at that building. The Maren performed slightly better with strong renewals (59.70%)
at higher increases (3.18%) and positive trade-outs (4.60%), but at rates lower than we have experienced in the past prior to the second
quarter of this year. Riverside in Greenville (which was added to this segment in the third quarter of 2022) has maintained strong occupancy
(93.65% LTM) in its first year post-stabilization. Renewal rates for the quarter (52.83%) and year-to-date (56.03%) are consistent with
expected results, and the increase on renewals (8.55% for Q3, 10.25% YTD) remain high. Our pro-rata share of NOI at Riverside this quarter
was $231,000 and $676,000 for the first nine months.
In our Asset Management Segment, occupancy and
our overall square-footage have increased since the third quarter of 2022, leading to a 46.2% increase in NOI for the first nine months
compared to the same period last year. We are 95.6% leased and occupied on 548,785 square feet compared to 85.9% occupied on 447,035 square
feet at the end of the third quarter of 2022.
As mentioned last quarter and in our recent Investor
Day presentation, the heady cocktail of inflation, interest rates, increased construction costs, and a softening in the DC market because
of an influx of new apartment projects have led us to shift our development strategy away from new developments in DC for the time being.
We are shifting towards (relatively) less capital-intensive projects like warehouse construction, where we can use our cash on hand to
finance construction on an all equity basis and develop in-demand industrial product while the interest rates on construction loans keep
most development on the sidelines. To that end, we are underway on the construction of a $30 million spec warehouse project at our Chelsea
site in Aberdeen, MD. We anticipate shell completion on this 259,200 square-foot building in the third quarter of 2024. We will continue
to do the predevelopment work required to prepare the first phase of our partnership with SIC and MRP for vertical construction, but we
will pause at that point until interest rates and construction costs come back in line with what’s required to make a reasonable
return. We still have the utmost confidence in our assets and the markets in which they thrive. To that end, during the first nine months
of 2023 we repurchased 36,909 shares at an average cost of $54.19 per share.
Conference Call
The Company will host a conference call on Thursday,
November 9, 2023 at 10:00 a.m. (EDT). Analysts, stockholders and other interested parties may access the teleconference live by calling
1-800-274-8461 (passcode 82391) within the United States. International callers may dial 1-203-518-9814
(passcode 82391). Audio replay will be available until November 23, 2023 by dialing 1-888-567-0675 within
the United States. International callers may dial 1-402-530-0417. No passcode needed. An audio replay will also be available on the
Company’s investor relations page (https://www.frpdev.com/investor-relations/) following the call.
Investors are cautioned that any statements
in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results
and events to differ materially from those indicated in such forward-looking statements. These include, but are not limited to: 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 flexible warehouse/office facilities in the Baltimore-Washington-Northern Virginia area; demand for apartments
in Washington D.C. and Greenville, South Carolina; 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; cybersecurity 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.
FRP Holdings, Inc. is a holding company engaged
in the real estate business, namely (i) leasing and management of commercial properties owned by the Company, (ii) leasing and management
of mining royalty land owned by the Company, (iii) real property acquisition, entitlement, development and construction primarily for
apartment, retail, warehouse, and office, (iv) leasing and management of residential apartment buildings.
