FRP (FRPH) 10-K 11 Dec 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2015	Dec. 07, 2015	Mar. 31, 2015
Document And Entity Information
Entity Registrant Name	FRP HOLDINGS, INC.
Entity Central Index Key	844,059
Document Type	10-K
Document Period End Date	Sep. 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?	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 224,249,452
Entity Common Stock, Shares Outstanding		9,796,990
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Assets:
Land	$ 102,347	$ 102,146
Buildings and improvements	174,820	164,317
Projects under construction	4,129	8,971
Total investments in properties	281,296	275,434
Less accumulated depreciation and depletion	74,091	67,998
Net investments in properties	207,205	207,436
Real estate held for investment, at cost	7,306	7,304
Real estate held for sale, at cost	4,826	4,473
Investment in joint ventures	19,010	18,537
Net real estate investments	238,347	237,750
Cash and cash equivalents	419	1,013
Cash held in escrow	0	61
Accounts receivable	778	1,127
Federal and state income taxes receivable	393	0
Assets of discontinued operation	0	61,134
Unrealized rents	4,817	4,780
Deferred costs	7,592	7,027
Other assets	275	179
Total assets	252,621	313,071
Liabilities:
Secured notes payable, less current portion	36,011	41,059
Secured notes payable, current portion	4,180	4,534
Line of credit payable	8,494	10,363
Accounts payable and accrued liabilities	3,456	3,948
Environmental remediation liability	51	1,771
Deferred revenue	1,060	872
Federal and state income taxes payable	0	572
Deferred income taxes	14,684	12,969
Liabilities of discontinued operation	0	28,412
Deferred compensation	1,400	1,247
Deferred lease intangible, net	45	103
Tenant security deposits	898	906
Total liabilities	$ 70,279	$ 106,756
Commitments and contingencies (Note 13 & 14)
Equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 9,791,770 and 9,703,270 shares issued and outstanding, respectively	$ 979	$ 970
Capital in excess of par value	49,872	47,892
Retained earnings	131,497	157,413
Accumulated other comprehensive (loss) income, net	(6)	40
Total shareholders' equity	182,342	206,315
Total liabilities and shareholders' equity	$ 252,621	$ 313,071

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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	9,791,770	9,703,270

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Revenues:
Rental revenue	$ 23,410	$ 21,327	$ 19,060
Royalty and rents	5,999	5,256	5,209
Revenue - reimbursements	5,237	4,395	3,385
Total revenues	34,646	30,978	27,654
Cost of operations:
Depreciation, depletion and amortization	7,378	6,705	5,860
Operating expenses	4,609	4,391	3,536
Property taxes	4,443	3,494	2,518
Management company indirect	1,647	1,424	1,574
Corporate expenses (Note 4 Related Party)	4,388	5,224	4,851
Total cost of operations	22,465	21,238	18,339
Total operating profit	12,181	9,740	9,315
Interest income	0	23	38
Interest expense	(2,014)	(1,366)	(2,501)
Equity in loss of joint ventures	(145)	(128)	(63)
Gain (loss) on investment land sold	(34)	476	7,333
Income from continuing operations before income taxes	9,988	8,745	14,122
Provision for income taxes	3,895	3,561	5,508
Income from continuing operations	6,093	5,184	8,614
Gain from discontinued transportation operations, net of taxes	2,179	4,835	6,771
Net income	$ 8,272	$ 10,019	$ 15,385
Basic earnings per common share
Income from continuing operations	$ .62	$ .54	$ .90
Discontinued operations	.23	.50	.72
Net income	.85	1.04	1.62
Diluted earnings per common share
Income from continuing operations	.62	.53	.90
Discontinued operations	.22	.50	.70
Net income	$ .84	$ 1.03	$ 1.60
Number of shares (in thousands) used in computing:
-basic earnings per common share	9,756	9,629	9,523
-diluted earnings per common share	9,827	9,710	9,605

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]
Net income	$ 8,272	$ 10,019	$ 15,385
Other comp. income (loss) net of tax:
Spin-off adjustment	(53)	0	0
Actuarial gain (loss) retiree health	0	(2)	0
Minimum pension liability	7	4	6
Comprehensive income	$ 8,226	$ 10,021	$ 15,391

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:
Net income	$ 8,272	$ 10,019	$ 15,385
Adjustments to reconcile net income to net cash provided by continuing operating activities:
Income from discontinued operations, net	(2,179)	(4,835)	(6,771)
Depreciation, depletion and amortization	7,533	6,845	6,246
Deferred income taxes	1,572	(340)	3,274
Equity in loss of joint ventures	145	128	63
Loss (gain) on sale of equipment and property	138	(485)	(7,437)
Stock-based compensation	803	1,139	883
Net changes in operating assets and liabilities:
Accounts receivable	349	1,272	533
Deferred costs and other assets	(1,489)	(2,040)	(1,683)
Accounts payable and accrued liabilities	(2,024)	(718)	724	[1]
Income taxes payable and receivable	(965)	270	653
Other long-term liabilities	87	209	198
Net cash provided by operating activities of continuing operations	12,242	11,464	12,068
Net cash provided by operating activities of discontinued operations	4,984	11,890	14,810
Net cash provided by operating activities	17,226	23,354	26,878
Cash flows from investing activities:
Investments in property, plant and equipment	(6,493)	(19,283)	(22,936)
Investment in joint ventures	(625)	(5,266)	(116)
Cash held in escrow	61	1,508	(1,569)
Proceeds from the sale of real estate held for investment, property, plant and equipment	43	1,888	15,960	[1]
Net cash used in investing activities of continuing operations	(7,014)	(21,153)	(8,661)
Net cash used in investing activities of discontinued operations	(2,694)	(18,218)	(13,864)
Net cash used in investing activities	(9,708)	(39,371)	(22,525)
Cash flows from financing activities:
Repayment of long-term debt	(5,402)	(4,311)	(12,466)
Repurchase of Company Stock	0	0	(233)
Proceeds from borrowing on revolving credit facility	19,400	31,298	7,300
Payment on revolving credit facility	(21,269)	(20,935)	(7,300)
Debt issue costs	(397)	0	0
Excess tax benefits from exercises of stock options	175	1,047	701
Exercise of employee stock options	1,012	1,462	1,186
Net cash (used in) provided by financing activities of continuing operations	(6,481)	8,561	(10,812)
Net cash (used in) provided by financing activities of discontinued operations	(1,631)	7,967	4,138
Net cash (used in) provided by financing activities	(8,112)	16,528	(6,674)
Net (decrease) increase in cash and cash equivalents	(594)	511	(2,321)
Cash and cash equivalents at beginning of year	1,013	502	2,823
Cash and cash equivalents at end of the year	419	1,013	502
Supplemental disclosures of cash flow information:
Cash paid during the year for interest, net of capitalized amounts	2,335	1,475	2,520
Cash paid during the year for Income taxes	$ 3,923	$ 6,180	$ 3,803
[1]	The Company recorded a $334 non-cash transaction for accrued liabilities of deferred gains and post sale obligations related to investment land sold in 2013.

Consolidated Statements of Cas7

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	Sep. 30, 2013USD ($)
Statement of Cash Flows [Abstract]
Noncash transaction deferred gains and post sale obligations	$ 334

Shareholders Equity

Shareholders Equity - USD ($) $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income, net of tax	Total
Beginning balance, shares at Sep. 30, 2012	9,440,620
Beginning balance, amount at Sep. 30, 2012	$ 944	$ 41,539	$ 132,203	$ 32	$ 174,718
Exercise of stock options, shares	112,800				112,800
Exercise of stock options, amount	$ 11	1,175			$ 1,186
Excess tax benefits from exercises of stock options and vesting of restricted stock		701			701
Stock option compensation		376			376
Shares granted to Directors, shares	19,500
Shares granted to Directors, amount	$ 2	505			507
Shares purchased and canceled, shares	(8,700)
Shares purchased and canceled, amount	$ (1)	(38)	(194)		(233)
Spin-off adjustment					0
Net income			15,385		15,385
Minimum pension liability, net of tax				6	6
Net actuarial loss retiree health, net of tax					0
Ending balance, shares at Sep. 30, 2013	9,564,220
Ending balance, amount at Sep. 30, 2013	$ 956	44,258	147,394	38	$ 192,646
Exercise of stock options, shares	119,550				119,550
Exercise of stock options, amount	$ 12	1,450			$ 1,462
Excess tax benefits from exercises of stock options and vesting of restricted stock		1,047			1,047
Stock option compensation		441			441
Shares granted to Directors, shares	19,500
Shares granted to Directors, amount	$ 2	696			698
Spin-off adjustment					0
Net income			10,019		10,019
Minimum pension liability, net of tax				4	4
Net actuarial loss retiree health, net of tax				(2)	(2)
Ending balance, shares at Sep. 30, 2014	9,703,270
Ending balance, amount at Sep. 30, 2014	$ 970	47,892	157,413	40	$ 206,315
Exercise of stock options, shares	72,300				72,300
Exercise of stock options, amount	$ 7	1,005			$ 1,012
Excess tax benefits from exercises of stock options and vesting of restricted stock		174			174
Stock option compensation		267			267
Shares granted to Directors, shares	16,200
Shares granted to Directors, amount	$ 2	534			536
Spin-off adjustment			(34,188)	(53)	(34,241)
Net income			8,272		8,272
Minimum pension liability, net of tax				7	7
Net actuarial loss retiree health, net of tax					0
Ending balance, shares at Sep. 30, 2015	9,791,770
Ending balance, amount at Sep. 30, 2015	$ 979	$ 49,872	$ 131,497	$ (6)	$ 182,342

Consolidated Real Estate and Ac

Consolidated Real Estate and Accumulated Depreciation and Depletion	12 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Consolidated Real Estate and Accumulated Depreciation and Depletion	FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED)-REAL ESTATE & ACCUMULATED DEPRECIATION AND DEPLETION SEPTEMBER 30, 2015 County Encumb- rances Initial cost to Company Cost capitalized subsequent to acquisition Gross amount at which carried at end of period (a) Accumulated Depreciation & Depletion Year Of Constr- uction Date Acquired Depreciation Life Computed on: Mining Royalty Lands Alachua, FL $ 1,442 $ 0 $ 1,442 $ 148 n/a 4/86 unit Clayton, GA 369 0 369 5 n/a 4/86 unit Fayette, GA 685 0 685 65 n/a 4/86 unit Lake, FL 402 0 402 151 n/a 4/86 unit Lake, FL 1,083 0 1,083 970 n/a 4/86 unit Lake Louisa, FL 11,039 0 11,039 0 n/a 5/12 unit Lee, FL 4,690 6 4,696 6 n/a 4/86 unit Monroe, GA 792 0 792 285 n/a 4/86 unit Muscogee, GA 369 (45 ) 324 324 n/a 4/86 unit Prince William, VA 299 0 299 299 n/a 4/86 unit Putnam, FL 15,002 37 15,039 4,467 n/a 4/86 unit Putnam, FL 302 (2 ) 300 283 n/a 4/86 5 yr. Spalding, GA 20 0 20 0 n/a 4/86 n/a Marion, FL 1,180 4 1,184 599 n/a 4/86 unit Investment Property 1,629 (101 ) 1,528 684 n/a 4/86 n/a 0 39,303 (101 ) 39,202 8,286 Asset Management Properties Baltimore, MD 1,808 439 4,423 4,862 2,584 1990 10/89 39 yr. Baltimore, MD 3,501 950 7,719 8,669 4,609 1994 12/91 39 yr. Baltimore, MD 1,158 690 2,861 3,551 1,511 2000 07/99 39 yr. Baltimore, MD 0 1,435 4,229 5,664 961 2008 12/02 39 yr. Baltimore, MD 0 4,309 251 4,560 155 n/a 06/15 39 yr. Baltimore City, MD 0 557 4,519 5,076 732 2010 12/15 39 yr. Baltimore City, MD 0 7,442 1,380 8,822 718 n/a 6/15 39 yr. Duval, FL 0 2,416 541 2,957 2,773 n/a 4/86 25 yr. Harford, MD 738 31 3,830 3,861 2,095 1998 8/95 39 yr. Harford, MD 1,746 50 5,699 5,749 2,491 1999 8/95 39 yr. Harford, MD 3,054 85 7,091 7,176 3,517 2001 8/95 39 yr. Harford, MD 2,403 88 10,133 10,221 4,102 2007 8/95 39 yr. Harford, MD 1,738 155 12,418 12,573 4,016 2009 8/95 39 yr. Howard, MD 0 2,859 4,873 7,732 4,188 1996 9/88 39 yr. Howard, MD 1,046 2,473 981 3,454 1,403 2000 3/00 39 yr. Elkridge, MD 0 0 40 40 0 TBD 10/15 39 yr. Anne Arundel, MD 0 715 9,328 10,043 5,628 1989 9/88 39 yr. Anne Arundel, MD 5,664 950 13,120 14,070 4,862 2003 5/98 39 yr. Anne Arundel, MD 0 1,525 10,800 12,325 3,413 2005 8/15 39 yr. Anne Arundel, MD 3,609 737 5,430 6,167 1,711 2006 1/15 39 yr. Anne Arundel, MD 0 667 10,261 10,928 2,418 2012 7/15 39 yr. Norfolk, VA 5,017 7,512 10 7,522 2,446 2004 10/15 39 yr. Prince William, VA 0 3,922 27,183 31,105 1,619 n/a 12/05 39 yr. Newcastle Co., DE 8,709 11,559 2,759 14,318 4,305 2004 4/15 39 yr. 40,191 51,566 149,879 201,445 62,257 Land Development and Construction Properties Baltimore, MD 0 4,199 7,816 12,015 0 n/a 12/02 n/a Baltimore City, MD 0 5,193 3,669 8,862 186 n/a 12/10 15 yr. Carroll, MD 0 4,720 2,426 7,146 0 n/a 3/15 n/a Harford, MD 0 92 1,584 1,676 0 n/a 8/95 n/a Prince William, VA 0 3,402 893 4,295 44 n/a 12/05 15 yr. Washington D.C. 2,957 10,352 13,309 2,707 n/a 4/86 15 yr. Washington D.C. 3,811 767 4,578 0 n/a 10/97 n/a 0 24,374 27,507 51,881 2,937 GRAND TOTALS $ 40,191 $ 115,243 $ 177,285 $ 292,528 $ 73,480 (a) The aggregate cost for Federal income tax purposes is $252,925 . FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION AND DEPLETION YEARS ENDED SEPTEMBER 30, 2015, 2014 AND 2013 (In thousands) 2015 2014 2013 Gross Carrying Cost of Real Estate: Balance at beginning of period $ 286,671 $ 268,932 $ 262,564 Additions during period: Amounts capitalized 6,063 19,154 22,228 Deductions during period: Cost of real estate sold — (1,415 ) (10,021 ) Other (206 ) — (5,839 ) Balance at close of period $ 292,528 $ 286,671 $ 268,932 Accumulated Depreciation & Depletion: Balance at beginning of period $ 67,598 $ 62,167 $ 58,997 Additions during period: Charged to cost & expense 5,902 5,446 4,938 Deductions during period: Real estate sold — (15 ) (461 ) Other (20 ) — (1,307 ) Balance at close of period $ 73,480 $ 67,598 $ 62,167

