FRP (FRPH) 10-K 16 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 16, 2018	Jun. 30, 2017
Document And Entity Information
Entity Registrant Name	FRP HOLDINGS, INC.
Entity Central Index Key	844,059
Document Type	10-K
Document Period End Date	Dec. 31, 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?	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 381,419,706
Entity Common Stock, Shares Outstanding		10,014,667
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,017

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2016
Assets:
Land	$ 127,700	$ 99,417	$ 99,357
Buildings and improvements	334,327	195,443	193,283
Projects under construction	8,381	11,779	8,592
Total investments in properties	470,408	306,639	301,232
Less accumulated depreciation and depletion	94,804	82,392	80,616
Net investments in properties	375,604	224,247	220,616
Real estate held for investment, at cost	7,176	7,176	7,176
Investments in joint ventures	13,406	22,901	23,854
Net real estate investments	396,186	254,324	251,646
Cash and cash equivalents	4,524	0	0
Cash held in escrow	333	0	0
Accounts receivable, net	1,020	710	987
Federal and state income taxes receivable	2,962	0	0
Unrealized rents	4,311	4,562	4,657
Deferred costs	9,217	6,786	7,321
Other assets	181	178	178
Total assets	418,734	266,560	264,789
Liabilities:
Line of credit payable	0	6,665	6,807
Secured notes payable, current portion	4,463	4,526	4,455
Secured notes payable, less current portion	113,854	29,554	30,670
Accounts payable and accrued liabilities	4,370	3,747	4,344
Environmental remediation liability	2,037	2,037	2,037
Bank overdraft	0	254	6
Federal and state income taxes payable	0	887	13
Deferred revenue	1,074	1,126	1,423
Deferred income taxes	25,982	16,455	16,436
Deferred compensation	1,457	1,475	1,453
Deferred lease intangible, net	0	9	14
Tenant security deposits	915	1,005	1,032
Total liabilities	154,152	67,740	68,690
Commitments and contingencies (Note 14 & 15)
Equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 10,014,667, 9,914,054 and 9,867,279 shares issued and outstanding, respectively	1,001	991	987
Capital in excess of par value	55,636	52,647	51,606
Retained earnings	186,855	145,168	143,486
Accumulated other comprehensive income, net	38	14	20
Total shareholders' equity	243,530	198,820	196,099
Noncontrolling interest MRP	21,052	0	0
Total Equity	264,582	198,820	196,099
Total liabilities and shareholders' equity	$ 418,734	$ 266,560	$ 264,789

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2016
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.10	$ 0.10	$ 0.10
Common stock, shares authorized	25,000,000	25,000,000	25,000,000
Common stock, shares issued and outstanding	10,014,667	9,914,054	9,867,279

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Rental revenue	$ 6,328	$ 30,385	$ 24,457	$ 23,410
Mining Royalty and rents	1,857	7,153	7,443	5,999
Revenue - reimbursements	1,327	5,653	5,557	5,237
Total revenues	9,512	43,191	37,457	34,646
Cost of operations:
Depreciation, depletion and amortization	2,095	13,532	8,051	7,378
Operating expenses	994	5,621	4,624	4,609
Environmental remediation recovery	0	0	(1,000)	0
Property taxes	1,089	5,024	4,475	4,443
Management company indirect	475	2,029	1,844	1,647
Corporate expenses (Note 4 Related Party)	855	3,380	3,080	4,388
Total cost of operations	5,508	29,586	21,074	22,465
Total operating profit	4,004	13,605	16,383	12,181
Interest income	0	0	2	0
Interest expense	(306)	(4,323)	(1,561)	(2,014)
Equity in loss of joint ventures	(1,119)	(1,598)	(978)	(145)
Gain on remeasurement of investment in real estate partnership	0	60,196	0	0
Gain (loss) on investment land sold	0	0	6,029	(34)
Income from continuing operations before income taxes	2,579	67,880	19,875	9,988
Provision for income taxes	897	7,329	7,851	3,895
Income from continuing operations	1,682	60,551	12,024	6,093
Gain from discontinued transportation operations, net of taxes	0	0	0	2,179
Net income	1,682	60,551	12,024	8,272
Income attributable to noncontrolling interest	0	18,801	0	0
Net income attributable to the Company	$ 1,682	$ 41,750	$ 12,024	$ 8,272
Basic earnings per common share
Income from continuing operations	$ 0.17	$ 6.07	$ 1.22	$ 0.62
Discontinued operations	0	0	0	0.23
Net income	0.17	4.19	1.22	0.85
Diluted earnings per common share
Income from continuing operations	0.17	6.03	1.22	0.62
Discontinued operations	0	0	0	0.22
Net income	$ 0.17	$ 4.16	$ 1.22	$ 0.84
Number of shares (in thousands) used in computing:
-basic earnings per common share	9,879	9,975	9,846	9,756
-diluted earnings per common share	9,923	10,040	9,890	9,827

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Net income	$ 1,682	$ 60,551	$ 12,024	$ 8,272
Other comp. income (loss) net of tax:
Spin-off adjustment	0	0	0	(53)
Minimum pension liability	(6)	24	26	7
Comprehensive income	1,676	60,575	12,050	8,226
Less comp. income attributable to noncontrolling interest	0	18,801	0	0
Comprehensive income attributable to the Company	$ 1,676	$ 41,774	$ 12,050	$ 8,226

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 1,682	$ 60,551	$ 12,024	$ 8,272
Adjustments to reconcile net income to net cash provided by continuing operating activities:
Income from discontinued operations, net	0	0	0	(2,179)
Depreciation, depletion and amortization	2,171	14,591	8,288	7,533
Deferred income taxes	19	9,527	1,895	1,572
Equity in loss of joint ventures	1,119	1,598	978	145
Gain on remeasurement of investment in real estate partnership	0	(60,196)	0	0
Loss (gain) loss on sale of equipment and property	0	12	(6,047)	138
Stock-based compensation	79	713	578	803
Net changes in operating assets and liabilities:
Accounts receivable	277	(270)	(209)	349
Deferred costs and other assets	274	(1,168)	(1,816)	(1,489)
Accounts payable and accrued liabilities	(895)	(333)	3,237	(2,024)
Income taxes payable and receivable	874	(3,849)	406	(965)
Other long-term liabilities	(10)	(117)	156	87
Net cash provided by operating activities of continuing operations	5,590	21,059	19,490	12,242
Net cash provided by operating activities of discontinued operations	0	0	0	4,984
Net cash provided by operating activities	5,590	21,059	19,490	17,226
Cash flows from investing activities:
Investments in properties	(5,407)	(16,610)	(27,554)	(6,493)
Investments in joint ventures	(168)	(693)	(929)	(625)
Proceeds from sale of assets	0	16	13,444	43
Cash at consolidation of real estate partnership	0	2,295	0	0
Cash distributed to non-controlling interest	0	(2,167)	0	0
Cash held in escrow	0	(162)	0	61
Net cash used in investing activities of continuing operations	(5,575)	(17,321)	(15,039)	(7,014)
Net cash used in investing activities of discontinued operations	0	0	0	(2,694)
Net cash used in investing activities	(5,575)	(17,321)	(15,039)	(9,708)
Cash flows from financing activities:
Increase (decrease) in bank overdrafts	248	(254)	6	0
Proceeds from long-term debt	0	90,496	0	0
Repayment of long-term debt	(1,088)	(83,608)	(4,179)	(5,402)
Proceeds from borrowing on revolving credit facility	7,832	13,420	29,583	19,400
Payment on revolving credit facility	(7,974)	(20,085)	(31,270)	(21,269)
Debt issue costs	0	(1,406)	(139)	(397)
Repurchase of Company Stock	0	(74)	(43)	0
Excess tax benefits from exercises of stock options	0	0	0	175
Exercise of employee stock options	967	2,297	1,172	1,012
Net cash provided by (used in) financing activities of continuing operations	(15)	786	(4,870)	(6,481)
Net cash used in financing activities of discontinued operations	0	0	0	(1,631)
Net cash provided by (used in) financing activities	(15)	786	(4,870)	(8,112)
Net increase (decrease) in cash and cash equivalents	0	4,524	(419)	(594)
Cash and cash equivalents at beginning of year	0	0	419	1,013
Cash and cash equivalents at end of the year	0	4,524	0	419
Supplemental disclosures of cash flow information:
Cash paid during the year for interest, net of capitalized amounts	261	4,673	1,538	2,335
Cash paid during the year for Income taxes	$ 0	$ 1,657	$ 5,565	$ 3,923

Shareholders Equity

Shareholders Equity - USD ($) $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income, net of tax	Total Shareholders' Equity	Noncontrolling Interest	Total
Beginning balance, shares at Sep. 30, 2014	9,703,270
Beginning balance, amount at Sep. 30, 2014	$ 970	$ 47,892	$ 157,413	$ 40	$ 206,315	$ 0	$ 206,315
Exercise of stock options, shares	72,300						72,300
Exercise of stock options, amount	$ 7	1,005			1,012		$ 1,012
Excess tax benefits from exercises of stock options and vesting of restricted stock		174			174		174
Stock option compensation		267			267		267
Shares granted to Directors, shares	16,200
Shares granted to Directors, amount	$ 2	534			536		536
Spin-off adjustment			(34,188)	(53)	(34,241)		(34,241)
Net income			8,272		8,272		8,272
Minimum pension liability, net				7	7		7
Ending balance, shares at Sep. 30, 2015	9,791,770
Ending balance, amount at Sep. 30, 2015	$ 979	49,872	131,497	(6)	182,342	0	$ 182,342
Exercise of stock options, shares	63,730						63,730
Exercise of stock options, amount	$ 7	1,165			1,172		$ 1,172
Stock option compensation		166			166		166
Shares granted to Directors, shares	13,200
Shares granted to Directors, amount	$ 1	411			412		412
Shares purchased and canceled, shares	(1,421)
Shares purchased and canceled, amount		(8)	(35)		(43)		(43)
Net income			12,024		12,024		12,024
Minimum pension liability, net				26	26		26
Ending balance, shares at Sep. 30, 2016	9,867,279
Ending balance, amount at Sep. 30, 2016	$ 987	51,606	143,486	20	196,099	0	196,099
Beginning balance, amount at Sep. 30, 2016							$ 196,099
Exercise of stock options, shares	46,775						46,775
Exercise of stock options, amount	$ 4	962			966		$ 966
Stock option compensation		79			79		79
Net income			1,682		1,682		1,682
Minimum pension liability, net				(6)	(6)		(6)
Ending balance, shares at Dec. 31, 2016	9,914,054
Ending balance, amount at Dec. 31, 2016	$ 991	52,647	145,168	14	198,820	0	198,820
Beginning balance, amount at Dec. 31, 2016							$ 198,820
Exercise of stock options, shares	92,130						92,130
Exercise of stock options, amount	$ 9	2,288			2,297		$ 2,297
Stock option compensation		268			268		268
Shares granted to Directors, shares	10,483
Shares granted to Directors, amount	$ 1	444			445		445
Shares purchased and canceled, shares	(2,000)
Shares purchased and canceled, amount		(11)	(63)		(74)		(74)
Net income			41,750		41,750		41,750
Noncontrolling interest						21,052	21,052
Minimum pension liability, net				24	24		24
Ending balance, shares at Dec. 31, 2017	10,014,667
Ending balance, amount at Dec. 31, 2017	$ 1,001	$ 55,636	$ 186,855	$ 38	$ 243,530	$ 21,052	$ 264,582

Consolidated Real Estate and Ac

Consolidated Real Estate and Accumulated Depreciation and Depletion	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Consolidated Real Estate and Accumulated Depreciation and Depletion	FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED)-REAL ESTATE & ACCUMULATED DEPRECIATION AND DEPLETION DECEMBER 31, 2017 County Encumb- rances Initial cost to Company Cost capitalized subsequent to acquisition Gross amount at which carried at end of period (a) Accumulated Depreciation & Depletion Year Of Constr- uction Date Acquired Depreciation Life Computed on: Mining Royalty Lands Alachua, FL $ 1,442 $ 0 $ 1,442 $ 166 n/a 4/86 unit Clayton, GA 369 0 369 5 n/a 4/86 unit Fayette, GA 685 200 885 83 n/a 4/86 unit Lake, FL 402 0 402 158 n/a 4/86 unit Lake, FL 1,083 0 1,083 986 n/a 4/86 unit Lake Louisa, FL 11,039 0 11,039 0 n/a 5/12 unit Lee, FL 4,690 13 4,703 11 n/a 4/86 unit Monroe, GA 792 0 792 292 n/a 4/86 unit Muscogee, GA 369 (45 ) 324 324 n/a 4/86 unit Prince William, VA 298 0 298 298 n/a 4/86 unit Putnam, FL 15,002 37 15,039 4,618 n/a 4/86 Unit Putnam, FL 302 (2 ) 300 283 n/a 4/86 5 yr. Spalding, GA 20 0 20 0 n/a 4/86 n/a Marion, FL 1,180 4 1,184 599 n/a 4/86 Unit Investment Property 1,629 (101 ) 1,528 697 n/a 4/86 n/a 0 39,302 106 39,408 8,520 Asset Management Properties Baltimore, MD 1,551 439 4,814 5,253 3,032 1990 10/89 39 yr. Baltimore, MD 3,004 950 7,727 8,677 5,136 1994 12/91 39 yr. Baltimore, MD 720 690 3,355 4,045 1,648 2000 07/99 39 yr. Baltimore, MD 0 1,435 4,259 5,694 1,304 2008 12/02 39 yr. Baltimore, MD 0 4,309 310 4,619 423 1999 06/14 39 yr. Baltimore, MD 0 8,412 1,026 9,438 351 1967 06/16 39 yr. Baltimore City, MD 4,305 6,094 12,790 18,884 1,708 2016 12/10 39 yr. Baltimore City, MD 0 7,442 2,051 9,493 1,522 1990 6/13 39 yr. Duval, FL 0 2,416 541 2,957 2,797 n/a 4/86 25 yr. Harford, MD 145 31 3,830 3,861 2,288 1998 8/95 39 yr. Harford, MD 873 50 5,709 5,759 2,745 1999 8/95 39 yr. Harford, MD 2,093 85 7,187 7,272 3,876 2001 8/95 39 yr. Harford, MD 1,809 88 10,167 10,255 4,668 2007 8/95 39 yr. Harford, MD 1,191 155 13,048 13,203 4,880 2009 8/95 39 yr. Howard, MD 0 2,859 5,513 8,372 4,627 1996 9/88 39 yr. Howard, MD 651 2,473 1,043 3,516 1,577 2000 3/00 39 yr. Elkridge, MD 0 8,920 63 8,983 844 1974 10/16 39 yr. Anne Arundel, MD 7,473 715 9,515 10,230 6,220 1989 9/88 39 yr. Anne Arundel, MD 3,486 950 14,285 15,235 5,707 2003 5/98 39 yr. Anne Arundel, MD 0 1,525 10,800 12,325 4,143 2005 8/04 39 yr. Anne Arundel, MD 3,097 737 5,440 6,177 2,137 2006 1/03 39 yr. Anne Arundel, MD 0 666 10,642 11,308 3,273 2012 7/07 39 yr. Norfolk, VA 0 7,512 40 7,552 2,946 2004 10/04 39 yr. Prince William, VA 0 10,442 39,553 49,995 4,176 2017 12/05 39 yr. Newcastle Co., DE 0 11,559 3,657 15,216 5,285 2004 4/04 39 yr. 30,398 80,954 177,365 258,319 77,313 Land Development and Construction Properties Carroll, MD 0 4,720 2,479 7,199 0 n/a 3/08 n/a Harford, MD 0 92 1,600 1,692 0 n/a 8/95 n/a Washington D.C. 0 2,957 10,679 13,636 3,044 n/a 4/86 15 yr. Washington D.C. 0 3,811 4,644 8,455 137 n/a 10/97 n/a 0 11,580 19,402 30,982 3,181 Residential Rental Properties Washington D.C. 90,000 6,165 142,031 148,196 5,264 2016 07/17 39 yr. GRAND TOTALS $ 120,398 $ 138,001 $ 338,904 $ 476,905 $ 94,278 (a) The aggregate cost for Federal income tax purposes is $378,255 . FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION AND DEPLETION (In thousands) Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Gross Carrying Cost of Real Estate: Balance at beginning of period $ 313,137 307,473 292,528 286,671 Additions during period: Amounts capitalized 163,879 5,664 27,439 6,063 Deductions during period: Cost of real estate sold — — (5,011 ) — Other (111 ) — (7,483 ) (1) (206 ) Balance at close of period $ 476,905 313,137 307,473 292,528 Accumulated Depreciation & Depletion: Balance at beginning of period $ 81,914 79,973 73,480 67,598 Additions during period: Charged to cost & expense 12,448 1,941 6,690 5,902 Deductions during period: Real estate sold — — — — Other (84 ) — (197 ) (20 ) Balance at close of period $ 94,278 81,914 79,973 73,480 (1) Includes $6,828 of property cost transferred to Investment in Joint Ventures for the joint venture partnership with St. John Properties.

