FRP (FRPH) 10-Q 9 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 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	Sep. 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	10,007,167
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,017

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets:
Land	$ 127,744	$ 99,417
Buildings and improvements	332,694	195,443
Projects under construction	5,959	11,779
Total investments in properties	466,397	306,639
Less accumulated depreciation and depletion	91,788	82,392
Net investments in properties	374,609	224,247
Real estate held for investment, at cost	7,176	7,176
Investments in joint ventures	13,345	22,901
Net real estate investments	395,130	254,324
Cash and cash equivalents	2,630	0
Cash held in escrow	186	0
Accounts receivable, net	1,033	710
Federal and state income taxes receivable	1,852	0
Unrealized rents	4,299	4,562
Deferred costs	10,781	6,786
Other assets	181	178
Total assets	416,092	266,560
Liabilities:
Lines of credit payable	6,440	6,665
Secured notes payable, current portion	4,674	4,526
Secured notes payable, less current portion	103,999	29,554
Accounts payable and accrued liabilities	4,825	3,747
Environmental remediation liability	2,037	2,037
Bank overdraft	0	254
Federal and state income taxes payable	0	887
Deferred revenue	1,397	1,126
Deferred income taxes	36,075	16,455
Deferred compensation	1,485	1,475
Deferred lease intangible, net	2	9
Tenant security deposits	940	1,005
Total liabilities	161,874	67,740
Commitments and contingencies (Note 8)
Equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 10,007,167 and 9,914,054 shares issued and outstanding, respectively	1,001	991
Capital in excess of par value	55,341	52,647
Retained earnings	173,652	145,168
Accumulated other comprehensive income, net	14	14
Total shareholders' equity	230,008	198,820
Noncontrolling interest MRP	24,210	0
Total Equity	254,218	198,820
Total liabilities and shareholders' equity	$ 416,092	$ 266,560

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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	10,007,167	9,914,054

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Rental revenue	$ 8,738	$ 6,259	$ 21,243	$ 18,430
Mining Royalty and rents	1,763	2,016	5,311	5,805
Revenue - reimbursements	1,553	1,501	4,182	4,399
Total revenues	12,054	9,776	30,736	28,634
Cost of operations:
Depreciation, depletion and amortization	4,769	2,160	9,030	6,155
Operating expenses	1,879	1,146	3,882	3,651
Environmental remediation expense	0	0	0	2,000
Property taxes	1,401	1,087	3,592	3,357
Management company indirect	560	419	1,504	1,340
Corporate expenses (Note 4 Related Party)	617	656	2,510	2,348
Total cost of operations	9,226	5,468	20,518	18,851
Total operating profit	2,828	4,308	10,218	9,783
Interest income	0	0	0	1
Interest expense	(1,251)	(273)	(1,870)	(1,080)
Equity in loss of joint ventures	(12)	(652)	(1,589)	(924)
Gain on remeasurement of investment in real estate partnership	60,196	0	60,196	0
Loss on investment land sold	0	(148)	0	(257)
Income before income taxes	61,761	3,235	66,955	7,523
Provision for income taxes	16,577	1,278	18,615	2,972
Net income	45,184	1,957	48,340	4,551
Income attributable to noncontrolling interest	19,793	0	19,793	0
Net income attributable to the Company	$ 25,391	$ 1,957	$ 28,547	$ 4,551
Earnings per common share:
Basic	$ 2.54	$ .20	$ 2.86	$ .46
Diluted	$ 2.52	$ .20	$ 2.84	$ .46
Number of shares (in thousands) used in computing:
-basic earnings per common share	10,004	9,865	9,967	9,860
-diluted earnings per common share	10,066	9,908	10,035	9,902

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Comprehensive income	$ 45,184	$ 1,957	$ 48,340	$ 4,551
Less: comprehensive income attributable to noncontrolling interests	19,793	0	19,793	0
Comprehensive income attributable to the Company	$ 25,391	$ 1,957	$ 28,547	$ 4,551

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 48,340	$ 4,551
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	9,228	6,329
Deferred income taxes	19,620	(1,551)
Equity in loss of joint ventures	1,589	924
Gain on remeasurement of investment in real estate partnership	(60,196)	0
Loss on sale of equipment and property	12	238
Stock-based compensation	588	506
Net changes in operating assets and liabilities:
Accounts receivable	(283)	(418)
Deferred costs and other assets	(1,221)	(1,066)
Accounts payable and accrued liabilities	444	5,141
Income taxes payable and receivable	(2,739)	(1,026)
Other long-term liabilities	(61)	34
Net cash provided by operating activities	15,321	13,662
Cash flows from investing activities:
Investments in properties	(12,595)	(17,015)
Investments in joint ventures	(621)	(715)
Proceeds from sale of assets	16	2,147
Cash at consolidation of real estate partnership	2,295	0
Cash held in escrow	(15)	1,174
Net cash used in investing activities	(10,920)	(14,409)
Cash flows from financing activities:
Decrease in bank overdrafts	(254)	(63)
Proceeds from long-term debt	43	0
Repayment of long-term debt	(3,367)	(3,159)
Proceeds from borrowing on revolving credit facility	12,845	18,042
Payment on revolving credit facility	(13,070)	(14,163)
Debt issue costs	(21)	(139)
Repurchase of Company Stock	(74)	(43)
Exercise of employee stock options	2,127	272
Net cash (used in) provided by financing activities	(1,771)	747
Net increase in cash and cash equivalents	2,630	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of the period	$ 2,630	$ 0

