FRP (FRPH) 10-K 19 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 17, 2021	Jun. 30, 2020
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, 2020
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	Non-accelerated Filer
Entity Public Float			$ 288,633,764
Entity Common Stock, Shares Outstanding		9,387,823
Document Fiscal Period Focus	FY
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	Dec. 31, 2020	Dec. 31, 2019
Assets:
Land	$ 91,744	$ 84,383
Buildings and improvements	141,241	147,019
Projects under construction	4,879	1,056
Total investments in properties	237,864	232,458
Less accumulated depreciation and depletion	34,724	30,271
Net investments in properties	203,140	202,187
Real estate held for investment, at cost	9,151	8,380
Investments in joint ventures	167,071	160,452
Net real estate investments	379,362	371,019
Cash and cash equivalents	73,909	26,607
Cash held in escrow	196	186
Accounts receivable, net	923	546
Investments available for sale at fair value	75,609	137,867
Federal and state income taxes receivable	4,621	0
Unrealized rents	531	554
Deferred costs	707	890
Other assets	502	479
Total assets	536,360	538,148
Liabilities:
Secured notes payable	89,964	88,925
Accounts payable and accrued liabilities	3,635	2,431
Other liabilities	1,886	1,978
Federal and state income taxes payable	0	504
Deferred revenue	542	790
Deferred income taxes	56,106	50,111
Deferred compensation	1,242	1,436
Tenant security deposits	332	328
Total liabilities	153,707	146,503
Commitments and contingencies
Equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 9,363,717 and 9,817,429 shares issued and outstanding, respectively	936	982
Capital in excess of par value	56,279	57,705
Retained earnings	309,764	315,278
Accumulated other comprehensive income, net	675	923
Total shareholders' equity	367,654	374,888
Noncontrolling interest MRP	14,999	16,757
Total Equity	382,653	391,645
Total liabilities and shareholders' equity	$ 536,360	$ 538,148

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 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	9,363,717	9,817,429

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Lease revenue	$ 14,106	$ 14,318	$ 13,883
Mining Royalty and rents	9,477	9,438	8,139
Total revenues	23,583	23,756	22,022
Cost of operations:
Depreciation, depletion and amortization	5,828	5,855	7,898
Operating expenses	3,333	4,134	4,285
Environmental remediation recovery	0	0	(465)
Property taxes	2,826	2,941	2,625
Management company indirect	2,951	2,514	1,765
Corporate expenses	3,511	2,556	3,952
Total cost of operations	18,449	18,000	20,060
Total operating profit	5,134	5,756	1,962
Net investment income, including realized gains (losses) of $298, $949 and ($1,195), respectively	7,415	8,375	2,672
Interest expense	(1,100)	(1,054)	(3,103)
Equity in loss of joint ventures	(5,690)	(1,954)	(88)
Gain on sale of real estate	9,170	661	40
Income from continuing operations before income taxes	14,929	11,784	1,483
Provision for income taxes	3,207	2,962	524
Income from continuing operations	11,722	8,822	959
Income from discontinued transportation operations, net of tax	0	6,856	122,129
Net income	11,722	15,678	123,088
Loss attributable to noncontrolling interest	(993)	(499)	(1,384)
Net income attributable to the Company	$ 12,715	$ 16,177	$ 124,472
Basic earnings per common share
Income from continuing operations	$ 1.22	$ 0.89	$ 0.10
Discontinued operations	0	0.69	12.16
Net income	1.33	1.64	12.40
Diluted earnings per common share
Income from continuing operations	1.22	0.89	0.09
Discontinued operations	0	0.69	12.09
Net income	$ 1.32	$ 1.63	$ 12.32
Number of shares (in thousands) used in computing:
-basic earnings per common share	9,580	9,883	10,040
-diluted earnings per common share	9,609	9,926	10,105

Consolidated Statements of In_2

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Investment income realized gains (losses)	$ 298	$ 949	$ (1,195)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net income	$ 11,722	$ 15,678	$ 123,088
Other comp. income (loss) net of tax:
Unrealized gain (loss) on investments available for sale, net of income tax effect of ($145), $602 and ($275)	(391)	1,624	(739)
Minimum pension liability, net of income tax effect of $53, $0 and $0	143	0	0
Comprehensive income	11,474	17,302	122,349
Less comp. income attributable to noncontrolling interest	(993)	(499)	(1,384)
Comprehensive income attributable to the Company	$ 12,467	$ 17,801	$ 123,733

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Income tax effect unrealized gain (loss) on investments available for sale	$ (145)	$ 602	$ (275)
Income tax effect minimum pension liability	$ 53	$ 0	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 11,722	$ 15,678	$ 123,088
Adjustments to reconcile net income to net cash provided by continuing operating activities:
Income from discontinued operations, net	0	(6,856)	(122,129)
Depreciation, depletion and amortization	6,050	6,158	8,209
Deferred income taxes	5,995	22,130	1,999
Equity in loss of joint ventures	5,690	1,954	88
Gain on sale of equipment and property	(9,184)	(674)	(82)
Stock-based compensation	1,372	232	1,662
Realized (gain) loss on available for sale investments	(298)	(949)	1,195
Deferred debt issuance cost write-off	902	0	0
Net changes in operating assets and liabilities:
Accounts receivable	(377)	18	51
Deferred costs and other assets	27	(1,072)	(234)
Accounts payable and accrued liabilities	956	(350)	1,384
Income taxes payable and receivable	(5,125)	10,358	(6,892)
Other long-term liabilities	883	2,138	(1,945)
Net cash provided by operating activities of continuing operations	18,613	48,765	6,394
Net cash used in operating activities of discontinued operations	0	(1,742)	(43,580)
Net cash provided by (used in) operating activities	18,613	47,023	(37,186)
Cash flows from investing activities:
Investments in properties	(17,544)	(10,434)	(7,294)
Investments in joint ventures	(12,315)	(73,529)	(71,007)
Purchases of investments available for sale	(24,584)	(86,261)	(446,974)
Proceeds from sales of investments available for sale	85,735	116,434	279,553
Cash held in escrow	(10)	16	131
Proceeds from sale of assets	19,245	8,422	447
Net cash provided by (used in) investing activities of continuing operations	50,527	(45,352)	(245,144)
Net cash provided by investing activities of discontinued operations	0	11,533	336,089
Net cash provided by (used in) investing activities	50,527	(33,819)	90,945
Cash flows from financing activities:
Distribution to noncontrolling interest	(765)	(1,392)	(1,020)
Repayment of long-term debt	0	0	(1,552)
Repurchase of Company Stock	(21,312)	(8,210)	(5,733)
Exercise of employee stock options	239	458	1,415
Net cash used in financing activities of continuing operations	(21,838)	(9,144)	(6,890)
Net cash used in financing activities of discontinued operations	0	0	(28,846)
Net cash used in financing activities	(21,838)	(9,144)	(35,736)
Net increase in cash and cash equivalents	47,302	4,060	18,023
Cash and cash equivalents at beginning of year	26,607	22,547	4,524
Cash and cash equivalents at end of the year	73,909	26,607	22,547
Supplemental disclosures of cash flow information:
Cash paid during the year for interest, net of capitalized amounts	960	914	2,851
Cash paid (refunded) during the year for Income taxes	$ 2,244	$ (26,380)	$ 50,427

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, 2017	10,014,667
Beginning 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
Restricted stock compensation							0
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)
Minimum pension 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
Restricted stock compensation							0
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)
Minimum pension 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
Exercise of stock options, shares	12,415						12,415
Exercise of stock options, amount	$ 1	238			239		$ 239
Stock option compensation		92			92		92
Restricted stock compensation		250			250		250
Shares granted to employee, shares	11,448
Shares granted to employee, amount	$ 1	529			530		530
Shares granted to Directors, shares	12,050
Shares granted to Directors, amount	$ 1	499			500		500
Restricted stock award, shares	20,520
Restricted stock award, amount	$ 2	(2)
Shares purchased and canceled, shares	(510,145)
Shares purchased and canceled, amount	$ (51)	(3,032)	(18,229)		(21,312)		(21,312)
Net income			12,715		12,715		12,715
Income (loss) attributable to noncontrolling interest						(993)	(993)
Distributions to partners						(765)	(765)
Minimum pension liability, net				143	143		143
Unrealized gain (loss) on investments, net				(391)	(391)		(391)
Ending balance, shares at Dec. 31, 2020	9,363,717
Ending balance, amount at Dec. 31, 2020	$ 936	$ 56,279	$ 309,764	$ 675	$ 367,654	$ 14,999	$ 382,653

Consolidated Real Estate and Ac

Consolidated Real Estate and Accumulated Depreciation and Depletion	12 Months Ended
	Dec. 31, 2020
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, 2020 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 $ 179 n/a 4/86 unit Clayton, GA 369 0 369 5 n/a 4/86 unit Fayette, GA 685 200 885 126 n/a 4/86 unit Lake, FL 403 0 403 158 n/a 4/86 unit Lake, FL 1,083 0 1,083 1,010 n/a 4/86 unit Lake Louisa, FL 11,039 0 11,039 0 n/a 5/12 unit Lee, FL 4,489 13 4,502 270 n/a 4/86 unit Monroe, GA 792 0 792 300 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 4,837 n/a 4/86 unit Putnam, FL 123 (2 ) 121 104 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 16 0 16 0 n/a 4/86 n/a 0 37,310 208 37,518 8,211 Asset Management Properties Duval, FL 198 0 198 39 n/a 4/86 25 yr. Baltimore Co, MD 439 5,165 5,604 3,269 1990 10/89 39 yr. Harford, MD 40 8,627 8,667 501 2019 2/19 32 yr. 0 677 13,792 14,469 3,809 Development Properties Carroll, MD 4,720 4,421 9,141 0 n/a 3/08 n/a Baltimore City, MD 750 7,317 8,067 241 2018 12/10 39 yr. Harford, MD 11,250 4 11,254 0 n/a 11/20 n/a Washington D.C. 2,957 5,046 8,003 1,916 n/a 4/86 15 yr. Washington D.C. 3,811 4,669 8,480 636 n/a 10/97 n/a 0 23,488 21,457 44,945 2,793 Residential Rental Properties Washington D.C. 89,964 6,165 142,981 149,146 19,435 2016 07/17 39 yr. GRAND TOTALS $ 89,964 $ 67,640 $ 178,438 $ 246,078 $ 34,248 (a) The aggregate cost for Federal income tax purposes is $87,596 . FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND ACCUMULATED DEPRECIATION AND DEPLETION (In thousands) Years ended December 31, 2020 2019 2018 Gross Carrying Cost of Real Estate: Balance at beginning of period $ 240,128 241,413 243,165 Additions during period: Amounts capitalized 17,227 10,353 7,025 Deductions during period: Cost of real estate sold (11,060 ) (11,630 ) (8 ) Other (217 ) (8 ) (8,769 ) Balance at close of period $ 246,078 240,128 241,413 Accumulated Depreciation & Depletion: Balance at beginning of period $ 29,788 27,921 26,228 Additions during period: Charged to cost & expense 5,689 5,697 5,609 Deductions during period: Real estate sold (1,112 ) (3,822 ) — Other (117 ) (8 ) (3,916 ) Balance at close of period $ 34,248 29,788 27,921

