FRP (FRPH) 10-Q 6 Aug 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - Jun. 30, 2015 - shares	Total
Document And Entity Information
Entity Registrant Name	FRP HOLDINGS, INC.
Entity Central Index Key	844,059
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
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	9,779,770
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Real estate investments at cost:
Land	$ 102,339	$ 102,146
Buildings and improvements	174,231	164,317
Projects under construction	1,982	8,971
Total investments in properties	278,552	275,434
Less accumulated depreciation and depletion	72,546	67,998
Net investments in properties	206,006	207,436
Real estate held for investment, at cost	7,306	7,304
Real estate held for sale, at cost	4,791	4,473
Investment in joint ventures	18,745	18,537
Net real estate investments	236,848	237,750
Cash and cash equivalents	739	1,013
Cash held in escrow	26	61
Accounts receivable	674	1,127
Federal and state income taxes receivable	536	0
Assets of discontinued operation	0	61,134
Unrealized rents	4,789	4,780
Deferred costs	5,653	7,027
Other assets	176	179
Total assets	249,441	313,071
Liabilities:
Secured notes payable, less current portion	37,082	41,059
Secured notes payable, current portion	4,114	4,534
Line of credit payable	8,679	10,363
Accounts payable and accrued liabilities	2,570	3,948
Environmental remediation liability	542	1,771
Deferred revenue	36	872
Federal and state income taxes payable	0	572
Deferred income taxes	14,056	12,969
Liabilities of discontinued operation	0	28,412
Deferred compensation	1,369	1,247
Deferred lease intangible, net	59	103
Tenant security deposits	890	906
Total liabilities	$ 69,397	$ 106,756
Commitments and contingencies (Note 8)
Equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 9,779,770 and 9,703,270 shares issued and outstanding, respectively	$ 978	$ 970
Capital in excess of par value	49,650	47,892
Retained earnings	129,428	157,413
Accumulated other comprehensive (loss) income, net	(12)	40
Total shareholders' equity	180,044	206,315
Total liabilities and shareholders' equity	$ 249,441	$ 313,071

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	9,779,770	9,703,270

Statements of Income

Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental revenue	$ 5,784	$ 5,418	$ 17,531	$ 15,809
Royalty and rents	1,714	1,371	4,349	3,819
Revenue - reimbursements	999	890	3,867	3,287
Total revenues	8,497	7,679	25,747	22,915
Cost of operations:
Depreciation, depletion and amortization	1,805	1,694	5,566	4,993
Operating expenses	818	837	3,487	3,232
Property taxes	994	874	3,323	2,593
Management company indirect	434	358	1,228	1,142
Corporate expenses	557	1,053	3,750	4,094
Total cost of operations	4,608	4,816	17,354	16,054
Total operating profit	3,889	2,863	8,393	6,861
Interest income	0	1	0	2
Interest expense	(459)	(410)	(1,524)	(1,009)
Equity in loss of joint ventures	(75)	(29)	(255)	(92)
Gain (loss) on investment land sold	0	450	(20)	528
Income from continuing operations before income taxes	3,355	2,875	6,594	6,290
Provision for income taxes	1,308	1,121	2,572	2,453
Income from continuing operations	2,047	1,754	4,022	3,837
Gain from discontinued transportation operations, net of taxes	0	1,731	2,179	3,692
Net income	$ 2,047	$ 3,485	$ 6,201	$ 7,529
Basic earnings per common share
Income from continuing operations	$ .21	$ .18	$ .41	$ .40
Discontinued operations	.00	.18	.23	.38
Net income	.21	.36	.64	.78
Diluted earnings per common share
Income from continuing operations	.21	.18	.41	.40
Discontinued operations	.00	.18	.22	.38
Net income	$ .21	$ .36	$ .63	$ .78
Number of shares (in thousands) used in computing:
-basic earnings per common share	9,777	9,651	9,745	9,613
-diluted earnings per common share	9,839	9,718	9,822	9,700

