FRP (FRPH) 10-Q 8 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 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	Sep. 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	9,823,668
Document Fiscal Period Focus	Q3
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	Sep. 30, 2019	Dec. 31, 2018
Assets:
Land	$ 84,383	$ 83,721
Buildings and improvements	145,690	144,543
Projects under construction	1,461	6,683
Total investments in properties	231,534	234,947
Less accumulated depreciation and depletion	28,871	28,394
Net investments in properties	202,663	206,553
Real estate held for investment, at cost	8,283	7,167
Investments in joint ventures	103,822	88,884
Net real estate investments	314,768	302,604
Cash and cash equivalents	69,246	22,547
Cash held in escrow	6,734	202
Accounts receivable, net	919	564
Investments available for sale at fair value	115,308	165,212
Federal and state income taxes receivable	27,189	9,854
Unrealized rents	548	53
Deferred costs	1,079	773
Other assets	474	455
Assets of discontinued operations	32	3,224
Total assets	536,297	505,488
Liabilities:
Secured notes payable	88,891	88,789
Accounts payable and accrued liabilities	1,488	3,545
Other liabilities	1,978	100
Deferred revenue	831	27
Deferred income taxes	51,104	27,981
Deferred compensation	1,439	1,450
Tenant security deposits	334	53
Liabilities of discontinued operations	18	288
Total liabilities	146,083	122,233
Commitments and contingencies
Equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 9,823,668 and 9,969,174 shares issued and outstanding, respectively	982	997
Capital in excess of par value	57,627	58,004
Retained earnings	313,262	306,307
Accumulated other comprehensive income, net	1,161	(701)
Total shareholders' equity	373,032	364,607
Noncontrolling interest MRP	17,182	18,648
Total Equity	390,214	383,255
Total liabilities and shareholders' equity	$ 536,297	$ 505,488

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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	9,823,668	9,969,174

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Lease revenue	$ 3,581	$ 3,617	$ 10,796	$ 10,418
Mining lands lease revenue	2,302	2,125	7,164	5,952
Total revenues	5,883	5,742	17,960	16,370
Cost of operations:
Depreciation, depletion and amortization	1,431	1,821	4,390	6,350
Operating expenses	952	983	2,744	2,951
Environmental remediation	0	(465)	0	(465)
Property taxes	740	663	2,206	1,949
Management company indirect	670	550	1,872	1,366
Corporate expenses	732	522	1,928	2,910
Total cost of operations	4,525	4,074	13,140	15,061
Total operating profit	1,358	1,668	4,820	1,309
Net investment income, including realized gains of $144, $0, $591 and $0, respectively	2,019	1,654	5,813	1,875
Interest expense	(129)	(768)	(989)	(2,418)
Equity in loss of joint ventures	(746)	(13)	(1,282)	(36)
Gain (loss) on real estate investments	126	(3)	662	(3)
Income from continuing operations before income taxes	2,628	2,538	9,024	727
Provision for income taxes	726	508	2,529	269
Income from continuing operations	1,902	2,030	6,495	458
Income (loss) from discontinued operations, net	(13)	(78)	6,849	122,109
Net income	1,889	1,952	13,344	122,567
Loss attributable to noncontrolling interest	(112)	(272)	(380)	(1,199)
Net income attributable to the Company	$ 2,001	$ 2,224	$ 13,724	$ 123,766
Basic earnings per common share
Income from continuing operations	$ 0.19	$ 0.20	$ 0.66	$ 0.05
Discontinued operations	0	(0.01)	0.69	12.17
Net income attributable to the Company	0.20	0.22	1.39	12.33
Diluted earnings per common share
Income from continuing operations	0.19	0.20	0.65	0.05
Discontinued operations	0	(0.01)	0.69	12.08
Net income attributable to the Company	$ 0.20	$ 0.22	$ 1.38	$ 12.24
Number of shares (in thousands) used in computing:
-basic earnings per common share	9,843	10,062	9,903	10,037
-diluted earnings per common share	9,886	10,135	9,945	10,110

Consolidated Statements of In_2

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Realized gains	$ 144	$ 0	$ 591	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net income	$ 1,889	$ 1,952	$ 13,344	$ 122,567
Unrealized gain (loss) on investments available for sale, net of income tax effect of ($18), ($154), $691 and ($154)	(48)	(413)	1,862	(413)
Comprehensive income	1,841	1,539	15,206	122,154
Less: comprehensive income attributable to noncontrolling interest	(112)	(272)	(380)	(1,199)
Comprehensive income attributable to the Company	$ 1,953	$ 1,811	$ 15,586	$ 123,353

