FRP (FRPH) 10-K 12 Dec 16 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2016	Dec. 12, 2016	Mar. 31, 2016
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, 2016
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			$ 269,324,902
Entity Common Stock, Shares Outstanding		9,881,415
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015
Assets:
Land	$ 99,357	$ 102,347
Buildings and improvements	193,283	174,820
Projects under construction	8,592	4,129
Total investments in properties	301,232	281,296
Less accumulated depreciation and depletion	80,616	74,091
Net investments in properties	220,616	207,205
Real estate held for investment, at cost	7,176	7,306
Real estate held for sale, at cost	0	4,826
Investment in joint ventures	23,854	19,010
Net real estate investments	251,646	238,347
Cash and cash equivalents	0	419
Accounts receivable	987	778
Federal and state income taxes receivable	0	393
Unrealized rents	4,657	4,817
Deferred costs	8,208	7,449
Other assets	178	275
Total assets	265,676	252,478
Liabilities:
Line of credit payable	6,807	8,494
Secured notes payable, current portion	4,455	4,180
Secured notes payable, less current portion	31,557	36,011
Accounts payable and accrued liabilities	4,344	3,456
Environmental remediation liability	2,037	51
Bank overdraft	6	0
Federal and state income taxes payable	13	0
Deferred revenue	1,423	1,060
Deferred income taxes	16,436	14,541
Deferred compensation	1,453	1,400
Deferred lease intangible, net	14	45
Tenant security deposits	1,032	898
Total liabilities	69,577	70,136
Commitments and contingencies (Note 13 & 14)
Equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 9,867,279 and 9,791,770 shares issued and outstanding, respectively	987	979
Capital in excess of par value	51,606	49,872
Retained earnings	143,486	131,497
Accumulated other comprehensive income (loss), net	20	(6)
Total shareholders' equity	196,099	182,342
Total liabilities and shareholders' equity	$ 265,676	$ 252,478

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Sep. 30, 2015
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	9,867,279	9,791,770

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Rental revenue	$ 24,457	$ 23,410	$ 21,327
Mining Royalty and rents	7,443	5,999	5,256
Revenue - reimbursements	5,557	5,237	4,395
Total revenues	37,457	34,646	30,978
Cost of operations:
Depreciation, depletion and amortization	8,051	7,378	6,705
Operating expenses	4,624	4,609	4,391
Environmental remediation expense (recovery)	(1,000)	0	0
Property taxes	4,475	4,443	3,494
Management company indirect	1,844	1,647	1,424
Corporate expenses (Note 4 Related Party)	3,080	4,388	5,224
Total cost of operations	21,074	22,465	21,238
Total operating profit	16,383	12,181	9,740
Interest income	2	0	23
Interest expense	(1,561)	(2,014)	(1,366)
Equity in loss of joint ventures	(978)	(145)	(128)
Gain (loss) on investment land sold	6,029	(34)	476
Income from continuing operations before income taxes	19,875	9,988	8,745
Provision for income taxes	7,851	3,895	3,561
Income from continuing operations	12,024	6,093	5,184
Gain from discontinued transportation operations, net of taxes	0	2,179	4,835
Net income	$ 12,024	$ 8,272	$ 10,019
Basic earnings per common share
Income from continuing operations	$ 1.22	$ 0.62	$ 0.54
Discontinued operations	0	0.23	0.50
Net income	1.22	0.85	1.04
Diluted earnings per common share
Income from continuing operations	1.22	0.62	0.53
Discontinued operations	0	0.22	0.50
Net income	$ 1.22	$ 0.84	$ 1.03
Number of shares (in thousands) used in computing:
-basic earnings per common share	9,846	9,756	9,629
-diluted earnings per common share	9,890	9,827	9,710

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net income	$ 12,024	$ 8,272	$ 10,019
Other comp. income (loss) net of tax:
Spin-off adjustment	0	(53)	0
Actuarial loss retiree health	0	0	(2)
Minimum pension liability	26	7	4
Comprehensive income	$ 12,050	$ 8,226	$ 10,021

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 12,024	$ 8,272	$ 10,019
Adjustments to reconcile net income to net cash provided by continuing operating activities:
Income from discontinued operations, net	0	(2,179)	(4,835)
Depreciation, depletion and amortization	8,288	7,533	6,845
Deferred income taxes	1,895	1,572	(340)
Equity in loss of joint ventures	978	145	128
(Gain) loss on sale of equipment and property	(6,047)	138	(485)
Stock-based compensation	578	803	1,139
Net changes in operating assets and liabilities:
Accounts receivable	(209)	349	1,272
Deferred costs and other assets	(1,816)	(1,489)	(2,040)
Accounts payable and accrued liabilities	3,237	(2,024)	(718)
Income taxes payable and receivable	406	(965)	270
Other long-term liabilities	156	87	209
Net cash provided by operating activities of continuing operations	19,490	12,242	11,464
Net cash provided by operating activities of discontinued operations	0	4,984	11,890
Net cash provided by operating activities	19,490	17,226	23,354
Cash flows from investing activities:
Investments in properties	(27,554)	(6,493)	(19,283)
Investments in joint ventures	(929)	(625)	(5,266)
Cash held in escrow	0	61	1,508
Proceeds from the sale of real estate held for investment and properties	13,444	43	1,888
Net cash used in investing activities of continuing operations	(15,039)	(7,014)	(21,153)
Net cash used in investing activities of discontinued operations	0	(2,694)	(18,218)
Net cash used in investing activities	(15,039)	(9,708)	(39,371)
Cash flows from financing activities:
Increase in bank overdrafts	6	0	0
Repayment of long-term debt	(4,179)	(5,402)	(4,311)
Proceeds from borrowing on revolving credit facility	29,583	19,400	31,298
Payment on revolving credit facility	(31,270)	(21,269)	(20,935)
Debt issue costs	(139)	(397)	0
Repurchase of Company Stock	(43)	0	0
Excess tax benefits from exercises of stock options	0	175	1,047
Exercise of employee stock options	1,172	1,012	1,462
Net cash (used in) provided by financing activities of continuing operations	(4,870)	(6,481)	8,561
Net cash (used in) provided by financing activities of discontinued operations	0	(1,631)	7,967
Net cash (used in) provided by financing activities	(4,870)	(8,112)	16,528
Net (decrease) increase in cash and cash equivalents	(419)	(594)	511
Cash and cash equivalents at beginning of year	419	1,013	502
Cash and cash equivalents at end of the year	0	419	1,013
Supplemental disclosures of cash flow information:
Cash paid during the year for interest, net of capitalized amounts	1,538	2,335	1,475
Cash paid during the year for Income taxes	$ 5,565	$ 3,923	$ 6,180

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, 2013	9,564,220
Beginning 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
Net income			10,019		10,019
Minimum pension liability, net				4	4
Net actuarial loss retiree health, net				(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				7	7
Net actuarial loss retiree health, net					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
Exercise of stock options, shares	63,730				63,730
Exercise of stock options, amount	$ 7	1,165			$ 1,172
Stock option compensation		166			166
Shares granted to Directors, shares	13,200
Shares granted to Directors, amount	$ 1	411			412
Shares purchased and canceled, shares	(1,421)
Shares purchased and canceled, amount		(8)	(35)		(43)
Net income			12,024		12,024
Minimum pension liability, net				26	26
Net actuarial loss retiree health, net					0
Ending balance, shares at Sep. 30, 2016	9,867,279
Ending balance, amount at Sep. 30, 2016	$ 987	$ 51,606	$ 143,486	$ 20	$ 196,099

