FRP (FRPH) 10-Q 8 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2019shares
Document And Entity Information
Entity Registrant Name	FRP HOLDINGS, INC.
Entity Central Index Key	0000844059
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Incorporation State Country	FL
Entity File Number	001-36769
Is Entity's Reporting Status Current?	Yes
Is the interactive data current?	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	9,863,451
Document Fiscal Period Focus	Q2
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	Jun. 30, 2019	Dec. 31, 2018
Assets:
Land	$ 84,383	$ 83,721
Buildings and improvements	144,779	144,543
Projects under construction	2,508	6,683
Total investments in properties	231,670	234,947
Less accumulated depreciation and depletion	27,472	28,394
Net investments in properties	204,198	206,553
Real estate held for investment, at cost	7,167	7,167
Investments in joint ventures	94,937	88,884
Net real estate investments	306,302	302,604
Cash and cash equivalents	56,169	22,547
Cash held in escrow	20,066	202
Accounts receivable, net	783	564
Investments available for sale at fair value	122,183	165,212
Federal and state income taxes receivable	27,206	9,854
Unrealized rents	459	53
Deferred costs	645	773
Other assets	463	455
Assets of discontinued operations	871	3,224
Total assets	535,147	505,488
Liabilities:
Secured notes payable	88,857	88,789
Accounts payable and accrued liabilities	2,044	3,545
Environmental remediation liability	92	100
Deferred revenue	858	27
Deferred income taxes	50,439	27,981
Deferred compensation	1,446	1,450
Tenant security deposits	252	53
Liabilities of discontinued operations	158	288
Total liabilities	144,146	122,233
Commitments and contingencies
Equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 9,863,451 and 9,969,174 shares issued and outstanding, respectively	986	997
Capital in excess of par value	57,562	58,004
Retained earnings	313,373	306,307
Accumulated other comprehensive income, net	1,210	(701)
Total shareholders' equity	373,131	364,607
Noncontrolling interest MRP	17,870	18,648
Total Equity	391,001	383,255
Total liabilities and shareholders' equity	$ 535,147	$ 505,488

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	9,863,451	9,969,174

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Lease revenue	$ 3,730	$ 3,498	$ 7,215	$ 6,801
Mining lands lease revenue	2,633	2,055	4,862	3,827
Total revenues	6,363	5,553	12,077	10,628
Cost of operations:
Depreciation, depletion and amortization	1,472	2,131	2,959	4,529
Operating expenses	910	1,103	1,792	1,968
Property taxes	713	611	1,466	1,286
Management company indirect	610	455	1,202	816
Corporate expenses (Note 4 Related Party)	551	1,709	1,196	2,388
Total cost of operations	4,256	6,009	8,615	10,987
Total operating profit (loss)	2,107	(456)	3,462	(359)
Net investment income, including realized gains of $328, $0, $447 and $0, respectively	1,984	216	3,794	221
Interest expense	(272)	(807)	(860)	(1,650)
Equity in loss of joint ventures	(272)	(11)	(536)	(23)
Gain on real estate investments	536	0	536	0
Income (loss) from continuing operations before income taxes	4,083	(1,058)	6,396	(1,811)
Provision for (benefit from) income taxes	1,131	(179)	1,803	(239)
Income (loss) from continuing operations	2,952	(879)	4,593	(1,572)
Income from discontinued operations, net of tax	6,776	120,465	6,862	122,187
Net income	9,728	119,586	11,455	120,615
Loss attributable to noncontrolling interest	(97)	(396)	(268)	(927)
Net income attributable to the Company	$ 9,825	$ 119,982	$ 11,723	$ 121,542
Basic earnings per common share
Income (loss) from continuing operations	$ 0.30	$ (0.09)	$ 0.46	$ (0.16)
Discontinued operations	0.68	12.01	0.69	12.19
Net income attributable to the Company	0.99	11.96	1.18	12.13
Diluted earnings per common share
Income (loss) from continuing operations	0.30	(0.09)	0.46	(0.16)
Discontinued operations	0.68	11.92	0.69	12.10
Net income attributable to the Company	$ 0.99	$ 11.87	$ 1.17	$ 12.04
Number of shares (in thousands) used in computing:
-basic earnings per common share	9,915	10,033	9,933	10,024
-diluted earnings per common share	9,960	10,109	9,978	10,099

Consolidated Statements of In_2

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Realized gains	$ 328	$ 0	$ 447	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Net income	$ 9,728	$ 119,586	$ 11,455	$ 120,615
Unrealized gain on investments available for sale, net of income tax effect of $129, $0, $708 and $0	351	0	1,911	0
Comprehensive income	10,079	119,586	13,366	120,615
Less: comprehensive income attributable to noncontrolling interest	(97)	(396)	(268)	(927)
Comprehensive income attributable to the Company	$ 10,176	$ 119,982	$ 13,634	$ 121,542

