FRP (FRPH) 10-Q 9 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 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	Jun. 30, 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	10,046,019
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,018

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets:
Land	$ 83,709	$ 87,235
Buildings and improvements	146,580	147,670
Projects under construction	2,028	1,764
Total investments in properties	232,317	236,669
Less accumulated depreciation and depletion	28,446	26,755
Net investments in properties	203,871	209,914
Real estate held for investment, at cost	7,176	7,176
Investments in joint ventures	22,616	13,406
Net real estate investments	233,663	230,496
Cash and cash equivalents	32,849	4,524
Cash held in escrow	278,573	333
Accounts receivable, net	648	615
Federal and state income taxes receivable	0	2,962
Unrealized rents	595	223
Deferred costs	1,228	2,708
Other assets	178	179
Assets of discontinued operations	2,210	176,694
Total assets	549,944	418,734
Liabilities:
Secured notes payable, current portion	0	125
Secured notes payable, less current portion	88,720	90,029
Accounts payable and accrued liabilities	3,072	2,081
Environmental remediation liability	1,807	2,037
Federal and state income taxes payable	728	0
Deferred revenue	26	107
Deferred income taxes	21,254	25,982
Deferred compensation	1,455	1,457
Tenant security deposits	47	54
Liabilities of discontinued operations	46,456	32,280
Total liabilities	163,565	154,152
Commitments and contingencies (Note 8)
Equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 10,046,019 and 10,014,667 shares issued and outstanding, respectively	1,005	1,001
Capital in excess of par value	57,324	55,636
Retained earnings	308,397	186,855
Accumulated other comprehensive income, net	38	38
Total shareholders' equity	366,764	243,530
Noncontrolling interest MRP	19,615	21,052
Total Equity	386,379	264,582
Total liabilities and shareholders' equity	$ 549,944	$ 418,734

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	10,046,019	10,014,667

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Rental revenue	$ 3,350	$ 750	$ 6,497	$ 1,507
Mining Royalty and rents	2,033	1,809	3,783	3,548
Revenue - reimbursements	170	160	348	299
Total revenues	5,553	2,719	10,628	5,354
Cost of operations:
Depreciation, depletion and amortization	2,131	273	4,529	499
Operating expenses	1,103	207	1,968	437
Property taxes	611	376	1,286	737
Management company indirect	455	307	816	611
Corporate expenses (Note 4 Related Party)	1,709	566	2,388	1,893
Total cost of operations	6,009	1,729	10,987	4,177
Total operating profit (loss)	(456)	990	(359)	1,177
Interest income	216	0	221	0
Interest expense	(807)	0	(1,650)	0
Equity in loss of joint ventures	(11)	(806)	(23)	(1,577)
Income (loss) before income taxes	(1,058)	184	(1,811)	(400)
Provision for (benefit from) income taxes	(179)	59	(239)	(172)
Income (loss) from continuing operations	(879)	125	(1,572)	(228)
Income from discontinued operations, net	120,465	1,588	122,187	3,384
Net income	119,586	1,713	120,615	3,156
Income (loss) attributable to noncontrolling interest	(396)	0	(927)	0
Net income attributable to the Company	$ 119,982	$ 1,713	$ 121,542	$ 3,156
Basic earnings per common share
Income (loss) from continuing operations	$ (0.09)	$ 0.01	$ (0.16)	$ (0.02)
Discontinued operations	12.01	0.16	12.19	0.34
Net income attributable to the Company	11.96	0.17	12.13	0.32
Diluted earnings per common share
Income from continuing operations	(0.09)	0.01	(0.16)	(0.02)
Discontinued operations	11.92	0.16	12.10	0.34
Net income attributable to the Company	$ 11.87	$ 0.17	$ 12.04	$ 0.32
Number of shares (in thousands) used in computing:
-basic earnings per common share	10,033	9,965	10,024	9,948
-diluted earnings per common share	10,109	10,038	10,099	10,019

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Comprehensive income	$ 119,586	$ 1,713	$ 120,615	$ 3,156
Less: comprehensive loss attributable to noncontrolling interests	(396)	0	(927)	0
Comprehensive income attributable to the Company	$ 119,982	$ 1,713	$ 121,542	$ 3,156