Accounting Policies

Accounting Policies	12 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Policies	1. Accounting Policies. ORGANIZATION - FRP Holdings, Inc. (“FRP” or the “Company”) is a holding company engaged in the real estate business, namely (i) warehouse/office building ownership, leasing and management, (ii) mining royalty land ownership and leasing and (iii) land acquisition, entitlement and development primarily for future warehouse/office building construction. On January 30, 2015, FRP completed the tax-free Spin-off (“Spin-off”) of its transportation business into a new, separately traded public company, Patriot Transportation Holding, Inc. (Nasdaq GM: PATI) (“Patriot”). In the Spin-off, FRP distributed all of the outstanding stock of Patriot to FRP's shareholders as of the record date of January 9, 2015. FRP’s shareholders received one share of Patriot for every three shares of FRP owned on the record date. Patriot now is an independent, publicly traded company, and FRP retains no ownership in Patriot. The Company retained the real estate business, which is now the sole business of the Company. See Note 3 regarding more information regarding the spin-off. FRP Holdings, Inc. was incorporated on April 22, 2014 in connection with a corporate reorganization that preceded the Spin-off. The Company’s successor issuer was formed on July 20, 1998. The business of the Company is conducted through our wholly-owned subsidiaries FRP Maryland, Inc., a Maryland corporation, FRP Development Corp., a Maryland corporation and Florida Rock Properties, Inc., a Florida corporation, and the various subsidiaries of each. CONSOLIDATION - The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Investments in the Brooksville joint venture and Riverfront Investment Partners I, LLC are accounted for under the equity method of accounting (See Note 2). All significant intercompany transactions have been eliminated in consolidation. CASH AND CASH EQUIVALENTS - The Company considers all highly liquid debt instruments with maturities of three months or less at time of purchase to be cash equivalents. Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right of offset. REVENUE AND EXPENSE RECOGNITION - Real estate rental revenue and mining royalties are generally recognized when earned under the leases and are considered collectable. Rental income from leases with scheduled increases or other incentives during their term is recognized on a straight-line basis over the term of the lease. Reimbursements of expenses, when provided in the lease, are recognized in the period that the expenses are incurred. Sales of real estate are recognized when the collection of the sales price is reasonably assured and when the Company has fulfilled substantially all of its obligations, which are typically as of the closing date. Accounts receivable are recorded net of discounts and provisions for estimated allowances. We estimate allowances on an ongoing basis by considering historical and current trends. We record estimated bad debts expense as part of operating expenses. We estimate the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment. Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms. PROPERTY AND EQUIPMENT - Property and equipment is recorded at cost less accumulated depreciation and depletion. Provision for depreciation of property, plant and equipment is computed using the straight-line method based on the following estimated useful lives: Years Building and improvements 3-39 Depletion of sand and stone deposits is computed on the basis of units of production in relation to estimated reserves. Reserve estimates are periodically adjusted based upon surveys. The Company recorded depreciation and depletion expenses for 2015, 2014 and 2013 of $6,195,000, $5,528,000, and $5,056,000, respectively. All direct and indirect costs, including interest and real estate taxes, associated with the development, construction, leasing or expansion of real estate investments are capitalized as a cost of the property. Included in indirect costs is an allocation of internal costs associated with development of real estate investments. The cost of routine repairs and maintenance to property and equipment is expensed as incurred. IMPAIRMENT OF LONG-LIVED ASSETS – The Company periodically reviews its long-lived assets, which include property and equipment and purchased intangible assets subject to amortization for potential impairment whenever events or circumstances indicate the carrying amount of a long-lived asset may not be recoverable. This review consists of comparing cap rates on recent cash flows and market value estimates to the carrying values of each asset group. If this review indicates the carrying value might exceed fair value then an estimate of future cash flows for the remaining useful life of each property is prepared considering anticipated vacancy, lease rates, and any future capital expenditures. DEVELOPED PROPERTY RENTALS PURCHASE ACCOUNTING – Acquisitions of rental property, including any associated intangible assets, are measured at fair value at the date of acquisition. Any liabilities assumed or incurred are recorded at their fair value at the time of acquisition. The fair value of the acquired property is allocated between land and building (on an as-if vacant basis) based on management’s estimate of the fair value of those components for each type of property and to tenant improvements based on the depreciated replacement cost of the tenant improvements, which approximates their fair value. The fair value of the in-place leases is recorded as follows: · the fair value of leases in-place on the date of acquisition is based on absorption costs for the estimated lease-up period in which vacancy and foregone revenue are avoided due to the presence of the acquired leases; · the fair value of above and below-market in-place leases based on the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between contractual rent amounts to be paid under the assumed lease and the estimated market lease rates for the corresponding spaces over the remaining non-cancelable terms of the related leases; and · the fair value of intangible tenant or customer relationships. The Company’s determination of these fair values requires it to estimate market rents for each of the leases and make certain other assumptions. These estimates and assumptions affect the rental revenue, and depreciation and amortization expense recognized for these leases and associated intangible assets and liabilities. INVESTMENTS - The Company uses the equity method to account for its investment in Brooksville, in which it has a voting interest of 50% and has significant influence but does not have control. The Company uses the equity method to account for its investment in RiverFront Investment Partners I, LLC, in which the equity interest will be determined based on leverage of the entity, additional cash contributions by the Company, and negotiations with potential third partners. Under the equity method, the investment is originally recorded at cost and adjusted to recognize the Company’s share of net earnings or losses of the investee, limited to the extent of the Company’s investment in and advances to the investee and financial guarantees on behalf of the investee that create additional basis. The Company regularly monitors and evaluates the realizable value of its investments. When assessing an investment for an other-than-temporary decline in value, the Company considers such factors as, the performance of the investee in relation to its own operating targets and its business plan, the investee’s revenue and cost trends, as well as liquidity and cash position, and the outlook for the overall industry in which the investee operates. From time to time, the Company may consider third party evaluations or valuation reports. If events and circumstances indicate that a decline in the value of these assets has occurred and is other-than-temporary, the Company records a charge to investment income (expense). INCOME TAXES - Deferred tax assets and liabilities are recognized based on differences between financial statement and tax bases of assets and liabilities using presently enacted tax rates. Deferred income taxes result from temporary differences between pre-tax income reported in the financial statements and taxable income. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit. The second step is to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the amounts rely upon the determination of the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit, and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. It is the Company's policy to recognize as additional income tax expense the items of interest and penalties directly related to income taxes. STOCK BASED COMPENSATION – The Company accounts for compensation related to share based plans by recognizing the grant date fair value of stock options and other equity-based compensation issued to employees in its income statement over the requisite employee service period using the straight-line attribution model. In addition, compensation expense must be recognized for the change in fair value of any awards modified, repurchased or cancelled after the grant date. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model. The assumptions used in the model and current year impact are discussed in Note 8. PENSION PLAN - The Company accounts for its pension plan following the requirements of FASB ASC Topic 715, “Compensation – Retirement Benefits”, which requires an employer to: (a) recognize in its statement of financial position the funded status of a benefit plan; (b) measure defined benefit plan assets and obligations as of the end of the employer's fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise but are not recognized as components of net periodic benefit costs pursuant to prior existing guidance. EARNINGS PER COMMON SHARE - Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options and restricted stock. USE OF ESTIMATES - The preparation of financial statements in conformity with accounting principles generally accepted in the United State requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain accounting policies and estimates are of more significance in the financial statement preparation process than others. The most critical accounting policies and estimates include the economic useful lives of our property and equipment, provisions for uncollectible accounts receivable and collectibility of unrealized rents, estimates of exposures related to our insurance claims plans, and estimates for taxes. To the extent that actual, final outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates, earnings during that accounting period will be affected. ENVIRONMENTAL - Environmental expenditures that benefit future periods are capitalized. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded for the estimated amount of expected environmental assessments and/or remedial efforts. Estimation of such liabilities includes an assessment of engineering estimates, continually evolving governmental laws and standards, and potential involvement of other potentially responsible parties. COMPREHENSIVE INCOME – Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) refers to expenses, gains, and losses that are not included in net income, but rather are recorded directly in shareholders’ equity. RECENTLY ISSUED ACCOUNTING STANDARDS – In January 2015, the FASB issued ASU 2015-01, "Income Statement—Extraordinary and Unusual Items (Subtopic 225-20) Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items." This guidance is effective for annual periods beginning on or after December 15, 2015 and interim periods within those years, with early adoption permitted. Effective first quarter 2015, the Company adopted ASU 2015-01 and will apply the new guidance, as applicable. 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.

Investment in Riverfront and Br

Investment in Riverfront and Brooksville Joint Ventures	12 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investment in Riverfront and Brooksville Joint Ventures	2. Investment in RiverFront and Brooksville Joint Ventures. RiverFront. Other income for fiscal 2015 includes a loss of $105,000 representing the Company’s portion of the loss of this joint venture due primarily to expenses incurred in the joint venture with respect to depreciation on the bulkhead. Brooksville. 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 As of September 30, 2015 (audited) RiverFront Holdings I, LLC 76.91 % $ 11,517 $ 40,970 $ (108 ) $ (105 ) Brooksville Quarry, LLC 50.00 % 7,493 14,336 (80 ) (40 ) Total $ 19,010 $ 55,306 $ (188 ) $ (145 ) As of September 30, 2014 (unaudited) 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 ) The amount of consolidated retained earnings for these joint ventures was $389,000 and $295,000 as of September 30, 2015 and 2014 respectively. Summarized Financial Information for the Investments in Joint Ventures (in thousands): Years Ended September 30, 2015 (audited) 2014 (unaudited) Cash $ 61 $ 208 Cash held in escrow 3,420 18,822 Amortizable Debt Costs 1,593 2,069 Investments in real estate, net. 50,232 27,088 Total Assets $ 55,306 $ 48,187 Other Liabilities $ 6,969 $ 313 Long-term Debt 17,000 17,000 Capital – FRP 19,010 18,537 Capital - Third Parties 12,327 12,337 Total Liabilities and Capital $ 55,306 $ 48,187

Spin-off

Spin-off	12 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Spin-off	3. Spin-off. On January 30, 2015, FRP Holdings, Inc. (Nasdaq GM: FRPH) (the “Company”) completed the spin-off of its transportation business into a new, separately traded public company - Patriot Transportation Holding, Inc. (Nasdaq GM: PATI) (“Patriot”) - resulting in FRPH becoming a pure real estate company. As a result, the former transportation segment is reported as a discontinued operation without any corporate overhead allocation. Hence, all corporate overhead attributable to the transportation group through the date of the spin-off is included in “corporate expense” on the Company’s historical consolidated income statements. The results of operations associated with discontinued operations were as follows (in thousands): Years Ended September 30, 2015 2014 2013 Revenue $ 41,800 129,162 112,120 Cost of operations 38,195 121,134 101,001 Operating profit 3,605 8,028 11,119 Interest expense (33 ) (102 ) (19 ) Income before income taxes 3,572 7,926 11,100 Provision for income taxes 1,393 3,091 4,329 Income from discontinued operations $ 2,179 4,835 6,771 The following table presents the carrying value of the major categories of assets and liabilities of discontinued operations reflected on the Company’s consolidated balance sheets at September 30, 2014: 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

Related Party Transactions

Related Party Transactions	12 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Agreements with Patriot	4. Related Party Transactions. In order to effect 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 will provide to FRP certain services that were shared prior to the Spin-off, including the services of certain shared executive officers, for a period of 12 or more months after the Spin-off. The consolidated statements of income reflect charges and/or allocation from Patriot for these services of $2,211,000, $2,539,000, and $2,302,000 for fiscal 2015, 2014 and 2013, respectively. Included in the charges above are amounts recognized for corporate executive stock-based compensation expense. These charges are reflected as part of corporate expenses. To determine these allocations between FRP and Patriot as set forth in the Transition Services Agreement, 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. 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. The consolidated statements of income reflect charges and/or allocation for these services of $1,081,000, $2,685,000, and $2,549,000 for fiscal 2015, 2014 and 2013, respectively.