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Income tax effect unrealized gain on investments available for sale	$ 129	$ 0	$ 708	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 11,455	$ 120,615
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net	(6,862)	(122,187)
Deferred income taxes	22,458	(4,728)
Depreciation, depletion and amortization	3,082	4,719
Equity in loss of joint ventures	536	23
Gain on sale of equipment and property	(531)	(12)
Stock-based compensation	57	1,152
Realized gain on available for sale investments	(447)	0
Net changes in operating assets and liabilities:
Accounts receivable	(219)	(33)
Deferred costs and other assets	(1,092)	(660)
Accounts payable and accrued liabilities	(670)	910
Income taxes payable and receivable	(17,352)	3,690
Other long-term liabilities	187	(239)
Net cash provided by operating activities of continuing operations	10,602	3,250
Net cash (used in) provided by operating activities of discontinued operations	(2,441)	3,765
Net cash provided by operating activities	8,161	7,015
Cash flows from investing activities:
Investments in properties	(8,176)	(1,419)
Investments in joint ventures	(6,592)	(4,671)
Purchases of investments available for sale	(33,846)	0
Proceeds from sales of investments available for sale	79,937	0
Proceeds from the sale of assets	8,153	12
Cash held in escrow	(19,864)	(278,240)
Net cash provided by (used in) investing activities of continuing operations	19,612	(284,318)
Net cash provided by investing activities of discontinued operations	11,526	335,996
Net cash provided by investing activities	31,138	51,678
Cash flows from financing activities:
Distribution to noncontrolling interest	(510)	(510)
Repayment of long-term debt	0	(1,552)
Repurchase of Company Stock	(5,312)	0
Exercise of employee stock options	145	540
Net cash used in financing activities of continuing operations	(5,677)	(1,522)
Net cash used in financing activities of discontinued operations	0	(28,846)
Net cash used in financing activities	(5,677)	(30,368)
Net increase in cash and cash equivalents	33,622	28,325
Cash and cash equivalents at beginning of year	22,547	4,524
Cash and cash equivalents at end of the period	$ 56,169	$ 32,849

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business 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. On June 28, 2019, the Company completed the sale of the excluded property to the same buyer for $11.7 million. 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, 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 and reclassified to discontinued operations leaving only two commercial properties, one recent industrial acquisition, Cranberry Run, which we purchased in 2019, and 1801 62 nd 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. On June 28, 2019, the Company completed the sale of the excluded property to the same buyer for $11.7 million. We plan to develop our remaining owned office/warehouse pad sites in a timely, opportunistic 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 Six Months ended June 30, June 30, 2019 2018 2019 2018 Revenues: Asset management $ 662 568 1,303 1,149 Mining royalty lands 2,633 2,055 4,862 3,827 Development 316 317 585 614 Stabilized Joint Venture 2,752 2,613 5,327 5,038 6,363 5,553 12,077 10,628 Operating profit (loss): Before corporate expenses: Asset management $ 128 258 225 507 Mining royalty lands 2,458 1,918 4,502 3,536 Development (565 ) (630 ) (1,118 ) (1,007 ) Stabilized Joint Venture 637 (293 ) 1,049 (1,007 ) Operating profit before corporate expenses 2,658 1,253 4,658 2,029 Corporate expenses: Allocated to asset management (139 ) (109 ) (302 ) (112 ) Allocated to mining royalty lands (36 ) (52 ) (79 ) (129 ) Allocated to development (341 ) (283 ) (740 ) (702 ) Allocated to stabilized joint venture (35 ) (95 ) (75 ) (237 ) Unallocated — (1,170 ) — (1,208 ) Total corporate expenses (551 ) (1,709 ) (1,196 ) (2,388 ) $ 2,107 (456 ) 3,462 (359 ) Interest expense $ 272 807 860 1,650 Depreciation, depletion and amortization: Asset management $ 196 129 373 260 Mining royalty lands 42 36 94 90 Development 49 57 107 114 Stabilized Joint Venture 1,185 1,909 2,385 4,065 $ 1,472 2,131 2,959 4,529 Capital expenditures: Asset management $ 1,352 6 7,818 167 Mining royalty lands — — — — Development (122 ) 1,018 248 1,310 Stabilized Joint Venture 227 185 110 (58 ) $ 1,457 1,209 8,176 1,419 June 30, December 31, Identifiable net assets 2019 2018 Asset management $ 16,981 10,593 Discontinued operations 871 3,224 Mining royalty lands 38,702 37,991 Development 115,016 119,029 Stabilized Joint Venture 136,048 138,206 Investments available for sale at fair value 122,183 165,212 Cash items 76,235 22,749 Unallocated corporate assets 29,111 8,484 $ 535,147 505,488