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income	$ 120,615	$ 3,156
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net	(122,187)	(3,384)
Depreciation, depletion and amortization	4,719	569
Deferred income taxes	(4,728)	3,992
Equity in loss of joint ventures	23	1,577
Gain on sale of equipment	(12)	0
Stock-based compensation	1,152	555
Net changes in operating assets and liabilities:
Accounts receivable	(33)	(87)
Deferred costs and other assets	(660)	316
Accounts payable and accrued liabilities	910	(303)
Income taxes payable and receivable	3,690	(3,813)
Other long-term liabilities	(239)	8
Net cash provided by operating activities of continuing operations	3,250	2,586
Net cash provided by operating activities of discontinued operations	3,765	6,400
Net cash provided by operating activities	7,015	8,986
Cash flows from investing activities:
Investments in properties	(1,419)	(1,738)
Investments in joint ventures	(4,671)	(236)
Proceeds from the sale of assets	12	0
Cash held in escrow	(278,240)	0
Net cash used in investing activities of continuing operations	(284,318)	(1,974)
Net cash provided by (used in) investing activities of discontinued operations	335,996	(6,401)
Net cash provided by (used in) investing activities	51,678	(8,375)
Cash flows from financing activities:
Distribution to noncontrolling interest	(510)	0
Decrease in bank overdrafts	0	(83)
Repayment of long-term debt	(1,552)	(59)
Proceeds from borrowing on revolving credit facility	0	0
Payment on revolving credit facility	0	(707)
Repurchase of Company Stock	0	(74)
Exercise of employee stock options	540	2,029
Net cash provided by financing activities of continuing operations	1,522	1,106
Net cash used in financing activities of discontinued operations	(28,846)	(1,717)
Net cash used in financing activities	(30,368)	(611)
Net increase in cash and cash equivalents	28,325	0
Cash and cash equivalents at beginning of period	4,524	0
Cash and cash equivalents at end of the period	$ 32,849	$ 0

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 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. is a holding company engaged in the real estate business, namely (i) mining royalty land ownership and leasing, (ii) land acquisition, entitlement and development primarily for future warehouse/office or residential building construction, (iii) ownership, leasing, and management of a residential apartment building, and (iv) warehouse/office building ownership, leasing and management. The accompanying consolidated financial statements include the accounts of FRP Holdings, Inc. (the “Company” or “FRP”) inclusive of our operating real estate subsidiaries, FRP Development Corp. (“Development”) and Florida Rock Properties, Inc. (”Properties”). Our investment in the Brooksville joint venture, BC FRP Realty joint venture, and RiverFront Holdings II 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. On May 21, 2018, the Company completed the disposition of 40 industrial warehouse properties and 3 additional land parcels to an affiliate of Blackstone Real Estate Partners VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising its right of first refusal to purchase the property. This results in disposition of all of the Company’s industrial flex/office warehouse properties and as a result, these properties have been reclassified as discontinued operations for all periods presented. The Asset Management segment will contain the remaining three office buildings on a go forward basis. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 in connection with our revenues not subject to leases and did not have a material impact on our financial statements.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 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. The flex/office warehouses in the Asset Management Segment were sold and reclassified to discontinued operations leaving only three office buildings. 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 MidAtlantic Realty Partners (“MRP”), reached stabilization, meaning 90% of the individual apartments have been leased and are occupied by third party tenants. Upon reaching stabilization, the Company had, 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. On May 21, 2018, the Company completed the disposition of 40 industrial warehouse properties and 3 additional land parcels to an affiliate of Blackstone Real Estate Partners VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising its right of first refusal to purchase the property. These properties have been reclassified as discontinued operations for all periods presented. Operating results and certain other financial data for the Company’s business segments are as follows (in thousands): Three Months ended Six Months ended June 30, June 30, 2018 2017 2018 2017 Revenues: Asset management $ 568 553 1,149 1,151 Mining royalty lands 2,055 1,833 3,827 3,595 Land development and construction 317 333 614 608 RiverFront on the Anacostia 2,613 — 5,038 — 5,553 2,719 10,628 5,354 Operating profit (loss): Before corporate expenses: Asset management $ 258 238 507 522 Mining royalty lands 1,918 1,701 3,536 3,326 Land development and construction (630 ) (383 ) (1,007 ) (778 ) RiverFront on the Anacostia (293 ) — (1,007 ) — Operating profit before corporate expenses 1,253 1,556 2,029 3,070 Corporate expenses: Allocated to asset management (109 ) (27 ) (112 ) (91 ) Allocated to mining royalty lands (52 ) (28 ) (129 ) (94 ) Allocated to land development and construction (283 ) (217 ) (702 ) (725 ) Allocated to RiverFront on the Anacostia (95 ) — (237 ) — Unallocated (1,170 ) (294 ) (1,208 ) (983 ) Total corporate expenses (1,709 ) (566 ) (2,388 ) (1,893 ) $ (456 ) 990 (359 ) 1,177 Interest expense $ 807 — 1,650 — Depreciation, depletion and amortization: Asset management $ 129 128 260 260 Mining royalty lands 36 35 90 74 Land development and construction 57 110 114 165 RiverFront on the Anacostia 1,909 — 4,065 — $ 2,131 273 4,529 499 Capital expenditures: Asset management $ 6 4 167 31 Mining royalty lands — — — — Land development and construction 1,018 482 1,310 1,707 RiverFront on the Anacostia 185 — (58 ) — $ 1,209 486 1,419 1,738 June 30, December 31, Identifiable net assets 2018 2017 Asset management $ 10,594 2,960 Discontinued operations 2,210 176,694 Mining royalty lands 38,606 38,656 Land development and construction 45,017 46,684 Riverfront on the Anacostia 140,257 144,386 Cash items 311,422 4,524 Unallocated corporate assets 1,838 4,830 $ 549,944 418,734

