FRP (FRPH) 10-Q 12 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 11, 2021
Document And Entity Information
Entity Registrant Name	FRP HOLDINGS, INC.
Entity Central Index Key	0000844059
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Incorporation State Country	FL
Entity File Number	001-36769
Is Entity's Reporting Status Current?	Yes
Is the interactive data current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		9,396,928
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Is Entity a smaller reporting company	true
Is Entity an emerging growth company	false
Is Entity a shell company	false
Security title	Common stock, $.10 par value
Trading symbol	FRPH
Name of exchange on which registered	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Land	$ 121,074	$ 91,744
Buildings and improvements	255,429	141,241
Projects under construction	8,352	4,879
Total investments in properties	384,855	237,864
Less accumulated depreciation and depletion	39,528	34,724
Net investments in properties	345,327	203,140
Real estate held for investment, at cost	9,309	9,151
Investments in joint ventures	143,900	167,071
Net real estate investments	498,536	379,362
Cash and cash equivalents	116,843	73,909
Cash held in escrow	534	196
Accounts receivable, net	1,531	923
Investments available for sale at fair value	51,171	75,609
Federal and state income taxes receivable	4,509	4,621
Unrealized rents	532	531
Deferred costs	5,866	707
Other assets	509	502
Total assets	680,031	536,360
Liabilities:
Secured notes payable	178,321	89,964
Accounts payable and accrued liabilities	3,478	3,635
Other liabilities	1,886	1,886
Deferred revenue	527	542
Deferred income taxes	66,420	56,106
Deferred compensation	1,244	1,242
Tenant security deposits	520	332
Total liabilities	252,396	153,707
Commitments and contingencies
Equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 9,387,823 and 9,363,717 shares issued and outstanding, respectively	939	936
Capital in excess of par value	56,474	56,279
Retained earnings	337,910	309,764
Accumulated other comprehensive income, net	433	675
Total shareholders' equity	395,756	367,654
Noncontrolling interest MRP	31,879	14,999
Total Equity	427,635	382,653
Total liabilities and shareholders' equity	$ 680,031	$ 536,360

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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	9,387,823	9,363,717

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Lease revenue	$ 3,538	$ 3,598
Mining lands lease revenue	2,315	2,185
Total revenues	5,853	5,783
Cost of operations:
Depreciation, depletion and amortization	1,443	1,468
Operating expenses	841	925
Property taxes	778	737
Management company indirect	570	672
Corporate expenses	779	1,187
Total cost of operations	4,411	4,989
Total operating profit	1,442	794
Net investment income, including realized gains of $0 and $108	1,375	1,991
Interest expense	(925)	(51)
Equity in loss of joint ventures	(1,635)	(642)
Gain on remeasurement of investment in real estate partnership	51,139	0
Gain on sale of real estate	0	8
Income before income taxes	51,396	2,100
Provision for income taxes	10,521	601
Net income	40,875	1,499
Gain (loss) attributable to noncontrolling interest	12,502	(119)
Net income attributable to the Company	$ 28,373	$ 1,618
Earnings per common share
Net income attributable to the Company - basic	$ 3.04	$ 0.17
Net income attributable to the Company - diluted	$ 3.03	$ 0.16
Number of shares (in thousands) used in computing:
-basic earnings per common share	9,341	9,803
-diluted earnings per common share	9,376	9,833

Consolidated Statements of In_2

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Investment income realized gains	$ 0	$ 108

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net income	$ 40,875	$ 1,499
Other comprehensive income net of tax:
Unrealized loss on investments available for sale, net of income tax effect of ($90) and ($417)	(242)	(1,126)
Comprehensive income	40,633	373
Less: comprehensive income attributable to noncontrolling interest	12,502	(119)
Comprehensive income attributable to the Company	$ 28,131	$ 492

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Income tax effect unrealized loss on investments available for sale	$ (90)	$ (417)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 40,875	$ 1,499
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	10,314	0
Depreciation, depletion and amortization	1,502	1,526
Equity in loss of joint ventures	1,635	642
Gain on remeasurement of investment in real estate partnership	(51,139)	0
Gain on sale of equipment and property	0	(8)
Stock-based compensation	202	601
Realized gain on available for sale investments	0	(108)
Net changes in operating assets and liabilities:
Accounts receivable	99	(292)
Deferred costs and other assets	243	(183)
Accounts payable and accrued liabilities	(613)	(855)
Income taxes payable and receivable	112	182
Other long-term liabilities	190	979
Net cash provided by operating activities	3,420	3,983
Cash flows from investing activities:
Investments in properties	(3,387)	(487)
Investments in joint ventures	(1,918)	(3,600)
Return of capital from investments in joint ventures	16,426	1,485
Purchases of investments available for sale	0	(24,748)
Proceeds from sales of investments available for sale	23,701	11,857
Proceeds from the sale of assets	0	8
Cash at consolidation of real estate partnership	3,704	0
Cash held in escrow	(2)	(3)
Net cash provided by (used in) investing activities	38,524	(15,488)
Cash flows from financing activities:
Distribution to noncontrolling interest	(170)	(306)
Proceeds from long-term debt	92,070	0
Repayment of long-term debt	(90,000)	0
Debt issue costs	(679)	0
Repurchase of Company Stock	(264)	(3,421)
Exercise of employee stock options	33	0
Net cash provided by (used in) financing activities	990	(3,727)
Net increase (decrease) in cash and cash equivalents	42,934	(15,232)
Cash and cash equivalents at beginning of year	73,909	26,607
Cash and cash equivalents at end of the period	$ 116,843	$ 11,375

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, 2019	9,817,429
Beginning balance, amount at Dec. 31, 2019	$ 982	$ 57,705	$ 315,278	$ 923	$ 374,888	$ 16,757	$ 391,645
Stock option compensation		24			24		24
Restricted stock compensation		47			47		47
Shares granted to employee, shares	11,448
Shares granted to employee, amount	$ 1	529			530		530
Restricted stock award, shares	20,520
Restricted stock award, amount	$ 2	(2)			0		0
Shares purchased and canceled, shares	(82,491)
Shares purchased and canceled, amount	$ (8)	(485)	(2,928)		(3,421)		(3,421)
Net income			1,618		1,618		1,618
Income (loss) attributable to noncontrolling interest						(119)	(119)
Distributions to partners						(306)	(306)
Unrealized gain (loss) on investments, net				(1,126)	(1,126)		(1,126)
Ending balance, shares at Mar. 31, 2020	9,766,906
Ending balance, amount at Mar. 31, 2020	$ 977	57,818	313,968	(203)	372,560	16,332	388,892
Beginning balance, shares at Dec. 31, 2020	9,363,717
Beginning balance, amount at Dec. 31, 2020	$ 936	56,279	309,764	675	367,654	14,999	$ 382,653
Exercise of stock options, shares	1,234						1,234
Exercise of stock options, amount		33			33		$ 33
Stock option compensation		17			17		17
Restricted stock compensation		135			135		135
Shares granted to employee, shares	1,098
Shares granted to employee, amount		50			50		50
Restricted stock award, shares	27,778
Restricted stock award, amount	$ 3	(3)			0		0
Shares purchased and canceled, shares	(6,004)
Shares purchased and canceled, amount		(37)	(227)		(264)		(264)
Net income			28,373		28,373		28,373
Income (loss) attributable to noncontrolling interest						12,502	12,502
Distributions to partners						(170)	(170)
Unrealized gain (loss) on investments, net				(242)	(242)		(242)
Ending balance, shares at Mar. 31, 2021	9,387,823
Ending balance, amount at Mar. 31, 2021	$ 939	$ 56,474	$ 337,910	$ 433	$ 395,756	$ 31,879	$ 427,635