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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 $328,000 and $370,000 for the three months ended June 30, 2019 and 2018 and $629,000 and $729,000 for the six months ended June 30, 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	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Long-Term Debt	(5) Long-Term Debt. June 30, December 31, 2019 2018 Riverfront permanent loan $ 88,857 88,789 Less portion due within one year — — $ 88,857 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 June 30, 2019, there was no debt outstanding on this revolver, $1,710,000 outstanding under letters of credit and $18,290,000 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 3.402% on June 30, 2019. The credit agreement contains certain conditions and financial covenants, including a minimum tangible net worth and dividend restriction. As of June 30, 2019, these covenants would have limited our ability to pay dividends to a maximum of $216 million combined. The Company was in compliance with all covenants as of June 30, 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 June 30, 2019 and June 30, 2018 the Company capitalized interest costs of $705,000 and $263,000, respectively. During the six months ended June 30, 2019 and June 30, 2018 the Company capitalized interest costs of $1,090,000 and $499,000, respectively.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings per Share	(6) Earnings per Share. Three Months ended Six Months ended June 30, June 30, 2019 2018 2019 2018 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,915 10,033 9,933 10,024 Common shares issuable under share based payment plans which are potentially dilutive 45 76 45 75 Common shares used for diluted earnings per common share 9,960 10,109 9,978 10,099 Income (loss) from continuing operations $ 2,952 (879 ) 4,593 (1,572 ) Discontinued operations $ 6,776 120,465 6,862 122,187 Net income attributable to the Company $ 9,825 119,982 11,723 121,542 Basic earnings per common share: Income (loss) from continuing operations $ 0.30 (0.09 ) 0.46 (0.16 ) Discontinued operations $ 0.68 12.01 0.69 12.19 Net income attributable to the Company $ 0.99 11.96 1.18 12.13 Diluted earnings per common share: Income (loss) from continuing operations $ 0.30 (0.09 ) 0.46 (0.16 ) Discontinued operations $ 0.68 11.92 0.69 12.10 Net income attributable to the Company $ 0.99 11.87 1.17 12.04 For the three and six months ended June 30, 2019, 19,950 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, 2018, no shares attributable to outstanding stock operations were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. During the first six months the Company repurchased 110,527 shares at an average cost of $48.06.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
	Jun. 30, 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 Six Months ended June 30, June 30, 2019 2018 2019 2018 Stock option grants $ 28 428 57 469 Annual director stock award — 683 — 683 $ 28 1,111 57 1,152 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 (4,804 ) $ 30.04 $ (53 ) Outstanding at June 30, 2019 142,734 $ 33.59 6.2 $ 1,729 Exercisable at June 30, 2019 114,910 $ 31.65 5.7 $ 1,293 Vested during six months ended June 30, 2019 — $ — The aggregate intrinsic value of exercisable in-the-money options was $2,772,000 and the aggregate intrinsic value of outstanding in-the-money options was $3,166,000 based on the market closing price of $55.77 on June 28, 2019 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of June 30, 2019 was $346,000, which is expected to be recognized over a weighted-average period of 4.0 years. Gains of $94,000 were realized by option holders during the six months ended June 30, 2019. Patriot realized the tax benefits 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, 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	6 Months Ended
	Jun. 30, 2019
Risks and Uncertainties [Abstract]
Concentrations	(9) Concentrations

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	(10) Fair Value Measurements. At June 30, 2019 the Company was invested in 41 corporate bonds with individual maturities ranging from 2020 through 2022. The unrealized gain on these bonds of $1,606,000 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 $447,000 in its net investment income related to bonds that were sold in 2019. The amortized cost of the investments was $120,577,000 and the carrying amount and fair value of such bonds were $122,183,000 as of June 30, 2019. At June 30, 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 June 30, 2019, the carrying amount and fair value of such other long-term debt was $88,857,000 and $92,541,000, respectively. 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.

Investment in Joint Ventures (E

Investment in Joint Ventures (Equity Method)	6 Months Ended
	Jun. 30, 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). Hyde Park. RiverFront Holdings II, LLC. Bryant Street Partnerships. Amber Ridge. 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 June 30, 2019 Brooksville Quarry, LLC 50.00 % $ 7,478 14,309 (44 ) (22 ) BC FRP Realty, LLC 50.00 % 5,652 22,425 (660 ) (330 ) Hyde Park 859 859 — — RiverFront Holdings II, LLC 80.00 % 25,453 65,957 (391 ) (386 ) Bryant Street Partnerships 61.36 % 55,495 79,580 202 202 Total $ 94,937 183,130 (893 ) (536 ) 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 — — Hyde Park 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 June 30, 2019 Brooksville BC FRP RiverFront Bryant Street Quarry, LLC Realty, LLC Hyde Park Holdings II, LLC Partnerships Total Investments in real estate, net $ 14,296 22,281 859 65,704 59,816 $ 162,956 Cash and cash equivalents 11 17 — 253 14,714 14,995 Unrealized rents & receivables — 26 — — 60 86 Deferred costs 2 101 — — 4,990 5,093 Total Assets $ 14,309 22,425 859 65,957 79,580 $ 183,130 Secured notes payable $ — 11,181 — 12,199 — $ 23,380 Other liabilities 42 50 — 11,313 4,737 16,142 Capital – FRP 7,478 5,597 859 36,814 55,194 105,942 Capital - Third Parties 6,789 5,597 — 5,631 19,649 37,666 Total Liabilities and Capital $ 14,309 22,425 859 65,957 79,580 $ 183,130 As of December 31, 2018 Brooksville BC FRP RiverFront Bryant Street Quarry, LLC Realty, LLC Hyde Park 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 $11,005,000 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 $(3,093,000) and $(2,702,000) as of June 30, 2019 and December 31, 2018 respectively.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 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. On June 28, 2019, the Company completed the sale of the excluded property to the same buyer for $11.7 million. The results of operations associated with discontinued operations for the three and six months ended June 30, 2019 and 2018 were as follows (in thousands): Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 Lease Revenue 222 4,110 460 11,657 Cost of operations: Depreciation, depletion and amortization 12 1,217 41 3,102 Operating expenses 139 464 234 1,642 Property taxes 26 449 46 1,247 Management company indirect — 812 — 990 Corporate expenses — 655 — 1,402 Total cost of operations 177 3,597 321 8,383 Total operating profit 45 513 139 3,274 Interest expense — (187 ) — (587 ) Gain on sale of buildings 9,245 164,807 9,268 164,807 Income before income taxes 9,290 165,133 9,407 167,494 Provision for income taxes 2,514 44,668 2,545 45,307 Income from discontinued operations $ 6,776 120,465 6,862 122,187 Earnings per common share: Basic 0.68 12.01 0.69 12.19 Diluted 0.68 11.92 0.69 12.10 The components of the balance sheet are as follows (in thousands): June 30 December 31 Assets: 2019 2018 Real estate investments at cost: Land $ — 546 Buildings and improvements — 3,315 Projects under construction — — Total investments in properties — 3,861 Less accumulated depreciation and depletion — 2,374 Net investments in properties — 1,487 Accounts receivable, net 871 910 Unrealized rents — 473 Deferred costs — 354 Assets of discontinued operations $ 871 3,224 Liabilities: Accounts payable and accrued liabilities $ 158 205 Deferred revenue — 45 Tenant security deposits — 38 Liabilities of discontinued operations $ 158 288