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2020
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 predecessor 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 (“Development”) and Florida Rock Properties, Inc., a Florida corporation (“Properties”), and the various subsidiaries of each. 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. This resulted in the disposition of all of the Company’s industrial flex/office warehouse properties prior to the sale date 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 three commercial properties. CONSOLIDATION - The consolidated financial statements include the accounts of the Company inclusive of our operating real estate subsidiaries, Development and 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, 2020, 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 2020, 2019 and 2018, of $5,766,000, $5,784,000 and $5,709,000, 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 7. 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, 2020, 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.

Investments in Joint Ventures

Investments in Joint Ventures	12 Months Ended
	Dec. 31, 2020
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. On February 14, 2020, Woodfield Riverside OZB, LLC closed on a construction loan with Truist Bank for up to $22.8 million at an interest rate of 2.25% over Daily 1 Month LIBOR. When the Certificate of Occupancy is received, the interest rate reduces to 2.05% over Daily 1 Month LIBOR. The loan matures February 10, 2024 with two 1 year extension options after initial 48 month term amortizing payments over 30 years, and meeting Debt Service Coverage Ratio of not less than 1.25 to 1.0. The loan balance at December 31, 2020 was $1,914,000. 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, 2020 Brooksville Quarry, LLC 50.00 % $ 7,499 14,347 (78 ) (39 ) BC FRP Realty, LLC 50.00 % 5,184 22,747 (411 ) (207 ) RiverFront Holdings II, LLC 80.00 % 23,533 108,538 (4,573 ) (3,907 ) Bryant Street Partnerships 61.36 % 60,159 173,814 (836 ) (2,130 ) Hyde Park 591 591 — — DST Hickory Creek 26.65 % 6,000 47,761 (367 ) 339 Amber Ridge Loan 10,026 10,026 — — 1800 Half St. Owner, LLC 61.37 % 37,875 54,275 158 164 Greenville/Woodfield Partnerships 40.00 % 16,204 46,457 182 90 Total $ 167,071 478,556 (5,925 ) (5,690 ) 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 ) (1): RiverFront Holdings II, LLC includes $286,000 in 2020 and $788,000 in 2019 for the Company’s share of preferred interest. Bryant Street Partnerships includes $1,146,000 in 2020 and $444,000 in 2019 for the Company’s share of preferred interest and $471,000 in 2020 and $373,000 in 2019 for amortization of guarantee liability related to the Bryant Street loan. The Company’s Investments in Joint Ventures as of December 31, 2020 are summarized in the following two tables (in thousands): As of December 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 $ 105,737 173,560 45,379 37,452 42,668 $ 404,796 Cash and cash equivalents 2,626 111 1,202 14,011 3,554 21,504 Unrealized rents & receivables 13 58 775 2 0 848 Deferred costs 162 85 405 2,810 235 3,697 Total Assets $ 108,538 173,814 47,761 54,275 46,457 $ 430,845 Secured notes payable $ 64,982 72,471 29,291 0 1,776 $ 168,520 Other liabilities 4,189 22,952 107 1,953 4,774 33,975 Capital - FRP 34,667 58,559 4,894 37,466 15,963 151,549 Capital - Third Parties 4,700 19,832 13,469 14,856 23,944 76,801 Total Liabilities and Capital $ 108,538 173,814 47,761 54,275 46,457 $ 430,845 As of December 31, 2020 Brooksville BC FRP Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Hyde Park Loan Mixed Use Total Investments in real estate, net. $ 14,287 22,067 591 10,026 404,796 $ 451,767 Cash and cash equivalents 55 90 0 0 21,504 21,649 Unrealized rents & receivables 0 254 0 0 848 1,102 Deferred costs 5 336 0 0 3,697 4,038 Total Assets $ 14,347 22,747 591 10,026 430,845 $ 478,556 Secured notes payable $ 0 12,370 0 0 168,520 $ 180,890 Other liabilities 28 123 0 0 33,975 34,126 Capital - FRP 7,499 5,127 591 10,026 151,549 174,792 Capital - Third Parties 6,820 5,127 0 0 76,801 88,748 Total Liabilities and Capital $ 14,347 22,747 591 10,026 430,845 $ 478,556 The Company’s capital recorded by the unconsolidated Joint Ventures is $7,778,000 more than the Investment in Joint Ventures reported in the Company’s consolidated balance sheet due to the lower basis in property contributed. The 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 amount of consolidated retained earnings for these joint ventures was $(8,278,000) and $(4,127,000) as of December 31, 2020 and December 31, 2019, respectively. The income statements of RiverFront Holdings II, LLC are as follows (in thousands): RiverFront RiverFront RiverFront RiverFront Holdings II, LLC. Holdings II, LLC. Holdings II, LLC. Holdings II, LLC. Total JV Company Share Total JV Company Share Maren Year ended Year ended Year ended Year ended December 31, December 31, December 31, December 31, 2020 2020 2019 2019 Revenues: Rental Revenue $ 2,825 $ 2,260 $ — $ — Revenue – other 233 186 — — Total Revenues 3,058 2,446 — — Cost of operations: Depreciation and amortization 2,432 1,946 — — Operating expenses 1,795 1,435 95 76 Property taxes 331 265 — — Total cost of operations 4,558 3,646 95 76 Total operating profit (1,500 ) (1,200 ) (95 ) (76 ) Interest expense (3,073 ) (2,707 ) — (795 ) Net loss before tax (4,573 ) (3,907 ) (95 ) (871 ) The income statements of the Bryant Partnerships are as follows (in thousands): Bryant Street Bryant Street Partnerships Partnerships Total JV Company Share Bryant Year ended Year ended December 31, December 31, 2020 2020 Revenues: Rental Revenue $ — $ — Revenue – other 5 3 Total Revenues 5 3 Cost of operations: Depreciation and amortization 184 113 Operating expenses 483 297 Property taxes 17 10 Total cost of operations 684 420 Total operating profit (679 ) (417 ) Interest expense (157 ) (1,713 ) Net loss before tax (836 ) (2,130 )

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	3. 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 employees and 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 $1,305,000 and $1,389,000 for 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.