Consolidated Real Estate and Ac

Consolidated Real Estate and Accumulated Depreciation and Depletion	12 Months Ended
	Sep. 30, 2016
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, 2016 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 $ 156 n/a 4/86 unit Clayton, GA 369 0 369 5 n/a 4/86 unit Fayette, GA 685 199 884 67 n/a 4/86 unit Lake, FL 402 0 402 158 n/a 4/86 unit Lake, FL 1,083 0 1,083 975 n/a 4/86 unit Lake Louisa, FL 11,039 0 11,039 0 n/a 5/12 unit Lee, FL 4,690 12 4,702 6 n/a 4/86 unit Monroe, GA 792 0 792 288 n/a 4/86 unit Muscogee, GA 369 (45 ) 324 324 n/a 4/86 unit Prince William, VA 298 0 298 298 n/a 4/86 unit Putnam, FL 15,002 37 15,039 4,533 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 ) 1,528 691 n/a 4/86 n/a 0 39,302 104 39,406 8,383 Asset Management Properties Baltimore, MD 1,698 439 4,429 4,868 2,714 1990 10/89 39 yr. Baltimore, MD 3,288 950 7,722 8,672 4,847 1994 12/91 39 yr. Baltimore, MD 973 690 2,861 3,551 1,570 2000 07/99 39 yr. Baltimore, MD 0 1,435 4,229 5,664 1,113 2008 12/02 39 yr. Baltimore, MD 0 4,309 276 4,585 273 n/a 06/15 39 yr. Baltimore, MD 0 8,412 521 8,933 54 1967 07/16 39 yr. Baltimore City, MD 4,712 5,106 5,488 10,594 1,108 2016 12/10 39 yr. Baltimore City, MD 0 7,442 1,869 9,311 1,070 n/a 6/13 39 yr. Duval, FL 0 2,416 541 2,957 2,793 n/a 4/86 25 yr. Harford, MD 486 31 3,830 3,861 2,181 1998 8/95 39 yr. Harford, MD 1,377 50 5,709 5,759 2,605 1999 8/95 39 yr. Harford, MD 2,646 85 7,091 7,176 3,677 2001 8/95 39 yr. Harford, MD 2,148 88 10,133 10,221 4,379 2007 8/95 39 yr. Harford, MD 1,506 155 12,627 12,782 4,401 2009 8/95 39 yr. Howard, MD 0 2,859 4,887 7,746 4,369 1996 9/88 39 yr. Howard, MD 879 2,473 1,046 3,519 1,480 2000 3/00 39 yr. Elkridge, MD 0 8,920 27 8,947 355 TBD 10/15 39 yr. Anne Arundel, MD 8,179 715 9,394 10,109 5,893 1989 9/88 39 yr. Anne Arundel, MD 4,730 950 14,211 15,161 5,184 2003 5/98 39 yr. Anne Arundel, MD 0 1,525 10,800 12,325 3,737 2005 8/04 39 yr. Anne Arundel, MD 3,390 737 5,430 6,167 1,900 2006 1/03 39 yr. Anne Arundel, MD 0 667 10,641 11,308 2,832 2012 7/07 39 yr. Norfolk, VA 0 7,512 36 7,548 2,668 2004 10/04 39 yr. Prince William, VA 0 7,039 24,078 31,117 2,582 2014 12/05 39 yr. Newcastle Co., DE 0 11,559 2,959 14,518 4,736 2004 4/04 39 yr. 36,012 76,564 150,835 227,399 68,521 Land Development and Construction Properties Baltimore City, MD 0 988 3,826 4,814 106 n/a 12/10 15 yr. Carroll, MD 0 4,720 2,340 7,060 0 n/a 3/08 n/a Harford, MD 0 92 1,600 1,692 0 n/a 8/95 n/a Prince William, VA 0 3,402 4,670 8,072 97 n/a 12/05 15 yr. Washington D.C. 0 2,957 9,858 12,815 2,866 n/a 4/86 15 yr. Washington D.C. 0 3,811 2,404 6,215 0 n/a 10/97 n/a 0 15,970 24,698 40,668 3,069 GRAND TOTALS $ 36,012 $ 131,836 $ 175,637 $ 307,473 $ 79,973 (a) The aggregate cost for Federal income tax purposes is $269,546 . FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION AND DEPLETION YEARS ENDED SEPTEMBER 30, 2016, 2015 AND 2014 (In thousands) 2016 2015 2014 Gross Carrying Cost of Real Estate: Balance at beginning of period $ 292,528 $ 286,671 $ 268,932 Additions during period: Amounts capitalized 27,439 6,063 19,154 Deductions during period: Cost of real estate sold (5,011 ) — (1,415 ) Other (7,483 ) (1) (206 ) — Balance at close of period $ 307,473 $ 292,528 $ 286,671 Accumulated Depreciation & Depletion: Balance at beginning of period $ 73,480 $ 67,598 $ 62,167 Additions during period: Charged to cost & expense 6,690 5,902 5,446 Deductions during period: Real estate sold — — (15 ) Other (197 ) (20 ) — Balance at close of period $ 79,973 $ 73,480 $ 67,598 (1) Includes $6,828 of property cost transferred to Investment in Joint Ventures for the joint venture partnership with St. John Properties.

Accounting Policies

Accounting Policies	12 Months Ended
	Sep. 30, 2016
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, BC FRP Realty 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 2016, 2015 and 2014 of $6,809,000, $6,195,000, and $5,528,000, 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 BC FRP Realty, in which it has a voting interest of 50%. 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 November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”. The guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The guidance becomes effective for annual reporting periods beginning after December 15, 2016 with early adoption permitted. The Company adopted this guidance retrospectively as of October 1, 2015 and reclassified $143,000 from deferred costs to long-term deferred tax liability. In February 2016, the FASB issued ASU No. 2016-02, “Leases”, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. Lessors will account for leases using an approach that is substantially equivalent to existing accounting standards. The new standard will become effective for the Company beginning with the first quarter 2020 and requires a modified retrospective transition approach and includes a number of practical expedients. Early adoption of the standard is permitted. As the Company is primarily a lessor the adoption of this guidance is not expected to have a material impact on its financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Excess tax benefits for share-based payments will be recorded as a reduction of income taxes and reflected in operating cash flows upon the adoption of this ASU. Excess tax benefits are currently recorded in equity and as financing activity under the current rules. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2016 with early adoption permitted. The Company may early adopt this accounting guidance in fiscal 2017 or as required in fiscal 2018.

Investments in Joint Ventures

Investments in Joint Ventures	12 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investments in Joint Ventures	2. Investments in Joint Ventures. RiverFront. Other income for fiscal 2016 includes a loss of $938,000 representing the Company’s portion of the loss of this joint venture due primarily to expenses incurred in the joint venture with respect to real estate taxes, advertising expense, depreciation on the bulkhead, and audit fees. Brooksville. BC FRP Realty (Windlass Run). 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, 2016 RiverFront Holdings I, LLC 77.14 % $ 11,261 $ 85,106 $ (1,193 ) $ (938 ) Brooksville Quarry, LLC 50.00 % 7,496 14,350 (80 ) (40 ) BC FRP Realty, LLC 50.00 % 5,097 10,573 Total $ 23,854 $ 110,029 $ (1,273 ) $ (978 ) As of September 30, 2015 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 ) Summarized Financial Information for the Investments in Joint Ventures (in thousands): As of September 30, 2016 Riverfront Brooksville BCF FRP Holdings I, LLC Quarry, LLC Realty, LLC Total Cash $ 297 $ 35 $ 20 $ 352 Cash held in escrow 13 — — 13 Amortizable Debt Costs 1,179 — — 1,179 Investments in real estate, net 83,617 14,315 10,553 108,485 Total Assets $ 85,106 $ 14,350 $ 10,573 $ 110,029 Other Liabilities $ 5,140 $ 65 $ 17 $ 5,222 Long-term Debt 63,495 — — 63,495 Capital - FRP 11,261 7,496 5,097 23,854 Capital - Third Parties 5,210 6,789 5,459 17,458 Total Liabilities and Capital $ 85,106 $ 14,350 $ 10,573 $ 110,029 As of September 30, 2015 Riverfront Brooksville Holdings I, LLC Quarry, LLC Total Cash $ 47 $ 14 $ 61 Cash held in escrow 3,420 — 3,420 Amortizable Debt Costs 1,593 — 1,593 Investments in real estate, net 35,910 14,322 50,232 Total Assets $ 40,970 $ 14,336 $ 55,306 Other Liabilities $ 6,905 $ 64 $ 6,969 Long-term Debt 17,000 — 17,000 Capital - FRP 11,517 7,493 19,010 Capital - Third Parties 5,548 6,779 12,327 Total Liabilities and Capital $ 40,970 $ 14,336 $ 55,306 Income statements for the RiverFront Holdings I, LLC (in thousands): Years Ended September 30, 2016 2015 2014 Revenue $ 127 — — Cost of operations 1,040 108 89 Operating profit (913 ) (108 ) (89 ) Interest expense (280 ) — — Net loss of the Partnership $ (1,193 ) (108 ) (89 ) The amount of consolidated retained earnings for these joint ventures was $(990,000) and $(389,000) as of September 30, 2016 and 2015 respectively.

Spin-off

Spin-off	12 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Spin-off	3. Spin-off. On January 30, 2015, FRP Holdings, Inc. (Nasdaq GM: FRPH) (the “Company” or “FRP”) 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 FRP 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, 2016 2015 2014 Revenue $ — 41,800 129,162 Cost of operations — 38,195 121,134 Operating profit — 3,605 8,028 Interest expense — (33 ) (102 ) Income before income taxes — 3,572 7,926 Provision for income taxes — 1,393 3,091 Income from discontinued operations $ — 2,179 4,835 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, 2016
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 boards of the respective companies have since extended these agreements for an additional twelve months. The consolidated statements of income reflect charges and/or allocation from Patriot for these services of $1,542,000, $2,211,000, and $2,539,000 for fiscal 2016, 2015 and 2014, 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. The consolidated statements of income reflect charges and/or allocation for these services of $1,081,000 and $2,685,000 for fiscal 2015 and 2014, respectively.

Debt

Debt	12 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt	5. Debt. Debt at September 30 is summarized as follows (in thousands): 2016 2015 Revolving credit agreements $ 6,807 8,494 5.6% to 7.9% mortgage notes due in installments through 2027 36,012 40,191 42,819 48,685 Less portion due within one year 4,455 4,180 $ 38,364 44,505 The aggregate amount of principal payments, excluding the revolving credit, due subsequent to September 30, 2016 is: 2017 - $4,455,000; 2018 – $4,673,000; 2019 - $3,885,000; 2020 - $3,725,000; 2021 - $3,485,000 and subsequent years - $15,789,000. The non-recourse fully amortizing mortgage notes payable are collateralized by real estate having a carrying value of approximately $45,478,000 at September 30, 2016. 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, 2016, there was $5,765,000 outstanding on the revolver, $2,442,000 outstanding under letters of credit and $11,793,000 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, 2016, the tangible net worth covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum of $73 million combined. The Company was in compliance with all covenants as of September 30, 2016. During the first quarter of fiscal 2015, 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, 2016, there was $1,042,000 outstanding on the revolver and $18,958,000 available for borrowing. 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. 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 2016, 2015 and 2014 the Company capitalized interest costs of $1,086,000, $1,041,000, and $1,763,000, 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.

