FRP (FRPH) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2019shares
Document And Entity Information
Entity Registrant Name	FRP HOLDINGS, INC.
Entity Central Index Key	0000844059
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	9,933,242
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019
Is Entity a smaller reporting company	true
Is Entity an emerging growth company	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets:
Land	$ 85,072	$ 83,721
Buildings and improvements	149,505	144,543
Projects under construction	7,086	6,683
Total investments in properties	241,663	234,947
Less accumulated depreciation and depletion	29,847	28,394
Net investments in properties	211,816	206,553
Real estate held for investment, at cost	7,167	7,167
Investments in joint ventures	94,294	88,884
Net real estate investments	313,277	302,604
Cash and cash equivalents	29,641	22,547
Cash held in escrow	185	202
Accounts receivable, net	688	564
Investments available for sale at fair value	148,778	165,212
Federal and state income taxes receivable	8,349	9,854
Unrealized rents	665	53
Deferred costs	990	773
Other assets	459	455
Assets of discontinued operations	3,091	3,224
Total assets	506,123	505,488
Liabilities:
Secured notes payable	88,823	88,789
Accounts payable and accrued liabilities	1,851	3,545
Environmental remediation liability	100	100
Deferred revenue	831	27
Deferred income taxes	27,981	27,981
Deferred compensation	1,448	1,450
Tenant security deposits	244	53
Liabilities of discontinued operations	243	288
Total liabilities	121,521	122,233
Commitments and contingencies (Note 8)
Equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 9,933,242 and 9,969,174 shares issued and outstanding, respectively	993	997
Capital in excess of par value	57,824	58,004
Retained earnings	306,704	306,307
Accumulated other comprehensive income, net	859	(701)
Total shareholders' equity	366,380	364,607
Noncontrolling interest MRP	18,222	18,648
Total Equity	384,602	383,255
Total liabilities and shareholders' equity	$ 506,123	$ 505,488

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	9,933,242	9,969,174

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Lease revenue	$ 3,485	$ 3,303
Mining lands lease revenue	2,229	1,772
Total revenues	5,714	5,075
Cost of operations:
Depreciation, depletion and amortization	1,487	2,398
Operating expenses	882	865
Property taxes	753	675
Management company indirect	592	361
Corporate expenses (Note 4 Related Party)	645	679
Total cost of operations	4,359	4,978
Total operating profit	1,355	97
Net investment income, including realized gains of $119 and $0	1,810	5
Interest expense	(588)	(843)
Equity in loss of joint ventures	(264)	(12)
Income (loss) from continuing operations before income taxes	2,313	(753)
Provision for (benefit from) income taxes	672	(60)
Income (loss) from continuing operations	1,641	(693)
Income from discontinued operations, net of tax	86	1,722
Net income	1,727	1,029
Income (loss) attributable to noncontrolling interest	(171)	(531)
Net income attributable to the Company	$ 1,898	$ 1,560
Basic earnings per common share
Income (loss) from continuing operations	$ 0.16	$ (0.07)
Discontinued operations	0.01	0.17
Net income attributable to the Company	0.19	0.16
Diluted earnings per common share
Income (loss) from continuing operations	0.16	(0.07)
Discontinued operations	0.01	0.17
Net income attributable to the Company	$ 0.19	$ 0.15
Number of shares (in thousands) used in computing:
-basic earnings per common share	9,952	10,015
-diluted earnings per common share	9,996	10,085

Consolidated Statements of In_2

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Realized gains	$ 119	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Net income	$ 1,727	$ 1,029
Unrealized gain on investments available for sale, net of income tax effect of $579 and $0	1,560	0
Comprehensive income	3,287	1,029
Less: comprehensive income attributable to noncontrolling interest	(171)	(531)
Comprehensive income attributable to the Company	$ 3,458	$ 1,560

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Income tax effect unrealized gain on investments available for sale	$ 579	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 1,727	$ 1,029
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net	(86)	(1,722)
Depreciation, depletion and amortization	1,551	2,491
Equity in loss of joint ventures	264	12
Stock-based compensation	29	41
Realized gain on available for sale investments	(119)	0
Net changes in operating assets and liabilities:
Accounts receivable	(124)	202
Deferred costs and other assets	(508)	(659)
Accounts payable and accrued liabilities	(890)	689
Income taxes payable and receivable	1,505	585
Other long-term liabilities	(249)	(4)
Net cash provided by operating activities of continuing operations	3,100	2,664
Net cash provided by operating activities of discontinued operations	150	2,661
Net cash provided by operating activities	3,250	5,325
Cash flows from investing activities:
Investments in properties	(6,719)	(198)
Investments in joint ventures	(5,676)	(28)
Purchases of investments available for sale	(4,725)	0
Proceeds from sales of investments available for sale	22,893	0
Cash held in escrow	17	64
Net cash provided by (used in) investing activities of continuing operations	5,790	(162)
Net cash provided by (used in) investing activities of discontinued operations	23	(1,386)
Net cash provided by (used in) investing activities	5,813	(1,548)
Cash flows from financing activities:
Distribution to noncontrolling interest	(255)	(254)
Repayment of long-term debt	0	(31)
Repurchase of Company Stock	(1,714)	0
Net cash used in financing activities of continuing operations	(1,969)	(285)
Net cash used in financing activities of discontinued operations	0	(1,055)
Net cash used in financing activities	(1,969)	(1,340)
Net increase in cash and cash equivalents	7,094	2,437
Cash and cash equivalents at beginning of year	22,547	4,524
Cash and cash equivalents at end of the period	$ 29,641	$ 6,961