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Policies	1. Accounting Policies. ORGANIZATION - FRP Holdings, Inc. (“FRP” or the “Company”) is a holding company engaged in the real estate business, namely (i) warehouse/office building ownership, leasing and management, (ii) mining royalty land ownership and leasing, (iii) land acquisition, entitlement and development primarily for future warehouse/office building construction, and (iv) leasing and management of a residential apartment building. On January 30, 2015, FRP completed the tax-free Spin-off (“Spin-off”) of its transportation business into a new, separately traded public company, Patriot Transportation Holding, Inc. (Nasdaq GM: PATI) (“Patriot”). In the Spin-off, FRP distributed all of the outstanding stock of Patriot to FRP's shareholders as of the record date of January 9, 2015. FRP’s shareholders received one share of Patriot for every three shares of FRP owned on the record date. Patriot now is an independent, publicly traded company, and FRP retains no ownership in Patriot. The Company retained the real estate business, which is now the sole business of the Company. See Note 4, regarding more information regarding the spin-off. FRP Holdings, Inc. was incorporated on April 22, 2014 in connection with a corporate reorganization that preceded the Spin-off. The Company’s successor issuer was formed on July 20, 1998. The business of the Company is conducted through our wholly-owned subsidiaries FRP Maryland, Inc., a Maryland corporation, FRP Development Corp., a Maryland corporation and Florida Rock Properties, Inc., a Florida corporation, and the various subsidiaries of each. On December 19, 2016, the Executive Committee of the Board of Directors approved the change in the Company’s fiscal year end from September 30 to December 31. The quarter ending December 31, 2016 was a transition period. CONSOLIDATION - The consolidated financial statements include the accounts of the Company 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 2). All significant intercompany transactions have been eliminated in consolidation. 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. Subsequent to the July 1, 2017 consolidation, 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. CASH AND CASH EQUIVALENTS - The Company considers all highly liquid debt instruments with maturities of three months or less at time of purchase to be cash equivalents. Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right of offset. REVENUE AND EXPENSE RECOGNITION - Real estate rental revenue and mining royalties are generally recognized when earned under the leases and are considered collectable. Rental income from leases with scheduled increases or other incentives during their term is recognized on a straight-line basis over the term of the lease. Reimbursements of expenses, when provided in the lease, are recognized in the period that the expenses are incurred. Sales of real estate are recognized when the collection of the sales price is reasonably assured and when the Company has fulfilled substantially all of its obligations, which are typically as of the closing date. Accounts receivable are recorded net of discounts and provisions for estimated allowances. We estimate allowances on an ongoing basis by considering historical and current trends. We record estimated bad debts expense as part of operating expenses. We estimate the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment. Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms. PROPERTY AND EQUIPMENT - Property and equipment is recorded at cost less accumulated depreciation and depletion. Provision for depreciation of property, plant and equipment is computed using the straight-line method based on the following estimated useful lives: Years Building and improvements 3-39 Depletion of sand and stone deposits is computed on the basis of units of production in relation to estimated reserves. Reserve estimates are periodically adjusted based upon surveys. The Company recorded depreciation and depletion expenses for fiscal year 2017, the transition period, fiscal year 2016 and fiscal year 2015 of $9,781,000, $1,778,000, $6,809,000, and $6,195,000, respectively. All direct and indirect costs, including interest and real estate taxes, associated with the development, construction, leasing or expansion of real estate investments are capitalized as a cost of the property. Included in indirect costs is an allocation of internal costs associated with development of real estate investments. The cost of routine repairs and maintenance to property and equipment is expensed as incurred. IMPAIRMENT OF LONG-LIVED ASSETS – The Company reviews its long-lived assets, which include property and equipment and purchased intangible assets subject to amortization for potential impairment annually or whenever events or circumstances indicate the carrying amount of a long-lived asset may not be recoverable. This review consists of comparing cap rates on recent cash flows and market value estimates to the carrying values of each asset group. If this review indicates the carrying value might exceed fair value then an estimate of future cash flows for the remaining useful life of each property is prepared considering anticipated vacancy, lease rates, and any future capital expenditures. DEVELOPED PROPERTY RENTALS PURCHASE ACCOUNTING – Acquisitions of rental property, including any associated intangible assets, are measured at fair value at the date of acquisition. Any liabilities assumed or incurred are recorded at their fair value at the time of acquisition. The fair value of the acquired property is allocated between land and building (on an as-if vacant basis) based on management’s estimate of the fair value of those components for each type of property and to tenant improvements based on the depreciated replacement cost of the tenant improvements, which approximates their fair value. The fair value of the in-place leases is recorded as follows: · the fair value of leases in-place on the date of acquisition is based on absorption costs for the estimated lease-up period in which vacancy and foregone revenue are avoided due to the presence of the acquired leases; · the fair value of above and below-market in-place leases based on the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between contractual rent amounts to be paid under the assumed lease and the estimated market lease rates for the corresponding spaces over the remaining non-cancelable terms of the related leases; and · the fair value of intangible tenant or customer relationships. The Company’s determination of these fair values requires it to estimate market rents for each of the leases and make certain other assumptions. These estimates and assumptions affect the rental revenue, and depreciation and amortization expense recognized for these leases and associated intangible assets and liabilities. INVESTMENTS - The Company uses the equity method to account for its investment in Brooksville, in which it has a voting interest of 50% and has significant influence but does not have control. The Company also uses the equity method to account for its investment in BC FRP Realty, in which it has a voting interest of 50%. Under the equity method, the investment is originally recorded at cost and adjusted to recognize the Company’s share of net earnings or losses of the investee, limited to the extent of the Company’s investment in and advances to the investee and financial guarantees on behalf of the investee that create additional basis. The Company regularly monitors and evaluates the realizable value of its investments. When assessing an investment for an other-than-temporary decline in value, the Company considers such factors as, the performance of the investee in relation to its own operating targets and its business plan, the investee’s revenue and cost trends, as well as liquidity and cash position, and the outlook for the overall industry in which the investee operates. From time to time, the Company may consider third party evaluations or valuation reports. If events and circumstances indicate that a decline in the value of these assets has occurred and is other-than-temporary, the Company records a charge to investment income (expense). INCOME TAXES - Deferred tax assets and liabilities are recognized based on differences between financial statement and tax bases of assets and liabilities using presently enacted tax rates. Deferred income taxes result from temporary differences between pre-tax income reported in the financial statements and taxable income. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit. The second step is to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the amounts rely upon the determination of the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit, and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. It is the Company's policy to recognize as additional income tax expense the items of interest and penalties directly related to income taxes. STOCK BASED COMPENSATION – The Company accounts for compensation related to share based plans by recognizing the grant date fair value of stock options and other equity-based compensation issued to employees in its income statement over the requisite employee service period using the straight-line attribution model. In addition, compensation expense must be recognized for the change in fair value of any awards modified, repurchased or cancelled after the grant date. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model. The assumptions used in the model and current year impact are discussed in Note 9. PENSION PLAN - The Company accounts for its pension plan following the requirements of FASB ASC Topic 715, “Compensation – Retirement Benefits”, which requires an employer to: (a) recognize in its statement of financial position the funded status of a benefit plan; (b) measure defined benefit plan assets and obligations as of the end of the employer's fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise but are not recognized as components of net periodic benefit costs pursuant to prior existing guidance. EARNINGS PER COMMON SHARE - Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options and restricted stock. USE OF ESTIMATES - The preparation of financial statements in conformity with accounting principles generally accepted in the United State requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain accounting policies and estimates are of more significance in the financial statement preparation process than others. The most critical accounting policies and estimates include the economic useful lives of our mining reserves, property and equipment, provisions for uncollectible accounts receivable and collectibility of unrealized rents, estimates of exposures related to our insurance claims plans and environmental liabilities, and estimates for taxes. To the extent that actual, final outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates, earnings during that accounting period will be affected. ENVIRONMENTAL - Environmental expenditures that benefit future periods are capitalized. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded for the estimated amount of expected environmental assessments and/or remedial efforts. Estimation of such liabilities includes an assessment of engineering estimates, continually evolving governmental laws and standards, and potential involvement of other potentially responsible parties. COMPREHENSIVE INCOME – Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) refers to expenses, gains, and losses that are not included in net income, but rather are recorded directly in shareholders’ equity. RECENTLY ISSUED ACCOUNTING STANDARDS – In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. Lessors will account for leases using an approach that is substantially equivalent to existing accounting standards. The new standard will become effective for the Company beginning with the first quarter 2019 and requires a modified retrospective transition approach and includes a number of practical expedients. Early adoption of the standard is permitted. As the Company is primarily a lessor the adoption of this guidance is not expected to have a material impact on its financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” which replaces existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. Topic 606 applies to all contracts with customers except those that are within the scope of other topics in the FASB's accounting standards codification. As a result, Topic 606 does not apply to revenue from lease contracts until the adoption of the new leases standard, Topic 842, in January 2019. The majority of the Company's revenue originates from lease contracts and will be subject to Topic 842 to be adopted in January 2019. Upon the adoption of the new leases standard, certain recoveries from tenants may become subject to the revenue standard, which may have a different recognition pattern or presentation than under current GAAP. 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. 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 April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs”, which relates to the financial statement presentation of debt issuance costs. This guidance requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt liability rather than included in the asset deferred costs. The Company adopted this guidance as of October 1, 2016 with retrospective presentation. Unamortized debt issuance costs of $887,000 and $884,000 have been reclassified to offset the related debt as of September 30, 2016 and September 30, 2015, respectively. 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 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. This standard will 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.

Investments in Joint Ventures

Investments in Joint Ventures	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in Joint Ventures	2. Investments in Joint Ventures. 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 December 31, 2017 RiverFront Holdings I, LLC (1) — $ — — (2,019 ) (1,558 ) Brooksville Quarry, LLC 50.00 % 7,516 14,411 (80 ) (40 ) BC FRP Realty, LLC 50.00 % 5,890 15,027 — — Total $ 13,406 29,438 (2,099 ) (1,598 ) 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 September 30, 2016 RiverFront Holdings I, LLC 77.14 % $ 11,261 85,106 (1,193 ) (938 ) Brooksville Quarry, LLC 50.00 % 7,496 14,350 (80 ) (40 ) BC FRP Realty, LLC 50.00 % 5,097 10,573 — — Total $ 23,854 110,029 (1,273 ) (978 ) (1) The Company consolidated this joint venture effective July 1, 2017 (see Footnote 3). Balance Sheets at December 31, 2016 and September 30, 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 As of September 30, 2016 Riverfront Brooksville BCF FRP Holdings I, LLC Quarry, LLC Realty, LLC Total Cash $ 297 $ 35 $ 20 $ 352 Cash held in escrow 13 — — 13 Amortizable Debt Costs 1,179 — — 1,179 Investments in real estate, net 83,617 14,315 10,553 108,485 Total Assets $ 85,106 $ 14,350 $ 10,573 $ 110,029 Other Liabilities $ 5,140 $ 65 $ 17 $ 5,222 Long-term Debt 63,495 — — 63,495 Capital - FRP 11,261 7,496 5,097 23,854 Capital - Third Parties 5,210 6,789 5,459 17,458 Total Liabilities and Capital $ 85,106 $ 14,350 $ 10,573 $ 110,029 Income statements for the RiverFront Holdings I, LLC, prior to consolidation July 1, 2017 (in thousands): Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Revenues: Rental Revenue $ 3,053 759 127 — Revenue – Reimbursements 33 19 — — Total Revenues 3,086 778 127 — Cost of operations: Depreciation and amortization 1,958 819 258 — Operating expenses 1,096 562 741 108 Property taxes 459 199 41 — Total cost of operations 3,513 1,580 1,040 108 Total operating profit (427 ) (802 ) (913 ) (108 ) Interest expense (1,592 ) (644 ) (280 ) — Net loss of the Partnership $ (2,019 ) (1,446 ) (1,193 ) (108 ) The amount of consolidated retained earnings for these joint ventures was $(2,638,000), $(1,667,000), and $(990,000) as of December 31, 2017, December 31, 2016 and September 30, 2016 respectively.

Consolidation of RiverFront Inv

Consolidation of RiverFront Investment Partners I, LLC.	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Consolidation of RiverFront Investment Partners I, LLC.	3. Consolidation of RiverFront Investment Partners I, LLC. On March 30, 2012 the Company entered into a Contribution Agreement with MRP SE Waterfront Residential, LLC. (“MRP”) to form a joint venture to develop the first phase only of the four phase master development known as RiverFront on the Anacostia in Washington, D.C. The purpose of the Joint Venture is to develop and own an approximately 300,000 square foot residential apartment building (including approximately 18,000 square feet of retail) on approximately 2 acres of the roughly 5.82 acre site. The joint venture, RiverFront Investment Partners I, LLC (“RiverFront I”) was formed in June 2013 as contemplated. The Company contributed land with an agreed to value of $13,500,000 (cost basis of $6,165,000) and contributed cash of $4,866,000 to the Joint Venture for a 77.14% stake in the venture. MRP contributed capital of $5,553,000 to the joint venture including development costs paid prior to formation of the joint venture. Construction commenced in October 2014, first occupancy was in August 2016. The Company’s equity interest in the joint venture was previously accounted for under the equity method of accounting as MRP acts as the administrative agent of the joint venture and oversees and controls the day to day operations of the project. 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 (in thousands) 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

Spin-off

Spin-off	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Spin-off	4. Spin-off. On January 30, 2015, FRP Holdings, Inc. (Nasdaq GM: FRPH) (the “Company” or “FRP”) completed the spin-off of its transportation business into a new, separately traded public company - Patriot Transportation Holding, Inc. (Nasdaq GM: PATI) (“Patriot”) - resulting in FRP becoming a pure real estate company. As a result, the former transportation segment is reported as a discontinued operation without any corporate overhead allocation. Hence, all corporate overhead attributable to the transportation group through the date of the spin-off is included in “corporate expense” on the Company’s historical consolidated income statements. The results of operations associated with discontinued operations for fiscal 2015 were as follows (in thousands): Year ended September 30, 2015 Revenue $ 41,800 Cost of operations 38,195 Operating profit 3,605 Interest expense (33 ) Income before income taxes 3,572 Provision for income taxes 1,393 Income from discontinued operations $ 2,179

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	5. Related Party Transactions. The Company is a party to a Transition Services Agreement which resulted from our January 30, 2015 spin-off of Patriot Transportation Holding, Inc. (Patriot). The Transition Services Agreement sets forth the terms on which Patriot will provide to FRP certain services that were shared prior to the Spin-off, including the services of certain shared executive officers. The boards of the respective companies amended and extended this agreement for one year effective April 1, 2017. The consolidated statements of income reflect charges and/or allocation from Patriot for these services of $1,580,000, $377,000, $1,542,000 and $2,211,000 for fiscal 2017, the transition period, fiscal 2016 and 2015, respectively. Included in the charges above are amounts recognized for corporate executive stock-based compensation expense. These charges are reflected as part of corporate expenses. To determine these allocations between FRP and Patriot as set forth in the Transition Services Agreement, we generally employed the same methodology historically used by the Company pre Spin-off to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis as the terms were negotiated while Patriot was still a subsidiary of FRP. As a result of the Spin-off the former transportation segment of the Company is reported as a discontinued operation and thus is not allowed any corporate overhead allocation. Hence, all corporate overhead of the transportation group through the date of the Spin-off is included in “corporate expense” on the Company’s consolidated income statements. The consolidated statements of income reflect charges and/or allocation for these services of $1,081,000 for fiscal 2015.

