FRPH FRP Holdings Inc

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 10-Q

_________________

(Mark One)

 

[X ]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023

 

 

 

 

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.)
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		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 every Interactive Data File required to be submitted 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 such files).    Yes  [x]    No  [_]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth 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 November 9, 2023
	Common Stock, $.10 par value per share				9,477,104 shares

 

 

 

FRP HOLDINGS, INC.

FORM 10-Q

QUARTER ENDED SEPTEMBER 30, 2023

 

 

 

CONTENTS

Page No.

 

Preliminary Note Regarding Forward-Looking Statements					3
		Part I.  Financial Information
Item 1.		Financial Statements
		Consolidated Balance Sheets			4
		Consolidated Statements of Income			5
		Consolidated Statements of Comprehensive Income			6
		Consolidated Statements of Cash Flows			7
		Consolidated Statements of Shareholders’ Equity			8
		Condensed Notes to Consolidated Financial Statements			9
Item 2.		Management's Discussion and Analysis of Financial Condition and Results of Operations			19
Item 3.		Quantitative and Qualitative Disclosures about Market Risks			35
Item 4.		Controls and Procedures			35
		Part II.  Other Information
Item 1A.		Risk Factors			36
Item 2.		Purchase of Equity Securities by the Issuer			36
Item 6.		Exhibits			36
Signatures					37
Exhibit 31		Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002			39
Exhibit 32		Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002			42

 

Preliminary Note Regarding Forward-Looking Statements.

 

This Quarterly Report on Form 10-Q, together with other statements and information publicly disseminated by us, contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words or phrases “anticipate,” “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and similar expressions identify forward-looking statements. Such statements reflect management’s current views with respect to financial results related to future events and are based on assumptions and expectations that may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial or otherwise, may differ, perhaps materially, from the results discussed in the forward-looking statements. Risk factors discussed in Item 1A of this Form 10-Q and other factors that might cause differences, some of which could be material, include, but are not limited to: the possibility that we may be unable to find appropriate 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; 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. Additional information regarding these and other risk factors may be found in the Company’s other filings made from time to time with the Securities and Exchange Commission.

PART I. FINANCIAL INFORMATION, ITEM 1. FINANCIAL STATEMENTS

FRP HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited) (In thousands, except share data)

 

		September 30, 2023				December 31, 2022
Assets:
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

 

 

 

 

See accompanying notes.

 

FRP HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands except per share amounts)

(Unaudited)

 

 

		THREE MONTHS ENDED								NINE MONTHS ENDED
		SEPTEMBER 30,								SEPTEMBER 30,
		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 (Note 4 Related Party)			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 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

 

 

 

 

 

 

 

 

 

See accompanying notes.

FRP HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands except per share amounts)

(Unaudited)

 

 

 

		THREE MONTHS ENDED								NINE MONTHS ENDED
		SEPTEMBER 30,								SEPTEMBER 30,
		2023				2022				2023				2022
Net income		$	1,099				384				1,997				1,370
Other comprehensive income (loss) net of tax:
Unrealized gain/(loss) on investments, net of income tax effect of $145, $(120), $360 and $(568)			392				(324	)			972				(1,533	)
Minimum pension liability, net of income tax effect of $(3), $0, $(8) and $0			(8	)			—				(24	)			—
Comprehensive income (loss)		$	1,483				60				2,945				(163	)
Less comp. income (loss) attributable to   Noncontrolling interest		$	(160	)			(96	)			(425	)			(439	)
Comprehensive income attributable to the Company		$	1,643				156				3,370				276

 

 

 

 

 

 

 

See accompanying notes

 

 

FRP HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(In thousands) (Unaudited)

 

			2023				2022
Cash flows from operating activities:
Net income			$	1,997				1,370
Adjustments to reconcile net income to net cash provided by continuing operating      activities:
Depreciation, depletion and amortization				8,557				8,696
Deferred income taxes				(57	)			133
Equity in loss of joint ventures				10,585				5,248
Gain on sale of equipment and property				(14	)			(901	)
Stock-based compensation				1,472				1,302
Net changes in operating assets and liabilities:
Accounts receivable				(517	)			(737	)
Deferred costs and other assets				(538	)			(2,160	)
Accounts payable and accrued liabilities				(1,512	)			(1,440	)
Income taxes payable and receivable				686				1,559
Other long-term liabilities				62				105
Net cash provided by operating activities				20,721				13,175
Cash flows from investing activities:
Investments in properties				(4,634	)			(26,137	)
Investments in joint ventures				(31,648	)			(20,838	)
Return of capital from investments in joint ventures				7,559				13,327
Proceeds from sales of investments available for sale				—				4,317
Proceeds from the sale of assets				16				952
Cash held in escrow				151				170
Net cash used in investing activities				(28,556	)			(28,209	)
Cash flows from financing activities:
Distribution to noncontrolling interest				(2,437	)			(1,937	)
Repurchase of company stock				(2,000	)			—
Exercise of employee stock options				803				233
Net cash used in financing activities				(3,634	)			(1,704	)
Net decrease in cash and cash equivalents				(11,469	)			(16,738	)
Cash and cash equivalents at beginning of year				177,497				161,521
Cash and cash equivalents at end of the period			$	166,028				144,783
Supplemental disclosure of cash flow information:
Cash paid (received) during the period for:
Interest				3,248				2,212
Income taxes				622				(1,734	)

 

 

 

 

 

 

See accompanying notes.

FRP HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(In thousands, except share amounts) (Unaudited)

 

																	Accumulated
																	Other Comp-				Total
									Capital in								rehensive				Share				Non-
	Common Stock								Excess of				Retained				Income				holders’				Controlling				Total
	Shares				Amount				Par Value				Earnings				(loss), net				Equity				Interest				Equity
Balance at July 1, 2023		9,495,673			$	950			$	67,028			$	342,610			$	(712	)		$	409,876			$	35,116			$	444,992
Stock option grant compensation		—				—				16				—				—				16				—				16
Restricted stock compensation		—				—				255				—				—				255				—				255
Shares purchased and cancelled		(18,569	)			(2	)			(131	)			(867	)			—				(1,000	)			—				(1,000	)
Net income		—				—				—				1,259				—				1,259				(160	)			1,099
Distributions to partners		—				—				—				—				—				—				(752	)			(752	)
Minimum pension liability, net		—				—				—				—				(8	)			(8	)			—				(8	)
Unrealized gain on investment, net		—				—				—				—				392				392				—				392
Balance at September 30, 2023		9,477,104			$	948			$	67,168			$	343,002			$	(328	)		$	410,790			$	34,204			$	444,994
Balance at January 1, 2023		9,459,686			$	946			$	65,158			$	342,317			$	(1,276	)		$	407,145			$	37,066			$	444,211
Exercise of stock options		17,735				2				801				—				—				803				—				803
Stock option grant compensation		—				—				49				—				—				49				—				49
Restricted stock compensation		—				—				773				—				—				773				—				773
Shares granted to Employees		928				—				50				—				—				50				—				50
Restricted stock award		25,284				2				(2	)			—				—				—				—				—
Shares purchased and cancelled		(36,909	)			(3	)			(260	)			(1,737	)			—				(2,000	)			—				(2,000	)
Shares granted to Directors		10,380				1				599				—				—				600				—				600
Net income		—				—				—				2,422				—				2,422				(425	)			1,997
Distributions to partners		—				—				—				—				—				—				(2,437	)			(2,437	)
Minimum pension liability, net		—				—				—				—				(24	)			(24	)			—				(24	)
Unrealized gain on investment, net		—				—				—				—				972				972				—				972
Balance at September 30, 2023		9,477,104			$	948			$	67,168			$	343,002			$	(328	)		$	410,790			$	34,204			$	444,994
Balance at July 1, 2022		9,455,096			$	945			$	58,872			$	339,081			$	(1,096	)		$	397,802			$	27,135			$	424,937
Stock option grant compensation		—				—				18				—				—				18				—				18
Restricted stock compensation		—				—				258				—				—				258				—				258
Net income		—				—				—				480				—				480				(96	)			384
Distributions to partners		—				—				—				—				—				—				(588	)			(588	)
Unrealized loss on investment, net		—				—				—				—				(324	)			(324	)			—				(324	)
Balance at September 30, 2022		9,455,096			$	945			$	59,148			$	339,561			$	(1,420	)		$	398,234			$	26,451			$	424,685
Balance at January 1, 2022		9,411,028			$	941			$	57,617			$	337,752			$	113			$	396,423			$	28,827			$	425,250
Stock option grant compensation		—				—				52				—				—				52				—				52
Restricted stock compensation		—				—				550				—				—				550				—				550
Shares granted to Employees		865				—				50				—				—				50				—				50
Restricted stock award		21,464				2				(2	)			—				—				—				—				—
Shares granted to Directors		11,232				1				649				—				—				650				—				650
Forfeiture of restricted stock award		(1,363	)			—				—				—				—				—				—				—
Exercise of stock options		11,870				1				232				—				—				233				—				233
Net income		—				—				—				1,809				—				1,809				(439	)			1,370
Distributions to partners		—				—				—				—				—				—				(1,937	)			(1,937	)
Unrealized loss on investment, net		—				—				—				—				(1,533	)			(1,533	)			—				(1,533	)
Balance at September 30, 2022		9,455,096			$	945			$	59,148			$	339,561			$	(1,420	)		$	398,234			$	26,451			$	424,685

 

See accompanying notes.

FRP HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2023

(Unaudited)

 

(1) Description of Business and Basis of Presentation.

 

FRP Holdings, Inc. is a holding company engaged in the investment and development of real estate , namely (i) leasing and management of industrial and 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) management of mixed use residential/retail properties owned through our joint ventures.

 

The accompanying consolidated financial statements include the accounts of FRP Holdings, Inc. (the “Company” or “FRP”) inclusive of our operating real estate subsidiaries, FRP Development Corp. (“Development”), Florida Rock Properties, Inc. (“Properties”), Riverfront Investment Partners I, LLC, and Riverfront Investment Partners II, LLC. Our investments accounted for under the equity method of accounting are detailed in Note 11. Our ownership of Riverfront Investment Partners I, LLC and Riverfront Investment Partners II, LLC includes a non-controlling interest representing the ownership of our partner.

 

These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. 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, 2022.

 

(2) Recently Issued Accounting Standards.

 

In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016 - 13, "Financial Instruments - Credit Losses," which introduced new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. This standard was effective for the Company as of January 1, 2023. There was no impact on our financial statements at adoption.

 

(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 in-service commercial properties wholly owned by the Company. Currently this includes nine warehouses in two business parks, an office building partially occupied by the Company, and two ground leases.

 

Our Mining Royalty Lands segment owns several properties totaling approximately 16,650 acres currently under lease for mining rents or royalties (this does not include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials). Other than one location in Virginia, all of these properties are located in Florida and Georgia.

 

Through our Development segment, we own and are continuously assessing the highest and best use of several parcels of land that are in various stages of development. Our overall strategy in this segment is to convert all of our non-income producing lands into income production through (i) an orderly process of constructing new buildings for us to

9

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 Stabilized Joint Venture segment includes joint ventures which own, lease and manage buildings that have met our initial lease-up criteria. Two of our joint ventures in the segment, Riverfront Investment Partners I, LLC (“Dock 79”) and Riverfront Investment Partners II, LLC (“The Maren”) are consolidated. The ownership of Dock 79 and The Maren attributable to our partners are reflected on our consolidated balance sheet as a noncontrolling interest. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity but separately from shareholders' equity. On the Consolidated Statements of Income, all of the revenues and expenses from Dock 79 and The Maren are reported in net income, including both the amounts attributable to the Company and the noncontrolling interest. The amounts of consolidated net income attributable to the noncontrolling interest is clearly identified on the accompanying Consolidated Statements of Income.

 

Operating results and certain other financial data for the Company’s business segments are as follows (in thousands):

 

			Three Months ended								Nine months ended
			September 30,								September 30,
			2023				2022				2023				2022
	Revenues:
Revenues	Asset management		$	1,442				935				3,932				2,686
Revenues	Mining royalty lands			3,082				2,471				9,628				7,779
Revenues	Development			434				412				1,387				1,203
Revenues	Stabilized Joint Venture			5,633				5,476				16,454				15,961
Revenues				10,591				9,294				31,401				27,629
	Operating profit (loss):
	Before corporate expenses:
Operating profit before corporate expenses	Asset management		$	697				392				1,855				1,103
Operating profit before corporate expenses	Mining royalty lands			2,608				2,083				8,391				6,764
Operating profit before corporate expenses	Development			(444	)			(865	)			(1,377	)			(2,164	)
Operating profit before corporate expenses	Stabilized Joint Venture			924				973				2,860				2,452
Operating profit before corporate expenses	Operating profit before corporate expenses			3,785				2,583				11,729				8,155
	Corporate expenses:
Corporate expenses	Allocated to asset management			(177	)			(127	)			(630	)			(496	)
Corporate expenses	Allocated to mining royalty lands			(99	)			(83	)			(360	)			(325	)
Corporate expenses	Allocated to development			(529	)			(457	)			(1,918	)			(1,794	)
Corporate expenses	Allocated to stabilized joint venture			(84	)			(67	)			(304	)			(261	)
Corporate expenses	Total corporate expenses			(889	)			(734	)			(3,212	)			(2,876	)
Operating profit			$	2,896				1,849				8,517				5,279
Interest expense	Interest expense		$	1,116				738				3,251				2,215
	Depreciation, depletion and amortization:
Depreciation, depletion and amortization	Asset management		$	369				219				1,006				683
Depreciation, depletion and amortization	Mining royalty lands			138				172				472				416
Depreciation, depletion and amortization	Development			44				47				140				139
Depreciation, depletion and amortization	Stabilized Joint Venture			2,265				2,306				6,797				7,272
Depreciation, depletion and amortization			$	2,816				2,744				8,415				8,510
	Capital expenditures:
Capital expenditures	Asset management		$	12				202				557				797
Capital expenditures	Mining royalty lands			—				1				—				11,218
Capital expenditures	Development			2,179				8,548				3,640				13,927
Capital expenditures	Stabilized Joint Venture			258				(25	)			437				195
Capital expenditures			$	2,449				8,726				4,634				26,137

 

 

10

Identifiable net assets

			September 30,				December 31,
	Identifiable net assets		2023				2022
Assets	Asset management	$	39,155				26,053
Assets	Mining royalty lands		48,126				48,494
Assets	Development		194,297				188,834
Assets	Stabilized Joint Venture		251,677				257,535
Cash	Cash items		166,674				178,294
Assets	Unallocated corporate assets		1,228				1,874
Assets		$	701,157				701,084

 

 

(4) Related Party Transactions.

 

The Company is a party to an Administrative Services Agreement which resulted from our January 30, 2015 spin-off of Patriot Transportation Holding, Inc. (Patriot). The Administrative Services Agreement 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, 2023.

 

The consolidated statements of income reflect charges and/or allocation from Patriot for these services of $236,000 and $223,000 for the three months ended September 30, 2023 and 2022 and $687,000 and $670,000 for the nine months ended September 30, 2023 and 2022, respectively. These charges are reflected as part of corporate expenses.

 

To determine these allocations between FRP and Patriot as set forth in the Administrative Services Agreement, we employ an allocation method to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations, but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis.

 

 

 

(5) Long-Term Debt.

 

The Company’s Outstanding debt, net of unamortized debt issuance costs, consisted of the following (in thousands):

 

		September 30,				December 31,
		2023				2022
Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033		$	180,070				180,070
Unamortized debt issuance costs			(1,402	)			(1,513	)
Credit agreement			—				—
Long term debt		$	178,668				178,557

 

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 through June 30, 2023 was a maximum of 1.50% over Daily 1-Month LIBOR, which may be reduced quarterly to 1.25% or 1.0% over Daily 1-Month LIBOR if the Company met a specified ratio of consolidated debt to consolidated total capital, as defined which excludes FRP Riverfront. Starting July 1, 2023 the interest rate was .75% to 1.5% over the Federal Funds rate depending on the same ratio. 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

11

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 September 30, 2023, there was no debt outstanding on this revolver, $823,000 outstanding under letters of credit and $19,177,000 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 6.1% on September 30, 2023. The credit agreement contains certain conditions and financial covenants, including a minimum tangible net worth and dividend restriction. As of September 30, 2023, these covenants would have limited our ability to pay dividends to a maximum of $249 million combined.

