FRP (FRPH) 10-Q 14 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Document And Entity Information
Entity Registrant Name	FRP HOLDINGS, INC.
Entity Central Index Key	0000844059
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Incorporation State Country	FL
Entity File Number	001-36769
Is Entity's Reporting Status Current?	Yes
Is the interactive data current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		9,649,895
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Is Entity a smaller reporting company	true
Is Entity an emerging growth company	false
Is Entity a shell company	false
Security title	Common stock, $.10 par value
Trading symbol	FRPH
Name of exchange on which registered	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Land	$ 84,348	$ 84,383
Buildings and improvements	147,781	147,019
Projects under construction	625	1,056
Total investments in properties	232,754	232,458
Less accumulated depreciation and depletion	31,727	30,271
Net investments in properties	201,027	202,187
Real estate held for investment, at cost	8,571	8,380
Investments in joint ventures	161,924	160,452
Net real estate investments	371,522	371,019
Cash and cash equivalents	11,375	26,607
Cash held in escrow	189	186
Accounts receivable, net	838	546
Investments available for sale at fair value	148,667	137,867
Unrealized rents	657	554
Deferred costs	967	890
Other assets	484	479
Total assets	534,699	538,148
Liabilities:
Secured notes payable	88,959	88,925
Accounts payable and accrued liabilities	1,653	2,431
Other liabilities	1,886	1,978
Federal and state income taxes payable	400	504
Deferred revenue	713	790
Deferred income taxes	50,397	50,111
Deferred compensation	1,433	1,436
Tenant security deposits	366	328
Total liabilities	145,807	146,503
Commitments and contingencies
Equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 9,766,906 and 9,817,429 shares issued and outstanding, respectively	977	982
Capital in excess of par value	57,818	57,705
Retained earnings	313,968	315,278
Accumulated other comprehensive income (loss), net	(203)	923
Total shareholders' equity	372,560	374,888
Noncontrolling interest MRP	16,332	16,757
Total Equity	388,892	391,645
Total liabilities and shareholders' equity	$ 534,699	$ 538,148

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	9,766,906	9,817,429

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Lease revenue	$ 3,598	$ 3,485
Mining lands lease revenue	2,185	2,229
Total revenues	5,783	5,714
Cost of operations:
Depreciation, depletion and amortization	1,468	1,487
Operating expenses	925	882
Property taxes	737	753
Management company indirect	672	592
Corporate expenses	1,187	645
Total cost of operations	4,989	4,359
Total operating profit	794	1,355
Net investment income, including realized gains of $108 and $119	1,991	1,810
Interest expense	(51)	(588)
Equity in loss of joint ventures	(642)	(264)
Gain on real estate	8	0
Income from continuing operations before income taxes	2,100	2,313
Provision for income taxes	601	672
Income from continuing operations	1,499	1,641
Income from discontinued operations, net	0	86
Net income	1,499	1,727
Loss attributable to noncontrolling interest	(119)	(171)
Net income attributable to the Company	$ 1,618	$ 1,898
Basic earnings per common share
Income from continuing operations	$ 0.15	$ 0.16
Discontinued operations	0	0.01
Net income attributable to the Company	0.17	0.19
Diluted earnings per common share
Income from continuing operations	0.15	0.16
Discontinued operations	0	0.01
Net income attributable to the Company	$ 0.16	$ 0.19
Number of shares (in thousands) used in computing:
-basic earnings per common share	9,803	9,952
-diluted earnings per common share	9,833	9,996

Consolidated Statements of In_2

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Investment income realized gains	$ 108	$ 119

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Net income	$ 1,499	$ 1,727
Other comprehensive income net of tax:
Unrealized gain (loss) on investments available for sale, net of income tax effect of ($417) and $579	(1,126)	1,560
Comprehensive income	373	3,287
Less: comprehensive income attributable to noncontrolling interest	(119)	(171)
Comprehensive income attributable to the Company	$ 492	$ 3,458

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Income tax effect unrealized gain (loss) on investments available for sale	$ (417)	$ 579

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 1,499	$ 1,727
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net	0	(86)
Depreciation, depletion and amortization	1,526	1,551
Equity in loss of joint ventures	642	264
Gain on sale of equipment and property	(8)	0
Stock-based compensation	601	29
Realized gain on available for sale investments	(108)	(119)
Net changes in operating assets and liabilities:
Accounts receivable	(292)	(124)
Deferred costs and other assets	(183)	(508)
Accounts payable and accrued liabilities	(855)	(890)
Income taxes payable and receivable	182	1,505
Other long-term liabilities	979	(249)
Net cash provided by operating activities of continuing operations	3,983	3,100
Net cash provided by operating activities of discontinued operations	0	150
Net cash provided by operating activities	3,983	3,250
Cash flows from investing activities:
Investments in properties	(487)	(6,719)
Investments in joint ventures	(2,115)	(5,676)
Purchases of investments available for sale	(24,748)	(4,725)
Proceeds from sales of investments available for sale	11,857	22,893
Proceeds from the sale of assets	8	0
Cash held in escrow	(3)	17
Net cash provided by (used in) investing activities of continuing operations	(15,488)	5,790
Net cash provided by investing activities of discontinued operations	0	23
Net cash provided by (used in) investing activities	(15,488)	5,813
Cash flows from financing activities:
Distribution to noncontrolling interest	(306)	(255)
Repurchase of Company Stock	(3,421)	(1,714)
Net cash used in financing activities of continuing operations	(3,727)	(1,969)
Net cash used in financing activities of discontinued operations	0	0
Net cash used in financing activities	(3,727)	(1,969)
Net increase (decrease) in cash and cash equivalents	(15,232)	7,094
Cash and cash equivalents at beginning of year	26,607	22,547
Cash and cash equivalents at end of the period	$ 11,375	$ 29,641

