FRP (FRPH) 10-Q/A 5 Aug 15 2015 Q2 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - Mar. 31, 2015 - shares	Total
Document And Entity Information
Entity Registrant Name	FRP HOLDINGS, INC.
Entity Central Index Key	844,059
Document Type	10-Q/A
Document Period End Date	Mar. 31, 2015
Amendment Flag	true
Amendment description	Amendment No. 1 Explanatory Note. FRP Holdings, Inc. (the “Company”) is filing this Amendment No. 1 to its Form 10-Q for the quarter ended March 31, 2015, to restate our previously issued financial statements to correct an error in the classification of corporate overhead expenses for the three and six month periods ending March 31, 2014. Refer to Note 2, Restatement, in the notes to the accompanying consolidated financial statements for additional information about the revision. As a result of the spin-off of the transportation group on January 31, 2015, the Company has reported the former transportation segment as a discontinued operation without any allocation of corporate overhead. Hence, all corporate overhead of the transportation group through the date of the spin-off is included in corporate expense on the Company’s consolidated income statement. As originally filed, the Company’s Form 10-Q correctly allocated the corporate overhead expense for the three and six month periods ending March 31, 2015. The financial statements for the three and six month periods ending March 31, 2014, were incorrect, however, in that they did not allocate corporate overhead expense attributable to the transportation group to continuing operations for the full period. Accordingly, income from continuing operations for the three and six month periods of 2014 was overstated by $395,000 and income from discontinued operations was understated by $395,000. The error was a classification error and had no impact on the consolidated results for the periods presented. As previously reported in the Company’s Current Report on Form 8-K filed with the SEC on August 5, 2015, on August 5, 2015, the Audit Committee of the Board of Directors of the Company, after considering the recommendations of management, concluded that the Company’s consolidated financial statements as filed on Form 10-Q for the quarter ending March 31, 2015 should not be relied upon because of the reclassification errors identified therein.
Current Fiscal Year End Date	--09-30
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	9,770,770
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2015	Sep. 30, 2014
Real estate investments at cost:
Land	$ 102,339	$ 102,146
Buildings and improvements	174,067	164,317
Projects under construction	1,095	8,971
Total investments in properties	277,501	275,434
Less accumulated depreciation and depletion	71,072	67,998
Net investments in properties	206,429	207,436
Real estate held for investment, at cost	7,306	7,304
Real estate held for sale, at cost	4,698	4,473
Investment in joint ventures	18,665	18,537
Net real estate investments	237,098	237,750
Cash and cash equivalents	691	1,013
Cash held in escrow	26	61
Accounts receivable	981	1,127
Federal and state income taxes receivable	1,776	0
Assets of discontinued operation	0	61,134
Unrealized rents	4,811	4,780
Deferred costs	6,528	7,027
Other assets	174	179
Total assets	252,085	313,071
Liabilities:
Secured notes payable, less current portion	38,135	41,059
Secured notes payable, current portion	4,049	4,534
Line of credit payable	11,304	10,363
Accounts payable and accrued liabilities	2,472	3,948
Environmental remediation	926	1,771
Deferred revenue	365	872
Federal and state income taxes payable	0	572
Deferred income taxes	14,658	12,969
Liabilities of discontinued operation	0	28,412
Deferred compensation	1,328	1,247
Deferred lease intangible net	74	103
Tenant security deposits	887	906
Total liabilities	$ 74,198	$ 106,756
Commitments and contingencies (Note 9)
Equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 9,770,770 and 9,703,270 shares issued and outstanding, respectively	$ 977	$ 970
Capital in excess of par value	49,542	47,892
Retained earnings	127,380	157,413
Accumulated other comprehensive (loss) income, net	(12)	40
Total shareholders' equity	177,887	206,315
Total liabilities and shareholders' equity	$ 252,085	$ 313,071

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2015	Sep. 30, 2014
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, shares issued and outstanding	9,770,770	9,703,270

Statements of Income

Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rental revenue	$ 5,879	$ 5,291	$ 11,747	$ 10,391
Royalty and rents	1,315	1,203	2,635	2,448
Revenue - reimbursements	1,754	1,513	2,868	2,397
Total revenues	8,948	8,007	17,250	15,236
Cost of operations:
Depreciation, depletion and amortization	1,878	1,693	3,761	3,299
Operating expenses	1,755	1,487	2,669	2,395
Property taxes	1,234	879	2,329	1,719
Management company indirect	442	403	794	784
Corporate expenses	1,480	1,723	3,193	3,041
Total cost of operations	6,789	6,185	12,746	11,238
Total operating profit	2,159	1,822	4,504	3,998
Interest income	0	0	0	1
Interest expense	(620)	(310)	(1,065)	(599)
Equity in loss of joint ventures	(150)	(31)	(180)	(63)
(Loss) Gain on investment land sold	(3)	22	(20)	78
Income from continuing operations before income taxes	1,386	1,503	3,239	3,415
Provision for income taxes	541	586	1,263	1,332
Income from continuing operations	845	917	1,976	2,083
Gain from discontinued transportation operations, net of taxes	516	787	2,179	1,961
Net income	$ 1,361	$ 1,704	$ 4,155	$ 4,044
Basic earnings per common share
Income from continuing operations	$ 0.09	$ 0.10	$ 0.20	$ 0.22
Discontinued operations	0.05	0.08	0.23	0.20
Net income	0.14	0.18	0.43	0.42
Diluted earnings per common share
Income from continuing operations	0.09	0.10	0.20	0.22
Discontinued operations	0.05	0.08	0.22	0.20
Net income	$ 0.14	$ 0.18	$ 0.42	$ 0.42
Number of shares (in thousands) used in computing:
-basic earnings per common share	9,749	9,619	9,730	9,593
-diluted earnings per common share	9,818	9,707	9,813	9,690

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$ 4,155	$ 4,044
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net	(2,179)	(1,961)
Depreciation, depletion and amortization	3,851	3,384
Deferred income taxes	1,583	372
Equity in loss of joint ventures	180	63
Loss (Gain) on sale of equipment and property	120	(74)
Stock-based compensation	754	960
Net changes in operating assets and liabilities:
Accounts receivable	146	1,516
Deferred costs and other assets	(180)	(102)
Accounts payable and accrued liabilities	(2,828)	(2,139)
Income taxes payable and receivable	(2,348)	(1,379)
Other long-term liabilities	33	50
Net cash provided by operating activities of continuing operations	3,287	4,734
Net cash provided by operating activities of discontinued operations	4,984	4,050
Net cash provided by operating activities	8,271	8,784
Cash flows from investing activities:
Investments in property, plant and equipment	(2,429)	(4,797)
Cash held in escrow	35	1,349
Investment in joint ventures	(311)	(210)
Proceeds from the sale of real estate held for investment, property, plant and equipment	0	78
Net cash used in investing activities of continuing operations	(2,705)	(3,580)
Net cash used in investing activities of discontinued operations	(2,694)	(15,346)
Net cash used in investing activities	(5,399)	(18,926)
Cash flows from financing activities:
Repayment of long-term debt	(3,409)	(2,120)
Proceeds from borrowing on revolving credit facility	15,123	0
Payment on revolving credit facility	(14,182)	0
Excess tax benefits from exercises of stock options	730	539
Exercise of employee stock options	175	669
Net cash used in financing activities of continuing operations	(1,563)	(912)
Net cash (used in) provided by financing activities of discontinued operations	(1,631)	11,684
Net cash (used in) provided by financing activities	(3,194)	10,772
Net (decrease) increase in cash and cash equivalents	(322)	630
Cash and cash equivalents at beginning of period	1,013	502
Cash and cash equivalents at end of the period	$ 691	$ 1,132