Debt

Debt	12 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	5. Debt. Debt at September 30 is summarized as follows (in thousands): 2015 2014 Revolving credit (uncollateralized) $ 8,494 10,363 5.6% to 7.9% mortgage notes due in installments through 2027 40,191 45,593 48,685 55,956 Less portion due within one year 4,180 4,534 $ 44,505 51,422 The aggregate amount of principal payments, excluding the revolving credit, due subsequent to September 30, 2015 is: 2016 - $4,180,000; 2017 – $4,454,000; 2018 - $4,674,000; 2019 - $3,885,000; 2020 - $3,725,000 and subsequent years - $19,273,000. The non-recourse fully amortizing mortgage notes payable are collateralized by real estate having a carrying value of approximately $55,233,000 at September 30, 2015. 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 (the "Credit Agreement"). The Credit Agreement provides a revolving credit facility (the “Revolver”) with a $10 million sublimit available for standby letters of credit. At the time of the Spin-off, the Company refinanced $10,483,000 of borrowings then outstanding on the terminated revolver. As of September 30, 2015, there was $8,494,000 outstanding on the revolver, $2,576,000 outstanding under letters of credit and $8,930,000 available for borrowing. The letters of credit were issued to guarantee certain obligations to state agencies related to real estate development. Most of the letters of credit are irrevocable for a period of one year and typically are automatically extended for additional one-year periods. The Revolver bears interest at a rate of 1.4% over the selected LIBOR, which may change quarterly based on the Company’s ratio of Consolidated Total Debt to Consolidated Total Capital, as defined. A commitment fee of 0.15% per annum is payable quarterly on the unused portion of the commitment. The commitment fee may also change quarterly based upon the ratio described above. The credit agreement contains certain conditions and financial covenants, including a minimum $110 million tangible net worth. As of September 30, 2015, the tangible net worth covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum of $71 million combined. The Company was in compliance with all covenants as of September 30, 2015. During the first quarter, the Company announced the execution of a commitment from First Tennessee Bank to provide up to $40 million dollars of mortgage backed financing in two separate facilities. On July 24, 2015 the Company closed on a five year, $20 million secured revolver with a twenty-four month window to convert up to the full amount of the facility into a ten year term loan. Interest accrues at 1.90% over one month LIBOR plus an annual commitment fee of 0.10%. As of September 30, 2015 the full amount of the secured revolver was available. The second facility is a $20 million ten year term loan secured by to-be-determined collateral from our current pool of unencumbered warehouse/office properties. We closed on the secured revolver on July 24, 2015. We expect to close on the ten year term loan during fiscal 2016. The purpose of these loans is to facilitate growth through new construction in the Land Development and Construction segment and/or acquisition of existing, operating buildings to be added to the Asset Management segment. During fiscal 2015, 2014 and 2013 the Company capitalized interest costs of $1,041,000, $1,763,000, and $1,863,000, respectively. 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. On June 3, 2013 the Company prepaid the $7,281,000 remaining principal balance on a 6.12% mortgage under an early prepayment provision the note allowed after 7.5 years. The prepayment penalty of $382,000 is included in interest expense. The remaining deferred loan costs of $175,000 were also included in interest expense. On July 31, 2013 the Company prepaid the $279,000 remaining principal balance on a 7.97% mortgage. The cost of the prepayment included a penalty of $7,000.

Leases

Leases	12 Months Ended
	Sep. 30, 2015
Leases [Abstract]
Leases	6. Leases. At September 30, 2015, the total carrying value of property owned by the Company which is leased or held for lease to others is summarized as follows (in thousands): Construction aggregates property $ 35,087 Commercial property 256,129 291,216 less accumulated depreciation and depletion 72,993 $ 218,223 The minimum future straight-lined rentals due the Company on noncancelable leases as of September 30, 2015 are as follows: 2016 - $23,929,000; 2017 - $21,107,000; 2018 - $17,607,000; 2019 - $11,840,000; 2020 - $10,529,000; 2021 and subsequent years $31,265,000.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	7. Earnings per Share. The following details the computations of the basic and diluted earnings per common share (dollars in thousands, except per share amounts): Years Ended September 30 2015 2014 2013 Common shares: Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,756 9,629 9,523 Common shares issuable under share based payment plans which are potentially dilutive 71 81 82 Common shares used for diluted earnings per common share 9,827 9,710 9,605 Income from continuing operations $ 6,093 5,184 8,614 Discontinued operations 2,179 4,835 6,771 Net income $ 8,272 10,019 15,385 Basic earnings per common share: Income from continuing operations $ .62 .54 .90 Discontinued operations .23 .50 .72 Net income $ .85 1.04 1.62 Diluted earnings per common share Income from continuing operations $ .62 .53 .90 Discontinued operations .22 .50 .70 Net income $ .84 1.03 1.60 For 2015, 2014 and 2013, 56,110, 31,790 and 87,550 shares, respectively, attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	8. Stock-Based Compensation Plans. The Company has two Stock Option Plans (the 2000 Stock Option Plan and the 2006 Stock Option Plan) under which options for shares of common stock were granted to directors, officers and key employees. The 2006 plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, or stock awards. The options awarded under the plans have similar characteristics. All stock options are non-qualified and expire ten years from the date of grant. Stock based compensation awarded to directors, officers and employees are exercisable immediately or become exercisable in cumulative installments of 20% or 25% at the end of each year following the date of grant. When stock options are exercised the Company issues new shares after receipt of exercise proceeds and taxes due, if any, from the grantee. The number of common shares available for future issuance was 419,170 at September 30, 2015. The Company utilizes the Black-Scholes valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated based upon assumptions at the time of grant. The assumptions were no dividend yield, expected volatility between 37% and 46%, risk-free interest rate of .3% to 4.2% and expected life of 3.0 to 7.0 years. The dividend yield of zero is based on the fact that the Company does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility is estimated based on the Company’s historical experience over a period equivalent to the expected life in years. The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the expected life of the options granted. The expected life calculation is based on the observed and expected time to exercise options by the employees. 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. The Company recorded the following stock compensation expense (including unallocated to Patriot in periods prior to the Spin-off) in its consolidated statement of income (in thousands): Years Ended September 30 2015 2014 2013 Stock option grants $ 267 441 376 Annual non-employee Director stock award 536 698 507 $ 803 1,139 883 A summary of changes in outstanding options is presented below (in thousands, except share and per share amounts): Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value(000's) Outstanding at October 1, 2012 481,210 $ 17.52 3.8 $ 3,782 Granted 46,180 $ 26.20 $ 489 Exercised (112,800 ) $ 10.52 $ (603 ) Outstanding at September 30, 2013 414,590 $ 20.40 4.2 $ 3,668 Granted 31,790 $ 41.39 $ 545 Exercised (119,550 ) $ 12.23 $ (732 ) Outstanding at September 30, 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 (72,300 ) $ 13.31 $ (430 ) Outstanding at September 30, 2015 305,750 $ 21.90 5.9 $ 2,738 Exercisable at September 30, 2015 213,847 $ 20.87 5.0 $ 1,751 Vested during twelve months ended September 30, 2015 37,546 $ 329 The following table summarizes information concerning stock options outstanding at September 30, 2014: Shares Weighted Weighted Range of Exercise under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $16.51 – $24.75 11,078 16.72 6.2 $24.76 - $37.25 59,977 23.30 8.0 $37.26 - $41.39 20,848 31.10 8.2 91,903 $ 24.27 7.8 Years Exercisable: $16.51 - $24.75 54,117 17.63 4.8 $24.76 - $37.25 147,018 21.18 4.8 $37.26 - $41.39 12,712 31.10 8.2 213,847 $ 20.87 5.0 Years Total 305,750 $ 21.90 5.9 Years The aggregate intrinsic value of exercisable in-the-money options was $1,994,000 and the aggregate intrinsic value of outstanding in-the-money options was $2,553,000 based on the market closing price of $30.14 on September 30, 2015 less exercise prices. The realized tax benefit to the Company or Patriot from options exercised in the twelve months ended September 30, 2015 was $556,000. The unrecognized compensation cost of options granted but not yet vested as of September 30, 2015 was $687,000, which is expected to be recognized over a weighted-average period of 3.2 years. Gains of $1,436,000 were realized by option holders during the twelve months ended September 30, 2015.

Income Taxes

Income Taxes	12 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	9. Taxes. The provision for income taxes for continuing operations for fiscal years ended September 30 consists of the following (in thousands): 2015 2014 2013 Current: Federal $ 1,803 2,820 1,842 State 524 1,083 392 2,327 3,903 2,234 Deferred 1,568 (342 ) 3,274 Total $ 3,895 3,561 5,508 A reconciliation between the amount of tax shown above and the amount computed at the statutory Federal income tax rate follows (in thousands): 2015 2014 2013 Amount computed at statutory Federal rate $ 3,396 3,020 4,863 State income taxes (net of Federal income tax benefit) 504 520 622 Other, net (5 ) 21 23 Provision for income taxes $ 3,895 3,561 5,508 In this reconciliation, the category “Other, net” consists of changes in unrecognized tax benefits, permanent tax differences related to non-deductible expenses, special tax rates and tax credits, interest and penalties, and adjustments to prior year estimates. The types of temporary differences and their related tax effects that give rise to deferred tax assets and deferred tax liabilities at September 30, are presented below (in thousands): 2015 2014 Deferred tax liabilities: Property and equipment $ 13,100 12,120 Depletion 496 477 Unrealized rents 1,881 1,850 Prepaid expenses 278 314 Gross deferred tax liabilities 15,755 14,761 Deferred tax assets: Employee benefits and other 1,214 1,792 Gross deferred tax assets 1,214 1,792 Net deferred tax liability $ 14,541 12,969 A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2015 2014 Balance at October 1 $ — — Reductions due to lapse of statute of limitations — — Balance at September 30 $ — — The Company files income tax returns in the U.S. and various states which are subject to audit for up to five years after filing.

Employee Benefits

Employee Benefits	12 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Employee Benefits	10. Employee Benefits. The Company and certain subsidiaries have a savings/profit sharing plan for the benefit of qualified employees. The savings feature of the plan incorporates the provisions of Section 401(k) of the Internal Revenue Code under which an eligible employee may elect to save a portion (within limits) of their compensation on a tax deferred basis. The Company contributes to a participant’s account an amount equal to 50% (with certain limits) of the participant’s contribution. Additionally, the Company may make an annual discretionary contribution to the plan as determined by the Board of Directors, with certain limitations. The plan provides for deferred vesting with benefits payable upon retirement or earlier termination of employment. The Company’s cost was $45,000 in 2015, $40,000 in 2014 and $40,000 in 2013. The Company has a Management Security Plan (MSP) for certain officers and key employees. The accruals for future benefits are based upon the remaining years to retirement of the participating employees and other actuarial assumptions. Life insurance on the lives of one of the participants has been purchased to partially fund this benefit and the Company is the owner and beneficiary of that policy. The expense for fiscal 2015, 2014 and 2013 was $163,000, $150,000 and $138,000, respectively. The accrued benefit under this plan as of September 30, 2015 and 2014 was $1,391,000 and $1,227,000 respectively.

Business Segments

Business Segments	12 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Business Segments	11. Business Segments. Following the completion of the spin-off of the transportation business, management conducted a strategic review of the Company’s real estate operations. As a result of this review, it was determined that the information that the Company’s chief operating decision makers regularly review for purposes of allocating resources and assessing performance, had changed. Therefore, beginning with the quarter ending March 31, 2015 (with prior periods adjusted accordingly), the Company is reporting its financial performance based on three reportable segments, Asset Management, Mining Royalty Lands and Land Development and Construction, as described below. The Asset Management segment owns, leases and manages warehouse/office buildings located predominately in the Baltimore/Northern Virginia/Washington, DC market area. Our Mining Royalty Lands segment remains unaffected and owns several properties comprising approximately 15,000 acres currently under lease for mining rents or royalties (this does not include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials). Other than one location in Virginia, all of these properties are located in Florida and Georgia. Through our Land Development and Construction segment, we own and are continuously monitoring for their “highest and best use” several parcels of land that are in various stages of development. Our overall strategy in this segment is to convert all of our non-income producing lands into income production through (i) an orderly process of constructing new warehouse/office buildings for us to own and operate or (ii) a sale to, or joint venture with, third parties. 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): 2015 2014 2013 Revenues: Asset management $ 27,570 24,825 21,548 Mining royalty lands 6,094 5,349 5,302 Land development and construction 982 804 804 $ 34,646 30,978 27,654 Operating profit: Asset management $ 13,288 11,703 10,414 Mining royalty lands 5,478 4,735 4,739 Land development and construction (2,197 ) (1,474 ) (987 ) Corporate expenses: Allocated to asset management (815 ) (582 ) (688 ) Allocated to mining royalty (863 ) (617 ) (731 ) Allocated to land development and construction (481 ) (343 ) (406 ) Unallocated (1,148 ) (997 ) (477 ) Unallocated to discontinued operations (1,081 ) (2,685 ) (2,549 ) (4,388 ) (5,224 ) (4,851 ) $ 12,181 9,740 9,315 Interest expense: Asset management $ 2,014 1,366 2,501 Depreciation, depletion and amortization: Asset management $ 6,963 6,384 5,503 Mining royalty lands 133 124 106 Land development and construction 282 197 251 $ 7,378 6,705 5,860 Capital expenditures: Asset management 2,408 6,662 10,257 Mining royalty lands — — — Land development and construction 4,085 12,621 12,679 $ 6,493 19,283 22,936 Identifiable net assets at September 30: Asset management $ 151,023 154,976 143,808 Mining royalty lands 39,300 39,368 39,274 Land development and construction 60,682 56,519 50,833 Discontinued operations — 61,134 51,107 Cash items 419 1,074 2,071 Unallocated corporate assets 1,197 — — 252,621 313,071 287,093

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	12. Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs are those that are unobservable and significant to the overall fair value measurement. As of September 30, 2015 the Company had no assets or liabilities measured at fair value on a recurring or non-recurring basis. At September 30, 2015 and 2014, the carrying amount reported in the consolidated balance sheets for cash and cash equivalents, short-term notes payable and revolving credit approximate their fair value based upon the short-term nature of these items. The fair values of the Company’s other mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities. At September 30, 2015, the carrying amount and fair value of such other long-term debt was $48,685,000 and $52,001,000, respectively. At September 30, 2014, the carrying amount and fair value of such other long-term debt was $55,956,000 and $59,799,000, respectively.