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	(1) Description of Business and Basis of Presentation. FRP Holdings, Inc. is a holding company engaged in the real estate business, namely (i) mining royalty land ownership and leasing, (ii) land acquisition, entitlement and development primarily for future warehouse/office or residential building construction, (iii) ownership, leasing, and management of a residential apartment building, and (iv) warehouse/office building ownership, leasing and management. The accompanying consolidated financial statements include the accounts of FRP Holdings, Inc. (the “Company” or “FRP”) inclusive of our operating real estate subsidiaries, FRP Development Corp. (“Development”) and Florida Rock Properties, Inc. (”Properties”) and RiverFront Investment Partners I, LLC. Our investment in the Brooksville joint venture, BC FRP Realty joint venture, RiverFront Holdings II joint venture, Bryant Street Partnerships, 1800 Half Street and Greenville/Woodfield are accounted for under the equity method of accounting (See Note 11). Our ownership of RiverFront Investment Partners I, LLC includes a non-controlling interest representing the ownership of our partner. 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. 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. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The accompanying consolidated financial statements and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the Company's consolidated financial statements and related notes included in the Company’s Form 10-K for the year ended December 31, 2019.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Recently Issued Accounting Standards	(2) Recently Issued Accounting Standards. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. The Company is not a significant lessee. Lessors will account for leases using an approach that is substantially equivalent to existing accounting standards. The Company's existing leases will continue to be classified as operating leases. Leases entered into after the effective date of the new standard may be classified as operating or sales-type leases, based on specific classification criteria. Operating leases will continue to have a similar pattern of recognition as under current GAAP. Sales-type lease accounting, however, will result in the recognition of selling profit at lease commencement, with interest income recognized over the life of the lease. The new standard also includes a change to the treatment of internal leasing costs and legal costs, which can no longer be capitalized. Only incremental costs of a lease that would not have been incurred if the lease had not been obtained may be deferred as initial direct costs. The new standard also requires lessors to exclude from variable payments certain lessor costs, such as real estate taxes, that the lessor contractually requires the lessee to pay directly to a third party on its behalf. The new standard requires our expected credit loss related to the collectability of lease receivables to be reflected as an adjustment to the line item Lease Revenue. For the 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. We elected the package of practical expedients permitted under the transition guidance within the new standard. By adopting these practical expedients, we were not required to reassess (1) whether an existing contract meets the definition of a lease; (2) the lease classification for existing leases; or (3) costs previously capitalized as initial direct costs. The adoption of this guidance did not have a material impact on our financial statements.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Business Segments	(3) 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. Operating results and certain other financial data for the Company’s business segments are as follows (in thousands): Three Months ended March 31, 2020 2019 Revenues: Asset management $ 652 641 Mining royalty lands 2,185 2,229 Development 293 269 Stabilized Joint Venture 2,653 2,575 5,783 5,714 Operating profit (loss): Before corporate expenses: Asset management $ 177 97 Mining royalty lands 2,001 2,044 Development (774 ) (553 ) Stabilized Joint Venture 577 412 Operating profit before corporate expenses 1,981 2,000 Corporate expenses: Allocated to asset management (308 ) (163 ) Allocated to mining royalty lands (97 ) (43 ) Allocated to development (712 ) (399 ) Allocated to Stabilized Joint Venture (70 ) (40 ) Total corporate expenses (1,187 ) (645 ) $ 794 1,355 Interest expense $ 51 588 Depreciation, depletion and amortization: Asset management $ 192 177 Mining royalty lands 38 52 Development 54 58 Stabilized Joint Venture 1,184 1,200 $ 1,468 1,487 Capital expenditures: Asset management $ 213 6,466 Mining royalty lands — — Development 297 370 Stabilized Joint Venture (23 ) (117 ) $ 487 6,719 March 31, December 31, Identifiable net assets 2020 2019 Asset management $ 18,644 18,468 Mining royalty lands 38,494 38,409 Development 176,575 179,357 Stabilized Joint Venture 132,801 133,956 Investments available for sale at fair value 148,667 137,867 Cash items 11,564 26,793 Unallocated corporate assets 7,954 3,298 $ 534,699 538,148

