FRP (FRPH) 10-K 12 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 11, 2020	Jun. 28, 2019
Document And Entity Information
Entity Registrant Name	FRP HOLDINGS, INC.
Entity Central Index Key	0000844059
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Is the interactive data current?	Yes
Entity Incorporation State Country	FL
Entity File Number	001-36769
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 444,787,824
Entity Common Stock, Shares Outstanding		9,821,435
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Is Entity a smaller reporting company	true
Is Entity an emerging growth company	false
Is Entity a shell company	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets:
Land	$ 84,383	$ 83,721
Buildings and improvements	147,019	144,543
Projects under construction	1,056	6,683
Total investments in properties	232,458	234,947
Less accumulated depreciation and depletion	30,271	28,394
Net investments in properties	202,187	206,553
Real estate held for investment, at cost	8,380	7,167
Investments in joint ventures	160,452	88,884
Net real estate investments	371,019	302,604
Cash and cash equivalents	26,607	22,547
Cash held in escrow	186	202
Accounts receivable, net	546	564
Investments available for sale at fair value	137,867	165,212
Federal and state income taxes receivable	0	9,854
Unrealized rents	554	53
Deferred costs	890	773
Other assets	479	455
Assets of discontinued operations	0	3,224
Total assets	538,148	505,488
Liabilities:
Secured notes payable	88,925	88,789
Accounts payable and accrued liabilities	2,431	3,545
Other liabilities	1,978	100
Federal and state income taxes payable	504	0
Deferred revenue	790	27
Deferred income taxes	50,111	27,981
Deferred compensation	1,436	1,450
Tenant security deposits	328	53
Liabilities of discontinued operations	0	288
Total liabilities	146,503	122,233
Commitments and contingencies
Equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 9,817,429 and 9,969,174 shares issued and outstanding, respectively	982	997
Capital in excess of par value	57,705	58,004
Retained earnings	315,278	306,307
Accumulated other comprehensive income (loss), net	923	(701)
Total shareholders' equity	374,888	364,607
Noncontrolling interest MRP	16,757	18,648
Total Equity	391,645	383,255
Total liabilities and shareholders' equity	$ 538,148	$ 505,488

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued and outstanding	9,817,429	9,969,174

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Lease revenue	$ 14,318	$ 13,883	$ 8,361
Mining Royalty and rents	9,438	8,139	7,241
Total revenues	23,756	22,022	15,602
Cost of operations:
Depreciation, depletion and amortization	5,855	7,898	5,934
Operating expenses	4,134	4,285	2,136
Environmental remediation recovery	0	(465)	0
Property taxes	2,941	2,625	2,016
Management company indirect	2,514	1,765	1,295
Corporate expenses (Note 4 Related Party)	2,556	3,952	3,180
Total cost of operations	18,000	20,060	14,561
Total operating profit	5,756	1,962	1,041
Net investment income, including realized gains (losses) of $949, ($1,195) and $0, respectively	8,375	2,672	0
Interest expense	(1,054)	(3,103)	(2,741)
Equity in loss of joint ventures	(1,954)	(88)	(1,598)
Gain on remeasurement of investment in real estate partnership	0	0	60,196
Gain on sale of real estate	661	40	0
Income from continuing operations before income taxes	11,784	1,483	56,898
Provision for income taxes	2,962	524	7,350
Income from continuing operations	8,822	959	49,548
Income from discontinued transportation operations, net of tax	6,856	122,129	11,003
Net income	15,678	123,088	60,551
Income (loss) attributable to noncontrolling interest	(499)	(1,384)	18,801
Net income attributable to the Company	$ 16,177	$ 124,472	$ 41,750
Basic earnings per common share
Income from continuing operations	$ 0.89	$ .10	$ 4.97
Discontinued operations	0.69	12.16	1.10
Net income	1.64	12.40	4.19
Diluted earnings per common share
Income from continuing operations	0.89	0.09	4.94
Discontinued operations	0.69	12.09	1.10
Net income	$ 1.63	$ 12.32	$ 4.16
Number of shares (in thousands) used in computing:
-basic earnings per common share	9,883	10,040	9,975
-diluted earnings per common share	9,926	10,105	10,040

Consolidated Statements of In_2

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Investment income realized gains (losses)	$ 949	$ (1,195)	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Net income	$ 15,678	$ 123,088	$ 60,551
Other comp. income (loss) net of tax:
Unrealized gain (loss) on investments available for sale, net of income tax effect of $602, ($275) and $0	1,624	(739)	0
Deferred compensation liability, net of tax effect $0, $0 and ($14)	0	0	24
Comprehensive income	17,302	122,349	60,575
Less comp. income attributable to noncontrolling interest	(499)	(1,384)	18,801
Comprehensive income attributable to the Company	$ 17,801	$ 123,733	$ 41,774

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Income tax effect unrealized gain (loss) on investments available for sale	$ 602	$ (275)	$ 0
Income tax effect deferred compensation liability	$ 0	$ 0	$ (14)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ 15,678	$ 123,088	$ 60,551
Adjustments to reconcile net income to net cash provided by continuing operating activities:
Income from discontinued operations, net	(6,856)	(122,129)	(11,003)
Depreciation, depletion and amortization	6,158	8,209	5,978
Deferred income taxes	22,130	1,999	9,527
Equity in loss of joint ventures	1,954	88	1,598
Gain on remeasurement of investment in real estate partnership	0	0	(60,196)
Gain on sale of equipment and property	(674)	(82)	(15)
Stock-based compensation	232	1,662	713
Realized (gain) loss on available for sale investments	(949)	1,195	0
Net changes in operating assets and liabilities:
Accounts receivable	18	51	(247)
Deferred costs and other assets	(1,072)	(234)	784
Accounts payable and accrued liabilities	(350)	1,384	(745)
Income taxes payable and receivable	10,358	(6,892)	(3,849)
Other long-term liabilities	2,138	(1,945)	(4)
Net cash provided by operating activities of continuing operations	48,765	6,394	3,092
Net cash provided by (used in) operating activities of discontinued operations	(1,742)	(43,580)	17,967
Net cash provided by (used in) operating activities	47,023	(37,186)	21,059
Cash flows from investing activities:
Investments in properties	(10,434)	(7,294)	(3,296)
Investments in joint ventures	(73,529)	(71,007)	(693)
Purchases of investments available for sale	(86,261)	(446,974)	0
Proceeds from sales of investments available for sale	116,434	279,553	0
Cash at consolidation of real estate partnership	0	0	2,295
Cash held in escrow	16	131	(162)
Proceeds from sale of assets	8,422	447	16
Net cash used in investing activities of continuing operations	(45,352)	(245,144)	(1,840)
Net cash provided by (used in) investing activities of discontinued operations	11,533	336,089	(13,314)
Net cash provided by (used in) investing activities	(33,819)	90,945	(15,154)
Cash flows from financing activities:
Distribution to noncontrolling interest	(1,392)	(1,020)	(2,167)
Decrease in bank overdrafts	0	0	(254)
Proceeds from long-term debt	0	0	90,496
Repayment of long-term debt	0	(1,552)	(79,310)
Payment on revolving credit facility	0	0	(6,441)
Debt issue costs	0	0	(1,406)
Repurchase of Company Stock	(8,210)	(5,733)	(74)
Exercise of employee stock options	458	1,415	2,297
Net cash provided by (used in) financing activities of continuing operations	(9,144)	(6,890)	3,141
Net cash used in financing activities of discontinued operations	0	(28,846)	(4,522)
Net cash used in financing activities	(9,144)	(35,736)	(1,381)
Net increase in cash and cash equivalents	4,060	18,023	4,524
Cash and cash equivalents at beginning of year	22,547	4,524	0
Cash and cash equivalents at end of the year	26,607	22,547	4,524
Supplemental disclosures of cash flow information:
Cash paid during the year for interest, net of capitalized amounts	914	2,851	3,960
Cash paid (refunds) during the year for Income taxes	$ (26,380)	$ 50,427	$ 1,657

Shareholders Equity

Shareholders Equity - USD ($) $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income, net of tax	Total Shareholders' Equity	Noncontrolling Interest	Total
Beginning balance, shares at Dec. 31, 2016	9,914,054
Beginning balance, amount at Dec. 31, 2016	$ 991	$ 52,647	$ 145,168	$ 14	$ 198,820	$ 0	$ 198,820
Exercise of stock options, shares	92,130						92,130
Exercise of stock options, amount	$ 9	2,288			2,297		$ 2,297
Stock option compensation		268			268		268
Shares granted to Directors, shares	10,483
Shares granted to Directors, amount	$ 1	444			445		445
Shares purchased and canceled, shares	(2,000)
Shares purchased and canceled, amount		(11)	(63)		(74)		(74)
Net income			41,750		41,750		41,750
Income (loss) attributable to noncontrolling interest						18,801	18,801
Contributions from partners						4,418	4,418
Distributions to partners						(2,167)	(2,167)
Deferred comp liability, net				24	24		24
Unrealized gain (loss) on investments, net							0
Ending balance, shares at Dec. 31, 2017	10,014,667
Ending balance, amount at Dec. 31, 2017	$ 1,001	55,636	186,855	38	243,530	21,052	$ 264,582
Exercise of stock options, shares	56,232						56,232
Exercise of stock options, amount	$ 6	1,409			1,415		$ 1,415
Stock option compensation		607			607		607
Shares granted to Directors, shares	20,092
Shares granted to Directors, amount	$ 2	1,053			1,055		1,055
Shares purchased and canceled, shares	(121,817)
Shares purchased and canceled, amount	$ (12)	(701)	(5,020)		(5,733)		(5,733)
Net income			124,472		124,472		124,472
Income (loss) attributable to noncontrolling interest						(1,384)	(1,384)
Distributions to partners						(1,020)	(1,020)
Deferred comp liability, net							0
Unrealized gain (loss) on investments, net				(739)	(739)		(739)
Ending balance, shares at Dec. 31, 2018	9,969,174
Ending balance, amount at Dec. 31, 2018	$ 997	58,004	306,307	(701)	364,607	18,648	$ 383,255
Exercise of stock options, shares	15,034						15,034
Exercise of stock options, amount	$ 2	456			458		$ 458
Stock option compensation		112			112		112
Shares granted to employee, shares	1,012
Shares granted to employee, amount		50			50		50
Shares granted to Directors, shares	1,460
Shares granted to Directors, amount		70			70		70
Shares purchased and canceled, shares	(169,251)
Shares purchased and canceled, amount	$ (17)	(987)	(7,206)		(8,210)		(8,210)
Net income			16,177		16,177		16,177
Income (loss) attributable to noncontrolling interest						(499)	(499)
Distributions to partners						(1,392)	(1,392)
Deferred comp liability, net							0
Unrealized gain (loss) on investments, net				1,624	1,624		1,624
Ending balance, shares at Dec. 31, 2019	9,817,429
Ending balance, amount at Dec. 31, 2019	$ 982	$ 57,705	$ 315,278	$ 923	$ 374,888	$ 16,757	$ 391,645

Consolidated Real Estate and Ac

Consolidated Real Estate and Accumulated Depreciation and Depletion	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Consolidated Real Estate and Accumulated Depreciation and Depletion	FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED)-REAL ESTATE & ACCUMULATED DEPRECIATION AND DEPLETION DECEMBER 31, 2019 County Encumb- rances Initial cost to Company Cost capitalized subsequent to acquisition Gross amount at which carried at end of period (a) Accumulated Depreciation & Depletion Year Of Constr- uction Date Acquired Depreciation Life Computed on: Mining Royalty Lands Alachua, FL $ 1,442 $ 0 $ 1,442 $ 170 n/a 4/86 unit Clayton, GA 369 0 369 5 n/a 4/86 unit Fayette, GA 685 200 885 112 n/a 4/86 unit Lake, FL 403 0 403 158 n/a 4/86 unit Lake, FL 1,083 0 1,083 1,006 n/a 4/86 unit Lake Louisa, FL 11,039 0 11,039 0 n/a 5/12 unit Lee, FL 4,690 13 4,703 161 n/a 4/86 unit Monroe, GA 792 0 792 298 n/a 4/86 unit Muscogee, GA 369 (45 ) 324 324 n/a 4/86 unit Prince William, VA 298 0 298 298 n/a 4/86 unit Putnam, FL 15,002 37 15,039 4,762 n/a 4/86 unit Putnam, FL 302 (2 ) 300 283 n/a 4/86 5 yr. Spalding, GA 20 0 20 0 n/a 4/86 n/a Marion, FL 1,180 5 1,185 600 n/a 4/86 unit Investment Property 1,417 (192 ) 1,225 602 n/a 4/86 n/a 0 39,091 16 39,107 8,779 Asset Management Properties Duval, FL 198 0 198 39 n/a 4/86 25 yr. Baltimore City, MD 238 7,146 7,384 208 2018 12/10 39 yr. Baltimore Co, MD 439 5,134 5,573 3,259 1990 10/89 39 yr. Harford, MD 40 8,079 8,119 212 2019 2/19 32 yr. 0 915 20,359 21,274 3,718 Development Properties Carroll, MD 4,720 3,523 8,243 0 n/a 3/08 n/a Baltimore City, MD 750 3,508 4,258 200 2018 12/10 39 yr. Harford, MD 1,571 111 1,682 0 n/a 8/95 39 yr. Washington D.C. 2,957 5,053 8,010 1,912 n/a 4/86 15 yr. Washington D.C. 3,811 4,669 8,480 470 n/a 10/97 n/a 0 13,809 16,864 30,673 2,582 Residential Rental Properties Washington D.C. 88,925 6,165 142,909 149,074 14,709 2016 07/17 39 yr. GRAND TOTALS $ 88,925 $ 59,980 $ 180,148 $ 240,128 $ 29,788 (a) The aggregate cost for Federal income tax purposes is $88,036 . FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION AND DEPLETION (In thousands) Years ended December 31, 2019 2018 2017 Gross Carrying Cost of Real Estate: Balance at beginning of period $ 241,413 243,165 240,302 Additions during period: Amounts capitalized 10,353 7,025 2,896 Deductions during period: Cost of real estate sold (11,630 ) (8 ) — Other (8 ) (8,769 ) (33 ) Balance at close of period $ 240,128 241,413 243,165 Accumulated Depreciation & Depletion: Balance at beginning of period $ 27,921 26,228 24,173 Additions during period: Charged to cost & expense 5,697 5,609 2,088 Deductions during period: Real estate sold (3,822 ) — — Other (8 ) (3,916 ) (33 ) Balance at close of period $ 29,788 27,921 26,228