 

On March 19, 2021, the Company refinanced Dock 79 and The Maren pursuant to separate Loan Agreements and Deed of Trust Notes entered into with Teachers Insurance and Annuity Association of America, LLC. Dock 79 and The Maren borrowed principal sums of $92,070,000 and $88,000,000 respectively, in connection with the refinancing. The loans are separately secured by the Dock 79 and The Maren real property and improvements, bear a fixed interest rate of 3.03% per annum, and require monthly payments of interest only with the principal in full due April 1, 2033. Either loan may be prepaid subsequent to April 1, 2024, subject to yield maintenance premiums. Either loan may be transferred to a qualified buyer as part of a one-time sale subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee.

 

Debt cost amortization of $37,000 was recorded during the three months ended September 30, 2023 and 2022 and $111,000 was recorded during the nine months ended September 30, 2023 and 2022. During the three months ended September 30, 2023 and 2022 the Company capitalized interest costs of $297,000 and $673,000, respectively. During the nine months ended September 30, 2023 and September 30, 2022 the Company capitalized interest costs of $986,000 and $2,019,000, respectively.

 

The Company was in compliance with all debt covenants as of September 30, 2023.

 

 

(6) Earnings per Share.

 

The following details the computations of the Basic and diluted earnings per common share (in thousands, except per share amounts):

 

	Three Months ended								Nine months ended
	September 30,								September 30,
	2023				2022				2023				2022
Weighted average common shares outstanding during the period – shares used for basic   earnings per common share		9,423				9,397				9,423				9,382
Common shares issuable under share based payment plans which are potentially dilutive		37				36				40				41
Common shares used for diluted earnings per common share		9,460				9,433				9,463				9,423
Net income attributable to the Company	$	1,259				480				2,422				1,809
Earnings per common share:
-basic	$	0.13				0.05				0.26				0.19
-diluted	$	0.13				0.05				0.26				0.19

 

12

 

 

For the three and nine months ended September 30, 2023, the Company did not have any outstanding anti-dilutive stock options. For the three and nine months ended September 30, 2022, the Company did not have any outstanding anti-dilutive stock options.

 

During the first nine months of 2023 the Company repurchased 36,909 shares at an average cost of $54.19.

 

 

 

(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 31.5% and 41.2%, risk-free interest rate of 2.0% to 2.9% and expected life of 5.0 to 7.0 years.

 

The dividend yield of zero is based on the fact that the Company does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility is estimated based on the Company’s historical experience over a period equivalent to the expected life in years. The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the expected life of the options granted. The expected life calculation is based on the observed and expected time to exercise options by the employees.

 

In January 2023, 7,980 shares of restricted stock were granted to employees that will vest over the next four years. In January 2023, 15,032 shares of restricted stock were granted to employees as part of a long-term incentive plan that will vest over the next five years. In March 2023, 2,272 shares of restricted stock were granted to employees under the terms of the 2021 long-term incentive plan. In January 2022, 7,448 shares of restricted stock were granted to employees that will vest over the next four years. In January 2022, 14,016 shares of restricted stock were granted to employees as part of a long-term incentive plan that will vest over the next five years. In March 2023 and March 2022, 928 and 865 shares of stock, respectively, were granted to employees. The number of common shares available for future issuance was 343,677 at September 30, 2023.

 

The Company recorded the following Stock compensation expense in its consolidated statements of income (in thousands):

 

		Three Months ended								Nine months ended
		September 30,								September 30,
		2023				2022				2023				2022
Stock option grants		$	16				18				49				52
Restricted stock awards			255				258				773				550
Employee stock grant			—				—				50				50
Annual director stock award			—				—				600				650
Stock compensation		$	271				276				1,472				1,302

 

13

 

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, 2023			88,295			$	40.33			4.4		$	1,271
Exercised			(17,735	)		$	45.27					$	(190	)
Outstanding at September 30, 2023			70,560			$	39.09			3.3		$	1,081
Exercisable at September 30, 2023			66,570			$	38.68			3.2		$	1,015
Vested during nine months ended September 30, 2023			—									$	—

 

 

The aggregate intrinsic value of exercisable in-the-money options was $1,018,000 and the aggregate intrinsic value of outstanding in-the-money options was $1,050,000 based on the market closing price of $53.97 on September 29, 2023 less exercise prices.

 

The unrecognized compensation cost of options granted to FRP employees but not yet vested as of September 30, 2023 was $11,000, which is expected to be recognized over a weighted-average period of two months.

 

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				Grant Date				Remaining		Grant Date
Restricted stock		Shares				Fair Value				Term (yrs)		Fair Value(000's)
Non-vested at January 1, 2023			50,496			$	50.42			3.0		$	2,546
Time-based awards granted			7,980				53.86						430
Performance-based awards granted			17,304				53.92						933
Vested			(6,211	)			46.49						(289	)
Non-vested at September 30, 2023			69,569			$	52.03			2.8		$	3,620

 

Total unrecognized compensation cost of restricted stock granted but not yet vested as of September 30, 2023 was $2,725,000 which is expected to be recognized over a weighted-average period of 3.1 years.

 

 

(8) Contingent Liabilities.

 

The Company may be involved in litigation on a number of matters and is subject to certain claims which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. In the opinion of management, none of these matters are expected to have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows.

 

The Company is subject to numerous environmental laws and regulations. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that previous environmental studies with respect to its properties have revealed all potential environmental contaminants; that any previous owner, occupant or tenant did not create any

14

material environmental condition not known to the Company; that the current environmental condition of the properties will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company.

 

As of September 30, 2023, there was $823,000 outstanding under letters of credit. The letters of credit were issued to guarantee certain obligations to state agencies related to real estate development.

 

The Company and MidAtlantic Realty Partners (MRP) guaranteed $26 million of the construction loan on the Bryant Street Partnerships 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.

 

(9) Concentrations.

 

The mining royalty lands segment has a total of five tenants currently leasing mining locations and one lessee that accounted for 24.6% of the Company’s consolidated revenues during the nine months ended September 30, 2023, and $502,000 of accounts receivable at September 30, 2023. 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 September 30, 2023, the Company was invested in U.S. Treasury notes valued at $148,768,000 maturing in 2023 through early 2024. The unrealized loss on these investments of $571,000 was recorded as part of comprehensive income and based on the estimated market value by Wells Fargo Bank, N.A. (Level 1).

 

At September 30, 2023 and December 31, 2022, the carrying amount reported in the consolidated balance sheets for cash and cash equivalents including U.S. Treasury notes was adjusted to fair value as described above.

 

The fair values of the Company’s other mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities. At September 30, 2023, the carrying amount and fair value of such other long-term debt was $180,070,000 and $136,928,000, respectively. At September 30, 2022, the carrying amount and fair value of such other long-term debt was $180,070,000 and $142,753,000, respectively.

 

 

(11) Investments in Joint Ventures.

 

The Company has investments in joint ventures, primarily with other real estate developers. Joint ventures where FRP is not the primary beneficiary are reflected in the line “Investment in joint ventures” on the balance sheet and “Equity in loss of joint ventures” on the income statement. The assets of these joint ventures are restricted to use by the joint ventures and their obligations can only be settled by their assets or additional contributions by the partners.

 

15

The following table summarizes the Company’s Investments in unconsolidated 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 September 30, 2023
Brooksville Quarry, LLC		50.00	%	$	7,486			14,372			(62	)		(31	)
BC FRP Realty, LLC		50.00	%		5,077			22,164			(556	)		(278	)
Buzzard Point Sponsor, LLC		50.00	%		2,292			4,584			—			—
Bryant Street Partnerships		61.36	%		61,140			195,915			(7,876	)		(4,931	)
Lending ventures					25,084			14,428			—			—
Estero Partnership		16.00	%		3,600			38,703			—			—
Verge Partnership		61.37	%		37,535			130,978			(7,161	)		(4,395	)
Greenville Partnerships		40.00	%		11,811			98,617			(2,376	)		(950	)
Total				$	154,025			519,761			(18,031	)		(10,585	)

 

 

														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 December 31, 2022
Brooksville Quarry, LLC		50.00	%	$	7,522			14,374			(84	)		(42	)
BC FRP Realty, LLC		50.00	%		5,453			21,825			(358	)		(175	)
Buzzard Point Sponsor, LLC		50.00	%		1,453			2,906			—			—
Bryant Street Partnerships		61.36	%		55,561			199,774			(10,339	)		(6,829	)
Lending ventures					16,476			5,577			—			—
DST Hickory Creek		26.65	%		—			—			10,960			3,164
Estero Partnership		16.00	%		3,600			38,505			—			—
Verge Partnership		61.37	%		38,471			131,128			(1,841	)		(1,129	)
Greenville Partnerships		40.00	%		11,989			96,551			(1,775	)		(710	)
Total				$	140,525			510,640			(3,437	)		(5,721	)

 

 

The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of September 30, 2023 are summarized in the following two tables (in thousands):

Investments in Apartment/Mixed-use as of September 30, 2023

	As of September 30, 2023																				Total
	Buzzard Point				Bryant Street				Estero				Verge				Greenville				Apartment/
	Sponsor, LLC				Partnership				Partnership				Partnership				Partnership				Mixed-Use
Investments in real estate, net	$	0				187,693				34,416				129,145				96,834			$	448,088
Cash and cash equivalents		0				1,661				4,287				1,170				1,595				8,713
Unrealized rents & receivables		0				6,141				0				309				83				6,533
Deferred costs		4,584				420				0				354				105				5,463
Total Assets	$	4,584				195,915				38,703				130,978				98,617			$	468,797
Secured notes payable	$	0				116,922				16,000				72,402				67,414			$	272,738
Other liabilities		0				2,786				174				1,102				2,243				6,305
Capital - FRP		2,292				59,132				3,605				35,261				10,858				111,148
Capital – Third Parties		2,292				17,075				18,924				22,213				18,102				78,606
Total Liabilities and Capital	$	4,584				195,915				38,703				130,978				98,617			$	468,797

 

16

 

Investments in Joint Ventures as of September 30, 2023

	As of September 30, 2023												Total
	Brooksville			BC FRP			Lending			Apartment/			Grand
	Quarry, LLC			Realty, LLC			Ventures			Mixed-Use			Total
Investments in real estate, net	$	14,343			21,260			14,428			448,088		$	498,119
Cash and cash equivalents		27			74			0			8,713			8,814
Unrealized rents & receivables		0			457			0			6,533			6,990
Deferred costs		2			373			0			5,463			5,838
Total Assets	$	14,372			22,164			14,428			468,797		$	519,761
Secured notes payable	$	0			11,856			(10,656	)		272,738		$	273,938
Other liabilities		64			266			0			6,305			6,635
Capital – FRP		7,487			5,021			25,084			111,148			148,740
Capital - Third Parties		6,821			5,021			0			78,606			90,448
Total Liabilities and Capital	$	14,372			22,164			14,428			468,797		$	519,761

 

The Company’s capital recorded by the unconsolidated Joint Ventures is $5,285,000 less than the Investment in Joint Ventures reported in the Company’s consolidated balance sheet due primarily to capitalized interest.

 

The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of December 31, 2022 are summarized in the following two tables (in thousands):

Investments in Apartment/Mixed-use as of December 31, 2022

	As of December 31, 2022																				Total
	Buzzard Point				Bryant Street				Estero				Verge				Greenville				Apartment/
	Sponsor, LLC				Partnership				Partnership				Partnership				Partnership				Mixed-Use
Investments in real estate, net	$	0				192,904				33,008				130,616				95,883			$	452,411
Cash and cash equivalents		0				1,349				5,497				359				567				7,772
Unrealized rents & receivables		0				5,128				0				14				13				5,155
Deferred costs		2,906				393				0				139				88				3,526
Total Assets	$	2,906				199,774				38,505				131,128				96,551			$	468,864
Secured notes payable	$	0				129,263				16,000				66,584				64,954			$	276,801
Other liabilities		0				2,338				5				5,328				3,014				10,685
Capital - FRP		1,453				53,553				3,600				36,348				11,087				106,041
Capital – Third Parties		1,453				14,620				18,900				22,868				17,496				75,337
Total Liabilities and Capital	$	2,906				199,774				38,505				131,128				96,551			$	468,864

 

Investments in Joint Ventures as of December 31, 2022

	As of December 31, 2022												Total
	Brooksville			BC FRP			Lending			Apartment/			Grand
	Quarry, LLC			Realty, LLC			Ventures			Mixed-Use			Total
Investments in real estate, net	$	14,307			21,059			5,547			452,411		$	493,324
Cash and cash equivalents		66			99			0			7,772			7,937
Unrealized rents & receivables		0			422			0			5,155			5,577
Deferred costs		1			245			30			3,526			3,802
Total Assets	$	14,374			21,825			5,577			468,864		$	510,640
Secured notes payable	$	0			10,899			(10,899	)		276,801		$	276,801
Other liabilities		0			338			0			10,685			11,023
Capital – FRP		7,522			5,294			16,476			106,041			135,333
Capital - Third Parties		6,852			5,294			0			75,337			87,483
Total Liabilities and Capital	$	14,374			21,825			5,577			468,864		$	510,640

 

17

 

The amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $(20,837,000) and $(13,115,000) as of September 30, 2023 and December 31, 2022, respectively.

 

The income statements of the Bryant Street Partnerships are as follows (in thousands):

 

		Bryant Street					Bryant Street				Bryant Street			Bryant Street
		Partnerships					Partnerships				Partnerships			Partnerships
		Total JV					Total JV				Company Share			Company Share
		Nine months ended					Nine months ended				Nine months ended			Nine months ended
		September 30,					September 30,				September 30,			September 30,
		2023					2022				2023			2022
Revenues:
Rental Revenue		$	9,322				$	6,718			$	5,720			$	4,123
Revenue – other			1,784					1,306				1,095				801
Total Revenues			11,106					8,024				6,815				4,924
Cost of operations:
Depreciation and amortization			5,202					4,995				3,192				3,065
Operating expenses			4,384					3,846				2,690				2,360
Property taxes			789					878				484				539
Total cost of operations			10,375					9,719				6,366				5,964
Total operating profit/(loss)			731					(1,695	)			449				(1,040	)
Interest expense			(8,607	)				(5,437	)			(5,380	)			(3,703	)
Net loss before tax		$	(7,876	)			$	(7,132	)		$	(4,931	)		$	(4,743	)

 

 

The income statements of the Greenville Partnerships are as follows (in thousands):

 

		Greenville					Greenville				Greenville			Greenville
		Partnerships					Partnerships				Partnerships			Partnerships
		Total JV					Total JV				Company Share			Company Share
		Nine months ended					Nine months ended				Nine months ended			Nine months ended
		September 30,					September 30,				September 30,			September 30,
		2023					2022				2023			2022
Revenues:
Rental Revenue		$	4,875				$	2,234			$	1,950			$	894
Revenue – other			405					125				162				50
Total Revenues			5,280					2,359				2,112				944
Cost of operations:
Depreciation and amortization			2,118					1,162				847				465
Operating expenses			1,784					906				714				363
Property taxes			882					476				353				190
Total cost of operations			4,784					2,544				1,914				1,018
Total operating profit/(loss)			496					(185	)			198				(74	)
Interest expense			(2,872	)				(697	)			(1,148	)			(279	)
Net loss before tax		$	(2,376	)			$	(882	)		$	(950	)		$	(353	)

 

18

 

The income statements of the Verge Partnership are as follows (in thousands):

 

		Verge				Verge
		Partnership				Partnership
		Total JV				Company Share
		Nine months ended				Nine months ended
		September 30,				September 30,
		2023				2023
Revenues:
Rental Revenue		$	2,042			$	1,254
Revenue – other			320				196
Total Revenues			2,362				1,450
Cost of operations:
Depreciation and amortization			2,958				1,815
Operating expenses			2,057				1,263
Property taxes			741				455
Total cost of operations			5,756				3,533
Total operating profit			(3,394	)			(2,083	)
Interest expense			(3,767	)			(2,312	)
Net profit before tax		$	(7,161	)		$	(4,395	)

 

 

 

 

 

 

 

 

 

 

 

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying unaudited consolidated financial statements and related notes in Item 1 and with the audited consolidated financial statements and the related notes included in our annual report on Form 10-K. The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including the risks and uncertainties described in “Forward-Looking Statements” below and “Risk Factors” on page 5 of our annual report on Form 10-K. Our actual results may differ materially from those contained in or implied by any forward-looking statements. We assume no obligation to revise or publicly release any revision to any forward-looking statements contained in this quarterly report on Form 10-Q, unless required by law.