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 6,201	$ 7,529
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net	(2,179)	(3,692)
Depreciation, depletion and amortization	5,663	5,117
Deferred income taxes	981	835
Equity in loss of joint ventures	255	92
Loss (Gain) on sale of equipment and property	87	(518)
Stock-based compensation	763	1,053
Net changes in operating assets and liabilities:
Accounts receivable	453	1,278
Deferred costs and other assets	458	(265)
Accounts payable and accrued liabilities	(3,443)	(798)
Income taxes payable and receivable	(1,108)	18
Other long-term liabilities	62	202
Net cash provided by operating activities of continuing operations	8,193	10,851
Net cash provided by operating activities of discontinued operations	4,984	8,592
Net cash provided by operating activities	13,177	19,443
Cash flows from investing activities:
Investments in property, plant and equipment	(3,693)	(14,134)
Cash held in escrow	35	1,349
Investment in joint ventures	(469)	(297)
Proceeds from the sale of real estate held for investment, property, plant and equipment	76	1,882
Net cash used in investing activities of continuing operations	(4,051)	(11,200)
Net cash used in investing activities of discontinued operations	(2,694)	(17,555)
Net cash used in investing activities	(6,745)	(28,755)
Cash flows from financing activities:
Repayment of long-term debt	(4,397)	(3,206)
Proceeds from borrowing on revolving credit facility	16,657	735
Payment on revolving credit facility	(18,341)	0
Excess tax benefits from exercises of stock options	175	692
Exercise of employee stock options	831	875
Net cash used in financing activities of continuing operations	(5,075)	(904)
Net cash (used in) provided by financing activities of discontinued operations	(1,631)	10,228
Net cash (used in) provided by financing activities	(6,706)	9,324
Net (decrease) increase in cash and cash equivalents	(274)	12
Cash and cash equivalents at beginning of period	1,013	502
Cash and cash equivalents at end of the period	$ 739	$ 514

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jun. 30, 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 is reporting its financial performance based on the three reportable segments described below. Beginning with the quarter ending March 31, 2015, our financial statements reflected 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 segment has been broken down into an Asset Management segment and a Land Development and Construction segment to reflect how management now evaluates the real estate activities previously presented in the Developed Property Rentals segment. The Asset Management segment contains all the developed buildings capable of producing current rental income; the Land Development and Construction segments contains the remaining developable land not yet developed to its eventual highest and best use potential where the Company's focus is to add further entitlements, construct vertical improvements or market the property to third parties all in an effort to bring such property to income producing status or realization of its fair market value through sales or exchange. This Land Development and Construction segment is generally in a pre-income production state where objectives are long term capital investment for eventual production of long-term rental streams or capital investment to achieve highest potential market value for sale to third parties.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Recent Accounting Pronouncements	(2) 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	9 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Business Segments	(3) 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 Nine Months ended June 30, June 30, 2015 2014 2015 2014 Revenues: Asset management $ 6,509 6,082 20,596 18,422 Mining royalty land 1,735 1,395 4,414 3,889 Land development and Construction 253 202 737 604 $ 8,497 7,679 25,747 22,915 Operating profit: Asset management $ 3,289 2,972 9,862 8,520 Mining royalty land 1,576 1,242 3,967 3,438 Land development and construction (419 ) (298 ) (1,686 ) (1,003 ) Corporate expenses: Allocated to asset management (185 ) (178 ) (611 ) (534 ) Allocated to mining royalty (196 ) (189 ) (647 ) (567 ) Allocated to land development and construction (109 ) (105 ) (360 ) (315 ) Unallocated (67 ) (53 ) (1,051 ) (606 ) Unallocated to discontinued ops. — (528 ) (1,081 ) (2,072 ) (557 ) (1,053 ) (3,750 ) (4,094 ) $ 3,889 2,863 8,393 6,861 Interest expense: Asset management $ 459 410 1,524 1,009 Mining royalty land - - - - Land development and construction - - - - $ 459 410 1,524 1,009 Depreciation, depletion and Amortization: Asset management $ 1,694 1,612 5,256 4,763 Mining royalty land 39 36 100 92 Land development and construction 72 46 210 138 $ 1,805 1,694 5,566 4,993 Capital expenditures: Mining royalty land — — - - Land development and construction and Asset Management: Capitalized interest 258 360 827 1,353 Internal labor 74 146 258 341 Real estate taxes 22 46 88 86 Other costs 910 8,784 2,520 12,354 $ 1,264 9,336 3,693 14,134 June 30, September 30, Identifiable net assets 2015 2014 Asset management $ 149,864 144,420 Mining royalty land 39,475 39,368 Land development and construction 58,273 67,136 Discontinued operations - 59,465 Cash items 765 1,074 Unallocated corporate assets 1,064 1,608 $ 249,441 313,071