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Policies	1. Accounting Policies. ORGANIZATION - FRP Holdings, Inc. (the “Company”) is a holding company engaged in various real estate businesses. The segments of the Company include: (i) leasing and management of commercial properties owned by the Company (the “Asset Management Segment”), (ii) leasing and management of mining royalty land owned by the Company (the “Mining Royalty Lands Segment”), (ii) real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse, and office buildings either alone or through joint ventures (the “Development Segment”), (iv) ownership, leasing and management of buildings through joint ventures (the “Stabilized Joint Venture Segment”). FRP Holdings, Inc. was incorporated on April 22, 2014 in connection with a corporate reorganization that preceded the Spin-off of Patriot Transportation Holding, Inc. The Company’s successor issuer was formed on July 20, 1998. The business of the Company is conducted through our wholly-owned subsidiaries FRP Development Corp., a Maryland corporation and Florida Rock Properties, Inc., a Florida corporation, and the various subsidiaries of each. 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. On June 28, 2019, the Company completed the sale of the excluded property to the same buyer for $11.7 million. 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. The Asset Management segment currently contains four commercial properties. CONSOLIDATION - The consolidated financial statements include the accounts of the Company inclusive of our operating real estate subsidiaries, FRP Development Corp. (“Development”) and Florida Rock Properties, Inc. (“Properties”) and all wholly-owned or controlled entities. Our investments in real estate partnerships which are conducted through limited liability corporations (“LLC”) are also referred to as joint ventures. Investments in real estate joint ventures not controlled by the Company are accounted for under the equity or cost method of accounting as appropriate (See Note 2). All significant intercompany balances and transactions are eliminated in the consolidated financial statements. Effective July 1, 2017 the Company consolidated the assets (at fair value), liabilities and operating results of our Riverfront Investment Partners I, LLC joint venture (“Dock 79”) which was previously accounted for under the equity method. Subsequent to the July 1, 2017 consolidation, 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. CASH AND CASH EQUIVALENTS - The Company considers all highly liquid debt instruments with maturities of three months or less at time of purchase to be cash equivalents. Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right of offset. INVESTMENTS AVAILABLE FOR SALE - The Company determines the appropriate classification of its investments in debt securities at the time of purchase and reevaluates such determinations at each balance sheet date. Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Marketable securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized in earnings. Debt and marketable equity securities not classified as held to maturity or as trading, are classified as available-for-sale, and are carried at fair value, with the unrealized gains and losses, net of tax, included in the determination of comprehensive income and reported in the Consolidated Statements of Comprehensive Income. The fair value of securities is determined using quoted market prices. At December 31, 2019, no investments were held for trading purposes or classified as held to maturity. REVENUE AND EXPENSE RECOGNITION - Real estate rental revenue and mining royalties are generally recognized when earned under the leases and are considered collectable. Rental income from leases with scheduled increases or other incentives during their term is recognized on a straight-line basis over the term of the lease. Reimbursements of expenses, when provided in the lease, are recognized in the period that the expenses are incurred. Sales of real estate are recognized when the collection of the sales price is reasonably assured and when the Company has fulfilled substantially all of its obligations, which are typically as of the closing date. Accounts receivable are recorded net of discounts and provisions for estimated allowances. We estimate allowances on an ongoing basis by considering historical and current trends. We record estimated bad debts expense as part of operating expenses. We estimate the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment. Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms. PROPERTY AND EQUIPMENT - Property and equipment is recorded at cost less accumulated depreciation and depletion. Provision for depreciation of property, plant and equipment is computed using the straight-line method based on the following estimated useful lives: Years Building and improvements 3-39 Depletion of sand and stone deposits is computed on the basis of units of production in relation to estimated reserves. Reserve estimates are periodically adjusted based upon surveys. The Company recorded depreciation and depletion expenses for fiscal year 2019, 2018 and 2017, of $5,784,000, $5,709,000 and $3,491,000, respectively. All direct and indirect costs, including interest and real estate taxes, associated with the development, construction, leasing or expansion of real estate investments are capitalized as a cost of the property. Included in indirect costs is an allocation of internal costs associated with development of real estate investments. The cost of routine repairs and maintenance to property and equipment is expensed as incurred. IMPAIRMENT OF LONG-LIVED ASSETS – The Company reviews its long-lived assets, which include property and equipment and purchased intangible assets subject to amortization for potential impairment annually or whenever events or circumstances indicate the carrying amount of a long-lived asset may not be recoverable. This review consists of comparing cap rates on recent cash flows and market value estimates to the carrying values of each asset group. If this review indicates the carrying value might exceed fair value then an estimate of future cash flows for the remaining useful life of each property is prepared considering anticipated vacancy, lease rates, and any future capital expenditures. DEVELOPED PROPERTY RENTALS PURCHASE ACCOUNTING – Acquisitions of rental property, including any associated intangible assets, are measured at fair value at the date of acquisition. Any liabilities assumed or incurred are recorded at their fair value at the time of acquisition. The fair value of the acquired property is allocated between land and building (on an as-if vacant basis) based on management’s estimate of the fair value of those components for each type of property and to tenant improvements based on the depreciated replacement cost of the tenant improvements, which approximates their fair value. The fair value of the in-place leases is recorded as follows: · the fair value of leases in-place on the date of acquisition is based on absorption costs for the estimated lease-up period in which vacancy and foregone revenue are avoided due to the presence of the acquired leases; · the fair value of above and below-market in-place leases based on the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between contractual rent amounts to be paid under the assumed lease and the estimated market lease rates for the corresponding spaces over the remaining non-cancelable terms of the related leases; and · the fair value of intangible tenant or customer relationships. The Company’s determination of these fair values requires it to estimate market rents for each of the leases and make certain other assumptions. These estimates and assumptions affect the rental revenue, and depreciation and amortization expense recognized for these leases and associated intangible assets and liabilities. INVESTMENTS IN JOINT VENTURES - The Company uses the equity method to account for its investments in Brooksville. BC FRP Realty, and Greenville/Woodfield, in which it has a voting interest of 50% or less and has significant influence but does not have control. The Company uses the cost method to account for its investment in DST Hickory Creek because it does not have significant influence over operating and financial policies. The Company uses the equity method to account for its investment in Riverfront Investment Partners Phase II, in which it has a voting interest of 80% and has significant influence but does not have control as the minority partner has day to day management responsibility and veto rights on significant decisions during the construction and lease up phase prior to stabilization. The Company uses the equity method to account for its investment in the Bryant Street Partnerships and 1800 Half Street, in which it has a voting interest in excess of 50% because all major decisions are shared equally. Under the equity method, the investment is originally recorded at cost and adjusted to recognize the Company’s share of net earnings or losses of the investee, limited to the extent of the Company’s investment in and advances to the investee and financial guarantees on behalf of the investee that create additional basis. The Company regularly monitors and evaluates the realizable value of its investments. When assessing an investment for an other-than-temporary decline in value, the Company considers such factors as, the performance of the investee in relation to its own operating targets and its business plan, the investee’s revenue and cost trends, as well as liquidity and cash position, and the outlook for the overall industry in which the investee operates. From time to time, the Company may consider third party evaluations or valuation reports. If events and circumstances indicate that a decline in the value of these assets has occurred and is other-than-temporary, the Company records a charge to investment income (expense). INCOME TAXES - Deferred tax assets and liabilities are recognized based on differences between financial statement and tax bases of assets and liabilities using presently enacted tax rates. Deferred income taxes result from temporary differences between pre-tax income reported in the financial statements and taxable income. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit. The second step is to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the amounts rely upon the determination of the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit, and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. It is the Company's policy to recognize as additional income tax expense the items of interest paid and penalties directly related to income taxes. STOCK BASED COMPENSATION – The Company accounts for compensation related to share based plans by recognizing the grant date fair value of stock options and other equity-based compensation issued to employees in its income statement over the requisite employee service period using the straight-line attribution model. In addition, compensation expense must be recognized for the change in fair value of any awards modified, repurchased or cancelled after the grant date. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model. The assumptions used in the model and current year impact are discussed in Note 8. DEFERRED COMPENSATION PLAN - The Company has a deferred compensation plan, the Management Security Plan (MSP) for our President. The accruals for future benefits are based upon actuarial assumptions. EARNINGS PER COMMON SHARE - Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options and restricted stock. USE OF ESTIMATES - The preparation of financial statements in conformity with accounting principles generally accepted in the United State requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain accounting policies and estimates are of more significance in the financial statement preparation process than others. The most critical accounting policies and estimates include the economic useful lives of our mining reserves, property and equipment, provisions for uncollectible accounts receivable and collectibility of unrealized rents, accounting for real estate investments, estimates of exposures related to our insurance claims plans and environmental liabilities, and estimates for taxes. To the extent that actual, final outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates, earnings during that accounting period will be affected. ENVIRONMENTAL - Environmental expenditures that benefit future periods are capitalized. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded for the estimated amount of expected environmental assessments and/or remedial efforts. Estimation of such liabilities includes an assessment of engineering estimates, continually evolving governmental laws and standards, and potential involvement of other potentially responsible parties. COMPREHENSIVE INCOME – Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) refers to expenses, gains, and losses that are not included in net income, but rather are recorded directly in shareholders’ equity. RECENTLY ISSUED ACCOUNTING STANDARDS – In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which replaces existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. Lease contracts with customers constitute a materially all of our revenues and are a specific scope exception. The new standard was adopted beginning with the first quarter of 2018 in connection with our revenues not subject to leases and did not have a material impact on our financial statements. 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 year ended December 31, 2019, the credit loss related to the collectibility of lease receivables was recognized in the line item Operating expenses and was not significant. Additionally, the new standard requires lessors to allocate the consideration in a contract between the lease component (right to use an underlying asset) and non-lease component (transfer of a good or service that is not a lease). However, lessors are provided with a practical expedient, elected by class of underlying asset, to account for lease and non-lease components of a contract as a single lease component if certain criteria are met. The terms of the Company's leases generally provide that the Company is entitled to receive reimbursements from tenants for operating expenses such as real estate taxes, insurance and common area maintenance, in addition to the base rental payments for use of the underlying asset. Under the new standard, common area maintenance is considered a nonlease component of a lease contract, which would be accounted for under Topic 606. However, the Company will apply the practical expedient to account for its lease and non-lease components as a single, combined operating lease component. While the timing of recognition should remain the same, the Company is no longer presenting reimbursement revenue from tenants separately in our Consolidated Statements of Income beginning January 1, 2019. The new standard along with the adoption of ASU No. 2018-11, Leases - Targeted Improvements which the FASB issued in July 2018, was adopted effective January 1, 2019 and we have elected to use January 1, 2019 as our date of initial application. Consequently, financial information will not be updated and disclosures required under the new standard will not be provided for periods presented before January 1, 2019 as these prior periods conform to the Accounting Standards Codification 840. We elected the package of practical expedients permitted under the transition guidance within the new standard. By adopting these practical expedients, we were not required to reassess (1) whether an existing contract meets the definition of a lease; (2) the lease classification for existing leases; or (3) costs previously capitalized as initial direct costs. The adoption of this guidance did not have a material impact on our financial statements.

Investments in Joint Ventures

Investments in Joint Ventures	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments in Joint Ventures	2 . Investments in Joint Ventures. Brooksville. BC FRP Realty (Windlass Run). RiverFront Holdings II, LLC. Bryant Street Partnerships. Hyde Park. DST Hickory Creek Amber Ridge. 1800 Half Street. Greenville/Woodfield Partnerships. On December 23, 2019 the Company and Woodfield formed a joint venture to develop a 200-unit multifamily apartment project located at 1430 Hampton Avenue, Greenville, SC. The project is located in an Opportunity Zone, which provides tax benefits in the new communities’ development program as established by Congress in the Tax Cuts and Jobs Act of 2017. The Company contributed $6.2 million in exchange for a 40% common equity in the joint venture. The Company’s equity interest in the joint venture is accounted for under the equity method of accounting through the construction and lease up period. Woodfield personally guaranteed the loan and will be managing the projects day to day operations. Major decisions for the entity must be made unanimously between both members. Investments in Joint Ventures (in thousands): The Company's Share of Profit Common Total Total Assets of Profit (Loss) (Loss) of the Ownership Investment The Partnership Of the Partnership Partnership (1) As of December 31, 2019 Brooksville Quarry, LLC 50.00 % $ 7,499 14,316 (84 ) (42 ) BC FRP Realty, LLC 50.00 % 5,391 22,969 (1,114 ) (591 ) RiverFront Holdings II, LLC 80.00 % 25,975 88,235 (95 ) (871 ) Bryant Street Partnerships 61.36 % 58,353 96,477 260 (573 ) Hyde Park 3,492 3,492 — — DST Hickory Creek 26.65 % 6,000 49,369 (168 ) 123 Amber Ridge Loan 509 509 — — 1800 Half St. Owner, LLC 59.73 % 37,314 40,161 — — Greenville/Woodfield Partnerships 40.00 % 15,919 19,214 — — Total $ 160,452 334,742 (1,201 ) (1,954 ) 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 ) (1): RiverFront Holdings II, LLC includes $788,000 for the Company’s share of preferred interest. Bryant Street Partnerships includes $444,000 the Company’s share of preferred interest and $373,000 amortization of guarantee liability related to the Bryant Street loan. The Company’s Investments in Joint Ventures as of December 31, 2019 are summarized in the following two tables (in thousands): As of December 31, 2019 Total RiverFront Bryant Street DST Hickory 1800 Half St. Greenville/ Apartment/ Holdings II, LLC Partnership Creek Partnership Woodfield Mixed Use Investments in real estate, net $ 87,521 95,903 46,685 14,391 1,889 $ 246,389 Cash and cash equivalents 630 387 1,764 25,770 17,325 45,876 Unrealized rents & receivables 82 158 446 0 0 686 Deferred costs 2 29 474 0 0 505 Total Assets $ 88,235 96,477 49,369 40,161 19,214 $ 293,456 Secured notes payable $ 38,564 1,660 29,246 0 0 $ 69,470 Other liabilities 6,771 17,183 120 1,363 1,889 27,326 Capital - FRP 37,284 57,479 6,000 37,314 15,919 153,996 Capital - Third Parties 5,616 20,155 14,003 1,484 1,406 42,664 Total Liabilities and Capital $ 88,235 96,477 49,369 40,161 19,214 $ 293,456 As of December 31, 2019 Brooksville BC FRP Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Hyde Park Loan Mixed Use Total Investments in real estate, net. $ 14,293 22,423 3,492 509 246,389 $ 287,106 Cash and cash equivalents 18 15 0 0 45,876 45,909 Unrealized rents & receivables 0 220 0 0 686 906 Deferred costs 5 311 0 0 505 821 Total Assets $ 14,316 22,969 3,492 509 293,456 $ 334,742 Secured notes payable $ 0 12,103 0 0 69,470 $ 81,573 Other liabilities 2 196 0 0 27,326 27,524 Capital - FRP 7,500 5,335 3,492 509 153,996 170,832 Capital - Third Parties 6,814 5,335 0 0 42,664 54,813 Total Liabilities and Capital $ 14,316 22,969 3,492 509 293,456 $ 334,742 The Company’s capital recorded by the unconsolidated Joint Ventures is $10,380,000 more than the Investment in Joint Ventures reported in the Company’s consolidated balance sheet due to the lower basis in property contributed. 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 amount of consolidated retained earnings for these joint ventures was $(4,127,000) and $(2,702,000) as of December 31, 2019 and December 31, 2018, respectively.

