FRP (FRPH) 10-Q 10 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2018shares
Document And Entity Information
Entity Registrant Name	FRP HOLDINGS, INC.
Entity Central Index Key	844,059
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	10,014,667
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,018

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets:
Land	$ 127,700	$ 127,700
Buildings and improvements	334,850	334,327
Projects under construction	9,443	8,381
Total investments in properties	471,993	470,408
Less accumulated depreciation and depletion	97,838	94,804
Net investments in properties	374,155	375,604
Real estate held for investment, at cost	7,176	7,176
Investments in joint ventures	13,422	13,406
Net real estate investments	394,753	396,186
Cash and cash equivalents	6,961	4,524
Cash held in escrow	269	333
Accounts receivable, net	907	1,020
Federal and state income taxes receivable	2,377	2,962
Unrealized rents	4,805	4,311
Deferred costs	7,729	9,217
Other assets	183	181
Total assets	417,984	418,734
Liabilities:
Secured notes payable, current portion	4,248	4,463
Secured notes payable, less current portion	112,983	113,854
Accounts payable and accrued liabilities	4,411	4,370
Environmental remediation liability	2,037	2,037
Deferred revenue	591	1,074
Deferred income taxes	25,982	25,982
Deferred compensation	1,459	1,457
Tenant security deposits	875	915
Total liabilities	152,586	154,152
Commitments and contingencies (Note 8)
Equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 10,014,667 shares issued and outstanding	1,001	1,001
Capital in excess of par value	55,678	55,636
Retained earnings	188,415	186,855
Accumulated other comprehensive income, net	38	38
Total shareholders' equity	245,132	243,530
Noncontrolling interest MRP	20,266	21,052
Total Equity	265,398	264,582
Total liabilities and shareholders' equity	$ 417,984	$ 418,734

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued and outstanding	10,014,667	10,014,667

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Rental revenue	$ 9,165	$ 6,283
Mining Royalty and rents	1,750	1,739
Revenue - reimbursements	1,707	1,300
Total revenues	12,622	9,322
Cost of operations:
Depreciation, depletion and amortization	4,283	2,059
Operating expenses	2,043	1,001
Property taxes	1,473	1,062
Management company indirect	539	469
Corporate expenses (Note 4 Related Party)	1,426	1,327
Total cost of operations	9,764	5,918
Total operating profit	2,858	3,404
Interest income	5	0
Interest expense	(1,243)	(248)
Equity in loss of joint ventures	(12)	(771)
Income before income taxes	1,608	2,385
Provision for income taxes	579	942
Net income	1,029	1,443
Loss attributable to noncontrolling interest	(531)	0
Net income attributable to the Company	$ 1,560	$ 1,443
Earnings per common share:
Basic	$ 0.16	$ 0.15
Diluted	$ 0.15	$ 0.14
Number of shares (in thousands) used in computing:
-basic earnings per common share	10,015	9,931
-diluted earnings per common share	10,085	10,001

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Comprehensive income	$ 1,029	$ 1,443
Less: comprehensive loss attributable to noncontrolling interests	(531)	0
Comprehensive income attributable to the Company	$ 1,560	$ 1,443

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 1,029	$ 1,443
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	4,430	2,136
Deferred income taxes	0	3,092
Equity in loss of joint ventures	12	771
Stock-based compensation	41	522
Net changes in operating assets and liabilities:
Accounts receivable	113	124
Deferred costs and other assets	(405)	559
Accounts payable and accrued liabilities	(442)	(225)
Income taxes payable and receivable	585	(3,495)
Other long-term liabilities	(38)	(45)
Net cash provided by operating activities	5,325	4,882
Cash flows from investing activities:
Investments in properties	(1,584)	(3,729)
Investments in joint ventures	(28)	(104)
Cash held in escrow	64	0
Net cash used in investing activities	(1,548)	(3,833)
Cash flows from financing activities:
Distribution to noncontrolling interest	(254)	0
Decrease in bank overdrafts	0	(254)
Repayment of long-term debt	(1,086)	(1,096)
Proceeds from borrowing on revolving credit facility	0	6,007
Payment on revolving credit facility	0	(5,907)
Repurchase of Company Stock	0	(74)
Exercise of employee stock options	0	381
Net cash used in financing activities	(1,340)	(943)
Net increase in cash and cash equivalents	2,437	106
Cash and cash equivalents at beginning of period	4,524	0
Cash and cash equivalents at end of the period	$ 6,961	$ 106