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and 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/residential 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 and BC FRP Realty joint venture are accounted for under the equity method of accounting (See Note 11). Effective July 1, 2017 the Company consolidated the assets (at fair value), liabilities and operating results of our Riverfront Investment Partners I, LLC partnership (“Dock 79”) which was previously accounted for under the equity method. The ownership of Dock 79 attributable to our partner MRP Realty is reflected on our consolidated balance sheet as a noncontrolling interest. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity but separately from shareholders' equity. On the Consolidated Statements of Income, all of the revenues and expenses from Dock 79 are reported in net income, including both the amounts attributable to the Company and the noncontrolling interest. The amounts of consolidated net income attributable to the noncontrolling interest is clearly identified on the accompanying Consolidated Statements of Income. 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 nine months ended September 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	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Recently Issued Accounting Standards	(2) Recently Issued Accounting Standards. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which replaces existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. While lease contracts with customers, which constitute a vast majority of our revenues, are a specific scope exception, certain of our revenue streams may be impacted by the new guidance. The new standard is effective beginning with the first quarter of 2018. The Company currently does not expect the adoption of this guidance to result in 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 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. The Company adopted this guidance prospectively as of October 1, 2016. As a result of this adoption in the nine 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 Company adopted this guidance prospectively as of July 1, 2017. The Company expects this standard to result in building acquisitions being considered an asset rather than a business. This change will result in acquisition costs being capitalized as part of the asset acquisition, whereas prior treatment has them recognized in earnings in the period incurred.

Business Segments

Business Segments	9 Months Ended
	Sep. 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 buildings for us to own and operate or (ii) a sale to, or joint venture with, third parties. In July 2017, Phase I (Dock 79) of the development known as RiverFront on the Anacostia in Washington, D.C., a 300,000 square foot residential apartment building developed by a joint venture between the Company and MRP SE Waterfront Residential, LLC (“MRP”), reached stabilization, meaning 90% of the individual apartments have been leased and are occupied by third party tenants. Upon reaching stabilization, the Company has, for a period of one year, the exclusive right to (i) cause the joint venture to sell the property or (ii) cause the Company’s and MRP’s percentage interests in the joint venture to be adjusted so as to take into account the value of the development at the time of stabilization. The attainment of stabilization also resulted 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 consolidated the assets (at current fair value), liabilities and operating results of the joint venture as a new segment called RiverFront on the Anacostia. Operating results and certain other financial data for the Company’s business segments are as follows (in thousands): Three Months ended Nine Months ended September 30, September 30, 2017 2016 2017 2016 Revenues: Asset management $ 7,578 7,323 22,057 21,824 Mining royalty lands 1,786 2,037 5,381 5,874 Land development and construction 323 416 931 936 RiverFront on the Anacostia 2,367 — 2,367 — 12,054 9,776 30,736 28,634 Operating profit: Before corporate expenses: Asset management $ 3,336 3,245 10,071 9,986 Mining royalty lands 1,667 1,915 4,993 5,504 Land development and construction (390 ) (196 ) (1,168 ) (3,359 ) RiverFront on the Anacostia (1,168 ) — (1,168 ) — Corporate expenses: Allocated to asset management (350 ) (339 ) (1,424 ) (1,213 ) Allocated to mining royalty lands (30 ) (49 ) (124 ) (176 ) Allocated to land development and construction (210 ) (268 ) (935 ) (959 ) Allocated to RiverFront on the Anacostia (27 ) — (27 ) — (617 ) (656 ) (2,510 ) (2,348 ) $ 2,828 4,308 10,218 9,783 Interest expense: Asset management $ 374 273 993 1,080 RiverFront on the Anacostia 877 — 877 — $ 1,251 273 1,870 1,080 Depreciation, depletion and amortization: Asset management $ 2,090 2,071 6,112 5,891 Mining royalty lands 17 24 91 70 Land development and construction 98 65 263 194 RiverFront on the Anacostia 2,564 — 2,564 — $ 4,769 2,160 9,030 6,155 Capital expenditures: Asset management $ 1,273 10,276 6,061 11,510 Mining royalty lands — 99 — 205 Land development and construction 2,852 4,210 6,203 5,300 RiverFront on the Anacostia 331 — 331 — $ 4,456 14,585 12,595 17,015 September 30, December 31, Identifiable net assets 2017 2016 Asset management $ 180,827 169,736 Mining royalty lands 38,744 39,259 Land development and construction 44,162 57,126 RiverFront on the Anacostia 146,718 — Cash items 2,630 — Unallocated corporate assets 3,011 439 $ 416,092 266,560