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	(1) Description of Business and Basis of Presentation. FRP Holdings, Inc. is a holding company engaged in various real estate businesses, namely (i) mining royalty land ownership and leasing, (ii) land acquisition, entitlement and development primarily for future warehouse/office or residential building construction, (iii) ownership, leasing, and management of residential apartment buildings, and (iv) warehouse/office building ownership, leasing and management. The accompanying consolidated financial statements include the accounts of FRP Holdings, Inc. (the “Company” or “FRP”) inclusive of our operating real estate subsidiaries, FRP Development Corp. (“Development”) and Florida Rock Properties, Inc. (”Properties”), RiverFront Investment Partners I, LLC, and commencing March 31, 2021 also RiverFront Investment Partners II, LLC (See Note 12). Our investment in the Brooksville joint venture, BC FRP Realty joint venture, RiverFront Investment Partners II, LLC prior to March 31, 2021, Bryant Street Partnerships, 1800 Half Street and Greenville/Woodfield are accounted for under the equity method of accounting (See Note 11). Our ownership of RiverFront Investment Partners I, LLC and RiverFront Investment Partners II, LLC includes a non-controlling interest representing the ownership of our partner. The Company uses the cost method to account for its investment in DST Hickory Creek because it does not have significant influence over operating and financial policies. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The accompanying consolidated financial statements and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the Company's consolidated financial statements and related notes included in the Company’s Form 10-K for the year ended December 31, 2020.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Recently Issued Accounting Standards	(2) Recently Issued Accounting Standards. None.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Business Segments	(3) Business Segments. The Company is reporting its financial performance based on four reportable segments, Asset Management, Mining Royalty Lands, Development and Stabilized Joint Venture, as described below. The Asset Management segment owns, leases and manages commercial properties. The flex/office warehouses in the Asset Management Segment were sold and reclassified to discontinued operations leaving only two commercial properties and one recent industrial acquisition, Cranberry Run, 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. Two of our two joint ventures in the segment, Riverfront Investment Partners I, LLC (“Dock 79”) and RiverFront Investment Partners II, LLC (“The Maren”) are consolidated. The Maren was consolidated effective March 31, 2021 and prior periods are still reflected under the equity method. The ownership of Dock 79 and The Maren (commencing March 31, 2021) 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 Maren is reflected in Equity in loss of joint ventures on the Consolidated Statements of Income but will be reflected like Dock 79 for periods commencing April 1, 2021. The amounts of consolidated net income attributable to the noncontrolling interest is clearly identified on the accompanying Consolidated Statements of Income. Operating results and certain other financial data for the Company’s business segments are as follows (in thousands): Three Months ended March 31, 2021 2020 Revenues: Asset management $ 712 652 Mining royalty lands 2,315 2,185 Development 317 293 Stabilized Joint Venture 2,509 2,653 5,853 5,783 Operating profit (loss): Before corporate expenses: Asset management $ 231 177 Mining royalty lands 2,094 2,001 Development (386 ) (774 ) Stabilized Joint Venture 282 577 Operating profit before corporate expenses 2,221 1,981 Corporate expenses: Allocated to asset management (214 ) (308 ) Allocated to mining royalty lands (81 ) (97 ) Allocated to development (419 ) (712 ) Allocated to Stabilized Joint Venture (65 ) (70 ) Total corporate expenses (779 ) (1,187 ) $ 1,442 794 Interest expense $ 925 51 Depreciation, depletion and amortization: Asset management $ 137 192 Mining royalty lands 65 38 Development 53 54 Stabilized Joint Venture 1,188 1,184 $ 1,443 1,468 Capital expenditures: Asset management $ 79 213 Mining royalty lands — — Development 3,299 297 Stabilized Joint Venture 9 (23 ) $ 3,387 487 March 31, December 31, Identifiable net assets 2021 2020 Asset management $ 11,013 11,172 Mining royalty lands 37,335 37,387 Development 176,239 196,212 Stabilized Joint Venture 274,774 130,472 Investments available for sale at fair value 51,171 75,609 Cash items 117,377 74,105 Unallocated corporate assets 12,122 11,403 $ 680,031 536,360

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	(4) Related Party Transactions. The Company is a party to a Transition Services Agreement which resulted from our January 30, 2015 spin-off of Patriot Transportation Holding, Inc. (Patriot). The Transition Services Agreement sets forth the terms on which Patriot will provide to FRP certain services that were shared prior to the Spin-off, including the services of certain shared executive officers. The boards of the respective companies amended and extended this agreement for one year effective April 1, 2021. The consolidated statements of income reflect charges and/or allocation from Patriot for these services of $256,000 and $290,000 for the three months ended March 31, 2021 and 2020, respectively. These charges are reflected as part of corporate expenses. To determine these allocations between FRP and Patriot as set forth in the Transition Services Agreement, we employ an allocation method to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations, but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Long-Term Debt	(5) Long-Term Debt. Long-term debt is summarized as follows (in thousands): March 31, December 31, 2021 2020 Riverfront permanent loan $ 178,321 89,964 Less portion due within one year — — $ 178,321 89,964 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 March 31, 2021, 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 1.1085% on March 31, 2021. The credit agreement contains certain conditions and financial covenants, including a minimum tangible net worth and dividend restriction. As of March 31, 2021, 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 March 31, 2021. On November 17, 2017, Dock 79 borrowed a principal sum of $90,000,000 pursuant to a Loan Agreement and Deed of Trust Note entered into with EagleBank. The loan was secured by the Dock 79 real property and improvements, bore a fixed interest rate of 4.125% per annum and had a term of 120 months. The loan was paid in full on March 19, 2021. A prepayment penalty of $900,000 was recorded into interest expense in the quarter ending March 31, 2021. Effective March 31, 2021 the Company consolidated the assets (at current fair value), liabilities and operating results of our Riverfront Investment Partners II, LLC partnership (“The Maren”) which was previously accounted for under the equity method. As such the full amount of our mortgage loan was recorded in the consolidated financial statements. On March 19, 2021, the Company refinanced Dock 79 and The Maren projects pursuant to separate Loan Agreements and Deed of Trust Notes entered into with Teachers Insurance and Annuity Association of America, LLC. Dock 79 and The Maren borrowed principal sum of $92,070,000 and $88,000,000 respectively, in connection with the refinancing. The loans are separately secured by the Dock 79 and The Maren real property and improvements, bear a fixed interest rate of 3.03% per annum, and require monthly payments of interest only with the principal in full due April 1, 2033. Either loan may be prepaid subsequent to April 1, 2024 subject to yield maintenance premiums. Either loan may be transferred to a qualified buyer as part of a one-time sale subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee. Debt cost amortization of $38,000 and $34,000 was recorded during the three months ended March 31, 2021, respectively. During the three months ended March 31, 2021 and March 31, 2020 the Company capitalized interest costs of $928,000 and $935,000, respectively.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings per Share	(6) Earnings per Share. The following details the computations of the basic and diluted earnings per common share (in thousands, except per share amounts): Three Months ended March 31, 2021 2020 Weighted average common shares outstanding during the period – shares used for basic earnings per common share 9,341 9,803 Common shares issuable under share based payment plans which are potentially dilutive 35 30 Common shares used for diluted earnings per common share 9,376 9,833 Net income attributable to the Company $ 28,373 1,618 Earnings per common share: -basic $ 3.04 0.17 -diluted $ 3.03 0.16 For the three months ended March 31, 2021, 19,950 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three months ended March 31, 2020, 29,925 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. During the first three months of 2021 the Company repurchased 6,004 shares at an average cost of $43.95. During the first three months of 2020 the Company repurchased 82,491 shares at an average cost of $41.47.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	(7) Stock-Based Compensation Plans. The Company has two Stock Option Plans (the 2006 Stock Incentive Plan and the 2016 Equity Incentive Option Plan) under which options for shares of common stock were granted to directors, officers and key employees. The 2016 plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, or stock awards. The options awarded under the plans have similar characteristics. All stock options are non-qualified and expire ten years from the date of grant. Stock based compensation awarded to directors, officers and employees are exercisable immediately or become exercisable in cumulative installments of 20% or 25% at the end of each year following the date of grant. When stock options are exercised the Company issues new shares after receipt of exercise proceeds and taxes due, if any, from the grantee. The Company utilizes the Black-Scholes valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated based upon assumptions at the time of grant. The assumptions were no dividend yield, expected volatility between 29% and 41%, risk-free interest rate of 1.0% to 2.9% and expected life of 3.0 to 7.0 years. The dividend yield of zero is based on the fact that the Company does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility is estimated based on the Company’s historical experience over a period equivalent to the expected life in years. The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the expected life of the options granted. The expected life calculation is based on the observed and expected time to exercise options by the employees. In January 2021, 8,896 shares of restricted stock were granted to employees that will vest over the next four years. In January 2021, 18,882 shares of restricted stock were granted to employees as part of a long-term incentive plan that will vest over the next five years. In March 2020, 20,520 shares of restricted stock were granted to employees as part of a long-term incentive plan that will vest over the next five years. The number of common shares available for future issuance was 405,751 at March 31, 2021. In March 2021 and March 2020, 1,098 and 11,448 shares of stock, respectively, were granted to employees rather than stock options as in prior years. The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands): Three Months ended March 31, 2021 2020 Stock option grants $ 17 24 Restricted stock awards 135 47 Employee stock grant 50 530 Annual director stock award — — $ 202 601 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 December 31, 2020 120,089 $ 35.33 5.3 $ 1,531 Exercised (1,234 ) $ 26.97 $ (15 ) Outstanding at March 31, 2021 118,855 $ 35.42 5.0 $ 1,516 Exercisable at March 31, 2021 106,507 $ 34.20 4.7 $ 1,312 Vested during three months ended March 31, 2021 — $ — The aggregate intrinsic value of exercisable in-the-money options was $1,600,000 and the aggregate intrinsic value of outstanding in-the-money options was $1,641,000 based on the market closing price of $49.22 on March 31, 2021 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of March 31, 2021 was $180,000, which is expected to be recognized over a weighted-average period of 2.6 years. Gains of $26,000 were realized by option holders during the three months ended March 31, 2021. 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) Non-vested at December 31, 2020 20,520 $ 46.30 3.4 $ 950 Time-based awards granted 8,896 45.55 405 Performance-based awards granted 18,882 45.55 860 Non-vested at March 31, 2021 48,298 $ 45.87 3.8 $ 2,215 Total compensation cost of restricted stock granted but not yet vested as of March 31, 2021 was $1,831,000 which is expected to be recognized over a weighted-average period of 4.0 years.