Debt

Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	4 . Debt. Debt is summarized as follows (in thousands): December 31, December 31, 2020 2019 Revolving credit agreements $ — — Riverfront permanent loan 89,964 88,925 89,964 88,925 Less portion due within one year — — $ 89,964 88,925 The aggregate amount of principal payments, excluding the revolving credit, due subsequent to December 31, 2020 is: 2021 - $127,000; 2022 - $1,556,000; 2023 - $1,622,000; 2024 - $1,690,000; 2025 and subsequent years - $84,969,000. 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 Daily 1 Month LIBOR, which may be reduced quarterly to 1.25% or 1.0% over Daily 1 Month 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, 2020, there was no debt outstanding on this revolver, $448,000 outstanding under letters of credit and $19,552,000 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 1.14675% on December 31, 2020. The credit agreement contains certain conditions and financial covenants, including a minimum tangible net worth and dividend restriction. As of December 31, 2020, these covenants would have limited our ability to pay dividends to a maximum of $228 million combined. The Company was in compliance with all covenants as of December 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. MRP has executed a carve-out guaranty in connection with the loan. Debt cost amortization of $1,039,000 was recorded in 2020 (including $902,000 due to accelerated amortization of deferred loan fees at Dock 79 in anticipation of early refinancing in the first quarter of 2021). During 2020 and 2019, the Company capitalized interest costs of $3,762,000 and $2,889,000, respectively.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	5. Leases. At December 31, 2020, 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 $ 35,093 Commercial property 61,823 96,916 less accumulated depreciation and depletion 14,813 $ 82,103 The minimum future straight-lined rentals due the Company on noncancelable leases as of December 31, 2020 are as follows: 2021 - $10,082,000; 2022 - $3,806,000; 2023 - $3,295,000; 2024 - $3,239,000; 2025 - $3,183,000; 2026 and subsequent years $13,444,000.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 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): Years Ended December 31 2020 2019 2018 Common shares: Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,580 9,883 10,040 Common shares issuable under share based payment plans which are potentially dilutive 29 43 65 Common shares used for diluted earnings per common share 9,609 9,926 10,105 Income from continuing operations $ 11,722 8,822 959 Discontinued operations $ — 6,856 122,129 Net income attributable to the Company $ 12,715 16,177 124,472 Basic earnings per common share: Income from continuing operations $ 1.22 0.89 0.10 Discontinued operations $ — 0.69 12.16 Net income attributable to the Company $ 1.33 1.64 12.40 Diluted earnings per common share Income from continuing operations $ 1.22 0.89 0.09 Discontinued operations $ — 0.69 12.09 Net income attributable to the Company $ 1.32 1.63 12.32 For 2020 and 2019, 53,545 and 19,950 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 2020 the Company repurchased 510,145 shares at an average cost of $41.78. During 2019 the Company repurchased 169,251 shares at an average cost of $48.51. During 2018 the Company repurchased 121,817 shares at an average cost of $47.06.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 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 number of common shares available for future issuance was 439,248 at December 31, 2020. 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. 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, 2020 2019 2018 Stock option grants $ 92 112 607 Restricted stock awards granted in 2020 250 — — Employee stock grant 530 — — Unrestricted employee stock award — 50 — Annual director stock award 500 70 1,055 $ 1,372 232 1,662 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, 2018 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 Exercised (12,415 ) $ 19.23 $ (100 ) Outstanding at December 31, 2020 120,089 $ 35.33 5.3 $ 1,531 Exercisable at December 31, 2020 107,741 $ 34.12 5.0 $ 1,327 Vested during twelve months ended December 31, 2020 5,967 $ 94 The following table summarizes information concerning stock options outstanding at December 31, 2020: Shares Weighted Weighted Range of Exercise under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $37.26 - $45.97 12,348 $ 45.93 7.9 Years Exercisable: $16.71 - $24.75 14,100 16.72 .9 $24.76 - $37.25 35,854 26.24 3.3 $37.26 - $45.97 57,787 43.25 7.0 107,741 $ 34.12 5.0 Years Total 120,089 $ 35.33 5.3 Years The aggregate intrinsic value of exercisable in-the-money options was $1,239,000 and the aggregate intrinsic value of outstanding in-the-money options was $1,240,000 based on the market closing price of $45.55 on December 31, 2020 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of December 31, 2020 was $198,000, which is expected to be recognized over a weighted-average period of 2.9 years. Gains of $312,000 were realized by option holders during the year ended December 31, 2020. 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 December 31, 2020 20,520 $ 46.30 3.4 $ 950 Total compensation cost of restricted stock granted but not yet vested as of December 31, 2020 was $700,000 which is expected to be recognized over a weighted-average period of 3.6 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes. The provision for income tax expense included in the financial statements (in thousands): Years Ended December 31, 2020 2019 2018 Included in Net income: Continuing operations $ 3,207 2,962 524 Discontinued operations - 2,542 45,286 3,207 5,504 45,810 Comprehensive income (92 ) 602 (275 ) Total tax expense $ 3,115 6,106 45,535 The provision for income taxes (income tax benefit) consists of the following (in thousands): Year Ended December 31, 2020 2019 2018 Current: Federal $ (2,667 ) (8,225 ) 28,512 State (213 ) (7,799 ) 15,024 (2,880 ) (16,024 ) 43,536 Deferred 5,995 22,130 1,999 Total $ 3,115 6,106 45,535 The deferred taxes in 2020 are primarily related to the bonus depreciation on property placed in service. Current taxes in 2020 were favorably impacted by $1,100,000 due to a carryback of our 2020 tax net operating loss to fiscal 2016 when the federal tax rate was 35%. Current income tax expense in 2019 includes a $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. 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. As of December 31, 2020 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 2020 2019 2018 Amount computed at statutory Federal rate $ 3,226 5,006 35,351 State income taxes (net of Federal income tax benefit) 1,048 1,623 10,186 Carryback of net operating loss (1,100 ) - - Other, net (59 ) (523 ) (2 ) Provision for income taxes $ 3,115 6,106 45,535 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, 2020 2019 2018 Deferred tax liabilities: Property and equipment $ 56,314 49,932 28,329 Depletion 708 718 721 Unrealized rents 27 27 52 Prepaid expenses 50 76 38 Gross deferred tax liabilities 57,099 50,753 29,140 Deferred tax assets: Employee benefits and other 993 642 1,159 Gross deferred tax assets 993 642 1,159 Net deferred tax liability $ 56,106 50,111 27,981 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, 2020, the earliest tax year that remains open for audit is 2015. Our effective income tax expense may vary, possibly materially, due to projected effective state tax rates.

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
Employee Benefits	9. 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 $43,000 in 2020 and $35,000 in 2019. 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 2020 and 2019, was $2,000 and ($14,000), respectively. The accrued benefit under this plan as of December 31, 2020 and December 31, 2019 was $1,252,000 and $1,424,000, respectively.

Business Segments

Business Segments	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Business Segments	10. 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 and one recent industrial acquisition, Cranberry Run Business Park, which we purchased in 2019. In July 2020 we sold our property located at 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 assessing for their highest and best use for 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 Stabilized Joint Venture segment includes joint ventures which own, lease and manage buildings that have met our initial lease up criteria. One of our two joint ventures in the segment, Riverfront Investment Partners I, LLC (“Dock 79”) is consolidated. The ownership of Dock 79 attributable to our partner MidAtlantic Realty Partners, LLC (MRP) 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, 2020 2019 2018 Revenues: Asset management $ 2,747 2,190 2,309 Mining royalty lands 9,477 9,438 8,139 Development 1,152 1,164 1,206 Stabilized Joint Venture 10,207 10,964 10,368 $ 23,583 23,756 22,022 Operating profit: Before corporate expenses: Asset management $ 907 196 1,051 Mining royalty lands 8,629 8,690 7,504 Development (2,576 ) (2,817 ) (2,104 ) Stabilized Joint Venture 1,685 2,243 (537 ) Operating profit before corporate expenses 8,645 8,312 5,914 Corporate expenses: Allocated to asset management (909 ) (646 ) (153 ) Allocated to mining royalty lands (288 ) (169 ) (214 ) Allocated to Development (2,108 ) (1,581 ) (1,984 ) Allocated to Stabilized Joint Venture (206 ) (160 ) (393 ) Unallocated — — (1,208 ) (3,511 ) (2,556 ) (3,952 ) $ 5,134 5,756 1,962 Interest expense $ 1,100 1,054 3,103 Depreciation, depletion and amortization: Asset management $ 652 708 540 Mining royalty lands 218 177 198 Development 214 214 228 Stabilized Joint Venture 4,744 4,756 6,932 $ 5,828 5,855 7,898 Capital expenditures: Asset management $ 924 9,487 335 Mining royalty lands — — — Development 16,547 631 6,396 Stabilized Joint Venture 73 316 563 $ 17,544 10,434 7,294 Identifiable net assets at end of period: Asset management $ 11,172 18,468 10,593 Discontinued operations — — 3,224 Mining royalty lands 37,387 38,409 37,991 Development 196,212 179,357 119,029 Stabilized Joint Venture 130,472 133,956 138,206 Investments available for sale at fair value 75,609 137,867 165,212 Cash items 74,105 26,793 22,749 Unallocated corporate assets 11,403 3,298 8,484 $ 536,360 538,148 505,488

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	11. 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, 2020 the Company was invested in 32 corporate bonds with individual maturities ranging from 2021 through 2022. The unrealized gain on these bonds of $677,000 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 $298,000 in its net investment income related to bonds that were sold in 2020. The amortized cost of the investments was $74,932,000 and the carrying amount and fair value of such bonds were $75,609,000 as of December 31, 2020. At December 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 December 31, 2020, the carrying amount and fair value of such other long-term debt was $89,964,000 and $96,187,000, respectively. 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.

Contingent Liabilities

Contingent Liabilities	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Contingent Liabilities	12. 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.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments	13. Commitments. The Company, at December 31, 2020, had entered into various contracts to develop and maintain real estate with remaining commitments totaling $6,177,000.

Concentrations

Concentrations	12 Months Ended
	Dec. 31, 2020
Risks and Uncertainties [Abstract]
Concentrations	14. Concentrations. The mining royalty lands segment has a total of five tenants currently leasing mining locations and one lessee that accounted for 32% of the Company’s consolidated revenues during 2020 and $285,000 of accounts receivable at December 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 Horizon 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, 2020
Unusual or Infrequent Items, or Both [Abstract]
Unusual or Infrequent Items Impacting Quarterly Results	15. 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. Provision for income taxes in the fourth quarter of 2020 was favorably impacted by $1,100,000 due to a carryback of our 2020 tax net operating loss to fiscal 2016 when the federal tax rate was 35%.

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	16. 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 RUN 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, 2020 December 31, 2019 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: In-place leases (useful life 0-8 years) $ 4,910 4,852 4,910 4,806 Above Market leases (useful life 5 years) - - - - $ 4,910 4,852 4,910 4,806

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	17 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 and 2018 were as follows (in thousands): Years Ended December 31, 2019 2018 Lease Revenues $ 460 12,098 Cost of operations: Depreciation, depletion and amortization 17 3,161 Operating expenses 248 1,742 Property taxes 41 1,286 Management company indirect — 1,360 Corporate expenses — 1,462 Total cost of operations 306 9,011 Total operating profit 154 3,087 Interest expense — (587 ) Gain on sale of buildings 9,244 164,915 Income before income taxes 9,398 167,415 Provision for (benefit from) income taxes 2,542 45,286 Income from discontinued operations $ 6,856 122,129 The components of the balance sheet are as follows (in thousands): December 31 Assets: 2018 Real estate investments at cost: Land $ 546 Buildings and improvements 3,315 Projects under construction — Total investments in properties 3,861 Less accumulated depreciation and depletion 2,374 Net investments in properties 1,487 Accounts receivable, net 910 Unrealized rents 473 Deferred costs 354 Other assets — Assets of discontinued operations $ 3,224 Liabilities: Secured notes payable, current portion $ — Secured notes payable, less current portion — Accounts payable and accrued liabilities 205 Deferred revenue 45 Tenant security deposits 38 Liabilities of discontinued operations $ 288

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events. The Company has a pending transaction set to finalize in March 2021 to refinance the mortgage currently in place at Dock 79 and place permanent financing on The Maren. If completed, the $92 million loan for Dock 79 will have a term of 12 years and will reduce the interest rate on the current Dock 79 loan from 4.125% to 3.03% but will require a prepayment penalty of $900,000 on the existing $90 million loan. Under its current mortgage, Dock 79 is set to begin principal payments in November 2021. This is an interest-only loan and would defer any principal payments until at least 2033. This transaction would also secure $88 million in long-term, interest-only financing for The Maren for a term of 12 years and an interest rate of 3.03%. As a result of this transaction, the Company would also be repaid the $13.75 million in preferred equity that it supplied the joint venture along with roughly $2.3 million in accrued interest payments. In March 2021, RiverFront II, LLC. 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 March 2021, the Company will consolidate the assets (at fair value), liabilities and operating results of the joint venture. The consolidation will result in a gain on remeasurement and prospective adjustment of the percentage ownership based upon the profit sharing arraignment.

