FRP (FRPH) 10-Q 8 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2017shares
Document And Entity Information
Entity Registrant Name	FRP HOLDINGS, INC.
Entity Central Index Key	844,059
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	10,002,167
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,017

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets:
Land	$ 99,417	$ 99,417
Buildings and improvements	208,375	195,443
Projects under construction	6,917	11,779
Total investments in properties	314,709	306,639
Less accumulated depreciation and depletion	85,935	82,392
Net investments in properties	228,774	224,247
Real estate held for investment, at cost	7,176	7,176
Investments in joint ventures	21,557	22,901
Net real estate investments	257,507	254,324
Accounts receivable	789	710
Federal and state income taxes receivable	2,926	0
Unrealized rents	4,370	4,562
Deferred costs	5,436	6,786
Other assets	182	178
Total assets	271,210	266,560
Liabilities:
Lines of credit payable	6,355	6,665
Secured notes payable, current portion	4,673	4,526
Secured notes payable, less current portion	27,234	29,554
Accounts payable and accrued liabilities	3,213	3,747
Environmental remediation liability	2,037	2,037
Bank overdraft	171	254
Federal and state income taxes payable	0	887
Deferred revenue	200	1,126
Deferred income taxes	20,447	16,455
Deferred compensation	1,484	1,475
Deferred lease intangible, net	4	9
Tenant security deposits	906	1,005
Total liabilities	66,724	67,740
Commitments and contingencies (Note 8)
Shareholders' Equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 10,002,167 and 9,914,054 shares issued and outstanding, respectively	1,000	991
Capital in excess of par value	55,211	52,647
Retained earnings	148,261	145,168
Accumulated other comprehensive income, net	14	14
Total shareholders' equity	204,486	198,820
Total liabilities and shareholders' equity	$ 271,210	$ 266,560

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
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	10,002,167	9,914,054

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Rental revenue	$ 6,222	$ 6,082	$ 12,505	$ 12,171
Mining Royalty and rents	1,809	2,033	3,548	3,789
Revenue - reimbursements	1,329	1,128	2,629	2,898
Total revenues	9,360	9,243	18,682	18,858
Cost of operations:
Depreciation, depletion and amortization	2,202	2,066	4,261	3,995
Operating expenses	1,002	974	2,003	2,505
Environmental remediation expense	0	2,000	0	2,000
Property taxes	1,129	1,128	2,191	2,270
Management company indirect	475	425	944	921
Corporate expenses (Note 4 Related Party)	566	684	1,893	1,692
Total cost of operations	5,374	7,277	11,292	13,383
Total operating profit	3,986	1,966	7,390	5,475
Interest income	0	0	0	1
Interest expense	(371)	(392)	(619)	(807)
Equity in loss of joint ventures	(806)	(186)	(1,577)	(272)
Gain (Loss) on investment land sold	0	(109)	0	(109)
Income before income taxes	2,809	1,279	5,194	4,288
Provision for income taxes	1,096	505	2,038	1,694
Net income	1,713	774	3,156	2,594
Comprehensive income	$ 1,713	$ 774	$ 3,156	$ 2,594
Earnings per common share:
Basic	$ 0.17	$ 0.08	$ 0.32	$ 0.26
Diluted	$ 0.17	$ 0.08	$ 0.32	$ 0.26
Number of shares (in thousands) used in computing:
-basic earnings per common share	9,965	9,864	9,948	9,858
-diluted earnings per common share	10,038	9,907	10,019	9,900

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 3,156	$ 2,594
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	4,398	4,109
Deferred income taxes	3,992	(1,581)
Equity in loss of joint ventures	1,577	272
Loss on sale of equipment and property	17	89
Stock-based compensation	555	475
Net changes in operating assets and liabilities:
Accounts receivable	(79)	(317)
Deferred costs and other assets	738	280
Accounts payable and accrued liabilities	(1,460)	2,681
Income taxes payable and receivable	(3,813)	(764)
Other long-term liabilities	(95)	14
Net cash provided by operating activities	8,986	7,852
Cash flows from investing activities:
Investments in properties	(8,139)	(2,430)
Investments in joint ventures	(236)	(347)
Cash held in escrow	0	1,174
Proceeds from sale of assets	0	2,166
Net cash (used in) provided by investing activities	(8,375)	563
Cash flows from financing activities:
Decrease in bank overdrafts	(83)	(69)
Repayment of long-term debt	(2,173)	(2,090)
Proceeds from borrowing on revolving credit facility	10,783	3,893
Payment on revolving credit facility	(11,093)	(6,821)
Repurchase of Company Stock	(74)	(43)
Exercise of employee stock options	2,029	184
Net cash used in financing activities	(611)	(4,946)
Net increase in cash and cash equivalents	0	3,469
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of the period	$ 0	$ 3,469