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Basis of Presentation	(1) Description of Business and Basis of Presentation. FRP Holdings, Inc. (“FRP” or the “Company”) is a holding company engaged in the real estate business, namely (i) warehouse/office building ownership, leasing and management, (ii) mining royalty land ownership, leasing and management, and (iii) land acquisition, entitlement, development and construction, and (iv) apartment building investment. The accompanying consolidated financial statements include the accounts of FRP Holdings, Inc. (the “Company” or “FRP”) inclusive of our operating real estate subsidiaries, FRP Development Corp. (“Development”) and Florida Rock Properties, Inc. (”Properties”). Our investment in the Brooksville joint venture and BC FRP Realty joint venture are accounted for under the equity method of accounting (See Note 11). Effective July 1, 2017 the Company consolidated the assets (at fair value), liabilities and operating results of our Riverfront Investment Partners I, LLC partnership (“Dock 79”) which was previously accounted for under the equity method. The ownership of Dock 79 attributable to our partner MRP Realty is reflected on our consolidated balance sheet as a noncontrolling interest. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity but separately from shareholders' equity. On the Consolidated Statements of Income, all of the revenues and expenses from Dock 79 are reported in net income, including both the amounts attributable to the Company and the noncontrolling interest. The amounts of consolidated net income attributable to the noncontrolling interest is clearly identified on the accompanying Consolidated Statements of Income. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. The accompanying consolidated financial statements and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the Company's consolidated financial statements and related notes included in the Company’s Form 10-K for the year ended December 31, 2017.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Recently Issued Accounting Standards	(2) Recently Issued Accounting Standards. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which replaces existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. Lease contracts with customers constitute a vast majority of our revenues and are a specific scope exception. The new standard was adopted beginning with the first quarter of 2018 and did not have a material impact on our financial statements.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Business Segments	(3) Business Segments. The Asset Management segment owns, leases and manages warehouse/office buildings located predominately in the Baltimore/Northern Virginia/Washington, DC market area. Our Mining Royalty Lands segment owns several properties comprising approximately 15,000 acres currently under lease for mining rents or royalties (this does not include the 4,280 acres owned in our Brooksville joint venture with Vulcan Materials). Other than one location in Virginia, all of these properties are located in Florida and Georgia. Through our Land Development and Construction segment, we own and are continuously monitoring for their “highest and best use” several parcels of land that are in various stages of development. Our overall strategy in this segment is to convert all of our non-income producing lands into income production through (i) an orderly process of constructing new buildings for us to own and operate or (ii) a sale to, or joint venture with, third parties. In July 2017, Phase I (Dock 79) of the development known as RiverFront on the Anacostia in Washington, D.C., a 300,000 square foot residential apartment building developed by a joint venture between the Company and MRP SE Waterfront Residential, LLC (“MRP”), reached stabilization, meaning 90% of the individual apartments have been leased and are occupied by third party tenants. Upon reaching stabilization, the Company has, for a period of one year, the exclusive right to (i) cause the joint venture to sell the property or (ii) cause the Company’s and MRP’s percentage interests in the joint venture to be adjusted so as to take into account the value of the development at the time of stabilization. The attainment of stabilization also resulted in a change of control for accounting purposes as the veto rights of the minority shareholder lapsed and the Company became the primary beneficiary. As such, beginning July 1, 2017, the Company consolidated the assets (at current fair value), liabilities and operating results of the joint venture as a new segment called RiverFront on the Anacostia. Operating results and certain other financial data for the Company’s business segments are as follows (in thousands): Three Months ended March 31, 2018 2017 Revenues: Asset management $ 8,128 7,285 Mining royalty lands 1,772 1,762 Land development and construction 297 275 Riverfront on the Anacostia 2,425 — $ 12,622 9,322 Operating profit (Loss): Before corporate expenses: Asset management $ 3,767 3,501 Mining royalty lands 1,618 1,625 Land development and construction (387 ) (395 ) Riverfront on the Anacostia (714 ) — Corporate expenses: Allocated to asset management (788 ) (753 ) Allocated to mining royalty (77 ) (66 ) Allocated to land development and construction (419 ) (508 ) Allocated to Riverfront on the Anacostia (142 ) — (1,426 ) (1,327 ) $ 2,858 3,404 Interest expense: Asset management $ 290 248 Riverfront on the Anacostia 953 — $ 1,243 248 Depreciation, depletion and amortization: Asset management $ 2,016 1,965 Mining royalty lands 54 39 Land development and construction 57 55 Riverfront on the Anacostia 2,156 — $ 4,283 2,059 Capital expenditures: Asset management $ 902 2,259 Mining royalty lands — — Land development and construction 925 1,470 Riverfront on the Anacostia (243 ) — $ 1,584 3,729 March 31, December 31, Identifiable net assets 2018 2017 Asset management $ 186,711 179,654 Mining royalty lands 38,579 38,656 Land development and construction 39,220 46,684 Riverfront on the Anacostia 142,121 144,386 Cash items 6,961 4,524 Unallocated corporate assets 4,392 4,830 $ 417,984 418,734