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 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 $352,000 and $362,000 for the three months ended September 30, 2017 and 2016, and $1,229,000 and $1,156,000 for the nine months ended September 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	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt	(5) Long-Term Debt. September 30, December 31, 2017 2016 Revolving credit (uncollateralized) $ 6,440 6,665 5.6% to 7.9% mortgage notes due in installments through 2027 30,792 34,080 RiverFront construction loan 60,881 — RiverFront EB5 secondary financing 17,000 — 115,113 40,745 Less portion due within one year 4,674 4,526 $ 110,439 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 September 30, 2017, there was $5,687,000 outstanding on the revolver, $2,266,000 outstanding under letters of credit and $12,047,000 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 which excludes FRP RiverFront. 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, 2017, the tangible net worth covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum of $77.5 million combined. The Company was in compliance with all covenants as of September 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 September 30, 2017, there was $753,000 outstanding on the revolver and $19,247,000 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. Effective July 1, 2017 the Company consolidated the assets (at current fair value), liabilities and operating results of our Riverfront Investment Partners I, LLC partnership (“Dock 79”) which was previously accounted for under the equity method. As such the full amount of our construction loan and secondary financing were recorded in the consolidated financial statements and described below. Both these financing sources are non-recourse to FRP. Effective August 7, 2014, the Dock 79 obtained a commitment for a construction loan from a financial institution in the principal amount of $65,000,000 to fund certain development and construction costs of the Dock 79. The initial maturity date of the loan is the earlier of (i) August 7, 2018, or (ii) the date to which the loan is accelerated pursuant to certain terms as outlined in the agreement. Dock 79 has the option to extend the initial maturity date for one extension period of four years (Extension Term) upon the compliance with and satisfaction of certain conditions as defined in the agreement. The interest rate on the loan through the initial maturity date is based on the 2.35% over one month LIBOR and the interest rate during the Extension Term (if any) until the maturity date will be based on a fixed-interest rate swap or interest rate cap, as applicable, for the applicable LIBOR-based rate on the then applicable market terms. Accrued interest is payable in arrears on the first day of each calendar month and on the maturity date. The outstanding principal balance on all loans shall be due and payable in full on the maturity date. After maturity, accrued interest on all loans shall be payable on demand. The loan is secured by any real and personal property of Dock 79. The agreement contains certain conditions, affirmative financial covenants and negative covenants including the maintenance of a debt service ratio of not less than 1.25 to 1.00 during the Extension Term. Effective August 7, 2014, Dock 79 partnership member EB5 Capital-Jobs Fund 8, L.P. made an initial capital contribution of $17 million in cash into an escrow account with a financial institution all of which have been used for construction. Associated with the $17 million cash contribution, EB5 is entitled to earn an investment return. The investment return requires the Dock 79 to pay interest monthly based on an annual rate of 4.95% for the first 5 years and 8% thereafter, on the balance remaining of the initial capital contributed. Dock 79 is required to repay or redeem EB5's membership interest for a purchase price equal to the sum of the balance of EB5's contribution account, plus any accrued by unpaid investment return sixty months after the initial capital contribution, unless extended for an additional twelve months in accordance with the agreement. Subsequent to the repayment of the investment return, EB5 will no longer be a partner in the Dock 79. Due to the mandatory redemption requirements associated with the EB5 financing arrangement, the related investment is classified as a liability on the balance sheets. During the three months ended September 30, 2017 and September 30, 2016 the Company capitalized interest costs of $210,000 and $382,000, respectively. During the nine months ended September 30, 2017 and September 30, 2016 the Company capitalized interest costs of $812,000 and $864,000, respectively.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2017
Earnings per common share:
Earnings per Share	(6) Earnings per Share. Three Months ended Nine Months ended September 30, September 30, 2017 2016 2017 2016 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 10,004 9,865 9,967 9,860 Common shares issuable under share based payment plans which are potentially dilutive 62 43 68 42 Common shares used for diluted earnings per common share 10,066 9,908 10,035 9,902 Net income attributable to the Company $ 25,391 1,957 28,547 4,551 Basic earnings per common share: Basic $ 2.54 0.20 2.86 0.46 Diluted $ 2.52 0.20 2.84 0.46 For the three and nine months ended September 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 nine months ended September 30, 2016, 42,040 and 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	9 Months Ended
	Sep. 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 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 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 Nine Months ended September 30, September 30, 2017 2016 2017 2016 Stock option grants $ 33 31 143 94 Annual director stock award — — 445 412 $ 33 31 588 506 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 (84,630 ) $ 25.13 $ (783 ) Outstanding at September 30, 2017 156,310 $ 25.82 5.5 $ 1,595 Exercisable at September 30, 2017 114,020 $ 23.83 4.7 $ 1,010 Vested during nine months ended September 30, 2017 26,839 $ 223 The aggregate intrinsic value of exercisable in-the-money options was $2,442,000 and the aggregate intrinsic value of outstanding in-the-money options was $3,037,000 based on the market closing price of $45.25 on September 29, 2017 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of September 30, 2017 was $343,000, which is expected to be recognized over a weighted-average period of 3.5 years. Gains of $1,474,000 were realized by option holders during the nine months ended September 30, 2017. Patriot realized the tax benefits of $1,365,000 of these gains because these options were exercised by Patriot employees for options granted prior to the spin-off.