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Income tax effect unrealized gain (loss) on investments available for sale	$ (18)	$ (154)	$ 691	$ (154)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 13,344	$ 122,567
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net	(6,849)	(122,109)
Deferred income taxes	23,123	(2,187)
Depreciation, depletion and amortization	4,635	6,597
Equity in loss of joint ventures	1,282	36
Gain on sale of equipment and property	(657)	(19)
Stock-based compensation	206	1,169
Realized gain on available for sale investments	(591)	290
Net changes in operating assets and liabilities:
Accounts receivable	(355)	(123)
Deferred costs and other assets	(922)	(909)
Accounts payable and accrued liabilities	(1,252)	673
Income taxes payable and receivable	(17,335)	940
Other long-term liabilities	2,148	(1,943)
Net cash provided by operating activities of continuing operations	16,777	4,982
Net cash used in operating activities of discontinued operations	(1,756)	(46,642)
Net cash provided by (used in) operating activities	15,021	(41,660)
Cash flows from investing activities:
Investments in properties	(9,360)	(5,729)
Investments in joint ventures	(16,226)	(7,160)
Purchases of investments available for sale	(36,941)	(313,306)
Proceeds from sales of investments available for sale	89,260	121,161
Proceeds from the sale of assets	8,405	77
Cash held in escrow	(6,532)	(33,937)
Net cash provided by (used in) investing activities of continuing operations	28,606	(238,894)
Net cash provided by investing activities of discontinued operations	11,525	340,744
Net cash provided by investing activities	40,131	101,850
Cash flows from financing activities:
Distribution to noncontrolling interest	(1,086)	(765)
Repayment of long-term debt	0	(1,552)
Repurchase of Company Stock	(7,714)	0
Exercise of employee stock options	347	1,231
Net cash used in financing activities of continuing operations	(8,453)	(1,086)
Net cash used in financing activities of discontinued operations	0	(28,846)
Net cash used in financing activities	(8,453)	(29,932)
Net increase in cash and cash equivalents	46,699	30,258
Cash and cash equivalents at beginning of year	22,547	4,524
Cash and cash equivalents at end of the period	$ 69,246	$ 34,782

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 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 nine months ended September 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	9 Months Ended
	Sep. 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 nine months ended September 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	9 Months Ended
	Sep. 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 sell the fully leased buildings in groups of two or three. Operating results and certain other financial data for the Company’s business segments are as follows (in thousands): Three Months ended Nine Months ended September 30, September 30, 2019 2018 2019 2018 Revenues: Asset management $ 430 568 1,733 1,717 Mining royalty lands 2,302 2,125 7,164 5,952 Development 307 330 892 944 Stabilized Joint Venture 2,844 2,719 8,171 7,757 5,883 5,742 17,960 16,370 Operating profit (loss): Before corporate expenses: Asset management $ 8 276 233 783 Mining royalty lands 2,103 1,961 6,605 5,497 Development (629 ) (139 ) (1,747 ) (1,146 ) Stabilized Joint Venture 608 92 1,657 (915 ) Operating profit before corporate expenses 2,090 2,190 6,748 4,219 Corporate expenses: Allocated to asset management (168 ) (34 ) (470 ) (146 ) Allocated to mining royalty lands (44 ) (28 ) (123 ) (157 ) Allocated to development (479 ) (408 ) (1,219 ) (1,110 ) Allocated to stabilized joint venture (41 ) (52 ) (116 ) (289 ) Unallocated — — — (1,208 ) Total corporate expenses (732 ) (522 ) (1,928 ) (2,910 ) $ 1,358 1,668 4,820 1,309 Interest expense $ 129 768 989 2,418 Depreciation, depletion and amortization: Asset management $ 154 145 527 405 Mining royalty lands 36 55 130 145 Development 54 57 161 171 Stabilized Joint Venture 1,187 1,564 3,572 5,629 $ 1,431 1,821 4,390 6,350 Capital expenditures: Asset management $ 824 17 8,642 184 Mining royalty lands — — — — Development 167 4,268 415 5,578 Stabilized Joint Venture 194 25 304 (33 ) $ 1,185 4,310 9,361 5,729 September 30, December 31, Identifiable net assets 2019 2018 Asset management $ 17,823 10,593 Discontinued operations 32 3,224 Mining royalty lands 38,734 37,991 Development 118,209 119,029 Stabilized Joint Venture 135,232 138,206 Investments available for sale at fair value 115,308 165,212 Cash items 75,980 22,749 Unallocated corporate assets 34,979 8,484 $ 536,297 505,488

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 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 $347,000 and $360,000 for the three months ended September 30, 2019 and 2018 and $976,000 and $1,089,000 for the nine months ended September 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	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Long-Term Debt	(5) Long-Term Debt. September 30, December 31, 2019 2018 Riverfront permanent loan $ 88,891 88,789 Less portion due within one year — — $ 88,891 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 September 30, 2019, there was no debt outstanding on this revolver, $958,000 outstanding under letters of credit and $19,042,000 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 3.0435% on September 30, 2019. The credit agreement contains certain conditions and financial covenants, including a minimum tangible net worth and dividend restriction. As of September 30, 2019, these covenants would have limited our ability to pay dividends to a maximum of $217 million combined. The Company was in compliance with all covenants as of September 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 September 30, 2019 and September 30, 2018 the Company capitalized interest costs of $870,000 and $243,000, respectively. During the nine months ended September 30, 2019 and September 30, 2018 the Company capitalized interest costs of $1,960,000 and $742,000, respectively.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings per Share	(6) Earnings per Share. Three Months ended Nine Months ended September 30, September 30, 2019 2018 2019 2018 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,843 10,062 9,903 10,037 Common shares issuable under share based payment plans which are potentially dilutive 43 73 42 73 Common shares used for diluted earnings per common share 9,886 10,135 9,945 10,110 Income from continuing operations $ 1,902 2,030 6,495 458 Discontinued operations $ (13 ) (78 ) 6,849 122,109 Net income attributable to the Company $ 2,001 2,224 13,724 123,766 Basic earnings per common share: Income from continuing operations $ 0.19 0.20 0.66 0.05 Discontinued operations $ 0.00 (0.01 ) 0.69 12.17 Net income attributable to the Company $ 0.20 0.22 1.39 12.33 Diluted earnings per common share: Income from continuing operations $ 0.19 0.20 0.65 0.05 Discontinued operations $ 0.00 (0.01 ) 0.69 12.08 Net income attributable to the Company $ 0.20 0.22 1.38 12.24 For the three and nine months ended September 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 nine months ended September 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 nine months the Company repurchased 159,282 shares at an average cost of $48.43.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
	Sep. 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 41%, risk-free interest rate of 1.0% 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 Nine Months ended September 30, September 30, 2019 2018 2019 2018 Stock option grants $ 29 17 86 486 Unrestricted employee stock award 50 — 50 — Annual director stock award 70 — 70 683 $ 149 17 206 1,169 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 (11,304 ) $ 30.67 $ (108 ) Outstanding at September 30, 2019 136,234 $ 33.71 6.0 $ 1,674 Exercisable at September 30, 2019 108,410 $ 31.68 5.4 $ 1,239 Vested during nine months ended September 30, 2019 — $ — The aggregate intrinsic value of exercisable in-the-money options was $1,771,000 and the aggregate intrinsic value of outstanding in-the-money options was $1,950,000 based on the market closing price of $48.02 on September 30, 2019 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of September 30, 2019 was $317,000, which is expected to be recognized over a weighted-average period of 3.8 years. Gains of $218,000 were realized by option holders during the nine months ended September 30, 2019. Patriot realized the tax benefits of $130,838 of these gains because these options were exercised by Patriot employees for options granted prior to the spin-off.