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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 $370,000 and $320,000 for the three months ended June 30, 2018 and 2017 and $729,000 and $877,000 for the six months ended June 30, 2018 and 2017, respectively. Included in the charges above are amounts recognized for corporate executive stock-based compensation expense. These charges are reflected as part of corporate expenses. To determine these allocations between FRP and Patriot as set forth in the Transition Services Agreement, we generally employed the same methodology historically used by the Company pre Spin-off to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis as the terms were negotiated while Patriot was still a subsidiary of FRP.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Long-Term Debt	(5) Long-Term Debt. June 30, December 31, 2018 2017 5.6% to 8% mortgage notes due in installments through 2027 $ — 29,664 Riverfront permanent loan $ 88,720 88,653 88,720 118,317 Less portion due within one year — 4,463 $ 88,720 113,854 On May 21, 2018 in conjunction with the sale of the warehouse business the Companies mortgages notes were prepaid and the credit line with First Tennessee Bank, N.A. was terminated. Prepayment penalties of $3,420,000 were paid. On January 30, 2015, the Company entered into a five-year credit agreement with Wells Fargo with a maximum facility amount of $20 million (the "Credit Agreement"). The Credit Agreement provides a revolving credit facility (the “Revolver”) with a $10 million sublimit available for standby letters of credit. As of June 30, 2018, there was no debt outstanding on the revolver, $2,202,000 outstanding under letters of credit and $17,798,000 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 June 30, 2018, the tangible net worth covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum of $166 million combined. The Company was in compliance with all covenants as of June 30, 2018. 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, Dock 79 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 Dock 79, such events including, without limitation, Dock 79'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 June 30, 2018 and June 30, 2017 the Company capitalized interest costs of $263,000 and $232,000, respectively. During the six months ended June 30, 2018 and June 30, 2017 the Company capitalized interest costs of $499,000 and $602,000, respectively.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Earnings per Share	(6) Earnings per Share. Three Months ended Six Months ended June 30, June 30, 2018 2017 2018 2017 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 10,033 9,965 10,024 9,948 Common shares issuable under share based payment plans which are potentially dilutive 76 73 75 71 Common shares used for diluted earnings per common share 10,109 10,038 10,099 10,019 Net income attributable to the Company $ 119,982 1,713 121,542 3,156 Basic earnings per common share: Basic $ 11.96 0.17 12.13 0.32 Diluted $ 11.87 0.17 12.04 0.32 For the three and six months ended June 30, 2018, no shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three and six months ended June 30, 2017, 13,610 and 22,422 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
	Jun. 30, 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. On May 21, 2018, under the 2016 Equity Incentive Plan change-in-control clause, all unvested stock options held by the Company’s named executive officers became vested and fully exercisable. Included in stock compensation expense was $402,000 for the vesting of option grants from 2016 and 2017 due to the asset disposition. The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands): Three Months ended Six Months ended June 30, June 30, 2018 2017 2018 2017 Stock option grants $ 428 33 469 110 Annual director stock award 683 — 683 445 $ 1,111 33 1,152 555 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 (19,352 ) $ 27.88 $ (221 ) Outstanding at June 30, 2018 155,158 $ 28.81 5.5 $ 1,680 Exercisable at June 30, 2018 138,693 $ 28.65 5.4 $ 1,456 Vested during six months ended June 30, 2018 138,693 $ 454 The aggregate intrinsic value of exercisable in-the-money options was $5,007,000 and the aggregate intrinsic value of outstanding in-the-money options was $5,577,000 based on the market closing price of $64.75 on June 29, 2018 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of June 30, 2018 was $114,000, which is expected to be recognized over a weighted-average period of 2.3 years. Gains of $576,000 were realized by option holders during the six months ended June 30, 2018. Patriot realized the tax benefits of $528,000 of these gains because these options were exercised by Patriot employees for options granted prior to the spin-off.

Contingent liabilities

Contingent liabilities	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Contingent liabilities	(8) Contingent Liabilities. The Company executed a letter of intent with MRP 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	6 Months Ended
	Jun. 30, 2018
Risks and Uncertainties [Abstract]
Concentrations	(9) Concentrations

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	(10) Fair Value Measurements. As of June 30, 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 June 30, 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 June 30, 2018, the carrying amount and fair value of such other long-term debt was $88,720,000 and $87,436,000, 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)	6 Months Ended
	Jun. 30, 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). RiverFront Holdings II, LLC. Investments in Joint Ventures (in thousands): The Company's Total Assets Net Loss Share of Net Total of the of the Loss of the Ownership Investment Partnership Partnership Partnership As of June 30, 2018 Brooksville Quarry, LLC 50.00 % 7,489 14,406 (46 ) (23 ) BC FRP Realty, LLC 50.00 % 5,945 18,858 — — RiverFront Holdings II, LLC 80.00 % 9,182 15,267 — — Total $ 22,616 48,531 (46 ) (23 ) 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 Six Months Ended June 30, June 30, 2017 2017 Revenues: Rental Revenue $ 1,742 3,053 Revenue – Reimbursements 18 33 Total Revenues 1,760 3,086 Cost of operations: Depreciation and amortization 1,095 1,958 Operating expenses 621 1,096 Property taxes 240 459 Total cost of operations 1,956 3,513 Total operating profit (196 ) (427 ) Interest expense (836 ) (1,592 ) Net loss of the Partnership $ (1,032 ) (2,019 ) The amount of consolidated accumulated deficit for these joint ventures was $(2,655,000) and $(2,638,000) as of June 30, 2018 and December 31, 2017 respectively.