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS
OF INCOME
(In thousands except per share amounts)
(Unaudited)
|
|
THREE MONTHS ENDED |
|
NINE MONTHS ENDED |
|
|
SEPTEMBER 30, |
|
SEPTEMBER 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
7,509 |
|
|
|
6,823 |
|
|
|
21,773 |
|
|
|
19,850 |
|
Mining lands lease revenue |
|
|
3,082 |
|
|
|
2,471 |
|
|
|
9,628 |
|
|
|
7,779 |
|
Total Revenues |
|
|
10,591 |
|
|
|
9,294 |
|
|
|
31,401 |
|
|
|
27,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
2,816 |
|
|
|
2,744 |
|
|
|
8,415 |
|
|
|
8,510 |
|
Operating expenses |
|
|
2,012 |
|
|
|
1,967 |
|
|
|
5,574 |
|
|
|
5,316 |
|
Property taxes |
|
|
919 |
|
|
|
1,034 |
|
|
|
2,745 |
|
|
|
3,103 |
|
Management company indirect |
|
|
1,059 |
|
|
|
966 |
|
|
|
2,938 |
|
|
|
2,545 |
|
Corporate expenses |
|
|
889 |
|
|
|
734 |
|
|
|
3,212 |
|
|
|
2,876 |
|
Total cost of operations |
|
|
7,695 |
|
|
|
7,445 |
|
|
|
22,884 |
|
|
|
22,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit |
|
|
2,896 |
|
|
|
1,849 |
|
|
|
8,517 |
|
|
|
5,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
2,700 |
|
|
|
1,188 |
|
|
|
8,207 |
|
|
|
3,206 |
|
Interest expense |
|
|
(1,116 |
) |
|
|
(738 |
) |
|
|
(3,251 |
) |
|
|
(2,215 |
) |
Equity in loss of joint ventures |
|
|
(2,913 |
) |
|
|
(1,878 |
) |
|
|
(10,585 |
) |
|
|
(5,248 |
) |
Gain (loss) on sale of real estate |
|
|
(1 |
) |
|
|
141 |
|
|
|
7 |
|
|
|
874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
1,566 |
|
|
|
562 |
|
|
|
2,895 |
|
|
|
1,896 |
|
Provision for (benefit from) income taxes |
|
|
467 |
|
|
|
178 |
|
|
|
898 |
|
|
|
526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
1,099 |
|
|
|
384 |
|
|
|
1,997 |
|
|
|
1,370 |
|
Loss attributable to noncontrolling interest |
|
|
(160 |
) |
|
|
(96 |
) |
|
|
(425 |
) |
|
|
(439 |
) |
Net income attributable to the Company |
|
$ |
1,259 |
|
|
|
480 |
|
|
|
2,422 |
|
|
|
1,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to the Company- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.13 |
|
|
|
0.05 |
|
|
|
0.26 |
|
|
|
0.19 |
|
Diluted |
|
$ |
0.13 |
|
|
|
0.05 |
|
|
|
0.26 |
|
|
|
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares (in thousands) used in computing: |
|
|
|
|
|
|
|
|
|
|
|
-basic earnings per common share |
|
|
9,423 |
|
|
|
9,397 |
|
|
|
9,423 |
|
|
|
9,382 |
|
-diluted earnings per common share |
|
|
9,460 |
|
|
|
9,433 |
|
|
|
9,463 |
|
|
|
9,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands, except share data)
|
|
September 30 |
|
December 31 |
Assets: |
|
2023 |
|
2022 |
Real estate investments at cost: |
|
|
|
|
|
|
|
|
Land |
|
$ |
141,578 |
|
|
|
141,579 |
|
Buildings and improvements |
|
|
282,379 |
|
|
|
270,579 |
|
Projects under construction |
|
|
4,689 |
|
|
|
12,208 |
|
Total investments in properties |
|
|
428,646 |
|
|
|
424,366 |
|
Less accumulated depreciation and depletion |
|
|
65,444 |
|
|
|
57,208 |
|
Net investments in properties |
|
|
363,202 |
|
|
|
367,158 |
|
|
|
|
|
|
|
|
|
|
Real estate held for investment, at cost |
|
|
10,510 |
|
|
|
10,182 |
|
Investments in joint ventures |
|
|
154,025 |
|
|
|
140,525 |
|
Net real estate investments |
|
|
527,737 |
|
|
|