Contingent liabilities

Contingent liabilities	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2019
Risks and Uncertainties [Abstract]
Concentrations	(9) Concentrations

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	(10) Fair Value Measurements. At September 30, 2019 the Company was invested in 40 corporate bonds with individual maturities ranging from 2020 through 2022. The unrealized gain on these bonds of $1,539,000 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 $591,000 in its net investment income related to bonds that were sold in 2019. The amortized cost of the investments was $113,769,000 and the carrying amount and fair value of such bonds were $115,308,000 as of September 30, 2019. At September 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 September 30, 2019, the carrying amount and fair value of such other long-term debt was $88,891,000 and $94,658,000, respectively. At September 30, 2018, the carrying amount and fair value of such other long-term debt was $88,755,000 and $85,642,000, respectively.

Investment in Joint Ventures (E

Investment in Joint Ventures (Equity Method)	9 Months Ended
	Sep. 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). RiverFront Holdings II, LLC. Bryant Street Partnerships. Hyde Park. DST Hickory Creek 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 September 30, 2019 Brooksville Quarry, LLC 50.00 % $ 7,464 14,383 (68 ) (34 ) BC FRP Realty, LLC 50.00 % 5,487 22,857 (990 ) (495 ) RiverFront Holdings II, LLC 80.00 % 25,726 78,282 (602 ) (597 ) Bryant Street Partnerships 61.36 % 57,827 90,441 (130 ) (130 ) Hyde Park 1,067 1,067 — — DST Hickory Creek 26.65 % 5,934 51,642 (98 ) (26 ) Amber Ridge 317 317 — — Total $ 103,822 258,989 (1,888 ) (1,282 ) 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 — — RiverFront Holdings II, LLC 80.00 % 19,865 38,869 (66 ) (66 ) Bryant Street Partnerships 61.36 % 55,000 77,541 — — Hyde Park 594 594 39 39 Total $ 88,884 152,700 (149 ) (88 ) Summarized Financial Information for the Investments in Joint Ventures (in thousands): As of September 30, 2019 Brooksville BC FRP Riverfront Bryant Street Quarry, LLC Realty, LLC Holdings II, LLC Partnerships Others Total Investments in real estate, net $ 14,294 22,532 77,713 78,176 50,467 $ 243,182 Cash and cash equivalents 89 18 569 5,884 2,559 9,119 Unrealized rents & receivables — 52 — 52 — 104 Deferred costs — 255 — 6,329 — 6,584 Total Assets $ 14,383 22,857 78,282 90,441 53,026 $ 258,989 Secured notes payable $ — 11,920 27,671 — 29,375 $ 68,966 Other liabilities 141 75 7,903 13,416 — 21,535 Capital – FRP 7,465 5,431 37,077 56,876 7,318 114,167 Capital - Third Parties 6,777 5,431 5,631 20,149 16.333 54,321 Total Liabilities and Capital $ 14,383 22,857 78,282 90,441 53,026 $ 258,989 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 $10,345,000 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 $(3,637,000) and $(2,702,000) as of September 30, 2019 and December 31, 2018 respectively.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 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 nine months ended September 30, 2019 and 2018 were as follows (in thousands): Three months ended Nine months ended September 30, September 30, 2019 2018 2019 2018 Lease Revenue — 219 460 11,876 Cost of operations: Depreciation, depletion and amortization (24 ) 29 17 3,131 Operating expenses 12 52 246 1,694 Property taxes — 19 46 1,266 Management company indirect — 370 — 1,360 Corporate expenses — 56 — 1,458 Total cost of operations (12 ) 526 309 8,909 Total operating profit (loss) 12 (307 ) 151 2,967 Interest expense — — — (587 ) Gain (loss) on sale of buildings (30 ) 200 9,238 165,007 Income (loss) before income taxes (18 ) (107 ) 9,389 167,387 Provision for (benefit from) income taxes (5 ) (29 ) 2,540 45,278 Income (loss) from discontinued operations $ (13 ) (78 ) 6,849 122,109 Earnings per common share: Basic 0.00 (0.01 ) 0.69 12.17 0.00 (0.01 ) 0.69 12.08 The components of the balance sheet are as follows (in thousands): September 30 December 31 Assets: 2019 2018 Real estate investments at cost: Land $ — 546 Buildings and improvements — 3,315 Total investments in properties — 3,861 Less accumulated depreciation and depletion — 2,374 Net investments in properties — 1,487 Accounts receivable, net 32 910 Unrealized rents — 473 Deferred costs — 354 Assets of discontinued operations $ 32 3,224 Liabilities: Accounts payable and accrued liabilities $ 18 205 Deferred revenue — 45 Tenant security deposits — 38 Liabilities of discontinued operations $ 18 288