 

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 pro-rata 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.

 

Business Overview - FRP Holdings, Inc. is a real estate development, asset management and operating company businesses. Our properties are located in the Mid-Atlantic and southeastern United States and consist of:

 

Mining royalty lands, some of which will have second lives as development properties;

 

Residential apartments in Washington, D.C. and Greenville, South Carolina;

 

Warehouse or office properties in the Maryland either existing or under development;

 

Mixed use properties under development in Washington, D.C. or Greenville, South Carolina; and

 

Properties held for sale.

 

We believe our present capital structure, liquidity and land provide us with years of opportunities to increase recurring revenue and long-term value for our shareholders. We intend to focus on our core business activity of real estate development, asset management and operations. We are developing a broad range of asset types that we believe will provide acceptable rates of return, grow recurring revenues and support future business. Capital commitments will be funded with cash proceeds from completed projects, existing cash, owned-land, partner capital and financing arrangements. We do not anticipate immediate benefits from investments. Timing of projects may be subject to delays caused by factors beyond our control.

 

Reportable Segments

 

We conduct primarily all of our business in the following four reportable segments: (1) asset management (2) mining royalty lands (3) development and (4) stabilized joint ventures. For more information regarding our reportable segments, see Note 3. Business Segments of our condensed consolidated financial statements included in this quarterly report.

 

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 Company’s industrial warehouses typically lease for terms ranging from 3 – 10 years often with one or two renewal options. All base rent revenue is recognized on a straight-lined basis. All of the commercial warehouse leases are triple net and common area maintenance costs (CAM Revenue) are billed monthly, and insurance and real estate taxes are billed annually. 34 Loveton is the only office product wherein all leases are full service therefore there is no CAM revenue. Office leases are also recognized on a straight-lined basis. 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 September 30, 2023, the Asset Management Segment includes nine buildings at four commercial properties owned by the Company in fee simple as follows:

 

1) 34 Loveton Circle in suburban Baltimore County, Maryland consists of one office building totaling 33,708 square feet which is 90.8% occupied (16% of the space is occupied by the Company for use as our Baltimore headquarters). The property is subject to commercial leases with various tenants.

 

2) 155 E. 21^st 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 Run Business Park in Hartford County, Maryland consists of five office buildings totaling 267,737

square feet which are 92.1% occupied and 92.1% leased. The property is subject to commercial leases with various tenants.

 

4) Hollander 95 Business Park in Baltimore City, Maryland consists of three buildings totaling 247,340 square feet that are 100.0% leased and 100.0% occupied.

 

Management focuses on several measures of success on a comparative basis in this segment: (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) tenant retention success rate (as a percentage of total square feet to be renewed).

 

 

Mining Royalty Lands Segment.

 

Our Mining Royalty Lands segment owns several properties totaling approximately 16,650 acres currently under lease for mining rents or royalties (excluding the 4,280 acres owned by our Brooksville joint venture with Vulcan Materials). Other than one location in Virginia, all of these properties are located in Florida and Georgia. The Company leases land under long-term leases that grant the lessee the right to mine and sell reserves from our property in exchange for royalty payments. A typical lease has an option to extend the lease for additional terms. 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.

 

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 entirely paid by the tenant. As such, our costs in this business are very low as a percentage of revenue, are relatively stable and are not affected by increases in production at our locations. Our current mining tenants include Vulcan Materials, Martin Marietta, 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 “ Second 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	1,907 +/-	Approval in place for 105, one-acre, waterfront residential lots after mining completed.
Total	6,187 +/-

 

 

Development Segment.

 

Through our Development segment, we own and are continuously monitoring the highest and best use of several parcels of land that are in various stages of development. Our overall strategy in this segment is to convert all 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.

 

Development Segment – Warehouse/Office Land.

 

At September 30, 2023, this segment owned the following future development parcels:

 

1)

54 acres of land that can support over 690,000 square feet of industrial product located at 1001 Old Philadelphia Road in Aberdeen, Maryland.

2)

17 acres of land in Harford County, Maryland with a 259,200 square feet speculative warehouse project on Chelsea Road under construction due to be complete in the third quarter of 2024.

3)

170 acres of land in Cecil County, Maryland that can accommodate 900,000 square feet of industrial development.

 

We also 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.

 

Development Segment - Significant Investment Lands Inventory:

 

Location	Approx. Acreage	Status	NBV
Riverfront on the Anacostia Phases III-IV	2.5	Conceptual design program ongoing	$6,595,000
Hampstead Trade Center, MD	118	Residential zoning applied for in preparation for sale	$10,515,000
Square 664E, on the Anacostia River in DC	2	Under lease to Vulcan Materials as a concrete batch plant through 2026	$7,385,000
Total	122.5		$24,495,000

 

 

Development Segment - Investments in Joint Ventures

 

The third leg of our Development Segment consists of investments in joint ventures for properties in development. The Company has investments in joint ventures, primarily with other real estate developers which are summarized below:

 

Property	JV Partner	Status	% Ownership
Brooksville Quarry, LLC near Brooksville, Florida	Vulcan Materials Company	Future planned residential development of 3,500 acres which are currently subject to mining lease	50%
BC FRP Realty, LLC for 35 acres in Maryland	St John Properties	Development of 329,000 square feet multi-building business park in progress	50%

 

Bryant Street Partnerships for 5 acres of land in Washington, D.C.	MRP Realty	Mixed-use development with 487 residential units and 91,607 square feet of retail is in final stages of lease-up	61.36%
Aberdeen Station residential development in Harford County, Maryland		$31.1 million in exchange for an interest rate of 10% and a 20% preferred return after which the Company is also entitled to a portion of proceeds from sale	Financing
Amber Ridge residential development in Prince George’s County, Maryland		$18.5 million in exchange for an interest rate of 10% and a preferred return of 20% after which the Company is entitled to a portion of proceeds from sale	Financing
The Verge at 1800 Half Street property in Buzzard Point area of Washington, D.C.	MRP Realty	Eleven-story structure with 344 apartments and 8,536 square feet of ground floor retail currently underway with lease-up	61.37%
.408 Jackson property in Greenville, SC	Woodfield Development	Mixed-use project with 227 multifamily units and 4,539 square feet of retail space currently underway with lease-up	40%
Estero	Woodfield Development	Pre-development activities for a mixed-use project with 554 multifamily units, 72,000 square feet of commercial space, 41,000 square feet of office space and a boutique 170-key hotel	16%
FRP/MRP Buzzard Point Sponsor, LLC	MRP Realty	Pre-development activities for phase one of property owned by Steuart Investment Company (SIC) under a Contribution and Pre-Development Agreement between this partnership and SIC	50%
Woven property in Greenville, SC	Woodfield Development	Pre-development activities for an apartment building	50%

 

 

 

Joint ventures where FRP is not the primary beneficiary (including those in the Stabilized Joint Venture Segment) are reflected in the line “Investment in joint ventures” on the balance sheet and “Equity in loss of joint ventures” on the income statement. The following table summarizes the Company’s investments in unconsolidated 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 September 30, 2023
Brooksville Quarry, LLC		50.00	%	$	7,486			14,372			(62	)		(31	)
BC FRP Realty, LLC		50.00	%		5,077			22,164			(556	)		(278	)
Buzzard Point Sponsor, LLC		50.00	%		2,292			4,584			—			—
Bryant Street Partnerships		61.36	%		61,140			195,915			(7,876	)		(4,931	)
Lending ventures					25,084			14,428			—			—
Estero Partnership		16.00	%		3,600			38,703			—			—
Verge Partnership		61.37	%		37,535			130,978			(7,161	)		(4,395	)
Greenville Partnerships		40.00	%		11,811			98,617			(2,376	)		(950	)
Total				$	154,025			519,761			(18,031	)		(10,585	)

 

 

 

 

 

The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of September 30, 2023 are summarized in the following two tables (in thousands):

 

	As of September 30, 2023																				Total
	Buzzard Point				Bryant Street				Estero				Verge				Greenville				Apartment/
	Sponsor, LLC				Partnership				Partnership				Partnership				Partnership				Mixed-Use
Investments in real estate, net	$	0				187,693				34,416				129,145				96,834			$	448,088
Cash and cash equivalents		0				1,661				4,287				1,170				1,595				8,713
Unrealized rents & receivables		0				6,141				0				309				83				6,533
Deferred costs		4,584				420				0				354				105				5,463
Total Assets	$	4,584				195,915				38,703				130,978				98,617			$	468,797
Secured notes payable	$	0				116,922				16,000				72,402				67,414			$	272,738
Other liabilities		0				2,786				174				1,102				2,243				6,305
Capital - FRP		2,292				59,132				3,605				35,261				10,858				111,148
Capital – Third Parties		2,292				17,075				18,924				22,213				18,102				78,606
Total Liabilities and Capital	$	4,584				195,915				38,703				130,978				98,617			$	468,797

 

 

	As of September 30, 2023												Total
	Brooksville			BC FRP			Lending			Apartment/			Grand
	Quarry, LLC			Realty, LLC			Ventures			Mixed-Use			Total
Investments in real estate, net	$	14,343			21,260			14,428			448,088		$	498,119
Cash and cash equivalents		27			74			0			8,713			8,814
Unrealized rents & receivables		0			457			0			6,533			6,990
Deferred costs		2			373			0			5,463			5,838
Total Assets	$	14,372			22,164			14,428			468,797		$	519,761
Secured notes payable	$	0			11,856			(10,656	)		272,738		$	273,938
Other liabilities		64			266			0			6,305			6,635
Capital – FRP		7,487			5,021			25,084			111,148			148,740
Capital - Third Parties		6,821			5,021			0			78,606			90,448
Total Liabilities and Capital	$	14,372			22,164			14,428			468,797		$	519,761

 

Stabilized Joint Venture Segment.

 

At quarter end, the segment included three stabilized joint ventures which own, lease and manage apartment buildings. These assets create revenue and cash flows through tenant rental payments, and reimbursements for building operating costs. The Company’s residential spaces generally lease for 12 – 15-month lease terms and 90 days prior to the expiration, as long as there is no balance due, the tenant is offered a renewal. If no notice to move out or renew is made, then the leases go to month to month until notification of termination or renewal is received. Renewal terms are typically 9 – 12 months. The Company also leases retail spaces at apartment/mixed-use properties. The retail leases are typically 10 -15-year leases with options to renew for another five years. Retail leases at these properties also include percentage rents which average 3-6% of annual sales for the tenant that exceed a breakpoint stipulated by each individual lease. All base rent revenue is recognized on a straight-line basis. The major cash outlays incurred in this segment are for property taxes, full service maintenance, property management, utilities and marketing. The three stabilized joint venture properties are as follows:

 

 

 

Property and Occupancy	JV Partner	Method of Accounting	% Ownership
Dock 79 apartments, Washington, D.C. 305 apartment units and 14,430 square feet of retail	MRP Realty	Consolidated	52.8%
The Maren apartments, Washington, D.C. 264 residential units and 6,811 square feet of retail	MRP Realty	Consolidated as of March 31, 2021	56.33%
Riverside apartments Greenville, SC.  200 residential units with no retail component	Woodfield Development	Equity Method	40%

 

 

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) over third quarter 2022

·

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

Comparative Results of Operations for the Three months ended September 30, 2023 and 2022

 

Consolidated Results

(dollars in thousands)	Three months ended September 30,
	2023				2022				Change				%
Revenues:
Lease Revenue	$	7,509			$	6,823			$	686				10.1	%
Mining lands lease revenue		3,082				2,471				611				24.7	%
Total Revenues		10,591				9,294				1,297				14.0	%
Cost of operations:
Depreciation/Depletion/Amortization		2,816				2,744				72				2.6	%
Operating Expenses		2,012				1,967				45				2.3	%
Property Taxes		919				1,034				(115	)			-11.1	%
Management company indirect		1,059				966				93				9.6	%
Corporate Expense		889				734				155				21.1	%
Total cost of operations		7,695				7,445				250				3.4	%
Total operating profit		2,896				1,849				1,047				56.6	%
Net investment income		2,700				1,188				1,512				127.3	%
Interest Expense		(1,116	)			(738	)			(378	)			51.2	%
Equity in loss of joint ventures		(2,913	)			(1,878	)			(1,035	)			55.1	%
Gain (loss) on sale of real estate		(1	)			141				(142	)			-100.7	%
Income before income taxes		1,566				562				1,004				178.6	%
Provision for income taxes		467				178				289				162.4	%
Net income		1,099				384				715				186.2	%
Loss attributable to noncontrolling interest		(160	)			(96	)			(64	)			66.7	%
Net income attributable to the Company	$	1,259			$	480			$	779				162.3	%

 

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).

 

Asset Management Segment Results

		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	%

 

 

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 Results

		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	%

 

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 Results

		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

 

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 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 is due to be complete in the third quarter of 2024.

 

 

Stabilized Joint Venture Segment Results

		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	%

 

 

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 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

 

·

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

 

Comparative Results of Operations for the Nine months ended September 30, 2023 and 2022

 

Consolidated Results

(dollars in thousands)	Nine months ended September 30,
	2023				2022				Change				%
Revenues:
Lease Revenue	$	21,773			$	19,850			$	1,923				9.7	%
Mining lands lease revenue		9,628				7,779				1,849				23.8	%
Total Revenues		31,401				27,629				3,772				13.7	%

 

Cost of operations:
Depreciation/Depletion/Amortization		8,415				8,510				(95	)			-1.1	%
Operating Expenses		5,574				5,316				258				4.9	%
Property Taxes		2,745				3,103				(358	)			-11.5	%
Management company indirect		2,938				2,545				393				15.4	%
Corporate Expense		3,212				2,876				336				11.7	%
Total cost of operations		22,884				22,350				534				2.4	%
Total operating profit		8,517				5,279				3,238				61.3	%
Net investment income		8,207				3,206				5,001				156.0	%
Interest Expense		(3,251	)			(2,215	)			(1,036	)			46.8	%
Equity in loss of joint ventures		(10,585	)			(5,248	)			(5,337	)			101.7	%
Gain on sale of real estate		7				874				(867	)			-99.2	%
Income before income taxes		2,895				1,896				999				52.7	%
Provision for income taxes		898				526				372				70.7	%
Net income		1,997				1,370				627				45.8	%
Loss attributable to noncontrolling interest		(425	)			(439	)			14				-3.2	%
Net income attributable to the Company	$	2,422			$	1,809			$	613				33.9	%

 

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.

 

Asset Management Segment Results

		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	%

 

 

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 62^nd Street and the addition of 1941 62^nd 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 Results

		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	%

 

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.

 

 

Development Segment Results

		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 Results

		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	%

 

In the fourth quarter of 2022, as part of our new partnership with SIC and MRP, 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.

 

 

Liquidity and Capital Resources. The growth of the Company’s businesses requires significant cash needs to acquire and develop land or operating buildings and to construct new buildings and tenant improvements. As of September 30, 2023, we had $166,028,000 of cash and cash equivalents. As of September 30, 2023, we had no debt borrowed under our $20 million Wells Fargo revolver, $823,000 outstanding under letters of credit and $19,177,000 available to borrow under the revolver. On March 19, 2021, the Company refinanced Dock 79 and The Maren projects pursuant to separate Loan Agreements and Deed of Trust Notes entered into with Teachers Insurance and Annuity Association of America, LLC. Dock 79 and The Maren borrowed principal sums of $92,070,000 and $88,000,000 respectively, in connection with the refinancing.

 

Cash Flows - The following table summarizes our cash flows from operating, investing and financing activities for each of the periods presented (in thousands of dollars):

		Nine months
		Ended September 30,
		2023				2022
Total cash provided by (used for):
Operating activities		$	20,721				13,175
Investing activities			(28,556	)			(28,209	)
Financing activities			(3,634	)			(1,704	)
Decrease in cash and cash equivalents		$	(11,469	)			(16,738	)
Outstanding debt at the beginning of the period			178,557				178,409
Outstanding debt at the end of the period			178,668				178,520

 

 

Operating Activities - Net cash provided by operating activities for the nine months ended September 30, 2023 was $20,721,000 versus $13,175,000 in the same period last year. The increase was primarily due to increases in operating profit and interest income while the increased joint venture losses are reflected in investing activities.