Consolidation of RiverFront Inv

Consolidation of RiverFront Investment Partners I, LLC.	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Consolidation of RiverFront Investment Partners I, LLC.	3 . Consolidation of RiverFront Investment Partners I, LLC. On March 30, 2012 the Company entered into a Contribution Agreement with MRP to form a joint venture to develop the first phase only of the four-phase master development known as RiverFront on the Anacostia in Washington, D.C. The purpose of the Joint Venture is to develop and own an approximately 300,000-square-foot residential apartment building (including approximately 18,000 square feet of retail) on approximately two acres of the roughly 5.82-acre site. The joint venture, RiverFront Investment Partners I, LLC (“RiverFront I”) was formed in June 2013 as contemplated. The Company contributed land with an agreed to value of $13,500,000 (cost basis of $6,165,000) and contributed cash of $4,866,000 to the Joint Venture for a 77.14% stake in the venture. MRP contributed capital of $5,553,000 to the joint venture including development costs paid prior to formation of the joint venture. Construction commenced in October 2014, and first occupancy was in August 2016. The Company’s equity interest in the joint venture was previously accounted for under the equity method of accounting as MRP acted as the administrative agent of the joint venture and oversaw and controlled the day to day operations of the project. In July 2017, Phase I (Dock 79) reached stabilization, meaning 90% of the individual apartments had been leased and occupied by third party tenants. Upon reaching stabilization, the Company has, for a period of one year, the exclusive right to (i) cause the joint venture to sell the property or (ii) cause the Company’s and MRP’s percentage interests in the joint venture to be adjusted so as to take into account the contractual payouts assuming a sale at the value of the development at the time of this “Conversion election”. The attainment of stabilization resulted in a change of control for accounting purposes as the veto rights of the minority shareholder lapsed and the Company became the primary beneficiary. As such, beginning July 1, 2017, the Company consolidated the assets (at fair value), liabilities and operating results of the joint venture. This consolidation resulted in a gain on remeasurement of investment in real estate partnership of $60,196,000 of which $20,469,000 was attributed to the noncontrolling interest. In accordance with the terms of the Joint Venture agreements, the Company used the fair value amount at date of conversion and calculated an adjusted ownership under the Conversion election. As such for financial reporting purposes effective July 1, 2017 the Company ownership is based upon this substantive profit sharing arrangement and is 66.0% on a prospective basis. As of July 1, 2017 (in thousands) Riverfront Gain on Remeasure- Holdings I, LLC ment Revised Land $ 7,220 $ 21,107 $ 28,327 Building and improvements, net 81,773 34,362 116,135 Value of leases in place — 4,727 4,727 Cash 2,295 — 2,295 Cash held in escrow 171 — 171 Accounts receivable 40 — 40 Prepaid expenses 142 — 142 Total Assets $ 91,641 $ 60,196 $ 151,837 Long-term Debt $ 78,587 $ — $ 78,587 Amortizable debt costs (852 ) — (852 ) Other liabilities 905 — 905 Equity – FRP 8,583 39,727 48,310 Equity – MRP 4,418 20,469 24,887 Total Liabilities and Capital $ 91,641 $ 60,196 $ 151,837

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	4 . Related Party Transactions. The Company is a party to a Transition Services Agreement which resulted from our January 30, 2015 spin-off of Patriot Transportation Holding, Inc. (Patriot). The Transition Services Agreement sets forth the terms on which Patriot will provide to FRP certain services that were shared prior to the Spin-off, including the services of certain shared executive officers. The boards of the respective companies amended and extended this agreement for one year effective April 1, 2019. The consolidated statements of income reflect charges and/or allocation from Patriot for these services of $1,389,000 and $1,512,000 for 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.

Debt

Debt	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt	5 . Debt. Debt is summarized as follows (in thousands): December 31, December 31, 2019 2018 Revolving credit agreements $ — — Riverfront permanent loan 88,925 88,789 88,925 88,789 Less portion due within one year — — $ 88,925 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. The aggregate amount of principal payments, excluding the revolving credit, due subsequent to December 31, 2019 is: 2020 - $0; 2021 - $127,000; 2022 - $1,556,000; 2023 - $1,622,000; 2024 and subsequent years - $85,620,000. 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 December 31, 2019, there was no debt outstanding on this revolver, $411,000 outstanding under letters of credit and $19,589,000 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 2.80% on December 31, 2019. The credit agreement contains certain conditions and financial covenants, including a minimum tangible net worth and dividend restriction. As of December 31, 2019, these covenants would have limited our ability to pay dividends to a maximum of $219 million combined. The Company was in compliance with all covenants as of December 31, 2019. On November 17, 2017, Riverfront Holdings I, LLC (the "Joint Venture") refinanced the Dock 79 project pursuant to a Loan Agreement and Deed of Trust Note entered into with EagleBank ("Loan Documents"). The Joint Venture, which was formed between the Company and MRP in 2014 in connection with the development of the Riverfront on the Anacostia property, borrowed a principal sum of $90,000,000 in connection with the refinancing. The loan is secured by the Dock 79 real property and improvements, bears a fixed interest rate of 4.125% per annum and has a term of 120 months. During the first 48 months of the loan term, the Joint Venture will make monthly payments of interest only, and thereafter, make monthly payments of principal and interest in equal installments based upon a 30-year amortization period. The loan is a non-recourse loan. However, all amounts due under the Loan Documents will become immediately due upon an event of default by the Joint Venture, such events including, without limitation, Joint Venture's (i) failure to: pay, permit inspections or observe covenants under the Loan Documents, (ii) breach of representations made under the Loan Documents (iii) voluntary or involuntary bankruptcy, and (iv) dissolution, or the dissolution of the guarantor. MidAtlantic Realty Partners, LLC, an affiliate of MRP, has executed a carve-out guaranty in connection with the loan. Debt cost amortization of $136,000 was recorded in 2019. During 2019 and 2018, the Company capitalized interest costs of $2,889,000 and $1,056,000, respectively.

Leases

Leases	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	6 . Leases. At December 31, 2019, the total carrying value of property owned by the Company which is leased or held for lease to others is summarized as follows (in thousands): Construction aggregates property $ 35,294 Commercial property 54,534 89,828 less accumulated depreciation and depletion 14,477 $ 75,351 The minimum future straight-lined rentals due the Company on noncancelable leases as of December 31, 2019 are as follows: 2020 - $9,658,000; 2021 - $3,839,000; 2022 - $3,008,000; 2023 - $3,000,000; 2024 - $3,001,000; 2025 and subsequent years $16,636,000.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	7 . Earnings per Share. The following details the computations of the basic and diluted earnings per common share (in thousands, except per share amounts): Years Ended December 31 2019 2018 2017 Common shares: Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,883 10,040 9,975 Common shares issuable under share based payment plans which are potentially dilutive 43 65 65 Common shares used for diluted earnings per common share 9,926 10,105 10,040 Income from continuing operations 8,822 959 49,548 Discontinued operations 6,856 122,129 11,003 Net income attributable to the Company 16,177 124,472 41,750 Basic earnings per common share: Income from continuing operations $ 0.89 0.10 4.97 Discontinued operations $ 0.69 12.16 1.10 Net income attributable to the Company $ 1.64 12.40 4.19 Diluted earnings per common share Income from continuing operations $ 0.89 0.09 4.94 Discontinued operations $ 0.69 12.09 1.10 Net income attributable to the Company $ 1.63 12.32 4.16 For 2019 and 2018, 19,950 and 22,470 shares, respectively, attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. During 2019 the Company repurchased 169,251 shares at an average cost of $48.51.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	8 . Stock-Based Compensation Plans. The Company has two Stock Option Plans (the 2006 Stock Incentive Plan and the 2016 Equity Incentive Option Plan) under which options for shares of common stock were granted to directors, officers and key employees. The 2016 plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, or stock awards. The options awarded under the plans have similar characteristics. All stock options are non-qualified and expire ten years from the date of grant. Stock based compensation awarded to directors, officers and employees are exercisable immediately or become exercisable in cumulative installments of 20% or 25% at the end of each year following the date of grant. When stock options are exercised the Company issues new shares after receipt of exercise proceeds and taxes due, if any, from the grantee. The number of common shares available for future issuance was 487,838 at December 31, 2019. 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. As previously disclosed, Thompson S. Baker II resigned from his position as CEO and from the board of directors on March 13, 2017. In recognition of his outstanding service to the Company, the Board approved the vesting of all of Mr. Baker's outstanding FRP stock options, which expired 90 days following the termination of his employment. The vesting of Mr. Baker’s outstanding FRP options that were issued prior to the spin-off required Patriot to record modification stock compensation expense of $150,000. FRP reimbursed Patriot for this cost under the transition services agreement. The vesting of Mr. Baker’s outstanding FRP options that were issued subsequent to the spin-off required modified stock compensation expense of $41,000. On May 21, 2018, under the 2016 Equity Incentive Plan change-in-control clause, all unvested stock options held by the Company’s named executive officers became vested and fully exercisable. Included in stock compensation expense was $402,000 for the vesting of option grants from 2016 and 2017 due to the asset disposition. The Company recorded the following stock compensation expense in its consolidated statement of income (in thousands): Years Ended December 31, 2019 2018 2017 Stock option grants $ 112 607 268 Unrestricted employee stock award 50 — — Annual director stock award 70 1,055 445 $ 232 1,662 713 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, 2017 236,385 $ 25.35 6.1 $ 2,440 Granted 30,255 $ 43.45 $ 440 Modification — $ 30.21 $ (137 ) Exercised (92,130 ) $ 24.93 $ (842 ) Outstanding at December 31, 2017 174,510 $ 28.70 6.0 $ 1,901 Granted 29,260 $ 45.97 $ 427 Exercised (56,232 ) $ 25.17 $ (546 ) Outstanding at December 31, 2018 147,538 $ 33.48 6.7 $ 1,782 Exercised (15,034 ) $ 30.42 $ (151 ) Outstanding at December 31, 2019 132,504 $ 33.82 5.8 $ 1,631 Exercisable at December 31, 2019 114,189 $ 32.11 5.3 $ 1,333 Vested during twelve months ended December 31, 2019 9,509 $ 138 The following table summarizes information concerning stock options outstanding at December 31, 2019: Shares Weighted Weighted Range of Exercise under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $37.26 - $45.97 $ 18,315 44.48 8.6 Exercisable: $16.71 - $24.75 14,100 16.72 1.9 $24.76 - $37.25 33,729 21.56 2.8 $37.26 - $45.97 66,360 40.75 7.3 $ 114,189 $ 32.11 5.3 Years Total $ 132,504 $ 33.82 5.8 Years The aggregate intrinsic value of exercisable in-the-money options was $2,021,000 and the aggregate intrinsic value of outstanding in-the-money options was $2,118,000 based on the market closing price of $49.81 on December 31, 2019 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of December 31, 2019 was $290,000, which is expected to be recognized over a weighted-average period of 3.6 years. Gains of $299,000 were realized by option holders during the year ended December 31, 2019. Patriot realized the tax benefits of $175,000 of these gains because these options were exercised by Patriot employees for options granted prior to the spin-off.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	9 . Income Taxes. Fourth quarter 2017 net income included $12,043,000, or $1.20 per share, due to a deferred tax benefit resulting from revaluing the Company’s net deferred tax liabilities per the Tax Cuts and Jobs Act of 2017. The Company’s net deferred tax liability was reduced as a result of the lower corporate income tax rates applicable to the Company going forward. The adjustment included $209,000 from reducing the effective tax rate for 2017 from 39.5% to 39.07% as a result of not being required to add to deferred taxes in anticipation of future taxable income in excess of $10 million where the federal rate increases from 34% to 35%. Our tax rate including the effect of state income taxes, but not including excess tax benefits from stock option exercises, decreased from 39.07% to 27.05% for 2018. 2018 included $44.6 million in tax expense related to discontinued operations as a result of the taxes related to the gain on sale of our warehouses. Our effective income tax expense may vary, possibly materially, due to, changes in interpretations of the Tax Act or related accounting guidance and projected effective state tax rates. The provision for income tax expense included in the financial statements (in thousands): Years Ended December 31, 2019 2018 2017 Included in Net income: Continuing operations $ 2,962 524 7,350 Discontinued operations 2,542 45,286 (21 ) 5,504 45,810 7,329 Comprehensive income 602 (275 ) (14 ) Total tax expense $ 6,106 45,535 7,315 The provision for income taxes (income tax benefit) consists of the following (in thousands): Year Ended December 31, 2019 2018 2017 Current: Federal $ (8,225 ) 28,512 (1,779 ) State (7,799 ) 15,024 (433 ) (16,024 ) 43,536 (2,212 ) Deferred 22,130 1,999 9,527 Total $ 6,106 45,535 7,315 Current income tax expense in 2019 includes an $13,797,000 provision to return adjustment related to the deferral of current federal and state taxes due in connection with $50 million additional Opportunity Zone investment funds invested in June of 2019 but applied to the 2018 returns. In addition, 2019 includes an additional deferral reduction of $4,213,000 of current state taxes related to the $55 million Opportunity Zone investment in December of 2018 which were deferred rather than our prior 2018 tax position that the state taxes would not conform to the federal treatment. The aggregate of the provision to return adjustments in 2019 of $18 million offset current tax provision of $2 million absent these adjustments for a net current tax benefit of $16 million. As of December 31, 2019 the company has deferred taxes of approximately $31 million associated with $112 million of gains on sales reinvested through Opportunity Zone investments. These taxes are deferred until the earlier of the sale of the related investments or December 31, 2026 and 10% of gains are excluded from tax once the investments are held five years plus an additional 5% is excluded at seven years. A reconciliation between the amount of tax shown above and the amount computed at the statutory Federal income tax rate follows (in thousands): Year Ended December 31 2019 2018 2017 Amount computed at statutory Federal rate $ 5,006 35,351 16,723 State income taxes (net of Federal income tax benefit) 1,623 10,186 2,476 Tax Cut and Jobs Act of 2017 - - (11,834 ) Other, net (523 ) (2 ) (50 ) Provision for income taxes $ 6,106 45,535 7,315 In this reconciliation, the category “Other, net” consists of permanent tax differences related to non-deductible expenses, special tax rates and tax credits, interest paid and penalties, and adjustments to prior year estimates. The types of temporary differences and their related tax effects that give rise to deferred tax assets and deferred tax liabilities are presented below (in thousands): December 31, 2019 2018 2017 Deferred tax liabilities: Property and equipment $ 49,932 28,329 25,212 Depletion 718 721 660 Unrealized rents 27 52 1,166 Prepaid expenses 76 38 431 Gross deferred tax liabilities 50,753 29,140 27,469 Deferred tax assets: Employee benefits and other 642 1,159 1,487 Gross deferred tax assets 642 1,159 1,487 Net deferred tax liability $ 50,111 27,981 25,982 The Company has no unrecognized tax benefits. FRP tax returns in the U.S. and various states that include the Company are subject to audit by taxing authorities. As of December 31, 2019, the earliest tax year that remains open for audit is 2014.