Consolidation of RiverFront Inv

Consolidation of RiverFront Investment Partners I, LLC.	6 Months Ended
	Jun. 30, 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

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	(13) Discontinued Operations. On May 21, 2018, the Company completed the disposition of 40 industrial warehouse properties and three additional land parcels to an affiliate of Blackstone Real Estate Partners VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising its right of first refusal to purchase the property. These properties comprised substantially all the assets of our Asset Management segment and have been reclassified as discontinued operations for all periods presented. The results of operations associated with discontinued operations for the three and six month periods ended June 30, 2018 and 2017 were as follows (in thousands): Three months ended Six months ended June 30, June 30, 2018 2017 2018 2017 Revenues: Rental revenue $ 3,394 5,472 9,412 10,998 Revenue – reimbursements 716 1,169 2,245 2,330 Total Revenues 4,110 6,641 11,657 13,328 Cost of operations: Depreciation, depletion and amortization 1,217 1,929 3,102 3,762 Operating expenses 464 795 1,642 1,566 Property taxes 449 753 1,247 1,454 Management company indirect 812 168 990 333 Corporate expenses 655 — 1,402 — Total cost of operations 3,597 3,645 8,383 7,115 Total operating profit 513 2,996 3,274 6,213 Interest expense (187 ) (371 ) (587 ) (619 ) Gain on sale of buildings 164,807 — 164,807 — Income before income taxes 165,133 2,625 167,494 5,594 Provision for income taxes 44,668 1,037 45,307 2,210 Income from discontinued operations $ 120,465 1,588 122,187 3,384 The components of the balance sheet are as follows (in thousands): June 30 December 31 Assets: 2018 2017 Real estate investments at cost: Land $ 546 40,465 Buildings and improvements 3,315 186,657 Projects under construction — 6,617 Total investments in properties 3,861 233,739 Less accumulated depreciation and depletion 2,331 68,049 Net investments in properties 1,530 165,690 Accounts receivable, net 332 405 Unrealized rents 94 4,088 Deferred costs 251 6,509 Other assets 3 2 Assets of discontinued operations $ 2,210 176,694 Liabilities: Secured notes payable, current portion $ — 23,825 Secured notes payable, less current portion — 4,338 Accounts payable and accrued liabilities 189 2,289 Deferred revenue 2 967 Federal and state income taxes payable 46,228 — Tenant security deposits 37 861 Liabilities of discontinued operations $ 46,456 32,280

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Business segments (in thousands)	Three Months ended Six Months ended June 30, June 30, 2018 2017 2018 2017 Revenues: Asset management $ 568 553 1,149 1,151 Mining royalty lands 2,055 1,833 3,827 3,595 Land development and construction 317 333 614 608 RiverFront on the Anacostia 2,613 — 5,038 — 5,553 2,719 10,628 5,354 Operating profit (loss): Before corporate expenses: Asset management $ 258 238 507 522 Mining royalty lands 1,918 1,701 3,536 3,326 Land development and construction (630 ) (383 ) (1,007 ) (778 ) RiverFront on the Anacostia (293 ) — (1,007 ) — Operating profit before corporate expenses 1,253 1,556 2,029 3,070 Corporate expenses: Allocated to asset management (109 ) (27 ) (112 ) (91 ) Allocated to mining royalty lands (52 ) (28 ) (129 ) (94 ) Allocated to land development and construction (283 ) (217 ) (702 ) (725 ) Allocated to RiverFront on the Anacostia (95 ) — (237 ) — Unallocated (1,170 ) (294 ) (1,208 ) (983 ) Total corporate expenses (1,709 ) (566 ) (2,388 ) (1,893 ) $ (456 ) 990 (359 ) 1,177 Interest expense $ 807 — 1,650 — Depreciation, depletion and amortization: Asset management $ 129 128 260 260 Mining royalty lands 36 35 90 74 Land development and construction 57 110 114 165 RiverFront on the Anacostia 1,909 — 4,065 — $ 2,131 273 4,529 499 Capital expenditures: Asset management $ 6 4 167 31 Mining royalty lands — — — — Land development and construction 1,018 482 1,310 1,707 RiverFront on the Anacostia 185 — (58 ) — $ 1,209 486 1,419 1,738 June 30, December 31, Identifiable net assets 2018 2017 Asset management $ 10,594 2,960 Discontinued operations 2,210 176,694 Mining royalty lands 38,606 38,656 Land development and construction 45,017 46,684 Riverfront on the Anacostia 140,257 144,386 Cash items 311,422 4,524 Unallocated corporate assets 1,838 4,830 $ 549,944 418,734

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Long-term debt (in thousands)	June 30, December 31, 2018 2017 5.6% to 8% mortgage notes due in installments through 2027 $ — 29,664 Riverfront permanent loan $ 88,720 88,653 88,720 118,317 Less portion due within one year — 4,463 $ 88,720 113,854