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2019
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”) and RiverFront Investment Partners I, LLC. Our investment in the Brooksville joint venture, BC FRP Realty joint venture, RiverFront Holdings II joint venture, and Bryant Street Partnerships are accounted for under the equity method of accounting (See Note 11). Our ownership of RiverFront Investment Partners I, LLC includes a non-controlling interest representing the ownership of our partner. 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 resulted in the disposition of all of the Company’s industrial flex/office warehouse properties and constituted a major strategic shift and as a result, these properties have been reclassified as discontinued operations for all periods presented. 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, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. 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, 2018.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Recently Issued Accounting Standards	(2) Recently Issued Accounting Standards. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. The Company is not a significant lessee. Lessors will account for leases using an approach that is substantially equivalent to existing accounting standards. The Company's existing leases will continue to be classified as operating leases. Leases entered into after the effective date of the new standard may be classified as operating or sales-type leases, based on specific classification criteria. Operating leases will continue to have a similar pattern of recognition as under current GAAP. Sales-type lease accounting, however, will result in the recognition of selling profit at lease commencement, with interest income recognized over the life of the lease. The new standard also includes a change to the treatment of internal leasing costs and legal costs, which can no longer be capitalized. Only incremental costs of a lease that would not have been incurred if the lease had not been obtained may be deferred as initial direct costs. The new standard also requires lessors to exclude from variable payments certain lessor costs, such as real estate taxes, that the lessor contractually requires the lessee to pay directly to a third party on its behalf. The new standard requires our expected credit loss related to the collectability of lease receivables to be reflected as an adjustment to the line item Lease Revenue. For the three months ended March 31, 2019, the credit loss related to the collectibility of lease receivables was recognized in the line item Operating expenses and was not significant. Additionally, the new standard requires lessors to allocate the consideration in a contract between the lease component (right to use an underlying asset) and non-lease component (transfer of a good or service that is not a lease). However, lessors are provided with a practical expedient, elected by class of underlying asset, to account for lease and non-lease components of a contract as a single lease component if certain criteria are met. The terms of the Company's leases generally provide that the Company is entitled to receive reimbursements from tenants for operating expenses such as real estate taxes, insurance and common area maintenance, in addition to the base rental payments for use of the underlying asset. Under the new standard, common area maintenance is considered a nonlease component of a lease contract, which would be accounted for under Topic 606. However, the Company will apply the practical expedient to account for its lease and non-lease components as a single, combined operating lease component. While the timing of recognition should remain the same, the Company is no longer presenting reimbursement revenue from tenants separately in our Consolidated Statements of Income beginning January 1, 2019. The new standard along with the adoption of ASU No. 2018-11, Leases - Targeted Improvements which the FASB issued in July 2018, was adopted effective January 1, 2019 and we have elected to use January 1, 2019 as our date of initial application. Consequently, financial information will not be updated and disclosures required under the new standard will not be provided for periods presented before January 1, 2019 as these prior periods conform to the Accounting Standards Codification 840. We elected the package of practical expedients permitted under the transition guidance within the new standard. By adopting these practical expedients, we were not required to reassess (1) whether an existing contract meets the definition of a lease; (2) the lease classification for existing leases; or (3) costs previously capitalized as initial direct costs. The adoption of this guidance did not have a material impact on our financial statements.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Business Segments	(3) Business Segments. The Asset Management segment owns, leases and manages commercial properties. The flex/office warehouses in the Asset Management Segment were sold (with one remaining warehouse in discontinued operations) and reclassified to discontinued operations leaving only three commercial properties and one recent industrial acquisition, Cranberry Run, which we purchased in 2019. 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 Development 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. Additionally, our Development segment will form joint ventures on new developments of land not previously owned by the Company. The Company operates a residential apartment building Riverfront Investment Partners I, LLC partnership (“Dock 79”). 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 sale constituted a major strategic shift and as a result, these properties have been reclassified as discontinued operations for all periods presented. We plan to develop our remaining owned office/warehouse pad sites in a timely, deliberate manner and find a buyer once each building is fully leased. Operating results and certain other financial data for the Company’s business segments are as follows (in thousands): Three Months ended March 31, 2019 2018 Revenues: Asset management $ 641 581 Mining royalty lands 2,229 1,772 Development 269 297 Stabilized Joint Venture 2,575 2,425 5,714 5,075 Operating profit (loss): Before corporate expenses: Asset management $ 97 259 Mining royalty lands 2,044 1,618 Development (553 ) (387 ) Stabilized Joint Venture 412 (714 ) Operating profit before corporate expenses 2,000 776 Corporate expenses: Allocated to asset management (163 ) (3 ) Allocated to mining royalty lands (43 ) (77 ) Allocated to development (399 ) (419 ) Allocated to Stabilized Joint Venture (40 ) (142 ) Unallocated — (38 ) Total corporate expenses (645 ) (679 ) $ 1,355 97 Interest expense $ 588 843 Depreciation, depletion and amortization: Asset management $ 177 131 Mining royalty lands 52 54 Development 58 57 Stabilized Joint Venture 1,200 2,156 $ 1,487 2,398 Capital expenditures: Asset management $ 6,466 162 Mining royalty lands — — Development 370 279 Stabilized Joint Venture (117 ) (243 ) $ 6,719 198 March 31, December 31, Identifiable net assets 2019 2018 Asset management $ 17,062 10,593 Discontinued operations 3,091 3,224 Mining royalty lands 38,021 37,991 Development 121,315 119,029 Stabilized Joint Venture 136,959 138,206 Investments available for sale at fair value 148,778 165,212 Cash items 29,826 22,749 Unallocated corporate assets 11,071 8,484 $ 506,123 505,488