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Employee Benefits	10. Employee Benefits. The Company and certain subsidiaries have a savings/profit sharing plan for the benefit of qualified employees. The savings feature of the plan incorporates the provisions of Section 401(k) of the Internal Revenue Code under which an eligible employee may elect to save a portion (within limits) of their compensation on a tax deferred basis. The Company contributes to a participant’s account an amount equal to 50% (with certain limits) of the participant’s contribution. Additionally, the Company may make an annual discretionary contribution to the plan as determined by the Board of Directors, with certain limitations. The plan provides for deferred vesting with benefits payable upon retirement or earlier termination of employment. The Company’s cost was $35,000 in 2019 and $50,000 in 2018. The Company has a deferred compensation plan, the Management Security Plan (MSP) for our President. The accruals for future benefits are based upon actuarial assumptions. Life insurance on his life has been purchased to partially fund this benefit and the Company is the owner and beneficiary of that policy. The expense for 2019 and 2018, was ($14,000) and ($7,000), respectively. The accrued benefit under this plan as of December 31, 2019 and December 31, 2018 was $1,424,000 and $1,440,000, respectively.

Business Segments

Business Segments	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Business Segments	11. Business Segments. The Company is reporting its financial performance based on four reportable segments, Asset Management, Mining Royalty Lands, Development and Stabilized Joint Venture, as described below. 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. On June 28, 2019, the Company completed the sale of the excluded property to the same buyer for $11.7 million. This sale constituted a major strategic shift and as a result, these properties have been reclassified as discontinued operations for all periods presented. We plan to develop our remaining owned office/warehouse pad sites in a timely, 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): Years Ended December 31, 2019 2018 2017 Revenues: Asset management $ 2,190 2,309 2,284 Mining royalty lands 9,438 8,139 7,241 Development 1,164 1,206 1,230 Stabilized Joint Venture 10,964 10,368 4,847 $ 23,756 22,022 15,602 Operating profit: Before corporate expenses: Asset management $ 196 1,051 1,035 Mining royalty lands 8,690 7,504 6,732 Development (2,817 ) (2,104 ) (1,528 ) Stabilized Joint Venture 2,243 (537 ) (2,018 ) Operating profit before corporate expenses 8,312 5,914 4,221 Corporate expenses: Allocated to asset management (646 ) (153 ) (154 ) Allocated to mining royalty lands (169 ) (214 ) (167 ) Allocated to Development (1,581 ) (1,984 ) (1,231 ) Allocated to Stabilized Joint Venture (160 ) (393 ) (65 ) Unallocated — (1,208 ) (1,563 ) (2,556 ) (3,952 ) (3,180 ) $ 5,756 1,962 1,041 Interest expense $ 1,054 3,103 2,741 Depreciation, depletion and amortization: Asset management $ 708 540 512 Mining royalty lands 177 198 110 Development 214 228 337 Stabilized Joint Venture 4,756 6,932 4,975 $ 5,855 7,898 5,934 Capital expenditures: Asset management $ 9,487 335 221 Mining royalty lands — — — Development 631 6,396 2,218 Stabilized Joint Venture 316 563 857 $ 10,434 7,294 3,296 Identifiable net assets at end of period: Asset management $ 18,468 10,593 2,960 Discontinued operations — 3,224 176,694 Mining royalty lands 38,409 37,991 38,656 Development 179,357 119,029 46,684 Stabilized Joint Venture 133,956 138,206 144,386 Investments available for sale at fair value 137,867 165,212 — Cash items 26,793 22,749 4,524 Unallocated corporate assets 3,298 8,484 4,830 $ 538,148 505,488 418,734

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	12. Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs are those that are unobservable and significant to the overall fair value measurement. At December 31, 2019 the Company was invested in 63 corporate bonds with individual maturities ranging from 2020 through 2022. The unrealized gain on these bonds of $1,212,000 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 $949,000 in its net investment income related to bonds that were sold in 2019. The amortized cost of the investments was $136,655,000 and the carrying amount and fair value of such bonds were $137,867,000 as of December 31, 2019. At December 31, 2019 and 2018, the carrying amount reported in the consolidated balance sheets for cash and cash equivalents and revolving credit approximate their fair value based upon the short-term nature of these items. The fair values of the Company’s other mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities. At December 31, 2019, the carrying amount and fair value of such other long-term debt was $88,925,000 and $93,065,000, respectively. At December 31, 2018, the carrying amount and fair value of such other long-term debt was $88,789,000 and $87,983,000, respectively.

Contingent Liabilities

Contingent Liabilities	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Contingent Liabilities	13. Contingent Liabilities. Certain of the Company’s subsidiaries are involved in litigation on a number of matters and are subject to certain claims which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. The liability at any point in time depends upon the relative ages and amounts of the individual open claims. In the opinion of management, none of these matters are expected to have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. 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.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments	14. Commitments. The Company, at December 31, 2019, had entered into various contracts to develop and maintain real estate with remaining commitments totaling $1,434,000.

Concentrations

Concentrations	12 Months Ended
	Dec. 31, 2019
Risks and Uncertainties [Abstract]
Concentrations	15. Concentrations. The mining royalty lands segment has a total of five tenants currently leasing mining locations and one lessee that accounted for 31% of the Company’s consolidated revenues during 2019 and $297,000 of accounts receivable at December 31, 2019. The termination of these lessees’ underlying leases could have a material adverse effect on the Company. The Company places its cash and cash equivalents with Wells Fargo Bank and First Tennessee Bank. At times, such amounts may exceed FDIC limits.

Unusual or Infrequent Items Imp

Unusual or Infrequent Items Impacting Quarterly Results	12 Months Ended
	Dec. 31, 2019
Unusual or Infrequent Items, or Both [Abstract]
Unusual or Infrequent Items Impacting Quarterly Results	16. Unusual or Infrequent Items Impacting Quarterly Results. 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.

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	17. Intangible Assets. The Company has allocated the purchase price of property acquisitions based upon the fair value of the assets acquired, consisting of land, buildings and intangible assets, including in-place leases and below market leases. These deferred leasing intangible assets are recorded within Deferred Costs and Deferred lease intangible, net in the consolidated balance sheets. The value of the in-place lease intangibles will be amortized to amortization expense over the remaining lease terms. The fair value assigned pertaining to the above market in-place leases values are amortized as a reduction to rental revenue, and the below market in-place lease values are amortized as an increase to rental revenue over the remaining non-cancelable terms of the respective leases. DOCK 79 – In-place Leases Initial Values $ 4,727 Annual Amortization: 2017 $ 2,501 2018 2,201 2019 25 CRANBERRY BUSINESS PARK – In-place Leases Initial Values $ 183 Annual Amortization: 2019 $ 79 2020 46 2021 46 2022 12 The Company reviews intangible assets for impairment, whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of long-lived assets is measured by a comparison of the carrying amount of the asset group to the future undiscounted net cash flows expected to be generated by those assets. If such assets are considered to be impaired, the impairment charge recognized is the amount by which the carrying amounts of the assets exceeds the fair value of the assets. The gross amounts and accumulated amortization of identifiable intangible assets are as follows (in thousands): December 31, 2019 December 31, 2018 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: In-place leases (useful life 0-8 years) $ 4,910 4,806 4,727 4,702 Above Market leases (useful life 5 years) - - - - $ 4,910 4,806 4,727 4,702

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	18. 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. On June 28, 2019, the Company completed the sale of the excluded property to the same buyer for $11.7 million. These properties comprised substantially all the assets of our Asset Management segment and have been reclassified as discontinued operations for all periods presented. The results of operations associated with discontinued operations for the years ended December 31, 2019, 2018 and 2017 were as follows (in thousands): Years Ended December 31, 2019 2018 2017 Lease Revenues $ 460 12,098 27,589 Cost of operations: Depreciation, depletion and amortization 17 3,161 7,598 Operating expenses 248 1,742 3,485 Property taxes 41 1,286 3,008 Management company indirect — 1,360 734 Corporate expenses — 1,462 200 Total cost of operations 306 9,011 15,025 Total operating profit 154 3,087 12,564 Interest expense — (587 ) (1,582 ) Gain on sale of buildings 9,244 164,915 — Income before income taxes 9,398 167,415 10,982 Provision for (benefit from) income taxes 2,542 45,286 (21 ) Income from discontinued operations $ 6,856 122,129 11,003 The components of the balance sheet are as follows (in thousands): December 31 December 31 Assets: 2018 2017 Real estate investments at cost: Land $ 546 40,465 Buildings and improvements 3,315 186,657 Projects under construction — 6,617 Total investments in properties 3,861 233,739 Less accumulated depreciation and depletion 2,374 68,049 Net investments in properties 1,487 165,690 Accounts receivable, net 910 405 Unrealized rents 473 4,088 Deferred costs 354 6,509 Other assets — 2 Assets of discontinued operations $ 3,224 176,694 Liabilities: Secured notes payable, current portion $ — 23,825 Secured notes payable, less current portion — 4,338 Accounts payable and accrued liabilities 205 2,289 Deferred revenue 45 967 Tenant security deposits 38 861 Liabilities of discontinued operations $ 288 32,280

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION - FRP Holdings, Inc. (the “Company”) is a holding company engaged in various real estate businesses. The segments of the Company include: (i) leasing and management of commercial properties owned by the Company (the “Asset Management Segment”), (ii) leasing and management of mining royalty land owned by the Company (the “Mining Royalty Lands Segment”), (ii) real property acquisition, entitlement, development and construction primarily for apartment, retail, warehouse, and office buildings either alone or through joint ventures (the “Development Segment”), (iv) ownership, leasing and management of buildings through joint ventures (the “Stabilized Joint Venture Segment”). FRP Holdings, Inc. was incorporated on April 22, 2014 in connection with a corporate reorganization that preceded the Spin-off of Patriot Transportation Holding, Inc. The Company’s successor issuer was formed on July 20, 1998. The business of the Company is conducted through our wholly-owned subsidiaries FRP Development Corp., a Maryland corporation and Florida Rock Properties, Inc., a Florida corporation, and the various subsidiaries of each. 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. On June 28, 2019, the Company completed the sale of the excluded property to the same buyer for $11.7 million. 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. The Asset Management segment currently contains four commercial properties.
Consolidation	CONSOLIDATION - The consolidated financial statements include the accounts of the Company inclusive of our operating real estate subsidiaries, FRP Development Corp. (“Development”) and Florida Rock Properties, Inc. (“Properties”) and all wholly-owned or controlled entities. Our investments in real estate partnerships which are conducted through limited liability corporations (“LLC”) are also referred to as joint ventures. Investments in real estate joint ventures not controlled by the Company are accounted for under the equity or cost method of accounting as appropriate (See Note 2). All significant intercompany balances and transactions are eliminated in the consolidated financial statements. Effective July 1, 2017 the Company consolidated the assets (at fair value), liabilities and operating results of our Riverfront Investment Partners I, LLC joint venture (“Dock 79”) which was previously accounted for under the equity method. Subsequent to the July 1, 2017 consolidation, 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.
Cash and Cash Equivalents	CASH AND CASH EQUIVALENTS - The Company considers all highly liquid debt instruments with maturities of three months or less at time of purchase to be cash equivalents. Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right of offset.
Investments available for sale	INVESTMENTS AVAILABLE FOR SALE - The Company determines the appropriate classification of its investments in debt securities at the time of purchase and reevaluates such determinations at each balance sheet date. Debt securities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity. Marketable securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized in earnings. Debt and marketable equity securities not classified as held to maturity or as trading, are classified as available-for-sale, and are carried at fair value, with the unrealized gains and losses, net of tax, included in the determination of comprehensive income and reported in the Consolidated Statements of Comprehensive Income. The fair value of securities is determined using quoted market prices. At December 31, 2019, no investments were held for trading purposes or classified as held to maturity.
Revenue and Expense Recognition	REVENUE AND EXPENSE RECOGNITION - Real estate rental revenue and mining royalties are generally recognized when earned under the leases and are considered collectable. Rental income from leases with scheduled increases or other incentives during their term is recognized on a straight-line basis over the term of the lease. Reimbursements of expenses, when provided in the lease, are recognized in the period that the expenses are incurred. Sales of real estate are recognized when the collection of the sales price is reasonably assured and when the Company has fulfilled substantially all of its obligations, which are typically as of the closing date. Accounts receivable are recorded net of discounts and provisions for estimated allowances. We estimate allowances on an ongoing basis by considering historical and current trends. We record estimated bad debts expense as part of operating expenses. We estimate the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment. Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms.
Property and Equipment	PROPERTY AND EQUIPMENT - Property and equipment is recorded at cost less accumulated depreciation and depletion. Provision for depreciation of property, plant and equipment is computed using the straight-line method based on the following estimated useful lives: Years Building and improvements 3-39 Depletion of sand and stone deposits is computed on the basis of units of production in relation to estimated reserves. Reserve estimates are periodically adjusted based upon surveys. The Company recorded depreciation and depletion expenses for fiscal year 2019, 2018 and 2017, of $5,784,000, $5,709,000 and $3,491,000, respectively. All direct and indirect costs, including interest and real estate taxes, associated with the development, construction, leasing or expansion of real estate investments are capitalized as a cost of the property. Included in indirect costs is an allocation of internal costs associated with development of real estate investments. The cost of routine repairs and maintenance to property and equipment is expensed as incurred.
Impairment of Long-Lived assets	IMPAIRMENT OF LONG-LIVED ASSETS – The Company reviews its long-lived assets, which include property and equipment and purchased intangible assets subject to amortization for potential impairment annually or whenever events or circumstances indicate the carrying amount of a long-lived asset may not be recoverable. This review consists of comparing cap rates on recent cash flows and market value estimates to the carrying values of each asset group. If this review indicates the carrying value might exceed fair value then an estimate of future cash flows for the remaining useful life of each property is prepared considering anticipated vacancy, lease rates, and any future capital expenditures.
Developed Property Rentals Purchase Accounting	DEVELOPED PROPERTY RENTALS PURCHASE ACCOUNTING – Acquisitions of rental property, including any associated intangible assets, are measured at fair value at the date of acquisition. Any liabilities assumed or incurred are recorded at their fair value at the time of acquisition. The fair value of the acquired property is allocated between land and building (on an as-if vacant basis) based on management’s estimate of the fair value of those components for each type of property and to tenant improvements based on the depreciated replacement cost of the tenant improvements, which approximates their fair value. The fair value of the in-place leases is recorded as follows: · the fair value of leases in-place on the date of acquisition is based on absorption costs for the estimated lease-up period in which vacancy and foregone revenue are avoided due to the presence of the acquired leases; · the fair value of above and below-market in-place leases based on the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between contractual rent amounts to be paid under the assumed lease and the estimated market lease rates for the corresponding spaces over the remaining non-cancelable terms of the related leases; and · the fair value of intangible tenant or customer relationships. The Company’s determination of these fair values requires it to estimate market rents for each of the leases and make certain other assumptions. These estimates and assumptions affect the rental revenue, and depreciation and amortization expense recognized for these leases and associated intangible assets and liabilities.
Investments in Joint Ventures	INVESTMENTS IN JOINT VENTURES - The Company uses the equity method to account for its investments in Brooksville. BC FRP Realty, and Greenville/Woodfield, in which it has a voting interest of 50% or less and has significant influence but does not have control. The Company uses the cost method to account for its investment in DST Hickory Creek because it does not have significant influence over operating and financial policies. The Company uses the equity method to account for its investment in Riverfront Investment Partners Phase II, in which it has a voting interest of 80% and has significant influence but does not have control as the minority partner has day to day management responsibility and veto rights on significant decisions during the construction and lease up phase prior to stabilization. The Company uses the equity method to account for its investment in the Bryant Street Partnerships and 1800 Half Street, in which it has a voting interest in excess of 50% because all major decisions are shared equally. Under the equity method, the investment is originally recorded at cost and adjusted to recognize the Company’s share of net earnings or losses of the investee, limited to the extent of the Company’s investment in and advances to the investee and financial guarantees on behalf of the investee that create additional basis. The Company regularly monitors and evaluates the realizable value of its investments. When assessing an investment for an other-than-temporary decline in value, the Company considers such factors as, the performance of the investee in relation to its own operating targets and its business plan, the investee’s revenue and cost trends, as well as liquidity and cash position, and the outlook for the overall industry in which the investee operates. From time to time, the Company may consider third party evaluations or valuation reports. If events and circumstances indicate that a decline in the value of these assets has occurred and is other-than-temporary, the Company records a charge to investment income (expense).
Income Taxes	INCOME TAXES - Deferred tax assets and liabilities are recognized based on differences between financial statement and tax bases of assets and liabilities using presently enacted tax rates. Deferred income taxes result from temporary differences between pre-tax income reported in the financial statements and taxable income. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit. The second step is to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the amounts rely upon the determination of the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit, and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. It is the Company's policy to recognize as additional income tax expense the items of interest paid and penalties directly related to income taxes.
Stock Based Compensation	STOCK BASED COMPENSATION – The Company accounts for compensation related to share based plans by recognizing the grant date fair value of stock options and other equity-based compensation issued to employees in its income statement over the requisite employee service period using the straight-line attribution model. In addition, compensation expense must be recognized for the change in fair value of any awards modified, repurchased or cancelled after the grant date. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model. The assumptions used in the model and current year impact are discussed in Note 8.
Deferred Compensation Plan	DEFERRED COMPENSATION PLAN - The Company has a deferred compensation plan, the Management Security Plan (MSP) for our President. The accruals for future benefits are based upon actuarial assumptions.
Earnings Per Common Share	EARNINGS PER COMMON SHARE - Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options and restricted stock.
Use of Estimates	USE OF ESTIMATES - The preparation of financial statements in conformity with accounting principles generally accepted in the United State requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain accounting policies and estimates are of more significance in the financial statement preparation process than others. The most critical accounting policies and estimates include the economic useful lives of our mining reserves, property and equipment, provisions for uncollectible accounts receivable and collectibility of unrealized rents, accounting for real estate investments, estimates of exposures related to our insurance claims plans and environmental liabilities, and estimates for taxes. To the extent that actual, final outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates, earnings during that accounting period will be affected.
Environmental	ENVIRONMENTAL - Environmental expenditures that benefit future periods are capitalized. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded for the estimated amount of expected environmental assessments and/or remedial efforts. Estimation of such liabilities includes an assessment of engineering estimates, continually evolving governmental laws and standards, and potential involvement of other potentially responsible parties.
Comprehensive Income	COMPREHENSIVE INCOME – Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) refers to expenses, gains, and losses that are not included in net income, but rather are recorded directly in shareholders’ equity.
Recently Issued Accounting Standards	RECENTLY ISSUED ACCOUNTING STANDARDS – In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which replaces existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. Lease contracts with customers constitute a materially all of our revenues and are a specific scope exception. The new standard was adopted beginning with the first quarter of 2018 in connection with our revenues not subject to leases and did not have a material impact on our financial statements. 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 year ended December 31, 2019, the credit loss related to the collectibility of lease receivables was recognized in the line item Operating expenses and was not significant. Additionally, the new standard requires lessors to allocate the consideration in a contract between the lease component (right to use an underlying asset) and non-lease component (transfer of a good or service that is not a lease). However, lessors are provided with a practical expedient, elected by class of underlying asset, to account for lease and non-lease components of a contract as a single lease component if certain criteria are met. The terms of the Company's leases generally provide that the Company is entitled to receive reimbursements from tenants for operating expenses such as real estate taxes, insurance and common area maintenance, in addition to the base rental payments for use of the underlying asset. Under the new standard, common area maintenance is considered a nonlease component of a lease contract, which would be accounted for under Topic 606. However, the Company will apply the practical expedient to account for its lease and non-lease components as a single, combined operating lease component. While the timing of recognition should remain the same, the Company is no longer presenting reimbursement revenue from tenants separately in our Consolidated Statements of Income beginning January 1, 2019. The new standard along with the adoption of ASU No. 2018-11, Leases - Targeted Improvements which the FASB issued in July 2018, was adopted effective January 1, 2019 and we have elected to use January 1, 2019 as our date of initial application. Consequently, financial information will not be updated and disclosures required under the new standard will not be provided for periods presented before January 1, 2019 as these prior periods conform to the Accounting Standards Codification 840. We elected the package of practical expedients permitted under the transition guidance within the new standard. By adopting these practical expedients, we were not required to reassess (1) whether an existing contract meets the definition of a lease; (2) the lease classification for existing leases; or (3) costs previously capitalized as initial direct costs. The adoption of this guidance did not have a material impact on our financial statements.