 

At September 30, 2023, the Company was invested in U.S. Treasury notes valued at $148,768,000 maturing in 2023 through early 2024. The unrealized loss on these investments of $571,000 was recorded as part of comprehensive income and was based on the estimated market value by Wells Fargo Bank, N.A. (Level 1).

 

 

Investing Activities - Net cash used in investing activities for the nine months ended September 30, 2023 was $28,556,000 versus $28,209,000 in the same period last year. Investments in properties was $4.6 million for the 9 months ended September 30, 2023 and included the start of construction on a new speculative warehouse project in Aberdeen, Maryland on Chelsea Road. Investments in properties during the nine months ended September 30, 2022 was $26.1 million which included the $11.6 million purchase of Astatula mining land, $6.7 million for 170 acres in Cecil County Maryland to accommodate 900,000 square feet of industrial development, and the completion of the build-to-suite at 1941 62^nd Street. Investments in joint ventures was $31.6 million for the nine months ended September 30, 2023 and included $8 million for FRP’s share of a $13 million paydown of the loan at Bryant Street, $15.5 million for our Aberdeen Station lending venture, $3.4 million for the impact of higher interest rates at Verge, and $2.1 million for predevelopment activities for our next potential apartment projects in Washington, D.C. and in Greenville. Investments in joint ventures was $20.8 million for the 9 months ended September 30, 2022 and included $12.9 million for the lending ventures including the Windlass loan and $3.6 million for our Estero joint venture.

 

 

Financing Activities – Net cash required by financing activities was $3,634,000 versus $1,704,000 in the same period last year primarily due to the exercise of employee stock options and the repurchase of company stock in the nine months ended September 30, 2023.

 

 

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”). 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 the Federal Funds Rates, which may be reduced quarterly to 1.25% or .75% over the Federal Funds Rate 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 September 30, 2023, these covenants would have limited our ability to pay dividends to a maximum of $249 million combined.

 

On March 19, 2021, the Company refinanced Dock 79 and The Maren projects pursuant to separate Loan Agreements and Deed of Trust Notes entered into with Teachers Insurance and Annuity Association of America, LLC. Dock 79 and The Maren borrowed principal sums of $92,070,000 and $88,000,000 respectively, in connection with the

refinancing. The loans are separately secured by the Dock 79 and The Maren real property and improvements, bear a fixed interest rate of 3.03% per annum, and require monthly payments of interest only with the principal in full due April 1, 2033. Either loan may be prepaid subsequent to April 1, 2024, subject to yield maintenance premiums. Either loan may be transferred to a qualified buyer as part of a one-time sale subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee.

 

 

Cash Requirements – The Company currently expects its capital expenditures for the remainder of 2023 to include approximately $22.3 million for investment into our existing real estate holdings and partnerships as well as new real estate assets and joint ventures, with such capital being funded from cash and investments on hand, cash generated from operations and property sales, or borrowings under our credit facilities.

 

 

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.

 

 

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. 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

 

 

 

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 September 30, 2023 was the Federal Funds Rate plus .75%. The applicable margin for such borrowings will be increased in the event that our debt to capitalization ratio as calculated under the Wells Fargo Credit Agreement Facility exceeds a target level.

 

The Company did not have any variable rate debt at September 30, 2023, so a sensitivity analysis was not performed to determine the impact of hypothetical changes in interest rates on the Company’s results of operations and cash flows.

 

 

ITEM 4. CONTROLS AND PROCEDURES

 

CONCLUSION REGARDING THE EFFECTIVENESS OF DISCLOSURE CONTROLS AND PROCEDURES

 

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company’s reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Company’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure.

 

The Company also maintains a system of internal accounting controls over financial reporting that are designed to provide reasonable assurance to the Company’s management and Board of Directors regarding the preparation and fair presentation of published financial statements.

 

All control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving the desired control objectives.

 

As of September 30, 2023, 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, 2022, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

 

Item 2. PURCHASES OF EQUITY SECURITIES BY THE ISSUER

											Total
											Number of
											Shares
											Purchased					Approximate
											As Part of					Dollar Value of
			Total								Publicly					Shares that May
			Number of					Average			Announced					Yet Be Purchased
			Shares					Price Paid			Plans or					Under the Plans
Period			Purchased					per Share			Programs					or Programs (1)
	July 1 through July 31				—			$	—				—			$	8,363,000
	August 1 through August 31				—			$	—				—			$	8,363,000
	September 1 through September 30				18,569			$	53.85				18,569			$	7,363,000
	Total				18,569			$	53.85				18,569

 

(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. On August 26, 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 38.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

 

			FRP Holdings, Inc.
Date:  November 9, 2023		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 THREE MONTHS ENDED SEPTEMBER 30, 2023

EXHIBIT INDEX

 

 

(31)(a)	Certification of John D. Baker II.
(31)(b)	Certification of John D. Baker III.
(31)(c)	Certification of John D. Klopfenstein.
(32)	Certification of Chief Executive Officer, Chief Financial Officer, and Chief Accounting Officer under Section 906 of the Sarbanes-Oxley Act of 2002.
101.XSD	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase
104.	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

Exhibit 32

 

 

CERTIFICATION UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned certifies that this periodic report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in this periodic report fairly presents, in all material respects, the financial condition and results of operations of FRP Holdings, Inc.

 

			FRP Holdings, Inc.
Date:  November 9, 2023		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.

 

 

 

 

CERTIFICATIONS                                                                                                      Exhibit 31(a)

 

I, John D. Baker II, certify that:

 

1.

I have reviewed this report on Form 10-Q of FRP Holdings, Inc.;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)

designed such disclosure controls and procedures, or caused such disclosure controls to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosures controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)

disclosed in this report any changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial report; and

5.

The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)

all significant deficiencies in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date: November 9, 2023		/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: November 9, 2023		/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: November 9, 2023		/s/ John D. Klopfenstein
		Controller and Chief Accounting Officer

 

 

v3.23.3

Cover - shares	3 Months Ended
	Sep. 30, 2023	Nov. 09, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
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 St.
Entity Address, Address Line Two	7th Floor
Entity Address, City or Town	Jacksonville
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32202
City Area Code	904
Local Phone Number	396-5733
Title of 12(b) Security	Common Stock, $.10 par value
Trading Symbol	FRPH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,477,104

v3.23.3

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 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

v3.23.3

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	25,000,000	25,000,000
Common stock, outstanding	9,477,104	9,459,686
Common stock, issued	9,477,104	9,459,686

v3.23.3

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 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 (Note 4 Related Party)	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 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:
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

v3.23.3

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net income	$ 1,099	$ 384	$ 1,997	$ 1,370
Other comprehensive income (loss) net of tax:
Unrealized gain/(loss) on investments, net of income tax effect of $145, $(120), $360 and $(568)	392	(324)	972	(1,533)
Minimum pension liability, net of income tax effect of $(3), $0, $(8) and $0	(8)	0	(24)	0
Comprehensive income (loss)	1,483	60	2,945	(163)
Less comp. income (loss) attributable to   Noncontrolling interest	(160)	(96)	(425)	(439)
Comprehensive income attributable to the Company	$ 1,643	$ 156	$ 3,370	$ 276

v3.23.3

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Income tax effect on UR loss	$ 145	$ (120)	$ 360	$ (568)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax	$ (3)	$ 0	$ (8)	$ 0

v3.23.3

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 1,099	$ 384	$ 1,997	$ 1,370
Adjustments to reconcile net income to net cash provided by continuing operating      activities:
Depreciation, depletion and amortization			8,557	8,696
Deferred income taxes			(57)	133
Equity in loss of joint ventures	2,913	1,878	10,585	5,248
Gain on sale of equipment and property			(14)	(901)
Stock-based compensation	271	276	1,472	1,302
Net changes in operating assets and liabilities:
Accounts receivable			(517)	(737)
Deferred costs and other assets			(538)	(2,160)
Accounts payable and accrued liabilities			(1,512)	(1,440)
Income taxes payable and receivable			686	1,559
Other long-term liabilities			62	105
Net cash provided by operating activities			20,721	13,175
Cash flows from investing activities:
Investments in properties	(2,449)	(8,726)	(4,634)	(26,137)
Investments in joint ventures			(31,648)	(20,838)
Return of capital from investments in joint ventures			7,559	13,327
Proceeds from sales of investments available for sale			0	4,317
Proceeds from the sale of assets			16	952
Cash held in escrow			151	170
Net cash used in investing activities			(28,556)	(28,209)
Cash flows from financing activities:
Distribution to noncontrolling interest			(2,437)	(1,937)
Repurchase of company stock			(2,000)	0
Exercise of employee stock options			803	233
Net cash used in financing activities			(3,634)	(1,704)
Net decrease in cash and cash equivalents			(11,469)	(16,738)
Cash and cash equivalents at beginning of year			177,497	161,521	$ 161,521
Cash and cash equivalents at end of the period	$ 166,028	$ 144,783	166,028	144,783	$ 177,497
Supplemental disclosure of cash flow information:
Interest			3,248	2,212
Income taxes			$ 622	$ (1,734)

v3.23.3

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 941	$ 57,617	$ 337,752	$ 113	$ 396,423	$ 28,827	$ 425,250
Common shares outstanding at Dec. 31, 2021	9,411,028
Stock option grant compensation	$ 0	52	0	0	52	0	52
Restricted stock compensation	0	550	0	0	550	0	550
Net income	0	0	1,809	0	1,809	(439)	1,370
Distributions to partners	0	0	0	0	0	(1,937)	(1,937)
Minimum pension liability, net							0
Unrealized loss on investment, net	0	0	0	(1,533)	(1,533)	0	(1,533)
Exercise of stock options	$ 1	232	0	0	233	0	233
Stock options exercised	11,870
Shares granted to Employees	$ 0	50	0	0	50	0	50
Shares granted to Employee	865
Restricted stock award	$ 2	(2)	0	0	0	0	0
Restricted shares awarded	21,464
Shares granted to Directors	$ 1	649	0	0	650	0	650
Director shares granted	11,232
Forfeiture of restricted stock award	$ 0	0	0	0	0	0	0
Restricted stock forfeited	(1,363)
Ending balance, value at Sep. 30, 2022	$ 945	59,148	339,561	(1,420)	398,234	26,451	424,685
Common shares outstanding at Sep. 30, 2022	9,455,096
Beginning balance, value at Dec. 31, 2021	$ 941	57,617	337,752	113	396,423	28,827	425,250
Common shares outstanding at Dec. 31, 2021	9,411,028
Ending balance, value at Dec. 31, 2022	$ 946	65,158	342,317	(1,276)	407,145	37,066	$ 444,211
Common shares outstanding at Dec. 31, 2022	9,459,686						9,459,686
Beginning balance, value at Jun. 30, 2022	$ 945	58,872	339,081	(1,096)	397,802	27,135	$ 424,937
Common shares outstanding at Jun. 30, 2022	9,455,096
Stock option grant compensation	$ 0	18	0	0	18	0	18
Restricted stock compensation	0	258	0	0	258	0	258
Net income	0	0	480	0	480	(96)	384
Distributions to partners	0	0	0	0	0	(588)	(588)
Minimum pension liability, net							0
Unrealized loss on investment, net	0	0	0	(324)	(324)	0	(324)
Ending balance, value at Sep. 30, 2022	$ 945	59,148	339,561	(1,420)	398,234	26,451	424,685
Common shares outstanding at Sep. 30, 2022	9,455,096
Beginning balance, value at Dec. 31, 2022	$ 946	65,158	342,317	(1,276)	407,145	37,066	$ 444,211
Common shares outstanding at Dec. 31, 2022	9,459,686						9,459,686
Stock option grant compensation	$ 0	49	0	0	49	0	$ 49
Restricted stock compensation	0	773	0	0	773	0	773
Shares purchased and cancelled	$ (3)	(260)	(1,737)	0	(2,000)	0	(2,000)
Stock Repurchased During Period, Shares	(36,909)
Net income	$ 0	0	2,422	0	2,422	(425)	1,997
Distributions to partners	0	0	0	0	0	(2,437)	(2,437)
Minimum pension liability, net	0	0	0	(24)	(24)	0	(24)
Unrealized loss on investment, net	0	0	0	972	972	0	972
Exercise of stock options	$ 2	801	0	0	803	0	803
Stock options exercised	17,735
Shares granted to Employees	$ 0	50	0	0	50	0	50
Shares granted to Employee	928
Restricted stock award	$ 2	(2)	0	0	0	0	0
Restricted shares awarded	25,284
Shares granted to Directors	$ 1	599	0	0	600	0	600
Director shares granted	10,380
Ending balance, value at Sep. 30, 2023	$ 948	67,168	343,002	(328)	410,790	34,204	$ 444,994
Common shares outstanding at Sep. 30, 2023	9,477,104						9,477,104
Beginning balance, value at Jun. 30, 2023	$ 950	67,028	342,610	(712)	409,876	35,116	$ 444,992
Common shares outstanding at Jun. 30, 2023	9,495,673
Stock option grant compensation	$ 0	16	0	0	16	0	16
Restricted stock compensation	0	255	0	0	255	0	255
Shares purchased and cancelled	$ (2)	(131)	(867)	0	(1,000)	0	(1,000)
Stock Repurchased During Period, Shares	(18,569)
Net income	$ 0	0	1,259	0	1,259	(160)	1,099
Distributions to partners	0	0	0	0	0	(752)	(752)
Minimum pension liability, net	0	0	0	(8)	(8)	0	(8)
Unrealized loss on investment, net	0	0	0	392	392	0	392
Ending balance, value at Sep. 30, 2023	$ 948	$ 67,168	$ 343,002	$ (328)	$ 410,790	$ 34,204	$ 444,994
Common shares outstanding at Sep. 30, 2023	9,477,104						9,477,104

v3.23.3

Description of Business and Basis of Presentation	3 Months Ended
	Sep. 30, 2023
Accounting Policies [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 investment and development of real estate , namely (i) leasing and management of industrial and 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) management of mixed use residential/retail properties owned through our joint ventures.   The accompanying consolidated financial statements include the accounts of FRP Holdings, Inc. (the “Company” or “FRP”) inclusive of our operating real estate subsidiaries, FRP Development Corp. (“Development”), Florida Rock Properties, Inc. (“Properties”), Riverfront Investment Partners I, LLC, and Riverfront Investment Partners II, LLC. Our investments accounted for under the equity method of accounting are detailed in Note 11. Our ownership of Riverfront Investment Partners I, LLC and Riverfront Investment Partners II, LLC includes a non-controlling interest representing the ownership of our partner.   These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. 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, 2022.

v3.23.3

Recently Issued Accounting Standards	3 Months Ended
	Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Standards	(2) Recently Issued Accounting Standards.   In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016 - 13, "Financial Instruments - Credit Losses," which introduced new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. This standard was effective for the Company as of January 1, 2023. There was no impact on our financial statements at adoption.