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
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, 2020. The consolidated statements of income reflect charges and/or allocation from Patriot for these services of $290,000 and $301,000 for the three months ended March 31, 2020 and 2019, respectively. Included in the charges above are amounts recognized for corporate executive stock-based compensation expense. These charges are reflected as part of corporate expenses. To determine these allocations between FRP and Patriot as set forth in the Transition Services Agreement, we employ an allocation method to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations, but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	(5) Long-Term Debt. Long-term debt is summarized as follows (in thousands): March 31, December 31, 2020 2019 Riverfront permanent loan $ 88,959 88,925 Less portion due within one year — — $ 88,959 88,925 On February 6, 2019, the Company entered into a First Amendment to the 2015 Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells Fargo”), effective February 6, 2019. The Credit Agreement modifies the Company’s prior Credit Agreement with Wells Fargo dated January 30, 2015. The Credit Agreement establishes a five-year revolving credit facility with a maximum facility amount of $20 million. The interest rate under the Credit Agreement will be a maximum of 1.50% over LIBOR, which may be reduced quarterly to 1.25% or 1.0% over LIBOR if the Company meets a specified ratio of consolidated debt to consolidated total capital, as defined which excludes FRP Riverfront. A commitment fee of 0.25% per annum is payable quarterly on the unused portion of the commitment but the amount may be reduced to 0.20% or 0.15% if the Company meets a specified ratio of consolidated total debt to consolidated total capital. The Credit Agreement contains certain conditions, affirmative financial covenants and negative covenants. As of March 31, 2020, 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 1.98938% on March 31, 2020. The credit agreement contains certain conditions and financial covenants, including a minimum tangible net worth and dividend restriction. As of March 31, 2020, 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 March 31, 2020. 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 $34,000 was recorded during the three months ended March 31, 2020. During the three months ended March 31, 2020 and March 31, 2019 the Company capitalized interest costs of $935,000 and $385,000, respectively.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings per Share	(6) Earnings per Share. The following details the computations of the basic and diluted earnings per common share (in thousands, except per share amounts): Three Months ended March 31, 2020 2019 Weighted average common shares outstanding during the period – shares used for basic earnings per common share 9,803 9,952 Common shares issuable under share based payment plans which are potentially dilutive 30 44 Common shares used for diluted earnings per common share 9,833 9,996 Income from continuing operations $ 1,499 1,641 Discontinued operations $ — 86 Net income attributable to the Company $ 1,618 1,898 Basic earnings per common share: Income from continuing operations $ 0.15 0.16 Discontinued operations $ — 0.01 Net income attributable to the Company $ 0.17 0.19 Diluted earnings per common share: Income from continuing operations $ 0.15 0.16 Discontinued operations $ — 0.01 Net income attributable to the Company $ 0.16 0.19 For the three months ended March 31, 2020, 29,925 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three months ended March 31, 2019, 22,470 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. During the first three months the Company repurchased 82,491shares at an average cost of $41.47.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	(7) 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 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. In March 2020, 20,520 shares of restricted stock were granted to employees as part of a long-term incentive plan that will vest over the next five years. The number of common shares available for future issuance was 455,870 at March 31, 2020. In March 2020, 11,448 shares of stock were granted to employees rather than stock options as in prior years. The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands): Three Months ended March 31, 2020 2019 Stock option grants $ 24 29 Restricted stock awards granted in 2020 47 — Employee stock grant 530 — Annual director stock award — — $ 601 29 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, 2020 132,504 $ 33.82 5.8 $ 1,631 Granted — $ — $ — Exercised — $ — $ — Outstanding at March 31, 2020 132,504 $ 33.82 5.5 $ 1,631 Exercisable at March 31, 2020 114,189 $ 32.11 5.1 $ 1,333 Vested during three months ended March 31, 2020 — $ — The aggregate intrinsic value of exercisable in-the-money options was $1,318,000 and the aggregate intrinsic value of outstanding in-the-money options was $1,339,000 based on the market closing price of $43.00 on March 31, 2020 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of March 31, 2020 was $266,000, which is expected to be recognized over a weighted-average period of 3.4 years. A summary of changes in restricted stock awards is presented below (in thousands, except share and per share amounts): Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Restricted stock Shares Price Term (yrs) Fair Value(000's) Outstanding at January 1, 2020 0 Granted 20,520 $ 46.30 $ 950 Outstanding at March 31, 2020 20,520 $ 46.30 4.2 $ 950 Total compensation cost of restricted stock granted but not yet vested as of March 31, 2020 was $903,000 which is expected to be recognized over a weighted-average period of 4.2 years.

Contingent liabilities

Contingent liabilities	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Contingent liabilities	(8) 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 and further reduced the liability $92,000 to zero in 2020. The Company has no obligation to remediate any known contamination on Phases III and IV of the development until such time as it makes a commitment to commence construction on each phase.

Concentrations

Concentrations	3 Months Ended
	Mar. 31, 2020
Risks and Uncertainties [Abstract]
Concentrations	(9) Concentrations The mining royalty lands segment has a total of five tenants currently leasing mining locations and one lessee that accounted for 30% of the Company’s consolidated revenues during the three months ended March 31, 2020 and $406,000 of accounts receivable at March 31, 2020. 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.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	(10) 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 March 31, 2020 the Company was invested in 68 corporate bonds with individual maturities ranging from 2020 through 2022. The unrealized loss on these bonds of $331,000 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 $108,000 in its net investment income related to bonds that were sold first quarter 2020. The amortized cost of the investments was $148,998,000 and the carrying amount and fair value of such bonds were $148,667,000 as of March 31, 2020. At March 31, 2020 and 2019, the carrying amount reported in the consolidated balance sheets for cash and cash equivalents and revolving credit approximate their fair value based upon the short-term nature of these items. The fair values of the Company’s other mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities. At March 31, 2020, the carrying amount and fair value of such other long-term debt was $88,959,000 and $95,486,000, respectively. At March 31, 2019, the carrying amount and fair value of such other long-term debt was $88,823,000 and $90,173,000, respectively.