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Earnings per share (in thousands, except per share amounts)	Three Months ended Six Months ended June 30, June 30, 2018 2017 2018 2017 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 10,033 9,965 10,024 9,948 Common shares issuable under share based payment plans which are potentially dilutive 76 73 75 71 Common shares used for diluted earnings per common share 10,109 10,038 10,099 10,019 Net income attributable to the Company $ 119,982 1,713 121,542 3,156 Basic earnings per common share: Basic $ 11.96 0.17 12.13 0.32 Diluted $ 11.87 0.17 12.04 0.32

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation Expense (in thousands	Three Months ended Six Months ended June 30, June 30, 2018 2017 2018 2017 Stock option grants $ 428 33 469 110 Annual director stock award 683 — 683 445 $ 1,111 33 1,152 555
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 (19,352 ) $ 27.88 $ (221 ) Outstanding at June 30, 2018 155,158 $ 28.81 5.5 $ 1,680 Exercisable at June 30, 2018 138,693 $ 28.65 5.4 $ 1,456 Vested during six months ended June 30, 2018 138,693 $ 454

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2018 Brooksville Quarry, LLC 50.00 % 7,489 14,406 (46 ) (23 ) BC FRP Realty, LLC 50.00 % 5,945 18,858 — — RiverFront Holdings II, LLC 80.00 % 9,182 15,267 — — Total $ 22,616 48,531 (46 ) (23 ) 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 Six Months Ended June 30, June 30, 2017 2017 Revenues: Rental Revenue $ 1,742 3,053 Revenue – Reimbursements 18 33 Total Revenues 1,760 3,086 Cost of operations: Depreciation and amortization 1,095 1,958 Operating expenses 621 1,096 Property taxes 240 459 Total cost of operations 1,956 3,513 Total operating profit (196 ) (427 ) Interest expense (836 ) (1,592 ) Net loss of the Partnership $ (1,032 ) (2,019 )

Consolidation of RiverFront I25

Consolidation of RiverFront Investment Partners I, LLC. (Tables)	6 Months Ended
	Jun. 30, 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

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operations results of operations	Three months ended Six months ended June 30, June 30, 2018 2017 2018 2017 Revenues: Rental revenue $ 3,394 5,472 9,412 10,998 Revenue – reimbursements 716 1,169 2,245 2,330 Total Revenues 4,110 6,641 11,657 13,328 Cost of operations: Depreciation, depletion and amortization 1,217 1,929 3,102 3,762 Operating expenses 464 795 1,642 1,566 Property taxes 449 753 1,247 1,454 Management company indirect 812 168 990 333 Corporate expenses 655 — 1,402 — Total cost of operations 3,597 3,645 8,383 7,115 Total operating profit 513 2,996 3,274 6,213 Interest expense (187 ) (371 ) (587 ) (619 ) Gain on sale of buildings 164,807 — 164,807 — Income before income taxes 165,133 2,625 167,494 5,594 Provision for income taxes 44,668 1,037 45,307 2,210 Income from discontinued operations $ 120,465 1,588 122,187 3,384
Discontinued operations balance sheet components	June 30 December 31 Assets: 2018 2017 Real estate investments at cost: Land $ 546 40,465 Buildings and improvements 3,315 186,657 Projects under construction — 6,617 Total investments in properties 3,861 233,739 Less accumulated depreciation and depletion 2,331 68,049 Net investments in properties 1,530 165,690 Accounts receivable, net 332 405 Unrealized rents 94 4,088 Deferred costs 251 6,509 Other assets 3 2 Assets of discontinued operations $ 2,210 176,694 Liabilities: Secured notes payable, current portion $ — 23,825 Secured notes payable, less current portion — 4,338 Accounts payable and accrued liabilities 189 2,289 Deferred revenue 2 967 Federal and state income taxes payable 46,228 — Tenant security deposits 37 861 Liabilities of discontinued operations $ 46,456 32,280