v3.23.3

Business Segments	3 Months Ended
	Sep. 30, 2023
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 in-service commercial properties wholly owned by the Company. Currently this includes nine warehouses in two business parks, an office building partially occupied by the Company, and two ground leases.   Our Mining Royalty Lands segment owns several properties totaling approximately 16,650 acres currently under lease for mining rents or royalties (this does not include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials). Other than one location in Virginia, all of these properties are located in Florida and Georgia.   Through our Development segment, we own and are continuously assessing the highest and best use of several parcels of land that are in various stages of development. Our overall strategy in this segment is to convert all of our non-income producing lands into income production through (i) an orderly process of constructing new buildings for us to own and operate or (ii) a sale to, or joint venture with, third parties. Additionally, our Development segment will form joint ventures on new developments of land not previously owned by the Company.   The Stabilized Joint Venture segment includes joint ventures which own, lease and manage buildings that have met our initial lease-up criteria. Two of our joint ventures in the segment, Riverfront Investment Partners I, LLC (“Dock 79”) and Riverfront Investment Partners II, LLC (“The Maren”) are consolidated. The ownership of Dock 79 and The Maren attributable to our partners are reflected on our consolidated balance sheet as a noncontrolling interest. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity but separately from shareholders' equity. On the Consolidated Statements of Income, all of the revenues and expenses from Dock 79 and The Maren are reported in net income, including both the amounts attributable to the Company and the noncontrolling interest. The amounts of consolidated net income attributable to the noncontrolling interest is clearly identified on the accompanying Consolidated Statements of Income.   Operating results and certain other financial data for the Company’s business segments are as follows (in thousands):                                             Three Months ended   Nine months ended       September 30,   September 30,       2023   2022   2023   2022   Revenues:                                 Revenues  Asset management   $ 1,442       935       3,932       2,686   Revenues  Mining royalty lands     3,082       2,471       9,628       7,779   Revenues  Development     434       412       1,387       1,203   Revenues  Stabilized Joint Venture     5,633       5,476       16,454       15,961   Revenues       10,591       9,294       31,401       27,629                                         Operating profit (loss):                                    Before corporate expenses:                                 Operating profit before corporate expenses    Asset management   $ 697       392       1,855       1,103   Operating profit before corporate expenses    Mining royalty lands     2,608       2,083       8,391       6,764   Operating profit before corporate expenses    Development     (444 )     (865 )     (1,377 )     (2,164 ) Operating profit before corporate expenses    Stabilized Joint Venture     924       973       2,860       2,452   Operating profit before corporate expenses     Operating profit before corporate expenses     3,785       2,583       11,729       8,155      Corporate expenses:                                 Corporate expenses   Allocated to asset management     (177 )     (127 )     (630 )     (496 ) Corporate expenses   Allocated to mining royalty lands     (99 )     (83 )     (360 )     (325 ) Corporate expenses   Allocated to development     (529 )     (457 )     (1,918 )     (1,794 ) Corporate expenses   Allocated to stabilized joint venture     (84 )     (67 )     (304 )     (261 ) Corporate expenses     Total corporate expenses     (889 )     (734 )     (3,212 )     (2,876 ) Operating profit     $ 2,896       1,849       8,517       5,279                                       Interest expense Interest expense   $ 1,116       738       3,251       2,215                                         Depreciation, depletion and amortization:                                 Depreciation, depletion and amortization  Asset management   $ 369       219       1,006       683   Depreciation, depletion and amortization  Mining royalty lands     138       172       472       416   Depreciation, depletion and amortization  Development     44       47       140       139   Depreciation, depletion and amortization  Stabilized Joint Venture     2,265       2,306       6,797       7,272   Depreciation, depletion and amortization     $ 2,816       2,744       8,415       8,510     Capital expenditures:                                 Capital expenditures  Asset management   $ 12       202       557       797   Capital expenditures  Mining royalty lands     —         1       —         11,218   Capital expenditures  Development     2,179       8,548       3,640       13,927   Capital expenditures  Stabilized Joint Venture     258       (25 )     437       195   Capital expenditures     $ 2,449       8,726       4,634       26,137       Identifiable net assets         September 30,       December 31,       Identifiable net assets   2023       2022                         Assets  Asset management $ 39,155       26,053     Assets Mining royalty lands   48,126       48,494     Assets Development   194,297       188,834     Assets Stabilized Joint Venture   251,677       257,535     Cash Cash items   166,674       178,294     Assets Unallocated corporate assets   1,228       1,874     Assets   $ 701,157       701,084

v3.23.3

Related Party Transactions	3 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	(4) Related Party Transactions.   The Company is a party to an Administrative Services Agreement which resulted from our January 30, 2015 spin-off of Patriot Transportation Holding, Inc. (Patriot). The Administrative Services Agreement 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, 2023.   The consolidated statements of income reflect charges and/or allocation from Patriot for these services of $236,000 and $223,000 for the three months ended September 30, 2023 and 2022 and $687,000 and $670,000 for the nine months ended September 30, 2023 and 2022, respectively. These charges are reflected as part of corporate expenses.   To determine these allocations between FRP and Patriot as set forth in the Administrative Services Agreement, we employ an allocation method to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations, but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis.

v3.23.3

Long-Term Debt	3 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	(5) Long-Term Debt.   The Company’s Outstanding debt, net of unamortized debt issuance costs, consisted of the following (in thousands):       September 30,   December 31,     2023   2022 Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033   $ 180,070       180,070   Unamortized debt issuance costs     (1,402 )     (1,513 ) Credit agreement     —         —      Long term debt   $ 178,668       178,557     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 through June 30, 2023 was a maximum of 1.50% over Daily 1-Month LIBOR, which may be reduced quarterly to 1.25% or 1.0% over Daily 1-Month LIBOR if the Company met a specified ratio of consolidated debt to consolidated total capital, as defined which excludes FRP Riverfront. Starting July 1, 2023 the interest rate was .75% to 1.5% over the Federal Funds rate depending on the same ratio. 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 September 30, 2023, there was no debt outstanding on this revolver, $823,000 outstanding under letters of credit and $19,177,000 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 6.1% on September 30, 2023. The credit agreement contains certain conditions and financial covenants, including a minimum tangible net worth and dividend restriction. As of September 30, 2023, these covenants would have limited our ability to pay dividends to a maximum of $249 million combined.   On March 19, 2021, the Company refinanced Dock 79 and The Maren pursuant to separate Loan Agreements and Deed of Trust Notes entered into with Teachers Insurance and Annuity Association of America, LLC. Dock 79 and The Maren borrowed principal sums of $92,070,000 and $88,000,000 respectively, in connection with the refinancing. The loans are separately secured by the Dock 79 and The Maren real property and improvements, bear a fixed interest rate of 3.03% per annum, and require monthly payments of interest only with the principal in full due April 1, 2033. Either loan may be prepaid subsequent to April 1, 2024, subject to yield maintenance premiums. Either loan may be transferred to a qualified buyer as part of a one-time sale subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee.   Debt cost amortization of $37,000 was recorded during the three months ended September 30, 2023 and 2022 and $111,000 was recorded during the nine months ended September 30, 2023 and 2022. During the three months ended September 30, 2023 and 2022 the Company capitalized interest costs of $297,000 and $673,000, respectively. During the nine months ended September 30, 2023 and September 30, 2022 the Company capitalized interest costs of $986,000 and $2,019,000, respectively.   The Company was in compliance with all debt covenants as of September 30, 2023.

v3.23.3

Earnings per Share	3 Months Ended
	Sep. 30, 2023
Earnings per common share:
Earnings per Share	(6) Earnings per Share.   The following details the computations of the Basic and diluted earnings per common share (in thousands, except per share amounts):                                     Three Months ended   Nine months ended   September 30,   September 30,   2023   2022   2023   2022 Weighted average common shares outstanding during the period – shares used for basic   earnings per common share   9,423       9,397       9,423       9,382                                   Common shares issuable under share based payment plans which are potentially dilutive   37       36       40       41                                   Common shares used for diluted earnings per common share   9,460       9,433       9,463       9,423                                   Net income attributable to the Company $ 1,259       480       2,422       1,809                                   Earnings per common share:                                -basic $ 0.13       0.05       0.26       0.19    -diluted $ 0.13       0.05       0.26       0.19         For the three and nine months ended September 30, 2023, the Company did not have any outstanding anti-dilutive stock options. For the three and nine months ended September 30, 2022, the Company did not have any outstanding anti-dilutive stock options.   During the first nine months of 2023 the Company repurchased 36,909 shares at an average cost of $54.19.

v3.23.3

Stock-Based Compensation Plans	3 Months Ended
	Sep. 30, 2023
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 31.5% and 41.2%, risk-free interest rate of 2.0% to 2.9% and expected life of 5.0 to 7.0 years.   The dividend yield of zero is based on the fact that the Company does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility is estimated based on the Company’s historical experience over a period equivalent to the expected life in years. The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the expected life of the options granted. The expected life calculation is based on the observed and expected time to exercise options by the employees.   In January 2023, 7,980 shares of restricted stock were granted to employees that will vest over the next four years. In January 2023, 15,032 shares of restricted stock were granted to employees as part of a long-term incentive plan that will vest over the next five years. In March 2023, 2,272 shares of restricted stock were granted to employees under the terms of the 2021 long-term incentive plan. In January 2022, 7,448 shares of restricted stock were granted to employees that will vest over the next four years. In January 2022, 14,016 shares of restricted stock were granted to employees as part of a long-term incentive plan that will vest over the next five years. In March 2023 and March 2022, 928 and 865 shares of stock, respectively, were granted to employees. The number of common shares available for future issuance was 343,677 at September 30, 2023.   The Company recorded the following Stock compensation expense in its consolidated statements of income (in thousands):                                         Three Months ended   Nine months ended       September 30,   September 30,       2023   2022   2023   2022   Stock option grants   $ 16       18       49       52   Restricted stock awards     255       258       773       550   Employee stock grant     —         —         50       50   Annual director stock award     —         —         600       650   Stock compensation   $ 271       276       1,472       1,302       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, 2023     88,295     $ 40.33     4.4   $ 1,271     Exercised     (17,735 )   $ 45.27         $ (190 ) Outstanding at September 30, 2023     70,560     $ 39.09     3.3   $ 1,081                                 Exercisable at September 30, 2023     66,570     $ 38.68     3.2   $ 1,015                                 Vested during nine months ended September 30, 2023     —                   $ —         The aggregate intrinsic value of exercisable in-the-money options was $1,018,000 and the aggregate intrinsic value of outstanding in-the-money options was $1,050,000 based on the market closing price of $53.97 on September 29, 2023 less exercise prices.   The unrecognized compensation cost of options granted to FRP employees but not yet vested as of September 30, 2023 was $11,000, which is expected to be recognized over a weighted-average period of two months.   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   Grant Date   Remaining   Grant Date Restricted stock   Shares   Fair Value   Term (yrs)   Fair Value(000's)                   Non-vested at January 1, 2023     50,496     $ 50.42     3.0   $ 2,546       Time-based awards granted     7,980       53.86           430       Performance-based awards granted     17,304       53.92           933       Vested     (6,211 )     46.49           (289 ) Non-vested at September 30, 2023     69,569     $ 52.03     2.8   $ 3,620                                   Total unrecognized compensation cost of restricted stock granted but not yet vested as of September 30, 2023 was $2,725,000 which is expected to be recognized over a weighted-average period of 3.1 years.

v3.23.3

Contingent Liabilities	3 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	(8) Contingent Liabilities.   The Company may be involved in litigation on a number of matters and is subject to certain claims which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. In the opinion of management, none of these matters are expected to have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows.   The Company is subject to numerous environmental laws and regulations. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that previous environmental studies with respect to its properties have revealed all potential environmental contaminants; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the properties will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company.   As of September 30, 2023, there was $823,000 outstanding under letters of credit. The letters of credit were issued to guarantee certain obligations to state agencies related to real estate development.   The Company and MidAtlantic Realty Partners (MRP) guaranteed $26 million of the construction loan on the Bryant Street Partnerships 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.

v3.23.3

Concentrations	3 Months Ended
	Sep. 30, 2023
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 24.6% of the Company’s consolidated revenues during the nine months ended September 30, 2023, and $502,000 of accounts receivable at September 30, 2023. 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.

v3.23.3

Fair Value Measurements	3 Months Ended
	Sep. 30, 2023
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 September 30, 2023, the Company was invested in U.S. Treasury notes valued at $148,768,000 maturing in 2023 through early 2024. The unrealized loss on these investments of $571,000 was recorded as part of comprehensive income and based on the estimated market value by Wells Fargo Bank, N.A. (Level 1).   At September 30, 2023 and December 31, 2022, the carrying amount reported in the consolidated balance sheets for cash and cash equivalents including U.S. Treasury notes was adjusted to fair value as described above.   The fair values of the Company’s other mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities. At September 30, 2023, the carrying amount and fair value of such other long-term debt was $180,070,000 and $136,928,000, respectively. At September 30, 2022, the carrying amount and fair value of such other long-term debt was $180,070,000 and $142,753,000, respectively.