Contingent liabilities

Contingent liabilities	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Contingent liabilities	(8) Contingent Liabilities. The Company may be involved in litigation on a number of matters and is 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. 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 is subject to numerous environmental laws and regulations. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that previous environmental studies with respect to its properties have revealed all potential environmental contaminants; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the properties will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company. As of March 31, 2021 there were $448,000 outstanding under letters of credit. The letters of credit were issued to guarantee certain obligations to state agencies related to real estate development.

Concentrations

Concentrations	3 Months Ended
	Mar. 31, 2021
Risks and Uncertainties [Abstract]
Concentrations	(9) Concentrations The mining royalty lands segment has a total of five tenants currently leasing mining locations and one lessee that accounted for 30.6% of the Company’s consolidated revenues during the three months ended March 31, 2021 and $270,000 of accounts receivable at March 31, 2021. 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.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	(10) Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs are those that are unobservable and significant to the overall fair value measurement. At March 31, 2021 the Company was invested in 20 corporate bonds with individual maturities ranging from 2021 through 2022. The unrealized gain on these bonds of $345,000 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 amortized cost of the investments was $51,171,000 and the carrying amount and fair value of such bonds were $51,171,000 as of March 31, 2021. At March 31, 2021 and 2020, the carrying amount reported in the consolidated balance sheets for cash and cash equivalents and revolving credit approximate their fair value based upon the short-term nature of these items. The fair values of the Company’s other mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities. At March 31, 2021, the carrying amount and fair value of such other long-term debt was $178,321,000 and $169,355,000, respectively. At March 31, 2020, the carrying amount and fair value of such other long-term debt was $88,959,000 and $95,486,000, respectively.

Investment in Joint Ventures

Investment in Joint Ventures	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Ventures (Equity Method)	(11) Investments in Joint Ventures Brooksville. BC FRP Realty (Windlass Run). 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 one-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 March 31, 2021 was $8,307,000. 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 March 31, 2021 Brooksville Quarry, LLC 50.00 % $ 7,487 14,315 (22 ) (11 ) BC FRP Realty, LLC 50.00 % 5,387 22,715 (52 ) (26 ) RiverFront Holdings II, LLC (1) — — (760 ) (639 ) Bryant Street Partnerships 61.36 % 59,907 187,509 (1,137 ) (1,061 ) Hyde Park 591 591 — — DST Hickory Creek 26.65 % 6,000 47,469 (99 ) 84 Amber Ridge Loan 10,197 10,197 — — 1800 Half St. Owner, LLC 61.37 % 38,027 59,005 16 18 Greenville/Woodfield Partnerships 40.00 % 16,304 57,092 — — Total $ 143,900 398,893 (2,054 ) (1,635 ) 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 ) (1): RiverFront Holdings II, LLC was consolidated on March 31, 2021. RiverFront Holdings II, LLC includes $286,000 in 2020 for the Company’s share of preferred interest. Bryant Street Partnerships includes $234,000 in 2021 and $1,146,000 in 2020 for the Company’s share of preferred interest and $118,000 in 2021 and $471,000 in 2020 for amortization of guarantee liability related to the Bryant Street loan. The Company’s Investments in Joint Ventures as of March 31, 2021 are summarized in the following two tables (in thousands): As of March 31, 2021 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 $ 0 186,148 44,972 46,099 56,946 $ 334,165 Cash and cash equivalents 0 1,092 1,251 10,096 146 12,585 Unrealized rents & receivables 0 203 858 0 0 1,061 Deferred costs 0 66 388 2,810 0 3,264 Total Assets $ 0 187,509 47,469 59,005 57,092 $ 351,075 Secured notes payable $ 0 93,798 29,303 0 9,789 $ 132,890 Other liabilities 0 16,180 219 4,206 7,396 28,001 Capital - FRP 0 58,139 4,783 37,482 15,963 116,367 Capital – Third Parties 0 19,392 13,164 17,317 23,944 73,817 Total Liabilities and Capital $ 0 187,509 47,469 59,005 57,092 $ 351,075 As of March 31, 2021 Brooksville BC FRP Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Hyde Park Loan Mixed Use Total Investments in real estate, net. $ 14,285 21,943 591 10,197 334,165 $ 381,181 Cash and cash equivalents 27 213 0 0 12,585 12,825 Unrealized rents & receivables 0 272 0 0 1,061 1,333 Deferred costs 3 287 0 0 3,264 3,554 Total Assets $ 14,315 22,715 591 10,197 351,075 $ 398,893 Secured notes payable $ 0 11,943 0 0 132,890 $ 144,833 Other liabilities 20 112 0 0 28,001 28,133 Capital - FRP 7,487 5,330 591 10,197 116,367 139,972 Capital - Third Parties 6,808 5,330 0 0 73,817 85,955 Total Liabilities and Capital $ 14,315 22,715 591 10,197 351,075 $ 398,893 The Company’s capital recorded by the unconsolidated Joint Ventures is $3,927,000 less than the Investment in Joint Ventures reported in the Company’s consolidated balance sheet due primarily to capitalized interest. 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 amount of consolidated retained earnings (accumulated deficit) for these joint ventures was $(5,937,000) and $(8,278,000) as of March 31, 2021 and December 31, 2020 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 Three Months ended Three Months ended Three Months ended Three Months ended March 31, March 31, March 31, March 31, 2021 2021 2020 2020 Revenues: Rental Revenue $ 1,836 $ 1,469 $ — $ — Revenue – other 168 134 2 2 Total Revenues 2,004 1,603 2 2 Cost of operations: Depreciation and amortization 942 754 — — Operating expenses 721 576 236 190 Property taxes 215 172 8 6 Total cost of operations 1,878 1,502 244 196 Total operating profit 126 101 (242 ) (194 ) Interest expense (886 ) (740 ) — (197 ) Net loss before tax (760 ) (639 ) (242 ) (391 ) The income statements of the Bryant Partnerships are as follows (in thousands): Bryant Street Bryant Street Partnerships Partnerships Total JV Company Share Bryant Three Months ended Three Months ended March 31, March 31, 2021 2021 Revenues: Rental Revenue $ 17 $ 10 Revenue – other 19 12 Total Revenues 36 22 Cost of operations: Depreciation and amortization 366 225 Operating expenses 507 311 Property taxes 0 0 Total cost of operations 873 536 Total operating profit (837 ) (514 ) Interest expense (300 ) (547 ) Net loss before tax (1,137 ) (1,061 )