Contingent Liabilities

Contingent Liabilities	12 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Contingent Liabilities	13. Contingent Liabilities. Certain of the Company’s subsidiaries are involved in litigation on a number of matters and are subject to certain claims which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. The liability at any point in time depends upon the relative ages and amounts of the individual open claims. In the opinion of management, none of these matters are expected to have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. Preliminary testing on the site of the Company's four phase master development known as RiverFront on the Anacostia in Washington, D.C. indicated the presence of contaminated material that will have to be specially handled upon excavation in conjunction with construction. The Company has agreed with our joint venture partner to bear the cost of handling the contaminated materials on the first phase of this development up to a cap of $1.871 million. We recorded an expense in the fourth quarter of fiscal 2012 of $1,771,000 for this environmental remediation liability which is the lower end of the range of estimates. As of September 30, 2015, the excavation and foundation work for Phase 1 were substantially complete; thus, the bulk of the remediation expenses have been incurred. Management believes the total cost for remediation on Phase 1 will end up at approximately $1.9 million.

Commitments

Commitments	12 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments	14. Commitments. The Company, at September 30, 2015, had entered into various contracts to develop real estate with remaining commitments totaling $1,905,000.

Concentrations

Concentrations	12 Months Ended
	Sep. 30, 2015
Risks and Uncertainties [Abstract]
Concentrations	15. Concentrations. With the completion and occupancy of the 3rd build to suit for the same tenant at Patriot Business Park in the first quarter of fiscal 2015 this particular tenant accounted for 12.2% of the Company’s consolidated revenues during fiscal 2015. The mining royalty lands segment has a total of four tenants currently leasing mining locations and one lessee that accounted for 12.6% of the Company’s consolidated revenues in fiscal 2015 and $296,000 of accounts receivable at September 30, 2015. The termination of these lessees’ underlying leases could have a material adverse effect on the Company. The Company places its cash and cash equivalents with high credit quality institutions. At times, such amounts may exceed FDIC limits.

Real Estate Held for Sale

Real Estate Held for Sale	12 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Real Estate Held for Sale	16. Real Estate Held for Sale. T

Unusual or Infrequent Items Imp

Unusual or Infrequent Items Impacting Quarterly Results	12 Months Ended
	Sep. 30, 2015
Extraordinary and Unusual Items [Abstract]
Unusual or Infrequent Items Impacting Quarterly Results	17. Unusual or Infrequent Items Impacting Quarterly Results. On June 3, 2013 the Company prepaid the $7,281,000 remaining principal balance on a 6.12% mortgage under an early prepayment provision the note allowed after 7.5 years. The prepayment penalty of $382,000 is included in interest expense. The remaining deferred loan costs of $175,000 were also included in interest expense. On July 31, 2013 the Company prepaid the $279,000 remaining principal balance on a 7.97% mortgage. The cost of the prepayment included a penalty of $7,000. In July 2013 the Company sold 15.18 acres of land at Patriot Business Park for a sales price of $4,775,000 resulting in a gain of $341,000 before income taxes. The book value of the property was $3,603,000. In August 2013 the Company sold 5.38 acres of land at Hollander 95 Business Park and recorded a gain before income taxes of $514,000. The book value of the property was $595,000. In August 2013 the Company sold phase 1 of the Windlass Run Residential property and recorded a gain of $4,928,000 before income taxes. The book value of the property was $2,971,000. The Company also sold 284 acres of Gulf Hammock mining property in August 2013 and recorded a gain of $433,000 before income taxes. The book value of the property was $296,000.

Real Estate Business Park Acqui

Real Estate Business Park Acquisitions	12 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Real Estate Business Park Acquisitions	18. Real Estate Business Park Acquisitions. TRANSIT BUSINESS PARK - The Company will recognize the amortization related to Transit Business Park intangible assets according to the following schedule (in thousands): In-place Above Market Below Market Leases Leases Leases Initial Values $ 806 48 156 Annual Amortization: 2013 $ 121 3 24 2014 369 12 86 2015 63 4 37 2016 44 4 9 2017 44 4 — 2018 43 4 — 2019 43 4 — 2020 43 4 — 2021 17 3 — 2022 9 3 — 2023 9 3 — 2024 1 — — KELSO BUSINESS PARK - The Company will recognize the amortization related to Kelso Business Park intangible assets according to the following schedule (in thousands): In-place Below Market Leases Leases Initial Values $ 579 64 Annual Amortization: 2014 80 8 2015 203 21 2016 136 21 2017 100 12 2018 28 2 2019 21 — 2020 11 —

Intangible Assets

Intangible Assets	12 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
[us-gaap:IntangibleAssetsDisclosureTextBlock]	19. Intangible Assets. The Company reviews intangible assets for impairment, whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of long-lived assets is measured by a comparison of the carrying amount of the asset group to the future undiscounted net cash flows expected to be generated by those assets. If such assets are considered to be impaired, the impairment charge recognized is the amount by which the carrying amounts of the assets exceeds the fair value of the assets. The gross amounts and accumulated amortization of identifiable intangible assets are as follows (in thousands): September 30, 2015 September 30, 2014 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: In-place leases (useful life 7-8 years) $ 1,385 $ 836 $ 1,385 $ 570 Above Market leases (useful life 5 years) 48 19 48 15 $ 1,433 $ 855 $ 1,433 $ 585 September 30, 2015 September 30, 2014 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible liabilities: Below Market leases (useful life 4-5 years) $ 220 $ 176 $ 220 $ 118 $ 220 $ 176 $ 220 $ 118

Subsequent Events

Subsequent Events	12 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	20. Subsequent Events. Windlass Run Residential Phase II sale and Section 1031 Exchange Transaction RiverFront on the Anacostia Environmental Update

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION - FRP Holdings, Inc. (“FRP” or the “Company”) is a holding company engaged in the real estate business, namely (i) warehouse/office building ownership, leasing and management, (ii) mining royalty land ownership and leasing and (iii) land acquisition, entitlement and development primarily for future warehouse/office building construction. On January 30, 2015, FRP completed the tax-free Spin-off (“Spin-off”) of its transportation business into a new, separately traded public company, Patriot Transportation Holding, Inc. (Nasdaq GM: PATI) (“Patriot”). In the Spin-off, FRP distributed all of the outstanding stock of Patriot to FRP's shareholders as of the record date of January 9, 2015. FRP’s shareholders received one share of Patriot for every three shares of FRP owned on the record date. Patriot now is an independent, publicly traded company, and FRP retains no ownership in Patriot. The Company retained the real estate business, which is now the sole business of the Company. See Note 3 regarding more information regarding the spin-off. FRP Holdings, Inc. was incorporated on April 22, 2014 in connection with a corporate reorganization that preceded the Spin-off. The Company’s successor issuer was formed on July 20, 1998. The business of the Company is conducted through our wholly-owned subsidiaries FRP Maryland, Inc., a Maryland corporation, FRP Development Corp., a Maryland corporation and Florida Rock Properties, Inc., a Florida corporation, and the various subsidiaries of each.
Consolidation	CONSOLIDATION - The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Investments in the Brooksville joint venture and Riverfront Investment Partners I, LLC are accounted for under the equity method of accounting (See Note 2). All significant intercompany transactions have been eliminated in consolidation.
Cash and Cash Equivalents	CASH AND CASH EQUIVALENTS - The Company considers all highly liquid debt instruments with maturities of three months or less at time of purchase to be cash equivalents. Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right of offset.
Revenue and Expense Recognition	REVENUE AND EXPENSE RECOGNITION - Real estate rental revenue and mining royalties are generally recognized when earned under the leases and are considered collectable. Rental income from leases with scheduled increases or other incentives during their term is recognized on a straight-line basis over the term of the lease. Reimbursements of expenses, when provided in the lease, are recognized in the period that the expenses are incurred. Sales of real estate are recognized when the collection of the sales price is reasonably assured and when the Company has fulfilled substantially all of its obligations, which are typically as of the closing date. Accounts receivable are recorded net of discounts and provisions for estimated allowances. We estimate allowances on an ongoing basis by considering historical and current trends. We record estimated bad debts expense as part of operating expenses. We estimate the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment. Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms.
Property and Equipment	PROPERTY AND EQUIPMENT - Property and equipment is recorded at cost less accumulated depreciation and depletion. Provision for depreciation of property, plant and equipment is computed using the straight-line method based on the following estimated useful lives: Years Building and improvements 3-39 Depletion of sand and stone deposits is computed on the basis of units of production in relation to estimated reserves. Reserve estimates are periodically adjusted based upon surveys. The Company recorded depreciation and depletion expenses for 2015, 2014 and 2013 of $6,195,000, $5,528,000, and $5,056,000, respectively. All direct and indirect costs, including interest and real estate taxes, associated with the development, construction, leasing or expansion of real estate investments are capitalized as a cost of the property. Included in indirect costs is an allocation of internal costs associated with development of real estate investments. The cost of routine repairs and maintenance to property and equipment is expensed as incurred.
Impairment of Long-Lived assets	IMPAIRMENT OF LONG-LIVED ASSETS – The Company periodically reviews its long-lived assets, which include property and equipment and purchased intangible assets subject to amortization for potential impairment whenever events or circumstances indicate the carrying amount of a long-lived asset may not be recoverable. This review consists of comparing cap rates on recent cash flows and market value estimates to the carrying values of each asset group. If this review indicates the carrying value might exceed fair value then an estimate of future cash flows for the remaining useful life of each property is prepared considering anticipated vacancy, lease rates, and any future capital expenditures.
Developed Property Rentals Purchase Accounting	DEVELOPED PROPERTY RENTALS PURCHASE ACCOUNTING – Acquisitions of rental property, including any associated intangible assets, are measured at fair value at the date of acquisition. Any liabilities assumed or incurred are recorded at their fair value at the time of acquisition. The fair value of the acquired property is allocated between land and building (on an as-if vacant basis) based on management’s estimate of the fair value of those components for each type of property and to tenant improvements based on the depreciated replacement cost of the tenant improvements, which approximates their fair value. The fair value of the in-place leases is recorded as follows: · the fair value of leases in-place on the date of acquisition is based on absorption costs for the estimated lease-up period in which vacancy and foregone revenue are avoided due to the presence of the acquired leases; · the fair value of above and below-market in-place leases based on the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between contractual rent amounts to be paid under the assumed lease and the estimated market lease rates for the corresponding spaces over the remaining non-cancelable terms of the related leases; and · the fair value of intangible tenant or customer relationships. The Company’s determination of these fair values requires it to estimate market rents for each of the leases and make certain other assumptions. These estimates and assumptions affect the rental revenue, and depreciation and amortization expense recognized for these leases and associated intangible assets and liabilities.
Investments	INVESTMENTS - The Company uses the equity method to account for its investment in Brooksville, in which it has a voting interest of 50% and has significant influence but does not have control. The Company uses the equity method to account for its investment in RiverFront Investment Partners I, LLC, in which the equity interest will be determined based on leverage of the entity, additional cash contributions by the Company, and negotiations with potential third partners. Under the equity method, the investment is originally recorded at cost and adjusted to recognize the Company’s share of net earnings or losses of the investee, limited to the extent of the Company’s investment in and advances to the investee and financial guarantees on behalf of the investee that create additional basis. The Company regularly monitors and evaluates the realizable value of its investments. When assessing an investment for an other-than-temporary decline in value, the Company considers such factors as, the performance of the investee in relation to its own operating targets and its business plan, the investee’s revenue and cost trends, as well as liquidity and cash position, and the outlook for the overall industry in which the investee operates. From time to time, the Company may consider third party evaluations or valuation reports. If events and circumstances indicate that a decline in the value of these assets has occurred and is other-than-temporary, the Company records a charge to investment income (expense).
Income Taxes	INCOME TAXES - Deferred tax assets and liabilities are recognized based on differences between financial statement and tax bases of assets and liabilities using presently enacted tax rates. Deferred income taxes result from temporary differences between pre-tax income reported in the financial statements and taxable income. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit. The second step is to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the amounts rely upon the determination of the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit, and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. It is the Company's policy to recognize as additional income tax expense the items of interest and penalties directly related to income taxes.
Stock Based Compensation	STOCK BASED COMPENSATION – The Company accounts for compensation related to share based plans by recognizing the grant date fair value of stock options and other equity-based compensation issued to employees in its income statement over the requisite employee service period using the straight-line attribution model. In addition, compensation expense must be recognized for the change in fair value of any awards modified, repurchased or cancelled after the grant date. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model. The assumptions used in the model and current year impact are discussed in Note 8.
Pension Plan	PENSION PLAN - The Company accounts for its pension plan following the requirements of FASB ASC Topic 715, “Compensation – Retirement Benefits”, which requires an employer to: (a) recognize in its statement of financial position the funded status of a benefit plan; (b) measure defined benefit plan assets and obligations as of the end of the employer's fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise but are not recognized as components of net periodic benefit costs pursuant to prior existing guidance.
Earnings Per Common Share	EARNINGS PER COMMON SHARE - Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options and restricted stock.
Use of Estimates	USE OF ESTIMATES - The preparation of financial statements in conformity with accounting principles generally accepted in the United State requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain accounting policies and estimates are of more significance in the financial statement preparation process than others. The most critical accounting policies and estimates include the economic useful lives of our property and equipment, provisions for uncollectible accounts receivable and collectibility of unrealized rents, estimates of exposures related to our insurance claims plans, and estimates for taxes. To the extent that actual, final outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates, earnings during that accounting period will be affected.
Environmental	ENVIRONMENTAL - Environmental expenditures that benefit future periods are capitalized. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded for the estimated amount of expected environmental assessments and/or remedial efforts. Estimation of such liabilities includes an assessment of engineering estimates, continually evolving governmental laws and standards, and potential involvement of other potentially responsible parties.
Comprehensive Income	COMPREHENSIVE INCOME – Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) refers to expenses, gains, and losses that are not included in net income, but rather are recorded directly in shareholders’ equity.
Recently Issued Accounting Standards	RECENTLY ISSUED ACCOUNTING STANDARDS – In January 2015, the FASB issued ASU 2015-01, "Income Statement—Extraordinary and Unusual Items (Subtopic 225-20) Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items." This guidance is effective for annual periods beginning on or after December 15, 2015 and interim periods within those years, with early adoption permitted. Effective first quarter 2015, the Company adopted ASU 2015-01 and will apply the new guidance, as applicable. 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.