Consolidated Real Estate and _2

Consolidated Real Estate and Accumulated Depreciation and Depletion (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Schedule III Real Estate and Accumulated Depreciation and Depletion	FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED)-REAL ESTATE & ACCUMULATED DEPRECIATION AND DEPLETION DECEMBER 31, 2019 County Encumb- rances Initial cost to Company Cost capitalized subsequent to acquisition Gross amount at which carried at end of period (a) Accumulated Depreciation & Depletion Year Of Constr- uction Date Acquired Depreciation Life Computed on: Mining Royalty Lands Alachua, FL $ 1,442 $ 0 $ 1,442 $ 170 n/a 4/86 unit Clayton, GA 369 0 369 5 n/a 4/86 unit Fayette, GA 685 200 885 112 n/a 4/86 unit Lake, FL 403 0 403 158 n/a 4/86 unit Lake, FL 1,083 0 1,083 1,006 n/a 4/86 unit Lake Louisa, FL 11,039 0 11,039 0 n/a 5/12 unit Lee, FL 4,690 13 4,703 161 n/a 4/86 unit Monroe, GA 792 0 792 298 n/a 4/86 unit Muscogee, GA 369 (45 ) 324 324 n/a 4/86 unit Prince William, VA 298 0 298 298 n/a 4/86 unit Putnam, FL 15,002 37 15,039 4,762 n/a 4/86 unit Putnam, FL 302 (2 ) 300 283 n/a 4/86 5 yr. Spalding, GA 20 0 20 0 n/a 4/86 n/a Marion, FL 1,180 5 1,185 600 n/a 4/86 unit Investment Property 1,417 (192 ) 1,225 602 n/a 4/86 n/a 0 39,091 16 39,107 8,779 Asset Management Properties Duval, FL 198 0 198 39 n/a 4/86 25 yr. Baltimore City, MD 238 7,146 7,384 208 2018 12/10 39 yr. Baltimore Co, MD 439 5,134 5,573 3,259 1990 10/89 39 yr. Harford, MD 40 8,079 8,119 212 2019 2/19 32 yr. 0 915 20,359 21,274 3,718 Development Properties Carroll, MD 4,720 3,523 8,243 0 n/a 3/08 n/a Baltimore City, MD 750 3,508 4,258 200 2018 12/10 39 yr. Harford, MD 1,571 111 1,682 0 n/a 8/95 39 yr. Washington D.C. 2,957 5,053 8,010 1,912 n/a 4/86 15 yr. Washington D.C. 3,811 4,669 8,480 470 n/a 10/97 n/a 0 13,809 16,864 30,673 2,582 Residential Rental Properties Washington D.C. 88,925 6,165 142,909 149,074 14,709 2016 07/17 39 yr. GRAND TOTALS $ 88,925 $ 59,980 $ 180,148 $ 240,128 $ 29,788 (a) The aggregate cost for Federal income tax purposes is $88,036 .
Real Estate and Accumulated Depreciation and Depletion	FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION AND DEPLETION (In thousands) Years ended December 31, 2019 2018 2017 Gross Carrying Cost of Real Estate: Balance at beginning of period $ 241,413 243,165 240,302 Additions during period: Amounts capitalized 10,353 7,025 2,896 Deductions during period: Cost of real estate sold (11,630 ) (8 ) — Other (8 ) (8,769 ) (33 ) Balance at close of period $ 240,128 241,413 243,165 Accumulated Depreciation & Depletion: Balance at beginning of period $ 27,921 26,228 24,173 Additions during period: Charged to cost & expense 5,697 5,609 2,088 Deductions during period: Real estate sold (3,822 ) — — Other (8 ) (3,916 ) (33 ) Balance at close of period $ 29,788 27,921 26,228

Investments in Joint Ventures (

Investments in Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments in Joint Ventures (in thousands)	The Company's Share of Profit Common Total Total Assets of Profit (Loss) (Loss) of the Ownership Investment The Partnership Of the Partnership Partnership (1) As of December 31, 2019 Brooksville Quarry, LLC 50.00 % $ 7,499 14,316 (84 ) (42 ) BC FRP Realty, LLC 50.00 % 5,391 22,969 (1,114 ) (591 ) RiverFront Holdings II, LLC 80.00 % 25,975 88,235 (95 ) (871 ) Bryant Street Partnerships 61.36 % 58,353 96,477 260 (573 ) Hyde Park 3,492 3,492 — — DST Hickory Creek 26.65 % 6,000 49,369 (168 ) 123 Amber Ridge Loan 509 509 — — 1800 Half St. Owner, LLC 59.73 % 37,314 40,161 — — Greenville/Woodfield Partnerships 40.00 % 15,919 19,214 — — Total $ 160,452 334,742 (1,201 ) (1,954 ) 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 December 31, 2019 Total RiverFront Bryant Street DST Hickory 1800 Half St. Greenville/ Apartment/ Holdings II, LLC Partnership Creek Partnership Woodfield Mixed Use Investments in real estate, net $ 87,521 95,903 46,685 14,391 1,889 $ 246,389 Cash and cash equivalents 630 387 1,764 25,770 17,325 45,876 Unrealized rents & receivables 82 158 446 0 0 686 Deferred costs 2 29 474 0 0 505 Total Assets $ 88,235 96,477 49,369 40,161 19,214 $ 293,456 Secured notes payable $ 38,564 1,660 29,246 0 0 $ 69,470 Other liabilities 6,771 17,183 120 1,363 1,889 27,326 Capital - FRP 37,284 57,479 6,000 37,314 15,919 153,996 Capital - Third Parties 5,616 20,155 14,003 1,484 1,406 42,664 Total Liabilities and Capital $ 88,235 96,477 49,369 40,161 19,214 $ 293,456 As of December 31, 2019 Brooksville BC FRP Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Hyde Park Loan Mixed Use Total Investments in real estate, net. $ 14,293 22,423 3,492 509 246,389 $ 287,106 Cash and cash equivalents 18 15 0 0 45,876 45,909 Unrealized rents & receivables 0 220 0 0 686 906 Deferred costs 5 311 0 0 505 821 Total Assets $ 14,316 22,969 3,492 509 293,456 $ 334,742 Secured notes payable $ 0 12,103 0 0 69,470 $ 81,573 Other liabilities 2 196 0 0 27,326 27,524 Capital - FRP 7,500 5,335 3,492 509 153,996 170,832 Capital - Third Parties 6,814 5,335 0 0 42,664 54,813 Total Liabilities and Capital $ 14,316 22,969 3,492 509 293,456 $ 334,742 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

Consolidation of RiverFront I_2

Consolidation of RiverFront Investment Partners I, LLC. (Tables)	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
RiverFront remeasurement balance sheet	As of July 1, 2017 (in thousands) Riverfront Gain on Remeasure- Holdings I, LLC ment Revised Land $ 7,220 $ 21,107 $ 28,327 Building and improvements, net 81,773 34,362 116,135 Value of leases in place — 4,727 4,727 Cash 2,295 — 2,295 Cash held in escrow 171 — 171 Accounts receivable 40 — 40 Prepaid expenses 142 — 142 Total Assets $ 91,641 $ 60,196 $ 151,837 Long-term Debt $ 78,587 $ — $ 78,587 Amortizable debt costs (852 ) — (852 ) Other liabilities 905 — 905 Equity – FRP 8,583 39,727 48,310 Equity – MRP 4,418 20,469 24,887 Total Liabilities and Capital $ 91,641 $ 60,196 $ 151,837

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt (in thousands)	December 31, December 31, 2019 2018 Revolving credit agreements $ — — Riverfront permanent loan 88,925 88,789 88,925 88,789 Less portion due within one year — — $ 88,925 88,789

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Carrying value of property leased or held for lease to others (in thousands)	Construction aggregates property $ 35,294 Commercial property 54,534 89,828 less accumulated depreciation and depletion 14,477 $ 75,351

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings per share computations (in thousands, except per share amounts)	Years Ended December 31 2019 2018 2017 Common shares: Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,883 10,040 9,975 Common shares issuable under share based payment plans which are potentially dilutive 43 65 65 Common shares used for diluted earnings per common share 9,926 10,105 10,040 Income from continuing operations 8,822 959 49,548 Discontinued operations 6,856 122,129 11,003 Net income attributable to the Company 16,177 124,472 41,750 Basic earnings per common share: Income from continuing operations $ 0.89 0.10 4.97 Discontinued operations $ 0.69 12.16 1.10 Net income attributable to the Company $ 1.64 12.40 4.19 Diluted earnings per common share Income from continuing operations $ 0.89 0.09 4.94 Discontinued operations $ 0.69 12.09 1.10 Net income attributable to the Company $ 1.63 12.32 4.16

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Stock Compensation Expense (in thousands)	Years Ended December 31, 2019 2018 2017 Stock option grants $ 112 607 268 Unrestricted employee stock award 50 — — Annual director stock award 70 1,055 445 $ 232 1,662 713
Summary of Changes in outstanding options (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, 2017 236,385 $ 25.35 6.1 $ 2,440 Granted 30,255 $ 43.45 $ 440 Modification — $ 30.21 $ (137 ) Exercised (92,130 ) $ 24.93 $ (842 ) Outstanding at December 31, 2017 174,510 $ 28.70 6.0 $ 1,901 Granted 29,260 $ 45.97 $ 427 Exercised (56,232 ) $ 25.17 $ (546 ) Outstanding at December 31, 2018 147,538 $ 33.48 6.7 $ 1,782 Exercised (15,034 ) $ 30.42 $ (151 ) Outstanding at December 31, 2019 132,504 $ 33.82 5.8 $ 1,631 Exercisable at December 31, 2019 114,189 $ 32.11 5.3 $ 1,333 Vested during twelve months ended December 31, 2019 9,509 $ 138
Summary of Stock Options Outstanding	Shares Weighted Weighted Range of Exercise under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $37.26 - $45.97 $ 18,315 44.48 8.6 Exercisable: $16.71 - $24.75 14,100 16.72 1.9 $24.76 - $37.25 33,729 21.56 2.8 $37.26 - $45.97 66,360 40.75 7.3 $ 114,189 $ 32.11 5.3 Years Total $ 132,504 $ 33.82 5.8 Years