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
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 $301,000 and $359,000 for the three months ended March 31, 2019 and 2018, 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 employ an allocation method 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.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Long-Term Debt	(5) Long-Term Debt. March 31, December 31, 2019 2018 Riverfront permanent loan $ 88,823 88,789 Less portion due within one year — — $ 88,823 88,789 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 February 6, 2019, the Company entered into a First Amendment to the 2015 Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells Fargo”), effective February 6, 2019. The Credit Agreement modifies the Company’s prior Credit Agreement with Wells Fargo dated January 30, 2015. The Credit Agreement establishes a five-year revolving credit facility with a maximum facility amount of $20 million. The interest rate under the Credit Agreement will be a maximum of 1.50% over LIBOR, which may be reduced quarterly to 1.25% or 1.0% over LIBOR if the Company meets a specified ratio of consolidated debt to consolidated total capital, as defined which excludes FRP Riverfront. A commitment fee of 0.25% per annum is payable quarterly on the unused portion of the commitment but the amount may be reduced to 0.20% or 0.15% if the Company meets a specified ratio of consolidated total debt to consolidated total capital. The Credit Agreement contains certain conditions, affirmative financial covenants and negative covenants. As of March 31, 2019, there was no debt outstanding on this revolver, $1,740,000 outstanding under letters of credit and $18,260,000 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 letter of credit fee is 1% and applicable interest rate would have been 3.48% on March 31, 2019. The credit agreement contains certain conditions and financial covenants, including a minimum tangible net worth and dividend restriction. As of March 31, 2019, these covenants would have limited our ability to pay dividends to a maximum of $209 million combined. The Company was in compliance with all covenants as of March 31, 2019. On November 17, 2017, Riverfront Holdings I, LLC (the "Joint Venture") refinanced the Dock 79 project pursuant to a Loan Agreement and Deed of Trust Note entered into with EagleBank ("Loan Documents"). The Joint Venture, which was formed between the Company and MRP in 2014 in connection with the development of the Riverfront on the Anacostia property, borrowed a principal sum of $90,000,000 in connection with the refinancing. 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, 2019 and March 31, 2018 the Company capitalized interest costs of $385,000 and $235,000, respectively.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings per Share	(6) Earnings per Share. Three Months ended March 31, 2019 2018 Weighted average common shares outstanding during the period – shares used for basic earnings per common share 9,952 10,015 Common shares issuable under share based payment plans which are potentially dilutive 44 70 Common shares used for diluted earnings per common share 9,996 10,085 Income (loss) from continuing operations $ 1,641 (693 ) Discontinued operations $ 86 1,722 Net income attributable to the Company $ 1,898 1,560 Basic earnings per common share: Income (loss) from continuing operations $ 0.16 (0.07 ) Discontinued operations $ 0.01 0.17 Net income attributable to the Company $ 0.19 0.16 Diluted earnings per common share: Income (loss) from continuing operations $ 0.16 (0.07 ) Discontinued operations $ 0.01 0.17 Net income attributable to the Company $ 0.19 0.15 For the three months ended March 31, 2019, 22,470 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, 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. During the quarter the Company repurchased 35,932 shares at an average cost of $47.71.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
	Mar. 31, 2019
Share-based Payment Arrangement [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 29% and 43%, risk-free interest rate of .6% to 2.9% 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. The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands): Three Months ended March 31, 2019 2018 Stock option grants $ 29 41 Annual director stock award — — $ 29 41 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, 2019 147,538 $ 33.48 6.7 $ 1,782 Granted — $ — $ — Exercised — $ — $ — Outstanding at March 31, 2019 147,538 $ 33.48 6.4 $ 1,782 Exercisable at March 31, 2019 119,714 $ 31.59 5.9 $ 1,346 Vested during three months ended March 31, 2019 — $ — The aggregate intrinsic value of exercisable in-the-money options was $1,914,000 and the aggregate intrinsic value of outstanding in-the-money options was $2,080,000 based on the market closing price of $47.57 on March 29, 2019 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of March 31, 2019 was $374,000, which is expected to be recognized over a weighted-average period of 4.2 years.

Contingent liabilities

Contingent liabilities	3 Months Ended
	Mar. 31, 2019
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 substantially completed the remediation and reduced the estimated liability in the quarter ending September 30, 2018 by $465,000. 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.

Concentrations

Concentrations	3 Months Ended
	Mar. 31, 2019
Risks and Uncertainties [Abstract]
Concentrations	(9) Concentrations

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	(10) Fair Value Measurements. At March 31, 2019 the Company was invested in 48 corporate bonds with individual maturities ranging from 2020 through 2022. The unrealized gain on these bonds of $1,125,000 was recorded as part of comprehensive income and was based on the estimated market value by National Financial Services, LLC (“NFS”) obtained from sources that may include pricing vendors, broker/dealers who clear through NFS and/or other sources (Level 2). The Company recorded a realized gain of $119,000 in its net investment income related to bonds that were sold first quarter 2019. The amortized cost of the investments was $147,653,000 and the carrying amount and fair value of such bonds were $148,778,000 as of March 31, 2019. At March 31, 2019 and 2018, the carrying amount reported in the consolidated balance sheets for cash and cash equivalents 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, 2019, the carrying amount and fair value of such other long-term debt was $88,823,000 and $90,173,000, respectively. 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.

