FRP (FRPH) 10-Q 5 Feb 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Dec. 31, 2014
Document And Entity Information
Entity Registrant Name	FRP HOLDINGS, INC.
Entity Central Index Key	844059
Document Type	10-Q
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-21
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	9,718,570
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

Balance_Sheets

Balance Sheets (USD $)	Dec. 31, 2014	Sep. 30, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$895	$1,013
Cash held in escrow	26	61
Accounts receivable, net of allowance for doubtful accounts of $148 and $155, respectively	8,082	8,246
Inventory of parts and supplies	888	895
Prepaid tires on equipment	2,063	2,048
Prepaid taxes and licenses	1,677	2,436
Prepaid insurance	632	789
Prepaid expenses, other	81	83
Real estate held for sale, at cost	4,609	4,473
Total current assets	18,953	20,044
Property, plant and equipment, at cost	375,432	372,504
Less accumulated depreciation and depletion	125,715	122,894
Net property, plant and equipment	249,717	249,610
Real estate held for investment, at cost	7,304	7,304
Investment in joint ventures	18,640	18,537
Goodwill	3,431	3,431
Unrealized rents	4,773	4,780
Other assets, net	9,592	9,365
Total assets	312,410	313,071
Current liabilities:
Accounts payable	5,775	7,318
Federal and state income taxes payable	309	701
Deferred income taxes	239	239
Accrued payroll and benefits	3,950	4,568
Accrued insurance	1,100	1,186
Environmental remediation	1,614	1,771
Accrued liabilities, other	1,251	1,610
Long-term debt due within one year	4,537	4,534
Total current liabilities	18,775	21,927
Long-term debt, less current portion	56,452	58,704
Deferred income taxes	23,072	21,654
Accrued insurance	1,393	1,393
Other liabilities	3,093	3,078
Commitments and contingencies (Note 7)
Shareholders' equity:
Preferred stock, no par value; 5,000,000 shares authorized
Common stock, $.10 par value; 25,000,000 shares authorized, 9,718,570 and 9,703,270 shares issued	972	970
Capital in excess of par value	48,407	47,892
Retained earnings	160,206	157,413
Accumulated other comprehensive income, net	40	40
Total shareholders' equity	209,625	206,315
Total liabilities and shareholders' equity	$312,410	$313,071

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2014	Sep. 30, 2014
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]
Accounts receivable allowance for doubtful accounts	$148	$155
Preferred stock, par value	$0	$0
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$0.10	$0.10
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued and outstanding	9,718,570	9,703,270

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Transportation	$31,717	$31,591
Mining royalty land	1,344	1,268
Developed property rentals	6,958	5,961
Total revenues	40,019	38,820
Cost of operations:
Transportation	29,657	30,135
Mining royalty land	425	329
Developed property rentals	4,521	3,878
Unallocated corporate	318	354
Total cost of operations	34,921	34,696
Operating profit:
Transportation	2,060	1,456
Mining royalty land	919	939
Developed property rentals	2,437	2,083
Unallocated corporate	-318	-354
Total operating profit	5,098	4,124
(Loss) Gain on investment land sold	-17	56
Interest income and other	0	1
Equity in loss of joint ventures	-30	-32
Interest expense	-472	-311
Income before income taxes	4,579	3,838
Provision for income taxes	-1,786	-1,497
Net income	2,793	2,341
Comprehensive Income	$2,793	$2,341
Basic earnings per common share
Net income	$0.29	$0.24
Diluted earnings per common share
Net income	$0.29	$0.24
Number of weighted average shares (in thousands) used in computing:
-basic earnings per common share	9,711	9,568
-diluted earnings per common share	9,771	9,674

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$2,793	$2,341
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	4,248	3,775
Deferred income taxes	1,418	0
Equity in loss of joint ventures	30	32
Gain on sale of equipment and property	-111	-39
Stock-based compensation	172	169
Net changes in operating assets and liabilities:
Accounts receivable	164	-1,451
Inventory of parts and supplies	7	11
Prepaid expenses and other current assets	903	784
Other assets	-650	-457
Accounts payable and accrued liabilities	-2,238	-1,772	[1]
Income taxes payable and receivable	-392	663
Long-term insurance liabilities and other long-term liabilities	15	23
Net cash provided by operating activities	6,359	4,079
Cash flows from investing activities:
Purchase of transportation group property and equipment	-2,463	-5,334
Investments in developed property rentals segment	-1,738	-3,769
Transportation group business acquisition	0	-10,023	[1]
Investment in joint ventures	-135	-125
Cash held in escrow	35	-1
Proceeds from the sale of real estate held for investment, property, plant and equipment	253	230
Net cash used in investing activities	-4,048	-19,022
Cash flows from financing activities:
(Decrease) increase in bank overdraft	-525	0
Repayment of long-term debt	-1,123	-1,051
Proceeds from borrowing on revolving credit facility	12,599	16,745
Payment on revolving credit facility	-13,725	-1,000
Excess tax benefits from exercises of stock options	94	143
Exercise of employee stock options	251	183
Net cash (used in) provided by financing activities	-2,429	15,020
Net (decrease) increase in cash and cash equivalents	-118	77
Cash and cash equivalents at beginning of period	1,013	502
Cash and cash equivalents at end of the period	$895	$579
[1]	The Company recorded non-cash transactions for vacation liability of the transportation group business acquisition of $132 in the first three months of fiscal 2014.