Debt

Debt	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Debt	6. Debt. Debt at is summarized as follows (in thousands): Year ended Three months ended Year ended December 31, December 31, September 30, 2017 2016 2016 Revolving credit agreements $ — 6,665 6,807 5.6% to 7.9% mortgage notes due in installments through 2027 29,664 34,080 35,125 Riverfront permanent loan 88,653 — — 118,317 40,745 41,932 Less portion due within one year 4,463 4,526 4,455 $ 113,854 36,219 37,477 The aggregate amount of principal payments, excluding the revolving credit, due subsequent to December 31, 2017 is: 2018 - $4,463,000; 2019 – $3,908,000; 2020 - $3,701,000; 2021 - $3,456,000; 2022 - $4,177,000 and subsequent years - $98,612,000. The non-recourse fully amortizing mortgage notes payable are collateralized by real estate having a carrying value of approximately $186,181,000 at December 31, 2017. 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 December 31, 2017, there was no debt outstanding on the revolver, $2,297,000 outstanding under letters of credit and $17,703,000 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 December 31, 2017, the tangible net worth covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum of $86.3 million combined. The Company was in compliance with all covenants as of December 31, 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 December 31, 2017, there was no debt outstanding on the revolver and $20,000,000 available for borrowing. The second facility is a $20 million ten year term loan secured by to-be-determined collateral from our current pool of unencumbered warehouse/office properties. 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. 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. The interest rate on the loan through the initial maturity date is based on the 2.35% over one month LIBOR. This loan was paid in full on November 17, 2017. Also 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 were 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. Due to the mandatory redemption requirements associated with the EB5 financing arrangement, the related investment was classified as a liability on the balance sheets. EB5 was paid in full on November 17, 2017. Subsequent to the repayment of the investment return, EB5 is no longer a partner in the Dock 79. A prepayment penalty of $440,000 and the remaining deferred loan costs of $714,000 were recorded into interest expense in the quarter ending December 31, 2017. On November 17, 2017, Dock 79’s construction loan and EB5 investment were refinanced by borrowing a principal sum of $90,000,000 pursuant to a Loan Agreement and Deed of Trust Note entered into with EagleBank ("Loan Documents"). The loan is secured by the Dock 79 real property and improvements, bears a fixed interest rate of 4.125% per annum and has a term of 120 months. During the first 48 months of the loan term, the Joint Venture will make monthly payments of interest only, and thereafter, make monthly payments of principal and interest in equal installments based upon a 30-year amortization period. The loan is a non-recourse loan. However, all amounts due under the Loan Documents will become immediately due upon an event of default by the Joint Venture, such events including, without limitation, Joint Venture's (i) failure to: pay, permit inspections or observe covenants under the Loan Documents, (ii) breach of representations made under the Loan Documents (iii) voluntary or involuntary bankruptcy, and (iv) dissolution, or the dissolution of the guarantor. MidAtlantic Realty Partners, LLC, an affiliate of MRP, has executed a carve-out guaranty in connection with the loan. During fiscal 2017, the transition period, fiscal 2016 and 2015 the Company capitalized interest costs of$1,026,000, $328,000, $1,086,000, and $1,041,000, respectively. In January 2015 the Company prepaid the $1,314,000 remaining principal balance on 8.55% and 7.95% mortgages. The prepayment penalty of $116,000 is included in interest expense. The remaining deferred loan costs of $15,000 were also included in interest expense.

Leases

Leases	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Leases	7. Leases. At December 31, 2017, the total carrying value of property owned by the Company which is leased or held for lease to others is summarized as follows (in thousands): Construction aggregates property $ 35,294 Commercial property 440,083 475,377 less accumulated depreciation and depletion 93,581 $ 381,796 The minimum future straight-lined rentals due the Company on noncancelable leases as of December 31, 2017 are as follows: 2018 - $33,347,000; 2019 - $26,118,000; 2020 - $21,938,000; 2021 - $18,400,000; 2022 - $15,058,000; 2023 and subsequent years $56,149,000.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	8. Earnings per Share. The following details the computations of the basic and diluted earnings per common share ( in thousands, except per share amounts): Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Common shares: Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,975 9,879 9,846 9,756 Common shares issuable under share based payment plans which are potentially dilutive 65 44 44 71 Common shares used for diluted earnings per common share 10,040 9,923 9,890 9,827 Income from continuing operations $ 41,750 1,682 12,024 6,093 Discontinued operations — — — 2,179 Net income attributable to the Company $ 41,750 1,682 12,024 8,272 Basic earnings per common share: Income from continuing operations $ 4.19 0.17 1.22 0.62 Discontinued operations — — — 0.23 Net income attributable to the Company $ 4.19 0.17 1.22 0.85 Diluted earnings per common share Income from continuing operations $ 4.16 0.17 1.22 0.62 Discontinued operations — — — 0.22 Net income attributable to the Company $ 4.16 0.17 1.22 0.84 For 2017, the transition period, 2016, and 2015, 48,122, 61,640, 72,090, and 56,110 shares, respectively, attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	9. Stock-Based Compensation Plans. The Company has two Stock Option Plans (the 2006 Stock Incentive Plan and the 2016 Equity Incentive Option Plan) under which options for shares of common stock were granted to directors, officers and key employees. The 2016 plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, or stock awards. The options awarded under the plans have similar characteristics. All stock options are non-qualified and expire ten years from the date of grant. Stock based compensation awarded to directors, officers and employees are exercisable immediately or become exercisable in cumulative installments of 20% or 25% at the end of each year following the date of grant. When stock options are exercised the Company issues new shares after receipt of exercise proceeds and taxes due, if any, from the grantee. The number of common shares available for future issuance was 544,217 at December 31, 2017. 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 32% and 43%, risk-free interest rate of .6% to 4.2% and expected life of 3.0 to 7.0 years. The dividend yield of zero is based on the fact that the Company does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility is estimated based on the Company’s historical experience over a period equivalent to the expected life in years. The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the expected life of the options granted. The expected life calculation is based on the observed and expected time to exercise options by the employees. As a result of the Spin-off and pursuant to the Employee Matters Agreement, we made certain adjustments to the exercise price and number of outstanding FRP stock options. All outstanding options held by the Company directors, Company officers and key employees on January 30, 2015 were cancelled and replaced by an equal number of FRP options at 75.14% of the previous exercise price based upon the market value of FRP less the when issued market value of the Company on that day. For FRP officers additional options were issued rather than issuing Patriot options for the 24.86% market value attributed to Patriot. The adjusted stock options are subject to the same vesting conditions and other terms that applied to the original FRP award immediately prior to the Spin-off, except as otherwise described above. Subsequent to Spin-off, the realized tax benefit pertaining to options exercised and the remaining compensation cost of options previously granted prior to the Spin-off will be recognized by FRP or Patriot based on the employment location of the related employee or director. 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 statement of income (in thousands): Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Stock option grants $ 268 79 166 267 Annual director stock award 445 — 412 536 $ 713 79 578 803 A summary of changes in outstanding options is presented below (in thousands, except share and per share amounts): Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value(000's) Outstanding at October 1, 2014 326,830 $ 25.43 5.0 $ 3,481 Spin-off adjustment $ (865 ) Spin-off conversion 17,795 $ 20.63 $ 155 Granted 39,425 $ 26.97 $ 432 Forfeited (6,000 ) $ 14.97 $ (35 ) Exercised (72,300 ) $ 13.31 $ (430 ) Outstanding at September 30, 2015 305,750 $ 21.90 5.9 $ 2,738 Granted 21,540 $ 31.15 $ 272 Exercised (63,730 ) $ 18.39 $ (471 ) Outstanding at September 30, 2016 263,560 $ 23.50 5.6 $ 2,539 Granted 19,600 $ 39.00 $ 297 Exercised (46,775 ) $ 20.66 $ (396 ) Outstanding at December 31, 2016 236,385 $ 25.35 6.1 $ 2,440 Granted 30,255 $ 43.45 $ 440 Modification — $ 30.21 $ (137 ) Exercised (92,130 ) $ 24.93 $ (842 ) Outstanding at December 31, 2017 174,510 $ 28.70 6.0 $ 1,901 Exercisable at December 31, 2017 129,916 $ 25.66 5.1 $ 1,223 Vested during twelve months ended December 31, 2017 41,810 $ 405 The following table summarizes information concerning stock options outstanding at December 31, 2017: Shares Weighted Weighted Range of Exercise under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $24.76 - $37.25 7,084 26.97 6.9 $37.26 - $41.39 37,510 39.59 9.0 44,594 $ 37.58 8.7 Years Exercisable: $16.51 - $24.75 14,100 16.72 3.9 $24.76 - $37.25 73,928 22.06 3.9 $37.26 - $41.39 41,888 35.01 7.6 129,916 $ 25.66 5.1 Years Total 174,510 $ 28.70 6.0 Years The aggregate intrinsic value of exercisable in-the-money options was $2,418,000 and the aggregate intrinsic value of outstanding in-the-money options was $2,719,000 based on the market closing price of $44.25 on December 29, 2017 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of December 31, 2017 was $583,000, which is expected to be recognized over a weighted-average period of 4.1 years. Gains of $1,634,000 were realized by option holders during the year ended December 31, 2017. Patriot realized the tax benefits of $1,525,000 of these gains because these options were exercised by Patriot employees for options granted prior to the spin-off.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes. Fourth quarter 2017 net income included $12,043,000, or $1.20 per share, due to a deferred tax benefit resulting from revaluing the company’s net deferred tax liabilities per the Tax Cuts and Jobs Act of 2017. The company’s net deferred tax liability was reduced as a result of the lower corporate income tax rates applicable to the Company going forward. The adjustment included $209,000 from reducing the effective tax rate for 2017 from 39.5% to 39.07% as a result of not being required to add to deferred taxes in anticipation of future taxable income in excess of $10 million where the federal rate increases from 34% to 35%. Our tax rate including the effect of state income taxes, but not including excess tax benefits from stock option exercises, is projected to decrease from 39.07% to 27.05% starting in 2018. Income tax expense may differ from the above estimate, possibly materially, due to, changes in interpretations of the Tax Act or related accounting guidance, the projected deferred tax changes for fiscal 2018, and projected effective state tax rates. We currently anticipate finalizing and recording any resulting adjustments by the end of our current fiscal year ending December 31, 2018. The provision for income taxes for continuing operations consists of the following (in thousands): Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Current: Federal $ (1,763 ) 693 4,807 1,803 State (429 ) 185 1,165 524 (2,192 ) 878 5,972 2,327 Deferred 9,521 19 1,879 1,568 Total $ 7,329 897 7,851 3,895 A reconciliation between the amount of tax shown above and the amount computed at the statutory Federal income tax rate follows (in thousands): Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Amount computed at statutory Federal rate $ 16,723 777 6,797 3,396 State income taxes (net of Federal income tax benefit) 2,476 115 1,002 504 Tax Cut and Jobs Act of 2017 (11,834 ) — — — Other, net (36 ) 5 52 (5 ) Provision for income taxes $ 7,329 897 7,851 3,895 In this reconciliation, the category “Other, net” consists of changes in unrecognized tax benefits, permanent tax differences related to non-deductible expenses, special tax rates and tax credits, interest and penalties, and adjustments to prior year estimates. The types of temporary differences and their related tax effects that give rise to deferred tax assets and deferred tax liabilities are presented below (in thousands): As of As of As of December 31, December 31, September 30, 2017 2016 2016 Deferred tax liabilities: Property and equipment $ 25,212 15,127 15,197 Depletion 660 776 526 Unrealized rents 1,166 1,786 1,823 Prepaid expenses 431 763 913 Gross deferred tax liabilities 27,469 18,452 18,459 Deferred tax assets: Employee benefits and other 1,487 1,997 2,023 Gross deferred tax assets 1,487 1,997 2,023 Net deferred tax liability $ 25,982 16,455 16,436 The Company has no unrecognized tax benefits. FRP tax returns in the U.S. and various states that include the Company are subject to audit by taxing authorities. As of December 31, 2017, the earliest tax year that remains open for audit in the Unites States is 2012.

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2017
Retirement Benefits [Abstract]
Employee Benefits	11. Employee Benefits. The Company and certain subsidiaries have a savings/profit sharing plan for the benefit of qualified employees. The savings feature of the plan incorporates the provisions of Section 401(k) of the Internal Revenue Code under which an eligible employee may elect to save a portion (within limits) of their compensation on a tax deferred basis. The Company contributes to a participant’s account an amount equal to 50% (with certain limits) of the participant’s contribution. Additionally, the Company may make an annual discretionary contribution to the plan as determined by the Board of Directors, with certain limitations. The plan provides for deferred vesting with benefits payable upon retirement or earlier termination of employment. The Company’s cost was $54,000 in fiscal 2017, $16,000 in the transition period, $51,000 in fiscal 2016 and $45,000 in fiscal 2015. The Company has a defined benefit pension plan, the Management Security Plan (MSP) for certain officers and key employees. The accruals for future benefits are based upon the remaining years to retirement of the participating employees and other actuarial assumptions. Life insurance on the lives of one of the participants has been purchased to partially fund this benefit and the Company is the owner and beneficiary of that policy. The expense for fiscal 2017, the transition period, fiscal 2016 and 2015 was $12,000, $13,000, $161,000 and $163,000, respectively. The accrued benefit under this plan as of December 31, 2017, December 31, 2016 and September 30, 2016 was $1,457,000, $1,475,000 and $1,485,000 respectively.