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Provision for income tax expense included in the financial statements(in thousands)	Years Ended December 31, 2019 2018 2017 Included in Net income: Continuing operations $ 2,962 524 7,350 Discontinued operations 2,542 45,286 (21 ) 5,504 45,810 7,329 Comprehensive income 602 (275 ) (14 ) Total tax expense $ 6,106 45,535 7,315
Provision for income tax expense (in thousands)	Year Ended December 31, 2019 2018 2017 Current: Federal $ (8,225 ) 28,512 (1,779 ) State (7,799 ) 15,024 (433 ) (16,024 ) 43,536 (2,212 ) Deferred 22,130 1,999 9,527 Total $ 6,106 45,535 7,315
Income tax reconciliation at statutory Federal income tax rate (in thousands)	Year Ended December 31 2019 2018 2017 Amount computed at statutory Federal rate $ 5,006 35,351 16,723 State income taxes (net of Federal income tax benefit) 1,623 10,186 2,476 Tax Cut and Jobs Act of 2017 - - (11,834 ) Other, net (523 ) (2 ) (50 ) Provision for income taxes $ 6,106 45,535 7,315
Deferred tax assets and deferred tax liabilities (in thousands)	December 31, 2019 2018 2017 Deferred tax liabilities: Property and equipment $ 49,932 28,329 25,212 Depletion 718 721 660 Unrealized rents 27 52 1,166 Prepaid expenses 76 38 431 Gross deferred tax liabilities 50,753 29,140 27,469 Deferred tax assets: Employee benefits and other 642 1,159 1,487 Gross deferred tax assets 642 1,159 1,487 Net deferred tax liability $ 50,111 27,981 25,982

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Business Segments (in thousands)	Years Ended December 31, 2019 2018 2017 Revenues: Asset management $ 2,190 2,309 2,284 Mining royalty lands 9,438 8,139 7,241 Development 1,164 1,206 1,230 Stabilized Joint Venture 10,964 10,368 4,847 $ 23,756 22,022 15,602 Operating profit: Before corporate expenses: Asset management $ 196 1,051 1,035 Mining royalty lands 8,690 7,504 6,732 Development (2,817 ) (2,104 ) (1,528 ) Stabilized Joint Venture 2,243 (537 ) (2,018 ) Operating profit before corporate expenses 8,312 5,914 4,221 Corporate expenses: Allocated to asset management (646 ) (153 ) (154 ) Allocated to mining royalty lands (169 ) (214 ) (167 ) Allocated to Development (1,581 ) (1,984 ) (1,231 ) Allocated to Stabilized Joint Venture (160 ) (393 ) (65 ) Unallocated — (1,208 ) (1,563 ) (2,556 ) (3,952 ) (3,180 ) $ 5,756 1,962 1,041 Interest expense $ 1,054 3,103 2,741 Depreciation, depletion and amortization: Asset management $ 708 540 512 Mining royalty lands 177 198 110 Development 214 228 337 Stabilized Joint Venture 4,756 6,932 4,975 $ 5,855 7,898 5,934 Capital expenditures: Asset management $ 9,487 335 221 Mining royalty lands — — — Development 631 6,396 2,218 Stabilized Joint Venture 316 563 857 $ 10,434 7,294 3,296 Identifiable net assets at end of period: Asset management $ 18,468 10,593 2,960 Discontinued operations — 3,224 176,694 Mining royalty lands 38,409 37,991 38,656 Development 179,357 119,029 46,684 Stabilized Joint Venture 133,956 138,206 144,386 Investments available for sale at fair value 137,867 165,212 — Cash items 26,793 22,749 4,524 Unallocated corporate assets 3,298 8,484 4,830 $ 538,148 505,488 418,734

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2019
Amortizable intangible assets (in thousands)	December 31, 2019 December 31, 2018 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: In-place leases (useful life 0-8 years) $ 4,910 4,806 4,727 4,702 Above Market leases (useful life 5 years) - - - - $ 4,910 4,806 4,727 4,702
Dock 79
Intangible asset amortization (in thousands)	In-place Leases Initial Values $ 4,727 Annual Amortization: 2017 $ 2,501 2018 2,201 2019 25
Cranberry Business Park
Intangible asset amortization (in thousands)	In-place Leases Initial Values $ 183 Annual Amortization: 2019 $ 79 2020 46 2021 46 2022 12

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operations results of operations	Years Ended December 31, 2019 2018 2017 Lease Revenues $ 460 12,098 27,589 Cost of operations: Depreciation, depletion and amortization 17 3,161 7,598 Operating expenses 248 1,742 3,485 Property taxes 41 1,286 3,008 Management company indirect — 1,360 734 Corporate expenses — 1,462 200 Total cost of operations 306 9,011 15,025 Total operating profit 154 3,087 12,564 Interest expense — (587 ) (1,582 ) Gain on sale of buildings 9,244 164,915 — Income before income taxes 9,398 167,415 10,982 Provision for (benefit from) income taxes 2,542 45,286 (21 ) Income from discontinued operations $ 6,856 122,129 11,003
Discontinued operations balance sheet components	December 31 December 31 Assets: 2018 2017 Real estate investments at cost: Land $ 546 40,465 Buildings and improvements 3,315 186,657 Projects under construction — 6,617 Total investments in properties 3,861 233,739 Less accumulated depreciation and depletion 2,374 68,049 Net investments in properties 1,487 165,690 Accounts receivable, net 910 405 Unrealized rents 473 4,088 Deferred costs 354 6,509 Other assets — 2 Assets of discontinued operations $ 3,224 176,694 Liabilities: Secured notes payable, current portion $ — 23,825 Secured notes payable, less current portion — 4,338 Accounts payable and accrued liabilities 205 2,289 Deferred revenue 45 967 Tenant security deposits 38 861 Liabilities of discontinued operations $ 288 32,280

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation and Depletion (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Gross Carrying Cost of Real Estate at beginning of period	$ 241,413	$ 243,165	$ 240,302
Additions capitalized during period	10,353	7,025	2,896
Cost of real estate sold	(11,630)	(8)	0
Other deductions	(8)	(8,769)	(33)
Gross Carrying Cost of Real Estate at end of period	240,128	241,413	243,165
Accumulated Depreciation & Depletion at beginning of period	27,921	26,228	24,173
Additions charged to cost & expense	5,697	5,609	2,088
Real estate sold	(3,822)	0	0
Other deductions	(8)	(3,916)	(33)
Accumulated Depreciation & Depletion at end of period	$ 29,788	$ 27,921	$ 26,228

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation and Depletion Part I (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Encumbrances	$ 88,925
Initial Cost to Company	59,980
Cost capitalized subsequent to acquisition	180,148
Gross amount at which carried at end of period	240,128	$ 241,413	$ 243,165	$ 240,302
Accumulated Depreciation & Depletion	29,788
Aggregate cost for Federal income tax purposes	88,036
Investment Property
Encumbrances	0
Initial Cost to Company	1,417
Cost capitalized subsequent to acquisition	(192)
Gross amount at which carried at end of period	1,225
Accumulated Depreciation & Depletion	602
Mining royalty lands
Encumbrances	0
Initial Cost to Company	39,091
Cost capitalized subsequent to acquisition	16
Gross amount at which carried at end of period	39,107
Accumulated Depreciation & Depletion	8,779
Asset Management Properties
Encumbrances	0
Initial Cost to Company	915
Cost capitalized subsequent to acquisition	20,359
Gross amount at which carried at end of period	21,274
Accumulated Depreciation & Depletion	3,718
Alachua, FL
Encumbrances	0
Initial Cost to Company	1,442
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	1,442
Accumulated Depreciation & Depletion	170
Clayton, GA
Encumbrances	0
Initial Cost to Company	369
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	369
Accumulated Depreciation & Depletion	5
Fayette, GA
Encumbrances	0
Initial Cost to Company	685
Cost capitalized subsequent to acquisition	200
Gross amount at which carried at end of period	885
Accumulated Depreciation & Depletion	112
Lake, FL
Encumbrances	0
Initial Cost to Company	403
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	403
Accumulated Depreciation & Depletion	158
Lake, FL 2
Encumbrances	0
Initial Cost to Company	1,083
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	1,083
Accumulated Depreciation & Depletion	1,006
Lake Louise, FL
Encumbrances	0
Initial Cost to Company	11,039
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	11,039
Accumulated Depreciation & Depletion	0
Lee, FL
Encumbrances	0
Initial Cost to Company	4,690
Cost capitalized subsequent to acquisition	13
Gross amount at which carried at end of period	4,703
Accumulated Depreciation & Depletion	161
Monroe, GA
Encumbrances	0
Initial Cost to Company	792
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	792
Accumulated Depreciation & Depletion	298
Muscogee, GA
Encumbrances	0
Initial Cost to Company	369
Cost capitalized subsequent to acquisition	(45)
Gross amount at which carried at end of period	324
Accumulated Depreciation & Depletion	324
Prince Wil, VA
Encumbrances	0
Initial Cost to Company	298
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	298
Accumulated Depreciation & Depletion	298
Putnam, FL
Encumbrances	0
Initial Cost to Company	15,002
Cost capitalized subsequent to acquisition	37
Gross amount at which carried at end of period	15,039
Accumulated Depreciation & Depletion	4,762
Putnam, FL 2
Encumbrances	0
Initial Cost to Company	302
Cost capitalized subsequent to acquisition	(2)
Gross amount at which carried at end of period	300
Accumulated Depreciation & Depletion	283
Spalding, GA
Encumbrances	0
Initial Cost to Company	20
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	20
Accumulated Depreciation & Depletion	0
Marion, FL
Encumbrances	0
Initial Cost to Company	1,180
Cost capitalized subsequent to acquisition	5
Gross amount at which carried at end of period	1,185
Accumulated Depreciation & Depletion	600
Duval, FL
Encumbrances	0
Initial Cost to Company	198
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	198
Accumulated Depreciation & Depletion	39
Baltimore City, MD
Encumbrances	0
Initial Cost to Company	238
Cost capitalized subsequent to acquisition	7,146
Gross amount at which carried at end of period	7,384
Accumulated Depreciation & Depletion	208
Baltimore, MD 1
Encumbrances	0
Initial Cost to Company	439
Cost capitalized subsequent to acquisition	5,134
Gross amount at which carried at end of period	5,573
Accumulated Depreciation & Depletion	3,259
Harford, MD 1
Encumbrances	0
Initial Cost to Company	40
Cost capitalized subsequent to acquisition	8,079
Gross amount at which carried at end of period	8,119
Accumulated Depreciation & Depletion	212
Carroll, MD
Encumbrances	0
Initial Cost to Company	4,720
Cost capitalized subsequent to acquisition	3,523
Gross amount at which carried at end of period	8,243
Accumulated Depreciation & Depletion	0
Baltimore City, MD 2
Encumbrances	0
Initial Cost to Company	750
Cost capitalized subsequent to acquisition	3,508
Gross amount at which carried at end of period	4,258
Accumulated Depreciation & Depletion	200
Harford, MD 2
Encumbrances	0
Initial Cost to Company	1,571
Cost capitalized subsequent to acquisition	111
Gross amount at which carried at end of period	1,682
Accumulated Depreciation & Depletion	0
Wash DC 1
Encumbrances	0
Initial Cost to Company	2,957
Cost capitalized subsequent to acquisition	5,053
Gross amount at which carried at end of period	8,010
Accumulated Depreciation & Depletion	1,912
Wash DC 2
Encumbrances	0
Initial Cost to Company	3,811
Cost capitalized subsequent to acquisition	4,669
Gross amount at which carried at end of period	8,480
Accumulated Depreciation & Depletion	470
Development Properties
Encumbrances	0
Initial Cost to Company	13,809
Cost capitalized subsequent to acquisition	16,864
Gross amount at which carried at end of period	30,673
Accumulated Depreciation & Depletion	2,582
Dock 79
Encumbrances	88,925
Initial Cost to Company	6,165
Cost capitalized subsequent to acquisition	142,909
Gross amount at which carried at end of period	149,074
Accumulated Depreciation & Depletion	$ 14,709

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation and Depletion Part 2 (Details)	12 Months Ended
	Dec. 31, 2019
Alachua, FL
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Clayton, GA
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Fayette, GA
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Lake, FL
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Lake, FL 2
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Lake Louise, FL
Year of Construction	n/a
Date acquired	5/12
Depreciation Life Computed on	unit
Lee, FL
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Monroe, GA
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Muscogee, GA
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Prince Wil, VA
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Putnam, FL
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Putnam, FL 2
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	5 yr.
Spalding, GA
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	n/a
Marion, FL
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	unit
Investment Property
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	n/a
Duval, FL
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	25 yr.
Baltimore City, MD
Year of Construction	2018
Date acquired	12/10
Depreciation Life Computed on	39 yr.
Baltimore, MD 1
Year of Construction	1990
Date acquired	10/89
Depreciation Life Computed on	39 yr.
Harford, MD 1
Year of Construction	2019
Date acquired	2/19
Depreciation Life Computed on	32 yr.
Carroll, MD
Year of Construction	n/a
Date acquired	3/08
Depreciation Life Computed on	n/a
Baltimore City, MD 2
Year of Construction	2018
Date acquired	12/10
Depreciation Life Computed on	39 yr.
Harford, MD 2
Year of Construction	n/a
Date acquired	8/95
Depreciation Life Computed on	39 yr.
Wash DC 1
Year of Construction	n/a
Date acquired	4/86
Depreciation Life Computed on	15 yr.
Wash DC 2
Year of Construction	n/a
Date acquired	10/97
Depreciation Life Computed on	n/a
Dock 79
Year of Construction	2016
Date acquired	07/17
Depreciation Life Computed on	39 yr.