Related Party Agreements with P

Related Party Agreements with Patriot	9 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Agreements with Patriot	(4) 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 $924,000 and $525,000 for the three months ended June 30, 2015 and 2014, and $2,361,000 and $2,022,000 for the nine months ended June 30, 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	9 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	(5) Long-Term debt . Long-term debt is summarized as follows (in thousands): June 30, September 30, 2015 2014 Revolving credit (uncollateralized) $ 8,679 10,363 5.6% to 7.9% mortgage notes due in installments through 2027 41,196 45,593 49,875 55,956 Less portion due within one year 4,114 4,534 $ 45,761 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 June 30, 2015, there was $8,679,000 outstanding on the Company’s new credit facility and $2,610,000 outstanding under letters of credit and $8,711,000 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 June 30, 2015, the carrying amount and fair value of such long-term debt was $41,196,000 and $44,475,000, respectively.

Earnings per Share

Earnings per Share	9 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings per Share	(6) Earnings per share. Three Months ended Nine Months ended June 30, June 30, 2015 2014 2015 2014 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,777 9,651 9,745 9,613 Common shares issuable under share based payment plans which are potentially dilutive 62 67 77 87 Common shares used for diluted earnings per common share 9,839 9,718 9,822 9,700 Income from continuing operations $ 2,047 1,754 4,022 3,837 Discontinued operations — 1,731 2,179 3,692 Net income $ 2,047 3,485 6,201 7,529 Basic earnings per common share: Income from continuing operations $ 0.21 0.18 0.41 0.40 Discontinued operations 0.00 0.18 0.23 0.38 Net income $ 0.21 0.36 0.64 0.78 Diluted earnings per common share: Income from continuing operations $ 0.21 0.18 0.41 0.40 Discontinued operations 0.00 0.18 0.22 0.38 Net income $ 0.21 0.36 0.63 0.78 For the three and nine months ended June 30, 2015, 62,021 and 76,691 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 nine months ended June 30, 2014, 24,290 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	9 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	(7) 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 June 30, 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 Nine Months ended June 30, June 30, 2015 2014 2015 2014 Stock option grants $ 9 93 227 355 Annual director stock award — — 536 698 $ 9 93 763 1,053 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 (60,300 ) $ 12.95 $ (344 ) Outstanding at June 30, 2015 317,750 $ 21.64 5.9 $ 2,824 Exercisable at June 30, 2015 225,847 $ 20.57 5.0 $ 1,837 Vested during nine months ended June 30, 2015 37,546 $ 329 The aggregate intrinsic value of exercisable in-the-money options was $2,679,000 and the aggregate intrinsic value of all outstanding in-the-money options was $3,429,000 based on the market closing price of $32.43 on June 30, 2015 less exercise prices. The realized tax benefit to the Company or Patriot from options exercised in the nine months ended June 30, 2015 was $491,000. The unrecognized compensation cost of options granted but not yet vested as of June 30, 2015 was $755,000, which is expected to be recognized over a weighted-average period of 3.4 years. Gains of $1,268,000 were realized by option holders during the nine months ended June 30, 2015.