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	(1) Description of Business and Basis of Presentation. 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 or residential building construction. The accompanying consolidated financial statements include the accounts of FRP Holdings, Inc. (the “Company” or “FRP”) inclusive of our operating real estate subsidiaries, FRP Development Corp. (“Development”) and Florida Rock Properties, Inc. (”Properties”). Our investment 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 11). These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. The accompanying consolidated financial statements and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the Company's consolidated financial statements and related notes included in the Company’s Form 10-K for the year ended September 30, 2016. On December 19, 2016, the Company changed its fiscal year end from September 30 to December 31. The quarter ended December 31, 2016 was a transition period.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Recently Issued Accounting Standards	(2) Recently Issued Accounting Standards. 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 are recorded as a reduction of income taxes and reflected in operating cash flows upon the adoption of this ASU. Excess tax benefits were recorded in equity and as financing activity prior to adoption of this ASU. 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 adopted this guidance prospectively as of October 1, 2016. As a result of this adoption in the first six months of 2017 we recorded a $14,000 reduction of income tax expense from excess tax benefits on stock option exercises In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”, to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or businesses. To be considered a business, an acquisition would have to include an input and a substantive process that together significantly contribute to the ability to create outputs. The new guidance provides a framework to evaluate when an input and a substantive process are present. To be a business without outputs, there will now need to be an organized workforce. ASU 2017-01 further states that when substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. The amendments in the update are effective for the Company’s financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The Company is currently evaluating the amendments from this Update, but expects it to change the treatment of building acquisitions from being considered a business to being considered an asset. This change will result in acquisition costs being capitalized as part of the asset acquisition, whereas current treatment has them recognized in earnings in the period incurred.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Business Segments	(3) Business Segments. 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 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. Operating results and certain other financial data for the Company’s business segments are as follows (in thousands): Three Months ended Six Months ended June 30, June 30, 2017 2016 2017 2016 Revenues: Asset management $ 7,194 6,927 14,479 14,501 Mining royalty lands 1,833 2,059 3,595 3,837 Land development and construction 333 257 608 520 9,360 9,243 18,682 18,858 Operating profit: Before corporate expenses: Asset management $ 3,234 3,318 6,735 6,741 Mining royalty lands 1,701 1,940 3,326 3,589 Land development and construction (383 ) (2,608 ) (778 ) (3,163 ) Corporate expenses: Allocated to asset management (321 ) (354 ) (1,074 ) (874 ) Allocated to mining royalty (28 ) (52 ) (94 ) (127 ) Allocated to land development and construction (217 ) (278 ) (725 ) (691 ) (566 ) (684 ) (1,893 ) (1,692 ) $ 3,986 1,966 7,390 5,475 Interest expense: Asset management $ 371 392 619 807 Depreciation, depletion and amortization: Asset management $ 2,057 1,985 4,022 3,820 Mining royalty lands 35 15 74 46 Land development and construction 110 66 165 129 $ 2,202 2,066 4,261 3,995 Capital expenditures: Asset management $ 3,532 761 4,788 1,234 Mining royalty lands — 102 — 106 Land development and construction 878 611 3,351 1,090 $ 4,410 1,474 8,139 2,430 June 30, December 31, Identifiable net assets 2017 2016 Asset management $ 179,350 169,736 Mining royalty lands 38,990 39,259 Land development and construction 49,527 57,126 Cash items — — Unallocated corporate assets 3,343 439 $ 271,210 266,560