Statements_of_Cash_Flows_Paren

Statements of Cash Flows (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Statement of Cash Flows [Abstract]
Vacation liability assumed	$0	($132)

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	(1) Basis of Presentation. The accompanying consolidated financial statements include the accounts of FRP Holdings, Inc. and its subsidiaries (the “Company”). Investment in the 50% owned Brooksville Joint Venture is accounted for under the equity method of accounting. Investment in Riverfront Investment Partners I, LLC is accounted for under the equity method of accounting (See Note 12). 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 three months ended December 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2015. 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 September 30, 2014.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	3 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Recent Accounting Pronouncements	(2) Recently Issued Accounting Standards. In January 2015, the FASB issued ASU 2015-01, "Income Statement—Extraordinary and Unusual Items (Subtopic 225-20) Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items." This new guidance is effective for annual periods beginning on or after December 15, 2015 and interim periods within those years, with early adoption permitted. Effective first quarter 2015, the Company adopted ASU 2015-01 and will apply the new guidance, as applicable.

Business_Segments

Business Segments	3 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Business Segments	(3) Business Segments. The Company operates in three reportable business segments. The Company’s operations are substantially in the Southeastern and Mid-Atlantic states. The transportation segment hauls petroleum and other liquids and dry bulk commodities by tank trailers. The Company’s real estate operations consist of two reportable segments. The Mining royalty land segment owns real estate including construction aggregate royalty sites and parcels held for investment. The Developed property rentals segment acquires, constructs, and leases office/warehouse buildings primarily in the Baltimore/Northern Virginia/Washington area, and holds real estate for future development or related to its developments.
	The Company’s transportation and real estate groups operate independently and have minimal shared overhead except for corporate expenses. Corporate expenses are allocated in fixed quarterly amounts based upon budgeted and estimated proportionate cost by segment. Unallocated corporate expenses primarily include stock compensation and corporate aircraft expenses. Reclassifications to prior period amounts have been made to be comparable to the current presentation.
	Operating results and certain other financial data for the Company’s business segments are as follows (in thousands):
		Three Months ended
		December 31,
			2014			2013
	Revenues:
	Transportation	$	31,717			31,591
	Mining royalty land		1,344			1,268
	Developed property rentals		6,958			5,961
		$	40,019			38,820
	Operating profit:
	Transportation	$	2,752			1,948
	Mining royalty land		1,200			1,128
	Developed property rentals		2,858			2,366
	Corporate expenses:
	Allocated to transportation		(692	)		(492	)
	Allocated to mining land		(281	)		(189	)
	Allocated to developed property		(421	)		(283	)
	Unallocated		(318	)		(354	)
			(1,712	)		(1,318	)
		$	5,098			4,124
	Interest expense:
	Mining royalty land	$	40			26
	Developed property rentals		432			285
		$	472			311
	Capital expenditures:
	Transportation (a)	$	2,463			8,731
	Mining royalty land		—			—
	Developed property rentals:
	Capitalized interest		321			516
	Internal labor		99			95
	Real estate taxes		27			24
	Other costs		1,291			3,134
		$	4,201			12,500
		(a)	Includes $3,397 related to the Pipeline Transportation, Inc.
	acquisition during the three month period ended December 31,2013.
	Depreciation, depletion and
	amortization:
	Transportation	$	2,261			2,030
	Mining royalty land		31			28
	Developed property rentals		1,834			1,599
	Other		122			118
		$	4,248			3,775
			December 31,		September 30,
	Identifiable net assets		2014			2014
	Transportation	$	59,230			59,465
	Mining royalty land		39,272			39,368
	Developed property rentals		211,412			211,556
	Cash items		895			1,013
	Unallocated corporate assets		1,601			1,669
		$	312,410			313,071

LongTerm_Debt

Long-Term Debt	3 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Long-Term Debt	(4) Long-Term debt. Long-term debt is summarized as follows (in thousands):
		December 31,		September 30,
		2014		2014
	Revolving credit (uncollateralized)	$	16,519		17,645
	5.6% to 8.6% mortgage notes
	due in installments through 2027		44,470		45,593
			60,989		63,238
	Less portion due within one year		4,537		4,534
		$	56,452		58,704
	On December 21, 2012, the Company entered into a five year credit agreement with Wells Fargo Bank, N.A. with a maximum facility amount of $55 million (the "Credit Agreement"). The Credit Agreement provides a revolving credit facility (the “Revolver”) with a maximum facility amount of $40 million, with a $20 million sublimit for standby letters of credit, and a term loan facility of $15 million. As of December 31, 2014, $16,519,000 was borrowed under the Revolver, $6,805,000 in letters of credit was outstanding, and $31,676,000 was available for additional borrowing. The letters of credit were issued for insurance retentions and to guarantee certain obligations to state agencies related to real estate development. Most of the letters of credit are irrevocable for a period of one year and typically are automatically extended for additional one-year periods. The Revolver bears interest at a rate of 1.0% over the selected LIBOR, which may change quarterly based on the Company’s ratio of Consolidated Total Debt to Consolidated Total Capital, as defined. A commitment fee of 0.15% per annum is payable quarterly on the unused portion of the commitment. The commitment fee may also change quarterly based upon the ratio described above. The Credit Agreement contains certain conditions, affirmative financial covenants and negative covenants including limitations on paying cash dividends. As of December 31, 2014, $75,418,000 of consolidated retained earnings would be available for payment of dividends. The Company was in compliance with all covenants as of December 31, 2014.
	The fair values of the Company’s mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities. At December 31, 2014, the carrying amount and fair value of such other long-term debt was $44,470,000 and $48,581,000, respectively.