Consolidated Real Estate and 31

Consolidated Real Estate and Accumulated Depreciation and Depletion (Tables)	12 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Schedule III Real Estate and Accumulated Depreciation and Depletion	FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED)-REAL ESTATE & ACCUMULATED DEPRECIATION AND DEPLETION SEPTEMBER 30, 2015 County Encumb- rances Initial cost to Company Cost capitalized subsequent to acquisition Gross amount at which carried at end of period (a) Accumulated Depreciation & Depletion Year Of Constr- uction Date Acquired Depreciation Life Computed on: Mining Royalty Lands Alachua, FL $ 1,442 $ 0 $ 1,442 $ 148 n/a 4/86 unit Clayton, GA 369 0 369 5 n/a 4/86 unit Fayette, GA 685 0 685 65 n/a 4/86 unit Lake, FL 402 0 402 151 n/a 4/86 unit Lake, FL 1,083 0 1,083 970 n/a 4/86 unit Lake Louisa, FL 11,039 0 11,039 0 n/a 5/12 unit Lee, FL 4,690 6 4,696 6 n/a 4/86 unit Monroe, GA 792 0 792 285 n/a 4/86 unit Muscogee, GA 369 (45 ) 324 324 n/a 4/86 unit Prince William, VA 299 0 299 299 n/a 4/86 unit Putnam, FL 15,002 37 15,039 4,467 n/a 4/86 unit Putnam, FL 302 (2 ) 300 283 n/a 4/86 5 yr. Spalding, GA 20 0 20 0 n/a 4/86 n/a Marion, FL 1,180 4 1,184 599 n/a 4/86 unit Investment Property 1,629 (101 ) 1,528 684 n/a 4/86 n/a 0 39,303 (101 ) 39,202 8,286 Asset Management Properties Baltimore, MD 1,808 439 4,423 4,862 2,584 1990 10/89 39 yr. Baltimore, MD 3,501 950 7,719 8,669 4,609 1994 12/91 39 yr. Baltimore, MD 1,158 690 2,861 3,551 1,511 2000 07/99 39 yr. Baltimore, MD 0 1,435 4,229 5,664 961 2008 12/02 39 yr. Baltimore, MD 0 4,309 251 4,560 155 n/a 06/15 39 yr. Baltimore City, MD 0 557 4,519 5,076 732 2010 12/15 39 yr. Baltimore City, MD 0 7,442 1,380 8,822 718 n/a 6/15 39 yr. Duval, FL 0 2,416 541 2,957 2,773 n/a 4/86 25 yr. Harford, MD 738 31 3,830 3,861 2,095 1998 8/95 39 yr. Harford, MD 1,746 50 5,699 5,749 2,491 1999 8/95 39 yr. Harford, MD 3,054 85 7,091 7,176 3,517 2001 8/95 39 yr. Harford, MD 2,403 88 10,133 10,221 4,102 2007 8/95 39 yr. Harford, MD 1,738 155 12,418 12,573 4,016 2009 8/95 39 yr. Howard, MD 0 2,859 4,873 7,732 4,188 1996 9/88 39 yr. Howard, MD 1,046 2,473 981 3,454 1,403 2000 3/00 39 yr. Elkridge, MD 0 0 40 40 0 TBD 10/15 39 yr. Anne Arundel, MD 0 715 9,328 10,043 5,628 1989 9/88 39 yr. Anne Arundel, MD 5,664 950 13,120 14,070 4,862 2003 5/98 39 yr. Anne Arundel, MD 0 1,525 10,800 12,325 3,413 2005 8/15 39 yr. Anne Arundel, MD 3,609 737 5,430 6,167 1,711 2006 1/15 39 yr. Anne Arundel, MD 0 667 10,261 10,928 2,418 2012 7/15 39 yr. Norfolk, VA 5,017 7,512 10 7,522 2,446 2004 10/15 39 yr. Prince William, VA 0 3,922 27,183 31,105 1,619 n/a 12/05 39 yr. Newcastle Co., DE 8,709 11,559 2,759 14,318 4,305 2004 4/15 39 yr. 40,191 51,566 149,879 201,445 62,257 Land Development and Construction Properties Baltimore, MD 0 4,199 7,816 12,015 0 n/a 12/02 n/a Baltimore City, MD 0 5,193 3,669 8,862 186 n/a 12/10 15 yr. Carroll, MD 0 4,720 2,426 7,146 0 n/a 3/15 n/a Harford, MD 0 92 1,584 1,676 0 n/a 8/95 n/a Prince William, VA 0 3,402 893 4,295 44 n/a 12/05 15 yr. Washington D.C. 2,957 10,352 13,309 2,707 n/a 4/86 15 yr. Washington D.C. 3,811 767 4,578 0 n/a 10/97 n/a 0 24,374 27,507 51,881 2,937 GRAND TOTALS $ 40,191 $ 115,243 $ 177,285 $ 292,528 $ 73,480 (a) The aggregate cost for Federal income tax purposes is $252,925 .
Real Estate and Accumulated Depreciation and Depletion	FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION AND DEPLETION YEARS ENDED SEPTEMBER 30, 2015, 2014 AND 2013 (In thousands) 2015 2014 2013 Gross Carrying Cost of Real Estate: Balance at beginning of period $ 286,671 $ 268,932 $ 262,564 Additions during period: Amounts capitalized 6,063 19,154 22,228 Deductions during period: Cost of real estate sold — (1,415 ) (10,021 ) Other (206 ) — (5,839 ) Balance at close of period $ 292,528 $ 286,671 $ 268,932 Accumulated Depreciation & Depletion: Balance at beginning of period $ 67,598 $ 62,167 $ 58,997 Additions during period: Charged to cost & expense 5,902 5,446 4,938 Deductions during period: Real estate sold — (15 ) (461 ) Other (20 ) — (1,307 ) Balance at close of period $ 73,480 $ 67,598 $ 62,167

Investment in Riverfront and 32

Investment in Riverfront and Brooksville Joint Ventures (Tables)	12 Months Ended
	Sep. 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 As of September 30, 2015 (audited) RiverFront Holdings I, LLC 76.91 % $ 11,517 $ 40,970 $ (108 ) $ (105 ) Brooksville Quarry, LLC 50.00 % 7,493 14,336 (80 ) (40 ) Total $ 19,010 $ 55,306 $ (188 ) $ (145 ) As of September 30, 2014 (unaudited) 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 )
Financial Information for the Investments in Joint Ventures	Years Ended September 30, 2015 (audited) 2014 (unaudited) Cash $ 61 $ 208 Cash held in escrow 3,420 18,822 Amortizable Debt Costs 1,593 2,069 Investments in real estate, net. 50,232 27,088 Total Assets $ 55,306 $ 48,187 Other Liabilities $ 6,969 $ 313 Long-term Debt 17,000 17,000 Capital – FRP 19,010 18,537 Capital - Third Parties 12,327 12,337 Total Liabilities and Capital $ 55,306 $ 48,187

Spin-off (Tables)

Spin-off (Tables)	12 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operations results of operations	Years Ended September 30, 2015 2014 2013 Revenue $ 41,800 129,162 112,120 Cost of operations 38,195 121,134 101,001 Operating profit 3,605 8,028 11,119 Interest expense (33 ) (102 ) (19 ) Income before income taxes 3,572 7,926 11,100 Provision for income taxes 1,393 3,091 4,329 Income from discontinued operations $ 2,179 4,835 6,771
Discontinued operations balance sheet	9/30/14 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

Debt (Tables)

Debt (Tables)	12 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	2015 2014 Revolving credit (uncollateralized) $ 8,494 10,363 5.6% to 7.9% mortgage notes due in installments through 2027 40,191 45,593 48,685 55,956 Less portion due within one year 4,180 4,534 $ 44,505 51,422

Leases (Tables)

Leases (Tables)	12 Months Ended
	Sep. 30, 2015
Leases [Abstract]
Property leased or held for lease	Construction aggregates property $ 35,087 Commercial property 256,129 291,216 less accumulated depreciation and depletion 72,993 $ 218,223

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings per share computations	Years Ended September 30 2015 2014 2013 Common shares: Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,756 9,629 9,523 Common shares issuable under share based payment plans which are potentially dilutive 71 81 82 Common shares used for diluted earnings per common share 9,827 9,710 9,605 Income from continuing operations $ 6,093 5,184 8,614 Discontinued operations 2,179 4,835 6,771 Net income $ 8,272 10,019 15,385 Basic earnings per common share: Income from continuing operations $ .62 .54 .90 Discontinued operations .23 .50 .72 Net income $ .85 1.04 1.62 Diluted earnings per common share Income from continuing operations $ .62 .53 .90 Discontinued operations .22 .50 .70 Net income $ .84 1.03 1.60

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation Expense	Years Ended September 30 2015 2014 2013 Stock option grants $ 267 441 376 Annual non-employee Director stock award 536 698 507 $ 803 1,139 883
Summary of Stock Activity	Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value(000's) Outstanding at October 1, 2012 481,210 $ 17.52 3.8 $ 3,782 Granted 46,180 $ 26.20 $ 489 Exercised (112,800 ) $ 10.52 $ (603 ) Outstanding at September 30, 2013 414,590 $ 20.40 4.2 $ 3,668 Granted 31,790 $ 41.39 $ 545 Exercised (119,550 ) $ 12.23 $ (732 ) Outstanding at September 30, 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 (72,300 ) $ 13.31 $ (430 ) Outstanding at September 30, 2015 305,750 $ 21.90 5.9 $ 2,738 Exercisable at September 30, 2015 213,847 $ 20.87 5.0 $ 1,751 Vested during twelve months ended September 30, 2015 37,546 $ 329
Summary of Stock Options Outstanding	Shares Weighted Weighted Range of Exercise under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $16.51 – $24.75 11,078 16.72 6.2 $24.76 - $37.25 59,977 23.30 8.0 $37.26 - $41.39 20,848 31.10 8.2 91,903 $ 24.27 7.8 Years Exercisable: $16.51 - $24.75 54,117 17.63 4.8 $24.76 - $37.25 147,018 21.18 4.8 $37.26 - $41.39 12,712 31.10 8.2 213,847 $ 20.87 5.0 Years Total 305,750 $ 21.90 5.9 Years

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Provision for income taxes	2015 2014 2013 Current: Federal $ 1,803 2,820 1,842 State 524 1,083 392 2,327 3,903 2,234 Deferred 1,568 (342 ) 3,274 Total $ 3,895 3,561 5,508 2015 2014 2013 Amount computed at statutory Federal rate $ 3,396 3,020 4,863 State income taxes (net of Federal income tax benefit) 504 520 622 Other, net (5 ) 21 23 Provision for income taxes $ 3,895 3,561 5,508
Temporary differences	2015 2014 Deferred tax liabilities: Property and equipment $ 13,100 12,120 Depletion 496 477 Unrealized rents 1,881 1,850 Prepaid expenses 278 314 Gross deferred tax liabilities 15,755 14,761 Deferred tax assets: Employee benefits and other 1,214 1,792 Gross deferred tax assets 1,214 1,792 Net deferred tax liability $ 14,541 12,969
Unrecognized tax benefits	2015 2014 Balance at October 1 $ — — Reductions due to lapse of statute of limitations — — Balance at September 30 $ — —