Investment in Joint Ventures (E

Investment in Joint Ventures (Equity Method)	3 Months Ended
	Mar. 31, 2019
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). Essexshire Loan. RiverFront Holdings II, LLC. Bryant Street Partnerships. Investments in Joint Ventures (in thousands): The Company's Share of Common Total Total Assets of Profit (Loss) Profit (Loss) of Ownership Investment The Partnership Of the Partnership the Partnership As of March 31, 2019 Brooksville Quarry, LLC 50.00 % $ 7,492 14,334 (20 ) (10 ) BC FRP Realty, LLC 50.00 % 5,812 21,950 (340 ) ) (170 ) Essexshire Loan 755 755 — — RiverFront Holdings II, LLC 80.00 % 25,141 53,499 (182 ) (178 ) Bryant Street Partnerships 61.36 % 55,094 83,018 94 94 Total $ 94,294 173,556 (448 ) (264 ) As of December 31, 2018 Brooksville Quarry, LLC 50.00 % $ 7,449 14,325 (122 ) (61 ) BC FRP Realty, LLC 50.00 % 5,976 21,371 — — Essexshire Loan 594 594 39 39 RiverFront Holdings II, LLC 80.00 % 19,865 38,869 (66 ) (66 ) Bryant Street Partnerships 61.36 % 55,000 77,541 — — Total $ 88,884 152,700 (149 ) (88 ) Summarized Financial Information for the Investments in Joint Ventures (in thousands): As of March 31, 2019 Brooksville BC FRP Essexshire RiverFront Bryant Street Quarry, LLC Realty, LLC Loan Holdings II, LLC Partnerships Total Investments in real estate, net $ 14,298 21,820 755 49,733 55,880 $ 142,486 Cash and cash equivalents 32 2 — 3,766 27,088 30,888 Deferred costs 4 128 — — 50 182 Total Assets $ 14,334 21,950 755 53,499 83,018 $ 173,556 Secured notes payable $ — 10,355 — 2,230 — $ 12,585 Other liabilities 42 81 — 9,085 8,275 17,483 Capital – FRP 7,492 5,757 755 36,553 55,094 105,651 Capital - Third Parties 6,800 5,757 — 5,631 19,649 37,837 Total Liabilities and Capital $ 14,334 21,950 755 53,499 83,018 $ 173,556 As of December 31, 2018 Brooksville BC FRP Essexshire RiverFront Bryant Street Quarry, LLC Realty, LLC Loan Holdings II, LLC Partnerships Total Investments in real estate, net $ 14,299 21,352 594 38,793 41,821 $ 116,859 Cash and cash equivalents 20 11 — 76 35,670 35,777 Deferred costs 6 8 — — 50 64 Total Assets $ 14,325 21,371 594 38,869 77,541 $ 152,700 Secured notes payable $ — 9,549 — — — $ 9,549 Other liabilities 119 38 — 1,887 2,886 4,930 Capital – FRP 7,449 5,892 594 31,347 55,000 100,282 Capital - Third Parties 6,757 5,892 — 5,635 19,655 37,939 Total Liabilities and Capital $ 14,325 21,371 594 38,869 77,541 $ 152,700 The Company’s capital recorded by the unconsolidated Joint Ventures is $11,358,000 more than the Investment in Joint Ventures reported in the Company’s consolidated balance sheet due to the lower basis in property contributed. The amount of consolidated accumulated deficit for these joint ventures was $(2,895,000) and $(2,702,000) as of March 31, 2019 and December 31, 2018 respectively.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	(12) 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 months ended March 31, 2019 and 2018 were as follows (in thousands): THREE MONTHS ENDED MARCH 31, 2019 2018 Lease revenue 238 7,547 Cost of operations: Depreciation, depletion and amortization 29 1,885 Operating expenses 95 1,178 Property taxes 20 798 Management company indirect — 178 Corporate expenses — 747 Total cost of operations 144 4,786 Total operating profit 94 2,761 Interest expense — (400 ) Gain on sale of buildings 23 — Income before income taxes 117 2,361 Provision for income taxes 31 639 Income from discontinued operations 86 1,722 Earnings per common share: Income from discontinued operations- Basic 0.01 0.17 Diluted 0.01 0.17 The components of the balance sheet are as follows (in thousands): March 31 December 31 Assets: 2019 2018 Real estate investments at cost: Land $ 546 546 Buildings and improvements 3,315 3,315 Projects under construction — — Total investments in properties 3,861 3,861 Less accumulated depreciation and depletion 2,396 2,374 Net investments in properties 1,465 1,487 Accounts receivable, net 811 910 Unrealized rents 488 473 Deferred costs 327 354 Assets of discontinued operations $ 3,091 3,224 Liabilities: Accounts payable and accrued liabilities $ 206 205 Deferred revenue — 45 Tenant security deposits 37 38 Liabilities of discontinued operations $ 243 288

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	(13) Subsequent Events. This past quarter, we entered into a Purchase and Sale Agreement to sell 7030 Dorsey Road in Anne Arundel County, one of the three commercial properties remaining from the asset sale last May, for $8,823,000. The study period for the purchaser expired on April 15, 2019 at which time the property became classified as held for sale and we expect to close in the second quarter of 2019. In July, 2018, the Gill Corporation sued the Company to enforce a right of first refusal to purchase a warehouse property that was scheduled to be sold to BRE Foxtrot Parent LLC for $11.7 million in the transaction that closed in June 2018. The suit also sought to require the Company to replace the roof or, in the alternative, for damages. Gill’s claim to enforce the right of first refusal has been dismissed, though the claim for roof replacement or damages remains pending. In light of the dismissal of the right of first refusal claim, BRE Foxtrot Parent has exercised its contractual right to purchase the property for $11.7 million, subject only to receipt of an estoppel letter from Gill addressing all matters other than the roof, and an updated survey and environmental report in acceptable form. This transaction is expected to close in the second or third quarter of 2019.