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
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 predecessor 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 (“Development”) and Florida Rock Properties, Inc., a Florida corporation (“Properties”), and the various subsidiaries of each. 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. This resulted in the disposition of all of the Company’s industrial flex/office warehouse properties prior to the sale date 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 three commercial properties.
Consolidation	CONSOLIDATION - The consolidated financial statements include the accounts of the Company inclusive of our operating real estate subsidiaries, Development and 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, 2020, 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 2020, 2019 and 2018, of $5,766,000, $5,784,000 and $5,709,000, 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 7.
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, 2020, 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.

Consolidated Real Estate and _2

Consolidated Real Estate and Accumulated Depreciation and Depletion (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Schedule III Real Estate and Accumulated Depreciation and Depletion	FRP HOLDINGS, INC. SCHEDULE III (CONSOLIDATED)-REAL ESTATE & ACCUMULATED DEPRECIATION AND DEPLETION (dollars in thousands) DECEMBER 31, 2020 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 $ 179 n/a 4/86 unit Clayton, GA 369 0 369 5 n/a 4/86 unit Fayette, GA 685 200 885 126 n/a 4/86 unit Lake, FL 403 0 403 158 n/a 4/86 unit Lake, FL 1,083 0 1,083 1,010 n/a 4/86 unit Lake Louisa, FL 11,039 0 11,039 0 n/a 5/12 unit Lee, FL 4,489 13 4,502 270 n/a 4/86 unit Monroe, GA 792 0 792 300 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 4,837 n/a 4/86 unit Putnam, FL 123 (2 ) 121 104 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 16 0 16 0 n/a 4/86 n/a 0 37,310 208 37,518 8,211 Asset Management Properties Duval, FL 198 0 198 39 n/a 4/86 25 yr. Baltimore Co, MD 439 5,165 5,604 3,269 1990 10/89 39 yr. Harford, MD 40 8,627 8,667 501 2019 2/19 32 yr. 0 677 13,792 14,469 3,809 Development Properties Carroll, MD 4,720 4,421 9,141 0 n/a 3/08 n/a Baltimore City, MD 750 7,317 8,067 241 2018 12/10 39 yr. Harford, MD 11,250 4 11,254 0 n/a 11/20 n/a Washington D.C. 2,957 5,046 8,003 1,916 n/a 4/86 15 yr. Washington D.C. 3,811 4,669 8,480 636 n/a 10/97 n/a 0 23,488 21,457 44,945 2,793 Residential Rental Properties Washington D.C. 89,964 6,165 142,981 149,146 19,435 2016 07/17 39 yr. GRAND TOTALS $ 89,964 $ 67,640 $ 178,438 $ 246,078 $ 34,248 (a) The aggregate cost for Federal income tax purposes is $87,596 .
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, 2020 2019 2018 Gross Carrying Cost of Real Estate: Balance at beginning of period $ 240,128 241,413 243,165 Additions during period: Amounts capitalized 17,227 10,353 7,025 Deductions during period: Cost of real estate sold (11,060 ) (11,630 ) (8 ) Other (217 ) (8 ) (8,769 ) Balance at close of period $ 246,078 240,128 241,413 Accumulated Depreciation & Depletion: Balance at beginning of period $ 29,788 27,921 26,228 Additions during period: Charged to cost & expense 5,689 5,697 5,609 Deductions during period: Real estate sold (1,112 ) (3,822 ) — Other (117 ) (8 ) (3,916 ) Balance at close of period $ 34,248 29,788 27,921

Investments in Joint Ventures (

Investments in Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
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, 2020 Brooksville Quarry, LLC 50.00 % $ 7,499 14,347 (78 ) (39 ) BC FRP Realty, LLC 50.00 % 5,184 22,747 (411 ) (207 ) RiverFront Holdings II, LLC 80.00 % 23,533 108,538 (4,573 ) (3,907 ) Bryant Street Partnerships 61.36 % 60,159 173,814 (836 ) (2,130 ) Hyde Park 591 591 — — DST Hickory Creek 26.65 % 6,000 47,761 (367 ) 339 Amber Ridge Loan 10,026 10,026 — — 1800 Half St. Owner, LLC 61.37 % 37,875 54,275 158 164 Greenville/Woodfield Partnerships 40.00 % 16,204 46,457 182 90 Total $ 167,071 478,556 (5,925 ) (5,690 )	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 )
Joint Venture financial statements (in thousands)	As of December 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 $ 105,737 173,560 45,379 37,452 42,668 $ 404,796 Cash and cash equivalents 2,626 111 1,202 14,011 3,554 21,504 Unrealized rents & receivables 13 58 775 2 0 848 Deferred costs 162 85 405 2,810 235 3,697 Total Assets $ 108,538 173,814 47,761 54,275 46,457 $ 430,845 Secured notes payable $ 64,982 72,471 29,291 0 1,776 $ 168,520 Other liabilities 4,189 22,952 107 1,953 4,774 33,975 Capital - FRP 34,667 58,559 4,894 37,466 15,963 151,549 Capital - Third Parties 4,700 19,832 13,469 14,856 23,944 76,801 Total Liabilities and Capital $ 108,538 173,814 47,761 54,275 46,457 $ 430,845 As of December 31, 2020 Brooksville BC FRP Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Hyde Park Loan Mixed Use Total Investments in real estate, net. $ 14,287 22,067 591 10,026 404,796 $ 451,767 Cash and cash equivalents 55 90 0 0 21,504 21,649 Unrealized rents & receivables 0 254 0 0 848 1,102 Deferred costs 5 336 0 0 3,697 4,038 Total Assets $ 14,347 22,747 591 10,026 430,845 $ 478,556 Secured notes payable $ 0 12,370 0 0 168,520 $ 180,890 Other liabilities 28 123 0 0 33,975 34,126 Capital - FRP 7,499 5,127 591 10,026 151,549 174,792 Capital - Third Parties 6,820 5,127 0 0 76,801 88,748 Total Liabilities and Capital $ 14,347 22,747 591 10,026 430,845 $ 478,556	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
RiverFront Holdings II, LLC
Joint Venture financial statements (in thousands)	RiverFront RiverFront RiverFront RiverFront Holdings II, LLC. Holdings II, LLC. Holdings II, LLC. Holdings II, LLC. Total JV Company Share Total JV Company Share Maren Year ended Year ended Year ended Year ended December 31, December 31, December 31, December 31, 2020 2020 2019 2019 Revenues: Rental Revenue $ 2,825 $ 2,260 $ — $ — Revenue – other 233 186 — — Total Revenues 3,058 2,446 — — Cost of operations: Depreciation and amortization 2,432 1,946 — — Operating expenses 1,795 1,435 95 76 Property taxes 331 265 — — Total cost of operations 4,558 3,646 95 76 Total operating profit (1,500 ) (1,200 ) (95 ) (76 ) Interest expense (3,073 ) (2,707 ) — (795 ) Net loss before tax (4,573 ) (3,907 ) (95 ) (871 )
Bryant Street Partnerships
Joint Venture financial statements (in thousands)	Bryant Street Bryant Street Partnerships Partnerships Total JV Company Share Bryant Year ended Year ended December 31, December 31, 2020 2020 Revenues: Rental Revenue $ — $ — Revenue – other 5 3 Total Revenues 5 3 Cost of operations: Depreciation and amortization 184 113 Operating expenses 483 297 Property taxes 17 10 Total cost of operations 684 420 Total operating profit (679 ) (417 ) Interest expense (157 ) (1,713 ) Net loss before tax (836 ) (2,130 )

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt (in thousands)	December 31, December 31, 2020 2019 Revolving credit agreements $ — — Riverfront permanent loan 89,964 88,925 89,964 88,925 Less portion due within one year — — $ 89,964 88,925

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Carrying value of property leased or held for lease to others (in thousands)	Construction aggregates property $ 35,093 Commercial property 61,823 96,916 less accumulated depreciation and depletion 14,813 $ 82,103

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings per share computations (in thousands, except per share amounts)	Years Ended December 31 2020 2019 2018 Common shares: Weighted average common shares outstanding during the period - shares used for basic earnings per common share 9,580 9,883 10,040 Common shares issuable under share based payment plans which are potentially dilutive 29 43 65 Common shares used for diluted earnings per common share 9,609 9,926 10,105 Income from continuing operations $ 11,722 8,822 959 Discontinued operations $ — 6,856 122,129 Net income attributable to the Company $ 12,715 16,177 124,472 Basic earnings per common share: Income from continuing operations $ 1.22 0.89 0.10 Discontinued operations $ — 0.69 12.16 Net income attributable to the Company $ 1.33 1.64 12.40 Diluted earnings per common share Income from continuing operations $ 1.22 0.89 0.09 Discontinued operations $ — 0.69 12.09 Net income attributable to the Company $ 1.32 1.63 12.32

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock Compensation Expense (in thousands)	Years Ended December 31, 2020 2019 2018 Stock option grants $ 92 112 607 Restricted stock awards granted in 2020 250 — — Employee stock grant 530 — — Unrestricted employee stock award — 50 — Annual director stock award 500 70 1,055 $ 1,372 232 1,662
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, 2018 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 Exercised (12,415 ) $ 19.23 $ (100 ) Outstanding at December 31, 2020 120,089 $ 35.33 5.3 $ 1,531 Exercisable at December 31, 2020 107,741 $ 34.12 5.0 $ 1,327 Vested during twelve months ended December 31, 2020 5,967 $ 94
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 12,348 $ 45.93 7.9 Years Exercisable: $16.71 - $24.75 14,100 16.72 .9 $24.76 - $37.25 35,854 26.24 3.3 $37.26 - $45.97 57,787 43.25 7.0 107,741 $ 34.12 5.0 Years Total 120,089 $ 35.33 5.3 Years
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 December 31, 2020 20,520 $ 46.30 3.4 $ 950