Contingent liabilities

Contingent liabilities	9 Months Ended
	Sep. 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 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 and the total remediation expense was $1.833 million.

Concentrations

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

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	(10) Fair Value Measurements. As of September 30, 2017 the Company had no assets or liabilities measured at fair value on a recurring or non-recurring basis. Footnote 12 describes a remeasurement to fair value of certain assets at July 1, 2017. At September 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 September 30, 2017, the carrying amount and fair value of such other long-term debt was $115,113,000 and $117,827,000, 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 (E

Investment in Joint Ventures (Equity Method)	9 Months Ended
	Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Ventures (Equity Method)	(11) Investments in Joint Ventures (Equity Method). 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, 2017 RiverFront Holdings I, LLC (1) — — — $ (2,019 ) $ (1,558 ) Brooksville Quarry, LLC 50.00 % $ 7,487 $ 14,445 (62 ) (31 ) BC FRP Realty, LLC 50.00 % 5,858 12,298 — — Total $ 13,345 $ 26,743 $ (2,081 ) $ (1,589 ) 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 ) (1) The Company consolidated this joint venture effective July 1, 2017 (see Footnote 12). Balance Sheet at December 31, 2016 (in thousands): 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, prior to consolidation July 1, 2017 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Revenues: Rental Revenue $ — — $ 3,053 127 Revenue – Reimbursements — 127 33 — Total Revenues — 127 3,086 127 Cost of operations: Depreciation and amortization — 228 1,958 325 Operating expenses — 405 1,096 621 Property taxes — 41 459 41 Total cost of operations — 674 3,513 987 Total operating profit — (547 ) (427 ) (860 ) Interest expense — (280 ) (1,592 ) (280 ) Net loss of the Partnership $ — (827 ) $ (2,019 ) (1,140 ) The amount of consolidated accumulated deficit for these joint ventures was $(2,633,000) and $(1,667,000) as of September 30, 2017 and December 31, 2016 respectively.

Consolidation of RiverFront Inv

Consolidation of RiverFront Investment Partners I, LLC.	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Consolidation of RiverFront Investment Partners I, LLC.	(12) Consolidation of RiverFront Investment Partners I, LLC. In July 2017, Phase I (Dock 79) reached stabilization, meaning 90% of the individual apartments have been leased and are occupied by third party tenants. Upon reaching stabilization, the Company has, for a period of one year, the exclusive right to (i) cause the joint venture to sell the property or (ii) cause the Company’s and MRP’s percentage interests in the joint venture to be adjusted so as to take into account the contractual payouts assuming a sale at the value of the development at the time of this “Conversion election”. The attainment of stabilization 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 consolidated the assets (at fair value), liabilities and operating results of the joint venture. This consolidation resulted in a gain on remeasurement of investment in real estate partnership of $60,196,000 of which $20,469,000 was attributed to the noncontrolling interest. In accordance with the terms of the Joint Venture agreements, the Company used the fair value amount at date of conversion and calculated an adjusted ownership under the Conversion election. As such for financial reporting purposes effective July 1, 2017 the Company ownership is based upon this substantive profit sharing arrangement and is estimated at 66.0% on a prospective basis. As of July 1, 2017 Riverfront Gain on Remeasure- Holdings I, LLC ment Revised Land $ 7,220 $ 21,107 $ 28,327 Building and improvements, net 81,773 34,362 116,135 Value of leases in place — 4,727 4,727 Cash 2,295 — 2,295 Cash held in escrow 171 — 171 Accounts receivable 40 — 40 Prepaid expenses 142 — 142 Total Assets $ 91,641 $ 60,196 $ 151,837 Long-term Debt $ 78,587 $ — $ 78,587 Amortizable debt costs (852 ) — (852 ) Other liabilities 905 — 905 Equity – FRP 8,583 39,727 48,310 Equity - MRP 4,418 20,469 24,887 Total Liabilities and Capital $ 91,641 $ 60,196 $ 151,837

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Business segments (in thousands)	Three Months ended Nine Months ended September 30, September 30, 2017 2016 2017 2016 Revenues: Asset management $ 7,578 7,323 22,057 21,824 Mining royalty lands 1,786 2,037 5,381 5,874 Land development and construction 323 416 931 936 RiverFront on the Anacostia 2,367 — 2,367 — 12,054 9,776 30,736 28,634 Operating profit: Before corporate expenses: Asset management $ 3,336 3,245 10,071 9,986 Mining royalty lands 1,667 1,915 4,993 5,504 Land development and construction (390 ) (196 ) (1,168 ) (3,359 ) RiverFront on the Anacostia (1,168 ) — (1,168 ) — Corporate expenses: Allocated to asset management (350 ) (339 ) (1,424 ) (1,213 ) Allocated to mining royalty lands (30 ) (49 ) (124 ) (176 ) Allocated to land development and construction (210 ) (268 ) (935 ) (959 ) Allocated to RiverFront on the Anacostia (27 ) — (27 ) — (617 ) (656 ) (2,510 ) (2,348 ) $ 2,828 4,308 10,218 9,783 Interest expense: Asset management $ 374 273 993 1,080 RiverFront on the Anacostia 877 — 877 — $ 1,251 273 1,870 1,080 Depreciation, depletion and amortization: Asset management $ 2,090 2,071 6,112 5,891 Mining royalty lands 17 24 91 70 Land development and construction 98 65 263 194 RiverFront on the Anacostia 2,564 — 2,564 — $ 4,769 2,160 9,030 6,155 Capital expenditures: Asset management $ 1,273 10,276 6,061 11,510 Mining royalty lands — 99 — 205 Land development and construction 2,852 4,210 6,203 5,300 RiverFront on the Anacostia 331 — 331 — $ 4,456 14,585 12,595 17,015 September 30, December 31, Identifiable net assets 2017 2016 Asset management $ 180,827 169,736 Mining royalty lands 38,744 39,259 Land development and construction 44,162 57,126 RiverFront on the Anacostia 146,718 — Cash items 2,630 — Unallocated corporate assets 3,011 439 $ 416,092 266,560