Investment in Joint Ventures

Investment in Joint Ventures	3 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Ventures (Equity Method)	(11) 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 As of March 31, 2020 Brooksville Quarry, LLC 50.00 % $ 7,486 14,335 (24 ) (12 ) BC FRP Realty, LLC 50.00 % 5,295 22,818 (124 ) (62 ) RiverFront Holdings II, LLC 80.00 % 26,092 100,315 (242 ) (391 ) Bryant Street Partnerships 61.36 % 59,008 110,925 — (432 ) Hyde Park 3,741 3,741 — — DST Hickory Creek 26.65 % 6,000 49,208 (75 ) 83 Amber Ridge Loan 876 876 — — 1800 Half St. Owner, LLC 59.73 % 37,439 39,818 105 105 Greenville/Woodfield Partnerships 40.00 % 15,987 40,685 116 67 Total $ 161,924 382,721 (244 ) (642 ) 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 ) Summarized Financial Information for the Investments in Joint Ventures (in thousands): As of March 31, 2020 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 $ 99,680 110,573 46,472 17,844 5,208 $ 279,777 Cash and cash equivalents 535 161 1,741 21,974 35,339 59,750 Unrealized rents & receivables 76 177 538 0 0 791 Deferred costs 24 14 457 0 138 633 Total Assets $ 100,315 110,925 49,208 39,818 40,685 $ 340,951 Secured notes payable $ 50,503 15,383 29,257 0 0 $ 95,143 Other liabilities 6,908 17,540 335 903 771 26,457 Capital - FRP 37,339 57,848 5,228 37,440 15,987 153,842 Capital - Third Parties 5,565 20,154 14,388 1,475 23,927 65,509 Total Liabilities and Capital $ 100,315 110,925 49,208 39,818 40,685 $ 340,951 As of March 31, 2020 Brooksville BC FRP Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Hyde Park Loan Mixed Use Total Investments in real estate, net. $ 14,291 22,311 3,741 876 279,777 $ 320,996 Cash and cash equivalents 41 20 0 0 59,750 59,811 Unrealized rents & receivables 0 225 0 0 791 1,016 Deferred costs 3 262 0 0 633 898 Total Assets $ 14,335 22,818 3,741 876 340,951 $ 382,721 Secured notes payable $ 0 12,161 0 0 95,143 $ 107,304 Other liabilities 47 117 0 0 26,457 26,621 Capital - FRP 7,486 5,270 3,741 876 153,842 171,215 Capital - Third Parties 6,802 5,270 0 0 65,509 77,581 Total Liabilities and Capital $ 14,335 22,818 3,741 876 340,951 $ 382,721 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 $9,289,000 more than the Investment in Joint Ventures reported in the Company’s consolidated balance sheet due to the lower basis in property contributed. The amount of consolidated retained earnings for these joint ventures was $(4,595,000) and $(4,127,000) as of March 31, 2020 and December 31, 2019 respectively.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	(12) Discontinued Operations. On May 21, 2018, the Company completed the disposition of 40 industrial warehouse properties and three additional land parcels to an affiliate of Blackstone Real Estate Partners VIII, L.P. for $347.2 million. One warehouse property valued at $11.7 million was excluded from the sale due to the tenant exercising its right of first refusal to purchase the property. These properties comprised substantially all the assets of our Asset Management segment and have been reclassified as discontinued operations for all periods presented. On June 28, 2019, the Company completed the sale of the excluded property to the same buyer for $11.7 million. The results of operations associated with discontinued operations for the three months ended March 31, 2020 and 2019 were as follows (in thousands): Three months ended March 31, 2019 Lease revenue $ 238 Cost of operations: Depreciation, depletion and amortization 29 Operating expenses 95 Property taxes 20 Management company indirect — Corporate expenses — Total cost of operations 144 Total operating profit 94 Interest expense — Gain on sale of buildings 23 Income before income taxes 117 Provision for income taxes 31 Income from discontinued operations $ 86 Earnings per common share: Income from discontinued operations- Basic 0.01 Diluted 0.01

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Event	(13) Subsequent Event. The COVID-19 pandemic is having an extraordinary impact on the world economy and the markets in which we operate. While we recognize the importance of social distancing, stay at home and telework measures to protect human health, these measures will adversely affect our retail tenants, particularly our retail tenants, as long as they remain in place. We are negotiating with our retail tenants on rent abatements and cash flow adjustments that will adversely affect our NOI.

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Business segments (in thousands)	Three Months ended March 31, 2020 2019 Revenues: Asset management $ 652 641 Mining royalty lands 2,185 2,229 Development 293 269 Stabilized Joint Venture 2,653 2,575 5,783 5,714 Operating profit (loss): Before corporate expenses: Asset management $ 177 97 Mining royalty lands 2,001 2,044 Development (774 ) (553 ) Stabilized Joint Venture 577 412 Operating profit before corporate expenses 1,981 2,000 Corporate expenses: Allocated to asset management (308 ) (163 ) Allocated to mining royalty lands (97 ) (43 ) Allocated to development (712 ) (399 ) Allocated to Stabilized Joint Venture (70 ) (40 ) Total corporate expenses (1,187 ) (645 ) $ 794 1,355 Interest expense $ 51 588 Depreciation, depletion and amortization: Asset management $ 192 177 Mining royalty lands 38 52 Development 54 58 Stabilized Joint Venture 1,184 1,200 $ 1,468 1,487 Capital expenditures: Asset management $ 213 6,466 Mining royalty lands — — Development 297 370 Stabilized Joint Venture (23 ) (117 ) $ 487 6,719 March 31, December 31, Identifiable net assets 2020 2019 Asset management $ 18,644 18,468 Mining royalty lands 38,494 38,409 Development 176,575 179,357 Stabilized Joint Venture 132,801 133,956 Investments available for sale at fair value 148,667 137,867 Cash items 11,564 26,793 Unallocated corporate assets 7,954 3,298 $ 534,699 538,148

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-term debt (in thousands)	March 31, December 31, 2020 2019 Riverfront permanent loan $ 88,959 88,925 Less portion due within one year — — $ 88,959 88,925

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings per share (in thousands, except per share amounts)	Three Months ended March 31, 2020 2019 Weighted average common shares outstanding during the period – shares used for basic earnings per common share 9,803 9,952 Common shares issuable under share based payment plans which are potentially dilutive 30 44 Common shares used for diluted earnings per common share 9,833 9,996 Income from continuing operations $ 1,499 1,641 Discontinued operations $ — 86 Net income attributable to the Company $ 1,618 1,898 Basic earnings per common share: Income from continuing operations $ 0.15 0.16 Discontinued operations $ — 0.01 Net income attributable to the Company $ 0.17 0.19 Diluted earnings per common share: Income from continuing operations $ 0.15 0.16 Discontinued operations $ — 0.01 Net income attributable to the Company $ 0.16 0.19

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock Compensation Expense (in thousands	Three Months ended March 31, 2020 2019 Stock option grants $ 24 29 Restricted stock awards granted in 2020 47 — Employee stock grant 530 — Annual director stock award — — $ 601 29
Summary of Stock Activity (in thousands, except share and per share amounts)	Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value(000's) Outstanding at January 1, 2020 132,504 $ 33.82 5.8 $ 1,631 Granted — $ — $ — Exercised — $ — $ — Outstanding at March 31, 2020 132,504 $ 33.82 5.5 $ 1,631 Exercisable at March 31, 2020 114,189 $ 32.11 5.1 $ 1,333 Vested during three months ended March 31, 2020 — $ —
Summary of Restricted Stock awards (in thousands, except share and per share amounts)	Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Restricted stock Shares Price Term (yrs) Fair Value(000's) Outstanding at January 1, 2020 0 Granted 20,520 $ 46.30 $ 950 Outstanding at March 31, 2020 20,520 $ 46.30 4.2 $ 950