Business Segments

Business Segments	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Business Segments	12. Business Segments. The Company is reporting its financial performance based on four reportable segments, Asset Management, Mining Royalty Lands, Land Development and Construction and RiverFront on the Anacostia, as described below. The Asset Management segment owns, leases and manages warehouse/office buildings located predominately in the Baltimore/Northern Virginia/Washington, DC market area. Our Mining Royalty Lands segment 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. Subsequent to the Spin-off, the Company is receiving certain services from Patriot (e.g. executive oversight, accounting, information technology and human resource services) which are billed to the Company on a monthly basis in accordance with the Transition Services Agreement entered into and made effective as of the date of the Spin-off. As was the case prior to the Spin-off, these costs (excluding stock compensation) are included in the Company’s corporate expense and are fully allocated to the business segments. Certain other corporate expenses (primarily stock compensation, corporate aircraft and one-time Spin-off related expenses) are reported as “unallocated” on the Company’s consolidated income statement and are not allocated to any business segment. As a result of the Spin-off the former transportation segment of the Company is reported as a discontinued operation and thus is not allowed any corporate overhead allocation. Hence, all corporate overhead of the transportation group through the date of the Spin-off is included in “corporate expense” on the Company’s consolidated income statements herein. Reclassifications to the appropriate prior period line items and amounts have been made to be comparable to the current presentation. Operating results and certain other financial data for the Company’s business segments are as follows (in thousands): Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Revenues: Asset management $ 29,873 7,321 28,739 27,570 Mining royalty lands 7,241 1,880 7,533 6,094 Land development and construction 1,230 311 1,185 982 RiverFront on the Anacostia 4,847 — — — $ 43,191 9,512 37,457 34,646 Operating profit: Before corporate expenses: Asset management $ 13,799 3,509 13,374 13,288 Mining royalty lands 6,732 1,750 7,029 5,478 Land development and construction (1,528 ) (400 ) (940 ) (2,197 ) RiverFront on the Anacostia (2,018 ) — — — Corporate expenses: Allocated to asset management (1,917 ) (485 ) (1,591 ) (1,248 ) Allocated to mining royalty (167 ) (42 ) (231 ) (1,322 ) Allocated to land development and construction (1,231 ) (328 ) (1,258 ) (737 ) Allocated to RiverFront on the Anacostia (65 ) — — — Unallocated to discontinued operations — — — (1,081 ) (3,380 ) (855 ) (3,080 ) (4,388 ) $ 13,605 4,004 16,383 12,181 Interest expense: Asset management $ 1,340 306 1,561 2,014 RiverFront on the Anacostia 2,983 — — — $ 4,323 306 1,561 2,014 Depreciation, depletion and amortization: Asset management $ 8,110 2,005 7,689 6,963 Mining royalty lands 110 35 104 133 Land development and construction 337 55 258 282 RiverFront on the Anacostia 4,975 — — — $ 13,532 2,095 8,051 7,378 Capital expenditures: Asset management $ 6,913 1,199 20,747 2,408 Mining royalty lands — 2 205 — Land development and construction 8,840 4,206 6,602 4,085 RiverFront on the Anacostia 857 — — — $ 16,610 5,407 27,554 6,493 Identifiable net assets at end of period: Asset management $ 179,654 169,736 170,562 151,023 Mining royalty lands 38,656 39,259 39,570 39,300 Land development and construction 46,684 57,126 54,157 60,682 RiverFront on the Anacostia 144,386 — — — Cash items 4,524 — — 419 Unallocated corporate assets 4,830 439 500 1,054 $ 418,734 266,560 264,789 252,478

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	13. Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs are those that are unobservable and significant to the overall fair value measurement. As of December 31, 2017 the Company had no assets or liabilities measured at fair value on a recurring or non-recurring basis. At December 31, 2017, December 31, 2016 and September 30, 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 December 31, 2017, the carrying amount and fair value of such other long-term debt was $118,317,000 and $122,271,000, 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. At September 30, 2016, the carrying amount and fair value of such other long-term debt was $41,932,000 and $46,216,000, respectively.

Contingent Liabilities

Contingent Liabilities	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Contingent Liabilities	14. Contingent Liabilities. Certain of the Company’s subsidiaries are involved in litigation on a number of matters and are subject to certain claims which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. The liability at any point in time depends upon the relative ages and amounts of the individual open claims. In the opinion of management, none of these matters are expected to have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. Preliminary testing on the site of the Company's four phase master development known as RiverFront on the Anacostia in Washington, D.C. indicated the presence of contaminated material that will have to be specially handled upon excavation in conjunction with construction. The Company 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.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments	15. Commitments. The Company, at December 31, 2017, had entered into various contracts to develop real estate with remaining commitments totaling $2,677,000.

Concentrations

Concentrations	12 Months Ended
	Dec. 31, 2017
Risks and Uncertainties [Abstract]
Concentrations	16. Concentrations. One tenant accounts for 10% of the Company’s consolidated revenues during 2017. The mining royalty lands segment has a total of four tenants currently leasing mining locations and one lessee that accounted for 13.6% of the Company’s consolidated revenues during 2017 and $190,000 of accounts receivable at December 31, 2017. The termination of these lessees’ underlying leases could have a material adverse effect on the Company. The Company places its cash and cash equivalents with First Tennessee Bank. At times, such amounts may exceed FDIC limits.

Unusual or Infrequent Items Imp

Unusual or Infrequent Items Impacting Quarterly Results	12 Months Ended
	Dec. 31, 2017
Unusual or Infrequent Items, or Both [Abstract]
Unusual or Infrequent Items Impacting Quarterly Results	17. Unusual or Infrequent Items Impacting Quarterly Results. In January 2015 the Company prepaid the $1,314,000 remaining principal balance on 8.55% and 7.95% mortgages. The prepayment penalty of $116,000 is included in interest expense. The remaining deferred loan costs of $15,000 were also included in interest expense. Costs of operations for the land development and construction segment for the quarter ending December 31, 2015 includes a $3,000,000 positive benefit from settlement of environmental claims against our former tenant at the Riverfront on the Anacostia property (see Note 14). Gain on investment land sold for the quarter ending December 31, 2015 includes $6,277,000 gain on the sale of phase 2 of Windlass Run residential property. Costs of operations for the land development and construction segment for the quarter ending June 30, 2016 includes a $2,000,000 expense for estimated environmental remediation liability on Phase II of the Riverfront on the Anacostia property (see Note 14). On July 1, 2017, the Company consolidated the assets (at fair value), liabilities and operating results of the Dock 79 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. The construction financing for Dock 79 was refinanced and a prepayment penalty of $440,000 and the remaining deferred loan costs of $714,000 were recorded into interest expense in the quarter ending December 31, 2017. Fourth quarter 2017 net income included $12,043,000, or $1.20 per share, due to a deferred tax benefit resulting from revaluing the company’s net deferred tax liabilities per the Tax Cuts and Jobs Act of 2017.

Real Estate Business Park Acqui

Real Estate Business Park Acquisitions	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Real Estate Business Park Acquisitions	18. Real Estate Business Park Acquisitions. The Company has allocated the purchase price of the property acquisitions based upon the fair value of the assets acquired, consisting of land, buildings and intangible assets, including in-place leases and below market leases. These deferred leasing intangible assets are recorded within Deferred Costs and Deferred lease intangible, net in the consolidated balance sheets. The value of the in-place lease intangibles will be amortized to amortization expense over the remaining lease terms. The fair value assigned pertaining to the above market in-place leases values are amortized as a reduction to rental revenue, and the below market in-place lease values are amortized as an increase to rental revenue over the remaining non-cancelable terms of the respective leases. PORT CAPITAL PROPERTY - In-place Leases Initial Values $ 1,126 Annual Amortization: 2016 $ 104 3 months ended December 31, 2016 28 2017 114 2018 114 2019 114 2020 114 2021 114 2022 114 GILROY ROAD PROPERTY – In-place Leases Initial Values $ 277 Annual Amortization: 2016 $ 55 3 months ended December 31, 2016 55 2017 167 DOCK 79 – In-place Leases Initial Values $ 4,727 Annual Amortization: 2017 $ 2,501 2018 2,201 2019 25

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
[us-gaap:IntangibleAssetsDisclosureTextBlock]	19. Intangible Assets. The Company reviews intangible assets for impairment, whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of long-lived assets is measured by a comparison of the carrying amount of the asset group to the future undiscounted net cash flows expected to be generated by those assets. If such assets are considered to be impaired, the impairment charge recognized is the amount by which the carrying amounts of the assets exceeds the fair value of the assets. The gross amounts and accumulated amortization of identifiable intangible assets are as follows (in thousands): December 31, 2017 December 31, 2016 September 30, 2016 Gross Accumulated Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amount Amortization Amortizable intangible assets: In-place leases (useful life 7-8 years) $ 7,515 4,206 2,788 1,300 2,788 1,175 Above Market leases (useful life 5 years) 48 27 48 24 48 23 $ 7,563 4,233 2,836 1,324 2,836 1,198 December 31, 2017 December 31, 2016 September 30, 2016 Gross Accumulated Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amount Amortization Amortizable intangible liabilities: Below Market leases (useful life 4-5 years) $ 220 220 220 211 220 206 $ 220 220 220 211 220 206

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION - FRP Holdings, Inc. (“FRP” or the “Company”) is a holding company engaged in the real estate business, namely (i) warehouse/office building ownership, leasing and management, (ii) mining royalty land ownership and leasing, (iii) land acquisition, entitlement and development primarily for future warehouse/office building construction, and (iv) leasing and management of a residential apartment building. On January 30, 2015, FRP completed the tax-free Spin-off (“Spin-off”) of its transportation business into a new, separately traded public company, Patriot Transportation Holding, Inc. (Nasdaq GM: PATI) (“Patriot”). In the Spin-off, FRP distributed all of the outstanding stock of Patriot to FRP's shareholders as of the record date of January 9, 2015. FRP’s shareholders received one share of Patriot for every three shares of FRP owned on the record date. Patriot now is an independent, publicly traded company, and FRP retains no ownership in Patriot. The Company retained the real estate business, which is now the sole business of the Company. See Note 4, regarding more information regarding the spin-off. FRP Holdings, Inc. was incorporated on April 22, 2014 in connection with a corporate reorganization that preceded the Spin-off. The Company’s successor issuer was formed on July 20, 1998. The business of the Company is conducted through our wholly-owned subsidiaries FRP Maryland, Inc., a Maryland corporation, FRP Development Corp., a Maryland corporation and Florida Rock Properties, Inc., a Florida corporation, and the various subsidiaries of each. On December 19, 2016, the Executive Committee of the Board of Directors approved the change in the Company’s fiscal year end from September 30 to December 31. The quarter ending December 31, 2016 was a transition period.
Consolidation	CONSOLIDATION - The consolidated financial statements include the accounts of the Company 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 2). All significant intercompany transactions have been eliminated in consolidation. 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. Subsequent to the July 1, 2017 consolidation, 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.
Cash and Cash Equivalents	CASH AND CASH EQUIVALENTS - The Company considers all highly liquid debt instruments with maturities of three months or less at time of purchase to be cash equivalents. Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right of offset.
Revenue and Expense Recognition	REVENUE AND EXPENSE RECOGNITION - Real estate rental revenue and mining royalties are generally recognized when earned under the leases and are considered collectable. Rental income from leases with scheduled increases or other incentives during their term is recognized on a straight-line basis over the term of the lease. Reimbursements of expenses, when provided in the lease, are recognized in the period that the expenses are incurred. Sales of real estate are recognized when the collection of the sales price is reasonably assured and when the Company has fulfilled substantially all of its obligations, which are typically as of the closing date. Accounts receivable are recorded net of discounts and provisions for estimated allowances. We estimate allowances on an ongoing basis by considering historical and current trends. We record estimated bad debts expense as part of operating expenses. We estimate the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment. Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms.
Property and Equipment	PROPERTY AND EQUIPMENT - Property and equipment is recorded at cost less accumulated depreciation and depletion. Provision for depreciation of property, plant and equipment is computed using the straight-line method based on the following estimated useful lives: Years Building and improvements 3-39 Depletion of sand and stone deposits is computed on the basis of units of production in relation to estimated reserves. Reserve estimates are periodically adjusted based upon surveys. The Company recorded depreciation and depletion expenses for fiscal year 2017, the transition period, fiscal year 2016 and fiscal year 2015 of $9,781,000, $1,778,000, $6,809,000, and $6,195,000, respectively. All direct and indirect costs, including interest and real estate taxes, associated with the development, construction, leasing or expansion of real estate investments are capitalized as a cost of the property. Included in indirect costs is an allocation of internal costs associated with development of real estate investments. The cost of routine repairs and maintenance to property and equipment is expensed as incurred.
Impairment of Long-Lived assets	IMPAIRMENT OF LONG-LIVED ASSETS – The Company reviews its long-lived assets, which include property and equipment and purchased intangible assets subject to amortization for potential impairment annually or whenever events or circumstances indicate the carrying amount of a long-lived asset may not be recoverable. This review consists of comparing cap rates on recent cash flows and market value estimates to the carrying values of each asset group. If this review indicates the carrying value might exceed fair value then an estimate of future cash flows for the remaining useful life of each property is prepared considering anticipated vacancy, lease rates, and any future capital expenditures.
Developed Property Rentals Purchase Accounting	DEVELOPED PROPERTY RENTALS PURCHASE ACCOUNTING – Acquisitions of rental property, including any associated intangible assets, are measured at fair value at the date of acquisition. Any liabilities assumed or incurred are recorded at their fair value at the time of acquisition. The fair value of the acquired property is allocated between land and building (on an as-if vacant basis) based on management’s estimate of the fair value of those components for each type of property and to tenant improvements based on the depreciated replacement cost of the tenant improvements, which approximates their fair value. The fair value of the in-place leases is recorded as follows: · the fair value of leases in-place on the date of acquisition is based on absorption costs for the estimated lease-up period in which vacancy and foregone revenue are avoided due to the presence of the acquired leases; · the fair value of above and below-market in-place leases based on the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between contractual rent amounts to be paid under the assumed lease and the estimated market lease rates for the corresponding spaces over the remaining non-cancelable terms of the related leases; and · the fair value of intangible tenant or customer relationships. The Company’s determination of these fair values requires it to estimate market rents for each of the leases and make certain other assumptions. These estimates and assumptions affect the rental revenue, and depreciation and amortization expense recognized for these leases and associated intangible assets and liabilities.
Investments	INVESTMENTS - The Company uses the equity method to account for its investment in Brooksville, in which it has a voting interest of 50% and has significant influence but does not have control. The Company also uses the equity method to account for its investment in BC FRP Realty, in which it has a voting interest of 50%. Under the equity method, the investment is originally recorded at cost and adjusted to recognize the Company’s share of net earnings or losses of the investee, limited to the extent of the Company’s investment in and advances to the investee and financial guarantees on behalf of the investee that create additional basis. The Company regularly monitors and evaluates the realizable value of its investments. When assessing an investment for an other-than-temporary decline in value, the Company considers such factors as, the performance of the investee in relation to its own operating targets and its business plan, the investee’s revenue and cost trends, as well as liquidity and cash position, and the outlook for the overall industry in which the investee operates. From time to time, the Company may consider third party evaluations or valuation reports. If events and circumstances indicate that a decline in the value of these assets has occurred and is other-than-temporary, the Company records a charge to investment income (expense).
Income Taxes	INCOME TAXES - Deferred tax assets and liabilities are recognized based on differences between financial statement and tax bases of assets and liabilities using presently enacted tax rates. Deferred income taxes result from temporary differences between pre-tax income reported in the financial statements and taxable income. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit. The second step is to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the amounts rely upon the determination of the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit, and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. It is the Company's policy to recognize as additional income tax expense the items of interest and penalties directly related to income taxes.
Stock Based Compensation	STOCK BASED COMPENSATION – The Company accounts for compensation related to share based plans by recognizing the grant date fair value of stock options and other equity-based compensation issued to employees in its income statement over the requisite employee service period using the straight-line attribution model. In addition, compensation expense must be recognized for the change in fair value of any awards modified, repurchased or cancelled after the grant date. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model. The assumptions used in the model and current year impact are discussed in Note 9.
Pension Plan	PENSION PLAN - The Company accounts for its pension plan following the requirements of FASB ASC Topic 715, “Compensation – Retirement Benefits”, which requires an employer to: (a) recognize in its statement of financial position the funded status of a benefit plan; (b) measure defined benefit plan assets and obligations as of the end of the employer's fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise but are not recognized as components of net periodic benefit costs pursuant to prior existing guidance.
Earnings Per Common Share	EARNINGS PER COMMON SHARE - Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options and restricted stock.
Use of Estimates	USE OF ESTIMATES - The preparation of financial statements in conformity with accounting principles generally accepted in the United State requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain accounting policies and estimates are of more significance in the financial statement preparation process than others. The most critical accounting policies and estimates include the economic useful lives of our mining reserves, property and equipment, provisions for uncollectible accounts receivable and collectibility of unrealized rents, estimates of exposures related to our insurance claims plans and environmental liabilities, and estimates for taxes. To the extent that actual, final outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates, earnings during that accounting period will be affected.
Environmental	ENVIRONMENTAL - Environmental expenditures that benefit future periods are capitalized. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded for the estimated amount of expected environmental assessments and/or remedial efforts. Estimation of such liabilities includes an assessment of engineering estimates, continually evolving governmental laws and standards, and potential involvement of other potentially responsible parties.
Comprehensive Income	COMPREHENSIVE INCOME – Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) refers to expenses, gains, and losses that are not included in net income, but rather are recorded directly in shareholders’ equity.
Recently Issued Accounting Standards	RECENTLY ISSUED ACCOUNTING STANDARDS – In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. Lessors will account for leases using an approach that is substantially equivalent to existing accounting standards. The new standard will become effective for the Company beginning with the first quarter 2019 and requires a modified retrospective transition approach and includes a number of practical expedients. Early adoption of the standard is permitted. As the Company is primarily a lessor the adoption of this guidance is not expected to have a material impact on its financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” which replaces existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. Topic 606 applies to all contracts with customers except those that are within the scope of other topics in the FASB's accounting standards codification. As a result, Topic 606 does not apply to revenue from lease contracts until the adoption of the new leases standard, Topic 842, in January 2019. The majority of the Company's revenue originates from lease contracts and will be subject to Topic 842 to be adopted in January 2019. Upon the adoption of the new leases standard, certain recoveries from tenants may become subject to the revenue standard, which may have a different recognition pattern or presentation than under current GAAP. 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. 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 April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs”, which relates to the financial statement presentation of debt issuance costs. This guidance requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt liability rather than included in the asset deferred costs. The Company adopted this guidance as of October 1, 2016 with retrospective presentation. Unamortized debt issuance costs of $887,000 and $884,000 have been reclassified to offset the related debt as of September 30, 2016 and September 30, 2015, respectively. 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 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. This standard will 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.