Contingent liabiilites

Contingent liabiilites	9 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Contingent liabiilites	(8) 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. As of June 30, 2015, the total estimated cost of remediation on Phase I reached $2.077 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 the second quarter of 2015 in the Land Development and Construction segment and incurred a loss of $159,000 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	9 Months Ended
	Jun. 30, 2015
Risks and Uncertainties [Abstract]
Concentrations	(9) Concentrations 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 65.0% of the segment’s revenues and $272,000 of accounts receivable at June 30, 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	9 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	(10) Fair Value Measurements As of June 30, 2015, the Company had no assets or liabilities measured at fair value on a recurring basis. Assets measured at fair value on a non-recurring basis consist of real estate assets and investments that were subject to impairment charges. There were no assets that met these criteria at June 30, 2015 or September 30, 2014. The fair value of all other financial instruments with the exception of mortgage notes (see Note 5) 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	9 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Real Estate Held for Sale	(11) Real Estate Held for Sale

Unusual or Infrequent Items Imp

Unusual or Infrequent Items Impacting Quarterly Results	9 Months Ended
	Jun. 30, 2015
Extraordinary and Unusual Items [Abstract]
Unusual or Infrequent Items Impacting Quarterly Results	(12) Unusual or Infrequent Items Impacting Quarterly Results. Operating profit includes expenses of $17,000 and $324,000 in the third quarter and nine 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	9 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investment in Riverfront and Brooksville Joint Ventures	(13) 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 nine months of fiscal 2015 includes a loss of $226,000 representing the Company’s portion of the loss of this joint venture due primarily to expenses incurred in the joint venture with respect to the environmental remediation. Brooksville. Real estate revenues included $237,000 of royalties from the mining activities on this property in the nine months ended June 30, 2015 and $156,000 in nine months ended June 30, 2014. Allocated depletion expense of $6,000 was included in real estate cost of operations for the nine months ended June 30, 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 June 30, 2015 Riverfront Holdings I, LLC 76.91 % $ 11,239 $ 35,594 $ (273 ) $ (226 ) Brooksville Quarry, LLC 50.00 % 7,506 14,338 (58 ) (29 ) Total $ 18,745 $ 49,932 $ (331 ) $ (255 ) 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 6/30/2015 9/30/2014 Cash $ 56 $ 208 Cash held in escrow 7,100 18,822 Amortizable Debt Costs 2,069 2,069 Investments in real estate, net. 40,707 27,088 Total Assets $ 49,932 $ 48,187 Other Liabilities $ 1,892 $ 313 Long-term Debt 17,000 17,000 Capital – FRP 18,745 18,537 Capital - Third Parties 12,295 12,337 Total Liabilities and Capital $ 49,932 $ 48,187

Discontinued operations

Discontinued operations	9 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operations	(14) 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 nine month periods ended June 30, 2015 and 2014 were as follows (in thousands): Three Months ended Nine Months ended June 30, June 30, 2015 2014 2015 2014 Revenue $ — 33,569 41,800 97,060 Cost of operations — 30,702 38,195 90,920 Operating profit — 2,867 3,605 6,140 Interest expense — (28 ) (33 ) (86 ) Income before income taxes — 2,839 3,572 6,054 Provision for income taxes — 1,108 1,393 2,362 Income from discontinued Operations $ — 1,731 2,179 3,692 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