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Business segments (in thousands)	Three Months ended March 31, 2019 2018 Revenues: Asset management $ 641 581 Mining royalty lands 2,229 1,772 Development 269 297 Stabilized Joint Venture 2,575 2,425 5,714 5,075 Operating profit (loss): Before corporate expenses: Asset management $ 97 259 Mining royalty lands 2,044 1,618 Development (553 ) (387 ) Stabilized Joint Venture 412 (714 ) Operating profit before corporate expenses 2,000 776 Corporate expenses: Allocated to asset management (163 ) (3 ) Allocated to mining royalty lands (43 ) (77 ) Allocated to development (399 ) (419 ) Allocated to Stabilized Joint Venture (40 ) (142 ) Unallocated — (38 ) Total corporate expenses (645 ) (679 ) $ 1,355 97 Interest expense $ 588 843 Depreciation, depletion and amortization: Asset management $ 177 131 Mining royalty lands 52 54 Development 58 57 Stabilized Joint Venture 1,200 2,156 $ 1,487 2,398 Capital expenditures: Asset management $ 6,466 162 Mining royalty lands — — Development 370 279 Stabilized Joint Venture (117 ) (243 ) $ 6,719 198 March 31, December 31, Identifiable net assets 2019 2018 Asset management $ 17,062 10,593 Discontinued operations 3,091 3,224 Mining royalty lands 38,021 37,991 Development 121,315 119,029 Stabilized Joint Venture 136,959 138,206 Investments available for sale at fair value 148,778 165,212 Cash items 29,826 22,749 Unallocated corporate assets 11,071 8,484 $ 506,123 505,488

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Long-term debt (in thousands)	March 31, December 31, 2019 2018 Riverfront permanent loan $ 88,823 88,789 Less portion due within one year — — $ 88,823 88,789

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings per share (in thousands, except per share amounts)	Three Months ended March 31, 2019 2018 Weighted average common shares outstanding during the period – shares used for basic earnings per common share 9,952 10,015 Common shares issuable under share based payment plans which are potentially dilutive 44 70 Common shares used for diluted earnings per common share 9,996 10,085 Income (loss) from continuing operations $ 1,641 (693 ) Discontinued operations $ 86 1,722 Net income attributable to the Company $ 1,898 1,560 Basic earnings per common share: Income (loss) from continuing operations $ 0.16 (0.07 ) Discontinued operations $ 0.01 0.17 Net income attributable to the Company $ 0.19 0.16 Diluted earnings per common share: Income (loss) from continuing operations $ 0.16 (0.07 ) Discontinued operations $ 0.01 0.17 Net income attributable to the Company $ 0.19 0.15

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2019
Share-based Payment Arrangement [Abstract]
Stock Compensation Expense (in thousands	Three Months ended March 31, 2019 2018 Stock option grants $ 29 41 Annual director stock award — — $ 29 41
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, 2019 147,538 $ 33.48 6.7 $ 1,782 Granted — $ — $ — Exercised — $ — $ — Outstanding at March 31, 2019 147,538 $ 33.48 6.4 $ 1,782 Exercisable at March 31, 2019 119,714 $ 31.59 5.9 $ 1,346 Vested during three months ended March 31, 2019 — $ —

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments in Joint Ventures (in thousands)	The Company's Share of Common Total Total Assets of Profit (Loss) Profit (Loss) of Ownership Investment The Partnership Of the Partnership the Partnership As of March 31, 2019 Brooksville Quarry, LLC 50.00 % $ 7,492 14,334 (20 ) (10 ) BC FRP Realty, LLC 50.00 % 5,812 21,950 (340 ) ) (170 ) Essexshire Loan 755 755 — — RiverFront Holdings II, LLC 80.00 % 25,141 53,499 (182 ) (178 ) Bryant Street Partnerships 61.36 % 55,094 83,018 94 94 Total $ 94,294 173,556 (448 ) (264 ) As of December 31, 2018 Brooksville Quarry, LLC 50.00 % $ 7,449 14,325 (122 ) (61 ) BC FRP Realty, LLC 50.00 % 5,976 21,371 — — Essexshire Loan 594 594 39 39 RiverFront Holdings II, LLC 80.00 % 19,865 38,869 (66 ) (66 ) Bryant Street Partnerships 61.36 % 55,000 77,541 — — Total $ 88,884 152,700 (149 ) (88 )
Joint Venture balance sheets (in thousands)	As of March 31, 2019 Brooksville BC FRP Essexshire RiverFront Bryant Street Quarry, LLC Realty, LLC Loan Holdings II, LLC Partnerships Total Investments in real estate, net $ 14,298 21,820 755 49,733 55,880 $ 142,486 Cash and cash equivalents 32 2 — 3,766 27,088 30,888 Deferred costs 4 128 — — 50 182 Total Assets $ 14,334 21,950 755 53,499 83,018 $ 173,556 Secured notes payable $ — 10,355 — 2,230 — $ 12,585 Other liabilities 42 81 — 9,085 8,275 17,483 Capital – FRP 7,492 5,757 755 36,553 55,094 105,651 Capital - Third Parties 6,800 5,757 — 5,631 19,649 37,837 Total Liabilities and Capital $ 14,334 21,950 755 53,499 83,018 $ 173,556 As of December 31, 2018 Brooksville BC FRP Essexshire RiverFront Bryant Street Quarry, LLC Realty, LLC Loan Holdings II, LLC Partnerships Total Investments in real estate, net $ 14,299 21,352 594 38,793 41,821 $ 116,859 Cash and cash equivalents 20 11 — 76 35,670 35,777 Deferred costs 6 8 — — 50 64 Total Assets $ 14,325 21,371 594 38,869 77,541 $ 152,700 Secured notes payable $ — 9,549 — — — $ 9,549 Other liabilities 119 38 — 1,887 2,886 4,930 Capital – FRP 7,449 5,892 594 31,347 55,000 100,282 Capital - Third Parties 6,757 5,892 — 5,635 19,655 37,939 Total Liabilities and Capital $ 14,325 21,371 594 38,869 77,541 $ 152,700