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	(4) Related Party Transactions. The consolidated statements of income reflect charges and/or allocation from Patriot for these services of $359,000 and $557,000 for the three months ended March 31, 2018 and 2017. Included in the charges above are amounts recognized for corporate executive stock-based compensation expense. These charges are reflected as part of corporate expenses. To determine these allocations between FRP and Patriot as set forth in the Transition Services Agreement, we generally employed the same methodology historically used by the Company pre Spin-off to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis as the terms were negotiated while Patriot was still a subsidiary of FRP.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Long-Term Debt	(5) Long-Term Debt. March 31, December 31, 2017 2017 5.6% to 8% mortgage notes due in installments through 2027 $ 28,545 29,664 Riverfront permanent loan 88,686 88,653 117,231 118,317 Less portion due within one year 4,248 4,463 $ 112,983 113,854 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 March 31, 2018, there was no debt outstanding on the revolver, $2,290,000 outstanding under letters of credit and $17,710,000 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 March 31, 2018, the tangible net worth covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum of $87.0 million combined. The Company was in compliance with all covenants as of March 31, 2018. 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 March 31, 2018, 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 and described below. 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. 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 the three months ended March 31, 2018 and March 31, 2017 the Company capitalized interest costs of $235,000 and $370,000, respectively.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2018
Earnings per common share:
Earnings per Share	(6) Earnings per Share. Three Months ended March 31, 2018 2017 Weighted average common shares outstanding during the period – shares used for basic earnings per common share 10,015 9,931 Common shares issuable under share based payment plans which are potentially dilutive 70 70 Common shares used for diluted earnings per common share 10,085 10,001 Net income $ 1,560 1,443 Earnings per common share: Basic $ 0.16 0.15 Diluted $ 0.15 0.14 For the three months ended March 31, 2018, 17,275 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three months ended March 31, 2017, 23,958 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	(7) Stock-Based Compensation Plans. The Company utilizes the Black-Scholes valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated based upon assumptions at the time of grant. The assumptions were no dividend yield, expected volatility between 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 previously disclosed, Thompson S. Baker II resigned from his position as CEO and from the board of directors on March 13, 2017. In recognition of his outstanding service to the Company, the Board approved the vesting of all of Mr. Baker's outstanding FRP stock options, which expired 90 days following the termination of his employment. The vesting of Mr. Baker’s outstanding FRP options that were issued prior to the spin-off required Patriot to record modification stock compensation expense of $150,000. FRP reimbursed Patriot for this cost under the transition services agreement. The vesting of Mr. Baker’s outstanding FRP options that were issued subsequent to the spin-off required modified stock compensation expense of $41,000. The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands): Three Months ended March 31, 2018 2017 Stock option grants $ 41 77 Annual director stock award — 445 $ 41 522 A summary of changes in outstanding options is presented below (in thousands, except share and per share amounts): Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value(000's) Outstanding at January 1, 2018 174,510 $ 28.70 6.0 $ 1,901 Granted — $ — $ — Exercised — $ — $ — Outstanding at March 31, 2018 174,510 $ 28.70 5.8 $ 1,901 Exercisable at March 31, 2018 130,827 $ 25.74 4.9 $ 1,238 Vested during three months ended March 31, 2018 911 $ 15 The aggregate intrinsic value of exercisable in-the-money options was $3,959,000 and the aggregate intrinsic value of outstanding in-the-money options was $4,763,000 based on the market closing price of $56.00 on March 29, 2018 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of March 31, 2018 was $541,000, which is expected to be recognized over a weighted-average period of 3.9 years. There were no gains realized by option holders during the three months ended March 31, 2018.