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Business segments	Three Months ended Nine Months ended June 30, June 30, 2015 2014 2015 2014 Revenues: Asset management $ 6,509 6,082 20,596 18,422 Mining royalty land 1,735 1,395 4,414 3,889 Land development and Construction 253 202 737 604 $ 8,497 7,679 25,747 22,915 Operating profit: Asset management $ 3,289 2,972 9,862 8,520 Mining royalty land 1,576 1,242 3,967 3,438 Land development and construction (419 ) (298 ) (1,686 ) (1,003 ) Corporate expenses: Allocated to asset management (185 ) (178 ) (611 ) (534 ) Allocated to mining royalty (196 ) (189 ) (647 ) (567 ) Allocated to land development and construction (109 ) (105 ) (360 ) (315 ) Unallocated (67 ) (53 ) (1,051 ) (606 ) Unallocated to discontinued ops. — (528 ) (1,081 ) (2,072 ) (557 ) (1,053 ) (3,750 ) (4,094 ) $ 3,889 2,863 8,393 6,861 Interest expense: Asset management $ 459 410 1,524 1,009 Mining royalty land - - - - Land development and construction - - - - $ 459 410 1,524 1,009 Depreciation, depletion and Amortization: Asset management $ 1,694 1,612 5,256 4,763 Mining royalty land 39 36 100 92 Land development and construction 72 46 210 138 $ 1,805 1,694 5,566 4,993 Capital expenditures: Mining royalty land — — - - Land development and construction and Asset Management: Capitalized interest 258 360 827 1,353 Internal labor 74 146 258 341 Real estate taxes 22 46 88 86 Other costs 910 8,784 2,520 12,354 $ 1,264 9,336 3,693 14,134 June 30, September 30, Identifiable net assets 2015 2014 Asset management $ 149,864 144,420 Mining royalty land 39,475 39,368 Land development and construction 58,273 67,136 Discontinued operations - 59,465 Cash items 765 1,074 Unallocated corporate assets 1,064 1,608 $ 249,441 313,071

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-term debt	June 30, September 30, 2015 2014 Revolving credit (uncollateralized) $ 8,679 10,363 5.6% to 7.9% mortgage notes due in installments through 2027 41,196 45,593 49,875 55,956 Less portion due within one year 4,114 4,534 $ 45,761 51,422

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings per share computations	Three Months ended Nine Months ended June 30, June 30, 2015 2014 2015 2014 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,777 9,651 9,745 9,613 Common shares issuable under share based payment plans which are potentially dilutive 62 67 77 87 Common shares used for diluted earnings per common share 9,839 9,718 9,822 9,700 Income from continuing operations $ 2,047 1,754 4,022 3,837 Discontinued operations — 1,731 2,179 3,692 Net income $ 2,047 3,485 6,201 7,529 Basic earnings per common share: Income from continuing operations $ 0.21 0.18 0.41 0.40 Discontinued operations 0.00 0.18 0.23 0.38 Net income $ 0.21 0.36 0.64 0.78 Diluted earnings per common share: Income from continuing operations $ 0.21 0.18 0.41 0.40 Discontinued operations 0.00 0.18 0.22 0.38 Net income $ 0.21 0.36 0.63 0.78

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation Expense	Three Months ended Nine Months ended June 30, June 30, 2015 2014 2015 2014 Stock option grants $ 9 93 227 355 Annual director stock award — — 536 698 $ 9 93 763 1,053
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 (60,300 ) $ 12.95 $ (344 ) Outstanding at June 30, 2015 317,750 $ 21.64 5.9 $ 2,824 Exercisable at June 30, 2015 225,847 $ 20.57 5.0 $ 1,837 Vested during nine months ended June 30, 2015 37,546 $ 329

Investment in Riverfront and 24

Investment in Riverfront and Brooksville Joint Ventures (Tables)	9 Months Ended
	Jun. 30, 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 June 30, 2015 Riverfront Holdings I, LLC 76.91 % $ 11,239 $ 35,594 $ (273 ) $ (226 ) Brooksville Quarry, LLC 50.00 % 7,506 14,338 (58 ) (29 ) Total $ 18,745 $ 49,932 $ (331 ) $ (255 ) 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 6 /30/2015 9/30/2014 Cash $ 56 $ 208 Cash held in escrow 7,100 18,822 Amortizable Debt Costs 2,069 2,069 Investments in real estate, net. 40,707 27,088 Total Assets $ 49,932 $ 48,187 Other Liabilities $ 1,892 $ 313 Long-term Debt 17,000 17,000 Capital – FRP 18,745 18,537 Capital - Third Parties 12,295 12,337 Total Liabilities and Capital $ 49,932 $ 48,187