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Business segments (in thousands)	Three Months ended Nine Months ended September 30, September 30, 2019 2018 2019 2018 Revenues: Asset management $ 430 568 1,733 1,717 Mining royalty lands 2,302 2,125 7,164 5,952 Development 307 330 892 944 Stabilized Joint Venture 2,844 2,719 8,171 7,757 5,883 5,742 17,960 16,370 Operating profit (loss): Before corporate expenses: Asset management $ 8 276 233 783 Mining royalty lands 2,103 1,961 6,605 5,497 Development (629 ) (139 ) (1,747 ) (1,146 ) Stabilized Joint Venture 608 92 1,657 (915 ) Operating profit before corporate expenses 2,090 2,190 6,748 4,219 Corporate expenses: Allocated to asset management (168 ) (34 ) (470 ) (146 ) Allocated to mining royalty lands (44 ) (28 ) (123 ) (157 ) Allocated to development (479 ) (408 ) (1,219 ) (1,110 ) Allocated to stabilized joint venture (41 ) (52 ) (116 ) (289 ) Unallocated — — — (1,208 ) Total corporate expenses (732 ) (522 ) (1,928 ) (2,910 ) $ 1,358 1,668 4,820 1,309 Interest expense $ 129 768 989 2,418 Depreciation, depletion and amortization: Asset management $ 154 145 527 405 Mining royalty lands 36 55 130 145 Development 54 57 161 171 Stabilized Joint Venture 1,187 1,564 3,572 5,629 $ 1,431 1,821 4,390 6,350 Capital expenditures: Asset management $ 824 17 8,642 184 Mining royalty lands — — — — Development 167 4,268 415 5,578 Stabilized Joint Venture 194 25 304 (33 ) $ 1,185 4,310 9,361 5,729 September 30, December 31, Identifiable net assets 2019 2018 Asset management $ 17,823 10,593 Discontinued operations 32 3,224 Mining royalty lands 38,734 37,991 Development 118,209 119,029 Stabilized Joint Venture 135,232 138,206 Investments available for sale at fair value 115,308 165,212 Cash items 75,980 22,749 Unallocated corporate assets 34,979 8,484 $ 536,297 505,488

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Long-term debt (in thousands)	September 30, December 31, 2019 2018 Riverfront permanent loan $ 88,891 88,789 Less portion due within one year — — $ 88,891 88,789

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings per share (in thousands, except per share amounts)	Three Months ended Nine Months ended September 30, September 30, 2019 2018 2019 2018 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,843 10,062 9,903 10,037 Common shares issuable under share based payment plans which are potentially dilutive 43 73 42 73 Common shares used for diluted earnings per common share 9,886 10,135 9,945 10,110 Income from continuing operations $ 1,902 2,030 6,495 458 Discontinued operations $ (13 ) (78 ) 6,849 122,109 Net income attributable to the Company $ 2,001 2,224 13,724 123,766 Basic earnings per common share: Income from continuing operations $ 0.19 0.20 0.66 0.05 Discontinued operations $ 0.00 (0.01 ) 0.69 12.17 Net income attributable to the Company $ 0.20 0.22 1.39 12.33 Diluted earnings per common share: Income from continuing operations $ 0.19 0.20 0.65 0.05 Discontinued operations $ 0.00 (0.01 ) 0.69 12.08 Net income attributable to the Company $ 0.20 0.22 1.38 12.24

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock Compensation Expense (in thousands	Three Months ended Nine Months ended September 30, September 30, 2019 2018 2019 2018 Stock option grants $ 29 17 86 486 Unrestricted employee stock award 50 — 50 — Annual director stock award 70 — 70 683 $ 149 17 206 1,169
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 (11,304 ) $ 30.67 $ (108 ) Outstanding at September 30, 2019 136,234 $ 33.71 6.0 $ 1,674 Exercisable at September 30, 2019 108,410 $ 31.68 5.4 $ 1,239 Vested during nine months ended September 30, 2019 — $ —