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	(4) Related Party Transactions. The consolidated statements of income reflect charges and/or allocation from Patriot for these services of $320,000 and $388,000 for the three months ended June 30, 2017 and 2016, and $877,000 and $794,000 for the six months ended June 30, 2017 and 2016, 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.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt	(5) Long-Term Debt. June 30, December 31, 2017 2016 Revolving credit (uncollateralized) $ 6,355 6,665 5.6% to 7.9% mortgage notes due in installments through 2027 31,907 34,080 38,262 40,745 Less portion due within one year 4,673 4,526 $ 33,589 36,219 On January 30, 2015, the Company entered into a 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. As of June 30, 2017, there was $5,733,000 outstanding on the revolver, $2,266,000 outstanding under letters of credit and $12,001,000 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 June 30, 2017, the tangible net worth covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum of $76.6 million combined. The Company was in compliance with all covenants as of June 30, 2017. On July 24, 2015 the Company closed on a five year, $20 million secured revolver with First Tennessee Bank 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 June 30, 2017, there was $622,000 outstanding on the revolver and $19,378,000 available for borrowing. The Company expects to close on a second facility with First Tennessee Bank with a $20 million ten year term loan secured by to-be-determined collateral. 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 the three months ended June 30, 2017 and June 30, 2016 the Company capitalized interest costs of $232,000 and $240,000, respectively. During the six months ended June 30, 2017 and June 30, 2016 the Company capitalized interest costs of $602,000 and $482,000, respectively.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2017
Earnings per common share:
Earnings per Share	(6) Earnings per Share. Three Months ended Six Months ended June 30, June 30, 2017 2016 2017 2016 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,965 9,864 9,948 9,858 Common shares issuable under share based payment plans which are potentially dilutive 73 43 71 42 Common shares used for diluted earnings per common share 10,038 9,907 10,019 9,900 Net income $ 1,713 774 3,156 2,594 Basic earnings per common share: Basic $ 0.17 0.08 0.32 0.26 Diluted $ 0.17 0.08 0.32 0.26 For the three and six months ended June 30, 2017, 13,610 and 22,422 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three and six months ended June 30, 2016, 72,090 shares 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	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	(7) Stock-Based Compensation Plans. 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 35% and 46%, risk-free interest rate of .3% to 4.2% and expected life of .25 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 previously disclosed, Thompson S. Baker II resigned from his position as CEO and from the board of directors on March 13, 2017. In recognition of his outstanding service to the Company, the Board approved the vesting of all of Mr. Baker's outstanding FRP stock options, which expired 90 days following the termination of his employment. The vesting of Mr. Baker’s outstanding FRP options that were issued prior to the spin-off required Patriot to record modification stock compensation expense of $150,000. FRP reimbursed Patriot for this cost under the transition services agreement. The vesting of Mr. Baker’s outstanding FRP options that were issued subsequent to the spin-off required modified stock compensation expense of $41,000. The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands): Three Months ended Six Months ended June 30, June 30, 2017 2016 2017 2016 Stock option grants $ 33 32 110 63 Annual director stock award — — 445 412 $ 33 32 555 475 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 January 1, 2017 236,385 $ 25.35 6.1 $ 2,440 Granted 4,555 $ 37.55 $ 75 Modification — $ 30.21 $ (137 ) Exercised (79,630 ) $ 25.48 $ (756 ) Outstanding at June 30, 2017 161,310 $ 25.63 5.7 $ 1,622 Exercisable at June 30, 2017 119,020 $ 23.66 4.9 $ 1,038 Vested during six months ended June 30, 2017 26,839 $ 223 The aggregate intrinsic value of exercisable in-the-money options was $2,677,000 and the aggregate intrinsic value of outstanding in-the-money options was $3,310,000 based on the market closing price of $46.15 on June 30, 2017 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of June 30, 2017 was $376,000, which is expected to be recognized over a weighted-average period of 3.7 years. Gains of $1,347,000 were realized by option holders during the six months ended June 30, 2017. Patriot realized the tax benefits of $1,238,000 of these gains because these options were exercised by Patriot employees for options granted prior to the spin-off.

Contingent liabilities

Contingent liabilities	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Contingent liabilities	(8) Contingent Liabilities. Preliminary testing on the site of the Company's four phase master development known as RiverFront on the Anacostia in Washington, D.C. indicated the presence of contaminated 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.

Concentrations

Concentrations	6 Months Ended
	Jun. 30, 2017
Risks and Uncertainties [Abstract]
Concentrations	(9) Concentrations

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	(10) Fair Value Measurements. As of June 30, 2017 the Company had no assets or liabilities measured at fair value on a recurring or non-recurring basis. At June 30, 2017 and 2016, 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 June 30, 2017, the carrying amount and fair value of such other long-term debt was $38,262,000 and $41,165,000, respectively. At December 31, 2016, the carrying amount and fair value of such other long-term debt was $40,745,000 and $43,747,000, respectively.