Discontinued operations (Tables

Discontinued operations (Tables)	9 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operations results of operations	Three Months ended Nine Months ended June 30, June 30, 2015 2014 2015 2014 Revenue $ — 33,569 41,800 97,060 Cost of operations — 30,702 38,195 90,920 Operating profit — 2,867 3,605 6,140 Interest expense — (28 ) (33 ) (86 ) Income before income taxes — 2,839 3,572 6,054 Provision for income taxes — 1,108 1,393 2,362 Income from discontinued operations $ — 1,731 2,179 3,692
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

Business Segments - Business se

Business Segments - Business segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2014
Segment Reporting Information [Line Items]
Revenues	$ 8,497	$ 7,679	$ 25,747	$ 22,915
Interest expense	459	410	1,524	1,009
Capital expenditures - Real estate taxes	994	874	3,323	2,593
Depreciation, depletion and amortization			5,663	5,117
Cash items	765		765		$ 1,074
Discontinued operations identifiable net assets					59,465
Total identifiable net assets	249,441		249,441		313,071
Asset Management
Segment Reporting Information [Line Items]
Revenues	6,509	6,082	20,596	18,422
Operating profit	3,289	2,972	9,862	8,520
Corporate expenses	(185)	(178)	(611)	(534)
Interest expense	459	410	1,524	1,009
Depreciation, depletion and amortization	1,694	1,612	5,256	4,763
Identifiable net assets	149,864		149,864		144,420
Mining royalty land
Segment Reporting Information [Line Items]
Revenues	1,735	1,395	4,414	3,889
Operating profit	1,576	1,242	3,967	3,438
Corporate expenses	(196)	(189)	(647)	(567)
Capital expenditures	0	0	0	0
Depreciation, depletion and amortization	39	36	100	92
Identifiable net assets	39,475		39,475		39,368
Land Development and Construction
Segment Reporting Information [Line Items]
Revenues	253	202	737	604
Operating profit	(419)	(298)	(1,686)	(1,003)
Corporate expenses	(109)	(105)	(360)	(315)
Depreciation, depletion and amortization	72	46	210	138
Identifiable net assets	58,273		58,273		67,136
Combined Land Development and Construction and Asset Management
Segment Reporting Information [Line Items]
Capital expenditures	910	8,784	2,520	12,354
Capital expenditures - Capitalized interest	258	360	827	1,353
Capital expenditures - Internal labor	74	146	258	341
Capital expenditures - Real estate taxes	22	46	88	86
Corporate
Segment Reporting Information [Line Items]
Corporate expenses	(67)	(53)	(1,051)	(606)
Identifiable net assets	1,064		1,064		$ 1,608
Total Segments
Segment Reporting Information [Line Items]
Revenues	8,497	7,679	25,747	22,915
Operating profit	3,889	2,863	8,393	6,861
Unallocated to discontinued operations	0	(528)	(1,081)	(2,072)
Interest expense	459	410	1,524	1,009
Capital expenditures	1,264	9,336	3,693	14,134
Depreciation, depletion and amortization	$ 1,805	$ 1,694	$ 5,566	$ 4,993

Long-term debt (Details)

Long-term debt (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Debt Disclosure [Abstract]
Revolving credit	$ 8,679	$ 10,363
5.6% to 7.9% mortgage notes due in installments through 2027	41,196	45,593
Total debt	49,875	55,956
Less portion due within one year	4,114	4,534
Long-term debt	$ 45,761	$ 51,422