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Business segments (in thousands)	Three Months ended Six Months ended June 30, June 30, 2019 2018 2019 2018 Revenues: Asset management $ 662 568 1,303 1,149 Mining royalty lands 2,633 2,055 4,862 3,827 Development 316 317 585 614 Stabilized Joint Venture 2,752 2,613 5,327 5,038 6,363 5,553 12,077 10,628 Operating profit (loss): Before corporate expenses: Asset management $ 128 258 225 507 Mining royalty lands 2,458 1,918 4,502 3,536 Development (565 ) (630 ) (1,118 ) (1,007 ) Stabilized Joint Venture 637 (293 ) 1,049 (1,007 ) Operating profit before corporate expenses 2,658 1,253 4,658 2,029 Corporate expenses: Allocated to asset management (139 ) (109 ) (302 ) (112 ) Allocated to mining royalty lands (36 ) (52 ) (79 ) (129 ) Allocated to development (341 ) (283 ) (740 ) (702 ) Allocated to stabilized joint venture (35 ) (95 ) (75 ) (237 ) Unallocated — (1,170 ) — (1,208 ) Total corporate expenses (551 ) (1,709 ) (1,196 ) (2,388 ) $ 2,107 (456 ) 3,462 (359 ) Interest expense $ 272 807 860 1,650 Depreciation, depletion and amortization: Asset management $ 196 129 373 260 Mining royalty lands 42 36 94 90 Development 49 57 107 114 Stabilized Joint Venture 1,185 1,909 2,385 4,065 $ 1,472 2,131 2,959 4,529 Capital expenditures: Asset management $ 1,352 6 7,818 167 Mining royalty lands — — — — Development (122 ) 1,018 248 1,310 Stabilized Joint Venture 227 185 110 (58 ) $ 1,457 1,209 8,176 1,419 June 30, December 31, Identifiable net assets 2019 2018 Asset management $ 16,981 10,593 Discontinued operations 871 3,224 Mining royalty lands 38,702 37,991 Development 115,016 119,029 Stabilized Joint Venture 136,048 138,206 Investments available for sale at fair value 122,183 165,212 Cash items 76,235 22,749 Unallocated corporate assets 29,111 8,484 $ 535,147 505,488

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Long-term debt (in thousands)	June 30, December 31, 2019 2018 Riverfront permanent loan $ 88,857 88,789 Less portion due within one year — — $ 88,857 88,789

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings per share (in thousands, except per share amounts)	Three Months ended Six Months ended June 30, June 30, 2019 2018 2019 2018 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,915 10,033 9,933 10,024 Common shares issuable under share based payment plans which are potentially dilutive 45 76 45 75 Common shares used for diluted earnings per common share 9,960 10,109 9,978 10,099 Income (loss) from continuing operations $ 2,952 (879 ) 4,593 (1,572 ) Discontinued operations $ 6,776 120,465 6,862 122,187 Net income attributable to the Company $ 9,825 119,982 11,723 121,542 Basic earnings per common share: Income (loss) from continuing operations $ 0.30 (0.09 ) 0.46 (0.16 ) Discontinued operations $ 0.68 12.01 0.69 12.19 Net income attributable to the Company $ 0.99 11.96 1.18 12.13 Diluted earnings per common share: Income (loss) from continuing operations $ 0.30 (0.09 ) 0.46 (0.16 ) Discontinued operations $ 0.68 11.92 0.69 12.10 Net income attributable to the Company $ 0.99 11.87 1.17 12.04

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock Compensation Expense (in thousands	Three Months ended Six Months ended June 30, June 30, 2019 2018 2019 2018 Stock option grants $ 28 428 57 469 Annual director stock award — 683 — 683 $ 28 1,111 57 1,152
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 (4,804 ) $ 30.04 $ (53 ) Outstanding at June 30, 2019 142,734 $ 33.59 6.2 $ 1,729 Exercisable at June 30, 2019 114,910 $ 31.65 5.7 $ 1,293 Vested during six months ended June 30, 2019 — $ —