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Business Segments	2015 2014 2013 Revenues: Asset management $ 27,570 24,825 21,548 Mining royalty lands 6,094 5,349 5,302 Land development and construction 982 804 804 $ 34,646 30,978 27,654 Operating profit: Asset management $ 13,288 11,703 10,414 Mining royalty lands 5,478 4,735 4,739 Land development and construction (2,197 ) (1,474 ) (987 ) Corporate expenses: Allocated to asset management (815 ) (582 ) (688 ) Allocated to mining royalty (863 ) (617 ) (731 ) Allocated to land development and construction (481 ) (343 ) (406 ) Unallocated (1,148 ) (997 ) (477 ) Unallocated to discontinued operations (1,081 ) (2,685 ) (2,549 ) (4,388 ) (5,224 ) (4,851 ) $ 12,181 9,740 9,315 Interest expense: Asset management $ 2,014 1,366 2,501 Depreciation, depletion and amortization: Asset management $ 6,963 6,384 5,503 Mining royalty lands 133 124 106 Land development and construction 282 197 251 $ 7,378 6,705 5,860 Capital expenditures: Asset management 2,408 6,662 10,257 Mining royalty lands — — — Land development and construction 4,085 12,621 12,679 $ 6,493 19,283 22,936 Identifiable net assets at September 30: Asset management $ 151,023 154,976 143,808 Mining royalty lands 39,300 39,368 39,274 Land development and construction 60,682 56,519 50,833 Discontinued operations — 61,134 51,107 Cash items 419 1,074 2,071 Unallocated corporate assets 1,197 — — 252,621 313,071 287,093

Real Estate Business Park Acq40

Real Estate Business Park Acquisitions (Tables)	12 Months Ended
	Sep. 30, 2015
Transit Business Park
Intangible asset amortization	In-place Above Market Below Market Leases Leases Leases Initial Values $ 806 48 156 Annual Amortization: 2013 $ 121 3 24 2014 369 12 86 2015 63 4 37 2016 44 4 9 2017 44 4 — 2018 43 4 — 2019 43 4 — 2020 43 4 — 2021 17 3 — 2022 9 3 — 2023 9 3 — 2024 1 — —
Kelso Business Park
Intangible asset amortization	In-place Below Market Leases Leases Initial Values $ 579 64 Annual Amortization: 2014 80 8 2015 203 21 2016 136 21 2017 100 12 2018 28 2 2019 21 — 2020 11 —

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortizable intangible assets	September 30, 2015 September 30, 2014 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: In-place leases (useful life 7-8 years) $ 1,385 $ 836 $ 1,385 $ 570 Above Market leases (useful life 5 years) 48 19 48 15 $ 1,433 $ 855 $ 1,433 $ 585
Amortizable intangible liabilities	September 30, 2015 September 30, 2014 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible liabilities: Below Market leases (useful life 4-5 years) $ 220 $ 176 $ 220 $ 118 $ 220 $ 176 $ 220 $ 118

Consolidated Real Estate and 42

Consolidated Real Estate and Accumulated Depreciation and Depletion (Tables) - Real Estate and Accumulated Depreciation and Depletion (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Real Estate [Abstract]
Gross Carrying Cost of Real Estate at beginning of period	$ 286,671	$ 268,932	$ 262,564
Additions capitalized during period	6,063	19,154	22,228
Cost of real estate sold	0	(1,415)	(10,021)
Other deductions	(206)	0	(5,839)
Gross Carrying Cost of Real Estate at end of period	292,528	286,671	268,932
Accumulated Depreciation & Depletion at beginning of period	67,598	62,167	58,997
Charged to cost & expense	5,902	5,446	4,938
Real estate sold	0	(15)	(461)
Other deductions	(20)	0	(1,307)
Accumulated Depreciation & Depletion at end of period	$ 73,480	$ 67,598	$ 62,167

Investment in Riverfront and 43

Investment in Riverfront and Brooksville Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Total Investment	$ 19,010	$ 18,537
Net Loss of the Partnership	(188)	(167)
Company's share of Net Loss of the Partnership	(145)	(128)	$ (63)
Cash	61	208
Cash held in escrow	3,420	18,822
Amortizable Debt costs	1,593	2,069
Investments in real estate, net	50,232	27,088
Other liabilities	6,969	313
Long-term debt	17,000	17,000
Capital - FRP Holdings	19,010	18,537
Capital - Third parties	12,327	12,337
Total liabilities and capital	$ 55,306	$ 48,187
Riverfront I Joint Venture
Ownership percent	76.91%	76.91%
Total Investment	$ 11,517	$ 11,031
Net Loss of the Partnership	(108)	(89)
Company's share of Net Loss of the Partnership	(105)	(89)
Capital - FRP Holdings	$ 11,517	$ 11,031
Brooksville Joint Venture
Ownership percent	50.00%	50.00%
Total Investment	$ 7,493	$ 7,506
Net Loss of the Partnership	(80)	(78)
Company's share of Net Loss of the Partnership	(40)	(39)
Capital - FRP Holdings	$ 7,493	$ 7,506

Spin-off - Discontinued operati

Spin-off - Discontinued operations results of operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Revenue	$ 34,646	$ 30,978	$ 27,654
Cost of operations	22,465	21,238	18,339
Operating profit	12,181	9,740	9,315
Interest expense	(2,014)	(1,366)	(2,501)
Provision for income taxes	3,895	3,561	5,508
Income from discontinued operations	2,179	4,835	6,771
Patriot Transportation
Revenue	41,800	129,162	112,120
Cost of operations	38,195	121,134	101,001
Operating profit	3,605	8,028	11,119
Interest expense	(33)	(102)	(19)
Income before income taxes	3,572	7,926	11,100
Provision for income taxes	1,393	3,091	4,329
Income from discontinued operations	$ 2,179	$ 4,835	$ 6,771

Spin-off (Details)

Spin-off (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Property and equipment, net	$ 207,205	$ 207,436
Deferred costs	7,592	7,027
Other assets	275	179
Assets of discontinued operation	0	61,134
Line of credit	8,494	10,363
Accounts payable and accrued liabilities	3,456	3,948
Deferred compensation	1,400	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

Debt - Debt (Details)

Debt - Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Debt Disclosure [Abstract]
Revolving credit (uncollateralized)	$ 8,494	$ 10,363
5.6% to 7.9% mortgage notes due in installments through 2027	40,191	45,593
Less portion due within one year	4,180	4,534
Total long term debt	$ 44,505	$ 51,422

Leases - Property leased or hel

Leases - Property leased or held for lease (Details) - Property leased or held for lease $ in Thousands	Sep. 30, 2015USD ($)
Construction aggregates property	$ 35,087
Commercial property	256,129
Carrying Value of property owned by the Company leased or held for lease, gross	291,216
Less accumulated depreciation and depletion	72,993
Carrying Value of property owned by the Company leased or held for lease, net	$ 218,223

Earnings Per Share - Earnings p

Earnings Per Share - Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Earnings Per Share [Abstract]
Weighted average common shares oustanding during the period-shares used for basic earnings per common share	9,756	9,629	9,523
Common shares issuable under share based payment plans which are potentially dilutive	71	81	82
Common shares used for diluted earnings per common share	9,827	9,710	9,605
Income from continuing operations	$ 6,093	$ 5,184	$ 8,614
Discontinued operations	2,179	4,835	6,771
Net income	$ 8,272	$ 10,019	$ 15,385
Earnings per common share:
Income from continuing operations	$ .62	$ .54	$ .90
Discontinued operations	.23	.50	.72
Net income	.85	1.04	1.62
Diluted earnings per common share
Income from continuing operations	.62	.53	.90
Discontinued operations	.22	.50	.70
Net income	$ .84	$ 1.03	$ 1.60

Stock-Based Compensation Plan49

Stock-Based Compensation Plans - Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option grants	$ 267	$ 441	$ 376
Annual non-employee Director stock award	536	698	507
Total Stock Compensation expense	$ 803	$ 1,139	$ 883

Stock-Based Compensation Plan50

Stock-Based Compensation Plans - Summary of Stock Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2015USD ($)Years$ / sharesshares	Sep. 30, 2014USD ($)Years$ / sharesshares	Sep. 30, 2013USD ($)Years$ / sharesshares	Sep. 30, 2012USD ($)Years$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding | shares	305,750	326,830	414,590	481,210
Options granted | shares	39,425	31,790	46,180
Options exercised | shares	(72,300)	(119,550)	(112,800)
Options forfeited | shares	(6,000)
Spin-off conversion | shares	17,795
Options outstanding weighted average exercise price | $ / shares	$ 21.90	$ 25.43	$ 20.40	$ 17.52
Options outstanding weighted average exercise price - Granted | $ / shares	26.97	41.39	26.20
Options outstanding weighted average exercise price - forfeited | $ / shares	14.97
Options outstanding weighted average exercise price - Exercised | $ / shares	13.31	$ 12.23	$ 10.52
Options outstanding weighted average exercise price - Spin-off conversion | $ / shares	$ 20.63
Options outstanding weighted average remaining term | Years	5.9	5	4.2	3.8
Options outstanding weighted average grant date fair value | $	$ 2,738	$ 3,481	$ 3,668	$ 3,782
Options granted weighted average grant date fair value | $ / shares	$ 432	$ 545	$ 489
Options forfeited weighted average grant date fair value | $	$ (35)
Options exercised weighted average grant date fair value | $	(430)	$ (732)	$ (603)
Options Spin-off adjustment weighted average grant date fair value | $	(865)
Options Spin-off conversion weighted average grant date fair value | $	$ 155
Options exercisable weighted average exercise price | $ / shares	$ 20.87
Options exerciseable weighted average remaining term | Years	5
Options exercisable weighted average grant date fair value | $	$ 1,751
Options vested during twelve months ended September 30, 2014 | shares	37,546
Options vested weighted average grant date fair value | $	$ 329

Stock-Based Compensation Plan51

Stock-Based Compensation Plans - Summary of Stock Options Outstanding (Details)	12 Months Ended
	Sep. 30, 2015Years$ / sharesshares	Sep. 30, 2014Years$ / shares	Sep. 30, 2013Years$ / shares	Sep. 30, 2012Years$ / shares
Shares under option | shares	305,750
Weighted average exercise price	$ 21.90	$ 25.43	$ 20.40	$ 17.52
Weighted average remaining life | Years	5.9	5	4.2	3.8
$16.51 - $24.75
Shares under option | shares	54,117
Weighted average exercise price	$ 17.63
Weighted average remaining life | Years	4.8
Minimum exercise price	$ 16.51
Maximum exercise price	$ 24.75
$24.76 - $37.25
Shares under option | shares	147,018
Weighted average exercise price	$ 21.18
Weighted average remaining life | Years	4.8
$37.26 - $41.39
Shares under option | shares	12,712
Weighted average exercise price	$ 31.10
Weighted average remaining life | Years	8.2
Minimum exercise price	$ 37.26
Maximum exercise price	$ 41.39
$16.51 - $24.75 Non-exercisable
Shares under option | shares	11,078
Weighted average exercise price	$ 16.72
Weighted average remaining life | Years	6.2
Minimum exercise price	$ 16.51
Maximum exercise price	$ 24.75
$24.76 - $37.25 Non-exercisable
Shares under option | shares	59,977
Weighted average exercise price	$ 23.30
Weighted average remaining life | Years	8
Minimum exercise price	$ 24.76
Maximum exercise price	$ 37.25
$37.26 - $41.39 Non-exercisable
Shares under option | shares	20,848
Weighted average exercise price	$ 31.10
Weighted average remaining life | Years	8.2
Exercisable
Shares under option | shares	213,847
Weighted average exercise price	$ 20.87
Weighted average remaining life | Years	5
Non-exercisable
Shares under option | shares	91,903
Weighted average exercise price	$ 24.27
Weighted average remaining life | Years	7.8
$24.76 - $37.25
Minimum exercise price	$ 24.76
Maximum exercise price	37.25
$37.26 - $41.39 Non-exercisable
Minimum exercise price	37.26
Maximum exercise price	$ 41.39

Income Taxes - Provision for in

Income Taxes - Provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Income Tax Disclosure [Abstract]
Federal, current	$ 1,803	$ 2,820	$ 1,842
State, current	524	1,083	392
Current income tax expense	2,327	3,903	2,234
Deferred	1,568	(342)	3,274
Provision for income taxes	3,895	3,561	5,508
Federal, computed at statutory rate	3,396	3,020	4,863
State income taxes (net of Federal income tax benefit)	504	520	622
Other, net	$ (5)	$ 21	$ 23

Income Taxes - Temporary differ

Income Taxes - Temporary differences (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Property and equipment	$ 13,100	$ 12,120
Depletion	496	477
Unrealized rents	1,881	1,850
Prepaid expenses	278	314
Gross deferred tax liabilities	15,755	14,761
Employee benefits and other	1,214	1,792
Gross deferred tax assets	1,214	1,792
Net deferred tax liability	$ 14,541	$ 12,969

Income Taxes - Unrecognized tax

Income Taxes - Unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Unrecognized tax benefits at October 1	$ 0	$ 0
Reductions due to lapse of statute of limitations	0	0
Unrecognized tax benefits at September 30	$ 0	$ 0

Business Segments - Business se

Business Segments - Business segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Segment Reporting Information [Line Items]
Revenues	$ 34,646	$ 30,978	$ 27,654
Operating profit	12,181	9,740	9,315
Corporate expenses	(4,388)	(5,224)	(4,851)
Unallocated to discontinued operations	(1,081)	(2,685)	(2,549)
Interest expense	2,014	1,366	2,501
Capital expenditures	6,493	19,283	22,936
Depreciation, depletion and amortization	7,378	6,705	5,860
Discontinued operations identifiable net assets	0	61,134	51,107
Total identifiable net assets	252,621	313,071	287,093
Asset Management
Segment Reporting Information [Line Items]
Revenues	27,570	24,825	21,548
Operating profit	13,288	11,703	10,414
Corporate expenses	(815)	(582)	(688)
Interest expense	2,014	1,366	2,501
Capital expenditures	2,408	6,662	10,257
Depreciation, depletion and amortization	6,963	6,384	5,503
Identifiable net assets	151,023	154,976	143,808
Mining royalty lands
Segment Reporting Information [Line Items]
Revenues	6,094	5,349	5,302
Operating profit	5,478	4,735	4,739
Corporate expenses	(863)	(617)	(731)
Depreciation, depletion and amortization	133	124	106
Identifiable net assets	39,300	39,368	39,274
Land Development and Construction
Segment Reporting Information [Line Items]
Revenues	982	804	804
Operating profit	(2,197)	(1,474)	(987)
Corporate expenses	(481)	(343)	(406)
Capital expenditures	4,085	12,621	12,679
Depreciation, depletion and amortization	282	197	251
Identifiable net assets	60,682	56,519	50,833
Corporate
Segment Reporting Information [Line Items]
Corporate expenses	(1,148)	(997)	(477)
Identifiable net assets	$ 1,197	$ 0	$ 0