Consolidation of RiverFront Inv

Consolidation of RiverFront Investment Partners II, LLC	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Consolidation of RiverFront Investment Partners II, LLC	(12) Consolidation of RiverFront Investment Partners II, LLC. RiverFront Holdings II, LLC . On May 4, 2018 the Company and MRP Realty formed a Joint Venture to develop the second phase only of the four phase master development known as RiverFront on the Anacostia in Washington, D.C. The purpose of the Joint Venture is to develop and own a 250,000-square-foot mixed-use development which supports 264 residential units and 6,937 square feet of retail. The Company contributed land with an agreed to value of $16,300,000 (cost basis of $4.6 million) and $6.2 million of cash to the Joint Venture for an 80% stake in the venture. MRP contributed capital of $5.6 million to the joint venture including development costs paid prior to formation of the joint venture and a $725,000 development fee. The Company further agreed to fund $13.75 million preferred equity financing at 7.5% interest rate all of which was advanced and repaid with interest in March 2021. The Company’s equity interest in the joint venture was previously accounted for under the equity method of accounting as MRP acts as the administrative agent of the joint venture and oversees and controls the day to day operations of the project. In March 2021, Phase II (The Maren) reached stabilization. Stabilization in this case means 90% of the individual apartments have been leased and are 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”. Reaching stabilization results 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 31, 2021, the Company consolidated the assets (at fair value), liabilities and operating results of the joint venture. This consolidation resulted in a gain on remeasurement of investment in real estate partnership of $51,139,000 of which $13,012,000 was attributed to the noncontrolling interest. In accordance with the terms of the Joint Venture agreements, the Company used the fair value amount at date of conversion and calculated an adjusted ownership under the Conversion election. As such for financial reporting purposes effective March 31, 2021 the Company ownership is based upon this substantive profit sharing arrangement and is estimated at 72.0% on a prospective basis. As of March 31, 2021 Riverfront Gain on Remeasure- Holdings II, LLC ment Revised Land $ 6,472 $ 22,858 $ 29,330 Building and improvements, net 87,269 23,531 110,800 Project under construction 258 — 258 Value of leases in place — 4,750 4,750 Cash 3,704 — 3,704 Cash held in escrow 336 — 336 Accounts receivable 707 — 707 Prepaid expenses 197 — 197 Total Assets $ 98,943 $ 51,139 $ 150,082 Long-term Debt $ 88,000 $ — $ 88,000 Amortizable debt costs (1,072 ) — (1,072 ) Other liabilities 441 — 441 Equity – FRP 7,026 38,127 45,153 Equity - MRP 4,548 13,012 17,560 Total Liabilities and Capital $ 98,943 $ 51,139 $ 150,082

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Business segments (in thousands)	Three Months ended March 31, 2021 2020 Revenues: Asset management $ 712 652 Mining royalty lands 2,315 2,185 Development 317 293 Stabilized Joint Venture 2,509 2,653 5,853 5,783 Operating profit (loss): Before corporate expenses: Asset management $ 231 177 Mining royalty lands 2,094 2,001 Development (386 ) (774 ) Stabilized Joint Venture 282 577 Operating profit before corporate expenses 2,221 1,981 Corporate expenses: Allocated to asset management (214 ) (308 ) Allocated to mining royalty lands (81 ) (97 ) Allocated to development (419 ) (712 ) Allocated to Stabilized Joint Venture (65 ) (70 ) Total corporate expenses (779 ) (1,187 ) $ 1,442 794 Interest expense $ 925 51 Depreciation, depletion and amortization: Asset management $ 137 192 Mining royalty lands 65 38 Development 53 54 Stabilized Joint Venture 1,188 1,184 $ 1,443 1,468 Capital expenditures: Asset management $ 79 213 Mining royalty lands — — Development 3,299 297 Stabilized Joint Venture 9 (23 ) $ 3,387 487
Segment identifiable assets (in thousands)	March 31, December 31, Identifiable net assets 2021 2020 Asset management $ 11,013 11,172 Mining royalty lands 37,335 37,387 Development 176,239 196,212 Stabilized Joint Venture 274,774 130,472 Investments available for sale at fair value 51,171 75,609 Cash items 117,377 74,105 Unallocated corporate assets 12,122 11,403 $ 680,031 536,360

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Long-term debt (in thousands)	March 31, December 31, 2021 2020 Riverfront permanent loan $ 178,321 89,964 Less portion due within one year — — $ 178,321 89,964

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings per share (in thousands, except per share amounts)	Three Months ended March 31, 2021 2020 Weighted average common shares outstanding during the period – shares used for basic earnings per common share 9,341 9,803 Common shares issuable under share based payment plans which are potentially dilutive 35 30 Common shares used for diluted earnings per common share 9,376 9,833 Net income attributable to the Company $ 28,373 1,618 Earnings per common share: -basic $ 3.04 0.17 -diluted $ 3.03 0.16

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock Compensation Expense (in thousands	Three Months ended March 31, 2021 2020 Stock option grants $ 17 24 Restricted stock awards 135 47 Employee stock grant 50 530 Annual director stock award — — $ 202 601
Summary of Stock Activity (in thousands, except share and per share amounts)	Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value(000's) Outstanding at December 31, 2020 120,089 $ 35.33 5.3 $ 1,531 Exercised (1,234 ) $ 26.97 $ (15 ) Outstanding at March 31, 2021 118,855 $ 35.42 5.0 $ 1,516 Exercisable at March 31, 2021 106,507 $ 34.20 4.7 $ 1,312 Vested during three months ended March 31, 2021 — $ —
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) Non-vested at December 31, 2020 20,520 $ 46.30 3.4 $ 950 Time-based awards granted 8,896 45.55 405 Performance-based awards granted 18,882 45.55 860 Non-vested at March 31, 2021 48,298 $ 45.87 3.8 $ 2,215