Investment in Joint Ventures

Investment in Joint Ventures	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Ventures	(11) Investments in Joint Ventures. RiverFront. 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 June 30, 2017 RiverFront Holdings I, LLC 77.14 % $8,583 $91,641 $ (2,019 ) $ (1,558 ) Brooksville Quarry, LLC 50.00 % 7,500 14,343 (38 ) (19 ) BC FRP Realty, LLC 50.00 % 5,474 11,113 — — Total $ 21,557 $ 117,097 $ (2,057 ) $ (1,577 ) As of December 31, 2016 RiverFront Holdings I, LLC 77.14 % $10,151 $90,420 $ (1,446 ) $ (1,115 ) Brooksville Quarry, LLC 50.00 % 7,522 14,341 (8 ) (4 ) BC FRP Realty, LLC 50.00 % 5,228 10,784 — — Total $ 22,901 $ 115,545 $ (1,454 ) $ (1,119 ) As of June 30, 2017 Riverfront Brooksville BC FRP Holdings I, LLC Quarry, LLC Realty, LLC Total Investments in real estate, net $ 88,993 $ 14,309 $ 11,069 $ 114,371 Cash 2,295 26 44 2,365 Cash held in escrow 171 — — 171 Accounts receivable 40 6 — 46 Prepaid expenses 142 2 — 144 Total Assets $ 91,641 $ 14,343 $ 11,113 $ 117,097 Long-term Debt $ 78,587 $ — $ — $ 78,587 Amortizable debt costs (852 ) — — (852 ) Other liabilities 905 45 — 950 Capital – FRP 8,583 7,500 5,474 21,557 Capital - Third Parties 4,418 6,798 5,639 16,855 Total Liabilities and Capital $ 91,641 $ 14,343 $ 11,113 $ 117,097 As of December 31, 2016 Riverfront Brooksville BC FRP Holdings I, LLC Quarry, LLC Realty, LLC Total Cash $ 1,023 $ 18 $ 21 $ 1,062 Cash held in escrow 88 — — 88 Investments in real estate, net 89,309 14,323 10,763 114,395 Total Assets $ 90,420 $ 14,341 $ 10,784 $ 115,545 Other Liabilities $ 6,348 $ 1 $ 47 $ 6,396 Long-term Debt 69,042 — — 69,042 Capital – FRP 10,151 7,522 5,228 22,901 Capital - Third Parties 4,879 6,818 5,509 17,206 Total Liabilities and Capital $ 90,420 $ 14,341 $ 10,784 $ 115,545 Income statements for the RiverFront Holdings I, LLC (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues: Rental Revenue $ 1,742 — $ 3,053 — Revenue – Reimbursements 18 — 33 — Total Revenues 1,760 — 3,086 — Cost of operations: Depreciation and amortization 1,095 75 1,958 97 Operating expenses 621 148 1,096 216 Property taxes 240 — 459 — Total cost of operations 1,956 223 3,513 313 Total operating profit (196 ) (223 ) (427 ) (313 ) Interest expense (836 ) — (1,592 ) — Net loss of the Partnership $ (1,032 ) (223 ) $ (2,019 ) (313 ) The amount of consolidated accumulated deficit for these joint ventures was $(2,626,000) and $(1,667,000) as of June 30, 2017 and December 31, 2016 respectively.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Event	(12) Subsequent Event. The attainment of stabilization also results in a change of control for accounting purposes as the veto rights of the minority shareholder lapsed and the Company became the primary beneficiary. As such, beginning July 1, 2017, the Company will consolidate the assets (at current fair value), liabilities and operating results of the joint venture This consolidation will have a material impact on the Company’s balance sheet as the Company is required to recognize the fair value of the assets and record the related debt of the joint venture. The company is in process of obtaining an opinion of fair value of the assets of the joint venture and finalizing the accounting entries to effect the consolidation, including an anticipated increase in net assets of $139 million, increase in liabilities of approximately $93 million and increase in net equity of approximately $46 million including an estimated gain upon the consolidation which may range from $20 million to $25 million depending upon the ultimate fair value determination.

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Business segments (in thousands)	Three Months ended Six Months ended June 30, June 30, 2017 2016 2017 2016 Revenues: Asset management $ 7,194 6,927 14,479 14,501 Mining royalty lands 1,833 2,059 3,595 3,837 Land development and construction 333 257 608 520 9,360 9,243 18,682 18,858 Operating profit: Before corporate expenses: Asset management $ 3,234 3,318 6,735 6,741 Mining royalty lands 1,701 1,940 3,326 3,589 Land development and construction (383 ) (2,608 ) (778 ) (3,163 ) Corporate expenses: Allocated to asset management (321 ) (354 ) (1,074 ) (874 ) Allocated to mining royalty (28 ) (52 ) (94 ) (127 ) Allocated to land development and construction (217 ) (278 ) (725 ) (691 ) (566 ) (684 ) (1,893 ) (1,692 ) $ 3,986 1,966 7,390 5,475 Interest expense: Asset management $ 371 392 619 807 Depreciation, depletion and amortization: Asset management $ 2,057 1,985 4,022 3,820 Mining royalty lands 35 15 74 46 Land development and construction 110 66 165 129 $ 2,202 2,066 4,261 3,995 Capital expenditures: Asset management $ 3,532 761 4,788 1,234 Mining royalty lands — 102 — 106 Land development and construction 878 611 3,351 1,090 $ 4,410 1,474 8,139 2,430 June 30, December 31, Identifiable net assets 2017 2016 Asset management $ 179,350 169,736 Mining royalty lands 38,990 39,259 Land development and construction 49,527 57,126 Cash items — — Unallocated corporate assets 3,343 439 $ 271,210 266,560

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Long-term debt (in thousands)	June 30, December 31, 2017 2016 Revolving credit (uncollateralized) $ 6,355 6,665 5.6% to 7.9% mortgage notes due in installments through 2027 31,907 34,080 38,262 40,745 Less portion due within one year 4,673 4,526 $ 33,589 36,219

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings per common share:
Earnings per share (in thousands, except per share amounts)	Three Months ended Six Months ended June 30, June 30, 2017 2016 2017 2016 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,965 9,864 9,948 9,858 Common shares issuable under share based payment plans which are potentially dilutive 73 43 71 42 Common shares used for diluted earnings per common share 10,038 9,907 10,019 9,900 Net income $ 1,713 774 3,156 2,594 Basic earnings per common share: Basic $ 0.17 0.08 0.32 0.26 Diluted $ 0.17 0.08 0.32 0.26