Contingent liabilities

Contingent liabilities	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Contingent liabilities	(8) Contingent Liabilities. The Company executed a letter of intent with MRP Realty in May 2016 to develop Phase II of the Riverfront on the Anacostia project and recorded an estimated environmental remediation expense of $2.0 million for the Company’s estimated liability under the proposed agreement. The Company has no obligation to remediate any known contamination on Phases III and IV of the development until such time as it makes a commitment to commence construction on each phase. The Company's actual expense to address this issue may be materially higher or lower than the expense previously recorded depending upon the actual costs incurred.

Concentrations

Concentrations	3 Months Ended
	Mar. 31, 2018
Risks and Uncertainties [Abstract]
Concentrations	(9) Concentrations

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	(10) Fair Value Measurements. As of March 31, 2018 the Company had no assets or liabilities measured at fair value on a recurring or non-recurring basis. Footnote 12 describes a remeasurement to fair value of certain assets at July 1, 2017. At March 31, 2018 and 2017, 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 March 31, 2018, the carrying amount and fair value of such other long-term debt was $117,231,000 and $118,469,000, respectively. 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.

Investment in Joint Ventures (E

Investment in Joint Ventures (Equity Method)	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Ventures (Equity Method)	(11) Investments in Joint Ventures (Equity Method). Brooksville. BC FRP Realty (Windlass Run). Investments in Joint Ventures (in thousands): The Company's Total Assets Net Loss Share of Net Total of the of the Loss of the Ownership Investment Partnership Partnership Partnership As of March 31, 2018 Brooksville Quarry, LLC 50.00 % 7,503 14,408 (24 ) (12 ) BC FRP Realty, LLC 50.00 % 5,919 16,814 — — Total $ 13,422 31,222 (24 ) (12 ) 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 ) (1) The Company consolidated this joint venture effective July 1, 2017 (see Footnote 12). Income statements for the RiverFront Holdings I, LLC, prior to consolidation July 1, 2017 (in thousands): Three Months Ended March 31, 2017 Revenues: Rental Revenue $ 1,311 Revenue – Reimbursements 15 Total Revenues 1,326 Cost of operations: Depreciation and amortization 863 Operating expenses 475 Property taxes 219 Total cost of operations 1,557 Total operating profit (231 ) Interest expense (756 ) Net loss of the Partnership $ (987 ) The amount of consolidated accumulated deficit for these joint ventures was $(2,646,000) and $(2,638,000) as of March 31, 2018 and December 31, 2017 respectively.

Consolidation of RiverFront Inv

Consolidation of RiverFront Investment Partners I, LLC.	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Consolidation of RiverFront Investment Partners I, LLC.	(12) Consolidation of RiverFront Investment Partners I, LLC. In July 2017, Phase I (Dock 79) reached stabilization, meaning 90% of the individual apartments had been leased and 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 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 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

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Subsequent events	(13) Subsequent Events. Pending Sale of Assets. The Sale Transaction is subject to approval of the Company’s shareholders at the annual meeting on May 14, 2018 or adjournments thereof and other customary closing conditions. In connection with the Sale Transaction, certain members and affiliates of the Baker family have entered into a voting and support agreement requiring them to vote their shares of Company common stock in favor of approval of the Sale Agreement. The properties will be presented as a discontinued operation subsequent to shareholder approval. Details of the transaction and pro forma financial information are included in the Company’s Proxy Statement filed on April 12, 2018. Formation of RiverFront Holdings II, LLC.

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Business segments (in thousands)	Three Months ended March 31, 2018 2017 Revenues: Asset management $ 8,128 7,285 Mining royalty lands 1,772 1,762 Land development and construction 297 275 Riverfront on the Anacostia 2,425 — $ 12,622 9,322 Operating profit (Loss): Before corporate expenses: Asset management $ 3,767 3,501 Mining royalty lands 1,618 1,625 Land development and construction (387 ) (395 ) Riverfront on the Anacostia (714 ) — Corporate expenses: Allocated to asset management (788 ) (753 ) Allocated to mining royalty (77 ) (66 ) Allocated to land development and construction (419 ) (508 ) Allocated to Riverfront on the Anacostia (142 ) — (1,426 ) (1,327 ) $ 2,858 3,404 Interest expense: Asset management $ 290 248 Riverfront on the Anacostia 953 — $ 1,243 248 Depreciation, depletion and amortization: Asset management $ 2,016 1,965 Mining royalty lands 54 39 Land development and construction 57 55 Riverfront on the Anacostia 2,156 — $ 4,283 2,059 Capital expenditures: Asset management $ 902 2,259 Mining royalty lands — — Land development and construction 925 1,470 Riverfront on the Anacostia (243 ) — $ 1,584 3,729 March 31, December 31, Identifiable net assets 2018 2017 Asset management $ 186,711 179,654 Mining royalty lands 38,579 38,656 Land development and construction 39,220 46,684 Riverfront on the Anacostia 142,121 144,386 Cash items 6,961 4,524 Unallocated corporate assets 4,392 4,830 $ 417,984 418,734