Basis of Presentation

Basis of Presentation	6 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	(1) Basis of Presentation Following the completion of the spin-off of the transportation business on January 30, 2015, management conducted a strategic review of the Company’s real estate operations. As a result of this review, information that the Company’s chief operating decision maker (its chief executive officer) regularly reviews for purposes of allocating resources and assessing performance changed. Therefore, beginning in fiscal year 2015, the Company will report its financial performance based on the three reportable segments described below. Beginning with the quarter ending March 31, 2015, our financial statements will reflect the new reporting structure with prior periods adjusted accordingly Our Mining and Royalties segment stays the same, but based on our strategic review the Developed Property Rentals seg Developed Property Rentals segment. The Asset Management segment contains all the developed

Restatement

Restatement	6 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Restatement	(2) Restatement. The following table sets forth the effects of the restatement on certain line items in our previously reported financial statements (in thousands except per share amounts): THREE MONTHS ENDED SIX MONTHS ENDED MARCH 31, MARCH 31, 2014 2014 (previously (previously (restated) reported) (restated) reported) Total Revenues $ 8,007 8,007 15,236 15,236 Cost of operations: Depreciation, depletion and 1,693 1,693 3,299 3,299 amortization Operating expenses 1,487 1,487 2,395 2,395 Property taxes 879 879 1,719 1,719 Management company indirect 403 403 784 784 Corporate expenses 1,723 1,076 3,041 2,394 Total cost of operations 6,185 5,538 11,238 10,591 Total operating profit 1,822 2,469 3,998 4,645 Interest income — — 1 1 Interest expense (310 ) (310 ) (599 ) (599 ) Equity in loss of joint ventures (31 ) (31 ) (63 ) (63 ) Gain on investment land sold 22 22 78 78 Income from continuing operations before income taxes 1,503 2,150 3,415 4,062 Provision for income taxes 586 838 1,332 1,584 Income from continuing operations 917 1,312 2,083 2,478 Gain from discontinued transportation operations, net of taxes 787 392 1,961 1,566 Net income $ 1,704 1,704 4,044 4,044 Earnings per common share: Income from continuing operations- Basic 0.10 0.14 0.22 0.26 Diluted 0.10 0.14 0.22 0.26 Discontinued operations- Basic 0.08 0.04 0.20 0.16 Diluted 0.08 0.04 0.20 0.16 Net Income- Basic 0.18 0.18 0.42 0.42 Diluted 0.18 0.18 0.42 0.42 SIX MONTHS ENDED MARCH 31, 2014 (previously (restated) reported) Cash flows from operating activities: Net income $ 4,044 $ 4,044 Adjustments to reconcile net income to net cash provided by operating activities: Income from discontinued operations, net (1,961 ) (1,566 ) Depreciation, depletion and amortization 3,384 3,384 Deferred income taxes 372 372 Equity in loss of joint ventures 63 63 Loss (Gain) on sale of equipment and property (74 ) (74 ) Stock-based compensation 960 960 Net changes in operating assets and liabilities: Accounts receivable 1,516 1,516 Deferred costs and other assets (102 ) (102 ) Accounts payable and accrued liabilities (2,139 ) (2,139 ) Income taxes payable and receivable (1,379 ) (1,379 ) Other long-term liabilities 50 50 Net cash provided by operating activities of continuing operations 4,734 5,129 Net cash provided by operating activities of discontinued operations 4,050 3,655 Net cash provided by operating activities 8,784 8,784

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Recent Accounting Pronouncements	(3) Recently Issued Accounting Standards. In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs”, which relates to the financial statement presentation of debt issuance costs. This guidance requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt liability rather than an asset. The guidance is effective for annual and interim periods beginning after December 15, 2015 and early adoption is permitted and will only result in a change in presentation of these costs on our balance sheets.

Business Segments

Business Segments	6 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Business Segments	(4) Business Segments. Subsequent to the Spin-off, the Company is receiving certain services from Patriot (e.g. executive oversight, accounting, information technology and human resource services) which are billed to the Company on a monthly basis in accordance with the Transition Services Agreement entered into and made effective as of the date of the Spin-off. As was the case prior to the Spin-off, these costs (excluding stock compensation) are included in the Company’s corporate expense and are fully allocated to the business segments. Certain other corporate expenses (primarily stock compensation, corporate aircraft and one-time Spin-off related expenses) are reported as “unallocated” on the Company’s consolidated income statement and are not allocated to any business segment. As a result of the Spin-off the former transportation segment of the Company is reported as a discontinued operation and thus is not allowed any corporate overhead allocation. Hence, all corporate overhead of the transportation group through the date of the Spin-off is included in “corporate expense” on the Company’s consolidated income statements herein. Reclassifications to the appropriate prior period line items and 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 Six Months ended March 31, March 31, 2015 2014 restated 2015 2014 restated Revenues: Asset management $ 7,330 6,580 14,087 12,340 Mining royalty land 1,335 1,226 2,679 2,494 Land development and construction 283 201 484 402 $ 8,948 8,007 17,250 15,236 Operating profit: Asset management $ 3,187 2,840 6,573 5,548 Mining royalty land 1,191 1,068 2,391 2,196 Land development and construction (739 ) (363 ) (1,267 ) (705 ) Corporate expenses: Allocated to asset management (236 ) (178 ) (426 ) (356 ) Allocated to mining royalty (250 ) (189 ) (451 ) (378 ) Allocated to land development and construction (140 ) (105 ) (251 ) (210 ) Unallocated (692 ) (418 ) (984 ) (553 ) Unallocated to discontinued ops. (162 ) (833 ) (1,081 ) (1,544 ) (1,480 ) (1,723 ) (3,193 ) (3,041 ) $ 2,159 1,822 4,504 3,998 Interest expense: Asset management $ 620 310 1,065 599 Mining royalty land - - - - Land development and construction - - - - $ 620 310 1,065 599 Depreciation, depletion and Amortization: Asset management $ 1,776 1,619 3,562 3,151 Mining royalty land 30 28 61 56 Land development and construction 72 46 138 92 $ 1,878 1,693 3,761 3,299 Capital expenditures: Mining royalty land — — - - Land development and construction and Asset Management: Capitalized interest 248 477 569 993 Internal labor 85 100 184 195 Real estate taxes 39 16 66 40 Other costs 319 436 1,610 3,570 $ 691 1,029 2,429 4,798 March 31, September 30, Identifiable net assets 2015 2014 Asset management $ 152,222 144,420 Mining royalty land 40,459 39,368 Land development and construction 57,459 67,136 Discontinued operations - 59,465 Cash items 717 1,074 Unallocated corporate assets 1,228 1,608 $ 252,085 313,071