Real Estate Transit Business Pa

Real Estate Transit Business Park Acquisition (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013	Jun. 20, 2013
Below market leases initial values										$ 220	$ 220
Transit Business Park
In-place leases initial value													$ 806
Above market leases initial value													48
Below market leases initial values													$ 156
In-place Leases	$ 1	$ 9	$ 9	$ 17	$ 43	$ 43	$ 43	$ 44	$ 44	63	369	$ 121
Above Market Leases		$ 3	$ 3	$ 3	$ 4	$ 4	$ 4	$ 4	4	4	12	3
Below Market Leases									$ 9	$ 37	$ 86	$ 24

Real Estate Kelso Business Park

Real Estate Kelso Business Park Acquisition (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014	Jun. 06, 2014
Below market leases initial values						$ 220	$ 220
Kelso Business Park
In-place leases initial value								$ 579
Below market leases initial values								$ 64
In-place Leases	$ 11	$ 21	$ 28	$ 100	$ 136	203	80
Below Market Leases			$ 2	$ 12	$ 21	$ 21	$ 8

Intangible assets and liabiliti

Intangible assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Gross Carrying Amount	$ 1,433	$ 1,433
Accumulated Amortization	855	585
Gross Carrying Amount	220	220
Accumulated amortization	176	118
In place leases
Gross Carrying Amount	1,385	1,385
Accumulated Amortization	836	570
Above Market leases
Gross Carrying Amount	48	48
Accumulated Amortization	19	15
Below market leases
Gross Carrying Amount	220	220
Accumulated amortization	$ 176	$ 118

Intangible assets and liabili59

Intangible assets and liabilities (Details) (Parenthetical)	12 Months Ended
	Sep. 30, 2015
In place leases
Useful life	7-8 years
Above Market leases
Useful life	5 years
Below market leases
Useful life	4-5 years

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation and Depletion Part I (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2012
Encumbrances	$ 40,191
Initial Cost to Company	115,243
Cost capitalized subsequent to acquisition	177,285
Gross amount at which carried at end of period	292,528	$ 286,671	$ 268,932	$ 262,564
Accumulated Depreciation & Depletion	73,480
Aggregate cost for Federal income tax purposes	252,925
Investment Property
Encumbrances	0
Initial Cost to Company	1,629
Cost capitalized subsequent to acquisition	(101)
Gross amount at which carried at end of period	1,528
Accumulated Depreciation & Depletion	684
Mining royalty lands
Encumbrances	0
Initial Cost to Company	39,303
Cost capitalized subsequent to acquisition	(101)
Gross amount at which carried at end of period	39,202
Accumulated Depreciation & Depletion	8,286
Baltimore, MD 5
Encumbrances	0
Initial Cost to Company	4,309
Cost capitalized subsequent to acquisition	251
Gross amount at which carried at end of period	4,560
Accumulated Depreciation & Depletion	155
Asset Management Properties
Encumbrances	40,191
Initial Cost to Company	51,566
Cost capitalized subsequent to acquisition	149,879
Gross amount at which carried at end of period	201,445
Accumulated Depreciation & Depletion	62,257
Baltimore, MD 6
Encumbrances	0
Initial Cost to Company	4,199
Cost capitalized subsequent to acquisition	7,816
Gross amount at which carried at end of period	12,015
Accumulated Depreciation & Depletion	0
Alachua, FL
Encumbrances	0
Initial Cost to Company	1,442
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	1,442
Accumulated Depreciation & Depletion	148
Clayton, GA
Encumbrances	0
Initial Cost to Company	369
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	369
Accumulated Depreciation & Depletion	5
Fayette, GA
Encumbrances	0
Initial Cost to Company	685
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	685
Accumulated Depreciation & Depletion	65
Lake, FL
Encumbrances	0
Initial Cost to Company	402
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	402
Accumulated Depreciation & Depletion	151
Lake, FL 2
Encumbrances	0
Initial Cost to Company	1,083
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	1,083
Accumulated Depreciation & Depletion	970
Lake Louise, FL
Encumbrances	0
Initial Cost to Company	11,039
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	11,039
Accumulated Depreciation & Depletion	0
Lee, FL
Encumbrances	0
Initial Cost to Company	4,690
Cost capitalized subsequent to acquisition	6
Gross amount at which carried at end of period	4,696
Accumulated Depreciation & Depletion	6
Monroe, GA
Encumbrances	0
Initial Cost to Company	792
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	792
Accumulated Depreciation & Depletion	285
Muscogee, GA
Encumbrances	0
Initial Cost to Company	369
Cost capitalized subsequent to acquisition	(45)
Gross amount at which carried at end of period	324
Accumulated Depreciation & Depletion	324
Prince Wil, VA
Encumbrances	0
Initial Cost to Company	299
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	299
Accumulated Depreciation & Depletion	299
Putnam, FL
Encumbrances	0
Initial Cost to Company	15,002
Cost capitalized subsequent to acquisition	37
Gross amount at which carried at end of period	15,039
Accumulated Depreciation & Depletion	4,467
Putnam, FL 2
Encumbrances	0
Initial Cost to Company	302
Cost capitalized subsequent to acquisition	(2)
Gross amount at which carried at end of period	300
Accumulated Depreciation & Depletion	283
Spalding, GA
Encumbrances	0
Initial Cost to Company	20
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	20
Accumulated Depreciation & Depletion	0
Marion, FL
Encumbrances	0
Initial Cost to Company	1,180
Cost capitalized subsequent to acquisition	4
Gross amount at which carried at end of period	1,184
Accumulated Depreciation & Depletion	599
Baltimore, MD 1
Encumbrances	1,808
Initial Cost to Company	439
Cost capitalized subsequent to acquisition	4,423
Gross amount at which carried at end of period	4,862
Accumulated Depreciation & Depletion	2,584
Baltimore, MD 2
Encumbrances	3,501
Initial Cost to Company	950
Cost capitalized subsequent to acquisition	7,719
Gross amount at which carried at end of period	8,669
Accumulated Depreciation & Depletion	4,609
Baltimore, MD 3
Encumbrances	1,158
Initial Cost to Company	690
Cost capitalized subsequent to acquisition	2,861
Gross amount at which carried at end of period	3,551
Accumulated Depreciation & Depletion	1,511
Baltimore, MD 4
Encumbrances	0
Initial Cost to Company	1,435
Cost capitalized subsequent to acquisition	4,229
Gross amount at which carried at end of period	5,664
Accumulated Depreciation & Depletion	961
Baltimore City, MD
Encumbrances	0
Initial Cost to Company	557
Cost capitalized subsequent to acquisition	4,519
Gross amount at which carried at end of period	5,076
Accumulated Depreciation & Depletion	732
Baltimore City, MD 2
Encumbrances	0
Initial Cost to Company	7,442
Cost capitalized subsequent to acquisition	1,380
Gross amount at which carried at end of period	8,822
Accumulated Depreciation & Depletion	718
Duval, FL
Encumbrances	0
Initial Cost to Company	2,416
Cost capitalized subsequent to acquisition	541
Gross amount at which carried at end of period	2,957
Accumulated Depreciation & Depletion	2,773
Harford, MD 1
Encumbrances	738
Initial Cost to Company	31
Cost capitalized subsequent to acquisition	3,830
Gross amount at which carried at end of period	3,861
Accumulated Depreciation & Depletion	2,095
Harford, MD 2
Encumbrances	1,746
Initial Cost to Company	50
Cost capitalized subsequent to acquisition	5,699
Gross amount at which carried at end of period	5,749
Accumulated Depreciation & Depletion	2,491
Harford, MD 3
Encumbrances	3,054
Initial Cost to Company	85
Cost capitalized subsequent to acquisition	7,091
Gross amount at which carried at end of period	7,176
Accumulated Depreciation & Depletion	3,517
Harford, MD 5
Encumbrances	2,403
Initial Cost to Company	88
Cost capitalized subsequent to acquisition	10,133
Gross amount at which carried at end of period	10,221
Accumulated Depreciation & Depletion	4,102
Harford, MD 6
Encumbrances	1,738
Initial Cost to Company	155
Cost capitalized subsequent to acquisition	12,418
Gross amount at which carried at end of period	12,573
Accumulated Depreciation & Depletion	4,016
Howard, MD 1
Encumbrances	0
Initial Cost to Company	2,859
Cost capitalized subsequent to acquisition	4,873
Gross amount at which carried at end of period	7,732
Accumulated Depreciation & Depletion	4,188
Howard, MD 2
Encumbrances	1,046
Initial Cost to Company	2,473
Cost capitalized subsequent to acquisition	981
Gross amount at which carried at end of period	3,454
Accumulated Depreciation & Depletion	1,403
Elkridge, MD
Encumbrances	0
Initial Cost to Company	0
Cost capitalized subsequent to acquisition	40
Gross amount at which carried at end of period	40
Accumulated Depreciation & Depletion	0
Anne Arun, MD 1
Encumbrances	0
Initial Cost to Company	715
Cost capitalized subsequent to acquisition	9,328
Gross amount at which carried at end of period	10,043
Accumulated Depreciation & Depletion	5,628
Anne Arun, MD 2
Encumbrances	5,664
Initial Cost to Company	950
Cost capitalized subsequent to acquisition	13,120
Gross amount at which carried at end of period	14,070
Accumulated Depreciation & Depletion	4,862
Anne Arun, MD 3
Encumbrances	0
Initial Cost to Company	1,525
Cost capitalized subsequent to acquisition	10,800
Gross amount at which carried at end of period	12,325
Accumulated Depreciation & Depletion	3,413
Anne Arun, MD 4
Encumbrances	3,609
Initial Cost to Company	737
Cost capitalized subsequent to acquisition	5,430
Gross amount at which carried at end of period	6,167
Accumulated Depreciation & Depletion	1,711
Anne Arun, MD 5
Encumbrances	0
Initial Cost to Company	667
Cost capitalized subsequent to acquisition	10,261
Gross amount at which carried at end of period	10,928
Accumulated Depreciation & Depletion	2,418
Norfolk, VA
Encumbrances	5,017
Initial Cost to Company	7,512
Cost capitalized subsequent to acquisition	10
Gross amount at which carried at end of period	7,522
Accumulated Depreciation & Depletion	2,446
Prince Wil, VA 2
Encumbrances	0
Initial Cost to Company	3,922
Cost capitalized subsequent to acquisition	27,183
Gross amount at which carried at end of period	31,105
Accumulated Depreciation & Depletion	1,619
Newcastle Co, DE
Encumbrances	8,709
Initial Cost to Company	11,559
Cost capitalized subsequent to acquisition	2,759
Gross amount at which carried at end of period	14,318
Accumulated Depreciation & Depletion	4,305
Baltimore City, MD 3
Encumbrances	0
Initial Cost to Company	5,193
Cost capitalized subsequent to acquisition	3,669
Gross amount at which carried at end of period	8,862
Accumulated Depreciation & Depletion	186
Carroll, MD
Encumbrances	0
Initial Cost to Company	4,720
Cost capitalized subsequent to acquisition	2,426
Gross amount at which carried at end of period	7,146
Accumulated Depreciation & Depletion	0
Harford, MD 4
Encumbrances	0
Initial Cost to Company	92
Cost capitalized subsequent to acquisition	1,584
Gross amount at which carried at end of period	1,676
Accumulated Depreciation & Depletion	0
Prince Wil, VA 3
Encumbrances	0
Initial Cost to Company	3,402
Cost capitalized subsequent to acquisition	893
Gross amount at which carried at end of period	4,295
Accumulated Depreciation & Depletion	44
Wash DC 1
Encumbrances	0
Initial Cost to Company	2,957
Cost capitalized subsequent to acquisition	10,352
Gross amount at which carried at end of period	13,309
Accumulated Depreciation & Depletion	2,707
Wash DC 2
Encumbrances	0
Initial Cost to Company	3,811
Cost capitalized subsequent to acquisition	767
Gross amount at which carried at end of period	4,578
Accumulated Depreciation & Depletion	0
Land Development and Construction Properties
Encumbrances	0
Initial Cost to Company	24,374
Cost capitalized subsequent to acquisition	27,507
Gross amount at which carried at end of period	51,881
Accumulated Depreciation & Depletion	$ 2,937