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operations results of operations	THREE MONTHS ENDED MARCH 31, 2019 2018 Lease revenue 238 7,547 Cost of operations: Depreciation, depletion and amortization 29 1,885 Operating expenses 95 1,178 Property taxes 20 798 Management company indirect — 178 Corporate expenses — 747 Total cost of operations 144 4,786 Total operating profit 94 2,761 Interest expense — (400 ) Gain on sale of buildings 23 — Income before income taxes 117 2,361 Provision for income taxes 31 639 Income from discontinued operations 86 1,722 Earnings per common share: Income from discontinued operations- Basic 0.01 0.17 Diluted 0.01 0.17
Discontinued operations balance sheet components	March 31 December 31 Assets: 2019 2018 Real estate investments at cost: Land $ 546 546 Buildings and improvements 3,315 3,315 Projects under construction — — Total investments in properties 3,861 3,861 Less accumulated depreciation and depletion 2,396 2,374 Net investments in properties 1,465 1,487 Accounts receivable, net 811 910 Unrealized rents 488 473 Deferred costs 327 354 Assets of discontinued operations $ 3,091 3,224 Liabilities: Accounts payable and accrued liabilities $ 206 205 Deferred revenue — 45 Tenant security deposits 37 38 Liabilities of discontinued operations $ 243 288

Business Segments - Business se

Business Segments - Business segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 5,714	$ 5,075
Operating profit	1,355	97
Interest expense	588	843
Depreciation, depletion and amortization	1,487	2,398
Cash items	29,726		$ 22,749
Total identifiable net assets	506,123		505,488
Investments available for sale	148,778		165,212
Unallocated
Segment Reporting Information [Line Items]
Corporate expenses	0	(38)
Discontinued Operations, Disposed of by Sale [Member]
Segment Reporting Information [Line Items]
Operating profit	94	2,761
Interest expense	0	400
Depreciation, depletion and amortization	29	1,885
Total identifiable net assets	3,091		3,224
Asset Management
Segment Reporting Information [Line Items]
Revenues	641	581
Operating profit before corporate expenses	97	259
Corporate expenses	(163)	(3)
Capital expenditures	6,466	162
Depreciation, depletion and amortization	177	131
Total identifiable net assets	17,062		10,593
Mining royalty lands
Segment Reporting Information [Line Items]
Revenues	2,229	1,772
Operating profit before corporate expenses	2,044	1,618
Corporate expenses	(43)	(77)
Capital expenditures	0	0
Depreciation, depletion and amortization	52	54
Total identifiable net assets	38,021		37,991
Development
Segment Reporting Information [Line Items]
Revenues	269	297
Operating profit before corporate expenses	(553)	(387)
Corporate expenses	(399)	(419)
Capital expenditures	370	279
Depreciation, depletion and amortization	58	57
Total identifiable net assets	121,315		119,029
Stabilized Joint Venture
Segment Reporting Information [Line Items]
Revenues	2,575	2,425
Operating profit before corporate expenses	412	(714)
Corporate expenses	(40)	(142)
Capital expenditures	(117)	(243)
Depreciation, depletion and amortization	1,200	2,156
Total identifiable net assets	136,959		$ 138,206
Corporate
Segment Reporting Information [Line Items]
Total identifiable net assets	11,071	8,484
Total Segments
Segment Reporting Information [Line Items]
Revenues	5,714	5,075
Operating profit before corporate expenses	2,000	776
Operating profit	1,355	97
Corporate expenses	(645)	(679)
Interest expense	588	843
Capital expenditures	6,719	198
Depreciation, depletion and amortization	$ 1,487	$ 2,398

Long-term debt (Details)

Long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Riverfront permanent loan	$ 88,823	$ 88,789
Less portion due within one year	0	0
Long-term debt	$ 88,823	$ 88,789

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	9,952	10,015
Common shares issuable under share based payment plans which are potentially dilutive	44	70
Common shares used for diluted earnings per common share	9,996	10,085
Income (loss) from continuing operations	$ 1,641	$ (693)
Discontinued operations	86	1,722
Net income attributable to the Company	$ 1,898	$ 1,560
Basic earnings per common share:
Income (loss) from continuing operations	$ 0.16	$ (0.07)
Discontinued operations	0.01	0.17
Net income	0.19	0.16
Diluted earnings per common share
Income (loss) from continuing operations	0.16	(0.07)
Discontinued operations	0.01	0.17
Net income	$ 0.19	$ 0.15

Summary of Stock Activity (Deta

Summary of Stock Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Years$ / sharesshares	Dec. 31, 2018USD ($)Years$ / sharesshares
Share-based Payment Arrangement [Abstract]
Options outstanding | shares	147,538	147,538
Options granted | shares	0
Options exercised | shares	0
Options outstanding weighted average exercise price | $ / shares	$ 33.48	$ 33.48
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	6.4	6.7
Options outstanding weighted average grant date fair value | $	$ 1,782	$ 1,782
Options granted weighted average grant date fair value | $	0
Options exercised weighted average grant date fair value | $	$ 0
Options exercisable at March 31, 2019 | shares	119,714
Options exerciseable weighted average exercise price | $ / shares	$ 31.59
Options exerciseable weighted average remaining term | Years	5.9
Options vested weighted average grant date fair value | $	$ 0
Options vested during three months ended March 31, 2019 | shares	0
Options exercisable weighted average grant date fair value | $	$ 1,346

Stock Compensation Expense (Det

Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Payment Arrangement [Abstract]
Stock option grants	$ 29	$ 41
Annual director stock award	0	0
Stock based compensation expense	$ 29	$ 41