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	9 Months Ended
	Sep. 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 September 30, 2019 Brooksville Quarry, LLC 50.00 % $ 7,464 14,383 (68 ) (34 ) BC FRP Realty, LLC 50.00 % 5,487 22,857 (990 ) (495 ) RiverFront Holdings II, LLC 80.00 % 25,726 78,282 (602 ) (597 ) Bryant Street Partnerships 61.36 % 57,827 90,441 (130 ) (130 ) Hyde Park 1,067 1,067 — — DST Hickory Creek 26.65 % 5,934 51,642 (98 ) (26 ) Amber Ridge 317 317 — — Total $ 103,822 258,989 (1,888 ) (1,282 ) 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 — — RiverFront Holdings II, LLC 80.00 % 19,865 38,869 (66 ) (66 ) Bryant Street Partnerships 61.36 % 55,000 77,541 — — Hyde Park 594 594 39 39 Total $ 88,884 152,700 (149 ) (88 )
Joint Venture balance sheets (in thousands)	As of September 30, 2019 Brooksville BC FRP Riverfront Bryant Street Quarry, LLC Realty, LLC Holdings II, LLC Partnerships Others Total Investments in real estate, net $ 14,294 22,532 77,713 78,176 50,467 $ 243,182 Cash and cash equivalents 89 18 569 5,884 2,559 9,119 Unrealized rents & receivables — 52 — 52 — 104 Deferred costs — 255 — 6,329 — 6,584 Total Assets $ 14,383 22,857 78,282 90,441 53,026 $ 258,989 Secured notes payable $ — 11,920 27,671 — 29,375 $ 68,966 Other liabilities 141 75 7,903 13,416 — 21,535 Capital – FRP 7,465 5,431 37,077 56,876 7,318 114,167 Capital - Third Parties 6,777 5,431 5,631 20,149 16.333 54,321 Total Liabilities and Capital $ 14,383 22,857 78,282 90,441 53,026 $ 258,989 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)	9 Months Ended
	Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operations results of operations	Three months ended Nine months ended September 30, September 30, 2019 2018 2019 2018 Lease Revenue — 219 460 11,876 Cost of operations: Depreciation, depletion and amortization (24 ) 29 17 3,131 Operating expenses 12 52 246 1,694 Property taxes — 19 46 1,266 Management company indirect — 370 — 1,360 Corporate expenses — 56 — 1,458 Total cost of operations (12 ) 526 309 8,909 Total operating profit (loss) 12 (307 ) 151 2,967 Interest expense — — — (587 ) Gain (loss) on sale of buildings (30 ) 200 9,238 165,007 Income (loss) before income taxes (18 ) (107 ) 9,389 167,387 Provision for (benefit from) income taxes (5 ) (29 ) 2,540 45,278 Income (loss) from discontinued operations $ (13 ) (78 ) 6,849 122,109 Earnings per common share: Basic 0.00 (0.01 ) 0.69 12.17 0.00 (0.01 ) 0.69 12.08
Discontinued operations balance sheet components	September 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 32 910 Unrealized rents — 473 Deferred costs — 354 Assets of discontinued operations $ 32 3,224 Liabilities: Accounts payable and accrued liabilities $ 18 205 Deferred revenue — 45 Tenant security deposits — 38 Liabilities of discontinued operations $ 18 288

Business Segments - Business se

Business Segments - Business segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 5,883	$ 5,742	$ 17,960	$ 16,370
Operating profit	1,358	1,668	4,820	1,309
Interest expense	129	768	989	2,418
Depreciation, depletion and amortization	1,431	1,821	4,390	6,350
Cash items	75,980		75,980		$ 22,749
Total identifiable net assets	536,297		536,297		505,488
Investments available for sale	115,308		115,308		165,212
Unallocated
Segment Reporting Information [Line Items]
Corporate expenses	0	0	0	(1,208)
Discontinued Operations, Disposed of by Sale [Member]
Segment Reporting Information [Line Items]
Operating profit	12	(307)	151	2,967
Interest expense	0	0	0	587
Depreciation, depletion and amortization	(24)	29	17	3,131
Total identifiable net assets	32		32		3,224
Asset Management
Segment Reporting Information [Line Items]
Revenues	430	568	1,733	1,717
Operating profit before corporate expenses	8	276	233	783
Corporate expenses	(168)	(34)	(470)	(146)
Capital expenditures	824	17	8,642	184
Depreciation, depletion and amortization	154	145	527	405
Total identifiable net assets	17,823		17,823		10,593
Mining royalty lands
Segment Reporting Information [Line Items]
Revenues	2,302	2,125	7,164	5,952
Operating profit before corporate expenses	2,103	1,961	6,605	5,497
Corporate expenses	(44)	(28)	(123)	(157)
Capital expenditures	0	0	0	0
Depreciation, depletion and amortization	36	55	130	145
Total identifiable net assets	38,734		38,734		37,991
Development
Segment Reporting Information [Line Items]
Revenues	307	330	892	944
Operating profit before corporate expenses	(629)	(139)	(1,747)	(1,146)
Corporate expenses	(479)	(408)	(1,219)	(1,110)
Capital expenditures	167	4,268	415	5,578
Depreciation, depletion and amortization	54	57	161	171
Total identifiable net assets	118,209		118,209		119,029
Stabilized Joint Venture
Segment Reporting Information [Line Items]
Revenues	2,844	2,719	8,171	7,757
Operating profit before corporate expenses	608	92	1,657	(915)
Corporate expenses	(41)	(52)	(116)	(289)
Capital expenditures	194	25	304	(33)
Depreciation, depletion and amortization	1,187	1,564	3,572	5,629
Total identifiable net assets	135,232		135,232		138,206
Corporate
Segment Reporting Information [Line Items]
Total identifiable net assets	34,979		34,979		$ 8,484
Total Segments
Segment Reporting Information [Line Items]
Revenues	5,883	5,742	17,960	16,370
Operating profit before corporate expenses	2,090	2,190	6,748	4,219
Operating profit	1,358	1,668	4,820	1,309
Corporate expenses	(732)	(522)	(1,928)	(2,910)
Interest expense	129	768	989	2,418
Capital expenditures	1,185	4,310	9,361	5,729
Depreciation, depletion and amortization	$ 1,431	$ 1,821	$ 4,390	$ 6,350

Long-term debt (Details)

Long-term debt (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Riverfront permanent loan	$ 88,891	$ 88,789
Less portion due within one year	0	0
Long-term debt	$ 88,891	$ 88,789