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Long-term debt (in thousands)	September 30, December 31, 2017 2016 Revolving credit (uncollateralized) $ 6,440 6,665 5.6% to 7.9% mortgage notes due in installments through 2027 30,792 34,080 RiverFront construction loan 60,881 — RiverFront EB5 secondary financing 17,000 — 115,113 40,745 Less portion due within one year 4,674 4,526 $ 110,439 36,219

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings per common share:
Earnings per share (in thousands, except per share amounts)	Three Months ended Nine Months ended September 30, September 30, 2017 2016 2017 2016 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 10,004 9,865 9,967 9,860 Common shares issuable under share based payment plans which are potentially dilutive 62 43 68 42 Common shares used for diluted earnings per common share 10,066 9,908 10,035 9,902 Net income attributable to the Company $ 25,391 1,957 28,547 4,551 Basic earnings per common share: Basic $ 2.54 0.20 2.86 0.46 Diluted $ 2.52 0.20 2.84 0.46

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation Expense (in thousands	Three Months ended Nine Months ended September 30, September 30, 2017 2016 2017 2016 Stock option grants $ 33 31 143 94 Annual director stock award — — 445 412 $ 33 31 588 506
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 (84,630 ) $ 25.13 $ (783 ) Outstanding at September 30, 2017 156,310 $ 25.82 5.5 $ 1,595 Exercisable at September 30, 2017 114,020 $ 23.83 4.7 $ 1,010 Vested during nine months ended September 30, 2017 26,839 $ 223

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	9 Months Ended
	Sep. 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 September 30, 2017 RiverFront Holdings I, LLC (1) — — — $ (2,019 ) $ (1,558 ) Brooksville Quarry, LLC 50.00 % $ 7,487 $ 14,445 (62 ) (31 ) BC FRP Realty, LLC 50.00 % 5,858 12,298 — — Total $ 13,345 $ 26,743 $ (2,081 ) $ (1,589 ) 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 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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Revenues: Rental Revenue $ — — $ 3,053 127 Revenue – Reimbursements — 127 33 — Total Revenues — 127 3,086 127 Cost of operations: Depreciation and amortization — 228 1,958 325 Operating expenses — 405 1,096 621 Property taxes — 41 459 41 Total cost of operations — 674 3,513 987 Total operating profit — (547 ) (427 ) (860 ) Interest expense — (280 ) (1,592 ) (280 ) Net loss of the Partnership $ — (827 ) $ (2,019 ) (1,140 )

Consolidation of RiverFront I24

Consolidation of RiverFront Investment Partners I, LLC. (Tables)	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
RiverFront remeasurement balance sheet	As of July 1, 2017 Riverfront Gain on Remeasure- Holdings I, LLC ment Revised Land $ 7,220 $ 21,107 $ 28,327 Building and improvements, net 81,773 34,362 116,135 Value of leases in place — 4,727 4,727 Cash 2,295 — 2,295 Cash held in escrow 171 — 171 Accounts receivable 40 — 40 Prepaid expenses 142 — 142 Total Assets $ 91,641 $ 60,196 $ 151,837 Long-term Debt $ 78,587 $ — $ 78,587 Amortizable debt costs (852 ) — (852 ) Other liabilities 905 — 905 Equity – FRP 8,583 39,727 48,310 Equity - MRP 4,418 20,469 24,887 Total Liabilities and Capital $ 91,641 $ 60,196 $ 151,837