Leases

Leases	12 Months Ended
	Sep. 30, 2016
Leases [Abstract]
Leases	6. Leases. At September 30, 2016, 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 $ 35,292 Commercial property 270,911 306,203 less accumulated depreciation and depletion 79,479 $ 226,724 The minimum future straight-lined rentals due the Company on noncancelable leases as of September 30, 2016 are as follows: 2017 - $24,265,000; 2018 - $20,779,000; 2019 - $15,278,000; 2020 - $13,381,000; 2021 - $10,536,000; 2022 and subsequent years $42,879,000.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Sep. 30, 2016
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 ( in thousands, except per share amounts): Years Ended September 30 2016 2015 2014 Common shares: Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,846 9,756 9,629 Common shares issuable under share based payment plans which are potentially dilutive 44 71 81 Common shares used for diluted earnings per common share 9,890 9,827 9,710 Income from continuing operations $ 12,024 6,093 5,184 Discontinued operations — 2,179 4,835 Net income $ 12,024 8,272 10,019 Basic earnings per common share: Income from continuing operations $ 1.22 .62 .54 Discontinued operations — .23 .50 Net income $ 1.22 .85 1.04 Diluted earnings per common share Income from continuing operations $ 1.22 .62 .53 Discontinued operations — .22 .50 Net income $ 1.22 .84 1.03 For 2016, 2015 and 2014, 72,090, 56,110 and 31,790 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, 2016
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 384,430 at September 30, 2016. 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 36% 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 2016 2015 2014 Stock option grants $ 166 267 441 Annual director stock award 412 536 698 $ 578 803 1,139 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, 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 Granted 21,540 $ 31.15 $ 272 Exercised (63,730 ) $ 18.39 $ (471 ) Outstanding at September 30, 2016 263,560 $ 23.50 5.6 $ 2,539 Exercisable at September 30, 2016 185,713 $ 22.30 4.7 $ 1,621 Vested during twelve months ended September 30, 2016 35,596 $ 341 The following table summarizes information concerning stock options outstanding at September 30, 2016: Shares Weighted Weighted Range of Exercise under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $16.51 – $24.75 5,539 16.72 5.2 $24.76 - $37.25 40,692 23.99 7.4 $37.26 - $41.39 31,616 31.13 8.2 77,847 $ 26.37 7.6 Years Exercisable: $16.51 - $24.75 19,756 16.72 5.2 $24.76 - $37.25 142,473 21.62 4.2 $37.26 - $41.39 23,484 31.11 7.7 185,713 $ 22.30 4.7 Years Total 263,560 $ 23.50 5.6 Years The aggregate intrinsic value of exercisable in-the-money options was $1,630,000 and the aggregate intrinsic value of outstanding in-the-money options was $1,998,000 based on the market closing price of $31.07 on September 30, 2016 less exercise prices. The realized tax benefit to the Company or Patriot from options exercised in the twelve months ended September 30, 2016 was $353,000. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of September 30, 2016 was $322,000, which is expected to be recognized over a weighted-average period of 3.4 years. Gains of $913,000 were realized by option holders during the twelve months ended September 30, 2016.

Income Taxes

Income Taxes	12 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes. The provision for income taxes for continuing operations for fiscal years ended September 30 consists of the following (in thousands): 2016 2015 2014 Current: Federal $ 4,807 1,803 2,820 State 1,165 524 1,083 5,972 2,327 3,903 Deferred 1,879 1,568 (342 ) Total $ 7,851 3,895 3,561 A reconciliation between the amount of tax shown above and the amount computed at the statutory Federal income tax rate follows (in thousands): 2016 2015 2014 Amount computed at statutory Federal rate $ 6,797 3,396 3,020 State income taxes (net of Federal income tax benefit) 1,002 504 520 Other, net 52 (5 ) 21 Provision for income taxes $ 7,851 3,895 3,561 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): 2016 2015 Deferred tax liabilities: Property and equipment $ 15,197 13,100 Depletion 526 496 Unrealized rents 1,823 1,881 Prepaid expenses 913 278 Gross deferred tax liabilities 18,459 15,755 Deferred tax assets: Employee benefits and other 2,023 1,214 Gross deferred tax assets 2,023 1,214 Net deferred tax liability $ 16,436 14,541 The Company has no unrecognized tax benefits. FRP tax returns in the U.S. and various states that include the Company are subject to audit by taxing authorities. As of September 30, 2016, the earliest tax year that remains open for audit in the Unites States is 2010.

Employee Benefits

Employee Benefits	12 Months Ended
	Sep. 30, 2016
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 $51,000 in 2016, $45,000 in 2015 and $40,000 in 2014. The Company has a defined benefit pension plan, the 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 2016, 2015 and 2014 was $161,000, $163,000 and $150,000, respectively. The accrued benefit under this plan as of September 30, 2016 and 2015 was $1,485,000 and $1,391,000 respectively.

Business Segments

Business Segments	12 Months Ended
	Sep. 30, 2016
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): 2016 2015 2014 Revenues: Asset management $ 28,739 27,570 24,825 Mining royalty lands 7,533 6,094 5,349 Land development and construction 1,185 982 804 $ 37,457 34,646 30,978 Operating profit: Before corporate expenses: Asset management $ 13,374 13,288 11,703 Mining royalty lands 7,029 5,478 4,735 Land development and construction (940 ) (2,197 ) (1,474 ) Corporate expenses: Allocated to asset management (1,591 ) (1,248 ) (958 ) Allocated to mining royalty (231 ) (1,322 ) (1,016 ) Allocated to land development and construction (1,258 ) (737 ) (565 ) Unallocated to discontinued operations — (1,081 ) (2,685 ) (3,080 ) (4,388 ) (5,224 ) $ 16,383 12,181 9,740 Interest expense: Asset management $ 1,561 2,014 1,366 Depreciation, depletion and amortization: Asset management $ 7,689 6,963 6,384 Mining royalty lands 104 133 124 Land development and construction 258 282 197 $ 8,051 7,378 6,705 Capital expenditures: Asset management $ 20,747 2,408 6,662 Mining royalty lands 205 — — Land development and construction 6,602 4,085 12,621 $ 27,554 6,493 19,283 Identifiable net assets at September 30: Asset management $ 171,449 151,023 154,976 Mining royalty lands 39,570 39,300 39,368 Land development and construction 54,157 60,682 56,519 Discontinued operations — — 61,134 Cash items — 419 1,074 Unallocated corporate assets 500 1,054 — 265,676 252,478 313,071

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Sep. 30, 2016
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, 2016 the Company had no assets or liabilities measured at fair value on a recurring or non-recurring basis. At September 30, 2016 and 2015, 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, 2016, the carrying amount and fair value of such other long-term debt was $42,819,000 and $46,216,000, respectively. 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.

Contingent Liabilities

Contingent Liabilities	12 Months Ended
	Sep. 30, 2016
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. As of September 30, 2016, 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, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments	14. Commitments. The Company, at September 30, 2016, had entered into various contracts to develop real estate with remaining commitments totaling $7,055,000.

Concentrations

Concentrations	12 Months Ended
	Sep. 30, 2016
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 11% of the Company’s consolidated revenues during fiscal 2016. The mining royalty lands segment has a total of four tenants currently leasing mining locations and one lessee that accounted for 15.6% of the Company’s consolidated revenues in fiscal 2016 and $243,000 of accounts receivable at September 30, 2016. 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 Tennessee Bank. At times, such amounts may exceed FDIC limits.

Unusual or Infrequent Items Imp

Unusual or Infrequent Items Impacting Quarterly Results	12 Months Ended
	Sep. 30, 2016
Unusual or Infrequent Items, or Both [Abstract]
Unusual or Infrequent Items Impacting Quarterly Results	16. Unusual or Infrequent Items Impacting Quarterly Results. 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. Costs of operations for the land development and construction segment for the quarter ending December 31, 2015 includes a $3,000,000 positive benefit from settlement of environmental claims against our former tenant at the Riverfront on the Anacostia property (see Note 13). Gain on investment land sold for the quarter ending December 31, 2015 includes $6,277,000 gain on the sale of phase 2 of Windlass Run residential property. Costs of operations for the land development and construction segment for the quarter ending June 30, 2016 includes a $2,000,000 expense for estimated environmental remediation liability on Phase II of the Riverfront on the Anacostia property (see Note 13).