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 Brooksville Quarry, LLC 50.00 % $ 7,478 14,309 (44 ) (22 ) BC FRP Realty, LLC 50.00 % 5,652 22,425 (660 ) (330 ) Hyde Park 859 859 — — RiverFront Holdings II, LLC 80.00 % 25,453 65,957 (391 ) (386 ) Bryant Street Partnerships 61.36 % 55,495 79,580 202 202 Total $ 94,937 183,130 (893 ) (536 ) 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 — — Hyde Park 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 June 30, 2019 Brooksville BC FRP RiverFront Bryant Street Quarry, LLC Realty, LLC Hyde Park Holdings II, LLC Partnerships Total Investments in real estate, net $ 14,296 22,281 859 65,704 59,816 $ 162,956 Cash and cash equivalents 11 17 — 253 14,714 14,995 Unrealized rents & receivables — 26 — — 60 86 Deferred costs 2 101 — — 4,990 5,093 Total Assets $ 14,309 22,425 859 65,957 79,580 $ 183,130 Secured notes payable $ — 11,181 — 12,199 — $ 23,380 Other liabilities 42 50 — 11,313 4,737 16,142 Capital – FRP 7,478 5,597 859 36,814 55,194 105,942 Capital - Third Parties 6,789 5,597 — 5,631 19,649 37,666 Total Liabilities and Capital $ 14,309 22,425 859 65,957 79,580 $ 183,130 As of December 31, 2018 Brooksville BC FRP RiverFront Bryant Street Quarry, LLC Realty, LLC Hyde Park 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)	6 Months Ended
	Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operations results of operations	Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 Lease Revenue 222 4,110 460 11,657 Cost of operations: Depreciation, depletion and amortization 12 1,217 41 3,102 Operating expenses 139 464 234 1,642 Property taxes 26 449 46 1,247 Management company indirect — 812 — 990 Corporate expenses — 655 — 1,402 Total cost of operations 177 3,597 321 8,383 Total operating profit 45 513 139 3,274 Interest expense — (187 ) — (587 ) Gain on sale of buildings 9,245 164,807 9,268 164,807 Income before income taxes 9,290 165,133 9,407 167,494 Provision for income taxes 2,514 44,668 2,545 45,307 Income from discontinued operations $ 6,776 120,465 6,862 122,187 Earnings per common share: Basic 0.68 12.01 0.69 12.19 Diluted 0.68 11.92 0.69 12.10
Discontinued operations balance sheet components	June 30 December 31 Assets: 2019 2018 Real estate investments at cost: Land $ — 546 Buildings and improvements — 3,315 Projects under construction — — Total investments in properties — 3,861 Less accumulated depreciation and depletion — 2,374 Net investments in properties — 1,487 Accounts receivable, net 871 910 Unrealized rents — 473 Deferred costs — 354 Assets of discontinued operations $ 871 3,224 Liabilities: Accounts payable and accrued liabilities $ 158 205 Deferred revenue — 45 Tenant security deposits — 38 Liabilities of discontinued operations $ 158 288

Business Segments - Business se

Business Segments - Business segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 6,363	$ 5,553	$ 12,077	$ 10,628
Operating profit	2,107	(456)	3,462	(359)
Interest expense	272	807	860	1,650
Depreciation, depletion and amortization	1,472	2,131	2,959	4,529
Cash items	76,235		76,235		$ 22,749
Total identifiable net assets	535,147		535,147		505,488
Investments available for sale	122,183		122,183		165,212
Unallocated
Segment Reporting Information [Line Items]
Corporate expenses	0	(1,170)	0	(1,208)
Discontinued Operations, Disposed of by Sale [Member]
Segment Reporting Information [Line Items]
Operating profit	45	513	139	3,274
Interest expense	0	187	0	587
Depreciation, depletion and amortization	12	1,217	41	3,102
Total identifiable net assets	871		871		3,224
Asset Management
Segment Reporting Information [Line Items]
Revenues	662	568	1,303	1,149
Operating profit before corporate expenses	128	258	225	507
Corporate expenses	(139)	(109)	(302)	(112)
Capital expenditures	1,352	6	7,818	167
Depreciation, depletion and amortization	196	129	373	260
Total identifiable net assets	16,981		16,981		10,593
Mining royalty lands
Segment Reporting Information [Line Items]
Revenues	2,633	2,055	4,862	3,827
Operating profit before corporate expenses	2,458	1,918	4,502	3,536
Corporate expenses	(36)	(52)	(79)	(129)
Capital expenditures	0	0	0	0
Depreciation, depletion and amortization	42	36	94	90
Total identifiable net assets	38,702		38,702		37,991
Development
Segment Reporting Information [Line Items]
Revenues	316	317	585	614
Operating profit before corporate expenses	(565)	(630)	(1,118)	(1,007)
Corporate expenses	(341)	(283)	(740)	(702)
Capital expenditures	(122)	1,018	248	1,310
Depreciation, depletion and amortization	49	57	107	114
Total identifiable net assets	115,016		115,016		119,029
Stabilized Joint Venture
Segment Reporting Information [Line Items]
Revenues	2,752	2,613	5,327	5,038
Operating profit before corporate expenses	637	(293)	1,049	(1,007)
Corporate expenses	(35)	(95)	(75)	(237)
Capital expenditures	227	185	110	(58)
Depreciation, depletion and amortization	1,185	1,909	2,385	4,065
Total identifiable net assets	136,048		136,048		138,206
Corporate
Segment Reporting Information [Line Items]
Total identifiable net assets	29,111		29,111		$ 8,484
Total Segments
Segment Reporting Information [Line Items]
Revenues	6,363	5,553	12,077	10,628
Operating profit before corporate expenses	2,658	1,253	4,658	2,029
Operating profit	2,107	(456)	3,462	(359)
Corporate expenses	(551)	(1,709)	(1,196)	(2,388)
Interest expense	272	807	860	1,650
Capital expenditures	1,457	1,209	8,176	1,419
Depreciation, depletion and amortization	$ 1,472	$ 2,131	$ 2,959	$ 4,529