Earnings_per_Share

Earnings per Share	3 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Earnings per Share	(5) Earnings per share. The following details the computations of the basic and diluted earnings per common share (dollars in thousands, except per share amounts):
		Three Months ended
		December 31,
		2014		2013
	Weighted average common shares
	outstanding during the period
	- shares used for basic
	earnings per common share		9,711		9,568
	Common shares issuable under
	share based payment plans
	which are potentially dilutive		60		106
	Common shares used for diluted
	earnings per common share		9,771		9,674
	Net income	$	2,793		2,341
	Earnings per common share
	Basic	$	0.29		0.24
	Diluted	$	0.29		0.24
	For the three months ended December 31, 2014, 69,175 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three months ended December 31, 2013, 31,790 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive.

StockBased_Compensation_Plans

Stock-Based Compensation Plans	3 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	(6) Stock-Based Compensation Plans. As more fully described in Note 7 to the Company’s notes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended September 30, 2014, the Company’s stock-based compensation plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, and stock awards. The number of common shares available for future issuance was 455,205 at December 31, 2014.
	The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands):
		Three Months ended
		December 31,
		2014			2013
	Stock option grants	$	172			169
	Annual director stock award		—			—
		$	172			169
	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
	Outstanding at
	October 1, 2014	326,830		$	25.43		5	$	3,481
	Granted	37,385		$	35.89			$	542
	Forfeited	(6,000	)		14.97			$	(47	)
	Exercised	(15,300	)	$	16.42			$	(119	)
	Outstanding at
	December 31, 2014	342,915		$	27.15		5.6	$	3,857
	Exercisable at
	December 31, 2014	258,257		$	25.43		4.6	$	2,642
	Vested during
	three months ended
	December 31, 2014	35,081						$	409
	The aggregate intrinsic value of exercisable in-the-money options was $3,586,000 and the aggregate intrinsic value of all outstanding in-the-money options was $4,204,000 based on the market closing price of $39.21 on December 31, 2014 less exercise prices. Gains of $318,000 were realized by option holders during the three months ended December 31, 2014. The realized tax benefit from options exercised for the three months ended December 31, 2014 was $123,000. The unrecognized compensation cost of options granted but not yet vested as of December 31, 2014 was $1,185,000, which is expected to be recognized over a weighted-average period of 3.8 years.

Contingent_liabiilites

Contingent liabiilites	3 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Contingent liabiilites	(7) Contingent liabilities. Certain of the Company’s subsidiaries are involved in litigation on a number of matters and are subject to certain claims which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. There is a reasonable possibility that the Company’s estimate of vehicle and workers’ compensation liability for the transportation segment or discontinued operations may be understated or overstated but the possible range can not be estimated. The liability at any point in time depends upon the relative ages and amounts of the individual open claims. In the opinion of management, none of these matters are expected to have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows.
	Preliminary testing on the site of the Company's four phase master development known as Riverfront on the Anacostia in Washington, D.C. indicated the presence of contaminated material that will have to be specially handled upon excavation in conjunction with construction. The Company has agreed with our joint venture partner to bear the cost of handling the contaminated materials on the first phase of this development up to a cap of $1.871 million. We recorded an expense in the fourth quarter of fiscal 2012 of $1,771,000 for this environmental remediation liability which is the lower end of the range of estimates. The Company has no obligation to remediate this contamination on Phases II, III and IV of the development until such time as it makes a commitment to commence construction there. The Company's position is that the prior tenant on the property is responsible for the cost of removal of the contaminated materials. The Company's actual expense to address this issue may be materially higher or lower than the expense previously recorded depending upon the actual costs incurred and any reimbursement that we receive from the prior tenant.

Concentrations

Concentrations	3 Months Ended
	Dec. 31, 2014
Risks and Uncertainties [Abstract]
Concentrations	(8) Concentrations. The transportation segment primarily serves customers in the petroleum industry in the Southeastern U.S. Significant economic disruption or downturn in this geographic region or these industries could have an adverse effect on our financial statements.
	During the first three months of fiscal 2015, the transportation segment’s ten largest customers accounted for approximately 60.3% of the transportation segment’s revenue. One of these customers accounted for 22.2% of the transportation segment’s revenue. The loss of any one of these customers could have a material adverse effect on the Company’s revenues and income. Accounts receivable from the transportation segment’s ten largest customers was $4,443,000 and $4,075,000 at December 31, 2014 and September 30, 2014 respectively.
	The mining royalty land segment has one lessee that accounted for 63.4% of the segment’s revenues and $107,000 of accounts receivable at December 31, 2014. The termination of certain of this lessee’s underlying leases could have a material adverse effect on the segment.
	The Company places its cash and cash equivalents with high credit quality institutions. At times, such amounts may exceed FDIC limits.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Measurements	(9) 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 that are unobservable and significant to the overall fair value measurement.
	As of December 31, 2014 the Company had no assets or liabilities measured at fair value on a recurring basis or non-recurring basis. The fair value of all other financial instruments with the exception of mortgage notes (see Note 4) approximates the carrying value due to the short-term nature of such instruments.