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Provision for income tax expense included in the financial statements(in thousands)	Years Ended December 31, 2020 2019 2018 Included in Net income: Continuing operations $ 3,207 2,962 524 Discontinued operations - 2,542 45,286 3,207 5,504 45,810 Comprehensive income (92 ) 602 (275 ) Total tax expense $ 3,115 6,106 45,535
Provision for income taxes (in thousands)	Year Ended December 31, 2020 2019 2018 Current: Federal $ (2,667 ) (8,225 ) 28,512 State (213 ) (7,799 ) 15,024 (2,880 ) (16,024 ) 43,536 Deferred 5,995 22,130 1,999 Total $ 3,115 6,106 45,535
Income tax reconciliation at statutory Federal income tax rate (in thousands)	Year Ended December 31 2020 2019 2018 Amount computed at statutory Federal rate $ 3,226 5,006 35,351 State income taxes (net of Federal income tax benefit) 1,048 1,623 10,186 Carryback of net operating loss (1,100 ) - - Other, net (59 ) (523 ) (2 ) Provision for income taxes $ 3,115 6,106 45,535
Deferred tax assets and deferred tax liabilities (in thousands)	December 31, 2020 2019 2018 Deferred tax liabilities: Property and equipment $ 56,314 49,932 28,329 Depletion 708 718 721 Unrealized rents 27 27 52 Prepaid expenses 50 76 38 Gross deferred tax liabilities 57,099 50,753 29,140 Deferred tax assets: Employee benefits and other 993 642 1,159 Gross deferred tax assets 993 642 1,159 Net deferred tax liability $ 56,106 50,111 27,981

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Business Segments (in thousands)	Years Ended December 31, 2020 2019 2018 Revenues: Asset management $ 2,747 2,190 2,309 Mining royalty lands 9,477 9,438 8,139 Development 1,152 1,164 1,206 Stabilized Joint Venture 10,207 10,964 10,368 $ 23,583 23,756 22,022 Operating profit: Before corporate expenses: Asset management $ 907 196 1,051 Mining royalty lands 8,629 8,690 7,504 Development (2,576 ) (2,817 ) (2,104 ) Stabilized Joint Venture 1,685 2,243 (537 ) Operating profit before corporate expenses 8,645 8,312 5,914 Corporate expenses: Allocated to asset management (909 ) (646 ) (153 ) Allocated to mining royalty lands (288 ) (169 ) (214 ) Allocated to Development (2,108 ) (1,581 ) (1,984 ) Allocated to Stabilized Joint Venture (206 ) (160 ) (393 ) Unallocated — — (1,208 ) (3,511 ) (2,556 ) (3,952 ) $ 5,134 5,756 1,962 Interest expense $ 1,100 1,054 3,103 Depreciation, depletion and amortization: Asset management $ 652 708 540 Mining royalty lands 218 177 198 Development 214 214 228 Stabilized Joint Venture 4,744 4,756 6,932 $ 5,828 5,855 7,898 Capital expenditures: Asset management $ 924 9,487 335 Mining royalty lands — — — Development 16,547 631 6,396 Stabilized Joint Venture 73 316 563 $ 17,544 10,434 7,294 Identifiable net assets at end of period: Asset management $ 11,172 18,468 10,593 Discontinued operations — — 3,224 Mining royalty lands 37,387 38,409 37,991 Development 196,212 179,357 119,029 Stabilized Joint Venture 130,472 133,956 138,206 Investments available for sale at fair value 75,609 137,867 165,212 Cash items 74,105 26,793 22,749 Unallocated corporate assets 11,403 3,298 8,484 $ 536,360 538,148 505,488

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2017
Amortizable intangible assets (in thousands)	December 31, 2020 December 31, 2019 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: In-place leases (useful life 0-8 years) $ 4,910 4,852 4,910 4,806 Above Market leases (useful life 5 years) - - - - $ 4,910 4,852 4,910 4,806
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 Run 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, 2020
Discontinued Operations and Disposal Groups [Abstract]
Discontinued operations results of operations	Years Ended December 31, 2019 2018 Lease Revenues $ 460 12,098 Cost of operations: Depreciation, depletion and amortization 17 3,161 Operating expenses 248 1,742 Property taxes 41 1,286 Management company indirect — 1,360 Corporate expenses — 1,462 Total cost of operations 306 9,011 Total operating profit 154 3,087 Interest expense — (587 ) Gain on sale of buildings 9,244 164,915 Income before income taxes 9,398 167,415 Provision for (benefit from) income taxes 2,542 45,286 Income from discontinued operations $ 6,856 122,129
Discontinued operations balance sheet components	December 31 Assets: 2018 Real estate investments at cost: Land $ 546 Buildings and improvements 3,315 Projects under construction — Total investments in properties 3,861 Less accumulated depreciation and depletion 2,374 Net investments in properties 1,487 Accounts receivable, net 910 Unrealized rents 473 Deferred costs 354 Other assets — Assets of discontinued operations $ 3,224 Liabilities: Secured notes payable, current portion $ — Secured notes payable, less current portion — Accounts payable and accrued liabilities 205 Deferred revenue 45 Tenant security deposits 38 Liabilities of discontinued operations $ 288

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation and Depletion (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Gross Carrying Cost of Real Estate at beginning of period	$ 240,128	$ 241,413	$ 243,165
Additions capitalized during period	17,227	10,353	7,025
Cost of real estate sold	(11,060)	(11,630)	(8)
Other deductions	(217)	(8)	(8,769)
Gross Carrying Cost of Real Estate at end of period	246,078	240,128	241,413
Accumulated Depreciation & Depletion at beginning of period	29,788	27,921	26,228
Additions charged to cost & expense	5,689	5,697	5,609
Real estate sold	(1,112)	(3,822)	0
Other deductions	(117)	(8)	(3,916)
Accumulated Depreciation & Depletion at end of period	$ 34,248	$ 29,788	$ 27,921

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation and Depletion Part I (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Encumbrances	$ 89,964
Initial Cost to Company	67,640
Cost capitalized subsequent to acquisition	178,438
Gross amount at which carried at end of period	246,078	$ 240,128	$ 241,413	$ 243,165
Accumulated Depreciation & Depletion	34,248
Aggregate cost for Federal income tax purposes	87,596
Investment Property
Encumbrances	0
Initial Cost to Company	16
Cost capitalized subsequent to acquisition	0
Gross amount at which carried at end of period	16
Accumulated Depreciation & Depletion	0
Mining royalty lands
Encumbrances	0
Initial Cost to Company	37,310
Cost capitalized subsequent to acquisition	208
Gross amount at which carried at end of period	37,518
Accumulated Depreciation & Depletion	8,211
Asset Management Properties
Encumbrances	0
Initial Cost to Company	677
Cost capitalized subsequent to acquisition	13,792
Gross amount at which carried at end of period	14,469
Accumulated Depreciation & Depletion	3,809
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	179
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	126
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	1,010
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	4,489
Cost capitalized subsequent to acquisition	13
Gross amount at which carried at end of period	4,502
Accumulated Depreciation & Depletion	270
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	300
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	4,837
Putnam, FL 2
Encumbrances	0
Initial Cost to Company	123
Cost capitalized subsequent to acquisition	(2)
Gross amount at which carried at end of period	121
Accumulated Depreciation & Depletion	104
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, MD 1
Encumbrances	0
Initial Cost to Company	439
Cost capitalized subsequent to acquisition	5,165
Gross amount at which carried at end of period	5,604
Accumulated Depreciation & Depletion	3,269
Harford, MD 1
Encumbrances	0
Initial Cost to Company	40
Cost capitalized subsequent to acquisition	8,627
Gross amount at which carried at end of period	8,667
Accumulated Depreciation & Depletion	501
Carroll, MD
Encumbrances	0
Initial Cost to Company	4,720
Cost capitalized subsequent to acquisition	4,421
Gross amount at which carried at end of period	9,141
Accumulated Depreciation & Depletion	0
Baltimore City, MD 2
Encumbrances	0
Initial Cost to Company	750
Cost capitalized subsequent to acquisition	7,317
Gross amount at which carried at end of period	8,067
Accumulated Depreciation & Depletion	241
Harford, MD 2
Encumbrances	0
Initial Cost to Company	11,250
Cost capitalized subsequent to acquisition	4
Gross amount at which carried at end of period	11,254
Accumulated Depreciation & Depletion	0
Wash DC 1
Encumbrances	0
Initial Cost to Company	2,957
Cost capitalized subsequent to acquisition	5,046
Gross amount at which carried at end of period	8,003
Accumulated Depreciation & Depletion	1,916
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	636
Development Properties
Encumbrances	0
Initial Cost to Company	23,488
Cost capitalized subsequent to acquisition	21,457
Gross amount at which carried at end of period	44,945
Accumulated Depreciation & Depletion	2,793
Dock 79
Encumbrances	89,964
Initial Cost to Company	6,165
Cost capitalized subsequent to acquisition	142,981
Gross amount at which carried at end of period	149,146
Accumulated Depreciation & Depletion	$ 19,435