Related Party Agreements with P

Related Party Agreements with Patriot	6 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Agreements with Patriot	(5) Related Party Agreements with Patriot. In order to affect the Spin-off and govern our relationship with Patriot Transportation Holding, Inc. after the Spin-off, we entered into an Employee Matters Agreement and a Transition Services Agreement. 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 Patriot is providing to FRP certain services that were shared prior to the Spin-off, including the services of certain shared executive officers, for a period of 12 or more months after the Spin-off. The consolidated statements of income reflects charges and/or allocations from Patriot for these services of $643,000 and $890,000 for the three months ended March 31, 2015 and 2014, and $1,437,000 and $1,497,000 for the six months ended March 31, 2015 and 2014, respectively. Included in the charges above are amounts recognized for stock-based executive compensation expense. These charges are reflected within corporate expenses on the consolidated statements of income. To determine these allocations between FRP and Patriot, we generally employed the same methodology historically used by the Company pre Spin-off 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 as the terms were negotiated while Patriot was still a subsidiary of FRP.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Long-Term Debt	(6) Long-Term debt . Long-term debt is summarized as follows (in thousands): March 31, September 30, 2015 2014 Revolving credit (uncollateralized) $ 11,304 10,363 5.6% to 7.9% mortgage notes due in installments through 2027 42,184 45,593 53,488 55,956 Less portion due within one year 4,049 4,534 $ 49,439 51,422 On January 30, 2015, in connection with the Spin-off, the Company terminated its $55 million credit facility entered into with Wells Fargo Bank, N.A. in 2012 and simultaneously entered into a new five year credit agreement with Wells Fargo with a maximum facility amount of $20 million and a $10 million sublimit available for standby letters of credit. At September 30, 2014, prior to the Spin-off, the total amount outstanding on the credit facility was $17,645,000 of which the Company was allocated $10,363,000 and Patriot was allocated $7,282,000. On the day of the spin-off the Company refinanced $10,483,000 into the Company’s new credit facility and Patriot refinanced $5,142,000 into Patriot’s new credit facility. As of March 31, 2015, there was $11,304,000 outstanding on the Company’s new credit facility and $2,610,000 outstanding under letters of credit and $6,086,000 available for borrowing and the Company was in compliance with all its loan covenants. In January 2015 the Company prepaid the $1,314,000 remaining principal balance on 8.55% and 7.95% mortgages. The prepayment penalty of $116,000 is included in interest expense. The remaining deferred loan costs of $15,000 were also included in interest expense. 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 March 31, 2015, the carrying amount and fair value of such long-term debt was $42,184,000 and $46,048,000, respectively.

Earnings per Share

Earnings per Share	6 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Earnings per Share	(7) Earnings per share. Three Months ended Six Months ended March 31, March 31, 2015 2014 restated 2015 2014 restated Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,749 9,619 9,730 9,593 Common shares issuable under share based payment plans which are potentially dilutive 69 88 83 97 Common shares used for diluted earnings per common share 9,818 9,707 9,813 9,690 Income from continuing operations $ 845 917 1,976 2,083 Discontinued operations 516 787 2,179 1,961 Net income $ 1,361 1,704 4,155 4,044 Basic earnings per common share: Income from continuing operations $ 0.09 0.10 0.20 0.22 Discontinued operations 0.05 0.08 0.23 0.20 Net income $ 0.14 0.18 0.43 0.42 Diluted earnings per common share: Income from continuing operations $ 0.09 0.10 0.20 0.22 Discontinued operations 0.05 0.08 0.22 0.20 Net income $ 0.14 0.18 0.42 0.42 For the three and six months ended March 31, 2015, 56,110 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 and six months ended March 31, 2014, 26,334 and 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.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	(8) 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 419,170 at March 31, 2015. 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. All outstanding options held by the Company directors, Company officers and key employees on January 30, 2015 were cancelled and replaced by an equal number of FRP options at 75.14% of the previous exercise price based upon the market value of FRP less the when issued market value of the Company on that day. For FRP officers additional options were issued rather than issuing Patriot options for the 24.86% market value attributed to Patriot. 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. Subsequent to Spin-off, the realized tax benefit pertaining to options exercised and the remaining compensation cost of options previously granted prior to the Spin-off will be recognized by FRP or Patriot based on the employment location of the related employee or director. T he Company recorded the following stock compensation expense (including unallocated to Patriot in periods prior to the Spin-off) in its consolidated statements of income (in thousands): Three Months ended Six Months ended March 31, March 31, 2015 2014 2015 2014 Stock option grants $ 46 93 218 262 Annual director stock award 536 698 536 698 $ 582 791 754 960 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 5.0 $ 3,481 Spin-off adjustment (865 ) Spin-off conversion 17,795 20.63 155 Granted 39,425 $ 26.97 $ 432 Forfeited (6,000 ) 14.97 $ (35 ) Exercised (51,300 ) $ 13.27 $ (297 ) Outstanding at March 31, 2015 326,750 $ 21.35 6.0 $ 2,871 Exercisable at March 31, 2015 234,847 $ 20.21 5.1 $ 1,884 Vested during six months ended March 31, 2015 37,546 $ 329 The aggregate intrinsic value of exercisable in-the-money options was $3,083,000 and the aggregate intrinsic value of all outstanding in-the-money options was $4,917,000 based on the market closing price of $36.40 on March 31, 2015 less exercise prices. The realized tax benefit to the Company or Patriot from options exercised in the six months ended March 31, 2015 was $406,000. The unrecognized compensation cost of options granted but not yet vested as of March 31, 2015 was $823,000, which is expected to be recognized over a weighted-average period of 3.6 years. Gains of $1,048,000 were realized by option holders during the six months ended March 31, 2015.