Consolidated Real Estate and 29

Consolidated Real Estate and Accumulated Depreciation and Depletion (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Schedule III Real Estate and Accumulated Depreciation and Depletion	FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED)-REAL ESTATE & ACCUMULATED DEPRECIATION AND DEPLETION DECEMBER 31, 2017 County Encumb- rances Initial cost to Company Cost capitalized subsequent to acquisition Gross amount at which carried at end of period (a) Accumulated Depreciation & Depletion Year Of Constr- uction Date Acquired Depreciation Life Computed on: Mining Royalty Lands Alachua, FL $ 1,442 $ 0 $ 1,442 $ 166 n/a 4/86 unit Clayton, GA 369 0 369 5 n/a 4/86 unit Fayette, GA 685 200 885 83 n/a 4/86 unit Lake, FL 402 0 402 158 n/a 4/86 unit Lake, FL 1,083 0 1,083 986 n/a 4/86 unit Lake Louisa, FL 11,039 0 11,039 0 n/a 5/12 unit Lee, FL 4,690 13 4,703 11 n/a 4/86 unit Monroe, GA 792 0 792 292 n/a 4/86 unit Muscogee, GA 369 (45 ) 324 324 n/a 4/86 unit Prince William, VA 298 0 298 298 n/a 4/86 unit Putnam, FL 15,002 37 15,039 4,618 n/a 4/86 Unit Putnam, FL 302 (2 ) 300 283 n/a 4/86 5 yr. Spalding, GA 20 0 20 0 n/a 4/86 n/a Marion, FL 1,180 4 1,184 599 n/a 4/86 Unit Investment Property 1,629 (101 ) 1,528 697 n/a 4/86 n/a 0 39,302 106 39,408 8,520 Asset Management Properties Baltimore, MD 1,551 439 4,814 5,253 3,032 1990 10/89 39 yr. Baltimore, MD 3,004 950 7,727 8,677 5,136 1994 12/91 39 yr. Baltimore, MD 720 690 3,355 4,045 1,648 2000 07/99 39 yr. Baltimore, MD 0 1,435 4,259 5,694 1,304 2008 12/02 39 yr. Baltimore, MD 0 4,309 310 4,619 423 1999 06/14 39 yr. Baltimore, MD 0 8,412 1,026 9,438 351 1967 06/16 39 yr. Baltimore City, MD 4,305 6,094 12,790 18,884 1,708 2016 12/10 39 yr. Baltimore City, MD 0 7,442 2,051 9,493 1,522 1990 6/13 39 yr. Duval, FL 0 2,416 541 2,957 2,797 n/a 4/86 25 yr. Harford, MD 145 31 3,830 3,861 2,288 1998 8/95 39 yr. Harford, MD 873 50 5,709 5,759 2,745 1999 8/95 39 yr. Harford, MD 2,093 85 7,187 7,272 3,876 2001 8/95 39 yr. Harford, MD 1,809 88 10,167 10,255 4,668 2007 8/95 39 yr. Harford, MD 1,191 155 13,049 13,203 4,880 2009 8/95 39 yr. Howard, MD 0 2,859 5,513 8,372 4,627 1996 9/88 39 yr. Howard, MD 651 2,473 1,043 3,516 1,577 2000 3/00 39 yr. Elkridge, MD 0 8,920 63 8,983 844 1974 10/16 39 yr. Anne Arundel, MD 7,473 715 9,515 10,230 6,220 1989 9/88 39 yr. Anne Arundel, MD 3,486 950 14,285 15,235 5,707 2003 5/98 39 yr. Anne Arundel, MD 0 1,525 10,800 12,325 4,143 2005 8/04 39 yr. Anne Arundel, MD 3,097 737 5,440 6,177 2,137 2006 1/03 39 yr. Anne Arundel, MD 0 666 10,642 11,308 3,273 2012 7/07 39 yr. Norfolk, VA 0 7,512 40 7,552 2,946 2004 10/04 39 yr. Prince William, VA 0 10,442 39,553 49,995 4,176 2017 12/05 39 yr. Newcastle Co., DE 0 11,559 3,657 15,216 5,285 2004 4/04 39 yr. 30,398 80,954 177,365 258,319 77,313 Land Development and Construction Properties Carroll, MD 0 4,720 2,479 7,199 0 n/a 3/08 n/a Harford, MD 0 92 1,600 1,692 0 n/a 8/95 n/a Washington D.C. 0 2,957 10,679 13,636 3,044 n/a 4/86 15 yr. Washington D.C. 0 3,811 4,644 8,455 137 n/a 10/97 n/a 0 11,580 19,402 30,982 3,181 Residential Rental Properties Washington D.C. 90,000 6,165 142,031 148,196 5,264 2016 07/17 39 yr. GRAND TOTALS $ 120,398 $ 138,001 $ 338,904 $ 476,905 $ 94,278 (a) The aggregate cost for Federal income tax purposes is $378,255 .
Real Estate and Accumulated Depreciation and Depletion	FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION AND DEPLETION (In thousands) Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Gross Carrying Cost of Real Estate: Balance at beginning of period $ 313,137 307,473 292,528 286,671 Additions during period: Amounts capitalized 163,879 5,664 27,439 6,063 Deductions during period: Cost of real estate sold — — (5,011 ) — Other (111 ) — (7,483 ) (1) (206 ) Balance at close of period $ 476,905 313,137 307,473 292,528 Accumulated Depreciation & Depletion: Balance at beginning of period $ 81,914 79,973 73,480 67,598 Additions during period: Charged to cost & expense 12,448 1,941 6,690 5,902 Deductions during period: Real estate sold — — — — Other (84 ) — (197 ) (20 ) Balance at close of period $ 94,278 81,914 79,973 73,480 (1) Includes $6,828 of property cost transferred to Investment in Joint Ventures for the joint venture partnership with St. John Properties.

Investments in Joint Ventures (

Investments in Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2017 RiverFront Holdings I, LLC (1) — $ — — (2,019 ) (1,558 ) Brooksville Quarry, LLC 50.00 % 7,516 14,411 (80 ) (40 ) BC FRP Realty, LLC 50.00 % 5,890 15,027 — — Total $ 13,406 29,438 (2,099 ) (1,598 ) 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 September 30, 2016 RiverFront Holdings I, LLC 77.14 % $ 11,261 85,106 (1,193 ) (938 ) Brooksville Quarry, LLC 50.00 % 7,496 14,350 (80 ) (40 ) BC FRP Realty, LLC 50.00 % 5,097 10,573 — — Total $ 23,854 110,029 (1,273 ) (978 )
Joint Venture balance sheets	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 As of September 30, 2016 Riverfront Brooksville BCF FRP Holdings I, LLC Quarry, LLC Realty, LLC Total Cash $ 297 $ 35 $ 20 $ 352 Cash held in escrow 13 — — 13 Amortizable Debt Costs 1,179 — — 1,179 Investments in real estate, net 83,617 14,315 10,553 108,485 Total Assets $ 85,106 $ 14,350 $ 10,573 $ 110,029 Other Liabilities $ 5,140 $ 65 $ 17 $ 5,222 Long-term Debt 63,495 — — 63,495 Capital - FRP 11,261 7,496 5,097 23,854 Capital - Third Parties 5,210 6,789 5,459 17,458 Total Liabilities and Capital $ 85,106 $ 14,350 $ 10,573 $ 110,029
Income statements for Riverfront Holdings I, LLC (in thousands)	Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Revenues: Rental Revenue $ 3,053 759 127 — Revenue – Reimbursements 33 19 — — Total Revenues 3,086 778 127 — Cost of operations: Depreciation and amortization 1,958 819 258 — Operating expenses 1,096 562 741 108 Property taxes 459 199 41 — Total cost of operations 3,513 1,580 1,040 108 Total operating profit (427 ) (802 ) (913 ) (108 ) Interest expense (1,592 ) (644 ) (280 ) — Net loss of the Partnership $ (2,019 ) (1,446 ) (1,193 ) (108 )

Consolidation of RiverFront I31

Consolidation of RiverFront Investment Partners I, LLC. (Tables)	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
RiverFront remeasurement balance sheet	As of July 1, 2017 (in thousands) 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

Spin-off (Tables)

Spin-off (Tables)	12 Months Ended
	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Results of operations associated with discontinued operations (in thousands)	Year ended September 30, 2015 Revenue $ 41,800 Cost of operations 38,195 Operating profit 3,605 Interest expense (33 ) Income before income taxes 3,572 Provision for income taxes 1,393 Income from discontinued operations $ 2,179

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Debt (in thousands)	Year ended Three months ended Year ended December 31, December 31, September 30, 2017 2016 2016 Revolving credit agreements $ — 6,665 6,807 5.6% to 7.9% mortgage notes due in installments through 2027 29,664 34,080 35,125 Riverfront permanent loan 88,653 — — 118,317 40,745 41,932 Less portion due within one year 4,463 4,526 4,455 $ 113,854 36,219 37,477

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Carrying value of property leased or held for lease to others (in thousands)	Construction aggregates property $ 35,294 Commercial property 440,083 475,377 less accumulated depreciation and depletion 93,581 $ 381,796

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings per share computations (in thousands, except per share amounts)	Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Common shares: Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,975 9,879 9,846 9,756 Common shares issuable under share based payment plans which are potentially dilutive 65 44 44 71 Common shares used for diluted earnings per common share 10,040 9,923 9,890 9,827 Income from continuing operations $ 41,750 1,682 12,024 6,093 Discontinued operations — — — 2,179 Net income attributable to the Company $ 41,750 1,682 12,024 8,272 Basic earnings per common share: Income from continuing operations $ 4.19 0.17 1.22 0.62 Discontinued operations — — — 0.23 Net income attributable to the Company $ 4.19 0.17 1.22 0.85 Diluted earnings per common share Income from continuing operations $ 4.16 0.17 1.22 0.62 Discontinued operations — — — 0.22 Net income attributable to the Company $ 4.16 0.17 1.22 0.84

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation Expense (in thousands)	Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Stock option grants $ 268 79 166 267 Annual director stock award 445 — 412 536 $ 713 79 578 803
Summary of Changes in outstanding options (in thousands, except share and per share amounts)	Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value(000's) Outstanding at October 1, 2014 326,830 $ 25.43 5.0 $ 3,481 Spin-off adjustment $ (865 ) Spin-off conversion 17,795 $ 20.63 $ 155 Granted 39,425 $ 26.97 $ 432 Forfeited (6,000 ) $ 14.97 $ (35 ) Exercised (72,300 ) $ 13.31 $ (430 ) Outstanding at September 30, 2015 305,750 $ 21.90 5.9 $ 2,738 Granted 21,540 $ 31.15 $ 272 Exercised (63,730 ) $ 18.39 $ (471 ) Outstanding at September 30, 2016 263,560 $ 23.50 5.6 $ 2,539 Granted 19,600 $ 39.00 $ 297 Exercised (46,775 ) $ 20.66 $ (396 ) Outstanding at December 31, 2016 236,385 $ 25.35 6.1 $ 2,440 Granted 30,255 $ 43.45 $ 440 Modification — $ 30.21 $ (137 ) Exercised (92,130 ) $ 24.93 $ (842 ) Outstanding at December 31, 2017 174,510 $ 28.70 6.0 $ 1,901 Exercisable at December 31, 2017 129,916 $ 25.66 5.1 $ 1,223 Vested during twelve months ended December 31, 2017 41,810 $ 405
Summary of Stock Options Outstanding	Shares Weighted Weighted Range of Exercise under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $24.76 - $37.25 7,084 26.97 6.9 $37.26 - $41.39 37,510 39.59 9.0 44,594 $ 37.58 8.7 Years Exercisable: $16.51 - $24.75 14,100 16.72 3.9 $24.76 - $37.25 73,928 22.06 3.9 $37.26 - $41.39 41,888 35.01 7.6 129,916 $ 25.66 5.1 Years Total 174,510 $ 28.70 6.0 Years

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Provision for income taxes for continuing operations (in thousands)	Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Current: Federal $ (1,763 ) 693 4,807 1,803 State (429 ) 185 1,165 524 (2,192 ) 878 5,972 2,327 Deferred 9,521 19 1,879 1,568 Total $ 7,329 897 7,851 3,895
Income tax reconciliation at statutory Federal income tax rate (in thousands)	Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Amount computed at statutory Federal rate $ 16,723 777 6,797 3,396 State income taxes (net of Federal income tax benefit) 2,476 115 1,002 504 Tax Cut and Jobs Act of 2017 (11,834 ) — — — Other, net (36 ) 5 52 (5 ) Provision for income taxes $ 7,329 897 7,851 3,895
Deferred tax assets and deferred tax liabilities (in thousands)	As of As of As of December 31, December 31, September 30, 2017 2016 2016 Deferred tax liabilities: Property and equipment $ 25,212 15,127 15,197 Depletion 660 776 526 Unrealized rents 1,166 1,786 1,823 Prepaid expenses 431 763 913 Gross deferred tax liabilities 27,469 18,452 18,459 Deferred tax assets: Employee benefits and other 1,487 1,997 2,023 Gross deferred tax assets 1,487 1,997 2,023 Net deferred tax liability $ 25,982 16,455 16,436