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation and Depletion Part 2 (Details)	12 Months Ended
	Dec. 31, 2020
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, 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	11/20
Depreciation Life Computed on	n/a
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, 2020	Dec. 31, 2019	Dec. 31, 2018	May 04, 5018	Jul. 31, 2019	Dec. 24, 2018	Dec. 31, 2017	Apr. 26, 2016	Oct. 04, 2006
Total Assets of the Partnerhip		$ 536,360	$ 538,148	$ 505,488
Profit (loss) of the Partnership		11,722	15,678	123,088
Investments in real estate, net		379,362	371,019
Cash and cash equivalents		73,909	26,607	22,547				$ 4,524
Secured notes payable		89,964	88,925
Deferred costs		707	890
Other liabilities		1,886	1,978
Total liabilities and capital		536,360	538,148
Rental revenue		14,106	14,318	13,883
Total Revenues		23,583	23,756	22,022
Property taxes		2,826	2,941	2,625
Operating expenses		3,333	4,134	4,285
Total cost of operations		18,449	18,000	20,060
Total operating profit		5,134	5,756	1,962
Interest expense		(1,100)	(1,054)	(3,103)
Net loss before tax		14,929	11,784	$ 1,483
Brooksville Total
Total Assets of the Partnerhip		14,347	14,316
Profit (loss) of the Partnership		(78)	(84)
Investments in real estate, net		14,287	14,293
Cash and cash equivalents		55	18
Unrealized rents & receivables		0	0
Secured notes payable		0	0
Deferred costs		5	5
Other liabilities		28	2
Capital		6,820	6,814
Total liabilities and capital		14,347	14,316
BC FRP Realty, LLC Total
Total Assets of the Partnerhip		22,747	22,969
Profit (loss) of the Partnership		(411)	(1,114)
Investments in real estate, net		22,067	22,423
Cash and cash equivalents		90	15
Unrealized rents & receivables		254	220
Secured notes payable		12,370	12,103
Deferred costs		336	311
Other liabilities		123	196
Capital		5,127	5,335
Total liabilities and capital		22,747	22,969
RiverFront Holdings II, LLC Total
Total Assets of the Partnerhip		108,538	88,235
Profit (loss) of the Partnership		(4,573)	(95)
Investments in real estate, net		105,737	87,521
Cash and cash equivalents		2,626	630
Unrealized rents & receivables		13	82
Secured notes payable		64,982	38,564
Deferred costs		162	2
Other liabilities		4,189	6,771
Capital		4,700	5,616
Total liabilities and capital		108,538	88,235
Rental revenue		2,825	0
Revenue - other		233	0
Total Revenues		3,058	0
Depreciation and amortization		2,432	0
Property taxes		331	0
Operating expenses		1,795	95
Total cost of operations		4,558	95
Total operating profit		(1,500)	(95)
Interest expense		(3,073)	0
Net loss before tax		(4,573)	(95)
Bryant Street Partnerships Total
Total Assets of the Partnerhip		173,814	96,477
Profit (loss) of the Partnership		(836)	260
Investments in real estate, net		173,560	95,903
Cash and cash equivalents		111	387
Unrealized rents & receivables		58	158
Secured notes payable		72,471	1,660
Deferred costs		85	29
Other liabilities		22,952	17,183
Capital		19,832	20,155
Total liabilities and capital		173,814	96,477
Rental revenue		0
Revenue - other		5
Total Revenues		5
Depreciation and amortization		184
Property taxes		17
Operating expenses		483
Total cost of operations		684
Total operating profit		(679)
Interest expense		(157)
Net loss before tax		(836)
Hyde Park Total
Total Assets of the Partnerhip		591	3,492
Profit (loss) of the Partnership		0	0
Investments in real estate, net		591	3,492
Cash and cash equivalents		0	0
Unrealized rents & receivables		0	0
Secured notes payable		0	0
Deferred costs		0	0
Other liabilities		0	0
Capital		0	0
Total liabilities and capital		591	3,492
DST Hickory Creek Total
Total Assets of the Partnerhip		47,761	49,369
Profit (loss) of the Partnership		(367)	(168)
Investments in real estate, net		45,379	46,685
Cash and cash equivalents		1,202	1,764
Unrealized rents & receivables		775	446
Secured notes payable		29,291	29,246
Deferred costs		405	474
Other liabilities		107	120
Capital		13,469	14,003
Total liabilities and capital		47,761	49,369
Amber Ridge Total
Total Assets of the Partnerhip		10,026	509
Profit (loss) of the Partnership		0	0
Investments in real estate, net		10,026	509
Cash and cash equivalents		0	0
Unrealized rents & receivables		0	0
Secured notes payable		0	0
Deferred costs		0	0
Other liabilities		0	0
Capital		0	0
Total liabilities and capital		10,026	509
1800 Half Street Total
Total Assets of the Partnerhip		54,275	40,161
Profit (loss) of the Partnership		158	0
Investments in real estate, net		37,452	14,391
Cash and cash equivalents		14,011	25,770
Unrealized rents & receivables		2	0
Secured notes payable		0	0
Deferred costs		2,810	0
Other liabilities		1,953	1,363
Capital		14,856	1,484
Total liabilities and capital		54,275	40,161
Greenville/Woodfield Partnerships Total
Total Assets of the Partnerhip		46,457	19,214
Profit (loss) of the Partnership		182	0
Investments in real estate, net		42,668	1,889
Cash and cash equivalents		3,554	17,325
Unrealized rents & receivables		0	0
Secured notes payable		1,776	0
Deferred costs		235	0
Other liabilities		4,774	1,889
Capital		23,944	1,406
Total liabilities and capital		46,457	19,214
Joint Venture Totals
Total Assets of the Partnerhip		478,556	334,742
Profit (loss) of the Partnership		(5,925)	(1,201)
Investments in real estate, net		451,767	287,106
Cash and cash equivalents		21,649	45,909
Unrealized rents & receivables		1,102	906
Secured notes payable		180,890	81,573
Deferred costs		4,038	821
Other liabilities		34,126	27,524
Capital		88,748	54,813
Total liabilities and capital		478,556	334,742
Apartment Mixed Use Totals
Total Assets of the Partnerhip		430,845	293,456
Investments in real estate, net		404,796	246,389
Cash and cash equivalents		21,504	45,876
Unrealized rents & receivables		848	686
Secured notes payable		168,520	69,470
Deferred costs		3,697	505
Other liabilities		33,975	27,326
Capital		76,801	42,664
Total liabilities and capital		$ 430,845	$ 293,456
Brooksville
Ownership percent		50.00%	50.00%							50.00%
Total Investment		$ 7,499	$ 7,449
Profit (loss) of the Partnership		(39)	(42)
Capital		$ 7,499	$ 7,500
BC FRP Realty, LLC
Ownership percent		50.00%	50.00%						50.00%
Total Investment		$ 5,184	$ 5,391
Profit (loss) of the Partnership		(207)	(591)
Capital		$ 5,127	$ 5,335
RiverFront Holdings II, LLC
Ownership percent		80.00%	80.00%		80.00%
Total Investment		$ 23,533	$ 25,975
Profit (loss) of the Partnership	[1]	(3,907)	(871)
Capital		34,667	37,284
Rental revenue		2,260	0
Revenue - other		186	0
Total Revenues		2,446	0
Depreciation and amortization		1,946	0
Property taxes		265	0
Operating expenses		1,435	76
Total cost of operations		3,646	76
Total operating profit		(1,200)	(76)
Interest expense		(2,707)	(795)
Net loss before tax		$ (3,907)	$ (871)
Bryant Street Partnerships
Ownership percent		61.36%	61.36%				61.36%
Total Investment		$ 60,159	$ 58,353
Profit (loss) of the Partnership	[1]	(2,130)	(573)
Capital		58,559	57,479
Rental revenue		0
Revenue - other		3
Total Revenues		3
Depreciation and amortization		113
Property taxes		10
Operating expenses		297
Total cost of operations		420
Total operating profit		(417)
Interest expense		(1,713)
Net loss before tax		(2,130)
Hyde Park
Total Investment		591	3,492
Profit (loss) of the Partnership		0	0
Capital		$ 591	$ 3,492
DST Hickory Creek
Ownership percent		26.65%	26.65%			26.65%
Total Investment		$ 6,000	$ 6,000
Profit (loss) of the Partnership		339	123
Capital		4,894	6,000
Amber Ridge
Total Investment		10,026	509
Profit (loss) of the Partnership		0	0
Capital		$ 10,026	$ 509
1800 Half Street
Ownership percent		61.37%	59.73%
Total Investment		$ 37,875	$ 37,314
Profit (loss) of the Partnership		164	0
Capital		$ 37,466	$ 37,314
Greenville/Woodfield Partnerships
Ownership percent		40.00%	40.00%
Total Investment		$ 16,204	$ 15,919
Profit (loss) of the Partnership		90	0
Capital		15,963	15,919
Joint Venture Company Share
Total Investment		167,071	160,452
Profit (loss) of the Partnership		(5,690)	(1,954)
Capital		174,792	170,832
Apartment Mixed Use FRP
Capital		$ 151,549	$ 153,996
[1]	RiverFront Holdings II, LLC includes $286,000 in 2020 and $788,000 in 2019 for the Company's share of preferred interest. Bryant Street Partnerships includes $1,146,000 in 2020 and $444,000 in 2019 for the Company's share of preferred interest and $471,000 in 2020 and $373,000 in 2019 for amortization of guarantee liability related to the Bryant Street loan.

Debt - Debt (Details)

Debt - Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Riverfront permanent loan	$ 89,964	$ 88,925
Long-term debt, current and non-current	89,964	88,925
Less portion due within one year	0	0
Total long term debt	$ 89,964	$ 88,925

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, 2020USD ($)
Construction aggregates property	$ 35,093
Commercial property	61,823
Carrying Value of property owned by the Company leased or held for lease, gross	96,916
Less accumulated depreciation and depletion	14,813
Carrying Value of property owned by the Company leased or held for lease, net	$ 82,103

Earnings Per Share - Earnings p

Earnings Per Share - Earnings per share computations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Weighted average common shares oustanding during the period-shares used for basic earnings per common share	9,580	9,883	10,040
Common shares issuable under share based payment plans which are potentially dilutive	29	43	65
Common shares used for diluted earnings per common share	9,609	9,926	10,105
Income from continuing operations	$ 11,722	$ 8,822	$ 959
Discontinued operations	0	6,856	122,129
Net income attributable to the Company	$ 12,715	$ 16,177	$ 124,472
Basic earnings per common share:
Income from continuing operations	$ 1.22	$ 0.89	$ 0.10
Discontinued operations	0	0.69	12.16
Net income attributable to the Company	1.33	1.64	12.40
Diluted earnings per common share
Income from continuing operations	1.22	0.89	0.09
Discontinued operations	0	0.69	12.09
Net income attributable to the Company	$ 1.32	$ 1.63	$ 12.32

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Stock option grants	$ 92	$ 112	$ 607
Restricted stock awards granted in 2020	250	0	0
Employee stock grant	530	0	0
Unrestricted employee stock award	0	50	0
Annual director stock award	500	70	1,055
Total Stock Compensation expense	$ 1,372	$ 232	$ 1,662