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2020
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 As of March 31, 2020 Brooksville Quarry, LLC 50.00 % $ 7,486 14,335 (24 ) (12 ) BC FRP Realty, LLC 50.00 % 5,295 22,818 (124 ) (62 ) RiverFront Holdings II, LLC 80.00 % 26,092 100,315 (242 ) (391 ) Bryant Street Partnerships 61.36 % 59,008 110,925 — (432 ) Hyde Park 3,741 3,741 — — DST Hickory Creek 26.65 % 6,000 49,208 (75 ) 83 Amber Ridge Loan 876 876 — — 1800 Half St. Owner, LLC 59.73 % 37,439 39,818 105 105 Greenville/Woodfield Partnerships 40.00 % 15,987 40,685 116 67 Total $ 161,924 382,721 (244 ) (642 ) 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 )
Joint Venture balance sheets (in thousands)	As of March 31, 2020 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 $ 99,680 110,573 46,472 17,844 5,208 $ 279,777 Cash and cash equivalents 535 161 1,741 21,974 35,339 59,750 Unrealized rents & receivables 76 177 538 0 0 791 Deferred costs 24 14 457 0 138 633 Total Assets $ 100,315 110,925 49,208 39,818 40,685 $ 340,951 Secured notes payable $ 50,503 15,383 29,257 0 0 $ 95,143 Other liabilities 6,908 17,540 335 903 771 26,457 Capital - FRP 37,339 57,848 5,228 37,440 15,987 153,842 Capital - Third Parties 5,565 20,154 14,388 1,475 23,927 65,509 Total Liabilities and Capital $ 100,315 110,925 49,208 39,818 40,685 $ 340,951 As of March 31, 2020 Brooksville BC FRP Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Hyde Park Loan Mixed Use Total Investments in real estate, net. $ 14,291 22,311 3,741 876 279,777 $ 320,996 Cash and cash equivalents 41 20 0 0 59,750 59,811 Unrealized rents & receivables 0 225 0 0 791 1,016 Deferred costs 3 262 0 0 633 898 Total Assets $ 14,335 22,818 3,741 876 340,951 $ 382,721 Secured notes payable $ 0 12,161 0 0 95,143 $ 107,304 Other liabilities 47 117 0 0 26,457 26,621 Capital - FRP 7,486 5,270 3,741 876 153,842 171,215 Capital - Third Parties 6,802 5,270 0 0 65,509 77,581 Total Liabilities and Capital $ 14,335 22,818 3,741 876 340,951 $ 382,721 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

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operations results of operations	Three months ended March 31, 2019 Lease revenue $ 238 Cost of operations: Depreciation, depletion and amortization 29 Operating expenses 95 Property taxes 20 Management company indirect — Corporate expenses — Total cost of operations 144 Total operating profit 94 Interest expense — Gain on sale of buildings 23 Income before income taxes 117 Provision for income taxes 31 Income from discontinued operations $ 86 Earnings per common share: Income from discontinued operations- Basic 0.01 Diluted 0.01

Business Segments - Business se

Business Segments - Business segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 5,783	$ 5,714
Operating profit	794	1,355
Corporate expenses	1,187	645
Interest expense	51	588
Depreciation, depletion and amortization	1,468	1,487
Cash items	11,564		$ 26,793
Total identifiable net assets	534,699		538,148
Investments available for sale	148,667		137,867
Asset Management
Segment Reporting Information [Line Items]
Revenues	652	641
Operating profit before corporate expenses	177	97
Corporate expenses	(308)	(163)
Capital expenditures	213	6,466
Depreciation, depletion and amortization	192	177
Total identifiable net assets	18,644		18,468
Mining royalty lands
Segment Reporting Information [Line Items]
Revenues	2,185	2,229
Operating profit before corporate expenses	2,001	2,044
Corporate expenses	(97)	(43)
Capital expenditures	0	0
Depreciation, depletion and amortization	38	52
Total identifiable net assets	38,494		38,409
Development
Segment Reporting Information [Line Items]
Revenues	293	269
Operating profit before corporate expenses	(774)	(553)
Corporate expenses	(712)	(399)
Capital expenditures	297	370
Depreciation, depletion and amortization	54	58
Total identifiable net assets	176,575		179,357
Stabilized Joint Venture
Segment Reporting Information [Line Items]
Revenues	2,653	2,575
Operating profit before corporate expenses	577	412
Corporate expenses	(70)	(40)
Capital expenditures	(23)	(117)
Depreciation, depletion and amortization	1,184	1,200
Total identifiable net assets	132,801		133,956
Corporate
Segment Reporting Information [Line Items]
Total identifiable net assets	7,954		$ 3,298
Total Segments
Segment Reporting Information [Line Items]
Revenues	5,783	5,714
Operating profit before corporate expenses	1,981	2,000
Operating profit	794	1,355
Corporate expenses	(1,187)	(645)
Interest expense	51	588
Capital expenditures	487	6,719
Depreciation, depletion and amortization	$ 1,468	$ 1,487

Long-term debt (Details)

Long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Riverfront permanent loan	$ 88,959	$ 88,925
Less portion due within one year	0	0
Long-term debt	$ 88,959	$ 88,925

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	9,803	9,952
Common shares issuable under share based payment plans which are potentially dilutive	30	44
Common shares used for diluted earnings per common share	9,833	9,996
Income from continuing operations	$ 1,499	$ 1,641
Discontinued operations	0	86
Net income attributable to the Company	$ 1,618	$ 1,898
Basic earnings per common share:
Income from continuing operations	$ 0.15	$ 0.16
Discontinued operations	0	0.01
Net income attributable to the Company	0.17	0.19
Diluted earnings per common share
Income from continuing operations	0.15	0.16
Discontinued operations	0	0.01
Net income attributable to the Company	$ 0.16	$ 0.19