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation Expense (in thousands	Three Months ended Six Months ended June 30, June 30, 2017 2016 2017 2016 Stock option grants $ 33 32 110 63 Annual director stock award — — 445 412 $ 33 32 555 475
Summary of Stock Activity (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 January 1, 2017 236,385 $ 25.35 6.1 $ 2,440 Granted 4,555 $ 37.55 $ 75 Modification — $ 30.21 $ (137 ) Exercised (79,630 ) $ 25.48 $ (756 ) Outstanding at June 30, 2017 161,310 $ 25.63 5.7 $ 1,622 Exercisable at June 30, 2017 119,020 $ 23.66 4.9 $ 1,038 Vested during six months ended June 30, 2017 26,839 $ 223

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 RiverFront Holdings I, LLC 77.14 % $8,583 $91,641 $ (2,019 ) $ (1,558 ) Brooksville Quarry, LLC 50.00 % 7,500 14,343 (38 ) (19 ) BC FRP Realty, LLC 50.00 % 5,474 11,113 — — Total $ 21,557 $ 117,097 $ (2,057 ) $ (1,577 ) As of December 31, 2016 RiverFront Holdings I, LLC 77.14 % $10,151 $90,420 $ (1,446 ) $ (1,115 ) Brooksville Quarry, LLC 50.00 % 7,522 14,341 (8 ) (4 ) BC FRP Realty, LLC 50.00 % 5,228 10,784 — — Total $ 22,901 $ 115,545 $ (1,454 ) $ (1,119 )
Financial Information for the Investments in Joint Ventures (in thousands)	As of June 30, 2017 Riverfront Brooksville BC FRP Holdings I, LLC Quarry, LLC Realty, LLC Total Investments in real estate, net $ 88,993 $ 14,309 $ 11,069 $ 114,371 Cash 2,295 26 44 2,365 Cash held in escrow 171 — — 171 Accounts receivable 40 6 — 46 Prepaid expenses 142 2 — 144 Total Assets $ 91,641 $ 14,343 $ 11,113 $ 117,097 Long-term Debt $ 78,587 $ — $ — $ 78,587 Amortizable debt costs (852 ) — — (852 ) Other liabilities 905 45 — 950 Capital – FRP 8,583 7,500 5,474 21,557 Capital - Third Parties 4,418 6,798 5,639 16,855 Total Liabilities and Capital $ 91,641 $ 14,343 $ 11,113 $ 117,097 As of December 31, 2016 Riverfront Brooksville BC FRP Holdings I, LLC Quarry, LLC Realty, LLC Total Cash $ 1,023 $ 18 $ 21 $ 1,062 Cash held in escrow 88 — — 88 Investments in real estate, net 89,309 14,323 10,763 114,395 Total Assets $ 90,420 $ 14,341 $ 10,784 $ 115,545 Other Liabilities $ 6,348 $ 1 $ 47 $ 6,396 Long-term Debt 69,042 — — 69,042 Capital – FRP 10,151 7,522 5,228 22,901 Capital - Third Parties 4,879 6,818 5,509 17,206 Total Liabilities and Capital $ 90,420 $ 14,341 $ 10,784 $ 115,545
Income statements for Riverfront Holdings I, LLC (in thousands)	Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues: Rental Revenue $ 1,742 — $ 3,053 — Revenue – Reimbursements 18 — 33 — Total Revenues 1,760 — 3,086 — Cost of operations: Depreciation and amortization 1,095 75 1,958 97 Operating expenses 621 148 1,096 216 Property taxes 240 — 459 — Total cost of operations 1,956 223 3,513 313 Total operating profit (196 ) (223 ) (427 ) (313 ) Interest expense (836 ) — (1,592 ) — Net loss of the Partnership $ (1,032 ) (223 ) $ (2,019 ) (313 )