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, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement [Abstract]
Options outstanding	120,089	132,504	147,538	174,510
Options granted			29,260
Options exercised	(12,415)	(15,034)	(56,232)
Options outstanding weighted average exercise price	$ 35.33	$ 33.82	$ 33.48	$ 28.70
Options outstanding weighted average exercise price - Granted			45.97
Options outstanding weighted average exercise price - Exercised	$ 19.23	$ 30.42	$ 25.17
Options outstanding weighted average remaining term	5 years 3 months 18 days	5 years 9 months 17 days	6 years 8 months 11 days	6 years
Options outstanding weighted average grant date fair value	$ 1,531	$ 1,631	$ 1,782	$ 1,901
Options granted weighted average grant date fair value			$ 427
Options exercised weighted average grant date fair value	$ (100)	$ (151)	$ (546)
Options exercisable at December 31, 2020	107,741
Options exercisable weighted average exercise price	$ 34.12
Options exercisable weighted average remaining term	5 years
Options exercisable weighted average grant date fair value	$ 1,327
Options vested during twelve months ended December 31, 2020	5,967
Options vested weighted average grant date fair value	$ 94

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Summary of Stock Options Outstanding (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Shares under option	120,089
Weighted average exercise price	$ 35.33	$ 33.82	$ 33.48	$ 28.70
Weighted average remaining life	5 years 3 months 18 days	5 years 9 months 17 days	6 years 8 months 11 days	6 years
$37.26 - $45.97 Exercisable
Shares under option	57,787
Weighted average exercise price	$ 43.25
Weighted average remaining life	7 years
Minimum exercise price	$ 37.26
Maximum exercise price	$ 45.97
$24.76 - $37.25 Exercisable
Shares under option	35,854
Weighted average exercise price	$ 26.24
Weighted average remaining life	3 years 3 months 18 days
Minimum exercise price	$ 24.76
Maximum exercise price	$ 37.25
$16.71 - $24.75 Exercisable
Shares under option	14,100
Weighted average exercise price	$ 16.72
Weighted average remaining life	10 months 24 days
Minimum exercise price	$ 16.71
Maximum exercise price	$ 24.75
$37.26 - $45.97 Non-exercisable
Shares under option	12,348
Weighted average exercise price	$ 45.93
Weighted average remaining life	7 years 10 months 23 days
Minimum exercise price	$ 37.26
Maximum exercise price	$ 45.97
Exercisable
Shares under option	107,741
Weighted average exercise price	$ 34.12
Weighted average remaining life	5 years

Restricted Stock Activity (Deta

Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Shares outstanding	120,089	132,504	147,538	174,510
Options outstanding weighted average exercise price	$ 35.33	$ 33.82	$ 33.48	$ 28.70
Options outstanding weighted average remaining term	5 years 3 months 18 days	5 years 9 months 17 days	6 years 8 months 11 days	6 years
Options outstanding weighted average grant date fair value	$ 1,531	$ 1,631	$ 1,782	$ 1,901
Options granted weighted average grant date fair value			$ 427
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	3 years 4 months 25 days
Options outstanding weighted average grant date fair value	$ 950
Options granted weighted average grant date fair value	$ 950

Income Taxes - Provision for in

Income Taxes - Provision for income taxes for continuing operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal, current	$ (2,667)	$ (8,225)	$ 28,512
State, current	(213)	(7,799)	15,024
Current income tax expense	(2,880)	(16,024)	43,536
Deferred	5,995	22,130	1,999
Federal, computed at statutory rate	3,226	5,006	35,351
State income taxes (net of Federal income tax benefit)	1,048	1,623	10,186
Carryback of net operating loss	(1,100)	0	0
Other, net	(59)	(523)	(2)
Continuing operations tax expense	3,207	2,962	524
Discontinued operations tax expense	0	2,542	45,286
Tax expense continuing operations and discontinued operations	3,207	5,504	45,810
Comprehensive income tax expense	(92)	602	(275)
Total tax expense	$ 3,115	$ 6,106	$ 45,535

Income Taxes - Deferred tax ass

Income Taxes - Deferred tax assets and deferred tax liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Property and equipment	$ 56,314	$ 49,932	$ 28,329
Depletion	708	718	721
Unrealized rents	27	27	52
Prepaid expenses	50	76	38
Gross deferred tax liabilities	57,099	50,753	29,140
Employee benefits and other	993	642	1,159
Gross deferred tax assets	993	642	1,159
Net deferred tax liability	$ 56,106	$ 50,111	$ 27,981

Business Segments - Business se

Business Segments - Business segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 23,583	$ 23,756	$ 22,022
Operating profit	5,134	5,756	1,962
Corporate expenses	3,511	2,556	3,952
Interest expense	1,100	1,054	3,103
Depreciation, depletion and amortization	5,828	5,855	7,898
Investments available for sale	75,609	137,867	165,212
Cash items	74,105	26,793	22,749
Total identifiable net assets	536,360	538,148	505,488
Discontinued Operations
Segment Reporting Information [Line Items]
Total identifiable net assets	0	0	3,224
Unallocated
Segment Reporting Information [Line Items]
Corporate expenses	0	0	(1,208)
Asset Management
Segment Reporting Information [Line Items]
Revenues	2,747	2,190	2,309
Operating profit (loss) before corporate expenses	907	196	1,051
Corporate expenses	(909)	(646)	(153)
Depreciation, depletion and amortization	652	708	540
Capital expenditures	924	9,487	335
Total identifiable net assets	11,172	18,468	10,593
Mining royalty lands
Segment Reporting Information [Line Items]
Revenues	9,477	9,438	8,139
Operating profit (loss) before corporate expenses	8,629	8,690	7,504
Corporate expenses	(288)	(169)	(214)
Depreciation, depletion and amortization	218	177	198
Capital expenditures	0	0	0
Total identifiable net assets	37,387	38,409	37,991
Development
Segment Reporting Information [Line Items]
Revenues	1,152	1,164	1,206
Operating profit (loss) before corporate expenses	(2,576)	(2,817)	(2,104)
Corporate expenses	(2,108)	(1,581)	(1,984)
Depreciation, depletion and amortization	214	214	228
Capital expenditures	16,547	631	6,396
Total identifiable net assets	196,212	179,357	119,029
Stabilized Joint Venture
Segment Reporting Information [Line Items]
Revenues	10,207	10,964	10,368
Operating profit (loss) before corporate expenses	1,685	2,243	(537)
Corporate expenses	(206)	(160)	(393)
Depreciation, depletion and amortization	4,744	4,756	6,932
Capital expenditures	73	316	563
Total identifiable net assets	130,472	133,956	138,206
Total Segments
Segment Reporting Information [Line Items]
Revenues	23,583	23,756	22,022
Operating profit (loss) before corporate expenses	8,645	8,312	5,914
Operating profit	5,134	5,756	1,962
Corporate expenses	(3,511)	(2,556)	(3,952)
Interest expense	1,100	1,054	3,103
Depreciation, depletion and amortization	5,828	5,855	7,898
Capital expenditures	17,544	10,434	7,294
Corporate
Segment Reporting Information [Line Items]
Total identifiable net assets	$ 11,403	$ 3,298	$ 8,484

Intangible Assets - Intangible

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

Intangible assets and liabiliti

Intangible assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
In-place leases, gross	$ 4,910	$ 4,910
Amortizable asset accumulated Amortization	4,852	4,806
In place leases
In-place leases, gross	4,910	4,910
Amortizable asset accumulated Amortization	4,852	4,806
Above Market leases
In-place leases, gross	0	0
Amortizable asset accumulated Amortization	$ 0	$ 0

Intangible assets and liabili_2

Intangible assets and liabilities (Details) (Parenthetical)	12 Months Ended
	Dec. 31, 2020
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, 2020	Dec. 31, 2019	Dec. 31, 2018
Lease Revenues	$ 14,106	$ 14,318	$ 13,883
Depreciation, depletion and amortization	5,828	5,855	7,898
Operating expenses	3,333	4,134	4,285
Management company indirect	2,951	2,514	1,765
Property taxes	2,826	2,941	2,625
Corporate expenses	3,511	2,556	3,952
Total operating profit	5,134	5,756	1,962
Interest expense	(1,100)	(1,054)	(3,103)
Income before income taxes	14,929	11,784	1,483
Provision for (benefit from) income taxes	3,207	2,962	524
Income from discontinued operations	$ 0	6,856	122,129
Discontinued Operations, Disposed of by Sale [Member]
Lease Revenues		460	12,098
Depreciation, depletion and amortization		17	3,161
Operating expenses		248	1,742
Management company indirect		0	1,360
Property taxes		41	1,286
Corporate expenses		0	1,462
Total cost of operations		306	9,011
Total operating profit		154	3,087
Interest expense		0	(587)
Gain on sale of buildings		9,244	164,915
Income before income taxes		9,398	167,415
Provision for (benefit from) income taxes		2,542	45,286
Income from discontinued operations		$ 6,856	$ 122,129

Discontinued Operations - Dis_2

Discontinued Operations - Discontinued operations balance sheet components (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Land	$ 91,744	$ 84,383
Buildings and improvements	141,241	147,019
Projects under construction	4,879	1,056
Accounts receivable, net	923	546
Unrealized rents	531	554
Deferred costs	707	890
Other assets	502	479
Secured notes payable, less current portion	89,964	88,925
Accounts payable and accrued liabilities	3,635	2,431
Deferred revenue	542	790
Tenant security deposits	$ 332	$ 328
Discontinued Operations, Disposed of by Sale [Member]
Land			$ 546
Buildings and improvements			3,315
Projects under construction			0
Total investments in properties			3,861
Less accumulated depreciation and depletion			2,374
Net investments in properties			1,487
Accounts receivable, net			910
Unrealized rents			473
Deferred costs			354
Other assets			0
Assets of discontinued operations			3,224
Secured notes payable, current portion			0
Secured notes payable, less current portion			0
Accounts payable and accrued liabilities			205
Deferred revenue			45
Tenant security deposits			38
Liabilities of discontinued operations			$ 288

Accounting Policies (Details Na

Accounting Policies (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)integer	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	May 21, 2018USD ($)integer
Investments held to maturity	$ 0
Investments held for trading	0
Depreciation and depletion	$ 5,766	$ 5,784	$ 5,709
Asset Management Properties
Warehouse properties | integer	3
Buildings and improvements
Estimated useful lives	3-39
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
Brooksville
Voting interest	50.00%
BC FRP Realty, LLC
Voting interest	50.00%
RiverFront Holdings II, LLC
Voting interest	80.00%
Bryant Street Partnerships
Voting interest	61.36%
1800 Half Street
Voting interest	61.37%
Greenville/Woodfield Partnerships
Voting interest	40.00%