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 Brooksville Quarry, LLC 50.00 % $ 7,487 14,315 (22 ) (11 ) BC FRP Realty, LLC 50.00 % 5,387 22,715 (52 ) (26 ) RiverFront Holdings II, LLC (1) — — (760 ) (639 ) Bryant Street Partnerships 61.36 % 59,907 187,509 (1,137 ) (1,061 ) Hyde Park 591 591 — — DST Hickory Creek 26.65 % 6,000 47,469 (99 ) 84 Amber Ridge Loan 10,197 10,197 — — 1800 Half St. Owner, LLC 61.37 % 38,027 59,005 16 18 Greenville/Woodfield Partnerships 40.00 % 16,304 57,092 — — Total $ 143,900 398,893 (2,054 ) (1,635 ) 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 )
Joint Venture financial statements (in thousands)	As of March 31, 2021 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 $ 0 186,148 44,972 46,099 56,946 $ 334,165 Cash and cash equivalents 0 1,092 1,251 10,096 146 12,585 Unrealized rents & receivables 0 203 858 0 0 1,061 Deferred costs 0 66 388 2,810 0 3,264 Total Assets $ 0 187,509 47,469 59,005 57,092 $ 351,075 Secured notes payable $ 0 93,798 29,303 0 9,789 $ 132,890 Other liabilities 0 16,180 219 4,206 7,396 28,001 Capital - FRP 0 58,139 4,783 37,482 15,963 116,367 Capital – Third Parties 0 19,392 13,164 17,317 23,944 73,817 Total Liabilities and Capital $ 0 187,509 47,469 59,005 57,092 $ 351,075 As of March 31, 2021 Brooksville BC FRP Amber Ridge Apartment/ Grand Quarry, LLC Realty, LLC Hyde Park Loan Mixed Use Total Investments in real estate, net. $ 14,285 21,943 591 10,197 334,165 $ 381,181 Cash and cash equivalents 27 213 0 0 12,585 12,825 Unrealized rents & receivables 0 272 0 0 1,061 1,333 Deferred costs 3 287 0 0 3,264 3,554 Total Assets $ 14,315 22,715 591 10,197 351,075 $ 398,893 Secured notes payable $ 0 11,943 0 0 132,890 $ 144,833 Other liabilities 20 112 0 0 28,001 28,133 Capital - FRP 7,487 5,330 591 10,197 116,367 139,972 Capital - Third Parties 6,808 5,330 0 0 73,817 85,955 Total Liabilities and Capital $ 14,315 22,715 591 10,197 351,075 $ 398,893 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
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 Three Months ended Three Months ended Three Months ended Three Months ended March 31, March 31, March 31, March 31, 2021 2021 2020 2020 Revenues: Rental Revenue $ 1,836 $ 1,469 $ — $ — Revenue – other 168 134 2 2 Total Revenues 2,004 1,603 2 2 Cost of operations: Depreciation and amortization 942 754 — — Operating expenses 721 576 236 190 Property taxes 215 172 8 6 Total cost of operations 1,878 1,502 244 196 Total operating profit 126 101 (242 ) (194 ) Interest expense (886 ) (740 ) — (197 ) Net loss before tax (760 ) (639 ) (242 ) (391 )
Bryant Street Partnerships
Joint Venture financial statements (in thousands)	Bryant Street Bryant Street Partnerships Partnerships Total JV Company Share Bryant Three Months ended Three Months ended March 31, March 31, 2021 2021 Revenues: Rental Revenue $ 17 $ 10 Revenue – other 19 12 Total Revenues 36 22 Cost of operations: Depreciation and amortization 366 225 Operating expenses 507 311 Property taxes 0 0 Total cost of operations 873 536 Total operating profit (837 ) (514 ) Interest expense (300 ) (547 ) Net loss before tax (1,137 ) (1,061 )

Consolidation of RiverFront I_2

Consolidation of RiverFront Investment Partners II, LLC (Tables)	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Consolidation of RiverFront Holdings II	As of March 31, 2021 Riverfront Gain on Remeasure- Holdings II, LLC ment Revised Land $ 6,472 $ 22,858 $ 29,330 Building and improvements, net 87,269 23,531 110,800 Project under construction 258 — 258 Value of leases in place — 4,750 4,750 Cash 3,704 — 3,704 Cash held in escrow 336 — 336 Accounts receivable 707 — 707 Prepaid expenses 197 — 197 Total Assets $ 98,943 $ 51,139 $ 150,082 Long-term Debt $ 88,000 $ — $ 88,000 Amortizable debt costs (1,072 ) — (1,072 ) Other liabilities 441 — 441 Equity – FRP 7,026 38,127 45,153 Equity - MRP 4,548 13,012 17,560 Total Liabilities and Capital $ 98,943 $ 51,139 $ 150,082

Business Segments - Business se

Business Segments - Business segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 5,853	$ 5,783
Operating profit	1,442	794
Corporate expenses	779	1,187
Interest expense	925	51
Depreciation, depletion and amortization	1,443	1,468
Cash items	117,377		$ 74,105
Total identifiable net assets	680,031		536,360
Investments available for sale	51,171		75,609
Asset Management
Segment Reporting Information [Line Items]
Revenues	712	652
Operating profit before corporate expenses	231	177
Corporate expenses	(214)	(308)
Capital expenditures	79	213
Depreciation, depletion and amortization	137	192
Total identifiable net assets	11,013		11,172
Mining royalty lands
Segment Reporting Information [Line Items]
Revenues	2,315	2,185
Operating profit before corporate expenses	2,094	2,001
Corporate expenses	(81)	(97)
Capital expenditures	0	0
Depreciation, depletion and amortization	65	38
Total identifiable net assets	37,335		37,387
Development
Segment Reporting Information [Line Items]
Revenues	317	293
Operating profit before corporate expenses	(386)	(774)
Corporate expenses	(419)	(712)
Capital expenditures	3,299	297
Depreciation, depletion and amortization	53	54
Total identifiable net assets	176,239		196,212
Stabilized Joint Venture
Segment Reporting Information [Line Items]
Revenues	2,509	2,653
Operating profit before corporate expenses	282	577
Corporate expenses	(65)	(70)
Capital expenditures	9	(23)
Depreciation, depletion and amortization	1,188	1,184
Total identifiable net assets	274,774		130,472
Total Segments
Segment Reporting Information [Line Items]
Revenues	5,853	5,783
Operating profit before corporate expenses	2,221	1,981
Operating profit	1,442	794
Corporate expenses	(779)	(1,187)
Interest expense	925	51
Capital expenditures	3,387	487
Depreciation, depletion and amortization	1,443	$ 1,468
Corporate
Segment Reporting Information [Line Items]
Total identifiable net assets	$ 12,122		$ 11,403

Long-term debt (Details)

Long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Riverfront permanent loan	$ 178,321	$ 89,964
Less portion due within one year	0	0
Long-term debt	$ 178,321	$ 89,964

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	9,341	9,803
Common shares issuable under share based payment plans which are potentially dilutive	35	30
Common shares used for diluted earnings per common share	9,376	9,833
Net income attributable to the Company	$ 28,373	$ 1,618
Basic earnings per common share:
Earnings per common share basic	$ 3.04	$ 0.17
Earnings per common share diluted	$ 3.03	$ 0.16