Real Estate Business Park Acqui

Real Estate Business Park Acquisitions	12 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Real Estate Business Park Acquisitions	17. Real Estate Business Park Acquisitions. The Company has allocated the purchase price of the property acquisitions, through the use of a third party valuation, based upon the fair value of the assets acquired, consisting of land, buildings and intangible assets, including in-place leases and below market leases. Based on the third party valuation performed, the purchase price has been allocated to the fair value of the in-place leases, above market leases and below market leases. These deferred leasing intangible assets are recorded within Deferred Costs and Deferred lease intangible, net in the consolidated balance sheets. The value of the in-place lease intangibles will be amortized to amortization expense over the remaining lease terms. The fair value assigned pertaining to the above market in-place leases values are amortized as a reduction to rental revenue, and the below market in-place lease values are amortized as an increase to rental revenue over the remaining non-cancelable terms of the respective leases. TRANSIT BUSINESS PARK - In-place Above Market Below Market Leases Leases Leases Initial Values $ 806 48 156 Annual Amortization: 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 — KELSO BUSINESS PARK - 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 — PORT CAPITAL PROPERTY - In-place Leases Initial Values $ 1,126 Annual Amortization: 2016 $ 104 2017 114 2018 114 2019 114 2020 114 2021 114 GILROY ROAD PROPERTY – In-place Leases Initial Values $ 277 Annual Amortization: 2016 $ 55 2017 222

Intangible Assets

Intangible Assets	12 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
[us-gaap:IntangibleAssetsDisclosureTextBlock]	18. 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, 2016 September 30, 2015 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: In-place leases (useful life 7-8 years) $ 2,788 $ 1,175 $ 1,385 $ 836 Above Market leases (useful life 5 years) 48 23 48 19 $ 2,836 $ 1,198 $ 1,433 $ 855 September 30, 2016 September 30, 2015 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible liabilities: Below Market leases (useful life 4-5 years) $ 220 $ 206 $ 220 $ 176 $ 220 $ 206 $ 220 $ 176

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2016
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, BC FRP Realty 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 2016, 2015 and 2014 of $6,809,000, $6,195,000, and $5,528,000, 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 BC FRP Realty, in which it has a voting interest of 50%. 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 November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”. The guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The guidance becomes effective for annual reporting periods beginning after December 15, 2016 with early adoption permitted. The Company adopted this guidance retrospectively as of October 1, 2015 and reclassified $143,000 from deferred costs to long-term deferred tax liability. In February 2016, the FASB issued ASU No. 2016-02, “Leases”, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. Lessors will account for leases using an approach that is substantially equivalent to existing accounting standards. The new standard will become effective for the Company beginning with the first quarter 2020 and requires a modified retrospective transition approach and includes a number of practical expedients. Early adoption of the standard is permitted. As the Company is primarily a lessor the adoption of this guidance is not expected to have a material impact on its financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Excess tax benefits for share-based payments will be recorded as a reduction of income taxes and reflected in operating cash flows upon the adoption of this ASU. Excess tax benefits are currently recorded in equity and as financing activity under the current rules. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2016 with early adoption permitted. The Company may early adopt this accounting guidance in fiscal 2017 or as required in fiscal 2018.

Consolidated Real Estate and 28

Consolidated Real Estate and Accumulated Depreciation and Depletion (Tables)	12 Months Ended
	Sep. 30, 2016
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, 2016 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 $ 156 n/a 4/86 unit Clayton, GA 369 0 369 5 n/a 4/86 unit Fayette, GA 685 199 884 67 n/a 4/86 unit Lake, FL 402 0 402 158 n/a 4/86 unit Lake, FL 1,083 0 1,083 975 n/a 4/86 unit Lake Louisa, FL 11,039 0 11,039 0 n/a 5/12 unit Lee, FL 4,690 12 4,702 6 n/a 4/86 unit Monroe, GA 792 0 792 288 n/a 4/86 unit Muscogee, GA 369 (45 ) 324 324 n/a 4/86 unit Prince William, VA 298 0 298 298 n/a 4/86 unit Putnam, FL 15,002 37 15,039 4,533 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 ) 1,528 691 n/a 4/86 n/a 0 39,302 104 39,406 8,383 Asset Management Properties Baltimore, MD 1,698 439 4,429 4,868 2,714 1990 10/89 39 yr. Baltimore, MD 3,288 950 7,722 8,672 4,847 1994 12/91 39 yr. Baltimore, MD 973 690 2,861 3,551 1,570 2000 07/99 39 yr. Baltimore, MD 0 1,435 4,229 5,664 1,113 2008 12/02 39 yr. Baltimore, MD 0 4,309 276 4,585 273 n/a 06/15 39 yr. Baltimore, MD 0 8,412 521 8,933 54 1967 07/16 39 yr. Baltimore City, MD 4,712 5,106 5,488 10,594 1,108 2016 12/10 39 yr. Baltimore City, MD 0 7,442 1,869 9,311 1,070 n/a 6/13 39 yr. Duval, FL 0 2,416 541 2,957 2,793 n/a 4/86 25 yr. Harford, MD 486 31 3,830 3,861 2,181 1998 8/95 39 yr. Harford, MD 1,377 50 5,709 5,759 2,605 1999 8/95 39 yr. Harford, MD 2,646 85 7,091 7,176 3,677 2001 8/95 39 yr. Harford, MD 2,148 88 10,133 10,221 4,379 2007 8/95 39 yr. Harford, MD 1,506 155 12,627 12,782 4,401 2009 8/95 39 yr. Howard, MD 0 2,859 4,887 7,746 4,369 1996 9/88 39 yr. Howard, MD 879 2,473 1,046 3,519 1,480 2000 3/00 39 yr. Elkridge, MD 0 8,920 27 8,947 355 TBD 10/15 39 yr. Anne Arundel, MD 8,179 715 9,394 10,109 5,893 1989 9/88 39 yr. Anne Arundel, MD 4,730 950 14,211 15,161 5,184 2003 5/98 39 yr. Anne Arundel, MD 0 1,525 10,800 12,325 3,737 2005 8/04 39 yr. Anne Arundel, MD 3,390 737 5,430 6,167 1,900 2006 1/03 39 yr. Anne Arundel, MD 0 667 10,641 11,308 2,832 2012 7/07 39 yr. Norfolk, VA 0 7,512 36 7,548 2,668 2004 10/04 39 yr. Prince William, VA 0 7,039 24,078 31,117 2,582 2014 12/05 39 yr. Newcastle Co., DE 0 11,559 2,959 14,518 4,736 2004 4/04 39 yr. 36,012 76,564 150,835 227,399 68,521 Land Development and Construction Properties Baltimore City, MD 0 988 3,826 4,814 106 n/a 12/10 15 yr. Carroll, MD 0 4,720 2,340 7,060 0 n/a 3/08 n/a Harford, MD 0 92 1,600 1,692 0 n/a 8/95 n/a Prince William, VA 0 3,402 4,670 8,072 97 n/a 12/05 15 yr. Washington D.C. 0 2,957 9,858 12,815 2,866 n/a 4/86 15 yr. Washington D.C. 0 3,811 2,404 6,215 0 n/a 10/97 n/a 0 15,970 24,698 40,668 3,069 GRAND TOTALS $ 36,012 $ 131,836 $ 175,637 $ 307,473 $ 79,973 (a) The aggregate cost for Federal income tax purposes is $269,546 .
Real Estate and Accumulated Depreciation and Depletion	FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION AND DEPLETION YEARS ENDED SEPTEMBER 30, 2016, 2015 AND 2014 (In thousands) 2016 2015 2014 Gross Carrying Cost of Real Estate: Balance at beginning of period $ 292,528 $ 286,671 $ 268,932 Additions during period: Amounts capitalized 27,439 6,063 19,154 Deductions during period: Cost of real estate sold (5,011 ) — (1,415 ) Other (7,483 ) (1) (206 ) — Balance at close of period $ 307,473 $ 292,528 $ 286,671 Accumulated Depreciation & Depletion: Balance at beginning of period $ 73,480 $ 67,598 $ 62,167 Additions during period: Charged to cost & expense 6,690 5,902 5,446 Deductions during period: Real estate sold — — (15 ) Other (197 ) (20 ) — Balance at close of period $ 79,973 $ 73,480 $ 67,598 (1) Includes $6,828 of property cost transferred to Investment in Joint Ventures for the joint venture partnership with St. John Properties.

Investments in Joint Ventures (

Investments in Joint Ventures (Tables)	12 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
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, 2016 RiverFront Holdings I, LLC 77.14 % $ 11,261 $ 85,106 $ (1,193 ) $ (938 ) Brooksville Quarry, LLC 50.00 % 7,496 14,350 (80 ) (40 ) BC FRP Realty, LLC 50.00 % 5,097 10,573 — — Total $ 23,854 $ 110,029 $ (1,273 ) $ (978 ) As of September 30, 2015 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 )
Financial Information for the Investments in Joint Ventures in thousands)	As of September 30, 2016 Riverfront Brooksville BCF FRP Holdings I, LLC Quarry, LLC Realty, LLC Total Cash $ 297 $ 35 $ 20 $ 352 Cash held in escrow 13 — — 13 Amortizable Debt Costs 1,179 — — 1,179 Investments in real estate, net 83,617 14,315 10,553 108,485 Total Assets $ 85,106 $ 14,350 $ 10,573 $ 110,029 Other Liabilities $ 5,140 $ 65 $ 17 $ 5,222 Long-term Debt 63,495 — — 63,495 Capital - FRP 11,261 7,496 5,097 23,854 Capital - Third Parties 5,210 6,789 5,459 17,458 Total Liabilities and Capital $ 85,106 $ 14,350 $ 10,573 $ 110,029 As of September 30, 2015 Riverfront Brooksville Holdings I, LLC Quarry, LLC Total Cash $ 47 $ 14 $ 61 Cash held in escrow 3,420 — 3,420 Amortizable Debt Costs 1,593 — 1,593 Investments in real estate, net 35,910 14,322 50,232 Total Assets $ 40,970 $ 14,336 $ 55,306 Other Liabilities $ 6,905 $ 64 $ 6,969 Long-term Debt 17,000 — 17,000 Capital - FRP 11,517 7,493 19,010 Capital - Third Parties 5,548 6,779 12,327 Total Liabilities and Capital $ 40,970 $ 14,336 $ 55,306
Income statements for Riverfront Holdings I, LLC (in thousands)	Years Ended September 30, 2016 2015 2014 Revenue $ 127 — — Cost of operations 1,040 108 89 Operating profit (913 ) (108 ) (89 ) Interest expense (280 ) — — Net loss of the Partnership $ (1,193 ) (108 ) (89 )

Spin-off (Tables)