Investments in Joint Ventures (

Investments in Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Mar. 31, 2016	Oct. 04, 2006
Total Investment	$ 94,294		$ 88,884
Total Assets of the Partnership	173,556		152,700
Net Loss of the Partnership	(448)		(149)
Company's share of Net Loss of the Partnership	(264)	$ (12)	(88)
Investments in real estate, net	142,486		116,859
Cash and cash equivalents	30,888		35,777
Deferred costs	182		64
Secured notes payable	12,585		9,549
Other liabilities	17,483		4,930
Capital - FRP	105,651		100,282
Capital - Third parties	37,837		37,939
Total liabilities and capital	$ 173,556		$ 152,700
Brooksville Quarry, LLC
Ownership percent	50.00%		50.00%		50.00%
Total Investment	$ 7,492		$ 7,449
Total Assets of the Partnership	14,334		14,325
Net Loss of the Partnership	(20)		(122)
Company's share of Net Loss of the Partnership	(10)		(61)
Investments in real estate, net	14,298		14,299
Cash and cash equivalents	32		20
Deferred costs	4		6
Secured notes payable	0		0
Other liabilities	42		119
Capital - FRP	7,492		7,449
Capital - Third parties	6,800		6,757
Total liabilities and capital	$ 14,334		$ 14,325
BC FRP Realty, LLC
Ownership percent	50.00%		50.00%	50.00%
Total Investment	$ 5,812		$ 5,976
Total Assets of the Partnership	21,950		21,371
Net Loss of the Partnership	(340)		0
Company's share of Net Loss of the Partnership	(170)		0
Investments in real estate, net	21,820		21,352
Cash and cash equivalents	2		11
Deferred costs	128		8
Secured notes payable	10,355		9,549
Other liabilities	81		38
Capital - FRP	5,757		5,892
Capital - Third parties	5,757		5,892
Total liabilities and capital	21,950		21,371
Essexshire Loan
Total Investment	755		594
Total Assets of the Partnership	755		594
Net Loss of the Partnership	0		39
Company's share of Net Loss of the Partnership	0		39
Investments in real estate, net	755		594
Cash and cash equivalents	0		0
Deferred costs	0		0
Secured notes payable	0		0
Other liabilities	0		0
Capital - FRP	755		594
Capital - Third parties	0		0
Total liabilities and capital	$ 755		$ 594
RiverFront Holdings II, LLC
Ownership percent	80.00%		80.00%
Total Investment	$ 25,141		$ 19,865
Total Assets of the Partnership	53,499		38,869
Net Loss of the Partnership	(182)		(66)
Company's share of Net Loss of the Partnership	(178)		(66)
Investments in real estate, net	49,733		38,793
Cash and cash equivalents	3,766		76
Deferred costs	0		0
Secured notes payable	2,230		0
Other liabilities	9,085		1,887
Capital - FRP	36,553		31,347
Capital - Third parties	5,631		5,635
Total liabilities and capital	$ 53,499		$ 38,869
Bryant Street Partnerships
Ownership percent	61.36%		61.36%
Total Investment	$ 55,094		$ 55,000
Total Assets of the Partnership	83,018		77,541
Net Loss of the Partnership	94		0
Company's share of Net Loss of the Partnership	94		0
Investments in real estate, net	55,880		41,821
Cash and cash equivalents	27,088		35,670
Deferred costs	50		50
Secured notes payable	0		0
Other liabilities	8,275		2,886
Capital - FRP	55,094		55,000
Capital - Third parties	19,649		19,655
Total liabilities and capital	$ 83,018		$ 77,541

Discontinued Operations - Disco

Discontinued Operations - Discontinued operations results of operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Lease revenue	$ 3,485	$ 3,303
Depreciation, depletion and amortization	1,487	2,398
Operating expenses	882	865
Property taxes	753	675
Management company indirect	592	361
Corporate expenses	645	679
Total cost of operations	4,359	4,978
Total operating profit	1,355	97
Interest expense	(588)	(843)
Income before income taxes	2,313	(753)
Provision for income taxes	672	(60)
Income from discontinued operations	$ 86	$ 1,722
Earnings per common share:
Basic earnings per common share Discontinued operations	$ 0.01	$ 0.17
Diluted earnings per common share discontinued operations	$ 0.01	$ 0.17
Discontinued Operations, Disposed of by Sale [Member]
Lease revenue	$ 238	$ 7,547
Depreciation, depletion and amortization	29	1,885
Operating expenses	95	1,178
Property taxes	20	798
Management company indirect	0	178
Corporate expenses	0	747
Total cost of operations	144	4,786
Total operating profit	94	2,761
Interest expense	0	(400)
Gain on sale of buildings	23	0
Income before income taxes	117	2,361
Provision for income taxes	31	639
Income from discontinued operations	$ 86	$ 1,722
Earnings per common share:
Basic earnings per common share Discontinued operations	$ 0.01	$ 0.17
Diluted earnings per common share discontinued operations	$ 0.01	$ 0.17

Discontinued Operations - Dis_2

Discontinued Operations - Discontinued operations balance sheet components (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Land	$ 85,072	$ 83,721
Buildings and improvements	149,505	144,543
Projects under construction	7,086	6,683
Total investments in properties	241,663	234,947
Less accumulated depreciation and depletion	29,847	28,394
Net investments in properties	211,816	206,553
Accounts receivable, net	688	564
Unrealized rents	665	53
Deferred costs	990	773
Assets of discontinued operations	3,091	3,224
Accounts payable and accrued liabilities	1,851	3,545
Deferred revenue	831	27
Tenant security deposits	244	53
Liabilities of discontinued operations	243	288
Discontinued Operations, Disposed of by Sale [Member]
Land	546	546
Buildings and improvements	3,315	3,315
Projects under construction	0	0
Total investments in properties	3,861	3,861
Less accumulated depreciation and depletion	2,396	2,374
Net investments in properties	1,465	1,487
Accounts receivable, net	811	910
Unrealized rents	488	473
Deferred costs	327	354
Assets of discontinued operations	3,091	3,224
Accounts payable and accrued liabilities	206	205
Deferred revenue	0	45
Tenant security deposits	37	38
Liabilities of discontinued operations	$ 243	$ 288