Long-term debt (Details)

Long-term debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Riverfront permanent loan	$ 88,857	$ 88,789
Less portion due within one year	0	0
Long-term debt	$ 88,857	$ 88,789

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	9,915	10,033	9,933	10,024
Common shares issuable under share based payment plans which are potentially dilutive	45	76	45	75
Common shares used for diluted earnings per common share	9,960	10,109	9,978	10,099
Income (loss) from continuing operations	$ 2,952	$ (879)	$ 4,593	$ (1,572)
Discontinued operations	6,776	120,465	6,862	122,187
Net income attributable to the Company	$ 9,825	$ 119,982	$ 11,723	$ 121,542
Basic earnings per common share:
Income (loss) from continuing operations	$ 0.30	$ (0.09)	$ 0.46	$ (0.16)
Discontinued operations	0.68	12.01	0.69	12.19
Net income	0.99	11.96	1.18	12.13
Diluted earnings per common share
Income (loss) from continuing operations	0.30	(0.09)	0.46	(0.16)
Discontinued operations	0.68	11.92	0.69	12.10
Net income	$ 0.99	$ 11.87	$ 1.17	$ 12.04

Summary of Stock Activity (Deta

Summary of Stock Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)Years$ / sharesshares	Dec. 31, 2018USD ($)Years$ / sharesshares
Share-based Payment Arrangement [Abstract]
Options outstanding | shares	142,734	147,538
Options granted | shares	0
Options exercised | shares	(4,804)
Options outstanding weighted average exercise price | $ / shares	$ 33.59	$ 33.48
Options outstanding weighted average exercise price - Granted | $ / shares	0
Options outstanding weighted average exercise price - Exercised | $ / shares	$ 30.04
Options outstanding weighted average remaining term | Years	6.2	6.7
Options outstanding weighted average grant date fair value | $	$ 1,729	$ 1,782
Options granted weighted average grant date fair value | $	0
Options exercised weighted average grant date fair value | $	$ (53)
Options exercisable at June 30, 2019 | shares	114,910
Options exerciseable weighted average exercise price | $ / shares	$ 31.65
Options exerciseable weighted average remaining term | Years	5.7
Options vested weighted average grant date fair value | $	$ 0
Options vested during six months ended June 30, 2019 | shares	0
Options exercisable weighted average grant date fair value | $	$ 1,293

Stock Compensation Expense (Det

Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Payment Arrangement [Abstract]
Stock option grants	$ 28	$ 428	$ 57	$ 469
Annual director stock award	0	683	0	683
Stock based compensation expense	$ 28	$ 1,111	$ 57	$ 1,152

Investments in Joint Ventures (

Investments in Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Jun. 30, 2016	Oct. 04, 2006
Total Investment	$ 94,937		$ 94,937		$ 88,884
Total Assets of the Partnership	183,130		183,130		152,700
Net Loss of the Partnership			(893)		(149)
Company's share of Net Loss of the Partnership	(272)	$ (11)	(536)	$ (23)	(88)
Investments in real estate, net	162,956		162,956		116,859
Cash and cash equivalents	14,995		14,995		35,777
Deferred costs	5,093		5,093		64
Unrealized rents & receivable	86		86		0
Secured notes payable	23,380		23,380		9,549
Other liabilities	16,142		16,142		4,930
Capital - FRP	105,942		105,942		100,282
Capital - Third parties	37,666		37,666		37,939
Total liabilities and capital	$ 183,130		$ 183,130		$ 152,700
Brooksville Quarry, LLC
Ownership percent	50.00%		50.00%		50.00%		50.00%
Total Investment	$ 7,478		$ 7,478		$ 7,449
Total Assets of the Partnership	14,309		14,309		14,325
Net Loss of the Partnership			(44)		(122)
Company's share of Net Loss of the Partnership			(22)		(61)
Investments in real estate, net	14,296		14,296		14,299
Cash and cash equivalents	11		11		20
Deferred costs	2		2		6
Unrealized rents & receivable	0		0		0
Secured notes payable	0		0		0
Other liabilities	42		42		119
Capital - FRP	7,478		7,478		7,449
Capital - Third parties	6,789		6,789		6,757
Total liabilities and capital	$ 14,309		$ 14,309		$ 14,325
BC FRP Realty, LLC
Ownership percent	50.00%		50.00%		50.00%	50.00%
Total Investment	$ 5,652		$ 5,652		$ 5,976
Total Assets of the Partnership	22,425		22,425		21,371
Net Loss of the Partnership			(660)		0
Company's share of Net Loss of the Partnership			(330)		0
Investments in real estate, net	22,281		22,281		21,352
Cash and cash equivalents	17		17		11
Deferred costs	101		101		8
Unrealized rents & receivable	26		26		0
Secured notes payable	11,181		11,181		9,549
Other liabilities	50		50		38
Capital - FRP	5,597		5,597		5,892
Capital - Third parties	5,597		5,597		5,892
Total liabilities and capital	22,425		22,425		21,371
Hyde Park
Total Investment	859		859		594
Total Assets of the Partnership	859		859		594
Net Loss of the Partnership			0		39
Company's share of Net Loss of the Partnership			0		39
Investments in real estate, net	859		859		594
Cash and cash equivalents	0		0		0
Deferred costs	0		0		0
Unrealized rents & receivable	0		0		0
Secured notes payable	0		0		0
Other liabilities	0		0		0
Capital - FRP	859		859		594
Capital - Third parties	0		0		0
Total liabilities and capital	$ 859		$ 859		$ 594
RiverFront Holdings II, LLC
Ownership percent	80.00%		80.00%		80.00%
Total Investment	$ 25,453		$ 25,453		$ 19,865
Total Assets of the Partnership	65,957		65,957		38,869
Net Loss of the Partnership			(391)		(66)
Company's share of Net Loss of the Partnership			(386)		(66)
Investments in real estate, net	65,704		65,704		38,793
Cash and cash equivalents	253		253		76
Deferred costs	0		0		0
Unrealized rents & receivable	0		0		0
Secured notes payable	12,199		12,199		0
Other liabilities	11,313		11,313		1,887
Capital - FRP	36,814		36,814		31,347
Capital - Third parties	5,631		5,631		5,635
Total liabilities and capital	$ 65,957		$ 65,957		$ 38,869
Bryant Street Partnerships
Ownership percent	61.36%		61.36%		61.36%
Total Investment	$ 55,495		$ 55,495		$ 55,000
Total Assets of the Partnership	79,580		79,580		77,541
Net Loss of the Partnership			202		0
Company's share of Net Loss of the Partnership			202		0
Investments in real estate, net	59,816		59,816		41,821
Cash and cash equivalents	14,714		14,714		35,670
Deferred costs	4,990		4,990		50
Unrealized rents & receivable	60		60		0
Secured notes payable	0		0		0
Other liabilities	4,737		4,737		2,886
Capital - FRP	55,194		55,194		55,000
Capital - Third parties	19,649		19,649		19,655
Total liabilities and capital	$ 79,580		$ 79,580		$ 77,541