Summary of Stock Activity (Deta

Summary of Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Options outstanding	118,855	120,089
Options exercised	(1,234)
Options outstanding weighted average exercise price	$ 35.42	$ 35.33
Options outstanding weighted average exercise price - Exercised	$ 26.97
Options outstanding weighted average remaining term	5 years	5 years 3 months 18 days
Options outstanding weighted average grant date fair value	$ 1,516	$ 1,531
Options exercised weighted average grant date fair value	$ (15)
Options exercisable	106,507
Options exerciseable weighted average exercise price	$ 34.20
Options exercisable weighted average remaining term	4 years 8 months 11 days
Options vested weighted average grant date fair value	$ 0
Options vested	0
Options exercisable weighted average grant date fair value	$ 1,312

Restricted Stock Activity (Deta

Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Shares outstanding	118,855		120,089
Options outstanding weighted average exercise price	$ 35.42		$ 35.33
Options outstanding weighted average remaining term	5 years		5 years 3 months 18 days
Options outstanding weighted average grant date fair value	$ 1,516		$ 1,531
Restricted Stock [Member]
Shares outstanding	48,298		20,520
Options outstanding weighted average exercise price	$ 45.87		$ 46.30
Options outstanding weighted average remaining term	3 years 9 months 18 days		3 years 4 months 25 days
Options outstanding weighted average grant date fair value	$ 2,215		$ 950
Time-based awards granted
Shares awarded	8,896
Options outstanding weighted average exercise price - Granted	45.55
Options granted weighted average grant date fair value	$ 405
Performance Shares [Member]
Shares awarded	18,882	20,520
Options outstanding weighted average exercise price - Granted	45.55
Options granted weighted average grant date fair value	$ 860

Stock Compensation Expense (Det

Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock option grants	$ 17	$ 24
Restricted stock awards	135	47
Employee stock grant	50	530
Annual director stock award	0	0
Stock based compensation expense	$ 202	$ 601

Investments in Joint Ventures (

Investments in Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Jul. 31, 2019	Dec. 24, 2018	May 04, 2018	Apr. 26, 2016	Oct. 04, 2006
Total Investment	$ 143,900		$ 167,071
Total Assets of the Partnership	398,893		478,556
Profit (Loss) of the Partnership	(2,054)		(5,925)
Company's share of Net Loss of the Partnership	(1,635)	$ (642)	(5,690)
Investments in real estate, net	381,181		451,767
Cash and cash equivalents	12,825		21,649
Deferred costs	3,554		4,038
Unrealized rents & receivable	1,333		1,102
Secured notes payable	144,833		180,890
Other liabilities	28,133		34,126
Capital - FRP	139,972		174,792
Capital - Third parties	85,955		88,748
Total liabilities and capital	398,893		$ 478,556
Rental revenue	3,538	3,598
Total Revenues	5,853	5,783
Property taxes	778	737
Operating expenses	841	925
Total cost of operations	4,411	4,989
Total operating profit	1,442	794
Interest expense	(925)	(51)
Net loss before tax	$ 51,396	2,100
Brooksville Quarry, LLC
Ownership percent	50.00%		50.00%					50.00%
Total Investment	$ 7,487		$ 7,499
Total Assets of the Partnership	14,315		14,347
Profit (Loss) of the Partnership	(22)		(78)
Company's share of Net Loss of the Partnership	(11)		(39)
Investments in real estate, net	14,285		14,287
Cash and cash equivalents	27		55
Deferred costs	3		5
Unrealized rents & receivable	0		0
Secured notes payable	0		0
Other liabilities	20		28
Capital - FRP	7,487		7,499
Capital - Third parties	6,808		6,820
Total liabilities and capital	$ 14,315		$ 14,347
BC FRP Realty, LLC
Ownership percent	50.00%		50.00%				50.00%
Total Investment	$ 5,387		$ 5,184
Total Assets of the Partnership	22,715		22,747
Profit (Loss) of the Partnership	(52)		(411)
Company's share of Net Loss of the Partnership	(26)		(207)
Investments in real estate, net	21,943		22,067
Cash and cash equivalents	213		90
Deferred costs	287		336
Unrealized rents & receivable	272		254
Secured notes payable	11,943		12,370
Other liabilities	112		123
Capital - FRP	5,330		5,127
Capital - Third parties	5,330		5,127
Total liabilities and capital	$ 22,715		$ 22,747
RiverFront Holdings II, LLC
Ownership percent	72.00%		80.00%			80.00%
Total Investment	$ 0		$ 23,533
Total Assets of the Partnership	0		108,538
Profit (Loss) of the Partnership	(760)		(4,573)
Company's share of Net Loss of the Partnership	(639)		(3,907)
Investments in real estate, net	0		105,737
Cash and cash equivalents	0		2,626
Deferred costs	0		162
Unrealized rents & receivable	0		13
Secured notes payable	0		64,982
Other liabilities	0		4,189
Capital - FRP	0		34,667
Capital - Third parties	0		4,700
Total liabilities and capital	0		$ 108,538
Rental revenue	1,469	0
Revenue - other	134	2
Total Revenues	1,603	2
Depreciation and amortization	754	0
Property taxes	172	6
Operating expenses	576	190
Total cost of operations	1,502	196
Total operating profit	101	(194)
Interest expense	(740)	(197)
Net loss before tax	(639)	(391)
RiverFront Holdings II, LLC Total
Rental revenue	1,836	0
Revenue - other	168	2
Total Revenues	2,004	2
Depreciation and amortization	942	0
Property taxes	215	8
Operating expenses	721	236
Total cost of operations	1,878	244
Total operating profit	126	(242)
Interest expense	(886)	0
Net loss before tax	(760)	$ (242)
Bryant Street Partnerships Total
Rental revenue	17
Revenue - other	19
Total Revenues	36
Depreciation and amortization	366
Property taxes	0
Operating expenses	507
Total cost of operations	873
Total operating profit	(837)
Interest expense	(300)
Net loss before tax	$ (1,137)
Bryant Street Partnerships
Ownership percent	61.36%		61.36%		61.36%
Total Investment	$ 59,907		$ 60,159
Total Assets of the Partnership	187,509		173,814
Profit (Loss) of the Partnership	(1,137)		(836)
Company's share of Net Loss of the Partnership	(1,061)		(2,130)
Investments in real estate, net	186,148		173,560
Cash and cash equivalents	1,092		111
Deferred costs	66		85
Unrealized rents & receivable	203		58
Secured notes payable	93,798		72,471
Other liabilities	16,180		22,952
Capital - FRP	58,139		58,559
Capital - Third parties	19,392		19,832
Total liabilities and capital	187,509		173,814
Rental revenue	10
Revenue - other	12
Total Revenues	22
Depreciation and amortization	225
Property taxes	0
Operating expenses	311
Total cost of operations	536
Total operating profit	(514)
Interest expense	(547)
Net loss before tax	(1,061)
Hyde Park
Total Investment	591		591
Total Assets of the Partnership	591		591
Profit (Loss) of the Partnership	0		0
Company's share of Net Loss of the Partnership	0		0
Investments in real estate, net	591		591
Cash and cash equivalents	0		0
Deferred costs	0		0
Unrealized rents & receivable	0		0
Secured notes payable	0		0
Other liabilities	0		0
Capital - FRP	591		591
Capital - Third parties	0		0
Total liabilities and capital	$ 591		$ 591
DST Hickory Creek
Ownership percent	26.65%		26.65%	26.65%
Total Investment	$ 6,000		$ 6,000
Total Assets of the Partnership	47,469		47,761
Profit (Loss) of the Partnership	(99)		(367)
Company's share of Net Loss of the Partnership	84		339
Investments in real estate, net	44,972		45,379
Cash and cash equivalents	1,251		1,202
Deferred costs	388		405
Unrealized rents & receivable	858		775
Secured notes payable	29,303		29,291
Other liabilities	219		107
Capital - FRP	4,783		4,894
Capital - Third parties	13,164		13,469
Total liabilities and capital	47,469		47,761
Amber Ridge
Total Investment	10,197		10,026
Total Assets of the Partnership	10,197		10,026
Profit (Loss) of the Partnership	0		0
Company's share of Net Loss of the Partnership	0		0
Investments in real estate, net	10,197		10,026
Cash and cash equivalents	0		0
Deferred costs	0		0
Unrealized rents & receivable	0		0
Secured notes payable	0		0
Other liabilities	0		0
Capital - FRP	10,197		10,026
Capital - Third parties	0		0
Total liabilities and capital	$ 10,197		$ 10,026
1800 Half Street
Ownership percent	61.37%		61.37%
Total Investment	$ 38,027		$ 37,875
Total Assets of the Partnership	59,005		54,275
Profit (Loss) of the Partnership	16		158
Company's share of Net Loss of the Partnership	18		164
Investments in real estate, net	46,099		37,452
Cash and cash equivalents	10,096		14,011
Deferred costs	2,810		2,810
Unrealized rents & receivable	0		2
Secured notes payable	0		0
Other liabilities	4,206		1,953
Capital - FRP	37,482		37,466
Capital - Third parties	17,317		14,856
Total liabilities and capital	$ 59,005		$ 54,275
Woodfield Partnerships
Ownership percent	40.00%		40.00%
Total Investment	$ 16,304		$ 16,204
Total Assets of the Partnership	57,092		46,457
Profit (Loss) of the Partnership	0		182
Company's share of Net Loss of the Partnership	0		90
Investments in real estate, net	56,946		42,668
Cash and cash equivalents	146		3,554
Deferred costs	0		235
Unrealized rents & receivable	0		0
Secured notes payable	9,789		1,776
Other liabilities	7,396		4,774
Capital - FRP	15,963		15,963
Capital - Third parties	23,944		23,944
Total liabilities and capital	57,092		46,457
Apartment Mixed Use Totals
Total Assets of the Partnership	351,075		430,845
Investments in real estate, net	334,165		404,796
Cash and cash equivalents	12,585		21,504
Deferred costs	3,264		3,697
Unrealized rents & receivable	1,061		848
Secured notes payable	132,890		168,520
Other liabilities	28,001		33,975
Capital - FRP	116,367		151,549
Capital - Third parties	73,817		76,801
Total liabilities and capital	$ 351,075		$ 430,845