Contingent liabiilites

Contingent liabiilites	6 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Contingent liabiilites	(9) Contingent liabilities 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 soils that will have to be specially handled upon excavation in conjunction with construction of each phase. The Company previously agreed with our joint venture partner to bear the cost of handling the contaminated materials up to a cap of $1.871 million. In connection with that agreement, the Company recorded an expense in the fourth quarter of fiscal 2012 of $1.771 million for this environmental remediation liability. During the quarter, the total cost of remediation on Phase I reached $2.024 million which is still within the projected budget for these remediation expenses as determined by our development partner. As a result, the Company recorded an additional $100,000 expense in this second quarter of 2015 in the Land Development and Construction segment and incurred a loss of $140,000 in equity in joint ventures as a result of our 77% pro rata share of these additional remediation costs incurred within the joint venture. The Company has no obligation to remediate the 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 contractually responsible for the cost of removal of the contaminated materials and we are continuing to pursue this claim. The Company's actual expense to address this issue may be materially

Concentrations

Concentrations	6 Months Ended
	Mar. 31, 2015
Risks and Uncertainties [Abstract]
Concentrations	(10) Concentrations Northern Virginia/ market Likewise, our Mining Royalty Land segment generates the predominance of its revenue from mines in Florida and Georgia and is subject to the effects of economic downturns and construction cycles in these markets. Additionally, this segment has one lessee that accounted for 63.9% of the segment’s revenues and $107,000 of accounts receivable at March 31, 2015. The termination of certain of this lessee’s underlying leases or non-performance under the 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 insured limits.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	(11) Fair Value Measurements As of March 31, 2015, 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 6) approximates the carrying value due to the short-term nature of such instruments. In addition, we believe the fair value of the amount outstanding pertaining to the revolver approximates the carrying value as the related debt agreement reflects present market terms and contains certain interest rates that reset periodically based on current market indices.

Real Estate Held for Sale

Real Estate Held for Sale	6 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Real Estate Held for Sale	(12) Real Estate Held for Sale

Unusual or Infrequent Items Imp

Unusual or Infrequent Items Impacting Quarterly Results	6 Months Ended
	Mar. 31, 2015
Extraordinary and Unusual Items [Abstract]
Unusual or Infrequent Items Impacting Quarterly Results	(13) Unusual or Infrequent Items Impacting Quarterly Results. Operating profit includes expenses of $107,000 and $307,000 in the second quarter and six months respectively of fiscal 2015 for non-recurring costs related to the Spin-off. In January 2015 the Company prepaid the $1,314,000 remaining principal balance on 8.55% and 7.95% mortgages. The prepayment penalty of $116,000 is included in interest expense. The remaining deferred loan costs of $15,000 were also included in interest expense.

Investment in Riverfront and Br

Investment in Riverfront and Brooksville Joint Ventures	6 Months Ended
	Mar. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investment in Riverfront and Brooksville Joint Ventures	(14) Investment in Riverfront and Brooksville Joint Ventures. Riverfront. 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 approximately 2 acres 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 to occur in the second half of calendar 2016 and all of 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. Other income for the first six months of fiscal 2015 includes a loss of $162,000 representing the Company’s portion of the loss of this joint venture due primarily to expenses incurred in the joint venture this quarter with respect to the environmental remediation. Brooksville. Real estate revenues included $143,000 of royalties from the mining activities on this property in the six months ended March 31, 2015 and $98,000 in six months ended March 31, 2014. Allocated depletion expense of $3,000 was included in real estate cost of operations for the six months ended March 31, 2015. 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 March 31, 2015 Riverfront Holdings I, LLC 76.91 % $ 11,146 $ 35,588 $ (198 ) $ (162 ) Brooksville Quarry, LLC 50.00 % 7,519 14,342 (36 ) (18 ) Total $ 18,665 $ 49,930 $ (234 ) $ (180 ) As of September 30, 2014 Riverfront Holdings I, LLC 76.91 % $ 11,031 $ 33,834 $ (89 ) $ (89 ) Brooksville Quarry, LLC 50.00 % 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 3/31/2015 9/30/2014 Cash $ 59 $ 208 Cash held in escrow 13,896 18,822 Amortizable Debt Costs 2,069 2,069 Investments in real estate, net. 33,906 27,088 Total Assets $ 49,930 $ 48,187 Other Liabilities $ 1,947 $ 313 Long-term Debt 17,000 17,000 Capital – FRP 18,665 18,537 Capital - Third Parties 12,318 12,337 Total Liabilities and Capital $ 49,930 $ 48,187

Discontinued operations

Discontinued operations	6 Months Ended
	Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operations	(15) Discontinued operations. Effective January 30, 2015, we spun off our transportation assets into a new, publicly traded entity, Patriot Transportation Holding, Inc. The Company has accounted for the Patriot operations as discontinued operations for all periods presented. Shareholders’ equity was reduced by $34,241,000 due to this distribution on January 30, 2015. Comprehensive income of $40,000 was included in that amount. The results of operations associated with discontinued operations for the three month and six month periods ended March 31, 2015 and 2014 were as follows (in thousands): Three Months ended Six Months ended March 31, March 31, 2015 2014 restated 2015 2014 restated Revenue $ 10,083 31,900 41,800 63,491 Cost of operations 9,230 30,575 38,195 60,218 Operating profit 853 1,325 3,605 3,273 Interest expense (7 ) (35 ) (33 ) (58 ) Income before income taxes 846 1,290 3,572 3,215 Provision for income taxes 330 503 1,393 1,254 Income from discontinued operations $ 516 787 2,179 1,961 The components of the balance sheet at September 30, 2014 are as follows (in thousands): Property and equipment, net $ 42,174 Accounts receivable, net 7,119 Deferred costs 11,809 Other assets 32 Assets of discontinued operation $ 61,134 Line of credit $ 7,282 Accounts payable and accrued liabilities 11,489 Deferred compensation 717 Deferred income taxes 8,924 Liabilities of discontinued operation $ 28,412

Restatement (Tables)

Restatement (Tables)	6 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Restatement of prior year income	THREE MONTHS ENDED SIX MONTHS ENDED MARCH 31, MARCH 31, 2014 2014 (previously (previously (restated) reported) (restated) reported) Total Revenues $ 8,007 8,007 15,236 15,236 Cost of operations: Depreciation, depletion and 1,693 1,693 3,299 3,299 Amortization Operating expenses 1,487 1,487 2,395 2,395 Property taxes 879 879 1,719 1,719 Management company indirect 403 403 784 784 Corporate expenses 1,723 1,076 3,041 2,394 Total cost of operations 6,185 5,538 11,238 10,591 Total operating profit 1,822 2,469 3,998 4,645 Interest income — — 1 1 Interest expense (310 ) (310 ) (599 ) (599 ) Equity in loss of joint ventures (31 ) (31 ) (63 ) (63 ) Gain on investment land sold 22 22 78 78 Income from continuing operations before income taxes 1,503 2,150 3,415 4,062 Provision for income taxes 586 838 1,332 1,584 Income from continuing operations 917 1,312 2,083 2,478 Gain from discontinued transportation operations, net of taxes 787 392 1,961 1,566 Net income $ 1,704 1,704 4,044 4,044 Earnings per common share: Income from continuing operations- Basic 0.10 0.14 0.22 0.26 Diluted 0.10 0.14 0.22 0.26 Discontinued operations- Basic 0.08 0.04 0.20 0.16 Diluted 0.08 0.04 0.20 0.16 Net Income- Basic 0.18 0.18 0.42 0.42 Diluted 0.18 0.18 0.42 0.42
Cash flow restatement lines	SIX MONTHS ENDED MARCH 31, 2014 (previously (restated) reported) Cash flows from operating activities: Net income $ 4,044 $ 4,044 Adjustments to reconcile net income to net cash provided by operating activities: Income from discontinued operations, net (1,961 ) (1,566 ) Depreciation, depletion and amortization 3,384 3,384 Deferred income taxes 372 372 Equity in loss of joint ventures 63 63 Loss (Gain) on sale of equipment and property (74 ) (74 ) Stock-based compensation 960 960 Net changes in operating assets and liabilities: Accounts receivable 1,516 1,516 Deferred costs and other assets (102 ) (102 ) Accounts payable and accrued liabilities (2,139 ) (2,139 ) Income taxes payable and receivable (1,379 ) (1,379 ) Other long-term liabilities 50 50 Net cash provided by operating activities of continuing operations 4,734 5,129 Net cash provided by operating activities of discontinued operations 4,050 3,655 Net cash provided by operating activities 8,784 8,784