v3.23.3

Investments in Joint Ventures	3 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Joint Ventures	(11) Investments in Joint Ventures.   The Company has investments in joint ventures, primarily with other real estate developers. Joint ventures where FRP is not the primary beneficiary are reflected in the line “Investment in joint ventures” on the balance sheet and “Equity in loss of joint ventures” on the income statement. The assets of these joint ventures are restricted to use by the joint ventures and their obligations can only be settled by their assets or additional contributions by the partners.   The following table summarizes the Company’s Investments in unconsolidated joint ventures (in thousands):                               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 September 30, 2023                               Brooksville Quarry, LLC   50.00 %  $ 7,486     14,372     (62 )   (31 ) BC FRP Realty, LLC   50.00 %   5,077     22,164     (556 )   (278 ) Buzzard Point Sponsor, LLC   50.00 %   2,292     4,584     —      —    Bryant Street Partnerships   61.36 %   61,140     195,915     (7,876 )   (4,931 ) Lending ventures         25,084     14,428     —      —    Estero Partnership   16.00 %   3,600     38,703     —      —    Verge Partnership   61.37 %   37,535     130,978     (7,161 )   (4,395 ) Greenville Partnerships   40.00 %   11,811     98,617     (2,376 )   (950 )    Total        $ 154,025     519,761       (18,031 )     (10,585 )                                 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 December 31, 2022                               Brooksville Quarry, LLC   50.00 %  $ 7,522     14,374     (84 )   (42 ) BC FRP Realty, LLC   50.00 %   5,453     21,825     (358 )   (175 ) Buzzard Point Sponsor, LLC   50.00 %   1,453     2,906     —      —    Bryant Street Partnerships   61.36 %   55,561     199,774     (10,339 )   (6,829 ) Lending ventures         16,476     5,577     —      —    DST Hickory Creek   26.65 %   —      —      10,960     3,164   Estero Partnership   16.00 %   3,600     38,505     —      —    Verge Partnership   61.37 %   38,471     131,128     (1,841 )   (1,129 ) Greenville Partnerships   40.00 %   11,989     96,551     (1,775 )   (710 )    Total        $ 140,525     510,640       (3,437 )     (5,721 )     The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of September 30, 2023 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed-use as of September 30, 2023                                                     As of September 30, 2023   Total   Buzzard Point   Bryant Street   Estero   Verge   Greenville   Apartment/   Sponsor, LLC   Partnership   Partnership   Partnership   Partnership   Mixed-Use                         Investments in real estate, net $  0       187,693       34,416       129,145       96,834      $ 448,088   Cash and cash equivalents   0       1,661       4,287       1,170       1,595       8,713   Unrealized rents & receivables   0       6,141       0       309       83       6,533   Deferred costs   4,584       420       0       354       105       5,463      Total Assets $  4,584       195,915       38,703       130,978       98,617     $ 468,797                                                     Secured notes payable $  0       116,922       16,000       72,402       67,414     $ 272,738   Other liabilities   0       2,786       174       1,102       2,243       6,305   Capital - FRP   2,292       59,132       3,605       35,261       10,858       111,148   Capital – Third Parties   2,292       17,075       18,924       22,213       18,102       78,606      Total Liabilities and Capital $  4,584       195,915       38,703       130,978       98,617     $ 468,797       Investments in Joint Ventures as of September 30, 2023                                   As of September 30, 2023   Total     Brooksville   BC FRP   Lending   Apartment/   Grand     Quarry, LLC   Realty, LLC   Ventures   Mixed-Use   Total                   Investments in real estate, net $ 14,343     21,260     14,428     448,088   $ 498,119   Cash and cash equivalents   27     74     0     8,713     8,814   Unrealized rents & receivables   0     457     0     6,533     6,990   Deferred costs   2     373     0     5,463     5,838      Total Assets $ 14,372     22,164     14,428     468,797   $ 519,761                                   Secured notes payable $ 0     11,856     (10,656 )   272,738   $ 273,938   Other liabilities   64     266     0     6,305     6,635   Capital – FRP   7,487     5,021     25,084     111,148     148,740   Capital - Third Parties   6,821     5,021     0     78,606     90,448      Total Liabilities and Capital $ 14,372     22,164     14,428     468,797   $ 519,761                                     The Company’s capital recorded by the unconsolidated Joint Ventures is $5,285,000 less than the Investment in Joint Ventures reported in the Company’s consolidated balance sheet due primarily to capitalized interest.   The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of December 31, 2022 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed-use as of December 31, 2022                                                     As of December 31, 2022   Total   Buzzard Point   Bryant Street   Estero   Verge   Greenville   Apartment/   Sponsor, LLC   Partnership   Partnership   Partnership   Partnership   Mixed-Use                         Investments in real estate, net $  0       192,904       33,008       130,616       95,883      $ 452,411   Cash and cash equivalents   0       1,349       5,497       359       567       7,772   Unrealized rents & receivables   0       5,128       0       14       13       5,155   Deferred costs   2,906       393       0       139       88       3,526      Total Assets $  2,906       199,774       38,505       131,128       96,551     $ 468,864                                                     Secured notes payable $  0       129,263       16,000       66,584       64,954     $ 276,801   Other liabilities   0       2,338       5       5,328       3,014       10,685   Capital - FRP   1,453       53,553       3,600       36,348       11,087       106,041   Capital – Third Parties   1,453       14,620       18,900       22,868       17,496       75,337      Total Liabilities and Capital $  2,906       199,774       38,505       131,128       96,551     $ 468,864     Investments in Joint Ventures as of December 31, 2022                                   As of December 31, 2022   Total     Brooksville   BC FRP   Lending   Apartment/   Grand     Quarry, LLC   Realty, LLC   Ventures   Mixed-Use   Total                   Investments in real estate, net $ 14,307     21,059     5,547     452,411   $ 493,324   Cash and cash equivalents   66     99     0     7,772     7,937   Unrealized rents & receivables   0     422     0     5,155     5,577   Deferred costs   1     245     30     3,526     3,802      Total Assets $ 14,374     21,825     5,577     468,864   $ 510,640                                   Secured notes payable $ 0     10,899     (10,899 )   276,801   $ 276,801   Other liabilities   0     338     0     10,685     11,023   Capital – FRP   7,522     5,294     16,476     106,041     135,333   Capital - Third Parties   6,852     5,294     0     75,337     87,483      Total Liabilities and Capital $ 14,374     21,825     5,577     468,864   $ 510,640                                       The amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $(20,837,000) and $(13,115,000) as of September 30, 2023 and December 31, 2022, respectively.   The income statements of the Bryant Street Partnerships are as follows (in thousands):       Bryant Street   Bryant Street   Bryant Street   Bryant Street       Partnerships   Partnerships   Partnerships   Partnerships       Total JV   Total JV   Company Share   Company Share       Nine months ended   Nine months ended   Nine months ended   Nine months ended       September 30,   September 30,   September 30,   September 30,       2023   2022   2023   2022   Revenues:                                     Rental Revenue   $ 9,322     $ 6,718     $ 5,720     $ 4,123       Revenue – other     1,784       1,306       1,095       801   Total Revenues     11,106       8,024       6,815       4,924                                     Cost of operations:                                      Depreciation and amortization     5,202       4,995       3,192       3,065        Operating expenses     4,384       3,846       2,690       2,360        Property taxes     789       878       484       539   Total cost of operations     10,375       9,719       6,366       5,964                                     Total operating profit/(loss)     731       (1,695 )     449       (1,040 ) Interest expense     (8,607 )     (5,437 )     (5,380 )      (3,703 )                                    Net loss before tax   $  (7,876 )   $ (7,132 )   $ (4,931 )   $ (4,743 )                                         The income statements of the Greenville Partnerships are as follows (in thousands):       Greenville   Greenville   Greenville   Greenville       Partnerships   Partnerships   Partnerships   Partnerships       Total JV   Total JV   Company Share   Company Share       Nine months ended   Nine months ended   Nine months ended   Nine months ended       September 30,   September 30,   September 30,   September 30,       2023   2022   2023   2022   Revenues:                                     Rental Revenue   $ 4,875     $ 2,234     $ 1,950     $ 894       Revenue – other     405       125       162       50   Total Revenues     5,280       2,359       2,112       944                                     Cost of operations:                                      Depreciation and amortization     2,118       1,162       847       465        Operating expenses     1,784       906       714       363        Property taxes     882       476       353       190   Total cost of operations     4,784       2,544       1,914       1,018                                     Total operating profit/(loss)     496       (185 )     198       (74 ) Interest expense     (2,872 )     (697 )     (1,148 )      (279 )                                   Net loss before tax   $  (2,376 )   $ (882 )   $ (950 )   $ (353 )                                         The income statements of the Verge Partnership are as follows (in thousands):       Verge   Verge     Partnership   Partnership     Total JV   Company Share     Nine months ended   Nine months ended     September 30,   September 30,     2023   2023 Revenues:                     Rental Revenue   $ 2,042     $ 1,254       Revenue – other     320       196   Total Revenues     2,362       1,450                     Cost of operations:                      Depreciation and amortization     2,958       1,815        Operating expenses     2,057       1,263        Property taxes     741       455   Total cost of operations     5,756       3,533                     Total operating profit     (3,394 )     (2,083 ) Interest expense     (3,767 )     (2,312 )                   Net profit before tax   $  (7,161 )   $ (4,395 )

v3.23.3

Business Segments (Tables)	3 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
business segments	Operating results and certain other financial data for the Company’s business segments are as follows (in thousands):                                             Three Months ended   Nine months ended       September 30,   September 30,       2023   2022   2023   2022   Revenues:                                 Revenues  Asset management   $ 1,442       935       3,932       2,686   Revenues  Mining royalty lands     3,082       2,471       9,628       7,779   Revenues  Development     434       412       1,387       1,203   Revenues  Stabilized Joint Venture     5,633       5,476       16,454       15,961   Revenues       10,591       9,294       31,401       27,629                                         Operating profit (loss):                                    Before corporate expenses:                                 Operating profit before corporate expenses    Asset management   $ 697       392       1,855       1,103   Operating profit before corporate expenses    Mining royalty lands     2,608       2,083       8,391       6,764   Operating profit before corporate expenses    Development     (444 )     (865 )     (1,377 )     (2,164 ) Operating profit before corporate expenses    Stabilized Joint Venture     924       973       2,860       2,452   Operating profit before corporate expenses     Operating profit before corporate expenses     3,785       2,583       11,729       8,155      Corporate expenses:                                 Corporate expenses   Allocated to asset management     (177 )     (127 )     (630 )     (496 ) Corporate expenses   Allocated to mining royalty lands     (99 )     (83 )     (360 )     (325 ) Corporate expenses   Allocated to development     (529 )     (457 )     (1,918 )     (1,794 ) Corporate expenses   Allocated to stabilized joint venture     (84 )     (67 )     (304 )     (261 ) Corporate expenses     Total corporate expenses     (889 )     (734 )     (3,212 )     (2,876 ) Operating profit     $ 2,896       1,849       8,517       5,279                                       Interest expense Interest expense   $ 1,116       738       3,251       2,215                                         Depreciation, depletion and amortization:                                 Depreciation, depletion and amortization  Asset management   $ 369       219       1,006       683   Depreciation, depletion and amortization  Mining royalty lands     138       172       472       416   Depreciation, depletion and amortization  Development     44       47       140       139   Depreciation, depletion and amortization  Stabilized Joint Venture     2,265       2,306       6,797       7,272   Depreciation, depletion and amortization     $ 2,816       2,744       8,415       8,510     Capital expenditures:                                 Capital expenditures  Asset management   $ 12       202       557       797   Capital expenditures  Mining royalty lands     —         1       —         11,218   Capital expenditures  Development     2,179       8,548       3,640       13,927   Capital expenditures  Stabilized Joint Venture     258       (25 )     437       195   Capital expenditures     $ 2,449       8,726       4,634       26,137
Identifiable net assets	Identifiable net assets         September 30,       December 31,       Identifiable net assets   2023       2022                         Assets  Asset management $ 39,155       26,053     Assets Mining royalty lands   48,126       48,494     Assets Development   194,297       188,834     Assets Stabilized Joint Venture   251,677       257,535     Cash Cash items   166,674       178,294     Assets Unallocated corporate assets   1,228       1,874     Assets   $ 701,157       701,084

v3.23.3

Long-Term Debt (Tables)	3 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Outstanding debt	The Company’s Outstanding debt, net of unamortized debt issuance costs, consisted of the following (in thousands):       September 30,   December 31,     2023   2022 Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033   $ 180,070       180,070   Unamortized debt issuance costs     (1,402 )     (1,513 ) Credit agreement     —         —      Long term debt   $ 178,668       178,557

v3.23.3

Earnings per Share (Tables)	3 Months Ended
	Sep. 30, 2023
Earnings per common share:
Basic and diluted earnings per common share	The following details the computations of the Basic and diluted earnings per common share (in thousands, except per share amounts):                                     Three Months ended   Nine months ended   September 30,   September 30,   2023   2022   2023   2022 Weighted average common shares outstanding during the period – shares used for basic   earnings per common share   9,423       9,397       9,423       9,382                                   Common shares issuable under share based payment plans which are potentially dilutive   37       36       40       41                                   Common shares used for diluted earnings per common share   9,460       9,433       9,463       9,423                                   Net income attributable to the Company $ 1,259       480       2,422       1,809                                   Earnings per common share:                                -basic $ 0.13       0.05       0.26       0.19    -diluted $ 0.13       0.05       0.26       0.19

v3.23.3

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	The Company recorded the following Stock compensation expense in its consolidated statements of income (in thousands):                                         Three Months ended   Nine months ended       September 30,   September 30,       2023   2022   2023   2022   Stock option grants   $ 16       18       49       52   Restricted stock awards     255       258       773       550   Employee stock grant     —         —         50       50   Annual director stock award     —         —         600       650   Stock compensation   $ 271       276       1,472       1,302
Summary of changes in outstanding options	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, 2023     88,295     $ 40.33     4.4   $ 1,271     Exercised     (17,735 )   $ 45.27         $ (190 ) Outstanding at September 30, 2023     70,560     $ 39.09     3.3   $ 1,081                                 Exercisable at September 30, 2023     66,570     $ 38.68     3.2   $ 1,015                                 Vested during nine months ended September 30, 2023     —                   $ —
Summary of changes in restricted stock awards	A Summary of changes in restricted stock awards is presented below (in thousands, except share and per share amounts):         Weighted   Weighted   Weighted     Number   Average   Average   Average     Of   Grant Date   Remaining   Grant Date Restricted stock   Shares   Fair Value   Term (yrs)   Fair Value(000's)                   Non-vested at January 1, 2023     50,496     $ 50.42     3.0   $ 2,546       Time-based awards granted     7,980       53.86           430       Performance-based awards granted     17,304       53.92           933       Vested     (6,211 )     46.49           (289 ) Non-vested at September 30, 2023     69,569     $ 52.03     2.8   $ 3,620

v3.23.3

Investments in Joint Ventures (Tables)	3 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in unconsolidated joint ventures	The following table summarizes the Company’s Investments in unconsolidated 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 September 30, 2023                               Brooksville Quarry, LLC   50.00 %  $ 7,486     14,372     (62 )   (31 ) BC FRP Realty, LLC   50.00 %   5,077     22,164     (556 )   (278 ) Buzzard Point Sponsor, LLC   50.00 %   2,292     4,584     —      —    Bryant Street Partnerships   61.36 %   61,140     195,915     (7,876 )   (4,931 ) Lending ventures         25,084     14,428     —      —    Estero Partnership   16.00 %   3,600     38,703     —      —    Verge Partnership   61.37 %   37,535     130,978     (7,161 )   (4,395 ) Greenville Partnerships   40.00 %   11,811     98,617     (2,376 )   (950 )    Total        $ 154,025     519,761       (18,031 )     (10,585 )                                 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 December 31, 2022                               Brooksville Quarry, LLC   50.00 %  $ 7,522     14,374     (84 )   (42 ) BC FRP Realty, LLC   50.00 %   5,453     21,825     (358 )   (175 ) Buzzard Point Sponsor, LLC   50.00 %   1,453     2,906     —      —    Bryant Street Partnerships   61.36 %   55,561     199,774     (10,339 )   (6,829 ) Lending ventures         16,476     5,577     —      —    DST Hickory Creek   26.65 %   —      —      10,960     3,164   Estero Partnership   16.00 %   3,600     38,505     —      —    Verge Partnership   61.37 %   38,471     131,128     (1,841 )   (1,129 ) Greenville Partnerships   40.00 %   11,989     96,551     (1,775 )   (710 )    Total        $ 140,525     510,640       (3,437 )     (5,721 )
Investments in Apartment/Mixed-use as of September 30, 2023	The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of September 30, 2023 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed-use as of September 30, 2023                                                     As of September 30, 2023   Total   Buzzard Point   Bryant Street   Estero   Verge   Greenville   Apartment/   Sponsor, LLC   Partnership   Partnership   Partnership   Partnership   Mixed-Use                         Investments in real estate, net $  0       187,693       34,416       129,145       96,834      $ 448,088   Cash and cash equivalents   0       1,661       4,287       1,170       1,595       8,713   Unrealized rents & receivables   0       6,141       0       309       83       6,533   Deferred costs   4,584       420       0       354       105       5,463      Total Assets $  4,584       195,915       38,703       130,978       98,617     $ 468,797                                                     Secured notes payable $  0       116,922       16,000       72,402       67,414     $ 272,738   Other liabilities   0       2,786       174       1,102       2,243       6,305   Capital - FRP   2,292       59,132       3,605       35,261       10,858       111,148   Capital – Third Parties   2,292       17,075       18,924       22,213       18,102       78,606      Total Liabilities and Capital $  4,584       195,915       38,703       130,978       98,617     $ 468,797
Investments in Joint Ventures as of September 30, 2023	Investments in Joint Ventures as of September 30, 2023                                   As of September 30, 2023   Total     Brooksville   BC FRP   Lending   Apartment/   Grand     Quarry, LLC   Realty, LLC   Ventures   Mixed-Use   Total                   Investments in real estate, net $ 14,343     21,260     14,428     448,088   $ 498,119   Cash and cash equivalents   27     74     0     8,713     8,814   Unrealized rents & receivables   0     457     0     6,533     6,990   Deferred costs   2     373     0     5,463     5,838      Total Assets $ 14,372     22,164     14,428     468,797   $ 519,761                                   Secured notes payable $ 0     11,856     (10,656 )   272,738   $ 273,938   Other liabilities   64     266     0     6,305     6,635   Capital – FRP   7,487     5,021     25,084     111,148     148,740   Capital - Third Parties   6,821     5,021     0     78,606     90,448      Total Liabilities and Capital $ 14,372     22,164     14,428     468,797   $ 519,761
Investments in Apartment/Mixed-use as of December 31, 2022	The major classes of assets, liabilities and equity of the Company’s Investments in Joint Ventures as of December 31, 2022 are summarized in the following two tables (in thousands): Investments in Apartment/Mixed-use as of December 31, 2022                                                     As of December 31, 2022   Total   Buzzard Point   Bryant Street   Estero   Verge   Greenville   Apartment/   Sponsor, LLC   Partnership   Partnership   Partnership   Partnership   Mixed-Use                         Investments in real estate, net $  0       192,904       33,008       130,616       95,883      $ 452,411   Cash and cash equivalents   0       1,349       5,497       359       567       7,772   Unrealized rents & receivables   0       5,128       0       14       13       5,155   Deferred costs   2,906       393       0       139       88       3,526      Total Assets $  2,906       199,774       38,505       131,128       96,551     $ 468,864                                                     Secured notes payable $  0       129,263       16,000       66,584       64,954     $ 276,801   Other liabilities   0       2,338       5       5,328       3,014       10,685   Capital - FRP   1,453       53,553       3,600       36,348       11,087       106,041   Capital – Third Parties   1,453       14,620       18,900       22,868       17,496       75,337      Total Liabilities and Capital $  2,906       199,774       38,505       131,128       96,551     $ 468,864
Investments in Joint Ventures as of December 31, 2022	Investments in Joint Ventures as of December 31, 2022                                   As of December 31, 2022   Total     Brooksville   BC FRP   Lending   Apartment/   Grand     Quarry, LLC   Realty, LLC   Ventures   Mixed-Use   Total                   Investments in real estate, net $ 14,307     21,059     5,547     452,411   $ 493,324   Cash and cash equivalents   66     99     0     7,772     7,937   Unrealized rents & receivables   0     422     0     5,155     5,577   Deferred costs   1     245     30     3,526     3,802      Total Assets $ 14,374     21,825     5,577     468,864   $ 510,640                                   Secured notes payable $ 0     10,899     (10,899 )   276,801   $ 276,801   Other liabilities   0     338     0     10,685     11,023   Capital – FRP   7,522     5,294     16,476     106,041     135,333   Capital - Third Parties   6,852     5,294     0     75,337     87,483      Total Liabilities and Capital $ 14,374     21,825     5,577     468,864   $ 510,640
Bryant Street Partnerships	The income statements of the Bryant Street Partnerships are as follows (in thousands):       Bryant Street   Bryant Street   Bryant Street   Bryant Street       Partnerships   Partnerships   Partnerships   Partnerships       Total JV   Total JV   Company Share   Company Share       Nine months ended   Nine months ended   Nine months ended   Nine months ended       September 30,   September 30,   September 30,   September 30,       2023   2022   2023   2022   Revenues:                                     Rental Revenue   $ 9,322     $ 6,718     $ 5,720     $ 4,123       Revenue – other     1,784       1,306       1,095       801   Total Revenues     11,106       8,024       6,815       4,924                                     Cost of operations:                                      Depreciation and amortization     5,202       4,995       3,192       3,065        Operating expenses     4,384       3,846       2,690       2,360        Property taxes     789       878       484       539   Total cost of operations     10,375       9,719       6,366       5,964                                     Total operating profit/(loss)     731       (1,695 )     449       (1,040 ) Interest expense     (8,607 )     (5,437 )     (5,380 )      (3,703 )                                    Net loss before tax   $  (7,876 )   $ (7,132 )   $ (4,931 )   $ (4,743 )
Greenville Partnerships	The income statements of the Greenville Partnerships are as follows (in thousands):       Greenville   Greenville   Greenville   Greenville       Partnerships   Partnerships   Partnerships   Partnerships       Total JV   Total JV   Company Share   Company Share       Nine months ended   Nine months ended   Nine months ended   Nine months ended       September 30,   September 30,   September 30,   September 30,       2023   2022   2023   2022   Revenues:                                     Rental Revenue   $ 4,875     $ 2,234     $ 1,950     $ 894       Revenue – other     405       125       162       50   Total Revenues     5,280       2,359       2,112       944                                     Cost of operations:                                      Depreciation and amortization     2,118       1,162       847       465        Operating expenses     1,784       906       714       363        Property taxes     882       476       353       190   Total cost of operations     4,784       2,544       1,914       1,018                                     Total operating profit/(loss)     496       (185 )     198       (74 ) Interest expense     (2,872 )     (697 )     (1,148 )      (279 )                                   Net loss before tax   $  (2,376 )   $ (882 )   $ (950 )   $ (353 )
Verge Partnership	The income statements of the Verge Partnership are as follows (in thousands):       Verge   Verge     Partnership   Partnership     Total JV   Company Share     Nine months ended   Nine months ended     September 30,   September 30,     2023   2023 Revenues:                     Rental Revenue   $ 2,042     $ 1,254       Revenue – other     320       196   Total Revenues     2,362       1,450                     Cost of operations:                      Depreciation and amortization     2,958       1,815        Operating expenses     2,057       1,263        Property taxes     741       455   Total cost of operations     5,756       3,533                     Total operating profit     (3,394 )     (2,083 ) Interest expense     (3,767 )     (2,312 )                   Net profit before tax   $  (7,161 )   $ (4,395 )