Real_Estate_Held_for_Sale

Real Estate Held for Sale	3 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Real Estate Held for Sale	(10) Real Estate Held for Sale. The sale of phase two of the Windlass Run residential property is scheduled to close in August of 2015 for $11 million. The book value of the property was $4,609,000 as of December 31, 2014 and was classified as real estate held for sale as of December 31, 2014.

Unusual_or_Infrequent_Items_Im

Unusual or Infrequent Items Impacting Quarterly Results	3 Months Ended
	Dec. 31, 2014
Extraordinary and Unusual Items [Abstract]
Unusual or Infrequent Items Impacting Quarterly Results	(11) Unusual or Infrequent Items Impacting Quarterly Results.
	Operating profit includes expenses of $450,000 in the first quarter of fiscal 2015 for costs incurred related to the planned spin-off of the transportation group.

Investment_in_Riverfront_and_B

Investment in Riverfront and Brooksville Joint Ventures	3 Months Ended
	Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]
Investment in Riverfront and Brooksville Joint Ventures	(12) Investment in Riverfront and Brooksville Joint Ventures. On March 30, 2012 the Company entered into a Contribution Agreement with MRP SE Waterfront Residential, LLC. (“MRP”) to form a joint venture to develop the first phase only of the four phase master development known as Riverfront on the Anacostia in Washington, D.C. The purpose of the Joint Venture is to develop, own, lease and ultimately sell an approximately 300,000 square foot residential apartment building (including approximately 18,000 square feet of retail) on a portion of the roughly 5.82 acre site. The joint venture, Riverfront Investment Partners I, LLC (“Riverfront I) was formed in June 2013 as contemplated. The Company contributed land with an agreed to value of $13,500,000 (cost basis of $6,165,000) and contributed cash of $4,866,000 to the Joint Venture for a 76.91% stake in the venture. MRP contributed capital of $5,553,000 to the joint venture including development costs paid prior to formation of the joint venture. The Joint Venture closed on $17,000,000 of EB5 secondary financing and a nonrecourse construction loan for $65,000,000 on August 8, 2014. Both these financing sources are non-recourse to FRP. Construction commenced in October 2014. At this point the Company anticipates lease up scheduled in 2016 and 2017. The Company’s equity interest in the joint venture is accounted for under the equity method of accounting as MRP acts as the administrative agent of the joint venture and oversees and controls the day to day operations of the project.
	A subsidiary of the Company (FRP) has a Joint Venture Agreement with Vulcan Materials Company (formerly Florida Rock Industries, Inc.) to develop approximately 4,300 acres of land near Brooksville, Florida. Under the terms of the joint venture, FRP contributed its fee interest in approximately 3,443 acres formerly leased to Vulcan under a long-term mining lease which had a net book value of $2,548,000. Vulcan is entitled to mine the property until 2022 and pay royalties for the benefit of FRP for as long as mining does not interfere with the development of the property. Real estate revenues included $65,000 of such royalties in the first quarter of fiscal 2015 and $52,000 in first quarter of fiscal 2014. Allocated depletion expense of $2,000 was included in real estate cost of operations for the three months ended December 31 2014. FRP also contributed $3,018,000 for one-half of the acquisition costs of a 288-acre contiguous parcel. Vulcan contributed 553 acres that it owned as well as its leasehold interest in the 3,443 acres that it leased from FRP. The joint venture is jointly controlled by Vulcan and FRP, and they each had a mandatory obligation to fund additional capital contributions of up to $2,380,000. Capital contributions of $2,312,000 have been made by each party as of December 31, 2014. Distributions will be made on a 50-50 basis except for royalties and depletion specifically allocated to FRP. Other income for the first three months of fiscal 2015 includes a loss of $8,000 representing the Company’s equity in the loss of the joint venture. In April 2011, the Florida Department of Community Affairs issued its Final Order approving the development of the Project, and zoning for the Project was obtained in August 2012.
	Investments in Joint Ventures (in thousands):
										The
										Company's
							Total Assets	Net Loss		Share of Net
				Total			of the	of the		Loss of the
		Ownership		Investment			Partnership	Partnership		Partnership
							(Unaudited)	(Unaudited)
	As of December 31, 2014
	Riverfront Holdings I, LLC	76.91	%	$  11,144			$  35,296	$   (22	)	$   (22	)
	Brooksville Quarry, LLC	50	%	7,496			14,376	(16	)	(8	)
	Total			$  18,640			$  49,672	$  (38	)	$  (30	)
	As of September 30, 2014
	Riverfront Holdings I, LLC	76.91	%	$  11,031			$   33,834	$   (89	)	$   (89	)
	Brooksville Quarry, LLC	50	%	7,506			14,353	(78	)	(39	)
	Total			$18,537			$  48,187	$  (167	)	$   (128	)
	Summarized Unaudited Financial Information for the Investments in Joint Ventures (in thousands):
		As of
			12/31/14			9/30/14
	Cash	$	118		$	208
	Cash held in escrow		17,373			18,822
	Amortizable Debt Costs		2,069			2,069
	Investments in real estate, net.		30,112			27,088
	Total Assets	$	49,672		$	48,187
	Other Liabilities	$	1,703		$	313
	Long-term Debt		17,000			17,000
	Capital – FRP		18,640			18,537
	Capital - Third Parties		12,329			12,337
	Total Liabilities and Capital	$	49,672		$	48,187