517,865 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
166,028 |
|
|
|
177,497 |
|
Cash held in escrow |
|
|
646 |
|
|
|
797 |
|
Accounts receivable, net |
|
|
1,683 |
|
|
|
1,166 |
|
Unrealized rents |
|
|
1,452 |
|
|
|
856 |
|
Deferred costs |
|
|
3,028 |
|
|
|
2,343 |
|
Other assets |
|
|
583 |
|
|
|
560 |
|
Total assets |
|
$ |
701,157 |
|
|
|
701,084 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Secured notes payable |
|
$ |
178,668 |
|
|
|
178,557 |
|
Accounts payable and accrued liabilities |
|
|
3,689 |
|
|
|
5,971 |
|
Other liabilities |
|
|
1,886 |
|
|
|
1,886 |
|
Federal and state income taxes payable |
|
|
704 |
|
|
|
18 |
|
Deferred revenue |
|
|
1,029 |
|
|
|
259 |
|
Deferred income taxes |
|
|
67,903 |
|
|
|
67,960 |
|
Deferred compensation |
|
|
1,395 |
|
|
|
1,354 |
|
Tenant security deposits |
|
|
889 |
|
|
|
868 |
|
Total liabilities |
|
|
256,163 |
|
|
|
256,873 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Common stock, $.10 par value
25,000,000 shares authorized,
9,477,104 and 9,459,686 shares issued
and outstanding, respectively |
|
|
948 |
|
|
|
946 |
|
Capital in excess of par value |
|
|
67,168 |
|
|
|
65,158 |
|
Retained earnings |
|
|
343,002 |
|
|
|
342,317 |
|
Accumulated other comprehensive loss, net |
|
|
(328 |
) |
|
|
(1,276 |
) |
Total shareholders’ equity |
|
|
410,790 |
|
|
|
407,145 |
|
Noncontrolling interest |
|
|
34,204 |
|
|
|
37,066 |
|
Total equity |
|
|
444,994 |
|
|
|
444,211 |
|
Total liabilities and equity |
|
$ |
701,157 |
|
|
|
701,084 |
|
Asset Management Segment:
|
|
Three months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
1,442 |
|
|
|
100.0 |
% |
|
|
935 |
|
|
|
100.0 |
% |
|
|
507 |
|
|
|
54.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
369 |
|
|
|
25.5 |
% |
|
|
219 |
|
|
|
23.4 |
% |
|
|
150 |
|
|
|
68.5 |
% |
Operating expenses |
|
|
173 |
|
|
|
12.0 |
% |
|
|
162 |
|
|
|
17.3 |
% |
|
|
11 |
|
|
|
6.8 |
% |
Property taxes |
|
|
62 |
|
|
|
4.3 |
% |
|
|
53 |
|
|
|
5.7 |
% |
|
|
9 |
|
|
|
17.0 |
% |
Management company indirect |
|
|
141 |
|
|
|
9.8 |
% |
|
|
109 |
|
|
|
11.7 |
% |
|
|
32 |
|
|
|
29.4 |
% |
Corporate expense |
|
|
177 |
|
|
|
12.3 |
% |
|
|
127 |
|
|
|
13.6 |
% |
|
|
50 |
|
|
|
39.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
922 |
|
|
|
63.9 |
% |
|
|
670 |
|
|
|
71.7 |
% |
|
|
252 |
|
|
|
37.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
520 |
|
|
|
36.1 |
% |
|
|
265 |
|
|
|
28.3 |
% |
|
|
255 |
|
|
|
96.2 |
% |
Mining Royalty Lands Segment:
|
|
Three months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining lands lease revenue |
|
$ |
3,082 |
|
|
|
100.0 |
% |
|
|
2,471 |
|
|
|
100.0 |
% |
|
|
611 |
|
|
|
24.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
138 |
|
|
|
4.5 |
% |
|
|
172 |
|
|
|
7.0 |
% |
|
|
(34 |
) |
|
|
-19.8 |
% |
Operating expenses |
|
|
18 |
|
|
|
0.6 |
% |
|
|
18 |
|
|
|
0.7 |
% |
|
|
— |
|
|
|
0.0 |
% |
Property taxes |
|
|
181 |
|
|
|
5.9 |
% |
|
|
69 |
|
|
|
2.8 |
% |
|
|
112 |
|
|
|
162.3 |
% |
Management company indirect |
|
|
137 |
|
|
|
4.4 |
% |
|
|
129 |
|
|
|
5.2 |
% |
|
|
8 |
|
|
|
6.2 |
% |
Corporate expense |
|
|
99 |
|
|
|
3.2 |
% |
|
|
83 |
|
|
|
3.4 |
% |
|
|
16 |
|
|
|
19.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