Business Segments - Business se

Business Segments - Business segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Revenues	$ 12,054	$ 9,776	$ 30,736	$ 28,634
Operating profit	2,828	4,308	10,218	9,783
Interest expense	1,251	273	1,870	1,080
Depreciation, depletion and amortization	4,769	2,160	9,030	6,155
Cash items	2,630	0	2,630	0		$ 0	$ 0
Total identifiable net assets	416,092		416,092			266,560
Asset Management
Segment Reporting Information [Line Items]
Revenues	7,578	7,323	22,057	21,824
Operating profit before corporate expenses	3,336	3,245	10,071	9,986
Corporate expenses	(350)	(339)	(1,424)	(1,213)
Interest expense	374	273	993	1,080
Capital expenditures	1,273	10,276	6,061	11,510
Depreciation, depletion and amortization	2,090	2,071	6,112	5,891
Total identifiable net assets	180,827		180,827			169,736
Mining royalty lands
Segment Reporting Information [Line Items]
Revenues	1,786	2,037	5,381	5,874
Operating profit before corporate expenses	1,667	1,915	4,993	5,504
Corporate expenses	(30)	(49)	(124)	(176)
Capital expenditures	0	99	0	205
Depreciation, depletion and amortization	17	24	91	70
Total identifiable net assets	38,744		38,744			39,259
Land Development and Construction
Segment Reporting Information [Line Items]
Revenues	323	416	931	936
Operating profit before corporate expenses	(390)	(196)	(1,168)	(3,359)
Corporate expenses	(210)	(268)	(935)	(959)
Capital expenditures	2,852	4,210	6,203	5,300
Depreciation, depletion and amortization	98	65	263	194
Total identifiable net assets	44,162		44,162			57,126
RiverFront on the Anacostia
Segment Reporting Information [Line Items]
Revenues	2,367	0	2,367	0
Operating profit before corporate expenses	(1,168)	0	(1,168)	0
Corporate expenses	(27)	0	(27)	0
Interest expense	877	0	877	0
Capital expenditures	331	0	331	0
Depreciation, depletion and amortization	2,564	0	2,564	0
Cash items					$ 2,295
Total identifiable net assets	146,718		146,718		$ 151,837	0
Corporate
Segment Reporting Information [Line Items]
Total identifiable net assets	3,011		3,011			$ 439
Total Segments
Segment Reporting Information [Line Items]
Revenues	12,054	9,776	30,736	28,634
Operating profit	2,828	4,308	10,218	9,783
Corporate expenses	(617)	(656)	(2,510)	(2,348)
Interest expense	1,251	273	1,870	1,080
Capital expenditures	4,456	14,585	12,595	17,015
Depreciation, depletion and amortization	$ 4,769	$ 2,160	$ 9,030	$ 6,155

Long-term debt (Details)

Long-term debt (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Revolving credit agreements	$ 6,440	$ 6,665
5.6% to 7.9% mortgage notes due in installments through 2027	30,792	34,080
RiverFront construction loan	60,881	0
RiverFront EB5 secondary financing	17,000	0
Total debt	115,113	40,745
Less portion due within one year	4,674	4,526
Long-term debt	$ 110,439	$ 36,219

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 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	10,004	9,865	9,967	9,860
Common shares issuable under share based payment plans which are potentially dilutive	62	43	68	42
Common shares used for diluted earnings per common share	10,066	9,908	10,035	9,902
Net income attributable to the Company	$ 25,391	$ 1,957	$ 28,547	$ 4,551
Earnings per common share:
Basic	$ 2.54	$ .20	$ 2.86	$ .46
Diluted	$ 2.52	$ .20	$ 2.84	$ .46

Summary of Stock Activity (Deta

Summary of Stock Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)Years$ / sharesshares	Dec. 31, 2016USD ($)Years$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding | shares	156,310	236,385
Options granted | shares	4,555
Options exercised | shares	(84,630)
Options outstanding weighted average exercise price | $ / shares	$ 25.82	$ 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	$ 25.13
Options outstanding weighted average remaining term | Years	5.5	6.1
Options outstanding weighted average grant date fair value	$ 1,595	$ 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	$ (783)
Options exercisable at September 30, 2017 | shares	114,020
Options exerciseable weighted average exercise price | $ / shares	$ 23.83
Options exerciseable weighted average remaining term | Years	4.7
Options exerciseable weighted average grant date fair value	$ 1,010
Options vested during nine months ended September 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option grants	$ 33	$ 31	$ 143	$ 94
Annual director stock award	0	0	445	412
Stock based compensation expense	$ 33	$ 31	$ 588	$ 506