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Long-term debt (in thousands)	March 31, December 31, 2017 2017 5.6% to 8% mortgage notes due in installments through 2027 $ 28,545 29,664 Riverfront permanent loan 88,686 88,653 117,231 118,317 Less portion due within one year 4,248 4,463 $ 112,983 113,854

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings per common share:
Earnings per share (in thousands, except per share amounts)	Three Months ended March 31, 2018 2017 Weighted average common shares outstanding during the period – shares used for basic earnings per common share 10,015 9,931 Common shares issuable under share based payment plans which are potentially dilutive 70 70 Common shares used for diluted earnings per common share 10,085 10,001 Net income $ 1,560 1,443 Earnings per common share: Basic $ 0.16 0.15 Diluted $ 0.15 0.14

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation Expense (in thousands	Three Months ended March 31, 2018 2017 Stock option grants $ 41 77 Annual director stock award — 445 $ 41 522
Summary of Stock Activity (in thousands, except share and per share amounts)	Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value(000's) Outstanding at January 1, 2018 174,510 $ 28.70 6.0 $ 1,901 Granted — $ — $ — Exercised — $ — $ — Outstanding at March 31, 2018 174,510 $ 28.70 5.8 $ 1,901 Exercisable at March 31, 2018 130,827 $ 25.74 4.9 $ 1,238 Vested during three months ended March 31, 2018 911 $ 15

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 Brooksville Quarry, LLC 50.00 % 7,503 14,408 (24 ) (12 ) BC FRP Realty, LLC 50.00 % 5,919 16,814 — — Total $ 13,422 31,222 (24 ) (12 ) 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 )
Income statements for Riverfront Holdings I, LLC (in thousands)	Three Months Ended March 31, 2017 Revenues: Rental Revenue $ 1,311 Revenue – Reimbursements 15 Total Revenues 1,326 Cost of operations: Depreciation and amortization 863 Operating expenses 475 Property taxes 219 Total cost of operations 1,557 Total operating profit (231 ) Interest expense (756 ) Net loss of the Partnership $ (987 )

Consolidation of RiverFront I25

Consolidation of RiverFront Investment Partners I, LLC. (Tables)	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
RiverFront remeasurement balance sheet	As of July 1, 2017 Riverfront Gain on Remeasure- Holdings I, LLC ment Revised Land $ 7,220 $ 21,107 $ 28,327 Building and improvements, net 81,773 34,362 116,135 Value of leases in place — 4,727 4,727 Cash 2,295 — 2,295 Cash held in escrow 171 — 171 Accounts receivable 40 — 40 Prepaid expenses 142 — 142 Total Assets $ 91,641 $ 60,196 $ 151,837 Long-term Debt $ 78,587 $ — $ 78,587 Amortizable debt costs (852 ) — (852 ) Other liabilities 905 — 905 Equity – FRP 8,583 39,727 48,310 Equity - MRP 4,418 20,469 24,887 Total Liabilities and Capital $ 91,641 $ 60,196 $ 151,837

Business Segments - Business se

Business Segments - Business segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenues	$ 12,622	$ 9,322
Operating profit	2,858	3,404
Interest expense	1,243	248
Depreciation, depletion and amortization	4,283	2,059
Cash items	6,961	106	$ 4,524		$ 0
Total identifiable net assets	417,984		418,734
Asset Management
Segment Reporting Information [Line Items]
Revenues	8,128	7,285
Operating profit (loss) before corporate expenses	3,767	3,501
Corporate expenses	(788)	(753)
Interest expense	290	248
Capital expenditures	902	2,259
Depreciation, depletion and amortization	2,016	1,965
Total identifiable net assets	186,711		179,654
Mining royalty lands
Segment Reporting Information [Line Items]
Revenues	1,772	1,762
Operating profit (loss) before corporate expenses	1,618	1,625
Corporate expenses	(77)	(66)
Capital expenditures	0	0
Depreciation, depletion and amortization	54	39
Total identifiable net assets	38,579		38,656
Land Development and Construction
Segment Reporting Information [Line Items]
Revenues	297	275
Operating profit (loss) before corporate expenses	(387)	(395)
Corporate expenses	(419)	(508)
Capital expenditures	925	1,470
Depreciation, depletion and amortization	57	55
Total identifiable net assets	39,220		46,684
RiverFront on the Anacostia
Segment Reporting Information [Line Items]
Revenues	2,425	0
Operating profit (loss) before corporate expenses	(714)	0
Corporate expenses	(142)	0
Interest expense	953	0
Capital expenditures	(243)	0
Depreciation, depletion and amortization	2,156	0
Cash items				$ 2,295
Total identifiable net assets	142,121		$ 144,386	$ 151,837
Corporate
Segment Reporting Information [Line Items]
Total identifiable net assets	4,392	4,830
Total Segments
Segment Reporting Information [Line Items]
Revenues	12,622	9,322
Operating profit	2,858	3,404
Corporate expenses	(1,426)	(1,327)
Interest expense	1,243	248
Capital expenditures	1,584	3,729
Depreciation, depletion and amortization	$ 4,283	$ 2,059