Transportation_Business_Acquis

Transportation Business Acquisition	3 Months Ended
	Dec. 31, 2014
Business Combinations [Abstract]
Transportation Business Acquisition	(13) Transportation Business Acquisition. The Company’s transportation segment acquired certain assets of Pipeline Transportation, Inc. on November 7, 2013 for $10,023,000. Pipeline’s operations have been conducted in the Florida and Alabama markets. For the twelve month period ending June 30, 2013, Pipeline had gross revenues of just over $16,500,000.
	The Company has accounted for this acquisition in accordance with the provisions of ASC 805, Business Combinations (ASC 805). The Company has allocated the purchase price of the business, through the use of a third party valuations and management estimates, based upon the fair value of the assets acquired and liabilities assumed as follows (in thousands):
	Consideration:
	Fair value of consideration transferred (cash paid)	$	(10,023	)
	Acquisition related costs expensed	$	75
	Recognized amounts of identifiable assets acquired and            liabilities assumed:
	Property and  equipment	$	3,397
	Prepaid tires and other prepaid assets		276
	Customer relationships		4,004
	Trade name		72
	Non-compete agreement		62
	Vacation liability assumed		(132	)
	Total identifiable net assets assumed	$	7,679
	Goodwill		2,344
	Total	$	10,023
	The goodwill recorded resulting from the acquisition is tax deductible. The intangible assets acquired are reflected in the line Other assets, net on the consolidated balance sheets. In connection with the Pipeline acquisition, the Company assumed certain vehicle leases. As of December 31, 2014 these non-cancellable operating leases will require minimum annual rentals approximating $1,968,000 over the next 2.8 fiscal years.

Subsequent_Events

Subsequent Events	3 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	(14) Subsequent Events. Spin-off of the Transportation Group
	On January 30, 2015, we completed our previously announced tax-free spin-off of the transportation business. The spin-off resulted in two independent, publicly traded companies, with the transportation business being spun off to our shareholders as a newly-formed public company named Patriot Transportation Holding, Inc. (“New Patriot”). On January 30, 2015, our shareholders received one share of New Patriot for every three shares of FRP Holdings, Inc. held as of the close of business on the record date of January 9, 2015.
	Holding Company Reorganization
	In order to facilitate the spin-off of the transportation business, we completed an internal corporate reorganization in December 2014 in which all of the outstanding shares of Patriot Transportation Holding, Inc. were converted into an equal number of shares of FRP Holdings, Inc., which replaced Patriot Transportation Holding, Inc. as the new publicly traded holding company.
	Agreements with New Patriot
	In order to effect the spin-off and govern our relationship with New Patriot after the spin-off, we entered into a Separation and Distribution Agreement, a Tax Matters Agreement, an Employee Matters Agreement, and a Transition Services Agreement.
	The Separation and Distribution Agreement governs the spin-off of the transportation business and the transfer of assets and other matters relating to our relationship with New Patriot. The Separation and Distribution Agreement provides for cross-indemnities between FRP and New Patriot and establishes procedures for handling indemnification claims.
	The Tax Matters Agreement governs the respective rights, responsibilities and delegations of FRP and New Patriot with respect to taxes, tax returns and certain other tax matters.
	The Employee Matters Agreement generally allocates responsibilities to each company for liabilities relating to each Company’s current and former employees and allocated responsibilities under employee benefit plans.
	The Transition Services Agreement sets forth the terms on which New Patriot will provide to FRP certain services that were shared prior to the spin-off, including the services of certain shared executive officers, for a period of 18 months after the spin-off.
	Equity Incentive Plans
	As a result of the spin-off and pursuant to the Employee Matters Agreement, we made certain adjustments to the exercise price and number of outstanding FRP stock options. In general, each FRP option was converted into an adjusted FRP stock option and a New Patriot stock option. The exercise price and number of shares subject to each stock option were adjusted in order to preserve the intrinsic value of the original FRP stock option as measured immediately before and immediately after the spin-off, subject to rounding. The adjusted stock options are subject to the same vesting conditions and other terms that applied to the original FRP award immediately prior to the spin-off, except as otherwise described above.
	New Credit Facilities
	In connection with the spin-off, on January 30, 2015, we entered into a new five year credit agreement with Wells Fargo Bank N.A., that replaces FRP’s existing line of credit with Wells Fargo. The new credit agreement provides a $20 million revolving line of credit with a $10 million sublimit for stand-by letters of credit. The amounts outstanding under the credit agreement bear interest at a rate of 1.4% over LIBOR, which rate may change quarterly based on the Company’s ratio of consolidated total debt to consolidated total capital. A commitment fee of 0.15% per annum is payable quarterly on the unused portion of the commitment, which fee may change quarterly based on the ratio described above. The credit agreement contains certain conditions and financial covenants, including limitations on the payment of cash dividends that are based on the Company’s consolidated retained earnings. In connection with the new credit facilities, New Patriot assumed and refinanced approximately $5.1 million of indebtedness of the Company that was attributable to the transportation group.