v3.23.3

business segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 10,591	$ 9,294	$ 31,401	$ 27,629
Operating profit before corporate expenses	3,785	2,583	11,729	8,155
Corporate expenses	(889)	(734)	(3,212)	(2,876)
Operating profit	2,896	1,849	8,517	5,279
Interest expense	1,116	738	3,251	2,215
Depreciation, depletion and amortization			8,557	8,696
Capital expenditures	2,449	8,726	4,634	26,137
Asset Management [Member]
Segment Reporting Information [Line Items]
Revenues	1,442	935	3,932	2,686
Operating profit before corporate expenses	697	392	1,855	1,103
Corporate expenses	(177)	(127)	(630)	(496)
Depreciation, depletion and amortization	369	219	1,006	683
Capital expenditures	12	202	557	797
Mining Properties [Member]
Segment Reporting Information [Line Items]
Revenues	3,082	2,471	9,628	7,779
Operating profit before corporate expenses	2,608	2,083	8,391	6,764
Corporate expenses	(99)	(83)	(360)	(325)
Depreciation, depletion and amortization	138	172	472	416
Capital expenditures	0	1	0	11,218
Development [Member]
Segment Reporting Information [Line Items]
Revenues	434	412	1,387	1,203
Operating profit before corporate expenses	(444)	(865)	(1,377)	(2,164)
Corporate expenses	(529)	(457)	(1,918)	(1,794)
Depreciation, depletion and amortization	44	47	140	139
Capital expenditures	2,179	8,548	3,640	13,927
Stabilized Joint Venture [Member]
Segment Reporting Information [Line Items]
Revenues	5,633	5,476	16,454	15,961
Operating profit before corporate expenses	924	973	2,860	2,452
Corporate expenses	(84)	(67)	(304)	(261)
Depreciation, depletion and amortization	2,265	2,306	6,797	7,272
Capital expenditures	258	(25)	437	195
Total Segments [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization	$ 2,816	$ 2,744	$ 8,415	$ 8,510

v3.23.3

Identifiable net assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 701,157	$ 701,084
Cash	166,674	178,294
Asset Management [Member]
Segment Reporting Information [Line Items]
Assets	39,155	26,053
Mining Properties [Member]
Segment Reporting Information [Line Items]
Assets	48,126	48,494
Development [Member]
Segment Reporting Information [Line Items]
Assets	194,297	188,834
Stabilized Joint Venture [Member]
Segment Reporting Information [Line Items]
Assets	251,677	257,535
Unallocated Corporate Assets [Member]
Segment Reporting Information [Line Items]
Assets	$ 1,228	$ 1,874

v3.23.3

Business Segments (Details Narrative)	9 Months Ended
	Sep. 30, 2023 a segment integer
Segment Reporting Information [Line Items]
Number of reportable segments | segment	4
Warehouses	9
Business parks	2
Ground leases	2
Mining acres | a	16,650
Consolidated joint ventures	2
Brooksville Joint Venture [Member]
Segment Reporting Information [Line Items]
Mining acres | a	4,280

v3.23.3

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transactions [Abstract]
Related party allocation	$ 236,000	$ 223,000	$ 687,000	$ 670,000

v3.23.3

Outstanding debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Fixed rate mortgage loans, 3.03% interest only, matures 4/1/2033	$ 180,070	$ 180,070
Unamortized debt issuance costs	(1,402)	(1,513)
Credit agreement	0	0
Long term debt	$ 178,668	$ 178,557
Mortgages [Member]
Debt Instrument [Line Items]
Interest rate	3.03%	3.03%

v3.23.3

Long-Term Debt (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2019	Dec. 31, 2022	Mar. 19, 2021	Feb. 06, 2019
Line of Credit Facility [Line Items]
Outstanding letters of credit		$ 823,000			$ 823,000
Principal sum		178,668,000			178,668,000			$ 178,557,000
Debt cost amortization		37,000	$ 37,000		111,000	$ 111,000
Capitalized interest costs		$ 297,000	$ 673,000		$ 986,000	$ 2,019,000
Dock 79 Loan [Member]
Line of Credit Facility [Line Items]
Principal sum									$ 92,070,000
Fixed interest rate									3.03%
Debt description	Either loan may be prepaid subsequent to April 1, 2024, subject to yield maintenance premiums. Either loan may be transferred to a qualified buyer as part of a one-time sale subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee
Maren [Member]
Line of Credit Facility [Line Items]
Principal sum									$ 88,000,000
Fixed interest rate									3.03%
Debt description	Either loan may be prepaid subsequent to April 1, 2024, subject to yield maintenance premiums. Either loan may be transferred to a qualified buyer as part of a one-time sale subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee
Wells Fargo Level I [Member]
Line of Credit Facility [Line Items]
Interest rate spread				1.50%
Commitment fee					0.25%
Wells Fargo Level I I [Member]
Line of Credit Facility [Line Items]
Interest rate spread		0.75%		1.25%
Commitment fee					0.20%
Wells Fargo Level I I I [Member]
Line of Credit Facility [Line Items]
Interest rate spread		1.50%		1.00%
Commitment fee					0.15%
Wells Fargo [Member]
Line of Credit Facility [Line Items]
Revolver term							5 years
Maximum facility amount										$ 20,000,000
Outstanding revolver		$ 0			$ 0
Outstanding letters of credit		823,000			823,000
Available for borrowing		$ 19,177,000			$ 19,177,000
Letter of credit fee					1.00%
Applicable interest rate		6.10%			6.10%
Dividend limit		$ 249,000,000			$ 249,000,000
Covenant compliance					all

v3.23.3

Basic and diluted earnings per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings per common share:
Weighted average common shares outstanding during the period – shares used for basic   earnings per common share	9,423	9,397	9,423	9,382
Common shares issuable under share based payment plans which are potentially dilutive	37	36	40	41
Common shares used for diluted earnings per common share	9,460	9,433	9,463	9,423
Net income attributable to the Company	$ 1,259	$ 480	$ 2,422	$ 1,809
-basic	$ 0.13	$ 0.05	$ 0.26	$ 0.19
-diluted	$ 0.13	$ 0.05	$ 0.26	$ 0.19

v3.23.3

Earnings per Share (Details Narrative) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings per common share:
Antidilutive shares	0	0	0	0
Shares repurchased			36,909
Average cost of shares repurchased			$ 54.19

v3.23.3

Stock compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation	$ 271	$ 276	$ 1,472	$ 1,302
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation	16	18	49	52
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation	255	258	773	550
Employee Grant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation	0	0	50	50
Director Stock Award [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation	$ 0	$ 0	$ 600	$ 650

v3.23.3

Summary of changes in outstanding options (Details) - Share-Based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding options, shares	70,560	88,295
Outstanding options, weighted average exercise price	$ 39.09	$ 40.33
Outstanding remaining term	3 years 3 months 19 days	4 years 4 months 24 days
Options outstanding, weighted average fair value	$ 1,081	$ 1,271
Options exercised, shares	(17,735)
Options exercised, weighted avg exercise price	$ 45.27
Options exercised, weighted avg grant date fair value	$ (190)
Options exercisable, shares	66,570
Exercisable, weighted average exercise price	$ 38.68
Exercisable remaining term	3 years 2 months 13 days
Exercisable, weighted average fair value	$ 1,015
Options vested, shares	0
Vested, weighted average fair value	$ 0

v3.23.3

Summary of changes in restricted stock awards (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2023	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2023	Dec. 31, 2022
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock					69,569	50,496
Restricted stock					$ 52.03	$ 50.42
Restricted stock					2 years 9 months 18 days	3 years
Restricted stock					$ 3,620	$ 2,546
Restricted stock, vested					(6,211)
Restricted stock					$ 46.49
Restricted stock					$ (289)
Time Based Awards Granted [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock			7,980	7,448	7,980
Restricted stock					$ 53.86
Restricted stock					$ 430
Performance Based Awards Granted [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock	2,272	15,032		14,016	17,304
Restricted stock					$ 53.92
Restricted stock					$ 933

v3.23.3

Stock-Based Compensation Plans (Details Narrative)	1 Months Ended		3 Months Ended		9 Months Ended
	Mar. 31, 2023 shares	Jan. 31, 2023 shares	Mar. 31, 2023 shares	Mar. 31, 2022 shares	Sep. 30, 2023 USD ($) integer shares	Sep. 29, 2023 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of plans | integer					2
Expiration period					10 years
Vesting rights					exercisable immediately or become exercisable in cumulative installments of 20% or 25% at the end of each year following the date of grant
Dividend yield					0.00%
Minimum volatility					31.50%
Maximum volatility					41.20%
Risk-free interest rate minimum					2.00%
Risk-free interest rate maximum					2.90%
Expected life minimum					3 years
Expected life maximum					7 years
Shares available | shares					343,677
Intrinsic value | $					$ 1,018,000
Intrinsic value | $					$ 1,050,000
Closing price | $ / shares						$ 53.97
Time Based Awards Granted [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted grants | shares			7,980	7,448	7,980
Vesting period			4 years	4 years
Performance Based Awards Granted [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted grants | shares	2,272	15,032		14,016	17,304
Vesting period			5 years	5 years
Employee Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock grants | shares			928	865
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost | $					$ 11,000
Recognition period					2 months
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost | $					$ 2,725,000
Recognition period					3 years 1 month 5 days

v3.23.3

Contingent Liabilities (Details Narrative)	9 Months Ended
	Sep. 30, 2023 USD ($)
Guarantor Obligations [Line Items]
Outstanding letters of credit	$ 823,000
Guarantee Obligations [Member]
Guarantor Obligations [Line Items]
Guarantee obligation	$ 26,000,000
Interest rate decrease	1.00%
Value of guarantee	$ 1,900,000
Term in months	48

v3.23.3

Concentrations (Details Narrative)	9 Months Ended
	Sep. 30, 2023 USD ($) integer	Dec. 31, 2022 USD ($)
Concentration Risk [Line Items]
Number of mining tenants | integer	5
Accounts receivable	$ 1,683,000	$ 1,166,000
Mining Top Customer [Member]
Concentration Risk [Line Items]
Top lessee rent percent of revenue	24.60%
Accounts receivable	$ 502,000

v3.23.3

Fair Value Measurements (Details Narrative) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Fair Value Disclosures [Abstract]
US Treasury notes value	$ 148,768,000
Unrealized loss on investments	571,000
Carrying amount of mortgage notes payable	180,070,000	$ 180,070,000
FV of mortgage notes payable	$ 136,928,000	$ 142,753,000

v3.23.3

Investments in unconsolidated joint ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total investments	$ 154,025		$ 154,025		$ 140,525
Total assets of the partnership	701,157		701,157		701,084
Profit (loss) of the partnership	1,099	$ 384	1,997	$ 1,370
Share of profit (loss) of the partnership	(2,913)	$ (1,878)	(10,585)	$ (5,248)
Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total assets of the partnership	$ 519,761		519,761		510,640
Profit (loss) of the partnership			(18,031)		(3,437)
Real Estate Partnership Net Income Loss [Member]
Schedule of Equity Method Investments [Line Items]
Share of profit (loss) of the partnership			$ (10,585)		$ (5,721)
Brooksville Quarry L L C [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%		50.00%		50.00%
Total investments	$ 7,486		$ 7,486		$ 7,522
Profit (loss) of the partnership			(62)		(84)
Share of profit (loss) of the partnership			(31)		(42)
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total assets of the partnership	$ 14,372		$ 14,372		$ 14,374
B C F R P Realty L L C [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%		50.00%		50.00%
Total investments	$ 5,077		$ 5,077		$ 5,453
Profit (loss) of the partnership			(556)		(358)
Share of profit (loss) of the partnership			(278)		(175)
B C F R P Realty L L C [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total assets of the partnership	$ 22,164		$ 22,164		$ 21,825
Buzzard Point Sponsor Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%		50.00%		50.00%
Total investments	$ 2,292		$ 2,292		$ 1,453
Profit (loss) of the partnership			0		0
Share of profit (loss) of the partnership			0		0
Buzzard Point Sponsor Partnership [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total assets of the partnership	$ 4,584		$ 4,584		$ 2,906
Bryant Street Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	61.36%		61.36%		61.36%
Total investments	$ 61,140		$ 61,140		$ 55,561
Profit (loss) of the partnership			(7,876)		(10,339)
Share of profit (loss) of the partnership			(4,931)		(6,829)
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total assets of the partnership	195,915		195,915		199,774
Lending Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Total investments	25,084		25,084		16,476
Profit (loss) of the partnership			0		0
Share of profit (loss) of the partnership			0		0
Lending Ventures [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total assets of the partnership	$ 14,428		$ 14,428		$ 5,577
Estero Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	16.00%		16.00%		16.00%
Total investments	$ 3,600		$ 3,600		$ 3,600
Profit (loss) of the partnership			0		0
Estero Partnership [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total assets of the partnership	$ 38,703		$ 38,703		$ 38,505
Verge [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	61.37%		61.37%		61.37%
Total investments	$ 37,535		$ 37,535		$ 38,471
Profit (loss) of the partnership			(7,161)		(1,841)
Share of profit (loss) of the partnership			(4,395)		(1,129)
Verge [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total assets of the partnership	$ 130,978		$ 130,978		$ 131,128
Greenville Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%		40.00%		40.00%
Total investments	$ 11,811		$ 11,811		$ 11,989
Profit (loss) of the partnership			(2,376)		(1,775)
Share of profit (loss) of the partnership			(950)		(710)
Greenville Partnerships [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total assets of the partnership	$ 98,617		$ 98,617		$ 96,551
D S T Hickory Creek [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage					26.65%
Total investments					$ 0
Profit (loss) of the partnership					10,960
Share of profit (loss) of the partnership					3,164
D S T Hickory Creek [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total assets of the partnership					$ 0