Business Segments - Business se

Business Segments - Business segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Revenues	$ 5,553	$ 2,719	$ 10,628	$ 5,354
Operating profit	(456)	990	(359)	1,177
Interest expense	807	0	1,650	0
Depreciation, depletion and amortization	2,131	273	4,529	499
Cash items	311,422		311,422		$ 4,524
Total identifiable net assets	549,944		549,944		418,734
Unallocated
Segment Reporting Information [Line Items]
Corporate expenses	(1,170)	(294)	(1,208)	(983)
Discontinued Operations, Disposed of by Sale [Member]
Segment Reporting Information [Line Items]
Revenues	4,110	6,641	11,657	13,328
Operating profit	513	2,996	3,274	6,213
Interest expense	187	371	587	619
Depreciation, depletion and amortization	1,217	1,929	3,102	3,762
Total identifiable net assets	2,210		2,210		176,694
Asset Management
Segment Reporting Information [Line Items]
Revenues	568	553	1,149	1,151
Operating profit (loss) before corporate expenses	258	238	507	522
Corporate expenses	(109)	(27)	(112)	(91)
Capital expenditures	6	4	167	31
Depreciation, depletion and amortization	129	128	260	260
Total identifiable net assets	10,594		10,594		2,960
Mining royalty lands
Segment Reporting Information [Line Items]
Revenues	2,055	1,833	3,827	3,595
Operating profit (loss) before corporate expenses	1,918	1,701	3,536	3,326
Corporate expenses	(52)	(28)	(129)	(94)
Capital expenditures	0	0	0	0
Depreciation, depletion and amortization	36	35	90	74
Total identifiable net assets	38,606		38,606		38,656
Land Development and Construction
Segment Reporting Information [Line Items]
Revenues	317	333	614	608
Operating profit (loss) before corporate expenses	(630)	(383)	(1,007)	(778)
Corporate expenses	(283)	(217)	(702)	(725)
Capital expenditures	1,018	482	1,310	1,707
Depreciation, depletion and amortization	57	110	114	165
Total identifiable net assets	45,017		45,017		46,684
RiverFront on the Anacostia
Segment Reporting Information [Line Items]
Revenues	2,613	0	5,038	0
Operating profit (loss) before corporate expenses	(293)	0	(1,007)	0
Corporate expenses	(95)	0	(237)	0
Capital expenditures	185	0	(58)	0
Depreciation, depletion and amortization	1,909	0	4,065	0
Total identifiable net assets	140,257	151,837	140,257	151,837	$ 144,386
Corporate
Segment Reporting Information [Line Items]
Total identifiable net assets	1,838	4,830	1,838	4,830
Total Segments
Segment Reporting Information [Line Items]
Revenues	5,553	2,719	10,628	5,354
Operating profit (loss) before corporate expenses	1,253	1,556	2,029	3,070
Operating profit	(456)	990	(359)	1,177
Corporate expenses	(1,709)	(566)	(2,388)	(1,893)
Interest expense	807	0	1,650	0
Capital expenditures	1,209	486	1,419	1,738
Depreciation, depletion and amortization	$ 2,131	$ 273	$ 4,529	$ 499

Long-term debt (Details)

Long-term debt (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
5.6% to 8% mortgage notes due in installments through 2027	$ 0	$ 29,664
Riverfront permanent loan	88,720	88,653
Total debt	88,720	118,317
Less portion due within one year	0	4,463
Long-term debt	$ 88,720	$ 113,854

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share, Basic and Diluted [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	10,033	9,965	10,024	9,948
Common shares issuable under share based payment plans which are potentially dilutive	76	73	75	71
Common shares used for diluted earnings per common share	10,109	10,038	10,099	10,019
Net income attributable to the Company	$ 119,982	$ 1,713	$ 121,542	$ 3,156
Earnings per common share:
Basic	$ 11.96	$ 0.17	$ 12.13	$ 0.32
Diluted	$ 11.87	$ 0.17	$ 12.04	$ 0.32

Summary of Stock Activity (Deta

Summary of Stock Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)Years$ / sharesshares	Dec. 31, 2017USD ($)Years$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding | shares	155,158	174,510
Options granted | shares	0
Options exercised | shares	(19,352)
Options outstanding weighted average exercise price | $ / shares	$ 28.81	$ 28.70
Options outstanding weighted average exercise price - Granted | $ / shares	27.88
Options outstanding weighted average exercise price - Exercised | $ / shares	$ 0
Options outstanding weighted average remaining term | Years	5.5	6
Options outstanding weighted average grant date fair value | $	$ 1,680	$ 1,901
Options granted weighted average grant date fair value | $	0
Options exercised weighted average grant date fair value | $	$ (221)
Options exercisable at June 30, 2018 | shares	138,693
Options exerciseable weighted average exercise price | $ / shares	$ 28.65
Options exerciseable weighted average remaining term | Years	5.4
Options vested weighted average grant date fair value | $	$ 454
Options vested during six months ended June 30, 2018 | shares	138,693
Options exercisable weighted average grant date fair value | $	$ 1,456

Stock Compensation Expense (Det

Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option grants	$ 428	$ 33	$ 469	$ 110
Annual director stock award	683	0	683	445
Stock based compensation expense	$ 1,111	$ 33	$ 1,152	$ 555

Investments in Joint Ventures (

Investments in Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Jun. 30, 2016	Jun. 30, 2013	Oct. 04, 2006
Company's share of Net Loss of the Partnership	$ (11)	$ (806)	$ (23)	$ (1,577)
Revenue - Reimbursements	170	160	348	299
Total revenues	5,553	2,719	10,628	5,354
Operating expenses	1,103	207	1,968	437
Property taxes	611	376	1,286	737
Total cost of operations	6,009	1,729	10,987	4,177
Total operating profit	(456)	990	(359)	1,177
Interest expense	$ (807)	0	$ (1,650)	0
Brooksville Quarry, LLC
Ownership percent	50.00%		50.00%		50.00%			50.00%
Total Investment	$ 7,489		$ 7,489		$ 7,516
Total Assets of the Partnership	$ 14,406		14,406		14,411
Net Loss of the Partnership			(46)		(80)
Company's share of Net Loss of the Partnership			$ (23)		$ (40)
BC FRP Realty, LLC
Ownership percent	50.00%		50.00%		50.00%	50.00%
Total Investment	$ 5,945		$ 5,945		$ 5,890
Total Assets of the Partnership	$ 18,858		18,858		15,027
Net Loss of the Partnership			0		0
Company's share of Net Loss of the Partnership			$ 0		$ 0
RiverFront Holdings II, LLC
Ownership percent	80.00%		80.00%
Total Investment	$ 9,182		$ 9,182
Total Assets of the Partnership	15,267		15,267
Net Loss of the Partnership			0
Company's share of Net Loss of the Partnership			0
Riverfront Holdings I, LLC
Ownership percent					0.00%		77.14%
Total Investment		8,583		8,583	$ 0
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		1,742		3,053
Revenue - Reimbursements		18		33
Total revenues		1,760		3,086
Depreciation and amortization		1,095		1,958
Operating expenses		621		1,096
Property taxes		240		459
Total cost of operations		1,956		3,513
Total operating profit		(196)		(427)
Interest expense		(836)		(1,592)
Net loss of the Partnership		$ (1,032)		$ (2,019)
Joint Ventures
Total Investment	22,616		22,616		13,406
Total Assets of the Partnership	$ 48,531		48,531		29,438
Net Loss of the Partnership			(46)		(2,099)
Company's share of Net Loss of the Partnership			$ (23)		$ (1,598)