Spin-off (Tables)	12 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Results of operations associated with discontinued operations (in thousands)	Years Ended September 30, 2016 2015 2014 Revenue $ — 41,800 129,162 Cost of operations — 38,195 121,134 Operating profit — 3,605 8,028 Interest expense — (33 ) (102 ) Income before income taxes — 3,572 7,926 Provision for income taxes — 1,393 3,091 Income from discontinued operations $ — 2,179 4,835
Assets and Liabilities of discontinued operations (in thousands)	Property and equipment, net $ 42,174 Accounts receivable, net 7,119 Deferred costs 11,809 Other assets 32 Assets of discontinued operation $ 61,134 Line of credit $ 7,282 Accounts payable and accrued liabilities 11,489 Deferred compensation 717 Deferred income taxes 8,924 Liabilities of discontinued operation $ 28,412

Debt (Tables)

Debt (Tables)	12 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt (in thousands)	2016 2015 Revolving credit agreements $ 6,807 8,494 5.6% to 7.9% mortgage notes due in installments through 2027 36,012 40,191 42,819 48,685 Less portion due within one year 4,455 4,180 $ 38,364 44,505

Leases (Tables)

Leases (Tables)	12 Months Ended
	Sep. 30, 2016
Leases [Abstract]
Carrying value of property leased or held for lease to others (in thousands)	Construction aggregates property $ 35,292 Commercial property 270,911 306,203 less accumulated depreciation and depletion 79,479 $ 226,724

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings per share computations (in thousands, except per share amounts)	Years Ended September 30 2016 2015 2014 Common shares: Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,846 9,756 9,629 Common shares issuable under share based payment plans which are potentially dilutive 44 71 81 Common shares used for diluted earnings per common share 9,890 9,827 9,710 Income from continuing operations $ 12,024 6,093 5,184 Discontinued operations — 2,179 4,835 Net income $ 12,024 8,272 10,019 Basic earnings per common share: Income from continuing operations $ 1.22 .62 .54 Discontinued operations — .23 .50 Net income $ 1.22 .85 1.04 Diluted earnings per common share Income from continuing operations $ 1.22 .62 .53 Discontinued operations — .22 .50 Net income $ 1.22 .84 1.03

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation Expense (in thousands)	Years Ended September 30 2016 2015 2014 Stock option grants $ 166 267 441 Annual director stock award 412 536 698 $ 578 803 1,139
Summary of Changes in outstanding options (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, 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 Granted 21,540 $ 31.15 $ 272 Exercised (63,730 ) $ 18.39 $ (471 ) Outstanding at September 30, 2016 263,560 $ 23.50 5.6 $ 2,539 Exercisable at September 30, 2016 185,713 $ 22.30 4.7 $ 1,621 Vested during twelve months ended September 30, 2016 35,596 $ 341
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 5,539 16.72 5.2 $24.76 - $37.25 40,692 23.99 7.4 $37.26 - $41.39 31,616 31.13 8.2 77,847 $ 26.37 7.6 Years Exercisable: $16.51 - $24.75 19,756 16.72 5.2 $24.76 - $37.25 142,473 21.62 4.2 $37.26 - $41.39 23,484 31.11 7.7 185,713 $ 22.30 4.7 Years Total 263,560 $ 23.50 5.6 Years

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Provision for income taxes for continuing operations (in thousands)	2016 2015 2014 Current: Federal $ 4,807 1,803 2,820 State 1,165 524 1,083 5,972 2,327 3,903 Deferred 1,879 1,568 (342 ) Total $ 7,851 3,895 3,561
Income tax reconciliation at statutory Federal income tax rate (in thousands)	2016 2015 2014 Amount computed at statutory Federal rate $ 6,797 3,396 3,020 State income taxes (net of Federal income tax benefit) 1,002 504 520 Other, net 52 (5 ) 21 Provision for income taxes $ 7,851 3,895 3,561
Deferred tax assets and deferred tax liabilities (in thousands)	2016 2015 Deferred tax liabilities: Property and equipment $ 15,197 13,100 Depletion 526 496 Unrealized rents 1,823 1,881 Prepaid expenses 913 278 Gross deferred tax liabilities 18,459 15,755 Deferred tax assets: Employee benefits and other 2,023 1,214 Gross deferred tax assets 2,023 1,214 Net deferred tax liability $ 16,436 14,541

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Business Segments (in thousands)	2016 2015 2014 Revenues: Asset management $ 28,739 27,570 24,825 Mining royalty lands 7,533 6,094 5,349 Land development and construction 1,185 982 804 $ 37,457 34,646 30,978 Operating profit: Before corporate expenses: Asset management $ 13,374 13,288 11,703 Mining royalty lands 7,029 5,478 4,735 Land development and construction (940 ) (2,197 ) (1,474 ) Corporate expenses: Allocated to asset management (1,591 ) (1,248 ) (958 ) Allocated to mining royalty (231 ) (1,322 ) (1,016 ) Allocated to land development and construction (1,258 ) (737 ) (565 ) Unallocated to discontinued operations — (1,081 ) (2,685 ) (3,080 ) (4,388 ) (5,224 ) $ 16,383 12,181 9,740 Interest expense: Asset management $ 1,561 2,014 1,366 Depreciation, depletion and amortization: Asset management $ 7,689 6,963 6,384 Mining royalty lands 104 133 124 Land development and construction 258 282 197 $ 8,051 7,378 6,705 Capital expenditures: Asset management $ 20,747 2,408 6,662 Mining royalty lands 205 — — Land development and construction 6,602 4,085 12,621 $ 27,554 6,493 19,283 Identifiable net assets at September 30: Asset management $ 171,449 151,023 154,976 Mining royalty lands 39,570 39,300 39,368 Land development and construction 54,157 60,682 56,519 Discontinued operations — — 61,134 Cash items — 419 1,074 Unallocated corporate assets 500 1,054 — 265,676 252,478 313,071

Real Estate Business Park Acq37

Real Estate Business Park Acquisitions (Tables)	12 Months Ended
	Sep. 30, 2016
Transit Business Park
Intangible asset amortization (in thousands)	In-place Above Market Below Market Leases Leases Leases Initial Values $ 806 48 156 Annual Amortization: 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 —
Kelso Business Park
Intangible asset amortization (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 —
Port Capital Property
Intangible asset amortization (in thousands)	In-place Leases Initial Values $ 1,126 Annual Amortization: 2016 $ 104 2017 114 2018 114 2019 114 2020 114 2021 114
Gilroy Road Property
Intangible asset amortization (in thousands)	In-place Leases Initial Values $ 277 Annual Amortization: 2016 $ 55 2017 222

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Amortizable intangible assets (in thousands)	September 30, 2016 September 30, 2015 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: In-place leases (useful life 7-8 years) $ 2,788 $ 1,175 $ 1,385 $ 836 Above Market leases (useful life 5 years) 48 23 48 19 $ 2,836 $ 1,198 $ 1,433 $ 855
Amortizable intangible liabilities (in thousands)	September 30, 2016 September 30, 2015 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible liabilities: Below Market leases (useful life 4-5 years) $ 220 $ 206 $ 220 $ 176 $ 220 $ 206 $ 220 $ 176

Consolidated Real Estate and 39

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, 2016	Sep. 30, 2015	Sep. 30, 2014
Gross Carrying Cost of Real Estate at beginning of period	$ 292,528	$ 286,671	$ 268,932
Additions capitalized during period	27,439	6,063	19,154
Cost of real estate sold	(5,011)	0	(1,415)
Other deductions	(7,483)	(206)	0
Gross Carrying Cost of Real Estate at end of period	307,473	292,528	286,671
Accumulated Depreciation & Depletion at beginning of period	73,480	67,598	62,167
Charged to cost & expense	6,690	5,902	5,446
Real estate sold	0	0	(15)
Other deductions	(197)	(20)	0
Accumulated Depreciation & Depletion at end of period	79,973	$ 73,480	$ 67,598
BC FRP Realty Joint Venture
Book value of land contribution	$ 6,828