573 |
|
|
|
18.6 |
% |
|
|
471 |
|
|
|
19.1 |
% |
|
|
102 |
|
|
|
21.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
2,509 |
|
|
|
81.4 |
% |
|
|
2,000 |
|
|
|
80.9 |
% |
|
|
509 |
|
|
|
25.5 |
% |
Development Segment:
|
|
Three months ended September 30 |
|
(dollars in thousands) |
|
2023 |
|
2022 |
|
Change |
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
434 |
|
|
|
412 |
|
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
44 |
|
|
|
47 |
|
|
|
(3 |
) |
|
Operating expenses |
|
|
48 |
|
|
|
250 |
|
|
|
(202 |
) |
|
Property taxes |
|
|
121 |
|
|
|
355 |
|
|
|
(234 |
) |
|
Management company indirect |
|
|
665 |
|
|
|
625 |
|
|
|
40 |
|
|
Corporate expense |
|
|
529 |
|
|
|
457 |
|
|
|
72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
1,407 |
|
|
|
1,734 |
|
|
|
(327 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(973 |
) |
|
|
(1,322 |
) |
|
|
349 |
|
|
Stabilized Joint Venture Segment:
|
|
Three months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
5,633 |
|
|
|
100.0 |
% |
|
|
5,476 |
|
|
|
100.0 |
% |
|
|
157 |
|
|
|
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
2,265 |
|
|
|
40.2 |
% |
|
|
2,306 |
|
|
|
42.1 |
% |
|
|
(41 |
) |
|
|
-1.8 |
% |
Operating expenses |
|
|
1,773 |
|
|
|
31.5 |
% |
|
|
1,537 |
|
|
|
28.1 |
% |
|
|
236 |
|
|
|
15.4 |
% |
Property taxes |
|
|
555 |
|
|
|
9.8 |
% |
|
|
557 |
|
|
|
10.2 |
% |
|
|
(2 |
) |
|
|
-0.4 |
% |
Management company indirect |
|
|
116 |
|
|
|
2.1 |
% |
|
|
103 |
|
|
|
1.9 |
% |
|
|
13 |
|
|
|
12.6 |
% |
Corporate expense |
|
|
84 |
|
|
|
1.5 |
% |
|
|
67 |
|
|
|
1.2 |
% |
|
|
17 |
|
|
|
25.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
4,793 |
|
|
|
85.1 |
% |
|
|
4,570 |
|
|
|
83.5 |
% |
|
|
223 |
|
|
|
4.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
840 |
|
|
|
14.9 |
% |
|
|
906 |
|
|
|
16.5 |
% |
|
|
(66 |
) |
|
|
-7.3 |
% |
Asset Management Segment:
|
|
Nine months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
3,932 |
|
|
|
100.0 |
% |
|
|
2,686 |
|
|
|
100.0 |
% |
|
|
1,246 |
|
|
|
46.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
1,006 |
|
|
|
25.6 |
% |
|
|
683 |
|
|
|
25.4 |
% |
|
|
323 |
|
|
|
47.3 |
% |
Operating expenses |
|
|
490 |
|
|
|
12.4 |
% |
|
|
441 |
|
|
|
16.4 |
% |
|
|
49 |
|
|
|
11.1 |
% |
Property taxes |
|
|
185 |
|
|
|
4.7 |
% |
|
|
158 |
|
|
|
5.9 |
% |
|
|
27 |
|
|
|
17.1 |
% |
Management company indirect |
|
|
396 |
|
|
|
10.1 |
% |
|
|
301 |
|
|
|
11.2 |
% |
|
|
95 |
|
|
|
31.6 |
% |
Corporate expense |
|
|
630 |
|
|
|
16.0 |
% |
|
|
496 |
|
|
|
18.5 |
% |
|
|
134 |
|
|
|
27.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
2,707 |
|
|
|
68.8 |
% |
|
|
2,079 |
|
|
|
77.4 |
% |
|
|
628 |
|
|
|
30.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
1,225 |
|
|
|
31.2 |
% |
|
|
607 |
|
|
|
22.6 |
% |
|
|
618 |
|
|
|
101.8 |
% |
Mining Royalty Lands Segment:
|
|
Nine months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining lands lease revenue |
|
$ |
9,628 |
|
|
|
100.0 |
% |
|
|
7,779 |
|
|
|
100.0 |
% |
|
|
1,849 |
|
|
|
23.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
472 |
|
|
|
4.9 |
% |
|
|
416 |
|
|
|
5.4 |
% |
|
|
56 |
|
|
|
13.5 |
% |
Operating expenses |
|
|
51 |