Description of Business and B_2

Description of Business and Basis of Presentation (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	May 21, 2018USD ($)integer
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	12 Months Ended
	Mar. 31, 2019aSegmentsinteger	Dec. 31, 2018USD ($)	May 21, 2018USD ($)integer
Reportable business segments | Segments	4
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
Mining royalty lands
Mining royalty lands acres | a	15,000
Brooksville Quarry, LLC
Mining royalty lands acres | a	4,280
Asset Management
Warehouse properties	3
Industrial acquision	1

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Related Party Transactions [Abstract]
Charges/allocation related to Transition Services Agreement with Patriot	$ 301	$ 359

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Feb. 06, 2019	Nov. 17, 2017
Capitalized interest	$ 385	$ 235
Prepayment penalty				$ 3,420
Riverfront permanent loan	$ 88,823			$ 88,789
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 Level I
Commitment fee	0.15%
Interest rate over LIBOR	1.00%
Wells Fargo Level II
Commitment fee	0.20%
Interest rate over LIBOR	1.25%
Wells Fargo Level III
Commitment fee	0.25%
Interest rate over LIBOR	1.50%
Wells Fargo Bank, N.A.
Term	5 years
Revolving Credit Agreement					$ 20,000
Letters of credit issued	$ 1,740
Borrowed under the revolver	0
Available for borrowing	18,260
Tangible net worth covenant	110,000
Available to pay dividends or repurchase stock	$ 209,000
Letter of credit fee	1.00%
Interest rate	3.48%
Covenant compliance	all

Earnings per Share (Details Nar

Earnings per Share (Details Narrative) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Anti-dilutive shares	22,470	17,275
Shares repurchased by the Company	35,932
Repurchased shares average cost	$ 47.71

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Yearsshares	Mar. 29, 2019$ / 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	490,310
Aggregate intrinsic value of exercisable in-the-money options | $	$ 1,914
Aggregate intrinsic value of outstanding in-the-money options | $	2,080
Market close price | $ / shares		$ 47.57
Total unrecognized compensation cost of options granted but not yet vested | $	$ 374
Weighted average period for compensation to be recognized | Years	4.2
Expected minimum volatility	29.00%
Expected maximum volatility	43.00%
Risk-free interest rate minimum	0.60%
Risk-free interest rate maximum	2.90%
Expected life minimum | Years	3
Expecited life maximum | Years	7
Dividend yield	0.00%

Contingent Liabilities (Details

Contingent Liabilities (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Jun. 30, 2016
Contingent Liabilities
Environmental remediation expense (recovery)	$ (465)	$ 2,000

Concentrations (Details Narrati

Concentrations (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)integer
Tenants leasing mining locations | integer	5
Mining Top Customer
Customer revenue concentration	30.00%
Accounts receivable concentration | $	$ 327

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)integer	Mar. 31, 2018USD ($)
Number of corporate bonds | integer	48
Unrealized gain on corporate bonds	$ 1,125
Realized gain on corporate bonds	119
Amortized cost of investments	147,653
Carrying amount of other long-term debt	88,823	$ 117,231
Fair value of other long-term debt	90,173	$ 118,469
Fair Value, Measurements, Recurring [Member]
Assets measured at fair value	$ 148,778

Investments in Joint Ventures_2

Investments in Joint Ventures (Details Narrative) $ in Thousands	1 Months Ended	3 Months Ended				12 Months Ended
	May 31, 2016USD ($)	Mar. 31, 2019USD ($)integer	Mar. 31, 2018USD ($)	Mar. 31, 2016USD ($)aft²	Dec. 31, 2006USD ($)	Dec. 31, 2018USD ($)integer	Dec. 31, 2017	Mar. 13, 2019USD ($)	Dec. 24, 2018a	May 04, 2018USD ($)	Jan. 27, 2018USD ($)	Sep. 28, 2017USD ($)integer	Oct. 04, 2006a
Company's share of the loss of the joint venture		$ 264	$ 12			$ 88
Joint Venture consolidated retained earnings		(2,895)				$ (2,702)
Cash contribution		5,676	$ 28
Difference between capital recorded by the Company and the joint ventures		11,358
BC FRP Realty, LLC Debt
Construction financing through September 15, 2022												$ 17,250
Interest rate over LIBOR							2.50%
Outstanding balance		10,110
Buildings | integer												4
Eagle BankRiverFront Holdings II, LLC
Interest rate over LIBOR						3.25%
Outstanding balance		$ 2,230
Loan commitment										$ 71,000
Loan description						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.
Bryant Street Partnerships Construction Loan
Interest rate over LIBOR		2.25%
Outstanding balance		$ 0
Loan commitment								$ 132,000
Loan description		The loan matures March 13, 2023 with up to two extension of one year each upon certain conditions.
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
Other ownership capital contribution						$ 5,600
Development fee						$ 725
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		$ 10				$ 61
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		$ 170				$ 0
Essexshire Loan
Company's share of the loss of the joint venture		0				(39)
Equity method loan balance		$ 755
Loan commitment											$ 9,200
Interest rate											10.00%
Preferred return											20.00%
No. of townhomes | integer		122
No. Single family homes | integer		4
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		$ 178				66
Cash contribution						6,200
Preferred equity financing						$ 13,750
Preferred equity financing advanced		$ 13,750
Preferred equity financing interest rate						7.50%
Bryant Street Partnerships
Number of partnerships | integer						4
Land acreage | a									5
Joint venture percentage stake		61.36%				61.36%
Company's share of the loss of the joint venture		$ (94)				$ 0
Cash contribution						32,000
Preferred equity financing						$ 23,000
Preferred equity financing interest rate						8.00%

Discontinued Operations (Detail

Discontinued Operations (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	May 21, 2018USD ($)integer
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

Subsequent Event (Details Narra

Subsequent Event (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Sep. 30, 2019	May 21, 2018
Excluded [Member]
Sales price		$ 11,700
Property value			$ 11,700
7030 Dorsey Road
Sales price	$ 8,823,000