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation and Depletion Part I (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Encumbrances	$ 36,012
Initial Cost to Company	131,836
Cost capitalized subsequent to acquisition	175,637
Gross amount at which carried at end of period	307,473	$ 292,528	$ 286,671	$ 268,932
Accumulated Depreciation & Depletion	79,973
Aggregate cost for Federal income tax purposes	269,546
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	691
Mining royalty lands
Encumbrances	0
Initial Cost to Company	39,302
Cost capitalized subsequent to acquisition	104
Gross amount at which carried at end of period	39,406
Accumulated Depreciation & Depletion	8,383
Baltimore, MD 5
Encumbrances	0
Initial Cost to Company	4,309
Cost capitalized subsequent to acquisition	276
Gross amount at which carried at end of period	4,585
Accumulated Depreciation & Depletion	273
Baltimore, MD 6
Encumbrances	0
Initial Cost to Company	8,412
Cost capitalized subsequent to acquisition	521
Gross amount at which carried at end of period	8,933
Accumulated Depreciation & Depletion	54
Asset Management Properties
Encumbrances	36,012
Initial Cost to Company	76,564
Cost capitalized subsequent to acquisition	150,835
Gross amount at which carried at end of period	227,399
Accumulated Depreciation & Depletion	68,521
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	156
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	199
Gross amount at which carried at end of period	884
Accumulated Depreciation & Depletion	67
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	158
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	975
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	12
Gross amount at which carried at end of period	4,702
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	288
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	298
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	298
Accumulated Depreciation & Depletion	298
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	4,533
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	1,698
Initial Cost to Company	439
Cost capitalized subsequent to acquisition	4,429
Gross amount at which carried at end of period	4,868
Accumulated Depreciation & Depletion	2,714
Baltimore, MD 2
Encumbrances	3,288
Initial Cost to Company	950
Cost capitalized subsequent to acquisition	7,722
Gross amount at which carried at end of period	8,672
Accumulated Depreciation & Depletion	4,847
Baltimore, MD 3
Encumbrances	973
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	1,570
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	1,113
Baltimore City, MD
Encumbrances	4,712
Initial Cost to Company	5,106
Cost capitalized subsequent to acquisition	5,488
Gross amount at which carried at end of period	10,594
Accumulated Depreciation & Depletion	1,108
Baltimore City, MD 2
Encumbrances	0
Initial Cost to Company	7,442
Cost capitalized subsequent to acquisition	1,869
Gross amount at which carried at end of period	9,311
Accumulated Depreciation & Depletion	1,070
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	2,793
Harford, MD 1
Encumbrances	486
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	2,181
Harford, MD 2
Encumbrances	1,377
Initial Cost to Company	50
Cost capitalized subsequent to acquisition	5,709
Gross amount at which carried at end of period	5,759
Accumulated Depreciation & Depletion	2,605
Harford, MD 3
Encumbrances	2,646
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	3,677
Harford, MD 5
Encumbrances	2,148
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	4,379
Harford, MD 6
Encumbrances	1,506
Initial Cost to Company	155
Cost capitalized subsequent to acquisition	12,627
Gross amount at which carried at end of period	12,782
Accumulated Depreciation & Depletion	4,401
Howard, MD 1
Encumbrances	0
Initial Cost to Company	2,859
Cost capitalized subsequent to acquisition	4,887
Gross amount at which carried at end of period	7,746
Accumulated Depreciation & Depletion	4,369
Howard, MD 2
Encumbrances	879
Initial Cost to Company	2,473
Cost capitalized subsequent to acquisition	1,046
Gross amount at which carried at end of period	3,519
Accumulated Depreciation & Depletion	1,480
Elkridge, MD
Encumbrances	0
Initial Cost to Company	8,920
Cost capitalized subsequent to acquisition	27
Gross amount at which carried at end of period	8,947
Accumulated Depreciation & Depletion	355
Anne Arun, MD 1
Encumbrances	8,179
Initial Cost to Company	715
Cost capitalized subsequent to acquisition	9,394
Gross amount at which carried at end of period	10,109
Accumulated Depreciation & Depletion	5,893
Anne Arun, MD 2
Encumbrances	4,730
Initial Cost to Company	950
Cost capitalized subsequent to acquisition	14,211
Gross amount at which carried at end of period	15,161
Accumulated Depreciation & Depletion	5,184
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	3,737
Anne Arun, MD 4
Encumbrances	3,390
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	1,900
Anne Arun, MD 5
Encumbrances	0
Initial Cost to Company	667
Cost capitalized subsequent to acquisition	10,641
Gross amount at which carried at end of period	11,308
Accumulated Depreciation & Depletion	2,832
Norfolk, VA
Encumbrances	0
Initial Cost to Company	7,512
Cost capitalized subsequent to acquisition	36
Gross amount at which carried at end of period	7,548
Accumulated Depreciation & Depletion	2,668
Prince Wil, VA 2
Encumbrances	0
Initial Cost to Company	7,039
Cost capitalized subsequent to acquisition	24,078
Gross amount at which carried at end of period	31,117
Accumulated Depreciation & Depletion	2,582
Newcastle Co, DE
Encumbrances	0
Initial Cost to Company	11,559
Cost capitalized subsequent to acquisition	2,959
Gross amount at which carried at end of period	14,518
Accumulated Depreciation & Depletion	4,736
Baltimore City, MD 3
Encumbrances	0
Initial Cost to Company	988
Cost capitalized subsequent to acquisition	3,826
Gross amount at which carried at end of period	4,814
Accumulated Depreciation & Depletion	106
Carroll, MD
Encumbrances	0
Initial Cost to Company	4,720
Cost capitalized subsequent to acquisition	2,340
Gross amount at which carried at end of period	7,060
Accumulated Depreciation & Depletion	0
Harford, MD 4
Encumbrances	0
Initial Cost to Company	92
Cost capitalized subsequent to acquisition	1,600
Gross amount at which carried at end of period	1,692
Accumulated Depreciation & Depletion	0
Prince Wil, VA 3
Encumbrances	0
Initial Cost to Company	3,402
Cost capitalized subsequent to acquisition	4,670
Gross amount at which carried at end of period	8,072
Accumulated Depreciation & Depletion	97
Wash DC 1
Encumbrances	0
Initial Cost to Company	2,957
Cost capitalized subsequent to acquisition	9,858
Gross amount at which carried at end of period	12,815
Accumulated Depreciation & Depletion	2,866
Wash DC 2
Encumbrances	0
Initial Cost to Company	3,811
Cost capitalized subsequent to acquisition	2,404
Gross amount at which carried at end of period	6,215
Accumulated Depreciation & Depletion	0
Land Development and Construction Properties
Encumbrances	0
Initial Cost to Company	15,970
Cost capitalized subsequent to acquisition	24,698
Gross amount at which carried at end of period	40,668
Accumulated Depreciation & Depletion	$ 3,069

Schedule III Real Estate and 41

Schedule III Real Estate and Accumulated Depreciation and Depletion Part 2 (Details)	12 Months Ended
	Sep. 30, 2016
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, MD 6
Year of Construction	1,967
Date acquired	07/16
Depreciation Life Computed on	39 yr.
Baltimore City, MD
Year of Construction	2,016
Date acquired	12/10
Depreciation Life Computed on	39 yr.
Baltimore City, MD 2
Year of Construction	n/a
Date acquired	6/13
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	8/04
Depreciation Life Computed on	39 yr.
Anne Arun, MD 4
Year of Construction	2,006
Date acquired	1/03
Depreciation Life Computed on	39 yr.
Anne Arun, MD 5
Year of Construction	2,012
Date acquired	7/07
Depreciation Life Computed on	39 yr.
Norfolk, VA
Year of Construction	2,004
Date acquired	10/04
Depreciation Life Computed on	39 yr.
Prince Wil, VA 2
Year of Construction	2,014
Date acquired	12/05
Depreciation Life Computed on	39 yr.
Newcastle Co, DE
Year of Construction	2,004
Date acquired	4/04
Depreciation Life Computed on	39 yr.
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	3/08
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

Investments in Joint Ventures42

Investments in Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2013	Oct. 04, 2006
Total Investment	$ 23,854	$ 19,010
Total Assets of the Partnership	110,029	55,306
Net Loss of the Partnership	(1,273)	(188)
Company's share of Net Loss of the Partnership	(978)	(145)	$ (128)
Cash	352	61
Cash held in escrow	13	3,420
Amortizable Debt costs	1,179	1,593
Investments in real estate, net	108,485	50,232
Other liabilities	5,222	6,969
Long-term debt	63,495	17,000
Capital - FRP Holdings	23,854	19,010
Capital - Third parties	17,458	12,327
Total liabilities and capital	$ 110,029	$ 55,306
Riverfront I Joint Venture
Ownership percent	77.14%	76.91%		76.91%
Total Investment	$ 11,261	$ 11,517
Total Assets of the Partnership	85,106	40,970
Net Loss of the Partnership	(1,193)	(108)
Company's share of Net Loss of the Partnership	(938)	(105)
Cash	297	47
Cash held in escrow	13	3,420
Amortizable Debt costs	1,179	1,593
Investments in real estate, net	83,617	35,910
Other liabilities	5,140	6,905
Long-term debt	63,495	17,000
Capital - FRP Holdings	11,261	11,517
Capital - Third parties	5,210	5,548
Total liabilities and capital	85,106	40,970
Revenue	127	0	0
Cost of operations	1,040	108	89
Operating profit	(913)	(108)	(89)
Interest expense	(280)	0	0
Net loss of the Partnership	$ (1,193)	$ (108)	$ (89)
Brooksville Joint Venture
Ownership percent	50.00%	50.00%			50.00%
Total Investment	$ 7,496	$ 7,493
Total Assets of the Partnership	14,350	14,336
Net Loss of the Partnership	(80)	(80)
Company's share of Net Loss of the Partnership	(40)	(40)
Cash	35	14
Investments in real estate, net	14,315	14,322
Other liabilities	65	64
Capital - FRP Holdings	7,496	7,493
Capital - Third parties	6,789	6,779
Total liabilities and capital	$ 14,350	$ 14,336
BC FRP Realty Joint Venture
Ownership percent	50.00%
Total Investment	$ 5,097
Total Assets of the Partnership	10,573
Cash	20
Investments in real estate, net	10,553
Other liabilities	17
Capital - FRP Holdings	5,097
Capital - Third parties	5,459
Total liabilities and capital	10,573
BC FRP Realty Joint Venture
Net Loss of the Partnership	0
Company's share of Net Loss of the Partnership	$ 0

Spin-off - Discontinued operati

Spin-off - Discontinued operations results of operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Revenue	$ 37,457	$ 34,646	$ 30,978
Cost of operations	21,074	22,465	21,238
Operating profit	16,383	12,181	9,740
Interest expense	(1,561)	(2,014)	(1,366)
Provision for income taxes	7,851	3,895	3,561
Income from discontinued operations	0	2,179	4,835
Patriot Transportation
Revenue	0	41,800	129,162
Cost of operations	0	38,195	121,134
Operating profit	0	3,605	8,028
Interest expense	0	(33)	(102)
Income before income taxes	0	3,572	7,926
Provision for income taxes	0	1,393	3,091
Income from discontinued operations	$ 0	$ 2,179	$ 4,835