Long-term debt (Details)

Long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
5.6% to 8% mortgage notes due in installments through 2027	$ 28,545	$ 29,664
Riverfront permanent loan	88,686	88,653
Total debt	117,231	118,317
Less portion due within one year	4,248	4,463
Long-term debt	$ 112,983	$ 113,854

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share, Basic and Diluted [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	10,015	9,931
Common shares issuable under share based payment plans which are potentially dilutive	70	70
Common shares used for diluted earnings per common share	10,085	10,001
Net income attributable to the Company	$ 1,560	$ 1,443
Earnings per common share:
Basic	$ 0.16	$ 0.15
Diluted	$ 0.15	$ 0.14

Summary of Stock Activity (Deta

Summary of Stock Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)Years$ / sharesshares	Dec. 31, 2017USD ($)Years$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding | shares	174,510	174,510
Options granted | shares	0
Options exercised | shares	0
Options outstanding weighted average exercise price | $ / shares	$ 28.70	$ 28.70
Options outstanding weighted average exercise price - Granted | $ / shares	0
Options outstanding weighted average exercise price - Exercised | $ / shares	$ 0
Options outstanding weighted average remaining term | Years	5.8	6
Options outstanding weighted average grant date fair value | $	$ 1,901	$ 1,901
Options granted weighted average grant date fair value | $	0
Options exercised weighted average grant date fair value | $	$ 0
Options exercisable at March 31, 2018 | shares	130,827
Options exerciseable weighted average exercise price | $ / shares	$ 25.74
Options exerciseable weighted average remaining term | Years	4.9
Options vested weighted average grant date fair value | $	$ 15
Options vested during three months ended March 31, 2018 | shares	911
Options exercisable weighted average grant date fair value | $	$ 1,238

Stock Compensation Expense (Det

Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option grants	$ 41	$ 77
Annual director stock award	0	445
Stock based compensation expense	$ 41	$ 522

Investments in Joint Ventures (

Investments in Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2016	Jun. 30, 2013	Oct. 04, 2006
Company's share of Net Loss of the Partnership	$ (12)	$ (771)
Revenue - Reimbursements	1,707	1,300
Total revenues	12,622	9,322
Operating expenses	2,043	1,001
Property taxes	1,473	1,062
Total cost of operations	9,764	5,918
Total operating profit	2,858	3,404
Interest expense	$ (1,243)	(248)
Brooksville Quarry, LLC
Ownership percent	50.00%		50.00%				50.00%
Total Investment	$ 7,503		$ 7,516
Total Assets of the Partnership	14,408		14,411
Net Loss of the Partnership	(24)		(80)
Company's share of Net Loss of the Partnership	$ (12)		$ (40)
BC FRP Realty, LLC
Ownership percent	50.00%		50.00%		50.00%
Total Investment	$ 5,919		$ 5,890
Total Assets of the Partnership	16,814		15,027
Net Loss of the Partnership	0		0
Company's share of Net Loss of the Partnership	0		$ 0
Riverfront Holdings I, LLC
Ownership percent			0.00%			77.14%
Total Investment			$ 0	$ 8,583
Total Assets of the Partnership			0
Net Loss of the Partnership			(2,019)
Company's share of Net Loss of the Partnership			(1,558)
Rental revenue		1,311
Revenue - Reimbursements		15
Total revenues		1,326
Depreciation and amortization		863
Operating expenses		475
Property taxes		219
Total cost of operations		1,557
Total operating profit		(231)
Interest expense		(756)
Net loss of the Partnership		$ (987)
Joint Ventures
Total Investment	13,422		13,406
Total Assets of the Partnership	31,222		29,438
Net Loss of the Partnership	(24)		(2,099)
Company's share of Net Loss of the Partnership	$ (12)		$ (1,598)