Investments in Joint Ventures_2

Investments in Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jul. 31, 2019	Dec. 24, 2018	Apr. 26, 2016	Oct. 04, 2006
Total Investment	$ 160,452	$ 88,884
Total Assets of the Partnerhip	334,742	152,700
Profit (loss) of the Partnership	(1,201)	(149)
Company's share of Profit (Loss) of the Partnership	(1,954)	(88)	$ (1,598)
Investments in real estate, net	287,106	116,859
Cash and cash equivalents	45,909	35,777
Unrealized rents & receivables	906
Deferred costs	821	64
Secured notes payable	81,573	9,549
Other liabilities	27,524	4,930
Capital - FRP	170,832	100,282
Capital - Third parties	54,813	37,939
Total liabilities and capital	$ 334,742	$ 152,700
Brooksville
Ownership percent	50.00%	50.00%					50.00%
Total Investment	$ 7,499	$ 7,449
Total Assets of the Partnerhip	14,316	14,325
Profit (loss) of the Partnership	(84)	(122)
Company's share of Profit (Loss) of the Partnership	(42)	(61)
Investments in real estate, net	14,293	14,299
Cash and cash equivalents	18	20
Unrealized rents & receivables	0
Deferred costs	5	6
Secured notes payable	0
Other liabilities	2	119
Capital - FRP	7,500	7,449
Capital - Third parties	6,814	6,757
Total liabilities and capital	$ 14,316	$ 14,325
BC FRP Realty, LLC
Ownership percent	50.00%	50.00%				50.00%
Total Investment	$ 5,391	$ 5,976
Total Assets of the Partnerhip	22,969	21,371
Profit (loss) of the Partnership	(1,114)	0
Company's share of Profit (Loss) of the Partnership	(591)	0
Investments in real estate, net	22,423	21,352
Cash and cash equivalents	15	11
Unrealized rents & receivables	220
Deferred costs	311	8
Secured notes payable	12,103	9,549
Other liabilities	196	38
Capital - FRP	5,335	5,892
Capital - Third parties	5,335	5,892
Total liabilities and capital	$ 22,969	$ 21,371
RiverFront Holdings II, LLC
Ownership percent	80.00%	80.00%
Total Investment	$ 25,975	$ 19,865
Total Assets of the Partnerhip	88,235	38,869
Profit (loss) of the Partnership	(95)	(66)
Company's share of Profit (Loss) of the Partnership	(871)	(66)
Investments in real estate, net	87,521	38,793
Cash and cash equivalents	630	76
Unrealized rents & receivables	82
Deferred costs	2
Secured notes payable	38,564	0
Other liabilities	6,771	1,887
Capital - FRP	37,284	31,347
Capital - Third parties	5,616	5,635
Total liabilities and capital	$ 88,235	$ 38,869
Bryant Street Partnerships
Ownership percent	61.36%	61.36%			61.36%
Total Investment	$ 58,353	$ 55,000
Total Assets of the Partnerhip	96,477	77,541
Profit (loss) of the Partnership	260	0
Company's share of Profit (Loss) of the Partnership	(573)	0
Investments in real estate, net	95,903	41,821
Cash and cash equivalents	387	35,670
Unrealized rents & receivables	158
Deferred costs	29	50
Secured notes payable	1,660	0
Other liabilities	17,183	2,886
Capital - FRP	57,479	55,000
Capital - Third parties	20,155	19,655
Total liabilities and capital	96,477	77,541
Hyde Park
Total Investment	3,492	594
Total Assets of the Partnerhip	3,492	594
Profit (loss) of the Partnership	0	39
Company's share of Profit (Loss) of the Partnership	0	39
Investments in real estate, net	3,492	594
Cash and cash equivalents	0	0
Unrealized rents & receivables	0	0
Deferred costs	0
Secured notes payable	0	0
Other liabilities	0	0
Capital - FRP	3,492	594
Capital - Third parties	0	0
Total liabilities and capital	$ 3,492	$ 594
DST Hickory Creek
Ownership percent	26.65%			26.65%
Total Investment	$ 6,000
Total Assets of the Partnerhip	49,369
Profit (loss) of the Partnership	(168)
Company's share of Profit (Loss) of the Partnership	123
Investments in real estate, net	46,685
Cash and cash equivalents	1,764
Unrealized rents & receivables	446
Deferred costs	474
Secured notes payable	29,246
Other liabilities	120
Capital - FRP	6,000
Capital - Third parties	14,003
Total liabilities and capital	49,369
Amber Ridge
Total Investment	509
Total Assets of the Partnerhip	509
Profit (loss) of the Partnership	0
Company's share of Profit (Loss) of the Partnership	0
Investments in real estate, net	509
Cash and cash equivalents	0
Unrealized rents & receivables	0
Deferred costs	0
Secured notes payable	0
Other liabilities	0
Capital - FRP	509
Capital - Third parties	0
Total liabilities and capital	$ 509
1800 Half Street
Ownership percent	59.73%
Total Investment	$ 37,314
Total Assets of the Partnerhip	40,161
Profit (loss) of the Partnership	0
Company's share of Profit (Loss) of the Partnership	0
Investments in real estate, net	14,391
Cash and cash equivalents	25,770
Unrealized rents & receivables	0
Deferred costs	0
Secured notes payable	0
Other liabilities	1,363
Capital - FRP	37,314
Capital - Third parties	1,484
Total liabilities and capital	$ 40,161
Woodfield Partnerships
Ownership percent	40.00%
Total Investment	$ 15,919
Total Assets of the Partnerhip	19,214
Profit (loss) of the Partnership	0
Company's share of Profit (Loss) of the Partnership	0
Investments in real estate, net	1,889
Cash and cash equivalents	17,325
Unrealized rents & receivables	0
Deferred costs	0
Secured notes payable	0
Other liabilities	1,889
Capital - FRP	15,919
Capital - Third parties	1,406
Total liabilities and capital	19,214
Apartment Mixed Use Totals
Total Assets of the Partnerhip	293,456
Investments in real estate, net	246,389
Cash and cash equivalents	45,876
Unrealized rents & receivables	686
Deferred costs	505
Secured notes payable	69,470
Other liabilities	27,326
Capital - FRP	153,996
Capital - Third parties	42,664
Total liabilities and capital	$ 293,456

Consolidation of RiverFront I_3

Consolidation of RiverFront Investment Partners I, LLC. - RiverFront remeasurement balance sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Land	$ 84,383	$ 83,721
Building and improvements, net	202,187	206,553
Cash	26,607	22,547	$ 4,524		$ 0
Cash held in escrow	186	202
Accounts receivable	546	564
Total Assets	538,148	505,488	$ 418,734
Long-term Debt	88,925	88,789
Other liabilities	1,978	100
Capital - FRP	160,452	88,884
Equity - MRP	54,813	37,939
Total Liabilities and Capital	$ 538,148	$ 505,488
Gain on remeasurement
Land				$ 21,107
Building and improvements, net				34,362
Value of leases in place				4,727
Cash				0
Cash held in escrow				0
Accounts receivable				0
Prepaid expenses				0
Total Assets				60,196
Long-term Debt				0
Amortizable debt costs				0
Other liabilities				0
Capital - FRP				39,727
Equity - MRP				20,469
Total Liabilities and Capital				60,196
RiverFront on the Anacostia
Land				28,327
Building and improvements, net				116,135
Value of leases in place				4,727
Cash				2,295
Cash held in escrow				171
Accounts receivable				40
Prepaid expenses				142
Total Assets				151,837
Long-term Debt				78,587
Amortizable debt costs				(852)
Other liabilities				905
Capital - FRP				48,310
Equity - MRP				24,887
Total Liabilities and Capital				151,837
Riverfront Holdings I, LLC
Land				7,220
Building and improvements, net				81,773
Value of leases in place				0
Cash				2,295
Cash held in escrow				171
Accounts receivable				40
Prepaid expenses				142
Total Assets				91,641
Long-term Debt				78,587
Amortizable debt costs				(852)
Other liabilities				905
Capital - FRP				8,583
Equity - MRP				4,418
Total Liabilities and Capital				$ 91,641

Debt - Debt (Details)

Debt - Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Riverfront permanent loan	$ 88,925	$ 88,789
Long-term debt, current and non-current	88,925	88,789
Less portion due within one year	0	0
Total long term debt	$ 88,925	$ 88,789

Leases - Carrying value of prop

Leases - Carrying value of property leased or held for lease to others (Details) - Property leased or held for lease $ in Thousands	Dec. 31, 2019USD ($)
Construction aggregates property	$ 35,294
Commercial property	54,534
Carrying Value of property owned by the Company leased or held for lease, gross	89,828
Less accumulated depreciation and depletion	14,477
Carrying Value of property owned by the Company leased or held for lease, net	$ 75,351

Earnings Per Share - Earnings p

Earnings Per Share - Earnings per share computations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Weighted average common shares oustanding during the period-shares used for basic earnings per common share	9,883	10,040	9,975
Common shares issuable under share based payment plans which are potentially dilutive	43	65	65
Common shares used for diluted earnings per common share	9,926	10,105	10,040
Income from continuing operations	$ 8,822	$ 959	$ 49,548
Discontinued operations	6,856	122,129	11,003
Net income attributable to the Company	$ 16,177	$ 124,472	$ 41,750
Basic earnings per common share:
Income from continuing operations	$ 0.89	$ .10	$ 4.97
Discontinued operations	0.69	12.16	1.10
Net income attributable to the Company	1.64	12.40	4.19
Diluted earnings per common share
Income from continuing operations	0.89	0.09	4.94
Discontinued operations	0.69	12.09	1.10
Net income attributable to the Company	$ 1.63	$ 12.32	$ 4.16

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement [Abstract]
Stock option grants	$ 112	$ 607	$ 268
Unrestricted employee stock award	50	0	0
Annual director stock award(s)	70	1,055	445
Total Stock Compensation expense	$ 232	$ 1,662	$ 713

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Summary of changes in outstanding options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Payment Arrangement [Abstract]
Options outstanding	132,504	147,538	174,510	236,385
Options granted		29,260	30,255
Options exercised	(15,034)	(56,232)	(92,130)
Options outstanding weighted average exercise price	$ 33.82	$ 33.48	$ 28.70	$ 25.35
Options outstanding weighted average exercise price - Granted		45.97	43.45
Options outstanding weighted average exercise price - Exercised	$ 30.42	$ 25.17	24.93
Options outstanding weighted average exercise price - modification			$ 30.21
Options outstanding weighted average remaining term	5 years 9 months 22 days	6 years 8 months 15 days	6 years	6 years 1 month 7 days
Options outstanding weighted average grant date fair value	$ 1,631	$ 1,782	$ 1,901	$ 2,440
Options granted weighted average grant date fair value		$ 427	$ 440
Options exercised weighted average grant date fair value	$ (151)	$ (546)	$ (842)
Options modified weighted average grant date fair value			$ (137)
Options exercisable at December 31, 2019	114,189
Options exercisable weighted average exercise price	$ 32.11
Options exercisable weighted average remaining term	5 years 3 months 20 days
Options exercisable weighted average grant date fair value	$ 1,333
Options vested during twelve months ended December 31, 2019	9,509
Options vested weighted average grant date fair value	$ 138

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Summary of Stock Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2019Yearsinteger$ / sharesshares	Dec. 31, 2018$ / shares	Dec. 31, 2017$ / shares	Dec. 31, 2016$ / shares
Shares under option | shares	132,504
Weighted average exercise price	$ 33.82	$ 33.48	$ 28.70	$ 25.35
Weighted average remaining life | integer	5.8
$16.71 - $24.75 Exercisable
Shares under option | shares	14,100
Weighted average exercise price	$ 16.72
Weighted average remaining life | Years	1.9
Minimum exercise price	$ 16.71
Maximum exercise price	$ 24.75
$24.76 - $37.25 Exercisable
Shares under option | shares	33,729
Weighted average exercise price	$ 21.56
Weighted average remaining life | Years	2.8
Minimum exercise price	$ 24.76
Maximum exercise price	$ 37.25
$37.26 - $45.97 Exercisable
Shares under option | shares	66,360
Weighted average exercise price	$ 40.75
Weighted average remaining life | Years	7.3
Minimum exercise price	$ 37.26
Maximum exercise price	$ 45.97
$37.26 - $45.97 Non-exercisable
Shares under option | shares	18,315
Weighted average exercise price	$ 44.48
Weighted average remaining life | Years	8.6
Minimum exercise price	$ 37.26
Maximum exercise price	$ 45.97
Exercisable
Shares under option | shares	114,189
Weighted average exercise price	$ 32.11
Weighted average remaining life | Years	5.3
Non-exercisable
Shares under option | shares	18,315
Weighted average exercise price	$ 44.48
Weighted average remaining life | Years	8.6

Income Taxes - Provision for in

Income Taxes - Provision for income taxes for continuing operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Federal, current	$ (8,225)	$ 28,512	$ (1,779)
State, current	(7,799)	15,024	(433)
Current income tax expense	(16,024)	43,536	(2,212)
Deferred	22,130	1,999	9,527
Federal, computed at statutory rate	5,006	35,351	16,723
State income taxes (net of Federal income tax benefit)	1,623	10,186	2,476
Tax Cut and Jobs Act of 2017	0	0	(11,834)
Other, net	(523)	(2)	(50)
Continuing operations tax expense	2,962	524	7,350
Discontinued operations tax expense	2,542	45,286	(21)
Tax expense continuing operations and discontinued operations	5,504	45,810	7,329
Comprehensive income tax expense	602	(275)	(14)
Total tax expense	$ 6,106	$ 45,535	$ 7,315

Income Taxes - Deferred tax ass

Income Taxes - Deferred tax assets and deferred tax liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Property and equipment	$ 49,932	$ 28,329	$ 25,212
Depletion	718	721	660
Unrealized rents	27	52	1,166
Prepaid expenses	76	38	431
Gross deferred tax liabilities	50,753	29,140	27,469
Employee benefits and other	642	1,159	1,487
Gross deferred tax assets	642	1,159	1,487
Net deferred tax liability	$ 50,111	$ 27,981	$ 25,982

Business Segments - Business se

Business Segments - Business segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Revenues	$ 23,756	$ 22,022	$ 15,602
Operating profit	5,756	1,962	1,041
Interest expense	1,054	3,103	2,741
Investments available for sale	137,867	165,212	0
Cash items	26,793	22,749	4,524
Total identifiable net assets	538,148	505,488	418,734
Discontinued Operations
Segment Reporting Information [Line Items]
Total identifiable net assets	0	3,224	176,694
Unallocated
Segment Reporting Information [Line Items]
Corporate expenses	0	(1,208)	(1,563)
Asset Management
Segment Reporting Information [Line Items]
Revenues	2,190	2,309	2,284
Operating profit (loss) before corporate expenses	196	1,051	1,035
Corporate expenses	(646)	(153)	(154)
Depreciation, depletion and amortization	708	540	512
Capital expenditures	9,487	335	221
Total identifiable net assets	18,468	10,593	2,960
Mining royalty lands
Segment Reporting Information [Line Items]
Revenues	9,438	8,139	7,241
Operating profit (loss) before corporate expenses	8,690	7,504	6,732
Corporate expenses	(169)	(214)	(167)
Depreciation, depletion and amortization	177	198	110
Capital expenditures	0	0	0
Total identifiable net assets	38,409	37,991	38,656
Development
Segment Reporting Information [Line Items]
Revenues	1,164	1,206	1,230
Operating profit (loss) before corporate expenses	(2,817)	(2,104)	(1,528)
Corporate expenses	(1,581)	(1,984)	(1,231)
Depreciation, depletion and amortization	214	228	337
Capital expenditures	631	6,396	2,218
Total identifiable net assets	179,357	119,029	46,684
Stabilized Joint Venture
Segment Reporting Information [Line Items]
Revenues	10,964	10,368	4,847
Operating profit (loss) before corporate expenses	2,243	(537)	(2,018)
Corporate expenses	(160)	(393)	(65)
Depreciation, depletion and amortization	4,756	6,932	4,975
Capital expenditures	316	563	857
Total identifiable net assets	133,956	138,206	144,386
Corporate
Segment Reporting Information [Line Items]
Total identifiable net assets	3,298	8,484	4,830
Total Segments
Segment Reporting Information [Line Items]
Revenues	23,756	22,022	15,602
Operating profit (loss) before corporate expenses	8,312	5,914	4,221
Operating profit	5,756	1,962	1,041
Corporate expenses	(2,556)	(3,952)	(3,180)
Interest expense	1,054	3,103	2,741
Depreciation, depletion and amortization	5,855	7,898	5,934
Capital expenditures	$ 10,434	$ 7,294	$ 3,296