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	9,843	10,062	9,903	10,037
Common shares issuable under share based payment plans which are potentially dilutive	43	73	42	73
Common shares used for diluted earnings per common share	9,886	10,135	9,945	10,110
Income from continuing operations	$ 1,902	$ 2,030	$ 6,495	$ 458
Discontinued operations	(13)	(78)	6,849	122,109
Net income attributable to the Company	$ 2,001	$ 2,224	$ 13,724	$ 123,766
Basic earnings per common share:
Income from continuing operations	$ 0.19	$ 0.20	$ 0.66	$ 0.05
Discontinued operations	0	(0.01)	0.69	12.17
Net income attributable to the Company	0.20	0.22	1.39	12.33
Diluted earnings per common share
Income from continuing operations	0.19	0.20	0.65	0.05
Discontinued operations	0	(0.01)	0.69	12.08
Net income attributable to the Company	$ 0.20	$ 0.22	$ 1.38	$ 12.24

Summary of Stock Activity (Deta

Summary of Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Options outstanding	136,234	147,538
Options granted	0
Options exercised	(11,304)
Options outstanding weighted average exercise price	$ 33.71	$ 33.48
Options outstanding weighted average exercise price - Granted	0
Options outstanding weighted average exercise price - Exercised	$ 30.67
Options outstanding weighted average remaining term	6 years	6 years 8 months 5 days
Options outstanding weighted average grant date fair value	$ 1,674	$ 1,782
Options granted weighted average grant date fair value	$ 0
Options exercised weighted average grant date fair value	$ (108)
Options exercisable at September 30, 2019	108,410
Options exerciseable weighted average exercise price	$ 31.68
Options exercisable weighted average remaining term	5 years 5 months
Options vested weighted average grant date fair value	$ 0
Options vested during six months ended June 30, 2019	0
Options exercisable weighted average grant date fair value	$ 1,239

Stock Compensation Expense (Det

Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Payment Arrangement [Abstract]
Stock option grants	$ 29	$ 17	$ 86	$ 486
Unrestricted employee stock award	50	0	50	0
Annual director stock award	70	0	70	683
Stock based compensation expense	$ 149	$ 17	$ 206	$ 1,169

Investments in Joint Ventures (

Investments in Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Jul. 31, 2019	Dec. 24, 2018	Sep. 30, 2016	Oct. 04, 2006
Total Investment	$ 103,822		$ 103,822		$ 88,884
Total Assets of the Partnership	258,989		258,989		152,700
Profit (Loss) of the Partnership			(1,888)		(149)
Company's share of Net Loss of the Partnership	(746)	$ (13)	(1,282)	$ (36)	(88)
Investments in real estate, net	243,182		243,182		116,859
Cash and cash equivalents	9,119		9,119		35,777
Deferred costs	6,584		6,584		64
Unrealized rents & receivable	104		104		0
Secured notes payable	68,966		68,966		9,549
Other liabilities	21,535		21,535		4,930
Capital - FRP	114,167		114,167		100,282
Capital - Third parties	54,321		54,321		37,939
Total liabilities and capital	$ 258,989		$ 258,989		$ 152,700
Brooksville Quarry, LLC
Ownership percent	50.00%		50.00%		50.00%				50.00%
Total Investment	$ 7,464		$ 7,464		$ 7,449
Total Assets of the Partnership	14,383		14,383		14,325
Profit (Loss) of the Partnership			(68)		(122)
Company's share of Net Loss of the Partnership			(34)		(61)
Investments in real estate, net	14,294		14,294		14,299
Cash and cash equivalents	89		89		20
Deferred costs	0		0		6
Unrealized rents & receivable	0		0		0
Secured notes payable	0		0		0
Other liabilities	141		141		119
Capital - FRP	7,465		7,465		7,449
Capital - Third parties	6,777		6,777		6,757
Total liabilities and capital	$ 14,383		$ 14,383		$ 14,325
BC FRP Realty, LLC
Ownership percent	50.00%		50.00%		50.00%			50.00%
Total Investment	$ 5,487		$ 5,487		$ 5,976
Total Assets of the Partnership	22,857		22,857		21,371
Profit (Loss) of the Partnership			(990)		0
Company's share of Net Loss of the Partnership			(495)		0
Investments in real estate, net	22,532		22,532		21,352
Cash and cash equivalents	18		18		11
Deferred costs	255		255		8
Unrealized rents & receivable	52		52		0
Secured notes payable	11,920		11,920		9,549
Other liabilities	75		75		38
Capital - FRP	5,431		5,431		5,892
Capital - Third parties	5,431		5,431		5,892
Total liabilities and capital	$ 22,857		$ 22,857		$ 21,371
RiverFront Holdings II, LLC
Ownership percent	80.00%		80.00%		80.00%
Total Investment	$ 25,726		$ 25,726		$ 19,865
Total Assets of the Partnership	78,282		78,282		38,869
Profit (Loss) of the Partnership			(602)		(66)
Company's share of Net Loss of the Partnership			(597)		(66)
Investments in real estate, net	77,713		77,713		38,793
Cash and cash equivalents	569		569		76
Deferred costs	0		0		0
Unrealized rents & receivable	0		0		0
Secured notes payable	27,671		27,671		0
Other liabilities	7,903		7,903		1,887
Capital - FRP	37,077		37,077		31,347
Capital - Third parties	5,631		5,631		5,635
Total liabilities and capital	$ 78,282		$ 78,282		$ 38,869
Bryant Street Partnerships
Ownership percent	61.36%		61.36%		61.36%		61.36%
Total Investment	$ 57,827		$ 57,827		$ 55,000
Total Assets of the Partnership	90,441		90,441		77,541
Profit (Loss) of the Partnership			(130)		0
Company's share of Net Loss of the Partnership			(130)		0
Investments in real estate, net	78,176		78,176		41,821
Cash and cash equivalents	5,884		5,884		35,670
Deferred costs	6,329		6,329		50
Unrealized rents & receivable	52		52		0
Secured notes payable	0		0		0
Other liabilities	13,416		13,416		2,886
Capital - FRP	56,876		56,876		55,000
Capital - Third parties	20,149		20,149		19,655
Total liabilities and capital	90,441		90,441		77,541
Hyde Park
Total Investment	1,067		1,067		594
Total Assets of the Partnership	$ 1,067		1,067		594
Profit (Loss) of the Partnership			0		39
Company's share of Net Loss of the Partnership			$ 0		39
Investments in real estate, net					594
Cash and cash equivalents					0
Deferred costs					0
Unrealized rents & receivable					0
Secured notes payable					0
Other liabilities					0
Capital - FRP					594
Capital - Third parties					0
Total liabilities and capital					$ 594
DST Hickory Creek
Ownership percent	26.65%		26.65%			26.65%
Total Investment	$ 5,934		$ 5,934
Total Assets of the Partnership	51,642		51,642
Profit (Loss) of the Partnership			(98)
Company's share of Net Loss of the Partnership			(26)
Amber Ridge
Total Investment	317		317
Total Assets of the Partnership	317		317
Profit (Loss) of the Partnership			0
Company's share of Net Loss of the Partnership			0
Others
Investments in real estate, net	50,467		50,467
Cash and cash equivalents	2,559		2,559
Deferred costs	0		0
Unrealized rents & receivable	0		0
Secured notes payable	29,375		29,375
Other liabilities	0		0
Capital - FRP	7,318		7,318
Capital - Third parties	16,333		16,333
Total liabilities and capital	$ 53,026		$ 53,026