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Business segments	Three Months ended Six Months ended March 31, March 31, 2015 2014 restated 2015 2014 restated Revenues: Asset management $ 7,330 6,580 14,087 12,340 Mining royalty land 1,335 1,226 2,679 2,494 Land development and construction 283 201 484 402 $ 8,948 8,007 17,250 15,236 Operating profit: Asset management $ 3,187 2,840 6,573 5,548 Mining royalty land 1,191 1,068 2,391 2,196 Land development and construction (739 ) (363 ) (1,267 ) (705 ) Corporate expenses: Allocated to asset management (236 ) (178 ) (426 ) (356 ) Allocated to mining royalty (250 ) (189 ) (451 ) (378 ) Allocated to land development and construction (140 ) (105 ) (251 ) (210 ) Unallocated (692 ) (418 ) (984 ) (553 ) Unallocated to discontinued ops. (162 ) (833 ) (1,081 ) (1,544 ) (1,480 ) (1,723 ) (3,193 ) (3,041 ) $ 2,159 1,822 4,504 3,998 Interest expense: Asset management $ 620 310 1,065 599 Mining royalty land - - - - Land development and construction - - - - $ 620 310 1,065 599 Depreciation, depletion and Amortization: Asset management $ 1,776 1,619 3,562 3,151 Mining royalty land 30 28 61 56 Land development and construction 72 46 138 92 $ 1,878 1,693 3,761 3,299 Capital expenditures: Mining royalty land — — - - Land development and construction and Asset Management: Capitalized interest 248 477 569 993 Internal labor 85 100 184 195 Real estate taxes 39 16 66 40 Other costs 319 436 1,610 3,570 $ 691 1,029 2,429 4,798 March 31, September 30, Identifiable net assets 2015 2014 Asset management $ 152,222 144,420 Mining royalty land 40,459 39,368 Land development and construction 57,459 67,136 Discontinued operations - 59,465 Cash items 717 1,074 Unallocated corporate assets 1,228 1,608 $ 252,085 313,071

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation Expense	Three Months ended Six Months ended March 31, March 31, 2015 2014 2015 2014 Stock option grants $ 46 93 218 262 Annual director stock award 536 698 536 698 $ 582 791 754 960
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 5.0 $ 3,481 Spin-off adjustment (865 ) Spin-off conversion 17,795 20.63 155 Granted 39,425 $ 26.97 $ 432 Forfeited (6,000 ) 14.97 $ (35 ) Exercised (51,300 ) $ 13.27 $ (297 ) Outstanding at March 31, 2015 326,750 $ 21.35 6.0 $ 2,871 Exercisable at March 31, 2015 234,847 $ 20.21 5.1 $ 1,884 Vested during six months ended March 31, 2015 37,546 $ 329

Investment in Riverfront and 24

Investment in Riverfront and Brooksville Joint Ventures (Tables)	6 Months Ended
	Mar. 31, 2015
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 March 31, 2015 Riverfront Holdings I, LLC 76.91 % $ 11,146 $ 35,588 $ (198 ) $ (162 ) Brooksville Quarry, LLC 50.00 % 7,519 14,342 (36 ) (18 ) Total $ 18,665 $ 49,930 $ (234 ) $ (180 ) As of September 30, 2014 Riverfront Holdings I, LLC 76.91 % $ 11,031 $ 33,834 $ (89 ) $ (89 ) Brooksville Quarry, LLC 50.00 % 7,506 14,353 (78 ) (39 ) Total $ 18,537 $ 48,187 $ (167 ) $ (128 )
Unaudited Financial Information for the Investments in Joint Ventures	As of 3/31/2015 9/30/2014 Cash $ 59 $ 208 Cash held in escrow 13,896 18,822 Amortizable Debt Costs 2,069 2,069 Investments in real estate, net. 33,906 27,088 Total Assets $ 49,930 $ 48,187 Other Liabilities $ 1,947 $ 313 Long-term Debt 17,000 17,000 Capital – FRP 18,665 18,537 Capital - Third Parties 12,318 12,337 Total Liabilities and Capital $ 49,930 $ 48,187

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Long-term debt	March 31, September 30, 2015 2014 Revolving credit (uncollateralized) $ 11,304 10,363 5.6% to 7.9% mortgage notes due in installments through 2027 42,184 45,593 53,488 55,956 Less portion due within one year 4,049 4,534 $ 49,439 51,422

Discontinued operations (Tables

Discontinued operations (Tables)	6 Months Ended
	Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operations results of operations	Three Months ended Six Months ended March 31, March 31, 2015 2014 2015 2014 restated restated Revenue $ 10,083 31,900 41,800 63,491 Cost of operations 9,230 30,575 38,195 60,218 Operating profit 853 1,325 3,605 3,273 Interest expense (7 ) (35 ) (33 ) (58 ) Income before income taxes 846 1,290 3,572 3,215 Provision for income taxes 330 503 1,393 1,254 Income from discontinued operations $ 516 787 2,179 1,961
Discontinued operations balance sheet	Property and equipment, net $ 42,174 Accounts receivable, net 7,119 Deferred costs 11,809 Other assets 32 Assets of discontinued operation $ 61,134 Line of credit $ 7,282 Accounts payable and accrued liabilities 11,489 Deferred compensation 717 Deferred income taxes 8,924 Liabilities of discontinued operation $ 28,412

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Earnings per share computations	Three Months ended Six Months ended March 31, March 31, 2015 2014 2015 2014 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,749 9,619 9,730 9,593 Common shares issuable under share based payment plans which are potentially dilutive 69 88 83 97 Common shares used for diluted earnings per common share 9,818 9,707 9,813 9,690 Income from continuing operations $ 845 917 1,976 2,083 Discontinued operations 516 787 2,179 1,961 Net income $ 1,361 1,704 4,155 4,044 Basic earnings per common share: Income from continuing operations $ 0.09 0.10 0.20 0.22 Discontinued operations 0.05 0.08 0.23 0.20 Net income $ 0.14 0.18 0.43 0.42 Diluted earnings per common share: Income from continuing operations $ 0.09 0.10 0.20 0.22 Discontinued operations 0.05 0.08 0.22 0.20 Net income $ 0.14 0.18 0.42 0.42