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Business Segments (in thousands)	Year ended Three months ended Year ended Year ended December 31, December 31, September 30, September 30, 2017 2016 2016 2015 Revenues: Asset management $ 29,873 7,321 28,739 27,570 Mining royalty lands 7,241 1,880 7,533 6,094 Land development and construction 1,230 311 1,185 982 RiverFront on the Anacostia 4,847 — — — $ 43,191 9,512 37,457 34,646 Operating profit: Before corporate expenses: Asset management $ 13,799 3,509 13,374 13,288 Mining royalty lands 6,732 1,750 7,029 5,478 Land development and construction (1,528 ) (400 ) (940 ) (2,197 ) RiverFront on the Anacostia (2,018 ) Corporate expenses: Allocated to asset management (1,917 ) (485 ) (1,591 ) (1,248 ) Allocated to mining royalty (167 ) (42 ) (231 ) (1,322 ) Allocated to land development and construction (1,231 ) (328 ) (1,258 ) (737 ) Allocated to RiverFront on the Anacostia (65 ) Unallocated to discontinued operations — — — (1,081 ) (3,380 ) (855 ) (3,080 ) (4,388 ) $ 13,605 4,004 16,383 12,181 Interest expense: Asset management $ 1,340 306 1,561 2,014 RiverFront on the Anacostia 2,983 — — — $ 4,323 306 1,561 2,014 Depreciation, depletion and amortization: Asset management $ 8,110 2,005 7,689 6,963 Mining royalty lands 110 35 104 133 Land development and construction 337 55 258 282 RiverFront on the Anacostia 4,975 — — — $ 13,532 2,095 8,051 7,378 Capital expenditures: Asset management $ 6,913 1,199 20,747 2,408 Mining royalty lands — 2 205 — Land development and construction 8,840 4,206 6,602 4,085 RiverFront on the Anacostia 857 — — — $ 16,610 5,407 27,554 6,493 Identifiable net assets at end of period: Asset management $ 179,654 169,736 170,562 151,023 Mining royalty lands 38,656 39,259 39,570 39,300 Land development and construction 46,684 57,126 54,157 60,682 RiverFront on the Anacostia 144,386 — — — Cash items 4,524 — — 419 Unallocated corporate assets 4,830 439 500 1,054 $ 418,734 266,560 264,789 252,478

Real Estate Business Park Acq39

Real Estate Business Park Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2017
Port Capital Property
Intangible asset amortization (in thousands)	In-place Leases Initial Values $ 1,126 Annual Amortization: 2016 $ 104 3 months ended December 31, 2016 28 2017 114 2018 114 2019 114 2020 114 2021 114 2022 114
Gilroy Road Property
Intangible asset amortization (in thousands)	In-place Leases Initial Values $ 277 Annual Amortization: 2016 $ 55 3 months ended December 31, 2016 55 2017 167
RiverFront on the Anacostia
Intangible asset amortization (in thousands)	In-place Leases Initial Values $ 4,727 Annual Amortization: 2017 $ 2,501 2018 2,201 2019 25

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Amortizable intangible assets (in thousands)	December 31, 2017 December 31, 2016 September 30, 2016 Gross Accumulated Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amount Amortization Amortizable intangible assets: In-place leases (useful life 7-8 years) $ 7,515 4,206 2,788 1,300 2,788 1,175 Above Market leases (useful life 5 years) 48 27 48 24 48 23 $ 7,563 4,233 2,836 1,324 2,836 1,198
Amortizable intangible liabilities (in thousands)	December 31, 2017 December 31, 2016 September 30, 2016 Gross Accumulated Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amount Amortization Amortizable intangible liabilities: Below Market leases (useful life 4-5 years) $ 220 220 220 211 220 206 $ 220 220 220 211 220 206

Consolidated Real Estate and 41

Consolidated Real Estate and Accumulated Depreciation and Depletion (Tables) - Real Estate and Accumulated Depreciation and Depletion (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Sep. 30, 2016	Sep. 30, 2015
Gross Carrying Cost of Real Estate at beginning of period	$ 307,473	$ 313,137	$ 292,528	$ 286,671
Additions capitalized during period	5,664	163,879	27,439	6,063
Cost of real estate sold	0	0	(5,011)	0
Other deductions	0	(111)	(7,483)	(206)
Gross Carrying Cost of Real Estate at end of period	313,137	476,905	307,473	292,528
Accumulated Depreciation & Depletion at beginning of period	79,973	81,914	73,480	67,598
Additions charged to cost & expense	1,941	12,448	6,690	5,902
Real estate sold	0	0	0	0
Other deductions	0	(84)	(197)	(20)
Accumulated Depreciation & Depletion at end of period	$ 81,914	$ 94,278	79,973	$ 73,480
BC FRP Realty, LLC
Book value of land contribution			$ 6,828

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation and Depletion Part I (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Encumbrances	$ 120,398
Initial Cost to Company	138,001
Cost capitalized subsequent to acquisition	338,904
Gross amount at which carried at end of period	476,905	$ 313,137	$ 307,473	$ 292,528	$ 286,671
Accumulated Depreciation & Depletion	94,278
Aggregate cost for Federal income tax purposes	378,255
Investment Property
Encumbrances	0
Initial Cost to Company	1,629
Cost capitalized subsequent to acquisition	(101)
Gross amount at which carried at end of period	1,528
Accumulated Depreciation & Depletion	697
Mining royalty lands
Encumbrances	0
Initial Cost to Company	39,302
Cost capitalized subsequent to acquisition	106
Gross amount at which carried at end of period	39,408
Accumulated Depreciation & Depletion	8,520
Baltimore, MD 5
Encumbrances	0
Initial Cost to Company	4,309
Cost capitalized subsequent to acquisition	310
Gross amount at which carried at end of period	4,619
Accumulated Depreciation & Depletion	423
Baltimore, MD 6
Encumbrances	0
Initial Cost to Company	8,412
Cost capitalized subsequent to acquisition	1,026
Gross amount at which carried at end of period	9,438
Accumulated Depreciation & Depletion	351
Asset Management Properties
Encumbrances	30,398
Initial Cost to Company	80,954
Cost capitalized subsequent to acquisition	177,365
Gross amount at which carried at end of period	258,319
Accumulated Depreciation & Depletion	77,313
Alachua, FL
Encumbrances	0
Initial Cost to Company	1,442
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	1,442
Accumulated Depreciation & Depletion	166
Clayton, GA
Encumbrances	0
Initial Cost to Company	369
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	369
Accumulated Depreciation & Depletion	5
Fayette, GA
Encumbrances	0
Initial Cost to Company	685
Cost capitalized subsequent to acquisition	200
Gross amount at which carried at end of period	885
Accumulated Depreciation & Depletion	83
Lake, FL
Encumbrances	0
Initial Cost to Company	402
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	402
Accumulated Depreciation & Depletion	158
Lake, FL 2
Encumbrances	0
Initial Cost to Company	1,083
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	1,083
Accumulated Depreciation & Depletion	986
Lake Louise, FL
Encumbrances	0
Initial Cost to Company	11,039
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	11,039
Accumulated Depreciation & Depletion	0
Lee, FL
Encumbrances	0
Initial Cost to Company	4,690
Cost capitalized subsequent to acquisition	13
Gross amount at which carried at end of period	4,703
Accumulated Depreciation & Depletion	11
Monroe, GA
Encumbrances	0
Initial Cost to Company	792
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	792
Accumulated Depreciation & Depletion	292
Muscogee, GA
Encumbrances	0
Initial Cost to Company	369
Cost capitalized subsequent to acquisition	(45)
Gross amount at which carried at end of period	324
Accumulated Depreciation & Depletion	324
Prince Wil, VA
Encumbrances	0
Initial Cost to Company	298
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	298
Accumulated Depreciation & Depletion	298
Putnam, FL
Encumbrances	0
Initial Cost to Company	15,002
Cost capitalized subsequent to acquisition	37
Gross amount at which carried at end of period	15,039
Accumulated Depreciation & Depletion	4,618
Putnam, FL 2
Encumbrances	0
Initial Cost to Company	302
Cost capitalized subsequent to acquisition	(2)
Gross amount at which carried at end of period	300
Accumulated Depreciation & Depletion	283
Spalding, GA
Encumbrances	0
Initial Cost to Company	20
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	20
Accumulated Depreciation & Depletion	0
Marion, FL
Encumbrances	0
Initial Cost to Company	1,180
Cost capitalized subsequent to acquisition	4
Gross amount at which carried at end of period	1,184
Accumulated Depreciation & Depletion	599
Baltimore, MD 1
Encumbrances	1,551
Initial Cost to Company	439
Cost capitalized subsequent to acquisition	4,814
Gross amount at which carried at end of period	5,253
Accumulated Depreciation & Depletion	3,032
Baltimore, MD 2
Encumbrances	3,004
Initial Cost to Company	950
Cost capitalized subsequent to acquisition	7,727
Gross amount at which carried at end of period	8,677
Accumulated Depreciation & Depletion	5,136
Baltimore, MD 3
Encumbrances	720
Initial Cost to Company	690
Cost capitalized subsequent to acquisition	3,355
Gross amount at which carried at end of period	4,045
Accumulated Depreciation & Depletion	1,648
Baltimore, MD 4
Encumbrances	0
Initial Cost to Company	1,435
Cost capitalized subsequent to acquisition	4,259
Gross amount at which carried at end of period	5,694
Accumulated Depreciation & Depletion	1,304
Baltimore City, MD
Encumbrances	4,305
Initial Cost to Company	6,094
Cost capitalized subsequent to acquisition	12,790
Gross amount at which carried at end of period	18,884
Accumulated Depreciation & Depletion	1,708
Baltimore City, MD 2
Encumbrances	0
Initial Cost to Company	7,442
Cost capitalized subsequent to acquisition	2,051
Gross amount at which carried at end of period	9,493
Accumulated Depreciation & Depletion	1,522
Duval, FL
Encumbrances	0
Initial Cost to Company	2,416
Cost capitalized subsequent to acquisition	541
Gross amount at which carried at end of period	2,957
Accumulated Depreciation & Depletion	2,797
Harford, MD 1
Encumbrances	145
Initial Cost to Company	31
Cost capitalized subsequent to acquisition	3,830
Gross amount at which carried at end of period	3,861
Accumulated Depreciation & Depletion	2,288
Harford, MD 2
Encumbrances	873
Initial Cost to Company	50
Cost capitalized subsequent to acquisition	5,709
Gross amount at which carried at end of period	5,759
Accumulated Depreciation & Depletion	2,745
Harford, MD 3
Encumbrances	2,093
Initial Cost to Company	85
Cost capitalized subsequent to acquisition	7,187
Gross amount at which carried at end of period	7,272
Accumulated Depreciation & Depletion	3,876
Harford, MD 5
Encumbrances	1,809
Initial Cost to Company	88
Cost capitalized subsequent to acquisition	10,167
Gross amount at which carried at end of period	10,255
Accumulated Depreciation & Depletion	4,668
Harford, MD 6
Encumbrances	1,191
Initial Cost to Company	155
Cost capitalized subsequent to acquisition	13,048
Gross amount at which carried at end of period	13,203
Accumulated Depreciation & Depletion	4,880
Howard, MD 1
Encumbrances	0
Initial Cost to Company	2,859
Cost capitalized subsequent to acquisition	5,513
Gross amount at which carried at end of period	8,372
Accumulated Depreciation & Depletion	4,627
Howard, MD 2
Encumbrances	651
Initial Cost to Company	2,473
Cost capitalized subsequent to acquisition	1,043
Gross amount at which carried at end of period	3,516
Accumulated Depreciation & Depletion	1,577
Elkridge, MD
Encumbrances	0
Initial Cost to Company	8,920
Cost capitalized subsequent to acquisition	63
Gross amount at which carried at end of period	8,983
Accumulated Depreciation & Depletion	844
Anne Arun, MD 1
Encumbrances	7,473
Initial Cost to Company	715
Cost capitalized subsequent to acquisition	9,515
Gross amount at which carried at end of period	10,230
Accumulated Depreciation & Depletion	6,220
Anne Arun, MD 2
Encumbrances	3,486
Initial Cost to Company	950
Cost capitalized subsequent to acquisition	14,285
Gross amount at which carried at end of period	15,235
Accumulated Depreciation & Depletion	5,707
Anne Arun, MD 3
Encumbrances	0
Initial Cost to Company	1,525
Cost capitalized subsequent to acquisition	10,800
Gross amount at which carried at end of period	12,325
Accumulated Depreciation & Depletion	4,143
Anne Arun, MD 4
Encumbrances	3,097
Initial Cost to Company	737
Cost capitalized subsequent to acquisition	5,440
Gross amount at which carried at end of period	6,177
Accumulated Depreciation & Depletion	2,137
Anne Arun, MD 5
Encumbrances	0
Initial Cost to Company	666
Cost capitalized subsequent to acquisition	10,642
Gross amount at which carried at end of period	11,308
Accumulated Depreciation & Depletion	3,273
Norfolk, VA
Encumbrances	0
Initial Cost to Company	7,512
Cost capitalized subsequent to acquisition	40
Gross amount at which carried at end of period	7,552
Accumulated Depreciation & Depletion	2,946
Prince Wil, VA 2
Encumbrances	0
Initial Cost to Company	10,442
Cost capitalized subsequent to acquisition	39,553
Gross amount at which carried at end of period	49,995
Accumulated Depreciation & Depletion	4,176
Newcastle Co, DE
Encumbrances	0
Initial Cost to Company	11,559
Cost capitalized subsequent to acquisition	3,657
Gross amount at which carried at end of period	15,216
Accumulated Depreciation & Depletion	5,285
Carroll, MD
Encumbrances	0
Initial Cost to Company	4,720
Cost capitalized subsequent to acquisition	2,479
Gross amount at which carried at end of period	7,199
Accumulated Depreciation & Depletion	0
Harford, MD 4
Encumbrances	0
Initial Cost to Company	92
Cost capitalized subsequent to acquisition	1,600
Gross amount at which carried at end of period	1,692
Accumulated Depreciation & Depletion	0
Wash DC 1
Encumbrances	0
Initial Cost to Company	2,957
Cost capitalized subsequent to acquisition	10,679
Gross amount at which carried at end of period	13,636
Accumulated Depreciation & Depletion	3,044
Wash DC 2
Encumbrances	0
Initial Cost to Company	3,811
Cost capitalized subsequent to acquisition	4,644
Gross amount at which carried at end of period	8,455
Accumulated Depreciation & Depletion	137
Land Development and Construction Properties
Encumbrances	0
Initial Cost to Company	11,580
Cost capitalized subsequent to acquisition	19,402
Gross amount at which carried at end of period	30,982
Accumulated Depreciation & Depletion	3,181
RiverFront on the Anacostia
Encumbrances	90,000
Initial Cost to Company	6,165
Cost capitalized subsequent to acquisition	142,031
Gross amount at which carried at end of period	148,196
Accumulated Depreciation & Depletion	$ 5,264