Assets and Liabilities of disco

Assets and Liabilities of discontinued operations (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Property and equipment, net	$ 220,616	$ 207,205
Deferred costs	8,208	7,449
Other assets	178	275
Line of credit	6,807	8,494
Accounts payable and accrued liabilities	4,344	3,456
Deferred compensation	$ 1,453	$ 1,400
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, 2016	Sep. 30, 2015
Debt Disclosure [Abstract]
Revolving credit (uncollateralized)	$ 6,807	$ 8,494
5.6% to 7.9% mortgage notes due in installments through 2027	36,012	40,191
Long-term debt, current and non-current	42,819	48,685
Less portion due within one year	4,455	4,180
Total long term debt	$ 38,364	$ 44,505

Leases - Carrying value of prop

Leases - Carrying value of property leased or held for lease to others (Details) - Property leased or held for lease $ in Thousands	Sep. 30, 2016USD ($)
Construction aggregates property	$ 35,292
Commercial property	270,911
Carrying Value of property owned by the Company leased or held for lease, gross	306,203
Less accumulated depreciation and depletion	79,479
Carrying Value of property owned by the Company leased or held for lease, net	$ 226,724

Earnings Per Share - Earnings p

Earnings Per Share - Earnings per share computations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Weighted average common shares oustanding during the period-shares used for basic earnings per common share	9,846	9,756	9,629
Common shares issuable under share based payment plans which are potentially dilutive	44	71	81
Common shares used for diluted earnings per common share	9,890	9,827	9,710
Income from continuing operations	$ 12,024	$ 6,093	$ 5,184
Discontinued operations	0	2,179	4,835
Net income	$ 12,024	$ 8,272	$ 10,019
Basic earnings per common share:
Income from continuing operations	$ 1.22	$ 0.62	$ 0.54
Discontinued operations	0	0.23	0.50
Net income	1.22	0.85	1.04
Diluted earnings per common share
Income from continuing operations	1.22	0.62	0.53
Discontinued operations	0	0.22	0.50
Net income	$ 1.22	$ 0.84	$ 1.03

Stock-Based Compensation Plan48

Stock-Based Compensation Plans - Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option grants	$ 166	$ 267	$ 441
Annual director stock award	412	536	698
Total Stock Compensation expense	$ 578	$ 803	$ 1,139

Stock-Based Compensation Plan49

Stock-Based Compensation Plans - Summary of changes in outstanding options (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2016USD ($)Years$ / sharesshares	Sep. 30, 2015USD ($)Years$ / sharesshares	Sep. 30, 2014USD ($)Years$ / sharesshares	Sep. 30, 2013USD ($)Years$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding | shares	263,560	305,750	326,830	414,591
Options granted | shares	21,540	39,425	31,790
Options exercised | shares	(63,730)	(72,300)	(119,550)
Options forfeited | shares		(6,000)
Spin-off conversion | shares		17,795
Options outstanding weighted average exercise price | $ / shares	$ 23.50	$ 21.90	$ 25.43	$ 20.40
Options outstanding weighted average exercise price - Granted | $ / shares	31.15	26.97	41.39
Options outstanding weighted average exercise price - forfeited | $ / shares		14.97
Options outstanding weighted average exercise price - Exercised | $ / shares	$ 18.39	13.31	$ 12.23
Options outstanding weighted average exercise price - Spin-off conversion | $ / shares		$ 20.63
Options outstanding weighted average remaining term | Years	5.6	5.9	5	4.2
Options outstanding weighted average grant date fair value | $	$ 2,539	$ 2,738	$ 3,481	$ 3,668
Options granted weighted average grant date fair value | $ / shares	$ 272	$ 432	$ 545
Options forfeited weighted average grant date fair value | $		$ (35)
Options exercised weighted average grant date fair value | $	$ (471)	(430)	$ (732)
Options Spin-off adjustment weighted average grant date fair value | $		(865)
Options Spin-off conversion weighted average grant date fair value | $		$ 155
Options exercisable at September 30, 2016 | shares	185,713
Options exercisable weighted average exercise price | $ / shares	$ 22.30
Options exerciseable weighted average remaining term | Years	4.7
Options exercisable weighted average grant date fair value | $	$ 1,621
Options vested during twelve months ended September 30, 2016 | shares	35,596
Options vested weighted average grant date fair value | $	$ 341

Stock-Based Compensation Plan50

Stock-Based Compensation Plans - Summary of Stock Options Outstanding (Details)	12 Months Ended
	Sep. 30, 2016Years$ / sharesshares	Sep. 30, 2015Years$ / shares	Sep. 30, 2014Years$ / shares	Sep. 30, 2013Years$ / shares
Shares under option | shares	263,560
Weighted average exercise price	$ 23.50	$ 21.90	$ 25.43	$ 20.40
Weighted average remaining life | Years	5.6	5.9	5	4.2
$16.51 - $24.75 Exercisable
Shares under option | shares	19,756
Weighted average exercise price	$ 16.72
Weighted average remaining life | Years	5.2
Minimum exercise price	$ 16.51
Maximum exercise price	$ 24.75
$24.76 - $37.25 Exercisable
Shares under option | shares	142,473
Weighted average exercise price	$ 21.62
Weighted average remaining life | Years	4.2
Minimum exercise price	$ 24.76
Maximum exercise price	$ 37.25
$37.26 - $41.39 Exercisable
Shares under option | shares	23,484
Weighted average exercise price	$ 31.11
Weighted average remaining life | Years	7.7
Minimum exercise price	$ 37.26
Maximum exercise price	$ 41.39
$16.51 - $24.75 Non-exercisable
Shares under option | shares	5,539
Weighted average exercise price	$ 16.72
Weighted average remaining life | Years	5.2
Minimum exercise price	$ 16.51
Maximum exercise price	$ 24.75
$24.76 - $37.25 Non-exercisable
Shares under option | shares	40,692
Weighted average exercise price	$ 23.99
Weighted average remaining life | Years	7.4
Minimum exercise price	$ 24.76
Maximum exercise price	$ 37.25
$37.26 - $41.39 Non-exercisable
Shares under option | shares	31,616
Weighted average exercise price	$ 31.13
Weighted average remaining life | Years	8.2
Minimum exercise price	$ 37.26
Maximum exercise price	$ 41.39
Exercisable
Shares under option | shares	185,713
Weighted average exercise price	$ 22.30
Weighted average remaining life | Years	4.7
Non-exercisable
Shares under option | shares	77,847
Weighted average exercise price	$ 26.37
Weighted average remaining life | Years	7.6

Income Taxes - Provision for in

Income Taxes - Provision for income taxes for continuing operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Federal, current	$ 4,807	$ 1,803	$ 2,820
State, current	1,165	524	1,083
Current income tax expense	5,972	2,327	3,903
Deferred	1,879	1,568	(342)
Provision for income taxes	7,851	3,895	3,561
Federal, computed at statutory rate	6,797	3,396	3,020
State income taxes (net of Federal income tax benefit)	1,002	504	520
Other, net	$ 52	$ (5)	$ 21

Income Taxes - Deferred tax ass

Income Taxes - Deferred tax assets and deferred tax liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Property and equipment	$ 15,197	$ 13,100
Depletion	526	496
Unrealized rents	1,823	1,881
Prepaid expenses	913	278
Gross deferred tax liabilities	18,459	15,755
Employee benefits and other	2,023	1,214
Gross deferred tax assets	2,023	1,214
Net deferred tax liability	$ 16,436	$ 14,541

Business Segments - Business se

Business Segments - Business segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Revenues	$ 37,457	$ 34,646	$ 30,978
Operating profit	16,383	12,181	9,740
Corporate expenses	(3,080)	(4,388)	(5,224)
Unallocated to discontinued operations	0	(1,081)	(2,685)
Interest expense	1,561	2,014	1,366
Capital expenditures	27,554	6,493	19,283
Depreciation, depletion and amortization	8,051	7,378	6,705
Cash items	0	419	1,074
Discontinued operations identifiable net assets	0	0	61,134
Total identifiable net assets	265,676	252,478	313,071
Asset Management
Segment Reporting Information [Line Items]
Revenues	28,739	27,570	24,825
Operating profit	13,374	13,288	11,703
Corporate expenses	(1,591)	(1,248)	(958)
Interest expense	1,561	2,014	1,366
Capital expenditures	20,747	2,408	6,662
Depreciation, depletion and amortization	7,689	6,963	6,384
Identifiable net assets	171,449	151,023	154,976
Mining royalty lands
Segment Reporting Information [Line Items]
Revenues	7,533	6,094	5,349
Operating profit	7,029	5,478	4,735
Corporate expenses	(231)	(1,322)	(1,016)
Capital expenditures	205	0	0
Depreciation, depletion and amortization	104	133	124
Identifiable net assets	39,570	39,300	39,368
Land Development and Construction
Segment Reporting Information [Line Items]
Revenues	1,185	982	804
Operating profit	(940)	(2,197)	(1,474)
Corporate expenses	(1,258)	(737)	(565)
Capital expenditures	6,602	4,085	12,621
Depreciation, depletion and amortization	258	282	197
Identifiable net assets	54,157	60,682	56,519
Corporate
Segment Reporting Information [Line Items]
Identifiable net assets	$ 500	$ 1,054	$ 0