Summary of Stock Activity (Deta

Summary of Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Options outstanding	132,504	132,504
Options granted	0
Options exercised	0
Options outstanding weighted average exercise price	$ 33.82	$ 33.82
Options outstanding weighted average exercise price - Granted	0
Options outstanding weighted average exercise price - Exercised	$ 0
Options outstanding weighted average remaining term	5 years 6 months 2 days	5 years 9 months 22 days
Options outstanding weighted average grant date fair value	$ 1,631	$ 1,631
Options granted weighted average grant date fair value	$ 0
Options exercised weighted average grant date fair value	$ 0
Options exercisable	114,189
Options exerciseable weighted average exercise price	$ 32.11
Options exercisable weighted average remaining term	5 years 1 month 6 days
Options vested weighted average grant date fair value	$ 0
Options vested	0
Options exercisable weighted average grant date fair value	$ 1,333

Restricted Stock Activity (Deta

Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Shares outstanding	132,504	132,504
Options outstanding weighted average exercise price	$ 33.82	$ 33.82
Options outstanding weighted average remaining term	5 years 6 months 2 days	5 years 9 months 22 days
Options outstanding weighted average grant date fair value	$ 1,631	$ 1,631
Options granted weighted average grant date fair value	$ 0
Restricted Stock [Member]
Shares outstanding	20,520	0
Shares granted	20,520
Options outstanding weighted average exercise price	$ 46.30
Options outstanding weighted average exercise price - Granted	46.30
Options outstanding weighted average remaining term	4 years 2 months 13 days
Options outstanding weighted average grant date fair value	$ 950
Options granted weighted average grant date fair value	$ 950

Stock Compensation Expense (Det

Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement [Abstract]
Stock option grants	$ 24	$ 29
Restricted stock awards granted in 2020	47	0
Employee stock award	530	0
Annual director stock award	0	0
Stock based compensation expense	$ 601	$ 29

Investments in Joint Ventures (

Investments in Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jul. 31, 2019	Dec. 24, 2018	May 04, 2018	Apr. 26, 2016	Oct. 04, 2006
Total Investment	$ 161,924		$ 160,452
Total Assets of the Partnership	382,721		334,742
Profit (Loss) of the Partnership	(244)		(1,201)
Company's share of Net Loss of the Partnership	(642)	$ (264)	(1,954)
Investments in real estate, net	320,996		287,106
Cash and cash equivalents	59,811		45,909
Deferred costs	898		821
Unrealized rents & receivable	1,016		906
Secured notes payable	107,304		81,573
Other liabilities	26,621		27,524
Capital - FRP	171,215		170,832
Capital - Third parties	77,581		54,813
Total liabilities and capital	$ 382,721		$ 334,742
Brooksville Quarry, LLC
Ownership percent	50.00%		50.00%					50.00%
Total Investment	$ 7,486		$ 7,499
Total Assets of the Partnership	14,335		14,316
Profit (Loss) of the Partnership	(24)		(84)
Company's share of Net Loss of the Partnership	(12)		(42)
Investments in real estate, net	14,291		14,293
Cash and cash equivalents	41		18
Deferred costs	3		5
Unrealized rents & receivable	0		0
Secured notes payable	0		0
Other liabilities	47		2
Capital - FRP	7,486		7,500
Capital - Third parties	6,802		6,814
Total liabilities and capital	$ 14,335		$ 14,316
BC FRP Realty, LLC
Ownership percent	50.00%		50.00%				50.00%
Total Investment	$ 5,295		$ 5,391
Total Assets of the Partnership	22,818		22,969
Profit (Loss) of the Partnership	(124)		(1,114)
Company's share of Net Loss of the Partnership	(62)		(591)
Investments in real estate, net	22,311		22,423
Cash and cash equivalents	20		15
Deferred costs	262		311
Unrealized rents & receivable	225		220
Secured notes payable	12,161		12,103
Other liabilities	117		196
Capital - FRP	5,270		5,335
Capital - Third parties	5,270		5,335
Total liabilities and capital	$ 22,818		$ 22,969
RiverFront Holdings II, LLC
Ownership percent	80.00%		80.00%			80.00%
Total Investment	$ 26,092		$ 25,975
Total Assets of the Partnership	100,315		88,235
Profit (Loss) of the Partnership	(242)		(95)
Company's share of Net Loss of the Partnership	(391)		(871)
Investments in real estate, net	99,680		87,521
Cash and cash equivalents	535		630
Deferred costs	24		2
Unrealized rents & receivable	76		82
Secured notes payable	50,503		38,564
Other liabilities	6,908		6,771
Capital - FRP	37,339		37,284
Capital - Third parties	5,565		5,616
Total liabilities and capital	$ 100,315		$ 88,235
Bryant Street Partnerships
Ownership percent	61.36%		61.36%		61.36%
Total Investment	$ 59,008		$ 58,353
Total Assets of the Partnership	110,925		96,477
Profit (Loss) of the Partnership	0		260
Company's share of Net Loss of the Partnership	(432)		(573)
Investments in real estate, net	110,573		95,903
Cash and cash equivalents	161		387
Deferred costs	14		29
Unrealized rents & receivable	177		158
Secured notes payable	15,383		1,660
Other liabilities	17,540		17,183
Capital - FRP	57,848		57,479
Capital - Third parties	20,154		20,155
Total liabilities and capital	110,925		96,477
Hyde Park
Total Investment	3,741		3,492
Total Assets of the Partnership	3,741		3,492
Profit (Loss) of the Partnership	0		0
Company's share of Net Loss of the Partnership	0		0
Investments in real estate, net	3,741		3,492
Cash and cash equivalents	0		0
Deferred costs	0		0
Unrealized rents & receivable	0		0
Secured notes payable	0		0
Other liabilities	0		0
Capital - FRP	3,741		3,492
Capital - Third parties	0		0
Total liabilities and capital	$ 3,741		$ 3,492
DST Hickory Creek
Ownership percent	26.65%		26.65%	26.65%
Total Investment	$ 6,000		$ 6,000
Total Assets of the Partnership	49,208		49,369
Profit (Loss) of the Partnership	(75)		(168)
Company's share of Net Loss of the Partnership	83		123
Investments in real estate, net	46,472		46,685
Cash and cash equivalents	1,741		1,764
Deferred costs	457		474
Unrealized rents & receivable	538		446
Secured notes payable	29,257		29,246
Other liabilities	335		120
Capital - FRP	5,228		6,000
Capital - Third parties	14,388		14,003
Total liabilities and capital	49,208		49,369
Amber Ridge
Total Investment	876		509
Total Assets of the Partnership	876		509
Profit (Loss) of the Partnership	0		0
Company's share of Net Loss of the Partnership	0		0
Investments in real estate, net	876		509
Cash and cash equivalents	0		0
Deferred costs	0		0
Unrealized rents & receivable	0		0
Secured notes payable	0		0
Other liabilities	0		0
Capital - FRP	876		509
Capital - Third parties	0		0
Total liabilities and capital	$ 876		$ 509
1800 Half Street
Ownership percent	59.73%		59.73%
Total Investment	$ 37,439		$ 37,314
Total Assets of the Partnership	39,818		40,161
Profit (Loss) of the Partnership	105		0
Company's share of Net Loss of the Partnership	105		0
Investments in real estate, net	17,844		14,391
Cash and cash equivalents	21,974		25,770
Deferred costs	0		0
Unrealized rents & receivable	0		0
Secured notes payable	0		0
Other liabilities	903		1,363
Capital - FRP	37,440		37,314
Capital - Third parties	1,475		1,484
Total liabilities and capital	$ 39,818		$ 40,161
Woodfield Partnerships
Ownership percent	40.00%		40.00%
Total Investment	$ 15,987		$ 15,919
Total Assets of the Partnership	40,685		19,214
Profit (Loss) of the Partnership	116		0
Company's share of Net Loss of the Partnership	67		0
Investments in real estate, net	5,208		1,889
Cash and cash equivalents	35,339		17,325
Deferred costs	138		0
Unrealized rents & receivable	0		0
Secured notes payable	0		0
Other liabilities	771		1,889
Capital - FRP	15,987		15,919
Capital - Third parties	23,927		1,406
Total liabilities and capital	40,685		19,214
Apartment Mixed Use Totals
Total Assets of the Partnership	340,951		293,456
Investments in real estate, net	279,777		246,389
Cash and cash equivalents	59,750		45,876
Deferred costs	633		505
Unrealized rents & receivable	791		686
Secured notes payable	95,143		69,470
Other liabilities	26,457		27,326
Capital - FRP	153,842		153,996
Capital - Third parties	65,509		42,664
Total liabilities and capital	$ 340,951		$ 293,456