Consolidation of RiverFront I32

Consolidation of RiverFront Investment Partners I, LLC. - RiverFront remeasurement balance sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Land	$ 127,700	$ 127,700
Cash	6,961	4,524		$ 106	$ 0
Cash held in escrow	269	333
Accounts receivable	907	1,020
Total Assets	417,984	418,734
Long-term Debt	28,545	29,664
Total Liabilities and Capital	417,984	418,734
Gain on remeasurement
Land			$ 21,107
Building and improvements, net			34,362
Value of leases in place			4,727
Cash			0
Cash held in escrow			0
Accounts receivable			0
Prepaid expenses			0
Total Assets			60,196
Long-term Debt			0
Amortizable debt costs			0
Other liabilities			0
Equity – FRP			39,727
Equity - MRP			20,469
Total Liabilities and Capital			60,196
RiverFront on the Anacostia
Land			28,327
Building and improvements, net			116,135
Value of leases in place			4,727
Cash			2,295
Cash held in escrow			171
Accounts receivable			40
Prepaid expenses			142
Total Assets	$ 142,121	144,386	151,837
Long-term Debt			78,587
Amortizable debt costs			(852)
Other liabilities			905
Equity – FRP			48,310
Equity - MRP			24,887
Total Liabilities and Capital			151,837
Riverfront Holdings I, LLC
Land			7,220
Building and improvements, net			81,773
Value of leases in place			0
Cash			2,295
Cash held in escrow			171
Accounts receivable			40
Prepaid expenses			142
Total Assets			91,641
Long-term Debt			78,587
Amortizable debt costs			(852)
Other liabilities			905
Equity – FRP		$ 0	8,583
Equity - MRP			4,418
Total Liabilities and Capital			$ 91,641

Business Segments (Details Narr

Business Segments (Details Narrative)	3 Months Ended
	Mar. 31, 2018aSegments	Jun. 30, 2017ft²
Reportable business segments | Segments	4
Mining royalty lands
Mining royalty lands acres	15,000
Brooksville Quarry, LLC
Mining royalty lands acres	4,280
RiverFront on the Anacostia
Square feet | ft²		300,000
Stabilization percent leased and occupied		90.00%

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transactions [Abstract]
Charges/allocation related to Transition Services Agreement with Patriot	$ 359	$ 557

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($) $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Sep. 30, 2015	Mar. 30, 2015	Dec. 31, 2017	Mar. 31, 3018	Nov. 17, 2017	Jul. 24, 2015	Jan. 30, 2015	Aug. 07, 2014
Mortgage interest description	5.6% to 8% mortgage notes due in installments through 2027					5.6% to 8% mortgage notes due in installments through 2027
Capitalized interest	$ 235		$ 370
Riverfront permanent loan	$ 88,686	$ 88,653				$ 88,653
[us-gaap:DebtInstrumentCovenantCompliance]	all
First Tennessee bank Term Loan
Term	10 years
Term loan facility							$ 20,000
Dock 79 Construction loan
RiverFront construction loan											$ 65,000
Interest rate over LIBOR	2.35%
Dock 79 EB5 Financing
RiverFront EB5 secondary financing											$ 17,000
Interest rate to year five											4.95%
Dock 79 EagleBank
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	$ 2,290
Borrowed under the revolver	0
Available for borrowing	17,710
Tangible net worth covenant	110,000
Available to pay dividends or repurchase stock	$ 87,000
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
Available for borrowing	$ 20,000
Interest rate over LIBOR	1.90%

Earnings per Share (Details Nar

Earnings per Share (Details Narrative) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings per common share:
Anti-dilutive shares	17,275	23,958

Stock-Based Compensation Plan37

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)Yearsshares	Dec. 31, 2017USD ($)	Mar. 29, 2018$ / shares
Number of stock option plans	2
Options expire from date of grant	10 years
Exercisable installments	Immediate or 20% or 25%
Shares available for future issuance | shares	544,217
Aggregate intrinsic value of exercisable in-the-money options	$ 3,959
Aggregate intrinsic value of outstanding in-the-money options	4,763
Market close price | $ / shares			$ 56
Total unrecognized compensation cost of options granted but not yet vested	$ 541
Weighted average period for compensation to be recognized | Years	3.9
Gains realized by option holders	$ 0
Expected minimum volatility	32.00%
Expected maximum volatility	43.00%
Risk-free interest rate minimum	0.60%
Risk-free interest rate maximum	4.20%
Expected life minimum | Years	3
Expecited life maximum | Years	7
Dividend yield	0.00%
Modification stock compensation expense		$ 41
Patriot Transportation
Modification stock compensation expense		$ 150