|
|
|
0.5 |
% |
|
|
50 |
|
|
|
0.6 |
% |
|
|
1 |
|
|
|
2.0 |
% |
Property taxes |
|
|
324 |
|
|
|
3.4 |
% |
|
|
203 |
|
|
|
2.6 |
% |
|
|
121 |
|
|
|
59.6 |
% |
Management company indirect |
|
|
390 |
|
|
|
4.1 |
% |
|
|
346 |
|
|
|
4.4 |
% |
|
|
44 |
|
|
|
12.7 |
% |
Corporate expense |
|
|
360 |
|
|
|
3.7 |
% |
|
|
325 |
|
|
|
4.2 |
% |
|
|
35 |
|
|
|
10.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
1,597 |
|
|
|
16.6 |
% |
|
|
1,340 |
|
|
|
17.2 |
% |
|
|
257 |
|
|
|
19.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
8,031 |
|
|
|
83.4 |
% |
|
|
6,439 |
|
|
|
82.8 |
% |
|
|
1,592 |
|
|
|
24.7 |
% |
Development Segment:
|
|
Nine months ended September 30 |
|
(dollars in thousands) |
|
2023 |
|
2022 |
|
Change |
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
1,387 |
|
|
|
1,203 |
|
|
|
184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
140 |
|
|
|
139 |
|
|
|
1 |
|
|
Operating expenses |
|
|
215 |
|
|
|
541 |
|
|
|
(326 |
) |
|
Property taxes |
|
|
587 |
|
|
|
1,066 |
|
|
|
(479 |
) |
|
Management company indirect |
|
|
1,822 |
|
|
|
1,621 |
|
|
|
201 |
|
|
Corporate expense |
|
|
1,918 |
|
|
|
1,794 |
|
|
|
124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
4,682 |
|
|
|
5,161 |
|
|
|
(479 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(3,295 |
) |
|
|
(3,958 |
) |
|
|
663 |
|
|
Stabilized Joint Venture Segment:
|
|
Nine months ended September 30 |
|
|
|
|
(dollars in thousands) |
|
2023 |
|
% |
|
2022 |
|
% |
|
Change |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
|
$ |
16,454 |
|
|
|
100.0 |
% |
|
|
15,961 |
|
|
|
100.0 |
% |
|
|
493 |
|
|
|
3.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
6,797 |
|
|
|
41.3 |
% |
|
|
7,272 |
|
|
|
45.6 |
% |
|
|
(475 |
) |
|
|
-6.5 |
% |
Operating expenses |
|
|
4,818 |
|
|
|
29.3 |
% |
|
|
4,284 |
|
|
|
26.9 |
% |
|
|
534 |
|
|
|
12.5 |
% |
Property taxes |
|
|
1,649 |
|
|
|
10.0 |
% |
|
|
1,676 |
|
|
|
10.5 |
% |
|
|
(27 |
) |
|
|
-1.6 |
% |
Management company indirect |
|
|
330 |
|
|
|
2.0 |
% |
|
|
277 |
|
|
|
1.7 |
% |
|
|
53 |
|
|
|
19.1 |
% |
Corporate expense |
|
|
304 |
|
|
|
1.9 |
% |
|
|
261 |
|
|
|
1.6 |
% |
|
|
43 |
|
|
|
16.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
|
13,898 |
|
|
|
84.5 |
% |
|
|
13,770 |
|
|
|
86.3 |
% |
|
|
128 |
|
|
|
0.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
$ |
2,556 |
|
|
|
15.5 |
% |
|
|
2,191 |
|
|
|
13.7 |
% |
|
|
365 |
|
|
|
16.7 |
% |
Non-GAAP Financial Measures.
To supplement the financial results presented in accordance
with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange
Commission. We believe these non-GAAP measures provide useful information to our Board of Directors, management and investors regarding
certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our
performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting
and planning purposes. We provide Pro-rata net operating income (NOI) because we believe it assists investors and analysts in estimating
our economic interest in our consolidated and unconsolidated partnerships, when read in conjunction with our reported results under GAAP.
This measure is not, and should not be viewed as, a substitute for GAAP financial measures.