Discontinued Operations - Disco

Discontinued Operations - Discontinued operations results of operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lease revenue	$ 3,598	$ 3,485
Depreciation, depletion and amortization	1,468	1,487
Operating expenses	925	882
Property taxes	737	753
Total operating profit	794	1,355
Interest expense	(51)	(588)
Income before income taxes	2,100	2,313
Provision for income taxes	601	672
Income from discontinued operations	$ 0	$ 86
Earnings per common share:
Basic earnings per common share Discontinued operations	$ 0	$ 0.01
Diluted earnings per common share discontinued operations	$ 0	$ 0.01
Discontinued Operations, Disposed of by Sale [Member]
Lease revenue		$ 238
Depreciation, depletion and amortization		29
Operating expenses		95
Property taxes		20
Management company indirect		0
Corporate expenses		0
Total cost of operations		144
Total operating profit		94
Interest expense		0
Gain on sale of buildings		23
Income before income taxes		117
Provision for income taxes		31
Income from discontinued operations		$ 86
Earnings per common share:
Basic earnings per common share Discontinued operations		$ 0.01
Diluted earnings per common share discontinued operations		$ 0.01

Description of Business and B_2

Description of Business and Basis of Presentation (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2020integer	May 21, 2018USD ($)integer
Asset Management Properties
Warehouse properties			4
Discontinued Operations, Disposed of by Sale [Member]
Warehouse properties				40
Land parcels				3
Sales price | $	$ 11,700	$ 347,200
Excluded [Member]
Warehouse properties				1
Property value | $				$ 11,700

Business Segments (Details Narr

Business Segments (Details Narrative)	3 Months Ended
	Mar. 31, 2020aSegmentsinteger
Reportable business segments | Segments	4
Mining royalty lands
Mining royalty lands acres | a	15,000
Brooksville Quarry, LLC
Mining royalty lands acres | a	4,280
Asset Management
Warehouse properties | integer	2
Industrial acquision | integer	1

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Related Party Transactions [Abstract]
Charges/allocation related to Transition Services Agreement with Patriot	$ 290	$ 301

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2017	Dec. 31, 2019	Feb. 06, 2019	Nov. 17, 2017
Capitalized interest	$ 935	$ 385
Debt cost amortization	34
Riverfront permanent loan	$ 88,959			$ 88,925
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	1.98938%
Covenant compliance	all

Earnings per Share (Details Nar

Earnings per Share (Details Narrative) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Anti-dilutive shares	29,925	22,470
Shares repurchased by the Company	82,491
Repurchased shares average cost	$ 41.47

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Years$ / sharesshares
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	455,870
Aggregate intrinsic value of exercisable in-the-money options	$ 1,318
Aggregate intrinsic value of outstanding in-the-money options	$ 1,339
Market close price | $ / shares	$ 43
Total unrecognized compensation cost of options granted but not yet vested	$ 266
Compensation cost not yet vested recognition period	3 years 9 months 26 days
Expected minimum volatility	29.00%
Expected maximum volatility	41.00%
Risk-free interest rate minimum	1.00%
Risk-free interest rate maximum	2.90%
Expected life minimum | Years	3
Expecited life maximum | Years	7
Dividend yield	0.00%
Restricted Stock [Member]
Total unrecognized compensation cost of options granted but not yet vested	$ 903
Compensation cost not yet vested recognition period	4 years 2 months 13 days
Shares granted | shares	20,520
Vesting period	5 years
Option Grant [Member]
Shares granted | shares	11,448