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	9,777	9,651	9,745	9,613
Common shares issuable under share based payment plans which are potentially dilutive	62	67	77	87
Common shares used for diluted earnings per common share	9,839	9,718	9,822	9,700
Income from continuing operations	$ 2,047	$ 1,754	$ 4,022	$ 3,837
Discontinued operations	0	1,731	2,179	3,692
Net income	$ 2,047	$ 3,485	$ 6,201	$ 7,529
Basic earnings per common share
Income from continuing operations	$ .21	$ .18	$ .41	$ .40
Discontinued operations	.00	.18	.23	.38
Net income	.21	.36	.64	.78
Diluted earnings per common share
Income from continuing operations	.21	.18	.41	.40
Discontinued operations	.00	.18	.22	.38
Net income	$ .21	$ .36	$ .63	$ .78

Summary of Stock Activity (Deta

Summary of Stock Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Jun. 30, 2015USD ($)Years$ / sharesshares	Sep. 30, 2014USD ($)Years$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding | shares	317,750	326,830
Options granted | shares	39,425
Options forfeited | shares	(6,000)
Options exercised | shares	(60,300)
Spin-off conversion | shares	17,795
Options outstanding weighted average exercise price | $ / shares	$ 21.64	$ 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	12.95
Options outstanding weighted average exercise price - Spin-off conversion | $ / shares	$ 20.63
Options outstanding weighted average remaining term | Years	5.9	5
Options outstanding weighted average grant date fair value	$ 2,824	$ 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	(344)
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 June 30, 2015 | shares	225,847
Options exerciseable weighted average exercise price | $ / shares	$ 20.57
Options exerciseable weighted average remaining term | Years	5
Options exerciseable weighted average grant date fair value	$ 1,837
Options vested during nine months ended June 30, 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		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option grants	$ 9	$ 93	$ 227	$ 355
Annual director stock award	0	0	536	698
Stock based compensation	$ 9	$ 93	$ 763	$ 1,053

Investment in Riverfront and 31

Investment in Riverfront and Brooksville Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2014
Total Investment	$ 18,745		$ 18,745		$ 18,537
Total Assets of the Partnership	49,932		49,932		48,187
Net Loss of the Partnership			(331)		(167)
Company's share of Net Loss of the Partnership	(75)	$ (29)	(255)	$ (92)	(128)
Cash	56		56		208
Cash held in escrow	7,100		7,100		18,822
Amortizable Debt costs	2,069		2,069		2,069
Investments in real estate, net	40,707		40,707		27,088
Total assets	49,932		49,932		48,187
Other liabilities	1,892		1,892		313
Long-term debt	17,000		17,000		17,000
Capital - FRP Holdings	18,745		18,745		18,537
Capital - Third parties	12,295		12,295		12,337
Total liabilities and capital	$ 49,932		$ 49,932		$ 48,187
Riverfront I Joint Venture
Ownership percent	76.91%		76.91%		76.91%
Total Investment	$ 11,239		$ 11,239		$ 11,031
Total Assets of the Partnership	35,594		35,594		33,834
Net Loss of the Partnership			(273)		(89)
Company's share of Net Loss of the Partnership			(226)		(89)
Total assets	35,594		35,594		33,834
Capital - FRP Holdings	$ 11,239		$ 11,239		$ 11,031
Brooksville Joint Venture
Ownership percent	50.00%		50.00%		50.00%
Total Investment	$ 7,506		$ 7,506		$ 7,506
Total Assets of the Partnership	14,338		14,338		14,353
Net Loss of the Partnership			(58)		(78)
Company's share of Net Loss of the Partnership			(29)		(39)
Total assets	14,338		14,338		14,353
Capital - FRP Holdings	$ 7,506		$ 7,506		$ 7,506