Investments in Joint Ventures_3

Investments in Joint Ventures (Details Narrative) $ in Thousands		1 Months Ended					3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
		Jun. 30, 2020	Apr. 30, 2020USD ($)	Feb. 28, 2020	Dec. 31, 2019USD ($)	May 31, 2016USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2006USD ($)	Jun. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)ainteger	Dec. 31, 2019USD ($)integer	Dec. 31, 2018USD ($)	Dec. 31, 2017	Dec. 31, 2016USD ($)	May 04, 5018	Jun. 26, 2020USD ($)	Apr. 28, 2020USD ($)	Feb. 14, 2020USD ($)	Dec. 23, 2019ft²integer	Dec. 20, 2019ft²integer	Jul. 31, 2019USD ($)ft²ainteger	Jun. 26, 2019USD ($)integer	Mar. 13, 2019USD ($)	Dec. 24, 2018a	May 04, 2018USD ($)	Jan. 27, 2018USD ($)	Sep. 28, 2017USD ($)integer	Apr. 26, 2016ft²a	Oct. 04, 2006a
Company's share of the profit (loss) of the joint venture											$ 11,722	$ 15,678	$ 123,088
Joint Venture consolidated retained earnings					$ (4,127)						(8,278)	(4,127)
Cash contribution											12,315	73,529	$ 71,007
Difference between capital recorded by the Company and the joint ventures											7,778
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																												$ 17,250
Interest rate over LIBOR														2.50%
Outstanding balance											12,127
Buildings | integer																												4
Eagle BankRiverFront Holdings II, LLC
Interest rate over LIBOR													3.25%
Outstanding balance											65,070
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											74,923
Loan commitment																								$ 132,000
Loan description												The loan matures March 13, 2023 with up to two extension of one year each upon certain conditions.
Amortization of guarantee liability											$ 471	$ 373
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%
1800 Half Street Construction Loan
Construction financing																	$ 74,000
Interest rate over LIBOR		2.25%
1800 Half Street Construction Loan extension
Loan extension fee																	0.25%
Debt Yield for extension		9.90%
Amortization schedule		30 years
408 Jackson Construction Loan
Construction financing																		$ 36,000
Interest rate over LIBOR			2.00%
Interest only period			4 years
Principal and interest payment			$ 18
408 Jackson Construction Loan extension
Debt service coverage																		1.2
Loan-to-value																		60.00%
Loan extension fee																		0.10%
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 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 | 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
Land acreage | a											4,280																			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 profit (loss) of the joint venture											$ (39)	$ (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 profit (loss) of the joint venture											$ (207)	$ (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 profit (loss) of the joint venture	[1]										$ (3,907)	$ (871)
Cash contribution													6,200
Preferred equity financing													$ 13,750
Preferred equity financing interest rate																7.50%
Company's share of preferred interest											$ 286	$ 788
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 profit (loss) of the joint venture	[1]										$ (2,130)	$ (573)
Cash contribution												32,000
Preferred equity financing												23,000
Preferred equity financing interest rate																									8.00%
Company's share of preferred interest											1,146	444
Hyde Park
Company's share of the profit (loss) of the joint venture											$ 0	$ 0
Loan commitment																											$ 3,500
Interest rate																											10.00%
Preferred return																											20.00%
No. of homes | integer											126
Principal and interest payment									$ 2,670	$ 1,130
DST Hickory Creek
Joint venture percentage stake					26.65%						26.65%	26.65%										26.65%
Distribution received											$ 339
Company's share of the profit (loss) of the joint venture											339	$ 123
Cash contribution							$ 6,000
Amber Ridge
Company's share of the profit (loss) of the joint venture											$ 0	$ 0
Loan commitment																							$ 18,500
Interest rate																							10.00%
Preferred return																							20.00%
No. of homes | integer																							187
1800 Half Street
Square feet | ft²																					11,246
Joint venture percentage stake					59.73%						61.37%	59.73%
Company's share of the profit (loss) of the joint venture											$ 164	$ 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
Greenville Construction Loan
Construction financing																			$ 22,800
Interest rate over LIBOR				2.25%
Outstanding balance											$ 1,914
Financing term				4 years
Interest rate reduction after certificate of occupancy																			2.05%
Greenville Construction Loan extension 1
Debt service coverage																			1.25
Amortization schedule				30 years
[1]	RiverFront Holdings II, LLC includes $286,000 in 2020 and $788,000 in 2019 for the Company's share of preferred interest. Bryant Street Partnerships includes $1,146,000 in 2020 and $444,000 in 2019 for the Company's share of preferred interest and $471,000 in 2020 and $373,000 in 2019 for amortization of guarantee liability related to the Bryant Street loan.

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Charges/allocation related to Transition Services Agreement with Patriot	$ 1,305	$ 1,389

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 06, 2019	Nov. 17, 2017
Capitalized interest		$ 3,762	$ 2,889
Debt cost amortization		1,039
Accelerated amortization of deferred loan fees at Dock 79		902	0	$ 0
Riverfront permanent loan		89,964	$ 88,925
Principal payments 2021		127
Principal payments 2022		1,556
Principal payments 2023		1,622
Principal payments 2024		1,690
Principal payments 2025 and subsequent years		84,969
Wells Fargo Bank, N.A.
Term			5 years
Revolving Credit Agreement					$ 20,000
Letters of credit issued		448
Borrowed under the revolver		0
Available for borrowing		19,552
Available to pay dividends or repurchase stock		$ 228,000
Letter of credit fee		1.00%
Interest rate		1.14675%
Covenant compliance		all
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%

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
Minimum future straight-lined rentals due on noncancelable leases 2021	$ 10,082
Minimum future straight-lined rentals due on noncancelable leases 2022	3,806
Minimum future straight-lined rentals due on noncancelable leases 2023	3,295
Minimum future straight-lined rentals due on noncancelable leases 2024	3,239
Minimum future straight-lined rentals due on noncancelable leases 2025	3,183
Minimum future straight-lined rentals due on noncancelable leases 2026 and subsequent years	$ 13,444

Earnings Per Share (Details Nar

Earnings Per Share (Details Narrative) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Anti-dilutive shares	53,545	19,950
Shares repurchased by the Company	510,145	169,251	121,817
Repurchased shares average cost	$ 41.78	$ 48.51	$ 47.06

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)Years$ / sharesshares	Dec. 31, 2018USD ($)
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	439,248
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	$ 1,239
Aggregate intrinsic value of outstanding in-the-money options	$ 1,240
Market close price | $ / shares	$ 45.55
Gains realized by option holders	$ 312
Total unrecognized compensation cost of options granted but not yet vested	$ 198
Compensation cost not yet vested recognition period	2 years 10 months 24 days
Stock compensation expense for the vesting of option grants due to asset disposition		$ 402
Restricted Stock [Member]
Total unrecognized compensation cost of options granted but not yet vested	$ 700
Compensation cost not yet vested recognition period	3 years 7 months 6 days

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2016
Unrecognized tax benefits	$ 0
Federal tax rate				35.00%
Tax expense related to Discontinued operations	0	$ 2,542	$ 45,286
Provision to return adjustment		18,000
Net current tax benefit		16,000
Current tax provision before adjustments		2,000
Carryback of net operating loss	1,100	0	0
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, 2020	Dec. 31, 2019
Notes to Financial Statements
Company 401k contribution	50.00%	50.00%
Savings/profit sharing plan company contribution	$ 43	$ 35
Management Security Plan expense	2	(14)
Management Security Plan accrued benefit	$ 1,252	$ 1,424

Business Segments (Details Narr

Business Segments (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2020aSegmentsinteger	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	May 21, 2018USD ($)integer	Oct. 04, 2006a
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
Mining royalty lands acres | a	4,280				4,300
Asset Management
Warehouse properties	2
Industrial acquisition	1
Mining royalty lands
Mining royalty lands acres | a	15,000

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)integer	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Number of corporate bonds | integer	32
Unrealized gain on corporate bonds	$ 677
Realized gain on corporate bonds	298
Amortized cost of investments	74,932
Carrying amount of corporate bonds	75,609	$ 137,867	$ 165,212
Carrying amount of mortgage notes payable	89,964	88,925
Fair value of mortgage notes payable	96,187	$ 93,065
Fair Value, Measurements, Recurring [Member]
Assets measured at fair value	$ 75,609

Contingent Liabilities (Details

Contingent Liabilities (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2018	Jun. 30, 2016	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Contingent Liabilities Details Narrative Abstract
Environmental remediation expense (recovery)		$ 2,000	$ 0	$ 0	$ (465)
Reduction to estimated remediation liability	$ (465)		$ (92)

Commitments (Details Narrative)

Commitments (Details Narrative) $ in Thousands	Dec. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitments to develop and maintain real estate	$ 6,177

Concentrations (Details Narrati

Concentrations (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)integer
Tenants leasing mining locations | integer	5
Mining Top Customer
Customer revenue concentration	32.00%
Accounts receivable concentration | $	$ 285

Unusual or Infrequent Items I_2

Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2016	May 21, 2018integer
Federal tax rate				35.00%
Carryback of net operating loss | $	$ 1,100	$ 0	$ 0
Discontinued Operations, Disposed of by Sale [Member]
Warehouse properties | integer					40
Land parcels | integer					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

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2017	Dec. 31, 2020	Dec. 31, 2019	Nov. 17, 2017
Mortgage amount			$ 89,964	$ 88,925
Riverfront permanent loan			$ 89,964	$ 88,925
RiverFront Holdings II Stabilization
Stabilization percent leased and occupied	90.00%
Dock 79 EagleBank
Interest rate					4.125%
Term		120 months
Riverfront permanent loan					$ 90,000
Dock79 Proposed Loan
Mortgage amount	$ 92,000
Interest rate	3.03%
Term	12 years
Maren Proposed Loan
Mortgage amount	$ 88,000
Interest rate	3.03%
Term	12 years
Preferred equity financing advanced recovery	$ 13,750
Accrued Interest payment recovery	2,300
Dock 79 EagleBank
Prepayment penalty	$ 900