Contingent Liabilities (Details

Contingent Liabilities (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Sep. 30, 2018	Jun. 30, 2016
Contingent Liabilities
Environmental remediation expense (recovery)	$ (92)	$ (465)	$ 2,000

Concentrations (Details Narrati

Concentrations (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)integer
Tenants leasing mining locations | integer	5
Mining Top Customer
Customer revenue concentration	30.00%
Accounts receivable concentration | $	$ 406

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)integer	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)
Number of corporate bonds | integer	68
Unrealized loss on corporate bonds	$ 331
Realized gain on corporate bonds	108
Amortized cost of investments	148,998
Carrying amount of corporate bonds	148,667	$ 137,867
Carrying amount of other long-term debt	88,959		$ 88,823
Fair value of other long-term debt	95,486		$ 90,173
Fair Value, Measurements, Recurring [Member]
Assets measured at fair value	$ 148,667

Investments in Joint Ventures_2

Investments in Joint Ventures (Details Narrative) $ in Thousands	1 Months Ended		3 Months Ended				12 Months Ended
	Dec. 31, 2019USD ($)	May 31, 2016USD ($)	Mar. 31, 2020USD ($)integer	Sep. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2006USD ($)	Dec. 31, 2019USD ($)integer	Dec. 31, 2018USD ($)	Dec. 31, 2017	Dec. 31, 2016USD ($)	Dec. 23, 2019ainteger	Dec. 19, 2019ainteger	Jul. 31, 2019USD ($)aft²integer	Jun. 26, 2019USD ($)integer	Mar. 13, 2019USD ($)	Dec. 24, 2018a	May 04, 2018USD ($)	Jan. 27, 2018USD ($)	Sep. 28, 2017USD ($)integer	Apr. 26, 2016aft²	Oct. 04, 2006a
Company's share of the loss of the joint venture			$ 642		$ 264		$ 1,954
Joint Venture consolidated retained earnings	$ (4,127)		(4,595)				(4,127)
Cash contribution			2,115		$ 5,676
Difference between capital recorded by the Company and the joint ventures			9,289
1800 Half Street
Square feet | a												11,246
Cash contribution	37,300
No. of homes | integer												344
408 Jackson
Square feet | a											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
Bryant Street and MRP
Loan guarantee amount	$ 26,000						$ 26,000
Loan guarantee term							48 months
Loan guarantee description							The Company and MRP guaranteed $26 million of the loan in exchange for a 1% lower interest rate. The Company and MRP have a side agreement limiting the Company’s guarantee to its proportionate ownership. The value of the guarantee was calculated at $1.9 million based on the present value of the 1% interest savings over the anticipated 48 month term. This amount is included as part of the Company’s investment basis and is amortized to expense over the 48 months. The Company will evaluate the guarantee liability based upon the success of the project and assuming no payments are made under the guarantee the Company will have a gain for $1.9 million when the loan is paid in full.
Loan guarantee interest savings	1.00%						1.00%
Loan guarantee present value	$ 1,900						$ 1,900
BC FRP Realty, LLC Debt
Construction financing through September 15, 2022																			$ 17,250
Interest rate over LIBOR									2.50%
Outstanding balance			12,110
Buildings | integer																			4
Eagle BankRiverFront Holdings II, LLC
Interest rate over LIBOR								3.25%
Outstanding balance			51,560
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			$ 18,683
Loan commitment															$ 132,000
Loan description					The loan matures March 13, 2023 with up to two extension of one year each upon certain conditions.
Bryant Street Partnerships Construction Loan Extension 1
Debt service coverage															1.1
Loan-to-value															65.00%
Bryant Street Partnerships Construction Loan Extension 2
Debt service coverage															1.25
Loan-to-value															65.00%
Vulcan
Joint venture percentage stake																					50.00%
Acres conributed | a																					553
Vulcan leasehold interest | a																					3,443
FRP additional contribution for land						$ 3,018
Additional land acquired | a																					288
St Johns Properties JV St Johns
Value of land contributed										$ 3,240
Joint venture percentage stake																				50.00%
Acres conributed | a																				10
MRP
Other ownership capital contribution								$ 5,600
Development fee								725
DST CS1031 Hickory Creek
Square feet | ft²													273,940
Land acreage | a													20.4
No. Single family 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 Quarry, LLC
Land acreage | a																					4,300
Joint venture percentage stake	50.00%		50.00%				50.00%														50.00%
Acres conributed | a																					3,443
Book value of land contribution						2,548
FRP additional contribution for land						$ 3,018
Additional land acquired | a																					288
Company's share of the loss of the joint venture			$ 12				$ 42
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			$ 62				$ 591
RiverFront Holdings II, LLC
Value of land contributed								16,300
Joint venture percentage stake	80.00%		80.00%				80.00%										80.00%
Book value of land contribution								4,600
Company's share of the loss of the joint venture			$ 391				$ 871
Cash contribution								6,200
Preferred equity financing								$ 13,750
Preferred equity financing advanced							13,750
Preferred equity financing interest rate																	7.50%
Hyde Park
Company's share of the loss of the joint venture			$ 0				$ 0
Loan commitment																		$ 3,500
Interest rate																		10.00%
Preferred return																		20.00%
No. of homes | integer			126
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			$ 432				$ 573
Cash contribution							32,000
Preferred equity financing							$ 23,000
Preferred equity financing interest rate																8.00%
DST Hickory Creek
Joint venture percentage stake	26.65%		26.65%				26.65%						26.65%
Distribution received			$ 83
Company's share of the loss of the joint venture			(83)				$ (123)
Cash contribution				$ 6,000
Amber Ridge
Company's share of the loss of the joint venture			$ 0				$ 0
Loan commitment														$ 18,500
Interest rate														10.00%
Preferred return														20.00%
No. of homes | integer														187

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 [Member]
Warehouse properties			1
Property value | $			$ 11,700