Business_Segments_Tables

Business Segments (Tables)	3 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Business segments
		Three Months ended
		December 31,
			2014			2013
	Revenues:
	Transportation	$	31,717			31,591
	Mining royalty land		1,344			1,268
	Developed property rentals		6,958			5,961
		$	40,019			38,820
	Operating profit:
	Transportation	$	2,752			1,948
	Mining royalty land		1,200			1,128
	Developed property rentals		2,858			2,366
	Corporate expenses:
	Allocated to transportation		(692	)		(492	)
	Allocated to mining land		(281	)		(189	)
	Allocated to developed property		(421	)		(283	)
	Unallocated		(318	)		(354	)
			(1,712	)		(1,318	)
		$	5,098			4,124
	Interest expense:
	Mining royalty land	$	40			26
	Developed property rentals		432			285
		$	472			311
	Capital expenditures:
	Transportation (a)	$	2,463			8,731
	Mining royalty land		—			—
	Developed property rentals:
	Capitalized interest		321			516
	Internal labor		99			95
	Real estate taxes		27			24
	Other costs		1,291			3,134
		$	4,201			12,500
	Depreciation, depletion and
	amortization:
	Transportation	$	2,261			2,030
	Mining royalty land		31			28
	Developed property rentals		1,834			1,599
	Other		122			118
		$	4,248			3,775
			December 31,		September 30,
	Identifiable net assets		2014			2014
	Transportation	$	59,230			59,465
	Mining royalty land		39,272			39,368
	Developed property rentals		211,412			211,556
	Cash items		895			1,013
	Unallocated corporate assets		1,601			1,669
		$	312,410			313,071

Earnings_per_Share_Tables

Earnings per Share (Tables)	3 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Earnings per share computations		Three Months ended
		December 31,
		2014		2013
	Weighted average common shares
	outstanding during the period
	- shares used for basic
	earnings per common share		9,711		9,568
	Common shares issuable under
	share based payment plans
	which are potentially dilutive		60		106
	Common shares used for diluted
	earnings per common share		9,771		9,674
	Net income	$	2,793		2,341
	Earnings per common share
	Basic	$	0.29		0.24
	Diluted	$	0.29		0.24

StockBased_Compensation_Plans_

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation Expense		Three Months ended
		December 31,
		2014			2013
	Stock option grants	$	172			169
	Annual director stock award		—			—
		$	172			169
Summary of Stock Activity					Weighted		Weighted		Weighted
		Number			Average		Average		Average
		of			Exercise		Remaining		Grant Date
	Options	Shares			Price		Term (yrs)		Fair Value
	Outstanding at
	October 1, 2014	326,830		$	25.43		5	$	3,481
	Granted	37,385		$	35.89			$	542
	Forfeited	(6,000	)		14.97			$	(47	)
	Exercised	(15,300	)	$	16.42			$	(119	)
	Outstanding at
	December 31, 2014	342,915		$	27.15		5.6	$	3,857
	Exercisable at
	December 31, 2014	258,257		$	25.43		4.6	$	2,642
	Vested during
	three months ended
	December 31, 2014	35,081						$	409

Investment_in_Riverfront_and_B1

Investment in Riverfront and Brooksville Joint Ventures (Tables)	3 Months Ended
	Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]
Investments in Joint Ventures										The
										Company's
							Total Assets	Net Loss		Share of Net
				Total			of the	of the		Loss of the
		Ownership		Investment			Partnership	Partnership		Partnership
							(Unaudited)	(Unaudited)
	As of December 31, 2014
	Riverfront Holdings I, LLC	76.91	%	$  11,144			$  35,296	$   (22	)	$   (22	)
	Brooksville Quarry, LLC	50	%	7,496			14,376	(16	)	(8	)
	Total			$  18,640			$  49,672	$  (38	)	$  (30	)
	As of September 30, 2014
	Riverfront Holdings I, LLC	76.91	%	$  11,031			$   33,834	$   (89	)	$   (89	)
	Brooksville Quarry, LLC	50	%	7,506			14,353	(78	)	(39	)
	Total			$18,537			$  48,187	$  (167	)	$   (128	)
Unaudited Financial Information for the Investments in Joint Ventures		As of
			12/31/14			9/30/14
	Cash	$	118		$	208
	Cash held in escrow		17,373			18,822
	Amortizable Debt Costs		2,069			2,069
	Investments in real estate, net.		30,112			27,088
	Total Assets	$	49,672		$	48,187
	Other Liabilities	$	1,703		$	313
	Long-term Debt		17,000			17,000
	Capital – FRP		18,640			18,537
	Capital - Third Parties		12,329			12,337
	Total Liabilities and Capital	$	49,672		$	48,187

Transportation_Business_Acquis1

Transportation Business Acquisition (Tables)	3 Months Ended
	Dec. 31, 2014
Business Combinations [Abstract]
Transportation Business Acquisition	Consideration:
	Fair value of consideration transferred (cash paid)	$	(10,023	)
	Acquisition related costs expensed	$	75
	Recognized amounts of identifiable assets acquired and liabilities assumed:
	Property and  equipment	$	3,397
	Prepaid tires and other prepaid assets		276
	Customer relationships		4,004
	Trade name		72
	Non-compete agreement		62
	Vacation liability assumed		(132	)
	Total identifiable net assets assumed	$	7,679
	Goodwill		2,344
	Total	$	10,023

LongTerm_Debt_Tables

Long-Term Debt (Tables)	3 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Long-term debt		December 31,		September 30,
		2014		2014
	Revolving credit (uncollateralized)	$	16,519		17,645
	5.6% to 8.6% mortgage notes
	due in installments through 2027		44,470		45,593
			60,989		63,238
	Less portion due within one year		4,537		4,534
		$	56,452		58,704