Business Segments - Business se

Business Segments - Business segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Revenues	$ 9,360	$ 9,243	$ 18,682	$ 18,858
Operating profit	3,986	1,966	7,390	5,475
Interest expense	371	392	619	807
Depreciation, depletion and amortization	2,202	2,066	4,261	3,995
Cash items	0	3,469	0	3,469	$ 0	$ 0
Total identifiable net assets	271,210		271,210		266,560
Asset Management
Segment Reporting Information [Line Items]
Revenues	7,194	6,927	14,479	14,501
Operating profit before corporate expenses	3,234	3,318	6,735	6,741
Corporate expenses	(321)	(354)	(1,074)	(874)
Interest expense	371	392	619	807
Capital expenditures	3,532	761	4,788	1,234
Depreciation, depletion and amortization	2,057	1,985	4,022	3,820
Total identifiable net assets	179,350		179,350		169,736
Mining royalty lands
Segment Reporting Information [Line Items]
Revenues	1,833	2,059	3,595	3,837
Operating profit before corporate expenses	1,701	1,940	3,326	3,589
Corporate expenses	(28)	(52)	(94)	(127)
Capital expenditures	0	102	0	106
Depreciation, depletion and amortization	35	15	74	46
Total identifiable net assets	38,990		38,990		39,259
Land Development and Construction
Segment Reporting Information [Line Items]
Revenues	333	257	608	520
Operating profit before corporate expenses	(383)	(2,608)	(778)	(3,163)
Corporate expenses	(217)	(278)	(725)	(691)
Capital expenditures	878	611	3,351	1,090
Depreciation, depletion and amortization	110	66	165	129
Total identifiable net assets	49,527		49,527		57,126
Corporate
Segment Reporting Information [Line Items]
Total identifiable net assets	3,343		3,343		$ 439
Total Segments
Segment Reporting Information [Line Items]
Revenues	9,360	9,243	18,682	18,858
Operating profit	3,986	1,966	7,390	5,475
Corporate expenses	(566)	(684)	(1,893)	(1,692)
Capital expenditures	4,410	1,474	8,139	2,430
Depreciation, depletion and amortization	$ 2,202	$ 2,066	$ 4,261	$ 3,995

Long-term debt (Details)

Long-term debt (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Revolving credit agreements	$ 6,355	$ 6,665
5.6% to 7.9% mortgage notes due in installments through 2027	31,907	34,080
Total debt	38,262	40,745
Less portion due within one year	4,673	4,526
Long-term debt	$ 33,589	$ 36,219

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share, Basic and Diluted [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	9,965	9,864	9,948	9,858
Common shares issuable under share based payment plans which are potentially dilutive	73	43	71	42
Common shares used for diluted earnings per common share	10,038	9,907	10,019	9,900
Net income	$ 1,713	$ 774	$ 3,156	$ 2,594
Earnings per common share:
Basic	$ 0.17	$ 0.08	$ 0.32	$ 0.26
Diluted	$ 0.17	$ 0.08	$ 0.32	$ 0.26

Summary of Stock Activity (Deta

Summary of Stock Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)Years$ / sharesshares	Dec. 31, 2016USD ($)Years$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding | shares	161,310	236,385
Options granted | shares	4,555
Options exercised | shares	(79,630)
Options outstanding weighted average exercise price | $ / shares	$ 25.63	$ 25.35
Options outstanding weighted average exercise price - Granted | $ / shares	37.55
Options outstanding weighted average exercise price - modification | $ / shares	30.21
Options outstanding weighted average exercise price - Exercised | $ / shares	$ 25.48
Options outstanding weighted average remaining term | Years	5.7	6.1
Options outstanding weighted average grant date fair value	$ 1,622	$ 2,440
Options granted weighted average grant date fair value	75
Options modified weighted average grant date fair value	(137)
Options exercised weighted average grant date fair value	$ (756)
Options exercisable at June 30, 2017 | shares	119,020
Options exerciseable weighted average exercise price | $ / shares	$ 23.66
Options exerciseable weighted average remaining term | Years	4.9
Options exerciseable weighted average grant date fair value	$ 1,038
Options vested during six months ended June 30, 2017 | shares	26,839
Options vested weighted average grant date fair value	$ 223

Stock Compensation Expense (Det

Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option grants	$ 33	$ 32	$ 110	$ 63
Annual director stock award	0	0	445	412
Stock based compensation expense	$ 33	$ 32	$ 555	$ 475