Restatement - Restatement of pr

Restatement - Restatement of prior year income (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014
Total Revenues	$ 8,948	$ 8,007	$ 17,250	$ 15,236
Cost of operations:
Depreciation, depletion and amortization	1,878	1,693	3,761	3,299
Operating expenses	1,755	1,487	2,669	2,395
Property taxes	1,234	879	2,329	1,719
Management company indirect	442	403	794	784
Corporate expenses	1,480	1,723	3,193	3,041
Total cost of operations	6,789	6,185	12,746	11,238
Total operating profit	2,159	1,822	4,504	3,998
Interest income	0	0	0	1
Interest expense	(620)	(310)	(1,065)	(599)
Equity in loss of joint ventures	(150)	(31)	(180)	(63)	$ (128)
(Loss) Gain on investment land sold	(3)	22	(20)	78
Income from continuing operations before income taxes	1,386	1,503	3,239	3,415
Provision for income taxes	541	586	1,263	1,332
Income from continuing operations	845	917	1,976	2,083
Gain from discontinued transportation operations, net of taxes	516	787	2,179	1,961
Net income	$ 1,361	$ 1,704	$ 4,155	$ 4,044
Basic earnings per common share
Income from continuing operations	$ 0.09	$ 0.10	$ 0.20	$ 0.22
Discontinued operations	0.05	0.08	0.23	0.20
Net income	0.14	0.18	0.43	0.42
Diluted earnings per common share
Income from continuing operations	0.09	0.10	0.20	0.22
Discontinued operations	0.05	0.08	0.22	0.20
Net income	$ 0.14	$ 0.18	$ 0.42	$ 0.42
Restatement Adjustment [Member]
Total Revenues		$ 8,007		$ 15,236
Cost of operations:
Depreciation, depletion and amortization		1,693		3,299
Operating expenses		1,487		2,395
Property taxes		879		1,719
Management company indirect		403		784
Corporate expenses		1,723		3,041
Total cost of operations		6,185		11,238
Total operating profit		$ 1,822		3,998
Interest income				1
Interest expense		$ (310)		(599)
Equity in loss of joint ventures		(31)		(63)
(Loss) Gain on investment land sold		22		78
Income from continuing operations before income taxes		1,503		3,415
Provision for income taxes		586		1,332
Income from continuing operations		917		2,083
Gain from discontinued transportation operations, net of taxes		787		1,961
Net income		$ 1,704		$ 4,044
Basic earnings per common share
Income from continuing operations		$ 0.10		$ 0.22
Discontinued operations		0.08		0.20
Net income		0.18		0.42
Diluted earnings per common share
Income from continuing operations		0.10		0.22
Discontinued operations		0.08		0.20
Net income		$ 0.18		$ 0.42
Previously Reported [Member]
Total Revenues		$ 8,007		$ 15,236
Cost of operations:
Depreciation, depletion and amortization		1,693		3,299
Operating expenses		1,487		2,395
Property taxes		879		1,719
Management company indirect		403		784
Corporate expenses		1,076		2,394
Total cost of operations		5,538		10,591
Total operating profit		$ 2,469		4,645
Interest income				1
Interest expense		$ (310)		(599)
Equity in loss of joint ventures		(31)		(63)
(Loss) Gain on investment land sold		22		78
Income from continuing operations before income taxes		2,150		4,062
Provision for income taxes		838		1,584
Income from continuing operations		1,312		2,478
Gain from discontinued transportation operations, net of taxes		392		1,566
Net income		$ 1,704		$ 4,044
Basic earnings per common share
Income from continuing operations		$ 0.14		$ 0.26
Discontinued operations		0.04		0.16
Net income		0.18		0.42
Diluted earnings per common share
Income from continuing operations		0.14		0.26
Discontinued operations		0.04		0.16
Net income		$ 0.18		$ 0.42

Restatement - Cash flow restate

Restatement - Cash flow restatement lines (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 1,361	$ 1,704	$ 4,155	$ 4,044
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net	(516)	(787)	(2,179)	(1,961)
Depreciation, depletion and amortization			3,851	3,384
Deferred income taxes			1,583	372
Equity in loss of joint ventures	150	31	180	63	$ 128
Loss (Gain) on sale of equipment and property			120	(74)
Stock-based compensation	$ 582	791	754	960
Net changes in operating assets and liabilities:
Accounts receivable			146	1,516
Deferred costs and other assets			(180)	(102)
Accounts payable and accrued liabilities			(2,828)	(2,139)
Income taxes payable and receivable			(2,348)	(1,379)
Other long-term liabilities			33	50
Net cash provided by operating activities of continuing operations			3,287	4,734
Net cash provided by operating activities of discontinued operations			4,984	4,050
Net cash provided by operating activities			$ 8,271	8,784
Restatement Adjustment [Member]
Cash flows from operating activities:
Net income		1,704		4,044
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net		(787)		(1,961)
Depreciation, depletion and amortization				3,384
Deferred income taxes				372
Equity in loss of joint ventures		31		63
Loss (Gain) on sale of equipment and property				(74)
Stock-based compensation				960
Net changes in operating assets and liabilities:
Accounts receivable				1,516
Deferred costs and other assets				(102)
Accounts payable and accrued liabilities				(2,139)
Income taxes payable and receivable				(1,379)
Other long-term liabilities				50
Net cash provided by operating activities of continuing operations				4,734
Net cash provided by operating activities of discontinued operations				4,050
Net cash provided by operating activities				8,784
Previously Reported [Member]
Cash flows from operating activities:
Net income		1,704		4,044
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net		(392)		(1,566)
Depreciation, depletion and amortization				3,384
Deferred income taxes				372
Equity in loss of joint ventures		$ 31		63
Loss (Gain) on sale of equipment and property				(74)
Stock-based compensation				960
Net changes in operating assets and liabilities:
Accounts receivable				1,516
Deferred costs and other assets				(102)
Accounts payable and accrued liabilities				(2,139)
Income taxes payable and receivable				(1,379)
Other long-term liabilities				50
Net cash provided by operating activities of continuing operations				5,129
Net cash provided by operating activities of discontinued operations				3,655
Net cash provided by operating activities				$ 8,784