Investments in Joint Ventures (

Investments in Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Jun. 30, 2013	Oct. 04, 2006
Net Loss of the Partnership		$ (1,454)		$ (2,081)
Company's share of Net Loss of the Partnership	$ (12)	$ (1,119)	$ (652)	(1,589)	$ (924)
Total revenues	12,054		9,776	30,736	28,634
Operating expenses	1,879		1,146	3,882	3,651
Property taxes	1,401		1,087	3,592	3,357
Total cost of operations	9,226		5,468	20,518	18,851
Total operating profit	2,828		4,308	10,218	9,783
Interest expense	(1,251)		(273)	(1,870)	(1,080)
Riverfront Holdings I, LLC
Ownership percent		77.14%					77.14%
Total Investment		$ 10,151				$ 8,583
Total Assets of the Partnership		90,420
Net Loss of the Partnership		(1,446)		(2,019)
Company's share of Net Loss of the Partnership		(1,115)		(1,558)
Cash		1,023
Cash held in escrow		88
Investments in real estate, net		89,309
Other liabilities		6,348
Long-term debt		69,042
Capital - FRP		10,151				8,583
Capital - Third parties		4,879				$ 4,418
Total liabilities and capital		$ 90,420
Rental revenue	0		0	3,053	127
Revenue - Reimbursements	0		127	33	0
Total revenues	0		127	3,086	127
Depreciation and amortization	0		228	1,958	325
Operating expenses	0		405	1,096	621
Property taxes	0		41	459	41
Total cost of operations	0		674	3,513	987
Total operating profit	0		(547)	(427)	(860)
Interest expense	0		(280)	(1,592)	(280)
Net loss of the Partnership	$ 0		$ (827)	$ (2,019)	$ (1,140)
Brooksville Quarry, LLC
Ownership percent	50.00%	50.00%		50.00%				50.00%
Total Investment	$ 7,487	$ 7,522		$ 7,487
Total Assets of the Partnership	14,445	14,341		14,445
Net Loss of the Partnership		(8)		(62)
Company's share of Net Loss of the Partnership		(4)		(31)
Cash		18
Cash held in escrow		0
Investments in real estate, net		14,323
Other liabilities		1
Long-term debt		0
Capital - FRP	$ 7,487	7,522		$ 7,487
Capital - Third parties		6,818
Total liabilities and capital		$ 14,341
BC FRP Realty, LLC
Ownership percent	50.00%	50.00%		50.00%
Total Investment	$ 5,858	$ 5,228		$ 5,858
Total Assets of the Partnership	12,298	10,784		12,298
Net Loss of the Partnership		0		0
Company's share of Net Loss of the Partnership		0		0
Cash		21
Cash held in escrow		0
Investments in real estate, net		10,763
Other liabilities		47
Long-term debt		0
Capital - FRP	5,858	5,228		5,858
Capital - Third parties		5,509
Total liabilities and capital		10,784
Joint Ventures
Total Investment	13,345	22,901		13,345
Total Assets of the Partnership	26,743	115,545		26,743
Cash		1,062
Cash held in escrow		88
Investments in real estate, net		114,395
Other liabilities		6,396
Long-term debt		69,042
Capital - FRP	$ 13,345	22,901		$ 13,345
Capital - Third parties		17,206
Total liabilities and capital		$ 115,545

Consolidation of RiverFront I31

Consolidation of RiverFront Investment Partners I, LLC. - RiverFront remeasurement balance sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Land	$ 127,744		$ 99,417
Cash	2,630		0	$ 0	$ 0
Cash held in escrow	186		0
Accounts receivable	1,033		710
Total Assets	416,092		266,560
Long-term Debt	30,792		34,080
Total Liabilities and Capital	416,092		266,560
Gain on remeasurement
Land		$ 21,107
Building and improvements, net		34,362
Value of leases in place		4,727
Cash		0
Cash held in escrow		0
Accounts receivable		0
Prepaid expenses		0
Total Assets		60,196
Long-term Debt		0
Amortizable debt costs		0
Other liabilities		0
Equity – FRP		39,727
Equity - MRP		20,469
Total Liabilities and Capital		60,196
RiverFront on the Anacostia
Land		28,327
Building and improvements, net		116,135
Value of leases in place		4,727
Cash		2,295
Cash held in escrow		171
Accounts receivable		40
Prepaid expenses		142
Total Assets	$ 146,718	151,837	0
Long-term Debt		78,587
Amortizable debt costs		(852)
Other liabilities		905
Equity – FRP		48,310
Equity - MRP		24,887
Total Liabilities and Capital		151,837
Riverfront Holdings I, LLC
Land		7,220
Building and improvements, net		81,773
Value of leases in place		0
Cash		2,295
Cash held in escrow		171
Accounts receivable		40
Prepaid expenses		142
Total Assets		91,641
Long-term Debt		78,587
Amortizable debt costs		(852)
Other liabilities		905
Equity – FRP		8,583	10,151
Equity - MRP		4,418	$ 4,879
Total Liabilities and Capital		$ 91,641

Recently Issued Accounting St32

Recently Issued Accounting Standards (Details Narrative) $ in Thousands	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2017aft²Segments	Jun. 30, 2017ft²
Reportable business segments | Segments	4
Mining royalty lands
Mining royalty lands acres	15,000
Brooksville Quarry, LLC
Mining royalty lands acres	4,280
RiverFront on the Anacostia
Square feet | ft²	300,000	300,000
Stabilization percent leased and occupied		90.00%

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Related Party Transactions [Abstract]
Charges/allocation related to Transition Services Agreement with Patriot	$ 352	$ 362	$ 1,229	$ 1,156