Consolidation of RiverFront I_3

Consolidation of RiverFront Investment Partners II, LLC - Consolidation of RiverFront Holdings II (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Building and improvements, net	$ 255,429	$ 141,241
Land	121,074	91,744
Project under construction	8,352	4,879
Cash held in escrow	534	196
Total Assets	680,031	536,360
Other liabilities	1,886	1,886
Equity – FRP	139,972	174,792
Equity - MRP	85,955	88,748
Total Liabilities and Capital	680,031	$ 536,360
The Maren
Building and improvements, net	110,800
Land	29,330
Project under construction	258
Value of leases in place	4,750
Cash	3,704
Cash held in escrow	336
Accounts receivable	707
Prepaid expenses	197
Total Assets	150,082
Long-term Debt	88,000
Amortizable debt costs	(1,072)
Other liabilities	441
Equity – FRP	45,153
Equity - MRP	17,560
Total Liabilities and Capital	150,082
RiverFront Investment Partners II,LLC
Building and improvements, net	87,269
Land	6,472
Project under construction	258
Value of leases in place	0
Cash	3,704
Cash held in escrow	336
Accounts receivable	707
Prepaid expenses	197
Total Assets	98,943
Long-term Debt	88,000
Amortizable debt costs	(1,072)
Other liabilities	441
Equity – FRP	7,026
Equity - MRP	4,548
Total Liabilities and Capital	98,943
Remeasurement Gain
Building and improvements, net	23,531
Land	22,858
Project under construction	0
Value of leases in place	4,750
Cash	0
Cash held in escrow	0
Accounts receivable	0
Prepaid expenses	0
Total Assets	51,139
Long-term Debt	0
Amortizable debt costs	0
Other liabilities	0
Equity – FRP	38,127
Equity - MRP	13,012
Total Liabilities and Capital	$ 51,139

Business Segments (Details Narr

Business Segments (Details Narrative)	3 Months Ended
	Mar. 31, 2021aSegmentsinteger
Reportable business segments | Segments	4
Brooksville Quarry, LLC
Mining royalty lands acres | a	4,280
Mining royalty lands
Mining royalty lands acres | a	15,000
Asset Management
Commercial properties | integer	2
Industrial acquision | integer	1

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transactions [Abstract]
Charges/allocation related to Transition Services Agreement with Patriot	$ 256	$ 290

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2017	Dec. 31, 2019	Mar. 19, 2021	Dec. 31, 2020	Feb. 06, 2019	Nov. 17, 2017
Letters of credit issued	$ 448
Capitalized interest	928	$ 935
Debt cost amortization	38	$ 34
Riverfront permanent loan	178,321					$ 89,964
Dock 79 EagleBank
Term			120 months
Prepayment penalty	$ 900
Riverfront permanent loan								$ 90,000
Interest rate								4.125%
Dock 79 Loan
Interest rate					3.03%
Debt transfer terms	may be transferred to a qualified buyer as part of a one-time sale subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee
Principal sum borrowed					$ 92,070
The Maren Loan
Interest rate					3.03%
Debt transfer terms	may be transferred to a qualified buyer as part of a one-time sale subject to a 60% loan to value, minimum of 7.5% debt yield and a 0.75% transfer fee
Principal sum borrowed					$ 88,000
Wells Fargo Level I
Commitment fee	0.15%
Interest rate over DAILY 1 MONTH LIBOR	1.00%
Wells Fargo Level II
Commitment fee	0.20%
Interest rate over DAILY 1 MONTH LIBOR	1.25%
Wells Fargo Level III
Commitment fee	0.25%
Interest rate over DAILY 1 MONTH LIBOR	1.50%
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	$ 228,000
Letter of credit fee	1.00%
Interest rate	1.1085%
Covenant compliance	all

Earnings per Share (Details Nar

Earnings per Share (Details Narrative) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Anti-dilutive shares	19,950	29,925
Shares repurchased by the Company	6,004	82,491
Repurchased shares average cost	$ 43.95	$ 41.47

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)Years$ / sharesshares	Mar. 31, 2020shares
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	405,751
Aggregate intrinsic value of exercisable in-the-money options	$ 1,600
Aggregate intrinsic value of outstanding in-the-money options	$ 1,641
Market close price | $ / shares	$ 49.22
Total unrecognized compensation cost of options granted but not yet vested	$ 180
Compensation cost not yet vested recognition period	2 years 7 months 6 days
Gains realized by option holders	$ 26
Expected minimum volatility	29.00%
Expected maximum volatility	41.00%
Risk-free interest rate minimum	1.00%
Risk-free interest rate maximum	2.90%
Expected life minimum | Years	3
Expecited life maximum | Years	7
Dividend yield	0.00%
Restricted Stock [Member]
Total unrecognized compensation cost of options granted but not yet vested	$ 1,831
Compensation cost not yet vested recognition period	4 years
Option Grant [Member]
Shares granted | shares	1,098	11,448
Time-based awards granted
Shares granted | shares	8,896
Vesting period	4 years
Performance Shares [Member]
Shares granted | shares	18,882	20,520
Vesting period	5 years	5 years

