What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2023-03-23 compared with 2022-03-30 · 25 added, 54 removed, 55 unchanged (59% of the section changed)

5 unchanged sentences

wholly-owned subsidiaries FRP Development Corp., a Maryland corporation, and Florida Rock Properties, Inc., a Florida corporation, and

the various subsidiaries of each.

the various subsidiaries and joint ventures of each.

Our Business.

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and management of buildings through joint ventures (the “Stabilized Joint Venture Segment”).

The Asset Management Segment owns, leases and

manages commercial properties.

The Company completed the disposition of 40 industrial warehouse properties and three additional land

parcels to an affiliate of Blackstone Real Estate Partners VIII, L.P.

for $347.2 million on May 21, 2018 and sold an additional

industrial warehouse property to the same buyer on June 28, 2019 for $11.7 million, leaving only two commercial properties and one

industrial acquisition (Cranberry Run Business Park, which we purchased in 2019) in the Asset Management Segment.

In July 2020 we

sold our property located at 1801 62 nd Street which was placed in service on April 1, 2019.

During the fourth quarter

of 2021 we completed construction on two buildings in our Hollander Business Park.

These assets are now a part of the Asset

Management Segment.

Our overall business strategy includes the re-deployment of the warehouse portfolio sales proceeds into asset

classes across various business segments that will allow management to exploit its knowledge and expertise, including mixed-use

properties, raw land, existing buildings, and strategic partnerships located in core markets with growth potential.

The Asset Management Segment owns, leases and manages

in-service commercial properties wholly owned by the Company.

Currently this includes seven 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

comprising approximately 15,000 acres currently under lease for mining rents or royalties and an additional 4,280 acres through our Brooksville

totaling approximately 16,650 acres currently under lease for mining rents or royalties and an additional 4,280 acres through our Brooksville

joint venture with Vulcan Materials.

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the highest and best use of parcels of land that are in various stages of development.

The overall strategy for this

segment is to convert all of our non-income producing property into income-producing property through (i) an orderly process of constructing

new apartment, retail, warehouse, and office buildings to be operated by the Company 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.

1990, one of our primary strategies in this segment has been to acquire, entitle and ultimately develop commercial and industrial business

parks providing 5–15 building pads which we typically convert into warehouse or office buildings.

To date, our management team has

converted 32 of these pads into developed buildings.

Our typical practice has been to transfer these assets to the Asset Management Segment

on the earlier to occur of (i) commencement of rental revenue or (ii) issuance of the certificate of occupancy.

We have also occasionally

sold several of these pad sites over time to third parties.

The overall strategy for this segment is to

convert all of our non-income producing property into income-producing property through (i) an orderly process of constructing new apartment,

retail, warehouse, and office buildings to be operated by the Company 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

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from our Development Segment into this segment as they reach stabilization.

Stabilization occurs when our minimum percentage leased goal

Stabilization occurs when a minimum occupancy threshold has

been achieved for a certain period of time.

As a developer, we compete with

numerous developers, owners and operators of real estate,

many of whom own properties similar to ours in the

same submarkets in which our properties are located.

Price, location, rental space availability, flexibility of design and property management

services are the major factors that affect competition.

numerous developers, owners and operators of real estate, many of whom own properties similar to ours in the same submarkets in which

our properties are located.

Price, location, rental space availability, flexibility of design and property management services are the

major factors that affect competition.

In the Mining Royalty Lands Segment,

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Materials”) accounted for 23% of the Company’s consolidated revenues in 2022.

An event affecting Vulcan’s ability

to perform under its lease agreements could materially impact the Company’s results.

An event affecting Vulcan’s ability to

perform under its lease agreements could materially impact the Company’s results.

Sales and Marketing.

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Impact of the COVID-19 Pandemic.

continued operations throughout the pandemic and have made every effort to act in accordance with national, state, and local regulations

and guidelines.

During 2020, Dock 79 and The Maren most directly suffered the impacts to our business from the pandemic due to our retail

tenants being unable to operate at capacity, the lack of attendance at the Washington Nationals baseball park and the rent freeze imposed

by the District.

In 2021, the Delta and Omicron variants of the virus impacted our businesses, but because of the vaccine and efforts

to reopen the economy, while still affected, they were not impacted to the extent that they were in 2020.

It is possible that this version

of the virus and its succeeding variants may impact our ability to lease retail spaces in Washington, D.C.

and Greenville.

We expect our

business to be affected by the pandemic for as long as government intervention and regulation is required to combat the threat.

We have continued

operations throughout the pandemic and have made every effort to act in accordance with national, state, and local regulations and guidelines.

We expect our business to be affected by the pandemic for as long as government intervention and regulation is deemed necessary to combat

Environmental Matters.

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has extraordinarily low turnover, and the average tenure of our employee is 13.4 years.

We are committed to an inclusive and diverse

culture and do not tolerate any sort of discrimination.

We maintain a whistleblower hotline allowing employees to report complaints on

an anonymous basis.

We are committed to an inclusive and diverse culture

and do not tolerate any sort of discrimination.

We maintain a whistleblower hotline allowing employees to report complaints on an anonymous

Company Website.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business