Pro-rata Net Operating Income Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Nine months ended 09/30/23 (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized |
|
|
|
|
|
|
|
Asset |
|
|
|
Joint |
|
Mining |
|
Unallocated |
|
FRP |
|
Management |
|
Development |
|
Venture |
|
Royalties |
|
Corporate |
|
Holdings |
|
Segment |
|
Segment |
|
Segment |
|
Segment |
|
Expenses |
|
Totals |
Net Income (loss) |
$ |
892 |
|
|
|
(7,192 |
) |
|
|
(816 |
) |
|
|
5,842 |
|
|
|
3,270 |
|
|
|
1,996 |
|
Income Tax Allocation |
|
331 |
|
|
|
(2,667 |
) |
|
|
(145 |
) |
|
|
2,168 |
|
|
|
1,212 |
|
|
|
899 |
|
Income (loss) before income taxes |
|
1,223 |
|
|
|
(9,859 |
) |
|
|
(961 |
) |
|
|
8,010 |
|
|
|
4,482 |
|
|
|
2,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
531 |
|
|
|
— |
|
|
|
— |
|
|
|
143 |
|
|
|
— |
|
|
|
674 |
|
Gain on sale of real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10 |
|
|
|
— |
|
|
|
10 |
|
Interest income |
|
— |
|
|
|
3,692 |
|
|
|
— |
|
|
|
— |
|
|
|
4,515 |
|
|
|
8,207 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
— |
|
|
|
— |
|
|
|
117 |
|
|
|
— |
|
|
|
— |
|
|
|
117 |
|
Loss on sale of real estate |
|
2 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
Equity in loss of Joint Ventures |
|
— |
|
|
|
10,256 |
|
|
|
298 |
|
|
|
31 |
|
|
|
— |
|
|
|
10,585 |
|
Professional fees - other |
|
— |
|
|
|
— |
|
|
|
59 |
|
|
|
— |
|
|
|
— |
|
|
|
59 |
|
Interest Expense |
|
— |
|
|
|
— |
|
|
|
3,218 |
|
|
|
— |
|
|
|
33 |
|
|
|
3,251 |
|
Depreciation/Amortization |
|
1,006 |
|
|
|
140 |
|
|
|
6,797 |
|
|
|
472 |
|
|
|
— |
|
|
|
8,415 |
|
Management Co. Indirect |
|
396 |
|
|
|
1,822 |
|
|
|
330 |
|
|
|
390 |
|
|
|
— |
|
|
|
2,938 |
|
Allocated Corporate Expenses |
|
630 |
|
|
|
1,918 |
|
|
|
304 |
|
|
|
360 |
|
|
|
— |
|
|
|
3,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Income |
|
2,726 |
|
|
|
585 |
|
|
|
10,163 |
|
|
|
9,110 |
|
|
|
— |
|
|
|
22,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI of noncontrolling interest |
|
— |
|
|
|
— |
|
|
|
(4,627 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,627 |
) |
Pro-rata NOI from unconsolidated joint ventures |
|
— |
|
|
|
4,054 |
|
|
|
676 |
|
|
|
— |
|
|
|
— |
|
|
|
4,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro-rata net operating income |
$ |
2,726 |
|
|
|
4,639 |
|
|
|
6,212 |
|
|
|
9,110 |
|
|
|
— |
|
|
|
22,687 |
|
Pro-Rata Net Operating Income Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Nine months ended 09/30/22 (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized |
|
|
|
|
|
|
|
Asset |
|
|
|
Joint |
|
Mining |
|
Unallocated |
|
FRP |
|
Management |
|
Development |
|
Venture |
|
Royalties |
|
Corporate |
|
Holdings |
|
Segment |
|
Segment |
|
Segment |
|
Segment |
|
Expenses |
|
Totals |
Net income (loss) |
$ |
443 |
|
|
|
(4,953 |
) |
|
|
(166 |
) |
|
|
5,311 |
|
|
|
735 |
|
|
|
1,370 |
|
Income tax allocation |
|
164 |
|
|
|
(1,837 |
) |
|
|
101 |
|
|
|
1,969 |
|
|
|
129 |
|
|
|
526 |
|
Income (loss) before income taxes |
|
607 |
|
|
|
(6,790 |
) |
|
|
(65 |
) |
|
|
7,280 |
|
|
|
864 |
|
|
|
1,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized rents |