Discontinued Operations - Disco

Discontinued Operations - Discontinued operations results of operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Lease revenue	$ 3,581	$ 3,617	$ 10,796	$ 10,418
Depreciation, depletion and amortization	1,431	1,821	4,390	6,350
Operating expenses	952	983	2,744	2,951
Property taxes	740	663	2,206	1,949
Management company indirect	670	550	1,872	1,366
Corporate expenses	732	522	1,928	2,910
Total cost of operations	4,525	4,074	13,140	15,061
Total operating profit (loss)	1,358	1,668	4,820	1,309
Interest expense	(129)	(768)	(989)	(2,418)
Income (loss) before income taxes	2,628	2,538	9,024	727
Provision for (benefit from) income taxes	726	508	2,529	269
Income (loss) from discontinued operations	$ (13)	$ (78)	$ 6,849	$ 122,109
Earnings per common share:
Basic earnings per common share Discontinued operations	$ 0	$ (0.01)	$ 0.69	$ 12.17
Diluted earnings per common share discontinued operations	$ 0	$ (0.01)	$ 0.69	$ 12.08
Discontinued Operations, Disposed of by Sale [Member]
Lease revenue	$ 0	$ 219	$ 460	$ 11,876
Depreciation, depletion and amortization	(24)	29	17	3,131
Operating expenses	12	52	246	1,694
Property taxes	0	19	46	1,266
Management company indirect	0	370	0	1,360
Corporate expenses	0	56	0	1,458
Total cost of operations	(12)	526	309	8,909
Total operating profit (loss)	12	(307)	151	2,967
Interest expense	0	0	0	(587)
Gain (loss) on sale of buildings	(30)	200	9,238	165,007
Income (loss) before income taxes	(18)	(107)	9,389	167,387
Provision for (benefit from) income taxes	(5)	(29)	2,540	45,278
Income (loss) from discontinued operations	$ (13)	$ (78)	$ 6,849	$ 122,109
Earnings per common share:
Basic earnings per common share Discontinued operations	$ 0	$ (0.01)	$ 0.69	$ 12.17
Diluted earnings per common share discontinued operations	$ 0	$ (0.01)	$ 0.69	$ 12.08

Discontinued Operations - Dis_2

Discontinued Operations - Discontinued operations balance sheet components (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Land	$ 84,383	$ 83,721
Buildings and improvements	145,690	144,543
Projects under construction	1,461	6,683
Total investments in properties	231,534	234,947
Less accumulated depreciation and depletion	28,871	28,394
Net investments in properties	202,663	206,553
Accounts receivable, net	919	564
Unrealized rents	548	53
Deferred costs	1,079	773
Assets of discontinued operations	32	3,224
Accounts payable and accrued liabilities	1,488	3,545
Deferred revenue	831	27
Tenant security deposits	334	53
Liabilities of discontinued operations	18	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	32	910
Unrealized rents	0	473
Deferred costs	0	354
Assets of discontinued operations	32	3,224
Accounts payable and accrued liabilities	18	205
Deferred revenue	0	45
Tenant security deposits	0	38
Liabilities of discontinued operations	$ 18	$ 288

Description of Business and B_2

Description of Business and Basis of Presentation (Details Narrative) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 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	$ 347,200
Excluded [Member]
Warehouse properties			1
Property value | $			$ 11,700

Business Segments (Details Narr

Business Segments (Details Narrative) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 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	$ 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	2
Industrial acquision	1

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Related Party Transactions [Abstract]
Charges/allocation related to Transition Services Agreement with Patriot	$ 347	$ 360	$ 976	$ 1,089