Discontinued Operations - Disco

Discontinued Operations - Discontinued operations results of operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Lease revenue	$ 3,730	$ 3,498	$ 7,215	$ 6,801
Depreciation, depletion and amortization	1,472	2,131	2,959	4,529
Operating expenses	910	1,103	1,792	1,968
Property taxes	713	611	1,466	1,286
Management company indirect	610	455	1,202	816
Corporate expenses	551	1,709	1,196	2,388
Total cost of operations	4,256	6,009	8,615	10,987
Total operating profit	2,107	(456)	3,462	(359)
Interest expense	(272)	(807)	(860)	(1,650)
Income before income taxes	4,083	(1,058)	6,396	(1,811)
Provision for income taxes	1,131	(179)	1,803	(239)
Income from discontinued operations	$ 6,776	$ 120,465	$ 6,862	$ 122,187
Earnings per common share:
Basic earnings per common share Discontinued operations	$ 0.68	$ 12.01	$ 0.69	$ 12.19
Diluted earnings per common share discontinued operations	$ 0.68	$ 11.92	$ 0.69	$ 12.10
Discontinued Operations, Disposed of by Sale [Member]
Lease revenue	$ 222	$ 4,110	$ 460	$ 11,657
Depreciation, depletion and amortization	12	1,217	41	3,102
Operating expenses	139	464	234	1,642
Property taxes	26	449	46	1,247
Management company indirect	0	812	0	990
Corporate expenses	0	655	0	1,402
Total cost of operations	177	3,597	321	8,383
Total operating profit	45	513	139	3,274
Interest expense	0	(187)	0	(587)
Gain on sale of buildings	9,245	164,807	9,268	164,807
Income before income taxes	9,290	165,133	9,407	167,494
Provision for income taxes	2,514	44,668	2,545	45,307
Income from discontinued operations	$ 6,776	$ 120,465	$ 6,862	$ 122,187
Earnings per common share:
Basic earnings per common share Discontinued operations	$ 0.68	$ 12.01	$ 0.69	$ 12.19
Diluted earnings per common share discontinued operations	$ 0.68	$ 11.92	$ 0.69	$ 12.10

Discontinued Operations - Dis_2

Discontinued Operations - Discontinued operations balance sheet components (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Land	$ 84,383	$ 83,721
Buildings and improvements	144,779	144,543
Projects under construction	2,508	6,683
Total investments in properties	231,670	234,947
Less accumulated depreciation and depletion	27,472	28,394
Net investments in properties	204,198	206,553
Accounts receivable, net	783	564
Unrealized rents	459	53
Deferred costs	645	773
Assets of discontinued operations	871	3,224
Accounts payable and accrued liabilities	2,044	3,545
Deferred revenue	858	27
Tenant security deposits	252	53
Liabilities of discontinued operations	158	288
Discontinued Operations, Disposed of by Sale [Member]
Land	0	546
Buildings and improvements	0	3,315
Projects under construction	0	0
Total investments in properties	0	3,861
Less accumulated depreciation and depletion	0	2,374
Net investments in properties	0	1,487
Accounts receivable, net	871	910
Unrealized rents	0	473
Deferred costs	0	354
Assets of discontinued operations	871	3,224
Accounts payable and accrued liabilities	158	205
Deferred revenue	0	45
Tenant security deposits	0	38
Liabilities of discontinued operations	$ 158	$ 288