Schedule III Real Estate and 43

Schedule III Real Estate and Accumulated Depreciation and Depletion Part 2 (Details)	12 Months Ended
	Dec. 31, 2017
Alachua, FL
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Clayton, GA
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Fayette, GA
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Lake, FL
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Lake, FL 2
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Lake Louise, FL
Year of Construction	n/a
Date acquired	5/12
Depreciation Life Computed on	unit
Lee, FL
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Monroe, GA
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Muscogee, GA
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Prince Wil, VA
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Putnam, FL
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Putnam, FL 2
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	5 yr.
Spalding, GA
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	n/a
Marion, FL
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Investment Property
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	n/a
Baltimore, MD 1
Year of Construction	1,990
Date acquired	10/89
Depreciation Life Computed on	39 yr.
Baltimore, MD 2
Year of Construction	1,994
Date acquired	12/91
Depreciation Life Computed on	39 yr.
Baltimore, MD 3
Year of Construction	2,000
Date acquired	7/99
Depreciation Life Computed on	39 yr.
Baltimore, MD 4
Year of Construction	2,008
Date acquired	12/02
Depreciation Life Computed on	39 yr.
Baltimore, MD 5
Year of Construction	1,999
Date acquired	6/14
Depreciation Life Computed on	39 yr.
Baltimore, MD 6
Year of Construction	1,967
Date acquired	06/16
Depreciation Life Computed on	39 yr.
Baltimore City, MD
Year of Construction	2,016
Date acquired	12/10
Depreciation Life Computed on	39 yr.
Baltimore City, MD 2
Year of Construction	1,990
Date acquired	6/13
Depreciation Life Computed on	39 yr.
Duval, FL
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	25 yr.
Harford, MD 1
Year of Construction	1,998
Date acquired	8/95
Depreciation Life Computed on	39 yr.
Harford, MD 2
Year of Construction	1,999
Date acquired	8/95
Depreciation Life Computed on	39 yr.
Harford, MD 3
Year of Construction	2,001
Date acquired	8/95
Depreciation Life Computed on	39 yr.
Harford, MD 5
Year of Construction	2,007
Date acquired	8/95
Depreciation Life Computed on	39 yr.
Harford, MD 6
Year of Construction	2,009
Date acquired	8/95
Depreciation Life Computed on	39 yr.
Howard, MD 1
Year of Construction	1,996
Date acquired	9/88
Depreciation Life Computed on	39 yr.
Howard, MD 2
Year of Construction	2,000
Date acquired	3/00
Depreciation Life Computed on	39 yr.
Elkridge, MD
Year of Construction	1,974
Date acquired	10/16
Depreciation Life Computed on	39 yr.
Anne Arun, MD 1
Year of Construction	1,989
Date acquired	9/88
Depreciation Life Computed on	39 yr.
Anne Arun, MD 2
Year of Construction	2,003
Date acquired	5/98
Depreciation Life Computed on	39 yr.
Anne Arun, MD 3
Year of Construction	2,005
Date acquired	8/04
Depreciation Life Computed on	39 yr.
Anne Arun, MD 4
Year of Construction	2,006
Date acquired	1/03
Depreciation Life Computed on	39 yr.
Anne Arun, MD 5
Year of Construction	2,012
Date acquired	7/07
Depreciation Life Computed on	39 yr.
Norfolk, VA
Year of Construction	2,004
Date acquired	10/04
Depreciation Life Computed on	39 yr.
Prince Wil, VA 2
Year of Construction	2,017
Date acquired	12/05
Depreciation Life Computed on	39 yr.
Newcastle Co, DE
Year of Construction	2,004
Date acquired	4/04
Depreciation Life Computed on	39 yr.
Carroll, MD
Year of Construction	n/a
Date acquired	3/08
Depreciation Life Computed on	n/a
Harford, MD 4
Year of Construction	n/a
Date acquired	8/95
Depreciation Life Computed on	n/a
Wash DC 1
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	15 yr.
Wash DC 2
Year of Construction	n/a
Date acquired	10/97
Depreciation Life Computed on	n/a
RiverFront on the Anacostia
Year of Construction	2,016
Date acquired	07/17
Depreciation Life Computed on	39 yr.

Investments in Joint Ventures44

Investments in Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2017	Jun. 30, 2013	Oct. 04, 2006
Investments in Joint Ventures	$ 22,901	$ 13,406	$ 23,854
Total Assets of the Partnership	115,545	29,438	110,029
Net loss of the Partnership	(1,454)	(2,099)	(1,273)
Company's share of Net Loss of the Partnership	(1,119)	(1,598)	(978)	$ (145)
Cash	1,062		352
Cash held in escrow	88		13
Amortizable Debt costs			1,179
Investments in real estate, net	114,395		108,485
Other liabilities	6,396		5,222
Long-term debt	69,042		63,495
Capital - FRP	22,901	13,406	23,854
Capital - Third parties	17,206		17,458
Rental revenue	6,328	30,385	24,457	23,410
Total liabilities and capital	115,545		110,029
Revenue - reimbursements	1,327	5,653	5,557	5,237
Total revenues	9,512	43,191	37,457	34,646
Operating expenses	994	5,621	4,624	4,609
Depreciation and depletion	2,171	14,591	8,288	7,533
Property taxes	$ 1,089	$ 5,024	$ 4,475	4,443
Riverfront I Joint Venture
Ownership percent	77.14%	0.00%	77.14%			77.14%
Investments in Joint Ventures	$ 10,151	$ 0	$ 11,261		$ 8,583
Total Assets of the Partnership	90,420	0	85,106
Net loss of the Partnership	(1,446)	(2,019)	(1,193)
Company's share of Net Loss of the Partnership	(1,115)	(1,558)	(938)
Cash	1,023		297
Cash held in escrow	88		13
Amortizable Debt costs			1,179
Investments in real estate, net	89,309		83,617
Other liabilities	6,348		5,140
Long-term debt	69,042		63,495
Capital - FRP	10,151	0	11,261		8,583
Capital - Third parties	4,879		5,210		$ 4,418
Rental revenue	759	3,053	127	0
Total liabilities and capital	90,420		85,106
Revenue - reimbursements	19	33	0	0
Total revenues	778	3,086	127	0
Operating expenses	562	1,096	741	108
Depreciation and depletion	819	1,958	258	0
Property taxes	199	459	41
Cost of operations	1,580	3,513	1,040	108
Operating profit	(802)	(427)	(913)	(108)
Interest expense	$ (644)	$ (1,592)	$ (280)	$ 0
Brooksville Joint Venture
Ownership percent	50.00%	50.00%	50.00%				50.00%
Investments in Joint Ventures	$ 7,522	$ 7,516	$ 7,496
Total Assets of the Partnership	14,341	14,411	14,350
Net loss of the Partnership	(8)	(80)	(80)
Company's share of Net Loss of the Partnership	(4)	(40)	(40)
Cash	18		35
Cash held in escrow	0		0
Investments in real estate, net	14,323		14,315
Other liabilities	1		65
Long-term debt	0		0
Capital - FRP	7,522	$ 7,516	7,496
Capital - Third parties	6,818		6,789
Total liabilities and capital	$ 14,341		$ 14,350
BC FRP Realty, LLC
Ownership percent	50.00%	50.00%	50.00%
Investments in Joint Ventures	$ 5,228	$ 5,890	$ 5,097
Total Assets of the Partnership	10,784	15,027	10,573
Net loss of the Partnership	0	0	0
Company's share of Net Loss of the Partnership	0	0	0
Cash	21		20
Cash held in escrow	0		0
Investments in real estate, net	10,763		10,553
Other liabilities	47		17
Long-term debt	0		0
Capital - FRP	5,228	$ 5,890	5,097
Capital - Third parties	5,509		5,459
Total liabilities and capital	$ 10,784		$ 10,573

Consolidation of RiverFront I45

Consolidation of RiverFront Investment Partners I, LLC. - RiverFront remeasurement balance sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Sep. 30, 2015
Land	$ 127,700		$ 99,417	$ 99,357
Building and improvements, net	375,604		224,247	220,616
Cash	4,524		0	0	$ 419
Cash held in escrow	333		0	0
Accounts receivable	1,020		710	987
Total Assets	418,734		266,560	264,789	$ 252,478
Long-term Debt	29,664		34,080	35,125
Capital - FRP	13,406		22,901	23,854
Equity - MRP			17,206	17,458
Total Liabilities and Capital	418,734		266,560	264,789
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
Capital - 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		151,837
Long-term Debt		78,587
Amortizable debt costs		(852)
Other liabilities		905
Capital - 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
Capital - FRP	$ 0	8,583	10,151	11,261
Equity - MRP		4,418	$ 4,879	$ 5,210
Total Liabilities and Capital		$ 91,641

Spin-off - Discontinued operati

Spin-off - Discontinued operations results of operations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Sep. 30, 2016	Sep. 30, 2015
Revenue	$ 9,512	$ 43,191	$ 37,457	$ 34,646
Cost of operations	994	5,621	4,624	4,609
Interest expense	(306)	(4,323)	(1,561)	(2,014)
Provision for income taxes	897	7,329	7,851	3,895
Income from discontinued operations	$ 0	$ 0	$ 0	2,179
Patriot Transportation
Revenue				41,800
Cost of operations				38,195
Operating profit				3,605
Interest expense				(33)
Income before income taxes				3,572
Provision for income taxes				1,393
Income from discontinued operations				$ 2,179

Debt - Debt (Details)

Debt - Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2016
Debt Disclosure [Abstract]
Revolving credit agreements	$ 0	$ 6,665	$ 6,807
5.6% to 7.9% mortgage notes due in installments through 2027	29,664	34,080	35,125
Riverfront permanent loan	88,653	0	0
Long-term debt, current and non-current	118,317	40,745	41,932
Less portion due within one year	4,463	4,526	4,455
Total long term debt	$ 113,854	$ 36,219	$ 37,477

Leases - Carrying value of prop

Leases - Carrying value of property leased or held for lease to others (Details) - Property leased or held for lease $ in Thousands	Dec. 31, 2017USD ($)
Construction aggregates property	$ 35,294
Commercial property	440,083
Carrying Value of property owned by the Company leased or held for lease, gross	475,377
Less accumulated depreciation and depletion	93,581
Carrying Value of property owned by the Company leased or held for lease, net	$ 381,796

Earnings Per Share - Earnings p

Earnings Per Share - Earnings per share computations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Weighted average common shares oustanding during the period-shares used for basic earnings per common share	9,879	9,975	9,846	9,756
Common shares issuable under share based payment plans which are potentially dilutive	44	65	44	71
Common shares used for diluted earnings per common share	9,923	10,040	9,890	9,827
Income from continuing operations	$ 1,682	$ 41,750	$ 12,024	$ 6,093
Discontinued operations	0	0	0	2,179
Net income attributable to the Company	$ 1,682	$ 41,750	$ 12,024	$ 8,272
Basic earnings per common share:
Income from continuing operations	$ 0.17	$ 4.19	$ 1.22	$ 0.62
Discontinued operations	0	0	0	0.23
Net income	0.17	4.19	1.22	0.85
Diluted earnings per common share
Income from continuing operations	0.17	4.16	1.22	0.62
Discontinued operations	0	0	0	0.22
Net income	$ 0.17	$ 4.16	$ 1.22	$ 0.84

Stock-Based Compensation Plan50

Stock-Based Compensation Plans - Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Sep. 30, 2016	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option grants	$ 79	$ 268	$ 166	$ 267
Annual director stock award	0	445	412	536
Total Stock Compensation expense	$ 79	$ 713	$ 578	$ 803

Stock-Based Compensation Plan51

Stock-Based Compensation Plans - Summary of changes in outstanding options (Details) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016USD ($)Years$ / sharesshares	Dec. 31, 2017USD ($)Years$ / sharesshares	Sep. 30, 2016USD ($)integer$ / sharesshares	Sep. 30, 2015USD ($)integer$ / sharesshares	Sep. 30, 2014USD ($)integer$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding | shares	236,385	174,510	263,560	305,750	326,830
Options granted | shares	19,600	30,255	21,540	39,425
Options exercised | shares	(46,775)	(92,130)	(63,730)	(72,300)
Options forfeited | shares				(6,000)
Spin-off conversion | shares				17,795
Options outstanding weighted average exercise price | $ / shares	$ 25.35	$ 28.70	$ 23.50	$ 21.90	$ 25.43
Options outstanding weighted average exercise price - Granted | $ / shares	39	43.45	31.15	26.97
Options outstanding weighted average exercise price - forfeited | $ / shares				14.97
Options outstanding weighted average exercise price - Exercised | $ / shares	$ 20.66	24.93	$ 18.39	13.31
Options outstanding weighted average exercise price - modification | $ / shares		$ 30.21
Options outstanding weighted average exercise price - Spin-off conversion | $ / shares				$ 20.63
Options outstanding weighted average remaining term	6.1	6	5.6	5.9	5
Options outstanding weighted average grant date fair value | $	$ 2,440	$ 1,901	$ 2,539	$ 2,738	$ 3,481
Options granted weighted average grant date fair value | $ / shares	$ 297	$ 440	$ 272	$ 432
Options forfeited weighted average grant date fair value | $				$ (35)
Options exercised weighted average grant date fair value | $	$ (396)	$ (842)	$ (471)	(430)
Options Spin-off adjustment weighted average grant date fair value | $				(865)
Options Spin-off conversion weighted average grant date fair value | $				$ 155
Options modified weighted average grant date fair value | $		$ (137)
Options exercisable at December 31, 2017 | shares		129,916
Options exercisable weighted average exercise price | $ / shares		$ 25.66
Options exerciseable weighted average remaining term | Years		5.1
Options exercisable weighted average grant date fair value | $		$ 1,223
Options vested during twelve months ended December 31, 2017 | shares		41,810
Options vested weighted average grant date fair value | $		$ 405

Stock-Based Compensation Plan52

Stock-Based Compensation Plans - Summary of Stock Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2017Years$ / sharesshares	Dec. 31, 2016Years$ / shares	Sep. 30, 2016integer$ / shares	Sep. 30, 2015integer$ / shares	Sep. 30, 2014integer$ / shares
Shares under option | shares	174,510
Weighted average exercise price	$ 28.70	$ 25.35	$ 23.50	$ 21.90	$ 25.43
Weighted average remaining life	6	6.1	5.6	5.9	5
$16.51 - $24.75 Exercisable
Shares under option | shares	14,100
Weighted average exercise price	$ 16.72
Weighted average remaining life | Years	3.9
Minimum exercise price	$ 16.51
Maximum exercise price	$ 24.75
$24.76 - $37.25 Exercisable
Shares under option | shares	73,928
Weighted average exercise price	$ 22.06
Weighted average remaining life | Years	3.9
Minimum exercise price	$ 24.76
Maximum exercise price	$ 37.25
$37.26 - $41.39 Exercisable
Shares under option | shares	41,888
Weighted average exercise price	$ 35.01
Weighted average remaining life | Years	7.6
Minimum exercise price	$ 37.26
Maximum exercise price	$ 41.39
$24.76 - $37.25 Non-exercisable
Shares under option | shares	7,084
Weighted average exercise price	$ 26.97
Weighted average remaining life | Years	6.9
Minimum exercise price	$ 24.76
Maximum exercise price	$ 37.25
$37.26 - $41.39 Non-exercisable
Shares under option | shares	37,510
Weighted average exercise price	$ 39.59
Weighted average remaining life | Years	9
Minimum exercise price	$ 37.26
Maximum exercise price	$ 41.39
Exercisable
Shares under option | shares	129,916
Weighted average exercise price	$ 25.66
Weighted average remaining life | Years	5.1
Non-exercisable
Shares under option | shares	44,594
Weighted average exercise price	$ 37.58
Weighted average remaining life | Years	8.7

Income Taxes - Provision for in

Income Taxes - Provision for income taxes for continuing operations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Federal, current	$ 693	$ (1,763)	$ 4,807	$ 1,803
State, current	185	(429)	1,165	524
Current income tax expense	878	(2,192)	5,972	2,327
Deferred	19	9,521	1,879	1,568
Provision for income taxes	897	7,329	7,851	3,895
Federal, computed at statutory rate	777	16,723	6,797	3,396
State income taxes (net of Federal income tax benefit)	115	2,476	1,002	504
Tax Cut and Jobs Act of 2017	0	(11,834)	0	0
Other, net	$ 5	$ (36)	$ 52	$ (5)

Income Taxes - Deferred tax ass

Income Taxes - Deferred tax assets and deferred tax liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Property and equipment	$ 25,212	$ 15,127	$ 15,197
Depletion	660	776	526
Unrealized rents	1,166	1,786	1,823
Prepaid expenses	431	763	913
Gross deferred tax liabilities	27,469	18,452	18,459
Employee benefits and other	1,487	1,997	2,023
Gross deferred tax assets	1,487	1,997	2,023
Net deferred tax liability	$ 25,982	$ 16,455	$ 16,436