Business_Segments_Business_seg

Business Segments - Business segments (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues	$40,019	$38,820
Operating profit	5,098	4,124
Interest expense	472	311
Capital expenditures (a)	4,201	12,500
Depreciation, depletion and amortization	4,248	3,775
Cash items	895	579	1,013	502
Total identifiable net assets	312,410		313,071
Pipeline
Capital expenditures (a)		3,397
Transportation
Revenues	31,717	31,591
Operating profit	2,752	1,948
Corporate expenses	-692	-492
Capital expenditures (a)	2,463	8,731
Depreciation, depletion and amortization	2,261	2,030
Identifiable net assets	59,230		59,465
Mining royalty land
Revenues	1,344	1,268
Operating profit	1,200	1,128
Corporate expenses	-281	-189
Interest expense	40	26
Capital expenditures (a)	0	0
Depreciation, depletion and amortization	31	28
Identifiable net assets	39,272		39,368
Developed property rentals
Revenues	6,958	5,961
Operating profit	2,858	2,366
Corporate expenses	-421	-283
Interest expense	432	285
Capital expenditures (a)	1,291	3,134
Capital expenditures - Capitalized interest	321	516
Capital expenditures - Internal labor	99	95
Capital expenditures - Real estate taxes	27	24
Depreciation, depletion and amortization	1,834	1,599
Identifiable net assets	211,412		211,556
Corporate
Corporate expenses	-318	-354
Depreciation, depletion and amortization	122	118
Identifiable net assets	$1,601		$1,669

Longterm_debt_Details

Long-term debt (Details) (USD $)	Dec. 31, 2014	Sep. 30, 2014
In Thousands, unless otherwise specified
Debt Disclosure [Abstract]
Revolving credit	$16,519	$17,645
5.6% to 8.6% mortgage notes due in installments through 2027	44,470	45,593
Total debt	60,989	63,238
Less portion due within one year	4,537	4,534
Long-term debt	$56,452	$58,704

Earnings_per_share_computation

Earnings per share computations (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	9,711	9,568
Common shares issuable under share based payment plans which are potentially dilutive	60	106
Common shares used for diluted earnings per common share	9,771	9,674
Net income	$2,793	$2,341
Earnings per common share
Basic	$0.29	$0.24
Diluted	$0.29	$0.24

Summary_of_Stock_Activity_Deta

Summary of Stock Activity (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014
	Years	Years
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding at October 1, 2014	326,830
Options granted	37,385
Options forfeited	6,000
Options exercised	15,300
Options outstanding at December 31, 2014	342,915
Options outstanding weighted average exercise price-beginning balance	$25.43
Options outstanding weighted average exercise price - Granted	$35.89
Options outstanding weighted average exercise price - forfeited	$14.97
Options outstanding weighted average exercise price - Exercised	$16.42
Options outstanding weighted average exercise price - Ending balance	$27.15
Options outstanding weighted average remaining term	5.6	5
Options outstanding weighted average grant date fair value - beginning balance	$3,481
Options granted weighted average grant date fair value	542
Options forfeited weighted average grant date fair value	-47
Options exercised weighted average grant date fair value	-119
Options outstanding weighted average grant date fair value - ending balance	3,857
Options exercisable at December 31, 2014	258,257
Options exerciseable weighted average exercise price	$25.43
Options exerciseable weighted average remaining term	4.6
Options exerciseable weighted average grant date fair value	2,642
Options vested during three months ended December 31, 2014	35,081
Options vested weighted average grant date fair value	$409

Stock_Compensation_Expense_Det

Stock Compensation Expense (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option grants	$172	$169
Annual director stock award	0	0
Stock based compensation	$172	$169

Investment_in_Riverfront_and_B2

Investment in Riverfront and Brooksville Joint Ventures (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014
Total Investment	$18,640		$18,537
Total Assets of the Partnership	49,672		48,187
Net Loss of the Partnership	-38		-167
Company's share of Net Loss of the Partnership	-30	-32	-128
Cash	118		208
Cash held in escrow	17,373		18,822
Amortizable Debt costs	2,069		2,069
Investments in real estate, net	30,112		27,088
Total assets	49,672		48,187
Other liabilities	1,703		313
Long-term debt	17,000		17,000
Capital - FRP Holdings	18,640		18,537
Capital - Third parties	12,329		12,337
Total liabilities and capital	49,672		48,187
Riverfront I Joint Venture
Ownership percent	76.91%		76.91%
Total Investment	11,144		11,031
Total Assets of the Partnership	35,296		33,834
Net Loss of the Partnership	-22		-89
Company's share of Net Loss of the Partnership	-22		-89
Total assets	35,296		33,834
Capital - FRP Holdings	11,144		11,031
Brooksville Joint Venture
Ownership percent	50.00%		50.00%
Total Investment	7,496		7,506
Total Assets of the Partnership	14,376		14,353
Net Loss of the Partnership	-16		-78
Company's share of Net Loss of the Partnership	-8		-39
Total assets	14,376		14,353
Capital - FRP Holdings	$7,496		$7,506