Description of Business and B_2

Description of Business and Basis of Presentation (Details Narrative) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	May 21, 2018USD ($)integer
Discontinued Operations, Disposed of by Sale [Member]
Warehouse properties				40
Land parcels				3
Sales price | $	$ 11,700	$ 11,700	$ 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	12 Months Ended
	Jun. 30, 2019USD ($)ainteger	Jun. 30, 2019USD ($)aSegmentsinteger	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 | $	$ 11,700	$ 11,700	$ 347,200
Excluded [Member]
Warehouse properties				1
Property value | $				$ 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
Asset Management
Warehouse properties	2	2
Industrial acquision	1	1

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Related Party Transactions [Abstract]
Charges/allocation related to Transition Services Agreement with Patriot	$ 328	$ 370	$ 629	$ 729

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Feb. 06, 2019	Nov. 17, 2017
Capitalized interest	$ 705	$ 263		$ 1,090	$ 499
Prepayment penalty						$ 3,420
Riverfront permanent loan	88,857			$ 88,857		$ 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	1,710			$ 1,710
Borrowed under the revolver	0			0
Available for borrowing	18,290			18,290
Available to pay dividends or repurchase stock	$ 216			$ 216
Letter of credit fee				1.00%
Interest rate	3.402%			3.402%
Covenant compliance				all

Earnings per Share (Details Nar

Earnings per Share (Details Narrative) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Anti-dilutive shares	19,950	0	19,950	0
Shares repurchased by the Company			110,527
Repurchased shares average cost			$ 48.06

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)Yearsshares	Jun. 28, 2019$ / shares
Share-based Payment Arrangement [Abstract]
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	$ 2,772
Aggregate intrinsic value of outstanding in-the-money options	3,166
Market close price | $ / shares		$ 55.77
Total unrecognized compensation cost of options granted but not yet vested	$ 346
Weighted average period for compensation to be recognized | Years	4
Gains realized by option holders	$ 94
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	6 Months Ended
	Jun. 30, 2019USD ($)integer
Tenants leasing mining locations | integer	5
Mining Top Customer
Customer revenue concentration	31.00%
Accounts receivable concentration | $	$ 356

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)integer	Dec. 31, 2018USD ($)	Jun. 30, 2018USD ($)
Number of corporate bonds | integer	41
Unrealized gain on corporate bonds	$ 1,606
Realized gain on corporate bonds	447
Amortized cost of investments	120,577
Carrying amount of corporate bonds	122,183	$ 165,212
Carrying amount of other long-term debt	88,857		$ 88,720
Fair value of other long-term debt	92,541		$ 87,436
Fair Value, Measurements, Recurring [Member]
Assets measured at fair value	$ 122,183

Investments in Joint Ventures_2

Investments in Joint Ventures (Details Narrative) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended			12 Months Ended
	May 31, 2016USD ($)	Jun. 30, 2019USD ($)integer	Jun. 30, 2018USD ($)	Dec. 31, 2006USD ($)	Jun. 30, 2019USD ($)integer	Jun. 30, 2018USD ($)	Jun. 30, 2016USD ($)aft²	Dec. 31, 2018USD ($)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		$ 272	$ 11		$ 536	$ 23		$ 88
Joint Venture consolidated retained earnings		(3,093)			(3,093)			$ (2,702)
Cash contribution					6,592	$ 4,671
Difference between capital recorded by the Company and the joint ventures		11,005			11,005
BC FRP Realty, LLC Debt
Construction financing through September 15, 2022														$ 17,250
Interest rate over LIBOR									2.50%
Outstanding balance		10,913			10,913
Buildings | integer														4
Eagle BankRiverFront Holdings II, LLC
Interest rate over LIBOR								3.25%
Outstanding balance		12,199			$ 12,199
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 60 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			$ 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.
Bryant Street Partnerships Construction Loan Extension 1
Debt service coverage										1.1
Loan-to-value										65.00%
Bryant Street Partnerships Construction Loan Extension 2
Debt service coverage										1.25
Loan-to-value										65.00%
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%							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					$ 22			$ 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%	50.00%
Distribution received	$ 2,130
Acres conributed | a							25
Company's share of the loss of the joint venture					$ 330			$ 0
Hyde Park
Company's share of the loss of the joint venture					0			(39)
Equity method loan balance		$ 849			$ 849
Loan commitment													$ 9,200
Interest rate													10.00%
Preferred return													20.00%
No. of townhomes | integer		122			122
No. Single family homes | integer		4			4
RiverFront Holdings II, LLC
Value of land contributed								$ 16,300
Joint venture percentage stake		80.00%			80.00%			80.00%
Book value of land contribution								$ 4,600
Company's share of the loss of the joint venture					$ 386			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%			61.36%
Company's share of the loss of the joint venture					$ (202)			$ 0
Cash contribution								32,000
Preferred equity financing								$ 23,000
Preferred equity financing interest rate								8.00%
Amber Ridge
Loan commitment		$ 18,500			$ 18,500
Interest rate		10.00%			10.00%
Preferred return		20.00%			20.00%
No. of townhomes | integer		190			190

Discontinued Operations (Detail

Discontinued Operations (Details Narrative) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	May 21, 2018USD ($)integer
Discontinued Operations, Disposed of by Sale [Member]
Warehouse properties				40
Land parcels				3
Sales price | $	$ 11,700	$ 11,700	$ 347,200
Excluded [Member]
Warehouse properties				1
Property value | $				$ 11,700