Consolidation of RiverFront I33

Consolidation of RiverFront Investment Partners I, LLC. - RiverFront remeasurement balance sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Land	$ 83,709	$ 87,235
Cash	32,849	4,524	$ 0	$ 0
Cash held in escrow	278,573	333
Accounts receivable	648	615
Total Assets	549,944	418,734
Long-term Debt	0	29,664
Total Liabilities and Capital	549,944	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	$ 140,257	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

Discontinued Operations - Disco

Discontinued Operations - Discontinued operations results of operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Rental revenue	$ 3,350	$ 750	$ 6,497	$ 1,507
Revenue reimbursements	170	160	348	299
Total Revenues	5,553	2,719	10,628	5,354
Depreciation, depletion and amortization	2,131	273	4,529	499
Operating expenses	1,103	207	1,968	437
Property taxes	611	376	1,286	737
Management company indirect	455	307	816	611
Corporate expenses	1,709	566	2,388	1,893
Total cost of operations	6,009	1,729	10,987	4,177
Total operating profit	(456)	990	(359)	1,177
Interest expense	(807)	0	(1,650)	0
Income before income taxes	(1,058)	184	(1,811)	(400)
Provision for income taxes	(179)	59	(239)	(172)
Income from discontinued operations	120,465	1,588	122,187	3,384
Discontinued Operations, Disposed of by Sale [Member]
Rental revenue	3,394	5,472	9,412	10,998
Revenue reimbursements	716	1,169	2,245	2,330
Total Revenues	4,110	6,641	11,657	13,328
Depreciation, depletion and amortization	1,217	1,929	3,102	3,762
Operating expenses	464	795	1,642	1,566
Property taxes	449	753	1,247	1,454
Management company indirect	812	168	990	333
Corporate expenses	655	0	1,402	0
Total cost of operations	3,597	3,645	8,383	7,115
Total operating profit	513	2,996	3,274	6,213
Interest expense	(187)	(371)	(587)	(619)
Gain on sale of buildings	164,807	0	164,807	0
Income before income taxes	165,133	2,625	167,494	5,594
Provision for income taxes	44,668	1,037	45,307	2,210
Income from discontinued operations	$ 120,465	$ 1,588	$ 122,187	$ 3,384

Discontinued Operations - Dis35

Discontinued Operations - Discontinued operations balance sheet components (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Land	$ 83,709	$ 87,235
Buildings and improvements	146,580	147,670
Projects under construction	2,028	1,764
Total investments in properties	232,317	236,669
Less accumulated depreciation and depletion	28,446	26,755
Net investments in properties	203,871	209,914
Accounts receivable, net	648	615
Unrealized rents	595	223
Deferred costs	1,228	2,708
Other assets	178	179
Assets of discontinued operations	2,210	176,694
Secured notes payable, current portion	0	125
Secured notes payable, less current portion	88,720	90,029
Accounts payable and accrued liabilities	3,072	2,081
Deferred revenue	26	107
Federal and state income taxes payable	728	0
Tenant security deposits	47	54
Liabilities of discontinued operations	46,456	32,280
Discontinued Operations, Disposed of by Sale [Member]
Land	546	40,465
Buildings and improvements	3,315	186,657
Projects under construction	0	6,617
Total investments in properties	3,861	233,739
Less accumulated depreciation and depletion	2,331	68,049
Net investments in properties	1,530	165,690
Accounts receivable, net	332	405
Unrealized rents	94	4,088
Deferred costs	251	6,509
Other assets	3	2
Assets of discontinued operations	2,210	176,694
Secured notes payable, current portion	0	23,825
Secured notes payable, less current portion	0	4,338
Accounts payable and accrued liabilities	189	2,289
Deferred revenue	2	967
Federal and state income taxes payable	46,228	0
Tenant security deposits	37	861
Liabilities of discontinued operations	$ 46,456	$ 32,280

Description of Business and B36

Description of Business and Basis of Presentation (Details Narrative) $ in Thousands	3 Months Ended
	Jun. 30, 2018USD ($)integer	May 21, 2018integer
Warehouse properties	3
Discontinued Operations, Disposed of by Sale [Member]
Warehouse properties		40
Land parcels		3
Sales price | $	$ 347,200
Excluded [Member]
Warehouse properties	1
Property value | $	$ 11,700