Business Segments - Business se

Business Segments - Business segments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Revenues	$ 9,512	$ 43,191	$ 37,457	$ 34,646
Operating profit	4,004	13,605	16,383	12,181
Corporate expenses	(855)	(3,380)	(3,080)	(4,388)
Unallocated to discontinued operations	0	0	0	(1,081)
Interest expense	306	4,323	1,561	2,014
Depreciation, depletion and amortization	2,095	13,532	8,051	7,378
Capital expenditures	5,407	16,610	27,554	6,493
Cash items	0	4,524	0	419
Total identifiable net assets	266,560	418,734	264,789	252,478
Asset Management
Segment Reporting Information [Line Items]
Revenues	7,321	29,873	28,739	27,570
Operating profit	3,509	13,799	13,374	13,288
Corporate expenses	(485)	(1,917)	(1,591)	(1,248)
Interest expense	306	1,340	1,561	2,014
Depreciation, depletion and amortization	2,005	8,110	7,689	6,963
Capital expenditures	1,199	6,913	20,747	2,408
Identifiable net assets	169,736	179,654	170,562	151,023
Mining royalty lands
Segment Reporting Information [Line Items]
Revenues	1,880	7,241	7,533	6,094
Operating profit	1,750	6,732	7,029	5,478
Corporate expenses	(42)	(167)	(231)	(1,322)
Depreciation, depletion and amortization	35	110	104	133
Capital expenditures	2	0	205	0
Identifiable net assets	39,259	38,656	39,570	39,300
Land Development and Construction
Segment Reporting Information [Line Items]
Revenues	311	1,230	1,185	982
Operating profit	(400)	(1,528)	(940)	(2,197)
Corporate expenses	(328)	(1,231)	(1,258)	(737)
Depreciation, depletion and amortization	55	337	258	282
Capital expenditures	4,206	8,840	6,602	4,085
Identifiable net assets	57,126	46,684	54,157	60,682
RiverFront on the Anacostia
Segment Reporting Information [Line Items]
Revenues	0	4,847	0	0
Operating profit	0	(2,018)	0	0
Corporate expenses	0	(65)	0	0
Interest expense	0	2,983	0	0
Depreciation, depletion and amortization	0	4,975	0	0
Capital expenditures	0	857	0	0
Identifiable net assets	0	144,386	0	0
Corporate
Segment Reporting Information [Line Items]
Identifiable net assets	$ 439	$ 4,830	$ 500	$ 1,054

Real Estate Business Park Acq56

Real Estate Business Park Acquisitions - Intangible asset amortization Port Capital Property (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2016	Oct. 19, 2015
Port Capital Forecasted amortization
In-place Leases annual amortization		$ 114	$ 114	$ 114	$ 114	$ 114
Port Capital Property
In-place leases initial value									$ 1,126
In-place Leases annual amortization	$ 28						$ 114	$ 104

Real Estate Business Park Acq57

Real Estate Business Park Acquisitions - Intangible asset amortization Gilroy Road Property (Details) - Gilroy Road Property - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Sep. 30, 2016	Jul. 01, 2016
In-place leases initial value				$ 277
In-place Leases annual amortization	$ 55	$ 167	$ 55

Real Estate Business Park Acq58

Real Estate Business Park Acquisitions - Intangible asset amortization Dock 79 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jul. 01, 2017
Dock 79 Forecasted amortization
In-place Leases annual amortization	$ 25	$ 2,201
Dock 79
In-place leases initial value				$ 4,727
In-place Leases annual amortization			$ 2,501

Intangible assets and liabiliti

Intangible assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2016
Amortizable asset carrying Amount	$ 7,563	$ 2,836	$ 2,836
Amortizable asset accumulated Amortization	4,233	1,324	1,198
Below market lease carrying amount	220	220	220
Below market lease accumulated amortization	220	211	206
In place leases
Amortizable asset carrying Amount	7,515	2,788	2,788
Amortizable asset accumulated Amortization	4,206	1,300	1,175
Above Market leases
Amortizable asset carrying Amount	48	48	48
Amortizable asset accumulated Amortization	27	24	23
Below market leases
Below market lease carrying amount	220	220	220
Below market lease accumulated amortization	$ 220	$ 211	$ 206

Intangible assets and liabili60

Intangible assets and liabilities (Details) (Parenthetical)	12 Months Ended
	Dec. 31, 2017
In place leases
Useful life	7-8 years
Above Market leases
Useful life	5 years
Below market leases
Useful life	4-5 years

Accounting Policies (Details Na

Accounting Policies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2016	Mar. 31, 2015	Dec. 31, 2017	Sep. 30, 2016	Sep. 30, 2015
Patriot shares received		FRP's shareholders received one share of Patriot for every three shares of FRP owned on the record date.
Depreciation and depletion	$ 1,778		$ 9,781	$ 6,809	$ 6,195
Reclass from deferred costs to long-term deferred tax liability				$ 887	$ 884
Reduction of income tax expense from windfall gains on stock option exercises			$ 14
Buildings and improvements
Estimated useful lives			3-39
Brooksville Joint Venture
Voting interest			50.00%
BC FRP Realty, LLC
Voting interest			50.00%

Investments in Joint Ventures62

Investments in Joint Ventures (Details Narrative) $ in Thousands	1 Months Ended	3 Months Ended				12 Months Ended
	May 31, 2016USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2016USD ($)ft²	Dec. 31, 2006USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 28, 2017USD ($)	Oct. 04, 2006ft²
Company's share of the loss of the joint venture			$ 1,119			$ 1,598	$ 978	$ 145
Joint Venture consolidated retained earnings		$ (2,638)	(1,667)			(2,638)	(990)
Outstanding balance		$ 29,664	$ 34,080			29,664	$ 35,125
BC FRP Realty, LLC
Construction financing through September 15, 2022									$ 17,250
Construction financing through September 15, 2018									$ 300
Interest rate over LIBOR		2.50%
Outstanding balance		$ 2,987				$ 2,987
Vulcan
Acres conributed | ft²										553
Vulcan leasehold interest | ft²										3,443
FRP additional contribution for land					$ 3,018
Additional land acquired | ft²										288
St Johns Properties JV St Johns
Value of land contributed				$ 3,240
Acres conributed | ft²				10
Brooksville Joint Venture
Land acreage | ft²										4,300
Joint venture percentage stake		50.00%	50.00%			50.00%	50.00%			50.00%
Acres conributed | ft²										3,443
Book value of land contribution					2,548
FRP additional contribution for land					$ 3,018
Additional land acquired | ft²										288
Company's share of the loss of the joint venture			$ 4			$ 40	$ 40
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%	50.00%
Distribution received	$ 2,130
Acres conributed | ft²				25
Company's share of the loss of the joint venture			$ 0			$ 0	$ 0

Consolidation of RiverFront I63

Consolidation of RiverFront Investment Partners I, LLC. (Details Narrative) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2013USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2017ft²	Mar. 30, 2012ft²
Gain on remeasurement of investment of real estate partnership		$ 0	$ 60,196	$ 0	$ 0
Noncontrolling Interest
Gain on remeasurement of investment of real estate partnership			$ 20,469
MRP
Capital contribution	$ 5,553
Riverfront Holdings I, LLC
Square feet | ft²							300,000
Retail square feet | ft²							18,000
Area of land to develop | ft²							2
Land acreage | ft²							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%	0.00%	77.14%
RiverFront on the Anacostia
Square feet | ft²						300,000
Joint venture percentage stake						66.00%
Stabilization percent leased and occupied						90.00%

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Sep. 30, 2016	Sep. 30, 2015
Related Party Transactions [Abstract]
Charges/allocation related to Transition Services Agreement with Patriot	$ 377	$ 1,580	$ 1,542	$ 2,211
Charges/allocations related to discontinued operations	$ 0	$ 0	$ 0	$ 1,081

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ in Thousands	3 Months Ended					12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2015	Mar. 31, 2015	Mar. 30, 2015	Dec. 31, 2017	Sep. 30, 2016	Sep. 30, 2015	Nov. 17, 2017	Jul. 24, 2015	Jan. 30, 2015	Aug. 07, 2014
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	5.6% to 7.9% mortgage notes due in installments through 2027	5.6% to 7.9% mortgage notes due in installments through 2027
Principal payments 2018	$ 4,463					$ 4,463
Principal payments 2019	3,908					3,908
Principal payments 2020	3,701					3,701
Principal payments 2021	3,456					3,456
Principal payments 2022	4,177					4,177
Principal payments 2023 and subsequent years	98,612					98,612
Carrying value of collateral on mortgage notes payable	186,181					186,181
Capitalized interest		$ 328				1,026	$ 1,086	$ 1,041
Mortgage prepayment				$ 1,314
Interest rates of prepaid mortgages				8.55% and 7.95%
Prepayment penalty	440			$ 116
Deferred loan costs on early prepayment	714			$ 15
Riverfront permanent loan	88,653	$ 0				$ 88,653	$ 0
First Tennessee bank Term Loan
Term						10 years
Term loan facility	$ 20,000					$ 20,000
Dock 79 Construction loan
RiverFront construction loan												$ 65,000
Interest rate over LIBOR						2.35%
Dock 79 EB5 loan
RiverFront EB5 secondary financing												$ 17,000
Interest rate to year five												4.95%
Dock 79 Non-recourse loan
Term	120 months
Riverfront permanent loan									$ 90,000
Interest rate									4.125%
Payment terms	During the first 48 months of the loan term, the Joint Venture will make monthly payments of interest only, and thereafter, make monthly payments of principal and interest in equal installments based upon a 30-year amortization period.
Wells Fargo Bank, N.A.
Term					5 years
Revolving Credit Agreement											$ 20,000
Sublimit for standby letters of credit											$ 10,000
Commitment fee						0.15%
Letters of credit issued	$ 2,297					$ 2,297
Borrowed under the revolver	0					0
Available for borrowing	17,703					17,703
Tangible net worth covenant	110,000					110,000
Available to pay dividends or repurchase stock	86,300					$ 86,300
Interest rate over LIBOR						1.40%
First Tennessee Bank
Term			5 years
Revolving Credit Agreement										$ 20,000
Commitment fee						0.10%
Revolver conversion to term loan			24 month window
Borrowed under the revolver	0					$ 0
Available for borrowing	$ 20,000					$ 20,000
Interest rate over LIBOR						1.90%

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	Dec. 31, 2017USD ($)
Leases [Abstract]
Minimum future straight-lined rentals due on noncancelable leases 2018	$ 33,347
Minimum future straight-lined rentals due on noncancelable leases 2019	26,118
Minimum future straight-lined rentals due on noncancelable leases 2020	21,938
Minimum future straight-lined rentals due on noncancelable leases 2021	18,400
Minimum future straight-lined rentals due on noncancelable leases 2022	15,058
Minimum future straight-lined rentals due on noncancelable leases 2023 and subsequent years	$ 56,149

Earnings Per Share (Details Nar

Earnings Per Share (Details Narrative) - shares	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Anti-dilutive shares	61,640	48,122	72,090	56,110

Stock-Based Compensation Plan68

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)Yearsshares	Dec. 29, 2017$ / shares	Jan. 30, 2015
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	544,217
Dividend yield	0.00%
Expected minimum volatility	32.00%
Expected maximum volatility	43.00%
FRP options replacement			75.14%
Patriot options replacement			24.86%
Risk-free interest rate minimum	0.60%
Risk-free interest rate maximum	4.20%
Expected life minimum | Years	3
Expecited life maximum | Years	7
Aggregate intrinsic value of exercisable in-the-money options	$ 2,418
Aggregate intrinsic value of outstanding in-the-money options	2,719
Market close price | $ / shares		$ 44.25
Gains realized by option holders	1,634
Total unrecognized compensation cost of options granted but not yet vested	$ 583
Weighted average period for compensation to be recognized | Years	4.1
Modification stock compensation expense	$ 41
Patriot Transportation
Realized tax benefit from options exercised	1,525
Modification stock compensation expense	$ 150

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Unrecognized tax benefits	$ 0			$ 0
Tax Cuts and Jobs Act of 2017 deferred tax benefit	$ 12,043
Tax Cuts and Jobs Act of 2017 deferred tax benefit per share	$ 1.20
Effective tax rate		39.50%		39.07%
Income tax benefit related to lower rate				$ 209
Federal tax rate				34.00%
Tax Reform
Effective tax rate			27.05%
Effective Federal Rate Potential
Federal tax rate				35.00%
Minimum taxable income where the federal tax rate increases				$ 10,000

Employee Benefits (Details Narr

Employee Benefits (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Sep. 30, 2016	Sep. 30, 2015
Notes to Financial Statements
Company 401k contribution	50.00%	50.00%	50.00%	50.00%
Savings/profit sharing plan company contribution	$ 16	$ 54	$ 51	$ 45
Management Security Plan expense	13	12	161	$ 163
Management Security Plan accrued benefit	$ 1,475	$ 1,457	$ 1,485

Business Segments (Details Narr

Business Segments (Details Narrative)	12 Months Ended
	Dec. 31, 2017aSegments	Jun. 30, 2017ft²
Reportable business segments | Segments	4
Brooksville Quarry, LLC
Mining royalty lands acres	4,280
Mining royalty lands
Mining royalty lands acres	15,000
RiverFront on the Anacostia
Stabilization percent leased and occupied		90.00%
Square feet | ft²		300,000

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 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	118,317	$ 40,745	$ 41,932
Fair value of mortgage notes payable	$ 122,271	$ 43,747	$ 46,216

Contingent Liabilities (Details

Contingent Liabilities (Details Narrative) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2017	Sep. 30, 2016	Sep. 30, 2015
Contingent Liabilities Details Narrative
Cap on environment financial responsibility					$ 1,871
Environmental remediation expense	$ 0	$ 2,000		$ 0	(1,000)	$ 0
Total cost of remediation					$ 1,833
Environmental remediation recovery			$ 3,000

Commitments (Details Narrative)

Commitments (Details Narrative) $ in Thousands	Dec. 31, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments	$ 2,677

Concentrations (Details Narrati

Concentrations (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)integer
Tenants leasing mining locations | integer	4
Mining Top Customer
Customer revenue concentration	13.60%
Accounts receivable concentration | $	$ 190
Asset Management Top Customer
Customer revenue concentration	10.00%

Unusual or Infrequent Items I76

Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2017	Sep. 30, 2016	Sep. 30, 2015
Mortgage prepayment					$ 1,314
Interest rates of prepaid mortgages					8.55% and 7.95%
Prepayment penalty	$ 440				$ 116
Deferred loan costs on early prepayment	714				$ 15
Environmental remediation recovery				$ 3,000
Gain on investment land sold		$ 0				$ 0	$ 6,029	$ (34)
Environmental remediation expense		0	$ 2,000			0	(1,000)	0
Gain on remeasurement of investment in real estate partnership		$ 0				60,196	$ 0	$ 0
Tax Cuts and Jobs Act of 2017 deferred tax benefit	$ 12,043
Tax Cuts and Jobs Act of 2017 deferred tax benefit per share	$ 1.20
RiverFront on the Anacostia
Prepayment penalty	$ 440
Deferred loan costs on early prepayment	$ 714
Noncontrolling Interest
Gain on remeasurement of investment in real estate partnership						$ 20,469
Windlass Run Phase 2
Gain on investment land sold				$ 6,277

Real Estate Business Park Acq77

Real Estate Business Park Acquisitions (Details Narrative) $ in Thousands	Jul. 01, 2016USD ($)ft²a	Oct. 19, 2015USD ($)ft²a
Port Capital Property
Approximate purchase price | $		$ 9,900
Number of buildings acquired		1
Land acreage | a		6.39
Square feet		91,218
Mezzanine space square feet		29,558
Gilroy Road Property
Approximate purchase price | $	$ 8,300
Number of buildings acquired	1
Land acreage | a	7
Square feet	116,338
Mezzanine space square feet	8,900
Square footage footprint	107,438