Schedule III Real Estate and 61

Schedule III Real Estate and Accumulated Depreciation and Depletion Part 2 (Details)	12 Months Ended
	Sep. 30, 2015
Alachua, FL
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Clayton, GA
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Fayette, GA
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Lake, FL
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Lake, FL 2
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Lake Louise, FL
Year of Construction	n/a
Date acquired	5/12
Depreciation Life Computed on	unit
Lee, FL
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Monroe, GA
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Muscogee, GA
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Prince Wil, VA
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Putnam, FL
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Putnam, FL 2
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	5 yr.
Spalding, GA
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	n/a
Marion, FL
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Investment Property
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	n/a
Baltimore, MD 1
Year of Construction	1,990
Date acquired	10/89
Depreciation Life Computed on	39 yr.
Baltimore, MD 2
Year of Construction	1,994
Date acquired	12/91
Depreciation Life Computed on	39 yr.
Baltimore, MD 3
Year of Construction	2,000
Date acquired	7/99
Depreciation Life Computed on	39 yr.
Baltimore, MD 4
Year of Construction	2,008
Date acquired	12/02
Depreciation Life Computed on	39 yr.
Baltimore, MD 5
Year of Construction	n/a
Date acquired	6/15
Depreciation Life Computed on	39 yr.
Baltimore City, MD
Year of Construction	2,010
Date acquired	12/15
Depreciation Life Computed on	39 yr.
Baltimore City, MD 2
Year of Construction	n/a
Date acquired	6/15
Depreciation Life Computed on	39 yr.
Duval, FL
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	25 yr.
Harford, MD 1
Year of Construction	1,998
Date acquired	8/95
Depreciation Life Computed on	39 yr.
Harford, MD 2
Year of Construction	1,999
Date acquired	8/95
Depreciation Life Computed on	39 yr.
Harford, MD 3
Year of Construction	2,001
Date acquired	8/95
Depreciation Life Computed on	39 yr.
Harford, MD 5
Year of Construction	2,007
Date acquired	8/95
Depreciation Life Computed on	39 yr.
Harford, MD 6
Year of Construction	2,009
Date acquired	8/95
Depreciation Life Computed on	39 yr.
Howard, MD 1
Year of Construction	1,996
Date acquired	9/88
Depreciation Life Computed on	39 yr.
Howard, MD 2
Year of Construction	2,000
Date acquired	3/00
Depreciation Life Computed on	39 yr.
Elkridge, MD
Year of Construction	TBD
Date acquired	10/15
Depreciation Life Computed on	39 yr.
Anne Arun, MD 1
Year of Construction	1,989
Date acquired	9/88
Depreciation Life Computed on	39 yr.
Anne Arun, MD 2
Year of Construction	2,003
Date acquired	5/98
Depreciation Life Computed on	39 yr.
Anne Arun, MD 3
Year of Construction	2,005
Date acquired	8/15
Depreciation Life Computed on	39 yr.
Anne Arun, MD 4
Year of Construction	2,006
Date acquired	1/15
Depreciation Life Computed on	39 yr.
Anne Arun, MD 5
Year of Construction	2,012
Date acquired	7/15
Depreciation Life Computed on	39 yr.
Norfolk, VA
Year of Construction	2,004
Date acquired	10/15
Depreciation Life Computed on	39 yr.
Prince Wil, VA 2
Year of Construction	n/a
Date acquired	12/05
Depreciation Life Computed on	39 yr.
Newcastle Co, DE
Year of Construction	2,004
Date acquired	4/15
Depreciation Life Computed on	39 yr.
Baltimore, MD 6
Year of Construction	n/a
Date acquired	12/02
Depreciation Life Computed on	n/a
Baltimore City, MD 3
Year of Construction	n/a
Date acquired	12/10
Depreciation Life Computed on	15 yr.
Carroll, MD
Year of Construction	n/a
Date acquired	3/15
Depreciation Life Computed on	n/a
Harford, MD 4
Year of Construction	n/a
Date acquired	8/95
Depreciation Life Computed on	n/a
Prince Wil, VA 3
Year of Construction	n/a
Date acquired	12/05
Depreciation Life Computed on	15 yr.
Wash DC 1
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	15 yr.
Wash DC 2
Year of Construction	n/a
Date acquired	10/97
Depreciation Life Computed on	n/a

Accounting Policies (Details Na

Accounting Policies (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Brooksville joint venture owned	50.00%	50.00%	50.00%
Depreciation and depletion	$ 6,195	$ 5,528	$ 5,056
Buildings and improvements
Estimated useful lives	3-39

Investment in Riverfront and 63

Investment in Riverfront and Brooksville Joint Ventures (Details Narrative) $ in Thousands	12 Months Ended
	Sep. 30, 2015USD ($)ft²	Sep. 30, 2014USD ($)	Sep. 30, 2013USD ($)	Aug. 08, 2014USD ($)
Capital contributions made	$ 625	$ 5,266	$ 116
Equity in the loss of the joint venture	(145)	(128)	$ (63)
Joint Venture consolidated retained earnings	$ 389	$ 295
Wash DC 1
Land acreage | ft²	5.82
Riverfront I Joint Venture
Square feet residential apartment building | ft²	300,000
Retail square feet | ft²	18,000
Land acreage | ft²	2
Value of land contributed	$ 13,500
Cash contributed	$ 4,866
Joint venture percentage stake	76.91%	76.91%
MRP minimum capital contribution	$ 5,553
EB5 Secondary financing				$ 17,000
Nonrecourse construction loan				$ 65,000
Book value of land contribution	6,165
Equity in the loss of the joint venture	$ (105)	$ (89)
Brooksville Joint Venture
Land acreage | ft²	4,300
Joint venture percentage stake	50.00%	50.00%
FRP land contribution previously leased to Vulcan | ft²	3,443
Book value of land contribution	$ 2,548
FRP and Vulcan additional acquisition costs	$ 3,018
Additional land acquired | ft²	288
Vulcan land contribution | ft²	553
Mandatory capital contribution obligation	$ 2,380
Capital contributions made	2,347
Equity in the loss of the joint venture	$ (40)	$ (39)

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Related Party Transactions [Abstract]
Charges/allocation related to Transition Services Agreement with Patriot	$ 2,211	$ 2,539	$ 2,302
Charges/allocations related to discontinued operations	$ 1,081	$ 2,685	$ 2,549

Debt (Details Narrative)

Debt (Details Narrative) $ in Thousands	12 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2013USD ($)Years	Jan. 30, 2015USD ($)
Lowest interest rate on mortgage notes	5.60%
Highest interest rate on mortgage notes	7.90%
Principal payments 2016	$ 4,180
Principal payments 2017	4,454
Principal payments 2018	4,674
Principal payments 2019	3,885
Principal payments 2020	3,725
Principal payments 2021 and subsequent years	19,273
Carrying value of collateral on mortgage notes payable	55,233
Capitalized interest	1,041	$ 1,763	$ 1,863
Mortgage prepayment	$ 1,314
Interest rates of prepaid mortgages	8.55% and 7.95%
Prepayment penalty	$ 116
Deferred loan costs on early prepayment	$ 15
First Tennessee bank Term Loan
Credit Agreement term years	10
Term loan facility	$ 20,000
Wells Fargo Bank, N.A.
Credit Agreement term years	5
Revolving Credit Agreement	$ 20,000			$ 55,000
Sublimit for standby letters of credit	$ 10,000
Revolver interest over LIBOR	1.4%
Commitment fee	0.15%
Letters of credit issued	$ 2,576
Borrowed under the revolver	8,494			$ 10,483
Available for borrowing	8,930
Tangible net worth covenant	110,000
Available to pay dividends or repurchase stock	$ 71,000
First Tennessee Bank
Credit Agreement term years	5
Revolving Credit Agreement	$ 20,000
Mortgage backed financing	$ 40,000
Revolver interest over LIBOR	1.9%
Commitment fee	0.10%
Revolver conversion to term loan	24 month window
Available for borrowing	$ 20,000
7001 Dorsey Rd
Mortgage prepayment			$ 7,281
Rate of prepaid mortgage			6.12%
Early prepayment provision in years | Years			7.5
Prepayment penalty			$ 382
Deferred loan costs on early prepayment			175
Oregon Center
Mortgage prepayment			$ 279
Rate of prepaid mortgage			7.97%
Prepayment penalty			$ 7

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	Sep. 30, 2015USD ($)
Leases [Abstract]
Minimum future straight-lined rentals due on noncancelable leases 2016	$ 23,929
Minimum future straight-lined rentals due on noncancelable leases 2017	21,107
Minimum future straight-lined rentals due on noncancelable leases 2018	17,607
Minimum future straight-lined rentals due on noncancelable leases 2019	11,840
Minimum future straight-lined rentals due on noncancelable leases 2020	10,529
Minimum future straight-lined rentals due on noncancelable leases 2021 and subsequent years	$ 31,265

Earnings Per Share (Details Nar

Earnings Per Share (Details Narrative) - shares	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Earnings Per Share [Abstract]
Anti-dilutive shares	56,110	31,790	87,550

Stock-Based Compensation Plan68

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2015USD ($)Years$ / sharesshares	Jan. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of stock option plans	2
Expire date in years | Years	10
Exercisable installments	20% or 25%
Shares available for future issuance | shares	419,170
Dividend yield	0.00%
Expected minimum volatility	37.00%
Expected maximum volatility	46.00%
FRP options replacement		75.14%
Patriot options replacement		24.86%
Risk-free interest rate minimum	0.30%
Risk-free interest rate maximum	4.20%
Expected life minimum | Years	3
Expecited life maximum | Years	7
Aggregate intrinsic value of exercisable in-the-money options	$ 1,994
Aggregate intrinsic value of outstanding in-the-money options	$ 2,553
Market close price | $ / shares	$ 30.14
Gains realized by option holders	$ 1,436
Realized tax benefit from options exercised	556
Total compensation cost of options granted but not yet vested	$ 687
Weighted average period for compensation to be recognized | Years	3.2

Employee Benefits (Details Narr

Employee Benefits (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Notes to Financial Statements
Compay 401k contribution	50.00%	50.00%	50.00%
Savings/profit sharing plan company contribution	$ 45	$ 40	$ 40
Management Security Plan expense	163	150	$ 138
Management Security Plan accrued benefit	$ 1,391	$ 1,227

Business Segments (Details Narr

Business Segments (Details Narrative)	12 Months Ended
	Sep. 30, 2015ft²Segments
Reportable business segments | Segments	3
Brooksville Quarry, LLC
Mining royalty lands acres	4,280
Mining royalty lands
Mining royalty lands acres	15,000

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
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
Carrying amount of other long-term debt	48,685	$ 55,956
Fair value of other long-term debt	$ 52,001	$ 59,799

Contingent Liabilities (Details

Contingent Liabilities (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2012	Sep. 30, 2015
Contingent Liabilities Details Narrative
Cap on environment financial responsibility		$ 1,871
Environmental remediation	$ 1,771
Total cost of remediation		$ 1,900

Commitments (Details Narrative)

Commitments (Details Narrative) $ in Thousands	Sep. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments	$ 1,905

Concentrations (Details Narrati

Concentrations (Details Narrative) $ in Thousands	12 Months Ended
	Sep. 30, 2015USD ($)
Mining Top Customer
Customer revenue concentration	12.60%
Accounts receivable concentration	$ 296
Asset Management Top Customer
Customer revenue concentration	12.20%

Real Estate Held for Sale (Deta

Real Estate Held for Sale (Details Narrative) $ in Thousands	12 Months Ended
	Sep. 30, 2015USD ($)ft²	Sep. 30, 2014USD ($)	Sep. 30, 2013USD ($)	Sep. 30, 2012USD ($)
Book value of property	$ 292,528	$ 286,671	$ 268,932	$ 262,564
Windlass Run
Windlass Run Residential acres held for sale | ft²	74
Extension fee	$ 188
Book value of property	$ 4,826

Unusual or Infrequent Items I76

Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) $ in Thousands	1 Months Ended		12 Months Ended
	Aug. 31, 2013USD ($)ft²	Jul. 31, 2013USD ($)ft²	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2013USD ($)Years
Gain before income taxes				$ (34)	$ 476	$ 7,333
Mortgage prepayment				1,314
Prepayment penalty				116
Deferred loan costs on early prepayment				$ 15
7001 Dorsey Rd
Mortgage prepayment						$ 7,281
Rate of prepayed mortgage						6.12%
Early prepayment provision in years | Years						7.5
Prepayment penalty						$ 382
Deferred loan costs on early prepayment						175
Oregon Center
Mortgage prepayment						$ 279
Rate of prepayed mortgage						7.97%
Prepayment penalty						$ 7
Patriot Business Park
Sales price		$ 4,775
Gain before income taxes		341
Book value of property		$ 3,603
Land acreage | ft²		15.18
Hollander 95
Gain before income taxes	$ 514
Book value of property	$ 595
Land acreage | ft²	5.38
Gulf Hammock
Gain before income taxes	$ 433
Book value of property	$ 296
Land acreage | ft²	284
Windlass Run
Sales price			$ 11,288
Gain before income taxes	$ 4,928
Book value of property	$ 2,971

Real Estate Business Park Acq77

Real Estate Business Park Acquisition (Details Narrative) $ in Thousands	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Jun. 06, 2014USD ($)ft²	Jun. 20, 2013USD ($)ft²
Below market in-place leases	$ 220	$ 220
Transit Business Park
Approximate purchase price				$ 8,000
Number of buildings Transit Business Park				5
Land acreage | ft²				14.5
Square feet | ft²				232,318
In-place leases				$ 806
Below market in-place leases				$ 156
Kelso Business Park
Approximate purchase price			$ 4,800
Number of buildings Transit Business Park			2
Land acreage | ft²			10.2
Square feet | ft²			69,680
In-place leases			$ 579
Below market in-place leases			$ 64

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) $ in Thousands	12 Months Ended
	Sep. 30, 2016USD ($)	Oct. 19, 2015USD ($)ft²
Windlass Run
Sales price inclusive of extension fees	$ 11,288
Port Capital
Purchase price		$ 9,900
Square feet | ft²		91,218
Percent occupied		100.00%
Average annual gross rental rate	642
RiverFront
Third Party Remediation Costs	$ 3,000