Intangible Assets - Intangible

Intangible Assets - Intangible asset amortization Dock 79 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Feb. 06, 2019	Jun. 30, 2017
Cranberry Business Park Forecasted amortization
In-place Leases annual amortization	$ 12	$ 46	$ 46
Dock 79
In-place leases initial value								$ 4,727
In-place Leases annual amortization				$ 25	$ 2,201	$ 2,501
Cranberry Business Park
In-place leases initial value							$ 183
In-place Leases annual amortization				$ 79

Intangible assets and liabiliti

Intangible assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Amortizable asset carrying Amount	$ 4,910	$ 4,727
Amortizable asset accumulated Amortization	4,806	4,702
In place leases
Amortizable asset carrying Amount	4,910	4,727
Amortizable asset accumulated Amortization	4,806	4,702
Above Market leases
Amortizable asset carrying Amount	0	0
Amortizable asset accumulated Amortization	$ 0	$ 0

Intangible assets and liabili_2

Intangible assets and liabilities (Details) (Parenthetical)	12 Months Ended
	Dec. 31, 2019
In place leases
Useful life	0-8 years
Above Market leases
Useful life	5 years

Discontinued Operations - Disco

Discontinued Operations - Discontinued operations results of operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Lease Revenues	$ 23,756	$ 22,022	$ 15,602
Depreciation, depletion and amortization	5,855	7,898	5,934
Operating expenses	4,134	4,285	2,136
Property taxes	2,941	2,625	2,016
Total operating profit	5,756	1,962	1,041
Interest expense	(1,054)	(3,103)	(2,741)
Income before income taxes	11,784	1,483	56,898
Provision for (benefit from) income taxes	2,962	524	7,350
Income from discontinued operations	6,856	122,129	11,003
Discontinued Operations, Disposed of by Sale [Member]
Lease Revenues	460	12,098	27,589
Depreciation, depletion and amortization	17	3,161	7,598
Operating expenses	248	1,742	3,485
Property taxes	41	1,286	3,008
Management company indirect	0	1,360	734
Corporate expenses	0	1,462	200
Total cost of operations	306	9,011	15,025
Total operating profit	154	3,087	12,564
Interest expense	0	(587)	(1,582)
Gain on sale of buildings	9,244	164,915	0
Income before income taxes	9,398	167,415	10,982
Provision for (benefit from) income taxes	2,242	45,286	(21)
Income from discontinued operations	$ 6,856	$ 122,129	$ 11,003

Discontinued Operations - Dis_2

Discontinued Operations - Discontinued operations balance sheet components (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Land	$ 84,383	$ 83,721
Buildings and improvements	147,019	144,543
Projects under construction	1,056	6,683
Accounts receivable, net	546	564
Unrealized rents	554	53
Deferred costs	890	773
Other assets	479	455
Assets of discontinued operations	0	3,224
Secured notes payable, less current portion	88,925	88,789
Accounts payable and accrued liabilities	2,431	3,545
Deferred revenue	790	27
Tenant security deposits	328	53
Liabilities of discontinued operations	$ 0	288
Discontinued Operations, Disposed of by Sale [Member]
Land		546	$ 40,465
Buildings and improvements		3,315	186,657
Projects under construction		0	6,617
Total investments in properties		3,861	233,739
Less accumulated depreciation and depletion		2,374	68,049
Net investments in properties		1,487	165,690
Accounts receivable, net		910	405
Unrealized rents		473	4,088
Deferred costs		354	6,509
Other assets		0	2
Assets of discontinued operations		3,224	176,694
Secured notes payable, current portion		0	23,825
Secured notes payable, less current portion		0	4,338
Accounts payable and accrued liabilities		205	2,289
Deferred revenue		45	967
Tenant security deposits		38	861
Liabilities of discontinued operations		$ 288	$ 32,280

Accounting Policies (Details Na

Accounting Policies (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)integer	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	May 21, 2018USD ($)integer
Investments held to maturity	$ 0
Investments held for trading	0
Depreciation and depletion	$ 5,784	$ 5,709	$ 3,491
Buildings and improvements
Estimated useful lives	3-39
Brooksville
Voting interest	50.00%
BC FRP Realty, LLC
Voting interest	50.00%
Woodfield Partnerships
Voting interest	40.00%
RiverFront Holdings II, LLC
Voting interest	80.00%
Bryant Street Partnerships
Voting interest	61.36%
1800 Half Street
Voting interest	59.73%
Asset Management Properties
Warehouse properties | integer	4
Discontinued Operations, Disposed of by Sale [Member]
Warehouse properties | integer				40
Land parcels | integer				3
Sales price	$ 11,700	$ 347,200
Excluded
Warehouse properties | integer				1
Property value				$ 11,700

Investments in Joint Ventures_3

Investments in Joint Ventures (Details Narrative) $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Dec. 31, 2019USD ($)integer	May 31, 2016USD ($)	Sep. 30, 2019	Dec. 31, 2006USD ($)	Dec. 31, 2019USD ($)integer	Dec. 31, 2018USD ($)integer	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 23, 2019ft²integer	Dec. 20, 2019ft²integer	Jul. 31, 2019USD ($)ft²integer	Jun. 26, 2019USD ($)integer	Mar. 13, 2019USD ($)	Dec. 24, 2018a	May 04, 2018USD ($)	Jan. 27, 2018USD ($)	Sep. 28, 2017USD ($)integer	Apr. 26, 2016ft²a	Oct. 04, 2006ft²a
Company's share of the loss of the joint venture					$ (1,954)	$ (88)	$ (1,598)
Joint Venture consolidated retained earnings	$ (4,127)				(4,127)	(2,702)
Cash contribution					73,529	$ 71,007	$ 693
Difference between capital recorded by the Company and the joint ventures	10,380				10,380
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.
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	12,002				12,002
Buildings | integer																	4
Eagle BankRiverFront Holdings II, LLC
Interest rate over LIBOR						3.25%
Outstanding balance	39,866				$ 39,866
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	$ 5,243				$ 5,243
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 | ft²																			553
Vulcan leasehold interest | ft²																			3,443
FRP additional contribution for land				$ 3,018
Additional land acquired | ft²																			288
St Johns Properties JV Joint Venture
Value of land contributed								$ 3,240
Joint venture percentage stake																		50.00%
Acres conributed | ft²																		10
MRP
Other ownership capital contribution						$ 5,600
Development fee						$ 725
DST CS1031 Hickory Creek
Square feet | ft²											273,940
Land acreage | ft²											20.4
No. of homes | integer											294
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
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					$ (42)	$ (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					$ (591)	$ 0
Hyde Park
Company's share of the loss of the joint venture					$ 0	39
Loan commitment																$ 3,500
Interest rate																10.00%
Preferred return																20.00%
No. of homes | integer	126				126
RiverFront Holdings II, LLC
Value of land contributed						16,300
Joint venture percentage stake															80.00%
Book value of land contribution						4,600
Company's share of the loss of the joint venture						(66)
Cash contribution						6,200
Preferred equity financing						13,750
Preferred equity financing interest rate															7.50%
Company's share of preferred interest						$ 788
RiverFront Holdings II, LLC
Joint venture percentage stake	80.00%				80.00%	80.00%
Company's share of the loss of the joint venture					$ (871)	$ (66)
Preferred equity financing advanced					$ 13,750
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					$ (573)	$ 0
Cash contribution						32,000
Preferred equity financing						$ 23,000
Preferred equity financing interest rate														8.00%
Company's share of preferred interest					444
Amortization of guarantee liability					$ 373
DST Hickory Creek
Joint venture percentage stake	26.65%				26.65%						26.65%
Distribution received					$ 123
Company's share of the loss of the joint venture					123
Cash contribution					6,000
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 homes | integer												190
1800 Half Street
Square feet | ft²										11,246
Joint venture percentage stake	59.73%				59.73%
Company's share of the loss of the joint venture					$ 0
Cash contribution	$ 37,300
No. of homes | integer										344
408 Jackson
Square feet | ft²									4,700
Joint venture percentage stake									40.00%
Cash contribution	9,700
No. of homes | integer									227
Greenville
Joint venture percentage stake									40.00%
Cash contribution	$ 6,200
No. of homes | integer									200

Consolidation of RiverFront I_4

Consolidation of RiverFront Investment Partners I, LLC. (Details Narrative) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2013USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jun. 30, 2017	Mar. 30, 2012ft²a
Gain on remeasurement of investment of real estate partnership		$ 0	$ 0	$ 60,196
Noncontrolling Interest
Gain on remeasurement of investment of real estate partnership				$ 20,469
MRP
Capital contribution	$ 5,553
Riverfront Holdings I, LLC
Square feet | ft²						300,000
Retail square feet | ft²						18,000
Area of land to develop | a						2
Land acreage | a						5.82
Value of land contributed	13,500
Book value of land contribution	6,165
Cash contributed	$ 4,866
Joint venture percentage stake	77.14%
RiverFront on the Anacostia
Joint venture percentage stake					66.00%
Stabilization percent leased and occupied					90.00%

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Charges/allocation related to Transition Services Agreement with Patriot	$ 1,389	$ 1,512

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Feb. 06, 2019	Nov. 17, 2017
Capitalized interest		$ 2,889	$ 1,056
Debt cost amortization		136
Prepayment penalty			3,420
Riverfront permanent loan		88,925	$ 88,789
Principal payments 2020		0
Principal payments 2021		127
Principal payments 2022		1,556
Principal payments 2023		1,622
Principal payments 2024 and subsequent years		$ 85,620
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		$ 411
Borrowed under the revolver		0
Available for borrowing		19,589
Available to pay dividends or repurchase stock		$ 219,000
Letter of credit fee		1.00%
Interest rate		2.80%
Covenant compliance		all

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
Minimum future straight-lined rentals due on noncancelable leases 2020	$ 9,658
Minimum future straight-lined rentals due on noncancelable leases 2021	3,839
Minimum future straight-lined rentals due on noncancelable leases 2022	3,008
Minimum future straight-lined rentals due on noncancelable leases 2023	3,000
Minimum future straight-lined rentals due on noncancelable leases 2024	3,001
Minimum future straight-lined rentals due on noncancelable leases 2025 and subsequent years	$ 16,636

Earnings Per Share (Details Nar

Earnings Per Share (Details Narrative) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Anti-dilutive shares	19,950	22,470
Shares repurchased by the Company	169,251
Repurchased shares average cost	$ 48.51

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)Years$ / sharesshares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
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
Dividend yield	0.00%
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
Aggregate intrinsic value of exercisable in-the-money options	$ 2,021
Aggregate intrinsic value of outstanding in-the-money options	$ 2,118
Market close price | $ / shares	$ 49.81
Gains realized by option holders	$ 299
Total unrecognized compensation cost of options granted but not yet vested	$ 290
Compensation cost not yet vested recognition period	3 years 7 months 9 days
Modification stock compensation expense			$ 41
Stock compensation expense for the vesting of option grants due to asset disposition		$ 402
Patriot Transportation
Realized tax benefit from options exercised	$ 175
Modification stock compensation expense			$ 150

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Unrecognized tax benefits		$ 0
Tax Cuts and Jobs Act of 2017 deferred tax benefit	$ 12,043
Tax Cuts and Jobs Act of 2017 deferred tax benefit per share	$ 1.20
Effective tax rate			27.05%	39.07%	39.50%
Income tax benefit related to lower rate				$ 209
Federal tax rate				35.00%	34.00%
Minimum taxable income where the federal tax rate increases				$ 10,000
Tax expense related to Discontinued operations		2,542	$ 45,286	(21)
Provision to return adjustment		18,000
Current income tax benefit (expense)		16,024	(43,536)	$ 2,212
Current tax provision before adjustments		2,000
Opportunity Zone $50 mil
Provision to return adjustment		13,797
Opportunity Zone investment funds		50,000
Opportunity Zone $55 mil
State tax related to gains		4,213
Opportunity Zone investment funds		55,000
Discontinued Operations, Disposed of by Sale [Member]
Tax expense related to Discontinued operations			$ 44,600
Opportunity Zone investment funds		112,000
Deferred taxes of gains on sales reinvested in Opportunity Zone investments		$ 31,000
Gains excluded from tax once held five years		10.00%
Additional Gains excluded from tax after held seven years		5.00%

Employee Benefits (Details Narr

Employee Benefits (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Notes to Financial Statements
Company 401k contribution	50.00%	50.00%
Savings/profit sharing plan company contribution	$ 35	$ 50
Management Security Plan expense	(14)	(7)
Management Security Plan accrued benefit	$ 1,424	$ 1,440

Business Segments (Details Narr

Business Segments (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 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
Warehouse properties			1
Property value | $			$ 11,700
Brooksville Quarry, LLC
Mining royalty lands acres | a	4,280
Mining royalty lands
Mining royalty lands acres | a	15,000
Asset Management
Warehouse properties	2
Industrial acquisition	1

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)integer	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Number of corporate bonds | integer	63
Unrealized gain on corporate bonds	$ 1,212
Realized gain on corporate bonds	949
Amortized cost of investments	136,655
Carrying amount of corporate bonds	137,867	$ 165,212	$ 0
Carrying amount of mortgage notes payable	88,925	88,789
Fair value of mortgage notes payable	93,065	$ 87,983
Fair Value, Measurements, Recurring [Member]
Assets measured at fair value	$ 137,867

Contingent Liabilities (Details

Contingent Liabilities (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2018	Jun. 30, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Contingent Liabilities Details Narrative Abstract
Environmental remediation expense (recovery)	$ (465)	$ 2,000	$ 0	$ (465)	$ 0

Commitments (Details Narrative)

Commitments (Details Narrative) $ in Thousands	Dec. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitments to develop and maintain real estate	$ 1,434

Concentrations (Details Narrati

Concentrations (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)integer
Tenants leasing mining locations | integer	5
Mining Top Customer
Customer revenue concentration	31.00%
Accounts receivable concentration | $	$ 297

Unusual or Infrequent Items I_2

Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) - Discontinued Operations, Disposed of by Sale [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	May 21, 2018integer
Warehouse properties			40
Land parcels			3
Sales price | $	$ 11,700	$ 347,200

Discontinued Operations (Detail

Discontinued Operations (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 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
Warehouse properties			1
Property value | $			$ 11,700