v3.23.3

Investments in Apartment/Mixed-use as of September 30, 2023 (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	$ 498,119	$ 493,324
Cash and cash equivalents	8,814	7,937
Unrealized rents & receivables	6,990	5,577
Deferred costs	5,838	3,802
Total Assets	701,157	701,084
Secured notes payable	273,938	276,801
Other liabilities	6,635	11,023
Capital – Third Parties	410,790	407,145
Total Liabilities and Capital	701,157	701,084
Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	519,761	510,640
Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital - FRP	148,740	135,333
Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital – Third Parties	90,448	87,483
Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	519,761	510,640
Buzzard Point Sponsor Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	0	0
Cash and cash equivalents	0	0
Unrealized rents & receivables	0	0
Deferred costs	4,584	2,906
Secured notes payable	0	0
Other liabilities	0	0
Buzzard Point Sponsor Partnership [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	4,584	2,906
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital - FRP	2,292	1,453
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital – Third Parties	2,292	1,453
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	4,584	2,906
Bryant Street Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	187,693	192,904
Cash and cash equivalents	1,661	1,349
Unrealized rents & receivables	6,141	5,128
Deferred costs	420	393
Secured notes payable	116,922	129,263
Other liabilities	2,786	2,338
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	195,915	199,774
Bryant Street Partnerships [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital - FRP	59,132	53,553
Bryant Street Partnerships [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital – Third Parties	17,075	14,620
Bryant Street Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	195,915	199,774
Estero Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	34,416	33,008
Cash and cash equivalents	4,287	5,497
Unrealized rents & receivables	0	0
Deferred costs	0	0
Secured notes payable	16,000	16,000
Other liabilities	174	5
Estero Partnership [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	38,703	38,505
Estero Partnership [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital - FRP	3,605	3,600
Estero Partnership [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital – Third Parties	18,924	18,900
Estero Partnership [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	38,703	38,505
Verge [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	129,145	130,616
Cash and cash equivalents	1,170	359
Unrealized rents & receivables	309	14
Deferred costs	354	139
Secured notes payable	72,402	66,584
Other liabilities	1,102	5,328
Verge [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	130,978	131,128
Verge [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital - FRP	35,261	36,348
Verge [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital – Third Parties	22,213	22,868
Verge [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	130,978	131,128
Greenville Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	96,834	95,883
Cash and cash equivalents	1,595	567
Unrealized rents & receivables	83	13
Deferred costs	105	88
Secured notes payable	67,414	64,954
Other liabilities	2,243	3,014
Greenville Partnerships [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	98,617	96,551
Greenville Partnerships [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital - FRP	10,858	11,087
Greenville Partnerships [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital – Third Parties	18,102	17,496
Greenville Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	98,617	96,551
Apartment Mixed Use [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	448,088	452,411
Cash and cash equivalents	8,713	7,772
Unrealized rents & receivables	6,533	5,155
Deferred costs	5,463	3,526
Secured notes payable	272,738	276,801
Other liabilities	6,305	10,685
Apartment Mixed Use [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	468,797	468,864
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital - FRP	111,148	106,041
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital – Third Parties	78,606	75,337
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	$ 468,797	$ 468,864

v3.23.3

Investments in Joint Ventures as of September 30, 2023 (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	$ 498,119	$ 493,324
Cash and cash equivalents	8,814	7,937
Unrealized rents & receivables	6,990	5,577
Deferred costs	5,838	3,802
Total Assets	701,157	701,084
Secured notes payable	273,938	276,801
Other liabilities	6,635	11,023
Capital - Third Parties	410,790	407,145
Total Liabilities and Capital	701,157	701,084
Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	519,761	510,640
Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital – FRP	148,740	135,333
Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital - Third Parties	90,448	87,483
Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	519,761	510,640
Brooksville Quarry L L C [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	14,343	14,307
Cash and cash equivalents	27	66
Unrealized rents & receivables	0	0
Deferred costs	2	1
Secured notes payable	0	0
Other liabilities	64	0
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	14,372	14,374
Brooksville Quarry L L C [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital – FRP	7,487	7,522
Brooksville Quarry L L C [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital - Third Parties	6,821	6,852
Brooksville Quarry L L C [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	14,372	14,374
B C F R P Realty L L C [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	21,260	21,059
Cash and cash equivalents	74	99
Unrealized rents & receivables	457	422
Deferred costs	373	245
Secured notes payable	11,856	10,899
Other liabilities	266	338
B C F R P Realty L L C [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	22,164	21,825
B C F R P Realty L L C [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital – FRP	5,021	5,294
B C F R P Realty L L C [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital - Third Parties	5,021	5,294
B C F R P Realty L L C [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	22,164	21,825
Lending Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	14,428	5,547
Cash and cash equivalents	0	0
Unrealized rents & receivables	0	0
Deferred costs	0	30
Secured notes payable	(10,656)	(10,899)
Other liabilities	0	0
Lending Ventures [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	14,428	5,577
Lending Ventures [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital – FRP	25,084	16,476
Lending Ventures [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital - Third Parties	0	0
Lending Ventures [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	14,428	5,577
Apartment Mixed Use [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	448,088	452,411
Cash and cash equivalents	8,713	7,772
Unrealized rents & receivables	6,533	5,155
Deferred costs	5,463	3,526
Secured notes payable	272,738	276,801
Other liabilities	6,305	10,685
Apartment Mixed Use [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	468,797	468,864
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital – FRP	111,148	106,041
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital - Third Parties	78,606	75,337
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	$ 468,797	$ 468,864

v3.23.3

Investments in Apartment/Mixed-use as of December 31, 2022 (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	$ 498,119	$ 493,324
Cash and cash equivalents	8,814	7,937
Unrealized rents & receivables	6,990	5,577
Deferred costs	5,838	3,802
Total Assets	701,157	701,084
Secured notes payable	273,938	276,801
Other liabilities	6,635	11,023
Capital – Third Parties	410,790	407,145
Total Liabilities and Capital	701,157	701,084
Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	519,761	510,640
Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital - FRP	148,740	135,333
Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital – Third Parties	90,448	87,483
Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	519,761	510,640
Buzzard Point Sponsor Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	0	0
Cash and cash equivalents	0	0
Unrealized rents & receivables	0	0
Deferred costs	4,584	2,906
Secured notes payable	0	0
Other liabilities	0	0
Buzzard Point Sponsor Partnership [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	4,584	2,906
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital - FRP	2,292	1,453
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital – Third Parties	2,292	1,453
Buzzard Point Sponsor Partnership [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	4,584	2,906
Bryant Street Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	187,693	192,904
Cash and cash equivalents	1,661	1,349
Unrealized rents & receivables	6,141	5,128
Deferred costs	420	393
Secured notes payable	116,922	129,263
Other liabilities	2,786	2,338
Bryant Street Partnerships [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	195,915	199,774
Bryant Street Partnerships [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital - FRP	59,132	53,553
Bryant Street Partnerships [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital – Third Parties	17,075	14,620
Bryant Street Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	195,915	199,774
Estero Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	34,416	33,008
Cash and cash equivalents	4,287	5,497
Unrealized rents & receivables	0	0
Deferred costs	0	0
Secured notes payable	16,000	16,000
Other liabilities	174	5
Estero Partnership [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	38,703	38,505
Estero Partnership [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital - FRP	3,605	3,600
Estero Partnership [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital – Third Parties	18,924	18,900
Estero Partnership [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	38,703	38,505
Verge [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	129,145	130,616
Cash and cash equivalents	1,170	359
Unrealized rents & receivables	309	14
Deferred costs	354	139
Secured notes payable	72,402	66,584
Other liabilities	1,102	5,328
Verge [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	130,978	131,128
Verge [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital - FRP	35,261	36,348
Verge [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital – Third Parties	22,213	22,868
Verge [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	130,978	131,128
Greenville Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	96,834	95,883
Cash and cash equivalents	1,595	567
Unrealized rents & receivables	83	13
Deferred costs	105	88
Secured notes payable	67,414	64,954
Other liabilities	2,243	3,014
Greenville Partnerships [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	98,617	96,551
Greenville Partnerships [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital - FRP	10,858	11,087
Greenville Partnerships [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital – Third Parties	18,102	17,496
Greenville Partnerships [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	98,617	96,551
Apartment Mixed Use [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	448,088	452,411
Cash and cash equivalents	8,713	7,772
Unrealized rents & receivables	6,533	5,155
Deferred costs	5,463	3,526
Secured notes payable	272,738	276,801
Other liabilities	6,305	10,685
Apartment Mixed Use [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	468,797	468,864
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital - FRP	111,148	106,041
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital – Third Parties	78,606	75,337
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	$ 468,797	$ 468,864

v3.23.3

Investments in Joint Ventures as of December 31, 2022 (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	$ 498,119	$ 493,324
Cash and cash equivalents	8,814	7,937
Unrealized rents & receivables	6,990	5,577
Deferred costs	5,838	3,802
Total Assets	701,157	701,084
Secured notes payable	273,938	276,801
Other liabilities	6,635	11,023
Capital - Third Parties	410,790	407,145
Total Liabilities and Capital	701,157	701,084
Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	519,761	510,640
Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital – FRP	148,740	135,333
Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital - Third Parties	90,448	87,483
Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	519,761	510,640
Brooksville Quarry L L C [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	14,343	14,307
Cash and cash equivalents	27	66
Unrealized rents & receivables	0	0
Deferred costs	2	1
Secured notes payable	0	0
Other liabilities	64	0
Brooksville Quarry L L C [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	14,372	14,374
Brooksville Quarry L L C [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital – FRP	7,487	7,522
Brooksville Quarry L L C [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital - Third Parties	6,821	6,852
Brooksville Quarry L L C [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	14,372	14,374
B C F R P Realty L L C [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	21,260	21,059
Cash and cash equivalents	74	99
Unrealized rents & receivables	457	422
Deferred costs	373	245
Secured notes payable	11,856	10,899
Other liabilities	266	338
B C F R P Realty L L C [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	22,164	21,825
B C F R P Realty L L C [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital – FRP	5,021	5,294
B C F R P Realty L L C [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital - Third Parties	5,021	5,294
B C F R P Realty L L C [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	22,164	21,825
Lending Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	14,428	5,547
Cash and cash equivalents	0	0
Unrealized rents & receivables	0	0
Deferred costs	0	30
Secured notes payable	(10,656)	(10,899)
Other liabilities	0	0
Lending Ventures [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	14,428	5,577
Lending Ventures [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital – FRP	25,084	16,476
Lending Ventures [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital - Third Parties	0	0
Lending Ventures [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	14,428	5,577
Apartment Mixed Use [Member]
Schedule of Equity Method Investments [Line Items]
Investments in real estate, net	448,088	452,411
Cash and cash equivalents	8,713	7,772
Unrealized rents & receivables	6,533	5,155
Deferred costs	5,463	3,526
Secured notes payable	272,738	276,801
Other liabilities	6,305	10,685
Apartment Mixed Use [Member] | Real Estate Total Assets [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	468,797	468,864
Apartment Mixed Use [Member] | Real Estate Partnership F R P [Member]
Schedule of Equity Method Investments [Line Items]
Capital – FRP	111,148	106,041
Apartment Mixed Use [Member] | Real Estate Partnership Third Parties [Member]
Schedule of Equity Method Investments [Line Items]
Capital - Third Parties	78,606	75,337
Apartment Mixed Use [Member] | Real Estate Partnership Total Liabilities And Capital [Member]
Schedule of Equity Method Investments [Line Items]
Total Liabilities and Capital	$ 468,797	$ 468,864

v3.23.3

Bryant Street Partnerships (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Rental Revenue	$ 7,509	$ 6,823	$ 21,773	$ 19,850
Total Revenues	10,591	9,294	31,401	27,629
Property taxes	919	1,034	2,745	3,103
Total cost of operations	2,012	1,967	5,574	5,316
Total operating profit/(loss)	2,896	1,849	8,517	5,279
Interest expense	(1,116)	(738)	(3,251)	(2,215)
Net loss before tax	$ 1,566	$ 562	2,895	1,896
Bryant Street Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Rental Revenue			5,720	4,123
Revenue – other			1,095	801
Total Revenues			6,815	4,924
Depreciation and amortization			3,192	3,065
Operating expenses			2,690	2,360
Property taxes			484	539
Total cost of operations			6,366	5,964
Total operating profit/(loss)			449	(1,040)
Interest expense			(5,380)	(3,703)
Net loss before tax			(4,931)	(4,743)
Bryant Street Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Rental Revenue			9,322	6,718
Revenue – other			1,784	1,306
Total Revenues			11,106	8,024
Depreciation and amortization			5,202	4,995
Operating expenses			4,384	3,846
Property taxes			789	878
Total cost of operations			10,375	9,719
Total operating profit/(loss)			731	(1,695)
Interest expense			(8,607)	(5,437)
Net loss before tax			$ (7,876)	$ (7,132)

v3.23.3

Greenville Partnerships (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Rental Revenue	$ 7,509	$ 6,823	$ 21,773	$ 19,850
Total Revenues	10,591	9,294	31,401	27,629
Property taxes	919	1,034	2,745	3,103
Total cost of operations	2,012	1,967	5,574	5,316
Total operating profit/(loss)	2,896	1,849	8,517	5,279
Interest expense	(1,116)	(738)	(3,251)	(2,215)
Net loss before tax	$ 1,566	$ 562	2,895	1,896
Greenville Woodfield Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Rental Revenue			1,950	894
Revenue – other			162	50
Total Revenues			2,112	944
Depreciation and amortization			847	465
Operating expenses			714	363
Property taxes			353	190
Total cost of operations			1,914	1,018
Total operating profit/(loss)			198	(74)
Interest expense			(1,148)	(279)
Net loss before tax			(950)	(353)
Greenville Woodfield Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Rental Revenue			4,875	2,234
Revenue – other			405	125
Total Revenues			5,280	2,359
Depreciation and amortization			2,118	1,162
Operating expenses			1,784	906
Property taxes			882	476
Total cost of operations			4,784	2,544
Total operating profit/(loss)			496	(185)
Interest expense			(2,872)	(697)
Net loss before tax			$ (2,376)	$ (882)

v3.23.3

Verge Partnership (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Rental Revenue	$ 7,509	$ 6,823	$ 21,773	$ 19,850
Total Revenues	10,591	9,294	31,401	27,629
Property taxes	919	1,034	2,745	3,103
Total cost of operations	2,012	1,967	5,574	5,316
Total operating profit	2,896	1,849	8,517	5,279
Interest expense	(1,116)	(738)	(3,251)	(2,215)
Net profit before tax	$ 1,566	$ 562	2,895	$ 1,896
Verge [Member]
Schedule of Equity Method Investments [Line Items]
Rental Revenue			1,254
Revenue – other			196
Total Revenues			1,450
Depreciation and amortization			1,815
Operating expenses			1,263
Property taxes			455
Total cost of operations			3,533
Total operating profit			(2,083)
Interest expense			(2,312)
Net profit before tax			(4,395)
Verge [Member]
Schedule of Equity Method Investments [Line Items]
Rental Revenue			2,042
Revenue – other			320
Total Revenues			2,362
Depreciation and amortization			2,958
Operating expenses			2,057
Property taxes			741
Total cost of operations			5,756
Total operating profit			(3,394)
Interest expense			(3,767)
Net profit before tax			$ (7,161)

v3.23.3

Investments in Joint Ventures (Details Narrative) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Difference between carrying value and underlying equity	$ 5,285,000
Retained earnings (accumulated deficit)	$ (20,837,000)	$ (13,115,000)

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