Investments in Joint Ventures (

Investments in Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2013	Oct. 04, 2006
Net Loss of the Partnership		$ (1,454)		$ (2,057)
Company's share of Net Loss of the Partnership	$ (806)	$ (1,119)	$ (186)	(1,577)	$ (272)
Total revenues	9,360		9,243	18,682	18,858
Operating expenses	5,374		7,277	11,292	13,383
Property taxes	1,129		1,128	2,191	2,270
Total cost of operations	1,002		974	2,003	2,505
Total operating profit	3,986		1,966	7,390	5,475
Interest expense	$ (371)		(392)	$ (619)	(807)
Riverfront Holdings I, LLC
Ownership percent	77.14%	77.14%		77.14%		77.14%
Total Investment	$ 8,583	$ 10,151		$ 8,583
Total Assets of the Partnership	91,641	90,420		91,641
Net Loss of the Partnership		(1,446)		(2,019)
Company's share of Net Loss of the Partnership		(1,115)		(1,558)
Cash	2,295	1,023		2,295
Cash held in escrow	171	88		171
Accounts receivable	40			40
Prepaid expenses	142			142
Investments in real estate, net	88,993	89,309		88,993
Amortizable debt costs	(852)			(852)
Other liabilities	905	6,348		905
Long-term debt	78,587	69,042		78,587
Capital - FRP	8,583	10,151		8,583
Capital - Third parties	4,418	4,879		4,418
Total liabilities and capital	91,641	$ 90,420		91,641
Rental revenue	1,742		0	3,053	0
Revenue - Reimbursements	18		0	33	0
Total revenues	1,760		0	3,086	0
Depreciation and amortization	1,095		75	1,958	97
Operating expenses	621		148	1,096	216
Property taxes	240		0	459	0
Total cost of operations	1,956		223	3,513	313
Total operating profit	(196)		(223)	(427)	(313)
Interest expense	(836)		0	(1,592)	0
Net loss of the Partnership	$ (1,032)		$ (223)	$ (2,019)	$ (313)
Brooksville Quarry, LLC
Ownership percent	50.00%	50.00%		50.00%			50.00%
Total Investment	$ 7,500	$ 7,522		$ 7,500
Total Assets of the Partnership	14,343	14,341		14,343
Net Loss of the Partnership		(8)		(38)
Company's share of Net Loss of the Partnership		(4)		(19)
Cash	26	18		26
Cash held in escrow	0	0		0
Accounts receivable	6			6
Prepaid expenses	2			2
Investments in real estate, net	14,309	14,323		14,309
Amortizable debt costs	0			0
Other liabilities	45	1		45
Long-term debt	0	0		0
Capital - FRP	7,500	7,522		7,500
Capital - Third parties	6,798	6,818		6,798
Total liabilities and capital	$ 14,343	$ 14,341		$ 14,343
BC FRP Realty, LLC
Ownership percent	50.00%	50.00%		50.00%
Total Investment	$ 5,474	$ 5,228		$ 5,474
Total Assets of the Partnership	11,113	10,784		11,113
Net Loss of the Partnership		0		0
Company's share of Net Loss of the Partnership		0		0
Cash	44	21		44
Cash held in escrow	0	0		0
Accounts receivable	0			0
Prepaid expenses	0			0
Investments in real estate, net	11,069	10,763		11,069
Amortizable debt costs	0			0
Other liabilities	0	47		0
Long-term debt	0	0		0
Capital - FRP	5,474	5,228		5,474
Capital - Third parties	5,639	5,509		5,639
Total liabilities and capital	11,113	10,784		11,113
Joint Ventures
Total Investment	21,557	22,901		21,557
Total Assets of the Partnership	117,097	115,545		117,097
Cash	2,365	1,062		2,365
Cash held in escrow	171	88		171
Accounts receivable	46			46
Prepaid expenses	144			144
Investments in real estate, net	114,371	114,395		114,371
Amortizable debt costs	(852)			(852)
Other liabilities	950	6,396		950
Long-term debt	78,587	69,042		78,587
Capital - FRP	21,557	22,901		21,557
Capital - Third parties	16,855	17,206		16,855
Total liabilities and capital	$ 117,097	$ 115,545		$ 117,097

Recently Issued Accounting St29

Recently Issued Accounting Standards (Details Narrative) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Recently Issued Accounting Standards Details Narrative
Reduction of income tax expense from windfall gains on stock option exercises	$ 14

Business Segments (Details Narr

Business Segments (Details Narrative)	6 Months Ended
	Jun. 30, 2017aSegments
Reportable business segments | Segments	3
Mining royalty lands
Mining royalty lands acres	15,000
Brooksville Quarry, LLC
Mining royalty lands acres	4,280

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Related Party Transactions [Abstract]
Charges/allocation related to Transition Services Agreement with Patriot	$ 320	$ 388	$ 877	$ 794

Long-Term debt (Details Narrati

Long-Term debt (Details Narrative) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2017USD ($)	Dec. 31, 2016	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jul. 24, 2015USD ($)	Jan. 30, 2015USD ($)
Mortgage interest description		5.6% to 7.9% mortgage notes due in installments through 2027		5.6% to 7.9% mortgage notes due in installments through 2027
Capitalized interest	$ 232		$ 240	$ 602	$ 482
First Tennessee bank Term Loan
Credit Agreement term years	10			10
Term loan facility	$ 20,000			$ 20,000
Wells Fargo Bank, N.A.
Credit Agreement term years							5
Revolving Credit Agreement							$ 20,000
Sublimit for standby letters of credit							$ 10,000
Letters of credit issued	2,266			2,266
Borrowed under the revolver	5,733			5,733
Available for borrowing	12,001			12,001
Tangible net worth covenant	110,000			110,000
Available to pay dividends or repurchase stock	76,600			$ 76,600
Revolver interest over LIBOR				1.4%
Commitment fee				0.15%
First Tennessee Bank
Credit Agreement term years						5
Revolving Credit Agreement						$ 20,000
Revolver conversion to term loan				24 month window
Borrowed under the revolver	622			$ 622
Available for borrowing	$ 19,378			$ 19,378
Revolver interest over LIBOR				1.9%
Commitment fee				0.10%