|
223 |
|
|
|
— |
|
|
|
(62 |
) |
|
|
153 |
|
|
|
— |
|
|
|
314 |
|
Gain on sale of real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
874 |
|
|
|
— |
|
|
|
874 |
|
Interest income |
|
— |
|
|
|
2,311 |
|
|
|
— |
|
|
|
— |
|
|
|
895 |
|
|
|
3,206 |
|
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in loss of joint ventures |
|
— |
|
|
|
5,143 |
|
|
|
72 |
|
|
|
33 |
|
|
|
— |
|
|
|
5,248 |
|
Interest expense |
|
— |
|
|
|
— |
|
|
|
2,184 |
|
|
|
— |
|
|
|
31 |
|
|
|
2,215 |
|
Depreciation/amortization |
|
683 |
|
|
|
139 |
|
|
|
7,272 |
|
|
|
416 |
|
|
|
— |
|
|
|
8,510 |
|
Management company indirect |
|
301 |
|
|
|
1,621 |
|
|
|
277 |
|
|
|
346 |
|
|
|
— |
|
|
|
2,545 |
|
Allocated Corporate expenses |
|
496 |
|
|
|
1,794 |
|
|
|
261 |
|
|
|
325 |
|
|
|
— |
|
|
|
2,876 |
|
Net operating income (loss) |
|
1,864 |
|
|
|
(404 |
) |
|
|
10,063 |
|
|
|
7,373 |
|
|
|
— |
|
|
|
18,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI of noncontrolling interest |
|
— |
|
|
|
— |
|
|
|
(3,212 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,212 |
) |
Pro-rata NOI from unconsolidated joint ventures |
|
— |
|
|
|
1,896 |
|
|
|
390 |
|
|
|
— |
|
|
|
— |
|
|
|
2,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro-rata net operating income |
$ |
1,864 |
|
|
|
1,492 |
|
|
|
7,241 |
|
|
|
7,373 |
|
|
|
— |
|
|
|
17,970 |
|
The following tables represent the Joint Venture and
Development pro-rata NOI by project:
Development Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FRP |
|
|
|
Bryant Street |
|
|
|
BC FRP |
|
|
|
.408 |
|
|
|
Verge |
|
|
|
Total |
|
Nine months ended |
|
|
Portfolio |
|
|
|
Partnership |
|
|
|
Realty, LLC |
|
|
|
Jackson |
|
|
|
Partnership |
|
|
|
Pro-rata NOI |
|
9/30/2023 |
|
|
585 |
|
|
|
3,595 |
|
|
|
251 |
|
|
|
350 |
|
|
|
(142 |
) |
|
|
4,639 |
|
9/30/2022 |
|
|
(404 |
) |
|
|
1,853 |
|
|
|
277 |
|
|
|
(10 |
) |
|
|
(224 |
) |
|
|
1,492 |
|
Stabilized Joint Venture Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Riverside |
|
|
|
Total |
|
Nine months ended |
|
|
Dock 79 |
|
|
|
The Maren |
|
|
|
Joint Venture |
|
|
|
Pro-rata NOI |
|
9/30/2023 |
|
|
2,825 |
|
|
|
2,711 |
|
|
|
676 |
|
|
|
6,212 |
|
9/30/2022 |
|
|
3,316 |
|
|
|
3,535 |
|
|
|
390 |
|
|
|
7,241 |
|
v3.23.3
Cover
|
Nov. 08, 2023 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Nov. 08, 2023
|
Entity File Number |
001-36769
|
Entity Registrant Name |
FRP HOLDINGS,
INC.
|
Entity Central Index Key |
0000844059
|
Entity Tax Identification Number |
47-2449198
|
Entity Incorporation, State or Country Code |
FL
|
Entity Address, Address Line One |
200 W. FORSYTH STREET
|
Entity Address, Address Line Two |
7TH FLOOR
|
Entity Address, City or Town |
JACKSONVILLE
|
Entity Address, State or Province |
FL
|
Entity Address, Postal Zip Code |
32202
|
City Area Code |
(904)
|
Local Phone Number |
858-9100
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common Stock
|
Trading Symbol |
FRPH
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
false
|
Entity Information, Former Legal or Registered Name |
Not Applicable
|
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