Contingent Liabilities (Details

Contingent Liabilities (Details Narrative) $ in Thousands	3 Months Ended
	Jun. 30, 2016USD ($)
Contingent Liabilities Details Narrative
Environmental remediation expense	$ 2,000

Concentrations (Details Narrati

Concentrations (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)integer
Tenants leasing mining locations | integer	4
Asset Management Top Customer
Customer revenue concentration	9.00%
Mining Top Customer
Customer revenue concentration	10.50%
Accounts receivable concentration | $	$ 271

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Carrying amount of other long-term debt	$ 117,231	$ 118,317
Fair value of other long-term debt	118,469	$ 122,271
Fair Value, Measurements, Recurring [Member]
Assets measured at fair value	0
Liabilities measured at fair value	0
Fair Value, Measurements, NonRecurring [Member]
Assets measured at fair value	0
Liabilities measured at fair value	$ 0

Investments in Joint Ventures41

Investments in Joint Ventures (Details Narrative) $ in Thousands	1 Months Ended	3 Months Ended				12 Months Ended
	May 31, 2016USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)aft²	Dec. 31, 2006USD ($)	Dec. 31, 2017USD ($)	Sep. 28, 2017USD ($)	Oct. 04, 2006a
Company's share of the loss of the joint venture		$ 12	$ 771
Joint Venture consolidated retained earnings		(2,646)				$ (2,638)
Outstanding balance		$ 28,545				$ 29,664
Vulcan
Joint venture percentage stake								50.00%
Acres conributed | a								553
Vulcan leasehold interest | a								3,443
FRP additional contribution for land					$ 3,018
Additional land acquired | a								288
St Johns Properties JV St Johns
Value of land contributed				$ 3,240
Joint venture percentage stake				50.00%
Acres conributed | a				10
Brooksville Quarry, LLC
Land acreage | a								4,300
Joint venture percentage stake		50.00%				50.00%		50.00%
Acres conributed | a								3,443
Book value of land contribution					2,548
FRP additional contribution for land					$ 3,018
Additional land acquired | a								288
Company's share of the loss of the joint venture		$ 12				$ 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%
Distribution received	$ 2,130
Acres conributed | a				25
Company's share of the loss of the joint venture		$ 0				$ 0
Construction financing through September 15, 2022							$ 17,250
Construction financing through September 15, 2018							$ 330
Interest rate over LIBOR		2.50%
Outstanding balance		$ 4,410

Consolidation of RiverFront I42

Consolidation of RiverFront Investment Partners I, LLC. (Details Narrative) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2013USD ($)	Dec. 31, 2017USD ($)	Jun. 30, 2017ft²	Mar. 30, 2012aft²
Gain on remeasurement of investment of real estate partnership		$ 60,196
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 | a				2
Land acreage | a				5.82
Value of land contributed	13,500
Book value of land contribution	6,165
Cash contributed	$ 4,866
Joint venture percentage stake	77.14%	0.00%
RiverFront on the Anacostia
Square feet | ft²			300,000
Joint venture percentage stake			66.00%
Stabilization percent leased and occupied			90.00%

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	May 31, 2018USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2017	May 14, 2018integer	May 04, 2018USD ($)
Cash contribution		$ 28	$ 104
Construction loan description		5.6% to 8% mortgage notes due in installments through 2027		5.6% to 8% mortgage notes due in installments through 2027
Subsequent Event [Member]
Value of land contributed	$ 16,300
Cash contribution	2,300
Capital contribution						$ 5,000
Development fee	$ 750
Maximum draws						$ 71,000
Interest rate over LIBOR	3.25%
Construction loan description	. The loan from Eagle Bank allows draws of up to $71 million during construction at an interest rate of 3.25% over libor. The loan is interest only and matures in 36 months with a 12 month extension assuming completion of construction and at least one occupancy. There is a provision for an additional 72 months extension with a 30 year amortization of principal at 2.15% over 7 year US Treasury Constant if NOI is sufficient for a 9% yield.
BRE Foxtrot Parent
Warehouse properties | integer					41
Land parcels | integer					2
Sales price	$ 358,900