Business Segments (Details Narr

Business Segments (Details Narrative) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018USD ($)ainteger	Jun. 30, 2018USD ($)aSegmentsinteger	May 21, 2018integer	Jun. 30, 2017ft²
Reportable business segments | Segments		4
Warehouse properties	3	3
Discontinued Operations, Disposed of by Sale [Member]
Warehouse properties			40
Land parcels			3
Sales price | $	$ 347,200
Excluded [Member]
Warehouse properties	1	1
Property value | $	$ 11,700	$ 11,700
Mining royalty lands
Mining royalty lands acres | a	15,000	15,000
Brooksville Quarry, LLC
Mining royalty lands acres | a	4,280	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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Related Party Transactions [Abstract]
Charges/allocation related to Transition Services Agreement with Patriot	$ 370	$ 320	$ 729	$ 877

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Mar. 30, 2015	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Nov. 17, 2017	Jan. 30, 2015	Aug. 07, 2014
Mortgage interest description							5.6% to 8% mortgage notes due in installments through 2027
Capitalized interest	$ 263		$ 232		$ 499	$ 602
Prepayment penalty					3,420
Riverfront permanent loan	88,720	$ 88,653			$ 88,720		$ 88,653
Dock 79 Construction loan
RiverFront construction loan										$ 65,000
Interest rate										2.35%
Dock 79 EB5 Financing
RiverFront EB5 secondary financing										$ 17,000
Interest rate										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	2,202				$ 2,202
Borrowed under the revolver	0				0
Available for borrowing	17,798				17,798
Tangible net worth covenant	110,000				110,000
Available to pay dividends or repurchase stock	$ 166,000				$ 166,000
Interest rate over LIBOR					1.40%
Covenant compliance					all

Earnings per Share (Details Nar

Earnings per Share (Details Narrative) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Anti-dilutive shares	0	13,610	0	22,422

Stock-Based Compensation Plan41

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018USD ($)Yearsshares	Dec. 31, 2017USD ($)	Jun. 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	532,217
Aggregate intrinsic value of exercisable in-the-money options	$ 5,007
Aggregate intrinsic value of outstanding in-the-money options	5,577
Market close price | $ / shares			$ 64.75
Total unrecognized compensation cost of options granted but not yet vested	$ 114
Weighted average period for compensation to be recognized | Years	2.3
Gains realized by option holders	$ 576
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
Stock compensation expense for the vesting of option grants due to asset disposition	$ 402
Patriot Transportation
Gains realized by option holders	$ 528
Modification stock compensation expense		$ 150

Contingent Liabilities (Details

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

Concentrations (Details Narrati

Concentrations (Details Narrative) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)integer
Tenants leasing mining locations | integer	4
Mining Top Customer
Customer revenue concentration	14.00%
Accounts receivable concentration | $	$ 274

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Carrying amount of other long-term debt	$ 88,720	$ 118,317
Fair value of other long-term debt	87,436	$ 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 Ventures45

Investments in Joint Ventures (Details Narrative) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended			12 Months Ended
	May 31, 2016USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2006USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)aft²	Dec. 31, 2017USD ($)	May 04, 2018	Sep. 28, 2017USD ($)	Oct. 04, 2006a
Company's share of the loss of the joint venture		$ 11	$ 806		$ 23	$ 1,577
Joint Venture consolidated retained earnings		(2,655)			(2,655)			$ (2,638)
Outstanding balance		$ 0			0			$ 29,664
Cash contribution					$ 4,671	$ 236
Construction loan description								5.6% to 8% mortgage notes due in installments through 2027
Eagle BankRiverFront Holdings II, OOC
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.
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
MRP
Joint venture percentage stake									510000.00%
Development fee					$ 750
Brooksville Quarry, LLC
Land acreage | a											4,300
Joint venture percentage stake		50.00%			50.00%			50.00%			50.00%
Acres conributed | a											3,443
Book value of land contribution				2,548
FRP additional contribution for land				$ 3,018
Additional land acquired | a											288
Company's share of the loss of the joint venture					$ 23			$ 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 | 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		$ 5,869			$ 5,869
RiverFront Holdings II, LLC
Value of land contributed					$ 16,300
Joint venture percentage stake		80.00%			80.00%
Book value of land contribution					$ 4,600
Company's share of the loss of the joint venture					0
Cash contribution					$ 4,600

Consolidation of RiverFront I46

Consolidation of RiverFront Investment Partners I, LLC. (Details Narrative) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2013USD ($)	Dec. 31, 2017USD ($)	May 04, 2018	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
Joint venture percentage stake			510000.00%
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%

Discontinued Operations (Detail

Discontinued Operations (Details Narrative) $ in Thousands	3 Months Ended
	Jun. 30, 2018USD ($)integer	May 21, 2018integer
Warehouse properties	3
Discontinued Operations, Disposed of by Sale [Member]
Warehouse properties		40
Land parcels		3
Sales price | $	$ 347,200
Excluded [Member]
Warehouse properties	1
Property value | $	$ 11,700