Real Estate Business Park Acq54

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

Real Estate Business Park Acq55

Real Estate Business Park Acquisitions - Intangible asset amortization Kelso Business Park (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 Forecasted amortization
In-place Leases annual amortization	$ 11	$ 21	$ 28	$ 100
Below Market Leases annual amortization			$ 2	$ 12
Kelso Business Park
In-place leases initial value								$ 579
Below market leases initial values								$ 64
In-place Leases annual amortization					136	203	$ 80
Below Market Leases annual amortization					$ 21	$ 21	$ 8

Real Estate Business Park Acq56

Real Estate Business Park Acquisitions - Intangible asset amortization Port Capital Property (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2016	Oct. 19, 2015
Port Capital Forecasted amortization
In-place Leases annual amortization	$ 114	$ 114	$ 114	$ 114	$ 114
Port Capital Property
In-place leases initial value							$ 1,126
In-place Leases annual amortization						$ 104

Real Estate Business Park Acq57

Real Estate Business Park Acquisitions - Intangible asset amortization Gilroy Road Property (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jul. 01, 2016
Gilroy Road Forecasted amortization
In-place Leases annual amortization	$ 222
Gilroy Road Property
In-place leases initial value			$ 277
In-place Leases annual amortization		$ 55

Intangible assets and liabiliti

Intangible assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015
Amortizable asset carrying Amount	$ 2,836	$ 1,433
Amortizable asset accumulated Amortization	1,198	855
Below market lease carrying amount	220	220
Below market lease accumulated amortization	206	176
In place leases
Amortizable asset carrying Amount	2,788	1,385
Amortizable asset accumulated Amortization	1,175	836
Above Market leases
Amortizable asset carrying Amount	48	48
Amortizable asset accumulated Amortization	23	19
Below market leases
Below market lease carrying amount	220	220
Below market lease accumulated amortization	$ 206	$ 176

Intangible assets and liabili59

Intangible assets and liabilities (Details) (Parenthetical)	12 Months Ended
	Sep. 30, 2016
In place leases
Useful life	7-8 years
Above Market leases
Useful life	5 years
Below market leases
Useful life	4-5 years

Accounting Policies (Details Na

Accounting Policies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014	Oct. 31, 2015
Patriot shares received	FRP's shareholders received one share of Patriot for every three shares of FRP owned on the record date.
Depreciation and depletion		$ 6,809	$ 6,195	$ 5,528
Reclass from deferred costs to long-term deferred tax liability					$ 143
Buildings and improvements
Estimated useful lives		3-39
Brooksville Joint Venture
Voting interest		50.00%
BC FRP Realty Joint Venture
Voting interest		50.00%

Investments in Joint Ventures61

Investments in Joint Ventures (Details Narrative) $ in Thousands	12 Months Ended
	Sep. 30, 2016USD ($)ft²a	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2013USD ($)	Sep. 30, 2007USD ($)	Aug. 08, 2014USD ($)	Jun. 30, 2013USD ($)ft²a	Oct. 04, 2006USD ($)a
Capital contributions made	$ 929	$ 625	$ 5,266
Equity in the loss of the joint venture	978	145	$ 128
Joint Venture consolidated retained earnings	(990)	$ (389)
St Johns Properties JV Joint Venture
Value of land contributed	3,240
Initial cash distribution to FRP	$ 2,130
St Johns land contribution | a	10
Wash DC 1
Land acreage | a	5.82
Riverfront I Joint Venture
Square feet residential apartment building | ft²							300,000
Square feet | ft²							18,000
Land acreage | a							2
Value of land contributed				$ 13,500
Cash contributed				$ 4,866
Joint venture percentage stake	77.14%	76.91%					76.91%
MRP 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	$ 938	$ 105
Brooksville Joint Venture
Land acreage | a								4,300
Joint venture percentage stake	50.00%	50.00%						50.00%
FRP land contribution previously leased to Vulcan | a								3,443
Book value of land contribution								$ 2,548
FRP and Vulcan additional acquisition costs					$ 3,018
Additional land acquired | a								288
Vulcan land contribution | a								553
Mandatory capital contribution obligation	$ 2,430
Capital contributions made	2,397
Equity in the loss of the joint venture	40	$ 40
BC FRP Realty Joint Venture
Value of land contributed	7,500
Equity in the loss of the joint venture	$ 0
BC FRP Realty Joint Venture
Square feet | ft²	329,000
Land acreage | a	25
Joint venture percentage stake	50.00%
Book value of land contribution	$ 6,828

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Related Party Transactions [Abstract]
Charges/allocation related to Transition Services Agreement with Patriot	$ 1,542	$ 2,211	$ 2,539
Charges/allocations related to discontinued operations	$ 0	$ 1,081	$ 2,685

Debt (Details Narrative)

Debt (Details Narrative) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Jan. 30, 2015USD ($)
Mortgage interest description		5.6% to 7.9% mortgage notes due in installments through 2027
Principal payments 2017		$ 4,455
Principal payments 2018		4,673
Principal payments 2019		3,885
Principal payments 2020		3,725
Principal payments 2021		3,485
Principal payments 2022 and subsequent years		15,789
Carrying value of collateral on mortgage notes payable		45,478
Capitalized interest		$ 1,086	$ 1,041	$ 1,763
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		$ 2,442
Borrowed under the revolver		5,765			$ 10,483
Available for borrowing		11,793
Tangible net worth covenant		110,000
Available to pay dividends or repurchase stock		$ 73,000
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
Borrowed under the revolver		$ 1,042
Available for borrowing		$ 18,958

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	Sep. 30, 2016USD ($)
Leases [Abstract]
Minimum future straight-lined rentals due on noncancelable leases 2017	$ 24,265
Minimum future straight-lined rentals due on noncancelable leases 2018	20,779
Minimum future straight-lined rentals due on noncancelable leases 2019	15,278
Minimum future straight-lined rentals due on noncancelable leases 2020	13,381
Minimum future straight-lined rentals due on noncancelable leases 2021	10,536
Minimum future straight-lined rentals due on noncancelable leases 2022 and subsequent years	$ 42,879

Earnings Per Share (Details Nar

Earnings Per Share (Details Narrative) - shares	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Anti-dilutive shares	72,090	56,110	31,790

Stock-Based Compensation Plan66

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2016USD ($)Years$ / sharesshares	Jan. 30, 2016
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	384,430
Dividend yield	0.00%
Expected minimum volatility	36.00%
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	$ 1,630
Aggregate intrinsic value of outstanding in-the-money options	$ 1,998
Market close price | $ / shares	$ 31.07
Gains realized by option holders	$ 913
Realized tax benefit from options exercised	353
Total compensation cost of options granted but not yet vested	$ 322
Weighted average period for compensation to be recognized | Years	3.4

Income Taxes - Unrecognized tax

Income Taxes - Unrecognized tax benefits (Details Narrative) $ in Thousands	Sep. 30, 2016USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0

Employee Benefits (Details Narr

Employee Benefits (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Notes to Financial Statements
Company 401k contribution	50.00%	50.00%	50.00%
Savings/profit sharing plan company contribution	$ 51	$ 45	$ 40
Management Security Plan expense	161	163	$ 150
Management Security Plan accrued benefit	$ 1,485	$ 1,391

Business Segments (Details Narr

Business Segments (Details Narrative)	12 Months Ended
	Sep. 30, 2016aSegments
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, 2016	Sep. 30, 2015
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 mortgage notes payable	42,819	$ 48,685
Fair value of mortgage notes payable	$ 46,216	$ 52,001

Contingent Liabilities (Details

Contingent Liabilities (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Contingent Liabilities Details Narrative
Cap on environment financial responsibility			$ 1,871
Environmental remediation expense	$ 2,000		(1,000)	$ 0	$ 0
Total cost of remediation			$ 1,900
Environmental remediation recovery		$ 3,000

Commitments (Details Narrative)

Commitments (Details Narrative) $ in Thousands	Sep. 30, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments	$ 7,055

Concentrations (Details Narrati

Concentrations (Details Narrative) $ in Thousands	12 Months Ended
	Sep. 30, 2016USD ($)integer
Tenants leasing mining locations | integer	4
Mining Top Customer
Customer revenue concentration	15.60%
Accounts receivable concentration | $	$ 243
Asset Management Top Customer
Customer revenue concentration	11.00%

Unusual or Infrequent Items I74

Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Mortgage prepayment			$ 1,314
Interest rates of prepaid mortgages			8.55% and 7.95%
Prepayment penalty			$ 116
Deferred loan costs on early prepayment			$ 15
Environmental remediation recovery		$ 3,000
Gain on investment land sold				$ 6,029	$ (34)	$ 476
Environmental remediation expense	$ 2,000			$ (1,000)	$ 0	$ 0
Windlass Run Phase 2
Gain on investment land sold		$ 6,277

Real Estate Business Park Acq75

Real Estate Business Park Acquisitions (Details Narrative) $ in Thousands	Jul. 01, 2016USD ($)ft²a	Oct. 19, 2015USD ($)ft²a	Jun. 06, 2014USD ($)ft²a	Jun. 20, 2013USD ($)ft²a
Transit Business Park
Approximate purchase price | $				$ 8,000
Number of buildings acquired				5
Land acreage | a				14.5
Square feet				232,318
Kelso Business Park
Approximate purchase price | $			$ 4,800
Number of buildings acquired			2
Land acreage | a			10.2
Square feet			69,680
Port Capital Property
Approximate purchase price | $		$ 9,900
Number of buildings acquired		1
Land acreage | a		6.39
Square feet		91,218
Mezzanine space square feet		29,558
Gilroy Road Property
Approximate purchase price | $	$ 8,300
Number of buildings acquired	1
Land acreage | a	7
Square feet	116,338
Mezzanine space square feet	8,900
Square footage footprint	107,438