Business Segments - Business se

Business Segments - Business segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014
Segment Reporting Information [Line Items]
Revenues	$ 8,948	$ 8,007	$ 17,250	$ 15,236
Interest expense	620	310	1,065	599
Capital expenditures - Real estate taxes	1,234	879	2,329	1,719
Depreciation, depletion and amortization			3,851	3,384
Cash items	717		717		$ 1,074
Discontinued operations identifiable net assets					59,465
Total identifiable net assets	252,085		252,085		313,071
Asset Management
Segment Reporting Information [Line Items]
Revenues	7,330	6,580	14,087	12,340
Operating profit	3,187	2,840	6,573	5,548
Corporate expenses	(236)	(178)	(426)	(356)
Interest expense	620	310	1,065	599
Depreciation, depletion and amortization	1,776	1,619	3,562	3,151
Identifiable net assets	152,222		152,222		144,420
Mining royalty land
Segment Reporting Information [Line Items]
Revenues	1,335	1,226	2,679	2,494
Operating profit	1,191	1,068	2,391	2,196
Corporate expenses	(250)	(189)	(451)	(378)
Capital expenditures	0	0	0	0
Depreciation, depletion and amortization	30	28	61	56
Identifiable net assets	40,459		40,459		39,368
Land Development and Construction
Segment Reporting Information [Line Items]
Revenues	283	201	484	402
Operating profit	(739)	(363)	(1,267)	(705)
Corporate expenses	(140)	(105)	(251)	(210)
Depreciation, depletion and amortization	72	46	138	92
Identifiable net assets	57,459		57,459		67,136
Combined Land Development and Construction and Asset Management
Segment Reporting Information [Line Items]
Capital expenditures	319	436	1,610	3,570
Capital expenditures - Capitalized interest	248	477	569	993
Capital expenditures - Internal labor	85	100	184	195
Capital expenditures - Real estate taxes	39	16	66	40
Corporate
Segment Reporting Information [Line Items]
Corporate expenses	(692)	(418)	(984)	(553)
Identifiable net assets	1,228		1,228		$ 1,608
Total Segments
Segment Reporting Information [Line Items]
Revenues	8,948	8,007	17,250	15,236
Operating profit	2,159	1,822	4,504	3,998
Unallocated to discontinued operations	(162)	(833)	(1,081)	(1,544)
Interest expense	620	310	1,065	599
Capital expenditures	691	1,029	2,429	4,798
Depreciation, depletion and amortization	$ 1,878	$ 1,693	$ 3,761	$ 3,299

Long-term debt (Details)

Long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Sep. 30, 2014
Debt Disclosure [Abstract]
Revolving credit	$ 11,304	$ 10,363
5.6% to 7.9% mortgage notes due in installments through 2027	42,184	45,593
Total debt	53,488	55,956
Less portion due within one year	4,049	4,534
Long-term debt	$ 49,439	$ 51,422

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	9,749	9,619	9,730	9,593
Common shares issuable under share based payment plans which are potentially dilutive	69	88	83	97
Common shares used for diluted earnings per common share	9,818	9,707	9,813	9,690
Income from continuing operations	$ 845	$ 917	$ 1,976	$ 2,083
Discontinued operations	516	787	2,179	1,961
Net income	$ 1,361	$ 1,704	$ 4,155	$ 4,044
Basic earnings per common share
Income from continuing operations	$ 0.09	$ 0.10	$ 0.20	$ 0.22
Discontinued operations	0.05	0.08	0.23	0.20
Net income	0.14	0.18	0.43	0.42
Diluted earnings per common share
Income from continuing operations	0.09	0.10	0.20	0.22
Discontinued operations	0.05	0.08	0.22	0.20
Net income	$ 0.14	$ 0.18	$ 0.42	$ 0.42

Summary of Stock Activity (Deta

Summary of Stock Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Mar. 31, 2015USD ($)Years$ / sharesshares	Sep. 30, 2014USD ($)Years$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding | shares	326,750	326,830
Options granted | shares	39,425
Options forfeited | shares	(6,000)
Options exercised | shares	(51,300)
Spin-off conversion | shares	17,795
Options outstanding weighted average exercise price | $ / shares	$ 21.35	$ 25.43
Options outstanding weighted average exercise price - Granted | $ / shares	26.97
Options outstanding weighted average exercise price - forfeited | $ / shares	14.97
Options outstanding weighted average exercise price - Exercised | $ / shares	13.27
Options outstanding weighted average exercise price - Spin-off conversion | $ / shares	$ 20.63
Options outstanding weighted average remaining term | Years	6	5
Options outstanding weighted average grant date fair value	$ 2,871	$ 3,481
Options granted weighted average grant date fair value	432
Options forfeited weighted average grant date fair value	(35)
Options exercised weighted average grant date fair value	(297)
Options Spin-off adjustment weighted average grant date fair value	(865)
Options Spin-off conversion weighted average grant date fair value	$ 155
Options exercisable at March 31, 2015 | shares	234,847
Options exerciseable weighted average exercise price | $ / shares	$ 20.21
Options exerciseable weighted average remaining term | Years	5.1
Options exerciseable weighted average grant date fair value	$ 1,884
Options vested during six months ended March 31, 2015 | shares	37,546
Options vested weighted average grant date fair value	$ 329

Stock Compensation Expense (Det

Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option grants	$ 46	$ 93	$ 218	$ 262
Annual director stock award	536	698	536	698
Stock based compensation	$ 582	$ 791	$ 754	$ 960

Investment in Riverfront and 35

Investment in Riverfront and Brooksville Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014
Total Investment	$ 18,665		$ 18,665		$ 18,537
Total Assets of the Partnership	49,930		49,930		48,187
Net Loss of the Partnership			(234)		(167)
Company's share of Net Loss of the Partnership	(150)	$ (31)	(180)	$ (63)	(128)
Cash	59		59		208
Cash held in escrow	13,896		13,896		18,822
Amortizable Debt costs	2,069		2,069		2,069
Investments in real estate, net	33,906		33,906		27,088
Total assets	49,930		49,930		48,187
Other liabilities	1,947		1,947		313
Long-term debt	17,000		17,000		17,000
Capital - FRP Holdings	18,665		18,665		18,537
Capital - Third parties	12,318		12,318		12,337
Total liabilities and capital	$ 49,930		$ 49,930		$ 48,187
Riverfront I Joint Venture
Ownership percent	76.91%		76.91%		76.91%
Total Investment	$ 11,146		$ 11,146		$ 11,031
Total Assets of the Partnership	35,588		35,588		33,834
Net Loss of the Partnership			(198)		(89)
Company's share of Net Loss of the Partnership	(140)		(162)		(89)
Total assets	35,588		35,588		33,834
Capital - FRP Holdings	$ 11,146		$ 11,146		$ 11,031
Brooksville Joint Venture
Ownership percent	50.00%		50.00%		50.00%
Total Investment	$ 7,519		$ 7,519		$ 7,506
Total Assets of the Partnership	14,342		14,342		14,353
Net Loss of the Partnership			(36)		(78)
Company's share of Net Loss of the Partnership			(18)		(39)
Total assets	14,342		14,342		14,353
Capital - FRP Holdings	$ 7,519		$ 7,519		$ 7,506

Discontinued operations - Disco

Discontinued operations - Discontinued operations results of operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Revenue	$ 8,948	$ 8,007	$ 17,250	$ 15,236
Cost of operations	6,789	6,185	12,746	11,238
Operating profit	2,159	1,822	4,504	3,998
Interest expense	(620)	(310)	(1,065)	(599)
Provision for income taxes	541	586	1,263	1,332
Income from discontinued operations	516	787	2,179	1,961
Patriot Transportation
Revenue	10,083	31,900	41,800	63,491
Cost of operations	9,230	30,575	38,195	60,218
Operating profit	853	1,325	3,605	3,273
Interest expense	(7)	(35)	(33)	(58)
Income before income taxes	846	1,290	3,572	3,215
Provision for income taxes	330	503	1,393	1,254
Income from discontinued operations	$ 516	$ 787	$ 2,179	$ 1,961