Discontinued operations - Disco

Discontinued operations - Discontinued operations results of operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue	$ 8,497	$ 7,679	$ 25,747	$ 22,915
Cost of operations	4,608	4,816	17,354	16,054
Operating profit	3,889	2,863	8,393	6,861
Interest expense	(459)	(410)	(1,524)	(1,009)
Provision for income taxes	1,308	1,121	2,572	2,453
Income from discontinued operations	0	1,731	2,179	3,692
Patriot Transportation
Revenue	0	33,569	41,800	97,060
Cost of operations	0	30,702	38,195	90,920
Operating profit	0	2,867	3,605	6,140
Interest expense	0	(28)	(33)	(86)
Income before income taxes	0	2,839	3,572	6,054
Provision for income taxes	0	1,108	1,393	2,362
Income from discontinued operations	$ 0	$ 1,731	$ 2,179	$ 3,692

Discontinued operations - Dis33

Discontinued operations - Discontinued operations balance sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Property and equipment, net	$ 206,006	$ 207,436
Deferred costs	5,653	7,027
Other assets	176	179
Assets of discontinued operation	0	61,134
Line of credit	8,679	10,363
Accounts payable and accrued liabilities	2,570	3,948
Deferred compensation	1,369	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)	9 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Brooksville joint venture owned	50.00%

Related Party Agreements with35

Related Party Agreements with Patriot (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transactions [Abstract]
Charges/allocation related to Transition Services Agreement with Patriot	$ 924	$ 525	$ 2,361	$ 2,022

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2015USD ($)	Jun. 30, 2015USD ($)	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
Revolving Credit Agreement		$ 20,000
Sublimit for standby letters of credit		10,000
Revolver outstanding prior to Spin-off				$ 17,645
Letters of credit issued		2,610
Borrowed under the revolver		8,679	10,483	10,363
Facility amount available for borrowing		8,711
Carrying amount of mortgage notes payable		41,196
Fair value of mortgage notes payable		44,475
Prepayment penalty	$ 116	116
Mortgage prepayment	1,314	1,314
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		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Anti-dilutive shares	62,021	76,691	24,290	31,790

Stock-Based Compensation Plan38

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	9 Months Ended
	Jun. 30, 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	$ 2,679
Aggregate intrinsic value of outstanding in-the-money options	$ 3,429
Market close price | $ / shares	$ 32.43
Realized tax benefit from options exercised	$ 491
Total unrecognized compensation cost of options granted but not yet vested	$ 755
Weighted average period for compensation to be recognized | Years	3.4
Gains realized by option holders	$ 1,268

Contingent Liabilities (Details

Contingent Liabilities (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Sep. 30, 2012	Jun. 30, 2015	Sep. 30, 2014
Cap on environment financial responsibility			$ 1,871
Environmental remediation expense		$ 1,771
Riverfront I Joint Venture
Environmental remediation expense	$ 100
Total cost of remediation			$ 2,077
Joint venture percentage stake			76.91%	76.91%
Equity in joint venture			$ (159)

Concentrations (Details Narrati

Concentrations (Details Narrative) - Jun. 30, 2015 - Mining Top Customer - USD ($) $ in Thousands	Total
Customer revenue concentration	65.00%
Accounts receivable concentration	$ 272

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) $ in Thousands	Jun. 30, 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	9 Months Ended
	Jun. 30, 2015	Aug. 31, 2015
Sales price		$ 11,188
Increase in sales price		$ 188
Book value of property	$ 4,791

Unusual or Infrequent Items I43

Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2015
Extraordinary and Unusual Items [Abstract]
Spin off related costs	$ 17		$ 324
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 44

Investment in Riverfront and Brooksville Joint Ventures (Details Narrative) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)aft²	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)aft²	Jun. 30, 2014USD ($)	Sep. 30, 2014USD ($)	Aug. 08, 2014USD ($)
Capital contributions made			$ 469	$ 297
Equity in the loss of the joint venture	$ (75)	$ (29)	(255)	(92)	$ (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			$ (226)		$ (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			237	$ 156
Allocated depletion expense			6
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			$ (29)		$ (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
Nonrecourse construction loan						$ 65,000
Book value of land contribution	$ 6,165		$ 6,165

Discontinued operations (Detail

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