Earnings per Share (Details Nar

Earnings per Share (Details Narrative) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings per common share:
Anti-dilutive shares	13,610	72,090	22,422	72,090

Stock-Based Compensation Plan34

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)Years$ / sharesshares
Number of stock option plans	2
Options expire from date of grant	10 years
Exercisable installments	Immediate or 20% or 25%
Shares available for future issuance | shares	569,917
Aggregate intrinsic value of exercisable in-the-money options	$ 2,677
Aggregate intrinsic value of outstanding in-the-money options	$ 3,310
Market close price | $ / shares	$ 46.15
Total unrecognized compensation cost of options granted but not yet vested	$ 376
Weighted average period for compensation to be recognized | Years	3.7
Gains realized by option holders	$ 1,347
Expected minimum volatility	35.00%
Expected maximum volatility	46.00%
Risk-free interest rate minimum	0.30%
Risk-free interest rate maximum	4.20%
Expected life minimum | Years	0.25
Expecited life maximum | Years	7
Dividend yield	0.00%
Modification stock compensation expense	$ 41
Patriot Transportation
Realized tax benefit from options exercised	1,238
Modification stock compensation expense	$ 150

Contingent Liabilities (Details

Contingent Liabilities (Details Narrative) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2017	Jun. 30, 2016
Contingent Liabilities Details Narrative
Cap on environment financial responsibility	$ 1,871			$ 1,871
Environmental remediation expense	0	$ 2,000		0	$ 2,000
Total cost of remediation	$ 1,900			$ 1,900
Environmental remediation recovery			$ 3,000

Concentrations (Details Narrati

Concentrations (Details Narrative) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)integer
Tenants leasing mining locations | integer	4
Asset Management Top Customer
Customer revenue concentration	11.00%
Mining Top Customer
Customer revenue concentration	15.70%
Accounts receivable concentration | $	$ 200

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
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	38,262	$ 40,745
Fair value of mortgage notes payable	$ 41,165	$ 43,747

Investments in Joint Ventures38

Investments in Joint Ventures (Details Narrative) $ in Thousands	1 Months Ended	3 Months Ended					4 Months Ended	6 Months Ended
	May 31, 2016USD ($)	Jun. 30, 2017USD ($)ft²	Dec. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)a	Dec. 31, 2006USD ($)	Sep. 30, 2013USD ($)	Jun. 30, 2017USD ($)ft²	Jun. 30, 2016USD ($)	Aug. 08, 2014USD ($)	Jun. 30, 2013	Mar. 30, 2012a	Oct. 04, 2006a
Company's share of the loss of the joint venture		$ 806	$ 1,119	$ 186				$ 1,577	$ 272
Joint Venture consolidated retained earnings		$ (2,626)	$ (1,667)					$ (2,626)
MRP
Capital contribution							$ 5,553
Vulcan
Acres conributed | a													553
Vulcan leasehold interest | a													3,443
FRP additional contribution for land						$ 3,018
Additional land acquired | a													288
St Johns Properties JV St Johns
Value of land contributed					$ 3,240
Acres conributed | a					10
Riverfront Holdings I, LLC
Square feet		300,000						300,000				300,000
Retail square feet | a												18,000
Area of land to develop | a												2
Land acreage | a												5.82
Value of land contributed							13,500
Cash contributed							4,866
Joint venture percentage stake		77.14%	77.14%					77.14%			77.14%
EB5 Secondary financing										$ 17,000
Nonrecourse construction loan										$ 65,000
Book value of land contribution							$ 6,165
Company's share of the loss of the joint venture			$ 1,115					$ 1,558
Brooksville Quarry, LLC
Land acreage | a													4,300
Joint venture percentage stake		50.00%	50.00%					50.00%					50.00%
Acres conributed | a													3,443
Book value of land contribution						2,548
FRP additional contribution for land						$ 3,018
Additional land acquired | a													288
Company's share of the loss of the joint venture			$ 4					$ 19
BC FRP Realty, LLC
Square feet | a					329,000
Value of land contributed					$ 7,500
Joint venture percentage stake		50.00%	50.00%					50.00%
Distribution received	$ 2,130
Acres conributed | a					25
Company's share of the loss of the joint venture			$ 0					$ 0

Subsequent Event (Details Narra

Subsequent Event (Details Narrative) $ in Thousands	1 Months Ended
	Jul. 31, 2017USD ($)	Jun. 30, 2017ft²	Mar. 30, 2012a
Scenario, Forecast [Member]
Anticipated increase in net assets upon consolidation	$ 139,000
Anticipated increase in liabilities upon consolidation	93,000
Anticipated increase in net equity	$ 46,000
Estimate gain on consolidation	$20 million to $25 million
Subsequent Event [Member]
Percent of apartments leased and occupied by third party tenants	90.00%
Riverfront Holdings I, LLC
Square feet		300,000	300,000