Discontinued operations - Dis37

Discontinued operations - Discontinued operations balance sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Sep. 30, 2014
Property and equipment, net	$ 206,429	$ 207,436
Deferred costs	6,528	7,027
Other assets	174	179
Assets of discontinued operation	0	61,134
Line of credit	11,304	10,363
Accounts payable and accrued liabilities	2,472	3,948
Deferred compensation	1,328	1,247
Liabilities of discontinued operation	$ 0	28,412
Patriot Transportation
Property and equipment, net		42,174
Accounts receivable, net		7,119
Deferred costs		11,809
Other assets		32
Assets of discontinued operation		61,134
Line of credit		7,282
Accounts payable and accrued liabilities		11,489
Deferred compensation		717
Deferred income taxes		8,924
Liabilities of discontinued operation		$ 28,412

Basis of Presentation (Details

Basis of Presentation (Details Narrative)	6 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Brooksville joint venture owned	50.00%

Related Party Agreements with39

Related Party Agreements with Patriot (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Related Party Transactions [Abstract]
Charges/allocation related to Transition Services Agreement with Patriot	$ 643	$ 890	$ 1,437	$ 1,497

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2015USD ($)	Mar. 31, 2015USD ($)	Jan. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Lowest interest rate on mortgage notes		5.60%
Highest interest rate on mortgage notes		7.90%
Terminated credit facility			$ 55,000
Credit Agreement term years	5	5
Revolving Credit Agreement	$ 20,000	$ 20,000
Sublimit for standby letters of credit	10,000	10,000
Revolver outstanding prior to Spin-off				$ 17,645
Letters of credit issued	2,610	2,610
Borrowed under the revolver	11,304	11,304	10,483	10,363
Facility amount available for borrowing	6,086	6,086
Carrying amount of mortgage notes payable	42,184	42,184
Fair value of mortgage notes payable	46,048	46,048
Prepayment penalty	116	116
Mortgage prepayment	$ 1,314	$ 1,314
Rate of prepaid mortgage	8.55% and 7.95%	8.55% and 7.95%
Deferred loan costs on early prepayment	$ 15	$ 15
Patriot Transportation
Borrowed under the revolver			$ 5,142	$ 7,282

Earnings per Share (Details Nar

Earnings per Share (Details Narrative) - shares	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Anti-dilutive shares	56,110	26,334	56,110	31,790

Stock-Based Compensation Plan42

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	6 Months Ended
	Mar. 31, 2015USD ($)Years$ / sharesshares	Jan. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shares available for future issuance | shares	419,170
FRP options replacement		75.14%
Patriot options replacement		24.86%
Aggregate intrinsic value of exercisable in-the-money options	$ 3,083
Aggregate intrinsic value of outstanding in-the-money options	$ 4,917
Market close price | $ / shares	$ 36.40
Realized tax benefit from options exercised	$ 406
Total unrecognized compensation cost of options granted but not yet vested	$ 823
Weighted average period for compensation to be recognized | Years	3.6
Gains realized by option holders	$ 1,048

Contingent Liabilities (Details

Contingent Liabilities (Details Narrative) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2012	Mar. 31, 2015	Mar. 31, 2014	Sep. 30, 2014
Cap on environment financial responsibility	$ 1,871			$ 1,871
Environmental remediation expense			$ 1,771
Equity in loss of joint ventures	150	$ 31		180	$ 63	$ 128
Riverfront I Joint Venture
Environmental remediation expense	100
Total cost of remediation	2,024			2,024
Equity in loss of joint ventures	$ 140			$ 162		$ 89
Joint venture percentage stake	76.91%			76.91%		76.91%

Concentrations (Details Narrati

Concentrations (Details Narrative) - Mar. 31, 2015 - Mining Top Customer - USD ($) $ in Thousands	Total
Customer revenue concentration	63.90%
Accounts receivable concentration	$ 107

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) $ in Thousands	Mar. 31, 2015USD ($)
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 ($) $ in Thousands	6 Months Ended
	Mar. 31, 2015	Aug. 31, 2015
Sales price		$ 11,188
Increase in sales price		$ 188
Book value of property	$ 4,698

Unusual or Infrequent Items I47

Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) - Mar. 31, 2015 - USD ($) $ in Thousands	Total	Total
Extraordinary and Unusual Items [Abstract]
Spin off related costs	$ 107	$ 307
Mortgage prepayment	$ 1,314	$ 1,314
Rate of prepaid mortgage	8.55% and 7.95%	8.55% and 7.95%
Prepayment penalty	$ 116	$ 116
Deferred loan costs on early prepayment	$ 15	$ 15

Investment in Riverfront and 48

Investment in Riverfront and Brooksville Joint Ventures (Details Narrative) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2015USD ($)aft²	Mar. 31, 2014USD ($)	Mar. 31, 2015USD ($)aft²	Mar. 31, 2014USD ($)	Sep. 30, 2014USD ($)
Capital contributions made			$ 311	$ 210
Equity in the loss of the joint venture	$ (150)	$ (31)	(180)	(63)	$ (128)
Riverfront I Joint Venture
Value of land contributed			13,500
Cash contributed			$ 4,866
Joint venture percentage stake	76.91%		76.91%		76.91%
Equity in the loss of the joint venture	$ (140)		$ (162)		$ (89)
Brooksville Joint Venture
Land acreage | a	4,300		4,300
Joint venture percentage stake	50.00%		50.00%		50.00%
FRP land contribution previously leased to Vulcan | a	3,443		3,443
Book value of land contribution	$ 2,548		$ 2,548
Royalty revenues			143	$ 98
Allocated depletion expense			3
FRP additional contribution for land			$ 3,018
Additional land acquired | a	288		288
Vulcan land contribution | a	553		553
Mandatory capital contribution obligation	$ 2,380		$ 2,380
Capital contributions made			2,347
Equity in the loss of the joint venture			$ (18)		$ (39)
Riverfront I Joint Venture
Square feet | ft²	300,000		300,000
Retail square feet | ft²	18,000		18,000
Area of land to develop | a	2		2
Land acreage | a	5.82		5.82
Joint venture percentage stake	76.91%		76.91%
MRP minimum capital contribution	$ 5,553		$ 5,553
EB5 Secondary financing	17,000		17,000
Nonrecourse construction loan	65,000		65,000
Book value of land contribution	$ 6,165		$ 6,165

Discontinued operations (Detail

Discontinued operations (Details narrative) - USD ($) $ in Thousands	Mar. 31, 2015	Jan. 30, 2015	Sep. 30, 2014
Discontinued Operations Details Narrative
Reduction in shareholder's equity		$ 34,241
Comprehensive income	$ (12)	$ 40	$ 40