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Feb. 06, 2019	Nov. 17, 2017
Capitalized interest	$ 870	$ 243		$ 1,960	$ 742
Prepayment penalty						$ 3,420
Riverfront permanent loan	88,891			$ 88,891		$ 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	958			$ 958
Borrowed under the revolver	0			0
Available for borrowing	19,042			19,042
Available to pay dividends or repurchase stock	$ 217			$ 217
Letter of credit fee				1.00%
Interest rate	3.0435%			3.0435%
Covenant compliance				all

Earnings per Share (Details Nar

Earnings per Share (Details Narrative) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Anti-dilutive shares	19,950	0	19,950	0
Shares repurchased by the Company			159,282
Repurchased shares average cost			$ 48.43

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)Years$ / sharesshares
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	487,838
Aggregate intrinsic value of exercisable in-the-money options	$ 1,771
Aggregate intrinsic value of outstanding in-the-money options	$ 1,950
Market close price | $ / shares	$ 48.02
Realized tax benefit from options exercised	$ 131
Total unrecognized compensation cost of options granted but not yet vested	$ 317
Compensation cost not yet vested recognition period	3 years 9 months 25 days
Gains realized by option holders	$ 218
Expected minimum volatility	29.00%
Expected maximum volatility	41.00%
Risk-free interest rate minimum	1.00%
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			9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2016	Sep. 30, 2019	Sep. 30, 2018
Contingent Liabilities
Environmental remediation expense (recovery)	$ 0	$ (465)	$ 2,000	$ 0	$ (465)

Concentrations (Details Narrati

Concentrations (Details Narrative) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)integer
Tenants leasing mining locations | integer	5
Mining Top Customer
Customer revenue concentration	31.00%
Accounts receivable concentration | $	$ 469

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)integer	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)
Number of corporate bonds | integer	40
Unrealized gain on corporate bonds	$ 1,539
Realized gain on corporate bonds	591
Amortized cost of investments	113,769
Carrying amount of corporate bonds	115,308	$ 165,212
Carrying amount of other long-term debt	88,891		$ 88,755
Fair value of other long-term debt	94,658		$ 85,642
Fair Value, Measurements, Recurring [Member]
Assets measured at fair value	$ 113,769

Investments in Joint Ventures_2

Investments in Joint Ventures (Details Narrative) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended			12 Months Ended
	May 31, 2016USD ($)	Sep. 30, 2019USD ($)integer	Sep. 30, 2018USD ($)	Dec. 31, 2006USD ($)	Sep. 30, 2019USD ($)integer	Sep. 30, 2018USD ($)	Sep. 30, 2016USD ($)aft²	Dec. 31, 2018USD ($)integer	Dec. 31, 2017	Jul. 31, 2019USD ($)aft²integer	Jun. 26, 2019USD ($)integer	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		$ 746	$ 13		$ 1,282	$ 36		$ 88
Joint Venture consolidated retained earnings		(3,637)			(3,637)			$ (2,702)
Cash contribution					16,226	$ 7,160
Difference between capital recorded by the Company and the joint ventures		10,345			10,345
Bryant Street and MRP
Loan guarantee amount		$ 26,000			$ 26,000
Loan guarantee term					48 months
Loan guarantee description					The Company and MRP guaranteed $26 million of the loan in exchange for a 1% lower interest rate. The Company and MRP have a side agreement limiting the Company’s guarantee to its proportionate ownership. The value of the guarantee was calculated at $1.9 million based on the present value of the 1% interest savings over the anticipated 48 month term. This amount is included as part of the Company’s investment basis and is amortized to expense over the 48 months. The Company will evaluate the guarantee liability based upon the success of the project and assuming no payments are made under the guarantee the Company will have a gain for $1.9 million when the loan is paid in full.
Loan guarantee interest savings		1.00%			1.00%
Loan guarantee present value		$ 1,900			$ 1,900
BC FRP Realty, LLC Debt
Construction financing through September 15, 2022																$ 17,250
Interest rate over LIBOR									2.50%
Outstanding balance		11,538			11,538
Buildings | integer																4
Eagle BankRiverFront Holdings II, LLC
Interest rate over LIBOR								3.25%
Outstanding balance		27,671			$ 27,671
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
DST CS1031 Hickory Creek
Square feet | ft²										273,940
Land acreage | a										20.4
Buildings | integer										19
Interest rate										3.74%
Financing term		10 years
Amortization period		30 years
Financing obtained										$ 29,672
Interest only period		5 years
Property value										$ 45,600
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					$ 34			$ 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					$ 495			$ 0
Hyde Park
Company's share of the loss of the joint venture					0			(39)
Equity method loan balance		$ 1,047			$ 1,047
Loan commitment															$ 3,500
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					$ 597			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%					61.36%
Company's share of the loss of the joint venture					$ 130			$ 0
Cash contribution								32,000
Preferred equity financing								$ 23,000
Preferred equity financing interest rate													8.00%
Amber Ridge
Company's share of the loss of the joint venture					$ 0
Loan commitment											$ 18,500
Interest rate											10.00%
Preferred return											20.00%
No. of townhomes | integer											190
DST Hickory Creek
Joint venture percentage stake		26.65%			26.65%					26.65%
Distribution received		$ 40
Company's share of the loss of the joint venture					$ 26
Cash contribution		$ 6,000

Discontinued Operations (Detail

Discontinued Operations (Details Narrative) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 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	$ 347,200
Excluded [Member]
Warehouse properties			1
Property value | $			$ 11,700