Long-Term debt (Details Narrati

Long-Term debt (Details Narrative) $ in Thousands	3 Months Ended			9 Months Ended		38 Months Ended	48 Months Ended
	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Aug. 07, 2022	Jul. 24, 2015USD ($)	Jan. 30, 2015USD ($)	Aug. 07, 2014USD ($)
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	$ 210		$ 382	$ 812	$ 864
RiverFront construction loan	60,881	$ 0		60,881		$ 60,881
RiverFront EB5 secondary financing	$ 17,000	$ 0		$ 17,000		$ 17,000
First Tennessee bank Term Loan
Credit Agreement term years	10			10		10
Term loan facility	$ 20,000			$ 20,000		$ 20,000
Dock 79 Construction loan
RiverFront construction loan										$ 65,000
Interest rate over LIBOR										2.35%
Extension term description						one extension period of four years
Debt service ratio							debt service ratio of not less than 1.25 to 1.00 during the Extension Term
Dock 79 EB5 Financing
RiverFront EB5 secondary financing										$ 17,000
Interest rate to year five										4.95%
Interest rate greater than five years										8.00%
Extension term description						additional twelve months
Repay or Redeem						Dock 79 is required to repay or redeem EB5's membership interest for a purchase price equal to the sum of the balance of the EB5's contribution account, plus any accrued by unpaid investment return sixty months after the initial capital contribution, unless extended for an additional twelve months in accordance with the agreement.
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		$ 2,266
Borrowed under the revolver	5,687			5,687		5,687
Available for borrowing	12,047			12,047		12,047
Tangible net worth covenant	110,000			110,000		110,000
Available to pay dividends or repurchase stock	77,500			$ 77,500		77,500
Revolver interest over LIBOR				1.4%
Commitment fee				0.15%
Compliance with Covenants				all
First Tennessee Bank
Credit Agreement term years								5
Revolving Credit Agreement								$ 20,000
Revolver conversion to term loan				24 month window to convert up to the full amount of the facility into a ten year term loan
Borrowed under the revolver	753			$ 753		753
Available for borrowing	$ 19,247			$ 19,247		$ 19,247
Revolver interest over LIBOR				1.9%
Commitment fee				0.10%

Earnings per Share (Details Nar

Earnings per Share (Details Narrative) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings per common share:
Anti-dilutive shares	13,610	42,040	22,422	72,090

Stock-Based Compensation Plan37

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)Yearsshares	Sep. 29, 2017$ / shares
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	$ 2,442
Aggregate intrinsic value of outstanding in-the-money options	3,037
Market close price | $ / shares		$ 45.25
Total unrecognized compensation cost of options granted but not yet vested	$ 343
Weighted average period for compensation to be recognized | Years	3.5
Gains realized by option holders	$ 1,474
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	3
Expecited life maximum | Years	7
Dividend yield	0.00%
Modification stock compensation expense	$ 41
Patriot Transportation
Realized tax benefit from options exercised	1,365
Modification stock compensation expense	$ 150

Contingent Liabilities (Details

Contingent Liabilities (Details Narrative) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2017	Sep. 30, 2016
Contingent Liabilities Details Narrative
Cap on environment financial responsibility	$ 1,871			$ 1,871
Environmental remediation expense	0	$ 0		0	$ 2,000
Total cost of remediation	$ 1,833			$ 1,833
Environmental remediation recovery			$ 3,000

Concentrations (Details Narrati

Concentrations (Details Narrative) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)integer
Tenants leasing mining locations | integer	4
Asset Management Top Customer
Customer revenue concentration	11.00%
Mining Top Customer
Customer revenue concentration	15.40%
Accounts receivable concentration | $	$ 107

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands	Sep. 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 other long-term debt	115,113	$ 40,745
Fair value of other long-term debt	$ 117,827	$ 43,747

Investments in Joint Ventures41

Investments in Joint Ventures (Details Narrative) $ in Thousands	1 Months Ended	3 Months Ended					9 Months Ended
	May 31, 2016USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2006USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016aft²	Oct. 04, 2006a
Company's share of the loss of the joint venture		$ 12	$ 1,119	$ 652			$ 1,589	$ 924
Joint Venture consolidated retained earnings		$ (2,633)	$ (1,667)				$ (2,633)
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
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				$ 31
BC FRP Realty, LLC
Square feet | ft²									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

Consolidation of RiverFront I42

Consolidation of RiverFront Investment Partners I, LLC. (Details Narrative) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2013USD ($)	Sep. 30, 2017USD ($)ft²	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)ft²	Sep. 30, 2016USD ($)	Jun. 30, 2017ft²	Dec. 31, 2016USD ($)	Aug. 08, 2014USD ($)	Mar. 30, 2012aft²
EB5 Secondary financing		$ 17,000		$ 17,000			$ 0
Nonrecourse construction loan		60,881		60,881			$ 0
Gain on remeasurement of investment of real estate partnership		$ 60,196	$ 0	60,196	$ 0
MRP
Capital contribution	$ 5,553
Gain on remeasurement of investment of real estate partnership				$ 20,469
Riverfront Holdings I, LLC
Square feet | ft²									300,000
Retail square feet | ft²									18,000
Area of land to develop | a									2
Land acreage | a									5.82
Value of land contributed	13,500
Book value of land contribution	6,165
Cash contributed	$ 4,866
Joint venture percentage stake	77.14%						77.14%
EB5 Secondary financing								$ 17,000
Nonrecourse construction loan								$ 65,000
RiverFront on the Anacostia
Square feet | ft²		300,000		300,000		300,000
Joint venture percentage stake						66.00%
Units leased		96.40%		96.40%
Stabilization percent leased and occupied						90.00%