Contingent Liabilities (Details

Contingent Liabilities (Details Narrative) $ in Thousands	Mar. 31, 2021USD ($)
Contingent Liabilities
Letters of credit issued	$ 448

Concentrations (Details Narrati

Concentrations (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)integer
Tenants leasing mining locations | integer	5
Mining Top Customer
Customer revenue concentration	30.60%
Accounts receivable concentration | $	$ 270

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)integer	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)
Number of corporate bonds | integer	20
Unrealized gain on corporate bonds	$ 345
Amortized cost of investments	51,171
Carrying amount of corporate bonds	51,171	$ 75,609
Carrying amount of other long-term debt	178,321		$ 88,959
Fair value of other long-term debt	169,355		$ 95,486
Fair Value, Measurements, Recurring [Member]
Assets measured at fair value	$ 51,171

Investments in Joint Ventures_2

Investments in Joint Ventures (Details Narrative) $ in Thousands	1 Months Ended							3 Months Ended					12 Months Ended
	Jun. 30, 2020	May 31, 2020USD ($)	Apr. 30, 2020USD ($)	Feb. 28, 2020	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)integer	May 31, 2016USD ($)	Mar. 31, 2021USD ($)integer	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2006USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017	Dec. 31, 2016USD ($)	Jun. 26, 2020USD ($)	Apr. 28, 2020USD ($)	Feb. 14, 2020USD ($)	Dec. 23, 2019ainteger	Dec. 20, 2019ainteger	Jul. 31, 2019USD ($)aft²integer	Jun. 26, 2019USD ($)integer	Mar. 13, 2019USD ($)	Dec. 24, 2018a	May 04, 2018ft²integer	Jan. 27, 2018USD ($)	Sep. 28, 2017USD ($)integer	Apr. 26, 2016aft²	Oct. 04, 2006a
Company's share of the loss of the joint venture								$ 1,635		$ 642			$ 5,690
Joint Venture consolidated retained earnings (accumulated deficit)								(5,937)					$ (8,278)
Cash contribution								1,918		$ 3,600
Difference between capital recorded by the Company and the joint ventures								3,927
1800 Half Street
Square feet | a																						11,246
Cash contribution					$ 37,300
No. of homes | integer																						344
408 Jackson
Square feet | a																					4,700
Joint venture percentage stake																					40.00%
Cash contribution					9,700
No. of homes | integer																					227
Greenville
Joint venture percentage stake																					40.00%
Cash contribution					6,200
No. of homes | integer																					200
Bryant Street and MRP
Loan description														The loan matures March 13, 2023 with up to two extension of one year each upon certain conditions.
Loan guarantee amount					$ 26,000									$ 26,000
Loan guarantee term														48 months
Loan guarantee description														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.
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 DAILY 1 MONTH LIBOR																2.50%
Outstanding balance								11,969
Buildings | integer																													4
Bryant Street Partnerships Construction Loan
Interest rate over DAILY 1 MONTH LIBOR														2.25%
Outstanding balance								95,967
Loan commitment																									$ 132,000
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 DAILY 1 MONTH 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 DAILY 1 MONTH LIBOR			2.00%
Outstanding balance								1,857
Interest only period			4 years
Principal and interest payment			$ 18
Principal payments in year five																			$ 18
408 Jackson Construction Loan extension
Debt service coverage																			1.2
Loan-to-value																			60.00%
Loan extension fee																			0.10%
Greenville Construction Loan
Construction financing																				$ 22,800
Interest rate over DAILY 1 MONTH LIBOR				2.25%
Outstanding balance								$ 8,307
Financing term				4 years
Interest rate reduction after certificate of occupancy																				2.05%
Greenville Construction Loan extension
Debt service coverage																				1.25
Amortization schedule				30 years
Vulcan
Joint venture percentage stake																															50.00%
Acres conributed | a																															553
Vulcan leasehold interest | a																															3,443
FRP additional contribution for land												$ 3,018
Additional land acquired | a																															288
St Johns Properties JV St Johns
Value of land contributed																	$ 3,240
Joint venture percentage stake																														50.00%
Acres conributed | a																														10
DST CS1031 Hickory Creek
Square feet | ft²																							273,940
Land acreage | a																							20.4
No. Single family homes | integer																							294
Buildings | integer																							19
Interest rate																							3.74%
Financing term											10 years
Amortization period											30 years
Financing obtained																							$ 29,672
Interest only period											5 years
Property value																							$ 45,600
Brooksville Quarry, LLC
Land acreage | a																															4,300
Joint venture percentage stake								50.00%					50.00%																		50.00%
Acres conributed | a																															3,443
Book value of land contribution												2,548
FRP additional contribution for land												$ 3,018
Additional land acquired | a																															288
Company's share of the loss of the joint venture								$ 11					$ 39
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%
Distribution received							$ 2,130
Acres conributed | a																														25
Company's share of the loss of the joint venture								$ 26					$ 207
Hyde Park
Company's share of the loss of the joint venture								$ 0					$ 0
Loan commitment																												$ 3,500
Interest rate																												10.00%
Preferred return																												20.00%
No. of homes | integer								126
Principal and interest payment		$ 2,670							$ 1,130
Bryant Street Partnerships
Number of partnerships | integer						4
Land acreage | a																										5
Joint venture percentage stake								61.36%					61.36%													61.36%
Company's share of the loss of the joint venture								$ 1,061					$ 2,130
Cash contribution						$ 32,000
Preferred equity financing						$ 23,000
Preferred equity financing interest rate																										8.00%
Company's share of preferred interest								234					1,146
Amortization of guarantee liability								$ 118					$ 471
DST Hickory Creek
Joint venture percentage stake								26.65%					26.65%										26.65%
Distribution received								$ 84
Company's share of the loss of the joint venture								(84)					$ (339)
Cash contribution											$ 6,000
Amber Ridge
Company's share of the loss of the joint venture								$ 0					$ 0
Loan commitment																								$ 18,500
Interest rate																								10.00%
Preferred return																								20.00%
No. of homes | integer																								187
RiverFront Holdings II, LLC
Square feet | ft²																											250,000
Value of land contributed															$ 16,300
Joint venture percentage stake								72.00%					80.00%														80.00%
Book value of land contribution															4,600
Company's share of the loss of the joint venture								$ 639					$ 3,907
Cash contribution															6,200
No. of homes | integer																											264
Preferred equity financing															$ 13,750
Preferred equity financing interest rate																											7.50%
Company's share of preferred interest													$ 286

Consolidation of RiverFront I_4

Consolidation of RiverFront Investment Partners II, LLC (Details Narrative) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020	May 04, 2018ft²integer
Gain on remeasurement of investment of real estate partnership	$ 51,139	$ 0
Cash contribution	1,918	$ 3,600
MRP
Gain on remeasurement of investment of real estate partnership	$ 13,012
Other ownership capital contribution			$ 5,600
Development fee			725
RiverFront Holdings II, LLC
Square feet | ft²					250,000
Retail square feet | ft²					6,937
No. of homes | integer					264
Value of land contributed			16,300
Cost basis of land contribution			4,600
Cash contribution			6,200
Joint venture percentage stake	72.00%			80.00%	80.00%
Preferred equity financing			$ 13,750
Preferred equity financing interest rate					7.50%
Stabilization percent leased and occupied	90.00%