Transportation_Business_Acquis2

Transportation Business Acquisition (Details) (Pipeline, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Nov. 07, 2013
Pipeline
Fair value of consideration transferred (cash paid)	($10,023)
Acquisition related costs expensed	75
Property and equipment		3,397
Prepaid tires and other prepaid assets		276
Customer relationships		4,004
Trade name		72
Non-compete agreement		62
Vacation liability assumed		-132
Total identifiable net assets assumed		7,679
Goodwill	2,344
Total Transportation Acquisition		$10,023

Basis_of_Presentation_Details_

Basis of Presentation (Details Narrative)	3 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Brooksville joint venture owned	50.00%

LongTerm_Debt_Details_Narrativ

Long-Term Debt (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Debt Disclosure [Abstract]
Lowest interest rate on mortgage notes	5.60%
Highest interest rate on mortgage notes	8.60%
Credit Agreement term years	5
Revolving Credit Agreement	$55,000
Revolving credit facility	40,000
Sublimit for standby letters of credit	20,000
Term loan facility	15,000
Revolver interest over LIBOR	1%
Commitment fee	0.15%
Letters of credit issued	6,805
Borrowed under the revolver	16,519
Facility amount available for borrowing	31,676
Consolidated retained earnings available for payment of dividends	75,418
Carrying amount of mortgage notes payable	44,470
Fair value of mortgage notes payable	$48,581

Earnings_per_Share_Details_Nar

Earnings per Share (Details Narrative)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Anti-dilutive shares	69,175	31,790

StockBased_Compensation_Plans_1

Stock-Based Compensation Plans (Details Narrative) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014
	Years
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shares available for future issuance	455,205
Aggregate intrinsic value of exercisable in-the-money options	$3,586
Aggregate intrinsic value of outstanding in-the-money options	4,204
Market close price	$39.21
Realized tax benefit from options exercised	123
Total unrecognized compensation cost of options granted but not yet vested	1,185
Weighted average period for compensation to be recognized	3.8
Gains realized by option holders	$318

Contingent_Liabilities_Details

Contingent Liabilities (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2014
Contingent Liabilities Details Narrative
Cap on environment financial responsibility		$1,871
Environmental remediation	$1,771

Concentrations_Details_Narrati

Concentrations (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014
Transportation Top Ten Customers
Customer revenue concentration	60.30%
Accounts receivable concentration	$4,443	$4,075
Transportation Top Customer
Customer revenue concentration	22.20%
Mining Top Customer
Customer revenue concentration	63.40%
Accounts receivable concentration	$107

Fair_Value_Measurements_Detail

Fair Value Measurements (Details Narrative) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Fair Value Disclosures [Abstract]
Assets measured at fair value on a recurring basis	$0
Liabilities measured at fair value on a recurring basis	0
Assets measured at fair value on a non-recurring basis	0
Liabilities measured at fair value on a non-recurring basis	$0

Real_Estate_Held_for_Sale_Deta

Real Estate Held for Sale (Details Narrative) (Windlass Run Phase 2, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Aug. 31, 2015
Windlass Run Phase 2
Sales price		$11,000
Book value of property	$4,609

Unusual_or_Infrequent_Items_Im1

Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Extraordinary and Unusual Items [Abstract]
Spin off costs	$450

Investment_in_Riverfront_and_B3

Investment in Riverfront and Brooksville Joint Ventures (Details Narrative) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014
Capital contributions made	$135	$125
Equity in the loss of the joint venture	-30	-32	-128
Riverfront I Joint Venture
Value of land contributed			13,500
Cash contributed			4,866
Joint venture percentage stake	76.91%		76.91%
Equity in the loss of the joint venture	-22		-89
Brooksville Joint Venture
Land acreage	4,300
Joint venture percentage stake	50.00%		50.00%
FRP land contribution previously leased to Vulcan	3,443
Book value of land contribution	2,548
Royalty revenues	65
Allocated depletion expense	2
FRP additional contribution for land			3,018
Additional land acquired	288
Vulcan land contribution	553
Mandatory capital contribution obligation	2,380
Capital contributions made			2,312
Equity in the loss of the joint venture	-8		-39
Riverfront I Joint Venture
Square feet	300,000
Retail square feet	18,000
Land acreage	5.82
Joint venture percentage stake	76.91%
MRP minimum capital contribution	5,553
EB5 Secondary financing	17,000
Nonrecourse construction loan	65,000
Book value of land contribution	6,165
Brooksville Joint Venture
Royalty revenues		$52

Transportation_Business_Acquis3

Transportation Business Acquisition (Details Narrative) (Pipeline, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2014	Nov. 07, 2013
		Years
Pipeline
Pipeline Transportation, Inc assets acquired			$10,023
Pipeline gross revenues	16,500
Operating leases minimum future annual rentals		$1,968
Non-cancellable operating lease remaining period		2.8

Subsequent_Events_Details_Narr

Subsequent Events (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Mar. 31, 2015	Jan. 30, 2015
Credit Agreement term years	5
Revolving Credit Agreement	$55,000
Revolving credit facility	40,000
Sublimit for standby letters of credit	20,000
Revolver interest over LIBOR	1%
Commitment fee	0.15%
Borrowed under the revolver	16,519
New Patriot
Credit Agreement term years			5
Revolving Credit Agreement			20,000
Sublimit for standby letters of credit			10,000
Revolver interest over LIBOR		1.40%
Commitment fee		0.15%
Borrowed under the revolver			$5,100